Criação de valor para os acionistas pós-abertura de capital no segmento brasileiro de locação de veículos

Abstract

The segment of vehicles rental is characterized as an industry that requires intensive, long-term capital for the financing of the renewal of its fleet and implementation of growth strategies. Going public is a good alternative of access to one s own capital, once the funding cost should be lower, in theory. The adoption of this financing strategy depends on principles and good corporate governance practices that are necessary for entering in the differentiated segments of corporate governance of Bovespa (São Paulo State Stock Exchange). The globalization of the markets is compelling companies to focus their attention on the management based on performance measures to check if the company and its administrators are creating value for the shareholders. In a world with fast changes, where the search for results is constant, the aggregated value aspect has been more and more questioned and debated at companies. This dissertation's purpose is to determine if a Brazilian company within the vehicles rental going public can generate value to its shareholders and increase its wealth. In order to do that, this work studied and presented results on the following aspects: the first one, a research on the vehicles rental sector in Brazil, checking, among other items, the scenery, its indicators and perspectives for 2007; the second, a determination of the history of the company Localiza Rent a Car, case study object, presenting its governance model, mapping the best corporate governance practices recommended by IBGC and by CVM in order to check the adhesion level; third, an analysis of the results disclosed by Localiza before and after OPA; and, finally, an analysis of the capital cost and the EVA® , checking if the cost of source of funds diminished and if value was generated to the shareholders after going public. Through the results obtained, we can affirm that, after OPA, Localiza generated value to its shareholders and increased its wealth, and the cost of source of founds also diminished; however, we cannot attribute this growth only to going public, because of the diversity of variables that impact the segment of vehicles rental