Detail Inovasi Perguruan Tinggi


Tema: MANAJEMEN KEUANGAN
Judul: PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN
Perguruan Tinggi: Sekolah Tinggi Ilmu Ekonomi Kesatuan
Jenis/sdm: dosen/9904211641

Tahun: 2017

PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP
NILAI PERUSAHAAN
Corry Laura & Daniel Noer Achmad
Program Studi
Keuangan
, Sekolah Tinggi Ilmu Ekonomi Kesatuan
Bogor, Indonesia
Email :
lemlit@stiekesatuan.ac.id
ABSTRACT
The firm v
alue is the pri
ce that a potential buyer is willing to pay if the company
will be sold
. T
h
is
value also a benchmark for investors to invest to obtain the desired
profit. Dividend policy is to determine how much of the profits will be distributed as
dividend to shareholde
rs and how much
as
retained earnings. Capital structure is a
proposition in determining the fulfillment of company spending where the proceeds are
used for a combination or
mixed
that is the main source comes from the company's long
-
term funding consists o
f two main sources, from within and outside the company. The
purpose of this study
is
to determine the relationship, the relationship
closeness
and
influence between capital structure, dividend policy as a free variable
against
the value
of the company as
the dependent variable. Capital structure with
DER
indicators,
dividend policy
proxied by payout ratio
, and the value of the company
proxied by two
indicators namely
market value and intrinsic value per share. In this
study
the authors
perform statistical
testing either partially or simultaneously.
The method of analysis u
se
d
in this study are
the correlation coefficient
analysis
(R)
to identify
the relationship
among
v
ariables. The coefficient of determination
analysis
(R
2
) to determine the closeness of th
e
relationship between
independent
variable
s and dependent variable
s, and regression
coefficient
analysis
to measure the magnitude of the
influence
of independent variables
against
dependent variable
s
. Besides, the trend analysis of the data was conducted
to
determine the development of data during the research period. Significant test conducted
by F test and t test. The level of significance set in this study
is
10%. The analysis found
several important findings. Some are such as INTP R between capital str
ucture and share
price stood at
0
.690 or at the level of a strong relationship. While on SMGR R is at 0,877
or very strong. Level of significance of both companies respectively 0.058 and 0.004.
Meanwhile, Figures R between capital structure and intrinsic v
alue reached 0.306 INTP
or weak and insignificant (0.461). While on SMGR reached 0,841 or very strong with
significance level of 0.009.
Keywords: capital structure, dividend policy,
firm value
PENDAHULUAN
Keputusan pendanaan sangatlah penting bagi se
buah perusahaan yang tercermin
pada
pemilihan sumber dana, baik yang berasal dari dalam (internal) maupun luar
(eksternal) perusahaan karena dapat mempengaruhi nilai perusahaan.
Seorang manajer
keuangan memiliki peran penting dalam kelangsungan perusahaan
yaitu menyediakan
dana. Maka untuk mendapatkan pendanaan, perusahaan harus loyal kepada investor
dalam memberikan informasi berupa laporan keuangan agar para investor dapat
melakukan analisisnya dengan keputusan untuk menanamkan modalnya pada
perusahaan.