Análise comparativa das contratações de FINIMP e capital de giro por empresas importadoras de 2012 a 2016

Abstract

Given the scenario of strong variations of the Brazilian economic indices, this work aims to analyze the main variables and factors that influence an importer when choosing between Import Financing and Working Capital Loan contracting to finance their purchases with foreign suppliers that bill in US dollars. Sixty contracts were simulated for each mode of credit at six-month intervals over the years 2012 to 2016 in order to identify their costs and behaviors, as well as to understand how the expectation of the dollar could help the importer in choosing which credit obtain and verify between making use of the expectation of variation of the dollar or the expectation of costs of the two contracts which is the most advantageous method to decide which one to hire. The simulation analyzes revealed different behaviors for each type of contract, and FINIMP is more recommended to importers willing to be at greater risk in the disbursement related to the exchange rate variation, but this also makes it possible to make a profitfrom the appreciation of the exchange rate. The method of analyzing the costs foreseen in the contracts showed better results. However, it is concluded that in addition to verifying market expectations regarding the dollar, it is necessary to study this market and follow the news about the economy and politics in the country.