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。


 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 小组


小组 (4名成员)


净现值论坛  

在论坛部分,您将在此知识领域中找到最近的讨论。


  How do you Calculate NPV when Initial Investments are Unknown? (4个反应)
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  Calculating NPV with Missing Data (4个反应)
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  Example of Net Present Calculation (2个反应)
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  NPV assumes Certainty of Cash Flows (0个反应)
When using the Net Present Value method be careful: this cal...
 
 
 
 
  NPV with a Missing Cash Flow Figure (0个反应)
Is is possible to calculate NPV with a missing cash flow fig...
 
 
 
 
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最佳实践 - 净现值

在最佳实践部分,您将在此知识领域内找到最佳论坛讨论。


  Re-evaluating an investment decision (6个反应)
Question: I am re-evaluating an investment decision from 200...
 
 
 
 
  Operating Cash Flows (5个反应)
What is the NPV of a project that has cost of 52,125 and net...
 
 
 
 
  Does the Net Present Value (NPV) calculation uses cash inflows or profits? (1个反应)
Does the NPV calculation uses cash inflows or profits? Shoul...
 
 
 
 
  Choosing between Investments Using a Comparison of NPVs (2个反应)
If I have 2 investments and I compare the NPV of both. Which...
 
 
 
 
  More Complex NPV Comparison: Interrelated Projects (1个反应)
How would I compare 3 projects - two have an NPV = $500,000 ...
 
 
 
 
  NPV of $1 Million for a Project Means What (2个反应)
If a NPV of one project is $1 million, what does it mean to ...
 
 
 
 
  WHEN to Invest? Investing at the Right Moment... (0个反应)
I have done a NPV calculation for an investment option. The ...
 
 
 
 

Expert Tips (ENG) - Net Present Value (NPV)

在专家提示部分,您可以找到该知识领域专家的建议。



相关资料 - 净现值

在参考资料部分,您将在此知识领域内找到powerpoint演示文稿,微观学习视频,文章,新闻项目等。


 

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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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