ANALISIS POTENSI KEBANGKRUTAN DENGAN MENGGUNAKAN ALTMAN SCORE PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA TAHUN 2013–2017

Zulfikar Zulfikar, Fariyanti Fariyanti, Liana Febrianti, Reza Wd

Abstract


Penelitian ini bertujuan untuk mengetahui potensi kebangkrutan yang terjadi pada perusahaan sektor pertambangan yang terdaftar di BEI dengan menggunakan metode Altman Z”-Score modifikasi. Objek penelitian merupakan perusahaan sektor pertambangan yang terdaftar di Bursa Efek, maka metode yang digunakan adalah metode Altman Z”-Score Modifikasi (1995) dengan persamaan Z” = 6,56X1 + 3,26X2 + 6,72X3 + 1,05X4. Dalam penelitian ini terdapat empat variabel independen yaitu Working Capital to Total Assets (X1), Retained Earning to Total Asset (X2), Earning Before Interest and Tax to Total Asset (X3), Book Value of Equty to Total Liability (X4). Adapun variabel dependen dalam penelitian ini adalah Z” dimana Z” = 6,56X1 + 3,26X2 + 6,72X3 + 1,05X4. Hasil penelitian ini menunjukkan untuk ketiga perusahaan yang diteliti selama tahun 2013–2017 menunjukkan penurunan kondisi keuangan. PT Perdana Karya Perkasa, Tbk dan PT Golden Eagle Energy, Tbk untuk tahun 2013 berada pada kriteria sehat dengan Score lebih dari 2,6. Untuk 2014 berada pada kriteria grey area. Pada tahun 2015–2017 kondisi keuangan kedua perusahaan tersebut terus menurun dan mengalami potensi kebangkrutan dengan score dibawah 1,1. Sedangkan kondisi keuangan yang terparah dialami oleh PT Atlas Resource dari tahun 2013–2017 berada pada kriteria yang berpotensi kebangkrutan karena memiliki score yang kurang dari 1,1. Jadi kinerja dari ketiga perusahaan tersebut diketahui secara terus menerus mengalami penurunan selama periode tahun 2013-2017.


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References


Altman, Edward I. (1983). Corporate Financial Distress: A Complete Guide to Predicting, Avoiding, and Dealing With Bankruptcy. USA: John Willey &Sons.

Supardi, M.d. (2006). Metodologi Penelitian. Yayasan Cerdas Press. Mataram.

Uma Sekaran. (2006). Metodologi Penelitian untuk Bisnis Edisi 4 Buku 1. Salemba Empat. Jakarta.

Altman, Edward I. (1968). Financial Ratios, Discriminant Analysis, and The Prediction of Corporate Bankcruptcy, The Journal of Finance, Volume 23 Nomor 4.

Altman, Edward I. (2000). Predicting financial distress of companies: Revisiting the Zscore and Zeta® Models. Journal of Banking & Finance, 1. Stern School of Business. New York University.


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