PENGARUH SALES PRICE RATIO, DEBT EQUITY RATIO, BOOK MARKET RATIO DAN FIRM SIZE TERHADAP RETURN SAHAM (STUDI pada PERUSAHAAN MANUFAKTUR di BEJ JAKARTA)

Abstract

ABSTRACTION THE INFLUENCES OF SALES PRICE RATIO, DEBT EQUITY RATIO, BOOK MARKET RATIO AND FIRM SIZE ON STOCK RETURN. (STUDY ON MANUFACTURING COMPANY IN BEJ, JAKARTA) This research examines the influences of sales price ratio, debt equity ratio, book market ratio and firm size on stock return. The discussion about stock return becomes more interesting in its progress.because of the condition of the Indonesian companies, especially for the multinational companies, that in fact, really need funds for their investment, especially low risk fund sources, it can be overcame by issueing marketable securities in stock market. This research can't be separated with the beginning research. The writer considered that they have strategic relation. Because on that, that investors need some important informations that can help them in investment decision making., include knowledge about factors that can push stock return variability. In this research, the writer examines four predictable variables that can influence stock remit they are (I) sales price ratio ; (2) debt equity ratio ; (3) book market ratio ;(4)firm size. The research population are manufacturing companies that listed in BEJ, in 2000. After calculating the samples,it was found 60 sample companies. Before they are analyzed, they are selected for the properity, after that , 53 companies that meet the term were found to be analyzed. Manufacturing industries consist of some manufacturing industry subjects. In order to be all represented, it will be selected by proportional stratified random sampling. This research data is got through Indonesia Capital Market Directory, JSX and another supported data source. For testing the hypothesis is used multiple regression analyst. The regretion analysis result is that by using 5 % alpha level, variable sales price ratio influences stock return significantly and positively, while debt equity ratio variable, book market ratio and firm size influences stock return significantly and negatively. Keywords : stock return, sales price ratio, book market ratio, debt equity ratio, firm size. ABSTRAKSI PENGARUH SALES PRICE RATIO, DEBT EQUITY RATIO, BOOK MARKET RATIO DAN FIFIvI SIZE TERHADAP RETURN SAHAM (STUDI PADA PERUSAHAAN MANUTAKTUR DI BEJ JAKARTA) Penelitian in menguji pengaruh sales price ratio, debt equity ratio, book market ratio dan firm size terhadap return saham. Pembahasan dalam return saham, dalam perkembanganya justru semakin menarik, hal ini didasarkan pada kondisi perusahaan di Indonesia, khususnya bagi perusahaan yang telah go publik (menjual surat berharga di pasar modal) yang pada kenyataanya sangat membutuhkan dana untuk investasi, terutama sumber dana yang berisiko rendah, di mana hal ini dapat dijembatani dengan penerbitan surat berharga yang dijual lewat institusi pasar modal. Lebih jauh lagi, kajian Set ini, merupakan kajian yang tak terpisahkan dengan riset sebelumnya, di mana bagi penulis menganggap sangat strategis. Untuk itu, investor membutuhkan beberapa informasi panting yang dapat membantu dalam pengambil keputusan investasi, termasuk perlu juga mengetahui faktor-faktor apa sajakah yang dapat memicu variabilitas return saham. Dalam kajian riset inn, penulis meneliti empdt variabel yang diprediksi mempengaruld return saham, yaitu (1) sales price ratio; (2) debt equity ratio; (3) book market ratio; (4) firm size Populasi penelitian merupakan perusahaan yang listing di bursa efek Jakarta tahun 2000, pada industri manufaktur. Sctclah dilakukan perhitunaan sampel, dikctcmukan 60 perusahaan sampel. Sebelum ke 60 perusahaan sampel dimasukan dalam analisis, terlebih dahulu diseleksi kelayakanya, setelah diseleksi, ketemu 53 perusahaan yang memenuhi syarat untuk dianalisis selanjutnya. Karena dalam industri manufaktur terdiri dari beberapa sub industri manufaktur, agar masing-masing sub industri terwakili, maka dipilih secara proportional stratified rciindom sampling. Data penelitian diperoleh lewat Indonesia Capital Market Directory, JSX, serta sumber lain yang mendukung. Untuk mcnauji hipotcsis digunakan multiple regression analysist. Hasil analisis regresi menghaslikan, dengan menggunakan tingkat alpha 5%, variabel sales-price ratio berpengaruh signifikan dan positif terhadap return saham, sementara variabel debt to equity ratio, book-market ratio dan firm size berpengaruh negatif dan signifikan terhadap return saham. Kata-kata kunci: return saham, sales-price ratio, book-market ratio, debt equity ratio, firm size.