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Method of calculation of the pure given effect
At the heart of this method following to the main purpose determined by owner of the company - value increase firms as which quantitative assessment its market cost serves is put. Nevertheless, decision-making according to investment projects most often initiated also is carried out not by owners of the company, and its administrative personnel. Therefore here it is silently supposed that the purposes of owners and the highest administrative personnel are congruent, i.e. negative consequences of the possible agency conflict aren't considered.
This method is based on comparison of size of an initial investment (IC) to total amount of the discounted monetary receipts generated by it during predicted term. As inflow of money is distributed in time, it is discounted by profitability of N.
The total saved-up value of the discounted monetary income and the pure given effect (NPV) respectively pay off on formulas:
PV = ∑ Ck
n (1 + H) k
n – quantity of the predicted periods, years.
H – discounting rate
Ск – net monetary earnings in k period;
NPV = ∑ Ck - IC
n (1 + H) k
The received size NPV speaks about degree of efficiency of an investment of means in this project.
It is obvious that if:
NPV< 0, the project it is necessary to approve;
NPV >0, the project it is necessary to reject;
NPV = 0, project neither profitable, nor unprofitable.
Meaning the main purpose mentioned above on which achievement the activities of any company is directed, it is possible to give economic interpretation of treatment of criterion of NPV from a position of her owners which, in fact, and defines logic NPV criterion:
• if NPV <0, in case of adoption of the project the value of the company decreases, i.e. owners of a company will suffer a loss;
• if NPV = 0, in case of adoption of the project the value of the company doesn't change, i.e. welfare of her owners remains at former level;
• if NPV>0, in case of adoption of the project company value, and, therefore, and welfare her owners increase.
It is necessary to comment especially on a situation, when NPV = 0. In this case really welfare of owners of the company doesn't change, however, as it was already noted above, investment projects are quite often approved by the administrative personnel independently, thus managers can be guided and the preferences. The project with NPV = 0 has nevertheless additional argument in own favor - in case of implementation of the project welfare of owners of the company won't change, but at the same time outputs will increase, i.e. the company will increase in scales. As quite often the increase in the sizes of the company is considered as a positive tendency (a for example, from a position of managers the argument is as follows: in the large company it is more prestigious to work, besides, and the salary is frequent above), the project nevertheless is approved.
It should be noted that the indicator of NPV reflects projection of change of economic potential of the investor in case of adoption of the considered project.
This indicator is additive in temporary aspect, i.e. NPV of various projects can be summarized. This very important property distinguishing this criterion from all others and allowing to use it as the main criterion in the analysis of an optimality of an investment portfolio.
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