《公司金融》（雙語(yǔ)）教學(xué)大綱

《公司金融（雙語(yǔ)）》教學(xué)大綱課程編號(hào)：110583A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)：48講課學(xué)時(shí)：48實(shí)驗(yàn)（上機(jī)）學(xué)時(shí)：0學(xué)分：3適用對(duì)象：金融學(xué)班、投資學(xué)班、金融工程班先修課程：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，靈活地對(duì)所學(xué)知識(shí)進(jìn)行應(yīng)用，并要求學(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.BusinessOrganizationandFinancialGoals2.FinancialStatementsAnalysisandFinancialModels;3.Valuation4.CapitalBudgeting;5.CashFlowCalculating6.RiskandReturn;7.TheCapitalAssetPricingModel(CAPM);8.TheArbitragePricingTheory(APT);9.CapitalStructure;10.DividendPolicy;其中，F(xiàn)inancialStatementsAnalysisandFinancialModels;ValuationandCapitalBudgeting;RiskandReturn;TheCapitalAssetPricingModel(CAPM);TheArbitragePricingTheory(APT);CapitalStructure;Long-termFinancing是重點(diǎn)，應(yīng)精講、細(xì)講；FinancialStatementsandCashFlow;DividendPolicy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。課程思政教學(xué)內(nèi)容主要包括以下幾個(gè)方面：一是，更多引入現(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。二是，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。三是，挖掘更多的模型與理論創(chuàng)始人的勵(lì)志故事?？傮w而言，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)。三、各教學(xué)環(huán)節(jié)學(xué)時(shí)分配（黑體，小四號(hào)字）教學(xué)課時(shí)分配序號(hào)章節(jié)內(nèi)容講課實(shí)驗(yàn)其他合計(jì)1BusinessOrganizationandFinancialGoals222FinancialStatementsAnalysis6283Long-termFinancing334Valuation82105CapitalBudgeting6286CashFlowCalculating667RiskandReturn22TheCapitalAssetPricingModel628TheArbitragePricingTheory338CapitalStructure82109DividendPolicy44合計(jì)541064四、教學(xué)內(nèi)容（黑體，小四號(hào)字）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-TERMSOLVENCYMEASURES3.2.3ASSETMANAGEMENTORTURNOVERMEASURES3.2.4PROFITABILITYMEASURES3.2.5MARKETVALUEMEASURES3.3TheDuPontIdentity3.3.1ACLOSERLOOKATROE3.3.2PROBLEMSWITHFINANCIALSTATEMENTANALYSIS3.4FinancialModels3.4.1ASIMPLEFINANCIALPLANNINGMODEL3.4.2THEPERCENTAGEOFSALESAPPROACH3.5ExternalFinancingandGrowth3.5.1EFNANDGROWTH3.5.2FINANCIALPOLICYANDGROWTH3.5.3ANOTEABOUTSUSTAINABLEGROWTHRATECALCULATIONS3.6SomeCaveatsRegardingFinancialPlanningModels3.7思政案例萬(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)。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5InterestRatesandBondValuation5.1BondsandBondValuation5.1.1BONDFEATURESANDPRICES5.1.2BONDVALUESANDYIELDS5.1.3INTERESTRATERISK5.1.4FINDINGTHEYIELDTOMATURITY:MORETRIALANDERROR5.1.5ZEROCOUPONBONDS5.2GovernmentandCorporateBonds5.2.1GOVERNMENTBONDS5.2.2CORPORATEBONDS5.2.3BONDRATINGS5.3BondMarkets5.3.1HOWBONDSAREBOUGHTANDSOLD5.3.2BONDPRICEREPORTING5.3.3ANOTEONBONDPRICEQUOTES5.4InflationandInterestRates5.4.1REALVERSUSNOMINALRATES5.4.2INFLATIONRISKANDINFLATION-LINKEDBONDS5.4.3THEFISHEREFFECT5.5DeterminantsofBondYields5.5.1THETERMSTRUCTUREOFINTERESTRATES5.5.2BONDYIELDSANDTHEYIELDCURVE:PUTTINGITALLTOGETHER5.5.3CONCLUSION5.6思政案例通過(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。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6StockValuation6.1ThePresentValueofCommonStocks6.1.1DIVIDENDSVERSUSCAPITALGAINS6.1.2VALUATIONOFDIFFERENTTYPESOFSTOCKS6.2EstimatesofParametersintheDividendDiscountModel6.2.1WHEREDOESgCOMEFROM?6.2.2WHEREDOESRCOMEFROM?6.2.3AHEALTHYSENSEOFSKEPTICISM6.2.4DIVIDENDSOREARNINGS:WHICHTODISCOUNT?6.2.5THENO-DIVIDENDFIRM6.3GrowthOpportunities6.3.1NPVGOSOFREAL-WORLDCOMPANIES6.3.2GROWTHINEARNINGSANDDIVIDENDSVERSUSGROWTHOPPORTUNITIES6.4Comparables6.4.1PRICE-TO-EARNINGSRATIO6.4.2ENTERPRISEVALUERATIOS6.5ValuingtheEntireFirm6.6TheStockMarkets6.6.1DEALERSANDBROKERS6.6.2ORGANIZATIONOFTHENYSE6.6.3NASDAQOPERATIONS6.6.4STOCKMARKETREPORTING6.7CaseStudy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7NetPresentValueandOtherInvestmentRules7.1WhyUseNetPresentValue?7.2ThePaybackPeriodMethod7.2.1DEFININGTHERULE7.2.2PROBLEMSWITHTHEPAYBACKMETHOD7.2.3MANAGERIALPERSPECTIVE7.2.4SUMMARYOFPAYBACK7.3TheDiscountedPaybackPeriodMethod7.4TheInternalRateofReturn7.5ProblemswiththeIRRApproach7.5.1DEFINITIONOFINDEPENDENTANDMUTUALLYEXCLUSIVEPROJECTS7.5.2TWOGENERALPROBLEMSAFFECTINGBOTHINDEPENDENTANDMUTUALLYEXCLUSIVEPROJECTS7.5.3PROBLEMSSPECIFICTOMUTUALLYEXCLUSIVEPROJECTS7.5.4REDEEMINGQUALITIESOFIRR7.5.5ATEST7.6TheProfitabilityIndex7.6.1CALCULATIONOFPROFITABILITYINDEX7.7ThePracticeofCapitalBudgeting7.8思政案例結(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。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8MakingCapitalInvestmentDecisions8.1IncrementalCashFlows:TheKeytoCapitalBudgeting8.1.1CASHFLOWS—NOTACCOUNTINGINCOME8.1.2SUNKCOSTS8.1.3OPPORTUNITYCOSTS8.1.4SIDEEFFECTS8.1.5ALLOCATEDCOSTS8.2TheBaldwinCompany:AnExample8.2.1ANANALYSISOFTHEPROJECT8.2.2WHICHSETOFBOOKS?8.2.3ANOTEABOUTNETWORKINGCAPITAL8.2.4ANOTEABOUTDEPRECIATION8.2.5INTERESTEXPENSE8.3InflationandCapitalBudgeting8.3.1INTERESTRATESANDINFLATION8.3.2CASHFLOWANDINFLATION8.3.3DISCOUNTING:NOMINALORREAL?8.4AlternativeDefinitionsofOperatingCashFlow8.4.1THETOP-DOWNAPPROACH8.4.2THEBOTTOM-UPAPPROACH8.4.3THETAXSHIELDAPPROACH8.4.4CONCLUSION8.5SomeSpecialCasesofDiscountedCashFlowAnalysis8.5.1EVALUATINGCOST-CUTTINGPROPOSALS8.5.2SETTINGTHEBIDPRICE8.5.3INVESTMENTSOFUNEQUALLIVES:THEEQUIVALENTANNUALCOSTMETHOD8.6思政案例經(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。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9RiskAnalysis,RealOptions,andCapitalBudgeting9.1SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis9.1.1SENSITIVITYANALYSISANDSCENARIOANALYSIS9.1.2BREAK-EVENANALYSIS9.2MonteCarloSimulation9.2.1STEP1:SPECIFYTHEBASICMODEL9.2.2STEP2:SPECIFYADISTRIBUTIONFOREACHVARIABLEINTHEMODEL9.2.3STEP3:THECOMPUTERDRAWSONEOUTCOME9.2.4STEP4:REPEATTHEPROCEDURE9.2.5STEP5:CALCULATENPV9.3RealOptions9.3.1THEOPTIONTOEXPAND9.3.2THEOPTIONTOABANDON9.3.3TIMINGOPTIONS9.4DecisionTrees9.5CaseStudy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11ReturnandRisk11.1IndividualSecurities11.2ExpectedReturn,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)11.9.1EXPECTEDRETURNONMARKET11.9.2EXPECTEDRETURNONINDIVIDUALSECURITY11.10思政案例講述資本資產(chǎn)定價(jià)模型創(chuàng)始人威廉夏普的勵(lì)志故事教學(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12AnAlternativeViewofRiskandReturn12.1Introduction12.2SystematicRiskandBetas12.3PortfoliosandFactorModels12.3.1PORTFOLIOSANDDIVERSIFICATION12.4Betas,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13EfficientCapitalMarketsandBehavioralChallenges13.1CanFinancingDecisionsCreateValue?13.2ADescriptionofEfficientCapitalMarkets13.2.1FOUNDATIONSOFMARKETEFFICIENCY13.3TheDifferentTypesofEfficiency13.3.1THEWEAKFORM13.3.2THESEMISTRONGANDSTRONGFORMS13.3.3SOMECOMMONMISCONCEPTIONSABOUTTHEEFFICIENTMARKETPOTHESIS13.4TheEvidence13.4.1THEWEAKFORM13.4.2THESEMISTRONGFORM13.4.3THESTRONGFORM13.5TheBehavioralChallengetoMarketEfficiency13.6EmpiricalChallengestoMarketEfficiency13.7ReviewingtheDifferences13.8ImplicationsforCorporateFinance13.8.1ACCOUNTINGCHOICES,FINANCIALCHOICES,ANDMARKETEFFICIENCY13.8.2THETIMINGDECISION13.8.3SPECULATIONANDEFFICIENTMARKETS13.8.4INFORMATIONINMARKETPRICES教學(xué)重點(diǎn)、難點(diǎn)：ADescriptionofEfficientCapitalMarkets；TheDifferentTypesofEfficiency；ImplicationsforCorporateFinance課程的考核要求：理解：CanFinancingDecisionsCreateValue?；TheBehavioralChallengetoMarketEfficiency掌握：ADescriptionofEfficientCapitalMarkets；TheDifferentTypesofEfficiency；ImplicationsforCorporateFinance復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做14Long-TermFinancing14.1SomeFeaturesofCommonandPreferredStocks14.1.1COMMONSTOCKFEATURES14.1.2PREFERREDSTOCKFEATURES14.2CorporateLong-TermDebt14.2.1ISITDEBTOREQUITY?14.2.2LONG-TERMDEBT:THEBASICS14.2.3THEINDENTURE14.3SomeDifferentTypesofBonds14.3.1FLOATING-RATEBONDS14.3.2THERTYPESOFBONDS14.4BankLoans14.5InternationalBonds14.6PatternsofFinancing14.7RecentTrendsinCapitalStructure14.7.1WHICHAREBEST:BOOKORMARKETVALUES?教學(xué)重點(diǎn)、難點(diǎn)：SomeFeaturesofCommonandPreferredStocks；CorporateLong-TermDebt；SomeDifferentTypesofBonds；BankLoans課程的考核要求：理解：SomeFeaturesofCommonandPreferredStocks掌握：CorporateLong-TermDebt；SomeDifferentTypesofBonds；BankLoans復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做15CapitalStructure15.1TheCapitalStructureQuestionandthePieTheory15.2MaximizingFirmValueversusMaximizingStockholderInterests15.3FinancialLeverageandFirmValue:AnExample15.3.1LEVERAGEANDRETURNSTOSHAREHOLDERS15.3.2THECHOICEBETWEENDEBTANDEQUITY15.3.3AKEYASSUMPTION15.4ModiglianiandMiller:PropositionII(NoTaxes)15.4.1RISKTOEQUITYHOLDERSRISESWITHLEVERAGE15.4.2PROPOSITIONII:REQUIREDRETURNTOEQUITYHOLDERSRISESWITHLEVERAGE15.4.3MM:ANINTERPRETATION15.5Taxes15.5.1THEBASICINSIGHT15.5.2PRESENTVALUEOFTHETAXSHIELD15.5.3VALUEOFTHELEVEREDFIRM15.5.4EXPECTEDRETURNANDLEVERAGEUNDERCORPORATETAXES15.5.5THEWEIGHTEDAVERAGECOSTOFCAPITAL,RWACC,ANDCORPORATETAXES15.5.6STOCKPRICEANDLEVERAGEUNDERCORPORATETAXES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16CapitalStructure16.1CostsofFinancialDistress16.1.1BANKRUPTCYRISKORBANKRUPTCYCOST?16.2DescriptionofFinancialDistressCosts16.2.1DIRECTCOSTSOFFINANCIALDISTRESS:LEGALANDADMINISTRATIVECOSTSOFIQUIDATIONORREORGANIZATION16.2.2INDIRECTCOSTSOFFINANCIALDISTRESS16.2.3AGENCYCOSTS16.3CanCostsofDebtBeReduced?16.3.1PROTECTIVECOVENANTS16.3.2CONSOLIDATIONOFDEBT16.4IntegrationofTaxEffectsandFinancialDistressCosts16.5PIEAGAIN16.6Shirking,Perquisites,andBadInvestments:ANoteonAgencyCostofEquity16.6.1EFFECTOFAGENCYCOSTSOFEQUITYONDEBT–EQUITYFINANCING16.6.2FREECASHFLOW16.7ThePecking-OrderTheory16.7.1RULESOFTHEPECKINGORDER16.7.2IMPLICATIONS16.8HowFirmsEstablishCapitalStructure16.9思政案例引入韓國(guó)大宇集團(tuán)案例，講述該公司由于大量舉債導(dǎo)致資本結(jié)構(gòu)嚴(yán)重失衡，從而陷入了股價(jià)下跌、資不抵債、流動(dòng)性嚴(yán)重不足的案例，幫助學(xué)生切實(shí)理解資本結(jié)構(gòu)的重要性。教學(xué)重點(diǎn)、難點(diǎn)：CostsofFinancialDistress；DescriptionofFinancialDistressCosts；CanCostsofDebtBeReduced?；IntegrationofTaxEffectsandFinancialDistressCosts；Shirking,Perquisites,andBadInvestments:ANoteonAgencyCostofEquity；ThePecking-OrderTheory課程的考核要求：理解：CostsofFinancialDistress；CanCostsofDebtBeReduced?掌握：DescriptionofFinancialDistressCosts；IntegrationofTaxEffectsandFinancialDistressCosts；Shirking,Perquisites,andBadInvestments:ANoteonAgencyCostofEquity；ThePecking-OrderTheory復(fù)習(xí)思考題：應(yīng)用案例及課后習(xí)題選做19DividendsandOtherPayouts19.1DifferentTypesofPayouts1