Contribuição da bolsa de valores de Moçambique no processo da privatização: a questão das ofertas públicas de venda de acções de Estado e o financiamento das empresas privatizadas

Abstract

The present work was carried out on the Mozambique Stock Exchange (BVM) with the objective of analyzing the contribution of this entity in the privatization process in Mozambique, in terms of the Public Offer for Sale (OPV) of State shares and, on the other hand, the financing aspect of privatized companies. For the materialization of this objective, bibliographic research and fieldwork were used. In terms of bibliographic research, works covering the subjects of privatization and stock exchanges were approached, while in the field work, semi-structured and individual interviews were conducted with members of the BVM management. to financial intermediaries and privatized companies, and use of primary sources of OPV of 2S% of the shares of '' Cervejas de Moçambique, SARL ”(CDM). The study noted that in the privatization of CDM shares, the demand structure shows weak adherence by potential investors. As causes, the lack of stock exchange culture, low internal savings, the fact that the shares provide lower returns than bonds and the absence of foreign investment in the BVM are mentioned as causes. With regard to the financing of privatized companies via the stock exchange, the study found that most privatized companies do not meet the required financial and economic requirements. Companies that meet these requirements are able to finance themselves both with their profits and through transfers from other subsidiaries. This scenario is coupled with the absence of attractive tax incentives. In conclusion, there is a need for greater disclosure of the stock market and its advantages in creating a legal framework that encourages the participation of foreign investors, the establishment of tax benefits for listed companies and the privatization of natural monopolies in order to offer the stock market the liquidity desired by investors and, thus, attract other companies to this market.