國立中山大學 108學年度第2學期 課程教學大綱

National Sun Yat-sen University 108Academic year Course syllabus

中文名稱
Course name(Chinese)

證券分析與企業評價

課號
Course Code

FM528

英文名稱
Course name(English)

SECURITY ANALYSIS AND BUSINESS VALUATION

課程類別
Type of the course

講授類

必選修
Required/Selected

選修

系所
Dept./faculty

財務管理學系碩士班

授課教師
Instructor

劉德明    

學分
Credit

3

因應嚴重特殊傳染性肺炎(武漢肺炎),倘若後續需實施遠距授課,授課方式調整如下:

         同步遠距【透過網路直播技術,同時進行線上教學,得採Microsoft Teams、Adobe connect等軟體進行】
同步遠距含錄影【透過網路直播技術,同時進行線上教學並同時錄影,課程內容可擇日再重播,得採Microsoft Teams、Adobe connect等軟體進行】
非同步遠距【課堂錄影或錄製數位教材放置網路供學生可非同時進行線上學習,得採EverCam、PPT簡報錄影、錄音方式進行】
實作類課程,經評估無法採遠距課程教學,後續復課後密集補課

★遠距教學軟體操作說明連結

因應嚴重特殊傳染性肺炎(武漢肺炎),倘若後續需實施遠距授課,評分方式調整如下:

        
1.期中考Midterm25%
2.期中作業Homework35%
3.期末報告Final Report20%
4.上課參與Class Participation20%

課程大綱 Course syllabus

         本課程教學大綱已提供完整英文資訊(本選項僅供統計使用,未提供完整英文資訊者,得免勾記)【Provide information of course syllabus in English.(This is for statistical use only. For those who do not provide information of course syllabus in English, do not check this field.)】

1)上課講義;Introduction to Security Valuation PPT, Introduction to Valuation PDF,「Damodaran」:第 1,2,3 章;
2) 安永股權價值分析報告
3) Valuation Approaches and Metrics: A Survey of the Theory and Evidence
Aswath Damodaran,Stern School of Business,November 2006
第二課 Valuation Approaches
閱讀進度:上課講義;「Damodaran」:第 1-5 章
「KGW」: Part1 Valuation Approaches
第三課 DCF Valuation: Estimating Parameters
閱讀進度:上課講義;「Damodaran」:第 7-12 章;KGW, Part2
Pablo Fernandez,(2020) The most common error in valuations using WACC
Damodaran (2020)A Do-It-Yourself (DIY) Valuation Of Tesla: Of Investment Regrets And
Disagreements https://seekingalpha.com/article/4322357-diy-valuation-of-tesla-of-investment-regrets-and-disagreements
第四課 DCF Valuation: Valuation Examples
閱讀進度:上課講義;「Damodaran」:第 13-16,21-23 章;KGW,Part2
第五課 超額盈餘評價法(1)
閱讀進度:上課講義:EBO Model簡介:如何以EBO評價衡量股票的真正價值;
PHP:ch. 7
第六課 超額盈餘評價法(2):實作練習與討論
閱讀進度:上課講義;PHP:ch. 8
第七課 Relative Valuation(1) 閱讀進度:上課講義;「Damodaran」:第 17-20 章;
第八課 Relative Valuation(2)
閱讀進度:上課講義;PHP:ch. 7,「Damodaran」:第 17-20 章; Relative
第九週 期中考
第十課 Equity Security Analysis
閱讀進度:上課講義;PHP:ch. 9,「Damodaran」:第 25 章;
第十一課 產業分析與競爭力分析
閱讀進度:上課講義;PBP, chap. 8, 9
第十二課 如何估計成長率
閱讀進度:上課講義;「Damodaran」:第 11 章;PHP, chap. 8, 9;
「KGW」:Part4; Growth and Growth Patterns
第十三課 證券分析與企業評價之應用
閱讀進度:上課講義;「Damodaran」:第 17-20 章;PHP, Part3; 「KGW」:Part4
第十四課 Value Enhancement : EVA, CFROI and Other Tools
閱讀進度:「Damodaran」::第 31&32 章
第十五課 結論&Valuation Approaches and Metrics: A Survey
閱讀進度:上課講義;「Damodaran」:第 35 章;PBH, chap. 12
第十六課 Other Valuation Issues
Readings:The Dark Side of Valuation;The Value of Transparency;The Value of Control
第十七課 Final exam and report






課程目標 Objectives

         證券分析與企業評價不是科學(science),無法給出一個標準公式得到標準答案,也非藝術(art),要有特殊天賦的人才能學會,企業評價比較像技藝(craft),可以靠不斷練習而精進。本課程將帶領學員由個案練習中學習如何做好證券分析與企業評價,本課程將分析公司價值的來源與影響因子,並進一步探討估算公司合理價值的步驟與公式,並研究公司的市場價格在短期如何受到流行(fad)與迷思(misconception)所左右,價格在短期經常背離價值,本課程將舉實例說明如何辨別公司之股價是否背離其合理價值,並如何在股票錯誤定價時作投資交易。
In a science, if you get the inputs right, you should get the output right. The laws of physics and mathematics are universal and there are no exceptions. Valuation is not a science.
In an art, there are elements that can be taught but there is also a magic that you either have or you do not. The essence of an art is that you are either born a great artist or you are not. Valuation is not an art.
A craft is a skill that you learn by doing. The more you do it, the better you get at it. Valuation is a craft.
Also action speaks louder than words. So If you value something, you should be willing to act on it.
□ Pragmatism, not purity: The end game is to estimate a value for an asset. I plan to get there, even if it means taking short cuts and making assumptions that would make purists blanch.
□ Do you believe? To act on your valuations, you have to have faith in. In your own valuation judgments. Also In markets: that prices will move towards your value estimates. That faith will have to be earned.
Prerequisite for the Class
□ Accounting: The raw material you need to value a company comes primarily from accounting statements. Understanding how to read a financial statement and where to find the information need is critical.
□ Statistics: Statistics is designed to help us make sense of data that is large and contradictory. That is exactly the problem we face in valuation.
□ Finance: There are tools that we draw on in valuation extensively.
□ Risk and return models: Present value; Corporate finance




授課方式 Teaching methods

         껚뻚ꑗ뷒꒧뇐뻇ꑪ뫵ꅂꑗ뷒솿롱ꅂ껗꣒뭐빜얪룪껆ꑗ뷒ꅃꗑ꧳뱶암쏒꣩꓀꩒뭐ꗸ띾뗻믹꒧뉺뷗뭐룪끔ꅁ꒣쉟듩뉻ꅁ뻇귻삳뵭닟녎뷒냳꒧뉺뷗뭐껗꣒삳ꗎ꣬ꖻꢭ쏶꓁꒧꓀꩒뭐뗻믹귓껗ꅁꙝꚹꑗ뷒꒧뽮랥냑뭐끑뷗뭐앇떪걏ꖻ뷒꒧ꑗ뷒ꓨꚡꅃ결쇗ꝋꑗ뷒껉Ꙣ끑뷗꒤끧ꖢꅁ뻇귻ꑗ뷒ꭥ삳륷닟꯼ꥷ뇐ꟷꅁꣃ맯ꚳ뾳뷬뭐ꚳ뫃냝꒧뷒썄ꅁꙢꑗ뷒껉뒣냝ꣃ냑뭐끑뷗ꅃꚹꕾⲧ䂷纬俅ﶾ잭ﮯ疥뾾잲�몭ꮭ溬ꆰ쪡䆾잭﯀뎥䠳ꑈꑀ닕꓀닕끑뷗Ꝁ띾ꅁ닕귻꒤ꛜꓖ굮ꚳꑀꑈ보닟륱뢣덮엩⁍楣牯獯晴⁅硣敬ꅁꕈꭋꝀ맪쏒Ꝁ띾뭐귓껗곣ꡳꅃഊ䍬慳猠偡牴楣楰慴楯渠楳⁍慮摡瑯特ℍ੃潬汥来⁣潵牳敳⁡牥敡湴⁴漠慤癡湣攠歮潷汥摧攮⁌敡牮楮朠潮⁴桥⁣潬汥来敶敬⁲敱畩牥猠瑨慴⁹潵⁣潮湥捴⁹潵牳敬映睩瑨⁩湦潲浡瑩潮⁡湤慴敲楡汳⁡湤⁡捴楶敬礠灡牴楣楰慴攠楮⁣污獳ഊꆼू攠桥牥⁡湤⁰汥慳攠扥渠瑩浥㨠卯浥⁣污獳⁷楬氠獴慲琠睩瑨⁡⁰牥ⵣ污獳⁴敳琠⡷桩捨⁷楬氠污礠瑨攠扡獩猠景爠瑨攠捬慳猠扵琠睩汬潴⁢攠杲慤敤⤠楮⁴桥⁦楲獴‵楮畴敳⸍ડ밉䉲楮朠祯畲散瑵牥潴攠灡捫整⁷楴栠祯甍ડ밉䥦⁹潵⁤漠浩獳⁡⁣污獳Ⱐ捡瑣栠異⁷楴栠祯畲⁴敡浭慴敳爠捬慳獭慴敳⸍਍਍਍਍ਠഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ†ഊ

評分方式﹝評分標準及比例﹞Evaluation (Criteria and ratio)等第制單科成績對照表 letter grading reference

        
1.期中考Midterm25%
2.期末考Final25%
3.作業Homework30%
4.上課討論Class Participation20%

參考書/教科書/閱讀文獻 Reference book/ textbook/ documents
〔請遵守智慧財產權觀念,不可非法影印。教師所提供之教材供學生本人自修學習使用,不得散播及做為商業用途〕
No copies for intellectual property rights. Textbooks provided by the instructor used only for self-study, can not broadcast or commercial use

        
序號作者書名出版社出版年出版地ISBN#
No.AutherTitlePublisherYear of
publish
Publisher
place
ISBN#
1Damodaran, AswathInvestment ValuationWiley Frontier2012New York978-1-118-01152-2
2Tim Koller, Marc Goedhart and David WesselsValuation—Measuring and Managing the Value of CompaniesJohn wiley & Sons2015New York978-1-118-87373-1
3Palepu Krishna G., Paul Healy and Erik PeekBusiness Analysis and Valuation IFRS:,2nd EditionCengage Learning,2016New York9781473722651
4洪志洋企業評價:原理與實務新陸書局2010Taipei978-986-6333-20-0

彈性暨自主學習規劃 Alternative learning periods

本門課程是否有規劃實施學生彈性或自主學習內容(每1學分2小時)
Is any alternative learning periods planned for this course (with each credit corresponding to two hours of activity)?
否:教師需於「每週課程內容及預計進度」填寫18週課程進度(每1學分18小時之正課內容)。
No:The instructor will include an 18-week course plan in the weekly scheduled progress (each credit corresponds to 18 hours of instruction)
是:教師需於「每週課程內容及預計進度」填寫16週課程內容(每1學分16小時之正課內容),並於下列欄位填寫每1學分2小時學生彈性或自主學習內容。
    Yes:The instructor will include a 16-week course plan in the weekly scheduled progress (each credit corresponds to 16 hours of instruction);the details of the planned alternative learning periods are provided below (each credit corresponds to two hours of activity).

學生彈性或自主學習活動
Alternative learning periods
勾選或填寫規劃內容
Place a check in the appropriate box or provide details
時數
Number of hours
學生分組實作及討論
Group work and discussion
參與課程相關作業、作品、實驗
Participation in course-related assignments, work, or experiments
參與校內外活動(研習營、工作坊、參訪)或競賽
Participation in on- or off-campus activities (e.g., seminars, workshops, and visits) or competitions
課外閱讀
Extracurricular reading
線上數位教材學習
Learning with online digital learning materials
其他(請填寫規劃內容)
Other (please provide details)

每週課程內容及預計進度 Weekly scheduled progress

        
週次日期授課內容及主題
WeekDateContent and topic
12020/02/27~2020/02/29證券分析與企業評價概論Instroudction to Business Valuation
22020/03/01~2020/03/07DCFValuation Approaches
32020/03/08~2020/03/14DCF Valuation: Estimating Parameters
42020/03/15~2020/03/21DCF Valuation: Valuation Examples
52020/03/22~2020/03/28超額盈餘評價法EBO method
62020/03/29~2020/04/04Prospective Analysis: Valuation Implementation
72020/04/05~2020/04/11Relative Valuation (1)
82020/04/12~2020/04/18Relative Valuation (2)
92020/04/19~2020/04/25期中考Midterm
102020/04/26~2020/05/02產業分析與競爭力分析Industry Analysis
112020/05/03~2020/05/09證券分析與企業評價之應用Application of Valuation
122020/05/10~2020/05/16如何估計成長率 the Estimation of Growth Rate
132020/05/17~2020/05/23Valuing Equity in Distressed and Private Firms
142020/05/24~2020/05/30Value Enhancement : EVA, CFROI and Other Tools
152020/05/31~2020/06/06Valuation Approaches and Metrics: A Survey
162020/06/07~2020/06/13Equity Security Analysis
172020/06/14~2020/06/20Other Valuation Issues
182020/06/21~2020/06/24Final exam and Report

課業討論時間 Office hours

         時段1 Time period 1:
時間 Time:星期一
地點 Office/Laboratory:
時段2 Time period 2:
時間 Time:星期三
地點 Office/Laboratory:

系所學生專業能力/全校學生基本素養與核心能力 basic disciplines and core capabilitics of the dcpartment and the university

        
系所學生專業能力/全校學生基本素養與核心能力
basic disciplines and core capabilities of the department and the university
課堂活動與評量方式
Class activities and evaluation
本課程欲培養之能力與素養 This course enables students to achieve.紙筆考試或測驗 Test.課堂討論︵含個案討論︶ Group discussion (case analysis).個人書面報告、作業、作品、實驗 Indivisual paper report/ assignment/ work or experiment.群組書面報告、作業、作品、實驗 Group paper report/ assignment/ work or experiment.個人口頭報告 Indivisual oral presentation.群組口頭報告 Group oral presentation.課程規劃之校外參訪及實習 Off-campus visit and intership.證照/檢定 License.參與課程規劃之校內外活動及競賽 Participate in off-campus/ on-campus activities and competitions.課外閱讀 Outside reading.
※系所學生專業能力 Basic disciplines and core capabilities of the department
1.財務倫理之能力與社會責任實踐 1. Financial ethics ability.           
2.國際觀之能力 2. Global perspective.           
3.解決財務問題之能力 3. Problem solving ability in Finance.VVVVVVV   V
4.溝通之能力 4. Communication skill.V VVVVV   V
5.財務管理專業知識之能力 5. Expertise in Financial management.VVVVVVV   V
※全校學生基本素養與核心能力 Basic disciplines and core capabilities of the university
1.表達與溝通能力。 1. Articulation and communication skillsV VVVVV   V
2.探究與批判思考能力。 2. Inquisitive and critical thinking abilitiesVVVVVVV   V
3.終身學習能力。 3. Lifelong learningVV V VV   V
4.倫理與社會責任。 4. Ethnics and social responsibility           
5.美感品味。 5. Aesthetic appreciation           
6.創造力。 6. Creativity           
7.全球視野。 7. Global perspective           
8.合作與領導能力。 8. Team work and leadership           
9.山海胸襟與自然情懷。 9. Broad-mindedness and the embrace of nature            

本課程與SDGs相關項目:The course relates to SDGs items:

         尚未建立SDGS資料

本課程校外實習資訊: This course is relevant to internship:

         本課程無註記包含校外實習

回上一頁