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Onderneming en Recht - UL - Oefententamen gedeelte Bedrijfswetenschappen winter 2015 (2)

Vragen

De financiering van de investeringen van een onderneming kan intern of extern gebeuren. Er wordt wel beweerd dat interne financiering goedkoper is dan externe financiering omdat er geen rente hoeft te worden betaald.

Vraag 1

Waaruit blijkt of een onderneming haar investeringen intern dan wel extern financiert? (1 punt)

Vraag 2

Geef aan of bovenstaande bewering juist is. Licht uw antwoord toe. (1 punt)

Vraag 3

Een onderneming kan haar activiteiten financieren met vreemd en eigen vermogen.

Noem twee voordelen van financieren met vreemd vermogen en licht deze voordelen toe. (2 punten)

Vraag 4

Het kan voorkomen dat aandeelhouders bij de voortzetting van een bedrijf in financiële problemen weigeren extra benodigd kapitaal te verstrekken, ondanks dat een dergelijke investering rendabel is en een netto contante waarde oplevert.

Geef nauwkeurig weer in welke situatie aandeelhouders een prikkel hebben om in dat geval geen extra kapitaal ter beschikking te stellen. (1 punt)

Antwoordindicatie

Vraag 1

Dat blijkt uit het kasstroom overzicht: de investeringen kunnen worden gefinancierd door de operationele kasstroom (intern) of de financieringskasstroom (extern).

Vraag 2

Deze redenering is onjuist. Er moet rekening worden gehouden met de opbrengst die met de geïnvesteerde operationele kasstroom zou kunnen worden behaald. Dit zijn de opportunity costs.

Vraag 3

  • Verminderen agency kosten eigen vermogen.
  • Tucht van de vermogensmarkt
  • Disciplinerend
  • Afromen van kasstromen
  • Informatieve waarde
  • Monitoring
  • Hefboomwerking
  • Interest is aftrekbaar voor de vennootschapsbelasting

Korte uitleg/omschrijving is vereist

Vraag 4

Indien de marktwaarde van een onderneming lager is dan de nominale waarde van de schulden, komt deze extra netto contante waarde vooral ten goede van de vreemd vermogensverschaffers. De aandeelhouders houden er niets van over.

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Onderneming en Recht - UL - B2 - Oefenbundel - Gedeelte Bedrijfswetenschappen

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