Efektifitas Manajemen Siklus Konversi Kas Perusahaan Sektor Aneka Usaha Terdaftar di BEI

Gendro Wiyono

Sari

Penelitian ini bertujuan untuk mengetahui  efektifitas pengelolaan siklus konversi kas pada perusahaan sektor aneka industri yang berdampak pada  karakter keuangan dan price earning ratio. Sampel diambil dari laporan keuangan sector aneka industri periode 2012-2015 yang terdaftar di Bursa Efek Indonesia. Teknik pengumpulan data menggunakan metode Purposive Sampling dengan kriteria: (1).Terdaftar di Bursa Efek Indonesia periode tahun 2012-2015; (2).Perusahaan mempunyai laporan keuangan yang berakhir 31 Desember dan telah diaudit oleh auditor independen; (3).Perusahaan menggunakan laporan keuangan dengan mata uang Rupiah. Analisis data untuk menguji hipotesis menggunakan Structural Equation Modeling berbasis variance. Hasil penelitian menunjukkan bahwa efektifitas pengelolaan siklus konversi kas pada perusahaan aneka industri di Indonesia terindikasi sebesar 60,20% berada pada minus 250 hari sampai dengan 0 hari. Kondisi tersebut memberikan dukungan pembuktian adanya pengaruh negatif signifikan terhadap karakter perusahaan dan price earning ratio. Semakin rendah periode siklus konversi kas semakin baik karakter keuangan dan price earning ratio. Akan tetapi tidak semua karakter perusahaan berpengaruh terhadap price earning ratio. Indeks profitabilitas, Indeks likuiditas, dan indeks ukuran perusahaan berpengaruh positip signifikan terhadap price earning ratio, sedangkan indeks produktifitas dan indeks dividen tidak berpengaruh terhadap price earning ratio.

Kata Kunci

Siklus Konversi Kas, Karakter Keuangan, Price Earning Ratio

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Referensi

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