Kowenanty w warunkach emisji długu przez przedsiębiorstwa a ochrona obligatariuszy

Piotr Szczepankowski , Agata Sierpińska-Sawicz

Abstract

The article addresses the issue of obtaining capital for enterprises’ growth by issuing corporate bonds. Special attention is given to covenants, i.e. the issue conditions protecting investors’ rights and their capital employed. The study attempts to answer the questions whether covenants fully protect the interests of investors, limit or increase the agency conflict between managers, owners, and creditors, to what extent these events depend on the type and number of covenants, and how they can be monitored by issuers. The consequences of covenants application and the after-effects of their violation were preceded by a brief description of the role of debt securities in financing business entities. The authors claim that adequate covenants together with the close monitoring of financial situation of the issuer can enhance the protection of investors’ rights and lessen the number of violations of issue conditions.
Author Piotr Szczepankowski - Akademia Ekonomiczno-Humanistyczna w Warszawie
Piotr Szczepankowski,,
-
, Agata Sierpińska-Sawicz (WZ / KCAFiW)
Agata Sierpińska-Sawicz,,
- KCAFiW
Other language title versionsUse of covenants in corporate debt and bondholders’ protection
Journal seriesStudia Biura Analiz Sejmowych Kancelarii Sejmu, ISSN 2080-2404, e-ISSN 2082-0658, (N/A 20 pkt)
Issue year2019
No2 (58)
Pages127-152
Publication size in sheets1.25
Keywords in Polishkowenanty, obligacje przedsiębiorstw, źródła finansowania, konflikt i koszty agencyjne
Keywords in Englishcovenants, corporate bonds, sources of financing, agency conflict and costs
DOIDOI:10.31268/StudiaBAS.2019.15
URL http://orka.sejm.gov.pl/WydBAS.nsf/0/648B4027246B94BBC125846900470033/$file/6.Piotr%20Szczepankowski_Agata%20Sierpi%C5%84ska-Sawicz.pdf
Languagepl polski
Score (nominal)20
Score sourcejournalList
ScoreMinisterial score = 20.0, 15-04-2020, ArticleFromJournal
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