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Impacto da crise na performance económico-financeira das empresas.
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Abstract(s)
A situação económico-financeira internacional ficou marcada, no período de 2008, pela crise nos mercados. Esta crise trouxe para a economia um conjunto de efeitos nefastos em cascata. Por exemplo, assistiu-se a uma arruinação das aplicações financeiras, descida vertiginosa dos níveis de preços nos mercados, ao encerramento de muitas empresas que, por sua vez, levou ao aumento do desemprego e a uma queda na arrecadação de impostos.
A presente dissertação tem como objetivo analisar o impacto da crise no desempenho económico e financeiro das empresas portuguesas, em particular, ao nível da rendibilidade e da decisão de financiamento. A análise recaiu sobre o período de 2006 a 2012.
O estudo fundamenta-se num trabalho de caracter qualitativo e quantitativo com a utilização da técnica de regressão com dados em painel. A amostra é composta por 10.047 empresas selecionadas a partir da base de dados da SABI (Sistema de Análise de Balanços Ibéricos), agrupadas em empresas de pequenas, médias e de grande dimensão e enquadrando-as nos seus respetivos sectores de atividades. O tratamento estatístico da informação foi efetuado pelo software informático STATA – Statistic/Data analysis 12.00.
Os resultados evidenciam que a crise financeira de 2008 apresenta um impacto negativo e estatisticamente relevante sobre o desempenho económico e financeiro das empresas portuguesas, observada pela forte redução do nível de rendibilidade do ativo. O mesmo impacto comprova-se do nível da decisão de financiamento das empresas onde os resultados revelam que a obtenção de crédito diminui consideravelmente com o início da crise financeira instalada.
The international economic and financial situation is marked in the period of 2008 by the crisis in the markets. This crisis brought the economy a set of adverse cascade effects. For example, there has been one downfall of financial investments value, extremely low prices levels in the markets, the closure of many companies that, in turn, led to increased unemployment and a drop in tax collection. The present dissertation has the objective to make an assessment on the impact of crisis on the economic and finance performance in Portuguese companies, in particular, at level of profitability and financing decision. The analysis covers a period from 2006 to 2012. The study is based in a qualitative and quantitative work used painel data regression technique. The sample comprises a number of 10047 companies selected from the data base SABI (Iberian Balance Sheet Analysis System). These selected companies are grouped by size class: small, medium and big, as well as according to their sector of activity. The STATA - statistic/Data analysis 12.00 software was used to treat all the information. According to the results of the study, the 2008 financial crisis had a negative impact on economic and financial performance of the Portuguese companies characterized by a strong reduction on level of profitability asset. The same impact can be proven at a level companies financing decision whereby the results reveal that the getting credit has decreased considerably with the crisis.
The international economic and financial situation is marked in the period of 2008 by the crisis in the markets. This crisis brought the economy a set of adverse cascade effects. For example, there has been one downfall of financial investments value, extremely low prices levels in the markets, the closure of many companies that, in turn, led to increased unemployment and a drop in tax collection. The present dissertation has the objective to make an assessment on the impact of crisis on the economic and finance performance in Portuguese companies, in particular, at level of profitability and financing decision. The analysis covers a period from 2006 to 2012. The study is based in a qualitative and quantitative work used painel data regression technique. The sample comprises a number of 10047 companies selected from the data base SABI (Iberian Balance Sheet Analysis System). These selected companies are grouped by size class: small, medium and big, as well as according to their sector of activity. The STATA - statistic/Data analysis 12.00 software was used to treat all the information. According to the results of the study, the 2008 financial crisis had a negative impact on economic and financial performance of the Portuguese companies characterized by a strong reduction on level of profitability asset. The same impact can be proven at a level companies financing decision whereby the results reveal that the getting credit has decreased considerably with the crisis.
Description
Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau de mestre em contabilidade e finanças
Keywords
Crise financeira Performance económica e financeira Decisão de financiamento Empresas Financial crisis Economic and Financial Performance Financing decision Companies
Citation
Publisher
Instituto Politécnico de Setúbal. Escola Superior de Ciências Empresariais