Aspectos econômicos da equivalência entre concessão de desconto ou manutenção de prazo para pagamento

Abstract

Decision-making on the granting of a term, or discount, involves economic, operational and financial aspects and also has strategic aspects. From this point of view, it is important to provide information that allows an objective perception of the economic and financial consequences of the choice made on discount and term. This work seeks to answer the research question: how to define the equivalence between the granting of a given term and a discount alternative? The objective of this research was to propose a model with relatively simple formulas, to establish the relationship between discount and term, considering the opportunity cost. The research was carried out using the deductive method, based on the problem found in the testimonies of undergraduate and master's students and also in consulting work with company executives, regarding ease of visualization. The construction of the solution involved the articulation of opportunity cost concepts as in, for example (Catelli, 2001), (Ross, Westerfield, & Jaffe, 1995) and, (Gitman, 1984); time value of money (Gitman, 1984), (Ross, Westerfield, & Jaffe, 1995); the three dimensionality of management in terms of economic, operational and financial management, for example (Guerreiro, 1989), (Catelli, 2001); price elasticity (Samuelson, 1979); definition of sales discount: impacts and purposes (Futrell, 2003); decision making and use of simulation, cf. (Catelli, 2001), (Guerreiro, 1989), e.g. It is believed that the objective has been achieved, as equations were presented that allow an objective relationship between term and discount, considering the opportunity cost of capital for the company and not only the interest embedded in the forward sale price, with a view to recognizing the economic impacts for the company of the granted period and thus establishing the financial equivalence with the respective discount. It is believed to be suitable for any type of activity: commercial, industrial, services or financial, and the insertion of risk in the proposed model is relatively simple.