VŠTE:NE_FIP Enterprise Finance – for Maste - Course Information

NE_FIP Enterprise Finance – for Master's Studies

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. Tomáš Krulický, MBA, PhD. (seminar tutor)

Guaranteed by

prof. Ing. Marek Vochozka, MBA, Ph.D., dr. h.c.
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/NE3: Sun 27. 2. 8:00–9:30 B1, 9:40–11:10 B1, 11:25–12:55 B1, 13:05–14:35 B1, Sun 20. 3. 14:50–16:20 B1, 16:30–18:00 B1, Sun 22. 5. 8:00–9:30 B1, 9:40–11:10 B1, S. Hašková, T. Krulický
NE_FIP/P01: Mon 11:25–12:55 B2, S. Hašková
NE_FIP/S01: Thu 11:25–12:55 N121, S. Hašková
NE_FIP/S02: Thu 13:05–14:35 N011, S. Hašková
NE_FIP/S03: Thu 11:25–12:55 N121, S. Hašková

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

• Business Administration (programme VŠTE, N_PE) (2)

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.
• KISLINGEROVÁ, E., 2010. Manažerské finance. 3., přeprac. a rozš. vyd. Praha: C. H. Beck. ISBN 978-80-7400-194-9.
• 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.
• MAREK, P., 2009. Studijní průvodce financemi podniku. Praha: Ekopress. ISBN 978-80-86929-49-1.
• VOCHOZKA, M., 2011. Metody komplexního hodnocení podniku. Praha: Grada. ISBN 978-80-247-3647-1.

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

Activities	Number of Hours of Study Workload
	Daily Study	Combined Study
Průběžný test (in Czech)	2	2
Preparation for the Mid-term Test	26	26
Preparation for Seminars, Exercises, Tutorial	20	30
Preparation for the Final Test	26	52
Test – final	4	4
Attendance on Lectures	26
Attendance on Seminars/Exercises/Tutorial/Excursion	26	16
Total:	130	130

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). If this condition is not fulfilled, the student will automatically get “F” grade.

Language of instruction

Czech

Further comments (probably available only in Czech)

The course is taught annually.

Teacher's information

Assessment methods for the combined form of study: 1. continuous test (max. 30 points) 2. final test (max. 90 points: 70 points in the final test + max. 20 bonus points for answering / solving bonus questions / tasks).

Assessment methods for full-time form of study: 1. continuous test (max. 30 points) 2. final test (max. 70 points) 3. activity at seminars (max. 20 points).

Attendance at classes in all forms is solved by a separate internal standard of VŠTE (Records of student attendance at VŠTE). For full-time students, 70% attendance at seminars and seminars is mandatory.

Information for students with an individual study plan: The student will use the study support for students of combined study. The study support is accessible in IS VŠTE. It is a study guide that clarifies the goal of each topic, the target learning outcomes (competencies to be acquired by the student) and sources of information. However, the study support in no way replaces the compulsory or recommended literature of the subject. Within the evaluation of the course, the student will pass only the final test, which will be evaluated in the range of 0 - 100 points, if the student passed the continuous test, he will register for the standard examination date. The student will agree on a specific date and time for the examination period with the subject guarantor by e-mail. The guarantor's e-mail address is: 4017@mail.vstecb.cz.

Students of the combined form of study will take a continuous test at the last meeting, ie May 22, 2022. The final test is set to a maximum of 90 points.

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