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"Penelitian ini bertujuan untuk menganalisis BUMN non jasa keuangan untuk dapat mengantisipasi kebangkrutan dan mendapatkan hasil antara Altman Z Score dan KEP-100/MBU/2002. Penelitian ini menggunakan rasio-rasio keuangan dari tahun 2016-2018. Penelitian ini bersifat kuantitatif dengan menggunakan sumber data sekunder dari laporan internal perusahaan dan website resmi lainnya. Hasil yang didapatkan dengan metode Altman Z Score di tahun 2016 terdapat 4 BUMN yang diprediksi bangkrut, di tahun 2017 terdapat 7 BUMN yang di prediksi bangkrut, dan di tahun 2018 terdapat 6 BUMN yang diprediksi bangkrut. Adapun dengan metode KEP-100/MBU/2002 tidak ada perusahaan yang berada di kategori tidak sehat. Penelitian ini diharapkan berguna bagi para pengambil keputusan di BUMN untuk menghadapi tantangan dan meningkatkan performa perusahaan.

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Focus of this research is to analyze performance of nonfinancial sector state owned enterprises (SOE's) in Indonesia using Altman Z Score's bankruptcy prediction analysis and The Decree No. KEP-100/MBU/2002 issued by Ministry of Stated Owned Enterprises of Indonesia on June 2002 in order to find main factors that cause potential bankruptcy in the company and as a reference for company's performance improvement. This research is quantitative with the use of data from company's financial report from 2016-2018. The result based on Altman Z Score shows that in 2016 4 SOE's are predicted bankrupt, in 2017 7 SOE's are predicted bankrupt and in 2018 6 SOE's are predicted bankrupt. Whilst using KEP-100/MBU/2002 there is no SOE predicted bankrupt. This study could be used by SOE's decision makers to tackle the challenge and improve company's performance."

"Financial distress dapat dianggap sebagai peringatan dini masalah yang dapat menyebabkan kebangkrutan. Memprediksi kebangkrutan menjadi salah satu hal yang dapat dilakukan perusahaan untuk menemukan keadaan kesehatan keuangan perusahaan. Sebanyak 585 firm-year pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dijadikan sampel untuk penelitian ini di mana 113 di antaranya dikategorikan dalam kondisi financial distress. Model prediksi kebangkrutan dapat diperiksa untuk menilai situasi ekonomi perusahaan untuk tujuan lebih lanjut. Altman dan Ohlson adalah beberapa peneliti terkenal yang modelnya dirujuk untuk mengevaluasi kesehatan perusahaan.

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Financial distress can be regarded as an early warning of trouble that can lead to bankruptcy. Predicting bankruptcy becomes one thing that companies can do to discover the state of the company's financial health. A total of 585 firm-years of manufacturing companies that listed in Indonesia Stock Exchange are sampled for this research where 113 of them are categorized in financial distress state. Bankruptcy prediction models may be examined to assess a company's economic situation for further purposes. Altman and Ohlson are some of notable researchers to which their models are referred to evaluating the health of companies."

""ABSTRAK"The debtor must be insolvent rsquo; merupakan asas hukum kepailitan yang menekankan kepailitan hanya dapat dijatuhkan kepada debitur insolven. Tidak diaturnya asas tersebut secara tekstual dalam UUKPKPU nomor 37 tahun 2004 mendorong hakim untuk tidak mempertimbangkannya dalam membuat suatu putusan. Hal ini memberikan peluang dipailitkannya debitur yang solven. Secara khusus, permasalahan yang dibahas adalah ketaatan hakim terhadap asas tersebut dalam membuat putusan. Penelitian ini menggunakan metode penelitian normatif legal research dan perbandingan hukum comparative law . Adapun pengumpulan data dilakukan dengan studi dokumen dan wawancara. Data yang telah terkumpul dianalisis secara kualitatif. Analisis dilakukan dengan pendekatan hukum dan pendekatan ekonomi untuk mengukur kesehatan keuangan debitur dengan Altman Z-score sebagai model insolvency test. Berdasarkan hasil analisis terhadap 4 putusan pengadilan niaga, 2 putusan kepailitan tidak mempertimbangkan adanya asas ini, yaitu dengan dipailitkannya Telkomsel yang kondisi keuangannya masih solven serta tidak dipertimbangkannya status insolvensinya Garuda. Analisis ini menunjukkan adanya inkonsistensi dalam menerapkan asas the debtor must be insolvent dalam putusan hakim niaga. Inkonsistensi penerapan terjadi karena asas tersebut tidak dijadikan sebagai syarat pengajuan proses kepailitan dan PKPU dalam undang-undang. Selain itu, asas juga masih sulit diterapkan oleh hakim karena belum diaturnya instrumen insolvency test yang dapat digunakan untuk menilai kondisi keuangan debitur. Untuk itu, asas tersebut harus diformulasikan secara tekstual dalam undang-undang sebagai sebuah syarat pengajuan permohonan agar hakim lebih terikat terhadap asas tersebut untuk dipertimbangkan dalam membuat putusan. Perubahan ketentuan dalam undang-undang ini harus dilakukan agar tercipta keadilan yang seimbang bagi kreditur dan debitur. "

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""ABSTRACT" lsquo The debtor must be insolvent 39 is the principle of bankruptcy law that emphasizes bankruptcy is only able to be imposed to the insolvent debtor. The non regulation of the principle textually in UUKPKPU number 37 of 2004 encourages the judge not to consider it in making decision. This provides an opportunity for solvent debtor to be bankrupted. In particular, the issue discussed is the adherence of judges to the principle in making decisions. This method of research conducted was based on legal research and comparative law approach. Data were collected through the study of documents and conducting series of interviews, which were then qualitatively analyzed. The analysis was conducted by legal approach and economic approach to measure the financial health of the debtor with Altman Z score as the insolvency test instrument. Based on the analysis of four commercial court decisions, two bankruptcy decisions do not consider the existence of this principle that is with the bankrputcy status of Telkomsel with the solvent condition and not considered of Garuda insolvency status. This analysis shows the inconsistency in applying lsquo the debtor must be insolvent principle rsquo in the decision of commercial judges. The inconsistency of implementation occurs because the principle is not used as requirement for filing bankruptcy proceedings and moratorium in the law. In addition, the principle is also still difficult to apply by the judge because the insolvency test instrument that could be used to assess the financial condition of the debtor has not been regulated. For that reason, the principle should be formulated in a textual manner as a requirement for filing an application for judges to be more attached to the principle to be considered in making a decision. The changes to the provisions of this law should be taken to create fair equity for creditors and debtors."

"Akibat memburuknya kondisi perekonomian akibat kenaikan harga minyak mentah dunia, perusahaan dan bank-bank harus memikirkan cara untuk dapat mempertahankan kelangsungan hidup dari usahanya. Kondisi perekonomian seperti ini menyebabkan perusahaan dan bank-bank mengalami apa yang disebut dengan financial distress, yaitu berdasarkan definisi yang dikemukakan Stephen A. Ross dalam Buku Corporate Finance Sixth Edition; Financial distress is a situation where a firm's operating cash flows are not sufficient to satisfy current obligations (such as trade credits or interest expenses) and the firms is forced to take corrective action.Edward I. Altman telah mengembangkan suatu model yang dapat digunakan oleh Para analis keuangan untuk mengetahui kebangkrutan suatu perusahaan, yaitu Z-Score Model, yang diterapkan pada perusahaan manufaktur dan non manufaktur; perusahaan private dan perusahaan non manufaktur.Berdasarkan hasil pengujian terhadap Laporan Keuangan Bank-Bank yang telah dicabut ijin usahanya, didapatkan hasil test bahwa lebih dari 50% bank-bank tersebut tergolong bangkrut. Atas dasar hat tersebut, penulis berkesimpulan bahwa Z -Score Model Altman untuk perusahaan private dan manufaktur dapat diterapkan pada Laporan Keuangan Bank.Bank-bank yang telah tergolong bangkut tersebut oleh Bank Indonesia disebut sebagai bank bermasalah. Bank-bank ini mendapatkan pengawasan khusus dari Bank Indonesia dan diupayakari untuk dapat disehatkan kembali kondisinya, dengan berbagai cara seperti merger, akuisisi, mencari investor, dan lain-lain, selanjutnya apabila tidak bisa disehatkan kembali maka bank tersebut akan dilikuidasi.Z-Score Model yang dikembangkan oleh E.I. Altman ini masih perlu diteliti kembali khususnya untuk meramalkan kebangkrutan bank-bank, karena terdapat perbedaan yang mendasar dan kegiatan usaha perusahaan dengan perbankan. Di samping itu Z-Score Model dan Altman ini belum memasukkan unsur risiko, off balance sheet transactions dan prudential banking sesuai dengan ketentuan yang berlaku di perbankan.

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Because of the deterioration of economic conditions since the government increased fuel prices, many companies included banks have been in trouble in its financial condition. To maintain the sustainability of its business, every company must have a good solution in order to deal with this problem. This condition complies with the definition made by Stephen A. Ross in his book Corporate Finance Sixth Edition stating that Financial distress is a situation where a firm's operating cash flows are not sufficient to satisfy current obligations (such as trade credits or interest expenses) and the firms is forced to take corrective action.

Edward I. Altman had developed Z-Score Model to predict firm's bankruptcy. He made two models for different company, that were Z-Score Model for manufacturing and non manufacturing companies and Z-Score Model for private company and non manufacturing company.

The result of testing Z-Score Model to Financial Statement from liquidated banks is that, more than 50% of these banks are proven to be bankrupt banks. Based on this empirical result, I conclude that Z-Score Model from Altman is a good model to predict bank's bankruptcy.

This finding is appropriate with the measures taken by Bank Indonesia as a Central Bank that classified these banks as insolvent banks. These banks, then, received special treatment from Bank Indonesia. In order to make financial condition of these banks was sound, banks and Bank Indonesia must have such solutions as searching new investor, adding up capital, merger, acquisitions, takeovers, etc. Bank Indonesia gave opportunity to bank as follows; if a bank cannot be restored or fail after acquiring special treatment, banks will be closed by Bank Indonesia.

Z-Score Model from E.I. Altman must have developed again because these models are designed for manufacture and non manufacture and private company. If these models are used to banking, many thing likes risk, off balance sheet transactions and prudential banking should be accounted in order to create a suitable models for bank's bankruptcy."

"PT. AKR Corporindo Tbk adalah perusahaan terbuka yang bergerak di bidang distribution, logistic dan chemical trading di Indonesia. PT. AKR Corporindo Thk merupakan produsen terbesar di Asia Pasitik dan No. 2 di dunia dalam menyediakan bahan baku Sorbitol dan turunannya.Selama tahun 2002 sampai dengan 2005, baik revenue maupun net profit yang diperoleh PT. AKR. menunjukkan kenaikan kinerja dari tahun ke tahun akan tetapi peningkatan revenue dan net profit perusahaan tidak diikuti dengan peningkatan dari earning per share yang dihasilkan oleh perusahaan. Nilai EPS PT. AKA terus menurun dari tahun ke tahun sejak tahun 2003 yaitu sebesar Rp. 259/lembar saham, Rp. 248/1embar di tahun 2004 dan Rp. 191/embar saham di tahun 2005. Perolehan nilai EPS dihitung berdasarkan net profit tahun berjalan dibagi dengan jumlah rata-rata tertimbang saham biasa.Adapun misi yang dimiliki oleh PT AKR Corporindo yaitu berkomitnien untuk meningkatkan nilai stakeholder melalui pertumbuhan yang stabil dan pengoperasian bisnis yang excellent menjadi sejalan dengan apa yang dikatakan dalam ilmu corporate finance, dimana tujuan dan tugas manajemen dalam suatu perusahaan adalah meningkatkan kesejahteraan pemegang saham dengan cara meningkatkan nilai perusahaan.Tujuan dari karya akhir ini adalah untuk menganalisa kinerja PT. AKR dengan menggunakan metode EVA dan MVA serta memprediksi kebangkrutan perusahaan.

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PT. AKR Corporindo Tbk is a public company which operates in distribution, logistic and chemical trading in Indonesia. PT AKR Cot Corporindo Tbk is the largest supplier for Sorbitol and derivatives starch in Asia Pacific and No. 2 in the world.

Since 2002 until 2005, both performance of PT AKR 's revenue and net profit have been increasing front year to year, however the incremental has not been followed with the increasing of earning per share. In contrary, the EPS of PT AKR has been declining from year to year since 2003 which was Rp. 259/share, Rp. 248/share in 2004 and Rp. 191/share in 2005. The computation of EPS was based on the net income divided by the weighted average number of ordinary shares.

PT. AKR Corporindo's mission which is committed to building stakeholder value through sustainable growth and operational excellence is harmonized with the corporate finance discipline, where the purpose and duty of the management was to maximize the wealth of the stakeholder by increasing the value of the firm.

The purpose of this thesis is to analyze the management performance of PT AKR by utilizing the method of EVA and MVA as well as to predict the financial distress by applying the Altman 's Z-Score. Altman's Z-Score method is utilized in order to predict the company's condition to the possibility of bankruptcy (financial distress). EVA method is the tool to measure how much value has been created for the shareholders while the MVA method is to analyze the company's successful of the post invested capital and how success that investment in the glare from investors? of view.

The result showed that company's Z-Score has been declining -since 2002 to 2005 which was finally staved in grey area where the company has the possibility of experiencing the financial distress. Z-Score has been decreased due to the increasing of the short term debt for the working capital improvement.

The result of EVA showed the negative value in 2002-2003 but their increased positively in 2004-2005 which indicates that the management has succeeded to create the value.

In the contrary, the negative EVA in 2007-7005 indicates that the company's invested capital was higher compare to the market value of company's equity. Nevertheless, the MVA has shown that the trend will positively growth and therefore indicates that investor' trust has been raised towards the ability of PT. AKR to create the added value of the investment."

"ABSTRAKKarya akhir ini membahas mengenai 4 model prediksi kebangkrutan yang popular saat ini, dua model berdasarkan data akuntansi yaitu Altman Z scores (1968) dan Ohlson O scores (1980) dan dua model berdasarkan data pasar yaitu Merton model (1974) dan KMV model (1995). Penulis melakukan penelitian terhadap 4 model prediksi kebangkrutan pada 23 perusahaan bangkrut dan 40 perusahaan tidak bangkrut di Indonesia pada kurun waktu 2001-2011. Dari hasiltersebut kami menemukan bahwa KMV model mengungguli model-model yang lainnya dalam hal validasi model, dengan nilai akurasi tertinggi.

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ABSTRACTThis paper asses about 4 popular bankruptcy model, two was accounting based models Altman Z scores (1968) and Ohlson O scores (1980) and two was market based models Merton model (1974) and KMV model (1995). We measure this 4 bankruptcy model bya applied this model into 23 bankruptcy company and 40 non bankruptcy company in Indonesia from 2001-2011. From the result we find that KMV model has relative more explanatory power than other model, with the best accuracy ratio than others models."

"ABSTRAKThe economy of Indonesia has rapidly grown since its first economicturmoil in 1997/1998. The annual growth rate of the GDP exceeded 6% in the lastfour years despite the global economies slow down due to the consequences of‘bubble’ subprime mortgage that ruined most of the world’s financial institutions.The growth significantly energizes the local economic activities either in theindustrial market or in the capital market.In spite of the ‘bull’ market, the risk of financial distress remains alive andthe economic direction might change because of the volatility of businessenvironment. There is no firm protected or immune from financial adversity thatmay result in failure, insolvency, default or bankruptcy. Plummeting stock price,reduced dividend payment, consecutive net loss, massive lay-offs, pendingobligations and a fair number of other negative signs are common association withfinancial distress.Widely recognized, financial distress prediction models may be examinedto assess a firm’s economic situation for further purposes. Altman, Ohlson,Zmijewsky, Fulmer, and Springate are some of notable researchers to which theirmodels are referred to evaluating the soundness of a firm. However, each markethas its own financial distress environment that in consequence any financialdistress prediction model requires an evaluation whether or not the modeladequately fits to a certain market, in particular Indonesia for this case. Theimportance of predictors and accuracy will minimize producing misleading resultsfrom the economic forecast.The results of this testing against the first hypothesis showed that none ofthe adjusted models included all the variables of the base model, respectively.There were some variables with insufficient explanatory power to predict thecessation of activities of the tested firms. The second hypothesis argued that theadjusted models were less capable than those developed originally in terms ofaccuracy.

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ABSTRACTThe economy of Indonesia has rapidly grown since its first economicturmoil in 1997/1998. The annual growth rate of the GDP exceeded 6% in the lastfour years despite the global economies slow down due to the consequences of‘bubble’ subprime mortgage that ruined most of the world’s financial institutions.The growth significantly energizes the local economic activities either in theindustrial market or in the capital market.In spite of the ‘bull’ market, the risk of financial distress remains alive andthe economic direction might change because of the volatility of businessenvironment. There is no firm protected or immune from financial adversity thatmay result in failure, insolvency, default or bankruptcy. Plummeting stock price,reduced dividend payment, consecutive net loss, massive lay-offs, pendingobligations and a fair number of other negative signs are common association withfinancial distress.Widely recognized, financial distress prediction models may be examinedto assess a firm’s economic situation for further purposes. Altman, Ohlson,Zmijewsky, Fulmer, and Springate are some of notable researchers to which theirmodels are referred to evaluating the soundness of a firm. However, each markethas its own financial distress environment that in consequence any financialdistress prediction model requires an evaluation whether or not the modeladequately fits to a certain market, in particular Indonesia for this case. Theimportance of predictors and accuracy will minimize producing misleading resultsfrom the economic forecast.The results of this testing against the first hypothesis showed that none ofthe adjusted models included all the variables of the base model, respectively.There were some variables with insufficient explanatory power to predict thecessation of activities of the tested firms. The second hypothesis argued that theadjusted models were less capable than those developed originally in terms ofaccuracy."

"ABSTRAKRasio keuangan sebagai hasil pengolahan data laporan keuangan dapatdigunakan sebagai alat untuk memprediksi terjadinya kepailitan perusahaan jikadikombinasikan dengan metode prediksi yang tepat. Hasil prediksi ini bukanhanya dapat digunakan bagi manajemen perusahaan, namun pihak-pihak lain pundapat menggunakannya sebagai sarana untuk membantu pengambilan keputusan,misalnya keputusan investasi bagi investor, maupun keputusan berkenaan denganpembinaan perusahaan bagi regulator. Penelitian ini bertujuan untuk mendeteksirasio keuangan yang berfungsi sebagai prediktor kepailitan suatu perusahaan,khususnya industri perusahaan pembiayaan. Selain itu, penelitian ini berusahamenentukan model prediksi yang dapat digunakan regulator perusahaanpembiayaan untuk meningkatkan fungsi pembinaan dan pengawasan terhadapindustri tersebut.

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ABSTRACTFinancial ratios from financial statement combined with the appropriate predictionmethod can be used as a tool to predict the occurence of bankruptcy. Bankruptcyprediction is not only usefull for company’s management, but also for otherstakeholders, such as in decision making investment for investor, or guidanceindustry’s regulator. The purpose of this research, is to determine ratios that canpredict the occurance of a company’s bankruptcy, particularly in the financecompanies industry. In addition, this study also aim to determine the predictionmodel that is appropriate to be apllied by the regulator of finance companiesindustry in Indonesia."

"Asas keadaan diam mengatur bahwa sejak dinyatakan pailit oleh pengadilan, harta pailit debitur akan dalam keadaan diam di bawah sita umum kurator, yang kemudian harta tersebut akan dikelola dan diurus oleh kurator hingga proses kepailitan berakhir. Sita umum terhadap harta pailit debitur menyebabkan tidak ada satupun pihak yang diperbolehkan untuk mengalihkan maupun mengeksekusi harta pailit tersebut, baik debitur, kreditur, maupun pihak ketiga. Meskipun demikian, penerapan asas keadaan diam sendiri masih belum diatur secara komprehensif dalam Undang-Undang Nomor 37 Tahun 2004, sehingga masih menimbulkan banyak kekeliruan dalam penerapannya. Salah satunya adalah terkait dengan penerapan asas keadaan diam terhadap kreditur pemegang jaminan hak kebendaan atau terhadap kreditur separatis. Mengacu pada hukum keperdataan, kreditur separatis seharusnya memiliki hak didahulukan untuk melakukan eksekusi sendiri. Sedangkan dalam Undang-Undang Nomor 37 Tahun 2004 hak tersebut harus ditangguhkan terlebih dahulu selama harta pailit dalam keadaan diam atau yang disebut juga sebagai masa stay, yang mana hal ini diatur dalam Pasal 56 ayat (1) Undang-Undang Nomor 37 Tahun 2004. Penelitian ini akan membahas mengenai kesalahan majelis hakim dalam menerapkan asas keadaan diam perkara Putusan Nomor 494 K/Pdt.Sus-Pailit/2013 serta membahas mengenai akibat hukumnya terhadap kreditur pemegang jaminan hak kebendaan atau kreditur separatis. Metode penelitian yang digunakan dalam penelitian ini adalah menggunakan metode penelitian yuridis normatif dengan menganalisis bagaimana majelis hakim menerapkan asas keadaan diam serta penerapan dan akibat hukumnya berdasarkan Putusan Nomor 494 K/Pdt.Sus-Pailit/2013. Dalam analisis yang dilakukan ditemukan bahwa majelis hakim dalam kasus pada Putusan Nomor 494 K/Pdt.Sus-Pailit/2013 telah salah menerapkan hukum dengan mengesampingkan ketentuan periode keadaan diam yang diatur dalam Pasal 56 ayat (1) Undang-Undang Nomor 37 Tahun 2004.

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The principle of stay (automatic stay) provides that from the moment it is declared bankrupt by the court, the debtor's insolvent property will be in a state of stay under the general confiscation of the curator, which property will then be managed and taken care of by the curator until the insolvency proceedings end. The general confiscation of the debtor's insolvent property causes no party to be allowed to transfer or execute the bankruptcy property, whether the debtor, creditor, or third party. However, the application of the principle of stay itself is still not comprehensively regulated in Law Number 37 of 2004, so it still causes many errors in its application. One of them is related to the application of the principle of stay to creditors holding guarantees of treasury rights or to separatist creditors. Referring to civil law, separatist creditors should have the right of precedence to carry out their own executions. Meanwhile, in Law Number 37 of 2004, this right must be suspended first as long as the bankruptcy property is in a state of stay, also known as the stay period, which is regulated in Article 56 paragraph (1) of Law Number 37 of 2004. This study will examine the panel of judges' error in applying the principle of stay in the case of Decision No. 494 K / Pdt.Sus-Pailit / 2013 and the legal consequences for creditors holding treasury rights guarantees or separatist creditors. The research method used in this study is to use normative juridical research methods by analyzing how the panel of judges applies the principle of stay and its application and legal consequences based on Decision Number 494 K / Pdt.Sus-Pailit/ 2013. In the analysis, it was found that the judges in the case of Decision No. 494 K/Pdt.Sus-Pailit/2013 had misapplied the law by setting aside the provisions of the period of stay regulated in Article 56 paragraph (1) of Law Number 37 of 2004."