ESTRUTURA DE CAPITAL - ENDIVIDAMENTO MÍNIMO PARA UM RETORNO DESEJÁVEL

Autores

  • Aryedson Pinheiro Silva formado pela Unifacex Gestão financeira MBA em gestão financeira e controladoria
  • Ermerson de Oliveira Capistrano Mestre em Administração pela UFRN, Especialista em Administração Financeira pela UNIRN e Administrador pela UFRN

Resumo

Este artigo teve como objetivo descrever como pode ser obtida uma a estrutura ótima de capital, sendo a sua identificação e mensuração baseada em aspectos financeiros. Nesse sentido, as estratégias foram definidas de forma a simular o perfil de diferentes organizações e pretensões dos acionistas ao investirem seus recursos em uma empresa. O estudo acrescenta que para obter o retorno desejado é necessário ponderar as fontes de recursos com o objetivo de minimizar o custo de capital. Assim, sugere-se um modelo que indica como equilibrar as diferentes fontes de capital, pois uma estrutura de capital formada de maneira equivocada elevará significativamente o custo de capital e, consequentemente, o grau de risco assumido pelos sócios e afetará o valor gerado pelo negócio. Para alcançar o escopo traçado, foram realizadas pesquisas bibliográficas sobre tópicos relacionados ao tema em pauta com, por exemplo, estrutura de capital, custo de capital (próprio, de terceiros e ponderado), custo da dívida, regime tributário e linha de financiamentos, entre outros. A pesquisa foi baseada em  simulação de  empresas fictícias, uma vez que com a fundamentação teórica tornou-se possível correlacionar com empresas reais, independente de seu regime tributário. Para o tratamento dos dados foram aplicadas técnicas financeiras, assim como equações propostas para a identificação da melhor proporção de uma estrutura ótima para um retorno mínimo desejado

Referências

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Bras&iacute;lia: IPEA, Texto para Discuss&atilde;o n. 653, jun. 1999. </span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;"><span style="font-size: 12pt; font-family: Arial, sans-serif; background-image: initial; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">&nbsp;</span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;"><span style="font-size: 12pt; font-family: Arial, sans-serif; background-image: initial; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">ROSS, S.A.; WESTERFIELD, R.W.; JORDAN, B.D. Princ&iacute;pios de Administra&ccedil;&atilde;o Financeira 2&ordf; ed. S&atilde;o Paulo: Atlas, 2000. Acesso em 15 de dez.2013</span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;"><span style="font-size: 12.0pt; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; mso-fareast-language: PT-BR;">&nbsp;</span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;"><span style="font-size: 12.0pt; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; mso-fareast-language: PT-BR;">SILVA. C. E. R. F. et al. A rela&ccedil;&atilde;o entre estrutura de capital e rentabilidade das empresas listadas no Ibovespa &ndash; Rio de Janeiro, 2013. 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O custo de capital como taxa m&iacute;nima de atratividade na avalia&ccedil;&atilde;o de projetos de investimento - Revista Gest&atilde;o Industrial, 2005. Dispon&iacute;vel em:&lt;</span><span style="font-size: 12.0pt; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;"> </span><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;"><a href="http://revistas.utfpr.edu.br/pg/files/journals/1/articles/163/submission/copyedit/163-642-1-CE.pdf%3c"><span style="font-size: 12.0pt; mso-fareast-font-family: &quot;Times New Roman&quot;; mso-fareast-language: PT-BR;">http://revistas.utfpr.edu.br/pg/files/journals/1/articles/163/submission/copyedit/163-642-1-CE.pdf&lt;</span></a></span><span style="font-size: 12.0pt; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; mso-fareast-language: PT-BR;">. Acesso em: 22 de out. de 2013.</span></p> <p class="Default"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; color: windowtext; mso-fareast-language: PT-BR;">&nbsp;</span></p> <p class="Default"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; color: windowtext; mso-fareast-language: PT-BR;">VERGARA, Sylvia Constant. Projetos e relat&oacute;rios de pesquisa em Administra&ccedil;&atilde;o. S&atilde;o </span></p> <p class="Default"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; color: windowtext; mso-fareast-language: PT-BR;">Paulo: Atlas, 2004. Acesso em 15 de set.2013</span></p> <p class="Default"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; color: windowtext; mso-fareast-language: PT-BR;">&nbsp;</span></p> <p class="Default"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; color: windowtext; mso-fareast-language: PT-BR;">WERNKE, Rodney. Gest&atilde;o Financeira: &Ecirc;nfase em Aplica&ccedil;&otilde;es e Casos Nacionais/ Rodney </span></p> <p class="Default"><span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; mso-fareast-font-family: &quot;Times New Roman&quot;; color: windowtext; mso-fareast-language: PT-BR;">Wernke. - Rio de Janeiro: Saraiva, 2008. Acesso em 20 de jan.2014</span></p>

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2015-12-28

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Silva, A. P., & Capistrano, E. de O. (2015). ESTRUTURA DE CAPITAL - ENDIVIDAMENTO MÍNIMO PARA UM RETORNO DESEJÁVEL. Carpe Diem: Revista Cultural E Científica Do UNIFACEX, 13(1), 201–223. Recuperado de https://periodicos.unifacex.com.br/Revista/article/view/436