Analisis Keuangan dan Prediksi Kebangkrutan Akibat Pandemi Covid-19

Abstract

AbstrakTujuan penelitian ini untuk menilai beberapa faktor yang berpotensi dapat mengindikasikan kesulitan keuangan dan mengarah pada kebangkrutan. Penilaian dilihat dari kinerja keuangan pada setahun sebelum covid 19 dan setahun selama pandemi covid-19. Selain rasio keuangan, model Altman Z-Score digunakan untuk memprediksi kebangkrutan perusahaan. Penelitian ini dilakukan pada perusahaan yang bergerak di bidang jasa marketing untuk suku cadang kapal. Kinerja keuangan perusahaan dinilai berdasarkan rasio keuangan. Nilai ROA dan ROE PT KMB berada dalam kondisi tidak baik karena sangat rendah dibandingkan dengan standar industri. Rasio likuiditas yang diproksikan dengan current ratio dan cash ratio memperlihatkan penurunan current ratio, yang berarti perusahaan mengalami masalah likuiditas untuk melunasi utang jangka pendek. Rasio solvabilitas yang diproksikan dengan DAR dan DER menunjukkan bahwa laba ditahan perusahaan semakin mengecil akibat kerugian, sehingga ekuitas perusahaan merosot tajam. Rasio aktivitas yang diproksikan assets turnover dan fixed assets turnover menunjukkan bahwa terdapat penurunan atas perputaran aset dan aset tetap yang juga memberikan sinyal bahwa aktivitas penjualan melemah. Hasil penelitian menunjukkan bahwa kinerja keuangan perusahaan tidak dalam kondisi yang baik berdasarkan analisis rasio keuangan serta model Altman Z-Score.
Kata kunci: Financial Ratio Analysis, Financial Performance, Bankruptcy Prediction
Abstract
The purpose of this study was to assess several factors that could potentially indicate financial difficulties and lead to bankruptcy. The assessment is seen from financial performance in the year before covid 19 and a year during the covid-19 pandemic. In addition to financial ratios, the Altman Z-Score model is used to predict company bankruptcy. This research was conducted on companies engaged in marketing services for ship spare parts. The company's financial performance is assessed based on financial ratios. PT KMB's ROA and ROE values ​​are not in good condition because they are very low compared to industry standards. The liquidity ratio proxied by the current ratio and cash ratio shows a decrease in the current ratio, which means the company is experiencing liquidity problems to pay off short-term debt. The solvency ratio proxied by DAR and DER shows that the company's retained earnings are getting smaller due to losses, so the company's equity has fallen sharply. The activity ratio proxied by assets turnover and fixed asset turnover shows that there is a decrease in asset and fixed asset turnover which also signals that sales activity is weakening. The results showed that the company's financial performance was not in good condition based on the analysis of financial ratios and the Altman Z-Score model.
Keywords: Analisis Rasio Keuangan, Kinerja Keuangan, Prediksi Kebangkrutan