Avaliação da estrutura de capital, tipo de estratégia de gestão de capital de giro e comportamento da rentabilidade do ativo nos setores siderúrgico e varejista entre 2018 e 2021
Data
2022-12-10
Autores
Pereira, Victoria Alves 
Orientadores
Saporito, Antonio
Tipo
Trabalho de conclusão de curso
Título da Revista
ISSN da Revista
Título de Volume
Resumo
A Contabilidade tem a função de fornecer informações que sejam úteis na tomada de decisão e a análise dos demonstrativos financeiros permite avaliar o desempenho das companhias. Em um mundo cada vez mais competitivo, ter uma boa gestão de capital de giro e ter uma adequada estrutura de capital se torna essencial para a prosperidade empresarial. O Modelo Dupont é uma das ferramentas que auxilia os acionistas a avaliar o retorno. Ao decompor a rentabilidade, o modelo mostra a lucratividade e a eficiência operacional da companhia. Considerando que lucratividade é um fator primordial para a continuidade de uma companhia no longo prazo, este trabalho teve como objetivo compreender e avaliar como a estrutura de capital está composta, o tipo de estratégia de capital de giro adotada e como a rentabilidade do ativo se comporta diante das dinâmicas setoriais. Para atingir este objetivo, foi realizado um estudo de caráter documental, descritivo, qualitativo e quantitativo, para a realização do trabalho utilizou-se as demonstrações financeiras anuais de 6 empresas, sendo 3 do setor siderúrgico e 3 do varejista, todas listadas na B3, no período compreendido entre 2018 e 2021. Com base nos dados obtidos, foram calculados os índices de liquidez e endividamento e aplicado o Modelo Dupont. Os resultados obtidos demonstraram que o setor siderúrgico possui um menor endividamento e alavancagem, adota uma estratégia conservadora de capital de giro, porém tem alta imobilização de recursos não correntes, enquanto o setor varejista é mais endividado e alavancado, aplica estratégia moderada na gestão do capital de giro, no entanto imobiliza menos recursos no longo prazo e, portanto, tende a possuir uma maior folga financeira no curto prazo. Conclui-se que o setor siderúrgico possui melhor desempenho por ter uma margem maior, o que compensa o menor giro do ativo e a principal diferença no comportamento da rentabilidade nos setores observados se encontra na margem, na qual o setor siderúrgico possui margem que na média é 4 vezes maior que a do setor varejista. Sugere-se que sejam feitos estudos futuros com uma maior amostra.
Accounting has the function of providing information that is useful in decision-making and the analysis of financial statements allows evaluating the performance of companies. In an increasingly competitive world, having good working capital management and having an adequate capital structure becomes essential for business prosperity. The Dupont model is one of the tools that helps shareholders to evaluate the return. By decomposing the profitability, the model shows the profitability and operational efficiency of the company. Considering that profitability is a key factor for the continuity of a company in the long term, this work aimed to understand and evaluate how the capital structure is composed, the type of working capital strategy adopted and how the profitability of the asset behaves in the face of sectoral dynamics. To achieve this objective, a documental, descriptive, qualitative, and quantitative study was carried out, to carry out the work, the annual financial statements of 6 companies were used, 3 from the steel sector and 3 from the retailer, all listed on B3, in the period between 2018 and 2021. Based on the data obtained, the liquidity and debt ratios were calculated, and the Dupont Model was applied. The results showed that the steel sector has lower debt and leverage, adopts a conservative working capital strategy, but has high immobilization of non-current resources, while the retail sector is more indebted and leveraged, applies a moderate strategy in capital management however, it immobilizes less resources in the long term and, therefore, tends to have greater financial slack in the short term. It is concluded that the steel sector performs better because it has a higher margin, which compensates for the lower asset turnover and the main difference in the behavior of profitability in the observed sectors is found in the margin, in which the steel sector has a margin that on average is 4 times greater than that of the retail sector. It is suggested that future studies be carried out with a larger sample.
Accounting has the function of providing information that is useful in decision-making and the analysis of financial statements allows evaluating the performance of companies. In an increasingly competitive world, having good working capital management and having an adequate capital structure becomes essential for business prosperity. The Dupont model is one of the tools that helps shareholders to evaluate the return. By decomposing the profitability, the model shows the profitability and operational efficiency of the company. Considering that profitability is a key factor for the continuity of a company in the long term, this work aimed to understand and evaluate how the capital structure is composed, the type of working capital strategy adopted and how the profitability of the asset behaves in the face of sectoral dynamics. To achieve this objective, a documental, descriptive, qualitative, and quantitative study was carried out, to carry out the work, the annual financial statements of 6 companies were used, 3 from the steel sector and 3 from the retailer, all listed on B3, in the period between 2018 and 2021. Based on the data obtained, the liquidity and debt ratios were calculated, and the Dupont Model was applied. The results showed that the steel sector has lower debt and leverage, adopts a conservative working capital strategy, but has high immobilization of non-current resources, while the retail sector is more indebted and leveraged, applies a moderate strategy in capital management however, it immobilizes less resources in the long term and, therefore, tends to have greater financial slack in the short term. It is concluded that the steel sector performs better because it has a higher margin, which compensates for the lower asset turnover and the main difference in the behavior of profitability in the observed sectors is found in the margin, in which the steel sector has a margin that on average is 4 times greater than that of the retail sector. It is suggested that future studies be carried out with a larger sample.
Descrição
Citação
PEREIRA, Victoria Alves. Avaliação da estrutura de capital, tipo de estratégia de gestão de capital de giro e comportamento da rentabilidade do ativo nos setores siderúrgico e varejista entre 2018 e 2021. 2022. Trabalho de Conclusão de Curso (Bacharelado em Ciências Contábeis) - Universidade Federal de São Paulo, Escola Paulista de Política, Economia e Negócios, Osasco, 2022.