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Abstract(s)
A criação de valor é o objetivo primordial de qualquer empresa, juntamente com a criação de riqueza para os seus proprietários, que pode ser alcançada por meio de fusões e aquisições. Dessa forma, o tema está relacionado com a identificação das particularidades que levam à criação de valor, bem como dos indicadores que proporcionam a criação de valor no processo de fusões e aquisições. O tema da pesquisa foi definido como “Fusões e Aquisições - Estudo à criação de valor e o seu impacto sobre o endividamento das empresas”.
Assim, o trabalho tem como questão central “De que forma as Fusões e Aquisições influenciam o índice de endividamento das empresas?”. O objetivo principal é avaliar se as fusões e aquisições afetam positiva ou negativamente o valor das empresas, tendo por base o índice de endividamento. Assim, os objetivos secundários são mencionar as particularidades que proporcionam o aumento do valor das empresas; analisar indicadores económico-financeiros como medidas para aumentar o valor das empresas; identificar os determinantes que fornecem criação de valor.
No que se refere à metodologia, trata-se de uma pesquisa quantitativa, mais especificamente um estudo estatístico, constituída por uma amostra relevante de empresas portuguesas com o objetivo de analisar o valor das empresas aquando da operação económica, destacando qual a variável / variáveis que apresentam uma relevância maior na alteração desse valor.
Deste modo, após realização do estudo, os resultados revelam que o resultado de uma fusão ou aquisição depende de múltiplos fatores. Assim, tendo em conta as variáveis em estudo, aquelas que demonstram maior influência no endividamento das empresas que realizam fusões e aquisições e, consequentemente na criação de valor são a diversificação, a rendiblidade dos capitais próprios bem como a rendibilidade do ativo.
Value creation is the primary objective of any company, together with the creation of wealth for its owners, which can be achieved through mergers and acquisitions. In this way, the theme is related with the identification of the particularities that lead to the creation of value as well as the indicators that provide value creation in the process of mergers and acquisitions. The research theme was defined as “Mergers and Acquisitions - Study on value creation and its impact on corporate indebtedness”. Thus, the work has as its central question "How do Mergers and Acquisitions influence the companies' indebtedness index?". The main objective is to assess whether mergers and acquisitions positively or negatively affect the value of companies, based on the debt ratio. Thus, the secondary objectives are to mention the particularities that provide an increase in the value of companies; analyze economic and financial indicators as measures to increase the value of companies; identify the determinants that provide value creation. With regard to the methodology, it is a quantitative research, more specifically a statistical study, consisting of a relevant sample of Portuguese companies with the aim of analyzing the value of the companies during the economic operation, highlighting which variable / variables have greater relevance in changing this value. In this way, after conducting the study, the results reveal that the result of a merger or acquisition depends on multiple factors. Thus, taking into account the variables under study, those that demonstrate the greatest influence on the indebtedness of companies that carry out mergers and acquisitions and, consequently, on the creation of value are diversification, return on equity as well as return on assets.
Value creation is the primary objective of any company, together with the creation of wealth for its owners, which can be achieved through mergers and acquisitions. In this way, the theme is related with the identification of the particularities that lead to the creation of value as well as the indicators that provide value creation in the process of mergers and acquisitions. The research theme was defined as “Mergers and Acquisitions - Study on value creation and its impact on corporate indebtedness”. Thus, the work has as its central question "How do Mergers and Acquisitions influence the companies' indebtedness index?". The main objective is to assess whether mergers and acquisitions positively or negatively affect the value of companies, based on the debt ratio. Thus, the secondary objectives are to mention the particularities that provide an increase in the value of companies; analyze economic and financial indicators as measures to increase the value of companies; identify the determinants that provide value creation. With regard to the methodology, it is a quantitative research, more specifically a statistical study, consisting of a relevant sample of Portuguese companies with the aim of analyzing the value of the companies during the economic operation, highlighting which variable / variables have greater relevance in changing this value. In this way, after conducting the study, the results reveal that the result of a merger or acquisition depends on multiple factors. Thus, taking into account the variables under study, those that demonstrate the greatest influence on the indebtedness of companies that carry out mergers and acquisitions and, consequently, on the creation of value are diversification, return on equity as well as return on assets.
Description
Keywords
Fusões Aquisições Criação de valor Performance F&A Mergers Acquisitions Value creation Performance M&A