Yanuarsyah, Ilmawan (2021) Pengaruh Rasio Keuangan Terhadap Harga Dan Valuasi Saham Berdasarkan Kriteria Benjamin Graham Dengan Analisis Regresi. Masters thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Perhitungan rasio keuangan merupakan salah satu langkah analisis fundamental perusahaan untuk menentukan valuasi saham. Valuasi saham merupakan nilai wajar saham dan digunakan sebagai pertimbangan apakah saham layak dibeli. Penelitian ini bertujuan untuk mengetahui pengaruh rasio keuangan terhadap harga dan valuasi saham sebagai dasar analisis fundamental untuk meminimalisir resiko investasi. Penelitian ini menganalisis delapan perusahaan sektor basic industries yang terdaftar di indeks LQ45 Bursa Efek Indonesia selama periode 2014 hingga 2019.
Saham dapat dianalisis menggunakan analisis teknikal maupun fundamental. Analisis fundamental fokus terhadap kondisi makro dan mikro ekonomi suatu perusahaan. Laporan keuangan perusahaan menjadi dasar analisis. Valuasi saham menilai intrinsic value dari sebuah saham, salah satu kriteria adalah membeli saham di bawah intrinsic value. Menghitung intrinsic value bisa dilakukan dengan beberapa metode, salah satunya adalah kriteria dan formula yang dikemukakan oleh Benjamin Graham. Metode Graham ini telah digunakan dan dianalisis keandalannya di seluruh dunia. Penelitian ini menganalisis kriteria rasio keuangan dari Graham terhadap harga saham. Metode analisis regresi digunakan untuk menganalisis hubungan antara rasio keuangan dan harga saham. Rasio keuangan yang dianalisis terhadap harga saham adalah earning to price yield, price earning ratio, dividend yield, price to book value, net current asset value, dan current ratio.
Hasil dari penelitian ini adalah terdapat tiga rasio keuangan yang berpengaruh signifikan terhadap harga saham yaitu earning per share, price earning ratio, dan current ratio. Penilaian kelayakan berdasarkan kriteria Graham yang mengandung unsur rasio keuangan yang signifikan dan perhitungan valuasi saham dilakukan. Didapatkan hasil pada saham sektor basic industries indeks LQ45 yang layak dimasukkan ke dalam portofolio investasi adalah BRPT, JPFA, dan TKIM. Rasio keuangan yang paling signifikan berpengaruh pada harga dan valuasi saham adalah earning per share, sehingga investor perlu menganalisis rasio keuangan tersebut dalam mengambil keputusan investasi di pasar saham.
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The calculation of financial ratios is one of the fundamental analysis steps of a company to determine the valuation of stocks. Stock valuation is the fair value of shares and used as a consideration for whether the shares are worth buying. This study aims to determine the effect of financial ratios on stock prices and valuations as a basis for fundamental analysis to minimize investment risk. This study analyzed eight basic industries sector companies listed on the LQ45 index of the Indonesia Stock Exchange during the period 2014 to 2019.
Stocks can be analyzed using both technical and fundamental analysis. Fundamental analysis focuses on the macro and micro economic conditions of a company. The company's financial statements form the basis of analysis. Stock valuation assesses the intrinsic value of a stock, one of the criteria is buying stocks below the intrinsic value. Calculating intrinsic value can be done by several methods, one of which is the criteria and formula proposed by Benjamin Graham. The Graham method has been used and analyzed for reliability around the world. This study analyzed Graham's financial ratio criteria for stock prices. Regression analysis method is used to analyze the relationship between financial ratios and stock prices. The financial ratios analyzed for stock prices are earning per share, price earning ratio, dividend yield, price to book value, net current asset value, and current ratio.
The results of this study are that there are three financial ratios that have a significant effect on stock prices, namely earnings per share, price earning ratio, and current ratio. A feasibility assessment based on Graham's criteria containing elements of significant financial ratios and company valuation was carried out. The results obtained in the basic industries sector stocks LQ45 index that feasible to be included in the investment portfolio are BRPT, JPFA, and TKIM. The financial ratios that have the most significant effect on stock prices and valuations are earnings per share, so investors need to analyze these financial ratios in making investment decisions in the stock market.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | Analisis Regresi, Benjamin Graham, Rasio Keuangan, Valuasi Saham, Regression Analysis, Financial Ratios, Stocks Valuation |
| Subjects: | H Social Sciences > HJ Public Finance Q Science > QA Mathematics > QA275 Theory of errors. Least squares. Including statistical inference. Error analysis (Mathematics) |
| Divisions: | Faculty of Creative Design and Digital Business (CREABIZ) > Technology Management > 61101-(S2) Master Thesis |
| Depositing User: | ILMAWAN YANUARSYAH |
| Date Deposited: | 02 Mar 2021 02:53 |
| Last Modified: | 02 Mar 2021 02:53 |
| URI: | http://repository.its.ac.id/id/eprint/83086 |
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