Бакалавриат
2021/2022
Управление капиталом
Статус:
Курс по выбору (Управление бизнесом)
Направление:
38.03.02. Менеджмент
Кто читает:
Департамент финансового менеджмента
Где читается:
Высшая школа бизнеса
Когда читается:
3-й курс, 4 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для своего кампуса
Преподаватели:
Сизых Дмитрий Сергеевич
Язык:
английский
Кредиты:
4
Контактные часы:
40
Course Syllabus
Abstract
Capital structure is a combination of long-term sources used for financing of a company. The capital structure directly affects the company's cost of capital. The main goal of decisions on the capital structure is to maximize the market value of the company through the finding the optimal combination of long-term sources used for company's financing, that is, through the formation of an optimal capital structure.
The study course includes the main provisions on the company's capital structure (the concept of capital, its types and financing of activities), approaches and methods for managing the company's capital structure and methods for assessment the effectiveness of its management. The studying of this course is aimed at developing students' theoretical knowledge and practical skills in decision-making and managing the company's capital structure. The course provides knowledge about what types of financing are available to companies, their advantages, disadvantages and ways to obtain; what are the modern directions for determining the debt load. In addition, students will gain skills in calculating the cost of equity and cost of debt capital, finding the optimal ratio of debt and equity financing based on financial information from both the capital market and information about competitors to make appropriate decisions.
Learning Objectives
- The purpose of the course is to provide an understanding in the form of knowledge, skills and abilities about the classical approaches to managing the capital structure of a company.
- Understanding the principles of formation modern capital structures and methods for making the optimal solutions regarding the ratio of various sources available for financing of company.
Expected Learning Outcomes
- formation of theoretical knowledge regarding the company's capital structure: the concept of capital, types of capital and financing activities
- formation of students' knowledge about what types of financing are available for companies, their advantages, disadvantages and methods of capital attracting; what are the modern directions for choosing the level of debt load
- development of ability and practical skills for analyzing the company's capital, determining the level of debt load and choosing of financing processes
- training in the principles of formation of modern capital structures and methods for making optimal decisions regarding finding the ratio between various sources for company's financing; formation of skills and abilities to calculate the cost of equity and the cost of debt capital
- training students in modern methods for assessment the effectiveness of capital structure management
- formation of skills and abilities to calculate the cost of equity and the cost of debt capital, determining the optimal ratio of debt and equity based on financial information from both the capital market and information about competitors to make appropriate decisions
Course Contents
- Definition & Concept of capital, types of capital and sources for company financing.
- Theories of capital structure.
- Management of the company's capital structure.
- Assessment the effectiveness of managing the company's capital structure.
Assessment Elements
- ActivityActivity assessment includes adding points for visiting of seminars and solving of homework tasks.
- Interim testInterim test will be carried out on the "StartExam" platform. This test will iclude theoretical and practical questions.
- Exam testExam test will be carried out on the "StartExam" platform. This test will iclude theoretical and practical questions.
Bibliography
Recommended Core Bibliography
- Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset (Vol. 3rd ed). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442924
- Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset, University Edition (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442925
- Fabozzi, F. J., & Peterson, P. P. (2003). Financial Management and Analysis (Vol. 2nd ed. Frank J. Fabozzi, Pamela P. Peterson). Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=91823
Recommended Additional Bibliography
- Robert Higgins. (2018). ISE EBook Online Access for Analysis for Financial Management. McGraw-Hill Education.