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Annals of the University “Constantin Brâncuşi”of Tg-Jiu, No. 1/2008, Volume 3, ISSN: 1842-4856 REFERENCES: 1. Avram, V., Sisteme monetare, Editura Universitaria, Craiova, 2005, p 276 2. Brãtianu, C., Management şi marketing, Editura Comunicare.ro, Bucureşti, 2006, p 145 3. Bucciarelli, M., Tendenze nel management bancario, Editura Sarin, Roma, 1988, p 48 4. Dãnilã, N, Berea, A. O, Managementul Bancar-Fundamente şi Orientãri, Editura Economicã, Bucureşti, 2000, p. 129 5. Opriţescu, M. (coord.), Managementul Riscurilor şi Performanţelor Bancare, Editura Universitaria, Craiova, 2007, p.141 6. Herghelegiu, C., Managementul relaţiei cu clienţii, Revista Piaţa financiarã Nr. 9/2007, p 52 7. Van Greuning H., Brajovic Bratanovic, S., Analiza şi Managementul Riscului Bancar- Evaluarea guvernanţei corporatiste şi a riscului financiar, Editura Irecson, Bucureşti, 2003, p.16 26
Annals of the University “Constantin Brâncuşi”of Tg-Jiu, No. 1/2008, Volume 3, ISSN: 1842-4856 APPLYING THE NET PRESENT VALUE CRITERION 0BIN THE CASE OF MIXED FINANCING Prof. Nicolae SICHIGEA, Ph.D Assoc. Prof. Dorel BERCEANU, Ph.D Ec. Dan Florentin SICHIGEA Faculty of Economy and Business Administration University of Craiova ABSTRACT 32BLe developpement des entreprises se realise á travers des investition et par conséquent la decision d'investicement a un importance différenté dans l'activité manageriale. L'oeuvre elaboré est centre sur la presentation d'un critere esentiale, qui repond a l'obiectif de baze de la fonction financiare, maximiser la valeur de l'entreprise c'est-à-dire, VAN (valeur actualise nette). Dans le méme temp en fonction de la modalité de financement des projets des investices on exemplifique le mode d'appliquer de differents methodes derivé de VAN. The investment option implies selecting the investment projects according to their profitability, comparing their cost to the sum of the net income gained from their exploitation. This comparison can be done without the updating, according to the principle of the arithmetic sum of the incomes and expenses estimated for the life span of the good, or by confronting the net income per year, brought in up until the moment of the option for investment, to the expense of the investment. That is why, in taking the investment decision, we use option methods without updating and methods with updating. The most frequently used updating method is the net present value (NPV), which answers to the main objective of the financial function of the enterprise, which is the maximizing of the enterprises’ value. Economical theory has instituted the law of the descending efficiency of the investment opportunities in economy, according to which the marginal efficiency of the investment is descending. Meaning, the larger the investment, the weaker the efficiency obtained for the last leu invested. That is why the one taking the decisions must know when to stop investing, without receiving a clear response from the theory, but only the basic characteristics of the analysis. However, the placement of the available sums in the goods and services market (corporal investments) is done only if their efficiency is superior to the riskfree interest rate in the financial market. The net present value is decided for each and every investment project, and the criterion does a comparison between the projects only by its size. It only compares an actual capital with a future one. The net present value is calculated as a subtraction between the present future cashflows and their present value and the invested capital. The net present value (NPV) is determined according to the following calculus relation: n FL NPV = ∑ i − I i = 1 + ( 1 a) i 27
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