Financieel
management
Prof. R. Aernoudt
Samenvatting Financieel management – R.B. 1
, TABLE OF CONTENTS
H1: FINANCIERINGSLANDSCHAP ................................................................................................. 7
FINANCIERING ..................................................................................................................................... 7
financieringsbronnen ................................................................................................................... 7
type ondernemingen .................................................................................................................... 8
BELANGRIJK OM TE WETEN ...................................................................................................................... 9
BANKENLANDSCHAP ........................................................................................................................... 10
RISICOKAPITAAL ................................................................................................................................. 10
H2: FINANCIEEL MANAGEMENT .................................................................................................. 11
WAT IS FINANCIEEL MANAGEMENT? ......................................................................................................... 11
FINANCIËLE BEHEERSINSTRUMENT (DASHBOARD) ....................................................................................... 11
EXTRA .............................................................................................................................................. 12
FINANCIEEL MANAGEMENT IN ENGE ZIN .................................................................................................... 13
optimale kapitaalstructuur ......................................................................................................... 13
modigliani-Miller en het intrestbelastingschild ............................................................................ 14
notionele intrest ........................................................................................................................ 14
financieel plan........................................................................................................................... 15
FINANCIEEL MANAGEMENT IN RUIME ZIN ................................................................................................... 15
masterplan ............................................................................................................................... 15
kasplanning .............................................................................................................................. 16
investeringsanalyse ................................................................................................................... 16
investeringsanalyse met financieringsaspecten – volgens case Hermès ....................................... 18
dividendpolitiek ......................................................................................................................... 18
beheer van het bedrijfskapitaal .................................................................................................. 19
NABESCHOUWINGEN BIJ HET FINANCIEEL MANAGEMENT ............................................................................... 20
H3: WAARDERING ...................................................................................................................... 21
WAAROM IS WAARDERING BELANGRIJK? ................................................................................................... 21
TRADITIONELE WAARDERING.................................................................................................................. 21
WAARDEBEPALING (ORGANISCH) ............................................................................................................ 22
Methoden: ..................................................................................................................................... 22
1. Gecorrigeerd nettovermogen .............................................................................................. 22
2. Rendementswaarde........................................................................................................... 23
3. objectieve waarde.............................................................................................................. 24
4. comparables ..................................................................................................................... 24
5. Multipliers: ........................................................................................................................ 24
Overeengekomen waarde .......................................................................................................... 24
WAARDERING BIJ ANORGANISCHE GROEI – NIEUWE ECONOMIE (STARTENDE BEDRIJVEN) ....................................... 25
waardering .................................................................................................................................... 26
1. optiebenadering ................................................................................................................ 26
2. residuele methode ............................................................................................................. 26
over theorie en realiteit .............................................................................................................. 27
H4: KREDIETFINANCIERING ........................................................................................................ 28
KREDIETBEHOEFTE .............................................................................................................................. 28
hoe reageren op steeds wijzigende kredietbehoefte? ................................................................... 28
THE BIG FOUR .................................................................................................................................... 29
LEVERANCIER ALS KREDIETGEVER ........................................................................................................... 29
Welke kredietperiode? ............................................................................................................... 29
Kredietverzekering ..................................................................................................................... 30
Korting wegens contante betaling ............................................................................................... 30
Belang v goed kredietbeheer ...................................................................................................... 30
DE FINANCIËLE INSTELLINGEN ALS KREDIETGEVER ....................................................................................... 31
Kortetermijnfinancieringsbronnen .................................................................................................. 32
Samenvatting Financieel management – R.B. 2
, 1. Kaskredieten ..................................................................................................................... 32
2. discontokredieten .............................................................................................................. 32
3. straight loans (vaste voorschotten) ..................................................................................... 33
4. thesauriebewijzen .............................................................................................................. 34
5. factoring ............................................................................................................................ 34
combineren van kredietvormen .................................................................................................. 35
Langetermijnkredieten ................................................................................................................... 35
1. investeringskredieten (temrijnkredieten) ............................................................................. 35
2. uitrustingsfinanciering........................................................................................................ 36
3. financiële leasing ............................................................................................................... 36
vergelijking van de LTfinancieringsvormen................................................................................... 37
4. roll-overkredieten (wentelkrediet) ....................................................................................... 37
5. obligatie-uitgifte ................................................................................................................. 37
GEBRUIK VAN KREDIETEN ...................................................................................................................... 38
WAARBORGEN ................................................................................................................................... 38
soorten waarborgen ....................................................................................................................... 38
1. hypotheek ......................................................................................................................... 38
2. pand op ondernemingsgoederen ........................................................................................ 39
3. solidaire borgstelling .......................................................................................................... 39
gebruik van waarborgen ............................................................................................................. 39
DE OVERHEIDSWAARBORG .................................................................................................................... 39
H5: MEZZANINE.......................................................................................................................... 41
MEZZANINE: HYBRIDE FINANCIERINGSVORM .............................................................................................. 41
KENMERKEN VAN MEZZANINE ................................................................................................................. 42
BELANG VAN MEZZANINE ...................................................................................................................... 43
GROEI VAN MEZZANINEFINANCIERING ...................................................................................................... 43
MBO-TYPE FINANCIERING .................................................................................................................... 44
HANDIG OM OVERZICHT TE KRIJGEN ......................................................................................................... 46
schuldinstrumenten .................................................................................................................. 46
beleggersprofielen en hun risicoprofiel ....................................................................................... 46
green bonds .............................................................................................................................. 47
H6: FORMEEL RISICOKAPITAAL ................................................................................................... 48
WAT IS RISICOKAPITAAL? ...................................................................................................................... 48
INVESTEE EN INVESTEERDER .................................................................................................................. 49
investeerderscriteria .................................................................................................................. 50
groeipotentieel .......................................................................................................................... 50
investeringsrijpheid ................................................................................................................... 51
DUE DILIGENCE .................................................................................................................................. 51
WERKING EN FINANCIERINGSBRONNEN .................................................................................................... 51
HET AGENTSCHAPSPROBLEEM EN DE CARRIED INTREST ................................................................................. 52
agency probleem tss LP’s en GP’s .............................................................................................. 52
DE AANDEELHOUDERSOVEREENKOMST .................................................................................................... 53
algemene clausules .................................................................................................................. 53
bepalingen mbt de raad v bestuur............................................................................................... 53
clausules die het risico beperken na de instap ............................................................................ 54
RISICOKAPITAAL VOOR OVERNAMEFINANCIERING ........................................................................................ 54
CORPORATE VENTURING ...................................................................................................................... 55
RISICOKAPITAAL OOK VOOR STARTERS? .................................................................................................... 55
RISICOKAPITAAL EN DE OVERHEID ........................................................................................................... 56
de Amerikaanse benadering ....................................................................................................... 56
de Europese benadering ............................................................................................................ 56
de Vlaamse benadering ............................................................................................................. 57
DILUTIE ............................................................................................................................................ 57
OOK BELANGRIJK ............................................................................................................................... 58
valley of death ........................................................................................................................... 59
Samenvatting Financieel management – R.B. 3
, financieringsbronnen in fasen van bedrijf .................................................................................... 59
VC market gaps ......................................................................................................................... 60
H7: BUSINESS ANGELS ............................................................................................................... 61
WAT ZIJN BUSINESS ANGELS .................................................................................................................. 61
kenmerken ................................................................................................................................ 62
TYPOLLOGIE VAN DE BUSINESS ANGELS .................................................................................................... 62
BUSINESS ANGELS: BELANG, FACTS AND FIGURES ....................................................................................... 63
INFORMEEL VS FORMEEL ...................................................................................................................... 64
formele vs informele investeerderscriteria .................................................................................. 64
exitmogelijkheden ..................................................................................................................... 65
formele en informele return........................................................................................................ 65
financiële crisis en covidcrisis en zaai-investeringen ................................................................... 65
BUSINESS ANGELS-NETWERKEN ............................................................................................................. 66
doel vh netwerk ......................................................................................................................... 66
methodes voor het samenbrengen v vraag en aanbod ................................................................. 66
toegevoegde waarde van BAN voor de ondernemer ..................................................................... 67
toegevoegde waarde van BAN voor de BA ................................................................................... 67
screeningproces........................................................................................................................ 68
verschillende types netwerken ................................................................................................... 68
BAN’s in België en Nederland ..................................................................................................... 68
BUSINESS ANGELS EN DE OVERHEID ........................................................................................................ 69
het investeringsproces............................................................................................................... 70
IS BAN EFFICIËNT? ............................................................................................................................. 71
NOG INTERESSANT .............................................................................................................................. 71
leven van een BA ....................................................................................................................... 71
FIBAN, van een BA perspectief ................................................................................................... 71
H8: LOVEMONEY EN CROWDFUNDING ....................................................................................... 73
CONCEPT ......................................................................................................................................... 73
WERKING V LOVEMONEY ....................................................................................................................... 73
LOVEMONEY VS BUSINESS ANGELS .......................................................................................................... 74
BUURTFONDSEN ................................................................................................................................ 74
AziË staat model ........................................................................................................................ 74
buurtfondsen ............................................................................................................................ 75
CROWDFUNDING ............................................................................................................................... 76
van waar komt het succes? ........................................................................................................ 76
crowdfunding-platformen .......................................................................................................... 76
diverse crowdfunding-modellen ................................................................................................. 77
VOOR- en Nadelen van crowdfunding ......................................................................................... 77
regulering .................................................................................................................................. 77
crowdfunding in België ............................................................................................................... 78
LOVEMONEY STIMULEREN ..................................................................................................................... 79
tante Agaath .............................................................................................................................. 79
de winwinlening......................................................................................................................... 80
GOOD TO KNOW ................................................................................................................................ 81
H9: DE UITGIFTE VAN AANDELEN ................................................................................................ 82
BEURS OF BEURZEN? ........................................................................................................................... 82
WAT IS EEN IPO?................................................................................................................................ 84
BITCOINS EN ICO’S ............................................................................................................................ 85
FINANCIERING VIA DE BEURS ................................................................................................................. 86
DELISTING ........................................................................................................................................ 86
BEURSWAARDE EN INTRINSIEKE WAARDE VAN EEN BEDRIJF ............................................................................ 87
GOOD TO KNOW ................................................................................................................................. 87
H10: DE BAZEL-AKKOORDEN ...................................................................................................... 89
Samenvatting Financieel management – R.B. 4
management
Prof. R. Aernoudt
Samenvatting Financieel management – R.B. 1
, TABLE OF CONTENTS
H1: FINANCIERINGSLANDSCHAP ................................................................................................. 7
FINANCIERING ..................................................................................................................................... 7
financieringsbronnen ................................................................................................................... 7
type ondernemingen .................................................................................................................... 8
BELANGRIJK OM TE WETEN ...................................................................................................................... 9
BANKENLANDSCHAP ........................................................................................................................... 10
RISICOKAPITAAL ................................................................................................................................. 10
H2: FINANCIEEL MANAGEMENT .................................................................................................. 11
WAT IS FINANCIEEL MANAGEMENT? ......................................................................................................... 11
FINANCIËLE BEHEERSINSTRUMENT (DASHBOARD) ....................................................................................... 11
EXTRA .............................................................................................................................................. 12
FINANCIEEL MANAGEMENT IN ENGE ZIN .................................................................................................... 13
optimale kapitaalstructuur ......................................................................................................... 13
modigliani-Miller en het intrestbelastingschild ............................................................................ 14
notionele intrest ........................................................................................................................ 14
financieel plan........................................................................................................................... 15
FINANCIEEL MANAGEMENT IN RUIME ZIN ................................................................................................... 15
masterplan ............................................................................................................................... 15
kasplanning .............................................................................................................................. 16
investeringsanalyse ................................................................................................................... 16
investeringsanalyse met financieringsaspecten – volgens case Hermès ....................................... 18
dividendpolitiek ......................................................................................................................... 18
beheer van het bedrijfskapitaal .................................................................................................. 19
NABESCHOUWINGEN BIJ HET FINANCIEEL MANAGEMENT ............................................................................... 20
H3: WAARDERING ...................................................................................................................... 21
WAAROM IS WAARDERING BELANGRIJK? ................................................................................................... 21
TRADITIONELE WAARDERING.................................................................................................................. 21
WAARDEBEPALING (ORGANISCH) ............................................................................................................ 22
Methoden: ..................................................................................................................................... 22
1. Gecorrigeerd nettovermogen .............................................................................................. 22
2. Rendementswaarde........................................................................................................... 23
3. objectieve waarde.............................................................................................................. 24
4. comparables ..................................................................................................................... 24
5. Multipliers: ........................................................................................................................ 24
Overeengekomen waarde .......................................................................................................... 24
WAARDERING BIJ ANORGANISCHE GROEI – NIEUWE ECONOMIE (STARTENDE BEDRIJVEN) ....................................... 25
waardering .................................................................................................................................... 26
1. optiebenadering ................................................................................................................ 26
2. residuele methode ............................................................................................................. 26
over theorie en realiteit .............................................................................................................. 27
H4: KREDIETFINANCIERING ........................................................................................................ 28
KREDIETBEHOEFTE .............................................................................................................................. 28
hoe reageren op steeds wijzigende kredietbehoefte? ................................................................... 28
THE BIG FOUR .................................................................................................................................... 29
LEVERANCIER ALS KREDIETGEVER ........................................................................................................... 29
Welke kredietperiode? ............................................................................................................... 29
Kredietverzekering ..................................................................................................................... 30
Korting wegens contante betaling ............................................................................................... 30
Belang v goed kredietbeheer ...................................................................................................... 30
DE FINANCIËLE INSTELLINGEN ALS KREDIETGEVER ....................................................................................... 31
Kortetermijnfinancieringsbronnen .................................................................................................. 32
Samenvatting Financieel management – R.B. 2
, 1. Kaskredieten ..................................................................................................................... 32
2. discontokredieten .............................................................................................................. 32
3. straight loans (vaste voorschotten) ..................................................................................... 33
4. thesauriebewijzen .............................................................................................................. 34
5. factoring ............................................................................................................................ 34
combineren van kredietvormen .................................................................................................. 35
Langetermijnkredieten ................................................................................................................... 35
1. investeringskredieten (temrijnkredieten) ............................................................................. 35
2. uitrustingsfinanciering........................................................................................................ 36
3. financiële leasing ............................................................................................................... 36
vergelijking van de LTfinancieringsvormen................................................................................... 37
4. roll-overkredieten (wentelkrediet) ....................................................................................... 37
5. obligatie-uitgifte ................................................................................................................. 37
GEBRUIK VAN KREDIETEN ...................................................................................................................... 38
WAARBORGEN ................................................................................................................................... 38
soorten waarborgen ....................................................................................................................... 38
1. hypotheek ......................................................................................................................... 38
2. pand op ondernemingsgoederen ........................................................................................ 39
3. solidaire borgstelling .......................................................................................................... 39
gebruik van waarborgen ............................................................................................................. 39
DE OVERHEIDSWAARBORG .................................................................................................................... 39
H5: MEZZANINE.......................................................................................................................... 41
MEZZANINE: HYBRIDE FINANCIERINGSVORM .............................................................................................. 41
KENMERKEN VAN MEZZANINE ................................................................................................................. 42
BELANG VAN MEZZANINE ...................................................................................................................... 43
GROEI VAN MEZZANINEFINANCIERING ...................................................................................................... 43
MBO-TYPE FINANCIERING .................................................................................................................... 44
HANDIG OM OVERZICHT TE KRIJGEN ......................................................................................................... 46
schuldinstrumenten .................................................................................................................. 46
beleggersprofielen en hun risicoprofiel ....................................................................................... 46
green bonds .............................................................................................................................. 47
H6: FORMEEL RISICOKAPITAAL ................................................................................................... 48
WAT IS RISICOKAPITAAL? ...................................................................................................................... 48
INVESTEE EN INVESTEERDER .................................................................................................................. 49
investeerderscriteria .................................................................................................................. 50
groeipotentieel .......................................................................................................................... 50
investeringsrijpheid ................................................................................................................... 51
DUE DILIGENCE .................................................................................................................................. 51
WERKING EN FINANCIERINGSBRONNEN .................................................................................................... 51
HET AGENTSCHAPSPROBLEEM EN DE CARRIED INTREST ................................................................................. 52
agency probleem tss LP’s en GP’s .............................................................................................. 52
DE AANDEELHOUDERSOVEREENKOMST .................................................................................................... 53
algemene clausules .................................................................................................................. 53
bepalingen mbt de raad v bestuur............................................................................................... 53
clausules die het risico beperken na de instap ............................................................................ 54
RISICOKAPITAAL VOOR OVERNAMEFINANCIERING ........................................................................................ 54
CORPORATE VENTURING ...................................................................................................................... 55
RISICOKAPITAAL OOK VOOR STARTERS? .................................................................................................... 55
RISICOKAPITAAL EN DE OVERHEID ........................................................................................................... 56
de Amerikaanse benadering ....................................................................................................... 56
de Europese benadering ............................................................................................................ 56
de Vlaamse benadering ............................................................................................................. 57
DILUTIE ............................................................................................................................................ 57
OOK BELANGRIJK ............................................................................................................................... 58
valley of death ........................................................................................................................... 59
Samenvatting Financieel management – R.B. 3
, financieringsbronnen in fasen van bedrijf .................................................................................... 59
VC market gaps ......................................................................................................................... 60
H7: BUSINESS ANGELS ............................................................................................................... 61
WAT ZIJN BUSINESS ANGELS .................................................................................................................. 61
kenmerken ................................................................................................................................ 62
TYPOLLOGIE VAN DE BUSINESS ANGELS .................................................................................................... 62
BUSINESS ANGELS: BELANG, FACTS AND FIGURES ....................................................................................... 63
INFORMEEL VS FORMEEL ...................................................................................................................... 64
formele vs informele investeerderscriteria .................................................................................. 64
exitmogelijkheden ..................................................................................................................... 65
formele en informele return........................................................................................................ 65
financiële crisis en covidcrisis en zaai-investeringen ................................................................... 65
BUSINESS ANGELS-NETWERKEN ............................................................................................................. 66
doel vh netwerk ......................................................................................................................... 66
methodes voor het samenbrengen v vraag en aanbod ................................................................. 66
toegevoegde waarde van BAN voor de ondernemer ..................................................................... 67
toegevoegde waarde van BAN voor de BA ................................................................................... 67
screeningproces........................................................................................................................ 68
verschillende types netwerken ................................................................................................... 68
BAN’s in België en Nederland ..................................................................................................... 68
BUSINESS ANGELS EN DE OVERHEID ........................................................................................................ 69
het investeringsproces............................................................................................................... 70
IS BAN EFFICIËNT? ............................................................................................................................. 71
NOG INTERESSANT .............................................................................................................................. 71
leven van een BA ....................................................................................................................... 71
FIBAN, van een BA perspectief ................................................................................................... 71
H8: LOVEMONEY EN CROWDFUNDING ....................................................................................... 73
CONCEPT ......................................................................................................................................... 73
WERKING V LOVEMONEY ....................................................................................................................... 73
LOVEMONEY VS BUSINESS ANGELS .......................................................................................................... 74
BUURTFONDSEN ................................................................................................................................ 74
AziË staat model ........................................................................................................................ 74
buurtfondsen ............................................................................................................................ 75
CROWDFUNDING ............................................................................................................................... 76
van waar komt het succes? ........................................................................................................ 76
crowdfunding-platformen .......................................................................................................... 76
diverse crowdfunding-modellen ................................................................................................. 77
VOOR- en Nadelen van crowdfunding ......................................................................................... 77
regulering .................................................................................................................................. 77
crowdfunding in België ............................................................................................................... 78
LOVEMONEY STIMULEREN ..................................................................................................................... 79
tante Agaath .............................................................................................................................. 79
de winwinlening......................................................................................................................... 80
GOOD TO KNOW ................................................................................................................................ 81
H9: DE UITGIFTE VAN AANDELEN ................................................................................................ 82
BEURS OF BEURZEN? ........................................................................................................................... 82
WAT IS EEN IPO?................................................................................................................................ 84
BITCOINS EN ICO’S ............................................................................................................................ 85
FINANCIERING VIA DE BEURS ................................................................................................................. 86
DELISTING ........................................................................................................................................ 86
BEURSWAARDE EN INTRINSIEKE WAARDE VAN EEN BEDRIJF ............................................................................ 87
GOOD TO KNOW ................................................................................................................................. 87
H10: DE BAZEL-AKKOORDEN ...................................................................................................... 89
Samenvatting Financieel management – R.B. 4
