O valor de mercado das empresas com base nos índices de liquidez e modelo Fleuriet : um estudo das empresas do setor de construção civil brasileiro nos anos de 2015 a 2017

Abstract

In the current context, the financial statements are very important for the stock market, so they must be transparent and reliable. In order to compare the Fleuriet Model and the liquidity ratios with the market value, this work was carried out, the financial statements of 21 publicly traded companies in the civil construction sector were analyzed. The data were extracted from the companies' balance sheets, and in order to obtain the Fleuriet Model indexes, it was necessary to restructure the balance sheets. The research was carried out from 2015 to 2017. The research methodology was descriptive, documentary, bibliographic and case study, the method of approach was the hypothetical deductive and the quantitative approach. In the topic of theoretical foundation, relevant issues for the research were addressed, such as: accounting, financial analysis of companies, liquidity analysis, dynamic working capital model, linear regression analysis, ANOVA, inferences and the civil construction sector. Before estimating the model, it was analyzed whether the indexes were related to the market value of the companies under study. The multiple linear regression technique was applied. Subsequently, with the necessary analyzes, it was proved that the liquidity ratios and the Fleuriet Model are related to the market value of companies in the civil construction sector. However, it was observed that the Fleuriet Model indices do not have a strong correlation with the liquidity indices and that the Fleuriet Model indices have a better relationship with the market value.