ABSTRAK

PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PADA

PERUSAHAAN YANG TERKATEGORI DALAM SISTEM LOGISTIK
NASIONAL PERIODE 2012-2014

Oleh
Singgih Prayoga

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan terhadap

return saham pada perusahaan yang terkategori dalam sistem logistik nasional
periode 2012-2014.Populasi penelitian ini adalah perusahaan - perusahaan yang
terkait dengan kebijakan Sislognas pada periode 2012-2014. Sampel penelitian
menggunakan metode Purposive sampling. Penelitian ini menggunakan 24
perusahaan. Teknik analisis menggunakan analisis regresi linier berganda. Model
estimasi menggunakan metode Generalized least square (GLS). Hasil analisis uji-t
dalam penelitian ini menunjukan bahwa ROE, tidak berpengaruh signifikan terhadap
Return Saham. ROE dipandang bukan merupakan laba sebenarnya melainkan hanya
laba akuntansi yang belum dikurangi dengan biaya investasi (Cost of Capital).ROA
tidak berpengaruh signifikan terhadap Return Saham.ROA dipandang belum dapat
mengukur efektifitas perusahaan di dalam menghasilkan keuntungan dengan
memanfaatkan aktiva yang dimilikinyadalam menghasilkan keuntungan. DER tidak
berpengaruh signifikan terhadap Return Saham.DER merupakan alat ukur yang
relevan menilai kinerja keuangan dan hasil operasi perusahaan dalam faktor
perekonomian mikro saja.Serta CR tidak berpengaruh signifikan terhadap Return
Saham. CR yang rendah dipandang belum tentu akan menyebabkan terjadi penurunan
harga pasar dari harga saham yang bersangkutan.Dan Hasil uji F menunjukkan bahwa
ROE, ROA, DER dan CRtidak berpengaruh signifikan terhadapReturnSaham.
Investor beranggapan bahwa kinerja keuangan dengan pengukuran ROE, ROA, DER
dan CR belum mampu memberikan sinyal atas kondisi perusahaan yang baik karena
harus melihat faktor-faktor yang mempengaruhi baik eksternal maupun internal.

Kata Kunci :Return On Equity (ROE), Return On Asset (ROA),Debt to Equity

(DER), Current Ratio (CR)Return Saham.

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 ABSTRACT

THE IMPACT OF FINANCIAL PERFORMANCE ON THE STOCK

RETURN AT THE COMPANIES CATEGORIZED IN THE NATIONAL
LOGISTICS SYSTEM IN THE OF 2012-2014

By
Singgih Prayoga

The purpose of this research was to analyze the impact of financial performance on
the stock return at the companies categorized in the national logistics system for the
period of 2012-2014. The population of this research was the companies associated in
the national logistics system in the period of 2012-2014. The sample of this research
was taken by using Purposive sampling method. This research used the 24
companies. The analysis used multiple linear regression analysis. The estimation
model used the method of Generalized Least Square (GLS). The T-test analysis
results in this research indicated that ROE had no significant effect on the stock
return. ROE was viewed as unreal profit but rather just an accounting profit that was
not reduced by the cost of the investment (Cost of Capital). ROA had no significantly
effect on the stock return. ROA was considered unable to measure the effectiveness
of the company in generating profits by leveraging its assets in generating profits.
DER had no significantly effect on the stock return. DER was a relevant
measurement tool for the financial performance and the operating results of the
company in the micro-economy factors only. CR had no significantly effect on the
stock return. Low CR was seen not necessarily to cause the market price of the stock
price to decrease. And F test results indicated that ROE, ROA, DER and CR had no
effect significantly to stock return. Investors assumed that the financial performance
with the measurement of ROE, ROA, DER and CR has not able to deliver signals
over the condition of a good company because they had to look at factors that effect
both externaly and internaly.

Keywords: Return On Equity (ROE), Return On Assets (ROA), Debt to Equity

Ratio (DER), Current Ratio (CR) Stock Return.

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