ANALISIS DISKRIMINAN ALTMAN SEBAGAI ALAT UNTUK MEMPREDIKSI TINGKAT KEBANGKRUTAN PADA PERUSAHAAN REAL ESTATE DAN PROPERTI YANG LISTING DI BEI
| Main Author: | Servina, Yayundra |
|---|---|
| Format: | Thesis NonPeerReviewed Book |
| Bahasa: | eng |
| Terbitan: |
, 2008
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| Subjects: | |
| Online Access: |
http://eprints.umm.ac.id/7539/1/ANALISIS_DISKRIMINAN_ALTMAN_SEBAGAI_ALAT_UNTUK_MEMPREDIKSI_TINGKAT_KEBANGKRUTAN_PADA_PERUSAHAAN_REAL_ESTATE_DAN_PROPERTI_YANG_LISTING_DI_BEI.pdf http://eprints.umm.ac.id/7539/ |
Daftar Isi:
- This research is an explanatory research. The purpose of this research is to predict the bankruptcy level of seven real-estate and property companies listing in BEI and to analyze which variable having dominant effect in determining bankruptcy level. The analysis instrument used for predicting bankruptcy level is Altman discriminate (Z-Score). Altman discriminate is a company success and bankruptcy prediction model by applying financial ratios integrally. The used ratios are work capital/total assets (X1), retained earning/total assets (X2), profit before interests and tax/total assets (X3), book value of common share and preference/book-value of total debt (X4) and sale/total assets (X5). Those ratios will be getting worse if the company close to bankruptcy. The used method to analyze the variables with dominant effect in determining bankruptcy level is stepwise. The research result shows that there are five companies included in bankrupt categories, they are PT. Lippo Cikarang, PT. Jaya Real Property, PT. Surya Semesta Internusa, PT. Summarecon Agung and PT. Dharmala Intiland. Two companies included in not-bankrupt company are PT. Ciputra Surya and PT. Kawasan Industri Jababeka. This research also found that there are two affected variables in determining bankruptcy level of seven real-estate and property companies. Both variables are work capital/total assets (X1) and book value of common share and preference/book value of total debt (X4). From these two variables, work capital/total assets gives the dominant effect.