OIC

AC237

日本語

Corporate Finance is the study of the optimal investment, financing, and payout policies that a CEO should undertake to maximize shareholder value (corporate value). This course is structured into the following three main sections:

Section 1: Corporate Objectives and Governance This section discusses the purpose of a corporation, corporate forms, the separation of ownership and management, agency theory, and corporate governance. It also covers the latest trends in Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) issues, introducing the importance of corporate governance in practice.

Section 2: Valuation In the Valuation section, students learn how to price financial instruments (bonds and stocks), focusing on the Dividend Discount Model (DDM) and mastering its underlying theories and practices. Additionally, this section delves into the relationship between risk and return, enhancing understanding of the Capital Asset Pricing Model (CAPM).

Section 3: Financial Decision Making The final section examines capital structure policy and dividend policy, primarily through the Modigliani-Miller theorem (MM theorem). It also explores rules for investment decisions (NPV, IRR), and the impact of capital market completeness on corporate financial strategy.

The course is primarily lecture-based, led by faculty, but also includes active learning methodologies to encourage proactive and independent learning by students.

Teaching methods: Lectures, discussions, Q&A, case studies, group presentation. Note that conducting case studies may prevent covering all topics outlined in the syllabus.

(1) Students will understand the fundamental principles of corporate finance that good financial decisions increase shareholder (corporate) value, while poor financial decisions destroy it.

(2) Students will grasp the concepts of agency theory and corporate governance and learn how to appropriately manage the conflicts of interest between managers and shareholders.

(3) Students will master methods of evaluating corporate value and become capable of accurately assessing a company's financial situation.

(4) Students will comprehend the significance of investment decisions that increase corporate value and the decisions regarding financing and payouts in a perfect capital market.

(5) Students will develop logical thinking skills and become capable of theoretically analyzing financial decisions.

We recommend that students take the course on Corporate Finance, designed for third-year students and above, after completing the Financial course for sophomores.

Lecture/Instructor（When there are multiple instructors)	Theme
	Keyword, References and Supplementary Information
1	ガイダンス
	コーポレート・ファイナンスとは何か？ 三つの財務的意思決定の実例； 授業の進め方と成績評価；ケーススタディ 【＋R 授業】詳細はmanaba＋R を参照」
2-4	エージェンシー理論とコーポレート・ガバナンス
	企業の目的、企業形態、所有と経営の分離、エージェンシー理論、コーポレート・ガバナンス、取締役会の役割
5-7	財務諸表分析
	財務諸表の読み方、ROAとROEの関係、レバレッジ効果、デュポン分析
8-10	リスクとリターン
	現代ポートフォリオ理論、資本コスト、現在価値の計算、株式と債券の価格決定
11	投資の意思決定
	回収期間法、NPVとIRR
12-13	資本政策とペイアウト政策
	完全資本市場、MM理論、最適資本構成
14	グループプレゼン
	企業分析（コアビジネス、コーポレートガバナンス、財務分析、デュポン分析、DDMモデルかDCFモデルによる理論株価など）

All classes will be conducted face-to-face.

However, due to various circumstances such as business trips or illness of the lecturer, there may be occasions where the class will be conducted using media, different from the scheduled plan. In such cases, announcements will be made in advance using manaba+R.

●Weekly Review (30 minutes) and Preview (30 minutes):
Please review the content of each class and prepare for the next lecture. By reviewing, you can deepen your understanding and get ready to effectively learn new knowledge.

●Acquire the ability and habit of thinking logically about events and trends in the financial markets by gathering information from sources such as Bloomberg, Nikkei, and CNBC.

Kind	Percentage	Grading Criteria etc.
Final Examination (Written)
Report Examination (A report to be submitted by the unified deadline)
Exams and/or Reports other than those stated above, and Continuous Assessment　 (Evaluation of Everyday Performance in Class)	100	授業への参加度、授業内の議論：20% 宿題: 50% プロジェクト:30%

1. 学生は定期的に授業に出席することが求められ、クラスでの議論に積極的に参加することが奨励されます。ディスカッションに積極的に参加した学生には、ボーナスポイントを付与します。

2. 課題の提出は期限内にお願いします。課題の提出に支障がある場合は、提出期限までにメールでお知らせください。提出期限を過ぎての提出は認められません。

Title	Author	Publisher	ISBN Code	Comment
すらすら読めて奥までわかるコーポレート・ファイナンス	内田 交謹	創成社	9784794425850
Corporate finance	Stephen A. Ross	McGraw-Hill Education	9780077861759
金融	内田浩史	有斐閣	9784641164932

日本銀行
http://www.boj.or.jp

FRB アメリカの中央銀行
https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

IMF
http://www.imf.org/external/index.htm

BIS
http://www.bis.org

日本株　Japanese stocks
https://kabutan.jp/　　
https://moneybox.jp/investment/adr.php?t=9984
https://www.jpx.co.jp/markets/statistics-equities/investor-type/index.html
https://www.tradingster.com/cot/legacy-futures

アメリカ株 US Stocks
https://finviz.com/map.ashx
https://finviz.com/groups.ashx
https://www.bloomberg.co.jp/markets/stocks
https://www.earningswhispers.com/
https://www.tipranks.com/

経済カレンダー　
https://tradingeconomics.com/calendar
https://jp.wsj.com/
https://www.bloomberg.com/asia
https://www.reuters.com/
https://www.ft.com/

テクニカル分析　
https://jp.tradingview.com/markets/
https://jp.investing.com/indices/us-spx-500
https://finance.yahoo.com/
https://www.morningstar.co.uk/uk/research/etfs


そのた
https://insight.factset.com/
https://www.dailyfx.com/sentiment　
https://www.kiplinger.com/investing/stocks/17494/next-week-earnings-calendar-stocks
https://www.marketwatch.com/
https://shortinterest.jp/　
https://www.barchart.com/stocks/quotes/$S5FI/interactive-chart
https://ycharts.com/indicators/cboe_equity_put_call_ratio

Talk with Students

やり取りはメールでお願いいたします。
p-fan[a]fc.ritsumei.ac.jp

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