PENGARUH RASIO KEUANGAN TERHADAP HARGA SAHAM PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2010-2014

Abstract

Abstrak

Penelitian ini bertujuan untuk mengetahui pengaruh rasio keuangan terhadap harga saham perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2010-2014, baik secara parsial maupun simultan. Rasio keuangan yang diteliti yaitu: current ratio (CR), debt to equity ratio (DER), return on assets (ROA), total assets turnover (TATO) dan price earning ratio (PER). Populasi dalam penelitian ini adalah perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2010 sampai 2014. Sampel penelitian sebanyak 7 perusahaan farmasi yang diperoleh dengan teknik purposive sampling. Teknik pengumpulan data yang digunakan adalah dokumentasi. Analisis data dilakukan dengan teknik analisis data panel. Hasil penelitian menunjukkan bahwa secara parsial variabel ROA, TATO dan PER berpengaruh signifikan terhadap harga saham, sedangkan CR dan DER tidak berpengaruh signifikan. Secara simultan variabel CR, DER, ROA, TATO dan PER berpengaruh terhadap harga saham. Variabel CR, DER, ROA, TATO dan PER dapat menjelaskan harga saham pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2010-2014 sebesar 48,64%.

Kata kunci: rasio keuangan, current ratio (CR), debt to equity ratio (DER), return on assets (ROA), total assets turnover (TATO) dan price earning ratio (PER), dan harga saham.

Abstract

This study aimed to find out the effects of the financial ratio on the prices of the stocks of pharmaceutical companies listed in Indonesia Stock Exchange in the 2010-2014 period, both partially and simultaneously. The financial ratio under study included: current ratio (CR), debt to equity ratio (DER), return on assets, (ROA), total assets turnover (TATO), and price earning ratio (PER). The research population comprised pharmaceutical companies listed in Indonesia Stock Exchange from 2010 to 2014. The sample, consisting of 7 pharmaceutical companies, was selected by means of the purposive sampling technique. The data collecting technique was documentation. The data were analyzed using the panel data analysis technique. The results of the study showed that partially the variables of ROA, TATO, and PER had significant effects on the stock prices while CR and DER did not have significant effects. Simultaneously, the variables of CR, DER, ROA, TATO, and PER had effects on the stock prices. The variables CR, DER, ROA, TATO, and PER were capable of accounting for the prices of  the stocks of pharmaceutical companies listed in Indonesia Stock Exchange (ISE) in 2010-2014 by 48.64%.

Keywords: financial ratio, current ratio (CR), debt to equity ratio (DER), return on assets (ROA), total assets turnover (TATO), price earning ratio (PER), stock price