Relação entre os indicadores econômico-financeiros e as variações das cotações das ações: análise das empresas com IPO listadas no índice SMLL da B3

Abstract

The Initial Public Offering (IPO) has proved to be an alternative for the financing of companies, without which they resort to financing loans. Thus, many companies opt for the opening of capital as a means of financing their expansion operations. The objective of this study was to evaluate the relationship between economic and financial indicators and stock price changes after the IPO of the companies listed in the Small Cap Index (SMLL) of the stock exchange (B3 - Brasil, Bolsa, Balcão). A multiple linear regression analysis was performed with a database of 21 companies in 7 sectors, with capital outlay between 2009 and 2017. The analysis included indicators of profitability, performance, capital structure, solvency and capital markets, as : net margin or return on sales (RSV), return on assets (ROA), return on investment (ROI), return on equity (ROE), equity interest (PCT), debt composition EC), price on profit (P / L), price on NOPAT (P / NOPAT), aggregate economic value (EVA) and price variation. The study showed indicators such as EVA was related to price variations only in the utility sector. Other indicators such as P / NOPAT, CE, PCT and ROI had negative correlation among many sectors. In the healthcare, industrial and public utility sectors, the ROA and RSV indicators were statistically significant but with different relationships. Thus, positive and negative significance relations were found for most of the sectors analyzed with the changes in the prices after the IPO of the companies, suggesting that there is a relation with indicators and impact on the price variations of shares with IPO. Indicators of profitability and performance were statistically significant with the variations of the prices in a positive and negative way varying according to the sector. On the other hand, the indicators of capital structure and solvency were negatively significant, showing a negative variation with the prices for more indebted companies.