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课程类别:专业必修课
任课教师:黄长凌
适用专业:企业管理
开课学期:第三学期
学 时:36
学 分:2
教学目的:
本课程定位为企业管理专业的“公司理财”课程,注重的是公司理财基本原理的阐述,强调的是公司理财理论在企业管理中的运用。通过本课程的学习,使学生熟悉当代公司理财的基本原理,掌握当代公司理财的基本工具,学会有关企业投资和筹资的实际运作分析,从而使学生在头脑中树立企业经营管理过程必备的成本-效益观念、资金的时间价值观念、投资-收益的风险意识以及资产定价的观念。
教学内容:
通过本课程的学习,要求学生首先预习金融学和财务会计学的基础知识;其次,要求学生阅读指定的教学参考书;再者,要求学生跟随课堂讲授来着重把握公司理财原理在企业管理中的运用和分析,进而要求学生切实掌握公司理财的基本分析工具和实际运作方法。另外,还要求学生掌握专业性的英语术语,学会查阅相关的外文原版杂志。
本课程拟采用双语教学,指定阅读相应的英语影印版教材和经典的翻译版教材,教师讲授采用英语原版教材(国外MBA教材)。讲授的具体内容为:
1 Introduction to Corporate Finance 4学时
1) First Principles of Corporate Finance
2) Corporate Financial Decisions
3) The Tools of Corporate Finance
2 The Objective in Corporate Finance 2学时
1) Stockholder Wealth Maximization
2) Stock Price Maximization and Agency Costs
3) Stock Price Maximization with Lower Agency Costs
3 The Time Value of Money 4学时
The Intuitive Basis for The Time Value of Money
Cash Flows and Time Lines
Time Value of Money: Compounding and Discounting
4 The Basics of Risk 2学时
1) What is Risk
2) Motivation and Perspective in Analyzing Risk
3) A Comparative Analysis of Risk and Return Models
5 Estimating Hurdle Rates for Projects 4学时
1) What is Project
2) Equity Risk and Cost of Equity for Project
3) Financing Mix and Cost of Capital for Projects
4) Adjusting for Project Risk
6 Investment Decision Rules 4学时
1) What is an Investment Decision Rule
2) Categorizing Investment Decision Rules
3) Comparing Investment Decision Rules
4) What Approaches Do Firms Use in Investment Analysis
7 Investment Returns and Corporate Strategy 2学时
1) Analyzing a Firms Existing Projects
2) The Sources of Good Projects
3) Underperforming Projects: Reasons and Response
8 The Financing Process 2学时
1) Financing Choices and a Firm”s Life Cycle
2) The Process of Raising Capital
3) From Private to Publicly Traded Firm
9 The Financing Mix and Choices 4学时
1) Choosing a Financing Mix
2) Choosing The Right Financing Instruments
3) Real Companies: Mechanics of Moving to the Optimal Financing Mix
Analyzing Cash Returned to Stockholders 2学时
1) Cash Returned to Stockholders
2) A Cash Flow Approach to Analyzing Dividend Policy
3) Managing Changes in Dividend Policy
Valuation: Principles and Practice 4学时
1) Discounted Cash Flow Valuation
2) Relative Valuation
3) Standardized Values and Mutiples
4) Reconciling Different Valuations
Option Applications in Corporate Finance 2学时
实验安排:(略)
教学方法:课堂讲授为主,案例分析为辅,并结合中国企业问题的考察。
考核要求:平时作文献分析,期末进行综合考试。
教材及参考文献:
使用教材:《公司理财》(美)罗斯等三人著,机械工业出版社,2003年9
月版。主要是阅读,便于理解英文的讲授,不作考查的内容。
参考文献:
1.《Finance》(美)Bodie and Merton著,高等教育出版社,2000年版。
2.《Corporate Finance.:Theory and Practice》(美)Aswath Damodaran著,
. John Wiley &Sons, Inc. July 2001.
3.《Corporate Finance》(美)Scott Smart著,South-Western College Pub.
April 2003。
4.《The New Corporate Finance》(美)Donald Chew著,McGraw-Hill,
August 2000。
5.《公司理财原理》(美)迈尔斯等著,机械工业出版社,2004年4月版。
6.《运用财务报表进行商务分析与评估(英文影印)》(美)K. G. 佩普著,
中信出版社,2003年版。
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