abstract - Repository Maranatha

ABSTRACT
The main purpose of this research is to compare two different methods of bankcrupty
prediction which applied at PT Bumi Resources Tbk. The company was chosen
because it could stand against global economic crisis in 2008. The first method is
Altman Z-score which is the most common method to predict banckruptcy. The
second is Ohlson method which is seldom or even never used to predict bankruptcy.
In this case, these methods used to assess the investment at PT Bumi Resources Tbk.
and help investors decided whether investment should be made or not. The prediction
result is the company will not bankrupt. So, investment should be made by investors.
Keywords: Global economic crisis, Altman Z-score method, Ohlson method.
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ABSTRAK
Krisis global tahun 2008 telah meyebabkan banyak perusahaan bangkrut, sehingga
iklim investasi Indonesia melemah. Investor mulai bermain aman agar tidak
mengalami kerugian. PT Bumi Resources Tbk. merupakan salah satu perusahaan
tambang batu bara yang terkena dampak krisis global tahun 2008. Sebagai salah satu
perusahaan yang masih bertahan, maka investasi pada PT Bumi Resources Tbk.
harus dipikirkan secara matang. Untuk menentukan kelayakan investasi dapat
digunakan metode prediksi kebangkrutan. Metode Altman Z-score adalah metode
yang paling umum digunakan, sedangkan metode Ohlson masih asing bagi investor.
Penggunaan kedua metode ditujukan untuk menguatkan hasil analisis. Analisis
dengan kedua metode memberikan hasil bahwa investasi pada PT Bumi Resources
Tbk. layak dilakukan.
Kata-kata kunci: Krisis global, Metode Altman Z-score, Metode Ohlson.
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DAFTAR ISI
HALAMA JUDUL ....................................................................................... i
HALAMA PEGESAHA.......................................................................... ii
PERYATAA ORISIALITAS LAPORA PEELITIA ..................... iii
PERYATAA PUBLIKASI LAPORA PEELITIA............................ iv
KATA PEGATAR ..................................................................................... v
ABSTRACT..................................................................................................... vii
ABSTRAK ....................................................................................................... viii
DAFTAR ISI ................................................................................................... ix
DAFTAR GAMBAR ....................................................................................... xii
DAFTAR TABEL ........................................................................................... xiii
DAFTAR LAMPIRA ................................................................................... xv
BAB I PEDAHULUA
1.1 Latar Belakang................................................................................. 1
1.2 Identifikasi Masalah......................................................................... 5
1.3 Maksud dan Tujuan Penelitian ......................................................... 6
1.4 Kegunaan Penelitian ........................................................................ 6
BAB II KAJIA PUSTAKA DA KERAGKA PEMIKIRA
2.1 Laporan Keuangan ........................................................................... 8
2.1.1 Definisi Laporan Keuangan ........................................................ 8
2.1.2 Kegunaan Laporan Keuangan .................................................... 8
2.1.3 Sifat Laporan Keuangan ............................................................. 9
2.1.4 Bentuk-bentuk Laporan Keuangan ............................................. 10
2.1.5 Pengguna Laporan Keuangan ..................................................... 14
2.1.6 Keterbatasan Laporan Keuangan ................................................ 16
2.2 Analisa Laporan Keuangan .............................................................. 17
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2.2.1
Definisi Analisa Laporan Keuangan ........................................... 17
2.2.2
Kegunaan Analisa Laporan Keuangan ........................................ 18
2.2.3
Metode Pembanding Analisa Laporan Keuangan ....................... 19
2.2.4
Jenis Rasio Keuangan ................................................................ 20
2.3 Kebangkrutan .................................................................................. 21
2.3.1
Definisi Kebangkrutan ............................................................... 21
2.3.2
Jenis Kebangkrutan .................................................................... 21
2.3.3
Penyebab Kebangkrutan ............................................................. 22
2.4 Prediksi Kebangkrutan ..................................................................... 25
2.4.1
Manfaat Prediksi Kebangkrutan ................................................. 25
2.4.2
Metode Altman Z-score ............................................................. 26
2.4.3
Keterangan Variabel Altman Z-score ......................................... 30
2.4.4
Metode Ohlson........................................................................... 32
2.4.5
Penjelasan Variabel Metode Ohlson ........................................... 34
2.4.6
Alternatif Perbaikan Kesulitan Keuangan ................................... 37
2.5 Investasi........................................................................................... 38
2.5.1
Definisi Investasi ....................................................................... 38
2.5.2
Kategori Investasi ...................................................................... 38
2.5.3
Tipe-tipe Investasi Keuangan ..................................................... 38
2.5.4
Proses Investasi .......................................................................... 39
2.5.5
Strategi Investasi ........................................................................ 41
2.6 Kerangka Pemikiran ........................................................................ 43
BAB III METODE PEELITIA
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3.1 Objek Penelitian .............................................................................. 45
3.1.1 Visi Perusahaan.......................................................................... 45
3.1.2 Misi Perusahaan ......................................................................... 45
3.1.3 Filosofi Perusahaan .................................................................... 45
3.1.4 Sejarah Singkat Perusahaan ........................................................ 46
3.1.5 Kepemilikan Saham Perusahaan................................................. 47
3.2 Jenis Penelitian ................................................................................ 48
3.3 Definisi Operasional Variabel .......................................................... 49
3.4 Teknik Pengumpulan Data ............................................................... 52
3.5 Analisis Data ................................................................................... 52
BAB IV HASIL PEELITIA DA PEMBAHASA
4.1 Analisis Metode Altman Z-score ..................................................... 54
4.2 Analisis Metode Ohlson ................................................................... 63
4.3 Perbandingan Metode Altman Z-score dan Metode Ohlson.............. 73
4.4 Analisis Kelayakan Investasi PT Bumi Resources Tbk ..................... 76
BAB V SIMPULA DA SARA
5.1 Simpulan ......................................................................................... 78
5.2 Saran ............................................................................................... 79
DAFTAR PUSTAKA ...................................................................................... 80
LAMPIRA .................................................................................................... 83
DAFTAR RIWAYAT HIDUP PEULIS (CURRICULUM VITAE)............. 99
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DAFTAR GAMBAR
Halaman
Gambar 2.1
Jenis Rasio Keuangan ............................................................ 20
Gambar 2.2
Kerangka Pemikiran .............................................................. 44
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DAFTAR TABEL
Halaman
Tabel 2.1
Kriteria Interpretasi Altman Z-Score (1968) ........................... 28
Tabel 2.2
Kriteria Interpretasi Altman Z-Score (1983) ........................... 29
Tabel 2.3
Kriteria Hasil Perhitungan Model Ohlson............................... 34
Tabel 3.1
Sejarah Singkat PT Bumi Resources Tbk ............................... 46
Tabel 3.2
Kepemilikan Saham PT Bumi Resources Tbk ........................ 48
Tabel 3.3
Definisi Opersional Variabel Independen Altman Z-score ..... 49
Tabel 3.4
Definisi Opersional Variabel Dependen Altman Z-score ........ 49
Tabel 3.5
Definisi Operasional Variabel Independen Metode Ohlson .... 50
Tabel 3.6
Definisi Operasional Variabel Dependen Metode Ohlson ....... 50
Tabel 3.7
Kriteria Interpretasi Altman Z-Score (1983) ........................... 53
Tabel 3.8
Kriteria Hasil Perhitungan Model Ohlson............................... 53
Tabel 4.1
Kriteria Interpretasi Altman Z-Score (1983) ........................... 55
Tabel 4.2
Perhitungan Variabel Metode Altman Z-score ....................... 56
Tabel 4.3
Perhitungan Z-score PT Bumi Resources Tbk ........................ 57
Tabel 4.4
Kriteria Interpretasi Z-score PT Bumi Resources Tbk ............ 57
Tabel 4.5
Persentase Perubahan Z-score PT Bumi Resources Tbk ......... 57
Tabel 4.6
Kriteria Hasil Perhitungan Model Ohlson............................... 64
Tabel 4.7
Perhitungan Variabel Metode Ohlson..................................... 65
Tabel 4.8
Perhitungan Nilai P Metode Ohlson ....................................... 66
Tabel 4.9
Kriteria Interpretasi Nilai P Metode Ohlson ........................... 66
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Tabel 4.10
Persentase Perubahan Nilai P ................................................. 66
Tabel 4.11
Perbandingan Hasil Altman Z-score dan Ohlson .................... 73
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DAFTAR LAMPIRA
Halaman
Lampiran
Laporan Keuangan PT Bumi Resources Tbk .............................. 83
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