Energy Poverty

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Um ensaio sobre a teoria da análise financeira de investimentos e os mecanismos de tomada de decisão

O propósito deste pequeno ensaio é analisar e discutir dois artigos relacionados com a teoria de avaliação de projetos de investimento. Pretende-se que este seja um comentário livre aos dois artigos escolhidos, cruzando as ideias expressas pelos autores dos artigos com a minha visão pessoal.
Decidi eleger dois artigos, o primeiro de Chatherine Cooremans denominado “Make it strategic! Financial investment logic is not enough”, e o segundo de um grupo de investigadores Indianos denominado “Techno-economics of small wind electric generator projects for decentralized power supply in India”. Será útil guiar o leitor através dos dois artigos, dos seus argumentos, talvez até alargando o âmbito e os ângulos de análise dos mesmos. Concluirei, apontando aquilo que acredito ser a ponte entre os dois artigos escolhidos.

A lógica financeira não é suficiente para decidir do mérito de um projeto?

Segundo a visão de Catherine Cooremans a resposta é claramente não. Foi utilizado e estudado exaustivamente o exemplo dos projetos de eficiência energética para concluir o seguinte: 1. A rentabilidade não é o main driver para as decisões de investimento; 2. As ferramentas de avaliação financeira de projetos têm um papel secundário nas decisões corporativas de investimento; 3. Contrariamente à perceção geral, as empresas não seguem as recomendações da teoria financeira; 4. O caráter estratégico de um investimento tem maior peso na tomada de decisão do que a rentabilidade.

De acordo com a teoria de análise financeira de investimentos, qualquer investimento cuja rentabilidade é superior ao custo de capital para o investidor potencial deve obter uma decisão favorável de investimento. Esta teoria tem desenvolvido diversas ferramentas analíticas para avaliar a…...

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