ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN METODE ALTMAN, SPRINGATE, DAN ZMIJEWSKI PADA PERUSAHAAN SUB SEKTOR PULP DAN KERTAS YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2016

Abstract

The purpose of this study is to determine the symptoms of financial distress on Pulp and Paper sub-sector companies listed on the Indonesia Stock Exchange period 2012-2016. This study took  samples of 8 (eight) companies of the populations of 9 (nine) companies Pulp and Paper sub sector purposive sampling. In this study using secondary data, in the form of financial statements of companies that made the object of research. Analytical methods used are Altman Z-Score, Springate S-Score, and Zmijewski X-Score. The results show that Altman, Springate, and Zmijewski methods can be used as a tool to analyze bankruptcy of a company. In the Altman method there are 4 companies that do not experience the symptoms of financial distress, 3 companies have gray area and 1 company experiencing financial distress symptoms. In the Springate method there are 3 companies that do not experience the symptoms of financial distress and 5 companies experience financial distress symptoms. In the Zmijewski method there are no companies experiencing financial distress symptoms.