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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Tesis Program Magister Akuntansi Universitas Widyatama
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”.
Liquidity Ratios, Working Capital Ratios, Solvency Ratios, Springate S-Score Analysis, Zmijewski X-Score Anaysis, Performance, Bankruptcy