| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 1.56 MB | Adobe PDF |
Orientador(es)
Resumo(s)
No ano 2012, de forma a reduzir o nível de insolvências em Portugal, a Assembleia da República Portuguesa aprovou a Lei 16/2012, que prevê a introdução no Código das Insolvências e Recuperação de Empresas de um mecanismo de apoio a empresas em situação de falência iminente, intitulado Processo Especial de Revitalização (PER).
O presente estudo visa procurar diferenças em termos de performance e da posição financeira das empresas que recorreram a este processo. Para tal, foram comparados os rácios financeiros relativos a Liquidez, Alavancagem, Rentabilidade e Eficiência das empresas que recorreram ao PER e de um grupo de controlo (escolhido por setor de atividade e total de ativos). A segunda questão proposta a investigar é a temática da qualidade de informação, especificamente a existência de indícios de manipulação de resultados contabilísticos por parte das empresas em PER. De facto, é apontado por Jaggi e Lee (2002) e Ahmed e Salah (2005) que as empresas em processos de renegociação de dívida apresentam accruals discricionários que demonstram práticas de manipulação de resultados.
As conclusões do nosso estudo mostram, em primeiro lugar, que existem diferenças significativas nos rácios financeiros apresentados pelo grupo de empresas em PER (face ao grupo de controlo), e, em segundo lugar, que existem indícios de manipulação de resultados no grupo de empresas em Processo Especial de Revitalização, não sendo, no entanto, a evidência empírica deste facto inequívoca.
In 2012 the Portuguese Republic Assembly approved the introduction of a support mechanist to aid Portuguese companies in near-insolvency conditions to restructure their debt and sustain their activity. This mechanism, entitled Processo Especial de Revitalização (PER), was introduced in the Portuguese Insolvency Code (Código das Insolvências e Recuperação das Empresas) and is one of the main measures adopted to reduce the overall insolvency level in Portugal. The present study aims to find differences in the financial position and performance of companies that are going through the PER. For that goal, several financial ratios regarding Liquidity, Leverage, Profitability and Efficiency were compared between the companies that are in PER and a control group (selected by industry and total assets). The second issue to be discussed is the existence, as pointed by previous literature, of earnings management practices by the group of companies in PER. Previous studies by Jaggi & Lee (2002) and Ahmed & Salah (2005) point to the existence of such practice in companies that are involved in debt restructuring processes. The performed analysis shows that, firstly, there are significant differences between the evolution of the financial ratios of companies in PER and the control group and, secondly, that there are signs pointing towards the existence of income reducing earnings management practices by companies in PER, although further research and evidence must be obtained to strengthen our conclusions.
In 2012 the Portuguese Republic Assembly approved the introduction of a support mechanist to aid Portuguese companies in near-insolvency conditions to restructure their debt and sustain their activity. This mechanism, entitled Processo Especial de Revitalização (PER), was introduced in the Portuguese Insolvency Code (Código das Insolvências e Recuperação das Empresas) and is one of the main measures adopted to reduce the overall insolvency level in Portugal. The present study aims to find differences in the financial position and performance of companies that are going through the PER. For that goal, several financial ratios regarding Liquidity, Leverage, Profitability and Efficiency were compared between the companies that are in PER and a control group (selected by industry and total assets). The second issue to be discussed is the existence, as pointed by previous literature, of earnings management practices by the group of companies in PER. Previous studies by Jaggi & Lee (2002) and Ahmed & Salah (2005) point to the existence of such practice in companies that are involved in debt restructuring processes. The performed analysis shows that, firstly, there are significant differences between the evolution of the financial ratios of companies in PER and the control group and, secondly, that there are signs pointing towards the existence of income reducing earnings management practices by companies in PER, although further research and evidence must be obtained to strengthen our conclusions.
Descrição
Palavras-chave
PER Performance Accruals Financial restructuring Reestruturação financeira