集思未来科研金融与投资银行专题

金融与投资银行专题：解析投行金融估值、杠杆收购和IPO策略---以奔驰-克莱斯勒和迪士尼-皮克斯并购为例的投行金融研究

开始日期: 2023-08-19

课时安排: 7周在线小组科研学习+5周不论文指导学习。

Prerequisites

适合人群

适合年级 (Grade): 高中生/大学生

适合专业 (Major): 对于金融学、公司金融、投行金融、投资组合管理、风险管理等专业方向感兴趣的学生；需具备基础经济学、金融学知识。

Instructor Introduction

导师介绍

Leila

伦敦大学学院 University College London (UCL)

终身教授&项目主任

到目前为止，Leila导师的大部分职业生涯都在金融/银行行业内。在超过13年的时间里，她曾为德意志银行、Sabadell银行、Lloyds TSB银行、Grupo IF(美国银行)等国际银行进行财富管理工作与投资组合管理。她的专业经验遍及西班牙、美国、巴拿马、危地马拉、哥伦比亚和厄瓜多尔等多个，因此Leila导师拥有多元文化背景，并团队中工作非常自如。

她的学术经历始于2010年，当时她开始在IE商学院(IE Business School)教授金融相关课程。在IE，她教授公司财务和财务管理课程。Leila教授目前是英国伦敦大学学院(University College London)的终身教授，在UCL，她参与设计并创建了管理学院(School of Management)的金融硕士课程。自2017年伦敦大学学院金融硕士课程成立以来，Leila一直担任该课程的项目主任，并担任金融相关课程的讲师。莱拉教授还在北京大学教授EMBA课程。

To date, most of Leila’s professional career has developed in the Financial/Banking Industry. For more than thirteen years she has managed wealth management portfolios for top International Banks such as Deutsche Bank, Banco Sabadell, Lloyds TSB Bank or Grupo IF (US Bank). At Group IF, Leila headed the Wealth Management and Corporate Banking departments. Her professional experience has built across difference countries including Spain, the United States, Panama, Guatemala, Colombia and Ecuador, therefore being very comfortable working in diverse and multicultural teams.

Her academic experience commenced in 2010 when she started teaching finance-related courses at IE Business School. At IE she taught courses in corporate finance and financial management. Professor Leila is currently a faculty member of University College London in England where she co-designed and created the MSc Finance at the School of Management. Leila is the program director of the MSc Finance at UCL since its creation in 2017 and a Senior Lecturer in finance-related courses. Professor Leila also teaches executive MBA students at Pekin University (PKU).

任职学校

UCL是伦敦所大学，以其多元、的设置著称，在REF 2014 英国大学排名中荣膺全英，并享有英国较多的科研经费；拥有英国医学研究所、马拉德空间科学实验室和盖茨比计算神经科学中心等前沿机构，伦敦大学学院合作伙伴联盟为较大的健康科学中心；旗下皇家自由医院连年获评全英较佳医院，巴特莱特建筑学院和伦敦大学教育学院在各自领域独步，医学、计算机、法律、经济、考古等诸多排名全英 ，尤以计算机科学领域研究见长，与LSE并称为英国经济学的双子星，其人文学院颁发的奥威尔奖则是政治写作界的较高荣誉。UCL共诞生有35位诺贝尔奖得主、3位菲尔兹奖得主及各领域菁英。

Program Background

项目背景 ... 展开

Program Description

项目介绍

在这个项目中，导师将重点介绍大型投资银行的定义和主要活动。大型投资银行是提供广泛金融服务的大型机构，包括但不限于咨询、做市、销售和研究。本项目包括投资银行的理论基础，并概述这些银行的主要活动:公开发行(ipo)、并购(m&a)和杠杆收购(LBOs)。如果时间允许，本项目可能还会简要介绍估值，以了解投资银行在进行IPO或收购之前是如何对公司进行估值的。通过本项目的学习，学生可以了解投资银行的业务性质、优势和挑战，以及并购背后的过程。此外，学生将熟悉公开发行(IPO)过程，获得杠杆收购工作的基础知识，并理解投资银行用来评估公司的公司价值驱动因素。在项目的较后，学生将选择一家经历过IPO、合并、收购或杠杆收购的上市公司，并说明选择这家公司的原因，以及将要解释的事件类型(IPO、并购、杠杆收购)。之后解释公司的主要业务是什么，以及它是如何产生收入的;这家公司面临的主要挑战是什么?在过去的一年中，公司想通过公司财务活动实现什么目标;列举并解释该交易的优点和缺点，以及小组内对该交易的看法。

个性化课题参考：

投资银行

资本市场

金融市场

分红政策

公司估值

贴现现金流和倍数估值

银行监管资本和其他监管条例

并购、反向并购

特定目标

公开发行和私有化

杠杆收购和管理层买入

This is a seven-week program focusing on the definition and main activities of bulge bracket investment banks. Bulge bracket investment banks are large institutions that offer a wide array of financial services including but not limited to advisory, market making, sales and research. The program includes the theoretical underpinning of investment banking and an overview of the three main activities these banks perform: initial public offerings (IPOs), mergers and acquisitions (M&As), and levered buy outs (LBOs). Time permitting, the program may briefly touch upon valuation to understand how investment banks value companies before embarking in an IPO or an acquisition process. By taking this program, students would be able to comprehend the business nature, advantages and challenges of investment banks as well as understand the process behind mergers and acquisitions. In addition, students would become familiar with the initial public offering process (IPO), acquire general knowledge on how levered buy outs work and understand the value drivers of companies that investment banks use to value firms. For the final project, students would choose one listed company that has gone through an IPO, a merge, acquisition or leveraged buyout and indicate the reasons that led him/her to choose that company and what type of event he/she is going to explain (IPO, M&A, LBO). In addition, students are required to explain what the company’s main business is and how does it generate revenue; what are the main challenges this company faces; what did the company want to accomplish by going through one of the corporate finance events in the past year; enumerate and explain the advantages and disadvantages of the deal and what is his/her team view on the deal.

Suggested Research Topics

Investment banks

Capital markets

Financial markets

Dividend policy

Company valuation

Discounted cash flow and multiples valuation

Banking regulatory capital and other regulation (Basel)

Mergers, reverse mergers and acquisitions

Spacs

Initial public offerings and privatizations

Levered buy outs and management buy ins

Syllabus

项目大纲

投资银行概论 Introduction to investment banking

并购与收购 Mergers and acquisitions

公开发行（IPO） Initial Public Offerings

杠杆收购 Levered Buy Outs

项目回顾与成果展示 Program Review and Presentation

论文辅导 Project Deliverables Tutoring

Program Outcome

项目收获

7周在线小组科研学习+5周不论文指导学习 共125课时

项目报告

学员获主导师Reference Letter

EI/CPCI/Scopus/ProQuest/Crossref/EBSCO或同等级别索引国际会议全文投递与发表指导（可用于申请）

结业证书

成绩单