Crédito no processo de recuperação judicial e extrajudicial
Autor(a) principal: | |
---|---|
Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações do Mackenzie |
Texto Completo: | http://dspace.mackenzie.br/handle/10899/26325 |
Resumo: | The aim of this study is to identify the factors in determining credit for companies in judicial or extrajudicial rehabilitation or which are undergoing a period of financial crisis. This research is particularly relevant in the current scenario where the number of companies opting for the rehabilitation process is constantly increasing. Several causes can be attributed to companies showing poor performances and facing subsequent financial crises either as a result of internal factors or external ones. The lack of competent managerial decision-making, adoption of consistent strategies, poor management of the company's cash, among many other factors, cause loss of income and lowering of credit rating, thus leading to credit restrictions by commercial banks. Faced with this financial crisis, some companies end up taking advantage of the benefits provided by Statue 11.101/05 and opting for bankruptcy protection. Given the scarcity of credit, companies turn to factoring and FIDC, through which assignment of receivables helps to meet the need for raising funds and maintaining company operations. In this context, the present research proposes a study of the determining factors in granting credit to businesses in rehabilitation (turnaround), given the assumption of disparity between financial statements and the need for credit to keep the company going during the period of recovery from the crisis. The theoretical framework bases the survey on the causes of the financial crisis, followed by factoring, FIDC, securitization, Statute 11.101/05, the American Bankruptcy Code, credit and the role of trust. Qualitative, exploratory research was conducted at companies in the city and state of São Paulo. The results indicate two main trends in the credit-granting process; (i) the adoption of an agent who builds confidence and lowers the perceived risk for the funding entity; and (ii) the search for a partner to finance the company during the formal or informal rehabilitation process. |
id |
UPM_c8e556506a48825e6512865716df0b0f |
---|---|
oai_identifier_str |
oai:dspace.mackenzie.br:10899/26325 |
network_acronym_str |
UPM |
network_name_str |
Biblioteca Digital de Teses e Dissertações do Mackenzie |
repository_id_str |
10277 |
spelling |
2016-03-15T19:32:57Z2020-05-28T18:17:42Z2016-03-112020-05-28T18:17:42Z2015-08-19GLÓRIA, Daniel. Crédito no processo de recuperação judicial e extrajudicial. 2015. 135 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Presbiteriana Mackenzie, São Paulo, 2015.http://dspace.mackenzie.br/handle/10899/26325The aim of this study is to identify the factors in determining credit for companies in judicial or extrajudicial rehabilitation or which are undergoing a period of financial crisis. This research is particularly relevant in the current scenario where the number of companies opting for the rehabilitation process is constantly increasing. Several causes can be attributed to companies showing poor performances and facing subsequent financial crises either as a result of internal factors or external ones. The lack of competent managerial decision-making, adoption of consistent strategies, poor management of the company's cash, among many other factors, cause loss of income and lowering of credit rating, thus leading to credit restrictions by commercial banks. Faced with this financial crisis, some companies end up taking advantage of the benefits provided by Statue 11.101/05 and opting for bankruptcy protection. Given the scarcity of credit, companies turn to factoring and FIDC, through which assignment of receivables helps to meet the need for raising funds and maintaining company operations. In this context, the present research proposes a study of the determining factors in granting credit to businesses in rehabilitation (turnaround), given the assumption of disparity between financial statements and the need for credit to keep the company going during the period of recovery from the crisis. The theoretical framework bases the survey on the causes of the financial crisis, followed by factoring, FIDC, securitization, Statute 11.101/05, the American Bankruptcy Code, credit and the role of trust. Qualitative, exploratory research was conducted at companies in the city and state of São Paulo. The results indicate two main trends in the credit-granting process; (i) the adoption of an agent who builds confidence and lowers the perceived risk for the funding entity; and (ii) the search for a partner to finance the company during the formal or informal rehabilitation process.O objetivo deste estudo é identificar os determinantes de crédito para empresas em recuperação judicial, extrajudicial ou em crise financeira. Esta pesquisa está amplamente inserida no cenário atual em que os índices de empresas que optam pelo processo de recuperação se apresentam em constante elevação. Diversas causas podem levar as empresas ao desempenho desfavorável e, consequente, crise financeira, seja por fatores internos ou externos. A ausência de tomada de decisão gerencial, da adoção de estratégias consistentes, a má gestão do caixa da empresa, dentre tantas outras, ocasionam a perda de resultado e a deterioração do rating de crédito e, consequentemente, à restrição ao crédito por bancos comerciais. Diante da crise financeira, algumas empresas acabam recorrendo ao benefício da lei 11.101/05, optando pelo processo de recuperação judicial. Face à escassez do crédito, as empresas recorrem à factoring e Fundos de Investimentos em Direitos Creditórios (FIDC) para que, por meio da cessão de direitos creditórios possam suprir a necessidade de captação de recursos e manter o funcionamento da operação. Nesse contexto, a presente pesquisa propõe um estudo sobre os fatores determinantes na concessão do crédito para as empresas em recuperação (turnaround), dado o pressuposto da assimetria nas demonstrações financeiras e a necessidade de crédito para fomentar a empresa durante o período de recuperação da crise. O referencial teórico traz o levantamento a partir das causas da crise financeira, seguido do factoring, Fundos de Investimentos em Direitos Creditórios (FIDC), securitizadora, da lei 11.101/05, da lei americana Bankruptcy Code, do crédito, da confiança, do estudo de um caso real, chegando às conclusões. Realizou-se pesquisa qualitativa, do tipo exploratória, com 9 empresas da cidade de São Paulo e interior em que a soma do patrimônio líquido representa 33% do mercado. A aplicação do caso real de uma empresa em recuperação judicial com a adoção de um FIDC para fomentar o caixa a partir da contratação da empresa de consultoria permite compreender todo o processo. Os resultados obtidos através da análise de conteúdo indicam 2 vertentes no processo de concessão de crédito, sendo (i) a adoção de um agente que eleve a confiança e diminua a percepção do risco para o fomentador e (ii) a busca por parceiro para financiar a empresa durante o processo de recuperação judicial ou recuperação informal (acordo fora do tribunal). Constatou-se os seguintes determinantes de crédito: a competência da empresa em produzir resultados, o caráter da empresa, a qualidade das informações financeiras e a adoção de consultor, ainda que exerça o papel de agente, e mitigador de risco percebido.application/pdfporUniversidade Presbiteriana MackenzieControladoria EmpresarialUPMBRCiências Contábeisrecuperação judicialrecuperação extrajudicialconcessão de créditofidcfactoringsecuritizaçãoturnaroundjudicial rehabilitationextrajudicialrehabilitationbankruptcycredit GrantingFIDCfactoringsecuritizationturnaroundCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISCrédito no processo de recuperação judicial e extrajudicialinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisPerera, Luiz Carlos Jacobhttp://lattes.cnpq.br/3386375141622007Mendonça Neto, Octavio Ribeiro deLima, Fabiano Guastihttp://lattes.cnpq.br/1431793297800110http://lattes.cnpq.br/3553058671830523Glória, Danielhttp://tede.mackenzie.br/jspui/retrieve/3228/Daniel%20Gloria.pdf.jpghttp://tede.mackenzie.br/jspui/bitstream/tede/975/1/Daniel%20Gloria.pdfinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações do Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEOREORE.xmltext/xml2610http://dspace.mackenzie.br/bitstream/10899/26325/1/ORE.xml614fa6987a12b6ca2a5e12f96293db3dMD5110899/263252020-05-28 15:17:42.483Biblioteca Digital de Teses e Dissertaçõeshttp://tede.mackenzie.br/jspui/PRI |
dc.title.por.fl_str_mv |
Crédito no processo de recuperação judicial e extrajudicial |
title |
Crédito no processo de recuperação judicial e extrajudicial |
spellingShingle |
Crédito no processo de recuperação judicial e extrajudicial Glória, Daniel recuperação judicial recuperação extrajudicial concessão de crédito fidc factoring securitização turnaround judicial rehabilitation extrajudicial rehabilitation bankruptcy credit Granting FIDC factoring securitization turnaround CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Crédito no processo de recuperação judicial e extrajudicial |
title_full |
Crédito no processo de recuperação judicial e extrajudicial |
title_fullStr |
Crédito no processo de recuperação judicial e extrajudicial |
title_full_unstemmed |
Crédito no processo de recuperação judicial e extrajudicial |
title_sort |
Crédito no processo de recuperação judicial e extrajudicial |
author |
Glória, Daniel |
author_facet |
Glória, Daniel |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Perera, Luiz Carlos Jacob |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/3386375141622007 |
dc.contributor.referee1.fl_str_mv |
Mendonça Neto, Octavio Ribeiro de |
dc.contributor.referee2.fl_str_mv |
Lima, Fabiano Guasti |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/1431793297800110 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/3553058671830523 |
dc.contributor.author.fl_str_mv |
Glória, Daniel |
contributor_str_mv |
Perera, Luiz Carlos Jacob Mendonça Neto, Octavio Ribeiro de Lima, Fabiano Guasti |
dc.subject.por.fl_str_mv |
recuperação judicial recuperação extrajudicial concessão de crédito fidc factoring securitização turnaround |
topic |
recuperação judicial recuperação extrajudicial concessão de crédito fidc factoring securitização turnaround judicial rehabilitation extrajudicial rehabilitation bankruptcy credit Granting FIDC factoring securitization turnaround CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
dc.subject.eng.fl_str_mv |
judicial rehabilitation extrajudicial rehabilitation bankruptcy credit Granting FIDC factoring securitization turnaround |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
The aim of this study is to identify the factors in determining credit for companies in judicial or extrajudicial rehabilitation or which are undergoing a period of financial crisis. This research is particularly relevant in the current scenario where the number of companies opting for the rehabilitation process is constantly increasing. Several causes can be attributed to companies showing poor performances and facing subsequent financial crises either as a result of internal factors or external ones. The lack of competent managerial decision-making, adoption of consistent strategies, poor management of the company's cash, among many other factors, cause loss of income and lowering of credit rating, thus leading to credit restrictions by commercial banks. Faced with this financial crisis, some companies end up taking advantage of the benefits provided by Statue 11.101/05 and opting for bankruptcy protection. Given the scarcity of credit, companies turn to factoring and FIDC, through which assignment of receivables helps to meet the need for raising funds and maintaining company operations. In this context, the present research proposes a study of the determining factors in granting credit to businesses in rehabilitation (turnaround), given the assumption of disparity between financial statements and the need for credit to keep the company going during the period of recovery from the crisis. The theoretical framework bases the survey on the causes of the financial crisis, followed by factoring, FIDC, securitization, Statute 11.101/05, the American Bankruptcy Code, credit and the role of trust. Qualitative, exploratory research was conducted at companies in the city and state of São Paulo. The results indicate two main trends in the credit-granting process; (i) the adoption of an agent who builds confidence and lowers the perceived risk for the funding entity; and (ii) the search for a partner to finance the company during the formal or informal rehabilitation process. |
publishDate |
2015 |
dc.date.issued.fl_str_mv |
2015-08-19 |
dc.date.accessioned.fl_str_mv |
2016-03-15T19:32:57Z 2020-05-28T18:17:42Z |
dc.date.available.fl_str_mv |
2016-03-11 2020-05-28T18:17:42Z |
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 |
GLÓRIA, Daniel. Crédito no processo de recuperação judicial e extrajudicial. 2015. 135 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Presbiteriana Mackenzie, São Paulo, 2015. |
dc.identifier.uri.fl_str_mv |
http://dspace.mackenzie.br/handle/10899/26325 |
identifier_str_mv |
GLÓRIA, Daniel. Crédito no processo de recuperação judicial e extrajudicial. 2015. 135 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Presbiteriana Mackenzie, São Paulo, 2015. |
url |
http://dspace.mackenzie.br/handle/10899/26325 |
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.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.publisher.program.fl_str_mv |
Controladoria Empresarial |
dc.publisher.initials.fl_str_mv |
UPM |
dc.publisher.country.fl_str_mv |
BR |
dc.publisher.department.fl_str_mv |
Ciências Contábeis |
publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações do Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
instname_str |
Universidade Presbiteriana Mackenzie (MACKENZIE) |
instacron_str |
MACKENZIE |
institution |
MACKENZIE |
reponame_str |
Biblioteca Digital de Teses e Dissertações do Mackenzie |
collection |
Biblioteca Digital de Teses e Dissertações do Mackenzie |
bitstream.url.fl_str_mv |
http://dspace.mackenzie.br/bitstream/10899/26325/1/ORE.xml |
bitstream.checksum.fl_str_mv |
614fa6987a12b6ca2a5e12f96293db3d |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 |
repository.name.fl_str_mv |
|
repository.mail.fl_str_mv |
|
_version_ |
1757177221466816512 |