Бакалавриат 2021/2022

Инвестиционный анализ

Статус: Курс по выбору (Экономика и статистика)

Направление: 38.03.01. Экономика

Кто читает: Школа финансов

Где читается: Факультет экономических наук

Когда читается: 4-й курс, 3 модуль

Формат изучения: с онлайн-курсом

Охват аудитории: для своего кампуса

Преподаватели: Дьяченко Виталий Владимирович, Мышенков Александр Вячеславович, Черкасова Виктория Артуровна

Язык: английский

Кредиты: 3

Контактные часы: 26

Course Syllabus

Abstract

The main topics covered include: (1) project evaluation criteria (2) justification for required level of cost of capital (3) project evaluation under uncertainty (4) investment program creation. In the course are used the adapted situations from the practice of Russian companies. Participants will have the opportunity to apply this knowledge to the investment projects evaluation in real companies in emerging capital markets. As a result, students obtain theoretical knowledge and practical skills in the analysis of the investment project; use these results in justification of optimal management decisions, in the strategy development and tactics of financial and investment activities. The course is taught in collaboration with the managers and partners of Ernst & Young Company. The lower limit of the rating when selecting applicants is 5

Learning Objectives

• The course aims to study methods of investment projects efficiency, to receive investment analysis skills required in developing company's strategy.

Expected Learning Outcomes

• to analyze and interpret financial and analytical information, work with data from company’s financial statements (ПК-7) – cases, practical exercises, analytical tasks
• to apply traditional criteria of project valuation (ПК-2) – cases, practical exercises, analytical tasks
• to get and use the necessary information from open excess to apply it to project valuation (ПК-4) – cases, analytical tasks
• to work in teams (СЛК-7) – cases, analytical tasks based on real information
• to work with information from a variety of sources (ИК- 4) – analytical tasks that assume the calculation cost of capital, cash flows based on the data from financial statements

Course Contents

• 1. Financial modelling in project evaluation
• 2. Project analysis under certainty
• 3. Investment program creation
• 4. Experience of international consultants in Russia (Ernst&Young).
• 5. Project analysis under risk
• 6. Coordination of project participants

Assessment Elements

• Accumulated mark
  Grading in the course will be based on the following criteria: • Class participation - 5% • Team projects - 15% • Midterm 1 - 40% • Midterm 2 - 40% Total 100%
• Class participation
• Team projects
  Feasibility study of the project for Ernst&Young company includes (it is necessary to choose a project either with state participation or with foreign investor and prepare): 1. The main participants of the project 2. The preparation of technical and economic proposals 3. Determination of the capital structure and its cost 4. Determination of the main technical and economic parameters 5. Preparation of a financial model with forecasts of future cash flows 6. Industry analysis as the most important stage in the preparation of the technical and economic proposals 7. Calculations of financial indicators 8. Conducting sensitivity analysis 9. Using of scenario method to assess project risks. Teams consist of 4-6 people.
• Midterm test 1
  The first midterm consists of 4 cases. It is necessary to write solutions to these cases. Time of writing for first midterm is 1 hour 20 min. Students can use printed lecture presentations, tables with annuities and a calculator.
• Midterm test 2
  The second midterm consists of 5 cases. It is necessary to write solutions to these cases. Time of writing the second midterm is 2 hours. Students can use printed lecture presentations, tables with annuities and a calculator.
• Accumulated mark
  Grading in the course will be based on the following criteria: • Class participation - 5% • Team projects - 15% • Midterm 1 - 40% • Midterm 2 - 40% Total 100%
• Class participation
• Team projects
  Feasibility study of the project for Ernst&Young company includes (it is necessary to choose a project either with state participation or with foreign investor and prepare): 1. The main participants of the project 2. The preparation of technical and economic proposals 3. Determination of the capital structure and its cost 4. Determination of the main technical and economic parameters 5. Preparation of a financial model with forecasts of future cash flows 6. Industry analysis as the most important stage in the preparation of the technical and economic proposals 7. Calculations of financial indicators 8. Conducting sensitivity analysis 9. Using of scenario method to assess project risks. Teams consist of 4-6 people.
• Midterm test 1
  The first midterm consists of 4 cases. It is necessary to write solutions to these cases. Time of writing for first midterm is 1 hour 20 min. Students can use printed lecture presentations, tables with annuities and a calculator.
• Midterm test 2
  The second midterm consists of 5 cases. It is necessary to write solutions to these cases. Time of writing the second midterm is 2 hours. Students can use printed lecture presentations, tables with annuities and a calculator.

Interim Assessment

• 2021/2022 3rd module
  0.15 * Class participation + 0.4 * Midterm test 1 + 0.4 * Team projects

Bibliography

Recommended Core Bibliography

• Борисова О. В., Малых Н. И., Овешникова Л. В. - ИНВЕСТИЦИИ В 2 Т. Т.1. ИНВЕСТИЦИОННЫЙ АНАЛИЗ. Учебник и практикум для бакалавриата и магистратуры - М.:Издательство Юрайт - 2019 - 218с. - ISBN: 978-5-534-01718-2 - Текст электронный // ЭБС ЮРАЙТ - URL: https://urait.ru/book/investicii-v-2-t-t-1-investicionnyy-analiz-432922

Recommended Additional Bibliography

• Инвестиционный анализ : учебное пособие / И.Ф. Смирнов. — Москва : ИНФРА-М, 2019. — 232 с. - Режим доступа: http://znanium.com/catalog/product/1045169
• Инвестиционный анализ / Блау С.Л., - 2-е изд. - Москва :Дашков и К, 2018. - 256 с.: ISBN 978-5-394-02843-4 - Текст : электронный. - URL: http://znanium.com/catalog/product/512662