The Effect of Net Propit Margin and Debt to Asset Ratio To Stok Price and Earning Per Share as Intervening Variable (BUMN Companies LQ45 Period 2014-2018)

Purpose of the research to examineeffect of variable Net Profit Margin (NPM), Debt to Asset Ratio (DAR),andEarningPerShare (EPS) as intervening variable effect onthe stockpricesofBUMN company (State-Owned Companies) included inthe LQ45index on Indonesian Stock Exchange with period2014-2018.Thepopulationinthisresearchare BUMN company (state-owned companies)thatregisteredLQ45indexontheIndonesiaStockExchangein2014to 2018. Based on the results of the panel data model selection test using the Chow test, Langrage Multiplier, Hausman, the conclusion is the Fixed Effect panel data model. Results F test, both Net Profit Margin (NPM), Debt to Asset Ratio (DAR) simultaneously effect to Earning per Share (EPS) and Stock Price (HS). Other result from F test, Net Profit Margin (NPM), Debt to Asset Ratio (DAR), Earning per Share (EPS) simultaneously effect to Stock Price (HS). Earning Per Share as intervening variable does not mediate independent variable Net Profit Margin (NPM) and Debt to Asset Ratio (DAR) to dependent variable  Share Prices (SP).


A. INTRODUCTION
BUMN company (State-Owned Companies) is a company that is whole or part of equity capital owned by the nation through direct investment from separated asset of nation (Government Regulation No. 19 2003). There are several forms of business BUMN, namely, Persero and Perum. Sample in this research is a BUMN in the form of Persero or Public Companies listed on the Indonesian Stock Exchange (IDX). PT (Persero Terbuka) is public companies whose capital and amount its shareholders meet the certain criteria and regulation in capital market. The aims and objectives of the Persero are provide goods and or services high quality and strong competitiveness, as well pursue profit in order to increase value company. Shareholders will experience maximum prosperity when a value company and stock price increases. The higher the price of a stock company will contribute higher prosperity or shareholder welfare. Further more higher price will increasing market confidence related to performance in the market and also the company's prospects in the future.
Picture 1, Stock Price BUMN Indeks LQ45 Company Period 2014 Measurement of company performance is one indicator that used by investors to judge value of stock market price which list in the Indonesian stock exchange. Higher company performance indicated better company performance because higher return that will be obtained by investors. Measurement of company performance generally can be calculated through evaluation or analysis of corporate financial ratios based on the financial statements company that has been published and had been audit by public accountant. Financial ratios includes 5 ratios namely: liquidity ratios, solvency ration, activity ratio, profitability ratio, and investment ratio.
Profitability measures ability company to generate profit (profit). Profitability ratios in this research represented by Net Profit Margin (NPM) and Earning Per Share (EPS). Net Profit Margin (NPM) is represent company's ability to produce net profit after tax deduction. The higher of NPM shows that the company has that productive performance to manage profit and cost of sales related to generated revenue. So that it can make investors confidence and increase stock price of company. Earning Per SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi) Share (EPS) is ratio that measures how much net income that is company generated divided average outstanding common shares. The greater the EPS a company signifies that the company managed to improve investors prosperity in distribution dividend. Finally this performance can improve investors demand for shares to be also impact on rising stock price of the company.
Solvency Ratio in this research represented by Debt to Asset Ratio (DAR). Solvency Ratio are often referred to as Leverage Ratio is one of finance ratio that measures ability company to full fill all obligations both short term and long-term. DAR is finance ratio which measure how many assets that financed by debt. DAR can calculate by devided total liabilities with total assets. The higher of DAR ratio indicate more capital loans amount used to invest in assets in order to generate profits for company.
Investors before buying or selling stock usually do research and analysis-through information that has been available to determine the level profit and risk of stock which will be sold. The main purpose of investors in the capital market, that is first to get dividends means how much profit paid by the issuer in the form dividend. The second is for ownership company means in this case the investors aims to control the company. The more stock you have, then the greater part of the company. And the third goal is to trade meaning investors' goals for resale when prices are high. So investor expect stocks that really can increase profits from buying and selling of stock. (Kasmir, 2014: 188).
The research will explore effect of Net Profit Margin (NPM), Debt to Asset Ratio (DAR) and Earning Per Share (EPS) on prices of stock BUMN company (State-Owned Companies). This research is expect to be able to provide sufficient additional information for consideration and contribution thoughts for the company in taking decisions related to company value. For investors, this research can provide useful information as a consideration to make investment decisions.
Based on that background in above, researchers took the title "Effect of Net Profit Margin (

B. LITERATURE REVIEW
Net Profit Margin is the ratio calculate profit after tax and sales, which measures the net profit generated from each dollar of sales. Debt to Asset Ratio is ratio to compare current debt and long-term debt to total assets. This ratio shows how debt can be covered by assets. Earning per Share is income per share means the total profit earned by investors for each share. The total profit is measured by the ratio between the net profit after tax (EAT) to the number of outstanding shares.
The stock price is the price which publish certain time on stock exchange which is determined by market players and the demandsupply of the shares concerned in the SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi) capital market. (Jogiyanto 2008: 167). And some opinions can be concluded that the stock price is the price of a stock which is formed based on the supply and demand on the stock exchange market which usually uses the closing price. A high share price will provide benefits with capital gains and increase image of company, making it easier for the company to find investors.

RESEARCH METHOLOGY
This type of research uses quantitative approach which is each variable based on a quantitative data and measurement. Type data used in this research is data panel with Based on the formulation of the problem then in this research formulated hypothesis partially in below hypothesis

Ho1
Net In this research, sampling use secondary data panel To process secondary data, researchers use the application program statistical software assistance EVIEWS version 10 and MS. Excel to create tables and graph for descriptive analysis.
There are three regression data panel analysist in this research : Common Effect Method, Fixed Effect Method and Random Effects Method. To select panel data regression method which will use in this research, first make selection of data panel estimation model technique by using the Chow Test, Test Hausman and Langrage Multiplier Test.
After that continue with testing hypotheses partially using a t-statistic test. Tstatistic test and significant test to know whether each variable significantly influential independent on the dependent variable. F test or simultaneous test used to test effect of all variables together independently towards dependent variable. And testing hypotheses simultaneous using a F-statistic test.
To test the effect of variables intervening according to (Lie Liana (2009) in Nardi Sunardi (2016) used path analysis method as an extension of multiple regression analysis or path analysis method is use to estimate relationships between variable. In this research want to know if variable X has direct relationship with variable Y and variable X has indirect relationship to the variable Z through variable Y.

Figure 3. Path Analyst Method
The path coefficient is calculated by make two structural equations regression equation that's shows hypothesized relationship. Therefore from picture 2 above, illustrated with equation as follows: Y = α2 + cXl + e1 Z = α2 + bY + aXl + e2 c2 < a x b (mediated) H1 = direct relationship < indirectly relationship then the Y variable mediates X towardsZ. H0 = direct relationship > indirectly relationship then the Y variable does not mediate X towards Z.

C. RESULT AND DISCUSSION
The company as sample in this research as following:

Partial t-test Statistic
If the coefficient t-statistic test < t table (α = 5%) and the significance t is 0.05 so H0 is accepted means partially the independent variable is not significant effect SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi) toward dependent variable. . But if the coefficient t-statistic test > t table (α = 5%) and the significance < 0.05 so H0 is rejected means partially the independent variable is significant effect toward dependent variable.   (Imam Ghazali, 2002) mediation testing is to test whether one of variable as mediating variable between variables independent with variable dependent. For test the effect of the mediating variable (intervening) is used path analysis. Path analysis is an extension of regression analysis multiple to estimate the causality relationship between the variables (the casual model) which has been previously applied based on theory (Imam Ghazali, 2013 Because of the direct influence is more than the indirect effect 319,9555013> -6,793039882, then you can concluded that that relationship is direct, therefore, Earning Per Share (EPS) statistically and theoretical does not mediate the Debt to Asset Ratio (DAR) to influence Stock Prices (SP).