构建金融学专业硕士培养体系研究

金融专硕是一种介于专才和通才之间的复合型高级人才。刚刚起步的金融专硕培养体系的建设还处于摸索过程中。本文借鉴美国金融专硕培养体系的有益经验,结合相关问卷调查及其分析,对金融专硕的培养目标、课程结构设置、教学模式等方面提出了相关对策与建议。     

基于行业标准的《金融工程》课程教学改革研究

本文在长期实践和有针对性研究的基础上,对《金融工程学》课程教学中存在的问题、改革措施进行总结,同时提出进一步改革的建议。认为《金融工程学》课程教学应该在师资队伍、教学内容体系结构、教材、实验教学、教学方法、教学方法和教学手段等几个方面进行全面的建设与改革,体现课程的时代性与前沿性。     

金融工程专业《金融数学》课程设计及教学改革研究

在梳理了国内《金融数学》相关教材特点的基础上,对金融工程专业《金融数学》的课程设计进行了细致梳理,并从可视化教学、线上线下教学整合以及理论与实践相结合三个方面分享了课程教学模式改革中的具体做法.最后从增强师资交流、合编教材、网络课程建设等方面指出《金融数学》课程建设的可能路径.     

论《公司金融》与《财务管理》本科教学差异——内容侧重和教学法的选择

《公司金融》与《财务管理》在目前的本科课程教学中往往混为一谈，侧重点不清，让学生无所适从。基于我国的现状，《公司金融》课程在理论讲授上应该注重与金融资产定价和金融市场学理论的结合，要注重宏观经济与公司治理环境的分析。而实务方面则更应强调对财务资料运用计量经济学方法检验与分析。《财务管理》课程则更应重视案例分析与启发式教学，并可大力推进任务驱动教学法与全英教学模式。     

本科《公司金融》课程定位与教学方法改进

公司金融理论是现代金融理论的核心基础,《公司金融》课程具有理论性和实践性相结合的特点,由此也决定了实验教学法和案例教学法在该课程教学组织中的核心地位。要在运用实验教学方法提高教学效率;合理运用案例教学方法;教师在教学中地位与作用的转变;课程考试考核方法等方面加以改进。     

公司理财与投资学金融建模辅助教学改革研究

结合《公司理财》和《投资学》课程理论教学特点以及作者在教学中的体会,分析了金融建模教学在以上课程课堂教学中的意义,并探讨了以Excel为主要工具进行金融建模教学的可行性、总结了具体的教学内容、给出了教学模式建议以及注意事项。借助金融建模辅助教学过程的课堂教学设计,不仅可以提高教学效果,加深学生对相关理论的理解、认识和记忆,而且能够培养和训练学生实际操作技能,得到了学生的充分认可。     

《金融工程》本科教学的问题与思考

近年来,随着金融实践的发展,各类金融机构对金融工程人才需求迅速上升,国内许多财经类高校都开设了金融工程相关课程,但是在课程定位、课程设置、教学内容等方面存在的问题值得关注。在教学过程中,应当在保持宏观金融研究与教学优势的同时,注重微观金融的教学和研究,适当加大微观金融与数理分析方面课程的开设力度,改进完善教材体系,注重培养学生运用现代工程技术解决金融实际问题的能力。     

《金融计量学》教材的内容设计与优化研究——基于新升本科院校的教学实践

基于新升本科院校的教学实践表明,《金融计量学》教材的内容设计是影响教学效果的重要因素之一.为了满足数学基础或者金融学基础相对薄弱的本科学生的学习需要,《金融计量学》教材应该为理论学习、案例分析和上机实验等内容分别配置40％、40％和20％的篇幅.     

完善金融会计教学与提高学生操作能力的思考

《金融会计》课程是金融类学校学生必修的一门专业课程,如何使学生更好掌握教学内容,达到教学目的。通过对《金融会计》教学中存在问题的分析,探讨了完善《金融会计》理论教学与实验教学内容的构想。     

金融热点问题嵌入《金融学》课程教学研究

随着我国向市场经济体制的不断发展,《金融学》课程不断增加了一些新的内容和新的研究课题,这些对原有的金融学科体系都带来了挑战。本文首先从金融热点问题的内涵入手,探讨如何将金融前沿和热点话题嵌入到课程教学过程中,以期提高教学质量,提高教学效果,增强学生应用型能力的培养。     

基于价值的管理与公司理财创新

本文从基于价值管理理念出发,引出了现代公司发展的基础与导向是资本增值的主题。在此基础上,将会计报告、财务分析、资本经营和管理控制融入公司理财之中,形成创新的公司理财体系框架:以资本增值为公司目标和财务目标,以基于价值管理为公司理财导向,以会计报告与财务分析为理财基础,以处理与投资界的关系、评估战略以创造价值和借助全面绩效管理创造价值为理财领域,以资本经营与管理控制为理财两翼。文章论述了基于价值的公司理财创新与会计报告、财务分析、资本经营及管理控制的关系,明确它们在公司理财创新中的地位与作用。     

企业资金战略预算管理模式研究

企业资金战略预算管理模式创新既是企业财务管理模式创新的重要内容,也是企业管理模式创新的关键环节和核心内容之一,它直接关系到企业财务战略管理的决策效率。本文以企业科学理财观为导向,基于利益相关者合作逻辑,以企业资金最大化增值为主线,以强化企业资金战略风险管理为实现路径,对企业资金战略预算模式创新问题进行了研究。文章揭示了资金战略预算管理模式的内涵;构建了企业资金战略预算管理指标体系,透视了资金战略预算管理的运作模式;分析了资金战略预算管理模式面临的风险性、适时性和有效性问题;提出了解决资金战略预算管理问题的有效策略,以此确保企业资金战略管理目标的实现。     

Using CFO Surveys as a Motivational Tool to Teach Corporate Finance

This article is based on the keynote address from the Eastern Finance Association meeting in South Beach in April 2010. In this keynote address, I discuss how to engage and motivate students by using the results from surveys of corporate finance professionals. Specific examples are given to motivate capital structure, capital budgeting, and payout. Actual job interview questions can also be used as a motivational tool to teach finance.     

基于新教材的数学教学改革研究

新教材的新不仅体现在了理念、体系、形式和内容等各个方面,也体现了在新时代下对素质教育的要求。新教材在带来了新思维的同时,给数学课堂也带来了新课题,也给数学教师带来了更大的挑战,怎样才能充分领会与把握新教材,使教法改革与教材改革达到协调统一,使新教材发挥作用、提高教学质量呢？身为数学教师应该刻不容缓地承担起数学教学改革的任务。     

从资本结构到交易结构——探究企业金融微观结构

资本结构及融资行为是公司金融领域的重要论题,数十年来研究成果丰硕,但对商业实践真正有指导意义的成果却凤毛麟角。本文指出了到目前为止的资本结构研究的主要方向及其不足,提出了企业金融微观结构概念。本文认为,商学院的公司资本结构研究应该区别于经济学,深入到金融工具交易结构的微观层面,才能更深刻、真实地揭示金融实践原理,更好地指导金融实践。     

Post-Tax Capital Investment Appraisal: Plant and Machinery

Tax considerations are important for companies which are no longer tax exhausted. Taxation has a major impact upon project yield and net present value (NPV) for capital investment in plant and machinery. This paper uses the weighted average cost of capital model to demonstrate that the impact of corporate taxation upon NPV need not be in the same direction as the impact upon yield. The NPV is reduced by the nominal 35% rate of corporation tax only when the pre-tax yield is very high; for low yielding projects the post-tax NPV can range from less than zero per cent to over 100% of the pre-tax NPV depending upon the gearing. The tax deductibility of the costs of the debt finance component of capital expenditure has a major and subtle interaction with other parameters which always favours high gearing.     

Financial Flexibility and Opportunity Capture: Bridging the Gap Between Finance and Strategy

Logically, the practice of corporate finance and corporate strategy should be closely coordinated, but in reality there remains a massive gap between the two. This can lead strategically oriented firms to de‐emphasize or even discard NPV. Neither financial theory nor competitive strategy has been very open to the economic value of investment opportunity capture. Strategy must recognize that financial flexibility provides powerful advantages and financial theory must evaluate entire strategic programs rather than discrete, stand‐alone projects. Necessarily, the financial discussion of cost of capital and capital structure has to change. The authors offer two specific concepts to bridge the Gap between Finance and Strategy: 1) Reserve Financial Capacity is the annual sum of Free Cash Flow, Financing Flexibility and Cash Reserves over the period envisioned for strategy execution. Individual projects must belong to strategic programs in the sense that they either: 1) keep the base business running; 2) preserve an existing competitive position; or 3) form part of a program to enhance advantage or fashion a strategic breakout. 2) Strategically Sustainable Cost of Capital is the true, blended cost of capital required to complete an entire capital program. These concepts provide financial rigor to firms with well‐defined strategies and allow managements to wield Financial Flexibility as a strategic weapon, creating options on unique buying opportunities, such as at the bottom of industry cycles.     

优化教学方法以提高《财政学》课程教学效果

财政学作为经济管理类学科的主干课程,在实际的教学过程中传统的教学方法不能适应大学生培养目标,本文从优化教学方法的角度探讨提高教学效果,从而提高学生的认知能力,培养学生的逻辑思维能力。     

The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance*

In a 40‐plus year career notable for path‐breaking work on capital structure and innovations in capital budgeting and valuation, MIT finance professor Stewart Myers has had a remarkable influence on both the theory and practice of corporate finance. In this article, two of his former students, a colleague, and a co‐author offer a brief survey of Professor Myers's accomplishments, along with an assessment of their relevance for the current financial environment. These contributions are seen as falling into three main categories:

• ? Work on “debt overhang” and the financial “pecking order” that not only provided plausible explanations for much corporate financing behavior, but can also be used to shed light on recent developments, including the reluctance of highly leveraged U.S. financial institutions to raise equity and the recent “mandatory” infusions of capital by the U.S. Treasury.
• ? Contributions to capital budgeting that complement and reinforce his research on capital structure. By providing a simple and intuitive way to capture the tax benefits of debt when capital structure changes over time, his adjusted present value (or APV) approach has not only become the standard in LBO and venture capital firms, but accomplishes in practice what theorists like M&M had urged finance practitioners to do some 30 years earlier: separate the real operating profitability of a company or project from the “second‐order” effects of financing. And his real options valuation method, by recognizing the “option‐like” character of many corporate assets, has provided not only a new way of valuing “growth” assets, but a method and, indeed, a language for bringing together the disciplines of corporate strategy and finance.
• ? Starting with work on estimating fair rates of return for public utilities, he has gone on to develop a cost‐of‐capital and capital allocation framework for insurance companies, as well as a persuasive explanation for why the rate‐setting process for railroads in the U.S. and U.K. has created problems for those industries.