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 potentialbankruptcy, which Altman’s discriminant is calculated applying the first model of Altman’sdiscriminant model on stock prices; (2) Effect of Altman’s potency for bankruptcy iscomputed 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 ofAltman’s discriminant method on stock prices; (4) A comparison between Altman’s potencyfor bankruptcy which is calculated applying first model of Altman’s discriminant model,revised model and modification model of Altman’s discriminant model in predictingbankruptcy. The results of the analysis: (1) The Altman’s potential bankruptcy is calculatedapllying the first model not affected significantly by -1.583 Rupiah, or -158.30% of the stockprice; (2) The Altman’s potential bankruptcy is calculated applying the revision model has asignificant effect of 1.250 Rupiah or 125% of the stock price; (3) The Altman’s potentialbankruptcy is calculated applying the modification model has a significant effect of 1.207Rupiah or 120.70% against the stock price; and (4) The first model of Altman’s discriminantmodel predicts the highest bankruptcy rather than revised model and modification model.