Ativos intangíveis: avaliação e mensuração no contexto de private equity e venture capital

Os ativos intangíveis tornaram-se a principal fonte de competitividade para as empresas operantes na Economia do Conhecimento. Entretanto, ativos intangíveis são de difícil mensuração, colocando desafios para investidores e bancos que, expostos a uma maior assimetria de informação, tendem a requerer retornos significativos, para aportar capital em Pequenas e Médias Empresas (PMEs) inovadoras, quando o fazem. O setor de Private Equity e Venture Capital (PE/VC) se desenvolveu concomitantemente à crescente importância dos ativos intangíveis na economia. Trata-se de um importante segmento de intermediação financeira composto por organizações desenhadas para lidar com elevada assimetria de informação. Neste trabalho, dez dessas organizações, atuantes no mercado brasileiro, foram entrevistadas. O objetivo é descrever o processo de seleção de investimentos, os critérios e os indicadores utilizados por tais organizações para identificar e mensurar os ativos intangíveis. O método usualmente adotado por essas organizações para a valoração (valuation) das PMEs inovadoras também é estudado. Resultados sugerem que as organizações de PE/VC utilizam técnicas sofisticadas para avaliar propostas de investimento, com critérios e indicadores específicos para se medir as principais classes de ativos intangíveis de uma empresa. Entretanto, tais ativos não são avaliados individualmente. A informação obtida é utilizada para se compreender a origem dos fluxos de caixa projetados e os principais fatores de risco. Por sua vez, tais elementos são combinados pelo método do fluxo de caixa descontado para se estimar o valor da empresa. Graças à extensa experiência dos gestores de PE/VC com PMEs inovadoras, acredita-se que o estudo das práticas deste segmento traz importantes reflexões para a recente discussão em torno dos ativos intangíveis

The role of venture capitalists in the identification and measurement of intangible assets

The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs), we believe that shedding light on how PE/VC organizations deal with intangible assets brings important insights to the intangible assets debate.

Prospecção e monitoramento informacional no contexto da inteligência competitiva em microempresas do ramo óptico da região de Marília - SP

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Modelo de referência para o processo de desenvolvimento de produtos eletrônicos em empresas de base tecnológica: estudos de casos múltiplos com decisão multicriterial

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Análise de processos de uma empresa de comércio exterior para viabilizar maior produtividade

The easy access to information has been accelerating even more business competitiveness nowadays. To turn a foreign trade company into a more competitive company by improving its services, this work aims the analysis of the Supply Chain processes to enable greater productivity. Using powerful tools of great historical success in the business world – such as Flowcharts, VSM Lean and PDCA –, a structure was created that adapted its main concepts and produced a method which enabled not only improvements on modified processes but also on the subsequent ones. Productivity data were collected, where evidence of quantitative improvements were found in the expedition macro process. Due to a process analysis theme, this paper gives also the thought about process approach, vital step to create a future Quality Management System

Metodologia para otimização em subcontratação de serviço de usinagem

Operational Research (OR) is an eminent science to business competitiveness and the capacity of algorithms and spreadsheets that exist today allows people to apply them for a lower cost and with less complexity. However, spreadsheets linked to OR techniques, when directed to real problems, are still little explored in their full potential. In order to use them better, this article utilizes the Microsoft Office Excel to solve an optimization practical problem and decision-making of machining subcontracting. In general, although considered a frequent problem, is not of easy solution, optimize the mix of production versus outsourcing, because of the restrictions and resources available, it requests investments in specific software. In this way, this research aims to develop software to be called SOSU (Optimization Software for Machining Subcontracting). SOSU should introduce the best mix of internal and subcontracted machining for n types of parts that, over a certain period of time t, maximize capacity and meet all the demand at the lowest cost possible. The methodology adopted follows the bibliographic reference and it is assumed that the necessary data to prove from mathematical modeling of production areas and from a system of costs already structured. The nature of the problem justifies the application of Linear Programming (LP), Visual Basic for Applications (VBA) is used for computational implementation and interface with the user and the supplement Solver to find the solution. The analysis of the experiments show that the SOSU optimizes resources and improves the decision-making process, besides an easy operation, it can be implemented or quickly adapted and without the need of large investments.

Análise teórico-descritiva da competência em informação de gestores como fator de competitividade das indústrias de eletroeletrônicos da cidade de Garça/SP

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Auto component supply chain: a path to global India

Supply chain management works to bring the supplier, the distributor, and the customer into one cohesive process. The Supply Chain Council defined supply chain as ‘Supply Chain: The flow and transformation of raw materials into products from suppliers through production and distribution facilities to the ultimate consumer., and then Sunil Chopra and Meindl, (2001) have define Supply chain management as ‘Supply Chain Management involves the flows between and among stages in a supply chain to maximize total profitability.’ After 1950, supply chain management got a boost with the production and manufacturing sector getting highest attention. The inventory became the responsibility of the marketing, accounting and production areas. Order processing was part of accounting and sales. Supply chain management became one of the most powerful engines of business transformation. It is the one area where operational efficiency can be gained. It reduces organizations costs and enhances customer service. With the liberalization of world trade, globalization, and emergence of the new markets, many organizations have customers and competitions throughout the world, either directly or indirectly. Business communities are aware that global competitiveness is the key to the success of a business. Competitiveness is ability to produce, distribute and provide products and services for the open market in competition with others. The supply chain, a critical link between supplier, producer and customer is emerged now as an essential business process and a strategic lever, potential value contributor a differentiator for the success of any business. Supply chain management is the management of all internal and external processes or functions to satisfy a customer’s order (from raw materials through conversion and manufacture through logistics delivery.). Goods-either in raw form or processed, whole sale or retailed distribution, business or technology services, in everyday life- in the business or household- directly or indirectly supply chain is ubiquitously associated in expanding socio-economic development. Supply chain growth competitive performance and supporting strong growth impulse at micro as well as micro economic levels. Keeping the India vision at the core of the objective, the role of supply chain is to take up social economic challenges, improve competitive advantages, develop strategies, built capabilities, enhance value propositions, adapt right technology, collaborate with stakeholders and deliver environmentally sustainable outcomes with minimum resources.

An investigation of SMEs’ inter-organisational knowledge transfer needs in Internet marketing

Internet marketing, as a key area of e-commerce, plays an important role in SMEs’ e-commerce success. It is the use of Internet technologies in facilitating and supporting marketing activities. Its implementation and success require expert knowledge and extensive experience. SMEs admit that they are willing to embrace Internet marketing to enhance their business competitiveness, but do not know where to start and suffer from a lack of guidance. Evidence suggests that Internet marketing analysis is one of the most needed areas of training in e-commerce for SMEs. It is therefore evident that SMEs need to acquire Internet marketing knowledge from external sources. However, the majority of the literature fails to study what specific knowledge they need and from whom they should acquire the knowledge. This paper has addressed these issues through a questionnaire survey of UK SMEs in the service sector. It identifies SMEs’ specific transfer needs for Internet marketing knowledge, and discusses strategic issues for improving SMEs’ effectiveness of leveraging knowledge.

Integrated strategic supply chain positioning for SME's:an empirical study

Purpose – The purpose of this paper is to report on an investigation into the selection and evaluation of a suitable strategic positioning methodology for SMEs in Singapore. Design/methodology/approach – The research methodology is based on critical review of the literature to identify the potentially most suitable strategic positioning methodology, evaluation and testing of the methodology within the context of SME's in Singapore, and analysis to determine the strengths and weaknesses of the methodology and opportunities for further research. Findings – This paper illustrates a leading integrated strategic positioning decision making process, which has been found to be potentially suitable for SMEs in Singapore, and the process is then applied and evaluated in two industrial case studies. Results in the form of strengths, weaknesses and opportunities are evaluated and discussed in detail, and further research to improve the process has been identified. Practical implications – A practical and integrated strategic supply chain positioning methodology for SMEs to define their own competitive space, among other companies in the manufacturing supply chain, so as to maximize business competitiveness. Originality/value – This paper contributes to the knowledge of the strategic positioning decision process as well as identifies further research to adapt the process for SMEs in Singapore.

Modelling the behaviour of engine assembly workers

Presents a prototype modelling methodology that provides a generic approach to the creation of quantitative models of the relationships between a working environment, the direct workers and their subsequent performance. Once created for an organisation, such models can provide a prediction of how the behaviour of their workers will alter in response to changes in their working environment. The goal of this work is to improve the decision processes used in the design of the working environment. Through improving such processes, companies will gain better performance from their direct workers, and so improve business competitiveness. This paper first presents the need to model the behaviour of direct workers in manufacturing environments. To begin to address this need, a simplistic modelling framework is developed, and then this is expanded to provide a detailed modelling methodology. There then follows a description of an industrial evaluation of this methodology at Ford Motor Company. This modelling methodology has been assessed in this case study and has been found to be valid in this case. There are many challenges that this theme of research needs to address. The work described in this paper has made an important first step in this area, having gone some way to establishing a generic methodology and illustrating its potential value. Our future work will build on this foundation.

Sustainable agricultural production:an investigation in Brazilian semi-arid livestock farms

This paper investigates the environmental sustainability and competitiveness perceptions of small farmers in a region in northern Brazil. The main data collection instruments included a survey questionnaire and an analysis of the region's strategic plan. In total, ninety-nine goat and sheep breeding farmers were surveyed. Data analysis methods included descriptive statistics, cluster analysis, and chi-squared tests. The main results relate to the impact of education, land size, and location on the farmers' perceptions of competitiveness and environmental issues. Farmers with longer periods of education have higher perception scores about business competitiveness and environmental sustainability than those with less formal education. Farmers who are working larger land areas also have higher scores than those with smaller farms. Lastly, location can yield factors that impact on farmers' perceptions. In our study, farmers located in Angicos and Lajes had higher perception scores than Pedro Avelino and Afonso Bezerra, despite the geographical proximity of these municipalities. On the other hand, three other profile variables did not impact on farmers' perceptions, namely: family income, dairy production volume, and associative condition. The authors believe the results and insights can be extended to livestock farming in other developing countries and contribute generally to fostering effective sustainable development policies, mainly in the agribusiness sector. © 2013 Elsevier Ltd. All rights reserved.

A implementação de preços de transferência interna : o caso Xerox

Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais

Adopción de las TIC en micro, pequeñas y medianas empresas del Quindío mediante la identificación de factores clave para asesoría a partir de la innovación, la competitividad y la sostenibilidad

En este trabajo se pretende analizar cómo ha sido la adopción de las nuevas tecnologías en diez micro, diez pequeñas y diez medianas empresas del departamento del Quindío -- Se tomaron como punto de partida las ventajas y desventajas que muestra el estado del arte en la apropiación de las nuevas tecnologías de información y comunicación en los procesos de una organización y las posturas de diferentes teóricos en el tema -- Se elaboró una encuesta que permitiese indagar sobre factores clave en el momento en que una empresa decide empezar en el mundo tecnológico y se plantearon unas preguntas, en el esquema de entrevista, que posibilitasen interactuar con el empresario a manera de conversatorio, para darle la posibilidad al estudio de interpretar fenómenos adicionales que pudiesen estarse dando en la mencionada transición -- El análisis se soportó con funciones estadísticas de los datos consolidados en dicha encuesta y las relaciones entre variables para identificar el grado de impacto entre las mismas -- Por último, se entregan las conclusiones del estudio y algunas propuestas de adopción para las empresas estudiadas en el departamento del Quindío que así lo requieran, con el propósito de la Maestría en Administración, de la Universidad EAFIT, que es propiciar la relación empresa-universidad-Estado