<p><em>Capital market </em><em>is</em><em> a </em><em>meeting </em><em>place for pe</em><em>ople</em><em> who h</em><em>ave</em><em> excess money </em><em>and those</em><em> who </em><em>need money</em><em> </em><em>for </em><em> transaction of security. Every investor need</em><em>s </em><em>optimal profits with minimal risk. Portfolio is basically related to how one allocates a number of stocks into various investment types that results </em><em>i</em><em>n optimal profits. By making diversification, investor</em><em>s</em><em> may reduce the rate of risk and at the sametime optimize the rate of expected return. Based on this case this research raises the problem of how to design an optimal portfolio simulation. i.e. a combination of liquid shares LQ 45 list ini Indonesia</em><em>n</em><em> Stock Exchange in the period of 2009-2011 by using two method</em><em>s</em><em>, using Single Index Model and Indexing. Single index Model is a model of portfolio analysis using the account of Excess Return to Beta (ERB) ratio and value of C* to gain optimal shares  on portfolio. The procedure of indexing is </em><em>to </em><em>make </em><em>one’s</em><em> own group i.e liquid LQ 45 calculat</em><em>ing</em><em> the risk and return then compare the result with Single Index Model, the procedure </em><em>of</em><em> all securities are ranked by ERB instead of Excess Return to Risk</em><em> (ERR)</em><em>. After securities </em><em>were</em><em> ranked using the above ratio, securities with greater Excess return to standart deviation and cut off point (C*) </em><em>we</em><em>re included into the optimal portfolio. The conclu</em><em>sion</em><em> of this research </em><em>is that it is </em><em>better to choose Single Index Model as the methode  result</em><em>ing i</em><em>n optimal profits.  </em><em></em></p><em>Keyword: Optimum portfolio, LQ 45, single index, indexing</em>

<p><em>In financial management perspective, corporate goal is to maximize shareholder or corporate value.<strong> </strong>The purpose of this study was to analyze the effect of institutional ownership (INST), asset structure (FAR), profitability (ROA), and corporate growth (GROWTH) on debt policy. This study used linear and multiple regression analysis. Significant test results of individual parameters (t statistical test) showed that significant value of INST variable 0.058 &lt; 0.1 (α) and -0.632 (β), FAR 0.097 &lt; 0.1 (α) and 1.019 (β), ROA 0.043 &lt; 0.1 (α) and -1.198 (β), and GROWTH 0.064 &lt; 0.1 (α) and 0.972 (β). The results showed that INST and ROA significantly and negatively affect debt policies, while FAR and GROWTH were significantly and positively affect on debt policies. Whereas, test result of simultaneous</em><em> </em><em>(F statistical test) showed that significant value was 0.010 &lt; 0.1 (α) and the value of F calculated was 4.184 &gt; 2.184 F table. These results indicated that institutional ownership, asset structure, profitability, and corporate growth had a significant effect on debt policy simultaneously.</em></p><em>Keywords : institutional ownership, structure of assets, profitability, corporate growth</em>

<p>Penelitian ini bertujuan untuk mengetahui pengaruh <em>Return </em><em>o</em><em>n Asset (ROA), Return </em><em>o</em><em>n Equity (ROE), Net Profit Margin (NPM)</em><em>, </em><em>Earning Per Share (EPS)</em><em> dan </em><em>Economic Value Added (EVA)</em> terhadap harga saham. Sampel yang digunakan adalah perusahaan sub sektor industri semen yang terdaftar di BEI periode 2009-2011. Variabel independen yang digunakan adalah ROA, ROE, NPM, EPS dan EVA dengan variabel dependennya adalah harga saham. Metode analisis yang digunakan adalah regresi data panel yang meliputi data <em>cross section </em>dan <em>time series</em>. Hasil analisis regresi data panel menunjukkan bahwa secara simultan variabel ROA, ROE, NPM, EPS dan EVA berpengaruh secara signifikan terhadapa harga saham karena nilai p-value (0.000) &lt; alpha (0.05). Sedangkan secara parsial variabel EVA tidak berpengaruh secara signifikan terhadap harga saham karena nilai p-value pada EVA (0.0683) &gt; alpha (0,05) dan variabel ROA, ROE, NPM dan EPS berpengaruh secara parsial terhadap harga saham dengan nilai p-value berturut-turut sebesar (0.0002; 0.0013; 0.0008; 0.000). Hasil uji analisis koefisien determinasi adalah sebesar 95.51% hal ini bahwa variabel independen yang ada pada regresi ini mampu menjelaskan sebesar 95.51% dan sisanya 4.49% kemungkinan dijelaskan oleh faktor lain yang tidak dijelaskan ke dalam model ini.</p><em>Kata kunci : ROA, ROE, NPM, EPS, EVA,  Harga Saham</em>

This research aims to analyze how Amartha Microfinance organizes its credit, human resources factors, and customers that affect loan performance as well as to analyze the level of financial health and forecasting. This research used qualitative method including interview, factor analysis, ratio analysis, trend analysis and forecasting. The results show that the key factors on credit organizations are the community-making system that is chosen personally by its members, back-up funding system that is always well-run, attendance discipline, and zero tollerant paying. Human resources factors affecting performing loan were moral hazards and morale hazards, with 75.1% respectively, while the customer factors that influence performing loan were capital aspects amounting to 64.3%, capacity aspects 52.2% and of character aspects 50.2%. Liquidity and solvency ratios were at a healthy condition, and forecasting liquidity and solvency ratios tend to decrease. ABSTRAKPenelitian ini bertujuan untuk menganalisis pengelolaan kredit, faktor-faktor sumberdaya manusia (SDM) dan nasabah yang memengaruhi kelancaran kredit serta menganalisis tingkat kesehatan dan peramalan keuangan Amartha Microfinance. Metode analisis data penelitian ini menggunakan metode kualitatif dengan teknik wawancara serta analisis faktor, analisis rasio, analisis tren dan peramalan. Hasil penelitian menunjukkan kunci utama pengelolaan penyaluran kredit adalah proses pembentukan kelompok yang dilakukan sendiri oleh anggota, sistem tanggung renteng selalu berjalan, disiplin kehadiran dan angsuran zero tollerant. Faktor SDM yang memengaruhi kelancaran kredit adalah aspek moral hazards dan morale hazards masing-masing sebesar 75,1%, sedangkan faktor anggota kelompok nasabah yang memengaruhi kelancaran kredit adalah aspek capital sebesar 64,3%, aspek capacity 52,2% dan aspek character 50,2%. Rasio likuiditas dan solvabilitas berada pada kondisi sehat, peramalan rasio likuiditas dan solvabilitas cenderung menurun. Kata kunci: kelancaran kredit, kesehatan keuangan, lembaga keuangan mikro.

ABSTRACT