《公司金1》课程教学大纲

《公司金融》课程教学大纲一、课程基本信息课程名称：CorporateFinance课程代码：FIN903学分：4学时：3学时/周，共51学时。二、任课教师、助教、教室等情况（三）课程资源：教务处课程中心（四）教室：B102实验室：（五）上课时间：每周五早1-3节（六）纪律：1、无特殊情况，不允许无故缺课。2、每次作业须在规定时间内提交。三、阅读材料（一）推荐教材：CorporateFinance,byJ.BerkandP.DeMarzo.4thedition（二）参考教材1.PrinciplesofCorporateFinance,byR.A.Brealey,S.C.MyersandF.Allen.12thedition.2.CorporateFinance,byS.A.Ross,R.W.Westerfield,andJ.Jaffe.10thedition.（三）进一步阅读教材1.LecturenotesofAswathDamodaran,/~adamodar/2.Realworldreading:WallStreetJournal,FinancialTimes,Fortune四、课程内容概要（一）指导思想高举中国特色社会主义伟大旗帜，以马克思列宁主义、毛泽东思想、邓小平理论、“三个代表”重要思想、科学发展观和习近平新时代中国特色社会主义思想为指导，深入学习贯彻习近平总书记系列重要讲话精神和治国理政新理念新思想新战略，贯彻落实全国高校思想政治工作会议精神。坚持社会主义办学方向，坚持立德树人的根本任务，坚持教书和育人相统一，按照价值引领、能力达成、知识传授的总体要求，深化思政理论课课程改革，发挥《宏观经济学》课程育人作用，“守好一道渠、种好责任田”。把价值观培育和塑造通过“基因式”全方位、立体式、多层次融入本课程，将思政教育贯穿于课程全过程，突出育人价值。切实发挥课堂主渠道作用，推进全员育人、全过程育人、全方位育人。以习近平新时代中国特色社会主义思想为指导，坚持知识传授与价值引领相结合，挖掘培养学生理想信念、价值取向、政治信仰、社会责任的元素、题材与内容，全面提高学生缘事析理、明辨是非的能力，培养德智体美全面发展的社会主义建设者和接班人。充分发挥思想政治理论课主渠道作用，深入挖掘课程各课程环节思政元素及育人功能，把思想政治工作贯穿教育课程全过程，着力培养有社会责任感、创新精神、国际视野的能担当民族复兴大任的时代新人。（二）课程目标将习近平新时代中国特色社会主义思想、党的十九大精神、社会主义核心价值观等思政元素充分有机融入课程教学大纲，以深入挖掘提炼课程所蕴含的德育元素，确保育人导向，推进金融学课程思想政治教育因素的有机融入。结合专业教育，讲好习近平中国特色社会主义经济思想管理思想，深挖中国经济社会发展和管理实践中的优秀做法和典型案例，不断增强学生“四个自信”，教育引导学生正确认识世界和中国的发展局势、了解公司金融管理在经济发展中的重要贡献和作用，脚踏实地学习和实践公司金融管理的知识，进一步了解在公司金融管理上的中国特色创新和国际比较、让学生在学习金融管理知识技巧的过程中感受到时代责任和历史使命。Thepurposeofthiscourseistogivestudentsathoroughunderstandingofbasicfinancialtheoryandtoolsnecessaryforfinancialdecisionmaking.ThecoursewillbeanextensionofFinancialManagement.Itwilllookinmoredetailatarangeoftopicsinfinancing,includingcapitalstructure,raisingequityandIPOs.Itwillinvestigatetheissueofthemanagementofshort-termfinance.Finally,itwillcoversomeissuesofcorporategovernance,includingtopicsofmerger,acquisitionsandarbitragepricingtheory.Afterthecourse:Studentswillgainadeepunderstandingonhowfirmmanagersmakefinancialdecisions,whatissuestheyhavetofaceorwhataretherightquestionstheyhavetoask.Ithelpsstudentstounderstandwhatfinancialmanagersdoandwhy.Studentswillbeinspiredtorelatethecoursetotherealworldpracticeandalsodevelopcriticalthinkingskills.（三）课程内容PartTopic(s)WeekNo.I.OverviewIntroduction1II.CapitalstructureCapitalstructureinaperfectmarket:MMI&IICapitalstructureinanimperfectmarket:roleoftax23LimitstotheUseofDebt:BankruptcycostMidtermValuationandCapitalBudgetingfortheLeveredFirm456III.Long-termFinancingDebtfinancingIssuingSecuritiestothePublicLeasing789IV.PayoutpolicyDividendsandotherPayout10CaseStudy11V.Short-termfinancingShorttermfinancing12CashManagement13VI.SpecialtopicsMergersandAquisition14ArbitragePricingTheory15FinalFinalpresentation16Finalpresentation17（四）课程要求1.基本要求：不仅教给学生基础知识，同时也培养学生的世界观、人生观和道德品质；应从经济发展的宏观与公司金融的微观角度出发，通过认识经济发展和金融管理的重要性、在公司金融管理方面的中国特色与国际的比较，使思政教育元素融入公司金融，既传承历史血脉又体现与时俱进，让学生既有先进的思想又有实践的能力；应坚持显性教育与隐性教育的结合，通过隐性渗透、寓道德教育于各门专业课程之中，通过润物细无声、滴水穿石的方式，实现显性教育与隐性教育的有机结合。2.Studentsareexpectedtobepunctual,toparticipateintheclassandbeactiveindiscussions,andtoberespectfuloftheirclassmatesduringclasstime.Iwillchecktheattendancerandomly.Attendanceandparticipationmaybefactoredintothefinalgrades.3.Classparticipationcanmanifestitselfinmanywaysandforms,suchasaskingquestionsinclass,aswellasconversingwithmeaboutthesubjectduringofficehours,inthehallwayorbye-mail.Thereisnoexcuseforalackofparticipation.4.Therearethreesetsofhomeworkquestionsthroughoutthesemester.Homeworkassignmentsshouldbeturnedintimely,late(pass-due)turn-inwillnotbeacceptedandcausesnocredit(zeropoints).5.Lectureswillcoverthemostimportantissuesaddressedinthetextbook.Studentsareresponsibletobefamiliarwithallthematerialscoveredinclass,homework,assignedreadings,andsuggestedquestionset.Lecturesmaygobeyondthescopeofthetextbookforcertaintopics.Therefore,itisimportantandrequestedforstudentstoattendeachclass.（五）课程安排PartWeekNo.Topic(s)ContentI.Overview1IntroductionCh1II.Capitalstructure2Capitalstructureinaperfectmarket:MMI&IICapitalstructureinanimperfectmarket:roleoftaxCh163LimitstotheUseofDebt:BankruptcycostMidtermValuationandCapitalBudgetingfortheLeveredFirmCha16&17III.Long-termFinancing4DebtfinancingIssuingSecuritiestothePublicLeasingCh17IV.Payoutpolicy5DividendsandotherPayoutmidterm6CaseStudyCh18V.Short-termfinancing7ShorttermfinancingCh158CashManagementCh20VI.Specialtopics9MergersandAquisitionCh2110ArbitragePricingTheoryCh19Final11Finalpresentation12FinalpresentationCh26（六）考核方式考试形式考察内容考察方式分值课堂参与课上讨论5分钟小案例分析5课后作业课程课程内容课后独立完成，按时提交15期中考试课程课程内容考试30课程设计课程设计论文及答辩课程答辩与报告50（七）其他GroupProjectAftertakingthiscourse,thestudentsaresupposedtobeabletoanalyzetheoperationqualityoffirmsefficientlyfromtheprospectiveoffinance.Themainobjectiveofthisprojectistoprovidethesimilaropportunityofsuchfinancialanalysisusingthetoolsdevelopedintheclass.Studentsaresupposedtotaketheprojectbygroup.Eachgroup(of4-5members)willselectanindustryand2-3representativefirminthatindustry.Forexample:ifyouchoosetheautomobileindustry,therepresentativefirmscanbeFord,GM,Chrysler,etc.Itisrecommendedthatthegroupscoordinatewitheachothertoselectadifferentindustry.Youaresupposedtodothefollowingmainanalyses:Introduction.Capitalstructureanalysis.Corporategovernanceanalysis.Relativeperformanceanalysis.Introduction: Inthispart,youshouldexplainthereasonsyouchoosetheindustryandfirms.Brieflydescribetheindustryandfirm.Forindustryintroduction,youshouldgiveanoverallpictureofyourchosenindustry:majorplayers,marketcompetitionstatus,size,profitabilityandothers.Forfirmdescription,youshouldgivemoredetailsofeachfirmfromtheprospectiveoffinance:operation,capitalstructure,competitionability,history.Youalsoneedtoidentifyanyimportantrestructuringevent,suchasmerger,acquisition,repurchasedivestureetcbythefirmoverthepast3years.Anychangeincapitalstructurewithorwithoutissuanceofnewsecurityshouldalsobeidentified.Capitalstrucrtureanalysis: Eachfirmshouldbeanalyzedusinggeneralfinancialmeasureslearnedinclass,especiallyonthecapitalstructureandfinancingofthefirm,andtheanalysisshouldbaseonpublicfinancial/accountinginformationoverpast1year,3years,and5yearsperiod.Youalsoneedtoexamineifanyoftheseeventsidentifiedinthefirstpartcausedsubstantialchangesinperformancebeforeandaftertheevent.Corporategovernanceanalysis: Basedonthecapitalstructureintheprevioussession,analyzetheperformanceandthemaincorporategovernancedecisioninthepastthreeyear,andhowthesedecisionsaffectsthestockvalueandstakeholders’interest.Relativeperformanceanalysis: Animportantpartoffirm’sperformanceanalysisisitscomparisonwithitsindustrypeers.Constructindustryaveragesoftheperformanceparameter,forexampletheoptimalcapitalstructureandleverageratiointheindustry,basedonthefirmsselectedintheindustrygroup.Identifytheunderperformingfirmsinyourindustrygroup.Makerecommendationsforpossiblechangesincapitalstructureandcorporategovernance.Forexample,oneofyourcompaniesmayhaveaverylowprofitmargin,averyhighinterestexpense,orassetturnoverratiomaybetoolow,etc.,relativetoitspeers.Reportandpresentation: Eachgroupneedtowritea15finalreport(inclusiveofall,exceptthecoversheet).Thereportshouldbedouble-spaced,withafont-sizeof12forthemaintext.Thereportshouldincludenecessarychartsandgraphsshowinghowyouranalysesbeingdone.Itshouldincludeatleastfiveparts:theabovefourpartsandconclusion.Eachgroupwillpresentfor25minuteseachtime.YourpresentationshouldbeprofessionallypreparedandpresentedusingPowerPoint.Eachmemberofthegrouphastotakepartinthepresentation.Pleaseconsiderthepresentationasanexercisetoimproveyourpresentationskill.Treatitasapresentationyouaremakinginfrontofyourpeersatarealjob.DataSources:Therearevariousdatabasesyoucanaccessforyourproject,includingthefollows.Foraccountingreports,likecompany’sannualreports,10-k,quarterlyreports,proxystatements,Lexis-Nexisdatabaseisagoodcandidate,whichisavailablethroughSWUFElibrarywebsite.Lexis-Nexisisalsoa