臺灣博碩士論文加值系統

本研究主要探討宏觀經濟和微觀經濟之變量對於印度尼西亞製造
公司在2009-2011 年期間之資本結構和財務績效之影響。本研究運用PLS
統計分析，實證結果指出宏觀經濟變量對資本結構呈現顯著的正向影響
，代表著宏觀經濟變量指標能夠有效衡量經濟成長及通貨膨脹。同時，
資本結構是透過總負債比率和長期負債比率作為衡量。微觀經濟變量對
資本結構呈現顯著的負向影響。經由銷售成長和公司規模之指標作為衡
量微觀經濟變量。然而，在財務績效上資本結構呈現顯著正向的影響。
雖然，實證結果中宏觀經濟變量和微觀變量對公司財務績效沒有呈現顯
著影響。但是，實證結果分析發現財務績效表現能用來衡量總資產報酬
率（ROA）和淨利潤邊際（NPM），並作為其衡量績效指標。

This research investigated the influence of macroeconomic and microeconomic variable on capital structure and financial performance of Indonesia Manufacturing Companies during period 2009-2011. Using Partial Least Square Method, the result showed that macroeconomic variable has significant positive influence on capital structure. Indicators that valid to measure macroeconomic variable are economic growth and inflation. While, capital structure was measured by total debt ratio and long term debt ratio.
Negative significant influence appeared between microeconomic variable and capital structure. Microeconomic variable was measured by sales growth and company size as its indicator. However, the influence of capital structure on financial performance showed significantly positive. Financial performance was measured through Return on Assets (ROA) and Net Profit Margin (NPM) as its indicator. While the result also showed that macroeconomic variable and microeconomic variable found not significantly affect the company’s financial performance.

Abstract………………………………………………………………………..i
Acknowledgement……………………………………………………………iv
Contents……………………………………………………………………….v
List of Tables………………………………………………..……………x
List of Figures………………………………………………………xi
CHAPTER I INTRODUCTION OF THE RESEARCH…………….……….1
1.1. Background of The Research…………………………………………1
1.2. Problem Statements……………………………………………………6
1.3. Research Objective…………………………………………………….6
1.4. Contributions of the Research…………………………………7
CHAPTER II THEORITICAL REVIEW….........……………………8
2.1. Prior Research…………………………………………….……………8
2.2. Macroeconomic Variables……………………………………………10
2.2.1. Interest Rate……………………………………………………11
2.2.2. Economic Growth……………………………………………..13
2.2.3. Inflation………………………………………………………..14
2.3. Microeconomic Variables………………………………………16
2.3.1. Sales Growth…………………………………………………...16
2.3.2. Company Size………………………………………………….17
2.3.3. Tangibility……...………………………………………………17
2.3.4. Liquidity………………………………………………………..18
2.4. Capital Structure……………………………………………19
2.4.1. Capital Structure Theory………………………………...20
2.4.1.1. Modligiani and Miller: No Taxes………………….....20
2.4.1.2. Modligiani and Miller: The Effect of Corporate
Taxes…………………………………......................20
2.4.1.3. Trade – off Theory ………………………………....…21
2.4.1.4. Pecking Order Theory……………………………..…21
2.4.1.5. Signaling Theory…………………………………..…22
2.5. Financial performance……………………………………………22
2.5.1. Return On Assets (ROA)…………………………………...…24
2.5.2. Return Total Equity (ROE)…………………………………24
2.5.3. Net Profit Margin (NPM)…………………………………25
CHAPTER III RESEARCH CONCEPTUAL FRAMEWORK…........…….27
3.1. Conceptual Framework……………………………………………….27
3.2. Hypothesis……………………………………………………………32
3.3. Research Variable Operational Definition…………………33
3.3.1. Macroeconomic Variables……………………………………..33
3.3.1.1. Interest Rate…………………………………………..33
3.3.1.2. Economic Growth……………………………………..34
3.3.1.3. Inflation……………………………………………….34
3.3.2. Microeconomic Variables……………………………….35
3.3.2.1. Sales Growth…………………………………………..35
3.3.2.2. Company Size………………………………………...35
3.3.2.3. Tangibility…………………………………………….35
3.3.2.4. Liquidity……………………………………………...36
3.3.3. Capital Structure………………………………………..36
3.3.4. Financial Performance…………………………………...37
3.3.4.1. Return On Assets (ROA)……………………………...37
3.3.4.2. Return On Equity (ROE)……………………………..37
3.3.4.3. Net Profit Margin (NPM)……………………………..37
CHAPTER IV RESEARCH METHOD………………………………..........39
4.1. Type of the Research………………………………………………39
4.2. Population and Sample……………………………………………39
4.3. Source of Data……………………………………………………41
4.4. Methods of DataCollection………………………………………42
4.5. Concept and Indicators of Variables ………………………42
4.6. Data Analysis Methods………………………………………43
CHAPTER V RESULT AND DISCUSSION…………………………….....50
CHAPTER VI CONCLUSION………………………………………….......59
6.1. Conclusion…………………………………………………………….59
6.2. Limitation and Recommendation……………………………61
REFERENCES………………………………………………………………63
Appendix…………………………………………………………………….72
AUTHOR……………………………………………………………………77
Name : Ferina Nurlaily………………………………………...77
Nationality : Indonesia…………………………………………….…77
Birthday : 1988.02.05……………………………………….….…77
University : Brawijaya University Indonesia
NPUST, Taiwan.............................77
Hobbies : Travelling, Watching Movie………….......…………77

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