Niki Hadian - INFLUENCE OF OBLIGATION LEVEL CHANGES...

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INFLUENCE OF OBLIGATION LEVEL CHANGES, INTEREST RATE, SBI, GROWING PDB, EXCANGE RATE RUPIAH-USD, AND INFLATION TOWARDS CHANGE OF CORPORATION OBLIGATION PRICE THAT LISTING ON PT BEI FOR PERIOD 2002-2007 Oleh: Niki Hadian E-mail: [email protected] Universitas Widyatama ABSTRACT Capital market plays an important role in an economiy. It aimed at establishing a facility for industries and entities to meet their demand for capital and to offer their excess of fund. It is expected that capital market could become a public instrument to support economic development. Bond rating could provide investors with information about the quality and the risk of a bond. The higher the rating the safer the bond is. Changes in bond rating therefore are expected to affect bond price. Beside that macroeconomic indicators such as economic growth, inflation, and foreign exchange could also affect bond price. This study aimed at finding the effect of bond rating changes and indicator of macro economy such as interest rate, economic growth, exchange rate, and inflation rate on the bond price change in Indonesia Stock Exchange market. Multiple Regression analysis is applied to the data of bonds rated by PT. PEFINDO and listed at PT. BEI (BES, in previously) in 2002 to 2007. The results shows that (1) rating change influence the bond price positively and significantly. Therefore, it can be use as a determinant of bond price change in the future, (2) the macroeconomic factors such as interest rate, exchange rate, and inflation rate affect the bond price significantly with negative signs, (3) Economic growth influence bond price negatively. It is shows that, increase in GDP does not effect bond price because Indonesian investors prefer to use their income for consumption rather than saving or investing. The reverse sign of GDP growth might also be resulted from the oil price increase in the observation period. It also shows that bond as an investment instrument is still not well- known to common people. Keywords : macroeconomic indicators, economic growth, inflation, foreign exchange, bond price, risk, bond rating.
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LATAR BELAKANG PENELITIAN Investasi yaitu menyimpan uang atau dana dengan adanya suatu resiko yang terkandung didalamnya. Tujuan investasi yaitu untuk meningkatkan kesejahteraan baik di masa kini maupun di masa yang akan datang. Media investasi dapat berupa suatu bentuk usaha (menjalankan usaha) atau dapat digunakan atau disimpan dalam bentuk saham atau obligasi (dengan harapan suatu margin profit tertentu) dengan cara membeli suatu saham atau obligasi tertentu di pasar modal melalui prosedur yang telah ditentukan. Pasar modal memiliki peranan penting dalam suatu negara. Tujuan pasar modal yaitu menciptakan fasilitas bagi keperluan industri dan keseluruhan entitas dalam memenuhi permintaan dan penawaran modal. Di Indonesia keberadaan pasar modal harus terus dikembangkan bagi dunia usaha agar dunia pasar modal dapat menarik minat para investor. Dengan adanya pasar modal yang menarik para investor diharapkan pasar modal
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