Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress pada Perusahaan Perkebunan Kelapa Sawit yang Terdaftar di Bursa Efek Indonesia Periode 2010-2018

Abstract

The decline of crude palm oil commodity prices and world demand in 2014 to 2016 lead to decline the capability of plantation companies performance. This is apparent from the declining sales capacity, increase of operating expenses, and inventory expenses and the impact is declining financial performance such as net profit. If this is allowed continuously then the consequences is the plantation sub sector companies possibly can get into the financial distress condition. This research aims to predict the level of financial distress condition and to know the relationship significance using Return On Asset (ROA), Return On Equity (ROE), Current ratio (CR), Debt to Asset Ratio (DAR), Current Liabilities to Assets Ratio (CLAR) and Debt to Equity Ratio (DER). The research population was plantation sub sector companies listed in Indonesia Stock Exchange. Researcher using purposive sampling in order to obtain a sample of 10 companies. This research uses secondary data from annual financial report of plantation sub sector companies in Indonesia Stock Exchange. Data were tested using logistic regression to explain the influence between these variables. The results of this research indicate that the Return On Equity (ROE), Current ratio (CR), Debt to Asset Ratio (DAR), and Debt to Equity Ratio (DER) did not significantly influence financial distress while Return On Asset (ROA), Current Liabilities to Assets Ratio (CLAR) significantly influence financial distress.

Penurunan harga dan permintaan dunia terhadap komoditas minyak sawit mentah pada tahun 2014-2016 menyebabkan kemampuan kinerja perusahaan sub sektor perkebunan kelapa sawit menurun. Hal ini terlihat dari menurunnya kapasitas penjualan, bertambahnya beban operasional, dan meningkatnya beban persediaan yang berdampak pada menurunnya kinerja keuangan perusahaan yaitu laba bersih perusahaan. Jika hal ini dibiarkan terus menerus maka konsekuensinya perusahaan sub sektor perkebunan kelapa sawit dapat mengalami kondisi financial distress. Penelitian ini bertujuan untuk memprediksi tingkat kondisi financial distress, mengetahui hubungan signifikansi dengan menggunakan variabel Return On Asset (ROA), Return On Equity (ROE), Current ratio (CR), Debt to Asset Ratio (DAR), Current Liabilities to Assets Ratio (CLAR) dan Debt to Equity Ratio (DER). Populasi dari penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Peneliti menggunakan purposive sampling sehingga diperoleh sampel sebesar 10 perusahaan. Penelitian ini menggunakan data sekunder berupa laporan keuangan tahunan perusahaan sub sektor perkebunan kelapa sawit di BEI. Data diuji dengan menggunakan regresi logistic dalam menjelaskan pengaruh antar variabel tersebut. Hasil penelitian menunjukkan bahwa variabel Return On Equity (ROE), Current ratio (CR), Debt to Asset Ratio (DAR), dan Debt to Equity Ratio (DER) tidak berpengaruh signifikan terhadap financial distress sedangkan Return On Asset (ROA), Current Liabilities to Assets Ratio (CLAR) berpengaruh signifikan terhadap kondisi financial distress.