ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN METODE ALTMAN, SPRINGATE, DAN ZMIJEWSKI PADA PERUSAHAAN SUB SEKTOR SEMEN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2017

Abstract

The purpose of this study is to determine the symptoms of financial distress on Cement sub-sector companies listed on the Indonesia Stock Exchange for the period of 2012-2017. The results of this study are used to provide information to companies that are on the symptoms of financial distress to immediately evaluate their financial performance and to provide information for investors as a reference for investing. This study took a samples from 5 (five) companies out of the population of 6 (six) companies on  Cement sub-sector by purposive sampling. This study uses secondary data, in the form of financial statements from the companies that are participated in this research. The analytical methods used are Altman Z-Score, Springate S-Score, and Zmijewski X-Score. The research data was processed using the Microsoft Excel 2016 program. The results showed that the Altman, Springate, and Zmijewski methods can be used as a tool to analyze financial distress symptoms of a company. In the Altman method, there are 3 companies that do not experience symptoms of financial distress, 1 company experiences a gray area and 1 company experiences symptoms of financial distress. In the Springate method, there are 3 companies that do not experience financial distress symptoms and 2 companies experience symptoms of financial distress. In the Zmijewski method, there are no companies that experience symptoms of financial distress