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财务管理工作和几乎所有的长期投资决策中都需要将未来某一时期的现金流量折算为现在的价值进而评价长期投资项目是否可行这就是现值计算问题,建立在复利基础上的现值计算,其复杂程度将会随着计息期数的延长而使手工计算的工作量和复杂程度增加。为了简化计算工作,通常大部分财务管理和管理会计的教科书都附有事先编制好的现值表。尽管现值表为计算现值带来了很大的便利,但是在日常工作中仍然存在着难尽人意之处。例如我们要评价的投资项目的期限为15年,可是现值表中的期数要么是14年,要么是16年,没有现成的系数可以直接套用,需要另外进行处理。然而,利用Excel电子表格可以十分方便地编制各种利率和期数的现值表,为长期投资项目决策提供了极大的方便。当然,利用Excel电子表格不仅可以方便地编制现值表,也可以编制年金现值表等其他的系数表,甚至可以直接计算长期投资项目现金流量的净现值或内含报酬率等指标。这里本文只介绍利用Excel电子表格编制现值表的方法。
Financial management and almost all long-term investment decisions need to be the future of a certain period of time the current value of cash flows and then assess the long-term investment project is feasible This is the calculation of present value, the present value of the compound based on the calculation, Its complexity will increase the workload and complexity of manual calculations as the number of interest-bearing periods increases. To simplify the calculation, most textbooks for financial management and management accounting are usually accompanied by a well-established present value list. Although the present value list provides a great deal of convenience in calculating the present value, there are still many pitfalls in daily work. For example, the investment project to be evaluated has a duration of 15 years. However, the number of periods in the present value list is either 14 years or 16 years. There are no readily available coefficients that can be directly applied and need to be processed separately. However, the use of Excel spreadsheets makes it very easy to prepare present value lists for various interest rates and periods, providing great convenience for long-term investment decisions. Of course, using Excel spreadsheets can not only facilitate the preparation of present value lists, but also other coefficient tables such as annuity present value lists, and even directly calculate the net present value or internal rate of return of cash flows of long-term investment projects. This article only describes how to prepare the present value table using Excel spreadsheets.