Mezzanine Kapital
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Mezzanine Financing
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Author : Luc Nijs
language : en
Publisher: John Wiley & Sons
Release Date : 2013-12-09
Mezzanine Financing written by Luc Nijs and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-09 with Business & Economics categories.
An in-depth explanation of mezzanine finance Mezzanine finance products, which have grown increasingly popular in recent years, involve a unique and complex form of analysis because of their hybrid nature. Because mezzanine finance involves no collateral, it accentuates legal terms, term sheets, and contracts, in addition to depicting dynamics of both debt and equity. Experienced chairman, lecturer, and professor of investment banking Luc Nijs presents readers with a thorough description of product groups, structuring and pricing, and cultural discrepancies in terms of regulation and application in Mezzanine Financing: Tools, Applications and Total Performance. Nijs analyzes common triumphs and failures encountered in mezzanine financing, and he discusses techniques for risk analysis and risk mitigation. A final study of international capital markets, their products' relevance, attractiveness, and liquidity, and the effects on pure equity/fixed-income risk concludes the book. Conveys a professional's advice through case studies of various regions, industries and contexts Provides the only complete analysis of mezzanine finance as no other books take on the topic as their only subject Details an increasingly popular and globally relevant subject in finance Those seeking a detailed explanation of the complexities within mezzanine financing will encounter a professional account in Nijs's book.
Mezzanine Capital In Europe
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Author : Markus Herbert Tyl
language : en
Publisher: diplom.de
Release Date : 2002-11-22
Mezzanine Capital In Europe written by Markus Herbert Tyl and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-11-22 with Business & Economics categories.
Inhaltsangabe:Abstract: In corporate finance two major decisions have to be made. One is the investment decision which means companies must decide which available opportunities they should invest in. The other one, the financing decision, also known as the capital structure decision, tries to answer the question of from where the money to finance investment projects should come. Money can either be raised internally, through retained earnings, or externally. Mezzanine capital, as a special type of external finance, therefore falls into the area of the financing decision. Although the use of mezzanine capital has increased in Europe in recent years, this special type of finance is still relatively unknown in some countries. Therefore, the purpose of my thesis is to familiarise the reader with this particular type of finance. It is structured in a way that it sequentially deals with the following questions: How did mezzanine develop? Can it offer an advantage compared to financing only with debt and equity? Which basic types of mezzanine instruments exist and how are they valued? When and where is mezzanine used? At the end, an example of a management buy-out in which mezzanine is used is provided. This will give important insights into the practical use of multiples to structure the deal, the mezzanine investment process, the investment criteria and the various exit routes that exist. The paper will be concluded with an overview on the European mezzanine landscape and on how recent stock market developments and the new Basel capital accord (Basel II) may impact the future of mezzanine capital. Special terminology or important information that is used in the private equity area is written in bold letters if mentioned for the first time in the text. The issue of a convertible promissory note to raise funds to build a canal in the UK is believed to be the first mezzanine instrument. It was issued in 1798 by the Company of proprietors to the Canal Navigation from Manchester to or near Ashton-under-Lyne and Oldham . However, the idea of converting debt into equity was already used after the War of Spanish Succession when in 1711 the British government had a heavy debt burden. As the debt was trading at a substantial discount it made the refinancing more difficult. A solution was found in creating a new body, the South Sea Company , whose newly issued shares were to be swapped for £9.5m of floating debt - thereby reducing the interest [...]
Mezzanine Finance
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Author : Beat Barthold
language : de
Publisher:
Release Date : 2004
Mezzanine Finance written by Beat Barthold and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Mezzanine Financing
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Author : Stefanie Welz
language : en
Publisher: GRIN Verlag
Release Date : 2007-05-07
Mezzanine Financing written by Stefanie Welz and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-07 with Business & Economics categories.
Seminar paper from the year 2006 in the subject Business economics - Investment and Finance, grade: A-, University of applied sciences, Munich (FOM), course: Financial Mangement, language: English, abstract: The term Mezzanine resounded throughout the land. Mezzanine financing instruments, which represent a mixed form between equity and debt capital, are considered as the financing alternative particularly to medium-size enterprises, whose financial situation substantially worsened due to the difficult overall economic situation in the last years. Particular with regard to Basel II and the more restrictive granting of loans lead to an intensification of the situation due to the fact that German medium-size companies traditionally have a little equity ratio which is however relevant for their rating and thus make it difficult to revert to the financing practice of the house bank so far. In order to improve the equity situation, Mezzanine financing instruments can be used, which are at least economically assigned to equity depending on the definition during the rating process. This assignment however primarily addresses the issue of economic aspects of the financing instrument which have relevant influence on the representation of the balance sheet. 1.2 Scope of work The assignment Mezzanine financing starts with the introduction which includes the executive summary and the scope of work that is realized in here. The second chapter deals with a detailed definition of the problem that causes the relevance of this assignment, the determination of the objectives as well as the methodology that describes the assignment’s structured procedure. Chapter three is focused on the underlying theories of Mezzanine financing. At this juncture in particular the principal agent, the transaction cost and the property rights theory according to Mezzanine financing are being analyzed. Chapter four is about basics, typical characteristics and the application areas of Mezzanine capital whereas the chapter five deals with the benefits of Mezzanine capital. Finally, the results of this assignment are summarized; especially whether the set objectives are reached as well as critical comments about the assignment are given in the last chapter.
Mezzanine Finanzierungen
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Author : Jürgen Brokamp
language : de
Publisher: Vahlen
Release Date : 2012-01-16
Mezzanine Finanzierungen written by Jürgen Brokamp and has been published by Vahlen this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-16 with Fiction categories.
Mit der Unternehmensteuerreform 2008 Dieses Buch informiert Sie umfassend über das Spektrum von individuellen und standardisierten Mezzanine-Finanzierungen. Es behandelt die Anlässe der Mezzanine-Aufnahme, den Finanzierungsprozess und potenzielle Mezzanine-Kapitalgeber, rechtliche Strukturen sowie bilanzielle und die steuerliche Behandlung von mezzaninem Kapital. Dabei werden bereits die steuerlichen Änderungen der Unternehmenssteuerreform 2008 berücksichtigt. Ihnen werden Antworten auf die Fragen aus der Praxis detailliert präsentiert, die immer wieder gestellt werden: - Wie unterscheidet sich Mezzanine-Kapital von Eigenkapital und Fremdkapital? - Welche Mezzanine-Finanzierungsinstrumente gibt es? - Worin unterscheiden sich individuelle und standardisierte Produkte? - Was kostet Mezzanine-Kapital? - Welche Vor- und Nachteile hat Mezzanine-Kapital für mittelständische Unternehmen? - Welche rechtlichen Strukturen und Besonderheiten sind bei Mezzanine-Finanzierungen zu beachten? - Wie wird Mezzanine-Kapital nach HGB und IFRS bilanziell behandelt? - Wie kann durch Mezzanine-Kapital eine steuerliche Optimierung erfolgen? Die Autoren Jürgen Brokamp (LL. M.) ist seit 1998 bei Deloitte in der Steuerabteilung im Bereich des internationalen Steuerrechts tätig. Prof. Dr. Dr. Dietmar Ernst ist Professor an der Hochschule für Wirtschaft und Umwelt (HfWU) Nürtingen-Geislingen und Direktor des Deutschen Instituts für Corporate Finance. Karsten Hollasch ist Partner bei Deloitte im Bereich M&A Transaction Services und qualifizierter Wirtschaftsprüfer und Steuerberater. RA Georg Lehmann ist geschäftsführender Partner der Raupach & Wollert-Elmendorff Rechtsanwaltsgesellschaft mbH und langjähriges Mitglied der Service Line Corporate/Mergers & Acquisitions. Dr. Klaus Weigel ist seit Herbst 2006 Managing Partner der WP Board & Finance GmbH. In den vergangenen Jahren hat er sowohl Standard-Mezzanine- als auch Individual-Mezzanine-Finanzierungen für mittelständische Unternehmen arrangiert und einen Mezzanine-Fonds für institutionelle Investoren strukturiert und beraten.
Mezzanine Finanzierung Eine Chance F R Den Mittelstand
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Author : Damian Slebioda
language : de
Publisher: Igel Verlag RWS
Release Date : 2014-08
Mezzanine Finanzierung Eine Chance F R Den Mittelstand written by Damian Slebioda and has been published by Igel Verlag RWS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08 with Business & Economics categories.
Die geringe Eigenkapitalquote und das damit verbundene ungünstige Rating bei kleinen und mittleren Unternehmen (KMU) zwingt immer mehr mittelständische Unternehmen, sich nach Finanzierungsalternativen umzusehen. Gegenstand dieser Analyse ist es zu untersuchen, ob sich hierfür eine Mezzanine-Finanzierung eignet. Dabei werden die Mezzaninen-Finanzierungsinstrumente vorgestellt und kritisch beleuchtet. In Hinblick auf die bevorstehenden Fälligkeiten der Standard-Mezzanine-Programme werden darüber hinaus mögliche Maßnahmen zur Anschlussfinanzierung aufgezeigt. Die Realisierung einer Mezzanine-Finanzierung wird am Beispiel einer Genussscheinemission vorgestellt und am Fallbeispiel eines mittelständischen Unternehmens veranschaulicht. Die Adressaten des Buches sind Dozenten, Studierende der Betriebswirtschaftslehre und Führungskräfte aus dem Mittelstand.
Mezzanine Kapital Chancen Und Risiken F R Unternehmen
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Author : Kai Bernhardt
language : de
Publisher: GRIN Verlag
Release Date : 2017-06-01
Mezzanine Kapital Chancen Und Risiken F R Unternehmen written by Kai Bernhardt and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-01 with Business & Economics categories.
Studienarbeit aus dem Jahr 2016 im Fachbereich BWL - Investition und Finanzierung, Note: 1,3, Fachhochschule Südwestfalen; Abteilung Hagen, Sprache: Deutsch, Abstract: Neben den klassischen Möglichkeiten der Finanzierung eines Unternehmens, den Darlehen über eine Bank oder der Kapitalerhöhung durch weitere Gesellschafter bzw. weiterer Eigenkapitaleinlage, gibt es seit einiger Zeit den Oberbegriff des Mezzanine-Kapitals. Dieser Begriff wurde der Architektur entnommen und bündelt einige Finanzinstrumente, die in ihrer Erscheinungsform und Ausgestaltung, nicht der klassischen Einteilung in Fremd- und Eigenkapitalcharakteristika folgen. Diese Instrumente lassen sich ihrem jeweiligen Charakter nach eigenkapitalorientiert oder fremdkapitalorientiert darstellen. Damit ein Überblick über die verschiedenen, laut Literatur gängigen, Instrumente entsteht ist der Hauptteil meiner Arbeit der Vorstellung der jeweiligen Instrumente gewidmet. Dazu habe Ich diverse Fachliteratur sowie zwei Artikel aus unterschiedlichen Fachzeitschriften zu Hilfe genommen und die jeweiligen Merkmale der einzelnen Instrumente herausgestellt. Im darauffolgenden Kapitel sind die einzelnen Chancen und Risiken der Instrumente allgemein zusammengefasst, sowie die aufgezeigten Chancen und Risiken der Literatur gesammelt. Abschließend habe Ich eine Zusammenfassung geschrieben, die Chancen und Risiken gegeneinander abwägt und das Mezzanine-Kapital als Alternative und Ergänzung der herkömmlichen Finanzierung eines Unternehmens darstellt.
Mezzanine Kapital F R Den Mittelstand
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Author : Holger Böge
language : de
Publisher: Schäffer-Poeschel
Release Date : 2006-11-16
Mezzanine Kapital F R Den Mittelstand written by Holger Böge and has been published by Schäffer-Poeschel this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-16 with Business & Economics categories.
Basel II hat die traditionellen Finanzierungsregeln für den Mittelstand aus den Angeln gehoben. Gefragt sind jetzt Alternativen wie das Mezzanine-Kapital, eine Zwischenform von Eigen- und Fremdkapital. Im Mittelpunkt stehen die einzelnen Mezzanine-Instrumente: - Genussscheine - Stille Beteiligungen - Wandelanleihen - Nachrang- und Partiarische DarlehenWie sind Mezzanine-Instrumente steuerlich, rechtlich und bilanziell zu beurteilen? Antworten liefert das Praxishandbuch. Steckbriefe ausgewählter Mezzanine-Anbieter verschaffen Mittelständlern eine schnelle Orientierung über den Mezzanine-Markt in Deutschland.
Mezzanine Kapital
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Author : Horst S. Werner
language : de
Publisher:
Release Date : 2007
Mezzanine Kapital written by Horst S. Werner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Eigenkapital categories.
Capital Structure And Corporate Governance
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Author : Lorenzo Sasso
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2013-08-01
Capital Structure And Corporate Governance written by Lorenzo Sasso and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-01 with Law categories.
Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.
