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Investimento Direto e Internacionalização de Empresas Brasileiras no Período Recente

  • Célio Hiratuka
  • Fernando Sarti

O presente trabalho avaliou as mudanças recentes no perfil e os condicionantes do processo de internacionalização produtiva das empresas brasileiras. Nos anos 1990, o processo foi pouco intenso e concentrou-se em número reduzido de grandes empresas nacionais, que buscavam compensar no mercado externo a retração e/ou o baixo dinamismo do mercado doméstico ou mesmo contornar os entraves protecionistas a suas exportações. A partir de meados dos anos 2000, a estratégia de internacionalização abrangeu número maior de setores (industriais e de serviços) e de empresas, inclusive de médio porte, com importante inserção regional. Ainda assim, o processo foi mais intenso nos setores de commodities (petróleo, mineração, siderurgia, papel e celulose, e alimentos) e de serviços (engenharia e construção civil) com inserção global, o que reflete o padrão de especialização da estrutura produtiva e a maior competitividade desses setores. A melhoria nos indicadores financeiros e nas condições de financiamento foi fator decisivo para suportar o novo ciclo de internacionalização. A maior rentabilidade contribuiu para melhorar as condições de autofinanciamento das empresas, bem como sua capacidade de alavancagem financeira. Também foi decisiva a atuação do Banco Nacional de Desenvolvimento Econômico e Social (BNDES) na concessão de empréstimos e/ou nas operações de capitalização das empresas, sobretudo para viabilizar as operações de fusões e aquisições (F&A), o que aponta para estratégias de internacionalização mais ativas das empresas brasileiras. This article evaluated the recent changes in the profile and determinants of Brazilian firm`s internationalization process. In the `90s, it was not intense, but highly concentrated on a few large domestic companies, and resulted from both strategies: to compensate the low dynamism of the domestic market and/or to circumvent protectionist barriers to their exports. From mid 2000s, the internationalization strategy covered a larger broad of sectors (industry and services) and companies, including midsize firm, specially the ones with regional participation. Nonetheless, the process was more intensive in the commodities sectors (oil, mining, steel, pulp and paper and food) and services (engineering and construction) with global insertion. This fact reflects the specialization pattern of the productive structure and the largest competitiveness of these sectors. The improvement in financial indicators and financing conditions were decisive to support a new phase of internationalization of Brazilian domestic companies. The higher profitability contributed to improve their capability of self-financing as well as leveraging. Also decisive was the BNDES performance in lending and /or facilitating companies` capitalization, mainly to facilitate the mergers and acquisitions (M&A). These movements explicit a change the Brazilian companies internationalization strategies, which turned to be more active.

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Paper provided by Instituto de Pesquisa Econômica Aplicada - IPEA in its series Discussion Papers with number 1610.

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Length: 56 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:ipe:ipetds:1610
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