Aranha, Bruno C., Dias, Luciana, and Pereira, Cristiana. “O financiamento das empresas e o acesso ao mercado de capitais por pequenas e médias empresas” [Company financing and small and medium-sized companies access to the capital markets] in Sardenberg, Amarílis P. (org.). Desenvolvimento do mercado de capitais no Brasil: temas para reflexão, Editora Sociologia e Política, 2015, São Paulo, p. 187-254.
Summary
Brazilian context and main drivers of the Small Offerings Project
Analysis of international experiences
Company profile
Regulatory environment
Investor profile
Proposals of the Small Offerings Committee, their implementation and next steps for answering questions and Diagnosis
Proposals and measures
Investors and vehicles
Income tax exemption on capital gains for investors
Vehicles: (a) creation of specific vehicle with tax benefit, (b) more flexible rules on equity funds (FIA), (c) more flexible rules on private equity funds (FIP), and (d) pension plans (Plano Gerador de Benefício Livre – PGBL and Vida Gerador de Benefício Livre – VGBL)
Plan for investor education and support to distribution channels
Offering process, costs for maintaining public companies and expansion of a public company culture: (a) offerings, (b) maintenance costs, (c) measures to be adopted by the Brazilian stock exchange (BM&FBovespa), (d) measures to be adopted by the Brazilian Development Bank (BNDES), and (e) promotion of a public-company culture and entrepreneur education
Alternative market
Conclusions
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