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Bedrijfsfinanciering samenvatting
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BEDRIJFS-FINANCIERING
Prof. Dr. Lieven De Moor
Pauline Delphine Verhelst
VUB | 2019-2020
,Inhoudsopgave
Inleiding ..........................................................................................................................................................2
PART 1 : Introduction ......................................................................................................................................3
Chapter 1 : The Role and Objective of Financial Management ...........................................................................3
Chapter 4 : Financial Planning and Forecasting (and company valuation) .........................................................5
PART 2: Valuation ...........................................................................................................................................8
Chapter 5 : Time Value of Money (tijdswaarde van het geld).............................................................................8
Chapter 6: Bond Valuation (Fixed-income Securities): waarderen van obligatie ..............................................10
Chapter 7 : Common stock Valuation: waarderen van aandelen .....................................................................14
Chapter 8 : Analysis of Risk and Return + Free Cashflow ..................................................................................15
1. Expected return = ‘risk-free’ return + risk premium...........................................................................15
2. Expected return of portfolio ...............................................................................................................17
PART 3 : Investment Decisions ......................................................................................................................21
Chapter 9 : Capital Budgetting and Cash-Flow Analysis ...................................................................................21
Chapter 10: Capital Budgeting Decisions and Real Options ..............................................................................24
1. Capital budgeting criteria (Payback, NPV, IRR, PI, ROI) ......................................................................24
2. Real options in capital budgeting .......................................................................................................26
3. Mutually exclusive projects having unequal lifetime .........................................................................26
Chapter 11: Capital Budgeting and Risk ...........................................................................................................27
PART 4: The Cost of Capital and Capital Structure .........................................................................................31
Chapter 12: The Cost of Capital ........................................................................................................................31
Chapter 13 : Capital Structure Concepts (inzichthoofdstuk zonder oefeningen)...............................................34
Chapter 14: Capital Structure Management in Practice ...................................................................................37
1
,Inleiding
- Balans
Actief Passief
Vaste activa (land, machines) Eigen vermogen
Vlottende activa (cash) Vreemd vermogen LT
Vreemd vermogen KT
- Winst (opbrengst – kost – belastingen): resultatenrekening
o Dividend
o In de onderneming houden à eigenvermogen
§ Interne financiering
- Financieel manager
o Beslissing tussen eigen vermogen en vreemd vermogen op LT
§ Geld ophalen via aandelen of via obligaties en leningen op de bank?
§ Capital structure à financiering analyse
o Beslissingen rond vaste activa
§ Capital budgetting beslissing
§ Investeringsanalyse
o Dividendpolitiek
§ Welk deel van de winst uitbetalen/ in de onderneming houden?
§ Komt niet aan bod in de cursus
o Beslissing tussen vlottend actief en passief
§ Het werkkapitaal
§ Hoeveel uitstel van betaling krijgen bedrijven?
§ Is er voldoende cash in de onderneming?
o Doel = maximaliseren van de waarde van de onderneming
2
, PART 1 : Introduction
Chapter 1 : The Role and Objective of Financial Management
- Financieringsbeslissing
- Investeringsbeslissing
- Dividendpolitiek
Business à
belangrijk
- Begin onderneming
o Ophalen van fondsen
§ Investeringen in panden, machines
§ Investering in werkkapitaal (beginvoorraad van grondstoffen)
- Producten/ services produceren en verkopen
o Voorraad omvormen tot eindproducten en verkopen
o Innen van facturen
- Financiële middelen
o Dividenden
o Financierders betalen
o Interne financiering
- Operste doel
o Beslissingen nemen zodat de waarde van de onderneming wordt
gemaximaliseerd
§ Waarde wordt gecreeërd in de toekomst
§ Iets heeft waarde doordat het cashflow kan genereren
• Grootte
• Timing (wat is €1 nu waard i.v.m. volgend jaar?)
• Risico (hoe zeker is de toekomst?)
§ Marktwaard van een obligatie = de prijs bereid te betalen
o Waarde maximalisatie ≠ winst maximalistie
§ Accounting à geen waarde op de markt (cash flow)
§ Geen rekening met risico, timing
3
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