PENGARUH TINGKAT SUKU BUNGA, NILAI TUKAR, PERINGKAT OBLIGASI, DAN DER TERHADAP YIELD TO MATURITY OBLIGASI KORPORASI DI BURSA EFEK INDONESIA PERIODE TAHUN 2011-2014

NUGRAHENI, WAHYUDIYANI (2015) PENGARUH TINGKAT SUKU BUNGA, NILAI TUKAR, PERINGKAT OBLIGASI, DAN DER TERHADAP YIELD TO MATURITY OBLIGASI KORPORASI DI BURSA EFEK INDONESIA PERIODE TAHUN 2011-2014. S2 thesis, Universitas Negeri Jakarta.

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Abstract

Bonds investments is one of the preferred investment by the youth because it has a fixed income. Fixed income is derived from interest to be received on a periodic basis and the principal at maturity. For issuers, the bond is a safe securities because of the cost of emissions is cheaper than stock. Bonds issued by the government of the Republic of Indonesia is the goverment bonds, while bonds issued by the company, either in the form of State-Owned Enterprises (SOEs) and private enterprises are corporate bonds (corporate bond). An important goal is the background of the company issuing such bonds, among others, the amount of funds needed to be more flexible in value according to the market's ability to absorb the needs of such bonds, as well as the ability of underwriters in a committed amount of the bond issuance. As an investment instrument, changes in the yield (rate of return) earned bond investors will change over time. The yield changes affect the level of the market price of the bond itself. Therefore, either the investor or issuer should always pay attention to fluctuations in bond prices and some of the factors that influence such as interest rates, exchange rates, bond rating and DER. The method used in this research is descriptive quantitative method, the sample used in this study are all Non Finance Corporate Bonds are listed traded in the period 2011-2014. Sample selection is done with purposive sampling method of selecting samples with specific criteria in the selection of the sample. Objects and data sources used in this research is secondary data that is quantitative, the data in the form of SBI interest rate, Data Exchange Rate USD/IDR, bond rating of data, the data ratio of DER and Yield To Maturity Bond. While the source of the data obtained from Bloomberg, Indonesian Bond Pricing Agency (IBPA), Indonesia Stock Exchange (BEI), the website of PT. Valuation and Bank Indonesia website. Results of the t test showed that the t variable interest rate (X1) is = 92.16815> t table = 2.023 or sig = 0.000 <0.05. It can be concluded mean, the variable interest rate (X1) a significant effect on yield to maturity of variable (Y). Results of the t variable rate (X2) amounted to -12.220> t table 2,023 or sig = 0.000 <0.05. It can be inferred means, variable rate (X2) significant effect on yield to maturity of variable (Y). Results of the t variable bond ratings (X3) of 97.56725>ttable2,023 or sig=0.000<0.05. It can be concluded mean, variable bond rating (X3) significantly affects the yield to maturity (Y). Results of the tvariable DER (X4) of 64.7534> t table 2,023 or sig = 0.000 <0.05. It can be concluded mean, DER variable (X4) significant effect on yield to maturity (Y). It can be concluded that the regression model in this study, was able to test a variable interest rate (X1), exchange rates (X2), bond rating (X3), and DER (X4) to variable yield to maturity (Y).

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