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Authors
Advisor(s)
Abstract(s)
O Leasing ocupa um lugar importante enquanto forma de financiamento das
empresas, motivando por isso mesmo o interesse em vários estudos e trabalhos sobre a
temática. Durante a década de 70 do século passado, os estudos existentes apontavam
como grande fator atrativo do leasing aspetos meramente financeiros, ou seja, o leasing
apresentava custos mais competitivos face a outras formas de financiamento. A partir da
década de 80, a teoria financeira começou a dar relevo a outros fatores que influenciam
a estrutura de capitais das empresas e por isso mesmo as formas como as mesmas se
financiam. Um desses fatores é a Assimetria de Informação. O objetivo deste trabalho
passa por avaliar se a Assimetria de Informação constitui um fator determinante que
leve as empresas a optarem pelo leasing como forma de se financiarem. O estudo
levado a cabo inclui uma amostra de 142 empresas do setor do transporte rodoviário de
mercadorias, para o período compreendido entre 2007 e 2009, sendo que algumas das
conclusões do presente estudo levam a crer que as empresas de menor dimensão, mais
jovens e com melhores resultados ao nível do EBITDA, acabam por recorrer mais ao
leasing. Estes resultados são consistentes com alguns dos estudos mais recentes sobre a
temática do leasing.
The leasing occupies an important place as a form of business financing, so even motivating interest in several studies and papers on the subject. During the 70s of last century, existing studies as a major factor pointed attractiveness of leasing purely financial aspects ie the leasing costs had more competitive against other forms of financing. From the 80s, the theory began to give financial relief to other factors that influence the capital structure of companies and therefore the ways they fund themselves. One of these factors is information asymmetry. The purpose of this job is to evaluate whether information asymmetry is a key factor leading firms to opt for leasing as a financing. The study carried out includes a sample of 142 companies in the sector of road haulage, for the period between 2007 and 2009, and some of the findings of this study suggest that smaller firms, younger and better results at the EBITDA level, eventually resorting to more leasing. These results are consistent with some of the more recent studies on the subject of the lease.
The leasing occupies an important place as a form of business financing, so even motivating interest in several studies and papers on the subject. During the 70s of last century, existing studies as a major factor pointed attractiveness of leasing purely financial aspects ie the leasing costs had more competitive against other forms of financing. From the 80s, the theory began to give financial relief to other factors that influence the capital structure of companies and therefore the ways they fund themselves. One of these factors is information asymmetry. The purpose of this job is to evaluate whether information asymmetry is a key factor leading firms to opt for leasing as a financing. The study carried out includes a sample of 142 companies in the sector of road haulage, for the period between 2007 and 2009, and some of the findings of this study suggest that smaller firms, younger and better results at the EBITDA level, eventually resorting to more leasing. These results are consistent with some of the more recent studies on the subject of the lease.
Description
Dissertação de Mestrado em Finanças Empresariais
Keywords
Leasing Assimetria de informação Transporte rodoviário Information asymmetry Road haulage
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Estudos Industriais e de Gestão