Abertura de capital como fonte de financiamento de longo prazo no Brasil

Abstract

The current economic environment has been extremely favorable to the development of businesses in general, eventually this growth has required the companies an increasing amount of resources to finance its development plans, product innovation and also expansion into new markets. Resources can be obtained from retained earnings, capital contribution of shareholders, and also from external sources also characterized by bank loans and IPO, which is an alternative currently being used increasingly by businesses. The IPO-Initial Public Offering means the initial offering of shares for trading at Bovespa, the company offering its securities should go through a major organizational structuring and meet the requirements issued by Law 6.404/76, and register at the Commission Securities Company as capital and open registration at Bovespa. In this paper we present results of bibliographical and documental review about the opening procedures, their advantages and disadvantages, the costs related to the structuring of the transaction and the costs to maintain the condition as a listed company. To compare the cost of market capitalization of capital and credit market a research was done to the final prospectus of IPO occurred in 2011, and found that on average the cost of commissions expenses structure is 4.89% of the oversubscribed value. To betake conventional financing through a financial institution, has still been very costly for the company, in the situation analyzed in this research the interest financing exceed approximately 20% of the costs of public offering. It is also result of this research the understanding that not all needs can be met or reach all the advantages highlighted by the opening of capital, since the costs for structuring a transaction tend to be felt with greater force in a smaller company size, however a small business should not be discouraged in planning to enter the capital market, because the exchange itself provides a segment for the gradual entry of firms whose growth strategy spraying of their capital, and this segment Bovespa Mais is available to companies with these characteristics.