DIFICULDADES DAS EMPRESAS BRASILEIRAS PARA FINANCIAR SEUS INVESTIMENTOS EM CAPITAL FÍSICO E EM INOVAÇÃO // DIFFICULTIES OF THE BRAZILIAN COMPANIES TO FINANCE THEIR CAPITAL EXPENDITURES AND INNOVATION
Keywords:
dificuldades de financiamento, investimento, investimento em capital físico, investimento em inovação // financing difficulties, investment, capital expenditures, investment in innovationAbstract
RESUMO: Este trabalho foi realizado com o objetivo de avançar na pesquisa sobre dificuldades de financiamento da empresa brasileira. Pesquisa-se a existência de tais dificuldades para viabilizar os investimentos em capital físico e também investimentos em inovação. As implicações empíricas são caracterizadas por um modelo de investimento dinâmico, proposto por Bond e Meghir (1994), que assume a presença de custos convexos de ajuste de capital e o objetivo de maximização de valor da empresa. Para uma amostra de empresas não financeiras brasileiras no período 1995-2006 os resultados mostram que a empresa brasileira encara difi culdades de financiamento externo para os investimentos das duas naturezas citadas.
ABSTRACT: This work has been done with the purpose of advancing in the research about the financing difficulties of the Brazilian company. Such difficulties are researched for capital expenditures as well as for financing innovation activities. The empirical implications are characterized by a dynamic investment model, as proposed by Bond and Meghir (1994), that assumes the presence of convex costs of adjustment and the objective of firm value maximization. For a sample of non financial Brazilian companies in the period 1995-2006, the results show that the Brazilian firm faces difficulties to finance its capital expenditure as well as innovation with external funds.
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