ANALISIS FINANCIAL DISTRESS MENGGUNAKAN METODE SPRINGATE, GROVER DAN ZMIJEWSKI PADA PERUSAHAAN PERTAMBANGAN BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011 - 2015
DAFTAR ISI
Hal
ABSTRAK................................................................................................................ i
ABSTRACT ............................................................................................................ ii
KATA PENGANTAR ............................................................................................ iii
UCAPAN TERIMA KASIH .................................................................................. iv
DAFTAR ISI ......................................................................................................... vii
DAFTAR TABEL ................................................................................................. xii
DAFTAR GAMBAR ............................................................................................ xiv
DAFTAR LAMPIRAN ..........................................................................................xv
BAB I PENDAHULUAN
1.1 Latar Belakang Penelitian ................................................................................ 1
1.2 Identifikasi Masalah ........................................................................................ 8
1.3 Tujuan Penelitian ............................................................................................. 9
1.4 Manfaat Penelitian ..........................................................................................10
1.5 Sistematika Skripsi .........................................................................................10
BAB II TINJAUAN PUSTAKA
2.1 Landasan Teori ...............................................................................................12
2.1.1 Manajemen Keuangan .........................................................................12
2.1.1.1 Pengertian Manajemen Keuangan..........................................12
2.1.1.2 Fungsi Manajemen Keuangan ...............................................13
2.1.1.3 Tujuan Manajemen Keuangan ...............................................14
2.1.2 Laporan Keuangan ...............................................................................15
2.1.2.1 Pengertian Laporan Keuangan ...............................................15
2.1.2.2 Tujuan dan Kegunaan Laporan Keuangan .............................16
2.1.2.3 Jenis Laporan Keuangan ........................................................17
2.1.2.4 Pihak-pihak yang Berkepentingan Terhadap Laporan
Keuangan...............................................................................18
2.1.2.5 Keterbatasan Laporan Keuangan ...........................................22
2.1.2.6 Analisis Laporan Keuangan ...................................................23
2.1.2.6.1 Pengertian Analisis Laporan Keuangan ...................23
2.1.2.6.2 Tujuan dan Kegunaan Analisis Laporan
Keuangan................................................................24
2.1.2.6.3 Teknik Analisis Laporan Keuangan ........................26
2.1.2.6.4 Tahapan dalam Analisis Laporan Keuangan ............26
2.1.2.6.5 Kelemahan Analisis Laporan Keuangan ..................27
2.1.3 Analisis Rasio Keuangan .....................................................................28
2.1.3.1 Jenis Rasio Keuangan Rasio Keuangan .................................28
2.1.4 Financial Distress................................................................................32
2.1.4.1 Penyebab Financial Distress .................................................33
2.1.4.2 Analisis Kebangkrutan Metode Springate..............................34
2.1.4.3 Analisis Kebangkrutan Metode Grover .................................37
2.1.4.4 Analisis Kebangkrutan Metode Zmijewski .............................38
2.2 Penelitian Terdahulu .......................................................................................41
2.3 Kerangka Pemikiran .......................................................................................45
2.4 Hipotesis Penelitian ........................................................................................47
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian .............................................................................................48
3.2 Unit Analisis ...................................................................................................48
3.2.1 Perkembangan Batubara dan Perusahaan Batubara di Indonesia ...........48
3.3 Populasi dan Sampel .......................................................................................49
3.4 Teknik Pengumpulan Data ..............................................................................50
3.5 Variabel Penelitian dan Operasional Variabel .................................................51
3.6 Metode Penelitian ...........................................................................................53
3.6.1 Metode Pengukuran Kebangkrutan ......................................................54
3.6.2 Perhitungan Tingkat Keaakuratan ........................................................57
3.7 Metode Analisis Statistik ................................................................................57
3.7.1 Independend T-test (uji t sampel berbeda) ............................................57
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Perkembangan Kondisi Keuangan Perusahaan ................................................49
4.1.1Working Capital to Total Asset .............................................................49
4.1.2 EBIT to Total Asset ..............................................................................61
4.1.3 EBT to Current Liabilities....................................................................62
4.1.4 Sales to Total Asset ..............................................................................64
4.1.5 Return On Asset ...................................................................................66
4.1.6 Debt Ratio ...........................................................................................68
4.1.7 Current Ratio.......................................................................................70
4.2 Analisis Kebangkrutan ....................................................................................72
4.2.1 Metode Springate ................................................................................72
4.2.2 Metode Grover ....................................................................................75
4.2.3 Metode Zmijewski ................................................................................77
4.3 Hasil Uji T sampel Independent (Independend T-test) ....................................80
4.3.1 Hasil Uji T sampel Independent Metode Springate dengan
Metode Grover pada Perusahaan Batubara Periode 2011-2015 ............80
4.3.2 Hasil Uji T sampel Independent Metode Springate dengan
Metode Zmijewski pada Perusahaan Batubara Periode
2011-2015 ..........................................................................................81
4.3.3 Hasil Uji T sampel Independent Metode Grover dengan
Metode Zmijewski pada Perusahaan Batubara Periode
2011-2015 ..........................................................................................82
4.4 Analisis Kebangkrutan Metode .......................................................................83
4.4.1 Perbandingan Hasil Prediksi ................................................................83
4.5 Pembahasan ....................................................................................................84
4.6 Implikasi Penelitian ........................................................................................85
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan ....................................................................................................87
5.2 Saran ..............................................................................................................87
DAFTAR PUSTAKA .............................................................................................89
LAMPIRAN
Hal
ABSTRAK................................................................................................................ i
ABSTRACT ............................................................................................................ ii
KATA PENGANTAR ............................................................................................ iii
UCAPAN TERIMA KASIH .................................................................................. iv
DAFTAR ISI ......................................................................................................... vii
DAFTAR TABEL ................................................................................................. xii
DAFTAR GAMBAR ............................................................................................ xiv
DAFTAR LAMPIRAN ..........................................................................................xv
BAB I PENDAHULUAN
1.1 Latar Belakang Penelitian ................................................................................ 1
1.2 Identifikasi Masalah ........................................................................................ 8
1.3 Tujuan Penelitian ............................................................................................. 9
1.4 Manfaat Penelitian ..........................................................................................10
1.5 Sistematika Skripsi .........................................................................................10
BAB II TINJAUAN PUSTAKA
2.1 Landasan Teori ...............................................................................................12
2.1.1 Manajemen Keuangan .........................................................................12
2.1.1.1 Pengertian Manajemen Keuangan..........................................12
2.1.1.2 Fungsi Manajemen Keuangan ...............................................13
2.1.1.3 Tujuan Manajemen Keuangan ...............................................14
2.1.2 Laporan Keuangan ...............................................................................15
2.1.2.1 Pengertian Laporan Keuangan ...............................................15
2.1.2.2 Tujuan dan Kegunaan Laporan Keuangan .............................16
2.1.2.3 Jenis Laporan Keuangan ........................................................17
2.1.2.4 Pihak-pihak yang Berkepentingan Terhadap Laporan
Keuangan...............................................................................18
2.1.2.5 Keterbatasan Laporan Keuangan ...........................................22
2.1.2.6 Analisis Laporan Keuangan ...................................................23
2.1.2.6.1 Pengertian Analisis Laporan Keuangan ...................23
2.1.2.6.2 Tujuan dan Kegunaan Analisis Laporan
Keuangan................................................................24
2.1.2.6.3 Teknik Analisis Laporan Keuangan ........................26
2.1.2.6.4 Tahapan dalam Analisis Laporan Keuangan ............26
2.1.2.6.5 Kelemahan Analisis Laporan Keuangan ..................27
2.1.3 Analisis Rasio Keuangan .....................................................................28
2.1.3.1 Jenis Rasio Keuangan Rasio Keuangan .................................28
2.1.4 Financial Distress................................................................................32
2.1.4.1 Penyebab Financial Distress .................................................33
2.1.4.2 Analisis Kebangkrutan Metode Springate..............................34
2.1.4.3 Analisis Kebangkrutan Metode Grover .................................37
2.1.4.4 Analisis Kebangkrutan Metode Zmijewski .............................38
2.2 Penelitian Terdahulu .......................................................................................41
2.3 Kerangka Pemikiran .......................................................................................45
2.4 Hipotesis Penelitian ........................................................................................47
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian .............................................................................................48
3.2 Unit Analisis ...................................................................................................48
3.2.1 Perkembangan Batubara dan Perusahaan Batubara di Indonesia ...........48
3.3 Populasi dan Sampel .......................................................................................49
3.4 Teknik Pengumpulan Data ..............................................................................50
3.5 Variabel Penelitian dan Operasional Variabel .................................................51
3.6 Metode Penelitian ...........................................................................................53
3.6.1 Metode Pengukuran Kebangkrutan ......................................................54
3.6.2 Perhitungan Tingkat Keaakuratan ........................................................57
3.7 Metode Analisis Statistik ................................................................................57
3.7.1 Independend T-test (uji t sampel berbeda) ............................................57
BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Perkembangan Kondisi Keuangan Perusahaan ................................................49
4.1.1Working Capital to Total Asset .............................................................49
4.1.2 EBIT to Total Asset ..............................................................................61
4.1.3 EBT to Current Liabilities....................................................................62
4.1.4 Sales to Total Asset ..............................................................................64
4.1.5 Return On Asset ...................................................................................66
4.1.6 Debt Ratio ...........................................................................................68
4.1.7 Current Ratio.......................................................................................70
4.2 Analisis Kebangkrutan ....................................................................................72
4.2.1 Metode Springate ................................................................................72
4.2.2 Metode Grover ....................................................................................75
4.2.3 Metode Zmijewski ................................................................................77
4.3 Hasil Uji T sampel Independent (Independend T-test) ....................................80
4.3.1 Hasil Uji T sampel Independent Metode Springate dengan
Metode Grover pada Perusahaan Batubara Periode 2011-2015 ............80
4.3.2 Hasil Uji T sampel Independent Metode Springate dengan
Metode Zmijewski pada Perusahaan Batubara Periode
2011-2015 ..........................................................................................81
4.3.3 Hasil Uji T sampel Independent Metode Grover dengan
Metode Zmijewski pada Perusahaan Batubara Periode
2011-2015 ..........................................................................................82
4.4 Analisis Kebangkrutan Metode .......................................................................83
4.4.1 Perbandingan Hasil Prediksi ................................................................83
4.5 Pembahasan ....................................................................................................84
4.6 Implikasi Penelitian ........................................................................................85
BAB V KESIMPULAN DAN SARAN
5.1 Kesimpulan ....................................................................................................87
5.2 Saran ..............................................................................................................87
DAFTAR PUSTAKA .............................................................................................89
LAMPIRAN