Pengaruh Debt (Hutang), likuiditas dan kesempatan investasi terhadap keputusan investasi aktiva tetap pada perusahaan berdasarkan Financially Constrained

PUSPITASARI, Riskiana, Sukmawati, Dr.,MM

2005 | Tesis | Magister Manajemen

Penelitian ini bertujuan untuk mengetahui variabel-variabel mana yang signifikan dalam menentukan pengelompokkan perusahaan sebagai NFC (Not Financially Constrained) dan FC (Financially Constrained), untuk mengetahui pengaruh debt terhadap keputusan investasi aktiva tetap pada masing-masing kelompok perusahaan manufaktur, untuk mengetahui pengaruh likuiditas terhadap keputusan investasi aktiva tetap pada masing-masing kelompok perusahaan manufaktur serta untuk mengetahui pengaruh kesempatan investasi terhadap keputusan investasi aktiva tetap pada masing-masing kelompok perusahaan manufaktur. Pemilihan sampel penelitian menggunakan metode purpositive sampling dengan tipe judgement sampling. Adapun kriteria yang peneliti gunakan untuk pengambilan sampel adalah : (1) Perusahaan manufaktur yang telah listed di Bursa Efek Jakarta. (2) Terdapat Devidend Per Share yang lengkap selama periode 2000 sampai 2004. (3) Tersedianya laporan keuangan yang lengkap dan dipublikasikan selama periode 2001 sampai 2004. Hasil penelitian menunjukkan bahwa current ratio, debt ratio, market to book ratio, fixed charge coverage ratio, cash flow/net fixed assets, investment/net fixed assets, net income margin, dividend payout ratio, net sales growth, net fixed assets secara simultan tidak dapat menentukan pengelompokan perusahaan sebagai NFC (Not Financially Constrained) dan FC (Financially Constrained). Debt ratio mempunyai pengaruh yang signifikan terhadap keputusan investasi aktiva tetap pada perusahaan yang dikategorikan dalam not financially conctrained dan untuk perusahaan yang dikategorikan dalam financially constrained mempunyai pengaruh yang tidak signifikan terhadap keputusan investasi aktiva tetap. Likuiditas mempunyai pengaruh yang signifikan terhadap keputusan investasi aktiva tetap, dengan koefisien regresi yang negatif untuk perusahaan yang dikategorikan dalam not financially constrained dan financially constrained. Market to book value mempunyai pengaruh yang tidak signifikan terhadap keputusan investasi aktiva tetap untuk perusahaan yang dikategorikan dalam not financially constrained dan financially constrained

The objective of this research was to study what kinds of variables that determined to categorize company as not financially constrained and financially constrained, how influence debt with investment decision of fixed assets to each groups of Manufacture Company, how influence liquidity with investment decision of fixed assets to each groups of Manufacture Company and how influence investment opportunity with investment decision of fixed assets to each groups of Manufacture Company. The hypothesis were (1) Current ratio, debt ratio, market to book ratio, fixed charge coverage ratio, cash flow/net fixed assets, investment/net fixed assets, net income margin, dividend payout ratio, net sales growth, net fixed assets can explain simultaneously that determined to categorize company as not financially constrained and financially constrained . (2) There are significant influences between debt variable with investment decision of fixed assets to each groups of Manufacture Company. (3) There are significant influences between liquidity variable with investment decision of fixed assets to each groups of Manufacture Company. (4) There are significant influences between investment opportunity variable with investment decision of fixed assets to each groups of Manufacture Company. Chosen research sample used purposive sampling method with judgment sampling type. Sample criteria were : 1. Manufacture company thing that listed in Bursa Efek Jakarta. 2. Availability of dividend per share completely in 2000 until 2004 period. 3. Availability of financial statement completely and publish in 2001 until 2004 period. Research result were Current ratio, debt ratio, market to book ratio, fixed charge coverage ratio, cash flow/net fixed assets, investment/net fixed assets, net income margin, dividend payout ratio, net sales growth, net fixed assets can not explain simultaneously that determined to cate gorize company as not financially constrained and financially constrained. Debt ratio has significant influences with investment decision of fixed assets to categorize company in not financially constrained and categorize company in financially constrained has not significant influences with investment decision of fixed assets. Liquidity has significant influences with investment decision of fixed assets with negative regression coefficient to categorize company in not financially constrained and financially constrained. Market to book value not significant influences with investment decision of fixed assets to categorize company in not financially constrained and financially constrained

Kata Kunci : Investasi Aktiva Tetap,Debt,financially constrained, partially financially constrained and not financially constrained