Impacto de fundos de Private Equity e Venture Capital na performance financeira e operacional de companhias, entendendo o efeito da pandemia

Abstract

Investimentos advindos de fundos de Private Equity e Venture capital vêm crescendo consideravelmente ao longo dos últimos anos no Brasil, e têm como principal racional em sua atuação destravar valor em teses de companhias com alto potencial. Desta forma, esse artigo visa analisar a diferença de performance financeira e operacional de empresas que obtiveram investimentos de PEs/VCs quando comparadas com empresas que não receberam, explorando a pandemia como um choque exógeno para a análise. Assim, utilizando como base o paper “The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian Invested companies” (2018) de Bianca Piloto Sincerre; Joelson Sampaio; Rubéns Famá; Eduardo S Flores, este artigo busca entender o impacto destes fundos nas companhias investidas ao analisar as companhias selecionadas com base nas seguintes medidas de performance operacional e financeira: i) Caixa e Equivalentes; ii) Alavancagem; iii) Retorno sobre Ativo; iv) Crescimento de receita, expandindo a análise do paper para o período pós pandemiaPrivate Equity and Venture Capital funds’ investments have been showing considerable growth over the past few years in Brazil. Those types of funds have as one of their main rationales to create value through their sector expertise on high potential companies. The article herein aims to analyze the difference in financial and operational performance of companies that received investments from PEs/VCs compared to companies that did not, exploring the pandemic as an exogenous shock to the analysis. Thus, using as a basis the paper "The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian Invested companies" (2018) by Bianca Piloto Sincerre; Joelson Sampaio; Rubéns Famá; Eduardo S Flores, this article seeks to understand the impact of these funds on the invested companies by analyzing the selected companies based on the following operational and financial performance metrics: i) Cash and Cash Equivalents; ii) Leverage; iii) Return on Assets; iv) Revenue Growth, expanding the paper's analysis to the post-pandemic period.