Financieringsbeslissingen
Inhoudsopgave
Introductie tot ondernemingsfinanciering en corporate governance............................................................. 5
Ondernemingsvormen ......................................................................................................................................... 5
Rol van financiële managers ................................................................................................................................ 5
Financiële doelstellingen van de onderneming.................................................................................................... 6
Oplossingen agency problemen...................................................................................................................... 7
Financieringsbronnen ............................................................................................................................... 10
Autofinanciering ................................................................................................................................................ 10
Extern vermogen ................................................................................................................................................ 10
Aandelenkapitaal .......................................................................................................................................... 11
Kredietverschaffers ....................................................................................................................................... 15
Niet marktgebaseerde schuldfinanciering .................................................................................................... 17
Verwerven van kapitaal: venture capital, beursintroducties en kapitaalverhogingen................................... 17
Financiering door eigen vermogen .................................................................................................................... 17
Variëteit in bronnen van kapitaal ...................................................................................................................... 18
Financiële groei .................................................................................................................................................. 18
Van starter tot VC-onderneming ....................................................................................................................... 18
Venture capital (VC) en private equity (PE) ....................................................................................................... 19
De typische venture capitalist investeerder ....................................................................................................... 19
Venture capital fonds ......................................................................................................................................... 19
Venture capital................................................................................................................................................... 19
Venture capitalist ............................................................................................................................................... 20
Fasering van de investering ............................................................................................................................... 20
Management ..................................................................................................................................................... 20
Hoog risico ......................................................................................................................................................... 20
Venture capital: exits ......................................................................................................................................... 21
De initial public offering (IPO) ............................................................................................................................ 21
Anatomie van een IPO ....................................................................................................................................... 22
De underwriter .............................................................................................................................................. 22
Registration statement opstellen ................................................................................................................. 22
Een prosperous samenstellen ....................................................................................................................... 23
Een roadshow samenstellen ......................................................................................................................... 23
Building the book .......................................................................................................................................... 23
Toewijzen aandelen ........................................................................................................................................... 23
Prijszetting ......................................................................................................................................................... 23
IPO-kosten .......................................................................................................................................................... 24
IPO underpricing ........................................................................................................................................... 24
1
, Emissiekosten IPO ......................................................................................................................................... 24
Alternatieve uitgiftesystemen ............................................................................................................................ 25
Going private...................................................................................................................................................... 25
De seasoned equity offering (SEO)..................................................................................................................... 25
De SEO koersdaling ............................................................................................................................................ 25
Rights issues ....................................................................................................................................................... 25
Private placements bij beursgenoteerde bedrijven ........................................................................................... 27
Private placements bij niet-beursgenoteerde bedrijven .................................................................................... 27
Beursnotering vs delisting .................................................................................................................................. 28
Oefeningen ......................................................................................................................................................... 28
Kapitaalstructuur...................................................................................................................................... 31
Waarde-creatie .................................................................................................................................................. 31
Kapitaalstructuur ............................................................................................................................................... 32
Modigliani en Miller ........................................................................................................................................... 34
MM propositie 1 ........................................................................................................................................... 34
Financiële hefboomwerking.......................................................................................................................... 35
MM propositie 2 ........................................................................................................................................... 36
De proposities naast elkaar........................................................................................................................... 40
Kapitaalstructuur relevantie ......................................................................................................................... 40
Lenen aan zelfde tarief? ................................................................................................................................ 40
Kapitaalstructuur en belastingen .................................................................................................................. 40
MM-propositie 2 ........................................................................................................................................... 41
Kapitaalstructuur, belastingen en WACC ...................................................................................................... 43
Belastingen en rendement op eigen vermogen ........................................................................................... 43
Theoretisch optimale kapitaalstructuur ....................................................................................................... 44
Modigliani en Miller – veronderstellingen.................................................................................................... 44
Financial distress ........................................................................................................................................... 44
Optimale kapitaalstructuur................................................................................................................................ 46
Eigen vermogen als buffer ................................................................................................................................. 46
Financiële buffer (slack) ..................................................................................................................................... 47
Theorieën van kapitaalstructuur........................................................................................................................ 47
Trade-off theory ............................................................................................................................................ 47
Pecking order theory..................................................................................................................................... 48
Dynamische kapitaalstructuurmodellen ............................................................................................................ 49
Dividendbeleid ......................................................................................................................................... 49
Dividend, de vormen .......................................................................................................................................... 49
Cash dividend – standaard gang van zaken ...................................................................................................... 49
Prijsreactie op dividend ...................................................................................................................................... 49
Homemade dividend .......................................................................................................................................... 50
Cash dividend in de praktijk ............................................................................................................................... 51
Stock dividend in de praktijk .............................................................................................................................. 51
Dilution .......................................................................................................................................................... 51
Inkoop van eigen aandelen ................................................................................................................................ 51
2
, Voorbeeld...................................................................................................................................................... 52
Voordelen ........................................................................................................................................................... 52
Payout beslissing: theorie .................................................................................................................................. 53
Payout beslissing: informatiewaarde ................................................................................................................ 53
Payout en bedrijfswaarde .................................................................................................................................. 53
Dividendbeleid.................................................................................................................................................... 55
Clientèle-effect ................................................................................................................................................... 55
Belastingen ........................................................................................................................................................ 55
Voorbeeld...................................................................................................................................................... 56
Dividenden in België........................................................................................................................................... 57
Dividenden in financiële crisis ............................................................................................................................ 57
Dividenden in niet-beursgenoteerde bedrijven.................................................................................................. 58
Fusies en overnames ................................................................................................................................ 58
Type overnames ................................................................................................................................................. 58
Financiële vs strategische overnames................................................................................................................ 58
Type strategische overnames ............................................................................................................................ 59
De overname, boekhoudkundig ......................................................................................................................... 59
Goodwill? ........................................................................................................................................................... 60
Goede reden voor een overname....................................................................................................................... 60
De bron van synergie ......................................................................................................................................... 61
Meeste overnames mislukken............................................................................................................................ 61
Fout argument voor een fusie / overname ........................................................................................................ 61
Divestitures ........................................................................................................................................................ 61
Corporate raiding ............................................................................................................................................... 62
Verzet tegen overname...................................................................................................................................... 62
Corporate charter ......................................................................................................................................... 62
M&A vocabulair ............................................................................................................................................ 62
De Japanse Keiretsu ...................................................................................................................................... 62
Koersreacties ...................................................................................................................................................... 63
Link met corporate governance ......................................................................................................................... 64
Risicobeheer ............................................................................................................................................ 64
De prijs van koffie .............................................................................................................................................. 64
Forwards ............................................................................................................................................................ 65
Futures ............................................................................................................................................................... 65
Voorbeeld...................................................................................................................................................... 66
Futures en forwards ........................................................................................................................................... 66
Hedging .............................................................................................................................................................. 67
Voorbeeld...................................................................................................................................................... 67
Voorbeeld...................................................................................................................................................... 68
Hedging: zinvol? ................................................................................................................................................. 69
3
, Futures en Forwards .......................................................................................................................................... 69
Swaps ................................................................................................................................................................. 69
Opties ...................................................................................................................................................... 70
Beleggen in aandelen......................................................................................................................................... 70
Opties kopen: LONG ........................................................................................................................................... 73
Opties kopen: SHORT ......................................................................................................................................... 73
Optie toepassingen, hedgen .............................................................................................................................. 74
Hedgen met opties ............................................................................................................................................. 75
Hedgen met opties vs forwards & futures ......................................................................................................... 76
Alle opties naast elkaar...................................................................................................................................... 76
Twee alternatieven ............................................................................................................................................ 77
Conclusie: De put-call pariteit ....................................................................................................................... 77
Rekenvoorbeeld 1 ......................................................................................................................................... 77
Rekenvoorbeeld 2 ......................................................................................................................................... 78
Optiestrategie: straddle (short) ......................................................................................................................... 78
Optiestrategie: straddle (long) .......................................................................................................................... 79
Waarde van optie .............................................................................................................................................. 79
Opties waarderen .............................................................................................................................................. 81
Binomiaal ...................................................................................................................................................... 81
Black en Scholes ............................................................................................................................................ 82
Implied volatility ................................................................................................................................................ 83
Opties in breder verband ................................................................................................................................... 83
Executive stock options................................................................................................................................. 83
Real options................................................................................................................................................... 84
Wat is bouwgrond waard? ............................................................................................................................ 84
Warrants ....................................................................................................................................................... 85
Convertibles .................................................................................................................................................. 85
Oefeningen opties en risicobeheer..................................................................................................................... 87
Oefening met wisselkoers ............................................................................................................................. 88
Oefening marking to market ......................................................................................................................... 89
Oefening met opties ..................................................................................................................................... 90
Oefening reële opties .................................................................................................................................... 92
4
Inhoudsopgave
Introductie tot ondernemingsfinanciering en corporate governance............................................................. 5
Ondernemingsvormen ......................................................................................................................................... 5
Rol van financiële managers ................................................................................................................................ 5
Financiële doelstellingen van de onderneming.................................................................................................... 6
Oplossingen agency problemen...................................................................................................................... 7
Financieringsbronnen ............................................................................................................................... 10
Autofinanciering ................................................................................................................................................ 10
Extern vermogen ................................................................................................................................................ 10
Aandelenkapitaal .......................................................................................................................................... 11
Kredietverschaffers ....................................................................................................................................... 15
Niet marktgebaseerde schuldfinanciering .................................................................................................... 17
Verwerven van kapitaal: venture capital, beursintroducties en kapitaalverhogingen................................... 17
Financiering door eigen vermogen .................................................................................................................... 17
Variëteit in bronnen van kapitaal ...................................................................................................................... 18
Financiële groei .................................................................................................................................................. 18
Van starter tot VC-onderneming ....................................................................................................................... 18
Venture capital (VC) en private equity (PE) ....................................................................................................... 19
De typische venture capitalist investeerder ....................................................................................................... 19
Venture capital fonds ......................................................................................................................................... 19
Venture capital................................................................................................................................................... 19
Venture capitalist ............................................................................................................................................... 20
Fasering van de investering ............................................................................................................................... 20
Management ..................................................................................................................................................... 20
Hoog risico ......................................................................................................................................................... 20
Venture capital: exits ......................................................................................................................................... 21
De initial public offering (IPO) ............................................................................................................................ 21
Anatomie van een IPO ....................................................................................................................................... 22
De underwriter .............................................................................................................................................. 22
Registration statement opstellen ................................................................................................................. 22
Een prosperous samenstellen ....................................................................................................................... 23
Een roadshow samenstellen ......................................................................................................................... 23
Building the book .......................................................................................................................................... 23
Toewijzen aandelen ........................................................................................................................................... 23
Prijszetting ......................................................................................................................................................... 23
IPO-kosten .......................................................................................................................................................... 24
IPO underpricing ........................................................................................................................................... 24
1
, Emissiekosten IPO ......................................................................................................................................... 24
Alternatieve uitgiftesystemen ............................................................................................................................ 25
Going private...................................................................................................................................................... 25
De seasoned equity offering (SEO)..................................................................................................................... 25
De SEO koersdaling ............................................................................................................................................ 25
Rights issues ....................................................................................................................................................... 25
Private placements bij beursgenoteerde bedrijven ........................................................................................... 27
Private placements bij niet-beursgenoteerde bedrijven .................................................................................... 27
Beursnotering vs delisting .................................................................................................................................. 28
Oefeningen ......................................................................................................................................................... 28
Kapitaalstructuur...................................................................................................................................... 31
Waarde-creatie .................................................................................................................................................. 31
Kapitaalstructuur ............................................................................................................................................... 32
Modigliani en Miller ........................................................................................................................................... 34
MM propositie 1 ........................................................................................................................................... 34
Financiële hefboomwerking.......................................................................................................................... 35
MM propositie 2 ........................................................................................................................................... 36
De proposities naast elkaar........................................................................................................................... 40
Kapitaalstructuur relevantie ......................................................................................................................... 40
Lenen aan zelfde tarief? ................................................................................................................................ 40
Kapitaalstructuur en belastingen .................................................................................................................. 40
MM-propositie 2 ........................................................................................................................................... 41
Kapitaalstructuur, belastingen en WACC ...................................................................................................... 43
Belastingen en rendement op eigen vermogen ........................................................................................... 43
Theoretisch optimale kapitaalstructuur ....................................................................................................... 44
Modigliani en Miller – veronderstellingen.................................................................................................... 44
Financial distress ........................................................................................................................................... 44
Optimale kapitaalstructuur................................................................................................................................ 46
Eigen vermogen als buffer ................................................................................................................................. 46
Financiële buffer (slack) ..................................................................................................................................... 47
Theorieën van kapitaalstructuur........................................................................................................................ 47
Trade-off theory ............................................................................................................................................ 47
Pecking order theory..................................................................................................................................... 48
Dynamische kapitaalstructuurmodellen ............................................................................................................ 49
Dividendbeleid ......................................................................................................................................... 49
Dividend, de vormen .......................................................................................................................................... 49
Cash dividend – standaard gang van zaken ...................................................................................................... 49
Prijsreactie op dividend ...................................................................................................................................... 49
Homemade dividend .......................................................................................................................................... 50
Cash dividend in de praktijk ............................................................................................................................... 51
Stock dividend in de praktijk .............................................................................................................................. 51
Dilution .......................................................................................................................................................... 51
Inkoop van eigen aandelen ................................................................................................................................ 51
2
, Voorbeeld...................................................................................................................................................... 52
Voordelen ........................................................................................................................................................... 52
Payout beslissing: theorie .................................................................................................................................. 53
Payout beslissing: informatiewaarde ................................................................................................................ 53
Payout en bedrijfswaarde .................................................................................................................................. 53
Dividendbeleid.................................................................................................................................................... 55
Clientèle-effect ................................................................................................................................................... 55
Belastingen ........................................................................................................................................................ 55
Voorbeeld...................................................................................................................................................... 56
Dividenden in België........................................................................................................................................... 57
Dividenden in financiële crisis ............................................................................................................................ 57
Dividenden in niet-beursgenoteerde bedrijven.................................................................................................. 58
Fusies en overnames ................................................................................................................................ 58
Type overnames ................................................................................................................................................. 58
Financiële vs strategische overnames................................................................................................................ 58
Type strategische overnames ............................................................................................................................ 59
De overname, boekhoudkundig ......................................................................................................................... 59
Goodwill? ........................................................................................................................................................... 60
Goede reden voor een overname....................................................................................................................... 60
De bron van synergie ......................................................................................................................................... 61
Meeste overnames mislukken............................................................................................................................ 61
Fout argument voor een fusie / overname ........................................................................................................ 61
Divestitures ........................................................................................................................................................ 61
Corporate raiding ............................................................................................................................................... 62
Verzet tegen overname...................................................................................................................................... 62
Corporate charter ......................................................................................................................................... 62
M&A vocabulair ............................................................................................................................................ 62
De Japanse Keiretsu ...................................................................................................................................... 62
Koersreacties ...................................................................................................................................................... 63
Link met corporate governance ......................................................................................................................... 64
Risicobeheer ............................................................................................................................................ 64
De prijs van koffie .............................................................................................................................................. 64
Forwards ............................................................................................................................................................ 65
Futures ............................................................................................................................................................... 65
Voorbeeld...................................................................................................................................................... 66
Futures en forwards ........................................................................................................................................... 66
Hedging .............................................................................................................................................................. 67
Voorbeeld...................................................................................................................................................... 67
Voorbeeld...................................................................................................................................................... 68
Hedging: zinvol? ................................................................................................................................................. 69
3
, Futures en Forwards .......................................................................................................................................... 69
Swaps ................................................................................................................................................................. 69
Opties ...................................................................................................................................................... 70
Beleggen in aandelen......................................................................................................................................... 70
Opties kopen: LONG ........................................................................................................................................... 73
Opties kopen: SHORT ......................................................................................................................................... 73
Optie toepassingen, hedgen .............................................................................................................................. 74
Hedgen met opties ............................................................................................................................................. 75
Hedgen met opties vs forwards & futures ......................................................................................................... 76
Alle opties naast elkaar...................................................................................................................................... 76
Twee alternatieven ............................................................................................................................................ 77
Conclusie: De put-call pariteit ....................................................................................................................... 77
Rekenvoorbeeld 1 ......................................................................................................................................... 77
Rekenvoorbeeld 2 ......................................................................................................................................... 78
Optiestrategie: straddle (short) ......................................................................................................................... 78
Optiestrategie: straddle (long) .......................................................................................................................... 79
Waarde van optie .............................................................................................................................................. 79
Opties waarderen .............................................................................................................................................. 81
Binomiaal ...................................................................................................................................................... 81
Black en Scholes ............................................................................................................................................ 82
Implied volatility ................................................................................................................................................ 83
Opties in breder verband ................................................................................................................................... 83
Executive stock options................................................................................................................................. 83
Real options................................................................................................................................................... 84
Wat is bouwgrond waard? ............................................................................................................................ 84
Warrants ....................................................................................................................................................... 85
Convertibles .................................................................................................................................................. 85
Oefeningen opties en risicobeheer..................................................................................................................... 87
Oefening met wisselkoers ............................................................................................................................. 88
Oefening marking to market ......................................................................................................................... 89
Oefening met opties ..................................................................................................................................... 90
Oefening reële opties .................................................................................................................................... 92
4
