Analisis Data Panel Tingkat Modal Kerja dan Profitabilitas Perusahaan Indonesia dan China

Chufan, Andreas (2018) Analisis Data Panel Tingkat Modal Kerja dan Profitabilitas Perusahaan Indonesia dan China. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

Tujuan dari penelitian ini adalah untuk mengetahui pengaruh tingkat permodalan perusahaan terhadap profitabilitas perusahaan yang terdaftar di Bursa Efek Indonesia dan Bursa Efek Shanghai. Variabel independen yang digunakan dalam penelitian ini adalah number of days inventory, average collection period, average payment period, cash conversion cycle, dan working capital. Variabel dependen yang digunakan dalam penelitian ini adalah return on assets. Sampel dalam penelitian ini berjumlah 60 perusahaan yang terdaftar di Bursa Efek Indonesia dan Bursa Efek Shanghai pada periode 2013-2016. Penelitian ini menggunakan metode data panel dengan robust standard error untuk menguji pengaruh variabel bebas terhadap dependen. Data yang diamati kemudian diproses dengan menggunakan dua aplikasi variabel perangkat lunak; IBM SPSS Statistics versi 21 dan Stata versi 14.2. Hasil pengujian untuk perusahaan yang terdaftar di Indonesia menunjukkan bahwa number of days inventory berpengaruh negatif namun tidak signifikan terhadap return on assets. Average collection period memiliki pengaruh negatif dan signifikan terhadap return on assets. Average payment period memiliki pengaruh negatif namun tidak signifikan terhadap return on assets. Cash conversion cycle memiliki pengaruh positif namun tidak signifikan terhadap return on assets. Working capital memiliki pengaruh negatif namun tidak signifikan terhadap return on assets. Hasil pengujian untuk perusahaan yang terdaftar di China menunjukkan bahwa number of days inventory berpengaruh negatif dan signifikan terhadap return on assets. Average collection period memiliki pengaruh negatif dan signifikan terhadap return on assets. Average payment period memiliki pengaruh negatif namun tidak signifikan terhadap return on assets. Cash conversion cycle memiliki pengaruh positif dan signifikan terhadap return on assets. Working capital memiliki pengaruh negatif namun tidak signifikan terhadap return on assets. --------------------------------------------------------- The objective of this study is to investigate the effect of a company’s working capital level towards its profitability of companies listed in Indonesia Stock Exchange and Shanghai Stock Exchange. Independent variables used in this research are number of days inventory, average collection period, average payment period, cash conversion cycle, and working capital. Dependent variable used in this research is return on assets. Samples in this study are in a total of 60 companies listed in both Indonesia Stock Exchange and Shanghai Stock Exchange in the period of 2013-2016. This research uses panel-data method with robust standard errors to examine the effect of independent variables on the dependent variable. The observed data are then processed by using two software applications; IBM SPSS Statistics version 21 and Stata version 14.2. The test results for Indonesia’s listed companies showed that number of days inventory has a negative but not significant influence on return on assets. Average collection period has a negative and significant influence on return on assets. Average payment period has a negative but not significant influence on return on assets. Cash conversion cycle has a positive but not significant influence on return on assets. Working capital has a negative but not significant influence on return on assets. The test results for China’s listed companies showed that number of days inventory has a negative and significant influence on return on assets. Average collection period has a negative and significant influence on return on assets. Average payment period has a negative but not significant influence on return on assets. Cash conversion cycle has a positive and significant influence on return on assets. Working capital has a negative but not significant influence on return on assets.

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