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Estrutura de capital das empresas portuguesas de grande dimensão
| Name: | Description: | Size: | Format: | |
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| 8.49 MB | Adobe PDF |
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Advisor(s)
Abstract(s)
Apesar de existirem numerosos estudos teóricos e empíricos sobre a problemática da
estrutura de capital, os resultados não são conclusivos pelo que este assunto continua a
carecer de investigação adicional.
Este estudo pretende identificar os factores que afectam a decisão de endividamento
relacionados com a estrutura de capital e investigar a política de endividamento das
empresas portuguesas não financeiras de grande dimensão.
A investigação empírica é efectuada utilizando uma amostra que engloba as empresas
portuguesas com mais de 250 trabalhadores que responderam ao questionário enviado
por correio.
No tratamento da informação foi utilizada a estatística descritiva e a análise de clusters,
validada pela análise discriminante. Os resultados obtidos permitem verificar que: a)
aproximadamente metade das empresas investigadas não define o nível de
endividamento a obter; b) o autofinanciamento, a flexibilidade financeira, os níveis de
rating de crédito e a variabilidade dos resultados parecem afectar O comportamento
financeiro das grandes empresas, enquanto que os custos de insolvência financeira ou de
falência, as amortizações do exercício e os benefícios fiscais sugerem uma evidência
moderada e o nível de endividamento do sector assim como os impostos pessoais são
pouco importantes no contexto empresarial estudado; c) opta-se pelo endividamento
quando os cash-ƒlows gerados não são suficientes, utiliza-se dívida quando as taxas de
juro baixam, ajustam-se as políticas de endividamento e de financiamento e recorre-se a
endividamento de longo prazo para evitar problemas financeiros
Os resultados obtidos conferem sustentabilidade a algumas teorias financeiras da
estrutura de capital, nomeadamente à teoria da hierarquização das fontes de
financiamento e à teoria da maturity matching.
Although there are several theoretical and empirical studies about the problematical of the capital structure, the results are not conclusive, because this subject continues to lack of additional investigation. This research identifies the factors which affect the decision of having debts related to the capital structure and the debt policy of the large non financial Portuguese finns. The empirical investigation is done by using a sample, which includes Portuguese firms with more than 250 workers that answered a question sent by mail. When treating the information it was used a detailed statistics and a clusters analysis. The results obtained allow to verify that: a) approximately half of the investigated firrns do not reveal the amount of debts to obtain; b) financial slack, financial flexibility, credit rating and the volatility of eamings and cash-flows seem to affect the large firms financial behaviour, while the costs of bankruptcy or financial distress, arnortization and tax advantage of interest deductibility indicate a moderate evidence and the debt level of other firrns in industry, as well as the personal taxes are not very important; c) it issues debt when the cash-flows are not sufficient, it issues debt when interest rates decrease, it adjusts the debt and financial policies and it issues long-terrn debt to avoid financial problems. The results obtained do have some argument in some financial theories of capital structure such as the pecking order theory and the maturity matching theory.
Although there are several theoretical and empirical studies about the problematical of the capital structure, the results are not conclusive, because this subject continues to lack of additional investigation. This research identifies the factors which affect the decision of having debts related to the capital structure and the debt policy of the large non financial Portuguese finns. The empirical investigation is done by using a sample, which includes Portuguese firms with more than 250 workers that answered a question sent by mail. When treating the information it was used a detailed statistics and a clusters analysis. The results obtained allow to verify that: a) approximately half of the investigated firrns do not reveal the amount of debts to obtain; b) financial slack, financial flexibility, credit rating and the volatility of eamings and cash-flows seem to affect the large firms financial behaviour, while the costs of bankruptcy or financial distress, arnortization and tax advantage of interest deductibility indicate a moderate evidence and the debt level of other firrns in industry, as well as the personal taxes are not very important; c) it issues debt when the cash-flows are not sufficient, it issues debt when interest rates decrease, it adjusts the debt and financial policies and it issues long-terrn debt to avoid financial problems. The results obtained do have some argument in some financial theories of capital structure such as the pecking order theory and the maturity matching theory.
Description
Keywords
Endividamento total Estrutura de capital Instrumentos de financiamento Grandes empresas