ANALISIS CAPITAL ASSET PRICING MODEL SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI SAHAM PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BEJ

Kurniawati, Trisma (2008) ANALISIS CAPITAL ASSET PRICING MODEL SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI SAHAM PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BEJ. Other thesis, University of Muhammadiyah Malang.

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ANALISIS_CAPITAL_ASSET_PRICING_MODEL_SEBAGAI_DASAR_PENGAMBILAN_KEPUTUSAN_INVESTASI_SAHAM_PADA_PERUSAHAAN_FARMASI_YANG_TERDAFTAR_DI_BEJ.pdf

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Abstract

This research entitle “Analysis of Capital Asset Pricing Model As Base Decision Making Of Invesment Share At Company Of Pharmacy Which Enlist In BEJ”. This type research is quantitative descriptive, which use theoretical analysis and proved empirically with numbers or presentation of statistic. Target of this research to know expected return (E(Ri)) and systematic risk (β) of share invesment, and also to know the condition of share company of pharmacy which enlist in BEJ, do experiencing of or undervalued of overvalued. Analyzer the used is Capital Asset Pricing Model (CAPM). CAPM represent model to determine storey of expected return from an asset of risk with risk of the asset at condition of equilibrium market. Technique analyse data performed within research is to count market rate of return (Rm), free interest rate of risk (RBR), mount return of each share (Ri), systematic risk storey or beta (β), and expected rate of return (E(Ri)), and also determine criterion of condition of share. If E(Ri) > Ri, hence security is undervalued and decision of invesment which can be taken investor is to buy (invesment). If E(Ri) < Ri, hence security is overvalued and decision of invesment which can be taken by investor is to sell (divestasi). Pursuant to calculation by using analysis of CAPM, expected return (E(Ri)) and risk (β) highest owned by share of PT. Bristol Squibb Myers Indonesia of Tbk. (SQBI) with E(Ri) equal to 0,01503 and β equal to 0,20265. While share owning expected return (E(Ri)) and risk (β) of low owned by PT. Pyridam Farma Tbk. (PYFA) with E(Ri) equal to 0,00833 and β equal to -0,24149. The result indicate that expected return (E(Ri)) and risk (β) having relation which are positive. Its mean that expected return high progressively, also risk of security. On the contrary real correct also smaller expected return, hence smaller risk a security. Result of this research also conclude that condition of share company of period pharmacy 2004-2006 in a condition undervalued, so that can be told share company of competent pharmacy to be bought.

Item Type: Thesis (Other)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Economic > Department of Accounting
Depositing User: Anggit Aldila
Date Deposited: 14 May 2012 04:29
Last Modified: 14 May 2012 04:29
URI: http://eprints.umm.ac.id/id/eprint/5168

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