Analisis Potensi Kebangkrutan Menggunakan Metode Altman Z-Score Pada Perusahaan Industri Semen Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020

Kiki Kristianingsih 1 Eka Yudhyani2 Nufitriani3

Abstract


This study was conducted to determine and analyze the potential bankruptcy of cement industry companies listed on the Indonesia Stock Exchange in terms of using the Altman Z-Score model for the period 2018-2020.

The analytical tool used is the Altman Z-Score bankruptcy prediction model where the formula consists of the ratio of working capital to total assets, the ratio of retained earnings to total assets, the ratio of earnings before interest and taxes to total assets, the ratio of the market value of stock capital to book value of debt, and the ratio of sales to total assets.

The findings of this study are that in 2021, there are two companies that enter the healthy criteria, namely PT Semen Baturaja (Persero) Tbk and PT Semen Indonesia (Persero) Tbk, while one company is included in the gray area criteria, namely PT Wijaya Karya Beton Tbk, and one company is included. criteria for potential bankruptcy, namely PT Solusi Bangun Indonesia Tbk.

It can be seen that there are different trends between each company, but the majority of cement companies listed on the Indonesia Stock Exchange are included in the gray area criteria. The analysis of the potential for bankruptcy is intended as an early warning system for each company so that it does not go into bankruptcy, so that in the future various policies and performance improvements can be carried out.


Keywords


Potential Bankruptcy, Altman Z-Score

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References


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DOI: https://doi.org/10.31293/jma.v13i3.8210

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