《公司金融》教學(xué)大綱

《公司金融》課程中英文簡(jiǎn)介CorporateFinance課程代碼： CourseCode：110074A課程名稱(chēng)：公司金融 CourseName：CorporateFinance學(xué)時(shí)：96 Periods：96學(xué)分：4 Credits：4考核方式：考試 Assessment：Exam先修課程：宏觀經(jīng)濟(jì)學(xué)、微觀經(jīng)濟(jì)學(xué)、會(huì)計(jì)學(xué)原理PreparatoryCourses：Macroeconomics,Microeconomics,Accounting《公司金融》是一門(mén)以公司金融活動(dòng)作為研究對(duì)象的核心課程。通過(guò)本課程的學(xué)習(xí)，使學(xué)生建立起有關(guān)公司金融的理論體系，掌握公司價(jià)值理論、資本結(jié)構(gòu)理論、資本成本理論、投資理論和股利政策理論等基本理論及分析方法，培養(yǎng)學(xué)生運(yùn)用公司金融理論分析、解決公司金融實(shí)踐問(wèn)題的能力。<Corporatefinance>isacorecoursewhichtakesthecorporatefinancialactivitiesastheresearchtopics.Thiscoursemainlyfocusonrequiringthestudentstoestablishthetheoreticalsystemofthecorporatefinance,masteringbasictheoriesandpoints,suchasthetheoryofcompanyvaluation,thetheoryofcapitalstructure,thecostofcapitaltheory,Investmenttheoryanddividendpolicy,beingfamiliarwithnecessarybasicskillsandexploringtheresearchmethodandempiricalmeaningofthiscourse.《公司金融》教學(xué)大綱課程編號(hào)：110074A課程類(lèi)型：□通識(shí)教育必修課□通識(shí)教育選修課□學(xué)科基礎(chǔ)課√專(zhuān)業(yè)核心課□專(zhuān)業(yè)提升課□專(zhuān)業(yè)拓展課總學(xué)時(shí)：96講課學(xué)時(shí)：64實(shí)驗(yàn)（上機(jī)）學(xué)時(shí)：32學(xué)分：4適用對(duì)象：國(guó)際金融英文班先修課程：宏觀經(jīng)濟(jì)學(xué)、微觀經(jīng)濟(jì)學(xué)、會(huì)計(jì)學(xué)原理一、教學(xué)目標(biāo)公司金融是以公司為核心，以實(shí)現(xiàn)公司價(jià)值最大化為研究目標(biāo)，探討公司融資、投資、治理等決策。該課程的教學(xué)理念和目標(biāo)是理論聯(lián)系實(shí)際，把握公司金融領(lǐng)域的基本理論和前沿發(fā)展脈絡(luò)，使學(xué)生全面了解企業(yè)的各種融資機(jī)制。通過(guò)本課程的學(xué)習(xí)，培養(yǎng)學(xué)生從宏觀和微觀的角度對(duì)公司有一個(gè)全面的認(rèn)識(shí)，掌握公司金融學(xué)的基本原理，能熟練使用公司金融理論框架研究分析相關(guān)問(wèn)題，并可將公司金融的理論滲透到后續(xù)的專(zhuān)業(yè)課程學(xué)習(xí)中。目標(biāo)1：熟練掌握公司金融基本概念和理論知識(shí)目標(biāo)2：熟練運(yùn)用公司金融理論分析企業(yè)所面臨的各種問(wèn)題目標(biāo)3：熟練閱讀公司金融的相關(guān)英文文獻(xiàn)和資料課程思政教學(xué)目標(biāo)：在掌握基本的投融資方法與理論的基礎(chǔ)上，要求學(xué)生在實(shí)際應(yīng)用時(shí)要能夠從道德方面進(jìn)行思考，考慮投融資決策的外部性和社會(huì)性。二、教學(xué)內(nèi)容及其與畢業(yè)要求的對(duì)應(yīng)關(guān)系本課程是一門(mén)專(zhuān)業(yè)必修的課程，它的主要內(nèi)容有：1.FinancialStatementsandCashFlow;2.FinancialStatementsAnalysisandFinancialModels;3.ValuationandCapitalBudgeting;4.RiskandReturn;5.TheCapitalAssetPricingModel(CAPM);6.TheArbitragePricingTheory(APT);7.CapitalStructure;其中，F(xiàn)inancialStatementsAnalysisandFinancialModels;ValuationandCapitalBudgeting;RiskandReturn;TheCapitalAssetPricingModel(CAPM);TheArbitragePricingTheory(APT);CapitalStructure是重點(diǎn)，應(yīng)精講、細(xì)講；FinancialStatementsandCashFlow可粗講。重點(diǎn)內(nèi)容應(yīng)在講清概念的基礎(chǔ)上，增加案例分析、課堂模擬等使學(xué)生熟練掌握。本課以課堂講授為主，輔之以案例教學(xué)、隨堂討論和課后作業(yè)，使學(xué)生既能掌握理論，也能動(dòng)手操作，切實(shí)做到理論與實(shí)踐相結(jié)合，此外，本課程安排教師每個(gè)星期要用固定答疑事件，切實(shí)隨時(shí)解決學(xué)生在學(xué)習(xí)中遇到的各類(lèi)問(wèn)題。在本課程的實(shí)踐環(huán)節(jié)，要求學(xué)生大量閱讀英文課內(nèi)外資料，并且完成閱讀筆記，老師需要進(jìn)行批閱。該課程從三個(gè)方面促進(jìn)了畢業(yè)要求的實(shí)現(xiàn)，一是深度系統(tǒng)地掌握公司金融相關(guān)理論為學(xué)生未來(lái)繼續(xù)深造打下良好的理論基礎(chǔ)；二是扎實(shí)的公司金融理論功底可以幫助學(xué)生進(jìn)入知名大型金融機(jī)構(gòu)任職；三是大量的英文讀寫(xiě)的訓(xùn)練可以幫助學(xué)生在申請(qǐng)國(guó)際名校研究生時(shí)具有很強(qiáng)的語(yǔ)言?xún)?yōu)勢(shì)。課程思政教學(xué)內(nèi)容：引入現(xiàn)實(shí)中發(fā)生的投融資項(xiàng)目案例，進(jìn)行深入分析，提高學(xué)生學(xué)習(xí)的興趣，提高本門(mén)課程的實(shí)用性，使得課堂更為生動(dòng)有趣。同時(shí)，在投融資決策模塊的學(xué)習(xí)中加入道德問(wèn)題，注重引導(dǎo)學(xué)生對(duì)環(huán)境污染、不道德的投資項(xiàng)目、欺騙投資者等問(wèn)題進(jìn)行深入思考，弘揚(yáng)正確的價(jià)值觀。三、各教學(xué)環(huán)節(jié)學(xué)時(shí)分配教學(xué)課時(shí)分配章節(jié)內(nèi)容講課實(shí)驗(yàn)其他合計(jì)Chapter1:Introduction325Chapter2:Financialstatementsandcashflows325Chapter3:FinancialStatementsAnalysisandFinancialModels426Chapter4:DiscountedCashFlowValuation426Chapter5-6:Projectinvestmentanalysis639Chapter7:Riskanalysis,RealOptionandcapitalbudgeting639Chapter8:Bondvaluation325Chapter9:Stockvaluation628Chapter10:RiskandreturnandEMH325Chapter11:Capitalassetpricingmodel(CAPM)639Chapter12:Arbitragepricingtheory(APT)639Chapter13:Risk,CostofCapital,andCapitalBudgeting628Chapter14:Capitalstructure426Chapter15:CapitalStructure:LimitstotheUseofDebt426合計(jì)6432096

四、教學(xué)內(nèi)容1IntroductiontoCorporateFinance1.1WhatIsCorporateFinance?1.1.1THEBALANCESHEETMODELOFTHEFIRM1.1.2THEFINANCIALMANAGER1.2TheCorporateFirm1.2.1THESOLEPROPRIETORSHIP1.2.2THEPARTNERSHIP1.2.3THECORPORATION1.2.4ACORPORATIONBYANOTHERNAME...1.3TheImportanceofCashFlows1.4TheGoalofFinancialManagement1.4.1POSSIBLEGOALS1.4.2THEGOALOFFINANCIALMANAGEMENT1.4.3AMOREGENERALGOAL1.5TheAgencyProblemandControloftheCorporation1.5.1AGENCYRELATIONSHIPS1.5.2MANAGEMENTGOALS1.5.3DOMANAGERSACTINTHESTOCKHOLDERS’INTERESTS?1.5.4STAKEHOLDERS1.6Regulation1.6.1THESECURITIESACTOF1933ANDTHESECURITIESEXCHANGEACTOF19341.6.2SARBANES-OXLEY1.7CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：TheGoalofFinancialManagement；TheAgencyProblemandControloftheCorporation課程的考核要求：了解：TheconceptsofCorporateFinance；TheCorporateFirm理解：TheAgencyProblemandControloftheCorporation掌握：TheGoalofFinancialManagement復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做2FinancialStatementsandCashFlow2.1TheBalanceSheet2.1.1LIQUIDITY2.1.2DEBTVERSUSEQUITY2.1.3VALUEVERSUSCOST2.2TheIncomeStatement2.2.1GENERALLYACCEPTEDACCOUNTINGPRINCIPLES2.2.2NONCASHITEMS2.2.3TIMEANDCOSTS2.3Taxes2.3.1CORPORATETAXRATES2.3.2AVERAGEVERSUSMARGINALTAXRATES2.4NetWorkingCapital2.5FinancialCashFlow2.6TheAccountingStatementofCashFlows2.6.1CASHFLOWFROMOPERATINGACTIVITIES2.6.2CASHFLOWFROMINVESTINGACTIVITIES2.6.3CASHFLOWFROMFINANCINGACTIVITIES2.7CashFlowManagement2.8CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：TheBalanceSheet；TheIncomeStatement；TheAccountingStatementofCashFlows課程的考核要求：了解：Taxes；CashFlowManagement理解：NetWorkingCapital掌握：TheBalanceSheet；TheIncomeStatement；TheAccountingStatementofCashFlows復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做3FinancialStatementsAnalysisandFinancialModels3.1FinancialStatementsAnalysis3.1.1STANDARDIZINGSTATEMENTS3.1.2COMMON-SIZEBALANCESHEETS3.1.3COMMON-SIZEINCOMESTATEMENTS3.2RatioAnalysis3.2.1SHORT-TERMSOLVENCYORLIQUIDITYMEASURES3.2.2LONG-TERMSOLVENCYMEASURES3.2.3ASSETMANAGEMENTORTURNOVERMEASURES3.2.4PROFITABILITYMEASURES3.2.5MARKETVALUEMEASURES3.3TheDuPontIdentity3.3.1ACLOSERLOOKATROE3.3.2PROBLEMSWITHFINANCIALSTATEMENTANALYSIS3.4FinancialModels3.4.1ASIMPLEFINANCIALPLANNINGMODEL3.4.2THEPERCENTAGEOFSALESAPPROACH3.5ExternalFinancingandGrowth3.5.1EFNANDGROWTH3.5.2FINANCIALPOLICYANDGROWTH3.5.3ANOTEABOUTSUSTAINABLEGROWTHRATECALCULATIONS3.6SomeCaveatsRegardingFinancialPlanningModels3.7CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：FinancialStatementsAnalysis；RatioAnalysis；TheDuPontIdentity課程的考核要求：了解：SomeCaveatsRegardingFinancialPlanningModels理解：FinancialModels；ExternalFinancingandGrowth掌握：FinancialStatementsAnalysis；RatioAnalysis；TheDuPontIdentity應(yīng)用：TheDuPontIdentity復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做課程思政切入點(diǎn)：萬(wàn)福生科財(cái)務(wù)造假案分析及啟示：通過(guò)深入分析創(chuàng)業(yè)板上市公司萬(wàn)福生科財(cái)務(wù)造假案的詳細(xì)過(guò)程以及作為萬(wàn)福生科審計(jì)師的中磊會(huì)計(jì)師事務(wù)所在這過(guò)程中扮演的角色。結(jié)合在財(cái)務(wù)分析階段學(xué)的相關(guān)知識(shí)點(diǎn)為大家解析這個(gè)案例，并歸納總結(jié)經(jīng)驗(yàn)教訓(xùn)，明確作為上市公司、中介機(jī)構(gòu)應(yīng)在資本市場(chǎng)活動(dòng)中應(yīng)履行的積極責(zé)任和義務(wù)。AnalysisandenlightenmentofWanfuShengke'sfinancialfraudcase:Throughin-depthanalysisofthedetailedprocessofWanfuShengke'sfinancialfraudcaseofalistedcompanyonGEMandtheroleofZhongleiCertifiedPublicAccountantsastheauditorofWanfuShengkeinthisprocess.Combiningtherelevantknowledgepointslearnedinthefinancialanalysisstage,analyzethiscaseforeveryone,andsummarizetheexperienceandlessons,andclarifytheactiveresponsibilitiesandobligationsthatshouldbeperformedbylistedcompaniesandintermediariesincapitalmarketactivities.4DiscountedCashFlowValuation4.1Valuation:TheOne-PeriodCase4.2TheMultiperiodCase4.2.1FUTUREVALUEANDCOMPOUNDING4.2.2THEPOWEROFCOMPOUNDING:ADIGRESSION4.2.3PRESENTVALUEANDDISCOUNTING4.2.4FINDINGTHENUMBEROFPERIODS4.2.5THEALGEBRAICFORMULA4.3CompoundingPeriods4.3.1DISTINCTIONBETWEENSTATEDANNUALINTERESTRATEANDEFFECTIVEANNUALRATE4.3.2COMPOUNDINGOVERMANYYEARS4.3.3CONTINUOUSCOMPOUNDING4.4Simplifications4.4.1PERPETUITY4.4.2GROWINGPERPETUITY4.4.3ANNUITY4.4.4GROWINGANNUITY4.5LoanAmortization4.6WhatIsaFirmWorth?4.7CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：Valuation:TheOne-PeriodCase；TheMultiperiodCase；CompoundingPeriods；Simplifications課程的考核要求：掌握：Valuation:TheOne-PeriodCase；TheMultiperiodCase；CompoundingPeriods；Simplifications應(yīng)用：Simplifications復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做5NetPresentValueandOtherInvestmentRules5.1WhyUseNetPresentValue?5.2ThePaybackPeriodMethod5.2.1DEFININGTHERULE5.2.2PROBLEMSWITHTHEPAYBACKMETHOD5.2.3MANAGERIALPERSPECTIVE5.2.4SUMMARYOFPAYBACK5.3TheDiscountedPaybackPeriodMethod5.4TheInternalRateofReturn5.5ProblemswiththeIRRApproach5.5.1DEFINITIONOFINDEPENDENTANDMUTUALLYEXCLUSIVEPROJECTS5.5.2TWOGENERALPROBLEMSAFFECTINGBOTHINDEPENDENTANDMUTUALLYEXCLUSIVEPROJECTS5.5.3PROBLEMSSPECIFICTOMUTUALLYEXCLUSIVEPROJECTS5.5.4REDEEMINGQUALITIESOFIRR5.5.5ATEST5.6TheProfitabilityIndex5.6.1CALCULATIONOFPROFITABILITYINDEX5.7ThePracticeofCapitalBudgeting5.8CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：NetPresentValue；ThePaybackPeriodMethod；TheInternalRateofReturn；TheProfitabilityIndex課程的考核要求：理解：TheDiscountedPaybackPeriodMethod；ProblemswiththeIRRApproach掌握：NetPresentValue；ThePaybackPeriodMethod；TheInternalRateofReturn；TheProfitabilityIndex復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做課程思政切入點(diǎn)：結(jié)合我國(guó)“十四五”環(huán)境治理目標(biāo)和2030年前碳排放達(dá)峰目標(biāo)，深入探討我國(guó)綠色金融體系的完善。通過(guò)政策導(dǎo)向、統(tǒng)計(jì)指引、績(jī)效考核三位一體的綠色信貸制度，大力支持企業(yè)綠色投資項(xiàng)目。Combiningmycountry’s"14thFive-YearPlan"environmentalgovernancegoalsandthegoalofpeakingcarbonemissionsby2030,wewillthoroughlydiscusstheimprovementofmycountry’sgreenfinancialsystem.Throughathree-in-onegreencreditsystemofpolicyguidance,statisticalguidance,andperformanceappraisal,vigorouslysupportcorporategreeninvestmentprojects.6MakingCapitalInvestmentDecisions6.1IncrementalCashFlows:TheKeytoCapitalBudgeting6.1.1CASHFLOWS—NOTACCOUNTINGINCOME6.1.2SUNKCOSTS6.1.3OPPORTUNITYCOSTS6.1.4SIDEEFFECTS6.1.5ALLOCATEDCOSTS6.2TheBaldwinCompany:AnExample6.2.1ANANALYSISOFTHEPROJECT6.2.2WHICHSETOFBOOKS?6.2.3ANOTEABOUTNETWORKINGCAPITAL6.2.4ANOTEABOUTDEPRECIATION6.2.5INTERESTEXPENSE6.3InflationandCapitalBudgeting6.3.1INTERESTRATESANDINFLATION6.3.2CASHFLOWANDINFLATION6.3.3DISCOUNTING:NOMINALORREAL?6.4AlternativeDefinitionsofOperatingCashFlow6.4.1THETOP-DOWNAPPROACH6.4.2THEBOTTOM-UPAPPROACH6.4.3THETAXSHIELDAPPROACH6.4.4CONCLUSION6.5SomeSpecialCasesofDiscountedCashFlowAnalysis6.5.1EVALUATINGCOST-CUTTINGPROPOSALS6.5.2SETTINGTHEBIDPRICE6.5.3INVESTMENTSOFUNEQUALLIVES:THEEQUIVALENTANNUALCOSTMETHOD6.6CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：IncrementalCashFlows；TheBaldwinCompany:AnExample；InflationandCapitalBudgeting；AlternativeDefinitionsofOperatingCashFlow課程的考核要求：理解：IncrementalCashFlows；InflationandCapitalBudgeting掌握：TheBaldwinCompany:AnExample；AlternativeDefinitionsofOperatingCashFlow復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做7RiskAnalysis,RealOptions,andCapitalBudgeting7.1SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis7.1.1SENSITIVITYANALYSISANDSCENARIOANALYSIS7.1.2BREAK-EVENANALYSIS7.2MonteCarloSimulation7.2.1STEP1:SPECIFYTHEBASICMODEL7.2.2STEP2:SPECIFYADISTRIBUTIONFOREACHVARIABLEINTHEMODEL7.2.3STEP3:THECOMPUTERDRAWSONEOUTCOME7.2.4STEP4:REPEATTHEPROCEDURE7.2.5STEP5:CALCULATENPV7.3RealOptions7.3.1THEOPTIONTOEXPAND7.3.2THEOPTIONTOABANDON7.3.3TIMINGOPTIONS7.4DecisionTrees7.5CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis；RealOptions；DecisionTrees課程的考核要求：理解：MonteCarloSimulation；掌握并應(yīng)用：SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis；RealOptions；DecisionTrees復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做課程思政切入點(diǎn)：經(jīng)理人的“道德風(fēng)險(xiǎn)”和職業(yè)道德建設(shè)：經(jīng)理人的“道德風(fēng)險(xiǎn)”和職業(yè)道德建設(shè)牽涉到社會(huì)主義現(xiàn)代化建設(shè)的興衰成敗。在社會(huì)主義市場(chǎng)經(jīng)濟(jì)體制和法律體系不完善的條件下，強(qiáng)化經(jīng)理人的職業(yè)道德具有重要作用，是加強(qiáng)職業(yè)道德建設(shè)的重要途徑。經(jīng)理人在其職業(yè)活動(dòng)中形成的道德規(guī)范既是對(duì)一定職業(yè)道德關(guān)系的反映，也是一定社會(huì)對(duì)經(jīng)理人提出的一定的職業(yè)道德要求的反映。道德規(guī)范的這種特性使它具有和法律、制度一樣的約束和導(dǎo)向功能，只不過(guò)法律是強(qiáng)制執(zhí)行，而道德是自覺(jué)履行，二者分別從外在要求與內(nèi)在要求兩個(gè)角度對(duì)人的行為進(jìn)行約束。The"moralhazard"andprofessionalethicsconstructionofmanagers:The"moralhazard"andprofessionalethicsconstructionofmanagersarerelatedtothesuccessorfailureofsocialistmodernization.Undertheconditionsofimperfectsocialistmarketeconomicsystemandlegalsystem,strengtheningtheprofessionalethicsofmanagersplaysanimportantroleandisanimportantwaytostrengthentheconstructionofprofessionalethics.Theethicsformedbymanagersintheirprofessionalactivitiesisnotonlyareflectionofacertainprofessionalethicalrelationship,butalsoareflectionofcertainprofessionalethicsrequirementsputforwardbyacertainsocietyonmanagers.Thischaracteristicofethicsmakesithavethesamerestraintandguidingfunctionaslawsandsystems,exceptthatlawismandatoryenforcement,whilemoralityisconsciousperformance.Bothofthemdealwithhumanbehaviorfromtwoperspectives:externalrequirementsandinternalrequirements.Constraint.8InterestRatesandBondValuation8.1BondsandBondValuation8.1.1BONDFEATURESANDPRICES8.1.2BONDVALUESANDYIELDS8.1.3INTERESTRATERISK8.1.4FINDINGTHEYIELDTOMATURITY:MORETRIALANDERROR8.1.5ZEROCOUPONBONDS8.2GovernmentandCorporateBonds8.2.1GOVERNMENTBONDS8.2.2CORPORATEBONDS8.2.3BONDRATINGS8.3BondMarkets8.3.1HOWBONDSAREBOUGHTANDSOLD8.3.2BONDPRICEREPORTING8.3.3ANOTEONBONDPRICEQUOTES8.4InflationandInterestRates8.4.1REALVERSUSNOMINALRATES8.4.2INFLATIONRISKANDINFLATION-LINKEDBONDS8.4.3THEFISHEREFFECT8.5DeterminantsofBondYields8.5.1THETERMSTRUCTUREOFINTERESTRATES8.5.2BONDYIELDSANDTHEYIELDCURVE:PUTTINGITALLTOGETHER8.5.3CONCLUSION8.6CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：BondsandBondValuation；InflationandInterestRates；DeterminantsofBondYields課程的考核要求：了解：BondMarkets理解：GovernmentandCorporateBonds掌握并應(yīng)用：InflationandInterestRates；DeterminantsofBondYields復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做9StockValuation9.1ThePresentValueofCommonStocks9.1.1DIVIDENDSVERSUSCAPITALGAINS9.1.2VALUATIONOFDIFFERENTTYPESOFSTOCKS9.2EstimatesofParametersintheDividendDiscountModel9.2.1WHEREDOESgCOMEFROM?9.2.2WHEREDOESRCOMEFROM?9.2.3AHEALTHYSENSEOFSKEPTICISM9.2.4DIVIDENDSOREARNINGS:WHICHTODISCOUNT?9.2.5THENO-DIVIDENDFIRM9.3GrowthOpportunities9.3.1NPVGOSOFREAL-WORLDCOMPANIES9.3.2GROWTHINEARNINGSANDDIVIDENDSVERSUSGROWTHOPPORTUNITIES9.4Comparables9.4.1PRICE-TO-EARNINGSRATIO9.4.2ENTERPRISEVALUERATIOS9.5ValuingtheEntireFirm9.6TheStockMarkets9.6.1DEALERSANDBROKERS9.6.2ORGANIZATIONOFTHENYSE9.6.3NASDAQOPERATIONS9.6.4STOCKMARKETREPORTING9.7CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：ThePresentValueofCommonStocks；EstimatesofParametersintheDividendDiscountModel；GrowthOpportunities；Comparables；ValuingtheEntireFirm課程的考核要求：了解：StockMarkets掌握并應(yīng)用：ThePresentValueofCommonStocks；EstimatesofParametersintheDividendDiscountModel；GrowthOpportunities；Comparables；ValuingtheEntireFirm復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做課程思政切入點(diǎn)：通過(guò)KKR敵意收購(gòu)納貝斯克的案例，引導(dǎo)學(xué)生思考對(duì)以垃圾債券為代表的金融創(chuàng)新的想法。思考近年來(lái)我國(guó)出現(xiàn)的影子銀行、P2P平臺(tái)等金融創(chuàng)新在承諾高收益的同時(shí)帶來(lái)的高風(fēng)險(xiǎn)問(wèn)題。IntroducethecaseofKKR'shostileacquisitionofNabisco,andguidestudentstothinkaboutfinancialinnovationrepresentedbyjunkbonds.Guidestudentstothinkaboutthehigh-riskissuesbroughtaboutbyfinancialinnovationssuchasshadowbankingandP2PplatformsthathaveemergedinChinainrecentyearswhilepromisinghighreturns.10RiskandReturnLESSONSFROMMARKETHISTORY10.1Returns10.1.1DOLLARRETURNS10.1.2PERCENTAGERETURNS10.2HoldingPeriodReturns10.3ReturnStatistics10.4AverageStockReturnsandRisk-FreeReturns10.5RiskStatistics10.5.1VARIANCE10.5.2NORMALDISTRIBUTIONANDITSIMPLICATIONSFORSTANDARDDEVIATION10.6MoreonAverageReturns10.6.1ARITHMETICVERSUSGEOMETRICAVERAGES10.6.2CALCULATINGGEOMETRICAVERAGERETURNS10.6.3ARITHMETICAVERAGERETURNORGEOMETRICAVERAGERETURN?10.7TheU.S.EquityRiskPremium:HistoricalandInternationalPerspectives10.82008:AYearofFinancialCrisis10.9CaseStudy教學(xué)重點(diǎn)、難點(diǎn)：Returns；HoldingPeriodReturns；ReturnStatistics；AverageStockReturnsandRisk-FreeReturns；RiskStatistics；MoreonAverageReturns課程的考核要求：了解：TheU.S.EquityRiskPremium:HistoricalandInternationalPerspectives；2008:AYearofFinancialCrisis掌握并應(yīng)用：Returns；HoldingPeriodReturns；ReturnStatistics；AverageStockReturnsandRisk-FreeReturns；RiskStatistics；MoreonAverageReturns復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做11Capitalassetpricingmodel(CAPM)11.1IndividualSecurities11.2ExpectedReturn,Variance,andCovariance11.2.1EXPECTEDRETURNANDVARIANCE11.2.2COVARIANCEANDCORRELATION11.3TheReturnandRiskforPortfolios11.3.1THEEXPECTEDRETURNONAPORTFOLIOVARIANCEANDSTANDARDDEVIATIONOFAPORTFOLIO11.4TheEfficientSetforTwoAssets11.5TheEfficientSetforManySecurities11.5.1VARIANCEANDSTANDARDDEVIATIONINAPORTFOLIOOFMANYASSETS11.6Diversification11.6.1THEANTICIPATEDANDUNANTICIPATEDCOMPONENTSOFNEWS11.6.2RISK:SYSTEMATICANDUNSYSTEMATIC11.6.3THEESSENCEOFDIVERSIFICATION11.7RisklessBorrowingandLending11.7.1THEOPTIMALPORTFOLIO11.8MarketEquilibrium11.8.1DEFINITIONOFTHEMARKETEQUILIBRIUMPORTFOLIO11.8.2DEFINITIONOFRISKWHENINVESTORSHOLDTHEMARKETPORTFOLIO11.8.3THEFORMULAFORBETA11.8.4ATEST11.9RelationshipbetweenRiskandExpectedReturn(CAPM)11.9.1EXPECTEDRETURNONMARKET11.9.2EXPECTEDRETURNONINDIVIDUALSECURITY教學(xué)重點(diǎn)、難點(diǎn)：ExpectedReturn,Variance,andCovariance；TheReturnandRiskforPortfolios；TheEfficientSetforTwoAssets；TheEfficientSetforManySecurities；Diversification；MarketEquilibrium；RelationshipbetweenRiskandExpectedReturn(CAPM)課程的考核要求：了解：IndividualSecurities；理解：Diversification；RisklessBorrowingandLending掌握并應(yīng)用：ExpectedReturn,Variance,andCovariance；TheReturnandRiskforPortfolios；TheEfficientSetforTwoAssets；TheEfficientSetforManySecurities；MarketEquilibrium；RelationshipbetweenRiskandExpectedReturn(CAPM)復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做課程思政切入點(diǎn)：講述資本資產(chǎn)定價(jià)模型創(chuàng)始人威廉夏普的故事TellthestoryofWilliamSharp,thefounderoftheCapitalAssetPricingModel12Arbitragepricingtheory(APT)12.1Introduction12.2SystematicRiskandBetas12.3PortfoliosandFactorModels12.3.1PORTFOLIOSANDDIVERSIFICATION12.4Betas,Arbitrage,andExpectedReturns12.4.1THELINEARRELATIONSHIP12.4.2THEMARKETPORTFOLIOANDTHESINGLEFACTOR12.5TheCapitalAssetPricingModelandtheArbitragePricingTheory12.5.1DIFFERENCESINPEDAGOGY12.5.2DIFFERENCESINAPPLICATION12.6EmpiricalApproachestoAssetPricing12.6.1EMPIRICALMODELS12.6.2STYLEPORTFOLIOS教學(xué)重點(diǎn)、難點(diǎn)：SystematicRiskandBetas；PortfoliosandFactorModels；Betas,Arbitrage,andExpectedReturns；TheCapitalAssetPricingModelandtheArbitragePricingTheory；EmpiricalApproachestoAssetPricing課程的考核要求：理解：SystematicRiskandBetas；掌握并應(yīng)用：PortfoliosandFactorModels；Betas,Arbitrage,andExpectedReturns；TheCapitalAssetPricingModelandtheArbitragePricingTheory；EmpiricalApproachestoAssetPricing復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做課程思政切入點(diǎn)：講述套利定價(jià)模型創(chuàng)始人斯蒂芬·羅斯的故事TellthestoryofStephenRoss,thefounderoftheArbitragePricingTheory13Risk,CostofCapital,andCapitalBudgeting13.1TheCostofCapital13.2EstimatingtheCostofEquityCapitalwiththeCAPM13.2.1THERISK-FREERATE13.2.2MARKETRISKPREMIUM13.3EstimationofBeta13.3.1REAL-WORLDBETAS13.3.2STABILITYOFBETA13.3.3USINGANINDUSTRYBETA13.4DeterminantsofBeta13.4.1CYCLICALITYOFREVENUES13.4.2OPERATINGLEVERAGE13.4.3FINANCIALLEVERAGEANDBETA 13.5TheDividendDiscountModelApproach13.5.1COMPARISONOFDDMANDCAPM13.6CostofCapitalforDivisionsandProjects13.7CostofFixedIncomeSecurities13.7.1COSTOFDEBT13.7.2COSTOFPREFERREDSTOCK13.8TheWeightedAverageCostofCapital13.9ValuationwithRWACC13.9.1PROJECTEVALUATIONANDTHERWACC13.9.2FIRMVALUATIONWITHTHERWACC13.10EstimatingEastmanChemical’sCostofCapital13.11FlotationCostsandtheWeightedAverageCostofCapital13.11.1THEBASICAPPROACH13.11.2FLOTATIONCOSTSANDNPV13.11.3INTERNALEQUITYANDFLOTATIONCOSTS教學(xué)重點(diǎn)、難點(diǎn)：TheCostofCapital；EstimatingtheCostofEquityCapitalwiththeCAPM；EstimationofBeta；DeterminantsofBeta；TheWeightedAverageCostofCapital；ValuationwithRWACC課程的考核要求：理解：TheCostofCapital；TheWeightedAverageCostofCapital掌握并應(yīng)用：EstimatingtheCostofEquityCapitalwiththeCAPM；EstimationofBeta；DeterminantsofBeta；TheWeightedAverageCostofCapital；ValuationwithRWACC復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做14CapitalStructure14.1TheCapitalStructureQuestionandthePieTheory14.2MaximizingFirmValueversusMaximizingStockholderInterests14.3FinancialLeverageandFirmValue:AnExample14.3.1LEVERAGEANDRETURNSTOSHAREHOLDERS14.3.2THECHOICEBETWEENDEBTANDEQUITY14.3.3AKEYASSUMPTION14.4ModiglianiandMiller:PropositionII(NoTaxes)14.4.1RISKTOEQUITYHOLDERSRISESWITHLEVERAGE14.4.2PROPOSITIONII:REQUIREDRETURNTOEQUITYHOLDERSRISESWITHLEVERAGE14.4.3MM:ANINTERPRETATION14.5Taxes14.5.1THEBASICINSIGHT14.5.2PRESENTVALUEOFTHETAXSHIELD14.5.3VALUEOFTHELEVEREDFIRM14.5.4EXPECTEDRETURNANDLEVERAGEUNDERCORPORATETAXES14.5.5THEWEIGHTEDAVERAGECOSTOFCAPITAL,RWACC,ANDCORPORATETAXES14.5.6STOCKPRICEANDLEVERAGEUNDERCORPORATETAXES教學(xué)重點(diǎn)、難點(diǎn)：MaximizingFirmValueversusMaximizingStockholderInterests；FinancialLeverageandFirmValue:AnExample；ModiglianiandMiller:PropositionII(NoTaxes)；Taxes課程的考核要求：理解：TheCapitalStructureQuestionandthePieTheory掌握：MaximizingFirmValueversusMaximizingStockholderInterests；FinancialLeverageandFirmValue:AnExample；ModiglianiandMiller:PropositionII(NoTaxes)；Taxes復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做15CapitalStructure:LimitstotheUseofDebt15.1CostsofFinancialDistress15.1.1BANKRUPTCYRISKORBANKRUPTCYCOST?15.2DescriptionofFinancialDistressCosts15.2.1DIRECTCOSTSOFFINANCIALDISTRES