ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI HARGA SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL INTERVENING

Abstract

Tujuan penelitian ini adalah untuk menganalisis pengaruh dari variabel debt to equity ratio (DER), dividend payout ratio (DPR), earning per share (EPS) terhadap nilai perusahaan (PBV) dan pengaruh DER, DPR, EPS, dan PBV terhadap harga saham pada perusahaan yang tercatat dalam indeks LQ45 di Bursa Efek Indonesia periode 2014 -2017. Penelitian menggunakan metode purposive sampling untuk pengambilan sampel. Data diperoleh berdasarkan data laporan keuangan perusahaan dan laporan statistik tahunan yang berasal dari www.idx.co.id, diperoleh jumlah sampel sebanyak 30 perusahaan. Teknik analisis yang digunakan adalah analisis regresi data panel. Berdasarkan uji statistik F menunjukkan bahwa kedua model memenuhi kriteria fit karena memiliki nilai signifikansi yang kurang dari α 0,05. Sedangkan berdasarkan uji statistik t menunjukkan bahwa debt to equity ratio berpengaruh positif dan signifikan terhadap nilai perusahaan karena memiliki nilai signifikansi kurang dari α 0,05. Sedangkan variabel dividend payout ratio dan earning per share tidak berpengaruh signifikan terhadap nilai perusahaan. Variabel debt to equity ratio tidak berpengaruh signifikan terhadap harga saham, sedangkan dividend payout ratio berpengaruh negatif dan signifikan terhadap harga saham. Earning per share dan nilai perusahaan berpengaruh positif dan signifikan terhadap harga saham. The purpose of this study is to analyze the impact of the variables debt to equity ratio (DER), dividend payout ratio (DPR), and earning per share (EPS) toward firm value (PBV) and the influence of DER, DPR, EPS, and PBV toward price stock on companies listed in the LQ45 index on the Indonesia Stock Exchange in the 2014 - 2017. Research using purposive sampling method for taking samples. Data obtained from company financial reports and yearly statistic reports of Indonesia Stock Exchange listed at IDX (www.idx.co.id), obtained 30 samples of firms. Analysis technique used is panel data regression analysis. Based on the test statistic F indicates that both of the model is fit because has a significance value less than 0,05 of α. Meanwhile, based on statistical t test showed that debt to equity ratio has positive and significant impact on firm value because it has a significance value less than 0,05 of α although dividend payout ratio and earning per share don t have significant impact on firm value. Meanwhile, debt to equity ratio doesn t have significant impact on stock price but dividend payout ratio has negative and significant impact on stock price. Earning per share and firm value have positive and significant impact on stock pric

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