《公司金融》教学大纲

《公司金融》课程中英文简介CorporateFinance课程代码： CourseCode：110074A课程名称：公司金融 CourseName：CorporateFinance学时：96 Periods：96学分：4 Credits：4考核方式：考试 Assessment：Exam先修课程：宏观经济学、微观经济学、会计学原理PreparatoryCourses：Macroeconomics,Microeconomics,Accounting《公司金融》是一门以公司金融活动作为研究对象的核心课程。通过本课程的学习，使学生建立起有关公司金融的理论体系，掌握公司价值理论、资本结构理论、资本成本理论、投资理论和股利政策理论等基本理论及分析方法，培养学生运用公司金融理论分析、解决公司金融实践问题的能力。<Corporatefinance>isacorecoursewhichtakesthecorporatefinancialactivitiesastheresearchtopics.Thiscoursemainlyfocusonrequiringthestudentstoestablishthetheoreticalsystemofthecorporatefinance,masteringbasictheoriesandpoints,suchasthetheoryofcompanyvaluation,thetheoryofcapitalstructure,thecostofcapitaltheory,Investmenttheoryanddividendpolicy,beingfamiliarwithnecessarybasicskillsandexploringtheresearchmethodandempiricalmeaningofthiscourse.《公司金融》教学大纲课程编号：110074A课程类型：□通识教育必修课□通识教育选修课□学科基础课√专业核心课□专业提升课□专业拓展课总学时：96讲课学时：64实验（上机）学时：32学分：4适用对象：国际金融英文班先修课程：宏观经济学、微观经济学、会计学原理一、教学目标公司金融是以公司为核心，以实现公司价值最大化为研究目标，探讨公司融资、投资、治理等决策。该课程的教学理念和目标是理论联系实际，把握公司金融领域的基本理论和前沿发展脉络，使学生全面了解企业的各种融资机制。通过本课程的学习，培养学生从宏观和微观的角度对公司有一个全面的认识，掌握公司金融学的基本原理，能熟练使用公司金融理论框架研究分析相关问题，并可将公司金融的理论渗透到后续的专业课程学习中。目标1：熟练掌握公司金融基本概念和理论知识目标2：熟练运用公司金融理论分析企业所面临的各种问题目标3：熟练阅读公司金融的相关英文文献和资料课程思政教学目标：在掌握基本的投融资方法与理论的基础上，要求学生在实际应用时要能够从道德方面进行思考，考虑投融资决策的外部性和社会性。二、教学内容及其与毕业要求的对应关系本课程是一门专业必修的课程，它的主要内容有：1.FinancialStatementsandCashFlow;2.FinancialStatementsAnalysisandFinancialModels;3.ValuationandCapitalBudgeting;4.RiskandReturn;5.TheCapitalAssetPricingModel(CAPM);6.TheArbitragePricingTheory(APT);7.CapitalStructure;其中，FinancialStatementsAnalysisandFinancialModels;ValuationandCapitalBudgeting;RiskandReturn;TheCapitalAssetPricingModel(CAPM);TheArbitragePricingTheory(APT);CapitalStructure是重点，应精讲、细讲；FinancialStatementsandCashFlow可粗讲。重点内容应在讲清概念的基础上，增加案例分析、课堂模拟等使学生熟练掌握。本课以课堂讲授为主，辅之以案例教学、随堂讨论和课后作业，使学生既能掌握理论，也能动手操作，切实做到理论与实践相结合，此外，本课程安排教师每个星期要用固定答疑事件，切实随时解决学生在学习中遇到的各类问题。在本课程的实践环节，要求学生大量阅读英文课内外资料，并且完成阅读笔记，老师需要进行批阅。该课程从三个方面促进了毕业要求的实现，一是深度系统地掌握公司金融相关理论为学生未来继续深造打下良好的理论基础；二是扎实的公司金融理论功底可以帮助学生进入知名大型金融机构任职；三是大量的英文读写的训练可以帮助学生在申请国际名校研究生时具有很强的语言优势。课程思政教学内容：引入现实中发生的投融资项目案例，进行深入分析，提高学生学习的兴趣，提高本门课程的实用性，使得课堂更为生动有趣。同时，在投融资决策模块的学习中加入道德问题，注重引导学生对环境污染、不道德的投资项目、欺骗投资者等问题进行深入思考，弘扬正确的价值观。三、各教学环节学时分配教学课时分配章节内容讲课实验其他合计Chapter1:Introduction325Chapter2:Financialstatementsandcashflows325Chapter3:FinancialStatementsAnalysisandFinancialModels426Chapter4:DiscountedCashFlowValuation426Chapter5-6:Projectinvestmentanalysis639Chapter7:Riskanalysis,RealOptionandcapitalbudgeting639Chapter8:Bondvaluation325Chapter9:Stockvaluation628Chapter10:RiskandreturnandEMH325Chapter11:Capitalassetpricingmodel(CAPM)639Chapter12:Arbitragepricingtheory(APT)639Chapter13:Risk,CostofCapital,andCapitalBudgeting628Chapter14:Capitalstructure426Chapter15:CapitalStructure:LimitstotheUseofDebt426合计6432096

四、教学内容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教学重点、难点：TheGoalofFinancialManagement；TheAgencyProblemandControloftheCorporation课程的考核要求：了解：TheconceptsofCorporateFinance；TheCorporateFirm理解：TheAgencyProblemandControloftheCorporation掌握：TheGoalofFinancialManagement复习思考题：应用案例及课后习题选做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教学重点、难点：TheBalanceSheet；TheIncomeStatement；TheAccountingStatementofCashFlows课程的考核要求：了解：Taxes；CashFlowManagement理解：NetWorkingCapital掌握：TheBalanceSheet；TheIncomeStatement；TheAccountingStatementofCashFlows复习思考题：应用案例及课后习题选做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教学重点、难点：FinancialStatementsAnalysis；RatioAnalysis；TheDuPontIdentity课程的考核要求：了解：SomeCaveatsRegardingFinancialPlanningModels理解：FinancialModels；ExternalFinancingandGrowth掌握：FinancialStatementsAnalysis；RatioAnalysis；TheDuPontIdentity应用：TheDuPontIdentity复习思考题：应用案例及课后习题选做课程思政切入点：万福生科财务造假案分析及启示：通过深入分析创业板上市公司万福生科财务造假案的详细过程以及作为万福生科审计师的中磊会计师事务所在这过程中扮演的角色。结合在财务分析阶段学的相关知识点为大家解析这个案例，并归纳总结经验教训，明确作为上市公司、中介机构应在资本市场活动中应履行的积极责任和义务。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教学重点、难点：Valuation:TheOne-PeriodCase；TheMultiperiodCase；CompoundingPeriods；Simplifications课程的考核要求：掌握：Valuation:TheOne-PeriodCase；TheMultiperiodCase；CompoundingPeriods；Simplifications应用：Simplifications复习思考题：应用案例及课后习题选做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教学重点、难点：NetPresentValue；ThePaybackPeriodMethod；TheInternalRateofReturn；TheProfitabilityIndex课程的考核要求：理解：TheDiscountedPaybackPeriodMethod；ProblemswiththeIRRApproach掌握：NetPresentValue；ThePaybackPeriodMethod；TheInternalRateofReturn；TheProfitabilityIndex复习思考题：应用案例及课后习题选做课程思政切入点：结合我国“十四五”环境治理目标和2030年前碳排放达峰目标，深入探讨我国绿色金融体系的完善。通过政策导向、统计指引、绩效考核三位一体的绿色信贷制度，大力支持企业绿色投资项目。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教学重点、难点：IncrementalCashFlows；TheBaldwinCompany:AnExample；InflationandCapitalBudgeting；AlternativeDefinitionsofOperatingCashFlow课程的考核要求：理解：IncrementalCashFlows；InflationandCapitalBudgeting掌握：TheBaldwinCompany:AnExample；AlternativeDefinitionsofOperatingCashFlow复习思考题：应用案例及课后习题选做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教学重点、难点：SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis；RealOptions；DecisionTrees课程的考核要求：理解：MonteCarloSimulation；掌握并应用：SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis；RealOptions；DecisionTrees复习思考题：应用案例及课后习题选做课程思政切入点：经理人的“道德风险”和职业道德建设：经理人的“道德风险”和职业道德建设牵涉到社会主义现代化建设的兴衰成败。在社会主义市场经济体制和法律体系不完善的条件下，强化经理人的职业道德具有重要作用，是加强职业道德建设的重要途径。经理人在其职业活动中形成的道德规范既是对一定职业道德关系的反映，也是一定社会对经理人提出的一定的职业道德要求的反映。道德规范的这种特性使它具有和法律、制度一样的约束和导向功能，只不过法律是强制执行，而道德是自觉履行，二者分别从外在要求与内在要求两个角度对人的行为进行约束。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教学重点、难点：BondsandBondValuation；InflationandInterestRates；DeterminantsofBondYields课程的考核要求：了解：BondMarkets理解：GovernmentandCorporateBonds掌握并应用：InflationandInterestRates；DeterminantsofBondYields复习思考题：应用案例及课后习题选做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教学重点、难点：ThePresentValueofCommonStocks；EstimatesofParametersintheDividendDiscountModel；GrowthOpportunities；Comparables；ValuingtheEntireFirm课程的考核要求：了解：StockMarkets掌握并应用：ThePresentValueofCommonStocks；EstimatesofParametersintheDividendDiscountModel；GrowthOpportunities；Comparables；ValuingtheEntireFirm复习思考题：应用案例及课后习题选做课程思政切入点：通过KKR敌意收购纳贝斯克的案例，引导学生思考对以垃圾债券为代表的金融创新的想法。思考近年来我国出现的影子银行、P2P平台等金融创新在承诺高收益的同时带来的高风险问题。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教学重点、难点：Returns；HoldingPeriodReturns；ReturnStatistics；AverageStockReturnsandRisk-FreeReturns；RiskStatistics；MoreonAverageReturns课程的考核要求：了解：TheU.S.EquityRiskPremium:HistoricalandInternationalPerspectives；2008:AYearofFinancialCrisis掌握并应用：Returns；HoldingPeriodReturns；ReturnStatistics；AverageStockReturnsandRisk-FreeReturns；RiskStatistics；MoreonAverageReturns复习思考题：应用案例及课后习题选做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教学重点、难点：ExpectedReturn,Variance,andCovariance；TheReturnandRiskforPortfolios；TheEfficientSetforTwoAssets；TheEfficientSetforManySecurities；Diversification；MarketEquilibrium；RelationshipbetweenRiskandExpectedReturn(CAPM)课程的考核要求：了解：IndividualSecurities；理解：Diversification；RisklessBorrowingandLending掌握并应用：ExpectedReturn,Variance,andCovariance；TheReturnandRiskforPortfolios；TheEfficientSetforTwoAssets；TheEfficientSetforManySecurities；MarketEquilibrium；RelationshipbetweenRiskandExpectedReturn(CAPM)复习思考题：应用案例及课后习题选做课程思政切入点：讲述资本资产定价模型创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教学重点、难点：SystematicRiskandBetas；PortfoliosandFactorModels；Betas,Arbitrage,andExpectedReturns；TheCapitalAssetPricingModelandtheArbitragePricingTheory；EmpiricalApproachestoAssetPricing课程的考核要求：理解：SystematicRiskandBetas；掌握并应用：PortfoliosandFactorModels；Betas,Arbitrage,andExpectedReturns；TheCapitalAssetPricingModelandtheArbitragePricingTheory；EmpiricalApproachestoAssetPricing复习思考题：应用案例及课后习题选做课程思政切入点：讲述套利定价模型创始人斯蒂芬·罗斯的故事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教学重点、难点：TheCostofCapital；EstimatingtheCostofEquityCapitalwiththeCAPM；EstimationofBeta；DeterminantsofBeta；TheWeightedAverageCostofCapital；ValuationwithRWACC课程的考核要求：理解：TheCostofCapital；TheWeightedAverageCostofCapital掌握并应用：EstimatingtheCostofEquityCapitalwiththeCAPM；EstimationofBeta；DeterminantsofBeta；TheWeightedAverageCostofCapital；ValuationwithRWACC复习思考题：应用案例及课后习题选做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教学重点、难点：MaximizingFirmValueversusMaximizingStockholderInterests；FinancialLeverageandFirmValue:AnExample；ModiglianiandMiller:PropositionII(NoTaxes)；Taxes课程的考核要求：理解：TheCapitalStructureQuestionandthePieTheory掌握：MaximizingFirmValueversusMaximizingStockholderInterests；FinancialLeverageandFirmValue:AnExample；ModiglianiandMiller:PropositionII(NoTaxes)；Taxes复习思考题：应用案例及课后习题选做15CapitalStructure:LimitstotheUseofDebt15.1CostsofFinancialDistress15.1.1BANKRUPTCYRISKORBANKRUPTCYCOST?15.2DescriptionofFinancialDistressCosts15.2.1DIRECTCOSTSOFFINANCIALDISTRES