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O Custo do Capital e o Retorno do Investimento Corporativo no Brasil entre 1995-2008

Author

Listed:
  • Ricardo Dias de Oliveira Brito
  • Rogério da Costa Monteiro
  • Gunnar G. Pimentel

Abstract

Este artigo utiliza a metodologia de Fama e French (1999) para estimar o custo de capital e o retorno sobre o custo dos investimentos de um projeto que agrega as empresas não-financeiras listadas na BOVESPA entre 1995 e 2004. Comparados às taxas médias anuais de 12,51% da TJPL e 24,95% da SELIC, as estimativas do custo do capital e do retorno sobre o custo do investimento foram de respectivamente 18,34% e 14,15%, configurando um cenário de baixos rendimentos para o investimento efetuado na década. Excluindo-se os setores de intensa participação estatal, obtém-se que os negócios privados adicionaram um pequeno valor em torno de 1% ao ano sobre o custo. Os lucros do empreendimento crescem sensivelmente para 7,11% ao ano quando o subconjunto considerado é composto pelas empresas que integram o índice Ibovespa. Tão interessante quanto essas taxas internas de retorno, são os históricos de resultados, decisões de financiamento e de investimento do setor corporativo brasileiro no período.

Suggested Citation

  • Ricardo Dias de Oliveira Brito & Rogério da Costa Monteiro & Gunnar G. Pimentel, 2009. "O Custo do Capital e o Retorno do Investimento Corporativo no Brasil entre 1995-2008," Business and Economics Working Papers 060, Unidade de Negocios e Economia, Insper.
    • Handle: RePEc:aap:wpaper:060
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