Corporate Finance

Corporate Finance -2
Topic 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
FINANCIAL DECISIONS OF ANY FIRM AND CORPORATE
FINANCE APPROACH
CORPORATION AS A FRAMEWORK
ATTRACTING
CAPITAL
CAPITAL MARKET
TOOLKIT:
- the variety
- the costs
- the mix
Minimizing costs
CREATING FINANCE’
PRODUCTS
CAPITAL MARKET
PRODUCTS CREATION :
- benefit stream
- risks
- innovations
- packing the firm
Maximizing prices
CORPORATE FINANCE VISION
THE PRINCIPLES
PERFECT MARKET
 VALUE IS CREATED ONLY BY
INVESTMENTS
 NO ARBITRAGE
 INVESTOR IS IRRELEVANT
-Capital structure
-Payout policies
IMPERFECT MARKET
 INVESTORS
IS NOT
IRRELEVANT
 capital structure and payout
policies matter
 interactions of investing and
financing
 Financial innovations
Capital market efficiency
MODELLING CORPORATE FINANCIAL DECISIONS
KNOWING WHAT DOES NOT MATTER IN A PERFECT WORLD WE’LL
KNOW WHAT DOES MATTER BEYOND IT BY IMPLICATIONS
ATTRACTING CAPITAL
EQUITY VERSUS
DEBTHOLDERS
CREATING PRODUCTS
CONTRACTS
CONTRACTS
INFORMATION
ASSYMETRY
AGENCY/
MOTIVES
investors
RATIONAL
EXPECTATIONS
CHANGE IN VALUE
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
 Opportunity cost of capital
 Risk-return trade-off and cost of capital (WACC)
 Economic profit
 THE MEASURES OF PERFORMANCE
 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
Agency conflicts
True value
creation
Value creation
Information asymmetry
Market value
creation
Value Destruction?
Value Extraction
ROE (%)
-
-2
-1
0
КЕ (%)
+
1 2
Accounting model
ROE<0
Loss and capital losses
ROE>0
Income and capital gains
Financial model
ROE<КЕ
Loss and
capital losses
• Cumulative data
•Backward looking
•Static
ROE>КЕ
Income and
capital gains
•Flows
•Forward looking
•Dynamic
LIFE CYCLE STAGES OF ORGANIZATION
Activity
Расцвет
Р
а
с
ц
в
е
т
Стабильность
С
т
а
б
и
л
ь
н
о
с
т
ь
Аристократизм
Юность
Ю
н
Д
а
в
а
й
Д
а
в
а
й
с
т
А
ь
р
и
с
т
о
к
Преждевременное старение
«Давай- Давай»
«
о
р
а
т
и
з
м
Ранняя бюрократизация
Р
а
н
н
я
я
б
ю
р
о
к
р
а
т
и
з
а
ц
и
я
»
Несостоявшийся предприниматель
Младенчество
М
ч
л
е
а
с
д
т
е
в
н
Бюрократизация
Ловушка основателя или
ловушка семейственности
о
Б
ю
р
о
к
р
а
т
и
з
а
ц
и
я
Смерть во младенчестве
Смерть
С
Выхаживание
В
ы
х
а
ж
и
в
а
н
и
Рост
I.INTRODUCT
ORY STAGE,
ENTRY
м
е
р
т
ь
е
II.GROWTH
Старение
III.MATURITY
IV.DECLINE
Время
Time
FINANCIAL DIMENSIONS OF THE FIRM WITHIN ITS
LIFE CYCLE
LIQUIDITY
INVESTMENT RISK
FUNDAMENTAL VALUE
CASH FLOWS
Transactions affecting directly net
income
Net income
+ non-cash charges
-net increase in current assets
Transactions affecting asset's
structure
+ Proceeds from sale of
assets
+Increase in short term &long
term debt
- Capital expenditure
+Owners investments
- Debt repayment (principal)
+net increase in current liabilities
CASH FLOW
FROM OPERATING
ACTIVITY
Transactions affecting the
totals
- Dividends
CF FROM INVESTING ACTIVITY
NET CASH FLOW
CF FROM
FINANCING ACTIVITY
CASH FLOWS AT THRU LCO
Выхажив
ание
Младен
чество
Давайдавай
Юность
Расцвет
Стабильно
сть
Аристократ
изм
Ранняя
бюрокра
тизация
Бюрокра
тизация
Поток ДС от операционной деятельности
Поток ДС от финансирования
+
Поток ДС от инвестиционной деятельности
INTRODUCTORY
STAGE
GROWTH
OPERATING CASH FLOW
INVESTING CASH FLOW
MATURITY
DECLINE
FINANCING
CASH FLOW
ЭТАП СТАНОВЛЕНИЯ
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
14
ЭТАП СТАНОВЛЕНИЯ
Российские Навигационные Технологии
2010
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.
15
299.1
47.8
125.6
ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА СТАДИЯХ
ЖЦО
Выхажив
ание
Младен
чество
Давайдавай
Юность
Расцвет
Стабильно
сть
Аристократ
изм
Ранняя
бюрокра
тизация
Бюрокра
тизация
Поток ДС от операционной деятельности
Поток ДС от финансирования
РНТ
+
Поток ДС от инвестиционной деятельности
ЭТАП
ЭТАП
ЭТАП
ЭТАП
СТАНОВЛЕНИЯ
РОСТА
ЗРЕЛОСТИ
СТАРЕНИЯ
16
ЭТАП РОСТА
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
17
ЭТАП РОСТА
Розничная сеть “Магнит”
2010
2009
2008
2007
CF Operating, млн. долл.
428.7
376.2
420.1
242.4
CF Investment, млн. долл.
-1230.0
-448.1
-575.4
-568.7
CF Financing, млн. долл.
565.2
339.2
200.2
354.8
18
ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА СТАДИЯХ
ЖЦО
Выхажив
ание
Младен
чество
Давайдавай
Юность
Расцвет
Стабильно
сть
Магнит
Аристократ
изм
Ранняя
бюрокра
тизация
Бюрокра
тизация
Поток ДС от операционной деятельности
Поток ДС от финансирования
+
Поток ДС от инвестиционной деятельности
ЭТАП
ЭТАП
ЭТАП
ЭТАП
СТАНОВЛЕНИЯ
РОСТА
ЗРЕЛОСТИ
СТАРЕНИЯ
19
ЭТАП ЗРЕЛОСТЬ
“Аэрофлот” российские авиалинии
2010
2009
2008
2007
CF Operating, млн. руб.
739.3
228.5
472.5
216.5
CF Investment, млн. руб.
-193.5
-299.3
-439.3
-417.3
CF Financing, млн. руб.
13.9
48.3
44.6
100.9
20
ЭТАП ЗРЕЛОСТИ: КОМПАНИЯ “АЭРОФЛОТ”
•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
21
ДВИЖЕНИЕ ПОТОКОВ ДЕНЕЖНЫХ СРЕДСТВ НА СТАДИЯХ
ЖЦО
Выхажив
ание
Младен
чество
Давайдавай
Юность
Расцвет
Стабильно
сть
Аристократ
изм
Ранняя
бюрокра
тизация
Бюрокра
тизация
Аэрофлот
Поток ДС от операционной деятельности
Поток ДС от финансирования
+
Поток ДС от инвестиционной деятельности
ЭТАП
ЭТАП
ЭТАП
ЭТАП
СТАНОВЛЕНИЯ
РОСТА
ЗРЕЛОСТИ
СТАРЕНИЯ
22
ЭТАП СТАРЕНИЯ: АМО “ЗИЛ”
•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
23
Investment risk
Business risk
Financing risk
Commercial risks
■Diversification
Solvency (short term)
by product
by channel
Financial leverage
Coverage:
by segment
■ income coverage ratios
■Power of supplier
■ Market position
ratios
■ cash flow coverage
■ assets coverage ratios
■ Expense structure
operating leverage
Management depth
■ key person
■ transparency and disclosure
Currency Exchange risks
LCO AND INVESTMENT RISKS
MANAGERIAL FLEXIBILITY
INVESTMENT FLEXIBILITY
FINANCING FLEXIBILITY
• DECREASE IN REQUIRED
RATES OF RETURN
• TERMS OF FINANCING
• INCREASE IN THE
VARIETY OF EFFICIENT
PROJECTS
• AMOUNTS OF FINANCING
WHAT IS VALUE?
DISCOUNTED FUTURE BENEFITS STREAM
KEY DRIVERS
 KEY STRATEGIC AND OPERATIONAL DRIVERS
 REQUIRED RATES AT THE CAPITAL MARKETS
VALUE
INVESTED CAPITAL (CAPITAL EMPLOYED)
Income
INVESTMENT RISK
CORE
COMPENTENCIES
+ Non cash
charges
-Capex
-Net working
capital
investment
= FREE CASH
FLOW
COST OF CAPITAL
STRATEGIC (PLANNING)
HORIZON
CORPORATE VALUE COMPONENTS
DISCOUNTED
CASH FLOWS
WHITHIN STRATEGIC
HORIZON
TERMINAL CASH FLOW
BEYOND HORIZON
+
FINANCIAL APPROACH
CORPORATE
VALUE
STRATEGIC APPROACH
CURRENT OPERATIONS
VALUE
COV
CASH FLOWS
RISK
Assets in place, AIP
+
FUTURE GROWTH
OPPORTUITIES
VALUE (VFGO)
EXPECTED CF
FROM GROWTH
RISK IN
GROWTH
OPPORTUNITIES
OPPORTUNITIES
Growth opportunities, GO
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)
FINANCIAL DIMENSIONS OF THE FIRM: FREE CASH FLOWS TO THE
FIRM (FCFF)
FCFF
=
EBIAT
Earnings
before
interest but
after tax
+
D
Depreciation
-
NWCI
Net working
capital
investment
Capex
Capital
expenditure
CASH FLOWS FREE FOR INVESTORS AFTER ALL INVESTMENTS NEEDED
FOR CORPORATE MARKET STRATEGY ARE CONSIDERED
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
( ROCE  WACC ) x CE  RI
ROCE - return on capital employed
WACC - weighted average cost of capital –
CE – capital employed
RI - Residual income
NOPAT- Net operating profit after tax
LCO FINANCIAL CURVE
Return on capital employed, ROCE
ЭТАП
ЭТАП
ЗАРОЖДЕНИЯ
РОСТА
ЭТАП
СТАРЕНИЯ
Доходность
капитала
ЭТАП
УМИРАНИЯ
Экономическая
прибыль
Затраты
на капитал
TIME
INTRODUCTORY
STAGE
GROWTH
RESIDUAL INCOME
COST OF CAPITAL
MATURITY
DECLINE
LCO ANALYSIS
Miller, Friesen (1984)
 SALES GROWTH RATE
GROWTH ABOVE 15% ; MATURITY BELW 15%;
 AGE
6 YEARS AT EACH STAGE ON
AVERAGE
BELOW 10 YEARS - ENTRY
 EXPERT ‘ ESTIMATES
IDENTIFICATION OF LCO STAGE BY FINANCIAL
MEASURES: RATING APPROACH
SIMPLE APPROACH
Metrics
5 YEARS MEAN:
•Revenue growth rate,
•Dividends
• Capital expenditure
Anthony,Ramesh (1992)
Age
5 STAGES: GROWTH,STABLE
GROWTH,MATURITY,
• RATING BY METRIC
• SUM OF RATINGS
• INDUSTRY FACTORS
BEGINNING OF
DECLINE,DECLINE
EXTENDED APPROACH
 FINANCIAL RATIOS
 CLUSTERS
Pashley,Phillippatos (1990)
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
Black
START UP
GROWTH
MATURITY
DECLINE
MEAN
GROWTH RATE
142%
38%
8%
-13%
10%
Debt-to-equity
7%
42%
50%
16%
39%
Net income
(mln doll.)
Return on equity
- 0.36
0.66
16.15
-0.54
1.90
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)
Dividends payout
(%)
2.4
16.2
37.4
57.6
42.8
0
0
36%
0
0
16.52
21.95
208.47
10.91
46.11
Equity market cap
(mln doll.)
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%
GROWTH
• all cash flows significant at 5%
• earnings not significant
MATURITY
•earnings, operating and financing cash flows AT 5%
•FINANCING CASH FLOW NEGATIVE
DECLINE
•ALL TYPES OF CASJ FLOWS AT 5% уровнеearnings not significant
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
Yan,2006
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
MATURE GROWTH: after 9quarters ,
6 quarters growth rates HIGHER than
Р67
DECLINE: after 9 quarters , 6
quarters with growth rates темп
выручки LOWER than Р33
Corporate finance and the challenges for
corporate analysis
SCALE OF FEASIBLE STATES OF THE MARKET
FRACTION OF VOLATILITY THAT IS PRICE-DRIVEN
0%
ORDER IN
100%
COMPLEXITY
THE MARKET
 Almost no price effect
associated with
investor’s interaction
• Market efficiency –
special rational case
RATIONAL FINANCE
BEHAVIORAL FINANCE
DEDUCTION and
mathematical modeling
PREVAILS
THE NEW
FINANCE
Impact of interactions:
- Interpretation of
signals
- Irrational
expectations
TURBULENCE
AND CHAOS
Price changes
are almost
unrelated to
changes in real
economic
information set
induction prevails
“fly with feathers” :
Process, store info and fly in response
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 interests
BUT GOVERNANCE apply
MANAGERIAL BIASES:
 Less than fully rational
behavior following mispricing
 Optimism and
overconfidence
 Exploit and use mispricing in
decision-making
FINANCIAL ANALYSIS IN INDUSTRIAL ECONOMY
KEY RESOURCES
TYPE OF BUSINESS
MODELS
CRITERIA FOR
PERFORMANCE
KEY ANALYTICAL
FOCUS
INFORMATION MODEL
OF THE FIRM
TANGIBLE AND FINANCIAL ASSETS, LIMITED
INTANGIBLES
SEEKING FOR ALLOACATIVE EFFICIENCY
ACCOUNTING PROFIT AND CASH FLOWS
FINANCIAL STATEMENTS ANALYSIS
SHAREHOLDER VALUE (SHV) AND AGENCY
ACCOUNTING PROFIT BASED
FINANCAL ANALYSIS IN THE KNOWLEDGE ECONOMY
INTELLECTUAL CAPITAL
KEY RESOURCES
DYNAMIC CAPABILITIES
TYPE OF THE BUSINESS
MODELS
CRITERIA
KEY ANALYTICAL FOCUS
TRAMFORMATION EFFICIENCIES
ECONOMIC PROFIT (RISK ADJUSTED
APPROACH), KNOWLEDGE EARNINGS
CASH FLOWS, INTELLECTUAL CAPITAL
SHV VERSUS STAKEHOLDER VALUE :AGENT AND
ITS INTELLECTUAL CAPITAL CONTRIBUTION
INFORMATION MODEL
OF THE FIRM
VALUE REPORTING
NON-FINANCIAL REPORTING
КОРПОРАТИВНЫЕ ФИНАНСЫ-2. СТРУКТУРА КУРСА
1. ЗАТРАТЫ НА КАПИТАЛ –
СЛОЖНЫЕ СТРУКТУРЫ КАПИТАЛА
 РАСТУЩИЕ РЫНКИ: НОВЫЕ МОДЕЛИ, АДАПТАЦИЯ МОДЕЛЕЙ
2. СОВРЕМЕННЫЕ ИССЛЕДОВАНИЯ СТРУКТУРЫ
КАПИТАЛА
 РАЗВИТИЕ СИГНАЛЬНЫХ МОДЕЛЕЙ
 РАЗВИТИЕ АГЕНТСКИХ МОДЕЛЕЙ
 СОЕДИНЕНИЕ АГЕНТСКИХ И СИГНАЛЬНЫХ
МОДЕЛЕЙ
 РАСТУЩИЕ РЫНКИ
 НОВЫЕ ГИПОТЕЗЫ, КОНЦЕПЦИИ
 СТАТЬИ В МЕЖД ЖУРНАЛАХ
 ИНТЕЛЛЕКТУАЛЬНЫЙ КАПИТАЛ
3. СОВРЕМЕННЫЕ ИССЛЕДОВАНИЯ ПОЛИТИКИ
ВЫПЛАТ4. 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