| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.84 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Perante um cenário de recessão económica, como o actualmente vivido à escala mundial, a estrutura de capital das empresas assume uma posição de destaque na saúde financeira das empresas portuguesas, tornando-se mais relevante quando comparada com o nível de endividamento das mesmas.
O estudo teve como objectivos a análise do impacte do nível de endividamento, quer no custo do capital, quer na estrutura de capital, e a influência do endividamento na rendibilidade dos capitais próprios, com base numa amostra de empresas portuguesas dos sectores de actividade indústrias transformadoras, construção e comércio por grosso e retalho, reparação de veículos automóveis e motociclos.
Abordaram-se modelos de estimação do custo do capital próprio pelo método dos práticos, tendo-se concluído que o custo do capital próprio é superior à rendibilidade dos mesmos, remetendo à destruição de valor, a análise do rating sintético que revelou o nível de endividamento elevado num cenário de recessão económica e do tratamento dos dados em painel que comprovou o sobreendividamento das empresas e identificou a relação das variáveis face ao endividamento.
Faced with an economic recession scenario as currently experienced globally, the corporate capital structure assumes a position in the financial health of portuguese companies, making it more relevant when compared with the same level of indebtedness. The study aimed to analyze the impact of the level of debt or the cost of capital, whether in the capital structure and the influence of debt in return on equity based on a sample of Portuguese companies from manufacturing sectors, construction and wholesale and retail trade, repair of motor vehicles and motorcycles. Models are discussed for estimating the cost of equity by the method of practical it was concluded that the cost of equity is higher than on them, referring to the destruction of value, the analysis reveled that the synthetic rating the level of debt high against a backdrop of economic recession and the treatment of panel data that proved the indebtedness of companies and indentified the relationship of the variables against the debt.
Faced with an economic recession scenario as currently experienced globally, the corporate capital structure assumes a position in the financial health of portuguese companies, making it more relevant when compared with the same level of indebtedness. The study aimed to analyze the impact of the level of debt or the cost of capital, whether in the capital structure and the influence of debt in return on equity based on a sample of Portuguese companies from manufacturing sectors, construction and wholesale and retail trade, repair of motor vehicles and motorcycles. Models are discussed for estimating the cost of equity by the method of practical it was concluded that the cost of equity is higher than on them, referring to the destruction of value, the analysis reveled that the synthetic rating the level of debt high against a backdrop of economic recession and the treatment of panel data that proved the indebtedness of companies and indentified the relationship of the variables against the debt.
Description
Mestrado em Contabilidade e Análise Financeira
Keywords
Custo do capital Rendibilidade dos capitais próprios Estrutura do capital Endividamento Cost of capital Return on equity Capital structure Debt Leverage