Estudo empiríco sobre a relevância do fluxo de caixa na avaliação das empresas

• Ano de defesa: 2015
• Autor(a) principal: Maalouf, Eduardo [UNIFESP]
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• dARK ID: ark:/48912/001300002p3fb
• Idioma: por
• Instituição de defesa: Universidade Federal de São Paulo (UNIFESP)
• Palavras-chave em Português: public administration; cash flow; relevance of accounting information; administração pública; fluxo de caixa; relevância da informação contábil
• Link de acesso: https://sucupira.capes.gov.br/sucupira/public/consultas/coleta/trabalhoConclusao/viewTrabalhoConclusao.jsf?popup=true&id_trabalho=3303354; https://repositorio.unifesp.br/handle/11600/47647

The enactment of Law 11638/07 consolidated the government's position with respect to transparency and accountability in capital markets, expressed in the mandatory presentation of Cash Flow Statement (DFC) for large companies, especially those with traded shares on the São Paulo Stock Exchange (BM&FBOVESPA). This determination brought to Brazil the studies and discussions started in the 80s in the US and Canada on the relevance of financial reporting and the effectiveness of the income variables and operating cash flow for forecasting future cash flows and explanation of price and / or return of stocks, which ultimately expresses the evaluation of the companies at market prices. In light of the positivist approach was carried out empirical research involving the Income Statement and published cash flow statements of 33 companies listed on the Stock Exchange of São Paulo (BM&FBOVESPA) and constituting 56.95% of the Bovespa Index (Ibovespa) in the first quarter of 2005 period the first quarter of 2015. The statistical model included the simple and multiple linear regression and the method of least squares (OLS) to estimate the relationship between the independent variables (EBIT, EBITDA, Net Income and Operating Cash Flow) and dependent variable (stock price), with correlation and significance tests. This study is framed in the first and second categories of the classification proposed by Holthausen and Watts (2001), which aims to assess the existence of an association between the market price of the stock and financial information through regression testing to verify the R² (coefficient of determination) and significance tests. The results indicate that operating cash flow for the companies that make up the Ibovespa not have any predictive or explanatory power over the stock price.