ANALISIS RASIO UNTUK MEMPREDIKSI KEBANGKRUTAN (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Pada Bursa Efek Indonesia

Abstract

The purpose of this research is to know the influence of cash flow, current ratio,
total debt to total equity ratio, and total debt to total asset ratio to financial distress by
using Altman Z-score modification model.
The number of population in this study are 513 manufacturing companies listing
in Indonesia Stock Exchange period 2013-2015, with the research analysis using
purposive sampling method. So that only 97 manufacturing companies that meet the
criteria to be sampled research. The research data was tested using multiple regression
(SPSS).
The result shows that from 4 independent variables ie cash flow, current ratio,
total debt to total equity ratio, and total debt to total asset ratio, all have negative effect to
financial distress. So from the four hypotheses used by the researcher, only one variable is
the influence of variable total debt to total asset ratio to financial distress which is
declared accepted.

Keywords: cash flow, current ratio, total debt to total equity ratio, total debt to total
asset ratio, and financial distress.