Analisis Prediksi Kebangkrutan Pada Perusahaan Semen Yang Go Public Di Bursa Efek Indonesia Dengan Menggunakan Metode Altman Z-Score

DAUD, Chrispy Theresia Pratiwi (2020) Analisis Prediksi Kebangkrutan Pada Perusahaan Semen Yang Go Public Di Bursa Efek Indonesia Dengan Menggunakan Metode Altman Z-Score. Undergraduate thesis, Universitas Katolik Widya Mandira.

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Abstract

The main problem in this research is how is the development of the financial performance of a cement company that went public on the Indonesia Stock Exchange in 2017-2019 and whether the condition of a cement company that goes public on the Indonesia Stock Exchange will lead to bankruptcy, while the purpose of this study is to know and analyze the health condition of companies that go public on the Indonesia Stock Exchange as well as knowing and analyzing bankruptcy predictions at cement companies listed on the Indonesia Stock Exchange. This research is descriptive qualitative and quantitative with the object of research on the cement companies that go public on the Indonesia Stock Exchange. The data collection technique in this research is documentation. The data analysis technique used is descriptive qualitative and quantitative. The results of the financial performance analysis show that PT Indocement Tunggal Prakarsa Tbk has a higher average than the two companies of 3.38 in the current ratio, 2.89 in the quick ratio and 2.55 in the cahs ratio of the industry standard. Analysis of the average collection period and analysis of working capital turnover shows that PT Semen Indonesia Tbk has the best average of 65.29 days and 6.18 times the industry standard. The receivable turn over analysis shows that PT Holcim Indonesia Tbk has the highest average of 5.91 times. Inventory turnover analysis, fixed asset turnover analysis, total asset turnover and net profit margin analysis showed that the three cement companies did not meet industry standards. Analysis of return on investment and analysis of return on equity show that PT Indocement Tunggal Prakarsa and PT Semen Indonesia Tbk have an average value of 0.65 and 1.62 which exceed industry standards. Total debt to total assets, shows that PT Indocement Tunggal Prakarsa Tbk has an average value of 0.15 from the industry standard of 0.35. Then the total debt to equity ratio and long term debt to equity ratio show that PT Semen Indonesia Tbk has the highest average compared to the two companies, namely 18.51 and 11.85. The prediction results of the bankruptcy of cement companies that went public on the Indonesia Stock Exchange from 2017 to 2019 using the modified altman z score method showed that the three companies were in good health or did not go bankrupt with a Z value> 2.60. Management advice from the three companies should further increase the effectiveness of the use of assets by increasing sales so that the company is more productive and for PT Holcim Indonesia Tbk to further increase current assets, one of which is by selling shares or bonds. To improve performance according to the Altman Z-Score, cement company management must increase the value of net working capital by increasing current assets because in addition current assets will also increase liquidity.Further research is suggested to expand the sample, population,and industrial sector used in the study, and it is suggested to use other bankruptcy prediction models.

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