中间融资[文献翻译]

《中间融资[文献翻译]》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文题目：Mezzanine出处：TheLawofCorporateFinance作者：RolandJetter原文：MezzanineMezzaninefinancingisregardedasaformoffinancingthatcontainselementsofbothequityanddebt.Fromtheperspectiveoftheinvestor,typicalmezzanineinvestmentsaresubjecttoahigherriskthantraditionaldebtinstrument

2、sbuttoalowerriskthantraditionalshares.Forthisreason,mezzanineinvestorstendtorequireahigherreturnontheirinvestmentcomparedwithholdersoftraditionaldebtinstrumentsbutmayacceptalowerreturncomparedwithholdersoftraditionalshares.Typically,mezzanineinstrumentstendtoresemb

3、letraditionaldebtinstrumentsinthatmezzaninecapitalwillonlybeinvestedforalimitedperiodoftimeand,intheinsolvencyofthecompany,repaidbeforeshareholders’capitalinvestmentwillberepaid.Sourcesofmezzaninefinancing.Mezzaninefinancingisoftenprovidedbycreditinstitutionsandspe

4、cialistinstitutionalmezzanineproviders.Therecanbetwoormorelayersofmezzaninedebt.Mezzaninecapitalistypicallyused:intheexpansionphaseofthefirm;forlarge-scaleinvestments;andinacquisitionsandsimilartransactionsinvolvingachangeintheownershipstructureofthefirm.Mezzaninei

5、nstruments.Mezzanineinstrumentsrangefromproductsthatareissuedtothepublic(“participationcertificates”,convertiblebonds,bondswithoptions)toproductsthatareplacedprivately(subordinatedloans,“silentparticipations”).Mezzaninetechnique.Unlike“sharecapital”and“debt”,“mezza

6、ninefinancing”isnotanormativeconcept.Mezzanineinstrumentsarecreatedbyusingthe“mezzaninetechnique”.Fourthingsarecharacteristicofmezzanineinstruments.First,mezzanineinstrumentsarenotrecognisedasaparticularclassofcontracts.Amezzanineinstrumentwillthereforebelongtoanot

7、herclassofinstruments,aclassthatisrecognisedatlaw.(a)Fromalegalperspective,amezzanineinstrumentisusuallyaloanorashare,andamezzanineinvestorwillthereforebeeitherashareholderoralender.Insomecountries,amezzanineinstrumentcanalternativelybeaprofit-sharinginstrumentthat

8、isneitheraloannorashare.(b)Fromanaccountingperspective,amezzanineinstrumentisregardedasadebtinstrumentorashareoracombinationofboth.Second,ifthein