Pengaruh Perubahan Struktur Modal Dan Dividen Pay Out Ratio Terhadap Perubahan Harga Saham Pada Lembaga Keuangan Di Bursa Efek Indonesia

Abstract

DANIEL S. SEMBIRING, 2009, Pengaruh Perubahan Struktur Modal dan Dividen Pay Out Ratio terhadap Perubahan Harga Saham pada Lembaga Keuangan di Bursa Efek Indonesia, di bawah bimbingan: Ade Fatma Lubis (Ketua), Syamsul Bahri TRB (Anggota). Tujuan penelitian ini adalah untuk memperoleh bukti secara empiris pengaruh perubahan struktur modal perusahaan yang diwakili oleh perubahan debt to equity ratio (DER), perubahan debt to assets ratio (DAR), perubahan long term debt to equity ratio (LDER), perubahan long term debt to assets ratio (LDAR) dan equity to assets ratio (EAR) serta pengaruh dividen pay out ratio (DPR) terhadap perubahan harga saham pada lembaga keuangan di Bursa Efek Indonesia. Hipotesis dalam penelitian ini adalah, variabel perubahan struktur modal yang diwakili oleh debt to equity ratio (DER), perubahan debt to assets ratio (DAR), perubahan long term debt to equity ratio (LDER), perubahan long term debt to assets ratio (LDAR) dan equity to assets ratio (EAR) serta variabel dividen pay out ratio (DPR) secara simultan dan parsial berpengaruh terhadap perubahan harga saham. Objek penelitian ini adalah perusahaan lembaga keuangan yang terdaftar di Bursa Efek Jakarta sejak tahun 2003 . 2008, aktif menerbitkan laporan keuangan dan melakukan pembayaran dividen selama tahun pengamatan yaitu sebanyak 18 perusahaan. Pengumpulan data dilakukan dengan cara mengambil dokumentasi laporan keuangan dari Indonesian Capital Market Directory (ICMD) dan mendownload situs resmi Bursa Efek Indonesia di www.idx.co.id. Pengolahan data dilakukan dengan menggunakan uji statistik regresi linier berganda dengan alat SPSS. Hasil pengujian ini membuktikan bahwa variabel perubahan struktur modal yang diwakili oleh perubahan debt to assets ratio (DAR), perubahan long term debt to equity ratio (LDER), perubahan long term debt to assets ratio (LDAR) dan perubahan equity to assets ratio (EAR) serta variabel dividen pay out ratio (DPR) secara simultan berpengaruh signifikan terhadap harga saham perusahaan, namun secara parsial, hanya variabel dividen pay out ratio (DPR) yang berpengaruh positif terhadap perubahan harga saham lembaga keuangan yang terdaftar di Bursa Efek Indonesia.

DANIEL S. SEMBIRING, The Influence of the Changing of Capital Structure and Dividend Pay Out Ratio on the Changing of Stock Price in Financial Institution in Bursa Efek Indonesia (BEI), under supervised: Ade Fatma Lubis (Head), Syamsul Bahri TRB (Member). The purpose of this research is to find out the empirical evidence about the influence of the changing of capital structure represented by the changing of debt to equity ratio (DER), debt to assets ratio (DAR), long term debt to equity ratio (LDER), long term debt to assets ratio (LDAR), equity to assets ratio (EAR) and also the influence of dividend pay out ratio (DPR) on the changing of stock price in financial institution in Bursa Efek Indonesia (BEI). The hypothesis in this research is the changing of capital structure variables which represented by the changing of debt to equity ratio (DER), debt to assets ratio (DAR), long term debt to equity ratio (LDER), long term debt to assets ratio (LDAR) and equity to assets ratio (EAR) and also dividend pay out ratio variable have an effect on the changing of stock price in financial institution in Bursa Efek Indonesia either simultaneously or partially. The object of this research are the companies of financial institution which are listing in Bursa Efek Indonesia since the year 2003 until 2008, actively publish the financial statement and do payment of dividend during perception year that is counted 18 companies. Data collected by taking documentation financial statement from Indonesian Capital Market Directory (ICMD) and visit Bursa Efek Indonesia web site in www.idx.co.id. Data processed by using SPSS tool and employed multiple regression. The result shows that the changing of capital structure variables represented by the debt to assets ratio (DAR), long term debt to equity ratio (LDER), long term debt to assets ratio (LDAR) and equity to assets ratio (EAR), and also dividend pay out ratio (DPR) variables simultaneously significant influence on the changing of stock price in financial institution, however, the variable of dividend pay out ratio positively influence on the changing of stock price in financial institution in Bursa Efek Indonesia.