2015-03-23
AKADEMIA GÓRNICZO-HUTNICZA im. St. Staszica, WGiG AKADEMIA GÓRNICZO-HUTNICZA im. St. Staszica, WGiG
Fundamentals of financial management Fundamentals of financial management
of modern enterprises of modern enterprises
E E
N N
P P P P
V V
The pattern of functioning and
I I
P P P P
P P
R R
development of the company, together with
O O
P P P P
a set of criteria and decision rules to
N N
M M
implement its primary objectives.
E E
TODAY'S CONDITIONS TODAY'S CONDITIONS
The new decision problems The new decision problems
N N
" Development of financial " Development of financial
" Choice of competitive funding " Choice of competitive funding
T T
markets markets
" Choice of forms of financing " Choice of forms of financing
" Choice of instruments raise capital and its " Choice of instruments raise capital and its
" Increased risk " Increased risk
allocation allocation
" Choice concept implemented activities under " Choice concept implemented activities under
" Uncertainties " Uncertainties
financial strategies (& changes implemented financial strategies (& changes implemented
activities ) activities )
S T R A T E G Y
Fundamentals of financial management of modern enterprises Capital decisions of modern enterprises
Decision about Decision about
The choice of funding sources
secure financing accumulate capital
Decisions of the capital of modern enterprises (l & sh term) (l & sh term)
Choosing the use of capital
Value category in the objectives structure
capital structure structure of assets
Classification of methods and sources of funding
Weighted average cost of Expected rate of return
capital
Capital structure Business risk
akceptowalny
Decision about
The level of risk capital The level of risk carried
risk management
providers projects
Financial analysis Symptoms of bankruptcy
Relationship major decision areas of corporate capital
DECISION-MAKING COMPANY
Barbara Kowal: Analiza finansowa, wykład Barbara Kowal: Analiza finansowa, wykład
Decyzje kapitałowe współczesnych przedsiębiorstw Enterprise decision-making process
division criteria
Main selection areas associated with:
Decyzje Decyzje o alokacji
Wybór z
ródeł finansowania
o pozyskaniu kapitału (krótko-
kapitału (krótko- i długoterminowego)
Secure financing  Accumulate capital & Risk
i długoterminowego)
capital & shaping its effective using Management
I
Wybór sposobu wykorzystania
structure
kapitału
(zakres ryzyka, ocena
Struktura kapitału Struktura aktywów
(zakres i sposób powiązania negatywnych jego
z innymi podmiotami rynku
konsekwencji, możliwość
oraz struktura A) ochrony przed zmiennością
parametrów rynku)
Średnioważony koszt Oczekiwana stopa zwrotu
kapitału
Operational Investing Financial
activity activity activity
II
akceptowalny
Decyzje związane
Poziom ryzyka Poziom ryzyka
z zarządzaniem
kapitałodawcy realizowanych
ryzykiem
przedsięwzięć
Short-term Long-term
decisions decisions
III
Powiązania głównych obszarów decyzji kapitałowych przedsiębiorstw
Barbara Kowal: Analiza finansowa, wykład Barbara Kowal: Analiza finansowa, wykład
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Criterion TIME Terms of decision
Decisions taken under conditions of:
short-term decisions
CERTAINTY RISK UNCERTAINTY
" Associated with the ongoing activities of the company
" Ensure its survival
" known situation " the result can be " the result can not
" IMPORTANT - decisions related to the evolution of
predicted only be predicted
liquidity " known depending
with a certain
causal " available
" Possible to assess the causes and consequences of probability
information is
changes in short-term liquidity (FA)
" the decision
" many possible incomplete
maker feels good
outcomes
long-term decisions= development
(has a sense of " the problem of
comfort) obtaining
" Apply to the election to allow the effective operation of
information
the company in the long run " the result is easy
to predict (also
" IMPORTANT  assessment of the necessary structural
known)
changes and adaptation processes to changing
environmental conditions
Barbara Kowal: Analiza finansowa, wykład Barbara Kowal: Analiza finansowa, wykład
Value in the objectives structure of the company Entrepreneurship
2 dimensions of entrepreneurship
Structured process actions directed under
VALUE = profit maximization
" PROCESS
the given conditions for the use of
innovative idea in order to generate the
creating value
creating value
for stakeholders
for owners
benefits in the market
" based on the social
" stakeholder funds invest
" dynamism, activity
enterprise model (CSR)
in their company resign
from a current " UNIT FEATURES " willingness to take risks
" pay attention to the
consumption opisujących szczególny sposób
" able to adapt to changing conditions
objectives of the various
postępowania człowieka
interest groups
" imax value of the " perception and use of opportunities
company is the primary
" innovation and motility
purpose of his business
in long-term period
Barbara Kowal: Analiza finansowa, wykład Barbara Kowal: Analiza finansowa, wykład
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