Pengaruh Rasio Keuangan terhadap Profitabilitas Perusahaan

Natanael Tulus Parhorasan, Taufikur Rahman, SE., M.B.A.

2013 | Tesis | S2 Magister Manajemen

Manajemen modal kerja memiliki pengaruh yang sangat besar terhadap profitabilitas dan resiko serta nilai perusahaan tersebut. Dalam investasi modal kerja melibatkan pertukaran antara profitabilitas dengan resiko. Keputusan yang menginginkan profitabilitas yang lebih besar cenderung pada tingkat resiko yang lebih besar juga, demikian pula sebaliknya. Profitabilitas perusahaan manufaktur di Indonesia dipengaruhi oleh berbagai factor-faktor keuangan yang dapat diukur menggunakan rasio keuangan. Tujuan dari penelitian ini adalah untuk menganalisis apakah variable-variabel seperti Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage dan Net Working Capital Level memiliki pengaruh terhadap profitabilitas perusahaan yang diukur dengan menggunakan Return On Total Asset. Populasi dalam penelitian ini adalah seluruh perusahaan manufaktur yang listing di BEI pada tahun 2007 – 2011, sampel diambil menggunakan metode purposive sampling, sehingga didapat 58 perusahaan sebagai sampel. Pengaruh variable bebas seperti: Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage dan Net Working Capital Level terhadap Return On Total Asset diteliti menggunakan metode analisis regresi. Hasil penelitian dengan uji parsial menunjukan bahwa ada 5 variabel yaitu Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage memiliki pengaruh signifikan terhadap Return On Total Asset. Sedangkan variable Net Working Capital Level tidak berpengaruh signifikan terhadap Return On Total Asset. Hasil uji simultan menunjukan variable Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage dan Net Working Capital Level mempunyai pengaruh terhadap Return On Total Asset pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2007 – 2011.

Working capital management has a profound effect on profitability and risk, as well as the value of the company. In working capital investment involve trade-offs between profitability by risks. Decision that desiring greater profitability tend to be at greater risk as well, and vice versa. Profitability of manufacturing companies in Indonesia are influenced by variety of financial factors that can be measured using financial ratios. The purpose of this study was to analyze whether the liquidity variables such as Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage dan Net Working Capital Level have an influence on the company's profitability as measured by using Return On Total Assets. The population in this study were all manufacturing companies listing on the Stock Exchange in the year 2007-2011. Samples were taken using a purposive sampling method, in order to get 58 companies in the sample. Influence of independent variables such as: Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage dan Net Working Capital Level to Return On Total Asset investigated using regression analysis method. The results with a partial test showed that there are 5 variables: Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage has a significant influence on return on Total assets. While the Net Working Capital level had no significant effect on return on assets. The simultaneous test results showed Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage dan Net Working Capital Level have an influence on return on Total assets in manufacturing companies listed on the Indonesia Stock Exchange in the year 2007-2011.

Kata Kunci : Number of Days Account Receivable, Number of Days Inventory, Current Ratio, Cash Conversion Cycle, Leverage, Net Working Capital Level dan Return On Total Asset