Федеральное государственное автономное образовательное учреждение
высшего профессионального образования
"Национальный исследовательский университет
"Высшая школа экономики"
Факультет экономических наук
Департамент финансов
Рабочая программа дисциплины
«Экономика фирмы»
(Economics of the Firm)
для образовательной программы:
«Программная инженерия» направления 09.03.04
подготовки бакалавра
Разработчики программы:
Макеева Е.Ю., доцент, emakeeva@hse.ru
Войко А.В., доцент, voyko@mail.ru;
Одобрена на заседании департамента финансов
«___»____________ 2015 г.
Руководитель департамента
И.В. Ивашковская_______________________
Рекомендована Академическим советом образовательной программы ОП «Программная
инженерия»
«___»____________ 2015 г., № протокола_________________
Утверждена «___»____________ 2015 г.
Руководитель департамента финансов
И.В. Ивашковская_______________________
Москва, 2015
Национальный исследовательский университет «Высшая школа экономики»
Программа дисциплины «Экономика фирмы» (Economics of the Firm) для направления 09.03.04
«Программная инженерия» подготовки бакалавра
Настоящая программа не может быть использована другими подразделениями университета и другими
вузами без разрешения подразделения-разработчика программы.
Economics of the Firm
Syllabus
Faculty: Economics
Year: 2015/16
Course name: Economics of the Firm
Level: Bachelor, 2Y
Language of instruction: English
Period: 3rd, 𝟒𝐭𝐡 module
Workload: hours of classes
Course description:
Course is designed for bachelor students. This course discusses formation of analytical and
practical skills of financial decisions making. The course deals with managing business funds
and planning their use to accomplish organizational objectives. It covers the following:
techniques of financial analysis and planning such as ratio analysis, pro forma projections and
discounted cash flow analysis; the sources and uses of funds; problems of financial capital.
Course objectives:
At the end of the course students are expected to:
1. Understand and apply principles of modern economic analysis of the firm;
2. Be able to discuss different stakeholders’ goals as a source of agency conflicts;
3. Understand and apply assets creation techniques when making predictive solutions;
4. Be able to discuss the logic of capital structure decisions and understand how market
imperfections influence capital structure decisions;
5. Understand the major goal of risk management and its influence on stakeholders’
behavior.
Prerequisites:
Course Teachers and Contact Details:
Makeeva Elena, emakeeva@hse.ru
Voyko Alexander, voyko@mail.ru
Main readings:
1. Gitman, Lawrence (2003), Principles of Managerial Finance, 10th edition, AddisonWesley Publishing.
2. Terry S. Maness and John T. Zietlow ”Short-Term Financial Management” 3rd edition, SouthWestern, 2005. ISBN 0-324-20293-8
Teaching methods include:
 case studies
 group presentations and discussions
 in class problem solving
 lecturers& classes
Course type:
2
Национальный исследовательский университет «Высшая школа экономики»
Программа дисциплины «Экономика фирмы» (Economics of the Firm) для направления 09.03.04
«Программная инженерия» подготовки бакалавра
Course outline:
1. Introduction to the economics of the firm.
The essence of finance. Legal forms of business organization. Organization of the finance
function. Goal of the firm.
Internal and external financial relationships of the firm. The agency issue. Financial institutions.
Financial markets.
Company evolution and the organizational life cycle. Overview of the product life cycle.
Overview of the organizational life cycle. Stages of the organizational life cycle. The notion of
the value of the firm at different stages of the life cycle. The analysis of the classical and
alternative models of firm behavior. Comparative analysis of alternative models: maximizing the
growth of managerial behavior. The impact of behaviours on the value of the firm.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, ISBN-10:
0136119468; ISBN-13: 9780136119463, 2012 • Prentice Hall - Chapter 1.
Additional literature:
1. Kelin F. Gersick, Marion M. Hampton, Ivan Lansberg, John A. Davis Generation to
Generation: Life Cycles of the Family Business - Harvard Business Press Books
2. Andris A. Zoltners, Prabhakant Sinha, Sally E. Lorimer Match Your Sales Force
Structure to Your Business Life Cycle - Harvard Business Review
2. Risk Management.
Types of business and finance risks. The analysis of the business risks associated with the quality
of management of the company. Financial risks in the operating activities of the company. Price
risks and ways of their neutralization. Analysis of investment risk factors at different stages of
the life cycle of the company.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 8.
Additional literature:
1. David E. Bell, Phillip Andrews, Mary Shelman Domino's Pizza- Harvard Business
Review
2. Russell Walker, Joanna Wilson Nokia's Supply Chain Management - Harvard Business
Review
3. Ian Bremmer Managing Risk in an Unstable World - Harvard Business Review
3. Financial Model of Analysis the firm.
Differences between financial and accounting analysis models of the company. Principles of
modern financial analysis of the company. The principle of economic profit. The principle of
value added.
Using ratios to make decisions. Evaluating the ability to pay current liabilities. Evaluating the
ability to sell inventory and collect receivables. Evaluating the ability to pay long-term debt.
Evaluating profitability. Evaluating stock investments.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 2,3.
3
Национальный исследовательский университет «Высшая школа экономики»
Программа дисциплины «Экономика фирмы» (Economics of the Firm) для направления 09.03.04
«Программная инженерия» подготовки бакалавра
Additional literature:
1. F. Asis Martinez-Jerez, Lisa Brem Cash Flow Productivity at PepsiCo: Communicating
Value to Retailers - Harvard Business School
4. Role of Cash Flow in the economics of the firm.
Operation Cash Flow and Free Cash Flow. Sources and uses of cash. The payment system and
financial institution relationship. Value and concept of float. Electronic-based systems. Cash
collection system. Types of collection system. Cash concentration. Cash disbursement system.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 4.
Additional literature:
1. Jose M.L, Lancaste, C & Stevens, J.L. (1996). Corporate returns and cash conversion
cycles. Journal of Economics and Finance, 9 Volume 20, Number I
Case study:
1. William J. Bruns Jr., Julie H. Hertenstein Statements of Cash Flows: Three Examples HBS Premier Case Collection
5. The Financial Capital of the Firm.
The sources of funding for companies at different stages of the life cycle. The concept of
financial leverage.
Equity capital of the company: composition, structure. The concept of net assets. Equity capital
of the company: composition, structure. The concept of net assets. Features of formation of
equity capital in various sectors of the economy.
The essence of liabilities. Current and long-term liabilities: goals and ways of their acquisition.
Long-term liabilities: notes payable, mortgages payable, bonds payable, and classification of
liabilities The influence of liabilities to financial results of a firm.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 6,7.
Additional literature:
1. Jose M.L, Lancaste, C & Stevens, J.L. (1996). Corporate returns and cash conversion
cycles. Journal of Economics and Finance, 9 Volume 20, Number I
Case study:
1. Mark Mitchell Debt Policy at UST, Inc. - HBS Premier Case Collection
2. 2. W. Carl Kester, Sunru Yong Winfield Refuse Management, Inc.: Raising Debt vs.
Equity - HBS Brief Cases
6. The Fix and Non-Fix Assets.
Measuring the cost of fixed assets. Amortization and Depreciation. Disposal of assets of the
company. Structure of fixes assets. Capital budget.
Introduce of the working capital. The concept of inventory. Basics of managing the average
inventory balance. Inventory management and the Cash Flow timeline. Reducing the size of the
inventory investment. Types of receivables. Internal control over receivables. Identifying and
4
Национальный исследовательский университет «Высшая школа экономики»
Программа дисциплины «Экономика фирмы» (Economics of the Firm) для направления 09.03.04
«Программная инженерия» подготовки бакалавра
writing off uncollectible accounts. Methods of debt collection: the allowance method, the direct
write-off method, notes receivable. The policy of receivables management.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 10,
15.
Additional literature:
1. Nobanee, Haitham, Working Capital Management and Firm's Profitability: An Optimal
Cash Conversion Cycle (September 10, 2009). Available at SSRN:
http://ssrn.com/abstract=1471230
Case study:
1. Elizabeth M.A. Grasby, Carlie Bell Pejenca Industrial Supply Ltd. - Richard Ivey School
of Business Foundation
2. Richard S. Ruback, Aldo Sesia Jr. Dell's Working Capital - http://cb.hbsp.harvard.edu
7. Intellectual and social capital of the Firm.
Intellectual capital: identifying, measurement the cost, analysis. Intellectual capital as a source of
competitive advantage of the firm. The components of intellectual capital. Methods of
evaluation of intellectual capital efficiency.
Human, customer , innovation capital. The network of stakeholders and harmonious
development of the company. Performance indicators of human capital and the ways of its
increase in the innovation economy. Social capital and its importance for the firm. Internal and
external influence of social capital on firm value. Corporate culture as a form of social capital.
The company's reputation as a criterion for evaluating social capital.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 18.
8. Performance Measurement.
Operating costs and expenses of the period. The essence of the concept of "cost", the role of data
on costs in the management of modern business. Production, full, truncated value. The cost of
goods manufactured and cost of goods sold.
The classification of expenses by the possibility of referring to the certain object of calculation.
The behavior of the cost, depending on changes in the volume of activity. The conventionality of
the classifications of costs. Controlled and uncontrolled costs.
The importance of performance measurement in management. The major goals of performance
measurement. The levels of performance measurement. Types of performance measures: output
and outcome measures.
The balanced scorecard. Measuring the financial performance of cost, revenue, and profit center.
Measuring the financial performance of investment centers.
Use of performance measurement in budgeting. Use of performance measurement as a tool for
productivity improvement.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 12.
2. Kaplan, Robert S., and David P. Norton. "Mastering the management system." Нarvard
business review 86.1 (2008): 62.
5
Национальный исследовательский университет «Высшая школа экономики»
Программа дисциплины «Экономика фирмы» (Economics of the Firm) для направления 09.03.04
«Программная инженерия» подготовки бакалавра
9. Financial Planning.
The nature and purpose of financial planning. Types of planning on the timing and degree of
detail of the plan elaboration. Prospective, current financial and operational plans. Calendar of
payments, balance of income and expenses as a form of financial plans.
Budgeting, goals and objectives. The role of budgeting in the management of the modern firm .
The definition of the budget, the frequency and the principles of its development. The main
functions of the budget.
The budgeted balance sheet. The purpose and sequence of its preparation. Operating and
financial budgets. The main problems of determining the volume of sales in market conditions.
The purpose and principles of cash flow budget. The cash flow budget as a tool of financial
management of the firm. Practical problems of gathering information for its development.
Basic literature:
1. Principles of Managerial Finance / Lawrence J. Gitman, Chad J. Zutter, - Chapter 14.
Workload distribution
Topic
#
1
Introduction to the economics
of the firm
Risk Management
Financial Model of Analysis
the firm
Role of Cash Flow in the
economics of the firm
The Financial Capital of the
Firm
The Fix and Non-Fix Assets.
Intellectual and social capital of
the Firm.
Performance Measurement.
Financial Planning.
Total hours
2
3
4
5
6
7
8
9
Total hours
Lectures
(hours)
Classes
(hours)
Self-study
(hours)
16
4
4
8
10
20
2
4
2
4
6
12
10
2
2
6
24
4
4
16
24
12
4
2
4
2
16
8
18
18
152
4
6
32
4
6
32
10
6
88
Grading
 total 100%



Assigned Case – 20%
Homework – 30%
Exam – 50%
6