ANALISIS TINGKAT FINANCIAL DISTRESS DENGAN MODEL ALTMAN Z-SCORE DAN PENGARUHNYA TERHADAP HARGA SAHAM
Abstract
Financial distress merupakan penurunan kondisi keuangan yang terjadi menjelang kebangkrutan ataupun likuidasi. Investor tentu tidak menghendaki berinvestasi pada perusahaan yang mengalami financial distress. Investor pada perusahaan yang mengalami financial distress cenderung memilih untuk menjual sahamnya. Penelitian ini dimaksudkan untuk menganalisis tingkat financial distress dengan model altman Z-score dan menguji pengaruhnya terhadap harga saham. Penelitian dilakukan pada perusahaan asuransi di Bursa Efek Indonesia selama periode 2015-2019 yang berjumlah 11 perusahaan. Sampel ditentukan dengan teknik purposive sampling. Model Altman Z-score digunakan untuk menentukan tingkat financial distress. Pengaruh tingkat financial distress terhadap harga saham diuji dengan menggunakan teknik analisis regresi linier sederhana. Dengan model Altman Z-score dapat diidentifikasi tingkat financial distress yang dialami perusahaan asuransi sepanjang tahun 2015-2019, yaitu 6 perusahaan tetap berada pada safe zone, 4 perusahaan pernah berada pada grey zone dan 1 perusahaan pernah berada pada distress zone. Hasil analisis regresi linier sederhana menunjukkan bahwa tingkat financial distress berpengaruh negatif dan signifikan terhadap harga saham. Kepada investor disarankan untuk melakukan analisis financial distress dalam pengambilan keputusan investasi.
Financial distress is a decline in financial conditions that occurs before bankruptcy or liquidation. Investors certainly do not want to invest in companies experiencing financial distress. Investors in companies experiencing financial distress tend to choose to sell their shares. This study is intended to analyze the level of financial distress with the Altman Z-score model and examine its effect on stock prices. The study was conducted on insurance companies on the Indonesia Stock Exchange during the 2015-2019 period, amounting to 11 companies. The sample was determined by purposive sampling technique. Altman Z-score model is used to determine the level of financial distress. The effect of the level of financial distress on stock prices was tested using a simple linear regression analysis technique. With the Altman Z-score model, it can be identified the level of financial distress experienced by insurance companies during 2015-2019, namely 6 companies remain in the safe zone, 4 companies have been in the gray zone and 1 company has been in the distress zone. The results of simple linear regression analysis show that the level of financial distress has a negative and significant effect on stock prices. Investors are advised to conduct financial distress analysis in making investment decisions.
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References
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