Proposta de um modelo de análise de crédito corporativo com a utilização de indicadores qualitativos e quantitativos

Abstract

The aim of this study was to analyze how qualitative and quantitative indicators can be used in corporate credit assessment, highlighting the influence of the sector context, capital structure and management decisions on risk and the cost of capital. A methodology was used which weights qualitative (30%) and quantitative (70%) aspects, due to the subjectivity associated with the former and the greater precision of the latter. The research was applied to a group of companies representing different sectors, whose proposed ratings were compared with those assigned by the major rating agencies, validating the quality of the weightings and indicators used. The results indicated that less cyclical sectors have higher ratings and lower capital costs, while companies with access to international capital markets manage to reduce the cost of debt through efficient hedging policies. It is concluded that the integration of qualitative and quantitative analysis is essential for a robust credit assessment and that there is an untapped market for the qualitative analysis of large companies, offering significant opportunities for the advancement of industry practices. [resumo fornecido pelo autor]