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夹层投资：比风险投资更重要的融资手段最近两年，那些曾经爆炒“风险投资”概念、好像它是高科技产业唯一救世主的理论家们，唯恐会感到这套理论有点不太简单编下去了。
在美国，风险基金投资额自2000年达到创记录的1059亿美元后便急剧下降，2022年是406亿美元，02年是214亿美元，去年连续一路下滑到182亿美元。
相应地，风险基金的筹资力量也从00年的1054亿美元衰退到02年可怜巴巴的91亿美元，03年稍有反弹，也只有108亿美元。
与此同时，另一种投资形式却保持稳健的进展。
这就是所谓“Mezzanine投资”，一般翻译为“夹层投资”。
2022年，在美国市场上，夹层基金和收购型基金的总筹资额从02年的256亿美元增加到267亿美元，分别是当年风险基金筹资额的2.8和2.4倍。
而欧洲市场夹层投资相对活跃程度更高，其对于成长型公司的投资额上升了16%，从2022年的45.8亿增加到52.8亿美元。
其实，夹层基金过去就始终比风险基金更重要。
在1995年的时候，美国夹层基金和收购型基金的总筹资额就达到了268亿美元，同样大大超出当年风险基金的100亿美元。
只是在90年月末期，风险投资的超常规飙升吸引了大多数人的眼球，使夹层基金相对黯然失色，也在全球掀起了一股不问国情、盲目推崇风险投资模式的浪潮。
同样在中国，媒体热忱和政策留意力也曾过分集中于风险投资和二板市场。
好像在促进创新型企业进展方面，中国缺的不过是这一两样金融手段而已。
事实唯恐是，中国金融体系由于长期国家垄断和过分监管，处在全面不发达的状况，可以说已严峻滞后于经济进展水平。
我们欠缺的金融工具，怕是太多了。
闲谈不表，回到夹层投资这个话题。
夹层投资之为“夹层”，由于它是一个杂交性的东西，兼有债权投资和股权投资的双重性质。
它是一种次级债，也是一种股权。
就像Mezzanine的英文原意，是指剧院中一楼和二楼之间较小的厢座夹层，“夹层投资”在公司的财务报表上，也处于底层的股权资本和上层的优先债（高级债）之间。
StructureMezzanine financings can be completed through a variety of different structures based on the specific objectives of the transaction and the existing capital structure in place at the company. The basic forms used in most mezzanine financings are subordinated notes and preferred stock. Mezzanine lenders, typically specialist mezzanine investment funds, look for a certain rate of return which can come from (each individual security can be made up of any of the following or a combination thereof):Cash interest — A periodic payment of cash based on a percentage of the outstanding balance of the mezzanine financing. The interest rate can be either fixed throughout the term of the loan or can fluctuate (i.e., float) along with LIBOR or other base rates.PIK interest—Payable in kind interest is a periodic form of payment in which the interest payment is not paid in cash but rather by increasing the principal amount by the amount of the interest (e.g., a $100 million bond with an 8% PIK interest rate will have a balance of $108 million at the end of the period but will not pay any cash interest).Ownership — Along with the typical interest payment associated with debt, mezzanine capital will often include an equity stake in the form of attached warrants or a conversion feature, similar to that of a convertible bond. The ownership component in mezzanine securities is almost always accompanied by either cash interest or PIK interest and in many cases by both.Mezzanine lenders will also often charge an arrangement fee, payable upfront at the closing of the transaction. Arrangement fees contribute the least return and are aimed primarily to cover administrative costs and as an incentive to complete the transaction.The following are illustrative examples of mezzanine financings:$100,000,000 of senior subordinated notes with warrants (10% cash interest, 3% PIK interest and warrants representing 4% of the fully diluted ownership of the company)[1]$50,000,000 of redeemable preferred stock with warrants (0% cash interest, 14% PIK interest and warrants representing 6% of the fully diluted ownership of the company)[1]In structuring a mezzanine security, the company and lender work together to avoid burdening the borrower with the full interest cost of such a loan. Because mezzanine lenders will seek a return of 14% to 20%, this return must be achieved through means other than simply cash interest payments. As a result, by using equity ownership and PIK interest, the mezzanine lender effectively defers its compensation until the due date of the security or a change of control of the company.Mezzanine financings can be made at either the operating company level or at the level of a holding company (also known as structural subordination). In a holding company structure, as there are no operations and hence no cash flows, the structural subordination of the security and the reliance on cash dividends from the operating company introduces additional risk and typically higher cost. This approach is taken most often as a result of the structure of the company's existing capital structure.Uses of mezzanine capital[edit]Leveraged buyoutsIn leveraged buyouts, mezzanine capital is used in conjunction with other securities to fund the purchase price of the company being acquired. Typically, mezzanine capital will be used to fill a financing gap between less expensive forms of financing (e.g., senior loans, second lien loan, high yield financings) and equity. Often, a financial sponsor will exhaust other sources of capital before turning to mezzanine capital.Financial sponsors will seek to use mezzanine capital in a leveraged buyout in order to reduce the amount of the capital invested by the private equity firm. Because mezzanine lenders typically have a lower target cost of capital than the private equity investor, using mezzanine capital can potentially enhance the private equity firm's investment returns. Additionally, middle market companies may be unable to access the high yield market due to high minimum size requirements, creating a need for flexible, private mezzanine capital.[edit]Real estate financeIn real estate finance, mezzanine loans are often used by developers to secure supplementary financing for development projects (typically in cases where the primary mortgage or construction loan equity requirements are larger than 10%).[2] These sorts of mezzanine loans are often collateralized by the stock of the development company rather than the developed property itself (as would be the case with a traditional mortgage). This allows the lender to engage in a more rapid seizure of underlying collateral in the event of default and foreclosure. Standard mortgage foreclosure proceedings can take more than a year, whereas stock is a personal asset of the borrower and can be seized through a legal process taking as little as a few months.。
Mezzanine FinanceJanuary, 2006Corry Silbernagel, P.Eng., MBADavis VaitkunasMezzanine Debt--Another Level To ConsiderMezzanine debt is used by companies that are cash flow positive to fund: further growth through expansion projects; acquisitions; recapitalizations; and, management and leveraged buyouts. When mezzanine debt is used in conjunction with senior debt it reduces the amount of equity required in the business. As equity is the most expensive form of capital, it is most cost effective to create a capital structure that secures the most funding, offers the lowest cost of capital, and maximizes return on equity.Mezzanine debt has been around for over 30 years, however its use in Western Canada and the Pacific Northwest is relatively new and growing. Leading companies in this region are starting to use mezzanine debt to fund the growth today that the chartered banks will not fund until tomorrow.What Is Mezzanine Debt?Mezzanine debt capital generally refers to that layer of financing between a company's senior debt and equity, filling the gap between the two. Structurally, it is subordinate in priority of payment to senior debt, but senior in rank to common stock or equity (Exhibit #1). In a broader sense, mezzanine debt may take the form of convertible debt, senior subordinated debt or private "mezzanine" securities (debt with warrants or preferred equity).Mezzanine capital is typically used to fund a growth opportunity, such as an acquisition, new product line, new distribution channel or plant expansion, or in private business’ for the company owners to take money out of the company for other uses or to enable management to buyout company owners forsuccession purposes. Although it makes up a portion of a company's total available capital, mezzanine financing is critical to growing companies and in succession planning in recent years. The gap in funding between senior debt and equity is common for the following reasons:1)accounts receivable, inventories and fixed assets are being discounted at greater rates than inthe past for fear that their values will not be realized in the future; 2) many balance sheets now contain significant intangible assets, and,3) as a result of defaults and regulatory pressure, banks have placed ceilings on the amount of totaldebt a company can obtain. While additional liquidity can be obtained from equity investors, equity is the most expensive source of capital. Further, equity capital, by its nature, dilutes existing shareholders. As a result, mezzanine debt can be an attractive alternative way to obtain much needed capital.Capital StructuresWhile there are no hard and fast rules for optimizing a company’s capital structure, companies that are ahead of the curve use an efficient combination of senior debt, mezzanine debt, and equity capital to minimize their true cost of capital.In Exhibit 2, mezzanine debt is shown adding significant capital enabling a company to grow with no dilution to Company owners. On the positive side: the owners face little dilution and maintain their control of the business; the companies total cost of capital is reduced; and the mezzanine debt has a flexible payment term that is structured as “self liquidating” and is paid off over time. On the negative side this is a debt structure that requires interest payments over time.The table in Exhibit 3 outlines differences between capital sources:Secure More Total CapitalSome closely held companies, particularly those that are family controlled, are reluctant to consider mezzanine financing because it requires relinquishing a certain amount of ownership. However, a mezzanine investor's goal isn't to be a long-term shareholder, but rather to achieve a target return rate by some specified time. In fact, a typical mezzanine transaction has the mezzanine fund as a minority equity holder, with buyout terms to remove the mezzanine fund at the appropriate time. It's also important for a business owner to analyze the difference in value between a ownership interest in a stagnant or underperforming business and an ownership in a growing company. What's more, having mezzanine debt in place actually can help a company secure more total capital and avoid the small business pitfall of being under capitalized.For example, a business owner approaches a bank and says, 'I'm buying a company for $20 million and I want all the debt to be bank debt and I'll put the balance in as equity,' and requests a $10 million banking facility. Often, when a bank is approached with a $10 million request for financing they typically discount the business owners request as excessive and will lend only 75% of funding requested leaving the business owner to fund $12.5 million with equity. In this situation a mezzanine lender might offer to fund $5 million in mezzanine and work with the business owner to secure senior debt through a chartered bank. With a mezzanine component, the bank see’s the mezzanine as equity and as a reputable partner and is willing to lend the original request of $10 million, and often at a better rate with the addition of the mezzanine component. The total amount raised through external sources isnow $15 million with the mezzanine layer compared with $7.5 million without. Ultimately this reduces the equity requirement from $12.5 million to $5 million.Banks often look more favorably on companies that are backed by institutional investors such as mezzanine lenders and may extend more credit under more attractive terms. This is a result of the mezzanine lenders' reputation, and the increased involvement of the mezzanine lender with the company as compared with a bank alone. Simply put, the risk to the banks investment is reduced because of their knowledge that the mezzanine lender through a more active role – may enhance the success of the business. Additionally, mezzanine lenders are a source of reserve capital for a business owner helping to diversify a company’s banking relationships thus reducing dependence on any one lender.Lowering the Cost of Capital and Improving Equity ReturnsIn addition to securing more capital a mezzanine structure also allows a business to reduce its cost of capital, and boost both return on equity and absolute profits. The following three cases illustrate a traditional all equity company (Case 1: Traditional) transitioning to a more efficient capital structure through a small recapitalization (Case 2: Typical Debt) into a typical company with debt, and then recapitalizing again to a final optimized structure using a high degree of leverage (Case 3: high Leverage). The result of the transition from traditional company into a more efficient capital structure lowers the company’s cost of capital, improves the return on equity, and releases significant capital to a company’s existing owners as demonstrated in Exhibit 4.The capital received by the company’s owners can be used to diversify risk exposure to other investments or retirement, to reinvest in the company, or to acquire other businesses.Mezzanine HistoryMezzanine lending has been around for more than two decades. In the 1980's, the business was dominated by insurance companies and savings and loan associations. By the 1990's, limited partnerships (LPs) had entered the arena. Today, investors include pension funds, hedge funds, leveraged public funds, LPs and insurance companies, as well as banks that have established stand-alone mezzanine efforts.Traditional mezzanine lenders are book-and-hold investors, generally focused on cash-flow lending, looking for a minimum term (call protection) and equity participation to generate longer term results. Unlike traded equity, high-yield debt, and interest rates which fluctuate with economic conditions, traditional mezzanine finance is a consistent and stable market. The coupon rate on mezzanine notes and targeted returns of mezzanine investments have remained relatively constant as shown in Exhibit 6.Typical Mezzanine TermsThe biggest benefit mezzanine debt provides is reducing the amount of equity required in the transaction. Mezzanine investors are looking for between 15 and 25 percent IRR (internal rate of return) compared to 25 to 50 percent for equity investors, so it's more cost effective.While mezzanine debt is more expensive than bank debt, it is not as rigid. Generally, it shares the same covenant package as a bank deal, but the measurement characteristics are looser. For instance, if the maximum leverage of EBITDA on a bank deal is three and a half times, a mezzanine deal would becloser to four or five. Exhibit 7 depicts average debt multiples of leveraged companies and differentiates between bank debt as a multiple of EBITDA, and non-bank debt (often mezzanine debt) as a multiple of EBITDA. For example, an average US highly leveraged company with EBITDA of $10 million per year in 2004 would have had 3.2 time EBITDA or $32 million in bank debt, with 1.0 times EBITDA or $10 million in non-bank debt. The ability of smaller companies (<$100 million in revenue) in western Canada and the pacific northwest of the United States to attract senior debt levels at this average is difficult, especially for non-traditional transactions and special situations. As a result of reduced senior debt levels initially, the use of mezzanine capital is more relevant in this region.Typically, mezzanine lending includes both subordinated debt and an equity component. The debt is issued with a cash pay interest rate of 12 to 18 percent and a maturity ranging from five to seven years with the ability of the borrower to buy out the debt earlier. The remainder of the required 15 to 25 percent all-in-return consists of warrants to buy common stock, which the investor values based on the outlook of the company, or incremental interest paid on a "pay-in-kind" or PIK basis.Mezzanine ExitMost mezzanine investments are taken out either through a change-of-control sale or recapitalization of the company. Many mezzanine capital providers believe the IPO "home run" is a rarity. While some mezzanine providers may look to invest in companies that represent strong IPO candidates, more frequently the mezzanine capital provider is bought out by the initial owner through a recapitalization with inexpensive senior debt, through the accumulated profits generated by the business or through an acquisition of the company by a competitor. The typical mezzanine transaction is for 5 to 8 years, with the possibility of early exit.。
夹层融资“夹层融资”（mezzanine finance）的概念源自华尔街，原指介于投资次级债券与垃圾债券之间的债券等级，后逐渐演变到公司财务中，是指风险和收益介于股权与优先债权之间的投资形式，期限一般较长。
夹层融资通常表现为一种无担保的长期债务形式，这种债务附带有投资者对融资者的权益认购权。
夹层融资的利率水平一般在10%～15%之间，投资者的目标回报率是20%～30%。
一般说来，夹层利率越低，权益认购权就越多。
从资金费用角度来分析，夹层融资低于股权融资，如可以采取债权的固定利率方式，对股权人体现出债权的优点；从权益角度来分析，其低于优先债权，所以对于优先债权人来讲，可以体现出股权的优点。
这样在传统股权、债券的二元结构中增加了一层。
我国资本市场中出现的可转换公司债券就属于夹层融资范畴。
融资企业一般在以下情况下可以考虑夹层融资：1．缺乏足够的现金进行扩张和收购；2．已有的银行信用额度不足以支持企业的发展。
3．企业已经有多年稳定增长的历史；4．起码连续一年（过去十二个月）有正的现金流和EBITDA（未减掉利息、所得税、折旧和分摊前的营业收益）；5．企业处于一个成长性的行业或占有很大的市场份额；6．管理层坚信企业将在未来几年内有很大的发展；7．估计企业在两年之内可以上市并实现较高的股票价格，但是现时IPO市场状况不好或者公司业绩不足以实现理想的IPO，于是先来一轮夹层融资可以使企业的总融资成本降低。
结合中国的实践而言，自中国银监会下发121号文专门限制银行的开放贷款和212号文专门限制房地产信托贷款后，房地产项目在取得四证（国有土地使用权证、建设用地规模许可证、建设工程规划许可证、建设工程施工许可证。
）之前融资渠道突然变窄，银行贷款受到限制，信托贷款也宣告退出，那么剩下的似乎只有股权融资。
然而，对房地产公司而言，股权融资要付出很大的代价。
股权融资的资金回报要求比较高，内部的收益率要一般要求达到25－40%，且融资周期比较长。
第33卷第2期2019年4月保险职业学院学报(双月刊)JOURNAL OF I NSURANCE PROFESS I ONAL COLLEGE)Bimonthly)Vol.33No.2Apr.2019保险资金夹层投资的机遇及问题思考"左进，刘晶(人保远望产业投资管理有限公司，北京100044)［摘要］近年来，保险资金配置呈现多元化趋势&在严监管时代，保险股权计划、债权计划等传统另类投资将受到一定的影响&夹层投资现金流稳定、盈利模式较为清晰，总体风险较低，符合保险资金安全稳健的要求&本文对我国保险资金参与夹层投资的机遇与问题做了阐述，并提出了针对性建议&［关键词］保险资金；夹层投资；机遇；问题［中图分类号］F840.5［文献标识码］A［文章编号］1673—1360(2019)02—0056—04［Abstract］In recent years%the application of insurance funds has diversified trends.Under the strict finical supervision%traditional alternative investment of insurance funds will be affected.Mezzanine investment has stable cash flow,clear profit model and low overall risk,which meets the insurance funds requirements of safe and stable.This paper expounds the opportunities and problems of China's insurance funds participating in mezzanine investment,and puts forward some pertinent suggestions.［Keywords］Insurance Funds,Mezzanine Investment,Opportunities,Problems一、严监管时代的保险资金另类投资趋势2018年4月27日人民银行、银保监会、证监会、外汇管理局颁布了《关于规范金融机构资产管理业务的指导意见》，目的是规范我国资管业务，防止监管套利、高杠杆、多层嵌套、明股实债等问题。
2014年半年度基金仓位（实用版）目录1.2014 年半年度基金仓位概述2.基金仓位的具体分布3.基金仓位变化的原因分析4.基金仓位变化对市场的影响正文【2014 年半年度基金仓位概述】2014 年半年度基金仓位数据显示，我国基金市场整体仓位处于较高水平。
在经历了 2013 年的市场调整之后，2014 年上半年，基金市场逐渐回暖，各大基金公司纷纷加仓，以期在市场反弹中获取更多收益。
【基金仓位的具体分布】从基金类型来看，股票型基金的仓位最高，混合型基金次之，债券型基金和货币型基金仓位相对较低。
具体而言，股票型基金仓位在 80% 以上，混合型基金仓位在 60% 至 80% 之间，债券型基金仓位在 40% 至 60% 之间，货币型基金仓位在 20% 至 40% 之间。
从行业分布来看，基金仓位主要集中在制造业、金融业、信息技术业等。
其中，制造业占比最大，金融业和信息技术业次之。
此外，基金在房地产、建筑业等周期性行业的仓位也有所提升。
【基金仓位变化的原因分析】2014 年上半年，基金仓位变化的主要原因有以下几点：1.宏观经济环境改善。
随着我国经济的逐步回暖，市场预期逐渐向好，基金公司加大了股票投资比例。
2.政策利好。
2014 年，我国政府出台了一系列政策，包括定向降准、新股发行改革等，这些政策对市场产生了积极影响，基金公司纷纷加仓。
3.市场信心恢复。
在经历了 2013 年的市场调整之后，投资者对市场的信心逐渐恢复，基金公司也纷纷提高仓位，以满足投资者的需求。
【基金仓位变化对市场的影响】基金仓位变化对市场产生了一定影响：1.推动市场上涨。
在基金仓位普遍较高的情况下，基金公司对市场的投资需求增加，有助于推动市场行情上涨。
2.波动性加大。
基金仓位的变动可能导致市场的波动性加大，特别是在市场调整时期，基金减仓可能引发市场下跌。
3.强化市场风格。
基金仓位的变动可能强化市场风格，如基金集中加仓某行业，可能导致该行业表现强势，进而影响市场整体走势。
夹层融资企业融资方式创新夹层融资是一种企业融资方式，指的是企业通过发行夹层证券获取资金。
夹层融资具有介于债务融资和股权融资之间的特点，旨在平衡企业融资方面的风险和利益。
夹层融资的创新有助于满足企业融资需求，提高企业的融资能力和融资效率。
以下是一些夹层融资企业融资方式的创新：1. 夹层债券：夹层债券是一种介于优先债券和普通债券之间的债权商品。
其创新之处在于它可以提供相对较高的利息收益，同时还具有较高的流动性和转换权益的灵活性。
企业可以通过发行夹层债券来获得债务资金，同时为投资者提供较高的回报和支持。
2. 债权转股权：债权转股权是一种夹层融资方式，企业可以将债务转换为股权，从而满足融资需求并减轻债务负担。
这种方式可以吸引更多的资金流入企业，并降低融资成本，同时也能为投资者提供更高的回报。
债权转股权是一种互利的融资方式，对于企业和投资者都具有吸引力。
3. 财务债券：财务债券是一种夹层融资工具，企业可以发行财务债券来筹集资金。
与传统债券相比，财务债券的创新之处在于它可以提供灵活的融资方式和条件，根据企业的具体需求来确定利率和偿还方式。
这种方式可以满足企业在不同阶段的融资需求，提高融资效率和融资灵活性。
4. 利益共享债券：利益共享债券是一种夹层融资工具，企业可以发行这种债券来筹集资金。
不同于传统债券的是，利益共享债券允许投资者在企业获利时与企业共享利润。
这种方式可以吸引更多的投资者参与企业发展，同时也为企业提供了一种更具吸引力的融资方式。
5. 夹层融资平台：夹层融资平台是一种创新的夹层融资方式，它将企业和投资者连接起来，提供融资服务和机会。
企业可以通过夹层融资平台来获取资金，并与投资者进行合作和共享。
这种方式可以提供更多的融资渠道，促进企业融资的多样化和灵活性。
总之，夹层融资企业融资方式的创新有助于满足企业融资需求，提高融资能力和效率。
通过发展夹层债券、债权转股权、财务债券、利益共享债券以及夹层融资平台等新型夹层融资方式，企业可以获得更多的融资机会和支持，推动企业的可持续发展。
夹层基金（Mezzanine Fund）是杠杆收购特别是管理层收购（MBO）中的一种融资来源，它提供的是介于股权与债权之间的资金，它的作用是填补一项收购在考虑了股权资金、普通债权资金之后仍然不足的收购资金缺口。
国内目前采用的术语MBO基金，实际上指的就是夹层基金。
由于MBO交易中融资渠道是多样化的，融资结构是分层次的，不同的资金来源、进入方式、收益率要求、偿还方式等都是不同的，所以统称为MBO基金是不准确的。
管理层收购管理层收购的定义管理层收购(Management Buy-Outs，即MBO)是指：公司的经理层利用借贷所融资本或股权交易收购本公司的一种行为,从而引起公司所有权、控制权、剩余索取权、资产等变化,以改变公司所有制结构。
通过收购使企业的经营者变成了企业的所有者。
管理层收购的典型案例——新浪管理层收购案例分析1、新浪MBO简介•2009年9月28日，新浪宣布以CEO曹国伟为首的管理层，以约1.8亿美元的价格，购入新浪约560万普通股，成为新浪第一大股东。
此举成为中国互联网行业首例MBO即“管理者收购”•根据这项购股计划，新浪管理层将通过New-Wave Investment Holding Company Limited (新浪投资控股有限公司，以下简称新浪投资控股)，进行此次管理层收购。
新浪投资控股是一家英属维尔金群岛注册的公司，并由新浪公司总裁兼首席执行官曹国伟以及其他管理层成员控制。
新浪向新浪投资控股增发约560万股普通股，全部收购总价为约1.8亿美元。
增发结束后，新浪的总股本将从目前的约394万股，扩大到约5954万股，新浪投资控股占据新浪增资扩股后总股本的约9.4%，成为新浪第一大股东。
根据美国证监会的规定，单一机构投资人在上市公司中的持股比例不得超过10%，新浪投资加上新浪董事会和管理层（共计11人）持有的2.19%的股权，合计超过了10%，新浪投资的控股力量就显得非常稳固。
房地产夹层融资名词解释
夹层融资是指在房地产项目的资金结构中处于中间层次的一种融资形式。
夹层融资者通常是资本市场的投资者，他们为房地产项目提供资金，以换取利息和股权。
夹层融资通常发生在房地产项目的贷款和股权之间。
在夹层融资中，夹层融资者会在贷款人之后但在股东之前获得项目收益的权益。
夹层融资通常有较高的利率，同时也承担了较高的风险，因为他们在资金回收时处于次级地位。
夹层融资可用于各种房地产项目，如住宅楼盘、商业物业或地产开发项目等。
通过夹层融资，开发商可以筹集到更多的资金来支持项目的开发和运营，并且可以分散风险和压力。
同时，对于投资者来说，夹层融资可以提供较高的回报，并且可以通过夹层权益获得对项目的一定程度的控制权。
需要注意的是，夹层融资通常是一种短期的融资形式，常常在项目开发完成或者销售开始后的一段时间内进行回收。
因此，夹层融资一般具有较高的利率和较短的期限。
Mezzanine FinancingA hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. It is generally subordinated to debt provided by senior lenders such as banks and venture capital companies.Since mezzanine financing is usually provided to the borrower very quickly with little due diligence on the part of the lender and little or no collateral on the part of the borrower, this type of financing is aggressively priced with the lender seeking a return in the 20-30% range.Mezzanine financing is advantageous because it is treated like equity on a company's balance sheet and may make it easier to obtain standard bank financing. To attract mezzanine financing, a company usually must demonstrate a track record in the industry with an established reputation and product, a history of profitability and a viable expansion plan for the business (e.g. expansions, acquisitions, IPO).一、夹层基金概述随着我国国内经济增速放缓，使得企业融资需求呈现多样化、个性化的趋势，由此市场融资渠道开始多层次发展，可以运用的投资工具也越来越多元化。
这其中，夹层投资作为发达国家资本市场、尤其是私募股权资本市场上常用的一种投资形式，以及与之相应的夹层基金日益受到关注。
1、“夹层”的相关概念“夹层”这两个字概念最初是产生于华尔街。
那时“夹层”的概念是在垃圾债券与投资级债券之间的一个债券等级，之后，逐渐的演变到了公司财务中，作为了一种融资方式。
夹层融资：一种介于优先债务和股本之间的融资方式，指企业或项目通过夹层资本的形式融通资金的过程。
夹层融资是一种无担保的长期债务，这种债务附带有投资者对融资者的权益认购权。
夹层融资只是从属债务(subordinate debt)的一种，但是它常常从作为从属债务同义词来用。
夹层融资的利率水平一般在10%～15%之间，投资者的目标回报率是20%～30%。
一般说来，夹层利率越低，权益认购权就越多。
对于公司和股票推荐人而言，夹层投资通常提供形式非常灵活的较长期融资，这种融资的稀释程度要小于股市，并能根据特殊需求作出调整。
而夹层融资的付款事宜也可以根据公司的现金流状况确定。
图1.1 夹层基金概况融资企业一般在以下情况下可以考虑夹层融资1）缺乏足够的现金进行扩张和收购；2）已有的银行信用额度不足以支持企业的发展；3）企业已经有多年稳定增长的历史；4）起码连续一年(过去十二个月)有正的现金流和EBITDA(未减掉利息、所得税、折旧和分摊前的营业收益)；5）企业处于一个成长性的行业或占有很大的市场份额；6）管理层坚信企业将在未来几年内有很大的发展；7）估计企业两年之内可以上市并实现较高的股票价格，但是现时IPO 市场状况不好或者公司业绩不足以实现理想的IPO，于是先来一轮夹层融资可以使企业的总融资成本降低。
夹层资本：收益和风险介于企业债务资本和股权资本之间的资本形态，本质是长期无担保的债权类风险资本。
当企业进行破产清算时，优先债务提供者首先得到清偿，其次是夹层资本提供者，最后是公司的股东。
夹层债务与优先债务一样，要求融资方按期还本付息。
夹层投资：夹层投资是一种兼有债权投资和股权投资双重性质的投资方式，是传统风险投资的演进和扩展。
夹层投资是私募股权资本市场(private equity market)的一种投资形式，是传统创业投资的演进和扩展，有专门的夹层投资基金(mezzanine fund)。
如果使用了尽可能多的股权和优先级债务(senior debt)来融资，但还是有很大资金缺口，夹层融资就在这个时候提供利率比优先债权高但同时承担较高风险的债务资金。
由于夹层融资常常是帮助企业改善资产结构和迅速增加营业额，所以在发行这种次级债权形式的同时，常常会提供企业上市或被收购时的股权认购权。
私募股权投资所面对的企业成长周期是一个较长期的范围，包含了从种子基金、早起创业投资到危机投资、夹层投资的各个阶段，起风险从高到低排列，收益也从高到低变化。
在不同阶段中，需要对企业的特质进行不同的分析判断框架，也需要投资管理人具有不同的专业能力。
私募股权投资的范围和收益情况图1.2 私募股权投资的范围和收益情况夹层投资将主要选择股权投资的较为成熟的阶段，如并购重组、危机投资和夹层投资等，所选择的目标企业往往已经发展成熟，在项目的具体选择和判断上更加清晰，再结合投资的风控手段，将能够较为有效地降低风险。
夹层基金与其他投资产品的对比表1.1夹层基金与其他投资产品的对比2、夹层基金的基本结构夹层基金的组织结构一般采用有限合伙制，有一个一般合伙人(GP)作为基金管理者，提供1%的资金，但需承担无限责任。
其余资金提供者为有限合伙人(LP)，提供99%的资金，但只需承担所提供资金份额内的有限责任。
基金收益的20%分配给基金管理者，其余80%分配给有限合伙人。
对于融资企业来说,典型的夹层基金融资结构可分为三层:银行等低成本资金所构成的优先层,融资企业股东资金所构成的劣后层,以及夹层资金所构成的中间层。
优先层承担最少风险,同时作为杠杆,提高了中间层的收益。
通过这种设计,夹层基金在承担合理风险的同时,能够为投资者提供较高收益。
夹层基金的基本结构图1.3 常见的夹层基金基本结构3、夹层基金的主要投资方式1）企业债务重组；2）企业可转换次级债；3）高级附属债务；4）可赎回优先股；5）股权收益权信托；6）股权收益权固定期权买卖等。
图1.4 常见的夹层投资方式4、夹层基金的回报来源夹层融资的回报通常从以下一个或几个来源中获取：1）现金票息，通常是一种高于相关银行间利率的浮动利率;2）还款溢价;3）股权激励，这就像一种认股权证，持有人可以在通过股权出售或发行时行使这种权证进行兑现。
并非所有夹层融资都囊括了同样的特点。
举例而言，投资的回报方式可能完全为累积期权或赎回溢价，而没有现金票息。
5、夹层投资的优势1）风险较低夹层投资的级别通常比股权投资为高，而风险相对较低。
在某些案例中，夹层融资的提供者可能会在以下方面获得有利地位，比如优先债务借款者违约而引起的交叉违约条款、留置公司资产和/或股份的第一或第二优先权。
从"股权激励"中得到的股本收益也可非常可观，并可把回报率提高到与股权投资相媲美的程度。
图1.5夹层投资的优势2）退出途径较多夹层投资的债务构成中通常会包含一个预先确定好的还款日程表，可以在一段时间内分期偿还债务也可以一次还清。
还款模式将取决于夹层投资的目标公司的现金流状况。
因此，夹层投资提供的退出途径比私募股权投资更为明确。
3）流动性较好与大多数私募股权投资基金相比，夹层投资的回报中有很大一部分来自于前端费用和定期的票息或利息收入。
这一特性使夹层投资比传统的私有股权投资更具流动性。
二、夹层基金LP分析夹层投资的风险收益特征非常适合保险公司、商业银行、投资银行、养老基金、对冲基金等各类机构投资者进行投资。
目前，全球夹层基金投资者的构成从早期的以保险公司为主，逐渐转变为多种机构类型的有限合伙人(LP)均参与其中。
近年来全球夹层基金LP构成中，私人养老基金及公共养老基金分别以17%的占比排名最前，保险公司、母基金(专门投资于其他股权投资基金的基金，也被称为FOFs)、投资银行、商业银行以及对冲基金等机构投资人分别占比11%、11%、9%、9%、8%，这些机构多元化投资工具的运用以及复合型投资人才的储备助力夹层业务的不断拓展。
图2.1 2013年全球夹层基金的LP类别构成夹层基金投资者从地域分布来看大多在发达国家市场，63%的LP在北美，接近四分之一的LP在欧洲(23%)，仅剩下14%的投资者在亚洲及其他地区。
图2.2 2013年全球夹层基金投资者地域分布中国国内尚缺乏足够多的机构投资者，目前国内夹层基金主要资金来源是金融机构自有资金、部分私人高端客户、企业投资基金等，但自2013年开始，越来越多的机构投资者已经开始逐步开始向夹层基金注资，近日已有保险机构参与投资了鼎晖旗下的夹层投资基金，这一合作方向为PE与保险资金的合作提供了有益参照，另外，鼎晖夹层基金的机构投资者中不乏大学捐赠基金以及FOFs。
三、夹层基金的发展1、夹层融资的发展历史夹层融资是伴随着商业地产抵押贷款证券化（CMBS）而发展起来的。
20世纪90年代以前，美国房地产抵押贷款条件宽松，融资人如果同时采取优先抵押贷款及次级抵押贷款，可以通过债权融资获得甚至超过100%项目价值的资金，所以夹层融资几乎无人问津。
90年代初，美国地产市场持续低迷，发生大量违约事件，抵押贷款投资人因此提高了贷款门槛，最直接的做法就是限制贷款额与项目价值的比率（LTV，loan-to-value ratio）。
更为严重的是，在违约后清偿时，由于优先抵押贷款投资人与次级抵押贷款投资人都拥有不动产抵押相关权益，两者间发生了大量纠纷，此后，优先抵押贷款投资人开始限制融资者进行次级抵押贷款融资。
与此同时，商业物业抵押贷款债券(CMBS)也为夹层融资的发展推波助澜。
