Capital de risco e financiamento bancário: custos e benefícios jurídico-económicos para as empresas portuguesas

• Autor(a) principal: Ramos, Marta Isabel Santos Fernandes dos
• Data de Publicação: 2010
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10216/63872
• topic: Ciências Jurídico-Económicas; Legal and Economic Sciences; Porto

Venture capital and bank financing are two sources of finance at Portuguese enterprises disposal. The bank financing is one of the financing resources that is most sought by the Portuguese enterprises. However, nowadays, the enterprises face a series of difficulties in what concerns the access to this resource. Thus, it is necessary to consider financing alternatives, such as the venture capital. This study aims to evaluate, on a qualitative perspective, which are the economic and legal costs and benefits of the venture capital and of the bank financing, and also its impact on the Portuguese enterprises. In order to accomplish such objectives, both types of financing were contextualized in the national legal framework. In our legal system there are several kinds of granting loans techniques, which may be useful for the enterprises. Leasing is an example of this fact. The legal framework for the venture capital does not pose significant obstacles to the development of its activity. The fiscal treatment, mainly tax benefits, is, however, not adjusted, especially to business angels. Having as a purpose the effective attainment of the outlined objectives, a questionnaire, that allowed gathering the information needed for analysis, was prepared. This questionnaire aimed to obtain data concerning, particularly, the legal-economic costs and benefits for the participation of the venture capital and the bank financing in the inquired enterprises. On the other hand, this instrument allowed the collection of other data, such as the difficulties that were faced when attempting the access to finance and the attractiveness of venture capital, and other more, when compared to bank financing. The obtained results suggest that one of the benefits of both venture capital and bank financing is the recognition of new opportunities to enterprises. According to the obtained results, the costs of venture capital proceed mainly of the relation between the venture capitalist and the entrepreneur. In what concerns the bank financing, the results suggest that the providence of patrimonial and/or personal warranties is one of the main costs to enterprises. The present research demonstrates that venture capital can be decisive to some enterprises existence. The results also show that this instrument is a good financing option for the Portuguese enterprises, especially in the present conditions for the access to finance.