Submitted by Setor de Tratamento da Informa??o - BC/PUCRS (tede2@pucrs.br) on 2015-11-17T17:40:05Z No. of bitstreams: 1 476187 - Texto Completo.pdf: 1096879 bytes, checksum: 3b86a10d7d3a3b62b703355219e321f4 (MD5) / Made available in DSpace on 2015-11-17T17:40:05Z (GMT). No. of bitstreams: 1 476187 - Texto Completo.pdf: 1096879 bytes, checksum: 3b86a10d7d3a3b62b703355219e321f4 (MD5) Previous issue date: 2015-08-28 / The main agents of technological change are the new businesses of high-tech sectors, they stimulate socio-economic development through innovative products and processes. In order to challenge existing technological paradigms, the technology-based firms (TBFs) set new market competition standards, regulating the behavior of the existing players. Due to uncertainty and information asymmetry of their activities, TBFs found in financial restriction a limiter to its development. For TBFs, the venture capital industry has been seen as a relevant financial intermediary, providing capital to companies that would otherwise have difficulty obtaining resources. The investment by venture capital companies is risky, because it has low liquidity and is highly dependent on a small group of entrepreneurs / managers. The selection of which company to invest, is a complex process with significant financial repercussions. Therefore, this is a strategic selection, involving a structured decision-making process. Given this context, a research based on the study method of multiple cases was developed, in which three cases were analyzed through nine semi-structured interviews.The results indicate that there is a structured process of decision-making by the venture capital firms with five key steps: business origin, information search, analysis, negotiation and monitoring. The venture capital firms perform both active and passive prospecting, the network recommendations and the entrepreneurial itself, are important sources of information. At the stage of analysis Venture Capitalist invest more time, four main aspects are evaluated: Marketing, Finance, Business and People. Among the main criteria considered to invest, it stands out companies based on innovative product or service and the profile and experience of the entrepreneur and his team. The valuation of TBCFs is performed using the methodology of discounted cash flow. The investment agreement between the two parties is negotiable, however, due to the minority role played by venture capital firms, they have protection clauses that are irreducible. After performing the investment, monitoring is made with active participation of the Venture Capitalist in the invested company in order to ensure the development of it and better divestment. / Os principais agentes de mudan?as tecnol?gicas s?o as novas empresas de setores de alta tecnologia, pois estimulam o desenvolvimento socioecon?mico atrav?s de produtos e processos inovadores. Ao desafiarem os paradigmas tecnol?gicos existentes, as Empresas de Base Tecnol?gica (EBTs) estabelecem novos padr?es de concorr?ncia de mercado, disciplinando o comportamento dos atores existentes. Devido ? incerteza e assimetria informacional de suas atividades, as EBTs encontram na indisponibilidade de recursos financeiros um limitador para seu desenvolvimento. Para as EBTs, a ind?stria de Venture Capital tem se mostrado como um relevante intermedi?rio financeiro, disponibilizando capital a empresas que de outra maneira teriam dificuldade em obter recursos. O investimento realizado pelas empresas de Venture Capital ? arriscado, pois apresenta baixa liquidez e ? altamente dependente de um pequeno grupo de empreendedores/gestores. A escolha, de qual empresa investir, ? um processo complexo com relevante repercuss?o financeira. Por isso, esta ? uma sele??o estrat?gica, envolvendo um processo estruturado de tomada de decis?o. Dado este contexto, foi desenvolvida uma pesquisa baseada no m?todo de estudo de casos m?ltiplos, em que tr?s casos foram analisados atrav?s de nove entrevistas semiestruturadas. Os resultados indicam que existe um processo estruturado de tomada de decis?o por parte das empresas de Venture Capital com cinco principais etapas: origem do neg?cio, busca de informa??es, an?lise, negocia??o e monitoramento.As empresas de Venture Capital realizam tanto prospec??o ativa, quanto passiva, sendo as recomenda??es da rede de relacionamento e o pr?prio empreendedor importante fontes de informa??o. A etapa de an?lise ? a que o Venture Capitalist investe mais tempo, sendo quatro principais aspectos avaliados: Mercado, Finan?as, Neg?cio e Pessoas. Dentre os principais crit?rios considerados para investir, destaca-se empresas baseadas em produto ou servi?o inovador, al?m do perfil e experi?ncia do empreendedor e sua equipe. O valuation (determina??o do pre?o justo) das EBTs ? realizado utilizando-se a metodologia do Fluxo de Caixa Descontado. O contrato de investimento entre as duas partes ? negoci?vel, no entanto, devido ao papel minorit?rio assumido pelas empresas de Venture Capital, elas possuem cl?usulas de prote??o que s?o irredut?veis. Ap?s realizado o investimento ? feito um monitoramento com participa??o ativa do Venture Capitalist na empresa investida, a fim de garantir o desenvolvimento dela e um melhor desinvestimento.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-11-18T16:53:24Z No. of bitstreams: 2 J??nio Mossinato.pdf: 681743 bytes, checksum: aa28753587eb412db281c50ea618c479 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-11-18T16:53:24Z (GMT). No. of bitstreams: 2 J??nio Mossinato.pdf: 681743 bytes, checksum: aa28753587eb412db281c50ea618c479 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-04-25 / Previous studies on corporate divestiture in international publications have documented that operations with poor operating performance, financial difficulties or with low investment levels are significant determinants of corporate divestment decisions. They also consider that larger companies, firm age and firms that had previous experience in divestment are more prone to new divestitures. The hypotheses were formulated based on previous results and the research was developed to identify the determinants of divestment for a sample of 161 Brazilian companies for the period from 2004 to 2015 with 352 divestiture events. The findings are consistent with the proposition that firm size and prior divestitures experience are significant determinants of divestitures. As a surprise, the results do not support the hypotheses that poor operating performance, leverage, lower investment level and firm age as determinants of divestiture activities. This study provides an introduction to the topic of corporate divestiture and its determinants in the national academic context. / Estudos anteriores sobre desinvestimento corporativo em publica????es internacionais documentam que opera????es com fraco desempenho operacional, dificuldades financeiras ou com baixo n??vel de investimento s??o significativos determinantes para decis??es de desinvestimento para as empresas. Consideram ainda que empresas maiores, idade da empresas e empresas que tiveram uma experi??ncia anterior em desinvestimento s??o mais propensas a novos desinvestimentos. As hip??teses foram formuladas apoiadas em resultados pr??vios e desenvolveu-se a pesquisa para identificar os determinantes de desinvestimento para uma amostra de 161 empresas brasileiras, para o per??odo de 2004 a 2015 com 352 eventos de desinvestimentos. Os achados s??o consistentes com a proposi????o de que o tamanho da empresa e exist??ncia de desinvestimento pr??vio s??o significativos desencadeadores de desinvestimentos. Como surpresa, os resultados n??o suportam as hip??teses de fraca performance operacional, endividamento, baixo n??vel de investimento e idade da empresa como determinantes de atividades de desinvestimento. Este estudo fornece uma introdu????o para o tema desinvestimento corporativo e seus determinantes no contexto acad??mico nacional.