ANALISIS PENGARUH RETURN ON ASSET,

CURRENT RATIO, DEBT TO EQUITY RATIO,

PRICE TO BOOK VALUE, DIVIDEND
PAYOUTRATIO TERHADAP HARGA SAHAM
Pada PerusahaanIndustri Tekstil dan Garmen
yang Terdaftar di Bursa Efek Indonesia
Periode 2013-2018

SKRIPSI

Diajukan untuk memenuhi salah satu persyaratan dalam menyelesaikan Program

Srata Satu (SI) Fakultas Ekonomi Program Study Manajemen
Universitas Pekalongan

Disusun oleh :

Nama : Arief Fadli Setiyono

NPM : 0115056901

FAKULTAS EKONOMI
UNIVERSITAS PEKALONGAN
Tahun 2020
 FAKULTAS EKONOMI
UNIVERSITAS PEKALONGAN

TANDA PENGESAHAN SKRIPSI

ANALISIS PENGARUH RETURN ON ASSET,CURRENT RATIO,

DEBTTO EQUITY RATIO,PRICE TO BOOK VALUE, DEVIDEN
PAYOUTRATIO TERHADAP HARGA SAHAM

(Pada Perusahaan Industri Tekstil Dan Garmen Yang Terdaftar Di Bursa Efek
IndonesiaPeriode 2013-2018)

Diajukan untuk memenuhi salah satu persyaratan dalam menyelesaikan Program

Strata Satu (SI) Fakultas Ekonomi Program Study Manajemen
Universitas Pekalongan

Disusun Oleh :

Nama : Arief Fadli Setiyono

NPM : 0115056901

Dosen Penguji I Dosen Penguji II

Choliq Sabana, SE, M.Si M. Sigit Taruna, SE, M.Si

NPP. 1100995093 NPP.111005161

Dosen Pembimbing I Dosen Pembimbing II

Drs. Sugiharto, M.Si Drs. Dwi Susilo, M.Si

NPP. 19540918 198203 1 002 NPP. 111094077

Mengetahui,
Dekan Fakultas Ekonomi

Choliq Sabana, SE, M.Si

NPP. 1100995093
 Daftar Isi

Contents
Halaman judul......................................................................................................................i
FAKULTAS EKONOMI....................................................................................................ii
UNIVERSITAS PEKALONGAN......................................................................................ii
SURAT PERSYARATAN KEASLIAN SKRIPSI............................................................iii
ABSTRAK.........................................................................................................................iv
ABSTRACT.......................................................................................................................v
Motto vi
Halaman Persembahan......................................................................................................vii
Kata Pengantar.................................................................................................................viii
Daftar Isi.............................................................................................................................x
BAB I 1
PENDAHULUAN..............................................................................................................1
1.1. Latar Belakang Masalah.........................................................................................1
1.2 Identifikasi, Pembatasan Dan Perumusan Masalah..............................................13
1.2.1 Identifikasi Masalah......................................................................................13
1.2.2 Pembatasan masalah...................................................................................14
1.2.3 Rumusan masalah.......................................................................................14
1.3. Tujuan penelitian.................................................................................................15
1.4. Manfaat Penelitian...............................................................................................15
1.4.1. Manfaat Akademis........................................................................................15
1.4.2. Manfaaat Praktis...........................................................................................16
Bab II 17
Tinjauan Pustaka..............................................................................................................17
2.1. Landasan Teori....................................................................................................17
2.1.1. Pasar Modal..................................................................................................17
2.1.1.1. Fungsi Pasar Modal...............................................................................18
2.1.1.2. Instrumen Keuangan yang Diperjual-belikan di Pasar Modal...............19
2.1.2. Saham...........................................................................................................21
 2.1.2.1. Pengertian Saham..................................................................................21
2.1.2.2. Jenis-jenis Saham..................................................................................22
2.1.3. Signalling Theory (Teori Signal)..................................................................23
2.1.4. Pengertian Investasi......................................................................................24
2.1.4.1. Tujuan Investasi....................................................................................25
2.1.5. Harga Saham.................................................................................................25
2.1.5.1. Pengertian Harga Saham.......................................................................25
2.1.5.2. Jenis-jenis harga saham.........................................................................26
2.1.5.3. Faktor-faktor yang mempengaruhi harga saham...................................29
2.1.6. Analisis Laporan Keuangan..........................................................................30
2.1.7. Rasio Keuangan............................................................................................32
2.1.7.1. Rasio Profitabilitas................................................................................32
2.1.7.2. Rasio Solvabilitas..................................................................................33
2.1.7.3. Rasio Likuiditas....................................................................................33
2.1.7.4. Nilai Perusahaan...................................................................................34
2.1.7.5. Kebijakan Deviden................................................................................35
2.2. Penelitian Terdahulu............................................................................................36
2.3. Kerangka Pemikiran.............................................................................................42
2.4. Pengembangan Hipotesis.....................................................................................44
2.4.1. Pengaruh Retun On Asset (ROA) terhadap Harga Saham.............................44
2.4.2. Pengaruh Current Ratio (CR) terhadap Harga Saham...................................45
2.4.3. Pengaruh Debt to Equity Ratio (DER) terhadap Harga Saham......................46
2.4.4. Pengaruh Price to Book Value (PBV) terhadap Harga Saham......................47
2.4.5. Pengaruh Dividend Payout Ratio (DPR) terhadap Harga Saham..................47
BAB III.............................................................................................................................49
METODOLOGI PENELITIAN........................................................................................49
3.1. Jenis Penelitian dan Objek Penelitian..................................................................49
3.2. Operasionalisasi Variabel.....................................................................................49
3.2.1. Return On Asset (ROA)................................................................................50
3.2.2. Debt to Equity Ratio (DER)..........................................................................50
3.2.3. Current Ratio (CR)........................................................................................50
 3.2.4. Price to Book Value (PBV)...........................................................................51
3.2.5. Dividend Payout Ratio (DPR).......................................................................51
3.3. Populasi dan Sampel............................................................................................52
3.3.1. Populasi........................................................................................................52
3.3.2. Sampel..........................................................................................................52
3.3.3. Metode Penarikan Sampel.............................................................................53
3.4. Data yang Diperlukan..........................................................................................54
3.5. Jenis dan Metode Pengumpulan Data...................................................................55
3.6. Teknik Analisis....................................................................................................56
3.6.1. Analisis Deskriptif........................................................................................56
3.6.2. Asumsi klasik................................................................................................56
3.6.3. Uji Kecocokan Model...................................................................................58
3.6.4. Analisis Regresi Linier Berganda..................................................................59
3.6.5. Uji Hipotesis.................................................................................................60
BAB IV............................................................................................................................62
GAMBARAN UMUM OBYEK PENELITIAN...............................................................62
4.1. Sejarah Singkat Bursa Efek Indonesia.................................................................62
4.2. Sejarah Singkat Perusahaan Tekstil dan Garmen.................................................65
4.2.1. PT. Polychem Indonesia, Tbk.......................................................................65
4.2.2. PT. Century Textile Industri, Tbk.................................................................66
4.2.3. Eratex Djaja, Tbk..........................................................................................68
4.2.4. Ever Shine Tex, Tbk.....................................................................................69
4.2.5. Panasia Indo Resource, Tbk..........................................................................70
4.2.6. Indo Rama Synthetic, Tbk.............................................................................71
4.2.7. Ricky Putra Globalindo, Tbk........................................................................72
4.2.8. Pan Brothers, Tbk.........................................................................................74
4.2.9. Sri Rejeki Isman, Tbk...................................................................................75
4.2.10. Sunson Textile Manufacturer, Tbk................................................................76
4.2.11. Trisula International, Tbk..............................................................................77
BAB V 79
HASIL DAN PEMBAHASAN.........................................................................................79
5.1. Deskripsi Data Penelitian.....................................................................................79
5.2. Metode Analisis Data...........................................................................................80
5.2.1. Statistik deskriptis.........................................................................................80
5.2.2. Uji Asumsi Klasik.........................................................................................87
5.2.3. Uji Kecocokan Model...................................................................................92
5.2.4. Analisis Regresi Linear Berganda.................................................................93
5.2.5. Pengujian Hipotesis......................................................................................94
5.3. Pembahasan.........................................................................................................97
BAB VI..........................................................................................................................107
PENUTUP......................................................................................................................107
6.1. Simpulan............................................................................................................107
6.2. Keterbatasan......................................................................................................109
6.3. Saran..................................................................................................................109
Daftar Pustaka................................................................................................................112
Lampiran........................................................................................................................113

Daftar Tabel
Tabel 1.1.............................................................................................................................6
Tabel 1.2 Riset Gap..........................................................................................................12
Tabel 2.1 Penelitian Terdahulu.........................................................................................39
Tabel 3.1 Populasi Penelitian............................................................................................52
Tabel 3.2 Penarikan Sampel.............................................................................................54
Tabel 3.3 Sampel Penelitian.............................................................................................54
Tabel 5.1 Perusahaan Tekstil dan Garmen yang Terdaftar di BEI....................................80
Tabel 5.2 Hasil Uji Normalitas.........................................................................................88
Tabel 5.3 Hasil Uji Autokorelasi......................................................................................89
Tabel 5.4 Hasil Uji Multikolinieritas................................................................................90
Tabel 5.5 Hasil Uji Heteroskedastisitas............................................................................91
Tabel 5.6 Hasil Uji Fit Model...........................................................................................92
Tabel 5.7 Hasil Uji Analisis Regresi Linier Berganda......................................................93
Tabel 5.8 Hasil Uji T........................................................................................................95
Tabel 5.9 Rata-rata ROA..................................................................................................98
Tabel 5.10 Rata- Rata CR.................................................................................................99
Tabel 5.11 Rata-rata DER...............................................................................................101
Tabel 5.12 Rata-rata PBV...............................................................................................103
Tabel 5.13 Rata-rata DPR...............................................................................................104