<![CDATA[ABSTRAK Penelitian ini dilatarbelakangi oleh terjadinya fluktuasi nilai perusahaan yang dinilai melalui Price to Book Value (PBV) pada perusahaan indeks LQ45 periode 2020–2024 serta adanya kesenjangan antara teori likuiditas dan temuan empiris. Tujuan penelitian adalah menganalisis pengaruh Current Ratio (CR), Quick Ratio (QR), dan Cash Ratio (CAR) terhadap PBV dengan inflasi sebagai variabel moderasi. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi linier berganda dan Moderated Regression Analysis (MRA) berbantuan SPSS pada 14 perusahaan yang dipilih melalui purposive sampling. Hasil menunjukkan bahwa CR dan QR tidak berpengaruh signifikan terhadap PBV, sedangkan CAR berpengaruh negatif dan signifikan. Inflasi hanya mampu memoderasi hubungan antara CR dan PBV. Temuan ini mengindikasikan bahwa investor lebih memperhatikan efisiensi penggunaan kas dibandingkan tingkat likuiditas secara umum, serta peran inflasi dapat memperkuat pengaruh likuiditas tertentu dalam kondisi ekonomi tertentu. Dengan demikian, tidak semua rasio likuiditas berpengaruh langsung terhadap nilai perusahaan. Penelitian selanjutnya disarankan untuk memasukkan variabel-variabel tambahan yang lebih beragaram, seperti profitabilitias, ukuran perusahaan, maipun kebijakan dividen, agar model penelitian menjadi lebih komprehensif dan mampu menjelaskan fenomena secara lebih mendalam. ABSTRACT This research is motivated by fluctuations in company value as assessed by Price to Book Value (PBV) in LQ45 index companies for the 2020–2024 period, as well as the gap between liquidity theory and empirical findings. The objective of this research is to analyze the effect of Current Ratio (CR), Quick Ratio (QR), and Cash Ratio (CAR) on PBV, with inflation as a moderating variable. The research uses a quantitative approach with multiple linear regression analysis and Moderated Regression Analysis (MRA) assisted by SPSS on 14 companies selected through purposive sampling. The results show that CR and QR have no significant effect on PBV, while CAR has a negative and significant effect. Inflation only moderates the relationship between CR and PBV. These findings indicate that investors are more concerned with the efficiency of cash use than the general level of liquidity, and the role of inflation can strengthen the influence of certain liquidity in certain economic conditions. Thus, not all liquidity ratios have a direct effect on company value. Further research is recommended to include more diverse additional variables, such as profitability, company size, and dividend policy, so that the research model becomes more comprehensive and able to explain the phenomenon in more depth.]]>
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