ANALISIS PERBANDINGAN TINGKAT KESEHATAN PERUSAHAAN MENGGUNAKAN METODE ALTMAN Z-SCORE DAN ANALISIS RASIO KEUANGAN (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA)

Abstract

Monetary crisis which has occurred in Indonesia since the half of July in 1997 carried big effects to the world of business and national economics. Companies should have better efforts to keep their going concern. One of them is evaluates the financial statement at the last period and solves all the problems for keeping their self from failure risk in the future. The prediction of company failure could be approved empirically by using financial ratios from the financial statement made by that company. Altman (1968) had examined the use of financial ratio in predicting company failure. He used Multivariate Discriminant Analysis (MDA) to examine five financial ratios in predicting company failure. Ratios in Altman Z-Score using two or more variables together in one formula. It makes the analyzing of financial statement easier. Beside of Altman Z-Score Method, the analyzing of financial statement can also uses financial ratio analysis (univariate analysis). This analysis including of four ratios, they are liquidity ratio, activity ratio, leverage ratio, and profitability ratio. But, many people feel not easy using this analysis in predicting company failure because it examines financial ratio separately and each of that financial ratio has its function and its indication differently to the condition of financial company.