Avaliação de desempenho econômico-financeiro antes e depois da desestatização Telecomunicações de São Paulo Telesp: um estudo de caso

Abstract

Abstract: This research aims to evaluate the economic and financial performance of Telesp - Telecomunicações de São Paulo, in the fixed telephony segment, and of the preferred shareholder, in the years before and after the privatization process. From the perspective of the company, we apply the balance sheet analysis model proposed by Assaf Neto (1998) and Matarazzo (1998) to the consolidated accounting data for the period from January 1997 to December 2001. In the analysis of the preferred shareholder, we apply - in the same horizon temporal - the capital asset pricing model (CAPM) by Sharpe (1964) and Lintner (1965) for analysis of the risk-return relationship. Starting from the respective models, we calculate the indicators related to profitability and profitability. To calculate the company's indicators, we used horizontal and vertical analysis in order to assess the degree of commitment of each balance sheet account in relation to the absolute values of the respective balance sheets and income statements for the year. In calculating shareholder indicators, we use the asset pricing model to evaluate, through preliminary calculation of betas, the average returns of the preferred stock and the level of risk required by these returns. Finally, due considerations are made on the results obtained, as well as some suggested actions for the allocation and efficient financial management of available resources.