Custo do capital próprio como taxa de desconto na avaliação de empresas no Brasil: evidências entre a teoria e a prática de mercado
Data
2014-03
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Resumo
Firm’s evaluation is potentially practiced and discussed by theoretical. Among the evaluation’s methods the most used is the Discounted Cash Flow (DCF), which has success whether the right discount rate is determined. In this method, the measurement of the cost of equity (Ke) is one of the most relevant stages, because of the subjectivity involved. In emergent markets, the measurement of this discount rate becomes harder. The aim of this paper is to verify whether has an adherence between theory and market practice in Brazil about the measurement of Ke in the scope of firms’ appreciation by DCF. The raised hypothesis is that the brazilian market practices of the Ke’s determination to the firms’ evaluation by DCF are consistent with the financial theory. To verify this hypothesis, a documental research among the Firms’ Evaluation Reports, which are presented as Initial Public Offering (IPO) requirement and were registered in Comissão de Valores Mobiliários (CVM) in the years 2005 to 2012, has been done. The sample has found 96 reports that measure the firms’ value by the DCF. The results’ analysis proven the adherence of the methods used by brazilians practitioners and the finance literature about this theme, what lead a non-rejection of the initially purposed hypothesis. Therefore, the evidence found in this paper contribute with researchers, appraisers and who else that have interest in this subject and give more credibility for the information generated by firms’ evaluation in Brazil, qualitatively.
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Firms’ evaluation, Cost of equity, Discounted cash flow, Avaliação de empresas, Fluxo de caixa descontado, Custo do capital próprio
Citação
CABRAL, Ludmila Lopes Cabral et al. Custo do capital próprio como taxa de desconto na avaliação de empresas no Brasil: evidências entre a teoria e a prática de mercado. Revista de Contabilidade da UFBA, Salvador, v. 7, n. 3, p. 5-22, dez./mar. 2014.