Pengaruh Utang dan Profitabilitas Perusahaan terhadap Nilai Intrinsik Perusahaan pada Perusahaan Perbankan yang Ada di Indonesia

Abstract

This study aims to determine the effect of capital structure in this case debt with the ratio of short term debt to total assets (STDTA), long term debt to total assets (LTDTA) and total debt to total assets (TDTA) and profitability with the ratio of Return on Equity ( ROE) on the intrinsic value of the company which is the net present value of the projection of free cash flow to equity (FCFE). The Population of this study includes 44 banking companies listed on the Indonesia Stock Exchange (2015-2019), with samples that meet the criteria of 26 companies. Hypothesis testing uses path analysis techniques using SPSS at an alpha of 5%. The results of this study indicate that STDTA, has a significant positive effect on the Company's Intrinsic Value with a magnitude of 0.068. This means that if Short-Term Debt increases by 1 time or 100% of its total assets, then the Company's Intrinsic Value increases by 0.068 times or 6.8% of a company’s total assets. LTDTA has a significant positive effect on the Company's Intrinsic Value with a magnitude of 0.053. This means that if Long-Term Debt increases by 1 time or 100% of its total assets, then the Company's Intrinsic Value increases by 0.053 or 5.3% of a company’s total assets. TDTA has a significant negative effect on the Company's Intrinsic Value with a magnitude of -0.968. This means that if Total Debt increases 1 time or 100% of its total assets, the Company's Intrinsic Value decreases by 0.968 times or 96.8% of a company’s total assets. Profitability has a significant positive effect on the Company's Intrinsic Value with a magnitude of 0.773. This means that if Net Profit increases 1 time or 100% of its total equity, the Company's Intrinsic Value increases by 0.773 times or 77.3% of a company’s total assets.