순현재가치 (NPV, Net Present Value)

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전통적인 가치평가 방법. NPV의 설명.

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순현재가치 (NPV, Net Present Value)NPV란 무엇인가? 정의

어느 한 투자(프로젝트)의 순현재가치(NPV)는 투자로부터 기대되는 할인된 현금흐름의 합과 최초에 투자된 금액과의 차이이다. (보통 하나의 프로젝트) 다음과 같은 단계로 계산되는 Discounted Cash Flow[현금흐름할인법] 측정 방법에서 사용된 전통적인 가치평가 방법이다:


NPV 계산방법

  1. (보통 1년기준) 투자의 결과인 예상된 기업잉여현금흐름(free cash flows)의 계산
  2. 자본비용(시간과 리스크에 대해 조정된 이자율)을 차감하고 할인.

그 결과 현재가치(Present Value)이다.

  1. 초기 투자액을 차감한다.

그 결과 최종적으로 순현재가치 (Net Present Value)가 계산된다.


그러므로 NPV는 하나의 투자가 얼마만큼의 가치를 가져올 것인지를 보여주는 금액이다. 이것은 현재 현시점으로 시간을 추정하여 모든 현금흐름을 측정하여 구한다.


만일 NPV가 양(+)의 결과를 보여주면 프로젝트는 착수되야한다.


순현재가치의 한계

  • 비록 NPV 측정이 투자결정에 널리 사용되고 있지만, NPV는 프로젝트가 결정된 후의 유연성과 불확실성을 설명하지 않는다는 단점이 있다. 좀 더 자세한 내용은 Real Options [리얼옵션이론]를 보십시오.
  • 또한 NPV는 무형적인 혜택을 다룰 수 없다. 그 때문에 전략적 이슈와 프로젝트에 대한 유용성이 감소한다. 좀 더 자세한 내용은 IC Rating [지적자본 평가방법론]를 보십시오.

참고도서: S. David Young, Stephen F.O'Byrne - EVA and Value-Based Management: A Practical Guide. -

참고도서: Aswath Damodaran - Investment Valuation: Tools and Techniques for Determining the. -

참고도서: James R. Hitchner - Financial Valuation: Applications and Models -


순현재가치 포럼
  NPV with Only Costs & IRR
Hi, I have been posed with the problem of trying to calculate an NPV, with only costs provided and an IRR. Additionally, costs are not incurred upfront, but by borrowing over each period at a given rate. Would it be incorrect to go ahead and use the ...
     
 
  Calculating NPV for a Project
John owns a nursery school. He estimates that, with an extension, he would be able to sell the business as a going concern for $600,000 in six years time. Without the extension, he would expect to sell it for $500,000 in six years time. A local buil...
     
 
  NPV Cost Avoidance and Savings
I evaluating a capital expenditure project where 'stand alone' (location 1) the savings from the investment are low. Due to this, the NPV is low. And thus the project is not feasible.
However this project also leads to cost avoidance at another ...
     
 
  Calculating Cost per Unit if Zero NPV without any Operating Costs Information
How does one calculate the cost per unit from the following info?
Initial investment of R120M, R8M maintenance costs per year, R5M additional costs for each 1M units produced and 1.2M units produced yearly. 11% interest rate on the investment an...
     
 
  NPV for Leased Equipment versus Purchased Equipment
Do any of you use NPV for a lease situation? I lease equipment and am often asked about purchase versus lease
I do not have the customers cash inflows, but when I'd do this comparison of NPVs, the least negative of the two would be the one to go...
     
 
  WHEN to Invest? Investing at the Right Moment...
I have done a NPV calculation for an investment option. The problem I'm thinking about is not IF I should invest, it is WHEN to invest.
Its weird to make a calculation on a 10 years basis for option 1 (invest now) and compare it with option 2 (i...
     
 
  Missed Interest in NPV
(How) Can I include interest income forgone in an NPV calculation?...
     
 
  NPV with a Missing Cash Flow Figure
Is is possible to calculate NPV with a missing cash flow figure? E.g. the expected cash flows for a 5 year project at 2% with initial investment of 5000 pounds are 1000, 2500, 2300, 1700 and unknown. Can't this be done?...
     
 
  Calculating NPV with Missing Data
How will I calculate the NPV if I only have the different annual income for 6 years business proposal?...
     
 
  Operating Cash Flows
What is the NPV of a project that has cost of 52,125 and net cash flows of 12,000 per year for 8 years with a cost of capital of 12 percent?...
     
 
  NPV of $1 Million for a Project Means What
If a NPV of one project is $1 million, what does it mean to an investor?...
     
 
  Example of Net Present Calculation
Consider the following two investments:
Investment 1 requires a cash investment of $ 10,000 today and $14,000 two years from now. One year from now this investment will yield $24,000.
Investment 2 requires a cash investment of $ 6,000 today...
     
 
  Does the Net Present Value (NPV) calculation uses cash inflows or profits?
Does the NPV calculation uses cash inflows or profits? Should I use the revenue generated by the project or the profit?...
     
 
  More Complex NPV Comparison: Interrelated Projects
How would I compare 3 projects - two have an NPV = $500,000 (over 9 years mixed stream of inflows and 20 years annuity, respectively) and one which is a lump of $490,000 cash right now?
...
     
 
  Choosing between Investments Using a Comparison of NPVs
If I have 2 investments and I compare the NPV of both. Which one I prefer? With the biggest NPV?...
     
 
  How do you Calculate NPV when Initial Investments are Unknown?
In calculating NPV when initial investment is not mentioned what should i do? Only cost and benefit from year 1 is given. What would be the power of (1+discount rate) 1 or 0?...
     
 
  NPV of Partial Payments
Suppose a business sells an average of $ 1000 per month to a group of 200 customers on Net 30 terms. What would be the financial benefit to the seller if those customers each paid 1/30th of the invoice each day for 30 days.
The situation is one...
     
 
  NPV assumes Certainty of Cash Flows
When using the Net Present Value method be careful: this calculation assumes certainly in the forecasted future cash flows. For strategic longer term projects this assumptions is often not valid in today's volatile markets and uncertain business envi...
     
 

순현재가치 시그(SIG)


시그(SIG)

순현재가치 교육 및 이벤트


교육, 세미나 및 이벤트 찾기


모범 사례 - 순현재가치 프리미엄
  Re-evaluating an investment decision
Question: I am re-evaluating an investment decision from 2004 - - where the initial investment was made. If I wanted to look at the investment today would I need to take the future value of the past CFs and investment into todays dollars and then re ...
     
 

Expert Tips (ENG) - Net Present Value (NPV) 프리미엄

자료 - 순현재가치 프리미엄
 

뉴스

순현재가치 method
     
 

뉴스

순현재가치
     
 

영화

순현재가치 method
     
 

영화

순현재가치
     
 

프리젠 테이션

순현재가치 method
     
 

프리젠 테이션

순현재가치
     
 

순현재가치 method
     
 

순현재가치
     

NPV 관련개념 : Internal Rate of Return [내부수익률]  |  Payback Period [투자회수기간]  |  비용 편익 분석  |  Total Cost of Ownership [총소유비용]  |  CAGR [연평균복합성장률]  |  자기자본비용


다른 페이지로 이동: 의사결정과 가치평가  |  재무와 투자


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