Direcionadores de valor econômico agregado para instituições financeiras: um estudo dos principais bancos comerciais no Brasil
Data
2017-11-15
Autores
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Biblioteca Digital de Teses e Dissertações da USP
Universidade de São Paulo
Escola de Engenharia de São Carlos
Universidade de São Paulo
Escola de Engenharia de São Carlos
Resumo
Descrição
A eficiência na criação do valor para o acionista é o foco principal das empresas. Uma das formas de se medir essa eficiência é por meio do Valor Econômico Agregado (VEA). Em uma instituição financeira, limitada nesse estudo aos maiores bancos comerciais e múltiplos com ações cotadas na BM&FBOVESPA, os tomadores de decisão também devem buscar essa eficiência. Além disso, a necessidade dos bancos por financiamentos, da mesma forma que nas empresas privadas, exige o atendimento dos requisitos impostos pelo agente que irá fornecer o capital. Nesse sentido, para atender ao acionista, o banco deve promover a agregação de valor. O VEA demonstra essa criação de valor e, para melhor gerenciá-lo, devem ser identificadas, monitoradas e gerenciadas as variáveis que influenciam nessa medida. Diante disso, o presente estudo identificou os principais direcionadores do valor econômico agregado dos maiores bancos comerciais no Brasil: Banco do Brasil, Itaú e Bradesco, utilizando regressão linear múltipla. Por meio da análise dos dados individualizados, referentes ao período de 1996 a 2009, constatou-se que existe um grupo de direcionadores que explicam grande parte das alterações do VEA. Esses direcionadores não foram iguais para os bancos privados e o público em análise, e mesmo entre os privados os resultados não foram coincidentes. Embora algumas variáveis tenham influenciado o VEA, identificou-se que os direcionadores exercem diferentes impactos em cada uma das instituições. Isso indica que a análise deve ser individual e que o tipo de controle também não define as variáveis que mais impactam o VEA.
The efficiency in the creation of the value for the shareholder is the main focus of the companies. One of the ways of measuring this efficiency is through the Economic Value Added (EVA). In a financial institution, limited in this study to the largest and multiple commercial banks and with shares quoted in BM&FBOVESPA, the decision makers should also look for that efficiency. Besides, the need of the banks for financings, in the same way that in the private companies, demands the fulfillment of the requirements imposed by the agent that will supply the capital. In that sense, to assist the shareholder, the bank should promote the aggregation of value. EVA demonstrates this creation of value and, for its better management, the variables that influence in that measure should be identified, monitored and managed. Hence, the present study identified the main determinants of the economical value added from the largest commercial banks in Brazil: Bank of Brazil, Itaú and Bradesco, using multiple linear regression. Through the analyze of the individualized data, regarding the period from 1996 through 2009, it was verified that there is a group of determinants that explain great part of the alterations of EVA. These determinants were not the same for the private and the public banks in analysis, and even among the private ones the results were not coincident. Although some variables have influenced EVA, it has been identified that the determinants provoke different impacts in each one of the institutions. That indicates that the analysis should be individual and that the control type also does not define the variables that impact EVA the most.
The efficiency in the creation of the value for the shareholder is the main focus of the companies. One of the ways of measuring this efficiency is through the Economic Value Added (EVA). In a financial institution, limited in this study to the largest and multiple commercial banks and with shares quoted in BM&FBOVESPA, the decision makers should also look for that efficiency. Besides, the need of the banks for financings, in the same way that in the private companies, demands the fulfillment of the requirements imposed by the agent that will supply the capital. In that sense, to assist the shareholder, the bank should promote the aggregation of value. EVA demonstrates this creation of value and, for its better management, the variables that influence in that measure should be identified, monitored and managed. Hence, the present study identified the main determinants of the economical value added from the largest commercial banks in Brazil: Bank of Brazil, Itaú and Bradesco, using multiple linear regression. Through the analyze of the individualized data, regarding the period from 1996 through 2009, it was verified that there is a group of determinants that explain great part of the alterations of EVA. These determinants were not the same for the private and the public banks in analysis, and even among the private ones the results were not coincident. Although some variables have influenced EVA, it has been identified that the determinants provoke different impacts in each one of the institutions. That indicates that the analysis should be individual and that the control type also does not define the variables that impact EVA the most.
Palavras-chave
Bancos comerciais, Direcionadores de valor, Valor econômico agregado, Commercial banks, Determinants of value, Economic value added