Net Present Value[NPV,净现值]



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。


  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。



  • 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)



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  Calculating NPV with Missing Data
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  Example of Net Present Calculation
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  NPV assumes Certainty of Cash Flows
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  NPV with a Missing Cash Flow Figure
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  NPV with Only Costs & IRR
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  NPV for Leased Equipment versus Purchased Equipment
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  Calculating Cost per Unit if Zero NPV without any Operating Costs Information
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  NPV Cost Avoidance and Savings
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最佳实践 - 净现值
  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 w...
  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?...
  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?...
  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?...
  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...
  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?...

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

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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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