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Advisor(s)
Abstract(s)
Esta pesquisa tem como objetivo demonstrar a situação econômica-financeira das
empresas do setor de eletrodomésticos listados na BM&F bovespa com a aplicação do
modelo proposto por Fleuriet, apoiado pela análise convencional das demonstrações
contábeis, além de fazer uma comparação entre dois métodos. Para atingir a esses
objetivos foi elaborado um estudo de caso de três empresas, listadas na bolsa de valores
do Brasil, com recurso a uma metodologia qualitativa, representadas pelos nomes de
Empresa Luiza, Empresa Whirlpool e Empresa Varejo. Para a análise convencional das
demonstrações contábeissão apresentados os cálculos da Análise Horizontal (AH),
Análise Vertical (AV), Índice da composição do endividamento (ICE), Índice de
Endividamento (IE),Índice de Imobilização do Patrimônio Líquido (IIPL), Índice de
Liquidez Geral (ILG), Índice de Liquidez Corrente (ILC) e Índice de Liquidez Seca
(ILS).No modelo proposto por Fleuriet, são apresentados o cálculo do Capital de Giro
(CDG), Necessidade do Capital de Giro (NCG), Contas de Tesouraria (T) e o
Termômetro da Situação Financeira (TSF). Os resultados indicam que a empresa Luiza
e empresa Whirlpool em todo o período estudo apresentam uma situação financeira
favorável por possuírem índices de liquidez, baixo endividamento e de contas de
tesouraria acima de 0 e a empresa Varejo com uma situação financeira desfavorável a
partir do ano de 2016 com valores de índice de liquidez e de contas de tesouraria abaixo
de 0, além de um crescimento do seu endividamento geral. Os resultados dessa análise
sugerem que a empresa Varejo adote novas técnicas de gestão financeira a fim de
recuperar a sua situação econômica-financeira aos patamares anteriores a 2015, de
modo a angariar mais recursos via acionistas no mercado financeiro e assim melhorando
a sua situação de capital. Já as empresas Luiza e Whirlpool têm todas as condições de
expandir o seu negócio caso haja demanda no mercado por possuir grandes reservas,
especialmente no que tange ao capital de giro e liquidez.
This research aims to demonstrate the economic and financial situation of companies listed on BM&Fbovespa with the application of the model proposed by Fleuriet, supported by the conventional analysis of the accounting, in addition to comparing two methods. To reach these objectives, a case study of three companies, listed on the Brazilian stock exchange, using a qualitative methodology was developed, represented by the names of Empresa Luiza, Empresa Whirlpool and Empresa Varejo. For the conventional analysis of the financial statements, the calculations of the Horizontal Analysis (AH), Vertical Analysis (AV), Indebtedness Composite Index (ICE), Indebtedness Index (IE), Equity Fixed Asset Ratio (IIPL) General Liquidity Index (ILG), Current Liquidity Index (ILC) and Dry Liquidity Index (ILS). In the model proposed by Fleuriet, the calculation of Working Capital (CDG), Working Capital Requirement (NCG), Treasury Accounts (T) and Financial Situation Thermometer (TSF) are presented. The results indicate that the company Luiza and company Whirlpool throughout the study period have a favorable financial situation because they have liquidity, low indebtedness and treasury bills above 0 and the retail company with an unfavorable financial situation from the year of 2016 with values of liquidity index and treasury bills below 0, in addition to an increase in its general indebtedness. The results of this analysis suggest that Varejo adopt new financial management techniques in order to recover its economic and financial situation to the levels prior to 2015, in order to raise more resources through shareholders in the financial market and thus improving its capital situation. The companies Luiza and Whirlpool have all the conditions to expand their business in case there is demand in the market for having large reserves, especially with regard to working capital and liquidity.
This research aims to demonstrate the economic and financial situation of companies listed on BM&Fbovespa with the application of the model proposed by Fleuriet, supported by the conventional analysis of the accounting, in addition to comparing two methods. To reach these objectives, a case study of three companies, listed on the Brazilian stock exchange, using a qualitative methodology was developed, represented by the names of Empresa Luiza, Empresa Whirlpool and Empresa Varejo. For the conventional analysis of the financial statements, the calculations of the Horizontal Analysis (AH), Vertical Analysis (AV), Indebtedness Composite Index (ICE), Indebtedness Index (IE), Equity Fixed Asset Ratio (IIPL) General Liquidity Index (ILG), Current Liquidity Index (ILC) and Dry Liquidity Index (ILS). In the model proposed by Fleuriet, the calculation of Working Capital (CDG), Working Capital Requirement (NCG), Treasury Accounts (T) and Financial Situation Thermometer (TSF) are presented. The results indicate that the company Luiza and company Whirlpool throughout the study period have a favorable financial situation because they have liquidity, low indebtedness and treasury bills above 0 and the retail company with an unfavorable financial situation from the year of 2016 with values of liquidity index and treasury bills below 0, in addition to an increase in its general indebtedness. The results of this analysis suggest that Varejo adopt new financial management techniques in order to recover its economic and financial situation to the levels prior to 2015, in order to raise more resources through shareholders in the financial market and thus improving its capital situation. The companies Luiza and Whirlpool have all the conditions to expand their business in case there is demand in the market for having large reserves, especially with regard to working capital and liquidity.
Description
Versão final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Eletrodomésticos Método de Fleuriet Estudo de caso Análise financeira Appliances Case study Fleuriet method Financial analysis