公司项目、NPV和风险
Firm Projects, NPV and Risk
摘要：
投资者正在估计公司项目的净现值并进行风险分析。通常它是创建投资组合层次结构，并根据这些层次结构对项目的变体进行比较。然后，人们找到了与公司内部各个群体的特定需求相对应的投资组合。我们已经制定了一种新的类型的净现值分析的基础上，这一事实的净现值正态分布的一些行业的一些项目。项目的预期风险由方差给出，其中有第n年现金流的标准差，投资I在零时的标准差，第n年现金流偏离平均值和投资I在零时偏离平均值的相关系数，第n年现金流量偏离均值与第n年现金流量偏离均值的相关系数。建立了投资者对项目投资的目标函数，投资者用常数A来表征。常数A越大，对项目净现值的偏好越大，项目的可接受风险也越大，反之亦然。我们已经发现，存在这样的贡献，其中我们对目标函数具有类似目标函数的贡献，该贡献被贴现，并且其中第n年风险的风险以二阶贴现。此外，初始投资I及其风险对目标函数有类似目标函数的贡献。
英文摘要：
An investor is estimating net present value of a firm project and performs risk analysis. Usually it is created portfolio hierarchies and make comparison of variants of project based on these hierarchies. Then one finds that portfolio which corresponds to the particular needs of individual groups within the firm. We have formulated a new type of NPV analysis based on the fact that normal distribution of NPV is observed for some projects in some industries. The expected risk of the project is given by variance, in which there is the standard deviation of the year n cash flow, the standard deviation of the investment I in the time zero, the correlation coefficient of the year n cash flow deviation from the average and of the investment I at time zero deviation from the mean investment at time zero, the correlation coefficient of the year n cash flow deviation from the average and of the year n' cash flow deviation from the average. The aim function of the investor into the project was found. The investor is characterized by the constant A. The larger constant A the larger preference is given to the project NPV and the larger acceptable risk of the project, and vice versa. We have found that there are contributions in which we have the aim-function-like contribution to the aim function, which is discounted and in which the risk of the n-th year risk is discounted in the second order. Further there is aim-function-like contribution to the aim-function which comes from the initial investment I and its risk.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
