《公司理財(cái)案例分析》課程教學(xué)大綱

1、公司理財(cái)案例分析課程教學(xué)大綱課程編號(hào)1240342007課程名稱公司理財(cái)案例分析課程性質(zhì)必修學(xué) 時(shí)32學(xué) 分2學(xué)時(shí)分配授課：32   實(shí)驗(yàn)： 上機(jī)：   實(shí)踐：    實(shí)踐（周）：考核方式閉卷考試，平時(shí)成績占30% ，期末成績占70% 。開課學(xué)院經(jīng)濟(jì)學(xué)院更新時(shí)間2020年9月適用專業(yè)金融學(xué)專業(yè)先修課程微觀經(jīng)濟(jì)學(xué)、宏觀經(jīng)濟(jì)學(xué)、國際經(jīng)濟(jì)學(xué)、金融學(xué)、財(cái)政學(xué)、證券投資學(xué)等一、教學(xué)內(nèi)容第一章 Introduction to Corporate Finance1.1 What is Corporate Finance?1.2 Corporate

2、Securities as Contingent Claims on Total Firm Value1.3 The Corporate Firm1.4 Goals of the Corporate Firm1.5 Financial Markets1.6 Outline of the Text教學(xué)難點(diǎn)：Corporate Securities as Contingent Claims on Total Firm Value教學(xué)重點(diǎn)：What is Corporate Finance，Corporate Securities as Contingent Claims on Total Firm

3、 Value，F(xiàn)inancial Markets第二章 Accounting Statements and Cash Flow2.1 The Balance Sheet2.2 The Income Statement2.3 Net Working Capital2.4 Financial Cash Flow2.5 The Statement of Cash Flows教學(xué)難點(diǎn)：Financial Cash Flow教學(xué)重點(diǎn)：The Balance Sheet ,Financial Cash Flow ,The Statement of Cash Flows第三章 Long-Term Finan

4、cial Planning and Growth3.1 What is Financial Planning?3.2 A Financial Planning Model: The Ingredients3.3 The Percentage Sales Method3.4 What Determines Growth?3.5 Some Caveats of Financial Planning Models教學(xué)難點(diǎn)：A Financial Planning Model: The Ingredients教學(xué)重點(diǎn)：What is Financial Planning? A Financial Pl

5、anning Model: The Ingredients第四章 Risk and Return: Lessons from Market History4.1Returns4.2Holding-Period Returns4.3Return Statistics4.4Average Stock Returns and Risk-Free Returns4.5Risk Statistics4.6More on Average Returns4.7The U.S. Equity Risk Premium: Historical and International Perspectives教學(xué)難點(diǎn)

6、：Understand the historical returns and risks on various types of investments；how to calculate the standard deviation of an investments returns教學(xué)重點(diǎn)：Understand the importance of the normal distribution；Understand the difference between arithmetic and geometric average returns第五章 Return and Risk: The C

7、apital Asset Pricing Model5.1 Individual Securities5.2 Expected Return, Variance, and Covariance5.3 The Return and Risk for Portfolios5.4 The Efficient Set for Two Assets5.5 The Efficient Set for Many Assets5.6 Diversification5.7 Riskless Borrowing and Lending5.8 Market Equilibrium5.9 Relationship b

8、etween Risk and Expected Return (CAPM)教學(xué)難點(diǎn)：the systematic risk principle；the security market line教學(xué)重點(diǎn)：Understand the risk-return tradeoff；Be able to use the Capital Asset Pricing Model第六章 An Alternative View of Risk and Return: The Arbitrage Pricing Theory6.1 Introduction6.2 Systematic Risk and Beta

9、s6.3 Portfolios and Factor Models6.4 Betas and Expected Returns6.5 The Capital Asset Pricing Model and the Arbitrage Pricing Theory6.6 Empirical Approaches to Asset Pricing教學(xué)難點(diǎn)：Discuss the relative importance of systematic and unsystematic risk in determining a portfolios return教學(xué)重點(diǎn)：Compare and cont

10、rast the CAPM and Arbitrage Pricing Theory第七章 Risk, Cost of Capital, and Capital Budgeting7.1 The Cost of Equity Capital7.2 Estimating the Cost of Equity Capital with the CAPM7.3 Estimation of Beta7.4 Beta, Covariance and Correlation7.5Determinants of Beta7.6Dividend Discount Model7.7Cost of Capital

11、 for Divisions and Projects7.8Cost of Fixed Income Securities7.9The Weighted Average Cost of Capital7.10Flotation Costs and the Weighted Average Cost of Capital教學(xué)難點(diǎn)： how to determine a firms cost of equity capital； the impact of beta in determining the firms cost of equity capital教學(xué)重點(diǎn)： how to determ

12、ine the firms overall cost of capital； the impact of flotation costs on capital budgeting第八章 Efficient Capital Markets and Behavioral Challenges8.1 Can Financing Decisions Create Value?8.2 A Description of Efficient Capital Markets8.3 The Different Types of Efficiency8.4 The Evidence8.5 The Behavior

13、al Challenge to Market Efficiency8.6 Empirical Challenges to Market Efficiency8.7 Reviewing the Differences8.8 Implications for Corporate Finance教學(xué)難點(diǎn)：Know the various empirical tests of market efficiency；Understand the implications of efficiency for corporate finance managers教學(xué)重點(diǎn)： the importance of

14、capital market efficiency；Be able to define the forms of efficiency。第九章 Capital Structure: Basic Concepts9.1 The Capital Structure Question and The Pie Theory9.2 Maximizing Firm Value versus Maximizing Stockholder Interests9.3 Financial Leverage and Firm Value: An Example9.4 Modigliani and Miller: P

15、roposition II (No Taxes)9.5 Taxes教學(xué)難點(diǎn)： the effect of financial leverage (i.e., capital structure) on firm earnings；Understand homemade leverage教學(xué)重點(diǎn)：Understand capital structure theories with and without taxes；Be able to compute the value of the unlevered and levered firm第十章 Capital Structure: Limits

16、 to the Use of Debt10.1 Costs of Financial Distress10.2 Description of Financial Distress Costs10.3Can Costs of Debt Be Reduced?10.4 Integration of Tax Effects and Financial Distress Costs10.5 Signaling10.6 Shirking, Perquisites, and Bad Investments: A Note on Agency Cost of Equity10.7 The Pecking-O

17、rder Theory10.8 Growth and the Debt-Equity Ratio10.9Personal Taxes10.10 How Firms Establish Capital Structure教學(xué)難點(diǎn)：Know real world factors that affect the debt to equity ratio教學(xué)重點(diǎn)：the theories that address the level of debt a firm carries第十一章 Valuation and Capital Budgeting for the Levered Firm11.1Ad

18、justed Present Value Approach11.2 Flows to Equity Approach11.3 Weighted Average Cost of Capital Method11.4 A Comparison of the APV, FTE, and WACC Approaches11.5 Capital Budgeting When the Discount Rate Must Be Estimated11.6 APV Example11.7 Beta and Leverage教學(xué)難點(diǎn)：Be able to apply Adjusted Present Valu

19、e (APV), the Flows to Equity (FTE) approach, and the WACC method for valuing projects with leverage教學(xué)重點(diǎn)：Understand the effects of leverage on the value created by a project第十二章 Options and Corporate Finance12.1 Options12.2 Call Options12.3 Put Options12.4 Selling Options12.5 Option Quotes12.6 Combin

20、ations of Options12.7 Valuing Options12.8 An Option Pricing Formula12.9 Stocks and Bonds as Options12.10 Options and Corporate Decisions: Some Applications12.11 Investment in Real Projects and Options教學(xué)難點(diǎn)： option terminology；Be able to determine option payoffs and profits；Understand the major determ

21、inants of option prices教學(xué)重點(diǎn)：Understand and apply put-call parity；Be able to determine option prices using the binomial and Black-Scholes models二、教學(xué)要求第一章 Introduction to Corporate Finance教學(xué)要求：要求學(xué)生對(duì)公司理財(cái)?shù)幕靖拍钣谢镜牧私?，進(jìn)一步了解雖然股東的目標(biāo)和管理者的目標(biāo)并非總是一致，他們之間的沖突可以得到有利于股東一方的解決。具有金融和經(jīng)濟(jì)學(xué)背景的學(xué)生應(yīng)該熟悉這些預(yù)備知識(shí)。第二章 Accounting S

22、tatements and Cash Flow教學(xué)要求：通過案例分析，要求學(xué)生了解基本會(huì)計(jì)報(bào)表，進(jìn)一步掌握將會(huì)計(jì)報(bào)表的數(shù)據(jù)轉(zhuǎn)換為現(xiàn)金流量的方法，熟悉從會(huì)計(jì)報(bào)表中確認(rèn)現(xiàn)金流量的方法，這對(duì)學(xué)習(xí)后面幾章有關(guān)資本預(yù)算的問題特別重要。第三章 Long-Term Financial Planning and Growth教學(xué)要求：通過理財(cái)計(jì)劃案例分析，要求學(xué)生了解什么是理財(cái)計(jì)劃，理財(cái)計(jì)劃包括的具體內(nèi)容有哪些，并掌握如何實(shí)現(xiàn)理財(cái)目標(biāo)，并要熟悉如何實(shí)現(xiàn)價(jià)值增長。第四章 Risk and Return: Lessons from Market History教學(xué)要求：引入教學(xué)案例，要求學(xué)生了解如何計(jì)算收益的均值

23、和標(biāo)準(zhǔn)差，在此基礎(chǔ)上掌握標(biāo)準(zhǔn)正態(tài)分布的重要性，了解算術(shù)平均和幾何平均的差別。第五章 Return and Risk: The Capital Asset Pricing Model教學(xué)要求：要求學(xué)生了解并掌握證券市場線的概念，了解risk-return tradeoff，掌握資本資產(chǎn)定價(jià)模型及其在金融分析中的運(yùn)用方法。第六章 An Alternative View of Risk and Return: The Arbitrage Pricing Theory教學(xué)要求：通過案例分析，要求學(xué)生了解系統(tǒng)性風(fēng)險(xiǎn)和非系統(tǒng)性風(fēng)險(xiǎn)在決定證券收益中重要性，掌握套利定價(jià)模型及其在金融分析中的運(yùn)用方法。第七章 Risk, Cost of Capital, and Capital Budgeting教學(xué)要求