Informações contábil-financeiras e custo de captação em mercados de bonds

Abstract

RESUMOO artigo discute a questão do conteúdo informacional de números contábil-financeiros e analisa a relação entre estas informações e o custo de captação das maiores empresas do setor Papel & Celulose que obtiveram recursos nos mercados americano e internacional de bonds durante o período 1991-98. Os indicadores contábil-financeiros analisados mostraram que as empresas brasileiras não apresentaram um elevado desempenho como as empresas que captaram recursos com um baixo custo, mas, também, não apresentaram características semelhantes às empresas -americanas e canadenses com profundos problemas financeiros -que captaram a um alto custo nos mercados estudados.Palavras-chave: custo de captação, Papel & Celulose, bonds, indicadores contábil-financeiros. ABSTRACTThe article concerns the information provided by accounting/financial variables and analyzes the relationship between this information and the cost of funding for the largest Pulp and Paper companies that raised capital in the U.S. and international bond markets in the period 1991-98. The analyzed accounting/financial variables s h o w e d t h a t B r a z i l i a n c o m p a n i e s n e i t h e r performed as well as the companies that raised capital with a low cost, nor presented the same characteristics as the companies -American and Canadian companies with large financial problems -that raised capital with a high cost in the studied markets.Key words: cost of capital, Pulp & Paper, bonds, accounting/financial variables. Maurício Ribeiro do ValleProfessor

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