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Fortsatt forskning

In document Interest rate swap eller inte? (Page 42-50)

Ett företags storlek var i studien en betydande faktor för vilka företag som använder ränteswaps. Under studiens gång har intrycket fåtts att om studien skulle vidgas med de företag som har ett lägre marknadsvärde än de studerade företagen men är noterade på Nasdaq OMX Stockholm, skulle storleksaspekten visas ännu tydligare. Företag inom segmentet Small Cap använder troligtvis i mindre utsträckning ränteswaps, detta trots att mindre företag likväl innehar lån, fluktuerande kassaflöden och höga förväntade obeståndskostnader vilket utgör en intressant aspekt för vidare forskning. Använder mindre företag ränteswaps? Stämmer det att företag mindre än de hittills undersökta har än större nettoeffekt av att byta räntebetalningar genom ränteswaps?

Styrräntan har under de senaste åren varit låg i Sverige och så även under de två år som data har inhämtas från. En intressant aspekt för fortsatt forskning är företagens räntekänslighet, Visvanathan (1998) undersökte det gällande amerikanska företag för över tjugo år sedan men fann inte faktorn signifikant. Men påverkar räntekänslighet svenska företags användning av räntederivat? Går det att utläsa historiska förändringar med räntesvängningar? Intressant vore även att undersöka hur räntekänslighet och användande av ränteswap har förändrats över en längre tidsperiod.

För fortsatt forskning vore en intressant aspekt att beakta branschtillhörighet, hur förhåller sig användningen av ränteswaps för företag inom och mellan branscher? Det vore även intressant att kombinera med att undersöka storlek, kapitalstruktur och branschtillhörighet.

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