ANALISIS PENGARUH RASIO-RASIO KEUANGAN ALTMAN TERHADAP HARGA SAHAM STUDI EMPIRIS PADA PERUSAHAAN PENGOLAHAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK JAKARTA

Abstract

The fast development of Indonesia capital market has happened since the end of 1988 in accordance with banking and capital market regulations during the years 1986-1988. In another aspect of this development requires investors to manage more information which is available with variety of technical analysis. One of the technical analysis is Altman's model of bankruptcy prediction which is able to predict the possibility of bankruptcy for evading portfolio depreciation held by the investors. In above-mentioned analysis, the investors use one set of financial ratio which has the same type of profitability, leverage, and liquidity ratio. Logically, the investors who have used Altman's ratios in their analysis will consider the set of ratio in selling and buying shares so the Altman's ratios have the influence to shares price This research was done based on wanting to know the influence of Altman's financial ratios to shares price of Food & Beverages manufacture in Jakarta Stock Exchange. This research is empirical study for getting to know the influence of Altman's financial ratios to shares price. The financial data which are used from financial report of Food & Beverages manufacture in Jakarta Stock Exchange are from the year 1995-1999. The financial ratios which are independent variable used by Altman for predicting enterprise bankcruptcy, i.e.: Working Capital/Total Assets (WC/TA), Retained Earnings/Total Assets (RE/TA), Earnings Before Interest and Taxes/TotalAssets (EBIT/TA), Book Value of Equity/ Book Value of Total Liabilities (BVE/TL), Sales/Total Assets (S/TA). The analysis instrument is linier regression. F-test outcome showed that WC/TA, RE/TA, EBIT/TA, BVE/TL, S/TA variable simultaneously together influencing shares price. The result of analysis through t-test showed that WC/TA, RE/TA and EBIT/TA ratios have influence significantly to shares price.