タイトル

開講年度 開講学部等
2026 大学院技術経営研究科
開講学期 曜日時限 授業形態 AL（アクティブ・ラーニング）ポイント
前期後半 木1～4 講義  
時間割番号 科目名[英文名] 使用言語 単位数
8061100006 ビジネスファイナンス特論[Advanced Course on Business Finance] 英語 2
担当教員（責任）[ローマ字表記] メディア授業
松浦 良行[MATSUURA Yoshiyuki] ー
担当教員[ローマ字表記]
松浦 良行　[MATSUURA Yoshiyuki]
特定科目区分   対象学生 秋入学者クラス 対象年次  
ディプロマ・ポリシーに関わる項目 カリキュラムマップ(授業科目とDPとの対応関係はこちらから閲覧できます)
授業の目的と概要
This course intends to learn the fundamental finance knowledge and related skills requisite for MOT study, with special emphasis on investment decision. Unlike MBA students, MOT students are unlikely to be financial experts who have to be able to exploit the wide range of finance knowledge underpinned by the deep understanding of the theory. Given this understanding, this course is designed to help the students apply the financial knowledge in practice. More specifically, the course focuses on investment decision making which is most relevant to practitioners in general.The course starts with the basic framework and grasps the theories forming the modern finance.Then the students will learn risk in finance, leading to the concept of cost of capital.The students learn the investment decision making comprising of project definition, hurdle rate and return measurement. Finally, the students will apply the knowledge to develop a business plan.
授業の到達目標
Students will be able to:

Analyze a firm’s growth potential using standard valuation metrics.
Conduct investment evaluations based on widely accepted financial decision criteria.
Develop hypothetical business cases that are structured for quantitative analysis.
授業計画
【全体】
This course premises value maximization as the ultimate corporate objective and grasps the structure of corporate finance. The students will learn the concept of risk and return in finance while understanding the difference and relationship between finance and accounting in terms of its role. They will expect to understand the way to use financial and fundamental analysis given these premises. The course then lets the students use a commercial financial database for exploiting their knowledge with the real cases.
The latter part of the course is designed to enable the students to develop an investment plan in practice. The students will first learn pros and cons of commonly used investment decision criteria, return measurement with knowing the importance of project definition which can affect investment evaluation.Then they are expected to develop a hypothetical business scenario and translate to the corresponding investment plan.The corse finally refers to valuation of firm. The students can learn how actual stock price differ from theoretical estimation and the reason behind it. Along the way. the course introduces the behavioral finance perspective which sometimes making actual stock price far different from the intrinsic price.
項目 内容 授業時間外学習 備考
第1回 Introduction Value maximization as the ultimate corporate objective
Major stakeholders and their objective
Difference between fiance and accounting
 		Preparation and review (4H)
第2回 Important building-blocks at a glance Efficient Market Hypothesis
Portfolio Theory
Option Theory
Agency Theory

 		Preparation and review (4H)
第3回 Business strategy and finance Business life cycle
BCG matrix 		Preparation and review (4H)
第4回 Basics of Risk in Finance Risk concept in corporate finance theory
Taxonomy of risk and the remedies
Stock price and risk
 		Preparation and review (4H)
第5回 A primer on capital asset pricing model (CAPM) and cost of capital estimation Market portfolio and CAPM
Ingredients of CAPM
Beta estimation
Interpreting regression result of market model 		Preparation and review (4H)
第6回 Breaking down the factors affecting beta and WACC Business segment
Business risk
Financial leverage
Fundamental beta
Cost of debt
Weighted average cost of capital 		Preparation and review (4H)
第7回 Measuring investment return Investment decision making factors
Cash versus profit
Incremental cash flow
 		Preparation and review (4H)
第8回 Investment decision criteria (1) investment decision based on return on investment (ROI)
Pros and cons of ROI based decision
WOrking capital consideration
 		Preparation and review (4H)
第9回 Investment decision criteria (2) Payback period
DCF
IRR 		Preparation and review (4H)
第10回 Further issues of investment decision making Opportunity cost
Synergy effect
Real option aspect 		Preparation and review (4H)
第11回 Exercise: Developing an investment plan (1) Developing business scenario and investment plan by group
 		Preparation and review (4H)
第12回 Exercise: Developing an investment plan (2) Developing business scenario and investment plan by group Preparation and review (4H)
第13回 Valuation(1) Taxonomy of valuation methods
DCF valuation
FCF valuation
Estimating growth 		Preparation and review (4H)
第14回 Valuation(2) Dividend discount model
Residual incvome model
Using analyst estimates
Tips at valuation 		Preparation and review (4H)
第15回 Behavioral Finance: A primer Why behavioral consideration is important
Market anomaly and investors behavior 		Preparation and review (4H)
※AL（アクティブ・ラーニング）欄に関する注
・授業全体で、AL（アクティブ・ラーニング）が占める時間の割合を、それぞれの項目ごとに示しています。
・A〜Dのアルファベットは、以下の学修形態を指しています。
【A：グループワーク】、【B：ディスカッション・ディベート】、【C：フィールドワーク（実験・実習、演習を含む）】、【D：プレゼンテーション】
A: --%　B: --%　C: --%　D: --%
成績評価法
Class participation 30%, term end report 70%
教科書にかかわる情報
教科書 書名 Applied corporate finance ISBN 9781118808931
著者名 Aswath Damodaran 出版社 Wiley 出版年 2015
備考
The handout based on the textbook will be delivered. The students do not need to buy the textbook.
参考書にかかわる情報
備考
Will be introduced if needed
メッセージ
The standard framework of finance turns out to be coherent yet straightforward once the students comprehend the basic premise and ultimate objective assumed. The course will be a good opportunity to trace the deductive and consistent theory development in social science in general, especially for the students from engineering field. The students are also expected to have good spreadsheet skill enough to express business plan by numbers, given the applied nature of this course.
キーワード
Corporate finance, capital market, investment evaluation, performance criteria、cost of capital
持続可能な開発目標（SDGs）

関連科目
Accounting and finance should be the premise of this course.
履修条件
None
連絡先
matu@yamaguchi-u.ac.jp
オフィスアワー
Arrange upon request

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