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Empréstimos participativos : enquadramento como investimento de quase-capital e apontamentos às escolhas do legislador nacional
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Perante um tecido empresarial predominantemente composto por pequenas e médias empresas, com particulares dificuldades no acesso ao crédito, tem-se verificado um foco das instituições da UE na promoção do reforço da estrutura de capital dessas empresas, designadamente através de instrumentos financeiros híbridos, com características de instrumentos de capital próprio e de capital alheio. Neste âmbito, os investimentos de quase-capital são apresentados como uma solução plausível ao problema da subcapitalização, servindo como um ponto de partida aliciante para os legisladores nacionais da UE, nomeadamente à luz da possibilidade de serem contabilizados, ainda que parcialmente, como capital próprio. É este o contexto em que, num primeiro momento, enquadraremos os investimentos de quase-capital, conforme definidos pela Comunicação da Comissão da UE 2014/C 19/04, no quadro das fontes de financiamento societário e, subsequentemente, atentaremos nos contornos de que aquela noção se reveste. Num segundo momento, seremos relegados para o plano nacional, concretamente para a figura do empréstimo participativo, conforme prevista no Decreto-Lei 11/2022, de 12 de janeiro, através do qual o legislador português visou introduzir uma figura já implementada noutros ordenamentos jurídicos e enquadrá-la na aceção da UE de investimento de quase-capital. Procuraremos apurar se o empréstimo participativo, conforme previsto naquele Decreto-Lei, respeita a moldura delineada pela Comissão quanto à noção de um investimento de quase-capital e se o seu regime constitui uma adição meritória ao ordenamento jurídico nacional, idónea para alcançar os objetivos fixados pelo legislador.
Faced with a business landscape predominantly made up of small and medium-sized companies, with particular difficulties in terms of access to credit, there has been a focus by EU institutions on promoting the reinforcement of the capital structure of these companies, namely through hybrid financial instruments, with characteristics of both equity and debt instruments. In this context, quasi-equity investments are presented as a plausible solution to the problem of undercapitalisation, serving as an attractive starting point for EU national legislators, particularly in light of the possibility of their being accounted for, even if only partially, as equity. This is the context in which, firstly, we will frame quasi-equity investments, as defined by the EU Commission's Communication 2014/C 19/04, within the framework of the sources of corporate financing and, subsequently, we will look at the contours of this concept. Secondly, we will move on to the national level, specifically to the figure of the participative loan, as foreseen in Decree-Law 11/2022, of 12 January, through which the Portuguese legislator aimed to introduce a figure already implemented in other legal systems and frame it as a quasiequity investment, in its EU definition. We will try to ascertain whether the participative loan, as foreseen in the abovementioned Decree-Law, respects the framework outlined by the Commission regarding the notion of a quasi-equity investment and whether its regime constitutes a worthy addition to the national legal system, capable of achieving the objectives set by the legislator.
Faced with a business landscape predominantly made up of small and medium-sized companies, with particular difficulties in terms of access to credit, there has been a focus by EU institutions on promoting the reinforcement of the capital structure of these companies, namely through hybrid financial instruments, with characteristics of both equity and debt instruments. In this context, quasi-equity investments are presented as a plausible solution to the problem of undercapitalisation, serving as an attractive starting point for EU national legislators, particularly in light of the possibility of their being accounted for, even if only partially, as equity. This is the context in which, firstly, we will frame quasi-equity investments, as defined by the EU Commission's Communication 2014/C 19/04, within the framework of the sources of corporate financing and, subsequently, we will look at the contours of this concept. Secondly, we will move on to the national level, specifically to the figure of the participative loan, as foreseen in Decree-Law 11/2022, of 12 January, through which the Portuguese legislator aimed to introduce a figure already implemented in other legal systems and frame it as a quasiequity investment, in its EU definition. We will try to ascertain whether the participative loan, as foreseen in the abovementioned Decree-Law, respects the framework outlined by the Commission regarding the notion of a quasi-equity investment and whether its regime constitutes a worthy addition to the national legal system, capable of achieving the objectives set by the legislator.
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Capital próprio Capital mezzanine Investimento de quase-capital Empréstimo participativo Conversão de créditos em capital Equity Mezzanine capital Quasi-equity investmen Participative loan Debt/equity swap
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