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Hur investmentbolag påverkar kapitalstrukturen i sina innehav: En fallstudie av Ratos
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
2017 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Examensarbete i foretagsekonomi, Ekonomihögskolan vid Linnéuniversitetet, 2FE93E, VT 2017

Författare Johan Asplund, Henrik Norrman och Therese Rodger

Handledare Andreas Stephan

Titel Hur investmentbolag paverkar kapitalstrukturen i sina innehav - En fallstudie av Ratos

Bakgrund Bolags kapitalstruktur, fördelningen mellan bolagets tillgångar och skulder, visar hur bolaget finansierar sin verksamhet. Private Equity bolag lånar kapital för att kunna investera i nya uppköp av onoterade bolag och har ofta en begränsad planerad ägarhorisont. Kapitalstruktur har undersökts under lång tid men inte hur en majoritetsägare påverkar kapitalstrukturen i sina andelsbolag. Tidigare studier fokuserar pa exempelvis kapitalstrukturer i industriföretag eller kapitalstrukturer i småforetag.

Syfte Syftet med studien ar att analysera om ett investmentbolag påverkar kapitalstrukturen i sina innehavsbolag nar de genom uppköp har gått in som en majoritetsägare i dessa bolag och vilka effekter förändringen kan leda till.

Metod Studien utgår från en kvantitativ ansats där finansiella nyckeltal av Ratos innehavsbolag undersöks före och efter det att Ratos gått in som majoritetsagare i bolaget. Dessa nyckeltal jämförs sedan med branschspecifika nyckeltal genererade från SCB.

Resultat I studien återfinns inget entydigt bevis på att vårt valda Private Equity bolag, Ratos, ändrar kapitalstrukturen väsentligt på något sätt efter att ha gått in som majoritetsägare i ett bolag.

Abstract [en]

A company’s choice of capital structure is a well documented field in financial research but no unambiguous results are available regarding how the company is best financed or what actually defines the optimal capital structure for a company.

The purpose of this study is to examine the possible changes on a company’s capital structure once a Private Equity company has become the majority owner.

In this study a deductive approach has been used and a quantitative survey has been applied. Financial ratios from yearly reports of companies before and after the Swedish Private Equity company Ratos became the majority owner have been analysed and compared with the hypothesis that a Private Equity majority owner would significantly change the capital structure of the acquired company.

The selection criteria for the companies was that Ratos should own more than 50 % of the company in order to actually have an impact on how the company is financed, in addition the selected companies needed to have data available in the form of yearly reports both prior to Ratos becoming the majority owner and at least two years afterwards in order to study the eventual changes of the take over. Financial ratios such as debt to equity ratio, leverage and return on equity were then calculated and results analysed. Theories of capital structure such as the Trade off theory, Pecking order theory, Miller and Modigliani and the Agency theory have also been applied to analyse the outcome. The method of comparison used was the differencein-difference method with data from Statistics Sweden (SCB) from similar relevant companies.

The results of this study do not indicate that the capital structure of the company changes significantly within the first two years after acquisition by the majority owner Ratos.

Suggestions for further studies would be to analyse a wider group of Private Equity companies as majority owners and observe eventual changes in capital structure in takeovers.

Place, publisher, year, edition, pages
2017. , p. 88
Keywords [en]
Capital Structure, LBO, Leveraged buyouts, Private Equity, Investment company, Debt-to-Equity, Equity rati
Keywords [sv]
Kapitalstruktur, LBO, Leveraged buyouts, Private Equity, Investmentbolag, Nyckeltal, Skuldsättningsgrad, Soliditet
National Category
Business Administration
Identifiers
URN: urn:nbn:se:lnu:diva-65779OAI: oai:DiVA.org:lnu-65779DiVA, id: diva2:1114352
Subject / course
Business Administration - Management Accounting
Educational program
Business Administration and Economics Programme (online), 180 credits
Supervisors
Examiners
Available from: 2017-06-26 Created: 2017-06-22 Last updated: 2017-06-26Bibliographically approved

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Citation style
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