This dissertation intends to describe how small Swedish companies experience the handling of financing in China. Which include describing how small Swedish companies have chosen to finance their establishment, and whether Myers Pecking order theory is applicable. Further more, to show the inquired companies attitude towards external equity, and if any problems are experienced, connected to reaching long-term external finance. The specifikation of the problem for this dissertation is, How do small Swedish companies established in China experience the handling of financing? And to answer the specification of the problem a quantitative approach has been used. The data was gathered through a survey sent out to a number of small Swedish companies established in China. The definition of small Swedish companies has been set to less than 100 employees, and furthermore, established in China under any of the entry modes WFOE, FICE, Joint Venture or Rep/Sales Office. The over all conclusions for this dissertation, are that internal finance is preferred, and in general is the use of external finance insignificant among small Swedish companies established in China. What can be concluded from this is that Myers Pecking order theory is applicable. Further more, there are strong indications that the inquired companies do not experience any financial gap, or in general any imminent problems surrounding reaching external finance. Important to add to the conclusion is that just because there are no imminent problems, does this not signify that companies do not experience any problems at all reaching external finance.

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The purpose of this thesis is to analyze the thermochemical properties of solutes in nonelectrolyte pure solvents and to develop mathematical expressions with the ability to describe and predict solution behavior using mobile order theory. Solubilities of pesticides (monuron, diuron, and hexachlorobenzene), polycyclic aromatic hydrocarbons (biphenyl, acenaphthene, and phenanthrene), and the organometallic ferrocene were studied in a wide array of solvents. Mobile order theory predictive equations were derived and percent average absolute deviations between experimental and calculated mole fraction solubilities for each solute were as follows: monuron in 21 non-alcoholic solvents (48.4%), diuron in 28 non-alcoholic solvents (60.1%), hexachlorobenzene (210%), biphenyl (13.0%), acenaphthene (37.8%), phenanthrene (41.3%), and ferrocene (107.8%). Solute descriptors using the Abraham solvation model were also calculated for monuron and diuron. Coefficients in the general solvation equation were known for all the solvents and solute descriptors calculated using multilinear regression techniques.

Syfte: Syftet med denna uppsats är att identifiera vilka bootstrappingsmetoder som svenska småföretag tillämpar samt hur dessa tillämpas. Dessutom ämnar studien att kartlägga vilka av de identifierade bootstrappingskategorierna som anses vara mest effektiva på att tillfredsställa behovet av kapital. Teoretiskt perspektiv: Den teoretiska referensramen utgörs av teorier om det finansiella gapet samt asymmetrisk informationsfördelning. Vidare behandlas entreprenörens preferensordning av kapital i Pecking Order Theory samt teorier om finansiell bootstrapping och dess olika metoder. Metod: Studien utgår från ett positivistiskt inslag och besitter en iterativ forskningsansats. Undersökningen utgörs av en surveyundersökning med semistrukturerade intervjuer som datainsamlingsmetod. Urvalet i denna studie består utav ägare av små företag som uppfyller EU kommissionens krav på ett litet företag. Primärdata i undersökningen genereras av intervjuer genomförda på dessa småföretag. Empiri: Empirin består av en presentation av den data som samlades in från de tio personliga intervjuerna genomförda på tio ägare från olika verksamheter. Slutsats: Studien visar att de sex mest tillämpade bootstrappingsmetoderna är inte tagit ut någon lön, delat utrustning med andra företag, använt eget konto för att finansiera verksamheten, samarbetat med andra företag, använt leasad utrustning samt förhandlat bästa villkor med leverantörer. Vidare har det visat sig att relationsorienterade- samt ägarfinansierade bootstrappingsmetoder anses vara mest effektiva på att minska verksamhetens kapitalbehov. / Purpose: The purpose of this study is to identify what financial bootstrapping methods small Swedish enterprises exercise and also how they exercise these methods. Furthermore, this study will seek to map which of the identified bootstrapping categories are the most effective at relieving the company’s need of capital.  Theoretical Framework: The theoretical framework in this study compiles theories of The Financial Gap and asymmetrical information. Furthermore, it consists of theories about entrepreneurs and their preferences of capital in The Pecking Order Theory, as well as theories about Financial Bootstrapping and its different methods. Methodology: This thesis has a positivistic and an iterative approach. Furthermore,    this thesis consists of a survey research and applies semi-structured interviews as a method to generate data. The sample in this study consists of owners of small enterprises that meet the criteria for a small business according to the EU. The primary data used in this thesis has been generated through interviews with the selected business owners.  Result: The empirical findings in this thesis consist of a presentation of the data generated from the interviews with ten different business owners from various enterprises. Conclusion: The most frequently-used bootstrapping methods are: Withhold managers salary, share equipment with other businesses, use own credit cards to finance the enterprise, cooperate with other businesses, lease equipment and seek out best conditions with suppliers. Furthermore the findings in this thesis show that relationship-oriented and private owner-financed financial bootstrapping categories are the most effective at relieving the company’s need of capital.

A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.

A comparação entre duas teorias na área de finanças sobre estrutura de capital nas empresas é o objetivo deste trabalho. Usando testes desenvolvidos por Shyam-Sunder & Myers (1999) e Rajan & Zingales (1995), os dados de empresas brasileiras, não financeiras, de capital aberto foram analisados entre os anos de 2000 e 2010 para verificar se preferiram os comportamentos previstos na Static Trade-off Theory ou os da Pecking Order Theory. As maneiras de se financiar e as causas e conseqüências dessas decisões nas empresas são importantes questões que vêm sendo debatidas em inúmeros trabalhos acadêmicos. Este trabalho procurou analisar a bibliografia relacionada ao tema e replicar testes realizados no exterior, visando verificar as semelhanças, diferenças e os motivos relacionados a tais resultados. Os resultados obtidos apontam para a provável preferência do comportamento previsto pela Pecking Order Theory, isto é, as empresas estudadas, no período analisado, usaram, em primeiro lugar, recursos gerados internamente (caixa operacional), usando em segundo lugar recursos de terceiros, por meio de empréstimos bancários ou emissão de debêntures, somente emitindo ações como última alternativa. Outra conclusão foi que as empresas brasileiras de capital aberto provavelmente não procuram alcançar ou manter uma meta ideal de endividamento, que equilibre os custos e benefícios gerados pelos empréstimos. / The comparison between two theories in the finance area of capital structure in business is the goal of this work. Using tests developed by Shyam-Sunder & Myers (1999) and Rajan & Zingales (1995), the data of Brazilian non-financial publicly traded were analyzed between the years 2000 and 2010 to determine whether they preferred the expected behaviors in the Static Trade-off Theory or the Pecking Order Theory. The ways to finance and the causes and consequences of these decisions in organizations are important issues that have been discussed in numerous scholarly works. This study sought to examine the literature related to the theme and replicating tests performed abroad in order to verify the similarities, differences and the reasons related to such results. The results indicate the problabe preference behavior provided by Pecking Order Theory, ie the companies studied in the period analyzed, used, first, internally generated funds (operating cash), second using third-party funds through bank loans or issuance of bonds or issuance of bonds, sending shares only as a last resort. Another conclusion is that Brazilian companies traded problaby did not seek to achieve or maintain an ideal goal of indebtedness, wich balances the costs and benefits generated by the loans.

This thesis examines capital structure theories and debt level determinants to develop a better understanding, and to establish the most appropriate theory to explain the behaviour of firms‟ debt and equity choices. It tests three major capital structure theories (e.g. the trade-off, pecking order and market timing theories) using static and dynamic statistical models and 13 capital structure determinants, based on three major capital structure theories. The study uses 4,598 sample companies from 11 countries and 27 industries over a 20 year period. This method provides a clear insight into firms‟ debt and equity choice behaviours. The static trade-off theory is tested by first searching for similarities and differences between industries, countries and time periods and, second, by observing whether firms change their capital structures towards optimal levels and whether the coefficient signs are the same as the predictions. The "stock price effect‟ on debt levels is used to examine the pecking order and market timing theories. The pecking order theory is likewise tested by confirming whether firms issue debt when they face a financial deficit. Furthermore, these theories are tested using cluster analyses. The sample examines 11 different characteristics, which include firm size, debt level, and bankruptcy probability. As each characteristic is related to one or more capital structure theories, the most appropriate theory can be derived, based on such characteristics. There are five main findings. First, firms which are financial stable issue relatively more debt. Second, they have a preference for moderate debt levels and thus limit their bankruptcy probability. They also try to exploit opportunities from overestimated stock price by issuing stocks to increase cash inflows. Third, the effects from bankruptcy costs are greater than transaction costs in terms of capital structure adjustment. Fourth, during the sample period, firms continuously decrease leverage levels. Fifth, firms‟ characteristics and macro-economic factors affect their capital structure. There are three main conclusions. First, the behaviour of firms appears generally aligned with the trade-off theory, although the pecking order and market timing theories also partially explain the equity issuance condition. Second, the "equity and debt choice modes‟ can likewise be explained by the use of a theoretically combined approach, using the three major capital structure theories. In this approach, firms increase their value by both increasing debt for tax benefits and low adverse selection costs, and by issuing equity when the stock price is high. Third, this second conclusion implies that the trade-off, pecking order and market timing theories can be combined on the assumption that firms maximise their values under conditions of the existence of asymmetric information, tax shields and bankruptcy probability.

Experimental mole fraction solubilities of benzil, thianthrene, trans-stilbene, thioxanthen-9-one, diphenyl sulfone and dibenzothiophene sulfone are determined in pure noncomplexing and complexing solvents. Predicted solubility values are calculated for benzil, thianthrene, trans-stilbene and thioxanthen-9-one using expressions derived from Mobile Order theory. Large deviations between experimental and predicted solubilities in alcohol solvents exist, therefore optimized solute - solvent association constants are determined. Previously measured thianthrene solubilities in five binary alkane + cyclohexane solvent mixtures are compared with values predicted from Mobile Order theory using the measured solubility in each of the pure solvents as input parameters. The experimental mole fraction solubility of benzil in eight binary alcohol + 1-octanol solvent mixtures are also measured and compared with predicted values.

In the present work we study first-order theories and their Lindenbaum alge- bras by analyzing the properties of the chain BnT n<ω, called B-chain, where BnT is the subalgebra of the Lindenbaum algebra given by formulas with up to n free variables. We enrich the structure of Lindenbaum algebra in order to cap- ture some differences between theories with term-by-term isomorphic B-chains. Several examples of theories and calculations of their B-chains are given. We also construct a model of Robinson arithmetic, whose n-th algebras of definable sets are isomorphic to the Cartesian product of the countable atomic saturated Boolean algebra and the countable atomless Boolean algebra. 1

Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test - whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as proxies for the target leverage. In this dissertation, I examine whether these proxies are equivalent and test the consistency of the proxies with the theorized behavior of the true target leverage. My results indicate that the four proxies we examine have significantly different distributions and this holds across most industries. Further, the industry median leverage is the proxy which best exhibits behavior consistent with the true target leverage. Firm value is higher for firms closer to the industry median and lower for firms away from the industry median. A robustness check using Kmeans cluster analysis confirms the superiority of the industry median leverage over the other proxies of target leverage. This study complements the previous studies on the pecking order theory and the trade-off theory. The main purpose of this study is to investigate three issues that are not considered in the previous studies. The adequacy of the specification and the assumptions of the models used in testing the trade-off and the pecking order theory. The second issue examined in this study is the validity to putting the pecking order and the trade-off theories in a horse race. The final issue examined in this study is the factors driving firms to issue (repurchase) debt or equity or combination of both and simultaneously the factors affecting the size of issue (repurchase)