Impacto da oferta de capital como fonte de financiamento no custo da dívida de empresas brasileiras

Abstract

Based on the data available in the financial statements of the Brazilian companies that made public share offerings with the purpose of allocating resources to finance their productive activities, the impact of such IPO or follow-on on the cost of the debt of these companies was analysed. Quarterly data were used between the last quarter of 2006 and the first quarter of 2018, totaling 46 possible semesters for the 94 offers used in the sample. Data were used for multiple regressions in panel format with fixed effects. In the results it was possible to verify that the initial offers contributed to the reduction of the cost of third party capital in the companies that belong to the sample, since the estimated models pointed the inverse relation between the cost of debt and the period of IPO. This conclusion was not confirmed for all offers of the sample, which means that the follow-on do not result in a reduction in the company's debt cost.