摘要：Ensuring a favorable investment environment represents a very complex aspect of the development economic policy which entails a solid legislative framework,efficient and fairjustice system,minimal administrative obstacles for investments,solid physical infrastructure,skilled and qualified workforce etc.Investment policy of the enterprise defi es specific programswhich accomplish the development goals.Basic principles,which represent the foundationfor the development policy,are coordination with the major enterprise goals and absoluteconsistency with the development policy.Consequences of investment failures have impact notonly on the enterprise,but also on the wider area or fi eld of operations.Problems of rationalinvesting,or efficient planning and realization of appropriate investment projects are categorizedas key issues in the development of every enterprise.Small and medium enterprises in Serbia face low-liquidity levels and lack of their own investment resources for developmentand investment projects.Regardless of the choice complexity and frequent inability to evaluateand compare investments quickly,investment decisions are often based on intuition and empiricalfacts,rather than precise calculations.The exact scientifi c approach is indispensable,particularlyin complex situations dominated by numerous conditioning factors,without disregardingthe fact that following all estimates and evaluations,the choice and investment decision is madeby the human taking into consideration immeasurable factors not included in the estimates,which however,eff ect the choice and investment decision.Investment decisions in our enterprisesare still very often based on intuition and empiricism,while extensive research and investmentargumentation is carried out only after decisions are made with the aim to obtain financial resources.Consequences of irrational and failed investments are enormous and immense.Th eireff ect is not only limited to the company and all related organizations,but it also extendswider,frequently to the whole field in which the company operates.The greatest negativeconsequences of irrational investing are refl ected in underdevelopment,and since they arenot too clear and visible very little attention is payed to them.Over time,these consequenceslead to absence of positive results,stagnation and losses,as well as gradual slowing down ofthe company,relative to other competitive enterprises,as well as stagnation in technological development and inability to effect its own development within required time frames.This is the reason why investment project are carried out with high interest rates of borrowed funds,mainly high interest loans with short term returns.This kind of situation requires additional precautions in evaluating feasibility of investment projects,since investment failures carry majornegative consequences both for the enterprise,and the area or field of operations.
其他摘要：Problemi racionalnog investiranja,odnosno efikasnog planiranja i realizacije odgovarajućih investicionih projekata spadaju u ključne probleme razvoja svakog preduzeća.Mala i srednja preduzeća u Srbiji su suočena sa niskom likvidnošću i nedostatkom sopstvenihsredstava za ulaganja u investicione i razvojne projekte.Bez obzira na složenost izbora i čestonemogućnost brzog merenja i upoređivanja investicija,investicione odluke se često donose naosnovu intuicije i empirije,a manje na osnovu egzaktnih proračuna.Ne zanemarujući činjenicuda na kraju,posle svih proračuna i merenja,izbor obavlja i investicionu odluku donosičovek,poštujući i nemerljive faktore koji nisu obuhvaćeni proračunom,a koji bitno utičuna izbor,ostaje činjenica da je egzaktan pristup neophodan,posebno u složenim situacijamau kojima egzistira mnoštvo uticajnih faktora.Investicione odluke u našim preduzećimase i dalje veoma često donose na osnovu intuicije i empirije,a obimne studije,investicionielaborati sačinjavaju se tek po donošenju odluke,u cilju dobijanja fi nansijskih sredstava.Zbog toga se investicioni projekti sprovode uz visoko učešće pozajmljenih sredstava,uglavnomkredita,sa visokim kamatnim stopama i kratkim rokovima vraćanja.Takva situacija nalaženeophodnost dodatnog opreza pri oceni rentabilnosti investicionih projekata jer investicioni promašaji nose velike negativne posledice kako na preduzeće,tako i na širi okrug ili granu ukojoj posluje.
关键词：business plans;development policy;evaluation of investment projects
