Composição dos activos e seu impacto sobre o nível de endividamento da empresa: o caso da Petróleos de Moçambique, S.A.R.L.- PETROMOC

Abstract

Capital structure is still a controversial and much discussed topic in the field of corporate finance. Since the irrelevance propositions of Miller and Modilgiani (1958), several studies have been carried out in order to investigate which factors best explain how firms define their debt policy or capital structure. Several of these studies point to the composition of assets (tangible assets versus intangible assets), a factor also known as tangibility of assets, as a variable with significant impact on the degree of indebtedness of firms, given the ability of tangible assets to serve as collateral when contracting debt/loans. This paper analyzes the effect that the asset composition variable has on the level of indebtedness of firms. More specifically, the work will consist of a case study of the company Petróleos de Moçambique, S.A.R.L. - PETROMOC, a company in the energy sector of the country, which has as its main object all activities related to the branch of transportation and distribution of oil and its derivatives, besides natural gas. The study used the company's accounting data for the period from 2000 to 2006, and the linear regression analysis technique by the least squares method was applied. The variables were defined based on previous empirical studies, the available data and the formulated hypotheses. The results found indicated that PETROMOC uses more short-term debt than long-term debt, and that the asset composition factor influences, albeit only slightly, PETROMOC's level of indebtedness.

(TRADUÇÃO NOSSA)