Estratégias de financiamento do capital de giro em empresas do setor alimentício

Abstract

This work aims at identifying working capital financing strategies of the food industry listed at Bovespa, trying to find possible financing patterns in this industrial segment. Firstly, the article discusses the role of the financing decisions in the company management of the working capital, based on financial profiles from Fleuriet’s dynamic model, in addition to presenting the possible strategy options that can be adopted for the decision-making process. Afterwards, an overview of the food industry is presented. Lastly, the authors analyze the financial statements of 11 companies from 2002 to 2004 in order to identify such strategies. Results show the existence of more conservative financing patterns in the coffee segment and more aggressive patterns in the meat, poultry and other segments, as well as in the dairy products segment. However, there are no patterns observed in the grain and oilseed milling segment. Keywords: Working Capital; Financing Pattern; Financial Profiles.