Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO.

Abstract

The vigorous growth of Private Equity Industry in the world generated basic questions; as for example how to explain if companies previously invested by Private Equity generate real returns for its shareholders after the IPO event. Few studies analyzed, however, the risk of these new companies. The contribution of this paper meet specifically this gap with this innovation in the methodological tool. The Wealth Relative Methodology Buy-and-hold was adjusted by its idiosyncratic risk over the public offerings base on the BM&FBovespa between 2004-2014. When risk is not considered, the results suggest a value premium on the management of Private Equity previously invested, with average returns 36% higher than those companies without this kind of management in the first five years post IPO. However, in the presence of risk adjustment, the previous participation of a Private Equity Fund is not significant in the returns anymore. The suggestion of the authors is that other samples, different periods, and past papers run this methodology to check if the previously conclusions still stands up.

Fatos estilizados dos fundos de Private Equity no Brasil

“…De acordo com a ABVCAP (2016), a participação dos fundos de VC/PE torna a empresa investida mais competitiva, propicia um relacionamento qualificado no mercado onde a empresa atua, deixando a investida mais preparada para atuar no mercado global. Os estudos de Gompers (1995), Brav e Gompers (1997) e Tavares e Minardi (2010) fundamentam a visão da ABVCAP quando concluem que os fundos de VC/PE geram valor às companhias investidas, preparando-as para uma futura abertura de capital (Mauad & Forte, 2017). Ribeiro (2005) constatou que dos dezesseis IPOs realizados no período de 2004 e 2005 no Brasil, nove foram de empresas que haviam recebido financiamento do tipo VC/PE.…”