MPF_AFAP Corporate Finance and Financial Analysis

Ekonomicko-správní fakulta
jaro 2017
Rozsah
2/2/0. 6 kr. Ukončení: zk.
Vyučující
Ing. Bc. Jana Hvozdenská, Ph.D. (přednášející)
Garance
Ing. Petr Valouch, Ph.D.
Katedra financí – Ekonomicko-správní fakulta
Kontaktní osoba: Mgr. Jana Nesvadbová
Dodavatelské pracoviště: Katedra financí – Ekonomicko-správní fakulta
Rozvrh
St 12:50–14:30 P312
  • Rozvrh seminárních/paralelních skupin:
MPF_AFAP/01: St 11:05–12:45 VT203, J. Hvozdenská
Předpoklady
(!NOWANY( MPF_FAPA Corporate Finance , MPF_FAAP Finanční analýza a plán )) && (! MPF_FAPA Corporate Finance ) && (! MPF_FAAP Finanční analýza a plán )
Omezení zápisu do předmětu
Předmět je určen pouze studentům mateřských oborů.

Předmět si smí zapsat nejvýše 38 stud.
Momentální stav registrace a zápisu: zapsáno: 0/38, pouze zareg.: 0/38
Mateřské obory/plány
Cíle předmětu
The purpose of this course is to introduce techniques of financial analysis, with emphasis on topics in the corporate finance area.
This course aims to provide the students with the fundamental concepts, principles and approaches of corporate finance and financial analysis, enable the students to apply relevant principles and approaches in solving problems of corporate finance and financial analysis and help the students improve their overall capacities.
The students should have an understanding of fundamentals of economics and accounting.

This follow-up course requires previous knowledge about causality of information origin in a company resulting from its financial statements that are intended for external and internal users. It should allow students to understand financial outcomes, to enhance its informative value and to interpret it. Financial analysis and planning in companies is a very important part of financial management. It is also important for external agents interested in the information concerning the state of the company financial management. The course is, therefore, an important part of financial preparation for economists.

At the end of the course students should be able to: - understand the theory of corporate finance and apply it
- understand the theory of financial analysis and company planning and be able to use it;
- understand methods of financial analysis applicable to analysis of historic development of a company;
- understand methods of financial analysis applicable to monitoring the differences from a plan and prediction of a future company development;
- analyse and interpret economic results;
- recognize and qualify influences that have shaped these economic results
Osnova
  • * Thematic plan of lectures:
  • * 1) Introduction to corporate finance, basic types of financial management decisions, the role of the financial manager, forms of business organizations, the goal of financial management, the agency problem.
  • * 2) The time value of money, future value and compounding, present value and discounting, annuities, perpetuities.
  • * 3) Project analysis and evaluation, break-even analysis, operating leverage, financial leverage, cost of capital.
  • * 4) Classification of financial accounting systems and generally accepted accounting principles (fundamentals of financial accounting), valuation of company assets – summarization of valuation principles, methods of company valuation and their impact on informative value of accounting;
  • * 5) Property and financial structure of company – material definition of selected parts of balance sheet in extended version (as statement informing about company financial state at particular date), supplements to financial statements in extended version;
  • * 6) Profit and loss statement in extended version (as statement informing about effect of economic activities in targeted period) and Cash flow statement – explanation of methodical procedures for preparation of cash flow statement in accordance with legislation in force, their comparison and assessment including changes that have increased its informative value, use of cash flow indicators for dynamic (retrospective) financial analysis and financial planning;
  • * 7) Consolidated accounting statements – concepts, procedures, content and forms, utilization for financial analysis; Objectives and basic methodological instruments of financial analysis – function, phases, methodological principles and instruments used in financial analysis, users of financial analysis and their needs, external financial analysis;
  • * 8) Extensive ratios of financial analysis – horizontal and vertical methods of financial analysis, cash funds and conception of fund concept of cash flow statement; Profitability ratios and their use - profitability ratios and their use, basic pyramidal factorization;
  • * 9) Activity ratios – indicators monitoring parts of assets blocked in other than cash form in context of different impact on company profit; Pyramidal factorization of profitability of capital contributed, analysis of operating and financial risk – pyramidal factorization of equity profitability and profitability of total capital, multiplicator of shareholder value (financial leverage), analysis of operating and financial risk, contribution margin;
  • * 10) Indebtedness analysis – long-term solvency, fundamentals of financial structure in context of theoretical rules and methods of financial structure optimization, liquidity analysis – liquidity measurement;
  • * 11) Indicators based on capital market data, indicators based on cash flow and net working capital;
  • * 12) Prediction of financial tightness – Altmans Z-score, Index IN, Quicktest, Index bonity, Tafflers model, Beermans model;
  • * 13) Aspects and creation of financial plan, long-term financial plan, short-term financial plan, basic methods for creation of financial plan, company budgets, traditional budget methods (incremental, ZBB, CMP) and new budget methods (PBB, KAIZEN, WCM and contingency attitudes);
  • * Thematic plan of seminars:
  • * All the seminars are conducted in an active form, i.e. practical exercises and case studies concerning above mentioned themes are solved there.
  • * 1) Accounting and economics repetition, creating of pairs of students who will work together on the case study during the whole semester, choosing of the company for the case study
  • * 2) Time value of money, calculating of net present value, internal rate of return, discounting...
  • * 3) Break-even analysis, operating leverage, financial leverage
  • * 4) Balance sheet – detailed material analysis of balance sheet in full range, creation of classes of assets and liabilities and their mutual connections;
  • * 5) Profit and loss statement - detailed material analysis of profit and loss statement in full range, creation of classes of costs and revenues in context of creation of business margin, added value, operating, financial and extraordinary profit;
  • * 6) Non-standards parts of assets, liabilities, costs and revenues – cases demonstrating origin of selected items and their influence on balance amount or profit – receivables resulting from subscribed equity, asset provisions, reserves, financial investments, equity and own shares, temporary debit accounts, deferred tax liability or receivable, variation in internally produced inventory and their influence on company results, self-manufactured asset revenue and their influence on company results and total influence on added value from company operating operations; Cash flow – use of balance sheet and profit and loss statement for preparation of cash flow statement by indirect method, analysis of operating, investing and financial cash flow in case studies. Methodical procedures of calculation of cash flow resulting from investments operations and cash flows connected with internal financing and refinancing - exercises (profit funds, accumulated profit from previous years and its distribution); Retrospective comparison of legislation related to cash flow statement (case study of forming cash flow statement using either "old" or "new" version and evaluation of their informative value for assessment of changes in company financial situation);
  • * 7) In-term test 1;
  • * 8) Full method for consolidation – case study regarding full consolidative method used in creation of consolidated accounting statement, consolidative difference, aspects of view on group of companies as one consolidated unit suppressing portion of ownership;
  • * 9) Equivalent methods for consolidation - case study regarding consolidative method used in creation of consolidated accounting statement, consolidative difference, aspects of view on a group of companies on the basis of shareholders concept;
  • * 10) Horizontal and vertical analysis – case study of selected Czech company in the course of two or three successive periods; Analysis of net working capital and cash receivable fund in exercises, in context of fund conception of cash flow statement;
  • * 11) Profitability, activity and pyramidal systems – indicators (mainly Du Pont and INFA analysis) in case study;
  • * 12) In-term test 2;
  • * 13) Creation of financial plan – use of financial analysis for creating financial plan – case study;
  • * Alternative overall in-term test;
Literatura
    doporučená literatura
  • BREALEY, Richard A., Stewart C. MYERS a Franklin ALLEN. Principles of corporate finance. 8th ed. Boston: McGraw-Hill, 2006, xxviii, 10. ISBN 0072957239. info
  • WESTERFIELD, Randolph a Jeffrey F. JAFFE. Corporate finance. Edited by Stephen A. Ross. 7th ed. Boston: McGraw-Hill, 2005, xxxiii, 94. ISBN 0072829206. info
  • DAMODARAN, Aswath. Applied corporate finance. 3rd ed. Hoboken: John Wiley & Sons, 2011, xiv, 738. ISBN 9780470384640. info
  • HOSKIN, Robert E. Financial statement analysis for non-financial managers : property and casualty insurance. Indianapolis: Dog ear publishing, 2011, 132 stran. ISBN 9781457504464. info
Výukové metody
Lectures, person-to-person seminars, data mining, ratios calculations, application of models of financial analysis, personal presentations
Metody hodnocení
The course is completed by a written exam. Admission to the exam is subject to passing two in-term tests, presenting a chosen topic and submitting and presenting a semester paper (case study) - both assessed “passed”.

* 2 in-term tests: 40 points in total, minimum to pass 24 points from each test
(if you will get less than 24 points from 1st of 2nd in-term test you will have a chance to write a replacement test consisting of everything we did during the whole semester - this will be held during the seminar last week of semester)
* presentation of chosen topic: from -2 to 2 points (depends on the quality of the preparation and presentation)
* presentation of case study: from -8 to 8 points (depends on the quality of the case study and the presentation)
* active work during the seminars: 1 point for each seminar if you submit the solution of seminar paper in good quality and in time, otherwise 0 points (maximum per semester = 10 points)
* final exam: 50 points, minimum to pass 30 points (60%)
* FINAL GRADE: sum of all points you get during the whole semester (there is only half of the points from the in-term tests included)
If the total amount of all the points you have got during the semester will be bigger than 60 but you have got less than 30 points from the final exam you failed and must re-sit the final exam
A= 92 points and more
B= 84 - 91 points
C= 76 - 83 points
D= 68 - 75 points
E= 60 - 67 points
F= 59 points and less
* Maximum possible gain of points: 2*40/2+2+8+10+50=110
2 in-term tests/2+presentation of topic+case study+activity in seminars+final exam
All your points will be recorded in notebook in information system continuously during whole semester.

Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.
Vyučovací jazyk
Angličtina
Informace učitele
The course is taught annually. The lectures are not recorded in Studium Online.

Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.
Další komentáře
Studijní materiály
Předmět je vyučován každoročně.
Předmět je ekvivalentní předmětu MPF_FAAP a může být za něj uznán. Také je ekvivalentem MPF_FAPA. This course is an equivalent to MPF_FAPA and MPF_FAPA.
Nachází se v prerekvizitách jiných předmětů
Předmět je zařazen také v obdobích jaro 2011, jaro 2012, jaro 2013, jaro 2014, jaro 2015, jaro 2016, jaro 2018, jaro 2019, jaro 2020, jaro 2021, jaro 2022, jaro 2023, jaro 2024, jaro 2025.