Pengaruh Analisis Kebangkrutan Model Altman Terhadap Harga Saham Perusahaan Manufaktur - Adrian, Andromeda; Khoiruddin, Moh (Management Analysis Journal, 2014)
Abstract This study aims to help investors determine the health of companies listed in DES during 2008-2013 period by using the first model of Altman Z â Score, Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 +0.999 X5, and analyze Z - Score influence on stock prices. The stock price was taken on 28th day after the company published financial statements. 36 manufacturing companies were sampled by purposive sampling. Z - Score calculation results showed that there were 2 potentially bankrupt companies, 9 companies in grey category, and 25 other companies are healthy. Simple regression analysis results showed that the value of the Z - Score does not affect the stock price. However, the result of the simultaneous multiple regression analysis on financial ratios of the Z - Score affects theÂ  stock prices, partially showed the ratio of WC/TA and S/TA negatively affect the stock price; ratio EBIT/TA have a positive effect on stock prices; ratio of RE/TA and MVE/BVD has no effect on stock prices. Keywords: Altman Z - Score, Financial Ratios of Z - Score, Share Price. Abstrak Penelitian ini bertujuan untuk membantu investor mengetahui tingkat kesehatan perusahaan manufaktur yang terdaftar dalam DES periode 2008-2013 dengan menggunakan model Altman Z-Score pertama yaitu Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 +0,999X5 dan menganalisis pengaruh Z-Score terhadap harga saham. Harga saham diambil hari ke-28 setelah laporan keuangan perusahaan dipublikasikan. 36 perusahaan manufaktur diambil sebagai sampel berdasarkan purposive sampling. Hasil penghitungan Z-Score menunjukkan terdapat 2 perusahaan berpotensi bangkrut, 9 perusahaan masuk kategori grey/ rawan, dan 25 perusahaan lainnya sehat. Hasil analisis regresi sederhana menunjukkan nilai Z-Score tidak berpengaruh terhadap harga saham. Namun, hasil analisis regresi berganda secara simultan rasio keuangan pembentuk Z-Score berpengaruh terhadap harga saham, secara parsial menunjukkan rasio WC/TA dan S/TA berpengaruh negatif terhadap harga saham; rasio EBIT/TA berpengaruh positif terhadap harga saham; rasio RE/TA dan MVE/BVD tidak berpengaruh terhadap harga saham. Keywords: Altman Z-Score, Rasio Keuangan Pembentuk Z-Score, Harga Saham