PENGARUH TINGKAT SUKU BUNGA DAN TINGKAT LIKUIDITAS PERUSAHAAN TERHADAP RISIKO INVESTASI SAHAM

INFLUENCE INTEREST RATES AND THE LEVEL OF LIQUIDITY OF THE COMPANY AGAINST THE RISK OF STOCK INVESTMENT

Penulis : Elisa Marisa , Dian Indudewi

Juraksi ISSN 2301-9328 Vol. 1 No. 1 | Halaman 99-108


Abstrak

            Penelitian ini bertujuan untuk memahami pengaruh suku bunga yang mewakili faktor-faktor makro dan tingkat likuiditas perusahaan yang mewakili faktor mikro terhadap risiko investasi saham yang terdaftar di indeks LQ45. Tingkat bunga memiliki pengaruh yang signifikan terhadap risiko investasi saham dengan arah positif. Sementara tingkat likuiditas perusahaan tidak menunjukan pengaruh yang signifikan terhadap risiko investasi saham. Disesuaikan nilai R Square sebesar 0,509 menunjukan bahwa varian risiko investasi saham dapat dijelaskan oleh variasi suku bunga dan tingkatlikuiditas perusahaan adalah 50,9%, sedangkan 49,1% sisanya dijelaskan oleh variabel lain yang tidak termasuk dalam model penelitian ini.

            Variabel lain mungkin termasuk faktor-faktor makro dan mikro, seperti kondisi stabilitas politik dan keamanan yang terjadi pada faktor domestik dan psikologis dari investor di pasar modal. Berdasarkan hasil penelitian, saran bahwa investor harus mempertimbangkan tingkat suku bunga Sertifikat Bank Indonesia dan juga harus mempertimbangkan faktor-faktor kondisi sosial, politik dan keamanan. 

 

Kata kunci : suku bunga, likuiditas perusahaan, risiko investasi

Abstract

This research aims to understand the influence of interest rate that represent the macro factors and level of liquidity of the company that represent micro factors against the risk of stocks investment are listed on the Index LQ45.

Statistical analysis of this research is multiple regression. Based on the result of t-test, the interest have a significant effect on the risk of investment with a positive direction. While the level of liquidity of the company shows no significant effect on the risk of investment. Adjusted R Square value of 0.509 indicates that the variants of investment risk can be explained by variations of interest rates and the level of company liquidity is only 50.9 % while the remaining 49.1 % is explained by other  variables not included in the model of this research.

Other variables may include macro and micro factors, such as, the condition of political stability and security that occur in domestic and psychological factorsof the investors in capital markets. Based on the result of research, advice that the investors should be consider the interest rate of Certificate of Indonesian Bank and also must consider factors of social conditions, political and security.

 

Keywords : interest rate, corporate liquidity, investment risk

keywords : interest rate, corporate liquidity, investment risk

Diposting tanggal 24 Juli 2012

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