UM ESTUDO SOBRE A RELAÇÃO ENTRE ADESÃO DAS COMPANHIAS ABERTAS AO REFIS E O SEU CAPITAL DE GIRO LÍQUIDO

Abstract

The objective of this study is to know whether the companies that participated in the Refis had less net working capital than those who did not participate in the program. The research, descriptive and quantitative method, the population was listed companies, whose final sample consisted of 176 companies, totaling 1760 observations. Data were collected in the financial statements of companies in the period 2000 to 2009, available at the BM&FBovespa and were treated by descriptive statistics, testing nonparametric comparison of means Kruskal Wallis (KW) and applying the Fleuriet Model. The main results showed that the 13 sectors analyzed, only three: Financial, Industrial Goods and Consumer Electronics showed excellent and solid financial position, all others showed poor financial situation, bad or very bad. Considering all - CDG, NCG and T - companies that had participated in the Refis financial ratings less favorable than those who did not. Analyzing only the situation of the companies of the CDG in the year of accession to Refis, it was found that all had negative ratings, while companies that did not participate were rated positive in three of the four periods in which the program was edited. There was difference between the CDG of the companies that participated in the Refis and which were not statistically significant at 10%, when considering the year of accession, and 1%, when considering any of the years analyzed. It was concluded that evidence is statistically significant, the companies that participated in the Refis had more need for financing working capital than those companies that did not participate.