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Authors
Advisor(s)
Abstract(s)
Este trabalho tem por objetivo determinar o valor de uma empresa, com o recurso a
diferentes modelos de avaliação. Como metodologia adotou-se o estudo de caso, com o
propósito de avaliar as insuficiências e as limitações inerentes às diferentes abordagens.
Os valores obtidos sugerem que não existe um procedimento único ou formulação
exata, dada a multiplicidade de elementos que os podem condicionar, nomeadamente os
procedimentos contabilísticos (critérios e normas de valorização), valor aleatório,
importância relativa de algumas variáveis e subjetividade no ato de valorização. Estas
imprecisões dificultam o consenso em torno das estimações efetuadas.
Os maiores constrangimentos na implementação das diferentes abordagens de avaliação
numa empresa de média dimensão decorrem de uma incorreta aplicação dos critérios
contabilísticos, da ausência de uma remuneração explícita dos capitais próprios e da
inexistência de estratégias explícitas que permitam determinar os fluxos de rendimento
futuros.
ABSTRACT: This work aims to compare the results achieved by applying the different models of business valuation. The methodology adopted was to develop a case study, which intends to analyze the insufficiency and the limitations of each approach. The results suggest that there is no unique procedure or exact formulation, considering the multiplicity of elements that can condition the value of the enterprise - the accounting procedures, the random value, the relative importance of some variables and the subjectivity in the valuation act. These inaccuracies hamper the consensus on the estimations made. The major constraints that have occurred, resulting from the application of valuation models to a medium-sized enterprise, were related with the misapplication of accounting principles, with the absence of an explicit return on equity and with the lack of strategies outlined and continually evaluated allowing a precise definition of the future income flows.
ABSTRACT: This work aims to compare the results achieved by applying the different models of business valuation. The methodology adopted was to develop a case study, which intends to analyze the insufficiency and the limitations of each approach. The results suggest that there is no unique procedure or exact formulation, considering the multiplicity of elements that can condition the value of the enterprise - the accounting procedures, the random value, the relative importance of some variables and the subjectivity in the valuation act. These inaccuracies hamper the consensus on the estimations made. The major constraints that have occurred, resulting from the application of valuation models to a medium-sized enterprise, were related with the misapplication of accounting principles, with the absence of an explicit return on equity and with the lack of strategies outlined and continually evaluated allowing a precise definition of the future income flows.
Description
Mestrado em Finanças Empresariais
Keywords
Avaliação de empresas Óticas de avaliação Sector da distribuição alimentar PME
Citation
Publisher
Instituto Politécnico de Viseu. Escola Superior de Tecnologia e Gestão de Viseu