《公司金融（双语）》教学大纲
课程编号：110583A
课程类型：□通识教育必修课 □通识教育选修课
√专业必修课 □专业选修课
□学科基础课
总学时：64 讲课学时：64 实验（上机）学时：0
学 分：3
适用对象：金融实验班、投资学班、金融工程班
先修课程：宏观经济学、微观经济学、会计学原理
一、教学目标
公司金融是以公司为核心，以实现公司价值最大化为研究目标，探讨公司融资、投资、治理等决策。该课程的教学理念和目标是理论联系实际，把握公司金融领域的基本理论和前沿发展脉络，使学生全面了解企业的各种融资机制。通过本课程的学习，培养学生从宏观和微观的角度对公司有一个全面的认识，掌握公司金融学的基本原理，能熟练使用公司金融理论框架研究分析相关问题，并可将公司金融的理论渗透到后续的专业课程学习中。
目标1：熟练掌握公司金融基本概念和理论知识
目标2：熟练运用公司金融理论分析企业所面临的各种问题
目标3：熟练阅读公司金融的相关英文文献和资料
二、教学内容及其与毕业要求的对应关系
本课程是一门专业必修的课程，它的主要内容有：
1. Financial Statements and Cash Flow;
2. Financial Statements Analysis and Financial Models; 3. Valuation and Capital Budgeting;
4. Risk and Return;
5. The Capital Asset Pricing Model (CAPM);
6. The Arbitrage Pricing Theory (APT);
7. Capital Structure;
8. Dividend Policy;
9. Long-term Financing: IPO;
10. Options and Futures;
Chapter 12: Cash Flow Estimation and Risk Analysis
I. Identifying the Relevant Cash Flows
A. Project cash flow versus accounting income
- Cash flow net income or profit: Projects should be judged on their effect on
cash flows. Net income considers accounting conventions and financing
which are unrelated to a project.
- Net income can be adjusted for these non-cash items to find the cash flow for
a firm. (Statement of Cash Flows)
B. Rules to Follow:
1. Consider only the cash flows that occur as a direct result of accepting the
project.
- Ignore sunk costs.
- Consider the opportunity cost of assets being used.
- Include side effects (erosion, cannibalism).
2. For replacement projects, focus solely on the changes in cash flows.
3. Ignore financing (interest costs); focus on operating cash flows.
（第十部分 财会英语）专题六（财务成本管理）
一、案例分析题
1、甲公司是一家生产销售手机的企业，为了分散经营风险，公司董事会决定走多元化发展道路。公司投资部对LED行业的相关情况进行了充分的调查。调查后发现，国外有一种新型LED技术，能够大幅度延长LED相关产品的使用寿命，并能够在一定程度上提高节能的效果，公司董事会研究后认为该技术未来具有较大的发展空间，准备引进该新技术，用于相关系列产品的开发和推广。
考虑到市场的成长需要一定的时间，该项目拟分两期进行，第1期20×1年投产，投资额5亿元，生产基于该技术的A产品100万只，B产品50万只；第2期20×4年投产，投资额10亿元，生产能力在原有的基础上翻番。
公司采用现金流量折现法对于第一期和第二期项目进行评价，结果没有达到公司既定的最低投资报酬率，净现值均为负值（假设计算结果是可靠的）。
但公司在充分考虑项目其他因素的基础上，仍然决定于20×1年上马第一期项目。
为了实施上述项目，公司制定了发行分离交易可转换公司债券的融资计划。后经有关部门批准顺利发行了分离交易可转换公司债券。
<1> 、Requirements:
Please state limitations of traditional discounted cash flow method for evaluating project.
<2> 、Please state the methods included in discounted cash flow method except present value
method and briefly explain the meanings and decision-making principles of the relevant factors.
<3> 、When using discounted cash flow method to evaluate LED project, whether current cost of
公司理财
名词解释：
1. Capital budgeting : capital budgeting to describe the process of making and
managing expenditures on long-lived assets.
2. Capital structure: capital structure represents the proportions of the firm’s
financing from current and long-term debt and equity.
3. Net working capital: net working capital is defined as current assets mius current
liabilities.
4. debt service:debt service is interest payments plus repayments of principal (that
is ,retirement of debt).
5. operating cash flow:operating cash flow ,defined as earning before interest plus
depreciation minus taxes ,measures the cash generated from operations not
counting capital spending or working capital requirements.
6. compound value:compound value is the value of a sum after investing over one or
more periods.
7. net present value:NPV is the present value of future cash flows minus the present
