Desempenho econômico-financeiro das empresas sucroenergéticas da região centro-Sul do Brasil

• Autor(a) principal: Correia, Lucas Iugas
• Data de Publicação: 2020
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/27904
• topic: setor sucroenergético; planejamento financeiro; regressão linear; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

Objective: The main objective of this study was to develop a financial statements model (P&L and CFS) based on operational, commercial and financial variables for Brazilian sugarcane companies. It was also to calculate a linear regression equation for validation, summarization, and identification of the main variables that have more economic and financial impact on the proposed model’s results. Methodology: The main methodology step were: firstly the creation of the model; secondly the simulation of scenarios by testing the variables; and finally the calculation and analysis of the linear regression equation. The study was characterized as explanatory research with a data quantitative and documentary approach. The study was delimited to sugarcane companies with a crushing capacity between 2.0 to 3.0 million tons located in Brazil’s Center-South region due to its representativeness to the Brazilian scenario. Practical Implications: This study contributes to the sugarcane companies by using a predictive model for the development and analysis of the financial statements. It also contributes to the identification of the main variables that most impact the economic-financial result. Additionally, it is important to mitigate risks based on a tool that helps to understand, plan, project and control the financial resources. Originality and Contributions: The study is original as it concomitantly analyzes many variables in financial and economic results. This study also contributes to the development of the sugarcane industry, highlighting techniques and disseminating knowledge that improve economic performance while respecting and considering its social and environmental effects. Furthermore, it is possible to contribute to the field of academia by expanding studies in this specific area. Results: According to the literature review and data analysis, it was noticed that the model regression equation explains the free cash flow of sugarcane companies with an R-square (adjusted) of 95% based on 14 independent variables. The "Stepwise" method was used to identify the most relevant variables and following this, 5 independent variables that most explain the R-Square (adjusted), corresponding to 82.9%, were determined. The independent variables tested that most impact the economic-financial results were: sugar net price (VHP type), the sugar content of sugarcane (sucrose), distance from the field to the mill, leasing contract value and hydrous net price.