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Corporate Finance
Chair of Finance
Prof. Dr. Thomas Langer
Summer 2023
Slide Set #1
,Introduction
Finance Center Münster
Prof. Branger Prof. Günster Prof. Langer Prof. Pfingsten Prof. Schneider
Semester Semester 5 Semester 4 Semester Semester
Investition & Foundations of Corp. Finance Investition & Investition &
Finanzierung Sustainable Finance Finanzierung Finanzierung
Chair of Finance
Pascal Dr. Michael Nils Dr. Hannes Edona Susanne Lennart
Büsing Goedde-Menke Lohmeier Mohrschladt Selimaj Siedhoff Stitz
Slide Set #1
1
Corporate Finance ‐ Summer 2023
,Motivation
Questions addressed in this course
Which fundamental questions have to be
answered in the corporate finance context?
How can the finance department optimally support the objectives of the
company?
Which form of financing serves the capital needs of a company best?
How is the cost of capital related to the risks of different forms of
financing?
What is the value of a company and how does it depend on the
financing decisions of the company (and the capital structure in
particular)?
Which methods can be used to estimate the value of a company?
Slide Set #1
2
Corporate Finance ‐ Summer 2023
, Motivation
Financial Goals are Key in Corporate Management
“In order to make efficient use of resources
in the Automotive Division and to measure
the success of this, we have been using a
value‐based management system for a
number of years, with return on investment
(ROI) as a relative indicator and value
contribution, a key performance indicator
linked to the cost of capital, as an absolute
performance measure.”
“Value contribution is calculated on the basis of the operating result after tax
and the opportunity cost of invested capital.”
(VW, https://www.volkswagenag.com/en/InvestorRelations/news‐and‐publications/Annual_Reports.html)
Slide Set #1
3
Corporate Finance ‐ Summer 2023
Corporate Finance
Chair of Finance
Prof. Dr. Thomas Langer
Summer 2023
Slide Set #1
,Introduction
Finance Center Münster
Prof. Branger Prof. Günster Prof. Langer Prof. Pfingsten Prof. Schneider
Semester Semester 5 Semester 4 Semester Semester
Investition & Foundations of Corp. Finance Investition & Investition &
Finanzierung Sustainable Finance Finanzierung Finanzierung
Chair of Finance
Pascal Dr. Michael Nils Dr. Hannes Edona Susanne Lennart
Büsing Goedde-Menke Lohmeier Mohrschladt Selimaj Siedhoff Stitz
Slide Set #1
1
Corporate Finance ‐ Summer 2023
,Motivation
Questions addressed in this course
Which fundamental questions have to be
answered in the corporate finance context?
How can the finance department optimally support the objectives of the
company?
Which form of financing serves the capital needs of a company best?
How is the cost of capital related to the risks of different forms of
financing?
What is the value of a company and how does it depend on the
financing decisions of the company (and the capital structure in
particular)?
Which methods can be used to estimate the value of a company?
Slide Set #1
2
Corporate Finance ‐ Summer 2023
, Motivation
Financial Goals are Key in Corporate Management
“In order to make efficient use of resources
in the Automotive Division and to measure
the success of this, we have been using a
value‐based management system for a
number of years, with return on investment
(ROI) as a relative indicator and value
contribution, a key performance indicator
linked to the cost of capital, as an absolute
performance measure.”
“Value contribution is calculated on the basis of the operating result after tax
and the opportunity cost of invested capital.”
(VW, https://www.volkswagenag.com/en/InvestorRelations/news‐and‐publications/Annual_Reports.html)
Slide Set #1
3
Corporate Finance ‐ Summer 2023
