Faktor Eksternal Dan Internal Yang Mempengaruhi Return Investasi Produk Reksa Dana Campuran Di Indonesia

Abstract

Abstrak

         Reksa dana merupakan salah satu alternative penerapan strategi alokasi asset melalui pembentukan portofolio dengan menginvestasikan dana kebeberapa asset yang berbeda. Perkembangan reksa dana yang terus meningkat di Indonesia membutuhkan pula peningkatan pengetahuan mengenai faktor-faktor yang harus dipertimbangkan dalam memilih produk reksa dana sebagai salah satu alat investasi.

         Penelitian ini bertujuan untuk menentukan pengaruh dari faktor eksternal seperti inflasi dan tingkat suku bunga (BI rate) dan faktor internal seperti jumlah asset kelolaan dan umur produk terhadap return dari investasi di reksa dana Indonesia. Penelitian ini dilakukan pada 58 reksa dana di Indonesia yang terdaftar di Bapepma-LK tahun 2012 dan 2013 berdasarkan data kuartalan. Teknik analisis yang digunakan adalah multiple linear regresi dengan software SPSS 19.

         Hasil menunjukkan bahwa 1) inflasi dan tingkat bunga (BI rate)  memiliki pengaruh negative signifikan dengan return on investment pada produk reksa dana campuran, 2) Jumlah dana kelolaan (AUM) tidak berpengaruh terhadap return on investment pada produk reksa dana campuran dan 3) umur produk tidak memiliki pengaruh terhadap return on investment pada produk reksa dana campuran di Indonesia. Berdasarkan hasil penelitian, dapat disimpulkan bahwa faktor eksternal memiliki pengaruh sedangakan faktor internal tidak memiliki pengaruh terhadap return on investment pada produk reksa dana campuran di Indonesia.

Kata kunci :   reksa dana campuran, inflasi, tingkat suku bunga, dana kelolaan, umur produk

Abstract

Mutual fund is an alternative investment applying the asset allocation strategy through establishment of a portfolio by spreading the investment fund into several different types of assets. The development of mutual funds in Indonesia needs to be followed by the development of knowledge about the factors to be considered in choosing mutual fund product as an investment tool. This research aims to determine the effect of the external factors such as inflation and interest rate (BI rate) and the internal factors such as the amount of assets under management and age of the products towards the return of investment in a balanced mutual fund in Indonesia. The research is conducted on 58 balanced mutual funds in Indonesia registered at Bapepam-LK by the year 2012 and 2013 taken on a quarterly basis. The analysis technique used is multiple linear regression analysis technique with SPSS Statistics version 19 software.

The result shows that: 1) inflation has a significant negative effect towards the return of investment in balanced mutual funds product in Indonesia, 2) interest rate (BI rate) has a significant negative effect towards the return of investment in balanced mutual funds product in Indonesia, 3) the amount of assets under management does not effect towards the return of investment in balanced mutual funds product in Indonesia, and 4) the age of product does not effect towards the return of investment in balanced mutual funds product in Indonesia. Based on the result, we can conclude that external factors have significant effect towards the return of investment in balanced mutual funds product in Indonesia. In other hand internal factors are not proved to have effect towards the return of investment in balanced mutual funds product in Indonesia.

Keywords   :    balanced mutual funds, inflation, interest rate, BI rate, amount of assets under management, age, external factor, internal factor