ANALISIS PENGARUH KINERJA KEUANGAN TERHADAP HARGA SAHAM (Studi Kasus Pada Perusahaan Farmasi di BEI)

Rully Windawaty

Abstract


Research remains as a study at pharmacy titled with ?The Analysis of The Effect of Financial Performance on Share Price (Case Study at Pharmacy Company listed in the BEI).
The objective of research seem to find the empirical evidence on ratios of finance variables such as Current Ratio (CR), Total Assets Turn Over (TATO), Debt to Equity Ratio (DER), and Return On Equity (ROE) wether these simultaneously affect share price of pharmacy company listed in the BEI.
In this research, the author determines independent variables such as X1 = Current Ratio (CR), X2 = Total Assets Turn Over (TATO), X3 = Debt to Equity Ratio (DER), and X4 = Return On Equity (ROE). Dependent variable may be monthly share price of the Pharmacy Company listed in the BEI on period of 2003 to 2006.
The analysis tools used by the author consider Multiple Linear Regression to answer hypothesis used by F-test and t-test to examine independent variable (financial performance) against dependent variable (price share), and concern with determination coefficient to observe the effect of fundamental variables of company?s financial performance such as CR, TATO, DER, and ROE on share price. Result of F-test indicate that F-count < F-table equals to 1,244 < 2,727. Such condition may mean that H0 must be accepted and H1 can be rejected. Research concludes that dependent variable (share price) seems under not significant effect by independent variable (CR (X1), TATO (X2), DER (X3), and ROE (X4)). Regressions equation model appears as follows : , Y = -10086,5 + 3500,626 X1 + 9310,581 X2 ? 44,050 X3 + 29,750 X4. Of these four variables, TATO refers to the variable with the most dominant effect on share price by regression coefficient of 9310,581 higher than other variables.

Keywords


Kinerja Keuangan; Harga Saham; CR; TATO; DER; ROE