Sugianto, Toni (2018) Prediksi Financial Distress Pada Perusahaan Sektor Keramik Dan Pulp&Paper Yang Terdaftar Di Bursa Efek Indonesia. Sarjana thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk mengetahui kondisi keuangan pada perusahaan keramik dan pulp&paper yang terdaftar di Bursa Efek Indonesia. Metode yang digunakan dalam penelitian ini adalah model Altman Z-Score dan Zmijewski X-Score. Z-Score yang merupakan suatu model multiple discriminate analysis (MDA) yang menggunakan lima rasio keuangan, net working capital to total assets, retained earnings to total assets, earning before interest and tax to total assets, market value of equity to book value of liabilities dan sales to total assets untuk melakukan prediksi financial distress. Sedangkan X-Score menggunakan 3 rasio, net income to total assets, total debt to total assets, dan current assets to current liabilities. Hasil penelitian menunjukkan terdapat perbedaan penilaian kondisi keuangan perusahaan antara metode Altman dan Zmijewski. Metode Altman menunjukkan terdapat 9 perusahaan yang berada dalam kondisi financial distress di tahun 2014-2016. Sementara, metode Zmijewski menunjukkan hanya terdapat 3 perusahaan yang berada dalam kondisi financial distress di tahun 2014-2016. Perbedaan hasil ditimbulkan karena adanya sudut pandang yang berbeda pada kedua metode tersebut. Metode Altman berfokus pada tingkat profitabilitas dan metode Zmijewski berfokus pada tingkat solvabilitas suatu perusahaan. Hal tersebut terlihat dari besarnya nilai bobot yang diberikan di tiap metode prediksi.
English Abstract
This study aims to determine the financial condition of ceramics and pulp & paper companies listed on the Indonesia Stock Exchange. The method used in this study is the model Altman Z-Score and Zmijewski X-Score. Z-Score is a model of multiple discriminate analysis (MDA) using five financial ratios, networking capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets, market value of equity to book value of liabilities and sales to total assets to predict financial distress. While X-Score uses 3 ratios, net income to total assets, total debt to total assets, and current assets to current liabilities. The result of the research shows that there are differences in the evaluation of the company's financial condition between Altman and Zmijewski method. Altman method shows there are 9 companies that are in financial distress in 2014-2016. Meanwhile, Zmijewski method shows there are only 3 companies that are in the condition of financial distress in the year 2014-2016. The difference in outcomes is due to different perspectives on both methods. Altman method focuses on the level of profitability and Zmijewski method focuses on the level of solvency of a company. It can be seen from the amount of weight value given in each prediction method.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FE/2018/433/051809173 |
| Uncontrolled Keywords: | financial distress, Altman Z-Score, Zmijewski X-Score |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.1 Organization and financial management > 658.15 Financial management |
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen |
| Depositing User: | Nur Cholis |
| Date Deposited: | 02 Apr 2019 06:49 |
| Last Modified: | 20 Oct 2021 06:24 |
| URI: | http://repository.ub.ac.id/id/eprint/162839 |
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