The existence of a large difference between the market value and the reported values would make the financial statements are useless for decision making for investors who will invest in the company. The purpose of this study is as a source of information for investors to conduct analysis and investment decisions in the stock market, especially manufacturing companies listed in Indonesia Stock Exchange. The design of this research is done using secondary data and purposive sampling techniques, the overall manufacturing company in the consumer goods industry sector, listed on the Stock Exchange, from 2011 up to 2014. The research model using multiple linear regression, which was conducted to determine the effect of free variables, Value Added Intellectual Coeffisient (VAIC TM), consisting of: VACA (X1), VAHU (X2), STVA (X3) on the dependent variable is financial performance, which consists of: Ratio on Assets (ROA) (Y1) and Market Value (Y2). The conclusion of this study are: (1) simultaneously (test F), Value Added Intellectual Coefisient (VAICTM) effect on financial performance consisting of ratios Return on Assets (ROA) is 15.078> 2.69; 0.000 <0.05 and Market Value, is 12.047> 2.69; 0.000 <0.05; (2) partially (t test), Value Added Intellectual Coefisient (VAICTM) effect on the financial performance, the ROA is Physical Capital and Structural Capital, namely 0.000 <0.05, and the Market Value of variables, namely Structural Capital course , namely 0.000 <0.05, and 3) in the coefficient of determination R Square or the amount of Value Added Intellectual Coefisient (VAICTM) has a fairly close relationship to the Financial performance Ratio for the variable on Assets (ROA), is 0.558 and Market Value, is 0.515 Keywords: Physical Capital, Human Capital, Structural Capital Ratio on Assets and Market Value
Kata kunci: saham, nilai intrinsik, pembentukan portofolio.Purpose in this study is to find the reasonable value shares at subsector retail trade listed on the Indonesian stock, and the formation of portfolio shares at subsector retail trade with Capital Asset Pricing Model (CAPM), and analyzes the difference between intrinsic value and value of the stock market at subsector retail trade listed on the Indonesian stock. Method in this research to count intrinsic value shares whit the ways Dividend Discount Model (DDM), while the formation of portfolio use Capital Asset Pricing Model (CAPM), the result of research showed that the price of stock that is in the market is not shows a value that truth and in the results research no issuers having stock prices being in a condition of balance between intrinsic value and that the value of the market (Correctly Valued), and there is no significant difference where the benefits of natural and value of the market in companies registered on a stock. PendahuluanPasar modal mermpunyai peranan yang sangat penting bagi perekonomian negara. Pemerintah dalam hal ini berupaya meningkatkan peran pasar modal karena peranannya dalam pembangunan nasional sebagai salah satu sumber pembiayaan bagi dunia usaha dan sarana investasi bagi masyarakat. Pasar modal juga berperan sebagai sarana dalam mencari dana yang bersifat jangka panjang seperti penerbitan saham dan obligasi. Harga-harga saham yang wajar dibeli dan disesuaikan dengan kemampuan investor untuk berinvestasi sehingga investor mendapat keuntungan yang maksimal dari investasi yang di dapatkannya tersebut.Harga saham yang diperjual belikan di pasar modal tergantung pada kinerja perusahaan tersebut. Nilai perusahaan pada pasar modal akan bergantung pada banyak faktor, diantaranya faktor eksternal dan internal yang akan memperngaruhi kinerja perusahaan tersebut. Pada saat kinerja perusahaan tersebut baik, tentu saja pemegang saham akan mendapatkan deviden yang dibagikan perusahaan kepada investor, yang diikuti biasanya dengan kenaikan harga saham tersebut karena permintaan terhadap saham tersebut meningkat. Sebaliknya, bila kinerja perusahaan diprediksi menurun karena faktor eksternal dan internal, maka pemegang saham akan menjual saham tersebut untuk menghindari kerugian yang menyebabkan harga saham menurun di Bursa Efek.Berinvestasi saham tidak terlepas dari karakteristik hubungan antara return dan risiko. Salah satu risiko yang sering terjadi di kalangan investor adalah misprice atau salah harga. Untuk meminimalisir risiko-risiko tersebut investor diharapkan mampu melakukan analisis fundamental maupun analisis teknikal. Salah satu analisis fundamental yang penting dilakukan oleh investor adalah valuasi saham. Valuasi saham merupakan analisis nilai saham sebenarnya. Oleh karena itu dengan melakukan analisis valuasi saham, investor diharapkan mampu mengetahui berapa nilai sebenarnya dari suatu saham, sehingga dapat menghindari risiko misprice.
Tujuan penelitian ini adalah untuk menganalisis seberapa besar pengaruh manajemen aset dan kinerja keuangan berpengaruh terhadap nilai pasar pada perusahaan properti yang terdaftar di Bursa Efek Indonesia. Rancangan penelitian ini menggunakan data sekunder, dengan teknik purposive sampling, yaitu perusahaan sektor properti, dengan sub sektor properti dan real estate dan konstruksi bangunan, yang terdaftar di Bursa Efek Indonesia, sebanyak 72 pengamatan. Operasional variabel penelitian ini adalah Manajemen Aset diukur berdasarkan Fixed Asset Turnover (FAT) dan Inventory Turnover (IT); dan Kinerja Keuangan diukur berdasarkan Return On Asset (ROA) dan Return on Equity (ROE) terhadap Nilai Pasar yang diukur berdasarkan Harga Saham Penutupan (HSP). Analisis penelitian ini menggunakan uji asumsi klasik dan uji hipotesis. Hasil penelitian ini yaitu (1) Manajemen Aset dan Kinerja Keuangan berdasarkan uji Simultan menyatakan bahwa secara bersama-sama atau serempak berpengaruh positif dan signifikan terdapat Nilai Pasar, (2) Namun berdasarkan uji parsial menyatakan bahwa yang berpengaruh positif dan signifikan adalah IT, sementara FAT, ROA dan ROE tidak berpengaruh positif dan signifikan, (3) Berdasarkan koefisien Determinasi menyatakan bahwa Manajemen Keuangan dan Kinerja Keuangan memiliki hubungan yang cukup erat terhadap Nilai Pasar dan memiliki peningkatan sebesar 11,4%.Kata kunci: Fixed Asset Turnover, Inventory Turnover, Return on Asset dan Return on Equity dan Harga Saham Penutupan
The purpose general this study are identify and analysis through fundamental analysis as the strategy of investment decision making in the capital market. This research method have used secondary data with purposive sample technique, sample of this study consist of 9 sector index companies for 3 periods from 2015 till 2017 and type this study included of quantitative descriptive research. The analysis used (1). Financial analysis of compare intrinsic value through the Price Earning Ratio approach to market value based on the closing stock price; and (2). Statistical analysis by different test through "the Independent sample t test". The finding of this study that (1) Condition of 8 sector index companies are "overvalued" category, it caused of the intrinsic value is lower that market value. However, the financial sector is "undervalued" category, it caused the intrinsic value is higher than market value. (2) There is "a difference" betwen intrinsic value to market value and the hypothesis study is accepted. It mean the evaluation of investor should not only to reviewed from the financial factor, but also necessary of various factor.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.