Estrutura financeira empresas ramo de calçados: determinantes entre o modelo tradicional liquidez e modelo dinâmico

Abstract

The footwear industry in the Brazilian market is made up of 7,700 companies, occupies the third place worldwide in production and the fourth place worldwide as the consumer market. In this context, this research aims to analyze and evaluate the financial results of four publicly traded organizations in the footwear business through the balance sheets for the period 2012 to 2016 published on the website of the Brazilian Securities and Exchange Commission. The work was developed based on the calculations and analysis of liquidity ratios of the traditional model and the dynamic model. The dynamic model first required the reclassification of the balance sheet accounts in order to calculate the base indexes of the model with which the structure that represents the level of financial risk of each organization was identified. This research sought to present a joint analysis between the traditional liquidity model and the dynamic model so that actions are taken that seek the financial balance of organizations both in the short and long term. The methodology applied in the research carried out was characterized as descriptive, as it sought to discover the existence of associations and behaviors of the financial indexes calculated in the analyzed period, being liquidity analysis in the traditional method and in the dynamic method. According to the research result, three structures and financial situations were identified according to the classification proposed in the dynamic model, namely: solid situation, for the company Grendene, unsatisfactory, for the company Alpargatas and terrible for the companies Cambuci and Vulcabrás. A summary table was presented to compare the structure and financial situation, as well as the ranking considering the index that each company used of its short-term resources to finance its long-term investments.