ANALISA PENGGUNAAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN SEKTOR PROPER7TDAN REAL ESTATE DI BURSA EFEK INDONESIA

This study aims to find out how to use Altman Z-Score models in predicting corporate bankruptcies in the real estate property sector and listed on the Indonesia Stock Exchange. The data used are secondary data, namely the company's financial statements and the real estate property sector listed on the Indonesia Stock Exchange in the period 2009 through 2011. Determination of the sample in the study was conducted by purposive sampling technique. The data analysis technique used is descriptive qualitative analysis. The samples used were 31 property companies listed on the Indonesia Stock Exchange from the period 2009-2011. 2. The model used in this calculation is the model of Altman's Z-Score raised by Edward I Altman in 1968. Formula used Z�Score = 1,2 X1 + 1,4 X2 + 3,3 X3 + 0,6 X4 + 1,0 X5. With the assessment criteria, the Z�Score < 1.81 were categorized as predicted bankrupt company, the value of 1.81 < Z�Score < 2.99 are in the gray area (can not be determined whether healthy or bankrupt) and a Z�Score > 2.99 predicted not bankrupt so do not run into financial difficulties. 3. The results showed, in 2009 to 2011, there are four companies that are predicted to be in bankrupt condition with the lowest Z-score (Z = -5.28), which predicted the company entered into in a state of bankruptcy, there are four companies with the highest value of Z-Score (Z = 11.01) and there are three companies expected to the gray area conditions. Since all firms predicted to go bankrupt are still listed on the Stock Exchange, the use of models of Altman ZScore was considered inappropriate to predict corporate bankruptcy in property and real estate sector in Indonesia and the need to build a more precise coefficients in bankruptcy prediction analysis for companies listed on the Stock Exchange. Suggestions for further research is not only to use the Altman Z-Score analysis but uses other analyzes as a comparison