ANÁLISE COMPARATIVA DAS ESTRATÉGIAS FINANCEIRAS DAS EMPRESAS DE CAPITAL ABERTO DO SETOR DE TRANSPORTE AÉREO BRASILEIRO Heloisa Márcia Pires, MSc PEP/COPPE/UFRJ - Centro de Tecnologia, sala F-103. Rio de Janeiro/RJ - 21945-970 E-mail
[email protected] - Fax (021)257-6861 Elton Fernandes, PhD PEP/COPPE/UFRJ - Centro de Tecnologia, sala F-103. Rio de Janeiro/RJ - 21945-970 E-mail
[email protected] - Fax (021)590-6626 This article investigates the financial strategy of some Brazilian civil aviation companies, which are TAM, TRANSBRASIL, VARIG and VASP. TAM is the only one which is regional, the others have the license for domestic and international flights. The analysis found that, in a new macroeconomic scenario of internal monetary stability and of a growing demand, they have been improving themselves in order to change their net outcomes and to gain market share. VARIG, TRANSBRASIL and VASP have a very high degree of debt. They are risky companies. They have been developing their market mainly abroad. On the other hand, TAM is taking advantage of opportunities left by the main companies, which are busy exploring international flights, and is enjoying a good financial position. Financial Strategy Air Transport Market Share 1 - INTRODUÇÃO Desde a introdução da Aviação Regular de terceiro nível no sistema de transporte aéreo brasileiro, vem se notando um crescimento acentuado da TAM - Transportes Aéreos Regionais S/A (Originalmente denominada Transportes Aéreos analisada a dimensão financeira deste crescimento, fazendo-se comparações com as empresas tradicionalmente operadoras do transporte regular doméstico de passageiros e carga. Esta análise se restringe aos dados dos últimos anos, quando a TAM passa a competir de forma direta ou disfarçada no mercado regular doméstico.