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Estudo de três metodologias para determinação do custo de capital internacional : análise comparativa e validação dos modelos / Assessment of three methodologies to determine the international cost of capital : comparative analysis and validationRossi, Luiz Egydio Malamud 12 November 2007 (has links)
O processo de globalização integrou mercados, aumentou o fluxo de capitais entre os países e, apesar da maior abundância de capitais, aumentou a disputa entre países emergentes e desenvolvidos por recursos oriundos do exterior. Em decorrência dessa maior dependência de recursos externos, a capacidade de atrair investimentos se tornou um fator importante para determinar a competitividade do país no cenário internacional. Os investidores consideram a relação entre risco percebido e retorno esperado ao alocar seus recursos internacionalmente e, dessa forma, a correta mensuração do risco incorrido deve ser compatível com a remuneração esperada pelo investimento. Possíveis efeitos da incorreta percepção de risco pelos investidores são a redução do valor dos ativos locais, a maior saída de recursos em decorrência de altos dividendos ou juros e a redução na entrada de recursos do exterior por inibir investidores que buscam opções de baixo risco. Devido a esses efeitos na economia dos países dependentes de recursos, estudaram-se nesta tese três metodologias usualmente empregadas pelos investidores no apreçamento do custo de capital internacional. Essas metodologias de apreçamento analisadas se baseiam em medidas de risco distintas, o que acarretou a inclusão neste trabalho das análises dos riscos que compõem cada modelo. Buscou-se evidenciar se os retornos mensais dos mercados acionários dos países podem ser explicados por três metodologias: o iCAPM, International Capital Asset Pricing Model; o ICC, International Cost of Capital, que utiliza as classificações de crédito dos países, e o GS, modelo da Goldman Sachs, que inclui a diferença das taxas de juros dos títulos soberanos emitidos pelos países em uma mesma moeda. Essas foram estudadas e avaliou-se qual apresenta os resultados mais consistentes para explicar os retornos dos mercados acionários dos países, ou seja, qual é a melhor metodologia de apreçamento do custo do capital internacional. O modelo GS apresentou o maior poder de explicação dos retornos dos países. / The globalization process integrated markets and increased the capital flow through the countries and enhanced the dispute for international money flow by emergent and developed countries despite these funds supply increasing. In result of this higher dependence for external resources, the capacity to attract investments became an important factor to determine the competitiveness of the country in the international scenario. Investors consider the relation between perceived risk and expected return when allocating its resources internationally and the correct estimation of the incurred risk must be compatible with the expected investment return rate. Possible effects of the incorrect perception of risk by the investors are the reduction of the value of the local assets, the higher money outflow as result of higher dividends or interests, and the reduction in the funds inflow for inhibiting investors who search lower risk alternatives. Considering that the incorrect estimation of the international cost of capital can significantly burden the economy of the developing countries we studied methodologies usually utilized by the investors when determining the international capital cost. These analyzed methodologies are based on distinct measures of risk and because that we included in this work analyses of the risks that each model are based on. We studied if capital markets monthly returns can be explained by three methodologies: iCAPM, international capital asset pricing model; the ICC, international cost of capital, that uses the classifications of credit of the countries; and the GS, Goldman Sachs model, that consider the difference of the sovereign bonds issued by different countries in the same currency. We evaluated these three methodologies based on distinct premises of risk and searched to evaluate that one that presents the most consistent results to explain the equity markets returns of the countries, that is, the best methodology of to determine the international cost of capital. The GS model had the best performance to measure the countries capital markets returns.
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Os investimentos internacionais e a reforma das TRIMs / The international investiments and thes TRIMs reformJoão Otavio Benevides Demasi 27 April 2012 (has links)
Devido ao colapso da economia americana, em 2009, os Fluxos de Capitais foram somente da Ordem Econômica de US$ 1.8 trilhões, 82% menos do que em 2007 (US$ 10.5 trilhões). Em 2009, o volume de comércio diário de ativos foi de US$ 1.5 trilhões, com US$ 178 trilhões como ativos financeiros. Os Investimentos Internacionais produtivos são uma das bases da internacionalização de empresas e do capital. Ao estabelecer uma planta industrial e/ou adquirir ações de empresas, este fluxo transfronteiriço de capital aporta bens, tecnologia, novas práticas administrativas, inter alios actos, e se distingue do investimento bursátil de carácter meramente especulativo e apátrida do hot money. Escrito em 3 (três) capítulos, este trabalho prescruta, no plano internacional, as regras jurídicas dos fluxos produtivos e as Medidas de Comércio Relacionadas aos Investimentos (TRIMs) da Organização Mundial de Comércio (OMC). Estas contêm cláusulas de Restrições as Práticas de Negócios que impedem os Estados-Membros da OMC a realizarem políticas públicas de desenvolvimento nacional. Não se olvidando do diálogo das fontes normativas internacionais, uma vez que a OMC não está em isolamento clínico do direito internacional, assim, verifica-se um claro embate entre a Soberania Permanente aos Recursos Naturais e o Direito ao Desenvolvimento. Entre mais de 140 (cento e quarenta) casos julgados pelo ICSID, excepcionalemente, e somente em 1 (um), o Estado-hospedeiro venceu, feito o exame dos 2 (dois) grandes sistemas jurídicos de investimentos. A tríade (EUA, UE, Japão) mais Coreia do Sul querem um modelo ainda mais liberal de regras de investimentos na OMC. Discorre este trabalho sobre os mais de 2.500 (dois mil e quinhentos) Bilateral Investments Treaties (BITs) e os Regional Trade Agreements (RTAs), como o do NAFTA, draft do MAI, e as Instituições de Bretton Woods ligadas ao IED, e a interação com a Doutrina, Jurisprudência e tendências. A UNCTAD critica veementemente este conjunto de regras liberais, sejam os BITs, sejam as TRIMs. O núcleo irradiador deste trabalho é a Declaração Conjunta indo-brasileira, que propõe a Reforma das TRIMs (G/TRIMS/W/25) para permitir, por meio de compras locais e requisitos de performance, o manejo de políticas públicas de desenvolvimento nacional hoje proibidas. Este trabalho conclui ser a Reforma das TRIMs uma impraticabilidade diplomática, de modo que o direito ao desenvolvimento dar-se-ia como improvável exceção. / Due to the US economic downturn, the Capital Flows in 2009 were only from the economic order of U.S.$ 1.8 trillion, 82% less than 2007 (US$ 10.5 trillion). In 2009 the daily trading volume of assets were U.S.$ 1.5 trillion with US$ 178 trillion as financial assets. The productive International Investments are one of the bases from the internationalization enterprises and of the capital. By establishing an industrial plant and/or acquire assets of companies, this cross-border flow of capital brings goods, technology, new management practices, inter alios acts. Distinguishing itself, by this way, from the stock market investment of purely speculative character and stateless, from the hot money. Written in 3 (three) chapters, this work search, in the international field, the legal rules from productive flows and the Trade Related Investment Measures (TRIMs) of the World Trade Organization (WTO). These clauses contains Restrictive Business Practices (RBP) that prevents States-Members from the WTO to carry out public policies of national development. Not forgetting the dialogue of sources from international rules, once the WTO is not in clinical isolation from the international law there is a clear clash between the Permanent Sovereignty on Natural Resources and the Right to Development. Between more than 140 (one hundred and forty) cases tried by ICSID, exceptionally and only one (one) the host-State won. Made the examination of the 2 (two) major legal systems of investments. The Triad (USA, EU and Japan) plus South Korea wants a model with more liberal investment rules in the WTO. Discusses this work on the more than 2500 (two thousand and five hundred) Bilateral Investments Treaties (BITs) and Regional Trade Agreements (RTAs) such as NAFTA, the MAI draft, and the Bretton Woods institutions related to FDI and the interaction with doctrine, jurisprudence and trends. UNCTAD strongly criticizes this liberal set of rules, not only the BITs, but also the TRIMs. The core matter from this work is the Indo-Brazilian Joint Statement on the Reform of the TRIMs (G/TRIMS/W/25), that proposes through local purchases and performance requirements the right of management of public policies for national development currently forbidden. This work concludes that the Reform of the TRIMs is a diplomatic impractibility, in a mode that the Right to development can be achieved as an improbable exception
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Analyse géographique des investissements internationaux de la China National Petroleum CorporationChampagne-Gélinas, Alex 12 1900 (has links)
Ce mémoire propose une analyse de l’expansion internationale de la China National Petroleum Corporation (CNPC) et des impacts de cette expansion sur la sécurité énergétique de la Chine. Dans le cadre de cette recherche, l’approvisionnement énergétique d’un pays est jugé sécuritaire lorsqu’une quantité suffisante de ressources nécessaires pour combler sa demande en énergie sont présentes, disponibles et accessibles et que son approvisionnement en services énergétiques demeure fiable et abordable.
La recherche comporte quatre volets. Le premier volet porte sur les étapes de la restructuration de l’industrie pétrolière chinoise depuis 1949. Celle-ci est analysée au travers des changements dans les modes de gestion des compagnies pétrolières nationales et dans leurs relations avec le gouvernement chinois. Le deuxième volet traite de la diversification et des nouvelles spécialisations de CNPC. Ces aspects sont étudiés dans le cadre d’une analyse du pourcentage de ses actifs dans chaque segment industriel (aval, intermédiaire et amont) obtenus grâce à ses rapports annuels. Le troisième volet aborde la répartition géographique des activités de la compagnie que l’on étudie à l’aide d’une analyse approfondie de près de 150 investissements, acquisitions et contrats réalisés à l’étranger entre 1992 et 2014. Le quatrième volet aborde les impacts des investissements à l’étranger de la compagnie sur la sécurité énergétique de la Chine. Ces impacts sont mesurés par l’entremise d’une analyse des flux pétroliers internationaux vers la Chine que l’on compare à la production de CNPC par pays.
Ce mémoire permet de déterminer que l’expansion internationale de CNPC sert d’abord et avant tout les intérêts économiques de la compagnie. Ce sont surtout ses investissements dans la construction d’infrastructures de transport (oléoducs, gazoducs ainsi que les usines et terminaux de liquéfaction de gaz naturel liquéfié) qui apportent des bénéfices directs à la sécurité énergétique de la Chine. La contribution des investissements dans les autres secteurs est beaucoup moins systématique et dépend largement de la période au cours de laquelle ils ont été effectués. / This thesis proposes an analysis of the international expansion of China National Petroleum Corporation (CNPC) and of the impacts of this expansion on China’s energy security. In this research, a country’s energy supply is considered secure when sufficient resources needed to meet its energy demands are present, available and accessible while the supply of energy services remains affordable and reliable.
The analysis is done in four sections. The first section focuses on the various stages of the restructuring of the Chinese oil industry since 1949. This subject is studied through an analysis of both the changes in the management methods of the Chinese national oil companies and the evolution of their relationship with the Chinese government. The second section deals with the diversification and the evolution of CNPC’s specializations. These are studied through an analysis of the percentage of the company’s assets in each sector of the oil industry (downstream, midstream, and upstream), which are obtained through its annual reports. The third section looks at the geographical distribution of the company’s overseas operations. This is done through an in-depth analysis of nearly 150 investments, acquisitions, and contracts made abroad by CNPC between 1992 and 2014. Finally, the fourth section focuses on the impacts of the overseas investments of the company on China’s energy security. These impacts are examined by measuring CNPC’s overseas production and comparing the total per country to the oil and gas flows going from these countries to China.
This thesis allows us to determine that by engaging in international activities, CNPC aims above all to satisfy its economic interests. It is mostly the investments it made for the construction of transportation infrastructure (oil and gas pipelines or liquefied natural gas terminals) that directly benefits to China’s energy security. The company’s investments in other sectors do sometimes bring some benefits to the country’s energy security, but their contribution is much less systematic and depends largely on the period during which they were made.
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Investimentos internacionais e a contrapartida socialPereira, Tiago de Aguiar 31 August 2007 (has links)
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Previous issue date: 2007-08-31 / Verifying that the volume of international investments and the roll of the new
social players of international law, that is, the private corporations which invest in several
different countries of the world, and, analyzing that the State can no longer by itself protect
and achieve the fundamental human rights, more so in the new world context, where new
rights become part of the fundamental rights, such as the right to development and the right
to technology, it is now clear the necessity to engage the private sector into the search and
promotion of human rights. This work will disclose the reasons, how and in what sense the
private sector may be obliged to positive participate in this new journey / Verificando-se o volume dos investimentos internacionais e a atuação dos
novos atores sociais do direito internacional, ou seja, as empresas privadas que possuem
investimentos em diversos países do mundo, e analisando-se que o Estado não mais
poderá, sozinho, garantir os direitos humanos fundamentais, ainda mais no novo contexto
mundial, em que novos direitos humanos são alçados à categoria de fundamentais, como o
direito ao desenvolvimento e o acesso à tecnologia, constata-se a necessidade de o setor
privado engajar-se na busca e na promoção dos direitos humanos. Este trabalho desvendará
por que, como e em que medida o setor privado pode ser obrigado a participar
positivamente dessa nova jornada
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L'UEMOA : la cohabitation des juridictions intervenant dans la résolution des conflits issus des investissements internationauxBerte, Tandjaman Abiba Grace 07 1900 (has links)
Les traditions culturelles et l’histoire commune des états membres de l’UEMOA ont été des facteurs clé de leur rapprochement dans divers domaines. En effet, la monnaie commune de ces différents pays a permis d’instaurer les fondements d’un droit commun des investissements, et une zone de coopération fondée sur une profonde solidarité . Ceci devait se faire, à travers la reconnaissance de la liberté de circulation des capitaux dans le traité du 12 mai 1962 instituant l’UMOA qu’ils s’étaient engagés à transformer en Union Économique et Monétaire Ouest-Africaine . Au fil du temps, le développement du droit communautaire en Afrique de l’Ouest a évolué et couvert un large champ qui s’étend désormais aux investissements .
Les enjeux du Droit International des Investissements, en raison des exigences de la mondialisation des économies, ont contraint les États de l’espace UEMOA, importateurs de capitaux, à faire converger leur réglementation des investissements afin de favoriser leur attractivité et d’en tirer le meilleur parti . La difficulté d’un tel objectif réside d’une part, dans la nécessité d’arriver à̀ concilier leurs intérêts avec ceux des investisseurs ; qui ne sont pas toujours convergents et d’autre part, soulèvent certaines questions concernant le choix des juridictions compétentes et du droit applicable aux conventions d’investissements. L’Union n’a pas dérogé aux standards internationaux de protection des investissements qui existent pour les garanties procédurales . Elle a reconnu la pertinence de l’arbitrage comme principal mode de règlement des différends tout en réaffirmant le principe de la compétence des juridictions nationales et communautaires.
Dès lors, pour débattre « de la cohabitation des juridictions encadrant la résolution des conflits issus des investissements internationaux dans l’UEMOA » thème de l’étude que nous avons menée, nous avons suivi la démarche ci-après :
Au Chapitre I, nous avons présenté l’UEMOA dans toute sa composante.
Dans le Chapitre II, nous avons présenté les différents investissements au sein de l’UEMOA.
Quant au Chapitre III, il a porté des éclairages sur l’arbitrage au sein de l’UEMOA, l’un des principaux modes de résolution des conflits issus des investissements internationaux et traite de certaines sentences arbitrales sur des cas de conflits entre États membres de l’Union et des investisseurs.
Par ailleurs, le chapitre IV propose quelques analyses critiques sur la gestion des conflits. Enfin, le Chapitre V, fait état de nos analyses critiques et recommandations à l’effet d’apporter notre contribution pour l’amélioration de cette pratique importante et délicate pour l’Union. / The cultural traditions and the common history of the UEMOA member states have
been key factors in bringing them together in various fields. Indeed, the common currency of
these different countries has made it possible to establish the foundations of a common
investment law, and an area of cooperation based on deep solidarity. This was to be done,
through the recognition of the freedom of movement of capital in the treaty of May 12, 1962
establishing the UEMOA which they had undertaken to transform into the West African
Economic and Monetary Union. Over time, the development of community law in West Africa
has evolved and covered a large field which now extends to and covered to investment.
The challenges of International Investment Law, due to the requirements of the
globalization of economies, have forced the WAEMU States, importers of capital, to converge
their investment regulations in order to promote their attractiveness and draw better. The
difficulty of such an objective lies, on the one hand, in the need to manage to reconcile their
interests with those of investors ; which are not always convergent and on the other hand, raise
certain questions concerning the choice of competent courts and the law applicable to
investment agreements. The Union has not departed from the international investment
protection standards that exist for procedural guarantees. It recognized the relevance of
arbitration as a means of settling disputes while reaffirming the principle of the jurisdiction of
national and Community courts.
Therefore, to debate "the cohabitation of the jurisdictions framing the arbitration of
conflicts arising from international investments in the UEMOA" theme of the study that we
conducted, we followed the following approach :
vi
In Chapter I, we presented UEMOA in its entire component. In Chapter II, we presented the
various investments within the UEMOA. As for Chapter III, it shed light on arbitration within
the UEMOA and deals with certain arbitral awards on cases of conflicts between Member States
of the Union and investors.
In addition, Chapter IV offers some critical analyzes on conflict management. Finally, Chapter
V presents our critical analyzes and recommendations to make our contribution to the
improvement of this important and delicate practice for the Union.
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Le Contrat BOT (Build, Operate, Transfer) au Koweït : un modèle de partenariat public-privé / The Bot contract (Build, Operate, Transfer) in Kuwait : a public-private partnership modelAlhajri, Muna 03 July 2018 (has links)
Les pouvoirs publics koweïtiens entendent créer un climat favorable aux investisseurs, en mettant l’accent notamment sur le partenariat entre public et privé. C’est ainsi qu’en 2008, le parlement koweitien a adopté la loi 7/2008 qui comporte une organisation générale des contrats de constructions, d’exploitation et de transfert (BOT). Le législateur a adopté par la suite la loi 116/2014 sur le partenariat qui reprend avec plus de détails les formes de coopération publique-privée. À cet effet, deux organes ont été créés : le Haut Comité et l’Autorité des projets, avec des compétences très étendues quant à la formation et à l’exécution du contrat BOT (appel d’offres, négociations, conclusion du contrat, sa durée, son financement, etc.). L’objectif de cette étude est de traiter, à partir de cette législation, la notion de contrat BOT que les spécialistes assimilent volontiers au terme de concession, ou à celui de délégation de service public. Dans cette perspective, il est nécessaire d’aborder le montage financier et la nature juridique du contrat BOT. La mise en œuvre du contrat BOT fait intervenir une diversité des parties contractantes (administration, partenaires privés, créditeurs, sociétés de construction, fournisseurs de matériels, investisseurs de capitaux, consommateurs utilisateurs des produits, etc.), cela rend la réalisation de ce type de contrat assez complexe. Cette complexité peut se poser de manière aiguë au Koweït, dans la mesure où le pays vient juste d’inaugurer cette procédure de passation de marché impliquant directement le public et le privéLe montage financier des contrats BOT, connu sous le nom de « projet de financement » repose presque totalement sur des acteurs privés. Dès lors, la question qui se pose est celle de la répartition des risques. À ce sujet, l’analyse cherche à comprendre pourquoi les risques liés au financement sont assumés essentiellement par l’opérateur privé, indirectement par la société de projet, et directement par le prêteur, en l’occurrence les banques. Reste que pour couvrir ces risques, le contrat BOT prévoit, au bénéfice des pourvoyeurs de fonds, un certain nombre de garanties portant aussi bien sur les actifs composant le projet (équipements, outillages, stocks, transmission de créances), que sur le projet lui-même (nantissement et hypothèques des actions de la société de projet, cession de revenus, substitution des banques au promoteur privé défaillant).La nature juridique du contrat BOT soulève deux interrogations majeures : la première est de savoir si ce type de contrat relève de droit administratif ou de droit civil. La seconde porte sur les litiges qui peuvent naître de ce type de contrat comportant un large éventail d’éléments d’extranéité (investissements extérieurs, transfert de technologie, etc.) et soumis à l’arbitrage international. À ce niveau, il convient de connaître le droit applicable : s’agit-il du droit interne ou droit international ? C’est à cet ensemble de questions que cette recherche tente d’apporter un début de réponse en prenant comme cadre de réflexion le contexte koweïtien. / The Public Authorities (Government) of Kuwait aim to create a favorable investor climate, with particular emphasis on public-private partnerships. Thus, in 2008, the Kuwaiti Parliament passed Law 7/2008, which includes a general organization of contracts of construction, exploitation and transfer (BOT) “Build, Operate and Transfer”. The legislator subsequently adopted the law 116/2014 on the partnership which repeats in more detail the forms of public-private cooperation. To this end, two bodies have been created: the High Committee and the Projects Authority, with extensive expertise in the training and execution of the BOT contract (call for tenders, negotiations, conclusion of the contract, its duration, financing, etc.). The objective of this study is to deal, from this legislation, with the concept of BOT contract that specialists readily assimilate to the term of concession, or that of public service delegation. In this perspective, it is necessary to address the financial arrangement and the legal nature of the BOT contract.The implementation of the BOT contract involves a diversity of contracting parties (administration, private partners, creditors, construction companies, equipment suppliers, capital investors, consumer users of products, etc.), which makes the implementation of this type of contract rather complex. This complexity can be seriously arisen in Kuwait, as the country has just inaugurated this procurement procedure directly involving the public and the private sector.The financial set-up of the BOT contracts, known as the "financing project", relies almost entirely on private actors. Therefore, the question that arises is that of the distribution of risks. In this regard, the analysis seeks to understand why financing risks are borne mainly by the private operator, indirectly by the project company, and directly by the lender, in this case the banks. However, to cover these risks, the BOT contract provides, for the benefit of fund providers, a number of guarantees covering both the project assets (equipment, tools, inventory, transfer of receivables) and the project itself (pledging and hypothecation of shares in the project company, transfer of income, substitution banks to the defaulting private promoter).The legal nature of the BOT contract raises two major questions: the first is whether this type of contract falls under administrative law or civil law. The second deals with disputes that may arise from this type of contract, which includes a wide range of foreign elements (outside investment, technology transfer, etc.) and is subject to international arbitration. At this level, one must know the applicable law: is it domestic law or international law? It is to this set of questions that this research tries to bring a beginning of answer by taking as a framework of reflection the Kuwaiti context.
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Constitutionalization of international investment law: Indirect expropriation cases, fair and equitable treatment / Constitucionalización del derecho internacional de las inversiones: los casos de la expropiación indirecta y el trato justo y equitativoHiga Silva, César, Saco Chung, Víctor 10 April 2018 (has links)
The purpose of this paper is to explore the impact of international investment law rules in the Economic Constitutional Law, especially those included in investment chapters of Peruvian’s Free Trade Treaties. In particular, it is expected to demonstrate the following (i) International Investment Law is part of Peruvian Legal System; (ii) provisions of these laws are mandatory and should be applied domestically; and (iii) interpretation and implementation of this legal right should be executed consistently with domestic legal system and Peruvian international obligations. This agreed Interpretation between Investment Law and Economic Constitution will have a positive effect in rationalization of public entities actions avoiding abuses and maltreatment to investors, in order to improve investment climate as a key element forachieving country’s sustainable development. / Este trabajo tiene como objeto explorar el impacto que tienen las normas del derecho internacional de las inversiones, en específico aquellas de los capítulos de inversiones de los Tratados de Libre Comercio celebrados por el Perú, en el derecho constitucional económico. En concreto, se pretende demostrar lo siguiente: (i) el derecho internacional de las inversiones es parte del Ordenamiento Jurídico del Perú; (ii) las disposiciones de este derecho son obligatorias y deben aplicarse a nivel interno, y (iii) este derecho debe interpretarse e implementarse de manera coherente con el resto del ordenamiento interno y con las obligaciones internacionales del Perú. Esta interpretación concordada del derecho de inversiones y la Constitución económica tendrá un impacto positivo en la racionalización de la actuaciónde los órganos estatales, evitando arbitrariedades cuando sus medidas puedan afectar a un inversionista. De esta manera mejorará el clima de inversiones, el cual es un elemento necesario para lograr el desarrollo sostenible del país.
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