Corporate Finance -2 Topic 1. Introduction. Corporate Finance and Corporate Analysis thru the...
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Transcript of Corporate Finance -2 Topic 1. Introduction. Corporate Finance and Corporate Analysis thru the...
Corporate Finance -2Topic 1. Introduction.
Corporate Finance and Corporate Analysis
thru the Organization’s Life Cycle (LCO)
Irina Ivashkovskaya,Ordinary professor, Head of finance academic department,
Head of Corporate finance research center National Research University – Higher school of economics,
Moscow, Russia
Outline
• What is corporate finance about? • How does corporate finance contribute to corporate decision –
making? Financial model of analytical framework versus accounting model of corporate decisions’ analysis
• Financial dimensions of the firm thru its OVERALL life cycle: liquidity, risk and fundamental value.
• Financial dimensions of the firm: ANNUAL approach. • How to identify the LCO stage with financial measures? • The challenges for financial analytical framework
CORPORATION AS A FRAMEWORK
ATTRACTING CAPITAL
CREATING FINANCE’ PRODUCTS
CAPITAL MARKET TOOLKIT:
-the variety
-the costs
-the mix
FINANCIAL DECISIONS OF ANY FIRM AND CORPORATE FINANCE APPROACH
CAPITAL MARKET PRODUCTS CREATION :- benefit stream- risks- innovations- packing the firm
Minimizing costs Maximizing prices
CORPORATE FINANCE VISION
THE PRINCIPLES
IMPERFECT MARKETPERFECT MARKET
VALUE IS CREATED ONLY BY INVESTMENTS
NO ARBITRAGE
INVESTOR IS IRRELEVANT
-Capital structure
-Payout policies
INVESTORS IS NOT IRRELEVANT capital structure and payout policies matter interactions of investing and financing
Financial innovations
Capital market efficiency
MODELLING CORPORATE FINANCIAL DECISIONS
ATTRACTING CAPITAL CREATING PRODUCTS
AGENCY/MOTIVES
INFORMATIONASSYMETRY
EQUITY VERSUS DEBTHOLDERS
CONTRACTS CONTRACTS
CHANGE IN VALUE
KNOWING WHAT DOES NOT MATTER IN A PERFECT WORLD WE’LL KNOW WHAT DOES MATTER BEYOND IT BY IMPLICATIONS
RATIONAL EXPECTATIONSinvestors managers
CORPORATE FINANCE CONTRIBUTION TO DECISION-MAKING
THE CONCEPTUAL FRAMEWORK TO CORPORATE DECISION’S ANALYSIS:
THE ELEMENTS
The criteria for performance analysis
The measures of performance
The measures for corporate goals and strategies’ perfromance
WHAT IS CORPORATE FINANCE?
The conceptual framework to corporate decision’s analysis:
the elements
THE CRITERIA FOR PERFORMANCE ANALYSIS
THE MEASURES OF PERFORMANCE
Opportunity cost of capital Risk-return trade-off and cost of capital (WACC)
Economic profit
Economic profit metrics Economic spread (over the required returns)
WHAT IS CORPORATE FINANCE?
The conceptual framework to corporate decision’s analysis:
the elements
THE MEASUREMENT OF CORPORATE GOALS AND STRATEGIC RESULTS
Market value creation
Agency conflicts
Information asymmetry
Value creation Value Destruction? Value Extraction
True value creation
КЕ (%)
Accounting model
Financial model
0 1 2
ROE (%)
ROE<0 ROE>0
Income and capital gainsLoss and capital losses
Loss and capital losses
Income and capital gains
+-
ROE<КЕ ROE>КЕ
-1-2
• Cumulative data
•Backward looking
•Static
•Flows
•Forward looking
•Dynamic
ВыхаживаниеВыхаживание
МладенМладен--чествочество
Смерть во младенчестве
Ловушка основателя илиловушка семейственности
«Давай«Давай--Давай»Давай»
ЮностьЮность
Несостоявшийся предприниматель
Преждевременное старение
РасцветРасцвет СтабильностьСтабильность
АристократизмАристократизм
РанняяРанняя бюрократизациябюрократизация
БюрократизацияБюрократизация
СмертьСмерть
Рост Старение Время
ВыхаживаниеВыхаживание
МладенМладен--чествочество
Смерть во младенчестве
Ловушка основателя илиловушка семейственности
«Давай«Давай--Давай»Давай»
ЮностьЮность
Несостоявшийся предприниматель
Преждевременное старение
РасцветРасцвет СтабильностьСтабильность
АристократизмАристократизм
РанняяРанняя бюрократизациябюрократизация
БюрократизацияБюрократизация
СмертьСмерть
Рост Старение Время
LIFE CYCLE STAGES OF ORGANIZATION
I.INTRODUCTORY STAGE, ENTRY
II.GROWTH III.MATURITY IV.DECLINETime
Activity
FINANCIAL DIMENSIONS OF THE FIRM WITHIN ITS LIFE CYCLE
LIQUIDITY
INVESTMENT RISK FUNDAMENTAL VALUE
Transactions affecting directly net income
Transactions affecting asset's structure
Transactions affecting the totals
Net income
+ non-cash charges
-net increase in current assets
+net increase in current liabilities
+ Proceeds from sale of assets
- Capital expenditure
+Increase in short term &long term debt
+Owners investments
- Debt repayment (principal)
- Dividends
CASH FLOWS
CASH FLOW FROM OPERATING
ACTIVITYCF FROM INVESTING ACTIVITY
CF FROM FINANCING ACTIVITY
NET CASH FLOW
Выхаживание
Младенчество
Давай-давай
Юность Расцвет Стабильность
Аристократизм
Ранняя
бюрократизация
Бюрократизация
Поток ДС от операционной деятельности
+
-
Поток ДС от инвестиционной деятельности
Поток ДС от финансирования
CASH FLOWS AT THRU LCO
INTRODUCTORY STAGE
GROWTH MATURITY DECLINE
OPERATING CASH FLOW
INVESTING CASH FLOW
FINANCING CASH FLOW
ЭТАП СТАНОВЛЕНИЯЭТАП СТАНОВЛЕНИЯ
14
Компания “Российские навигационные технологии”
Чистая прибыль (NI) = 78,1 млн. руб.
Долг/собственный капитал = 0,01
Доходность собственного капитала (ROE) = 20,5 %
Рыночная капитализация = 1,6 млрд. руб.
Div = 0
Возраст = 6 лет
ЭТАП СТАНОВЛЕНИЯЭТАП СТАНОВЛЕНИЯ
Российские Навигационные Технологии2010 2009 2008
Поток от осн.деятельности (CF Operating), млн. руб. (116.6) (49.2) (37.8)
Поток от инвет.деят. (CF Investment), млн. руб. (176.2) 15.7 (82.6)
Поток от финансирования (CF Financing), млн. руб. 299.1 47.8 125.6
15
Выхаживание
Младенчество
Давай-давай
Юность Расцвет Стабильность
Аристократизм
Ранняя
бюрократизация
Бюрократизация
Поток ДС от операционной деятельности
+
-
Поток ДС от инвестиционной деятельности
Поток ДС от финансирования
ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА СТАДИЯХ ЖЦОСТАДИЯХ ЖЦО
ЭТАП
СТАНОВЛЕНИЯ
ЭТАП
РОСТА
ЭТАП
ЗРЕЛОСТИ
ЭТАП
СТАРЕНИЯ
РНТ
16
ЭТАП РОСТАЭТАП РОСТА
17
Компания розничная сеть “Магнит”
Чистая при быль (NI) = 320,3 млн. долл.
Долг/собственный капитал = 0,49
Доходность собственного капитала (ROE) = 18,6 %
Рыночная капитализация = 8,7 млрд. долл.
Дивиденды к чистой прибыли = 3,5 %
Возраст = 17 лет
ЭТАП РОСТАЭТАП РОСТА
Розничная сеть “Магнит”
2010 2009 2008 2007
CF Operating, млн. долл. 428.7 376.2 420.1 242.4CF Investment, млн. долл. -1230.0 -448.1 -575.4 -568.7CF Financing, млн. долл. 565.2 339.2 200.2 354.8
18
Выхаживание
Младенчество
Давай-давай
Юность Расцвет Стабильность
Аристократизм
Ранняя
бюрократизация
Бюрократизация
Поток ДС от операционной деятельности
+
-
Поток ДС от инвестиционной деятельности
Поток ДС от финансирования
ЭТАП
СТАНОВЛЕНИЯ
ЭТАП
РОСТА
ЭТАП
ЗРЕЛОСТИ
ЭТАП
СТАРЕНИЯ
Магнит
ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА СТАДИЯХ ЖЦОСТАДИЯХ ЖЦО
19
ЭТАП ЗРЕЛОСТЬЭТАП ЗРЕЛОСТЬ
“Аэрофлот” российские авиалинии
2010 2009 2008 2007
CF Operating, млн. руб. 739.3 228.5 472.5 216.5CF Investment, млн. руб. -193.5 -299.3 -439.3 -417.3CF Financing, млн. руб. 13.9 48.3 44.6 100.9
20
•Чистая прибыль (NI) = 12,1 млрд. руб.
•Долг/собственный капитал = 0,69
•ROE = 10,7 %
•Рыночная капитализация = 2,89 млрд. долл.
•Дивиденды к чистой прибыли= 10 %
•Возраст = 17 лет
ЭТАП ЗРЕЛОСТИ: ЭТАП ЗРЕЛОСТИ: КОМПАНИЯ “АЭРОФЛОТ”
21
Выхаживание
Младенчество
Давай-давай
Юность Расцвет Стабильность
Аристократизм
Ранняя
бюрократизация
Бюрократизация
Поток ДС от операционной деятельности
+
-
Поток ДС от инвестиционной деятельности
Поток ДС от финансирования
ЭТАП
СТАНОВЛЕНИЯ
ЭТАП
РОСТА
ЭТАП
ЗРЕЛОСТИ
ЭТАП
СТАРЕНИЯ
Аэрофлот
ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА СТАДИЯХ ЖЦОСТАДИЯХ ЖЦО
22
•NI = -276,3 млн. руб.
•Долг/собственный капитал = 2,18
•ROE = 15,3 %
•Рыночная капитализация = 0,34 млрд. руб.
•Div = 0 %
•Возраст = 95 лет
•Отношение рыночной цены акции к ее бухгалтерской оценке = 0,01
ЭТАП СТАРЕНИЯ: ЭТАП СТАРЕНИЯ: АМО “ЗИЛ”
23
Business risk Financing risk
Commercial risks
Currency Exchange risksManagement depth
■ key person
■ transparency and disclosure
Investment risk
■Diversification
by product
by channel
by segment
■Power of supplier
■ Market position
■ Expense structure
operating leverage
Solvency (short term)
Financial leverage
Coverage:
■ income coverage ratios
■ cash flow coverage ratios ■ assets coverage ratios
LCO AND INVESTMENT RISKS
INVESTMENT FLEXIBILITY
MANAGERIAL FLEXIBILITY
FINANCING FLEXIBILITY
• TERMS OF FINANCING
• AMOUNTS OF FINANCING
• DECREASE IN REQUIRED RATES OF RETURN
• INCREASE IN THE VARIETY OF EFFICIENT PROJECTS
WHAT IS VALUE?
DISCOUNTED FUTURE BENEFITS STREAM
KEY STRATEGIC AND OPERATIONAL DRIVERS
REQUIRED RATES AT THE CAPITAL MARKETS
KEY DRIVERSKEY DRIVERS
VALUE
Income
+ Non cash charges
-Capex
-Net working capital investment
= FREE CASH FLOW
COST OF CAPITAL
INVESTMENT RISK CORE COMPENTENCIES
STRATEGIC (PLANNING)
HORIZON
INVESTED CAPITAL (CAPITAL EMPLOYED)INVESTED CAPITAL (CAPITAL EMPLOYED)
CORPORATE VALUE COMPONENTS
CORPORATE VALUE
DISCOUNTED CASH FLOWS
WHITHIN STRATEGIC HORIZON
TERMINAL CASH FLOWBEYOND HORIZON
CASH FLOWS RISKEXPECTED CF
FROM GROWTH
OPPORTUNITIES
RISK IN GROWTH
OPPORTUNITIES
CURRENT OPERATIONS VALUE
COV
FUTURE GROWTHOPPORTUITIESVALUE (VFGO)
Assets in place, AIPGrowth opportunities, GO
+
+
FINANCIAL APPROACH
STRATEGIC APPROACH
VALUE COMPONENTS AND LCO
INTRODUCTORY STAGE
ASSETS IN PLACE?
VALUE BASE?
FUNCTIONING ASSETS RISKS?
GROWTH OPPORTUNITY RISKS?
RATIO = (ASSETS IN PLACE )/ (GROWTH OPPORTUNITIES)?
VALUE COMPONENTS AND LCO
GROWTH
• ASSETS IN PLACE?
• VALUE BASE?
• FUNCTIONING ASSETS RISKS?
• GROWTH OPPORTUNITY RISKS?
RATIO = (ASSETS IN PLACE )/ (GROWTH OPPORTUNITIES)?
VALUE COMPONENTS AND LCO
MATURITY
• ASSETS IN PLACE?
• VALUE BASE?
• FUNCTIONING ASSETS RISKS?
• GROWTH OPPORTUNITY RISKS?
RATIO = (ASSETS IN PLACE )/ (GROWTH OPPORTUNITIES)?
VALUE COMPONENTS AND LCO
DECLINE
• ASSETS IN PLACE?
• VALUE BASE?
• FUNCTIONING ASSETS RISKS?
• GROWTH OPPORTUNITY RISKS?
RATIO = (ASSETS IN PLACE )/ (GROWTH OPPORTUNITIES)?
FINANCIAL DIMENSIONS OF THE FIRM: WITHIN THE YEAR
FREE CF
COST OF CAPITAL ECONOMIC PROFIT
(RESIDUAL INCOME)
CASH FLOWS FREE FOR INVESTORS AFTER ALL INVESTMENTS NEEDED FOR CORPORATE MARKET STRATEGY ARE CONSIDERED
FCFFFCFF EBIATD
NWCICapex
= +
- -Earnings before
interest but after tax
Depreciation
Net working capital
investmentCapital
expenditure
FINANCIAL DIMENSIONS OF THE FIRM: FREE CASH FLOWS TO THE
FIRM (FCFF)
FINANCIAL DIMENSIONS: HURDLE RATE
COST OF CAPITAL
RATE OF RETURN REQUIRED BY RATIONAL RISK AVERSE INVESTOR
DEPENDS ON:
INVESTMENT RISK
OPPORTUNITY COST OF CAPITAL OF INVESTORS
FINANCIAL DIMENSIONS: ECONOMIC PROFIT
NOPAT
CAPITAL CHARGE RESIDUAL INCOME- =
COST OF CAPITAL
RICEWACCROCE x)(ROCE - return on capital employed
WACC - weighted average cost of capital –
CE – capital employed RI - Residual income
NOPAT- Net operating profit after tax
Затраты на капитал
Доходность капитала
ЭТАП ЗАРОЖДЕНИЯ
ЭТАП РОСТА ЭТАП УМИРАНИЯ
ЭТАП СТАРЕНИЯ
Экономическая прибыль
LCO FINANCIAL CURVE
RESIDUAL INCOME
COST OF CAPITAL
TIME
Return on capital employed, ROCE
INTRODUCTORYSTAGE
GROWTH MATURITY DECLINE
LCO ANALYSIS
SALES GROWTH RATE
Miller, Friesen (1984)
AGE
GROWTH ABOVE 15% ; MATURITY BELW 15%;
BELOW 10 YEARS - ENTRY
EXPERT ‘ ESTIMATES
6 YEARS AT EACH STAGE ON AVERAGE
5 STAGES: GROWTH,STABLE GROWTH,MATURITY,
BEGINNING OF DECLINE,DECLINE
5 YEARS MEAN:•Revenue growth rate, •Dividends• Capital expenditure
• RATING BY METRIC• SUM OF RATINGS• INDUSTRY FACTORS
Age
IDENTIFICATION OF LCO STAGE BY FINANCIAL MEASURES: RATING APPROACH
MetricsAnthony,Ramesh (1992)
Pashley,Phillippatos (1990) FINANCIAL RATIOS
CLUSTERS
SIMPLE APPROACH
EXTENDED APPROACH
RATING APPROACH (Black,1998)
INTRODUCTORY STAGE (START-UP)
•SALES REVENUE NO LONGER THAN 1 YEAR
•NO RESTRUCTURING
GROWTH
•20% highest ratings by growth rates and capex
•20% lowest ratings by dividends &age
MATURITY STAGE
•AVERAGERATINGS BY GROWTH RATES AND CAPEX
•HIGHEST RATINGS BY DIVIDENDS
DECLINE
•20% LOWEST RATINGS BY CAPEX AND GROWTH RATES
•HIGHESTRATINGS BY AGE
•ABOVE AVERAGE RATINGS BY DIVIDENDS
STUDY OF LCO OF AMERICAN FIRMS BY RATINGS
Black,1998
Public firms 1977-1995, COMPUSTAT
22082 annual observations
Introductory stage : 75 firms
Growth : 2905
Maturity : 2384
Decline : 3961
Firms in decline are concentrated within the periods of macro shocks (1980-1983,1989-1992)
FINANCIAL MEASURES AT THE LCO STAGES
GROWTH RATE 142% 38% 8% -13% 10%
Debt-to-equity 7% 42% 50% 16% 39%
Net income (mln doll.) - 0.36 0.66 16.15 -0.54 1.90Return on equity
7% 6% 13% -12% 7%
Capex to total assets 1.76 0.14 0.07 0.02 0.06
R&D mln ) 0.18 0.41 4.53 0.51 1.26
Age (years) 2.4 16.2 37.4 57.6 42.8Dividends payout (%) 0 0 36% 0 0
Equity market cap(mln doll.) 16.52 21.95 208.47 10.91 46.11
START UP GROWTH MATURITY DECLINEMEAN
Black
CONTRIBUTION TO THE MARKET CAPITALIZATION AT DIFFERENT STAGES OF LCO
INTRODUCTORY STAGE , START UP
• earnings&operating cash flows not significant
• Investing cash flows significant at 5%, financing cash flows at 10%
• all cash flows significant at 5%
• earnings not significant
•earnings, operating and financing cash flows AT 5%
•FINANCING CASH FLOW NEGATIVE
•ALL TYPES OF CASJ FLOWS AT 5% уровнеearnings not significant
GROWTH
MATURITY
DECLINE
CASH FLOWS AND MARKET CAPITALIZATION AT DIFFERENT STAGES OF LCO
Black:
OPERATING CF:
significant except start ups
all components significant
payments to suppliers&personnel not significant at maturity
FINANCING CF:
siginificant, high correlation at growth & maturity
INVESTING CF:
significant, high correlation at growth & start up
CASH FLOW APPROACH : DICKINSON
500 FIRMS COMPUSTAT
THE CASH FLOW PATTERNS (+/-)
MONITORING THRU TIME
COMPARISON TO THE PRECEEDING PATTERNS AND SEARCH FOR BREAK-EVEN IN THE PATTERNS
COMPARISON BY GROWTH RATES BREAK-EVEN POINTS
4 STAGES: from IPO, quarterly data
Growth, maturity, mature growth, decline
At minimum 2 years per stage
Minimum 2 stages
GROWTH RATES:
- Adjusted to the industry (it is subtracted)
-Moving average for 4 quarters
-Р33 and Р67 (percentile)
MATURITY: after 9 quarters needs 6 quarters with growth rates LOWER темп выручки than in Р67
DECLINE: after 9 quarters , 6 quarters with growth rates темп выручки LOWER than Р33
Yan,2006
MATURE GROWTH: after 9quarters , 6 quarters growth rates HIGHER than Р67
Corporate finance and the challenges for corporate analysis
SCALE OF FEASIBLE STATES OF THE MARKET
FRACTION OF VOLATILITY THAT IS PRICE-DRIVEN
0% 100%
ORDER IN
THE MARKET
TURBULENCE AND CHAOS
COMPLEXITY
RATIONAL FINANCE
BEHAVIORAL FINANCE
DEDUCTION and mathematical modeling
PREVAILS
induction prevails
“fly with feathers” :
Process, store info and fly in response
THE NEW FINANCE
Almost no price effect associated with investor’s interaction
Price changes are almost unrelated to changes in real economic information set
• Market efficiency – special rational case
Impact of interactions:-Interpretation of signals-Irrational expectations
MODELLING CORPORATE FINANCIAL DECISIONS
Irrational expectations
INVESTORS’ BIASES:
Market inefficiency (mispricing)
Arbitrage
Follow mispricing – behavior less than fully rational
But managers make unbiased forecasts about the future :
Take for granted prices fully reflect the info about fundamental values
decisions in their best interestsBUT GOVERNANCE apply
MANAGERIAL BIASES:
Less than fully rational behavior following mispricingOptimism and overconfidenceExploit and use mispricing in decision-making
FINANCIAL ANALYSIS IN INDUSTRIAL ECONOMY
TYPE OF BUSINESS MODELS
KEY RESOURCES
KEY ANALYTICAL FOCUS
CRITERIA FOR PERFORMANCE
TANGIBLE AND FINANCIAL ASSETS, LIMITED INTANGIBLES
SEEKING FOR ALLOACATIVE EFFICIENCY
FINANCIAL STATEMENTS ANALYSIS
SHAREHOLDER VALUE (SHV) AND AGENCY
INFORMATION MODEL OF THE FIRM
ACCOUNTING PROFIT AND CASH FLOWS
ACCOUNTING PROFIT BASED
FINANCAL ANALYSIS IN THE KNOWLEDGE ECONOMY
TYPE OF THE BUSINESS MODELS
KEY RESOURCES
KEY ANALYTICAL FOCUS
CRITERIA
INTELLECTUAL CAPITAL
DYNAMIC CAPABILITIES
TRAMFORMATION EFFICIENCIES
CASH FLOWS, INTELLECTUAL CAPITAL
SHV VERSUS STAKEHOLDER VALUE :AGENT AND ITS INTELLECTUAL CAPITAL CONTRIBUTION
INFORMATION MODEL OF THE FIRM
ECONOMIC PROFIT (RISK ADJUSTED APPROACH), KNOWLEDGE EARNINGS
VALUE REPORTING
NON-FINANCIAL REPORTING
КОРПОРАТИВНЫЕ ФИНАНСЫ-2. СТРУКТУРА КУРСА
РАСТУЩИЕ РЫНКИ
НОВЫЕ ГИПОТЕЗЫ, КОНЦЕПЦИИ
СТАТЬИ В МЕЖД ЖУРНАЛАХ
1. ЗАТРАТЫ НА КАПИТАЛ –
РАЗВИТИЕ СИГНАЛЬНЫХ МОДЕЛЕЙ
РАЗВИТИЕ АГЕНТСКИХ МОДЕЛЕЙ
СОЕДИНЕНИЕ АГЕНТСКИХ И СИГНАЛЬНЫХ МОДЕЛЕЙ
ИНТЕЛЛЕКТУАЛЬНЫЙ КАПИТАЛ
СЛОЖНЫЕ СТРУКТУРЫ КАПИТАЛА
РАСТУЩИЕ РЫНКИ: НОВЫЕ МОДЕЛИ, АДАПТАЦИЯ МОДЕЛЕЙ
2. СОВРЕМЕННЫЕ ИССЛЕДОВАНИЯ СТРУКТУРЫ КАПИТАЛА
3. СОВРЕМЕННЫЕ ИССЛЕДОВАНИЯ ПОЛИТИКИ ВЫПЛАТ-
4. ФИНАНСОВАЯ АРХИТЕКТУРА ФИРМЫ
ИНТЕГРИРОВАННЫЙ ПОДХОД
5. АНАЛИЗ УПРАВЛЕНЧЕСКОЙ ГИБКОСТИ: МЕТОД РЕАЛЬНЫХ ОПЦИОНОВ
эмпирические исследования классических концепций: -технологии
-результаты
ЗАДАНИЕ К СЕМИНАРУ 1: 1. Изучить статьи по методам идентификации стадий ЖЦО С ИСПОЛЬЗОВАНИЕМ ФИНАНСОВЫХ ПОКАЗАТЕЛЕЙ. ПОДГОТОВИТЬ ПРЕЗЕНТАЦИЮ (ОБЗОР) СТАТЕЙ:-КЛАССИФИЦИРОВАТЬ МЕТОДЫ-ВЫДЕЛИТЬ СИЛЬНЫЕ И СЛАБЫЕ СТОРОНЫ-СФОРМУЛИРОВАТЬ СУЖДЕНИЕ О ВОЗМОЖНОСТИ ПРИМЕНЕНИЯ К РОССИЙСКИМ КОМПАНИЯМ
-2. ВЫБРАТЬ 4 РОС ПУБЛИЧНЫЕ КОМПАНИИ И РАСПОЛОЖИТЬ ИХ НА КРИВОЙ ЖЦО ТАК, ЧТОБЫ ОНИ ПРЕДСТАВЛЯЛИ РАЗНЫЕ СТАДИИ-ИЗУЧИВ ИХ ФИНАНСОВЫЕ ДАННЫЕ,А ТАКЖЕ КАЧЕСТВЕННУЮ ИНФОРМАЦИЮ О НИХ, ДОКАЗАТЬ, ЧТО ОНИ ПРИНАДЛЕЖАТ ТОЙ ИЛИ ИНОЙ СТАДИИ-В ПОСЛЕДУЮЩИХ ТЕМАХ КОМАНДА ОСТАВИТ ДВЕ ИЗ 4 КОМПАНИЙ ДЛЯ ДРУГИХ ЗАДАНИЙ-ФОРМА ПРЕЗЕНТАЦИИ РЕЗУЛЬТАТОВ:- ПО П 1 И 2 СЛАЙДЫ-ПО П1 РЕФЕРАТ (ДО 5-7 СТР), ССЫЛКИ НА ИСТОЧНИКИ ВЫПОЛНЯТЬ АКАДЕМИЧЕСКИ (СМ СЕРЬЕЗНЫЙ ЗАП ЖУРНАЛ)-ПО П2 АНАЛИТИЧЕСКАЯ ЗАПИСКА 2-3 СТР-РЕЗУЛЬТАТЫ СДАЮТСЯ В ДЕНЬ СЕМИНАРА: В ДЕПАРТАМЕНТ ФИНАНСОВ, КОМАНДА ДЕЛАЕТ ЕДИНУЮ ПАПКУ «СЕМИНАР1 ЖЦО-КОМАНДА №....»-ПАПКА ЗАПИСЫВАЕТСЯ В МОЙ КОМПЬЮТЕР СОТРУДНИКАМИ ДЕПАРТАМЕНТА
HOMEASSIGNMENT 1
• Make the teams of 4 participants (mixed)• Find 4 public firms and look thru their financial
annual reports and data for 3 years• Identify the LCO stages with the help of financial
measures, especially cash flows dynamics• Prepare power point presentation with the
arguments to prove your opinion on firm’s LCO stages
• Prepare short analytical report (2-3 pages) with the references on the data sources