适合人群
适合年级 (Grade): 高中生/大学生
适合专业 (Major): 适合对于金融、金融经济学、公司金融、金融投资、量化金融等专业感兴趣或希望修读相关专业的学生
建议选修: 资产配置与投资管理
导师介绍
Arhat
牛津大学 University of Oxford
终身教职
Arhat 导师在牛津大学多个学院（赛德商学院、布拉塞诺斯学院、圣凯瑟琳学院）担任经济学/财务会计终身教职，导师本科毕业于牛津大学PPE专业，后进入LSE攻读经济学硕士学位，并在此基础上获得了LSE的数学和哲学博士学位。得益于导师出众的交叉学科能力，他的金融经济学专业的研究成果和教学水平受到了业内的一致好评。导师在LSE任职期间多次获得学生评选出的优秀教师奖项。目前导师在牛津大学担任赛德商学院MBA招生官和考试委员会主席，也是牛津大学经济金融与管理专业考试委员会成员，今年依旧担任经济与管理专业招生官。导师除了在学术研究方面颇有建树之外，他在实践工作中也经验丰富。导师持有英国精算协会正式会员席位，也曾是百慕大金融管理局（BMA）高管团队的一员，任职于BMA的政策、研究与风险部门。导师曾在多家知名机构和企业担任顾问，其中包括百慕大金融管理局、百慕大银行、百慕大政府、英国外交部、德国财政部等。
Arhat’s areas of expertise span the economics, finance, and accounting disciplines. He holds Lectureships in Economics at Christ Church and St Catherine’s College within the University of Oxford. In previous years, while at Oxford, he held Lectureships in Economics at Brasenose College, St John’s College, St Peter’s College and Hertford College, as well as a Lectureship in Management at Hertford College. Arhat serves as an adjunct member of the Economics Faculty at Hong Kong University, as well as being a Research Associate at the London School of Economics (LSE). Arhat is also a member of the Institute and Faculty of Actuaries.
Arhat’s areas of expertise span across economics, finance, accounting, and philosophy. He holds Lectureships in Economics at Oriel and St Catherine’s Colleges within the University of Oxford. In previous years, he held Lectureships in Economics and in Management at several Oxford colleges. Arhat serves as an adjunct member of the Economics Faculty at Hong Kong University, as well as being a Research Associate at the London School of Economics (LSE). Arhat is also a member of the Institute and Faculty of Actuaries. Prior to returning to Oxford in 2014, Arhat was a member of the senior management team at the Bermuda Monetary Authority (BMA), working as a Director of Policy, Research and Risk; the BMA is the integrated regulator of Bermuda’s financial services industry. Previous to that, he held positions as a London School of Economics (LSE) Fellow in Economics, a Research Fellow in the Philosophy of Economics at the University of Bielefeld and a Visiting Lecturer in Economics at City University (London).
项目背景
现金流估值通过预测投资项目或证券未来产生的现金流入（如项目收益、债券利息、股票股息），并选用反映风险的折现率（如项目用加权平均资本成本WACC，债券用到期收益率）将其折算为当前现值，以此判断价值是否高于当前成本（投资决策）或市场价格（证券投资）。该估值直接影响公司投资政策：净现值为正的项目可创造价值，应被采纳；反之则拒绝。同时，融资决策（选择债务或股权融资）决定了公司的资本结构和加权平均资本成本（WACC），而WACC作为折现率又反作用于投资估值——融资成本越高，折现率上升，项目估值降低，合格投资机会减少。因此，公司需统筹投融资决策：优化融资结构以降低WACC，从而提升项目估值门槛和投资能力，最终实现风险与收益的平衡，驱动整体战略和长期价值增长，形成动态循环。
项目介绍
本项目将分析现代金融市场分析的基本理论概念。学生将学习（1）如何根据现金流对投资项目和证券进行估值，以及（2）融资和投资决策对公司政策的相关性。在整个课程中，我们注重经济直觉和思维。本课程为学生提供了分析金融问题的框架，因此可以被视为任何中级到高级金融选修课程的核心课程。目标群体是那些有兴趣开发金融分析工具进行投资和风险管理的学生，以期提高他们未来的财务决策能力和/或进一步深入学习。
This course introducesthe fundamental theoretical concepts underlying the modern analysis of financial markets. Students will learn (1) how to value investment projects and securities based on their cash flow streams, and (2) about the relevance of financing and investment decision making for company policy. We put emphasis on economic intuition and thinking throughout the topics covered. The course equips students with a framework for analyzing financial problems and can therefore be considered a prerequisite for any intermediate to advanced finance elective course. Target group is those who are interested in developing a toolkit for financial analysis, with a view to enhancing their own financial decision-making moving forward and/or progressing onto more advanced in-depth study.
Brealey, R., Myers, S. & Allen, F. (2011) Principles of Corporate Finance, (10th ed.), New York: McGraw Hill. (BMA)
项目大纲
资产定价与估值 How to Value an Investment
估值模型应用 Applications of Valuation Techniques
风险与投资回报 Return and Risk
回报估值与风险量化模型 Applications of Return and Risk Analysis
项目回顾与成果展示 Program Review and Presentation
论文辅导 Project Deliverables Tutoring
项目收获
7周在线小组科研学习+5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
LASER Award in Research Skills for Academic Study官方证书并转换8 UCAS Tariff Points（可选）