Finansiering bortom traditionella säkerheter : Kapitalstruktur i unga svenska tillväxtbolag med immateriella tillgångar

Sammanfattning

This study examines how Swedish growth companies with a high proportion of intangible assets design their capital structures in contexts where traditional collateral is limited or absent. Established capital structure theories, such as the pecking order theory and trade-off theory, are mainly based on firms with tangible assets and stable cash flows. Modern growth companies are often characterized by intangible assets such as software, patents, and human capital. The purpose of the study is to explain how growth companies with high levels of intangible assets finance their operations when access to traditional debt financing is limited. The study was conducted as a qualitative multiple case study based on semi-structured interviews with representatives from five Swedish growth companies operating in knowledge- and technology-intensive industries. The empirical material was analyzed using pecking order theory, trade-off theory, and signal theory. The findings show that capital structure in these companies is primarily shaped by access to capital rather than financial optimization. Several companies are forced to rely directly on external equity financing because bank loans are difficult to obtain without collateral and stable cash flows. At the same time, recurring revenues and long-term customer contracts may, in some cases, compensate for the lack of tangible assets. The study also demonstrates that capital structure functions as a strategic signaling mechanism, where investors, patents, and customer contracts contribute to legitimacy and credibility. In conclusion, the study suggests that capital structure in young growth companies with intangible assets should be understood as a context-dependent phenomenon shaped by structural constraints, signaling, and institutional factors. Keywords: Capital structure, intangible assets, growth companies, financing, pecking order theory, trade-off theory, signal theory.