Pengaruh Rasio Keuangan Terhadap Tingkat Kesehatan Perusahaan pada Masa Pandemic Covid – 19 (Studi Empiris Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2020 -2022)

Abstract

Financial distress is a condition where the company’s income cannot cover the total costs and suffer losses. Therefore, a ratio analysis is needed to assess a company’s financial position. This study aims to determine the effect of financial ratios on the company’s level of health and to determine its health status. The population used in this study is a number of food and beverage manufacturing industries that are listed on the Indonesian Stock Exchange in 2020-2022. The data collection technique relies on the documentation method. The sampling technique used purposive sampling and obtained up to 19 samples from food and beverage manufactures. Data analysis techniques used in this research include Altman’s Z-Score analysis, multiple linear regression analysis, descriptive statistics, data normality test, classic assumption test and hypothesis test. The result showed that the Current Ratio, Net Profit Margin, Debt to Asset Ratio and Total Asset Turnover had a significant positive effect on the company’s health level while Return on Assets had no effect on the company’s health level. This study also indicates that in 2020-2022, with the Altman Z-Score analysis, there are seven companies that are in a grey zone and 12 companies in a safe or healthy state of financial distress.

Keyword: Liquidity, profitability, solvency, operating capacity, company’s health level, altman z-score