PENGARUH VARIABEL MAKRO EKONOMI TERHADAP INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA

Abstract

The research represent the effect of macro economics variables, the interest rates of Indonesia Bank Certificate, U.S. Dollar exchange rates, and inflation rates to the Composite Stock Price Index (CSPI) in Indonesian Stock Exchange (Jakarta Stock Exchange) in three-month period, started from 2000 to 2005. The research is carried out in Palembang for about five month – from November 2005 to March 2006, its includes designing, performing and reporting the result of the research. This research goes over ex post facto design thoroughly and represent a correlation using the data which have been available before researching dan during researching. The data are obtained from the information of related institution via internet network. The variables of this research consist of CSPI (Composite Stock Price Index), interests rates of Indonesia Bank Certificate, U.S. Dollar exchange rates and inflation rates. The analytical technique used for testing the hypotheses and significance level is the econometric statistic tehnique, where in the data proscessing media is software SPSS version 11.5 for windows. To know the relation between the different macro variables, a double-linear-reggressive equation in used along with assumption and certain tests. The result of the analysis and this test describes that CSPI in Indonesian Stock Exchange from the first three-month period of 2000 to the fourth three-month of 2005, has positive and with partial, it’s affected significantly by the interest rates of Indonesia Bank Certificate, but with partial , U.S. Dollar exchange rates and the inflation rates is not significant to affect the CSPI. From F test, as simultant, that the macro economics variables could affected significantly IHSG, with conditions of that the macro economics variables have their influence for about 55,7 percent to the CSPI in Indonesia Stock Exchange. It has resulted that other different economics and non economics factor excluding the existing variables had influenced for about 44,3 percent.