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17/07/2014 s 15:07 por Finanas
Quais so as vantagens e desvantagens do endividamento?
crditos: http://exame.abril.com.br/pme/noticias/as-vantagens-e-desvantagens-da-sua-empresa-ter-dividas


Quais so as vantagens e desvantagens do endividamento?
Respondido por Rodrigo Zeidan, especialista em finanas

Os empresrios brasileiros, em geral, tm averso a dvidas. Essa averso era justificada quando a economia brasileira apresentava sinais de incapacidade de gesto. Contudo, o Brasil hoje oferece alguma possibilidade de estabilidade financeira e econmica. O endividamento oneroso tem a vantagem de que o pagamento de juros pode ser deduzido do lucro operacional para efeito de clculo do imposto de renda devido.

Isso significa a diminuio do tributo na mesma proporo da alquota do IR. Se assumirmos uma alquota de IR de 34%, isso significa que, se uma empresa consegue se financiar a uma taxa de 10% ao ano, na verdade ela acaba pagando somente 6,66% de juros, efetivamente.

Assim, o lucro de uma empresa endividada fica menor se comparado a uma empresa sem endividamento. Esse lucro menor a fonte da gerao do benefcio fiscal. Existe uma forma de determinar o nvel de endividamento timo. Normalmente, esse o ponto no qual o custo mdio ponderado de capital o menor possvel dada a estrutura de capital da empresa.

Vantagens 
Benefcio Fiscal - a empresa pode deduzir do lucro operacional, para efeitos de clculo de IR, os pagamentos com juros.
Disciplina - fora a empresa a tomar decises de gesto melhores, pois a dvida deve ser paga.

Desvantagens 
Monitoramento - existem custos indiretos de monitoramento para que a empresa possa se endividar, incluindo a existncia de clusulas (covenants) restritivas.
Custos de falncia - maior endividamento aumenta a probabilidade de falncia.

O ideal contrabalanar esses efeitos. Se a empresa estiver pouco endividada, um aumento no endividamento pode gerar mais benefcios que custos. Mas a partir de um certo nvel, o endividamento ruim. Calcular o nvel de endividamento timo fundamental para aumentar a gerao de valor de uma empresa.



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