|
所在平台: Coursera |
课程主页: https://www.coursera.org/learn/corporate-finance-two
课程评论：没有评论
课程名称：公司金融II：融资投资与风险管理 课程概述：本课程将帮助您了解公司如何决定承担多少债务，以及是通过市场还是银行筹集资本。您将学习如何测量和管理信用风险，以及如何应对财务困境。课程中还将讨论股息和股份回购的机制，以及如何选择最佳的现金回报方式。此外，您将学习如何运用衍生品和流动性管理来抵消特定的财务风险，包括货币风险。最后，您将了解公司如何融资并购决策，包括杠杆收购以及如何在标准估值模型中融入大幅度的杠杆变化。 完成本课程后，您将能够： - 理解公司如何做出融资、利润分配和风险管理决策来创造价值 - 测量杠杆对盈利能力、风险和估值的影响 - 利用适当的金融工具管理信用风险和财务困境 - 理解利润分配政策与公司绩效之间的联系 - 使用衍生品和流动性管理来抵消财务风险 - 为并购或杠杆收购交易选择合适的融资方案 本课程是伊利诺伊大学iMBA项目的一部分，作为一个灵活、完全认证的在线MBA，价格极具竞争力。如需更多信息，请参见本课程的资源页面和onlinemba.illinois.edu。 课程大纲： - 课程导览：熟悉课程内容、同学及学习环境，并获取完成课程所需的技术技能。 - 模块1：融资决策与资本结构：讨论公司债务与股权融资的差异，分析债务对企业利润的影响，理解债务与风险的根本关系。 - 模块2：理解债务融资与利润分配政策：深入探讨债务融资的机制，学习将违约概率与公司债务收益率联系的模型，讨论信用评级、合同条款以及公司如何选择银行债务与债券融资。 - 模块3：风险管理：识别公司进行风险管理的不同原因，学习如何使用衍生工具消除特定风险，以及如何通过流动性管理替代对冲策略，讨论货币风险的对冲。 - 模块4：金融、治理与社会：学习如何应用折现未来现金流的知识处理复杂情况，讨论债务如何影响投资决策及其对社会的影响。 - 课程总结：分享课程学习经验，并找到完成课程后的进一步学习路径。
Name:Course Orientation
Description:You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
Name:Module 1: Raising Financing: The Capital Structure Decision
Description:In Module 1, we will discuss the differences between debt and equity financing for corporations. We will then learn how to avoid usual mistakes that people make when analyzing the choice between debt and equity. We will work with financial statements to understand the impact of higher debt on corporate profits, and we will learn how debt and risk are fundamentally related. Finally, we will use our knowledge to understand how companies choose how much debt to have.
Name:Module 2: Understanding Debt Financing and Payout Policy
Description:In Module 2 we will dig deeper into the mechanics and the institutional details that are important to understand debt financing. We will learn models that allow us to link default probabilities to yields on a company’s debt. We will discuss the roles of credit ratings for debt markets and for companies. We will learn the importance of non-price contractual terms such as debt covenants, collateral, and seniority. We will use this knowledge to understand how companies choose between bank debt and bond financing. Finally, we will discuss how payout decisions (dividends and share repurchases) affect firm value and how companies choose their optimal payout policy.
Name:Module 3: Risk Management
Description:In Module 3 we will identify good and bad reasons why companies engage in risk management, or hedging. We will learn the mechanics of how to use derivatives such as forwards and futures to eliminate specific risks. We will also discuss how to manage risks that cannot be hedged with derivatives. In particular, we will learn that appropriate liquidity management can work as a substitute for hedging strategies. We will also discuss how and why to hedge currency risk, and how to think about a company’s cost of capital when making cross-border investments.
Name:Module 4: Finance, Governance, and Society
Description:In Module 4, we will apply our knowledge on how to discount future cash flows to challenging situations. First, we learn how the presence of debt can result in acceptance of negative NPV projects (overinvestment, excessive risk taking). Then, we learn how debt can result in the rejection of positive NPV projects (underinvestment). Next, we will learn that NPV of the firm can differ from NPV for society, and how this may explain firms’ decisions to make bribe payments even though corruption is detrimental to welfare. Last, we examine situations where the NPV equation does not hold and what this means for society.
Name:Course Conclusion
Description:You will find out where to go next after completing this course and be able to share any thoughts you have on this course experience.
In this course you will learn how companies decide on how much debt to take, and whether to raise capital from markets or from banks. You will also learn how to measure and manage credit risk and how to deal with financial distress. You will discuss the mechanics of dividends and share repurchases, and how to choose the best way to return cash to investors. You will also learn how to use derivatives and liquidity management to offset specific sources of financial risk, including currency risks. Finally, You will learn how companies finance merger and acquisition decisions, including leveraged buyouts, and how to incorporate large changes in leverage in standard valuation models. Upon successful completion of this course, you will be able to: • Understand how companies make financing, payout and risk management decisions that create value • Measure the effects of leverage on profitability, risk, and valuation • Manage credit risk and financial distress using appropriate financial tools • Understand the links between payout policies and company performance • Use derivatives and liquidity management to offset financial risks • Pick an appropriate financing package for an M&A or leveraged buyout deal This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.
