Tabel Kondisi Perkembangan Kebijakan Hutang (DER) pada Perusahaan Sektor Farmasi periode 2007-2011. No
Nama Perusahaan
Kode
Kebijakan Hutang (DER)
2007 1
2008
2009
2010
Rata-rata
2011 0.30
DVLA PT. Darya Varia Laboratoria Tbk
2
0.21
0.26
0.41
0.33
0.28 1.67
INAF PT. Indofarma Tbk
3
2.46
2.25
1.44
1.36
0.83 0.51
KAEF PT. Kimia Farma Tbk
4
0.53
0.53
0.57
0.49
0.43 0.32
KLBF PT. Kalbe Farma Tbk
5
0.33
0.38
0.39
0.23
0.27 0.19
MERK PT. Merck Tbk
6
0.18
0.15
0.23
0.20
0.18 0.39
PYFA PT. Pyridam Farma Tbk
7
0.42
0.42
0.37
0.30
0.43 26.92
SCPI PT. Schering Plough Indonesia Tbk
8
70.47
22.90
9.49
18.28
13.47 0.33
TSPC PT. Tempo Scan Pasific Tbk
0.26
0.29
0.34
0.36
0.40
Jumlah
74.86
27.18
13.24
21.55
16.29
Rata-rata
9.36
3.40
1.66
2.69
2.04
MAX
70.47
22.90
9.49
18.28
13.47
MIN
0.18
0.15
0.23
0.20
0.18
Grafik Kondisi Perkembangan Kebijakan Hutang (DER) pada Perusahaan Sektor Farmasi periode 2007-2011.
Tabel Kondisi Perkembangan Price Book Value (PBV) pada Perusahaan Sektor Farmasi periode 2007-2011.
No
Nama Perusahaan
Kode
Nilai Perusahaan (PBV)
2007 1
PT. Darya Varia
2011
1.06
1.54
2.05
1.04
2.18
0.52
0.86
0.80
0.83 1.06
KAEF PT. Kimia Farma Tbk
4
1.87
0.45
0.71
0.75
1.51 3.88
KLBF PT. Kalbe Farma Tbk
5
3.78
1.12
3.06
6.14
5.30 4.75
MERK PT. Merck Tbk
6
4.18
2.43
5.20
5.95
6.00 0.77
PYFA PT. Pyridam Farma Tbk PT. Schering Plough
0.65
PT. Tempo Scan Pasific Tbk
0.39
0.81
0.88
1.14 14.01
SCPI
Indonesia Tbk
rata
1.77
INAF
3
8
2010
1.67
1.94
PT. Indofarma Tbk
7
2009
DVLA
Laboratoria Tbk 2
2008
Rata-
43.02
4.46
7.14
11.25
4.17 2.09
TSPC 1.60
0.81
1.36
2.90
3.76
Jumlah
59.22
11.24
20.68
30.72
24.48
Rata-rata
7.40
1.41
2.59
3.84
3.06
MAX
43.02
4.46
7.14
11.25
6.00
MIN
0.65
0.39
0.71
0.75
0.83
Grafik Perkembangan Price to Book Value (PBV) pada Perusahaan Sektor Farmasi periode 2007-2011.
Data Pengolahan Kebijakan Hutang (Debt to Equity Ratio) PT. Darya Varia Laboratoria Tbk
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang
75,375,454,000
110,647,028,000 198,476,205,000 174,921,950,000 144,279,679,000
23,325,087,000
19,164,521,000
T.debt
98,700,541,000
129,811,549,000 228,691,536,000 213,507,941,000 200,373,603,000
T.equity
462,230,201,000
507,849,295,000 554,921,528,000 640,602,050,000 727,917,390,000
DER
0.21353
0.25561
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER
2007
2008
30,215,331,000
0.41212
2010
38,585,991,000
0.33329
2011
56,093,924,000
0.27527
PT. Indofarma Tbk 2007
2008
2009
2010
2011
686,297,191,677
634,575,747,111 376,911,513,356 375,569,326,405
459,403,522,197
31,577,120,875 717,874,312,552 291,562,628,966 2.46216
34,640,587,401 52,401,848,405 422,689,679,147 669,216,334,512 429,313,361,761 798,259,005,552 507,849,295,000 554,921,528,000 311,268,183,245 1.31775 0.77365 2.56454
505,707,835,106 965,111,357,303 609,193,834,668 1.58424
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER
2009
PT. Kimia Farma Tbk
2007
2008
2009
2010
2011
469,822,675,254
459,694,310,936
433,564,022,986
449,854,948,189 510,854,102,157
45,147,528,200 478,711,551,186 908,027,598,535 0.52720
48,050,308,650 56,455,427,885 73,434,800,480 497,905,256,839 567,309,530,042 543,257,475,734 947,764,542,800 995,315,100,095 1,114,028,943,712 0.52535 0.56998 0.48765
82,042,428,342 541,736,739,278 1,252,505,683,826 0.43252
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER
PT. Kalbe Farma Tbk
2007 754,629,114,054
2008
2009
366,599,019,698 108,618,099,637 117,374,979,386 113.872.339.053 128,030,525,896 1,121,228,133,752 1,358,989,930,592 1,691,512,395,248 1,146,489,093,666 1,758,619,054,414 3,386,861,941,228 3,622,399,153,499 4,310,437,877,062 5,373,784,301,200 6,515,935,058,426 0.33105 0.37516 0.39242 0.21335 0.26990 PT. Merck Tbk
2007
2008
2009
2010
2011
42,684,736,000
38,420,491,000
68,108,811,000
52,578,914,000
65,430,555,000
8,144,943,000 50,829,679,000 280,223,737,000 0.18139
9,320,194,000 47,740,685,000 327,323,807,000 0.14585
11,677,839,000 79,786,650,000 354,183,985,000 0.22527
19,172,916,000 71,751,830,000 363,016,663,000 0.19765
24,776,313,000 90,206,868,000 494,181,710,000 0.18254
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER Nama
2011
1,250,371,830,955 1,574,137,415,862 1,146,489,093,666 1,630,588,528,518
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER
2010
PT. Pyridam Farma Tbk
2007
2008
2009
2010
2011
24,017,739,020
25,112,130,849
21,669,515,056
15,645,370,498
24,366,695,170
4,195,451,126 28,213,190,146 66,944,157,194 0.42144
4,290,144,063 29,402,274,912 69,253,034,523 0.42456
5,241,865,257 26,911,380,313 73,026,002,882 0.36852
7,716,422,897 23,361,793,395 77,225,205,835 0.30252
11,269,656,167 35,636,351,337 82,397,251,515 0.43249
PT. Schering Plough Indonesia Tbk
perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER
2007
2008
2009
2010
2011
118,233,257,877
172,018,113,841
174,032,318,000
210,043,249,000
68,090,278,000
8,533,251,388 126,766,509,265 1,798,893,905 70.46914
19,159,639,111 191,177,752,952 8,348,589,399 22.89941
12,556,411,000 186,588,729,000 19,668,483,000 9.48669
11,589,780,000 221,633,029,000 12,123,043,000 18.28196
222,831,584,000 290,921,862,000 21,596,812,000 13.47059
Nama perusahaan Tahun t.debt jk.pendek t.debt jk.panjang T.debt T.equity DER
PT. Tempo Scan Pasific Tbk
2007
2008
2009
2010
2011
459,696,284,792
536,504,707,248
678,727,987,910
536,504,707,248
1,012,652,540,775
98,673,021,884 119,427,626,758 140,919,109,738 119,427,626,758 191,786,107,538 558,369,306,676 655,932,334,006 819,647,097,648 655,932,334,006 1,204,438,648,313 2,115,644,199,183 2,235,687,760,131 2,408,870,867,823 2,235,687,760,131 3,045,935,747,008 0.26392 0.29339 0.34026 0.29339 0.39542
Data Pengolahan Nilai Perusahaan (Price to Book Value) PT. Darya Varia Laboratoria Tbk
Nama perusahaan Tahun T.equity Jumlah Saham Beredar Book Value
2007 462,230,201,000
2008
2009
2010
507,849,295,000 554,921,528,000 640,602,050,000
2011 727,917,390,000
560,000,000 560,000,000 560,000,000 1,120,000,000 1,120,000,000 825.41107 906.87374 990.93130 571.96612 649.92624
1600 1.93843
H.saham PBV Nama perusahaan Tahun T.equity Jumlah Saham Beredar Book Value H.saham PBV
960 1.05858
T.equity Jumlah Saham Beredar Book Value H.saham PBV
2007 291,562,628,966
2008
2009
2010
296,594,527,646 298,720,165,595 311,266,809,984
1150 1.76943
2011 609,193,834,668
3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 94.07469 95.69827 96.38412 100.43238 196.56059 205 50 83 80 163 2.17912 0.52248 0.86114 0.79656 0.82926 PT. Kimia Farma Tbk
2007 908,027,598,535
2008
2009
2010
2011
947,764,542,800 995,315,100,096 1,114,028,943,712 1,252,505,683,826
5,554,000,000 5,554,000,000 5,554,000,000 5,554,000,000 5,554,000,000 163.49075 170.64540 179.20690 200.58137 225.51417 305 79 127 150 340 1.86555 0.46295 0.70868 0.74783 1.50767
Nama perusahaan Tahun
1170 2.04558
PT. Indofarma Tbk
Nama perusahaan Tahun
1530 1.54400
PT. Kalbe Farma Tbk
2007
2008
2009
2010
2011
3,386,861,941,228 3,622,399,153,499 4,310,437,877,062 5,373,784,301,200 6,515,935,058,426 T.equity Jumlah Saham 10,156,014,422 10,156,014,422 10,156,014,422 10,156,014,422 10,156,014,422 Beredar 333.48337 356.67527 424.42219 529.12334 641.58387 Book Value 1260 400 1300 3250 3400 H.saham
PBV
3.77830
1.12147
Nama perusahaan Tahun T.equity Jumlah Saham Beredar Book Value H.saham PBV
T.equity Jumlah Saham Beredar Book Value H.saham PBV
2007
2008
2009
2010
280,223,737,000
327,323,807,000
354,183,985,000
363,016,663,000
T.equity Jumlah Saham Beredar
5.29939
2011 494,181,710,000
22,400,000 22,400,000 22,400,000 22,400,000 22,400,000 12509.98826 14612.66996 15811.78504 16206.10103 22061.68348 52500 35500 80000 96500 132500 4.19665 2.42940 5.05952 5.95455 6.00589 PT. Pyridam Farma Tbk
2007 66,944,157,194
2008 69,253,034,523
2009 73,026,002,882
2010 77,225,205,835
2011 82,397,251,515
535,080,000 535,080,000 535,080,000 535,080,000 535,080,000 125.11056 129.42557 136.47679 144.32460 153.99053 81 50 110 127 176 0.64743 0.38632 0.80600 0.87996 1.14293
Nama perusahaan Tahun
6.14224
PT. Merck Tbk
Nama perusahaan Tahun
3.06299
PT. Schering Plough Indonesia Tbk
2007
2008
2009
2010
2011
1,798,893,905
8,348,589,399
19,668,483,000
12,123,043,000
21,596,812,000
3,600,000
3,600,000
3,600,000
3,600,000
3,600,000
Book Value H.saham PBV Nama perusahaan
499.69275 21500 43.02644
2319.05261 10350 4.46303
5463.46750 39000 7.13832
3367.51194 37900 11.25460
5999.11444 25000 4.16728
PT. Tempo Scan Pasific Tbk
Tahun 2007 2008 2009 2010 2011 2,115,644,199,183 2,235,687,760,131 2,408,870,867,823 2,644,733,210,591 3,045,935,747,008 T.equity Jumlah Saham 4,500,000,000 4,500,000,000 4,500,000,000 4,500,000,000 4,500,000,000 Beredar 470.14316 496.81950 535.30464 587.71849 676.87461 Book Value 750 400 730 1710 2550 H.saham 1.59526 0.80512 1.36371 2.90956 3.76732 PBV
Gambar Uji Normalitas Pengaruh Kebijakan Hutang Terhadap Nilai Perusahaan
Normal P-P Plot of Regression Standardized Residual
Dependent Variable: PBV_Y 1.0
Expected Cum Prob
0.8
0.6
0.4
0.2
0.0 0.0
0.2
0.4
0.6
0.8
1.0
Observed Cum Prob
Tabel Hasil analisa Regresi Linier Sederhana
Coefficients Coefficientsa
Model 1
(Constant) DER_X
Unstandardized Coeff icients B Std. Error .805 .151 .271 .100
a. Dependent Variable: PBV_Y
Standardized Coeff icients Beta .404
t 5.316 2.722
Sig. .000 .010
Correlations Zero-order Partial .404
.404
Part
.
Tabel Koefisien Korelasi Kebijakan Hutang (X) terhadap Nilai Prusahaan (Y) Correlations
Correlati ons DER_X
PBV_Y
DER_X 1
Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N
PBV_Y .404** .010 40 1
40 .404** .010 40
40
**. Correlation is signif icant at the 0.01 lev el (2-tailed).
Tabel Koefisien Determinasi Kebijakan Hutang (X) terhadap Nilai Prusahaan (Y)
Model Summary Model Summaryb
Chang Model 1
R .404a
R Square .163
Adjusted R Square .141
St d. Error of the Estimate .92070
R Square Change .163
F Change 7.411
a. Predictors: (Constant), DER_X b. Dependent Variable: PBV_Y
Tabel Pengujian Hipotesis (Uji t)
Coefficients
Model 1
(Constant) DER_X
Unstandardized Coeff icients B Std. Error .805 .151 .271 .100
a. Dependent Variable: PBV_Y
Coefficientsa
Standardized Coeff icients Beta .404
t 5.316 2.722
Sig. .000 .010
Zero-order
Correlations Partial
.404
.404
d
