Image of Perbandingan kemampuan rumusan residual income valuation model, dividend discount model dan free cash flow to equity discount model dalam menjelaskan harga saham di Bursa Efek Jakarta

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Perbandingan kemampuan rumusan residual income valuation model, dividend discount model dan free cash flow to equity discount model dalam menjelaskan harga saham di Bursa Efek Jakarta

This study compares the ability of intrinsic value derived from Residual Income Valuation Model (RIVM), Dividend Discount Model (DDM), and Free Cash Flow to Equity Discount Model (FCFE) to explain company current security price listed at Bursa Efek Jakarta (BEJ). This paper contrast the ability in three ways: comparing the explanatory power (defined as the as the ability of intrinsic value estimate to explain the cross sectional variation in current security price-adjusted R-square value) from the three model, comparing accuracy (defined as the difference of intrinsic value estimate and the current security price) from the three model, and the result of regression of intrinsic value derived from all three model with current security price. For our sample of 39 companies included in Kompas 100, this study conclude that intrinsic value derived from RIVM dominate intrinsic value based on free cash flow or dividend at BEJ. Intrinsic value estimate derived from RIVM explain 97,32% of the variation in current price compared to 37,13% for DDM and 6,96% for FCFE value estimate. All of the three intrinsic value derived from the three model tend to underestimate security price but intrinsic value derived from RIVM have lowest variation from current security price (28.57%) compared with 281,34% (174,38%) for DDM (FCFE) variation. Further the result of regression of intrinsic value derived from all the three model with current security price show that only intrinsic value derived from RIVM have positive and significance correlation with current stock price. The higher ability of RIVM compare to DDM and FCFE, prove that the use of earning and book value as component of RIVM are more reliable than dividend and free cash flow to equity to determine the reasonable current stock price. The result of this study consistent with other empirical study which supports the use of RIVM compare with DDM or FCFE for intrinsic value calculation. Ada tabel

Ketersediaan

Call NumberLocationAvailable
5871PSB lt.2 - Karya Akhir1
Penerbit Depok Departemen Akuntansi Fakultas Ekonomi Universitas Indonesia.,
Edisi -
Subjek Share prices
Cash flow
Stock prices
Intrinsic Value
Dividend discount models
ISBN/ISSN -
Klasifikasi -
Deskripsi Fisik vii, 75 p. : diagr. ; 29 cm.
Info Detail Spesifik -
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