Tabel Kondisi Perkembangan Kebijakan Hutang (DER) pada Perusahaan Sektor Farmasi periode 2007-2011. No Perusahaan Kode Kebijakan Hutang (DER) Rata-rata 2007 2008 2009 2010 2011 1 PT. Darya Varia DVLA 0.30 Laboratoria Tbk 0.21 0.26 0.41 0.33 0.28 2 INAF 1.67 PT. Indofarma Tbk 2.46 2.25 1.44 1.36 0.83 3 KAEF 0.51 PT. Kimia Farma Tbk 0.53 0.53 0.57 0.49 0.43 4 KLBF 0.32 PT. Kalbe Farma Tbk 0.33 0.38 0.39 0.23 0.27 5 MERK 0.19 PT. Merck Tbk 0.18 0.15 0.23 0.20 0.18 6 PYFA 0.39 7 8 PT. Pyridam Farma Tbk 0.42 0.42 0.37 0.30 0.43 SCPI PT. Schering Plough Indonesia Tbk 70.47 22.90 9.49 18.28 13.47 TSPC PT. Tempo Scan Pasific Tbk 0.26 0.29 0.34 0.36 0.40 74.86 27.18 13.24 21.55 16.29 Rata-rata 9.36 3.40 1.66 2.69 2.04 26.92 0.33
MAX 70.47 22.90 9.49 18.28 13.47 MIN 0.18 0.15 0.23 0.20 0.18 Grafik Kondisi Perkembangan Kebijakan Hutang (DER) pada Perusahaan Sektor Farmasi periode 2007-2011.
Tabel Kondisi Perkembangan Price Book Value (PBV) pada Perusahaan Sektor Farmasi periode 2007-2011. 1 2 2007 2008 2009 2010 2011 DVLA PT. Darya Varia Laboratoria Tbk 1.94 1.06 1.54 2.05 1.77 INAF No Perusahaan Kode Nilai Perusahaan (PBV) Ratarata 1.67 1.04 3 4 5 6 PT. Indofarma Tbk PT. Kimia Farma Tbk PT. Kalbe Farma Tbk PT. Merck Tbk KAEF KLBF MERK PYFA 2.18 0.52 0.86 0.80 0.83 1.87 0.45 0.71 0.75 1.51 3.78 1.12 3.06 6.14 5.30 4.18 2.43 5.20 5.95 6.00 1.06 3.88 4.75 0.77 7 8 PT. Pyridam Farma Tbk 0.65 0.39 0.81 0.88 1.14 SCPI PT. Schering Plough Indonesia Tbk 43.02 4.46 7.14 11.25 4.17 TSPC PT. Tempo Scan Pasific Tbk 1.60 0.81 1.36 2.90 3.76 59.22 11.24 20.68 30.72 24.48 Rata-rata 7.40 1.41 2.59 3.84 3.06 14.01 2.09
MAX 43.02 4.46 7.14 11.25 6.00 MIN 0.65 0.39 0.71 0.75 0.83 Grafik Perkembangan Price to Book Value (PBV) pada Perusahaan Sektor Farmasi periode 2007-2011.
Data Pengolahan Kebijakan Hutang (Debt to Equity Ratio) PT. Darya Varia Laboratoria Tbk jk.pendek 75,375,454,000 110,647,028,000 198,476,205,000 174,921,950,000 144,279,679,000 jk.panjang 23,325,087,000 19,164,521,000 30,215,331,000 38,585,991,000 56,093,924,000 T.debt 98,700,541,000 129,811,549,000 228,691,536,000 213,507,941,000 200,373,603,000 T.equity 462,230,201,000 507,849,295,000 554,921,528,000 640,602,050,000 727,917,390,000 DER 0.21353 0.25561 0.41212 0.33329 0.27527 PT. Indofarma Tbk jk.pendek 686,297,191,677 634,575,747,111 376,911,513,356 375,569,326,405 459,403,522,197 jk.panjang 31,577,120,875 34,640,587,401 52,401,848,405 422,689,679,147 505,707,835,106 T.debt 717,874,312,552 669,216,334,512 429,313,361,761 798,259,005,552 965,111,357,303 T.equity 291,562,628,966 507,849,295,000 554,921,528,000 311,268,183,245 609,193,834,668 DER 2.46216 1.31775 0.77365 2.56454 1.58424 PT. Kimia Farma Tbk jk.pendek 433,564,022,986 449,854,948,189 510,854,102,157 469,822,675,254 459,694,310,936 jk.panjang 45,147,528,200 48,050,308,650 56,455,427,885 73,434,800,480 82,042,428,342 T.debt 478,711,551,186 497,905,256,839 567,309,530,042 543,257,475,734 541,736,739,278 T.equity 908,027,598,535 947,764,542,800 995,315,100,095 1,114,028,943,712 1,252,505,683,826 DER 0.52720 0.52535 0.56998 0.48765 0.43252
PT. Kalbe Farma Tbk jk.pendek 754,629,114,054 1,250,371,830,955 1,574,137,415,862 1,146,489,093,666 1,630,588,528,518 jk.panjang 366,599,019,698 108,618,099,637 117,374,979,386 113.872.339.053 128,030,525,896 T.debt 1,121,228,133,752 1,358,989,930,592 1,691,512,395,248 1,146,489,093,666 1,758,619,054,414 T.equity 3,386,861,941,228 3,622,399,153,499 4,310,437,877,062 5,373,784,301,200 6,515,935,058,426 DER 0.33105 0.37516 0.39242 0.21335 0.26990 PT. Merck Tbk jk.pendek 42,684,736,000 38,420,491,000 68,108,811,000 52,578,914,000 65,430,555,000 jk.panjang 8,144,943,000 9,320,194,000 11,677,839,000 19,172,916,000 24,776,313,000 T.debt 50,829,679,000 47,740,685,000 79,786,650,000 71,751,830,000 90,206,868,000 T.equity 280,223,737,000 327,323,807,000 354,183,985,000 363,016,663,000 494,181,710,000 DER 0.18139 0.14585 0.22527 0.19765 0.18254 PT. Pyridam Farma Tbk jk.pendek 24,017,739,020 25,112,130,849 21,669,515,056 15,645,370,498 24,366,695,170 jk.panjang 4,195,451,126 4,290,144,063 5,241,865,257 7,716,422,897 11,269,656,167 T.debt 28,213,190,146 29,402,274,912 26,911,380,313 23,361,793,395 35,636,351,337 T.equity 66,944,157,194 69,253,034,523 73,026,002,882 77,225,205,835 82,397,251,515 DER 0.42144 0.42456 0.36852 0.30252 0.43249 PT. Schering Plough Indonesia Tbk
jk.pendek 118,233,257,877 172,018,113,841 174,032,318,000 210,043,249,000 68,090,278,000 jk.panjang 8,533,251,388 19,159,639,111 12,556,411,000 11,589,780,000 222,831,584,000 T.debt 126,766,509,265 191,177,752,952 186,588,729,000 221,633,029,000 290,921,862,000 T.equity 1,798,893,905 8,348,589,399 19,668,483,000 12,123,043,000 21,596,812,000 DER 70.46914 22.89941 9.48669 18.28196 13.47059 PT. Tempo Scan Pasific Tbk jk.pendek 459,696,284,792 536,504,707,248 678,727,987,910 536,504,707,248 1,012,652,540,775 jk.panjang 98,673,021,884 119,427,626,758 140,919,109,738 119,427,626,758 191,786,107,538 T.debt 558,369,306,676 655,932,334,006 819,647,097,648 655,932,334,006 1,204,438,648,313 T.equity 2,115,644,199,183 2,235,687,760,131 2,408,870,867,823 2,235,687,760,131 3,045,935,747,008 DER 0.26392 0.29339 0.34026 0.29339 0.39542 Data Pengolahan Nilai Perusahaan (Price to Book Value) PT. Darya Varia Laboratoria Tbk T.equity 462,230,201,000 507,849,295,000 554,921,528,000 640,602,050,000 727,917,390,000 Beredar 560,000,000 560,000,000 560,000,000 1,120,000,000 1,120,000,000 Book Value 825.41107 906.87374 990.93130 571.96612 649.92624
H.saham 1600 960 1530 1170 1150 PBV 1.93843 1.05858 1.54400 2.04558 1.76943 PT. Indofarma Tbk T.equity 291,562,628,966 296,594,527,646 298,720,165,595 311,266,809,984 609,193,834,668 Beredar 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 3,099,267,500 Book Value 94.07469 95.69827 96.38412 100.43238 196.56059 H.saham 205 50 83 80 163 PBV 2.17912 0.52248 0.86114 0.79656 0.82926 PT. Kimia Farma Tbk T.equity 908,027,598,535 947,764,542,800 995,315,100,096 1,114,028,943,712 1,252,505,683,826 Beredar 5,554,000,000 5,554,000,000 5,554,000,000 5,554,000,000 5,554,000,000 Book Value 163.49075 170.64540 179.20690 200.58137 225.51417 H.saham 305 79 127 150 340 PBV 1.86555 0.46295 0.70868 0.74783 1.50767 PT. Kalbe Farma Tbk T.equity 3,386,861,941,228 3,622,399,153,499 4,310,437,877,062 5,373,784,301,200 6,515,935,058,426 Beredar 10,156,014,422 10,156,014,422 10,156,014,422 10,156,014,422 10,156,014,422 Book Value 333.48337 356.67527 424.42219 529.12334 641.58387 H.saham 1260 400 1300 3250 3400
PBV 3.77830 1.12147 3.06299 6.14224 5.29939 PT. Merck Tbk T.equity 280,223,737,000 327,323,807,000 354,183,985,000 363,016,663,000 494,181,710,000 Beredar 22,400,000 22,400,000 22,400,000 22,400,000 22,400,000 Book Value 12509.98826 14612.66996 15811.78504 16206.10103 22061.68348 H.saham 52500 35500 80000 96500 132500 PBV 4.19665 2.42940 5.05952 5.95455 6.00589 PT. Pyridam Farma Tbk T.equity 66,944,157,194 69,253,034,523 73,026,002,882 77,225,205,835 82,397,251,515 Beredar 535,080,000 535,080,000 535,080,000 535,080,000 535,080,000 Book Value 125.11056 129.42557 136.47679 144.32460 153.99053 H.saham 81 50 110 127 176 PBV 0.64743 0.38632 0.80600 0.87996 1.14293 PT. Schering Plough Indonesia Tbk T.equity 1,798,893,905 8,348,589,399 19,668,483,000 12,123,043,000 21,596,812,000 Beredar 3,600,000 3,600,000 3,600,000 3,600,000 3,600,000
Book Value 499.69275 2319.05261 5463.46750 3367.51194 5999.11444 H.saham 21500 10350 39000 37900 25000 PBV 43.02644 4.46303 7.13832 11.25460 4.16728 PT. Tempo Scan Pasific Tbk T.equity 2,115,644,199,183 2,235,687,760,131 2,408,870,867,823 2,644,733,210,591 3,045,935,747,008 Beredar 4,500,000,000 4,500,000,000 4,500,000,000 4,500,000,000 4,500,000,000 Book Value 470.14316 496.81950 535.30464 587.71849 676.87461 H.saham 750 400 730 1710 2550 PBV 1.59526 0.80512 1.36371 2.90956 3.76732
Expected Cum Prob Gambar Uji Normalitas Pengaruh Kebijakan Hutang Terhadap Nilai Perusahaan Normal P-P Plot of Regression Standardized Residual Dependent Variable: PBV_Y 1.0 0.8 0.6 0.4 0.2 0.0 0.0 0.2 0.4 0.6 0.8 1.0 Observed Cum Prob Tabel Hasil analisa Regresi Linier Sederhana Coefficients Coefficients a Model 1 (Constant) DER_X a. Dependent Variable: PBV_Y Unstandardized Coeff icients Standardized Coeff icients Correlations B Std. Error Beta t Sig. Zero-order Partial Part.805.151 5.316.000.271.100.404 2.722.010.404.404.
Tabel Koefisien Korelasi Kebijakan Hutang (X) terhadap Nilai Prusahaan (Y) Correlations Correlati ons DER_X PBV_Y DER_X Pearson Correlation Sig. (2-tailed) 1.404**.010 N 40 40 PBV_Y Pearson Correlation.404** 1 Sig. (2-tailed) N.010 40 40 **. Correlation is significant at the 0.01 level (2-tailed). Tabel Koefisien Determinasi Kebijakan Hutang (X) terhadap Nilai Prusahaan (Y) Model Summary Model Summary b Model 1 Adjusted Std. Error of R Square R R Square R Square the Estimate Change F Change d.404 a.163.141.92070.163 7.411 a. Predictors: (Constant), DER_X b. Dependent Variable: PBV_Y Tabel Pengujian Hipotesis (Uji t) Chang Coefficients Coefficients a Model 1 (Constant) DER_X a. Dependent Variable: PBV_Y Unstandardized Coeff icients Standardized Coeff icients Correlations B Std. Error Beta t Sig. Zero-order Partial.805.151 5.316.000.271.100.404 2.722.010.404.404