ABSTRACT
The purpose of this research is to predict bankruptcy of Telecommunication Companies in BEI using Z Score Altman`s method. This method uses financial statements to be analyzed using Z Score`s variable. Six companies that used as sample are PT Telekomunikasi Indonesia (Persero) Tbk, PT XL AxiataTbk, PT INDOSAT Tbk, PT InovisiInfracomTbk, PT Bakrie Telecom Tbk, and PT Smartfren Telecom Tbk. The financial statements were taken from 2009 – 2012. This research using purposive sampling. The results showed that PT Telekomunikasi Indonesia (Persero) and PT Inovisi Infracom Tbk predicted to have a low level of bankruptcy, PT XL AxiataTbk and PT INDOSAT Tbk predicted to have a mid level of bankruptcy while PT Bakrie Telecom Tbk and PT Smartfren Telecom Tbk predicted to have a high level of bankruptcy. Keywords: Altman Z-Score, Bankruptcy.
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ABSTRAK Tujuan dari penelitian ini adalah untuk memprediksi kebangkrutan perusahaan telekomunikasi di BEI dengan menggunakan metode Z Score Altman. Metode ini menggunakan laporan keuangan untuk dianalisis dengan menggunakan variabel dari Z Score. Enam perusahaan yang dijadikan sampel adalah PT Telekomunikasi Indonesia (Persero) Tbk, PT XL Axiata Tbk, PT INDOSAT Tbk, PT Inovisi Infracom Tbk, PT Bakrie Telecom Tbk, dan PT Smartfren Telecom Tbk. Laporan keuangan yang diambil dari tahun 2009 sampai 2012. Metode penentuan sample menggunakan purposive sampling. Hasil penelitian menunjukkan PT Telekomunikasi Indonesia (Persero) dan PT Inovisi Infracom Tbk diprediksi memiliki tingkat kebangkrutan rendah, dan PT XL Axiata Tbk dan PT INDOSAT Tbk diprediksi memiliki tingkat kebangkrutan sedang. Sedangkan PT Bakrie Telecom Tbk dan PT Smartfren Telecom Tbk diprediksi memiliki tingkat kebangkrutan tinggi.
Kata-kata kunci: Altman Z-Score, Kebangkrutan.
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DAFTAR ISI Halaman HALAMAN JUDUL ....................................................................................................................... i HALAMAN PENGESAHAN ........................................................................................................ ii PERNYATAAN KEASLIAN KARYA TULIS SKRIPSI ............................................................ iii SURAT PERNYATAAN MENGADAKAN PENELITIAN TIDAKMENGGUNAKAN PERUSAHAAN ............................................................................... iv PERNYATAAN PUBLIKASI LAPORAN PENELITIAN ............................................................v KATA PENGANTAR ................................................................................................................... vi ABSTRACT..................................................................................................................................... ix ABSTRAK .......................................................................................................................................x DAFTAR ISI.................................................................................................................................. xi DAFTAR GAMBAR ................................................................................................................... xiv DAFTAR TABEL..........................................................................................................................xv DAFTAR LAMPIRAN……………………………………………………………………………….…..xvi
BAB I PENDAHULUAN ................................................................................................................1 1.1 Latar Belakang ...............................................................................................................1 1.2 Rumusan Masalah ..........................................................................................................5 1.3 Tujuan Penelitian ...........................................................................................................5 1.4 Kegunaan Penelitian ......................................................................................................6
BAB II KAJIAN PUSTAKA, KERANGKA PEMIKIRAN DAN PENGEMBANGAN HIPOTESIS......................................................................................................................................7 2.1 Kajian Pustaka ...............................................................................................................7 xi
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2.1.1 Pengertian Kebangkrutan ....................................................................................7 2.1.2 Sumber-sumber Informasi Prediksi Kebangkrutan .............................................8 2.1.3 Faktor-faktor Penyebab Kebangkrutan ..............................................................9 2.1.4 Metode Altman Z-Score....................................................................................13 2.2 Rerangka Teoritis ........................................................................................................21 2.3 Kerangka Pemikiran ....................................................................................................24 2.7 Penelitian Terdahulu ....................................................................................................26
BAB III METODE PENELITIAN ................................................................................................30 3.1 Jenis Penelitian.............................................................................................................30 3.2 Populasi dan Sampel dan Teknik Pengambilan Sampel ..............................................30 3.3 Jenis Variabel ...............................................................................................................32 3.4 Definisi Operasional Variabel......................................................................................33 3.5 Teknik Pengumpulan Data ...........................................................................................36 3.6 Analisis Diskriminan Altman Z-Score.........................................................................37
BAB IV HASIL PENELITIAN DAN PEMBAHASAN ...............................................................39 4.1 Hasil Penelitian ...........................................................................................................39 4.1.1 Rasio Keuangan Altman ....................................................................................39 4.1.1.1 Working Capital to Total Assets (X1).....................................................39 4.1.1.2 Retained Earnings to Total Assets (X2)..................................................40 4.1.1.3 Earning Before Interest and Tax to Total Assets (X3) ...........................40 4.1.1.4 Book Value of Equity to Book Value of Debt (X4) .................................41 4.1.2 Z-Score ...............................................................................................................42 4.2 Pembahasan .................................................................................................................42 4.2.1 Rasio Keuangan Altman ....................................................................................42 4.2.1.1 Working Capital to Total Assets (X1).....................................................42 4.2.1.2 Retained Earnings to Total Assets (X2)..................................................47 4.2.1.3 Earning Before Interest and Tax to Total Assets (X3) ...........................50 xii
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4.2.1.4 Book Value of Equity to Book Value of Debt (X4) .................................54 4.2.2 Z-Score ...............................................................................................................57
BAB V SIMPULAN DAN SARAN ..............................................................................................61 5.1 Simpulan ......................................................................................................................61 5.2 Saran ............................................................................................................................62
DAFTAR PUSTAKA ....................................................................................................................63 LAMPIRAN……………………………….……………………………………………………..65
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DAFTAR GAMBAR Halaman Gambar 2.1
Rerangka Teoritis ...................................................................................................23
Gambar 2.2
Kerangka Pemikiran ..............................................................................................25
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DAFTAR TABEL
Tabel 2.1
Halaman Penelitian Terdahulu ..............................................................................................26
Tabel 3.1
Sampel Penelitian...................................................................................................31
Tabel 3.2
Definisi Operasional Variabel ...............................................................................34
Tabel 4.1
Working Capital to Total Assets perusahaan Telekomunikasi yang Go Public di BEI periode 2009-2012 ..........................................................................................39
Tabel 4.2
Retained Earnings to Total Assets perusahaan Telekomunikasi yang Go Public di BEI periode 2009-2012 ..........................................................................................40
Tabel 4.3
Earning Before Interest and Tax to Total Assets perusahaan Telekomunikasi yang Go Public di BEI periode 2009-2012 ....................................................................41
Tabel 4.4
Book Value of Equity to Book Value of Debt perusahaan Telekomunikasi yang Go Public di BEI periode 2009-2012.....................................................................41
Tabel 4.5
Z-Score perusahaan Telekomunikasi yang Go Public di BEI periode 2009-2012 ..............................................................................................................42
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DAFTAR LAMPIRAN
LAMPIRAN A Laporan Keuangan Bakrie Telecom Tbk tahun 2009 ..........................................65 LAMPIRAN B Laporan Keuangan Bakrie Telecom Tbk tahun 2010 ..........................................69 LAMPIRAN C Laporan Keuangan Bakrie Telecom Tbk tahun 2011 ..........................................73 LAMPIRAN D Laporan Keuangan Bakrie Telecom Tbk tahun 2012 ..........................................78 LAMPIRAN E Laporan Keuangan XL Axiata Tbk tahun 2009 ...................................................83 LAMPIRAN F Laporan Keuangan XL Axiata Tbk tahun 2010....................................................86 LAMPIRAN G Laporan Keuangan XL Axiata Tbk tahun 2011 ...................................................89 LAMPIRAN H Laporan Keuangan XL Axiata Tbk tahun 2012 ...................................................92 LAMPIRAN I Laporan Keuangan Smartfren Telecom Tbk tahun 2009 ......................................95 LAMPIRAN J Laporan Keuangan Smartfren Telecom Tbk tahun 2010 ......................................98 LAMPIRAN K Laporan Keuangan Smartfren Telecom Tbk tahun 2011 ...................................101 LAMPIRAN L Laporan Keuangan Smartfren Telecom Tbk tahun 2012 ...................................104 LAMPIRAN M Laporan Keuangan Inovisi Infracom Tbk tahun 2009 ......................................107 LAMPIRAN N Laporan Keuangan Inovisi Infracom Tbk tahun 2010 .......................................110 LAMPIRAN O Laporan Keuangan Inovisi Infracom Tbk tahun 2011 .......................................113 LAMPIRAN P Laporan Keuangan Inovisi Infracom Tbk tahun 2012 ........................................117 LAMPIRAN Q Laporan Keuangan Indosat Tbk tahun 2009 ......................................................121 LAMPIRAN R Laporan Keuangan Indosat Tbk tahun 2010 ......................................................127 LAMPIRAN S Laporan Keuangan Indosat Tbk tahun 2011 .......................................................133 LAMPIRAN T Laporan Keuangan Indosat Tbk tahun 2012.......................................................140 LAMPIRAN U Laporan Keuangan Telekomunikasi Indonesia Tbk tahun 2009........................147
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LAMPIRAN V Laporan Keuangan Telekomunikasi Indonesia Tbk tahun 2010........................152 LAMPIRAN W Laporan Keuangan Telekomunikasi Indonesia Tbk tahun 2011 .......................156 LAMPIRAN X Laporan Keuangan Telekomunikasi Indonesia Tbk tahun 2012........................160
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