Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/24013 |
Resumo: | For economic development it is crucial that companies have sufficient access to financing options. However, in Brazil small and medium enterprises (SMEs), as in other countries, face difficulties in accessing financing supporting investment and growth. The stock market is one of the financing alternatives that is particularly less accessed by small and medium enterprises. In Brazil, there is a great concentration of capital market activity around large companies. Therefore, the access of SMEs to the stock market is still incipient. This study aims to identify the factors that explain the inexpressive participation of small and medium enterprises in the Brazilian stock market, in order to understand the role of law in the development of the capital market. In order to do so, two research methods were adopted: documentary analysis and interviews with majority partners or controlling shareholders, as well as investment fund managers. From the interviews, there were observed many factors that hinder the process of going public by SMEs and the investment in those companies. These factors confirm the results verified in other studies on the subject and also show new elements that influence the studied research question. Thus, the conclusion of the research is that the main factors that explain the inexpressive participation of small and medium enterprises in the stock market, from the perspective of issuers are: (i) costs of listing and maintenance (ii) fear of losing the control of the company; (ii) resistance to the entry of new shareholders; (iv) resistance to comply with disclosure rules; (v) resistance to adopt practices of professional management. From the perspective of investors, the main difficulties are: (i) low liquidity in the secondary market; (ii) resistance to the implementation of governance practices; (iii) lack of information on small and medium enterprises; (iv) high interest rates; (v) higher investment risk. |
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Góes, Gabriela AndradeEscolas::DIREITO SPPrado, Viviane MullerSouza Junior, Francisco Satiro dePargendler, Mariana2018-06-05T13:01:06Z2018-06-05T13:01:06Z2018-05-03http://hdl.handle.net/10438/24013For economic development it is crucial that companies have sufficient access to financing options. However, in Brazil small and medium enterprises (SMEs), as in other countries, face difficulties in accessing financing supporting investment and growth. The stock market is one of the financing alternatives that is particularly less accessed by small and medium enterprises. In Brazil, there is a great concentration of capital market activity around large companies. Therefore, the access of SMEs to the stock market is still incipient. This study aims to identify the factors that explain the inexpressive participation of small and medium enterprises in the Brazilian stock market, in order to understand the role of law in the development of the capital market. In order to do so, two research methods were adopted: documentary analysis and interviews with majority partners or controlling shareholders, as well as investment fund managers. From the interviews, there were observed many factors that hinder the process of going public by SMEs and the investment in those companies. These factors confirm the results verified in other studies on the subject and also show new elements that influence the studied research question. Thus, the conclusion of the research is that the main factors that explain the inexpressive participation of small and medium enterprises in the stock market, from the perspective of issuers are: (i) costs of listing and maintenance (ii) fear of losing the control of the company; (ii) resistance to the entry of new shareholders; (iv) resistance to comply with disclosure rules; (v) resistance to adopt practices of professional management. From the perspective of investors, the main difficulties are: (i) low liquidity in the secondary market; (ii) resistance to the implementation of governance practices; (iii) lack of information on small and medium enterprises; (iv) high interest rates; (v) higher investment risk.Para o desenvolvimento econômico é crucial que as empresas tenham acesso suficiente a fontes de financiamento. Porém, as pequenas e médias empresas brasileiras, assim como ocorre em outros países, enfrentam dificuldades relacionadas à obtenção de fontes de financiamento para a realização de suas operações e investimentos. O mercado de ações é uma das alternativas de financiamento especialmente pouco acessada por empresas desse porte. No Brasil, verifica-se uma grande concentração da atividade do mercado de capitais em torno de grandes empresas. Ou seja, o acesso de empresas de pequeno e médio porte ao mercado de ações é, ainda, incipiente. Este trabalho tem como objetivo identificar os fatores que explicam a participação inexpressiva de empresas de pequeno e médio porte no mercado de ações brasileiro, a fim de entender o papel do Direito no desenvolvimento do mercado de capitais. Para tanto, foram adotados dois métodos de pesquisa, quais sejam, a análise documental e a realização de entrevistas com sócios majoritários ou acionistas controladores de pequenas e médias empresas, bem como com gestores de fundos de investimento. A partir das entrevistas, foram identificados diversos fatores que desestimulam a abertura de capital por empresas de menor porte e a realização de investimentos nessas empresas. Esses fatores corroboram os resultados verificados em outros estudos sobre o tema e também demonstram novos elementos que influenciam o problema de pesquisa estudado. Assim, a conclusão do trabalho é a de que os principais fatores que explicam a participação inexpressiva de pequenas e médias empresas no mercado de ações, da perspectiva dos potenciais emissores de ações, são: (i) custos de abertura de capital e de manutenção de uma companhia aberta; (ii) receio de perda de controle da companhia; (iii) resistência à entrada de novos sócios; (iv) resistência ao cumprimento de obrigações de divulgação de informações; (v) resistência à implementação de práticas de gestão profissionalizada. Da perspectiva dos potenciais investidores, as principais dificuldades mapeadas são: (i) baixa liquidez no mercado secundário; (ii) resistência à implementação de práticas de governança; (iii) falta de informação a respeito das pequenas e médias empresas; (iv) alta taxa de juros; (v) maior risco de investimento.porSME financeStock marketAlternative marketsFinanciamento empresarialMercado de açõesPequenas e médias empresasMercado de acessoDireitoPequenas e médias empresas - BrasilFinanciamentoMercado de capitais - Brasil - LegislaçãoBolsa de valores - BrasilDireito comercialObstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTDissertação - Gabriela - Final.pdf.txtDissertação - Gabriela - Final.pdf.txtExtracted 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|
dc.title.por.fl_str_mv |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
title |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
spellingShingle |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil Góes, Gabriela Andrade SME finance Stock market Alternative markets Financiamento empresarial Mercado de ações Pequenas e médias empresas Mercado de acesso Direito Pequenas e médias empresas - Brasil Financiamento Mercado de capitais - Brasil - Legislação Bolsa de valores - Brasil Direito comercial |
title_short |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
title_full |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
title_fullStr |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
title_full_unstemmed |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
title_sort |
Obstáculos ao financiamento de pequenas e médias empresas por meio do mercado de ações no Brasil |
author |
Góes, Gabriela Andrade |
author_facet |
Góes, Gabriela Andrade |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::DIREITO SP |
dc.contributor.member.none.fl_str_mv |
Prado, Viviane Muller Souza Junior, Francisco Satiro de |
dc.contributor.author.fl_str_mv |
Góes, Gabriela Andrade |
dc.contributor.advisor1.fl_str_mv |
Pargendler, Mariana |
contributor_str_mv |
Pargendler, Mariana |
dc.subject.eng.fl_str_mv |
SME finance Stock market Alternative markets |
topic |
SME finance Stock market Alternative markets Financiamento empresarial Mercado de ações Pequenas e médias empresas Mercado de acesso Direito Pequenas e médias empresas - Brasil Financiamento Mercado de capitais - Brasil - Legislação Bolsa de valores - Brasil Direito comercial |
dc.subject.por.fl_str_mv |
Financiamento empresarial Mercado de ações Pequenas e médias empresas Mercado de acesso |
dc.subject.area.por.fl_str_mv |
Direito |
dc.subject.bibliodata.por.fl_str_mv |
Pequenas e médias empresas - Brasil Financiamento Mercado de capitais - Brasil - Legislação Bolsa de valores - Brasil Direito comercial |
description |
For economic development it is crucial that companies have sufficient access to financing options. However, in Brazil small and medium enterprises (SMEs), as in other countries, face difficulties in accessing financing supporting investment and growth. The stock market is one of the financing alternatives that is particularly less accessed by small and medium enterprises. In Brazil, there is a great concentration of capital market activity around large companies. Therefore, the access of SMEs to the stock market is still incipient. This study aims to identify the factors that explain the inexpressive participation of small and medium enterprises in the Brazilian stock market, in order to understand the role of law in the development of the capital market. In order to do so, two research methods were adopted: documentary analysis and interviews with majority partners or controlling shareholders, as well as investment fund managers. From the interviews, there were observed many factors that hinder the process of going public by SMEs and the investment in those companies. These factors confirm the results verified in other studies on the subject and also show new elements that influence the studied research question. Thus, the conclusion of the research is that the main factors that explain the inexpressive participation of small and medium enterprises in the stock market, from the perspective of issuers are: (i) costs of listing and maintenance (ii) fear of losing the control of the company; (ii) resistance to the entry of new shareholders; (iv) resistance to comply with disclosure rules; (v) resistance to adopt practices of professional management. From the perspective of investors, the main difficulties are: (i) low liquidity in the secondary market; (ii) resistance to the implementation of governance practices; (iii) lack of information on small and medium enterprises; (iv) high interest rates; (v) higher investment risk. |
publishDate |
2018 |
dc.date.accessioned.fl_str_mv |
2018-06-05T13:01:06Z |
dc.date.available.fl_str_mv |
2018-06-05T13:01:06Z |
dc.date.issued.fl_str_mv |
2018-05-03 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/24013 |
url |
http://hdl.handle.net/10438/24013 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
https://repositorio.fgv.br/bitstreams/032b1ca3-a1d1-4af2-99ce-e3c6e9de8b23/download https://repositorio.fgv.br/bitstreams/9ea9052a-3e6e-4120-b4d6-fb940a3c84da/download https://repositorio.fgv.br/bitstreams/faaef9c1-e976-4b66-bf7a-74d8f2ee1d46/download https://repositorio.fgv.br/bitstreams/6016b9c5-fe93-4582-bc8e-4cc0ef08c56c/download |
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bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1810024125404545024 |