ANALISIS RASIO KEUANGAN TERHADAP KONDISI FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2015

Abstract

Penelitian ini bertujuan untuk mengetahui: (1) pengaruh rasio EBITTA terhadap financial distress perusahaan manufaktur pada periode satu dan dua tahun sebelum financial distress; (2) pengaruh rasio CFOTA terhadap financial distress perusahaan manufaktur pada periode satu dan dua tahun sebelum financial distress; (3) pengaruh rasio ROA terhadap financial distress perusahaan manufaktur pada periode satu dan dua tahun sebelum financial distress; dan (4) pengaruh rasio EBITTA, CFOTA, dan ROA secara simultan terhadap financial distress perusahaan manufaktur pada periode satu dan dua tahun sebelum financial distress. Penelitian ini menggunakan metode purposive sampling yaitu dari 59 perusahaan di sektor manufaktur sebagai populasi diambil masing-masing 20 perusahaan yang mengalami earnings per share positif dan negatif 2 tahun berturut-turut (total 40 sampel perusahaan). Variabel bebas penelitian adalah EBITTA (X1), CFOTA (X2), dan ROA (X3) dan variabel terikatnya financial distress (Y). Data yang dikumpulkan dengan metode dokumentasi laporan dari web resmi Bursa Efek Indonesia (BEI) (www.idx.co.id). Teknik analisis yang digunakan adalah analisis regresi logistik. Hasil penelitian menunjukkan bahwa: (1) terdapat pengaruh negatif secara signifikan EBITTA terhadap probabilitas financial distress perusahaan (sig. (0,009) <α (0,05)); (2) terdapat pengaruh negatif secara signifikan CFOTA terhadap probabilitas financial distress perusahaan (sig. (0,020) <α (0,05); (3) terdapat pengaruh negatif secara signifikan ROA terhadap probabilitas financial distress perusahaan (sig. (0,016) <α (0,05)); dan (4) terdapat pengaruh simultan variabel EBITTA, CFOTA, dan ROA terhadap financial distress (sig. Chi-Square (0,000) < α (0,05). Kemampuan variabel EBITTA, CFOTA, dan ROA secara simultan dalam menjelaskan variabel financial distress adalah sebesar 86,8%.
Kata Kunci : EBITTA, CFOTA, ROA, Financial Distress

This study aimed at knowing: (1) the effect of EBITTA ratio on the financial distress in manufacturing companies in the period of one and two years before the financial distress; (2) The effect of CFOTA ratio on the financial distress in manufacturing companies in the period of one and two years before the financial distress; (3) the effect of ROA ratio on the financial distress in manufacturing companies in the period of one and two years before the financial distress; and (4) the simultaneous effect of the EBITTA CFOTA, and ROA ratio on the financial distress in manufacturing companies in the period of one and two years before the financial distress. This research used purposive sampling of 59 companies in the manufacturing sector, and as the population it was taken 20 companies that have earnings per share positive and negative 2 years consecutively (a total of 40 sample companies). The independent variables were EBITTA (X1), CFOTA (X2), and ROA (X3) and the dependent variable was financial distress (Y). Data were collected by the method of reporting documentation from the official website of Indonesia Stock Exchange (www.idx.co.id). The analysis technique used was logistic regression analysis. The result showed that: (1) there was a significant negative effect of EBITTA on the probability of financial distress in the companies (sig. (0.009) <α (0.05)); (2) there was a significant negative effect of CFOTA on the probability of financial distress in the companies (sig. (0,020) <α (0.05); (3) there was a significant negative effect of ROA on the probability of financial distress in the companies (sig. (0.016) <α (0.05)); and (4) there was a simultaneous effect of EBITTA, CFOTA, and ROA variables on financial distress (sig. Chi-Square (0,000) <α (0.05). The ability of variable EBITTA, CFOTA, and ROA simultaneously explained the variable of financial distress as much as 86.8%.
keyword : EBITTA, CFOTA, ROA, Financial Distress