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Documentos IPEA/CEPAL Textos de Apoio - O Financiamento Externo no Ciclo Recente da Economia Brasileira

  • Ricardo P. Câmara Leal
  • André L. Carvalhal da Silva
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    Este relatório faz uma avaliação da evolução e dos determinantes da estrutura de capitais das empresas brasileiras de forma comparada, com particular ênfase no financiamento externo. Uma das principais conclusões é que os fatores intrínsecos ao país de origem são quase tão importantes quanto determinantes da estrutura ao nível da firma. Os fatores setoriais não são tão importantes. Em termos de endividamento geral, as empresas brasileiras vêm se comportando de maneira diferente daquelas de outros mercados emergentes, particularmente os asiáticos. Enquanto as empresas do Brasil vêm aumentando o nível de endividamento em geral, naqueles países a tendência é de diminuição. No Brasil, é recente a estabilidade econômica e a baixa volatilidade cambial, o ciclo econômico, bem como elementos da qualidade das instituições, tal como o judiciário, são fundamentais no aumento do endividamento. Empresas em países com mais restrições de crédito se endividam mais quando a economia cresce. A demanda por instrumentos de proteção cambial caiu nos últimos tempos, mas a oferta parece ter sido adequada para atendê-la. O prazo dos instrumentos de hedge está aumentando, apesar da redução da demanda. Não se encontrou evidência de que as empresas de capital aberto brasileiras estejam se comportando de forma muito diferente das empresas em outros países em desenvolvimento com risco similar no endividamento externo. Uma revisão de literatura extensa é realizada sobre o assunto, incluindo-se trabalhos sobre empresas de capital fechado. Dados brasileiros sobre todos estes aspectos também são apresentados. This report evaluates and compares the evolution and the determinants of the capital structure of Brazilian firms, with a particular emphasis on external financing. One of its main conclusions is that country factors are nearly as important as firm level factors. Industry factors are not very important. In terms of the total debt levels, Brazilian firms have behaved differently from those in other emerging markets, particularly from those in Asia. While Brazilian firms have been increasing their total debt levels, in Asia there is a decreasing debt trend. The Brazilian economic tability is recent and the low foreign exchange volatility, the economic cycle, as well as the quality of institutions, such as the judiciary, are instrumental for the increase of debt levels. Firms in countries with more credit restrictions take on more debt when the economy grows. The demand for foreign exchange risk hedging has fallen in recent times, but the supply of such instruments seems to have been adequate. The term of such hedging instruments is increasing, despite the lower demand. There was no evidence that Brazilian public companies behave differently from those in other emerging economies with a similar external debt risk. A comprehensive literature review on the subject is presented, including research about non-public firms. Brazilian data on all the issues reported are also presented.

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    Paper provided by Instituto de Pesquisa Econômica Aplicada - IPEA in its series Discussion Papers with number 1384.

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    Length: 61 pages
    Date of creation: Feb 2009
    Date of revision:
    Handle: RePEc:ipe:ipetds:1384
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    1. Korajczyk, Robert A. & Levy, Amnon, 2003. "Capital structure choice: macroeconomic conditions and financial constraints," Journal of Financial Economics, Elsevier, vol. 68(1), pages 75-109, April.
    2. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
    3. Mariassunta Giannetti, 2000. "Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices," Temi di discussione (Economic working papers) 376, Bank of Italy, Economic Research and International Relations Area.
    4. Glen, Jack & Singh, Ajit, 2004. "Comparing capital structures and rates of return in developed and emerging markets," Emerging Markets Review, Elsevier, vol. 5(2), pages 161-192, June.
    5. Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," William Davidson Institute Working Papers Series 442, William Davidson Institute at the University of Michigan.
    6. Bonomo, Marco & Martins, Betina & Pinto, Rodrigo, 2003. "Debt composition and exchange rate balance sheet effect in Brazil: a firm level analysis," Emerging Markets Review, Elsevier, vol. 4(4), pages 368-396, December.
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