ANALISIS PREDIKSI KEBANGKRUTAN PADA PERUSAHAAN YANG Di –DELISTING Di BURSA EFEK INDONESIA

Abstract

In 2013 the Indonesia Stock Exchange has delisted some companies, one of the reasons why the IDX has delisted these companies is that they do not have good going to concern which has been caused the condition of the companies which encounter financial difficulties, so it is interesting to predict how the condition of the company in the future is.The altman Z-score is used as the research method. In this method the financial statement is analyzed by using Z-score variable which consists of five variables i.e.: liquidity X1,profitabilitas X2, and X3, activity X4, and X5. The formulation of Z-score = 0.717 X1 + 0.849 X2 + 3.107 X3 + 0.42 X4 + 0.998X5. With the Z-score assessment criteria > 2.99 is categorized as the healthy company. 1.81 < Z-score > 2.99 is categorized as prone to bankruptcy and Z-score < 1.81 is categorized as the company which has greatfinancial difficulty and it has high risk of brankruptcy.The result of this research shows that PT Cipendawa Tbk has been predicted to undergo bankruptcy since the value of Z-score is less than 1.81; PT Indosiar Karya Media Tbk is in the condition of prone to bankruptcy since the value of Z-score is between 1.81- 2.99; PT. Surabaya Agung for paper pulp industry and PT. Panca Wiratama sakti is in bankrupt condition since the value of Z-score of these companies are less than 1.81.
Keywords: Bankruptcy, Delisting, Z-score.