Made available in DSpace on 2014-12-17T15:53:14Z (GMT). No. of bitstreams: 1 JosueLR.pdf: 390948 bytes, checksum: 7300e4a411e986ff09cb4dd3c5f37a2e (MD5) Previous issue date: 2005-08-29 / This study has as main objective to verify the effect of the tax and financial incentives granted by the brazilian states, specially in the reduction of ICMS on the investment decision of the entities, which in the last years led to the companies to decide new projects in based on the region that presented the better infrastructure beyond lesser tributary expense. For in such was made an economic valuation of the companies with focus in the beneficiary s optics using an adaptation of the Discounted Cash Flow method to measure the impact of the tax incentives in the value of the companies, this study selected the textile industry segment located in the State of Rio Grande do Norte, Brazil. The results indicated that such incentives created addition in the value of the companies, however the inexistence of incentives would not be enough to a negative decision of investment in the Rio Grande do Norte. The smallest difference between the value with and without incentive observed was 8.9%, and the biggest 31.7%, and the average of value aggregation with the tax incentives represented 18.9% / Este estudo tem como objetivo principal verificar o efeito dos incentivos fiscais e financeiros concedidos pelos Estados brasileiros, em especial a redu??o de ICMS, na decis?o de investimento das entidades, que tem, nos ?ltimos anos, levado as empresas a decidirem seus novos projetos em fun??o da regi?o que tiver melhor infra-estrutura, al?m de menor gasto tribut?rio. Para tanto, foi efetuada a avalia??o econ?mica das empresas, com foco na ?tica do benefici?rio, utilizando-se uma adapta??o do m?todo de Fluxo de Caixa Descontado, para mensurar o impacto dos incentivos fiscais no valor das empresas, sendo selecionado o segmento da ind?stria t?xtil, localizado no Estado do Rio Grande do Norte, Brasil. Os resultados encontrados indicam que tais incentivos provocam acr?scimo no valor das empresas, entretanto a inexist?ncia de incentivos n?o seria suficiente para que a decis?o de investimento no Rio Grande do Norte fosse negativa. A menor diferen?a entre o valor com e sem incentivo observada foi de 8,9%, a maior foi 31,7% e a m?dia de agrega??o de valor com o incentivo fiscal foi de 18,9%