The Startup Valuation and Financial Analysis Specialization teaches two of the most often used methods to find the value of a startup. You’ll learn how to find the value of founder’s ownership before and after additional funding, how to read financial statements and make pro-forma statements, and how to determine the financial health and status of a startup and estimate future earnings and value. You’ll then use various investment criteria, such as Net Present Value (NPV) and Individual Rate of Return (IRR), to make a decision about whether and where to invest your money.
Specific topics include: the time value of money, discounted cash flows method, multiple method, financial statements analysis, free cash flows, capital budgeting decision rules and current trends. The Capstone Project will find the value of startups using the methods taught in the course.
专项课程 的运作方式
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实践项目
每个专项课程都包括实践项目。您需要成功完成这个（些）项目才能完成专项课程并获得证书。如果专项课程中包括单独的实践项目课程，则需要在开始之前完成其他所有课程。
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此专项课程包含 5 门课程
课程1
Valuation for Startups Using Discounted Cash Flows Approach
4.3
124 个评分
Discounted cash flow method means that we can find firm value by discounting future cash flows of a firm. That is, firm value is present value of cash flows a firm generates in the future. In order to understand the meaning of present value, we are going to discuss time value of money, first. That is, the value of $100 today is different from the value of $100 a year later. Then, what should be the present value of $100 that you are going to receive in 1 year? How about the value of $100 dollars that you are going to receive every year for next 10 years? How about forever? After taking this course, you are going to be able to find the present value of these types of cash flows in the future. Unlike most of finance courses, in this course, you are going to learn how to use excel to find present value of future cash flows. In addition to the present value, you are also going to learn how to find future value given investment; interest rate given investment and future cash flows, payments given interest rates, number of periods to wait given investment and interest rate, and so on. After learning the concept and how to find the time value of money, you are going to apply this to real world examples and company valuation. After taking this course, you will be ready to make an estimate of firm value by discounting its cash flows in the future.
课程2
Valuation for Startups Using Multiple Approach
4.2
44 个评分
In addition to discounted cash flow method, multiple method is one of the most popular methods of firm valuation. PER is often used among financial professionals to make a quick-and-dirty estimate of a firm value. In this course, you are going to learn the concept and usage of PER, PBR and PSR. In addition to these basic multiple ratios, you are going to learn how to make an estimate of enterprise value and founder’s ownership before and after additional funding. Startups require a number of financings before IPO. After taking this course, you are going to be able to answer questions such as What the price per share should be given the startup’s estimate of earnings in the future; How many shares the founder should give up to raise additional capital; and so on? In the discounted cash flow method and multiple method, you are always given earnings or cash flows to make estimate of firm value. In this course, you are also going to learn how to generate cash flows or earnings from the financial statements. After taking this course, you will be able to understand the meaning of financial statements such as balance sheet, income statement and cash flow calculation.
课程3
Financial Analysis for Startups
4.4
27 个评分
In the previous two courses, you have learned how to value startups using the discounted cash flow method and multiple methods. However, you have not learned how to estimate cash flows or earnings of startups. In this course, you are going to learn the concepts and usage of financial ratios. Using financial ratios such as profitability, liquidity, leverage, efficiency, and growth, you can tell financial health of a startup. Profitability ratios measure how profitable a firm is by looking at ROS, ROA, and ROE. Liquidity ratios measure how quickly a firm turns assets into cash to pay-off short-term liability and they include Current Ratio, Quick Ratio, and Cash Ratio. Leverage ratios measure how much long-term debt a firm has relative to its assets or equity. Efficiency ratios measure how efficiently a firm utilizes its assets. It is like a physical exam for humans and you can tell the fiscal status of a startup using financial ratios. You can also develop pro forma financial statement using financial ratios. Using pro forma financial statement, you can tell future financial status of a startup as well as cash flows. In addition, using information from pro forma statement and valuation methods, you can do the valuation of a startup.
课程4
Applying Investment Decision Rules for Startups
4.4
23 个评分
In the previous course, you learned financial statement analysis and how to make estimate of future financial status. In this course, you are going to learn capital budgeting. That is, how to make an investment decision. You would like to select the best project among various projects you can take. Then, you need to know the criteria. In this course, you are going to learn investment decision criteria such as NPV and IRR, which are most popular decision rules. Using financial analysis and discounted cash flow method, you can make pro forma financial statement and estimate project cash flows. Then, you apply investment criteria to determine whether to invest or not. After learning how to apply NPV and IRR method to investment decision, you are going to learn how to evaluate NPV estimate and scenario, what-if analyses and break-even analysis. In addition to NPV and IRR, you are going to learn Payback period method and Profitability method to determine whether to invest or not when there is a political risk or capital rationing.
讲师
Hyun Han Shin
ProfessorSchool of Business
Saeyeul Park
Assistant ProfessorSchool of Business
关于 延世大学
Yonsei University was established in 1885 and is the oldest private university in Korea.
Yonsei’s main campus is situated minutes away from the economic, political, and cultural centers of Seoul’s metropolitan downtown. Yonsei has 3,500 eminent faculty members who are conducting cutting-edge research across all academic disciplines. There are 18 graduate schools, 22 colleges and 133 subsidiary institutions hosting a selective pool of students from around the world.
Yonsei is proud of its history and reputation as a leading institution of higher education and research in Asia.
常见问题
退款政策是如何规定的？
我可以只注册一门课程吗？
可以！点击您感兴趣的课程卡开始注册即可。注册并完成课程后，您可以获得可共享的证书，或者您也可以旁听该课程免费查看课程资料。如果您订阅的课程是某专项课程的一部分，系统会自动为您订阅完整的专项课程。访问您的学生面板，跟踪您的进度。
有助学金吗？
我可以免费学习课程吗？
此课程是 100% 在线学习吗？是否需要现场参加课程？
此课程完全在线学习，无需到教室现场上课。您可以通过网络或移动设备随时随地访问课程视频、阅读材料和作业。
完成专项课程需要多长时间？
The four courses will take 14 weeks and the capstone project will take approximately 3~4 weeks. Therefore the Specialization can be competed in 17~18 weeks.
What background knowledge is necessary?
No prior knowledge of Accounting or Finance is required.
Do I need to take the courses in a specific order?
All courses can be taken in order of preference.
完成专项课程后我会获得大学学分吗？
No.
What will I be able to do upon completing the Specialization?
You will close look at an environment the startup faced. Also, you will describe financial projections making the best use of the previous contents. Overall, this analysis encourages you to determine the value of your business.
还有其他问题吗？请访问 学生帮助中心。
