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No presente trabalho analisou‐se o contributo do programa Portugal 2020
para o financiamento das empresas portuguesas, especificamente para as
Pequenas e Médias Empresas (PME).
Para dar resposta à questão de investigação – Qual o contributo do Programa do
Portugal 2020 para o financiamento das empresas portuguesas? –, analisou‐se o
impacto do financiamento via Portugal 2020 na estrutura de capital das
empresas selecionadas e, consequentemente, no seu valor de mercado.
Concluiu‐se que os instrumentos do Portugal 2020 permitem não só mitigar
problemas de sub‐investimento, como aumentar o valor de mercado das
empresas por via da redução do seu custo médio ponderado de capital.
De facto, sem este apoio as empresas selecionadas teriam que realizar o
projeto de investimento de forma faseada, numa lógica descontínua e por um
período de tempo mais alargado por forma a suavizar a sobrecarga
financeira do respetivo investimento. Já no caso de aprovação da
candidatura, i.e., de atribuição de cofinanciamento ao projeto, o esforço
financeiro exigido será significativamente menor tornando exequível a
redução do seu prazo de execução. Assim, a obtenção do incentivo possibilita
que os investimentos sejam realizados em tempo útil à concretização dos
objetivos propostos.
Finalmente, com base na análise de valor implementada, conclui‐se que
quando a empresa é financiada por via de qualquer instrumento de
financiamento do Portugal 2020, o seu valor de mercado aumenta
substancialmente em resultado da diminuição do WACC, confirmando‐se o
impacto positivo do Portugal 2020 no valor das PME portuguesas.
In this project we investigate the Portugal 2020 contribution for Portuguese companies, specifically for Small and Medium Enterprises (SME). To address the research question ‐ What is the contribution of the Portugal 2020 Programme in the financing of Portuguese companies? ‐ we examined the Portugal 2020 impact on the selected corporates capital structure, and, consequently, on its market value. We concluded that the Portugal 2020 financing instruments allow, not only to mitigate underinvestment problems, but also to increase the company market value by reducing its weighted average cost of capital (WACC). In fact, without this support, the selected companies would have to make this investment project more phased and for a longer period of time in order to moderate the financial liability of the investment project. In the case of application approval, i.e., assignment of co‐financing the project, the required financial effort will be significantly lower, which reduces its execution time. Therefore, obtaining the incentive permits the investments’ completion in an appropriated time and thus to achieve the proposed objectives. Finally, we concluded that when the company is financed through Portugal 2020, its market value increases substantially as a result of the WACC decrease, confirming the positive impact of Portugal 2020 in the Portuguese SME market value.
In this project we investigate the Portugal 2020 contribution for Portuguese companies, specifically for Small and Medium Enterprises (SME). To address the research question ‐ What is the contribution of the Portugal 2020 Programme in the financing of Portuguese companies? ‐ we examined the Portugal 2020 impact on the selected corporates capital structure, and, consequently, on its market value. We concluded that the Portugal 2020 financing instruments allow, not only to mitigate underinvestment problems, but also to increase the company market value by reducing its weighted average cost of capital (WACC). In fact, without this support, the selected companies would have to make this investment project more phased and for a longer period of time in order to moderate the financial liability of the investment project. In the case of application approval, i.e., assignment of co‐financing the project, the required financial effort will be significantly lower, which reduces its execution time. Therefore, obtaining the incentive permits the investments’ completion in an appropriated time and thus to achieve the proposed objectives. Finally, we concluded that when the company is financed through Portugal 2020, its market value increases substantially as a result of the WACC decrease, confirming the positive impact of Portugal 2020 in the Portuguese SME market value.
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Portugal 2020 Estrutura de capital Instrumentos de financiamento Criação de valor Capital structure Financing instruments Value creation