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Authors
Advisor(s)
Abstract(s)
Os swaps de taxas de juro são instrumentos financeiros derivados utilizados fundamentalmente como instrumento de cobertura de risco, permitindo às empresas,proteger-se das oscilações desfavoráveis de taxas de juro.
Este tipo de financiamento é mais interessante que outros instrumentos financeiros, pois permite uma melhor gestão dos activos e passivos de uma empresa, assim como a redução da incerteza do comportamento das taxas de juro.
Para testar a utilização dos swaps taxa de juro, é realizado um estudo com base nas entidades cotadas na Euronext de Lisboa, especificamente as do Portuguese Stocks Index (PSI 20).
Foi efetuada uma análise sobre a divulgação da informação nos relatórios e contas no período de 2008 a 2010, num total de 17 (dezassete) empresas.
Dos resultados obtidos, conclui-se que a maioria das empresas do PSI-20, utiliza os swaps, no sentido de reduzir o risco das oscilações da taxa de juro.
Interest rate swaps are derivatives used primarily as a hedging instrument, enabling businesses to protect themselves from adverse changes in interest rates. This type of financing is more interesting than other financial instruments, it allows better management of assets and liabilities of a company, as well as reducing the uncertainty of the behavior of interest rates. To test the use of interest rate swaps, is a study based on the entities listed on Euronext Lisbon, the Portuguese specifically Stocks Index (PSI 20). An analysis was performed on the disclosure of information in the reports and accounts for the period 2008 to 2010, a total of 17 (seventeen) companies. From the results, it is concluded that most of the PSI-20 companies, uses swaps in order to reduce the risk of fluctuations in interest rates.
Interest rate swaps are derivatives used primarily as a hedging instrument, enabling businesses to protect themselves from adverse changes in interest rates. This type of financing is more interesting than other financial instruments, it allows better management of assets and liabilities of a company, as well as reducing the uncertainty of the behavior of interest rates. To test the use of interest rate swaps, is a study based on the entities listed on Euronext Lisbon, the Portuguese specifically Stocks Index (PSI 20). An analysis was performed on the disclosure of information in the reports and accounts for the period 2008 to 2010, a total of 17 (seventeen) companies. From the results, it is concluded that most of the PSI-20 companies, uses swaps in order to reduce the risk of fluctuations in interest rates.
Description
Mestrado em Contabilidade
Keywords
Cobertura de risco Swaps Taxa de Juro Hedging Interest Rate