KINERJA KEUANGAN DAN PREDIKSI RISIKO KEBANGKRUTAN PADA PERUSAHAAN DI SUB SEKTOR PERTAMBANGAN LOGAM DAN MINERAL LAINNYA DI INDONESIA (Studi Kasus pada Perusahaan Terpilih yang terdaftar di BEI periode 2009-2013)
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Date
2015
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Tesis Program Magister Akuntansi Universitas Widyatama
Abstract
This research was done to know the bankruptcy performance and potency
from metal mining sub-sector and the other mineral companies which were listed
in BEI for period 2009-2013. Bankruptcy is a situation where the liabilities
exceed the company’s assets, it generally happens due to under capitalization,
insufficient cash, unutilized resources, inefficient management in all activities,
sales decline and markets situation, and unaddicted credit.
Bankruptcy prediction and performance are the important measure to
prevent and fix financial planning, to increase profitability, liquidity and to make
efficient solvability at companies. In this research, an experience was done to
know financial performance and bankruptcy prediction to five companies in the
Mining sub-sector, such as: PT.Aneka Tambang TBk., PT Central Omega Tbk.,
PT .Vale Indonesia Tbk., PT SMR Utama Tbk., and PT.Timah Tbk. companies.
To achieve this purpose, some financial ratio were counted, such as:
Liquidity Ratios; Working Capital Ratios, Solvency Ratios, Springate’s S-Score
and Zmijewski’s X-Score Anaysis were made to diagnose the problem of
bankruptcy.
The results revealed that companies generally had high liquidity, work
capital rotation at PT. SMR Utama Tbk., increasing the inefficient solvability at
five companies, fluctutae and decrease, at a result was inadequate. The result
Springate S-Score analysis show that PT Central Omega Tbk., was bankruptcy
potency for two period, and PT SMR Utama Tbk., was bankruptcy potency for
five period. The result of Zmijewski X-Score analysis show that PT.Central
Omega Tbk.was bankruptcy potency for two periods, and PT SMR Utama
Tbk.,was bankruptcy potency for five periods. Finally of second models show that
“Springate’s model” more conventional be compared with “Zmijewski’s model”.
Description
Keywords
Liquidity Ratios, Working Capital Ratios, Solvency Ratios, Springate S-Score Analysis, Zmijewski X-Score Anaysis, Performance, Bankruptcy