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O mercado de eurobonds e as captações brasileiras: uma abordagem empírico-descritiva / The Eurobond market and the Brazilian issues: an empirical and descriptive approachPimentel, Renê Coppe 24 November 2006 (has links)
O financiamento por meio de títulos negociáveis vem ganhando importância no cenário internacional e concorrendo com meios tradicionais de financiamento, como os empréstimos bancários. No entanto, existem poucos estudos científicos no Brasil que abordam o financiamento das empresas por meio da emissão de títulos de dívida, em especial, os títulos de dívida de médio e longo prazos emitidos no exterior, os eurobonds e euronotes. Dessa forma, este trabalho tem por objetivo analisar e descrever o mercado de eurobonds e euronotes, sua história, características, ferramentas e técnicas, com especial atenção aos títulos brasileiros. Este objetivo será atingido por meio de uma análise descritivo-exploratória e o estabelecimento de relações entre variáveis, revisão de literatura, apresentação e exposição de dados históricos de mercado, análise de volumes de emissões e desenvolvimento intertemporal. Também é objetivo deste trabalho analisar empiricamente, de forma descritiva e exploratória, o perfil das empresas brasileiras que captam no exterior e a utilização de bonds em sua estrutura de financiamento, com suporte das teorias de estrutura de capital do trade-off estático e de peking order. Para isso, foram feitas análises estatísticas de indicadores contábeis e financeiros organizados em forma de painel (painel data analysis). Os resultados empíricos demonstram que, em geral, as empresas que emitem bonds possuem maior alavancagem com capital de terceiros, perfil de dívida com prazo mais alongado, maiores índices de imobilização, maior taxa de rentabilidade derivada do elevado faturamento, o que demonstra também a diferença do tamanho médio das empresas com emissão de bonds com as demais, confirmando a afirmação de Valle (2001) de que apenas as grandes empresas brasileiras possuem atuação ativa na captação no mercado de eurobonds e bonds estrangeiros. Também foi verificado que o comportamento dos indicadores financeiros em relação ao endividamento por bonds está em acordo com as teorias da estrutura de capital, em especial com a teoria do trade-off estático que preconiza que quanto maior a alavancagem da empresa, maior a rentabilidade para os acionistas. O estudo não possui o objetivo de generalização dos resultados, ficando as conclusões restritas à amostra e ao período analisado. / The financing by negotiable securities has been gaining importance in the international scene and competing with traditional ways of financing such as the banking loans. However, there are not many scientific studies in Brazil that approach the financing of companies through debt securities, especially medium and long-run debts issued in international market, the eurobonds and euronotes. Therefore, the objective of this study is to analyze and describe the market of eurobonds and euronotes, its history, characteristics, tools and techniques, with special attention to the Brazilian securities. In order to do that, a descriptive-exploratory analysis and the establishment of relations between variables will be done through an ample revision of literature, presentation and exposition of historical market data, non-statistical analysis of emissions volumes and development. It is also the objective of this study to analyze empirically, through a descriptive and exploratory form, the profile of companies that issued bonds in the international market, and the utilization of bonds in the financing structure of Brazilian companies, supported by the theories of capital structure of the static trade-off and peking order. In order to do that, statistical analysis of panel data was used. Empirical results indicated that, in general, Brazilian companies that issue bonds in the international market show higher leverage, longer term, higher fixed assets / equity ratio, higher profitability derived from high level of sales, which also demonstrates the difference between the average size of companies with emission of bonds and others, confirming the verification of Valle (2001) that only large Brazilian companies issue in the eurobonds and foreign bonds markets. It was also verified that financial indicators and leverage level are related, in accordance with the theories of capital structure and especially with the theory of static trade-off which praises that the higher the company´s leverage, the higher the profitability for the shareholders. It is not an objective of the present study to generalize the results, being the conclusions restricted to the analyzed sample.
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O mercado de eurobonds e as captações brasileiras: uma abordagem empírico-descritiva / The Eurobond market and the Brazilian issues: an empirical and descriptive approachRenê Coppe Pimentel 24 November 2006 (has links)
O financiamento por meio de títulos negociáveis vem ganhando importância no cenário internacional e concorrendo com meios tradicionais de financiamento, como os empréstimos bancários. No entanto, existem poucos estudos científicos no Brasil que abordam o financiamento das empresas por meio da emissão de títulos de dívida, em especial, os títulos de dívida de médio e longo prazos emitidos no exterior, os eurobonds e euronotes. Dessa forma, este trabalho tem por objetivo analisar e descrever o mercado de eurobonds e euronotes, sua história, características, ferramentas e técnicas, com especial atenção aos títulos brasileiros. Este objetivo será atingido por meio de uma análise descritivo-exploratória e o estabelecimento de relações entre variáveis, revisão de literatura, apresentação e exposição de dados históricos de mercado, análise de volumes de emissões e desenvolvimento intertemporal. Também é objetivo deste trabalho analisar empiricamente, de forma descritiva e exploratória, o perfil das empresas brasileiras que captam no exterior e a utilização de bonds em sua estrutura de financiamento, com suporte das teorias de estrutura de capital do trade-off estático e de peking order. Para isso, foram feitas análises estatísticas de indicadores contábeis e financeiros organizados em forma de painel (painel data analysis). Os resultados empíricos demonstram que, em geral, as empresas que emitem bonds possuem maior alavancagem com capital de terceiros, perfil de dívida com prazo mais alongado, maiores índices de imobilização, maior taxa de rentabilidade derivada do elevado faturamento, o que demonstra também a diferença do tamanho médio das empresas com emissão de bonds com as demais, confirmando a afirmação de Valle (2001) de que apenas as grandes empresas brasileiras possuem atuação ativa na captação no mercado de eurobonds e bonds estrangeiros. Também foi verificado que o comportamento dos indicadores financeiros em relação ao endividamento por bonds está em acordo com as teorias da estrutura de capital, em especial com a teoria do trade-off estático que preconiza que quanto maior a alavancagem da empresa, maior a rentabilidade para os acionistas. O estudo não possui o objetivo de generalização dos resultados, ficando as conclusões restritas à amostra e ao período analisado. / The financing by negotiable securities has been gaining importance in the international scene and competing with traditional ways of financing such as the banking loans. However, there are not many scientific studies in Brazil that approach the financing of companies through debt securities, especially medium and long-run debts issued in international market, the eurobonds and euronotes. Therefore, the objective of this study is to analyze and describe the market of eurobonds and euronotes, its history, characteristics, tools and techniques, with special attention to the Brazilian securities. In order to do that, a descriptive-exploratory analysis and the establishment of relations between variables will be done through an ample revision of literature, presentation and exposition of historical market data, non-statistical analysis of emissions volumes and development. It is also the objective of this study to analyze empirically, through a descriptive and exploratory form, the profile of companies that issued bonds in the international market, and the utilization of bonds in the financing structure of Brazilian companies, supported by the theories of capital structure of the static trade-off and peking order. In order to do that, statistical analysis of panel data was used. Empirical results indicated that, in general, Brazilian companies that issue bonds in the international market show higher leverage, longer term, higher fixed assets / equity ratio, higher profitability derived from high level of sales, which also demonstrates the difference between the average size of companies with emission of bonds and others, confirming the verification of Valle (2001) that only large Brazilian companies issue in the eurobonds and foreign bonds markets. It was also verified that financial indicators and leverage level are related, in accordance with the theories of capital structure and especially with the theory of static trade-off which praises that the higher the company´s leverage, the higher the profitability for the shareholders. It is not an objective of the present study to generalize the results, being the conclusions restricted to the analyzed sample.
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Enjeux de la diversité culturelle et de la pluralité linguistique pour l'émergence des pays francophones du Sud / Issues of cultural diversity and linguistic plurality to the emergence of Southern french-speaking countriesDjomaleu kamadeu, Blaise Michel 30 January 2016 (has links)
Ce travail vise à faire ressortir les enjeux de la diversité culturelle et de la pluralité linguistique face à la volonté d’émergence des pays francophones du Sud, exprimée au lendemain des années 2000. La déconstruction et la reconstruction des concepts d’émergence, de diversité culturelle, de pluralité linguistique, de solidarité, de développement et de gouvernance mondiale, sous les différents angles de la littérature politique, de l’économie politique, de la philosophie politique et des Relations internationales ont été nécessaires. Cette étape nous permet de mieux cerner le comportement de la Francophonie, ainsi que celui des pays francophones du Sud au sein de la mondialisation au cours de ces dernières décennies. Une évaluation comparative a été réalisée dans un contexte de recherche-action, et suivant une approche pluridisciplinaire, et a finalement permis de constater le niveau de retard enregistré et présent au sein de ces pays francophones du Sud dans les environnements politique, économique, social et culturel. Ce retard se caractérise par un modèle de gouvernance sociétale incorrecte, un modèle de financement de l’économie du développement basé sur de mauvais fondements, une absence de politique linguistique adaptée, une présence de textes constitutionnels en déphasage total avec l’avancée de la mondialisation, et au bout de l’histoire, une véritable réponse de la Francophonie toujours attendue. Quelles sont les conditions nécessaires aujourd’hui et demain pour rattraper effectivement ce retard enregistré au sein des pays francophones du Sud ? Comment pourrait réagir la Francophonie face à cette situation délicate ? Quelques propositions sont présentées au terme de cette recherche qui se propose d’aller au-delà des enjeux de la diversité culturelle et de la pluralité linguistique, pour poser des bases d’une redistribution équitable des cartes au sein de la mondialisation actuelle et future, au nom du respect du principe de diversité, de la solidarité effective, de l’universalisme pratique et de l’humanisme opérationnel. / This work aims to highlight the challenges of cultural diversity and linguistic plurality, facing the willingness emergence of the Southern Francophone countries, expressed after year 2000. Deconstruction and reconstruction of the concepts of emergence, cultural diversity, linguistic plurality, solidarity, development and global governance, under the different views of political literature, political economy, political philosophy and international relations were necessary. A step to better apprehend the behavior of the Francophonie within globalization, as well as Southern francophone countries over recent decades. A comparative evaluation was conducted in a context of action-research and following a multidisciplinary approach, which ultimately shows the level of the political, economic, social and cultural environments delays which are present in these southern Francophone countries. This delay which is characterized by an incorrect societal governance model, a financing of the economic development model based on poor foundations, lack of suitable language policy, and a presence of constitutional texts on complete phase shift with the advance of globalization. Thus, at the end of the story, a real feedback for the Francophonie is still awaited. What are today’s and tomorrow’s conditions in order to actually catch up the delay recorded in the Southern French-speaking countries? How could Francophonie react in front of this intricate situation? Some proposals are presented at the end of this research, which intends to go beyond issues of cultural diversity and linguistic plurality, as a way to lay the foundations of fair cards redistribution in the current and future of globalization, on behalf of the diversity principles, effective solidarity, practical universalism and operational humanism.
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