Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr.3.

/2011

DECIZIA DE INVESTIII. - CRITERII CE

STAU LA BAZA DECIZIEI DE A INVESTI

INVESTMENT APPRAISAL CRITERIA

UNDERLYING INVESTMENT
DECISIONS

EC. CRUNTU ROXANA CORINA

r_caruntu_28@yahoo.com

EC. CRUNTU ROXANA CORINA

r_caruntu_28@yahoo.com

ABSTRACT
Companiile care doresc s i maximizeze
profiturile trebuie s decid asupra mai multor
elemente ce influeneaz acest aspect. Un rol
important este ocupat de procesul de stabilire a
preurilor pentru produsul sau serviciul oferit de
companie. La determinarea ceuil mai potrivit pre
pentru produs, managementul companiei trebuie s ia
n considerare mai muli factori, cum ar fi costul/
unitate, caracteristicile pieei pe care produsul este
destinat s ptrund, nevoile consumatorilor. Cei care
iau acest tip de decizii folosesc adesea strategii de pre
care ajut n procesul de ptrundere pe o anumit
pia. Economitii afirm c exist mai multe tipuri de
strategii dintre care voi prezenta acele strategii care
se bazeaz pe costul marginal, costurile incrementale,
punctul de rentabilitate i creterea rentabilitii.
Cuvinte cheie: procesul investiional, valoarea actual
net, rata intern de rentabilitate
Clasificare JEL: E22, O22

1.Introducere
Activitatea unei companii se poate
derula prin obinerea unei finanri din mai
multe surse ce se investesc mai apoi in bunuri
reale, de genul echipamentelor, bunuri
financiare, aciuni ale altor companii sau
mprumuturi acordate, dar i n mbuntirea
imaginii companiei i dezvoltarea resurselor
umane. Astfel, putem considera ca decizia de
investiii afecteaz toate compartimentele
firmei.
In cadrul unei companii pot aprea o
serie de propuneri de proiecte de investiii ce
trebuie analizate n profunzime pentru a
selecta pe cel mai rentabil. Decizia de a alege
un proiect de investiii cade n sarcina
analistului financiar al firmei ce va trebui s
compare proiectele i s aleag pe cel mai
bun.
De decizia de a investi ntr-un anumit
proiect depinde dezvoltarea ntregii firme

ABSTRACT
Companies that want to grow their activity
must decide on which investment projects to focus.
Investment in financial terms, represents a use of
capital that at the end of the investment wants to
obtain a profitability. Following the investment, the
company hopes that both its volume and activity
increase. If the company faces several potential
investment projects, it will have to achieve a complex
analysis of their characteristics. In support of this
analysis, the company can use different criteria to see
how profitable are the project. Thus, in this article I
will present two of these criteria: net present value
and internal rate of return.
Key words:investment, net
internal rate of return
JEL classification:E22, O22

present

value,

1. Introduction
A company can run its activity through
obtaining financing from several sources
that then are invested in real assets, like
equipment, financial assets, shares or loans
to other companies, but also in improving
the company's image and human resources
development. Thus, we believe that an
investment decision has implications for all
the departments of a company.
During the lifetime of a company there
can appear a number of investment
proposals to be analyzed in depth in order
to select the most cost-effective. The
decision to choose an investment project is
the responsibility of the company's
financial analyst that will have to compare
all projects and choose the best.
The decision to invest in a project
depends on the development of the entire
company because this investment is
characterized by recording the iniial
expenses inflows followed by anticipated

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deoarece aceast investiie se caracterizeaz

prin nregistrarea unor cheltuieli iniiale
urmate de intrri de fonduri anticipate i
ealonate pe ntreaga durat de via a
investiiei.
2. Corpul lucrarii
2.1 Decizia de a investi ntr-un mediu
economic sigur
Buna desfurare a activitii unei companii
presupune nevoia de a decide asupra investirii n
anumite proiecte. Procesul decizional este unul
complex deoarece pot aprea mai multe proiecte
cu caracteristici asemntoare.
In funcie de cel care ar putea decide asupra
portofoliului de proiecte pot aprea o serie de
situaii. Astfel, o persoan de la producie ar alege
proiectul care ar reduce costul/unitate n limitele
pstrrii limitelor de calitate i cantitate, n schimb
ce o persoan care se ocup cu partea financiar
ar fi preocupat de maximizarea rentabilitii
capitalului.
O categorie de investiii este aceea ce apare
n urma evoluiei tehnologice la nivel mondial ce
duce la dezvoltarea de noi produse prin tehnici
avansate. De asemenea, pot aprea situaii cnd
firma dorete sa nlocuiasc un echipament din
cauza deteriorrii sau nvechirii.
Proiectele sunt supuse unei analize detaliate
pentru a le ierarhiza n funcie de cat de rentabile
sunt n mediul n care i desfoar activitatea
ntreprinderea.
Investiiile realizate pot afecta i fluxurile
monetare, astfel ntlnim urmtoarele tipuri de
proiecte:
a) proiecte ce necesit o mrime clar a
cheltuielilor iniiale i a ncasrilor ce se obin la o
anumita dat;
b) proiecte ce presupun o mrime exact a
cheltuielilor iniiale dar i ncasri ealonate;
c) proiecte ce se caracterizeaz prin
cheltuieli iniiale ealonate i ncasri realizate la
o anumita dat;
d) proiecte ce presupun ca att
cheltuielile iniiale cat i ncasrile s fie
ealonate.
In vederea stabilirea proiectului de
investiii care se potrivete cel mai bine este
nevoie ca managerul financiar sa estimeze

and sequenced the entire life of the

investment.
2. Body of the paper
2.1 Deciding whether to invest in a
safe economic environment
The good evolution of a company's
business involves the need to decide on
investing in certain projects. The decisionmaking process can result complex because
many
projects
can
have
similar
characteristics.
Depending on who is deciding
regarding the portfolio of projects there can
appear a number of situations. Thus, a
person from the production field would
choose the project that reduces the cost /
unit while maintaining the limits of quality
and quantity, instead a person dealing with
the financial part would be concerned about
mazimizing the return on capital.
A category of investment is occurring
due to the world technological development
leading to new products with advanced
techniques. Also, situations may arise when
a company wants to replace equipment due
to deterioration or obsolence.
The projects are subject to a detailed
analysis to rank them according to how
profitable they are in the environment in
which the company operates now.
The investments made can affect the
cash flows, thus we can meet the following
type of projects:
a) projects that require an accurate
measure of the iniial costs and of the
future revenues to be obtained at a certain
date;
b) projects that assume to know the
exact size of the iniial costs and sequenced
future revenues;
c) projects
characterized
by
sequenced iniial costs and by future
revenues to be obtained at a certain date;
d) projects that require both the
iniial costs and future revenues to be
sequenced.
In order to establish the investment

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sursele viitoare de bani dar i cheltuielile ce

pot aprea pe parcurs.
In cazul deciziilor financiare pe termen
scurt, ce implic active i datorii pe termen
scurt, nu se aplic aceleai concepte
complexe ca n cazul deciziilor financiare pe
termen lung. Se consider c deciziile pe
termen scurt sunt mai uoare ca cele pe
termen lung ns nu mai puin importante.
Decizia de a investi ntr-un proiect se
realizeaz cu ajutorul unor criterii pe baza
crora se pot compara proiectele din
portofoliu astfel nct s poate fi ierarhizate
n funcie de rentabilitate. Aceste criterii se
refer la valoarea actualizat net, rata intern
de rentabilitate, indicele de profitabilitate dar
i termenul de recuperare.
In prezentul articol o s m refer la
primele doua criterii : valoarea actualizat
net i rata intern de rentabilitate, acestea
fiind considerate cele mai importante n
clasificarea proiectelor de investiii.
2.2 Valoarea actualizat net
Acest criteriu presupune utilizarea unei
anumite rate de actualizare i compararea
fluxurilor financiare viitoare cu capitalul
investit iniial.
Pentru determinarea valorii actualizate
nete (VAN) se folosete urmtoarea formul :
n

VAN =
i =1

= CF0 +

CFi

(1 + d )

CF1

(1 + k )

2.2 Net present value

This criterion involves using a certain
discount rate and comparing the future
financial flows with the invested capital
iniial.
For determining the net present value
(NPV) we use the following formula:
n

CF2

(1 + k )

project that best suits the companys

activity, the financial manager is needed to
estimate future sources of money but also
the costs that may arise in the process.
In the case of short-term financial
decisions, that involve short-term assets
and liabilities, they do not require the same
complex concepts as with long-term
financial decisions. It is believed that shortterm decisions are easier than the long term
but no less important.
The decision to invest in a project is
done using criteria based on which you can
compare the projects from a portfolio so
that they may be ranked according to
profitability. These criteria refer to the net
present value, internal rate of return,
profitability index, but also the payback
period. This article refers to the first two
criteria: net present value and internal rate
of return, which is considered the most
important in the classification of
investment projects.

+ ... +

(1)

CFn

(1 + k )

unde:
CFi - valoarea net a cash-flow-ului din
anul i;
CF0 - investiia iniial;
k- rata de actualizare;
n - numrul de ani.
VAN se calculeaz prin nsumarea
fluxurilor financiare actualizate generate de
investiie iar decizia de a investi se va
ndrepta ctre proiectul cu VAN pozitiv,
proiectele cu VAN negativ fiind respinse.

NPV =
i =1

= CF0 +

CFi

(1 + d )

CF1

(1 + k )

=
CF2

(1 + k )

+ ... +

(1)

CFn

(1 + k )

where:
CFi net cash flow from year i;
CF0 initial investment;
k- dicounted rate;
n - numrul de ani.
NPV is calculated by summing the
discounted financial flows generated by the
investment and the decision to invest will
head to the project with a positive NPV,
negative NPV projects are rejected.
The rule underlying net present value
Regula ce st la baza valorii actualizate states that shareholders of a company will
nete mentioneaz c acionarii unei firme vor increase its value by acceptance of those
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crete valoarea acesteia prin acceptarea acelor

proiecte de investiii care valoreaz mai mult
dect costul implicat.
Fiecare investiie presupune un anumit
risc ce apare din incertitudinea de a nu
cunoate cu exactitate fluxurile financiare
generate de investiie.
In calculul VAN poate aprea i valoarea
rezidual a bunului respectiv ce definete
valoarea la care se face transferul dreptului de
proprietate asupra bunului ctre utilizator.
VAN poate fi interpretat astfel :
a) daca VAN>0, ncasrile generate de
investiie sunt mai mari ca rata de actualizare.
Prin comparaie cu un alt proiect ce are
ncasri egale cu rata de actualizare putem
concluziona c primul proiect aduce un catig
adiional egal cu VAN ;
b) daca VAN=0, investiia genereaz
fluxuri financiare egale cu rata de actualizare
ce presupune ca proiectul nu aduce catiguri
adiionale;
c) daca VAN<0, fluxurile financiare
generate de investiie sunt sub rata de
actualizare, ceea ce nseamn c proiectul
genereaz o pierdere egal cu VAN.
In cazul n care mai multe proiecte
nregistreaz VAN pozitiv se va alege
proiectul cu cea mai ridicat valoare
actualizata net.
Pentru a evidenia cele prezentate folosim
urmtorul exemplu:
Considerm compania ABC SRL ce are
urmtoarele opiuni pentru a nvesti in 2011:
a)proiectul
X
cu
urmtoarele
caracteristici:
- investiie iniial: 10000E
- valoare rezidual: 1000E
- durata de via : 5 ani
Fluxurile financiare generate sunt :
An
1
2
3
4
5
CF 2000 5000 7500 5000 3500
b)proiectul
Y
cu
urmtoarele
caracteristici:
- investiie iniial: 15000E
- valoare rezidual: 0
- durata de via: 5 ani
Fluxurile financiare generate sunt:
An
1
2
3
4
5

investment projects worth more than the

cost involved.
Every investment involves some risk
that arises from the uncertainty of not
knowing the exact financial flows generated
by the investment.
In computing the NPV, it may appear
also the rezidual value of that asset that
defines the value at which the proprietary
right on the asset is transferred to the user.
The net present value can be interpreted
as follows:
a) if NPV>0, revenues generated
from investment are greater than the
discount rate. By comparison with another
project that has revenues equal to the
discount rate we can conclude that the first
project brings additional benefits equal to
NPV;
b) if NPV=0, investment generates
cash flow equal to the discount rate which
implies that the project does not bring
additional earnings;
c) if
NPV<0,
financial
flows
generated by investment are below the
discount rate, which means that the project
generates a loss equal to the NPV.
If more projects have positive NPV then
it will be selected the one with the highest net
present value.
In order to highlight the presented
aspects, we use the following example:
We consider company ABC that has the
following investment options for 2011:
a)project X with the characteristics:
- iniial investment: 10000E
- rezidual value: 1000E
- lifetime: 5 years
The generated cash flows are:
Year
1
2
3
4
5
CF 2000 5000 7500 5000 3500
b)project Y with the characteristics:
- iniial investment: 15000E
- rezidual value: 0
- lifetime: 5 years
The generated cash flows are:
Year 1
2
3
4
5
CF
10000 8000 6500 2000 1500
The investment will be financed by the

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shareholders who want a return rate of 15%.

CF
10000 8000 6500 2000 1500
Investiia va fi finanat de ctre acionari Which project correspond to the requirement?
Using the above formula, we obtain:
care doresc o rentabilitate de 15% pentru
a) for project X: NPV = 4823E
investiie. Ce proiect corespunde cerinelor?
b) for project Y: NPV = 5137E
Folosind formula prezentat mai sus,
It can be noticed that both projects are
obinem:
profitable as they fulfill the requirement of
a) pentru proiectul X: VAN = 4823E
having a return rate of 15% but if there has
b) pentru proiectul Y : VAN = 5137E
Se observ c ambele investiii sunt to be one selected then project Y is the best
profitabile deoarece ndeplinesc cerina legat as it has the highest NPV.
de rata de 15% ns daca se va alege
2.3. Internal rate of return
proiectul Y deoarece are VAN mai mare.
As net present value, internal rate of
return is a common method in determining
2.3. Rata intern de rentabilitate
Ca i valoarea actualizat net, rata intern de the maximum level of return that a project
rentabilitate reprezint o metoda des ntlnit n can generate and it occurs when the net
determinarea nivelului maxim de rentabilitate pe present value is 0.
It may be said that when the discount rate
care un proiect l poate genera i apare atunci
increases
the net present value decreases.
cnd valoarea actualizat net este 0.
If IRR is greater or equal to the cost of
Se poate spune c atunci cnd rata de
actualizare crete atunci valoarea actualizat net capital, the investment can be achieved
because it can generate positive cash flow,
scade.
In cazul n care RIR este mai mare sau egal and if the IRR is negative, the investment is
cu costul capitalului, investiia se poate realiza rejected.
In case you need to choose between two
deoarece aceasta poate genera fluxuri financiare
investment
projects based on internal rate of
pozitive, iar in cazul in care RIR este negativ,
return, it will be chosen the project with
investiia se respinge.
In situaia n care este nevoie sa se aleag higher IRR and that exceeds the cost of the
ntre 2 proiecte de investiii pe baza ratei interne iniial capital.
IRR uses the following relationship:
de rentabilitate, se va alege proiectul cu RIR mai
n
mare i care depete costul capitalului iniial.
CFt

RVn
(2)
I0 +
+
=0
t
Rata intern de rentabilitate folosete
(1 + IRR) n
t =1 (1 + IRR)
urmtoarea relaie:
Thus, the company in case will obtain an
n
CFt
I0 +
t
t =1 (1 + RIR)

VR n
=0
+
n
(1 + RIR)

internal rate of return of 34% if it selects

project X and an internal rate of return of
Astfel, pentru societatea prezentat anterior 37% if project Y is choosen.
Both projects have positive values but the
vom obine pentru proiectul X o rat intern de
company
will choose project Y as it recorded
rentabilitate de 34% iar pentru proiectul Y de
a value higher than project X.
37%.
Ambele proiecte au valori pozitive dar se va
alege proiectul Y, acesta nregistrnd o valoare
mai ridicat fa de X.
3.Conclusions
The decision making process consists of
choosing
one action from more possible ones
3. Concluzii
Procesul decizional are la baz alegerea unei so that the one chosen fulfills the objectives
aciuni dintre mai multe posibile variante astfel proposed by the company.The article written
nct cea aleas s ndeplineasc obiectivele regards the decision making process in the
propuse de companiei. Articolul realizat privete case of investments and shows the
(2)

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procesul decizional n cazul investiiilor i arat

importana utilizrii diferitelor criterii ce
diferentiaz posibilele proiecte de investiii.
Din analiza celor doua metode prezentate,
valoarea actualizat net i rata intern de
rentabilitate, se observ c acestea se aseamn
dei la prima vedere par diferite. Dintr-o scurt
comparaie ntre cele 2 se observ:
- ambele metode in cont de fluxurile
financiare i de valoarea n timp a banilor;
- valoarea actualizat net se calculeaz
mai uor dect rata intern de rentabilitate care
pentru a obine o valoare exact are nevoie de
utilizarea unui software ce uureaz procesul de
determinare al ratei.
Importana investiiei apare prin prisma
participrii la procesul dezvoltrii evoluiei
companiei pentru a putea face fa competiiei i a
deveni o afacere prosper i prestigioas.
4. Bibliografie:
1. Avare Ph., Gestiune i analiz financiar,
Editura Economic, Bucureti, 2002.
2. Booth, L., Capital Cash Flows, APV and
Valuation, European Financial Management,
vol.13, nr.1/2007.
3. Dragot, V., Dragot, M., Obreja, L., u, L.,
Ciobanu, A., Raca, A., Abordri practice i
finanele
ntreprinderii,
Editura
Irecson,
Bucureti, 2005.
4. Helfert, E.A., Tehnici de analiz financiar,
ghid pentru crearea valorii, Editura BMT,
Bucureti, 2006
5. Stancu, I., Finane, ediia a patra, Editura
Economic, Bucureti, 2007.
6. Vcrel, I. i colab., Finane publice, adiia a
VI-a, Editura Didactic i Pedagogic, Bucureti,
2006.
7. Vintil, G., Gestiunea Financiar a
ntreprinderii, Editura Didactic i Pedagogic,
Bucureti, 2006.
www.contabilizat.ro
www.oeconomica.ro

importance of using different criteria which

differentiate possible investment projects.
From the analysis of the two methods
presented, the net present value and the
internal rate of return, we notice that the two
are alike altough at first sight they seem
different.From a short comparison between
the two, we notice:
- both methods take into account the
financial flows and the time value of money;
- net present value is calculed easily
than the internal rate of return which for
obtaining an exact value needs the use of a
software that eases the process of
determining the rate.
The importance of the investment is through
the participation in the development of the
company's evolution to cope with competition
and becoming a prosperous and prestigious
business.
4. References:
1. Avare Ph., Gestiune i analiz financiar,
Editura Economic, Bucureti, 2002.
2. Booth, L., Capital Cash Flows, APV and
Valuation, European Financial Management,
vol.13, nr.1/2007.
3. Dragot, V., Dragot, M., Obreja, L., u, L.,
Ciobanu, A., Raca, A., Abordri practice i
finanele
ntreprinderii,
Editura
Irecson,
Bucureti, 2005.
4. Helfert, E.A., Tehnici de analiz financiar,
ghid pentru crearea valorii, Editura BMT,
Bucureti, 2006
5. Stancu, I., Finane, ediia a patra, Editura
Economic, Bucureti, 2007.
6. Vcrel, I. i colab., Finane publice, adiia a
VI-a, Editura Didactic i Pedagogic, Bucuresti,
2006
7. Vintil, G., Gestiunea Financiar a
ntreprinderii, Editura Didactic i Pedagogic,
Bucureti, 2006.
www.contabilizat.ro
www.oeconomica.ro

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