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。

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）。

3. 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 -

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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 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 ...

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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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