Os instrumentos de financiamento às Empresas de Base Tecnológica no Brasil
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Data
2007-07-31Autor
Pereira, Rosângela Cristina de Carvalho
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This dissertation has as central objective to analyze to what extent the available
financing instruments for Technological Based Firms (EBTs) in Brazil, are adjusted to
the purpose of promote the creation and development of this type of company. This
implies, first of all, to carry through a survey and the characterization of extant public
and private specific financing forms in the country. Thereafter, through the sample of
EBTs searched, to evaluate empirically, the critical opinions, and suggestions presented
by the entrepreneurs regarding to the current fomentation lines. The EBTs are
technologically dynamic companies, with a dense knowledge base that carry through
radical or incremental technological innovations in national or international scope.
These innovations carry out the central role of these companies. As they are companies
based on the technological development, the EBTs have specific functioning
characteristics. These companies main aspect is the technological development, which
causes in the majority of the cases, the lack of tangible assets that can serve as
guarantees in the attainment of conventional credits. Thus, the EBTs needs highly
specialized human capital and an initial financial resource for the research and the
development given that, in this phase generally the companies still don't have
commercialized products and, consequently, positive cash flow to guarantee its
sustentability. Resulting from these specificities, the EBTs located in peripheral
economies face other obstacles jointed to the macroeconomic environment, as raised
basic taxes of interests, incipient market capital, raised competition of transnational
companies, small extension of the markets, not consolidated systems of innovation, lack
of joint in federal level of the governments to the innovation and technological
development incentive of each country. In relation to the private financing, it is boarded
the venture capital funds, a financing modality widely used in some countries, as United
States and Israel. In these countries this modality is well succeed. However, the intense
active role of the governments in articulation and promotion of this industry in both
cases is observed. It is also dialed with the election and monitoring costs with the
enterprises selected by venture capital funds. To explain this relationship, the Agency
Theory is utilized, in which the relationship between the Investor and the Entrepreneur
is complicated by the lack of transparency between the entrepreneurs and the risk
investors and also by the availability of information in this relationship. Beyond the
described difficulties, in Brazilian case, the venture capital faces difficulties regarding
to the legal guarantees in the effective investments, therefore the Brazilian legal
environment still does not promote adequate corporative governance. Thus, the legal
environment of the country also affects the getting of capital for this modality. Finally,
the results and the analyses on the EBTs behaviors in Brazil in the studied period are
pointed, from the empirical research, and the profile of this EBTs are traced as well as
its demand for financing.