FINANCIEEL MANAGEMENT
INHOUDSOPGAVE
1. investeringsanalyse.......................................................................................................................................................................3
1.1 inleidende begrippen...................................................................................................................................................................3
investeren......................................................................................................................................................................................3
1.2 investeringsanalyse...............................................................................................................................................................3
1) methode van de terugverdientijd.....................................................................................................................................3
2) methode van de netto contante waarde..........................................................................................................................4
3) methode van de interne rendementsgraad = IRR.............................................................................................................4
2. financieringsbronnen....................................................................................................................................................................6
2.1 early stage financing...................................................................................................................................................................6
1) win win lening...................................................................................................................................................................6
2) taks shelter........................................................................................................................................................................6
3) startlening..........................................................................................................................................................................6
4) crowdfunding....................................................................................................................................................................7
5) micro kredieten/ micro financiering.................................................................................................................................7
2.2 belastingkrediet vs belanstingvermindering...............................................................................................................................7
2.3 bankfinanciering..........................................................................................................................................................................8
1) korte termijn.............................................................................................................................................................................8
2) lange termijn.............................................................................................................................................................................8
2.4 factoring......................................................................................................................................................................................9
1) 3 verschillende diensten....................................................................................................................................................9
2) factoringmaatschappijen.................................................................................................................................................10
3) voordelen........................................................................................................................................................................10
4) nadelen............................................................................................................................................................................10
5) voor wie?.........................................................................................................................................................................11
2.5 venture capital/ business angels =private equity.....................................................................................................................11
1) venture capital................................................................................................................................................................11
2) business angel.................................................................................................................................................................11
2.6 Samenvatting............................................................................................................................................................................11
3. samenstelling van balans en resultatenrekening......................................................................................................................12
4. kostprijscalculatie.......................................................................................................................................................................13
4.1 introductie...........................................................................................................................................................................13
4.2 kosten indelingen................................................................................................................................................................13
1) Kosten indelen naar soort...............................................................................................................................................13
2) Kosten indelen naar gevoeligheid voor verandering in bedrijfsdrukte...........................................................................13
3) Kosten indelen naar toewijsbaarheid..............................................................................................................................14
4) Kosten indelen naar productiekosten en niet productiekosten.....................................................................................14
4.3 kostprijsberekening.............................................................................................................................................................14
1) definities..........................................................................................................................................................................14
1
, 2) kostprijsberekening overeenkomstig het tijdsaspect vanaf p 181.................................................................................14
3) nut kostprijsberekening...................................................................................................................................................15
4) capaciteitsdefinities.........................................................................................................................................................16
4.4 kostprijscalculatie................................................................................................................................................................16
1) job order costing.............................................................................................................................................................16
2) process costing................................................................................................................................................................16
3) activity based costing......................................................................................................................................................16
4) kostenplaatsmethode of responsibilty accounting.........................................................................................................17
5. break-even analyse en verkoopprijsbepaling............................................................................................................................18
5.1 break-even analyse.............................................................................................................................................................18
1) definities en belang.........................................................................................................................................................18
2) berekening.......................................................................................................................................................................18
3) uitbreiding definities.......................................................................................................................................................18
5.2 verkoopprijsbepaling...........................................................................................................................................................19
1) inleiding...........................................................................................................................................................................19
2) verkoopprijsbepaling: micro-economisch.......................................................................................................................19
3) verkoopprijsbepaling: strategisch management benadering/ marketing.......................................................................19
4) verkoopprijsbepaling: gebaseerd op de kostprijs...........................................................................................................19
6. kasplanning (liquiditeitsbudge)..................................................................................................................................................21
7. corporate finance en ratio-analyse............................................................................................................................................21
7.1 LIQUIDITEIT : current ratio en quick ratio...........................................................................................................................21
1) current ratio....................................................................................................................................................................21
2) quick ratio........................................................................................................................................................................21
7.2 liquiditeit: rotatie van voorraad, handelsvorderingen en handelsschulden.......................................................................22
1) voorraadrotatie................................................................................................................................................................22
2) aantal dagen voorraad....................................................................................................................................................22
3) aantal dagen klantenkrediet............................................................................................................................................22
4) aantal dagen leverancierskrediet....................................................................................................................................23
7.3 liquiditeit: te financieren periode (TFP)..............................................................................................................................23
7.4 werkkapitaalbeheer.............................................................................................................................................................24
1) Gezonde financiële structuur..........................................................................................................................................24
2) Nettobedrijfskapitaal.......................................................................................................................................................24
3) nettobedrijfskapitaal: beheer..........................................................................................................................................24
4) behoefte aan nettobedrijfskapitaal: Exploitatiecyclus....................................................................................................24
5) nettokaspositie................................................................................................................................................................25
7.5 solvabiliteit..........................................................................................................................................................................25
1) ratio’s...............................................................................................................................................................................25
2) kapitaalstructuur.............................................................................................................................................................26
7.6 rendabiliteit.........................................................................................................................................................................26
8 cashflow...........................................................................................................................................................................................27
stap 1 cashflow uit operationele activiteiten.........................................................................................................................................27
stap 2 cashflow uit investeringsactiviteiten............................................................................................................................................27
vrije kasstroom.......................................................................................................................................................................................28
stap 3 cashflow uit financieringsactiviteiten..........................................................................................................................................28
2
INHOUDSOPGAVE
1. investeringsanalyse.......................................................................................................................................................................3
1.1 inleidende begrippen...................................................................................................................................................................3
investeren......................................................................................................................................................................................3
1.2 investeringsanalyse...............................................................................................................................................................3
1) methode van de terugverdientijd.....................................................................................................................................3
2) methode van de netto contante waarde..........................................................................................................................4
3) methode van de interne rendementsgraad = IRR.............................................................................................................4
2. financieringsbronnen....................................................................................................................................................................6
2.1 early stage financing...................................................................................................................................................................6
1) win win lening...................................................................................................................................................................6
2) taks shelter........................................................................................................................................................................6
3) startlening..........................................................................................................................................................................6
4) crowdfunding....................................................................................................................................................................7
5) micro kredieten/ micro financiering.................................................................................................................................7
2.2 belastingkrediet vs belanstingvermindering...............................................................................................................................7
2.3 bankfinanciering..........................................................................................................................................................................8
1) korte termijn.............................................................................................................................................................................8
2) lange termijn.............................................................................................................................................................................8
2.4 factoring......................................................................................................................................................................................9
1) 3 verschillende diensten....................................................................................................................................................9
2) factoringmaatschappijen.................................................................................................................................................10
3) voordelen........................................................................................................................................................................10
4) nadelen............................................................................................................................................................................10
5) voor wie?.........................................................................................................................................................................11
2.5 venture capital/ business angels =private equity.....................................................................................................................11
1) venture capital................................................................................................................................................................11
2) business angel.................................................................................................................................................................11
2.6 Samenvatting............................................................................................................................................................................11
3. samenstelling van balans en resultatenrekening......................................................................................................................12
4. kostprijscalculatie.......................................................................................................................................................................13
4.1 introductie...........................................................................................................................................................................13
4.2 kosten indelingen................................................................................................................................................................13
1) Kosten indelen naar soort...............................................................................................................................................13
2) Kosten indelen naar gevoeligheid voor verandering in bedrijfsdrukte...........................................................................13
3) Kosten indelen naar toewijsbaarheid..............................................................................................................................14
4) Kosten indelen naar productiekosten en niet productiekosten.....................................................................................14
4.3 kostprijsberekening.............................................................................................................................................................14
1) definities..........................................................................................................................................................................14
1
, 2) kostprijsberekening overeenkomstig het tijdsaspect vanaf p 181.................................................................................14
3) nut kostprijsberekening...................................................................................................................................................15
4) capaciteitsdefinities.........................................................................................................................................................16
4.4 kostprijscalculatie................................................................................................................................................................16
1) job order costing.............................................................................................................................................................16
2) process costing................................................................................................................................................................16
3) activity based costing......................................................................................................................................................16
4) kostenplaatsmethode of responsibilty accounting.........................................................................................................17
5. break-even analyse en verkoopprijsbepaling............................................................................................................................18
5.1 break-even analyse.............................................................................................................................................................18
1) definities en belang.........................................................................................................................................................18
2) berekening.......................................................................................................................................................................18
3) uitbreiding definities.......................................................................................................................................................18
5.2 verkoopprijsbepaling...........................................................................................................................................................19
1) inleiding...........................................................................................................................................................................19
2) verkoopprijsbepaling: micro-economisch.......................................................................................................................19
3) verkoopprijsbepaling: strategisch management benadering/ marketing.......................................................................19
4) verkoopprijsbepaling: gebaseerd op de kostprijs...........................................................................................................19
6. kasplanning (liquiditeitsbudge)..................................................................................................................................................21
7. corporate finance en ratio-analyse............................................................................................................................................21
7.1 LIQUIDITEIT : current ratio en quick ratio...........................................................................................................................21
1) current ratio....................................................................................................................................................................21
2) quick ratio........................................................................................................................................................................21
7.2 liquiditeit: rotatie van voorraad, handelsvorderingen en handelsschulden.......................................................................22
1) voorraadrotatie................................................................................................................................................................22
2) aantal dagen voorraad....................................................................................................................................................22
3) aantal dagen klantenkrediet............................................................................................................................................22
4) aantal dagen leverancierskrediet....................................................................................................................................23
7.3 liquiditeit: te financieren periode (TFP)..............................................................................................................................23
7.4 werkkapitaalbeheer.............................................................................................................................................................24
1) Gezonde financiële structuur..........................................................................................................................................24
2) Nettobedrijfskapitaal.......................................................................................................................................................24
3) nettobedrijfskapitaal: beheer..........................................................................................................................................24
4) behoefte aan nettobedrijfskapitaal: Exploitatiecyclus....................................................................................................24
5) nettokaspositie................................................................................................................................................................25
7.5 solvabiliteit..........................................................................................................................................................................25
1) ratio’s...............................................................................................................................................................................25
2) kapitaalstructuur.............................................................................................................................................................26
7.6 rendabiliteit.........................................................................................................................................................................26
8 cashflow...........................................................................................................................................................................................27
stap 1 cashflow uit operationele activiteiten.........................................................................................................................................27
stap 2 cashflow uit investeringsactiviteiten............................................................................................................................................27
vrije kasstroom.......................................................................................................................................................................................28
stap 3 cashflow uit financieringsactiviteiten..........................................................................................................................................28
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