NE_FIP_s Business Finance - for Master study programmevv

Institute of Technology and Business in České Budějovice
summer 2024
Extent and Intensity
2/2/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
doc. Ing. Simona Hašková, Ph.D. (seminar tutor)
Ing. Róbert Kuchár, Ph.D. (seminar tutor)
Guaranteed by
doc. Ing. Simona Hašková, Ph.D.
School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice
Supplier department: School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice
Timetable of Seminar Groups
NE_FIP_s/P01: Fri 11:25–12:55 D616, S. Hašková
NE_FIP_s/S01: Fri 13:05–14:35 D616, R. Kuchár
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives supported by learning outcomes
The course focuses on selected topics of advanced financing of a company at the time of maturity of its life cycle.
Learning outcomes
After completing the course, the student:
• applies a suitable pay-out policy,
• understands the reinvestment of the company's internal resources,
• can secure the necessary foreign capital on the relevant capital markets,
• can secure own capital on the relevant capital markets,
• can manage the value of the company, when the top indicator is FCFF, FCFE, EVA Equity, EVA Entity,
• can determine the financial plan of the company, including the growth constant,
• can determine the level of systematic risk,
• can determine the risk premium,
• appreciate the option,
• appreciate the bonds,
• appreciate the shares of the company,
• understands efficient markets and behavioral finance,
• manages the risks of corporate finances,
• compiles a financial plan for the company,
• integrates sensitivity analysis as a support tool for financial decision-making
Syllabus
  • Lectures
  • 1. Sensitivity analysis in the modern concept of corporate finance. Shares and their valuation methods.
  • 2. Bonds and their valuation methods. Call options, put options.
  • 3. Valuation of options – binomial method. Option pricing - Black-Scholes method.
  • 4. Risk and opportunity cost of equity capital. Systematic Risk - Damodaran.
  • 5. Risk Premium – Damodaran. Risk management.
  • 6. Determination of portfolio structure. International risk management.
  • 7. Efficient markets, behavioral finance. Dividend policy, pay-out policy.
  • 8. Debt policy of the company. Credit risk and the importance of indebtedness.
  • 9. Financing of the company from internal sources. Enterprise value is measured based on enterprise performance (EVA and others).
  • 10. Management of enterprise value with the top indicator of FCFF. Enterprise value management with a top FCFE indicator.
  • 11. Management of enterprise value with the top indicator EVA Entity. Management of enterprise value with the top indicator EVA Equity.
  • 12. Short-term financial plan of the company. Long-term financial plan of the company.
  • 13. Gordon's growth constant. Unresolved issues of corporate finance
  • Seminars
  • 1. Sensitivity analysis on a specific example.
  • 2. Valuation of shares.
  • 3. Valuation of bonds.
  • 4. Valuation of options – binomial method.
  • 5. Valuation of options – Black-Scholes method.
  • 6. Determining alternative costs of equity capital – modular method.
  • 7. Determination of risk premium, determination of systematic risk – Damodaran.
  • 8. Determination of portfolio structure.
  • 9. Evaluation of business financing alternatives.
  • 10. Determination of enterprise value using discounted FCFE and FCFF.
  • 11. Determination of enterprise value using discounted EVA Entity and EVA Equity.
  • 12. Determination of the company's long-term financial plan, including Gordon's growth constant.
  • 13. Economic result in the approval procedure.
Literature
    required literature
  • BREALEY, R. A., S. C. MYERS a F. ALLEN, 2014. Teorie a praxe firemních financí. 2., aktualiz. vyd. Brno: BizBooks. ISBN 978-80-265- 0028-5.
  • MAŘÍK, M., 2011. Metody oceňování podniku: proces ocenění - základní metody a postupy. 3., upr. a rozš. vyd. Praha: Ekopress. ISBN 978-80-86929-67-5.
  • VOCHOZKA, M., 2011. Metody komplexního hodnocení podniku. Praha: Grada. ISBN 978-80-247-3647-1.
  • KISLINGEROVÁ, E., 2010. Manažerské finance. 3., přeprac. a rozš. vyd. Praha: C. H. Beck. ISBN 978-80-7400-194-9.
    recommended literature
  • MAREK, P., 2009. Studijní průvodce financemi podniku. Praha: Ekopress. ISBN 978-80-86929-49-1.
  • KALOUDA, F., 2017. Finanční analýza a řízení podniku. 3. rozš. vyd. Plzeň: Vydavatelství a nakladatelství Aleš Čeněk, s.r.o. ISBN 978-80- 7380-646-0.
  • SCHOLLEOVÁ, H. a P. ŠTAMFESTOVÁ, 2015. Finance podniku. Sbírka řešených příkladů a otázek. Praha: Grada. ISBN 978-80-247- 55441
Forms of Teaching
Lecture
Seminar
Tutorial
Teaching Methods
Frontal Teaching
Group Teaching - Cooperation
Brainstorming
Critical Thinking
Individual Work– Individual or Individualized Activity
Student Workload
ActivitiesNumber of Hours of Study Workload
Daily StudyCombined Study
Continous test22
Preparation for the Mid-term Test2626
Preparation for Seminars, Exercises, Tutorial2030
Preparation for the Final Test2652
Final exam44
Attendance on Lectures26 
Attendance on Seminars/Exercises/Tutorial/Excursion2616
Total:130130
Assessment Methods and Assesment Rate
Test – mid-term 30 %
Test – final 70 %
Exam conditions
To complete the subject, it is necessary to achieve a total of at least 70% in the mid-term and final assessment under the conditions set out below. Overall classification of the subject, i.e. points for the final assessment + points from the mid-term assessment: A 100 – 90, B 89.99 – 84, C 83.99 – 77, D 76.99 – 73, E 72.99 – 70, FX 69.99 - 30, F 29.99 - 0. A present student is required to attend contact classes, i.e. everything except for lectures, with a mandatory 70% attendance. If attendance is not met, the student will automatically be graded "-".
Language of instruction
Czech
Teacher's information

- Evaluation methods for the combined form of study: 1. intermediate test (max. 30 points) 2. final test (max. 70 points). Students of the combined form of study will take the interim test on the date specified by the teacher.

- Assessment methods for full-time study: 1. mid-term test (max. 30 points) 2. final test (max. 70 points) 3. activity at seminars (max. 10 points).

Participation in classes in all forms is dealt with by a separate VŠTE internal standard (Student Attendance Records at VŠTE). For full-time students, 70% attendance at seminars and exercises is mandatory.

• Information for students with an individual study plan: The student will use the study support for combined study students during his studies. Study support is accessible in IS VŠTE. It is a study guide that clarifies the goal of individual topics, target learning outcomes (competencies that the student is supposed to acquire), and sources of information. However, the study support in no way replaces the required or recommended literature of the course. As part of the subject evaluation, the student will only take the final test, which will be evaluated in the range of 0 - 100 points, if the student has passed the intermediate test, he will register for the standard exam date. The specific date and time for the duration of the examination period will be agreed upon by the student with the guarantor/teacher of the subject by e-mail.

The course is also listed under the following terms SUMMER 2023, winter 2023, winter 2024.
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