ABSTRACT
Investors need the information about companies’s performance before making a decision to invest their money. The purpose of this research is to know the influence of earnings per share (EPS), price earnings ratio (PER), and book value per share (BVPS) on the firm value both simultaneously or in partially. This method of research using hypothetical test methods. The data in this research are taken from LQ-45 Company’s period 2008-2010. The data are analyzed used Multiple Regression Analysis. The results show that partially EPS and PER do not have a significant influence on firm value, but book value per share has influence on firm value significantly. The result show that simultaneously EPS, PER, and BVPS do not have a significant influence on firm value.
Keywords: EPS, PER, BVPS, firm value.
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ABSTRAK Para investor membutuhkan informasi tentang kinerja perusahaan sebelum mengambil keputusan untuk berinvestasi. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh earnings per share (EPS), price earnings ratio (PER), dan book value per share (BVPS) terhadap nilai perusahaan baik secara simultan maupun secara parsial. Penelitian ini menggunakan metode pengujian hipotesis. Data keuangan diambil dari entitas yang termasuk dalam perusahaan LQ45 tahun 20082010. Data dianalisis menggunakan analisis regresi berganda . Hasil penelitian secara parsial menunjukkan bahwa earnings per share dan price earnings ratio tidak mempunyai pengaruh yang signifikan terhadap nilai perusahaan. Sedangkan book value per share mempunyai pengaruh yang signifikan terhadap nilai perusahaan. Hasil penelitian menunjukkan bahwa secara simultan earnings per share, price earnings ratio, dan book value per share tidak mempunyai pengaruh yang signifikan terhadap nilai perusahaan. Kata Kunci: EPS, PER, BVPS, nilai perusahaan
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DAFTAR ISI Halaman HALAMAN JUDUL...................................................................................................... i HALAMAN PENGESAHAN........................................................................................ ii SURAT PERNYATAAN KEASLIAN SKRIPSI…………........................................... iii KATA PENGANTAR.....................................................................................................iv ABSTRACT .................................................................................................................... ..vi ABSTRAK ................................................................................................................... ...vii DAFTAR ISI ............................................................................................................... ....viii DAFTAR GAMBAR .................................................................................................. ....xiii DAFTAR TABEL ....................................................................................................... …xiv DAFTAR GRAFIK.........................................................................................................xv
BAB I PENDAHULUAN...............................................................................................1 1.1 Latar Belakang ............................................................................................. 1 1.2 Identifikasi Masalah ..................................................................................... 7 1.3 Maksud dan Tujuan Penelitian..................................................................... 8 1.4 Kegunaan Penelitian .................................................................................... 8
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN PENGEMBANGAN HIPOTESIS.......................................................................................................10 2.1 Kajian Pustaka ........................................................................................... 10 2.1.1 Laporan Keuangan............................................................................ 10 2.1.1.1 Pengertian Laporan Keuangan ............................................ 10
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2.1.1.2 Tujuan Laporan Keuangan .................................................. 11 2.1.1.3 Pengguna Laporan Keuangan ............................................. 13 2.1.1.4 Keterbatasan Laporan Keuangan ........................................ 15 2.1.1.5 Asumsi Dasar Laporan Keuangan....................................... 16 2.1.1.6 Karakteristik Kualitatif Laporan Keuangan ........................ 18 2.1.1.7 Komponen laporan Keuangan ............................................. 20 2.1.1.7.1 Neraca (Balance Sheet) ........................................ 20 2.1.1.7.2 Laporan Laba Rugi (Income Statement) .............. 22 2.1.1.7.3 Laporan Perubahan Ekuitas (Statement of Changes in Owners’ Equity) ................................ 25 2.1.1.7.4 Laporan Arus Kas (Statement Cash Flows) ......... 25 2.1.1.6.5 Catatan Atas Laporan Keuangan (Notes to Financial Statement)................................... ......... 27 2.1.2 Analisis Laporan Keuangan ............................................................. 29 2.1.2.1 Pengertian Analisis Laporan Keuangan ............................... 29 2.1.2.2 Tujuan Analisis Laporan Keuangan ..................................... 30 2.1.2.3 Prosedur Analisis Laporan Keuangan .................................. 31 2.1.2.4 Keterbatasan dan Kelemahan Analisis Laporan Keuangan.. 32 2.1.3 Rasio Sebagai Alat Analisis ............................................................. 34 2.1.4 Analisis Rasio ................................................................................... 36 2.1.4.1 Pengertian Analisis Rasio ..................................................... 36 2.1.4.2 Jenis-jenis Rasio Keuangan .................................................. 37 2.1.4.3 Earnings per Share ............................................................... 41 2.1.4.4 Price Earnings Ratio ............................................................ 42
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2.1.4.5 Book Value per Share ........................................................... 43 2.1.5 Nilai Perusahaan(Value of Firm) ...................................................... 44 2.1.5.1 Nilai Buku (Book Value) ...................................................... 45 2.1.5.2 Nilai Pasar (Market Value) ................................................... 46 2.1.5.4 Nilai Tobins’ Q ..................................................................... 46 2.1.6 Pasar Modal ...................................................................................... 47 2.1.6.1 Pengertian Pasar Modal ........................................................ 47 2.1.6.2 Peranan dan Manfaat Pasar Modal ....................................... 50 2.1.6.3 Macam-macam Pasar Keuangan .......................................... 54 2.1.6.4 Macam-macam Pasar Modal ................................................ 56 2.1.6.5 Indeks Pasar Modal .............................................................. 58 2.2 Kerangka Pemikiran .................................................................................. 60 2.3 Pengembangan Hipotesis…....................................................................... 67
BAB III METODE PENELITIAN............................................................................... 68 3.1 Objek Penelitian ....................................................................................... 68 3.1.1 Sejarah SingkatPerusahaan ............................................................. 68 3.2 Metode Penelitian .................................................................................... 86 3.2.1 Metode yang Digunakan ................................................................. 86 3.2.2 Operasionalisasi Variabel ............................................................... 86 3.2.3 Populasi Penelitian .......................................................................... 88 3.2.4 Teknik Penarikan Sampel ............................................................... 88 3.2.5 Teknik Pengumpulan Data .............................................................. 89 3.2.6 Metode Analisis .............................................................................. 90
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3.2.7 Pengujian Koefesien Regresi Secara Parsial ................................... 91 3.2.8 Pengujian Koefesien Regresi Secara Simultan ............................... 92 3.2.9 Asumsi Normalitas.......................................................................... 94 3.2.10 Asumsi Heterokedastisitas ............................................................ 94 3.2.11 Asumsi Autokorelasi ..................................................................... 94 3.2.12 Asumsi Multikolinearitas .............................................................. 95
BAB IV HASIL PENELITIAN DAN PEMBAHASAN.............................................. 97 4.1 Hasil Pengumpulan Data.......................................................................... 97 4.2 Persamaan Model Regresi ....................................................................... .100 4.3 Uji Normalitas Kolmogorov-Smirnov .................................................... .102 4.4 Uji Heterokedastisitas ............................................................................. .105 4.5 Uji Autokorelasi ...................................................................................... .105 4.6 Uji Multikolinearitas ............................................................................... .106 4.7 Pengujian Koefisien Regresi Secara Parsial ........................................... .107 4.7.1 Pengaruh Earnings Per Share Terhadap Nilai Perusahaan .......... .108 4.7.2 Pengaruh Price Earnings Ratio Terhadap Nilai Perusahaan ........ .108 4.7.3 Pengaruh Book Value Per Share Terhadap Nilai Perusahaan........ .109 4.8 Pengujian Koefisien Regresi Secara Simultan ........................................ .110 4.9 Koefisien Korelasi Parsial....................................................................... .112 4.10 Koefisien Determinasi Simultan .......................................................... .114 4.11 Pembahasan.......................................................................................... .115
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BAB V SIMPULAN DAN SARAN............................................................................. 117 5.1 Simpulan ................................................................................................... 117 5.2 Saran ......................................................................................................... 118
DAFTAR PUSTAKA .................................................................................................. 120 LAMPIRAN ................................................................................................................. 123 DAFTAR RIWAYAT HIDUP .................................................................................... 124
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DAFTAR GAMBAR Halaman Gambar 1
Kerangka Pemikiran…….…………………………………………….. 66
Gambar 2
Teknik Sampling…….……………………………………………...... 88
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DAFTAR TABEL Halaman Tabel I
Operasionalisasi Variabel……………………………………………. 87
Tabel II
ANOVA………………………………………………………........... 93
Tabel III
Data Earnings Per Share/ EPS (X1)…………………………………. 98
Tabel IV
Data Price Earnings Ratio/ PER(X2)………………………………... 99
Tabel V
Data Book Value Per Share/ BVPS (X3)……………………............. 99
Tabel VI
Data Nilai Perusahaan (Y)……………………………………........... 94
Tabel VII
Koefisien Regresi…………………………….……...………………. 101
Tabel VIII
Uji Normalitas………...……………………………………………
102
Tabel IX
Uji Heterokedastisitas……………………………………………..
105
Tabel X
Uji Autokorelasi……………………..…………………………….
106
Tabel XI
Uji Multikolinearitas ....……………………………………......….
107
Tabel XII
Pengujian Koefisien Regresi 1……………………………………
111
Tabel XIII Pengujian Koefisien Regresi 2……………………………………
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Tabel XIV
113
Koefisien Korelasi Parsial Variabel X1, X2, dan X3 dengan Y.........
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DAFTAR GRAFIK Halaman Grafik I
Kurva Normalitas........................................................................... 103
Grafik II
Normal Plot .................................................……………………. 104
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