Springate S-score Model untuk Memprediksi Financial Distress Perusahaan (Studi pada Perusahaan Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia Periode 2006-2015)

摘要

The study aims to examine financial distress condition in nine textile and garment companies listed in Indonesian Stock Exchange (IDX) period 2006-2015 by using Springate S-Score Model. The data source was secondary data in the form of balance sheets and income statements. Springate S-Score Model is a quantitative method which has used by Aghajani (2012), Ghodrati (2012), Ben (2015), and Widenda (2016), along with the prominent one, Altman Z-Score model. The model combines four types of ratio, which are working capital to total assets (A), EBIT to total assets (B), EBT to total current liabillities (C), and sales to total assets (D). The companies would be in safe zone, if the Z > 0,862; contrary it would be suffer from financial distress if the Z < 0,862. The result showed that there were six of nine companies which were always in financial distress zone for the entire ten years. One company was safe from financial distress in 2011, while other company was in safe zone in 2011 and 2015. Only one company that was safe from financial distress during 2006,2007 and 2011-2014.