AKURASI PREDIKSI FINANCIAL DISTRESS MODEL ALTMAN DENGAN DISCRIMINANT MODEL DI INDONESIA (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA (BEI) PERIODE 2009 – 2013)

S U K A R M A N
041314353039
Dosen Pembimbing
Dr.Mudjilah Rahayu,SE.,MM.

ABSTRACT

Financial distress is a situation where the company operates under conditions of cash flow is not sufficient to meet the financial obligations maturing. Phenomenon on the topic of financial distress into the discussion very interesting to do the assessment, because many stakeholders (lenders, investors, regulatory authorities, government official, auditors and management) which require that information be premature to anticipate the risk of financial distress at the company. The purpose of this research is to analyze and prove the accuracy of the model Altman with dicriminant financial model using variable ratio in Indonesia in predicting financial distress on manufacturing companies listed in Indonesia Stock Exchange (IDX) in the period 2009 - 2013. The sample used in this study is a manufacturing company in 2009 - 2013 are listed in the Indonesia Stock Exchange by using purposive sampling and obtained a total sample of 76 companies. The analysis technique used is discriminant model with the measurement of financial distress using the classification of the current ratio. The analysis showed that the results of the accuracy of financial models capable of predicting financial distress ratio in Indonesia with variable leverage ratio is proxied by the variable debt ratio (DR) and a profitability ratio that is proxied by the variable return on assets (ROA) with a predictive accuracy of 80.3%. results of the accuracy of this model is consistent with the model accuracy Altman Z-Score.

Keywords  :  financial ratios, financial distress, Altman z-score models and discriminant models.

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