ANALISIS KESEHATAN KEUANGAN DAN PREDIKSI KEBANGKRUTAN PT KERETA API INDONESIA PERSERO SEBELUM DAN SETELAH PEMBERIAN INVESTASI PEMERINTAH

Sapto Priyanto; Erifendi  Churniawan; Armyta  Puspitasari

doi:10.29303/distribusi.v10i2.215

Authors

Sapto Priyanto Politeknik Perkeretaapian Indonesia Madiun
Erifendi Churniawan Politeknik Perkeretaapian Indonesia
Armyta Puspitasari Politeknik Perkeretaapian Indonesia

DOI:

https://doi.org/10.29303/distribusi.v10i2.215

Keywords:

company health;bankruptcy;altman z score,springate,grover

Abstract

The economic slowdown due to the COVID-19 pandemic has an impact on the instability of the PT. KAI (Persero) business continuity. As a state of BUMN infrastructure company that serves the interests of the general public in the railway sector, the government has sought to provide loans in the form of government investment to PT. KAI (Persero) amounting to 3.5 trillion through the national economic recovery program (PEN). This study aims to predict the financial condition of PT KAI (Persero) before and after the provision of PEN investment to see the extent of the effect of providing investment on the company's financial improvement. This study is a quantitative study using comparison method based on the Decree of the Minister of BUMN number 100/MBU/2002 to assess the company's health and predict the company's bankruptcy using three methods of financial distress, namely Altman z score, springate and grover. The results showed that there was an improvement in health conditions before and after the provision of investment based on the Decree of the Minister of State-Owned Enterprises Number: KEP-100/MBU/ 2002 from a total score of 17.5 with the unhealthy category B to 20.5 with the criteria for being unhealthy BB. While the prediction of bankruptcy from the three methods used shows the period before the grant of investment, all methods produce unhealthy criteria that lead to bankruptcy, while the period after investment only states that Grover's model is healthy while other methods still show criteria that lead to bankruptcy.

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