Using the optimal capital structure results in the lowest financing cost, the previous research literature of the subject is comprehensive. Trade-off, pecking order and market timing are the dominating theoretical models to find the optimal leverage ratio. In real estate firms, there are multiple types of equity and debt instruments. Hybrids can be classified differently by the different actors on the market. As the record-breaking low interest rates started to rise at a rarely seen pace, problems arose for real estate firms. The three theories could not explain what the optimal strategy would be during the years following the COVID-19 pandemic, making new studies necessary. The purpose of this study is to understand how Swedish real estate companies deal with their capital structure, and which strategies are used during different economic times, particularly when the macro economy is tightening. Additionally, the study aims to investigate how real estate firms adapt to and prepare themselves to come out stronger after an economic downturn. The aim is to identify the methods usable for real estate companies to maximize the risk adjusted return to shareholders, regardless of high interest and general slow-down of the economy. The work is divided into two parts. One quantitative part, based on regression analysis, and qualitative part, based on interviews with some of the most prominent people in different roles of the Swedish real estate industry. The result of the regression analyses should be interpreted with great caution as the amount of data is small and significant events affected the macroeconomy, leading to both quantitative easing and tightening, demanding more complex non-linear models. The qualitative result show that the symbiosis between different actors on the market has a huge impact on the performance of both the industry and individual companies. The Swedish culture with dedicated owners, finding solutions to most challenges and rarely defaulting makes personal relations and trust to the people significantly important in corporate analyses. Many companies avoid bankruptcy, even when it would be rational for the owners to declare bankruptcy and let creditors take a loss to save their own capital, which often is the case in many other countries. The Swedish model reduces risk for credit investors. / En optimal kapitalstruktur ger lägsta finansieringskostnad och det finns en omfattande forskningslitteratur om optimal kapitalstruktur. Trade-off, pecking order och market timing är de ledande teoretiska modellerna för att hitta den optimala hävstången. I fastighetsbolag finns flera typer av eget kapital och skuldinstrument. Hybrider klassificeras olika av aktörerna på marknaden. När de rekordlåga räntorna började höjas i en sällan skådad hastighet började fastighetsbolagen få stora problem. De tre teorierna misslyckas med att förklara vad som är en optimal strategi under den ekonomiska period som följt åren efter COVID-19-pandemin, vilket gör att nya studier krävs. Syftet med studien är att förstå hur svenska fastighetsbolag hanterar sin kapitalstruktur och vilka strategier de använder under olika ekonomiska tider, särskilt när makroekonomin är åtstramande. Studien syftar även till att utforska hur fastighetsbolag anpassar sig till, och förbereder sig för att komma ut starkare efter en ekonomisk nedgång. Målet är att identifiera de metoder fastighetsbolag kan använda sig av för att optimera riskjusterad avkastning till sina aktieägare, trots utmaningar som höga räntor och en allmän nedgång i ekonomin. Arbetet är uppdelat i två delar. En kvantitativ del som bygger på regressionsanalyser, samt en kvalitativ del som utgörs av en intervjustudie med några av de mest framstående personerna i olika roller i den svenska fastighetsbranschen. Resultaten från regressionsanalysen ska tolkas med stor försiktighet på grund av en liten datamängd och stora makroekonomiska händelser, såväl lättnader som åtstramningar, där det krävs mer komplicerade icke-linjära modeller. Det kvalitativa resultatet visar att symbiosen mellan marknadens aktörer har stor påverkan på hur såväl branschen som enskilda bolag presterar. Den svenska kulturen med hängivna ägare som hittar lösningar på de flesta utmaningarna och sällan drabbas av inställda betalningar gör att personliga relationer och förtroende för människorna utmärker sig som egenskap när bolagsanalyser genomförs. Många bolag undviker konkurs även när det hade varit rationellt för ägarna att begära konkurs för att låta fordringsägare ta en förlust och rädda sitt eget kapital, vilket ofta är fallet i andra länder. Den svenska modellen minskar riskerna för kreditinvesterare.

創業初期所面對的主要問題就是資源不足的問題，要如何獲取生存與發展所需要的資源是企業的重要課題。首先，企業必須分析內部環境，找出核心資源，並將之發揮在目標事業上，為企業奠定基礎。再者，企業必須分析外部環境，透過各種組織鏈結策略，重新調整與供應商、顧客、甚至是競爭者之間的關係成為策略夥伴關係，選擇並集中核心競爭強項，形成資源互補，提供給客戶一個全面解決方案(Total solution)的服務，以滿足甚至超過顧客預期的需求，使得顧客願意持續購買，企業藉此從環境中獲取關鍵資源並得以持續發展。 本研究透過個案分析發現，組織在成為「全面解決方案提供者(TSP)」的角色過程中，因為市場力量及組織力量的融合過程的不同，我們分析出其發展軌跡可以歸類成為五大類，即「水平整合型的TSP」、「垂直整合型的TSP」、「先水平後垂直整合型的TSP」、「先垂直後水平整合型的TSP」以及「垂直及水平整合並進型的TSP」。這五大類型的發展軌跡基本上描述了組織發展的過程，讓我們更清楚的知道組織成長過程中因為環境因素以及組織因素所造就成的組織面貌。 「TSP成長曲線 (TSP Growth Curve)」的形成過程，是在個案成長過程分析及探討後發現，組織要追求持續成長，單靠本身的資源是受限的，組織必須去整合內外部的資源，包括重新建構核心資源、組織並管理外部資源網絡，透過各樣的鏈結策略使得組織獲取成長所需要的關鍵資源，透過策略再思考重新組織企業架構，建構一個學習性組織平台，鼓勵在這個平台上的每一個人去創新思考，讓組織成員得以在非傳統性架構下去思考，在非秩序中去創新，讓大家願意去共創組織的價值。 研究發現，組織獲取資源並成為TSP的四個步驟為：1.建構組織核心資源與能力2.從環境中獲取關鍵資源3.價值創新成為TSP角色使顧客滿足4.降低對環境依賴，繼續提升高一層次的成長循環。這樣良性的循環讓組織累積更多資源而逐漸壯大，擺脫了創業初期資源不足的困境，組織在壯大的同時因為建立了更多的資源而逐漸降低對於原有環境中的資源依賴，並與環境中資源提供者的關係從依賴變成互賴，此時組織已經提昇到了另一層次的成長循環。這樣的成長循環使得組織得以在不同的環境中獲取不同的資源繼續成長，讓企業一直維持企業生命週期中的成長階段，因而可能避免或延遲了衰退階段的發生。 本研究的特色是從資源依賴的角度出發，探討組織如何透過從環境中獲取成長所需的關鍵資源，並探討組織藉由成為全面解決方案提供者的角色來獲取顧客價值創新，此時組織價值亦跟隨提升。 大部分的企業皆無法規避「出生、成長、成熟、飽和、衰退」的命運，就如同生命會歷經「出生、幼年、青年、壯年、老年」的歷程一般，或許企業無法避免衰退或消失的命運，但是找出「延年益壽」方法來維持壯年期是一個可行的策略。「TSP成長曲線圖」以「TSP成長循環圖」即可以說明企業從「創業成功」到「維持成長」的策略歷程，可以作為企業經營發展的參考。 / The major problem in the early stage of entrepreneurship is the shortage of resources, so it is industries’ crucial mission to acquire the resources to sustain and develop its growth. First, industries must analyze its internal environment to identify the core sources and apply them into the target business, to lay the foundation for companies. Second, industries must conduct external analysis with organizations linkage mechanism to re-address the connection among suppliers, customers and even competitors, so that they can become the strategic partners, formulate complimentary resources, concentrate on their own core advantages in the competition. In this way, they can offer customers the service of Total Solution, to meet, even exceed customers’ expectation. Hence, this could sustain customers’ continuous purchase, and industries can keep developing its business by grabbing the crucial resources in the environment. This research discovered that, due to the different merging processes between market powers and organizations power, there are five categorized patterns when organizations become Total Solution Provides (TSP): horizontal integration TSP, vertical integration TSP, horizontal-to-vertical integration TSP, vertical-to-horizontal integration TSP and simultaneously vertical and horizontal integration TSP. These five patterns basically outline the process of organization development and bring us more diverse pictures caused by different environmental and organizational causes. After studying cases and formulating of the TSP Growth Curve, this research found out that it is limited to for organizations to pursue the growth by its own resources. Industries must integrate internal and external resources, re-construct the core resources, manage the external resource network, acquire all the necessary resources for further growth through linkage mechanism, rethink the structure of the business, establish the learning platform to encourage its member to jointly create the value for the organizations, contemplate beyond the boundary of tradition and innovate without order. There are four steps for the organizations to acquire resources and formulate the TSP Growth Curve: 1. Constructing the core resources and capability of the organizations; 2.Acquireing the core resources from the environment; 3.Becoming TSP with value innovation and satisfy the customers; 4.Lowering the dependence on the environment and upgrading the Growth circle. Organizations can grow stronger, accumulate more resources with this benign circle and leave the dilemma of insufficient resources. In this way, organizations can receive more resources than ever; it can also turn the relationship between organizations and supplier from unilateral dependence to mutual dependence and TSP Growth circle will also be upgraded while they are growing bigger. This growth circle can continuously sustain its development by collecting different resources in different environments. Hence, the stage of growth will be prolonged, and the stage of recession will be avoided of delayed. Based on the Resources dependence theory, this research has discussed how organizations obtain the crucial resources from the environment to generate growth, and also analyzed that when organizations obtain customers’ value innovation by playing TSP, organizations’ value will also raise consecutively. Most industries can not avoid the linear destiny of establishment, growth, maturity, saturation and recession as well as human’s life stage of birth, child, youth, adult and aging. Industries may not genuinely ward off the consequence of decline or disappearance, but it’s still workable to figure out a strategy to prolong the period of maturity. TSP Growth Curve and TSP Growth Circle can well explain the industries’ process from the stage of “entrepreneurship” to “the maintenance of growth”, and also offer the positive example for business operation.