密集項(xiàng)目：金融與投資銀行專(zhuān)題：公司上市、收購(gòu)并購(gòu)與企業(yè)估值維度下的投行策略分析---索尼讓路，微軟天價(jià)收購(gòu)動(dòng)視暴雪背后的金融研究

專(zhuān)業(yè)：金融

項(xiàng)目類(lèi)型：國(guó)外小組科研

開(kāi)始時(shí)間：2024年10月26日

是否可加論文：是

項(xiàng)目周期：4周在線小組科研學(xué)習(xí)+2周不限時(shí)論文指導(dǎo)學(xué)習(xí)

語(yǔ)言：英文

有無(wú)剩余名額：名額充足

建議學(xué)生年級(jí)：大學(xué)生 高中生

是否必需面試：否

適合專(zhuān)業(yè)：商業(yè)分析金融學(xué)財(cái)務(wù)管理金融市場(chǎng)創(chuàng)業(yè)創(chuàng)新國(guó)際金融風(fēng)險(xiǎn)管理股票投資國(guó)際貿(mào)易公司金融

地點(diǎn)：無(wú)

建議選修：企業(yè)投融資與收益分配

建議具備的基礎(chǔ)：對(duì)于金融學(xué)、公司金融、投行金融、投資組合管理、風(fēng)險(xiǎn)管理等專(zhuān)業(yè)方向感興趣的學(xué)生；需具備基礎(chǔ)經(jīng)濟(jì)學(xué)、金融學(xué)知識(shí)

產(chǎn)出：4周在線小組科研學(xué)習(xí)+2周不限時(shí)論文指導(dǎo)學(xué)習(xí) 共125課時(shí) 項(xiàng)目報(bào)告 優(yōu)秀學(xué)員獲主導(dǎo)師Reference Letter EI/CPCI/Scopus/ProQuest/Crossref/EBSCO或同等級(jí)別索引國(guó)際會(huì)議全文投遞與發(fā)表指導(dǎo)（可用于申請(qǐng)） 結(jié)業(yè)證書(shū) 成績(jī)單

項(xiàng)目背景：投資銀行的概念起源于上世紀(jì)大蕭條后的美國(guó)。在很早之前，金融監(jiān)管的概念非常的籠統(tǒng)，因此對(duì)于銀行而言，跟金融相關(guān)的業(yè)務(wù)基本都可以涉及。所以銀行們一邊收取著儲(chǔ)戶(hù)的存款，一邊幫助大型企業(yè)進(jìn)行融資，還一邊提供著各類(lèi)的做市業(yè)務(wù)。久而久之，各類(lèi)風(fēng)險(xiǎn)就開(kāi)始逐漸暴露，儲(chǔ)戶(hù)的存款無(wú)法得到保障。在大蕭條之后，美國(guó)通過(guò)了《格拉斯-斯蒂格爾法案》，開(kāi)始嚴(yán)格劃分投資銀行和商業(yè)銀行之間的區(qū)別，并禁止商業(yè)銀行利用儲(chǔ)戶(hù)的資金參加投行業(yè)務(wù)。由此，我們所說(shuō)的現(xiàn)代投資銀行也開(kāi)始逐漸成型。投資銀行和商業(yè)銀行的主要區(qū)別是在于他們覆蓋了金融市場(chǎng)的不同部分。商業(yè)銀行的主要覆蓋的是貨幣市場(chǎng)，也就是我們常見(jiàn)的存款和貸款業(yè)務(wù)，其主要的收入來(lái)源便是存貸之間的利息差。而投資銀行主要覆蓋的是資本市場(chǎng)，包括企業(yè)融資和金融資產(chǎn)交易，其主要的收入來(lái)源是各種承銷(xiāo)、咨詢(xún)的費(fèi)用，以及做市交易和經(jīng)紀(jì)業(yè)務(wù)的傭金。 The concept of investment banking originated in the United States after the Great Depression of the last century. A long time ago, the concept of financial supervision was very general, so for banks, basically all financial-related businesses could be involved. Therefore, banks collected deposits from depositors, assisted large companies with financing, and provided market-making services. Over time, risks began to be gradually exposed, and the deposits of depositors could not be guaranteed. After the Great Depression, the United States passed the Glass-Steagall Act, which began to strictly divide investment banks and commercial banks, and prohibited commercial banks from using depositors' funds to engage in the investment banking business. As a result, what we call modern investment banks began to take shape. The main difference between investment banks and commercial banks is that they cover different parts of the financial market. Commercial banks mainly cover the money market, that is, our common deposit and loan business and their main source of income is the interest difference between deposits and loans. Investment banks mainly cover the capital market, including corporate financing and financial asset transactions, and their main sources of income are underwriting, consulting fees, and commissions for market-making transactions and brokerage businesses.

項(xiàng)目介紹：在這個(gè)項(xiàng)目中，導(dǎo)師將重點(diǎn)介紹大型投資銀行的定義和主要活動(dòng)。大型投資銀行是提供廣泛金融服務(wù)的大型機(jī)構(gòu)，包括但不限于咨詢(xún)、做市、銷(xiāo)售和研究。本項(xiàng)目包括投資銀行的理論基礎(chǔ)，并概述這些銀行的三大主要活動(dòng):首次公開(kāi)發(fā)行(ipo)、并購(gòu)(m&a)和杠桿收購(gòu)(LBOs)。如果時(shí)間允許，本項(xiàng)目可能還會(huì)簡(jiǎn)要介紹估值，以了解投資銀行在進(jìn)行IPO或收購(gòu)之前是如何對(duì)公司進(jìn)行估值的。通過(guò)本項(xiàng)目的學(xué)習(xí)，學(xué)生可以了解投資銀行的業(yè)務(wù)性質(zhì)、優(yōu)勢(shì)和挑戰(zhàn)，以及并購(gòu)背后的過(guò)程。此外，學(xué)生將熟悉首次公開(kāi)發(fā)行(IPO)過(guò)程，獲得杠桿收購(gòu)工作的基礎(chǔ)知識(shí)，并理解投資銀行用來(lái)評(píng)估公司的公司價(jià)值驅(qū)動(dòng)因素。在項(xiàng)目的最后，學(xué)生將選擇一家經(jīng)歷過(guò)IPO、合并、收購(gòu)或杠桿收購(gòu)的上市公司，并說(shuō)明選擇這家公司的原因，以及將要解釋的事件類(lèi)型(IPO、并購(gòu)、杠桿收購(gòu))。之后解釋公司的主要業(yè)務(wù)是什么，以及它是如何產(chǎn)生收入的;這家公司面臨的主要挑戰(zhàn)是什么?在過(guò)去的一年中，公司想通過(guò)公司財(cái)務(wù)活動(dòng)實(shí)現(xiàn)什么目標(biāo);列舉并解釋該交易的優(yōu)點(diǎn)和缺點(diǎn)，以及小組內(nèi)對(duì)該交易的看法。
個(gè)性化課題參考：
投資銀行 資本市場(chǎng) 金融市場(chǎng) 分紅政策 公司估值 貼現(xiàn)現(xiàn)金流和倍數(shù)估值 銀行監(jiān)管資本和其他監(jiān)管條例 并購(gòu)、反向并購(gòu) 首次公開(kāi)發(fā)行和私有化 杠桿收購(gòu)和管理層買(mǎi)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.

項(xiàng)目大綱：投資銀行概論 Introduction to investment banking 并購(gòu)與收購(gòu) Mergers and acquisitions 首次公開(kāi)發(fā)行（IPO） Initial Public Offerings 杠桿收購(gòu) Levered Buy Outs 項(xiàng)目回顧與成果展示 Program Review and Presentation 論文輔導(dǎo) Project Deliverables Tutoring