Zastosowanie mezzanine do finansowania innowacyjnych czynników rozwoju przedsiębiorstw

Abstract

The distinctive feature of innovative undertakings, as opposed to standard investment undertakings, is the presence of the innovation creation phase characterised by a risk connected with the lack of certainty as to the research results. The said risk is so significant that it cannot be accounted for in the handling costs and the methods of providing security to traditional and unconventional forms of financing. The use of hybrid forms of financing, which include venture capital and mezzanine capital, allows one to increase the elasticity of handling costs of the forms of financing, as well as to make use of special forms of security. In the case of venture capital, in the period of the project's realisation, the handling costs of such form of financing do not occur as funds become shareholders of the project until its completion. The security has the form of corporate governance on account of shares (stocks) held. In the case of mezzanine capital, in the period of the project's realisation the handling costs can be decreased by way of a part of them being "brought forward" until completion of the project in the form of the so-called warrant.