DETERMINASI HARGA SAHAM PERBANKAN DIGITAL DI INDONESIA: PERSPEKTIF MANAJEMEN KEUANGAN DAN RISIKO ERA 2020-2024

Abstrak

Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas yang diukur dengan Net Interest Margin, likuiditas yang diukur dengan Loan to Deposit Ratio, dan risiko kredit yang diukur dengan Non-Performing Loan terhadap harga saham perusahaan perbankan digital yang terdaftar di Bursa Efek Indonesia periode 2020-2024. Populasi penelitian mencakup 18 perusahaan perbankan digital dengan sampel sebanyak 7 perusahaan yang dipilih menggunakan teknik purposive sampling, menghasilkan 35 observasi. Data sekunder diperoleh dari laporan keuangan tahunan dan harga saham penutupan yang dianalisis menggunakan regresi linier berganda. Temuan penelitian menunjukkan bahwa profitabilitas berpengaruh negatif dan signifikan terhadap harga saham, risiko kredit berpengaruh negatif dan signifikan, sedangkan likuiditas berpengaruh positif namun tidak signifikan. Ketiga variabel secara simultan berpengaruh signifikan terhadap harga saham dengan. Koefisien determinasi sebesar 0,259 mengindikasikan bahwa 25,9% variasi harga saham dapat dijelaskan oleh ketiga variabel independen, sedangkan 74,1% dipengaruhi oleh faktor lain di luar model penelitian. Penelitian ini memberikan kontribusi empiris dalam memahami dinamika valuasi pasar terhadap bank digital yang memiliki karakteristik berbeda dari bank konvensional, terutama dalam konteks transformasi digital perbankan Indonesia.

This study aims to analyze the effect of profitability measured by Net Interest Margin, liquidity measured by Loan to Deposit Ratio, and credit risk measured by Non-Performing Loan on stock prices of digital banking companies listed on the Indonesia Stock Exchange during 2020-2024. The research population includes 18 digital banking companies with a sample of 7 companies selected using purposive sampling technique, resulting in 35 observations. Secondary data obtained from annual financial reports and closing stock prices were analyzed using multiple linear regression. Research findings show that profitability has a negative and significant effect on stock prices, credit risk has a negative and significant effect, while liquidity has a positive but insignificant. the three variables simultaneously have a significant effect on stock prices. The coefficient of determination of 0.259 indicates that 25.9% of stock price variation can be explained by the three independent variables, while 74.1% is influenced by other factors outside the research model. This study provides empirical contribution in understanding market valuation dynamics toward digital banks that have different characteristics from conventional banks, especially in the context of Indonesian banking digital transformation.