Exposition au risque de change
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L'internationalisation croissante des �conomies �mergentes et la tendance � la financiarisation de l'�conomie mondiale ont motiv� cette �tude dont l'objectif principal est d'analyser statistiquement l'impact des variations des taux de change sur le rendement des actions des principales entreprises br�siliennes internationalis�es, selon le classement �tabli par la Fondation Dom Cabral, pour la p�riode comprise entre 2000 et 2012. En outre, nous avons �galement cherch� � d�crire le processus initial d'internationalisation de ces m�mes entreprises. Pour ce faire, une recherche descriptive et quantitative a �t� men�e � l'aide de la m�thode statistique de r�gression lin�aire multiple. Il a �t� constat� que, dans les 28 entreprises analys�es, il n'y a pas de corr�lation entre les variations des taux de change et les variations du rendement des actions des entreprises br�siliennes internationalis�es, ce qui montre que d'autres variables sont responsables de l'impact sur le rendement de ces actions. Il a �galement �t� constat� que la plupart des entreprises br�siliennes entament leur processus d'internationalisation par l'installation de lignes de production � l'�tranger, suivie par l'exportation et les fusions et acquisitions avec d'autres entreprises.
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