A influência dos colaterais na estrutura de capital de empresas prestadoras de serviços

• Autor(a) principal: Pádua, Hernani Vidigal de
• Data de Publicação: 2017
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23626
• topic: estrutura de capital; maturidade de ativos e passivos; colaterais; regressão; setor de serviços; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS

Debts can be obtained in various forms and maturities. One of the frictions in the market that makes it difficult to obtain third-party capital refers to the existence of information asymmetry between companies and creditors. One way to mitigate this problem and facilitate debt collection is to offer guarantees to creditors by companies. These guarantees vary in form - goods and rights - and term - short and long. Thus, collaterals help organizations better define their capital structure and maturity. In the case of technology and transportation companies, for example, although both provide services to the market, they differ in the amount of asset demobilization. While transportation is capital intensive, technology companies do not demand high volumes of fixed assets. The lack of tangible assets makes it difficult for companies to access credit from third parties, given the difficulty in offering goods that can be pledged as collateral in the contracting of debts that support their financial needs. Thus, the general objective of this study is to analyze the relationship between the assets that can be pledged as collateral and the level of indebtedness of the companies that provide services in the technology and transportation sectors. As specific objectives, it is sought to verify: a) the relationship between the maturity of collaterals and that of the debts of companies and b) the dependence of companies that contract debts through banks of these assets. For this purpose, a final sample of 153 US companies, of which 110 are technology and 43 transportation, are listed on the NASDAQ in April 2017. Annual data are obtained during the period from 2010 to 2016, from Capital IQ. The collaterals have a positive impact on the level of corporate leverage and long-term assets are associated with higher maturity debt. When comparing the results of this study with those of samples that consider all sectors - including industry and commerce - there are similarities to hypotheses involving total and long-term debt, in relation to the collateral of fixed assets. However, there are disagreements over short-term collaterals - stocks and receivables - given their low volumes for technology and transportation companies.