Made available in DSpace on 2015-12-04T11:45:12Z (GMT). No. of bitstreams: 1 Mauro_Fernando_Gallo.pdf: 1955869 bytes, checksum: ae2de252f340b3da6adc7d24bdc3d4c3 (MD5) Previous issue date: 2002-10-24 / The participation and importance of the business combinations through the consolidation, merger and spin-off operations have been increasing in the present context of the world economy. This fact is occurring also in Brazil, mainly due to the world changes that have been causing the competition increasing. This importance is due to not only the transaction quantities but mostly because many times the values involved are extremely high. It is not possible to say it is only a business concentration phenomenon: there are several reasons for the realization of these transactions, with a crescent utilization to reduce effectively the tributary charge assessed to the companies. In Brazil, the utilization of these operations started due to some tax advantages offered by the Federal Government. In 1971, it was created the Comiss?o de Fus?o e Incorporac?o de Empresas - COFIE, a commission connected to Ministry of Finance, in order to coordinate and analyze these tax advantages. The merger transactions were regulated for a long time past, but the spin-off transaction was inserted in the Brazilian legislation only in 1976, through the federal Law nr. 6404/76, known as Lei das S/A - the corporation acts. With this legal regulation, the utilization of the business company combinations has increased in spite of the Brazilian concept differences in relation to the United States of America and Europe ones. It is the case, for instance, of the merger, that they consider as a special type of consolidation. The professionals that work in tributary planning, that is, attorneys, accountants, managers and economists, amplified the business company combination use in Brazil, mainly merger and spin-off, due to the tax advantages reached through the Income Tax reduction, elimination or postponement, for several reasons. The main point of this study is the accounting and tributary ones to show the employment of these operations to substitute the acquisitions, aiming mainly the elimination of the capital gain of the stockholders, being an individual person or a company. The objective of this study was confirmed by the searches: this way of using the business company combination causes problems in the areas of law and accountancy, because in Brazil people are more connected to the juridical way of the fact than the economic one. So it may be concluded that the accountancy and the law professionals have many things to search and develop to improve and differentiate the types of transactions - those involving companies that have the same corporate control and those involving companies pertaining to different economic groups, explaining also the method differences used in the accountancy registers. / As reorganiza????es societ??rias atrav??s dos institutos da fus??o, incorpora????o e cis??o v??m tendo sua participa????o e import??ncia ampliadas no cen??rio atual da economia mundial, inclusive no Brasil, principalmente devido ?? globaliza????o e ao crescimento da concorr??ncia. Essa import??ncia deve-se n??o apenas ao quantitativo de opera????es, mas tamb??m ao fato de que os valores envolvidos muitas vezes s??o bem elevados. Tamb??m n??o se pode afirmar que ?? apenas um fen??meno de concentra????o empresarial: h?? in??meras e variadas raz??es para a efetiva????o dessas opera????es, com sua crescente utiliza????o como forma de redu????o do ??nus tribut??rio aplicado ??s empresas. No Brasil, o emprego dessas opera????es foi implementado utilizando-se alguns benef??cios fiscais concedidos pelo Governo Federal; criou-se em 1971 a Comiss??o de Fus??o e Incorpora????o de Empresas - COFIE, ligada ao Minist??rio da Fazenda, com a finalidade de coordenar e analisar a concess??o desses benef??cios fiscais. A fus??o e a incorpora????o j?? eram devidamente regulamentadas h?? um bom tempo, mas a cis??o somente foi introduzida na legisla????o brasileira atrav??s da Lei das Sociedades An??nimas, em 1976. Com isso, ampliou-se a utiliza????o de tais institutos, apesar de em nossa legisla????o societ??ria e fiscal haver algumas diferen??as conceituais em rela????o aos Estados Unidos e Europa: ?? o caso da incorpora????o, que l?? ?? considerada como um tipo especial de fus??o. Os profissionais que operam com planejamento tribut??rio, sejam advogados, contadores, administradores e economistas, ampliaram o emprego principalmente da incorpora????o e cis??o no Brasil devido ??s vantagens fiscais alcan??adas atrav??s da redu????o, elimina????o ou posterga????o de Imposto de Renda, por diversas raz??es. O foco principal deste estudo compreende as ??reas cont??bil e tribut??ria, com o fim de demonstrar o emprego dessas opera????es em substitui????o ??s de aquisi????o, visando principalmente a elimina????o do ganho de capital dos acionistas ou quotistas, sejam pessoas f??sicas ou jur??dicas. Conforme era o objetivo do estudo, pelas pesquisas desenvolvidas confirmou-se tal utiliza????o, provocando essa forma de emprego distor????es tanto no campo jur??dico como nos procedimentos cont??beis adotados, vez que no Brasil preocupa-se mais com a forma jur??dica do que com a econ??mica dos fatos. Isso leva a concluir que tanto os profissionais da contabilidade como os do direito t??m muito a pesquisar e desenvolver para aperfei??oar e distinguir essas opera????es, tanto as ocorridas entre empresas sob o mesmo controle societ??rio quanto entre as pertencentes a grupos econ??micos distintos, clarificando inclusive as diferencia????es dos m??todos adotados nos registros cont??beis.

Made available in DSpace on 2015-12-03T18:35:06Z (GMT). No. of bitstreams: 1 Carisa_Santos_Portela_Cristal.pdf: 1452002 bytes, checksum: 9010a4cca2dae5c4e85ccbb76c2048f8 (MD5) Previous issue date: 2009-03-20 / Business combination transactions represent a growth strategy to many firms around the world. In Brazil a major increase in the volume of business combination transactions has been observed in recent years. The publication of Law n?? 11.638/07 has served to afford conditions for Brazil to move in the direction of convergence with international standards, making the adoption of these standards, including those concerning business combination transactions, mandatory. The aim of this study is to: (i) verify whether there are significant differences between the goodwill recognized and measured before and after the adoption of IFRS for business combination transactions, by non-financial companies, listed in Spain and in the United Kingdom; and (ii) analyze the alterations of the accounting treatment prescribed by Brazilian standards with the taking effect of Law n?? 11.638/07, and to prospect probable barriers in the adoption of IFRS in Brazil, for business combination transactions. The study considers and relates the origin of the countries studied (Continental Europe x Anglo-Saxon Europe), as well as the basis of the accounting standards (rules x principles) to the differences identified in response to the adoption of IFRS. The research hypotheses were developed based on the review of literature, expecting to identify: significant alterations in the amount of goodwill recorded; more significant differences at companies listed in countries with their origin in Continental Europe; and differentiated perceptions of the impacts resulting from the adoption of IFRS by companies from different segments. To attain the objective a survey was conducted with a basis on the financial statements of 63 companies, with 35 listed in Spain and 28 in the United Kingdom, analyzing the impacts that occurred during the first year of adoption of IFRS. Statistical techniques were applied for analysis of the differences perceived with the adoption of IFRS and testing of the hypotheses defined, using: (i) Wilcoxon test aiming to evaluate the effects of the application of IFRS at the same company; (ii) Mann-Whitney test to compare the variation between the two listing countries, and; (iii) Kruskal-Wallis test for comparison among the various segments of the sample. The results obtained in the tests, besides other aspects, confirmed the existence of a significant difference in the goodwill before and after IFRS in the countries from the sample, Spain and the United Kingdom. These results and the analysis of previous studies made it possible to prospect probable barriers in the IFRS adoption process for business combination transactions at Brazilian companies. / Opera????es de combina????o de neg??cios representam uma estrat??gia de crescimento para muitas companhias ao redor do mundo. No Brasil observa-se um grande aumento no volume de opera????es de combina????o de neg??cios nos ??ltimos anos. A edi????o da Lei n?? 11.638/07 vem propiciar condi????es para que o Brasil caminhe para a converg??ncia ??s normas internacionais, tornando obrigat??ria a ado????o dessas normas, inclu??das aquelas concernentes ??s opera????es de combina????es de neg??cios. Esse estudo tem por objetivo: (i) verificar se existem diferen??as significativas entre o goodwill reconhecido e mensurado antes e depois da ado????o das IFRS para opera????es de combina????o de neg??cios, por empresas, n??o financeiras, listadas na Espanha e no Reino Unido; e (ii) analisar as altera????es do tratamento cont??bil prescrito pelas normas brasileiras com a entrada em vigor da Lei n?? 11.638/07, e prospectar prov??veis barreiras na ado????o das IFRS no Brasil, para opera????es de combina????o de neg??cios. O estudo considera e relaciona a origem dos pa??ses estudados (Europa Continental x anglo-sax??nica), bem como a base dos padr??es cont??beis (regras x princ??pios) com as diferen??as identificadas em resposta ?? ado????o das IFRS. Com base na revis??o da literatura foram desenvolvidas as hip??teses de pesquisa, sendo esperado identificar: altera????es significativas no valor do goodwill contabilizado; diferen??as mais significativas em empresas listadas em pa??ses com origem na Europa Continental; e percep????es diferenciadas dos impactos decorrentes da ado????o das IFRS por empresas de diferentes segmentos. Para atingir o objetivo foi realizada pesquisa com base nas demonstra????es financeiras de 63 empresas, sendo 35 listadas na Espanha e 28 no Reino Unido, analisando os impactos ocorridos quando do primeiro ano de ado????o das IFRS. Para an??lise das diferen??as percebidas com a ado????o das IFRS e teste das hip??teses definidas foram aplicadas t??cnicas estat??sticas utilizando: (i) teste de Wilcoxon com objetivo de avaliar os reflexos da aplica????o das IFRS na mesma empresa; (ii) teste de Mann-Whitney para comparar a varia????o entre os dois pa??ses de listagem, e; (iii) teste de Kruskal-Wallis para compara????o entre os diversos segmentos da amostra. Os resultados obtidos nos testes, entre outros aspectos, confirmaram a exist??ncia de diferen??a significativa no goodwill antes e depois das IFRS nos pa??ses da amostra, Espanha e Reino Unido. Estes resultados e a an??lise de estudos anteriores possibilitaram a prospec????o de barreiras no processo de ado????o das IFRS para opera????es de combina????o de neg??cios em empresas brasileiras.

Made available in DSpace on 2015-12-03T18:35:07Z (GMT). No. of bitstreams: 1 Joao_Paulo_Lopes_Dias.pdf: 665197 bytes, checksum: 83302d673947e04fbc148dc6387c4d01 (MD5) Previous issue date: 2007-09-13 / This paper focus on the analysis of Controlling area role in the administrative work efforts for the consolidation phase of a company merger, by identifying and evaluating specific variants in the organizational restructuring and Managerial Accounting Systems implementation or adaptation. The research is supported by bibliographic study, through concepts around the central subject. Also is based on a consolidation case study of a worldwide leader food ingredients company, in three subsidiaries located in South America. Complementarily is applied a survey with these consolidation processes participants, focusing to reinforce and validate found evidences. The case study presents elements that try to identify and measure relevancy levels of some variants, as well as, systems operational characteristics, planning and management, resources, organizational structure, organizational culture and knowledge retention, which can be part of the company consolidation processes and put on evidence the Controlling role. Finally, the deviation of the evaluation between the subsidiaries point out to critical factors which can impact the consolidation phase, as well as, merged subsidiary structure, available investments in the subsidiary and the subsidiary administration leadership in South America. / O presente trabalho procura analisar a atua????o da Controladoria na condu????o dos trabalhos administrativos na fase de consolida????o de uma empresa, identificando e avaliando as vari??veis espec??ficas presentes na reestrutura????o organizacional e implementa????o ou adequa????o de Sistemas de Informa????es Cont??beis Gerenciais (SIG). O estudo est?? embasado em pesquisa bibliogr??fica, atrav??s de conceitua????es acerca do tema central. Al??m disso, aborda estudo de caso de consolida????es de empresa l??der mundial do ramo de ingredientes para alimentos, em tr??s subsidi??rias localizadas na Am??rica do Sul. Complementarmente, aplica-se question??rio junto a participantes desse processo, na tentativa de refor??ar e validar as evid??ncias encontradas. A abordagem deste estudo de caso apresenta elementos que procuram identificar e mensurar n??veis de relev??ncia de algumas vari??veis, tais como caracter??sticas operacionais de sistemas, planejamento e gerenciamento, recursos, estrutura organizacional, cultura organizacional e reten????o de conhecimento, que podem fazer parte do processo de consolida????o de empresas e que evidenciam o papel da Controladoria. Finalmente, as varia????es de avalia????es entre as subsidi??rias apontam fatores cr??ticos que podem impactar a fase de consolida????o, tais como, estrutura da subsidi??ria incorporada, investimentos ?? disposi????o da subsidi??ria e lideran??a administrativa da subsidi??ria na Am??rica do Sul.

Made available in DSpace on 2015-12-03T18:35:29Z (GMT). No. of bitstreams: 1 Emerson_Nogueira_Sales.pdf: 3549816 bytes, checksum: f538ff67f65baa2727ce0452ad14fcab (MD5) Previous issue date: 2014-04-02 / In Brazil there were more than 6000 mergers and acquisitions (M&A) in the last ten years, these operations have been the subject of research on its effects, resulting in differing conclusions as to the consequences of these operations, especially in relation to the benefits to shareholders regarding the creation of economic value, motivating this research to seek possible theoretical explanations and empirical confirmation about F&A. Thus, the objective of this research was to investigate whether the M&A events occurred between years 2000 and 2010 in companies listed on the BM&FBOVESPA created shareholder value. Variables Tobin's Q and the EVA?? were used as proxies for value creation. Data of 83 transactions M&A were analyzed in 28 purchasing companies or resulting companies, seeking to observe the behavior of the variables after the announcement of the transaction within 36 months and for the remainder of the period (ten years) where there was data availability. Also, the data allowed comparison between results of the sample's averages and the averages of others companies listed on the BM&FBOVESPA non-sampled. The results showed symmetry with those of most previous studies demonstrating that M&A did not affect the creation of value for any of the studied variables and that the variables had negative growth over the first 36 months and had continued showing a decline when it was possible to analyze by remainder of the period, and showed symmetry with the results of the companies non-sampled / No Brasil ocorreram mais de 6 mil transa????es de fus??es e aquisi????es (F&A) nos ??ltimos dez anos, e estas opera????es tem sido alvo de pesquisas acerca dos seus efeitos, resultando em conclus??es divergentes quanto aos reflexos destas opera????es, principalmente a respeito dos benef??cios aos acionistas no tocante ?? cria????o de valor econ??mico, motivando esta pesquisa a buscar explica????es te??ricas poss??veis de confirma????o emp??rica acerca das F&A. Desta forma, o objetivo geral desta pesquisa foi investigar se as opera????es de F&A ocorridos entre 2000 a 2010 em empresas listadas na BM&FBOVESPA criaram valor para os acionistas. Foram utilizadas como proxies para cria????o de valor as vari??veis Q de Tobin e o EVA??. Foram analisados dados de 83 transa????es de F&A em 28 empresas adquirentes ou resultantes, buscando observar o comportamento das vari??veis ap??s o an??ncio das transa????es em at?? 36 meses e tamb??m para o restante do per??odo (dez anos) nos casos em que houve a disponibilidade dos dados, bem como permitiu a compara????o com os resultados das m??dias entre a amostra e as m??dias das demais empresas listadas na bolsa. Os resultados obtidos guardam simetria com aqueles da maioria dos estudos anteriores demonstrando que as F&A n??o influenciaram a cria????o de valor por nenhuma das vari??veis estudadas e que as vari??veis apresentaram varia????o negativa ao longo dos primeiros 36 meses e continuaram mostrando o decl??nio quando puderam ser acompanhados pelo restante do per??odo, e mostraram simetria com os resultados das empresas que n??o pertenciam ?? amostra

Made available in DSpace on 2015-12-03T18:33:08Z (GMT). No. of bitstreams: 1 Peterson_Carlos_Pirola.pdf: 1373676 bytes, checksum: ce4b7c1d993a0bd8c80f2c8bf89a8cf9 (MD5) Previous issue date: 2014-05-19 / This work sought to study the reaction of the Brazilian capital market towards announcements of Mergers & Acquisitions (M&A) processes, investigating its impact in the price of stocks negotiated on S??o Paulo Stock Exchange, Commodities and Futures Exchange (BM&FBOVESPA). With regard to the methodology applied in this work, both descriptive and quantitative researches can be observed. These were carried out by using secondary data collection and statistical analysis. The aim of the survey was to check if the announcements of M&A operations produced impact on the prices of stocks publicly negotiated on BM&FBOVESPA after the global financial crisis in 2008. An event study was carried out in order to verify the existence of statistically significant abnormal returns around the dates of the announcements of the M&A processes, based on the assumption that a link between the stock market and companies decision to join an M&A process exists. The results obtained with the segmentation of the sample between acquiring and acquired companies indicate that announcements of M&A operations did not impact on the prices of publicly traded shares on the BM&FBOVESPA, during the research period, showing evidence of the informational efficiency of the Brazilian capital market as being semi-strong. When making up the segmentation between companies that had a change in control, both the acquired companies as the acquiring firms had positive abnormal returns, a fact that repeated itself in the segmentation carried out with regard to the payment method / Este trabalho procurou estudar a rea????o do mercado de capitais Brasileiro diante do an??ncio de um processo de Fus??es e Aquisi????es (F&A), investigando seu impacto no pre??o das a????es negociadas na Bolsa de Valores, Mercadorias e Futuros de S??o Paulo (BM&FBOVESPA). Com rela????o ?? metodologia aplicada neste trabalho, podem-se observar pesquisas de natureza descritiva e quantitativa, realizadas com coleta de dados secund??rios e an??lise estat??stica. O problema estudado foi verificar se os an??ncios de opera????es de F&A produziram impacto nos pre??os das a????es negociadas publicamente na BM&FBOVESPA ap??s a crise financeira global de 2008. Tendo como pressuposto a liga????o existente entre o mercado de capitais e a decis??o das empresas em ingressar num processo de F&A, foi realizado um estudo de evento com o intuito de verificar a exist??ncia de retornos anormais estatisticamente significantes em torno e na data do an??ncio de um processo de F&A. Os resultados obtidos com a segmenta????o da amostra entre empresas adquirentes e adquiridas indicam que os an??ncios de opera????es de F&A n??o produziram impacto nos pre??os das a????es negociadas publicamente na BM&FBOVESPA, durante o per??odo pesquisado, demostrando ind??cios da efici??ncia informacional do mercado de capitais Brasileiro na forma semiforte. Ao efetuar-se a segmenta????o entre empresas que tiveram mudan??a de controle, tanto as empresas adquiridas quanto as empresas adquirentes obtiveram retornos anormais positivos. Fato que se repetiu na segmenta????o efetuada com rela????o ?? forma de pagamento

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-02-06T23:53:43Z No. of bitstreams: 2 Amauri_Laino_Tavares.pdf: 2637187 bytes, checksum: 52e1aa08ebb38c3a58184830dada23e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-02-06T23:53:43Z (GMT). No. of bitstreams: 2 Amauri_Laino_Tavares.pdf: 2637187 bytes, checksum: 52e1aa08ebb38c3a58184830dada23e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2014-02-27 / The objective of this work is to compare the behavior of indicators of efficiency of acquirers and dominant financial institutions in M&A operations in Brazil before and after these transactions. To fulfill the objectives of this research an event study was performed considering sixty transactions between 1994 and 2012, which also considered 17 indicators classified in three categories: I- Profit Efficiency, II- Operational Efficiency and III- Managerial Efficiency. The comparison was made through parametric and non-parametric tests in order to identify significant changes in the cross sectional efficiency levels of the firms in the post-transaction moment. The results showed that for a significance ?=0.10, amongst the 17 variables, seven behaved diferently after the operations. Of the four ratios of the category I-Profit Efficiency, the one that presented significant changes performed worse in terms of Operating Profit on Total Assets. In regards to the eleven indicators of the category II- Operating Efficiency, there were five identified with significant variations, amongst them, the only one that showed improved efficiency was the ratio of Administrative Expenses on Credit Operations. On the other hand, the other four variables, Operating Expenses on Total Assets, Total Expenses on Total Assets, Expenses in Financial Intermediation on Debt, and Other Operating Expenses on Total Expenses showed reduction of operating efficiency. Last, for the category III-Managerial Efficiency, of its two indicators, only the indicator of Profits before Taxes on Equity demonstrated significant variations, which showed losses in terms of efficiency as well. The conclusions about the analysis of these variations suggest that, although M&A's motivations are frequently explained as a possibility of gain in terms of efficiency for the merged companies, it was not possible to find evidence of the predominance of these benefits in the Brazilian bank industry operations yet. It makes it necessary to perform additional research that investigates the possibility of the existence of other type of gains due to theses events. / O objetivo deste trabalho ?? comparar o comportamento de indicadores de efici??ncia de institui????es financeiras adquirentes ou dominantes em processos de Fus??es e Aquisi????es no Brasil nos per??odos anterior e posterior ?? realiza????o destas opera????es. Para o cumprimento do objetivo foi realizado um estudo de evento que abrangeu sessenta transa????es realizadas entre 1994 e 2012, o qual considerou 17 indicadores classificados em tr??s categorias: I-Efici??ncia de Lucros, II- Efici??ncia Operacional e III- Efici??ncia Gerencial. A compara????o foi realizada por meio de testes de diferen??as de m??dias (param??tricos) e medianas (n??o param??tricos) com o intuito de se identificarem altera????es significantes nos patamares de efici??ncia em cross section das institui????es no per??odo p??s-transa????o. Os resultados mostraram que para um n??vel de signific??ncia ?=0,10, dentre as 17 vari??veis estudadas, sete comportaram-se diferentemente ap??s as opera????es. Dos quatro indicadores classificados na categoria I-Efici??ncia de Lucros apenas um apresentou altera????o significante, implicando perda de efici??ncia em termos de Lucro Operacional sobre Ativo Total. Com rela????o aos onze indicadores da categoria II- Efici??ncia Operacional foi identificado que cinco deles apresentaram mudan??as significantes, sendo que o ??nico deste grupo que implicou ganhos de efici??ncia foi o indicador de Despesas Administrativas sobre Opera????es de Cr??dito. Por outro lado, as outras quatro vari??veis, Despesas Operacionais sobre Ativo Total, Despesas Totais sobre Ativo Total, Despesas da Intermedia????o Financeira sobre Passivos e Outras Despesas Operacionais sobre Despesas Totais mostraram perda de efici??ncia. Finalmente, para a categoria III- Efici??ncia Gerencial, dentre seus dois indicadores, apenas o indicador de Resultado antes de Impostos sobre Patrim??nio L??quido demonstrou altera????o significante, apontando tamb??m redu????o de efici??ncia. As conclus??es acerca da an??lise do comportamento das vari??veis indicam que, apesar de a ocorr??ncia de F&A ser frequentemente motivada por poss??veis ganhos de efici??ncia ??s empresas fundidas, ainda n??o ?? poss??vel constatar predomin??ncia desse fen??meno entre as opera????es promovidas por institui????es financeiras banc??rias no Brasil. Torna-se ent??o necess??ria ent??o, a realiza????o de estudos adicionais que explorem a possibilidade de exist??ncia de outras formas de ganhos em decorr??ncia desses eventos.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-12-19T22:59:36Z No. of bitstreams: 2 Adriano Dantas Lima Rodrigues.pdf: 683093 bytes, checksum: 5e76ca0b2e0469af0f0484640b8755c6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-12-19T22:59:36Z (GMT). No. of bitstreams: 2 Adriano Dantas Lima Rodrigues.pdf: 683093 bytes, checksum: 5e76ca0b2e0469af0f0484640b8755c6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-06-05 / The objetive of this work was to analyze which motivating factors could positively be associated with the level of disclosure of business combination in Brazilian public companies that trade in S??o Paulo city stock exchange (B3). To fulfill such aim, it was developed a Business Combination index ??? INDCOMBADAPT, based on Nakayama & Salotti (2014) and Shalev (2009) researches. Instead of developing a disclosure index based on a checklist model, described by the technical pronouncement CPC 15 - Business Combinations as mandatory, in this research, some itens (subcategories) that could be repetitive were removed. Therefore, it was considered only information about one relevante criterion, that is, if missing, could cause problems to understand the procedure On the basis of previous researches, we selected factors that could positively impact the level of disclosure of business combination. We analyzed: companies?? size, listing segment in B3, subjection to regulatory agencies, free float shares, internationalization, audit firms, bond issuance, performance and indebtedness. We investigated the annual financial statements of 2015, from Brazilian companies that trade in S??o Paulo city stock exchange (B3), which described information concerning business combinations in these statements. We identified 28 acquirer companies involved in 53 procedures characterized as combinations, according to IFRS 03 (CPC-15 R1). In the studied period, the business combination disclosure index was 0,4082 (maximum 0,8095, and minimum 0,0479), indicating low disclosure level. Positive correlations concerning the combination index for the variable Indebteness were found. Moreover, after the regression analyzis the only conformed hyphotesis was that there is a positive relationship among financial statements audited by big audit firms and the level of disclosure of business combination. This confirms the works of Taplin, Zhao, & Brown (2014), Nakayama (2012) and Murcia (2009). / O objetivo desta pesquisa foi analisar quais fatores motivadores poderiam estar associados positivamente ao n??vel de divulga????o de combina????o de neg??cios em empresas brasileiras de capital aberto, na bolsa de valores de S??o Paulo (B3). Para alcan????-lo, foi desenvolvido um ??ndice de Combina????o de Neg??cios, o INDCOMBADPT, adaptado de Nakayama & Salotti (2014) e Shalev (2009). Em vez de desenvolver um ??ndice de divulga????o baseado em um modelo checklist do que o pronunciamento t??cnico CPC-15 R1 (IFRS 03) de combina????o de neg??cios descreve como conformidade da norma, nesta pesquisa, foram retirados itens (subcategorias) que poderiam ser repetitivos. Desse modo, considerou-se somente informa????es sobre um crit??rio de relev??ncia. Assim, foram observadas somente informa????es que partem do pressuposto de que, na falta, podem causar problemas no entendimento da opera????o. Com base em pesquisas anteriores, foram selecionados fatores que poderiam impactar positivamente o n??vel de combina????o de neg??cios. Foram analisados: porte das companhias, segmento de listagem, sujei????o ??s ag??ncias reguladoras, percentual das a????es em circula????o no mercado, internacionaliza????o, firmas de auditoria, emiss??o de t??tulos, desempenho e endividamento. Foram analisadas as demonstra????es financeiras anuais de 2015, das companhias brasileiras com a????es negociadas na bolsa de valores de S??o Paulo (B3), que descreveram informa????es referentes a combina????es de neg??cios nessas demonstra????es. Foram identificadas 28 companhias adquirentes envolvidas em 53 opera????es caracterizadas como combina????o, conforme o CPC-15 R1 (2011). No per??odo analisado, o ??ndice de divulga????o de combina????o de neg??cios ficou em 0,4082 (m??ximo 0,8095 e m??nimo 0,0476), indicando baixo n??vel de divulga????o. A pesquisa apresentou correla????o positiva quanto ao ??ndice de combina????o para a vari??vel Endividamento. E ap??s an??lise de regress??o, a ??nica hip??tese confirmada foi que existe rela????o positiva entre demonstra????es financeiras auditadas por grandes empresas de auditoria e o n??vel e divulga????o de combina????o de neg??cios, corroborando Taplin, Zhao, & Brown (2014), Nakayama (2012) e Murcia (2009).

Made available in DSpace on 2015-12-03T18:35:12Z (GMT). No. of bitstreams: 1 Adriano_da_Costa_Andrade.pdf: 1175815 bytes, checksum: 16b9a0577766cebffff52abbc3248678 (MD5) Previous issue date: 2010-03-29 / This thesis has the objective of highlighting the differences between the accounting aspects and the tax impacts under the circunstance of the negotiation of one company through the institute of the incorporation and / or division to replace the institut of the acquisition - purchase and sale. The granting of some fiscal concessions by the Federal Government was what initially motivated the use of these operations, in 1971 it was created the Commission of Fusion and Incorporation of Companies - COFIE - linked to the Ministry of Finance, in order to provide, coordinate and analyze such benefits. The reorganizations are operations of incorporation and / or division known by Americans as a business combination, which since the 90's, with the constant changes that are occurring in Brazil and in the world, has its contribution and importance increased by the benefits brought throught the operations, beyond being extremely relevant values. This research seeks to demonstrate that business organizations are using the incorporation of institutes and divisions to acquire other business endeavors, ie, using the legitimacy of the institution of reorganization for tax advantages, because in essence the operation is an acquisition - buying and selling - replaced by a corporate reorganization. Therefore, the methodology adopted will be the bibliographic research, which as collected through documental and empirical research, tried to highlight the legal aspects, legal doctrine, corporate, tax and accounting schools of merger, demerger and acquisition. The interpretation and analysis were based on the theoretical framework, based on the review of the literature relevant to the study, that was done through a case in a Brazilian petrochemical sector, in which was reorganized through the institute of incorporation, initiated in late 2007 and completed in mid-2009. The purpose was to demonstrate the economy tax through the not taxable income tax and contribution social over net proft through capital gains to shareholders of the merged company, to highlight, in the accounting theory, the question of the essence regarding the form and to make evident the different ways to account for each institute. / Esta disserta????o tem por objetivo evidenciar as diferen??as entre os aspectos cont??beis e os impactos tribut??rios quando a negocia????o de uma empresa se realiza atrav??s da reorganiza????o societ??ria por meio do instituto da incorpora????o - e/ou cis??o em substitui????o ao instituto da aquisi????o - compra e venda. A concess??o de alguns benef??cios fiscais pelo Governo Federal foi o que motivou, inicialmente, o emprego dessas opera????es; no ano de 1971 foi criada a Comiss??o de Fus??o e Incorpora????o de Empresas - COFIE, ligada ao Minist??rio da Fazenda, com a finalidade de conceder, coordenar e analisar tais benef??cios. As reorganiza????es societ??rias s??o opera????es de incorpora????o e/ou cis??o denominadas pelos norte-americanos como business combinations, que, a partir da d??cada de 90, com as constantes modifica????es que est??o ocorrendo no cen??rio brasileiro e mundial, vem tendo sua participa????o e import??ncia ampliadas pelos benef??cios trazidos ??s respectivas opera????es, al??m de serem valores relevantes. Nesta pesquisa, procura-se evidenciar que as organiza????es empresariais est??o utilizando os institutos da incorpora????o e cis??o para adquirir outros empreendimentos empresariais, ou seja, utilizando-se da licitude da instituto da reorganiza????o societ??ria para obter vantagens tribut??rias, por que na ess??ncia a opera????o ?? uma aquisi????o - compra e venda - substitu??da por uma reorganiza????o societ??ria. Para tanto, a metodologia adotada ser?? pesquisa bibliogr??fica; os dados da pesquisa ser??o coletados por meio de pesquisa documental e emp??rica, em que se procurou evidenciar os aspectos legais, jur??dicos doutrin??rios, societ??rios, tribut??rios e cont??beis dos institutos de incorpora????o, cis??o e aquisi????o. A interpreta????o e an??lise dos dados embasou-se no referencial te??rico, fundamentado na revis??o da literatura pertinente ?? ??rea de estudo, sendo a pesquisa feita mediante um estudo de caso em uma empresa brasileira do setor petroqu??mico, que se reorganizou por interm??dio do instituto da incorpora????o, iniciada no final de 2007 e conclu??da em meados de 2009. O prop??sito foi de demonstrar a economia tribut??ria por meio da n??o tributa????o do imposto de renda da pessoa jur??dica e a contribui????o social sobre o lucro l??quido atrav??s da tributa????o do ganho de capital aos acionistas da empresa incorporada, trazer ?? luz da Teoria Cont??bil a quest??o da ess??ncia sobre a forma e evidenciar as diferentes formas de se contabilizar cada instituto.