Estrutura de capital em empresas brasileiras : estudos dos determinantes e papel de fatores macroeconômicos

Abstract

This work has for purpose to study the structure of capital of the companies and to verify the influence of the macroeconomics in this structure of capital. For this, she uses the theory on determinative of the structure of capital of the companies verifying if the Brazilian companies of the sample if fit in these theories. It makes, still, study on the form of financing of the Brazilian companies of the sample: internal financing, financing through emission of debts and financing for share. It presents theoretical study on the subject and shows the functioning of the National Financial System, as base for agreement on the changes in the standard of financing of the 1995/1997 companies of up to 2006. The database is composed for 820 companies customers of the Bank of Brazil of all Brazil, whose given they mention 2006 to it. They had been used changeable dummy in the study as form to simulate some necessary situations to the development of the works. It finishes with the presentation of the results of the studies. The results show the tack of the use of the determinative ones of structure of capital in the attainment of financings to the theories that serves of basement to the studies. Few are the results that do not go to the meeting of the theories. It suggests, to the end, the continuity of the research, mainly on the influence of the macroeconomics in the determination of the structure of capital of the companies.