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Impacto dos fundos comunitários na criação de valor das empresas portuguesas
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Abstract(s)
Para tal, foi desenvolvido um enquadramento teórico onde se efetuou uma reflexão sobre diversos temas relevantes para a investigação, nomeadamente, a importância dos investimentos para as empresas, os conceitos de desempenho financeiro, de avaliação do desempenho financeiro tradicional, a lógica da criação de valor, as métricas para se medir a criação de valor e o custo do capital. Para além disso, foram analisados vários estudos que tiveram objetivos de investigação semelhantes, de modo a observar-se as metodologias utilizadas e os resultados de investigação alcançados.
O estudo desenvolvido, analisou as 166 empresas que beneficiaram de fundos comunitários em 2014 no âmbito do Sistema de Incentivos à Inovação. Para medir a capacidade de criação de valor utilizou-se o indicador EVA, uma vez que permite facilmente medir o valor criado em cada período e pode ser obtido diretamente das demonstrações financeiras das empresas.
Os resultados de investigação evidenciaram que as empresas estudadas apresentaram uma maior capacidade de criação de valor, de criação de emprego e de internacionalização da atividade no exercício de 2016 (embora apenas a criação de emprego e de internacionalização tenham apresentado diferenças estatisticamente relevantes).
No entanto, os testes estatísticos realizados não evidenciaram qualquer relação entre o melhor desempenho das empresas nos três indicadores e os subsídios recebidos, o que significa que, eventualmente, tal evolução positiva se tenha verificado devido a outros fatores, como por exemplo, a própria evolução favorável da economia portuguesa.
The objective of this work was to show the impact of the community funds on the capacity of creating the financial value of Portuguese companies. To achieve this, a theoretical framework was developed in which a reflection was made on several topics relevant to the research, namely the importance of investments for companies, concepts of financial performance, evaluation of traditional financial performance, the logic of value creation, metrics for measuring value creation and the cost of capital. In addition, several studies that had similar research objectives were analyzed, in order to observe the methodologies used and the research results achieved. The study analyzed the 166 companies that received Community funding in 2014 under the Innovation Incentive System. To measure the capacity to create value, the EVA indicator was used, since it allows to easily measure the value created in each period and can be obtained directly from the financial statements of the companies. The research results showed that the companies studied presented greater capacity for value creation, job creation and internationalization of the activity in 2016 (although only job creation and internationalization showed statistically relevant differences). However, the statistical tests performed did not show any relation between the better performance of the companies in the three indicators and the subsidies received, which means that, if possible, this positive evolution was due to other factors, such as the evolution itself of the Portuguese economy.
The objective of this work was to show the impact of the community funds on the capacity of creating the financial value of Portuguese companies. To achieve this, a theoretical framework was developed in which a reflection was made on several topics relevant to the research, namely the importance of investments for companies, concepts of financial performance, evaluation of traditional financial performance, the logic of value creation, metrics for measuring value creation and the cost of capital. In addition, several studies that had similar research objectives were analyzed, in order to observe the methodologies used and the research results achieved. The study analyzed the 166 companies that received Community funding in 2014 under the Innovation Incentive System. To measure the capacity to create value, the EVA indicator was used, since it allows to easily measure the value created in each period and can be obtained directly from the financial statements of the companies. The research results showed that the companies studied presented greater capacity for value creation, job creation and internationalization of the activity in 2016 (although only job creation and internationalization showed statistically relevant differences). However, the statistical tests performed did not show any relation between the better performance of the companies in the three indicators and the subsidies received, which means that, if possible, this positive evolution was due to other factors, such as the evolution itself of the Portuguese economy.
Description
Dissertação/Trabalho de Projeto/Relatório de Estágio submetida como requisito parcial para obtenção do grau de Mestre em Contabilidade e Finanças
Keywords
Desempenho financeiro Criação de Valor Fundos comunitários Financial performance Value creation Community funds
Citation
Publisher
Instituto Politécnico de Setúbal. Escola Superior de Ciências Empresariais