Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC)
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da PUC_SP |
Texto Completo: | https://tede2.pucsp.br/handle/handle/23686 |
Resumo: | The banks perform a leading role to the operation of the economic systems and development of the countries. The way they realize the fundraising to their capital structure can affect significantly their results. Generally, these institutions enable a greater third-party capital participation, mainly higher levels customer deposits as it was considerate one of the ways of attracting less costly, creating ideals conditions to the results leverage. When considering the atypical structure capital of the banking industry with regard to the other economy sectors, it was chosen to analyze the relation between determinant factors and theories of the capital structure by Camel methodology in a corporate governance environment. The obtained results, partly, provide support to the Static Tradeoff, Pecking Order e Equity Market Timing theories assumptions, that emphasize indirectly the effective management of the financial resources picked up in the market, i.e. raising resources always taking into account the benefits of the favorable accounting-financial performance. Specifically in the ICBC case, it was found favorable performance indicators in the Camel index predominance, that possibly they have adjusted their capital cost downward, benefiting the financial resources restitution in the capital structure. In relation to the determinant factor of the “risk” capital structure, there was a comfort zone or certainty for market players, considering that the high leverage has generated, in contrast, operating cash flows more than enough to attend the return expectation of the capital suppliers and an appropriate capital maintenance to the risk much higher than market benchmark (11%). As a result, it may even admit that the financial resources restitution in the capital structure was conducted in favorable conditions compatible with the credit risk reduction and ICBC capital cost. Regarding to the capital structure determinant factor “cost-effectiveness/profitability”, the maintenance of the favorable situation in the period, emphasized by Return on Net Equity, Net Operating Cash Flow, Operating Profit and Price/Profit indices also suggests that the financial resources restitution in the capital structure was carried out in favorable conditions compatible with the credit risk reduction and ICBC capital cost |
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Santos, José Odálio dosOliveira, Luana Lopes de2021-08-31T12:20:32Z2020-08-04Oliveira, Luana Lopes de. Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC). 2020. 60 f. Dissertação (Mestrado em Administração) - Programa de Estudos Pós-Graduados em Administração, Pontifícia Universidade Católica de São Paulo, São Paulo, 2020.https://tede2.pucsp.br/handle/handle/23686The banks perform a leading role to the operation of the economic systems and development of the countries. The way they realize the fundraising to their capital structure can affect significantly their results. Generally, these institutions enable a greater third-party capital participation, mainly higher levels customer deposits as it was considerate one of the ways of attracting less costly, creating ideals conditions to the results leverage. When considering the atypical structure capital of the banking industry with regard to the other economy sectors, it was chosen to analyze the relation between determinant factors and theories of the capital structure by Camel methodology in a corporate governance environment. The obtained results, partly, provide support to the Static Tradeoff, Pecking Order e Equity Market Timing theories assumptions, that emphasize indirectly the effective management of the financial resources picked up in the market, i.e. raising resources always taking into account the benefits of the favorable accounting-financial performance. Specifically in the ICBC case, it was found favorable performance indicators in the Camel index predominance, that possibly they have adjusted their capital cost downward, benefiting the financial resources restitution in the capital structure. In relation to the determinant factor of the “risk” capital structure, there was a comfort zone or certainty for market players, considering that the high leverage has generated, in contrast, operating cash flows more than enough to attend the return expectation of the capital suppliers and an appropriate capital maintenance to the risk much higher than market benchmark (11%). As a result, it may even admit that the financial resources restitution in the capital structure was conducted in favorable conditions compatible with the credit risk reduction and ICBC capital cost. Regarding to the capital structure determinant factor “cost-effectiveness/profitability”, the maintenance of the favorable situation in the period, emphasized by Return on Net Equity, Net Operating Cash Flow, Operating Profit and Price/Profit indices also suggests that the financial resources restitution in the capital structure was carried out in favorable conditions compatible with the credit risk reduction and ICBC capital costOs bancos desempenham papel determinante na economia e desenvolvimento dos países. A forma de captar recursos para a estrutura de capital pode afetar significativamente os resultados. Geralmente, as instituições viabilizam uma maior participação do capital de terceiros na estrutura de capital, principalmente maiores níveis de depósitos de clientes por ser considerada uma das formas de captação menos onerosa, criando condições para a alavancagem de resultados. Ao considerar a estrutura de capital atípica da indústria bancária, optou-se na pesquisa por analisar a relação entre fatores e teorias determinantes da estrutura de capital com a metodologia Camel em um ambiente de governança corporativa. Os resultados, em parte, dão sustentação aos pressupostos das Teorias Static Tradeoff, Pecking Order e Equity Market Timing, que enfatizam indiretamente a gestão eficaz de recursos financeiros captados no mercado, ou seja, levantamento de recursos considerando os benefícios do desempenho contábil-financeiro favorável. No caso ICBC, se verificou indicadores de desempenho favorável na predominância dos índices Camel, que possivelmente ajustaram o custo de capital para baixo, beneficiando a reposição de recursos financeiros na estrutura de capital. Em relação ao fator determinante da estrutura de capital “risco”, constatou-se uma situação de segurança para os agentes de mercado, pois a alavancagem elevada gerou, em contrapartida, fluxos de caixa operacionais mais do que suficientes para atender a expectativa de retorno dos supridores de capital e a manutenção de capital adequado ao risco (Índice de Basiléia) muito superior ao benchmark de mercado (11%). Consequentemente, pode-se até admitir que a reposição de recursos financeiros na estrutura de capital realizou-se em condições favoráveis compatíveis com a redução do risco de crédito e do custo de capital do ICBC. No que tange ao fator determinante da estrutura de capital “rentabilidade”, a manutenção de situação favorável no período, evidenciada pelos índices Retorno sobre o Patrimônio Líquido, Fluxo de Caixa Operacional Líquido, Lucro Operacional e Preço/Lucro, sugere a reposição de recursos financeiros na estrutura de capital em condições favoráveis compatíveis com a redução do risco de crédito e do custo de capital do ICBCCoordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPESapplication/pdfhttp://tede2.pucsp.br/tede/retrieve/53873/Luana%20Lopes%20de%20Oliveira.pdf.jpgporPontifícia Universidade Católica de São PauloPrograma de Estudos Pós-Graduados em AdministraçãoPUC-SPBrasilFaculdade de Economia, Administração, Contábeis e AtuariaisEstrutura de capitalBanco Industrial e Comercial da China (ICBC)Metodologia CAMELCapital structureChinese Financial SystemCAMEL MethodologyCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOAnálise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC)info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da PUC_SPinstname:Pontifícia Universidade Católica de São Paulo (PUC-SP)instacron:PUC_SPTEXTLuana Lopes de Oliveira.pdf.txtLuana Lopes de Oliveira.pdf.txtExtracted texttext/plain93335https://repositorio.pucsp.br/xmlui/bitstream/handle/23686/4/Luana%20Lopes%20de%20Oliveira.pdf.txt341b79264756bb3ecee19fad7e0f0e6cMD54LICENSElicense.txtlicense.txttext/plain; charset=utf-82165https://repositorio.pucsp.br/xmlui/bitstream/handle/23686/1/license.txtbd3efa91386c1718a7f26a329fdcb468MD51ORIGINALLuana Lopes de Oliveira.pdfLuana Lopes de Oliveira.pdfapplication/pdf566489https://repositorio.pucsp.br/xmlui/bitstream/handle/23686/2/Luana%20Lopes%20de%20Oliveira.pdf50ece4fdf0002d63f659f3d632eaeb83MD52THUMBNAILLuana Lopes de Oliveira.pdf.jpgLuana Lopes de Oliveira.pdf.jpgGenerated Thumbnailimage/jpeg1943https://repositorio.pucsp.br/xmlui/bitstream/handle/23686/3/Luana%20Lopes%20de%20Oliveira.pdf.jpgcc73c4c239a4c332d642ba1e7c7a9fb2MD53handle/236862022-12-20 10:17:56.234oai:repositorio.pucsp.br:handle/23686Tk9UQTogQ09MT1FVRSBBUVVJIEEgU1VBIFBSw5NQUklBIExJQ0VOw4dBCkVzdGEgbGljZW7Dp2EgZGUgZXhlbXBsbyDDqSBmb3JuZWNpZGEgYXBlbmFzIHBhcmEgZmlucyBpbmZvcm1hdGl2b3MuCgpMSUNFTsOHQSBERSBESVNUUklCVUnDh8ODTyBOw4NPLUVYQ0xVU0lWQQoKQ29tIGEgYXByZXNlbnRhw6fDo28gZGVzdGEgbGljZW7Dp2EsIHZvY8OqIChvIGF1dG9yIChlcykgb3UgbyB0aXR1bGFyIGRvcyBkaXJlaXRvcyBkZSBhdXRvcikgY29uY2VkZSDDoCBVbml2ZXJzaWRhZGUgClhYWCAoU2lnbGEgZGEgVW5pdmVyc2lkYWRlKSBvIGRpcmVpdG8gbsOjby1leGNsdXNpdm8gZGUgcmVwcm9kdXppciwgIHRyYWR1emlyIChjb25mb3JtZSBkZWZpbmlkbyBhYmFpeG8pLCBlL291IApkaXN0cmlidWlyIGEgc3VhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbyAoaW5jbHVpbmRvIG8gcmVzdW1vKSBwb3IgdG9kbyBvIG11bmRvIG5vIGZvcm1hdG8gaW1wcmVzc28gZSBlbGV0csO0bmljbyBlIAplbSBxdWFscXVlciBtZWlvLCBpbmNsdWluZG8gb3MgZm9ybWF0b3Mgw6F1ZGlvIG91IHbDrWRlby4KClZvY8OqIGNvbmNvcmRhIHF1ZSBhIFNpZ2xhIGRlIFVuaXZlcnNpZGFkZSBwb2RlLCBzZW0gYWx0ZXJhciBvIGNvbnRlw7pkbywgdHJhbnNwb3IgYSBzdWEgdGVzZSBvdSBkaXNzZXJ0YcOnw6NvIApwYXJhIHF1YWxxdWVyIG1laW8gb3UgZm9ybWF0byBwYXJhIGZpbnMgZGUgcHJlc2VydmHDp8Ojby4KClZvY8OqIHRhbWLDqW0gY29uY29yZGEgcXVlIGEgU2lnbGEgZGUgVW5pdmVyc2lkYWRlIHBvZGUgbWFudGVyIG1haXMgZGUgdW1hIGPDs3BpYSBhIHN1YSB0ZXNlIG91IApkaXNzZXJ0YcOnw6NvIHBhcmEgZmlucyBkZSBzZWd1cmFuw6dhLCBiYWNrLXVwIGUgcHJlc2VydmHDp8Ojby4KClZvY8OqIGRlY2xhcmEgcXVlIGEgc3VhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbyDDqSBvcmlnaW5hbCBlIHF1ZSB2b2PDqiB0ZW0gbyBwb2RlciBkZSBjb25jZWRlciBvcyBkaXJlaXRvcyBjb250aWRvcyAKbmVzdGEgbGljZW7Dp2EuIFZvY8OqIHRhbWLDqW0gZGVjbGFyYSBxdWUgbyBkZXDDs3NpdG8gZGEgc3VhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbyBuw6NvLCBxdWUgc2VqYSBkZSBzZXUgCmNvbmhlY2ltZW50bywgaW5mcmluZ2UgZGlyZWl0b3MgYXV0b3JhaXMgZGUgbmluZ3XDqW0uCgpDYXNvIGEgc3VhIHRlc2Ugb3UgZGlzc2VydGHDp8OjbyBjb250ZW5oYSBtYXRlcmlhbCBxdWUgdm9jw6ogbsOjbyBwb3NzdWkgYSB0aXR1bGFyaWRhZGUgZG9zIGRpcmVpdG9zIGF1dG9yYWlzLCB2b2PDqiAKZGVjbGFyYSBxdWUgb2J0ZXZlIGEgcGVybWlzc8OjbyBpcnJlc3RyaXRhIGRvIGRldGVudG9yIGRvcyBkaXJlaXRvcyBhdXRvcmFpcyBwYXJhIGNvbmNlZGVyIMOgIFNpZ2xhIGRlIFVuaXZlcnNpZGFkZSAKb3MgZGlyZWl0b3MgYXByZXNlbnRhZG9zIG5lc3RhIGxpY2Vuw6dhLCBlIHF1ZSBlc3NlIG1hdGVyaWFsIGRlIHByb3ByaWVkYWRlIGRlIHRlcmNlaXJvcyBlc3TDoSBjbGFyYW1lbnRlIAppZGVudGlmaWNhZG8gZSByZWNvbmhlY2lkbyBubyB0ZXh0byBvdSBubyBjb250ZcO6ZG8gZGEgdGVzZSBvdSBkaXNzZXJ0YcOnw6NvIG9yYSBkZXBvc2l0YWRhLgoKQ0FTTyBBIFRFU0UgT1UgRElTU0VSVEHDh8ODTyBPUkEgREVQT1NJVEFEQSBURU5IQSBTSURPIFJFU1VMVEFETyBERSBVTSBQQVRST0PDjU5JTyBPVSAKQVBPSU8gREUgVU1BIEFHw4pOQ0lBIERFIEZPTUVOVE8gT1UgT1VUUk8gT1JHQU5JU01PIFFVRSBOw4NPIFNFSkEgQSBTSUdMQSBERSAKVU5JVkVSU0lEQURFLCBWT0PDiiBERUNMQVJBIFFVRSBSRVNQRUlUT1UgVE9ET1MgRSBRVUFJU1FVRVIgRElSRUlUT1MgREUgUkVWSVPDg08gQ09NTyAKVEFNQsOJTSBBUyBERU1BSVMgT0JSSUdBw4fDlUVTIEVYSUdJREFTIFBPUiBDT05UUkFUTyBPVSBBQ09SRE8uCgpBIFNpZ2xhIGRlIFVuaXZlcnNpZGFkZSBzZSBjb21wcm9tZXRlIGEgaWRlbnRpZmljYXIgY2xhcmFtZW50ZSBvIHNldSBub21lIChzKSBvdSBvKHMpIG5vbWUocykgZG8ocykgCmRldGVudG9yKGVzKSBkb3MgZGlyZWl0b3MgYXV0b3JhaXMgZGEgdGVzZSBvdSBkaXNzZXJ0YcOnw6NvLCBlIG7Do28gZmFyw6EgcXVhbHF1ZXIgYWx0ZXJhw6fDo28sIGFsw6ltIGRhcXVlbGFzIApjb25jZWRpZGFzIHBvciBlc3RhIGxpY2Vuw6dhLgo=Biblioteca Digital de Teses e Dissertaçõeshttps://sapientia.pucsp.br/https://sapientia.pucsp.br/oai/requestbngkatende@pucsp.br||rapassi@pucsp.bropendoar:2022-12-20T13:17:56Biblioteca Digital de Teses e Dissertações da PUC_SP - Pontifícia Universidade Católica de São Paulo (PUC-SP)false |
dc.title.por.fl_str_mv |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
title |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
spellingShingle |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) Oliveira, Luana Lopes de Estrutura de capital Banco Industrial e Comercial da China (ICBC) Metodologia CAMEL Capital structure Chinese Financial System CAMEL Methodology CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
title_full |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
title_fullStr |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
title_full_unstemmed |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
title_sort |
Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC) |
author |
Oliveira, Luana Lopes de |
author_facet |
Oliveira, Luana Lopes de |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Santos, José Odálio dos |
dc.contributor.author.fl_str_mv |
Oliveira, Luana Lopes de |
contributor_str_mv |
Santos, José Odálio dos |
dc.subject.por.fl_str_mv |
Estrutura de capital Banco Industrial e Comercial da China (ICBC) Metodologia CAMEL |
topic |
Estrutura de capital Banco Industrial e Comercial da China (ICBC) Metodologia CAMEL Capital structure Chinese Financial System CAMEL Methodology CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.eng.fl_str_mv |
Capital structure Chinese Financial System CAMEL Methodology |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The banks perform a leading role to the operation of the economic systems and development of the countries. The way they realize the fundraising to their capital structure can affect significantly their results. Generally, these institutions enable a greater third-party capital participation, mainly higher levels customer deposits as it was considerate one of the ways of attracting less costly, creating ideals conditions to the results leverage. When considering the atypical structure capital of the banking industry with regard to the other economy sectors, it was chosen to analyze the relation between determinant factors and theories of the capital structure by Camel methodology in a corporate governance environment. The obtained results, partly, provide support to the Static Tradeoff, Pecking Order e Equity Market Timing theories assumptions, that emphasize indirectly the effective management of the financial resources picked up in the market, i.e. raising resources always taking into account the benefits of the favorable accounting-financial performance. Specifically in the ICBC case, it was found favorable performance indicators in the Camel index predominance, that possibly they have adjusted their capital cost downward, benefiting the financial resources restitution in the capital structure. In relation to the determinant factor of the “risk” capital structure, there was a comfort zone or certainty for market players, considering that the high leverage has generated, in contrast, operating cash flows more than enough to attend the return expectation of the capital suppliers and an appropriate capital maintenance to the risk much higher than market benchmark (11%). As a result, it may even admit that the financial resources restitution in the capital structure was conducted in favorable conditions compatible with the credit risk reduction and ICBC capital cost. Regarding to the capital structure determinant factor “cost-effectiveness/profitability”, the maintenance of the favorable situation in the period, emphasized by Return on Net Equity, Net Operating Cash Flow, Operating Profit and Price/Profit indices also suggests that the financial resources restitution in the capital structure was carried out in favorable conditions compatible with the credit risk reduction and ICBC capital cost |
publishDate |
2020 |
dc.date.issued.fl_str_mv |
2020-08-04 |
dc.date.accessioned.fl_str_mv |
2021-08-31T12:20:32Z |
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.citation.fl_str_mv |
Oliveira, Luana Lopes de. Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC). 2020. 60 f. Dissertação (Mestrado em Administração) - Programa de Estudos Pós-Graduados em Administração, Pontifícia Universidade Católica de São Paulo, São Paulo, 2020. |
dc.identifier.uri.fl_str_mv |
https://tede2.pucsp.br/handle/handle/23686 |
identifier_str_mv |
Oliveira, Luana Lopes de. Análise de fatores determinantes da estrutura de capital pela metodologia CAMEL - estudo de caso do Banco Industrial e Comercial da China (ICBC). 2020. 60 f. Dissertação (Mestrado em Administração) - Programa de Estudos Pós-Graduados em Administração, Pontifícia Universidade Católica de São Paulo, São Paulo, 2020. |
url |
https://tede2.pucsp.br/handle/handle/23686 |
dc.language.iso.fl_str_mv |
por |
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Pontifícia Universidade Católica de São Paulo |
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Programa de Estudos Pós-Graduados em Administração |
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PUC-SP |
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Brasil |
dc.publisher.department.fl_str_mv |
Faculdade de Economia, Administração, Contábeis e Atuariais |
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Pontifícia Universidade Católica de São Paulo |
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