Priset är inte allt - en studie av svenska storföretags finansiering
This thesis describes how large Swedish companies finance their debt and identifies some factors that affect their decisions. The study is based on 10 well-known companies of which 9 are listed on Nasdaq OMX Nordic. The results show that the companies display several similarities concerning their debt structure and the factors which their choices are based upon. All companies in this study primarily use corporate bonds for their long-term borrowing, commercial papers for the short-term borrowing, and bank-facilities as back-up. There is a tendency that smaller companies in larger extent use bank-loans for long-term borrowing due to larger emissions costs when using market financing. A key factor for the companies' choice of debt structure is the maturity of their loans. The decision is further influenced by the refinance risk, the company's volatility, and the company's type of assets. Other aspects the companies are considering when choosing debt structure are rating and currency.