| Course Unit Code | 154-0336/03 |
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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. Approaches and methods of company´s financial performance assessment, pyramidal decomposition, DuPont system. Methods for influence quantification.
2. Financial risk assessment, financial and operating leverage. Rules for financing of assets.
3. Credit models for company´s financial health assessment.
4. Traditional measurements for assessment of the company´s financial performance.
5. Value-based measurements of the company´s financial performance (EVA, MVA, CFROI etc.).
6. Costs of capital, capital structure optimization. Miller- Modigliani model.
7. Investment project valuation under certainty.
8. Dividend policy of a company. Forms of dividends. Factors affecting dividend policy of a company.
9. Taxation of dividends.
10. Mergers and acquisitions.
11. Company valuation approaches.
12. Valuation methods under certainty. DCF methods, assets-based methods, combined methods.
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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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| Credit and Examination | Credit and Examination | 100 (100) | 51 |
| Credit | Credit | 25 (25) | 13 |
| Zápočtová písemka | Written test | 25 | 13 |
| Examination | Examination | 75 | 38 |