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Advisor(s)
Abstract(s)
Este trabalho teve como objetivo compreender o papel, enquanto forma de financiamento,
da emissão de títulos obrigacionistas pelas empresas do Portuguese Stock Índex (PSI-20).
Sendo o crédito bancário a principal fonte de recurso de capital alheio das empresas
portuguesas, apontada pelos Inquéritos de Conjuntura ao Investimento (ICI) do Instituto
Nacional de Estatística (INE), de 2009 a 2018, analisamos a evolução da estrutura de
financiamento das empresas nacionais. Por contraponto, analisamos também os
Relatórios Sobre os Mercados e Valores Mobiliários da Comissão de Mercado de Valores
Mobiliários (CMVM), para o mesmo período temporal, no que se refere ao número de
emissões obrigacionistas efetuadas pelas empresas nacionais em Portugal.
Segundo Valeiro (2016) o financiamento obrigacionista, nas empresas do PSI-20, não é
uma moda ou algo passageiro. Em meados de 2008, instalou-se o pânico no mercado
monetário interbancário, a falência do Lehman Brothers agravou em muito o receio das
instituições de crédito, o que gerou uma escassez de liquidez. Apesar de não nos ser
possível determinar uma relação causa e efeito, a partir desta data, foi possível ver grande
parte das maiores empresas recorrer ao financiamento obrigacionista. O peso relativo da
dívida obrigacionista foi-se consolidando cada vez mais sendo a principal fonte de capital
alheio das empresas do PSI-20.
Por análise da totalidade das emissões obrigacionistas das empresas constituintes da
amostra, foi-nos possível apurar as suas determinantes e definir um padrão, ou seja,
verificou-se que as emissões “públicas” apresentam uma maturidade média de 8 anos e
taxa de cupão média de 2,833%.
Foi-nos possível ainda confirmar que, face a esta tendência e no que respeita às empresas
do PSI-20, estamos perante um mercado bancário onde deixamos de ter bancos enquanto
agentes disponibilizadores de fundos e passamos a ter bancos enquanto agentes
prestadores de serviços no acesso a fundos.
The purpose of this dissertation is to understand the importance of bonds issue as a source of funding to companies listed in Portuguese Stock Index (PSI-20). Once bank loans are commonly seen as the principal external source of funding to companies by National Statistical Entity (hereinafter referred to as “INE”), from 2009 to 2018, we analysed the evolution of the companies financing structure. In contrast, we analysed the Markets and Securities Reports from Portuguese Securities Market Commission (hereinafter referred to as “CMVM”), for the same time period, with regard to the number of bonds issue made by PSI-20 companies in Portugal. According to Valeiro (2016) bonds as the main source of funding in a company is not a fad. In 2008 (subprime crisis), panic was a general feeling in the interbank money market, generating a liquidity shortage, amplified by Lehman Brothers fails. In spite of not being possible to establish a direct link between this event and the upward tendency in the number of bonds issued, the truth is that after this date it is visible an increase in the use of bonds as the main source of funding. Focusing on the bonds issue by PSI-20 companies, it was possible to identify a pattern in this process, it was found that, among other determinants, on average, the "public" issues had a maturity of 8 years and a coupon rate of 2,833%. It was also possible to conclude that, based on this trend and with regard to PSI-20 companies, we are facing a banking market where the banks are now seen as service suppliers in the process of market access and bonds issue, rather than as money borrowers, as happened in the past.
The purpose of this dissertation is to understand the importance of bonds issue as a source of funding to companies listed in Portuguese Stock Index (PSI-20). Once bank loans are commonly seen as the principal external source of funding to companies by National Statistical Entity (hereinafter referred to as “INE”), from 2009 to 2018, we analysed the evolution of the companies financing structure. In contrast, we analysed the Markets and Securities Reports from Portuguese Securities Market Commission (hereinafter referred to as “CMVM”), for the same time period, with regard to the number of bonds issue made by PSI-20 companies in Portugal. According to Valeiro (2016) bonds as the main source of funding in a company is not a fad. In 2008 (subprime crisis), panic was a general feeling in the interbank money market, generating a liquidity shortage, amplified by Lehman Brothers fails. In spite of not being possible to establish a direct link between this event and the upward tendency in the number of bonds issued, the truth is that after this date it is visible an increase in the use of bonds as the main source of funding. Focusing on the bonds issue by PSI-20 companies, it was possible to identify a pattern in this process, it was found that, among other determinants, on average, the "public" issues had a maturity of 8 years and a coupon rate of 2,833%. It was also possible to conclude that, based on this trend and with regard to PSI-20 companies, we are facing a banking market where the banks are now seen as service suppliers in the process of market access and bonds issue, rather than as money borrowers, as happened in the past.
Description
Versão final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Empréstimos obrigacionistas Empréstimos bancários PSI-20 Bonds issue Bank loans