DCF法による企業価値計算 - 現在価値と割引率

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現在価値と割引率

  • 投稿者: K
  • 2010/12/23 8:44 PM

DCF法を理解するためには、まず、「現在価値」と「割引率」について知っておく必要があります。

「現在価値」とは、将来のお金を現在の価値に置き直したものであり、「割引率」とは、将来のお金を現在の価値に置き直すための係数のことを言います。

将来のお金と現在のお金は、金額が同じであってもその価値は異なります。

例えば、現在手元に100万円を持っているとします。その100万円は、運用するなり預金するなりして増やすことができます。とりあえず銀行に預ければ数%の利息がつきます。銀行の利息が年間1%だとすると、現在の100万円は(ほぼ)確実に1年後には101万円になります。

このとき、

現在の100万円の1年後の価値=100万円×年間利息1%=101万円

すなわち、

1年後の101万円の現在の価値=101万円÷年間1%=100万円

と考えることができます。

この場合、

1年後の101万円の「現在価値」は100万円で、「割引率」は1%となります。

DCF法は、将来いくらもうけるかを合計して企業価値を計算しますが、上述の通り、将来のお金と現在のお金は金額が同じでもその価値は異なりますので、割引率を用いて将来のお金を現在価値に置き直してから、合計する必要があります。


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