[~~l Penerbit

~ Salemba Empat
leeri dan SoiII J ~ wa b

umnus Universitas
la): Tarmizj Saleh,
t·~i.. AIL (Pe~{~a
r<tlma lkhsan. S.h .•
las Bengkulu); Dr.
M.Si. (Universitas
' puler Indonesia);
• Ak. (Unive rsitas
~an Supardi Nani,

I.' be, ;kan k,pada

tersayang Ibundll
kasih saya ng
!'f'" ,, " -cita dan

Daltar lsi
luh"..,m"d Ras yid
S.I-1" Anita

pembimbing
TtDtanl!l Pcnulis ....................................................................................................... iii
Lien Karlina Kata Penganlar .................................................................... ................................. .. . v

perhatian dan Dab I Tcorl dan Konsep In¥estasi. ....................................................................... . I

~". ""I,,,, bersccJ ia
Delmisi In ve~ta si ...................................................." .................................................... 2
I'~ngertiall ilm:Slasi Mcnurut 1\-0.1001311 Siandar Akunlami KcuangaJl (PSAK).. 3
'lbluall Invcslasi '" ... .. .... ....... .... .... .......................................... ................. .. 3
IIcllluk·benlllk I "'~stasi ........................................... .............. _...._......... .............................. ·1
Tlpe-lipe 1 f1\ e\ta~1 __ _................................................................. ,.................... .............. .
J'n: I~\ [nY~<I"~l ............ ......... _................ ................... ...................... _........... ............. t'i
Pcrhilungan Inv(·,lasi pad;) Kom.iI~1 }':lng SI4bil......................... 7
I n\~sta~i Ji Negar.l Ucrkcmhan~ J ~n (lcrlll.l\alahanny;I .... _.
I'cll<lTlilmall \1\xl.il ...... . ......... .
•
9
I t1l1 baga ](cuangan dan 11l\·..:sl.1~1 ................... .._ ........ _..... 15
reori Keynes J.an IuYC~I .lsi ......... _.............._.......................................... .. __ "._... _ 17
f't'ngerl:d ll Ptlrlnfo!i,. ...................................................................... _.... . _. .... ........ It!
'I\.ljllan PClllbenl ulmn Port(,r.llio ............................ _ ............ .... ....... .................... 18
Porto(olio Ffi ,icll ......... .... ..... .................. _...... ................................ _ 19
I'Ur1 01,llio dan J)i\er~ilikas j fnVl."l> I-lsi ............................. ... .. 19

,,' >1
 Daftar lsi
viii Manajemen Investasi: Teori dan Soal Jawab

Pengaruh Inflasi yang SI

Investasi pada Saham .......................................................................................................... . 19

Pengaruh Inflasi pacia II

Pengaruh Laporan Keuangan untuk Investor .................................................................. . 21

Istilah Penting .............. .
Energi Alternatif sebagai Investasi Alternatif ................................................................... 24
Diskusikanlah! ............... .
Diskusikanlah! ..................................................................................................................... . 28
Catatan Akhir ................

Istilah Penting ...................................................................................................................... . 28

Pengertian Saham .........

Soal dan Jawaban ................................................................................................................. . 28

Catatan Akhir....................................................................................................................... . 30
Bab 5 Saham.......................
Pengertian Saham Biasa
Bab 2 Pasar Keuangan ...........................................;............................................. . 33
Jenis-jenis Saham Biasa
Pengertian Pasar Keuangan (Financial Market) .............................................................. . 34
Pembahasan dalam RUI
Bentuk-bentuk Pasar Keuangan ......................................................................................... 34
Keuntungan Memiliki S
Definisi Kebijakan Moneter ................................................................................................ 35
Faktor Naik dan Turum
Diskusikanlah!...................................................................................................................... . 46
Alasan Perusahaan Mer
Istilah Penting ....................................................................................................................... 47
Pelaku Pasar Saham .....
Soal dan Jawaban .................................................................................................................. 47
Memberikan Penilaian
Catatan Akhir ....................................................................................................................... . 48
Kategori Saham per Se~
Right Issue ................... ..
Bab 3 Pasar Modal Indonesia ............................................................................. . 51

Menghitung Nilai Bula:

Pengertian Pasar Modal ...................................................................................................... . 52

Menghitung Pembayar<
Sejarah Pasar Modal Indonesia .......................................................................................... 52

Earning per Share (EP5

Penggabungan BEJ dan BES Menjadi Bursa Efek Indonesia (BEl) ................................ 53

Price Earning Ratio (PI

Alamat Bursa Efek Indonesia ............................................................................................. . 56

Menghitung Return on
Pengertian Go Public .........:" ............................................................................................. . 56

Menghitung Return on
Keterbukaan Pasca-emisi .................................................................................................... . 57

Stock Repurchase atau

Keuntungan Go Public........................................................................................................ . 57

Zero Growth Model da

Underwriter ........................................................................................................................... 57

Gordon Growth Mode

Konsultan Rukum dan Notaris.......................................................................................... . 58

Wait and See ................

Auditor Penjamin Emisi ..................................................................................................... . 59

Don't Fight the Tape ...

Peranan Bapepam-LK dan Menteri Keuangan ................................................................ . 59

Tips untuk Investor da

Kronologis Pencatatan Saham di Bursa Efek Indonesia (BEl) ....................................... 59

Diskusikanlah! ............ .
Reksa Dana ............................................................................................................................. 61

Istilah Penting ............

Diskusikanlah!....... :............................................................................................................. .. 61

, it Soal dan Jawaban ........

Istilah Penting ...........::......................................................................................................... . 62

Catatan Akhir ............ ..

Soal dan Jawaban ..........:..................................................................................................... .. 62

Catatan Akhir................:...................................................................................................... . 64
Bab 6 Right Issue ............
Definisi Inflasi ................................................................................,.,.... ,..................... ,........ . 67
Pengertian Right Issu€

Rak (Right) .............. ..

Bab 4 Intlasi dan Investasi .................................................................................. . 67

Right Issue dan Kebij,

Pembagian Inflasi. .. ,............ " ..,',.,"", ...,', ............... ,.,...,." .... " ........... ,..... ,..... " ..... ,............... . 68

Right Issue dan Pinjal

Skala Penilaian Inflasi ......................................................................................................... . 69

Alasan Perusahaan M
Perhitungan Indeks Rarga Konsumen (IRK) atau Consumer Price Index (CPI) ...... . 69

Right Issue dan Kiner

Tujuan Perhitungan IRK dan CPI ...................................................................................... 70

Ketentuan Penerbitan
Per hi tungan Inflasi .............................................................................................................. . 71

Beberapa Penelitian t,
Definisi Deflasi ..................................................................................................................... . 76

Faktor yang Turut MI

Metode Penyesuaian Laporan Keuangan terhadap Inflasi ............................................. . 76

 Daftar lsi 1X
ori dan 50al Jawab

Pengaruh Inflasi yang Stabil dan Terkendali pada Perusahaan...................................... 77

19

Pengaruh Inflasi pada Investasi .......... ....... ............................... .................... ....... ......... ..... 77

21

Istilah Penting ...................................................................................................................... 82

24

Diskusikanlah!....................................................................................................................... 82

28

Catatan Akhir ....................................................................................................................... 82

28

Pengertian Saham ....... ....... ....... ............... ....... ......... ...................... ....... ........................... ..... 85

28

30
Bah 5
Saham............. ... ........ ............................ ...................... ... .................... ..... .... 85

Pengertian Saham Biasa dan Saham Istimewa....................... .................................... ....... 86

33

Jenis-jenis Saham Biasa........................................................................................................ 86

34

Pembahasan dalam RUPS dan RUPSLB............................................................................ 88

34

Keuntungan Memiliki Saham ............................................................................................. 88

35

Faktor Naik dan Turunnya Harga Saham.......................................................................... 89

46

Alasan Perusahaan Menjual Saham ................................................................................... 90

47

Pelaku Pasar Saham .. ......... ............. ....... ....... ......... ............... ....... ....... ....... ........... ......... ...... 91

47

Memberikan Penilaian Saham dari PerspektifInvestor .................................................. 91

48

Kategori Saham per Sektor Industri................................................................................... 92

51
Right Issue... ............ .......... ......... ....... ....... .......... ................ ....... ............. ..... ......... ..... ............ 94

52
Menghitung Nilai Buku per Lembar Saham .................................................................... 95

I· ........... . 52
Menghitung Pembayaran Dividen yang Tidak Teratur ................................................... 96

53
Earning per Share (EPS) ...................................................................................................... 97

f......... UH
56
Price Earning Ratio (PER)................................................................................................... 97

56
Menghitung Return on Investment (RO!) ........................................................................ 98

57
Menghifimg Return on Equity (ROE) ............................................................................... 99

57
Stock Repurchase atau Buy Back (Pembelian Kembali Saham) ..................................... 100

57
Zero Growth Model dan Signaling Theory....................................................................... 102

58
Gordon Growth Model........................................................................................................ 103

............. 59
Wait and See .......................................................................................................................... 104

59
Don't Fight the Tape ................................................................................................. ,........... 105

59
Tips untuk Investor dalam Bermain Saham...................................................................... 106

61
Diskusikanlah!....................................................................................................................... 108

61
,. lstilah Penting ...................................................................................................................... 109

62
'stial dan Jawaban.................................................................................................................. 109

j•••••••••••• 62
Cat<j,tan Akhir.... ....... ........ .......... ............... .......... ...... ......... ........ ........ ........ ....... .................... 114

,
:
I············ 64

Bah 6
Right Issue .................................................................................................. 115

67

Pengertian Right Issue.......................................................................................................... 116

67
Hak (Right) ........................................................................................................................... 116

68
Right Issue dan Kebijakan Stuktur Modal......................................................................... 117

69
Right Issue dan Pinjaman Perbankan ....... ............ .......... ............... ..... ...... ...... ................... 117

m....... 69
Alasan Perusahaan Menerbitkan Right Issue.................................................................... 119

70
Right Issue dan Kinerja Keuangan ..................................................................................... 120

71
Ketentuan Penerbitan Right Issue ...................................................................................... 121

76
Beberapa Penelitian tentang Right Issue ........................................................................... 126

76
Faktor yang Turut Memengaruhi Pembentukan Harga Right Issue.............................. 127

x Manajemen Investasi: Teori dan Soal Jawab Daftar 151

Rumus Perhitungan Right Issue.......................................................................................... 127

Diskusikanlah! ................ .

Istilah Penting ....................................................................................................................... 128

Istilah Penting .................

Diskusikanlah! ...................................................................................................................... 128

Soal dan Jawaban ........... .

Soal dan Jawaban .................................................................................................................. 128

Catatan Akhir ................ ..

Catatan Akhir........................................................................................................................ 130

Definisi Stock Split................................................................................................................ 133

Bab 10 CAPM dan APT ........
Definisi CAPM ............... .
Bab 7 Stock Split .................................................................................................. 133
Asumsi-asumsi Menggm
Tujuan Dilakukannya Stock Split ....................................................................................... 134
Formulasi Model CAPM
Stock Split dalam Perspektif Signaling Theory dan Trading Range Theory................. 135
Beta ............ ···..···....·····....··

Stock Split dan Kinerja Keuangan...................................................................................... 137

Capital Market Line (Gw

Istilah Penting .. ........ ...... ...... .......... .................... ............. ...... ........ ....... .... .... ....... ............. ..... 138
Security Market Line (Go

Diskusikanlah!....................................................................................................................... 138
Arbitrage Pricing Theoll

Soal dan Jawaban .................................................................................................................. 139

Diskusikanlah! ............... ..

Catatan Akhir. .................. .......... ...................... .......... ....... ................. ........ ............ ............... 140
Istilah Penting ................

Soal dan Jawaban ...........

Bab 8 Obligasi ...................................................................................................... 143

Catatan Akhir ................ .

Definisi Obligasi.................................................................................................................... 144

Syarat Sebuah Perusahaan Berhak Menerbitkan Obligasi .............................................. 144

Bab 11 Risiko dan Imbal Ha
Pihak yang Berhak Menerbitkan Obligasi......................................................................... 144
Definisi Risiko .............. .
Obligasi dan Pemerintah Daerah ....................................................................................... 145
Definisi Imba! Hasil .......
Alasan bagi Sebuah Perusahaan Menerbitkan Obligasi .................................................. 145
Definisi Risiko dan 1mb
Alasan Membeli Obligasi..................................................................................................... 146
Risiko Investasi..............
Conlmercial Paper ................................................................................................................ 148
Expected Return ...........
Jenis Obligasi Berdasarkan Penerbitan .............................................................................. 149
Sumber-sumber Risiko
Jenis dan Karekteristik Obligasi.......................................................................................... 149
Risiko Sistematis, RiSik4
Suku Bunga dan Jangka Waktu Obligasi ........................................................................... 151
Aiternatif-alternatif Me
Obligasi yang Dijual Tanpa Ada Batas Waktu .................................................................. 152
Mengelola Risiko ...........
Tingkat Bunga Obligasi ....................................................................................................... 153
Perhitungan Risiko ......,
Spot Interest Rate.................................................................................................................. 153
Perhitungan Expected 1
Nominal Yield dan Current yield....................................................................................... 153
Perhitungan Keuntung:
Yield to Maturity (¥TM) ..................................................................................................... 154
Menghitung Imbal Has
Diskusikanlah! ...................................................................................................................... 155
Hubungan Karekteristi
Istilah Penting ........'...i.:......................................................................................................... 155
Karekteristik Risiko da
Soal dan Jawaban ............:..................................................................................................... 155
Risk Free Lending and
Catatan Akhir..................':..................................................................................................... 157
Portofolio Dua Saham
Harry Markowitz ................................................................................................................. 159
Risiko dan Imbal Hast
Dana Pinjaman Bersif:
Bab 9 Teori Portofolio Markowitz........................................................................ 159
PergerakanAsetpada
Model Portofolio Markowitz............................................................................................... 160

Pengambilan Keputus
Asumsi-asumsi dalam Teori Markowitz............................................................................ 161

Istilah Penting ...........

Diversifikasi Investasi Model Markowitz .......................................................................... 161

Kasus ......................... ..
Asas Teori Portofolio Markowitz........................................................................................ 163
Diskusikanlah! .......... .
Kebaikan Teori Portofolio Markowitz................................................................................ 163

Soal dan Jawab ..........

Kelemahan Teori Portofolio Markowitz ............................................................................ 164

 ~estaSi: Teori dan Soal Jawab

r

I
Daftar lsi Xl

r···......·....·..·..··· ..···.. 127

f Diskusikanlah!....................................................................................................................... 164

~.............................. 128

IstHah Penting ....................................................................................................................... 165

,.............................. 128

Soal dan Jawaban .................................................................................................................. 165

I..·........................... 128

Catatan Akhir........................................................................................................................ 166

!.............................. 130

~............................. 133
Bah 10 CAPM dan APT .......................................................................................... 169

Definisi CAPM...................................................................................................................... 170

~....................... 133

Asumsi-asumsi Menggunakan CAPM .............................................................................. 170

.............................. 134

Formulasi Model CAPM ..................................................................................................... 172

lIheory ................. 135

Beta......................................................................................................................................... 174

~............................. 137

Capital Market Line (Garis Pasar Modal) ......................................................................... 174

,............................. 138

Security Market Line (Garis Pasar Sekuritas) ..................... ................................ .............. 175

.............................. 138

Arbitrage Pricing 1heory (APT) ............... ............ ...... ....... ........................... ....... ............... 177

.............................. 139

Diskusikanlah!....................................................................................................................... 178

............................. 140

Istilah Penting ... ....... ........... ....... .................... .......... ..................... ....... ............. ....... ....... ...... 179

....................... 143
Soal dan Jawaban .................................................................................................................. 179

............................. 144
Catatan Akhir........................................................................................................................ 181

,............................ 144

Bah 11 Risiko dan Imhal Hasil.... .......... ............... ........ ........ .................. ........ ........ 183

,............................ 144

Definisi Risiko ...................................................................................................................... 184

,............................ 145

Definisi Imbal Hasil.............................................................................................................. 184

,............................ 145

Definisi Risiko dan Imbal Hasil.......................................................................................... 185

,............................ 146

Risiko Investasi...................................................................................................................... 188

............................ 148

'Expected Return ................................................................................................................... 188

............................ 149

Sumber-sumber Risiko yang Memengaruhi Besarnya Risiko Suatu Investasi ............. 188

............................ 149

Risiko Sistematis, Risiko yang Tidak Sistimatis, dan Total Risiko ................................ 189

............................ 151

Alternatif-alternatif Menghindari Risiko .......................................................................... 191

............................ 152

Mengelola Risiko................................................................................................................... 192

,........................... 153

Perhitungan Risiko ............................................................................................................... 192

............................ 153

Perhitungan Expected Return pada Satu Sekuritas.......................................................... 195

........................... 153

Perhitungan Keuntungan yang Diharapkan pada Portofolio ......................................... 195

........................... 154

, , Menghitung Imbal HasH dari Suatu Sekuritas yang Diharapkan ................................... 196

........................... 155

Hubungan Karekteristik dengan Risiko dan Imbal Hasil.......................... ...................... 196

........................... 155

Karekteristik Risiko dalam Konteks Nasabah di Perbankan........................................... 199

' •• n .......................
155

Risk Free Lending and Borrowing Rate ............................................................................ . 200

157

Portofolio Dua Saham dengan Expected Return dan Standar Deviasi yang Berbeda 201

159

Risiko dan Imbal Hasil pada Tiga Sektor Bisnis yang Berbeda ..................................... . 203

,........ "........... 159

Dana Pinjaman Bersifat Linier dengan Expected Return .............................................. . 205

~ •••• H •••••• n •• H .... U.

160
Pergerakan Aset pada Risiko yang Semakin Tinggi... ..................................................... . 205

161
Pengambilan Keputusan dalam Berbagai Kondisi ........................................................... 206

, ......................... 161
Istilah Penting ..................................................................................................................... . 207

163
Kasus ...................................................................................................................................... 207

163
Diskusikanlah!...................................................................................................................... . 208

164
Soal dan Jawab ..................................................................................................................... . 209

xii Manajemen Investasi: Teori dan Soal Jawab

Catatan Akhir........................................................................................................................ 212

Pengertian Pasar Efisien....................................................................................................... 215

Bab 12 Pasar Efisien ... ........ .......... ........ ......... ...... ..... .... .... ......... ......... ......... ........... 215

Hipotesis Pasar Efisien......................................................................................................... 216

Syarat dan Situasi Pasar Efisien........................................................................................... 216

Pendapat Jones, Fama, Ahmad Rodoni, dan Othman Yong tentang Pasar Efisien ..... 217

Bentuk-bentuk Efisiensi Pasar ........................................................................................... 218

Pengertian Efisiensi Pasar ....... ......... .............. ........... ............ ........ ..................... .................. 219

Pasar Efisien dan Pasar Tidak Efisien dalam Perspektif Investor....... ............................ 220

Peristiwa Ekonomi dan Politik yang Menyebabkan Investor Bereaksi ......................... 224

Diskusikanlah!....................................................................................................................... 228

Istilah Penting ............. ............. .................. .............. ......... ................. ......... ....... ....... ........... 228

Soal dan Jawaban ......... ...... ..... .......... ............. ......... ....... ....... ............ ........ .......... .................. 229

Catatan Akhir ............. ...... ..... ....................... ......... ....... ....... ............ ........ .......... ............. ....... 230

Bab 13 Valnta Asing ............................................................................................... 233

Definisi Valuta Asing............................................................................................................ 234

Definisi Risiko Valuta Asing................................................................................................ 234

Persepsi Manajer Keuangan dalam Melihat Posisi Uang ................................................ 234

Menghindari Risiko Valuta Asing ...................................................................................... 236

Antisipasi Perusahaan dalam Menghadapi FluktuatifValuta Asing ............................. 237

Keuntungan dan Kerugian Pergerakan Valas bagi Kinerja Keuangan Perusahaan..... 238

Risiko Hot Money terhadap Kinerja Keuangan Perusahaan .......................................... 238

Alasan Digunakan Mata Uang Dolar Amerika sebagai Kesepakatan

dalam Transaksi Bisnis .................................................................................................. 240

Akibat dan Risiko yang Timbul pada Saat Dolar Amerika

Dipakai sebagai Media Transaksi Bisnis ..................................................................... 240

Future Contract dan Options Contract sebagai Salah Satu

Cara Mengantisipasi Risiko Valas ................................................................................ 241

Konsep Nilai Tukar (Exchange Rate Concept) dan Pengaruhnya

terhadap Kinerta Keuangan Perusahaan..................................................................... 242

Pengaruh PerusahaaT\ ~kspor dan Impor yang Tidak Berkeinginan .......................... .

Menyimpan KeperciIikan Devisa Mata Uang Asing di Perbankan ......................... 249

Penyebab Rentannya Nil~ Tukar Mata Uang Domestik terhadap Mata Uang Asing.... 249

Istilah Penting ...................................................................................................................... 250

Diskusikanlah!....................................................................................................................... 251

Soal dan Jawaban ..................... ..... ......... ............ ...... ................. ...................... ........ .............. 251

Catatan Akhir........................................................................................................................ 253

Glosarium ... .......... ......... ......... ........... ......... ....... ... ........ ........ ........ ... ...... ... ...... ... ...... G-I

Daftar Pustaka......................................................................................................... D-I

Indeks ...................................................................................................................... I-I