Estrutura de capital, custo de capital e valor de mercado das empresas siderúrgicas brasileiras de capital aberto, no período 1991-2000
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2002-04-08
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Ancelevicz, Jacob
Grajew, Jakow
Khoury, Carlos Yorghi
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The financial modem theory has begun with the publication o f MM' s work (1958), defending the relevance of capital structure on capital cost and company's value and which the main conclusion was that, in the perfect capital markets' context, the company's value and capital cost are totally independent of its capital structure. Among posterior studies, MYERS (1984), EID JR (1996), TEDESCHI (1997) and MARTELANC (1998) defended the importance of capital structure, under the argument market imperfections reality which limit the use of indebtedness, as bankruptcy costs, the agency theory, capital restrictions and control theory, clearly noted in developing countries. The studies results have shown evidences in behalf of the importance of the capital structure and the prevalence of modified preference order. In a value creation focus for the shareholder, presented by RAPPAPORT (1998), STEWART (1999), MALVESSI (2000), we also analyze if the companies has created or destroyed the value for their shareholders. The EVA and MVA indicators which were obtained from adopted criteria have shown that, the sector companies have destroyed the value for the shareholder within the period 1991-2000. The separately analysis of private or privatized companies have not allowed different conclusions from those obtained for the sector as a whole.