지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
이용수
초록· 키워드
오류제보하기
Traditionally, corporate finance has consisted of equity finance and debt finance. However the recent trend called ‘Mezzanine Finance’ combines the elements of both debt and equity and is consisted of mezzanine loan and hybrid security. Mezzanine loan has been clearly categorized as debt, but hybrid security has characterizations of both equity and debt.
Hybrid securities were frist introduced to Korean financial system during the 1998 Financial Crisis when the Basel Committee of the Bank of International Settlement started regulating capital adequacy ratio, but the active issuance of hybrid securities began around 2002.
A bank, because of the nature of its business, faces a low capital adequacy ratio. In order to maintain a certain level of capital adequacy ratio, a bank had to acknowledge the equity like characteristics of a debt and hence devised hybrid securities to raise its capital adequacy ratio.
Recently, European and U.S. corporations as well as some Japanese non-bank corporations utilize hybrid securities as a key part of their corporate financing. The dual nature of hybrid securities, as both equity and debt, offers more latitude to corporations when defining terms of contracts with investors.
Banks issue hybrid securities that qualify as Tier Ⅰ or Tier Ⅱ capital which are recognized as equity by BIS ruling. Commercial business enterprises, on the other hand, issue hybrid securities in the form of subordinate debentures or trust preferred securities.
Hybrid securities are usually evaluated from two perspectives. First, the safety of hybrid securities is appraised through risk assessment in which different credit rating companies such as Moody’s, Fitch Rating and S&P score and rate hybrid securities into about 20 different levels. Hybrid securities are then judged based on their equity contribution. Certain characteristics like non call-option, non-replacement clause, non step-up clause help hybrid securities to be perceived as equity.
Hybrid securities will help deliver much needed financing to corporations and encourage them to invest in new ventures. In order to promote hybrid securities, long-term debentures should be able to be easily issued and relevant laws should updated to allow easier issuance of hybrid securities through special purpose vehicle (spv). Finally, the types of securities and debts should be diversified and corporations should be allowed to issue options.
Hybrid securities were frist introduced to Korean financial system during the 1998 Financial Crisis when the Basel Committee of the Bank of International Settlement started regulating capital adequacy ratio, but the active issuance of hybrid securities began around 2002.
A bank, because of the nature of its business, faces a low capital adequacy ratio. In order to maintain a certain level of capital adequacy ratio, a bank had to acknowledge the equity like characteristics of a debt and hence devised hybrid securities to raise its capital adequacy ratio.
Recently, European and U.S. corporations as well as some Japanese non-bank corporations utilize hybrid securities as a key part of their corporate financing. The dual nature of hybrid securities, as both equity and debt, offers more latitude to corporations when defining terms of contracts with investors.
Banks issue hybrid securities that qualify as Tier Ⅰ or Tier Ⅱ capital which are recognized as equity by BIS ruling. Commercial business enterprises, on the other hand, issue hybrid securities in the form of subordinate debentures or trust preferred securities.
Hybrid securities are usually evaluated from two perspectives. First, the safety of hybrid securities is appraised through risk assessment in which different credit rating companies such as Moody’s, Fitch Rating and S&P score and rate hybrid securities into about 20 different levels. Hybrid securities are then judged based on their equity contribution. Certain characteristics like non call-option, non-replacement clause, non step-up clause help hybrid securities to be perceived as equity.
Hybrid securities will help deliver much needed financing to corporations and encourage them to invest in new ventures. In order to promote hybrid securities, long-term debentures should be able to be easily issued and relevant laws should updated to allow easier issuance of hybrid securities through special purpose vehicle (spv). Finally, the types of securities and debts should be diversified and corporations should be allowed to issue options.
목차
Ⅰ. 머리말
Ⅱ. 하이브리드증권의 의의
Ⅲ. 하이브리드증권 발행
Ⅴ. 우리나라의 신종자본증권의 발행
Ⅵ. 하이브리드증권의 문제점 및 발전방안
참고문헌
Abstract
참고문헌 (48)
참고문헌 신청
1. [기타자료] - / / 은행업 감독업무 시행세칙 별표 3 ｢위험가중자산에 대한 자기자본비율 산출 기준｣
2. [기타자료] - Basel Committee on Banking Regulations and Supervisory Practices / 1998 / Bank of International Settlement, International Convergence of Capital Measurement and Capital Standards
3. [기타자료] - Basel Committee on Banking Regulations and Supervisory Practices / 2006 / Bank of International Settlement, International Convergence of Capital Measurement and Capital Standards - A Revised Framework Conprehensive Version
4. [인터넷자원] - BIS / / Basel Ⅱ : International Convergence of Capital Measurement and Capital Standards: A Revised Framework
5. [보고서] - BIS / 2003 / Markets for Bank Subordinated Debt and Equity in Basel Committee Member Countries
2. [기타자료] - Basel Committee on Banking Regulations and Supervisory Practices / 1998 / Bank of International Settlement, International Convergence of Capital Measurement and Capital Standards
3. [기타자료] - Basel Committee on Banking Regulations and Supervisory Practices / 2006 / Bank of International Settlement, International Convergence of Capital Measurement and Capital Standards - A Revised Framework Conprehensive Version
4. [인터넷자원] - BIS / / Basel Ⅱ : International Convergence of Capital Measurement and Capital Standards: A Revised Framework
5. [보고서] - BIS / 2003 / Markets for Bank Subordinated Debt and Equity in Basel Committee Member Countries
함께 읽어보면 좋을 논문
논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!
-
영구채 성격논쟁과 법적 과제
경영법률
2015 .01
-
관세담보제도에 관한 연구
관세학회지
2004 .08
-
한국의 증권금융
경영학연구
1971 .12
-
국내주요그룹의 정보보안관리 체계에 관한 사례 연구
경영정보학연구
1998 .01
-
整合中国的社会保障管理体制的探索
서울행정학회 학술대회 발표논문집
2013 .10
-
Policy-Based Network Security Management Model for Multiple Security Devices
Telecommunications Review
2004 .01
-
탈냉전 이후 안보환경의 변화에 따른 신세대 안보인식의 특성
국제관계연구
2007 .09
-
지방공무원의 정보보호 인식 및 행태에 관한 연구
한국사회와 행정연구
2010 .02
-
세법상 부채와 자본의 분류에 대한 연구 : 신종자본증권 및 국제간 비교를 중심으로
조세학술논집
2015 .06
-
기업 보안 유형에 따른 보안사고 대응역량 : 사회기술시스템 이론 관점에서
한국IT서비스학회지
2013 .01
-
IT Security Management and Security Metrics Guide
한국IT서비스학회 학술대회
2003 .01
-
앱스토어 사용자의 지각된 특성이 보안강화의도에 미치는 영향에 관한 연구
서비스경영학회지
2012 .09
-
미국 연방증권법상 ‘출자지분’(Equity Interests) : 소위 자본시장통합법상 ‘지분증권’ 개념과의 비교법적 검토
비교사법
2006 .12
-
조직 정보보호성과에 영향을 미치는 정보보호담당임원의 내 · 외적 특성
Journal of Information Technology Applications & Management
2020 .08
-
미국 연방증권법상 증권(Security) 개념
중앙법학
2006 .08
-
A study on factors influencing the performance of airport security and responsibility assignment for security tasks at international airports
한국항공경영학회지
2009 .01
-
온라인게임 서비스 분야에 정보보호 사전진단 적용시 효과성에 관한 연구
한국IT서비스학회지
2011 .01
이 논문의 저자 정보
이 논문과 함께 이용한 논문
최근 본 자료
댓글(0)
0
UCI(KEPA) : I410-ECN-0101-2013-360-001271661