ANALISIS PERBANDINGAN PREDIKSI FINANCIAL DISTREES PADA PERUSAHAAN PROPERTI DAN REAL ESTATE SERTA PERUSAHAAN MAKANAN DAN MINUMAN DENGAN METODE ALTMAN Z-SCORE YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PRIODE 2012-2016

ABSTRACTFinancial distress is financial condition that occurs before bankcruptcy or liquidity. Financial distress condition begins from difficulty of liquidity (short period) as a the lowest financial distress indication until the the highest bankcruptcy. The companiesneed to calculate on financial distress in order to know financial condition in company and it is expected so the companies will be able to prevent financial distress. The purpose of this study is to predict the condition of financial distress in property and real estate companies and food and beverage companies which listed in Indonesian Stock Exchange (BEI) by using Altman Z-score Modified model analysis, binery logistic regression analysis and analyzing whether there are differences between the companies property and real estate and food and beverage companies in the period of 2012-2016. The number of the two sample companies total is 49, consisting of 39 property and real estate companies and 13 food and beverage companies listed in Indonesian Stock Exchange (BEI). The variables that used in this research are the ratio in the Altman Z-score which Modified model. there are WC/TA, RE/TA, EBIT/TA and BVE/BVL. The results of this study by using the Altman Z - Score method indicate that there are 33 property and real estate companies experiencing financial distress and 16 food and beverage companies experiencing financial distress, it can be concluded that property companies and real estate more stout experienced financial distrees total 33 companies in the period 2012-2016, while the results of analysis using binery logit regression in the company property and real estate indicate that the variable of WC/TA, RE/TA, and EBIT/TA have a significant effect on financial distress condition with significant level α <0.05, and BVE/BVL variable has no significant effect on financial distress, binery logit at food and beverage company shows that variable of WC/TA and RE/TA, which have significant effect on financial distress condition with significant level α