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Em Portugal, desde 2013, o Código do IRC prevê uma limitação quantitativa aos gastos de financiamento líquidos que poderão ser deduzidos na base tributável, especificamente, até ao maior entre €1 M e 30% do EBTIDA ajustado. No período em análise, este regime impediu a dedução de gastos de financiamento no montante de €1.268,7 M por ano.
O objeto desta dissertação corresponde à avaliação se, e em que medida, o regime dos gastos de financiamento líquidos promoveu uma alteração na estrutura de capital das empresas portuguesas, especificamente o aumento do financiamento por capital próprio ao invés de passivo.
Mediante uma regressão “difference-in-differences”, concluiu-se que, após a introdução do regime dos gastos de financiamento líquidos, as empresas impactadas pelo regime (“grupo de tratamento”) reduziram o seu endividamento financeiro e endividamento total, respetivamente, em mais 4,4 e 5,9 pontos percentuais do que as empresas não impactadas (“grupo de controlo”). Em termos de magnitude, estes valores correspondem, respetivamente, a 8,6% e 8,2% do endividamento financeiro e endividamento total do grupo de tratamento anteriormente ao regime. Adicionalmente, o grupo de tratamento reduziu com sucessiva maior intensidade o seu endividamento, padrão, hipoteticamente, causado por constrangimentos iniciais à adaptação da estrutura de capital ou pela possibilidade de reporte dos gastos de financiamento excessivos durante 5 anos.
In Portugal, from 2013 onwards, a quantitative limitation applies to the amount of net financing expenses that can be deducted on the tax basis of the Corporate Income Tax, specifically, the higher between €1 M and 30% of an adjusted EBITDA. During the period in analysis, this regime precluded the deduction of financing expenses of €1,268.7 M per year. The purpose of this dissertation is to assess if, and to which extent, the net financing expenses regime promoted a change on the capital structure of Portuguese companies, notably an increase of equity financing in lieu of debt financing. Under a difference-in-differences regression, it was concluded that, upon enactment of the net financing expenses regime, the entities impacted by the regime (“treatment group”) decreased its financial leverage and total leverage, respectively, in 4.4 and 5.9 percentage points more than the entities not impacted (“control group”). In terms of magnitude, these figures correspond, respectively, to 8.6% and 8.2% of the average financial leverage and total leverage of the treatment group prior to the regime. Moreover, the treatment group reduced its leverage with successive more intensity, pattern, hypothetically, caused by initial constraints to adjust the capital structure or by the possibility to carryforward excessive financing expenses during 5 years.
In Portugal, from 2013 onwards, a quantitative limitation applies to the amount of net financing expenses that can be deducted on the tax basis of the Corporate Income Tax, specifically, the higher between €1 M and 30% of an adjusted EBITDA. During the period in analysis, this regime precluded the deduction of financing expenses of €1,268.7 M per year. The purpose of this dissertation is to assess if, and to which extent, the net financing expenses regime promoted a change on the capital structure of Portuguese companies, notably an increase of equity financing in lieu of debt financing. Under a difference-in-differences regression, it was concluded that, upon enactment of the net financing expenses regime, the entities impacted by the regime (“treatment group”) decreased its financial leverage and total leverage, respectively, in 4.4 and 5.9 percentage points more than the entities not impacted (“control group”). In terms of magnitude, these figures correspond, respectively, to 8.6% and 8.2% of the average financial leverage and total leverage of the treatment group prior to the regime. Moreover, the treatment group reduced its leverage with successive more intensity, pattern, hypothetically, caused by initial constraints to adjust the capital structure or by the possibility to carryforward excessive financing expenses during 5 years.
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Estrutura de capital Endividamento Gastos de financiamento líquidos Imposto sobre o Rendimento das Pessoas Coletivas (IRC) Capital structure Leverage Net financing expenses Interest limitation rule Interest barrier rules Corporate Income Tax (CIT)