Estratégias financeiras empresariais para criação e destruição de valor

Abstract

The creation of value is the main objective of the companies; however, it only occurs when the returns gotten in investments exceed the cost of the invested capital. Although there are other variables involved, the financial ratios are important in the creation of value due to the easiness of its measurement and to the possibility of making future forecasts. The aim of this article was to identify which financial ratios could influence in the creation and destruction of value to the companies, using their EVAs (Economic Value Added) as a measure parameter. For this purpose, a logistic regression was used in the analysis, allowing estimate an equation of value creation/destruction. The equation showed itself significant and the ratios that can influence the creation of value are the return on investment, the return on assets, the return on equity and the debt ratio, and, as influential for the destruction of value, the current ratio.