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Entrepreneurial Finance and Venture Capital
第2次开课
开课时间: 2021年03月23日 ~ 2021年07月30日
学时安排: 2-4小时每周
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课程概述

   New ventures are subjected to high risks. It is estimated that over two thirds of new business would fail within ten years. As an important approach to help new ventures succeed, entrepreneurial financing becomes increasingly important for both entrepreneurs and investors. Our main motivation in this course is to lead you through the entrepreneurial financing process and provide you approaches to solve the financial problems in starting and growing new ventures.

   This course would include both theory introduction and case analyses. We use cases and scenario analysis throughout the course with an emphasis on applications. We expect that you would be able to establish your own pro forma financial statement, financial needs assessment, valuation and contract design after you have finished learning this course.

   This course will be taught by three professors from Central University of Finance and Economics, they are, Prof. Jing Zhongbo, Prof. Gao Ting, and me, Qu Hongyan. As a team, we have extensive teaching and research experience in areas of entrepreneurship and investment.

   So, this course is a great chance for you to know about entrepreneurial financing, and to be able to do it by yourself. Here we invite you to enroll in the course and start our entrepreneurial financing journey now!

课程大纲

0. Introduction

0. Introduction

1. Introduction to Entrepreneurship and Venture Capital

1.1 What Is Entrepreneurship?

1.2 What Is Venture Capital?

1.3 Who Should Learn About This Course?

Quiz-Introduction to Entrepreneurship and Venture Capital

2. Entrepreneurial Financing Through the Venture Life Cycle

2.3 Equity Financing Through the Venture Life Cycle

2.2 The Venture Life Cycle

2.1 What Is Entrepreneurial Financing?

2.4 Other Sources of Entrepreneurial Financing

Quiz-Entrepreneurial Financing Through the Venture Life Cycle

3. Financial Forecasting (1)

3.3 Revenue Forecasting

3.1 Benefits of Financial Forecasting

3.2 Principals of Financial Forecasting

3.4 Expense Forecasting

Quiz-Financial Forecasting (1)

4. Financial Forecasting (2)

4.4 Creating The Model

4.2 The Cash Conversion Cycle

4.3 Working Capital, Growth and Financial Needs

4.1 Pro Forma Financial Statements

Quiz-Financial Forecasting (2)

5. Assessing Financial Needs

5.4 Scenario Analysis

5.5 Summary

5.3 Cash Flow Breakeven Analysis

5.1 Introduction

5.2 Sustainable Growth

Quiz-Assessing Financial Needs

6. Introduction and Discounted Cash Flow Valuation

Quiz

6.7Example of the CEQ approach

6.3.1 the discounted cash flow model

6.8Summary

6.4The Risk-Adjusted Discount Rate Approach

6.5The Certainty Equivalent Approach

6.3.2Other valuation models

6.6 The Certainty Equivalent Approach-2

Discussions

6.1 Perspectives on the Valuation of New Ventures

6.2 Myths about New Venture Valuation

7. Other Valuation Models and consistency

7.2 Valuation by the Venture Capital Method

7.5 Required Rates of Return for Investing in New Ventures

7.4 Reconciliation with the Pricing of Options

7.6 Matching Cash Flows and Discount Rates

7.3 Valuation by the First Chicago Method

Reading materials

7.7 Summary

7.1 An Illustration of the Relative Value Method

Quiz

8.The Continuing Value and DCF

Reading Materials

8.1 Implementing the Continuing Value Concept

8.3 risk-free rate and market risk premium

8.5 Estimating the standard deviation and correlation

8.7 Testing the Consistency of Assumptions

8.4 Estimating the New Venture Beta

8.2 Parameters estimation

8.6 shortcuts

8.8 A Caveat

Quiz

9.An Illustration in Practice

9.1 New Venture Valuation- An Illustration

9.4 Using the Relative Value Method

9.3 Comparing the CEQ and RADR Approaches

9.2 Using the CEQ Form of the CAPM

9.8 Summary

9.5 Using the Venture Capital Method

9.7 The Cost of Capital for Foreign Investors

9.6 Using the First Chicago Method

Quiz

10. Deal Structure and Contract Design

10.3 Attached Terms and Investor Rights

10.5 Funding Milestone

10.2 Types of Investment

10.4 Negotiation

10.1 Introduction to Term Sheet

Quiz-Deal Structure and Contract Design

12. Harvesting

12.3 Acquisition

12.2 Going Public

12.7 Summary

12.6 The Harvesting Decision

12.5 Employee Stock Ownership Plans

12.4 Management Buyout

12.1 Introduction

Quiz-Harvesting

11. Choice of Financing

11.2 Steps of Financing Decision

11.3 Additional Influencing Factors of Financing Choices

11.1 An Overview of the Financing Decision-Making

Quiz - Choice of Financing

13. Introduction to Corporate Venture Capital (CVC)

13.3 How do CVC Invest in Entrepreneurial Ventures

13.2 Comparisons between CVC, IVC and GVC

13.1 What is CVC

Quiz -Introduction to Corporate Venture Capital

14. Value Creation of CVC and Development of CVC Market

14.1 Value Creation of CVC for Investors

14.3 Development of CVC Market

14.2 Value Creation of CVC for Entrepreneurial Ventures

展开全部
预备知识

Before starting with this course, students should ensure that they have learned the following courses:

  1. Entrepreneurship

  2. Accounting

  3. Investment

证书要求

为积极响应国家低碳环保政策, 2021年秋季学期开始,中国大学MOOC平台将取消纸质版的认证证书,仅提供电子版的认证证书服务,证书申请方式和流程不变。

 

电子版认证证书支持查询验证,可通过扫描证书上的二维码进行有效性查询,或者访问 https://www.icourse163.org/verify,通过证书编号进行查询。学生可在“个人中心-证书-查看证书”页面自行下载、打印电子版认证证书。

 

完成课程教学内容学习和考核,成绩达到课程考核标准的学生(每门课程的考核标准不同,详见课程内的评分标准),具备申请认证证书资格,可在证书申请开放期间(以申请页面显示的时间为准),完成在线付费申请。

 

认证证书申请注意事项:

1. 根据国家相关法律法规要求,认证证书申请时要求进行实名认证,请保证所提交的实名认证信息真实完整有效。

2. 完成实名认证并支付后,系统将自动生成并发送电子版认证证书。电子版认证证书生成后不支持退费。


参考资料

J. K. Smith., Smith, R. L., & Bliss, R. T. 2011. Entrepreneurial Finance: Strategy, Valuation, and Deal Structure. Standford University Press, Standford, CA.

J. C. Leach., & Melicher, R. W. 2018. Entrepreneurial Finance (Sixth Edition). Cengage Learning, Boston, MA.

中央财经大学
3 位授课老师
曲红燕

曲红燕

博士 副教授 硕士生导师

荆中博

荆中博

博士 副教授

高婷

高婷

博士 副教授

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