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教学大纲


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灯号说明

审定:无
审定简介:

翻译:L. Tang(简介并寄信)
编辑:朱学恒(简介并寄信)

课程目标

本课程的目的是让你学习作出优良企业决策时所须的各种财务管理工具。重点是在于如何把公司财务与其他层面的企业策略连结起来,主要可分成三主要单元:

  1. 财务需求与资金结构:本课程首先会着手分析决定企业是否有向外筹措资金的财务需要的各种因素(不论是信贷或融资形式)。 继而我们会接着研究一个理想的信贷与融资两者混合的财务考量。

  2. 专案与企业的估算:在第二单元里,我们将发展一些估算投资专案所需的工具,包括如何计算有关现金流量和适用的贴现率。然后我们会利用这些基本工具去估算企业的价值,及甄别挑选投资专案。

  3. 专题研究:最后的单元是对现代企业财务一些专题范畴的探讨,极可能包括风险管理与企业的管理导向,实际的论题届时将按时间所容许,及同学兴趣而定。


上课方式

我们将介绍企业财务理论的基本精要,但重点是放在如何把理论应用到实务决策上。每节课会包括课堂讨论,有些情况下,讨论会集中在讲课内容,而其他情况下则集中在讨论个案研究。你的参与对整个课程的成功极之重要。我们要求你细阅所有个案、出席上课,同时参与课堂上的讨论。


授课教授

  • Dirk Jenter 教授 A班
  • Katharina Lewellen 教授 B班


必备先修课程

财务理论 I (5.401)。了解基本的经济学和会计学也会有所助益。


课程分班

本课程共分成两班。两班都是一周上课两次。

  • A班
  • B班


相关阅读资料 / 教科书

  • Brealey,R.and S.C.Myers. 《企业财务原则》第7版, Irvin McGraw-Hill出版(译注:台湾买得到这本原文书)
    Brealey, R., and S. C. Myers. Principles of Corporate Finance. 7th ed. Irvin McGraw-Hill.


  • Higgins, R.C. 《财务管理之分析》第7版, Irvin McGraw-Hill出版(网址)
    Higgins, R. C. Analysis for Financial Management. 7th ed. Irvin McGraw-Hill.


  • 课程教材:包括个案研究,和一些课程有关的补充阅读资料。


  • 其他的阅读材料会在课堂上发放,并更新到课程专设网页上。


要求/评分

项目 百分比

个案研究报告

  • 学生应组成三到五人的小组提交报告。
  • 一份小组的个案研究报告。报告应在开始讨论该个案那天,在开始上课之前交付(请自行备份,以便作课堂讨论时参考之用)。
  • 每组都必须提交所有报告,但可自选两次报告不交。
  • 如有超额提交的报告,则按优劣取其较优者评分。
30%
期中考(在第11,12讲之间,于课堂进行。 30%
期末考 (最后一周) 30%
出席上课 10%


其他细节

本课程设计为需要学生大量时间投入、并极具挑战性。课程由讲课与个案研究组成。除非你有足够时间去充分准备整个课程,我们强力建议你不要轻易选修此课。每个个案都有附带的引导问题。学生必须对每个个案提交一份两页的报告简要。学生必须组成五人以下的小组。我们极不赞成学生组成三人以下的小组。每一小组只需要就个案提交一份报告。你们有权在学期内跳过两份报告不交。可是有四个指定必要的个案一定要交: Wilson Lumber、MCI通讯公司、Dixon和 Ameritrade。请注意 Wilson Lumber 1 和 2是被当作一个个案计算。

报告必须使用二倍行距并印出,应像是你向公司同事讲解一样撰写。两页纸的限制是只就文字部份而言。你可以无限地加上所需的一切数据计算资料。在上课后才提交的报告将被拒收。

学生需在讨论个案时出席与参与,对整个学习过程至为关键。虽然Brealey and Myers是指定教科书,但这书通常只能提供我们所需的基础大概。我们将会涵括许多超出这书范围以外的资料。

行政事宜将由助教负责。助教们主要的工作将是对个案报告评分,在办公时间内回答问题查询,和主持一或两节的辅导补习课。


课程规定是为确保公平而设计

我的目标是要达到课程目的和确保课程的评分是公正公平的。如果你要继续修读这课,代表你同意接受下列的规定。如果你预估自己无法遵守这些规定(例如:你预计考试时间会跟你的旅游或到外地求职面试的时间有冲突),请你修改你的行程时间或安排在稍后才再选修本课。

考试不能改期或另外补考你必须把这些日期看成像你在商界遇上的重要会议一般 ─ 那就是说除非你真的病情严重,否则你最好依期出席考试。就算在几近不可能的情况下你真的遇上了无法预料而又无法避免的事情,导致你不能参加考试,你必须即时跟我联系。

试场内容许使用具财务计算功能的计算机。但是,光是数值而不显示详细算式的答案,是不会得分的。考试是累计的,即大考的考试范围是建立在期中考试的范围基础上的。


覆核评分

助教们跟我都会尽力确保每次考试里的应得评分的准确性,如果答案只是部分正确,我们会尽量让同样的部分获得同样的分数。但我们难免偶然出错,而在下列条件下,我们极愿将错误更正。如果你相信你考试评分出差错,在发还考卷的一周内,请把你对评分异议的论点,单独写一份书面说明,和原来的考卷一并交给我。要是覆核要求在一周后才提出或者没有附上书面说明的话,那么覆核将不受理。以上规则,绝无例外。所有覆核评分将为最终分数。我们保留就一切有关评分上可能的错误,对提出覆核的试卷作修正的决定权。

特殊安排与考试冲突

如果你有书面能够证明参加考试有困难,并希望能在本课程内获得通融,请及早作相关处理安排。

在考试期间严重患病或是遇上严重紧急事故,相关的书面证明是视为获准请假缺考的唯一有效依据。要想获准缺考,你必须在与我连系,并在考试后把证明文件提供给我。


Course Objective

The objective of the course is for you to learn the financial tools needed to make good business decisions. The emphasis will be on linking corporate finance to other aspects of corporate strategy. There are three main modules of the course.

  1. Financing Needs and Capital Structure: The course starts with analyzing the factors that determine a company's need for external financing, be it debt or equity. We then move on to a consideration of the optimal mix of debt and equity financing.

  2. Project and Company Valuation: In the second module, we develop the tools needed for valuing investment projects, including the determination of the relevant cash flows and the appropriate discount rate. We will then use these basic tools to value companies, and to select investment projects.

  3. Selected Topics: The final module deals with selected aspects of modern corporate finance, most likely including Risk Management and Corporate Governance. The actual topics will be determined by the time available, and by the interests of students.


Teaching Methods

We will present the basic insights of corporate finance theory, but emphasize the application of theory to real business decisions. Each session will involve class discussion. In some instances, discussion will be centered on lectures; in others it will be centered on a business case. Your participation is critical to the success of the course. You are expected to read all cases, come to class, and participate in class discussion.


The Team

  • Prof. Dirk Jenter, Section A
  • Prof. Katharina Lewellen, Section B


Prerequisites

Finance Theory I (15.401). It will also help if you know some basic economics and accounting.


Sections

There are two sections. Both meet twice per week.

  • Section A
  • Section B


Readings / Books

  • Brealey, R., and S. C. Myers. Principles of Corporate Finance. 7th ed. Irvin McGraw-Hill.
  • Higgins, R. C. Analysis for Financial Management. 7th ed. Irvin McGraw-Hill.
  • Course packet: Contains the case studies, and some supplementary readings for the course.
  • Additional reading material will be distributed in class and posted on the class server.


Requirements / Grading

ACTIVITY PERCENTAGE

Case Write-ups

  • Students should form teams of 3 to 5, and hand-in a single write-up per team.
  • Write-ups are due on the first day that the case is discussed in the beginning of the class (make copies to refer to during the class).
  • Each team is required to hand in all write-ups, except two write-ups of its choice.
  • If more write-ups are handed in, only the best ones will be considered.
30%
Midterm Exam (in class, between lectures 11 and 12) 30%
Final Exam (during “Final week”) 30%
Class Participation 10%


Further Details

This course is designed to be time-consuming and challenging. The course is a combination of lectures and cases. Unless you have the time to thoroughly prepare the cases, we strongly recommend that you not take the course. Each case will come with guideline questions. Students are required to submit a two-page memorandum on the cases. Students are required to work in teams of no more than five. Teams with less than three people are strongly discouraged. Only one memorandum need be handed in for a given group. You have the option of not handing in two cases during the semester. There are four required cases: Wilson Lumber, MCI Communications, Dixon, and Ameritrade. Note that Wilson Lumber 1 and 2 count as one case.

The memorandums should be typed and double-spaced. They should be written as if your were presenting it to your business colleagues. The two-page limit is for text only. You may attach as many numerical calculations as you wish. Memorandums will not be accepted after the class has met.

Class attendance and participation in case discussions is critical to the learning process. While the Brealey and Myers textbook is required, this book will often only provide a background for us. We will cover a lot of material that is not actually in the book.

The teaching assistant will be helping with administrative matters. The teaching assistants' main responsibility will be grading case write-ups, answering questions during office hours, and holding one or two review sessions.


Course Policies are Designed to Ensure Fairness

My goals are to meet the course objectives and to ensure that the course is graded fairly. By remaining enrolled in the course, you agree to abide by the policies detailed below. If you anticipate that you cannot abide by these policies (e.g., because you know that you have a conflict with an exam because of vacation travel or travel in connection with an interview), please either re-arrange your schedule or arrange to take this course another time.

Exams cannot be rescheduled or made up. Treat these dates as you would an important meeting in the business world -- that means that unless you are actually hacking-up a lung, you had better be there. In the unlikely event that you are faced with unforeseeable and unavoidable circumstances that will cause you to miss the exam you must talk to me immediately.

Financial calculators will be allowed during the exams. However, quantitative answers that do not show work do not earn points. The exams are cumulative in the sense that the material covered on the final exam builds upon the material from the mid-term.


Re-grades

The TAs and I will work hard to ensure that the same partial credit is allocated to the same partially correct answer on each exam. Occasionally, we will make mistakes in our grading, and we are eager to correct mistakes subject to the following limits. If you believe that there was a mistake in the grading of your exam, within one week following the return of the exam, submit the original exam and a separate written explanation of the points of contention to me. If the re-grade request is made after one week or without an accompanying written explanation, no re-grade will be given. There are no exceptions to the preceding rule. All re-grade decisions are final. We reserve the right to correct all mistakes made during grading an exam submitted for a re-grade.

Special Arrangements and Exam Conflicts

If you have a documented disability and anticipate the need for accommodations in this course, please make arrangements as soon as possible.

Documented evidence that you were seriously ill or had a serious emergency at the scheduled time of an exam are the only valid excuses for missing an exam. In order to be excused from an exam, you must contact me prior to the exam and be ready to provide me with documentation after the exam.


 
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