牛剑教授线上科研——股票分红与公司成长

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牛剑教授线上科研金融股票资本成本教授推荐信

项目背景 Program Background

2003年前微软没有派息，公告发布后股价下跌，瞬间蒸发数亿美元市值；苹果一直在派发股息，但投资者希望得到更多分红，重压之下，苹果在2013回购了170亿美元的股票。投资者可能会在你举步维艰的时候伸出援手，也可能在你的利润收益中取走大部分获利。如果公司不分红，股票投资者情绪和行为如何安抚把控？公司何时及派发多少股息对于公司和投资者双方*有利？

为了解决股票分红和公司发展的复杂关系，在这门课程中，我们将学习到金融市场参与者、资本市场和过程、股票估值、股东预期收益等概念，*后着重讨论股利支付与企业成长的关系。通过这些知识的传授，让大家了解掌握企业金融方面的知识，培养批判性的思维为公司创造持续盈利的环境。

Microsoft paid no dividend until 2003, and its stock price fell after the announcement, instantly wiping out hundreds of millions of dollars in market value. Apple has been paying dividends, but under pressure from investors who want more, Apple bought back $17 billion of its shares in 2013. Investors may come to your rescue when you are struggling, or they may take the lion's share of your profits. If the company does not pay dividends, how can the sentiment and behavior of stock investors be controlled? When and how much is in the best interest of both the company and investors?

In order to solve the complex relationship between stock dividends and corporate development, in this course, we will study the concepts of financial market participants, capital markets and processes, stock valuations, and expected returns to shareholders, and finally focus on the relationship between dividend payment and corporate growth. Through the imparting of these knowledge, let everyone understand and master the knowledge of corporate finance, cultivate critical thinking and create a sustainable profit environment for the company.

项目介绍 Program Description

本项目主要*包括：

★理解金融市场的框架、主要参与者和其经济活动

★对股票和项目股价有基本的了解

★了解并掌握资本成本、权益成本及其相互关系

The main objectives of the project include:

★Understand the framework of financial markets, the major players and their economic activities

★ Basic understanding of stocks and project prices

★ Understand and master the cost of capital, cost of equity and their relationship

适合人群 Targeting Students

高中生、大学生

学科领域：金融学/管理学/会计/投资

**：有意提高自身知识水平和学术能力的学生；有留学意向、参与跨专业深造或计划考取*的学生

竞争优势：通过获得教授私人推荐信和在学术期刊上发表论文来提升个人竞争力

论文能力：通过教授及助教指导撰写个人科研报告，提升留学申请文书质量及英文论文撰写能力

适应环境：对海外*课堂感兴趣或已收到海外大学录取信，想提前跨越中外学制鸿沟的准留学生

High school and college students

Subject area: Finance/Management/Accounting/Investment

Students who want to improve their knowledge level and academic ability; Students who have the intention to study abroad, participate in multi-professional further study or plan to enter a prestigious university

Competitive advantage: Enhance your competitiveness by obtaining personal letters of recommendation from professors and publishing in academic journals

Essay ability: To improve the quality of application documents and English essay writing ability by writing personal research reports under the guidance of professors and teaching assistants

Preparation for study abroad: Prospective students who are interested in the classes of famous overseas universities or have received an admission letter from overseas universities and want to bridge the gap between Chinese and foreign academic systems in advance

参考教授 Professor Introduction

Professor Phalippou

牛津大学赛得商学院金融经济学教授

Professor of Financial Economics, Said Business School, Oxford University

赛德商学院名誉集团主管，专长于私人股权和资产管理

Honorary Group Director, Said Business School, specialising in private equity and asset management

Research 研究领域：

private market investments with a focus on fee tracking 专注于追踪的私募市场投资

interest alignment 利息调整

return benchmarking回报基准

任职学校 University

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牛津大学（University of Oxford），简称“牛津”（Oxford），位于英国牛津，世界**的公立研究型大学，采用书院联邦制。

牛津大学的具体建校时间已不可考，但有档案明确记载的*早的授课时间为1096年，之后在1167年因得到了英国皇室的大力支持而快速发展。牛津大学是英语世界中*古老的大学，也是世界上现存第二古老的高等教育机构。该校涌现了一批引领时代的科学巨匠，培养了大量开创纪元的艺术大师、国家元*，其中包括28位英国*相及数十位世界各国元*、政商界*。牛津大学在数学、物理、医学、法学、商学等多个领域拥有崇高的学术地位及广泛的影响力，被公认为是当今世界***的高等教育机构之一。从1902年起，牛津大学还设立了面向全世界本科生的“罗德奖学金”。截止至2019年3月，牛津大学的校友、教授及研究人员中，共有72位诺贝尔奖得主（世界第九）、3位菲尔兹奖得主（世界第二十）、6位图灵奖得主（世界第九）。

2019-2020年度，牛津大学位列于2020THE世界大学排名世界第1，2020QS世界大学排名世界第4，2020USNews世界大学排名世界第5，2019世界大学学术排名世界第7，2019泰晤士高等教育世界大学声誉排名世界第5。特别的是，牛津大学于2017-2020年连续四年在THE世界大学排名中位列世界第1。

The University of Oxford (Oxford), referred to as "Oxford", is located in Oxford, England, the world's top public research university, using the college federal system.

The exact date of the establishment of Oxford University is unknown, but the earliest teaching time is clearly recorded in the archives as 1096, after which the rapid development of the British royal family in 1167. The University of Oxford is the oldest university in the English-speaking world and the second oldest surviving institution of higher education in the world. The school has emerged a group of leading scientific giants, trained a large number of pioneering art masters, heads of state, including 28 British Prime Ministers and dozens of heads of state, political and business leaders around the world. Oxford University in mathematics, physics, medicine, law, business and other fields has a high academic status and extensive influence, is recognized as one of the world's top institutions of higher education. Since 1902, the University of Oxford has also established the Rhodes Scholarship for undergraduates from all over the world. As of March 2019, there are 72 Nobel Prize winners (9th in the world), three Fields Medal winners (20th in the world) and six Turing Award winners (9th in the world) among Oxford's alumni, professors and researchers.

In 2019-2020, the University of Oxford was ranked 1st in the world in the World University Rankings and ranked 1st in the world for four consecutive years in the World University Rankings from 2017-2020.

项目大纲 Syllabus

Introduction of the Course, the Expectations and the Financial Markets; Law of One Price and Separation Principle; Stock Valuation: Dividend and Growth 课程基本简介，课程学习*以及金融市场相关介绍;一价法则与分拆原则; 股票估值:股息与增长
Factors Determining Dividend Policies; Types of Dividends and Trend Analysis (by markets and industries) 决定股息政策的因素;按市场和行业来分析股息类型和趋势
Case Discussion: Apple; China’s Financial Market Review 案例讨论:苹果公司;中国金融市场回顾
China’s Dividend Policies and Trend; Discuss How Dividend Policies Impact Chinese Firm’s Growth 中国的股息政策和趋势;讨论股息政策如何影响中国公司的增长
Summary and Presentation 学习总结与报告准备
Essay Instruction 论文指导

时间安排与收获 Schedule and Outcome

在线科研学习+论文辅导学习Online research study + essay tutoring study
教授推荐信 Professor's'recommendation letter
EI/CPCI/Scopus索引国际会议论文发表与收录（可用于申请）International conference papers indexed by EI/CPCI/Scopus (available for application)
结业证书 Certificate of completion
学习报告 Study report

项目优势 Program Advantages

1. 师资团队配置高

A.授课教授均为剑桥大学、牛津大学在职教授

B. 导师是牛津大学、剑桥大学博士生

C. 班主任负责项目全流程管理

D. 由位于剑桥的英国团队直接提供服务，中方团队配合

2. 小班教学体验

A.10-15人/班，师生比 1：5

B. 国际混合班

C. 可免费试听（*，依情况而定）

D. 学生体验好

3. 项目收获多、性价比高

A.教授亲笔签名的推荐信

B. 教授亲笔签名的结业证书

C. 导师签名的学习报告

D. CPCI、EI、国际会议等国际刊物论文全文发表（独立作者、*作者）

4. 推荐信含金量高

A.推荐信非模板化，有个体差异

B. 电子版推荐信1封

C. 3次网推（如需增加数量，可与教授协商）

D. EDU邮箱/非官方邮箱（可与教授协商）

E. 项目学生确保都有推荐信

5. 提供不*长的录播课程，学生可以任意观看

1. SENIOR TEAM STRUCTURE
A. All of the teaching staff are serving Cambridge or Oxford University professors.
B. The course supervisor is a Cambridge and Oxford Phd Graduate.
C. There is a separate Course Supervisor responsible for the wider programme management.
D . Services in the UK are provided directly by the UK team, based in Cambridge, and supported by the Chinese team
2. Small class sizes
A. 10-15 students in a class, teacher ratio 1:5
B. International mixed classes
C. Free taster session (limited, subject to availability)
D. Good study experience
3. Course and study outputs and outcome
A. A Letter of Recommendation signed by the Professor
B. A Certificate of Completion signed by the Professor
C. Study Report signed by Tutor
D. Full papers published in CPCI, EI, international conferences and other international journals
4. Multiple references
A. The Letter of Recommendation is personalised to the student.
B. One electronic Recommendation Letter
C. Three on-line recommendation communications from the Professor (negotiable)
D. EDU email/unofficial email (negotiable with the Professor)
E. All students are guaranteed a Letter of Recommendation
5. Unlimited access to course recordings