Analisis Prediksi Kebangkrutan Perusahaan Dengan Menggunakan Model Altman Z-Score, Springate, Zmijewski, Dan Grover (Studi Pada Perusahaan Pertambangan Sub Sektor Batubara Yang Terdaftar DI Bursa Efek Indonesia) (original) (raw)
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Abstract This research aimed to predict bankruptcy using the Altman Z-Score and Springate on mining companies sub-sector oil and gas companies listed on the Stock Exchange 2009-2012. One of the things behind the decline in revenues caused by the company's oil and gas industry. And a decline in oil production from year to year. By using quantitative descriptive method, the population in this study is a sub-company financial statements of oil and gas mining. The type of sample used is purposive sampling to obtain a sample of five companies, namely Prabu Energi Tbk (ARTI), Benakat Petroleum Energy Tbk (BIPI), Elnusa Tbk (ELSA), Energi Mega Persada Tbk (ENRG), dan Radiant Utama Interinsco Tbk (RUIS). The results showed the company's bankruptcy prediction mining and oil and gas sub-sector model with Altman Z-Score, for ARTI 2009 in the category of distress zone, in the following years in the category of gray zone. BIPI always get into the safe category. ELSA in 2009 and 2010 are in the category of a safe zone, and in the next two years are in the gray zone category. For each year the ENRG always fall into the category distress zone. Ruis 2009 in the category of safe zone, 2010 in the category of gray zone, and the following year in the category distress zone. Prediction of corporate bankruptcy in mining and oil and gas sub-sector with Springate models, which enter into the healthy category, namely ELSA company in 2009 and Ruis company in 2009 and 2010. Additionally, all companies would be predicted to fall into the category of bankruptcy because bankruptcy. Keywords: Altman Z-Score, Bankruptcy, Financial statements, Springate
2020
This study examine the precision of bankruptcy prediction among Altman, Springate, Zmijewski, Grover, Ohlson and Kida methods. In addition, this study aims to find out the most accurate bankruptcy prediction method to apply in ceramics and glass companies. Type of the research is descriptive research with quantitative-descriptive analysis. The sampling technique use purposive sampling technique with a total sample of 5 ceramic and glass companies. The analysis is conducted by calculate the level of accuracy and error level of each bangkruptcy prediction method. Each method showed different results. The results show that the Kida is the most accurate prediction method, with an accuracy level of 80% and an error level of 20%. Springate method is the lowest one in predicting not bankrupt with 8 predictions.
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Penelitian ini bertujuan menganalisis prediksi kebangkrutan pada industri sub-sektor perkebunan kelapa sawit (CPO) periode 2011-2015. Sejak tahun 2011 harga minyak kelapa sawit mengalami fluktuasi dan cenderung turun sampai tahun 2015, sehingga menimbulkan gejala-gejala kesulitan keuangan sampai terjadinya kesulitan keuangan pada perusahaan-perusahaan sub-sektor ini. Munculnya kesulitan keuangan ini mempengaruhi pengambilan keputusan oleh manajemen, oleh karena itu butuh analisis yang mendalam mengenai kejadian tersebut. Sampel yang digunakan ada sembilan perusahaan selama periode 2011-2015, kemudian dihitung menggunakan model prediksi kebangkrutan Altman, Grover, dan Fulmer. Setelah nilai kebangkrutan diperoleh, dilakukan uji tingkat signifikansi model menggunakan paired t-test, dan menghitung tingkat kesesuaian. Hasil menunjukkan bahwa terdapat perbedaan yang signifikan antara Altman dengan Grover, Altman dengan Fulmer, dan Grover dengan Fulmer pada periode 2011-2015. Kata Kunci :...
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Penelitian ini bertujuan untuk mengetahui analisis kebangkrutan dengan menggunakan metode Altman z-score untuk memprediksi kebangkrutan pada perusahaan batubara yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Penelitian ini merupakan penelitian deskriptif kualitatif dengan populasi sebanyak 22 perusahaan, dan teknik pengambilan sampel menggunakan kriteria sampel. Teknik analisis data menggunakan metode Altman Z-score. Hasil penelitian menunjukkan bahwa dari perusahaan terdapat 3 perusahaan yang mengalami grey risk dengan nilai Z-Score 1,202,90 , 4 perusahaan mengalami risiko tinggi dengan nilai Z-Score Z < 1,20 , dan 3 perusahaan mengalami risiko rendah dengan nilai Z-Score Z>2,90. Dari 5 variabel yang diamati, 4 variabel signifikan dalam membedakan ketiga kelompok kebangkrutan. Sedangkan variabel lain seperti rasio modal kerja terhadap total aset tidak signifikan dalam membedakan tingkat kebangkrutan. Variabel yang memiliki kontribusi terbesar dalam fungsi diskrimin...
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Tujuan dari penelitian ini adalah untuk mengetahui perusahaan pertambangan batubara mana saja yang terdaftar di Bursa Efek Indonesia yang diperkirakan tidak bangkrut, diprediksi berada di grey area dan diprediksi akan bangkrut pada periode 2015-2017 berdasarkan analisis menggunakan metode Altman Z-Score. Objek penelitian adalah dua puluh dua perusahaan pertambangan batubara. Data yang digunakan dalam penelitian ini adalah ringkasan dari laporan keuangan tahunan perusahaan yang terdaftar di Bursa Efek Indonesia. Teknik analisis yang digunakan adalah model prediksi kebangkrutan Altman Z-Score dengan menggunakan rumus Z "=
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The mining industry has four types of risks, namely the discovery of uncertainties in the form of oil and gas resources, technological risks associated with uncertainty in costs, market risks associated with price shifts, and the risk of government policies related to domestic prices and tax changes. The purpose of this study was to determine how much influence the prediction of bankruptcy using the Zmijewski (X-Score) and Springate (S-Score) models on the stock price of the company. The sample in this study were oil and gas mining and coal sub-sector companies which were listed on the year 2016-2018 with a total of 15 companies using purposive sampling. The analytical method used is multiple linear regression analysis using SPSS version 22. The results show that Zmijewski Capital is not significant to Stock Prices, Springate Capital has a positive and significant effect on Stock Prices, and Zmijewski Capital and Springate Capital simultaneously have a significant effect on Stock Pr...
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This study aims to determine the financial statements prior to the bankruptcy can be used to predict the rate of bankruptcy with Altman Model and Foster on coal mining company listed on the Indonesia Stock Exchange. Model classification Altman Z score Z score> 2.90 is classified as a healthy company, while the company has a Z score <1.20 were classified as potentially bankrupt company. Furthermore, scores between 1.20 to 2.90 is classified as a company in the gray area or the gray area. While the Model Z score Foster use the "Cut-off Point" Z = 0.640, so companies that have Z < 0.640 belongs to a group of companies that go bankrupt, while if Z > 0.640 included in the group of companies that are not bankrupt. After that tested the difference between the predicted results using independent samples t test. The results of the analysis of financial ratios and
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The purpose of this research is to predict the bankruptcy on food and beverage companies were listed on the Indonesia stock exchange period 2012-2014. Food and beverage companies was chosen because the industrial sector continues to undergo development in developed and developing countries one of them in Indonesia. Sampling techniques in the study using a Purposive Sampling and random sampling so that the sample used in this study there are 10 food and beverage companies. Technique of data analysis used the bankruptcy prediction model of Altman Z-score. By using five variables that represent the ratio of the liquidity of the x 1, x 2 and X 3 activity Profitability X 4 and x 5. With the Z-score formula = 1.2 X1 + 1,4 X2 + 3,3 X 3 + 0,6 X 4 + 1,0 X 5. With the assessment criteria of the Z-score > 2.99 categorized as a healthy company. 1,81 < Z-score < 2,99 categorized as companies that are in the grey area and so the possibility of survivors and likely bankrupt the same magni...
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The purpose of this research is to evaluate the financial health of banks, also to predict the bankruptcy of the banks that go public. This research uses Altman Z-Score, Springate, Zmijewski, and Grover method. The result of this research indicate that Grover method is the most accurate method to predict the bankruptcy of the banks. The Altman Z-Score method has accuracy rate of 46,67%, than Zmijewski and Springate method has accuracy rate of 0%. For the investor should consider the financial health of banks, using the bankruptcy prediction method that has the most accuracy rate. Keywords: Altman Z-Score, Bankruptcy, Grover, Springate, Zmijewski
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Tujuan dari penelitian ini adalah untuk menganalisis potensi kebangkrutan pada perusahaan sektor ritel yang sedang mengalami penurunan pertumbuhan menggunakan model Altman, Springate, dan Zmijewski. Prediksi kebangkrutan tersebut dapat digunakan sebagai peringatan dini bagi perusahaan. Hasil penelitian ini adalah menurut model Altman pada tahun 2014 terdapat 8 perusahaan sehat, 11 grey area, dan 2 financial distress. Di tahun 2015 terdapat 7 perusahaan sehat, 10 grey area, dan 4 financial distress. Di tahun 2016 terdapat 6 perusahaan sehat, 10 grey area, dan 5 financial distress. Berdasarkan model Springate pada tahun 2014 terdapat 17 sehat, dan 4 financial distress. Di tahun 2015 terdapat 14 sehat, dan 7 financial distress. Di tahun 2016 terdapat 15 sehat, dan 6 financial distress. Berdasarkan model Zmijewski pada tahun 2014 terdapat 19 sehat, dan 2 financial distress. Di tahun 2015 terdapat 16 sehat, dan 5 financial distress. Di tahun 2016 terdapat terdapat 17 sehat, dan 4 financi...