ANALISIS KESEHATAN PERUSAHAAN RITEL MENGGUNAKAN MODEL PREDIKSI KEBANGKRUTAN ALTMAN, SPRINGATE, ZMIJEWSKI, FULMER, DAN GROVER
(Studi Kasus Perusahaan Ritel Yang Tercatat Di Bursa Efek Indonesia Periode 2019-2020)
FINANCIAL ANALYSIS OF RETAIL COMPANIES USINGT HE ALTMAN, SPRINGATE, ZMIJEWSKI, FULMER,
AND GROVER BANKRUPTCY PREDICTION MODELS
(Case Study of Retail Companies Listed on the Indonesia Stock Exchange for the Period 2019–2020)
Pertumbuhan perusahaan ritel Indonesia tahun 2020 dalam kondisi yang kurang baik, karena adanya penurunan tingkat penjualan saat pandemi covid-19, sehingga memicu terjadinya kebangkrutan perusahaan. Tujuan penelitian ini yaitu untuk mengetahui kondisi kesehatan perusahaan ritel sebelum dan saat pandemi covid-19, dengan menggunakan model prediksi kebangkrutan Altman, Springate, Zmijewski, Fulmer, dan Grover. Jenis penelitian yang digunakan yaitu kuantitatif dengan pendekatan deskriptif. Sampel yang digunakan sejumlah 28 perusahaan ritel yang dipublikasikan Bursa Efek Indonesia (BEI) periode 2019-2020. Teknik pengumpulan data yaitu teknik dokumentasi, berupa laporan keuangan tahunan perusahaan ritel yang diunduh melalui www.idx.co.id. Hasil analisis data menunjukkan bahwa model prediksi kebangkrutan Altman, Springate, Zmijewski, Fulmer, dan Grover dapat digunakan sebagai metode untuk mengetahui kondisi kesehatan perusahaaan ritel di Indonesia. Kondisi kesehatan perusahaan ritel memberikan hasil yang berbeda-beda, karena perbedaan variabel rasio yang digunakan pada setiap model prediksi kebangkrutan. Beberapa perusahaan ritel diprediksi mengalami kebangkrutan, akibat buruknya kinerja keuangan perusahaan, sehingga menyebabkan kerugian. Namun sebagian besar perusahaan ritel masih mampu bertahan menjaga keseimbangan kinerja keuangan dan dapat meminimalkan resiko kebangkrutan saat pandemi covid-19. Agar perusahaan terhindar dari kebangkrutan, maka perusahaan perlu mengatur kinerja keuangannya dengan baik, seperti mengatur tingkat penjualan, liabilitas, aset, laba bersih, perputaran piutang, modal kerja, serta meminimalkan biaya operasi perusahaan.
Kata Kunci: Altman, Fulmer, Grover, Kebangkrutan, Springate, Zmijewski
The growth of Indonesian retail companies in 2020 was in an unfavorable condition, due to a decline in sales levels during the COVID-19 pandemic, thus triggering the occurrence of company bankruptcy. The purpose of this study was to determine the health condition of retail companies before and during the COVID-19 pandemic, using the Altman, Springate, Zmijewski, Fulmer, and Grover bankruptcy prediction models. The type of research used is quantitative with a descriptive approach. The sample used is 28 retail companies published by the Indonesia Stock Exchange (IDX) for the 2019-2020 period. The data collection technique is the documentation technique, in the form of the retail company's annual financial reports which are downloaded through www.idx.co.id. The results of data analysis indicate that the bankruptcy prediction model of Altman, Springate, Zmijewski, Fulmer, and Grover can be used as a method to determine the health condition of retail companies in Indonesia. The health condition of retail companies gives different results, because of the different ratio variables used in each bankruptcy prediction model. Several retail companies are predicted to go bankrupt, due to the poor financial performance of the company, causing losses. However, most retail companies are still able to maintain a balance in financial performance and can minimize the risk of bankruptcy during the COVID-19 pandemic. For the company to avoid bankruptcy, the company needs to manage its financial performance properly, such as regulating the level of sales, liabilities, assets, net income, receivables turnover, working capital, and minimizing the company's operating costs.
Key Words: Altman, Bankruptcy, Fulmer, Grover, Springate, Zmijewski