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所在平台: Coursera |
课程主页: https://www.coursera.org/learn/advanced-valuation-and-strategy
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课程名称：高级估值与战略 - M&A、私募股权和风险投资 课程概述： 欢迎参加本课程！您是否希望学习最新的估值方法，以助于做出更好的商业决策？来自鹿特丹伊拉斯姆斯大学的《高级估值与战略 - M&A、私募股权和风险投资》课程正是为您而设！本课程特别适合需要评估整体战略的高层管理人员和对企业金融及战略感兴趣的学生。我们将向您展示最新工具，并教您如何加以应用。 课程将革新您的决策方式，通过动态的量化战略思维方法扩展公司金融中的静态技术。我们将评估投资吸引力，传统上主要依赖于成熟企业的未来现金流，但在快速变化的世界中，战略决策将影响公司的长期成功和市场价值。尽管经理们常常凭借直觉和经验考虑长期影响，但却缺乏结构化和定量分析的指导。 我们的课程内容超越了标准的估值分析。我们介绍了扩展净现值（NPV），将折现现金流（DCF）、真实期权和博弈论结合在一起。通过考虑期权、博弈和适应性战略，管理者可以更好地解决战略性问题，例如：如何评估杠杆收购？如何对现金流为负的高科技企业进行估值？何时分阶段投资新项目？如何在分析中纳入竞争对手的报价？ 我们所提供的工具不仅能改善您的商业决策，也可用于日常生活。 * 课程适合对象： 无论是研究生、金融、经济及商业专业的学生，高层专业人士，还是普通听众，都能从本课程中获益。特别适合风险投资家、私募股权投资者、投资银行家、首席执行官、首席财务官，以及对这些职业感兴趣的人士。我们为本MOOC提供了三个级别： 1. **高管概要**： 为期1周的模块，提供企业估值和战略原则的关键见解，适合时间紧张的高管及无任何前置知识的一般观众。 2. **学生级别**： 此级别涉及对技术细节的理解，需要具备基本的公司金融概念知识，例如货币的时间价值、财务报表分析、资本结构及风险与回报之间的关系。学习者可以跳过第一周。 3. **荣誉级别（荣誉证书）**： 此级别挑战性强，吸引具有一定学术追求的学生。 课程大纲： - **高管概要**：介绍公司估值及战略的基本原则，通过动画视频，强调战略投资的新估值原则。 - **折现现金流分析**：展示如何应用DCF方法，涵盖历史分析、自由现金流的估算及多种DCF方法。 - **企业战略**：将传统企业金融与战略规划联系起来，通过扩展NPV标准评估公司的价值。 - **企业真实期权**：回顾真实期权的基本概念与估值原则，强调在不确定性下的决策。 - **博弈论**：提供博弈论的基本原理，帮助理解在不确定性中做出的战略投资决策。
Name:Executive Summary
Description:Welcome! My name is Han Smit, I am Professor of Corporate Finance at Erasmus School of Economics. I will be your lecturer, and together with my team, Dyaran Bansraj and Nishad Matawlie, we are going to take you on a fascinating journey that may change the way you make strategic investment decisions. This executive level course consists of a series of accessible animation videos. Step by step we develop the conceptual frameworks and new valuation principles for strategic investments that are difficult to value with traditional tools. These new valuation methods can be particularly interesting for venture capitalists, private equity investors, investment bankers, CEOs, and CFOs. This executive level course is meant for those who want to be updated on the latest insights in corporate strategy and valuation techniques. You can walk through the fundamentals of the course in less than a week! If you wish to follow the student level, you can skip this week (don't worry, you won't miss out on anything)!
Name:Discounted Cash Flow Analysis
Description:We show you how to apply DCF approaches and provide case applications illustrating the powerful potential of this valuation methodology. We consider historical analysis, the estimation of free cash flows, various DCF approaches, and multiples valuation. In the assignments we consider specialized topics such as the valuation of leveraged buyouts. After this module you will be familiar with DCF approaches and will be able to relate them to strategy.
Name:Corporate Strategy
Description:This module closes the gap between traditional corporate finance and strategic planning by linking corporate strategy to the market value. We can assess the value of a company through the expanded NPV criterion, which is able to capture the value of the firm's growth options. We review various strategic paradigms that analyze the underlying sources of this growth option value, focusing on industry analysis, firms' internal resources and dynamic capabilities. After this module you will be able to recognise the strategic growth option value in the market value of a company.
Name:Corporate Real Options
Description:This module reviews the basic concepts and valuation principles of real options. Real options theory quantifies decision making under uncertainty and stresses the importance of wait-and-see flexibility, suggesting that managers should wait until major uncertainties are resolved and the project is more clearly beneficial. Since it recognizes that investments tend to be sequentially related over time, real options analysis is particularly suitable for valuing strategies in addition to isolated projects. After this module you will be able to quantify the flexibility component of the strategic growth option value. This is an important capability when valuing high-tech companies.
Name:Option Games
Description:This module provides an overview of the basic principles of game theory, which are essential for our understanding of strategic decisions. Strategic investment decisions are often made in a context in which decision makers must consider the deliberate (re)actions of rivals. Combining real options with games helps us to understand competitive behavior under uncertainty. Practical examples of option games include: competitive bidding in acquisitions and new product development decisions (in car manufacturing, mobile phones and consumer electronics). After this module you will be able to quantify the strategic component in the strategic growth option value. This is important for understanding strategic decisions of companies with high growth option value.
Hi and welcome to this course! Would you like to learn about the latest valuation methods that may help you to make better business decisions? Then 'Advanced Valuation and Strategy – M&A, Private Equity, and Venture Capital' by Erasmus University Rotterdam is the right course for you! This course is helpful for executives that need to value complete strategies and for all students interested in corporate finance and strategy. We present the latest tools and show you how to apply them! We will revolutionize your way of decision making, by extending static techniques from corporate finance with dynamic methods to quantify strategic thinking. Traditionally, we assess the attractiveness of an investment as a mature business, where future cash flows mainly result from past decisions. But, in an ever-changing world, strategic decisions determine the firm’s long-term success and market value. Yet managers often have to consider these long-term implications using intuition and experience alone, with little guidance from structured, quantitative analysis. Our treatment goes far beyond the use of standard valuation analysis. We introduce the expanded NPV, which brings together DCF, real options, and game theory. Thinking in terms of options, games, and adaptive strategies may help managers address strategic questions such as: How do you value a leveraged buyout? How can you value a high-tech venture with negative cash flows? When should you invest in new ventures in stages? How can you incorporate rival bidders in the analysis? The tools we provide can improve your decisions in business and in daily life. * Who is this class for? We hope that our course appeals to (graduate) students in finance, economics, and business, as well as to high-ranking professionals and a general audience. This course is particularly interesting for venture capitalists, private equity investors, investment bankers, CEOs, CFOs, and those who aspire these affiliations. We offer this MOOC at 3 levels: 1.Executive Summary: This 1-week module provides critical insights into the principles of corporate valuation and strategy. This is accessible for time-constrained executives and the general audience without any prior knowledge. 2. Student Level: This level involves an understanding of the technical details. This level requires basic knowledge of concepts in corporate finance, e.g., the time value of money, financial statement analysis, capital structure, and the relation between risk and returns. Learners of this level can skip week 1. 3. Honors Level (honors certificate): This level is challenging, engaging, and compelling to an intellectually rigorous student.
