金融学课题：公司金融与企业财务管理
---基于财务结构、IPO融资与风险管理
等维度的金融研究
开始日期：2023-10-20
课时安排：7周在线小组科研学习+5周不限时论文指导学习
Prerequisites
适合人群
适合年级(Grade)：高中生/大学生
适合专业(Major)：
适合金融学、创业融资、风险投资、组织管理、商务经济、IPO、风投等金融商科专业，或者希望对创业融资有所了解的学生;学生需要具备基础金融经济基础
Instructor Introduction
导师介绍
Program Background
项目背景
初创企业可以带来创新，甚至改变领域的范式，但是同时也面临着巨大的不确定性和风险。疫情冲击下，初创企业估值蒸发使得投资者的决策更加理性。在博弈的过程中，为什么投资者愿意为存在高风险和不确定性的企业提供资金?创业者如何吸引资本?投资者如何对初创企业估值?如何降低投资风险?上述问题，将在项目中一一得到解答。项目聚焦初创企业的融资特性、资本来源、各方激励要素等，旨在引导学生掌握初创企业生命周期多种融资工具，熟悉创业生态系统，同时理论与实训结合，在概念模型、估值和投资决策理论指导下，借鉴不同发展阶段的企业实例，围绕企业资金源与控制权问题展开探讨。
Startup companies bring innovation and even revolutionize industries, but at the same time, they face enormous uncertainties and risks. The evaporation of the values of startup companies hit by the pandemic has made investors more rational. In the course of the game, why are investors willing to finance companies with high risks and uncertainties? How do entrepreneurs attract capital? How do investors value startups? How to reduce investment risk? The above questions will be answered one by one in this program. The program focuses on startup companies' financing characteristics, funding sources, incentives of various parties, etc. It aims to guide students to master financing tools in the life cycle of start-ups, to become familiar with the entrepreneurial ecosystem, and to combine theory and practice. Under the guidance of conceptual model, valuation, and investment decision-making theories, it discusses the funding sources and control of companies by drawing on the examples of enterprises in different stages.
Program Description
项目介绍
该项目将以课程和案例研究结合的形式，让学生对初创公司及其投资者所面临的财务挑战增加更深入的理解。本项目将重点研究公司金融领域下的中小企业融资模型和相关的风险管理，包括风投机构、投行和民间投资人的多维度融资渠道以及融资方式(例如出售股权或者借贷融资)。在本课程中，教授将对一下几点进行深入的研究和分析：
1. 识别并解释初创公司所面临的金融挑战，并基于投资人的角度去评估这些创业公司的潜在发展机会;
2. 了解企业金融生态系统中不同类型公司的金融投资和融资动机及其目标，以及如何设计融资模式和股权债务合同来优化融资机会;
3. 了解风险资本和其他投资者是如何评估早期风险投资的不同因素，以及用什么样的证券入股类型为这些公司融资;
4. 评估初创公司在管理和运营中的优势和劣势，并了解这些问题是如何影响其融资策略;
5. 将上述这些概念和框架应用到真实公司(包括上市企业和初创小微企业)的案例中进行深度分析与解构。
The program combines lectures and case studies to provide a deeper understanding of the financial challenges faced by startup companies and their investors. The program will require students to carefully prepare the cases following the pre-class questions, to read and understand all materials, and to participate actively in class discussion.
Theoretical Objectives
1. Identify and explain the challenges that arise from investing in startup companies, and evaluate such opportunities.
2. Understand the incentives and goals of different types of players in the ecosystem and how contracts are designed to align incentives.
3. Understand how venture capital and other investors are thinking about valuing early-stage ventures, and what kind of securities are used to finance such companies.
4. Evaluate the strengths and weaknesses of startup companies and understand how these affect their financing strategies.
5. Apply these concepts and frameworks to cases of real companies.
Syllabus
项目大纲
创业融资：项目将在本周聚焦初创企业融资策略和经营策略之间的联系，探索初创企业的资金需求。General introduction to entrepreneurial finance
创业融资估值与合约：项目将在本周聚焦投资者初创企业估值、创始人股权稀释以及投资合约关键条款。Valuations and contracts in entrepreneurial finance
种子轮融资与天使投资人：项目将在本周探讨天使投资与可转换债券机制。Seed financing and angel investors
初创企业债务融资Can startups use debt? Understanding venture debt
首次公开募股IPO：项目将在本周聚焦“企业透过证券交易所首次公开向投资者增发股票，以期募集用于企业发展资金的过程”。Initial public offerings
项目回顾与成果展示Program Review and Presentation
论文辅导 Project Deliverables Tutoring
Program Outcome
项目收获
4周在线小组科研学习+2周不限时论文指导学习 共125课时
项目报告
优秀学员获主导师Reference Letter
EI/CPCI/Scopus/ProQuest/Crossref/EBSCO或同等级别索引国际会议全文投递与发表指导(可用于申请)
结业证书
成绩单
