PENGARUH COUPON, TIME TO MATURITY, YIELD TO MATURITY, DAN RATING TERHADAP FAIR PRICE SUKUK KORPORASI DI PASAR MODAL SYARIAH INDONESIA (Periode 2018-2020)

MUHAMMAD, RIZAL (2022) PENGARUH COUPON, TIME TO MATURITY, YIELD TO MATURITY, DAN RATING TERHADAP FAIR PRICE SUKUK KORPORASI DI PASAR MODAL SYARIAH INDONESIA (Periode 2018-2020). Undergraduate thesis, UIN RADEN INTAN LAMPUNG.

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Abstract

ABSTRAK Keberadaan pasar modal dalam aktifitas perekonomian di suatu negara sangat penting sebagai media investasi dan wadah penyediaan modal bagi perusahaan untuk meningkatkan aktivitas perdagangannya. Sukuk merupakan salah satu instrumen yang ada di Pasar Modal Syariah. Pasar modal syariah di Indonesia memiliki regulasi yang mengatur tentang Harga wajar (Fair Price) pada instrument Sukuk. Fair Price dijadikan sebagai acuan dalam penilaian harga pasar wajar serta penyajian Laporan Keuangan bagi Lembaga Keuangan serta manager investasi. IBPA menilai banyak masyarakat Indonesia atau pelaku obligasi di pasar sekunder, khususnya ritel belum memahami harga pasar obligasi. Penelitian ini bertujuan untuk mengetahui pengaruh secara parsial maupun simultan variabel coupon, time to maturity, yield to maturity, dan rating, terhadap Fair Price Sukuk Korporasi. Penelitian ini merupakan penelitian kuantitatif. Teknik pengambilan sampel yang digunakan yaitu teknik purposive sampling. Jumlah sampel dalam penelitian ini yaitu 15 seri Sukuk selama periode 2018-2020. Data diperoleh dari website Otoritas Jasa Keuangan (OJK), PT.Bursa Efek Indonesia (BEI), PT.Penilai Harga Efek Indonesia (PHEI), serta website PT.Pemeringkat Efek Indonesia (PEI). Metode analisis data yang digunakan adalah Analisis Regresi Linier Berganda dengan bantuan program computer Eviews-9. Hasil penelitian ini menunjukkan bahwa pengaruh variabel secara simultan berpengaruh signifikan terhadap Fair Price Sukuk Korporasi. Variabel coupon berpengaruh positif dan signifikan, time to maturity tidak berpengaruh positif dan signifikan, variabel yield to maturity dan Rating berpengaruh negatif dan signifikan terhadap Fair Price Sukuk Korporasi. Kata Kunci : Fair Price Sukuk Korporasi, coupon, time to maturity, yield to maturity, Rating ABSTRAC The existence of the capital market in economic activity in a country is very important as an investment medium and a forum for providing capital for companies to increase their trading activities. Sukuk is one of the instruments in the Islamic Capital Market. The Islamic capital market in Indonesia has regulations governing the Fair Price of the Sukuk instrument. Fair Price is used as a reference in assessing fair market prices and presenting Financial Statements for Financial Institutions and investment managers. IBPA assesses that many Indonesians or bond players in the secondary market, especially retailers, do not understand the bond market price. This study aims to determine the partial or simultaneous effect of the coupon, time to maturity, yield to maturity, and rating variables on the Fair Price of Corporate Sukuk. This research is a quantitative research. The sampling technique used is purposive sampling technique. The number of samples in this study were 15 Sukuk series during the 2018-2020 period. The data was obtained from the website of the Financial Services Authority (OJK), PT. Indonesia Stock Exchange, PT. Appraiser for Indonesian Securities Prices, and PT. Indonesian Rating Securities website. The data analysis method used is Multiple Linear Regression Analysis with the help of the Eviews-9 computer program. The results of this study indicate that the influence of variables simultaneously has a significant effect on the Fair Price of Corporate Sukuk. Coupon variables have a positive and significant effect, time to maturity has no positive and significant effect, yield to maturity and Rating variables have a negative and significant effect on the Fair Price of Corporate Sukuk. Keywords: Fair Price Corporate Sukuk, coupon, time to maturity, yield to maturity, Rating

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