O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.22/19539 |
Resumo: | In recent decades, there has been a growing internationalization of the economy, which implies an increase in the market risk to which companies are exposed. In this sense, companies feel a growing need to manage this risk, which can be carried out through derivative instruments. For this reason, the use of derivative instruments has grown exponentially. The hedge accounting method shall be applied to the derivatives of the above, in accordance with the accounting standard in force - IFRS 9. Thus, this study aimed to understand the impact of the use of derivative instruments on the company's book value, its market value and value for the investor and to understand the extent to which there are differences between the communications, retail, and technology sectors. The evaluation of this impact was based on variables that represent the proportion of the notional value and the market value of the hedging instruments to which hedge accounting is applied and the impact of the effective and ineffective proportion of the coverage ratio. The study was based on annual reports published by companies listed on the S&P500 market in the sectors mentioned. The results obtained allow us to conclude that, in general, the accounting value of the company is affected by the effective proportion of the hedging ratio and the value of the company to the investor is affected by the proportion of the notional value of the coverage instruments to which hedge accounting is applied. The company's market value was not affected using hedge accounting. There were divergences between the sectors under study. In the communications sector, the application of hedge accounting has no impact. In the retail sector, the company's book value is affected by the effective and ineffective proportion of the coverage ratio. Finally, in the technology sector, the value of the company to the investor is affected by the proportion of the notional value of the hedging instruments to which hedge accounting is applied. |
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O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologiasHedge accountingGestão de riscoInstrumentos derivadosValor da empresaIFRS 9Risk managementDerivativesCompany valueContabilidadeIn recent decades, there has been a growing internationalization of the economy, which implies an increase in the market risk to which companies are exposed. In this sense, companies feel a growing need to manage this risk, which can be carried out through derivative instruments. For this reason, the use of derivative instruments has grown exponentially. The hedge accounting method shall be applied to the derivatives of the above, in accordance with the accounting standard in force - IFRS 9. Thus, this study aimed to understand the impact of the use of derivative instruments on the company's book value, its market value and value for the investor and to understand the extent to which there are differences between the communications, retail, and technology sectors. The evaluation of this impact was based on variables that represent the proportion of the notional value and the market value of the hedging instruments to which hedge accounting is applied and the impact of the effective and ineffective proportion of the coverage ratio. The study was based on annual reports published by companies listed on the S&P500 market in the sectors mentioned. The results obtained allow us to conclude that, in general, the accounting value of the company is affected by the effective proportion of the hedging ratio and the value of the company to the investor is affected by the proportion of the notional value of the coverage instruments to which hedge accounting is applied. The company's market value was not affected using hedge accounting. There were divergences between the sectors under study. In the communications sector, the application of hedge accounting has no impact. In the retail sector, the company's book value is affected by the effective and ineffective proportion of the coverage ratio. Finally, in the technology sector, the value of the company to the investor is affected by the proportion of the notional value of the hedging instruments to which hedge accounting is applied.Nas últimas décadas, tem-se assistido à crescente internacionalização da economia, o que implica um aumento do risco de mercado a que as empresas estão expostas. Neste sentido, as empresas sentem uma necessidade crescente de fazer a gestão desse risco, podendo este ser realizada através do recurso a instrumentos derivados. Por esse motivo, a utilização de instrumentos derivados tem crescido de forma exponencial. Aos instrumentos derivados referidos deverá ser aplicado o método de hedge accounting, conforme a norma contabilística em vigor – International Financial Reporting Standards (IFRS) 9. Desta forma, este estudo teve como objetivos compreender o impacto da utilização de instrumentos derivados no valor contabilístico da empresa, no seu valor de mercado e no valor para o investidor e perceber em que medida existem diferenças entre os setores das comunicações, retalho e tecnologias. A avaliação desse impacto foi realizada com base em variáveis que representam a proporção do valor nocional e do valor de mercado dos instrumentos de cobertura aos quais é aplicado hedge accounting e o impacto da proporção eficaz e ineficaz da relação de cobertura. O estudo é realizado com base nos relatórios e contas publicados pelas empresas cotadas no mercado S&P500 dos setores referidos. Os resultados obtidos permitem concluir que, de forma geral, o valor contabilístico da empresa é afetado pela proporção eficaz da relação de cobertura e o valor da empresa para o investidor é afetado pela proporção do valor nocional dos instrumentos de cobertura aos quais é aplicado hedge accounting. O valor de mercado da empresa não foi afetado pela utilização de hedge accounting. Verificou-se a existência de divergências entre os setores em estudo. No setor das comunicações, a aplicação de hedge accounting não tem qualquer impacto. No setor do retalho, o valor contabilístico da empresa é afetado pela proporção eficaz e ineficaz da relação de cobertura. Por fim, no setor das tecnologias, o valor da empresa para o investidor é afetado pela proporção do valor nocional dos instrumentos de cobertura aos quais é aplicado hedge accounting.Silva, Rui Filipe Pereira Bertuzi daRepositório Científico do Instituto Politécnico do PortoSousa, Ana Rafaela Cardoso de2022-01-18T10:47:14Z2021-11-192021-11-19T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.22/19539TID:202886310porinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-13T13:14:07Zoai:recipp.ipp.pt:10400.22/19539Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:39:34.472807Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
title |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
spellingShingle |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias Sousa, Ana Rafaela Cardoso de Hedge accounting Gestão de risco Instrumentos derivados Valor da empresa IFRS 9 Risk management Derivatives Company value Contabilidade |
title_short |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
title_full |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
title_fullStr |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
title_full_unstemmed |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
title_sort |
O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias |
author |
Sousa, Ana Rafaela Cardoso de |
author_facet |
Sousa, Ana Rafaela Cardoso de |
author_role |
author |
dc.contributor.none.fl_str_mv |
Silva, Rui Filipe Pereira Bertuzi da Repositório Científico do Instituto Politécnico do Porto |
dc.contributor.author.fl_str_mv |
Sousa, Ana Rafaela Cardoso de |
dc.subject.por.fl_str_mv |
Hedge accounting Gestão de risco Instrumentos derivados Valor da empresa IFRS 9 Risk management Derivatives Company value Contabilidade |
topic |
Hedge accounting Gestão de risco Instrumentos derivados Valor da empresa IFRS 9 Risk management Derivatives Company value Contabilidade |
description |
In recent decades, there has been a growing internationalization of the economy, which implies an increase in the market risk to which companies are exposed. In this sense, companies feel a growing need to manage this risk, which can be carried out through derivative instruments. For this reason, the use of derivative instruments has grown exponentially. The hedge accounting method shall be applied to the derivatives of the above, in accordance with the accounting standard in force - IFRS 9. Thus, this study aimed to understand the impact of the use of derivative instruments on the company's book value, its market value and value for the investor and to understand the extent to which there are differences between the communications, retail, and technology sectors. The evaluation of this impact was based on variables that represent the proportion of the notional value and the market value of the hedging instruments to which hedge accounting is applied and the impact of the effective and ineffective proportion of the coverage ratio. The study was based on annual reports published by companies listed on the S&P500 market in the sectors mentioned. The results obtained allow us to conclude that, in general, the accounting value of the company is affected by the effective proportion of the hedging ratio and the value of the company to the investor is affected by the proportion of the notional value of the coverage instruments to which hedge accounting is applied. The company's market value was not affected using hedge accounting. There were divergences between the sectors under study. In the communications sector, the application of hedge accounting has no impact. In the retail sector, the company's book value is affected by the effective and ineffective proportion of the coverage ratio. Finally, in the technology sector, the value of the company to the investor is affected by the proportion of the notional value of the hedging instruments to which hedge accounting is applied. |
publishDate |
2021 |
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2021-11-19 2021-11-19T00:00:00Z 2022-01-18T10:47:14Z |
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