Financieel management -
Handelswetenschappen
Inhoud
H1: Financieringslandschap........................................................................................................3
H2: Financieel management – basisconcepten..........................................................................3
VOORRAADROTATIE................................................................................................................4
KLANTENKREDIET....................................................................................................................4
LEVERANCIERSKREDIET...........................................................................................................5
DE THESAURIE.........................................................................................................................5
RENDABILITEITSCOËFFICIËNTEN.............................................................................................5
RESULTATEN EN OMZET.........................................................................................................5
RESULTATEN EN HET TOTAAL VAN DE ACTIVA...................................................................5
NETTOBEDRIJFSRESULTAAT....................................................................................................6
BEDRIJFSCASHFLOW...............................................................................................................6
NETTORESULTAAT...................................................................................................................6
RESULTATEN EN DE EIGEN MIDDELEN................................................................................7
FALINGSPREDICTIEMODELLEN................................................................................................7
1. RENDABILITEIT EN LIQUIDITEIT....................................................................................7
2. DE ALARMPEILEN.........................................................................................................7
3. MODEL VAN ALTMAN..................................................................................................8
4. MODEL VAN DE NATIONALE BANK VAN BELGIË (cry)..................................................8
EVALUATIEMETHODES VOOR INVESTERINGEN......................................................................9
H3: Waardering van de onderneming......................................................................................10
TRADITIONELE/ORGANISCHE BENADERING.........................................................................10
1. Het gecorrigeerd eigenvermogen (GNV)....................................................................10
2. DCF (Discounted cashflow) methode (RW = Rendementswaarde)............................10
3. De objectieve waarde.................................................................................................10
4. De comparables (3 opties)..........................................................................................11
ANORGANISCHE BENADERING.............................................................................................11
1. Comparables...............................................................................................................11
2. Optiebenadering.........................................................................................................11
3. De residuele waarde (uitgestelde DCF-methode of VC methode)..............................11
H4: Kredietfinanciering: kredieten en risico’s...........................................................................13
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HOEVEEL EV/VV: DE OPTIMALE KAPITAALSTRUCTUUR........................................................13
Tandwiel en hefboom (= gearing and leverage)...............................................................13
WELKE KREDIETVORMEN......................................................................................................13
Financieringsbeslissing......................................................................................................13
Korting voor contante betaling.........................................................................................13
Bankenkredieten KT..........................................................................................................13
Bankenkredieten LT..........................................................................................................14
RISICOANALYSE.....................................................................................................................14
Model................................................................................................................................14
H5: Mezzanine..........................................................................................................................15
H6: Formeel risicokapitaal........................................................................................................15
H7: Informeel risicokapitaal – Business Angels (BA)................................................................15
H8: Lovemoney and crowdfunding...........................................................................................15
WINWINLENING................................................................................................................15
H9: Beurs als financieringsinstrument – de uitgifte van aandelen...........................................15
Marktkapitalisatie.............................................................................................................15
Financiering via de beurs.................................................Fout! Bladwijzer niet gedefinieerd.
Waarde voorkeurrecht......................................................................................................16
Beurswaarde en intrinsieke waarde van een bedrijf......Fout! Bladwijzer niet gedefinieerd.
H10: De Bazel-akkoorden..........................................................................................................16
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