Avaliação do risco de crédito no financiamento à aquisição

: o caso do Banco Santander Totta

Abstract

Over the years several phases have been witnessed in which there is an abnormal number of Mergers and Acquisitions (M&A). The reasons are usually associated whether with M&A, such as the will to grow, to achieve synergies, to acquire a company undervalued, to gain market share, or with specific reasons at the time in question. However, the M&A processes can be lengthy, contain many specific features and have a feature that can never be forgotten, their funding. Although there are several options available for financing operations, bank financing is the most used when companies want to buy another, (Sherman & Hart, 2006). This being a time when a greater restriction on bank credit is being made and in which an increasing on acquisitions is expected, knowing the credit risk analysis and what are the most important aspects for banks in this analysis is indispensable. Thus, by analyzing cases, studied and approved by the Banco Santander Totta (BST), and carrying out an inquiry, it will be studied what criteria are used by the banks to analyzed and which ones are the most important for assessing the risk of the debtor paying the financing. It is concluded that the generation capacity is undoubtedly the most important criterion because it is through this that the company will repay the loan obtained. This conclusion agrees with the major works that report a lesser importance of collateral assets when compared with a generation capacity of enterprises. Furthermore, there are other factors which are considered very important in the analysis of credit risk to finance the acquisition, such as debt coverage indicators, the company’s operation area or the financing term, when higher than five years.

Date of Award	2012
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luis Pacheco (Supervisor)