会计代写|FINC2011 Corporate Finance

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FINC2011课程简介

This unit provides an introduction to basic concepts in corporate finance and their application to (1) valuation of risky assets including stocks, bonds and entire corporations, (2) pricing of equity securities, and (3) corporate financial policy decisions including dividend, capital structure and risk management policies. Emphasis is placed on the application of the material studied and current practices in each of the topic areas.

Prerequisites 

At the completion of this unit, you should be able to:

LO1. identify and explain the basic types of financial management decisions undertaken within a corporation and the role of corporate financial manager
LO2. describe and discuss the key elements of a modern financial system, including identification and discussion of the main categories of financial institutions, types of financial instruments, and functions of different financial markets
LO3. explain and apply the basic concepts underpinning the valuation of bonds and common equity securities
LO4. explain and apply the concepts of expected return, security risk, diversification, portfolio risk, ‘beta’ and the role they play underpinning asset pricing models such as the CAPM
LO5. calculate company beta, company and divisional cost of capital, and project cost of capital
LO6. explain and apply the Net Present Value (NPV) rule for corporate capital budgeting in realistic settings, as well as appraise the merits of other alternative investment criteria
LO7. discuss and explain the concept of market efficiency as well as identify instances of weak, semi-strong and strong forms of financial market efficiency.

FINC2011 Corporate Finance HELP（EXAM HELP， ONLINE TUTOR）

Capital budgeting is a process that businesses use to determine whether a potential investment or project is worth pursuing. It involves evaluating the expected cash flows and costs associated with the project and comparing them to the initial investment required. The goal is to identify projects that are expected to generate a positive net present value (NPV) or a high internal rate of return (IRR).

Capital budgeting typically involves a number of techniques and financial metrics, including discounted cash flow analysis, payback period, profitability index, and internal rate of return. By using these tools, businesses can make informed decisions about which projects to pursue and which ones to reject, based on their expected return on investment and other relevant factors such as risk and market conditions. The ultimate goal of capital budgeting is to allocate a business’s financial resources in the most efficient and effective way possible, to maximize its profitability and long-term success.

Solution. The characteristic ODEs are
$$
\frac{d x}{d s}=1, \frac{d y}{d s}=\sin x, \frac{d z}{d s}=y
$$
We first solve the $x$ ODE, substitute the solution into the $y$ ODE, and then substitute the solution into the $z$ ODE. So:
$$
\begin{aligned}
& x(r, s)=s+c_1(r) \
& \frac{d y}{d s}=\sin \left(s+c_1(r)\right) \Rightarrow y(r, s)=-\cos \left(s+c_1(r)\right)+c_2(r) \
& \frac{d z}{d s}=-\cos \left(s+c_1(r)\right)+c_2(r) \Rightarrow z(r, s)=-\sin \left(s+c_1(r)\right)+c_2(r) s+c_3(r) .
\end{aligned}
$$

NPV stands for Net Present Value, which is a financial metric used in capital budgeting to evaluate the profitability of an investment or project. It represents the difference between the present value of all expected cash inflows and the present value of all expected cash outflows associated with the investment.

In other words, the NPV calculation takes into account the time value of money, which means that a dollar received in the future is worth less than a dollar received today due to inflation and other factors. Therefore, the NPV formula discounts all future cash flows back to their present value using a discount rate that reflects the risk and opportunity cost of capital.

If the NPV of an investment is positive, it means that the investment is expected to generate more cash inflows than outflows over its lifetime, and therefore it may be considered profitable. Conversely, if the NPV is negative, it means that the investment is expected to result in a net loss, and therefore it may be rejected.

NPV is a widely used financial metric because it provides a clear measure of the profitability and value creation potential of an investment or project, and it allows businesses to compare different investment opportunities on a common basis.

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