ANALISIS PENGARUH VARIABEL MAKROEKONOMI TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK INDONESIA PERIODE 1997-2011

-Stock is a reflection of the fundamental state of the company. If the state of \ud the company's fundamentals better then stock prices will stabilize. If you see \ud fluctuations in stock price movements that occur when the state of the company's \ud fundamentals are relatively stable, this indicates that there are factors beyond the \ud company's fundamentals that affect stock prices. The factors thought to influence \ud the macroeconomic situation. This study aims to analyze the effect of fluctuations \ud in macroeconomic variables Composite Stock Price Index (CSPI) in Indonesia \ud Stock Exchange (BEI) during the period 1997-2011. \ud Type of data used in this study is secondary data from time series data on \ud stock index, GDP, exchange rate Rupiah to US$, inflation and real interest rates \ud in the period 1997-2011. Data were processed using SPSS version 16.0 for \ud windows with multiple linear regression analysis method. \ud The results and the estimation of data through multiple linear regression \ud method shows that the ability of the model in explaining the dependent variable of \ud 93.4%. Simultaneously all independent variables have a significant effect on the \ud proposed dependent variable. Partially variable gross domestic product (GDP) \ud has a positive and significant effect on CSPI while variable exchange rate Rupiah \ud to US$, inflation and real interest rates have a negative and significant effect on \ud CSPI. This indicates that the fluctuations in stock prices was largely influenced by \ud macroeconomic variables. \ud \ud Keywords: Composit stock price index (CSPI), GDP, exchange rate of Rupiah \ud against the US$, inflation and real interest rates