Valor de mercado e ativos intangíveis: uma análise da empresa brasileira

Abstract

Currently, there is a greater concern on the part of scholars and professionals about a difference between the book value and the market value of the entities. The book value does not meet the need for information about the market value of a company. With the advent of technology and the competitive growth of markets, intangible assets became paramount in valuing an organization by increasing the value of a market value. The relevance of the intangibles without value of the companies originated in this study: What is the influence of Intangible Assets on the Market Value of companies in BM & BOVESPA? In order to respond, the general objective is to analyze the relationship between the intangible values and the market value of the companies belonging to BM & BOVESPA in 2015. Together with the general objective for the specific objectives: (i) to analyze a significance of the degree of intangibility For the market value of the companies; (ii) verify the significance of the intangible elements for the value of the corporate market; And (iii) identify the determinants of the companies listed on BM & BOVESPA. Methodologically, a survey is descriptive, qualitative and quantitative. Use of the bibliographic and documentary design in the financial statements of 121 companies listed on BM & BOVESPA. A data collection uses a technique of content analysis. Data analysis uses a Multiple Regression analysis technique. The results analysis was performed in two samples. The first with 121 companies shows that the market value is influenced by Intangible Assets (AI), Intangible Assets (GI), Return on Equity (ROE) and Total Assets (TA). The second sample of 76 companies with high Degree of Intangibility showed that market value is influenced only by ROE and TA.