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Resumo(s)
O presente trabalho pretende identificar os determinantes, micro e macro, no acesso ao
financiamento bancário para as pequenas e médias empresas (PME) da indústria
transformadora, no período de 2012 a 2021. Devido à importância que o financiamento
bancário assume para estas empresas, sendo na maioria das vezes a principal fonte externa
de financiamento, torna-se relevante perceber em que medida o acesso ao mesmo pode
ser afetado. Assim, através da estimação de modelo de efeitos fixos para Dados em Painel,
pretende-se identificar o efeito que cada determinante pode representar no acesso ao
financiamento bancário. Inicialmente estimou-se o modelo para todas as empresas, e
posteriormente para diferentes subgrupos através de uma análise de robustez ao modelo.
Os resultados obtidos provam que, de modo geral, o conjunto de variáveis analisadas
influenciam o acesso ao crédito bancário, apesar de que nem todos os resultados vão ao
encontro do que era mais expectável. De destacar que as variáveis que apresentam
significância em todas as estimações são: dimensão, endividamento e outras fontes de
financiamento.
This work intend to identify the micro and macro determinants of access to bank financing for small and medium-sized enterprises (SMEs) in the manufacturing industry, in the period from 2012 to 2021. Due to the importance that bank financing assumes for these companies, being most of the time the main external source of financing, it becomes important to understand what extent access to it can be affected. Thus, through the estimation of a fixed-effects model for Panel Data, the way to identify the effect that each determinant can represent on access to bank financing. Initially, the model was estimated for all companies, and later for different subgroups through a robustness analysis of the model. The results obtained prove that, in general, the set of variables analyzed influence access to bank credit, although not all results are in line with what was most expected. Is noted that the variables that present significance in all estimates are: size, indebtedness and other sources of financing.
This work intend to identify the micro and macro determinants of access to bank financing for small and medium-sized enterprises (SMEs) in the manufacturing industry, in the period from 2012 to 2021. Due to the importance that bank financing assumes for these companies, being most of the time the main external source of financing, it becomes important to understand what extent access to it can be affected. Thus, through the estimation of a fixed-effects model for Panel Data, the way to identify the effect that each determinant can represent on access to bank financing. Initially, the model was estimated for all companies, and later for different subgroups through a robustness analysis of the model. The results obtained prove that, in general, the set of variables analyzed influence access to bank credit, although not all results are in line with what was most expected. Is noted that the variables that present significance in all estimates are: size, indebtedness and other sources of financing.
Descrição
Palavras-chave
Estrutura de capitais Financiamento bancário Pequenas e médias empresas (PME) Indústria transformadora Dados em painel Capital structure Bank financing Small and medium-sized enterprises (SMEs)