FINANCIAMENTO ORIENTADO À CONSTRUÇÃO NAVAL NO BRASIL: DISCUTINDO O SISTEMA A PARTIR DA PERCEPÇÃO DE EMPRESAS E ENTIDADES CLASSISTAS

The naval construction is a global industry that produces a tailor made capital good of high value. The need of a high volume of resource allocated, long maturation time and risks associated, alongside with the fluctuations of the freight market, are some of the factors that condition investments decisions. The credit analysis involves the evaluation of the project, economic and financial conditions of the firm and the market projections. The parameters of the financial contract that must be undertaken are: interest rate, risk spread, rules and time of amortization, guaranties, among others. Due to market failures, governments intervene, including the provision of direct subsidies to production and allocation of fund investments. The Brazilian experience is treated methodologically as a “study case”. This procedure is justified due not only to the exploratory nature of the research question on a quite complex subject but also to the relevance of the decision making process of major actors involved. The information is then submitted to an analysis of financial executives of naval construction firms and leaders of entrepreneur’s organizations, by means of structured interviews. The objective is to discuss the perception of these important actors on the structural constraints of the Brazilian financial system.