Análise dos impactos da inflação nos resultados das companhias listadas na B3
Data
2022-12-27
Autores
Soares, Matheus de Luca Oliveira 
Orientadores
Costa, Jorge Andrade
Tipo
Trabalho de conclusão de curso
Título da Revista
ISSN da Revista
Título de Volume
Resumo
A inflação no Brasil, durante muitos anos, esteve em níveis extremamente elevados e, com o
objetivo de atenuar o seu impacto sob a ótica contábil, foram instituídos métodos de correção
monetária nas demonstrações contábeis. Contudo, com o Plano Real, em 1994, no pressuposto
de extinção da inflação, foi abolida a aplicação destes métodos. Porém, a inflação persistiu de
maneira consistente, mas em patamares de um dígito. Com a inflação alcançando dois dígitos
em 2021, o objetivo deste trabalho foi de entender o impacto da inflação no resultado das
companhias nos últimos três anos. Para atender a este objetivo foi realizada a Correção
Monetária de Balanços (CMB) em uma amostra de 323 companhias listadas na B3, no período
de 2019 a 2021. Trata-se de uma análise limitada, uma vez que foi desconsiderada a inflação
acumulada de 1995 a 2018, cuja média anual foi de 6,35% e o estudo que foi feito ano a ano,
também desconsiderou os efeitos cumulativos. Ainda em meio a essas limitações, os resultados
se mostraram bastante expressivos, com companhias de alguns setores apresentando aumento
no lucro acima de 20% e diminuições de até 27%. Constatou-se que 15 companhias tiveram o
seu lucro invertido para prejuízo. Em termos absolutos, a variação agregada do lucro líquido
foi de 24% e o setor mais expressivo analisado (Consumo Cíclico) apontou uma variação de
30%. Com isso, o impacto da inflação se mostrou importante, principalmente nas inversões de
resultados (de lucro para prejuízo e vice-versa). Neste contexto, houve companhias que
distribuíram lucros a título de dividendos e juros sobre o capital próprio (JCP) maiores do que
deveriam distribuir e outras que distribuíram lucros menores. Concluindo, a falta da correção
monetária nas demonstrações contábeis resulta em lucros irreais ocasionando pagamentos
incorretos de dividendos e JCP e o fato pode causar uma descapitalização da companhia em
alguns casos. Em outros casos pode ocorrer falta de pagamento de dividendos e JCP. A falta de
correção monetária também pode fazer com que o objetivo das demonstrações contábeis não
seja atingido, ou seja, as demonstrações podem não preencher as características qualitativas
fundamentais de relevância e fidedignidade e, assim, não proporcionar uma boa informação
para tomada de decisão por parte dos seus usuários.
The inflation in Brazil, for many years, has been in extremely high levels and according to the goal of mitigate its impact, under the accountancy perspective, methods to recognize the inflationary effects in the financial statements were instituted. However, once the Brazil’s Plano Real were implemented, in 1994, by the supposition that the inflation would be terminated, the application of those methods was disobliged. Although, the inflation kept consistently, but on a baseline of one digit. Once the inflation reached two digits in 2021, the goal of this final paper was to understand the inflationary impacts on the net results of the companies on the last three years. With the purpose of comply with that goal, it had done the Correção Monetária de Balanços (CMB) on a sample of 323 companies, between 2019 and 2021, listed on the B3. It is a conservative analysis, once the accrued inflation from 1995 to 2018, whose annual average was 6.35%, was disregarded and the research was made year by year also ignoring the accrued effects. Despite these limitations, the results showed quite expressive, with companies of some economic sectors hitting 20% of net profit increase and losses up to 27%. It was observed 15 companies that had their net profits switched to net losses. Looking from absolutes terms, the aggregated variation of the net profit was around 24% and the most expressive sector analyzed (Cyclical Consumption) reached a variation of 30%. Thus, the inflation impact showed up material, mainly when happen the results inversion (from profit to losses and vice versa). In this context, some companies distributed profits as dividends and juros sobre o capital próprio (JCP) higher than should be and other ones, the opposite. To conclude, the lack of inflationary correction in the financial statements results in unreal profits that cause incorrect payments of dividends and JCP and can cause decapitalization of the company in some ways. In other situations, it can happen a lack of dividends and JCP payments. The lack of methods to recognize the inflationary effects can also interfere with the goal of the financial statements, in other words, those statements may not fill the fundamental qualitative characteristics of relevance and reliability and thus, may not provide a certain information to the own users make decisions.
The inflation in Brazil, for many years, has been in extremely high levels and according to the goal of mitigate its impact, under the accountancy perspective, methods to recognize the inflationary effects in the financial statements were instituted. However, once the Brazil’s Plano Real were implemented, in 1994, by the supposition that the inflation would be terminated, the application of those methods was disobliged. Although, the inflation kept consistently, but on a baseline of one digit. Once the inflation reached two digits in 2021, the goal of this final paper was to understand the inflationary impacts on the net results of the companies on the last three years. With the purpose of comply with that goal, it had done the Correção Monetária de Balanços (CMB) on a sample of 323 companies, between 2019 and 2021, listed on the B3. It is a conservative analysis, once the accrued inflation from 1995 to 2018, whose annual average was 6.35%, was disregarded and the research was made year by year also ignoring the accrued effects. Despite these limitations, the results showed quite expressive, with companies of some economic sectors hitting 20% of net profit increase and losses up to 27%. It was observed 15 companies that had their net profits switched to net losses. Looking from absolutes terms, the aggregated variation of the net profit was around 24% and the most expressive sector analyzed (Cyclical Consumption) reached a variation of 30%. Thus, the inflation impact showed up material, mainly when happen the results inversion (from profit to losses and vice versa). In this context, some companies distributed profits as dividends and juros sobre o capital próprio (JCP) higher than should be and other ones, the opposite. To conclude, the lack of inflationary correction in the financial statements results in unreal profits that cause incorrect payments of dividends and JCP and can cause decapitalization of the company in some ways. In other situations, it can happen a lack of dividends and JCP payments. The lack of methods to recognize the inflationary effects can also interfere with the goal of the financial statements, in other words, those statements may not fill the fundamental qualitative characteristics of relevance and reliability and thus, may not provide a certain information to the own users make decisions.
Descrição
Citação
SOARES, Matheus de Luca Oliveira. Análise dos impactos da inflação nos resultados das companhias listadas na B3. 2022. Trabalho de Conclusão de Curso (Bacharelado em Ciências Contábeis) - Universidade Federal de São Paulo, Escola Paulista de Política, Economia e Negócios, Osasco, 2022.