Análise do capital de giro: aplicação do modelo tradicional e Fleuriet.

Abstract

Work of Capital management is one of the most important topics in short term financial analysis. For that reason, the purpose of this work is to study the financial healthy of seven companies of the sector of Cyclic Consumption, Commerce, Fabrics, Clothing and Footwear by two different points of view: the Traditional Model and the Dynamic Model. The Traditional Model uses liquidity ratios and Net Working Capital to evaluate the financial performance of the company. The model’s critics claims that is hard and difficult to interpret the result of the ratios because of the huge numbers and contradiction between then. Besides that, the model does not considerate the dynamic behavior of the work of capital. The necessity of a model that would consider the dynamic character of work of capital, Michel Fleuriet, an teacher born in france but raised in Brazil developed a new model of work of capital analyses, the model is known as: Fleuriet Model, and it is based in three indicators: working capital, working capital requirement and treasury balance. The work results shows that the application of Fleuriet Model is more realistic, on the financial healthy, than the traditional model on the companies analyzed.