Kekuatan Rasio Keuangan dalam Memprediksi Kondisi Financial Distress Perusahaan Manufaktur di BEI

Abstract

Identifikasi kondisi financial distress merupakan hal yang lebih penting daripada kebangkrutan, karena perusahaan pasti akan mengalami kondisi financial distress terlebih dahulu kemudian bangkrut. Penelitan ini bertujuan untuk mendiskripsikan dan menganalisis pengaruh likuiditas (current ratio), profitabilitas (return on total assets dan profit margin on sales) dan leverage (current liabilities total asset) terhadap kondisi financial distress perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2007-2010. Metode analisis yang digunakan adalah regresi logit. Hasil penelitian menunjukan koefisien regresi variabel current ratio sebesar -0,006 dan memiliki nilai sig sebesar 0,793; koefisien regresi variabel return on total assets sebesar -6,803 dan memiliki nilai sig sebesar 0,024; koefisien regresi variabel profit margin on sales sebesar -0,488 dan  memiliki nilai signifikansi sebesar 0,459 serta koefisien regresi variabel current liabilities total assets sebesar -1,546 dan memiliki nilai sig sebesar 0,029, sehingga rasio  likuiditas (current ratio) dan rasio profitabilitas (profit margin on sales) tidak berpengaruh signifikan terhadap kondisi financial distress perusahaan meskipun bertanda negatif sedangkan rasio profitabilitas (return on total assets) dan rasio leverage (current liabilities total asset) berpengaruh negatif dan signifikan terhadap kondisi financial distress perusahaan


Identifying financial distress condition is more important than identifying bankruptcy, because firstly, company will get financial distress condition and after that it will go bankrupt. This study aims to describe and analyze the effect of current ratio, return on total assets, profit margin on sales and leverage (current liabilities total asset) to condition of financial distress in manufacturing company listed in stock exchange of Indonesia in the year 2007-2010. The method of this study is logit or logistic regression. The result of this study showed that regression coefficient of current ratio variable was -0,006 and the sig value was 0,793; regression coefficient return on total assets variable was -6,803 and the sig value was 0,024; regression coefficient profit margin on sales variable was -0,488 and  the sig value 0,459; furthermore, regression coefficient current liabilities total assets variable was  -1,546 and the sig value was 0,029, it means that current ratio and profit margin on sales did not significantly influence the condition of company financial distress  although it was showed negative sign. Meanwhile, return on total assets and leverage (current liabilities total asset) negatively and significantly affected to condition of company financial distress