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A discussão sobre as principais características dos hodiernos instrumentos de capitalização das sociedades comerciais do setor não financeiro, apoiando-se em conceitos e entendimentos de vários quadrantes do nosso ordenamento jurídico, reveste se de pertinência científica e atualidade. A presente dissertação apresenta como leitmotiv a análise, crítica, do Regime Jurídico dos Empréstimos Participativos, em vigor na ordem jurídica nacional, desde 13 de janeiro de 2022, com a aprovação do Decreto-Lei n.º 11/2022, de 12 de janeiro. Para que se possa compreender a ratio legis do presente Regime Jurídico, invocar-se-á, brevemente, a razão pela qual as pequenas e médias empresas figuram como as principais entidades visadas, e beneficiadas, com a sua aprovação. A i(nova)ção trazida pelos instrumentos financeiros de quase-capital in casu reclama a apresentação e a estruturação de raciocínios encadeados, dotados do desejável nível de clareza. Assim, o presente estudo guiar-se-á pela sistemática legal adotada pelo legislador nacional na construção do Decreto-Lei n.º 11/2022. Uma vez percorrida a estrutura legal do Decreto-Lei sub judice, discutir-se-á se a almejada finalidade do Regime Jurídico dos Empréstimos Participativos, rectius, a diversificação do portefólio das fontes de financiamento das sociedades comerciais do setor não financeiro, foi alcançada. Caso se conclua pela sua concretização, ver-se-ão abertas as portas do mercado de capitais, possibilitando-se o princípio do fim do elevado grau de dependência das pequenas e médias empresas relativamente ao crédito bancário.
The discussion about the main characteristics of modern capitalization instruments for commercial companies in the non-financial sector, based on several juridical concepts and understandings, is scientifically relevant and contemporary. This dissertation presents as leitmotiv a critical analysis of the Legal Regime of Participating Loans, in force in the national legal system, since January 13, 2022, with the approval of Decree-Law no. 11/2022, of January 12. To understand the ratio legis of this Legal Regime, we will briefly discuss why small and medium-sized companies are the main entities targeted and benefited from its approval. The i(nova)tion brought by quasi-equity financial instruments in casu calls for the presentation and structuring of chained reasoning, endowed with the desirable level of clarity. Therefore, this study will be guided by the legal system adopted by the national legislator in the construction of Decree-Law no. 11/2022. Once the legal structure of the Decree-Law sub judice was reviewed and analyzed, we will discuss whether the desired purpose of the Legal Regime of the Participating Loans, rectius, the diversification of the financing sources portfolio of the commercial companies in the non-financial sector, has been achieved. Reaching such conclusion, we could hypothesize that the opening of the capital market is in view, possibly allowing for a turning point in the degree of bank credit dependence of small and medium-sized companies.
The discussion about the main characteristics of modern capitalization instruments for commercial companies in the non-financial sector, based on several juridical concepts and understandings, is scientifically relevant and contemporary. This dissertation presents as leitmotiv a critical analysis of the Legal Regime of Participating Loans, in force in the national legal system, since January 13, 2022, with the approval of Decree-Law no. 11/2022, of January 12. To understand the ratio legis of this Legal Regime, we will briefly discuss why small and medium-sized companies are the main entities targeted and benefited from its approval. The i(nova)tion brought by quasi-equity financial instruments in casu calls for the presentation and structuring of chained reasoning, endowed with the desirable level of clarity. Therefore, this study will be guided by the legal system adopted by the national legislator in the construction of Decree-Law no. 11/2022. Once the legal structure of the Decree-Law sub judice was reviewed and analyzed, we will discuss whether the desired purpose of the Legal Regime of the Participating Loans, rectius, the diversification of the financing sources portfolio of the commercial companies in the non-financial sector, has been achieved. Reaching such conclusion, we could hypothesize that the opening of the capital market is in view, possibly allowing for a turning point in the degree of bank credit dependence of small and medium-sized companies.
Description
Keywords
Decreto-Lei n.º 11/2022, de 12 de janeiro Regime jurídico dos empréstimos participativos Pequenas e médias empresas Instrumentos financeiros de capitalização Fontes de financiamento alternativas Mercado de capitais Dependência bancária Decree-Law no. 11/2022 of 12 january Legal regime of the participating loans Small and medium-sized companies Financial capitalization instruments Alternative financing sources Capital market Bank dependence