centeroКонтуры глобальных трансформаций: политика, экономика, правоOutlines of global transformations: politics, economics, law2542-02402587-9324Center for Crisis Society Studies10.23932/2542-0240-2017-10-4-101-113centero-43Research ArticleВ рамках дискуссииUnder DiscussionВлияние макроэкономических факторов на структуру капитала иностранной дочерней компанииInfluence of Macroeconomic Factors in the Capital Structure of Foreign Subsidiariehttps://orcid.org/0000-0003-2291-4367ЛинаресЖоа Пауло МартинсLinharesJoão Paulo Martins

173, Camilo str., São Paulo, Brazil

173, Camilo str., São Paulo, Brazil, 05045-020

jplinhares@yahoo.com.brШенгСя ХуаShengHsia Hua

профессор, Департамент финансов

474, Itapeva Str., São Paulo, Brazil

Professor, Department of Finance, Getuio Vargas Foundation (FGV-EAESP)

474, Itapeva Str., São Paulo, Brazil, 01332-000

hsia.sheng@fgv.brВазДаниэла ВерзолаVazDaniela Verzola

профессор, Департамент экономики, Федеральный университет Сан-Паулу

1500, Sena Madureira Str., São Paulo, Brazil

Professor, Department of Economics Federal University of São Paulo

1500, Sena Madureira Str., São Paulo, Brazil, 06110-295

daniela.vaz@unifesp.brКардозо ЖуниорНилтон Деодора МорейраCardoso JuniorNilton Deodoro Moreira

профессор, департамент экономики, INSPER

300, Olimpia Str., São Paulo, Brazil, 04546-042

Professor, Department of Economics, INSPER

300, Olimpia Str., São Paulo, Brazil, 04546-042

nilton_cardoso@hotmail.comSumitomo Mitsui Banking CorporationБразилияSumitomo Mitsui Banking CorporationBrazilGetuio Vargas Foundation (FGV-EAESP)БразилияGetuio Vargas Foundation (FGV-EAESP)BrazilФедеральный университет Сан-ПаулуБразилияFederal University of São PauloBrazilINSPERБразилияINSPERBrazil201727112017104Мировая экономика на пути к регионализации101113Copyright © Линарес Ж.М., Шенг С.Х., Ваз Д.В., Кардозо Жуниор Н.М., 20172017Линарес Ж.М., Шенг С.Х., Ваз Д.В., Кардозо Жуниор Н.М.Linhares J.M., Sheng H.H., Vaz D.V., Cardoso Junior N.M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.ogt-journal.com/jour/article/view/43

В настоящей статье рассматривается влияние макроэкономических факторов в структуре капитала дочерних компаний иностранных транснациональных корпораций (SFM) в Бразилии в сравнении с местными бразильскими компаниями в период с 1998 по 2008 г. Временные ряды данных эконометрики использовались для анализа данных и проверки гипотез. В этот период на изменение обменного курса положительно влияли местные финансовые рычаги, что подтверждает гипотезу о хеджировании доходов в контексте валютных рисков для головного офиса. Нами был выявлен меньший уровень влияния местных финансовых рычагов на иностранные транснациональные компании при макроэкономической ситуации приобретения большей стабильности. Наконец, вопреки первоначальной гипотезе, различия в ставках финансирования между Бразилией и страной головного офиса положительно коррелируют с местными финансовыми рычагами.

This article examines the influence of macroeconomic factors in the capital structure of subsidiaries of foreign multinational companies (SFM) in Brazil by comparing them with local Brazilian companies (LBC) during the period from 1998–2008. Panel data econometrics was used to analyze the data and test the hypotheses. During this period, exchange rate variation was positively associated with local leverage, which supported the hypothesis of income hedging in the context of foreign currency exposure of the head office. We also found less local leverage for foreign multinational companies when the macroeconomics scenario became more stable. Finally, contrary to the initial hypothesis, differences in financing rates between Brazil and the SFMs’ head office country were positively related to local leverage.

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The authors declare that there are no conflicts of interest present.