| 授業名 | Corporate Finance |
|---|---|
| Course Title | Corporate Finance |
| 担当教員 Instructor Name | 小林 武（Takeshi Kobayashi） |
| コード Couse Code | NUC410_N23A |
| 授業形態 Class Type | 講義 Regular course |
| 授業形式 Class Format | On Campus |
| 単位 Credits | 2 |
| 言語 Language | EN |
| 科目区分 Course Category | 専門教育科目 / Specialized Subject |
| 学位 Degree | BBA |
| 開講情報 Terms / Location | 2023 UG Nisshin Term2 |
授業の概要 Course Overview
Misson Statementとの関係性 / Connection to our Mission Statement
This course aims to educate innovative and ethical leaders who possess a ‘ Frontier
Spiritʼ and to create knowledge that advances business and society.
Spiritʼ and to create knowledge that advances business and society.
授業の目的（意義） / Importance of this course
Corporate Finance has been a necessary tool for top management to develop a corporate strategy and carry out business activity. The goal of this course is to learn the essence of corporate finance systematically and comprehensively and to apply it to actual business. The course also discuss the key concept of “Investments” which is another main stream of Finance.
The course deals with not only the theory but also lots of cases of Japanese companies from the practical point of view. We emphasis on how to use finical tools for business decision making. We also discuss the financial problems and challenges which Japanese companies is now facing.
It is necessary to have mathematical knowledge to study Finance and I explain the essential of corporate finance by showing as much as charts and practical cases. Some exercises using EXCEL by analyzing market date and financial statement will be conducted in the course.
The course deals with not only the theory but also lots of cases of Japanese companies from the practical point of view. We emphasis on how to use finical tools for business decision making. We also discuss the financial problems and challenges which Japanese companies is now facing.
It is necessary to have mathematical knowledge to study Finance and I explain the essential of corporate finance by showing as much as charts and practical cases. Some exercises using EXCEL by analyzing market date and financial statement will be conducted in the course.
到達目標 / Achievement Goal
By the end of the course, students will acquire a thorough basic knowledge of finance and develop analytical skills to apply the theory to practice. They will be able to develop their own view to enhance corporate valuation.
本授業の該当ラーニングゴール Learning Goals
*本学の教育ミッションを具現化する形で設定されています。
LG1 Critical Thinking
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG6 Managerial Perspectives (BBA)
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG6 Managerial Perspectives (BBA)
受講後得られる具体的スキルや知識 Learning Outcomes
By the end of the course, students will acquire a thorough basic knowledge of finance and develop analytical skills to apply the theory to practice. They will be able to develop their own view to enhance corporate valuation.
SDGsとの関連性 Relevance to Sustainable Development Goals
Goal 4 質の高い教育をみんなに（Quality Education）
教育手法 Teaching Method
| 教育手法 Teaching Method | % of Course Time | |
|---|---|---|
| インプット型 Traditional | 30 % | |
| 参加者中心型 Participant-Centered Learning | ケースメソッド Case Method | 50 % |
| フィールドメソッド Field Method | 20 % | 合計 Total | 100 % |
事前学修と事後学修の内容、レポート、課題に対するフィードバック方法 Pre- and Post-Course Learning, Report, Feedback methods
A. Course Approach
Students are expected to understand the class materials and read the textbook required readings before each class in order to be able to follow the lecture. They are strongly encouraged to solve problems sets in textbook to understand the course and prepare for the exams. Students will be expected to make an individual presentation on investment analysis and short tests.
B. Report and presentation
Some report assignments such as investment simulation or securities analysis using EXCEL will be turned in individually.
Class attendance and active participation in the classroom discussion is required.
C. Feedback methods
The results of the short tests with notes will be provided during the course.
Students are expected to understand the class materials and read the textbook required readings before each class in order to be able to follow the lecture. They are strongly encouraged to solve problems sets in textbook to understand the course and prepare for the exams. Students will be expected to make an individual presentation on investment analysis and short tests.
B. Report and presentation
Some report assignments such as investment simulation or securities analysis using EXCEL will be turned in individually.
Class attendance and active participation in the classroom discussion is required.
C. Feedback methods
The results of the short tests with notes will be provided during the course.
授業スケジュール Course Schedule
第1日（Day1）
At the beginning of the lecture, students will discuss the significance of corporate finance. Next, we will consider the time value of money, which is the basic concept of finance.●使用するケース
Softbank Group - Equity and Corporate Bond Valuation -2019 (Original)第2日（Day2）
Based on the concept of risk and return in finance, students will learn the concept of the cost of capital as compensation for shareholders and creditors. In the case, we will consider β (beta), which is the basic concept of the cost of capital, by drawing on familiar examples. In addition, we will discuss the relationship between capital cost and corporate valuation by considering the reaction of active information disclosure and stock prices.●使用するケース
Beta and friends of Aristotle (Original)Sources of Value Creation (HBS)
第3日（Day3）
We discuss the concept of cash flow, while being aware of the difference from accounting profit.●使用するケース
The Case of Unidentified IndustriesSources of Value Creation (HBS)
第4日（Day4）
We will explain the basic concept of investment projects, such as what kind of business to choose and how to choose from among several options. In the case, we will discuss decision-making regarding business investment by reliving the process surrounding the actual launch of the Sky Tree business.●使用するケース
Tobu railways -Tokyo Skytree Town- (Original)第5日（Day5）
Students will learn the discount cash flow (DCF) method in an Excel exercise format using financial data and stock price data of companies selected by the students themselves prepared in the preparation report. By experiencing analyst work themselves, students will experience the process of calculating corporate value and theoretical stock prices.●使用するケース
Sources of Value Creation (HBS)第6日（Day6）
Based on the theories of corporate valuation we will discuss specific measures that companies should take to improve corporate value through cases. Specifically, we will deepen our discussion on evaluating the value of unlisted companies, which make up the majority of SMEs. In addition, we will discuss how to quantitatively evaluate qualitative factors, and the significance and challenges of ESG investment.●使用するケース
Marui Group-ESG disclosure- (Original)第7日（Day7）
We explain how different financing methods affect corporate value. The case discusses practical considerations regarding capital structure by re-experiencing how decision-making regarding the composition of debt and equity changed during the financial crisis.In addition we will provide a theoretical explanation of the dividend policy, which is the return of profits to shareholders. Finally, I will summarize the main points so far and reaffirm the significance of corporate finance, including corporate governance.
●使用するケース
Takeda Pharmaceutical Co.,Ltd. -Optimal Capital Structure-2022 (Original)成績評価方法 Evaluation Criteria
*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
| 講師用内規準拠 Method of Assessment | Weights |
|---|---|
| コールドコール Cold Call | 10 % |
| 授業内での挙手発言 Class Contribution | 40 % |
| クラス貢献度合計 Class Contribution Total | 50 % |
| 予習レポート Preparation Report | 30 % |
| 小テスト Quizzes / Tests | 20 % |
| シミュレーション成績 Simulation | 0 % |
| ケース試験 Case Exam | 0 % |
| 最終レポート Final Report | 0 % |
| 期末試験 Final Exam | 0 % |
| 参加者による相互評価 Peer Assessment | 0 % |
| 合計 Total | 100 % |
評価の留意事項 Notes on Evaluation Criteria
To understand the contents of the lecture, you are required to submit a report on the pre-assignment before the class. In addition, we will ask you to submit the EXCEL exercise during the lecture. How to create a report will be explained in the lecture. Mini test will be conducted during the course to check your knowledge.教科書 Textbook
- Not applicable「Not applicable」Not applicable（Not）
参考文献・資料 Additional Readings and Resource
1. Mihir Desai ,How Finance Works: The HBR Guide to Thinking Smart About the Numbers Harvard Business Review Press (2019/4/23) ISBN-13 : 978-1633696709
2. Jonathan Berk and Peter DeMarzo, Corporate Finance, Global Edition,Pearson Education Limited; Sixth Edition (2023/6/22) ISBN-13 : 978-1292446318
3. MCKINSEY & COMPANY, Valuation: Measuring and Managing the Value of Companies (Wiley Finance) Wiley; Seventh Edition (2020/6/30) ISBN-13 : 978-1119610885
4. Krishna G. Palepu et al,Business Analysis and Valuation: IFRS Cengage Learning EMEA ISBN-13 : 978-1473779075
2. Jonathan Berk and Peter DeMarzo, Corporate Finance, Global Edition,Pearson Education Limited; Sixth Edition (2023/6/22) ISBN-13 : 978-1292446318
3. MCKINSEY & COMPANY, Valuation: Measuring and Managing the Value of Companies (Wiley Finance) Wiley; Seventh Edition (2020/6/30) ISBN-13 : 978-1119610885
4. Krishna G. Palepu et al,Business Analysis and Valuation: IFRS Cengage Learning EMEA ISBN-13 : 978-1473779075
授業調査に対するコメント Comment on Course Evaluation
Try to make class presentation clear and straightforward.
Try to make students involved in the course.
Try to make students involved in the course.
担当教員のプロフィール About the Instructor
慶應義塾大学商学部卒。ファイナンス修士（HEC経営大学院）。博士（経営学、筑波大学大学院ビジネス科学研究科）。20年以上にわたり、東京銀行、格付投資情報センター、バークレイズ・グローバル・インベスターズ、三菱UFJモルガンスタンレー証券、NSフィナンシャルマネジメントコンサルティング（新日鉄住金ソリューションズ子会社）にて企業評価、資産運用、リサーチ業務等に従事。
He has been involved in the field of banking, asset management and research in financial industry for over 20 years.
He worked as loan officer and engaged corporate valuation and setting up investment funds in Luxembourg and pension business in Bank of Tokyo Mitsubishi. He has developed practical credit risk models in Rating & Investment Information, Inc. (Japanese rating agency).He managed fixed income portfolios and developed quantitative modeling of Fixed Income securities in Barclays Global Investors Japan and Black Rock Japan. He worked as credit analyst in Mitsubishi UFJ Morgan Stanley Securities to
analyze macro economy and credit market, and propose credit investment strategies He has consulted financial risk management for financial institution and corporation in NS Financial Management Consulting, Inc.
He holds BA in Business and Commerce from Keio University, and Master of International Finance from HEC School of Management and He received Ph.D. degrees in business administration from Tsukuba University, working in the daytime.
Refereed Articles
- (2021) Common Factors in the Term Structure of Credit Spreads and Predicting the Macroeconomy in Japan. International Journal of Financial Studies ISSN 2227-7072
- (2017) A Regime Switching Dynamic Nelson-Siegel Modeling to Corporate Bond Yield Spreads with Time-Varying Transition Probabilities. Journal of Applied Business and Economics 5(19,2017): 1499-691X
- (2015) Term Structure of Credit Spreads and the Macroeconomy in Japan:A Global Factor Approach. Procedia Economics and Finance 2015/00(01): ISSN:2212-5671
- (2013) Modeling the Term Structure of Credit Spreads and its Application to Japanese Corporate Bond Market. University of Tsukuba
- (2012) Predicting credit spread using term structure and macro economic information. Modern Finance No31(No31):
Refereed Proceedings
- (2024). Estimation of common and credit quality factors using term structure of credit spreads. JAFEE2023 Winnter Proceedings .JAFEE 2023 Winter. 1. 2. Tokyo unniversity
- (2023). Decomposing Asian Countries Yield Curve Comovement. Proceeding of JAFEE 2022 Winter .JAFEE. 1. 2. Tohoku University
- (2021). Comparison of Zero Coupon Yield Curve Estimation Methods Using Japanese Corporate Bond Price Data. Proceeding of JAFEE 2021 Summer .JAFEE Summer 2021. 1. 2. Online
- (2020). A Global Model of International Yield Curves: Regime-Switching Dynamic Nelson Siegel Modeling Approach. Proceeding of JFA 2020 .Japan Finance Association 2020. 1. 2. Online
- (2020). A Global Model of International Yield Curves: Regime-Switching Dynamic Nelson Siegel Modeling Approach. Proceeding of JAFEE 2020 Summer .JAFEE Summer 2020. 1. 2. Online