The Adaptation of Mezzanine Financing to the Needs of the State-Owned Enterprises

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Kornieieva Iuliia V.¹ 

[1] Candidate of Sciences (Economics), Candidate on Doctor Degree, Academy of Financial Management;

关键词: State-owned enterprise;    investment project;    mezzanine financing;    subordinated debt;    passive participation;   

DOI  :  

来源: DOAJ

【 摘 要 】

The article is aimed at researching the features of mezzanine financing of the State-owned enterprises in Ukraine. The analysis of mechanisms for attraction of investment resources in the public sector is presented. The importance of development and introduction of alternative innovative mechanisms for attraction of financial resources by the State-owned enterprises in the international capital markets is reasoned. It is specified that implementation of the criteria of the IMF program by the indicator of the State budget deficit does not allow Ukraine to actively use the State guarantees to attract debt financing of the State-owned enterprises. It is underlined that the strategic State-owned enterprises are to a certain extent limited in the right to freely attract long-term capital through primary public offering. Under these conditions, mezzanine financing is seen as an alternative mechanism for attracting private capital to the State-owned companies and is a form of financial collateral that provides a combination of debt financing and financing on the basis of participation in equity. The author presents the mechanism for mezzanine financing of a State-owned enterprise. The role of international financial organizations (IFO) in adaptation of mezzanine financing for implementation of investment projects to the needs of enterprises belonging to the public sector is indicated.

【 授权许可】

Unknown