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Authors
Advisor(s)
Abstract(s)
No que respeita à crescente competitividade das empresas, existe uma necessidade das empresas se tornarem mais eficientes. Deste modo, as empresas para se tornarem mais eficientes, é essencial transformarem e adaptarem as suas estratégias de maneira a tornarem-se mais competitivas e paralelamente, a criar mais valor.
Surgiu assim, a implementação de sistemas de Gestão Baseada no Valor (GBV), permitindo desta forma ao desenvolvimento de novas métricas de avaliação da performance empresarial.
O objetivo principal da presente dissertação é analisar empiricamente a criação de valor utilizando as seguintes métricas de criação de valor: Economic Value Added (EVA), Market Value Added (MVA) e o Cash Value Added (CVA) através de um estudo de caso na empresa Sogrape Vinhos S.A..
Começando com uma revisão de literatura pretende-se abordar o conceito de criação de valor e da GBV, o conceito das referidas métricas de criação de valor (EVA, MVA, CVA), a relação entre o EVA e o MVA e também estudos anteriores realizados relacionados sobre as métricas que irão ser estudadas.
No âmbito do estudo empírico, segue-se um estudo qualitativo, que tem como objetivo verificar uma compreensão mais profunda do contexto envolvente e das características específicas do objeto de estudo. O objetivo de estudo será uma empresa do setor vitivinícola e cujo horizonte temporal está compreendido entre 2016 e 2020. Os dados foram obtidos através da análise dos relatórios anuais.
Os resultados foram conclusivos, observou-se que todas as métricas indicaram criação de valor. Verificou-se consoante os dados disponíveis, que o EVA e o MVA não demonstraram uma relação linear de evolução. E por fim, as métricas do EVA, MVA e CVA são mais eficientes do que o Resultado Líquido na explicação de criação de valor, mas apenas o EVA e o CVA exibiram a mesma relação de crescimento.
With regard to the growing competitiveness of companies, there is a need for companies to become more efficient. In this way, for companies to become more efficient, it is essential to transform and adapt their strategies in order to become more competitive and at the same time, to create more value. Then, it emerged the implementation of Value Based Management (GBV) systems, thus allowing the development of new metrics for evaluating business performance. The main objective of the present dissertation is to empirically analyze value creation using the following value creation metrics: Economic Value Added (EVA), Market Value Added (MVA) and Cash Value Added (CVA) through a case study at the company Sogrape Vinhos S.A.. Starting with a literature review, it is intended to address the concept of value creation and GBV, the concept of the refereed value creation metrics (EVA, MVA, CVA), the relationship between EVA and MVA and previous studies conducted related to the metrics that will be studied. As part of the empirical study, a qualitative study follows, which aims to verify a deeper understanding of the surrounding context and the specific characteristics of the object of study. The objective of the study will be a company in the wine sector whose time horizon is between 2016 and 2020. The data was obtained through the analysis of annual reports. The results were conclusive, it was observed that all metrics indicated value creation. It was verified, depending on the available data, that EVA and MVA did not demonstrate a linear relationship of evolution. And finally, the EVA, MVA and CVA metrics are more efficient than Net Income in explaining value creation, but only EVA and CVA exhibited the same growth relationship.
With regard to the growing competitiveness of companies, there is a need for companies to become more efficient. In this way, for companies to become more efficient, it is essential to transform and adapt their strategies in order to become more competitive and at the same time, to create more value. Then, it emerged the implementation of Value Based Management (GBV) systems, thus allowing the development of new metrics for evaluating business performance. The main objective of the present dissertation is to empirically analyze value creation using the following value creation metrics: Economic Value Added (EVA), Market Value Added (MVA) and Cash Value Added (CVA) through a case study at the company Sogrape Vinhos S.A.. Starting with a literature review, it is intended to address the concept of value creation and GBV, the concept of the refereed value creation metrics (EVA, MVA, CVA), the relationship between EVA and MVA and previous studies conducted related to the metrics that will be studied. As part of the empirical study, a qualitative study follows, which aims to verify a deeper understanding of the surrounding context and the specific characteristics of the object of study. The objective of the study will be a company in the wine sector whose time horizon is between 2016 and 2020. The data was obtained through the analysis of annual reports. The results were conclusive, it was observed that all metrics indicated value creation. It was verified, depending on the available data, that EVA and MVA did not demonstrate a linear relationship of evolution. And finally, the EVA, MVA and CVA metrics are more efficient than Net Income in explaining value creation, but only EVA and CVA exhibited the same growth relationship.
Description
Mestrado em Controlo de Gestão e Avaliação de Desempenho
Keywords
Criação de valor Gestão baseada no valor Performance empresarial EVA MVA CVA Creation of value Value based management Business performance
Citation
Graça, B. L. (2024) Criação de valor através do EVA, MVA e CVA – caso Sogrape Vinhos S.A. [Dissertação de mestrado, Instituto Superior de Contabilidade e Administração de Lisboa]. Repositório Científico do Instituto Politécnico de Lisboa. http://hdl.handle.net/10400.21/17532