ANALISIS KEBANGKRUTAN PERUSAHAAN DENGAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN MANUFAKTUR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI

This study aims to determine whether food and beverage manufacturing companies listed on the Indonesia Stock Exchange have the potential to experience bankruptcy based on the Altman Z-Score model. The population in this study are manufacturing companies in the food and beverage sector listed on the Indonesia Stock Exchange in 2016-2020. The sampling technique used purposive sampling method. Based on the criteria that have been determined and reduced by outliers, the data obtained are 114 samples. The results of this study indicate that: (1) Z-Score results in food and beverage companies in 2016 were occupied by PT Delta Djakarta Tbk with the highest first rank with healthy conditions, while the last and lowest ranked food and beverage companies on the IDX were PT. Tri Banyan Tirta Tbk is in bankruptcy. The results of the Z-Score value for food and beverage companies in 2017 were occupied by PT Sekar Laut Tbk, the first highest ranking with a healthy condition, while the last and lowest ranking food and beverage companies on the IDX was PT Bumi Teknokultura Unggul Tbk in a bankrupt condition. The results of the ZScore of food and beverage companies in 2018 were occupied by PT Campina Ice Cream Industry Tbk, the first highest ranking with a healthy condition, while the last and lowest ranking food and beverage companies on the IDX was PT Tiga Pilar Sejahtera Food Tbk in a bankrupt condition. The results of the Z-Score value for food and beverage companies in 2019 were occupied by PT Campina Ice Cream Industry Tbk, the first highest ranking with a healthy condition, while the last and lowest ranking for food and beverage companies on the IDX was PT Pratama Abadi Nusa Industri Tbk with a bankrupt condition. The results of the Z-Score for food and beverage companies in 2020 were occupied by PT Sekar Laut Tbk, the first highest ranking with a healthy condition, while the last and lowest ranking food and beverage companies on the IDX was PT Tri Banyan Tirta Tbk with a bankrupt condition. (2) The results of this study are not in accordance with the actual reality which shows that the Altman method cannot be used as a tool to indicate a liquidation tendency