A estrutura de capital e o risco das empresas tangível e intangível-intensivas: uma contribuição ao estudo da valoração de empresas. / The capital structure and risk of tangible and intangible-intensive companies: a contribution to the valuation study.

AUTOR(ES)
DATA DE PUBLICAÇÃO

2002

RESUMO

There are strong evidences that the importance of intangible assets are growing. As the importance of intangibles increases, it is critical to manage them in order to accomplish the most important financial goal: the maximization of wealth. Properly management of intangibles depends on its accurate valuation. Stewart’s EVA and MVA seems to be one of the appropriate techniques to value intangibles. An important component in the EVA model is the cost of capital, or the weighted average cost of capital (WACC), which is applied (1) to charge the tangible capital and (2) to discount the projected EVA s. In Stewart s model the rates seems to be equal. However, there are reasons to believe that these rates must be different. Theoretical and empirical evidences suggest that (1) the risk of intangibles are greater than the tangibles assets and (2) intangibles assets tend to be equity financed. If these assumptions are true, then the cost of capital of intangibles should be greater than the cost of tangibles. This thesis examines Brazilian and American companies in order to answer the following question: What are the differences between intangible and tangible-intensive companies regarding to their capital structure and risk? Results show that capital structure seems to be the most important factor in discriminating these two kind of companies.

ASSUNTO(S)

capital structure eva and mva intangible assets ativos intangíveis business administration estrutura de capital administração de empresas cost of capital custo de capital eva e mva

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