Crédito bancário e gestão de necessidades de capital de giro

• Ano de defesa: 2020
• Autor(a) principal: Padilha, Marco Tulio Clivati
• Orientador(a): Saito, Richard
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Necessidade de capital de giro; Crédito bancário; Acesso ao mercado de capitais; Restrição financeira; Spread bancário
• Palavras-chave em Inglês: Working capital requirements; Bank credit; Access to capital markets; Financial restriction; Bank spread
• Link de acesso: https://hdl.handle.net/10438/29850

The study analyzes relations between credit supply in the economy, financial restrictions and capital market access with working capital requirement management in Brazilian companies in its short term investment and financing elements, as well as different management patterns under economic growth or recession conditions. Based on quarterly data of 245 listed Brazilian companies, available for trading at the stock exchange (B3) between 2011 and 2018, we analyzed relations between these variables, controlling for idiosyncratic and systemic factors, with each element of companies’ net working capital: accounts receivable, inventories, and suppliers credit. We conclude that credit supply has significant relations with inventories, suppliers credit, and working capital requirements (WCR) as a whole, but not with accounts receivable. Financial restrictions are not correlated with WCR management. We find positive correlation between capital market and WCR. Companies’ idiosyncratic characteristics, such as sales growth, gross margin, size, operating expenses, and operating cash flow generation (OCF), as well as systemic variables, such as GDP growth and VIX, have significant and specific correlations with some net working capital elements and with aggregated WCR. Regarding economic scenario, we verify WCR decrease in recession period, motivated by new receivables structure development for bigger companies, through the development of new structures with receivable assignment and partnerships with financial institutions, which were preserved and expanded after economic recession, and inventory reductions by smaller companies, recomposed after the crisis. The study provides a broad survey on WCR characteristics in its elements, based on an analysis of its elements apart and detailed by size and sector, representing a new approach in Brazil, which contributes with managers in a practical way. The study contributes to short term financial management literature, through the understanding of its relations with credit supply, deepens analysis on the relations between WCR and financial restrictions and capital market access, and analyzes in details the macroeconomic context effects in the WCR management.