Основы финансов 2

2025/2026

Статус: Майнор

Кто читает: Международный институт экономики и финансов

Где читается: Международный институт экономики и финансов

Охват аудитории: для всех кампусов НИУ ВШЭ

Преподаватели: Рожкова Анна Михайловна

Язык: английский

Кредиты: 5

Контактные часы: 52

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Abstract

This course provides an introduction to the discipline of Finance and is designed as a foundational course upon which more specialised finance courses build. The course is divided into two parts. The second part focuses on corporate finance and introduces firms’ investment and financing decisions and their implications for firm value. Completion of the first part of the course is a prerequisite for this part.

Learning Objectives

The course provides students with foundational knowledge in corporate finance and firm-level financial decision-making.
Students learn how firms evaluate investment projects, including the estimation of cash flows, assessment of risk, and application of standard capital budgeting techniques. By the end of this part, students should be able to assess the strengths and limitations of different project evaluation methods and apply them to real investment decisions.
The course introduces the concept of the cost of capital and its role in investment and financing decisions. Students learn how to estimate the cost of equity and debt, compute the weighted average cost of capital, and incorporate risk into capital budgeting decisions.
Students study capital structure theories and the trade-offs firms face when choosing between equity and debt financing. By the end of the course, students should be able to explain the main theoretical frameworks of capital structure, including Modigliani–Miller propositions, the trade-off theory, and the pecking order theory.
The course develops students’ understanding of corporate valuation. Students learn to value firms using discounted cash flow analysis and comparable company valuation methods and to interpret valuation results in a corporate finance context.

Expected Learning Outcomes

Identify and explain the defining characteristics of a corporation versus other forms of business organisation and discuss the financial management implications of these differences.
List and explain the types of securities that firms can issue to finance themselves, and their constituent features.
Calculate and apply different costs of capital in valuation.
Understand, interpret, and synthesize information contained in key financial statements.
Evaluate whether a project should be undertaken by a firm and how a project should be financed.
Discuss the strengths and weaknesses of different capital budgeting techniques (e.g., NPV, IRR, Payback, etc.) and apply these techniques to evaluate investments in real assets.
Understand, explain, and apply different capital structure theories.
Estimate the value of a firm using discounted cash flow analysis and trading multiples.

Course Contents

Introduction to Corporate Finance
Capital Budgeting Decisions
Cost of Capital
Capital Structure Choice
Corporate Valuation

Assessment Elements

Spring midterm
Final exam
In order to get a passing grade for the course, the student must sit (all parts) of the examination.
Home assignments
Participation
Participation includes classwork and quizzes. Classwork tasks include elements of soft skills development such as teamwork, communication abilities, and management skills. Classwork includes participation in discussions, problem-solving (individually and in groups), group presentation on several topics.

Interim Assessment

2025/2026 4th module
0.4 * Final exam + 0.2 * Home assignments + 0.15 * Participation + 0.25 * Spring midterm

Bibliography

Recommended Core Bibliography

Fundamentals of corporate finance, Berk, J., 2021
Principles of corporate finance, Brealey, R. A., 2020

Recommended Additional Bibliography

Ross, S. A., Westerfield, R., & Jordan, B. D. (2012). Fundamentals of corporate finance. Slovenia, Europe: McGraw-Hill. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.D5D5B17E

Authors

Rozhkova Anna Mikhailovna

Course Syllabus