Made available in DSpace on 2016-04-26T20:48:41Z (GMT). No. of bitstreams: 1 Viviane Paes Macedo Yanikian.pdf: 1190389 bytes, checksum: bf71eea935609753952cfbf62961823a (MD5) Previous issue date: 2014-06-24 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The current study is focused on analyzing the System of Financing Innovation in Brazil, through the main funding instruments and the federal agencies. Since the end of the 1990s, the Brazilian government began to intensify the efforts to fund innovative activity in order to recover the backlog by lack of investments in technology within companies. Based on the concept of National System of Innovation, public policies have been designed to promote innovation as a competitive strategy. It is relevant to investigate whether the outlays of funds from the Banco Nacional de Desenvolvimento Econômico Social - BNDES (National Bank for Economic and Social Development), the Financiadora de Estudos de Projetos FINEP (Research and Projects Financing), the Conselho Nacional de Desenvolvimento Científico e Tecnológico CNPq (National Council for Scientific and Technological Development), and the Coordenação de Aperfeiçoamento de Pessoal de Nível Superior CAPES (Coordination for the Improvement of Higher Education), in recent years, properly stimulated innovation activity in enterprises. In conclusion, Financing Innovation in Brazil has also improved over the last few years. However, Federal Financing System Innovation still has weaknesses / O presente trabalho tem como objetivo investigar o Sistema Federal de Financiamento à Inovação no Brasil, apresentando seus principais instrumentos de financiamento e suas agências federais de fomento. A partir do final dos anos 1990, o Estado brasileiro passou a intensificar seus esforços para financiar a atividade inovativa, a fim de recuperar o atraso acumulado pela falta de investimentos em tecnologia dentro das empresas. Com base no conceito de Sistema Nacional de Inovação, políticas públicas têm sido desenhadas a fim de promover a inovação como estratégia competitiva. É importante investigar se a aplicação de recursos provenientes do Banco Nacional de Desenvolvimento Econômico e Social (BNDES), da Financiadora de Estudos e Projetos (FINEP), do Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq), e da Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES), nos últimos anos, tem estimulado adequadamente a atividade inovativa nas empresas. Em conclusão, o Financiamento à Inovação no Brasil evoluiu favoravelmente nos últimos anos. Contudo, o Sistema Federal de Financiamento à Inovação ainda apresenta fragilidades

This paper investigates the effects of going public on firm innovation by comparing the innovation activities of firms that go public with firms that choose to not undergo an initial public offering (IPO) and remain privately held. Going public here is a transformation of a privately held firm into a public firm, i.e. the first time for the firm to publicly trade in stock markets. The combination of a propensity score matching (PSM) and a difference-in-difference (DiD) methods are adopted to measure the innovation trends in terms of patent applications. Using the patent-based metric, firm innovation increases following IPOs. Comparing to the innovation activities of privately held peers, going public can boost the patent growth rate of firms and delay the downward trend of patent growth in the two years following IPOs.

This thesis focuses of financing innovation production company. Based on selected criteria assessing the appropriate forms of external financing with regard to its own options business. The project includes theoretical characteristics of banking and unbanking products suitable alternatives analysis and its evaluation. Practical application is a part of the selected option for real situation in production and its impact on the overall economy companies.