Análise estratégica e de agregação de valor econômico na integração vertical da silvicultura e do tratamento de madeira: um estudo de caso no Mato Grosso do Sul
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Data
2018-08-13
Autores
Mannarelli Filho, Téucle
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Editor
Universidade Estadual Paulista (Unesp)
Resumo
Esta pesquisa tem por objetivo verificar a existência de agregação de valor econômico no tratamento de madeira em uma empresa de silvicultura com florestas integradas e verticalizadas de eucalipto citriodora. Metodologicamente trata-se de um estudo de caso único, não probabilístico e intencional por conveniência, exploratório e qualitativo; como instrumento de coleta de dados, utiliza-se de entrevistas, visitas a empresa e consulta aos documentos gerenciais e contábeis.O estudo permitiu mapear os diversos aspectos da diversificação de produtos e segmentação de mercado, mapeando o posicionamento estratégico da empresa em seu projeto de produção e de comercialização de madeira tratada. Ainda na etapa metodológica, utilizou-se de técnicas de Análise Pestel, das Cinco Forças de Porter e SWOT. O estudo permitiu realizar um completo mapeamento de custos e de despesas com a elaboração dos Demonstrativos de Resultados com metodologia de Custeio por Absorção e de Custeio Direto e o cálculo do Ponto de Equilíbrio, Margem de Contribuição e Margem de Segurança Operacional, no período de janeiro de 2016 a junho 2017. As contribuições gerenciais obtidas são de uma tabela de preços com equalização dos custos referenciada na madeira in natura, identificação dos principais custos envolvidos nas etapas da cadeia de produção. A estratégia de verticalização pode se constituir uma oportunidade competitiva para pequenas e médias agroindústrias florestais desde que seja feita uma análise da competitividade do investimento incluindo variáveis de mercado, negócio e financeiras. A abordagem do fluxo de caixa descontado se constitui uma metodologia de avaliação econômica robusta para esse tipo de investimento, sendo necessário sempre o uso da Taxa Interna de Retorno Modificada.Complementarmente, para a verificação do objetivo principal da pesquisa, elaboraram-se fluxos de caixa projetados para dez anos com cenários, e a utilização de técnicas de análise de investimento: valor presente líquido, tempo de recuperação de capital, taxa interna de retorno e taxa interna de retorno modificada; sendo que houve atingimento do objetivo proposto com a existência de agregação de valor econômico no tratamento de madeira, na integração vertical, em florestas plantadas de eucalipto citriodora. As limitações do estudo estão relacionadas com o fato de ser um caso único, que dificulta sua utilização em outras empresas do mesmo segmento empresarial, mas que não invalidam as contribuições acadêmicas, e novas linhas de pesquisa apresentam-se como: mapear a consolidação de marca em uma commodity da silvicultura, aproveitamento dos resíduos florestais da colheita da madeira.Os estudos acadêmicos disponíveis na literatura que tratam dos aspectos econômicos e principalmente gerenciais no setor rural não abrangem com maior especificidade a estratégica de agregação de valor econômico na integração vertical da silvicultura e do tratamento de madeira, o que caracteriza uma lacuna teórico-prática e a necessidade de estudos mais aprofundados, voltados para os empreendimentos da silvicultura, em especial no tratamento de madeira.
This research aims to verify the existence of economic value added in the treatment of wood in a silviculture company with integrated and vertical eucalyptus citriodora forests.Methodologically, this is a unique, non-probabilistic and intentional case study for convenience, exploratory and qualitative; as a tool for data collection, interviews, company visits and consultation of management and accounting documents are used.The study allowed mapping the various aspects of product diversification and market segmentation, mapping the strategic positioning of the company in its production and commercialization of treated wood. Still in the methodological stage, Pestel Analysis techniques, of the Five Forces of Porter and SWOT were used. The study allowed a complete mapping of costs and expenses with the elaboration of the Profit and Loss Statements with Absorption Costing and Direct Costing methodology and the calculation of the Balance Point, Contribution Margin and Margin of Operational Safety, in the period of January from 2016 to June 2017.The managerial contributions obtained are from a price table with equalization of costs referenced in the wood in natura, identification of the main costs involved in the stages of the production chain. The verticalization strategy can be a competitive opportunity for small and medium forest agroindustries since an analysis of the competitiveness of the investment including market, business and financial variables is made. The discounted cash flow approach constitutes a robust economic valuation methodology for this type of investment, always requiring the use of the Internal Rate of Modified Return.In addition, to verify the main objective of the research, we designed cash flows designed for ten years with scenarios, and the use of investment analysis techniques: net present value, capital recovery time, internal rate of return and rate modified return internal; being that the proposed objective was reached with the existence of aggregation of economic value in the treatment of wood, in the vertical integration, in planted forests of eucalyptus citriodora. The limitations of the study are related to the fact that it is a unique case, which makes it difficult to use in other companies in the same business segment, but does not invalidate the academic contributions, and new lines of research are presented as: map brand consolidation in a forestry commodity, harnessing forest residues from timber harvesting.The academic studies available in the literature dealing with economic and mainly managerial aspects in the rural sector do not more specifically cover the strategy of aggregation of economic value in the vertical integration of forestry and wood treatment, which characterizes a theoretical and practical gap and the need for more in-depth studies, focusing on forestry enterprises, especially in the treatment of wood.
This research aims to verify the existence of economic value added in the treatment of wood in a silviculture company with integrated and vertical eucalyptus citriodora forests.Methodologically, this is a unique, non-probabilistic and intentional case study for convenience, exploratory and qualitative; as a tool for data collection, interviews, company visits and consultation of management and accounting documents are used.The study allowed mapping the various aspects of product diversification and market segmentation, mapping the strategic positioning of the company in its production and commercialization of treated wood. Still in the methodological stage, Pestel Analysis techniques, of the Five Forces of Porter and SWOT were used. The study allowed a complete mapping of costs and expenses with the elaboration of the Profit and Loss Statements with Absorption Costing and Direct Costing methodology and the calculation of the Balance Point, Contribution Margin and Margin of Operational Safety, in the period of January from 2016 to June 2017.The managerial contributions obtained are from a price table with equalization of costs referenced in the wood in natura, identification of the main costs involved in the stages of the production chain. The verticalization strategy can be a competitive opportunity for small and medium forest agroindustries since an analysis of the competitiveness of the investment including market, business and financial variables is made. The discounted cash flow approach constitutes a robust economic valuation methodology for this type of investment, always requiring the use of the Internal Rate of Modified Return.In addition, to verify the main objective of the research, we designed cash flows designed for ten years with scenarios, and the use of investment analysis techniques: net present value, capital recovery time, internal rate of return and rate modified return internal; being that the proposed objective was reached with the existence of aggregation of economic value in the treatment of wood, in the vertical integration, in planted forests of eucalyptus citriodora. The limitations of the study are related to the fact that it is a unique case, which makes it difficult to use in other companies in the same business segment, but does not invalidate the academic contributions, and new lines of research are presented as: map brand consolidation in a forestry commodity, harnessing forest residues from timber harvesting.The academic studies available in the literature dealing with economic and mainly managerial aspects in the rural sector do not more specifically cover the strategy of aggregation of economic value in the vertical integration of forestry and wood treatment, which characterizes a theoretical and practical gap and the need for more in-depth studies, focusing on forestry enterprises, especially in the treatment of wood.
Descrição
Palavras-chave
Agregação de valor, Agronegócio, Competividade empresarial, Custos, Silvicultura, Tratamento de madeira, Aggregation of value, Agribusiness, Business competitiveness, Costs, Forestry, Wood treatment