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Authors
Advisor(s)
Abstract(s)
A pandemia do COVID-19 teve um impacto gigantesco na economia, e o setor dos transportes não foi exceção, com a alteração dos hábitos sociais e laborais, o trabalho remoto aumentou, o que levou a uma diminuição das deslocações, mas também levou a um aumento do transporte particular devido ao receio do contágio, desta forma, o aumento da eficiência e a sustentabilidade do setor dos transportes são cada vez mais importantes.
O Setor Empresarial do Estado (SEE), é constituído pelas empresas, instituições ou serviços, em diversos setores de atividade, que são considerados de utilidade pública, e que constituem uma ferramenta fundamental para toda sociedade.
Ao longo das últimas décadas, grande parte das empresas de transporte do SEE, tem apresentado resultados negativos, obrigando-as a recorrerem a diversos financiamentos por parte do Estado Português, que vão por sua vez deteriorando as suas contas e colocando em causa a sua sustentabilidade.
A maior empresa de transporte ferroviário portuguesa é a CP, e é um dos casos mencionados anteriormente, isto é, tem vindo obter constantes resultados negativos, ano após ano, efeito de graves problemas no seu ciclo de exploração, em que o seu volume de negócios (VN) não consegue absorver todos os seus custos operacionais.
Por sua vez, a RENFE, a maior empresa de transporte ferroviário espanhola e da península ibérica, apesar de ter elevado custos operacionais, consegue gerar resultados positivos, demonstrando que apesar do seu principal objetivo ser a prestação de um serviço de interesse público, a empresa também pode ser sustentável.
Esta dissertação tem como objetivo fazer uma análise económico-financeira das principais empresas públicas do setor do transporte ferroviário em Portugal e Espanha, CP e RENFE, respetivamente, analisando as suas estruturas de capital, bem como a sua sustentabilidade.
The pandemic of COVID-19 had a huge impact on the economy, and the transport sector was no exception, with changing social and work habits, remote working increased, which led to a decrease in travel, but also led to an increase in private transport due to fear of contagion, thus increasing the efficiency and sustainability of the transport sector is increasingly important. The business sector of the State is made up of companies, institutions or services, in various sectors of activity, which are considered of public utility, and which constitute a fundamental tool for all of society. Over the last decades, a large part of the transport companies of the State business sector has presented negative results, forcing them to resort to financing by the Portuguese State, which in turn has deteriorated their accounts and put their sustainability in question. The largest portuguese rail transport company is CP, and is one of the cases mentioned above, that is, it has been obtaining constant negative results, year after year, effect of serious problems in its operating cycle, in which its turnover cannot absorb all its operating costs. In turn, RENFE, the largest rail transport company in Spain and the Iberian Peninsula, despite having high operating costs, manages to generate positive results, demonstrating that although its main objective is to provide a service of public interest, the company can also be sustainable. This dissertation aims to make an economic and financial analysis of the main public companies of the railway transport sector in Portugal and Spain, CP and RENFE, respectively, analysing their capital structures as well as their sustainability.
The pandemic of COVID-19 had a huge impact on the economy, and the transport sector was no exception, with changing social and work habits, remote working increased, which led to a decrease in travel, but also led to an increase in private transport due to fear of contagion, thus increasing the efficiency and sustainability of the transport sector is increasingly important. The business sector of the State is made up of companies, institutions or services, in various sectors of activity, which are considered of public utility, and which constitute a fundamental tool for all of society. Over the last decades, a large part of the transport companies of the State business sector has presented negative results, forcing them to resort to financing by the Portuguese State, which in turn has deteriorated their accounts and put their sustainability in question. The largest portuguese rail transport company is CP, and is one of the cases mentioned above, that is, it has been obtaining constant negative results, year after year, effect of serious problems in its operating cycle, in which its turnover cannot absorb all its operating costs. In turn, RENFE, the largest rail transport company in Spain and the Iberian Peninsula, despite having high operating costs, manages to generate positive results, demonstrating that although its main objective is to provide a service of public interest, the company can also be sustainable. This dissertation aims to make an economic and financial analysis of the main public companies of the railway transport sector in Portugal and Spain, CP and RENFE, respectively, analysing their capital structures as well as their sustainability.
Description
Mestrado em Controlo de Gestão e Avaliação de Desempenho
Keywords
Estrutura de capital Sustentabilidade Empresas de transporte ferroviário CP RENFE Capital structure Sustainability Railway companies CP RENFE
Citation
Paulino, R. P. S. (2022) Análise económico-financeira no setor público ibérico de transporte ferroviário: a importância da estrutura de capital e sustentabilidade em empresas como a CP e a RENFE. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15653