Samenvatting

Summary Corporate Finance

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AIF-1 (AIF1)

Instelling
Hanzehogeschool Groningen (Hanze)

For the specialization in International Finance in your last year minor. This summary includes one component of the course, namely: Corporate Finance

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Heel boek samengevat? Nee
Wat is er van het boek samengevat? 1, 3.8, 4.1, 4.2, 5, 6, 7, 9, 10, 11, 17.2
Geupload op 3 maart 2019
Aantal pagina's 21
Geschreven in 2018/2019
Type Samenvatting

aif1
aif
advanced issues in finance

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2 items

1. Samenvatting - Working capital management
2. Samenvatting - Corporate finance
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Summary Chapters – AIF 1

Chapter 1: The Role of Managerial Finance
Finance  the science and art of managing money
Legal forms of business organization: sole proprietorship, partnership and corporation
Sole proprietorships  a business owned by one person / raises capital from personal resources or
by borrowing and he/she is responsible for all business decisions / unlimited liability
Partnerships  two or more owners doing business together / by written contract (articles of
partnership) / all partners have unlimited liability and each partner is legally liable for all of the debts
Corporation  an entity created by law / legal powers of an individual / owners are its stockholders /
limited liability

Goal of the firm:
Shareholders  maximize the wealth of the owners for whom it is being operated / maximize
shareholder wealth
Maximize profit?  measure profits in terms of earning per share (EPS) (timing, cash flows, risk)
Stakeholders focus  groups such as employees, customers, suppliers, creditors, owners
Business ethics  standards of conduct or moral judgement

Managerial Finance Function:
size and importance depend on size of the firm; small firms usually have the accounting department
Treasurer  manages the firm’s cash, investing surplus funds and securing outside financing
(external)
Controller handles the accounting activities such as corporate/financial/cost accounting, tax
management (internal)
Relationship to economics: financial manager must understand the economic framework / use
theories / marginal cost-benefit analysis
Relationship to accounting: financial manager places primary emphasis on cash flows (cash inflow
and outflow) / financial manager evaluate the accounting statements, develop additional data and
make decisions on the basis of their assessment of the associated returns and risks.
Financial manager’s primary activities  making investment (what types of assets the firm holds) and
financing decisions (how the firm raises money to pay for the assets in which it invests)
Governance and Agency:
Corporate Governance  rules, processes and laws by which companies are operated, controlled
and regulated / defines the rights and responsibilities of the corporate participants / individual
investors  own relatively few shares and have no sufficient influence on firm’s corporate
governance (individuals vote for election of board of directors) / institutional investors  they are

,paid to manage and hold large quantities of securities on behalf of individuals, businesses and
governments / often monitor and directly influence a firm’s corporate governance
Managers as the agents of the firm’s shareholders (principal-agent relationship problem with goals
of both parties)
structure management compensation to correspond with firm performance (incentive plans &
performance plans)

, Chapter 3.8: A complete ratio analysis
An overall look at the firm’s financial performance  (1) summarizing all ratios or (2) the DuPont
system of analysis
(1) Liquidity, activity, debt, profitability and market  to view all aspects of the firm’s financial
activities to isolate key areas of responsibility
(2) Measure profitability, return on total assets (ROA), return on common equity (ROE)  Used
to dissect the firm’s financial statements and to assess its financial condition

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