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HANDEL- EN FINANCIËLE VERRICHTINGENStudiepunten: 4
TABLE OF CONTENTS
Handel- en financiële verrichtingen __________________________________________________________________________ 1
MODULE 1 – Handelsverrichtingen __________________________________________________________________________ 4
Hoofdstuk 1 Waarom handel? ................................................................................................................................................ 4
1.1 Arbeidsverdeling en specialisatie ................................................................................................................................... 4
1.1.1 Gesimplificeerd voorbeeld ...................................................................................................................................... 4
1.1.2 Voorbeeld 2 ............................................................................................................................................................ 5
Hoofdstuk 2 Betalingstechnieken ............................................................................................................................................ 6
2.1 Tijdstip betaling .............................................................................................................................................................. 6
2.1.1 Internationale handel ............................................................................................................................................. 6
2.1.2 Connossement ........................................................................................................................................................ 6
2.1.3 Documentair incasso en documentair krediet........................................................................................................ 6
Documentair incasso: ......................................................................................................................................................... 6
Documentair krediet ........................................................................................................................................................... 7
Hoofdstuk 3 Financiëringstechnieken...................................................................................................................................... 8
3.1 Discontokrediet .............................................................................................................................................................. 8
3.1.1 Cedentendiscontokrediet ....................................................................................................................................... 8
3.1.2 Leveranciersdiscontokrediet ................................................................................................................................... 9
3.2 Factoring ....................................................................................................................................................................... 10
3.2.1 Factoring zonder verhaal ...................................................................................................................................... 10
3.2.2 Factoring met verhaal ........................................................................................................................................... 10
Hoofdstuk 4 Technieken van risico-indekking ....................................................................................................................... 11
4.1 ∆ Valuta ........................................................................................................................................................................ 11
4.1.1 Termijncontract .................................................................................................................................................... 11
4.1.2 Optie ..................................................................................................................................................................... 15
4.2 ∆ Rente ......................................................................................................................................................................... 17
4.2.1 Termijncontract .................................................................................................................................................... 17
4.2.2 Optie ..................................................................................................................................................................... 20
MODULE 2 – Financiële verrichtingen _______________________________________________________________________ 22
Hoofdstuk 1 Financiële markten............................................................................................................................................ 22
1.1 Algemeen ...................................................................................................................................................................... 22
1.2 Voordelen financiële markten ...................................................................................................................................... 23
1.3 Soorten markten ........................................................................................................................................................... 24
1.3.1 Primaire en secundaire markten........................................................................................................................... 24
1.3.2 Geldmarkten en kapitaalmarkten ......................................................................................................................... 24
Handel- en financiële verrichtingen – Sem 1 1
, 1.3.3 Concrete en abstracte markten ............................................................................................................................ 25
1.3.4 Prijsgedreven en ordergedreven markten ............................................................................................................ 25
1.4 Euronext Brussel ........................................................................................................................................................... 26
1.4.1 Ontstaan ............................................................................................................................................................... 26
1.4.2 Deelmarkten ......................................................................................................................................................... 27
Hoofdstuk 2 Obligaties .......................................................................................................................................................... 28
2.1 Definitie ........................................................................................................................................................................ 28
2.2 Kenmerken.................................................................................................................................................................... 28
2.3 Standaard-obligatie en varianten ................................................................................................................................. 29
2.3.1 Standaardeigenschap 1: vaste en positieve rente ................................................................................................ 30
Variant 1: Nulcouponobligatie of zero bond .................................................................................................................... 30
Variant 2: Variabele rente obligatie of FLoating rate note............................................................................................... 30
Variant 3: Geïndexeerde obligatie of inflation linked bond.............................................................................................. 30
2.3.2 Standaardeigenschap 2: Binnenlandse obligatie .................................................................................................. 31
Variant 1: Buitenlandse obligatie ..................................................................................................................................... 31
Variant 2: Euro-obligatie .................................................................................................................................................. 31
2.3.3 Standaardeigenschap 3: Niet achtergesteld of bevoorrecht ................................................................................ 32
Variant 1: Achtergestelde obligatie .................................................................................................................................. 32
Variant 2: Bevoorrechte obligatie .................................................................................................................................... 32
A. Betekenis .................................................................................................................................................................. 32
B. Bevoorrechte obligatie door effectisering ............................................................................................................... 32
C. Effectisering en de financiële crisis 2008-2009 ........................................................................................................ 34
2.3.4 Standaardeigenschap 4: Niet converteerbaar of met warrant ............................................................................. 36
Variant 1: Converteerbare obligatie ................................................................................................................................. 36
Variant 2: Obligatie met warrant ..................................................................................................................................... 37
2.4 Primaire markt .............................................................................................................................................................. 39
2.5 Secundaire markt .......................................................................................................................................................... 40
2.6 Berekening rendement ................................................................................................................................................. 41
2.6.1 Lopend rendement ............................................................................................................................................... 41
2.6.2 Actuarieel rendement ........................................................................................................................................... 43
A. Tijdswaarde van geld .................................................................................................................................................... 43
B. Actuarieel rendement bij volledige jaren ..................................................................................................................... 43
C. Actuarieel rendement bij onvolledige jaren ................................................................................................................. 45
D. Negatieve actuariële rendementen.............................................................................................................................. 46
2.7 Determinanten rendement........................................................................................................................................... 46
2.7.1 De marktrente....................................................................................................................................................... 46
A. Impact marktrente op rendement ............................................................................................................................... 47
B. Wat bepaald de marktrente? ....................................................................................................................................... 47
2.7.2 Kredietwaardigheid emittent................................................................................................................................ 48
C. Andere determinanten ................................................................................................................................................. 49
2.8 Gewogen gemiddelde looptijd of duration................................................................................................................... 49
Handel- en financiële verrichtingen – Sem 1 2
, 2.8.1 Belang van duration .............................................................................................................................................. 49
2.8.2 Verband tussen koers en rendement via duration ............................................................................................... 50
2.8.3 Berekening van duration....................................................................................................................................... 53
2.8.4 Toepassin van duration ......................................................................................................................................... 53
Hoofdstuk 3 Aandelen ........................................................................................................................................................... 55
3.1 Definitie ........................................................................................................................................................................ 55
3.2 Kapitaalverhoging ......................................................................................................................................................... 55
3.3 Bepaling prijs per aandeel ............................................................................................................................................ 56
3.3.1 Soorten beursorders ............................................................................................................................................. 56
A. Order zonder limiet of marktorder............................................................................................................................... 56
B. Order met limiet of limietorder .................................................................................................................................... 57
3.3.2 Orderboek ............................................................................................................................................................. 57
3.3.3 Bepaling prijs aandeel ........................................................................................................................................... 58
3.4 Determinanten prijs aandeel ........................................................................................................................................ 60
3.4.1 Efficiënte-markthypothese versus behavioral finance hypothese........................................................................ 60
A. Efficiënte-markthypothese ........................................................................................................................................... 60
3.4.2 Determinanten prijs aandeel ................................................................................................................................ 62
Macro-economische factoren........................................................................................................................................... 62
A. Economische groei.................................................................................................................................................... 62
B. Marktrente ............................................................................................................................................................... 62
3.5 Beursindexen ................................................................................................................................................................ 63
3.5.1 Definitie ................................................................................................................................................................ 63
3.5.2 Nut en toepassingen ............................................................................................................................................. 63
3.5.3 Validiteit en betrouwbaarheid .............................................................................................................................. 63
3.5.4 Berekening ............................................................................................................................................................ 64
3.5.5 Koersindex vs. Returnindex .................................................................................................................................. 64
3.5.6 Voorbeelden beursindexen .................................................................................................................................. 64
3.6 Waardering van aandelen............................................................................................................................................. 65
3.6.1 Dividendrendement .............................................................................................................................................. 65
3.6.2 Koers/winst (of price/earnings) ............................................................................................................................ 65
3.6.3 Koers/boekwaarde................................................................................................................................................ 65
3.6.4 Actuarieel rendement ........................................................................................................................................... 66
3.7 Risicoaversie en risicobeperking ................................................................................................................................... 67
3.7.1 Rendement en risico ............................................................................................................................................. 67
3.7.2 Risicoaversie ......................................................................................................................................................... 67
3.7.3 Risicobeperking ..................................................................................................................................................... 69
A. Diversificatie ................................................................................................................................................................. 69
B. Lange termijn ................................................................................................................................................................ 70
Handel- en financiële verrichtingen – Sem 1 3
, MODULE 1 – HANDELSVERRICHTINGEN
= verrichtingen van een onderneming die (buitenlandse) handel voert.
HOOFDSTUK 1 WAAROM HANDEL?
Zowel voordelen als nadelen.
Elke maatschappij kent de tegenstelling tussen
Oneindigheid van de behoeften: Eindigheid (beperktheid) van de beschikbare middelen:
• Voedsel, kleding, woningen, auto’s, • # arbeidskrachten, # machines, # grondstoffen
wasmachines, computers, medicijnen, tanks …
⟹ vereist: maken van keuzes
DOEL? Maximale hoeveelheid goederen - hoe bereiken? 3 METHODES:
1. Meer productiemiddelen (immigratie? Geboortecijfer ↑?)
2. Technologische vooruitgang (betere machines)
3. Arbeidsorganisatie wijzigen → arbeidsverdeling en specialisatie!
1.1 ARBEIDSVERDELING EN SPECIALISATIE
Leidt tot productie van meer goederen.
→ iedereen bekommert zich om één welbepaalde taak.
↔ Autarkie: maatschappij waarbij iedereen in eigen behoeften voorziet.
→ arbeidsverdeling en specialisatie op basis van talenten.
1.1.1 GESIMPLIFICEERD VOORBEELD
Productiemogelijkheden per dag:
Autarkie:
Brood Stoelen VM: brood
Productie brood: Koen: 4 – Karen: 12 ⟹ totaal: 12 broden
Koen 4 2 NM: stoelen
Karen 8 1 Productie stoelen: Koen: 2 – Karen: 1 ⟹ totaal: 3 stoelen
Totaal
12 3
(autarkie)
Specialisatie:
Totaal Karen → brood want ze produceert meer brood dan Koen in dezelfde tijdspanne.
16 4
(specialisatie) Productie: hele dag aan brood ⟹ 8 x 2 ⟹ totaal: 16 broden
Koen → stoelen want hij produceert meer stoelen dan Karen in dezelfde tijdspanne.
Productie: hele dag aan stoelen ⟹ 2 x 2 ⟹ totaal: 2 stoelen
Beter voor beiden!
= comparatief kostenvoordeel
Maar: nu heeft Karen enkel brood en Koen enkel stoelen ⟹ nood aan handel!
Handel- en financiële verrichtingen – Sem 1 4
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