金融学概论讲义(北大光华管理学院)lecture01详解.doc

PAGE 1 Principles of Finance Dr. Zhangkai Huang Assistant Professor of Finance Office 440 Tel HYPERLINK mailto:s.huang@lancaster.ac.uk huangzk@gsm.pku.edu.cn Course Objectives By the end of the course students should be able to understand the following fundamental concepts and issues of modern finance: ? Net present values and capital budgeting ? Return, risk, and capital asset pricing model (CAPM) ? Basics of financial derivatives, e.g. futures and options ? Capital structure, dividend policy and issues of corporate governance Readings Zvi Bodie and Robert Merton, Finance, 2nd edition, 2000, Prentice Hall, ISBN 0-13-310897-X Richard Brealey and Stewart Myers, Principles of Corporate Finance, 7th edition, 2000, Irwin McGraw-Hill, ISBN 0-07-115144-3 ? Students are expected to have read the relevant chapters before each lecture ? There will be 12 lectures and 3 tutorial sessions Course Assessment Homework 15% Mid-term test 30% Final exam 55% Introduction to Finance I’m saving for retirement. Should I use a bank deposit, mutual fund, direct stock market investment? I want a new car. Should I use : saved cash, lease, borrow? I’m thinking about starting a new business: will it reward me adequately? A company has asked for major project financing : should my corporation provide funds? Introduction to Finance ? Study of how people allocate scarce resources over time where cost and benefits are ? Spread out over time, i.e. investment is required now in return for future cash flows ? Future cash flows are uncertain (and information plays important role in resolution of uncertainty) ? Perspectives of finance Corporate finance ? Investments ? Financial markets and intermediaries Defining Financing: An Example Investing in company shares is done for the dividend payments to be received in the future ? Dividends are paid in the future ? Timing and amount of dividend payments are uncer