💵 现金流折现计算器（DCF：NPV、终值、逐年现值）Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV)
输入初始投资、各期现金流和折现率，计算每期现值、现金流现值合计和净现值 (NPV)；可选用戈登永续增长模型加入终值，并给出内部收益率 (IRR) 和折现回收期。本地处理。Enter the initial investment, the cash flow for each period and the discount rate to get the present value of each period, the total PV and the net present value (NPV). Optionally add a terminal value with the Gordon growth model, and see the internal rate of return (IRR) and discounted payback period. Processed locally.
使用说明与常见问题How-to & FAQ
「现金流折现计算器（DCF：NPV、终值、逐年现值）」是什么？What is the Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) tool?
输入初始投资、各期现金流和折现率，计算每期现值、现金流现值合计和净现值 (NPV)；可选用戈登永续增长模型加入终值，并给出内部收益率 (IRR) 和折现回收期。本地处理。Enter the initial investment, the cash flow for each period and the discount rate to get the present value of each period, the total PV and the net present value (NPV). Optionally add a terminal value with the Gordon growth model, and see the internal rate of return (IRR) and discounted payback period. Processed locally.
如何使用「现金流折现计算器（DCF：NPV、终值、逐年现值）」？How do I use the Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) tool?
在「现金流折现计算器（DCF：NPV、终值、逐年现值）」中，填写「初始投资（第 0 期，可选）」、「折现率 %」、「永续增长率 %（可选，用于终值）」等参数，结果会随输入实时计算并显示在下方。In the Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV): Fill in "Initial investment (period 0, optional)", "Discount rate %", "Perpetual growth % (optional, for terminal value)"; results are recalculated instantly as you type.
DCF 怎么算？How does DCF work?
每期现金流按 CFₜ ÷ (1 + r)ᵗ 折算成现值后相加。减去第 0 期的初始投资就是净现值 NPV，NPV 大于 0 说明按该折现率项目有价值。Each cash flow is discounted as CFₜ / (1 + r)ᵗ and the results are added. Subtracting the initial investment at period 0 gives the NPV; a positive NPV means the project adds value at that rate.
终值怎么算？How is the terminal value worked out?
用戈登增长模型：终值 = 最后一期现金流 × (1 + g) ÷ (r − g)，再折现到今天。g 必须小于 r，而且通常取长期经济增长率附近（2–3 %）。With the Gordon growth model: terminal value = last cash flow × (1 + g) / (r − g), then discounted to today. g must be below r and is usually near long-run growth (2–3 %).
IRR 是什么？What is the IRR?
内部收益率是使 NPV 恰好为 0 的折现率。本页在有初始投资且不加终值时用二分法求解；现金流正负号多次变化时可能有多个 IRR。The IRR is the discount rate that makes the NPV exactly 0. It is solved here by bisection when there is an initial investment and no terminal value; cash flows that change sign several times can have more than one IRR.
能举个计算实例吗？Can you show a worked example?
例如在「现金流折现计算器（DCF：NPV、终值、逐年现值）」中填 各期现金流（逗号或空格分隔） = 100，折现率 % = 0，结果区显示：现金流现值合计：100.00；净现值 NPV：100.00For example, entering Cash flows per period (comma or space separated) = 100, Discount rate % = 0 in the Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) gives: Total present value: 100.00; Net present value (NPV): 100.00
哪些输入会被检查？Which inputs are validated?
「现金流折现计算器（DCF：NPV、终值、逐年现值）」会检查这些输入——「初始投资（第 0 期，可选）」：不能为负数；「折现率 %」：必须填写，不能为负数；「永续增长率 %（可选，用于终值）」：可留空；绝对值超过 10¹⁵ 的数也会被拒绝。不符合时结果区显示具体提示，不会给出数字。The Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) checks its inputs — "Initial investment (period 0, optional)": cannot be negative; "Discount rate %": required, cannot be negative; "Perpetual growth % (optional, for terminal value)": optional; numbers above 10¹⁵ in absolute value are rejected too. When a value fails, the result area names the problem instead of showing a number.
有哪些选项可以调整？What options can I adjust?
「现金流折现计算器（DCF：NPV、终值、逐年现值）」的设置：「初始投资（第 0 期，可选）」默认 0；「折现率 %」默认 10；「永续增长率 %（可选，用于终值）」可留空。每次生成结果都按当前设置处理。Settings in the Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) — "Initial investment (period 0, optional)" default 0; "Discount rate %" default 10; "Perpetual growth % (optional, for terminal value)" optional. The result always uses the current settings.
计算结果可以作为最终依据吗？Can I rely on the result?
「现金流折现计算器（DCF：NPV、终值、逐年现值）」按标准公式计算，结果仅供参考；实际金额以银行、券商或税务机关的规则和四舍五入方式为准。The Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) uses standard formulas and is for estimation only; actual figures depend on your bank, broker or tax authority's rules and rounding.
「现金流折现计算器（DCF：NPV、终值、逐年现值）」免费吗？需要注册吗？Is the Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) free? Do I need an account?
「现金流折现计算器（DCF：NPV、终值、逐年现值）」完全免费，无需注册或安装，打开网页即可使用，手机和电脑都能用；输入的内容只在你的浏览器本地处理。The Discounted Cash Flow Calculator (DCF: NPV, Terminal Value, Year-by-Year PV) is completely free with no sign-up or install and works on phones and desktops; what you enter is processed only in your browser.