Abstract
Bonds as cheap funding alternative for company and investment instrument that gives fixed income for investor make movement and development for Indonesian capital market. A lot of company issues bonds as sources of funding and supported with an excellent rating capable for getting investor’s attractive for investing in bonds, especially in financial sector as the pillar economic growth in the country. Bonds issues that dominated in financial sector give interesting yield for investor. Comparative analysis of yield can be done for knowing the differences in yield for each rating that company has. This study analysis method is Paired Samples T-test using PASW Statistics 18. The result of this study shows that on average there are significant yield differences in bonds that have idA, idAA+, and idAAA rating. This study also shows that bonds with lower rating give higher yield and the yield of bonds in banking sub-sector higher compared with the yield of bonds in multi finance sub-sectors.
Highlights
Di Indonesia, perusahaan sektor keuangan mendominasi penerbitan obligasi
The result of this study shows that on average there are significant yield differences in bonds that have idA, idAA+, and idAAA rating
This study also shows that bonds with lower rating give higher yield and the yield of bonds in banking sub-sector higher compared with the yield of bonds in multi finance sub-sectors
Summary
Di Indonesia, perusahaan sektor keuangan mendominasi penerbitan obligasi. Sektor keuangan berperan relatif signifikan dalam menstimulasi pertumbuhan ekonomi suatu negara sebagai pilar pertumbuhan sektor rill. Uraian diatas menunjukan bahwa selain kupon dan rating, yield menjadi perhatian utama investor dalam berinvestasi di obligasi korporasi khususnya sektor keuangan yang mendominasi penerbitan obligasi dan sebagai sumber pendanaan utama untuk menambah modal dan ekspansi maka dengan ini penulis akan meneliti dengan judul “Perbandingan Yield Obligasi Korporasi Pada Sektor Keuangan”. Apakah ada perbedaan tingkat imbal hasil (yield) obligasi korporasi pada sektor keuangan dengan peringkat (idA) dan sisa jatuh tempo yang sama?. 2. Apakah ada perbedaan tingkat imbal hasil (yield) obligasi korporasi pada sektor keuangan dengan peringkat (IdAA+) dan sisa jatuh tempo yang sama?. Tujuan Penelitian Sesuai dengan perumusah masalah diatas maka tujuan penelitian ini dilakukan untuk mengetahui apakah ada perbedaan tingkat imbal hasil (yield) obligasi korporasi pada sektor keuangan dengan peringkat idA, IdAA+, dan IdAAA dengan sisa jatuh tempo yang sama. H1 ditolak, tidak terdapat perbedaan signifikan yield pada obligasi korporasi sektor keuangan dengan peringkat (idAAA) dan sisa jatuh tempo yang sama
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