ANALISIS PENGARUH RASIO-RASIO EARLY WARNING SYSTEM DAN TINGKAT SUKU BUNGA SBI TERHADAP HARGA SAHAM ( Studi Empiris Pada Perusahaan Asuransi Di BEJ Tahun 1999 - 2003 )

Abstract

Insurance Company represent one of the finance Companies which is also enlisted in Jakarta Stock Exchange. Started from the recovery of performance of Capital Market of Indonesia since 1999, posed at increasingly its sum up the enlisted emitten (listing) in Jakarta Stock Exchange (JSX) and the increasing of its Jakarta Stock Exchange Composite Index (IHSG), this matter draws the researcher enthusiasm to analyze the furthermore study about factors influencing price of share of insurance company. Intention of this research is to analyze the fundamental factor influence of company's finance to stock price, to know about the influence mount of the rate of interest of SBI to stock price, and to know about the factors that most dominant influence the stock price. The population that used in this research is entire enlisted insurance company (listing) in Jakarta Stock Exchange (JSX) in the year 1999-2003, the selecting of insurance sector because of the sector has a strong relation with the macro economic variable that will be researched interest rate of Indonesia Bank Certificate ( SBI)). Dependent variable in this research is stock price (P), closing by the end of the year of financial statement period (ICMD) of insurance sector enlisted in Jakarta Stock Exchange (JSX). Independent Variables (free) are ratio of Early Warning System (EWS) that is The Burden Ratio Claim (Incurred Loss Ratio / X1), Liquidity Ratio (Liabilities To Liquid Assets Ratio / X2 ), Agents' Balance To of Surplus Ratio ( X3), Ratio of Premium Growth ( Premium of Growth Ratio / X4 ) from each emitten of insurance sector and mount the rate of interest SBI ( X5). This Research uses the method analyze the doubled regression, which has been tested by the doubled test regression, that is conditioned to the test of the classic assumption to get a good result. Result of the research indicates that all the independent variables, that are: variable X1 have the coefficient regression of equal to - 0,416, X2 have the coefficient regression of equal to - 0,261, X3 have the coefficient regression of equal to - 0,260, X4 have the coefficient regression of equal to - 0,271 while X5 have the coefficient of equal to regression of equal to + 0,328 by partial have an effect on the significant to dependent variable. As according to hypothesis of the early raised, entire independent variables by simultaneously have an effect on the significant to dependent variable (stock price). Determination Coefficient (2R) having value of equal to 0,496 means that independent variable influence the dependent variable of equal to 49,6 percent of while equal to 50,4 percent influenced by the other factor outside model used in research. The conclusion from this research is the internal company factor has the important effect that push the investor to buy the insurance stock company, that also consider the external factor that will be estimated with the insurance company condition in the next days. The effective and efficient internal insurance company condition that is supported with the conducive government policy, will increase the investment through the insurance company in Indonesia. Thereby the result from this research progressively strengthen the research pickings which have been done before.