ANALISIS PERPUTARAN PIUTANG DAN PERPUTARAN KAS TERHADAP TINGKAT LIKUIDITAS PERUSAHAAN DENGAN TINGKAT PERTUMBUHAN PENJUALAN SEBAGAI VARIABEL MODERATING

Abstract

The purpose of this research was to determine the analysis of accounts receivable
turnover and cash turnover to the level of corporate liquidity with the level of sales growth as a
moderating variable.
The population of this research were manufacturing companies in the basic industrial
and chemical sectors of the sub-sector of ceramics, porcelain and glass which were listed on the
Indonesia stock exchange for the period of 2012-2016 which amounted to 7 companies. By
using purpose sampling technique, 6 companies were obtained. The analysis was carried out
using multiple linear regression and absolute difference, the coefficient of determination of
Adjusted R, t test and test f.
The results show that partially the receivable turnover has a significant value of 0.059>
0.05, which means that the receivable turnover has a negative and insignificant effect on
liquidity. Cash turnover has a significant value of 0.00 <0.05 which means that cash turnover
has a negative and significant effect on liquidity. From the results of the f test, accounts
receivable turnover and cash turnover have significant values of 0.000 and 0.001 <0.05 which
means that the accounts receivable turnover and cash turnover simultaneously have a
significant effect on liquidity. Sales growth rate does not moderate the effect of receivable
turnover on liquidity or the effect of cash turnover on liquidity, this can be seen from the
tolerance on receivable turnover variables, cash turnover and sales growth rates below 0.10
and VIF values above 10.
In order not only to focus on the level of sales growth in increasing the company's
liquidity, the company must also control the receivable turnover and cash turnover effectively
and efficiently.
Keywords : accounts receivable turnover, cash turnover, liquidity and sales growth rates.