Intoduction
At this time competition in the business world
becomes more stringent , enterprises which are not competitive then will not
survive and will be eliminated from the business world . companies are required
to increase production capacity, expansion efforts or to enrich types of
products and also need adequate funding from different parties in order to
survive in the business competition . One of the funding that we know is the capital market . Besides the accuracy, investors should also be more selective when
choosing the company, and one way to know it is by reading financial reports or
financial performance of the company. Financial performance can be measured in
several ways , such as liquidity, which reflects the company 's ability to meet
short-term obligations of the enterprise, then identifies the solvency of
enterprises in the cover medium-term obligations and long-term , and that is the
ability of the company 's profitability by reaping the gains in a given period
. Differences in results of some of these studies that identified on liquidity
, solvency , and profitability effect on stock prices. Thus research related to
the influence of liquidity , solvency , and profitability that need to be
examined again emphasize the influence of the ratio of current liquidity ratios
, solvency ratios whereas through in this case the ratio of debt to assets ,
and by profitability ratios in the case of the gross profit margin is .
Summary of Problems
Do Liquidity Ratio , Solvency and Provotabilitas
significantly affect the price of shares in PT Astra International Tbk either
partially or simultaneously?
The purpose of the examination
To find out if Ratio Liquidity , Solvency and
Provotabilitas are significantly affect the price of shares in PT Astra
International Tbk either partially or simultaneously.
Research Methods
The research was conducted in order to find out what
variables that effect on the price of shares in PT . Astra International Tbk .
This study emphasizes and focuses on a case study approach is by doing research
at a certain time ( years 2008-2012 ) .
The data used is secondary data from 2008 to 2012
was collected from various sources , among which are:
·
Check the price of shares in PT . Astra
International Tbk. ( www.finance.yahoo.com )
·
Financial overview of PT . Astra
International Tbk . ( http://www.astra.co.id/index.php/profile/detail/2 ) .
Data Processing Method
The first step is getting the annual data about the
current ratio , debt to asset ratio , and gross profit margin , and the stock
price at PT . International Tbk years 2008-2012.
Step two is to calculate the relationship between
each variable with multiple linear regression analysis that includes:
·
Determining the independent variable
(independent ) and dependent variable ( dependent )
·
Determining manufacturing model
regression model
·
Significant test of the model.
Discussion
Liquidity Ratio Calculation
Liquidity ratio used by the author is Current Ratio
. Current Ratio is used to measure the company ability in fulfill short-term
liabilities with current assets
Calculation of Current Ratio at PT . Astra
International Tbk . Is as follows:
Current Ratio = 
=
= 97.46%
=
= 143.12%
=
= 124.62%
=
= 110.94%
=
= 119.05%
Current ratio in 2008 showed that 97.46 % of each
debt secured by Rp 1 , - asset . In 2009 the current ratio increases to 143.12 %
, and in the next two years in 2010 and 2011 its current ratio decreased
respectively to 124.62 % and 110.94 % ,
then rise again in 2012 that is about 119.05 % .
Solvency Ratio Calculation
Solvency ratios used by the author is Debt to Asset
Ratio . Debt to asset ratio is used to indicate the extent to which the debt
can be covered by assets , the greater the ratio more secure.
Debt to Asset Ratio Calculation at PT . Astra
International Tbk . Is as follows:
Debt to Asset Ratio = 
= 
=
12.43%
= 
=
10.12%
= 
=
11.80%
= 
=
25.46%
= 
= 29.35%
Debt to Asset Ratio in 2008 showed that each debt
secured by 12.43% to Rp . 1 , - asset . Whereas in 2009 its debt to asset ratio
of 10:12 % was decreasing , then in the next three years ie in 2010 , 2011, and
2012 debt to asset ratio at Pt . Astra International Tbk. consecutive increase
their experience as much as 11.80 % , 25.46 % , and 29.35 %.
Profitability Ratio Calculation
Profitability ratios are used by the author is Gross
Profit Margin . Gross profit margin is used to compare the gross profit by net
sales , and the ratio is also used to indicate how much of the net sale is the
gross profit.
Calculation of Gross Profit Margin at PT . Astra
International Tbk .:
Gross Profit Margin = 
X 100%
= 
=
10.71%
= 
=
11.22%
= 
=
11.18%
= 
=
10.60%
= 
=
10.52%
Gross profit margin in 2008 showed that 10.71 % of
each debt secured by Rp 1 , - asset . In 2009 its gross profit margin increased
to 11.22 % , while the next three years 2010 , 2011 , and 2012 gross profit margin of
PT . Astra International Tbk . decreased each 11:18 % , 10.60 % , and 10:52 %.
Hypothesis
Test
Analysis of Partial Test ( Test t )
This test is to find out the availability of the
influence of the independent variable on the dependent variables , while one or
more other independent variables in controlled conditions .
Table
of The Result of Partial Test Analysis ( Test T )
Current
Ratio, Debt to Asset Ratio, and Gross Profit Margin
PT
. Astra International Tbk .
|
Coefficientsa
|
|
Model
|
Unstandardized Coefficients
|
Standardized Coefficients
|
t
|
Sig.
|
|
B
|
Std. Error
|
Beta
|
|
1
|
(Constant)
|
-163217,756
|
26612,594
|
|
9,133
|
,103
|
|
Current Ratio
|
-87,207
|
29,499
|
-,534
|
7,956
|
,000
|
|
Debt to Asset Ratio
|
678,461
|
72,301
|
2,188
|
9,384
|
,000
|
|
Gross Profit Margin
|
15349,223
|
2626,936
|
1,841
|
6,843
|
,000
|
|
a. Dependent Variable: Stock Price
|
From the table above calculation, the results are :
a. Partial
coefficients for the current ratio
Based on the analysis performed above, t count coefficient is 7,956 , t
tabel coefficient (df = nk - 1 or df = 5-3-1 = 1
with an alpha of 5%) is 6,314 . Therefore, Ho is rejected and receive Ha .
Therefore, it can be concluded that there is an effect on the ratio of the
current stock price is positive and significant when the debt to asset ratio
and the gross profit margin handled.
b . Partial coefficient
for the debt to asset ratio
Based on the analysis performed above t calculation
coefficients is 9384 , t_tabel coefficient (df=1 and alpha 5 %) is at 6,314 . Therefore, Ho is rejected and
receive H_a . Therefore, it can be concluded that there are influences on debt
to asset ratio of stock price significantly and positively when the current
ratio and the gross profit margin handled.
c . Partial coefficient
for the gross profit margin
Based on the analysis performed above, t calculation
coefficients is 5,843 t _tabel coefficient (df = 1 and alpha 5 % ) is at 6,314
. Therefore, Ho is rejected and receive H_a . Therefore, it can be concluded
that there is an effect on the gross profit margin on stock price significantly
and positively when the current ratio and the debt to asset ratio was handled.
Simultaneous
Analysis Test ( Test F )
F test is used to determine the influence of the
independent variable on the whole / in conjunction with the dependent variable
.
Simultaneous Analysis Table Test (
Test F )
Current Ratio, Debt to Asset Ratio,
and Gross Profit Margin
PT . Astra International Tbk .
|
ANOVAa
|
|
Model
|
Sum of Squares
|
Df
|
Mean Square
|
F
|
Sig.
|
|
1
|
Regression
|
30193156,646
|
3
|
10064385,549
|
56,127
|
,000b
|
|
Residual
|
179313,354
|
1
|
179313,354
|
|
|
|
Total
|
30372470,000
|
4
|
|
|
|
|
a. Dependent Variable: Stock Price
|
|
b. Predictors: (Constant), Gross Profit Margin, Current Ratio,
Debt to Asset Ratio
|
From the table above the value of F = 56.127 and the
significance of F = 0.098 , whereas alpha set is 5 % . Degree of Freedom is
shown in calculation are DF1 = 3 and df2 = 1 . So, Ftable at
the alpha level of 5 % with Df1 = 3 and df2=1 is 10.1.
Therefore F count
>
F table ,
is 56.127 > 10.1 then HO is rejected and Ha is accepted . So it can be
concluded that there is a significant and positive influence of variable
current ratio , debt to asset ratio , and gross profit margin on variable stock
price.
Conclusion
The evaluation of research and hypothesis
testing model proposed in this study has some conclusions as follows:
1. The
analysis in this study received the first hypothesis (H1) because the test
results showed significant correlation between the two variables is proposed
earned value t count >
t table namely 7,956
> 6,314 . It can be concluded that the liquidity ratio is positive and
significant effect on stock price .
2. The
analysis of data in this study received the second hypothesis (H2) because the
test results showed significant correlation between the two variables is
proposed earned value value t count >
t table namely 9,384
> 6,314. It can be concluded that the solvency ratio is positive and significant
effect on stock price.
3. The
analysis of data in this study received the first hypothesis (H1)because the
test results showed significant correlation between the two variables is
proposed value t count >
t table namely namely
6,843 > 6,314 . It can be concluded that the profitability ratio is positive
and significant effect on stock price .
4. The
analysis of data in this study received a third variable hypothesis because the
test results showed significant relationships between the four variables
proposed and obtained value t count >
t table namely 56.127 > 10. So it can be concluded
that there is a significant and positive influence on all three variables
simultaneously namely liquidity ratio , solvency , profitability dfan the stock
price variable .
