O mercado de capitais como alternativa para viabilização de projetos de impacto social sem a presença do Estado
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Tipo
TCC
Data de publicação
2020-12
Periódico
Citações (Scopus)
Autores
Kato, Mayara Kayuri Cabral
Orientador
Cárnio, Thaís Cíntia
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ISSN da Revista
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Resumo
O presente artigo busca analisar a possibilidade jurídica de se realizar emissões de social bonds, como são conhecidos os títulos que se destinam ao investimento em projetos de impacto social, ou seja, que financiam a resolução de um problema coletivo envolvendo saúde, emprego, uso de drogas, entre outros, que, via de regra, demandariam intervenção do Estado, por meio do mercado de capitais brasileiro, em alternativa à utilização dos procedimentos previstos pela legislação administrativa. Em razão dos entraves e demais questões burocráticas que envolvem o regime de contratação celebrado com o poder público, questiona-se: é possível alinhar os interesses de investidores e destinatários dos serviços públicos? Poderia o mercado de capitais ser utilizado como instrumento para possibilitar essa relação, sem depender do Estado? Com o intuito de responder à essas perguntas, pretende-se realizar uma análise conceitual dos social bonds, bem como das estruturas atualmente conhecidas, tomando por base as emissões realizadas na Inglaterra e nos Estados Unidos. Além disso, procura-se promover uma síntese explicativa das leis que regem os atos que envolvem a presença do Estado, a saber, as leis administrativas e, por fim, introduzir breves noções relativas à importância do desenvolvimento do empreendedorismo social, fruto de um investimento similar aos social bonds, com o propósito de auxiliar o enfrentamento de determinada questão social, e aos mercados financeiro e de capitais no Brasil.
This article seeks to analyze the legal possibility of issuing social bonds, as securities whose use of proceeds are investments in social impact projects, that is, that finances the resolution of a collective problem involving health, employment, use of drugs, among others, which, as a rule, would require State intervention, through the Brazilian capital market, as an alternative to the procedures provided for the administrative norms. Due to the obstacles and other bureaucratic issues that involve the contracting regime signed with the government, the question arises: is it possible to align the interests of investors and recipients of public services? Could the capital market be used as an instrument to make this relationship possible, without depending on the State? In order to answer these questions, we intend to carry out a conceptual analysis of social bonds, as well as the structures currently known, based on the emissions carried out in England and the United States. Besides that, we seek to promote an explanatory synthesis of the laws that rules the acts that involves the presence of the State and, finally, introduce brief notions regarding the importance of the development of social entrepreneurship, the result of an investment similar to social bonds, with the purpose of helping to face a certain social issue, and to the financial and financial markets. of capital in Brazil.
This article seeks to analyze the legal possibility of issuing social bonds, as securities whose use of proceeds are investments in social impact projects, that is, that finances the resolution of a collective problem involving health, employment, use of drugs, among others, which, as a rule, would require State intervention, through the Brazilian capital market, as an alternative to the procedures provided for the administrative norms. Due to the obstacles and other bureaucratic issues that involve the contracting regime signed with the government, the question arises: is it possible to align the interests of investors and recipients of public services? Could the capital market be used as an instrument to make this relationship possible, without depending on the State? In order to answer these questions, we intend to carry out a conceptual analysis of social bonds, as well as the structures currently known, based on the emissions carried out in England and the United States. Besides that, we seek to promote an explanatory synthesis of the laws that rules the acts that involves the presence of the State and, finally, introduce brief notions regarding the importance of the development of social entrepreneurship, the result of an investment similar to social bonds, with the purpose of helping to face a certain social issue, and to the financial and financial markets. of capital in Brazil.
Descrição
Palavras-chave
mercado de capitais , contratos de impacto social , financiamento social , parcerias público-privadas , capital market , social bonds , social finance , social investment