PENGARUH ROE, DER, TATO, DAN PER TERHADAP HARGA SAHAM PERUSAHAAN PROPERTI DAN REAL ESTATE YANG GO PUBLIK DI BURSA EFEK INDONESIA

Abstract

Investors require accurate information for making decision, such as return on equty (ROE), debt to equity ratio (DER), total assets turnover (TATO), and price earning ratio (PER). The purpose of this study is to determine the influence of ROE, DER, TATO, and PER either jointly or individually to the stock price. Population of this study is the real estate company which is go public in Indonesian Stock Exchange between 2007 – 2010 as much as 45 company. Sample of this study as much as 21 company. Methods of sample selection was done by purposive sampling with the following considerations: (1) consecutively listing between 2007 – 2010; (2) the required data is available; (3) book closing per 31 December. The study concluded that: ROE, DER, TATO, and PER jointly have significant effect on stock price (F value = 3.268 > F table = 2.51 on sig. F = 0.017). The contribution of the four independent variables together to Stock Price is 16.3%, while the remaining 83.7% are affected by other variables that not examined in this study. ROE and PER individually have significant effect on stock price. DER and TATO doesnt have significant effect on stock price.

Keywords: ROE, DER, TATO, PER, stock price

ABSTRAK

Para investor memerlukan informasi-informasi akurat dalam menentukan pilihan, diantaranya adalah rasio return on equty (ROE), debt to equity ratio (DER), total assets turnover (TATO), dan price earning ratio (PER). Penelitian ini bertujuan untuk mengetahui pengaruh ROE, DER, TATO dan PER  secara simultan dan parsial terhadap harga saham. Populasi penelitian ini adalah perusahaan-perusahaan real estate yang go public di Bursa Efek Indonesia periode tahun 2007 – 2010 sebanyak 45 perusahaan. Sampel penelitian sejumlah 21 perusahaan. Metode pemilihan sampel dilakukan dengan cara purposive sampling dengan pertimbangan sebagai berikut: (1) listing berturut-turut dari tahun 2007 – 2010; (2) data yang dibutuhkan tersedia; (3) bulan tutup buku per 31 Desember. Hasil penelitian menyimpulkan bahwa:   ROE, DER, TATO dan PER  secara simultan mempunyai pengaruh yang signifikan terhadap harga saham (F hitung = 3,268 >  F tabel = 2,51 pada sig. F = 0.017). ROE, DER, TATO dan PER secara simultan berkontribusi 16.3% dalam perubahan harga saham, sedangkan perubahan 83,7% lainnya disebabkan oleh faktor lain yang tidak diteliti. Secara individu, ROE dan PER memiliki pengaruh besar terhadap harga saham. Sedangkan DER dan TATO secara individu tidak berpengaruh besar terhadap harga saham.

Kata kunci: ROE, DER, TATO, PER, harga saham