Model Ohlson B = Net profit before interest and

taxes/total assets
O = -1,32 – 0,407X1 + 6,03X2 – 1,43X3 +
0,0757X4 – 2,37X5 - 1,83X6 + 0,285X7 –
1,72X8 – 0,521X9
Keterangan :
X1 = Log (total asset/indeks tingkat harga
GNP)
X2 = Total utang/total aset
X3 = Modal kerja/total aset
X4 = Utang lancar/aktiva lancar
X5 = 1 jika total utang > total aset ; 0 jika
sebaliknya
X6 = Laba bersih/total aktiva
X7 = Arus kas operasi/total utang
X8 = 1 jika laba bersih negatif (-) untuk dua
(2) tahun terakhir; 0 jika sebaliknya
X9 = (laba bersih tahunt – laba bersih tahunt-
1) / (laba bersih tahunt + laba bersih tahunt-1)
>0,38 = akan mengalami
kebangkrutan
<0,38 = tidak akan mengalami
kebangkrutan
C = Net profit before taxes/current
liabilities
D = Sales/total assets
>0,862 = sehat
<0,862 = financial distress
Model Grover
G = 1,650X1 + 3,404X3 – 0,016ROA +
0,057
Dimana :
X1 = Working capital / total assets
X3 = Earnings before interest and taxes /
total assets
ROA = Net income / total assets
<= -0,02 = financial distress
>= 0,01 = tidak financial distress

Model Zmijewski
Model Altman
X = -4,3 – 4,5A + 5,7B – 0,004C
Z= 0,717A + 0,874B + 3,107C + 0.420D +
0,998E Dimana :
Dimana : A = EAT/total assets
A = Working capital/total assets B = Total debt/total assets
B = Retained earning/total assets
C = EBIT/total assets C = Current assets/current liability
D = Market value of equity/total liabilities
>= 0 = financial distress
E = Sales/total assets
<0 = tidak financial distress
>2,675 = tidak mengalami financial
distress
1,81 – 2,675 = grey area
<1,81 = akan mengalami financial
distress

Model Springate
S = 1,03A + 3,07B + 0,66C + 0,4D
Dimana :
A = Working capital/total assets