순현재가치 (NPV, Net Present Value)

지식 센터

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.

3. 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 -

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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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