| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.71 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Esta dissertação analisa a evolução do endividamento, estrutura de capital e rendibilidade nas empresas portuguesas. Trata-se de um tema que tem sido alvo de diversas análises, nomeadamente através da sua
relação com a mais recente crise financeira, tornando-se assim bastante apelativo e uma das principais razões para a elaboração desta dissertação. Após um período conturbado, caracterizado por uma forte crise económica e financeira nos últimos anos, na qual o país foi obrigado a recorrer a assistência financeira por parte do fundo monetário internacional, a importância de uma gestão correta, eficaz e assertiva do fundo de maneio e da capacidade de utilização da estrutura financeira é cada vez mais um fator a ter em consideração.
Este ambiente proporcionou uma diminuição das alternativas externas de financiamento, bem como uma redução do nível de vendas, que juntamente com os baixos níveis de autonomia financeira das empresas, obrigou a que grande parte destas recorressem a financiamentos, aumentando os seus níveis de endividamento. Neste momento, Portugal atravessa um novo ciclo, caraterizado pelo melhoramento das
condições socioeconómicas na maioria dos setores de atividade, onde as empresas atravessam um período de crescimento e estabilidade. De forma a concretizar este estudo, recorreu-se à análise de indicadores económico financeiros, com base na central de balanços do Banco de Portugal. Dada a grande diversidade das empresas em análise e a discrepância de alguns dados setoriais, de forma a limitar o estudo este incide em dois setores de atividade (setor do vestuário e setor do alojamento, restauração e similares) e em dois tipos de empresas, as microempresas e as pequenas e médias empresas, onde serão analisados e comparados internacionalmente alguns indicadores de liquidez, endividamento e estrutura de capital,
funcionamento e eficiência e rendibilidade.
This dissertation will analyse the evolution of indebtedness, capital structure and rentability in Portuguese companies. This is a theme that has been the subject of several analyses, namely through its relationship with the most recent financial crisis, thus becoming quite appealing and one of the main reasons for the elaboration of this dissertation. After a troubled period characterized by a strong economic and financial crisis in the recent years, where the country was forced to resort to financial assistance from the international monetary fund, the importance of proper, efficient and assertive management of working capital and ability to use the financial structure is increasingly a factor to be taken into account. This environment led to a diminution of the external financing alternatives, as well as a reduction in the level of sales, which together with the low levels of financial autonomy of companies, forced many of them to resort to financing, increasing their levels of debt. At this moment, Portugal is going through a new cycle, characterized by the improvement of socio-economic conditions in most sectors of activity, where companies are going through a period of growth and stability. In order to carry out this study, will be used the analysis of economic and financial indicators, based on the central of balance from Bank of Portugal. Given the big diversity of the companies under analysis, and the discrepancy in some sectorial data, in order to limit the study, it focuses on two sectors of activity (clothing sector and accommodation, restaurants and similar sectors) and two types of companies, the micro and small and medium-sized companies, where some indicators of liquidity, indebtedness and capital structure, functioning and efficiency and profitability will be analyzed and compared internationally.
This dissertation will analyse the evolution of indebtedness, capital structure and rentability in Portuguese companies. This is a theme that has been the subject of several analyses, namely through its relationship with the most recent financial crisis, thus becoming quite appealing and one of the main reasons for the elaboration of this dissertation. After a troubled period characterized by a strong economic and financial crisis in the recent years, where the country was forced to resort to financial assistance from the international monetary fund, the importance of proper, efficient and assertive management of working capital and ability to use the financial structure is increasingly a factor to be taken into account. This environment led to a diminution of the external financing alternatives, as well as a reduction in the level of sales, which together with the low levels of financial autonomy of companies, forced many of them to resort to financing, increasing their levels of debt. At this moment, Portugal is going through a new cycle, characterized by the improvement of socio-economic conditions in most sectors of activity, where companies are going through a period of growth and stability. In order to carry out this study, will be used the analysis of economic and financial indicators, based on the central of balance from Bank of Portugal. Given the big diversity of the companies under analysis, and the discrepancy in some sectorial data, in order to limit the study, it focuses on two sectors of activity (clothing sector and accommodation, restaurants and similar sectors) and two types of companies, the micro and small and medium-sized companies, where some indicators of liquidity, indebtedness and capital structure, functioning and efficiency and profitability will be analyzed and compared internationally.
Description
Mestrado e em Controlo de Gestão e dos Negócios
Keywords
Estrutura de capital Endividamento Rendibilidade Microempresas Pequenas e médias empresas Financiamento Indicadores económico-financeiros Capital structure Indebtedness Rentability Micro enterprises Small and medium enterprises Financing Economic and financial indicators
Citation
Camilo, G. N. (2020). A evolução do endividamento, estrutura de capital e rendibilidade nas empresas portuguesas. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15248