Incentivos financeiros no apoio a PMEs

: uma análise aos processos de candidatura e execução de investimentos

Abstract

The financial incentives system, hereafter referred to as FIS, plays a supporting role in SME investment, complementing the main sources of external financing (bank financing and equity). Thus, it is important to ensure the maximum efficiency of this support programme, to respond to the needs presented by entrepreneurs. The aim of this report is to respond to the following questions: 1. Are there constraints faced by SMEs in accessing the FIS? If so, which ones? 2. Does the valuation of the application processes under the FIS follow a financial logic? The approach used focuses on a set of four procedures, all of which are interlinked. Firstly, a series of internal meetings were held with FI Group staff to gain an insight into potential weaknesses in the implementation of the application and project monitoring processes. Next, an empirical analysis of the access conditions and merit level benchmarks of three typologies of the financial incentives system was carried out. Third, the formulation of a set of research hypotheses was performed, that highlight potential weaknesses associated with the current implementation of the financial incentives system. Finally, a questionnaire was drawn up and sent to the company's clients to test the outlined hypotheses. Once the results were analysed, it was concluded that: 1. There are constraints faced by SMEs that arise from the formulation of the FIS, namely when it comes to the timing of the reimbursement of the expenses, and due to the difficulty and lack of attractiveness in obtaining bank financing. 2. The valuation of the application processes under the FIS presents a poor financial logic, due to the lack of financial valuation tools, and the current evaluation is not properly grounded and may not reflect the true value of the investment projects.

Date of Award	17 Jul 2023
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Bernardo de Vasconcelos e Sousa Paula Marques (Supervisor)