| Course Unit Code | 154-0336/02 |
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| Number of ECTS Credits Allocated | 5 ECTS credits |
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| Type of Course Unit * | Compulsory |
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| Level of Course Unit * | First Cycle |
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| Year of Study * | Second Year |
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| Semester when the Course Unit is delivered | Summer Semester |
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| Mode of Delivery | Face-to-face |
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| Language of Instruction | Czech |
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| Prerequisites and Co-Requisites | |
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| Prerequisities | Course Unit Code | Course Unit Title |
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| 154-0335 | Corporate Financial Management A |
| Name of Lecturer(s) | Personal ID | Name |
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| DLU30 | prof. Dr. Ing. Dana Dluhošová |
| CUL33 | doc. Ing. Miroslav Čulík, Ph.D. |
| Summary |
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| This course is devoted to the key issues of the financial management of a company, particularly analysis of the financial performance of a company, long-term financing, capital budgeting and valuation. Attention is paid to the capital structure optimization including cost of capital, company´s growth strategy, capital budgeting and investment decision-making, dividend theories and dividend policies of a company, approaches and methodology of company valuation. |
| Learning Outcomes of the Course Unit |
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The main aim of the subject is to deepen the knowledge in the area of financial management and decision-making by applying methods, anaysis and approaches obtained by graduating this course.
Students will be able:
- to undertake deeper financial analysis of a firm,
- to evaluate investment projects under different financing situations,
- to evaluate financial performance of a firm,
- to compare and evaluate financial sources of a firm,
- to propose financial plan of a firm.
- to evaluate a firm. |
| Course Contents |
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1. Fundamentals and metodology of company financial performance evaluation, DuPont analysis, pyramidal decompositions.
2. Financial risk evaluation, financial and operational leverage. Rules of assets financiang.
3. Predicition models for company financial performance evaluation.
4. Value-based measures of the company financial performance (EVA, MVA, CFROI, etc.).
5. Costs of capital, optimisation of the capital structure. Miller-Modigliani model.
6. Project valuation criteria under certainty.
7. Dividend policy of the company. Forms of dividends, factors affecting dividend policy.
8. Systems of dividends taxation.
9. Mergers and acquisitions.
10. Methods for company valuation, reasons for valuation.
11. Methods for company valuation under certainty. Property-based methods, DCF methods, combinated methods and thein importace.
12. Methods for company valuation under certainty. Property-based methods, DCF methods, combinated methods and thein importace.
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| Recommended or Required Reading |
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| Required Reading: |
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BROOKS, R.: Financial Management: Core Concepts. Addison Wesley, 2009.
BRINGHAM, E.F.: Financial Management: Theory and Practice. South Western College, 2008.
TENNENT, J. Guide to Financial Management. Bloomberg Press , 2008. |
BREALEY, Richard a Steward MYERS. Teorie a praxe firemních financí. Praha: Albatros Media, 2013. 1072 s. ISBN 80-7187-150-8.
DLUHOŠOVÁ, Dana a kol. Finanční řízení a rozhodování podniku.Analýza, investování,oceňování,riziko,flexibilita,interakce. Jesenice: EKOPRESS, 2021. 257 s. ISBN 978-80-87865-71-2.
DLUHOŠOVÁ, Dana a kol. Finanční řízení a rozhodování podniku. Praha: Ekopress, 2010. 226 s. ISBN 978-80-86929-68-2.
FOTR, Jiří a Jiří HNILICA. Aplikovaná analýza rizika ve finančním managementu a investičním rozhodování. Praha: Grada, 2014. 304 s. ISBN 978-80-247-5104-7.
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| Recommended Reading: |
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BLOCK, S.B., HIRT, G.A.: Foundations of Financial Management. McGraw-Hill, 2008.
MOYER,R.CH., McGUIGAN, J.R., RAO, R.P. Contemporary Financial Management. South-Western College Pub, 2011.
TITMAN, S., MARTIN, J.D., KEOWN, J.A. Financial Management: Principles and Applications. Prentice Hall, 2010. |
DAMODARAN, Answath. Applied Corporate Finance: A User´s Manual. New York: Wiley. 2005. 752 p. ISBN 978-0470384640.
BRIGHAM, Eugene. Financial Management: Theory & Practice. New York: South-Western College Pub, 2016. 1180 p. ISBN 130563229X.
HIGGINS, Robert. Analysis for Financial Management. New York: McGraw-Hill Education, 2015. 464 p. ISBN 978-0077861780.
FOTR, J.; SOUČEK, I. Investiční rozhodování a řízení projektů. Praha: Grada, 2011.
RICHTAROVÁ, Dagmar a kol. Sbírka příkladů z finančního řízení a rozhodování podniku. EkF VŠB-TU Ostrava, 2013. 208 s. ISBN 978-80-248-3169-5.
VALACH, J. a kol.: Investiční rozhodování a dlouhodobé financování. Praha: Ekopress, 2010.
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| Planned learning activities and teaching methods |
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| Lectures, Tutorials |
| Assesment methods and criteria |
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| Task Title | Task Type | Maximum Number of Points
(Act. for Subtasks) | Minimum Number of Points for Task Passing |
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| Exercises evaluation and Examination | Credit and Examination | 100 (100) | 51 |
| Exercises evaluation | Credit | 25 (25) | 13 |
| Written test | Written test | 25 | 13 |
| Examination | Examination | 75 | 38 |