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Kapitalstruktur, beskattning och effekten på aktiekursen: Panelstudie av svenska industrikoncerner
Södertörn University, School of Social Sciences.
Södertörn University, School of Social Sciences.
2016 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Capital structure, taxation and the impact on the stock price : A panel study of Swedish industrial groups (English)
Abstract [sv]

Inledning: Modigliani och Miller-teoremet betraktas som en milstolpe och ett paradigmskifte inom Corporate Finance. Forskningen bakom teoremet har gett upphov till den kontroversiella slutsatsen att ett företags kapitalstruktur är irrelevant på en jämviktsmarknad, utan beskattning. När beskattning däremot förekommer, ökar företagsvärdet motsvarande den avdragsgilla skatten på räntekostnader vid belåning. Teoremet har dock inte varit utan kritik. Flera forskare har undersökt teoremet och kritiserat teoremets antaganden.

Syfte: Syftet med studien är att undersöka Modigliani och Miller-teoremet i avseende av kapitalstrukturens inverkan på företags aktiekurser.

Tidigare forskning: Modigliani och Miller-teoremet med dess antaganden presenteras inledningsvis som studiens grundläggande teori. Därefter presenteras agentteorin, signaleringsteorin, trade-off-teori och effektiva marknadshypotesen tillsammans med tidigare forskningsstudier om teoremet och antagandena.

Metod: Studien tillämpar en kvantitativ metod, med tre regressionsmodeller. Det slumpmässiga urvalet består av tio företag inom industribranschen som är registrerade på Stockholmsbörsen. Urvalet består av paneldata från företagen under perioden 2005 till 2012. Studiens empiri består av historiska aktiekurser och årsredovisningar.

Resultat: Skuldsättningsgraden visar en låg och icke signifikant korrelation med aktiekurserna för de undersökta företagen, i samtliga tre regressionsmodeller. Skatteskölden visar en högre och signifikant korrelation med aktiekursen, medan kontrollvariabeln vinst per aktie EPS visar den högsta korrelationen med aktiekursen, som responsvariabel.

Slutsats: Studiens resultat visar inget empiriskt stöd för Modigliani och Miller-teoremet i dess helhet. Förklaringen till resultaten kan vara att antagandena inte tillfredsställs inom empirin. Agentteori, signaleringsteori, trade-off-teori och effektiva marknadshypotesen kan stå som förklaringar till studiens resultat.

Abstract [en]

Introduction: Modigliani and Miller theorem is regarded as a milestone and a paradigm shift in Corporate Finance. The research behind the theorem has given rise to the controversial conclusion that a company's capital structure is irrelevant in an equilibrium market, without taxation. In contrast, when taxation occurs firm value will increase equivalent to the deductible tax on interest expense when debt is issued. The theorem has not been without criticism. Several researchers have examined the theorem and criticised its assumptions.

Purpose: The purpose of the study is to investigate the Modigliani and Miller theorem in respect of capital structure’s impact on companies' share prices.

Literature Review: The Modigliani and Miller theorem with its assumptions is initially presented as the study’s main theorem. The presentation of the theorem is followed by a description of agency theory, signalling theory, trade-off theory and the efficient market hypothesis, along with previous studies on the theorem and its assumptions.

Research Methodology: The study applies a quantitative approach, with three regression models. The random sample consists of ten companies in the industrial sector, that are listed on the Stockholm Stock Exchange. The sample is based on panel data of the companies during the period 2005 to 2012. The study's empirical data consists of historical stock prices and annual reports.

Empirical Results: The leverage ratio, i.e. debt to equity ratio, indicates a low and non-signif-icant correlation with the stock prices of the examined companies, in all three regression models. The tax shield indicates a higher and significant correlation with the stock price, while the control variable earnings per share EPS indicates the highest correlation with the stock prices, as the response variable.

Conclusions: The study’s results show no empirical support for the Modigliani-Miller theorem in its entirety. The explanation for the findings may be that the assumptions are not satisfied in the empirical data. Agency theory, signalling theory, trade-off theory and the efficient market hypothesis may serve as explanations of the study’s results.

Place, publisher, year, edition, pages
2016. , 45 p.
Keyword [en]
Leverage ratio, Modigliani and Miller theorem, Agency theory, Trade-off theory, Bankruptcy cost of debt, Asymmetric information, Tax shield
Keyword [sv]
Skuldsättningsgrad, Modigliani och Miller-teoremet, Agentteori, Trade-off-teori, Konkurskostnader, Informationsasymmetri, Skattesköld
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-31897OAI: oai:DiVA.org:sh-31897DiVA: diva2:1069495
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2017-01-30 Created: 2017-01-29 Last updated: 2017-02-02Bibliographically approved

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Kapitalstruktur, beskattning och effekten på aktiekursen(584 kB)66 downloads
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Citation style
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