Analisis Pengaruh Faktor Fundamental terhadap Harga Saham Perbankan di Bursa Efek Jakarta

Abstract

During the crisis era, bank fundamentals is seriously in bad conditions. It is evidence that there were 16 banks were liquidited in 1997. Such condition has resulted the lost of confidence of the the people to the bank. The above phenomena has reduced the interest of the people to buy the share of the banks which in turn share price of the bank would be decclined. The purpose of the study is to analyze effect of fundamental factors toward banking share price at Jakarta Stock Exchange. Fundamental variables to be studied are return on asset, return on equity, net interest margin, debt to equity ratio, loan to deposit ratio, earning per share, price earning ratio and burden ratio is assumed as independent variables, while closing price of share is assumed as dependent variable. The studi is conducted on 22 banks listed at Jakarta Stock Exchange. Analysis model to be used in the study is multiple linier regretion. Outcomes of the study reveals that as simultaneously effect of return on asset, return on equity, net interest margin, debt to equity ratio, loan to deposit ratio, earning per share, price earning ratio and burden ratio is not significant toward share price, as shown by the fact that F- score value 1126 is more lower than F- table value 2.064 at the level of confidence 95 percent. As a partial calculation, effect of all independent variables toward share price is not significant too, as shown by the fact that all t score value is more higher than t table value. By applying stepwise prosedures, net interest margin has. positive effect toward share price as shown by t - score value 2.223 is more higher than t-table value 1990.

Fundamental perbankan pada masa krisis sangat memprihatinkan ditandai dengan dilikuidaslnya 16 bank pada tahun 1997. Kondisi tersebut mengakibatkan berkurangnya kepercayaan masyarakat terhadap perbankan. Fenomena diatas berakibat kepada turunnya minat investor untuk membeli saham perbankan. Konsekuensi yang terjadi harga saham perbankan mengalami penurunan. Penelitian ini bertujuan untuk menganalisis pengaruh faktor-faktor fundamental terhadap harga saham perbankan di Bursa Efek Jakarta. Variabel fundamental yang diteliti adalah return on asset, return on equity, net interest margin, debt to equity ratio, loan to debt ratio, earning per share, price earning ratio dan burden ratio sebagai variabei bebas dan harga saham penutupan ( closing price ) sebagai variabel terikat. Penelitian ini dilakukan terhadap 22 bank yang terdaftar di Bursa Efek Jakarta. Model analisis yang digunakan adalah regresi linier berganda. Hasil penelitian menunjukkan bahwa secara serempak pengaruh return on asset, return on equity, net interest margin, debt to equity ratio, loan to debt ratio, earning per share, price earning ratio dan burden ratio tidak signifikan terhadap harga saham, ditunjukkan dan nilai F-hitung 1,126 lebih kecil dari F-tabel 2,064 pada level pengujian alpha 5%. Secara partial pengaruh semua variabei bebas terhadap harga saham juga tidak signifikan, ditunjukkan dari keseluruhan nilai t-hitung lebih besar dari t-tabel. Dengan melakukan prosedur stepwise net interest margin mempunyai pengaruh positif terhadap saham ditunjukkan dari nilai t hitung 2,223 lebih besar dari t-tabel 1990.