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Abstract(s)
Os instrumentos financeiros derivados, assim como a cobertura de risco,são temas
essenciais na era atual, uma vez que, cada vez mais, o mundo está sujeito a mudanças
rápidas, incertezas constantes e os investidores tornam-se cada vez mais exigentes. Deste
modo, a utilização de derivados financeiros pelas empresas tem sido cada vez mais
recorrente, devido à sua função de cobertura e de gestão do risco.
Neste sentido, as empresas deverão divulgar informação relativa a estes
instrumentos de modo a dar a conhecer a sua situação financeira, assim como avaliar a
eficácia dos derivados no que concerne à cobertura de riscos.
O objetivo principal do presente estudo assenta em compreender se as empresas
do mesmo setor de atividade, cotadas em diferentes bolsas de valores (europeias e
americanas), estão expostas face aos mesmos riscos e, consequentemente, se utilizam
instrumentos financeiros derivados como instrumentos de cobertura. Torna-se, de igual
forma importante perceber se o Resultado Líquido do Período (RLP) de cada empresa é
influenciado, ou não, pelo Justo Valor (JV) dos derivados financeiros de cada entidade.
A metodologia utilizada para a presente investigação baseou-se no estudo de caso
múltiplo, uma vez que será efetuada uma análise dos relatórios de contas das empresas da
amostra de forma a obter eventuais diferenças ou semelhanças nas políticas de cobertura
de riscos e nos derivados financeiros utilizados por cada uma das entidades.
Posteriormente, serão recolhidos dados acerca do RLP de cada empresa, assim como do
JV dos instrumentos financeiros derivados de modo a tentar elaborar um padrão existente
entre estas duas rubricas.
Os resultados deste estudo refletem a extrema importância que as empresas
atribuem à adoção de uma política de gestão de riscos. Além disso, as organizações, no
geral, enfrentam essencialmente os mesmos riscos e tendem a adquirir instrumentos
financeiros derivados semelhantes para mitigá-los. Quanto ao RLP, é possível constatar
que, no âmbito da nossa amostra, este não é influenciado pelo JV dos derivados.
Derivative financial instruments and risk hedging are essential issues in today's age, as the world is increasingly subject to rapid change, constant uncertainty and investors are becoming more and more demanding. In this way, the use of financial derivatives by companies has become increasingly recurrent, due to their hedging and risk management function. In this sense, companies should disclose information on these instruments in order to make their financial situation known and assess the effectiveness of derivatives in terms of hedging risks. The main objective of this study is to understand whether companies in the same sector of activity, listed on different stock exchanges (European and American), are exposed to the same risks and, consequently, whether they use derivative financial instruments as hedging instruments. It is also important to understand whether or not the net profit for the period of each company is influenced by the fair value of each entity's financial derivatives. The methodology used for this research was based on a multiple case study, since an analysis of the accounts reports of the companies in the sample will be carried out in order to obtain any differences or similarities in the hedging policies and financial derivatives used by each of the entities. Subsequently, data will be collected on the Net Profit of each company, as well as the fair value of the derivative financial instruments, in order to try to establish a pattern between these two items. The results of this study reflect the extreme importance that companies attach to adopting a risk management policy. In addition, organizations generally face essentially the same risks and tend to acquire similar derivative financial instruments to mitigate them. As for the net income, it can be seen that, in our sample, it is not influenced by the fair value of derivatives.
Derivative financial instruments and risk hedging are essential issues in today's age, as the world is increasingly subject to rapid change, constant uncertainty and investors are becoming more and more demanding. In this way, the use of financial derivatives by companies has become increasingly recurrent, due to their hedging and risk management function. In this sense, companies should disclose information on these instruments in order to make their financial situation known and assess the effectiveness of derivatives in terms of hedging risks. The main objective of this study is to understand whether companies in the same sector of activity, listed on different stock exchanges (European and American), are exposed to the same risks and, consequently, whether they use derivative financial instruments as hedging instruments. It is also important to understand whether or not the net profit for the period of each company is influenced by the fair value of each entity's financial derivatives. The methodology used for this research was based on a multiple case study, since an analysis of the accounts reports of the companies in the sample will be carried out in order to obtain any differences or similarities in the hedging policies and financial derivatives used by each of the entities. Subsequently, data will be collected on the Net Profit of each company, as well as the fair value of the derivative financial instruments, in order to try to establish a pattern between these two items. The results of this study reflect the extreme importance that companies attach to adopting a risk management policy. In addition, organizations generally face essentially the same risks and tend to acquire similar derivative financial instruments to mitigate them. As for the net income, it can be seen that, in our sample, it is not influenced by the fair value of derivatives.
Description
Keywords
Instrumentos financeiros derivados Riscos Cobertura de riscos Índices bolsistas Derivatives Hedging Stock market indexes Risk