HUBUNGAN EFFICIENCY LEVEL WORKING CAPITAL MANAGEMENT DENGAN RETURN ON TOTAL ASSETS

Abstract

Abstrak Profitabilitas perusahaan manufaktur di Indonesia dipengaruhi oleh berbagai faktor-faktor keuangan yang yang dapat diukur menggunakan rasio keuangan.Tujuan dari penelitian ini adalah untuk menganalisis apakah variabel-variabel seperti Account Receivable Period, Account Payable Period, Account Inventory Period dan Net Working Capital memiliki pengaruh terhadap profitabilitas perusahaan yang diukur dengan menggunakan return on total assets. Populasi dalam penelitian ini adalah seluruh perusahaan manufaktur sub kelompok barang makanan dan minuman (fod and beverage) yang listing di BEI pada tahun 2007-2010. Sampel diambil menggunakan metode purposive sampling, sehingga didapat 47 perusahaan sebagai sampel. Pengaruh variabel bebas seperti : Account Receivable Period, Account Payable Period, Account Inventory Period dan Net Working Capital terhadap return on total assets diteliti menggunakan metode analisis regresi. Hasil penelitian menunjukkan bahwa ada 3 variabel yaitu Account Receivable Period, Account Payable Period, Account Inventory Period yang memiliki pengaruh signifikan terhadap return on total assets. Sedangkan variabel Net Working Capital tidak berpengaruh signifikan terhadap return on total assets. Hal ini menunjukkan bahwa hanya variabel Account Receivable Period, Account Payable Period, Account Inventory Period saja yang dapat mempengaruhi profitabilitas sedangkan variabel Net Working Capital tidak memiliki pengaruh yang besar dalam pencapaian keuntungan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2007-2010. Kata Kunci: Account Receivable Period, Account Payable Period, Account Inventory Period dan Net Working Capital terhadap return on total assets Abstract Manufactur company profitability in Indonesia affected by many financial factors that can be measured by using financial ratio. The purpose of this study is to analize whether the variable such as Account Receivable Period, Account Payable Period, Account Inventory period and Net Working Capital had the influence to the company profitability measured by return on total assets. The population of this study is all manufactur company’s food and beverage sub-group listed in Indonesian Stock Exchange (BEI) in 2007-2010 period. Sample obtained with purposive sampling method, so that obtained 47 companies as the sample.The effect of independent variable such as: Account Receivable Period, Account Payable Period, Account Inventory Period and Net Working Capital onreturn on total assetsstudiedwithregression analizing method. The result from this study tells that there are 3 variable Account Receivable Period, Account Payable Period, Account Inventory Period that has the significant influence to the return on total assets. While variable Net Working Capital doesn’t significantly has any influence to the return on total assets. It tells that only Account Receivable Period, Account Payable Period, Account Inventory Period variable that can give an influence the profitability while Net Working Capital variable doesn’t has significant influence to the profit accomplishment in manufactur company that registered in Indonesian Stock Exchange in 2007-2010 period. Keywords: Account Receivable Period, Account Payable Period, Account Inventory Period dan Net Working Capital terhadap return on total assets