Pengaruh Current Ratio (CR) Debt To Equity Ratio (DER) Dan Net Profit Margin (NPM) Terhadap Financial Distress (Pada Perusahaan Jasa Sub Sektor Perhotelan, Restoran Dan Pariwisata Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2016-2020)
Authors: Sudaryo Yoyo , Devi Wiara Sanchia Grafita Ryana , Purnamasari Dyah , Kusumawardani Astrin , Hadiana Ana 
Published: June 2023

Financial Distress is a financial difficulty in a company that can lead to bankruptcy in which the company cannot fulfill its obligations and has little income. In other words, Financial Difficulty, namely the condition of the company which experienced financial difficulties before the bankruptcy occurred, so that the company had to conduct liquidation, this situation must support good management so that the company did not go bankrupt. To predict financial distress in a company, financial ratio analysis can be used. This study aims to explain the effect of Current Ratio (CR), Debt o Equity Ratio (DER) and Net Profit Margin (NPM) on Financial Distress.

This research uses quantitative methods with descriptive and verification approaches. Types of secondary data and data techniques are obtained through financial reports and documentation. Data analysis to answer the problem formulation using: descriptive analysis and verification analysis such as classical assumption test, simple and multiple regression test, definite coefficient test either partially or simultaneously, determination coefficient test both partially and simultaneously and hypothesis testing either partially as well as simultaneously.

The results showed that (1) Financial Distress calculated by the Altman Z score formula averaged 1,895, which means that the company is in a vulnerable condition and is experiencing financial problems and must immediately handle proper management. (2) Current Ratio (CR) an average of 117.63% <200%, this percentage indicates that they have a low enough ability to pay their short-term obligations. (3) Debt to Equity Ratio (DER) an average of 116.59%> 80% indicates a low company's ability to pay its long-term debt. (4) Net Profit Margin (NPM) an average of 15.37% <20% indicates that the company cannot generate higher profits. (5) Current Ratio (CR) has a significant effect on Financial Distress. (6) Debt to Equity Ratio (DER) has a significant effect on Financial Distress. (7) Net Profit Margin (NPM) has no significant effect on financial distress. (8) Current Ratio (CR), Debt to Equity Ratio (DER) and Net Profit Margin (NPM) have a significant effect on Financial Distress.

Financial Distress yaitu suatu keadaan kesulitan keuangan pada perusahaan yang bisa menyebabkan kebangkrutan keadaan dimana perusahaan tidak bisa memenuhi kewajibannya dan memiliki pendapatan yang sedikit. Dengan kata lain Financial Distress yaitu kondisi perusahaan yang mengalami kesulitan keuangan sebelum terjadi kebangkrutan, sehingga membuat perusahaan harus melakukan likuidasi, keadaan seperti ini harus ditangani dengan manajemen yang baik agar tidak terjadi kebangkrutan pada perusahaan tersebut. Untuk memprediksi financial distress pada suatu perusahaan dapat digunakan analisis rasio keuangan. Penelitian ini bertujuan untuk menjelaskan pengaruh Current Ratio (CR), Debt to Equity Ratio (DER) dan Net Profit Margin (NPM) terhadap Financial Distress.

Penelitian ini menggunakan metode kuantitatif dengan pendekatan deskriptif dan verifikatif. Jenis data sekunder dan teknik pengumpulan data didapat melalui laporan keuangan dan dokumentasi. Analisis data untuk menjawab rumusan masalah menggunakan: Analisis deskriptif dan Analisis verifikatif seperti Uji asumsi klasik, uji regresi baik secara sederhana maupun berganda, uji koefisien korelasi baik secara parsial maupun simultan, uji koefisisen determinasi baik secara parsial maupun simultan dan pengujian hipotesis baik secara parsial maupun simultan.

Hasil penelitian menunjukkan bahwa (1) Financial Distress yang dihitung dengan rumus Altman Zscore rata-rata sebesar 1,895 yang berarti perusahaan sedang berada dikondisi rawan dan sedang mengalami masalah keuangan dan harus segera ditangani oleh penanganan manajemen yang tepat. (2) Current Ratio (CR) rata-rata sebesar 117,63% < 200% presentase tersebut dianggap memiliki kemampuan yang cukup rendah untuk membayar kewajiban jangka pendeknya. (3) Debt to Equity Ratio (DER) rata-rata sebesar 116,59% > 80% menunjukkan kemampuan perusahaan yang rendah untuk membayar hutang jangka panjangnya. (4) Net Profit Margin (NPM) rata-rata sebesar 15,37% < 20% menunjukkan perusahaan tidak bisa menghasilkan laba yang lebih tinggi. (5) Current Ratio (CR) berpengaruh signifikan terhadap Financial Distress. (6) Debt to Equity Ratio (DER) berpengaruh signifikan tehadap Financial Distress. (7) Net Profit Margin (NPM) tidak berpengaruh signifikan terhadap Financial Distress. (8) Current Ratio (CR), Debt to Equity Ratio (DER) dan Net Profit Margin (NPM) berpengaruh signifikan terhadap Financial Distress