Loading...
Publication
A estrutura de capital das empresas industriais da Área Metropolitana do Porto e o seu investimento
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 753.07 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Este trabalho tem como objetivo analisar as determinantes principais da estrutura de capital das empresas do setor manufatureiro da Área Metropolitana do Porto, comparando sempre que possível com estudos realizados anteriormente.
Para a realização do estudo foram recolhidos dados de 1.315 empresas do setor manufatureiro da Área Metropolitana do Porto, no período compreendido entre 2005 e 2014. Através da aplicação do Modelo de Efeitos Fixos chegou-se à conclusão de que as variáveis com uma relação significativa entre a estrutura de capitais e o investimento são a Taxa de Crescimento do Volume de Negócios, a Taxa de Endividamento, a Rendibilidade, o Imobilizado, a Dívida Financeira e o próprio Investimento desfasado de um período.
Relativamente às variáveis relacionadas com a estrutura de capital das empresas e determinantes do investimento da empresa, concluiu-se que as empresas que registam uma maior taxa de crescimento do volume de negócios, que apresentam uma maior rendibilidade e um maior valor de dívida financeira, apresentam aumento da taxa de investimento. Pelo contrário, empresas com maior taxa de endívidamento
e de imobilizado apresentam um decréscimo na taxa de investimento.
Relativamente às variáveis de controlo, chegou-se à conclusão de que, como
seria de esperar, a taxa de investimento diminui à medida que nos aproximamos dos
anos de crise económica e financeira. A taxa de investimento adota um
comportamento semelhante quando se analisa a variável relativa ao Código de
Classificação de Atividade Económica, significando que quanto mais sofisticada
tecnologicamente a empresa estiver, menor será a sua taxa de investimento.
Relativamente ao concelho e dimensão, verifica-se que a taxa de investimento cresce
à medida que nos aproximamos de concelhos com maior investimento e com
empresas de maior dimensão.
This paper aims to analyze the main determinants of the capital structure of companies in the manufacturing sector of Oporto Metropolitan Area, comparing whenever is possible with previous studies. For this study were collected data from 1.315 companies in the manufacturing sector of Oporto Metropolitan Area, in the period between 2005 and 2014. By applying the fixed effects model was reached the conclusion that the variables with a significant relationship between the capital structure and investment are the growth rate of turnover, the debt ratio, profitability, fixed assets, the financial debt and investment itself. For the variables related to the capital structure and determinants of companies investment, it was concluded that the companies that recorded a higher turnover growth rate, which have a higher profitability and, interestingly, a higher value of financial debt, show an increase of investment rate. On the contrary, companies with higher debt ratio and fixed assets show a decrease in the investment rate. Concerning the control variables we came to the conclusion that, as expected, the investment rate decreases as we approach the years of economic and financial crisis. The investment rate adopts a similar behavior when considering the classification code of economic activity variable, meaning that the more sophisticated technology the company is, the lower is the rate of investment. Regarding the county and the size, it appears that the investment rate grows as we approach municipalities with greater investment and larger companies.
This paper aims to analyze the main determinants of the capital structure of companies in the manufacturing sector of Oporto Metropolitan Area, comparing whenever is possible with previous studies. For this study were collected data from 1.315 companies in the manufacturing sector of Oporto Metropolitan Area, in the period between 2005 and 2014. By applying the fixed effects model was reached the conclusion that the variables with a significant relationship between the capital structure and investment are the growth rate of turnover, the debt ratio, profitability, fixed assets, the financial debt and investment itself. For the variables related to the capital structure and determinants of companies investment, it was concluded that the companies that recorded a higher turnover growth rate, which have a higher profitability and, interestingly, a higher value of financial debt, show an increase of investment rate. On the contrary, companies with higher debt ratio and fixed assets show a decrease in the investment rate. Concerning the control variables we came to the conclusion that, as expected, the investment rate decreases as we approach the years of economic and financial crisis. The investment rate adopts a similar behavior when considering the classification code of economic activity variable, meaning that the more sophisticated technology the company is, the lower is the rate of investment. Regarding the county and the size, it appears that the investment rate grows as we approach municipalities with greater investment and larger companies.
Description
Keywords
Estrutura de capitais Investimento Modelo de efeitos fixos Capital structure Investment Fixed effects mode