STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

We used this data to perform our tests. This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.本研究使用本数据集完成相关实证检验。本文对比了巴西上市与非上市公司所采用的资本预算（capital budgeting）技术。我们针对398家上市公司及300家大型非上市公司的首席财务官（Chief Financial Officers, CFOs）开展了调研，最终基于91份有效回复得到研究结果。结果显示，上市公司的首席财务官更倾向于频繁使用非简化型方法，例如净现值（Net Present Value, NPV）与资本资产定价模型（Capital Asset Pricing Model, CAPM）；而非上市公司的首席财务官即便企业规模较大，也更少进行股权资本成本（cost of equity）的估算工作。上述研究结果表明，公司在证券交易所上市可能要求其资本预算流程具备更高的精细化水平。