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Doctoral Thesis
DOI
10.11606/T.12.2002.tde-05032003-194338
Document
Author
Full name
Eduardo Kazuo Kayo
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2002
Supervisor
Committee
Fama, Rubens (President)
Douat, Joao Carlos
Frezatti, Fabio
Nakamura, Wilson Toshiro
Securato, Jose Roberto
Title in Portuguese
A estrutura de capital e o risco das empresas tangível e intangível-intensivas: uma contribuição ao estudo da valoração de empresas.
Keywords in Portuguese
administração de empresas
ativos intangíveis
custo de capital
estrutura de capital
EVA e MVA
Abstract in Portuguese
Existem fortes evidências de que a importância dos intangíveis tem crescido. Na medida em que a importância dos intangíveis aumenta, torna-se crítico gerenciá-los para que o valor da empresa seja maximizado. A gestão dos intangíveis depende da valoração adequada desses ativos. O conceito de EVA e MVA, de Stewart III, parece ser apropriado para avaliar os intangíveis. Um importante componente do modelo do EVA é o custo de capital, ou custo médio ponderado de capital (WACC), utilizado para (1) remunerar o capital tangível e (2) descontar os EVA's a valor presente. No modelo de Stewart, o taxa de desconto parece ser igual nas duas situações. Entretanto, existem razões para crer que as taxas devam ser diferentes. Evidências teóricas e empíricas sugerem que (1) o risco dos intangíveis é maior que dos tangíveis e (2) os ativos intangíveis tendem a ser financiados por recursos próprios. Se essas suposições forem verdadeiras, o custo de capital dos intangíveis deveria ser maior que dos tangíveis. Essa tese examina empresas brasileiras e norte-americanas para responder a seguinte questão: Quais as diferenças de estrutura de capital e de risco entre as empresas tangível e intangível-intensivas? Os resultados da pesquisa mostram que a estrutura de capital parece ser o fator mais importante na diferenciação entre os dois tipos de empresas.
Title in English
The capital structure and risk of tangible and intangible-intensive companies: a contribution to the valuation study.
Keywords in English
business administration
capital structure
cost of capital
EVA and MVA
intangible assets
Abstract in English
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.
 
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teseeduardokayo.pdf (475.86 Kbytes)
Publishing Date
2003-06-17
 
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