Globalização, estabilização e o colapso da empresa nacional

This paper deals with the restructuring of the Brazilian economy in the recent years, when it gained momentum. The formal model is based on Modigliani-Miller equation on value and an equation on revenues and costs. Both were modified as to include different parameters for the present owner (the local firm) and bidder (the global firm). Our main hypothesis concerns the adoption of two different discount rates, one for the former and other for the latter. This approach allows a view for the control change as an effect of these two different evaluations. This broad change is related to a group of historical factors that came together in the recent growth spurt, amid macroeconomic stabilization, trade liberalization, appreciation of the rate of exchange, and high interest rates. These circumstances set the stage for the convergence of the Brazilian economy towards the global scheme, penalizing the weaker local firms.