摘要：Bond is one of the financial instruments traded in the secondary market, once the bonds are traded, the rate of return (yield) investors will continue to change with movements in the market interest. This change occurs because the bonds have a characteristic form of interest income. Based on the characteristics of these bonds, this study aims to test how much is the influence of SBI interest rate, inflation rate, maturity, and convexity of the yield on corporate bonds for the period of 2006 -2008 To address the research problems, this research has proposed 5 hypotheses to be examined. The population in this study is banking bonds during the period 2006-2008. With the purposive sampling technique, the researcher obtained a sample of 14 bonds. The data used are secondary data, published by the Bisnis Indonesia newspaper in 2006, the Indonesian Bond Market Directory (IBMD) in 2008-2009, the annual report of Bapepam, Bank Indonesia, Indonesia Stock Exchange and the Central Bureau of Statistics. The results showed that the SBI interest rate was decreased while the rate of inflation tends to increase besides, maturity has a fixed maturity and short and medium term convexity is negative and tends to yield to maturity is in line with interest rate movements. Effect of partially showed the positive influence of SBI rates, inflation and the maturity of corporate bond yield while convexity has a negative influence bond yield. The variables of SBI interest rate, inflation, maturity, and convexity influence the yield on corporate bonds simultaneously.
关键词：SBI rate; inflation; maturity; convexity and corporate bond yield
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