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KAPITALSTRUKTUREN I SVENSKA RISKKAPITALBOLAG - En Jämförelse Mellan Buyoutbolag Och Övriga Riskkapitalbolag

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KAPITALSTRUKTUREN I SVENSKA RISKKAPITALBOLAG - En Jämförelse Mellan Buyoutbolag Och Övriga Riskkapitalbolag Högskolan i Halmstad Sektionen för Ekonomi och Teknik C-uppsats, Finansiering 41-60p VT-2007 KAPITALSTRUKTUREN I SVENSKA RISKKAPITALBOLAG - en jämförelse mellan buyoutbolag och övriga riskkapitalbolag - Författare: Handledare: Johansson, Johan 830628 Bengt O. Haraldsson Lundholm, Fredrik 840126 Rask, Andreas 821129 Förord Att skriva en uppsats kan i mångt och mycket liknas vid att försöka göra färdigt ett konstverk. Många smådetaljer och fog för finjusteringar dyker upp hela tiden och till slut blir det svårt att lämna ifrån sig verket. Med detta sagt vill vi även påminna läsaren om att det skriftliga språket är ett relativt trubbigt verktyg, många gånger har vi därför nödgats föra oss med engelsk och ibland även ”svengelsk” terminologi, men vi försäkrar läsaren om att vi har använt detta verktyg på ett så slipat sätt som möjligt. Vi vill rikta ett stort tack, för välriktad hand- och vägledning under studiens gång, till vår handledare tillika universitetsadjunkt Bengt O. Haraldsson. Ytterligare ett stort tack, för råd inom kvantitativ metod och statistik, vill vi rikta till universitetsadjunkt Niclas Frifelt. Utan dessa två solida klippor hade vår ytterst högkvalitativa kvantitativa studie inte, i lika hög grad, utgjort ett gediget dokument för oss att vara stolta över. Håll till godo… Detta opus, med hela dess litterära värde och vetenskapliga tyngd, tillägnas författarna själva _________________ _________________ _________________ Johan Johansson Fredrik Lundholm Andreas Rask Halmstad, 18 maj 2007 Abstract During the last few years the Swedish private equity market has been a very current and discussed issue in Swedish media. Through a quantitative study, with a deductive method for the data collection, the authors answer the following problem: How does the capital structure in Swedish buyout oriented private equity firms differ from the capital structure in other Swedish private equity and venture capital firms? The authors have compared the financial key ratios solidity, return on assets, return on equity and liquid ratio between the two types of firms. To statistically ensure any differences between the financial key ratios variance analysis has been used. In general Swedish private equity and venture capital firms, according to this study, show a very good solidity. This is not the case in Great Britain where the Financial Services Authority (FSA) released an alarm report in the fall of 2006 which declares that the British private equity firms are characterized by precariously low solidity. This study also determines that there are no differences regarding solidity between the two types of firms. But when it comes to profitability the study establishes that there is a difference between the two types of firms, both regarding return on assets and return on equity. Even though there are no statistically ensured differences in solidity, the profitability expressed as a percentage is shown to be higher for the buyout oriented firms than the other private equity and venture capital firms in Sweden. Sammanfattning Under de senaste åren har riskkapitalbranschen utgjort ett mycket aktuellt och omdiskuterat ämne i media. Genom en kvantitativ studie, med deduktivt tillämpad datainsamling, vars urval omfattar omkring två tredjedelar av de svenska riskkapitalbolagen syftar författarna till denna studie svara på följande problemformulering: Hur skiljer sig kapitalstrukturen åt mellan svenska buyoutbolag och övriga svenska riskkapitalbolag? Författarna har jämfört de finansiella nyckeltalen; soliditet, räntabilitet på totalt respektive eget kapital samt kassalikviditet, mellan riskkapitalbolag som inriktar sin verksamhet på buyoutaffärer och övriga riskkapitalbolag. För att statistiskt kunna säkerställa eventuella skillnader för respektive nyckeltal har författarna använt variansanalys. Svenska riskkapitalbolag visar, enligt denna studie, i allmänhet en mycket god soliditet. Något som inte är fallet i Storbritannien, vars finansinspektion (FSA) gav ut en larmrapport under hösten 2006, där aktörer på riskkapitalmarknaden präglas av en ohållbart hög skuldsättning. Studien i denna uppsats visar att inga skillnader, vad gäller soliditet, råder mellan svenska buyoutbolag och de övriga svenska riskkapitalbolagen. Men skillnader vad gäller lönsamhet konstateras genom studien, som visar att både räntabilitet på totalt kapital samt räntabilitet på eget kapital generellt är högre för buyoutbolagen. Svenska buyoutbolag visar alltså, utan någon påvisad skillnad i skuldsättning relativt de övriga riskkapitalbolagen i landet, en statistiskt säkerställt högre lönsamhet. Innehållsförteckning INLEDNING ......................................................................................................................................................... 1 PROBLEMBAKGRUND .......................................................................................................................................... 1 PROBLEMDISKUSSION ......................................................................................................................................... 1 PROBLEMFORMULERING ..................................................................................................................................... 3 SYFTE ................................................................................................................................................................. 3 AVGRÄNSNINGAR ............................................................................................................................................... 3 BEGREPP OCH DEFINITIONER............................................................................................................................... 3 TEORETISK REFERENSRAM ......................................................................................................................... 4 ÖVERGRIPANDE OM RISKKAPITAL....................................................................................................................... 4 SVCA ................................................................................................................................................................. 6 HISTORIK ÖVER RISKKAPITALET I SVERIGE......................................................................................................... 6 SAMMANFATTNING AV LARMRAPPORT FRÅN FSA ............................................................................................. 7 BUYOUTS ............................................................................................................................................................ 8 FINANSIERING AV BUYOUTS.............................................................................................................................. 10 KAPITALSTRUKTUR........................................................................................................................................... 10 FINANSIELLA NYCKELTAL................................................................................................................................. 12 KONKURSKOSTNADER ...................................................................................................................................... 13 FINANSIELLA BUBBLOR..................................................................................................................................... 13 METOD ............................................................................................................................................................... 15 KVALITATIV ELLER KVANTITATIV ANSATS ....................................................................................................... 15 INDUKTIV ELLER DEDUKTIV DATAINSAMLING................................................................................................... 15 URVAL .............................................................................................................................................................. 16 VAL AV BUYOUTFÖRETAG ................................................................................................................................17 VALIDITET OCH RELIABILITET........................................................................................................................... 17 KÄLLKRITIK...................................................................................................................................................... 18 TIDIGARE FORSKNING ....................................................................................................................................... 18 EMPIRI................................................................................................................................................................ 19 SOLIDITET ......................................................................................................................................................... 20 LÖNSAMHET...................................................................................................................................................... 21 LIKVIDITET ....................................................................................................................................................... 23 HYPOTESTESTER ............................................................................................................................................... 24 ANALYS .............................................................................................................................................................
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