Impactos da aplicação de recursos captados através de debêntures e do valor da empresa no preço das ações: uma análise no Brasil

Abstract

This study seeks to identify the degree of association of the application of funds raised through debentures as well as the company’s value with the share prices of the analyzed companies. On the assumption that long-term funding is usually linked to the need of long-term investments (BODIE; MERTON, 1999), the application of funds raised by debentures in working capital and in reducing the debt profile does not show convergence with this idea, which poses some risk perception on the issuing companies. The sampling for this study was composed of non-financial companies with shares traded on the Sao Paulo stock exchange. The share prices and accounting information were obtained through Economática ® software, while data on the debentures issued from January 1999 to September 2006 were collected on the CVM website. The data analysis followed the method of multiple linear regression and Pearson’s correlation coefficient. The results do not support the risk perception on the issuing companies that apply such funds raised by short-term debentures. In addition, they indicate that the value perception provided by the assessment of the company’s value is the only variable capable of presenting significant relation to share prices.