[i][b][color=#ff0000][size=150][size=200]Investeringsbeslissingen: netto contante waarde en interne rentabiliteit[br][/size][/size][/color][/b][/i]Bij het beoordelen van investeringsprojecten zijn twee vragen belangrijk:[br][list=1][*]is een project rendabel, d.w.z. is het de moeite waard om de voorgestelde investering uit te voeren?[/*][*]hoe rangschik je de rendabele projecten in volgorde van wenselijkheid om uit te voeren (bv. bij het slechts kunnen beschikken over een beperkte hoeveelheid te investeren kapitaal)? [/*][/list][br]Naast terugbetalingstijd (“payback”) wordt hier meestal gebruik gemaakt van de begrippen netto contante waarde (“net present value [NPV]”, netto huidige waarde of netto actuele waarde) en interne rentabiliteit (“internal rate of return [IRR]”). [br]We bespreken deze twee begrippen, waarbij enkel de netto contante waarde methode een ‘goed’ antwoord geeft op beide bovengestelde vragen. [br][br]We beschouwen hierbij als voorbeeld een project dat jaarlijks de volgende kasstromen genereert over de looptijd 5 jaar:[br] [img width=325,height=51]data:image/png;base64,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[/img] [br]waarbij negatieve bedragen wijzen op uitgaven, positieve op inkomsten en waarbij de kasstroom in jaar [math]t[/math] genoteerd wordt als [math]C_t[/math]. [br][br]Bij een gegeven marktrentevoet [math]r[/math], d.w.z. de opportuniteitskost voor kapitaal die we voor de eenvoud gelijk nemen aan zowel de rentevoet voor lenen als deze voor beleggen, wordt de [i][b][color=#0000ff]netto contante waarde[/color][/b][/i] [“Net Present Value”] gedefinieerd als de huidige waarde van al deze kasstromen:[br][br] [math]NPV\left(r\right)=-1000+300\cdot\frac{1-\left(1+r\right)^{-5}}{r}[/math][br][br]of algemeen bij een looptijd [math]n[/math] jaar als[br][br] [math]NPV\left(r\right)=\sum^n_{t=0}\text{ }C_t\cdot\left(1+r\right)^{-t}[/math][br] [br]Bij een marktrentevoet [math]r[/math] gelijk aan 10% geldt NPV(0.1) [math]\approx[/math] 137.24 €. [br][br]Als we de waarde van deze netto contante waarde uitrekenen voor elke mogelijke waarde van [math]r[/math] bekomen we een kromme: het [i]netto contante waarde profiel[br][br][/i] [img 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[/img] [br][br][br]Indien de vergelijking NPV(r) = 0 slechts één zinvolle oplossing heeft, dan noemt men deze oplossing de [i][b][color=#0000ff]interne rentabiliteit[/color][/b][/i] IRR [“internal rate of return”] van dit project. [br][br]Voor bovenstaand voorbeeld geldt IRR [math]\approx[/math] 15.24% (of 0.1524°/[sub]1[/sub]).[br][br]