THE ANALYSIS OF PROPERTY AND REAL ESTATE FINANCIAL PERFORMANCE USING ALTMAN (Z-SCORE) TO PREDICT BANKRUPTCY (Study on Listing and Delisting Companies in Indonesian Stock Exchange) - Nova Marshella S; Mochammad Al Musadieq (Fakultas Ilmu Administrasi Universitas Brawijaya, 2017)
Penelitian ini dilatarbelakangi oleh kondisi perusahaan property dan real estate di Indonesia yang diprediksi tidak akan meningkat sampai tahun 2017. Konsultan mengatakan perumahaan dan sewa perkantoran akan menurun sampai tahun 2019. Ini bertentangan dengan percepatan pembangunan infrastruktur yang terjadi di era Presiden Jokowi. Suatu Analisis diperlukan untuk mengindikasi kebangkrutan. Analisis rasio keuangan menggunakan Altman (Z-Score) merupakan salah satu prediksi yang akurat. Penelitian ini menggunakan jenis penelitian deskriptif dengan pendekatan kuantitaif. Digunakan 9 sampel perusahaan, 7 perusahaan yang listing di BEI periode 2013-2015 dan 2 perusahaan yang delisting dari BEI periode 2015-2017. Ditemukan hasil , 3 perusahaan yang listing mengalami zona gray area. Disamping itu, perusahaan yang delisting hanya 1 perusahaan yang pernah masuk gray area. Kata Kunci: Kinerja Keuangan. Analisis rasio Keuangan, Altman (Z-Score), Properti dan Real Estate, Kebangkrutan ABSTRACT This study is motivated by the condition of property and real estate companies in Indonesia that were predicted not improving in 2017. The consultants also said residential or renting for office space would be decreasing until 2019. It is contradict to accelerated development of infrastructure which happens in President Jokowi era. An analysis was needed to find an indication of bankrtupcy. Financial ratio analysis using Altman (Z-Score) is one of accurate prediction. This research is supposed to analyze how financial performance could measure company performance. This research use descriptive type with quantitative approach. Using 9 sample, 7 companies for listing in IDX period 2013-2015 and 2 companies for delisting companies from IDX period 2015-2017. Finding result in listing companies there are 3 companies which experience gray area. Besides, for delisting company, one company have experience in gray area. Keyword: Financial Performance, Financial Ratio Analysis, Altman (Z-Score), Property and Real Estate, Bankruptcy