GMBAGlobal MBA Program
MAN560F2(経営学 / Management 500)Financial ManagementFinancial Management
関 雄太Yuta SEKI
授業コードなどClass code etc
学部・研究科Faculty/Graduate school | GMBAGlobal MBA Program |
添付ファイル名Attached documents | |
年度Year | 2022 |
授業コードClass code | W7052 |
旧授業コードPrevious Class code | |
旧科目名Previous Class title | |
開講時期Term | 秋学期後半/Fall(2nd half) |
曜日・時限Day/Period | 火6/Tue.6, 火7/Tue.7 |
科目種別Class Type | 専門講義 |
キャンパスCampus | 市ヶ谷 / Ichigaya |
教室名称Classroom name | 各学部・研究科等の時間割等で確認 |
配当年次Grade | 1・2 |
単位数Credit(s) | 2 |
備考(履修条件等)Notes | Global MBA |
実務経験のある教員による授業科目Class taught by instructors with practical experience | ○ |
カテゴリーCategory | Specialized Courses |
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授業の概要と目的(何を学ぶか)Outline and objectives
In terms of financial management, corporate managers should be able to deal with two fundamental issues: (1) Selecting an investment project that maximizes the value of a firm, and (2) Choosing an appropriate financial policy (of dividend or capital structure) to persuade investors or banks to provide funds. This course aims at providing basic principles of corporate finance and investment theories. The course also covers topics such as concepts of net present values and cost of capital, valuation of debt instruments (bonds) and equities, firm valuation and portfolio theories. The course uses simple problem sets that require students to calculate net present values or to build models analyzing ROEs and other important ratios.
到達目標Goal
At the end of this course, students should be able to:
1.Understand key theories, principles and trends in corporate finance
2.Demonstrate effective approaches to the analysis of corporate finance structure and corporate financial statements, using applicable ratio analysis tools and techniques
3.Assess the practical application of models and theories to decisions on investment
4.Understand how investors evaluate corporations in the capital market and what corporate managers try to do to maximize their firm values.
この授業を履修することで学部等のディプロマポリシーに示されたどの能力を習得することができるか(該当授業科目と学位授与方針に明示された学習成果との関連)Which item of the diploma policy will be obtained by taking this class?
Will be able to gain“DP1”,“DP2”,“DP3”and“DP4”.
授業で使用する言語Default language used in class
英語 / English
授業の進め方と方法Method(s)(学期の途中で変更になる場合には、別途提示します。 /If the Method(s) is changed, we will announce the details of any changes. )
1. Lecturing: Students will be asked to calculate problem sets on each chapter of the textbook or similar practices might be required
2. Case analysis: Students will be assigned to create and submit a brief report to analyze a certain publicly-traded company for applying financial models and for learning investment decision making methods intensively
(3. Sessions with guest speakers: Probable. Students might be required to submit response papers.)
アクティブラーニング(グループディスカッション、ディベート等)の実施Active learning in class (Group discussion, Debate.etc.)
あり / Yes
フィールドワーク(学外での実習等)の実施Fieldwork in class
なし / No
授業計画Schedule
授業形態/methods of teaching:対面/face to face
※各回の授業形態は予定です。教員の指示に従ってください。
第1回[対面/face to face]:Financial Management
Overview
A general guidance on the course method. Understand the basic concept of corporate finance and goal of corporation. In order to comprehend the role of financial management, discuss the relationships amongst corporate managers, shareholders, banks and other stakeholders.
Reading assignment: Desai Introduction, Chapters 1 and 3. Brealey, Myers and Allen (BMA) Chapter 1
第2回[対面/face to face]:How to Calculate Present Values
Understand the time value of money and the basics of net present value calculation
Reading assignment: Desai Chapters 1 and 2. BMA Chapter 2.
第3回[対面/face to face]:Valuing Bonds
Overview the variety of corporate financing methods. Understand the bond price calculation and the term structure of interest rate. Learn the basics of corporate bond and credit market
Reading assignment: Desai Chapters 1 and 2. BMA Chapter 3.
第4回[対面/face to face]:Valuing Equities
Overview the publicly-traded equity market. Understand the basic concept of dividends and cash flows, the valuation methods of equities such as Dividend Discount Model
Reading assignment: Desai Chapters 1, 2 and 3. BMA Chapter 4.
第5回[対面/face to face]:Financial Analysis (1): ROE (Return on Equity) and Value Creation
Understand the analytical tools on financial performance and profitability including ROE. Able to utilize various ratios.
Reading assignment: Desai Chapters 2, 4 and 5.
第6回[対面/face to face]:Financial Analysis (2): Free Cash Flows
Understand the difference between accounting and financial perspectives. Analyzing cash flows based on actual cases.
Reading assignment: Desai Chapters 2, 4 and 5.
第7回 [対面/face to face]:Cost of Capital (1): WACC and Optimal Capital Structure
Understand how to measure cost of equity and the concept of weighted average cost of capital (WACC). Understand the optimum level of debt and dividend payout. Discuss how capital structure impacts on firm values
Reading assignment: Desai Chapters 4 and 5. BMA Chapters 7, 8 and 9.
第8回[対面/face to face]:Cost of Capital (2): Risks Associated with Investment and CAPM
Understand the relationship between risk and return in the capital market. Understand the implication of beta as the expected return by the investor and the impact on the firm valuation
Reading assignment: Desai Chapters 4 and 5. BMA Chapters 7, 8 and 9.
第9回[対面/face to face]:Firm Valuation: Discounted Free Cash Flow Model and Alternative Models
Able to integrate various methods to evaluate a firm as a whole. Understand other valuation models and useful ratios.
Reading assignment: Desai Chapters 4 and 5. BMA Chapter 4
第10回[対面/face to face]:Capital Allocation and Payout Policy
Understand the basic decision making process of capital allocation. Discuss how payout (dividend and share repurchase) impacts on firm values
Reading assignment: Desai Chapter 6. BMA Chapters 12 and 16
第11 回[対面/face to face]:M&A and Corporate Restructuring
Understand the dynamics of M&A activities and how a leveraged buyout works in order for a private equity fund to capture the values created by turnaround
Reading assignment: Desai Chapters 5 and 6. BMA Chapters 31 and 32
第12回[対面/face to face]:Venture Capital and IPO
Understand the corporate growth cycle and the role of venture capital fund. Discuss the issues associated with pricing/valuations when a startup tries an initial public offering
Reading assignment: Desai Chapters 3 and 5. BMA Chapter 15.
第13回 [対面/face to face]:Corporate Governance
Understand the current issues on corporate control and governance by considering the asymmetric information problem and principal-agent model
Reading assignment: Desai Chapters 3, 4, 5 and 6. BMA Chapter 33.
第14回[対面/face to face]:Current Issues on Corporate Finance and Capital Market
Review key principles of corporate finance and discuss the recent issues of capital market such as ESG related debate.
授業時間外の学習(準備学習・復習・宿題等)Work to be done outside of class (preparation, etc.)
Those who are not familiar with the basics of finance and accounting would need some self-study to enhance the level of basic understanding. Lecture notes would be provided in the form of power point presentation. Please refer to the content in advance in going through the text to facilitate your understanding.
テキスト(教科書)Textbooks
Mihir A. Desai, “How Finance Works: The HBR Guide to Thinking Smart about the Numbers” [Desai], Harvard Business Review Press (2019)
ISBN10: 1633696707
ISBN13: 9781633696709
Brealey, R., Myers, S., and Allen, F., “PRINCIPLES OF CORPORATE FINANCE” 13th Edition [BMA], McGraw-Hill, (2020)
ISBN10: 1260013901
ISBN13: 9781260013900
Lecture notes in a form of power point presentation would be provided in advance together with necessary cases.
参考書References
Jonathan Berk and Peter DeMarzo, “Corporate Finance”, 3rd Edition, Pearson (2013)
ISBN10: 0132992477
ISBN13: 9780132992473
成績評価の方法と基準Grading criteria
Final case assignment (material and presentation) : 50%
Quiz and interim assignments: 30%
Contribution to the class: 20%
学生の意見等からの気づきChanges following student comments
Active feedbacks from the class are highly appreciated. Also the situations in corporate finance and capital market may vary between regions or countries. I would appreciate if you could bring insights or practical experiences in your home country into the class discussion.
学生が準備すべき機器他Equipment student needs to prepare
Microsoft Excel is required to utilize financial models and simulations .