Corporate Finance I: Measuring and Promoting Value Creation

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Description

About this course: In this course you will learn how to use key finance principles to understand and measure business success and to identify and promote true value creation. You will learn how to use accounting information to form key financial ratios to measure a company’s financial health and to manage a company's short-term and long-term liquidity needs. You will also learn how to use valuation techniques to make sound business investment and acquisition decisions. Finally, you will learn how to incorporate risk and uncertainty into investment decisions and how to evaluate the performance of existing investments. Upon successful completion of this course you will be able to: • Under…

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When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: In this course you will learn how to use key finance principles to understand and measure business success and to identify and promote true value creation. You will learn how to use accounting information to form key financial ratios to measure a company’s financial health and to manage a company's short-term and long-term liquidity needs. You will also learn how to use valuation techniques to make sound business investment and acquisition decisions. Finally, you will learn how to incorporate risk and uncertainty into investment decisions and how to evaluate the performance of existing investments. Upon successful completion of this course you will be able to: • Understand how companies make investment decisions that create value for shareholders • Use accounting statements to measure the financial health of a company • Forecast and manage a company’s short- and long-term liquidity needs • Measure the contribution of a new project or acquisition to shareholder value • Incorporate risk into investment decisions using the appropriate discount rates • Evaluate the performance of a company or divisions of a company This course was previously entitled Financial Evaluation and Strategy: Corporate Finance. The course received an average rating of 4.7 out of 5 based on 177 reviews over the period of September 2015 through August 2016. A detailed breakdown of ratings and reviews received for the prior version of the course, which is identical in content to the current course, is provided in the course orientation page. This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

Earn credit toward a master's degree This course is part of the fully-online accredited Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign. Learn More Created by:  University of Illinois at Urbana-Champaign
  • Taught by:  Heitor Almeida, Professor of Finance, Stanley C. and Joan J. Golder Chair in Corporate Finance

    Department of Finance, College of Business
Basic Info Course 5 of 7 in the Financial Management Specialization Commitment 2-4 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.8 stars Average User Rating 4.8See what learners said 课程作业

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University of Illinois at Urbana-Champaign The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.

Syllabus


WEEK 1


Course Overview
In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. The orientation also helps you obtain the technical skills required for the course.


1 video, 6 readings, 1 practice quiz expand


  1. Video: Welcome to Corporate Finance I: Measuring and Promoting Value Creation!
  2. 阅读: Syllabus
  3. 阅读: About this Course: Ratings and Reviews
  4. 阅读: About the Discussion Forums
  5. 阅读: Glossary
  6. 阅读: Social Media
  7. 阅读: Getting to Know Your Classmates
  8. 练习测验: Orientation Quiz


Module 1: The Objective of the Corporation and Analysis of Financial Ratios



In Module 1, we will discuss the objectives of the corporation. We will introduce the concept of shareholder value and discuss the pros and cons of maximizing stock prices. We will then learn how to calculate financial ratios that measure concepts such as liquidity, leverage, and profitability. We will work with accounting statements and financial data from real world companies and learn how to use this data to measure the financial health of companies and make comparisons with competitors.


14 videos, 3 readings, 3 practice quizzes expand


  1. 阅读: Module 1 Overview
  2. 阅读: Module 1 Readings
  3. 阅读: Module 1 Spreadsheets and Other Resources
  4. Video: Objectives and Overview
  5. Video: Why Maximizing the Stock Price is a Reasonable Goal For a Company
  6. Video: Conflicts Between Stock Price Maximization and Society
  7. Video: The Agency Problem and Corporate Governance
  8. 练习测验: Module 1 Practice Quiz 1
  9. Video: Balance Sheet Ratios: Introduction
  10. Video: Balance Sheet Ratios: Liquidity
  11. Video: Balance Sheet Ratios: Solvency
  12. 练习测验: Module 1 Practice Quiz 2
  13. Video: Income Statement Ratios: Profitability
  14. Video: Cash Flow Statement Ratios
  15. Video: Valuation Ratios
  16. 练习测验: Module 1 Practice Quiz 3
  17. Video: Module 1 Review
  18. Video: Like this course? Learn more with the iMBA! (optional)
  19. Video: Assignment 1 Overview
  20. Video: Assignment 1 Discussion

Graded: Module 1 Quiz
Graded: Module 1 Assignment

WEEK 2


Module 2: Financial Planning



In Module 2, we will learn models that allow us to forecast and manage a company's short-term investments such as capital expenditures. We will forecast the future financial statements of a real world company and learn how to figure out how much external financing the company will need. We will then use real world examples to learn how short-term investments in working capital determine a company's need for short-term financing.


14 videos, 3 readings, 3 practice quizzes expand


  1. 阅读: Module 2 Overview
  2. 阅读: Module 2 Readings
  3. 阅读: Module 2 Spreadsheets and Other Resources
  4. Video: Objectives and Overview
  5. Video: Long-Term Financial Planning
  6. Video: Forecasting Income Statements
  7. Video: Forecasting Cash Flow Statements
  8. Video: Forecasting Balance Sheets
  9. Video: Raising Long-Term Financing: Discussion
  10. 练习测验: Module 2 Practice Quiz 1
  11. Video: Investments in Working Capital
  12. Video: Working Capital Ratios
  13. 练习测验: Module 2 Practice Quiz 2
  14. Video: Short-Term Financial Planning: Inventory
  15. Video: Seasonality and Receivables
  16. Video: Accounts Payable and Liquidity Risk
  17. 练习测验: Module 2 Practice Quiz 3
  18. Video: Module 2 Review
  19. Video: Assignment 2 Overview
  20. Video: Assignment 2 Discussion

Graded: Module 2 Quiz
Graded: Module 2 Assignment

WEEK 3


Module 3: Making Investment Decisions



In Module 3, we will learn tools that allow us to measure the contribution of a new investment to shareholder value. We will learn how to calculate the net present value (NPV) of an investment and how to use the NPV to make a decision on whether to make the investment or not. We will also learn to calculate the rate of return (IRR) on an investment project and how to properly use the IRR in investment decisions. Finally, we will learn how to incorporate real options into investment analysis to be able to make decisions about investments such as R&D (research and development).


15 videos, 2 readings, 4 practice quizzes expand


  1. 阅读: Module 3 Overview
  2. 阅读: Module 3 Readings
  3. Video: Objectives and Overview
  4. Video: NPV Example - Speeding Up the Collection of Receivables
  5. Video: The Concept of Net Present Value (NPV)
  6. Video: Calculating NPV in Excel
  7. Video: The Relationship Between NPV and Shareholder Value
  8. 练习测验: Module 3 Practice Quiz 1
  9. Video: The Internal Rate of Return (IRR)
  10. Video: Using the IRR to Evaluate Investments
  11. Video: Problems with the IRR
  12. 练习测验: Module 3 Practice Quiz 2
  13. Video: Additional Examples
  14. 练习测验: Module 3 Practice Quiz 3
  15. Video: Real Options - Valuing R&D
  16. Video: The Option to Wait - Gold Mine Example
  17. Video: The Option to Abandon a Project
  18. 练习测验: Module 3 Practice Quiz 4
  19. Video: Module 3 Review
  20. Video: Assignment 3 Overview
  21. Video: Assignment 3 Discussion

Graded: Module 3 Quiz
Graded: Module 3 Assignment

WEEK 4


Module 4: Mergers and Acquisitions, Risk, and Performance Evaluation



In Module 4, we will apply our investment valuation tools to understand when a merger between two companies creates shareholder value. We will learn to distinguish between good and bad reasons for companies to engage in mergers and acquisitions (M&A), and we will learn how to price an M&A deal. We will also learn the specific characteristics of leveraged buyouts (LBOs) and how they can create value for shareholders. We will then learn how to incorporate risk into investment valuation by changing discount rates. We will calculate the weighted-average cost of capital (WACC) for a real world company and learn how to use WACC to value investments and to measure the performance of the company or a division of the company.


15 videos, 3 readings, 3 practice quizzes expand


  1. 阅读: Module 4 Overview
  2. 阅读: Module 4 Readings
  3. 阅读: Module 4 Spreadsheets and Other Resources
  4. Video: Objectives and Overview
  5. Video: Good and Bad Reasons to Engage in M&A Transactions
  6. Video: Synergy Valuation and Deal Pricing
  7. Video: Means of Payment and Stock Market Reaction to M&A Deals
  8. Video: Leveraged Buyouts
  9. 练习测验: Module 4 Practice Quiz 1
  10. Video: Sensitivity Analysis
  11. Video: Using Discount Rates to Incorporate Risk Into the Valuation
  12. Video: Estimating the Required Return on Equity - The Market
  13. Video: Estimating the Required Return on Equity - The Company
  14. Video: Estimating the WACC
  15. 练习测验: Module 4 Practice Quiz 2
  16. Video: Performance Evaluation: Economic Value-Added (EVA)
  17. Video: Using EVA to Measure Performance of a Company's Division
  18. 练习测验: Module 4 Practice Quiz 3
  19. Video: Module 4 Review
  20. Video: Assignment 4 Overview
  21. Video: Assignment 4 Discussion

Graded: Module 4 Quiz
Graded: Module 4 Assignment

Course Conclusion



1 video expand


  1. Video: Conclusion

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