In the subject Debt Policies and Dividends the goal that has to guide the choice of financing decisions: maximising the overall market value of all the company’s bonds. The reason why the financial structure and the distributed benefits change so much between companies and sectors will be analysed. The different sources of corporate risk will be defined: the economic risk and the financial risk. The effects of the modification of the financial structure on the company’s value, the financial risk, the profitability demanded by the investors and the weighted average cost of capital will also be explained. In conclusion, we will transmit the advantages and disadvantages of the financial decision-making, as for example changing the company’s debt level or changing the distributed dividends, so the final adopted policy is the consequence of considering appropriately the different effects that stem from it: on tax savings, the costs increase of the financial difficulties and the effect on the costs of the agency between stockholders and executives and between bondholders and stockholder.

In the subject Financial management, we will focus on the management of debtors, the credit policy and the clients classification methods, as well as on the management of charges and unpaid. Furthermore, regarding the company’s working capital, we will approach the financial management of inventories, the short-term management and cost of financial resources and the long-term management of financial instruments, such as the financial loan and leasing.

Regarding the subject Cash Management and Relationships with Financial Entities, the organisation and functions of the treasury department will be studied. In addition, other aspects such as the centralisation of the treasury and the cash pooling will be approached and the process of bank negotiations will be studied.

Finally, the subject Financial Instruments in Support of SMEs will analyse the specific characteristics of the small and medium-scale enterprises, and the analysis and comparison of the different finance alternatives. In particular, the role of Mutual Guarantee Societies, the Alternative Stock Market as stock mechanism specialised in undercapitalised and small-dimension companies will be considered. Furthermore, as an alternative to the Stock Market, the finance through risk Capital entities (private equity) will be studied. Finally, the public support to the SMEs through the finance lines of the ICO and other alternative finance means (equity loans) will be analysed.