Loading...
Publication
Determinantes do nível de Liquidez das empresas exportadoras portuguesas
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 723.12 KB | Adobe PDF |
Advisor(s)
Abstract(s)
Os temas relacionados com a tesouraria e liquidez das empresas têm
sido estudados por diversos autores ao longo dos tempos, devido à sua maior
relevância na gestão das organizações, derivada das maiores dificuldades de
financiamento consequentes das recentes crises económicas e financeiras que
condicionaram bastante o setor bancário e entidades associadas.
Assim, o objetivo desta dissertação, é estudar as variáveis que
influenciam positivamente ou negativamente, a gestão de tesouraria e os níveis
de liquidez necessários para o normal funcionamento das empresas
analisadas.
Começou-se por realizar um enquadramento teórico sobre os temas
base do estudo, desenvolvendo-se uma reflexão sobre os principais conceitos
associados à tesouraria das empresas e uma interligação entre
autofinanciamento, liquidez e meios financeiros líquidos. Concluiu-se o
enquadramento teórico com uma caracterização sobre as principais teorias
desenvolvidas ao longo do tempo para explicar os determinantes do nível de
liquidez das empresas.
No primeiro ponto incluído no estudo empírico foi efetuada uma
caracterização da evolução recente das exportações portuguesas, tendo-se
observado que nos últimos anos o valor das vendas para o exterior tem
aumentado progressivamente, destacando-se o mercado comunitário como o
principal destino dos produtos nacionais, representando em 2018, cerca de
74% do total das exportações portuguesas. De seguida, foi realizado o estudo
dos determinantes do nível de liquidez das 250 maiores empresas
exportadoras portuguesas para o mercado comunitário.
As variáveis analisadas, que apresentaram relações relevantes com o
nível de liquidez foram: Peso dos meios libertos líquidos retidos no ativo total
líquido; Z score da Análise Discriminante de Altman, representativo do nível de
restrições de financiamento das empresas; Dimensão do ativo líquido total;Peso dos ativos correntes corrigidos dos meios financeiros líquidos no ativo
total líquido; Rendibilidade operacional.
Issues related to corporate treasury and liquidity have been studied by various authors over the years, due to their greater relevance in the management of organizations, related to the greater financing difficulties resulting from the recent economic and financial crises that severely conditioned the banking sector. and associated entities. Thus, the objective of this dissertation is to study the variables that positively or negatively influence the cash management and the liquidity levels necessary for the normal operation of the analyzed companies. It began by providing a theoretical framework on the basic themes of the study, developing a reflection on the main concepts associated with corporate treasury and an interconnection between self-financing, liquidity and liquid financial means. The theoretical framework was concluded with a characterization of the main theories developed over time to explain the determinants of companies' liquidity level. In the first point included in the empirical study, was made a characterization of the recent evolution of Portuguese exports, and it has been observed that in recent years the value of foreign sales has increased steadily, with the Community market being the main destination of domestic products, representing in 2018, about 74% of total Portuguese exports. Next, the liquidity determinants of the 250 largest Portuguese exporting companies to the Community market were studied. The variables analyzed, which presented relevant relations with the liquidity level were: Weight of net assets retained in total net assets; Z score from Altman's Discriminant Analysis, representative of the level of corporate funding constraints; Dimension of total net assets; Weight of current assets adjusted for net financial assets in total net assets; Operating profitability.
Issues related to corporate treasury and liquidity have been studied by various authors over the years, due to their greater relevance in the management of organizations, related to the greater financing difficulties resulting from the recent economic and financial crises that severely conditioned the banking sector. and associated entities. Thus, the objective of this dissertation is to study the variables that positively or negatively influence the cash management and the liquidity levels necessary for the normal operation of the analyzed companies. It began by providing a theoretical framework on the basic themes of the study, developing a reflection on the main concepts associated with corporate treasury and an interconnection between self-financing, liquidity and liquid financial means. The theoretical framework was concluded with a characterization of the main theories developed over time to explain the determinants of companies' liquidity level. In the first point included in the empirical study, was made a characterization of the recent evolution of Portuguese exports, and it has been observed that in recent years the value of foreign sales has increased steadily, with the Community market being the main destination of domestic products, representing in 2018, about 74% of total Portuguese exports. Next, the liquidity determinants of the 250 largest Portuguese exporting companies to the Community market were studied. The variables analyzed, which presented relevant relations with the liquidity level were: Weight of net assets retained in total net assets; Z score from Altman's Discriminant Analysis, representative of the level of corporate funding constraints; Dimension of total net assets; Weight of current assets adjusted for net financial assets in total net assets; Operating profitability.
Description
Keywords
Liquidez Tesouraria Internacionalização Mercado Comunitário Liquidity Treasury Internationalization Community market