Analisis Pengaruh Rasio Profitabilitas Terhadap Harga Saham pada Perusahaan Perbankan yang Terdaftar di Bei Tahun 2008-2010

Abstract

Purpose of the research is to know effect of Return on Assets (ROA), Return on Equity (ROE) and Net Profit Margin (NPM) on stock prices of banking companies listed in Indonesian Exchange of 2008-2010 period. Results of the research is expected to use as information or input in valuing stock price and decision making related to portfolio investment in capital market by considering profitability factors in predicting stock price. According to its data analysis, the research is a quantitative one, namely, the research analyses data of number. Analysis tools of the research are multiple linear regression with t-test, F-test and determination coefficient. Population of the research is industry of banking listed in Indonesian Exchange. Sample is taken by using purposive sampling technique, namely, a sample with selected elements purposively, and with reason that the sample meets certain criteria and it is representative for the population. Sample of the research is some banking companies listed in Indonesian Exchange of 2008-2010. Based on the research, it was found that ROA had no significant effect on stock prices of banking companies in Indonesian Exchange. It is possible because disproportionate return between investment and profit exists, so that investor experiences loss and in turn, it discourages investor to make investment and then, it has impact of decreased stock price. ROE had significant effect on stock prices of banking companies listed in Indonesian Exchange. It indicates that higher profit of a company acquired from stock capital, the higher stock price of the company. NPM had no significant effect on stock price of banking companies listed in Indonesian Exchange. It is possible because operational profit made by the company is not net profit, so that it will not provide profit for investor and it may result in decreased stock price.