全球氣候變遷天災頻傳，全球溫室效應亦導致氣候異常，颱風、洪水等天然災害發生的頻率與損失幅度亦逐漸增加，在地球環境越趨變化快速與惡化之下，政府如何因應天災所帶來之損失與影響亦越趨重要。 本研究宗旨希冀能提高政府對於地震等巨災風險管理的重視，研究風險管理如何緩和地震及風災洪水對台灣政府財政之損害。本文將以台灣地區之地震造成政府財產中橋樑損失資料以及風災洪水造成公部門建物內容物毀損資料，模擬出可能損失金額。分析政府在利用三種不同保險機制後政府之損失與風險分散程度，並以現行於台灣之住宅地震保險基金分層承擔風險機制為例，將所模擬出之政府財產總損失套入基金，擴大住宅地震保險基金的承保範圍並設立洪水基金，分析政府存在基金下之財政支出與損失波動度。另計算政府財產在三種保險機制設計下，不同風險偏好之政府所需繳納之保費；最後一部分將檢視發行地震巨災債券的價值變化。 / Because of global climate change, natural disasters frequently happened all over the world. Global warming leads to climate anomalies, the frequency and loss severity of typhoons, floods and other natural disasters have also increased steadily. And under the Earth's environment changes and deteriorates rapidly, how should the government response to natural disasters are becoming more and more important. The purpose of this study is to attach importance to earthquake or other catastrophe risk management, and how to mitigate earthquake and flood catastrophes damage to the Taiwan government. The purpose of this study is to estimate the exposures of some public properties of Taiwan to earthquake and flood catastrophes. The research team was able to secure from National Center University two event loss tables on the earthquake risk of road bridges and the flood risk of government buildings. Based on these tables we simulated 500,000 earthquake and flood losses respectively and constructed two loss distributions. Then we imposed three insurance schemes to illustrate how risk management can mitigate the Nat Cat risks. We further enlarged the scope to all government properties based on the losses from the 921 earthquake and the Morakot typhoon. On these enlarged loss distributions we imposed risk management schemes similar to that of the Residential Earthquake Insurance Fund (TREIF) to investigate the potential benefits of risk management on the Nat Cat exposures of government properties. And we find optimal premiums under different insurance mechanism with different risk preferences of the government. The last part will examine the changes in the value of the issue of earthquake catastrophe bonds.

Intresset för samhällsfastighetssegmentet har ökat kraftigt de senaste åren. På grund av den demografiska utvecklingen i Sverige har behovet av bland annat äldreboenden, skolor och vårdfastigheter blivit allt större. Samtidigt har landets kommuner inte råd att bekosta behoven själva, vilket medför att denna typ av fastigheter säljs av till privata aktörer. Till följd av detta ges samhällsfastighetsbolagen stora expansionsmöjligheter och allt fler aktörer söker sig till segmentet. Samhällsfastigheter karaktäriseras av låg risk och stabila kassaflöden. Detta beror främst på långa hyreskontrakt och säkrade hyresgäster i form av kommun, stat och landsting. Fastighetsbolag och långivare ser fastigheterna som en trygg investering vilket medfört att aktörerna i segmentet haft en god tillgång på kapital. Fastighetssektorn är en kapitalintensiv bransch och samhällsfastigheter lämpar sig väl för högre skuldsättning eftersom tillgångarna är trygga och mindre konjunkturkänsliga. De allra största aktörerna med hög rating finansierar sig främst via kapitalmarknaden eftersom prissättningen på sådana skuldinstrument varit mer fördelaktig. Mindre bolag har inte samma tillgång till kapitalmarknaden och finansierar sig därför huvudsakligen med bankskuld. Rating har blivit allt viktigare för bolagen och de som hamnar inom Investment Grade tardel av mycket låga räntekostnader på sina skuldbärande kapitalmarknadsinstrument. Hybridobligationer har använts som ett medel för att uppnå en högre rating. Då hybriden kan räknas som eget kapital stärks balansräkningen och nyckeltalen. Många år av låg ränta har skapat gynnsamma marknadsförhållanden. Överskottet på kapital har gjort att investerarna jagar avkastning och företagen vänder sig i allt högregrad till obligationsmarknaden för finansiering. Skärpta kapitaltäckningskrav på bankerna gör samtidigt att banklån blir dyrare, vilket ytterligare bidrar till kapitalmarknadens tillväxt. De största bolagen besitter stordriftsfördelar och premieras av investerare, vilket leder till att dessa aktörer fortsätter dominera segmentet framöver. / The interest for the public property segment has increased substantially in recent years. Due to the demographic development in Sweden, the need for retirement homes, schools and nursing homes among others, has grown bigger. At the same time the country’s municipalities can’t afford to fund the needs themselves, which means that these properties are sold out to private companies. As a result, the public property companies are given great opportunities for expansion and even more companies are looking to invest in the segment. Public properties are characterized by low risk and stable cash flows. This is mainly because of long leases and secured tenants in the form of municipalities, state and county. Real estate companies and lenders see the properties as a safe investment, which has resulted in good access to capital for the operators in the segment. Real estate is a capitalintensive sector and public properties are suitable for higher indebtedness since the assets are secure and less sensitive to economic cycles. The very largest real estate companies with a higher rating are financed mainly through the capital market since pricing on such debt instruments have been more favorable. Smaller companies don’t have the same access to the capital market and are therefore mostly financed by bankloans. Rating has become increasingly important to the real estate companies and those within Investment Grade utilize very low interest rate costs on their debt bearing instruments from capital markets. Hybrid bonds have been used as a means to gain a higher rating. Ast he hybrid can be counted as equity, the balance sheets and key performance indicators are strengthened. Many years of low interest rates have created favorable market conditions. The excess of capital has made the investors chasing yield and the companies are turning to the bond markets for financing to greater extent. At the same time, stricter capital adequacy requirements for banks have made bank loans more expensive, which further contributes to the capital markets growing. The largest companies benefit from economies of scaleand are rewarded by investors. This leads to the companies remaining to dominate the segment ahead.

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Samhällsfastigheter har seglat upp som ett av de mest attraktiva segmenten i fastighetsbranschen under desenaste åren. Att många fastighetsrådgivare som Newsec och Svefa tror att detta bara är början på entrend med allt större transaktionsvolymer gör det vidare intressant att analysera detta närmare. Den ökade skuldsättningen för fastighetsbolag rent generellt medför en tilltagande kreditrisk och innebärsamtidigt ett ökat tryck på att denna typ av bolag vårdar sin skuld. Detta för att kunna belönas med lägreupplåningskostnader och lägga grunden för en ökad finansiell stabilitet. Kreditvärdering är en viktigdimension i denna process, och att få en hög kreditrating är en central del och rekommenderas numera iallt större utsträckning. Begreppet samhällsfastigheter behandlas frekvent i media men det finns en otydlighet och okunskap kringvad begreppet står för. Samhällsfastigheter innefattar bland annat en länk till offentlig sektor, lågvakansgrad, stabila kassaflöden och stabila hyresgäster övertid. I sin tur kan oklarhet kring begreppet ledatill osäkerhet kring graden av stabilitet och trygghet som ett fastighetsbestånd avspeglar eller bör avspegla. Ambitionen med uppsatsen är därför att genom en deskriptiv redogörelse bidra med ökad kunskap försegmentet samt hur kreditvärderingen av samhällsfastigheter skiljer sig från ett mer klassisktfastighetsbestånd. Uppsatsen är baserad på intervjuer med aktörer verksamma på den svenskakreditbedömnings marknaden som kan lyfta olika perspektiv av processen kring kreditvärdering avfastigheter generellt och samhällsfastigheter mer specifikt. Resultatet av uppsatsen sammanfattas i arbetets slutsats där frågeställningarna arbetet grundar sig ibesvaras. De frågeställningar som besvaras är följande: Vilka faktorer är centrala vid kreditbedömning avett fastighetsbolag respektive samhällsfastighetsbolag? Vilka faktorer skiljer sig i kreditbedömning avsamhällsfastigheter från andra typer av fastighetsinvesteringar? / Commercial properties have emerged as one of the most attractive segments in the real estate industry inrecent years. The fact that many real estate advisers such as Newsec and Svefa believe that this is only thebeginning of a trend with increasing transaction volumes makes it interesting to analyze this segmentmore thoroughly. The increased indebtedness for real estate companies, in general, entails increasing credit risk and at thesame time leads to increased pressure on this type of company to take care of its debt. This is to beableto be rewarded with lower financial costs and lay the foundation for increased financial stability. Creditrating is an important dimension in this process and getting a credit rating can be a central factor as statedin the thesis and is now increasingly recommended. The concept of community properties is frequently covered in the media, but there is sometimes a lack ofclarity and ignorance about the concept of what it stands for. These include, among other things,a link to the public sector, low vacancy rates, stable cash flows, and stable tenants over time. In turn, thisambiguity around the concept can lead to uncertainty about the degree of stability and security that aproperty portfolio reflects or should reflect. The ambition of the thesis is therefore to contribute through a descriptive statement with increasedknowledge for the segment and how the credit rating of community properties differs from a more classicproperty portfolio. The thesis is based on interviews with different types of actors active in the Swedishcredit assessment market that can highlight different perspectives on the process around credit valuationof properties in general and community properties more specifically. The result is summarized in the work's conclusion where the questions the work is based on areanswered. The questions that are answered are the following: What factors are central in the creditassessment of a real estate company and a public real estate company, respectively? What factors differ inthe credit rating of public properties from other types of real estate investments?

Depuis une dizaine d’années, les personnes publiques prennent conscience du potentiel économique que représente leur "patrimoine immatériel". A l’analyse, celui-ci présente une grande diversité dans sa composition et comprend ainsi tout à la fois des éléments non appropriés et des éléments appropriés, qualifiables de "propriétés publiques immatérielles". Les personnes publiques doivent impérativement trouver un équilibre entre différents impératifs dans la valorisation qu’elles opèrent de leur "patrimoine immatériel". Elles doivent en effet pouvoir en tirer de nouvelles ressources financières en les exploitant tout en en assurant une protection adéquate. Les éléments non appropriés du "patrimoine immatériel" font souvent l’objet de régimes juridiques autonomes qui, dans l’ensemble, permettent aux personnes publiques d’en envisager une valorisation équilibrée. Quant aux propriétés publiques immatérielles, la démonstration se concentrera sur les difficultés rencontrées pour les faire bénéficier du régime de la domanialité – qu’elle soit publique ou privée –, puis sur les options envisageables pour mettre un place un régime juridique susceptible d’en assurer une valorisation optimale. / Over the past decade, public entities have become aware of the economic potential of their "intangible assets". Upon analysis, such assets are highly diversified and include both irrelevant and relevant items, which can be described as "intangible public properties". It is critical for public entities to achieve a balance between different constraints when promoting their "intangible assets". They must be able to generate new financial resources from such assets by exploiting them while ensuring its adequate protection. Irrelevant elements usually included in the "intangible assets" are often subject to autonomous legal regimes which, taken altogether, allow public entities to contemplate a balanced valuation. As for intangible public properties, the analysis will focus on the challenges faced while incorporating them into the domain regime - whether public or private - and then on the available options to implement a legal regime capable of ensuring an optimal valuation.

Le domaine privé des personnes publiques, ensemble de biens publics classiquementappréhendé par opposition au domaine public, subit actuellement une profonde mutation. Lamodification des critères de définition du domaine privé engendre l’insertion de nouveauxéléments dans cette catégorie juridique, et invite à redéfinir son rôle au sein de laclassification des propriétés publiques. Le domaine privé ne peut plus être perçu comme unpatrimoine que l’administration exploiterait « à titre privé ». Il remplit indéniablement unefonction d’intérêt général, en fournissant des revenus à ses propriétaires, ou en leur offrant dessupports pour mener leurs missions. Le développement des hypothèses d’utilisation des biensdu domaine privé à des fins non financières conduit à formuler une proposition dehiérarchisation des utilités publiques qu’ils sont susceptibles de procurer. Elle permet deconcilier la recherche d’un profit avec les autres objectifs de l’action publique. Cette qualitése reflète dans la définition du régime de la domanialité privée, qui accorde une placesignificative à l’objectif de préservation de la valeur économique d’un patrimoine public, ets’ouvre, en parallèle, à une logique de protection des fonctions d’utilité publique remarquabledont ses biens sont les supports. La mutation de la domanialité privée dessine les contoursd’un nouveau régime juridique, apte à concilier les impératifs de protection avec la recherchede valorisation économique des patrimoines publics, ce dont la domanialité publique estincapable. On peut alors envisager de l’étendre à l’ensemble des biens publics, comme unesolution à la crise que traverse la domanialité publique. / The private domain of public entities, which is the ensemble of public possessions inopposition to the public domain, is facing a deep mutation. Criterias of definition of private domain are changing, which leads to the insertion of new elements in this legal field and to a redifining of its role in public properties classification. The private domain can not be perceived anymore as an heritage that the administration uses in a private capacity. It undeniably has a role for the general interest by granting incomes to its owners or by giving them supports to achieve their assignements. The growing number of hypothesis where assets of the private field are used to non-financial aims lead us to suggest a scale of public interests these usages can lead to. This scale is aimed to reconcile a profit-driven approach with public action other objectives. This is shown by the definition of the system of private domain, which gives much importance to the fonction of preserving the economic value of a public asset while opening up to a logic of protection of its public interests fonctions which are supported by its assets. The mutation of the definition of the private domain draws a new legal system by joining the search for an economic exploitation of public assets with its protection imperatives where the definition of the public domain fails. We can consider to extend this new legal system to the field of public domain to try to counter the crisis it isfacing.