A aplicação do modelo Fleuriet como instrumento de gestão financeira: estudo da relação entre a liquidez e a rentabilidade do segmento de comércio atacadista com base no modelo dinâmico

AUTOR(ES)

Nelson Rodrigues da Silva

DATA DE PUBLICAÇÃO

2009

RESUMO

This research presents a study on the management of working capital from the perspective of the Fleuriet Model or Dynamic Model, based on data from Brazilian companies operating in the wholesale trade sector. This study set out to present and analyze the relationship between the variables of the Fleuriet Model and the results (EBIT, EBT and Net Profit - NP) and the indicators of profitability (ROA, ROE, ROI, Net Operating Margin NOM - and Net Margin - NM). The Fleuriet Model was developed in the 1970s and its aim is to analyze investments in working capital and how they are managed. This model starts by reclassifying the balance sheet accounts of current assets and liabilities into operational accounts and erratic accounts, which results in the designation of three key variables - working capital (WC); the working investiment (WI) and treasury balance (TB). The combination of these variables allowed six types of financial structure to be identified. Thus, the Fleuriet Model changed the focus of traditional analysis from one which aims at assessing solvency based on the assumption that companies may discontinue their activities, to a focus that makes a dynamic analysis which targets the operational activity of the companies. The research was conducted based on data from 308 companies that published annual and consecutive balance sheets in the period from 2003 to 2007. These were divided into two samples: one with data from 2003 to 2006 and the other with data from 2004 to 2007. After having classified the companies into six types of financial structure, the analysis was performed by means of descriptive and inferential statistical tools. Based on the results obtained statistically, it is concluded that there is an absence of any relationship between the variables of the MF with the results and the indicators of profitability. However, it was verified based on the statistical description that the Fleuriet Model can be applied to the management of working capital by financial managers.

ASSUNTO(S)

modelo fleuriet fleuriet model engenharia de produção liquidity working capital engenharia de producao administração financeira profitability financial management capital de giro

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