夹层融资

夹层融资作为私募股权投资业务品种之一，具有结构灵活的特性。

Mezzanine financing as one of private equity investment business has flexible structure .

我国夹层融资发展分析

Analysis on the Development of Mezzanine Financing in China

发行人优选二次抵押贷款，而非夹层融资（mezzanine），是因为后者更贵（12%的现金利率加3%的应付非货币利率），而且通常提前偿还的罚金更高。

Issuers prefer second-lien to mezzanine , which is more expensive ( 12 % cash plus 3 % Pik ) , and typically carries higher prepayment penalties .

夹层融资：一种灵活的融资方式

Mezzanine Financing : a flexible method

作为兼顾股权融资和债券融资特征的夹层融资，近年来获得了巨大的发展。

Mezzanine financing , with the features of both stock ownership financing and bond financing , has made great progress in the recent years .

美国已建立起了以房地产抵押贷款和信托投资基金为主，以房地产夹层融资、企业债券为辅的多元化房地产企业融资渠道。

The United States has established the diversified financing channel consisted by the real estate mortgage and trust-based investment funds mainly , and the real estate mezzanine finance and the corporate bonds .

结合国内外学者的观点提出夹层融资的理论基础，分别是优序融资理论、代理成本理论、控制权理论和信号理论。

Proposed the theoretical basis of mezzanine financing with combining the point of view of domestic and foreign scholars , they are pecking order theory , agency cost theory , control right theory and signaling theory .

本文对夹层融资从需求和供给两个方面分析了其发展动因，并结合我国企业融资结构和资金特征，分析了我国发展夹层融资的前景。

This paper analyzes the causes for its development from both the demand side and the supply side , and discusses the prospect of developing mezzanine financing in the light of China 's enterprise financing structure and fund feature .