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As fontes de financiamento e a criação de valor financeiro
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Advisor(s)
Abstract(s)
identificando se a escolha de capitais próprios ou alheios condiciona a capacidade de criação de valor
financeiro. Através da realização de dois estudos de caso, onde se analisaram os relatórios e contas
consolidadas de 2007 a 2014 de duas empresas do setor das tecnologias de informação com diferentes
estruturas financeiras, verificou-se que durante o período analisado o seu desempenho não foi o melhor,
tendo existido destruição de valor. Para além disso, confirmou-se que as estruturas financeiras tinham
condicionado negativamente o custo do capital, pois nem sempre as empresas utilizaram as fontes de
financiamento adequadas à criação de valor. Por último, evidenciou-se que a decisão de financiamento
deve ter, também, em consideração o modelo aditivo da rendibilidade dos capitais próprios porque este
baseia-se na rendibilidade efetivamente criada enquanto o método do custo médio ponderado assenta na
rendibilidade esperada.
the choice of equity or debt influence the ability to create financial value. Through two case studies, which analyzed the consolidated reports and accounts from 2007 to 2014 of two information technology companies with different financial structures, it was verified that during the analyzed period their performance was not the best, because there has been destruction of value. In addition, it was confirmed that financial structures had negatively constrained the cost of capital, as companies did not always use the appropriate funding sources for value creation. Finally, it was pointed out that the financing decision should also take into account the additive model of return on equity because it is based on the profitability actually created while the weighted average cost method is based on the expected profitability.
the choice of equity or debt influence the ability to create financial value. Through two case studies, which analyzed the consolidated reports and accounts from 2007 to 2014 of two information technology companies with different financial structures, it was verified that during the analyzed period their performance was not the best, because there has been destruction of value. In addition, it was confirmed that financial structures had negatively constrained the cost of capital, as companies did not always use the appropriate funding sources for value creation. Finally, it was pointed out that the financing decision should also take into account the additive model of return on equity because it is based on the profitability actually created while the weighted average cost method is based on the expected profitability.
Description
Trabalho apresentado nas XXVII Jornadas Hispano-Lusas de Gestión Científica, 1-4 de fevereiro de 2017, Alicante, Espanha
Keywords
Criação de valor financeiro Custo do capital Estrutura Financeira Financial value creation Cost of capital Financial structure