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所在平台: Udemy |
课程主页: https://www.udemy.com/course/corporate-investment-management/
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Coursera 上的《企业投资管理：从初级到专家》课程旨在帮助您快速掌握企业投资管理的核心知识，无论是为了理解财经新闻、开启金融职业生涯，还是提升专业知识以创造股东价值，本课程都将为您提供坚实的基础。 课程涵盖了企业投资的各个关键领域，包括： * **公司目标与治理**：探讨公司的目标设定和治理结构。 * **投资与融资决策**：区分投资和融资决策，以及财务经理在其中的角色。 * **投资权衡与经济租金**：分析投资的利弊，以及经济租金和竞争优势。 * **投资决策规则**：重点讲解净现值（NPV）规则，包括永续增长和年金计算。 * **现金流与折现率估算**：教授自由现金流的估算方法，以及折现率（包括WACC）的计算与应用。 * **资本结构决策**：深入分析债务成本、股权成本、CAPM模型、以及多种因子模型（如Fama-French和Carhart模型）对资本结构的影响。 * **融资决策的重要性**：阐述融资决策的关键作用，并考虑通货膨胀、敏感性分析、情景分析和模拟。 * **代理问题**：分析股权和债务相关的代理问题，以及过度投资和投资不足的问题。 * **其他投资技术**：介绍投资回报率、内部收益率、回收期法等其他投资评估技术。 * **经济增加值（EVA）与市场增加值（MVA）**：比较EVA、MVA和NPV，理解其在价值评估中的作用。 * **债券估值与利率理论**：探讨公司债与政府债，以及利率期限结构和信用风险。 * **公司估值**：讲解账面价值、市值与内在价值，以及可比公司法、股利折现模型和DCF模型。 * **资本结构理论**：涵盖权衡理论、优序融资理论、Jensen的FCF理论和行为金融学理论。 * **金融松弛与多融资来源的WACC**：分析金融松弛的含义，以及在多融资来源情况下的WACC计算。 * **调整净现值（APV）方法**：介绍APV方法的原理和应用。 * **金融基准**：探讨金融基准在公司财务分析中的重要性，以及相关的监管和利率改革（如Euribor、Eonia）。 * **私募股权、风险投资与杠杆收购**：定义和区分不同类型的私募股权投资，分析杠杆收购的价值创造。 * **真实期权分析**：与传统投资分析进行对比，讲解期权定价（Black-Scholes、二项式模型）在公司估值中的应用。 本课程每章都包含实例，并深入讨论了实际应用中的优缺点和挑战，帮助您全面掌握企业投资管理的理论与实践。
Do you want to understand the financial press? Do you want to start a career in finance? Or do you want to improve your knowledge to become an expert in how to create stakeholder value?This course will make sure that you can respond to the answers positively in a very fast pace! Being able to assess whether an investment project is worth executing, it is of crucial importance to master the right techniques. When the investment project is another company to be taken over, failing to making a proper analysis could destroy substantial value. This course includes 10 chapters in the areas of corporate investments: Goals and governance of the firmInvestment vs financing decisionsRole of the financial managerThe investment trade-offEconomic rents and competitive advantageThe investment decisionPositive NPV-rule (including constant growth perpetuity and annuity calculations)Estimation of free cash flowsEstimation of the discount rateWeighted average cost of capitalProject WACC vs. company WACCCapital structure decisionsCost of debtCost of equityCapital assets pricing model (CAPM)Markowitz' mean-variance approachEstimating and interpreting betaArbitrage pricing theoryFama and French (1992) free-factor modelCarhart (1997) four-factor modelWhy financing decisions matterTaking inflation into accountsensitivity checks, scenario analysis and simulationsAgency problemsAgency problems of equityAgency problems of debtOverinvestment problemUnderinvestment problemOther investment techniquesPresent value indexProfitability indexAccounting rate of returnInternal rate of returnMethod of the typical yearPayback periodiscounted payback periodEconomic value added and market value addedEVAMVAComparing EVA, MVA and NPVValuing bonds and the theory of interest ratesCorporate vs government bondsValuing a simple bondTerm structure of interest ratesCredit risk driving yieldsValuing companiesBook value vs. market value vs. intrinsic valueComparable companies approachDividend discount modelDiscounted cash flow modelCapital structure theoriesTrade-off theoryPecking-order theoryJensen's FCF theoryBehavioral finance theoriesFinancial slack WACC in case of multiple sources of financingAdjusted present value approachFinancial benchmarksImportance for coporate finance analysesThe benchmark ecosystemRegulationEuribor and Eonia as well as their reformsAlternative RFRsPrivate equity, venture capital and buyout investmentsDefinitionVenture capital vs. buyoutsTypes of buyouts (leverage buyouts, management buyouts, secondary buyouts, family buyouts, divisional buyouts, etc.)Syndication of buyout investorsBuyouts: value creation?Real options analysisDifference with traditional investment analysisFinancial options analysisValuation using the Black & Scholes formulaValue of a companyBinomial models (method of the replicating portfolio, neutral probabilities approach, etc.)Disadvantages of real options analysisEach of the chapters contains examples and practical advantages and challenges are discussed.
