An?lise do desempenho cont?bil-financeiro de empresas de capital aberto que sofreram processo de fus?o & aquisi??o

• Ano de defesa: 2011
• Autor(a) principal: Veiga, Jordana Luiza Barbosa da Costa
• Orientador(a): Souza, Marco Antonio Ferreira de
• Banca de defesa: Macedo, Marcelo ?lvaro da Silva, Siqueira, Jos? Ricardo Maia de Siqueira
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal Rural do Rio de Janeiro
• Programa de Pós-Graduação: Programa de P?s-Gradua??o em Gest?o e Estrat?gia
• Departamento: Instituto de Ci?ncias Humanas e Sociais
• País: Brasil
• Palavras-chave em Português: Fus?o & Aquisi??o; Mercado de a??es; Desempenho cont?bil-financeiro
• Palavras-chave em Inglês: Merger and acquisition; Stock market; Performance in financial-accountings
• Área do conhecimento CNPq: Administra??o
• Link de acesso: https://tede.ufrrj.br/jspui/handle/jspui/1190

The main objective for firms to perform a Merger&Acquisition (M&A) process is the search for a competitive advantage considered important in their strategic planning. The process of M&A can be characterized by the concentration of capital, patrimonial, organizational and societal restructuring, and cyclical movements. This dissertation, has the aim to describe and analyze the financial accounting performance of a traded corporation, registered in the stock exchange pre and post M&A performed in the year of 2005 in order to assess the value creation due to the M&A process for the shareholder of firms involved as buyer. This aim was carried out through the analysis of the data evolution, use of descriptive statistics and hypothesis test; was also analyzed the stock behavior, on stock market, by technical analysis, descriptive statistics, beta assessment, hypothesis testes and abnormal results. The analysis were carried out using the variables: earning after taxes, net sales, Ebitda, net debt, sales, earning per stock ratio, stock price, dividends payed, total assets divided by total liabilities e current ratio, presence in trading market, number of daily deals of the stock, daily turnover, closing price variation, all traded on BM&FBovespa. In order to assess the value creation for shareholders, were performed analysis in Brazilian firms on the pulp and paper industry, the chosen firms shall be traded to have all the necessary information for the assess, and shall have passed through the M&A process in 2005. Acquiring and acquired companies should also have similar size, so the process of M&As could be clearly observed in the studied variables. Only 1 target company acquired by 2 acquiring companies was chosen, which composes the universe of analysis. The study included analysis of short term, days before and after the announcement, divided into two groups 10 days before and 10 days after and 30 days before and 30 days after the announcement, and long term, periods of three years before and three years after the event. With the analysis results it was possible to observe increase on value creation for shareholders of companies involved as buyers in the process of M&A during the studied period. The variables number of daily deals of the stock, number of daily deals of the stock and daily turnover had important role on the stock-holder assess earning. It is possible to observe that the firms Suzano papel e celulose and Votoratim Celulose e Papel had substantial changes on the studied variables after the M&A process. Were observed increase on stock price, number of daily deals of the stock, number of traded stocks and daily turnover. The beta, risk indicator, after M&A, on both companies, get close to 1, improving the non-diversifiable risk of the firms. The accounting and financial parameters have showed inconclusive results probably