Penerapan Asset Pricing Model (Capm) Terhadap Keputusan Investasi Pada Indeks Lq 45 Periode 2012-2016

Abstract

Adapun tujuan dari penelitian ini adalah untuk mendeskripsikan penerapan CAPM (capital asset pricing model) dalam pemilihan saham yang tepat untuk dilakukan investasi. Sampel yang digunakan yaitu perusahaan-perusahaan yang termasuk dalam Indeks LQ 45, yakni perusahaan berkapitalisasi besar dan paling liquid selama periode tahun 2012-2016 yang berjumlah 45 perusahaan namun yang digunakan sebagai sampel hanya 20 perusahaan, adapun hal ini dipengaruhi oleh teknik pengambilan sampel yang dilakukan dengan cara purposive sampling. Adapun teknik-teknik pengumpulan data yang digunakan untuk mendukung pelaksanaan penelitian ini yaitu dengan cara Penelitian Kepustakaan (Library Research) dan Riset Internet (Online Research). Kriteria pemilihan saham dalam penelitian ini adalah memilih saham yang efisien, dimana tingkat pengembalian individu (Ri) lebih besar dari tingkat pengembalian yang diharapkan [E(Ri)]. Hasil dari penelitian ini adalah antara beta dengan expected return terjadi hubungan yang berbanding terbalik, dimana jika nilai beta tinggi maka tingkat pengembalian saham (return) akan rendah, begitu sebaliknya. Dari 20 perusahaan yang diteliti, 10 perusahaan berada pada kondisi efisien dan 10 perusahaan berada pada kondisi tidak efisien. Keputusan investasi yang harus diambil ketika saham dalam kondisi efisien adalah membeli saham tersebut, namun jika kondisi tidak efisien maka tindakan yang di ambil adalah sebaliknya, yakni menjual saham tersebut.Kata kunci : Capital Asset Pricing Model ,Beta, saham efisien.

Determination of Efficient and Inefficient Stocks with the Capital Asset Price Model (CAPM) Method

“…While the sampling technique uses purposive sampling method. According to Susanti & Putra (2019) states the price of return of character shares or regularly abbreviated as Ri (Return Individual) is an analysis to calculate the price of return of a stock in a positive period. As for how to calculate the charge of return of character shares, namely:…”

“…The Composite Stock Price Index is one of the analyzes consisting of normal inventory rate data which has a very influential energy in monetary occasions that take place in Indonesia (Ni Wayan Sri & Masithah, 2016). According to Susanti & Putra (2019), the system used to calculate market returns is as follows:…”

“…A united states can be said to be advanced if the country's financial boom has developed rapidly. Owned shares will furnish benefits for shareholders who are regularly recognized through the charge return acquired in accordance with the stage of hazard that can be borne by way of traders (Susanti & Putra, 2019). In addition to being influenced via the domestic market, Indonesia's economic system is additionally affected with the aid of the stock market, recognised as the Composite Stock Price Index (CSPI).…”

“…In addition, the consequences of lookup conducted by means of Riska et al (2014) states that there are six businesses that can be grouped into environment friendly shares and one inefficient stock. Besides that, a find out about carried out via Susanti & Putra (2019) noted that there had been 10 LQ45 shares which had been categorised as environment friendly shares while the ultimate 10 company share of LQ45 had been categorized as inefficient shares.…”

The Investing Decisions during the COVID-19 Pandemic by Using the Capital Asset Pricing Model (CAPM) Method in LQ 45 Index Companies

“…By implementing CAPM, investors can be helped in understanding the complex market conditions, minimizing investment risk and estimating the amount of return they will get, especially in this pandemic [2]. There are several previous studies that discuss CAPM, including Susanti, with the results of the study showing that there are 10 companies in an efficient state and 10 inefficient companies [3]. Furthermore, the research conducted by Hasan with the results of the study contained 11 inefficient companies and 19 efficient companies in the Business index company 27 [2].…”