ANALISIS FAKTOR YANG MEMPENGARUHI PENGAMBILAN KEPUTUSAN HEDGING MENGGUNAKAN INSTRUMEN DERIVATIF VALUTA ASING

Journal of patient account management Pub Date : 2019-06-14 DOI:10.32722/ACC.V6I1.1381

Vincentia Ayuningtyas, Sabar Warsini, Elly Mirati

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引用次数: 4

Abstract

ABSTRACT This research aims at knowing factors that influences the hedging decision withforeign currency derivative instruments. This research uses the sample from non-financialcompanies listed on Indonesia Stock Exchange in the periode of 2013-2017. The data used inthis research are secondary data taken from Indonesia Stock Exchange and the analyzedcompany's websites. The samples from the analyzed company are taken using the purposivesampling method. Based on the selected samples, there were 35 companies which did thehedging activity during the research period and have the data to be analyzed. The model wasanalysed by using logistics regression. The result of the research shows that leverage,liquidity and growth opportunity have positive and significant factore that influence hedgingdecision with the foreign currencies by using derivative instrument, However, financialdistress has negative and significant influances while fluctuation of exchange rate did notsignificantly influence it. Keywords: derivative instrument, foreign currency, foreign exchange risk, hedging, risk management ABSTRAK Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh pengambilankeputusan hedging menggunakan instrumen derivatif valuta asing. Penelitian inimenggunakan sampel perusahaan non keuangan yang terdaftar di BEI tahun 2013-2017.Data yang digunakan dalam penelitian ini adalah data sekunder yang diunduh dari websiteBursa Efek Indonesia dan website perusahaan yang diteliti. Sampel perusahaan dipilihmenggunakan metode purposive sampling. Hasil dari seleksi sampel memperoleh 35perusahaan yang melakukan aktivitas hedging selama periode penelitian dan memilikikelengkapan data untuk diteliti. Analisis model penelitian menggunakan analisis regresilogistik. Hasil pengujian menunjukkan ketepatan klasifikasi model analisis sebesar 80,6%.Hasil penelitian menunjukkan bahwa variabel leverage, likuiditas, growth opportunityberpengaruh positif signifikan dan variabel financial distress berpengaruh negatif signifikan,sedangkan variabel fluktuasi nilai tukar berpengaruh tidak signifikan terhadap prosespengambilan keputusan hedging menggunakan instrumen derivatif valuta asing. Kata Kunci: hedging, instrumen derivatif, manajemen risiko, risiko nilai tukar, valuta asing

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分析影响刺猬使用外国评估衍生品决策的因素

摘要本研究旨在了解影响外汇衍生工具套期保值决策的因素。本研究采用2013-2017年期间在印尼证券交易所上市的非金融公司为样本。本研究中使用的数据是来自印度尼西亚证券交易所和被分析公司网站的二手数据。被分析公司的样本采用目的性抽样法。根据所选择的样本，有35家公司在研究期间进行了对冲活动，并有数据进行分析。采用logistic回归对模型进行分析。研究结果表明，杠杆率、流动性和成长机会对衍生工具外汇套期保值决策有正向显著影响，而财务困境对衍生工具外汇套期保值决策有负向显著影响，汇率波动对衍生工具外汇套期保值决策影响不显著。关键词:衍生工具、外汇、外汇风险、套期保值、风险管理中国农业大学学报，2013-2017。数据yang digunakan dalam penelitian ini adalah数据sekunder yang diunduh dari网站bursa Efek印尼丹网站perusahaan yang diteliti。样品取样采用目的取样法。Hasil dari seleksi样例分析，35 perushaan yang melakukan活动，对冲selama时期的penelitian和memilikikelengkapan数据分析。分析模型penelitian menggunakan回归分析。Hasil penguin menunjukkan ketepatan klasifikasi模型分析sebesar 80,6%。杠杆率、可能性、增长机会、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机、金融危机等。套期保值，工具衍生品，管理风险，风险管理，价值评估

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Journal of patient account management

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