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Penelitian ini bertujuan untuk menganalisis mengenai kecenderungan go private bagi perusahaan den... more Penelitian ini bertujuan untuk menganalisis mengenai kecenderungan go private bagi perusahaan dengan kepemilikan mayoritas asing (studi kasus PT HM ampoerna). Penelitian ini menggunakan data sekunder, yaitu laporan keuangan dengan menganalisis berbagai aspek, yaitu struktur modal serta informasi pada catatan laporan keuangan. Berdasarkan hasil penelitian, alasan kecenderungan HM Sampoerna untuk go private yang ditandai dengan minimnya kepemilikan saham dipublik sejak diakuisisi oleh Philip Morris Indonesia adalah kinerja keuangan yang baik. Kinerja tersebut terlihat dari tren penjualan yang meningkat serta keberhasilan dalam melakukan efisiensi terhadap struktur modal serta solvabilitas perusahaan tergolong bagus. Karena keberhasilan dalam memaksimalkan penggunaan sumber dana, perusahaan mampu menghasilkan tingkat pengembalian yang tinggi. Selain kinerja keuangan yang baik, alasan perusahaan untuk tidak menambah saham dipublik adalah besarnya biaya yang harus dikeluarkan untuk melak...
Bond is a debt instrument used by the corporate to raise fund from the market. Market price of bo... more Bond is a debt instrument used by the corporate to raise fund from the market. Market price of bond is inversely related with market interest rate. The percentage change in market price of bond for a proportional change in yield can be measured by modified duration, convexity, yield curve and expectation hypothesis. The objective of this paper is to identify different perspectives of bonds and bond market, to explore the determinants affecting bonds yield and to explain the mechanism through which determinants affects the corporate bonds yield. The methodology of the research paper is to analyse secondary data available in Bloomberg. USD currencies denominated bonds are used for analysis purpose. Different statistical tools such as correlation, regression, coefficient of determination and Analysis of Variance are used for interpretation of secondary data. After conducting empirical research, it is found that tenor of bond, credit rating of bond, currency of bond, country of bonds, collateral type of the bond and options of the bond have influence on bond's yield. Longer tenor of the bond is expected to have higher yield. Higher credit rating of the bond reduces yield rate. Currency also impacts the bond. Currency with higher inflation rate of that country is expected to have higher interest rate. Country with higher sovereign rating has lower yield rate. Bonds which have callable options have lower yield rate. Secured bonds have lower yield rate whereas unsecured bond have higher yield rate.
Penelitian ini bertujuan untuk menganalisis mengenai kecenderungan go private bagi perusahaan den... more Penelitian ini bertujuan untuk menganalisis mengenai kecenderungan go private bagi perusahaan dengan kepemilikan mayoritas asing (studi kasus PT HM ampoerna). Penelitian ini menggunakan data sekunder, yaitu laporan keuangan dengan menganalisis berbagai aspek, yaitu struktur modal serta informasi pada catatan laporan keuangan. Berdasarkan hasil penelitian, alasan kecenderungan HM Sampoerna untuk go private yang ditandai dengan minimnya kepemilikan saham dipublik sejak diakuisisi oleh Philip Morris Indonesia adalah kinerja keuangan yang baik. Kinerja tersebut terlihat dari tren penjualan yang meningkat serta keberhasilan dalam melakukan efisiensi terhadap struktur modal serta solvabilitas perusahaan tergolong bagus. Karena keberhasilan dalam memaksimalkan penggunaan sumber dana, perusahaan mampu menghasilkan tingkat pengembalian yang tinggi. Selain kinerja keuangan yang baik, alasan perusahaan untuk tidak menambah saham dipublik adalah besarnya biaya yang harus dikeluarkan untuk melak...
Bond is a debt instrument used by the corporate to raise fund from the market. Market price of bo... more Bond is a debt instrument used by the corporate to raise fund from the market. Market price of bond is inversely related with market interest rate. The percentage change in market price of bond for a proportional change in yield can be measured by modified duration, convexity, yield curve and expectation hypothesis. The objective of this paper is to identify different perspectives of bonds and bond market, to explore the determinants affecting bonds yield and to explain the mechanism through which determinants affects the corporate bonds yield. The methodology of the research paper is to analyse secondary data available in Bloomberg. USD currencies denominated bonds are used for analysis purpose. Different statistical tools such as correlation, regression, coefficient of determination and Analysis of Variance are used for interpretation of secondary data. After conducting empirical research, it is found that tenor of bond, credit rating of bond, currency of bond, country of bonds, collateral type of the bond and options of the bond have influence on bond's yield. Longer tenor of the bond is expected to have higher yield. Higher credit rating of the bond reduces yield rate. Currency also impacts the bond. Currency with higher inflation rate of that country is expected to have higher interest rate. Country with higher sovereign rating has lower yield rate. Bonds which have callable options have lower yield rate. Secured bonds have lower yield rate whereas unsecured bond have higher yield rate.