Impacto das mudanças de políticas tributárias no desempenho das empresas de capital aberto no Brasil

• Autor(a) principal: Costa, Danielle Martins Duarte
• Data de Publicação: 2010
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: LOCUS Repositório Institucional da UFV
• Texto Completo: http://locus.ufv.br/handle/123456789/1937
• topic: Política tributária; PIS; COFINS; Desempenho; Capital aberto; Tax policies; PIS; COFINS; Performance; Traded; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO PUBLICA

The tax issues directly influence and shape the financial performance of different companies, depending on the mode of ascertaining the profit optional and type of tax treatment. For companies opting for Real Profit may be noted the changes in the tax rate and broadening the base of calculation of PIS and COFINS, besides the coexistence of different tax regimes for calculating these contributions. Given the above, the objective is to verify the impact of changes in tax legislation of the PIS and COFINS, imposed by Laws and 10.637/2002 10.833/2003 that existed from 2002 to 2004 on the performance of 140 Brazilian industries traded, divided into 14 economic sectors in the period 1996 to 2008. Data analysis was carried out in different stages using, mainly from Panel Data to explain the impact of these laws on the revenues of companies on the operational and financial performance and the total collection of social contributions and PIS Tax. As main results we highlight the negative impacts on revenues and on operating performance and positive impacts on financial performance. It is emphasized that the impacts on operational performance and financial industries were significant only after the imposition of COFINS in 2004. Data analysis also showed that the estimated value for the SIP and COFINS collected by businesses increased by 46% and 76% after 2002 and 2004, respectively, indicating that the increase in the PIS and COFINS were not offset by credits calculated on the factors production allowed by legislation. The results confirmed the theoretical expectations and, after the imposition of laws and 10.637/2002 10.833/2003 observed an average annual increase in government revenue of 131.5% and 349.7% respectively over 1996. Thus, the increase in the PIS and COFINS benefited the government to the detriment of businesses. The study also highlights the main factors that influenced the performance of industries in the Brazilian market. Among them, the indicators of Total Debt and Short-Term Debt, Net Value, Average Maturity Inventory and the attributes of Expected Growth / Opportunity and Tangibility were the drivers of business performance. It was also found between the attributes of tax benefits, especially for indicators of depreciation in respect of the Property and Value Added. It was also found that the GDP of the industries, along with the attributes of Factors of Production also determines to some extent, business performance, since relations were found with your billing. The main contribution of this work lies in the importance of its results for the understanding of the potential effects of tax policies on industrial segments, rarely portrayed in a formal way in studies on the subject in the country, as used in this work. Thus, the results clearly show that changes in tax policies cause substantial impacts on the performance of Brazilian companies traded. They also reinforce the importance ofdifferent tax policies to promote the capital market in order to keep them competitive in the face of changes inthe Brazilian market.