FINPCFA Corporate Finance A

Obchodně podnikatelská fakulta v Karviné
zima 2010
Rozsah
2/1/0. 3 kr. Ukončení: zk.
Vyučující
doc. Ing. Pavla Klepková Vodová, Ph.D. (přednášející)
Garance
Ing. Michaela Roubíčková, Ph.D.
Katedra financí a účetnictví – Obchodně podnikatelská fakulta v Karviné
Omezení zápisu do předmětu
Předmět je nabízen i studentům mimo mateřské obory.
Mateřské obory/plány
Osnova
  • 1. Introduction to corporate finance
    Development of corporate finance. The corporate form of business according to organization. Origin and development of corporation. Corporate finance and financial management. Corporate finance in market economy.
    2. Alternative theories of corporation
    Goal of the corporation. Managerial theories - simple managerial model, Baumol model, Williamson model, Marris model. Behavioristic theories. Employee's theories.
    3. Agency conflict
    Types of agency conflicts, agency costs, managerial compensation. Information asymmetry. Corporate governance models - Anglo-American model, Continental-European model.
    4. Corporate financing
    Characteristics, advantages and disadvantages of internal and external, long-term and short-term financing. Corporate financing in practice. Equity and debt securities.
    5. Dividend policy
    Types of dividends. Definition of dividend. Dividends according to shares, forms of dividend, interval of paying. How to pay dividends in the Czech Republic and in the world. Share repurchase as an alternative of dividend policy.

    6. Present and future value of investment
    Definition of investment. Opportunity costs. Time value of money. Simple present and future value. Other forms of compounding.
    7. Special forms of cash flows
    Present and future value of cash flows. Special forms of cash flows - annuity, growing annuity, perpetuity, growing perpetuity.
    8. Project valuation
    Valuation criteria. Return, risk, liquidity. Net present value. Internal rate of return. Profitability index. Payback period. Average accounting return. Advantages and disadvantages of methods. Valuation of independent and mutually exclusive projects.
    9. Risk of simple investment
    Risk as a part of economy. Risk versus uncertainty. How to determine the probability. Risk of simple investment.
    10. Risk of portfolio
    Risk of portfolio of two assets. Unique risk and market risk. Correlation coefficient and its use for investment valuation.
    11. Capital structure
    Searching for optimal capital structure. Theoretical basis. Costs of capital. Costs of equity and debt financing. Financial leverage. Financial risk.
    12. Asset management
    Working capital, net working capital. Short-term financial policy. Hedging principle and its modifications. Cash management. Costs of holding cash. Baumol model. Miller-Orr model. Credit management. Inventory management, costs of holding inventory. Model Just-in-time.
    13. Mergers and acquisition
    Principles of mergers and acquisition. Advantages and disadvantages of integration. Synergy. Types of takeovers. Hostile takeovers, takeover defences. Holding. Legal aspects of integration in the Czech Republic
Literatura
    povinná literatura
  • ROSS, SR., WESTERFIELD, RW., JORDAN, BD. Fundamentals of Corporate Finance (7th Edition). Boston: McGraw-Hill, 2006. ISBN 0-07-319262-7. info
  • BREALEY, A., MYERS, SC., ALLEN, F. Corporate Finance. Boston: McGraw-Hill, 2005. ISBN 0-07-111795-4. info
    doporučená literatura
  • Various readings from The Economist, The Euro and other financial magazines. info
  • BLOCK, SB., GEOFFREY, GA. Foundations of Financial Management. Boston: McGraw-Hill, 2005. ISBN 0-07-284229-6. info
  • MADURA, J. International Corporate Finance. New York: Thompson South-Western, 2005. ISBN 0-32-432382-4. info
  • BURKLEY, A., ROSS, SA., WESTERFIELD, RW., JAFFE, JF. Corporate Finance Europe. Cambridge: McGraw-Hill, 2004. ISBN 0-256-13473-1. info
Vyučovací jazyk
Angličtina
Informace učitele
Compulsory attendance at seminars 25 %.
Seminar paper, seminar discussions, ongoing test, final exam (written)
Další komentáře
Předmět je dovoleno ukončit i mimo zkouškové období.
Předmět je zařazen také v obdobích léto 2008, zima 2008, zima 2009, zima 2011, zima 2012, zima 2013.