Selected Determinants of Mezzanine Financing in Poland

Robert Golej

摘要

A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation as seen from the mezzanine fund. The second concerns the willingness of enterprises to use this form of financing. The first part of the article is devoted to the embeddedness of mezzanine financing. For that purpose, the specific innovation feature decisive to the possibility of external financing was indicated. Various investment strategies of Private Equity Funds on a global scale were presented in a way intended to highlight the meaning and characteristics of mezzanine financing. Also, on the basis of statistical data, the potential market for innovation financing in Poland was indicated. Subsequently the essence of mezzanine type financing and its potential to support development and innovation was presented. Upon this background, an analysis of the possibilities for financing innovation in startups and established companies was conducted. Also, examples of mezzanine financing that took place in Poland in recent years were presented. The article, therefore, is constructed in the form of deductive-inductive analysis. The conducted research leads to the conclusion that there is a gradual development of mezzanine financing in Poland. The transactions are also diverse as to the industry sector and the size of the investment. There is also a noticeable lowering of the minimum quota of individual investments, which means that the popularity of this form of financing could increase. What needs to be noticed, however, is that mezzanine funds focus their activity on companies in good financial condition, which do not have the credit capacity for the implementation of all their development projects. They have the characteristics of a mature organization. So they have: a strategy, experienced management, good cash flow, good market position and growth potential.

机译：一种非常重要的公司活动，确定其发展甚至生存是创新活动。为实施创新的实施提高资本是一个重要的，但不是引入创新的唯一因素。创新的特点，特别是失败风险，在获得外部融资方面取得了重大困难，特别是来自第三方，这是其发展和实施的障碍。本文中的讨论主题是初步公司和已经成熟的公司实施的混合式夹层类型的融资创新项目。本文的目的是讨论可能性和对波兰创新活动的夹层基金进行了分析，然后对波兰公司的创新活动进行了分析。本文提出的研究是根据波兰夹层资金进行的投资信息进行的。特别重要的对经济的创新是让中小企业部门的公司，因此我们还在本集团进行了研究。在中小企业部门运营的特殊用途公司，初创公司等创新往往是在专用公司，启动等中发起的。因此，创新的融资不能被忽视为中小企业的创新线程。研究涉及该部门的几家公司的访谈。研究涉及涉及夹层的融资创新的可能性，融资形式的融资，混合融资的准备。研究不是代表性的，但澄清任何进一步研究的观点是一个观点。假设：利用其特定福利的夹层融资越来越多地用于资助创新融资的差距，特别是中小企业部门的专用公司。所以假设提高了两股研究。首次关注夹层基金的创新融资。第二个涉及企业使用这种形式的融资的意愿。本文的第一部分致力于嵌入式夹层融资。为此目的，指出了对外部融资可能性决定性的具体创新特征。以旨在突出夹层融资的意义和特征的方式提出了全球范围内私募股权基金的各种投资策略。此外，在统计数据的基础上，指出了波兰的创新融资潜在市场。随后，提出了夹层型融资的本质及其支持发展和创新的潜力。在此背景下，对初创公司和成立公司进行了融资的可能性分析。此外，近年来波兰举行的夹层融资的例子是出现的。因此，该物品以演绎诱导分析的形式构建。进行的研究导致了波兰夹层融资逐步发展的结论。交易也多样化为行业部门和投资规模。各个投资的最小配额也有明显的降低，这意味着这种融资形式的普及可能会增加。然而，需要注意的是，夹层资金将其在良好的财务状况上集中在公司的活动，这对所有开发项目的实施没有信用能力。它们具有成熟组织的特征。所以他们有：战略，经验丰富的管理，良好的现金流，良好的市场地位和增长潜力。

Selected Determinants of Mezzanine Financing in Poland

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