2025/2026
Корпоративные финансы
Статус:
Дисциплина общефакультетского пула
Кто читает:
Школа финансов
Где читается:
Факультет экономических наук
Когда читается:
3 модуль
Охват аудитории:
для всех кампусов НИУ ВШЭ
Язык:
английский
Кредиты:
3
Контактные часы:
40
Course Syllabus
Abstract
This intermediate course in corporate finance focuses on theoretical issues and core concepts in modern corporate finance. The primary objective is to provide the framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. Topics covered include discounted cash flow techniques, corporate capital budgeting and valuation, capital structure and dividend policy. The course curriculum is rigorous and applied, which in turn necessitates strong foundation in intermediate financial reporting and investments courses.
Prerequisites: International Financial Reporting Standards (IFRS) or intermediate-advanced level accounting course, Financial Economics
Learning Objectives
- 1) Understand and apply principles of modern financial analysis
- 2) Be able to discuss different stakeholders’ goals as a source of agency conflicts
- 3) Understand and apply capital budgeting techniques when making investment decisions
- 4) Be able to discuss the logic of capital structure decisions and understand how market imperfections influence capital structure decisions
- 5) Understand corporate payout decisions and be able to discuss market reaction to dividend payout
- 6) Be able to discuss logic of risk management decisions and sources to increase company value
- 7) Be able to discuss M&A motives and value creation via restructuring
Expected Learning Outcomes
- Estimate the impact of agency conflicts on the value of the firms
- Students know basic concepts of corporate finance, key financial and non-financial stakeholders, the role of financial and non-financial institutions in a company’s funding, models of asset pricing, capital structure decisions and payout decisions.
- Explain the motives, sources of value creation, and negotiation aspects of M&A transactions
- Know modern ways of research on capital structure. Understand principles for analyzing expected returns based on the CAPM model in growing capital market. Understand the role of the concept of capital structure in modern financial analysis.
- Describe different types of dividends. Calculate dividend policy irrelevancy to firm valuation under Modigliani-Miller propositions. Discuss the stylised facts of dividend policy as provided by Lintner. Explain the clientele model of dividends. Explain the effect of asymmetric information and agency cost on dividend policy
- Evaluate different projects using NPV rule, IRR, payback period and PI index, and make investment decisions
- -Discuss the major theories of capital structure and role in the decision making process -Explain the impact of market imperfections and agency cost on cost of financial distress and managers' incentives -Understand and be able to deal with debt overhang and risk-shifting problems
- - Discuss the major theories of capital structure and role in the decision making process - Explain the impact of market imperfections and agency cost on cost of financial distress and managers' incentives - Understand and be able to deal with debt overhang and risk-shifting problems
- - Show that dividend policy is irrelevant to firm valuation under Modigliani-Miller propositions - Discuss the stylised facts of dividend policy as provided by Lintner - Present the clientele model of dividends - Explain the effect of asymmetric information and agency cost on dividend policy
- - Understand and be able to apply different major methods used in capital budgeting (WACC, APV, FTE) - Calculate the project-based cost of capital - Differentiate between different methods and be able to make the choice appropriately - Be able to adjust calculation in case of changing leverage and periodically adjusted debt
Course Contents
- I. Finance and Financial Decisions
- II. Investment Decisions
- III. Capital Structure Policies
- IV. Agency Cost and Asymmetric Information
- V. Interrelation of Financing and Investment Decisions
- VI. Dividends and Payout Policies
Interim Assessment
- 2025/2026 3rd module0.05 * Case study + 0.15 * Homework + 0.6 * In-class assignment + 0.2 * Project
Bibliography
Recommended Core Bibliography
- Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, & Antonio Salvi. (2018). Corporate Finance : Theory and Practice. Post-Print. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.hal.journl.hal.02298273
Recommended Additional Bibliography
- Principles of corporate finance, Brealey, R. A., 2020