ANÁLISE FINANCEIRA DAS EMPRESAS   11ª edição   José Pereira da Silva
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ANÁLISE FINANCEIRA DAS EMPRESAS 11ª edição José Pereira da Silva


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Análise 
Financeira 
das Empresas
josé pereira da silva
AMBIENTE DA ANÁLISE FINANCEIRA
DEMONSTRAÇÕES CONTÁBEIS BRASILEIRAS 
ANÁLISE FINANCEIRA DAS EMPRESAS 
ANÁLISE DO CAPITAL DE GIRO
FLUXO DE CAIXA E PROJEÇÕES FINANCEIRAS
ALAVANCAGEM OPERACIONAL E FINANCEIRA
11a Edição 
Atualizada conforme 
novas regras 
contábeis
JOSÉ PEREIRA DA SILVA
ANÁLISE FINANCEIRA DAS EMPRESAS
11ª edição
Manual do Mestre(material para o site)
SÃO PAULOEDITORA ATLAS S.A. \u2013 2012
SUMÁRIOManual do Professor, 3
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\ufffd”‹…‹’ƒ‹•\ufffd†‡‘•–”ƒ­Ù‡•\ufffd…‘–ž„‡‹•\u1e1\ufffd\u373\u376Componentes do balanço, 17Componentes da demonstração do resultado, 30
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Análise Financeira das Empresas José Pereira da Silva 3
Manual do Professor
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Financeira das Empresas (ATLAS)\u1e4\ufffd\ufffd\ufffdŽ‹˜”‘\ufffd±\ufffd…‘’‘•–‘\ufffd†‡\ufffd\u374 \u377\ufffd…ƒ’À–—Ž‘•\u1e1\ufffd…—Œ‘\ufffd…‘–‡ï†‘\ufffd‡•–ž\ufffdƒ–—ƒŽ‹œƒ†‘\ufffd‡\ufffd
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Material para o professor
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Considerações sobre as resposta apresentadas:
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ponder as respectivas questões.
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O professor, na condução do grupo de alunos é que vai dar o tom em termos de profundidade nas 
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exclusivo do colega. 
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para a resposta do aluno.
Análise Financeira das Empresas José Pereira da Silva 4
Conteúdo do livro
Parte I \u2013 Ambiente da Análise Financeira 
1. \ufffd’Ž‹–—†‡\ufffd†ƒ\ufffdƒžŽ‹•‡\ufffd\u3d0‹ƒ…‡‹”ƒ
2. A empresa e sua estrutura de informações
Parte II \u2013 Demonstrações Contábeis Brasileiras
3. \ufffd‘”ƒ•\ufffd•‘„”‡\ufffd†‡‘•–”ƒ­Ù‡•\ufffd…‘–ž„‡‹•
4. \ufffd”‹…‹’ƒ‹•\ufffd†‡‘•–”ƒ­Ù‡•\ufffd…‘–ž„‡‹•
5. Componentes do balanço
6. Componentes da demonstração do resultado
Parte III \u2013 Análise Financeira das Empresas
7. \ufffd\ufffd˜ƒŽ‘”\ufffd†‘\ufffd†‹Š‡‹”‘\ufffd‡\ufffdƒ•\ufffd†‡‘•–”ƒ­Ù‡•\ufffd\u3d0‹ƒ…‡‹”ƒ•
8. \ufffdƒ†”‘‹œƒ­ ‘\ufffd†ƒ•\ufffd†‡‘•–”ƒ­Ù‡•\ufffd\u3d0‹ƒ…‡‹”ƒ•
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14. \ufffd\ufffdžŽ‹•‡\ufffd†‡\ufffd‹†‹…ƒ†‘”‡•\ufffd†‡\ufffd‡”…ƒ†‘\ufffd†‡\ufffd…ƒ’‹–ƒ‹•
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17. \ufffdA†‹…‡•\ufffd†‡\ufffd\ufffd‘–ƒ­ ‘\ufffd\u202\ufffd\ufffd’”‘ˆ—†ƒ‡–‘
Parte IV \u2013 Análise do Capital de Giro
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\u20c
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Parte V \u2013 Fluxo de Caixa e Projeções Financeiras
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22. \ufffd\ufffd”‘Œ‡­Ù‡•\ufffd†‡\ufffd†‡‘•–”ƒ­Ù‡•\ufffd\u3d0‹ƒ…‡‹”ƒ•
Parte IV \u2013 Alavancagem Operacional e Financeira
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24. \ufffd\ufffdŽƒ˜ƒ…ƒ‰‡\ufffd\u3d0‹ƒ…‡‹”ƒ\ufffd‡\ufffd–‘–ƒŽ
Abraço e obrigado,
José Pereira da Silva
jose.pereira.silva@fgv.br 
Análise Financeira das Empresas José Pereira da Silva 5
Capítulo 1
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Questões para resolução e discussão
----------------------
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Resposta:
\ufffd‡•—‹†ƒ‡–‡\u1e1\ufffd’‘†‡‘•\ufffd†‹œ‡”\ufffd“—‡\ufffdƒ\ufffdƒžŽ‹•‡\ufffd \u3d0‹ƒ…‡‹”ƒ\ufffd†‡\ufffd—ƒ\ufffd‡’”‡•ƒ\ufffd…‘•‹•–‡\ufffd—\ufffd
‡šƒ‡\ufffd‹—…‹‘•‘\ufffd†‘•\ufffd†ƒ†‘•\ufffd\u3d0‹ƒ…‡‹”‘•\ufffd†‹•’‘À˜‡‹•\ufffd•‘„”‡\ufffdƒ\ufffd‡’”‡•ƒ\u1e1\ufffd„‡\ufffd…‘‘\ufffd†ƒ•\ufffd…‘†‹­Ù‡•\ufffd
‡†×‰‡ƒ•\ufffd‡\ufffd‡š×‰‡ƒ•\ufffd“—‡\ufffdƒˆ‡–ƒ\ufffd\u3d0‹ƒ…‡‹”ƒ‡–‡\ufffdƒ\ufffd‡’”‡•ƒ\u1e4\ufffd\ufffd\ufffd\ufffdƒžŽ‹•‡\ufffd\u3d0‹ƒ…‡‹”ƒ\ufffd†‡\ufffd—ƒ\ufffd‡\u1e6
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Coletar Ÿ Conferir Ÿ Preparar Ÿ Processar Ÿ Analisar Ÿ Concluir
------------------------------
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• ‘\ufffd‡••‡•\ufffd†ƒ†‘•\ufffd‡\ufffd‹ˆ‘”ƒ­Ù‡•\ufffdƒ†‹…‹‘ƒ‹•\ufffd\u20b	\u20c\u1e4
Resposta:
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’‘‹•\ufffdŠž\ufffd—ƒ\ufffd•±”‹‡\ufffd†‡\ufffdˆƒ–‘”‡•\ufffd ‘\ufffd\u3d0‹ƒ…‡‹”‘•\ufffd“—‡\ufffd…ƒ—•ƒ\ufffd‹’ƒ…–‘\ufffdƒ\ufffd•ƒï†‡\ufffd\u3d0‹ƒ…‡‹”ƒ\ufffd†ƒ\ufffd‡’”‡\u1e6
•ƒ\u1e1\ufffd…‘‘\u1e1\ufffd’‘”\ufffd‡š‡’Ž‘\u1e3
\u208\ufffd O que faz a empresa.
\u208\ufffd Quem são os proprietários, quem tem o poder de mando.
\u208\ufffd Quem são os administradores.
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Análise Financeira das Empresas José Pereira da Silva 6
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Resposta:
Contabilidade\ufffd\u202\ufffdƒ\ufffd…‘–ƒ„‹Ž‹†ƒ†‡\ufffd±\ufffd–‹†ƒ\ufffd…‘‘\ufffdƒ\ufffdŽ‹‰—ƒ‰‡\ufffd†‘•\ufffd‡‰×…‹‘•\ufffd‡\ufffd‡•–ž\ufffd—‹–‘\ufffd”‡Žƒ…‹‘\u1e6
ƒ†ƒ\ufffd…‘\ufffdƒ\ufffdƒžŽ‹•‡\ufffd\u3d0‹ƒ…‡‹”ƒ\u1e4\ufffd\ufffd•\ufffd†‡‘•–”ƒ­Ù‡•\ufffd…‘–ž„‡‹•\ufffdˆ‘”‡…‹†ƒ•\ufffd’‡Žƒ\ufffd…‘–ƒ„‹Ž‹†ƒ†‡\ufffd…‘•\u1e6
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‡–”‡\ufffd‘—–”ƒ•\ufffd’‘••À˜‡‹•\u1e4
Economia \u202\ufffdƒ\ufffd‡…‘‘‹ƒ\ufffd’‘†‡\ufffd•‡”\ufffd˜‹•–ƒ\ufffd‡\ufffd†—ƒ•\ufffd†‹‡•Ù‡•\u1e4\ufffd\ufffd\ufffd‹…”‘‡…‘‘‹ƒ\ufffd‡\ufffdƒ\ufffdƒ…”‘‡\u1e6
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