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Finanskrisens påverkan på fastighetsbolagens finansiering: Alternativa finansieringslösningar
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
2012 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Denna uppsats behandlar hur fastighetsbolagens finansiering har utvecklats efter finanskrisen, hur finanskrisen specifikt har påverkat fastighetsbolagens finansieringsverksamhet samt i vilken utsträckning fastighetsbolagen har börjat använda alternativa finansieringssätt i sin verksamhet. Detta ämne är intressant då finanskrisen har haft en stor inverkan på det ekonomiska klimatet världen över vilket också inkluderar de svenska fastighetsbolagen och de svenska bankerna.

Uppsatsen kombinerar en kvantitativ undersökning av alla svenska börsnoterade fastighetsbolagskapitalstrukturer med en kvalitativ undersökning bestående av ett antal intervjuer medrepresentanter från flera fasighetsbolag och banker.

Den kvantitativa undersökningen visar att det skett stora förändringar i fastighetsbolagensfinansiering. Användningen av alternativa finansieringssätt, såsom preferensaktier, obligationer,MTN- och Certifikatsprogram har blivit vanligare i fastighetsbolagen. En stor anledning till detta är att bankerna i många fall har velat begränsa sin utlåning till fastighetsbolagen samtidigt som kreditmarginalerna har ökat på grund av bland annat högre kapitaltäckningskrav för bankerna.

Utvecklingen av fastighetsbolagens finansiering kommer fortsätta framöver och alternativa finansieringssätt kommer i större utsträckning användas som komplement till banklån och stamaktiekapital.

Abstract [en]

This paper deals with how the financing in real estate companies has developed after the recentfinancial crisis, how the financial crisis specifically has affected the financing in real estatecompanies and to what extent real estate companies have started to use alternative ways to finance their operations. This subject is of high interest because the financial crisis has had a huge impact on the global economic climate, which also affects Swedish real estate companies andbanks.

The paper combines a quantitative survey of the capital structure in all Swedish publicly listed realestate companies with a qualitative survey consisting of a number of interviews withrepresentatives from a number of real estate companies and banks.

The quantitative survey shows that big changes have occurred in the financing of real estatecompanies. The use of alternative ways to finance them, such as preference shares, bonds, MTN and certificate programs have become much more common in real estate companies. A big reason to this is that banks in many cases have wanted to restrict their lending to real estate companies whilst the credit margins have increased due to, among other things, higher capitalrequirement rates for the banks.

The fast development of financing in real estate companies will continue for years to come andalternative ways to finance real estate companies will continue to get stronger as a complement to bank loans and common stock equity.

Place, publisher, year, edition, pages
2012. , 42 p.
Keyword [en]
Real Estate financing, Alternative financing solutions, Financial crisis, Real estate companies, Preference shares, Bonds
Keyword [sv]
Fastighetsfinansiering, Alternativa finansieringslösningar, Finanskris, Fastighetsbolag, Preferensaktier, Obligationer
National Category
Civil Engineering
Identifiers
URN: urn:nbn:se:kth:diva-96373OAI: oai:DiVA.org:kth-96373DiVA: diva2:530531
Subject / course
Building and Real Estate Economics
Educational program
Bachelor of Science - Real Estate and Finance
Uppsok
Technology
Supervisors
Examiners
Available from: 2012-08-20 Created: 2012-06-03 Last updated: 2012-08-20Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
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  • de-DE
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  • sv-SE
  • Other locale
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Output format
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