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Mezzanine Financing: International Experience, Perspectives for Russia

Student: Molokostova Khristina

Supervisor: Yulia Ovanesova

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2016

This paper is aimed at highlighting some issues pertaining to an alternative source of debt and equity financing – new phenomenon – mezzanine financing. The central research question is whether the use of mezzanine finance instruments is a reliable indicator of the investment climate quality in developed economies and how the mezzanine capital can help to bridge a financing gap of the SMEs in different countries. To answer it, I intend to find out whether the mezzanine financing is a practical option for companies and what the upsides and downsides of this kind of financing are. The object of the analysis are mezzanine markets of Russia, the United States, Canada, the United Kingdom and European countries, close attention is paid to the activities of modern mezzanine funds. The research is also focused on limitations of traditional methods of financing for companies with high growth prospects. Other external forms of financing - "alternative financing methods", including mezzanine financing instruments – are also presented. In addition, the paper identifies the main shortcomings of direct investment, as well as answers the question whether mezzanine financing can eliminate existing gaps in the financing of small and medium-sized enterprises.

Full text (added May 13, 2016)

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