PREDIKSI PERINGKAT OBLIGASI KORPORASI MENGGUNAKAN TREN RASIO KEUANGAN PERUSAHAAN

WENANG GINANJAR, . (2020) PREDIKSI PERINGKAT OBLIGASI KORPORASI MENGGUNAKAN TREN RASIO KEUANGAN PERUSAHAAN. Magister thesis, UNIVERSITAS NEGERI JAKARTA.

	Text Cover.pdf Download (604kB)
	Text BAB 1.pdf Download (195kB)
	Text BAB 2.pdf Restricted to Registered users only Download (348kB) | Request a copy
	Text BAB 3.pdf Restricted to Registered users only Download (394kB) | Request a copy
	Text BAB 4.pdf Restricted to Registered users only Download (544kB) | Request a copy
	Text BAB 5.pdf Download (58kB)
	Text Daftar Pustaka.pdf Download (290kB)
	Text LAMPIRAN.pdf Download (97kB)

Abstract

Penelitian ini bertujuan untuk mencari pengaruh coverage ratio, leverage ratio, profitability ratio dan cash-flow to debt ratio terhadap peringkat perusahaan penerbit obligasi dan membuat model peringkat penerbit obligasi korporasi dengan menggunakan rasio keuangan tersebut. Coverage ratio diwakili oleh times interest earned dan EBITDA/interest ratio, leverage ratio diwakili oleh debt to total capital dan total debt to EBITDA. Profitability ratio diwakili oleh return on total capital dan cash-flow to debt ratio diwakili oleh fund from operation/total debt dan free cash flow/total debt. Peringkat perusahaan penerbit obligasi yang digunakan adalah peringkat yang dikeluarkan oleh Standard & Poor Rating dengan teknik analisa data menggunakan regresi logistik multinomial dan menggunakan program SPSS. Hasil perhitungan mendapatkan hasil bahwa coverage ratio, leverage ratio, profitability ratio dan cash-flow to debt ratio berpengaruh terhadap peringkat perusahaan penerbit obligasi. Dengan melakukan pengujian menggunakan regresi logistik multinomial diperoleh tiga persamaan. Persamaan pertama diperoleh hasil Debt to Total Capital dan Return on Total Capital mempengaruhi probabilitas perusahan mendapatkan peringkat BB dibandingkan BBB. Pada persamaan kedua diperoleh hasil Time Interest Earned, Return on Total Capital, dan Fund From Operation to Total Debt mempengaruhi perusahaan mendapatkan peringkat B dibandingkan BBB, sedangkan persamaan ketiga didapatkan hasil Total Debt to EBITDA, Return on Total Capital, Fund From Operation to Total Debt, dan Free Opeperingkat Cash Flow to Total mempengaruhi perusahaan mendapatkan peringkat CCC dibandingkan BBB. Kata kunci : coverage ratio, leverage ratio, profitability ratio, cash-flow to debt ratio, regresi logistik multinomial This research intended to know the effect of coverage ratio, leverage ratio, profitability ratio, and cash-flow to debt ratio on the rating of bond issuer companies and to make a ranking model of corporate bond issuers using these financial ratios. Coverage ratio was represented by times interest earned and EBITDA/interest ratio, leverage ratio was represented by debt to total capital and total debt to EBITDA. Profitability ratio was represented by return on total capital and cash-flow to debt ratio was represented by fund from operation/total debt and free cash flow/total debt. The bond issuing company ratings used are the ratings issued by Standard & Poor Rating using data analysis techniques using multinomial logistic regression and using the SPSS program. The calculation results get the results that the coverage ratio, leverage ratio, profitability ratio, and cash-flow to debt ratio affect the issuer rating of the bond company. By testing using multinomial logistic regression three equations are obtained. The first equation obtained by the results of Debt to Total Capital and Return on Total Capital affect the probability of a company getting a BB rating compared to BBB. In the second equation the results of Time Interest Earned, Return on Total Capital, and Fund From Operation to Total Debt affect the company to get a rating B compared to BBB, while the third equation results in Total Debt to EBITDA, Return on Total Capital, Fund From Operation to Total Debt, and the Free Opinion Cash Flow to Total affects companies getting the CCC rating compared to BBB. Keyword: coverage ratio, leverage ratio, profitability ratio, cash-flow to debt ratio, regresi logistik multinomial

Item Type:	Thesis (Magister)
Additional Information:	1) Prof. Dr. Harya Kuncara Wiralaga SE, M.Si 2) Agung Dharmawan Buchdadi MM, Ph.D
Subjects:	Ilmu Sosial > Keuangan Manajemen > Manajemen , Business
Divisions:	FE > S2 Manajemen
Depositing User:	Users 1167 not found.
Date Deposited:	18 Mar 2020 12:56
Last Modified:	18 Mar 2020 12:56
URI:	http://repository.unj.ac.id/id/eprint/4129

Actions (login required)

View Item