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Abstract(s)
O interesse por parte da academia pela importância do financiamento via capital de risco
para o crescimento das pequenas e médias empresas (PME) tem crescido. A dificuldade
das PME em aceder ao financiamento bancário tem sido identificada como um
fator que limita seu crescimento.
A presente dissertação visa analisar o impacto do financiamento de capital de risco no
crescimento das PME pertencentes à Península Ibérica. Para se atingir o objetivo desta
dissertação, procedeu-se à recolha de dados relativos a 160 PME que possuíam
investidores de capital de risco na sua estrutura acionista, durante o período
compreendido entre 2013 e 2022, da base de dados Orbis. Para analisar os dados
recolhidos, recorreu-se ao estimador GMM system.
O modelo em análise consiste no crescimento das PME como variável dependente, e nas
variáveis crescimento no período anterior, endividamento, dimensão, idade, dummy
VCs e dummy País como variáveis explicativas.
Os resultados sugerem que as PME ibéricas com investidores de capital de risco na sua
estrutura acionista apresentam níveis superiores de crescimento no período analisado.
Também se observou que o crescimento entre o período anterior e o período corrente é
mais persistente para este tipo de empresas. Os resultados obtidos destacam a
importância do financiamento via capital de risco para o crescimento sustentável das
PME.
The importance of venture capital financing for the growth of small and medium-sized enterprises (SMEs) has increased the interest of researchers. The difficulty in accessing traditional finance for SMEs has been identified as a factor restricting the growth of SMEs. In this sense, the goal of this study is to analyze the impact of venture capital financing on the growth of Iberian SMEs. To accomplish the objective of this dissertation, data was collected from the Orbis database for 160 SMEs with venture capital investors in their shareholder structure, during the period from 2013 to 2022. The collected data is analyzed using the GMM system estimator. The model under analysis consisted of growth as the outcome variable, and growth in the previous period, size, indebtedness, age, VC dummy and country dummy as explanatory variables. The results indicate that Iberian SMEs with venture capital investors in their shareholder structure show higher levels of growth in the analyzed period, in addition to a greater persistence of growth between the previous period and the current period. These results highlight the importance of venture capital financing for the sustainable growth of SMEs.
The importance of venture capital financing for the growth of small and medium-sized enterprises (SMEs) has increased the interest of researchers. The difficulty in accessing traditional finance for SMEs has been identified as a factor restricting the growth of SMEs. In this sense, the goal of this study is to analyze the impact of venture capital financing on the growth of Iberian SMEs. To accomplish the objective of this dissertation, data was collected from the Orbis database for 160 SMEs with venture capital investors in their shareholder structure, during the period from 2013 to 2022. The collected data is analyzed using the GMM system estimator. The model under analysis consisted of growth as the outcome variable, and growth in the previous period, size, indebtedness, age, VC dummy and country dummy as explanatory variables. The results indicate that Iberian SMEs with venture capital investors in their shareholder structure show higher levels of growth in the analyzed period, in addition to a greater persistence of growth between the previous period and the current period. These results highlight the importance of venture capital financing for the sustainable growth of SMEs.
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Keywords
Crescimento Financiamento de Capital de Risco Pme