Reflexo das operações de fusões e aquisições nos indicadores financeiros das empresas brasileiras de capital aberto

The purpose of this paper is to analyze if there are differences in the liquidity, profitability and leverage ratios of Brazilian publicly traded companies that went through mergers and acquisitions between 2010 and 2014. These operations are mechanisms of corporate restructuring and to obtain operational and financial synergies. The analysis observed the financial statements of four quarters ex ante and ex post of the acquiring and resulting companies relative to 23 mergers and acquisitions operations, whose data were treated under a qualitative (Fleuriet and DuPont models) and a quantitative (Teste de Wilcoxon) approaches. Therefore, the financial ratios calculated were Working Capital Need, Working Capital, Cash Balance and Return on Equity, this last was decomposed in Profit Margin, Asset Turnover and Leverage. The main findings suggest that in the short term occurred a deterioration of the liquidity, which was primarily due to an increase of working capital need, that presented differences statistically significant, whereas to profitability and leverage this difference statistically significant was not confirmed. In conclusion, the deterioration found is timely to the immediate period after the merger and acquisition operation and the financial situation and profitability can be reestablished in the subsequent periods if the operational and financial synergies are achieved.