Uma proposta para a análise integrada da liquidez e rentabilidade das empresas

Abstract

This paper introduces a new financial statement analysis model that allows us to integrate evaluations of the company's financial situation and the profitability of its own capital into one single measure, called companies' Economic-Financial Health Indicator (ISEF). The development of this indicator is demonstrated on the basis of research with 684 companies from 20 activity sectors. The collected data were processed through software developed especially for this study, generating a large amount of information that is grouped into several tables. The methodological procedures were described in detail. The companies' financial situation was evaluated through the Fleuriet model, which is quite well known in the academic world due to its solid theoretical foundations and the objectivity of its answers. The profitability of the companies' own capital was analyzed through the Du Pont formula, a traditional tool that is widely used until today. Besides integrating evaluations of a company's financial situation and the profitability of its own capital, thus determining the degree of its economic-financial health, the ISEF provides quite a broad view on what is happening in different activity sectors and in the business environment on the whole.