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O papel do fundo de maneio das pequenas e médias empresas
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Authors
Advisor(s)
Abstract(s)
Considerando que as empresas com falta de liquidez recorrem às instituições
financeiras mas numa altura de contração e de aumento de assimetria de informação as
próprias empresa com maiores dificuldades são tentadas a usar determinados
“mecanismos” de forma a suprir as suas necessidades de financiamento, então o
objetivo do presente trabalho visa estudar, de forma empírica, a relação entre o valor do
Fundo de Maneio das Pequenas e Médias Empresas Portuguesas (PME) e o nível de
crédito obtido junto das Instituições Financeiras.
Para o efeito é utilizada uma análise comparativa entre o universo nacional de
2166 com a CAE (Código de Actividade Económica) 25120 – Fabricação de portas e
elementos similares em metal face ao universo de 196 PME do distrito de Braga com o
mesmo CAE; este estudo é complementado com um estudo de caso de empresa do setor
em questão.
Os resultados obtidos através destes dados e deste estudo de caso permitem
verificar que, quer em termos financeiros, quer em termos económicos as empresas do
distrito de Braga, no setor referido, estão numa posição menos confortável que as
restantes empresas nacionais do mesmo setor; isto acontece sobretudo, porque as
empresas deste distrito não conseguem fazer face às suas responsabilidades de curto
prazo, através dos seus ativos de curto prazo; Por outro lado, o uso de mecanismos de
seleção adversa por parte das empresas permitindo-lhes, no curto prazo, resolver alguns
problemas financeiros, torna-se muitas vezes a causa do seu fracasso futuro.
Considering that the companies with liquidity needs appeal to the financial institutions but in a cycle of contraction and of increase of asymmetry of information the companies with bigger difficulties are tempted to use certain “mechanisms” in order to get their necessities of financing, the present work aims to study, in an empirical way, the relationship between the value of Working Capital in Small and Medium Enterprises Portuguese (SME) and the level of credit obtained from the Financial Institutions. For the effect a comparative analysis is performed by comparing the national universe of 2166 enterprises with CAE (Economic Activity Code) 25120 – “Similar manufacture of doors and elements in metal” and the universe of 196 PME of the district of Braga with the same CAE; this study is complemented with a case study of a company of the sector in question. The results obtained from these data and case study confirm that, in financial terms, the companies of the district of Braga, in the related sector, are in a less comfortable situation than the remaining national companies of the same sector; this happens over all, because the companies of this district do not obtain a sufficient trade credit level to face their responsibilities of short term. Moreover, the use by firms, of adverse selection mechanisms allows them, in the short term, to solve some financial problems but in the long term become, many times, the cause of their future failure.
Considering that the companies with liquidity needs appeal to the financial institutions but in a cycle of contraction and of increase of asymmetry of information the companies with bigger difficulties are tempted to use certain “mechanisms” in order to get their necessities of financing, the present work aims to study, in an empirical way, the relationship between the value of Working Capital in Small and Medium Enterprises Portuguese (SME) and the level of credit obtained from the Financial Institutions. For the effect a comparative analysis is performed by comparing the national universe of 2166 enterprises with CAE (Economic Activity Code) 25120 – “Similar manufacture of doors and elements in metal” and the universe of 196 PME of the district of Braga with the same CAE; this study is complemented with a case study of a company of the sector in question. The results obtained from these data and case study confirm that, in financial terms, the companies of the district of Braga, in the related sector, are in a less comfortable situation than the remaining national companies of the same sector; this happens over all, because the companies of this district do not obtain a sufficient trade credit level to face their responsibilities of short term. Moreover, the use by firms, of adverse selection mechanisms allows them, in the short term, to solve some financial problems but in the long term become, many times, the cause of their future failure.
Description
Dissertação de Mestrado em Finanças Empresariais
Keywords
Gestão financeira de curto prazo Necessidades em fundo de maneio Fundo de maneio Assimetria de informação Short-run financial management Working capital needs Working capital Asymmetric information
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Estudos Industriais e de Gestão