CD Skripsi
Analisis Penggunaan Model Altman Z-Score, Springate, Dan Zmijewski Dalam Memprediksi Kebangkrutan Pada Perusahaan Bumn Yang Terdaftar Di Bursa Efek Indonesia (Bei)
ABSTRACT
This study aims to determine and analyze (1) the diffrences among Altman ZScore,
Springate, and Zmijewski models to predict bankruptcy, (2) the most accurate
model to predict bankruptcy in State-owned Companies listed on the Indonesia Stock
Exchange (IDX). The research method uses is a quantitative research method with
secondary data in the form of financial reports during 2014-2018 accessed on
www.idx.co.id and companies website. The population in this study are state-owned
companies listed on the Indonesia Stock Exchange (IDX) in 2014-2018 period. With the
sample are 19 companies selected using purposive sampling method. The data analysis
method using the Altman Z-Score, Springate, and Zmijewski formulas, with Microsoft
Excel 2010 as a calculation tool. The results of this study is indicate that there are
differences between the Altman Z-Score, Springate, and Zmijewski models in predict
bankruptcy in state-owned companies listed on the IDX because each model uses
different financial ratios. The most accurately model to predicts the bankruptcy of stateowned
companies is the Zmijewski model of 66.32%, followed by the Springate model of
64.21%, and the Altman Z-Score model of 54.74%.
Key Words : Altman
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