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Authors
Advisor(s)
Abstract(s)
O presente estudo tem como principal objetivo compreender a importância das demonstrações de fluxo
de caixa para a rendibilidade das empresas, especialmente das que fazem parte do setor de turismo. O
setor do turismo em Portugal tem um peso significativo no desenvolvimento económico do país sendo fundamental estudar as empresas que o constitui. Sendo a demonstração de fluxos de caixa um
documento obrigatório, para algumas empresas, e atendendo à informação relevante que a mesma nos
transmite, pretende-se determinar o impacto que a atividade operacional, de financiamento e
investimento tem na rendibilidade das empresas em análise.
Para o efeito recorreu-se aos dados financeiros e não financeiros das empresas em análise, extraídos
da base de dados Sistema de Análise de Balanços Ibéricos (SABI) e do Instituto Nacional de Estatística
(INE), para o período de 2016 a 2022. Adicionalmente, foram consultadas fontes complementares, como
o site oficial do Turismo de Portugal.
Após a caracterização da amostra procedeu-se à compreensão do impacto das referidas atividades na
rendibilidade das empresas do setor de turismo. A população compreendeu um total de 39.800
empresas ativas, totalizando cerca de 278.600 observações que posteriormente, foram aplicadas as
técnicas estatística, totalizaram cerca de 44.117 observações em que, 38.479 são das empresas que
não possuem a demonstração de fluxo de caixa e 5.638 observações são das empresas que possuem.
Os resultados obtidos, avaliados através do Economic Value Added (EVA), permitiram concluir que o
fluxo de caixa operacionais tem um impacto positivo de 30% na rendibilidade das empresas em estudo,
o fluxo de caixa da atividade de financiamento tem um impacto negativo de 15% e atividade de
investimento não é estatisticamente significativa. Destaca-se ainda que todos os fluxos de caixa têm
impacto na rendibilidade do setor de turismo medido pelo Resultados antes de Juros e impostos (EBIT),
bem como a existência de evidências estatísticas para afirmar que as variáveis localização e dimensão
tem impacto a nível dos cash-flows das atividades operacionais, investimentos e financiamentos na
rendibilidade das empresas do setor de turismo.
The main objective of this study is to understand the importance of cash flow statements for the profitability of companies, especially in the tourism sector, namely those in the CAE 55 and 56 - Accommodation and food services. To achieve the proposed main objective, the research question guiding this study is: “What is the impact of operating, investment and financing activities on the profitability of tourism companies?”. The financial and non-financial data of the companies under analysis were extracted from the Sistema de Análise de Balanços Ibéricos (SABI) database and the Instituto Nacional de Estatística (INE), for the period 2016 to 2022, and were processed using Excel® to prepare the sample variables and then analysed using SPSS software. Complementary sources were also consulted, such as the official Turismo de Portugal website. The first stage of the analysis, focused on characterizing the sample and understanding the impact of operating, investment and financing activities on the profitability of companies in the tourism sector, consisted of an exploratory descriptive analysis. This phase includes the application of univariate statistics to produce detailed descriptive information. The results are presented in frequency tables, both absolute and relative, and included calculations of measures of central tendency, such as the mean, and dispersion, such as the standard deviation, adjusted according to the particularities of the variables studied. The population comprised a total of 39,800 active companies, totalling around 278,600 observations which were then applied to the statistical techniques, totalling around 44,172 observations in which 38,479 are from companies that do not have a cash flow statement, and 5638 observations are from companies that do. The results show that operating cash flow has a positive impact of 30% on the profitability of companies in the tourism sector as measured by Economic Value Added (EVA), financing cash flow has a negative impact of 15% on the profitability of companies in the tourism sector as measured by EVA, and investment cash flow is not statistically significant and is excluded from the analysis through linear regression using the stepwise method. It should also be noted that all cash flows have an impact on the profitability of the tourism sector as measured by Earnings Before Interest and Taxes (EBIT), as well as the existence of statistical evidence to affirm that the location and size variables have an impact on the profitability of companies in the tourism sector in terms of cash flows from operating activities, investments and financing.
The main objective of this study is to understand the importance of cash flow statements for the profitability of companies, especially in the tourism sector, namely those in the CAE 55 and 56 - Accommodation and food services. To achieve the proposed main objective, the research question guiding this study is: “What is the impact of operating, investment and financing activities on the profitability of tourism companies?”. The financial and non-financial data of the companies under analysis were extracted from the Sistema de Análise de Balanços Ibéricos (SABI) database and the Instituto Nacional de Estatística (INE), for the period 2016 to 2022, and were processed using Excel® to prepare the sample variables and then analysed using SPSS software. Complementary sources were also consulted, such as the official Turismo de Portugal website. The first stage of the analysis, focused on characterizing the sample and understanding the impact of operating, investment and financing activities on the profitability of companies in the tourism sector, consisted of an exploratory descriptive analysis. This phase includes the application of univariate statistics to produce detailed descriptive information. The results are presented in frequency tables, both absolute and relative, and included calculations of measures of central tendency, such as the mean, and dispersion, such as the standard deviation, adjusted according to the particularities of the variables studied. The population comprised a total of 39,800 active companies, totalling around 278,600 observations which were then applied to the statistical techniques, totalling around 44,172 observations in which 38,479 are from companies that do not have a cash flow statement, and 5638 observations are from companies that do. The results show that operating cash flow has a positive impact of 30% on the profitability of companies in the tourism sector as measured by Economic Value Added (EVA), financing cash flow has a negative impact of 15% on the profitability of companies in the tourism sector as measured by EVA, and investment cash flow is not statistically significant and is excluded from the analysis through linear regression using the stepwise method. It should also be noted that all cash flows have an impact on the profitability of the tourism sector as measured by Earnings Before Interest and Taxes (EBIT), as well as the existence of statistical evidence to affirm that the location and size variables have an impact on the profitability of companies in the tourism sector in terms of cash flows from operating activities, investments and financing.
Description
Mestrado APNOR
Keywords
Fluxo de caixa Atividades operacionais Atividades de investimento e de financiamento Localização e dimensão