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Kapitalstruktur vid börsintroduktion för bolag med eller utan riskkapitalägare

Molin, Carl-Johan LU ; Karlsson, Philip; Törnqvist, Truls and Hedström, Viktor (2015) FEKH89 20151
Department of Business Administration
Abstract (Swedish)
Abstract
Title: Capital structure at IPO for corporations with or without private equity owners
Seminar date: 4th June 2015
Course: FEKH89, Degree project Undergraduate level, corporate finance, 15 HP
Authors: Carl-Johan Molin, Philip Karlsson, Viktor Hedström & Truls
Törnqvist
Advisor: Håkan Jankensgård
Key words: Private equity, capital structure, IPO, debt level, financing
Purpose: The purpose of the study is to examine if there is a systematic difference in debt levels between private equity owned companies and not private equity owned companies at IPO. It is also examined if capital structure can be explained by a number of independent variables.
Methodology: The deductive perspective has been used and the data is of... (More)
Abstract
Title: Capital structure at IPO for corporations with or without private equity owners
Seminar date: 4th June 2015
Course: FEKH89, Degree project Undergraduate level, corporate finance, 15 HP
Authors: Carl-Johan Molin, Philip Karlsson, Viktor Hedström & Truls
Törnqvist
Advisor: Håkan Jankensgård
Key words: Private equity, capital structure, IPO, debt level, financing
Purpose: The purpose of the study is to examine if there is a systematic difference in debt levels between private equity owned companies and not private equity owned companies at IPO. It is also examined if capital structure can be explained by a number of independent variables.
Methodology: The deductive perspective has been used and the data is of quantitative character. The data is collected from annual reports from each company and the data will be analysed with statistical tools such as multiple regression analysis.
Theoretical perspective: The study is based on theories in corporate finance and previous research in capital structure and IPO’s. Modigliani & Miller’s theories and research by Levis is central for the paper.
Empirical foundation: The studied objects are companies that have made IPO on the Stockholm stock exchange between 2000 - 2014. The companies are divided in two categories of owned or not owned by private equity firms.
Conclusions: The hypothesis was disregarded and no significant difference in debt level between the different types of ownership could be proven. The independent variables growth, size and ratio of tangible assets had a positive significant effect on debt level. Factors that could be the reason for this result is that the different types of ownership are common in different sectors and that the size of share issuance differs with type of ownership. (Less)
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author
Molin, Carl-Johan LU ; Karlsson, Philip; Törnqvist, Truls and Hedström, Viktor
supervisor
organization
course
FEKH89 20151
year
type
M2 - Bachelor Degree
subject
language
Swedish
id
7584462
date added to LUP
2015-09-15 16:26:29
date last changed
2015-09-15 16:26:29
@misc{7584462,
  abstract     = {Abstract
Title: Capital structure at IPO for corporations with or without private equity owners
Seminar date: 4th June 2015
Course: FEKH89, Degree project Undergraduate level, corporate finance, 15 HP
Authors: Carl-Johan Molin, Philip Karlsson, Viktor Hedström & Truls
Törnqvist
Advisor: Håkan Jankensgård
Key words: Private equity, capital structure, IPO, debt level, financing
Purpose: The purpose of the study is to examine if there is a systematic difference in debt levels between private equity owned companies and not private equity owned companies at IPO. It is also examined if capital structure can be explained by a number of independent variables.
Methodology: The deductive perspective has been used and the data is of quantitative character. The data is collected from annual reports from each company and the data will be analysed with statistical tools such as multiple regression analysis.
Theoretical perspective: The study is based on theories in corporate finance and previous research in capital structure and IPO’s. Modigliani & Miller’s theories and research by Levis is central for the paper.
Empirical foundation: The studied objects are companies that have made IPO on the Stockholm stock exchange between 2000 - 2014. The companies are divided in two categories of owned or not owned by private equity firms.
Conclusions: The hypothesis was disregarded and no significant difference in debt level between the different types of ownership could be proven. The independent variables growth, size and ratio of tangible assets had a positive significant effect on debt level. Factors that could be the reason for this result is that the different types of ownership are common in different sectors and that the size of share issuance differs with type of ownership.},
  author       = {Molin, Carl-Johan and Karlsson, Philip and Törnqvist, Truls and Hedström, Viktor},
  language     = {swe},
  note         = {Student Paper},
  title        = {Kapitalstruktur vid börsintroduktion för bolag med eller utan riskkapitalägare},
  year         = {2015},
}