Abertura de capital no Brasil como instrumento de expansão do crédito

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

Brazil presented in the recent past some macroeconomic and institutional characteristics that many times did not aid credit expansion, specially to the private sector, creating barriers to its economic growth and development. There are many studies that discuss that there is a shortage of credit in Brazil as well as long term financing lines. Since the start of Novo Mercado by São Paulo Stock Exchange (BOVESPA) in December 2001, there was a higher number of companies that, searching for new funds to finance their investments have opened their capital (primary issuance of stocks), issued new stocks (primary or secondary issuance) or that simply offered to the market stocks primarily held by its founders, pension funds and BNDES (primary, secondary or both). Such volume is the highest since 1996 according to CVM Comissão de Valores Mobiliários - the equivalent commission as SEC in the USA. From the 63 companies that issued stocks between January 2002 and December 2005 (4 years), it were selected 18 companies that effectively came to the market in this period (IPO) and therefore it was not considered new or secondary stock issuances of companies that were already listed. It was analyzed their Financial Statements before and after such IPOs to verify if there was an expansion of their credit volumes, long term financing and reduction of spreads. Furthermore, it was performed a research with the Investor Relation Departments of these 18 companies as well as with Financial Market professionals to verify if the capital opening brings more benefits than advantages to companies and if such source of financing should be more explored in countries like Brazil where credit lines to private sector are reduced. Results obtained confirmed the relevance of capital opening as a powerful instrument for the expansion of short and long term credit lines with lower interest rates, even when utilized by smaller companies

ASSUNTO(S)

capital opening brazilian companies administracao credit abertura de capital crédito administracao de credito empresas brasileiras administracao financeira capital (economia)

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