ARIS, SITI IRMAWATI (2022) Analisis Pengaruh BI Rate, Yield, dan Inflasi terhadap Total Outstanding Surat Berharga Syariah Negara Seri Project Based Sukuk 017. KTTA thesis, Politeknik Keuangan Negara STAN.
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Abstract
Surat Berharga Syariah Negara (SBSN) adalah salah satu instrumen pembiayaan APBN yang diterbitkan oleh pemerintah Republik Indonesia dengan menggunakan prinsip-prinsip syariah. SBSN terdiri atas beberapa jenis di antaranya adalah sukuk ritel, Islamic fixed rate, surat perbendaharaan syariah negara, sukuk dana haji Indonesia, project-based sukuk, sukuk valas, dan sukuk tabungan. SBSN yang diterbitkan khusus untuk membiayai proyek APBN yaitu project-based sukuk (PBS). PBS dirancang untuk membiayai proyek-proyek tertentu yang dilakukan oleh kementerian/lembaga. Penelitian ini bertujuan untuk menganalisis pengaruh BI rate, yield sukuk, dan inflasi terhadap perkembangan SBSN PBS dari tahun 2018 hingga 2021. Teknik analisis data yang digunakan yaitu pendekatan deskriptif kuantitatif dengan menggunakan analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa BI rate tidak berpengaruh signifikan terhadap perkembangan PBS, sedangkan yield sukuk dan inflasi memiliki pengaruh negatif secara signifikan. Oleh karena itu, pemerintah harus mempertimbangkan beberapa faktor makroekonomi tertentu dan faktor terkait lainnya dalam penerbitan sukuk seri-seri selanjutnya. Selain itu, diperlukan inovasi dalam skema penerbitan sukuk sehingga dapat memperluas manfaat sukuk dalam pembangunan Indonesia dalam periode jangka panjang./ State Sharia Securities (SBSN) is one of the State Budget financing instruments issued by the government of the Republic of Indonesia using sharia principles. SBSN consists of several types including retail sukuk, Islamic fixed rate, state sharia treasury securities, Indonesian Hajj fund sukuk, project-based sukuk, foreign currency sukuk, and savings sukuk. SBSN is explicitly issued to finance APBN projects, namely project-based sukuk (PBS). PBS is designed to finance certain projects carried out by ministries/agencies in Indonesia. This study aims to analyze the effect of the BI rate, sukuk yield, and inflation on the development of SBSN PBS from 2018 to 2021. The data analysis technique used is a quantitative descriptive approach using multiple linear regression analysis. The results showed that the BI rate had no significant effect on the development of PBS, while the yield on sukuk and inflation had a significant negative effect. It implies the government shall consider some particular macroeconomic and other factors in the issuance of the next series of sukuk. Moreover, a newly innovated scheme in sukuk issuance is needed. Since PBS has been contributing to the development in Indonesia, it is highly recommended to optimize the use of PBS in long term.
| Item Type: | Thesis (KTTA) |
|---|---|
| Uncontrolled Keywords: | BI rate, inflasi, project-based sukuk, yield sukuk, inflation, project-based sukuk, sukuk yield |
| Subjects: | 300 – Social sciences > 330-339 Economics > 336 Public Finance > 336.598 Public Finance of Indonesia PKN STAN Subject Area > Pengelolaan Utang dan Hibah |
| Divisions: | 61409 Diploma III Kebendaharaan Negara |
| Depositing User: | Perpustakaan PKN STAN |
| Date Deposited: | 07 Nov 2022 02:07 |
| Last Modified: | 07 Nov 2022 02:07 |
| URI: | http://eprints.pknstan.ac.id/id/eprint/461 |
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