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Impacto dos benefícios fiscais na criação de riqueza das empresas do setor dos moldes em Portugal
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Abstract(s)
A presente dissertação analisa o impacto dos benefícios fiscais (BF) na criação de riqueza
das empresas portuguesas do setor dos moldes, no período de 2015 a 2019. O estudo incide
sobre quatro BF: o Sistema de Incentivos Fiscais em Investigação e Desenvolvimento
Empresarial II (SIFIDE II), o Regime Fiscal de Apoio ao Investimento (RFAI), o Crédito
Fiscal Extraordinário ao Investimento (CFEI) e a Dedução por Lucros Retidos e
Reinvestidos (DLRR).
A metodologia adotada baseou-se na construção de base de dados de 251 empresas, contendo
dados extraídos do portal da Autoridade Tributária e Aduaneira e da base de dados SABI.
Estimaram-se modelos de regressão linear, onde a variável criação de riqueza foi medida
quer pela rendibilidade dos ativos (ROA), quer pela rendibilidade dos capitais próprios
(ROE).
Os resultados evidenciam uma relação positiva entre a utilização dos BF e a criação de
riqueza. Desagregando por BF, confirmam-se efeitos positivos e significativos para o RFAI
e para a DLRR, consistentes com a literatura sobre incentivos ao investimento produtivo e a
capitalização. O CFEI revela impacto positivo, mas menos robusto, compatível com o seu
caráter conjuntural. Para o SIFIDE II, embora a análise inicial não apontasse para resultados
conclusivos, os testes de robustez revelaram significância estatística, reforçando o papel do
incentivo na promoção da criação de riqueza em setores intensivos em conhecimento.
A investigação contribui para o debate académico, sugerindo que os BF orientados para
investimento produtivo e a capitalização apresentam maior impacto imediato, enquanto os
ligados à investigação e desenvolvimento (I&D), como o SIFIDE II, exigem tempo e
políticas complementares para potenciar o seu efeito. São discutidas limitações
metodológicas e apresentadas linhas futuras de investigação, incluindo a extensão da análise
a outros setores e a adoção de métricas alternativas de criação de valor.
This dissertation analyzes the impact of tax incentives (BF) on wealth creation in Portuguese mold-making companies between 2015 and 2019. The study focuses on four BF: the Tax Incentive System for Business R&D II (SIFIDE II), the Tax Regime for Investment Support (RFAI), the Extraordinary Tax Credit for Investment (CFEI), and the Deduction for Retained and Reinvested Earnings (DLRR). The methodology was based on the construction of a dataset comprising 251 firms, with information collected from the Portuguese Tax and Customs Authority and the SABI database. Linear regression models were estimated, where wealth creation was measured through the return on assets (ROA) and the return on equity (ROE). The results show a positive relationship between the use of BF and wealth creation. When disaggregated by BF, positive and significant effects were confirmed for RFAI and DLRR, consistent with the literature on incentives for productive investment and corporate capitalization. The CFEI displayed a positive but less robust effect, reflecting its temporary and conjunctural nature. For SIFIDE II, although the initial analysis did not yield conclusive results, robustness tests confirmed statistical significance, reinforcing the role of this incentive in promoting wealth creation in knowledge-intensive sectors. This research contributes to the academic debate by suggesting that BF targeting productive investment and capitalization have a more immediate impact, whereas research and development (R&D) related incentives such as SIFIDE II require time and complementary policies to maximize their effectiveness. Methodological limitations are discussed, and avenues for future research are proposed, including extending the analysis to other sectors and adopting alternative metrics of value creation.
This dissertation analyzes the impact of tax incentives (BF) on wealth creation in Portuguese mold-making companies between 2015 and 2019. The study focuses on four BF: the Tax Incentive System for Business R&D II (SIFIDE II), the Tax Regime for Investment Support (RFAI), the Extraordinary Tax Credit for Investment (CFEI), and the Deduction for Retained and Reinvested Earnings (DLRR). The methodology was based on the construction of a dataset comprising 251 firms, with information collected from the Portuguese Tax and Customs Authority and the SABI database. Linear regression models were estimated, where wealth creation was measured through the return on assets (ROA) and the return on equity (ROE). The results show a positive relationship between the use of BF and wealth creation. When disaggregated by BF, positive and significant effects were confirmed for RFAI and DLRR, consistent with the literature on incentives for productive investment and corporate capitalization. The CFEI displayed a positive but less robust effect, reflecting its temporary and conjunctural nature. For SIFIDE II, although the initial analysis did not yield conclusive results, robustness tests confirmed statistical significance, reinforcing the role of this incentive in promoting wealth creation in knowledge-intensive sectors. This research contributes to the academic debate by suggesting that BF targeting productive investment and capitalization have a more immediate impact, whereas research and development (R&D) related incentives such as SIFIDE II require time and complementary policies to maximize their effectiveness. Methodological limitations are discussed, and avenues for future research are proposed, including extending the analysis to other sectors and adopting alternative metrics of value creation.
Description
Keywords
Benefícios fiscais Criação de riqueza ROA ROE Setor dos moldes Investimento produtivo Capitalização empresarial