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Publication
A estrutura de financiamento das empresas não financeiras do PSI 20
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Advisor(s)
Abstract(s)
dívida e o capital da própria empresa.
A corrente tradicional que aparece com Durand, em 1952, defende que a empresa
deve possuir uma estrutura óptima de capital que lhe permita minimizar o custo total do
seu financiamento, aumentando desta forma o valor da empresa.
MM (1958), contestam a corrente tradicionalista, e tendo por base um conjunto de
pressupostos consideram a existência de um mercado perfeito, pelo que concluem que a
estrutura de capital é indiferente para a determinação do valor da empresa.
Em 1963 (MM) perante uma série de contestações a esta abordagem, fazem uma
correcção ao artigo anterior e eliminam o pressuposto da não existência de impostos,
admitindo assim, que os impostos têm influência sobre a estrutura de capitais da empresa.
Tendo sempre como base o estudo de MM, que foi considerado pioneiro e a base do
pensamento moderno, foram surgindo outros estudos, em que foram introduzidos novos
factores que podem contribuir para a formação da estrutura de capitais da empresa. Entre
estes encontram-se os impostos sobre as pessoas colectivas e singulares, as relações de
agência, os custos de falência e a assimetria de informação entre outros.
Na presente dissertação analisa-se a estrutura de financiamento das empresas não
financeiras do PSI 20, no período de 2008 a 2010, e de que forma os factores inerentes às
teorias da pecking order, trade- off e custos de agência se enquadram nesta pequena
amostra do tecido empresarial português.
Optou-se por excluir as empresas não financeiras, por terem características muito
diferentes das empresas não financeiras, proporcionando assim um estudo mais coerente
sem enviesamento nos dados obtidos.
Recorreu-se à análise factorial de componentes principais, para testar a relação de
dez variáveis relativas à estrutura de capitais das empresas do estudo, e finalmente
procedeu-se a uma análise de clusters que permitiu verificar o comportamento destas
empresas e de que forma o seu comportamento é consistente com o que é defendido pelas
teorias da estrutura de capitais.
To Schoraeder, Clark and Cathey (2005), the capital structure is the mix of debt and equity of the company. The tradicional current that appears to Durand in 1952 argues that the company must have an optimal capital structure that allows you to minimize the total cost of financing, thereby increasing the company’s value. Modigliani e Miller (1958), challenge the traditionalist current, and basead on a set of of assumptions, consider the existence of a perfect market, by which conclude that capital structure is irrelevant for determining the value of the company. In 1963, facing a series of challenges to his approach, make a correction to the previous article 1958 and eliminate the assumption of no existence of taxes, thus admitting, that taxes have influence on the capital structure of the company. Always basead on the study of Modigliani e Miller, which was considered a pioneer and the foundation of modern thought, others studies have emerged that introduced new factors that may contribute to the formation of the capital structure of the company were introduced were emerging. Among these are taxes on legal and natural persons, relations agency, bankruptcy costs and asymmetrics information among others. In this dissertion analyzes the structure of financing of non-financial companies from PSI 20 during 2008-2010, and how factors inherent to the theories of Pecking Order, Trade-off and Agency Costs fall into this small sample the Portuguese business. We opted to exclude non-financial companies, because they have very different characteristics of non-financial firms, thus providing a more coherent study without bias in the data. Appealed to the principal component factor analysis to test the relationship of ten variables relating to the capital structure of companies in the study, and finally proceeded to a cluster analysis has shown that the behavior is consistent with what is advocated by theories of capital structure.
To Schoraeder, Clark and Cathey (2005), the capital structure is the mix of debt and equity of the company. The tradicional current that appears to Durand in 1952 argues that the company must have an optimal capital structure that allows you to minimize the total cost of financing, thereby increasing the company’s value. Modigliani e Miller (1958), challenge the traditionalist current, and basead on a set of of assumptions, consider the existence of a perfect market, by which conclude that capital structure is irrelevant for determining the value of the company. In 1963, facing a series of challenges to his approach, make a correction to the previous article 1958 and eliminate the assumption of no existence of taxes, thus admitting, that taxes have influence on the capital structure of the company. Always basead on the study of Modigliani e Miller, which was considered a pioneer and the foundation of modern thought, others studies have emerged that introduced new factors that may contribute to the formation of the capital structure of the company were introduced were emerging. Among these are taxes on legal and natural persons, relations agency, bankruptcy costs and asymmetrics information among others. In this dissertion analyzes the structure of financing of non-financial companies from PSI 20 during 2008-2010, and how factors inherent to the theories of Pecking Order, Trade-off and Agency Costs fall into this small sample the Portuguese business. We opted to exclude non-financial companies, because they have very different characteristics of non-financial firms, thus providing a more coherent study without bias in the data. Appealed to the principal component factor analysis to test the relationship of ten variables relating to the capital structure of companies in the study, and finally proceeded to a cluster analysis has shown that the behavior is consistent with what is advocated by theories of capital structure.
Description
Dissertação de Mestrado em Contabilidade e Finanças
Keywords
Estrutura de capital Pecking order Tradde-off Custos de agência Custos de falência e assimetria de informação Capital structure Agency costs Costs of bankruptcy and asymmetric information
Pedagogical Context
Citation
Publisher
Escola Superior de Ciências Empresariais