Análise dos determinantes do endividamento das empresas de capital aberto do agronegócio brasileiro

Studies involving capital structure and the identification of its determinants are relevant issues in the field of corporate finance management research. In this regard, the present study intends to evaluate the determinants of corporate leverage in the Brazilian agribusiness sector using the model of Rajan and Zingales (1995). In the definition of the sample there were selected 26 companies that are classified in one of three subdivisions of the Brazilian agribusiness sector: a) the agriculture or cattle raising; b) inputs or production factors and c) processing and distribution sector, using as reference the CNA classification. The study used data from the Economatica® database, with the adoption of panel data methods. The results indicated that the variables tangibility of assets, growth opportunities, size and profitability were statiscally significant as determinant factors of the debt structure of Brazilian agribusiness companies. It is also possible to conclude that the model estimated by panel data generated results that are compatible with those suggested by the pecking order theory.

资本结构及其决定因素的识别研究，是公司金融管理研究领域的核心议题。就此而言，本研究拟采用拉詹与津加莱斯（Rajan and Zingales）1995年提出的模型，评估巴西农业综合企业部门的企业杠杆率决定因素。在样本选取环节，本研究以CNA分类为参照标准，从巴西农业综合企业三大细分板块中遴选了26家企业：a）农业或畜牧业；b）生产要素与投入品板块；c）加工与分销板块。本研究使用Economatica®数据库的数据，并采用面板数据方法开展分析。研究结果显示，资产有形性、成长机会、企业规模与盈利能力这四个变量，作为巴西农业综合企业债务结构的决定因素，均具有统计显著性。此外，本研究还可得出结论：基于面板数据估计的模型所得结果，与优序融资理论（pecking order theory）的理论预期相符。