Monografias de Especialização
Avaliação dos impactos do aquecimento do mercado imobiliário e do Programa Minha Casa Minha Vida em empresas do ramo da construção civil
Fecha
2013-09-02Autor
Fabricio da Costa Ferreira
Institución
Resumen
The present work is to analyze the growth of the housing market, due to the growth of the Brazilian economy and the incentive program adopted by the government called "Minha Casa, Minha Vida" in the period 2006-2012 and its effects on financial ratios of two companies in the industry construction, which are MRV and GAFISA. The steps used to arrive at the goal of this paper is divided into four steps: First we sought through the available literature to contextualize the current economic scenario taking into account its evolution throughout the twentieth century, emphasizing that period the evolution of the Brazilian PIB, the recession occurred in the 1980s and 1990s and the current economic recovery and stabilization of the economy. Then we attempted to contextualize the construction industry and its importance to the economy. This topic has been given emphasis to the programs adopted by the government as an incentive to these activities, with an offsetting meeting demands of social housing, the improvement in the unemployment rate and the contribution to the economic outlook in general. Was made greater detail the current government program for the sector called "Minha Casa, Minha Vida". After the contextualization were presented, according to the available literature, the ways to assess the economic and financial performance of companies. We described the methods for calculation of indices Liquidity, Debt, Profitability, Insurance, Profitability and Market Value. Finally, the results were presented in two stages: initially demonstrating the evolution of the costs of construction, through the National Index of Civil Construction (INCC in Portuguese) compared to the selling prices of new apartments, published by the Institute for Economic Research (FIFE in Portuguese). At this stage of the presentation of results it was found that there was an increase in property prices disproportionate to rising construction costs. And then in step comparison of businesses related to MRV and GAFISA, two major players in the industry with different market segmentations, MRV focused on sales to Class C and GAFISA focused on sales for Classes A and B. We calculated the evolution of economic and financial indexes such companies in six years and pointed out that the company MRV performed better as a result of better understanding of the current economic environment, identifying and taking advantage of opportunities that arose