2012, br. 27, str. 201-208
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Vremenska vrednost novca kao relevantan kriterijum za donošenje finansijskih odluka
Time value of money as relevant criteria for financial decision making
Sažetak
Donošenje finansijskih odluka integralni je deo poslovnog odlučivanja. Poslovno odlučivanje je veoma kompleksan proces, ne samo zbog toga što odluke donete u preduzeću utiču na njegove performanse, već i zbog toga što odluke imaju uticaj i na kreiranje vrednosti za njegove stakeholdere, ali i na okruženje preduzeća u najširem smislu. Zbog toga donosioci odluka moraju uvek imati u vidu, pored etičkih i ekoloških implikacija, onaj osnovni aspekt poslovnog odlučivanja - ekonomski. Naime, u procesu poslovnog odlučivanja, uvek se moraju imati na umu ekonomske posledice odluke, odnosno kreiranje vrednosti proizašlo iz te odluke. Cilj ovog rada je da ukaže na promenu vrednosti kapitala u vremenskom periodu za koji se odluka donosi, usled promena važećih kamatnih stopa na finansijskom tržištu, kako bi se na najbolji mogući način mogli ostvariti ekonomski ciljevi donosioca odluke.
Abstract
Making financial decisions is an integral part of business decision making. Business decision making is a very complex process, not only because the decisions made in an enterprise affect on its performance, but also because decisions have an impact on value for its stakeholders, environment of enterprise in general. Therefore, decision makers must always bear in mind, in addition to ethical and environmental implications, the main aspect of the business decision - economic one. Namely, in the process of business, decision-making must always bear in mind the economic consequences of the decision or that the creation of value that will come from this decision. The aim of this paper is to show the change in capital value in the period for which the decision is made, due to changes in interest rates applicable to the financial market, to the best possible way to achieve the economic goals of the decision-maker.
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