Pengaruh Rasio Keuangan dengan Model Altman Z-Score dan Arus Kas Operasi terhadap Prediksi Kondisi Financial Distress Perusahaan (Studi Kasus pada Perusahaan Group Bakrie yang Terdaftar di Bursa Efek Indonesia)

Penelitian ini dilakukan pada perusahaan Group Bakrie yang terdaftar di BEI. Fenomena yang terjadi yaitu rendahnya perolehan nilai Z-score yang diperoleh dari hasil kali nisbah-nisbah keuangan yang diukur dengan variabel-variabel yang terdapat pada Z-score yang mengindikasikan bahwa perusahaan Bakrie berpotensi mengalami kondisi financial distress. Serta perolehan arus kas operasi pada penjualan yang masih rendah yang mengakibatkan perusahaan mengalami kondisi distress dan berpotensi besar mengarah pada kebangkrutan. Tujuan penelitian membuktikan apakah terdapat pengaruh 1) rasio keuangan dengan model Altman Z-score dan 2) pengaruh arus kas operasi terhadap prediksi kondisi financial distress perusahaan. Sumber data laporan keuangan atau data skunder, jenis penelitian deskriftif dan verifikatif analysis, metode penelitian explanatory survey. Unit analisis 10 perusahaan, dengan teknik purposive sampling diperoleh 5 perusahaan Group Bakrie. Dengan rancangan analisis regresi linier berganda. Hasil penelitian ini menunjukan bahwa 1) rasio keuangan dengan model Altman Z-score berpengaruh signifikan cukup dominan terhadap prediksi kondisi financial distress perusahaan sebesar 14.1% sisanya dipengaruhi faktor lain seperti kebijakan manajemen dan pengelolaan asset 2) arus kas operasi berpengaruh signifikan cukup dominan terhadap prediksi kondisi financial distress perusahaan sebesar 18.8%. sisanya dipengaruhi faktor lain seperti laba dan ketidakseimbangan modal.

This research was conducted at the Bakrie Group companies listed on the Stock Exchange. The phenomenon that occurs as the low Z-scores acquisition value obtained from the product of the ratio-financial ratio measured by the variables contained in the Z-score which indicates that the company Bakrie potentially experiencing financial distress. Acquisition and operating cash flow to sales is still low which resulted in the company experiencing conditions of great distress and potentially lead to bankruptcy. The purpose of the research to prove whether there is an effect of 1) financial ratios with Altman Z-score models and 2) the effect of operating cash flow to corporate financial distress prediction. Sources of financial statement data or secondary data, the type of descriptive research and verification analysis, explanatory survey research methods. Unit analysis of 10 companies, with purposive sampling technique Bakrie Group acquired 5 companies. With the design of multiple linear regression analysis. These results indicate that 1) the financial ratios with Altman Z-score model of significant effect is dominant against corporate financial distress prediction of 14.1% is influenced by other factors such as policy management and asset management 2) operating cash flow is dominant significant effect on the prediction of condition financial distress of the company amounted to 18.8%. the rest is influenced by other factors such as income and capital imbalances.