企业金融管理（36学时）课程简介

企业金融管理（36学时）主要讲授两大部分内容：企业金融建模分析、企业金融管理。在前一部分的学习中，学生将通过学习金融建模分析方法，学会运用Excel的财务金融分析工具进行常见的金融融资分析；在后一部分的学习中，学生将全面学习企业融资的三种主要渠道：股票融资、债券融资、企业权益融资。其中这部分学习将重点给学生介绍企业权益融资，将通过多个注明案例，给学生深入分析PE、VC等风险权益基金进行企业权益投资的主要路径，详细讲解这类投资基金如何对企业进行全面的尽职调查，通过介绍蒙牛、国美等案例给学生详细讲解基金与企业之间的对赌协议及其风险控制。

企业金融管理需要一定的先修课程基础，比如投资学、金融学等。课程内容与教学方法比较注重实务操作，教学目的是通过企业金融建模的学习，要求学生熟悉掌握Excel在金融与财务分析方面的各类技巧和分析方法，要求学生学会运用Excel将金融与财务分析具体化和报表化；课程后半部分的教学目的是要求学生掌握企业融资的三种主要途径，并结合已经学习过的投资学和金融学，深刻理解企业融资应该主要的问题，特别是通过对风险权益基金的企业投融资过程分析，帮助学生全面了解投资基金与企业在融资过程中的互动关系，了解企业在面临股权权益融资时应该注意的关键问题，熟悉企业在融资中的风险管理和财务政策应对。

使用教材：

1）企业金融建模部分的教材：Simon Benninga, Financial Modeling, the MIT Press, 2013.

2）企业金融管理部分的教材：教师自编材料，加上部分英文参考教材和资料

Corporate Financial Management (36 class hours)

Corporate Financial Management is a interdisciplinary course which focuses on the management and analysis of corporate wealth and investment. The course has two main parts: the corporate financial modeling and the corporate financial management. The key objectives of the first part would be to:

•Design and layout a financial model,

•Decide on which variables are independent and how to vary them,

•Become familiar with Excel, enough to be viewed as the "resident expert" in corporate finance and financial instruments.

The key objectives of the second part would be to:

•Create wealth for the business,

•Generate cash for the corporate management, and

•Provide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested.

The content of the financial modeling has three main parts:

(1)Understanding the key elements and components

Before beginning to build a model, students need to understand its components. What are the characteristics of a superior model? What objectives do students need to achieve for business department or entire firm?

Some characteristics of a financial model are as following: a financial model as a quantitative representation or simulation; financial Statements using formal financial accounting standards; actual and pro forma financial inputs and outcomes; data to populate financial statements and secondary worksheets; data smoothing tools to use prior to forecasting.

(2)Getting more comfortable with Excel

Financial modeling's most standard platform is MS Excel. Using this software application, students will cover key Excel skills that are needed to build a good model, using financial accounting rules. Students will fill in any Excel knowledge gaps, before starting to build a financial model. Some special Excel tools will be discussed in this part, such as: Audit Toolbar; Goal Seek; Solver; Excel Macros; Building, populating and naming key worksheets.

(3) Constructing and testing a financial model with Excel skills

Students will learn to design and test a corporate financial model with Excel skills. Some details of Excel skills will be distributed to student as followings: a flow chart for enterprise modeling; the dashboard worksheet; the assumptions worksheet; revenue and COGS/COS model; income statement and balance sheet budgets; building an actual versus projected worksheet.

The content of corporate financial management has also three parts:

(1) Corporate Financial Planning. Corporate financial management need to ensure that enough funding is available at the right time to meet the needs of the business. In the short term, funding may be needed to invest in equipment and stocks, pay employees and fund sales made on credit. In the medium and long term, funding may be required for significant additions to the productive capacity of the business or to make acquisitions.

(2) Corporate Financial Control. Financial control is a critically important activity to help the business ensure that the business is meeting its objectives. Financial control addresses questions such as:

•Are assets being used efficiently?

•Are the businesses assets secure?

•Do management act in the best interest of shareholders and in accordance with business rules?

(3) Corporate Financial Decision-making. The key aspects of financial decision-making relate to investment, financing and dividends:

•Investments must be financed in some way, however there are always financing alternatives that can be considered. For example it is possible to raise finance from selling new shares, borrowing from banks or taking credit from suppliers

• A key financing decision is whether profits earned by the business should be retained rather than distributed to shareholders via dividends. If dividends are too high, the business may be starved of funding to reinvest in growing revenues and profits further.

《企业金融》课程教学进度计划