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Authors
Advisor(s)
Abstract(s)
Este estudo pretende analisar a evolução da rendibilidade e estrutura de capital das empresas que compõem o setor farmacêutico em Portugal. Posteriormente é comparado o setor farmacêutico português com todas as empresas que constituem o mercado português e por último é feita uma análise comparativa entre o setor
farmacêutico português e o setor farmacêutico em 4 das maiores economias europeias. Para fazer estas comparações são analisados alguns indicadores económicos e financeiros, incidindo os mesmos na estrutura de capital e rendibilidade, com base em dados obtidos na Central de Balanços do Banco de Portugal (CBBP) para um período de 14 anos, de 2006 a 2019, abrangendo o período pré-crise financeira iniciada em 2007 e terminando antes da crise epidemiológica provocada pela SARS-CoV-2, responsável pela doença Covid-19.
Para o estudo da rendibilidade e estrutura de capital são abordados alguns indicadores, entre os quais, rendibilidade dos capitais próprios (RCP), rendibilidade do ativo (ROA), margem EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), financiamentos obtidos e autonomia financeira, tal como uma breve abordagem a algumas teorias, nomeadamente, Modigliani & Miller, Trade-Off e Pecking Order. Estes indicadores são tratados para os 3 subsetores do setor farmacêutico português, comparando-os com as empresas em geral e posteriormente comparando-o ao setor europeu para 4 das maiores economias da União Europeia (EU), Espanha, França, Alemanha e Itália.
This study aims to analyse the evolution of profitability and capital structure of companies that make up the pharmaceutical sector in Portugal. Subsequently, the Portuguese pharmaceutical sector is compared with all companies in the Portuguese market and, finally, a comparative analysis is made between the Portuguese pharmaceutical sector and the pharmaceutical sector in 4 of the largest European economies. To make these comparisons, an analysis is made of some economic and financial indicators, focusing them on the capital structure and profitability, based on data obtained from Banco de Portugal’s Balance Sheet Centre for a period of 14 years, from 2006 to 2019, spanning the pre-financial crisis period that began in 2007 and ending before the epidemiological crisis caused by SARS-CoV-2, accountable for Covid-19 disease. For the study of profitability and capital structure, some indicators were addressed, including Return on Equity (ROE), Return on Assets (ROA), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margin, obtained financing and financial autonomy, such as a brief approach to some theories, namely Modigliani & Miller, Trade-Off and Pecking Order. These indicators are handled to the 3 subsectors of the Portuguese pharmaceutical sector, comparing them with companies in general and afterward comparing it to the european sector for 4 of the largest economies in the European Union (EU), Spain, France, Germany, and Italy.
This study aims to analyse the evolution of profitability and capital structure of companies that make up the pharmaceutical sector in Portugal. Subsequently, the Portuguese pharmaceutical sector is compared with all companies in the Portuguese market and, finally, a comparative analysis is made between the Portuguese pharmaceutical sector and the pharmaceutical sector in 4 of the largest European economies. To make these comparisons, an analysis is made of some economic and financial indicators, focusing them on the capital structure and profitability, based on data obtained from Banco de Portugal’s Balance Sheet Centre for a period of 14 years, from 2006 to 2019, spanning the pre-financial crisis period that began in 2007 and ending before the epidemiological crisis caused by SARS-CoV-2, accountable for Covid-19 disease. For the study of profitability and capital structure, some indicators were addressed, including Return on Equity (ROE), Return on Assets (ROA), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margin, obtained financing and financial autonomy, such as a brief approach to some theories, namely Modigliani & Miller, Trade-Off and Pecking Order. These indicators are handled to the 3 subsectors of the Portuguese pharmaceutical sector, comparing them with companies in general and afterward comparing it to the european sector for 4 of the largest economies in the European Union (EU), Spain, France, Germany, and Italy.
Description
Mestrado em Gestão e Empreendedorismo
Keywords
Sector farmacêutico Rendibilidade Estrutura de capital Endividamento Análise económico e financeira Pharmaceutical sector Profitability Capital structure Indebtedness Economic and financial analysis
Citation
Nunes, T, P. M. (2022). Evolução da Estrutura de Capital e Rendibilidade do Sector Farmacêutico nos últimos 14 anos (2006-2019). (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15679