Financiamento de Longo Prazo: Explorando o Avanço Recente do Mercado de Debêntures Brasileiro



Artigo principal Conteúdo

Lucas Boareto da Aparecida
Sergio Giovanetti Lazzarini
Adriana Bruscato Bortoluzzo

Resumo

Contexto: houve no Brasil uma expansão de captações privadas via debêntures, especialmente a partir de 2017. Antes disso, as fontes de financiamento de longo prazo se concentravam na captação via recursos estatais. Objetivo: o estudo examina as possíveis razões dessa expansão e como ela poderia sugerir uma nova tendência de financiar uma maior parcela de projetos de infraestrutura com capital privado. Métodos: por meio de uma abordagem de pesquisa mista, envolvendo testes econométricos de quebra estrutural em séries temporais e análises qualitativas de entrevistas com profissionais do mercado financeiro. Resultados: foi confirmado que houve uma mudança na tendência de emissão de debêntures a partir de 2017, mais pronunciada em alguns setores específicos, como o elétrico. Utilizando entrevistas, sugerimos que os fatores determinantes estão relacionados ao crescimento da demanda por esses títulos de dívida e à redução nas taxas de juros no Brasil. Conclusões: assim, o estudo reforça a ideia da importância das condições do mercado local e das políticas governamentais e seu efeito na atratividade relativa entre o capital privado e o capital público no financiamento corporativo.



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Aparecida, L. B. da, Lazzarini, S. G., & Bortoluzzo, A. B. (2021). Financiamento de Longo Prazo: Explorando o Avanço Recente do Mercado de Debêntures Brasileiro. Revista De Administração Contemporânea, 26(2), e210076. https://doi.org/10.1590/1982-7849rac2022210076.en
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