Faktor-Faktor yang Mempengaruhi Holding Period Yield: Tinjauan Literatur

Holding period yield (HPY) is a crucial metric for investors seeking to assess the profitability of an investment over a specific period. It represents the total return generated from an investment, encompassing both capital appreciation and income received, expressed as a percentage of the initial investment. Understanding the factors that influence HPY is essential for investors to make informed decisions and optimize their portfolio performance. This article delves into the literature to explore the key factors that impact HPY, providing insights into the dynamics of investment returns.

The Role of Capital Appreciation

Capital appreciation, the increase in the market value of an investment over time, is a primary driver of HPY. This appreciation can stem from various factors, including economic growth, industry trends, and company-specific performance. For instance, a company's innovative product launch or expansion into new markets can lead to increased demand for its shares, resulting in capital appreciation. Conversely, negative economic conditions or industry downturns can negatively impact a company's valuation, leading to capital depreciation.

The Impact of Income Received

Income received from an investment, such as dividends from stocks or interest from bonds, also contributes significantly to HPY. The frequency and amount of income received can vary depending on the investment type and the issuer's financial performance. For example, high-dividend-paying stocks can generate substantial income streams, boosting HPY. Conversely, investments in companies experiencing financial distress may reduce or suspend dividend payments, negatively impacting HPY.

The Influence of Time Value of Money

The time value of money is a fundamental concept in finance that recognizes the fact that money received today is worth more than the same amount received in the future. This is due to the potential for earning interest or returns on the money over time. The longer the holding period, the greater the impact of the time value of money on HPY. For example, an investment held for five years will generate a higher HPY than the same investment held for one year, assuming all other factors remain constant.

The Significance of Inflation

Inflation, the general increase in prices over time, erodes the purchasing power of money. When inflation is high, the real return on an investment, adjusted for inflation, can be significantly lower than the nominal return. Therefore, inflation is a crucial factor to consider when evaluating HPY. Investors need to ensure that their investments generate returns that outpace inflation to maintain their purchasing power.

The Role of Risk and Volatility

Risk and volatility are inherent in all investments. Higher risk investments, such as stocks, tend to have higher potential returns but also carry a greater risk of losses. Conversely, lower risk investments, such as bonds, typically offer lower returns but are less volatile. The level of risk and volatility associated with an investment can significantly impact HPY. For example, a highly volatile investment may experience significant fluctuations in value, leading to unpredictable HPY.

The Impact of Taxes and Fees

Taxes and fees can erode investment returns and reduce HPY. Capital gains taxes are levied on profits realized from the sale of investments, while income taxes are applied to dividends and interest received. Investment fees, such as brokerage commissions and management fees, also reduce the overall return. Investors need to factor in the impact of taxes and fees when calculating HPY to obtain a realistic estimate of their net returns.

Conclusion

Holding period yield is a comprehensive measure of investment performance that considers both capital appreciation and income received. Several factors influence HPY, including capital appreciation, income received, the time value of money, inflation, risk and volatility, and taxes and fees. Understanding these factors is crucial for investors to make informed decisions, optimize their portfolio performance, and achieve their financial goals. By carefully considering the interplay of these factors, investors can enhance their understanding of HPY and make more effective investment choices.