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Samenvatting aan de hand van lesnotities, slides en handboek Financieel Management Toegepast 2019 - R. Aernoudt (derde editie), zelf geslaagd met 16/2...
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Joyce Lefevere
FINANCIEEL MANAGEMENT
3e bachelor Handelswetenschappen 2018-2019
Prof. R. Aernoudt
Samenvatting aan de hand van lesnotities, slides
en handboek Financieel Management Toegepast 2019 (derde editie)
LEFEVERE JOYCE
,Joyce Lefevere
Inleiding
Deze samenvatting werd geschreven aan de hand van lesnotities, slides en het boek “Financieel Management
Toegepast’ (Aernoudt, Financieel Management Toegepast, 2019).
Daarnaast gaf Prof. R. Aernoudt mij de toestemming om deze samenvatting te verkopen.
Dit symbool betekent belangrijk vanuit de les of eerdere examenvraag (niet limitatief).
Er zitten nog typ- en spellingsfouten in de samenvatting.
BIBLIOGRAFIE
Hoorcollege & lesnotities: Aernoudt, R. (sd).
Aernoudt, R. (2019). Financieel Management Toegepast.
Examen:
- 1/3 oefeningen en cases
- 2/3 theorie
Overzicht
1. Financieel management: basisconcepten
2. FM en investeringsanalyse
3. Hoeveel is mijn onderneming waard?
4. Kredieten en risicoanalyse
5. Waarborgen en formeel risicokapitaal
6. Informeel RC (crowdfunding, lovemoney, BA)
7. Beurs en beursnotering
8. Bazel & wrap-up
Overzicht van veel gebruikte afkortingen
AH Aandeelhouder(s)
BA Business Angels
BK Bedrijfskapitaal
EV Eigen vermogen
FFF Friends, Family and Fools
RK Risicokapitaal
SE Schuldeiser(s)
VA Vast activa
VC Venture capital
VL.A/VLA Vlottend activa
VV Vreemd vermogen
VVKT Vreemd vermogen korte termijn
VVLT Vreemd vermogen lange termijn
FINANCIEEL MANAGEMENT 2019 A
,Joyce Lefevere
FINANCIEEL MANAGEMENT - INHOUDSOPGAVE
HOOFDSTUK 1: FINANCIERINGSLANDSCHAP ........................................................................................................................ 1
1.1. “WELK GELD ZOEK IK?” (NIET ALLEEN HOEVEEL) – NOT ALL THE MONEY IS THE SAME.................................................. 1
VIJF FINANCIERINGSBRONNEN ...................................................................................................................................................... 1
1.2. HET ONDERNEMERSLANDSCHAP: “NOT ALL COMPANIES ARE THE SAME” ................................................................... 2
TYPOLOGIE VAN DE ONDERNEMINGEN ........................................................................................................................................... 2
Financieringsproblematiek .............................................................................................................................................. 3
1.3. KREDIETCULTUUR ........................................................................................................................................................ 3
VERTROUWENSRATIO ................................................................................................................................................................. 3
VERTROUWENSKLOOF ................................................................................................................................................................ 4
BANKENTROUW ........................................................................................................................................................................ 4
KREDIETWEIGERING: GEEN EXACTE WETENSCHAP ............................................................................................................................. 5
MARKTFALEN............................................................................................................................................................................ 5
TYPE GELD = F(AARD VAN ONDERNEMING, ONTWIKKELINGFASE) ......................................................................................................... 6
CALIMERO SYNDROOM ............................................................................................................................................................... 6
1.4. BANKENLANDSCHAP .................................................................................................................................................... 7
UITDAGINGEN VOOR BANKEN ....................................................................................................................................................... 7
1- Globalisatie van economie ............................................................................................................................. 7
2- Toenemende fragmentatie van het Europees bankenlandschap ................................................................... 7
3- Impact van informatietechnologie ................................................................................................................. 8
4- Bazel-akkoorden............................................................................................................................................. 8
BELGIË: VAN STAATSMONOPOLIE TOT STAATSINTERVENTIE ................................................................................................................. 8
FLUCTUERENDE CONCENTRATIEGRAAD ........................................................................................................................................... 9
1.5. HET LANDSCHAP VAN RISICOKAPITAAL ........................................................................................................................ 9
DODENVALLEIEN...................................................................................................................................................................... 10
EXTRA: FINANCIËLE WERELD EN GENDER ........................................................................................................................... 11
HOOFDSTUK 2: FINANCIEEL MANAGEMENT - BASISCONCEPTEN ........................................................................................ 13
2.1. FINANCIEEL MANAGEMENT: CONCEPT ....................................................................................................................... 13
DEFINITIES ............................................................................................................................................................................. 13
BELANG 14
VIER FUNCTIES VAN FINANCIEEL MANAGEMENT.............................................................................................................................. 14
2.2. FINANCIEEL BEHEERSINSTRUMENT ............................................................................................................................ 15
EIGENSCHAPPEN VAN EEN DASHBOARD ........................................................................................................................................ 15
Balansstructuur: ............................................................................................................................................................ 16
2.2.3. ANALYSE VAN HET PASSIEF VAN DE ONDERNEMING ............................................................................................................... 16
Structuur passief ........................................................................................................................................................... 16
Ratio’s passief ............................................................................................................................................................... 17
2.2.4. ANALYSE VAN HET ACTIEF VAN DE ONDERNEMING ................................................................................................................ 18
Structuur van het actief................................................................................................................................................. 18
Ratio’s 19
2.2.5. VERBANDEN TUSSEN ACTIEF EN PASSIEF, EN DE RESULTATEN ................................................................................................... 19
Het bedrijfskaptaal........................................................................................................................................................ 19
De rotatiesnelheden ...................................................................................................................................................... 23
2.2.6. DE THESAURIE ............................................................................................................................................................... 24
Coëfficiënt van bedrijfskapitaal .................................................................................................................................... 25
behoefte aan bedrijfskapitaal ....................................................................................................................................... 25
FINANCIEEL MANAGEMENT 2019 B
,Joyce Lefevere
2.2.7. RENDABILITEITSCOËFFICIËNTEN ......................................................................................................................................... 25
Resultaten en omzet ..................................................................................................................................................... 25
Resultaten en het totaal van de activa ......................................................................................................................... 26
Resultaten en de toegevoegde waarde......................................................................................................................... 28
Resultaten en de eigen middelen .................................................................................................................................. 29
2.2.8. FALINGSPREDICITIEMODELLEN .......................................................................................................................................... 30
1- Rendabiliteit en liquiditeit ............................................................................................................................ 30
2- De alarmpeilen ............................................................................................................................................. 31
3- Model van Altman ........................................................................................................................................ 31
4- Model de van National Bank van België ...................................................................................................... 31
5- Multivariabele benadering ........................................................................................................................... 32
2.2.9 HET DASHBOARD ............................................................................................................................................................ 33
2.3. FINANCIEEL MANAGEMENT IN DE ENGE ZIN .............................................................................................................. 33
2.3.1. DE OPTIMALE KAPITAALSTRUCTUUR ................................................................................................................................. 33
1- Target adjustment-theorie ........................................................................................................................... 33
2- Agency-model .............................................................................................................................................. 34
3- Pecking-order-theorie .................................................................................................................................. 35
Empirisch onderzoek ..................................................................................................................................................... 35
2.3.2. MILLER-MODIGLIANI EN HET INTERESTBELASTINGSCHILD ...................................................................................................... 35
2.3.3. MILLER-MODIGLIANI: NOTIONELE INTEREST ...................................................................................................................... 39
Concreet voorbeeld ....................................................................................................................................................... 40
Een bestaande vennootschap (p.62) ............................................................................................................................. 41
Een nieuwe vennootschap (p63) ................................................................................................................................... 41
2.3.4. FINANCIEEL PLAN.......................................................................................................................................................... 42
2.3.5. CASE 2: KREDIETDOSSIERS BV LAKATOS (P66) ................................................................................................................... 43
2.4. FINANCIEEL MANAGEMENT IN DE RUIME ZIN ............................................................................................................ 43
2.4.1. MASTERBUDGET EN -PLAN ............................................................................................................................................. 44
2.4.2. KASPLANNING.............................................................................................................................................................. 45
2.4.3. INVESTERINGSANALYSE .................................................................................................................................................. 46
2.4.4. CASE 3: INVESTERINGSCASE 3: NV HERMÈS ...................................................................................................................... 47
2.4.5. EVALUATIEMETHODES ................................................................................................................................................... 48
1. Boekhoudkundig rendement (BHR) .............................................................................................................. 48
2. Terugverdienperiode/payback-methode TVP............................................................................................... 49
3. Interne rendementsgraad/internal rate of return IRG/IRR .......................................................................... 49
4. Nettocontantwaarde NCW........................................................................................................................... 51
5. Winstgevendheidsindex / Profitability index (PI) ......................................................................................... 52
Enkele bemerkingen ...................................................................................................................................................... 53
2.4.6. INVESTERINGSANALYSE MET FINANCIERINGSASPECTEN ......................................................................................................... 55
2.4.7. DIVIDENDPOLITIEK ........................................................................................................................................................ 56
2.4.7.1. Relatie dividenduitkering en waarde............................................................................................................ 56
2.4.7.2. Dividendpolitiek in de praktijk ...................................................................................................................... 56
2.4.8. BEHEER VAN BEDRIJFSKAPITAAL ....................................................................................................................................... 57
2.5. NABESCHOUWINGEN/RANDBEMERKINGEN: WIE ZIJN DE ‘ANDERE’........................................................................... 58
2.5.1. SATISFYING BEHAVIOUR – MANAGERIAL REVOLUTION .......................................................................................................... 58
2.5.2. STAKEHOLDERS VALUE ................................................................................................................................................... 59
2.5.3. HUMAN RESOURCES...................................................................................................................................................... 60
2.5.4. NAAR EEN SOCIAAL-ETHISCH DASHBOARD? ........................................................................................................................ 60
2.5.5. DE ESG-SCORE ............................................................................................................................................................ 60
FINANCIEEL MANAGEMENT 2019 C
,Joyce Lefevere
Impact van ESG score .................................................................................................................................................... 61
HOOFDSTUK 3: WAARDERING VAN DE ONDERNEMING ..................................................................................................... 63
3.1. BELANG VAN DE WAARDERING VAN DE ONDERNEMING ........................................................................................... 63
3.2. TRADITIONELE BENADERING ...................................................................................................................................... 63
3.2.1. ORGNANISCH GROEIPATROON......................................................................................................................................... 64
3.2.2. CASE 4: WAARDEBEPALING: BV SPILLAERT EN ZOON (P.111) ............................................................................................... 65
3.2.3. WAARDEBEPALING ....................................................................................................................................................... 65
1. Het gecorrigeerd eigen vermogen (GNV) ..................................................................................................... 65
2. DCF (discounted cashflow) methode (RW = rendementswaarde) ................................................................ 67
3. De “objectieve” waarde ............................................................................................................................... 68
4. De comparables............................................................................................................................................ 69
5. De overeengekomen waarde ....................................................................................................................... 70
3.3. DE WAARDERING BIJ ANORGANISCHE BENADERING .................................................................................................. 71
3.3.1. ANORGANISCHE GROEI .................................................................................................................................................. 71
1. Comparables ................................................................................................................................................ 73
2. Optiebenadering .......................................................................................................................................... 73
3. De residuele waarde (uitgestelde DCF-methode of VC methode) ................................................................ 74
3.3.2. OVER THEORIE EN REALITEIT ........................................................................................................................................... 79
HOOFDSTUK 4: KREDIETFINANCIERING: KREDIETEN EN RISICO’S ........................................................................................ 81
4.1. HOEVEEL EV/VV: DE OPTIMALE KAPITAALSTRUCTUUR............................................................................................... 81
TANDWIEL EN HEFBOOM (GEARING AND LEVERAGE) ....................................................................................................................... 82
ILLIQUIDITEITSRISICO ................................................................................................................................................................ 82
4.2. DE KREDIETBEHOEFTE: SAMENSTELLING VV (KT VERSUS LT) ...................................................................................... 83
STRATEGIE A: RISKAVERTER-STRATEGIE ........................................................................................................................................ 84
STRATEGIE B: HEDGER .............................................................................................................................................................. 84
STRATEGIE C: VEILIGHEIDSMARGE ............................................................................................................................................... 85
AFWEGING/TRADE-OFF: RENDABILITEIT & (IL)LIQUIDITEIT ................................................................................................................ 85
4.3. WELKE KREDIETVORMEN? ......................................................................................................................................... 86
1) DE LEVERANCIERS ALS KREDIETGEVER (HB 4.3) .................................................................................................................. 87
Kredietbeleid van leveranciers ...................................................................................................................................... 87
2) BANKKREDIETEN KT ...................................................................................................................................................... 95
3) BANKKREDIETEN LT .................................................................................................................................................... 104
4.4. (WELKE) WAARBORGEN ........................................................................................................................................... 112
4.5. DE OVERHEIDSWAARBORG (BOEK 4.7)..................................................................................................................... 117
4.6. WERKING EN GEBRUIKEN VAN KREDIETEN EN WAARBORGEN ................................................................................. 120
4.7. RISICOANALYSE........................................................................................................................................................ 121
RISICOANALYSE: FINANCIËLE ELEMENTEN .................................................................................................................................... 121
RISICOANALYSE: NIET-FINANCIËLE ELEMENTEN ............................................................................................................................. 122
RISICOANALYSE: MODEL ......................................................................................................................................................... 122
4.8. KREDIETWEIGERING EN MARKTFALEN (EXTRA SLIDES) ............................................................................................. 122
KREDIETWEIGERING ............................................................................................................................................................... 122
MARKTFALEN........................................................................................................................................................................ 123
4.9. EXTRA OEFENINGEN UIT PPT .................................................................................................................................... 123
HOOFDSTUK 5: MEZZANINE ............................................................................................................................................. 125
5.1. EEN ONDERBENUTTE FINANCIERINGSVORM? .......................................................................................................... 125
FINANCIEEL MANAGEMENT 2019 D
,Joyce Lefevere
5.2. MEZZANINE: HYBRIDE FINANCIERINGSVORM .......................................................................................................... 125
MEZZANINE: TUSSEN KREDIETFINANCIERING EN RISICOKAPITAAL...................................................................................................... 127
TYPE INVESTEERDER ............................................................................................................................................................... 127
5.3. KENMERKEN VAN MEZZANINE ................................................................................................................................. 128
5.4. BELANG VAN MEZZANINE ........................................................................................................................................ 129
BEDRIJVEN MET EXPANSIEPLANNEN OF OVERNAME ....................................................................................................................... 129
Familiebedrijven .......................................................................................................................................................... 129
Sterk groeiende bedrijven ........................................................................................................................................... 129
Voorwaarden van de investeerder .............................................................................................................................. 130
Management buy-outs (MBO’s) en leverage MBO’s................................................................................................... 130
Onderschrijvers van mezzaninefinancieringen ............................................................................................................ 132
5.5. DE GROEI VAN MEZZANINEFINANCIERING ............................................................................................................... 133
VOOR- EN NADELEN VAN MEZZANINEFINANCIERING ...................................................................................................................... 133
HOOFDSTUK 6: FORMEEL RISICOKAPITAAL ...................................................................................................................... 135
NOT ALL MONEY IS THE SAME - INLEIDING....................................................................................................................... 136
6.1. CONCEPT ................................................................................................................................................................. 137
VERGELIJKING VAN KREDIETEN EN RISICOKAPITAALFINANCIERING ..................................................................................................... 139
ELEMENTEN VAN RISICOKAPITAAL ............................................................................................................................................. 140
Zaaikapitaalfondssen, early stage-fondsen en development fondsen ........................................................................ 140
Exit 140
Risicokapitaal en externe controle .............................................................................................................................. 141
6.2. INVESTEE EN INVESTEERDER .................................................................................................................................... 141
6.2.1. INVESTEERDERSCRITERIA: WAT WENST EEN RISICOKAPITALIST? ............................................................................................ 141
Criteria waaraan het bedrijf moet voldoen ................................................................................................................. 142
6.2.2. GROEIPOTENTIEEL ...................................................................................................................................................... 144
6.2.3. INVESTERINGSRIJPHEID ................................................................................................................................................ 146
6.3. DUE DILIGENCE ........................................................................................................................................................ 147
6.4. WERKING EN FINANCIERINGSBRONNEN .................................................................................................................. 147
WERKING VAN EEN INVESTERINGSFONDS .................................................................................................................................... 149
6.5. HET AGENTSCHAPSPROBLEEM/AGENCY PROBLEM EN DE CARRIED INTEREST .......................................................... 150
6.6. DE AANDEELHOUDERSOVEREENKOMST ................................................................................................................... 151
6.6.1. ENKELE ALGEMENE CLAUSULES ...................................................................................................................................... 151
6.6.2. BEPALINGEN MET BETREKKING TOT DE RAAD VAN BESTUUR................................................................................................ 151
6.6.3. CLAUSULES DIE HET RISICO BEPERKEN NA DE INSTAP .......................................................................................................... 152
6.6.3.1. Beperking van het risico voor de investeerder na de instap ....................................................................... 152
6.6.3.2. Beperking van het risico voor de ondernemer na de instap ....................................................................... 153
6.7. RISICOKAPITAAL VOOR OVERNAMEFINANCIERING .................................................................................................. 154
OPVOLGING BINNEN DE FAMILIE ............................................................................................................................................... 154
OPVOLGING DOOR DERDEN ..................................................................................................................................................... 154
MBO VIA LMBO .................................................................................................................................................................. 155
6.8. CORPORATE VENTURING ......................................................................................................................................... 156
6.9. RISICOKAPITAAL, OOK VOOR STARTERS? ................................................................................................................. 158
VRAAG EN AANBOD ASPECTEN .................................................................................................................................................. 160
Kant van het aanbod ................................................................................................................................................... 161
Kant van de vraag ....................................................................................................................................................... 161
FINANCIEEL MANAGEMENT 2019 E
,Joyce Lefevere
Algemeen 161
CONCLUSIE ........................................................................................................................................................................... 162
CONCLUSIE INZAKE FORMEEL RC............................................................................................................................................... 163
6.10. RISICOKAPITAAL EN DE OVERHEID ........................................................................................................................... 163
6.10.1. DE AMERIKAANSE BENADERING: SBIC-PROGRAMMA ........................................................................................................ 164
6.10.2. DE EUROPESE BENADERING .......................................................................................................................................... 167
6.10.3. DE VLAAMSE BENADERING ........................................................................................................................................... 167
6.11. CASE 6: RISICOKAPITAAL EN MEZZANINE: NV WATCHYOU (P. 240 EV. (2019)) ......................................................... 168
6.12. EXTRA UIT LES: MISSIE EN VERWACHTINGEN VAN RISICOKAPITALIST ...................................................................... 169
MISSIE: WAT WENST EEN RISICOKAPITALIST? ............................................................................................................................... 169
WAT BIEDT EEN RISICOKAPITALIST? ........................................................................................................................................... 169
Voor de investering ..................................................................................................................................................... 169
Tijdens de investering.................................................................................................................................................. 169
Na de investering ........................................................................................................................................................ 169
6.13. EXTRA UIT LES: OEFENINGEN ................................................................................................................................... 170
OEFENING 1 ......................................................................................................................................................................... 170
OEFENING 2 ......................................................................................................................................................................... 172
HOOFDSTUK 7: INFORMEEL RISICOKAPITAAL – BUSINESS ANGELS BA .............................................................................. 173
7.1. BUSINESS ANGEL: CONCEPT ..................................................................................................................................... 173
WAAR KOMT HET CONCEPT VANDAAN?...................................................................................................................................... 173
WAT ZIJN BUSINESS ANGELS NU PRECIES? WHO ARE THEY? – TWAALF KARAKTERISTIEKEN .................................................................. 175
WHAT DO THEY WANT? – KARAKTERISTIEKEN DAT BA PROBEREN TE BEREIKEN/ARE SEEKING ............................................................... 176
7.2. TYPOLOGIE VAN DE BUSINESS ANGELS .................................................................................................................... 177
7.3. BUSINESS ANGELS: BELANG, FACTS AND FIGURES .................................................................................................... 179
1. FINANCIERINGSASPECT ................................................................................................................................................ 179
2. MANAGEMENTASPECT ................................................................................................................................................ 179
3. ADRESSENBOEKJE ....................................................................................................................................................... 179
KANTTEKENING BIJ BA ............................................................................................................................................................ 180
SCHATTING VAN AANTAL BA: USA VERSUS EU............................................................................................................................ 180
7.4. INFORMEEL (BA) ó FORMEEL (VC) .......................................................................................................................... 180
7.4.1. FORMELE EN INFORMELE PERCEPTIE ............................................................................................................................... 181
7.4.2. FORMELE VERSUS INFORMELE INVESTEERDERSCRITERIA ...................................................................................................... 183
7.4.3. EXITMOGELIJKHEDEN .................................................................................................................................................. 183
7.4.4. FORMELE EN INFORMELE RETURN .................................................................................................................................. 184
7.4.5. DE ECONOMISCHE CRISIS EN ZAAI-INVESTERINGEN............................................................................................................. 185
EXTRA UIT PPT: THE TWO EQUITY GAPS .................................................................................................................................... 186
7.5. BUSINESS ANGELS-NETWERKEN: THE BANS & THE BAAS .......................................................................................... 186
7.5.1. DOEL VAN HET NETWERK ............................................................................................................................................. 188
7.5.2. METHODES VOOR HET SAMENBRENGEN VAN VRAAG EN AANBOD ......................................................................................... 190
7.5.3. TOEGEVOEGDE WAARDE VOOR DE ONDERNEMER .............................................................................................................. 191
7.5.4. TOEGEVOEGDE WAARDE VOOR DE BUSINESS ANGEL ........................................................................................................... 192
GEEN AGENCY PROBLEM IN BAN .............................................................................................................................................. 193
7.5.5. SCREENINGPROCES ..................................................................................................................................................... 194
7.5.6. VERSCHILLENDE TYPES NETWERKEN ................................................................................................................................ 194
7.5.7. BUSINESS ANGELS-NETWERKEN IN BELGIË EN NEDERLAND .................................................................................................. 195
THE BANS: EFFICIENT TOOLS? ................................................................................................................................................. 196
FINANCIEEL MANAGEMENT 2019 F
,Joyce Lefevere
7.6. BUSINESS ANGELS EN DE OVERHEID......................................................................................................................... 197
7.7. HET INVESTERINGSPROCES ...................................................................................................................................... 199
VAN IDEE TOT BUSINESSPLAN ................................................................................................................................................... 199
DE PRESENTATIE .................................................................................................................................................................... 199
THE (EXCITING) LIFE OF A BUSINESS ANGEL: WAT DOET EEN BA? ..................................................................................................... 202
7.8. CASE 7: BUSINESS ANGELS: NV TEAMBUILDING ....................................................................................................... 202
CONCLUSIE ...................................................................................................................................................................... 202
LES: OEFENING NAAR AANLEIDING VAN BA-VC ................................................................................................................ 203
HOOFDSTUK 8: LOVEMONEY AND CROWDFUNDING........................................................................................................ 205
8.1. CONCEPT ................................................................................................................................................................. 205
8.2. WERKING ................................................................................................................................................................. 206
8.3. LOVEMONEY VERSUS BUSINESS ANGELS .................................................................................................................. 207
8.4. BUURTFONDSEN ...................................................................................................................................................... 208
8.4.1. HUI 会 (AZIË) ALS MODEL ............................................................................................................................................ 208
8.4.2. BUURTFONDSEN......................................................................................................................................................... 209
8.5. LOVEMONEY + INTERNET = CROWDFUNDING .......................................................................................................... 210
8.5.1. CROWDFUNDING: EEN SUCCESVERHAAL .......................................................................................................................... 211
8.5.2. CROWDFUNDING-PLATFORMEN .................................................................................................................................... 212
8.5.3. DIVERSE CROWDFUNDING-MODELLEN ............................................................................................................................ 213
8.5.4. VOOR- EN NADELEN VAN CROWDFUNDING ...................................................................................................................... 214
8.5.5. REGULERING ............................................................................................................................................................. 214
8.5.6. CROWDFUNDING IN BELGIË .......................................................................................................................................... 215
Bekende voorbeelden van crowdfunding .................................................................................................................... 217
8.6. LOVEMONEY STIMULEREN ....................................................................................................................................... 217
8.6.1. TANTA AGAATH ......................................................................................................................................................... 217
8.6.2. WINWINLENING ......................................................................................................................................................... 220
8.7. CASE 8: LOVEMONEY: BLOEMENZAAK PAULIEN ....................................................................................................... 223
8.8. CONCLUSIE .............................................................................................................................................................. 223
HOOFDSTUK 9: BEURS ALS FINANCIERINGSINSTRUMENT – DE UITGIFTE VAN AANDELEN ................................................ 225
9.1. BEURS OF BEURZEN?................................................................................................................................................ 227
EUROPEES BEURSLANDSCHAP ................................................................................................................................................... 228
LIQUIDITEIT – CAP (MARKTKAPITALISATIE) - WAARDE .................................................................................................................... 229
9.2. WAT IS EEN IPO? ...................................................................................................................................................... 230
MOTIVATIE IPO – WAAROM GAAT MEN NAAR DE BEURS? ............................................................................................................. 231
IPO-MARKT (EVOLUTIE) .......................................................................................................................................................... 232
9.3. BITCOINS EN ICO’S (INITIAL COIN OFFERING) ........................................................................................................... 233
SCAM VERSUS ‘GOEDE’ ICO ..................................................................................................................................................... 234
ICO’S PER LAND .................................................................................................................................................................... 234
9.4. FINANCIERING VIA DE BEURS ................................................................................................................................... 235
KAPITAALVERHOGING ............................................................................................................................................................. 235
WAARDE VOORKEURRECHT...................................................................................................................................................... 235
Verhouding en waarde voorkeurrecht ........................................................................................................................ 236
NV Tristan & Isolde...................................................................................................................................................... 237
9.5. DELISTING ................................................................................................................................................................ 238
FINANCIEEL MANAGEMENT 2019 G
,Joyce Lefevere
9.6. BEURSWAARDE EN INTRINSIEKE WAARDE VAN EEN BEDRIJF ................................................................................... 239
HERHALING ...................................................................................................................................................................... 241
PRIVATE EQUITY & BANKS ....................................................................................................................................................... 241
CONCEPTEN VENTURE CAPITAL ................................................................................................................................................. 241
HOOFDSTUK 10: DE BAZEL-AKKOORDEN .......................................................................................................................... 243
10.1. BELANG VAN REGULERING ....................................................................................................................................... 243
FINANCIËLE CRISIS IN 2008 EN GRIEKSE CRISIS IN 2011 ................................................................................................................ 243
STAKEHOLDERS VAN REGLEMENTERING ...................................................................................................................................... 244
OPRICHTING BAZEL-COMITÉ .................................................................................................................................................... 245
10.2. BAZEL I ..................................................................................................................................................................... 247
10.2.1. DE COOKE-RATIO ....................................................................................................................................................... 247
10.2.2. CASE 10: BAZEL-AKKOORDEN: BANK GOLDSMITH EN CIE (PAG. 338-339) ........................................................................... 248
10.2.3. EVALUATIE VAN HET BAZEL I-AKKOORD ........................................................................................................................... 248
10.3. RATING EN RATINGAGENTSCHAPPEN ...................................................................................................................... 250
10.3.1. RATING 251
10.3.2. RATING EN FALINGSGRAAD ........................................................................................................................................... 251
10.3.3. KRITIEK OP RATINGAGENTSCHAPPEN............................................................................................................................... 253
10.4. HET BAZEL II-AKKOORD ............................................................................................................................................ 253
10.4.1. DRIE PIJLERS VAN HET BAZEL II-KADER ............................................................................................................................ 253
10.4.2. DE VIER BANKRISICO’S ................................................................................................................................................. 254
10.4.3. HET KREDIETRISICO ..................................................................................................................................................... 255
10.4.3.1. De standaardmethode ............................................................................................................................... 255
10.4.3.2. De IRB-methode (basisversie)..................................................................................................................... 257
10.4.3.3. De IRB-methode : geavanceerde benadering ............................................................................................. 259
10.4.3.4. De IRB-methode : geavanceerde benadering ............................................................................................. 259
10.4.3.5. Het RAROC-systeem: praktische vertaling van de IRB-methode ................................................................ 260
10.4.3.6. De waarborgen........................................................................................................................................... 261
10.4.4. HET OPERATIONEEL RISICO ........................................................................................................................................... 263
10.4.5. GEVOLGEN VAN BASEL II ..................................................................................................................................... 264
10.4.5.1. De minimumkapitaalvereiste ..................................................................................................................... 264
10.4.5.2. Toegang tot kredieten en kredietvoorwaarden ......................................................................................... 266
10.4.6. IMPACT OP DE RISICOKAPITAALSECTOR ............................................................................................................................ 271
Bazel II en risicokapitaal.............................................................................................................................................. 271
Europese reglementering en de verhouding tot het Bazel II-kader ............................................................................. 272
10.4.7. POLITIEKE IMPLICATIES/GEVOLGEN (UIT SLIDES) ................................................................................................................ 273
10.4.8. CONCLUSIE................................................................................................................................................................ 273
10.4.9. KRITIEK OP BASEL II .................................................................................................................................................... 274
10.5. BAZEL III ................................................................................................................................................................... 274
10.5.1. KAPITAALVEREISTE EN LIQUIDITEITSNORMEN .................................................................................................................... 275
10.5.2. KAPITAALIMPACT VAN BAZEL III .................................................................................................................................... 277
10.5.3. GLOBALISATIE, ONPERSOONLIJKHEID EN SCHAALVERGROTING .............................................................................................. 277
Het einde van de persoonlijke kredietrelatie............................................................................................................... 278
Consolidatie................................................................................................................................................................. 278
10.5.4. VRAGEN? ................................................................................................................................................................. 279
10.6. DE BAZEL-REGULERING VANUIT ONDERNEMINGSPERSPECTIEF ................................................................................ 279
10.6.1. ONDERNEMINGEN BAZEL-KLAAR MAKEN ......................................................................................................................... 279
FINANCIEEL MANAGEMENT 2019 H
, Joyce Lefevere
10.6.2. BANKEN BAZEL-KLAAR MAKEN ...................................................................................................................................... 282
Black box-syndroom .................................................................................................................................................... 282
Gedragscode van banken en kmo’s............................................................................................................................. 283
Level playing field........................................................................................................................................................ 283
10.7. BAZEL IV .................................................................................................................................................................. 284
10.8. SLOTBEDENKINGEN BIJ BAZEL-AKKOORDEN............................................................................................................. 286
GEEN CREDIT CRUNCH ............................................................................................................................................................ 286
DYNAMISCH PROCES VAN STEEDS MEER GESOFISTICEERDE RISICOMODELLEN ...................................................................................... 287
PRINCIPE VAN RISICODIVERSIFICATIE EN DE KMO’S ........................................................................................................................ 287
BANKSTRATEGIE .................................................................................................................................................................... 288
RISICOKAPITAAL .................................................................................................................................................................... 289
DE OVERHEID ........................................................................................................................................................................ 289
COMPLEXE REALITEIT .............................................................................................................................................................. 289
ALGEMEEN BESLUIT ......................................................................................................................................................... 290
AANVULLING OP OEFENINGEN/VRAGEN .......................................................................................................................... 291
VOORBEELDVRAGEN ........................................................................................................................................................... A
HOOFDSTUK 1 & 2 (HOORCOLLEGE 2) ................................................................................................................................. A
HOOFDSTUK 3 & 4 (HOORCOLLEGE 29/03/2019) .................................................................................................................. C
ALGEMEEN........................................................................................................................................................................... F
FINANCIEEL MANAGEMENT 2019 I
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