金融與投資銀行科研項(xiàng)目：解析投行金融估值、杠桿收購(gòu)和IPO策略——以奔馳-克萊斯勒和迪士尼-皮克斯并購(gòu)為例的投行金融研究

導(dǎo)師學(xué)校介紹

UCL是倫敦第一所大學(xué)，以其多元、尖端的學(xué)科設(shè)置著稱，在REF 2014英國(guó)大學(xué)官方排名中榮膺全英第一，并享有英國(guó)最多的科研經(jīng)費(fèi)；擁有英國(guó)國(guó)家醫(yī)學(xué)研究所、馬拉德空間科學(xué)實(shí)驗(yàn)室和蓋茨比計(jì)算神經(jīng)科學(xué)中心等前沿機(jī)構(gòu)，倫敦大學(xué)學(xué)院合作伙伴聯(lián)盟為全球最大的健康科學(xué)中心；旗下皇家自由醫(yī)院連年獲評(píng)全英最佳醫(yī)院，巴特萊特建筑學(xué)院和倫敦大學(xué)教育學(xué)院在各自領(lǐng)域獨(dú)步全球，醫(yī)學(xué)、計(jì)算機(jī)、法律、經(jīng)濟(jì)、考古等諸多學(xué)科排名全英第一，尤以計(jì)算機(jī)科學(xué)領(lǐng)域研究見(jiàn)長(zhǎng)，與LSE并稱為英國(guó)經(jīng)濟(jì)學(xué)的雙子星，其人文學(xué)院頒發(fā)的奧威爾獎(jiǎng)則是政治寫作界的最高榮譽(yù)。UCL共誕生有35位諾貝爾獎(jiǎng)得主、3位菲爾茲獎(jiǎng)得主及各領(lǐng)域菁英。

導(dǎo)師詳細(xì)介紹

導(dǎo)師昵稱

Leila

導(dǎo)師級(jí)別

終身教授&項(xiàng)目主任

導(dǎo)師學(xué)校

倫敦大學(xué)學(xué)院University College London(UCL)

到目前為止，Leila導(dǎo)師的大部分職業(yè)生涯都在金融/銀行行業(yè)內(nèi)。在超過(guò)13年的時(shí)間里，她曾為德意志銀行、Sabadell銀行、Lloyds TSB銀行、Grupo IF(美國(guó)銀行)等頂級(jí)國(guó)際銀行進(jìn)行財(cái)富管理工作與投資組合管理。她的專業(yè)經(jīng)驗(yàn)遍及西班牙、美國(guó)、巴拿馬、危地馬拉、哥倫比亞和厄瓜多爾等多個(gè)國(guó)家，因此Leila導(dǎo)師擁有多元文化背景，并團(tuán)隊(duì)中工作非常自如。

她的學(xué)術(shù)經(jīng)歷始于2010年，當(dāng)時(shí)她開(kāi)始在IE商學(xué)院(IE Business School)教授金融相關(guān)課程。在IE，她教授公司財(cái)務(wù)和財(cái)務(wù)管理課程。Leila教授目前是英國(guó)倫敦大學(xué)學(xué)院(University College London)的終身教授，在UCL，她參與設(shè)計(jì)并創(chuàng)建了管理學(xué)院(School of Management)的金融碩士課程。自2017年倫敦大學(xué)學(xué)院金融碩士課程成立以來(lái)，Leila一直擔(dān)任該課程的項(xiàng)目主任，并擔(dān)任金融相關(guān)課程的高級(jí)講師。萊拉教授還在北京大學(xué)教授EMBA課程。

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).

適合人群

方向：金融商科

專業(yè)：經(jīng)濟(jì)學(xué)

適合專業(yè)：股票投資，公司金融，金融學(xué)，財(cái)務(wù)管理，金融市場(chǎng)，國(guó)際金融，風(fēng)險(xiǎn)管理，創(chuàng)業(yè)創(chuàng)新，國(guó)際貿(mào)易，商業(yè)分析

項(xiàng)目?jī)r(jià)格：33800/19800

項(xiàng)目周期：7周在線小組科研+5周論文輔導(dǎo)

是否建議高中生學(xué)習(xí)：是

是否建議大學(xué)生學(xué)習(xí)：是

語(yǔ)言：英文

難度：低級(jí)/中級(jí)難度

建議具備的基礎(chǔ)：對(duì)于金融、公司金融、投行證券、投資組合管理、風(fēng)險(xiǎn)管理等專業(yè)方向感興趣的學(xué)生；學(xué)生最好平時(shí)有閱讀財(cái)經(jīng)新聞的習(xí)慣；需具備基礎(chǔ)經(jīng)濟(jì)學(xué)、金融學(xué)知識(shí)

科研項(xiàng)目產(chǎn)出

7周在線小組科研學(xué)習(xí)+5周論文指導(dǎo)學(xué)習(xí)共125課時(shí)+不限時(shí)論文指導(dǎo)

學(xué)術(shù)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

成績(jī)單

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、做市、銷售和研究。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)

特定目標(biāo)

首次公開(kāi)發(fā)行和私有化

杠桿收購(gòu)和管理層買入

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"

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，還一邊提供著各類的做市業(yè)務(wù)。久而久之，各類風(fēng)險(xiǎn)就開(kāi)始逐漸暴露，儲(chǔ)戶的存款無(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、咨詢的費(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)目大綱介紹

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

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