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所在平台: Udemy |
课程主页: https://www.udemy.com/course/corporate-financial-restructuring/
课程评论：没有评论
课程名称: 企业债务重组与破产 概述: 在当今不稳定的商业环境中，理解企业如何应对财务困境是金融专业人士必备的技能。本课程通过实用、基于情境的学习，帮助您掌握分析困境企业、实施重组策略和在破产情况下进行估值的工具。您将探索重组的整个生命周期，从合并与分拆的战略理由，到模型化困境现金流和解读破产法律。课程包含丰富的案例研究、GAAP与市场基础资产负债表模拟和高级估值模型，反映了股权分析师、投资银行家和重组顾问所面临的实际挑战。 课程内容概述: 第一部分: 引言 介绍企业重组的基本概念，明确公司何时以及为何追求重组。您将探索重组决策的生命周期，了解战略触发因素，并评估困境场景如何导致价值毁灭或价值转化。 第二部分: 重组类型 深入了解不同形式的重组，包括：合并（水平、同心）、合并、合资、分拆、股权剥离、资产剥离和资本减少。您将学习每种举动背后的动机，这些决策如何反映更广泛的战略和财务目标。此外，还会包括电力行业重组等特定行业模型的见解。 第三部分: 企业债务重组案例研究 通过全面的案例研究，将理论概念应用于实践。您将使用GAAP和市场基础资产负债表，模拟各种重组事件（股票发行、收购、信贷条件变化），并构建重组前后的DCF模型。还将探讨法院外重组策略和破产水瀑场景，结合优先规则和回收估算。 第四部分: CDR机制与财务重组框架 了解像企业债务重组（CDR）这样的制度机制如何在现实中运作。您将学习债权人谈判、股权转换、可行性评估（ROCE、DSCR）、盈亏平衡分析及其对贷款人和公司财务的最终影响。这一部分展示了重组如何为利益相关者创造价值或有时未能创造价值。 第五部分: 困境企业的估值 估值困境企业需要采用修改后的方法。在此，您将考察调整现值（APV）模型等技术，模拟困境场景，估算违约概率，并使用多种估值方法。这一部分还涵盖持续经营假设、基于信用评级的利率以及不确定情况下的杠杆公司估值处理。 第六部分: 重组中的会计问题 动手实践重组的会计部分。您将处理现实世界中的复杂问题，如债券交换的确认、账面价值的调整、摊销表的构建和未来现金流的总预测。这一部分确保您的估值模型与会计标准和报告框架保持一致。 第七部分: 丹氏石油案例研究 通过一个多场景案例研究应用您所学的所有知识。丹氏石油经历不同的重组策略——您将建模收入增长、营业利润率、营运资金、现金流量表、资本结构和杠杆。分析每种策略的财务结果，并评估哪个重组计划最大程度地提升了股东价值。 第八部分: 结论 总结本课程涵盖的关键概念，回顾重组的旅程，从战略规划到执行、估值及重组后的恢复。最后的讲座重点介绍2018年的实践经验教训，总结成功的重组努力如何恢复偿付能力并创造长期价值。
In today's volatile business environment, understanding how companies navigate financial distress is an essential skill for finance professionals. Corporate Debt Restructuring and Bankruptcy is a practical, scenario-based course that equips you with the tools to analyze distressed firms, implement restructuring strategies, and perform valuation in bankruptcy situations.You will explore the complete restructuring lifecycle-from the strategic rationale behind mergers and demergers to modeling distressed cash flows and navigating bankruptcy laws. With rich case studies, GAAP vs. market-based balance sheet simulations, and advanced valuation models, this course mirrors the real-world challenges faced by equity analysts, investment bankers, and restructuring consultants.Section 1: IntroductionThis section introduces the fundamentals of corporate restructuring, providing clarity on when and why companies pursue it. You'll explore the lifecycle of restructuring decisions, understand strategic triggers, and assess how distressed scenarios lead to either value destruction or value transformation.Section 2: Types of RestructuringDive into the different forms of restructuring: mergers (horizontal, concentric), amalgamations, joint ventures, demergers, equity carve-outs, divestitures, and capital reduction. You'll learn the motivations behind each move and how these decisions reflect broader strategic and financial goals. This section also includes insights into sector-specific models like power sector restructuring.Section 3: Corporate Debt Restructuring Case StudyThrough a comprehensive case study, you'll apply theoretical concepts in practice. You'll work with GAAP and market-based balance sheets, simulate various restructuring events (stock offering, acquisitions, credit term changes), and build DCF models pre- and post-restructuring. You'll also explore out-of-court restructuring strategies and bankruptcy waterfall scenarios, incorporating priority rules and recovery estimates.Section 4: CDR Mechanism and Financial Restructuring FrameworkUnderstand how institutional mechanisms like Corporate Debt Restructuring (CDR) function in real life. You'll learn about creditor negotiations, equity conversions, viability assessments (ROCE, DSCR), breakeven analysis, and the ultimate impact on both lenders and company financials. This section shows how restructuring can create-or sometimes fail to create-value for stakeholders.Section 5: Valuation of Firms in DistressValuing distressed firms requires a modified approach. Here, you'll examine techniques like the Adjusted Present Value (APV) model, simulate distressed scenarios, estimate the probability of default, and use multiple valuation methods. This section also covers the treatment of going concern assumptions, interest rates based on credit ratings, and levered firm valuation under uncertainty.Section 6: Accounting Issues in RestructuringGet hands-on with the accounting side of restructuring. You'll tackle real-world complexities like recognizing bond exchanges, adjusting carrying values, constructing amortization tables, and projecting total future cash flows. This section ensures your valuation models stay consistent with accounting standards and reporting frameworks.Section 7: Dan's Petroleum Case StudyApply everything you've learned through a multi-scenario case study. Dan's Petroleum undergoes different restructuring strategies-you'll model revenue growth, operating margins, working capital, cash flow statements, capital structure, and leverage. Analyze the financial outcomes of each strategy and assess which restructuring plan maximizes shareholder value.Section 8: ConclusionWrap up with a reflective overview of the key concepts covered in the course. You'll revisit the restructuring journey, from strategic planning to execution, valuation, and post-restructuring recovery. Final lectures highlight practical lessons from 2018 and summarize how successful restructuring efforts restore solvency and create long-term value.
