ondernemings- financiering i brealey, myers & marcus, fundamentals of corporate finance, 4th...
TRANSCRIPT
![Page 1: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/1.jpg)
Ondernemings-financiering I
Brealey, Myers & Marcus, Fundamentals of
corporate finance, 4th ed., McGraw Hill, 2004
Toledo (2005-2006)
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Fundamentals of Corporate Finance, 4th Edition, 2004
Richard A. Brealey
Stewart C. Myers
Alan J. Marcus
McGraw Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved
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Role of The Financial Manager
Financialmanager
Firm'soperations
Financialmarkets
(1) Cash raised from investors
(1)
(2) Cash invested in firm
(2)
(3) Cash generated by operations
(3)
(4a) Cash reinvested
(4a)
(4b) Cash returned to investors
(4b)
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Role of The Financial Manager
Financialmanager
Firm'soperations
Financialmarkets
(1) Cash raised from investors
(1)
(2) Cash invested in firm
(2)
(3) Cash generated by operations
(3)
(4a) Cash reinvested
(4a)
(4b) Cash returned to investors
(4b)
Investerings-beslissingen
Financierings-beslissingen
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Twee soorten beslissingen:– investeringsbeslissing
(« spending money »)– financieringsbeslissing
(« raising money »)
Scheiding eigendom en management
(Positieve) tijdwaarde van geld intrestrekening, waardering
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Financiële verrichtingen onder zekerheid en onzekerheid:– tijdwaarde van geld– investeringsbeslissingen– aandelen- en obligatiewaardering– consumentenkrediet– portefeuilletheorie– gewogen gemiddelde kapitaalkosten– opties
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Twee delen:
– begrippen + verwerking– verwerking met Excel
Examen: opgesplitst in twee (10+10/20)
!! SetupFinancePV_5_0.exe !!
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Overzicht
tijdwaarde van geld
annuïteiten
Excel
aandelen
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Tijdwaarde van geld
return
samengestelde intrest
andere “rentevoeten”
inflatie
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Voorbeeld
tijd
waarde
0 2
1 000 1 200
-1 000 1 200In feite:
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Return
Problemen:1) toewijzing over jaren heen
2) betrekken op begin- of eindwaarde
%202.01000
200
1000
100012001
0
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1) toewijzing over jaren heen
--> annualiseren:lineairsamengesteld
2) betrekken op begin- of eindwaarde
--> intrestrekening discontorekening
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Samengestelde intrest
2r110001200
%54.912.1r
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S.I.: algemeentijd
waarde
0 n
V0 Vn
n0n r1VV kapitalisatieformule
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Consistent principe: S.I.Vb.: belegging 100 EUR,
brengt eerste jaar 100% op
en tweede jaar verlies van 50%
Rendement: %252
%50%100
Werkelijk: 0%
2r1100)5.01()11(100
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S.I.
n0n r1VV 4 grootheden: de kennis van
drie ervan laat toe om de
vierde te berekenen
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Klassiekers
actualisatieformule
nn0 r1VV
n0n r1VV
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Klassiekers
rendementsformule
n0n r1VV
1V
Vr n
0
n
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Klassiekers
looptijdformule
n0n r1VV
r1ln
VV
ln
n 0
n
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Deelperioden in een jaar
maandelijkse rentevoet: 0.5%
op jaarbasis: ???
%6%05.012:genkelvoudi
1005.01:ldsamengeste 12
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Nominale rentevoet verrekend per deelperiode
rentevoet p per 1/q-de jaar
pq:j q
APR: Annual Percentage Rate
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effectieve rentevoet r:
q
q
j1p1r1
Nominale rentevoet verrekend per deelperiode
rentevoet p per 1/q-de jaar
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Continue rentevoet
j:J
J
q
qe
q
J1limr1
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Continue rentevoet
r1lnJ
1er J
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Inflatie uniforme inflatievoet g(°/1)
Om op t=1 over een koopkracht 1 EUR te beschikken in termen van geld nu, heb je 1 + g EUR nodig
Tijd: 0 1
waarde: 1 <---> 1+g
Nominale rentevoet iReële rentevoetiR
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InflatieTijd: 0 1
waarde: 1 <---> 1+g
dus: 1/(1+g)<---> 1
nominaal: 1 -------------> 1+i
Deze 1+i stemt nu overeen met een koopkracht van
g1
i1
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g1
i1i1 R
Nominale rentevoet i
Reële rentevoet iR
Inflatie uniforme inflatievoet g(°/1)
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g1
giiR
Nominale rentevoet i
Reële rentevoet iR
Inflatie uniforme inflatievoet g(°/1)
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gig1
giiR
voor kleine g:
Inflatie
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Annuïteiten
post- en prenumerando
slot- en aanvangswaarde
perpetuïteiten
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Annuïteiten
periodische (jaarlijkse) betaling van een vast bedrag (a) dat vanaf de storting S.I. aan r peruun (per jaar) opbrengt
tijd
waarde
0 1 2 3 n-1 n4
a a a a aa
.....
.....
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Postnumerando annuïteit
tijd
waarde
0 1 2 3 n-1 n4
a a a a aa
.....
.....
Prenumerando annuïteit
tijd
waarde
0 1 2 3 n-1 n4
a a a aa
.....
.....a
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Postnumerando annuïteit
tijd
waarde
0 1 2 3 n-1 n4
a a a a aa
.....
.....
Slotwaarde
(FV)
Aanvangswaarde,contante waarde
(PV)
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Prenumerando annuïteit
tijd
waarde
0 1 2 3 n-1 n4
a a a aa a
.....
.....
Slotwaarde
(FV)
Aanvangswaarde,contante waarde
(PV)
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Slotwaarde (post)
1)r1(
1r1a
)r1()r1()r1()r1()r1(1a
)r1(a)r1(a)r1(a)r1(a)r1(aaW
n
1n2n3n2
1n2n3n2n
2 3 n 1
2 3 n 1 n
n
S 1 X X X X
X S X X X X X
S X S 1 X
n n1 X X 1S
1 X X 1
omdat
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Slotwaarde (post)
r
1r1aW
n
n
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Aanvangswaarde (post)
r
r11aW
n
0
nn0 r1WW
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Prenumerando
“annuity due”
tijd
waarde
0 1 2 3 n-1 n4
a a a aa a
.....
.....
1nduur,post0
nduur,pre0 WaW
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Prenumerando (alt.)
tijd
waar-de
0 1 2 3 n-1 n4
a a a aa a
.....
.....
)r1(WW nduur,post0
nduur,pre0
-1
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Prenumerando: slotwaarde
tijd
waarde
0 1 2 3 n-1 n4
a a a aa a
.....
.....
aWW 1nduur,postn
nduur,pren
a
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tijd
waarde
0 1 2 3 n-1 n4
a a a aa a
.....
.....
)r1(WW nduur,postn
nduur,pren
Prenumerando: slotwaarde (alt.)
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Perpetuïteiten
tijd
waarde
0 1 2 3 4
a a aa
.................
Aanvangswaarde
.........….....
r
1aW )(
0 als r > 0
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Perpetuïteiten (bewijs)
als r > 0
r
1aW )(
0
r
1a
r
r11limaW
n
n
)(0
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Omgekeerde weg (BM)
als r > 0r
1aW )(
0
)(0W
ar nl.
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Postnumerando annuïteit
tijd
waarde
0 1 2 3 n-1 n4
a a a a aa
.....
..... .....
.....
nduur,post0
duur,post0
nduur,post0 r1WWW
![Page 46: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/46.jpg)
Excel: financiële functies
= FV(rate, nper, pmt, pv, type)
= PV(rate, nper, pmt, fv, type)
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Excel: FUTURE VALUE
= FV(rate, nper, pmt, pv, type)
Vn= FV(r, n, 0, -V0)
Wn= FV(r, n, -a) = FV(r, n, -a,0)
Wnpre= FV(r, n, -a,1)
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Excel: PRESENT VALUE
= PV(rate, nper, pmt, fv, type)
V0= PV(r, n, 0, -Vn)
W0= PV(r, n, -a) = PV(r, n, -a,0)
W0pre= PV(r, n, -a,1)
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Excel: klassiekers
= RATE(nper, pmt, pv, fv, type, guess)
= NPER(rate, pmt, pv, fv, type)
= PMT(rate, nper, pv, fv, type)
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Excel: deelperioden
= EFFECT(nominal_rate, npery)
!!! add-in: Analysis Toolpak
= NOMINAL(effect_rate, npery)
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Aandelen
exponentieel groeiende perpetuïteit
Dividend Discount Model
Two Stage Model
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tijd
waarde
0 1 2
a (1+g)a
3
a (1+g)2
4
a (1+g)3
............
............
Uniforme groeivoet g (°/1)
Exponentieel groeiende perpetuïteiten
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Exponentieel groeiende perpetuïteiten
r1g1
1
1
r1
a
)r1(
)g1(
r1
g11
r1
a
)r1(
)g1(a
)r1(
)g1(a
r1
aW
2
2
3
2
2)(
0
![Page 54: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/54.jpg)
1r1
g1
als
d.w.z. als g < r
132 X1XXX1
als X < 1
want
![Page 55: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/55.jpg)
Gordon-Shapiro formule (Dividend Discount Model)
als g < r
gr
aW )(
0
![Page 56: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/56.jpg)
Aandeel met constante dividendengroei
als g < r
gr
DP 1
0
![Page 57: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/57.jpg)
Dividend Discount Model: g=0
als 0 < r
r
DP 1
0
cf. perpetuïteit
![Page 58: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/58.jpg)
Two stage modeltijd
waarde
0 1 2 3 4
Constante groei
D1
.....
.....D2
D3 D4
Dt+1 = Dt (1+g) voor t >=3
![Page 59: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/59.jpg)
Two stage modeltijd
waarde
0 1 2 3 4
D1
.....
.....
D2
D3 D4
gr
D3
![Page 60: Ondernemings- financiering I Brealey, Myers & Marcus, Fundamentals of corporate finance, 4th ed., McGraw Hill, 2004 Toledo (2005-2006)](https://reader033.vdocuments.mx/reader033/viewer/2022061512/5551a0ef4979591f3c8b981c/html5/thumbnails/60.jpg)
Two stage modeltijd
waarde
0 1 2 3 4
D1
.....
gr
DD 3
2
2
32
10 )r1(
grD
D
r1
DP