6401

Sonia Caro Fernández

Revista Contabilidade & Finanças

A pesquisa contábil na área do mercado de capitais recentemente voltou a investigar os modelos de avaliação de ações. Esta mudança tem ocorrida de forma paralela com a constatação empírica da existência de numerosas anomalias no comportamento do mercado e a capacidade das variáveis contábeis para explicar as diferenças nas rentabilidades obtidas pelos títulos no mercado. Esse contexto tem propiciado o desenho e desenvolvimento de estratégias de investimento que permitem obter rentabilidades abnormais positivas. Neste cenário, a análise dos dados contábeis tem demandada maior atenção, particularmente na determinação do valor de uma empresa (valor intrínseco) e, em segundo lugar, na explicação do comportamento do preço. A determinação do valor intrínseco necessariamente envolve o estabelecimento de um modelo de avaliação. Na última década, o Modelo do Lucro Residual (MLR) alcançou uma posição proeminente na literatura. O objetivo deste estudo é analisar os fundamentos conceituais do MLR. Após indicar suas vantagens em comparação com os modelos tradicionais de avaliação, descrevemos suas limitações, tanto do ponto de vista teórico como empírico. As características mais significativas analisadas são: a violação da "condição de lucro limpo", o efeito escala, e a estimação do valor final. As distintas circunstâncias inerentes à aplicação empírica do modelo tornam sua análise problemática, e fazem com que dificilmente possamos questionar sua validade, já que podem ser as diferentes proposições assumidas e necessárias para colocar o modelo em prática que estão equivocadas.

Avaliação de Empresas, Mercado de Capitais, Modelo do Lucro Residual

FERNÁNDEZ, S. C.Modelos de valoración basados en magnitudes contables: limitaciones del modelo de resultado residual. Revista Contabilidade & Finanças, v. 21, n. 53, art. 6, p. 1-20, 2010.

Fernández, S. C.(2010). Modelos de valoración basados en magnitudes contables: limitaciones del modelo de resultado residual. Revista Contabilidade & Finanças, 21(53), 1-20.

https://www.spell.org.br/documentos/ver/6401/modelos-de-avaliacao-baseados-na-contabilidade--limitacoes-do-modelo-do-lucro-residual/i/pt-br

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