Kasnawati, Indira (2019) Corporate Bankruptcy Prediction Models (Study In Property And Real Estate Companies Listed On Indonesia Stock Exchange). Sarjana thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk mengetahui dan memprediksi terjadinya kebangkrutan perusahaan dengan menggunakan model Altman Z-Score modifikasi, Springate S-Score, dan Zmijewski X-Score pada perusahaan Properti dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) periode 2015-2017. Altman Z-Score modifikasi merupakan salah satu model untuk mendeteksi terjadinya financial distress dan kebangkrutan pada perusahaan dengan menggunakan empat rasio keuangan diantaranya working capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets dan book value of equity to book value of liabilities. Selanjutnya Springate menggunakan empat rasio diantaranya working capital to total assets, earnings before interest and tax to total assets, earning after tax to current liabilities dan sales to total assets. Sedangkan Zmijewski X-Score menggunakan tiga rasio keuangan yaitu return on assets, debt ratio dan current ratio. Jenis penelitian ini adalah penelitian deskriptif dengan pendekatan kuantitatif. Data yang digunakan merupakan data sekunder yang berupa laporan keuangan perusahaan. Perusahaan property dan real estate yang ada pada penelitiaan ini adalah 25 perusahaan yang memenuhi kriteria dari penelitian ini. Sampel yang diperoleh di penelitian ini menggunakan teknik sampel jenuh karena sample yang ada digunakan semua. Hasil prediksi menurut altman modifikasi pada periode 2015-2017 mengatakan bahwa kebanyakan dari perusahaan berada pada zona aman atau keuangan yang sehat. Sementara berdasarkan Springate kebanyakan perusahaan mengalami financial distress. Berbeda dengan metode Zmijewski yang mana hasilnya mengatakan bahwa kebanyakan perusahaan dikatakan dalam kondisi yang sehat. Penyebab perbedaan ini dikarenakan perbedaan dari ratio pengukur, kriteria dari setiap model yang berbeda dan formula yang berbeda juga. Berdasarkan rangkuman dari hasil penelitian dapat dikatakan bahwa dua dari tiga model mengatakan bahwa perusahaan mengalami financial distress atau financial difficulties
English Abstract
This study was aimed to determine and predict the occurrence of corporate bankruptcy by using the Altman Z-Score modification model, Springate S-Score, and Zmijewski X-Score on property and real estate companies listed on the Indonesia Stock Exchange (BEI) in 2015-2017. Altman Z-Score modification is one model to detect financial distress and bankruptcy in companies by using four financial ratios including working capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets and book value of equity to book value of liabilities. Next, Springate uses four ratios including working capital to total assets, earnings before interest and tax to total assets, earnings after tax to current liabilities and sales to total assets. On the other hand, Zmijewski X-Score uses three financial ratios, namely return on assets, debt ratio and current ratio. This type of research was descriptive research with a quantitative approach. The data used was secondary data in the form of company financial statements. There were 25 property and real estate companies that met the criteria of this study. The sample was obtained in this study by using a saturated sample technique because the existing samples were all used. The prediction results according to the Altman modification in 2015-2017 period stated that most of the companies were in safe zone or sound financial. Meanwhile, based on Springate, most companies experienced financial distress. This was different from the Zmijewski model, where the results stated that most companies were classified in healthy conditions. The reason for this difference was due to differences in measuring parameters, criteria for each different model and different formulas. Based on the summary of the results of the study it can be said that two of the three models concluded that the companies experienced financial distress or financial difficulties
Other obstract
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| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FEB/2019/140/051903619 |
| Uncontrolled Keywords: | Kebangkrutan, Financial Distress, Altman Z-score Modifikasi, Springate, Zmijewski, Bankruptcy, Financial Distress, Altman Z-score Modifikasi, Springate, Zmijewski |
| 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: | 24 Jul 2020 05:31 |
| Last Modified: | 21 Oct 2021 07:24 |
| URI: | http://repository.ub.ac.id/id/eprint/170170 |
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