ANALISIS KINERJA KEUANGAN DAN POTENSI KEBANGKRUTAN BERDASARKAN METODE ALTMAN Z- SCORE PT ADHI KARYA TAHUN 2018-2021

SARI, ALYA ROSMA ISIVA (2022) ANALISIS KINERJA KEUANGAN DAN POTENSI KEBANGKRUTAN BERDASARKAN METODE ALTMAN Z- SCORE PT ADHI KARYA TAHUN 2018-2021. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

PT Adhi Karya sebagai salah satu perusahaan BUMN Karya memiliki kewajiban yang terus meningkat bahkan saat ini melampaui batas wajar. Kondisi ini akan menuntun perusahaan ke dalam posisi financial distress. Financial distress berhubungan erat dengan kebangkrutan. Penelitian ini bertujuan untuk menganalisis kinerja keuangan dan memprediksi potensi kebangkrutan PT Adhi Karya periode 2018-2021. Metode pengumpulan data yang digunakan pada penelitian ini adalah studi kepustakaan dan analisis data. Penelitian ini dianalisis dengan menggunakan rasio keuangan untuk menilai kinerja keuangan dan metode Altman Z-Score untuk memprediksi potensi kebangkrutan. Hasil penelitian menunjukkan bahwa kinerja keuangan PT Adhi Karya cenderung mengalami penurunan dan terindikasi mengalami kesulitan keuangan. Hal ini, dapat dilihat dari rasio solvabilitas yang semakin meningkat serta rasio cepat, rasio aktivitas, dan rasio profitabilitas yang cenderung menurun. Selain itu, terdapat potensi kebangkrutan pada PT Adhi Karya ditunjukkan oleh perhitungan Z-Score yang didominasi dalam kategori bangkrut atau tidak sehat dikarenakan nilai yang berada dibawah 1,23 dan setiap tahunnya mengalami penurunan. Dengan demikian, PT Adhi Karya perlu melakukan evaluasi mengenai kinerja keuangan nya agar dikelola lebih baik untuk mencapai keberlangsungan hidup perusahaan yang lebih sehat./ PT Adhi Karya as one of the BUMN Karya companies has obligations that continue to increase even now beyond reasonable limits. This condition will lead the company into a position of financial distress. Financial distress is closely related to bankruptcy. This study aims to analyze financial performance and predict the potential bankruptcy of PT Adhi Karya for the period 2018- 2021. The data collection method used in this research is literature study and data analysis. This study was analyzed using financial ratios to assess financial performance and the Altman Z-Score method to predict the potential for bankruptcy. The results show that the financial performance of PT Adhi Karya tends to decline and is indicated to be experiencing financial difficulties. This can be seen from the increasing solvency ratio as well as the quick ratio, activity ratio, and profitability ratio which tend to decrease. In addition, there is a potential for bankruptcy at PT Adhi Karya indicated by the Z-Score calculation which is dominated in the bankrupt or unhealthy category because the value is below 1.23 and every year it decreases. Thus, PT Adhi Karya needs to evaluate its financial performance so that it is better managed to achieve a healthier company survival.PT Adhi Karya as one of the BUMN Karya companies has obligations that continue to increase even now beyond reasonable limits. This condition will lead the company into a position of financial distress. Financial distress is closely related to bankruptcy. This study aims to analyze financial performance and predict the potential bankruptcy of PT Adhi Karya for the period 2018- 2021. The data collection method used in this research is literature study and data analysis. This study was analyzed using financial ratios to assess financial performance and the Altman Z-Score method to predict the potential for bankruptcy. The results show that the financial performance of PT Adhi Karya tends to decline and is indicated to be experiencing financial difficulties. This can be seen from the increasing solvency ratio as well as the quick ratio, activity ratio, and profitability ratio which tend to decrease. In addition, there is a potential for bankruptcy at PT Adhi Karya indicated by the Z-Score calculation which is dominated in the bankrupt or unhealthy category because the value is below 1.23 and every year it decreases. Thus, PT Adhi Karya needs to evaluate its financial performance so that it is better managed to achieve a healthier company survival.

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