ANALISIS KEBANGKRUTAN DENGAN METODE Z-SCORE ALTMAN,SPRINGATE DAN ZMIJEWSKI PADA PERUSAHAAN PERTANIAN DIBURSA EFEK INDONESIA

Abstract

Bangkruptcy is one of the biggest risks faced by all businessmen. One of the ways to find out the potency of bangkruptcy is by analysis of annual financial statements. This research aimed to find out and analyze Altman Z-Score, Springate, and Zmijewski’s prediction result. This research’s analysis data used secondary data in the form of the company’s financial statement listed on the Indonesia Stock Exchange. This research used descriptive, and the sample collection technique used purposive sampling at companies in the agriculture sector listed on the Indonesia Stock Exchange in 2015-2019. Based on the criteria it obtained 5 sample companies. The result of this research used Altman Z-score and Springate showed similarities; four companies fall into brangkrupt category, namely PT Eagle High Plantation Tbk, PT Gozco Plantation, PT jaya Agra Wattie Tbk, PT Bakrie Sumatera Plantation Tbk and only one company is included in the bangkruptcy-prone category, namely PT Dharma Samudera Fishing Industri Tbk. Meanwhile, the Zmijewski method showed a different result, I.e., three companies included in a healthy category: PT Eagle High Plantation Tbk, PT Dharma Samudera Fishing Industri Tbk, and PT Gozco Plantation Tbk. Meanwhile, the other two companies were in the category of potentially bankrupt, namely PT Jaya Agra Wattie Tbk, and PT Bakrie Sumatera Plantations Tbk. The difference result of the bangkruptcy prediction between Altman Z-Score method, Springate method, Zmijewski method due to differences in the use of financial ratios and bangkruptcy criteria between these three methods.

Keywords: bangkruptcy, altman z-score, springate, zmijewski, agriculture companies.