This study presents a structured model for financial statement analysis, based on Data Envelopment Analysis. Although this method is quite disseminated abroad, where more than 400 studies were published between 1978 and 1992 (Charnes, Cooper, Lewin & Seiford, 1997: 11), there is little research on the use of DEA in financial statement analysis. Thus, we developed a methodology that links up stages and procedures for the structuring of a DEA model, starting from the financial statement information of Brazilian electricity companies for 1999 and 2000, which was obtained from the Fipecafi-Exame database Melhores e Maiores. We compared the efficiency rates achieved by applying the model with the Melhores e Maiores Business Excellency index and with the Return on Net Equity, a traditional financial ratio, and explored their advantages and limitations. The preliminary results point towards the complementariness of the above presented company valuation methods. We recommend that they be used jointly, exploring the divergences between them and, hence, reaching a better understanding of the factors that influence business efficiency.
Balance sheet analysis; data envelopment analysis; economic valuation; performance evaluation; accountancy
