ANALISIS KINERJA KEUANGAN DAN FINANCIAL DISTRESS PERUSAHAAN SEBELUM DAN SESUDAH RIGHT ISSUE: STUDI EMPIRIS PADA PERUSAHAAN YANG RIGHT ISSUE TAHUN 2009
LAPORAN SKRIPSI
Oleh Susianti
1301007761
Universitas Bina Nusantara Jakarta 2013
ANALISIS KINERJA KEUANGAN DAN FINANCIAL DISTRESS PERUSAHAAN SEBELUM DAN SESUDAH RIGHT ISSUE: STUDI EMPIRIS PADA PERUSAHAAN YANG RIGHT ISSUE TAHUN 2009
SKRIPSI
diajukan sebagai salah satu syarat untuk gelar Sarjana Strata 1 pada Jurusan Akuntansi & Keuangan Jenjang Pendidikan Strata-1
Oleh
Susianti
1301007761
Universitas Bina Nusantara Jakarta 2013
ii
ANALISIS KINERJA KEUANGAN DAN FINANCIAL DISTRESS PERUSAHAAN SEBELUM DAN SESUDAH RIGHT ISSUE: STUDI EMPIRIS PADA PERUSAHAAN YANG RIGHT ISSUE TAHUN 2009
SKRIPSI
Disusun oleh :
Susianti 1301007761 Disetujui oleh : Pembimbing
Murniadi Purboatmodjo, Drs., MM. D 2721 Disetujui oleh : Ketua Jurusan
Dr. Engkos Achmad Kuncoro, SE., MM. Ketua Jurusan Akuntansi dan Keuangan
Universitas Bina Nusantara Jakarta 2013 iii
PERNYATAAN Dengan ini saya, Nama
: Susianti
NIM
: 1301007761
Judul skripsi : Analisis Kinerja Keuangan dan Financial Distress Sebelum dan Sesudah Right Issue: Studi Empiris pada Perusahaan yang Right Issue Tahun 2009
Memberikan kepada Universitas Bina Nusantara hak non-eksklusif untuk menyimpan, memperbanyak, dan menyebarluaskan skripsi karya saya, secara keseluruhan atau hanya sebagian atau hanya ringkasannya saja, dalam bentuk format tercetak dan atau elektronik.
Menyatakan bahwa saya, akan mempertahankan hak eksklusif saya, untuk menggunakan seluruh atau sebagian isi skripsi saya, guna pengembangan karya di masa depan, misalnya bentuk artikel, buku, perangkat lunak, ataupun sistem informasi.
Jakarta, 26 Juli 2013
Susianti 1301007761
iv
KATA PENGANTAR Puji syukur kepada Tuhan Yang Maha Esa atas berkat dan kasih-Nya sehingga penulisan skripsi yang berjudul “Analisis Kinerja Keuangan dan Financial Distress Perusahaan Sebelum dan Sesudah Right Issue: Studi Empiris pada Perusahaan yang Right Issue Tahun 2009” ini dapat selesai dengan lancar. Skripsi ini disusun untuk memenuhi salah satu tujuan yaitu guna memperoleh gelar Sarjana Ekonomi, pada Jurusan Akuntansi, Fakultas Ekonomi Binus University, Jakarta. Penulis menyadari sepenuhnya bahwa dalam penyusunan skripsi ini, bukan hanya dari penulis semata-mata tetapi juga melibatkan banyak pihak yang juga turut membantu, membimbing, dan memberikan dorongan baik secara langsung maupun tidak langsung dalam pembentukan sampai penyelesaian skripsi ini. Oleh karena itu, pada kesempatan ini, dengan segala kerendahan hati, penulis ingin mengucapkan terima kasih yang sebesar-besarnya kepada: 1. Bapak Prof. Dr. Ir. Harjanto Prabowo, MM., selaku Rektor Binus University 2. Bapak Dr. Engkos Achmad Kuncoro, SE., MM., selaku Dekan Fakultas Ekonomi dan Komunikasi Binus University 3. Bapak Gatot Soepriyanto, SE., Ak., M. Buss., selaku Ketua Jurusan Akuntansi Binus University 4. Ibu Lusianah SE., selaku Sekretaris Jurusan Akuntansi Binus University 5. Bapak Murniadi Purboatmodjo, Drs., MM., selaku dosen pembimbing skripsi yang telah meluangkan waktu untuk memberikan bimbingan dan pengarahan terhadap penyusunan skripsi ini v
6. Yang terhormat Bapak dan Ibu dosen Binus University yang telah memberikan bekal ilmu yang sangat bermanfaat kepada penulis selama perkuliahan di Binus University 7. Kedua orangtua tercinta dan sepupu penulis, Devi N. Gioveny yang telah memberikan doa, dukungan baik moral dan materiil, dan semangat, demi terselesaikannya skripsi ini 8. Kekasih tercinta, Erico Septian, serta sahabat Mtoezt (Morina, Sutrisni, dan Tania Gunawan) yang telah memberikan doa dan semangat kepada penulis selama penulisan skripsi ini 9. Sahabat terbaik penulis selama perkuliahan di Binus University, Power PAFgirl (Adriene Leta dan Briliani Eka Putri) yang selalu menemani penulis selama perkuliahan 10. Semua pihak yang telah banyak membantu penyusunan skripsi ini baik secara langsung maupun tidak langsung yang mungkin terlewatkan dan tidak dapat disebutkan satu per satu. Semoga segala kebaikan yang telah diberikan kepada penulis mendapatkan balasan dari Tuhan Yang Maha Esa. Akhir kata dengan segala kerendahan hati, penulis berharap semoga skripsi ini dapat bermanfaat bagi semua pihak yang membacanya. Jakarta, 26 Juli 2013 Penulis
Susianti
vi
DAFTAR ISI Halaman Halaman Judul Luar..........................................................................................
i
Halaman Judul Dalam......................................................................................
ii
Halaman Persetujuan Dosen Pembimbing........................................................
iii
Halaman Pernyataan Dewan Penguji...............................................................
iv
Halaman Pernyataan Persetujuan Publikasi Skripsi.........................................
v
Abstrak.............................................................................................................
vi
Kata Pengantar.................................................................................................
vii
Daftar Isi..........................................................................................................
ix
Daftar Tabel.....................................................................................................
xvii
Daftar Gambar.................................................................................................
xxi
Daftar Lampiran...............................................................................................
xxiv
BAB 1
PENDAHULUAN
1.1. Latar Belakang Penelitian........................................................................
1
1.2. Identifikasi Masalah................................................................................
4
1.3. Ruang Lingkup Penelitian.......................................................................
5
1.4. Tujuan dan Manfaat Penelitian...............................................................
5
1.5. Ringkasan Metodologi Penelitian...........................................................
6
1.6. Sistematika Penulisan.............................................................................
7
1.7. Tinjauan Pustaka....................................................................................
8
BAB 2
LANDASAN TEORI
2.1. Pasar Modal.......................................................................................... vii
11
2.1.1. Pengertian Pasar Modal................................................................
11
2.1.2. Manfaat Pasar Modal...................................................................
11
2.2. Bursa Efek..........................................................................................
12
2.3. Saham.................................................................................................
13
2.3.1. Pengertian Saham.......................................................................
13
2.3.2. Jenis-jenis Saham.......................................................................
13
2.4. Preemptive Right................................................................................
16
2.5. Right Issue..........................................................................................
16
2.5.1. Pengertian Right Issue................................................................
16
2.5.2. Ciri-ciri Right Issue....................................................................
17
2.5.3. Tahapan Pekembangan Right Issue............................................
18
2.6. Laporan Keuangan.............................................................................
19
2.6.1. Pengertian Laporan Keuangan...............................................
19
2.6.2. Jenis-jenis Laporan Keuangan...............................................
20
2.6.3. Tujuan Laporan Keuangan....................................................
21
2.7. Rasio Keuangan.................................................................................
23
2.7.1. Pengertian Rasio Keuangan...................................................
23
2.7.2. Jenis-jenis Rasio Keuangan...................................................
24
2.7.2.1. Rasio Likuiditas.............................................................
24
2.7.2.2. Rasio Leverage...............................................................
25
2.7.2.3. Rasio Profitabilitas.........................................................
26
2.7.2.4. Rasio Aktivitas...............................................................
27
2.7.2.5. Rasio Pasar Modal..........................................................
28
viii
2.7.3. Keunggulan Analisa Rasio.....................................................
29
2.7.4. Keterbatasan Analisa Rasio...................................................
30
2.8. Analisis Financial Distress Perusahaan........................................
30
2.9. Kerangka Teoritis..........................................................................
35
BAB 3
OBJEK DAN DESAIN PENELITIAN
3.1. Objek Penelitian.................................................................................
36
3.1.1. PT. Ancora Indonesia Resources Tbk. (OKAS)........................
36
3.1.1.1. Sejarah Singkat..............................................................
36
3.1.1.2. Bidang Usaha................................................................
38
3.1.1.3. Struktur Organisasi........................................................
38
3.1.2. PT. Pool Advista IndonesiaTbk. (POOL)..................................
39
3.1.2.1. Sejarah Singkat..............................................................
39
3.1.2.2. Bidang Usaha................................................................
40
3.1.2.3. Struktur Organisasi........................................................
40
3.1.3. PT. XL Axiata Tbk. (EXCL).....................................................
41
3.1.3.1. Sejarah Singkat..............................................................
41
3.1.3.2. Bidang Usaha..................................................................
43
3.1.3.3. Struktur Organisasi.........................................................
43
3.2. Desain Penelitian.................................................................................
43
3.2.1. Jenis dan Sumber Data................................................................
43
3.2.2. Penentuan Jumlah Sampel...........................................................
44
3.2.3. Metode Pengumpulan Sampel.....................................................
46
3.2.4. Metode Analisis Data..................................................................
46
ix
3.2.5. Metode Penyajian Data............................................................... BAB 4
47
PEMBAHASAN
4.1. Analisis Kinerja Keuangan Perusahaan Sebelum dan Sesudah Right Issue 48 4.1.1. PT. XL Axiata Tbk (EXCL)........................................................
48
4.1.1.1. Liquidity Ratio (Rasio Likuiditas)........................................
48
4.1.1.1.1. Current Ratio (Rasio Lancar)........................................
48
4.1.1.1.2. Quick Ratio (Rasio Cepat).............................................
50
4.1.1.1.3. Cash Ratio (Rasio Kas)..................................................
52
4.1.1.2. Rasio Leverage.......................................................................
54
4.1.1.2.1. Rasio Hutang atas Modal (Debt to Equity Ratio)...........
54
4.1.1.2.2. Rasio Hutang atas Aktiva (Debt to Asset Ratio).............
55
4.1.1.2.3. Long Term Debt to Equity Ratio.....................................
57
4.1.1.3. Rasio Profitabilitas..................................................................
59
4.1.1.3.1. Margin Laba Bersih (Net Profit Margin).........................
59
4.1.1.3.2. Return on Equity..............................................................
61
4.1.1.3.3. Return on Investment.......................................................
62
4.1.1.3. Rasio Aktivitas........................................................................
64
4.1.1.3.1. Perputaran Piutang (Receivable Turn Over)....................
64
4.1.1.3.2. Perputaran Total Aset (Total Asset Turn Over)...............
66
4.1.1.3.3. Periode Penagihan (Collection Period)............................
67
4.1.1.4. Rasio Pasar Modal....................................................................
69
4.1.1.4.1. Rasio Price to Book Value................................................
69
4.1.1.4.2. Price to Earning Ratio......................................................
71
x
4.1.2. PT. Ancora Indonesia Resources Tbk. (OKAS)..............................
73
4.1.2.1. Liquidity Ratio (Rasio Likuiditas)............................................
73
4.1.2.1.1. Current Ratio (Rasio Lancar)..........................................
73
4.1.2.1.2. Quick Ratio (Rasio Cepat)...............................................
75
4.1.2.1.3. Cash Ratio (Rasio Kas)....................................................
77
4.1.2.2. Rasio Leverage.........................................................................
79
4.1.2.2.1. Rasio Hutang atas Modal (Debt to Equity Ratio)..............
79
4.1.2.2.2. Rasio Hutang atas Aktiva (Debt to Asset Ratio)...............
81
4.1.2.2.3. Long Term Debt to Total Equity Ratio.............................
82
4.1.2.3. Rasio Profitabilitas...................................................................
84
4.1.2.3.1. Margin Laba Bersih (Net Profit Margin).........................
84
4.1.2.3.2. Return on Equity..............................................................
86
4.1.2.3.3. Return on Investment.......................................................
87
4.1.2.4. Rasio Aktivitas........................................................................
88
4.1.2.4.1. Perputaran Piutang (Receivable Turn Over)....................
89
4.1.2.4.2. Perputaran Total Aset (Total Asset Turn Over)...............
90
4.1.2.4.3. Periode Penagihan (Collection Period)............................
91
4.1.2.5. Rasio Pasar Modal...................................................................
93
4.1.2.5.1. Rasio Price to Book Value...............................................
94
4.1.2.5.2. Price to Earning Ratio.....................................................
95
4.1.3. PT. Pool Advista Indonesia Tbk. (POOL)......................................
97
4.1.3.1. Liquidity Ratio (Rasio Likuiditas)...........................................
97
4.1.3.1.1. Current Ratio (Rasio Lancar)..........................................
97
xi
4.1.3.1.2. Quick Ratio (Rasio Cepat)..............................................
99
4.1.3.1.3. Cash Ratio (Rasio Kas)...................................................
100
4.1.3.2. Rasio Leverage...................................................................
102
4.1.3.2.1. Rasio Hutang atas Modal (Debt to Equity Ratio).......
102
4.1.3.2.2. Rasio Hutang atas Aktiva (Debt to Asset Ratio).........
104
4.1.3.2.3. Long Term Debt to Equity Ratio.................................
105
4.1.3.3. Rasio Profitabilitas.............................................................
107
4.1.3.3.1. Margin Laba Bersih (Net Profit Margin)...................
107
4.1.3.3.2. Return on Equity........................................................
108
4.1.3.3.3. Return on Investment.................................................
110
4.1.3.4. Rasio Aktivitas..................................................................
112
4.1.3.4.1. Perputaran Piutang (Receivable Turn Over)..............
112
4.1.3.4.2. Perputaran Total Aset (Total Asset Turn Over).........
113
4.1.3.4.3. Periode Penagihan (Collection Period).....................
115
4.1.3.5. Rasio Pasar Modal............................................................
117
4.1.3.5.1. Rasio Price to Book Value........................................
117
4.1.3.5.2. Price to Earning Ratio..............................................
118
4.2. Analisis Financial Distress Perusahaan Sebelum dan Sesudah Right Issue.......................................................................................
120
4.2.1. PT. XL Axiata Tbk. (EXCL)..................................................
120
4.2.1.1. Analisis Rasio Working Capital/ Total Asset (X1).........
121
4.2.1.2. Analisis Rasio Retained Earning/ Total Asset (X2).......
122
4.2.1.3. Analisis Rasio Earnings Before Interest and Taxes/ xii
Total Assets (X3)............................................................
123
4.2.1.4. Analisis Rasio Market Value of Equity/Book Value of Total Debt (X4)..............................................................
124
4.2.1.5. Analisis Rasio Sales/Total Assets (X5)..........................
124
4.2.1.6. Analisis Z – Score..........................................................
125
4.2.2. PT. Ancora Indonesia Resources (OKAS)............................
126
4.2.2.1. Analisis Rasio Working Capital/Total Assets (X1).......
127
4.2.2.2. Analisis Rasio Retained Earning/ Total Assets (X2)....
128
4.2.2.3. Analisis Rasio Earnings Before Interest and Taxes/ Total Assets (X3)..........................................................
129
4.2.2.4. Analisis Rasio Market Value of Equity/Book Value of Total Debt (X4)............................................................
129
4.2.2.5. Analisis Rasio Sales/Total Assets (X5).......................
130
4.2.2.6. Analisis Z – Score........................................................
131
4.2.3. PT. Pool Advista Indonesia Tbk. (POOL)..........................
132
4.2.3.1. Analisis Rasio Working Capital/Total Assets (X1).....
133
4.2.3.2. Analisis Rasio Retained Earning/Total Assets (X2)...
134
4.2.3.3. Analisis Rasio Earnings Before Interest and Taxes/ Total Assets (X3).........................................................
134
4.2.3.4. Analisis Rasio Market Value of Equity/Book Value of Total Debt (X4)...........................................................
135
4.2.3.5. Analisis Rasio Sales/Total Assets (X5).......................
136
4.2.3.6. Analisis Z – Score.......................................................
136
xiii
4.3. Rangkuman Analisis Kinerja Keuangan dan Financial Distress BAB 5
138
SIMPULAN DAN SARAN
5.1.Simpulan....................................................................................
141
5.1.1. PT. XL Axiata Tbk...........................................................
141
5.1.2. PT. Ancora Indonesia Resources Tbk..............................
142
5.1.3. PT. Pool Advista Indonesia Tbk.......................................
144
5.2. Saran.........................................................................................
145
Referensi Lampiran Surat Keterangan Penelitian Riwayat Hidup
xiv
DAFTAR TABEL No. Tabel
Keterangan
Halaman
Tabel 4.1
Rasio Lancar (Current Ratio) – PT. XL Axiata Tbk.
49
Tabel 4.2
Rasio Cepat (Quick Ratio) – PT. XL Axiata Tbk.
50
Tabel 4.3
Rasio Kas (Cash Ratio) – PT. XL Axiata Tbk.
52
Tabel 4.4
Rangkuman Rasio Likuiditas - PT. XL Axiata Tbk.
53
Tabel 4.5
Debt to Equity Ratio – PT. XL Axiata Tbk.
54
Tabel 4.6
Debt to Asset Ratio – PT. XL Axiata Tbk.
56
Tabel 4.7
Long Term Debt to Equity Ratio – PT. XL Axiata Tbk.
57
Tabel 4.8
Rangkuman Rasio Leverage – PT. XL Axiata Tbk.
58
Tabel 4.9
Net Profit Margin – PT. XL Axiata Tbk.
59
Tabel 4.10
Return on Equity – PT. XL Axiata Tbk.
61
Tabel 4.11
Return on Investment – PT. XL Axiata Tbk.
62
Tabel 4.12
Rangkuman Rasio Profitabilitas – PT. XL Axiata Tbk.
64
Tabel 4.13
Receivable Turn Over – PT. XL Axiata Tbk.
64
Tabel 4.14
Total Asset Turn Over – PT. XL Axiata Tbk.
66
Tabel 4.15
Collection Period – PT. XL Axiata Tbk.
67
Tabel 4.16
Rangkuman Rasio Aktivitas – PT. XL Axiata Tbk.
68
Tabel 4.17
Rasio Price to Book Value – PT. XL Axiata Tbk.
70
Tabel 4.18
Rasio Price to Earning – PT. XL Axiata Tbk.
71
Tabel 4.19
Rangkuman Rasio Pasar Modal – PT. XL Axiata Tbk.
72
Tabel 4.20
Rasio Lancar (current ratio) – PT. Ancora Indonesia Resources Tbk.
73 xv
Tabel 4.21
Rasio cepat (quick ratio) – PT. Ancora Indonesia Resources Tbk.
Tabel 4.22
75
Rasio kas (cash ratio) – PT. Ancora Indonesia Resources Tbk.
Tabel 4.23
77
Rangkuman Rasio Likuiditas – PT. Ancora Indonesia Resources Tbk.
78
Tabel 4.24
Debt to Equity Ratio – PT. Ancora Indonesia Resources Tbk.
79
Tabel 4.25
Debt to Asset Ratio – PT. Ancora Indonesia Resources Tbk.
81
Tabel 4.26
Long Term Debt to Equity Ratio – PT. Ancora Indonesia Resources Tbk.
Tabel 4.27
82
Rangkuman Rasio Leverage – PT. Ancora Indonesia Resources Tbk.
83
Tabel 4.28
Net Profit Margin – PT. Ancora Indonesia Resources Tbk.
84
Tabel 4.29
Return on Equity – PT. Ancora Indonesia Resources Tbk.
86
Tabel 4.30
Return on Investment – PT. Ancora Indonesia Resources Tbk.
87
Tabel 4.31
Rangkuman Rasio Profitabilitas – PT. Ancora Indonesia Resources Tbk.
88
Tabel 4.32
Receivable Turn Over – PT. Ancora Indonesia Resources Tbk.
89
Tabel 4.33
Total Asset Turn Over – PT. Ancora Indonesia Resources Tbk.
90
Tabel 4.34
Collection Period – PT. Ancora Indonesia Resources Tbk.
92
Tabel 4.35
Rangkuman Rasio Aktivitas – PT. Ancora Indonesia Resources Tbk.
Tabel 4.36
93
Rasio Price to Book Value – PT. Ancora Indonesia Resources xvi
Tbk.
94
Tabel 4.37
Price to Earning Ratio – PT. Ancora Indonesia Resources Tbk.
95
Tabel 4.38
Rangkuman Rasio Pasar Modal – PT. Ancora Indonesia Resources Tbk.
96
Tabel 4.39
Rasio Lancar (Current Ratio) – PT. Pool Advista Indonesia Tbk.
98
Tabel 4.40
Rasio Cepat (Quick Ratio) – PT. Pool Advista Indonesia Tbk.
99
Tabel 4.41
Rasio Kas (Cash Ratio) – PT. Pool Advista Indonesia Tbk.
Tabel 4.42
Rangkuman Rasio Likuiditas – PT. Pool Advista Indonesia Tbk. 101
Tabel 4.43
Debt to Equity Ratio – PT. Pool Advista Indonesia Tbk.
102
Tabel 4.44
Debt to Asset Ratio – PT. Pool Advista Indonesia Tbk.
104
Tabel 4.45
Long Term Debt to Equity Ratio – PT. Pool Advista Indonesia
100
Tbk.
105
Tabel 4.46
Rangkuman Rasio Leverage – PT. Pool Advista Indonesia Tbk.
106
Tabel 4.47
Net Profit Margin – PT. Pool Advista Indonesia Tbk.
107
Tabel 4.48
Return on Equity – PT. Pool Advista Indonesia Tbk.
109
Tabel 4.49
Return on Investment – PT. Pool Advista Indonesia Tbk.
110
Tabel 4.50
Rangkuman Rasio Profitabilitas – PT. Pool Advista Indonesia Tbk.
111
Tabel 4.51
Receivable Turn Over – PT. Pool Advista Indonesia Tbk.
112
Tabel 4.52
Total Asset Turn Over – PT. Pool Advista Indonesia Tbk.
114
Tabel 4.53
Collection Period – PT. Pool Advista Indonesia Tbk.
115
Tabel 4.54
Rangkuman Rasio Aktivitas – PT. Pool Advista Indonesia Tbk.
116
Tabel 4.55
Rasio Price to Book Value – PT. Pool Advista Indonesia Tbk.
117
xvii
Tabel 4.56
Price to Earning Ratio – PT. Pool Advista Indonesia Tbk.
Tabel 4.57
Rangkuman Rasio Pasar Modal – PT. Pool Advista Indonesia
119
Tbk.
120
Tabel 4.58
Harga Saham PT. XL Axiata Tbk. Tahun 2007-2011
121
Tabel 4.59
Analisis Z-Score – PT. XL Axiata Tbk.
121
Tabel 4.60
Harga Saham PT. Ancora Indonesia Resources Tbk. Tahun 2007-2011
126
Tabel 4.61
Analisis Z-Score – PT. Ancora Indonesia Resources Tbk.
126
Tabel 4.62
Harga Saham PT. Pool Advista Indonesia Tbk. Tahun 2007-2011
132
Tabel 4.63
Analisis Z-Score – PT. Pool Advista Indonesia Tbk.
132
Tabel 4.64
Rangkuman Rasio – PT. XL Axiata Tbk.
138
Tabel 4.65
Rangkuman Rasio – PT. Ancora Indonesia Resources Tbk.
139
Tabel 4.66
Rangkuman Rasio – PT. Pool Advista Indonesia Tbk.
140
xviii
DAFTAR GAMBAR Halaman Gambar 2.1
Kerangka Teoritis Penelitian
35
Gambar 3.1
Struktur Organisasi PT. Ancora Indonesia Resources Tbk.
38
Gambar 3.2
Struktur Organisasi PT. Pool Advista Indonesia Tbk.
41
Gambar 3.3
Struktur Organisasi PT. XL Axiata Tbk.
43
Gambar 3.4
Objek Perusahaan Terpilih
44
Gambar 4.1
Rasio Lancar (Current Ratio) – PT. XL Axiata Tbk.
49
Gambar 4.2
Rasio Cepat (Quick Ratio) – PT. XL Axiata Tbk.
51
Gambar 4.3
Rasio Kas (Cash Ratio) – PT. XL Axiata Tbk.
52
Gambar 4.5
Debt to Equity Ratio – PT. XL Axiata Tbk.
55
Gambar 4.6
Debt to Asset Ratio – PT. XL Axiata Tbk.
56
Gambar 4.7
Long Term Debt to Equity Ratio – PT. XL Axiata Tbk.
57
Gambar 4.9
Net Profit Margin – PT. XL Axiata Tbk.
60
Gambar 4.10 Return on Equity – PT. XL Axiata Tbk.
61
Gambar 4.11 Return on Investment – PT. XL Axiata Tbk.
63
Gambar 4.13 Receivable Turn Over – PT. XL Axiata Tbk.
65
Gambar 4.14 Total Asset Turn Over – PT. XL Axiata Tbk.
66
Gambar 4.15 Collection Period – PT. XL Axiata Tbk.
68
Gambar 4.17 Rasio Price to Book Value – PT. XL Axiata Tbk.
70
Gambar 4.18 Rasio Price to Earning – PT. XL Axiata Tbk.
71
Gambar 4.20 Rasio Lancar (Current Ratio) – PT. Ancora Indonesia Resources Tbk.
74 xix
Gambar 4.21 Rasio cepat (quick ratio) – PT. Ancora Indonesia Resources Tbk. 76 Gambar 4.22 Rasio kas (cash ratio) – PT. Ancora Indonesia Resources Tbk.
77
Gambar 4.24 Debt to Equity Ratio – PT. Ancora Indonesia Resources Tbk.
80
Gambar 4.25 Debt to Asset Ratio – PT. Ancora Indonesia Resources Tbk.
81
Gambar 4.26 Long Term Debt to Equity Ratio – PT. Ancora Indonesia Resources Tbk.
82
Gambar 4.28 Net Profit Margin – PT. Ancora Indonesia Resources Tbk.
85
Gambar 4.29 Return on Equity – PT. Ancora Indonesia Resources Tbk.
86
Gambar 4.30 Return on Investment – PT. Ancora Indonesia Resources Tbk.
87
Gambar 4.32 Receivable Turn Over – PT. Ancora Indonesia Resources
89
Gambar 4.33 Total Asset Turn Over – PT. Ancora Indonesia Resources Tbk.
91
Gambar 4.34 Collection Period – PT. Ancora Indonesia Resources Tbk.
92
Gambar 4.36 Rasio Price to Book Value – PT. Ancora Indonesia Resources Tbk. 94 Gambar 4.37 Price to Earning Ratio – PT. Ancora Indonesia Resources Tbk.
96
Gambar 4.39 Rasio Lancar (Current Ratio) – PT. Pool Advista Indonesia Tbk.
98
Gambar 4.40 Rasio Cepat (Quick Ratio) – PT. Pool Advista Indonesia Tbk.
99
Gambar 4.41 Rasio Kas (Cash Ratio) – PT. Pool Advista Indonesia Tbk.
101
Gambar 4.43 Debt to Equity Ratio – PT. Pool Advista Indonesia Tbk.
103
Gambar 4.44 Debt to Asset Ratio – PT. Pool Advista Indonesia Tbk.
104
Gambar 4.45 Long Term Debt to Equity Ratio – PT. Pool Advista Indonesia Tbk.
106
Gambar 4.47 Net Profit Margin – PT. Pool Advista Indonesia Tbk.
108
Gambar 4.48 Return on Equity – PT. Pool Advista Indonesia Tbk.
109
xx
Gambar 4.49 Return on Investment – PT. Pool Advista Indonesia Tbk.
110
Gambar 4.51 Receivable Turn Over – PT. Pool Advista Indonesia Tbk.
113
Gambar 4.52 Total Asset Turn Over – PT. Pool Advista Indonesia Tbk.
114
Gambar 4.53 Collection Period – PT. Pool Advista Indonesia Tbk.
115
Gambar 4.55 Rasio Price to Book Value – PT. Pool Advista Indonesia Tbk.
118
Gambar 4.56 Price to Earning Ratio – PT. Pool Advista Indonesia Tbk.
119
Gambar 4.59 Analisis Z-Score – PT. XL Axiata Tbk.
121
Gambar 4.61 Analisis Z-Score – PT. Ancora Indonesia Resources Tbk.
127
Gambar 4.63 Analisis Z-Score – PT. Pool Advista Indonesia Tbk.
133
xxi
DAFTAR LAMPIRAN Lampiran 1
Neraca Perbandingan – PT. XL Axiata Tbk.
L1
Lampiran 2
Neraca Perbandingan – PT. Ancora Indonesia Resources Tbk.
L2
Lampiran 3
Neraca Perbandingan – PT. Pool Advista Indonesia Tbk.
L3
Lampiran 4
Laporan Laba Rugi Perbandingan – PT. XL Axiata Tbk.
L4
Lampiran 5
Laporan Laba Rugi Perbandingan – PT. Ancora Indonesia Resources Tbk.
Lampiran 6
L5
Laporan Laba Rugi Perbandingan – PT. Pool Advista Indonesia Tbk.
Lampiran 7
L6
Data Perhitungan Analisis Kinerja Keuangan dan Potensi Kebangkrutan PT. XL Axiata Tbk. (EXCL)
Lampiran 8
Data Perhitungan Analisis Kinerja Keuangan dan Potensi Kebangkrutan PT. Ancora Indonesia Resources Tbk. (OKAS)
Lampiran 9
L7
L8
Data Perhitungan Analisis Kinerja Keuangan dan Potensi Kebangkrutan PT. Pool Advista Indonesia Tbk. (POOL)
xxii
L9
