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Abstract(s)
Este trabalho de investigação tem como objetivo principal analisar a importância na decisão de crédito bancário, da introdução das operações de factoring, de confirming e documentárias, como instrumentos mitigadores do risco de crédito, de liquidez e de taxa de juro, com enfoque na concessão de crédito às empresas (PME), em especial em contexto recessivo.
A nível teórico contribui para reforçar que o risco de crédito influencia não só a liquidez concedida às empresas como o nível de pricing, e é maior nas PME do que nas GE. Perante cenários de crise, os reguladores procuram que os bancos sejam mais eficientes na gestão do risco de crédito o que poderá conduzir a restrições acrescidas na concessão de crédito, induzir um efeito pro-cíclico face à excessiva rigidez na libertação de liquidez às empresas, tendo os reguladores via Basileia III, vindo a dar particular atenção à criação de um buffer de capital adicional ao capital regulamentar, visando optimizar o financiamento bancário.
A dissertação utiliza uma metodologia faseada, que combina no âmbito da análise quantitativa duas etapas que se complementam. Suportado na revisão bibliográfica e em metodologias de análise de risco de duas ICB a que foi possível ter acesso. A primeira inclui uma investigação por questionário, incorporando a análise de estatísticas descritivas e fatorial. A segunda, com recurso a entrevistas suportadas em questionário - complementa a primeira, e pretende verificar se os bancos estão dispostos a emitir, face a mutuários de fraca qualidade, decisões de crédito favoráveis suportadas nas operações atrás identificadas.
Confirmam-se as previsões iniciais de que face à necessidade de financiamento do ciclo de exploração das empresas, pela sua natureza, as operações de factoring, de confirming e documentárias são uma alternativa ao crédito bancário tradicional, permitindo aos bancos emitir decisões de crédito favoráveis. Não obstante, perante mutuários cuja notação de risco seja de fraca qualidade os decisores deverão recusar promover decisões de crédito positivas.
A existência de formalidades excessivas inerentes a factoring e confirming, potencialmente redutoras do seu desenvolvimento e da sua utilização pelas empresas, influenciando por esta via negativamente o decisor de crédito, não são consensuais e não confirmam a literatura.
Conclui-se ainda que perante dificuldades dos bancos de acederem ao MMI, as operações de securitização/titularização são um instrumento potenciador da libertação pelos bancos de liquidez às empresas, e que, face a condicionantes macroeconómicas inerentes aos países de destino e ao nível de capital alocado, a existência de atividade internacional dos bancos não parece ser um fator capaz de influenciar positivamente a decisão de crédito bancário.
The research’s main goal is to analyse the importance in the decision of bank credit, of introduction of the factoring, confirming and documentary operations, as instruments that mitigate credit risk of liquidity and interest rate with focus on business credit (SME), especially in a recession context. Concerning the theoretical framework, this research argues that i) the credit risk influence not only the liquidity granted to the companies, but also the pricing level, being higher in the SME than in the big companies; ii) in crisis scenarios, the regulators seek to make banks more efficient in managing credit risk which can generate more restrictions to grant credit, inducing a pro-cyclical effect because of excessive rigidity in the release of liquidity to firms. The regulators through Basileia III have been focusing more in the creation of an additional capital buffer to regulatory capital, optimizing the bank financing. The dissertation uses a phased methodology, which combines in the scope of quantitative analysis two phases that complement both. Accessing to the bibliographic review and in methodologies of risk analysis of two ICB, the first includes an investigation by survey, incorporating the analysis of descriptive and factorial statistics. The second, based on an interview supported by a survey – it complements the first methodology, and it intends to verify if the banks are willing to issue, considering poor borrowers, decisions of favourable credit supported on the operation identified before. It is confirmed that the initial forecast about the need to finance the business exploitation cycle. The factoring, confirming and documentary operations are an alternative to traditional credit bank, allowing banks to issue favourable credit decisions. Nevertheless, towards borrowers, whose risk has weak quality, the decision makers should refuse promote decisions of positive credit. The existence of excessive formalities inherent to factoring and confirming, potentially reduces the development and the use by the companies, influencing by this way negatively the credit decision-maker. Furthermore, they are not consensual and do not confirm the literature. To conclude, even though banks have difficulties to access to IMM, the operations of securitisations are an instrument for the banks to release liquidity to companies. Moreover, the constraints macroeconomics inherent to destination countries and at capital allocated level, as well as the existence of international banks activities do not seem to be a factor to influence positively the decision of bank credit.
The research’s main goal is to analyse the importance in the decision of bank credit, of introduction of the factoring, confirming and documentary operations, as instruments that mitigate credit risk of liquidity and interest rate with focus on business credit (SME), especially in a recession context. Concerning the theoretical framework, this research argues that i) the credit risk influence not only the liquidity granted to the companies, but also the pricing level, being higher in the SME than in the big companies; ii) in crisis scenarios, the regulators seek to make banks more efficient in managing credit risk which can generate more restrictions to grant credit, inducing a pro-cyclical effect because of excessive rigidity in the release of liquidity to firms. The regulators through Basileia III have been focusing more in the creation of an additional capital buffer to regulatory capital, optimizing the bank financing. The dissertation uses a phased methodology, which combines in the scope of quantitative analysis two phases that complement both. Accessing to the bibliographic review and in methodologies of risk analysis of two ICB, the first includes an investigation by survey, incorporating the analysis of descriptive and factorial statistics. The second, based on an interview supported by a survey – it complements the first methodology, and it intends to verify if the banks are willing to issue, considering poor borrowers, decisions of favourable credit supported on the operation identified before. It is confirmed that the initial forecast about the need to finance the business exploitation cycle. The factoring, confirming and documentary operations are an alternative to traditional credit bank, allowing banks to issue favourable credit decisions. Nevertheless, towards borrowers, whose risk has weak quality, the decision makers should refuse promote decisions of positive credit. The existence of excessive formalities inherent to factoring and confirming, potentially reduces the development and the use by the companies, influencing by this way negatively the credit decision-maker. Furthermore, they are not consensual and do not confirm the literature. To conclude, even though banks have difficulties to access to IMM, the operations of securitisations are an instrument for the banks to release liquidity to companies. Moreover, the constraints macroeconomics inherent to destination countries and at capital allocated level, as well as the existence of international banks activities do not seem to be a factor to influence positively the decision of bank credit.
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Keywords
Gestão Bancária - Operações de financiamento Gestão Bancária - Gestão de risco Gestão Bancária - Crédito às empresas Factoring Confirming Documentárias