中間融資[文獻(xiàn)翻譯]

1、外文題目：Mezzanine出處：TheLawofCpateFinance作者：RolJetter原文：MezzanineMezzaninefinancingisregardedasafmoffinancingthatcontainselementsofbothequitydebt.Fromtheperspectiveoftheinvesttypicalmezzanineinvestmentsaresubjecttoahigherris

2、kthantraditionaldebtinstrumentsbuttoalowerriskthantraditionalshares.Fthisreasonmezzanineinveststendtorequireahigherreturnontheirinvestmentcomparedwithholdersoftraditionaldebtinstrumentsbutmayacceptalowerreturncomparedwit

3、hholdersoftraditionalshares.Typicallymezzanineinstrumentstendtoresembletraditionaldebtinstrumentsinthatmezzaninecapitalwillonlybeinvestedfalimitedperiodoftimeintheinsolvencyofthecompanyrepaidbefeshareholders’capitalinves

4、tmentwillberepaid.Sourcesofmezzaninefinancing.Mezzaninefinancingisoftenprovidedbycreditinstitutionsspecialistinstitutionalmezzanineproviders.Therecanbetwomelayersofmezzaninedebt.Mezzaninecapitalistypicallyused:intheexpan

5、sionphaseofthefirmflargescaleinvestmentsinacquisitionssimilartransactionsinvolvingachangeintheownershipstructureofthefirm.Mezzanineinstruments.Mezzanineinstrumentsrangefromproductsthatareissuedtothepublic(“participationc

6、ertificates”convertiblebondsbondswithoptions)toproductsthatareplacedprivately(subdinatedloans“silentparticipations”).Mezzaninetechnique.Unlike“sharecapital”“debt”“mezzaninefinancing”isnotanmativeconcept.Mezzanineinstrume

7、ntsarecreatedbyusingthe“mezzaninetechnique”.Fourthingsareacteristicofmezzanineinstruments.Firstmezzanineinstrumentsarenotrecognisedasaparticularclassofcontracts.associatedwiththeprovisionofcapital.Fifththelawsofsomecount

8、riesmayrecogniseprofitsharingarrangementsthatareneitherloansnshares.InGermanysucharrangementsincludesilentpartnershipsinterests(seebelow).Balancesheet.Thecategisationofmezzaninecapitalonthebalancesheetdependsontheapplica

9、bleaccountingstards.FexampleaGermancompanymighthavetoapply:GermanaccountingstardssetoutintheHGB(ifitisunlistedlistedonamarketthatisnotaregulatedmarket)internationalaccountingregulationssuchasIASIFRS(ifitssecuritieshavebe

10、enadmittedtotradingonaregulatermarketintheEU)USGAAP(ifitislistedonaUSstockexchange).Somemezzanineinstrumentsareregardedasequityonthebalancesheetofthecompany(equitymezzanine)othersareregardedasdebt(debtmezzanine).Thereare

11、alsomezzanineinstrumentsthatfromanaccountingperspectiveconsistofanequitycomponentadebtcomponentinthebalancesheet(hybridmezzanine).HoweverthereisnomezzaninecategyaccdingtoIFRS.Amezzanineinstrumentisrecognisedasequityasdeb

12、t.Thecategisationonthebalancesheethasaneffectontheequityratioontherecognitionofthepaidcosts.Ifthemezzaninecapitalisrecognisedasdebtanyremunerationpaidtoholdersofthosemezzanineinstrumentswillbeaninterestexpenditure.Ifthem

13、ezzaninecapitalisrecognisedasequityanyremunerationwillbeadistributionofprofits.AccdingtoIASIFRStheeconomicsubstanceofthefinancialinstrumentisthemainfacttobetakenintoaccount(“substanceoverfm”).6ThefundamentalprincipleofIA

14、S32isthatafinancialinstrumentshouldbeclassifiedaseitherafinancialliabilityanequityinstrumentaccdingtothesubstanceofthecontractnotitslegalfm(IAS32.15).Afinancialinstrumentisanequityinstrumentonlyif(a)theinstrumentincludes

15、nocontractualobligationtodelivercashanotherfinancialassettoanotherentity(b)iftheinstrumentwillmaybesettledintheissuer’sownequityinstrumentsitiseither:anonderivativethatincludesnocontractualobligationftheissuertodeliverav