Escolar Documentos
Profissional Documentos
Cultura Documentos
9$/8$7,21q$&2175,%8,7,2108/7,&5,7(5,$
727+(60$//6,=(&203$1,(6
5(6802
2DUWLJRDSUHVHQWDXPPpWRGRTXHVREDyWLFDFRQVWUXWLYLVWDSHUPLWHFRQV
WUXLUPRGHORVSDUDDYDOLDUHPSUHVDVGHSHTXHQRSRUWHQR%UDVLOFRPEDVH
QDVSHUFHSo}HVHMXt]RVGHYDORUGRLQYHVWLGRU3DUDWDQWRHVWHWUDEDOKRXWL
OL]RXXPDPHWRGRORJLDPXOWLFULWpULRGHDSRLRjGHFLVmRFRQVWUXWLYLVWD0&'$
&RQVWUXWLYLVWDTXHSHUPLWLXRSHUDFLRQDOL]DURPpWRGRDTXLSURSRVWRD¿P
GHPHOKRUUHÀHWLURYDORUGDHPSUHVDFRPRQHJyFLR6RERSRQWRGHYLVWD
GDVHVFROKDVPHWRGROyJLFDVGHSHVTXLVDSURFXURXVHSRVLFLRQDUGLDQWHGDV
GLYHUVDVFRUUHQWHVWHyULFDVGDiUHDGHDYDOLDomRGHHPSUHVDVHPHVSHFLDO
DYLVmRFRQVWUXWLYLVWDQRSURFHVVRGHDSRLRjGHFLVmR3HORHVWXGRFRQFOXL
VHTXHRPpWRGRSURSRVWRPDLVDGHTXDGRFRQVLGHURXWDQWRVRVDVSHFWRV
REMHWLYRVTXDQWRRVVXEMHWLYRVQRSURFHVVRGHDYDOLDomRGHHPSUHVDVGH
SHTXHQRSRUWHWUDWDQGRGHIRUPDDGHTXDGDFRPHVWHSUREOHPDFRPSOH[R
TXHHQYROYHP~OWLSORVDWRUHVHREMHWLYRVFRQÀLWDQWHV
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
188 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 189
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
H R 0RGHOR %DVHDGR QDV 2So}HV FRPSHWLWLYRV 8PD GDV YLV}HV PDLV $ERUGDJHP 0XOWLSOH &ULWHULD HVWUDWpJLDV H REMHWLYRV GH ORQJR
5HDLV.8/$7,/$.$ DEUDQJHQWHV p R %DODQFHG 6FRUHFDUG 'HFLVLRQ$LG52< SUD]R 5HFHQWHPHQWH HVWXGRV
(VVHV PRGHORV H WRGDYLD %6& GHVHQYROYLGR D SDUWLU GH WHPFRPRSULQFLSDOREMHWLYRIRUQHFHU GH DXWRUHV FRPR 6YHLE\
SRVVXHPOLPLWDo}HVHPTXHDSULQFLSDOpD H P H P S U H V D V Q R U W H D P H U L F D Q D V DR GHFLVRU XPD IHUUDPHQWD FDSD] 6WHZDUW .OHLQ
QmRLQFRUSRUDomRGHIDWRUHVTXDOLWDWLYRVH 1HVWD DERUGDJHP RV GLYHUVRV IDWRUHV GH DMXGiOR D UHVROYHU SUREOHPDV ( G Y L Q V V R Q H 0 D O R Q H
VXEMHWLYRVQRSURFHVVRGHDYDOLDomR0HVPR LPSXOVLRQDGRUHV GHYHP HVWDU UHXQLGRV GH GHFLVmR RQGH YiULRV FULWpULRV &DPSRV$EGROPRKDPPDGL
FRPRDSULPRUDPHQWRGHDOJXQVPRGHORV GH PRGR DOLQKDGR FRP D HVWUDWpJLD JHUDOPHQWH FRQIOLWDQWHV GHYDP H *UHHQOD\ 0RQWDJXH
HP FRQWHPSODU HVWDV YDULiYHLV DLQGD FRUSRUDWLYD JHUDQGR XP FRQMXQWR GH VHU OHYDGRV HP FRQVLGHUDomR .DSODQ H 1RUWRQ
DVVLPDGL¿FXOGDGHGHRSHUDFLRQDOL]iODV LQGLFDGRUHV TXH H[WUDSRODP DV IRUPDV )D] SDUWH WDPEpP GR HVWXGR WrP GLVSRQLELOL]DGR LQVWUXPHQWRV
GH IRUPD SUiWLFD SDUHFH XPD WHQGrQFLD WUDGLFLRQDLVGHDYDOLDomRGHGHVHPSHQKR GH XPD DWLYLGDGH GH DSRLR j SDUDDYDOLDomRHJHUHQFLDPHQWRGH
SHUPDQHQWH 3ULQFLSDOPHQWH QR TXH GL] SDUWLFXODUPHQWH R HQIRTXH HP PHGLGDV GHFLVmR D LGHQWLILFDomR FODUD GR GHVHPSHQKRRUJDQL]DFLRQDODVVLP
UHVSHLWR j DJUHJDomR GHVVDV YDULiYHLV ¿QDQFHLUDV $EDL[R VHUi H[DPLQDGD D GHFLVRULVWRpXPLQGLYtGXRXPD FRPR PHWRGRORJLDV TXH EXVTXHP
KHWHURJrQHDV QHFHVViULDV SDUD TXH VH FRQWULEXLomRGDVDERUGDJHQVPXOWLFULWpULRV FRPXQLGDGH XPD RUJDQL]DomR DERUGDJHQV TXH WUDQVFHQGDP RV
WHQKDXPDDYDOLDomRJOREDOGDHPSUHVD YROWDGD D VROXo}HV GH SUREOHPDV GH 1DVHTXrQFLDSRGHVHUHVXPLUDV DVSHFWRV XQLFDPHQWH ¿QDQFHLURV
GHFLVmRLVWRp SULQFLSDLVFDUDFWHUtVWLFDVGR0&'$ 'H DFRUGR FRP /XWK\ H
&RQVLGHUDQGR TXH HVVDV YDULiYHLV
UHFRQKHFLPHQWR GD SUHVHQoD H :LOOLDQVpSRVVtYHOGLVWLQJXLU
TXDOLWDWLYDV H VXEMHWLYDV RFRUUHP $ERUGDJHP 0XOWLSOH &ULWHULD
QHFHVVLGDGH GH LQWHJUDomR WDQWR SHOR PHQRV TXDWUR FDWHJRULDV
QR PXQGR UHDO H TXH D DYDOLDomR GH ' H F L V L R Q 0 D N L Q J 5 2 <
GRVHOHPHQWRVGHQDWXUH]DREMHWLYD GH PHWRGRORJLDV GH DYDOLDomR
HPSUHVDV QmR p XP H[HUFtFLR REMHWLYR 9 $ 1 ' ( 5 3 2 2 7 ( 1
FRPRRVGHQDWXUH]DVXEMHWLYDR TXH YmR DOpP GH XPD ~QLFD
TXDLVTXHUSUpFRQFHSo}HVHSUHFRQFHLWRV SURFXUD GHVHQYROYHU XP PRGHOR
SULQFLSDO REMHWLYR p FRQVWUXLU RX PHGLGD TXDQWLWDWLYD GH H¿FLrQFLD
TXHRXVXiULRWURX[HUSDUDRSURFHVVRGH PDWHPiWLFR LQGHSHQGHQWH GRV
FULDUDOJRDWRUHVHIDFLOLWDGRUHVHP HFRQ{PLFRILDQDQFHLUD 'LUHFW
DYDOLDomRDFDEDUmRSRUVHLQFRUSRUDUDR DWRUHV HQYROYLGRV QR SURFHVVR
FRQMXQWR TXH SRU GH¿QLomR QmR ,QWHOOHFWXDO&DSLWDOPHWKRGV',&
YDORUGRQHJyFLR GHFLVyULRRTXDOSHUPLWDGHVFREULU
SUpH[LVWD FRPSOHWDPHQWH EXVFD 0DUNHW &DSLWDOL]DWLRQ 0HWKRGV
XPDVROXomRyWLPDTXHVHDFUHGLWD
HQWHQGHUXPD[LRPDYHUGDGHSUp 0&05HWXUQRQ$VVHWV0HWKRGV
$ERUGDJHQV0XOWLFULWpULR QHVWH FRQWH[WR SUHH[LVWLU 'HQWUR
H[LVWHQWH SDUWLFXODU QR VHQWLGR 52$H6FRUHFDUG0HWKRGV6&
GHVVDDERUGDJHPSRGHVHUHVXPLU
$ D E R U G D J H P P X O W L F U L W p U L R GH VDEHU TXDO R VHX VLJQLILFDGR )RUDP PDQWLGDV DV GHVLJQDo}HV
D V S U L Q F L S D L V F D UD F W H U t V W L F D V
IUHTXHQWHPHQWH FKDPDGD GH 0XOWLSOH H R VHX SDSHO QD HODERUDomR HP LQJOrV SDUD IDFLOLWDU DV VXDV
G R 0 & ' 0 F R Q I R U P H V H J X H
&ULWHULD 'HFLVLRQ 0DNLQJ 0&'0 SHOD GH ³UHFRPHQGDo}HV´ SURFXUD SHVTXLVDVVXEVHTXHQWHV
U H F R Q K H F L P H Q W R D S H Q D V G R V
(VFROD $PHULFDQD H 0XOWLSOH FULWHULD GHVHQYROYHU D FRPSUHHQVmR GR
HOHPHQWRV GH QDWXUH]D REMHWLYD
GHFLVLRQDLG0&'$SHOD(VFROD(XURSHLD SUREOHPD H SRU PHLR GHVVH 0HWRGRORJLD 0XOWLFULWpULR GH $SRLR j
RSULQFLSDOREMHWLYRpGHVFREULURX
pXPFRQMXQWRGHPpWRGRVTXHSHUPLWH HQWHQGLPHQWRJHUDUVROXo}HVTXH 'HFLVmR&RQVWUXWLYLVWD0&'$&
GHVFUHYHUDOJRTXHSRUGH¿QLomR
DJUHJDUYiULRVFULWpULRVGHDYDOLDomRHP DSHUIHLoRHPRVYDORUHVGRGHFLVRU
SUpH[LVWDFRPSOHWDPHQWHSURFXUD 2REMHWLYRGHVWDVXEVHFomRpH[DPLQDU
RUGHPGHHVFROKDRUGHQDomRFDWHJRULDV LGHQWL¿FDUDVROXomRyWLPDSRUPHLR 2XWUDV$ERUGDJHQVHPYLUWXGH GH IRUPD VXFLQWD RV IXQGDPHQWRV
RXGHVFUHYHUXPFRQMXQWRGHDOWHUQDWLYDV GH PRGHORV PDWHPiWLFRV EXVFD GDV PXGDQoDV H[WUHPDPHQWH LQHUHQWHVjVIDVHVGRSURFHVVRGHDSRLR
LVWRpSURMHWRVGHLQYHVWLPHQWRVDWLYRV DQDOLVDUXPD[LRPDYHUGDGHSUp SURIXQGDV QR kPELWR SROtWLFR j GHFLVmR GD PHWRGRORJLD PXOWLFULWpULR
¿QDQFHLURV FRP UHQGD YDULiYHO DWLYRV H[LVWHQWH SDUWLFXODU QR VHQWLGR HFRQ{PLFR H VRFLDO RFRUULGDV QRV FRQVWUXWLYLVWD YHU %$1$ &267$
¿QDQFHLURVFRPUHQGD¿[DHPSUHVDVHP GH TXH SRVVD QRV OHYDU D XPD ~OWLPRV DQRV DV HPSUHVDV HP 52<'875$+2/=
PDUFKD YHUGDGH SRU PHLR GH ³QRUPDV VXD HYROXomR SDUD VHUHP EHP (166/,1 0217,%(//(5 1(72
$OpPGHVWDVHVFRODVFOiVVLFDVQRYDV SDUD SUHVFUHYHU´ QmR H[LVWH D VXFHGLGDV HVWmR VH SUHRFXSDQGR 12521+$ XPD YH] TXH HVWD
YLV}HV WrP VLGR SURSRVWDV VREUH TXDLV SUHRFXSDomR GH ID]HU FRP TXH Q m R F R P X P D D G P L Q L V W UD o m R IHUUDPHQWDSRGHUiVHUD³FKDYH´FDSD]GH
IDWRUHV LPSXOVLRQDGRUHV RUJDQL]DFLRQDLV R GHFLVRU FRPSUHHQGD R ³VHX H I L F L H Q W H S R U P H L R G D V V X D V RSHUDFLRQDOL]DU R PRGHOR SURSRVWR SDUD
GHYHP UHFHEHU HVSHFLDO DWHQomR SDUD SUREOHPD´ DSHQDV H[SRQKD VXDV RSHUDo}HV LQWHUQDV PDV HVWmR DYDOLDUDVSHTXHQDVHPpGLDVHPSUHVDV
DVVHJXUDU R FUHVFLPHQWR HP DPELHQWHV SUHIHUrQFLDV DWHQWDV DR GHVHPSHQKR GH VXDV QR%UDVLO3DUDWDQWRRTXHGLVWLQJXHXPD
190 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 191
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
192 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 193
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
194 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 195
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
2EVHUYDVH ),* TXH D LQFOXVmR GD HPSUHVD $OID 7HFQRTXtPLFD /WGD ± $ SDUWLU GH FDGD (3$ IRL FRQVWUXtGR 8PD YH] FRQVWUXtGRV RV FRQFHLWRV
GD PHWRGRORJLD 0XOWLFULWpULR GH $SRLR j FRPDPHWRGRORJLD0XOWLFULWpULRGH$SRLR XP FRQFHLWR ,QLFLDOPHQWH R HOHPHQWR HVWHVIRUDPKLHUDUTXL]DGRVHPGLUHomRDRV
'HFLVmR &RQVWUXWLYLVWD VH Gi SRU PHLR j 'HFLVmR &RQVWUXWLYLVWD SRU PHLR GD SULPiULR GH DYDOLDomR p RULHQWDGR j PHLRVHDRV¿QVGRSUREOHPDREWHQGRVH
GD FRQVWUXomR GR PDSD GH UHODo}HV FRQVWUXomRGHXPPRGHORDSURSULDGR DomRIRUQHFHQGRDVVLPRSULPHLURSROR GHVWDIRUPDXPDHVWUXWXUDKLHUDUTXL]DGD
PHLRV H ¿QV GDV iUYRUHV GH SRQWRV GH GRFRQFHLWR2VHQWLGRGRFRQFHLWRHVWi DTXDOIRLFKDPDGDGH0DSDGH5HODo}HV
YLVWD IXQGDPHQWDLV GD REWHQomR GRV ,GHQWLILFDomR H 2UJDQL]DomR GRV REMHWLYRV EDVHDGRHPSDUWHQDDomRTXHRGHFLVRU 0HLRVH)LQV2PDSDWHPFRPRREMHWLYR
GHVFULWRUHVIXQo}HVGHYDORUHWD[DVGH H SUHRFXSDo}HV GR LQYHVWLGRU D UHVSHLWR VXJHUH 7DO GLQDPLVPR SRGH VHU REWLGR UHSUHVHQWDU R SUREOHPD GR GHFLVRU LVWR
FRPSHQVDomRFRQGX]LQGRDXPDDYDOLDomR GRQHJyFLR FRORFDQGRRYHUERQRLQ¿QLWLYR$WtWXORGH pIDUiFRPTXHRGHFLVRUH[SOLFLWHVHXV
JOREDOGRGHVHPSHQKRGRVLVWHPD&RP LOXVWUDomRVHUiFRQVWUXtGRXPFRQFHLWRD YDORUHV UHODFLRQDGRV FRP R SUREOHPD
8PH[HFXWLYRGHXPDPXOWLQDFLRQDOGD
D LQFOXVmR GHVWDV HWDSDV p SHUPLWLGD D SDUWLUGHXPGRVFHQWRHYLQWH HPTXHVWmRDVVLPFRPRIRUQHFHUiXPD
UHDOL]DomRGHXPDDQiOLVHGHVHQVLELOLGDGH LQLFLDWLYD SULYDGD SUHWHQGH GHVHQYROYHU
(3$VH[SUHVVDGRVSHORGHFLVRUFRQIRUPH VpULH GH PHLRV YLVDQGR DWLQJLU RV ¿QV
HDLGHQWL¿FDomRGHOLPLWDo}HVHSURSRVWDV XPDDWLYLGDGHSRUFRQWDSUySULDDSyVVXD
GHPRQVWUDD),* DOPHMDGRV
GHDSHUIHLoRDPHQWR DSRVHQWDGRULD(VWDDWLYLGDGHVHUHVXPH
HP LQYHVWLU HP HPSUHVDV GH SHTXHQR
&RPEDVHQRPDSDGHUHODo}HVPHLRV
SRUWH FRP RSRUWXQLGDGHV SRWHQFLDLV GH
H¿QVpSRVVtYHOLGHQWL¿FDUHRUJDQL]DURV
FUHVFLPHQWR
REMHWLYRVHSUHRFXSDo}HVGRLQYHVWLGRUD
UHVSHLWRGRQHJyFLR$iUYRUHGHSRQWRV )RUDPHQYROYLGRVQRSURFHVVRGHFLVyULR
GH YLVWD IXQGDPHQWDLV SHUPLWH TXH VH DWRUHVRH[HFXWLYRTXHVHDSRVHQWDUi
GH¿QDPHHVWUXWXUHPRVIDWRUHVFKDYH GHFLVRU R DXWRU GHVWH WUDEDOKR
TXH GDUmR VXVWHQWDomR DRV REMHWLYRV H IDFLOLWDGRU R SURSULHWiULR H GLULJHQWH
SUHRFXSDo}HVGRLQYHVWLGRU3RUPHLRGRV GD HPSUHVD H RV VHXV FRODERUDGRUHV
GHVFULWRUHV GDV IXQo}HV GH YDORU H GDV DJLGRV $ HPSUHVD DomR H[SORUDGD
WD[DVGHFRPSHQVDomRSRGHVHH[SUHVVDU FRQWLQKD HPSUHJDGRV TXH SURGX]
GH IRUPD QXPpULFD RV IDWRUHVFKDYH UHDJHQWHVTXtPLFRVHSUHVWDVHUYLoRVGH
FRQVLGHUDGRVSHORLQYHVWLGRU)LQDOPHQWH DQiOLVHGHiJXDFXMRIDWXUDPHQWRDQXDO
DR ID]HU XVR GD DYDOLDomR JOREDO H GD HUDGH5PLOUHDLV
DQiOLVH GH VHQVLELOLGDGH RV UHVXOWDGRV 2 IDFLOLWDGRU RXYLQGR R LQYHVWLGRU
SRGHPVHUDYDOLDGRVHFRPSDUDGRVFRP SURFXURX GHILQLU XP QRPH UyWXOR GR
FIGURA 4 - Construção de um conceito a partir de um EPA
SDUkPHWURV GH PHUFDGR SHUPLWLQGR SUREOHPD TXH LQLFLDOPHQWH GHVFUHYD R
LGHQWL¿FDUOLPLWDo}HVHSRVVtYHLVDo}HVGH SUREOHPDDVHUUHVROYLGRRXVHMDDYDOLDU )RQWH(166/,10217,%(//(51(7212521+$
DSHUIHLoRDPHQWRV HPSUHVDV GH SHTXHQR SRUWH VHJXQGR D
YLVmRGRLQYHVWLGRU
$3/,&$d®2'202'(/2(080$(035(6$ 1D HWDSD VHJXLQWH R LQYHVWLGRU IRL
'(3(48(123257(
HVWLPXODGR HP GLYHUVDV UHXQL}HV D
1HVWD VHomR PRVWUDVH D DSOLFDomR H[SUHVVDU TXDLV HOHPHQWRV HOHPHQWRV
GR PRGHOR GH DSRLR j GHFLVmR SDUD SULPiULRVGHDYDOLDomR(3$HOHJRVWDULD
DYDOLDUHPSUHVDVGHSHTXHQRSRUWHHP GH FRQVLGHUDU HP VHX SUREOHPD )RUDP
XP HVWXGR GH FDVR UHDOL]DGR QD ³$OID LGHQWL¿FDGRV LQLFLDOPHQWH (3$¶V
7HFQRTXtPLFD/WGD´HPSUHVDUHVSRQViYHO WDLVFRPRFRQYLYHUFRPPDLVLQWHQVLGDGH
SHOD IDEULFDomR GH NLWV HVWRMRV H DV UHODo}HV IDPLOLDUHV GLPLQXLU R ULWPR
HTXLSDPHQWRV SDUD DQiOLVH GH iJXD H GH WUDEDOKR SURILVVLRQDO SDUWLFLSDU
HÀXHQWHVLQGXVWULDLV$UWLFXODVHDVVLP DWLYDPHQWHGHUHXQL}HVHVWUDWpJLFDVGDV
XPDVLWXDomRGDYLGDUHDO±DDYDOLDomR HPSUHVDV
196 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 197
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
)RQWHRVDXWRUHV
FIGURA 6 - Versão final da árvore de pontos de vista fundamentais
)RQWHRVDXWRUHV
198 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 199
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
$ WtWXOR GH LOXVWUDomR R 48$'52 DSUHVHQWD R GHVFULWRU GR SRQWR GH YLVWD 7HFQLTXH 0$&%(7+ GHVHQYROYLGR SRU YHUEDOPHQWHDGLIHUHQoDGHDWUDWLYLGDGH
LQWHUHVVHSHVVRDO %DQD H &RVWD H SRU 9DQVQLFN H HQWUHGXDVDo}HVSRWHQFLDLVDOWHUQDWLYDV
LPSOHPHQWDGRHPVRIWZDUH20$&%(7+ HVFROKHQGRXPDVGDVVHJXLQWHVFDWHJRULDV
QUADRO 1 XWLOL]D RV MXOJDPHQWRV VHPkQWLFRV GRV VHPkQWLFDVH[WUHPDPXLWRIRUWHIRUWH
Descritor do PVF 1 - interesse pessoal GHFLVRUHV SDUD SRU PHLR GH PRGHORV PRGHUDGDIUDFDPXLWRIUDFDHQHQKXPD
GH 3URJUDPDomR /LQHDU GHWHUPLQDU D 248$'52DSUHVHQWDDIXQomRGHYDORU
IXQomR GH YDORU TXH PHOKRU UHSUHVHQWH DVVRFLDGD DR GHVFULWRU 39) LQWHUHVVH
WDLV MXOJDPHQWRV (OH ID] XVR GH XP SHVVRDO REWLGD SRU PHLR GR VRIWZDUH
SURFHGLPHQWRTXHFRQVLVWHHPTXHVWLRQDU 0$&%(7+
RV GHFLVRUHV SDUD TXH H[SUHVVHP
QUADRO 2
Função de Valor do PVF1 - interesse pessoal
)RQWHRVDXWRUHV
200 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 201
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
7H Q G R G H I L Q L G R R V F U L W p U L R V G R GHFLVRUHVMXOJDPDGHTXDGRVSDUDDJUHJDU (OD D ),* PRVWUD TXH R 39) ± GH SHTXHQR SRUWH Do}HV SRWHQFLDLV
PRGHOR IRL SRVVtYHO DYDOLDU ORFDOPHQWH GH IRUPD FRPSHQVDWyULD GHVHPSHQKRV LQWHUHVVH SHVVRDO REWHYH XPD WD[D GH H VH QHFHVViULR LGHQWLILFDU OLPLWHV H
R GHVHPSHQKR GDV Do}HV SRWHQFLDLV ORFDLV FULWpULRV HP XP GHVHPSHQKR FRPSHQVDomR GH HQTXDQWR TXH R RSRUWXQLGDGHVGHDSHUIHLoRDPHQWRV$OLD
HPSUHVDV 2 GHFLVRU GHVHMRX DJRUD JOREDO&RPRXVRGRVRIWZDUH0$&%(7+ 39) ± R QHJyFLR DOFDQoRX XPD WD[D VHDLVVRDIyUPXODGHDJUHJDomRDGLWLYD
DJUHJDU HVWDV LQIRUPDo}HV ORFDLV GH IRLJHUDGDXPDHVFDODFDUGLQDOTXHSRU GH FRPSHQVDomR GH LQGLFDQGR GDGDSHOD(TXDomRTXHSHUPLWHUHXQLU
PRGR D REWHU XPD DYDOLDomR JOREDO PHLRGRSURFHGLPHQWRGHWUDQVIRUPDomR TXH R GHFLVRU YDORUD PDLV IRUWHPHQWH R HPXPDDYDOLDomRJOREDORVGHVHPSHQKRV
3DUDTXHIRVVHSRVVtYHOHVWDDJUHJDomR OLQHDU YHLR GHWHUPLQDU DV WD[DV GH LQWHUHVVHSHVVRDO ORFDLV GD HPSUHVD HP FDGD XP GRV
ID]HQGRXVRGRPRGHORPXOWLFULWpULRIRL FRPSHQVDomRHQWUHRV39)V3DUDPHOKRU FULWpULRV GR PRGHOR 2 REMHWLYR GHVWD
QHFHVViULR XP FRQMXQWR GH SDUkPHWURV YLVXDOL]DomRVHUmRXWLOL]DGDVQDiUYRUHGH $YDOLDomRGRUHVXOWDGRHFRPSDUDomRFRP IyUPXOD IRL DJUHJDU R GHVHPSHQKR GD
DVVRFLDGRV D HVWHV FULWpULRV DRV TXDLV YDORUDVWD[DVGHFRPSHQVDomRUHIHUHQWHV SDUkPHWURVGHPHUFDGR HPSUHVDHPVHXVP~OWLSORVFULWpULRVHP
VHGHQRPLQRXGHWD[DVGHFRPSHQVDomR DWRGRVRVSRQWRVGHYLVWDVIXQGDPHQWDLV XP GHVHPSHQKR ~QLFR LVWR p WHU XPD
&RPEDVHQRPRGHORGHDYDOLDomR
YXOJDUPHQWH FKDPDGR GH SHVRV 7D[D FRQIRUPHDSUHVHQWDD),* DYDOLDomR JOREDO GD HPSUHVD .((1(<
MiHVWUXWXUDGRIRLSRVVtYHOXWLOL]iORSDUD
GHFRPSHQVDomRVmRSDUkPHWURVTXHRV
DYDOLDU R GHVHPSHQKR GDV HPSUHVDV
>@
202 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 203
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
)RQWHRVDXWRUHV
'RLV 39)V WLYHUDP XP GHVHPSHQKR GR QtYHO 1HXWUR ± 3RUpP D PDLRULD
HP QtYHO GH H[FHOrQFLD DFLPD GR QtYHO GHOHV VH HQFRQWUD HP XPD IDL[D GH
%RP ± R LQWHUHVVH SHVVRDO H R PHUFDGR RX FRPSHWLWLYD HQWUH R QtYHO
SHUILO GRV GLULJHQWHV ,VWR VH MXVWLILFD %RP±HR1HXWURDOpPGRTXH
SRUTXH SUDWLFDPHQWH TXDVH WRGRV RV VHQDHPSUHVDIRUHPLQMHWDGRVUHFXUVRV e LPSRUWDQWH UHVVDOWDU TXH DV Do}HV VHPSUHRWHPSRSUHYLVWRSHORLQYHVWLGRU
UHTXLVLWRV QHFHVViULRV SDUD GHVHQYROYHU ¿QDQFHLURVDLQGDH[LVWHPHVSDoRVSDUD GH DSHUIHLoRDPHQWR VHUYHP WDPEpP 3RU ~OWLPR D LQWHQomR GR LQYHVWLGRU p
XPD DWLYLGDGH SURILVVLRQDO DSyV VXD DSHUIHLoRDPHQWRV SRVVLELOLWDQGR DLQGD FRPR XPD IDVH GH DYDOLDomR SDUD R GHVWLQDURVLQYHVWLPHQWRVSDUDHPSUHVDV
DSRVHQWDGRULD HVWmR VHQGR DWHQGLGRV PDLVXPDPHOKRUDGHVWHVFULWpULRV LQYHVWLGRU$LQGDTXHHVWDVDo}HVYHQKDP TXHMiHVWmRHPFRQGLo}HVGHH[SDQVmR
2ORFDOGHWUDEDOKRDOLEHUGDGHGHDomR 3DUD DX[LOLDU D DQiOLVH R IDFLOLWDGRU DX[LOLDU QD PHOKRUD GR GHVHPSHQKR GD HYLWDQGRDTXHODVTXHDLQGDSUHFLVDPGH
R UHFRQKHFLPHQWR GRV FRODERUDGRUHV D LQFOXLXPDLVGXDVHPSUHVDVTXHHVWDYDP HPSUHVD R LQYHVWLGRU SRGH QmR HVWDU VDQHDPHQWR
SRVVLELOLGDGHGHH[SDQGLUVXDSDUWLFLSDomR VHQGRDYDOLDGDVSHORGHFLVRU$SULPHLUD GLVSRVWR H PRWLYDGR D LPSOHPHQWiODV
H D SHUFHSomR GH TXH RV GLULJHQWHV GHODVXPD)DUPiFLDGH0DQLSXODomRHD 3ULPHLUR SRUTXH KDYHULD QHFHVVLGDGH &21&/86¯(6
LQVSLUDP FRQILDQoD VmR DOJXQV GRV RXWUDXPD$JrQFLDGH7XULVPR3DUDFDGD GH XP LQYHVWLPHQWR SUHOLPLQDU SDUD
IDWRUHVTXHFRQWULEXHPSDUDRH[FHOHQWH VDQHiOD DOpP GDTXHOH GHVWLQDGR DR 2V UHVSRQViYHLV SHOD DYDOLDomR GH
XPD GDV HPSUHVDV R GHFLVRU XWLOL]RX R
GHVHPSHQKR GHVWHV FULWpULRV 4XDQWR FUHVFLPHQWR H GHVHQYROYLPHQWR GD HPSUHVDVVHGHIURQWDPFRPRSUREOHPD
PRGHORDJRUDFRQVWUXtGRHFRPRDX[LOLR
DRV GHPDLV QmR H[LVWH GH DFRUGR FRP HPSUHVD6HJXQGRRUHVXOWDGRGHPXLWDV GH LGHQWLILFDU TXDLV YDULiYHLV VHULDP
GR VRIWZDUH +,9,(: %$5&/$<
D SHUFHSomR GR GHFLVRU GHVHPSHQKR GHVVDVDo}HVPHVPRLPSRUWDQWHVpGH OHYDGDVHPFRQVLGHUDomRXPDYH]TXHRV
GH¿QLXRVSHU¿VGHLPSDFWRVFRQIRUPH
FRQVLGHUDGR FRPSURPHWHGRU DEDL[R LOXVWUDD7$% ORQJR SUD]R R TXH XOWUDSDVVDULD TXDVH PRGHORVWUDGLFLRQDLVHPJHUDOXWLOL]DP
204 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 205
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE MAURICIO FERNANDES PEREIRA
206 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa) 207
VALUATION – UMA CONTRIBUIÇÃO MULTICRITÉRIO ÀS EMPRESAS DE PEQUENO PORTE
208 R. Adm. FACES Journal Belo Horizonte · v. 11 · n. 2 · p. 187-208 · abr./jun. 2011. ISSN 1984-6975 (online). ISSN 1517-8900 (Impressa)