O Cash Value Added (CVA) como o indicador de avaliação do desempenho
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2021
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Nas últimas décadas, o contexto empresarial tem vindo a sofrer várias alterações
rápidas e determinantes, uma vez que a globalização e as inovações tecnológicas passaram a
influenciar a competitividade global e aumentar o risco na tomada de decisão das empresas.
Os métodos tradicionais usados na avaliação de desempenho das empresas deixaram de ser
suficientes e surgiu então a necessidade de desenvolver outros indicadores que
acompanhassem melhor os gestores na criação de valor das empresas. Apareceram então
novos indicadores financeiros, os indicadores de criação de valor, cujo objetivo era maximizar
a criação de riqueza para os acionistas ao longo do tempo. Estes indicadores vieram substituir
os tradicionais de base contabilística, com especial referência para o : Cash Value Added
(CVA - Valor Monetário Adicionado) e o Economic Value Added (EVA - Valor Económico
Adicionado).
A presente dissertação, que adotou um formato de estudo de caso, tem como objetivo
estudar o indicador financeiro que retrata os resultados financeiros de três empresas, o CVA,
por comparação com o indicador financeiro EVA. As empresas selecionadas estão cotadas na
Euronext, e são as seguintes: CTT – Correios de Portugal, S.A, IMPRESA – SGPS, S.A, e
Teixeira Duarte, S.A.
Os dados obtidos, através de análise às demonstrações financeiras, permitiram o
cálculo de diversas variáveis, como o índice beta, resultado operacional ajustado, custo médio
ponderado (WACC), capital investido, amortização económica, e dos indicadores CVA e
EVA. Verificou-se que o CVA apresenta valores positivos e negativos, que parecem refletir a
criação de valor das empresas, podendo assim considerar-se que é um indicador adequado. No
entanto, apenas para as empresas CTT e na Texeira Duarte, se obteve uma variação mais
regular dos valores do CVA no período estudado. A empresa Impresa apresenta valores
negativos nos primeiros anos e no ultimo ano teve um valor positivo. Os valores negativos do
CVA para a empresa IMPRESA confirma que a empresa não criou valor para os acionistas,
situação que está associado a um clima financeiro instável, ao contrário dos valores positivos
apresentados.
Adicionalmente, observámos que a instabilidade dos mercados financeiros no período
analisado tornou problemático o estudo da relação causa-efeito da performance empresarial,
dificultando a compreensão da relação entre o CVA e EVA, e do potencial de um indicador
face ao outro.
In the last decades, the business context has undergone several rapid and decisive changes, since globalization and technological innovations have started to influence global competitiveness and increase risk in companies' decision making. The traditional methods used in assessing the performance of companies were no longer sufficient and the need arose to develop other indicators that would better accompany managers in creating company value. Then new financial indicators appeared, the indicators of value creation, whose objective was to maximize the creation of value for shareholders over time. These indicators replaced the traditional accounting-based indicators, with special reference to: Cash Value Added (CVA - Monetary Value Added) and Economic Value Added (EVA - Economic Value Added). The present dissertation, which adopted a case study format, aims to study the financial indicator that depicts the financial results of three companies, CVA, by comparison with the financial indicator EVA. The selected companies were CTT - Correios de Portugal, S.A, IMPRESA - SGPS, S.A, and Teixeira Duarte, S.A., for being listed on the Portuguese stock exchange, and the study was carried out from 2016 to 2018. The data obtained, through documentary analysis, allowed the calculation of several variables, such as the beta index, adjusted operating result, weighted average cost (WACC), invested capital, economic mutatisation, and the CVA and EVA indicators. It was found that the CVA has positive and negative values, which seem to reflect the creation of companies' value, thus being considered an adequate indicator. However, only for the company CTT and Teixeira Duarte, a more regular variation of the CVA values was obtained over the years, The company presents negative values in the first yers, and in the last yers it had a positive value growth. The negative CVA values for the companies CTT and IMPRESA confirmed that the companies did not create value for shareholders, a situation that is associated with an unstable financial climate, contrary to the positive values presented. As a conclusion, it can be said that the instability of the financial markets in the analyzed period made the study of the cause-effect relationship of business performance problematic, as well as not facilitating the understanding of the relationship between the CVA and EVA, and the potential of an indicator vis-à-vis the other.
In the last decades, the business context has undergone several rapid and decisive changes, since globalization and technological innovations have started to influence global competitiveness and increase risk in companies' decision making. The traditional methods used in assessing the performance of companies were no longer sufficient and the need arose to develop other indicators that would better accompany managers in creating company value. Then new financial indicators appeared, the indicators of value creation, whose objective was to maximize the creation of value for shareholders over time. These indicators replaced the traditional accounting-based indicators, with special reference to: Cash Value Added (CVA - Monetary Value Added) and Economic Value Added (EVA - Economic Value Added). The present dissertation, which adopted a case study format, aims to study the financial indicator that depicts the financial results of three companies, CVA, by comparison with the financial indicator EVA. The selected companies were CTT - Correios de Portugal, S.A, IMPRESA - SGPS, S.A, and Teixeira Duarte, S.A., for being listed on the Portuguese stock exchange, and the study was carried out from 2016 to 2018. The data obtained, through documentary analysis, allowed the calculation of several variables, such as the beta index, adjusted operating result, weighted average cost (WACC), invested capital, economic mutatisation, and the CVA and EVA indicators. It was found that the CVA has positive and negative values, which seem to reflect the creation of companies' value, thus being considered an adequate indicator. However, only for the company CTT and Teixeira Duarte, a more regular variation of the CVA values was obtained over the years, The company presents negative values in the first yers, and in the last yers it had a positive value growth. The negative CVA values for the companies CTT and IMPRESA confirmed that the companies did not create value for shareholders, a situation that is associated with an unstable financial climate, contrary to the positive values presented. As a conclusion, it can be said that the instability of the financial markets in the analyzed period made the study of the cause-effect relationship of business performance problematic, as well as not facilitating the understanding of the relationship between the CVA and EVA, and the potential of an indicator vis-à-vis the other.
Descrição
Orientação: João Miguel Capela Borralho ; co-orientação: Isabel Soares de Moura
Palavras-chave
MESTRADO EM CONTABILIDADE E FISCALIDADE, CONTABILIDADE, AVALIAÇÃO DO DESEMPENHO, ACCOUNTING, PERFORMANCE EVALUATION