PENILAIAN HARGA SAHAM PADA PERUSAHAAN BASIC INDUSTRY DAN CHEMICAL YANG TERDAFTAR DI BURSA EFEK INDONESIA MELALUI POTENSI KEBANGKRUTAN ALTMAN

Abstract

The purpose of this study is to identify and analyze: (1) Effect of Altman’s potential
bankruptcy, which Altman’s discriminant is calculated applying the first model of Altman’s
discriminant model on stock prices; (2) Effect of Altman’s potency for bankruptcy is
computed applying the revised model of Altman’s discriminant method on stock prices; (3)
Effect of Altman’s potency for bankruptcy which is calculated applying modification model of
Altman’s discriminant method on stock prices; (4) A comparison between Altman’s potency
for bankruptcy which is calculated applying first model of Altman’s discriminant model,
revised model and modification model of Altman’s discriminant model in predicting
bankruptcy. The results of the analysis: (1) The Altman’s potential bankruptcy is calculated
apllying the first model not affected significantly by -1.583 Rupiah, or -158.30% of the stock
price; (2) The Altman’s potential bankruptcy is calculated applying the revision model has a
significant effect of 1.250 Rupiah or 125% of the stock price; (3) The Altman’s potential
bankruptcy is calculated applying the modification model has a significant effect of 1.207
Rupiah or 120.70% against the stock price; and (4) The first model of Altman’s discriminant
model predicts the highest bankruptcy rather than revised model and modification model.