O presente trabalho tem por finalidade analisar o problema do financiamento das empresas em crise no Brasil e a disciplina a ele conferida pela Lei n. 11.101/05, com enfoque no procedimento de recuperação judicial. Após uma breve análise das diversas causas da crise empresarial e de possíveis medidas saneadoras preliminares, inicia-se a discussão das premissas constitucionais do tratamento das empresas em dificuldade no Brasil e dos objetivos da lei falimentar em geral, para então ingressar nas soluções adotadas pelo direito brasileiro. Em seguida, tem início o escrutínio do tema central proposto, com destaque para seu escopo e importância, além da identificação dos meios, agentes e modalidades relacionados ao financiamento das empresas em dificuldade. Apresentado um sucinto panorama da matéria no direito estrangeiro, investiga-se o tema à luz do ordenamento pátrio, numa abordagem teórica e prática do financiamento das empresas em crise no Brasil e seus limitadores, assim como possíveis alternativas para mitigá-los. O problema é tratado, ainda, sob a perspectiva da governança corporativa e, por derradeiro, vislumbra-se sua eventual adoção na falência, com escoro no princípio da preservação da empresa, passando-se à conclusão.; The present work has the aim of analyzing the problem of financing for distressed companies in Brazil and the discipline granted to it by Law no. 11.101/05...

Este estudo analisa a ação do Poder Público no provimento de recursos financeiros à educação especial na gestão do município de Vitória, no estado do Espírito Santo, no âmbito do contexto de financiamento da educação básica, nos anos de 2008, 2009 e 2010. Partimos do pressuposto de que a garantia da educação às pessoas com deficiência, transtornos globais do desenvolvimento e altas habilidades/superdotação e a ampliação de sua oferta implicam intervenção por parte do Estado no intuito de assegurar os direitos dessa população no que tange ao acesso, à permanência e à qualidade de ensino nos sistemas educacionais brasileiros. Com apoio em Poulantzas (2000), entendemos o Estado como espaço público marcado pela correlação de forças entre classes e grupos que compõem a sociedade e participam dos processos decisórios na formulação de políticas públicas. Para o desenvolvimento do trabalho, foi realizada a pesquisa documental, por meio da consulta ao planejamento e execução orçamentária, aos demonstrativos de receitas e despesas, bem como aos documentos oficiais do município. No que se refere à gestão das verbas da educação especial, quanto à sua transparência, organização e padronização...

Este estudo pretende analisar a concessão de crédito comercial das empresas portuguesas como meio de financiamento dos seus clientes, recorrendo à metodologia de dados em painel,contribuindo assim para a escassa evidência empírica sobre os motivos da concessão de crédito comercial e a sua utilidade no financiamento dos respetivos clientes, assunto que se torna particularmente interessante no contexto atual, de dificuldades de obtenção de crédito bancário. De um modo geral, as empresas de grande dimensão e com maior acesso ao mercado de capitais funcionam como financiadoras dos clientes que apresentam maiores dificuldades no acesso ao financiamento institucional, corroborando a hipótese da vantagem das empresas não financeiras. Adicionalmente, estas empresas utilizam o crédito comercial como um meio legal de discriminação de preços. Finalmente, encontrámos evidência de que as empresas, independentemente da sua dimensão, podem reduzir os custos de transação através da utilização do crédito comercial.; This study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit...

This paper reports the findings of a survey conducted in 2005 to study the practices related to the financing decisions of the Chief Financial Officers (CFOs) of the largest firms that operate in Portugal. The results of research confirm similar practices with European and American CFOs, as well as significant differences in the most important determinants of debt decisions. The results show the predominance of the pecking-order theory over the trade-off theory and the importance of banking sector variables as the main determinants of financing decision. The results also reveal the use of a systematic process of the evaluation of funding sources based on financial models and the current practice of risk hedging. On the other hand, the results also confirm the lack of interest in obtaining equity capital from going public and difficulties in the fulfilment of the admission requirements to the stock exchange by Portuguese firms.

Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais; O acesso ao financiamento e sobretudo ao capital é essencial ao crescimento das empresas. Ao obterem financiamento, vão realizar mais investimentos, que vão gerar crescimento económico. Num período de recuperação económica, os decisores políticos reconhecem que as PME constituem o pilar para a retoma económica. As dificuldades em obter financiamento constituem, desde sempre, uma grande limitação para as PME. Este trabalho pretende apurar quais as principais dificuldades que as PME têm enfrentado a nível de obtenção de financiamento. É necessário compreender quais os produtos de financiamento mais utilizados pelas PME e como é que a crise financeira afetou o seu acesso às principais fontes de financiamento. Pretende-se também averiguar se as PME têm recorrido a fontes de financiamento alternativas à Banca, e se o Estado português tem conseguido chegar às PME, através de programas governamentais de apoio ao financiamento. Foi elaborado um questionário, enviado à uma seleção de PME portuguesas, distinguidas com o estatuto de PME Excelência em 2013. Os resultados demonstram que as PME continuam muito dependentes do financiamento bancário. As maiores dificuldades no acesso ao financiamento são as taxas de juro aplicadas aos empréstimos bancários e as garantias solicitadas. A crise não afetou significativamente as relações PME-Banca...

Mestrado em Administração Pública; Este trabalho descreve as principais tendências de evolução do sistema de financiamento à exportação brasileira buscando identificar o papel do Governo e do setor privado, mediante uma apresentação analítica dos principais mecanismos de financiamento e de garantia de crédito às exportações existentes no Brasil, com foco no Programa de Financiamento e Garantia às Exportações (Proex), e enfatizando os setores têxtil, de papel e celulose, e de software. Serão ainda abordadas as dificuldades específicas que encontram as empresas de menor porte para acessar esses mecanismos, além de algumas experiências de outros países no financiamento à exportação.; This paper describes the main trends in the Brazilian Export Financing system, seeking to identify the the governmental and private sector role and the through an analytical presentation of the main mechanisms related to export financing and credit guarantees available in Brazil, with focus on the Export Financing and Guarantee Program (Proex), and emphasizing the textile, pulp and paper, and software sectors. Concerns related to difficulties that smaller companies have to access such mechanisms, as well as other countries experience in export financing...

As of the 1988 Constitution, the states, by means of a constitutional amendment, may establish metropolitan regions in order to integrate the organization, planning and operation of public functions of common interest of the states and their respective municipalities. Despite some attempts to overcome financial troubles through better coordination of public actions - new proposals for dealing with a more constrained financial situation -, difficulties of institutional character and the fragmentation of the available resources did not allow for significant improvements to be made to date. This paper intends to provide a background to understanding the problems of metropolitan financing in Brazil, which is necessary to deal with the obstacles still existing to the improvement of investments financing and service provision.

The paper discusses the main features that distinguish inter-firm international trade finance from alternative sources of financing. On the one hand, inter-firm trade finance could help overcome informational problems associated with other lending relationships; on the other, it may contribute to propagate shocks due to the interconnection among firms along credit chains. The paper evaluates the potential effects of a financial crisis on the use of trade credit for firms operating in developing countries. It argues that while the advantages of trade credit might remain largely unexploited due to poor legal institutions, the disadvantages might be exacerbated because of these firms greater exposure to a default chain. Based on these arguments, a menu of choices is identified for what policymakers can do to boost firms access to inter-firm trade finance in times of crisis.

Sub-Saharan Africa receives only a small share of private investment in infrastructure. One reason for this is its difficulties in getting project finance - difficulties that stem from the low creditworthiness of most African countries, the limits of local financial markets, and the risk profiles typical of infrastructure projects. Whether the region can attract more private foreign currency funding for infrastructure will depend in part on the ability to reduce foreign exchange risks. But in some countries local currency sources, especially local capital markets, also offer good potential.

This study provides an overview of the issues and challenges related to the private financing of hydropower projects in developing countries. From the very limited pool of projects that have already reached or are nearing financial closure, ten have been chosen for the study from five countries with the most active in promoting private hydro development. Collectively the case study projects provide a reasonable cross-section of private hydro schemes that have been or are being developed. The financing of greenfield private infrastructure on a limited-recourse basis in developing countries faces certain common issues irrespective of the type of project. However, hydropower faces additional difficulties caused by the site-specific nature of projects, high construction risk and long construction periods, their capital-intensive nature with a high proportion of local costs, unpredictable output subject to river flows and broader water management constraints, complex concession process to achieve transparency in the award and pricing of output...

Improving the energy efficiency (EE) of municipally owned buildings, such as schools and hospitals, and municipal infrastructure, such as public lighting, water supply, and district heating, offers budgetary savings on energy bills and a wide range of environmental and socioeconomic benefits. But relatively few municipal EE projects have been developed and implemented successfully. The challenges that limit EE investments in municipal buildings and facilities can be grouped into three broad areas: (i) a lack of awareness and incentives; (ii) insufficient implementation capacity; and (iii) limited access to financing. All three sets of challenges need to be addressed to scale up successful implementation of municipal EE projects. This Guidance Note focuses on the key issues faced by municipalities in accessing financing for EE investments, particularly for projects in the following four areas: indoor lighting, building retrofits, public lighting, and municipal utilities. The guidance note discusses the following potential financing mechanisms that can be used by municipalities to finance EE measures: budget financing...

The paper starts with an overview of Cambodia’s rice sector, with a particular attention to aspects which affect its need for external working capital finance, and characteristics and constraints that could hinder access to such finance (e.g., warehousing capacity, processing constraints, logistics, and market risks). Chapter two describes the general conditions for crop-based financing in Cambodia’s rice sector. Chapter three discusses policy options for enhancing the use of paddy and rice as collateral for financing. The chapter sets out the two main modalities: collateral management, and public warehousing. Both collateral management and public warehousing work best when certain support structures are in place, in particular an indemnity system, a system for the electronic trading of warehouse receipts, and a facility for refinancing warehouse receipt loans (which could be managed by the Central Bank or outsourced to another competent entity such as an investment fund). These are discussed in separate sections. The various sections describe the situation as currently prevails in Cambodia...

Since 1991 Australian universities have charged fees, paid in advance (up-front), for a proportion of students undertaking postgraduate courses. In this paper it is argued that this is poor public policy, for both economic and social reasons. The conceptual basis for this case is explained fully. Given the strength of argument, it is difficult to understand why different Commonwealth governments have allowed and encouraged the expansion of post-graduate up-front fees in this period. The policy situation is particularly hard to justify since a much more equitable and efficient charging arrangement, the Higher Education Contribution Scheme (HECS), has been in place for undergraduates since 1989. The important point for policy is that HECS collects student charges contingent on incomes, and thus requires no payment at the point of entry. It is argued that a collection system of this type is a more correct policy for post-graduate education, and it is shown that such a reform can be implemented without administrative difficulties. In January 2001 the Federal Government announced intentions to change post-graduate fee arrangements consistent with the reform promoted in this paper. The proposal is known as the Postgraduate Education Loan Scheme (PELS)...

This assessment presents the analysis of the financial performance of Barki Tojik (BT), the vertically integrated national power utility of Tajikistan. The assessment is based on the financial model constructed for BT. The assessment relies on projections of BT's financial statements and aims to analyze the financial standing of the company based on its operational performance, solvency and liquidity; forecast the financial performance of the company under various investment scenarios; and assess the cost of domestic power supply. The key findings of the analysis are: 1) the 2012 average weighted billed tariff was significantly lower than the estimated cost of supply; 2) In 2012, the company had a large cash deficit to fully finance the expenses required for domestic supply, the deficit being caused due to high losses, poor collection rates and high general and administrative expenses as well as unclassified costs; 3) timely payments to Independent Power Producers (IPPs) are increasingly becoming an issue; 4) difficulties of BT to service debt will ultimately become a direct burden for the state budget; and 5) significant revenue increase will be required for BT to reach cost-recovery irrespective of long-term investment scenarios pursued.

The paper focuses on financing and institutional arrangements for dzud. It seeks to encourage a more coordinated, predictable, timely and targeted approach to dzud on the part of both the Government of Mongolia (GoM) and its development partners, based on an analysis of the 2009-2010 dzud response efforts. The paper also explores the scope for a shift in emphasis from ex post response triggered by wide scale loss of livestock to a system that has sufficient ex ante resources and capabilities to support much earlier interventions, thereby helping to avert high levels of loss. The response efforts were insufficiently timely as well, reflecting difficulties in predicting the dzud's severity and, then, subsequent capacity and funding constraints. In consequence, certain windows of opportunity to alleviate potential impacts were missed. Moreover, there was a strong bias towards support for the livestock sector, particularly during the earlier stages of the crisis, to the detriment of human needs. There was limited loss of human life but even some of these losses could have been averted. Meanwhile...

Within the next two decades Indonesia aspires to generate prosperity, avoid a middle-income trap and leave no one behind as it tries to catch up with high-income economies. These are ambitious goals. Realizing them requires sustained high growth and job creation, as well as reduced inequality. Can Indonesia achieve them? This report argues that the country has the potential to rise and become more prosperous and equitable. But the risk of 'floating in the middle' is real. Which pathway the economy will take depends on: (i) the adoption of a growth strategy that unleashes the productivity potential of the economy; and (ii) consistent implementation of a few, long-standing, high-priority structural reforms to boost growth and share prosperity more widely. Indonesia is fortunate to have options in financing these reforms without threatening its long-term fiscal outlook. The difficulties lie in getting the reforms implemented in a complex institutional and decentralized framework. But Indonesia cannot afford hard to not try harder. The costs of complacency...

This paper studies the impact of a large debt relief program, intended to attenuate investment constraints among highly-indebted households in rural India. It isolates the causal effect of bankruptcy-like debt relief settlements using a natural experiment arising from India's Debt Relief Program for Small and Marginal Farmers -- one of the largest debt relief initiatives in history. The analysis shows that debt relief has a persistent effect on the level of household debt, but does not increase investment and productivity as predicted by theories of debt overhang. Instead, the anticipation of future credit constraints leads to a greater reliance on informal financing, lower investment and a decline in productivity among bailout recipients. The results suggest that one-time settlements may be insufficient to incentivize new investment, but can have significant real effects through their impact on borrower expectations.

O objetivo desta tese é analisar os limites e as perspectivas dos incentivos e instrumentos de financiamento à ciência, tecnologia e inovação no Brasil, no período recente. Abordar os aspectos financeiros dos investimentos à inovação é fundamental no atual contexto no qual a inovação assume um papel central nas estratégias competitivas de empresas e países. O Brasil conta com uma estrutura bancária de dimensões significativas, mas o crédito privado é um instrumento que pouco tem contribuído para o financiamento dos investimentos produtivos e inovativos por motivos como baixa demanda, cenário macroeconômico desfavorável e postura conservadora deste segmento do mercado para financiar investimentos em que as incertezas e os riscos são maiores que no mercado financeiro. O mercado de capitais brasileiro, por sua vez, tem baixa representatividade no volume de negociações reutilizadas na esfera financeira, também contribuindo pouco para a produção e para a inovação, em parte pelo pequeno número de empresas que participam deste mercado, em parte pelos problemas institucionais e regulatórios por ele apresentados. Inovações importantes vêm ocorrendo nestes mercados no nível internacional, mas elas não têm sido proveitosas...

RESUMEN El objetivo en este estudio es comprender y analizar las formas de financiación más utilizadas por las pequeñas y medianas empresas en el distrito de Oporto, Portugal. Además, se analizan la aceptabilidad y la proclividad al uso de formas alternativas de financiación, y se busca conocer las dificultades de las empresas para acceder al crédito. El método utilizado es cuantitativo y exploratorio, y se envió un cuestionario a 1.600 empresas del distrito de Oporto, acerca de las diferentes formas de financiación de las mismas. Los resultados indican que el crédito bancario es la principal fuente de financiación para las pequeñas y medianas empresas, seguido de la autofinanciación. La financiación mediante emisión de acciones y bonos es residual. Los resultados también muestran tres factores importantes cuando las empresas necesitan financiarse: el crecimiento de la empresa, el costo de los préstamos y los aspectos burocráticos. A pesar de que se trata de un estudio exploratorio, los tres factores encontrados son una contribución a los estudios sobre la financiación de las pequeñas y medianas empresas, y merecen la atención de los inversores, directivos y accionistas.; ABSTRACT In this article, the purpose is to know and analyze the more used products and financing forms by small and medium companies in the district of Porto...

This article is intended to offer a preliminary approach to some questions that were of central importance in the period of the so-called Napoleonic invasions in Portugal: the size of the army that was effectively raised, the difficulties that were encountered in recruiting men to serve in the ranks of this army, and finally the shortage of funds to finance the efforts to sustain this force. This is not an account of the Peninsular War on Portuguese territory, but makes some contributions to the renewal of the study of this period, namely through the use of quantitative sources.²