ANALISIS KOMPARASI PREDIKSI KEBANGKRUTAN DENGAN METODE Z-SCORE, S-SCORE DAN X-SCORE PADA PERUSAHAAN MINING YANG TERDAFTAR BEI PERIODE 2012-2016

Abstract

The potential for bankruptcy is in every company. Bankruptcy prediction is used to detect the potential bankruptcy. There are three bankruptcy prediction methods used, namely the Z-Score Altman method, the S-Score Springate method and the X-Score Zmijewski method. This study aims to assess the three methods of bankruptcy prediction and make comparisons. The population of this study were 45 Mining companies with a sample of 12 Mining companies listed on the Indonesia Stock Exchange in the 2012-2016 period. The results obtained after the study are the differences in assessment between the three bankruptcy prediction methods. Z-Score bankruptcy prediction predominately predicts bankruptcy based on the complexity of the ratio analysis used in the method compared to the S-Score and X-Score methods. Suggestions received from these results are that the company in predicting must prioritize all financial and non-financial aspects, aspects of liquidity, solvency, profitability and activities of the company.

Keywords: potential of bankruptcy, z-score altman, s-score springate, x-score zmijewski

ABSTRAK

Potensi kebangkrutan ada di setiap perusahaan. Prediksi kebangkrutan digunakan untuk mendeteksi potensi kebangkrutan tersebut. Ada tiga metode prediksi kebangkrutan yang digunakan yaitu metode Z-Score Altman, metode S-Score Springate dan metode X-Score Zmijewski. Penelitian ini bertujuan untuk menilai ketiga metode prediksi kebangkrutan dan melakukan perbandingan. Populasi dari penelitian ini adalah 45 perusahaan Mining dengan sampel 12 perusahaan Mining yang terdaftar pada Bursa Efek Indonesia periode 2012-2016. Hasil yang didapatkan setelah penelitian yaitu adanya perbedaan penilaian antara ketiga metode prediksi kebangkrutan. Prediksi kebangkrutan Z-Score lebih dominan memprediksikan bangkrut berdasarkan kompleksitas dari analisis rasio yang digunakan dalam metode tersebut dibandingkan dengan metode S-Score dan X-Score. Saran yang diterima dari hasil tersebut adalah perusahaan dalam memprediksikan harus mengedepankan segala aspek keuangan maupun non keuangan, aspek secara likuiditas, solvabilitas, profitabilitas dan aktivitas dari perusahaan.

Kata kunci : potensi kebangkrutan, z-score altman, s-score springate, x-score zmijewski