Ralação entre criação do valor econômico e a inadimplência financeira das empresas que não contribuem na bolsa de valores da Colômbia (2016-2019)
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Resumo
Este artigo tem como objetivo avaliar a correlação dos resultados apresentados das aplicações financeiras Altman Z-Score e Economic Value Added (EVA). Para alcançar este propósito aplica-se enfoque metodológico quantitativo, com um alcance descritivo. Os resultados confirmam a efetividade da aplicação individual EVA e o modelo de pontuação Z. Contudo, as provas estadísticas (correlação, gráficos de dispersão e regressão lineal) revelam uma baixa relação entre a criação do valor econômico agregado e a probabilidade de inadimplência financeira. Os resultados evidenciam que, ao executar as duas aplicações de medição de desempenho financeiro, os resultados se podem contradizer entre si, no entanto a empresa cria valor, que implica uma baixa probabilidade de inadimplência financeira, y a probabilidade de falência, é dizer, um Z-Score baixo. Se pode concluir que a mínima relação devese a base de informação financeira que é utilizada para o cálculo das duas ferramentas. Diferente da aplicação EVA, que precisa definir vaiáveis exógenas que as empresas não podem controlar, o modelo Z centraliza seu cálculo nas variáveis endógenas dos estados financeiros da empresa.
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Referências
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