Analisa pengaruh Return on Assets, Return on Equity, Dividend Payout Ratio, dan Debt to Equity Ratio terhadap Price Earinings Ratio pada saham-saham LQ45 tahun 2000 perbandingan periode 2000-2003 dan periode 2003-2005

SETYOWATI, Prima Indira, Mamduh M. Hanafi, Dr.,MBA

2007 | Tesis | Magister Manajemen

Adapun latar belakang dari penelitian ini adalah berdasarkan pergerakan grafik IHSG. Pada periode tahun 2000-2003 pergerakan IHSG dalam kondisi normal. Dalam kondisi ini pergerakan IHSG mengalami kenaikan maupun penurunan yang normal, hal ini disebabkan karena pelaku pasar memperhatikan faktor fundamental. Akan tetapi pada periode tahun 2003- 2005 pergerakan IHSG mengalami peningkatan yang signifikan (bullish). Hal ini disebabkan karena pelaku pasar tidak begitu memperhatikan faktor fundamental ekonomi makro Indonesia. Selain itu, juga dipengaruhi tingkat inflasi yang dapat dijaga oleh otoritas moneter sehingga tren penurunan suku bunga SBI selama dua tahun belakangan ini dapat terus dilaksanakan sehingga ini yang mendasari investor asing membeli saham-saham blue chips, serta proyeksi akan membaiknya net profit dan earning dari emiten-emiten besar (blue chips) tersebut. Hasil penelitian menunjukkan bahwa berdasarkan hasil uji regresi periode 2000-2003 dan periode 2003-2005 variabel return on assets, return on equity, dan dividend payout ratio terdapat pengaruh yang positif dan signifikan terhadap variabel price earning ratio, sedangkan untuk variabel debt to equity ratio pada periode 2000-2003 terdapat pengaruh yang negatif dan signifikan terhadap price earning ratio, pada periode 2003-2005 variabel debt to equity ratio terdapat pengaruh yang positif dan signifikan terhadap price earning ratio. Berdasarkan hasil uji perbedaan, variabel ROA, ROE dan DER signifikan, sedangkan variabel DPR tidak sifnifikan. Akan tetapi semua variabel tersebut tidak terbukti sesuai dugaan, karena dugaan awal ß3 adalah positif, sehingga pengaruh return on assets, return on equity, dividend payout ratio, dan debt to equity ratio terhadap price earnings ratio pada periode 2003-2005 lebih besar dari periode 2000- 2003.

This paper planned to know the influences of return on assets, return on equity, dividend payout ratio, and debt to equity ratio to price earnings ratio at LQ 45 during period 2000-2005, and to know the factors difference influencing price earning ratio of between period 2000-2003 by 2003-2005. As the background from this research is pursuant to movement of graph IHSG. At the period 2000-2003 the movement of IHSG in a normal condition. In this condition the movement of IHSG experience of the normal increase and the normal decrease, this matter is caused by a market perpetrator pay attention the basal factor. However at year period 2003-2005 movement IHSG experience of the improvement which significant ( bullish). This matter is caused by a market perpetrator do not so pay attention the basal factors of Indonesia macro economics. Besides, it is also influenced by the inflation rate able to be taken care of by monetary authority so that the trend of rate decrease of SBI during two year lately can be continued to be executed so that this constituting foreign investor buy the share of blue chips, and also projection will the recovery of net profit and earning from the big emiten (blue chips). The result of this research indicate that pursuant to result test the regression period 2000-2003 and period 2003-2005 variable of return on assets, return on equity, and dividend payout ratio are influence which are positive and significant to variable of price earning ratio, while for the variable of debt to equity ratio at period 2000-2003 are negative influence and significant to price earning ratio, at period 2003-2005 variable of debt to equity ratio there are influence which are positive and significant to price earning ratio. Pursuant to result test the difference, variable ROA, ROE and DER significant, while variable DPR not significant. However all the variable unprovable according to anticipation, because the early anticipation of beta 3 is positive, so that influence of return on assets, return on equity, dividend payout ratio, and debt to equity ratio to price earnings ratio at period 2003-2005 bigger than period 2000-2003.

Kata Kunci : Price Earning Ratio,Return on Assets,Return on Equity, return on assets, return on equity, dividend payout ratio, debt to equity ratio, price earnings ratio, IHSG, LQ45