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An Analysis of Correlation between Profitability and Leverage with Price Stock of PT. Gudang Garam Tbk. in 2012-2016

Achmad Fauzan
Study Program of Agro Industry
Agribusiness Department

ABSTRACT

The more developing of a company, the greater the need for funding is required by a company. Besides financial source obtained from the banks, a company funding can be earned from the sale of shares in the stock exchange. Its company funding is obtained from investors who invest their funds by buying shares of public listed companies that have been listed on the stock exchange. Generally, investors who want to buy shares do several financial analyses such as financial ratio analysis on the financial statements of companies that have been published. This study analyzes the correlation between profitability and leverage of PT Gudang Garam Tbk. with the stock price of PT Gudang Garam Tbk. The ratio used to analyze the profitability is the ratio of Net Profit Margin (NPM) and Return on Equity (ROE) and the ratio used to analyze the leverage is Debt to Equity Ratio (DER) and Long Term Debt to Equity Ratio (LTDER). As the result, this research finds that there is strong and positive correlation and insignificant with the stock price by doing Product Moment Pearson (NPM) test. On the other hand, the result clarifies that ROE has strong and positive correlation and significant with the stock price, but DER has correlation of negative low and negative correlation and insignificant with the stock price. Besides, LTDER has low and negative correlation and insignificant with the stock prices.

Keywords ; Net Profit Margin (NPM), Return On Equity (ROE), Debt to Equity Ratio (DER), Term Debt to Equity Ratio (LTDER), and Stock Price.

Analisis Hubungan Profitabilitas Dan Leverage Dengan Harga Saham PT Gudang Garam Tbk. Tahun 2012-2016

Achmad Fauzan
Program Studi Manajemen Agroindustri
Jurusan Manajemen Agribisnis

ABSTRAK

Semakin berkembangnya suatu perusahaan maka semakin besar pula kebutuhan pendanaan yang dibutuhkan oleh perusahaan. Salah satu sumber pendanaan yang bisa didapat oleh perusahaan selain dari bank adalah melalui penjualan saham di bursa efek. Pendanaan ini didapat dari para investor yang menginvestasikan dananya dengan cara membeli saham perusahaan go public yang telah terdaftar di bursa efek melalui perantara perusahaan sekuritas yang telah terdaftar di OJK. Umumnya para investor yang hendak membeli saham melakukan beberapa analisis seperti analisis rasio keuangan pada laporan keuangan perusahaan yang telah dipublikasikan. Penelitian ini menganalisis hubungan profitabilitas dan leverage PT Gudang Garam Tbk. dengan harga saham PT Gudang Garam Tbk. Adapun untuk menganalisis profitabilitas rasio yang digunakan adalah rasio Net Profit Margin (NPM) dan Return On Equity (ROE) dan untuk menganalisis leverage rasio yang digunakan adalah rasio Debt to Equity Ratio (DER) dan Long Term Debt to Equity Ratio (LTDER). Dari hasil penelitian diketahui bahwa berdasarkan pengujian uji product moment pearson NPM berhubungan positif kuat dan tidak signifikan dengan harga saham, ROE berhubungan positif sangat kuat dan signifikan dengan harga saham, DER berhubungan negatif rendah dan
tidak signifikan dengan harga saham dan LTDER berhubungan negative rendah dan tidak signifikan dengan harga saham.

Kata Kunci ; Net Profit Margin (NPM), Return On Equity (ROE), Debt to Equity Ratio (DER), Term Debt to Equity Ratio (LTDER) dan Harga Saham