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Publication
Avaliação do desempenho financeiro e a criação de valor nas empresas portuguesas exportadoras
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Advisor(s)
Abstract(s)
Este trabalho de investigação tinha como objetivo identificar os determinantes da criação de valor das maiores empresas portuguesas exportadoras para os mercados extracomunitários.
Começou-se por realizar um enquadramento teórico onde foram desenvolvidos vários temas relacionados com a avaliação do desempenho, do desempenho financeiro e com a lógica da criação de valor. Para, além disso, foi efetuada uma reflexão sobre os principais indicadores de avaliação da criação de valor referidos na bibliografia, bem como, sobre o conceito de custo do capital. De seguida, foi apresentada uma caracterização da evolução da internacionalização das empresas portuguesas, destacando-se, entre outros aspetos, os principais mercados de destino e os principais produtos exportados. Verificou-se que as exportações têm sido muito importantes para a dinamização da economia nacional representando atualmente cerca de 28% do PIB português.
O estudo empírico debruçou-se sobre as 250 maiores empresas portuguesas exportadoras para o mercado extracomunitário, tendo como referência os dados económicos e financeiros do exercício de 2015, obtidos na base de dados SABI (Sistema de Análise de Balanços Ibéricos).
Os resultados da investigação evidenciam que são os resultados da atividade que influenciam verdadeiramente a capacidade de criação de valor, e em especial as rubricas da atividade operacional, diretamente associadas ao negócio desenvolvido pelas empresas. Verificou-se igualmente, que o custo do capital investido, era bastante reduzido face à rendibilidade criada, o que sugere que estas empresas ainda apresentam uma grande capacidade para se financiarem com capitais alheios e dessa forma, alavancarem o crescimento do seu negócio e a sustentabilidade financeira ao longo do tempo. Para além disso, parecem existir evidências de que a internacionalização para os mercados extracomunitários tem proporcionado uma maior rentabilização dos negócios, contribuindo para a sustentabilidade das empresas e da economia nacional.
This research aimed to identify the determinants of the value creation of the largest portuguese exporting companies to the extra-community markets. A theoretical framework was developed in which various topics related to performance evaluation, financial performance and value creation logic were developed. In addition, a reflection was made on the main value creation indicators mentioned in the bibliography, as well as on the concept of cost of capital. Next, a characterization of the evolution of the internationalization of Portuguese companies was presented, highlighting among other aspects, the main markets of destination and the main products exported. It has been verified that exports have been very important for the dynamization of the national economy, currently accounting for about 28% of Portuguese GDP. The empirical study focused on the 250 largest Portuguese exporting companies for the extra-communit market, based on the economic and financial data for the year 2015, abtained in the SABI ( System of Analysis of Iberian Balance Sheets) database. The research results show that is the results of the activity that truly influence the capacity to create value, especially the operational activity lines, directly associated with the business developed by the companies. It was also found that the cost of invested capital was very low compared to the profitability created, suggesting that these companies still have a great capacity to finance themselves with foreign capital and, thus, to leverage the growth of their business and sustainability over time. In addition, it seems to be evidence that internationalization for extra-community market has led to greater profitability of business, contributing to the sustainability of companies and the national economy.
This research aimed to identify the determinants of the value creation of the largest portuguese exporting companies to the extra-community markets. A theoretical framework was developed in which various topics related to performance evaluation, financial performance and value creation logic were developed. In addition, a reflection was made on the main value creation indicators mentioned in the bibliography, as well as on the concept of cost of capital. Next, a characterization of the evolution of the internationalization of Portuguese companies was presented, highlighting among other aspects, the main markets of destination and the main products exported. It has been verified that exports have been very important for the dynamization of the national economy, currently accounting for about 28% of Portuguese GDP. The empirical study focused on the 250 largest Portuguese exporting companies for the extra-communit market, based on the economic and financial data for the year 2015, abtained in the SABI ( System of Analysis of Iberian Balance Sheets) database. The research results show that is the results of the activity that truly influence the capacity to create value, especially the operational activity lines, directly associated with the business developed by the companies. It was also found that the cost of invested capital was very low compared to the profitability created, suggesting that these companies still have a great capacity to finance themselves with foreign capital and, thus, to leverage the growth of their business and sustainability over time. In addition, it seems to be evidence that internationalization for extra-community market has led to greater profitability of business, contributing to the sustainability of companies and the national economy.
Description
Dissertação submetida como requisito parcial para obtenção do grau de Mestre em Contabilidade e Finanças
Keywords
Criação de valor Internacionalização Rendibilidade Value creation Internationazation Profitability
Citation
Publisher
Instituto Politécnico de Setúbal. Escola Superior de Ciências Empresariais