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Faktor Fundamental Yg Mempengaruhi Harga Saham

Faktor Fundamental Yg Mempengaruhi Harga Saham

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Published by Rowland Pasaribu
This study aimed to test five fundamental factors (growth, profitability, leverage, liquidity, and efficiency) and two market ratios (earning ratio, and price earning ratio) that predicted to influence stock price in several groups of manufacturing industries listed in Jakarta Stock Exchange from 2003 till 2006. The result of this ratios, using multiple regressions shows that all the fundamentals factors and market ratio has significant influence simultaneously and partially in all industries. Earning per share was the dominant influence variable in six industries, where profitability factors in farming industries and liquidity factors in the property and real estate industry.
This study aimed to test five fundamental factors (growth, profitability, leverage, liquidity, and efficiency) and two market ratios (earning ratio, and price earning ratio) that predicted to influence stock price in several groups of manufacturing industries listed in Jakarta Stock Exchange from 2003 till 2006. The result of this ratios, using multiple regressions shows that all the fundamentals factors and market ratio has significant influence simultaneously and partially in all industries. Earning per share was the dominant influence variable in six industries, where profitability factors in farming industries and liquidity factors in the property and real estate industry.

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Published by: Rowland Pasaribu on Oct 26, 2009
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05/02/2013

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 Jurnal Ekonomi dan BisnisVol 2, No. 2, Juli 2008 (101-113)ISSN: 1978 – 3116
PENGARUH VARIABEL FUNDAMENTALTERHADAP HARGA SAHAM PERUSAHAAN GO PUBLICDI BEI
Rowland Bismark Fernando Pasaribu
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 Abstract
This study aimed to test five fundamental factors (growth, profitability, leverage, liquidity,and efficiency) and two market ratios (earning ratio, and price earning ratio) that predictedto influence stock price in several groups of manufacturing industries listed in Jakarta StockExchange from 2003 till 2006. The result of this ratios, using multiple regressions showsthat all the fundamentals factors and market ratio has significant influence simultaneouslyand partially in all industries. Earning per share was the dominant influence variable in sixindustries, where profitability factors in farming industries and liquidity factors in the property and real estate industry. All proxy has coefficient of determination range 21,98% -85,41%.
 Keywords: growth, profitability, leverage, liquidity, efficiency, earning ratio, price earning ratio, stock price.
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 Jurnal Ekonomi dan BisnisVol 2, No. 2, Juli 2008 (101-113)ISSN: 1978 – 3116
PENDAHULUAN
Latar Belakang 
Harga suatu produk berdasarkan definisi klasik adalah gambaran titik temuantara sisi penawaran dan permintaan, sebab untuk beberapa produk tertentu adayang sama sekali tidak terkait langsung dengan permintaan atau penawaran. Olehkarenanya, banyak hal yang mampu dan
capable
untuk mempengaruhi titik temukedua sisi tersebut. Harga saham misalnya, tidak cukup hanya sisi permintaan danpenawaran (atau bahkan sama sekali tidak) yang merepresentasikan terbentuknyaharga produk tersebut. Fabozzi (1999) menyatakan bahwa dalam analisis sekuritasada dua pendekatan yang digunakan yaitu analisis fundamental dan teknikal.Analisis fundamental didasarkan pada dua model dasar penilaian sekuritas yaitu
earning multiplier 
dan
asset values
, sedangkan analisis teknikal secara umummemfokuskan perhatian pada perubahan volume dan harga pasar sekuritas.Faktor fundamental yang sering digunakan untuk memprediksi harga sahamatau tingkat pengembalian saham adalah rasio keuangan dan rasio pasar. Rasiokeuangan yang berfungsi untuk memprediksi harga saham antara lain:
return onassets
(ROA),
debt equity ratio
(DER), dan
book value per Share
(BVS). Rasio pasar yangsering dikaitkan dengan harga atau tingkat pengembalian saham adalah
 price bookvalue
(PBV).Faktor teknikal diukur dengan beberapa indikator antara lain inflasi, nilaitukar mata uang, dan resiko pasar. Saham perusahaan yang
 go public
adalahkomoditi investasi yang berisiko, karena bersifat peka terhadap perubahan
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