MODELO DINÂMICO X TRADICIONAL DE ANÁLISE DO CAPITAL DE GIRO: ANÁLISE FINANCEIRA DE DUAS EMPRESAS CAPIXABAS DE SETORES DIFERENTES

The research aimed to investigate the existence of significant differences between the results of Dynamic and Traditional Analysis of Working Capital of two Companies located in Espírito Santo state, Brazil, from different sectors in the period of 2008 to 2017. The research sample is composed of the companies: Fibria Celulose S.A and Vale S.A. Through the dynamic analysis of Michel Fleuriet, it was proved that companies with a bad financial situation had most of their indebtedness in the short term, harming their liquidity. Therefore, companies with an unsatisfactory financial situation presented great liquidity, concentrating most of their indebtedness in the long term, using only a portion of their loans in the short term. Companies with a solid financial situation, in its turn, use long-term sources to finance their working capital, with high liquidity. It was also possible to verify through the dynamic analysis model that the company Vale S.A. presented solid financial situation in all periods and by the traditional analysis presented an adequate working capital policy. It is also documented that the company Fibria Celulose SA, in 2017, presented an excellent financial situation and a zero-day cash conversion cycle, converging the results of the models again, showing that both the traditional working capital analysis model and the dynamic model indicated effective working capital management in the period, concluding that there is a significant relationship between the results of the Dynamic Model and the Traditional Model of Working Capital Analysis.