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 -

净现值论坛   关于以下三个最新主题：净现值。 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, (...) 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 (...) 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 conce (...) 0

净现值最佳实践 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 (...) 43     🥈 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 ca (...) 33     🥉 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     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     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, (...) 16     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     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 (...) 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     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 (...) 3     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 (...) 2     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 (...) 2     Missed Interest in NPV (How) Can I include interest income forgone in an NPV calculation? (...) 1     NPV assumes Certainty of Cash Flows When using the Net Present Value method be careful: this calculation assumes certainly in the forecasted future cash flo (...) 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% (...) 0     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 (...) 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 pe (...) 0

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