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Financiamento das PME: Estudo de caso à Gomes, Sobral & Filhos, Lda
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Abstract(s)
O presente trabalho consiste na compreensão da forma como o endividamento pode proporcionar o crescimento de uma PME,pois é necessário que haja um crescimento contínuo das PME de modo a gerar riqueza ao país, verificando que estas empresas empregam milhões de pessoas, sendo que representam 99,9 % do tecido empresarial português.Assim sendo é necessário reflectir sobre o potencial destas empresas, e como estas se podem tornar competitivas, promovendo o crescimento económico do país.Deste modo, é pertinente a abordagem e a aplicação de determinados modelos que relacionam estas variáveis, tais como a teoria de Modigliani e Miller que nos mostra, por exemplo, até que ponto uma empresa deve endividar-sede forma a obter o máximo de vantagem financeira. Outros pontos-chave que terão maior enfoque baseiam-se em temas como:a alavancagem e financiamento bancário. Será,também,relevante estudar quais os tipos de financiamento, as suas modalidades, as várias maneiras de obter e como é aplicado.Assim o objetivo do trabalho passa por comprovar se as teorias estudadas vão de acordo com a realidade da empresa em estudo, e perceber até que ponto o financiamento promove a actividade da empresa e leva a um crescimento económico. Também é pertinente verificar os vários métodos que a empresa recorre para evitar o endividamento em excesso.De maneira a complementar a revisão de literatura, proceder-se-á à introdução de um estudo empírico qualitativo baseado numa PME do sector da construção civil, o que leva a compreender a relação existente entre as entidades bancárias e as PME.Será realizada uma entrevista face-a-face com o gerente da empresa em estudo, Gomes, Sobral e Filhos, Lda.,no âmbito de recolher informações com um grau elevado de qualidade, sendo que as respostas sendo dadas na hora, permite retirar alguma dúvida que possa surgir na altura, ou colocar uma outra questão que seja pertinente tendo em atenção o rumo que a entrevista esteja a levar.Já na óptica do modo de financiamento da empresa em estudo, realça-se a dependência do financiamento externo para realizar a sua actividade operacional. Verifica-se que a empresa financia-se através de um instrumento financeiro direccionado às empresas da área da construção.Foram ainda apontadas três fontes alternativas de financiamento utilizadas pela empresa, como recorre a trabalho temporário, recorrer ao cartão de crédito do gerente e tenta renegociar as melhores condições possíveis com os fornecedores.
The objective of this work is to show how debt can bring about growth in SMEs. Therefore, continual growth in SMEs is necessary in order to generate wealth in the country, since these companies employ millionsof people and represent 99.9% of the Portuguese business fabric. Thus it is important to reflect about the potential of these enterprises, and how they can become more competitive, seen that they support and elevate the economic growth in the country.Consequentlyit is noteworthy to analyse the approach and application of certain models that relate these two variables, such as Modigliani and Miller’s theory. They show us, for example, up to what point a company should be indebted in order to obtain a maximum financial advantage. Other key points on which there will be a greater focus will be based on topics such as leverage and bank financing. It will also be relevant to study what types of financing are available as well as their modalities and different ways of obtaining them and how they can be applied.So the objective of this work is to prove that the studied theories agree with the reality of the firm being analysed, and to understand up to what point financing promotes business activity and allows for economic growth. It is also significant to learn about the different methods to which the business resorts to in order to avoid excessive debt.In order to complement the revision of literature, there will be an introduction to a qualitative empirical study, based on a SME from the construction sector, which will enable us to understand the existing relation between banking institutions and SMEs.A face-to-face interview will be held with business manager Mr. João Gomes with the objective of gathering high quality information. Because the interviewee answers during the interview, all doubts can be solved and other questions can be asked bearing in mind the direction the interview starts to take. As far as financing of the firm being analysed, it is noteworthy to point out that the firm in question is dependent of financing in order to perform its operational activity. It finances itself through a financial instrument for the construction industry. hree additional sources of financing were mentioned, such as temporary work, the manager’s credit card, and negotiations with suppliers for the best possible conditions .It is also worth mentioning that the company mostly resorts to short term interest as it is considered cheaper.
The objective of this work is to show how debt can bring about growth in SMEs. Therefore, continual growth in SMEs is necessary in order to generate wealth in the country, since these companies employ millionsof people and represent 99.9% of the Portuguese business fabric. Thus it is important to reflect about the potential of these enterprises, and how they can become more competitive, seen that they support and elevate the economic growth in the country.Consequentlyit is noteworthy to analyse the approach and application of certain models that relate these two variables, such as Modigliani and Miller’s theory. They show us, for example, up to what point a company should be indebted in order to obtain a maximum financial advantage. Other key points on which there will be a greater focus will be based on topics such as leverage and bank financing. It will also be relevant to study what types of financing are available as well as their modalities and different ways of obtaining them and how they can be applied.So the objective of this work is to prove that the studied theories agree with the reality of the firm being analysed, and to understand up to what point financing promotes business activity and allows for economic growth. It is also significant to learn about the different methods to which the business resorts to in order to avoid excessive debt.In order to complement the revision of literature, there will be an introduction to a qualitative empirical study, based on a SME from the construction sector, which will enable us to understand the existing relation between banking institutions and SMEs.A face-to-face interview will be held with business manager Mr. João Gomes with the objective of gathering high quality information. Because the interviewee answers during the interview, all doubts can be solved and other questions can be asked bearing in mind the direction the interview starts to take. As far as financing of the firm being analysed, it is noteworthy to point out that the firm in question is dependent of financing in order to perform its operational activity. It finances itself through a financial instrument for the construction industry. hree additional sources of financing were mentioned, such as temporary work, the manager’s credit card, and negotiations with suppliers for the best possible conditions .It is also worth mentioning that the company mostly resorts to short term interest as it is considered cheaper.
Description
Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Ciências Empresariais –Ramo de Gestão de PME
Keywords
alavancagem financeira PME financiamento Modigliani e Miller estudo empírico qualitativo construção civil financial leverage SME financing Modigliani and Miller qualitative empirical study construction
Citation
Publisher
Instituto Politécnico de Setúbal. Escola Superior de Ciências Empresariais