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Master's Dissertation
DOI
10.11606/D.11.2005.tde-11112005-165509
Document
Author
Full name
Davi Rogério de Moura Costa
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
Piracicaba, 2005
Supervisor
Committee
Bialoskorski Neto, Sigismundo (President)
Lima, Roberto Arruda de Souza
Matias, Alberto Borges
Title in Portuguese
Rating de cooperativas agropecuárias: uma contribuição metodológica
Keywords in Portuguese
análise de risco
cooperativa agrícola – avaliação
economia agrícola
Abstract in Portuguese
Com a promulgação da Constituição Federal de 1988, as cooperativas agropecuárias brasileiras deixaram de ser obrigadas a enviar informações relevantes sobre a sua gestão, apresentadas nos seus demonstrativos contábeis, à Secretaria Nacional de Cooperativismo (SENACOOP), órgão do governo federal que regulava, controlava e fiscalizava suas atividades. Assim, neste novo cenário, deixou de existir o órgão, a exemplo do que hoje é feito pela Comissão de Valores Mobiliários (CVM) para as empresas S/A, que estabelecia regras e responsabilidades para diminuir a assimetria de informação sobre a gestão entre os gestores, cooperados e mercado. Adiciona-se a isso o fato de, na década de noventa, ter ocorrido a extinção do Banco Nacional de Crédito Cooperativo (BNCC) e problemas macroeconômicos na agricultura, que elevam a necessidade das cooperativas obter recursos junto a terceiros. Diante do novo cenário e baseado em teorias econômicas que apontam que a existência de assimetria de informações, manifestadas nas formas de seleção adversa ou risco moral (moral hazard), gera ineficiência no funcionamento do mercado, mas que essas podem ser reduzidas por meio de mecanismos de sinalização, e que o rating pode ser usado para tanto, foi objetivo desta pesquisa criar uma metodologia de rating corporativo, específico para cooperativas agropecuárias, pelo fato de essas organizações se diferenciarem das demais por não atuarem com objetivo de lucro. A construção da metodologia ocorreu com base na revisão bibliográfica de teorias econômicas e da administração financeira, de trabalhos científicos que objetivavam avaliar risco de crédito e condição de solvência das cooperativas agropecuárias e nos materiais divulgados pelas principais agências que elaboravam rating no Brasil. Para poder comparar todas as propostas de metodologias das agências e trabalhos revisados, são usados os "Cs" do crédito, pois se notou que esses são fatores comuns entre todas as metodologias. A metodologia é validada, por meio de estudo de caso, para averiguar sua aplicabilidade em uma cooperativa agropecuária atuante no mercado de café. Durante sua aplicação, notou-se que todos os grupos de tópicos de assuntos e indicadores, a serem diagnosticados, são mensuráveis e comparáveis, sendo considerados pertinentes e importantes pelos executivos da organização avaliada. Os resultados obtidos permitem concluir que a metodologia criada é aplicável e que seus resultados seriam mais significativos se houvesse a discussão sobre os pesos dos indicadores e das notas dos tópicos e grupos, nos denominados comitês de rating, a exemplo do que é feito pelas agências que os elaboram. Como sugestão, é apresentada a necessidade de que novas aplicações da metodologia sejam realizadas para testá-la junto a outras organizações, de forma a consolidá-la como um sinalizador a ser usado pelo mercado e cooperado.
Title in English
Rating methodology of agriculture cooperative: a proposal of methodology
Keywords in English
agricultural cooperative
agricultural economics
risk analysis
Abstract in English
After the promulgation of the Federal Constitution in 1988, the Brazilian Agriculture Cooperative stopped being obligated to send important management information presented in their accounting demonstrations to the National Secretary of Cooperatives (SENACOOP). SENACOOP was a federal organ that regulated, controlled and supervised cooperatives activities and was terminated after 1998. Also, SENACOOP was responsible for establishing rules and reduce the information asymmetry among managers, people associated to the cooperation and market. Those responsibilities were similar to what is done by the Securities and Exchange Commission of Brazil (CVM) to the shareholder cooperatives. In addition, in the 1990s, the National Bank of Cooperative Credit (BNCC) was terminated and agriculture experienced macroeconomic problems. As a consequence, the necessity of the cooperatives to gain resources together with third part rose. Economic theories assert that the existence of asymmetry of information, manifested as adverse selection or moral hazard, creates market inefficiency. These problem could be reduced by the introduction of signalization mechanisms, like rating. The purpose of this research was create a methodology of cooperative rating. This is justify due to these organizations be different from others and because they do not work with profit as their objective. The methodology construction was based on the literature review on credit risk evaluation and solvency conditions of agriculture cooperatives and on available materials from the main agencies that elaborated rating in Brazil. The "Cs" of credit were used to compare the different methodologies proposed by the agencies and revised papers, because these are a common factor across all the methodologies. The methodology was corroborated by a case study of an agriculture cooperative which is active in the coffee market. During its application, it was noticed that every group of topics and indicators to be pinpointed are measurable and comparable, being considered relevant and important by executives of the evaluated organization. The gathered results allow to conclude that the created methodology is applicable. However, methodology results would be more significant if there was a discussion about the importance of the indicators and score of topics and groups in the nominated committees of rating, as is done by the agencies which elaborate them. As a suggestion new applications of the methodology need to be done in other organizations, to consolidate it as a signal to be used by the market and people involved in cooperatives.
 
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Publishing Date
2005-11-17
 
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