This paper aims to explore the relationship between the financialisation dynamics of listed property companies (LPCs) and their participation in the metropolisation dynamics, in ten European countries between 2000 and 2017. The study takes place in a context of globalised real estate markets and modification of traditional urban economics.,The measure of financialisation corresponds to a beta increase, in the sense of the capital asset pricing model, and is corroborated by an informativeness index. LPC-owned properties are classified along two spatial segmentations. Panel models are used to analyse the relation between financial and urban hierarchies (through building arbitrages).,Financialisation is generally associated with a decrease in the number of assets owned, especially in the Netherlands and the UK, whereas non-financialised companies tend to increase their number of assets, especially in “flight-to-quality” countries such as Germany and Switzerland. In the first case, non-urban spaces and small and medium urban areas are arbitraged in favour of urban cores and metropoles. In the second, investments are reallocated towards hinterlands and the lower segments of the urban hierarchy. Over the study period, the parallelism between the financial hierarchy and the urban hierarchy was reinforced. Spain illustrates the risks of this evolution, whereas Sweden and Belgium present specificities.,This paper illustrates how LPCs function as transmitting channels in the new spatial and urban organisation.

中文翻译：

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欧洲上市房地产公司的金融化和参与大都市动态

本文旨在探讨2000年至2017年之间十个欧洲国家的上市房地产公司（LPC）的金融化动态与它们参与大都市化动态之间的关系。该研究是在全球化的房地产市场和房地产价格变动的背景下进行的。在资本资产定价模型的意义上，金融化的度量对应于beta的增加，并由信息性指数所证实。LPC拥有的属性沿两个空间细分进行分类。面板模型用于分析金融和城市等级制度之间的关系（通过套利）。金融化通常与所拥有资产数量的减少有关，尤其是在荷兰和英国，非金融类公司则倾向于增加其资产数量，尤其是在德国和瑞士等“追求高质量的国家”中。在第一种情况下，非都市空间和中小型城市区域被套利，以支持城市核心和大都市。第二，将投资重新分配给腹地和城市等级较低的部分。在研究期间，金融层次和城市层次之间的平行性得到了加强。西班牙说明了这种发展的风险，而瑞典和比利时则提出了特殊性。本文说明了LPC如何在新的空间和城市组织中充当传播渠道。非城市空间和中小型城市区域被套用，以支持城市核心和大都市。第二，将投资重新分配给腹地和城市等级较低的部分。在研究期间，金融层次和城市层次之间的平行性得到了加强。西班牙说明了这种发展的风险，而瑞典和比利时则提出了特殊性。本文说明了LPC如何在新的空间和城市组织中充当传播渠道。非城市空间和中小型城市区域被套用，以支持城市核心和大都市。在第二部分中，将投资重新分配给腹地和城市等级较低的部分。在研究期间，金融层次和城市层次之间的平行性得到了加强。西班牙说明了这种发展的风险，而瑞典和比利时则提出了特殊性。本文说明了LPC如何在新的空间和城市组织中充当传播渠道。