Análise estrutural de endividamento: um estudo das políticas de financiamento e investimento em hospitais filantrópicos brasileiros

Abstract

This paper presents the reality of debt Brazilian philanthropic hospitals. It defines a structure to evaluate organizations’ investment policies; it investigates the influence of different factors on the management, and it checks up debt levels of the institutions and the use or not of inexpensive liabilities as an alternative source of funding. Evaluation was performed by calculating financial indicators, horizontal and vertical analysis and use of traditional and dynamic models. The ability to generate cash flow was observed through information contained in available financial statements, notes and published management reports. Information was collected from three philanthropic hospitals selected at random, the hospital category, because they provide community services and philanthropic, because they show higher financial risks, cash flows uncertainty and dependence on government transfers and grants to finance activity. All hospitals showed significant financial difficulties for having few resources and even benefited by the government free of social obligations, the methods indicated that resource of plans and donations were insufficient to sustain the activities with annual growth of debt.