现值

现值是指未来的现金当下的价值。现金可用于投资和生息，因此，同一数目的现金，先得到要比晚得到有价值(除非出现负利率的情况)。计算现值时，必须选定一个合适的折现率(discount rate)来折算未来的现金流。投资风险越高，适用的折现率越大。现金流入的现值减去现金流出的现值，称为净现值(NPV)。

The current value of future cash flows, discounted at an appropriate interest rate. Cash earned in the future is worth less than cash earned immediately because today's cash can be invested and earn interest.

现值

Present Value

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