Net Present Value[NPV，净现值]

知识中心

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

论坛 关于以下内容的论坛讨论：净现值。您可以在下方提出有关此主题的问题、分享您的经验、报告新的发展或解释一些事情。 开始一个新的论坛主题关于净现值 在这里分享您的知识（或提出问题）   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?... 11   2条评论 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 ... 5   Calculating NPV with Missing Data How will I calculate the NPV if I only have the different annual income for 6 years business proposal?... 4   4条评论 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 r... 2   2条评论 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 invoi... 2   Missed Interest in NPV (How) Can I include interest income forgone in an NPV calculation?... 1   1条评论 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?... 1   4条评论 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 to... 1   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 unkn... 0   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 ra... 0   1条评论 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 le... 0   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 ... 0   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 pr... 0   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 sel... 0

最佳实践 关于净现值的最高评价的讨论主题。在这里你会找到最有价值的思路和切实可行的建议。 🥇 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 C... 43   6条评论 🥈 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?... 33   5条评论 🥉 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?... 20   1条评论 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?... 19   2条评论 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? ... 16   1条评论

信息来源 有关净现值的各种信息来源。在这里，您将找到Powerpoint，视频，新闻等可用于您自己的讲座和讲习班。 Net Present Value vs IRR NPV vs IRR Two of the most important criteria for choosing between capital investment projects are net present value (NPV) and inte... Present Value Tables Calculating PV Set of present value tables written in rich text format, compatible with MS-Word and most other word processors. Include... Capital Budgeting Calculate NPV, IRR, ROC Basic capital budgeting analysis for a project. Compute NPV, IRR and ROI. Spreadsheet by Aswath Damodaran.... Business Valuation | Company Valuation | Firm Valuation Business Analysis, Company Analysis | Firm Analysis This presentation elaborates on the valuation and analysis of companies and include the following sections: 1. Company ... Analyzing Financial Feasibility Financial Feasibility Analysis, Project Selection, ROI, NPV, IRR Presentation about Feasibility Studies in the Financial Area. The presentation includes the following sections: 1. Fina... How to Calculate NPV in MS Excel Basic Understanding of how to use Excel for calculating NPV The Net Present Value of an investment is the present value of the investment minus the amount of money it cost to buy i... Net Present Value Diagram Investment Valuation Download and edit this 12manage PowerPoint graphic for limited personal, educational and business use. Republishing in ...

研究链接 自动跳入有关以下内容的其他有用资源净现值。 新闻 视频 简报   书比人好 学术的 更多

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]

返回到分类主页： 决策与评估  |  金融与投资

更多管理方法、模型和理论