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DAFTAR ISI
ABSTRACT .......................................................................................................
i
ABSTRAK ........................................................................................................
ii
KATA PENGANTAR ...................................................................................... iii
DAFTAR ISI ..................................................................................................... vi
DAFTAR TABEL ............................................................................................ xi
DAFTAR GAMBAR ........................................................................................ xiii
DAFTAR GRAFIK .......................................................................................... xiv
DAFTAR LAMPIRAN
BAB I
PENDAHULUAN
1.1 Latar Belakang .........................................................................
1
1.2 Rumusan Masalah ....................................................................
9
1.3 Tujuan Penelitian ..................................................................... 10
1.4 Kegunaan Penelitian ................................................................ 10
1.5 Kerangka Pemikiran ................................................................. 11
1.6 Metode Penelitian .................................................................... 16
1.7 Lokasi dan Waktu Penelitian ................................................... 17
BAB II TINJAUAN PUSTAKA
2.1 Manajemen Keuangan .............................................................. 18
2.1.1 Pengertian Manajemen Keuangan ................................ 18
2.1.2 Fungsi Manajemen Keuangan ...................................... 19
2.1.2 Tujuan Manajemen Keuangan ..................................... 20
2.2 Laporan Keuangan ................................................................... 21
2.2.1 Pengertian Laporan Keuangan ..................................... 21
2.2.2 Tujuan Laporan Keuangan ........................................... 22
2.2.3 Pengguna Laporan Keuangan ...................................... 23
2.2.4 Bagian-bagian Laporan Keuangan ............................... 25
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2.3 Analisis Laporan Keuangan ..................................................... 26
2.3.1 Pengertian Analisis Laporan Keuangan ....................... 26
2.3.2 Tujuan Analisis Laporan Keuangan ............................. 27
2.4 Rasio Keuangan ....................................................................... 28
2.4.1 Pengertian Rasio Keuangan ......................................... 28
2.4.2 Penggolongan Rasio Keuangan .................................... 29
2.5 Rasio Profitabilitas ................................................................... 31
2.5.1 Return on Assets (ROA) ............................................... 32
2.5.2 Return on Equity (ROE) ............................................... 32
2.5.3 Net Profit Margin (NPM) ............................................. 33
2.5.4 Faktor-faktor yang Mempengaruhi Profitabilitas ......... 34
2.6 Pasar Modal ............................................................................. 35
2.6.1 Pengertian Pasar Modal ................................................ 35
2.6.2 Peranan Pasar Modal .................................................... 36
2.6.3 Macam-macam Pasar Modal ........................................ 37
2.6.4 Go Public ..................................................................... 37
2.6.5 Alasan Perusahaan Memilih Go Public ....................... 38
2.6.6 Keuntungan dan Kerugian Perusahaan Go Public ....... 38
2.7 Saham dan Harga Saham ......................................................... 39
2.7.1 Pengertian Saham ......................................................... 39
2.7.1.1 Jenis-jenis Saham ........................................... 40
2.7.2 Harga Saham ................................................................ 42
2.7.2.1 Jenis-jenis Harga Saham ................................ 43
2.7.2.2 Nilai Saham .................................................... 43
2.7.2.3 Penilaian Harga Saham .................................. 44
2.7.3 Faktor-faktor Yang Mempengaruhi Harga Saham ...... 46
2.7.4 Keuntungan dan Resiko Dalam Investasi Saham ......... 47
2.8 Hubungan Return on Assets (ROA), Return on Equity (ROE),
Net Profit Margin (NPM) terhadap Harga Saham ................... 50
2.8.1 Pengaruh Return on Assets (ROA) terhadap Harga
Saham ............................................................................ 50
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2.8.2 Pengaruh Return on Equity (ROE) terhadap Harga
Saham ............................................................................ 50
2.8.3 Pengaruh Net Profit Margin (NPM) terhadap Harga
Saham ........................................................................... 51
2.9 Penelitian Terdahulu ................................................................ 52
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian ....................................................................... 60
3.1.1 Pemilihan Populasi dan Sampel ................................... 60
3.1.2 Gambaran Umum Perusahaan ...................................... 62
3.2 Metode Penelitian .................................................................... 68
3.2.1 Operasionalisasi Variabel ............................................. 68
3.2.2 Sumber dan Jenis Data ................................................. 71
3.2.2.1 Sumber Data .................................................. 71
3.2.2.2 Jenis Data ....................................................... 71
3.2.3 Metode Pengumpulan Data .......................................... 71
3.2.4 Tahap-tahap Analisis Data ........................................... 71
3.2.5 Analisis Data Statistik .................................................. 72
3.2.5.1 Uji Asumsi Klasik ......................................... 72
3.2.5.2 Koefisien Determinasi ................................... 76
3.2.5.3 Analisis Korelasi ........................................... 77
3.2.5.4 Analisis Regresi ............................................. 79
3.3 Rancangan Pengujian Hipotesis ............................................ 81
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Perkembangan Return on Assets (ROA), Return on Equity (ROE),
Net Profit Margin (NPM) dan Harga Saham Perusahaan Food and
Beverage yang terdaftar di BEI periode 2008-2012 ................ 87
4.1.1 Perkembangan Return on Assets (ROA) Perusahaan Food
and Beverage ................................................................ 87
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4.1.2 Perkembangan Return on Equity (ROE) Perusahaan Food
and Beverage ................................................................ 91
4.1.3 Perkembangan Net Profit Margin (NPM) Perusahaan
Food and Beverage ...................................................... 95
4.1.4 Perkembangan Harga Saham Perusahaan Food and
Beverage ....................................................................... 99
4.2 Pengaruh Return on Assets (ROA), Return on Equity (ROE), Net
Profit Margin (NPM) Terhadap Harga Saham Secara Simultan
Pada Perusahaan Food and Beverage yang Terdaftar di BEI
periode 2008-2012 ................................................................... 102
4.2.1 Uji Asumsi Klasik ........................................................ 102
4.2.1.1 Uji Normalitas ............................................... 102
4.2.1.2 Uji Multikolinearitas ..................................... 105
4.2.1.3 Uji Autokorelasi ............................................ 106
4.2.1.4 Uji Heteroskedastisitas .................................. 106
4.2.2 Analisis Regresi Linier Berganda ................................ 108
4.2.3 Analisis Korelasi Berganda .......................................... 109
4.2.4 Analisis Koefisien Determinasi .................................... 110
4.2.5 Uji Hipotesis Secara Simultan ..................................... 110
4.3 Pengaruh Return on Assets (ROA), Return on Equity (ROE), Net
Profit Margin (NPM) Terhadap Harga Saham Secara Parsial Pada
Perusahaan Food and Beverage yang Terdaftar di BEI Periode
2008-2012 ................................................................................ 113
4.3.1
Pengaruh Return on Assets (ROA) Terhadap
Harga Saham ................................................................ 113
4.3.2
Pengaruh Return on Equity (ROE) Terhadap
Harga Saham ................................................................ 117
4.3.3
Pengaruh Net Profit Margin (NPM) Terhadap
Harga Saham ................................................................ 122
4.4 Hasil Pembahasan ................................................................... 126
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4.4.1
Pengaruh Return on Assets (ROA), Return on Equity
(ROE), Net Profit Margin (NPM) Terhadap Harga Saham
secara Simultan ........................................................... 126
4.4.2
Pengaruh Return on Assets (ROA), Return on Equity
(ROE), Net Profit Margin (NPM) Terhadap Harga Saham
secara Parsial ............................................................... 126
4.2.1.1 Return on Assets Terhadap Harga Saham ....... 126
4.2.1.2 Return on Equity Terhadap Harga Saham ....... 127
4.2.1.1 Net Profit Margin Terhadap Harga Saham ..... 127
BAB V
KESIMPULAN DAN SARAN
5.1 Kesimpulan ............................................................................... 128
5.1.1
Kesimpulan Tentang Perkembangan Return on Assets
(ROA), Return on Equity (ROE), Net Profit Margin
(NPM) dan Harga Saham perusahaan Food And
Beverage yang terdaftar di BEI periode 2008-2012 ... 128
5.1.2
Kesimpulan Tentang Pengaruh Return on Assets (ROA),
Return on Equity (ROE), Net Profit Margin (NPM)
Terhadap Harga Saham Secara Simultan Pada Perusahaan
Food and Beverage yang Terdaftar di BEI periode 20082012 ............................................................................. 129
5.1.3
Kesimpulan Tentang Pengaruh Return on Assets (ROA),
Return on Equity (ROE), Net Profit Margin (NPM)
Terhadap Harga Saham Secara Parsial Pada Perusahaan
Food and Beverage yang Terdaftar di BEI periode 20082012 ............................................................................. 130
5.2 Saran .......................................................................................... 130
DAFTAR PUSTAKA
LAMPIRAN-LAMPIRAN
x
DAFTAR TABEL
Tabel 1.1
Harga Saham Perusahaan Food and Beverage di Bursa Efek
Indonesia periode tahun 2008-2012 dalam rupiah (Rp) ............
5
Tabel 1.1
Perusahaan Sampel Objek Penelitian ........................................
61
Tabel 3.2
Operasional Variabel Penelitian ................................................... 70
Tabel 3.3
Pengambilan Keputusan Ada Tidaknya Autokorelasi .................. 75
Tabel 3.4
Tingkat Hubungan Korelasi .......................................................... 78
Tabel 4.1
Perkembangan Return on Assets (ROA) Perusahaan Food and
Beverage yang terdaftar di BEI periode 2008-2012 (dalam
persentase) .................................................................................... 88
Tabel 4.2
Perkembangan Return on Equity (ROE) Perusahaan Food and
Beverage yang terdaftar di BEI periode 2008-2012 (dalam
persentase) .................................................................................... 92
Tabel 4.3
Perkembangan Net Profit Margin (NPM) Perusahaan Food and
Beverage yang terdaftar di BEI periode 2008-2012 (dalam
persentase) .................................................................................... 96
Tabel 4.4
Perkembangan Harga Saham dalam Rupiah Perusahaan Food and
Beverage yang terdaftar di BEI periode 2008-2012 ..................... 99
Tabel 4.5
Uji Normalitas ............................................................................
103
Tabel 4.6
Uji Multikolinearitas ..................................................................... 105
Tabel 4.7
Uji Autokorelasi ............................................................................ 106
Tabel 4.8
Regresi Berganda Return on Assets (X1), Return on Equity (X2), Net
Profit Margin (X3) terhadap Harga Saham (Y) ............................ 108
Tabel 4.9
Korelasi Berganda Return on Assets (X1), Return on Equity (X2), Net
Profit Margin (X3) terhadap Harga Saham (Y) ............................ 109
Tabel 4.10 Uji Hipotesis untuk Pengaruh ROA, ROE, dan NPM
terhadap Harga Saham Secara Simultan (Uji F) ........................... 111
Tabel 4.11 Koefisien Korelasi Parsial Return on Assets (ROA) terhadap Harga
Saham ............................................................................................ 114
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Tabel 4.12 Koefisien Determinasi Parsial Return on Assets (ROA) terhadap
Harga Saham ................................................................................. 114
Tabel 4.13 Uji Hipotesis untuk Pengaruh Return on Assets (ROA) terhadap
Harga Saham ................................................................................. 115
Tabel 4.14 Koefisien Korelasi Parsial Return on Equity (ROE) Terhadap Harga
Saham ............................................................................................ 118
Tabel 4.15 Koefisien Determinasi Parsial Return on Equity (ROE) terhadap
Harga Saham ................................................................................. 119
Tabel 4.16 Uji Hipotesis untuk Pengaruh Return on Equity (ROE) terhadap
Harga Saham ................................................................................. 120
Tabel 4.17 Koefisien Korelasi Parsial Net Profit Margin (NPM) terhadap Harga
Saham ............................................................................................ 122
Tabel 4.18 Koefisien Determinasi Parsial Net Profit Margin (NPM) terhadap
Harga Saham ................................................................................. 123
Tabel 4.19 Uji Hipotesis untuk Pengaruh Net Profit Margin (NPM) terhadap
Harga Saham ................................................................................. 124
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DAFTAR GAMBAR
Gambar 1.1
Kerangka Pemikiran ................................................................. 15
Gambar 3.1
Daerah Penerimaan dan Penolakan H0 (uji f) .......................... 84
Gambar 3.2
Daerah Penerimaan dan Penolakan H0 (uji t) ........................... 86
Gambar 4.1
Uji Normalitas .......................................................................... 104
Gambar 4.2
Uji Heteroskedastisitas ............................................................. 107
Gambar 4.3
Hasil Penerimaan dan Penolakan H0 untuk Pengaruh ROA, ROE,
dan NPM terhadap Harga Saham (uji f) ................................... 112
Gambar 4.4
Hasil Penerimaan dan Penoakan H0 (uji t) Pengaruh ROA
terhadap Harga Saham ............................................................. 116
Gambar 4.5
Hasil Penerimaan dan Penoakan H0 (uji t) Pengaruh ROE
terhadap Harga Saham ............................................................. 121
Gambar 4.6
Hasil Penerimaan dan Penoakan H0 (uji t) Pengaruh NPM
terhadap Harga Saham ..........................................................
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125
DAFTAR GRAFIK
Grafik
1.1
Grafik total keseluruhan sektor Consumer Goods Industry 2011
...................................................................................................
Grafik
1.2
Grafik Harga Saham Perusahaan Food and Beverage 2008-2012
...................................................................................................
Grafik
4.1
3
7
Perkembangan Return on Assets (ROA) perusahaan Food and
Beverage Periode 2008-2012 ................................................... 90
Grafik
4.2
Perkembangan Return on Equity (ROE) perusahaan Food and
Beverage Periode 2008-2012 ................................................... 94
Grafik
4.3
Perkembangan Net Profit Margin (NPM) perusahaan Food and
Beverage Periode 2008-2012 ................................................... 98
Grafik
4.4
Perkembangan Harga Saham perusahaan Food and Beverage
Periode 2008-2012 ................................................................... 101
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