ANALISIS PREDIKSI KEBANGKRUTAN PERUSAHAAN DENGAN ALTMAN’S Z-SCORE MODIFIKASI DAN POLA ARUS KAS PADA PT. BUMI RESOURCES MINERALS TBK.

Authors

  • Julians C. Riwoe Sekolah Tinggi Ilmu Ekonomi Harapan Bangsa-Prodi Manajemen
  • Winarto - - Sekolah Tinggi Ilmu Ekonomi Harapan Bangsa Jalan Dipatiukur No.80-84 Bandung, 40132

DOI:

https://doi.org/10.61769/jabs.v1i2.167

Abstract

ABSTRACT

Organization sustainability depends on the management team in operating their company and how they formulate operating plan in manage their resources optimaly. Organization with fit management policy will compete the win and sustain in competition. This research aims to predict bankruptcy on PT. Bumi Resources Minerals Tbk. This Analysis uses the financial report data of PT. Bumi Resources Minerals Tbk. from the year 2010 – 2014 using the Altman’s Z-Score modificated and cash flow patterns. The Altman’s Z-Score using some ratio as: Working Capital to Total Assets, Retained Earnings to Total Assets, Earnings Before Interest and Taxes to Total Assets, and Market Value of Equity to Total Asset. This approach developt to find a bangkruptcy model namely Z-Score Modificated that is one of the strong model in predict organization bankrupcy level. The results of the analysis of Altman's Z-Score shows that in 2010 companies in the healthy zone, but there is a signal of financial trouble in the future because of the restrictions on the use of cash. In 2011 the company entered into the gray zone and then in 2012 to 2014 the company is in bankruptcy zones. Analysis Altman's Z-Score is strengthened by the cash flow pattern analysis showed that from 2010 to 2014, the net cash flow from operating activities continued deficit. Operating cash deficit resulted in the company failing to pay short-term debt, which is very minimal cash availability by 1% compared with short-term debt and stagnant operating activities for cash at the level fixed in 2013 and 2014. This indicator shows that the company is at the very financial difficulties or bankruptcy.

 

Keywords: Bankruptcy, Altman’s Z-Score modificated, Cash flow patterns.

Author Biographies

Julians C. Riwoe, Sekolah Tinggi Ilmu Ekonomi Harapan Bangsa-Prodi Manajemen

Departemen Manajemen - Secretary and Administration staff

Winarto - -, Sekolah Tinggi Ilmu Ekonomi Harapan Bangsa Jalan Dipatiukur No.80-84 Bandung, 40132

Program Studi Akuntansi

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Published

2017-03-08

Issue

Vol. 1 No. 2 (2016)

Section

Articles

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