Os fatores determinantes do modelo CAPM na Brasil Foods

Abstract

This scholarly work is an application of the methodology of the Model CAPM (Capital Asset Pricing Model), trying to verify what are their determinants, variables that influence the composition of asset prices. We sought to analyze the components of the model, the dependent variable and the Beta as independent variables operating leverage and financial leverage and degree of intangibility. Although widespread, the model is not capable, like all the other proposed by financial theory, namely to determine a specific price for an entity. This figure in fact is an intrinsic value to the enterprise, which derives directly or indirectly, of investment decisions and how managers decide to finance it. In the sequel, we present the operationalization of the model through a case study conducted in Brazil Foods company that operates in the agricultural sector. The results allow to say that the variables of operating leverage, financial leverage and the degree of intangibility of the company presented itself as explanatory factors of the model.