日本語 English
| 開講年度/ Academic YearAcademic Year |
20242024 |
| 科目設置学部/ CollegeCollege |
経営学研究科/Graduate School of BusinessGraduate School of Business |
| 科目コード等/ Course CodeCourse Code |
KN212/KN212KN212 |
| テーマ・サブタイトル等/ Theme・SubtitleTheme・Subtitle |
Applied Corporate Finance |
| 授業形態/ Class FormatClass Format |
対面（全回対面）/Face to face (all classes are face-to-face)Face to face (all classes are face-to-face) |
| 授業形態（補足事項）/ Class Format (Supplementary Items)Class Format (Supplementary Items) |
Face-to-Face |
| 授業形式/ Class StyleCampus |
演習・ゼミ/SeminarSeminar |
| 校地/ CampusCampus |
池袋/IkebukuroIkebukuro |
| 学期/ SemesterSemester |
秋学期2/Fall Semester2Fall Semester2 |
| 曜日時限・教室/ DayPeriod・RoomDayPeriod・Room |
水4/Wed.4 Wed.4 , 水5/Wed.5, Wed.5 ログインして教室を表示する（Log in to view the classrooms.） |
| 単位/ CreditsCredits |
22 |
| 科目ナンバリング/ Course NumberCourse Number |
MIB6201 |
| 使用言語/ LanguageLanguage |
英語/EnglishEnglish |
| 履修登録方法/ Class Registration MethodClass Registration Method |
科目コード登録/Course Code RegistrationCourse Code Registration |
| 配当年次/ Assigned YearAssigned Year |
配当年次は開講学部のR Guideに掲載している科目表で確認してください。配当年次は開講学部のR Guideに掲載している科目表で確認してください。 |
| 先修規定/ Prerequisite RegulationsPrerequisite Regulations |
|
| 他学部履修可否/ Acceptance of Other CollegesAcceptance of Other Colleges |
履修登録システムの『他学部・他研究科履修不許可科目一覧』で確認してください。 |
| 履修中止可否/ Course CancellationCourse Cancellation |
－（履修中止制度なし/ No system for cancellation) |
| オンライン授業60単位制限対象科目/ Online Classes Subject to 60-Credit Upper LimitOnline Classes Subject to 60-Credit Upper Limit |
|
| 学位授与方針との関連/ Relationship with Degree PolicyRelationship with Degree Policy |
各授業科目は、学部・研究科の定める学位授与方針（DP）や教育課程編成の方針（CP）に基づき、カリキュラム上に配置されています。詳細はカリキュラム・マップで確認することができます。 |
| 備考/ NotesNotes |
This is an intermediate-level course in corporate finance at the graduate level. The goal of the course is to gain thorough understandings on theories and practices of corporate financing and payout policies. After taking this course, students should be able to explain how firms should design their financing and payout policies so as to maximize firm value. This is an intensive Fall Quarter 2 course.
We begin with corporate financing decisions and learn how firms raise outside capital through issuing financial securities such as equity and debt in financial markets. Then we discuss an optimal mix of equity and debt issuances by considering various trade-offs between the costs and benefits associated with those securities. In the later part of the course, we examine how financing decisions could affect the valuation of investment projects through their effects on a firm's cost of capital. We will also examine corporate payout policies and discuss how firms should design their cash distribution policies to maximize shareholder value. We would also touch on other topics in corporate finance if time allows.
| 1 | Introduction |
| 2 | An overview of corporate financing |
| 3 | How corporations issue securities (1) |
| 4 | How corporations issue securities (2) |
| 5 | Does debt policy matter? (1) |
| 6 | Does debt policy matter? (2) |
| 7 | Does debt policy matter? (3) |
| 8 | How much should a corporation borrow? (1) |
| 9 | How much should a corporation borrow? (2) |
| 10 | Financing and corporate valuation (1) |
| 11 | Financing and corporate valuation (2) |
| 12 | Payout policy (1) |
| 13 | Payout policy (2) |
| 14 | Final Test |
板書 /Writing on the Board
スライド（パワーポイント等）の使用 /Slides (PowerPoint, etc.)
上記以外の視聴覚教材の使用 /Audiovisual Materials Other than Those Listed Above
個人発表 /Individual Presentations
グループ発表 /Group Presentations
ディスカッション・ディベート /Discussion/Debate
実技・実習・実験 /Practicum/Experiments/Practical Training
学内の教室外施設の利用 /Use of On-Campus Facilities Outside the Classroom
校外実習・フィールドワーク /Field Work
上記いずれも用いない予定 /None of the above
You are expected to read assigned chapters in the textbook before coming to class. Please carefully review class materials after each class.
| 種類 (Kind) | 割合 (%) | 基準 (Criteria) |
|---|---|---|
| 平常点 (In-class Points) | 100 |
最終テスト(Final Test)(40%) Assignments(40%) Class participation (20%) |
| 備考 (Notes) | ||
| No | 著者名 (Author/Editor) | 書籍名 (Title) | 出版社 (Publisher) | 出版年 (Date) | ISBN/ISSN |
|---|---|---|---|---|---|
| 1 | Richard Brealey, Stewart Myers, Franklin Allen, Alex Edmans | Principles of Corporate Finance (14th Edition) | McGraw-Hill Education | 2022 | 9781265074159 |
Prerequisite: MIB Module 5 (Finance & Financial Accounting) or equivalent. Class slides will be posted online before each class.
本コースは、大学院中級レベルの企業財務論のコースです。このコースの目標は、企業の資金調達戦略と株主還元政策の理論と実践について理解することです。このコースを受講した後、学生は企業価値を最大化するために企業がどのように資金調達戦略と株主還元政策を設計すべきかを説明できるようになります。本コースは秋学期第2四半期の集中コースです。
This is an intermediate-level course in corporate finance at the graduate level. The goal of the course is to gain thorough understandings on theories and practices of corporate financing and payout policies. After taking this course, students should be able to explain how firms should design their financing and payout policies so as to maximize firm value. This is an intensive Fall Quarter 2 course.
本コースではまず企業の資金調達の決定方法を学び、企業が金融市場で株式や負債などの金融証券を発行することによりどのように外部資本を調達するかを学びます。次に、それらの証券を発行することに付随する便益と費用がもたらすトレードオフを考慮して、株式と負債の発行の最適な組み合わせについて議論します。コースの後半では、資金調達の決定が企業の資本コストへの影響を通じて、投資プロジェクトの評価にどのような影響を与える可能性があるかを検討します。また、企業が株主価値を最大化するためにどのような株主還元政策を設計すべきかについても議論します。時間があれば、企業財務の他のトピックについても触れたいと思います。
We begin with corporate financing decisions and learn how firms raise outside capital through issuing financial securities such as equity and debt in financial markets. Then we discuss an optimal mix of equity and debt issuances by considering various trade-offs between the costs and benefits associated with those securities. In the later part of the course, we examine how financing decisions could affect the valuation of investment projects through their effects on a firm's cost of capital. We will also examine corporate payout policies and discuss how firms should design their cash distribution policies to maximize shareholder value. We would also touch on other topics in corporate finance if time allows.
| 1 | Introduction |
| 2 | An overview of corporate financing |
| 3 | How corporations issue securities (1) |
| 4 | How corporations issue securities (2) |
| 5 | Does debt policy matter? (1) |
| 6 | Does debt policy matter? (2) |
| 7 | Does debt policy matter? (3) |
| 8 | How much should a corporation borrow? (1) |
| 9 | How much should a corporation borrow? (2) |
| 10 | Financing and corporate valuation (1) |
| 11 | Financing and corporate valuation (2) |
| 12 | Payout policy (1) |
| 13 | Payout policy (2) |
| 14 | Final Test |
板書 /Writing on the Board
スライド（パワーポイント等）の使用 /Slides (PowerPoint, etc.)
上記以外の視聴覚教材の使用 /Audiovisual Materials Other than Those Listed Above
個人発表 /Individual Presentations
グループ発表 /Group Presentations
ディスカッション・ディベート /Discussion/Debate
実技・実習・実験 /Practicum/Experiments/Practical Training
学内の教室外施設の利用 /Use of On-Campus Facilities Outside the Classroom
校外実習・フィールドワーク /Field Work
上記いずれも用いない予定 /None of the above
You are expected to read assigned chapters in the textbook before coming to class. Please carefully review class materials after each class.
| 種類 (Kind) | 割合 (%) | 基準 (Criteria) |
|---|---|---|
| 平常点 (In-class Points) | 100 |
最終テスト(Final Test)(40%) Assignments(40%) Class participation (20%) |
| 備考 (Notes) | ||
| No | 著者名 (Author/Editor) | 書籍名 (Title) | 出版社 (Publisher) | 出版年 (Date) | ISBN/ISSN |
|---|---|---|---|---|---|
| 1 | Richard Brealey, Stewart Myers, Franklin Allen, Alex Edmans | Principles of Corporate Finance (14th Edition) | McGraw-Hill Education | 2022 | 9781265074159 |
Prerequisite: MIB Module 5 (Finance & Financial Accounting) or equivalent. Class slides will be posted online before each class.