Czech

6

After completion of the course, student is able:
- to define company tasks and goals according to business life cycle;
- to decide on suitability of stock issues for business financing;
- to communicate with company investors, including venture capital funds;
- to decide, whether to own or to lease assets;
- to apply company valuation methods;
- to characterize content of business plan and methods of its creating, as well as to create financial sub-plans;
- to quantify optimal level of net working capital;
- to decide on making and accepting commercial loans;
- to understand risks of financial and investment decision making and to know ways how to consider and minimize them.
- to know short-term liquidity management tools.

For successful completion of the course, you must have knowledge of accounting, be able to perform financial analysis and interpret the results of the financial analysis, understand the importance of a functioning financial market, have knowledge of the banking, financial mathematics and business economics.

Not applicable.

The course contains lectures that explain principles, decisions problems and methodology of the discipline, and exercises that promote the practical knowledge of the subject presented in the lectures.

Credit requirements:
Successful completion of each of the tests including the final one. All according to the time plan published in the news of the subject. For the successful completion test is considered a test in which the student reaches at least 50 % of points. This assessment can not be repaired.
In case that students reaches at least 85 % of all point at the first try, he may apply to register the classification of the course E respectively D without the participation at the exam test.

EXAM:
Course and evaluation of the exam:
The exam is written and focuses on the evaluation of student's ability to solve typical examples and the check of his theoretical knowledge. The classification obeys the Study and examination rules of BUT, i.e. for the successful passing of the exam is necessary to reach at least 50% of all points. The overall subject classification is based on the results gained during the semester and at the exam, each part (seminar results, written exam) has weight of 50%.

1. Company financial management. Aspects of strategic financial management. Content of financial management during different business life cycle phases.
2. Company financial goals. Economic Value Added.
3. Financing strategy – Equity financing (internal, external – stocks issue: capital market, types of stocks and related rights).
4. Financing strategy – Equity financing (external – stocks issue: increasing of owner's equity, venture capital).
5. Financing strategy – Debt capital (bonds, bank loan).
6. Financing strategy – Debt capital (leasing). Costs of capital and their utilization in financial decision making.
7. Financing strategy – Company capital structure optimalization. Company dividend policy.
8. Market company valuation. Strategic company valuation. Financial Planning.
9. Investment strategy – types of investment strategy. Capital Planning. Risks in investment projects.
10. Company liquidity management. Net working capital management
11. Credit management. Discount.
12. Cash management.
13. Foreign exchange risk management.

Not applicable.

The aim of the subject is to make students familiar with company financial management problems with stress on effective fund raising and capital investing. From this point of view:
- to present principles of decision-making about utilization of company financial resources;
- to give consideration to financial planning issues including risk analysis;
- to address a problem of company liquidity management.

Attendance at lectures is not compulsory, but is recommended. Attendance at seminars is checked by the tutor. Lessons are composed on the basis of weekly schedules. Way of substituting missed lessons is fully in competence of a teacher.

Not applicable.

Not applicable.

BRIGHAM, E. F. & EHRHARDT, M. C. Financial Management: Theory and Practice, 2011, 1152 s. ISBN 978-1-4390-7809-9
REŽŇÁKOVÁ, M. a kol. Řízení platební schopnosti podniku. Praha: Grada, 2010. 200 s. ISBN ISBN 978-80-247-3441-5
REŽŇÁKOVÁ, M. Efektivní financování rozvoje podnikání. Praha: Grada, 2012. ISBN 978-80-247-1835-9
KISLINGEROVÁ, E. a kol. Manažerské finance. 2. přeprac. a rozš. vyd. Praha: C. H. Beck, 2007. 745 s. ISBN 978-80-7179-903-0.

REŽŇÁKOVÁ, M. Finanční management: studijní text pro kombinovanou formu studia. 1. díl. 3 akutaliz a rozš. vyd., Brno: CERM, 2005. 125 s.
REŽŇÁKOVÁ, M. Finanční management: studijní text pro kombinovanou formu studia. 2. díl. 3. aktualiz. a rozš. vyd. Brno: CERM, 2005. 125 s.
MAŘÍK, M. MAŘÍKOVÁ, P. Moderní metody hodnocení výkonnosti a oceňování podniku: ekonomická přidaná hodnota, tržní přidaná hodnota, CF ROI. Přeprac. a rozš. vyd. Praha: Ekopress, 2005. 164 s. ISBN 80-86119-61-0.
VALACH, J. Investiční rozhodování a dlouhodobé financování. 2. přeprac. vyd. Praha: Ekopress, 2009.
BREALEY, R.A. a MYERS, C.S. Teorie a praxe firemních financí. Praha: Computer Press, 2000. 1064 s. ISBN 80-7226-189-4.
DAMODARAN, A. Applied corporate finance. 3rd Edition. John Wiley&Sons, 2011. ISBN 978-0-470-38464-0. (EN)

26 hours, compulsory

Seminars:
1. Cash Flow.
2. Dynamic decomposition of ROE indicator, using several approaches
3. Composition of the financial plan
4. Short test. The EVA calculation based on the company's financial statements
5. Calculation of the cost of equity by using several approaches
6. Short test. Cost of debt capital
7. WACC and its application
8. Investment cash flow planning and assessment methods application
9. Short test. Risk in investment decision making
10. NWC management
11. Foreign exchange rate risk hedging
12. Reserve