◎系所教育目標：
本系因應金融產業環境之丕變，將著眼於培養學生具有產業需求之專業知識，課程安排致力輔導學生取得國際型之專業財金證照，加強與國內金融機構之合作，使學生兼具理論與實務之能力；在專業課程之外，亦特別強調財金經理人最重要之「專業倫理」與「具備高度正直感」之特質，落實教育之永續本質。
隨著全球化之趨勢與各種貿易壁壘之取消，產業需求之財金人才必須具有國際之宏觀視野，因此本系長期發展方向將著眼以培養「國際金融」人才為重點，加強與亞洲重點大學合作，發揮資源運用之最佳槓桿，從而提供台灣產業所需之最適人才。 |
| ◎核心能力 | 關聯性 |
| (Space) | (Space) |
◎本學科內容概述：
We will present the basic insights of corporate finance theory, but emphasize the application of theory to real business decisions. Course progress is lectures mostly but involve class discussion. Your participation is critical to the success of the course. You are expected to read the cases in text book and practice exercise. |
◎本學科學習目標：
The objective of the course is to learn the basic financial theories and tools needed to make good financial and investment decisions. The course emphasize on corporate finance and other aspects of corporate strategy. There are three main modules of the course.
1. Financing Needs and Capital Structure: The course starts with analyzing the factors that determine a company’s need for external financing, be it debt or equity. We then move on to a consideration of the optimal mix of debt and equity financing.
2. Project and Company Valuation: In the second module, we develop the tools needed for valuing investment projects, including the determination of the relevant cash flows and the appropriate discount rate. We will then use these basic tools to value companies, and to select investment projects.
3. Selected Topics: The final module deals with selected aspects of modern corporate finance, most likely including Risk Management and Corporate Governance. The actual topics will be determined by the time available, and by the interests of students. |
| ◎教學進度： |
| 週次 | 主題 | 教學內容 | 教學方法 |
01
| Introduction | •An Overview of Corporate Financing. Chapter 1
•Evaluating Financial Performance. Chapter 2 | 講授、討論。 |
02
| Financial Forecasting | •Financial Forecasting. Chapter 3. | 講授、討論。 |
03
| Capital Structure 1 | Myers, S. C. Still Searching for Optimal Capital Structure. Continental Bank, Journal of Applied Corporate Finance, pp. 4-14. | 講授、討論。 |
04
| Lecture: Capital Structure 2 | How Much Should a Firm Borrow? Chapter 18.
The Financing Decision. Chapter 6. | 講授、討論。 |
05
| Debt policy | Does Debt Policy Matter? Chapter 17.
How Corporations Issue Bond | 講授、討論。 |
06
| IPO, SEO: securities issuing | How Corporations Issue Securities. | 講授、討論。 |
07
| Capital Structure: Informational and Dynamic Considerations | Barclay, Smith, and Watts. The Determinants of Corporate Leverage and Dividend Policies. Journal of Applied Corporate Finance 7, 4, 1995, pp. 4-14 | 講授、討論。 |
08
| Financial Policy : case | Greenwald, Bruce C., and Wilda L. White. MCI Communications Corp. -- 1983. Boston, MA: Harvard Business School Publishing, 1998. Case No. 9-284-057.
Warrants and Convertibles. Chapter 23.
Some New Evidence On Why Companies Use Convertible Bonds. | 講授、討論。 |
09
| Mid exam | test | exam。 |
10
| Payout policy (dividend policy) | The Dividend Controversy. Chapter 16.
Corporate Cash Holdings. | 講授、討論。 |
11
| Valuation of Free Cash Flows | Why NPV Leads to Better Investment Decisions… Chapter 5.
Making Investment Decisions with the Net Present Value Rule. | 示範、習作。 |
12
| Cost of Capital | Mitchell, Mark, and Erik Stafford. Cost of Capital at Ameritrade. Boston, MA: Harvard Business School Publishing, 2001. Case No. 9-201-046. | 講授、討論。 |
13
| WACC | Budgeting and Risk. Chapter 9.
Where Positive Net Present Values Come From. Chapter 11.
Discounted Cash Flow Techniques. Chapter 7 | 講授、示範。 |
14
| WACC2 | Financing and Valuation. Chapter 19.
Leasing | 講授、討論。 |
15
| Real Options | Luehrman. Investment Opportunities as Real Options. Boston, MA: Harvard Business Review, 1998.
Brealey and Myers. Real Options. Chapter 22. | 講授、討論。 |
16
| Valuing a Company | Business Valuation and Corporate Restructuring. | 講授、討論。 |
17
| other issues | M&A
Leverage Buyouts, Spinoffs, and Restructurings.
Jensen, Michael C. Eclipse of the Public Corporation. Boston, MA: Harvard Business Review, September 1989. | 講授、討論。 |
18
| Final Exam | test | Exam。 |
◎課程要求：
(Space) |
◎成績考核
課堂參與討論30%
小考10%
期中考30%
期末考30%
|
◎參考書目與學習資源
• Brealey, R., and S. C. Myers. Principles of Corporate Finance. 7th ed
• Higgins, R. C. Analysis for Financial Management. 7th ed. Irvin McGraw-Hill. |