Francesco GANGI
Insegnamento di ANALISI DEGLI INVESTIMENTI E VENTURE CAPITAL
Corso di laurea magistrale in ECONOMIA E MANAGEMENT
SSD: SECS-P/08
CFU: 8,00
ORE PER UNITÀ DIDATTICA: 56,00
Periodo di Erogazione: Secondo Semestre
Italiano
Lingua di insegnamento | ITALIANO |
Contenuti | Il corso di Analisi degli Investimenti intende trasferire gli strumenti teorici e le conoscenze relative a: |
Testi di riferimento | Gangi F., Analisi degli investimenti aziendali. Strategie e casi, Egea 2024 (in corso di stampa). |
Obiettivi formativi | Al termine del corso lo studente acquisirà: 1. La conoscenza e la capacità di comprensione delle più avanzate logiche di valutazione dei progetti di investimento. Lo studente, inoltre, acquisirà la conoscenza delle interazioni tra le dinamiche dell’investimento di capitale di rischio e quelle dell’investimento di capitale di debito. 2. La conoscenza e le abilità pratiche necessarie per stimare i flussi di cassa, il costo del capitale, il valore attuale netto, il tasso interno di rendimento, il periodo di recupero ed il costo annuo equivalente dei progetti di investimento aziendali. Inoltre acquisirà le capacità tecniche per l’analisi e la definizione delle operazioni di project financing. 3. la capacità di comprendere ed interpretare con autonomia di giudizio i report economico-finanziari periodici inerenti il monitoraggio delle scelte di investimento e di finanziamento. 4. la terminologia tecnica appropriata per comunicare e interagire con le varie categorie di interlocutori presenti sui mercati finanziari e nei rapporti tra impresa ed investitori. 5. gli strumenti logico-concettuali e la conoscenza necessaria per rafforzare la propria capacità di apprendimento delle operazioni di investimento e finanziamento complesse. 6. miglioramento della comprensione delle modalità di integrazione delle logiche ESG nelle decisioni di investimento e finanziamento, favorendo l'evoluzione verso un nuovo paradigma finanziario, la finanza sostenibile. |
Metodologie didattiche | L’attività didattica è articolata nel seguente modo: |
Metodi di valutazione | La valutazione del candidato è effettuata attraverso una prova orale composta da domande a risposta aperta, comprensive di dimostrazioni e/o esercitazioni da svolgere alla cattedra in sede di esame orale. |
Programma del corso | In dettaglio, il programa del corso ha ad oggetto i seguenti contenuti: |
English
Teaching language | Italian |
Contents | The main contents of this course are related to: 1. Definitions and Models of Investment Decisions. Financial Structure and Cost of Capital. Fundamental Methods for the Analysis of Investment Projects. 4. The Origin and Treatment of Cash Flows. 5. The Real Options Approach for Investment Analysis. 6. The Equity Capital Investment Perspective. 7. The Debt Capital Investment Perspective and the New Challenges of Fintech and Sustainability. 8. Project Financing. 9. Ethics and Socially Responsible Investment. 10. Alternative Finance Instruments: Equity Crowdfunding. |
Textbook and course materials | Gangi F., Analisi degli investimenti aziendali. Strategie e casi, Egea 2024 (in press). |
Course objectives | At the end of the course the student will be able to: 1. understand the most advanced assessment techniques of investment projects. The student will acquire the knowledge of the interactions between the relationship between risk capital and debt capital investments. 2. knowledge and practical skills needed to estimate the cash flows, the cost of capital, the net present value, internal rate of return, the recovery period and the equivalent annual cost of any investment project. In addition, the student will acquire the technical skills for the analysis and study of the project financing. 3. the ability to understand and interpret with independent judgment periodic financial reports useful to monitor investment and financing decisions. 4. the appropriate technical terminology to communicate and interact with the various categories of stakeholders in the financial markets and in the relationships between the company and investors. 5. the logical and conceptual techniques and knowledge needed to strengthen its ability to learn complex investment and financing operations. 6. improvement of the understanding of how to integrate ESG logic into investment and financing decisions, fostering the evolution towards a new financial paradigm, sustainable finance. |
Teaching methods | Lectures aimed at improving the knowledge and understanding of students carried out with the support of both slides and the blackboard; in order to strengthen communication skills and independent judgment, students are encouraged to participate in the discussion with questions, comments and reflections. |
Evaluation methods | The assessment of candidates is carried out through an oral interview. |
Course Syllabus | 1. Definition and models of investment decisions: Definition and classification of investments; financial models of investment decisions, investment decisions under uncertainty, the financial value of time. 2. Financial structure and cost of capital: Theory of financial structure, the estimation of the cost of capital, the cost of equity, the cost of debt, the WACC. 3. Fundamental methods for the analysis of investment projects: General approaches and systemic logic, basic criteria for the financial analysis of investment projects; evaluation of investment projects under conditions of higher complexity, financial structure and capital budgeting; the economic value added (EVA). 4. The origin and treatment of cash flows: The business plan; principles of cash flow composition; drivers and types of cash flows; sensitivity analysis in cash flow estimation. 5. The real options approach to investment analysis: Real options; the strategic options underlying investment projects; real options and innovative projects; the binomial model; the evaluation of strategic options using binomial trees; the limitations of the real options approach. 6. The risk capital investment perspective: evolutionary lines of the credit market in Italy; the integration of sustainability criteria in the investment choices of private equity operators. 7. The corporate investment financing process in the light of Basel 2; the limitations of Basel 2 and the introduction of Basel 3; the intervention of Confidi in the financing process; ESG components in the evaluation of debt capital investments; the ethical approach to investment banking. 8. Project financing: logic and configuration of project financing; the feasibility analysis; the security package for risk management; project financing and public utility works. 9. Ethics and socially responsible investment: Ethics and social responsibility; investment criteria and strategies; the performance of socially responsible investments. 10. Equity crowdfunding as an alternative finance tool; How equity crowdfunding works; Analysis of equity crowdfunding investments; Equity crowdfunding and sustainable investments. |