如何计算NPV
learn.whatIsHeading
Net Present Value (NPV) sums all future cash flows discounted to today's value minus the initial investment. Positive NPV means the investment creates more value than it costs.
公式
NPV = Σ [Cₜ / (1+r)ᵗ] − C₀; If NPV > 0, project is value-accretive
- C₀
- Initial investment (outflow) (Currency)
- Cₜ
- Cash inflow in period t (Currency)
- r
- Discount rate (Annual percentage)
- t
- Time period (Years)
分步指南
- 1NPV = Σ Cₜ/(1+r)ᵗ − Initial investment
- 2r = required discount rate (cost of capital)
- 3NPV > 0: invest; NPV < 0: reject
- 4Higher discount rate → lower NPV
例题解析
输入
−$50k initial, $15k/yr for 5yr, 10% discount rate
结果
NPV = +$6,862 → invest
常见问题
How do I choose the discount rate?
Use your weighted average cost of capital (WACC) or hurdle rate. 10% for stocks, 5–8% for real estate, 3–5% for bonds. Higher rate = stricter NPV test.
What does negative NPV mean?
Project doesn't meet your return threshold. In theory, reject it. In practice: real-world factors (strategic, competitive, optionality) may justify it anyway.
Does NPV account for risk?
Partially, via discount rate. Higher risk = higher discount rate = lower NPV. But NPV doesn't handle big downside scenarios—use scenario analysis + NPV together.
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