Estudo comparativo das abordagens tradicional e bottom-up do capm no cálculo do custo de capital próprio das empresas do setor de energia.

Abstract

The Capital Asset Pricing Model (CAPM) is a leading business methods of measurement of rate of return required by equity providers agents. Although considered a model of broad consensus among users, the CAPM has some limitations. As a result, some authors suggest an adjustment of this method for your application to be most suitable for the business world, using the bottom-up method. Thus, the aim of this study is to perform a comparative analysis of equity costs of 16 companies in the Brazilian energy sector companies, obtained based on the application of these two models, checking for significant discrepancy between their results. Regarding the purpose, this study is characterized as descriptive; as to means, bibliographic and documentary. In addition, this research used data analysis technique of quantitative type. The investigation found as the measurement results of the equity cost of energy sector companies according to the traditional CAPM and CAPM models adjusted to the bottom-up methodology, as well as carrying out a comparison between these two models, generating benefits to the planning and management financial companies selected for the development of this study.