PENGARUH RASIO-RASIO DALAM MODEL ALTMAN Z SCORE TERHADAP HARGA SAHAM (Studi Pada Perusahaan Perbankan yang Go Public di Bursa Efek Indonesia)

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh rasio-rasio yang ada dalam model Altman z-score terhadap harga saham. Penelitian ini dilakukan pada perusahaan perbankan go public yang terdaftar di Bursa Efek Indonesia pada tahun 2012. Sampel dalam penelitian ini berjumlah 31 perusahaan, dimana pengambilan sampel dilakukan dengan metode sensus. Jenis data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan keuangan tahunan perusahaan dengan metode pengumpulan basis data. Teknik analisis data menggunakan analisis regresi linear berganda dengan bantuan program SPSS 19.00. Hasil penelitian menunjukkan bahwa (1) Working Capital to Total Assets (WC/TA) tidak berpengaruh signifikan terhadap harga saham, (2) Retained Earning to Total Assets (RE/TA) tidak berpengaruh signifikan terhadap harga saham, (3) Earning Before Interest and Taxes to Total Assets (EBIT/TA) berpengaruh signifikan terhadap harga saham, (4) Market Value of Equity to Book Value of Total Liabilities (MVE/BTL) berpengaruh signifikan terhadap harga saham, (5) Sales to Total Assets (S/TA) tidak berpengaruh signifikan terhadap harga saham, (6) WC/TA, RE/TA, EBIT/TA, MVE/BTL, dan S/TA secara simultan berpengaruh signifikan terhadap harga saham.
Kata Kunci : Rasio Altman Z-Score, harga saham

This present study was intended to identify the impact of the implementation of the performance-based budget on the accountability of performance of the government institution at the Department of Forestry, UPT KPH Central Bali. The sample was determined using the purposive sampling technique. The criteria of the sample were that the staff used as the sample had been working for at least one year, and that they should understand the performance-based budget and accountability of performance. The number of questionnaire distributed totaled 47; however, 13 were invalid, meaning that 34 could be processed. Before the simple linear regression analysis was used, the quality of the data was tested using validity test and reliability test. In addition, the classic assumption of the data was also tested using normality test and heteroskedastisity test supported with SPSS 19.0 program. The result of the study showed that the implementation of the performance-based budget positively and significantly contributed to the accountability of performance of the government institution.
keyword : accountability of performance, performance-based budget, Department of Forestry