As fontes de financiamento da indústria no estado de São Paulo entre 1913 e 1940: uma análise dos balanços contábeis da Sociedade de Productos Chimicos L. Queiroz

Abstract

This research aimed to understand the sources of funding that allowed the evolution of the Sociedade de Productos Chimicos "L. Queiroz" between 1913 and 1940. Therefore, the financial statements published in the Diário Oficial do Estado de São Paulo by the company during that period were collected, organized, and analyzed. Then, the analysis of the company's accounting liabilities was sought to understand the evolution of the origin of resources. At the end of the work, it was identified that most of the necessary capital for the company's expansion and consolidation was obtained through the capital market. This source of resources was important at two moments: first, between 1913 and 1919 - the first six years in which the company had its capital open; and between 1923 and 1925, when the company used the capital market to finance the expansion of its facilities, aiming to build an industrial chemical complex in the state of São Paulo. This work concludes by expressing the importance of the capital market for the financing of the company's operations. Furthermore, it is asserted that the use of own capital was important to allow the expansion of the company's share capital in the early 1920s. Finally, it is argued that negotiating with suppliers was essential in a scenario of capital restriction after the Great Depression of 1929. These resources were key elements for the continuity of the company and its lasting participation within the chemical sector of the Brazilian industry.