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The Acquirement and Functioning of Mezzanine Capital on the Example of Enterprises Operating in the Republic of Poland

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Information Systems Architecture and Technology: Proceedings of 37th International Conference on Information Systems Architecture and Technology – ISAT 2016 – Part IV

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 524))

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Abstract

A survey of international literature provides an overview of mezzanine capital and its comparison with other sources of funding. It also explains the characteristics of the cost of financing, taking into account various forms of compensation for the investor. The aim of this study is to analyze the conduct of companies in the initial period after obtaining mezzanine capital, while functioning in general conditions of economic growth. Tools used for the analysis of hypotheses were statistical methods applied for the selected economical and financial figures. The performed analysis of mezzanine financing was also used for the evaluation of size of enterprises applying this method of financing. Studies have shown the correlation of net sales revenue and net profit. The analysis also proved that it is mostly medium and large enterprises from developing countries, who receive funds in form of mezzanine capital. While applying for this type of funding the companies have had stable cash flows, but their access to the required amount of capital was limited.

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Notes

  1. 1.

    Article 2 of the Annex to the European Commission Recommendation 2003/361/EC.

  2. 2.

    WIG—stock index covering all companies listed on the Stock Exchange in Warsaw meeting the base participation criteria within the indexes.

  3. 3.

    Current liquidity ratio = Short-term receivables/Short-term liabilities.

  4. 4.

    Total debt ratio = Liabilities and provisions for liabilities/Total assets.

  5. 5.

    Pay in kind.

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Author information

Authors and Affiliations

  1. WSB School of Banking, Wrocław, Poland

    Zbigniew Kuryłek

Authors
  1. Zbigniew Kuryłek
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Correspondence to Zbigniew Kuryłek .

Editor information

Editors and Affiliations

  1. Department of Management Systems,Faculty of Computer Science and Management, Wrocław University of Technology, Wrocła Department of Management Systems, Wrocław, Poland

    Zofia Wilimowska

  2. Department of IT and Management, Wrocław University of Technology Department of IT and Management, Wrocław, Poland

    Leszek Borzemski

  3. Department of Computer Science, Wrocław University of Technology Department of Computer Science, Wrocław, Poland

    Adam Grzech

  4. Department of Computer Science, Wrocław University of Technology Department of Computer Science, Wrocław, Poland

    Jerzy Świątek

Amadeus Database Bureau van Dijk (Company Information and Business Intelligence)

Amadeus Database Bureau van Dijk (Company Information and Business Intelligence)

Annex 1 List of mezzanine capital companies in Poland
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Kuryłek, Z. (2017). The Acquirement and Functioning of Mezzanine Capital on the Example of Enterprises Operating in the Republic of Poland. In: Wilimowska, Z., Borzemski, L., Grzech, A., Świątek, J. (eds) Information Systems Architecture and Technology: Proceedings of 37th International Conference on Information Systems Architecture and Technology – ISAT 2016 – Part IV. Advances in Intelligent Systems and Computing, vol 524. Springer, Cham. https://doi.org/10.1007/978-3-319-46592-0_12

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  • DOI: https://doi.org/10.1007/978-3-319-46592-0_12

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-46591-3

  • Online ISBN: 978-3-319-46592-0

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