"\u5272\u5F15\u73FE\u5728\u4FA1\u5024"@ja . . . . . "NPV"@in . . . "Net present value"@en . "Valeur actuelle nette"@fr . . "Warto\u015B\u0107 bie\u017C\u0105ca netto (ang. net present value, NPV, tak\u017Ce: warto\u015B\u0107 zaktualizowana netto, warto\u015B\u0107 obecna netto) \u2013 metoda oceny efektywno\u015Bci ekonomicznej inwestycji rzeczowej oraz wska\u017Anik wyznaczony w oparciu o t\u0119 metod\u0119. Jako metoda \u2013 NPV nale\u017Cy do kategorii metod dynamicznych i jest oparta na analizie zdyskontowanych przep\u0142yw\u00F3w pieni\u0119\u017Cnych przy podanej stopie dyskonta. Jako wska\u017Anik \u2013 NPV stanowi r\u00F3\u017Cnic\u0119 pomi\u0119dzy zdyskontowanymi przep\u0142ywami pieni\u0119\u017Cnymi a nak\u0142adami pocz\u0105tkowymi i jest dany wzorem: gdzie: \u2013 warto\u015B\u0107 bie\u017C\u0105ca netto, \u2013 przep\u0142ywy got\u00F3wkowe (netto) w okresie t, \u2013 stopa dyskonta, \u2013 nak\u0142ady pocz\u0105tkowe, \u2013 kolejne okresy (najcz\u0119\u015Bciej lata) eksploatacji inwestycji"@pl . "O valor presente l\u00EDquido (VPL), tamb\u00E9m conhecido como valor atual l\u00EDquido (VAL) ou m\u00E9todo do valor atual, \u00E9 a f\u00F3rmula econ\u00F4mico-financeira capaz de determinar o valor presente de pagamentos futuros descontados a uma taxa de juros apropriada, menos o custo do investimento inicial. Dessa forma, O valor presente l\u00EDquido (VPL) de um projeto de investimento pode ser definido como a soma alg\u00E9brica dos valores descontados do fluxo de caixa a ele associado. Em outras palavras, \u00E9 a diferen\u00E7a do valor presente das receitas menos o valor presente dos custos, \u00E9 uma das poss\u00EDveis t\u00E9cnicas para realizar o or\u00E7amento de capital para uma empresa, ou seja, o VPL corresponde a um m\u00E9todo sofisticado de an\u00E1lise de investimentos. O projeto que apresenta o VPL maior que zero (positivo) \u00E9 economicamente vi\u00E1vel, sendo considerado o melhor aquele que apresentar maior VPL. Para uso desse m\u00E9todo, \u00E9 necess\u00E1ria a defini\u00E7\u00E3o de uma taxa de desconto (i). Basicamente, \u00E9 o calculo de quanto os futuros pagamentos somados a um custo inicial estariam valendo atualmente. Temos que considerar o conceito de valor do dinheiro no tempo, pois, exemplificando, R$ 1 milh\u00E3o hoje n\u00E3o valeriam R$ 1 milh\u00E3o daqui a um ano, devido ao custo de oportunidade se colocar, por exemplo, tal montante de dinheiro na poupan\u00E7a para render juros. \u00C9 um m\u00E9todo padr\u00E3o em: \n* contabilidade gerencial: para a convers\u00E3o de balan\u00E7os para a chamada demonstra\u00E7\u00F5es em moeda constante, quando ent\u00E3o se tenta expurgar dos valores os efeitos da infla\u00E7\u00E3o e das oscila\u00E7\u00F5es do c\u00E2mbio. Tamb\u00E9m \u00E9 um dos m\u00E9todos para o c\u00E1lculo do goodwill, quando ent\u00E3o se usa o demonstrativo conhecido como fluxo de caixa descontado (ver ); contadores gerenciais usam valor temporal do dinheiro como ferramenta para estimar o valor atual de uma s\u00E9rie de fluxos de caixa futuros. Ao longo do tempo, o valor do dinheiro muda, quanto mais tarde o fluxo de caixa, menos vale a pena. \n* finan\u00E7as: para a an\u00E1lise do or\u00E7amento de capitais - planejamento de investimentos a longo prazo. Usando o m\u00E9todo VPL um projeto de investimento potencial deve ser empreendido se o valor presente de todas as entradas de caixa menos o valor presente de todas as sa\u00EDdas de caixa (que iguala o valor presente l\u00EDquido) for maior que zero. Se o VPL for igual a zero, o investimento \u00E9 indiferente, pois o valor presente das entradas \u00E9 igual ao valor presente das sa\u00EDdas de caixa; se o VPL for menor do que zero, significa que o investimento n\u00E3o \u00E9 economicamente atrativo, j\u00E1 que o valor presente das entradas de caixa \u00E9 menor do que o valor presente das sa\u00EDdas de caixa. O valor presente l\u00EDquido \u00E9 um m\u00E9todo simples, muito \u00FAtil para os decisores, mas como todos os m\u00E9todos simples tem diversas desvantagens. A maioria dessas desvantagens s\u00E3o ultrapassadas por m\u00E9todos mais avan\u00E7ados, como a avalia\u00E7\u00E3o de op\u00E7\u00F5es reais. Desvantagens \n* \u00C9 normalmente problem\u00E1tica a determina\u00E7\u00E3o segura da taxa de atualiza\u00E7\u00E3o mais apropriada, sendo este um inconveniente tanto mais importante uma vez que o VAL \u00E9 muito sens\u00EDvel \u00E0 taxa utilizada; \n* O pressuposto da const\u00E2ncia no tempo da taxa de atualiza\u00E7\u00E3o pode n\u00E3o ser realista, pois o custo do capital varia no tempo, assim como as taxas para as aplica\u00E7\u00F5es alternativas variam no tempo com as condi\u00E7\u00F5es dos mercados financeiros; \n* O pressuposto de que os fluxos interm\u00E9dios ser\u00E3o reinvestidos ou financiados \u00E0 mesma taxa pode n\u00E3o ser realista pois depende das condi\u00E7\u00F5es futuras do mercado de capitais, assim como das alternativas de investimento que poder\u00E3o surgir no futuro; \n* O VAL assume implicitamente que \u00E9 necess\u00E1rio decidir em permanecer ou desistir do investimento, no entanto, esse pressuposto n\u00E3o \u00E9 realista, pois a decis\u00E3o pode ser adiada a fim de se obter informa\u00E7\u00F5es adicionais. Para contrariar esta desvantagem deve ser utilizada a avalia\u00E7\u00E3o de op\u00E7\u00F5es reais; \n* O m\u00E9todo do VAL fornece valores absolutos, o que se traduz em consequ\u00EAncias imediatas: \n* \u00E9 imposs\u00EDvel estabelecer um valor normativo diferente de zero para o VAL abaixo do qual os projetos n\u00E3o dever\u00E3o ser aprovados. Para isso, \u00E9 preciso estender o valor presente l\u00EDquido com a avalia\u00E7\u00E3o de op\u00E7\u00F5es reais; \n* perante projetos alternativos com montantes iniciais diferentes, este m\u00E9todo n\u00E3o fornece diretamente uma classifica\u00E7\u00E3o racional podendo mesmo induzir em erro. \n* O m\u00E9todo n\u00E3o \u00E9 conclusivo quando \u00E9 aplicado a projetos alternativos com vidas econ\u00F4micas substancialmente diferentes. Por outro lado, as vantagens do Valor Presente Liquido s\u00E3o: Vantagens \n* Facilidade de c\u00E1lculo, mas apenas uma vez conhecida uma taxa de atualiza\u00E7\u00E3o apropriada; \n* Conceptualmente mais perfeito e complexo que o per\u00EDodo de retorno uma vez que considera a totalidade dos fluxos assim como o custo de oportunidade do capital utilizado; \n* M\u00E9todo simples de aplicar, uma vez parametrizado. \n* Para c\u00E1lculo do valor presente das entradas e sa\u00EDdas de caixa \u00E9 utilizada a TMA (Taxa M\u00EDnima de Atratividade) como taxa de desconto. Se a TMA for igual \u00E0 taxa de retorno esperada pelo acionista, e o VPL > 0, significa que a decis\u00E3o favor\u00E1vel \u00E0 sua realiza\u00E7\u00E3o. Sendo o VAL superior a 0, o projeto cobrir\u00E1 tanto o investimento inicial, bem como a remunera\u00E7\u00E3o m\u00EDnima exigida pelo investidor, gerando ainda um excedente financeiro. \u00C9, portanto, gerador de mais recursos do que a melhor alternativa ao investimento, para um n\u00EDvel risco equivalente, uma vez que a taxa de atualiza\u00E7\u00E3o reflete o custo de oportunidade de capital. Estamos perante um projeto economicamente vi\u00E1vel. Desta maneira, o objetivo da corpora\u00E7\u00E3o \u00E9 maximizar a riqueza dos acionistas, os gerentes devem empreender todos os projetos que tenham um VPL > 0, ou no caso se dois projetos forem mutualmente exclusivos, deve escolher-se o com o VPL positivo mais elevado. Se o VAL = 0 \u2013 Ponto de indiferen\u00E7a. No entanto, dada a incerteza associada \u00E0 estimativa dos cash flows que suportaram a an\u00E1lise, pode-se considerar elevada a probabilidade de o projeto se revelar invi\u00E1vel. Se o VAL < 0 \u2013 Decis\u00E3o contr\u00E1ria a sua realiza\u00E7\u00E3o. Estamos perante um projeto economicamente invi\u00E1vel. Na an\u00E1lise de dois ou mais projetos de investimento:Ser\u00E1 prefer\u00EDvel aquele que apresentar o VAL de valor mais elevado. No entanto, h\u00E1 que ter em considera\u00E7\u00E3o que montantes de investimento diferentes, bem como distintos horizontes temporais, obrigam a uma an\u00E1lise mais cuidada."@pt . . . . . "NPV (net present value) merupakan selisih antara pengeluaran dan pemasukan yang telah didiskon dengan menggunakan social opportunity cost of capital sebagai diskon faktor, atau dengan kata lain merupakan arus kas yang diperkirakan pada masa yang akan datang yang didiskonkan pada saat ini. Untuk menghitung NPV diperlukan data tentang perkiraan biaya investasi, biaya operasi, dan pemeliharaan serta perkiraan manfaat/benefit dari proyek yang direncanakan."@in . "\u6B64\u65B9\u6CD5\u7684\u7406\u8AD6\u662F\u5C07\u6295\u8CC7\u7684\u672A\u4F86\u73FE\u91D1\u6D41\u91CF\uFF0C\u5168\u90E8\u6298\u73FE\u6210\u6295\u8CC7\u59CB\u65E5\u7684\u50F9\u503C\uFF0C\u7A31\u70BA\u8A72\u6295\u8CC7\u7684\u6DE8\u73FE\u91D1\u6D41\u91CF\uFF0C\u6216\u7A31\u70BA\u6DE8\u73FE\u503C\uFF08NPV, Net Present Value\uFF09\u3002\u5047\u8A2D\u6295\u8CC7\u7684\u6DE8\u73FE\u503C\u70BA\u6B63\u6578\uFF0C\u4EE3\u8868\u8A72\u6295\u8CC7\u7684\u7D50\u679C\u53EF\u4EE5\u589E\u52A0\u4F01\u696D\u7684\u50F9\u503C;\u53CD\u4E4B\uFF0C\u5982\u679C\u6295\u8CC7\u8A55\u4F30\u7684\u6DE8\u73FE\u503C\u70BA\u8CA0\u6578\uFF0C\u4EE3\u8868\u6B64\u6295\u8CC7\u6703\u6E1B\u5C11\u4F01\u696D\u7684\u50F9\u503C\uFF0C\u4E0D\u61C9\u8A72\u63A5\u53D7\u3002 \u6DE8\u73FE\u503C\uFF08NPV\uFF09\u901A\u904E\u8A08\u7B97\u6BCF\u500B\u6295\u8CC7\u671F\u9593\u7684\u6210\u672C\uFF08\u8CA0\u73FE\u91D1\u6D41\uFF09\u548C\u6536\u76CA\uFF08\u6B63\u73FE\u91D1\u6D41\uFF09\u4F86\u78BA\u5B9A\u3002\u671F\u9650\u901A\u5E38\u70BA\u4E00\u5E74\uFF0C\u4F46\u53EF\u4EE5\u6309\u5B63\u5EA6\uFF0C\u534A\u5E74\u6216\u6578\u6708\u4F86\u8861\u91CF\u3002\u5728\u8A08\u7B97\u6BCF\u500B\u6642\u671F\u7684\u73FE\u91D1\u6D41\u91CF\u5F8C\uFF0C\u6BCF\u500B\u6642\u671F\u7684\u73FE\u503C\uFF08PV\uFF09\u662F\u901A\u904E\u4EE5\u5B9A\u671F\u6536\u76CA\u7387\uFF08\u5E02\u5834\u898F\u5B9A\u7684\u6536\u76CA\u7387\uFF09\u8CBC\u73FE\u5176\u672A\u4F86\u50F9\u503C\uFF08\u898B\u516C\u5F0F\uFF09\u4F86\u5BE6\u73FE\u7684\u3002 \u7576\u7136\u6DE8\u73FE\u503C\u70BA\u6B63\u6578\u4ECD\u4E0D\u4EE3\u8868\u8A72\u63A5\u53D7\u6B64\u6295\u8CC7\u5EFA\u8B70\uFF0C\u6216\u8A31\u5B58\u5728\u5176\u4ED6\u6DE8\u73FE\u503C\u66F4\u9AD8\u7684\u6295\u8CC7\u6A5F\u6703\u3002\u5728\u591A\u9805\u6295\u8CC7\u6848\u4E26\u9673\u6642\uFF0C\u61C9\u9078\u64C7\u6DE8\u73FE\u503C\u6700\u9AD8\u7684\u6295\u8CC7\u6848\u3002\u6DE8\u73FE\u503C\u662F\u591A\u6578\u4F01\u696D\u9032\u884C\u6295\u8CC7\u8A55\u4F30\u6642\u7684\u4F9D\u64DA\uFF0C\u56E0\u70BA\u5B83\u5C07\u6295\u8CC7\u671F\u9593\u7684\u6240\u6709\u73FE\u91D1\u6D41\u91CF\u7D0D\u5165\u8003\u616E\uFF0C\u4E26\u4E14\u4EE5\u6298\u73FE\u5F8C\u7684\u91D1\u984D\u505A\u8A08\u7B97\u3002"@zh . "\u5272\u5F15\u73FE\u5728\u4FA1\u5024\uFF08\u308F\u308A\u3073\u304D\u3052\u3093\u3056\u3044\u304B\u3061\u3001\u82F1: discounted present value\uFF09\u306F\u5C06\u6765\u53D7\u3051\u53D6\u308C\u308B\u3067\u3042\u308D\u3046\u4FA1\u5024\u3092\u73FE\u5728\u53D7\u3051\u53D6\u3063\u305F\u5834\u5408\u306E\u4FA1\u5024\u3067\u3042\u308B\u3002\u73FE\u5728\u4FA1\u5024\uFF08\u82F1: present value\uFF09\u3001\u6B63\u5473\u73FE\u5728\u4FA1\u5024\uFF08\u3057\u3087\u3046\u307F\u3052\u3093\u3056\u3044\u304B\u3061\u3001\u82F1: net present value, NPV\uFF09\u3068\u3082\u3044\u3046\u3002"@ja . "El valor actual neto, tambi\u00E9n conocido como valor actualizado neto o valor presente neto (en ingl\u00E9s net present value), cuyo acr\u00F3nimo es VAN (en ingl\u00E9s, NPV), corresponde al valor presente de los flujos de caja netos (ingresos - egresos) originados por una inversi\u00F3n.\u200B La f\u00F3rmula para calcular el Valor Actual Neto es\u200B: Donde: representa los flujos de caja en cada periodo t. es el valor del desembolso inicial de la inversi\u00F3n. es el n\u00FAmero de per\u00EDodos considerado. es la tasa de descuento."@es . . . "The net present value (NPV) or net present worth (NPW) applies to a series of cash flows occurring at different times. The present value of a cash flow depends on the interval of time between now and the cash flow. It also depends on the discount rate. NPV accounts for the time value of money. It provides a method for evaluating and comparing capital projects or financial products with cash flows spread over time, as in loans, investments, payouts from insurance contracts plus many other applications. Time value of money dictates that time affects the value of cash flows. For example, a lender may offer 99 cents for the promise of receiving $1.00 a month from now, but the promise to receive that same dollar 20 years in the future would be worth much less today to that same person (lender), even if the payback in both cases was equally certain. This decrease in the current value of future cash flows is based on a chosen rate of return (or discount rate). If for example there exists a time series of identical cash flows, the cash flow in the present is the most valuable, with each future cash flow becoming less valuable than the previous cash flow. A cash flow today is more valuable than an identical cash flow in the future because a present flow can be invested immediately and begin earning returns, while a future flow cannot. NPV is determined by calculating the costs (negative cash flows) and benefits (positive cash flows) for each period of an investment. After the cash flow for each period is calculated, the present value (PV) of each one is achieved by discounting its future value (see Formula) at a periodic rate of return (the rate of return dictated by the market). NPV is the sum of all the discounted future cash flows. Because of its simplicity, NPV is a useful tool to determine whether a project or investment will result in a net profit or a loss. A positive NPV results in profit, while a negative NPV results in a loss. The NPV measures the excess or shortfall of cash flows, in present value terms, above the cost of funds. In a theoretical situation of unlimited capital budgeting, a company should pursue every investment with a positive NPV. However, in practical terms a company's capital constraints limit investments to projects with the highest NPV whose cost cash flows, or initial cash investment, do not exceed the company's capital. NPV is a central tool in discounted cash flow (DCF) analysis and is a standard method for using the time value of money to appraise long-term projects. It is widely used throughout economics, financial analysis, and financial accounting. In the case when all future cash flows are positive, or incoming (such as the principal and coupon payment of a bond) the only outflow of cash is the purchase price, the NPV is simply the PV of future cash flows minus the purchase price (which is its own PV). NPV can be described as the \"difference amount\" between the sums of discounted cash inflows and cash outflows. It compares the present value of money today to the present value of money in the future, taking inflation and returns into account. The NPV of a sequence of cash flows takes as input the cash flows and a discount rate or discount curve and outputs a present value, which is the current fair price. The converse process in discounted cash flow (DCF) analysis takes a sequence of cash flows and a price as input and as output the discount rate, or internal rate of return (IRR) which would yield the given price as NPV. This rate, called the yield, is widely used in bond trading. Many computer-based spreadsheet programs have built-in formulae for PV and NPV."@en . "In economia il valore attuale netto (in sigla VAN) \u00E8 una metodologia tramite cui si definisce il valore attuale (in italiano abbreviato VAN, in inglese NPV da net present value, con simbolo w) di una serie attesa di flussi di cassa non solo sommandoli contabilmente, ma attualizzandoli sulla base del tasso di rendimento (costo opportunit\u00E0 dei mezzi propri)."@it . . "Nuv\u00E4rdesmetoden, \u00E4ven k\u00E4nd som diskonteringsmetoden, kassafl\u00F6desmetoden och kapitalv\u00E4rdesmetoden, anv\u00E4nds f\u00F6r att uppskatta en investerings l\u00F6nsamhet. Hos st\u00F6rre svenska f\u00F6retag och myndigheter \u00E4r det kanske den vanligaste metoden f\u00F6r investeringskalkylering, tillsammans med payback-metoden. Den \u00E4r n\u00E4ra relaterad till en rad andra metoder, till exempel slutv\u00E4rdesmetoden, annuitetsmetoden och internr\u00E4ntemetoden. Nuv\u00E4rde, \u00E4ven kapitalv\u00E4rde, \u00E4r det ber\u00E4knade v\u00E4rdet av en investerings framtida kassafl\u00F6de, diskonterat med h\u00E4nsyn till en given kalkylr\u00E4ntesats."@sv . "\u0423 \u0444\u0456\u043D\u0430\u043D\u0441\u0430\u0445, \u0447\u0438\u0441\u0442\u0430 \u043F\u043E\u0442\u043E\u0447\u043D\u0430/\u043F\u0440\u0438\u0432\u0435\u0434\u0435\u043D\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C (\u0430\u043D\u0433\u043B. net present value, NPV) \u0432\u0438\u0437\u043D\u0430\u0447\u0430\u0454\u0442\u044C\u0441\u044F \u044F\u043A \u0441\u0443\u043C\u0430 \u043F\u0440\u0438\u0432\u0435\u0434\u0435\u043D\u0438\u0445 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0435\u0439 (PV) \u0432\u0445\u0456\u0434\u043D\u0438\u0445 \u0456 \u0432\u0438\u0445\u0456\u0434\u043D\u0438\u0445 \u043F\u043B\u0430\u0442\u0435\u0436\u0456\u0432 (\u0432\u0438\u0442\u0440\u0430\u0442 \u0442\u0430 \u0434\u043E\u0445\u043E\u0434\u0456\u0432) \u043F\u043E\u0432'\u044F\u0437\u0430\u043D\u0438\u0445 \u0437 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0454\u044E \u0447\u0438 \u043F\u0440\u043E\u0454\u043A\u0442\u043E\u043C \u043F\u0440\u043E\u0442\u044F\u0433\u043E\u043C \u0443\u0441\u044C\u043E\u0433\u043E \u0447\u0430\u0441\u0443 \u0442\u0440\u0438\u0432\u0430\u043D\u043D\u044F. \u0417\u043C\u0456\u043D\u0430 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u0433\u0440\u043E\u0448\u0435\u0439 \u0443 \u0447\u0430\u0441\u0456 \u043E\u0437\u043D\u0430\u0447\u0430\u0454, \u0449\u043E \u0447\u0438\u0441\u0442\u0430 \u043F\u043E\u0442\u043E\u0447\u043D\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u0437\u0430\u043B\u0435\u0436\u0438\u0442\u044C \u043D\u0435 \u0442\u0456\u043B\u044C\u043A\u0438 \u0432\u0456\u0434 \u0432\u0435\u043B\u0438\u0447\u0438\u043D\u0438 \u0432\u0438\u0442\u0440\u0430\u0442 \u0442\u0430 \u0434\u043E\u0445\u043E\u0434\u0456\u0432, \u0430\u043B\u0435 \u0439 \u0432\u0456\u0434 \u0447\u0430\u0441\u0443, \u0432 \u044F\u043A\u0438\u0439 \u0446\u0456 \u043F\u043B\u0430\u0442\u0435\u0436\u0456 \u0432\u0456\u0434\u0431\u0443\u0432\u0430\u044E\u0442\u044C\u0441\u044F, \u0442\u0430 \u043F\u0440\u043E\u0446\u0435\u043D\u0442\u043D\u043E\u0457 \u0441\u0442\u0430\u0432\u043A\u0438 \u0437\u0430 \u0434\u043E\u043F\u043E\u043C\u043E\u0433\u043E\u044E \u044F\u043A\u043E\u0457 \u043F\u043B\u0430\u0442\u0435\u0436\u0456 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0443\u044E\u0442\u044C\u0441\u044F. \u0427\u0430\u0441\u0442\u043E \u0446\u0438\u043C \u0442\u0435\u0440\u043C\u0456\u043D\u043E\u043C \u0442\u0430\u043A\u043E\u0436 \u043E\u043F\u0438\u0441\u0443\u044E\u0442\u044C \u0432\u0456\u0434\u043F\u043E\u0432\u0456\u0434\u043D\u0438\u0439 \u043C\u0435\u0442\u043E\u0434 \u043E\u0446\u0456\u043D\u043A\u0438 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439, \u044F\u043A\u0438\u0439, \u0437\u0433\u0456\u0434\u043D\u043E \u0437 \u043C\u0456\u0436\u043D\u0430\u0440\u043E\u0434\u043D\u0438\u043C\u0438 \u0441\u0442\u0430\u043D\u0434\u0430\u0440\u0442\u0430\u043C\u0438 \u0431\u0456\u0437\u043D\u0435\u0441-\u043F\u043B\u0430\u043D\u0443\u0432\u0430\u043D\u043D\u044F, \u0454 \u043E\u0434\u043D\u0438\u043C \u0456\u0437 \u043E\u0441\u043D\u043E\u0432\u043D\u0438\u0445 \u043F\u043E\u043A\u0430\u0437\u043D\u0438\u043A\u0456\u0432 \u0435\u043A\u043E\u043D\u043E\u043C\u0456\u0447\u043D\u043E\u0457 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0441\u0442\u0456 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043D\u0438\u0445 \u043F\u0440\u043E\u0454\u043A\u0442\u0456\u0432."@uk . . "O valor presente l\u00EDquido (VPL), tamb\u00E9m conhecido como valor atual l\u00EDquido (VAL) ou m\u00E9todo do valor atual, \u00E9 a f\u00F3rmula econ\u00F4mico-financeira capaz de determinar o valor presente de pagamentos futuros descontados a uma taxa de juros apropriada, menos o custo do investimento inicial. Dessa forma, O valor presente l\u00EDquido (VPL) de um projeto de investimento pode ser definido como a soma alg\u00E9brica dos valores descontados do fluxo de caixa a ele associado. Em outras palavras, \u00E9 a diferen\u00E7a do valor presente das receitas menos o valor presente dos custos, \u00E9 uma das poss\u00EDveis t\u00E9cnicas para realizar o or\u00E7amento de capital para uma empresa, ou seja, o VPL corresponde a um m\u00E9todo sofisticado de an\u00E1lise de investimentos."@pt . "55345"^^ . . . . "Kapitalwert"@de . . . . . . . . "1122518736"^^ . . . . . "\u0427\u0438\u0441\u0442\u0430\u044F \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u0430\u044F \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C (\u0427\u041F\u0421, \u0447\u0438\u0441\u0442\u044B\u0439 \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u044B\u0439 \u044D\u0444\u0444\u0435\u043A\u0442, \u0447\u0438\u0441\u0442\u0430\u044F \u0442\u0435\u043A\u0443\u0449\u0430\u044F \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C, \u0447\u0438\u0441\u0442\u044B\u0439 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0438\u0440\u043E\u0432\u0430\u043D\u043D\u044B\u0439 \u0434\u043E\u0445\u043E\u0434, \u0427\u0414\u0414, \u0430\u043D\u0433\u043B. net present value, NPV) \u2014 \u044D\u0442\u043E \u0441\u0443\u043C\u043C\u0430 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0438\u0440\u043E\u0432\u0430\u043D\u043D\u044B\u0445 \u0437\u043D\u0430\u0447\u0435\u043D\u0438\u0439 \u043F\u043E\u0442\u043E\u043A\u0430 \u043F\u043B\u0430\u0442\u0435\u0436\u0435\u0439, \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u044B\u0445 \u043A \u0441\u0435\u0433\u043E\u0434\u043D\u044F\u0448\u043D\u0435\u043C\u0443 \u0434\u043D\u044E. \u041F\u043E\u043A\u0430\u0437\u0430\u0442\u0435\u043B\u044C NPV \u043F\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043B\u044F\u0435\u0442 \u0441\u043E\u0431\u043E\u0439 \u0440\u0430\u0437\u043D\u043E\u0441\u0442\u044C \u043C\u0435\u0436\u0434\u0443 \u0432\u0441\u0435\u043C\u0438 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u043C\u0438 \u043F\u0440\u0438\u0442\u043E\u043A\u0430\u043C\u0438 \u0438 \u043E\u0442\u0442\u043E\u043A\u0430\u043C\u0438, \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u044B\u043C\u0438 \u043A \u0442\u0435\u043A\u0443\u0449\u0435\u043C\u0443 \u043C\u043E\u043C\u0435\u043D\u0442\u0443 \u0432\u0440\u0435\u043C\u0435\u043D\u0438 (\u043C\u043E\u043C\u0435\u043D\u0442\u0443 \u043E\u0446\u0435\u043D\u043A\u0438 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043E\u043D\u043D\u043E\u0433\u043E \u043F\u0440\u043E\u0435\u043A\u0442\u0430). \u041E\u043D \u043F\u043E\u043A\u0430\u0437\u044B\u0432\u0430\u0435\u0442 \u0432\u0435\u043B\u0438\u0447\u0438\u043D\u0443 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0445 \u0441\u0440\u0435\u0434\u0441\u0442\u0432, \u043A\u043E\u0442\u043E\u0440\u0443\u044E \u0438\u043D\u0432\u0435\u0441\u0442\u043E\u0440 \u043E\u0436\u0438\u0434\u0430\u0435\u0442 \u043F\u043E\u043B\u0443\u0447\u0438\u0442\u044C \u043E\u0442 \u043F\u0440\u043E\u0435\u043A\u0442\u0430, \u043F\u043E\u0441\u043B\u0435 \u0442\u043E\u0433\u043E, \u043A\u0430\u043A \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0435 \u043F\u0440\u0438\u0442\u043E\u043A\u0438 \u043E\u043A\u0443\u043F\u044F\u0442 \u0435\u0433\u043E \u043F\u0435\u0440\u0432\u043E\u043D\u0430\u0447\u0430\u043B\u044C\u043D\u044B\u0435 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043E\u043D\u043D\u044B\u0435 \u0437\u0430\u0442\u0440\u0430\u0442\u044B \u0438 \u043F\u0435\u0440\u0438\u043E\u0434\u0438\u0447\u0435\u0441\u043A\u0438\u0435 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0435 \u043E\u0442\u0442\u043E\u043A\u0438, \u0441\u0432\u044F\u0437\u0430\u043D\u043D\u044B\u0435 \u0441 \u043E\u0441\u0443\u0449\u0435\u0441\u0442\u0432\u043B\u0435\u043D\u0438\u0435\u043C \u043F\u0440\u043E\u0435\u043A\u0442\u0430. \u041F\u043E\u0441\u043A\u043E\u043B\u044C\u043A\u0443 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0435 \u043F\u043B\u0430\u0442\u0435\u0436\u0438 \u043E\u0446\u0435\u043D\u0438\u0432\u0430\u044E\u0442\u0441\u044F \u0441 \u0443\u0447\u0451\u0442\u043E\u043C \u0438\u0445 \u0432\u0440\u0435\u043C\u0435\u043D\u043D\u043E\u0301\u0439 \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u0438 \u0438 \u0440\u0438\u0441\u043A\u043E\u0432, NPV \u043C\u043E\u0436\u043D\u043E \u0438\u043D\u0442\u0435\u0440\u043F\u0440\u0435\u0442\u0438\u0440\u043E\u0432\u0430\u0442\u044C \u043A\u0430\u043A \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C, \u0434\u043E\u0431\u0430\u0432\u043B\u044F\u0435\u043C\u0443\u044E \u043F\u0440\u043E\u0435\u043A\u0442\u043E\u043C. \u0415\u0451 \u0442\u0430\u043A"@ru . . . . "\u6B64\u65B9\u6CD5\u7684\u7406\u8AD6\u662F\u5C07\u6295\u8CC7\u7684\u672A\u4F86\u73FE\u91D1\u6D41\u91CF\uFF0C\u5168\u90E8\u6298\u73FE\u6210\u6295\u8CC7\u59CB\u65E5\u7684\u50F9\u503C\uFF0C\u7A31\u70BA\u8A72\u6295\u8CC7\u7684\u6DE8\u73FE\u91D1\u6D41\u91CF\uFF0C\u6216\u7A31\u70BA\u6DE8\u73FE\u503C\uFF08NPV, Net Present Value\uFF09\u3002\u5047\u8A2D\u6295\u8CC7\u7684\u6DE8\u73FE\u503C\u70BA\u6B63\u6578\uFF0C\u4EE3\u8868\u8A72\u6295\u8CC7\u7684\u7D50\u679C\u53EF\u4EE5\u589E\u52A0\u4F01\u696D\u7684\u50F9\u503C;\u53CD\u4E4B\uFF0C\u5982\u679C\u6295\u8CC7\u8A55\u4F30\u7684\u6DE8\u73FE\u503C\u70BA\u8CA0\u6578\uFF0C\u4EE3\u8868\u6B64\u6295\u8CC7\u6703\u6E1B\u5C11\u4F01\u696D\u7684\u50F9\u503C\uFF0C\u4E0D\u61C9\u8A72\u63A5\u53D7\u3002 \u6DE8\u73FE\u503C\uFF08NPV\uFF09\u901A\u904E\u8A08\u7B97\u6BCF\u500B\u6295\u8CC7\u671F\u9593\u7684\u6210\u672C\uFF08\u8CA0\u73FE\u91D1\u6D41\uFF09\u548C\u6536\u76CA\uFF08\u6B63\u73FE\u91D1\u6D41\uFF09\u4F86\u78BA\u5B9A\u3002\u671F\u9650\u901A\u5E38\u70BA\u4E00\u5E74\uFF0C\u4F46\u53EF\u4EE5\u6309\u5B63\u5EA6\uFF0C\u534A\u5E74\u6216\u6578\u6708\u4F86\u8861\u91CF\u3002\u5728\u8A08\u7B97\u6BCF\u500B\u6642\u671F\u7684\u73FE\u91D1\u6D41\u91CF\u5F8C\uFF0C\u6BCF\u500B\u6642\u671F\u7684\u73FE\u503C\uFF08PV\uFF09\u662F\u901A\u904E\u4EE5\u5B9A\u671F\u6536\u76CA\u7387\uFF08\u5E02\u5834\u898F\u5B9A\u7684\u6536\u76CA\u7387\uFF09\u8CBC\u73FE\u5176\u672A\u4F86\u50F9\u503C\uFF08\u898B\u516C\u5F0F\uFF09\u4F86\u5BE6\u73FE\u7684\u3002 \u7576\u7136\u6DE8\u73FE\u503C\u70BA\u6B63\u6578\u4ECD\u4E0D\u4EE3\u8868\u8A72\u63A5\u53D7\u6B64\u6295\u8CC7\u5EFA\u8B70\uFF0C\u6216\u8A31\u5B58\u5728\u5176\u4ED6\u6DE8\u73FE\u503C\u66F4\u9AD8\u7684\u6295\u8CC7\u6A5F\u6703\u3002\u5728\u591A\u9805\u6295\u8CC7\u6848\u4E26\u9673\u6642\uFF0C\u61C9\u9078\u64C7\u6DE8\u73FE\u503C\u6700\u9AD8\u7684\u6295\u8CC7\u6848\u3002\u6DE8\u73FE\u503C\u662F\u591A\u6578\u4F01\u696D\u9032\u884C\u6295\u8CC7\u8A55\u4F30\u6642\u7684\u4F9D\u64DA\uFF0C\u56E0\u70BA\u5B83\u5C07\u6295\u8CC7\u671F\u9593\u7684\u6240\u6709\u73FE\u91D1\u6D41\u91CF\u7D0D\u5165\u8003\u616E\uFF0C\u4E26\u4E14\u4EE5\u6298\u73FE\u5F8C\u7684\u91D1\u984D\u505A\u8A08\u7B97\u3002"@zh . "Valor presente l\u00EDquido"@pt . . . . . "\u6DE8\u73FE\u503C\u6CD5"@zh . . . . . "\u010Cist\u00E1 sou\u010Dasn\u00E1 hodnota (zkr\u00E1cen\u011B \u010CSH nebo NPV z anglick\u00E9ho net present value) je finan\u010Dn\u00ED veli\u010Dina vyjad\u0159uj\u00EDc\u00ED celkovou (tj. diskontovanou) hodnotu v\u0161ech pen\u011B\u017En\u00EDch tok\u016F souvisej\u00EDc\u00EDch s investi\u010Dn\u00EDm projektem. \u010Cist\u00E1 sou\u010Dasn\u00E1 hodnota se pou\u017E\u00EDv\u00E1 jako krit\u00E9rium pro hodnocen\u00ED v\u00FDnosnosti . Hlavn\u00ED v\u00FDhodou tohoto krit\u00E9ria je zohledn\u011Bn\u00ED faktoru \u010Dasu."@cs . . . . . . "NPV (net present value) merupakan selisih antara pengeluaran dan pemasukan yang telah didiskon dengan menggunakan social opportunity cost of capital sebagai diskon faktor, atau dengan kata lain merupakan arus kas yang diperkirakan pada masa yang akan datang yang didiskonkan pada saat ini. Untuk menghitung NPV diperlukan data tentang perkiraan biaya investasi, biaya operasi, dan pemeliharaan serta perkiraan manfaat/benefit dari proyek yang direncanakan."@in . . "\u0423 \u0444\u0456\u043D\u0430\u043D\u0441\u0430\u0445, \u0447\u0438\u0441\u0442\u0430 \u043F\u043E\u0442\u043E\u0447\u043D\u0430/\u043F\u0440\u0438\u0432\u0435\u0434\u0435\u043D\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C (\u0430\u043D\u0433\u043B. net present value, NPV) \u0432\u0438\u0437\u043D\u0430\u0447\u0430\u0454\u0442\u044C\u0441\u044F \u044F\u043A \u0441\u0443\u043C\u0430 \u043F\u0440\u0438\u0432\u0435\u0434\u0435\u043D\u0438\u0445 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0435\u0439 (PV) \u0432\u0445\u0456\u0434\u043D\u0438\u0445 \u0456 \u0432\u0438\u0445\u0456\u0434\u043D\u0438\u0445 \u043F\u043B\u0430\u0442\u0435\u0436\u0456\u0432 (\u0432\u0438\u0442\u0440\u0430\u0442 \u0442\u0430 \u0434\u043E\u0445\u043E\u0434\u0456\u0432) \u043F\u043E\u0432'\u044F\u0437\u0430\u043D\u0438\u0445 \u0437 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0454\u044E \u0447\u0438 \u043F\u0440\u043E\u0454\u043A\u0442\u043E\u043C 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\u043F\u0440\u043E\u0446\u0435\u043D\u0442\u043D\u043E\u0457 \u0441\u0442\u0430\u0432\u043A\u0438 \u0437\u0430 \u0434\u043E\u043F\u043E\u043C\u043E\u0433\u043E\u044E \u044F\u043A\u043E\u0457 \u043F\u043B\u0430\u0442\u0435\u0436\u0456 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0443\u044E\u0442\u044C\u0441\u044F. \u0427\u0430\u0441\u0442\u043E \u0446\u0438\u043C \u0442\u0435\u0440\u043C\u0456\u043D\u043E\u043C \u0442\u0430\u043A\u043E\u0436 \u043E\u043F\u0438\u0441\u0443\u044E\u0442\u044C \u0432\u0456\u0434\u043F\u043E\u0432\u0456\u0434\u043D\u0438\u0439 \u043C\u0435\u0442\u043E\u0434 \u043E\u0446\u0456\u043D\u043A\u0438 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439, \u044F\u043A\u0438\u0439, \u0437\u0433\u0456\u0434\u043D\u043E \u0437 \u043C\u0456\u0436\u043D\u0430\u0440\u043E\u0434\u043D\u0438\u043C\u0438 \u0441\u0442\u0430\u043D\u0434\u0430\u0440\u0442\u0430\u043C\u0438 \u0431\u0456\u0437\u043D\u0435\u0441-\u043F\u043B\u0430\u043D\u0443\u0432\u0430\u043D\u043D\u044F, \u0454 \u043E\u0434\u043D\u0438\u043C \u0456\u0437 \u043E\u0441\u043D\u043E\u0432\u043D\u0438\u0445 \u043F\u043E\u043A\u0430\u0437\u043D\u0438\u043A\u0456\u0432 \u0435\u043A\u043E\u043D\u043E\u043C\u0456\u0447\u043D\u043E\u0457 \u0435\u0444\u0435\u043A\u0442\u0438\u0432\u043D\u043E\u0441\u0442\u0456 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043D\u0438\u0445 \u043F\u0440\u043E\u0454\u043A\u0442\u0456\u0432. \u0427\u0438\u0441\u0442\u0430 \u043F\u043E\u0442\u043E\u0447\u043D\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u043E\u0431\u0447\u0438\u0441\u043B\u044E\u0454\u0442\u044C\u0441\u044F \u0437\u0430 \u0444\u043E\u0440\u043C\u0443\u043B\u043E\u044E: \u0434\u0435 \u2014 \u0447\u0438\u0441\u0442\u0438\u0439 \u0433\u0440\u043E\u0448\u043E\u0432\u0438\u0439 \u043F\u043E\u0442\u0456\u043A \u0443 \u043F\u0435\u0440\u0456\u043E\u0434 , \u0442\u043E\u0431\u0442\u043E \u0441\u0443\u043C\u0430 \u0432\u0441\u0456\u0445 \u0434\u043E\u0445\u043E\u0434\u0456\u0432 \u043C\u0456\u043D\u0443\u0441 \u0441\u0443\u043C\u0430 \u0432\u0441\u0456\u0445 \u0432\u0438\u0442\u0440\u0430\u0442 \u0437\u0430 \u0446\u0435\u0439 \u043F\u0435\u0440\u0456\u043E\u0434, \u2014 \u043F\u0440\u043E\u0446\u0435\u043D\u0442\u043D\u0430 \u0441\u0442\u0430\u0432\u043A\u0430 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0443\u0432\u0430\u043D\u043D\u044F \u0434\u043B\u044F \u043E\u0434\u043D\u043E\u0433\u043E \u043F\u0435\u0440\u0456\u043E\u0434\u0443 (\u0437\u0430\u0437\u0432\u0438\u0447\u0430\u0439 \u0440\u043E\u043A\u0443). \u0417\u0430\u043B\u0435\u0436\u043D\u043E \u0432\u0456\u0434 \u0441\u0438\u0442\u0443\u0430\u0446\u0456\u0457 \u0446\u0435 \u043C\u043E\u0436\u0435 \u0431\u0443\u0442\u0438 \u043D\u043E\u0440\u043C\u0430 \u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0443 \u0434\u043B\u044F \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439 \u0437 \u043F\u043E\u0434\u0456\u0431\u043D\u0438\u043C \u0441\u0442\u0443\u043F\u0435\u043D\u0435\u043C \u0440\u0438\u0437\u0438\u043A\u0443, \u0430\u0431\u043E \u0430\u043B\u044C\u0442\u0435\u0440\u043D\u0430\u0442\u0438\u0432\u043D\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u043A\u0430\u043F\u0456\u0442\u0430\u043B\u0443. \u2014 \u043D\u043E\u043C\u0435\u0440 \u043E\u0441\u0442\u0430\u043D\u043D\u044C\u043E\u0433\u043E \u0434\u043E\u0441\u043B\u0456\u0434\u0436\u0443\u0432\u0430\u043D\u043E\u0433\u043E \u043F\u0435\u0440\u0456\u043E\u0434\u0443 (\u0433\u043E\u0440\u0438\u0437\u043E\u043D\u0442 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0457). \u0423 \u0432\u0438\u043F\u0430\u0434\u043A\u0443 \u0434\u043E\u0441\u043B\u0456\u0434\u0436\u0435\u043D\u043D\u044F \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439, \u044F\u043A\u0456 \u0432\u0438\u043C\u0430\u0433\u0430\u044E\u0442\u044C \u043B\u0438\u0448\u0435 \u043F\u043E\u0447\u0430\u0442\u043A\u043E\u0432\u0438\u0445 \u0432\u0438\u0442\u0440\u0430\u0442, \u0430 \u0432 \u043D\u0430\u0441\u0442\u0443\u043F\u043D\u0456 \u043F\u0435\u0440\u0456\u043E\u0434\u0438 \u0434\u043E\u0441\u044F\u0433\u0430\u044E\u0442\u044C\u0441\u044F \u0434\u043E\u0445\u043E\u0434\u0438, \u0444\u043E\u0440\u043C\u0443\u043B\u0430 \u0447\u0430\u0441\u0442\u043E \u0437\u0430\u043F\u0438\u0441\u0443\u0454\u0442\u044C\u0441\u044F \u0443 \u0432\u0438\u0433\u043B\u044F\u0434\u0456: \u0434\u0435 \u2014 \u0434\u043E\u0445\u0456\u0434 \u0437\u0430 \u043F\u0435\u0440\u0456\u043E\u0434 , \u2014 \u0432\u0435\u043B\u0438\u0447\u0438\u043D\u0430 \u043F\u043E\u0447\u0430\u0442\u043A\u043E\u0432\u0438\u0445 \u0432\u0438\u0442\u0440\u0430\u0442. \u041E\u0434\u0438\u043D\u0438\u0446\u0435\u044E \u0432\u0438\u043C\u0456\u0440\u044E\u0432\u0430\u043D\u043D\u044F \u0447\u0438\u0441\u0442\u043E\u0457 \u043F\u043E\u0442\u043E\u0447\u043D\u043E\u0457 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u0454 \u0433\u0440\u043E\u0448\u043E\u0432\u0430 \u043E\u0434\u0438\u043D\u0438\u0446\u044F \u043F\u043E\u0447\u0430\u0442\u043A\u043E\u0432\u043E\u0433\u043E \u043F\u0435\u0440\u0456\u043E\u0434\u0443 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0457. \u0406\u043D\u0442\u0435\u0440\u043F\u0440\u0435\u0442\u0430\u0446\u0456\u044F \u0432\u0435\u043B\u0438\u0447\u0438\u043D\u0438 \u0447\u0438\u0441\u0442\u043E\u0457 \u043F\u043E\u0442\u043E\u0447\u043D\u043E\u0457 \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u0437\u0430\u043B\u0435\u0436\u0438\u0442\u044C \u0432\u0456\u0434 \u0446\u0456\u043B\u0435\u0439 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439\u043D\u043E\u0433\u043E \u0430\u043D\u0430\u043B\u0456\u0437\u0443 \u0442\u0430 \u043E\u0431\u0440\u0430\u043D\u043E\u0457 \u0441\u0442\u0430\u0432\u043A\u0438 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0443\u0432\u0430\u043D\u043D\u044F. \u041D\u0430\u043F\u0440\u0438\u043A\u043B\u0430\u0434, \u044F\u043A\u0449\u043E \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0443\u0432\u0430\u043D\u043D\u044F \u0432\u0456\u0434\u0431\u0443\u0432\u0430\u0454\u0442\u044C\u0441\u044F \u043F\u0440\u0438 \u0432\u0438\u043A\u043E\u0440\u0438\u0441\u0442\u0430\u043D\u043D\u0456 \u043D\u043E\u0440\u043C\u0438 \u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0443 \u0434\u043B\u044F \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0439 \u0437 \u043F\u043E\u0434\u0456\u0431\u043D\u0438\u043C \u0441\u0442\u0443\u043F\u0435\u043D\u0435\u043C \u0440\u0438\u0437\u0438\u043A\u0443, \u0442\u043E \n* \u043E\u0437\u043D\u0430\u0447\u0430\u0454, \u0449\u043E \u0434\u043E\u0441\u043B\u0456\u0434\u0436\u0443\u0432\u0430\u043D\u0430 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u044F \u043E\u0431\u0456\u0446\u044F\u0454 \u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0438 \u0432\u0438\u0449\u0435 \u0441\u0435\u0440\u0435\u0434\u043D\u0456\u0445, \n* \u043F\u0440\u0438 \u0446\u0456 \u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0438 \u0431\u0443\u0434\u0443\u0442\u044C \u043D\u0438\u0436\u0447\u0438\u043C\u0438 \u0437\u0430 \u0441\u0435\u0440\u0435\u0434\u043D\u0456. \n* \u043F\u0440\u0438 \u0434\u043E\u0441\u043B\u0456\u0434\u0436\u0443\u0432\u0430\u043D\u0430 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u044F \u043D\u0435 \u0432\u0456\u0434\u0440\u0456\u0437\u043D\u044F\u0454\u0442\u044C\u0441\u044F \u0432\u0456\u0434 \u043F\u0435\u0440\u0435\u0441\u0456\u0447\u043D\u043E\u0457. \u042F\u043A\u0449\u043E \u0436 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0443\u0432\u0430\u043D\u043D\u044F \u0432\u0456\u0434\u0431\u0443\u0432\u0430\u0454\u0442\u044C\u0441\u044F \u043F\u0440\u0438 \u0432\u0438\u043A\u043E\u0440\u0438\u0441\u0442\u0430\u043D\u043D\u0456 \u0441\u0435\u0440\u0435\u0434\u043D\u044C\u043E\u0437\u0432\u0430\u0436\u0435\u043D\u043E\u0457 (\u0447\u0438 \u0433\u0440\u0430\u043D\u0438\u0447\u043D\u043E\u0457) \u0432\u0430\u0440\u0442\u043E\u0441\u0442\u0456 \u043A\u0430\u043F\u0456\u0442\u0430\u043B\u0443, \u0442\u043E \u043F\u043E\u043A\u0430\u0437\u0443\u0454 \u043F\u0440\u0438\u0432\u0435\u0434\u0435\u043D\u0443 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C \u043E\u0447\u0456\u043A\u0443\u0432\u0430\u043D\u043E\u0433\u043E \u043F\u0440\u0438\u0431\u0443\u0442\u043A\u0443 (\u0430\u0431\u043E \u0437\u0431\u0438\u0442\u043A\u0456\u0432, \u044F\u043A\u0449\u043E \u0432\u0456\u0434'\u0454\u043C\u043D\u0435) \u0432\u0456\u0434 \u0446\u0456\u0454\u0457 \u0456\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0456\u0457."@uk . . . "\u0635\u0627\u0641\u064A \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629 (\u0628\u0627\u0644\u0625\u0646\u062C\u0644\u064A\u0632\u064A\u0629: Net Present Value\u061B \u0648\u0627\u062E\u062A\u0635\u0627\u0631\u0627: NPV) \u0647\u0648 \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u0645\u0643\u0627\u0641\u0626\u0629 \u0641\u064A \u0627\u0644\u0632\u0645\u0646 \u0644\u0645\u0628\u0627\u0644\u063A \u0645\u0627\u0644\u064A\u0629 \u062A\u062F\u0641\u0639 \u0641\u064A \u0627\u0644\u0645\u0633\u062A\u0642\u0628\u0644. \u064A\u0645\u0643\u0646 \u062A\u062D\u0648\u064A\u0644 \u0644\u0644\u0633\u0646\u0648\u0627\u062A \u0627\u0644\u0642\u0627\u062F\u0645\u0629 \u0625\u0644\u0649 \u0635\u0627\u0641\u064A \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629 \u0639\u0646 \u0637\u0631\u064A\u0642 \u0627\u0644\u0645\u0639\u0627\u062F\u0644\u0629 \u0627\u0644\u062A\u0627\u0644\u064A\u0629 \u062D\u064A\u062B:Ct:\u0627\u0644\u062A\u062F\u0641\u0642 \u0627\u0644\u0646\u0642\u062F\u064A \u0644\u0643\u0644 \u0633\u0646\u0629 \u0645\u0646 \u0627\u0644\u0633\u0646\u0648\u0627\u062A.r:\u0646\u0633\u0628\u0629 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0627\u0644\u0633\u0646\u0648\u064A\u0629.t:\u0627\u0644\u0633\u0646\u0629. \u0645\u062B\u0627\u0644 \u0622\u062E\u0631 \u0647\u0648 \u0627\u0644\u062A\u062D\u0648\u064A\u0644 \u0645\u0646 \u0627\u0644\u0645\u0633\u062A\u0642\u0628\u0644 \u0625\u0644\u0649 \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629 \u062D\u064A\u062B CT \u0647\u064A \u0645\u0642\u062F\u0627\u0631 \u0627\u0644\u062A\u062F\u0641\u0642\u0627\u062A \u0627\u0644\u0646\u0642\u062F\u064A\u0629 \u0641\u064A \u0627\u0644\u062A\u0627\u0631\u064A\u062E T \u0645\u062B\u0627\u0644: \u0633\u064A\u0642\u0628\u0636 10,000$ \u0628\u0639\u062F 3 \u0633\u0646\u0648\u0627\u062A \u0648\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0641\u064A \u0627\u0644\u0633\u0648\u0642 \u0647\u0648 8% PV = 10,000 / (1.08)^3 = $7,938 \u0623\u0645\u0627 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u062C\u062F\u0627\u0648\u0644 \u0641\u0628\u0627\u0633\u062A\u062E\u062F\u0627\u0645 \u062C\u062F\u0648\u0644 Present Value of $1 to be received after T period \u0648\u0630\u0644\u0643 \u0644\u0644\u0641\u062A\u0631\u0629 3 \u0648\u0641\u0627\u0626\u062F\u0629 8% \u0641\u064A\u0638\u0647\u0631 \u0623\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0647\u064A 0.7938 Annuity"@ar . . . . "Der Kapitalwert (englisch net present value, NPV; auch Nettobarwert) ist eine betriebswirtschaftliche Kennzahl der dynamischen Investitionsrechnung. Der Kapitalwert ergibt sich aus der Summe der auf die Gegenwart abgezinsten zuk\u00FCnftigen Erfolge einer Investition. Durch die Abzinsung von zuk\u00FCnftigen Erfolgen auf die Gegenwart wird der Zeitwert des Geldes ber\u00FCcksichtigt: Je eher man \u00FCber Geld verf\u00FCgen kann, desto mehr Wert besitzt es. Durch die Abzinsung von Erfolgen auf einen einheitlichen Zeitpunkt k\u00F6nnen auch Zahlungen vergleichbar gemacht werden, die zu unterschiedlichen Zeitpunkten anfallen."@de . "Nuv\u00E4rdesmetoden, \u00E4ven k\u00E4nd som diskonteringsmetoden, kassafl\u00F6desmetoden och kapitalv\u00E4rdesmetoden, anv\u00E4nds f\u00F6r att uppskatta en investerings l\u00F6nsamhet. Hos st\u00F6rre svenska f\u00F6retag och myndigheter \u00E4r det kanske den vanligaste metoden f\u00F6r investeringskalkylering, tillsammans med payback-metoden. Den \u00E4r n\u00E4ra relaterad till en rad andra metoder, till exempel slutv\u00E4rdesmetoden, annuitetsmetoden och internr\u00E4ntemetoden. Nuv\u00E4rde, \u00E4ven kapitalv\u00E4rde, \u00E4r det ber\u00E4knade v\u00E4rdet av en investerings framtida kassafl\u00F6de, diskonterat med h\u00E4nsyn till en given kalkylr\u00E4ntesats. Nettonuv\u00E4rde \u00E4r differensen mellan nuv\u00E4rde och investeringskostnad. Kapitalv\u00E4rdeskvot \u00E4r en term som oftast anv\u00E4nds i betydelsen nettonuv\u00E4rdeskvot, det vill s\u00E4ga nettonuv\u00E4rdet delat med investeringskostnaden. Emellan\u00E5t kan uttrycket \u00E4ven betyda nuv\u00E4rdeskvot, vilket \u00E4r nuv\u00E4rdet delat med grundkostnaden."@sv . "La valeur actuelle nette (VAN, en anglais : net present value, NPV) est une mesure de la rentabilit\u00E9 d'un investissement calcul\u00E9e comme la somme des flux de tr\u00E9sorerie engendr\u00E9s par cette op\u00E9ration, chacun \u00E9tant actualis\u00E9 de fa\u00E7on \u00E0 r\u00E9duire son importance dans cette somme \u00E0 mesure de son \u00E9loignement dans le temps. Si le taux d'actualisation est choisi convenablement, l'investissement sera r\u00E9put\u00E9 rentable et donc retenu si et seulement si sa valeur actuelle nette est positive."@fr . . . . "\uC21C\uD604\uC7AC\uAC00\uCE58"@ko . . . "The net present value (NPV) or net present worth (NPW) applies to a series of cash flows occurring at different times. The present value of a cash flow depends on the interval of time between now and the cash flow. It also depends on the discount rate. NPV accounts for the time value of money. It provides a method for evaluating and comparing capital projects or financial products with cash flows spread over time, as in loans, investments, payouts from insurance contracts plus many other applications. Many computer-based spreadsheet programs have built-in formulae for PV and NPV."@en . . "29177"^^ . . . "Balio eguneratu garbia \u2014labur, BEG\u2014 inbertsio-proiektu batek denbora zehar ekarriko dituen diru-sarrerak eta irteerak une jakin batera bildu, interes-tasa batez eguneratu ondoren, eta batura kalkulatzea da, inbertsioa errentagarria izango den erabakitzeko. uneko zenbatekoa duen diru-fluxu positibo bat horrela eguneratzen da, kapitalizazio konposatua erabiliz:"@eu . "\u010Cist\u00E1 sou\u010Dasn\u00E1 hodnota"@cs . . . . . . "\u0427\u0438\u0441\u0442\u0430\u044F \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u0430\u044F \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C (\u0427\u041F\u0421, \u0447\u0438\u0441\u0442\u044B\u0439 \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u044B\u0439 \u044D\u0444\u0444\u0435\u043A\u0442, \u0447\u0438\u0441\u0442\u0430\u044F \u0442\u0435\u043A\u0443\u0449\u0430\u044F \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C, \u0447\u0438\u0441\u0442\u044B\u0439 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0438\u0440\u043E\u0432\u0430\u043D\u043D\u044B\u0439 \u0434\u043E\u0445\u043E\u0434, \u0427\u0414\u0414, \u0430\u043D\u0433\u043B. net present value, NPV) \u2014 \u044D\u0442\u043E \u0441\u0443\u043C\u043C\u0430 \u0434\u0438\u0441\u043A\u043E\u043D\u0442\u0438\u0440\u043E\u0432\u0430\u043D\u043D\u044B\u0445 \u0437\u043D\u0430\u0447\u0435\u043D\u0438\u0439 \u043F\u043E\u0442\u043E\u043A\u0430 \u043F\u043B\u0430\u0442\u0435\u0436\u0435\u0439, \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u044B\u0445 \u043A \u0441\u0435\u0433\u043E\u0434\u043D\u044F\u0448\u043D\u0435\u043C\u0443 \u0434\u043D\u044E. \u041F\u043E\u043A\u0430\u0437\u0430\u0442\u0435\u043B\u044C NPV \u043F\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043B\u044F\u0435\u0442 \u0441\u043E\u0431\u043E\u0439 \u0440\u0430\u0437\u043D\u043E\u0441\u0442\u044C \u043C\u0435\u0436\u0434\u0443 \u0432\u0441\u0435\u043C\u0438 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u043C\u0438 \u043F\u0440\u0438\u0442\u043E\u043A\u0430\u043C\u0438 \u0438 \u043E\u0442\u0442\u043E\u043A\u0430\u043C\u0438, \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u044B\u043C\u0438 \u043A \u0442\u0435\u043A\u0443\u0449\u0435\u043C\u0443 \u043C\u043E\u043C\u0435\u043D\u0442\u0443 \u0432\u0440\u0435\u043C\u0435\u043D\u0438 (\u043C\u043E\u043C\u0435\u043D\u0442\u0443 \u043E\u0446\u0435\u043D\u043A\u0438 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043E\u043D\u043D\u043E\u0433\u043E \u043F\u0440\u043E\u0435\u043A\u0442\u0430). \u041E\u043D \u043F\u043E\u043A\u0430\u0437\u044B\u0432\u0430\u0435\u0442 \u0432\u0435\u043B\u0438\u0447\u0438\u043D\u0443 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0445 \u0441\u0440\u0435\u0434\u0441\u0442\u0432, \u043A\u043E\u0442\u043E\u0440\u0443\u044E \u0438\u043D\u0432\u0435\u0441\u0442\u043E\u0440 \u043E\u0436\u0438\u0434\u0430\u0435\u0442 \u043F\u043E\u043B\u0443\u0447\u0438\u0442\u044C \u043E\u0442 \u043F\u0440\u043E\u0435\u043A\u0442\u0430, \u043F\u043E\u0441\u043B\u0435 \u0442\u043E\u0433\u043E, \u043A\u0430\u043A \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0435 \u043F\u0440\u0438\u0442\u043E\u043A\u0438 \u043E\u043A\u0443\u043F\u044F\u0442 \u0435\u0433\u043E \u043F\u0435\u0440\u0432\u043E\u043D\u0430\u0447\u0430\u043B\u044C\u043D\u044B\u0435 \u0438\u043D\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043E\u043D\u043D\u044B\u0435 \u0437\u0430\u0442\u0440\u0430\u0442\u044B \u0438 \u043F\u0435\u0440\u0438\u043E\u0434\u0438\u0447\u0435\u0441\u043A\u0438\u0435 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0435 \u043E\u0442\u0442\u043E\u043A\u0438, \u0441\u0432\u044F\u0437\u0430\u043D\u043D\u044B\u0435 \u0441 \u043E\u0441\u0443\u0449\u0435\u0441\u0442\u0432\u043B\u0435\u043D\u0438\u0435\u043C \u043F\u0440\u043E\u0435\u043A\u0442\u0430. \u041F\u043E\u0441\u043A\u043E\u043B\u044C\u043A\u0443 \u0434\u0435\u043D\u0435\u0436\u043D\u044B\u0435 \u043F\u043B\u0430\u0442\u0435\u0436\u0438 \u043E\u0446\u0435\u043D\u0438\u0432\u0430\u044E\u0442\u0441\u044F \u0441 \u0443\u0447\u0451\u0442\u043E\u043C \u0438\u0445 \u0432\u0440\u0435\u043C\u0435\u043D\u043D\u043E\u0301\u0439 \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u0438 \u0438 \u0440\u0438\u0441\u043A\u043E\u0432, NPV \u043C\u043E\u0436\u043D\u043E \u0438\u043D\u0442\u0435\u0440\u043F\u0440\u0435\u0442\u0438\u0440\u043E\u0432\u0430\u0442\u044C \u043A\u0430\u043A \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C, \u0434\u043E\u0431\u0430\u0432\u043B\u044F\u0435\u043C\u0443\u044E \u043F\u0440\u043E\u0435\u043A\u0442\u043E\u043C. \u0415\u0451 \u0442\u0430\u043A\u0436\u0435 \u043C\u043E\u0436\u043D\u043E \u0438\u043D\u0442\u0435\u0440\u043F\u0440\u0435\u0442\u0438\u0440\u043E\u0432\u0430\u0442\u044C \u043A\u0430\u043A \u043E\u0431\u0449\u0443\u044E \u043F\u0440\u0438\u0431\u044B\u043B\u044C \u0438\u043D\u0432\u0435\u0441\u0442\u043E\u0440\u0430."@ru . . . . . "Warto\u015B\u0107 bie\u017C\u0105ca netto (ang. net present value, NPV, tak\u017Ce: warto\u015B\u0107 zaktualizowana netto, warto\u015B\u0107 obecna netto) \u2013 metoda oceny efektywno\u015Bci ekonomicznej inwestycji rzeczowej oraz wska\u017Anik wyznaczony w oparciu o t\u0119 metod\u0119. Jako metoda \u2013 NPV nale\u017Cy do kategorii metod dynamicznych i jest oparta na analizie zdyskontowanych przep\u0142yw\u00F3w pieni\u0119\u017Cnych przy podanej stopie dyskonta. Jako wska\u017Anik \u2013 NPV stanowi r\u00F3\u017Cnic\u0119 pomi\u0119dzy zdyskontowanymi przep\u0142ywami pieni\u0119\u017Cnymi a nak\u0142adami pocz\u0105tkowymi i jest dany wzorem: gdzie:"@pl . . . . "Valore attuale netto"@it . . . . . . "Nuv\u00E4rdesmetoden"@sv . . . . . . "Valor actual neto"@es . . "Valor actual net"@ca . . . . . "Der Kapitalwert (englisch net present value, NPV; auch Nettobarwert) ist eine betriebswirtschaftliche Kennzahl der dynamischen Investitionsrechnung. Der Kapitalwert ergibt sich aus der Summe der auf die Gegenwart abgezinsten zuk\u00FCnftigen Erfolge einer Investition. Durch die Abzinsung von zuk\u00FCnftigen Erfolgen auf die Gegenwart wird der Zeitwert des Geldes ber\u00FCcksichtigt: Je eher man \u00FCber Geld verf\u00FCgen kann, desto mehr Wert besitzt es. Durch die Abzinsung von Erfolgen auf einen einheitlichen Zeitpunkt k\u00F6nnen auch Zahlungen vergleichbar gemacht werden, die zu unterschiedlichen Zeitpunkten anfallen."@de . . . . . . . "In economia il valore attuale netto (in sigla VAN) \u00E8 una metodologia tramite cui si definisce il valore attuale (in italiano abbreviato VAN, in inglese NPV da net present value, con simbolo w) di una serie attesa di flussi di cassa non solo sommandoli contabilmente, ma attualizzandoli sulla base del tasso di rendimento (costo opportunit\u00E0 dei mezzi propri)."@it . . . . . "El valor actual net, tamb\u00E9 conegut amb les sigles VAN, \u00E9s un m\u00E8tode de selecci\u00F3 d'inversions de tipus din\u00E0mic. Per definir el valor actual net, es parteix d'un projecte d'inversi\u00F3 amb la seg\u00FCent estructura: On: \n* -D0 \u00E9s el desemborsament inicial \n* Fi s\u00F3n els fluxos nets de caixa del projecte Aleshores, el valor actual net \u00E9s el resultat de calcular l'operaci\u00F3 seg\u00FCent: A la f\u00F3rmula, i \u00E9s la taxa d'actualitzaci\u00F3 o de descompte. \u00C9s un valor donat, que pot ser el tipus d'inter\u00E8s de mercat o el . El criteri de selecci\u00F3 estableix: 1. \n* Si un projecte t\u00E9 VAN>0, ser\u00E0 aconsellable realitzar-lo 2. \n* Si un projecte t\u00E9 VAN<0, no ser\u00E0 aconsellable realitzar-lo 3. \n* Si un projecte t\u00E9 VAN=0, ser\u00E0 indiferent realitzar-lo o no En cas de comparar diferents projectes d'inversi\u00F3, ser\u00E0 m\u00E9s aconsellable realitzar aquell projecte que tingui un VAN major."@ca . "\u0427\u0438\u0441\u0442\u0430\u044F \u043F\u0440\u0438\u0432\u0435\u0434\u0451\u043D\u043D\u0430\u044F \u0441\u0442\u043E\u0438\u043C\u043E\u0441\u0442\u044C"@ru . . "La valeur actuelle nette (VAN, en anglais : net present value, NPV) est une mesure de la rentabilit\u00E9 d'un investissement calcul\u00E9e comme la somme des flux de tr\u00E9sorerie engendr\u00E9s par cette op\u00E9ration, chacun \u00E9tant actualis\u00E9 de fa\u00E7on \u00E0 r\u00E9duire son importance dans cette somme \u00E0 mesure de son \u00E9loignement dans le temps. Si le taux d'actualisation est choisi convenablement, l'investissement sera r\u00E9put\u00E9 rentable et donc retenu si et seulement si sa valeur actuelle nette est positive."@fr . . . . . "El valor actual net, tamb\u00E9 conegut amb les sigles VAN, \u00E9s un m\u00E8tode de selecci\u00F3 d'inversions de tipus din\u00E0mic. Per definir el valor actual net, es parteix d'un projecte d'inversi\u00F3 amb la seg\u00FCent estructura: On: \n* -D0 \u00E9s el desemborsament inicial \n* Fi s\u00F3n els fluxos nets de caixa del projecte Aleshores, el valor actual net \u00E9s el resultat de calcular l'operaci\u00F3 seg\u00FCent: A la f\u00F3rmula, i \u00E9s la taxa d'actualitzaci\u00F3 o de descompte. \u00C9s un valor donat, que pot ser el tipus d'inter\u00E8s de mercat o el . El criteri de selecci\u00F3 estableix:"@ca . . . . "\u0635\u0627\u0641\u064A \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629"@ar . . "Warto\u015B\u0107 bie\u017C\u0105ca netto"@pl . . . . . "Balio eguneratu garbi"@eu . . . . . . . "\u0635\u0627\u0641\u064A \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629 (\u0628\u0627\u0644\u0625\u0646\u062C\u0644\u064A\u0632\u064A\u0629: Net Present Value\u061B \u0648\u0627\u062E\u062A\u0635\u0627\u0631\u0627: NPV) \u0647\u0648 \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u0645\u0643\u0627\u0641\u0626\u0629 \u0641\u064A \u0627\u0644\u0632\u0645\u0646 \u0644\u0645\u0628\u0627\u0644\u063A \u0645\u0627\u0644\u064A\u0629 \u062A\u062F\u0641\u0639 \u0641\u064A \u0627\u0644\u0645\u0633\u062A\u0642\u0628\u0644. \u064A\u0645\u0643\u0646 \u062A\u062D\u0648\u064A\u0644 \u0644\u0644\u0633\u0646\u0648\u0627\u062A \u0627\u0644\u0642\u0627\u062F\u0645\u0629 \u0625\u0644\u0649 \u0635\u0627\u0641\u064A \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629 \u0639\u0646 \u0637\u0631\u064A\u0642 \u0627\u0644\u0645\u0639\u0627\u062F\u0644\u0629 \u0627\u0644\u062A\u0627\u0644\u064A\u0629 \u062D\u064A\u062B:Ct:\u0627\u0644\u062A\u062F\u0641\u0642 \u0627\u0644\u0646\u0642\u062F\u064A \u0644\u0643\u0644 \u0633\u0646\u0629 \u0645\u0646 \u0627\u0644\u0633\u0646\u0648\u0627\u062A.r:\u0646\u0633\u0628\u0629 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0627\u0644\u0633\u0646\u0648\u064A\u0629.t:\u0627\u0644\u0633\u0646\u0629. \u0645\u062B\u0627\u0644 \u0622\u062E\u0631 \u0647\u0648 \u0627\u0644\u062A\u062D\u0648\u064A\u0644 \u0645\u0646 \u0627\u0644\u0645\u0633\u062A\u0642\u0628\u0644 \u0625\u0644\u0649 \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u062D\u0627\u0644\u064A\u0629 \u062D\u064A\u062B CT \u0647\u064A \u0645\u0642\u062F\u0627\u0631 \u0627\u0644\u062A\u062F\u0641\u0642\u0627\u062A \u0627\u0644\u0646\u0642\u062F\u064A\u0629 \u0641\u064A \u0627\u0644\u062A\u0627\u0631\u064A\u062E T \u0645\u062B\u0627\u0644: \u0633\u064A\u0642\u0628\u0636 10,000$ \u0628\u0639\u062F 3 \u0633\u0646\u0648\u0627\u062A \u0648\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0641\u064A \u0627\u0644\u0633\u0648\u0642 \u0647\u0648 8% PV = 10,000 / (1.08)^3 = $7,938 \u0623\u0645\u0627 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u062C\u062F\u0627\u0648\u0644 \u0641\u0628\u0627\u0633\u062A\u062E\u062F\u0627\u0645 \u062C\u062F\u0648\u0644 Present Value of $1 to be received after T period \u0648\u0630\u0644\u0643 \u0644\u0644\u0641\u062A\u0631\u0629 3 \u0648\u0641\u0627\u0626\u062F\u0629 8% \u0641\u064A\u0638\u0647\u0631 \u0623\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0647\u064A 0.7938 \u062D\u0627\u0644\u0627\u062A \u062E\u0627\u0635\u0629: \u0627\u0644\u0627\u0633\u062A\u0645\u0631\u0627\u0631\u064A\u0629 \u0628\u062F\u0648\u0646 \u0646\u0647\u0627\u064A\u0629 Perpetuity \u0627\u0644\u0627\u0633\u062A\u0645\u0631\u0627\u0631\u064A\u0629 \u0645\u0639 \u0632\u064A\u0627\u062F\u0629 Growing Perpetuity \u062F\u0641\u0639\u0627\u062A \u0645\u0646\u062A\u0638\u0645\u0629 \u0639\u0644\u0649 \u0641\u062A\u0631\u0627\u062A \u0645\u062D\u062F\u062F\u0629 Annuity \u062F\u0641\u0639\u0627\u062A \u0645\u0646\u062A\u0638\u0645\u0629 \u0645\u062A\u0632\u0627\u064A\u062F\u0629 \u0639\u0644\u0649 \u0641\u062A\u0631\u0627\u062A \u0645\u062D\u062F\u062F\u0629 Growing Annuity PV = C / r Perpetuity Growing Perpetuity (PV = C / (r-g \u062D\u064A\u062B g \u0645\u0639\u062F\u0644 \u0627\u0644\u0646\u0645\u0648\u060C \u0648\u064A\u0634\u062A\u0631\u0637 \u0623\u0646 \u064A\u0643\u0648\u0646 \u0645\u0639\u062F\u0644 \u0627\u0644\u0646\u0645\u0648 \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0648\u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0639\u062F\u0644 \u0627\u0644\u0646\u0645\u0648 \u064A\u0633\u0627\u0648\u064A \u0645\u0639\u062F\u0644 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0623\u0648 \u0623\u0643\u062B\u0631 \u0641\u0625\u0646 \u0627\u0644\u0642\u064A\u0645\u0629 \u0627\u0644\u0622\u0646\u064A\u0629 \u062A\u0624\u0648\u0644 \u0625\u0644\u0649 \u0645\u0627 \u0644\u0627 \u0646\u0647\u0627\u064A\u0629. \u0645\u062B\u0627\u0644: \u0633\u064A\u0642\u0628\u0636 100,000$ \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u062A\u0627\u0644\u064A\u0629 \u0648\u0623\u0646\u0647\u0627 \u0633\u062A\u0632\u062F\u0627\u062F \u0628\u0645\u0639\u062F\u0644 5% \u0643\u0644 \u0633\u0646\u0629 \u0648\u0645\u0639\u062F\u0644 \u0627\u0644\u0641\u0627\u0626\u062F\u0629 \u0647\u0648 11% PV = 100,000 / (0.11 - 0.05) = $1,666,667 Annuity Growing Annuity \u062D\u064A\u062B g \u0645\u0639\u062F\u0644 \u0627\u0644\u0646\u0645\u0648 \u0648\u064A\u0634\u062A\u0631\u0637 \u0623\u0646 \u064A\u0643\u0648\u0646 \u0627\u0642\u0644 \u0645\u0646 \u0645\u0639\u062F\u0644 \u0627\u0644\u063A\u0627\u0626\u062F\u0629"@ar . "\u010Cist\u00E1 sou\u010Dasn\u00E1 hodnota (zkr\u00E1cen\u011B \u010CSH nebo NPV z anglick\u00E9ho net present value) je finan\u010Dn\u00ED veli\u010Dina vyjad\u0159uj\u00EDc\u00ED celkovou (tj. diskontovanou) hodnotu v\u0161ech pen\u011B\u017En\u00EDch tok\u016F souvisej\u00EDc\u00EDch s investi\u010Dn\u00EDm projektem. \u010Cist\u00E1 sou\u010Dasn\u00E1 hodnota se pou\u017E\u00EDv\u00E1 jako krit\u00E9rium pro hodnocen\u00ED v\u00FDnosnosti . Hlavn\u00ED v\u00FDhodou tohoto krit\u00E9ria je zohledn\u011Bn\u00ED faktoru \u010Dasu."@cs . "\u0427\u0438\u0441\u0442\u0430 \u043F\u043E\u0442\u043E\u0447\u043D\u0430 \u0432\u0430\u0440\u0442\u0456\u0441\u0442\u044C"@uk . . "\u5272\u5F15\u73FE\u5728\u4FA1\u5024\uFF08\u308F\u308A\u3073\u304D\u3052\u3093\u3056\u3044\u304B\u3061\u3001\u82F1: discounted present value\uFF09\u306F\u5C06\u6765\u53D7\u3051\u53D6\u308C\u308B\u3067\u3042\u308D\u3046\u4FA1\u5024\u3092\u73FE\u5728\u53D7\u3051\u53D6\u3063\u305F\u5834\u5408\u306E\u4FA1\u5024\u3067\u3042\u308B\u3002\u73FE\u5728\u4FA1\u5024\uFF08\u82F1: present value\uFF09\u3001\u6B63\u5473\u73FE\u5728\u4FA1\u5024\uFF08\u3057\u3087\u3046\u307F\u3052\u3093\u3056\u3044\u304B\u3061\u3001\u82F1: net present value, NPV\uFF09\u3068\u3082\u3044\u3046\u3002"@ja . . . . . . "Balio eguneratu garbia \u2014labur, BEG\u2014 inbertsio-proiektu batek denbora zehar ekarriko dituen diru-sarrerak eta irteerak une jakin batera bildu, interes-tasa batez eguneratu ondoren, eta batura kalkulatzea da, inbertsioa errentagarria izango den erabakitzeko. uneko zenbatekoa duen diru-fluxu positibo bat horrela eguneratzen da, kapitalizazio konposatua erabiliz: Fluxu eguneratu guztiak batu eta inbertsioak dakartzan kostu eguneratuak kendurik, emaitza positiboa bada, inbertsioak dakartzan diru-sarrerek irteerak konpentsatu egiten dituztela esan nahi du eta beraz inbertsioa burutzea errentagarria dela alde honetatik. Bestela, negatiboa bada alegia, diru-sarrerek irteerak estali ere egiten ez dituztela esan nahi du."@eu . "El valor actual neto, tambi\u00E9n conocido como valor actualizado neto o valor presente neto (en ingl\u00E9s net present value), cuyo acr\u00F3nimo es VAN (en ingl\u00E9s, NPV), corresponde al valor presente de los flujos de caja netos (ingresos - egresos) originados por una inversi\u00F3n.\u200B La f\u00F3rmula para calcular el Valor Actual Neto es\u200B: Donde: representa los flujos de caja en cada periodo t. es el valor del desembolso inicial de la inversi\u00F3n. es el n\u00FAmero de per\u00EDodos considerado. es la tasa de descuento. El valor de k que hace que el VAN tome un valor igual a 0, se denomina tasa interna de retorno (TIR) y es una medida de la rentabilidad de una inversi\u00F3n."@es . . . . . .