Indicadores de liquidez e o fluxo de caixa operacional: um estudo nas empresa s brasileiras de capital aberto
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2014-08
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This study investigated the relationship of liquidity, measured by net working capital and the need for working capital, with operating cash flow. Liquidity, historically, is determined by the current ratio, which can also be measured by the difference between current assets and current liabilities, defined as net working capital. At the end of 1970s, Fleuriet, created a liquidity evaluation model, similar to net working capital, that suggests the reclassification of current assets and current liabilities as financial and operational in order to ascertain the is a panel study conducted with a sample of 166 Brazilian listed companies for the period from value of need for working capital on the basis of the difference between financing investment and short-term operations. However, the operating cash flow resulting from the inputs and outputs of operational resources, a priori, shows better liquidity. The research reported here 2008 to the second quarter of 2012. A fixed effects model was used for the treatment and analysis of data. Results indicate that the metric of liquidity need for working capital is not significant in the explanation of operating cash flow; net working capital, although statistically significant, makes only a small additional contribution to the adjusted coefficient of determination, R2. Thus it is inferred that the findings of this study corroborate the theory, revealing that liquidity measured by net working capital and by need for working capital does not faithfully represent the assets held in cash, unlike the metric of operating cash flow, which effectively represents operational inputs and outputs. This inference is supported by the empirical evidence of the variable that represents variation in operating assets and liabilities. The results of the study suggest the need for discussion of and changes in the conceptual framework and measurement of net working capital and need for working capital.
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Liquidez, Fluxo de caixa operacional, Capital circulante líquido, Necessidade de capital de giro, Liquidity, Operating cash flow, Net working capital, Need for working capital
Citação
ZANOLLA, Ercilio et al. Indicadores de liquidez e o fluxo de caixa operacional: um estudo nas empresa s brasileiras de capital aberto. Contabilidade, Gestão e Governança, Brasília, v. 17, n. 2, p. 137-151, maio./ago. 2014.