A.

DATA PENGAMATAN DARI SKRIPSI

Judul Skripsi
Penulis
Brawijaya)
Tahun kepenulisan

No
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
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14.
15.

: Pengaruh Kinerja Keuangan terhadap Harga Saham Perusahaan

: Evi Puspita (Jurusan Akuntansi Fakultas Ekonomi Universitas
: 2008

Nama Perusahaan
PT. Aqua Golden Mississippi Tbk
PT. Cahaya Kalbar Tbk
PT. Davomas Abadi Tbk
PT. Delta Jakarta Tbk
PT. Indofood Sukses Makmur
Tbk
PT. Mayora Indah Tbk
PT. Multi Bintang Indonesia Tbk
PT. Prasidha Aneka Niaga Tbk
PT. Sari Husada Tbk
PT. Sekar Laut Tbk
PT. Siantar TOP Tbk
PT. SMART Tbk
PT. Tiga Pilar Sejahtera Food
Tbk
PT. Tunas Baru Lampung Tbk
PT. Ultrajaya Milk Tbk

PBV (X1)
3,2400
0,9000
3,7500
0,8300

ROI (X2)
0,0614
0,0545
0,0725
0,0750

DER (X3)
0,7700
0,4400
1,7700
0,3100

Harga Saham
(Y)
87324,58330
508,66670
397,04170
29799,58330

2,5900
1,2800
5,8400
1,5600
8,0200
8,3600
0,8000
4,0700

0,0041
0,0602
0,1205
0,0411
0,2712
0,0489
0,0309
0,1182

2,1300
0,5800
2,0800
1,8700
0,2700
3,0300
0,3600
1,0600

1068,12500
1051,66670
51740,41670
86,52080
3755,27080
363,33330
145,70830
2841,58330

1,9200
1,1500
1,5400
45,8500

0,0004
0,0258
0,0118
0,9965

2,8200
1,3700
0,5300
19,3900

172,95830
195,77080
310,62500
179761,85400

Rasio jumlah hutang atas modal (Debt of Equity Ratio/DER)

Rasio jumlah hutang atas modal sendiri merupakan perbandingan antara hutang yang
dimiliki perusahaan terhadap modal sendir. Semakin rendah jumlah hutang terhadap
modal sendiri mengindikasikan kinerja keuangan perusahaan dalam keadaan baik dan
resiko yang ditanggung perusahaan semakin kecil. Rasio hutang dioeroleh dengan
perhitungan sebagai berikut

=
100%

Price Book Value (PBV)

PBV merupakan rasio yang menunjukkan perbandingan harga saham di pasar dengan nilai
usaha tersebut yang digambarkan di neraca. Rasio ini dapat digunakan untuk menilai
apakah suatu saham undervalue atau overvalue. Para investor memperhatikan PBV dengan
tujuan untuk mengetahui apakah harga saham yang dibeli sesuai dengan nilai kekayaan
bersih perusahaan. Semakin dekat harga saham dengan nilai kekayaan bersih perusahaan,
berarti semakin baik saham tersebut untuk dibeli.

=
100%

=
100%

Return on Investment (ROI)

Rasio ini merupakan pengukuran tingkat kemampuan perusahaan keseluruhan
didalam menghasilkan kinerja keuangan dengan jumlah keseluruhan aktiva yang
tersedia dalam perusahaan. Semakin tinggi nilai rasio ini semakin baik pula keadaan
kinerja keuangan suatu perusahaan. Rasio Return on Investment (ROI) diperoleh
dengan perhitungan sebagai berikut

=
100%

B. PERHITUNGAN REGRESI BERGANDA MENGGUNAKAN SOFTWARE R

a. SOURCE CODE
> y =c(87324.5833, 508.66670, 397.04170, 29799.58330, 1068.12500, 51740.41670, 86.52080,
3755.27080, 363.3333, 145.70830, 2841.5833, 172.95830, 172.95830, 195.77080, 310.62500)
>y
[1] 87324.5833 508.6667 397.0417 29799.5833 1068.1250 51740.4167
[7] 86.5208 3755.2708 363.3333 145.7083 2841.5833 172.9583
[13] 172.9583 195.7708 310.6250
> X1= c(3.2400, 0.9000, 3.7500, 0.8300, 2.5900, 1.2800, 5.8400, 1.5600, 8.0200, 8.3600, 0.8000,
4.0700, 1.9200, 1.1500, 1.5400)
> X1
[1] 3.24 0.90 3.75 0.83 2.59 1.28 5.84 1.56 8.02 8.36 0.80 4.07 1.92 1.15 1.54
> X2= c(0.0614, 0.0545, 0.0725, 0.0750, 0.0041, 0.0602, 0.1205, 0.0411, 0.2712, 0.0489, 0.0309,
0.1182, 0.0004, 0.0258, 0.0118)
> X2
[1] 0.0614 0.0545 0.0725 0.0750 0.0041 0.0602 0.1205 0.0411 0.2712 0.0489
[11] 0.0309 0.1182 0.0004 0.0258 0.0118
> X3= c(0.7700, 0.4400, 1.7700, 0.3100, 2.1300, 0.5800, 2.0800, 1.8700, 0.2700, 3.0300, 0.3600,
1.0600, 2.8200, 1.3700, 0.5300)
> X3
[1] 0.77 0.44 1.77 0.31 2.13 0.58 2.08 1.87 0.27 3.03 0.36 1.06 2.82 1.37 0.53
> jX1=sum(X1)
> jX1

[1] 45.85
> jY=sum(y)
> jY
[1] 178883.1
> jX2=sum(X2)
> jX2
[1] 0.9965
> jX3=sum(X3)
> jX3
[1] 19.39
> x1kw= X1*X1
> x1kw
[1] 10.4976 0.8100 14.0625 0.6889 6.7081 1.6384 34.1056 2.4336 64.3204
[10] 69.8896 0.6400 16.5649 3.6864 1.3225 2.3716
> x2kw= X2*X2
> x2kw
[1] 0.00376996 0.00297025 0.00525625 0.00562500 0.00001681 0.00362404
[7] 0.01452025 0.00168921 0.07354944 0.00239121 0.00095481 0.01397124
[13] 0.00000016 0.00066564 0.00013924
> x3kw= X3*X3
> x3kw
[1] 0.5929 0.1936 3.1329 0.0961 4.5369 0.3364 4.3264 3.4969 0.0729 9.1809
[11] 0.1296 1.1236 7.9524 1.8769 0.2809
> jx1kw= sum(x1kw)
> jx1kw
[1] 229.7401
> jx2kw= sum(x2kw)

> jx2kw
[1] 0.1291435
> jx3kw= sum(x3kw)
> jx3kw
[1] 37.3293
> x1x2= X1*X2
> x1x2
[1] 0.198936 0.049050 0.271875 0.062250 0.010619 0.077056 0.703720 0.064116
[9] 2.175024 0.408804 0.024720 0.481074 0.000768 0.029670 0.018172
> x1x3= X1*X3
> x1x3
[1] 2.4948 0.3960 6.6375 0.2573 5.5167 0.7424 12.1472 2.9172 2.1654
[10] 25.3308 0.2880 4.3142 5.4144 1.5755 0.8162
> x2x1= X2*X1
> x2x1
[1] 0.198936 0.049050 0.271875 0.062250 0.010619 0.077056 0.703720 0.064116
[9] 2.175024 0.408804 0.024720 0.481074 0.000768 0.029670 0.018172
> x2x3= X2*X3
> x2x3
[1] 0.047278 0.023980 0.128325 0.023250 0.008733 0.034916 0.250640 0.076857
[9] 0.073224 0.148167 0.011124 0.125292 0.001128 0.035346 0.006254
> jx1x2= sum(x1x2)
> jx1x2
[1] 4.575854
> jx1x3=sum(x1x3)
> jx1x3
[1] 71.0136

> jx2x3=sum(x2x3)
> jx2x3
[1] 0.994514
> n=length(y)
>n
[1] 15
> kol1A=c(n,jX1,jX2,jX3)
> kol1A
[1] 15.0000 45.8500 0.9965 19.3900
> kol2A=c(jX1,jx1kw,jx1x2,jx1x3)
> kol2A
[1] 45.850000 229.740100 4.575854 71.013600
> kol3A=c(jX2,jx1x2,jx2kw,jx2x3)
> kol3A
[1] 0.9965000 4.5758540 0.1291435 0.9945140
> kol4A=c(jX3,jx1x3,jx2x3,jx3kw)
> kol4A
[1] 19.390000 71.013600 0.994514 37.329300
> mA=cbind(kol1A,kol2A,kol3A,kol4A)
> mA
kol1A

kol2A

kol3A

kol4A

[1,] 15.0000 45.850000 0.9965000 19.390000

[2,] 45.8500 229.740100 4.5758540 71.013600
[3,] 0.9965 4.575854 0.1291435 0.994514
[4,] 19.3900 71.013600 0.9945140 37.329300
> x1y=X1*y
> x1y

[1] 282931.6499 457.8000 1488.9064 24733.6541 2766.4437 66227.7334

[7] 505.2815 5858.2224 2913.9331 1218.1214 2273.2666 703.9403
[13] 332.0799 225.1364 478.3625
> jx1y=sum(x1y)
> jx1y
[1] 393114.5
> x2y=X2*y
> x2y
[1] 5.361729e+03 2.772234e+01 2.878552e+01 2.234969e+03 4.379313e+00
[6] 3.114773e+03 1.042576e+01 1.543416e+02 9.853599e+01 7.125136e+00
[11] 8.780492e+01 2.044367e+01 6.918332e-02 5.050887e+00 3.665375e+00
> jx2y=sum(x2y)
> jx2y
[1] 11159.82
> x3y=X3*y
> x3y
[1] 67239.92914 223.81335 702.76381 9237.87082 2275.10625 30009.44169
[7] 179.96326 7022.35640 98.09999 441.49615 1022.96999 183.33580
[13] 487.74241 268.20600 164.63125
> jx3y=sum(x3y)
> jx3y
[1] 119557.7
> kol1A0=c(jY,jx1y,jx2y,jx3y)
> kol1A0
[1] 178883.15 393114.53 11159.82 119557.73
> kol2A0=c(jX1,jx1kw,jx1x2,jx1x3)
> kol2A0

[1] 45.850000 229.740100 4.575854 71.013600

> kol3A0=c(jX2,jx1x2,jx2kw,jx2x3)
> kol3A0
[1] 0.9965000 4.5758540 0.1291435 0.9945140
> kol4A0=c(jX3,jx1x3,jx2x3,jx3kw)
> kol4A0
[1] 19.390000 71.013600 0.994514 37.329300
> mA0=cbind(kol1A0,kol2A0,kol3A0,kol4A0)
> mA0
kol1A0

kol2A0 kol3A0 kol4A0

[1,] 178883.15 45.850000 0.9965000 19.390000

[2,] 393114.53 229.740100 4.5758540 71.013600
[3,] 11159.82 4.575854 0.1291435 0.994514
[4,] 119557.73 71.013600 0.9945140 37.329300
> kol1A1=c(n,jX1,jX2,jX3)
> kol1A1
[1] 15.0000 45.8500 0.9965 19.3900
> kol2A1=c(jY,jx1y,jx2y,jx3y)
> kol2A1
[1] 178883.15 393114.53 11159.82 119557.73
> kol3A1=c(jX2,jx1x2,jx2kw,jx2x3)
> kol3A1
[1] 0.9965000 4.5758540 0.1291435 0.9945140
> kol4A1=c(jX3,jx1x3,jx2x3,jx3kw)
> kol4A1
[1] 19.390000 71.013600 0.994514 37.329300
> mA1=cbind(kol1A1,kol2A1,kol3A1,kol4A1)

> mA1
kol1A1 kol2A1 kol3A1 kol4A1
[1,] 15.0000 178883.15 0.9965000 19.390000
[2,] 45.8500 393114.53 4.5758540 71.013600
[3,] 0.9965 11159.82 0.1291435 0.994514
[4,] 19.3900 119557.73 0.9945140 37.329300
> kol1A2=c(n,jX1,jX2,jX3)
> kol1A2
[1] 15.0000 45.8500 0.9965 19.3900
> kol2A2=c(jX1,jx1kw,jx1x2,jx1x3)
> kol2A2
[1] 45.850000 229.740100 4.575854 71.013600
> kol3A2=c(jY,jx1y,jx2y,jx3y)
> kol3A2
[1] 178883.15 393114.53 11159.82 119557.73
> kol4A2=c(jX3,jx1x3,jx2x3,jx3kw)
> kol4A2
[1] 19.390000 71.013600 0.994514 37.329300
> mA2=cbind(kol1A2,kol2A2,kol3A2,kol4A2)
> mA2
kol1A2

kol2A2 kol3A2 kol4A2

[1,] 15.0000 45.850000 178883.15 19.390000

[2,] 45.8500 229.740100 393114.53 71.013600
[3,] 0.9965 4.575854 11159.82 0.994514
[4,] 19.3900 71.013600 119557.73 37.329300
> kol1A3=c(n,jX1,jX2,jX3)
> kol1A3

[1] 15.0000 45.8500 0.9965 19.3900

> kol2A3=c(jX1,jx1kw,jx1x2,jx1x3)
> kol3A3=c(jX2,jx1x2,jx2kw,jx2x3)
> kol2A3
[1] 45.850000 229.740100 4.575854 71.013600
> kol3A3
[1] 0.9965000 4.5758540 0.1291435 0.9945140
> kol4A3=c(jY,jx1y,jx2y,jx3y)
> kol4A3
[1] 178883.15 393114.53 11159.82 119557.73
> mA3=cbind(kol1A3,kol2A3,kol3A3,kol4A3)
> mA3
kol1A3

kol2A3 kol3A3 kol4A3

[1,] 15.0000 45.850000 0.9965000 178883.15

[2,] 45.8500 229.740100 4.5758540 393114.53
[3,] 0.9965 4.575854 0.1291435 11159.82
[4,] 19.3900 71.013600 0.9945140 119557.73
>

> detA=(n*jx1kw*jx2kw*jx3kw)+(jX1*jx1x2*jx2x3*jX3)+(jX2)+()
Error: unexpected ')' in "detA=(n*jx1kw*jx2kw*jx3kw)+(jX1*jx1x2*jx2x3*jX3)+(jX2)+()"
>
detA=(n*jx1kw*jx2kw*jx3kw)+(jX1*jx1x2*jx2x3*jX3)+(jX2*jx1x3*jX2*jx3x1)+(jX3*jX1*jx2x1*jx3x2)(jX3*jx1x2*jx2x1*jX3)-(jX2*jx1kw*jX2*jx3kw)-(jX1*jX1*jx3kw)-(n*jx1x3*jx2kw*jx3x1)
Error: object 'jx3x1' not found
>
detA=(n*jx1kw*jx2kw*jx3kw)+(jX1*jx1x2*jx2x3*jX3)+(jX2*jx1x3*jX2*jx1x3)+(jX3*jX1*jx1x2*jx2x3)(jX3*jx1x2*jx1x2*jX3)-(jX2*jx1kw*jX2*jx3kw)-(jX1*jX1*jx3kw)-(n*jx1x3*jx2kw*jx1x3)
> detA

[1] -74919.49
>
deta=(n*jx1kw*jx2kw*jx3kw)+(jX1*jx1x2*jx2x3*jX3)+(jX2*jx1x3*jX2*jx1x3)+(jX3*jX1*jx1x2*jx2x3)(jX3*jx1x2*jx1x2*jX3)-(jX2*jx1kw*jX2*jx3kw)-(jX1*jX1*jx2x3*jx2x3)-(n*jx1x3*jx2kw*jx1x3)
> deta
[1] 1475.78
>
deta0=(jY*jx1kw*jx2kw*jx3kw)+(jX1*jx1x2*jx2x3*jx3y)+(jX2*jx1x3*jx2y*jx1x3)+(jX3*jx1y*jx1x2*jx2
x3)-(jX3*jx1x2*jx1x2*jx3y)-(jX2*jx1kw*jx2y*jx3kw)-(jX1*jx1y*jx2x3*jx2x3)-(jY*jx1x3*jx2kw*jx1x3)
> deta0
[1] 35596484
> deta1=(n*jx1y*jx2kw*jx3kw)+(jY*jx1x2*jx2x3*jX3)+(jX2*jx1x3*jX2*jx3y)+(jX3*jX1*jx2y*jx2x3)(jX3*jx1x2*jx2y*jX3)-(jX2*jx1y*jX2*jx3kw)-(jY*jX1*jx2x3*jx2x3)-(n*jx1x3*jx2kw*jx3y)
> deta1
[1] 4179156
> deta2=(n*jx1kw*jx2y*jx3kw)+(jX1*jx1y*jx2x3*jX3)+(jY*jx1x3*jX2*jx1x3)+(jX3*jX1*jx1x2*jx3y)(jX3*jx1y*jx1x2*jX3)-(jY*jx1kw*jX2*jx3kw)-(jX1*jX1*jx2x3*jx3y)-(n*jx1x3*jx2y*jx1x3)
> deta2
[1] -130694288
> deta3=(n*jx1kw*jx2kw*jx3y)+(jX1*jx1x2*jx2y*jX3)+(jX2*jx1y*jX2*jx1x3)+(jY*jX1*jx1x2*jx2x3)(jY*jx1x2*jx1x2*jX3)-(jX2*jx1kw*jX2*jx3y)-(jX1*jX1*jx2y*jx2x3)-(n*jx1y*jx2kw*jx1x3)
> deta3
[1] -13658465
> bo=deta0/deta
> bo
[1] 24120.45
> b1=deta1/deta
> b1
[1] 2831.828
> b2=deta2/deta

> b2
[1] -88559.45
> b3=deta3/deta
> b3
[1] -9255.081
>

b. PRINT SCREEN

C. KESIMPULAN DAN INTERPRETASI

Maka persamaan regresi dari contoh ini adalah:

Y = 24120.45 + 2831.828X1 - 88559.45X2 - 9255.081X3
Besar nilai konstanta sebesar 24120.45 pada persamaan regresi di atas menunjukan
bahwa harga saham Y akan tetap sebesar 24120.45 tanpa adanya pengaruh dari variabelvariabel bebas. Bila variabel PBV (X1) meningkat sebesar 1 satuan, maka nilai Y akan
bertambah sebesar 2831.828. Bila variabel ROI (X2) meningkat sebesar 1 satuan, maka nilai Y
akan berkurang sebesar 88559.45. Bila variabel DER (X3) meningkat sebesar 1 satuan, maka
nilai Y akan berkurang sebesar 9255.081.