1. Valuation – Framework (Valuation Motives, Valuation Purposes and Standards of Value, Valuation Principles, Valuation Standards and Standard Setter)
2. Valuation Methodology (Valuation Hierarchy, Liquidation Value
3. Income Approach - DCF-Methods (Entity-Approach, APV-Approach and Equity-Approach; Planning Methodology; Integrated Planning System; Scenario-Analysis; Terminal Value; Steady State; Growth Expectation; Capital Structure)
4. Cost of Capital – Capital Asset Pricing Model (Model Implications; Risk-free interest rate; Beta – Standard Beta and Alternatives, Intervalling-Effect; Assessment of the Quality of the Beta - Regression diagnostics; Market Risk Premium - Methods)
5. Market Approach (Methods; Types of Multiples; Peer Group-Definition - Selection Criteria, Aggregation Functions; Single stage vs multiple stage multiples)
6. Levels of Value Chart and Valuation Adjustments (Entity Level vs Equity Level; Control Premium - Voting rights premium; DLOM - Restricted stock method, pre-IPO method, Regression models, computational models, Option pricing models; Strategic Premium; Diversification Discount - Ratio Analysis, Event studies, excess value studies; Key Person Discount; Private Company Discount) Please note: The presented content is valud unless otherwise provided due to necessary updating.
Objective
The main objective of for-profit businesses is to create shareholder value. Accordingly, all business strategies, technologies etc. have to be assessed according to their ability to create shareholder value. Furthermore, the main target of acquisitions are technologies and/or market shares (especially in saturated markets) as a major strategie to create growth opportunities for . Hence, one area with heavy "acquisition traffic"are technology industries. In this course the students gain deeper insights in the valuation techniques concerning the computation of the shareholder value with focus on the technology sector as well as on the Computer sector. According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension “Content”: Understanding of the techniques to calculate the shareholder value and to assess the ability of a company/technology etc. to create (or destroy) shareholder value.
(ii) Dimension “Behaviour“: Since the course is designed as a seminar, the content transfer is accompanied by the work on case studies.(iii) Dimension “Complexity”: The students are activated in the sphere of transferring content concerning systematic/methodological knowledge as well as in the practical application of the gained systematic/methodological knowledge in case studies. Please note: The presented objectives are valid unless otherwise provided due to necessary updating.
Content
Part I: Managerial Decision Making
1. The Management-Wheel (Target-Setting; Decision Making - Decision Field, Levels of Information, Decision Models in the Situation of Certainty/Risk/Uncertainty, Decision Tree; The Control Function of Management)
Part II: Management Control
2. Management Control Alternatives and their Effects (Results Controls; Action, Personnel and Cultural Controls; Control System Tightness; Control System Costs; Designing and Evaluating Management Control Systems)
3. Financial Results Control Systems (Financial Responsibility Centers; Planning and Budgeting; Incentive Systems)
4. Performance Measurement Issues and their Effects (Financial Performance Measures and their Effects; Remedies of the Myopia Problem; Using Financial Results Controls in the Presence of Uncontrollable Factors)
5. Corporate Governance and Situational Influences on Management Control (Corporate Governance Systems and Monitoring Authorities; Situational Effects on Management Control Systems)
Part III: Integrated Planning and Budgeting
6. Integrated Planning System (Operational and Financial Budgets)
7. Static and Flexible Budget Reports
Part IV: Valuation, Performance Measurement and Financial Decision Making
8. Valuation Motives, Purposes, Standards of Value, Principles, Planning Methodology, Terminal Value
9. Valuation Approaches (Income Approach: DCF Entity-Approach, DCF APV-Approach, DCF Equity-Approach)
10. Cost of Equity (Risk-free Interest Rate, Beta, MRP, CAPM)
11. Market Approach (SPCM, RAM, DMDM, IPO, PE, PBV, Types of Multiples, Peer Group-Definition, Levels of Value Chart, Valuation Adjustments)
12. Simultaneous Planning of Investment and Financing Programs; Financing Matrix (Credit-Substitutes, IPO and Securities Analysis) Please note: The presented content is valid unless otherwise provided due to necessary updating.
According to the Management-Wheel Model main tasks of managers is target setting, decision making as well as control. Accordingly in this course the students gain deeper insights in the process of target setting, basic decision rules concerning the core field of Management, in the framework of constructing management control systems (in particular in financial results control systems), in the performance measurement (in particular in the valuation concerning the computation of the shareholder value) as well as in the basic principles concerning corporate governance. According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension “Content”: Understanding of the application of managerial decision rules, of the basic framework of the planning and budgeting system as well as the basic valuation principles.
(ii) Dimension “Behaviour“: The course is designed in form of a lecture; accordingly mainly theoretical knowledge is communicated. Besides the pure lecturing case studies containing calculations are included.
(iii) Dimension “Complexity”: The students are activated in the sphere of transferring content concerning systematic/methodological knowledge as well as in the practical application of the gained systematic/methodological knowledge in case studies.
Please note: The presented objectives are valid unless otherwise privided due to necessary updating.
1. Investment Decision Making (Definitions and Categorisation of CapEx; Types of Investment Decisions; Methods of Preinvestment Analysis - Assumptions, Points of Criticism, Evaluation; Present Value Techniques - Net Present Value Method, Annuity Method, Internal Rate of Return Method, Modified Internal Rate of Return Method; Future Value Techniques - Asset Future Value Method, Interest on Debt Method, Method of Complete Financial Budgets)
2. Simultaneous Planning of Investment and Financing Programs
3. Financing Matrix (Credit-Substitutes; IPO and Securities Analysis)
4. Cost-Management (Target-Costing; Life Cycle-Costing; Cost-Benchmarking)
5. Risk-Management (Legal requirements; COSO-Framework and Three lines of Defense-Model; Design of a Corporate Risk Management System - Risk policy, Risk analysis and identification, Risk evaluation and aggregation, Risk coverage, Risk monitoring) Please note: The presented content is valid unless otherwise provided due to necessary updating
One main task of managers is decision making. Accordingly, in this course the students gain deeper insights in basic decision rules concerning Investment Decision Making both solely and in connection with Financing Decision Making. Furthermore, the lecture covers the Basic design of a corporate Risk Management System, as technology firms face above-average operational risks. Third, the lecture covers advanced Cost Management Systems. According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension “Content”: Understanding of the application of decision rules in the represented fields of interest.
(iii) Dimension “Complexity”: The students are activated in the sphere of transferring content concerning systematic/methodological knowledge as well as in the practical application of the gained systematic/methodological knowledge in case studies. Please note: The presented objectives are valid unless otherwise provided due to necessary updating.
1. Basic principles of the annual financial statement analysis (Functions; Addressees; Key figures - Types, Representation and tandards of comparison; Requirements for a significant key figure comparison; Limits)
2. Data base, data preparation and data processing (Informational effect of the annual financial statement; Stages of the annual financial statements analysis - balance sheet adjustment → standardized balance sheet, balance sheet processing → term-congruent standardized balance sheet)
3. Analysis areas (Classification by areas of Analysis; application of key figures in practice)
4. Financial analysis (Investment analysis and asset structure analysis - intensity and turnover ratios, turnover coefficients, depreciation and investment policies; Financing and capital structure analysis; Liquidity analysis - static liquidity analysis, dynamic liquidity analysis, key figures for dynamic liquidity analysis, key figures for cash management)
5. Performance analysis (Performance analysis - analysis of the outcome sources, revenue structure analysis, cost and expense analysis and cost and expense structure analysis, other key performance indicators; Profitability Analysis - Classic Profitability Indicators, Leverage Analysis, Profit Indicators, Newer Profitability Indicators, Cash Flow Profitability Indicators; Value creation analysis)
6. Key figure systems (Principles; types; systems, Evaluation)
7. Operational early warning systems and the principles of insolvency law (Early warning and its Systems; key figures according to the Law for the Reorganization of Enterprises; discriminant analysis - Univariate Discriminant Analysis, Multivariate Discriminant Analysis; Factor analysis; Basic principles of insolvency law - insolvency reasons, insolvency application requirement, liability risks, insolvency proceedings)
8. Further Approaches to the Financial Statements (Artificial neural networks; scoring procedures; qualitative annual financial statement analysis) Please note: The presented content is valud unless otherwise provided due to necessary updating.
The management of companies is heavily based on key figures in company practice. Regularly, financial figures are used for financial management, whereat the required data are gathered from the annual financial statements. A major reason for recoursing to the data of the annual financial statements is that each company must create one (in any form whatsoever). In this course, you will be given a deeper insight into the procedure for the determination of financial key figures and, on the other hand, a strong focus will be laid on the economic interpretation of the key performance indicators. Additionally, it will be pointed out that the individual results of key figures have only a limited meaning and that only taking into account the interactions between different key figures can generate the overall analysis of the object "company". According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension "Content": Understanding of the process of preparation and conduction of the company / financial annual statement analysis, business interpretation, understanding of application problems and limitations of informative value.
(ii) Dimension "Behaviour": Since the course is designed as a seminar, the content transfer is accompanied by the work on a comprehensive case study.
(iii) Dimension "Complexity": The students are activated in the sphere of transferring content concerning systematic/methodological knowledge as well as in the practical application of the gained systematic/methodological knowledge in case studies. Please note: The presented objectives are valid unless otherwise provided due to necessary updating.
As the terms according to tax law in many cases cannot be translated directly keeping its original meaning, the content is given in its original german terms (Austrian Tax Law).
1. Einkommensteuer (persönliche und sachliche Steuerpflicht, Einkünfteermittlung, Einkommensermittlung, Ermittlung der Einkommensteuer, Erhebung der Einkommensteuer, beschränkte Einkommensteuerpflicht)
2. Körperschaftssteuer (Steuersubjekt, Bemessungsgrundlage, Steuertarif, Veranlagung und Entrichtung der Körperschaftsteuer)
3. Nationales Außensteuerrecht und internationales Steuerrecht (Terminologie, Begriff der Doppelbesteuerung, Methoden zur Vermeidung der Doppelbesteuerung und Arten der Anwendung - unilaterale/bilaterale Maßnahmen, DBA, OECD-MA, Zuteilungsregeln)
4. Umsatzsteuer (Steuerpflicht, Steuergegenstand, Umsätze im Binnenmarkt, Bemessungsgrundlage, Steuerbefreiungen, Steuersätze, Die Rechnung, Vorsteuerabzug, Steuerschuldner, Entstehen der Steuerschuld, Durchführung der Besteuerung)
5. Weitere Verkehrsteuern (Grunderwerbsteuer, Normverbrauchsabgabe, Versicherungssteuer, Kraftfahrzeugsteuer, Bundesstraßen-Mautgesetz)
6. Sonstige Steuern (Kommunalsteuer, Dienstgeberbeitrag zum Ausgleichsfonds für Familienbeihilfen, Grundsteuer, Energiesteuern und weitere Verbrauchsteuern, Werbeabgabe, Gebühren nach dem Gebührengesetz, Stabilitätsabgabe, Flugabgabe)
7. Unentgeltliche Zuwendungen (Meldung von Schenkungen, Familienbeihilfe, Neugründungs-Förderung)
8. Abgabenverfahrensrecht (Abgabenverfahren, Einhebung von Abgaben und Rechtsschutz)
9. Finanzstrafrecht (Materielles Finanzstrafrecht, Finanzstrafverfahren) Please note: The presented content is valid unless otherwise provided due to necessary updating.
Every natural person as well as every entrepreneurial Person has to pay taxes. Depending on it's individual circumstances as well as the type of entrepreneurial activity different taxes have to be paid. Knowledge in the field of taxation enables the subject to taxation to optimize his/her tax burden. This Course provides an overview on the most important taxes both in the private as well as in the organizational context. According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension "Content": Understanding of the Austrian Tax System both in the national as well as in the international context. Knowledge concerning the most important taxes, their objects of taxation, their tax rates as well as their payment.
(ii) Dimension "Behaviour": The lecture concentates on the transfer of content; this theoretical knowledge framework is illustrated using short examples.
(iii) Dimension "Complexity": The students are activated in the sphere of transferring content concerning systematic/methodological knowledge; This is illustrated and complemented using short examples.
Please note: The presented objectives are valid unless otherwise provided due to necessary updating.
Part I: Accounting - Bookkeeping
1. Business (company) Accounting (Basic questions and main purposes; accounting levels)
2. Financial Accounting (Functions; Legal Basis; Accounting Systems; Mandatory accounting and deadlines of the obligatory reporting)
3. Organization of double bookkeeping (Organizational regulations; Handling of documents; Booking technique; Principles of proper Accounting)
4. Accounting cycle - From the opening balance sheet to the closing balance sheet
5. Booking of current business Transactions (Purchasing and Sales; Expenditures and Proceeds; Settlement of invioces; Foreign transactions; Financing transactions; Personnel expenditures; Taxes; Asset accounting)
6. Alternatives to the double bookkeeping system (Einnahmen-Ausgaben-Rechnung)
Part II: Accounting - Balancing
7. Principles of proper balancing; Balance sheet structure; Structure of the P&L-Statement; Notes
8. Fixed assets
9. Current assets
10. Accruals and deferrals
11. Equity (reserves)
12. Accruals
13. Liabilities
14. Management Report, Corporate Governance Report
15. Principles of Group Accounting
16. Principles of International Financial Reporting (International Financial Reporting Standards - IFRS)
Please note: The presented content is valid unless otherwise provided due to necessary updating.
Each company must have financial accounting (in a given form) and generate an annual financial statement. The last one is the basis for a variety of corporate duties (for example towards the financial administration is the financial statement the basis for the tax assessment) and at the same time also the basis for the financial management of the company (e.g. for the calculation of financial key figures or for the valuation of the company as a basis for investment decisions). In this respect, appropriate knowledge of the external company accounts is essential for industrial engineers. This course is divided in the two areas - the (current) financial accounting and balancing of the accounts (generating of the annual financial statements), whereat – according to the operational practice - the financial accounting represents the basis for balancing of the accounts. Both areas are also subsumed under the term "external company accounts". In addition to the basics of the accounting records and the generating of the annual financial statements, special attention is paid to the interpretation of the figures in the annual financial statements (also referred to as "balance sheet reading"). The contents of the course are exclusively related to the individual financial statements according to the accounting standards of the (Austrian) Corporate Code (UGB). According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension "Content": Regarding the financial accounting understanding of the system of accounting, understanding the relationships of the individual blocks, knowledge of the relevant legal regulations as well as understanding of the basic (significant in the operational practice) booking procedures; referring to the balancing of the accounts knowledge of the elements of the annual financial statement, their structure and interrelations, knowledge of the important legal regulations for financial accounting in UGB, knowledge of the essential parameters for the valuation and balancing of the accounts of long-term assets, short-term assets, accruals and deferrals, equity, accruals and liabilities.
(ii) Dimension "Behaviour": The lecture forms the theoretical knowledge framework for the subsequent practical; Accordingly, the content transfer takes place in the form of the mediation of the theoretical framework, which is then represented and supplemented in the practical by means of corresponding exercises.
(iii) Dimension "Complexity": The students are activated in the sphere of transferring content concerning systematic/methodological knowledge; This is illustrated and complemented in the subsequent practical by the activation in the practical field of application by the (exemplary) application of the theoretical knowledge from the lecture on the basis of systematically illustrated case studies/booking cases.
1. Accounting • Accounting cycle - From the opening balance sheet to the closing balance sheet • Booking of current business transactions • Asset accounting
2. Balancing of accounts (generating the annual financial statements) • Principles of proper balancing, balance sheet structure, structure of the P & L, notes • Long-term assets • Short-term Assets • Accruals and deferrals • Equity (reserves) • Accruals • Liabilities
Each company must have financial accounting (in a given form) and generate an annual financial statement. The last one is the basis for a variety of corporate duties (for example towards the financial administration is the financial statement the basis for the tax assessment) and at the same time also the basis for the financial management of the company (e.g. for the calculation of financial key figures or for the valuation of the company as a basis for investment decisions). In this respect, appropriate knowledge of the external company accounts is essential for industrial engineers. This course is divided in the two areas - the (current) financial accounting and balancing of the accounts (generating of the annual financial statements), whereat – according to the operational practice - the financial accounting represents the basis for balancing of the accounts. Both areas are also subsumed under the term "external company accounts". In addition to the basics of the accounting records and the generating of the annual financial statements, special attention is paid to the interpretation of the figures in the annual financial statements (also referred to as "balance sheet reading"). The contents of the course are exclusively related to the individual financial statements according to the accounting standards of the (Austrian) Corporate Code (UGB). According to the three dimensions of educational objectives the students gain competences as follows: • Dimension "Content": The theoretical knowledge acquired within the framework of the VO is applied accordingly in this UE; Application of the basic (significant in practice) bookings; Application of the essential parameters for the valuation and balancing of the accounts of long-term assets, short-term assets, accruals and deferrals, equity, accruals and liabilities. • Dimension "Behaviour": The UE focuses on the application of theoretical content from the VO; This is done by practicing corresponding example exercises. • Dimension "Complexity": The activation of the students takes place primarily in the practical area of application by the (exemplary) application of the theoretical knowledge from the VO on the basis of systematically illustrated case studies / booking cases.
1. Business Accounting (Structure; Tasks; Levels of value in the Company)
2. Cost accounting Systems (Design criteria - basic principles of cost accounting, cost structure, organizational structuring elements)
3. Cost Accounting (Distinction between cost/performance and expense/Revenue; Cost-type calculation - cost type classification, selected cost type groups, cost resolution, performance accounting; Cost-center calculation - cost centers structure, cost accounting, internal performance accounting; Cost-unit calculation - calculation procedure)
4. Decision-oriented design elements of cost Accounting (Full cost accounting versus partial cost calculation; Contribution margin accounting; Break-even analysis; Shortages [bottlenecks], make-or-buy decisions, price floors)
5. Planned cost calculation (Flexible full-planned cost calculation; flexible marginal-planned cost calculation)
6. Further concepts of cost management (Process costing; Short-term income statement - cost unit period calculation; Target costing; Life cycle costing; Cost benchmarking; Project costing; Quality costing; Logistics costing; Environmental costing) Please note: The presented content is valid unless otherwise provided due to necessary updating.
Cost accounting is a core instrument for controlling the company. Without a functioning cost accounting system, the company does not have any information about its cost structure, cannot determine the sales price to be achieved, cannot assess the efficiency of the target fulfillment, and generally does not have systematic and structured information about the company's performance. However, since all economic enterprises are in competition with all other market players, such information is of existential importance; In this respect, corresponding knowledge of the cost accounting and income statement (internal company accounting) is essential also for economic engineers. This course provides the basic knowledge of the cost accounting and income statement. You will gain an insight into the effective design of this system so that it can perform its tasks as best as possible. According to the three dimensions of educational objectives the students gain competences as follows:
(i) Dimension "Content": Understanding of the system of cost accounting and income statement calculation and the design of its essential elements, understanding of the relationship between the individual elements, and the understanding of the corresponding calculation technique.
(ii) Dimension "Behavioral indicators": The lecture forms the theoretical knowledge framework for the following practical; Accordingly, the content transfer takes place in the form of the mediation of the theoretical framework, which is then applied and supplemented in the practical by means of corresponding exercise examples.
(iii) Dimension "Complexity": The activation of the students takes place primarily in the area of the content transfer of systematic / methodological knowledge; This is applied and supplemented in the subsequent practical by the activation in the practical application area by the (exemplary) application of the theoretical knowledge from the lecture on the basis of systematically illustrated case studies/exercises.
6. Further concepts of cost management (Process costing; Short-term income statement - cost unit period calculation; Target costing; Life cycle costing; Cost benchmarking; Project costing; Quality costing; Logistics costing; Environmental costing)
The cost accounting is a central instrument for controlling the company. Without a functioning cost accounting system, the company does not have any information about its cost structure, cannot determine the sales price to be achieved, cannot assess the efficiency of the target fulfillment, and generally does not have systematic and structured information about the company's performance. However, since all economic enterprises are in competition with all other market players, such information is of existential importance; In this respect, corresponding knowledge of the cost accounting (internal company accounting) is essential also for economic engineers. This course provides the basic knowledge of the cost accounting. You will gain an insight into the effective design of this system so that it can perform its tasks as best as possible. According to the three dimensions of educational objectives the students gain competences as follows: • Dimension "Content": The theoretical knowledge acquired within the framework of the VO is applied accordingly in this UE; distinction between the levels of values in the company (in particular cost / performance), designing and applying of the central elements of the cost accounting systems (e.g. cost accounting, calculation), application of cost accounting to decision - making situations relevant to practice, application of the central tools of cost planning and cost control, application of basic instruments of cost management. • Dimension "Behaviour": The UE focuses on the application of theoretical content from the VO; This is done by practicing corresponding example exercises. • Dimension "Complexity": The activation of the students takes place primarily in the practical area of application by the (exemplary) application of the theoretical knowledge from the VO on the basis of systematically illustrated case studies / booking cases.
1. The “Controlling-Concept” – an Introduction, i.a. • Planning und Checking • Reporting: Receiver-orientation as success factor • Review: Business Economics, Balancing, Cost accounting
2. Overview: Controlling tools • Operational controlling tools, i.a. Break-Even-Analysis, ABC Costing, Key performance indicators, Cash flow statement. • Strategic controlling tools, i.a. Environmental analysis, balanced scorecard, portfolio analysis.
3. Cost and revenue controlling, i.a. • Program optimization, break-even analysis (single and multiple product cases) • Optimization problems with shortages (“bottlenecks”) • Cost management (e.g. target costing, life-cycle costing) • Pricing
4. Investment controlling and Decision-making, i.a. • Review: Static and dynamic procedures • Decision-making with the focus on projects and programs
5. Integrated Business Planning, i.a. • Planned profit and loss account, finance plan and planned cash flow statement • The formulation of an „integrated corporate budget“
6. Controlling in Marketing and Sales, i.a. • Strategic and operational controlling-view on Marketing and Sales • Controlling-instruments in Marketing and Sales
7. Procurement and Production controlling, i.a. • Warehouse management, materials management • Production control, choice of production procedure
8. Controlling & Key performance indicators
9. Operational Risk controlling, i.a. • The concept of Risk controlling • Tools in operational Risk controlling
10. Controlling – Special topics
A goal-oriented and successful controlling ("corporate management") is a central prerequisite for ensuring the continuity of a company and for its success. In order to fulfill this task, controlling is using in the operational practice the numerous instruments; in order for them to have an impact, however, they must be used correctly, both in a matter-of-fact and in a timely manner. Due to the awareness of the importance of controlling for the company, it is nowadays used in company practice - depending on the size of the company and its concrete business model - both at the company level as a whole and in the various operational subdivisions / functions; In the last case one speaks of the so-called "functional control". In this course, this duality of the controlling tools is taken into account both at the company level as well as in individual functional areas. You will get a deeper insight into selected controlling tools at the company level (e.g. cost and revenue controlling, strategic controlling) as well as at the selected operational functions / sub-areas (e.g. procurement and production control, project controlling). Additionally, the target group-oriented design of controlling reports (reporting) will be brought into focus. According to the three dimensions of educational objectives the students gain competences as follows: • Dimension "Content": Understanding of the structure, operation mode and effect of selected controlling instruments, deepening knowledge in cost and revenue controlling, understanding of the design requirements of controlling instruments in selected operational areas / functions of the company. • Dimension "Behaviour": Since the course is designed as a seminar, the content transfer is accompanied by the work on the case studies. • Dimension "Complexity": The students are activated in the sphere of transferring content concerning systematic/methodological knowledge as well as in the practical application of the gained systematic/methodological knowledge in case studies.