Empréstimos participativos

: uma verdadeira fonte de financiamento alternativa ao crédito bancário?

Abstract

The discussion about the main characteristics of modern capitalization instruments for commercial companies in the non-financial sector, based on several juridical concepts and understandings, is scientifically relevant and contemporary. This dissertation presents as leitmotiv a critical analysis of the Legal Regime of Participating Loans, in force in the national legal system, since January 13, 2022, with the approval of Decree-Law no. 11/2022, of January 12. To understand the ratio legis of this Legal Regime, we will briefly discuss why small and medium-sized companies are the main entities targeted and benefited from its approval. The i(nova)tion brought by quasi-equity financial instruments in casu calls for the presentation and structuring of chained reasoning, endowed with the desirable level of clarity. Therefore, this study will be guided by the legal system adopted by the national legislator in the construction of Decree-Law no. 11/2022. Once the legal structure of the Decree-Law sub judice was reviewed and analyzed, we will discuss whether the desired purpose of the Legal Regime of the Participating Loans, rectius, the diversification of the financing sources portfolio of the commercial companies in the non-financial sector, has been achieved. Reaching such conclusion, we could hypothesize that the opening of the capital market is in view, possibly allowing for a turning point in the degree of bank credit dependence of small and medium-sized companies.

Date of Award	23 Jun 2023
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Daniela Baptista (Supervisor)