Analisis pengaruh rasio keuangan terhadap harga saham pada perusahaan manufaktur yang terdaftar di Bursa Efek Indoensia

ANSHARY, M. Luthfy Al, Slamet Sugiri, Prof., Dr., MBA

2010 | Tesis | S2 Magister Manajemen

Pasar modal menjadi objek penelitian yang selalu menarik untuk terns dikaji. Di dalamnya terdapat banya.k variabel yang saling terkait satu sama lain, baik itu variabel ekonomi maupun variabel non ekonomi. Dalam mela.kukan prediksi harga saham terdapat pendekatan dasar yaitu analisis fundamental dan analisis tek:nikal. Penelitian ini melihat pengaruh rasio keuangan terhadap harga saham perusahaan-perusahaan manufa.ktur yang terdaftar di Bursa Efek Indonesia. Penelitian ini dimaksudkan untuk menguji pengaruh variabel earning per share, return on equity, net profit margin, price to book value, dan debt to equity ratio terhadap harga saham pada perusahaan. Penelitian ini menganalisis sampel sebanya.k 70 perusahaan manufa.ktur pada periode 2004-2008 dengan metode multiple linear regression. Sampel penelitian diarnbil dengan mengguna.kan metode purposive sampling dengan tipe judgment sampling. Berdasarkan hasil penelitian diketahui bahwa ada pengaruh yang signifikan antara rasio keuangan earning per share, return on equity, net profit margin dan price to book value terhadap harga saham perusahaan, sedangkan rasio keuangan debt to equity ratio tida.k berpengaruh signifikan terhadap barga saham. Dapat disimpulkan dari hasil pengujian bahwa para investor dalarn keputusan investasi pada suatu saham menggunakan informasi rasio keuangan seperti earning per share, return on equity, net profit margin dan price to book value. Sedangkan informasi rasio keuangan debt to equity ratio tida.k menjadi dasar inforrnasi bagi investor dalam pengambilan keputusan. Kata kunci: Earning Per Share, Return On Equity, Net Profit Margin, Price to Book Value, Debt to Equity Ratio dan Harga Saham.

The stock market became the object of research is always interesting to continue to be studied Inside are many variables that are interrelated to one another, be it economic variables as well as non-economic variables. There are basic approach in making the stock price prediction which is fundamental analysis and technical analysis. This research see the effect of financial ratios to the stock price manufacturing companies listed in Indonesia Stock Exchange. The purpose of this research is to examine the influence of variable earning per share, return on equity, net profit margin, price to book value, and debt to equity ratio against the company's stock price. This research analyzed 70 manufacturing companies as sample for period 2004-2008 with multiple linear regression method Sample selection using purposive sampling method with the type ofjudgment sampling. From the result of the research it can be concluded that earning per share, return on equity, net profit margin and price to book value has significant influence to the company's stock price, whereas debt to equity ratio has not significant influence to the company's stock price. It can be concluded from the test result that investors in the investment decision on a stock using the information of financial ratios such as earnings per share, return on equity, net profit margin and price to book value. While the information on financial ratio debt to equity ratio does not become the basis of information for investors in decision making. Keywords: Earning Per Share, Reh1m On Equity, Net Profit Margin, Price to Book Value, Debt to Equity Ratio and Stock Price

Kata Kunci : Earning per share,Return on equity,Net profit margin,Price to book value,Debt to equity,Harga saham