A cadeia produtiva da carne e a política de subsídios via Banco Nacional de Desenvolvimento Econômico e Social (BNDES): uma análise de resultados financeiros das grandes empresas beneficiadas e efeitos para produtores e consumidores

Abstract

This research sought to identify and analyze the reflections of BNDES subsidy policy for the meat production chain (from 2006 to 2016) and its alignment with the expected formal results, based on the financial ratios of three national meatpackers and, under the premise that the government encourages in accordance with the constitutional foundation articles 174 and 192 to promote the development of the country. The justifications of this work are based on the importance of meat, both for the economy and as a source of food, in the fact that the segment is one of the most subsidized by the government and possible contributions from this study to the improvement of government policy aimed at the sector. As a research method, information was collected from the Productive Development Policy (PDP), legislative documents, historical series of the price of beef and meat sold to the final consumer and a comparative analysis of dry liquidity indexes, inventory turnover. , equity evolution, changes in equity interests and other pertinent valuations through the statements of the meatpacking plants. It was found that the companies' financial results improved significantly with the incentives (mainly in terms of growth in equity, net operating income, cash and fixed assets) and the segment increased in the foreign market as PDP aimed, but clear benefits to the Bank and society were not observed. Therefore, it is concluded that there is a misalignment between the effects of the policy and the expected results for the incentive.