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Publication
A importância da gestão baseada na criação de valor para o acionista (Value-Based Management): o caso do Grupo Galp Energia
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| 1.35 MB | Adobe PDF |
Advisor(s)
Abstract(s)
A avaliação de empresas sempre constituiu um tema de elevada reflexão, sendo que
vários especialistas tentam encontrar os modelos que melhor se adaptam a situações
específicas e para as quais precisam de determinar um valor.
No contexto empresarial português começa a ganhar significância a prática da gestão
orientada para a criação de valor (Value-Based Management). O conceito de Value-Based
Management assistiu a um particular desenvolvimento nos últimos 20 anos como resultado
da globalização e desregulamentação dos mercados financeiros, dos avanços nas
tecnologias de informação e do aumento da importância dos investidores institucionais.
Vários analistas apresentaram evidência de que as empresas que adotam sistemas
VBM melhoram o seu desempenho económico em relação a outras de dimensão
semelhante no mesmo setor. É neste contexto que o EVA (Economic Value Added) se
apresenta como uma métrica de desempenho privilegiada nos processos de controlo das
decisões estratégicas tomadas.
No presente trabalho pretendemos abordar o conceito da gestão baseada na criação
de valor e a sua importância para o acionista, o que implica rever outros modelos de
avaliação tradicionais baseados no valor contabilístico. Como métrica de avaliação do
desempenho passado da empresa ao nível da criação de valor vamos dar particular
importância ao estudo do EVA, fazendo referência à possível correlação entre esta métrica e
o MVA (Market Value Added).
O objetivo principal é analisar empiricamente a relação do EVA como medida de
desempenho associada à criação de valor para os acionistas com a performance da
empresa. Com efeito, vamos efetuar um estudo de caso, que vai incidir sobre um grupo
empresarial português, referência no seu setor de atividade, o Grupo Galp Energia, cotado
na Euronext Lisbon.
Pensamos que a crescente prática da gestão baseada na criação de valor nas
empresas cotadas em Portugal e a necessidade de aferir os resultados desta, tornam esta
investigação pertinente, para além do facto de serem poucos os estudos empíricos à
questão da criação de valor e a sua correlação com o valor acrescentado de mercado e com
o valor de mercado dos capitais próprios das empresas cotadas em Portugal.
The evaluation of general companies has always been a theme of high reflection as several experts seek for models that are best adaptable to specific circumstances in order to determine their value. In what concerns Portuguese business context it starts to rise the importance of using guided management to create value (Value-Based Management). As a result of the Globalization and the poorly adjustments of the financial markets, the information technology advancements and the huge importance of institutional investors, Value-Based Management's concept assisted to a single improvement throughout the past 20 years. Several analysts have determined that the companies adopting VBM system truly have been improving their economical performance when compared to companies with the same dimension working in the same business sector. It is in this context that EVA (Economic Value Added) presents itself as a privileged performance tool that assists the strategic decisions taken in the control processes. In this study we intend to address the concept of value-based management and its importance to shareholders, which requires revising other traditional evaluation models based on accountant value. In what concerns the companies past metric evaluation performance in the level of the value creation, let's give particular importance to the study of EVA, referring to its possible correlation with MVA (Market Value Added). The main goal is to empirically analyse EVA's relation as a performance measurement associated to the creation of the value to shareholders with the company performance. In fact, we will provide a case study that focuses a Portuguese business group, a reference in its activity sector, “Grupo Galp Energia“, rated in Euronext Lisbon. We think that increasing the practice of value-based management in companies rated in Portugal and the true need of getting results out of it turns this into a very relevant investigation, considering that there are just a few empiric studies available to the value creation issue and its correlation with the market value added and the market capitalization in rated companies in Portugal.
The evaluation of general companies has always been a theme of high reflection as several experts seek for models that are best adaptable to specific circumstances in order to determine their value. In what concerns Portuguese business context it starts to rise the importance of using guided management to create value (Value-Based Management). As a result of the Globalization and the poorly adjustments of the financial markets, the information technology advancements and the huge importance of institutional investors, Value-Based Management's concept assisted to a single improvement throughout the past 20 years. Several analysts have determined that the companies adopting VBM system truly have been improving their economical performance when compared to companies with the same dimension working in the same business sector. It is in this context that EVA (Economic Value Added) presents itself as a privileged performance tool that assists the strategic decisions taken in the control processes. In this study we intend to address the concept of value-based management and its importance to shareholders, which requires revising other traditional evaluation models based on accountant value. In what concerns the companies past metric evaluation performance in the level of the value creation, let's give particular importance to the study of EVA, referring to its possible correlation with MVA (Market Value Added). The main goal is to empirically analyse EVA's relation as a performance measurement associated to the creation of the value to shareholders with the company performance. In fact, we will provide a case study that focuses a Portuguese business group, a reference in its activity sector, “Grupo Galp Energia“, rated in Euronext Lisbon. We think that increasing the practice of value-based management in companies rated in Portugal and the true need of getting results out of it turns this into a very relevant investigation, considering that there are just a few empiric studies available to the value creation issue and its correlation with the market value added and the market capitalization in rated companies in Portugal.
Description
Keywords
Gestão baseada no valor EVA MVA Criação de valor Sistema de incentivos Galp Energia Value-based management Value creation Incentive system
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Estudos Industriais e de Gestão