文章基本信息

标题：O TRATAMENTO DOS ATIVOS NÃO OPERACIONAIS NA AVALIAÇÃO DE EMPRESAS:
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作者：Luciana Miyuki Ikuno ; Isabel Cristina Henriques Sales ; César Augusto Tibúrcio Silva 等
期刊名称：Perspectivas Contemporâneas
印刷版ISSN：1980-0193
出版年度：2011
卷号：6
期号：1
出版社：University Integrado de Campo Mourão - PR
摘要：Asset and equity valuations are necessary in many business processes and can be performed by adopting different methods, such as Discounted Cash Flows, Firm & Value Multiples, Equity Multiples among others. When the company value is measured through Discounted Cash Flows, some adjustments must be applied to non operational assets. Thus, this paper aims to examine which method is suggested by the theory referring to non operating assets in equity valuation, and witch methods are actually applied. Furthermore, the object of the study is the valuation report of initial public offerings issued by Brazilian Securities and Exchange Commission from 2005 to 2010. For that purpose, the paper is based on documents and applies a content analysis at the data. As a result, it was noticed that the treatment of non-operating assets is consistent with the literature. Most reports that applied the discounted cash flow method and also contained the keyword "non-operating assets" in its report, considers such items in their assessment as adjustments after calculating the present value of the companies. However, as also seen in the literature, some reports clearly stated that they did not consider such items in their assessment. Therefore, it is noted that the discussion that permeates the literature in relation to non-operating assets is reflected in practice.