Determinação do custo de capital em uma instituição financeira cooperativa

Abstract

A cooperative, in summary, consists of a partnership among people who aim at improving their own economical social level. The financial manager, when it comes to taking decisions regarding possible investments, is focused on the financial feedback maximization and, consequently, on the creation of value for the cooperative. In order to at least cover the minimal expectation of gains from the cooperative’s partners, the definition of minimal return is extremely important, which is called “Capital Cost”. Therefore, this work aims at determining the “Capital Cost” of a financial institution settled in Santa Maria city, Rio Grande do Sul, Brazil. With respect to the methodology used, this study can be classified as descriptive in relation to its general purpose as well as deductive in relation to the logical base of investigation and quantitative in regard to how the problem is addressed. To the attainment of the general purpose, the Capital Asset Pricing Model (CAPM) is used, adjusted to private equity institutions, was based on a premium risk formulated by the feedback from both the market and from the interbank certificates listed in the Brazilian stock-market, being comparable to the studied company. Finally, along with the found-out result, it is attributed as “Capital Cost” the amount of 12.70% a year, that is to say, the minimal gain expected by the partner.