Hur skiljer sig de kommunala bostadsbolagens verksamheter från de privata fastighetsbolagens?
(2024) VFTM01 20241Real Estate Science
- Abstract (Swedish)
- Den svenska bostadsmarknaden präglas av en bostadsbristsituation, en situation som enligt Boverket förvärrats av omvärldshändelser som covid-19 och kriget
i Ukraina. Det är i denna kontext intressant att undersöka orsaken och implikationerna av observerade skillnader i belåningsgrad
och marknadsvärdestillväxt mellan kommunala bostadsbolag och privata fastighetsbolag. Syftet med arbetet är att undersöka varför dessa skillnader uppstått samt vad som hade hänt ifall kommunala bostadsbolag i större grad verkade som ett privat fastighetsbolag vilket också mynnade ut
i frågeställningarna nedan.
Varför skiljer sig de kommunala bostadsbolagens belåningsgrad och tillväxt av marknadsvärde från de privata fastighetsbolagens?
Hur hade de... (More) - Den svenska bostadsmarknaden präglas av en bostadsbristsituation, en situation som enligt Boverket förvärrats av omvärldshändelser som covid-19 och kriget
i Ukraina. Det är i denna kontext intressant att undersöka orsaken och implikationerna av observerade skillnader i belåningsgrad
och marknadsvärdestillväxt mellan kommunala bostadsbolag och privata fastighetsbolag. Syftet med arbetet är att undersöka varför dessa skillnader uppstått samt vad som hade hänt ifall kommunala bostadsbolag i större grad verkade som ett privat fastighetsbolag vilket också mynnade ut
i frågeställningarna nedan.
Varför skiljer sig de kommunala bostadsbolagens belåningsgrad och tillväxt av marknadsvärde från de privata fastighetsbolagens?
Hur hade de kommunala bostadsbolagens möjlighet att investera förändrats av att i högre grad efterlikna de privata fastighetsbolagens kapitalstruktur?
För att besvara dessa frågor inleddes arbetet med en studie inom ämnesområdet med syfte att utreda och ge en grund att utveckla arbetet vidare på. Det observerades också en lucka inom det aktuella ämnesområdet som detta arbete syftar till att fylla. Vidare genomfördes en fallstudie som är indelad i två delar där en undersökning av nyckeltal utgjorde den första delen och den andra delen undersökte de observerade bolagens syn på finansiell risk samt riskhantering. Vidare genomfördes en semistrukturerad intervjustudie, där tio kommunala bostadsbolags ekonomichefer medverkade, med syfte att uppnå en djupare förståelse för, samt komplettera, resultatet av fallstudierna.
Fallstudien av nyckeltal resulterade i en genomsnittlig belåningsgrad på 22,4% för de 15 undersökta kommunala bostadsbolagen respektive 52,2% för de tio undersökta privata fastighetsbolagen. Marknadsvärdestillväxten inklusive investeringar var 7,5% per år mellan 2012 och 2022 för de kommunala bostadsbolagen och 23,8% för de privata fastighetsbolagen. Den andra delen av fallstudien visade hur de privata fastighetsbolagen hade en mer omfattande riskhantering samt hur de kommunala bostadsbolagen nästan uteslutande externt finansierades genom kommunen. Resultatet av intervjustudien gav en mer nyanserad och mångfacetterad bild av skillnaderna mellan kommunala bostadsbolag och privata fastighetsbolag.
För att adressera resultatet och möjliggöra förklaringar till de undersökta skillnaderna blev riskhantering och teorier som pecking order-teorin samt trade off- teorin viktiga förklaringsmetoder att utgå från.
De privata fastighetsbolagen har större möjligheter att hantera risk, främst genom diversifiering. Skillnader i ägarstruktur medför även att riskaverta individer löper högre risk i de kommunala bostadsbolagen att ställas ansvariga för händelser i bolagen. De kommunala bostadsbolagen prioriterar att finansiera investeringar genom kassaflödet, vilket skiljer sig från hur de privata fastighetsbolagen använder extern finansiering för investeringar och i stället använder kassaflödet för att betala högre räntekostnader.
Slutsatsen för arbetet är att de undersökta skillnaderna i belåningsgrad och tillväxt av marknadsvärde har uppstått som en följd av skillnader i ägarstrukturen, vikten som läggs vid intern finansiering samt inställningen till att ta och möjligheten att hantera risk. Vidare hur bostadsbolagen som verkar i kommuner där det fortfarande finns en efterfrågan på nyproducerade hyreslägenheter, genom att i högre grad efterlikna de privata fastighetsbolagens kapitalstruktur, skulle kunna använda deras starka balansräkningar för att öka investeringstakten i både nyproduktion och förvärv. (Less) - Abstract
- In Sweden it has for many years been the common understanding that there is
a shortage of housing on the housing market, a situation that according
to Boverket has been further worsened by recent world events such as the Covid-19 pandemic and the Russian war of aggression against Ukraine. In this context it was interesting to study the cause of and implications of observed differences in the growth of market value and the loan-to-value ratio between municipal housing companies and private real estate companies. The purpose of this study is to examine why these differences exist and what would happen if the municipal housing companies were run more like the private real estate companies, which resulted in the following research... (More) - In Sweden it has for many years been the common understanding that there is
a shortage of housing on the housing market, a situation that according
to Boverket has been further worsened by recent world events such as the Covid-19 pandemic and the Russian war of aggression against Ukraine. In this context it was interesting to study the cause of and implications of observed differences in the growth of market value and the loan-to-value ratio between municipal housing companies and private real estate companies. The purpose of this study is to examine why these differences exist and what would happen if the municipal housing companies were run more like the private real estate companies, which resulted in the following research questions.
Why do the municipal housing companies in regard to loan-to-value ratio and growth of market value differ from the private real estate companies?
How would the municipal housing companies´ possibilities change, in regards to investments, from operating more like a private real estate company?
To answer these research questions our study was initiated with a literature study within the area of research with the purpose of investigating and creating a platform on which to further develop our understanding of the subject.
During which a gap within the field of research was observed and which it is this study's aim to narrow.
A case study divided into two parts was developed in which the first part examined key financial figures and the second part aimed to further our understanding of how the observed companies handled financial risk and risk management. After the case study a semi structured interview study was conducted, in which ten representatives of the municipal housing companies took part, with the purpose to further our understanding and complement the earlier results.
The results of the case study showed an average loan-to-value ratio of 22,4% for the 15 examined municipal housing companies and 52,2% for the ten examined private real estate companies. The growth of market value including investments was 7,5% between the years 2012 and 2022 for the municipal housing companies and 23,8% for the private real estate companies. The results of the second part of the case study indicated that the private real estate companies reported a more comprehensive risk management policy and that the municipal housing companies almost exclusively managed their external financing through the local government. Lastly, the results of the interview study brought a more nuanced picture to the earlier observed differences between the municipal housing companies and the private real estate companies.
In the process of analyzing our findings, risk theory and financial theories like pecking order- and trade off-theory became, among others, important theories for explaining and understanding the results. We found that the private real estate companies had greater possibilities of risk management, primarily through diversification, in the municipal housing companies risk averse individuals were deemed to run a higher risk of being held responsible for negative events. The municipal housing companies were also observed to primarily finance investments with their cash flow, which differs from how the private real estate companies would externally finance their investments and use their cash flow to pay higher interest costs.
The studied differences in loan-to-value and growth of market value have arised due to differences in ownership structures, how the municipal housing companies base their operations on available cash flow and differences in risk management. Further how municipal housing companies in areas in which there is still
a demand for new housing, by being run more like a private real estate company, could use their strong balance sheets to increase investments in both producing new housing and buying property. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9157016
- author
- Svensson Heurlin, Lukas LU and Törnkvist, Viktor
- supervisor
-
- Åsa Hansson LU
- organization
- alternative title
- How do the operations of municipal housing companies differ from the private real estate companies?
- course
- VFTM01 20241
- year
- 2024
- type
- H2 - Master's Degree (Two Years)
- subject
- keywords
- Fastighetsekonomi, belåningsgrad, marknadsvärde, kapitalstruktur, tillväxt, risk, begränsningar, kommunala bostadsbolag, privata fastighetsbolag Property economics, loan-to-value ratio, market value, capital structure, growth, limitations, municipal housing companies, private real estate companies
- other publication id
- LUTVDG/TVLM 24/5558SE
- language
- Swedish
- id
- 9157016
- date added to LUP
- 2024-06-07 11:51:14
- date last changed
- 2024-06-07 11:51:14
@misc{9157016,
abstract = {{In Sweden it has for many years been the common understanding that there is
a shortage of housing on the housing market, a situation that according
to Boverket has been further worsened by recent world events such as the Covid-19 pandemic and the Russian war of aggression against Ukraine. In this context it was interesting to study the cause of and implications of observed differences in the growth of market value and the loan-to-value ratio between municipal housing companies and private real estate companies. The purpose of this study is to examine why these differences exist and what would happen if the municipal housing companies were run more like the private real estate companies, which resulted in the following research questions.
Why do the municipal housing companies in regard to loan-to-value ratio and growth of market value differ from the private real estate companies?
How would the municipal housing companies´ possibilities change, in regards to investments, from operating more like a private real estate company?
To answer these research questions our study was initiated with a literature study within the area of research with the purpose of investigating and creating a platform on which to further develop our understanding of the subject.
During which a gap within the field of research was observed and which it is this study's aim to narrow.
A case study divided into two parts was developed in which the first part examined key financial figures and the second part aimed to further our understanding of how the observed companies handled financial risk and risk management. After the case study a semi structured interview study was conducted, in which ten representatives of the municipal housing companies took part, with the purpose to further our understanding and complement the earlier results.
The results of the case study showed an average loan-to-value ratio of 22,4% for the 15 examined municipal housing companies and 52,2% for the ten examined private real estate companies. The growth of market value including investments was 7,5% between the years 2012 and 2022 for the municipal housing companies and 23,8% for the private real estate companies. The results of the second part of the case study indicated that the private real estate companies reported a more comprehensive risk management policy and that the municipal housing companies almost exclusively managed their external financing through the local government. Lastly, the results of the interview study brought a more nuanced picture to the earlier observed differences between the municipal housing companies and the private real estate companies.
In the process of analyzing our findings, risk theory and financial theories like pecking order- and trade off-theory became, among others, important theories for explaining and understanding the results. We found that the private real estate companies had greater possibilities of risk management, primarily through diversification, in the municipal housing companies risk averse individuals were deemed to run a higher risk of being held responsible for negative events. The municipal housing companies were also observed to primarily finance investments with their cash flow, which differs from how the private real estate companies would externally finance their investments and use their cash flow to pay higher interest costs.
The studied differences in loan-to-value and growth of market value have arised due to differences in ownership structures, how the municipal housing companies base their operations on available cash flow and differences in risk management. Further how municipal housing companies in areas in which there is still
a demand for new housing, by being run more like a private real estate company, could use their strong balance sheets to increase investments in both producing new housing and buying property.}},
author = {{Svensson Heurlin, Lukas and Törnkvist, Viktor}},
language = {{swe}},
note = {{Student Paper}},
title = {{Hur skiljer sig de kommunala bostadsbolagens verksamheter från de privata fastighetsbolagens?}},
year = {{2024}},
}