##plugins.themes.bootstrap3.article.main##

Nurlela
Laily Purnama Sari

Abstract

Financial distress is a situation where companies are experiencing financial difficulties that can lead companies to go failed. Springate and Zmijewski models are models that can be used to assess the financial distress in a company. Problems in this research lies in the object of research where PT. Smartfren Telecom, Tbk and PT. Bakrie Telecom, Tbk is a telecommunication company that uses CDMA network. This company suffered losses since 2011 but still able to stand up to now. The purpose of this study to determine financial distress at PT. Smartfren Telecom, Tbk and PT. Bakrie Telecom, Tbk using Springate and Zmijewski models for 6 periods starting from 2011-2016. The type of research data is secondary data that is financial statements of PT. Smartfren and PT. Bakrie Telecom, Tbk. Data collection method is literature study. The method of research analysis is quantitative descriptive method.Based on the results of research by using Springate model, it can be concluded that PT. Smartfren Telecom, Tbk and PT. Bakrie Telecom, Tbk experienced financial distress from 2011-2016. Financial distress caused the company suffered losses from 2011 to 2016. While using the model Zmijewski, PT. Smartfren Telecom, Tbk. experiencing financial distress in 2012 and 2015. While PT. Bakrie Telecom, Tbk. experienced financial distress in 2011. This condition is due to higher operational and non-operating expenses than on sales (overload). The Company has difficulty in controlling operating expenses. In addition, working capital is negative. This is because current assets are lower than current liabilities.

##plugins.themes.bootstrap3.article.details##

References
[1] Badan Pusat Statistik, 2016, Laporan Perkonomian Indonesia Tahun 2016, No. 07330.1610 dari situs www.bps.go.id
[2] Fachrudin, Khaira Amalia. 2008. Kesulitan Keuanan Perusahaan dan Personal. Medan: USU Press
[3] Hermanto, Bambang dan Agung, Mulyo. 2012. Analisis Laporan Keuangan. Cetakan Pertama. Jakarta : Lentera Ilmu Cendekia.
[4] Hery. 2012. Analisis Laporan Keuangan. Jakarta : Bumi Aksara.
[5] Kasmir. 2016. Analisis Laporan Keuangan. Edisi Pertama. Cetakan Sembilan. Jakarta : Rajawali Pers.
[6] Kokyung dan Khairani, Siti, 2013, Analisis Penggunaan Altman Z – Score dan Springate untuk Mengetahui Potensi Kebangkrutan pada PT. Bakrie Telkom,Tbk. STIE MDP. Jurusan Akuntansi .
[7] Laporan Keuangan dan Profil Perusahaan PT. Smartfren Telecom, Tbk. dan PT.
Bakrie Telecom, Tbk. dari situs www.idx.co.id
[8] Irfan, Mochamad.2014. Analisis Financial Distress dengan Pendekatan Altman Z – Score untuk Memprediksi Kebangkrutan Perusahaan Telekomunikasi. Jurnal Ilmu & Riset manajemen Vol. 3 No.1.Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya.
[9] Rahayu, Fitriyani, dkk. 2016. Analisis Financial Distress dengan Menggunakan Metode Altman Z-Score, Springate dan Zmijewski pada Perusahaan Telekomunikasi. E-Journal Bisma Universitas Pendidikan Ganesha Volume 4 Jurusan Manajemen.
[10] Ramadhani, Ayu Suci dan Lukviarman, Nikki. 2009. Perbandingan Analisis Prediksi Kebangkrutan Menggunakan Metode Altman Pertama, Altman Revisi dan Altman Modifikasi dengan Ukuran dan Umur Perusahaan sebagai Variabel Penjelas (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Siasat Bisnis Vol. 13 No. 1 April 2009.
[11] Satriawan Surya, Raja Adri. 2012. Akuntansi Keuangan Versi IFRS+. Yogyakarta : Graha Ilmu.
[12] Struktur Organisasi PT. Bakrie Telecom, Tbk. yang berasal dari situs http://alifzikri.wordpress.com/2011/03/27/organisasi-perusahaan/
[13] Yuliastary, Etta Citrawati dan Wirakusuma, Made Gede. 2014. Analisis Financial Distress dengan Metode Z-Score Altman, Springate dan Zmijewski. E-journal Akuntansi Universitas Udayana 6.3.