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

/2011

DECIZIA DE INVESTIII. - CRITERII CE STAU LA BAZA DECIZIEI DE A INVESTI 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

INVESTMENT APPRAISAL CRITERIA UNDERLYING INVESTMENT DECISIONS EC. CRUNTU ROXANA CORINA r_caruntu_28@yahoo.com
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.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

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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Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr.3./2011

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 :
VAN =
i =1 n

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. 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:
NPV =
i =1 n

(1 + d )
1

CFi

= CF2 + ... + CFn

(1)
n

= CF0 +

(1 + k )

CF1

(1 + d )
1

CFi

= CF2 + ... + CFn

(1)
n

(1 + k )

(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.

= CF0 +

(1 + k )

CF1

(1 + k )

(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 191

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr.3./2011

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 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)
n CFt I0 + t t =1 (1 + RIR)

VR n =0 + n (1 + RIR)

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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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