Kapitalstrukturens påverkan vid val av kapitalbudgeteringsteknik i stora bolag

  • Cajsa Lagergren
  • Emil Persson

    Student thesis: Bachelor

    Abstract

    The study intends to explain how the capital structure, consisting of equity, short-term liabilities and long- term liabilities, affects the choice of capital budgeting techniques in large Swedish companies in strategic investments. Through the Trade Off theory and Principal Agent theory, the study's hypotheses were formulated. Empirical was collected true surveys sent to 325 companies listed on Nasdaq OMX Small, Mid and Large Cap, where the response rate was about 19 %. To chart the capital structure, annual reports were obtained to calculate key ratios that measure the various components of the capital structure.

    The result has been analyzed using statistical analyzes, which shows that the capital structure affects the choice of capital budgeting techniques in larger companies. A high proportion of short-term liabilities has a positive association with unsophisticated techniques, while a high proportion of long-term liabilities has no association with neither unsophisticated or sophisticated techniques. Furthermore, it is not shown that high equity has a positive association with sophisticated techniques, but there is a negative association with unsophisticated techniques.

    Previous studies have not broken up the debt structure and mean that a high proportion of debt increases the use of unsophisticated techniques. Studies based on larger companies have not previously demonstrated a link between high leverage and unsophisticated techniques, which makes the division possible. This study has helped to break down the debt structure in short-term liabilities and long-term liabilities.

    Date of Award2018-Jun-27
    Original languageSwedish
    SupervisorZahida Sarwary (Supervisor) & Marina Jogmark (Examiner)

    Educational program

    • Degree of Bachelor of Science in Business and Economics

    University credits

    • 15 HE credits

    Swedish Standard Keywords

    • Business Administration (50202)

    Keywords

    • capital budgeting techniques
    • sophisticated techniques
    • unsophisticated techniques
    • capital structure
    • equity
    • long-term debt
    • short-term debt
    • strategic investment
    • large companies

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