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Kapitalstrukturens inverkan på företagsvärdet : - En kvantitativ studie av den svenska aktiemarknaden / The impact of capital structure on company value : - A quantitative study of the swedish stock market

<p><strong><p>Background:</p><p>what affects company value becomes apparent. The capital structure is the relation between</p><p>borrowed capital and equity in a company´s financing mix. What impact changes in capital structure</p><p>have on company value is a widely debated subject within the theory of finance. If a relationship</p><p>between capital structure and company value exists the implication is that an optimal capital</p><p>structure where company value is maximized also exists.</p>During extreme market conditions like the period during fall 2008 the discussion of<strong><p>Aim:</p><p>company value exists among selected stocks and companies listed on Stockholmsbörsens OMXS30.</p>The aim of the thesis is to study whether a certain relationship between capital structure and<strong><p>Implementation:</p><p>performed among chosen stocks and companies. The empirical results eventuating from this have</p><p>been analyzed from the view of elected relevant theory.</p>With aim to fulfill the purpose of the thesis regression analysis has been<strong><p>Completion and results:</p><p>between debt ratio and enterprise value (EV) can be established. During more turbulent periods the</p><p>results is more scattered. The results of this thesis is more evidence that the debt´s gear on equity is</p><p>what mainly impacts price movements on the stock market and affects value, where high debt will</p><p>pay off during favorable conditions and be costly during bad conditions, rather than a specific capital</p><p>structure. A certain relationship between capital structure and company value cannot be established.</p><p>The results of this thesis is also evidence pointing out the difficulties in measuring the relationship</p><p>between two variables where one is the daily quoted market price of equity, which is greatly affected</p><p>by market psychology et cetera, and the other, capital structure, is only to be measured during</p><p>interim- and annual reports.</p>We find that during normal market conditions a positive relationship<strong><p> </p></strong></strong></strong></strong></strong></p>

Identiferoai:union.ndltd.org:UPSALLA/oai:DiVA.org:liu-58737
Date January 2010
CreatorsLundgren, Jacob, Haraldsson, Tom
PublisherLinköping University, Linköping University, Linköping University, Instutionen för ekonomisk och industriell utveckling (IEI)
Source SetsDiVA Archive at Upsalla University
LanguageSwedish
Detected LanguageEnglish
TypeStudent thesis, text

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