Finanças corporativas: um estudo sobre o comportamento da estrutura de capital do Hapvida desde sua abertura de capital

Abstract

First, we will talk about the creation of supplementary health plans in Brazil and the importance of analyzing them and what the study of the capital structure of a company is about. Next, we will analyze the Hapvida company, which is a publicly traded supplementary health plan company from Ceará. The objective of the work is to analyze if there was a change in the company's capital structure after the capital opening. In the literature review, we will first deal with the concept and the importance of analyzing the capital structure of a company. Subsequently, we will show the concepts of some of the most relevant theories on the subject, as: the Traditional Theory, the Modigliani and Miller Theory, the Pecking Order Theory and the Trade-off Theory. Next, we will apply the methodology for calculating the capital structure indicators, based on the balance of financial statements presented by the company. Specifically, analyzing the company's indebtedness level, using the General Indebtedness Ratio, the Indebtedness to Third Parties Ratio, the Debt Composition Ratio, the Non-Current Assets Immobilization Ratio, and the Net Worth Immobilization Ratio. With this, applying the calculations that we will present below, we can conclude that Hapvida's capital opening in 2018, was positively decisive on the General Indebtedness ratio, Indebtedness to Third Parties ratio and the Non-Current Resources Immobilization ratio. However, when it comes to the Imobilization of Net Equity index, we noticed an improvement right at the beginning, however, this was not maintained over the years, so the capital opening may have helped the company in this aspect at first, but this fact was not sustained over the years. As well, we cannot conclude that Hapvida's capital opening in 2018 was a fundamental factor in changing the Debt Composition ratio. Furthermore, using the analysis of these indexes we can affirm that there is a connection with the concepts of the Packing Order capital structure theories, which is based on the hierarchy of financing sources. In Trade-off, which states that we must balance the level of indebtedness up to the point where fiscal benefits do not exceed bankruptcy costs, in other words, we must sustain debt until we reach a point that maximizes the value of the company, and in Traditional, which states that there is an ideal combination of own capital and third-party capital that maximizes the value of the company.