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Lecturer(s)
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Course content
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Contens: 1. Management of long-term assets. Investment decision-making and capital planning. Investment strategy. Types of projects and design stages. Investment project, technical-economic study. Investment in the economy and financial management of a company. Pre-investment preparation, identification of capital revenues and expenditures 2. Cost criteria of investment efficiency evaluation (Average annual costs, Discounted costs) 3. Profit criteria of investment efficiency evaluation (Payback period, Project profitability) 4. Cash criteria of investment efficiency evaluation (Net present value, Internal rate of return, Profitability Index, Modified internal rate of return) 5. The influence of taxes, interests and inflation on investment decision-making. 6. Risk in investment decision-making. (Types of risks, assessment of their level and possibilities of their decrease, Diversification of risk for investor and for company, Projection of risk in investment projects, Volatility of an investment project, Net present value with a regard to the certainty coefficient, Decision trees, Sensitivity analysis of investment projects, VaR, EaR). 7. Models of capital assets evaluation. Capital market line. Security market line. Beta coefficient, alpha factor). 8. Diversification 9. Collective investment and mutual funds. 10. Costs of company capital. (Debt costs, Equity costs, WACC) 11. Basic tools of capital structure management. Capital structure and its optimizing. (The influence of capital structure on the value of a company. Operating and financial leverage and its influence on the capital structure. Miller Modigliany theory. Alternative capital structure theories). 12. Company valuation. Mergers and acquisitions. The principle of mergers and acquisitions, the influence of a merger on the price of a company share. Analysis and evaluation of a target company. 13. Financing of investment from internal resources. (The role of depreciation in internal financing. Influence of depreciation policy on financial position of an enterprise, Influence of dividend policy on financial position of an enterprise). 14. Financing of investment from external resources stock. (Preference stocks, Common stock, Venture capital). Financing of investment from external resources debt. (Financing through long-term obligations. Obligations, durations, rating and credit quality of obligations. Long-term financing through hybrid instruments. Convertible instruments. Callable obligations. Transferable obligations. Warrants. Option terms. Option evaluation. Leasing financing.
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Learning activities and teaching methods
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Monologic (reading, lecture, briefing)
- Preparation for credit
- 28 hours per semester
- Semestral paper
- 42 hours per semester
- Class attendance
- 16 hours per semester
- Preparation for exam
- 110 hours per semester
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Learning outcomes
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The aim of this course is to provide students with the essential knowledge of a realization of strategic objectives of a company through investment decision-making and capital finance.
Students have detailed knowledge and skills of processing and realization of strategic objectives of a company through investment decision-making and capital finance.
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Prerequisites
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unspecified
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Assessment methods and criteria
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Combined exam
Credit Requirements: Seminar work. Successful completion of test (min. 60%). Enrollment in the Moodle course (http://moodle.ef.jcu.cz) by the 4th week of the relevant semester including. Examination Requirements: Knowledge of the theory within the range of categories. A <95 - 100 %> B <90 - 95 %) C <80 - 90 %) D <70 - 80 %) E <60 - 70 %) F <0 - 60 %) Weights for classification: Test 50%, Oral examination 50%
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Recommended literature
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Brealey, R. A., Myers, S. C.:. Teorie a praxe firemních financí. BIZBOOKS, 2014. ISBN 9788026500285.
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Brealey, R. A., Myers, S. Principles of Corporate Finance. Boston: McGraw-Hill, 2012.
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FOTR, J., SOUČEK, I. Investiční rozhodování a řízení projektů. Praha, 2011. ISBN ISBN 978-80-247-3.
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Kislingerová, E. Manažerské finance. C. H. Beck, 2007.
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KISLINGEROVÁ, E. Oceňování podniku. Praha: C.H.Beck, 2014. ISBN 978-80-265-0028-5.
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MAŘÍK M. A KOL. Metody oceňování podniku. Praha, Ekopress, 2011. ISBN 978-80-86929-67-5.
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Neumaierová, I., Neumaier, I. Výkonnost a tržní hodnota firmy. Grada, 2005.
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Střeleček, František; Zdeněk, Radek. Investiční rozhodování a kapitálové plánování : sbírka příkladů. 1. vyd. V Českých Budějovicích : Jihočeská univerzita, Ekonomická fakulta, 2010. ISBN 978-80-7394-195-6.
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VALACH, J. Investiční rozhodování a dlouhodobé financování. Praha: Ekopres, 2011.
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