The Legal Dilemma Of Mezzanine Financing And Its Countermeasures

The existing financing channels can no longer fully meet the development of socialist market economy and the basic needs of the financial market,so a series of new financing tools have emerged.Among them,mezzanine financing is widely used in practice because of the equity of its equity financing model and the stability of the debt financing model.However,judging from the existing judicial precedent,the legal nature of mezzanine financing is still inconclusive,and there is no legal basis for its application.There is a big controversy,and the complex policy in the field of financial supervision has made mezzanine financing fall into the dilemma of application.This paper combines the mezzanine financing model and related cases to discuss its legal application dilemma,and analyzes the causes of its application in law,in the hope of finding a corresponding solution.Specifically,this article is divided into the following sections:The introduction part mainly gives an overview of the content of this paper,explaining the background and purpose of selecting mezzanine financing as the research content,and integrating the existing articles and materials for mezzanine financing,forming a literature review and the research status of mezzanine financing.The first chapter mainly discusses the basic content of mezzanine financing,pointing out that the generation of mezzanine financing is mainly based on two major reasons: market demand factors and investment environment factors.As an innovative investment tool,mezzanine financing has its own characteristics in contract design.There are three main links: principal agent,investment share,exit credit,and three indispensable basic elements: investment in equity form,agreement fixed income,agreed repurchase agreements,these three elements become the most important basis for mezzanine financing to adhere to the nature of its "debt investment".This chapter also summarizes the characteristics of mezzanine financing and the analysis of related concepts,and introduces mezzanine financing more comprehensively.The second chapter introduces the formation of the dilemma of the application of the law of the real debt of mezzanine financing.First,the confusion of the legal relationship of the real debt of mezzanine financing is discussed.This paper also points out that the confusion between the gambling agreement and the r mezzanine financing aggravates the difficulty of qualitative analysis of the contracts of mezzanine financing.Secondly,the regulatory rules are complicated under the background of "big asset management".It is considered that the mixed operation in the era of large asset management makes the supervision rules of mezzanine financing more complicated and the application of law more difficult.The third chapter analyzes the related consequences of the difficulties in the application of the law of t mezzanine financing mentioned in the previous chapter.The first is that the purpose of the contract cannot be achieved.Through searching the relevant cases and arranging them into a table,this paper clearly shows that in recent years,the courtundefineds judgment on real debts of mezzanine financing has always been between equity and creditorundefineds rights,and there are not a few cases in which mezzanine financing have been recognized as equity.Thus,the original purpose of entering into a contract between the parties(that is,debt financing)cannot be realized.Secondly,this paper argues that due to the lack of clear legal guidance,there are potential rigid payment characteristics in the development of mezzanine financing.Finally,it is considered that the difficulties of the law application of mezzanine financing will lead to a regulatory vacuum,which leads to the related departments have issued the supervision policy on mezzanine financing one after another,and generally hold a negative attitude,which has compressed the living space of mezzanine financing.The fourth chapter puts forward the solution to the dilemma of mezzanine financing.From the perspective of public power,this chapter proposes that the court should determine the mezzanine financing with a unified refereeing standard,and the relevant laws provide a legal basis for mezzanine financing from the improvement of the shareholder qualification and the establishment of the preferred stock system;the regulatory department forms a unified standard to solve the problem.To solve the problem,this chapter also explores the importance of establishing a smooth exit mechanism to solve the dilemma of mezzanine financing from the perspective of mezzanine financing parties.The paper concludes that the advantages of mezzanine financing cannot be ignored.Although it is currently facing difficulties in application,it can still be solved through relevant countermeasures to help economic and social development.