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Accounting Thesis

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BAB I
PENDAHULUAN

1.1 Latar Belakang Obligasi adalah utang jangka panjang yang akan dibayar kembali pada saat jatuh tempo dengan bunga yang tetap jika ada. Obligasi sering dipandang sebagai investasi yang relatif aman, tetapi tidak tertutup kemungkinan investor mengalami kerugian baik yang berasal dari faktor diluar kinerja perusahaan maupun faktor internal perusahaan, misalnya risiko dana jatuh tempo tidak terbayar tepat waktu (Brigham,Gapenski, dan Daves., 1999). Fenomena di Indonesia terjadi beberapa emiten yang mengalami gagal bayar (default) kebetulan memiliki peringkat layak investasi (investment-grade). Tahun 2009, obligasi gagal bayar (default risk) terjadi pada perusahaan yang cukup populer bagi masyarakat. PT. Mobile-8 Telecom Tbk. yang menerbitkan Bond I Year 2007, telah gagal bayar 2 kali untuk kupon 15 Maret 2009 dan 15 Juni 2009 dengan obligasi senilai Rp 675 Miliar yang jatuh tempo Maret 2012 (Kompas, 9 Februari 2010). Per Juni 2008 dan 2009, peringkat obligasi PT. Mobile-8 Telecom Tbk. pada Indonesia Bond Market Directory adalah idBBB+. Per Juni 2010, peringkatnya diturunkan menjadi idD. Selanjutnya ada Davomas International Finance Company Pte. Ltd., anak usaha PT. Davomas Abadi Tbk. produsen kakao dan bubuk coklat terbesar di Indonesia, gagal membayar kupon obligasi bernama Guaranteed Senior Secured Notes periode 8 Mei 2009 sebesar 13,09 juta dolar yang jatuh tempo 2011 sebesar 238 juta dolar. Ada lagi obligasi Blue Ocean Resources Pte. Ltd., anak usaha PT. Central Proteinprima Tbk.-produsen dan pengolah udang terbesar di Indonesia, gagal membayar kupon bunga periode 28 Desember 2009 sebesar 17,9 juta dolar yang jatuh tempo tanggal 28 Juni 2012 senilai 325 juta dolar. Pemeringkat Fitch Rating menurunkan obligasinya dari CC menjadi C, akibat anjloknya keuangan tahun 2009. Alasannya ditengarai karena serangan virus, krisis finansial global, tuduhan transhipmen, dan alasan lain. Kisruh di PT. Central Proteinprima Tbk. juga menyangkut gagal bayar obligasi tukar berjaminan (secure convertible) Red Dragon, salah satu pemegang saham PT. Central Proteinprima Tbk., senilai 200 juta dolar yang terbit pada Juni 2007 dengan wali amanat The Bank of New York Mellon. Obligasi-obligasi sebelum ditawarkan, harus diperingkat oleh suatu lembaga atau agen pemeringkat obligasi (Rating Agency) yang menerbitkan peringkat obligasi. Peringkat obligasi menyatakan skala risiko atau tingkat keamanan suatu obligasi yang diterbitkan. Peringkat obligasi merupakan sarana pengawasan aktivitas manajemen (Foster, 1986: 501). Peraturan di Bursa Efek Indonesia menyebutkan bahwa emiten yang akan melakukan pencatatan efek bersifat utang di bursa wajib memenuhi salah satu ketentuan yaitu: hasil pemeringkatan efek dari lembaga pemeringkat efek yang terdaftar di BAPEPAM sekurang-kurangnya BBB- (investment grade). Menurut Winardi. (2013) Saat ini terdapat dua lembaga pemeringkat yang diakui oleh Bursa Efek Indonesia, yaitu PT PEFINDO (Pemeringkat Efek Indonesia) dan PT Fitch Ratings Indonesia. Dari kedua lembaga pemeringkat tersebut, PT PEFINDO merupakan lembaga pemeringkat yang menerbitkan peringkat obligasi terbanyak. Sehingga penelitian ini menggunakan peringkat obligasi yang dikeluarkan oleh PT PEFINDO. Analisis laporan keuangan yang berupa analisis rasio keuangan dan perhitungan statistik dapat dipergunakan untuk mendeteksi under or overvalued suatu sekuritas (Kaplan dan Urwitz, 1979). Penelitian terhadap rasio keuangan di Indonesia banyak dihubungkan dengan harga saham ataupun kinerja perusahaan. Sejumlah penelitian yang meneliti peringkat obligasi di Indonesia masih relatif jarang dilakukan. Hal ini disebabkan karena adanya keterbatasan data obligasi serta pengetahuan para investor terhadap obligasi. Wansley et al. (1992) menyatakan pula bahwa sebagian besar perdagangan obligasi dilakukan melalui pasar negosiasi (over the counter market) dan secara historis tidak terdapat informasi harga yang tersedia pada saat penerbitan atau saat penjualan. Penelitian ini menggunakan faktor keuangan dan faktor non keuangan untuk mengukur apakah faktor-faktor ini berpengaruh signifikan terhadap peringkat obligasi diantaranya adalah faktor keuangan yang terdiri dari ( ukuran perusahaan (size), profitabilitas, likuiditas, dan leverage) sedangkan faktor non-keuangan terdiri dari (jaminan (secure) dan reputasi auditor). Berdasarkan latar belakang diatas, Peringkat Obligasi sangat penting bagi para investor. Dimana dari penelitian terdahulu terdapat hasil penelitian yang belum konklusif. Maka, judul penitian ini adalah ”Pengaruh Faktor Keuangan dan Non-keuangan Terhadap Peringkat Obligasi pada Perusahaan Non-keuangan yang terdaftar di Bursa Efek Indonesia Tahun 2011-2014”

1.2 Rumusan Masalah Berdasarkan pada hal tersebut, maka rumusan masalah dari penelitian ini adalah: 1. Apakah Ukuran perusahaan (size) berpengaruh positif signifikan terhadap peringkat obligasi. 2. Apakah Profitabilitas berpengaruh positif signifikan terhadap peringkat obligasi. 3. Apakah Likuiditas berpengaruh positif signifikan terhadap peringkat obligasi. 4. Apakah Leverage berpengaruh positif signifikan terhadap peringkat obligasi. 5. Apakah Jaminan (secure) berpengaruh positif signifikan terhadap peringkat obligasi. 6. Apakah Reputasi Auditor berpengaruh positif signifikan terhadap peringkat obligasi.

3. Tujuan Penelitian Tujuan yang ingin dicapai dari penelitian ini adalah: 1. Menguji pengaruh faktor keuangan Ukuran perusahaan (size) berpengaruh positif signifikan dalam memprediksi peringkat obligasi yang terdaftar di BEI. 2. Menguji pengaruh faktor keuangan Profitabiltas berpengaruh positif signifikan dalam memprediksi peringkat obligasi yang terdaftar di BEI. 3. Menguji pengaruh faktor keuangan Likuiditas berpengaruh positif signifikan dalam memprediksi peringkat obligasi yang terdaftar di BEI. 4. Menguji pengaruh faktor keuangan Leverage berpengaruh positif signifikan dalam memprediksi peringkat obligasi yang terdaftar di BEI. 5. Menguji pengaruh faktor non-keuangan Jaminan (secure) berpengaruh positif signifikan dalam memprediksi peringkat obligasi yang terdaftar di BEI. 6. Menguji pengaruh faktor non-keuangan Reputasi Auditor berpengaruh positif signifikan dalam memprediksi peringkat obligasi yang terdaftar di BEI.

4. Manfaat Penelitian Adapun manfaat yang dapat diperoleh dari penelitian ini adalah: 1. Bagi akademisi, penelitian ini dapat digunakan sebagai referensi untuk penelitian selanjutnya mengenai “Pengaruh Faktor Keuangan dan Non-keuangan Terhadap Peringkat Obligasi pada Perusahaan Non-keuangan yang terdaftar di Bursa Efek Indonesia Tahun 2011-2014”. 2. Bagi investor, untuk mengetahui peringkat Obligasi pada perusahaan nonkeuangan yang terdaftar di BEI 3. Bagi masyarakat, penelitian ini dapat untuk menambah wawasan mengenai kegiatan-kegiatan yang dilakukan perusahaan demi kelangsungan perusahaannya.

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