O desenvolvimento da análise financeira nos últimos anos
Autor(a) principal: | |
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Data de Publicação: | 1982 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/10702 |
Resumo: | The Financial Rate Analisis has been, widely, used since the end o f the last century, in the evaluation of financial demonstrative, however it lost credit by the 60's. Then,by this time, Beaver based on the existing literature tests empirically many asst.unptions considered as true and getaudi fferent results, for this he used the univariate statistical methodology, that is, analized the rate one by one. Altman contest the methodology used by Beaver and makes a model using multivariate statistics that is, severa! rates are studied, establishing a score limit. Other authors, based in these two studies, now criticizing, then comparing, make other models, then we have: Deakin, Blum, Libby, Kennedy, Kanitz, Zappa, Collongues, Conan, Holder, C.E.S.A. and others that were not mentioned in this study. This study showed the study of each one of the author individualy and in a second moment presented. Criticismand comparisons these models had, trying to make clear these criticisms and comparisons served to encourage the development of the Financial Analisis, to a point that one can name Altman, who dug to criticisms anel, his interest inbringing da ta to date, reorganize his original model (1968), making the Zeta model (1977). The secon concern of this study was to make clear some points that could be taken from the avaiagle material, thus we tried to answer wnich rates were used by the models and as a conclusion, we got at the evidence that there aren't few rates that best discriminate a bankrupt and non-bankrupt firm. A nother question was, if these models served for all the types and sizes of firms and we got at a conclusion they serve, aslong as the analyst adapt their particular necessities. And finally we tried to check what purposes these models could corresporld to and so, we pointed the comercial credit analisis, for invetment, internal decisions, stock purchases and sales, etc. We conclude, that the various models developad in the se last years, really brought progress to financial analisis, but these results must be carefully adapted to several situations and moreover, due to the development of other sciences may add efforts with the purpose of reaching a larger development. |
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Oliveira, Arnaldo PrestesEscolas::EAESPStempfer, Alain F.Delazaro, WalterDias, Ivan Pinto2013-04-04T19:54:42Z1982-08-28OLIVEIRA, Arnaldo Prestes. O desenvolvimento da análise financeira nos últimos anos. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 1982.http://hdl.handle.net/10438/10702The Financial Rate Analisis has been, widely, used since the end o f the last century, in the evaluation of financial demonstrative, however it lost credit by the 60's. Then,by this time, Beaver based on the existing literature tests empirically many asst.unptions considered as true and getaudi fferent results, for this he used the univariate statistical methodology, that is, analized the rate one by one. Altman contest the methodology used by Beaver and makes a model using multivariate statistics that is, severa! rates are studied, establishing a score limit. Other authors, based in these two studies, now criticizing, then comparing, make other models, then we have: Deakin, Blum, Libby, Kennedy, Kanitz, Zappa, Collongues, Conan, Holder, C.E.S.A. and others that were not mentioned in this study. This study showed the study of each one of the author individualy and in a second moment presented. Criticismand comparisons these models had, trying to make clear these criticisms and comparisons served to encourage the development of the Financial Analisis, to a point that one can name Altman, who dug to criticisms anel, his interest inbringing da ta to date, reorganize his original model (1968), making the Zeta model (1977). The secon concern of this study was to make clear some points that could be taken from the avaiagle material, thus we tried to answer wnich rates were used by the models and as a conclusion, we got at the evidence that there aren't few rates that best discriminate a bankrupt and non-bankrupt firm. A nother question was, if these models served for all the types and sizes of firms and we got at a conclusion they serve, aslong as the analyst adapt their particular necessities. And finally we tried to check what purposes these models could corresporld to and so, we pointed the comercial credit analisis, for invetment, internal decisions, stock purchases and sales, etc. We conclude, that the various models developad in the se last years, really brought progress to financial analisis, but these results must be carefully adapted to several situations and moreover, due to the development of other sciences may add efforts with the purpose of reaching a larger development.A Análise Financeira dos Índices tem sido usada largamente, desde o fim do século passado na avaliação das demonstrações financeiras; no entanto, encontrou-se desacreditada por volta dos anos 60. Assim, por essa época, Beaver; baseando-se na literatura existente, testa empiricamente muitas crenças tidas como verdadeiras e chega a resultados diferentes. Para isso, utilizou-se de metodologia estatística univariada, isto é, analisou cada índice isoladamente. Altman refuta a metodologia usada por Beaver e cria um modelo utilizando se da estatística multivariada, isto é, vários Índices são estudados, estabelecendo um score limite. Outros autores, baseando-se nestes dois estudos, ora criticando, ora comparando, montam outros modelos. Assim temos: Deakin, Blum, Libby, Kennedy, Kanitz, Zappa, Collongues, Conan, Holder, C.E.S.A. e outros que não foram mencionados neste trabalho. Este estudo mostrou o trabalho de cada autor individualmente e, num segundo momento, apresentou críticas e comparações sofridas por esses modelos, procurando evidenciar que essas críticas e comparações serviram para estimular o desenvolvimento da Análise Financeira, a tal ponto que pode-se citar Altman que, devido a críticas e também ao seu interesse em atualizar os dados, reformula o seu modelo original (1968), criando o modelo Zeta (1977). A segunda preocupação deste trabalho foi evidenciar alguns pontos que puderam ser colhidos do material disponível. Assim, procurou-se responder quais os Índices que mais foram usados pelos modelos e, como conclusão, chegou-se a evidência de que não existem alguns poucos índices que melhor discriminem uma empresa falida e não falida. Outra indagação foi, se esses modelos serviriam para todos os tipos e tamanhos de empresas, e concluiu-se que servem, desde que o analista os adapte às suas necessidades peculiares. E, por fim, procurou-se verificar a que finalidade esses modelos podiam corresponder. E, assim, apontou-se a análise de crédito comercial, para investimento, para decisões internas, para compra e venda de ações etc. Conclui-se, pois, que os vários modelos desenvolvidos nestes últimos anos, realmente trouxeram progresso à Análise Financeira, mas que esses resultados devem ser cuidadosa mente adaptados às diversas realidades e mais, dado ao desenvolvimento de outras ciências, podem somar-se esforços com intuito de alcançar um maior desenvolvimento.porÍndiceFalênciaScoreAdministração de empresasAnálise econômico-financeiraModelos econômicosO desenvolvimento da análise financeira nos últimos anosinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisforever10000-01-01reponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas 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|
dc.title.por.fl_str_mv |
O desenvolvimento da análise financeira nos últimos anos |
title |
O desenvolvimento da análise financeira nos últimos anos |
spellingShingle |
O desenvolvimento da análise financeira nos últimos anos Oliveira, Arnaldo Prestes Índice Falência Score Administração de empresas Análise econômico-financeira Modelos econômicos |
title_short |
O desenvolvimento da análise financeira nos últimos anos |
title_full |
O desenvolvimento da análise financeira nos últimos anos |
title_fullStr |
O desenvolvimento da análise financeira nos últimos anos |
title_full_unstemmed |
O desenvolvimento da análise financeira nos últimos anos |
title_sort |
O desenvolvimento da análise financeira nos últimos anos |
author |
Oliveira, Arnaldo Prestes |
author_facet |
Oliveira, Arnaldo Prestes |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Stempfer, Alain F. Delazaro, Walter |
dc.contributor.author.fl_str_mv |
Oliveira, Arnaldo Prestes |
dc.contributor.advisor1.fl_str_mv |
Dias, Ivan Pinto |
contributor_str_mv |
Dias, Ivan Pinto |
dc.subject.por.fl_str_mv |
Índice Falência Score |
topic |
Índice Falência Score Administração de empresas Análise econômico-financeira Modelos econômicos |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Análise econômico-financeira Modelos econômicos |
description |
The Financial Rate Analisis has been, widely, used since the end o f the last century, in the evaluation of financial demonstrative, however it lost credit by the 60's. Then,by this time, Beaver based on the existing literature tests empirically many asst.unptions considered as true and getaudi fferent results, for this he used the univariate statistical methodology, that is, analized the rate one by one. Altman contest the methodology used by Beaver and makes a model using multivariate statistics that is, severa! rates are studied, establishing a score limit. Other authors, based in these two studies, now criticizing, then comparing, make other models, then we have: Deakin, Blum, Libby, Kennedy, Kanitz, Zappa, Collongues, Conan, Holder, C.E.S.A. and others that were not mentioned in this study. This study showed the study of each one of the author individualy and in a second moment presented. Criticismand comparisons these models had, trying to make clear these criticisms and comparisons served to encourage the development of the Financial Analisis, to a point that one can name Altman, who dug to criticisms anel, his interest inbringing da ta to date, reorganize his original model (1968), making the Zeta model (1977). The secon concern of this study was to make clear some points that could be taken from the avaiagle material, thus we tried to answer wnich rates were used by the models and as a conclusion, we got at the evidence that there aren't few rates that best discriminate a bankrupt and non-bankrupt firm. A nother question was, if these models served for all the types and sizes of firms and we got at a conclusion they serve, aslong as the analyst adapt their particular necessities. And finally we tried to check what purposes these models could corresporld to and so, we pointed the comercial credit analisis, for invetment, internal decisions, stock purchases and sales, etc. We conclude, that the various models developad in the se last years, really brought progress to financial analisis, but these results must be carefully adapted to several situations and moreover, due to the development of other sciences may add efforts with the purpose of reaching a larger development. |
publishDate |
1982 |
dc.date.issued.fl_str_mv |
1982-08-28 |
dc.date.accessioned.fl_str_mv |
2013-04-04T19:54:42Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
OLIVEIRA, Arnaldo Prestes. O desenvolvimento da análise financeira nos últimos anos. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 1982. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/10702 |
identifier_str_mv |
OLIVEIRA, Arnaldo Prestes. O desenvolvimento da análise financeira nos últimos anos. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 1982. |
url |
http://hdl.handle.net/10438/10702 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
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