Análise do desempenho econômico-financeiro de companhias abertas listadas na BM&FBOVESPA pelo método estrutural- diferencial

Abstract

The purpose of this study is to analyze the financial performance of corporations listed on the São Paulo Stock Exchange (BM&FBOVESPA) using the Structural Differential method. This analysis was conducted in two periods: from 2003 to 2007 and from 2010 to 2015. This made it possible not only to analyze the financial-economic performance of companies in each period but also to compare the results in both periods. This analysis was based on variations in their asset balances, which were correlated with their liquidity, debt and profitability indicators using the Structural-Differential method, which offers a series of advantages for describing the variations occurred in the companies’ asset balances. Several adaptations to the method were required, since it was built and perfected to analyze factors related to regional growth, employment, etc. It is believed that this represents an important contribution made by this study, since the results generated significant data for stratifying the companies in order to determine certain relevant components used to measure financial performance. The results show that in general the companies performed better in the first period than in the second. During the first period, the companies registered increases in liquidity and profitability indicators and declines in debt indicators. However, in the second period, the companies’ indicators worsened, since the results show declines in their liquidity and profitability indicators and increases in their debt indicators.