DETERMINAN YIELD SUKUK RITEL NEGARA DI PASAR SEKUNDER PERIODE 2010-2022

Wahyu, Nugroho (2024) DETERMINAN YIELD SUKUK RITEL NEGARA DI PASAR SEKUNDER PERIODE 2010-2022. Diploma thesis, UIN Raden Intan Lampung.

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Abstract

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh inflasi, Produk Domestik Bruto (PDB), bagi hasil deposito mudharabah, dan Jakarta Islamic Index (JII) terhadap tingkat yield sukuk ritel di pasar sekunder Indonesia pada periode 2010-2022. Sukuk ritel telah berkembang pesat sebagai instrumen keuangan syariah yang menjadi alternatif pembiayaan proyek pemerintah serta sumber pembiayaan untuk menutupi defisit Anggaran Pendapatan dan Belanja Negara (APBN). Penelitian ini menggunakan pendekatan kuantitatif dengan metode deskriptif. Data yang digunakan merupakan data sekunder yang diperoleh dari Bank Indonesia, Badan Pusat Statistik, Otoritas Jasa Keuangan, dan Bursa Efek Indonesia. Analisis yang dilakukan meliputi uji statistik deskriptif, uji asumsi klasik, dan regresi linier berganda. Rumusan masalah penelitian ini meliputi apakah inflasi, PDB, bagi hasil deposito mudharabah, dan JII memiliki pengaruh baik secara parsial maupun simultan terhadap tingkat yield sukuk ritel selama periode 2010-2022. Tujuan penelitian ini adalah untuk menganalisis pengaruh masing-masing variabel tersebut secara individu maupun bersama-sama terhadap yield sukuk ritel. Hasil penelitian menunjukkan bahwa inflasi, PDB, bagi hasil deposito mudharabah, dan JII berpengaruh signifikan terhadap tingkat yield sukuk ritel secara simultan. Secara parsial, inflasi dan bagi hasil deposito mudharabah berpengaruh positif signifikan terhadap yield sukuk ritel, sedangkan PDB dan JII berpengaruh negatif signifikan. Temuan ini mengindikasikan bahwa kondisi ekonomi makro, khususnya inflasi dan tingkat bagi hasil deposito mudharabah, memainkan peran penting dalam menentukan imbal hasil sukuk ritel, yang dapat mempengaruhi keputusan investasi di pasar sekunder. Penelitian ini diharapkan menjadi referensi bagi pemerintah dalam merumuskan kebijakan ekonomi serta bagi investor dalam pengambilan keputusan investasi pada sukuk ritel di Indonesia. Kata Kunci: Inflasi, Produk Domestik Bruto, Bagi Hasil Deposito Mudharabah, Yield Sukuk Ritel, Jakarta Islamic Index. ABSTRACT This study aims to analyze the effect of inflation, Gross Domestic Product (GDP), profit sharing of mudharabah deposits, and the Jakarta Islamic Index (JII) on the retail sukuk yield rate in the Indonesian secondary market in the period 2010-2022. Retail sukuk has grown rapidly as a sharia financial instrument that is an alternative financing for government projects and a source of financing to cover the deficit in the State Budget (APBN). This study uses a quantitative approach with a descriptive method. The data used are secondary data obtained from Bank Indonesia, the Central Statistics Agency, the Financial Services Authority, and the Indonesia Stock Exchange. The analysis carried out includes descriptive statistical tests, classical assumption tests, and multiple linear regression. The formulation of the research problem includes whether inflation, GDP, profit sharing of mudharabah deposits, and JII have a partial or simultaneous effect on the retail sukuk yield rate during the period 2010-2022. The purpose of this study is to analyze the effect of each of these variables individually and together on the retail sukuk yield. The results of the study indicate that inflation, GDP, profit sharing of mudharabah deposits, and JII have a significant effect on the retail sukuk yield rate simultaneously. Partially, inflation and mudharabah deposit profit sharing have a significant positive effect on retail sukuk yield, while GDP and JII have a significant negative effect. These findings indicate that macroeconomic conditions, especially inflation and mudharabah deposit profit sharing rates, play an important role in determining retail sukuk yields, which can affect investment decisions in the secondary market. This study is expected to be a reference for the government in formulating economic policies and for investors in making investment decisions on retail sukuk in Indonesia. Keywords: Inflation, Gross Domestic Product, Mudharabah Deposit Profit Sharing, Retail Sukuk Yield, Jakarta Islamic Index.

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