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Finanziamenti d'azienda - ENG

Business Financing Course
Valerio Malvezzi


Economics Faculty
Casale Monferrato Campus
Total teaching hours: 48, for CFU 6

Course Syllabus

The course will proceed according to the teaching objectives, scientific content and didactic methodology adopted by the Economics Faculty over previous years, and thereto will be structured by and large as follows:

Teaching Objectives

The course will aim to:

- supply the necessary tools for interpreting the role of financial intermediaries in the context of the financial services market for companies
- develop knowledge and skills in the analysis of business financial needs and how these can be met
- gain a deeper understanding of the technical and economic characteristics of the various options for funding via equity or debt capital

Course reference material

- Capizzi V., Costo del capitale e operazioni di investment banking, Egea, Milano, 2003 (Esclusi i capitoli: 5, 7, 9, 13).

General Course Syllabus

- Introduction to the course.
- Distribution chains for business financing.
- Principles for financial analysis from the point of view of bank analysts: the theory of  value creation and estimating the cost of capital
- Banks’ assessment of  business financial needs
- Financial needs analysis for small and medium-sized businesses
- Analysis of the relationship between banks and companies and the role of credit providers in solving complex financial problems
- The process of credit allocation: Credit analysis
- Short-term financial instruments available from banks
- Mid-to-long-term financial instruments available from banks: secured and syndicated loans
- Non-bank financial instruments: leasing and factoring.
- Market financial instruments: commercial papers and corporate bonds
- “Near equity” financial instruments: Junior and mezzanine debt
- Non-monetary financial instruments: signature loans
- Subsidised loans: pre-requisites for, and donors and receivers of, the main forms of public financial support for businesses
- The business plan as a means of obtaining business funding
- The steps from the business plan to a wider corporate strategy

The general syllabus of the course will be taught over a cycle of 3 modules, as indicated below, with a description of the subjects dealt with and the content of each lesson .

Detailed Course Syllabus

Specifically, the course will be structured as indicated in the table below

Module I (16 hours)

Lesson Number     Topic
1    General introduction to the course and the principles of business financing
2    Principles of financial analysis and financial analysis of the balance sheet
3    Bank financial analysis of company financial needs
4    Principles of financial analysis from the point of view of the bank analyst and analysis of the bank-company relationship 
5    Principles of financial analysis from the perspective of the bank analyst: the theory of value creation
6    Principles of financial analysis from the perspective of the bank analyst: the theory of value creation
7    From the theory of value creation to the concept of NPV and discounted cash flow analysis
8    Estimating the cost of equity

Module II (16 hours)

Lesson Number    Topic
9    Estimating the cost of debt capital
10    Estimating the cost of debt capital
11    Estimating capital costs and credit rating models
12    Estimating weighted average cost of capital
13    Financial instruments
14    Financial instruments
15    Financial instruments
16    Financial instruments

Module III (16 hours)

Lesson Number    Topic
17    The business plan
18    Subsidised loans and mutual funds
19    Project management
20    La logframe matrix
21    From business plan to a broader corporate strategy
22    Assessment of sample business plans
23    Practice in drawing up a business plan
24    Practice in drawing up a business plan

Students can choose between a written test and an oral test.