Mezonin kapitalning tadbirkorlik faoliyatini moliyalashtirishdagi o‘rni va uning huquqiy tartibga solinishi
Kalit so‘zlar:
gibrid kapital, mezonin moliyalashtirish, huquqiy tartibga solish, tadbirkorlik, investor, tuzilmaviy bo‘ysunish, aksiAnnotatsiya
Ushbu maqola tadbirkorlik faoliyatini moliyalashtirishning an’anaviy usullari (bank krediti, lizing) moslashuvchanlik va innovatsion loyihalardagi xavfni qabul qilishda yetarli emasligi sharoitida mezonin moliyalashtirish kabi noan’anaviy, gibrid vositaning o‘rnini o‘rganishga qaratilgan. Mezonin qarz va kapital elementlarini birlashtirib, kompaniyalarga mavjud aksiyadorlik ulushini kamaytirmasdan katta hajmda kapital jalb qilish imkonini beradi va bankrotlik holatida ustuvorlikda yuqori kreditor va aksiyadorlar orasidagi o‘rta o‘rinni egallaydi. Tadqiqotning asosiy qismi mezoninning huquqiy tartibga solinishini qiyosiy tahlil qilishdan iborat. AQShda bu mexanizm Yagona tijorat kodeksi va 1933-yilgi Qimmatli qog‘ozlar to‘g‘risidagi qonun doirasida tartibga solinadi, bunda eng muhimi – mezonin kreditorning aksiya/ulush garovini tezkor va sudsiz musodara qilish huquqidir. Buyuk Britaniyada esa, “Companies Act 2006”, “Insolvency Act 1986” va “FSMA 2000” qoidalari mezoninning tuzilmaviy bo‘ysunishini tasdiqlaydi va uning professional faoliyatini litsenziyalashdan istisno qiladi. Maqolada mezonin bitimining asosiy ishtirokchilari – qarz oluvchi, yuqori kreditor va mezonin kreditor o‘rtasidagi o‘zaro munosabatlar, ularning navbati, garov obyekti (aksiyalar/ulushlar) va daromad talablari batafsil ochib berilgan. Xulosada, mezoninning O‘zbekistondagi an’anaviy moliyalash turlariga o‘xshash jihatlaridan kelib chiqib, milliy qonunchilikka tegishli normalarni implementatsiya qilish, jumladan, garovni tezkor joriy etish va xususiy investitsiyalar uchun huquqiy aniqlik berish zarurligi asoslanadi.
Iqtiboslar
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