SA_NE_FIP Business Finance - for Master study programme

Institute of Technology and Business in České Budějovice
winter 2023
Extent and Intensity
2/2/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Florin Aliu, 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: Department of Corporate Finance and Economics – School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice
Timetable of Seminar Groups
SA_NE_FIP/P01: Wed 9:40–11:10 N006, F. Aliu
SA_NE_FIP/S01: Fri 16:20–18:00 N004, F. Aliu
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 the company at the time of maturity of its life cycle.
Learning outcomes
Upon successful completion of the course, the student:
- applies an appropriate pay-out policy,
- means the reinvestment of the company's internal resources,
- can provide the necessary foreign capital in the relevant capital markets,
- is able to raise equity capital in the relevant capital markets,
- can manage the value of the company, where 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 degree of systematic risk,
- can determine the risk premium,
- appreciate options,
- value bonds,
- value the company's shares,
- understands efficient markets and behavioral finance,
- manages corporate finance risks,
- draw up the company's financial plan,
- integrates sensitivity analysis as a financial support tool decided
Syllabus
  • Lectures
  • 1. Sensitivity analysis in modern concept of business finance. Shares and methods of their valuation.
  • 2. Bonds and shares pricing method. Call options, put options.
  • 3. Options pricing – binomial method. Options pricing – Black-Scholes method.
  • 4. Risk and alternative cost of ekvity. Systematic risk – Damodaran.
  • 5. Risk premium – Damodaran. Risk management.
  • 6. Determination of portfolio structure. International risk management.
  • 7. Effective markets, behavioural finance. Dividend policy, pay-out policy.
  • 8. Debt policy of a company. Credit risk and debt importance.
  • 9. Financing company from internal resources. Value of a company measured based on performance (EVA etc.).
  • 10. Business value management with FCFF top indicator. Business value management with FCFE top indicator.
  • 11. Business value management with EVA Entity top indicator. Business value management with EVA Equity top indicator.
  • 12. Short-term financial plan. Long-term financial plan.
  • 13. Gordon growth model. Unresolved corporate finance issuses.

    Seminars
  • 1. Sensitivity analysis on a specific example.
  • 2. Shares pricing.
  • 3. Bonds pricing.
  • 4. Options pricing – binomial method.
  • 5. Options pricing – Black-Scholes method.
  • 6. Determination of alternative cost of equity – build-up model.
  • 7. Determining risk premium, systematic risk – Damodaran.
  • 8. Determining portfolio structure.
  • 9. Assessment of company financing alternatives.
  • 10. Determining business value using discounted FCFE and FCFF.
  • 11. Determining business value using discounted EVA Entity and EVA Equity.
  • 12. Determining long-term fiinancial plan of a business, including Gordon growth model.
  • 13. Economic result in 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.
  • MAREK, P., 2009. Studijní průvodce financemi podniku. Praha: Ekopress. ISBN 978-80-86929-49-1.
  • KISLINGEROVÁ, E., 2010. Manažerské finance. 3., přeprac. a rozš. vyd. Praha: C. H. Beck. ISBN 978-80-7400-194-9.
  • VOCHOZKA, M., 2011. Metody komplexního hodnocení podniku. Praha: Grada. ISBN 978-80-247-3647-1.
  • 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.
    recommended literature
  • SCHOLLEOVÁ, H. a P. ŠTAMFESTOVÁ, 2015. Finance podniku. Sbírka řešených příkladů a otázek. Praha: Grada. ISBN 978-80-247- 55441.
  • 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.
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
Průběžný test (in Czech)22
Preparation for the Mid-term Test2626
Preparation for Seminars, Exercises, Tutorial2030
Preparation for the Final Test2652
Test – final44
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
For successful completion of the course it is necessary to achieve at least 70 % of the course and final test together under the conditions specified below. In the course test, students can get up to 30 points, i.e. 30 %. In the final test, students can get up to 70 points, i.e. 70 %. Grading for the course, i.e. points for the final test (70 - 0) + points for the course test (30 - 0): 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.

Students in the full-time form of study are obliged to participate in 70 % of the lessons (except for lectures).

Language of instruction
Czech
Teacher's information
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 the seminars is mandatory.

Students with an individual study plan will take only the 100-point final test in the exam period from the subject of Business Finance. However, students are obliged to contact the teacher immediately after the approval of the individual study plan (ISP). If the student does not do so, their ISP will not be taken into account.

In case of any questions, they can contact the teacher of the seminar group or the course guarantor

Information on testing for full-time students: 1. continuous test max. number of achievable points 30, 2. final test (max. number of achievable points 70), 3. points for activity within seminars for answering/solving questions/tasks)

Test information for combined study students: 1. intermediate test max. number of achievable points 30, 2. final test includes the possibility to get a maximum of 70 points in the final test, 3. as part of the mid-term test, bonus points can be obtained for solving a bonus question/example.

The course is also listed under the following terms winter 2024.
  • Enrolment Statistics (winter 2023, recent)
  • Permalink: https://is.vstecb.cz/course/vste/winter2023/SA_NE_FIP