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A Pandemia da doença Covid-19 foi um marco na história mundial, e consigo trouxe um conjunto de consequências inesperadas. Sob um ponto de vista económico-financeiro, fez-se sentir uma crise sem precedentes, que influenciou o desempenho das empresas. O principal objetivo deste estudo é identificar de que forma empresas portuguesas cotadas em bolsa de valores se encontram preparadas financeiramente para enfrentar os efeitos adversos da Pandemia. A análise foi efetuada calculando o peso de dívida em risco no total de dívida, considerando-se dívida em risco a dívida das empresas com frágeis rácios de liquidez reduzida e/ou de interest cover ratio. De forma a testar a capacidade do tecido empresarial em resistir a efeitos de pandemias e de outros choques económicos, criaram-se cenários de quebras de ativo corrente e de resultados operacionais, analisando os respetivos efeitos em termos de dívida em risco.
The Covid-19 pandemic was a milestone in world history, and with it brought a set of unexpected consequences. From an economic-financial point of view, an unprecedented crisis was felt, which influenced the performance of companies. The main objective of this study is to portray the reality experienced in this period in Portuguese companies listed on the stock exchange. Therefore, the sample was analysed using two indicators: Reduced Liquidity Ratio and Interest Cover Ratio and when they present unfavourable values, the percentage of debt at risk is calculated in the total debt of the entire sample. Additionally, the percentage of debt at risk was obtained in cases of vulnerability and high vulnerability, that is, one of the indicators, or both, with values below 1, respectively. In order to test the business capacity, shock scenarios were created, in Net Assets and EBIT, and recalculating the situations previously foreseen.
The Covid-19 pandemic was a milestone in world history, and with it brought a set of unexpected consequences. From an economic-financial point of view, an unprecedented crisis was felt, which influenced the performance of companies. The main objective of this study is to portray the reality experienced in this period in Portuguese companies listed on the stock exchange. Therefore, the sample was analysed using two indicators: Reduced Liquidity Ratio and Interest Cover Ratio and when they present unfavourable values, the percentage of debt at risk is calculated in the total debt of the entire sample. Additionally, the percentage of debt at risk was obtained in cases of vulnerability and high vulnerability, that is, one of the indicators, or both, with values below 1, respectively. In order to test the business capacity, shock scenarios were created, in Net Assets and EBIT, and recalculating the situations previously foreseen.
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Covid-19 Empresas portuguesas Finanças empresariais Vulnerabilidade corporativa Portuguese companies Corporate finance Corporate vulnerability