Perbandingan Determinan Yield Sukuk Korporasi dan Obligasi Korporasi di Indonesia

Abstract

Kebutuhan sukuk dan obligasi korporasi terus meningkat dalam mendukung pertumbuhan ekonomi nasional. Namun, yield kedua instrumen terus mengalami penurunan dan market share sukuk korporasi masih tertinggal jauh dibandingkan obligasi korporasi sehingga penerbitannya rendah. Tujuan penelitian untuk menganalisis pengaruh variabel makroekonomi terhadap yield sukuk dan obligasi korporasi di Indonesia. Penelitian ini menggunakan data sekunder periode 2019–2024 dan dianalisis melalui regresi data panel dengan IPI, inflasi, dan BI rate sebagai variabel independen, serta rating sebagai variabel kontrol. Hasil penelitian menunjukkan bahwa yield sukuk dan obligasi korporasi selama 2019–2024 menunjukkan pola yang sejalan dengan IPI, inflasi, dan BI rate. Mayoritas emiten menerbitkan obligasi korporasi dan didominasi oleh sektor infrastruktur dengan rating AAA. IPI, inflasi, BI rate, dan rating berpengaruh signifikan secara simultan terhadap yield sukuk dan obligasi korporasi. Inflasi dan BI rate berpengaruh positif, sementara IPI dan rating berpengaruh negatif secara parsial terhadap yield instrumen.

The demand for sukuk and corporate bonds continues to increase in supporting national economic growth. However, the yields of both instruments have been declining, and the market share of corporate sukuk remains far behind that of corporate bonds, resulting in low issuance. This study analyzes the influence of macroeconomic variables on the yield of corporate sukuk and bonds in Indonesia. The study uses secondary data from the 2019–2024 period and employs panel data regression with the IPI, inflation, and the BI rate as independent variables, and credit rating as a control variable. The results show that the yield of sukuk and corporate bonds during the study period aligns with movements in IPI, inflation, and the BI rate. Most issuers prefer issuing corporate bonds, which are dominated by the infrastructure sector and AAA ratings. Simultaneously, IPI, inflation, BI rate, and rating have a significant effect on yield. Partially, inflation and the BI rate have a positive effect, while IPI and rating have a negative effect.