Relevansi Analisis Diskriminasi Model Altman Z-Score dalam Mengukur Kinerja Keuangan Untuk Menilai Potensi Financial Distress
DEVI, FARRAH DHIKA PERMANA (Pembimbing: Sumiyana, Drs., M.Si., Ak.) , Sumiyana, Drs., M.Si., Ak.
Penelitian ini dilakukan untuk mengetahui apakah rasio-rasio keuangan yang digunakan dalam formula Altman, yaitu rasio working capital to total assets, retained earning to total assets, earning before interst and tax to total assets, market value of equity to book value of total Liabilities dan sales to total assets dapat digunakan untuk menilai potensi financial distress perusahaan manufaktur yang terdaftar di BEI (Bursa Efek Indonesia) pada tahun 2006, 2007, dan 2008. Serta untuk membuktikan apakah terdapat perbedaan rata-rata yang signifikan antara rasio-rasio keuangan perusahan bangkrut dan tidak bangkrut.
Hipotesis yang diajukan dalam penelitian ini adalah Rasio Working Capital/Total Assets, rasio Retained Earning/Total Assets, rasio Earning Before Interest and Tax/ Total Assets, rasio Market Value of Equity/Book Value of Liabilities, dan rasio Sales/Total Assets berpengaruh positif terhadap potensi financial distress pada perusahaan-perusahaan manufaktur yang go-public di Indonesia. Untuk memperkuat hipotesis tersebut, peneliti menambahkan hipotesis bahwa terdapat perbedaan antara rasio-rasio keuangan yang digunakan dalam metode Altman (Z-Score) pada perusahaan yang berpotensi bangkrut (GA) dengan perusahaan yang bangkrut (B).
Hasil analisis uji statistik f menyatakan bahwa model z-score Altman dapat digunakan untuk memprediksi kebangkrutan perusahaan manufaktur. Hasil independent sample t-test menyatakan bahwa terdapat perbedaan rata-rata yang signifikan antara rasio-rasio keuangan perusahaan bangkrut dan tidak bangkrut. Hasil analisis independent sample t-test semakin memperkuat hipotesis yang pertama bahwa model z-score Altman adalah relevan dan dapat digunakan untuk memprediksi kebangkrutan perusahan manufaktur.
This research was conducted to determine whether the financial ratios used in Altman formula, the ratios are of working capital to total assets, retained earnings to total assets, earnings before interst and tax to total assets, market value of equity to book value of total liabilities and sales to total assets can be used to assess the potential of financial distress manufacturing companies listed on the BEI (Indonesia Stock Exchange) in 2006, 2007, and 2008. This research also to prove whether there is an average difference of significance between financial ratios of bankrupt and nonbankrupt company.
The hypothesis in this study are Ratio Working Capital / Total Assets, the ratio of Retained Earning / Total Assets ratio, Earning Before Interest and Tax / Total Assets, the ratio of Market Value of Equity / Book Value of Liabilities, and the ratio of Sales / Total Assets have positive against potential financial distress in companies that go-public manufacturing in Indonesia. To strengthen the hypothesis, the researcher added the hypothesis that there is a difference between the financial ratios used in Altman method (Z-Score) in a potentially bankrupt firm (GA) with a bankrupt company (B).
The results of analysis of statistical f-test states that the model Altman z-score can be used to predict bankruptcy manufacturing company. The results of independent sample t-test states that there is an average difference of significance between the company's financial ratios of bankrupt and not bankrupt. The results of independent sample t-test analysis further strengthens the first hypothesis that the model of Altman z-score is relevance and can be used to predict the bankruptcy of manufacturing firms.
Kata Kunci : financial distress, Altman z-score, bankruptcy, relevance, kebangkrutan, relevansi.
