The study of Corporate Finance seems to be a very generic part of business education. Still, it either falls in the trap of intimidating formulas or is superficially journalistic. Both extremes preclude the understanding of the core finance ideas, concepts, and models.
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莫斯科物理科学与技术学院
American Institute of Business and Economics
Understanding Modern Finance 专项课程莫斯科物理科学与技术学院课程信息
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第 2 门课程（共 5 门）
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中级
完成时间大约为26 小时
英语（English）
字幕：法语（French）, （欧洲人讲的）葡萄牙语, 俄语（Russian）, 英语（English）, 西班牙语（Spanish）
可分享的证书
完成后获得证书
100% 在线
立即开始，按照自己的计划学习。
第 2 门课程（共 5 门）
可灵活调整截止日期
根据您的日程表重置截止日期。
中级
完成时间大约为26 小时
英语（English）
字幕：法语（French）, （欧洲人讲的）葡萄牙语, 俄语（Russian）, 英语（English）, 西班牙语（Spanish）
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莫斯科物理科学与技术学院
Московский физико-технический институт (Физтех) является одним из ведущих вузов страны и входит в основные рейтинги лучших университетов мира. Институт обладает не только богатой историей – основателями и профессорами института были Нобелевские лауреаты Пётр Капица, Лев Ландау и Николай Семенов – но и большой научно-исследовательской базой.
American Institute of Business and Economics
The American Institute of Business and Economics (AIBEc) offers a wide variety of business courses in finance, accounting, marketing, strategy, HR, business law, economics, general management, business psychology, as well as course projects and the Field study. AIBEc provides for flexibility and customization of programs and schedules.
教学大纲 - 您将从这门课程中学到什么
完成时间为 5 小时
Why Finance Matters? Net Present Value. How to Calculate NPV
In Week 1 we propose the game plan for our study of value. Then we analyze the key assumptions for the general valuation model. We focus on the understanding of the sources of value and the fundamental ideas of investor’s choice, the opportunity cost of capital, risk and return. We discuss the importance of time and expectations in determining value.
完成时间为 5 小时
10 个视频 （总计 79 分钟）, 6 个阅读材料, 2 个测验
10 个视频
Introduction3分钟
1.1. Introduction – the idea of value6分钟
1.2. The game plan – a jumbo jet taking off5分钟
1.3. The valuation model – key assumptions11分钟
1.4. The opportunity cost of capital6分钟
1.5. Introducing PV and NPV12分钟
1.6. PV calculation shortcut (1) – perpetuities9分钟
1.7. PV calculation shortcut (2) – annuities6分钟
1.8. A fixed rate mortgage – an example of PV11分钟
1.9. The general NPV formula4分钟
6 个阅读材料
Konstantin Kontor10分钟
AIBEc. The American Institute of Business and Economics10分钟
Grading10分钟
Handouts – an important comment10分钟
1.1. Introduction: why finance matters1小时
1.2. How to calculate present value10分钟
2 个练习
1 (Practice)20分钟
1 - The power of PV calculations1小时
完成时间为 4 小时
Applications of NPV. Valuing Bonds and Stocks
Week 2 of the Course is devoted to the applications of NPV. In the first part of the week we use NPV to study riskless debt. Of special attention will be the challenges in valuing even riskless bonds. We discuss bond parameters and the special role of yield to maturity. Then we demonstrate how the NPV approach helps determine spot and forward interest rates.
完成时间为 4 小时
10 个视频 （总计 68 分钟）, 3 个阅读材料, 2 个测验
10 个视频
2.2. Valuing riskless debt6分钟
2.3. Bond cash flows and other parameters. Yield to maturity10分钟
2.4. Calculating spot rates8分钟
2.5. Forward rates – the idea and calculation8分钟
2.6. Valuing common stocks – the expected rate of return5分钟
2.7. The general stock valuation formula. The “tail”7分钟
2.8. The model of growth. PVGO5分钟
2.9. A constant growing company – an example10分钟
2.10. – What’s ahead?2分钟
3 个阅读材料
2.1. Application of NPV (1) – valuing riskless bonds1小时
2.2. Application of NPV (2) – valuing common stocks10分钟
2.3. Analyzing growth10分钟
2 个练习
2 (Practice)20分钟
2 - PV of bonds and stocks – models and market values1小时
完成时间为 4 小时
Making the Choice of Good Investment Projects. NPV and Other Criteria. Why Is NPV Better?
We start Week 3 of the Course by the discussion of criteria of choosing investment projects. Beside NPV, the internal rate of return (IRR) and other approaches are introduced. We show why the NPV criterion is the best and why the application of others may lead to wrong investment decisions.
完成时间为 4 小时
12 个视频 （总计 106 分钟）, 2 个阅读材料, 2 个测验
12 个视频
3.2. Other criteria – pluses and minuses8分钟
3.3. Internal rate of return (IRR)8分钟
3.4. Problems with IRR – it’s not exactly like NPV!12分钟
3.5. Using NPV – what should we know3分钟
3.6. NPV and cash flows. Some accounting details11分钟
3.7. Sunk costs – opportunity costs – relevant costs10分钟
3.8. Depreciation – an overview relevant to cash flows5分钟
3.9. Discount rates – nominal and real. The role of inflation6分钟
3.10. Projects of different length. Equivalent annual cost (EAC)9分钟
3.11. EAC – an example11分钟
3.12. Conclusions and unanswered questions10分钟
2 个阅读材料
3.1. Equivalent annual cost (EAC)1小时
3.2. Case – comparing two heating systems10分钟
2 个练习
3 (Practice)20分钟
3 - The problems of IRR and the power of EAC1小时
完成时间为 5 小时
Risk and Return – From Basics to Reality
In Week 4 we study risk and return. We present a stochastic mathematical model of risk and apply it to find the returns and standard deviations of portfolios of assets. We discuss diversification and the role of special portfolios – the riskless portfolio and the market portfolio – in approaching asset risk. We demonstrate how any asset contributes to the market risk and introduce the β coefficient.
完成时间为 5 小时
11 个视频 （总计 100 分钟）, 4 个阅读材料, 2 个测验
11 个视频
4.2. The expected return and the standard deviation for a portfolio of securities. Some empirical evidence9分钟
4.3. Diversification. “Special” portfolios6分钟
4.4. Contribution to the portfolio risk. β6分钟
4.5. Efficient portfolios. The market portfolio’s efficiency7分钟
4.6. Capital asset pricing model (CAPM). Examples9分钟
4.7. The company cost of capital (CCC) rule10分钟
4.8. Applying CAPM – a no debt case4分钟
4.9. Applying CAPM – the general case. WACC13分钟
4.10. Steps in applying CAPM – an example15分钟
4.11. Conclusions. The roadmap to determining WACC. Some objections to using normal distributions7分钟
4 个阅读材料
4.1. Mathematics of risk – an overview1小时
4.2. Risk and return (1) – the game plan and diversification10分钟
4.3. Risk and return (2) – market risk and asset pricing10分钟
4.4. Risk and return (3) – cost of capital10分钟
2 个练习
4 (Practice)20分钟
4 - Returns, betas, and the cost of capital1小时
关于 Understanding Modern Finance 专项课程
This Specialization is designed for a wide audience of those interested in finance either professionally or just of curiosity, including managers of different levels specializing in finance, accounting, business planning, strategy, consulting, and project management, IT specialists engaged in the area of finance, fin-tech, big data, and valuation, etc.
常见问题
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我订阅此专项课程后会得到什么？
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完成课程后，我会获得大学学分吗？
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