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Advisor(s)
Abstract(s)
O estudo proposto consiste na análise da evolução da estrutura de capital e da rendibilidade das empresas do setor da indústria transformadora em Portugal entre 2012 e 2017. Relativamente à estrutura de capital das empresas, fizemos uma breve abordagem sobre algumas teorias mais conhecidas nomeadamente: Modigliani & Miller, Trade-Off, Pecking Order, Assimetria de Informação e Agência. Identificámos os rácios económico-financeiros que considerámos pertinentes para a nossa análise, tais como a Autonomia Financeira, Rendibilidade dos Capitais Próprios e do Ativo, Margem EBITDA (Earning Before Interests, Tax, Depreciation and Amortization) e o Peso do Passivo Remunerado. Para a elaboração do nosso estudo, a informação financeira nele contida é extraída da Central de Balanços do Banco de Portugal, relativamente às empresas do setor da indústria transformadora portuguesa, em particular do CAE 14 – indústria do vestuário, e do CAE 16 – indústria da madeira e da cortiça, no intervalo de período entre 2012 e 2017. A abordagem passou por análise de estudos já elaborados pelo Banco de Portugal sobre as Sociedades Não Financeiras para que pudéssemos comparar o comportamento da globalidade das empresas com estes dois setores de atividade. Relativamente às conclusões obtidas, nem sempre a evolução dos setores analisados acompanhou o verificado na globalidade das sociedades não financeiras.
The subject we propose to study is an analysis of the evolution of capital structure, as well as the recent history of profitability of portuguese manufacturing companies. Regarding the capital structure of companies, we did a brief approach about the most known theories: Modigliani & Miller, Trade-Off, Bankruptcy Costs, Pecking Order, Information Asymmetry and Agency. We identified the economical and financial ratios that we considered more relevant for the analyses, such as the Financial Autonomy, Return on Equity and Operating Asset, EBITDA (Earnings Before Interests, Tax, Depreciation and Amortization) Margin and the Interest-bearing liabilities. In our approach we’ve also identified the funding of the companies analysed. For the elaboration of our study, the financial data in which it’s based was extracted from the Central de Balanços do Banco de Portugal, regarding the companies from the Portuguese manufacturing industry, in particular, from the clothing textile, wood and cork sectors, during the period between 2012 and 2017. Regarding the conclusions that we saw not always the evolution of the companies were the same as the total of non-financial companies and the behaviour from that period was not the expected through the time that we are analysing.
The subject we propose to study is an analysis of the evolution of capital structure, as well as the recent history of profitability of portuguese manufacturing companies. Regarding the capital structure of companies, we did a brief approach about the most known theories: Modigliani & Miller, Trade-Off, Bankruptcy Costs, Pecking Order, Information Asymmetry and Agency. We identified the economical and financial ratios that we considered more relevant for the analyses, such as the Financial Autonomy, Return on Equity and Operating Asset, EBITDA (Earnings Before Interests, Tax, Depreciation and Amortization) Margin and the Interest-bearing liabilities. In our approach we’ve also identified the funding of the companies analysed. For the elaboration of our study, the financial data in which it’s based was extracted from the Central de Balanços do Banco de Portugal, regarding the companies from the Portuguese manufacturing industry, in particular, from the clothing textile, wood and cork sectors, during the period between 2012 and 2017. Regarding the conclusions that we saw not always the evolution of the companies were the same as the total of non-financial companies and the behaviour from that period was not the expected through the time that we are analysing.
Description
Mestrado em Análise Financeira
Keywords
Estrutura de capital Rendibilidade Endividamento Sector da indústria transformadora Análise Financeira Capital structure Profitability Debt Manufacturing sector Financial analysis.