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Proposta de um Modelo AHP para a Seleção de Fontes de Financiamento
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A aquisição de financiamento externo é uma atividade fulcral para muitas PMEs, vital para o seu crescimento, desenvolvimento e sobrevivência. A escolha da fonte de financia-mento externo é uma das atividades mais difíceis, decidir quais os diferentes recursos finan-ceiros a atrair e como combiná-los não é um processo simples, principalmente visto que no mercado atual não é possível tomar decisões de base financeira tendo apenas em conta os critérios financeiros.
De forma a auxiliar os fundadores destas empresas neste processo de tomada de deci-são, a presente dissertação teve como objetivo a identificação das diferentes fontes de finan-ciamento que investem atualmente em PMEs e das motivações dos fundadores por detrás da escolha das mesmas. Assim, após uma revisão da literatura existente, é proposto um modelo de análise multicritério, AHP, que incorpora as motivações por detrás desta escolha (critérios) e quais as fontes de financiamento utilizadas atualmente (alternativas).
Com o objetivo de validar a aplicação do modelo proposto, foram realizados estudos de caso em três PMEs portuguesas criadas entre 2020 e 2021. Foram realizadas entrevistas às três empresas, de forma a perceber o contexto de cada uma e a aplicar o modelo desenvolvido, para o qual se recorreu ao software SuperDecisions.
Com este trabalho concluiu-se que o estudo da aquisição de financiamento externo tem sido desenvolvido nas últimas décadas, mas que apenas recentemente se começou a olhar para o ponto de vista do empreendedor.
Ao aplicar o modelo foi possível perceber que os fundadores têm preferências e priori-dades diferentes no que toca à gestão da sua empresa e à aquisição de financiamento externo e que, nos três casos, o modelo auxiliou os fundadores a estruturar o seu processo de tomada de decisão.
The acquisition of external finance is a key activity for many SMEs, vital for their growth, development and survival. Choosing the source of external finance is one of the most difficult activities, deciding which different financial resources to attract and how to combine them is not a simple process, mainly because in today's market it is not possible to make financial decisions based on financial criteria alone. In order to help the founders of these companies in this decision-making process, the present dissertation aimed to identify the different funding sources that currently invest in SMEs and the founders' motivations behind their choice. Thus, after a review of the existing literature, a multicriteria analysis model, AHP, is proposed, which incorporates the motivations behind this choice (criteria) and which funding sources are currently used (alternatives). Aiming to validate the application of the proposed model, case studies were carried out in three Portuguese SMEs created between 2020 and 2021. Interviews were conducted with the three companies in order to understand their context and to apply the developed model, for which the SuperDecisions software was used. With this work it was concluded that the study of the acquisition of external financing has been developed in the last decades, but only recently the literature began to look at the entrepreneur's point of view. By applying the model it was possible to see that founders have different preferences and priorities regarding the management of their company and the acquisition of external funding and that, in the three cases, the model helped founders to structure their decision-making process.
The acquisition of external finance is a key activity for many SMEs, vital for their growth, development and survival. Choosing the source of external finance is one of the most difficult activities, deciding which different financial resources to attract and how to combine them is not a simple process, mainly because in today's market it is not possible to make financial decisions based on financial criteria alone. In order to help the founders of these companies in this decision-making process, the present dissertation aimed to identify the different funding sources that currently invest in SMEs and the founders' motivations behind their choice. Thus, after a review of the existing literature, a multicriteria analysis model, AHP, is proposed, which incorporates the motivations behind this choice (criteria) and which funding sources are currently used (alternatives). Aiming to validate the application of the proposed model, case studies were carried out in three Portuguese SMEs created between 2020 and 2021. Interviews were conducted with the three companies in order to understand their context and to apply the developed model, for which the SuperDecisions software was used. With this work it was concluded that the study of the acquisition of external financing has been developed in the last decades, but only recently the literature began to look at the entrepreneur's point of view. By applying the model it was possible to see that founders have different preferences and priorities regarding the management of their company and the acquisition of external funding and that, in the three cases, the model helped founders to structure their decision-making process.
Descrição
Palavras-chave
Fontes de Financiamento Analytic Hierarchy Process Entrepreneurial Decision-Making Financiamento Empresarial