Specifičnosti ocjene isplativosti investicijskog projekta malog poduzeća na primjeru trgovačkog poduzeća „XY“

master's thesis

• Title (english): Specifics of evaluating the profitability of an investment project of a small company on the example of the trading company "XY"
• Author: Nino Ivanov
• Mentor: Davor Zoričić (mentor)
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2022-09-30, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Cilj svakog investicijskog projekta je maksimizacija bogatstva vlasnika. Kako bi se mogla donijeti kvalitetna investicijska odluka potrebno je poznavanje i pravilno korištenje metoda budžetiranja kapitala. Metodama budžetiranja kapitala poduzeće nastoji ispitati prihvatljivost donošenja optimalnih odluka u poduzeću. U teorijskom dijelu rada opisana su obilježja budžetiranja kapitala, pravila budžetiranja kapitala te teorijski koncepti procjene rizičnosti investicijskih projekata. U radu je stavljen naglasak na specifičnostima koje nosi malo poduzeće i problemima sa kojima se susreću njihovi vlasnici. U drugom djelu rada napravljena je analiza poslovanja prije trenutka investiranja te procjena novčanih tokova i troška kapitala poduzeća. U analizi isplativosti projekta korištene su metode: razdoblje povrata, diskontirano razdoblje povrata, čista sadašnja vrijednost, interna stopa profitabilnosti i indeks profitabilnosti. Prilikom ocjene rizičnosti korištena je analiza osjetljivosti na komponenti ukupne prodaje kao najrizičnije varijable. Prema provedenoj analizi zaključeno je da je projekt financijski isplativ prema svim promatranim parametrima. Budući da je investicijski projekt već proveden napravljena je usporedba procijenjenih i ostvarenih podataka te podaci pokazuju nesklad zbog pojave financijske krize na koju poduzeće nije moglo utjecati.

Abstract (english)

The goal of every investment project is to maximize the owner's wealth. In order to be able to make a quality investment decision, knowledge and proper use of capital budgeting methods is necessary. Using methods of capital budgeting, the company tries to examine the acceptability of making optimal decisions in the company. In the theoretical part of the work, the characteristics of capital budgeting, the rules of capital budgeting and the theoretical concepts of assessing the riskiness of investment projects are described. The paper emphasizes the specifics of small businesses and the problems faced by their owners. In the second part of the work, an analysis of the business before the moment of investment was made, as well as an assessment of the company's cash flows and cost of capital. In the analysis of the profitability of the project, the following methods were used: payback period, discounted payback period, net present value, internal rate of profitability and profitability index. When assessing the risk, a sensitivity analysis is used on the component of total sales as the most risky variable. According to the analysis, it was concluded that the project is financially profitable according to all observed parameters. Since the investment project has already been implemented, a comparison of the estimated and realized data was made, and the data show a discrepancy due to the emergence of a financial crisis that the company could not influence.

• Keywords: investicijski projekt; budžetiranje kapitala; specifičnosti malog poduzeća; rezidualni novčani tok; trošak kapitala; čista sadašnja vrijednost
• Keywords (english): investment project; capital budgeting; small business specifics; residual cash flow; cost of capital; net present value
• Language: croatian
• URN:NBN: urn:nbn:hr:148:397815
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2022-10-03 09:48:09