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市场与资产

Net asset value

/net ˈæset ˈvæljuː/
净值
markets 2 篇文章 更新于 2026-11-12 15:24 CEFR B2

01定义Definition

Official definition · 官方定义

“Net asset value (NAV) is defined as the value of a fund's assets minus the value of its liabilities.”[1]

— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25

Net asset value is a fund's assets minus its liabilities, divided by the number of shares. It is the price at which open-end funds are bought and sold, calculated once a day after markets close.

净值是基金资产减负债,再除以份额数。开放式基金按这个价格申购赎回,每天收盘后计算一次。

02它怎么运作How it works

STEP 01
Value every holding
给每项持仓估值。
STEP 02
Subtract liabilities
扣掉负债与费用。
STEP 03
Divide by shares outstanding
除以基金份额。
STEP 04
Trade at that price
按此价格申赎。

03为什么重要Why it matters

NAV is a daily mark, not a market price. For a fund holding liquid stocks the two are close; for one holding private loans or buildings, the NAV is an estimate that may lag reality by months. That gap is why closed-end funds can trade at a 20% discount to NAV — the market does not believe the mark.

净值是每日估值,不是市场价格。持有流动性好的股票时两者接近;持有私募贷款或楼宇时,净值是估算,可能滞后现实几个月。

这个差距就是封闭式基金可以相对净值折价 20% 交易的原因——市场不信那个估值。

04数字怎么看The numbers

Move变动Where it appeared出现位置What it means这句话在说什么
—The Bond King Says Don't Own Bonds. Look at Who Bought Them Instead.
净值 · 第 9 张术语卡
Gross mentions income funds trading at a discount to NAV as one of the few places he still likes.
折价意味着市场认为底层资产估值偏高,或流动性不足。格罗斯提到折价收益基金,本质是在买「别人被迫卖出」的折扣——这与他劝人别买债并不矛盾。
$41.1bnBlackstone's profit falls as choppy market tempers investment exits
净值 · 第 9 张术语卡
BCRED held $41.1 billion of NAV at the end of September; the number is only as good as the marks behind it.
上市公司每天有市价,私募资产只有估值。估值由管理人按模型定期更新,审计与第三方评估只是抽查。所以压力期看「净值」要打折——2008 与 2022 年都出现过私募净值明显滞后于公开市场的情况。

05常见误读Common misreadings

Looks like看着像

NAV is what you can sell for

Actually其实是

Only for open-end funds. Closed-end funds trade at a discount or premium.

「净值就是你能卖到的价」——只对开放式基金成立;封闭式基金折价或溢价交易。
Looks like看着像

NAV is objective

Actually其实是

It depends on the valuation of the underlying assets.

「净值是客观的」——它取决于底层资产怎么估值。
Looks like看着像

A discount to NAV is free money

Actually其实是

The discount can persist for years, and the assets may be overvalued.

「相对净值折价就是白捡」——折价可以持续多年,资产也可能被高估。

06语言笔记Language notes

Collocations固定搭配

· trade at a discount to NAV
· NAV per share
· daily valuation
· mark-to-market
· premium to NAV

trade at a discount to NAV 相对净值折价交易;NAV per share 每份净值;daily valuation 每日估值;mark-to-market 按市价计量;premium to NAV 相对净值溢价。

Don't confuse易混

· NAV vs market price
· NAV vs book value

NAV 是算出来的资产净值,market price 是市场交易价;NAV 按市价重估,book value 按历史成本。

Sentence pattern句型

The trust trades at a X% discount to its net asset value.

行情句:该信托相对净值折价 X%——at a discount to 是固定搭配。

07一张图看懂One picture

Two numbers, one fundNAV100daily estimatewhat the assets are marked atMarket price82what buyers payan 18% discountThe gap is the market's opinion of the mark, not an arbitrage.
A discount is not automatically a bargain. It is the market telling you it disagrees with the valuation.
折价不自动等于便宜;那是市场在告诉你,它不认同这个估值。

08延伸阅读Further reading

09出现在这些文章里Appears in

10相关概念Related

11引用与出处References

  1. [1]Corporate Finance Institute. CFI Resource Library. corporatefinanceinstitute.com ↗accessed 2026-10-25 · 引用于「官方定义」第 1 句