| 单词 | 净现值 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 释义 | 净现值 —net present value (NPV)See also:净 adj—clean adj 净值—net value 现值—present value 现值 n—fair value n
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其原理是：如果净现值是正 值，那么此项 目或政策就有望改善社会福利。 teebweb.org | The theory is that if the NPV is positive, the [...] project or policy is expected to improve social welfare. teebweb.org |
基于此模块的投入假定， 序列混合期权的结果显示了项目战略期权的 价 值 ， 净现值 即 为 资产现值减去两阶段的实施成 本。 crystalballservices.com | Based on the input assumptions used in this model, the [...] Sequential Compound Option results show the [...] strategic value of the project, and the NPV is simply [...]the PV Asset less both phases’ Implementation Costs. crystalballservices.com |
例如，假设某 [...] 个公司拥有一个项目或资产，并且基于传统现金流（DCF）模型，计算出资产的现值（标的 资产的现值）为 1 亿 2000 万美元（对于放弃期权而言这是项目或资产 的 净现值 ）。 crystalballservices.com | As an example, suppose that a firm owns a project or asset and that based on traditional discounted cash flow (DCF) models, it estimates the present value of the [...] asset (PV Underlying Asset) to be $120M (for the abandonment [...] option this is the net present value of the project or asset). crystalballservices.com |
它违约后，2009 年 4 [...] 月巴黎俱乐部举行会议，会上达成了一项关于重新安排债务 和减少净现值的协议(见 A/64/167，第 38 段)。 daccess-ods.un.org | The default was followed by a Paris Club meeting in [...] April 2009, which led to an agreement involving debt [...] rescheduling and net present value reduction (see A/64/167, [...]para. 38). daccess-ods.un.org |
由于 2008-2009 [...] 两年期末进行的精算估值所提供的福利信息 是总计数字，而不是按单个工作人员提供的数字，因此无法可靠地只把高级管理 人员的福利净现值量化。 daccess-ods.un.org | As the actuarial valuation at the end of the biennium 2008-2009 provides information on these benefits at an aggregate rather than at individual staff [...] level, it is not possible to reliably [...] quantify their net present value in relation to executive [...]management personnel only. daccess-ods.un.org |
税前净现值（NP V）为 56 亿美元的基 础案例，税前无借贷内部收益率（IRR）为 20.5%， 有借贷内部收益率（60% 为 外借资金) 为 23.2% ，66.5% [...] 铁精矿的船上交货价格为 100 美元/吨； o 采矿寿命的经营成本大约为 [...]30美元/吨； o 从 2017 年开始，每年的精矿初始产量为 1000 万吨； o 为满足水力发电的需求，通过运营现金流提供资金将 2027 年的年产量提高至 2000 万吨； o 采矿寿命为 31 年； o 28.5 亿美元的初始资本成本，其中包括 9.3 亿美元间接成本和意外开支； o 2025 – 2026 年的计划扩展资本成本为 16.1 亿美元, 包括 4.9 亿美元间接成本和意 外开支； o 整个采矿寿命的持续资本为 7.7 亿美元。 oceanicironore.com | Optimal production case delivers robust economics o Base case pre-tax NPV of $5.6 billion, [...] pre-tax unlevered IRR of 20.5% [...]and levered IRR (60% debt finance) of 23.2% at a price of $100 / tonne FOB for a 66.5% Fe concentrate; o Life of mine operating cost of approximately $30/tonne; o Initial production of 10 million tonnes of concentrate per annum commencing in 2017; o Expansion to production of 20 million tonnes per annum in 2027 funded through operating cash flows, to coincide with availability of hydroelectric power; o Life of mine 31 years; o $2.85 billion initial capital cost inclusive of $0.93 billion indirect costs and contingency; o Scheduled expansion capital cost of $1.61 billion 2025 – 2026, including $0.49 billion indirect costs and contingencies; o Sustaining capital of $0.77 billion over life of mine. oceanicironore.com |
基于输入假设，MSLS 的结果显示了项目的战略价值， 此处项目的净现值 NPV 用资产的现值减去如果立刻执行所有阶段带来的所有实施成本（现 值）。 crystalballservices.com | Based on the input assumptions, the results in the MSLS indicate the calculated strategic value of the project, while the NPV of the project is simply the PV Asset less all Implementation Costs (in present values) if implementing all phases immediately. crystalballservices.com |
例如，如果一个说服力很强的净现值 结 果 取决于一 个不精确或不确定的估计值，采用成本效益分析更 [...] 容易找出误差。 teebweb.org | For example, if a strong NPV outcome depends [...] on an estimate that is imprecise or uncertain, the CBA is more sensitive to error. teebweb.org |
但是，当以红利率衡量的等待成本很高时，延迟和等待期权的价值就大 [...] 大敬爱那个地了，直到到无亏损点，此时期权的价值为 0，项目的战略价值等于项目的净现 值。 crystalballservices.com | However, when the cost of waiting as measured by the Dividend Rate is high, the option to wait and defer becomes less valuable, [...] until the breakeven point where the option value equals zero and the [...] strategic project value equals the NPV of the project. crystalballservices.com |
当然期权分析家也可以在净现值的基 础上更加 深入地分析真正的节省。 crystalballservices.com | Of course the option analysis can be further complicated by analyzing the [...] actual savings on a present value basis. crystalballservices.com |
根据第 68 段的假设，在其他假设保持不变的情况下，如果医疗费用上涨或 降低 1%，估计该项负债的净现值将分别增加 18%或减少 14%。 daccess-ods.un.org | Based on the assumptions in paragraph 68, it is estimated that the net present value of the liability would increase by 18 per cent and decrease by 14 per cent if medical cost trend is increased and decreased by 1 per cent respectively, all other assumptions held constant. daccess-ods.un.org |
在 5%的无风险利率基础上，图 45 中显示利用 100 [...] 期网格计算出的战略值为 2767 万美元，因为净现值为 1500 万（ 1 亿-500 万-8500 [...] 万），这 意 味着延迟投资和等待信息成熟及不确定性明朗的战略期权的价值为 1267 万美元。 crystalballservices.com | At a 5% risk-free rate, the strategic value is calculated at $27.67 as seen in Figure 45 using [...] a 100-step lattice, which means that the [...] strategic option value of being able to [...]defer investments and to wait and see until [...]more information becomes available and uncertainties become resolved is worth $12.67M because the NPV is worth $15M ($100M – $5M – $85M). crystalballservices.com |
立刻执行的净现值就是用实施成本减去资产价值（0 美元）。 crystalballservices.com | The NPV of executing immediately is simply the [...] Implementation Cost less the Asset Value ($0). crystalballservices.com |
在第二节中我 们讨论过，如果不分离市场风险和个体风险的话，最终所得结果会多折现了个体风险，从而 得到的 DCF [...] 比实际上收益更大（例如，如果原来应该按照 5%来折现的成本，现在按照 15% 来折现，那么净现值就会被高估了）。 crystalballservices.com | As discussed in Chapter 2, if you do not separate the market and private risks, you end up discounting the private risks heavily and making the DCF a lot more profitable [...] than it actually is (i.e., if the costs that should be discounted at 5% are [...] discounted at 15%, the NPV will be inflated). crystalballservices.com |
这个计算结果说明了项目净现 值的战略值，提供了在某个期限内出售项目的期权。 crystalballservices.com | The sample results of this calculation [...] indicate the strategic value of the project’s [...]NPV and provide an option to sell the project within [...]the specified Maturity in years. crystalballservices.com |
结果显示出这个项目的战略价值是 10 亿 171 万（使用图 [...] 25 中的 10 步网格），其中 10 亿是净现值，171 万是来自收缩期权的额外价值。 crystalballservices.com | The results indicate that the strategic value of the project is $1,001.71M [...] (using a 10-step lattice as seen in [...] Figure 25), which means that the NPV currently [...]is $1,000M and the additional $1.71M comes from this contraction option. crystalballservices.com |
这意味着尽管从净现值的角 度来说投资是不利的，但是实际上，通过在投资阶段中间不断的 回避风险和不确定性，期权持有者可以随时抽身而出，除非情况如预期那样进展，否则就不 必继续投资。 crystalballservices.com | However, the total strategic value of the stage-gate investment option is worth $41.78. This means that although [...] on an NPV basis the [...]investment looks bad, but in reality, by hedging the risks and uncertainties through sequential investments, the option holder can pull out at any time and not have to keep investing unless things look promising. crystalballservices.com |
在资金 有限的情况下，这是一个（除净现值 外 ） 非常有用 的补充性绩效指标。 teebweb.org | In situations where funding is limited, this can be a useful [...] complementary performance indicator alongside NPV. teebweb.org |
第二，分析表明，修复水槽并继续“传统管理”可保障大量服务，对于地方社区来说是最具经济 效益的方案，每个水槽的净现值 (NPV) 可达 5.79 万美元（30 年，6% [...] 的贴现率）。 teebweb.org | Secondly, the analysis suggests that rehabilitating tanks and continue ‘traditional management’ is the scenario with the [...] highest economic return for local [...] communities with a net present value (NPV) of US$ 57,900 [...]per tank (over 30 years, 6% discount [...]rate) as a broad range of services can be secured. teebweb.org |
内部收益率和净现值均能在 Excel 或等效 的电子制表程序中进行计算。 teebweb.org | (IRR is the discount rate that [...] brings the NPV to 0.) IRR and NPV can both be [...]calculated in Excel or equivalent spreadsheet programs. teebweb.org |
公司考虑购买一份扩展期权，花费另外的 1000 万美元来建造一个更大的但现阶段不需要的平台，如果油价上升或是生产率 [...] 很低的情况下，公司就可以执行这个扩展期权利用扩展的钻孔生产更多的石油高 价出售，带来的额外成本为 5000 万买元，将净现值增加了 20%。 crystalballservices.com | The firm is thinking of purchasing an expansion option by spending an additional $10M to build a slightly larger platform that it does not currently need, but if the price of oil is high, or when production rate is low, the firm can execute this expansion option and execute additional [...] drilling to obtain more oil to sell at the higher price, which [...] will cost another $50M, thereby increasing the NPV by 20%. crystalballservices.com |
使用成本效益分析对项目或政策进行估值有两种标 准方式：净现值 (NPV) 和内部收益率 (IRR)。 teebweb.org | There are two standard ways in which a project or policy might be [...] evaluated using CBA: Net Present Value (NPV) and the [...]Internal Rate of Return (IRR). teebweb.org |
项目的资产现值是 1 亿美元（因此净现值为 1500 万美元），现 金 流的波动率为 [...] 30%（参见波动率的附录获得相关波动率计算的知识）。 crystalballservices.com | The PV Asset of the project [...] is $100 million (NPV is therefore $15 [...]million) and faces 30% volatility in its cash flows (see [...]the Appendix on Volatility for the relevant volatility computations). crystalballservices.com |
假设中 介先驱研发的净收益现值为 1 亿美元，但是在两年内的任意时刻，可以投入额外 的 5000 万美元在先驱的基础上进一步研发可吸入版本，这会带来三倍 于 净现值的 回报。 crystalballservices.com | Suppose the intermediate precursor [...] development work yields an NPV of $100M, but at any time within the next 2 years, an additional $50M can be further invested into the precursor to develop it into the inhaled version, which will triple the NPV. crystalballservices.com |
若要计算一组定期现金流的净现值， 请 使用函数 NPV。 oapdf.com | To calculate a set of regular [...] cash flow net present value, use the function NPV. oapdf.com |
在情况变坏和最佳 销售时刻到来之前等待或延迟出售资产的期权价值是计算值（整体战略 价 值 ） 和 净现值 之间 的差值，对于美式期权是 24.42 美元，对于欧式期权是 20.68 美元。 crystalballservices.com | The option value of being able to wait and defer selling the asset only [...] if the condition [...] goes bad and becomes optimal for selling is the difference between the calculated result (total strategic value) and the [...]NPV or $24.42 for the [...]American Option and $20.68 for the European Option. crystalballservices.com |
财务函数可以进行一般的财务计算，如确定贷款的支付额、投资的未 来 值 或 净现值 ， 以 及债券或息票的价值。 oapdf.com | Financial functions can be carried out in general financial terms, such as the [...] establishment of loan [...] payments, investment or net present value of future value, [...]as well as the bonds or the value of the coupon. oapdf.com |
因此，期权的价值就体现在可以在未 来制定投资决策之前的等待权利，或是用项目的战略价值减 去 净现值。 crystalballservices.com | Hence, the ability to wait before making the investment decisions in the [...] future is the option value or the strategic value of the project less the NPV. crystalballservices.com |
鄂尔多斯SSDW系统的经济净现值3 比常规环境卫生系统高得 多——由于很高的外部效益，要高出 [...] 35 倍。 ecosanres.org | The Economic- NetPresent-Value3 of SSDW system [...] in Erdos is much more than one of conventional sanitation system, because [...]of high external benefits it ranks 35 times higher. ecosanres.org |
假设红利率为 8%，波动性为 15%， 结果值就回复到净现值 1500万，这意味着期权的价值降为 0，最好的选择就是立刻执行因 62 为等待成本大大高于此波动水平（不确定性和风险）上的等待价值。 crystalballservices.com | For instance, at an 8% dividend rate and 15% volatility, the resulting value reverts to the NPV of $15M, which means that the option value is zero, and that it is better to execute immediately as the cost of waiting far outstrips the value of being able to wait given the level of volatility (uncertainty and risk). crystalballservices.com |
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