ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL ALTMAN Z-SCORE MODIFIKASI PADA PT.WASKITA KARYA TBK PERIODE 2016-2020

Glory Galvany Marizcha1, LCA Robin Jonathan Mita Sonaria3

Abstract


Financial Distress is a condition where the company experiences a decline in financial performance and difficulties in paying debt before going bankrupt. PT. Waskita Karya Tbk as a state-owned construction company also experienced several obstacles, such as the company's profits and revenues that fluctuated, the number of liabilities/debts fluctuated.. Seeing the importance of detecting financial distress as early as possible, the authors are interested in conducting research.

The purpose of this study was to find out and analyze financial distress at the company PT. Waskita Karya Tbk using the Altman Z-Score model. The analytical tool used is Altman Z-Score Modification with the formula Z= 6.56 X1 + 3.26 X2 + 6.72 X3 + 1.05 X4 with indicators X1 = Net Working to Total Assets, X2 = Retained Earnings to Total Assets , X3=Earnings Before Interest and Taxes to Total Assets and X4= Book Value Equity to Total Liabilty.

The results of the study concluded that PT. Waskita Karya Tbk for the period 2016, 2017, 2018, 2019 and 2020 stated, that the company is included in the grey zone and dangerous zone, which means the company is experiencing financial distress. The conclusion of the research stated that the hypothesis was accepted.

 


Keywords


Financial Distress, Altman Z-Score

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References


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