Financieel Management
1 Financieringslandschap ......................................................................................................... 4
1.1 Financieringsmodaliteiten ........................................................................................................... 4
1.2 Het ondernemerslandschap ........................................................................................................ 4
1.3 Kredietcultuur.............................................................................................................................. 7
1.4 Bankenlandschap ........................................................................................................................ 8
1.5 Landschap van risicokapitaal ....................................................................................................... 8
1.6 ESG-score ..................................................................................................................................... 9
EXTRA: Financiële wereld en gender ..................................................................................................... 10
2 Financieel management ...................................................................................................... 10
2.1 Financieel management: concept ............................................................................................. 10
2.2 Het financiële beheersinstrument............................................................................................. 11
2.3 Financieel management in Enge zin .......................................................................................... 20
2.4 Financieel management in Ruime zin ....................................................................................... 24
2.5 Nabeschouwingen bij het financieel management ................................................................... 30
3 Waardering van de onderneming ........................................................................................ 31
3.1 Belang ........................................................................................................................................ 31
3.2 Traditionele benadering (organische groei) .............................................................................. 32
3.3 Waardering bij anorganische groei ........................................................................................... 36
4 Kredieten en risicoanalyse................................................................................................... 40
4.1 Optimale kapitaalstructuur ....................................................................................................... 40
4.2 De kredietbehoefte ................................................................................................................... 40
4.3 Financieringsvormen ................................................................................................................. 42
4.4 De leverancier als kredietgever ................................................................................................. 43
4.5 De financiële instellingen .......................................................................................................... 46
4.6 Waarborgen............................................................................................................................... 55
4.7 Overheidswaarborg ................................................................................................................... 58
4.8 Risicoanalyse ............................................................................................................................. 59
4.9 Kredietwijgering ........................................................................................................................ 60
4.10 Corona & liquiditeit ................................................................................................................... 60
4.11 Marktfalen ................................................................................................................................. 61
4.12 Werking van kredieten en waarborgen..................................................................................... 61
5 Mezzanine .......................................................................................................................... 62
5.1 Introductie ................................................................................................................................. 62
5.2 Hybride financieringsvorm ........................................................................................................ 63
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5.3 Kenmerken ................................................................................................................................ 64
5.4 Belang ........................................................................................................................................ 65
5.5 Groei .......................................................................................................................................... 66
6 Formeel risicokapitaal ......................................................................................................... 66
6.1 Definities.................................................................................................................................... 68
6.2 Investee en investeerder ........................................................................................................... 70
6.3 Due diligence ............................................................................................................................. 72
6.4 Werking en financieringsbronnen ............................................................................................. 72
6.5 Het agentschapsprobleem en carried interest.......................................................................... 73
6.6 Waarde risicokapialist voor/tijdens/na de investering ............................................................. 75
6.7 De andeelhoudersovereenkomst .............................................................................................. 75
6.8 Risicokapitaal voor overnamefinanciering ................................................................................ 76
6.9 Corporate venturing .................................................................................................................. 76
6.10 Risicokapitaal voor starters ....................................................................................................... 77
6.11 Risicokapitaal en de overheid.................................................................................................... 78
6.12 Conclusie ................................................................................................................................... 79
7 Business Angels................................................................................................................... 80
7.1 Concept ..................................................................................................................................... 80
7.2 Typologie ................................................................................................................................... 81
7.3 Belang ........................................................................................................................................ 82
7.4 Informeel vs formeel ................................................................................................................. 83
7.5 Business angels-netwerken (BAN)............................................................................................. 84
7.6 Business angels en de overheid................................................................................................. 87
7.7 Het investeringsproces .............................................................................................................. 88
7.8 Conclusie ................................................................................................................................... 89
8 Lovemoney & crowdfunding................................................................................................ 89
8.1 Concept ..................................................................................................................................... 89
8.2 Werking ..................................................................................................................................... 89
8.3 Love money vs Business angel................................................................................................... 90
8.4 Buurtfondsen ............................................................................................................................. 90
8.5 Crowdfunding ............................................................................................................................ 91
8.6 Lovemoney stimuleren .............................................................................................................. 92
8.7 Conclusie ................................................................................................................................... 94
9 Uitgifte van aandelen .......................................................................................................... 94
9.1 De beurzen ................................................................................................................................ 94
9.2 Initial Public Offering (IPO) ........................................................................................................ 95
Financieringslandschap
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9.3 Kapitaalverhoging ...................................................................................................................... 96
9.4 Initial Coin Offering (ICO) .......................................................................................................... 97
9.5 Delisting ..................................................................................................................................... 97
9.6 Beurswaarde vs intrinsieke waarde .......................................................................................... 98
10 Bazel ............................................................................................................................... 98
10.1 Belang ........................................................................................................................................ 98
10.2 Bazel I ........................................................................................................................................ 99
10.3 Bazel II ....................................................................................................................................... 99
10.4 Bazel III .................................................................................................................................... 105
10.5 Bazel IV .................................................................................................................................... 106
10.6 Bazel voor de ondernemer & banken ..................................................................................... 107
10.7 Slotbedenking .......................................................................................................................... 107
10.8 Coronamaatregelen & Bazel.................................................................................................... 108
Financieringslandschap
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1 Financieringslandschap
1.1 Financieringsmodaliteiten
Voor en nadelen van verschillende financieringsbronnen:
Type investeringsgeld = f(aard onderneming, ontwikkelingsfase)
• 0ntwikkelingsfase (zie figuur hieronder)
• Aard onderneming (zie 1.2)
Figuur 1: Verband tussen financieringsbron en stadium van investering
1.2 Het ondernemerslandschap
Het type van onderneming zal ook een invloed hebben op de financieringsvorm:
Financieringslandschap
1 Financieringslandschap ......................................................................................................... 4
1.1 Financieringsmodaliteiten ........................................................................................................... 4
1.2 Het ondernemerslandschap ........................................................................................................ 4
1.3 Kredietcultuur.............................................................................................................................. 7
1.4 Bankenlandschap ........................................................................................................................ 8
1.5 Landschap van risicokapitaal ....................................................................................................... 8
1.6 ESG-score ..................................................................................................................................... 9
EXTRA: Financiële wereld en gender ..................................................................................................... 10
2 Financieel management ...................................................................................................... 10
2.1 Financieel management: concept ............................................................................................. 10
2.2 Het financiële beheersinstrument............................................................................................. 11
2.3 Financieel management in Enge zin .......................................................................................... 20
2.4 Financieel management in Ruime zin ....................................................................................... 24
2.5 Nabeschouwingen bij het financieel management ................................................................... 30
3 Waardering van de onderneming ........................................................................................ 31
3.1 Belang ........................................................................................................................................ 31
3.2 Traditionele benadering (organische groei) .............................................................................. 32
3.3 Waardering bij anorganische groei ........................................................................................... 36
4 Kredieten en risicoanalyse................................................................................................... 40
4.1 Optimale kapitaalstructuur ....................................................................................................... 40
4.2 De kredietbehoefte ................................................................................................................... 40
4.3 Financieringsvormen ................................................................................................................. 42
4.4 De leverancier als kredietgever ................................................................................................. 43
4.5 De financiële instellingen .......................................................................................................... 46
4.6 Waarborgen............................................................................................................................... 55
4.7 Overheidswaarborg ................................................................................................................... 58
4.8 Risicoanalyse ............................................................................................................................. 59
4.9 Kredietwijgering ........................................................................................................................ 60
4.10 Corona & liquiditeit ................................................................................................................... 60
4.11 Marktfalen ................................................................................................................................. 61
4.12 Werking van kredieten en waarborgen..................................................................................... 61
5 Mezzanine .......................................................................................................................... 62
5.1 Introductie ................................................................................................................................. 62
5.2 Hybride financieringsvorm ........................................................................................................ 63
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5.3 Kenmerken ................................................................................................................................ 64
5.4 Belang ........................................................................................................................................ 65
5.5 Groei .......................................................................................................................................... 66
6 Formeel risicokapitaal ......................................................................................................... 66
6.1 Definities.................................................................................................................................... 68
6.2 Investee en investeerder ........................................................................................................... 70
6.3 Due diligence ............................................................................................................................. 72
6.4 Werking en financieringsbronnen ............................................................................................. 72
6.5 Het agentschapsprobleem en carried interest.......................................................................... 73
6.6 Waarde risicokapialist voor/tijdens/na de investering ............................................................. 75
6.7 De andeelhoudersovereenkomst .............................................................................................. 75
6.8 Risicokapitaal voor overnamefinanciering ................................................................................ 76
6.9 Corporate venturing .................................................................................................................. 76
6.10 Risicokapitaal voor starters ....................................................................................................... 77
6.11 Risicokapitaal en de overheid.................................................................................................... 78
6.12 Conclusie ................................................................................................................................... 79
7 Business Angels................................................................................................................... 80
7.1 Concept ..................................................................................................................................... 80
7.2 Typologie ................................................................................................................................... 81
7.3 Belang ........................................................................................................................................ 82
7.4 Informeel vs formeel ................................................................................................................. 83
7.5 Business angels-netwerken (BAN)............................................................................................. 84
7.6 Business angels en de overheid................................................................................................. 87
7.7 Het investeringsproces .............................................................................................................. 88
7.8 Conclusie ................................................................................................................................... 89
8 Lovemoney & crowdfunding................................................................................................ 89
8.1 Concept ..................................................................................................................................... 89
8.2 Werking ..................................................................................................................................... 89
8.3 Love money vs Business angel................................................................................................... 90
8.4 Buurtfondsen ............................................................................................................................. 90
8.5 Crowdfunding ............................................................................................................................ 91
8.6 Lovemoney stimuleren .............................................................................................................. 92
8.7 Conclusie ................................................................................................................................... 94
9 Uitgifte van aandelen .......................................................................................................... 94
9.1 De beurzen ................................................................................................................................ 94
9.2 Initial Public Offering (IPO) ........................................................................................................ 95
Financieringslandschap
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9.3 Kapitaalverhoging ...................................................................................................................... 96
9.4 Initial Coin Offering (ICO) .......................................................................................................... 97
9.5 Delisting ..................................................................................................................................... 97
9.6 Beurswaarde vs intrinsieke waarde .......................................................................................... 98
10 Bazel ............................................................................................................................... 98
10.1 Belang ........................................................................................................................................ 98
10.2 Bazel I ........................................................................................................................................ 99
10.3 Bazel II ....................................................................................................................................... 99
10.4 Bazel III .................................................................................................................................... 105
10.5 Bazel IV .................................................................................................................................... 106
10.6 Bazel voor de ondernemer & banken ..................................................................................... 107
10.7 Slotbedenking .......................................................................................................................... 107
10.8 Coronamaatregelen & Bazel.................................................................................................... 108
Financieringslandschap
, 4
1 Financieringslandschap
1.1 Financieringsmodaliteiten
Voor en nadelen van verschillende financieringsbronnen:
Type investeringsgeld = f(aard onderneming, ontwikkelingsfase)
• 0ntwikkelingsfase (zie figuur hieronder)
• Aard onderneming (zie 1.2)
Figuur 1: Verband tussen financieringsbron en stadium van investering
1.2 Het ondernemerslandschap
Het type van onderneming zal ook een invloed hebben op de financieringsvorm:
Financieringslandschap
