PENGARUH PEMBIAYAAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN MANUFAKTUR

Herni Kurniawati, Fanny Andriani Setiawan
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Abstract

Perusahaan yang didirikan bertujuan untuk memaksimalkan kekayaan investor dengan cara menambah nilai perusahaan, berdampak pada peningkatan harga saham, dan peningkatan jumlah deviden. Selain itu, nilai perusahaan yang tinggi juga memberikan kepercayaan pasar terhadap kinerja perusahaan saat ini dan yang akan datang, yang mempengaruhi investor untuk berinvestasi, dan kreditor memberikan pinjaman kepada perusahaan. Mewujudkan peningkatan nilai perusahaan dilakukan oleh beberapa tindakan manajemen yaitu keputusan pembiayaan yang tepat, kebijakan dividen, ukuran perusahaan, leverage, profitabilitas, dan lain-lain. Penelitian ini bertujuan untuk membuktikan secara empiris bagaimana keputusan pembiayaan perusahaan dengan utang / leverage dan utang. kematangan mempengaruhi nilai perusahaan manufaktur. Metode penelitan menggunakan regresi data panel sebanyak 248 data observasi perusahaan publik terdaftar di BEI. Sampelnya adalah perusahaan manufaktur, dengan laporan keuangan sebagai data sekunder laporan tahunan periode 2016-2019 sebagai data penelitian. Hasilnya adalah (1) Pembiayaan perusahaan menggunakan leverage tidak dapat meningkatkan nilai perusahaan; (2) Pembiayaan perusahaan yang menggunakan debt maturity tidak dapat meningkatkan nilai perusahaan manufaktur.

 

The company that was founded aims to maximize investor wealth by adding value to the company, having an impact on increasing share prices and increasing the amount of dividends. In addition, high company value also provides market confidence in the company's current and future performance, which influences investors to invest, and creditors provide loans to the company. Realizing an increase in company value is carried out by several management actions, namely the right financing decision, dividend policy, company size, leverage, profitability, and others. This study aims to prove empirically how the corporate financing decisions with debt / leverage and debt. maturity affects the value of the manufacturing company. The research method uses panel data regression as much as 235 observation data of public companies listed on the IDX. The sample is manufacturing companies, with financial reports as secondary data for the 2016-2019 period as research data. The results are (1) corporate financing using leverage cannot increase firm value; (2) Financing companies that use debt maturity cannot increase the value of manufacturing companies.

Keywords

Pembiayaan perusahaan; nilai perusahaan; Financing structure; firm value

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