Muzakky, Rizaldy Aji (2018) Prediksi Financial Distress Dengan Menggunakan Model Altman (Z-Score) Dan Zmijewski (X-Score) (Studi Pada Perusahaan Otomotif Dan Komponen Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2016). Sarjana thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk mengetahui terjadinya financial distress pada perusahaan otomotif dan komponen yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2013-2016 dengan menggunakan model Altman Z-Score dan Zmijewski XScore. 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. Sedangkan X-Score menggunakan tiga rasio, net income to total assets, total debt to total assets, dan current assets to current liabilities. Jenis penelitian ini adalah penelitian deskriptif dengan pendekatan kuantitatif. Data yang digunakan menggunakan data sekunder yang berupa laporan keuangan perusahaan. Hasil penelitian menunjukkan terdapat perbedaan penilaian kondisi keuangan perusahaan antara metode Altman dan Zmijewski. Metode Altman menunjukkan terdapat enam perusahaan yang berada dalam kondisi financial distress di tahun 2013-2016. Sementara, metode Zmijewski menunjukkan hanya terdapat satu perusahaan yang berada dalam kondisi financial distress di tahun 2013-2016. Perbedaan hasil ditimbulkan karena metode Altman berfokus pada tingkat profitabilitas dan metode Zmijewski berfokus pada tingkat solvabilitas suatu perusahaan.
English Abstract
This study aims to determine the onset of financial distress on automotive part and component companies listed in the Indonesia Stock Exchange (IDX) in the period of 2013-2016 using Altman’s Z-Score and Zmijewski’s X-Score. Z-Score is a multiple discriminant analysis (MDA) that uses five financial ratios, net working 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. Meanwhile, XScore only uses three financial ratios, net income to total assets, total debt to total assets, and current assets to current liabilities. This descriptive research uses quantitative approach. The data are secondary in forms of company’s financial statements. The results indicate that there is a difference between the assessment of company’s financial condition using Altman’s method and that of using Zmijewski’s method. The former method shows that there are six companies experiencing financial distress during 2013- 2016. While the latter method shows that only one company experiencing financial distress during 2013-2016. The difference occurs because Altman’s method focuses on profitability and Zmijewski’s method focuses on solvency
Other obstract
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| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FEB/2019/198/051903698 |
| Uncontrolled Keywords: | financial distress, Altman Z-Score, Zmijewski X-Score, financial distress, Altman’s Z-Score, Zmijewski’s X |
| Subjects: | 300 Social sciences > 338 Production > 338.5 General production economics > 338.54 Economic fluctuations > 338.544 General production forecasting and forecasts > 338.544 2 Methods of forecasting |
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen |
| Depositing User: | Nur Cholis |
| Date Deposited: | 10 Aug 2020 06:10 |
| Last Modified: | 21 Oct 2021 13:34 |
| URI: | http://repository.ub.ac.id/id/eprint/170630 |
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