Uma Abordagem para Análise do Risco de Crédito Utilizando o Modelo Fleuriet

José Willer do Prado; Francisval de Melo Carvalho; Gideon Carvalho de Benedicto; Valderí de Castro Alcântara; Antonio Carlos dos Santos

doi:10.17524/repec.v12i3.1816

Authors

José Willer do Prado Universidade Federal de Lavras - UFLA http://orcid.org/0000-0003-3926-2406
Francisval de Melo Carvalho Universidade Federal de Lavras - UFLA http://orcid.org/0000-0002-4223-5444
Gideon Carvalho de Benedicto Universidade Federal de Lavras - UFLA http://orcid.org/0000-0002-7128-9775
Valderí de Castro Alcântara Universidade Federal de Lavras - UFLA http://orcid.org/0000-0002-6698-0609
Antonio Carlos dos Santos Universidade Federal de Lavras - UFLA

DOI:

https://doi.org/10.17524/repec.v12i3.1816

Keywords:

Modelo Dinâmico, Risco de crédito, Falências, Indicadores Financeiros

Abstract

Objective: To construct a model that can assess the credit risk in Brazilian publicly-traded companies, using indicators from Fleuriet’s model of financial analysis. Method: Methodologically, the research was defined as quantitative, with a descriptive design. The financial statements were collected from Economática and the website BM&FBOVESPA. The sample consisted of 121 companies, being 70 solvent and 51 insolvent, from different sectors. Results: For the financial structure, working capital and working capital requirement indicators, the companies seek to achieve a constant growth model, expanding or gaining markets, in view of the continuing need for additional working capital over time. The results found for the liquidity thermometer demonstrate the importance of the financial accounts called treasury account to calculate the company’s short-term corporate liquidity and solvency. Finally, financial indebtedness as a structural index contributed significantly to the model. Contributions: This study can contribute to the Brazilian literature by evidencing that some of the indicators in Fleuriet’s model are significant to assess the credit risk in Brazilian publicly traded companies.