Learning objectives / competencies
Ziel des Moduls ist neben der Vermittlung eines umfänglichen themenbezogenen Know hows das Schaffen einer anwendungsorientierten, auf den Berateralltag bezogenen vernetzten Perspektive.
Das Modul setzt sich aus den Veranstaltungen „Corporate Finance I" und „Corporate Finance II" zusammen.
Expertise als Berater
- Investitions- und Finanzierungsentscheidungen vorzubereiten/Kontrollrechnungen im Hinblick auf Ziel-/Prämissen- und Fortschrittskontrolle durchzuführen
- Working Capital Management-Maßnahmen zu planen und zielgerichtet einzusetzen
- Konzepte zum Wertmanagement zu entwickeln und zu implementieren; dies in Abh. kundenorientierter Vor-gaben wie z.B.
o größenstrukturelle Merkmale
Corporate Finance I
Corporate Finance is an integrated management approach dealing with the financial decisions corporations make and the tools and analysis used to make these decisions on a high level of quality. Laying emphasis on a traditional point of view, the focus here is on managing cash, inventories, Corporate Finance the primary goal is to maximize corporate value.
Generally the discipline can be divided into a long-term and short-term decision making. Capital investment decisions are long-term choices about which projects receive investment, whether to finance investments with equity, debt or mezzanine capital, and to decide about the dividend policy. The Shareholder Vaule Concept - as an essential in context of managing a company - will also be covered.
On the other hand, the short term decisions can be grouped using the heading "Working capital management". This subject deals with the short-term balance of current assets and current liabilitiesand short-term borrowing and lending (described as accounts receivables).
Due to didactical reasons the lesson Corporate Finance is divided in two parts (Corporate Finance I offered in winter term and Corporate Finance II in summer term each year).
Corporate Finance I keeps focus on the traditional field of Investment and Finance. Based upon an introduction which answers the general question "Which are the tasks of a CFO?" the lesson is divided into three parts:
Part 1 Objects of investments
Part 2 Net Present Value and other Investment Criteria
Part 3 Accounting & Finance
Profit & Loss Statement*
Cash flow Statement
Alternatives of financing
Part 4 Working Capital Management
*A deeper insight to the topic of profit & loss statement will be given in the modules Accounting I and II.
Part two, three and four apply case studies to pursue the required practical approach.
Brealey, R.A./Myers, S.C./ Marcus, A. J.: Fundamentals of Corporate Finance, 5th edn., New York 2004.
Handout Investment & Finance, Prof. Dr.D. May, Prof. Dr. R. Fischer, University of AS Offenburg.
Arnold, G./Davies M. (ed.): Value-based Management: Context and Application, New York et al 2000.
Brealey, R. A./Myers, S.C.: Principles of Corporate Finance, 9th edn., New York 2008.
Copeland, T. E./Koller, T./Murrin, J. F.: Valuation: Measuring and Managing the Value of Companies, 3nd edn., New York 2000.
Eccles, R. et al: The Value Reporting Revolution, New York et al 2001.
Hawawini, G.: Finance for Executives: Managing for Value Creation, Cincinnati 1999.
Schwenker, B./Spremann, K.: Management between Strategy and Finance, Berlin 2009.
S. David Young and Stephen F. O’Byrne: EVA and Value-Based Management: A Practical Guide to Implementation, McGraw-Hill, 2001.
Corporate Finance II
Corporate Finance II keeps focus on the so-called Value Based Management which is mainly represented by the Shareholder Value Concept - an interdisciplinary approach that aligns resource allocation, financial and accounting theory and competitive analysis with the impact of creating value.
The seminar is divided into different modules that present an overview of different perspectives:
Module 1 General Framework: Introduction to value thinking
Module 2 Financial Valuation Framework: VBM and financial theory
Module 3 Strategic Valuation Framework: VBM and competitive analysis
Module 4 Technical Framework: Valuation techniques
Dealing with the first module students are introduced to value thinking. Value measures are contrasted to accounting measures. In the second module a financial perspective is taken. In the third module the strategic context is given. Module four presents an overview of different valuation methods (especially the discounted cash flow method and the economic value added approach).
In each module theory is applied on cases that focus on an international context. The cases explore the difficulties of implementing value based metrics in companies and deal with the transformation of enterprises under VBM.
Based on the case studies the lecturers moderate and comment different opinions of the groups to give students an impression of alternative solutions. Finally, each student has to work out an analyst report of a chosen company.
Arnold, G./Davies, M. (ed.): Value-based Management: Context and Application, New York et al 2000, (WD 691a).
Brealey, R. A./Myers, S. C.: Principles of Corporate Finance, 9th edn., New York 2008, (WO 216a).
Copeland, T. E./Koller, T./Murrin, J. F.: Valuation: Measuring and Managing the Value of Companies, 3nd edn., New York 2000, (WD 026b).
Eccles, R. et al: The Value Reporting Revolution, New York et al 2001, (WR 190 a).
Hawawini, G.: Finance for Executives: Managing for Value Creation, Cincinnati 1999, (WO 232a).
Kaplan, R. S./Norton, D. P.: The Balanced Scorecard: Translating strategy into action, Harvard 1996, (WD 617a).
Martin, J. D./Petty, J. W.: Value-Based Management, Harvard 2000, (WD 413a).
Rappaport, A.: Creating Shareholder Value: A Guide for Managers and Investors, 2nd edn., New York 1998, (WX 039a).
Schwenker, B./Spremann, K.: Management between Strategy and Finance, Berlin 2009 (WD 920a).
S. David Young and Stephen F. O‘Byrne: EVA and Value-Based Management: A Practical Guide to Implementation, McGraw-Hill, 2001.