Abordagens de cálculo do grau ótimo de endividamento: um estudo em empresas brasileiras

AUTOR(ES)
DATA DE PUBLICAÇÃO

2006

RESUMO

International and Brazilians researchers have been showing studies to answer questions about an optimal leverage. Following evidences of an optimal capital structures existence and its relevance for creation value, this paper shows the comparison of actual financing leverage with results of theoretical models, using different approaches to achieve the optimal financing mix. Five methods were applied, looking for those that are better fitted to predict leverage for food and beverage and paper and pulp firms. These approaches are: operational margin method, return differential method, adjusted present value method, average weighted cost of capital method and comparative method, in which a cross sectional with capital structure determinants is used to obtain the optimal leverage.

ASSUNTO(S)

optimal leverage estrutura de capital endividamento ótimo value creation criação de valor capital structure administracao financeira

ACESSO AO ARTIGO

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