Klimatfrågan växer sig större i dagens samhälle och det blir alltmer relevant att diskutera dess följder och negativa effekter. En av de effekter som drabbar jorden på grund av klimatets utveckling är översvämningar. Översvämningar har visat sig vara kostsamma för samhället på många sätt. Sedan år 2000 har 2800 stora översvämningar skett världen över som har kostat samhällen 538 miljarder amerikanska dollar vilket även spås fortsätta i framtiden. Eftersom antalet översvämningar ökar och blir alltmer allvarliga kommer det att vara viktigt för samhället att bli upplysta om hur dessa kan drabba fastigheter sett ur ett ekonomiskt perspektiv. Syftet med examensarbetet blir därmed att skapa en allmän förståelse för hur extrem nederbörd och havsstigning som leder till översvämningar, kan komma att påverka fastighetsvärden i Sverige. Arbetet skall ge allmänheten ett nytt perspektiv på frågan om deras ägda eller tilltänkta fastighet kan påverkas negativt ekonomiskt av framtidens möjliga översvämningar. Liknande forskning har presenterats i omvärlden men informationen saknas inom Sveriges gränser och frågan behöver lyftas. Informationen som behandlas i arbetet kommer främst att inhämtas från intervjuer med sakkunniga samt en litteraturstudie där olika typer av statistik presenteras. Tilltänkta respondenter är fastighetsvärderare och mäklare. Studien visar att översvämningsrisker i de utpekade städerna Gävle och Göteborg inte är en faktor som spelar in vid bedömningen av marknadsvärde idag. Data som presenterats för respondenterna i studien i form av översvämningskartor och liknande används inte alls i det dagliga arbetet vid värderingar av fastigheter idag. Dock visar information från studien på att större händelser i form av extrem nederbörd eller översvämning ger effekter på diskussionen av ämnet. Media har också visat sig spela en stor roll i påverkan på människors inställning till frågan. Studien kan inte utesluta om människor vet om dessa typer av översvämningsrisker eller självmant väljer att bortse från demsamma. Efter studien återstår det fortfarande arbete för att se hur framtidens översvämningsrisker kommer att påverka bostadsmarknaden i Sverige. Från intervjuerna i studien är det möjligt att utpeka att det kan komma att ske en påverkan på marknadsvärden men det är svårt att avgöra dessa i dagsläget. / The climate issue is growing larger today, and it then becomes increasingly relevant to discuss its consequences and negative effects. One of the effects affecting the earth due to climate change is floods. Floods have proven to be costly to society in many ways. Since the year 2000, 2,800 major floods have occurred worldwide that have cost the world $538 billion, which is also predicted to continue in the future. As the number of floods increases and becomes increasingly serious, it will be important for society to be informed about how these can affect properties from an economic perspective. The purpose of the thesis will thus be to create a general understanding of how extreme precipitation and sea level rise that lead to floods, may affect property values in Sweden. The thesis will give the public a new perspective on the question of whether their owned or intended property can be negatively affected financially by future possible floods. Similar research has been presented to the outside world, but the information is lacking within Sweden's borders and the issue needs to be raised. The information that is processed in the work will mainly be obtained from interviews with experts and a literature study where different types of statistics are presented. Prospective respondents are property appraisers and brokers. The study shows that flood risks in the designated cities of Gävle and Gothenburg are not a factor that comes into play when assessing market value today. Data presented to the respondents in the study in the form of flood maps and the like are not used at all in the daily work of valuations of properties today. The media has also been shown to play a major role in influencing people's attitudes to the issue. The study cannot rule out whether people know about these types of flood risks or voluntarily choose to ignore them the same. After the study, there is still work to be done to see how the future flood risks will affect the housing market in Sweden. From the interviews in the study, it is possible to point out that there may be an impact on market values, but it is difficult to determine these at present. With this, a similar future study would be interesting to see how the subject developed.

The dissertation explores the financial ramifications of US military base closure on local community real estate property values. The dissertation examines an area that has not received sufficient research. Previous works on military base closure by Bradshaw, Kroll, Corley, Kirshenbaum and Harlan (1995); Dardia, McCarty, Malkin, and Vernez, (1996); Hooker and Knetter (2001) and Krizan (1998) examine more generalized economic factors such as employment and macroeconomic activity. More recent published dissertation work by authors Hall (1998) and Poppert (2002) have provided interesting explanatory hypotheses to assist municipal and state leaders in crafting working plans to assist communities where base closure occurs. This dissertation intends to look into the effects on real estate property values in the wake of military base closures. The dissertation expands the study of base closure effects into a relatively new area on the fluctuation of real estate property values. An enhanced understanding of how military base closures affect real estate values will have implications for real estate investors, developers, city and county government planners, and budget directors from local school districts to state government.

This report aims to determine the economical benefits of improved public transport in some of Stockholms northern suburbs that are strategic locations for further urbanization. The correlation between public transport (PT) and property values will be explored. How will the PT scenarios that are suggested here increase the value of real estate in the regional focal points? How can the financial winners by this improvement be prepared to take part in financing the PT solutions? Denna uppsats syftar till att fastställa de ekonomiska fördelarna av förbättrad kollektivtrafik i norra Stockholmsregionen. Det kommer att undersökas i vilken utsträckning det föreligger ett samband mellan tillgänglighet till kollektivtrafik och fastighetsvärden. Hur kan de olika kollektivtrafiklösningarna komma att påverka fastighetsvärdena i de regionala kärnorna? Hur skulle nyttotagarna av en sådan investering kunna vara med att finansiera den?

In the last few years, Sweden has felt rising energy prices leading to more harsh living for single houses. In the years 2021–2022, both Europe and Sweden witnessed record-high electricity prices and experts predicted an increase in the coming years. As a result of this, homeowners began to improve their energy efficiency in their homes. Therefore, this study will aim to answer the question “How does the final price of detached houses differentiate between Gothenburg and Luleå due to their energy efficiency?”. The hypothesis for the work is that a positive relationship between sales price and energy efficiency occurs. That Gothenburg will have a larger effect than Luleå. To answer the question a quantitative method is applied using the hedonic pricing model with two multiple regressions, one for each cross-section. The time series is from 2020–2023. The variables used are sale price as a dependent variable and a series of eight independent variables. The regression results show a positive relationship between energy efficiency measures and final price in both cross sections. Furthermore, the results are significant for Luleå and insignificant for Gothenburg. Regarding Luleå energy efficient ventilation and heating has a statistical significance on sale price. Meanwhile, house size and plots of land are significant for Gothenburg. These results are both in line with previous research but also contradict them. The thesis is unique because the analysis is made between two different energy pricing areas in Sweden. / Under de senaste åren har Sverige påverkats av stigande energipriser. Detta har resulterat i en mer pressad situation för småhusägare runt om i landet. Under åren 2021–2022 upplevde Sverige och Europa rekordhöga energipriser och experter förutspår en fortsatt ökning under de kommande åren. Med detta i åtanke har småhusägare börjat energieffektivisera sina hem. Således kommer denna uppsats besvara problemformuleringen “Hur skiljer sig slutpriset på småhus mellan Göteborg och Luleå av energieffektivisering?". Hypotesen för arbetet är att finna ett positivt samband mellan slutpris och energieffektivisering. Där till att inverkan i Göteborg är större än i Luleå. För att besvara frågeställningen appliceras en kvantitativ metod tillsammans med den hedoniska prismodellen. Modellen använder två multipla regressioner, en för vardera tvärsnitt. Tidsserien är mellan år 2020–2023. Den beroende variabeln är slutpris och förklaras med hjälp av åtta oberoende variabler. Regressionsresultaten visar ett positivt samband mellan energieffektiviserande åtgärder och slutpris i båda kommunerna. Dock är koefficienterna signifikanta i Luleå och icke signifikanta i Göteborg. För Luleå är energieffektiv ventilation och energieffektiva uppvärmningssystem statistiskt fastställda. Medan för Göteborg påvisar boarea och tomtstorlek signifikans. Resultaten ligger både i linje med tidigare forskning men motsäger även dem. Uppsatsen är unik då analysen genomförs mellan två olika energiområden i Sverige.

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Cette thèse porte sur La question du financement de la transition énergétique bas-carbone et le rôle du secteur financier et bancaire dans la réussite des objectifs climatiques internationaux. Les enjeux de la transition énergétique pour le secteur financier sont triples. Il faut d’abord comprendre la nécessité d’adopter une analyse différenciée de la consommation énergétique des ménages, en particulier celle liée à leur logement, dans la recherche d’adéquation des objectifs macroéconomiques avec ceux des arbitrages financiers et économiques individuels. Le premier chapitre conduit une analyse par typologie des dépenses énergétiques des ménages et propose une segmentation des comportements microéconomiques des acteurs et du marché de la transition énergétique dans le logement. Il faut ensuite trouver une manière de valoriser les investissements privés dans la transition énergétique, encore aujourd’hui difficiles à massifier notamment lorsqu’il est question de la performance énergétique du logement. Le chapitre 2 s’emploie à déployer un modèle issu d’une technique d’optimisation par les fonctions frontières, pour rendre compte de la présence d’une valeur verte sur un marché local du logement privé en France. Enfin il s’agit d’intégrer les multiples risques liés au changement climatique au sein de la cartographie des risques finaux (spécifiques, systématiques et systémiques) qui pèsent sur les institutions financières, dans l’évaluation de leur activité (la gestion des flux financiers) mais aussi dans l’évaluation du profil de risque de leur bilan. Les intermédiaires financiers mais également les institutions qui les régulent ont un rôle clé à jouer dans l’établissement d’une valeur sociale du carbone endogène aux marchés financiers (chapitre 3). / This thesis deals with the main challenges that we need to address to foster the private financing of a low-carbon energy transition. A massive amount of investment in low carbon assets is needed and most of the effort must come from final energy consumers such as households. Their ability as well as the ability of the financial intermediation institutions (that is banks in Europe) to valorise low-carbon investments and risk profile is the key for a successful low-carbon energy transition in France and in every industrialized country. These researches focus more particularly on the housing sector which represents 44% of the final energy consumption and 21% of the total greenhouses gases emissions in France. The first chapter of this thesis takes the viewpoint that only a disaggregated approach can actually permit macroeconomic and nationwide objectives to reduce final energy consumption match microeconomic arbitrages regarding energy spending in the private residential housing sector. Using segmentation and decision tree growing econometric techniques, the chapter proposes a typology of energy spending and a segmentation analysis and of the energy transition “market” in the housing sector. The second chapter uses frontier functions estimation technique on a local French private housing market to determine if selling prices contain a “Green Property Value”. An empirical analysis is then conducted to determine if this value can offset the upfront cost of energy retrofit. The last chapter takes the prism of the financial institutions. It attempts a first evaluation of the impact and exposition to climate related risks, those are physical, transition, liability and systemic risks, on the banking system and its prudential regulation framework.

This diploma thesis deals with a car in a relation to accounting and tax laws. This thesis is divided into two basic parts, theoretical and practical. The theoretical part is concerned with a car perception in accounting and the influence of tax laws on the car perception. The theoretical part is divided into three main parts. The first part is focused on a general view of vehicles in accounting, for example, vehicle valuations, acquisitions, depreciation, valuation changes and disposals of vehicles. The other part is focused on specifications of the vehicle perception in a tax evidence of individual entrepreneurs. In the third part there are described the vehicle perception in business corporations. It is focused on a value-added tax, mainly on a value-added tax in cross-border buying and selling of vehicles. Furthermore, there are analyzed a deferred tax and issues of cars in a relation to employers and employees. In the theoretical part there is dealt with the usage of vehicles for private purposes. In the practical part there is analyzed the usages of company cars by an employee for private purposes. There is compared a rent and a free of charge usage. In this part there is also verified whether the law is followed in practice. There are stated atypical transactions. These include using grants to acquire a car, updating of a depreciation plan and disposing of a vehicle by its sale to a foreign entity.

Hållbarhet blir allt viktigare i dagens samhälle och inte minst social hållbarhet. Denna aspekt är något som fastighetsbolag måste beakta. Inte minst påverkas fastighetsbolagets lönsamhet av social hållbarhet. I socialt utsatta områden uppstår en stor problematik, inte bara för de boende utan även förhyresvärden då det är vanligare att mer underhåll behöver göras. Detta kan exempelvis innebära reparationer vid flytt, klottersanering, renhållning av utemiljö, sabotage, städning, hantering av störningar, obetalda hyror och vakanser. Alla dessa faktorer bidrar till kostnader för fastighetsbolaget, därför blir det allt mer väsentligt att vidta trygghetsskapande åtgärder. Dessutom ur hyresgästernas perspektiv är det viktigt att de känner sig trygga och vill bo kvar. Då social hållbarhet kan anses vara ett relativt nytt ämne finns det inte nog med studier som visar effekterna av dessa åtgärder. Syftet med denna uppsats är att utöka kunskapen om sociala hållbarhetsåtgärder och dess ekonomiska effekter. Denna uppsats undersöker vilka åtgärder fastighetsbolag gör samt vilka möjligheter det finns för att skapa trygghet och bidra till social hållbarhet för sina hyresgäster. Utöver detta undersöks om det och i så fall vilka ekonomiska effekter dessa åtgärder leder till. Studien genomfördes med en kvalitativ metod, primär datainsamling verkställs genom intervjuer med åtta personer från olika fastighetsbolag. Samtliga respondenter besitter kunskaper om respektive bolags sociala hållbarhetsarbete. En kompletterande litteraturstudie har utförts med resultat från tidigare studier. Resultaten av studien indikerar att de vanligaste sociala hållbarhetsåtgärderna är att ha det helt, rent och snyggt i fastigheterna och runt omkring. Även belyses vikten vid att ha bra, fungerande belysning samt undvika mörka och trånga utrymmen. Att som hyresvärd ha en bra och nära kontakt med sinaboende hyresgäster och hela tiden visa sin närvaro och engagemang ses som ett vinnande koncept i socialt utsatta områden. Dessutom anses det betydelsefullt som fastighetsbolag att vara delaktig i eller skapa sociala projekt för hyresgästerna samt samarbeta med myndigheter och andra fastighetsägare. Resultaten av denna uppsats indikerar att sociala hållbarhetsåtgärder utförda av fastighetsbolag ökar bolagets lönsamhet såväl som välfärden i samhället och bidrar till en ökad samhällsnytta genom exempelvis lägre arbetslöshet och minskad kriminalitet. Utförda sociala hållbarhetsåtgärder bidrar till en ökad upplevd trygghet vilket ökar områdets attraktivitet, minskar antalet vakanser och leder till högre hyror och fastighetsvärden. Åtgärderna kan även minska fastighetsbolags kostnader för reparationer och underhåll, vilket bidrar till ett högre driftnetto. / Today’s society has rendered sustainability more important than ever before, including social sustainability. This aspect of sustainability is something real estate companies must acknowledge. Among other things, social sustainability affects real estate companies profitability. In socially disadvantaged areas, problems arise, not only for the tenants but also for the landlord as it is more common that more maintenance and operations need to be done. This can, for example, involve repairs during relocation, graffiti removal, upholding the outdoor environment, sabotage, cleaning, handling of disturbances, unpaid rents and vacancies. All these factors contribute to costs for the real estate company, hence making it increasingly important to take security-creating measures. In addition, it is essential that tenants feel safe and want to stay. As social sustainability is considered a relatively new topic, there are few studies which show the effects of these measures. The purpose of this thesis is to contribute to the knowledge about social sustainability and its economic effects. This essay examines what measures real estate companies take, as well as which measures exist to create security and therefore contribute to social sustainability for tenants. In addition, it is investigated whether and, if so, what economic effects these measures lead to. The study was conducted using a qualitative method, where primary data collection was done through interviews with eight people from different real estate companies. All respondents possess knowledge of theircompany’s social sustainability work. A supplementary literature study has been performed with results from previous studies. The results of this study indicate that the most frequent social sustainability measure taken is to ensure that the property is functional and esthetic. The importance of having good lighting and avoiding cramped dark spaces is also highlighted. As a landlord, having close contact with your tenants and constantly showing one’s presence and commitment is seen as a winning concept in socially disadvantaged areas. In addition, it is considered important to create social projects for the tenants and to collaborate with authorities and other property owners. The results of this thesis indicate that social sustainability measures carried out by real estate companies increase the company's profitability as well as welfare in society and contribute to an increased societal benefit through, for example, lower unemployment and reduced crime. Executed social sustainability measures contribute to an increased experience of security, which increases the area's attractiveness, reduces the number of vacancies and leads to higher rents and property values. The measures can also reduce real estate companies' costs for repairs and maintenance, which contributes to a higher operating net.

Den globala utvecklingen som pågått sedan 1950-talet har resulterat i drastiska klimatförändringar vilket orsakat allvarliga miljöproblem. Dessa miljöproblem beror till stor del på en kraftig befolkningstillväxt. Befolkningstillväxten är starkt förknippad med ökade energibehov vilket ställer högre krav på hur energin produceras för att minska avtrycket på miljön. Ett tydligt steg i rätt riktning är tillämpningen av förnyelsebara energikällor. På den svenska marknaden är solkraft den energikälla som vuxit kraftigast de senaste åren. En av anledningarna till den kraftiga tillväxten är de statliga stimulanserna som givits. Sedan 2021 har de statliga stöden samtidigt dragits in vilket i synnerhet drabbar företag, däribland kommersiella fastighetsägare. Samtidigt kan det fortfarande finnas motiv för att investera i solceller, tack vare de positiva kostnadseffekter som en investering kan medföra. Det finns samtidigt oklarheter kring hur denna typ av investering påverkar värdet på fastigheter. Baserat på detta är studiens syfte att undersöka hur investeringar i solceller påverkar det ekonomiska värdet på kommersiella fastigheter samt hur detta värde maximeras med avseende på dimensionering respektive finansiering. Tidigare forskning inom området indikerar att det i huvudsak finns positiva samband mellan investeringar i solceller och värdet på fastigheter. Samtidigt berör dessa studier bostadsfastigheter på den internationella marknaden. Det finns således en begränsad forskning kring hur investeringar i solceller påverkar värdet på kommersiella fastigheter, inte minst på den svenska marknaden. För att uppfylla studiens syfte tillämpades, i första hand, en kvantitativ flerfallsstudie där 8 fastighetsobjekt undersöktes. Den kvantitativa data som samlades in om dessa objekt låg till grund för värderingen av dessa fastigheter. Värderingen, som baserades på “discounted cash flow method”, tillämpades för att tydliggöra hur värdet på fastigheterna förändrades i relation till ett ursprungsläge före en investering. Det kvantitativa metodvalet kombinerades med kvalitativa intervjuer vars syfte var att få en djupare förståelse om hur värdet på kommersiella fastigheter maximeras med avseende på dimensionering. Intervjuerna hade även för avsikt att verifiera de kvantitativa resultaten som genererades från fallstudien. Studiens resultat påvisar ett starkt samband mellan det ekonomiska värdet på kommersiella fastigheter och investeringar i solceller. Hur mycket fastighetsvärdet påverkas beror i stor utsträckning på hur investeringen finansieras samt hur lång analystid som beaktas. Bortsett från analystid tyder studiens resultat på att fastighetsvärdet i genomsnitt ökar 1,71% vid en direktfinansiering och 1,12% när investeringen görs i form av ett “power purchase agreement”. Samtidigt påvisar de kvalitativa resultaten att dimensioneringen av solcellsanläggningar bör göras utifrån den individuella fastighetens behov i termer av egenanvändning och total elanvändning. För att maximera egenanvändningen och därmed också fastighetsvärdet behöver dimensioneringen, ur et praktiskt perspektiv, ta hänsyn till den tillgängliga takytan, takets lutning samt takets väderstreck. / The global development, which has been going on since the 1950s, has resulted in drastic climate changes, which has caused serious environmental issues. These environmental issues are mainly caused by a strong population growth. The population growth is participially associated with increased energy needs, which sets higher requirements on how energy is produced, in order to reduce the impact on the environment. A step in the right direction is the application of renewable energy sources. In the Swedish market, solar power has been the fastest growing energy source in recent years. One of the reasons for this growth has been the stimulations offered by the government. Since 2021, the stimulations have been withdrawn which particularly affects companies, including commercial property owners. However, there may still be motives for investing in solar cells, thanks to the positive cost effects that an investment may bring. At the same time, there are uncertainties about how much this type of investment can affect the property value. Based on that, the purpose of this study is to investigate how investments in solar cells affect the economic value of commercial properties and how this value can be maximized with respect to dimensioning and financing, respectively. Previous research within this field indicates that there are positive relationships between investments in solar cells and the value of properties. At the same time, these studies concern residential properties on the international market. Based on this, there is limited research on how investments in solar cells affect the value of commercial properties, especially in the Swedish market. To fulfill the purpose of the study, a quantitative multiple-case study was applied, in which 8 real estate objects were examined. The quantitative data collected about these objects was the basis for the valuation of the properties. The valuation, which was based on a discounted cash flow method, was applied to clarify how the value of the properties changed in relation to a scenario before an investment was made. The quantitative method was combined with qualitative interviews whose purpose was to get a deeper understanding of how the value of commercial properties is maximized with respect to dimensioning. The interviews were also intended to verify the quantitative results generated from the case study. The results of the study indicate a strong relationship between the economic value of commercial properties and investments in solar cells. How much the property value is affected depends to a considerable extent on how the investment is financed and how long analysis time is considered. Apart from the analysis time, the results of the study indicate that the property value increases on average by 1.71% in case of direct financing and 1.12% when the investment is financed as a power purchase agreement. At the same time, the qualitative results indicate that the dimensioning of a solar cell system should be done based on the individual property needs, in terms of self-use and total electricity consumption. To maximize the self-usage, and thereby also the property value, the dimensioning needs to consider the available roof surface, the slope of the roof and the latitude of the roof.

Submitted by Sarah Morganna Matos Marinho (sarah.momm@gmail.com) on 2015-04-30T14:02:36Z No. of bitstreams: 1 Marinho, Sarah. Como são os laços do capitalismo brasileiro?.pdf: 5894212 bytes, checksum: b21e82cd1bbbfcf9fd6fec3cafe9196f (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2015-04-30T18:42:44Z (GMT) No. of bitstreams: 1 Marinho, Sarah. Como são os laços do capitalismo brasileiro?.pdf: 5894212 bytes, checksum: b21e82cd1bbbfcf9fd6fec3cafe9196f (MD5) / Made available in DSpace on 2015-05-04T12:38:06Z (GMT). No. of bitstreams: 1 Marinho, Sarah. Como são os laços do capitalismo brasileiro?.pdf: 5894212 bytes, checksum: b21e82cd1bbbfcf9fd6fec3cafe9196f (MD5) Previous issue date: 2015-04-01 / O BNDES tem o objetivo de financiar empreendimentos que se relacionem com o desenvolvimento do país, sendo uma de suas modalidades o investimento por subscrição de ações. De um lado, tem-se que as regras elaboradas na estruturação societária de uma empresa podem variar de acordo com a origem do financiamento obtido, em função dos interesses que os diferentes investidores procuram proteger a partir da separação entre a sua propriedade e o controle. Por outro lado, o cenário econômico brasileiro passou por mudanças profundas nos últimos 60 anos, já que o modelo de industrialização baseado no dirigismo estatal – que marcou as décadas de 1950 a 1980 – transformou-se com o movimento de desestatização dos anos 1990. O Estado não se afastou da propriedade empresarial, mas atua agora principalmente como acionista minoritário. Hoje, paira dúvida acerca, em primeiro lugar, das reais motivações que levam determinadas empresas a receber participação do Sistema BNDES. Além disso, há pouca compreensão sobre os veículos jurídicos que viabilizam essas relações público-privadas. A partir de algumas pesquisas sobre o banco, conclui-se que a atuação da sua subsidiária de participações, a BNDESPAR, não ultrapassa objetivos de maximização de valor dos seus ativos. Não se descartou, no entanto, que a função do banco de desenvolvimento – incluindo a do seu braço de renda variável – fosse implementar políticas industriais, por mais que falhas pudessem vir a ocorrer nesse intento, reconhecido como um processo experimental. Assim, revelou-se quais interesses as regras de governança corporativa das companhias abertas financiadas pela BNDESPAR por participação acomodam para a subsidiária, elucidando-se importantes características do modelo contemporâneo de atuação empresarial do Estado e lançando-se luz sobre os objetivos que o levam a investir diretamente como acionista no cenário atual. No caso da BNDESPAR, trata-se de agente em busca de equilíbrio entre a maximização de retornos e a política industrial. De uma maneira mais geral, o BNDES procura ser auto-sustentável – como pré-requisito para existir e cumprir sua missão –, tratando sua subsidiária como a principal personagem desse objetivo dentro do Sistema. A BNDESPAR, por sua vez, acabou por se tornar executora de política voltada a apoiar a negociação das companhias brasileiras no mercado de capitais – atividade emanada da sua própria burocracia. / BNDES has the objective of financing projects related to Brazil’s development and equity purchases are one of its types of investment. On one hand, rules drawn up in a company’s corporate governance structure can vary according to the capital’s origin, since different interests that different investors seek to protect emerge from the separation of their property from the corporate control. On the other hand, Brazilian economic scenario went trough deep changes over the last 60 years, considering that the industrialization model based on State intervention, mainstream between the 1950s and the 1980s, was transformed by the privatization movement in the 1990s. This change, however, did not eliminate the State in corporate property: now it only acts more commonly as a minority shareholder. The present time is marked by doubt over the real motivation that leads some companies to receive equity investments by the BNDES System. Besides that, there is a lack of comprehension on the contractual vehicles that structure these public-private relations. Some researches concerning the bank indicate that its subsidiary investments would not undermine the objective for profit maximization. We have not ignored, however, that the development bank function – including its equity arm – might be executing industrial policies, even though failures are likely to occur during this effort, understood here as an experimental process. Thus, the research has revealed which BNDESPAR’s interests are protected through the corporate governance rules of the public traded companies invested, also revealing important features of the contemporary model of the State as an entrepreneur and clarifying some objectives that could lead the institution to purchase equity participations nowadays. BNDESPAR is an agent motivated by a balance pursuit between profit maximization and industrial policy purposes. Broadly speaking, BNDES seeks self-financial sustainability in order to continue and accomplish its mission, seeing its equity arm as the main executor of this objective inside its System. In this search for sustainability, BNDESPAR became executor of a policy effort for stock markets negotiation raised up among its own bureaucracy activities.