ANÁLISE DA ESTRUTURA DE CAPITAL PARA AS EMPRESAS E SEU EFEITO NA GERAÇÃO DE VALOR PARA O ACIONISTA

Abstract

The use of more exposure of third capital than equity, either via suppliers or via banks, is a real possibility and alternative of increasing your operational capacity and generating more value. However, there is no consensus or definitive answers in the literature about the best debt level of a company or the capital structure that provides the best return for both the company and its shareholders. Furthermore, in Brazil there is a high financial cost to borrow funds from banks, so the recommendation of several business owners and consultants is to owe as little as possible for banks and third parties. In this sense, the aim of this study was to investigate whether there is a relationship between the companies' capital structures and their market capitalization value and, in continuity, whether this leverage via banks and third parties actually generates greater value to the shareholder. The study sample consisted of 15 US companies, 15 Brazilian companies and 15 Mexican companies with higher revenues, considering the same lines of activity, despite the non-uniformity in the chosen base. Their capital compositions and their market capitalization values were observed in order to evaluate the relationship between these two variables. As data variables, the balance sheets of the companies of the indicated countries were used. In our analysis, the following stand out: 1) the percentage of third party capital over total capital; 2) the market capitalization value; 3) the market value to its equity ratio, and 4) the market value to its net profit ratio. After analyzing data that US companies have 4.90 times their net profit at market capitalization, Brazilian companies have 1.95 times, and Mexican companies have 2.39 times, it was concluded that these numbers make it even clearer that using third party capital is more efficient than using equity, and that market value and its shareholder value are much more interesting than the final line of net profit to be distributed.