Stand: SoSe 2023
| Name | Innovation Finance and Venture Capital Investment | |
| Katalog-Nummer | FK 10#FIN#M1.9 | |
| Zugehörigkeit zu Curriculum |
Master Betriebswirtschaft | M1.9 | 5 Leistungspunkte
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| Modulverantwortung |
Häcker, Joachim (Prof. Dr. Dr.)
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| 4 SWS | SU - wird nicht angeboten
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| Arbeitsaufwand |
Präsenzzeit: 0 Stunden
Selbststudium, Vor- und Nachbereitung, Prüfungsvorbereitung: 0 Stunden
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Voraussetzungen
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Verwendbarkeit
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| Inhalt / Lernziele |
Qualifications targeted: With regard to the qualification category of expertise, the course participants are able to: - provide an overview of the core venture capital valuation methods.- Relate corporate finance to other modules in applied business innovation. - Relate corporate planning to corporate valuation and to describe the linkages in their own words With regard to the qualification category of methodological competence, the course participants are able to: - use their knowledge about planning and valuation methods to develop a professional standard model for corporate valuation which incorporates the principles of financial modeling- obtain the data necessary for a corporate valuation which incorporates the principles of financial modeling. - Critically evaluate the results of the corporate valuation and to clarify any differences. - Interpret the results of the corporate valuation and to independently draw conclusions for corporate finance transactions With regard to the qualification category of self-competence, the course participants are able to: - transfer the results from the corporate valuation to other modules in applied business innovation and to combine them with these modules. - manage a project in the field of corporate valuation and to develop proprietary solutions in a team of valuation experts - compile a transparent and comprehensive documentation of assumptions and methods for a given valuation project. - structure the process of corporate valuation and to apply the standards of professional financial modeling With regard to the qualification category of social competence, the course participants are able to interact within groups. They will learn how team oriented problem solution can be done and how to enhance team performance. Content o International Accounting based on IFRS. The following IFRS-based terms of technique will be scrutinized in further detail: - Liabilities (especially interest bearing liabilities)- Book value o IFRS for listed and non-listed companies - Venture Capital - Mergers & Acquisitions (M&A) - Initial Public Offering (IPO) - Valuation. The following major valuation techniques are scrutinised: o Market cap, book value and discounted cash flow analysis o Trading and transaction multiples : Up-to-date topics (eg. Blockchain) and the disruption of specific sectors (eg. Automotive Finance). Methods applied Models and methods (Research and Analysis): • Capital asset pricing model (e.g. deriving beta, the risk-free rate and the markt risik premium) • Arbitrage pricing theory • Trading multiples method (e.g. deriving a peer group) • Transaction multiples method (e.g. selecting the relevant transactions) • Entity method (e.g. WACC) • Equity method (e.g. Flow to equity) Quantitative empirical methods (Comparables – Statistics, Mathematics, Data analysis) • The following EXCEL based quantitative methods are applied in order to apply the models and methods mentioned above: o Scenario analysis (e.g. best case and worst case scenarios) o Simulation techniques o Iteration approach (e.g. solving the circularity problem) o Sensitivity analysis (e.g. sensitivity tables) o Input and outputmodels o Students understand the quantitative empirical methods based on a 3-step-approach Qualitative methods (expert interviews …): • Qualitative analysis of valuation methods (e.g. from “value“ to “price“ based on takeover premium. This results in a valuation range) • Based on expert opinions the applicability of the results is verified. Teaching methods: • The lecture is case study based and will be carried out in English • Students will model up-to-date business cases in Excel • Based on e-learning methods students will experience self-directed learning Literature • Ernst, D., Häcker, J. (2011): Applied International Corporate Finance, Vahlen publishers, 2nd edition, Munich. • Ernst, D., Häcker, J. (2017): Financial Modeling, MacMillan, London. • Brealey, R., Myers, S., Allen, F. (2013): Principles of Corporate Finance, 11th edition, Mc Graw Hill. |
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