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Samenvatting Bedrijfsfinanciering 2019
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Samenvatting bedrijfsfinanciering te kennen voor het examen. Gegeven door prof. L. De Moor aan de VUB.
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SAMENVATTINGBEDRIJFSFINANCIERING
Academiejaar 2018-2019
Maxime Deveen
,Bedrijfsfinanciering
Te kennen hoofdstukken in geziene volgorde:
- Hoofdstuk 1: The role and objective of financial management
- Hoofdstuk 5: The Time Value of Money
- Hoofdstuk 6: Bonds
- Hoofdstuk 7: Common Stock Valuation
- Hoofdstuk 8: Analysis of Risk and Return
- Hoofdstuk 4: Statement of Cash Flows
- Hoofdstuk 9: Capital Budgeting and Cash Flow Analysis
- Hoofdstuk 10: Capital Budgeting: Decision Criteria and Real Option Considerations
- Hoofdstuk 12: The Cost of Capital
- Hoofdstuk 11: Capital Budgeting and Risk
- Hoofdstuk 13: Optimal Capital Structure: Theory of Modigliani and Miller
- Hoofdstuk 14: Optimal Capital Structure: Management of Operating and Financial Leverage
1
,Hoofdstuk 1: The role and objective of financial management.
Financial managers have the primary responsibility for acquiring funds (cash) needed by a firm and
for directing those funds into projects that will maximize the value of the firm for its owners.
The most widely accepted objective of the firm is to maximize the value of the firm for its owners,
that is, to maximize shareholder wealth. Shareholder wealth is represented by the market price of a
firm’s common stock.
• WAARDECREATIE is het doel van Shareholder Wealth Maximization (niet winstmaximalisatie)
Present value is defined as the value today of some future payment or stream of payments,
evaluated at an appropriate discount rate.
The discount rate takes into account the returns that are available from alternative investment
opportunities during a specific (future) time period.
Shareholder wealth is measured by the market value of the shareholders’ common stock holdings.
Market value is defined as the price at which the stock trades in the marketplace, such as on the New
York Stock Exchange. Thus, total shareholder wealth equals the number of shares outstanding times
the market price per share.
Shareholder wealth = Number of shares outstanding × Market price per share
Waardecreatie gaat over de toekomst: hoeveel cashflows zal de onderneming in de toekomst kunnen
genereren? → De toekomst bepaalt de prijs van een aandeel.
Agency problems:
The existence of divergent objectives between owners and managers is one example of a class of
problems arising from agency relationships. Agency relationships occur when one or more individuals
(the principals) hire another individual (the agent) to perform a service on behalf of the principals.7
In an agency relationship, principals often delegate decision-making authority to the agent. In the
context of finance, two of the most important agency relationships are the relationship between
stockholders and creditors and the relationship between stockholders (owners) and managers.
2
,Hoofdstuk 5: The Time Value of Money
Simple Interest: Interest paid on the principal sum only.
• Telkens als je interest ontvangt, haal je deze van je rekening.
Compound interest: Interest paid on the principal and on prior interest that had not been paid or
withdrawn.
• Je laat de interest zelf ook interest opbrengen door de interest op je rekening te laten staan.
FVn = PV0 (FVIFi,n)
Voorbeeld: Je wordt vandaag 35 en denkt dat de tijd is aangebroken om met de opbouw van een
mooi pensioen te starten. Hiertoe beleg je een initieel kapitaal van 20 000 euro aan een jaarlijkse
interest van 5%. Over welk bedrag zal je beschikken als je 65 jaar wordt?
• FV30 = 20 000 x 4,3221 = 86 440 euro
PV0 = FVn (PVIFi,n)
Voorbeeld: Je zus wordt vandaag 45 jaar en wenst net zoals jij over een mooi pensioen te beschikken
als ze 65 jaar wordt, nl. 86 440 euro. Welk bedrag dient ze daarvoor vandaag te beleggen aan 5%?
• PV0 = 86 440 x 0,3772 = 32 588 euro
Annuity: A series of equal cashflows (PMT) for a specified number of periods
• Ordinary annuity: PMT gebeurt steeds op het einde van elke periode
• Annuity due: PMT gebeurt steeds aan het begin van elke periode
1
Zie tabel
2
Zie tabel
3
, Voorbeeld: Je wordt vandaag 35 jaar en denkt dat de tijd is aangebroken om met de opbouw van een
mooi pensioen te starten. Je wenst een eindkapitaal van 100 000 euro te bekomen als je 65 jaar
wordt. Hoeveel dien je hiervoor jaarlijks te beleggen aan een jaarlijkse interest van 5%?
FVAN30 = PMT * FVIFA5%;30
100 000 = PMT * 66,4393
PMT = 100 ,439 = 1 505,14 euro
• Je dient jaarlijks 1505,14 euro te beleggen.
Present Value of a Perpetuity (oneindig lange betaling)
• PVPER0 = PMT / i
SAMENVATTING:
3
Zie tabel
4
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