COMPARISION OF DYNAMIC METHODS FOR ASSESSING THE FEASIBILITY OF INVESTMENT PROJECTS

Investiranje se definira kao bilo kakvo ulaganje, radi stjecanja odreĊenih ekonomskih koristi, odnosno profita. Koncept budžetiranja kapitala temelji se pored procjene oĉekivanih novĉanih tokova u budućnosti na procjeni riziku prilagođene diskontne stope, tj. zahtijevanog prinosa. Ovdje se uvodi koncept ĉiste sadašnje vrijednosti, tj. diferencijala sadašnje vrijednosti oĉekivanih novĉanih tokova i investicijskog troška neke imovine, tj. projekta. Imovina ili projekt koji imaju pozitivnu ĉistu sadašnju vrijednost povećavaju bogatstvo obiĉnih dioniĉara, tj. vlasnika te su prihvatljivi s aspekta rizika i nagrade. Tako se procjena veliĉine pritjecanja, dinamike te rizika ostvarivanja novĉanih tokova nalazi u središtu budžetiranja kapitala, tj. odluka o investiranju. Donošenje odluke olakšavaju dinamiĉke financijske metode koje se ocjenjuju efikasnost projekta. Svaka od metoda ima prednosti i nedostatke, što znaĉi da pojedina metoda ocjenjuje samo određene aspekte projekta. iz tog razloga korisno je primijeniti što veći broj metoda kako bi odluka bila što bolja. Najĉešće korištene metode za procjenu investicijskih ulaganja su: neto sadašnja vrijednost, interna stopa profitabilnosti, indeks profitabilnosti, diskontirano razdoblje povrata, modificirana interna stopa profitabilnosti...Investment is defined as any investment in order to gain certain economic benefits or profits. The concept of capital budgeting is based on estimates of expected cash flows in the future to assess the risk of the adjusted discount rate, ie the required yield. The concept of pure present value, ie the difference between the present value of the expected cash flows and the investment cost of some asset, ie the project, is introduced here. Assets or projects that have a positive pure current value increase the wealth of ordinary shareholders, ie the owners, and are acceptable from the aspect of risk and rewards. Thus, the estimation of the size of inflows, dynamics and the risk of cash flow is at the center of capital budgeting, ie investment decisions. Making decisions facilitates dynamic financial methods that assess project efficiency. Each method has advantages and disadvantages, meaning that each method only evaluates certain aspects of the project. For that reason, it is useful to apply as many methods as possible to make the decision as good as possible. The most commonly used methods are: the net present value, the internal profitability rate, the profitability index, the discounted margin of return, the modified internal rate of profitability..