A carregar...
Publicação
Utilização de instrumentos financeiros derivados em Moçambique
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 775.96 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
A utilização de derivados é cada vez mais comum nas empresas modernas, sendo estes instrumentos utilizados na cobertura de diferentes riscos a que as empresas estão expostas. Embora as empresas moçambicanas estejam expostas a diferentes categorias de risco, constata-se que a utilização de instrumentos derivados é inexpressiva em Moçambique.
Assim, o objectivo desta pesquisa é estudar a utilização dos derivados em Moçambique, analisando o nível de utilização, perfil dos usuários, tipos de instrumentos e os motivos de sua contratação.
Do estudo realizado, concluiu-se que a utilização dos derivados ainda é pouco expressiva em Moçambique, sendo que esses instrumentos não são transacionados em bolsa e são oferecidos por um reduzido número de bancos comerciais. Constatou-se também que os bancos que oferecem derivados, detém uma carteira muito reduzida de clientes nestes produtos. Conclui-se ainda que o principal motivo para o recurso aos derivados em Moçambique é a cobertura de risco e que os derivados de maior utilização são os derivados cambiais. Quanto às características dos utilizadores, os dados da pesquisa indicam que os derivados são utilizados por grandes e médias empresas, numa proporção de 86% e 14% respectivamente, não tendo sido reportado o uso por micro e pequenas empresas. Dentre as grandes empresas, a taxa de utilização encontrada foi de 37% sendo as grandes multinacionais responsáveis por 38% do reporte de uso de derivados. O sector de actividade que mais reporta o uso destes instrumentos é o das actividade financeiras e de seguros, com um reporte de utilização de 62%.
The use of derivatives is increasingly common in modern companies, and these instruments are used to cover different risks to which companies are exposed. Although Mozambican companies are exposed to different risk categories, the use of derivative instruments is unimpressive. Thus, the objective of this research is to study the use of derivatives in Mozambique, analyzing the level of use, profile of users, most used products and utilization purposes. From the study, it was concluded that the use of derivatives is not very significant in Mozambique, that these instruments are not traded on the stock exchange and are offered by a small number of commercial banks. It was also found that the banks that offer derivatives have a very small portfolio of customers for these products. The study led to the conclusion that the main reason for the use of derivatives in Mozambique is risk hedging and that the most widely used derivatives are the currency derivatives. Regarding the characteristics of the customers, the research data indicate that the derivatives are used by large and medium-sized companies in a proportion of 86% and 14% respectively, and the use by micro and small companies has not been reported. The utilization rate among the large companies was found to be around 37% and among these companies, the major multinationals being responsible for 38% of the report on the use of derivatives. The sector of activity that most reports the use of derivatives is the financial sector, with a utilization report of 62%.
The use of derivatives is increasingly common in modern companies, and these instruments are used to cover different risks to which companies are exposed. Although Mozambican companies are exposed to different risk categories, the use of derivative instruments is unimpressive. Thus, the objective of this research is to study the use of derivatives in Mozambique, analyzing the level of use, profile of users, most used products and utilization purposes. From the study, it was concluded that the use of derivatives is not very significant in Mozambique, that these instruments are not traded on the stock exchange and are offered by a small number of commercial banks. It was also found that the banks that offer derivatives have a very small portfolio of customers for these products. The study led to the conclusion that the main reason for the use of derivatives in Mozambique is risk hedging and that the most widely used derivatives are the currency derivatives. Regarding the characteristics of the customers, the research data indicate that the derivatives are used by large and medium-sized companies in a proportion of 86% and 14% respectively, and the use by micro and small companies has not been reported. The utilization rate among the large companies was found to be around 37% and among these companies, the major multinationals being responsible for 38% of the report on the use of derivatives. The sector of activity that most reports the use of derivatives is the financial sector, with a utilization report of 62%.
Descrição
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Derivados Forward Swap Over-The-Counter Bolsa de Valores Cobertura Derivatives Stock Exchange Hedge
Contexto Educativo
Citação
Sitoe, Juliete Faustino Mahoro (2018). "Utilização de instrumentos financeiros derivados em Moçambique". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão