Net Present Value[NPV,净现值]

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传统的投资估值法。 Net Present Value[净现值]解析。

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  1. 摘要
  2. 论坛
  3. 最佳实践
  4. Expert Tips
  5. 相关资料
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 Net Present Value[NPV,净现值] 什么是净现值? 释义

投资项目的净现值就是一项投资所产生的未来现金流的折现值与项目投资成本之间的差值。 它是一种传统的项目估值法,它的计算通过Discounted Cash Flow[贴现现金流]、并按照以下步骤进行。


NPV计算步骤

  1. 计算投资预期产生的Free Cash Flow[自由现金流]
  2. 减去折扣(去除资金的时间、风险影响)。

这个中间值称为: 现值(Present Value

  1. 减去初始投资成本。

这个终值即为: 净现值(NPV


因此,NPV所表示的就是一项投资所能创造的价值, 并且将未来现金流回溯到当前时间点上,取其折现值。


如果NPV值为正数,说明项目可行。


NPV的局限

  • 尽管在投资决策过程中NPV被广泛使用,它的一个主要缺点是它不考虑项目执行后的弹性和不确定性。 详尽信息,请参阅Real Options[实物期权]
  • 对于无形收益的测量,NPV无能为力。 这一不足严重削弱了NPV在战略项目决策时的效用。 详尽信息,请参阅IC Rating[智慧资本评级]

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

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

参考书: James R. Hitchner - Financial Valuation: Applications and Models -


净现值论坛
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  Calculating NPV for a Project
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  NPV Cost Avoidance and Savings
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  Calculating Cost per Unit if Zero NPV without any Operating Costs Information
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  NPV for Leased Equipment versus Purchased Equipment
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  WHEN to Invest? Investing at the Right Moment...
I have done a NPV calculation for an investment op...
     
 
  Missed Interest in NPV
(How) Can I include interest income forgone in an ...
     
 
  NPV with a Missing Cash Flow Figure
Is is possible to calculate NPV with a missing cas...
     
 
  Calculating NPV with Missing Data
How will I calculate the NPV if I only have the di...
     
 
  Operating Cash Flows
What is the NPV of a project that has cost of 52,1...
     
 
  NPV of $1 Million for a Project Means What
If a NPV of one project is $1 million, what does i...
     
 
  Example of Net Present Calculation
Consider the following two investments:
Inves...
     
 
  Does the Net Present Value (NPV) calculation uses cash inflows or profits?
Does the NPV calculation uses cash inflows or prof...
     
 
  More Complex NPV Comparison: Interrelated Projects
How would I compare 3 projects - two have an NPV =...
     
 
  Choosing between Investments Using a Comparison of NPVs
If I have 2 investments and I compare the NPV of b...
     
 
  How do you Calculate NPV when Initial Investments are Unknown?
In calculating NPV when initial investment is not ...
     
 
  NPV of Partial Payments
Suppose a business sells an average of $ 1000 per ...
     
 
  NPV assumes Certainty of Cash Flows
When using the Net Present Value method be careful...
     
 

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最佳实践 - 净现值 高级帐户
  Re-evaluating an investment decision
Question: I am re-evaluating an investment decisio...
     
 

Expert Tips (ENG) - Net Present Value (NPV) 高级帐户

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比较: Internal Rate of Return[内部收益率]  |  Payback Period[投资回收期]  |  Cost-Benefit Analysis[成本效益分析]  |  Total Cost of Ownership[总体拥有成本]  |  CAGR[年均复合增长率]  |  Cost of Equity[股本成本]


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