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Bankers användning av kovenanter
Kristianstad University, School of Health and Society.
Kristianstad University, School of Health and Society.
2014 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Kovenanter ett amerikanskt fenomen som successivt har spridit sig över världen. I Sverige börjades olika typ av kovenanter användas under 1960-talet som kreditvillkor vid företagsfinansiering. Men även om kovenanter blivit ett vanligt verktyg inom den svenska kreditverksamheten sedan 1960-talet, finns det fortfarande bristande kunskaper om dess praktiska användande.

 Denna studies syfte är att utforska hur bankers användning av kovenanter i låneavtal påverkas av företagsspecifika, relationsspecifika, lånespecifika och andra faktorer. Studien är inriktad till att studera svenska bankernas användning av kovenanter vid företagskreditgivning och kommer därför inte att behandla privat och offentlig sektor.  

Studiens ansats är abduktiv, som möjliggör en växling mellan teori och empiri. För att öka förståelsen kring kovenanters användning har semistrukturerade intervjuer genomförts. Urvalet är begränsat till sex stycken av Sveriges största banker. Insamlad empiri har därefter tolkats utifrån agency theory of covenants, som härstammar från agent och principal teori. Därefter avslutas studien med en presentation av slutsatser, samhällsmässigt kunskapsbidrag, etiska bidrag, egna reflektioner och begränsningar samt förslag på vidare forskning.  

Studiens resultat påvisar att kovenanter har en viktig funktion som kontroll och riskhanterings mekanism i låneavtal, men det ersätter inte behovet av realsäkerheter. Dessutom tyder resultatet på att användningen av kovenanter främst påverkas av låntagarens storlek, förmåga att lämna säkerheter, lånelöptid och storlek, samt lånets användningsändamål.  

Abstract [en]

Covenants are an Americans phenomenon that has been successfully spread around the world. Different types of covenants are regularly used in Sweden and has been used in corporate loan contracts since 1960. Despite that covenants has been a commonly used tool in the Swedish loan contracts since the 1960s there is still a lack of knowledge about covenants practical use.

The purpose of this study is to research the use of covenants in loan agreements from banks point of view, and explain how different factors such as borrower characteristic, loans characteristic, bank-borrower relationships and other factors can affect banks’ practice of using of covenants.

The research question in this study is how different factors such as borrower characteristic, loans characteristic, bank-borrower relationships and other factors can affect Swedish banks’ practice in using of covenants.

The study is aimed to research the Swedish banks' use of covenants in corporate debt, therefore the private and public sectors financiering are not considered.

The survey has an abductive approach that provides ability to move back and forth from theory to empirical data. In order to explore the phenomena of covenants closely the semi-structured interviews are used for collecting data. Participants from the six largest banks in Sweden were selected to participate in the research. Collected data has been interpreted based on agency theory of covenants, which originates from the agent-principal theory. Finally the conclusion of the study is presented as well as socially knowledge contribution and suggestions for the further research.

The results collected from the survey shows that the covenants have an important function as control and risk management mechanism in the loan agreement, but it does not replace the need for real security. The survey also shows that the use of covenants is mainly affected by the borrower's size, ability to provide collateral, loan duration and size, and the loan's purpose.

Place, publisher, year, edition, pages
2014. , 74 p.
Keyword [en]
covenants, principal-agency theory, loan agreements, risk management and bargaining power
Keyword [sv]
Kovenanter, principal-agentteori, låneavtal, riskhantering, förhandlingsstyrka
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hkr:diva-12370OAI: oai:DiVA.org:hkr-12370DiVA: diva2:733144
Educational program
Degree of Bachelor of Science in Business and Economics
Supervisors
Examiners
Available from: 2014-07-10 Created: 2014-07-08 Last updated: 2014-07-10Bibliographically approved

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