开始日期: 2024-03-16

　　课时安排: 7周在线小组科研学习+5周不限时论文指导学习

　　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

　　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)等顶级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国家，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高级讲师。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是伦敦第一所大学，以其多元、尖端的学科设置著称，在REF 2014 英国大学官方排名中荣膺全英第一，并享有英国最多的科研经费;拥有英国国家医学研究所、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全球最大的健康科学中心;旗下皇家自由医院连年获评全英最佳医院，巴特莱特建筑学院和伦敦大学教育学院在各自领域独步全球，医学、计算机、法律、经济、考古等诸多学科排名全英第一 ，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最高荣誉。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。

　　项目背景

　　投资银行的概念起源于上世纪大萧条后的美国。在很早之前，金融监管的概念非常的笼统，因此对于银行而言，跟金融相关的业务基本都可以涉及。所以银行们一边收取着储户的存款，一边帮助大型企业进行融资，还一边提供着各类的做市业务。久而久之，各类风险就开始逐渐暴露，储户的存款无法得到保障。在大萧条之后，美国通过了《格拉斯-斯蒂格尔法案》，开始严格划分投资银行和商业银行之间的区别，并禁止商业银行利用储户的资金参加投行业务。由此，我们所说的现代投资银行也开始逐渐成型。投资银行和商业银行的主要区别是在于他们覆盖了金融市场的不同部分。商业银行的主要覆盖的是货币市场，也就是我们常见的存款和贷款业务，其主要的收入来源便是存贷之间的利息差。而投资银行主要覆盖的是资本市场，包括企业融资和金融资产交易，其主要的收入来源是各种承销、咨询的费用，以及做市交易和经纪业务的佣金。

　　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.

　　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，并概述这些银行的三大主要活动:首次公开发行(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，学生将熟悉首次公开发行(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。在项目的最后，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

　　首次公开发行和私有化

　　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

　　项目大纲

　　投资银行概论 Introduction to investment banking

　　并购与收购 Mergers and acquisitions

　　首次公开发行(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

　　项目收获

　　7周在线小组科研学习+5周不限时论文指导学习 共125课时

　　项目报告

　　优秀学员获主导师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

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