Introduction

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来自 Moscow Institute of Physics and Technology 的课程

Principles of Corporate Finance – A Tale of Value

3 个评分

Moscow Institute of Physics and Technology

Principles of Corporate Finance – A Tale of Value

3 个评分

课程 2（共 5 门，Specialization Understanding Modern Finance）

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. This Course is an attempt to avoid the above extremes. We discuss the core basis and mechanisms of modern corporate finance in a learner-friendly way. We will analyze the market’s most fundamental problems, realize the intrinsic interests and preferences of investors, reveal the true meaning of specific financial terms, and uncover important issues that are so often ignored in choosing and valuing investment projects. The learners will gain insight into the essence of corporate finance. They will be able to use the obtained knowledge and skills to successfully advance in their career at a financial institution, as well as in the area of financial management at non-financial businesses.

从本节课中

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. Then we discuss the present value approach to studying the projects’ value and choice. We present the general PV formula and introduce the key concept of net present value (NPV) as a criterion of the choice of good investment projects. Then we study some most widely used shortcuts and apply the formulas to find the NPV’s of certain projects that play a special role in valuation. We end up with the general NPV formula and discuss the challenges in using it.

Introduction3:23

与讲师见面

Konstantin Kontor
Director and Professor of Finance and Strategy
American Institute of Business and Economics (AIBEc)

I am Konstantin Kontor,

Director and Professor of Finance at

the American Institute of Business and Economics in Moscow.

Now I am offering to you,

my course in Corporate Finance.

The second in the series of financial courses,

in my understanding, more in the finance specialization.

Well, of all these courses,

this one in Corporate Finance seems to be the most generic

and there seems to be so many courses in this area.

Then the question arises why bother? Why study it?

And there is another idea that is quite widespread,

that Corporate Finance is all about formulas,

models advanced math probability integrals and

some other stuff that is really scary for most learners.

And that leads to another extreme.

When people say, "Well,

we can talk about that.

We hate formulas and for that reason,

we can just describe things in general as the art,

the so-called journalistic approach."

Now, both extremes, unfortunately,

do not contribute to the understanding of the core issues in the area.

We take a different approach.

We take a logical progress,

from the most fundamental assumptions that are

simplifying to the more advanced conclusions,

and to the models that allow us to properly

value even the most advanced financial instruments.

This is quite an intellectual challenge,

but it does not require anything but

just the interest in the topic and the willingness to think.

Because on this path,

we'll be able to go well beyond the standard approaches to net present value or risk,

and we will be able to value derivatives including the more,

sometimes, the most exotic ones.

But again, even on this path,

we do not go deeper in the details of what exactly must be done.

But instead, we see the logic and we see the process.

What should be kept in the account

in order to properly proceed and the technical stuff we'll leave to computers.

On this path, we sometimes, not without surprise,

can see that although we operate mostly in the model of perfect Capital Markets.

So this is a non existing model that seems to be very far from reality,

but we still even within this model

can build some approaches that are quite instrumental in

our real lives for the valuation of

the real securities and real financial projects and instruments.

Well, as always we keep in mind that the scores

clearly contributes to your advancement in financial career. If you pursue that.

But the overall understanding and this pursued or logical approach,

again, helps you be on finance too.

And therefore, the skills, knowledge,

and understanding again, is instrumental in your progress of whatever you do.

So we have great pleasure,

I invite you to the journey over land of value and I wish you good luck.

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