Análise das estruturas financeiras das empresas brasileiras de capital aberto listadas na B3 no período de 2010 a 2021

Abstract

The main objective of this paper was to investigate whether there were changes in the financial structure of companies listed on B3 (Brazilian stock exchange) in the period from 2010 to 2021, based on the classification of these companies within the six different financial structures listed by Michel Fleuriet in his dynamic model. Working capital is fundamental for maintaining liquidity, solvency and profitability and can be put to use under monitoring in the hands of trained managers, taking a prominent position among the financial health indicators of companies. The main observations of this study were the 56% increase in the number of companies investigated during the analyzed period and the predominance of two main structures that alternated in a certain period of the years observed, revealing that the companies maintained a certain regularity in their structuring profile of the working capital accounts and also corroborating the finding that most Brazilian companies, about 3/4 of them in most years observed, work with a constant need for investment in working capital. The research made it possible to verify that the increasing number of companies in the sample in all the years of the analyzed period may indicate an increase in business financing through the capital market and that in 2017, the end of the cycle of high-interest rates in Brazil with a sharp drop in interest rates along the year, was observed the greatest growth in the number of companies in the period. Companies in the predominant structures, which demand investment in working capital, grew by around 12% while the other structures grew by 9.5%. It is possible that the reduction in interest rates made the stock market more attractive than government bonds, corroborating the sample's growth trend, and further favoring this market financing dynamic.