| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 568.55 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Tendo como ponto de partida uma amostra de pequenas e médias empresas portuguesas,
examina-se empiricamente o papel do relacionamento bancário nas condições dos
financiamentos obtidos pelas mesmas. Para esse efeito usam-se três variáveis explicativas:
reputação do cliente bancário, duração da relação bancária e concentração do crédito do
cliente junto do banco em causa.
O trabalho empírico teve por base uma análise de regressão múltipla de dois modelos
reveladores das condições do financiamento bancário, sendo estes: o prémio de risco e o
limite de crédito concedido.
Verificou-se que, para o modelo prémio de risco as únicas variáveis que revelaram
importância para a explicação do mesmo foram a reputação com um sinal positivo, o
montante de crédito e a liquidez geral, tendo estes últimos apresentado um sinal negativo.
Conclui-se portanto, que as variáveis ligadas ao relacionamento bancário, com exceção da
reputação, não se mostraram estatisticamente significativas na explicação do prémio de risco.
Relativamente ao modelo explicativo do montante de crédito concedido, a variável duração
tem um impacto significativo, indicando que os relacionamentos são valiosos uma vez que, à
medida que aumenta o relacionamento com o banco, aumenta também o montante de
financiamento concedido, não se verificando, no entanto, significância estatística em nenhuma
outra medida do relacionamento bancário.
As variáveis que demonstraram ter um maior impacto no montante de crédito disponibilizado
foram variáveis relacionadas com a performance económico-financeira das empresas da
amostra
Having as a starting point a sample of small and medium sized businesses, we examine empirically the role of banking relationship on the conditions of funding obtained by the SME’s. This empirical work was based on a multiple regression analysis of two models which reveal the conditions of bank financing, these being the risk premium and the limit of credit granted. We have found that for the model risk premium the only variables that showed importance to the explanation of the model were the reputation with a positive sign, the Ln (amount of credit) and general liquidity, the latter two presented a negative sign. We conclude that the variables related to relationship banking, with the exception of reputation were not significant in the allocation of risk premium. Regarding the model credit amount, the variable duration has a significant impact, demonstrating that the relationships are valuable to the extent that as the relationship with the bank increases, the amount of granted funding also increases, however, there is no statistical significance in any other measure of relationship banking. The variables that have demonstrated a greater impact on the amount of available credit were the variables related to the economic-financial performance of the sample.
Having as a starting point a sample of small and medium sized businesses, we examine empirically the role of banking relationship on the conditions of funding obtained by the SME’s. This empirical work was based on a multiple regression analysis of two models which reveal the conditions of bank financing, these being the risk premium and the limit of credit granted. We have found that for the model risk premium the only variables that showed importance to the explanation of the model were the reputation with a positive sign, the Ln (amount of credit) and general liquidity, the latter two presented a negative sign. We conclude that the variables related to relationship banking, with the exception of reputation were not significant in the allocation of risk premium. Regarding the model credit amount, the variable duration has a significant impact, demonstrating that the relationships are valuable to the extent that as the relationship with the bank increases, the amount of granted funding also increases, however, there is no statistical significance in any other measure of relationship banking. The variables that have demonstrated a greater impact on the amount of available credit were the variables related to the economic-financial performance of the sample.
Description
Dissertação de Mestrado em Finanças Empresariais
Keywords
Financiamento Pequenas e médias empresas Financing Small and medium sizes enterprises
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Estudos Industriais e de Gestão