PENGARUH STRUKTUR MODAL TERHADAP EARNING PER SHARE PADA PT KALBE FRMA TBK. PERIODE 2001-2006

Capital is a basic element for a company. One issue of capitalization is how establish an optimal corporate capital structure, since it is a balance of foreign capital and private capital. The effectiveness of capital structure will be determining whether or not fund available was put in efficiently application in comparison with the achievement of accompany earning per share (EpS).

The aims of this research are to abserve expansion of capital structure, earning per share (EpS), and the effect of the capital structure on earning per share (EpS) in PT Kalbe Farma Tbk period 2001-2006, a go public company that enrolled to both Jakrta Stock Exchange (JSE) and Surabaya Stock Exchange (SSE). The research is conducted by using a quantitative descriptive method and a linear regression analysis to examine hypothesis.

The results of the research shown that the independent variables (capital structure) have effect on the dependent variables (earning per share), the determination coefficient and correlation ratings are 68.87% and 0.84% respectively. The hypothetical examination indicated t count (3.05) is larger that t table (2.7764). for conclusion, the effect of the capital structure on the earning per share (EpS) was acceptable.

Based on the research and study, the author propose a company need to see the composition of the capital structure, that is, long-term debt ang private capital, since the size of long-term debt application effect a net profit.