FIUBABFA Business Finance

Obchodně podnikatelská fakulta v Karviné
zima 2016
Rozsah
2/1/0. 5 kr. Ukončení: zk.
Vyučující
Ing. Tomáš Heryán, Ph.D. (přednášející)
Ing. Tomáš Heryán, Ph.D. (cvičící)
Garance
Ing. Tomáš Heryán, Ph.D.
Katedra financí a účetnictví – Obchodně podnikatelská fakulta v Karviné
Kontaktní osoba: Ing. Irena Szarowská, Ph.D., MPA
Předpoklady
K absolvování předmětu je požadován absolvovaný předmět BPFIN.
Omezení zápisu do předmětu
Předmět je nabízen i studentům mimo mateřské obory.
Mateřské obory/plány
Cíle předmětu
The aim of the course is to provide students with essential knowledge in corporate finance. The students will gradually get acquainted with principles of financial management, investment decision and project valuation, measuring risk of investments, short-term and long-term financing. The attention will be paid on foundations of dividend policy.
Osnova
  • 1. Introduction to the business finance
    2. Alternative theories of corporation
    3. Agency conflict
    4. Present and future value of cash flows
    5. Capital budgeting methods (NPV, IRR)
    6. Capital budgeting methods (PI, PBP)
    7. Corporate financing (long-term)
    8. Corporate financing (short-term)
    9. Capital structure
    10. Risk of simple investment
    11. Risk of portfolio investment
    12. Dividend policy
    13. Special forms of cash flows
    1. Introduction to the business finance
    Fundamental terms. Development of corporate finance. 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. Present and future value of cash flows
    Opportunity costs. Time value of money. Simple present and future value. Other forms of compounding. Real value of cash flows.
    5. Capital budgeting methods
    Valuation criteria. Return, risk, liquidity. Net present value. Internal rate of return. Average accounting return. Advantages and disadvantages of methods. Valuation of independent and mutually exclusive projects.
    6. Capital budgeting methods
    Payback period. Average accounting return. Advantages and disadvantages of methods. Valuation criteria. Valuation of independent and mutually exclusive projects.
    7. Corporate financing (long-term)
    Characteristics, advantages and disadvantages of internal and external, long-term financing. Corporate financing in practice. Equity and debt securities.
    8. Corporate financing (short-term)
    Characteristics, advantages and disadvantages of internal and external short-term financing. Corporate financing in practice. Equity and debt securities.
    9. Capital structure
    Searching for optimal capital structure. Theoretical basis. Costs of capital. Costs of equity and debt financing. Financial leverage. Financial risk.
    10. Risk of simple investment
    Risk as a part of economy. Risk versus uncertainty. How to determine the probability. Risk of simple investment.
    11. Risk of portfolio
    Risk of portfolio of two assets. Unique risk and market risk. Correlation coefficient and its use for investment valuation.
    12. 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.
    13. Special forms of cash flows
    Present and future value of cash flows. Special forms of cash flows - annuity, growing annuity, perpetuity, growing perpetuity.
Literatura
    povinná literatura
  • WATSON, D., HEAD, A. I. Corporate Finance. Priniples & Practice. Prentice Hall, 2007. ISBN 13: 978-0-273-706. info
  • 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
Výukové metody
Demonstrace dovedností
Seminární výuka
Metody hodnocení
Písemná zkouška
Vyučovací jazyk
Angličtina
Informace učitele
Conditions: Compulsory attendance at seminars 25 %. Seminar paper, seminar discussion, ongoing test, written final exam
Share in the course´s evaluation: Seminar paper (20% of the evaluation), seminar discussion (10% of the evaluation), ongoing test (10% of the evaluation), written final exam (60% of the evaluation)

AktivityNáročnost [h]
Ostatní studijní zátěž66
Přednáška26
Seminář13
Zkouška40
Celkem145
Další komentáře
Předmět je dovoleno ukončit i mimo zkouškové období.
Předmět je zařazen také v obdobích zima 2014, zima 2015, zima 2017, zima 2018, zima 2019.