<p>För ett litet företag kan det vara svårt att få in kapital till verksamheten. Långivare och riskkapitalister kan vara skeptiska till småföretag och kräva stor utdelning på det investerade kapitalet. Med bakgrund i detta är skattekrediter, som en billig finansieringsform, en väl använd möjlighet för småföretagare i behov av ett litet kapitaltillskott i verksamheten. Periodiseringsfonden är den viktigaste formen av skattekredit och studien syftar till att besvara vad som händer när denna från att ha varit räntefri går till att bli räntebelagd.</p><p>Pecking order theory (POT) beskriver hur företag väljer sitt kapital där det internt genererade kapitalet föredras framför externt genererat kapital såsom lån och aktietillskott. Författarna föreslår i studien att periodiseringsfonden genom förändringen förflyttas i POT:s hierarki från att ses som internt genererat kapital till externt kapital. Ett finansieringsperspektiv på periodiseringsfonderna kan dock inte beskriva instrumentet fullt ut. Det krävs ett kompletterande resultatutjämningsperspektiv för att beskriva periodiseringsfondernas utveckling. Frågan hur förändringen av användandet går till, förklaras genom teorin om småföretagarnas beroende av redovisningsbyråer.</p><p>Studien använder dels en kvantitativ och dels en kvalitativ metod för att på ett allsidigt sätt belysa frågeställningen. Den kvantitativa delen undersöker främst den faktiska förändringen i periodiseringsfondernas användning genom undersökning av bokslut hos småföretag. Den kvalitativa delen utreder främst om och hur redovisningskonsulterna har påverkat småföretagens process i arbetet med periodiseringsfonder. De olika metoderna går givetvis in i och kompletterar varandra för att ge svar på frågeställningen.</p><p>Slutsatserna av studierna är att undersökningen styrker teorin om att periodiseringsfonder efter räntebeläggningen har förflyttat i POT-hierarkin. Denna slutsats begränsar sig dock till de företag som ser på periodiseringsfonder som en finansieringsform. Studien visar också på att man måste ta med den resultatutjämnande effekten i beräkningar.</p><p>Småföretagarnas beroende av redovisningskonsulter visas också i studien. Samtidigt dras slutsatsen att småföretagens förtroende för redovisningskonsulterna inte är befogat. Redovisningskonsulterna har inte i tid agerat för att undvika onödiga kostnader för småföretagen.</p>

<p>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.</p><p>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.</p>

För ett litet företag kan det vara svårt att få in kapital till verksamheten. Långivare och riskkapitalister kan vara skeptiska till småföretag och kräva stor utdelning på det investerade kapitalet. Med bakgrund i detta är skattekrediter, som en billig finansieringsform, en väl använd möjlighet för småföretagare i behov av ett litet kapitaltillskott i verksamheten. Periodiseringsfonden är den viktigaste formen av skattekredit och studien syftar till att besvara vad som händer när denna från att ha varit räntefri går till att bli räntebelagd. Pecking order theory (POT) beskriver hur företag väljer sitt kapital där det internt genererade kapitalet föredras framför externt genererat kapital såsom lån och aktietillskott. Författarna föreslår i studien att periodiseringsfonden genom förändringen förflyttas i POT:s hierarki från att ses som internt genererat kapital till externt kapital. Ett finansieringsperspektiv på periodiseringsfonderna kan dock inte beskriva instrumentet fullt ut. Det krävs ett kompletterande resultatutjämningsperspektiv för att beskriva periodiseringsfondernas utveckling. Frågan hur förändringen av användandet går till, förklaras genom teorin om småföretagarnas beroende av redovisningsbyråer. Studien använder dels en kvantitativ och dels en kvalitativ metod för att på ett allsidigt sätt belysa frågeställningen. Den kvantitativa delen undersöker främst den faktiska förändringen i periodiseringsfondernas användning genom undersökning av bokslut hos småföretag. Den kvalitativa delen utreder främst om och hur redovisningskonsulterna har påverkat småföretagens process i arbetet med periodiseringsfonder. De olika metoderna går givetvis in i och kompletterar varandra för att ge svar på frågeställningen. Slutsatserna av studierna är att undersökningen styrker teorin om att periodiseringsfonder efter räntebeläggningen har förflyttat i POT-hierarkin. Denna slutsats begränsar sig dock till de företag som ser på periodiseringsfonder som en finansieringsform. Studien visar också på att man måste ta med den resultatutjämnande effekten i beräkningar. Småföretagarnas beroende av redovisningskonsulter visas också i studien. Samtidigt dras slutsatsen att småföretagens förtroende för redovisningskonsulterna inte är befogat. Redovisningskonsulterna har inte i tid agerat för att undvika onödiga kostnader för småföretagen.

This paper puts forward the hypothesis that the characteristics of followers of the pecking order theory of capital structure are explicitly distinct from those of non-followers. The factors determining financing behavior are far beyond the conventional perception of asymmetric information. Sampling from the IT industry in Taiwan, we observe that pecking order followers are associated with higher profitability, adequate cash, and other broadly recognized variables.

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.

No description available.

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.