Inhoudsopgave
1 Corporate finance beslissingen ............................................................................................. 2
2 Rol van de financiële manager .............................................................................................. 2
3 Welke beslissing is het belangrijkst? ..................................................................................... 3
3.1 Modigliani-Miller (M&M) theorema ..................................................................................... 3
3.2 Levenscyclus van het bedrijf .................................................................................................. 4
4 Scheiding eigendom en zeggenschap: Agency conflict ........................................................... 4
4.1 Managers (agents) versus aandeelhouders (principals)........................................................ 4
4.2 De “investment trade-off” ..................................................................................................... 5
4.3 Doel van het bedrijf = maximaliseren van aandeelhouderswaarde ...................................... 5
4.4 Doel van het bedrijf ≠ winstmaximalisatie ............................................................................ 5
4.5 Agency conflict ...................................................................................................................... 5
4.6 Corporate governance solutions ........................................................................................... 6
CHAPTER 1: INTRODUCTION TO CORPORATE FINANCE 1 van 6
, CHAPTER 1: Inleiding tot corporate finance
1 Corporate finance beslissingen
- Investeringsbeslissingen (= capital budgeting decisions = capital expenditures)
• Aankoop/verkoop van vaste activa
• Vast actief = bezitting die gebruikt wordt om goederen/diensten te produceren
• Tastbaar versus ontastbaar
- Financieringsbeslissingen
• Aankoop/verkoop van financieel vaste activa
• Financieel vast actief = claim (wordt geformaliseerd door contract/effect) op toekomstige winsten
• Verandert de kapitaalstructuur: Schuld versus bezitting
• Includes payout decision: Hoeveel geld vloeit terug naar de aandeelhouders
2 Rol van de financiële manager
(1) Cash raised from investors (= financieringsbeslissing)
(2) Cash invested in the firm (= investeringsbeslissing)
(3) Cash generated by operations (= investeringsbeslissing)
(4a) Cash reinvested
(4b) Cash returned to investors
• Positieve net present value = Pijl 3 groter dan pijl 2
• Financiële manager = Tussenpersoon tussen de markt en het bedrijf
CHAPTER 1: INTRODUCTION TO CORPORATE FINANCE 2 van 6
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