ANALISIS POTENSI KEBANGKRUTAN PADA PERUSAHAAN TRANSPORTASI DI INDONESIA MENGGUNAKAN MODEL ALTMAN Z-SCORE MODIFIKASI, SPRINGATE DAN ZMIJEWSKI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2014-2019

This study aims to determine the condition of companies in the transportation industry which are listed on the Indonesia Stock Exchange in 2014-2019. The potential prediction models used in this study are the Altman Z-score, Springate and Zmijewski. In addition, this study also aims to determine which variables affect the bankruptcy prediction results of the three prediction models used. Data collection techniques in research are documentation / archive techniques published by the company on the IDX (Indonesia Stock Exchange). The data used is secondary data from the sample companies' financial statements. The sampling technique used purposive sampling, there were 22 companies that met the sampling criteria. The statistical analysis used is logistic regression, in which the independent variable is a variable from each bankruptcy prediction model, the dependent variable is a dummy variable, where 0 is for companies that have the potential to go bankrupt and 1 for companies that are healthy or not bankrupt. The results showed that based on the modified Altman Z-Score there were 65 companies in the potentially bankrupt category and 39 companies in the healthy category. The variables that influence the outcome of the Altman Z-Score bankruptcy are retained earnings to total assets and market value of equity to book value of debt. Meanwhile, net working capital to total assets and earnings before interest and tax to total assets have no effect on the outcome of bankruptcy. With the Springate model, there were 115 companies in the potentially bankrupt category and 17 companies in the healthy category. The variables of net working capital to total assets, net profit before tax to current liabilities and sales to total assets affect the prediction results of bankruptcy. Zmijewski's model shows 111 companies in the healthy category and 21 companies in the bankrupt category. Return on assets and debt to asset ratio variables affect the prediction results of bankruptcy. Meanwhile, the current ratio has no effect on the results of bankruptcy predictions.