Магистратура
2025/2026
Корпоративные финансы (продвинутый уровень)
Статус:
Курс обязательный (Стратегическое управление финансами фирмы)
Кто читает:
Школа финансов
Где читается:
Факультет экономических наук
Когда читается:
1-й курс, 2, 3 модуль
Онлайн-часы:
20
Охват аудитории:
для всех кампусов НИУ ВШЭ
Язык:
английский
Кредиты:
6
Контактные часы:
64
Course Syllabus
Abstract
This course develops the proper framework for the application of risk-return principles to overall corporate financial decisions. It develops analytical skills for investigating and interpreting corporate financial policies and financial architecture of a company and how to connect the concepts to the empirical evidence in developed and emerging markets. It covers the extensions for the key concepts in corporate finance explaining hurdle rates and cost of equity analysis in the integrated and segmented capital markets, the financing and payout decisions and the empirical research in the field of developed and emerging markets data, and the corporate control and governance issues with the emphasis on the financial architecture of the modern firm. The course is thought to become a core theoretical background to the related financial courses for advanced studies and research workshops.
FES students should enroll in the groups: М_КФ(У_Г_1016351_1, М_КФ(У_Г_1016351_2, М_КФ(У_Г_1016351_3.
Learning Objectives
- The course is focused on methodology of analysis of different corporate financial decisions, the empirical evidence of concept’s tests and new developments in the conceptual framework. Corporate finance advanced provides an important input to the development of research skills in finance.
Expected Learning Outcomes
- Outline the relations between capital structure and agency problems in a firm
- To apply modern models for the analysis of capital structure, dividend policy, the financial architecture of the company, financial corporate control and corporate governance,
- Be able to analyze the performance of a firm applying economic profit criteria
- Be able to apply different methods to determine the lifecycle of the firm
- Be able to choose and apply methods of determining the optimal leverage ratio for non-financial firms
- Understand and be able to apply major empirical methods to analyze corporate financing policy, payout policy
- Be familiar with major empirical studies on corporate financing policy
- Understand and be able to test empirically different capital structure theories
- Be familiar the key concepts of capital structure
- Be able to apply different methods for cost of debt and cost of equity estimation in developed and emerging capital markets
- Be able to apply different methods to estimate the cost of debt capital
- Understand the specifics of the cost of capital estimation on emerging markets and be able to estimate it
- Understand the limitations of asset pricing models
- Be able to analyze the payout policy of the firms on both developed and emerging markets
- Be familiar with major empirical studies on the payout policy and be able to perform similar analysis
- Understand the key theories and concepts with respect to payout policy and their appliation
- Be able to apply decision trees approach to capital budgeting problems
- Understand and be able to apply the concept of real option with respect to capital budgeting
- Be able to apply the real option techniques to capital budgeting problems
- Students are able to apply modern models for the analysis of capital structure, dividend policy, the financial architecture of the company, financial corporate control and corporate governance; to reveal the fundamental factors affecting corporate financial and investment decisions; to evaluate the efficiency of investment projects of different types.
- Understand the key concepts, advantages, and disadvantages of internal capital markets.
- Be able to analyze the nature of conglomerate discounts and premiums in the context of internal capital allocation.
- Be familiar with the main theoretical models of efficient internal capital markets, including the Stein (1997) model.
- Be able to apply different measures to assess the efficiency and size of a firm's internal capital market.
- Understand and be able to apply major empirical methods to test the efficiency of investment decisions within diversified firms.
- Be able to analyze the relationship between cross-subsidization, internal capital market efficiency, and the creation of corporate value.
- Understand the overall logic of corporate restructuring and differentiate between its main types (LBOs, MBOs, spin-offs, equity carve-outs)
- Be able to analyze the deal structure, financing, and valuation methods specific to Leveraged Buyouts (LBOs) and Management Buyouts (MBOs).
- Be able to identify and evaluate suitable target companies for LBOs based on their financial and operational characteristics.
- Understand and be able to explain the strategic motives, processes, and implications of spin-offs and equity carve-outs.
- Be able to compare and contrast different forms of corporate restructuring in terms of their objectives, financing, and expected outcomes.
- Analyze the impact of various restructuring activities on corporate governance, shareholder value, and a firm's long-term performance.
- Be able to differentiate between the drivers of traditional corporate restructuring and restructuring in the digital age
- Understand the role of digital technologies, data, and platforms in reshaping business models and driving restructuring decisions.
- Be able to analyze digital M&A strategies, including the acquisition and integration of technology-focused companies.
- Understand the concept of business ecosystems and be able to analyze the motives, strategies, and risks associated with building them.
- Be able to evaluate the governance and organizational challenges inherent in managing digital assets and multi-industry ecosystems.
- Analyze the impact of digital restructuring and ecosystem strategies on shareholder value and various stakeholder interests.
Course Contents
- Corporate finance framework for company analysis
- Designing capital structure decisions. The trade-off framework
- Designing capital structure decisions. Agency costs and Information
- Corporate cost of capital
- Managerial Flexibility: Real Options Analysis and its Applications
- Investing decisions under uncertainty
- Returning Cash to Shareholders. Disappearing dividends
- Corporate Financial Architecture
- Internal capital markets
- Corporate restructuring: LBO, MBO, Spin-Off, Equity Carve Outs
- Corporate restructuring: Digitalization and Business Ecosystems
Assessment Elements
- Final exam
- Team project: stage 3 - capital structure
- Case study 2
- Case study 3
- Case study 1
- Team project: stage 4 - financial architecture
- Case study 4
- Team project: stage 1 LCO
- Team project: stage 2. Financing policy
Interim Assessment
- 2025/2026 3rd module0.062 * Case study 1 + 0.062 * Case study 2 + 0.063 * Case study 3 + 0.063 * Case study 4 + 0.4 * Final exam + 0.087 * Team project: stage 1 LCO + 0.087 * Team project: stage 2. Financing policy + 0.088 * Team project: stage 3 - capital structure + 0.088 * Team project: stage 4 - financial architecture
