Os mecanismos de proteção cambial: o caso das micros e pequenas empresas brasileiras

Abstract

Currently the world is globalized, and companies do business from the most diverse locations. These operations require the import or export of products and services. However, to purchase or sell products abroad it is necessary to contract foreign exchange. Foreign currency is considered a product and therefore has a price: the exchange rate. However, this price varies constantly due to the most diverse factors. Large companies use foreign exchange hedge mechanisms, also known as FOREX hedges, to avoid exacerbated variations and a drop in cash flow. Nevertheless, these mechanisms are little known by micro and small business owners who are the mostly exposed to the constant exchange rate variations. The present study was carried out with the objective of investigating the options available for foreign exchange protection for Brazilian micro and small entrepreneurs. For this, a qualitative research, of an exploratory nature, was carried out, in which three commercial bank analysts and three small businessmen who work with foreign trade were selected, through theoretical sampling. The data collection technique used was the interview based on a semi-structured questionnaire script, prepared based on the theoretical framework and the main demands of the foreign trade sector. The research shows that there are several mechanisms available for micro and small business owners in the derivatives, foreign exchange and banking markets. From the interviews, it was possible to identify a limited knowledge of hedge mechanisms on the part of micro and small entrepreneurs, the perception of foreign exchange protection operations as an additional cost and a lack of effective communication between banks and this sector of the business community, caused mainly by lack of knowledge of the theme. This lack of knowledge was identified by the companies and financial institutions interviewed as the main obstacle to the commercialization and use of this type of financial operation. Finally, this study presents suggestions for the most appropriate operations available to micro and small business owners,in addition to considerations on the marketing and instruction of the importance of these operations to businesses by the banks, with the aim of increasing knowledge and the use of these mechanisms in this sector.