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http://www.sahamok.com
http://www.saham.com/emiten/bumn-publik-bei
http://www.sahamok.com/emiten/kapitalisasi-pasar
http://pustakabakul.blogspot.co.id//2013/05/pengaruh-pertumbuhan-aset-terhadap-
nilai-perusahaan.html?=1
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
87
LAMPIRAN
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
88
Lampiran 1
Data Kriteria Sampel
No Kode Nama Emiten
1 ADHI Adhi Karya (Persero) Tbk
2 ANTM Aneka Tambang (Persero) Tbk
3 BBNI Bank Negara Indonesia Tbk
4 BBRI Bank Rakyat Indonesia (Persero) Tbk
5 BBTN Bank Tabungan Negara (Persero) Tbk
6 BMRI Bank Mandiri (Persero) Tbk
7 JSMR Jasa Marga Tbk
8 KAEF Kimia Farma (Persero) Tbk
9 PTBA Tambang Batubara Bukit Asam Tbk
10 PTPP PP (Persero) Tbk
11 SMGR Semen Indonesia (Persero) Tbk
12 TINS Timah (Persero) Tbk
13 TLKM Telekomunikasi Indonesia (Persero) Tbk
14 WIKA Wijaya Karya Tbk
Lampiran 2
Perhitungan Independen Total Asset Growth Periode 2011 – 2014
No Nama Tahun Total Asset t - Total Asset t-1 / Total Asset t-1
Total Asset t Total Asset t-1 TAG
1 ADHI
2011 6,112,953,591,126 4,927,696,202,275 0.24052972
2012 7,872,073,635,468 6,112,953,591,126 0.287769246
2013 9,720,961,764,422 7,872,073,635,468 0.234866722
2014 10,458,881,684,274 9,720,961,764,422 0.075910176
2 ANTM
2011 15,201,235,077,000 12,218,889,770,000 0.244076619
2012 19,708,540,946,000 15,201,235,077,000 0.296509188
2013 21,865,117,391,000 19,708,540,946,000 0.109423445
2014 22,044,202,220,000 21,865,117,391,000 0.008190435
3 BBNI 2011 299,058,161,000,000 248,580,529,000,000 0.203063499
2012 333,303,506,000,000 299,058,161,000,000 0.114510652
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
89
2013 386,654,815,000,000 333,303,506,000,000 0.16006825
2014 416,573,708,000,000 386,654,815,000,000 0.077378819
4 BBRI
2011 469,899,284,000,000 404,285,602,000,000 0.162295372
2012 551,336,790,000,000 469,899,284,000,000 0.173308428
2013 626,182,926,000,000 551,336,790,000,000 0.13575393
2014 801,955,021,000,000 626,182,926,000,000 0.280704069
5 BBTN
2011 89,121,459,000,000 68,385,539,000,000 0.303220832
2012 111,748,593,000,000 89,121,459,000,000 0.253890974
2013 131,169,730,000,000 111,748,593,000,000 0.173793123
2014 144,575,961,000,000 131,169,730,000,000 0.102205219
6 BMRI
2011 551,891,704,000,000 449,774,551,000,000 0.227040754
2012 635,618,708,000,000 551,891,704,000,000 0.151709119
2013 733,099,762,000,000 635,618,708,000,000 0.153364042
2014 855,039,673,000,000 733,099,762,000,000 0.166334675
7 JSMR
2011 21,432,133,718,000 16,952,129,334,000 0.264273844
2012 24,753,551,441,000 21,432,133,718,000 0.154973731
2013 28,366,345,328,000 24,753,551,441,000 0.145950527
2014 31,857,947,989,000 28,366,345,328,000 0.12308962
8 KAEF
2011 1,794,242,423,105 1,657,291,834,312 0.082635168
2012 2,076,347,580,785 1,794,242,423,105 0.157228006
2013 2,471,939,548,890 2,076,347,580,785 0.190522999
2014 2,968,184,626,297 2,471,939,548,890 0.2007513
9 PTBA
2011 11,507,104,000,000 8,722,699,000,000 0.319213698
2012 12,728,981,000,000 11,510,262,000,000 0.105881082
2013 11,677,155,000,000 12,728,981,000,000 -0.08263238
2014 14,812,023,000,000 11,677,155,000,000 0.268461624
10 PTPP
2011 6,933,353,587,843 5,444,073,899,824 0.273559785
2012 8,550,850,524,674 6,933,353,587,843 0.233292146
2013 12,415,669,401,062 8,550,850,524,674 0.451980638
2014 14,611,864,850,970 12,415,669,401,062 0.176889008
11 SMGR
2011 19,661,602,767,000 15,562,998,946,000 0.263355658
2012 26,579,083,786,000 19,661,602,767,000 0.351826914
2013 30,792,884,092,000 26,579,083,786,000 0.158538208
2014 34,314,666,027,000 30,792,884,092,000 0.114369993
12 TINS
2011 6,569,807,000,000 5,881,108,000,000 0.117103614
2012 6,101,007,000,000 6,569,807,000,000 -0.071356738
2013 7,883,294,000,000 6,101,007,000,000 0.292129971
2014 9,752,477,000,000 7,883,294,000,000 0.237106849
13 TLKM 2011 103,054,000,000,000 100,501,000,000,000 0.025402732
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
90
2012 111,369,000,000,000 103,054,000,000,000 0.080685854
2013 127,951,000,000,000 111,369,000,000,000 0.148892421
2014 140,895,000,000,000 127,951,000,000,000 0.101163727
14 WIKA
2011 8,322,979,571,000 6,286,304,902,000 0.323985982
2012 10,945,209,418,000 8,322,979,571,000 0.315059027
2013 12,594,962,700,000 10,945,209,418,000 0.150728343
2014 15,915,161,682,000 12,594,962,700,000 0.263613245
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
91
Lampiran 3
Perhitungan Independen Market to Book Asset Ratio Periode 2011 – 2014
No Nama Tahun (Asset - Total Ekuitas + (Saham Beredar x Harga Penutupan)/Total Aset
Asset Total Ekuitas Saham Beredar Harga Penutupan MBAR
1 ADHI
2011 6,112,953,591,126 990,367,790,588 1,801,320,000 580 1.008898777
2012 7,872,073,635,468 1,180,918,969,692 1,801,320,000 1,760 1.252716669
2013 9,720,961,764,422 1,548,462,792,571 1,801,320,000 1,510 1.120515895
2014 10,458,881,684,274 1,751,543,349,644 1,801,320,000 3,480 1.431886543
2 ANTM
2011 15,201,235,077,000 10,772,043,550,000 9,538,459,750 1,620 1.307886907
2012 19,708,540,946,000 12,832,316,056,000 9,538,459,750 1,280 0.968384896
2013 21,865,117,391,000 12,793,487,532,000 9,538,459,750 1,090 0.890393161
2014 22,044,202,220,000 11,929,561,267,000 9,538,459,750 1,065 0.919656805
3 BBNI
2011 299,058,161,000,000 37,843,024,000,000 18,462,169,893 3,800 1.108049958
2012 333,303,506,000,000 43,525,291,000,000 18,462,169,893 3,700 1.074360867
2013 386,654,815,000,000 47,683,505,000,000 18,462,169,893 3,950 1.065283206
2014 416,573,708,000,000 61,021,308,000,000 18,462,169,893 6,100 1.123862662
4 BBRI
2011 469,899,284,000,000 49,820,329,000,000 24,422,470,380 6,750 1.244800003
2012 551,336,790,000,000 64,881,779,000,000 24,422,470,380 6,950 1.190182103
2013 626,182,926,000,000 79,327,422,000,000 24,422,470,380 7,250 1.156081369
2014 801,955,021,000,000 97,737,429,000,000 24,422,470,380 11,650 1.232911256
5 BBTN
2011 89,121,459,000,000 7,321,643,000,000 8,745,199,075 1,210 1.036579831
2012 111,748,593,000,000 10,278,871,000,000 10,250,540,500 1,450 1.041024344
2013 131,169,730,000,000 11,556,753,000,000 10,458,953,500 870 0.981265011
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
92
2014 144,575,961,000,000 12,206,406,000,000 10,461,796,000 1,205 1.002767114
6 BMRI
2011 551,891,704,000,000 62,654,408,000,000 23,099,999,999 6,750 1.16900162
2012 635,618,708,000,000 76,532,865,000,000 23,099,999,999 8,100 1.173967716
2013 733,099,762,000,000 88,790,596,000,000 23,099,999,999 7,850 1.126237122
2014 855,039,673,000,000 104,844,562,000,000 23,099,999,999 10,775 1.168480999
7 JSMR
2011 21,432,133,718,000 9,240,280,261,000 6,800,000,000 4,200 1.901437066
2012 24,753,551,441,000 9,787,785,568,000 6,800,000,000 5,450 2.101749561
2013 28,366,345,328,000 10,866,980,040,000 6,800,000,000 4,725 1.749586163
2014 31,857,947,989,000 11,424,995,629,000 6,800,000,000 7,050 2.146181932
8 KAEF
2011 1,794,242,423,105 1,252,505,683,826 5,554,000,000 340 1.354385956
2012 2,076,347,580,785 1,441,533,689,666 5,554,000,000 740 2.285153957
2013 2,471,939,548,890 1,624,354,688,981 5,554,000,000 590 1.668505551
2014 2,968,184,626,297 1,811,143,949,913 5,554,000,000 1,465 3.131089149
9 PTBA
2011 11,507,104,000,000 8,165,002,000,000 2,304,131,850 17,350 3.764525774
2012 12,728,981,000,000 8,505,169,000,000 2,304,131,850 15,100 3.065147394
2013 11,677,155,000,000 7,551,569,000,000 2,304,131,850 10,200 2.365964216
2014 14,812,023,000,000 8,670,842,000,000 2,304,131,850 12,500 2.35908553
10 PTPP
2011 6,933,353,587,843 1,425,439,849,740 4,842,436,500 485 1.133145071
2012 8,550,850,524,674 1,655,849,031,797 4,842,436,500 830 1.276390431
2013 12,415,669,401,062 1,984,747,306,312 4,842,436,500 1,160 1.292572145
2014 14,611,864,850,970 2,390,270,175,491 4,842,436,500 3,575 2.021186581
11 SMGR
2011 19,661,602,767,000 14,615,096,979,000 5,931,520,000 11,450 3.710908549
2012 26,579,083,786,000 18,164,854,648,000 5,931,520,000 15,850 3.853737848
2013 30,792,884,092,000 21,803,975,875,000 5,931,520,000 14,150 3.017577566
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
93
2014 34,314,666,027,000 25,002,451,936,000 5,931,520,000 16,200 3.071655659
12 TINS
2011 6,569,807,000,000 4,597,795,000,000 5,033,020,000 1,670 1.579522108
2012 6,101,007,000,000 4,558,200,000,000 5,033,020,000 1,540 1.52329899
2013 7,883,294,000,000 4,892,110,000,000 5,033,020,000 1,600 1.400939252
2014 9,752,477,000,000 5,608,242,000,000 7,447,753,454 1,230 1.364265894
13 TLKM
2011 103,054,000,000,000 60,981,000,000,000 20,159,999,280 7,050 1.787422079
2012 111,369,000,000,000 66,978,000,000,000 20,159,999,280 9,050 2.036823474
2013 127,951,000,000,000 77,424,000,000,000 100,799,996,400 2,150 2.088666695
2014 140,895,000,000,000 86,125,000,000,000 100,799,996,400 2,865 2.438425705
14 WIKA
2011 8,322,979,571,000 2,219,375,875,000 6,027,113,500 610 1.175077128
2012 10,945,209,418,000 2,814,005,594,000 6,102,341,500 1,480 1.568053071
2013 12,594,962,700,000 3,226,958,875,000 6,139,968,000 1,580 1.51403015
2014 15,915,161,682,000 4,978,758,224,000 6,149,225,000 3,680 2.109029875
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
94
Lampiran 4
Perhitungan Independen Market Debt to Equity Ratio Periode 2011 – 2014
No Nama Tahun Total Hutang/Total Modal Sendiri
Total Hutang Total Modal Sendiri MDER
1 ADHI
2011 5,122,585,800,538 990,367,790,588 5.172407513
2012 6,691,154,665,776 1,180,918,969,692 5.666057399
2013 8,172,498,971,851 1,548,462,792,571 5.277814237
2014 8,707,338,334,630 1,751,543,349,644 4.971237701
2 ANTM
2011 4,429,191,527,000 10,772,043,550,000 0.411174677
2012 6,876,224,890,000 12,832,316,056,000 0.535852208
2013 9,071,629,859,000 12,793,487,532,000 0.709081854
2014 10,114,640,953,000 11,929,561,267,000 0.847863616
3 BBNI
2011 261,215,137,000,000 37,843,024,000,000 6.902596817
2012 289,778,215,000,000 43,525,291,000,000 6.65769736
2013 338,971,310,000,000 47,683,505,000,000 7.108775037
2014 341,148,654,000,000 61,021,308,000,000 5.590648008
4 BBRI
2011 420,078,955,000,000 49,820,329,000,000 8.43187838
2012 486,455,011,000,000 64,881,779,000,000 7.497559692
2013 546,855,504,000,000 79,327,422,000,000 6.893650269
2014 704,217,592,000,000 97,737,429,000,000 7.205198655
5 BBTN
2011 81,799,816,000,000 7,321,643,000,000 11.17233058
2012 101,469,722,000,000 10,278,871,000,000 9.871679682
2013 119,612,977,000,000 11,556,753,000,000 10.35005049
2014 132,369,555,000,000 12,206,406,000,000 10.84426939
6 BMRI
2011 451,379,750,000,000 62,654,408,000,000 7.20427763
2012 518,705,769,000,000 76,532,865,000,000 6.777555877
2013 596,735,488,000,000 88,790,596,000,000 6.720705963
2014 697,019,624,000,000 104,844,562,000,000 6.648123762
7 JSMR
2011 12,191,853,456,000 9,240,280,261,000 1.31942464
2012 14,965,765,873,000 9,787,785,568,000 1.529024698
2013 17,499,365,288,000 10,866,980,040,000 1.6103246
2014 20,432,952,360,000 11,424,995,629,000 1.788442904
8 KAEF
2011 541,736,739,279 1,252,505,683,826 0.43252238
2012 634,813,891,119 1,441,533,689,666 0.440373954
2013 847,584,859,909 1,624,354,688,981 0.521797897
2014 1,157,040,676,384 1,811,143,949,913 0.638845232
9 PTBA 2011 3,342,102,000,000 8,165,002,000,000 0.409320414
2012 4,223,812,000,000 8,505,169,000,000 0.496617057
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
95
2013 4,125,586,000,000 7,551,569,000,000 0.546321698
2014 6,141,181,000,000 8,670,842,000,000 0.708256591
10 PTPP
2011 5,507,913,738,103 1,425,439,849,740 3.864009933
2012 6,895,001,492,877 1,655,849,031,797 4.164027855
2013 10,430,922,094,750 1,984,747,306,312 5.255541631
2014 12,221,594,675,479 2,390,270,175,491 5.113059938
11 SMGR
2011 5,046,505,788,000 14,615,096,979,000 0.345294034
2012 8,414,229,138,000 18,164,854,648,000 0.463214779
2013 8,988,908,217,000 21,803,975,875,000 0.412260051
2014 9,312,214,091,000 25,002,451,936,000 0.372452034
12 TINS
2011 1,972,012,000,000 4,597,795,000,000 0.428903855
2012 1,542,807,000,000 4,558,200,000,000 0.338468474
2013 2,991,184,000,000 4,892,110,000,000 0.611430242
2014 4,144,235,000,000 5,608,242,000,000 0.738954382
13 TLKM
2011 42,073,000,000,000 60,981,000,000,000 0.68993621
2012 44,391,000,000,000 66,978,000,000,000 0.662769865
2013 50,527,000,000,000 77,424,000,000,000 0.652601261
2014 54,770,000,000,000 86,125,000,000,000 0.635936139
14 WIKA
2011 6,103,603,696,000 2,219,375,875,000 2.750144203
2012 8,131,203,824,000 2,814,005,594,000 2.889547854
2013 9,368,003,825,000 3,226,958,875,000 2.90304407
2014 10,936,403,458,000 4,978,758,224,000 2.196612683
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
96
Lampiran 5
Perhitungan Independen Dividend Payout Ratio Periode 2011 – 2014
No Nama Tahun Dividen Per Lembar Saham/Laba Per Lembar Saham
Dividen Per Lembar Saham Laba Per Lembar Saham DPR
1 ADHI
2011 31.55747027 103.64 0.304491222
2012 32.6052023 117.46 0.277585581
2013 23.49281572 225.38 0.10423647
2014 67.61321715 179.91 0.375816893
2 ANTM
2011 70.59420647 202.44 0.348716689
2012 103.6465952 314.06 0.330021636
2013 47.06915569 43 1.094631528
2014 9.670054539 -81 -0.119383389
3 BBNI
2011 74.78179477 312 0.23968524
2012 74.97682222 378 0.198351382
2013 113.3510076 486 0.233232526
2014 145.6568202 578 0.252001419
4 BBRI
2011 111.6118983 628.91 0.177468792
2012 146.7380611 778.93 0.188384144
2013 225.2320123 865.22 0.260317621
2014 257.4170132 982.67 0.261956723
5 BBTN
2011 34.72623635 123 0.282327125
2012 25.38372137 148 0.171511631
2013 38.73115704 148 0.261697007
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
97
2014 44.34722573 106 0.418370054
6 BMRI
2011 136.4016 529.33 0.257687265
2012 126.0378857 664.46 0.189684685
2013 199.338 780.16 0.255509126
2014 234.0482571 851.66 0.274814195
7 JSMR
2011 110.5740004 197.68 0.559358562
2012 82.73150044 235.91 0.350690943
2013 94.24060118 196.52 0.479547126
2014 78.98562588 206 0.383425368
8 KAEF
2011 8.332189345 30.93 0.269388598
2012 6.185233717 36.93 0.167485343
2013 5.540115799 38.63 0.143414854
2014 9.696757844 42.24 0.229563396
9 PTBA
2011 556.284138 1,339 0.415447452
2012 701.3179389 1,262 0.555719444
2013 694.6633718 822 0.84508926
2014 438.827752 927 0.473384846
10 PTPP
2011 0.080965118 50 0.001619302
2012 0.08376247 64 0.001308789
2013 0.098168506 87 0.001128374
2014 0.133370395 110 0.001212458
11 SMGR
2011 250.4013231 662 0.378249733
2012 333.1427435 817 0.407763456
2013 372.8159153 905 0.411951288
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
98
2014 409.0929104 938 0.436133167
12 TINS
2011 94.16592821 178 0.529022069
2012 89.08488343 86 1.035870738
2013 42.8742584 109 0.39334182
2014 38.04516379 86 0.442385625
13 TLKM
2011 90.29762227 559.67 0.16134083
2012 106.488099 669.19 0.159129842
2013 129.4047665 147.42 0.877796544
2014 153.055561 149.83 1.021528139
14 WIKA
2011 19.81463358 60.59 0.327028117
2012 21.10912777 76.01 0.27771514
2013 24.57417807 92.93 0.264437513
2014 27.80545548 100.19 0.277527253
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
99
Lampiran 6
Perhitungan Dependen Free Cash Flow Periode 2011 – 2014
No Nama Tahun NOPAT-Investasi bersih modal operasi
Laba Setelah Pajak Investasi bersih modal operasi Total Asset FCF
1 ADHI
2011 182,692,722,038 -25417485627 4,927,696,202,275 0.042232759
2012 213,317,532,467 961,775,738,943 6,112,953,591,126 -0.122438065
2013 408,437,913,454 1,043,466,531,690 7,872,073,635,468 -0.080668531
2014 326,656,560,598 -368,053,296,829 9,720,961,764,422 0.071465136
2 ANTM
2011 1,927,891,998,000 2,619,285,176,000 12,310,732,099,000 -0.056161825
2012 2,993,115,731,000 -5,329,451,681,000 15,201,235,077,000 0.547492843
2013 409,947,369,000 -3,417,225,788,000 19,708,540,946,000 0.194188559
2014 -775,286,289,000 -2,744,237,464,000 21,865,117,391,000 0.090049879
3 BBNI
2011 5,808,218,000,000 7,289,394,000,000 248,580,529,000,000 -0.005958536
2012 7,202,604,000,000 11,000,448,000,000 299,058,161,000,000 -0.012699349
2013 9,057,941,000,000 15,453,661,000,000 333,303,506,000,000 -0.019188877
2014 10,829,379,000,000 18,550,626,000,000 386,654,815,000,000 -0.019969354
4 BBRI
2011 15,087,996,000,000 15,114,133,000,000 404,285,602,000,000 -6.46498E-05
2012 18,687,380,000,000 11,106,798,000,000 469,899,284,000,000 0.016132355
2013 21,354,330,000,000 9,422,648,000,000 551,336,790,000,000 0.021641367
2014 24,253,845,000,000 27,155,677,000,000 626,182,926,000,000 -0.00463416
5 BBTN
2011 1,118,661,000,000 3,191,941,000,000 68,385,539,000,000 -0.030317521
2012 1,363,962,000,000 3,849,405,000,000 89,121,459,000,000 -0.027888267
2013 1,562,161,000,000 2,257,131,000,000 111,748,593,000,000 -0.006219049
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
100
2014 1,115,592,000,000 424,279,000,000 131,169,730,000,000 0.00527037
6 BMRI
2011 12,695,885,000,000 63,868,007,000,000 449,774,551,000,000 -0.113772827
2012 16,043,618,000,000 14,787,184,000,000 551,891,704,000,000 0.002276595
2013 18,829,934,000,000 22,415,117,000,000 635,618,708,000,000 -0.005640462
2014 20,654,783,000,000 26,564,143,000,000 733,099,762,000,000 -0.008060786
7 JSMR
2011 1,318,823,974,000 -4,887,096,906,000 18,952,129,334,000 0.327452434
2012 1,535,812,200,000 10,836,128,757,000 20,915,890,567,000 -0.444653147
2013 1,237,820,534,000 772,986,951,000 24,753,551,441,000 0.01877846
2014 1,215,331,727,000 393,294,799,000 28,366,345,328,000 0.028979303
8 KAEF
2011 171,763,175,754 120,086,287,385 1,657,291,834,312 0.031181526
2012 205,763,997,378 142,858,203,024 1,794,242,423,105 0.035059808
2013 215,642,329,977 46,373,241,795 2,076,347,580,785 0.08152252
2014 236,531,070,864 61,832,676,059 2,471,939,548,890 0.0706726
9 PTBA
2011 3,088,067,000,000 1,229,151,000,000 8,722,699,000,000 0.213112478
2012 2,909,421,000,000 -712,185,000,000 11,507,104,000,000 0.314727841
2013 1,854,281,000,000 -3,678,752,000,000 12,728,981,000,000 0.434679964
2014 2,019,214,000,000 -1,560,323,000,000 11,677,155,000,000 0.306541876
10 PTPP
2011 240,223,174,382 41,229,548,265 5,444,073,899,824 0.036552337
2012 309,682,829,604 618,899,829,150 6,933,353,587,843 -0.044598475
2013 420,719,976,436 899,862,746,566 8,550,850,524,674 -0.056034516
2014 532,065,270,922 229,417,445,454 12,415,669,401,062 0.024376279
11 SMGR
2011 3,955,272,512,000 -4,047,210,272,000 15,562,998,946,000 0.514199276
2012 4,926,639,847,000 -6,504,338,504,000 19,661,602,767,000 0.581385886
2013 5,354,298,521,000 -800,015,359,000 26,579,083,786,000 0.231547255
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
101
2014 5,573,577,279,000 342,247,227,000 30,792,884,092,000 0.169887628
12 TINS
2011 896,806,000,000 216,393,000,000 5,881,108,000,000 0.115694696
2012 431,588,000,000 -446,823,000,000 6,569,807,000,000 0.133704232
2013 544,401,000,000 -214,589,000,000 6,101,007,000,000 0.124404053
2014 677,368,000,000 -10,091,000,000 7,883,294,000,000 0.087204537
13 TLKM
2011 1,547,000,000,000 1,746,679,000,000 99,758,447,000,000 -0.002001625
2012 18,362,000,000,000 2,647,000,000,000 103,054,000,000,000 0.152492868
2013 20,290,000,000,000 -8,942,000,000,000 111,369,000,000,000 0.262478787
2014 21,446,000,000,000 -10,710,000,000,000 127,951,000,000,000 0.251314957
14 WIKA
2011 390,946,495,000 -1,116,605,266,000 6,286,304,902,000 0.239815247
2012 505,124,962,000 -468,324,115,000 8,322,979,571,000 0.116959205
2013 624,371,679,000 -434,643,177,000 10,945,209,418,000 0.096756016
2014 750,795,820,000 -693,166,083,000 12,594,962,700,000 0.114645985
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
102
Perhitungan Rumus : FCF = NOPAT – Investasi bersih modal operasi
Pada Tahun 2010
Emiten Tahun 2010
Modal Kerja Operasi Bersih = Asset Lancar - Kewajiban Lancar Total Modal Operasi = Modal Kerja - Aktiva Tetap Bersih
Asset Lancar Kewajiban Lancar Modal Kerja Modal Kerja Aktiva Tetap Bersih Total Modal Operasi
ADHI 3,943,832,511,662 3,450,703,172,062 493,129,339,600 493,129,339,600 186,401,376,095 306,727,963,505
ANTM 7,593,630,426,000 1,989,071,312,000 5,604,559,114,000 5,604,559,114,000 2,952,396,841,000 2,652,162,273,000
BBNI 239,588,624,000,000 203,032,338,000,000 36,556,286,000,000 36,556,286,000,000 3,838,079,000,000 32,718,207,000,000
BBRI 395,540,777,000,000 346,142,318,000,000 49,398,459,000,000 49,398,459,000,000 1,568,945,000,000 47,829,514,000,000
BBTN 65,802,560,000,000 56,490,002,000,000 9,312,558,000,000 9,312,558,000,000 1,450,837,000,000 7,861,721,000,000
BMRI 434,461,666,000,000 383,286,713,000,000 51,174,953,000,000 51,174,953,000,000 5,527,000,000,000 45,647,953,000,000
JSMR 4,090,141,492,000 2,478,279,260,000 1,611,862,232,000 1,611,862,232,000 10,100,448,190,000 -8,488,585,958,000
KAEF 1,139,548,849,755 469,822,675,254 669,726,174,501 669,726,174,501 413,196,818,855 256,529,355,646
PTBA 6,645,953,000,000 1,147,728,000,000 5,498,225,000,000 5,498,225,000,000 921,005,000,000 4,577,220,000,000
PTPP 5,229,927,193,374 3,729,101,968,314 1,500,825,225,060 1,500,825,225,060 77,126,920,371 1,423,698,304,689
SMGR 7,343,604,756,000 2,517,518,619,000 4,826,086,137,000 4,826,086,137,000 7,662,560,326,000 -2,836,474,189,000
TINS 4,108,890,000,000 1,269,482,000,000 2,839,408,000,000 2,839,408,000,000 1,361,918,000,000 1,477,490,000,000
TLKM 18,730,627,000,000 20,472,898,000,000 -1,742,271,000,000 -1,742,271,000,000 75,832,408,000,000 -77,574,679,000,000
WIKA 5,122,672,881,000 3,642,026,776,000 1,480,646,105,000 1,480,646,105,000 405,546,470,000 1,075,099,635,000
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
103
Tahun 2011 – 2014
No Nama Tahun Modal Kerja Operasi Bersih = Asset Lancar - Kewajiban Lancar Total Modal Operasi = Modal Kerja - Aktiva Tetap Bersih
Asset Lancar Kewajiban Lancar Modal Kerja Modal Kerja Aktiva Tetap Bersih Total Modal Operasi
1 ADHI
2011 5,377,659,563,432 4,875,487,799,723 502,171,763,709 502,171,763,709 220,861,285,831 281,310,477,878
2012 7,283,097,472,884 5,852,574,120,387 1,430,523,352,497 1,430,523,352,497 187,437,135,676 1,243,086,216,821
2013 9,099,466,807,010 6,541,657,147,336 2,557,809,659,674 2,557,809,659,674 271,256,911,163 2,286,552,748,511
2014 9,484,298,907,925 7,069,703,612,022 2,414,595,295,903 2,414,595,295,903 496,095,844,221 1,918,499,451,682
2 ANTM
2011 9,108,019,774,000 855,829,583,000 8,252,190,191,000 8,252,190,191,000 2,980,742,742,000 5,271,447,449,000
2012 7,646,851,196,000 3,041,406,158,000 4,605,445,038,000 4,605,445,038,000 4,663,449,270,000 -58,004,232,000
2013 7,080,437,173,000 3,855,511,633,000 3,224,925,540,000 3,224,925,540,000 6,700,155,560,000 -3,475,230,020,000
2014 6,343,109,936,000 3,862,917,319,000 2,480,192,617,000 2,480,192,617,000 8,699,660,101,000 -6,219,467,484,000
3 BBNI
2011 289,653,698,000,000 245,593,389,000,000 44,060,309,000,000 44,060,309,000,000 4,052,708,000,000 40,007,601,000,000
2012 325,080,211,000,000 269,480,574,000,000 55,599,637,000,000 55,599,637,000,000 4,591,588,000,000 51,008,049,000,000
2013 376,997,893,000,000 305,022,614,000,000 71,975,279,000,000 71,975,279,000,000 5,513,569,000,000 66,461,710,000,000
2014 406,313,429,000,000 315,079,043,000,000 91,234,386,000,000 91,234,386,000,000 6,222,050,000,000 85,012,336,000,000
4 BBRI
2011 460,121,003,000,000 395,324,538,000,000 64,796,465,000,000 64,796,465,000,000 1,852,818,000,000 62,943,647,000,000
2012 540,545,673,000,000 463,690,862,000,000 76,854,811,000,000 76,854,811,000,000 2,804,366,000,000 74,050,445,000,000
2013 613,017,771,000,000 525,572,066,000,000 87,445,705,000,000 87,445,705,000,000 3,972,612,000,000 83,473,093,000,000
2014 785,584,957,000,000 669,038,717,000,000 116,546,240,000,000 116,546,240,000,000 5,917,470,000,000 110,628,770,000,000
5 BBTN
2011 86,219,986,000,000 73,668,869,000,000 12,551,117,000,000 12,551,117,000,000 1,497,455,000,000 11,053,662,000,000
2012 108,533,840,000,000 92,047,961,000,000 16,485,879,000,000 16,485,879,000,000 1,582,812,000,000 14,903,067,000,000
2013 127,939,548,000,000 109,256,626,000,000 18,682,922,000,000 18,682,922,000,000 1,522,724,000,000 17,160,198,000,000
2014 140,896,100,000,000 121,823,240,000,000 19,072,860,000,000 19,072,860,000,000 1,488,383,000,000 17,584,477,000,000
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
104
6 BMRI
2011 535,678,095,000,000 420,112,889,000,000 115,565,206,000,000 115,565,206,000,000 6,049,246,000,000 109,515,960,000,000
2012 616,448,738,000,000 485,142,904,000,000 131,305,834,000,000 131,305,834,000,000 7,002,690,000,000 124,303,144,000,000
2013 711,062,679,000,000 556,698,820,000,000 154,363,859,000,000 154,363,859,000,000 7,645,598,000,000 146,718,261,000,000
2014 829,037,716,000,000 646,826,456,000,000 182,211,260,000,000 182,211,260,000,000 8,928,856,000,000 173,282,404,000,000
7 JSMR
2011 3,996,740,525,000 3,708,595,625,000 288,144,900,000 288,144,900,000 13,663,827,764,000 -13,375,682,864,000
2012 4,531,117,154,000 6,648,164,394,000 -2,117,047,240,000 -2,117,047,240,000 422,506,867,000 -2,539,554,107,000
2013 3,746,344,739,000 4,919,883,549,000 -1,173,538,810,000 -1,173,538,810,000 593,028,346,000 -1,766,567,156,000
2014 3,641,371,714,000 4,312,916,751,000 -671,545,037,000 -671,545,037,000 701,727,320,000 -1,373,272,357,000
8 KAEF
2011 1,263,029,723,926 459,694,310,937 803,335,412,989 803,335,412,989 426,719,769,958 376,615,643,031
2012 1,505,798,399,164 537,184,235,226 968,614,163,938 968,614,163,938 449,140,317,883 519,473,846,055
2013 1,810,614,614,537 746,123,148,554 1,064,491,465,983 1,064,491,465,983 498,644,378,133 565,847,087,850
2014 2,040,430,857,906 854,811,681,427 1,185,619,176,479 1,185,619,176,479 557,939,412,570 627,679,763,909
9 PTBA
2011 8,859,260,000,000 1,912,423,000,000 6,946,837,000,000 6,946,837,000,000 1,140,466,000,000 5,806,371,000,000
2012 8,718,297,000,000 1,770,664,000,000 6,947,633,000,000 6,947,633,000,000 1,853,447,000,000 5,094,186,000,000
2013 6,479,783,000,000 2,260,956,000,000 4,218,827,000,000 4,218,827,000,000 2,803,393,000,000 1,415,434,000,000
2014 7,416,805,000,000 3,574,129,000,000 3,842,676,000,000 3,842,676,000,000 3,987,565,000,000 -144,889,000,000
10 PTPP
2011 6,636,861,092,157 5,095,936,514,266 1,540,924,577,891 1,540,924,577,891 75,996,724,937 1,464,927,852,954
2012 8,188,945,200,842 6,032,342,111,437 2,156,603,089,405 2,156,603,089,405 72,775,407,301 2,083,827,682,104
2013 11,901,585,531,032 8,776,012,824,226 3,125,572,706,806 3,125,572,706,806 141,882,278,136 2,983,690,428,670
2014 13,545,180,416,606 9,838,496,713,070 3,706,683,703,536 3,706,683,703,536 493,575,829,412 3,213,107,874,124
11 SMGR
2011 7,646,144,851,000 2,889,137,195,000 4,757,007,656,000 4,757,007,656,000 11,640,692,117,000 -6,883,684,461,000
2012 8,231,297,105,000 4,825,204,637,000 3,406,092,468,000 3,406,092,468,000 16,794,115,433,000 -13,388,022,965,000
2013 9,972,110,370,000 5,297,630,537,000 4,674,479,833,000 4,674,479,833,000 18,862,518,157,000 -14,188,038,324,000
2014 11,648,544,675,000 5,273,269,122,000 6,375,275,553,000 6,375,275,553,000 20,221,066,650,000 -13,845,791,097,000
12 TINS 2011 4,631,418,000,000 1,421,976,000,000 3,209,442,000,000 3,209,442,000,000 1,515,559,000,000 1,693,883,000,000
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
105
2012 3,929,664,000,000 959,806,000,000 2,969,858,000,000 2,969,858,000,000 1,722,798,000,000 1,247,060,000,000
2013 5,360,664,000,000 2,439,590,000,000 2,921,074,000,000 2,921,074,000,000 1,888,603,000,000 1,032,471,000,000
2014 6,552,176,000,000 3,512,730,000,000 3,039,446,000,000 3,039,446,000,000 2,017,066,000,000 1,022,380,000,000
13 TLKM
2011 21,258,000,000,000 22,189,000,000,000 -931,000,000,000 -931,000,000,000 74,897,000,000,000 -75,828,000,000,000
2012 27,973,000,000,000 24,107,000,000,000 3,866,000,000,000 3,866,000,000,000 77,047,000,000,000 -73,181,000,000,000
2013 33,075,000,000,000 28,437,000,000,000 4,638,000,000,000 4,638,000,000,000 86,761,000,000,000 -82,123,000,000,000
2014 33,762,000,000,000 31,786,000,000,000 1,976,000,000,000 1,976,000,000,000 94,809,000,000,000 -92,833,000,000,000
14 WIKA
2011 5,838,851,683,000 5,127,208,872,000 711,642,811,000 711,642,811,000 753,148,442,000 -41,505,631,000
2012 7,186,554,643,000 6,527,627,883,000 658,926,760,000 658,926,760,000 1,168,756,506,000 -509,829,746,000
2013 7,994,288,651,000 7,298,469,461,000 695,819,190,000 695,819,190,000 1,640,292,113,000 -944,472,923,000
2014 9,514,446,542,000 8,476,042,469,000 1,038,404,073,000 1,038,404,073,000 2,676,043,079,000 -1,637,639,006,000
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
106
Rumus Investasi Bersih = Total Modal Operasi t – Total Modal Operasi t-1
Investasi bersih = Total modal operasi t - total modal operasi t-1
Total Modal Operasi t Total Modal operasi t-1 Investasi bersih
281,310,477,878 306,727,963,505 -25,417,485,627
1,243,086,216,821 281,310,477,878 961,775,738,943
2,286,552,748,511 1,243,086,216,821 1,043,466,531,690
1,918,499,451,682 2,286,552,748,511 -368,053,296,829
5,271,447,449,000 2,652,162,273,000 2,619,285,176,000
-58,004,232,000 5,271,447,449,000 -5,329,451,681,000
-3,475,230,020,000 -58,004,232,000 -3,417,225,788,000
-6,219,467,484,000 -3,475,230,020,000 -2,744,237,464,000
40,007,601,000,000 32,718,207,000,000 7,289,394,000,000
51,008,049,000,000 40,007,601,000,000 11,000,448,000,000
66,461,710,000,000 51,008,049,000,000 15,453,661,000,000
85,012,336,000,000 66,461,710,000,000 18,550,626,000,000
62,943,647,000,000 47,829,514,000,000 15,114,133,000,000
74,050,445,000,000 62,943,647,000,000 11,106,798,000,000
83,473,093,000,000 74,050,445,000,000 9,422,648,000,000
110,628,770,000,000 83,473,093,000,000 27,155,677,000,000
11,053,662,000,000 7,861,721,000,000 3,191,941,000,000
14,903,067,000,000 11,053,662,000,000 3,849,405,000,000
17,160,198,000,000 14,903,067,000,000 2,257,131,000,000
17,584,477,000,000 17,160,198,000,000 424,279,000,000
109,515,960,000,000 45,647,953,000,000 63,868,007,000,000
124,303,144,000,000 109,515,960,000,000 14,787,184,000,000
146,718,261,000,000 124,303,144,000,000 22,415,117,000,000
173,282,404,000,000 146,718,261,000,000 26,564,143,000,000
-13,375,682,864,000 -8,488,585,958,000 -4,887,096,906,000
-2,539,554,107,000 -13,375,682,864,000 10,836,128,757,000
-1,766,567,156,000 -2,539,554,107,000 772,986,951,000
-1,373,272,357,000 -1,766,567,156,000 393,294,799,000
376,615,643,031 256,529,355,646 120,086,287,385
519,473,846,055 376,615,643,031 142,858,203,024
565,847,087,850 519,473,846,055 46,373,241,795
627,679,763,909 565,847,087,850 61,832,676,059
5,806,371,000,000 4,577,220,000,000 1,229,151,000,000
5,094,186,000,000 5,806,371,000,000 -712,185,000,000
1,415,434,000,000 5,094,186,000,000 -3,678,752,000,000
-144,889,000,000 1,415,434,000,000 -1,560,323,000,000
1,464,927,852,954 1,423,698,304,689 41,229,548,265
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
107
2,083,827,682,104 1,464,927,852,954 618,899,829,150
2,983,690,428,670 2,083,827,682,104 899,862,746,566
3,213,107,874,124 2,983,690,428,670 229,417,445,454
-6,883,684,461,000 -2,836,474,189,000 -4,047,210,272,000
-13,388,022,965,000 -6,883,684,461,000 -6,504,338,504,000
-14,188,038,324,000 -13,388,022,965,000 -800,015,359,000
-13,845,791,097,000 -14,188,038,324,000 342,247,227,000
1,693,883,000,000 1,477,490,000,000 216,393,000,000
1,247,060,000,000 1,693,883,000,000 -446,823,000,000
1,032,471,000,000 1,247,060,000,000 -214,589,000,000
1,022,380,000,000 1,032,471,000,000 -10,091,000,000
-75,828,000,000,000 -77,574,679,000,000 1,746,679,000,000
-73,181,000,000,000 -75,828,000,000,000 2,647,000,000,000
-82,123,000,000,000 -73,181,000,000,000 -8,942,000,000,000
-92,833,000,000,000 -82,123,000,000,000 -10,710,000,000,000
-41,505,631,000 1,075,099,635,000 -1,116,605,266,000
-509,829,746,000 -41,505,631,000 -468,324,115,000
-944,472,923,000 -509,829,746,000 -434,643,177,000
-1,637,639,006,000 -944,472,923,000 -693,166,083,000
PENGARUH KEPUTUSAN INVESTASI ... SURYANI , F. EKONOMI UMP, 2016.
108
Lampiran 7
REKAPKULASI DATA
Nama Tahun Variabel Independen Variabel Dependen
TAG MBAR MDER DPR FCF
ADHI
2011 0.24052972 1.008898777 5.172407513 0.304491222 0.042232759
2012 0.287769246 1.252716669 5.666057399 0.277585581 -0.122438065
2013 0.234866722 1.120515895 5.277814237 0.10423647 -0.080668531
2014 0.075910176 1.431886543 4.971237701 0.375816893 0.071465136
ANTM
2011 0.244076619 1.307886907 0.411174677 0.348716689 -0.056161825
2012 0.296509188 0.968384896 0.535852208 0.330021636 0.547492843
2013 0.109423445 0.890393161 0.709081854 1.094631528 0.194188559
2014 0.008190435 0.919656805 0.847863616 -0.119383389 0.090049879
BBNI
2011 0.203063499 1.108049958 6.902596817 0.23968524 -0.005958536
2012 0.114510652 1.074360867 6.65769736 0.198351382 -0.012699349
2013 0.16006825 1.065283206 7.108775037 0.233232526 -0.019188877
2014 0.077378819 1.123862662 5.590648008 0.252001419 -0.019969354
BBRI
2011 0.162295372 1.244800003 8.43187838 0.177468792 -6.46498E-05
2012 0.173308428 1.190182103 7.497559692 0.188384144 0.016132355
2013 0.13575393 1.156081369 6.893650269 0.260317621 0.021641367
2014 0.280704069 1.232911256 7.205198655 0.261956723 -0.00463416
BBTN
2011 0.303220832 1.036579831 11.17233058 0.282327125 -0.030317521
2012 0.253890974 1.041024344 9.871679682 0.171511631 -0.027888267
2013 0.173793123 0.981265011 10.35005049 0.261697007 -0.006219049
2014 0.102205219 1.002767114 10.84426939 0.418370054 0.00527037
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BMRI
2011 0.227040754 1.16900162 7.20427763 0.257687265 -0.113772827
2012 0.151709119 1.173967716 6.777555877 0.189684685 0.002276595
2013 0.153364042 1.126237122 6.720705963 0.255509126 -0.005640462
2014 0.166334675 1.168480999 6.648123762 0.274814195 -0.008060786
JSMR
2011 0.264273844 1.901437066 1.31942464 0.559358562 0.327452434
2012 0.154973731 2.101749561 1.529024698 0.350690943 -0.444653147
2013 0.145950527 1.749586163 1.6103246 0.479547126 0.01877846
2014 0.12308962 2.146181932 1.788442904 0.383425368 0.028979303
KAEF
2011 0.082635168 1.354385956 0.43252238 0.269388598 0.031181526
2012 0.157228006 2.285153957 0.440373954 0.167485343 0.035059808
2013 0.190522999 1.668505551 0.521797897 0.143414854 0.08152252
2014 0.2007513 3.131089149 0.638845232 0.229563396 0.0706726
PTBA
2011 0.319213698 3.764525774 0.409320414 0.415447452 0.213112478
2012 0.105881082 3.065147394 0.496617057 0.555719444 0.314727841
2013 -0.08263238 2.365964216 0.546321698 0.84508926 0.434679964
2014 0.268461624 2.35908553 0.708256591 0.473384846 0.306541876
PTPP
2011 0.273559785 1.133145071 3.864009933 0.001619302 0.036552337
2012 0.233292146 1.276390431 4.164027855 0.001308789 -0.044598475
2013 0.451980638 1.292572145 5.255541631 0.001128374 -0.056034516
2014 0.176889008 2.021186581 5.113059938 0.001212458 0.024376279
SMGR
2011 0.263355658 3.710908549 0.345294034 0.378249733 0.514199276
2012 0.351826914 3.853737848 0.463214779 0.407763456 0.581385886
2013 0.158538208 3.017577566 0.412260051 0.411951288 0.231547255
2014 0.114369993 3.071655659 0.372452034 0.436133167 0.169887628
TINS 2011 0.117103614 1.579522108 0.428903855 0.529022069 0.115694696
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2012 -0.071356738 1.52329899 0.338468474 1.035870738 0.133704232
2013 0.292129971 1.400939252 0.611430242 0.39334182 0.124404053
2014 0.237106849 1.364265894 0.738954382 0.442385625 0.087204537
TLKM
2011 0.025402732 1.787422079 0.68993621 0.16134083 -0.002001625
2012 0.080685854 2.036823474 0.662769865 0.159129842 0.152492868
2013 0.148892421 2.088666695 0.652601261 0.877796544 0.262478787
2014 0.101163727 2.438425705 0.635936139 1.021528139 0.251314957
WIKA
2011 0.323985982 1.175077128 2.750144203 0.327028117 0.239815247
2012 0.315059027 1.568053071 2.889547854 0.27771514 0.116959205
2013 0.150728343 1.51403015 2.90304407 0.264437513 0.096756016
2014 0.263613245 2.109029875 2.196612683 0.277527253 0.114645985
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Lampiran 8
HASIL OUTPUT SPSS
Analisis Statistik Deskriptif
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Total Asset Growth 56 -.08263 .45198 .1834749 .10102862
Market to Book Asset Ratio 56 .89039 3.85374 1.6901917 .77561349
Market Debt to Equity Ratio 56 .33847 11.17233 3.4892494 3.29453341
Dividend Payout Ratio 56 -.11938 1.09463 .3378236 .24728345
Free Cash Flow 56 -.44465 .58139 .0901055 .17485723
Valid N (listwise) 56
Uji Asumsi Klasik
Uji Normalitas
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N 56
Normal Parametersa,b Mean .0000000
Std. Deviation .13229936
Most Extreme Differences
Absolute .153
Positive .153
Negative -.117
Kolmogorov-Smirnov Z 1.149
Asymp. Sig. (2-tailed) .143
a. Test distribution is Normal.
b. Calculated from data.
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Uji Multikolonieritas
Coefficientsa
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig. Collinearity
Statistics
B Std. Error Beta Tolerance VIF
1
(Constant) -.116 .084 -1.391 .170
Total Asset Growth .298 .198 .172 1.504 .139 .857 1.166
Market to Book
Asset Ratio
.069 .030 .305 2.291 .026 .632 1.581
Market Debt to
Equity Ratio
-.012 .007 -.229 -1.657 .104 .589 1.698
Dividend Payout
Ratio
.230 .086 .325 2.686 .010 .764 1.308
a. Dependent Variable: Free Cash Flow
Uji Autokorelasi
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Durbin-Watson
1 .654a .428 .383 .13738965 1.965
a. Predictors: (Constant), Dividend Payout Ratio, Market to Book Asset Ratio, Total Asset
Growth, Market Debt to Equity Ratio
b. Dependent Variable: Free Cash Flow
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Uji Heteroskedastisitas
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) .085 .061 1.388 .171
Total Asset Growth .127 .145 .124 .876 .385
Market to Book Asset Ratio .008 .022 .057 .343 .733
Market Debt to Equity Ratio -.010 .005 -.317 -1.853 .070
Dividend Payout Ratio -.016 .063 -.037 -.246 .806
a. Dependent Variable: abs_ut
ANALISIS REGRESI BERGANDA
Uji Koefisien Determinasi
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
1 .654a .428 .383 .13738965
a. Predictors: (Constant), Dividend Payout Ratio, Market to Book Asset
Ratio, Total Asset Growth, Market Debt to Equity Ratio
Uji Simultan (Uji F)
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression .719 4 .180 9.522 .000b
Residual .963 51 .019
Total 1.682 55
a. Dependent Variable: Free Cash Flow
b. Predictors: (Constant), Dividend Payout Ratio, Market to Book Asset Ratio, Total Asset
Growth, Market Debt to Equity Ratio
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Uji Parsial (Uji T)
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) -.116 .084 -1.391 .170
Total Asset Growth .298 .198 .172 1.504 .139
Market to Book Asset Ratio .069 .030 .305 2.291 .026
Market Debt to Equity Ratio -.012 .007 -.229 -1.657 .104
Dividend Payout Ratio .230 .086 .325 2.686 .010
a. Dependent Variable: Free Cash Flow
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Lampiran 9
Hasil Perhitungan dengan menggunakan SPSS 21
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Lampiran 10
Tabel Durbin- Watson (DW)
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Dividen Per Lembar Saham = Dividen yang dibayarkan/Modal Saham
Dividen yang dibayarkan/Modal Saham
No
Nama
Tahun
Dividen yang dibayarkan
Modal Saham Dividen per lembar
saham
1 ADHI
2011 56,845,102,342 1,801,320,000 31.55747027
2012 58,732,403,011 1,801,320,000 32.6052023
2013 42,318,078,814 1,801,320,000 23.49281572
2014 121,793,040,314 1,801,320,000 67.61321715
2 ANTM
2011 673,359,997,000 9,538,459,750 70.59420647
2012 867,550,297,000 8,370,273,000 103.6465952
2013 448,967,247,000 9,538,459,750 47.06915569
2014 92,237,426,000 9,538,459,750 9.670054539
3 BBNI
2011 1,394,580,000,000 18,648,656,458 74.78179477
2012 1,398,217,000,000 18,648,656,459 74.97682222
2013 2,113,844,000,000 18,648,656,458 113.3510076
2014 2,716,304,000,000 18,648,656,458 145.6568202
4 BBRI
2011 2,753,372,000,000 24,669,162,000 111.6118983
2012 3,619,905,000,000 24,669,162,000 146.7380611
2013 5,556,285,000,000 24,669,162,000 225.2320123
2014 6,350,262,000,000 24,669,162,000 257.4170132
5 BBTN
2011 306,840,000,000 8,835,970,500 34.72623635
2012 262,885,000,000 10,356,440,500 25.38372137
2013 409,189,000,000 10,564,853,500 38.73115704
2014 468,648,000,000 10,567,696,000 44.34722573
6 BMRI
2011 3,182,704,000,000 23,333,333,333 136.4016
2012 2,940,884,000,000 23,333,333,333 126.0378857
2013 4,651,220,000,000 23,333,333,333 199.338
2014 5,461,126,000,000 23,333,333,333 234.0482571
7 JSMR
2011 751,903,203,000 6,800,000,000 110.5740004
2012 562,574,203,000 6,800,000,000 82.73150044
2013 640,836,088,000 6,800,000,000 94.24060118
2014 537,102,256,000 6,800,000,000 78.98562588
8 KAEF
2011 46,276,979,624 5,554,000,000 8.332189345
2012 34,352,788,065 5,554,000,000 6.185233717
2013 30,769,803,148 5,554,000,000 5.540115799
2014 53,855,793,068 5,554,000,000 9.696757844
9 PTBA 2011 1,281,752,000,000 2,304,131,850 556.284138
2012 1,615,929,000,000 2,304,131,850 701.3179389
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2013 1,600,596,000,000 2,304,131,850 694.6633718
2014 1,011,117,000,000 2,304,131,850 438.827752
10 PTPP
2011 76,626,205,340 946,410,102,841 0.080965118
2012 79,273,647,547 946,410,102,841 0.08376247
2013 92,926,356,435 946,600,496,439 0.098168506
2014 126,203,302,161 946,261,740,364 0.133370395
11 SMG
R
2011 1,485,260,456,000 5,931,520,000 250.4013231
2012 1,976,042,846,000 5,931,520,000 333.1427435
2013 2,211,365,058,000 5,931,520,000 372.8159153
2014 2,426,542,780,000 5,931,520,000 409.0929104
12 TINS
2011 473,939,000,000 5,033,020,000 94.16592821
2012 448,366,000,000 5,033,020,000 89.08488343
2013 215,787,000,000 5,033,020,000 42.8742584
2014 283,351,000,000 7,447,753,454 38.04516379
13 TLKM
2011 9,102,000,000,000 100,799,996,400 90.29762227
2012 10,734,000,000,000 100,799,996,400 106.488099
2013 13,044,000,000,000 100,799,996,400 129.4047665
2014 15,428,000,000,000 100,799,996,400 153.055561
14 WIKA
2011 119,428,097,000 6,027,267,500 19.81463358
2012 128,884,471,000 6,105,627,500 21.10912777
2013 150,884,667,000 6,139,968,000 24.57417807
2014 170,982,002,000 6,149,225,000 27.80545548
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