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Uma Análise do Mercado de Capital de Risco Português: Saídas Parciais Versus Saídas Totais

Author

Listed:
  • Elisabete Félix

    (Universidade de Evora, Departamento de Gestão, CEFAGE-UE)

  • José Paulo Esperança

    (Departamento de Finanças e Contabilidade, ISCTE)

  • Mohamed Azzim Gulamhussen

    (Departamento de Finanças e Contabilidade, ISCTE)

  • Cesaltina Pires

    (Universidade de Evora, Departamento de Gestão, CEFAGE-UE)

Abstract

Este artigo analisa as saídas de investimentos de capital de risco em Portugal, abordando a relação existente entre as formas de saída e a assimetria de informação a elas associadas. A hipótese central é a de que a ocorrência de saídas parciais está associada à sinalização da qualidade do investimento e à redução do grau de assimetria. Os dados resultaram de um estudo elaborado pelas empresas Small Business Investment, S.A. e Price WaterHouse Coopers, para a APCRI, mediante questionário enviado às empresas de capital de risco residentes em Portugal. Utilizaram-se modelos Logit, nos quais a variável dependente é uma dummy que indica se ocorreu uma saída parcial e as variáveis independentes são: uma dummy que indica se o investimento foi do tipo arranque; uma dummy que indica se o investimento foi do tipo expansão; uma dummy que indica se o investimento foi do tipo late stage; uma dummy que indica se o investimento foi do tipo high-tech; uma dummy que indica se a saída foi do tipo aquisição; uma dummy que indica se a saída foi do tipo IPO; uma dummy que indica se a saída foi do tipo write-off; e, uma dummy que indica se a saída foi do tipo trade sale. Concluímos que no caso e IPO, investimentos do tipo expansão e para investimentos do tipo high-tech existe maior probabilidade de ocorrência de saídas parciais, enquanto que no caso de saídas sobre a forma de aquisições existe uma maior probabilidade de saída total. Por fim, concluímos que quanto maior for a duração menor é a probabilidade de ocorrer saída parcial.

Suggested Citation

  • Elisabete Félix & José Paulo Esperança & Mohamed Azzim Gulamhussen & Cesaltina Pires, 2009. "Uma Análise do Mercado de Capital de Risco Português: Saídas Parciais Versus Saídas Totais," CEFAGE-UE Working Papers 2009_05, University of Evora, CEFAGE-UE (Portugal).
    • Handle: RePEc:cfe:wpcefa:2009_05
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    References listed on IDEAS

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    More about this item

    Keywords

    Capital de risco; Saídas Parciais; IPO; Vendas a Terceiros; Liquidações; Assimetria de Informação;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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