Banca de DEFESA: DEYGIANE THEODORO XAVIER

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
DISCENTE : DEYGIANE THEODORO XAVIER
DATA : 07/08/2019
HORA: 14:00
LOCAL: INSTITUTO DE ZOOTECNIA DA UFRRJ
TÍTULO:

The application of the "Real Options" method in animal production studies

PALAVRAS-CHAVES:

Bovine farming, theory of real options, economic-financial feasibility.

 

PÁGINAS: 47
GRANDE ÁREA: Ciências Agrárias
ÁREA: Zootecnia
SUBÁREA: Produção Animal
RESUMO:

In any for-profit activity, planning and management play a determining role in the success or failure of it. The discounted cash flow method is the most used in verifying the feasibility of projects. However, the efficiency of this method has been strongly questioned since its application can lead to mistaken investment decisions, because it does not take into account two important characteristics, which are the irreversibility and flexibility of the decision to invest. In this context, the Real Options Theory (TOR) appears in the literature as an aid to the discounted cash flow when carrying out economic-financial feasibility studies of investment projects. In order to apply these concepts, this work aims to analyze a system of dairy cattle production, based on the use of Mombasa grass pastures using different sources of bulky supplementation, through the use of the Real Options Theory (TOR). The data of economic information of the systems were obtained during the period of October of 2003 to September of 2005. The composition of the following 10 years was realized, from the productive and reproductive performances presented, considering the discard of cows and the acquisition of new matrices over time. The data were updated by the IGP-DI. The NPV, IRR and sensitivity analysis of the traditional methodology were used. With the help of these, it was evaluated the value of the flexibility of expansion that the project presents. This flexibility was evaluated using the Real Options theory in discrete time. For this, the methodology proposed by Copeland & Antikarov (2001) was used. The result of the analysis of the expansion option showed an increase in the values of the projects. The results obtained for the net present values for the analyzed systems were NPV R $ 141,432.99 R $ 64,211.08 and R $ 57,883.07 for the systems supplemented with black oats, forage cane and sorghum silage, respectively.

 

 

MEMBROS DA BANCA:
Externo ao Programa - 3058101 - ANDRE MORAIS MOURA
Externo à Instituição - GLAUDIANE LILIAN DE ALMEIDA - UFF
Externo à Instituição - PAULO MARCELO SOUZA - UENF