ANALISIS PENGARUH FAKTOR FUNDAMENTAL TERHADAP CAPITAL GAIN PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Abstract

The purpose of this study was to determine and analyze the influence of variables simultaneously Receivable Turnover ratio (RT), Quick Ratio (QR), Debt to Total Assets (DTA), Return on Equity (ROE), and Price Earning Ratio (PER) towards capital gains of manufacturing companies listed in Indonesia Stock Exchange. The populations in this study were all manufacturing companies amounted to 137 companies. While the samples in this study were drawn as many as 17 companies based on data captured in the period of 2004 to 2007. Sampling techniques (sampling) used in this research using purposive sampling method. Based on the results of research that the independent variables Receivable Turnover (RT), Quick Ratio (QR), Debt to Total Assets (DTA), Return on Equity (ROE), and Price Earning Ratio (PER) have an effect on the capital gain manufacturing companies listed on Indonesia Stock Exchange. The five variables are able to explain the capital gain variable of 47.10%%, while the remaining balance of 52.90% is explained or influenced by other variables not included in this model. Partially only Receivable Turnover (RT) and Debt to Total Assets (DTA) variables do not affect the capital gain manufacturing company listed on the Indonesia Stock Exchange, while the independent variable Quick Ratio (QR), Return on Equity (ROE), and Price Earning Ratio (PER) are influential to manufacturing company listed on the Indonesia Stock Exchange. The results of this study indicate that among the five variables fundamental factors above that has the most dominant influence on the capital gain manufacturing companies listed in Indonesia Stock Exchange is the Return on Equity (ROE), thus for the company management, the ROE variable can be used as guidelines to measure performance companies and for investors in doing fundamental analysis should consider the variable ROE as a tool for making investment decisions in order to obtain the expected capital gain.