Subvenções governamentais: escolhas contábeis e indicadores em empresas listadas na B3

Abstract

The objective of the study is to analyze the impact of government grants received on the profitability and structure indicators of companies listed in B3, considering the accounting choices allowed in CPC 07 and Brazilian law. To this end, 49 companies listed in B3 that had a balance in the Tax Incentive Reserve account in the consolidated financial statements from 2010 to 2018 were analyzed. The main contribution of the research is to demonstrate the impact of government subsidies on the profitability and structure indicators of companies listed in B3, from the entities that allocate the recognized amounts to the Tax Incentive Reserves, avoiding the distribution of profits related to these benefits. The analysis procedures adopted were descriptive statistics of the components and indicators and the non-parametric Wilcoxon test, for analysis of the averages, considering the values of the grants and excluding such values. The results revealed that, at a 5% significance level, the averages of Net Income and Shareholders' Equity adjusted for grant income exclusion are statistically different from the same components calculated with grants. Regarding the economic and financial indicators, there were statistically significant variations resulting from recognized grant revenues, at the level of 5%, ie, when calculated with and without the effects of government grants, the indicators suffer statistically significant variations in the companies analyzed in the period studied. This is because subsidies are economically relevant to all companies studied.