Analisis Dampak Kebijakan Moneter Terhadap Nilai Perusahaan Sektor Manufaktur Di Indonesia Melalui Kinerja Keuangan
DOI:
https://doi.org/10.32493/frkm.v9i3.58619Keywords:
ebijakan Moneter, Suku Bunga, Uang beredar, Nilai tukar, Kinerja Keuangan, Nilai PerusahaanAbstract
Abstrak. Penelitian ini bertujuan menganalisis pengaruh kebijakan moneter, suku bunga acuan Bank Indonesia, jumlah uang beredar, dan nilai tukar Rupiah terhadap nilai perusahaan sektor manufaktur di Indonesia dengan kinerja keuangan sebagai variabel intervening. Penelitian kuantitatif asosiatif ini menggunakan data panel dari 23 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2020–2024. Data sekunder diperoleh dari laporan keuangan, publikasi Bank Indonesia, dan data makroekonomi, kemudian dianalisis menggunakan regresi data panel dengan Fixed Effect Model sebagai model terpilih. Hasil penelitian menunjukkan bahwa suku bunga dan nilai tukar berpengaruh negatif, sedangkan jumlah uang beredar berpengaruh positif terhadap kinerja keuangan. Selanjutnya, kinerja keuangan berpengaruh positif terhadap nilai perusahaan, sementara ketiga variabel kebijakan moneter berpengaruh negatif terhadap nilai perusahaan. Temuan ini menegaskan pentingnya stabilitas kebijakan moneter terhadap kinerja dan nilai perusahaan manufaktur.
Keywords: Kebijakan Moneter, Suku Bunga, Uang Beredar, Nilai Tukar, Kinerja Keuangan, Nilai Perusahaan.
Abstract. This study aims to analyze the influence of monetary policy, Bank Indonesia's benchmark interest rate, money supply, and the Rupiah exchange rate on the value of manufacturing companies in Indonesia, with financial performance as an intervening variable. This associative quantitative study uses panel data from 23 manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Secondary data were obtained from financial reports, Bank Indonesia publications, and macroeconomic data, then analyzed using panel data regression with the Fixed Effect Model as the selected model. The results show that interest rates and exchange rates have a negative effect, while the money supply has a positive effect on financial performance. Furthermore, financial performance has a positive effect on firm value, while all three monetary policy variables have a negative effect on firm value. These findings emphasize the importance of monetary policy stability on the performance and value of manufacturing companies.
Keywords: Monetary Policy, Interest Rates, Money Supply, Exchange Rates, Financial Performance, Company Value.
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