The Effect of SBI Interest Rate and Inflation on The Value of The Bond Issuance in Indonesia Stock Exchange

Abstract

The emission obligation in Indonesia Stock Exchange is influenced by SBI interest rate and inflation. SBI is a certificate of Bank Indonesia that denominated in Rupiah which was published by Bank Indonesia as a short timed debt recognition. Inflation is the increase in the price of goods and services in general where such goods and services is a basic requirement of society or the decline of the selling power of a country’s currency. The sample used in this research are SBI interest rate, inflation and the emission obligations in 2009-2013. Types of data used are secondary quantitative data monthly period of 2009-2013 which is obtained from the official website of Bank Indonesia and SEKI. Data analysis technique used is multiple linear regressions. The results of this study are: (1) there is a negative and significant relationship of SBI interest rate on the emission obligations, (2) there is a positive and significant relationship of inflation on the value of emissions obligations, (3) there is a simultaneous relationship of SBI interest rate and inflation on the emission obligation.