corporate finance

单击此处编辑母版标题样式,*,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,CORPORATE FINANCE,THE GUANGHUA SCHOOL OF MANAGEMENT,PEKING UNIVERSITY,FALL SEMESTER 2008,Class Meeting,Lecture:3:40pm 6:30 pm Monday,Room:102,Guanghua,Professor:,Yi Zhang,Ph.D.,Associate Professor of Finance,Office:363,Guanghua,2#Building,Office Hrs:1:00-3:00pm Friday,and by appointment,Phone:62757895(O),E-Mail:,Homepage:,Hobbies:Travelling,B-ball,Teaching Assiastant:Li Guangzi,Email:,Document,Site,ftp:/162.105.15.109,nt,-server3/,公共课程/张翼/公司财务,Please check the site on a regular basis for class materials.,Required Material,Textbook:,Corporate Finance,6,th,Edition,Stephen Ross,Randolph,Westerfield,and Jeffrey Jaffe,McGraw Hill,Inc.,Supplemental Material,Fundamentals of Corporate Finance,5,th,edition,Stephen Ross,Randolph,Westerfield,and Bradford Jordan,McGraw Hill,Inc.,Course Purpose and Objectives,This course provides an introduction into business finance topics including the current institutional environment,financial planning,risk and return,capital budgeting,capital structure and cost of capital.,Basic tools necessary for analyzing and interpreting financial data will be developed.,An important objective of this course is to develop insights into the methods by which financial managers can create value for their shareholders.,International considerations are emphasized.This course prepares students to initially interact in the field of finance.,What will you learn here?,What will you,NOT,learn here?,Class Format,Lecture sessions will be held on Thursday.Concepts will be introduced and some problems will be solved.For most of the lecture material I will use Power Point slides.There are a few cases to be discussed in class and students are required to participate in the presentation and discussion.,Exam Dates&Weights,Dates to remember and grading weights are as follows:,EventDateTime%of Grade,Final ExamTBATBA50%,Assignments 50%,Tentative Course Outline,Class Period,Topic,Chapter,Sep.19 Introduction and Overview of Corporate Finance 1,Sep.26 Financial Statements and Cash Flow 2,Oct.10 Time Value of Money 3,4,Oct.17 Bond and Stock Valuation 5,Oct.24 Risk and Return 9,13,Oct.31 Risk and Return(continued),10,11,Tentative Course Outline,Class Period,Topic,Chapter,Nov.7,Cost of Capital 12,Nov.14 NPV and Other Investment Criteria 6,Nov.21 Capital Investment Decisions 7,Nov.28 Project Analysis 8,Dec.5,Capital structure,14,15,Dec.12 Capital structure(continued)16 Dec.19 Raising capital19,Dec.26 Final Exam -,What do I expect from you?,do your homework,raise questions,actively participate in discussions,What is Finance？,the study of how people allocate scarce resources over time.,Cost s and benefits of financial decisions,(i)spread over time,(ii)usually not known with certainty in advance by the decision makers or anyone else,Major Areas of Finance,Corporate Finance,Asset Pricing（Investments）,Financial Markets and Financial Intermediaries,People make use of financial systems in implementing the decisions.,Financial system is the set of markets and other institutions used for financial contracting and the exchange of assets and risks.,(i)Markets for bonds,stocks and other financial instruments,(ii)Financial intermediaries(such as banks and insurance companies),(iii)Financial service firms(such as advisory firms),(iv)Regulatory bodies that govern all of these institutions,Ultimate function of the systems is to satisfy peoples consumption preferences.,What is Finance？An Example,Invest in corporate stocks,hope to receive cash dividends in future,Cash dividends paid in future,the timing and amount of cash dividend payments are uncertain,Current stock price reflects market expectation for the value of the earnings in future,Examples from Corporate Finance,Investment Decisions and Capital Budgeting,Financing decisions,Equity financing,Bank loans,Corporate bonds,An Example from Investments,how to,choose different investments for personal long-term savings,Corporate stocks,Other securities and assets,such as bonds,mutual funds,bank savings,real estate,The volume of bank loan,corporate debt and equity financing in China,1994-2004,(in 100million RMB,yuan,),Why are these important?,Why are America richer than any other countries?,Securitization,capitalization,Baidu,Stock market,financial intermediaries,Why are these important?,Why are America more competitive than any other countries?,Smart people?,Capital allocation,Stock market,venture capital,financial intermediaries,Why are these important?,How much we lost from deal with foreign financial groups?,the sale of share of Chinese banks,firms in key industry,Investment in Blackstone,Why are these important?,Financial development economic growth,Law financial development,Is China an exception?,Law and Finance,Andrei Shleifer of Harvard University,Counties with poor investor protection:,fewer listings,smaller market size,lower valuation,higher cost of capital,slower economic development,The Up and then Down of Chinese stock market proved