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Previous issue date: 2014-06-09 / For a few years the issue of debentures was restricted to publicly traded companies. From January 2009 through CVM Instruction 476, the Securities Commission has extended access to the capital market issuers allowing private companies could also issue Debentures. This access leads us to question what the main factors in the formation of spread in primary issuances of debentures of non-financial companies, listed and unlisted on stock exchanges in Brazil, from 2009 to 2013, and this is the goal of this work. The next question that seeks to answer is whether there is additional spread in the debentures of unlisted companies, and this is the main specific objective of this study. Also seeks to assess whether the spread is influenced by the tax benefit granted to the investor allocates resources debenture financing infrastructure projects. Additionally, the paper studies the influence of the choice of lead manager of the issuing bank in the formation process of the spread and a possible relationship between the spread of the emission and indicators Profitability, Performance and Indebtedness. The sample is composed only of primary emissions of listed and unlisted companies, which occurred between 2009 and 2013, through the SND - National Debenture System, maintained by ANBIMA. We used the OLS - OLS, estimated with the dependent variable spread and fifteen independent variables, resulting in nine statistically significant variables. The results indicate the existence of an additional premium to non- listed companies; influence in shaping the spread according to the choice of lead manager bank of the process; a statistically significant relationship between financial indicators and the formation of the spread / Por alguns anos a emiss??o de deb??ntures estava restrita a empresas de capital aberto. A partir de janeiro de 2009, atrav??s da Instru????o CVM 476, a Comiss??o de Valores Mobili??rios ampliou o acesso de emissores ao mercado de capitais permitindo que empresas de capital fechado tamb??m pudessem emitir deb??ntures. Este acesso nos leva questionar quais os principais fatores determinantes na forma????o do spread em emiss??es prim??rias de deb??ntures de empresas n??o financeiras, listadas e n??o listadas em Bolsa de Valores no Brasil, de 2009 a 2013, e este ?? o objetivo geral deste trabalho. A pergunta seguinte que se procura responder ?? se existe spread adicional nas deb??ntures de empresas n??o listadas, e este ?? o principal objetivo espec??fico deste estudo. Busca-se tamb??m avaliar se o spread ?? influenciado pelo benef??cio fiscal concedido ao investidor que aloca recursos em deb??ntures que financiam projetos de infraestrutura. Adicionalmente, o trabalho estuda a influ??ncia da escolha do banco coordenador l??der do processo de emiss??o na forma????o do spread e uma poss??vel rela????o entre o spread da emiss??o e indicadores de lucratividade, rentabilidade, desempenho e alavancagem (endividamento e composi????o de d??vida). A amostra ?? composta somente por emiss??es prim??rias, de empresas listadas e n??o listadas, ocorridas entre 2009 e 2013, atrav??s do SND Sistema Nacional de Deb??ntures , mantido pela ANBIMA. Utilizou-se o MQO M??nimos Quadrados Ordin??rios , estimado com a vari??vel dependente spread e com quinze vari??veis independentes, resultando em nove vari??veis estatisticamente significantes. Os resultados apontam a exist??ncia de um pr??mio adicional ??s empresas n??o listadas; a influ??ncia na forma????o do spread de acordo com a escolha do banco coordenador l??der do processo; a rela????o estatisticamente significante entre os indicadores cont??beis e a forma????o do spread
| Identifer | oai:union.ndltd.org:IBICT/oai:132.0.0.61:tede/374 |
| Date | 09 June 2014 |
| Creators | Esteves, Marcelo Leite |
| Contributors | Lucchesi, Eduardo Pozzi, Saito, Andr?? Taue, Paiva, Eduardo Vieira dos Santos |
| Publisher | FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, Mestrado em Administra????o de Empresas, FECAP, BR, Administra????o estrat??gica |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações do FECAP, instname:Fundação Aramando Álvares Penteado, instacron:FAAP |
| Rights | info:eu-repo/semantics/openAccess |
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