中間融資[文獻翻譯]

《中間融資[文獻翻譯]》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在學術(shù)論文-天天文庫。

1、外文題目：Mezzanine出處：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