ABSTRACT

MUHAMMAD RANDHY KURNIAWANF0205113

ANALYSIS ON EFFECT OF FUNDAMENTAL VARIABLES ON PRICE OF REAL ESTATE AND PROPERTY STOCK IN INDONESIA

EXCHANGE OF 2007-2009

Purpose of the research is to know effect of fundamental variables, namely Current Ratio, Earning per Share, Return on Asset, Return on Equity, interest rate, rate of exchange, and Debt to Equity Ratio, on price of real estate and property stocks in Indonesian Exchange of 2007-2009 partially and simultaneously.

In the research, fundamental variables consisting of Current Ratio, EPS, ROA, ROE, interest rate, rate of exchange and DER are assigned as independent variables. They are expected to have effect on price of real estate and property stock in Indonesia Exchange of 2007-2009. Data of the research is secondary data, namely, annual financial report obtained from ICMD of 2007-2009. Sample of the research is taken by using purposive sampling technique. By using the sampling technique, 43 real estate and property companies were taken from 49 companies registered in ICMD. Before a hypothesis testing is performed by using multiple linear regression analysis, normality and classic assumption tests are conducted as preliminary analysis.

Results of the research indicated that the independent variables consisting of Current Ratio, EPS, ROA, interest rate, rate of exchange, and DER of 2007-2009 were simultaneously having a significant effect on dependent variable (price of stocks). Partially, EPS, ROA, and rate of exchange were having a positive and significant effect on the stock price. While, interest rate variable had a negative and significant effect on the stock price. Current Ratio and ROE had a negative and no significant effect, whereas DER variable had a positive and no significant effect on the stock price.

Key words: Fundamental variables (Current Ratio, DER, EPS, ROA, ROE, rate of Exchange, interest rate), stock price.

ABSTRAK

MUHAMMAD RANDHY KURNIAWANF0205113

ANALISIS PENGARUH VARIABEL-VARIABEL FUNDAMENTAL TERHADAP HARGA SAHAM PERUSAHAAN REAL ESTATE DAN

PROPERTY DI BURSA EFEK INDONESIA TAHUN 2007-2009

Penelitian ini mempunyai tujuan untuk mengetahui pengaruh variabel-variabel Fundamental, yaitu Current Ratio, Earning Per Share, Return On Asset, Return On Equity, Suku bunga, Kurs, dan Debt to Equity Ratio terhadap Harga Saham perusahaan real estate dan property di Bursa Efek Indonesia tahun 2007-2009 baik secara parsial maupun secara simultan.

Dalam penelitian ini variabel Fundamental sebagai variabel independen yang meliputi Current Ratio, EPS, ROA, ROE, suku bunga, kurs, dan DER diduga berpengaruh terhadap harga saham perusahaan real estate dan property di BEI tahun 2007-2009. Data penelitian ini merupakan data sekunder berupa laporan keuangan tahunan yang diperoleh dari ICMD tahun 2007-2009. Teknik pengambilan sampel pada penelitian ini diambil dengan metode purposive sampling. Dengan teknik pengambilan sampel yang telah ditentukan diperoleh 43 perusahaan real estate dan property dari 49 perusahaan yang terdaftar di ICMD. Sebelum melakukan uji hipotesis yang dilakukan dengan analisis regresi linier berganda terlebih dahulu dilakukan uji normalitas dan uji asumsi klasik sebagai analisis pendahuluan.

Hasil penelitian menunjukkan bahwa variabel independen yang terdiri dari Current Ratio, EPS, ROA, ROE, suku bunga, kurs, dan DER tahun 2007-2009 secara simultan mempunyai pengaruh signifikan terhadap variabel dependen yaitu harga saham. Adapun secara parsial, variabel EPS, ROA, dan Kurs berpengaruh signifikan dan positif. Sedangkan variabel Suku Bunga berpengaruh signifikan dan negatif. Untuk variabel Current Ratio, dan ROE berpengaruh tidak signifikan dan negatif. Sedangkan variabel DER berpengaruh tidak signifikan dan positif.

Kata Kunci: variabel Fundamental (Current Ratio, DER, EPS, ROA, ROE, Kurs, Suku Bunga), Harga Saham