O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologias

• Autor(a) principal: Sousa, Ana Rafaela Cardoso de
• 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
• topic: Hedge accounting; Gestão de risco; Instrumentos derivados; Valor da empresa; IFRS 9; Risk management; Derivatives; Company value; Contabilidade

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.