ANALISIS KEBANGKRUTAN PERUSAHAAN DENGAN METODE ALTMAN PADA PERUSAHAAN ROKOK YANG LISTING DI BEI PADA TAHUN 2012-2016

Abstract

ABSTRACT
This research was conducted to analyze the potential losses to Cigarette
companies listed on Indonesia Stock Exchange period 2012-2016 using Altman (Z
- Score) that model is by giving score against value that will appear based on the
formula that has been determined. Based on sampling criteria that have been
done before then got 4 companies that found the criteria and can be used as a
sample in this study. The list of companies to be used as sample in this research is
PT Gudang Garam Tbk, PTWismilak Inti Makmur Tbk, PT Bentoel Internasional
Investama Tbk, PT HM Sampoerna Tbk. Based on the test results using Z-Score
Altman got the results, like:
Most of the sample companies in the study were in sound financial condition and
did not go bankrupt. In the year 2014 on the results of the test bankruptcy Altman
showed that PT Gudang Garam Tbk experiencing a risky situation is evidenced by
corporate debts that always increased from 2013 to 2014 from
21,353,980,000,000 to 24,991,880,000,000 which became one of the reasons why
in 2014 PT Gudang Garam Tbk entered in the vulnerable zone.
PT Bentoel Internasional Investama Tbk which is believed to have bankruptcy in
2013 and 2015 is indicated by Z Score value of less than 1.81 and proved by the
result of financial statement showing that in 2015 PT Bentoel International
Investama Tbk suffered losses. Then in 2016 there was a difference of results
stating that PT Bentoel International Investama Tbk experienced an increase from
the company that declared bankruptcy to be a risky company.
The company of PT Wismilak Inti Makmur Tbk in the Z-Score analysis is in a
vulnerable condition in 2012 because of the decline in corporate earnings and the
increasing value of the debt that makes the company in a vulnerable condition,
this is indicated by the Z-Score value of less than 2.99 in that year.
Keyword : Bankruptcy, Z-Score Altm