Ondernemingsfinanciering
-financieringsanalyse
1
,Contents
Les 1: Goals and Governance of the corporation .................................................................................... 6
Eerste afbakening: Ondernemingsvormen .......................................................................................... 6
Tweede afbakening: financiële beslissingen genomen door financial managers ............................... 6
Investeringsbeslissingen vs financieringsbeslissingen ..................................................................... 7
Waarde creëren via financieringsbeslissingen ................................................................................. 8
Financiële doelen van de onderneming ............................................................................................... 8
Ethiek & Manageentobjectieven...................................................................................................... 9
Agency problemen ......................................................................................................................... 10
Corporate governance ................................................................................................................... 11
Les 1: Financieringsbronnen .................................................................................................................. 14
Inleiding .............................................................................................................................................. 14
Autofinanciering ................................................................................................................................. 16
Extern (EV) .......................................................................................................................................... 17
Aandelenkapitaal (EV, extern)........................................................................................................ 17
Schuld (VV, extern) ......................................................................................................................... 23
Les 2: Financiering via Eigen Vermogen ................................................................................................. 27
Van starter tot ‘Venture capital- onderneming’ ................................................................................ 27
VC Vs PE .......................................................................................................................................... 27
De typische venture capitalists ...................................................................................................... 28
Aard van de financiering ................................................................................................................ 29
IPO ...................................................................................................................................................... 32
Anatomie van een IPO: fase 1 ........................................................................................................ 33
Anatomie van de IPO: fase 2 .......................................................................................................... 36
Prijszetting ...................................................................................................................................... 37
Voorbeeld: Facebook ..................................................................................................................... 38
Kosten van de IPO .......................................................................................................................... 40
IPO Underpricing ............................................................................................................................ 40
Emissiekosten IPO .......................................................................................................................... 41
Alternatief systeem ........................................................................................................................ 43
Going private (publiek -> privé) .......................................................................................................... 43
Seasoned equity offering (SEO: kapitaalophaling) ............................................................................. 44
SEO koersdaling .............................................................................................................................. 44
Rights Issues ................................................................................................................................... 44
Private placements bij beursgenoteerde ON ................................................................................. 46
Beursnotering VS Delisting ................................................................................................................. 46
2
, Verwerven kapitaal H15 Extra oefeningen ........................................................................................ 47
Les 3: Kapitaalstructuur.......................................................................................................................... 51
Waarde creatie ................................................................................................................................... 51
Kapitaalstructuur ............................................................................................................................ 52
Modigliani & Miller............................................................................................................................. 55
Eerste propositie I: Vu = VL.............................................................................................................. 55
Tweede proposotie II: WACC is constant ....................................................................................... 57
De proposities naast elkaar ............................................................................................................ 61
Kapitaalstructuur in de praktijk .......................................................................................................... 61
Homemade leveraging: lenen aan zelfde taruef? .......................................................................... 61
Tax Shield: kapitaalstructuur en belastingen ................................................................................. 61
Financial distress ............................................................................................................................ 65
Eigen vermogen als kussen ............................................................................................................ 67
Theorieen van kapitaalstructuur ........................................................................................................ 69
1. Trade-off theorie .................................................................................................................... 69
2. Pecking order theory .............................................................................................................. 69
Conclusie ........................................................................................................................................ 70
In de praktijk................................................................................................................................... 71
Dynamische kapitaalstructuurmodellen ........................................................................................ 72
Kapitaalstructuur H16 extra oefeningen ............................................................................................ 73
Les 4: Dividendenbeleid ......................................................................................................................... 85
Cash dividend : stahndaard gang van zaken ...................................................................................... 85
Aankondiging .................................................................................................................................. 85
Prijsreacties op dividend ................................................................................................................ 86
Homemade dividends .................................................................................................................... 86
Conclusie ........................................................................................................................................ 87
In de praktijk....................................................................................................................................... 87
Cash dividend id/ praktijk............................................................................................................... 87
Stock dividend i/d praktijk ............................................................................................................. 87
Inkoop eigen aandelen ................................................................................................................... 88
Payout policy: theorie ........................................................................................................................ 89
Lintner 1956 ................................................................................................................................... 89
Payout en bedrijfswaarde .............................................................................................................. 89
Payout policy in de realiteit ............................................................................................................... 91
1. Clientèle effect ........................................................................................................................... 91
2. Belastingen ................................................................................................................................. 91
3
, Payout in de praktijk ...................................................................................................................... 93
Extra oefeningen Dividendenbeleid H17 ........................................................................................... 95
Les 4: M&A ............................................................................................................................................. 98
Types .................................................................................................................................................. 98
Boekhoudkundig ................................................................................................................................ 99
Argumenten voor overname ............................................................................................................ 100
Waarom de meeste overnames mislukken ................................................................................. 100
Foute argumenten voor een fusie/overname ............................................................................. 100
Divestitures .................................................................................................................................. 101
Corporate raiding ......................................................................................................................... 101
Defensiemechanismen dus verzet tegen overname........................................................................ 102
Reactie van management............................................................................................................. 102
Corporate charter......................................................................................................................... 102
Bekende technieken – M&A-vocabulair ...................................................................................... 102
Japanse Keiretsu ........................................................................................................................... 103
Case study: ABN AMRO ................................................................................................................ 103
Prijsreactie/Koersreacties ................................................................................................................ 104
Corporate Governance ..................................................................................................................... 106
Extra oefeningen H21 Fusies & Overnames (M&A) ......................................................................... 107
Les 5: Risk Management ...................................................................................................................... 110
Forwards ........................................................................................................................................... 110
Futures ............................................................................................................................................. 111
Voorbeeld ..................................................................................................................................... 111
Futures termen............................................................................................................................. 111
Hedging ........................................................................................................................................ 112
Speculeren met futures en forwards ........................................................................................... 115
Swaps................................................................................................................................................ 115
Les 5&6: Opties .................................................................................................................................... 118
Achtergrond ..................................................................................................................................... 118
Hedging met opties .......................................................................................................................... 122
Synthese ........................................................................................................................................... 125
Forwards & Futures ...................................................................................................................... 125
Opties ........................................................................................................................................... 125
Pariteiten (put-call) ...................................................................................................................... 126
Optiestrategieën .............................................................................................................................. 127
Waardering van optie....................................................................................................................... 128
4
-financieringsanalyse
1
,Contents
Les 1: Goals and Governance of the corporation .................................................................................... 6
Eerste afbakening: Ondernemingsvormen .......................................................................................... 6
Tweede afbakening: financiële beslissingen genomen door financial managers ............................... 6
Investeringsbeslissingen vs financieringsbeslissingen ..................................................................... 7
Waarde creëren via financieringsbeslissingen ................................................................................. 8
Financiële doelen van de onderneming ............................................................................................... 8
Ethiek & Manageentobjectieven...................................................................................................... 9
Agency problemen ......................................................................................................................... 10
Corporate governance ................................................................................................................... 11
Les 1: Financieringsbronnen .................................................................................................................. 14
Inleiding .............................................................................................................................................. 14
Autofinanciering ................................................................................................................................. 16
Extern (EV) .......................................................................................................................................... 17
Aandelenkapitaal (EV, extern)........................................................................................................ 17
Schuld (VV, extern) ......................................................................................................................... 23
Les 2: Financiering via Eigen Vermogen ................................................................................................. 27
Van starter tot ‘Venture capital- onderneming’ ................................................................................ 27
VC Vs PE .......................................................................................................................................... 27
De typische venture capitalists ...................................................................................................... 28
Aard van de financiering ................................................................................................................ 29
IPO ...................................................................................................................................................... 32
Anatomie van een IPO: fase 1 ........................................................................................................ 33
Anatomie van de IPO: fase 2 .......................................................................................................... 36
Prijszetting ...................................................................................................................................... 37
Voorbeeld: Facebook ..................................................................................................................... 38
Kosten van de IPO .......................................................................................................................... 40
IPO Underpricing ............................................................................................................................ 40
Emissiekosten IPO .......................................................................................................................... 41
Alternatief systeem ........................................................................................................................ 43
Going private (publiek -> privé) .......................................................................................................... 43
Seasoned equity offering (SEO: kapitaalophaling) ............................................................................. 44
SEO koersdaling .............................................................................................................................. 44
Rights Issues ................................................................................................................................... 44
Private placements bij beursgenoteerde ON ................................................................................. 46
Beursnotering VS Delisting ................................................................................................................. 46
2
, Verwerven kapitaal H15 Extra oefeningen ........................................................................................ 47
Les 3: Kapitaalstructuur.......................................................................................................................... 51
Waarde creatie ................................................................................................................................... 51
Kapitaalstructuur ............................................................................................................................ 52
Modigliani & Miller............................................................................................................................. 55
Eerste propositie I: Vu = VL.............................................................................................................. 55
Tweede proposotie II: WACC is constant ....................................................................................... 57
De proposities naast elkaar ............................................................................................................ 61
Kapitaalstructuur in de praktijk .......................................................................................................... 61
Homemade leveraging: lenen aan zelfde taruef? .......................................................................... 61
Tax Shield: kapitaalstructuur en belastingen ................................................................................. 61
Financial distress ............................................................................................................................ 65
Eigen vermogen als kussen ............................................................................................................ 67
Theorieen van kapitaalstructuur ........................................................................................................ 69
1. Trade-off theorie .................................................................................................................... 69
2. Pecking order theory .............................................................................................................. 69
Conclusie ........................................................................................................................................ 70
In de praktijk................................................................................................................................... 71
Dynamische kapitaalstructuurmodellen ........................................................................................ 72
Kapitaalstructuur H16 extra oefeningen ............................................................................................ 73
Les 4: Dividendenbeleid ......................................................................................................................... 85
Cash dividend : stahndaard gang van zaken ...................................................................................... 85
Aankondiging .................................................................................................................................. 85
Prijsreacties op dividend ................................................................................................................ 86
Homemade dividends .................................................................................................................... 86
Conclusie ........................................................................................................................................ 87
In de praktijk....................................................................................................................................... 87
Cash dividend id/ praktijk............................................................................................................... 87
Stock dividend i/d praktijk ............................................................................................................. 87
Inkoop eigen aandelen ................................................................................................................... 88
Payout policy: theorie ........................................................................................................................ 89
Lintner 1956 ................................................................................................................................... 89
Payout en bedrijfswaarde .............................................................................................................. 89
Payout policy in de realiteit ............................................................................................................... 91
1. Clientèle effect ........................................................................................................................... 91
2. Belastingen ................................................................................................................................. 91
3
, Payout in de praktijk ...................................................................................................................... 93
Extra oefeningen Dividendenbeleid H17 ........................................................................................... 95
Les 4: M&A ............................................................................................................................................. 98
Types .................................................................................................................................................. 98
Boekhoudkundig ................................................................................................................................ 99
Argumenten voor overname ............................................................................................................ 100
Waarom de meeste overnames mislukken ................................................................................. 100
Foute argumenten voor een fusie/overname ............................................................................. 100
Divestitures .................................................................................................................................. 101
Corporate raiding ......................................................................................................................... 101
Defensiemechanismen dus verzet tegen overname........................................................................ 102
Reactie van management............................................................................................................. 102
Corporate charter......................................................................................................................... 102
Bekende technieken – M&A-vocabulair ...................................................................................... 102
Japanse Keiretsu ........................................................................................................................... 103
Case study: ABN AMRO ................................................................................................................ 103
Prijsreactie/Koersreacties ................................................................................................................ 104
Corporate Governance ..................................................................................................................... 106
Extra oefeningen H21 Fusies & Overnames (M&A) ......................................................................... 107
Les 5: Risk Management ...................................................................................................................... 110
Forwards ........................................................................................................................................... 110
Futures ............................................................................................................................................. 111
Voorbeeld ..................................................................................................................................... 111
Futures termen............................................................................................................................. 111
Hedging ........................................................................................................................................ 112
Speculeren met futures en forwards ........................................................................................... 115
Swaps................................................................................................................................................ 115
Les 5&6: Opties .................................................................................................................................... 118
Achtergrond ..................................................................................................................................... 118
Hedging met opties .......................................................................................................................... 122
Synthese ........................................................................................................................................... 125
Forwards & Futures ...................................................................................................................... 125
Opties ........................................................................................................................................... 125
Pariteiten (put-call) ...................................................................................................................... 126
Optiestrategieën .............................................................................................................................. 127
Waardering van optie....................................................................................................................... 128
4
