Fluxo de Caixa e Accruals: Objetividade Versus Subjetividade no Índice Market-to-book das Companhias Abertas Brasileiras
In: Sociedade, contabilidade e gestão, Band 4, Heft 1
ISSN: 1982-7342
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</style> <![endif]--> <p class="MsoNormal" style="margin: 6pt 0cm; text-align: justify; line-height: normal;"><span style="font-size: 12pt; font-family: ";Times New Roman";,";serif";;">A informação contábil possui papel relevante para o processo de avaliação de empresas e para o mercado de capitais. Este estudo analisou a relação entre os componentes do lucro, os <em>accruals</em> e o fluxo de caixa. Adotou uma medida de oportunidades de crescimento que captura também a expectativa do mercado: o índice <em>market-to-book</em>. A amostra apresentou 1.089 observações das empresas com capital aberto listadas na Bolsa de Valores de São Paulo (Bovespa), entre 2000 e 2006. Utilizou-se uma regressão múltipla <em>pooled</em> para observar a relação entre as variáveis e firmas ao longo do tempo (efeito combinado). Os resultados mostraram que tanto os <em>accruals</em> como o fluxo de caixa possuem relação positiva com o índice <em>market-to-book</em>. No entanto, revelam mais associação com o fluxo de caixa. Este estudo contribui com a escassa pesquisa nacional que busca verificar a relação dos componentes do lucro com o valor das firmas. Destaca-se que os <em>accruals</em> – se comparados ao fluxo de caixa – não são menos importantes no processo de <em>valuation </em>ou na possibilidade de afetar o valor das organizações. Porém, eles fornecem informações adicionais.</span></p>