投行思维下的实战操盘：投资翻倍与风险对冲

Lecture 1 :

Objective: Capital Structure & Dividend PolicyDescription: Corporate structure: A firm takes money from investors, uses the money to build a business, (hopefully!) earns a profit andpays money back to investors. To get money from investors, the firmmust give something back. It has two choices: It can promise to paymore money back in the future (e.g. the investor gives the firm $100today in return for a promise to by paid $110 in one year). This isdebt. Alternatively, it can give the investor a share in the firm(e.g. the investor gives the firm $100 today in return for a 10%share of the firm). This is equity. The capital structure decisiondetermines the balance between debt and equity. There are advantagesand disadvantages to debt and equity. There are some elegant, simpletheories about these trade-offs, but of course the real world ismessier than theory.This decision can be very important to the profitability of the firmand even to its survival. Apple, for example, has been attacked byactivist investors for having a too much cash. We will study thecase of Bed, Bath & Beyond which is like Apple in this sense.

学习目标：公司结构与股息政策

学习描述：公司结构与股息政策对于公司的盈利乃至生存都非常重要。 我们将研究苹果公司以及Bed, Bath & Beyond公司案例

Lecture 2:

Objective: Bankruptcy

Description: Bankruptcy occurs when a firm cannot repay a debt.Interestingly, when a firm is close to bankruptcy, different groupswill have different interests and will fight to control thedirection of the firm. We will consider how these conflicts ariseand how they can be resolved. We will role-play the case of EasternAirlines, an American airline that went bankrupt. Different studentswill represent different groups and how disagreements between groupscan lead to disaster.

学习目标：破产

学习描述：当一家公司濒临破产时，不同的利益群体会争相控制公司的方向。我们将探究这些冲突如何产生、如何解决。 学生将模拟不同的利益群体，探寻他们的分歧如何导致破产。

Lecture 3:

Objective: Corporate Governance

Description: Corporate governance is the study of how the interestsof different groups in a firm are protected. For example, managersare supposed to work for shareholders, but how can shareholdersensure that managers do this? Large shareholders might be able tohurt small shareholders, so how do small shareholders protectthemselves? These are crucial questions. If shareholders cannotprotect their rights, they will not invest and there can be no stockmarkets and limited private business. Corporate governance iscentral to a functioning economy. The Chinese tech giants Alibabaand Tencent are examples of firms with poor corporate governance and we will look at their problems. We will also study the example ofBaoshan Steel, a large Chinese state-controlled steel maker, whichhas many corporate governance problems.

学习目标：公司治理

学习描述：我们将学习阿里、腾讯、宝山钢铁等公司的案例。

Lecture 4:

Objective: Mergers & Acquisitions

Description: Sometimes firms want to buy or combine with anotherfirm. Sometimes both firms are happy to be taken over, but sometimesthey are not. Some firms will even create takeover defenses such aspoison pills. We will look at these defenses and whether they aregood or bad. We will study the case of Consolidated Rail (a USrailway) that was a target of two rival firms and how the differentsides in this story fought for control of the takeover process.

学习目标：企业兼并与合购

学习描述：有时公司想要购买或与另一家公司合并。 有时两家公司都很高兴被接管，但有时却不愿意。 一些公司甚至会制定诸如毒丸策略防止被收购。我们将分析美国联合铁路公司

Lecture 5:

Objective: Risk management

Description: Firms face risks. Some of these risks are financial(e.g. exchange rate risk) and some are not (e.g. political risk ofinvesting in foreign countries). We will look at some of these risksand the ways in which firms can manage them. We will study somefamous examples of risk management gone wrong. We will also study acase in which Goldman Sachs creatively helped Disney resolvecurrency risk associated with Disneyland in Tokyo.

学习目标：风险管理

学习描述：企业面临风险。 其中一些风险是金融风险（例如汇率风险），而有些则不是（例如在国外投资的政治风险）。 我们将研究其中的一些风险以及企业如何管理它们。 我们将研究一些著名的风险管理错误案例。 我们还将研究一个案例，在该案例中，高盛创造性地帮助迪士尼解决了与东京迪士尼乐园相关的货币风险。

Lecture 6:

Summary and Presentation

课题总结、最终成果展示