Financial Markets and Instruments

所在平台: Coursera

课程主页: https://www.coursera.org/learn/financial-markets-instruments

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课程简介

课程名称：金融市场与金融工具 概述：该课程是“社会企业生命周期的战略与金融”专业化的一部分。现代决策框架的美丽在于，它可以用来理解任何层面的价值创造——无论是个人、企业还是社会。然而，随着视角从个人扩展到企业/非营利组织，再到全球社会，应用变得愈加复杂。 现代决策的两个基础构件是时间的价值和风险，因为所有决策都是针对未来的，而未来充满不确定性。深入理解时间的价值和风险是理解价值创造的关键。 本课程是市场和两种金融工具（债券和股票）的介绍，以及如何利用前两个课程中涉及的时间价值原则对其进行估值。课程的主要目的是帮助个人或企业了解他们在评估任何决策时必须考虑的风险和回报。债券和股票市场使得风险和回报的确定成为可能，这可能是市场所创造的最大的社会价值。 课程大纲： 第一部分：社会企业的必要性、价值及其创造的复杂性与挑战 此部分设计为有意向从事或创建社会企业的受众，让他们通过现代框架和工具来理解如何为个人、公司及社会企业创造价值。社会企业的使命本质上更复杂，因此理解和评估旨在解决社会问题的机会需要深入了解现代框架和工具的优缺点。课程旨在为学生评估和理解社会企业做准备。 第二部分：专业化与课程概述 这一模块包括专业化和第三门课程的详细视频与大纲。该专业化旨在使您掌握现代金融工具，以应用于个人、企业及社会企业的决策。课程内容按顺序进行，彼此相互关联，帮助您认识到这一专业化在任何环境中的相关性。 第三部分：金融市场与金融工具 这一课程介绍市场及两种金融工具——债券和股票，并利用前两个课程的时间价值原则进行估值。课程旨在帮助评估个人或企业必须考虑的风险与回报，使其更好地进行财务决策。 第四部分：债券价格与市场数据 在理解债券术语和定价后，学生将通过实地数据来体会概念与现实之间的密切联系，并提交第一次评分作业。 第五部分：股票估值基础 这一模块将介绍股票的特性及其估值，强调实际应用与案例分析，帮助学生理解企业运作及如何对股票定价。 第六部分：股票价格与市场数据 课程的最后一部分将围绕股票定价的基本知识与实际股票市场之间的关系展开，强调金融基本原则在现实生活中的适用性，并通过提交第二次作业来测试知识。 通过这一课程，学生将掌握如何利用现代金融工具分析和决策，同时理解社会企业与传统企业之间的差异，以及如何在复杂的社会背景下评估其影响力。

课程大纲

Part: 1

Title:Module 1: The Need for, and the Value of, Social Business and the Complexity and the Challenges of Creating Them

Description:The Specialization is part of a program designed for an audience interested in working for, or creating, social businesses and anyone who wants to use modern frameworks and tools to understand how value is created for an individual, a company and social business. Since social businesses take on inherently more complex missions - by design, they are set up to address social issues - the task of understanding and evaluating opportunities aimed at addressing social issues requires a deeper understanding of the strengths and weaknesses of modern frameworks and tools. Arguably, all businesses try and impact society. This is the main reason why the Specialization has both analytical rigor and real-world applicability. My hope is that by the end of the Specialization we will be ready to evaluate, understand, and even create social businesses. This is a journey that will start with value to an individual and then gradually understand value created by regular businesses and, finally, tackle value creation by a social business. We will however not wait till the end of the Specialization to start thinking seriously about how social businesses are distinct from regular businesses. The good news is that you have already been exposed to a great course on social business – with world-known experts sharing their views, followed by an engaging and framework-based approach to consider how to identify a social problem and then develop an approach to addressing it using a multi-stakeholder approach. To motivate folks to understand the complexity of evaluating a social business, I will start by sharing some publicly available articles on what popular thinking is about social business, on how to measure social value and some real-world examples. I will do so gradually over the four courses, without testing, but with reflection exercises built in at the beginning and the end of each course. I have managed the Social Venture Fund (SVF) at the University of Michigan for over a decade now and we evaluate and invest in social businesses. I also recently launched the International Investment Fund (IIF) in India that evaluates, supports and invests in small- and medium-sized businesses. I will share cases written by me and my students related to this work, but please do not distribute them. The purpose of the reflection exercises is meant for you to gradually gain exposure to the complexities of social businesses and measuring social value. You are not expected to be able to value the businesses described in the cases, but to keep them in mind and reflect on the frameworks and tools you are introduced to and their applicability to decision-making in social businesses. While you will not be tested on specifics in the reflection portions of this Specialization, maintaining a personal journal on important issues throughout the Specialization will really help so you prepare for the challenging work on the project on a social business following successful completion of the Specialization. You will hopefully realize that the framework and tools provided in the Specialization will not only help you in any business, but also are the same for a social business. You will hopefully realize that, at the end of the day, it is all about intent and what you produce/provide and to whom and how. And what is readily measurable and verifiable may be one of the key differences between a regular and a truly social business – everything, eventually, is about quantity times price of what you have to offer. Most businesses focus on producing goods and services that have readily available markets and therefore prices. Perhaps the key difference in understanding and managing a social business versus a regular business is its focus on issues beyond an individual and a desire to provide goods and services that are not priced and therefore rewarded by free markets because they benefit society and cannot be captured by corporations. This, in turn, makes a social business all the more challenging to create and manage.

Part: 2

Title:Module 2: Overview of Specialization & Course

Description:This module contains detailed videos and syllabi of both the Specialization and the third course. This Specialization has been designed to enable you to learn and apply the powerful tools of modern finance to personal, corporate and social businesses. In fact, this frameworks and tools can be applied to decision-making in any context, including nonprofit and governmental initiatives to tackle the simplest to most challenging issues we confront individually or collectively. The courses within progress linearly and build on each other and it is important for you to get an understanding of why this Specialization may be relevant to any context. Please review the videos and syllabi as they will give you a sense of the Specialization and how this specific course fits within. My teaching style and philosophy are also presented to you (hopefully) in sufficient detail. I believe education is the key to addressing the challenges that we face across the globe. Most importantly, all this content is meant to give you enough information to enable you to make a decision about whether you want to take this Specialization, or this course by itself. To make sure you have the social lens in mind, we have also created a course that focuses on social business that you must take before this Specialization. This will hopefully make you think about what a social business looks like and, importantly, how it differs from standard business. A deeper realization of this can only occur when you are able to recognize how value is created by regular businesses. This will be a slow process that is hopefully already in motion and your understanding will deepen by the end of this Specialization so that you are ready to work on a social business.

Part: 3

Title:Module 3: Financial Markets and Instruments

Description:This third course is an introduction to markets and two financial instruments, bonds and stocks, and how they are valued using the principles of time value of money covered in the two preceding courses in this specialization. The main purpose of this course is to serve as a bridge to figuring out the risk and return that individuals or businesses must use to figure out the value of any decision. While the return on any decision is ultimately determined by its risk, bond and stock markets enable the determination of the risk and return. This may be the biggest social value created by markets. Since individuals and households ultimately provide capital to both governments and businesses though the market, this course will also serve useful for personal financial decision-making.

Part: 4

Title:Module 4: Bond Prices and Market Data

Description:After understanding both the terminology of bonds and their pricing, we will spend this module both looking at real data to see the close connection between the concepts and reality and submitting the first graded assignment. One of the major takeaways of this week's efforts will be the similarity between how borrowing works for individuals and corporations.

Part: 5

Title:Module 5: Stock Valuation - Basics

Description:In this module, we will provide you an exposure to the characteristics and the valuation of stocks, again with an eye toward real world applications. You will see how understanding stocks is key to learning how companies work and how pricing them is more art than detailed calculations.

Part: 6

Title:Module 6: Stock Prices and Market Data

Description:We will wrap up this course by understanding the relationship between basics of stock pricing and real stock markets. The idea here is to make you realize how foundational principles of finance are so applicable to the real world and even a basic knowledge of key principles help you understand how the world works. You will also test your knowledge by submitting the second assignment for the course.

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