净现值（NPV）

净现值（NPV）是一种估值方法，其中资产或业务的价值被认为等于其产生的折扣未来现金流量的总和。打折未来的现金流可以调整投资固有的风险。这种内在估值方法比较了未来现金流的现值与初始投资以评估盈利能力。

An appropriatediscount rateneeds to be calculated to discount the future cash flows. The rate can be a required rate of return, the资本成本加权平均（WACC），或risk-free rate. Discounting the future cash flows helps to account for the risk of a particular investment and the金钱的时间价值.

The time value of money is a financial concept that assumes money available in the present is more valuable than the same amount of money in the future. This is because money in the present can be invested to generate returns over time.

Net present value differs from the present value in that it accounts for the initial cash outflow involved in an investment. The present value represents the discounted future cash flows. The net present value will represent the discounted future cash flows left over after subtracting the initial investment.

当净现值为正时，它表明投资机会将是有利可图的。这意味着投资未来现金流的折扣价值超过了投资的初始资本。因此，从理论上讲，只有具有积极净现值的投资机会才能实现。

Meanwhile, if the net present value is negative, it indicates that the investment opportunity will lose money. This means the discounted value of the investment's future cash flows is less than the initial capital invested.

如果净现值等于零，则投资将不会有利可图或无利可图，但会破裂。这意味着投资未来现金流量的折扣价值等于初始资本的投资。

意大利数学家Fibonacciis the first person on record to discuss present value. In his bookLiber Abacipublished in 1202, he discussed various topics, including theFibonacci series，国际贸易，分配合资利润和现代价值。斐波那契用一个例子说明了现值的概念，其中涉及国王向士兵颁发年金。

Economist Irving Fisher modernized the concept of net present value in the early 1900s. Irving Fisher's book利率, published in 1907, revitalized the use of present value for assessing prospective investments. In the book, he claimed that the true value of an asset was the present value of the asset's future generated income.

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