Cuprins

1. Procese i fluxuri financiare ..............................................................................

2. Finanarea investiiilor i a activelor circulante ...........................................

32

3. Bugetul de stat ......................................................................................................

60

4. Moned, credit i echilibru monetar ................................................................

131

5. Sistemul bancar ....................................................................................................

158

6. Piee financiare .....................................................................................................

177

Bibliografie .................................................................................................................

197

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dintre cele mai sus amintite.
Problema modului de constituire a resurselor apare, de asemenea, la nivelul bugetului de
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fiscalLW

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13

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nu vor putea fi folosite altfel, adiF

YRUIL

imobilizate n sau pentru acea activitate/utilizare.

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L GHFL QX SHQWUX VFRSXUL VSHFXODWLYH LPRELOL]DUHD

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SUHOXFUDW vQ YHGHUHD RE LQHULL XQXL SURGXVILQLW RDUHFDUH LPRELOL]DUHD utilizarea) este pe termen
scurt. De aici, s-DIRUPXODWSHQWUXDFWLYLWDWHDILQDQFLDU RUHJXO GHDXU":
-SHQWUXXWLOL] ULGHGXUDW VHUHFRPDQG DQWUHQDUHDXQRUUHVXUVHFXFDUDFWHUSHUPDQHQW
-SHQWUXXWLOL] ULWHPSRUDUHVHUHFRPDQG DQWUHQDUHDXQRUUHVurse cu caracter temporar.
d) Structura capitalului HVWH XQ FRQFHSW GH SROLWLF  ILQDQFLDU  FH YL]HD]  JUXSDUHD
FDSLWDOXOXL SH FRPSRQHQWH GXS  DQXPLWH FULWHULL 6XQW DYXWH vQ YHGHUH vQ SULQFLSDO XQ FULWHULX
SULYLQGWLSXULOHGHXWLOL] ULLXQFULWHULXSUL

vind tipurile de resurse.

'LQSXQFWXOGHYHGHUHDOXWLOL] ULORUVHDUHvQYHGHUHvQJHQHUDOFDSLWDOXOIL[LFDSLWDOXO

FLUFXODQW 6  SUHVXSXQHP R ILUP  OD GHEXWXO HL L DO F UHL FDSLWDO D IRVW FRQVWLWXLW SULQ DSRUWXO
DF LRQDULORUIRQGDWRULDGLF HVWHH

xclusiv capital propriu. Managerul general (ales de consiliul de

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acHVWHLGHFL]LLH[LVW

LVXSRUWXORULHQWDWLYDOSURVSHFWXOXLGHVRFLHWDWHSHFDUHO

-a elaborat grupul

GH LQL LDWLY DGLF DFHLvQWUHSULQ] WRULFDUHV DXGHFLVV SURSXQ DIDFHUHDLFDUHDXSUH]HQWDW

o propunere privind obiectul ei, necesarul de capital

L FRQGL LLOH WHKQLFH vQ FDUH UHVSHFWLYXO

RELHFW VH SRDWH UHDOL]D DGLF  FH VSD LX HVWH QHFHVDU FH GRW UL FH PDWHULDOH FH SHUVRDQH FH

organizare etc. Conducerea nou-Q VFXWHL ILUPH YD GHFLGH DMXVWkQG HYHQWXDO SURSXQHULOH GH
prospect, cum vor fi folositH UHVXUVHOH GLVSRQLELOH FkW VH YD DWULEXL SHQWUX LPRELOL] ULOH IL[H
DFWLYHIL[HVDXFDSLWDOIL[LFkWVHYDDWULEXLSHQWUXDFWLYHOHFLUFXODQWHPDWHULLSULPHQHYRLGH
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UH]XOWDWHORU RE LQXWH 3UREOHPD DFHVWHL UDWH U PkQH DFWXDO  SH WRDW  GXUDWD GH YLD

 D ILUPHL Q

DFHVW FD] VH SXQH FKHVWLXQHD GHWHUPLQ ULL PRGXOXL vQ FDUH UHVXUVHOH GLQ DXWRILQDQ DUH YRU IL
DORFDWHSHQWUXFUHWHUHDDFWLYHORUIL[HLSHQWUXFUHWHUHDIRQGXOXLGHUXOPHQW&UHWHUHDDFWLYHORU

fixe are repercusiuni privind:

- promovarea progresului tehnic: echipamente noi, mai performante, posibilitatea de a produce
produse noi sau superioare calitativ;
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SH FDUH OH RIHU  L DO DPELHQWXOXL FRQVWUXFWLY DUKLWHFWRQLF GH DPSODVDUH SH FDUH vO UHFHSWHD] 
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LHWF

- valorificarea prin plasamente (de portofoliu sau speculative) a eventualelor disSRQLELOLW

L

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RQRUDWH FHO SX LQ XQHOH SO

L FXFDUH V  SRDW  IL

L FXUHQWH FUHWHUHD FDOLWDWLY  D PDWHULDOHORU GH OXFUX PDWHULL SULPH

materiale auxiliare, ambalaje etc.)

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FRPSRQHQWD vPSUXPXWDW  D FDSLWDOXOXL XWLOL]DW $FHVW FULWHULX GHILQHWH VWUXFWXUD ILQDQFLDU  D
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-un subcapitol ulterior (cap. I.8). Referitor la componenta

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SULQDOWHUHVXUVHDWUDVHFUHGLWFRPHUFLDOREOLJD LLGHSODW SkQ ODGDWDRQRU ULLORUDPLMORDFHORU
GHILQDQ DUHQHFHVDUHVXV LQHULLDFWLYLW

LLILUPHL

e) Distribuirea profitului HVWUHR FRPSRQHQW

DSROLWLFLLILQDQFLDUH FDUHYL]HD] PRGXOvQ

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14

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este dat de rata dividendului (rd).

rd =
unde Div nVHDPQ

Div
VN

(2)

PDVDGLYLGHQGXOXLLDU91YDORDUHDQRPLQDO DDF LXQLL

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 DO XQHL DF LXQL GDU SH WHUPHQ OXQJ DSDUL LD XQRU

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UDW HIHFWLY DGLYLGHQGXOXLUHGLYvQVF GHUH

rediv =

Div
Ppa

(3)

XQGH'LYHVWHGLYLGHQGXOvQFDVDWLDU3SDSUH XOGHSLD

DODF LXQLL'LPHQVLXQHDUDWHLHIHFWLYHD

GLYLGHQGXOXLYDIDFH FDDF LXQLOHvQFDX] V GHYLQ PDLSX LQLQWHUHVDQWH FXDWkW PDLPXOWGDF 

DFHDVW  UDW  DU VFDGH VXE UDWD GREkQ]LL SLH HL $D FXP DWXQFL FkQG FkWLJXO UHODWLY UDWD
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 VH

manifesta o tendLQ

GHFUHWHUHDFHUHULLGLQUHVSHFWLYHOHDF LXQLSHVWHRIHUWDGHYkQ]DUHDORUWRW

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YkQG  DF LXQLOH LDU SH SLD

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-L

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D

firmei. Pentru a-L PHQ LQH SR]L LD GH SLD  ILUPD DU WUHEXL V -L FXPSHUHSURSULLOH DF LXQL 'DF 
nu are disponibil, tendin D PHQ LRQDW  FHUHUH-RIHUW  V-DU SXWHD DFFHQWXD L DU JHQHUD GLILFXOW L
FDUH DU SXWHD GHYHQL LQVXUPRQWDELOH SHQWUX ILUP  DGLF  IDOLPHQWXO L OLFKLGDUHD HL 'DF  DUH
GLVSRQLELOLvQFHSHV

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GDF 

UH]XOWDWHOHILQDQFLDUHVHPHQ LQDWXQFLGLILFXOWDWHDHVWHGHS LW LYDWUHEXLUHGHILQLW SROLWLFDGH

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rateLHIHFWLYHDGLYLGHQGXOXLHVWHV

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LOHVXQWGHS LWHLVLWXD L

a se poate stabiliza.

2 SROLWLF  GH LQYHVWL LL PDUL JHQHUHD]  QHPXO XPLUL DOH DF LRQDULORU GDWRULW  FkWLJXULORU
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L GLQ

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6.

5HOD LLGHFUHGLW

Q OHJ WXU  FX FRQVWLWXLUHD PLMORDFHORU GH FDUH XQ vQWUHSULQ] WRU DUH QHYRLH SHQWUX D

ncepe sau derula o activLWDWH DP DU

WDW vQ GHEXWXO FDSLWDOXOXL , F   FHO PDL DGHVHD DFHVWD

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-i SXQ

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15

JHQ GH UDSRUWXUL vQWUH DJHQ LL HFRQRPLFL VH LQFOXGH vQ VIHUD UHOD LLORU GH FUHGLW FRPSRQHQW  D
UHOD LLORUILQDQFLDUHvQVHQVXOFHOPDLODUJGHFXSULQGHUHDORU
5HOD LLOH GH FUHGLW VXQW UHOD LL E

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L E

QHWL vQ YHGHUHD

acoperirii unor nevoi temporare.

5HOD LLOH GH FUHGLW VH LQFOXG vQ VIHUD UHOD LLORU E QHWL LDU GLVSRQLELOLW

LOH FH IRUPHD] 

obiectul lor pot apare fie ca numerar, fie ca scriptural.

&DUDFWHULVWLFLOHUHOD LLORUGHFUHGLt sunt:
a) au caracter rambursabil DGLF  WUDQVIHUXO E QHVF HVWH WHPSRUDU 3DUWHD DJHQWXO F WUH
FDUHHVWHGLUHF LRQDWWUDQVIHUXOQXPLW debitor, poate utiliza mijloacele respective numai un timp
GDWGXS FDUHWUHEXLHV OHUHWXUQH]HFHOXLGHODFDUHLOe-a procurat. Partea, agentul dinspre care
HVWH GLUHF LRQDW WUDQVIHUXO QXPLW creditor HVWH SURSULHWDUXO GH IDSW L GH GUHSW DO UHVSHFWLYHORU
mijloace.
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temporar, de mLMORDFHOH E QHWL FH IDFH RELHFWXO UHOD LLORU GH FUHGLW HVWH UHPXQHUDW 'REkQGD
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vPSUXPXWLHVWHFRQVLGHUDW GHDFHHDFDXQFRVWDOFDSLWDOXOXLE QHVF3HQWUXQHFHVLW

LGHRUGLQ

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UHIHULQ

DDFHVWXLFRVWV ILHFRQVLGHUDW DQX

l (365 de zile).

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o modalitate de constituire a necesarului de resurse financiare n completarea celor proprii, dar,

GH PXOWHRULFUHGLWXOUHSUH]LQW VLQJXUDVXUV GHILQDQ DUHDXQHL DIDFHUL VDXXQHLRSHUD LXQL'H
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participarH HVWH GH PXOWH RUL VLPEROLF

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-10- $FHDVW

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avantaje importante:

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IUXFWLILF ULL ORU vQ VXV LQHUHD L GHUXODUHD DFWLYLW

ndelungate, oferind alternativa

LORU FDUH VH SUHFRQL]HD]  D VH HIHFWXD FX

RELHFWXOLQYHVWL LHL

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risc ntre iQYHVWLWRULFUHGLWRUXOOXL

-se o partajare a acestui

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FRQWUDSURGXFWLY 

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5HVXUVHOH

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la alta, crendu-le astfel

R DQXPLW  LQVWDELOLWDWH 3H GH DOW  SDUWH FDUDFWHUXO ORU SHUPDQHQW QX OH UHFRPDQG  SRWULYLW
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HFRQRPLFL DQJDMHD]  PDL GH JUDE  U

esursele financiare proprii la nivelul mediu sau la nivelul

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, ca mijloc de completare a

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doua "UHJXO GHDXU":

- produsul generat de uzul unor resurse financiare neproprii (luate cu mprumut)

WUHEXLHV

ILHPDLPDUHGHFkWFRVWXODFHVWRUD

16

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n raport

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cazul creditului bancar pentru nevoi curente, termenul scurt este identificat prin durata de 1 la 90
]LOHWHUPHQXOPHGLXSULQGXUDWHvQWUHL ]LOHLDU WHUPHQXO OXQJSULQGXUDWHSHVWHDQQ
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-5

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n raport cu calitatea partenerilor FH LQWU  vQ UHOD LL GH FUHGLW FUHGLWHOH VH FODVLILF  vQ WUHL
mari categorii:
- FUHGLW EDQFDU vQ FDUH FUHGLWRU HVWH R LQVWLWX LH EDQFDU  LDU FRQGL LLOH GH FUHGLWDUH OH
IL[HD] FUHGLWRUXOQHJRFLHUHDORUILLQGRH[FHS LH

- credit public, n care debitor HVWHVWDWXOFDUHGHUHJXO IL[HD] FRQGL LLOHGHFUHGLWDUH

- FUHGLW FRPHUFLDO DFRUGDW vQWUH SDUWHQHULL GH DIDFHUL vQ FDUH FRQGL LLOH GH FUHGLWDUH OH
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comercial n dubla sa calitate:

 vQ FDOLWDWH GH IXUQL]RUvQ FDUH FD] HO vL JHQHUHD]  R FUHDQ

 DGLF  R VXP  GH EDQL SH

FDUHRYDvQFDVDXOWHULRUGHODFOLHQWXOV X
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data aceasta, un avans pe care el l-DI

UHSUH]HQWkQGG

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Un agent economic poate primi credit comercial n dubla sa calitate:

 vQ FDOLWDWH GH IXUQL]RU FkQG SULPHWH XQ DYDQV GH OD XQ FOLHQW vQ FRQWXO XQHL OLYU UL
XOWHULRDUHDVWIHOvQFkWHOvLFUHHD] RREOLJD LH
 vQ FDOLWDWH GH FOLHQW FkQG XQ IXUQL]RU DO V X DFFHSW  FD V  SULPHDVF  SODWD XOWHULRU
OLYU ULL HIHFWXDWH

generndu-VH DVWIHO SHQWUX DJHQWXO HFRQRPLF GH UHIHULQ

 R REOLJD LH GH SODW 

viitoare.

7. Prghia financiar-PRQHWDU

vQSROLWLFLOHJXYHUQDPHQWDOH

LQWHUYHQ LRQLVWH

Problema rolului ce revine componentelor financiar-PRQHWDUH vQ GHVI XUDUHD DFWLYLW LL
econoPLFHLVRFLDOHLFXSUHGLOHF LHvQFUHWHUHDHFRQRPLF DFRQVWLWXLWRELHFWGHVWXGLXSHQWUX
WRDWHFROLOHHFRQRPLFH/DvQFHSXWPLFDUHDDFHVWRUFRPSRQHQWHDIRVWSXV H[FOXVLYSHVHDPD
D FHHD FH WLLQ D HFRQRPLF  D QXPLW PkQD LQYL]LELO  DGLF  PHFDQLVPHOH SLH HL vQ SULQFLSDO
FRQFXUHQ D 8OWHULRU SH P VXUD FRQVROLG ULL RUJDQL] ULL VWDWDOH L D GLYHUVLILF ULLGH]YROW ULL
IXQF LLORU VWDWXOXL D IRVW SXV  WRW PDL LQVLVWHQW SUREOHPD LQWHUYHQ LHL VWDWXOXL vQ PHFDQLVPXO
HFRQRPLF $VWIHO FRDOD NH\QHVLVW  D IXQGDPHQWDW QHFHVLWDWHD XQHL LQWHUYHQ LL GH VXEVWDQ
SUHFL]DW LQFOXVLY PRGDOLW

 L D

LOH SULQFDUH R DVWIHO GH LQWHUYHQ LH VH SRDWH UHDOL]D FROLOH GHIDFWXU 

OLEHUDO V DXSURQXQ DWvQJHQHUDOFRQWUDLQWHUYHQ LRQLVPXOXLVWDWDOvQYLUWXWHDSULQFLSLXOXL

"laisser

IDLUH ODLVVHU SDVVHU $ERUG ULOH SRVWNH\QHVLVWH FULWLF  JOREDOLWDWHD VROX LLORU NH\QHVLVWH GH
LQWHUYHQ LHDGLF  IRUPXODUHD ORUODQLYHOXOHFRQRPLHL XQHL DULLQXDQ HD] RELHFWLYHPRPHQWH
VDX GRPHQLL DOH LQWHUYHQ LHL vQFHDUF  V  FRUHFWH]H VROX LLOH NH\QHVLVWH vQ FRQWH[WXO RSLQLHL
SULYLQG JOREDOL]DUHD HFRQRPLHL $VWIHO SkQ  vQ DQLL
 DX IRVW IRUPXODWH PRGDOLW

L GH

LQWHUYHQ LHGHWLSXOVWRSDQGJRVDXLQWHUYHQ LLFRQMXQFWXUDOH LQkQGGHPRPHQWXOHFRQRPLF

de starea n care se afl

HFRQRPLD LFDUH vQFHUFDX V  VFKLPEH VHQVXO LQWHUYHQ LHL IUkQDUH GDF 

HFRQRPLDVHvQFLQJHDVWLPXODUHGDF HFRQRPLDOkQFH]HDVDXV VWLPXOH]HIUkQH]HFHUHUHD

'LQDQLL
DXvQFHSXWV ILHIRUPXODWHLQWHUYHQ LLGHWLSXOPL[SROLF\DOF URUR

biectiv central

HVWHFRQWUROXOLQIOD LHL7RDWHDFHVWHLQRYD LLvQPDWHULHGHLQWHUYHQ LHVHED]HD] vQSULQFLSDOSH

DFHOHDL SkUJKLL ILQDQFLDU PRQHWDUH OD FDUH IDFH UHIHULQ

 L .H\QHV 'H H[HPSOX PL[ SROLF\

DSHOHD] ODP VXULGLIHUHQ LDWHPRQHWDUHLEXJHWDUHGLQWUHFDUHFHOHPRQHWDUHYL]HD] GLQDPLFD

17

SUH XULORU GLQDPLFD PDVHL PRQHWDUH HYROX LD UDWHL GREkQ]LL LDU FHOH EXJHWDUH GLQDPLFD
DFWLYLW

LLHFRQRPLFHVXSXV LQWHUYHQ LHLSULQSkUJKLLILVFDOHLYDPDOHLUHJOHPHQWDUHDVROGXOXL

bugetului,

DO F UXL HYHQWXDO GHILFLW V  ILH DFRSHULW QX SULQ HPLVLXQL PRQHWDUH FL SULQ FUHGLWH SH

SLH HOH ILQDQFLDUH SH SLD D PRQHWDU  SH SLD D GH FDSLWDO LQWHUQ  SH SLD D H[WHUQ  GH FDSLWDO Q
VIkULWvQMXUXODQXOXLDXDS UXWDERUG ULOHJUXSDWHvQWHRULDFUHWHULLHQGRJHQHFDUHPL]HD] 
SH YDOHQ HOH GH FUHWHUH DOH PHFDQLVPXOXL HFRQRPLF vQVXL GDU L DOH FRPSRQHQWHORU
QHHFRQRPLFH DOH PHFDQLVPXOXL  SULQ YDORULILFDUHD SRVLELOLW

LORU SH FDUH OH FUHHD]  SURJUHVXO

WHKQLFSLD DLVHJPHQWHOHHLHGXFD LDGRULQ DGHSURS LUHUHYROX LDLQIRUPDWLF 

Unele din primele conexiuni ntre indicatori sau parametri financiari-PRQHWDUL L FHL FH
FDUDFWHUL]HD] QLYHOXOGLQDPLFDLGH]YROWDUHDVDXFUHWHUHDHFRQRPLF DXIRVWIRUPXODWHvQF vQ
XUP FXFLUFDGHDQLGHUHSUH]HQWDQ LDLFROLLPHUFDQWLOLVWHVHF;9

-XVIII) cum au fost Th.

0DQ L :+6WRIIRUG vQ $QJOLD $OIUHG GH 0RQWFKUpWLHQ L -% &ROEHUW vQ )UDQ D 8]kQG GH
IRUPXO ULOH PRGHUQH FRQVDFUDWH GH PRGHODUHD HFRQRPLF  PRGHOXO FRQH[LXQLORU PHQ LRQDWH VH
SUH]LQW DVWIHO

IXQF LDFUHGLWXOXL

IXQF LDWUDQ]DF LLORU

IXQF LDGREkQ]LL

cu C> 0
cu T> 0
cu d < 0

C = C (M)
T = T (M)
d = d (M)

(4.1)
(4.2)
(4.3)

unde: C = volumul creditului;

M PDVDPRQHWDU 
T
YROXPXOWUDQ]DF LLORU
d = rata dobkQ]LLSUH XOEDQLORU
3kUJKLDPRQHWDU SULQFDUHVWDWXODUSXWHDLQWHUYHQLHVWHUDWDGREkQ]LLSHQWUXFDUH%DQFD
1D LRQDO  vQ FDOLWDWH GH UHDOL]DWRU DO SROLWLFLL PRQHWDUH D VWDWXOXL R SRDWH LQIOXHQ D SULQ QLYHOXO
WD[HL RILFLDOH D VFRQWXOXL 6HFYHQ HO

e de impact sugerate de modelul 4.1   VH GHUXOHD]

 SH

VHDPDVWLPXOXOXLLQL LDODOFUHWHULLUDWHLGREkQ]LLDVWIHO

d
unde

VHPQLILF RFUHWHUH VHPQLILF RUHGXFHUH

(5)

r
VHPQLILF  R FRQVHFLQ

 R LPSOLFD LH

LPSOLF RGHWHUPLQDUHGHWHUPLQ LDUUHVWHULWPXOFUHWHULLHFRQRPLFH2DVWIHOGHFRQH[LXQH

DF S WDWvQWLPSIRU
IRUPXODUHD

GHD[LRP LHVWHYDORULILFDW LD]LvQWHRULLOHHFRQRPLFHPRGHUQHFDLvQ

SROLWLFLORU

LQWHUYHQ LRQLVWH

vQ

YHGHUHD

VXV LQHULL

GH]YROW ULL

VDX

D

DWHQX ULL

componentelor degresive ale ciclului economic.

2 FRQWULEX LH GH DFHLDL DPSORDUH L LPSRUWDQ

 D[LRPDWL]DW  vQ HJDO  P VXU  R

UHSUH]LQW  UHOD LD OXL ,UZLQJ )LVKHU UHSUH]HQWDQW DO FROLL HFRQRPLH FODVLFH VHF ;9,,

-XIX)

UHIHULWRDUHODHFKLOLEUXOSLH HLPRQHWDUHFXQRVFXW VXEIRUPD

M*V=P*T
unde: M
V
P
T

(6)

PDVDPRQHWDU 
YLWH]DGHURWD LHDEDQLORU
QLYHOXOSUH XULORU
YROXPXOWUDQ]DF LLORU

LvQFDUHPHPEUXOVWkQJUHSUH]LQW RIHUWDGHEDQ

i, iar cel drept cererea de bani.

QWUHDJD

WHRULH

HFRQRPLF  SRVWFODVLF 

QHRFODVLF 

NH\QHVLVW 

QHRNH\QHVLVW 

HWF

YDORULILF  D[LRPD OXL )LVKHU FHO PDL DGHVHD vQ LSRWH]D XQHL RIHUWH GDW  GH EDQL SH FDUH R
XWLOL]HD]  FD SH XQ LQGLFDWRU GH QDWXU  PRQHWDU  SH FDUH VH vQWHPHLD]  LQWHUYHQ LL L SROLWLFL
PRQHWDUHJXYHUQDPHQWDOH$VWIHOGHH[HPSOXFRDODQHRFODVLF VHF;,;

- nceputul sec. XX) a

SURGXVPRGHOXOHFKLOLEUXOXLJHQHUDOGHSLD

DOSLH HLvQDQVDPEOXOHLLDOXQRUDGLQVHJPHQWHOH

18

acesteia), moGHO vQFDUH ED]HOHFRQGL LLORU HFKLOLEUXOXL JHQHUDO DXIRVWIRUPXODWH GH 0DULH (VSULW
/HRQ:DOUDVFHOPDLGHVHDP UHSUH]HQWDQWDODFHVWHLFROLLFDUHHVWHFHOGLQWkLFDUHDXWLOL]DW
vQ PRG VLVWHPDWLF vQ HFRQRPLH YDOHQ HOH L SRVLELOLW

LOH SH FDUH OH RIHU  PDWHPDWLFD 0RGHOXO

HFKLOLEUXOXL JHQHUDO vQ YDULDQWD FHD PDL FRPSOHW  SH FDUH D FRQFHSXW R FRDOD QHRFODVLF 

include:

IXQF LDGHSURGXF LH

IXQF LDGHRIHUW GHPXQF

IXQF LDGHLQYHVWL LL

IXQF LDGHHFRQRPLL

UHOD LDGHHFKLOLEUXJHQHUDO

n care: Y
ND
NS
w

UHOD LDGHHFKLOLEUXSHSLD DPXQFLL

echilibrul sectorului monetar

Y = Y (ND)
cu Y L< < 0
NS = NS (w/p)
cu NS 0
I = I (i)
cu I 0
S = S (i)
cu S 0
I=S
NS = N D
M = k p Y

(7.1)
(7.2)
(7.3)
(7.4)
(7.5)
(7.6)
(7.7)

SURGXVXOILQDOvQH[SUHVLHIL]LF 
FHUHUHDGHPXQF 
RIHUWDGHPXQF 
 VDODULXO XQLWDU XQLW

L PRQHWDUH SH XQLWDWHD GH PXQF  IRORVLW  vQ H[SULPDUHD

FHUHULLRIHUWHLGHPXQF 

p
QLYHOXOSUH XULORU
I
LQYHVWL LLOH
i = rata dobnzii;
S = economiile;
M PDVDPRQHWDU 
k = coeficient dHOLFKLGLWDWHFXYDORDUHDHJDO

FXLQYHUVXOYLWH]HLGHURWD LHDEDQLORU

)XQF LD GH SURGXF LH H[SULP  FRPSRQHQWD RIHUWHL SH SLD D EXQXULORU L VHUYLFLLORU L
SHUPLWH LQWURGXFHUHD FRQGL LHL GH SDUWLFLSDUH D SURGXFWRULORU SH DFHDVW  SLD

 UHVSHFWLY

maximizarea profitului scontat ( ):

max = max (p Y w ND)

(8)

SHQWUXFDUHVHSRDWHVFULHFRQGL LDGHRSWLP

d
= 0 N D = [Y ]1 ( w / p)
dN D

(8.1.)

unde Y este derivatD IXQF LHL GH SURGXF LH FX VHQVXO HFRQRPLF GH SURGXFWLYLWDWH PDUJLQDO  D
muncii), iar [ ]-1 VHPQLILF  LQYHUVD IXQF LH PDUFDW  FX VHPQXO SXQFW 'DU FRQGL LD  VH
RQE LQHRHFXD LHvQFDUHYDLUDELODHVWHZSFXVHQVXOHFRQRPLFGHVDODULXUHDOLFDUHUH]ROYDW 

FRQGXFH OD VROX LD GH RSWLP ILH ZS  DGLF  DFHO QLYHO DO VDODULXOXL UHDO FDUH DVLJXU  DWkW
PD[LPL]DUHD SURILWXOXL SURGXF WRULORU FkW L HFKLOLEUXO SH SLD D PXQFLL 'LQ  VH RE LQH

valoarea de echilibru pentru facWRUXOPXQF ILH1*), cu care se poate determina din (7.1) nivelul
de echilibru al produsului final (fie Y*5HOD LDHVWHRWUDQVIRUPDW DUHOD LHLOXL)LVKHU
vQ FDUH DYHP GHWHUPLQDW  DFXP SH VHDPD PRGHOXOXL QHRFODVLF DO HFKLOLEUXOXL JHQHUDO valoarea
GH HFKLOLEUX D SURGXVXOXL ILQDO Q DFHDVW  UHOD LH YDORDUHD FRHILFLHQWXOXL GH OLFKLGLWDWH HVWH vQ
JHQHUDO FXQRVFXW  ILLQG R FRQVWDQW  UHODWLY VWDELO  D XQHL HFRQRPLL DGLF  R YDORDUH D F UHL
GLQDPLF  HVWH PXOW PDL OHQW  GHFkW D FHORUODO L LQGLFDWRUL DL PRGHOXOXL L FDUH VH PRGLILF 

19

semnificativ pe intervale relativ lungi (2- DQL L PDL PXOW 3H VHDPD DFHVWRUD UH]XOWDWH L
LSRWH]H SRW IL LQWURGXVH SROLWLFL PRQHWDUH GH LQWHUYHQ LH FRQVWkQG vQ GHWHUPLQ UL H[RJHQH DOH

volumului masei monetare, astIHO vQFkW VH SRW GHWHUPLQD QLYHOXO GH HFKLOLEUX DO SUH XULORU S* L
al salariului nominal (w* (VWH GHVFKLV  FDOHD SHQWUX VFKLPE UL SULYLQG QLYHOXO GH HFKLOLEUX DO
SUH XULORU DO UDWHL LQIOD LHL L FKLDU DO GREkQ]LL $FHVWD GLQ XUP  SRDWH IL FRPSDUDW FX nivelul de
HFKLOLEUX DO GREkQ]LL GHWHUPLQDW GLQ UHOD LD GH HFKLOLEUX JHQHUDO  6H SRDWH DYHD DVWIHO R
LPDJLQHDHFDUWXOXLvQWUHHFKLOLEUXOJHQHUDWGHVHJPHQWHOHSLD DEXQXULORULVHUYLFLLORUSOXVSLD D
PXQFLLLSLD DPRQHWDU SHGHRSDUWHLDQVDPEOXOSLH HLSHGHDOW SDUWH
FRDOD QHRFODVLF  D SURGXV L DOWH WLSXUL GH PRGHOH GLQWUH FDUH vO DPLQWLP SH FHO DO OXL

Domar, n care componenta financiar-PRQHWDU

VXQW FUHDWH L DQDOL]DWH SRVLELOLW

DSDUHVXEIRUPDFKHOWXLHOLORUSXEOLFHDVWIHOvQFkW

LOH GH LQWHUYHQ LH VXE IRUPD SROLWLFLL FKHOWXLHOLORU EXJHWDUH

3HQWUX GHWDOLL HVWH I FXW  R SUH]HQWDUH vQ FXOHJHUHD GH SUREOHPH )LQDQ H PRQHG  DS UXW  vQ

1998 n editura A.S.E.

.H\QHV GH]YROW  R WHRULH FRPSOH[  D LQWHUYHQ LHL JXYHUQDPHQWDOH vQ PHFDQLV

mul

HFRQRPLFXQPRGHODPSOXDOSLH HLvQFDUHDSDULQWHQVFRUHODWHVHJPHQWHOHGHSLD

LQFOXVLYFHD

H[WHUQ 
)RUPD FHD PDL VLPSO  D PRGHOXOXL V X DUH vQ YHGHUH R HFRQRPLH vQFKLV

nu intervine. n varianta unor LQYHVWL

LLGHWHUPLQDWHH[RJH

IXQF LDGHFRQVXP

 vQ FDUH VWDWXO

n modelul include:

C = c Y + Co
I = Io
Y=C+I

IXQF LDGHLQYHVWL LL
HFXD LDGHHFKLOLEUX

unde: C = consumul;
c
vQFOLQD LDPDUJLQDO VSUHFRQVXPDGLF
Co = consumul autonom;
I
LQYHVWL LD
Io
LQYHVWL LDDXWRQRP 
Y = produsul final.

(9.1)
(9.2)
(9.3)

G&G<

6XEVWLWXLUHD vQ HFXD LD HFKLOLEUXOXL D IXQF LLORU GH FRPSRUWDPHQW FHD GH FRQVXP L FHD
GH LQYHVWL LL FRQGXFH OD RE LQHUHD XQHL H[SUHVLL D SURGXVXOXL vQ IXQF LH GH YDULDEL

lele de

FRPSRUWDPHQW LSDUDPHWULLDIHUHQ LORUGLQFDUHH[SUHVLHVHSRDWHGHWHUPLQDXQPXOWLSOLFDWRUDO

FUHWHULLHFRQRPLFH

dY
1
=
dIo 1 c
cunoscut ca PXOWLSOLFDWRUXOLQYHVWL LLORULFDUHDUDW

(9.4)
FXFkWFUHWHSURGXVXOILQDOvQFD]XOFUHWHULL

FX R XQLWDWH D LQYHVWL LLORU 0XOWLSOLFDWRUXO HVWH vQWRWGHDXQD VXEXQLWDU GHRDUHFH F

varianta n care LQYHVWL

(0;1).

LLOHVXQWGDWHGHQLYHOXOYHQLWXOXLIXQF LDGHLQYHVWL LLGHYLQH

I = a Y + I0

(9.5)

vQ FDUH D HVWH LQFOXQD LD PDUJLQDO  VSUH LQYHVWL LL DGLF  G,G< H[SULPkQG XWLOL]DUHD VSRUXOXL GH
YHQLWUHVSHFWLYXQLQGLFDWRULQYHUVFHOXLGHHILFLHQ

DLQYHVWL LLORULDQXPHFHVSRUGHLQYHVWL LL

VH UHDOL]HD]  OD R XQLWDWH GH FUHWHUH D SURGXVXOXL ILQDO 3ULQ DFHODL SURFHGHX GH VXEVWLWXLUH D
IXQF LLORU GH FRPSRUWDPHQW  L  vQ HFXD LD GH HFKLOLEUX  VH RE LQH R DOW  IRUP  D
PXOWLSOLFDWRUXOXLFUHWHULLHFRQRPLFH

dY
1
=
dIo 1 c a

(9.6)

20

cunoscut ca multiplicatRUXO H[WLQV DO LQYHVWL LLORU FX DFHODL FRQ LQXW FD FHO SUHFHGHQW  GDU
de valoare mai mare
1
1
>
(9.7)
1 c a 1 c
ntruct a  VSRUXO GH YHQLW QX SRDWH IL XWLOL]DW LQWHJUDO SHQWUX LQYHVWL LL LDU LQYHVWL LLOH Qu

SRW VFDGH vQ FRQGL LL GH FUHWHUH D YHQLWXULORU FUHWHUHD SURGXVXOXL ILQDO vQVHDPQ  LPSOLFLW
FUHWHUHDYHQLWXULORUDJHQ LORUHFRQRPLFL0RWLYD LDHVWHGDW GH.H\QHVVXEIRUPDFXQRVFXWHORU
LSRWH]HSULYLQGFRPSRUWDPHQWXODJHQ LORUHFRQRPLFL

WHQGLQ D GH

a-L FRQVHUYD VWDQGDUGXO GH YLD

modificarea consumului;

 FDUH vQVHDPQ  LPSOLFLW R LQHU LH vQ

WHQGLQ D GH D HFRQRPLVL PDL PXOW RGDW  FX FUHWHUHD YHQLWXULORU FHHD FH vQVHDPQ 
LPSOLFLWGLVSRQLELOLW

LPDLPDULSHQWUXLQYHVWL LL

Multiplicatorul extinsDOLQYHVWL LLORUHVWHvQWRWGHDXQDVXSUDXQLWDUvQWUXFkWLDLF (0;1).

$FHVWH

YDULDQWH

GH

PRGHO

GH

FUHWHUH

SUHJ WHVF

IRUPXOHOH

LQWHUYHQ LRQLVPXOXL

guvernamental, pe care Keynes le introduce sub forma:

politica cheltuielilor guvernamentale, prin variabila G;

SROLWLFDILVFDO SULQYDULDELODGHLPSR]LWHLWD[H7
SROLWLFD VXEYHQ LLORU R IRUP  D FKHOWXLHOLORU JXYHUQDPHQWDOH GH WLSXO WUDQVIHUXULORU HIHFWXDWH
GH VWDW vQ EHQHILFLXO DOWRU HQWLW
VDXVRFLHW

L HFRQRPLFH FRQVXPDWRUL XQLL SURGXF WRUL XQHOH LQVWLWX LL

LFRPHUFLDOHGHVWDWSULQYDULDELOD5

Modelul

GH FUHWHUH VH UHIHU  OD R HFRQRPLH vQFKLV

n care statul intervine; modelul

DUH vQ YHGHUH FD YDULDQWH FDUDFWHUXO H[RJHQ VDX QX DO XQRUD GLQ YDULDELOHOH GH LQWHUYHQ LH. n
YDULDQWDF WRDWHYDULDELOHOHGHLQWHUYHQ LHVXQWH[RJHQH, modelul include:

HFXD LDYHQLWXOXLQHW
HFXD LDLPSR]LWXOXLQHW
IXQF LDGHFRQVXP
IXQF LDGHLQYHVWL LL
IXQF LDFKHOWXLHOLORUJXYHUQDPHQWDOH
IXQF LDLPSR]LWHORU
IXQF LDVXEYHQ LLORU
HFXD LDGHHFKLOLEUX

Yn = Y Tn
Tn = T R
C = c Yn + Co
I = Io
G = Go
T = To
R = Ro
Y=C+I+G

Q DFHDVW  YDULDQW  YRUELP LPSURSULX GH IXQF LL vQ UHOD LLOH 

(10.1)
(10.2)
(10.3)
(10.4)
(10.5)
(10.6)
(10.7)
(10.8)
  UHOD LL FDUH

GHIDSWVXQWH[SUHVLDYDORULORUH[RJHQHDOHYDULDELOHORUUHVSHFWLYH3HED]DDFHOXLDLSURFHGHXGH
VXEVWLWXLUHVHSRWGHWHUPLQDSDWUXPXOWLSOLFDWRULGHFUHWHUHHFRQRPLF 

dY
dY
1
=
=
dIo dG o 1 c

(10.9)

dY
dY
c
=
=
dTo
dR o 1 c

(10.10)

GLQWUH FDUH WUHL H[SULP  DPSORDUHD HIHFWXOXL ILHF UHLD GLQ FHOH WUHL SROLWLFL LQWHUYHQ LRQLVWH
PHQ LRQDWHPDLVXV$YHPDDGDU

- multiplicatorul cheltuielilor guvernamentale dY/dGo GH DFHLDL P ULPH FX FHO DO LQYHVWL LLORU
dY/dIo L vQ SOXV HJDO FX PXOWLSOLFDWRUXO LQYHVWL LLORU FDUDFWHULVWLF PRGHOXOXL QHLQWHUYHQ LRQLVW FX
LQYHVWL LLH[RJHQH

- multiplicatorul fiscal dY/dT0 L PXOWLSOLFDWRUXO VXEYHQ LLORU G<G5o, din care primul este
QHJDWLYGDUDPELLDXDFHHDLYDORDUHDEVROXW LPDLPLF GHFkWDFHORUSUHFHGHQ L

21

c
1
<
1 c 1 c

(10.11)

0XOWLSOLFDWRUXO ILVFDO SRDWH IL VXE VDX VXSUDXQLWDU GXS  FXP F

(0;0,5), respectiv

c (0,5;1).
Q FH SULYHWH YDORDUHD QHJDWLY  D PXOWLSOLFDWRUXOXL ILVFDO DFHDVWD VH H[SOLF  SULQ UHOD LD
LQYHUV FDUHH[LVW vQWUHILVFDOLWDWHLFUHWHUHDHFRQRPLF &XFkWILVFDOLWDWHDHVWHPDLSURQXQ DW 
FX DWkW HVWH PDL GHVFXUDMDW  WHQGLQ D DJHQ LORU HFRQRPLFL GH D GH]YROWD DFWLYLWDWHD HFRQRPLF  L
vQSULPXOUkQGGHDIDFHLQYHVWL LL
3URFHGXUD GH VXEVWLWXLUH D IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX FRQGXFH OD
RE LQHUHDXQHLHFXD LLDSURGXVXOXLILQDOQYDULDQWDGHPRGHO

Y=

UH]XOW

1
c
(C o + I o + G o )
(To R o )
1 c
1 c

(10.12)

Introducem FD RSHUDWRU GH YDULD LH FX VHQVXO GH YDULD LH DEVROXW  $VWIHO GDF
x2YDULD LDLQGLFDWRUXOXL[HVWH

 XQ

LQGLFDWRU[SUHVXSXQHGRX QLYHOHGLIHULWHGHUHDOL]DUH[1

x = x2-x1

(10.13)

6 IDFHPVXSR]L LDF VWDWXODGRSW RSROLWLF GHvQJKH DUHDGHILFLWXOXLEXJHWDU$FHDVWD

SUHVXSXQH R DVHPHQHD SROLWLF  D FKHOWXLHOLORU EXJHWDUH L D SROLWLFLL ILVFDOH vQFkW YDULD LD FHORU
GRX  FRPSRQHQWH EXJHWDUH FKHOWXLHOL L YHQLWXUL ILVFDOH V  ILH GH DFHHDL P ULPH &RQIRUP
IRUPDOL] ULORUSUDFWLFDWHvQPRGHODFHDVWDvQVHDPQ F 

G0 = T 0

(10.14)

6 SUHVXSXQHPvQFRQWLQXDUHF FHOHODOWHYDULDELOHGHFDUHGHSLQGHSURGXVXOILQDODGLF 

nivelul consumului autonom (Co DO LQYHVWL LLORU ,o L DO VXEYHQ LLORU 5o), nu vor suferi

PRGLILF UL DGLF  YDULD LD ORU HVWH QXO  Q IHOXO DFHVWD VH SRDWH VHSDUD vQ PRG VWULFW HIHFWXO XQHL
SROLWLFLGHvQJKH DUHDGHILFLWXOXLEXJHWDU
'DF DSOLF PRSHUDWRUXOGHYDULD LHODHFXD LDSURGXVXOXLILQDOL LQHPVHDPDGH
FRQGL LDDWXQFLUH]XOW F 

Y = G0 sau Y = T0
FHHD FH vQVHDPQ  F  vQ FRQGL LLOH vQJKH

(10.15)

ULL GHILFLWXOXL EXJHWDU HIHFWXO SROLWLFLL FKHOWXLHOLORU

EXJHWDUHFDLDOSROLWLFLLILVFDOHHVWHGHDFHHDLP ULPH
$GLF  PDMRUDUHD FKHOWXLHOLORU EXJHWDUH FX YDORDUHD [ SH VHDPD FUHWHULL YHQLWXULORU
ILVFDOHFXDFHLDLYDORDUH[DUHFDHIHFWFUH

terea produsului final cu valoarea x.

6 IDFHPRDGRXDVXSR]L LHFRQVLGHUkQGF VWDWXOXWLOL]HD] YDULD LDvQFDV ULORUEXJHWDUH

ILVFDOHSHQWUXDVXEYHQ LRQDHFRQRPLDDGLF

T0
0HQ LRQkQG LSRWH]D GH LQYDULDQ

= R0

(10.16)

  D FHORUODOWH YDULDELOH GH FDUH GHSLQGH SURGXVXO ILQDO

DGLF  QLYHOXO FRQVXPXOXL DXWRQRP &0 DO LQYHVWL LLORU ,0 L DO FKHOWXLHOLORU JXYHUQDPHQWDOH

(G0DSOLFDUHDRSHUDWRUXOXLGHYDULD LH ODHFXD LDSURGXVului final conduce la rezultatul

Y

=0

(10.17)

22

FHHD FH vQVHDPQ  F  SROLWLFD ILVFDO  QX DUH QLFL XQ HIHFW GH FUHWHUH HFRQRPLF  vQ FRQGL LLOH
XWLOL] ULLLQWHJUDOHDYHQLWXULORUILVFDOHVXSOLPHQWDUHSHQWUXVXEYHQ LRQDUHDHFRQRPLH
&HOH GRX  FRQFOX]LL  L  VXQW FXQRVFXWH VXE QXPHOH GH

i.
teorema lui

HaavelmoUHSUH]HQWkQGXQUH]XOWDWDOVWXGLLORUvQFDGUDWHvQFRDODHFRQRPLF SRVWNH\QHVLVW 
Modelul (10.1) -   SHUPLWH GH]YROWDUHD XQRU YDULDQWH ED]DWH SH UHQXQ DUea la
FDUDFWHUXOH[RJHQDOXQRUDGLQYDULDELOHOHDVWIHOFRQVLGHUDWHvQIRUPDGHED] SULPDU DDFHVWXL

model.
5HQXQ

PvQWU RSULP HWDS ODFDUDFWHUXOH[RJHQDOYHQLWXULORUEXJHWDUHILVFDOHFHHDFH

vQVHDPQ F VHLQWURGXFHRIXQF LHVWULFWRVHQVXDLPSR]LWHORULDQXPH

T = t Y + T0

(11.1)

FDUHvQORFXLHWHHFXD LDLvQFDUH

t
UDWDPDUJLQDO DLPSXQHULLILVFDOHDGLF G7G<
T0 = nivelul autonom al veniturilor bugetare fiscale.
n urma procedeului substituLULL

DSOLFDW L vQ YDULDQWHOH SUHFHGHQWH VH RE LQ SDWUX

PXOWLSOLFDWRUL DL FUHWHULL HFRQRPLFH JUXSD L FkWH GRL FD L vQ IRUPD GH ED]  SULPDU  D DFHVWXL

model:
dY
dY
1
=
=
dI0 dG 0 1 c(1 t )

(11.2)

dY
dY
c
=
=
dT0
dR 0 1 c(1 t )

(11.3)

Multiplicatorul invesWL LLORULDOFKHOWXLHOLORUJXYHUQDPHQWDOHS

VWUHD] FDUDFWHULVWLFDGHD

ILHJDOLvQWUHHLGDUFXYDORDUHDPDLPLF GHFkWPXOWLSOLFDWRULLVLPLODULLGHRDUHFHW!

vQWUXFkWLPSXQHUHDILVFDO QXSDWHILQHJDWLY 
0XOWLSOLFDWRUXOILVFDOLDOVXEYHQ LLORUS VWUHD] LHLFDUDFWHULVWLFDGHDILHJDOLvQWUHHLL
GHYDORDUHLQIHULRDU FHORUODO LGRL

c
1
<
1 c(1 t ) 1 c(1 t )

(11.4)

GDUVXQWLQIHULRULFDYDORDUHLPXOWLSOLFDWRULORUVLPLODUL

c
c
<
1 c(1 t ) 1 c

AceasWD vQVHDPQ

(11.5)

 F  YDULDQWD GH PRGHO FX IXQF LH ILVFDO   DUH HIHFWH PDL PLFL vQ

SODQXOFUHWHULLHFRQRPLFHGHFkWFHDvQFDUHYDULDELOHOHLQWHUYHQ LRQLVPXOXLVXQWH[RJHQH

(10.8).
sunt ntotdeauna
0XOWLSOLFDWRUXO LQYHVWL LLORU L DO FKHOWXLHOLORU JXYHUQDPHQWDOH
supraunitari deoarece t vQWLPSFHPXOWLSOLFDWRUXOILVFDOLFHODOVXEYHQ LLORUSRWILVXEVDX
VXSUDXQLWDULGXS FXP

t<

2c 1
c

sau

c>

1
2t

(11.6)

t>

2c 1
c

sau

c<

1
2t

(11.7)

respectiv

23

Acum, ntr-R

D GRXD HWDS  V  UHQXQ

P L OD FDUDFWHUXO H[RJHQ DO FKHOWXLHOLORU

JXYHUQDPHQWDOH L DO VXEYHQ LLORU $FHVWD vQVHDPQ  F  vQ ORFXO HFXD LHL  LQWURGXFHP R
IXQF LHVWULFWRVHQVXDFKHO

tuielilor guvernamentale
G = G0 g Y

(12.1)

LDUvQORFXOHFXD LHLRDOWDDVXEYHQ LLORU

R = R0 r Y
unde: G0
g
R0
r

(12.2)

YDORDUHDDXWRQRP DFKHOWXLHOLORUJXYHUQDPHQWDOH
UDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQD

mentale, g = dG/dY;

YDORDUHDDXWRQRP DVXEYHQ LLORU

UDWDPDUJLQDO DVXEYHQ LLORUU

G5G<

3DUDPHWULLULJVXQWVXEXQLWDULLSR]LWLYLGHRDUHFHSHGHRSDUWHQXVHSRDWHDORFDGLQ
VSRUXOGHSURGXVILQDORFRW PDL PDUHGHFkWXQLWDWHD SHQWUXRDQXPLW  GHVWLQD LHLDU SHGHDOW 
SDUWH SH P VXU  FH VSRUXO GH SURGXV ILQDO HVWH PDL PDUH DWkW VSRUXO GH FKHOWXLHOL
JXYHUQDPHQWDOH FkW L VSRUXO GH VXEYHQ LL HVWH PDL PLF GLQ FDX]D FUHWHULL IRU HL HFRQRPLFH D
DJHQ LORU HFRQRPLFL $YkQG HL Y

enituri mai mari, statul va "liberaliza" treptat acoperirea unor

QHYRL VRFLDOHFUHVFkQGPDL SX LQ VDXFKLDU GLPLQXkQGX-L DSRUWXOV X ODVDWLVIDFHUHD XQRU DVWIHO

GHQHYRLVDXODVXV LQHUHDHFRQRPLHLVXEYHQ LRQDWH

3URFHGHXO VXEVWLWXLULL IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX SHUPLWH
RE LQHUHD XQRU DOWRU IRUPH DOH FHORU SDWUX PXOWLSOLFDWRUL DL FUHWHULL HFRQRPLHL JUXSD L VLPLODU

cte doi:
dY
dY
1
=
=
dI0 dG 0 1 c(1 t r) + g
dY
dY
c
=
=
dT0
dR 0 1 c(1 t r) + g

(12.3)
(12.4)

0XOWLSOLFDWRUXOLQYHVWL LLORULDOFKHOWXLHOLORUJXYHUQDPHQWDOHS VWUHD] FDUDFWHULVWLFDGHD

IL HJDOL vQWUH HL GDU FX YDORUL PDL PLFL GHFkW  L FX DWkW PDL PXOW ID
GHRDUHFHQXPLWRUXOVHPDMRUHD] SHVHDPDFRPSRQHQWHORUF

 GH  L 

ULJDPEHOHSR]itive.

0XOWLSOLFDWRUXOILVFDOLDOVXEYHQ LLORUS VWUHD] LHLFDUDFWHULVWLFLOHGHDILHJDOLvQWUHHL

LGHYDORDUHLQIHULRDU FHORUODO LGRL

c
1
<
1 c(1 t r) + g 1 c(1 t r) + g

(12.5)

GDUVXQWLQIHULRULFDYDORDUHLPXOWLSOLFDWRULORUVLPLODULL

11.3)

c
c
<
1 c(1 t r ) + g 1 c(1 t )
GDWRULW DFHORUDLFRPSRQHQWHSR]LWLYHF

(12.6)

ULJ

$FHDVWD vQVHDPQ  F  YDULDQWD GH PRGHO FX IXQF LD ILVFDO    D FKHOWXLHOLORU SXEOLFH
LDVXEYHQ LLORU DUHHIHFWHPDLPLFLvQ SODQXOFUHWHULL HFRQRPLHLGHFkWFHD vQFDUH
DSDUH QXPDL IXQF LD ILVFDO  VWULFWR VHQVX L FX DWkW PDL PXOW GHFkW FHD vQ FDUH YDULDELOHOH
LQWHUYHQ LRQLVPXOXLVXQWWRDWHH[RJHQH

(10.8).

0XOWLSOLFDWRUXOLQYHVWL LLORULFHODOFKHOWXLHOLORUJXYHUQDPHQWDOHVXQWVXSUDXQLWRULGDF 

24

c > c(t+r)+g

(12.7)

FRQGL LHFDUHGHSLQGHPDLDOHVGHUDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQDPHQWDOHvQWUXFkWFHOHODOWH

GRX FRPSRQHQWHFWFUVXQWFXXQRUGLQGHP ULPHPDLPLFGHFkWFLJGHRDUHFHLFLWLU

'DF

VHQVXOLQHJDOLW

LLHVWHVFKLPEDWDWXQFLUHVSHFWLYLLLQGLFDWRULVXQWVXEXQLWDUL

0XOWLSOLFDWRUXOILVFDOLDOVXEYHQ LLORUVXQWVXSUDXQLWDULGDF VHUHVSHFW FRQGL LD

c>

1+ g
2tr

(12.8)

HFKLYDOHQW FXRULFDUHGLQXUP WRDUHOHWUHL

1+ g
c
1+ g
r < 2t
c
g < c( 2 t r ) 1
t < 2r

(12.8.1)
(12.8.2)
(12.8.3)

0RGHOXOGHFUHWHUHSRDWHILHODERUDWLSHQWU

u cazul unei economii deschise. Variabilele

OXDWH vQ FRQVLGHUDUH SUHFXP L IXQF LLOH GH FRPSRUWDPHQW VH S VWUHD]  GDU OL VH DGDXJ  DOWHOH
VSHFLILFH XQHL DERUG UL vQ FDUH QX VH PDL IDFH DEVWUDF LH GH UHOD LLOH HFRQRPLHL LQWHUQD LRQDOH

Este vorba, n prinFLSLXGHLPSRUW0LGHH[SRUW;FDYDULDELOHLIXQF LLGHFRPSRUWDPHQW

VROGXOEDODQ HLFRPHUFLDOH%

GDULGHUH]XOWDQWDORU

0RGHOXOHFRQRPLHLGHVFKLVHLQWURGXFHRQRX SRVLELOLWDWHGHLQWHUYHQ LHJXYHUQDPHQWDO 

DQXPH SROLWLFD YDPDO  SULQ FDUH SRW IL JHQHUDWH DMXVW UL VWLPXOLIUkQH SHQWUX FRHILFLHQWXO
VSHFLILF GH LPSRUW DGLF  SHQWUX vQFOLQD LD PDUJLQDO  VSUH LPSRUW P VHPQLILFkQG VSRUXO
LPSRUWXOXLODRXQLWDWHVXSOLPHQWDU GHSURGXVILQDO
Q PRGHOXO HFRQRPLHL GHVFKLVH HVWH QHFHVDU V  VH IDF  R LSRWH]  DVXSUD PRGXOXL vQ FDUH
HVWH LQWURGXV SDUWHQHUXO H[WHUQ 9RP SUH]HQWD DFHD YDULDQW  vQ FDUH DFHVW SDUWHQHU QX DSDUH vQ
PRG H[SOLFLW FL HVWH GRDU SUHVXSXV SULQ VLPSOXO IDSW F  HFRQRPLD VXELHFW HFRQRPLD SHQWUX

care a fost elaborat modHOXO DUH FRPHU  H[WHULRU &HHD FH QX DSDUH vQ IDSW VXQW IXQF LLOH GH
FRPHU  H[WHULRU DOH DFHVWXL SDUWHQHU SHQWUX F  LPSRUWXO OXL DUH P ULPHD H[SRUWXOXL HFRQRPLHL
VXELHFWGXS FXPH[SRUWXOOXLDUHP ULPHDLPSRUWXOXLHFRQRPLHLVXELHFW
)XQF LLOHVSHF

ifice modelului economiei deschise sunt:

X = X0
IXQF LDGHLPSRUW
M = m Y + M0
HFXD LDVROGXOXLEDODQ HLFRPHUFLDOH
B=XM
unde: X0 = exportul autonom
M0 = importul autonom.

IXQF LDGHH[SRUW

(13.1)
(13.2)
(13.3)

Q DFHDVW  YDULDQW  D PRGHOXOXL H[SRUWXO DSDUH GH IDSW FD ILLQG H[RJHQ .H\QHV DGRSW 
DFHDVW  VROX LH GHRDUHFH FRQVLGHU  F  H[SRUWXO HVWH GHWHUPLQDW PDL DOHV GH UDSRUWXO GH
FRPSHWLWLYLWDWHvQWUHGRLSDUWHQHULDGLF GHSLQGHQXQXPDLGHIDFWRU

i interni economiei "subiect",

FLLGHIDFWRULH[WHUQLDFHVWHLDDGLF GHIDFWRULFH LQGHSDUWHQHUXOH[WHUQ0HULW PHQ LRQDWF 

vQOHJ WXU FXVXV LQHUHDGHF WUHVWDWDFRPHU XOXLH[WHULRUURPkQHVFSURIGU0LKDLO0DQRLOHVFX
GH]YROW  vQ OXFUDUHD VD )RU HOH QD LRQDOH SURGXFWLYH L FRPHU XO H[WHULRU %XFXUHWL  XQ
SXQFW GH YHGHUH VLPLODU UHFRPDQGkQG R DWLWXGLQH IOH[LELO   D VWDWXOXL SULQ SROLWLFD YDPDO 
WRFPDLSHVHDPDIRU HLFRPSHWLWLYHGHWHUPLQDW GHSURGXFWLYLWDWHDPXQFLL
) U  D OXD vQ FRQVLGHUDUH DOWH YDULDELOH L SURFHVH HFRQRPLFH PRGHOXO 

(13.3)

SRDWH FRQGXFH OD HYLGHQ LHUHD LPSDFWXOXL SROLWLFLL YDPDOH FD H[SUHVLH D LQWHUYHQ LRQLVPXOXL
VWDWDO SULQ SROLWLFD ILVFDO  'LQ  GDF  LQHP VHDPD VXFFHVLY GH FHOHODOWH GRX  UHOD LL VH
RE LQH

25

Y=

1
(X 0 B M 0 )
m

(13.4)

'DF  HFRQRPLD VXELHFW QX VH vQGDWRUHD]  SHQWUX FRPHU XO V X H[WHULRU DGLF  %

 

UH]XOW  F  YROXPXO SURGXVXOXL ILQDO HVWH GHSHQGHQW GH vQFOLQD LD PDUJLQDO  VSUH LPSRUW P FDUH
SRDWHILDMXVWDW SULQSROLWLFDYDPDO FDLGHH[SRUWXOQHWDXWRQRP;0

-M0).

,QWURGXFHUHD vQ PRGHO L D FHORUODOWH YDULDELOH HFRQRPLFH L ILQDQFLDU

-monetare poate fi

I FXW vQLSRWH]DFRQVLGHU ULLORUFDH[RJHQHVDXQX

'DF YDULDELOHOHLQYHVWL LLLPSR]LWHFKHOWXLHOLJXYHUQDPHQWDOHLVXEYHQ LLVXQWDFFHSWDWH
FD H[RJHQH DWXQFL PRGHOXO LQFOXGH UHOD LLOH 

  OD FDUH VH DGDXJ

 

(13.2),

SUHFXP L R HFXD LH D HFKLOLEUXOXL JHQHUDO GH R VWUXFWXU  QRX  FRUHVSXQ] WRDUH FDUDFWHUXOXL

deschis al economiei:
Y+M=C+I+G+X

(14)

8WLOL]kQG DFHODL SURFHGHX DO VXEVWLWXLULL vQ HFXD LD GH HFKLOLEUX  D IXQF LLORU GH

comportament (10.1) (10.7) plus (13.1)    VH RE LQ FLQFL PXOWLSOLFDWRUL DL FUHWHULL
economice, reflectnd fiecare amploarea uneLDQXPLWHSROLWLFLGHLQWHUYHQ LHJXYHUQDPHQWDO SULQ
prghii financiar-PRQHWDUHLDQXPH
dY
dY
dY
1
=
=
=
dI0 dG 0 d (X 0 M 0 ) 1 c + m
dY
dY
c
=
=
dT0
dR 0 1 c + m

(14.1)
(14.2)

0XOWLSOLFDWRUXO LQYHVWL LLORU FHO DO FKHOWXLHOLORU JXYHUQDPHQWDOH L FHO DO H[SRUWXOXL QHW
VXQWHJDOLvQWUHHLFXDOWHFXYLQWHSROLWLFDYDPDO DUHXQHIHFWVLPLODUFHOHLDLQYHVWL LLORULFHOHL

a cheltuielilor guvernamentale.
9DORDUHDDFHVWXLPXOWLSOLFDWRUHVWHPDLPLF GHFkWDFHOXLVLPLODUL

1
1
<
1 c + m
1 c

deoarece m QXSRDWHILQHJDWLYSHQWUXF

(14.3)

UHOD LDLPSRUW SURGXVILQDOHVWHGLUHFW QXSRDWH

ILVXSUDXQLWDUSHQWUXF LPSRUWXOHVWHGRDUXQDGLQGHVWLQD LLOHSURGXVXOXLILQDO

3H GH DOW  SDUWH YDORDUHD DFHVWXL PXOWLSOLFDWRU SRDWH IL PDL PDUH VDX PDL PLF  GHFkW D
FHOXLVLPLODUDVWIHOGDF 

m < c t

(14.4)

valoarea lui este mai mare dect a celui similar (11.2)

QPRGDVHP Q WRULSHQWUXFRPSDUD LDFXPXOWLSOLFDWRUXODVWIHOGDF 

m < c (t+r)+g

(14.5)

valoarea lui este mai mare dect a celui similar (12.3).

'HDVHPHQHDYDORDUHDDFHVWXLPXOWLSOLFDWRUSRDWHILVXEVDXVXSUDXQLWDU DVWIHOGDF 

c<m
valoarea luLHVWHVXEXQLWDU

(14.6)

Q VIkULW HIHFWHOH FHORU WUHL SROLWLFL GHMD PHQ LRQDWH VXQW PDL SURQXQ DWH GHFkW D FHORU

26

ILVFDO LDVXEYHQ LLORUGHRDUHFH

1
c
>
1 c + m 1 c + m

(14.7)

Q FH SULYHWH PXOWLSOLFDWRUXO ILVFDO L FHO DO VXEYHQ LLORU SHQWUX FH

l fiscal vom face

FRQVLGHUD LLOHSHVHDPDYDORULLOXLDEVROXWHvQPRGXOHLDXYDORDUHHJDO GDUPDLPLF GHFkWD

multiplicatorului similar (10.10), deoarece m (0;1):

c
c
<
1 c + m 1 c

dar poate fi mai mare sau mDL PLF

(14.4).

(14.8)

 vQ FRPSDUD LH FX PXOWLSOLFDWRUXO  FRQIRUP UHOD LHL

'H DVHPHQHD SRDWH DYHD R YDORDUH PDL PDUH VDX PDL PLF  GHFkW D PXOWLSOLFDWRUXOXL
FRQIRUPUHOD LHLQVIkULWYDORDUHDDFHVWXLLQGLFDWRUSRDWHILVXEVDXVXSUDXQLWDU 
DVWIHOGDF 

c<

m +1
sau m > 2c-1
2

(14.9)

multiplicatorul este subunitar.

'DF  WUDW P GLVWLQFW H[SRUWXO L LPSRUWXO DGLF  VHSDU P H[SRUWXO QHW vQ FHOH GRX 
FRPSRQHQWHDOHVDOHDWXQFLUH]XOW 

dY
dY
1
=
=
dX 0
dM 0 1 c + m
ceeD FH vQVHDPQ

(14.10)

 F  FHOH GRX  FRPSRQHQWH DOH SROLWLFLL GH FRPHU  H[WHULRU DX vQ YDORDUH

DEVROXW DFHODLHIHFWSULYLQGFUHWHUHDHFRQRPLF 
9DULDQWDGHPRGHOvQFDUHVHUHQXQ
LQFOXGH UHOD LLOH 

ODFDUDFWHUXOH[RJHQDOYDULDELOHORUGHMDPHQ LRQDWH

(10.3), (11.1), (12.1) (12.2), (13.1)   L  3H ED]D DFHOXLDL

SURFHGHXVHRE LQHDOW IRUP DFHORUFLQFLPXOWLSOLFDWRULDVWIHO

dY
dY
dY
1
=
=
=
dI0 dG 0 d (X 0 M 0 ) 1 c(1 t r ) a + g + m

(15.1)

dY
dY
c
=
=
dT0
dR 0 1 c(1 t r ) a + g + m

6WUXFWXUDILQDQFLDU

StructurD ILQDQFLDU

(15.2)

DILUPHL

 D ILUPHL H[SULP  UDSRUWXO vQWUH ILQDQ DUHD SH WHUPHQ VFXUW SULQ

FUHGLWH GH WUH]RUHULH L ILQDQ DUHD SH WHUPHQ OXQJ SULQ FDSLWDOXO SHUPDQHQW $FHDVW  VWUXFWXU 
GHULY GLQVWUXFWXUDFDSLWDOXOXLGXS SURYHQLHQ DUHVXUVHORUYH]LVXEFDSLWROXO

I.5).

&UHGLWHOHGHWUH]RUHULHUHSUH]LQW FUHGLWXOEDQFDUL FRPHUFLDOSHFDUHvO SRDWHPRELOL]DR

ILUP  $FHVWH VXUVH GH ILQDQ DUH VXQW PDL VXSOH vQWUXFkW VH SRW DMXVWD PDL XRU OD QHYRLOH

temporare ale firmei. n general ele sunt mai ieftine dect crediWHOH SH WHUPHQ OXQJ GDWRULW

ULVFXOXLPDLUHGXVSUHVXSXVGHLQWHUYDOXOPXOWPDLUHGXVSHQWUXFDUHVHDFRUG QWUHFRVWXOORUL
FRVWXO FDSLWDOXOXL SURSULX DO ILUPHL UHOD LDHVWH PDL FRPSOH[  vQ SULQFLSLX FRVWXO ORU DU WUHEXL V 

fie mai mic, deoarece altIHODF LRQDULLDUILWHQWD LV -LUHWUDJ

FDSLWDOXOLV

-OIRORVHDVF

GHSODVDPHQWH3HGHDOW SDUWHXQDVWIHOGHFUHGLWVROLFLWDWvQFRQGL LLGHXUJHQ

vQDOWIHO

FDRQHFHVLWDWH

DS UXW LQWHPSHVWLYHVWHvQJHQHUDOVFXPS2ULFXPSRWULYLWUHJXOLLGHDXUDILQDQ HORUFDS,

DFHVWHFUHGLWHUHSUH]LQW VXUVDILQDQFLDU FHDPDLSRWULYLW SHQWUXDILQDQ DQHYRLOHFXUHQWH

27

Capitalul permanent este format din resursele ce au un astfel de caracter, n principal

FDSLWDOXOSURSULXLFUHGLWHOHSHWHUPHQPHGLXLOXQJEDQFDUHVDXREOLJDWDUH

Kperm = Kpr + Ctml

(16)

unde: Kperm = capitalul permanent;

K pr
= capitalul propriu;
Ctml
FUHGLWHSHWHUPHQPHGLXLOXQJ
3ULQFLSDODGHVWLQD LHDDFHVWRUVXUVHRUHSUH]LQW DFWLYHOHIL[HGHRDUHFHURWD LDORUHVWHGH
OXQJ GXUDW DGLF YDORDUHDORUVHUHFXSHUHD] SHWHUPHQOXQJDVWIHOvQFkWVXQWQHFHVDUHSHQWUX
ILQDQ DUHD ORU VXUVH VWDELOH GH GXUDW  Q P VXUD vQ FDUH DFHDVW  QHYRLH HVWH DFRSHULW  DFHVWH
VXUVHVXQWXWLOL]DWHLSHQWUXDFRSHULUHDXQHLS U LGLQQHYRLOHFXUHQWHGHH[SORDWDUH
1HYRLOH FXUHQWH GH H[SORDWDUH VXQW vQWkOQLWH QR LRQDO L VXE GHQXPLUHD GH FKHOWXLHOLOH

ciclului de exploatare sau active circulante. Resursele financiare din care sunt ele acoperite sunt
IRQGXO GH UXOPHQW L UHsursele de trezorerie, astfel nct cantitativ nevoile (activele circulante)
VXQWHJDOHFXVXUVHOHGLQFDUHVXQWILQDQ DWH

AC = FR+ RT
unde: AC = active circulante;
FR = fond de rulment;
RT = resurse de trezorerie.
Fondul de rulment reprH]LQW

(17)

 SDUWHD GLQ UHVXUVHOH SHUPDQHQWH FDUH GHS HWH QHYRLOH GH

ILQDQ DUHDLPRELOL] ULORUIL[H

FR = Kperm AF
XQGH$)

(18)

LPRELOL] ULIL[HVDXDFWLYHIL[H

Resursele de trezorerie sunt acele resurse financiare mobilizate pe termen scurt cu

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acoperirea n primul rnd a nevoilor permanente;

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28

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Analiza financiar

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respectiv a pasivului:

unde: S

ACTIV = AF + AC

(19.1)

AC = S + C + L

(19.2)

PASIV = K perm + RT

(20.1)

RT = Cts + F + AO

(20.2)

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L
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Cts = credit bancar pe termen scurt;
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AO = alte obliga LLGHSODW 
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a) coeficientul de ndatorare

c =

DT
PASIV

(21)

unde DT = datorii totale.

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a firmei:
 3$6,9

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pe care ei le-au dat cu mprumut firmei; cu ct acest coeficient este mai aproape de unitate, cu
att firma este ntr-RVLWXD LHILQDQFLDU PDLGLILFLO 
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29

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cf =

Ctml
Kpr

(22)

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dar eliberea]

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HVHQ LDO vQ GHWHUPLQDUHD 

levierului financiar sau HIHFWXOXL GH SkUJKLH HIHFWXOXL GH P

(pentru detalii vezi culegerea dHSUREOHPH)LQDQ HPRQHG vQvQHGLWXUD$6(
c)

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Ctml
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(23.1)

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(23.2)

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(23.3)

PB = CA CT

(23.4)

cdtka =

unde: KA
PN
A
ci
PB
OF
COR
CA
CT

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= profitul net;
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= cifra de afaceri;
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aprecierea gradului de ndatoUDUHSULQLQIRUPD LDUHIHULWRDUHODVROYDELOLWDWHDILUPHL

d) cota costului creditelor de trezorerie n profitul brut
ccct =

D
PB

(24)

30

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 sau
managementul financiar sau DGPLQLVWUDUHD ILQDQFLDU a unei firme. Principalele domenii ale
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principal la constituirea nSHUVSHFWLY

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a resurselor financiare pe termen scurt.

31

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n limita unui anumit termen.

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sensu, utilizarea unor resurse financiare pentru

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sunt luate n considerare mDL PXOWH FULWHULL vQ JHQHUDO ILHFDUH FX R SRQGHUH GH LPSRUWDQ

 GDW 

$FHDVW  SRQGHUH SUH]LQW  vQ JHQHUDO FDUDFWHU VXELHFWLY UH]XOWDW GLQ VFRSXULOH L LQWHUHVHOH
vQWUHSULQ] WRUXOXLGLQFRPSRUWDPHQWXOV XGHDJHQWHFRQRPLF

2.

(YDOXDUHDUHQWDELOLW

LLLQYHVWL LHL

5HQWDELOLWDWHD LQYHVWL LHL HVWH XQXO GLQ FULWHULLOH GH ED]  SH FDUH VH vQWHPHLD]  GHFL]LD GH
DOHJHUHDXQHLYDULDQWHGHLQYHVWL LH(YDOXDUHDDFHVWHLUHQWDELOLW

a)

PHWRGDFRQWDELO

ri =

BN
VNI

VNI = VI - A
unde: ri

LVHIDFHSULQGRX PHWRGH

SRWULYLWF UHLD

(25)
(25.1)

UHQWDELOLWDWHDLQYHVWL LHL

33

BN
VNI
VI
A

EHQHILFLXOQHWUH]XOWDWGLQH[SORDWDUHDLQYHVWL LHL
YROXPXOQHWDOLQYHVWL LHL
YDORDUHDLQL LDO DLQYHVWL LHL
DPRUWL]DUHDFXPXODW OD]L

RentabLOLWDWHD DVWIHO GHWHUPLQDW

 DUDW  FkWH XQLW

L PRQHWDUH GH EHQHILFLX UHYLQH OD R

XQLWDWH PRQHWDU  GLQ YDORDUHD U PDV  D LQYHVWL LHL HVWH R UDW  GH UHQWDELOLWDWH GH WLSXO UDWD
SURILWXOXL vQ UDSRUW FX FDSLWDOXO $FHDVW  UDW  VH FDOFXOHD]  DQXDO SH ED]D GDWHORU GH ELODQ 
FRUHFWDWHFXILVFDOLWDWHDFDLSHED]DGHFL]LHLSULYLQGSROLWLFDDPRUWL] ULLDFWLYHORUIL[HQDFHVW
IHO VH SRDWH GHWHUPLQD FRQWULEX LD LQYHVWL LHL OD UHQWDELOLWDWHD WRWDO  D ILUPHL GDF  UHQWDELOLWDWHD
LQYHVWL LHL HVWH PDL  PDUH GHFkW UHQWDELOLWDWHD SH DQVDPEOXO ILUPHL vQVHDPQ  F  LQYHVWL LD
S VWUHD]  FDUDFWHUXO HL GH DQWUHQDUH  'LILFXOWDWHD PHWRGHL UH]LG  vQ IDSWXO F  VXQW QHFHVDUH
RSHUD LXQL ILQDQFLDU FRQWDELOH ODERULRDVH L UHODWLY FRPSOH[H SHQWUX D VHSDUD GLQ EHQHILFLXO QHW

total DO XQHL ILUPHL FkWLPHD FH UHYLQH UHVSHFWLYHL LQYHVWL LL 0HWRGD HVWH FULWLFDW

 SHQWUX F 

JHQHUHD]  UDWH DQXDOH FUHVF WRDUH GHWHUPLQDWH PDL DOHV GH GLPLQXDUHD GH OD XQ DQ OD DOWXO D
YDORULL U PDVH RU FHO SX LQ GH OD XQ DQXPLW PRPHQW GLQ GXUDWD GH YLD
UHQWDELOLW

b)

 D LQYHVWL LHL FUHWHUHD

LLHLSHP VXUDvPE WUkQLULLHVWHRDQRUPDOLWDWHFHOSX LQWHRUHWLF 

PHWRGDILQDQFLDU

FRQIRUPF UHLD

ri =

FFP
VI

(26)

dve

FFP =

FFPt

(26.1)

t =1

FFPt = At + BNt

(26.2)

unde: FFP = fluxuri financiare pozitive;

t
LQGLFHSULQFDUHVHLGHQWLILF DQXOGHUHIHULQ
dve GXUDWDGHYLD HFRQRPLF DLQYHVWL LHL

$FHDVW  PHWRG  LQWURGXFH GRX  FRQFHSWH VSHFLILFH

flux financiar L GXUDWD GH YLD 

HFRQRPLF SUHFXPLFKHVWiunea de principiu a modului n care se introduce factorul timp.
Fluxul financiar este un transfer monetar cu caracter definitiv, al firmei, spre sau dinspre
PHGLXOHFRQRPLFQUDSRUWFXVHQVXOV XIOX[XOILQDQFLDUSRDWHILQHJDWLYVDXSR]LWLY

Fluxul

ILQDQFLDU QHJDWLY UHSUH]LQW  FKHOWXLHOL vQ FD]XO LQYHVWL LLORU

- cheltuieli pentru

UHDOL]DUHD LQYHVWL LHL SHQWUX GDUHD HL vQ IXQF LXQH 6XQW IOX[XUL GH LPRELOL]DUH L VXQW FDOFXODWH
SULQGHYL]XOJHQHUDODOLQYHVWL LHL

Fluxul financiar pozitiv reprezint

YHQLWXUL

GLQ

H[SORDWDUHD

LQYHVWL LHL

UHVSHFWLY

DPRUWL]DUHD DQXDO  L EHQHILFLXO QHW HVWLPDWH SH ED]D SROLWLFLL GH DPRUWL]DUH UDSLG  OHQW  L D
QRUPHORUOHJDOHSULYLQGDPRUWL]DUHDFDLSHED]DVWXGLLORUFRPHUFLDOHDSROLWLFLLFKHOWXLHOLORUGH

explRDWDUH L IXQF LRQDUH D LQYHVWL LHL D SROLWLFLL GH SUH XUL D 6SUH GHRVHELUH GH PHWRGD
SUHFHGHQW  DFHDVWD DUH XQ FDUDFWHU SURQXQ DW SUHGLFWLY FHHD FH SUHVXSXQH GHILFXOW

L GH

S WUXQGHUHDYLLWRUXOXLFDLLQFHUWLWXGLQLLPDLSURQXQ DWHSULYLQGLQIRUPD LLOH

'XUDWD  GH YLD

 HFRQRPLF

 HVWH LQWHUYDOXO GH WLPS vQ FDUH LQYHVWL LD JHQHUHD]  R

UHQWDELOLWDWH FHO SX LQ DFFHSWDELO  $FHDVW  GXUDW  HVWH HVWLPDW  SH ED]D LQIRUPD LLORU IRORVLWH OD
GHWHUPLQDUHD IOX[XULORU ILQDQFLDUH SR]LWLYH GDU L D FDLHWHORU WHKQLFH FDUH GHVFULX LQYHVWL LD D
SUHGLF LLORUSULYLQGSURJUHVXOWHKQLFLLQRYD LDYL]kQGRELHFWLYXOLQYHVWL LHLvQFDX] DQRUPHORU

legale n vigoare privind durata de amortizare a activelor fixe.

n cazul unor durate relativ lungi, n calculele finaQFLDUHHVWHOXDW

vQFRQVLGHUDUH RYLD

HFRQRPLF  PDL VFXUW  DVWIHO vQFkW UH]XOWDWHOH RE LQXWH HYHQWXDO GLQFROR GH DFHDVW  YLD

 PDL

VFXUW  VXQW FRQVLGHUDWH JOREDO FD YDORDUH UH]LGXDO  3URFHGHXO  HVWH DFFHSWDW GHRDUHFH IDFWRUXO

34

timp face ca, n terPHQL FRPSDUDELOL UH]XOWDWHOH RE LQXWH OD PDUH GLVWDQ
LQWU ULL vQ IXQF LXQH D LQYHVWL LLORU V  ILH TXDVLLQVLJQLILDQWH ID
PLF GLVWDQ

 GH WLPS GH PRPHQWXO

 GH FHOH RE LQXWH LPHGLDW VDX OD

vQWLPSGHDFHVWPRPHQW

Factorul timpLQWURGXFHGLIHUHQ LHUHDvQWHUPHQLUHDOLLGHXWLOLWDWHDGRX EXQXULDEVROXW

identice, dar disponibile pentru uz la momente de timp diferite. n sensul obiectului de studiu al
ILQDQ HORUDFHVWEXQHVWHFRQVLGHUDWvQSULQFLSLXFDRVXP GHEDQL
'LIHUHQ LHUHD vQ WHUPHQL UHDOL VH UHIHU  OD IDSWXO F  DFHLDL VXP  GH EDQL DUH SXWHUL GH
FXPS UDUHGLIHULWHODPRPHQWHGHWLPSGLIHULWHGLQFDX]DUDWHLLQIOD LHL
'LIHUHQ LHUHD vQ WHUPHQL GH XWLOLWDWH VH UHIHU  OD IDSWXO F  vQ PRG QDWXUDO RPXO DFRUG  R
LPSRUWDQ

 PDL PDUH SUH]HQWXOXL GHFkW YLLWRUXOXL WRFPDL GDWRULW  LQFHUWLWXGLQLL FHOXL GLQ XUP 

'HDFHHDSHQWUXDDFFHSWDDPkQDUHDXWLOL] ULLXQHLVXPHGHEDQLvQSULQFLSLXDRULF UXLEXQVH

YDSUHWLQGHvQWRWGHDXQDRUHFRPSHQV DFHDVW UHFRPSHQV DSDUHFDXQVXSOLPHQWGHX]

3HQWUXHFKLYDODUHDDGRX VXPHGLVSRQLELOHODPRPHQWHGLIHULWHvQWLPSVHXWLOL]HD] 

SURFHGHXODFWXDOL] ULLFDUHSHUPLWHGHWHUPLQDUHDvQWHUPHQLLGHD]LDLSXWHULLGHFXPS UDUHD

EDQLORULDLXWLOLW

LLSHQWUXSRVHVRUDXQHLVXPHRDUHFDUHGLVSRQLELO vQYLLWRU

S0 = Sn (1+ra)-n

(27)

Sn VXPD6GLVSRQLELO ODXQPRPHQWYLLWRUQQ!

S0 YDORDUHDDFWXDO DVXPHL6
ra = rata de actualizare.

SURFHGHXO IUXFWLILF ULL FDUH SHUPLWH GHWHUPLQDUHD vQ WHUPHQLL XQXL PRPHQW Y

iitor oarecare a

SXWHULLGHFXPS UDUHLDXWLOLW

LLSHQWUXSRVHVRUDXQHLVXPHRDUHFDUHGLVSRQLELO D]L

Sn = So (1+ra)n

(28)

S0 VXPDGLVSRQLELO D]L

Sn = valoarea viitoare a sumei So la momentul n (n>0).
Introducerea factorului timp aduce

DFXUDWH H L UHDOLVP vQ HVWLPDUHD UHQWDELOLW

LL GXS 

PHWRGDILQDQFLDU &DXUPDUHIOX[XULOHILQDQFLDUHSR]LWLYHDOHH[SORDW ULLLQYHVWL LHLSHGXUDWDHL

GHYLD

HFRQRPLF GHYLQ

FFP =

dve

FFPt (1 + ra) t

(29.1)

t =1

LDUYDORDUHDLQL LDO DLQYHVWL LHLYDI

i
dri

VI = I t (1 + ra)t

(29.2)

t =1

unde: t = indice pentru identificarea timpului;

dve GXUDWDGHYLD HFRQRPLF DLQYHVWL LHL
dri GXUDWDUHDOL] ULLLQYHVWL LHLLDSXQHULLHLvQIXQF LXQH
It
YDORDUHDLQYHVWL LHLHIHFWXDW vQDQXOW
EsteHYLGHQWF
FH

PRPHQWHOHGHWLPSFH LQGHGULVXQWWRDWHSUHFHGHQWHRULF UXLDGLQFHOH

LQ GH GYH L F  SH R D[  D WLPSXOXL PRPHQWXO ]HUR UHSUH]LQW  PRPHQWXO G ULL vQ

IXQF LXQHDLQYHVWL LHL

35

3.

&ULWHULLGHDOHJHUHDYDULDQWHORUGHLQYHVWL LH
LHL HVWH XQ SULP FULWHULX L DUH FDUDFWHU GLUHFW vQ VHQVXO F  HVWH

ReQWDELOLWDWHD LQYHVWL

SUHIHUDW  YDULDQWD FX R UHQWDELOLWDWH PDL PDUH 7RWRGDW  UHQWDELOLWDWHD LQYHVWL LHL HVWH SXV  vQ
OHJ WXU FXFRVWXOILQDQ

unde:

ULLLQYHVWL LHLLFXULVFXO

ri k
ri k + r

ULLLQYHVWL LHL

(30.1)
(30.2.)

N

FRVWXOILQDQ

U

 FRWD GH ULVF DIHUHQW  LQYHVWL LHL SURSULX ]LVH UDPXULL vQ FDUH VH vQFDGUHD]  L

ULL vQ

FDUHHVWHDPSODVDW 
&RVWXO ILQDQ
FXDQWXPXOILQDQ

ULL LQYHVWL LHL UHSUH]LQW  FKHOWXLHOLOH H[SULPDWH SURFHQWXDO vQ UDSRUW GH

ULLSHFDUHOHVXSRUW LQYHVWLWRUXOvQEHQHILFLXOVXUVHLGHILQDQ DUH

Q FD]XO vQ FDUH VXUVD GH ILQDQ DUH HVWH XQ FUHGLW DWXQFL FRVWXO ILQDQ

ULL HVWH VXPD

cheltuielilor cu dobkQGD FX FRPLVLRDQHOH LDOWHVSH]H EDQFDUH GDWRUDWH GH LQYHVWLWRU vQFDOLWDWH
GHGHELWRUID GHLQVWLWX LDJUXSXOGHSHUVRDQHVDXSHUVRDQDvQFDOLWDWHGHFUHGLWRUFDUHL-a pus
ODGLVSR]L LHVXUVDGHILQDQ DUH

k=
unde: CSF
S

CSF
100
S

(31)

FKHOWXLHOLOHDIHUHQWHVXUVHLGHILQDQ DUH
FXDQWXPXOVXUVHLGHILQDQ DUH

Q FD]XO vQ FDUH LQYHVWL LD HVWH DXWRILQDQ DW  DWXQFL FRVWXO ILQDQ
GLYLGHQGHOH FH WUHEXLH SO WLWH DF LRQDULORU FX DOWH FXYLQWH FRVWXO ILQDQ

ULL vO UHSUH]LQW 

ULL VH DSURSLH GH UDWD

dividendului:
k=
XQGH',9

DIV
S

(32)

GLYLGHQGHOHFHVHSO WHVFDF LRQDULORUSHQWUXFRQVWLWXLUHDFDSLWDOXOXLILUPHLLQYHVWL LH

QRX VDXDOFDSLWDOXOXLQHFHVDUSHQWUXILQDQ DUHDXQHLLQYHVWL LLODRILUP GHMDvQIXQF LXQH

Cota de riscUHSUH]LQW

DQVDSUREDELOLWDWHDGHDVHSURGXFHVLWXD LLQHIDYRUDELOHSULYLQG

UH]XOWDWHOHLQYHVWL LHLDGLF GHDQXRE LQHUHQWDELOLWDWHDVFRQWDW 

Costul de oportunitate DO LQYHVWL LHL HVWH XQ DOW LQGLFDWRU ILQDQFLDU important luat drept
FULWHULX GH DOHJHUH SH PXO LPHD YDULDQWHORU GH LQYHVWL LH $FHVWD UHSUH]LQW  UDWD DFWXDULDO  FDUH
GHWHUPLQ XQHIHFWQHWQXODOLQYHVWL LHLHVWHXQSUDJDOUHQWDELOLW

LLLQYHVWL LHL

ri co

(33)
unde co = costXOGHRSRUWXQLWDWHDOLQYHVWL LHL
'HWHUPLQDUHD DFHVWXL FRVW VH IDFH SULQ UH]ROYDUHD HFXD LHL UH]XOWDW  GLQ UHOD LD GH

echilibru:
FRVWXODFWXDOL]DWDOLQYHVWL LHL

YDORDUHDDFWXDO

dri

dve

t = 1

t =1

I t (1 + ra ) t =

DIOX[XULORUILQDQFLDUHSR]LWLYH

FFPt (1 + ra ) t

QDFHDVW HFXD LHQHFXQRVFXWDHVWHUDGDF VROX LDHFXD LHLHVWHUD

co = ra*

(34.1)
(34.2)

, atunci:
(34.3)

36

Criteriul "cost de oportunitate" este un criteriu invers: cu ct costul de oportunitate este

PDL PLF FX DWkW YDULDQWD GH LQYHVWL LH HVWH PDL EXQ  3HQWUX R DSUHFLHUH PDL EXQ  HVWH
UHFRPDQGDELO GHWHUPLQDUHD

marjei de acoperire:
ri
ma =
co

(35)

FDUH DUDW  vQ FH P VXU  UHQWDELOLWDWHD LQYHVWL LHL DFRSHU  FRVWXO HL GH RSRUWXQLWDWH 0DUMD WUHEXLH
V  ILH VXSUDXQLWDU  /D OLPLW  UH]XOW  PD

  DGLF  UHQWDELOLWDWHD HVWH OD QLYHOXO SUDJXOXL &RVWXO

GHRSRUWXQLWDWHHVWHRUDW DFWXDULDO LGHUHJXO UHSUH]LQW GREkQGDSLH HLPRQHWDUHSHWHUPHQ

OXQJ 'DF  PDUMD GH DFRSHULUH HVWH LQVXILFLHQW  DWXQFL R FUHWHUH D DFHVWHL GREkQ]L DGXFH

invHVWL LD VXE SUDJXO HL GH UHQWDELOLWDWH $YkQG vQ YHGHUH FDUDFWHUXO LQYHVWL LHL GH D IL SH WHUPHQ
OXQJ ULVFXULOH DSDUL LHL XQHL DVWIHO GH VLWXD LL QX VXQW QHJOLMDELOH L GH DFHHD HVWH QHFHVDU FD
DFRSHULUHDV ILHVROLG 

- minimum 15-20 %.
Durata de recuperare D LQYHVWL LHL VDX lichiditatea LQYHVWL LHL HVWH XQ DOW FULWHULX GH

DVHPHQHDFXFDUDFWHULQYHUVFXFkWOLFKLGLWDWHDLQYHVWL LHLHVWHPDLPDUHFXDWkWYDULDQWDHVWHPDL
SX LQDWUDFWLY 'XUDWDGHUHFXSHUDUHDUDW vQDQLLQWHUYDOXOvQFDUHYDORDUHDLQL LDO DLQYHVWL LHL
HVWHUHFXSHUDW GLQIOX[XOILQDQFLDUSR]LWLYDQXDO

dr =

VI
FFPA

(36)

unde FFPA = fluxul financiar pozitiv anual.

,QWURGXFHUHD IDFWRUXOXL WLPS VH SRDWH IDFH FRQVLGHUkQG YDORDUHD LQL LDO  D LQYHVWL LHL

conform (29.2), iar fluxul financiar pozitiv anual ca o medie:

FFPA =

FFP
dve

(37)

XQGH))3LGYHVXQWFRQVLGHUDWHFRQIRUP

,QYHVWL LD VSHFLILF

 UHSUH]LQW  FKHOWXLDOD GH LQYHVWL LH SHQWUX RE LQHUHD XQHL XQLW

L GH

capacitate:

is =
XQGH.

VI
K

FDSDFLWDWHDLQYHVWL LHLH[SULPDW vQXQLW

(38)
LIL]LFH

&DLFULWHULXGHLQYHVWL LHLDFHVWDDUHFDUDFWHULQYHUVFXFkWLQYHVWL LDVSHFLILF HVWHPDL

PLF FXDWkWYDULDQWDHVWHPDLDWUDFWLY 
9DORDUHDWRWDO

DLQYHVWL LHLUHSUH]LQW VXPDvQWUHLQYHVWL LDGHED] FHDFDUHG RELHFWXO

H[SORDW ULL LQYHVWL LD FRODWHUDO  FHD QHFHVDU  SHQWUX LQWHJUDUHD LQYHVWL LHL vQ DQVDPEOXO
DSDUDWXOXL GH SURGXF LH DO ILUPHL L LQYHVWL LD FRQH[   FHD QHFHVDU  SHQWUX FUHDUHD LQIUDFWXULL

necHVDUH IXQF LRQ

ULL RELHFWXOXL UH]XOWDW GLQ LQYHVWL LH $FHVW FULWHULX VHOHFWHD]  YDULDQWHOH GH

LQYHVWL LH GXS  SXWHUHD HFRQRPLF D LQYHVWLWRUXOXLDGLF  GXS FDSDFLWDWHD OXL GHD SXWHD VXSRUWD
ILQDQ DUHDLQYHVWL LHL

4.

5HVXUVHOHGHILQDQ DUHDLQYHVWL LHL

,QYHVWL LDHVWH R DF LXQH GH GXUDW  L GHDFHHD QXHVWH UD LRQDOFD vQWUHDJDILQDQ DUH V ILH
PRELOL]DW  FKLDU GH OD GHEXWXO LQYHVWL LHL HVWH PDL HFRQRPLF V  VH DVLJXUH GLVSRQLELOL]DUHD
UHVXUVHORU vQ FXDQWXPXO L OD PRPHQWXO XWLOL] ULL ORU DGLF  HDORQD

t pe etape. n cazul unei

VXSUDILQDQ

UL DSDU FRVWXUL VXSOLPHQWDUH vQ SULQFLSDO GLQ GREkQ]L FD L SRVLELOLWDWHD IRORVLULL

QHHFRQRPLFRDVH ULVLS  GHS LUHD XQRU FKHOWXLHOL Q FD]XO XQHL VXEILQDQ

UL DSDU GH

37

asemenea, costuri suplimentare legate dHQHSODWDODWLPSDIXUQL]LULORULDQWUHSUHQRULORUSLHUGHUL

GLQSUHOXQJLUHDWHUPHQXOXLGHLQWUDUHvQIXQF LXQHD
)LQDQ DUHD LQYHVWL LHL VH SRDWH IDFH GLQ VXUVH SURSULL FDSLWDOXO VRFLDO IRQGXO GH
DPRUWL]DUHSURILWXOIRQGXULOHGHUH]HUY VXSOLPHQW

area de capital, venituri din plasamente), din

VXUVHDWUDVHPRELOL]DUHDUHVXUVHORULQWHUQHLGLQVXUVHvPSUXPXWDWHFUHGLWH

A. Capitalul socialHVWHVXUV

GHILQDQ DUHDLQYHVWL LHLSULQFDUHVHFRQVWLWXLHRVRFLHWDWH

FRPHUFLDO  QRX  'LPHQVLXQHD OXL HVWH VWDELOLW  GH JUXSXO GH LQL LDWLY  FHO FH SURSXQH
GH LQ WRULORU GH FDSLWDO DIDFHUHD SH FDUH R UHSUH]LQW  YLLWRDUHD VRFLHWDWH FRPHUFLDO  &DSLWDOXO
VRFLDOVHvPSDUWHSHDF LXQLDVWIHOF P ULPHDOXLHVWH

KS = n VN
unde: n
VN

(39)

QXP UXOGHDF LXQLHPLVH

YDORDUHDQRPLQDO DXQHLDF LXQL

Capitalul social apare nscris n prospectul de societate, prin care se face publicitatea
HPLVLXQLLGHDF LXQLvQYHGHUHVXEVFULHULLHVWHPHQ LRQDWSHDF LXQHDO WXULGHDOWHHOHPHQWHLVH
UHJ VHWHvQELODQ XODQXDODOILUPHLSULPDSR]L LHGLQSDVLY
3HQWUX VRFLHW

LOH FRWDWH OD EXUV  HO DUH R UHIOHFWDUH GH SLD

 vQ FDSLWDOL]DUHD EXUVLHU  D

acesteia.
KB = n C

(40)

XQGH&UHSUH]LQW FXUVXOEXUVLHUDGLF SUH XOGHSLD

DODF LXQLL

B. Fondul de amortizareDUHFDGHVWLQD LHGHED]

vQORFXLUHDDFWLYHORUIL[HODGDWDLHLULL

ORU GLQIXQF LXQH'HRDUHFHFRQVWLWXLUHDIRQGXOXLVHIDFHWUHSWDWSHVHDPDYkQ] ULORUDFHVWDHVWH

disponibil

vQWUH PRPHQWXO FRQVWLWXLULL L PRPHQWXO XWLOL] ULL DVWIHO vQFkW SH DFHVW LQWHUYDO GH

WLPSSRDWHILIRORVLWSHQWUXILQDQ DUHDLQYHVWL LLORU

C. Profitul,  FD VXUV  GH ILQDQ DUH D LQYHVWL LLORU DUH FD GHVWLQD LH GH ED]  FUHWHUHD
stocului de capital (fRUPDUHD QHW  D FDSLWDOXOXL IL[ DO ILUPHL L FD GHVWLQD LH FRPSOHPHQWDU 
vQORFXLUHDDFWLYHORUIL[HVFRDVHGLQIXQF LXQH3DUWHDGHSURILWFXDFHDVW GHVWLQD LHHVWHLQFOXV vQ
FRPSRQHQWD GH DXWRILQDQ DUH D SURILWXOXL L VH GHWHUPLQ  DQXDO SULQ KRW UkUHD FR

nsiliului de

DGPLQLVWUD LH vQ VWUkQV  OHJ WXU  FX SROLWLFD GH GLYLGHQG GDU L FX DO L IDFWRUL FXP VXQW HIRUWXO
LQYHVWL LRQDO QHYRLD GH D ILQDQ D  L DOWH DFWLYLW

L  RSHUD LXQL DWUDJHUHD DOWRU VXUVH P ULPHD

SURILWXOXLD

D. )RQGXULOH GH UH]HUY sXQW FRQVWLWXLWH GLQ SURILW DQXDO SULQ FRWH SUHY ]XWH ILH vQ
normele legale (care conduc la formarea rezervelor legale), fie n statutul de constituire al firmei
VDXvQKRW UkULDOHFRQVLOLXOXLGHDGPLQLVWUD LH'LQSXQFWXOGHYHGHUHDOELODQ XOXLDFHVWH fonduri
DX UHJLP GH FDSLWDO SURSULX )RUPDUHD DFHVWRU IRQGXUL DUH vQ YHGHUH DVLJXUDUHD H[LVWHQ HL XQRU
UHVXUVHVXSOLPHQWDUHSURSULLSHQWUXFD]XO SURGXFHULLXQRU ULVFXULFXLPSOLFD LLILQDQFLDUHPDMRUH
&DUDFWHUXOSHUPDQHQWDOFROHFW ULORUvQDFHVWHIRQGXULIDFHFDODXQPRPHQWGDWFXDQWXPXOORUV 
ILH LPSRUWDQW /HJHD SUHYHGH R FRW  vQ UDSRUW FX FDSLWDOXO VRFLDO vQFHSkQG GH OD FDUH VH SRDWH
FRQVLGHUDF GLPHQVLXQHDIRQGXULORUHVWH DVLJXUDWRULHDVWIHOvQFkWFROHFW ULOHVXSOLPHQWDUHSRWIL

folosite pentru

ILQDQ DUHD

LQYHVWL LLORU

3UHYHGHUL

VLPLODUH

SRDWH

KRW Uv

L

FRQVLOLXO

GH

DGPLQLVWUD LH vQ OHJ WXU  FX FRPSRQHQWHOH IRQGXULORU GH UH]HUY  GHFLVH GH HO 'H DVHPHQHD VH
SRW J VL L vQ VWDWXWXO GH DVRFLHUH VWDWXWXO GH vQILLQ DUH D VRFLHW

LL FRPHUFLDOH vQ OHJ WXU  FX

rezervele instituite prin acesta.

'HFL]LD GH D XWLOL]D SHQWUX LQYHVWL LL SDUWHD GLQ UH]HUYD OHJDO  FH GHS HWH FRWD VWDELOLW 

de lege se ia sub forma unei decizii de suplimentare a capitalului social. n acest sens se

38

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(41.1)

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n

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(41.2)

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39

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(41.3)

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(41.4)

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(41.5)

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prin credite sunt foarte variate.

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b)

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e posesorii de

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40

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c) (PLVLXQHDGHHXURREOLJD LXQLVHIDFHGHUHJXO GHF WUHJUXSurile bancare, cu interese

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impozitele pe profit, prin taxele locale) etc.

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f) Creditul - contract de nchiriere numit leasing sau credit - EDLO QWUHSULQ]

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ei. Contractul de leasing se

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trei variante:

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umai angajamentele financiare asumate prin contract.

41

5.

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pierderii n timp a parametrilor / caracteristicilor lui tehnico - economice. Ca urmare, amortizarea

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a respectivului activ fix.

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impozitului pe profit datorat statului.

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n cazul n care activul fix este supraevaluat sau cotele de amortizare sunt prea mari,
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n cazul n care activul fix este subevaluat sau cotele de amortizare sunt prea mici, apare
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ce poate duce la decizii curente sau strategice eronate cu efecte financiare defavorabile.
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resorturi:

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42

Deoarece amorWL]DUHD HVWH XQ SURFHV FDUH VH GHUXOHD]

 vQ WLPS YDORDUHD UHFXSHUDW  D

DFWLYXOXL IL[ FUHWH LDU YDORDUHD U PDV  QHUHFXSHUDW  VH UHGXFH 'LQ DFHVW PRWLY JHVWLXQHD
DFWLYHORUIL[HVHIDFHODPDLPXOWHWLSXULGHYDORULSHQWUXDFHODLDFWLYIL[

valoare de inventar vQ VHQVXO GH YDORDUH GH DFKL]L LH LQFOXVLY FKHOWXLHOLOH FX WUDQVSRUWXO
PRQWDUHD SXQHUHD vQ IXQF LXQH URGDMXO vQ DQXPLWH vPSUHMXU UL GH SLOG  R UDW  PDUH D
LQIOD LHL SH PDL PXO L DQL DFWLYHOH IL[H VXQW UHHYDOXDWH PDMRUkQGX

-se valoarea lor prin

indexare;
valoare de nlocuire, n sensul de cheltuieli necesare, la un moment dat, pentru a putea

vQORFXLGHUHJXO LSRWHWLFDFWLYXOIL[vQFDX] HVWHRYDORDUHFXUHQW GHSLD

GDF GHFDODMXO

vQWUHDFHDVWDLYDORDUHDGHLQYHQWDUHVWHPDUHDFHVW

a este un semnal pentru reevaluare;

YDORDUHDU

PDV

HVWHGLIHUHQ DGLQWUHYDORDUHDGHLQYHQWDULFXDQWXPXOOD]LDODPRUWL] ULL

VR t = VI Ai

(42.1)

i =1

unde: VRt YDORDUHDU PDV ODILQHOHDQXOXLW

t = anul de calcul t [1; T] ;
T
DQXOVFRDWHULLGLQIXQF LXQHDDFWLYXOXLIL[
i
 LQGLFH SHQWUX LGHQWLILFDUHD DQLORU GH VHUYLFLX VFXUL GLQ PRPHQWXO LQWU

ULL vQ

IXQF LXQHLSkQ OD]L

VI = valoare de inventar;
Ai DPRUWL]DUHDDIHUHQW DQXOXLL
3HQWUXFDOFXOXOYDORULLU PDVHSRDWHILXWLOL]DW LUHOD LD

VR t =

VI dr
ds

(42.2)

dr = T - t
unde: dr
ds

(42.3)

GXUDWDGHVHUYLFLXU PDV SkQ ODVFRDWHUHDGLQIXQF LXQHDDFWLYXOXLIL[

GXUDWDWRWDO GHVHUYLFLXDDFWLYXOXLIL[GXUDWDGHYLD

HFRQRPLF 

valoarea medieDDFWLYHORUIL[HDOHXQHLILUPHHVWHRYDORDUH GHWHUPLQDW

FDEDODQ

LQWU UL

LHLUL vQ YHGHUHD FDOFXOXOXL DPRUWL] ULL 'HWHUPLQDUHD YDORULL PHGLL D DFWLYHORU IL[H VH SRDWH
IDFHGXS PDLPXOWHUHOD LL

a) V = V0 + Vi Ve

unde: V
YDORDUHDPHGLHDDFWLYHORUIL[HvQDQXOGHFDOFXODODPRUWL]
V0 = valoarea activelor fixe la nceputul anului;
Vi = valoarea activelor fixe intrate n cursul anului de calcul;
Ve = valoarea activelRUIL[HLHLWHvQFXUVXODQXOXLGHFDOFXO

(43)
ULL

b) V = V0 + Vi Ve

(44.1)

Vi =

Vi j df j
j=1

12

(44.2)

43

Vek (12 df k )

Ve = k =1

12

unde: Vi = valoarea medie a activelor fixe intrate n cursul anului de calcul al amRUWL]

(44.3)
ULL

V e LGHPLHLWH
j = indice pentru identificarea activului fix intrat n cursul anului, j [1,J];
J
QXP UXOWRWDODODFWLYHORUIL[HLQWUDWHvQFXUVXODQXOXL
dfj GXUDWDGHIXQF LRQDUHvQluni) a activului fix j;
k
LQGLFHSHQWUXLGHQWLILFDUHDDFWLYXOXLIL[LHLWvQFXUVXODQXOXLN [1, K];
K QXP UXOWRWDODODFWLYHORUIL[HLHLWHvQFXUVXODQXOXL
dfk GXUDWDGHIXQF LRQDUHvQOXQLDDFWLYXOXLIL[N

c) V = V0 (1 + )

(45.1)

Vj [df j p (12 df j ) (1 p)]

=

j=1

12 V0
p= 1
0

unde:

pentru j [1,J]
pentru j [J+1,K]

(45.2)
(45.3)

 FRW  VXEXQLWDU  SR]LWLY  VDX QHJDWLY  H[SULPkQG FRUHF LD LQFOXV  vQ YDORDUHD
DFWLYHORU IL[H D PLF ULL DFHVWRUD SH SDUFXUVXO DQXOXL GH FDOFXO DO DPRUWL] ULL
PLFDUHDDFWLYHORUIL[HvQVHDPQ LQWUDUHDLHLUHDORUvQDQXOUHVSHFWLY

j = indice prin care se iGHQWLILF DFWLYXOIL[FDUHV-DPLFDWM [1,K];

K
QXP UXOWRWDODODFWLYHORUIL[HFDUHV-DXPLFDW
J
QXP UXOWRWDODODFWLYHORUIL[HLQWUDWH
Vj = valoarea de inventar a activului fix care s-DPLFDW
dfj GXUDWDGHIXQF ionare (n luni) a activului fix j.

$PRUWL]DUHD VH FDOFXOHD]  GH F WUH WR L DJHQ LL HFRQRPLFL SHQWUX WRDWH DFWLYHOH IL[H GLQ

SDWULPRQLX SURGXFWLYH VDX QX FDUH IXQF LRQHD]  VDX QX 'H OD DFHDVW  UHJXO  H[LVW  XQHOH
H[FHS LLGLQFDUHFHOHPDLLPSRUWDQWHV

unt:

XQLW

LOHEXJHWDUHFDUHQXFDOFXOHD] DPRUWL]DUH

DFWLYHOHIL[HvQFRQVHUYDUHvQFRQGL LLOHVWLSXODWHGHOHJH
$PRUWL]DUHDVHFDOFXOHD]  SHWRDW  GXUDWDGHIXQF LRQDUHDDFWLYXOXLIL[GDUQXPDLPXOW

GHFkW GXUDWD OHJDO  GH VHUYLFLX Q FD]XO F  XQ

activ fix este amortizat complet, dar mai poate fi

XWLOL]DW QX VH PDL FDOFXOHD]  DPRUWL]DUH Q FD]XO F  XQ DFWLY IL[ HVWH VFRV GLQ X] I U  D IL
FRPSOHW DPRUWL]DW OHJHD SUHYHGH UHFXSHUDUHD YDORULL U PDVH GXS  FDVDUH L YDORULILFDUHD

eventualelor bunuri rezultate din aceasta, din profitul anului de casare sau din profitul anilor
XUP WRULGDUQXPDLWkU]LXGHFkWDQXOH[SLU ULLGXUDWHLOHJDOHGHVHUYLFLX
QFDWHJRULDDFWLYHORUIL[HDPRUWL]DELOHVHLQFOXGLFHOHUH]XOWDWHGLQLQYHVWL LLFKLDUGDF 

au foVWSXVHvQIXQF LXQHQXPDLSDU LDOLFKLDUGDF

activelor fixe.

 QXDXIRVW vQF vQUHJLVWUDWHvQFRQWDELOLWDWHD

$PRUWL]DUHDVHFDOFXOHD] SHED]DFRWHLGHDPRUWL]DUHSUHY ]XW GHOHJHSHQWUXJUXSDGH

DFWLYH IL[H vQ FDUH VH vQFDGUHD]  DFHOD SHQWUX FDUH VH IDFH FDOFXOXO SUHFXP L SH ED]D
SULQFLSLXOXLPHWRGHLGHDPRUWL]DUHDJUHDW GHDJHQWXOHFRQRPLFvQFRQGL LLOHSUHY ]XWHGHOHJH
0HWRGHOH GH DPRUWL]DUH VXQW GLIHUHQ LDWH GXS  ULWPXO DPRUWL] ULL PHWRGD DPRUWL] ULL

44

SURSRU LRQDOHPHWRGDDPRUWL] ULLUHJUHVLYHLPHWRGDDPRUWL] ULLSURJUHVLYH

0HWRGD DPRUWL]

ULL SURSRU LRQDOH VDX FRQVWDQWH SUHVXSXQH FDOFXOXO DPRUWL] ULL FX R

DFHLDLFRW SHWRDW GXUDWDGHIXQF LRQDUHDDFWLYXOXLIL[

VI
df

(46.1)

A
100
100 =
VI
df

(46.2)

A=
a=

unde: A
FXDQWXPXODQXDODODPRUWL] ULL
VI = valoarea de inventar a activului fix ;
df GXUDWDOHJDO GHVHUYLFLXDDFWLYXOXLIL[
a
FRWDSURFHQWXDO DDPRUWL] ULL
&RWD SURFHQWXDO  GH DPRUWL]DUH HVWH VWDELOLW  SULQ OHJH SH JUXSH GH DFWLYH IL[H DD vQFkW
DPRUWL]DUHDDQXDO DXQXLDFWLYIL[ODXQDJHQWHFRQRPLFVHGHWHUPLQ GXS UHOD LD

A = a VI

(46.3)

Q OLPLWHOH SUHY ]XWH GH OHJH DFHDVW  FRW  SRDWH IL PRGLILFDW  SHQWUX D UH

aliza o

DPRUWL]DUH DFFHOHUDW  0RGLILFDUHD HVWH UD LRQDO  QXPDL vQ FRQGL LLOH XQHL XWLOL] UL LQWHQVLYH D
DFWLYXOXL IL[ DGLF  D FUHWHULL SURGXF LHL UHVSHFWLY D FUHWHULL UDQGDPHQWXOXL GH H[SORDWDUH D
DFHVWXLDFWLYIL[$OWIHOVHPDMRUHD] FKHOWXLDODFXDPRUWL]DUHDSHXQLWDWHDGHSURGXVLSRQGHUHD
DPRUWL] ULLvQFKHOWXLHOLOHGHIDEULFD LH

AM =

A
Q

(47.1)

A% =

A
CT

(47.2)

unde: AM = amortizarea pe unitatea de produs;

Q
YROXPXOIL]LFDOSURGXF LHL
A% = pondereaDPRUWL] ULLvQFRVWXULOHGHIDEULFD LH
CT FKHOWXLHOLWRWDOHGHSURGXF LH
$YDQWDMXO PHWRGHL vQ DIDU  GH IDSWXO F  HVWH FRPRG  FRQVW  vQ DFHHD F  JHQHUHD]  R
FRPSRQHQW  GH FRVW IL[  DVWIHO vQFkW SULQ VSRULUHD SURGXF LHL GHWHUPLQ  GLPLQXDUHD FRVWXO

ui

PHGLXGHIDEULFD LH
'H]DYDQWDMXO PHWRGHL FRQVW  vQ IDSWXO F  QX FRUHOHD]  vQ VXILFLHQW  P VXU  SURFHVXO

uzurii cu recuperarea valorii activului fix. n prima parte a duratei de serviciu uzura este mai
OHQW DFWLYXOIL[ILLQGQRXLDUVSUHVIkULWXODFHVWHLGXUDWHX]XUDHVWHPDLDFFHQWXDW DFWLYXOIL[
ILLQGvPE WUkQLW
0HWRGD DPRUWL]

ULL UHJUHVLYH SUHVXSXQH FDOFXOXO DPRUWL] ULL FX R FRW  VF ] WRDUH SH

P VXUD VFXUJHULL GXUDWHL GH VHUYLFLX PRWLYDW  SULQ WUDQVIHUXO WRW PDL UHGXV GH YDORDUH QRX  SH
P VXUDvPE WUkQLULLDFWLYXOXLIL[
$YDQWDMXOPHWRGHLUH]LG vQFRUHODUHDHYROX LHLUDQGDPHQWXOXLDFWLYXOXLIL[PDLPDUHvQ
SULPD SDUWH D GXUDWHL GH VHUYLFLX L PDL UHGXV  VSUH ILQDO FX P ULPHD DPRUWL] ULL FDOFXODWH L
LQFOXV vQFRVWXULPDLPDUHODvQFHSXWLPDLPLF VSUHILQDO'HDVHPHQHDSUH]LQW RDFRSHULUH
PDLEXQ ID

GHULVFXOX]XULLPRUDOH6 SUHVXSXQHPF XQDFWLYIL[DUHRGXUDW GHVHUYLFLXGH

DQLDVWIHOvQFkWFRWDGHDPRUWL]DUHFRQIRUPPHWRGHLSURSRU LRQDOHHVWH6 SUHVXSXQHPF 

45

GXS   DQL GH IXQF LRQDUH VH SURGXFH ULVFXO X]XULL PRUDOH $FWLYXO IL[ HVWH DPRUWL]DW  L
YDORDUHDU PDV HVWHID

GHFHDGHLQYHQWDU$FWLYXOIL[WUHEXLHvQORFXLWSHQWUXF HVWHX]DW

PRUDO DOWIHO SURGXF WRUXO vL DVXP  ULVFXO GH ORF GH Q

eglijat, de a-L GLPLQXD FDSDFLWDWHD GH

FRPSHWL LH 9DORDUHD U PDV  GHYLQH R SLHUGHUH FDUH WUHEXLH DVXPDW  L DFRSHULW  'DF 
SURGXF WRUXODUILDGRSWDWPHWRGDUHJUHVLY FXFRWHGHDPRUWL]DUHGHH[HPSOXGHvQSULPLL
 DQL  vQ XUP WRULL  L DSRL UHVSHFWLY   L  DWXQFL vQ DQXO SURGXFHULL X]XULL
PRUDOH YDORDUHD U PDV DU ILIRVW GH QXPDL  FHHD FH vQVHPQD R UHGXFHUH D SLHUGHULL GH SHVWH

2,5 ori.
0HWRGD DPRUWL]

ULL SURJUHVLYH SUHVXSXQH FDOFXOXO DPRUWL] ULL FX R FRW  FUHVF WRDUH SH

P VXUD VFXUJHULL GXUDWHL GH VHUYLFLX PRWLYDW  SULQ FRUHODUHD PDL EXQ  D SURFHVXOXL GH X]XU  FX
UHFXSHUDUHDYDORULLDFWLYXOXLIL[$FHVWDHVWHGHIDSWFKLDUDYDQWDMXOFRQIHULWGHPHWRG 
'H]DYDQWDMXO PHWRGHL HVWH F  RIHU  DFRSHULUH VF ]XW  ID

 GH ULVFXO X]XULL PRUDOH L vQ

SOXV JHQHUHD]  HIRUWXUL ILQDQFLDUH PDL PDUL vQ OHJ WXU  FX FKHOWXLHOLOH GH DPRUWL]DUH WRFPDL vQ
SHULRDGDvQFDUHDFWLYXOIL[HVWHvPE WUkQLWLUDQGDPHQWXOV XHVWHPDLVF ]XW

6.

$FWLYHOHFLUFXODQWHFRQ LQXWGHWHUPLQDUHDQHFHVDUXOXLLDQHYRLL
GHILQDQ DUH

$FWLYHOH FLUFXODQWH FRQVWLWXLH D GRXD FRPSRQHQW  LPSRUWDQW  D DFWLYHORU XQHL ILUPH

DO WXULGHFHOHIL[H
$FWLYHOH FLUFXODQWH UHSUH]LQW  IRUPD PDWHULDO  D XWLOL] ULORU SH WHUPHQ VFXUW D UHVXUVHORU

financiare ale firmei. n sfera lor se includ:

stocuri materiale: GH PDWHULL SULPH GH PDWHULDOH GH DPEDODMH GH SURGXF LH vQ FXUV GH
IDEULFD LH GH SURGXVH ILQLWH GH P UIXUL GH RELHFWH GH LQYHQWDU GH HFKLSDPHQWH L PDWHULDOH
GHSURWHF LH

mijloace n decontare FUHDQ H HIHFWH GH vQFDVDW DYDQVXUL SURGXVH L P

nencasate;
PLMORDFH E

UIXUL H[SHGLDWH L

QHWL vQ FDV  vQ FRQWXO GH OD EDQF  WLWOXUL SH WHUPHQ VFXUW FDUQHWH GH &(& FX

OLPLW GHVXP D

2 DVWIHO GH VWUXFWXU  D DFWLYHORU FLUFXODQWH DUH OD ED]  FODVLILFDUHD GXS 

natura lor. Sunt

XWLOL]DWHLDOWHFULWHULLGHFODVLILFDUHGLQFDUHUH LQHPWUHLX]XDOH

a) FODVLILFDUHDGXS faza circuitului economicvQFDUHVHUHJ VHVF

active circulante vQ VIHUD DSURYL]LRQ ULL, n care se includ stocurile materiale din magazie n
DWHSWDUHDWUHFHULLORUvQIOX[XOGHIDEULFD LHLDUGLQWUHPLMORDFHOHvQGHFRQWDUH- avansurile;
active circulante vQ VIHUD SURGXF LHL, n care se includ stocurile materiale pe fluxul de
IDEULFD LHVFRDVHGLQPDJD]LHLSURGXF LDvQFXUVGHIDEULFD LH

active circulante

vQ VIHUD FRPHUFLDOL]

ULL

, n care se includ stocurile materialele din magazie

vQDWHSWDUHDFRPHUFLDOL] ULLSURGXVHOHILQLWHP UIXULOHPLMORDFHOHvQGHFRQWDUHLE QHWL

b) FODVLILFDUHDGXS criteriul sferei de exploatarevQFDUHVHUHJ VHVF

active circulante n exploatare vQ FDUH VH LQFOXGH vQ SULQFLSDO SULPD FRPSRQHQW

 GLQ

VWUXFWXUDGXS QDWXU 

active circulante

vQ DIDUD H[SORDW

ULL vQ FDUH VH LQFOXG vQ SULQFLSDO FHOHODOWH GRX 

FRPSRQHQWHGLQVWUXFWXUDGXS QDWXU 

c) FODVLILFDUHDGXS criWHULXODSDUWHQHQ HLVXUVHLGHILQDQ DUHvQFDUHVHUHJ VHVF

active circulante propriiILQDQ DWHGLQVXUVHSURSULLDGLF GLQIRQGXOGHUXOPHQW
active circulante atraseILQDQ DWHGLQVXUVHDWUDVHDGLF GLQSDVLYHOHVWDELOH
active circulante mprumutateILQDQ DWHGLQDOWHVXUVHGHFkWFHOHSURSULLVDXDWUDVHDGLF
FUHGLWHEDQFDUHREOLJD LLID

GLQ

GHWHU LD

46

3RQGHUHDGLIHULWHORUFDWHJRULLGHDFWLYHFLUFXODQWHvQWRWDO HVWHGHWHUPLQDW GHRELHFWXOGH

DFWLYLWDWH DO ILUPHL GDU L GH FDUDFWHULVWLFLOH FLFOXOXL HFRQRPLF L DOH FRQMXQFWXULL 6WRFXULOH
PDWHULDOH vQ VSHFLDO FHOH GLQ VIHUD SURGXF LHL UHVSHFWLY vQ H[SORDWDUH VXQW SRDWH FHOH PDL
LPSRUWDQWH GHRDUHFHFRQVWLWXLH VXSRUWXO GHVI XU ULL DFWLYLW

acesteiD0LMORDFHOHvQGHFRQWDUHLPLMORDFHOHE

LL ILLQGLPHGLDW XWLOL]DELOH vQ FDGUXO

QHWLIDYRUL]HD] FDSDFLWDWHDGHOLFKLGLWDWHGDU

vQ FRQGL LL GH LQVWDELOLWDWH ILQDQFLDU  LQIOD LH SRQGHUHD ORU WUHEXLH GLPLQXDW  5DSRUWXO DFWLYH

circulante proprii - active circulante mprumutate trebuie stabilit n contextul strategiei de

VWUXFWXU  ILQDQFLDU  2 SRQGHUH PDUH D FHORU SURSULL vQVHDPQ  XQ HIRUW PDL PDUH GH
DXWRILQDQ DUHDGLF XWLOL]DUHDFDSDFLW

LLGHDXWRILQDQ DUHvQPDLPLF P VXU SHQWUXGH]YROWDUH

(extindere, modernizarea activelor fixe eWF

Q FRQGL LL GH LQIOD LH VDX GH GREkQ]L XRU

VXSRUWDELOH GLQ UH]XOWDWH , UHOD LD  HVWH UHFRPDQGDELO  R FUHWHUH D SRQGHULL FHORU

mprumutate.
3HQWUX GHVI XUDUHD QRUPDO  D DFWLYLW

LL SHQWUX FUHWHUHD HILFLHQ HL DFHVWHLD L SHQWUX D

putea asigurDVXUVHOHGHILQDQ DUHDDFWLYHORUFLUFXODQWHHVWHQHYRLHV

active circulante.

VHGHWHUPLQH

necesarul de

'HWHUPLQDUHD QHFHVDUXOXL GH DFWLYH FLUFXODQWH HVWH R RSHUD LXQH GH GLPHQVLRQDUH D
DFHVWRUD SHQWUX XQ DQXPLW LQWHUYDO GH WLPS vQ VFRSXO GHVI XU ULL HILFLHQWH D DFWLYLW

LL

6XSUDHYDOXDUHD

LL

QHFHVDUXOXL

JHQHUHD] 

FRVWXUL

VXSOLPHQWDUH

SHQWUX

GHUXODUHD

DFWLYLW

FRQFUHWL]DWH vQ GREkQ]L FRPLVLRDQH VSH]H EDQFDUH GDU L XQ FLUFXLW PDL OHQW YLWH]  GH URWD LH
PDL VF ]XW  FX LPSOLFD LL vQ GLPLQXDUHD UH]XOW

atelor financiare finale (profitul). Subevaluarea

QHFHVDUXOXL GHWHUPLQ  SLHUGHUL GLQ vQWUHUXSHUHD DFWLYLW

LL FDX]DW  GH OLSVD DFWLYHORU FLUFXODQWH

GDULFRVWXULVXSOLPHQWDUHUH]XOWDWHGLQDSURYL]LRQDUHDvQFRQGL LLGHXUJHQ

1HFHVDUXOVHGHWHUPLQ SH

categorii de active circulante:

a) necesarul de materii prime

SRDWH IL GHWHUPLQDW GXS  XQ SURFHGHX WHKQRORJLF

QRUPDWLYVDXGXS XQSURFHGHXFRQMXQFWXUDOSURVSHFWLY

N = cs Q p

(48.1)

N1 = ( N 0 p) I Q

(48.2)

unde: N = necesarul de aprovizionat (procedeu tehnologic);

cs = consumul specific;
Q
YROXPXOSURGXF LHLIL]LFH
p
SUH XOXQLWDUGHDFKL]L LHDOPDWHULHLSULPH
N1 QHFHVDUXOGHDSURYL]LRQDWSHQWUXDQXOXUP WRUSURFHGeul conjunctural);
N0 = necesarul efectiv pentru anul curent;
p

IQ

YDULD LDSUH XULORUvQWUHFHLGRLDQL

LQGLFHOHYROXPXOXLSURGXF LHLIL]LFH

b) necesarul de materiale

Nm = Nmp c

(49)

unde: Nm = necesarul de materiale;

Nmp = necesarul de materii prime;
C
FRWDGHPDWHULDOHODRXQLWDWHGHPDWHULHSULP
c) necesarul de ambalaje

VH SRDWH GHWHUPLQD GXS  XQXO GLQ FHOH GRX  SURFHGHH

PHQ LRQDWHODQHFHVDUXOGHPDWHULLSULPH

N = VQ a
N1 = N 0 I VQ

sau
sau

N = CA a
N1 = N 0 ICA

(50.1)
(50.2)

47

unde: N = necesarul de ambalaje (procedeul tehnologic);

VQ YDORDUHDSURGXF LHLILQLWH
CA = cifra de afaceri (valoarea desfacerii);
a
FRWDDPEDODMHORUvQYDORDUHDSURGXF LHLILQLWHUHVSHFWLYvQFLIUDGHDIDFHULYDORDUHD
desfacerii);
N1 QHFHVDUXOGHDPEDODMHvQDQXOXUP WRUSURFHGHXOFRQMXQFWXUDO
N0 = necesarul efectiv pentru anul curent;
IVQ LQGLFHOHYDORULLSURGXF LHLILQLWH
ICA = indicele cifrei de afaceri (valoarea desfacerii).
d) necesarul de piese de schimb
N1 = N 0 (I u + c)

(51)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU

N0 = necesarul efectiv pentru anul curent;
Iu
LQGLFHOHYROXPXOXLIL]LFGHDFWLYHIL[HFDUHQHFHVLW SLHVHGHVFKLPE
c
 FRHILFLHQW GH FRUHOD LH UHIOHFWkQG FRQVXPXO VXSOLPHQWDU GH SLHVH GH VFKLPE FD
UH]XOWDWDOvPE WUkQLULLDFWLYHORUIL[H

e) necesarul de obiecte de inventar

N1 = N 0 (1 + c) IQ

(52)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU

N0 = necesarul pentru anul curent;
c
 FRHILFLHQW GH FRUHF LH UHIOHFWkQG FUHWHUHD GH QHFHVDU GH RELHFWH GH LQYHQWDU FD
rezultat al scoaterii din uz a unora din cele existente n anul curent.
f) QHFHVDUXOGHHFKLSDPHQWLPDWHULDOHGHSURWHF LH
N1 = N 0 (1 + c) IF

(53)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU

N0 = necesarul pentru anul n curs;
c
FRHILFLHQWGHFRUHF LHFXDFHODLFRQ LQXWFDLODRELHFWHOHGHLQYHQWDU
IF
LQGLFHOHQXP UXOXLGHSHUVRQDO
3HQWUX UD LXQL GH DVLJXUDUH PDWHULDO  RSHUDWLY  GH HYLWDUH D LPRELOL] ULORU LQXWLOH L GH
HILFLHQ

 vQ DIDUD QHFHVDUXOXL DQXDO VH FDOFXOHD]  L QLYHOXO FXUHQW DO VWRFXOXL $FHVWD VH SRD

te

determina:

vQXQLW

LYDORULFH

vQXQLW

LIL]LFH

n zile

Nv T
Z
Nf T
Sf =
Z
VQ VQ d
S=
=
n
Z
Sv =

(54.1)
(54.2)
(54.3)

unde: Sv = valoarea stocului;

Nv = necesarul de activ circulant, exprimat valoric;
T
WLPSXOGHLPRELOL]DUHDGLF SHQWUXFDUHH[LVW VWRFH[SULPDWvQ]LOH
Z
QXP UXOGH]LOHGLQSHULRDGDGHUHIHULQ GDF QHFHVDUXOHVWHFDOFXODWSHQWUXXQDQ
atunci Z = 365;
Sf VWRFXOvQH[SUHVLHIL]LF 

48

Nf = necesarul de activ circulant, exprimat fizic;

VQ YDORDUHDSURGXF LHL
n
QXP UXOGHURWD LLvQSHULRDGDGHUHIHULQ 
d
GXUDWDvQ]LOHDXQHLURWD LL
Pentru materiile prime timpul de imobilizare include componente specifice: timpul pentru
stocFXUHQW7VFWLPSSHQWUXVWRFXOGHFRQGL LRQDUH7FWLPSSHQWUXVWRFXOGHVLJXUDQ 7V
T = Tsc + Tc + Ts

(55)

astfel nct pot fi identificate trei categorii de stocuri:

VWRFXOFXUHQWHVWHFHOFHSHUPLWHFRQWLQXDUHDDFWLYLW

VWRFXO GH FRQGL LRQDUH HVWH FHO FH SHUPLWH FRQWLQXDUHD DFWLYLW

LLvQWUHGRX DSURYL]LRQ ULVXFFHVLYH

LL SH SHULRDGD FkW GXUHD] 

FRQGL LRQDUHDPDWHULHLSULPHVDXPDWHULDOHORU

VWRFXO GH VLJXUDQ

 HVWH FHO FH SHUPLWH FRQWLQXDUHD DFWLYLW

LL vQ FD]XO SURGXFHULL ULVFXOX

i de

vQWUHUXSHUHDDSURYL]LRQ ULL
)LHFDUH GLQ WLPSLL GH LPRELOL]DUH VH FDOFXOHD]  FD PHGLL DUWLPHWLFH SRQGHUDWH DOH GXUDWHL
VSHFLILFHFXFDQWLW

LOHDIHUHQWH

Ci di
Ci

(55.1)

Tc =

Cj dj
Cj

(55.2)

TS =

Ck d k
Ck

(55.3)

Tsc =

XQGHvQVXP ULOHVHIDFSHPXO LPLOHSHQWUXFDUHDXIRVWGHILQL LLQGLFLLvQFDX] LDU

Ci

 FDQWLWDWHD GH PDWHULH SULP   PDWHULDO LQWUDW  OD PRPHQWXO L FRQIRUP ILHL GH

magazie;
i
di
Cj
j

LQGLFHSHQWUXLGHQWLILFDUHDPRPHQWXOXLXQHLDSURYL]LRQ U

i, i [1, I];

GXUDWDvQ]LOHGHODLQWUDUHDSUHFHGHQW 
FDQWLWDWHDGHPDWHULHSULP PDWHULDOVXSXV RSHUD LXQLLMGHFRQGL LRQDUH
 LQGLFH SHQWUX LGHQWLILFDUHD RSHUD LXQLL GH FRQGL LRQDUH M

[ 1, J], respectiv :

VRUWDUHUHGLPHQVLRQDUHXVFDUHGHELWDUHDQDOL] PDWXUDUHHWF

dj
GXUDWDvQ]LOHDRSHUD LXQLLMGHFRQGL LRQDUH
Ck FDQWLWDWHDGHPDWHULHSULP PDWHULDOvQWkU]LDW ODDSURYL]LRQDUHDN
k = indice pentru identificarea DSURYL]LRQ ULLvQWkU]LDWHN [1, K];
dk GXUDWDvQ]LOHDvQWkU]LHULLDSURYL]LRQ ULLN

8WLOL]kQG XQD GLQ FRPSRQHQWHOH WLPSXOXL GH LPRELOL]DUH vQ UHOD LLOH  - (54.2) se
poate determina structura pe aceste componente a nivelXOXL FXUHQW DO VWRFXOXL L LPSOLFLW HIRUWXO
financiar pentru asigurarea lui.
8QD GLQ SUREOHPHOH GH HILFLHQ
SDUWLFXODU D ILQDQ

 vQ ILQDQ DUHD QHFHVDUXOXL GH DFWLYH FLUFXODQWH vQ

ULL QLYHOXOXL FXUHQW DO VWRFXOXL HVWH IRUPXODW  VXE IRUPD XQHL SUREOHPH GH

minimizare a costurilor legate de asigurarea necesarului, n particular a nivelului curent al

VWRFXOXL3DUDPHWULLGD LDLSUREOHPHLVXQWSHULRDGDGHUHIHULQ DF UHLGXUDW vQ]LOHRQRW PZ;
necesarul de materii prime, materiale n perioada de referLQ  QRWDW N; costul unitar de stocare,
notat b; cheltuielile presupuse de aprovizionarea unei partide (lot) de materii prime, materiale
etc. n limitele necesarului calculat, notate a. Nivelul curent al stocului depinde de necesarul
FDOFXODWLGHQXP UXl de partide (loturi), notat l, prin care se face aprovizionarea:

49

S = N/l

(56.1)

Expresia costurilor de aprovizionare (Ca), presupunnd un consum constant al stocului pe

LQWHUYDOXOGLQWUHGRX DSURYL]LRQ ULVXFFHVLYHHVWH

Ca = a l +

S
b
2

(56.2)

FDUH LQkQGVHDPDGHHVWHRIXQF LHGHIRUPD

Ca = f (l)

(56.3)

(Ca)l = 0

(56.4)

SHQWUXFDUHFRQGL LDGHPLQLPHVWH

GLQ FDUH VH RE LQH QXP UXO RSWLP GH UHDSURYL]LRQ UL ILH O

pentru S , Ca

FX FDUH VH RE LQ YDORULOH RSWLPH

LLQWHUYDOXOGLQWUHDSURYL]LRQ ULGDGLF

d = Z / l

(56.5)

Q FD]XO SURGXVHORU ILQLWH GXUDWD XQHL URWD LL FRQIRUP  VH SRDWH RE LQH WRW SULQWU

-o

PHGLHSRQGHUDW

d=
unde: Cl

Cl d l
Cl

(57)

FDQWLWDWHDGHSURGXVHILQLWHLHLW GLQPDJD]LHFXRFD]LDOLYU ULLOFRQIRUPILHLGH

magazie;
l
dl

LQGLFHSHQWUXLGHQWLILFDUHDOLYU ULORUO

[1,

L];

GXUDWDvQ]LOHSkQ ODOLYUDUHDXUP WRDUH

Q FD]XO SLHVHORU GH VFKLPE QLYHOXO VWRFXOXL FXUHQW VH SRDWH GHWHUPLQD L SH ED]D XQHL
UHOD LLVSHFLILFH

S=

da
n p k
ds

(58)

unde: da = timpul necesar pentru procurarea unei piese de schimb;

ds = durata de serviciu a unei piese de schimb;
n
 QXP UXOGHXWLODMHFDUHQHFHVLW  WLSXOGHSLHV GHVFKLPE SHQWUXFDUHVHFDOFXOHD]
stocul;
p
QXP UXOGHSLHVHGHVFKLPEGLQWLSXOPHQ LRQDWQHFHVDUHSHQWUXXQXWLODM
k
FRHILFLHQWGHFRUHF LHGHWHUPLQDWSHED]DVWDWLVWLFLORUGLQDQLLSUHFHGHQ L

Q FH SULYHWH SURGXF LD vQ FXUV GH IDEULFD LH GLPHQVLXQHD HL VH GHWHUPLQ  SH ED]D
FKHOWXLHOLORU LQFOXVH vQ FRVWXULOH GH SURGXF LH SkQ  vQ PRPHQWXO HIHFWX ULL FDOF

ulului. nsumarea

FKHOWXLHOLORU GLQ FRQWXUL HVWH vQV  JUHRDLH L LQFRPRG  GH FHHD FH IRORVHWH SHQWUX HYDOXDUHD
DFHVWXL WLS GH VWRF UHOD LD GH IRUPD  vQ FDUH YDORDUHD SURGXF LHL VH FDOFXOHD]  OD FRVWXO GH
X]LQ  DGLF  I U  FKHOWXLHOLOH JHQHUDOH DOH ILUPHL L I U  FKHOWXLHOLOH FRPHUFLDOH 3HQWUX D
vPEXQ W

LHYDOXDUHDVHDGDXJ XQFRHILFLHQWPXOWLSOLFDWLY

k, exprimnd gradul de continuitate a

procesului tehnologic.
8Q SURFHV WHKQRORJLF FRQWLQXX HVWH FHO vQ FDUH IDEULFD LD VH GHUXOHD]  VLPXOWDQ vQ WR

ate

50

VHF LLOH  DWHOLHUHOH  FRPSDUWLPHQWHOH ILUPHL 8Q SURFHV WHKQRORJLF GLVFRQWLQXX HVWH FHO vQ FDUH
IDEULFD LDVHGHUXOHD] VHFYHQ LDOQHvQFHSkQGRQRX RSHUD LHSkQ QXVHWHUPLQ FHDvQFXUV
&RQWLQXLWDWHD SURFHVHORU WHKQRORJLFH GHWHUPLQ  HIHFWXDUHD

cheltuielilor uniform sau nu,

SXQFWXDO VDXFRQWLQXX DVWIHOvQFkWYDORDUHDSURGXF LHLvQFXUVGHIDEULFD LHHVWHGLIHULW vQUDSRUW

FXPRGXOvQFDUHGHFXUJHHIHFWXDUHDFKHOWXLHOLORU&RHILFLHQWXOGHFRUHF LD

k HVWHGLIHUHQ LDWGHOD

caz la caz:

pentru un proces n care costurile cresc uniform:

C
k=
Cf

C + Cf
C= i
2

(59.1)
(59.2)

unde: Ci FRVWXOSURGXF LHODvQFHSXWXOFLFOXOXL

Cf = idem la finele ciclului;

= costul mediu pe ciclu.

pentru un proces n care costurile nu cresc uniform:
C

k=

Cj d j

(59.3)

Cf d

unde: j = indice pentru identificarea fazei din procesul tehnologic, j [1, J];
Cj = costul mediu pentru faza j;
dj = durata n zile a fazei j;
d
GXUDWDFLFOXOXLGHIDEULFD LH

SHQWUXXQSURFHVvQFDUHSURGXVHOHILQLWHVHYkQGSHSDUFXUVDGLF LPHGLDWGXS ILQLVDUHDORU

DFHDVWDSUHVXSXQHF DIRVWFRPDQGDWXQORWGLQFDUHOLYU ULOHVHIDFVXFFHVLYF WUHEHQHILFLDU
SH P VXUD ILQLV ULL SURGXVHORU DVWIHO vQFkW vQFDV ULOH GLQ YkQ] UL VH IDF FKLDU SH SDUFXUVXO
GHUXO ULLIDEULFD LHL

k=

C j d j Vi ti

(59.4)

Cf d

unde: i
LQGLFHSHQWUXLGHQWLILFDUHDOLYU ULORUL [ 1, I];
Vi = valoarea produselor vndute prin livrarea I;
ti
 WLPSXO VFXUV GLQ PRPHQWXO HIHFWX ULL OLYU ULL L L SkQ

 OD ILQHOH SURFHVXOXL GH

IDEULFD LH

SHQWUXXQSURFHVvQFDUHPDWHULDSULP LQWU WRDW vQIDEULFD LHGHODvQFHSXW

k=

Mp + A
Cf

unde: Mp = valoarea materiei prime;

A
 FXDQWXPXO DOWRU FKHOWXLHOL HIHFWXDWH SkQ

(59.5)

 vQ PRPHQWXO HYDOX ULL SURGXF LHL vQ FXUV

GHIDEULFD LH
1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH VH GHWHUPLQ  SRUQLQG GH OD QHFHVDUXO GH

active circuODQWH L GH OD VXUVHOH FDUH VXQW PRELOL]DWH vQ PRG QDWXUDO SH SDUFXUVXO GHUXO
DFWLYLW

ULL

LLGDWRULLF WUHIXUQL]RULGHFRQW ULFXWHU LLD

51

Nfac = AC D
unde: Nfac QHYRLDGHILQDQ DUHDDFWLYHORUFLUFXODQWHQXPLW
AC = active circulante;
D
GHFRQW UL

(60)
LQHYRLD

de fond de rulment;

3HQWUX ILQDQ DUHD VWULFW D IDEULFD LHL DGLF  D H[SORDW ULL VH GHWHUPLQ  QHFHVDUXO SHQWUX
ILQDQ DUHDH[SORDW ULL

Nfe = Ae - Pe
Ae = S + C
Pe = F
unde: Nfe QHFHVDUSHQWUXILQDQ DUHDH[SORDW ULL
Ae = active de exploatare;
Pe = pasive de exploatare;
S = stocuri;
C
FUHDQ HLDVLPLODWH
F
IXUQL]RULLDVLPLODWH
n mod similar se poate deterPLQD QHYRLD GH ILQDQ DUH vQ DIDUD H[SORDW

(61.1)
(61.2)
(61.3)

ULL &D DFWLYH vQ

DIDUD H[SORDW ULL VH LDX FHOH GLQ VIHUD FRPHUFLDOL] ULL YH]L FODVLILFDUHD GXS  FULWHULXO E GLQ DFHVW
VXEFDSLWROLDUFDSDVLYHvQDIDUDH[SORDW ULLVHLDXGHFRQW ULOHFXWHU LL6XPDDFHVWRUGRX QHYRL
GH ILQDQ DUH vQ H[SORDWDUH L vQ DIDUD H[SORDW ULL FRQGXFH OD QHYRLD GH ILQDQ DUH D DFWLYHORU

circulante.
1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH L PDL FX VHDP  QHYRLD GH ILQDQ DUH D
H[SORDW ULLFUHVFGHUHJXO RGDW FXFLIUDGHDIDFHUL'HDFHHDSUHGLF LDDQXDO DDFHVWHLQHYRLVH
SRDWHIDFHGXS UHOD LD

Nfac1 = Nfac0 I CA
Nfe1 = Nfe0 ICA

(62.1)
(62.2)

unde ICA = indicele cifrei de afaceri.

1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH VH SRDWH H[SULPD QX QXPDL YDORULF DD FXP
UH]XOW GLQUHOD LLOHLGDULvQ]LOHVDXSURFHQWXDO

AC
100
CA
AC
NZ =
365
CA

N% =

(63.1)
(63.2)

unde: N% QHYRLDGHILQDQ DUHH[SULPDW SURFHQWXDO

AC = valoarea activelor circulante;
CA = cifra de afaceri;
NZ
QHYRLDGHILQDQ DUHH[SULPDW vQ]LOH
Q DFHVWH UHOD LL YDULDELOD $& SRDWH IL vQORFXLW  FX RULFDUH GLQ HOHPHQWHOH HL FRPSRQHQWH
$VWIHO GDF  OX P vQ FRQVLGHUDUH YDORDUHD VWRFXOXL GH PDWHULL SULPH FD QHYRLH GH ILQDQ DUH
DWXQFL GLQUHOD LDVHRE LQHH[SUHVLD SURFHQWXDO DDFHVWHLQHYRLLDUGLQ H[SUHVLDvQ
]LOHQFD]XOFUHDQ HORUVHRE LQHGXUDWDvQ]LOHDDFHVWRUD

Cz =

C
365
CA

(64)

52

FXQRWD LLOHXWLOL]DWHPDLVXVH[SULPkQGvQPDUH

, durata n zile a creditului comercial acordat de

ILUP QFD]XOGDWRULLORUF WUHIXUQL]RULVHRE LQHGXUDWDvQ]LOHDDFHVWRUD

Fz =
XQGH 9$

F
365
VA

(65)

 YDORDUHD DFKL]L LLORU ,QGLFDWRUXO )] H[SULP  vQ PDUH GXUDWD vQ ]LOH D FUHGLWX

lui

FRPHUFLDOSULPLWGHILUP 
3RWULYLWUHOD LLORULQHFHVDUXOGHILQDQ DUHSRDWHILQHJDWLY$FHDVWDDUDW F VXUVHOH
GHJDMDWH WHPSRUDU GLQ DFWLYLWDWHD QRUPDO  D ILUPHL VXQW PDL PDUL GHFkW QHFHVDUXO GH DFWLYH

circulante (respectiv necesarul de acWLYH GH H[SORDWDUH 6LWXD LH HVWH IDYRUDELO

 GHRDUHFH DUDW 

H[LVWHQ DXQRUVXUVHGHILQDQ DUHGLVSRQLELOH3UDFWLFDILQDQFLDU DUDW F RDVWIHOGH VLWXD LHHVWH

QRUPDO  GDF  YROXPXO GLVSRQLELOXOXL GH VXUVH HVWH vQ OLPLWD D  GLQ YDORDUHD DFWLYXOXL
'HS LUHDDFHVWHLOLPLWHHVWHFRQVLGHUDW F DWHVW RWHQGLQ

GHQHSODW DGDWRULLORU

'LPLQXDUHDQHYRLLSHQWUXILQDQ DUHDDFWLYHORUFLUFXODQWHUHVSHFWLYDQHYRLLGHILQDQ DUHD

H[SORDW ULL HVWH XQ RELHFWLY GH WDFWLF  ILQDQFLDU  SH FDUH ILUPHOH L

-l propun vQ PRG FRQVWDQW L

firesc pentru diminuarea costurilor presupuse de aceasta. Una din practicele curente folosite n
DFHVWVFRSHVWHDFRUGDUHDXQXLUDEDWFOLHQ LORUFDUHDFKLW SHORFFRQWUDYDORDUHDOLYU ULORU5DEDWXO

WUHEXLHDVWIHOVWDELOLWvQFkWV ILHFHOPXOWODQLYHOXOGREkQ]LLSHFDUHILUPDIXUQL]RDUHDUWUHEXLV 
RSO WHDVF XQHLE QFLFRPHUFLDOHSHQWUXDRE LQHXQFUHGLW GHP ULPHDYDORULF DOLYU ULLI FXW 
FOLHQWXOXL HL vQ FD]XO F  DFHVWD QX DU SO WL SH ORF Q FD]XO XQHL OLYU UL GH YDORDUH
DPkQ UL D SO

LL GH

rabatului rUH]XOW

n ]LOH L D XQHL UDWH GH GREkQG  i VROLFLWDW

V, a unei

 GH EDQFD FUHGLWRDUH P ULPHD

GLQUHOD LDGHHFKLOLEUX

Vr = V

n
i
360

(66.1)

n
i
360

(66.2)

Q P VXUD vQ FDUH FXDQWXPXO UDEDWXOXL HVWH PDL PDUH GHFkW GREkQGD FDUH DU IL SO WLW 
E QFLL ILUPD IXUQL]RDUH LHVH vQ SLHUGHUH FkQG DFFHSW  SODWD SH ORF vQ VFKLPEXO XQXL UDEDW 'DF 
ILUPD DU DFFHSWD DPkQDUHD SO

LL FRPSOHWkQGX L VXUVD GH ILQDQ DUH SULQ FUHGLWXO EDQFDU FRVWXO

constituirii sursei ar fi mai mic.

7.

6XUVHGHILQDQ DUHDDFWLYHORUFLUFXODQWH

1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH SRDWH IL VDWLVI FXW  GLQ GRX  VXUVH SULQFLSDOH
IRQGXO GHUXOPHQW LFUHGLWHOHGHWUH]RUHULH)RQGXO GHUXOPHQW 

FRHVWHRVXUV

SURSULH SD

rte a

FDSLWDOXOXLSHUPDQHQWFDS,UHOD LDLDUFUHGLWHOHGHWUH]RUHULHVXQWVXUVHvPSUXPXWDWHGHOD

E QFLVXEIRUPDFUHGLWHORUSHWHUPHQVFXUW

Cts).

1HYRLDGHILQDQ DUHDDFWLYHORUFLUFXODQWH WUHEXLHV ILHYDORULFHJDO FXVXPDFHORUGRX 

surse

Nfac = FR + Cts

(67)

Q FD] FRQWUDU ILH H[LVW  VXUVH vQ H[FHV 1IDF)5&WV ILH QX VH SRDWH IDFH ILQDQ DUHD

activelor circulante (Nfac>FR+Cts). n primul caz, vor trebui suportate costuri suplimentare,
PDMRUDWHSHQWUXDVLJXUDUHDILQDQ

ULLDVWIHOF VHYRUGLPLQXDUH]XOWDWHOHILQDOHQDOGRLOHDFD]

QXYRUSXWHDILDVLJXUDWHPLMORDFHOHDFWLYHOHFLUFXODQWHQHFHVDUHGHVI XU ULLDFWLYLW

LLDVWIHOF 

VH YRU vQUHJLVWUD SLHUGHUL GLQ GLPLQXDUHD DFHVWHLD L HYHQWXDO GLQ QHUHVSHFWDUHD FRQWU

actelor de

OLYUDUHSHQDOL] ULGDXQHGHVS JXELUL

1HYRLD SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH L IRQGXO GH UXOPHQW VH FDOFXOHD]  GLVWLQFW
YH]LFDS,UHOD LDUHVSHFWLYFDS,,UHOD LLOHL$VWIHOGLQUHOD LDVHGHWHUPLQ 

53

crediteOHGHWUH]RUHULHQHFHVDUHFRPSOHW ULLVXUVHORUGHILQDQ DUHDDFWLYHORUFLUFXODQWH

Fondul de rulment VH GHWHUPLQ  YDORULF GLQ UHOD LD PHQ LRQDW  GDU SRDWH IL H[SULPDW L
procentual (FR%) sau n zile (FRz):
FR
FR % =
100
(68.1)
CA
FRz =

FR
365
CA

(68.2)

QH[SUHVLHWHPSRUDO IRQGXOGHUXOPHQWDUDW QXP UXO GH]LOHSHQWUX FDUHHVWHDVLJXUDW 

ILQDQ DUHDDFWLYHORUFLUFXODQWHGLQUHVXUVHSURSULL
2 FKHVWLXQH GH GHFL]LH ILQDQFLDU  SULYLQG IRQGXO GH UXOPHQW HVWH VWDELOLUHD QLYHOXOXL V X
$FHDVW SUREOHP HVWHFRQ LQXW vQSROLWLFDGHVWUXFWXU ILQDQFLDU SUH]HQWDW vQFDS,
'HWHUPLQDUHDQHYRLLGHILQDQ DUHDDFWLYHORUFLUFXODQWHLDIRQGXOXLGHUXOPHQWVHIDFHQX

numai pentru perioada de gestiune (de obicei - DQXO FL L SH VXESHULRDGH GH JHVWLXQH OXQ 
trimestru) pentru a putea corela nevoile cu resursele pentru fiecare dintre acestea.
6WDELOLUHD XQXL IRQG GH UXOPHQW OD QLYHO PLQLP JHQHUHD]  SHQWUX n-1 subperioade de
JHVWLXQH QHYRLD GH FUHGLWH GH WUH]RUHULH (ILFLHQ D XQHL DVHPHQHD GHFL]LL GH ILQDQ DUH HVWH
GHWHUPLQDW  GH UDSRUWXO vQWUH UHQWDELOLWDWHD DVLJXUDW  GH DFWLYLWDWHD ILUPHL UHQWDELOLWDWHD
HFRQRPLF 

reLUDWDGHGREkQG

DIHUHQW FUHGLWHORUGHWUH]RUHULH

d):

DVLJXU  XQ SOXV HIHFWLY GH SURILW GHRDUHFH FUHG

itul folosit n "afacerea" firmei

a) re > d

SURGXFHXQUH]XOWDWPDLPDUHGHFkWFRVWXOXWLOL] ULLOXL
SURGXFHRSLHUGHUHHIHFWLY GHSURILW

b) re < d

Decizia de stabilire a unui fond de rulment la nivel maxim face ca n n-1 subperioade de
JHVWLXQH V H[LVWH UHVXUVH GH ILQDQ DUH GLVSRQLELOHDGLF  DSDUH R QHYRLH GH SODVDPHQW SH WHUPHQ
VFXUW (ILFLHQ D XQHL DVHPHQHD GHFL]LL GH ILQDQ DUH GHSLQGH GH UDSRUWXO vQWUH UHQWDELOLWDWHD
HFRQRPLF DILUPHLLUDWDSODVDPHQWHORU
FGDF UH!S

p):
se produce o pierdere prezumptLY  GH SURILW SLHUGHUHD DSDUH SHQWUX F  XWLOL]DUHD
disponibilului se face ntr-RDIDFHUHFDUHG XQFkWLJVXEFHODVLJXUDWGHSURSULD
ILUP  SLHUGHUHD HVWH SUH]XPSWLY  SHQWUX F  GLQ FDX]D GHFL]LHL GH ILQDQ DUH OD

nivel maxim, resursa proprie este n e[FHVID

 GH QHYRLDHIHFWLY  L GHFL RULFXP

HD QX HUD IRORVLW  vQ SURSULD DIDFHUH SHQWUX D QX GHYHQL R UHVXUV  WRWDO
QHIRORVLW   UHVSHFWLYXO GLVSRQLELO HVWH IRORVLW DGXFkQG XQ SURILW HIHFWLY

p L R

SLHUGHUHSUH]XPSWLY 

r-p.

GGDF UHS

se produce uQFkWLJHIHFWLYGHSURILW

'HFL]LD FHO PDL GHV vQWkOQLW  vQ SUDFWLFD ILQDQFLDU  HVWH FHD FDUH SUHYHGH ILQDQ DUHD SULQ
IRQGXOGHUXOPHQWODXQQLYHOPHGLXYH]LLFDS,'HFL]LDHVWHLQFOXV vQSROLWLFDILQDQFLDU D
ILUPHL L VH UHIHU  OD DVSHFWHOH GH VWUXFWXU  ILQDQFLDU  2ELHFWXO HL HVWH GH D SUHFL]D GDF  ILUPD
IRORVHWHVDXQXFDSLWDOvPSUXPXWDWLGDF GDvQFHP VXU 3DUDPHWULLFHFRQGL LRQHD] DFHDVW 
GHFL]LH VXQW UDWD UHQWDELOLW

LL HFRQRPLFH D ILUPHL UDWD SODVDPHQWHORU L UDWD GREkQ]LL SH SLD D

PRQHWDU 

n analiza economico-ILQDQFLDU

 L vQ DSUHFLHUHD FDOLW

LL DFWLYLW

LL ILQDQFLDUH D XQHL

ILUPH IRQGXO GH UXOPHQW HVWH SXWHUQLF OHJDW GH FDUDFWHULVWLFD GH OLFKLGLWDWH DGLF  GH FDSDFLWDWHD

firmei de a-LSXWHDWUDQVIRUPDUDSLGLI

U SLHUGHUHGHYDORDUHPLMORDFHOHPDWHULDOHFUHDQ HOH

WLWOXULOH FRPHUFLDOH PRQHWDUH VDX ILQDQFLDUH SH FDUH OH SRVHG  vQ PRQHG  EDQL OLFKL]L VDX
PLMORDFH DJUHDWH SHQWUX D IDFH SO

L 3HQWUX FDUDFWHUL]DUHD OLFKLGLW

LL VXQW XWLOL]D L PDL IUHFYHQW

XUP WRULLLQ

dicatori:

54

a)

UDWDOLFKLGLW

LLJHQHUDOH

AC
Dts

rlg =

(69)

unde: AC = active circulante;

Dts = datorii pe termen scurt.
$FHVWLQGLFDWRUDUDW vQFHP VXU vPSUXPXWXULOHSHWHUPHQVFXUWFUHGLWHOHGHWUH]RUHULH

sunt acoperite, garDQWDWHSULQPLMORDFHH[LVWHQWHvQILUP

'DF UOJvQVHDPQ F ILUPDQXDUH

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b) rata de ILQDQ

estea (cap. I.5).

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rfac =

FR
AC

(70)

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sfac =

DVWIHO

rfac
1 rfac

(70.1)

c) rata de acoperire a stocurilor

ras =

FR
S

(71)

unde S = valoarea stocurilor.

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ea de 0,65 -FHHDFHvQVHDPQ
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ar fi perturbat, firma s-ar confrunta cu mprejurarea

Perturbarea circuitului economic are n vedere amnarea momentului la care sunt realizate
YkQGXWH L vQFDVDWH) produsele finite rezultate din acest circuit. Or, amnarea acestui moment,
F  QX DU SXWHD UHWXUQD OD VFDGHQ

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sub 65-70%

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le stabile (sursele

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55

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lichidarea unui stoc, livrarea unui lot de produse finite etc. Dobnzile aferente sunt incluse n
cRVWXOEXQXULORUUHVSHFWLYHLVXQWDVWIHOUHFXSHUDWHSULQvQV LRSHUD LXQHDGHYkQ]DUHLvQFDVDUH
n cazul creditelor pe termen lung rambursarea, inclusiv dobnzile aferente, se face din
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- numitele credite generale 2ELHFWXO ORU HVWH vPEXQ W LUHD VLWXD LHL GH FDV  D WUH]RUHULHL
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credite, dintre care mai uzuale sunt:

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LGH FDV , cu durata de 1-]LOHSHQWUX FD ILUPDV QXLQWUHvQOLSV
lichidit L

credite pentru descoperire, cu durata de 30- ]LOH SHQWUX FD ILUPD V  QX LQWUH vQ OLSV

GH
 GH

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mai trzii; de exemplu, QFDV ULGLQYkQ]DUHDXQRUWLWOXULILQDQFLDUH

UL VLJXUH GDU

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fie n baza unor efecte FRPHUFLDOH GH LQXWH GH VROLFLWDWRUXO GH FUHGLW ILH vQ ED]D XQRU VWRFXUL
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XQXL WHU  ID

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etc. Sunt practicate mai multe forme ale acestor credite, dintre care uzuale sunt:
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VFDGHQ

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de la emitentul respectivului efect cumulativ;

creditul pe stocuri, prin care solicitatRUXOGHFUHGLW GLVSXQHGH XQVWRFGHPDUI

vQFDUHL

LPRELOL]DWSURSULLOHUHVXUVHDVWIHOvQFkWODXQPRPHQWGDWDUHQHYRLHGHGLVSRQLELOLW

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, dintre care uzuale sunt:

56

creditul documentar SHQWUX RSHUD LXQL GH FRPHU  LQWHUQD LRQDO vQ FDUH H[SRUWDWRUXO VROLFLW

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importator, acesta stinge creditul;

credit pentru nevoi sezoniere FDUH HVWH VROLFLWDW SHQWUX DSURYL]LRQ UL FDUH QX SRW IL I FXWH
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producerea de ulei pe tot parcursul anului) sau pentru producerea unui bun pe parcursul unei
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credit pentru nevoi pasagere GH GXUDW  PD[LP  GH  ]LOH QHYRL UH]XOWDWH LQGHSHQGHQW GH
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LL vQ

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surse atrase,

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pasive stabile, sunt reprezentate de datorLDPLQLP

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lata

unor furnizori etc.

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n fiecare zi. Salariul datorat de fLUP

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firmei un timp de 30-z zile.

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L

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facturii.
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numai aceasta SRDWH IL OXDW

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rea necesarului de

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pe ntregul ei nu pot fi folosite pentru acoperirea respectivului necesar.

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pasivului stabil este:

57

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t
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(72)

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n cuantumul pasivelor stabile ale firmei. ntr-DGHY

min[fsz

U

14
13
12
14
;2fsz ;3fsz ;...] = fsz
15
15
15
15

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ulate.

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Oj =

OTj
90

(73)

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cele care sunt scadente n ziua z, identificabile prin indicele j Jzs;
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zi la alta.
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respectiva zi:

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unde: Oz
nj

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ilor care sunt disponibile n

Oj n j

(74)

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58

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PSl = min Oz

(74.1)

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PSt = min PSl

(74.2)

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59

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60

1. Bugetul ca instrument financiar

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re statului n

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-sociale, respectiv la

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din postura sa de agent economic.

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61

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soldul acestuia.
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pe zone / regiuni geografice).

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consecLQ

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Cheltuielile publice constituie prJKLLGHUHJODUHvQVSHFLDOSHQWUXFRQVXPLSURGXF LH2

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nd asupra masei
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Reglarea prin solGXO EXJHWXOXL VW  OD ED]D WHRULHL EXJHWXOXL FLFOLF LQVSLUD LH GXS  HIHFWHOH
economico-financiare generate de fazele ciclului economic: deficitul fazei de recesiune este
VXV LQXW ILQDQ DW SULQ H[FHGHQWXO ID]HL WUHFXWH GH H[SDQVLXQH  ERRP VDX FD R SUHOHYare asupra
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Chicago, mai ales Milton Friedman, a reluat ideea liberalismului economic, criticnd
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UHGXFHUHD ILVFDOLW

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2. Principii bugetare
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regimului de stat, a organului legislativ sau a guvernelor. Acest lucru nu poate fi interpretat ca o

62

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r recomandabil,

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2.1. Universalitatea bugetului

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I U  QLFL

-o

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ie la partea de venituri x,

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impozitului A, respectiv x-\0RWLYD LDDFHVWXLSULQFLSLXUH]LG

vQ

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uielilor;
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diferite segmente ale structurii sociale;

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facilitarea controlului financiar.

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trict n limita acestui principiu se zice buget brut.

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dinti cu soldul lor;

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turi;

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buget

mixt.
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pentru realizarea

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e cu caracter comercial sau

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locale.
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n raport cu cele strategice, de interes

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veniturilor, deoarece oricare dintre ele

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pentru fondurile speciale.

2.4. Anualitatea bugetului
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sau mai mult).

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legile - program prin care sunt aprobate cheltuielile pentru obiective

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acest scop.
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este 1 ianuarie -

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un

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prin buget:

65

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(12 luni)

([HUFL LXEXJHWDU

(3-6 luni)

(15-18 luni)

n acest VLVWHPSHSDUFXUVXOH[HUFL LXOXLEXJHWDUIXQF LRQHD]

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anual

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prevederi legislative care interzic aprobarea unui buget ordinar deficitar. De aceea, s-au formulat
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debugetizarea (vezi cap. III.2.2);

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expansiune.
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a)

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care se constituie n perioadele economice favorabile, n care masa

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gistrate n

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nregistra atunci.
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iei publice

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economic, prin care sunt identificate tipurile de venituri (impozit pe profit, taxe vamale etc.)
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2.7 Publicitatea bugetului

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capital.

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dezideratele sociale.
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IXQGDPHQWDUHD XQRU PHWRGH L WHKQLFL GH FDOFXO L DQDOL]  URG Dl matematicii, statisticii
teoretice, analizei economico-ILQDQFLDUHWHRULHLILQDQFLDUHLSUDFWLFLLEXJHWDUH
6FKHPDSUHGLF LHLEXJHWDUHLQFOXGH

67

IRUPXODUHD RELHFWLYHORU XUP ULWH SULQ IL UHDOL]DWH SULQ EXJHW L HYDOXDUHD HIRUWXOXL ILQDQFLDU

implicit;
preJ WLUHD

LQIRUPD LLORU SHQWUX GHWHUPLQDUHD WHQGLQ HORU FH FDUDFWHUL]HD]  FKHOWXLHOLOH L

YHQLWXULOHEXJHWDUHGDULHYROX LDHFRQRPLHLLvQSULPXOUkQGDVXUVHORUGHYHQLWXUL

DQDOL]D FDOLWDWLY  D DFHVWRU WHQGLQ H D FRQVLVWHQ HL L FRHUHQ HL ORU SUHFXP L D DQVHL
SUREDELOLW

LLGHSURGXFHUHDORU

HODERUDUHD SURSXQHULORU GH YHQLWXUL L FKHOWXLHOL EXJHWDUH PDL SUHFLV D YDULDQWHORU SH FDUH VH

va fundamenta propunerea de proiect de buget.

3UDFWLFD EXJHWDU  D FRQWXUDW PDL PXOWH PHWRGH SHQWUX GLPHQVLRQDUHD YHQLWXULORU L
FKHOWXLHOLORU EXJHWDUH 8QHOH VH UHIHU  VWULFW OD HODERUDUHD SURSXQHULORU XQHOH DX vQ YHGHUH L
FRPSRQHQWDWHQGHQ LDO LDUDOWHFLUFXPVFULXLDVSHFWHOHFRUHODWLYHFXHYROX LDHFRQRPLHL
0HWRGD DXWRPDW

 FRQVW  vQ  HVWLPDUHD YHQLWXULORU L FKHOWXLHOLORU EXJHWDUH vQ DQXO W

XUP WRU FHOXL vQ FXUV SH ED]D H[HFX LHL EXJHWDUH vQ DQXO W
UHIHULQ

-1 (anterior celui n curs). Baza de

HVWHPRWLYDW SULQIDSWXOF vQDQXOvQFXUVEXJHWXOHVWHvQF vQH[HFX LHLQXVHFXQRVF

rezultatele efective DOH DFHVWHLD 9DULD LD LQGLFDWRULORU EXJHWDUL VLQWHWLFL YHQLWXUL L FKHOWXLHOL
HVWH vQ PDUH P VXU  UH]XOWDWXO PRGXOXL vQ FDUH V-D H[HFXWDW EXJHWXO L GRDU vQ PLF  P VXU  DO
contextului economic n care s-DSURGXVDFHDVW H[HFX LH
0HWRGD HVWH VLPSO  GDU IRDUWH DSUR[LPDWLY  L vQ PDUH P VXU  SX LQ UHDOLVW  GHRDUHFH
H[WUDSROHD] WHQGLQ HFDUHVXQWGHFHOHPDLPXOWHRULGHS LWHGHUHDOLWDWHDHFRQRPLF 5HJXODSH
FDUHVHED]HD] DFHDVW PHWRG HVWH

Vt 1 = PVt + 1 sau C t 1 = PC t + 1

unde: V
C
PV
PC

(75)

YHQLWXULFRQIRUPH[HFX LHLEXJHWDUH
FKHOWXLHOLFRQIRUPH[HFX LHLEXJHWDUH
SUHGLF LHGHYHQLWXUL
SUHGLF LHGHFKHOWXLHOL

Metoda nu ia n considerare cauzele care au determinat o realizare Vt-1 sau Ct-1 a

veniturilor / cheltuielilor n anul t- ID  GH SUHGLF LD 39t-1 sau PCt-1. De asemenea, nu ia n
FRQVLGHUDUHHYROX LDHFRQRPLHLvQFHLDQLFHGHVSDUWDQXOGHUHIHULQ

GHFHOGHSUHGLF LH&HHD

FHVHWLHFXFHUWLWXGLQHHVWHUDSRUWXOGHRUGLQHvQWUHSUHGLF LDLH[HFX LDDQXOXLW DGLF ,V

> 1,

= 1 sau < 1 unde:

IV = Vt-1/PVt-1

(76)

3H ED]D DFHVWHL LQIRUPD LL VH DVXP  SUHPLVD H[SULPDW  SULQ UHOD LD  DGLF 
DXWRPDWLVPXOUHDOL] ULLvQYLLWRUDXQHLVLWXD LLFHUWHvQWUHF

ut.

0HWRGD PDMRU

ULL GLPLQX

ULL GH ED]HD]  SH H[WUDSRODUHD XQHL WHQGLQ H UHODWLY

FRQVROLGDWHUH]XOWDW GLQGLQDPLFDSH

-8-DQLDYHQLWXULORULFKHOWXLHOLORUEXJHWDUH5LWPXOGH

HYROX LH DO DFHVWRUD HVWH DVXPDW FD UHDOL]DELO L vQ YLLWRU 3H ED]D OXL VH FRUHFWHD]  QLYHOXO
YHQLWXULORUFKHOWXLHOLORUvQDQXOFXUHQWUH]XOWkQGSUHGLF LDSHQWUXDQXOXUP WRU

t =n

r = n I t/t 1 1

(77.1)

t =1

Sn +1 = Sn (1 + r )
unde: n

= orizont statisticGHLQIRUPDUHGHSLOG

(77.2)

DQL

68

It/t-1

LQGLFHOHGHFUHWHUHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHvQDQXOWID

GHDQXOW

-1;

ULWPXOPHGLXGHHYROX LHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHSHQDQL

Sn = nivelul venitului / cheltuielii bugetare n anul curent;

Sn+1 SUHGLF LDSHQWUXDQXOQDYHQLWXOXLFKHOWXLHOLLEXJHWDUH
0HWRGD DUH FRPXQ FX SUHFHGHQWD VXSR]L LD S VWU ULL WHQGLQ HL GDU HVWH UHODWLY PDL EXQ 
GHRDUHFH JHQHUHD]  R WHQGLQ

 PXOWLDQXDO  0HWRGD QX G  UH]XOWDWH vQ FD]XO vQ FDUH FRQWH[WXO

HFRQRPLF HVWH IU PkQWDW DX DYXW ORF VFKLPE UL UHSHWDWH GH YLWH]  VDX GH VHQV SH SDUFXUVXO
RUL]RQWXOXL VWDWLVWLF VDX vQ FD]XO vQ FDUH FRQMXQFWXUD DQXOXL GH SUHGLF LH Q VH PRGLILF 

seQVLELOID

GHDDQLORULQFOXLvQRUL]RQWXOVWDWLVWLF

0HWRGD HYDOX

ULL GLUHFWH VH ED]HD]  SH HVWLPDUHD YHQLWXULORU L FKHOWXLHOLORU DQXOXL W

XUP WRUFHOXLFXUHQWSRUQLQGGHODSUHOLPLQDUHDH[HFX LHLEXJHWDUHSHDQXOWDQXOFXUHQWLGH

la predic LLOH SULYLQG HYROX LD HFRQRPLF

 L HYHQWXDOHOH PRGLILF UL OHJLVODWLYH FH YRU LQWUD vQ

YLJRDUH vQ DQXO W 0HWRGD HVWH DSOLFDELO  QX JOREDO FL SHQWUX ILHFDUH FDWHJRULH GH YHQLW L
FKHOWXLDO vQSDUWH

ntr-RIRUP

VLPSOLILFDW SUHGLF LDYHQLWXULORUSRDWHILUHDOL]DW GXS UHOD LD

PVt +1 = Vp t + BI t +1 l
n care: Vpt = venitul preliminat n anul t;
BIt+1 = baza de impozitare n anul t+1;
 PRGLILF UL OHJLVODWLYH vQ DQXO W ID
l
impozitare.

(73.1)

 GH DQXO W DOWHOH GHFkW FHOH SULY

ind baza de

5HSUH]HQWDUHDvQIRQGDPHWRGHLSRDWHILUHGDW IRUPDOSULQUHOD LD

PVt +1 = Vp t f (l, e, s, p, c)

(73.2)

XQGH I HVWH R IXQF LH FRUHFWLY  FDUH FRQFHQWUHD]  HYHQWXDOHOH PRGLILF UL SULYLQG OHJLVOD LD O L
LQIOXHQ DIDFWRULORUGHQDWXU HFRQRPLF HVRFLDO VSROLWLF SLGHFRQMXQFWXU H[WHUQ F
Q FH SULYHWH HYDOXDUHD FKHOWXLHOLORU PHWRGD HVWH VLPLODU  GRDU F  HYHQWXDOHOH FRUHF LL
VXQW GHWHUPLQDWH SUHGRPLQDQW vQ UDSRUW FX SURGXVXO LQWHUQ EUXW 3,% UDWD LQIOD LHL UL L FXUVXO
GHVFKLPEDOPRQHGHLQD LRQDOHFV

PC t +1 = Cp t g (PIBt +1, ri t +1, cs t +1)

unde Cpt VXQW FKHOWXLHOLOH SUHOLPLQDWH SHQWUX DQXO W LDU J HVWH R IXQF LH FRUHFWLY
LPSDFWXOHYROX LHLIDFWRULORUGHLQIOXHQ

ntr-RIRUP

(74.1)
 FRQFHQWUkQG

PHQ LRQD L

VLPSOLILFDW SUHGLF LDFKHOWXLHOLORUVHSRDWHUHDOL]DGXS UHOD LD

PC t +1 = Cp t I PIB (1 + ri t +1)
unde IPIB HVWH LQGLFHOH 3,% vQ DQXO W ID

(74.2)

 GH DQXO W vQ SUH XUL GHIODWDWH DGLF  QHLQIOXHQ DWH GH

SURFHVXOLQIOD LRQLVW

Metoda esWHPDLFRPSOH[

GDUPDLDSURDSHGHUHDOLWDWHLDUHYHQWXDOHOHQHVLQFURQL] ULL

LPSHUIHF LXQL SRW IL DMXVWDWH SH SDUFXUVXO H[HFX LHL EXJHWDUH D DQXOXL W SULQ
UHFWLILF

procedura

ULLEXJHWDUH

Metoda PPBS are n vedere elaborarea unui buget pe baza unor propuneri optime la
QLYHOXO LQVWLWX LLORUFHQWUDOH EHQHILFLDUH 0HWRGD QXPLW SODQLILFDUH SURJUDPDUH EXJHWL]DUHD
IRVWLQL LDW vQSUDFWLFDEXJHWDU D68$&HOHWUHLFRPSRQHQWHDOHPHWRGHLVHUHIHU OD

69

planificarea - elaborarea obiectivului de realizat ntr-R SHUVSHFWLY  SH WHUPHQ OXQJ vQ
contextul unei strategii administrative date;
programarea - definirea obiectivelor anuale, conform unei tactici administrative date; pentru
realizarea acestor obiective sunt formulate programe alternative, din care este ales cel mai
avantajos sub raportul cost -  DYDQWDMH SURJUDPDUHD SUHVXSXQH vQ FRQVHFLQ  LQFOXVLY
HYDOXDUHDFRVWXULORULDUH]XOWDWHORUSUH]XPDWH

bugetizarea -  LQFOXGHUHD vQ SURLHFWXO GH EXJHW D FRVWXULORU PDL VXV PHQ LRQDWH DFHDVW 
iune se face anual pentru fiecare an din orizontul strategic presupus de realizarea
obiectivului dorit.

RSHUD

0HWRGD HVWH PXOW PDL SUHFLV LDUHvQ SOXVDYDQWDMXO GHD SURSXQH FKHOWXLHOL EXJHWDUHvQ

contextul unor obiective plurianuale. De asemenea, de a integUD VHOHF LD XQHL SURSXQHUL GLQWU-o
PXO LPH GH YDULDQWH X]kQG GH R PHWRG  VSHFLILF  PHWRGD FRVW-DYDQWDM $FHDVW  PHWRG  FRVWDYDQWDM SUH]LQW  IRU

 GH DUJXPHQWD LH GHRDUHFH FRPSDU  FKHOWXLHOLOH FX UH]XOWDWHOH DGLF 

permite folosirea indicatorilor de eILFLHQ

multicriteriale.

LGHDVHPHQHDG SRVLELOLWDWHDLQWURGXFHULLDOHJHULL

QFHSULYHWHHILFLHQ DDFHDVWDHVWHHYLGHQ LDW vQGRX GLQIRUPHOHHLFHOHPDLH[SUHVLYH

HIHFWRE LQXWODXQLWDWHDGHFRVW

e1 = A / C
cheltuiala (efortXOQHFHVDU

(75.1)

SHQWUXRE LQHUHDXQHLXQLW

LGHDYDQWDM

e2 = C / A

(75.2)

unde C este costul necesar pentru realizarea obiectivului, iar A este avantajul generat de
realizarea respectivului obiectiv.
ntr-RDQDOL] PDLGHWDOLDW FRVWXULOHSRWILGHIalcate pe componente / tipuri / categorii, de
SLOG  FRVWXUL GH FDSLWDO LQYHVWL LL FRVWXUL PDWHULDOH FRVWXUL VDODULDOH /D UkQGXO ORU DYDQWDMHOH
SRW ILHYLGHQ LDWHSULQLQGLFDWRULVSHFLILFLFXPVXQW HOHYL VWXGHQ LFRODUL]D LV OLGHFODV  HWF

(SHQWUX RELHFWLYH GH vQY

PkQW QXP U GH XQLW

L VSLWDOLFHWL VDX GH SDWXUL GH VSLWDO EROQDYL

vQJULML L HWF SHQWUX RELHFWLYH GH V Q WDWH QXP U GH ORFXUL GH PXQF  FUHDWH QXP U GH RPHUL
DVLVWD LVDXLQWHJUD LHWFSHQWUXRELHFWLYHVRFLDOHFUHWHUH

a PIB-XOXLYDORDUHDSUH]HQW

QHW HWF

SHQWUXRELHFWLYHHFRQRPLFHD
QFHSULYHWHDOHJHUHD PXOWLFULWHULDO DFHDVWDSHUPLWHGHILQLUHDXQRUFULWHULLGHDSUHFLHUH
FDOLWDWLY LLPSOLFLWGHVHOHF LH VSHFLILFH GLIHULWHORURELHFWLYH3HQWUXDFHDVWDHVWH QHFHVDUV VH
LGHQWLILFH LQGLFDWRULFDQWLWDWLYLFkWPDLH[SUHVLYLSHQWUXILHFDUHFULWHULXvQSDUWHV VHJHQHUH]HR
SURFHGXU  GH FRHUHQ

 vQWUH DFHWLD L vQ VIkULW XQ DOJRULWP FDUH V  SHUPLW  FRQFHQWUDUHD

impactului cumulativ al tuturor acestor indicaWRUL 6

F UXLD SRW IL DYXWH vQ YHGHUH M

 SUHVXSXQHP XQ RELHFWLY SHQWUX UHDOL]DUHD

    - YDULDQWH &ULWHULLOH FDOLWDWLYH GH DSUHFLHUH D

RELHFWLYXOXL  D UH]XOWDWHORU RE LQXWH SULQ UHDOL]DUHD OXL VXQW LGHQWLILFDWHFX LQGLFHOH N

  

K. n limita XQXL FULWHULX GDW SURLHFWHOH SRW IL LHUDUKL]DWH vQ RUGLQH GH SLOG  GHVFUHVF WRDUH
5H]XOW  DVWIHO ORFXO ljk SH FDUH YDULDQWD M vO RFXS  vQ LHUDUKLD JHQHUDW  GH FULWHULXO N $FHDVW 
LQIRUPD LHSRDWHILFXPXODW SHPXO LPHDFULWHULLORUNUH]XOWkQGXQrang pentru fiecare proiect j,
astfel:
rj =

l jk

j = 1,2, , J

(76)

k =1

Cu ct acest rang este mai mic, cu att proiectul respectiv este mai bine situat n ierarhia
PXOWLFULWHULDO  3URFHGXUD SRDWH IL vPEXQ W

LW   SULQ LQWURGXFHUHD XQRU SRQGHUL GH LPSRUWDQ

pentru fiecare criteriu n parte, fie pk

70

pk = 1

(76.1)

k =1

$FHVWH SRQGHUL DGXF vQ MRF VXELHFWLYLVPXO GHFLGHQWXOXL DGLF  LPSRUWDQ D SH FDUH HO R
DFRUG GLIHULWHORUFULWHULLGHDSUHFLHUHQDFHVWFD]UHOD LDGHYL

rj =

ne:

l jk pk

j = 1,2, , J

(76.2)

k =1

8QXO GLQ FULWHULLOH OXDWH DGHVHD vQ FDOFXO HVWH YDORDUHD DFWXDO  D DYDQWDMXOXL QHW UH]XOWDW

din realizarea obiectivului pentru care s-DXHIHFWXDWFKHOWXLHOLOHEXJHWDUH$FFHSW PLSRWH]DXQXL

obiectiv realizat n etape anuale t = (1, T1 vQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH GH UHDOL]DUH &%t L
FKHOWXLHOLOHGHIXQF LRQDUH&)tDFHVWHDGLQXUP QXQHDS UDWILQDQ DWHGLQEXJHW'XS UHDOL]DUHD

RELHFWLYXOXL DFHVWD FRQWLQX  V  IXQF LRQH]H WLPS GH 72

- T1 ani (T2 > T1). n tot intervalul de

IXQF LRQDUH VH RE LQ DYDQWDMH EHQHILFLL DQXDOH GH P ULPH $t. 'DWRULW  SHUHQLW

IXQF LRQ ULL

LL UHDOL] ULL L

RELHFWLYXOXL HYDOXDUHD DYDQWDMXOXL QHW WUHEXLH HIHFWXDW  vQ FRQGL LLOH SURFHGXULL GH

actualizare, pentru a asigura HFKLYDOHQ D SXWHULL GH FXPS UDUH D PRQHGHL QD LRQDOH LQGLIHUHQW GH
DQXOvQFDUHDIRVWHIHFWXDW FKHOWXLDODVDXV-DRE LQXWDYDQWDMXO)LHi rata de actualizare. n aceste
FRQGL LLDYDQWDMXOQHWDFWXDOHVWH

T2

ANA = (A t CFt ) (1 + i)
t =1

Metoda prezint

T1

CBt (1 + i) t ]

(77)

t =1

FXWRDWHDYDQWDMHOHHLPXOWHSXQFWHVODEHVDXGLVFXWDELOH

%XJHWXO GH VWDW UHXQHWH FKHOWXLHOL SHQWUX RELHFWLYH GLQ GRPHQLL GLYHUVH &ULWHULLOH FDUH
FRQGXF GLIHULWH LQVWLWX LL OD SURSXQHUHD XQHL FKHOWXLHOL VXQW H[WUHP GH GLYHUVH L LQFRQJUXHQWH 

MetoGD HVWH EXQ

 vQ SHULPHWUXO XQHL LQVWLWX LL GDU QX DUH UHOHYDQ

 SHQWUX D DOHJH vQWUH GRX 

SURSXQHUL XQD I FXW  GH R LQVWLWX LH FHDODOW  GH R DOWD 'H H[HPSOX FXOWXU  L RUGLQH SXEOLF 
3HQWUX DFHDVWD VXQW QHFHVDUH FULWHULL JHQHUDOH JUHX GH IRUPXODW L

probabil, mai greu de

FXQDWLILFDW 3HQWUX DFHDVW  VHOHF LH RUL]RQWDO  SUHYDOHD]  DGHVHD RS LXQLOH UH]XOWkQG GLQ
SURJUDPHOHSROLWLFHGHJXYHUQDUHGLQLGHRORJLLGLQRELQXLQ HGLQFRQMXQFWXUL

Un element discutabil n utilizarea acestei metode l reprH]LQW

 DVXPDUHD SUHPLVHL F 

PXO LPHDRSWLPHORUVXEVLVWHPHORUJHQHUHD] RSWLPXOVLVWHPXOXL,QVWLWX LLOHFDUHIDFSURSXQHULGH

cheltuieli pentru buget pot fi privite ca subsisteme ale sistemului economico-social pe care
EXJHWXO vQ XQLWDWHD L XQLFLWDWHD VD vO UHSUH]LQW  2U WHRULD VLVWHPHORU L WHRUHPHOH RSWLPXOXL
RSWLPXO JOREDO VXERSWLPXO RSWLPXO SDU LDO GHPRQVWUHD]  FODU F  SUHPLVD PHQ LRQDW  QX HVWH
DGHY UDW  'HS LUHDDFHVWXL DVSHFW GLVFXWDELO DIRVW vQFHUFDW  SULQ WHKQLFD PDQDJHPHQWXOXL SULQ

obiHFWLYH 0%2 $FHDVWD SUHVXSXQH R SODQLILFDUH JOREDO

 SH XQ WHUPHQ VXILFLHQW GH ELQH

DFRSHULWRU DO RUL]RQWXULORU GH UHDOL]DUH D RELHFWLYHORU SURSXVH GH GLIHULWH LQVWLWX LL FHQWUDOH

Resursele identificate pentru respectivul orizont sunt distribuite ntre oELHFWLYH DVWIHO vQFkW V

DVLJXUHRFRW GHUHDOL]DUHFkWPDLULGLFDW 

Metoda ZBB are n vedere evaluarea variantelor de realizare a unui obiectiv n raport cu
FRVWXULOH SUHVXSXVH FHOH PDL PLFL SHQWUX DWLQJHUHD DFHVWXL VFRS 0HWRGD QXPLW  ED]D EXJHWDU
]HUR FRQVLGHU  GUHSW HWDORQ VDX RULJLQH VDX FD] GH UHIHULQ

 DFHD YDULDQW  FH DVLJXU  FRVWXUL

PLQLPH SHQWUX UHDOL]DUHD XQXL RELHFWLY GDU L DYDQWDMH SH P VXU  0HWRGD HVWH L]RPRUI 

problemei de optim a agentului economic ce-L SURSXQH V

 RE LQ  XQ QLYHO GDW DO SURGXF LHL FX

FRVWXUL PLQLPH 3ULQ FRPSDUDUHD XQHL YDULDQWH RDUHFDUH FX XQD GH RULJLQH PHWRGD DUH YDOHQ H
PDUJLQDOLVWH 9DULDQWHOH SRW IL VHOHFWDWH SH VHDPD FRVWXOXL ORU PDUJLQDO DGLF  D FKHOWXLHOLL
VXSOLPHQWDUHSUHVXSXVHSHQWUXRE LQHUHDXQHLXQLW

LVXSOLPHQWDUHGHDYDQWDM

0HWRGD SHUPLWH DQDOL]D LWHUDWLY  DQXDO  D HILFLHQ HL UHDOL] ULL XQXL SURLHFW SULQ SULVPD
PRGLILF ULL SUHPLVHORU OHJLVODWLYH VXE DXWRULWDWHD F URUD XUPHD]  V  VH GHUXOH]H vQ ILHFDUH DQ

71

SURLHFWXO vQ FDX]  Q DFHVW IHO VH RE LQ vQ SOXV LQIRUPD LL SULYLQG YDOHQ HOH VWLPXODWLYH VDX GH
IUkQ  SH FDUH OH JHQHUHD]  PRGLILF ULOH OHJLVODWLYH LQWHUYHQLWH ID

 GH PRPHQWXO GH GHEXW DO

SURLHFWXOXLRIHULQGRUJDQXOXLOHJLVODWLYRP VXU DFDUDFWHUXOXLVWLPXODWLYVDXQXDDMXVW ULORUSH

FDUHOHDGRSW VDXOH DDGRSWDWvQOHJ WXU FXXQDVDXDOWDGLQSUHYHGHULOHOHJDOHvQYLJRDUH

'H]DYDQWDMHOH PHWRGHL VXQW OHJDWH PDL DOHV GH GLILFXOW

LOH GH LGHQWLILFDUH L HYDOXDUH D

UH]XOWDWHORU DYDQWDMHORU SH FDUH OH FRQIHU  UHDOL]DUHD XQXL RELHFWLY VDX SURLHFW ILQDQ DW SULQ

buget.
Metoda RCB are n vedere corectarea pe parcurs a cheltuielilor necesare pentru
UHDOL]DUHD XQXL RELHFWLY SHUHQ GH UHJXO  GH WHUPHQ PHGLX vQ UDSRUW FX FRQGL LLOH QRX DS UXWH
0HWRGD QXPLW  D UD LRQDOL] ULL EXJHWDUH DUH FDUDFWHU VLVWHPLF SULQ IDSWXO F  HVWH XWLOL]DW  vQ
FRQGL LLQRLGDWH ODUHIRUPXODUHD DWkWDRELHFWLYXOXLFkWLDPLMORDFHORU GHUHDOL]DUHDOXLDVWIHO
vQFkW DQVDPEOXO HIRUWXOXL EXJHWDU V  ILH PDL FRQYHQDELO FKHOWXLHOL EXJHWDUH PDL PLFL I U  D

renun DQHDS

UDWODSURLHFWHGHMDLQL LDWHvQFXUVGHGHVI XUDUH

QILHFDUHLWHUD LH LSHQWUXILHFDUH SURLHFWHVWHQHFHVDU  SDUFXUJHUHD XQRUHWDSHVWULFWHGH

DQDOL]  L DQXPH VWXGLX GHFL]LH H[HFX LH L FRQWURO IDSW FH G  R FRQVLVWHQ D PDL VROLG 

argumHQWD LHLSULYLQGDQJDMDUHDFKHOWXLHOLORUSXEOLFH
'H]DYDQWDMHOH PHWRGHL VXQW OHJDWH GH FDUDFWHUXO UHODWLY FRPSOH[ DO SURFHVXOXL GH DQDOL] 
LGHH[FHS LLOHSHFDUHOHSUHVXSXQHID

GHSULQFLSLLOHEXJHWDUHDOHDQXDOLW

LLLQHDIHFW ULL

4. Procesul bugetar
3URFHVXO EXJHWDU UHSUH]LQW  PXO LPHD VWUXFWXUDW  D DF LXQLORU L P VXULORU LQL LDWH L
GHUXODWH GH LQVWLWX LLOH VWDWDOH FRPSHWHQWH vQ VFRSXO UHDOL] ULL SROLWLFLL ILQDQFLDUH SURPRYDW  GH
DXWRULWDWHD JXYHUQDPHQWDO  vQ GRPHQLXO EXJHWDU %D]D OHJDO  D DFHVWXL DQVDPEOX GH DWULEX LL
FRPSHWHQ H UHVSRQVDELOLW

L REOLJD LL L GUHSWXUL LQVWLWX LRQDOH R FRQVWLWXLH &RQVWLWX LD L OHJLOH

VSHFLILFH7RDWHDFHVWHUHJOHPHQW ULDXFDRELHFWILQDOYHQLWXULOHLFKHOWXLHOLOHVWDWXOXL

Procesul bugetar are cteva caracteristici majore:

HVWH GHFL]LRQDO GHRDUHFH DUH FD VFRS IRUPXODUHD UHDOL]DUHD L FRQWUROXO IRUP ULL UHVXUVHORU
EXJHWDUH L DO DORF ULL ORU LQFOXVLY GHFL]LD SULYLQG UHFXQRDWHUHD QHYRLORU L D FXDQWXPXOXL
ORUDSULRULW

LLRSRUWXQLW

LLLVWULQJHQ HLD

cestora);

HVWH GHPRFUDWLF ILLQG UH]XOWDW DO H[HUFLW ULL DWULEXWHORU VWDWXOXL GH GUHSW L DO H[HUFL LXOXL
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-economice.

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rlamentul, Guvernul, Ministerul

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e publice de orice nivel n vederea

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n Guvern cu prileMXO GLVFXW

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Parlamentului, include mai multe documente:

expunerea de motive;

proiectul propriu-zis deEXJHWSHFDWHJRULLPDULGHYHQLWXULLFKHOWXLHOL

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propunerile de veniturLLFKHOWXLHOLDOHIRQGXULORUVSHFLDOHH[WUDEXJHWDUH

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i legii bugetare

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4.2. Aprobarea bugetului

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dimensiunii efortului (cheltuielilor) care se fac pentru un anumit domeniu, proiect, obiectiv.
Aprobarea bugetului este de fapt actul final dintr-RSURFHGXU GHVWXOGHFRPSOH[ PHQLW

V  DVLJXUH DQDOL]D DWHQW  D GHFL]LHL EXJHWDUH L DOHJHUHD FHOHL PDL DGHFYDWH RS LXQL SULYLQG
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pe:
prezentarea vQ SOHQXO 3DUODPHQWXOXL GH F WUH SULPXO PLQLVWUX VDX GH F WUH PLQLVWUXO
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examinarea acestui proiect n comisiile permanente DOH 3DUODPHQWXOXL HGXFD LH V Q WDWH

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examinarea proiectului de buget vQFRPLVLDGHEXJHWILQDQ HE QFL (comisia de specialitate a

Parlamentului), care, n plus dH DOWH FRPLVLL HVWH FKHPDW  V  VH SURQXQ H DVXSUD
amendamentelor formulate de acestea; recomandarea acestei comisii privind proiectul de
EXJHWLPHQ LRQDWHOHDPHQGDPHQWHVXQWvQDLQWDWHSOHQXOXL3DUODPHQWXOXLSHQWUXGH]EDWHUHL

aprobare;

73

dezbaterea nSOHQXO3DUODPHQWXOXLDSURLHFWXOXLGHEXJHWDGLF

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aprobarea prin vot a legii bugetului n ansamblul ei;

promulgarea legii bugetului dHF WUH3UHHGLQWHOH ULL
publicarea n "Monitorul oficial" a legii privind bugetul.
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bugetului ncepe din prima zi a anului bugetar (vezi cap. III.2 L FDUH vQ 5RPkQLD HVWH 
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area noului buget, n conformitate cu prevederile legii bugetului

pe anul anterior.
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privesc cheltuielile.

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administrativ-WHULWRULDOH E QFL DQJDMDWH vQ

angajate n transferuri monetare cu bugetul.

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contribuabil;
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nscrierea acesteia ca debit ntr-XQUROILVFDOGHVFKLVSHQWUXILHFDUHGLQDFHWLD
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parte.
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a)

ina ordonatorilor de credite DGLF

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Guvernului;

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74

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muzeu, teatru etc.).

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deauna un document legal de

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lichidarea DGLF
furnizorilor;

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b)

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gestiune (vezi cap. III.2.4).

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ind

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se

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bugetului sau prin legea/legile de rectificare a acestuia. O lege de rectificare a bugetului poate
IL DSUREDW  GH 3DUODPHQW GDU QX PDL WkU]LX GH  QRLHPEULH vQ FD]XO F  GLQ YDULL PRWLYH vQ
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insuficiente.
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general FRQW JHQHUDO GH H[HFX LH EXJHWDU

 vQWUXFkW FXPXOHD]  SULQ DJUHJDUH FRQWXULOH GH

H[HFX LH DOH WXWXURU RUGRQDWRULORU GH FUHGLWH $FHVW

cont general este prezentat de Ministerul

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baza unui rapRUW HODERUDW GH 0LQLVWHUXO )LQDQ HORU SUHFXP L D XQXL SURLHFW GH OHJH SULYLQG
H[HFX LD EXJHWXOXL Q 3DUODPHQW DFHVWH GRFXPHQWH VXQW vQ SUHDODELO GLVFXWDWH vQ FRPLVLD GH
VSHFLDOLWDWH FDUH SUH]LQW  SOHQXOXL 3DUODPHQWXOXL R UHFRPDQGDUH DVXSUD ORU 3H OkQJ  DFHVWH
GRFXPHQWH 3DUODPHQWXO LD FXQRWLQ

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t durata procesului bugetar este mult mai

PDUH GHFkW D H[HUFL LXOXL SURSULX ]LV 3HQWUX FRQGL LLOH OHJLVODWLYH GLQ 5RPkQLD DFHVW SURFHV

GXUHD] vQWUHLGHOXQLHODERUDUHDvQFHSHvQOXQDPDLDDQXOXLW H[HFX LDVHSURGXFHSH

parcursul anului t,

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GH]EDWHULLSDUODPHQWDUHDFRQWXOXLGHH[HFX LHEXJHWDU PDLGXUHD]

-2 luni astfel nct procesul

bugetar viznd anul t se ncheie n martie-septembrie anul t+2.

4.4. &RQWUROXOH[HFX LHLEXJHWXOXL
&RQWUROXO H[HFX LHL EXJHWXOXL VH HIHFWXHD]  GH &XUWHD GH &RQWXUL RUJDQLVP VXERUGRQDW
vQ DUD QRDVWU  GLUHFW 3DUODPHQWXOXL &XUWHD GH &RQWXUL HVWH LQVWLWX LD VXSUHP  GH FRQWURO DO

75

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UL DFHDVW  LQVWLWX LH SRDWH

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H[HFX LH GH FDV  D EXJHWXOXL OD RULFDUH RUGRQDWRU GH FUHGLWH SUHFXP L vQ UDSRUWXO L FRQWXO
JHQHUDOGHH[HFX LHvQWRFPLWHGH0LQLVWHUXO)LQDQ HORU

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banilor publici la toate nivelurile;

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LUL D OHJLVOD LHL

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acestuia, de OD QLYHOXO 0LQLVWHUXOXL )LQDQ HORU L GH OD QLYHOXO GLIHUL LORU RUGRQDWRUL GH FUHGLWH
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H[HUFLW  L SUHYHQWLY L XOWHULRU )LHFDUH GLQ QLYHOHOH PHQ LRQDWH DU

e organ propriu de control

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L MXGH HORU vQ MRV L VXQW FLUFXPVFULVH GRDU XQLW

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de credite.
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SHQGLQWHLOHJHDH[HFX LHLEXJHWXOXL

5. Structura bugetului de stat al Romniei

Bugetul de stat al Romniei este aprobat anual printr-R OHJH VSHFLDO  QXPLW  OHJHD
bugetului de stat pe anul ". Legea cuprinde PDLPXOWHDUWLFROHJUXSDWHSHFDSLWROHLDQH[H
&DSLWROHOHOHJLLVHUHIHU OD

GLVSR]L LL JHQHUDOH vQ FDUH VXQW PHQ LRQDWH FXDQWXPXO FKHOWXLHOLORU DO YHQLWXULORU L DO

soldului bugetar (deficit / excedent);

regimul veniturilor bugetare, n care se faF SUHFL]

UL UHIHULWRDUH OD FROHFWDUHD YHQLWXULORU

EXJHWDUHVDXODXQHOHPRGLILF UL DMXVW UL SHFDUHOHLQWURGXFHOHJHDEXJHWXOXLGHDVHPHQHD

HVWHSUH]HQWDW RVLQWH] DYHQLWXULORUSHSULQFLSDOHOHFRPSRQHQWH7DEHO

UHJLPXO L GHVWLQD LLOH FKHOWXLHOLORU vQ FDUH VH IDF SUHFL] UL SULYLQG PRGXO GH HIHFWXDUH D
FKHOWXLHOLORU EXJHWDUHSUHFXPLXQHOHDWULEX LL UHVSRQVDELOLW

LDOHRUGRQDWRULORUGHFUHGLWH

vQ JHQHUDO L SH GRPHQLL GH DFWLYLWDWH GH DVHPHQHD HVWH SUH]HQWDW  VWUXFWXUD HFRQRPLF  D

cheltuielilor bugetare (Tabel 1);

GHILFLWXOH[FHGHQWXOEXJHWDUGDWRULDSXEOLF LvPSUXPXWXULOHJXYHUQDPHQWDOH

GLVSR]L LLUHIHULWRDUHODUHJLLOHDXWRQRPHVRFLHW

GLVSR]L LLUHIHULWRDUHODEXJHWHOHORFDOH

bugetele fondurilor speciale;

UHVSRQVDELOLW

GLVSR]L LLILQDOH

LOHLFRPSDQLLOHQD LRQDOH

LvQDSOLFDUHDOHJLL

76

Tabelul 1 (mdl.lei)
VENITURI - TOTAL
din care:
I. Venituri curente
din care:
1.Venituri fiscale
din care:
a) impozite directe
din care:
- impozit pe profit;
- impozit pe salarii.
b) impozite indirecte
din care:
- WD[DSHYDORDUHDDG XJDW 
- taxe vamale;
- DFFL]HLLPSR]LWSHFLUFXOD LH
2.Venituri nefiscale.
II. Venituri din capital.

CHELTUIELI - TOTAL
din care:
I. Cheltuieli curente
din care:
1. cheltuieli de personal;
2. FKHOWXLHOLPDWHULDOHLVHUYLFLL
3. VXEYHQ LL
4. SULPHDFRUGDWHSURGXF WRULORUDJULFROL
5. transferuri;
6. dobnzi aferente datoriei publice alte
cheltuieli;
7. VXPH SUHY ]XWH vQ SR]L LL JOREDOH FD
rezerve din care:
- )RQG OD GLVSR]L LD *XYHUQXOXL GLQ

,,,QFDV ULGLQUDPEXUVDUHDvPSUXPXWXULORU

,9 5DPEXUV UL GH FUHGLWH SO

Y UV PLQWHGLQSULYDWL]DUH

II. Cheltuieli de capital.

III. mprumuturi acordate.
L GH GREkQ]L L

comisioane la credite
din care:
1. UDPEXUV ULGHFUHGLWHH[WHUQH
2. SO LLFRPLVLRDQHODSO LH[WHUQH
3. UDPEXUV ULGHFUHGLWHLQWHUQH
4. SO L GH GREkQ]L L FRPLVLRDQH OD FUHGLWH
interne.
Anexele legii bugetului de stat includ sinteza bugetului, detalierea pe articole a
FKHOWXLHOLORU OLVWD LPSR]LWHORU WD[HORU L DOWRU YHQLWXUL DOH DQului bugetar, sumele defalcate din
LPSR]LWXO SH VDODULL OD GLVSR]L LD MXGH HORU FDWHJRULLOH GH YHQLWXUL L FKHOWXLHOL FDUH VH SUHY G vQ
EXJHWHOH ORFDOH FDWHJRULLOH GH LQVWLWX LL SXEOLFH L DF LXQL DOH F URU FKHOWXLHOL VH DVLJXU  GLQ

bugetele locale, bugeWHOH IRQGXULORU VSHFLDOH L OLPLWHOH YDORULFH SULYLQG FRPSHWHQ D GHDSUREDUH
DGRFXPHQWD LLORUSHQWUXRELHFWLYHOHQRLGHLQYHVWL LH

n sinteza bugetului, veniturile, exprimate n mii lei, sunt prezentate pe cele trei
FRPSRQHQWH SULQFLSDOHPHQ LRQDWH vQ WDEHOXO  LDU vQ FDGUXOILHF UHLD SH FDSLWROH L VXEFDSLWROH
&KHOWXLHOLOH H[SULPDWH WRW vQ PLL OHL VXQW SUH]HQWDWH SH WRWDO L SH S U L FX PHQ LRQDUHD
FDSLWROXOXL VXEFDSLWROXOXL WLWOXOXL  DUWLFROXOXL L DOLQLDWXOXL vQ FDUH VH vQFDGUHD]  UHVSHFWLYHOH
FKHOWXLHOL 3 U LOH UHSUH]LQW  VHFWRUXO SXEOLF VDX WLSXO GH DF LXQH SHQWUX FDUH VH IDFH FKHOWXLDOD

astfel:

SDUWHD,6HUYLFLLSXEOLFHJHQHUDOHDXWRULW

SDUWHD ,, $S UDUH RUGLQH SXEOLF  VLJXUDQ

LSXEOLFH
 QD LRQDO  SH WRWDO L GHIDOFDW SH FHOH WUH

domenii;

SDUWHD,,,&KHOWXLHOLVRFLDOFXOWXUDOHSHWRWDOLSHGRPHQLLvQY
UHOLJLHLDF LXQLSULYLQGDFWLYLWDWHDVSRUWLY LGHWLQHUHWDVLVWHQ

PkQWV Q WDWHFXOWXU L

VRFLDO LDORFD LLLSHQVLL

LDMXWRDUHLLQGHPQL]D LL

partea IV "SerYLFLL L GH]YROWDUH SXEOLF

componente;

 L ORFXLQ H PHGLX L DSH SH WRWDO L SH GRX 

SDUWHD 9 $F LXQL HFRQRPLFH SH WRWDO L GHIDOFDW SH LQGXVWULH DJULFXOWXU  L VLOYLFXOWXU 
WUDQVSRUWXULLFRPXQLFD LLDOWHDF LXQLHFRQRPLFH

SDUWHD9,$OWHDF LXQLSHWRWDOLGHIDOFDWSHFHUFHWDUHWLLQ LILF LDOWHDF LXQL

partea VII "Transferuri";

partea VIII "mprumuturi acordate";

77

LGHGREkQ]LLDOWHFKHOWXLHOLDIHUHQWHGDWRULHLSXEOLFH

SDUWHD,;3O

SDUWHD;)RQGXULGHUH]HUY 

Pentru fiecare indiFDWRUEXJHWDUGHFKHOWXLDO

SUHY ]XW GLQ UHVXUVHOH LQWHUQH FXDQWXPXO ILQDQ

vQVFULVvQEXJHWVHPHQ LRQHD] FXDQWXPXO

ULL GLQWU XQ HYHQWXDO FUHGLW H[WHUQ L WRWDOXO

VXPDFHORUGRX 
/LVWD SULYLQG YHQLWXULOH PHQ LRQHD]  SHQWUX ILHFDUH YHQLW vQ SDUWH

legea / legile pe baza

F URUDDFHVWDHVWHLQWURGXVSHUFHSXWLFROHFWDW
'HIDOFDUHD

LPSR]LWXOXL

SH

VDODULL

SHQWUX

DXWRULW

LOH

ORFDOH

VH

IDFH

SH

MXGH H

PHQ LRQkQGX VH SHQWUX ILHFDUH MXGH  vQ SDUWH WRWDOXO VXPHL FXDQWXPXO SHQWUX EXJHWXO SURSULX DO

MXGH XOXL L FXDQWXPXO SHQWUX VXEGLYL]LXQLOH WHULWRULDOH FRPXQ  RUD PXQLFLSLX /HJHD
EXJHWXOXLSUHYHGHGHDVHPHQHDFULWHULLOHGXS FDUHVHIDFHGHIDOFDUHD
3HQWUX EXJHWHOH ORFDOH OHJHD EXJHWXOXL PHQ LRQHD]  GLVWLQFW FDWHJRULLOH  WLSXULOH GH

venituri prRSULLLFKHOWXLHOLDOHEXJHWHORUMXGH HORUSUHFXPL VHSDUDWDOHEXJHWHORUFRPXQHORU

RUDHORU PXQLFLSLLORU VHFWRDUHORU PXQLFLSLXOXL %XFXUHWL L&RQVLOLXOXL *HQHUDO DO 0XQLFLSLXOXL
%XFXUHWL

Pentru bugetele locale sunt afectate practic toate cheltuLHOLOHGHvQY

PkQWSUHXQLYHUVLWDU

RFD]LRQDWHGHXQLW

LOHGHvQY

PkQWvQVXERUGLQHD0LQLVWHUXOXL(GXFD LHL1D LRQDOHFXH[FHS LD

FHORU SULYLQG vQY

PkQWXO VSHFLDO WUDQVSRUWXOHOHYLORU SO WLW vQ UHJLP IRUIHWDU L DOWHFkWHYD 7RW

n sarcina acestor bXJHWH UHYLQ L FKHOWXLHOLOH GLQ GRPHQLXO DVLVWHQ HL VRFLDOH SULYLQG F PLQHOH
F PLQHOH-VSLWDO L F PLQHOH-DWHOLHU SHQWUX WRDWH FDWHJRULLOH GH GHIDYRUL]D L DMXWRUXO VRFLDO L
LQGHPQL]D LLOH GH QDWHUH 6XQW SUHY ]XWH GH DVHPHQHD XQHOH FKHOWXLHOL vQ GRPHQLXO V Q W

LL

GUHSWXULOH GRQDWRULORU GH VkQJH L FKHOWXLHOLOH QHVDQLWDUH DOH FUHHORU L DO DJULFXOWXULL
SUHYHQLUHDLFRPEDWHUHDG XQ WRULORULEROLORU
3ULQWUHIRQGXULOHVSHFLDOHPHQ LRQDWHvQEXJHWVHLQFOXG

IRQGXO VSHFLDO SHQWUX V Q WDWH SH WRWDO L SH FHOH GRX  PLQLVWHUH DGPLQLVWUDWRDUH 0LQLVWHUXO
6 Q W

LLL0LQLVWHUXO7UDQVSRUWXULORU

IRQGXOGHDVLJXU ULVRFLDOHGHV Q WDWHvQDGPLQLVWUDUHD0LQLVWHUXOXL6 Q W

IRQGXO GH ULVF L DFFLGHQW vQ DGPLQLVWUDUHD 6HFUHWDULDWXOXL GH 6WDW SHQWUX

LL

persoane cu

handicap;

IRQGXO VSHFLDO SHQWUX GH]YROWDUHD L PRGHUQL]DUHD SXQFWHORU GH FRQWURO SHQWUX WUHFHUHD
IURQWLHUHLSUHFXPLDFHORUODOWHXQLW

LYDPDOHvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

fondul special pentru dezvoltarea sistemului energetic, n administrarea Ministerului

,QGXVWULHLL&RPHU XOXL

fondul special al drumurilor publice, n administrarea Ministerului Transporturilor;

IRQGXOVSHFLDOSHQWUXSURWHMDUHDDVLJXUD LORUvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

fondul special pentru prRPRYDUHD L GH]YROWDUHD WXULVPXOXL vQ DGPLQLVWUDUHD $XWRULW

LL

1D LRQDOHSHQWUX7XULVP

IRQGXOVSHFLDODODYLD LHLFLYLOHvQDGPLQLVWUDUHD0LQLVWHUXOXL7UDQVSRUWXULORU
&RPSHWHQ HOH GH DSUREDUH D LQYHVWL LLORU VXQW VWDELOLWH SHQWUX DQXO  OD PD[LP

PLOLDUGH GH OHL SHQWUX RUGRQDWRULL GH FUHGLWH VHFXQGDUL L WHU LDUL FX DYL]XO SUHDODELO DO

ordonatorului principal, la maxim 80 de miliarde de lei pentru ordonatorii principali de credite cu

DFRUGXOSUHDODELODO0LQLVWHUXOXL)LQDQ HORULODSHVWHPLliarde de lei pentru Guvern.

6. Sistemul cheltuielilor publice

&KHOWXLHOLOHSXEOLFHVXQWXQFRQFHSWILQDQFLDUDOF UXLFRQ LQXWvOUHSUH]LQW H[SULPDUHDvQ
IRUP E QHDVF DUHOD LLORUHFRQRPLFR VRFLDOHDS UXWHvQWUHVWDWSHGHRSDUWHLSHUVRDQHIL]L

ce

L MXULGLFH SH GH DOW  SDUWH FX RFD]LD IRORVLULL UHVXUVHORU ILQDQFLDUH DOH VWDWXOXL L vQ VFRSXO
H[HUFLW ULLIXQF LLORULDWULEX LLORUDFHVWXLD

78

&RQFHSWXO GH FKHOWXLHOL SXEOLFH HVWH OHJDW GH vQGHSOLQLUHD IXQF LHL GH DORFDUH D ILQDQ HORU
SXEOLFH L DQXPH GH FRPSRQHQWD HL SULYLQG UHSDUWL]DUHD L XWLOL]DUHD UHVXUVHORU ILQDQFLDUH DOH

statului.
Q VIHUD GH FXSULQGHUH D DFHVWRU FKHOWXLHOL VH LQFOXG GXS  FULWHULXO LQVWLWX LHL FDUH OH
HIHFWXHD]

 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH FHQWUDOH GH VWDW L FDUH SRW IL
SDUWLFXODUL]DWHGXS VXUVDGHILQDQ DUHvQ

a.
b.
c.

ILQDQ DWHGLQEXJHWXOGHVWDWEXJHWXOFHQWUDOGHVWDWvQFD]XOVWDWHORUIHGHUDWLYH

ILQDQ DWHGLQEXJHWXODVLJXU ULORUVRFLDOHGHVWDW
ILQDQ DWHGLQIRQGXULVSHFLDOHEXJHWDUHV

au extrabugetare).

 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH ORFDOH L FDUH vQ FD]XO VWDWHORU
IHGHUDWLYHVHUHJ VHVFSHGRX QLYHOHDOHLHUDUKLHLVWUXFWXULLDGPLQLVWUDWLY

- teritoriale:
a. efectuate de organele administrativ - teritoriale iQWHUPHGLDUHVWDWHSURYLQFLLUHJLXQLD
b. efectuate de organele administrativ -WHULWRULDOHORFDOHRUDHFRPXQHHWF

FKHOWXLHOLSXEOLFHHIHFWXDWHGHRUJDQLVPHDGPLQLVWUD LLLQWHUQD LRQDOHVXSUDQD LRQDOH

Unele din aceste cheltuieli pot fi trDQVIHUXUL vQWUH FRPSRQHQWHOH VLVWHPXOXL QD LRQDO GH
criteriu includerea sau nu a acestor transferuri n cheltuielile
publiceDFHVWHDVHFODVLILF vQ
1. cheltuieli neconsolidate, care cuprind respectivele transferuri, fiind deci totalul cheltuielilor

EXJHWH 'DF  OX P GUHSW

SXEOLFHGLQVLVWHPXOQD LRQDOGHEXJHWH

TCP = Cc + Ci + Cl

(78)

unde: TCP = total cheltuieli publice;

Cc FKHOWXLHOLOHSXEOLFHDOHDGPLQLVWUD LLORUSXEOLFHFHQWUDOH
Ci = cheltuielile publice ale organelor administrativ - teritoriale intermediare;
Cl = cheltuieli publice ale organelor administrativ-teritoriale locale.
2. cheltuieli consolidate, care nu cuprind respectivele transferuri:
CPC = TCP - T
unde: CPC = cheltuieli publice consolidate;
T
= transferuri ntre administrD LLOHSXEOLFHFHQWUDOHLFHOHLQWHUPHGLDUHLORFDOH
'HVWLQD LDFKHOWXLHOLORUSXEOLFHJHQHUHD] RVWUXFWXU DORUSHGRX FRPSRQHQWH
 DYDQV GH SURGXV LQWHUQ EUXW UHSUH]HQWkQG FKHOWXLHOL DOH LQVWLWX LLORU SXEOLFH SHQWUX IRUPDUHD
EUXW GHFDSLWDO

2 FRQVXP GHILQLWLY GH SURGXV LQWHUQ EUXW UHSUH]HQWkQG RULFH DOWH FKHOWXLHOL DOH LQVWLWX LLORU
SXEOLFHQXPLWHvQPRGRELQXLWLFXUHQWHVDXGHIXQF LRQDUH
&KHOWXLHOLOHSXEOLFHSRWILVWUXFWXUDWHLGXS FULWHULXOVXUVHLIRUPDOHGHILQDQ DUH

1. cheltuiHOLOHEXJHWDUHILQDQ DWHGLQEXJHWXOGHVWDWGLQ EXJHWXODVLJXU

ULORUVRFLDOHGHVWDWGLQ

EXJHWHOHORFDOHLQWHUPHGLDUHVDXGLQEXJHWHOHLQVWLWX LLORUSXEOLFHDXWRQRPH
FKHOWXLHOLILQDQ DWHGLQIRQGXULFXGHVWLQD LHVSHFLDO 

3.

cheltuieli

extrabugetaUH

ILQDQ DWH

GLQ

UHVXUVH

ILQDQFLDUH

QHLQFOXVH

vQ

EXJHWHOH

DGPLQLVWUD LLORULQVWLWX LLORU SXEOLFH YHQLWXULOH FDUH VH SRW FRQVWLWXL FD H[WUDEXJHWDUH VXQW
PHQ LRQDWHVDXGHFXUJGLQSUHYHGHULOHJDOHFKHOWXLHOLOHHIHFWXDWHGLQDFHVWHYHQLWXULVXQWVWDELOLWH
vQ PRG DXWRQRP GH DGPLQLVWUD LD  LQVWLWX LD SXEOLF  FH D UHDOL]DW YHQLWXUL H[WUDEXJHWDUH DWkW
YHQLWXULOH FkW L FKHOWXLHOLOH UHVSHFWLYH VXQW GHILQLWH vQWU XQ SODQ GH YHQLWXUL L FKHOWXLHOL

H[WUDEXJHWDUHLVXQWVXSXVHFRQWUROXOXLILQDQFLDUSULYLQGOHJDOLWDWHDFRQVWLWXLULLXWLOL] ULLORU
 FKHOWXLHOL HIHFWXDWH GLQ EXJHWXO 7UH]RUHULHL SXEOLFH vQ VWDWHOH vQ FDUH OHJH SUHYHGH H[HFX LD
EXJHWXOXLGHVWDWSULQ7UH]RUHULDSXEOLF 

Toate aceste patru criterii de structurare a cheltuielilor publice au n veGHUHFRQ LQXWXOORU

'LQDFHVWFRQ LQXWUH]XOW HYLGHQWGHRVHELUHDvQWUHFKHOWXLHOLOHSXEOLFHLFKHOWXLHOLOHEXJHWDUH

79

 6IHUD FKHOWXLHOLORU SXEOLFH R LQFOXGH SH FHD D FKHOWXLHOLORU EXJHWDUH DGLF  DFHVWHD GLQ XUP 
VXQW SDUWH D FHORU GLQWkL L OH LQFOXGH

numai pe cele efectuate din bugetul de stat, din bugetele

ORFDOH  LQWHUPHGLDUH L GLQ EXJHWXO DVLJXU ULORU VRFLDOH GH VWDW &KHOWXLHOLOH SXEOLFH OH LQFOXG SH
DFHVWHD L vQ SOXV SH FHOH HIHFWXDWH GLQ IRQGXUL H[WUDEXJHWDUH GLQ IRQGXULOH DXWRULW

LORU 

inVWLWX LLORULQWHUQD LRQDOHVDXGLQYHQLWXULOHSURSULLRE LQXWHGHLQVWLWX LLOHSXEOLFH

 &KHOWXLHOLOHEXJHWDUHVH HIHFWXHD]  SHED]DFUHGLWHORU EXJHWDUH vQWLPSFHFKHOWXLHOLOHSXEOLFH
VH HIHFWXHD]  L SH ED]D DOWRU VXUVH ILQDQFLDUH GHFkW FUHGLWHOH EXJHWDUH $FHDVWD vQVHDPQ  F 
HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH VH SRDWH IDFH VWULFW vQ OLPLWD L SH ED]D DSURE ULL ORU GH F WUH
3DUODPHQW VDX GH F WUH DXWRULWDWHD LQWHUPHGLDU   ORFDO  LQYHVWLW  GH DFHVWD SHQWUX D DSURED
EXJHWH $FHDVWD PDL vQVHDPQ  L F  HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH HVWH GHWHUPLQDW  QX QXPDL
GH FRQVWLWXLUHD  H[LVWHQ D UHVXUVHORU GH ILQDQ DUH FL L vQ PRG QHDS UDW GH H[LVWHQ D DSURE ULL

din partea organului legislativ pentru efectuarea lor.

7. Clasificarea cheltuielilor publice

VarLHWDWHD

FKHOWXLHOLORU SXEOLFH D I FXW QHFHVDU  LQWURGXFHUHD XQRU FULWHULL SHQWUX

VWUXFWXUDUHD ORU 1HFHVLWDWHD GHFXUJH GLQ QHYRLOH GH DQDOL]  DQWH VDX SRVWIDFWXP GDU L GLQ
FHULQ HOHSURFHVXOXLGHHODERUDUHDEXJHWHORUSURJUDPHORUSODQXULORUILQDQFLDUHLGHGHILQLUHD

indicatorilor bugetari.
&ODVLILFD LD FKHOWXLHOLORU SXEOLFH VH SRDWH IDFH SH ED]D FULWHULLORU GH FRQ LQXW GHMD
PHQ LRQDWH GDU L SH ED]D XQRUD RSHUD LRQDOH UH]XOWDWH GLQ SUDFWLFD ILQDQFLDU  vQ SULPXO UkQG
EXJHWDU LGLQSUDFWLFDVWDWLVWLF DGLIHULWHORUVWDWHQSUH]HQWVXQWX]XDOHGHDVHPHQHDFULWHULL
UH]XOWDWHGLQSUDFWLFDLFHULQ HOHXQRURUJDQLVPHFXYRFD LDLQWHUQD LRQDO VDXPRQGLDO 
3ULQFLSDOHOHFULWHULLGHFODVLILFD LHRSHUD LRQDO VXQW

1.

&ODVLILFD LD DGPLQLVWUDWLY

bazDW

 SH LQVWLWX LLOH SULQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH

SXEOLFH PLQLVWHU GHSDUWDPHQW MXGH  HWF 0RWLYD LD DFHVWHL FODVLILFD LL UH]XOW  GLQ IDSWXO F 
DVLJXU  R UHSDUWL]DUH D FKHOWXLHOLORU SH R VWUXFWXU  H[LVWHQW  ELQH LHUDUKL]DW  L FDUH SHUPLWH

identifLFDUHDFRPRG

DRUGRQDWRULORUGHFUHGLWHDEHQHILFLDULORULDOHJ WXULORUORUSHYHUWLFDO 

'H]DYDQWDMXO UH]LG  vQ DFHHD F  VWUXFWXUD DGPLQLVWUDWLY  VXIHU  PRGLILF UL UHODWLY GHVH FHHD FH
vQJUHXQHD] DQDOL]HOHFRPSDUDWLYHvQGLQDPLF GHSLOG RFRPXQ LQVWLWX LHHVWHDURQGDW D]L
XQXL MXGH   PLQLVWHU LDU PkLQH DOWXLD DVWIHO vQFkW GLQDPLFD FKHOWXLHOLORU WUHEXLH DMXVWDW  vQ
FD]XOXQHLDQDOL]HDHYROX LLORUSOXULDQXDOH

2.&ODVLILFD

LDHFRQRPLF

SUHVXSXQHGRX JUXS UL

$GXS QDWXUDFKHOWXLHOL

i:
a. cheltuieli curente VDX GH IXQF LRQDUH DGLF

 DFHOHD FDUH DVLJXU  vQWUH LQHUHD DFWLYLW

LL

LQVWLWX LHLSXEOLFHEHQHILFLDUHUHSUH]HQWkQGFRQVXPXULGHILQLWLYHLFDUHDQXOWUHEXLHVFUHvQQRLWH

b. cheltuieli de capital

QXPLWH L GH LQYHVWL LL FDUH DX vQ YHGHUH GH]YROWDUHD L

PRGHUQL]DUHDLQVWLWX LHLEHQHILFLDUH
%GXS WLSXOGHFKHOWXLDO 

c. cheltuieli privind serviciile publice

FDUH SUHVXSXQ H[LVWHQ D XQHL FRQWUDSUHVWD LL

DIHUHQWHFDGHH[HPSOXUHPXQHUDUHD XQXLVHUYLFLXPXQFD XQXLIXQF LRQDURUHSDUD LHHIHFWXDW 

de un depanator), plata unor furnituri etc.

d. cheltuieli de transfer FDUH QX SUHVXSXQ FRQWUDSUHVWD LH HOH UHSUH]LQW

 WUHFHUHD XQRU

VXPHGHEDQLGHODEXJHWODGLVSR]L LDXQRU

SHUVRDQH IL]LFH SHQVLRQDUL VWXGHQ L HOHYL RPHUL HWF

n care caz

FKHOWXLHOLOH DXFDUDFWHU VRFLDO SHQWUX F  DX vQ YHGHUH VXV LQHUHD  VSULMLQLUHD
ORU FD LQGLYL]L I FkQG SDUWH GLQ FDWHJRULL VRFLDOH GHIDYRUL]DWH VDX FX

handicap;
DGPLQLVWUD LL

ORFDOH

MXGH 

PXQLFLSLX

RUD

FRPXQ 

vQ

YHGHUHD

FRPSOHW ULLUHVXUVHORUORUILQDQFLDUH vQFDUHFD] DXFDUDFWHUPL[WL VRFLDO

LHFRQRPLF

80

3.

DOWRU SHUVRDQHMXULGLFHLQVWLWX LLvQWUHSULQGHULDVXEIRUP  GHVXEYHQ LL

GHFRVWXULGHH[SRUWGHUHVWUXFWXUDUHGHUHGUHVDUHILQDQFLDU HWFvQFDUH

caz au caracter economic.

care are n vedere structura de activitate: domenii, ramuri,

&ODVLILFD LD IXQF LRQDO

VHFWRDUH ]RQH UHJLXQL $FHDVW  FODVLILFD LH HVWH IDYRUDELO  UHDOL] ULL RELHFWLYHORU GH SROLWLF 
HFRQRPLF  L ILQDQFLDU  D VWDWXOXL GHRDUHFH SHUPLWH LGHQWLILFDUHD DFWLYLW

LL VDX VSD LL JHRJUDILFH

care sunt cele mai recomandabile pentru stimulare / descurajare prin prghiile fiscale, vamale,
ale cheltuielilor guvernamentale.
4. &ODVLILFD LD ILQDQFLDU  DUH vQ YHGHUH PRPHQWXO vQ FDUH HVWH HIHFWXDW  FKHOWXLDOD i
modul n care sunt afectate resursele financiare publice:
a. cheltuieli definitive FDUH VH ILQDOL]HD]  SULQ SO L OD VFDGHQ H FHUWH DVWIHO vQFkW VWLQJ
DQJDMDUHD VWDWXOXL SHQWUX UHDOL]DUHD XQXL DQXPLW RELHFWLY  DF LXQH 'H SLOG  SODWD VDODULLORU

angaMD LORU XQXL VSLWDO SXEOLF VDX YLUDUHD XQHL VXPH vQ FRQWXO XQHL OXFU

UL GH LQYHVWL LH OD R

SULP ULH

b. cheltuieli temporare UHSUH]HQWkQG RSHUD LXQL GH WUH]RUHULH UHIOHFWDWH vQ FRQWXUL
speciale, viznd rambursarea unor mprumuturi publice sau regularizarea unor avansuri.
c. cheltuieli virtuale UHSUH]HQWkQG FKHOWXLHOL FDUH VH SRW GHFODQD QXPDL FRQGL LRQDW GH
SURGXFHUHDXQXLHYHQLPHQWULVF'HH[HPSOXJDUDQ LLGHVWDWVWDWXOYDVXSRUWDFKHOWXLHOLQXPDL
vQP VXUDvQFDUHFHOJDUDQWDWQXvQGHSOLQHWHDQXPLWHFODX]HFRQGL LLSHFDUHLOH DDVXPDWID

GHFHOID

GHFDUHVWDWXODJDUDQWDWVDXFKHOWXLHOLGLQUH]HUYHGLQUH]HUYDEXJHWDU GHH[HPSOX

VHDFRUG DMXWRUILQDQFLDUXQRU]RQHFDODPLWDWH

5. &ODVLILFD LD218IRORVLW LQFOXVLYGHLQVWLWX LLle sale specializate, poate fi:

a. IXQF LRQDO LGHQWLILFkQGFKHOWXLHOLGXS VFRSXOGHVWLQD LDORU
VHUYLFLL SXEOLFH JHQHUDOH DSDUDWXO L DGPLQLVWUD LD FHORU WUHL SXWHUL vQ VWDW
OHJLVODWLYH[HFXWLYMXULVGLF LRQDO

DS UDUH
HGXFD LH
V Q WDWHLQFOXVLYFHUFHWDUHIXQGDPHQWDO 
VHFXULWDWHVRFLDO LEXQ VWDUHDVLVWHQ

DVLJXU ULSURWHF LHWRDWHGHQDWXU 

VRFLDO 

DF LXQLHFRQRPLFH
ORFXLQ HLVHUYLFLLFRPXQDOH
UHFUHD LHFXOWXU UHOLJLH
alte cheltuieli.

b.

HFRQRPLF

LGHQWLILFkQGFKHOWXLHOLOHGXS L

mplicarea produsului intern brut:

consum final;
IRUPDUHD EUXW

 GH FDSLWDO LQYHVWL LL vQ FDSLWDO IL[ FUHWHUHD VWRFXULORU

PDWHULDOHDFKL]L LLGHWHUHQXULDFWLYHQHFRUSRUDOHWUDQVIHUXULGHFDSLWDO

7.1. Structura cheltuielilor bugetare n Romnia

nSUDFWLFDEXJHWDU

D5RPkQLHLVWUXFWXUDFKHOWXLHOLORUEXJHWDUHFDSDUWHDFHORUSXEOLFH

D FXQRVFXW PRGLILF UL SURQXQ DWH L DOHUWH PDL DOHV GXS   5HIRUPDUHD HFRQRPLHL L D
VWDWXOXL D QHFHVLWDW L R UHIRUP  D EXJHWXOXL vQ WRDWH FRPSRQHQWHOH SURFHVXO

ui bugetar. Se

UHJ VHVFvQDFHDVWDUHIRUPDILVFDO HOHPHQWHDOHUHIRUPHLDGPLQLVWUDWLYHLLQVWLWX LRQDOHDVSHFWH

DOH UHIRUPHL OHJLVODWLYH HWF Q SODQXO VWUXFWXULLFKHOWXLHOLORU EXJHWDUH EXJHWXO GH VWDW DDFXP D

fost aprobat pentru anul 1999 include ODFKHOWXLHOLRVWUXFWXU

&ODVLILFD LDHFRQRPLF

SHWUHLFULWHULL

JUXSHD] FKHOWXLHOLOHvQFDSLWROH VXEFDSLWROHDUWLFROHLDOLQLDWH

FHHDFHSHUPLWHGHILQLUHDFRQWXULORUGLQFRQWDELOLWDWHDSXEOLF vQP VXU V UHIOHFWHILGHODORFDUHD

IRQGXULORU L H[HFX LD EXJHWDU  6WUXFWXUD FKHOWXLHOLORU EXJHWDUH FRQIRUP DFHVWHL FODVLILFD LL VH
SUH]LQW DVWIHO

I. Cheltuieli curente, din care:

81

1. Cheltuieli de personal;
&KHOWXLHOLPDWHULDOHLVHUYLFLL
6XEYHQ LL

4. Prime;
5. Transferuri, din care:
a) FRQVROLGDELOHGHODEXJHWXOGHVWDWF

WUHEXJHWHOHORFDOHLIRQGXULOHVSHFLDOH

E QHFRQVROLGDELOH EXUVH DORFD LL SHQVLL DMXWRDUH LQGHPQL]D LL FRQWULEX LL FRWL]D LL
VXEYHQ LL XQHOH GREkQ]L EDQFDUH D SHQWUX VWXGHQ L L HOHYL FRSLL ,295 DOWH

persoane

GHIDYRUL]DWHKDQGLFDSDWHRUJDQLVPHLQWHUQD LRQDOHHWF

6. Dobnzi aferente datoriei publice;

7. Rezerve.
II. Cheltuieli de capital.
III. mprumuturi acordate.
,95DPEXUV ULGHFUHGLWHLSO

LGHGREkQ]LLFRPLVLRDQHGLQFDUH

a) privind creditele externe;

b) privind creditele interne.
&ODVLILFD LD IXQF LRQDO

 JUXSHD]  FKHOWXLHOLOH SH S U L FHHD FH SHUPLWH LGHQWLILFDUHD

sectoarelor de activitate, astfel:

I.
6HUYLFLL SXEOLFH JHQHUDOH vQ FDUH VH LQFOXGH VHFWRUXO $XWRULW
DXWRULW

L SXEOLFH 3UHHGLQ L

a,

LOH OHJLVODWLYH FHOH MXGHF WRUHWL FHOH H[HFXWLYH L DOWH RUJDQH DOH DXWRULW

LORU

publice.
II.

$S UDUH RUGLQH SXEOLF  L VLJXUDQ

III.

Cheltuieli social-FXOWXUDOH

 QD LRQDO  vQ FDUH VHLQFOXGDUPDWD SROL LD SURWHF LD

LSD]DFRQWUDLQFHQGLLORUMDQGDUPHULDLQVWLWX LLOHVLJXUDQ HLQD LRQDOHD

vQ FDUH VH LQFOXG VHFWRDUHOH QY

PkQW 6 Q WDWH L

$VLVWHQ DVRFLDO 
6HUYLFLLLGH]YROWDUHSXEOLF ORFXLQ HPHGLXLDSH

IV.
V.

$F LXQL HFRQRPLFH FDUH LQFOXGH PDULOH VHFWRDUH GLQ HFRQRPLH LQGXVWULH DJULFXOWXU  L
VLOYLFXOWXU WUDQVSRUWXULLFRPXQLFD LLDOWHVHFWRDUHHFRQRPLFH
$OWHDF LXQLvQFDUHVHLQFOXGFHUFHWDUHDWLLQ LILF LDOWHDF LXQL

VI.
VII.
VIII.
IX.
X.

Transferuri.
mprumuturi acordate.
3O

LGHGREkQ]LLDOWHFKHOWXLHOLSULYLQGGDWRULDSXEOLF 

FoQGXULGHUH]HUY

&ODVLILFD LD DGPLQLVWUDWLY

 VDX LQVWLWX LRQDO  JUXSHD]  FKHOWXLHOLOH SH LQVWLWX LL SXEOLFH

FHQWUDOHDXWRQRPHFXPVXQWPLQLVWHUHOHDJHQ LLOHJXYHUQDPHQWDOHD7RDWHDFHVWHDDXVWDWXWGH
RUGRQDWRU GH FUHGLWH SULQFLSDO FDUH SULPHWH UHVXUVH L OH GHIDOF  SHQWUX QHYRL SURSULL L SHQWUX
LQVWLWX LLOH FDUH OH VXQW VXERUGRQDWH RUGRQDWRUL GH FUHGLWH VHFXQGDUL FDUH vQ SODQ EXJHWDU DX
DWULEX LL VLPLODUH YLV

-a-YLV GH XQLW

LOH FDUH OH VXQW VXERUGRQDWH

- DGLF

 RUGRQDWRULL GH FUHGLWH

WHU LDUL

).
Q EXJHW FKHOWXLHOLOH DSDU vQWkL SH WRWDO FRQIRUP FODVLILFD LHL HFRQRPLFH Q FRQWLQXDUH

DSDU FKHOWXLHOLOH GHIDOFDWH SH S U L FRQIRUP FODVLILFD LHL IXQF LRQDOH SUH]HQWDWH GLVWLQFW SH
VHFWRDUH L vQ FDGUXO ORU GHWDOLDW SH FDSLWROH VXEFDSLWROH DUWLFROH L DOLQLDWH SUHY ]XWH vQ
FODVLILFD LD HFRQRPLF  Q ILQDO DSDU FKHOWXLHOLOH GHIDOFDWH FRQIRUP FODVLILFD LHL DGPLQLVWUDWLYH
DGLF  SH ILHFDUH PLQLVWHU L vQ FDGUXO ILHF UXLD GHWDOLDW SH VHFWRDUH FRQIRUP FODVLILFD LHL
IXQF LRQDOHLSHFDSLWROHVXEFDSLWROHDUWLFROHLDOLQLDWHSUHY ]XWHvQFODVLILFD LDHFRQRPLF 

Astfel, de exemplu, la partea III-D VHFWRUXO QY

PkQW VXQW vQVFULVH WRDWH FKHOWXLHOLOH

I FXWH vQ DFHVW VFRS LQGLIHUHQW GH PLQLVWHUXO  LQVWLWX LD FDUH OH IDFH GHIDOFDW SH FDSLWROHOH GH
FKHOWXLHOL &XUHQWH GH SHUVRQDO PDWHULDOH L VHUYLFLL L DOWHOH GDF  HVWH FD]XO L 'H FDSLWDO
3UDFWLFFHOHODOWHFDSLWROHvPSUXPXWXULLUDPEXUV ULQXDSDUQHILLQGVSHFLILFHDFHVWXLVHFWRUGH
DFWLYLWDWH $FHVWH FKHOWXLHOL UHSUH]LQW  WRWDOXO FKHOWXLHOLORU SHQWUX vQY

PkQW SUHY ]XWH vQ

FODVLILFD LD DGPLQLVWUDWLY  OD ILHFDUH PLQLVWHU vQ SDUWH GHRDUHFH DVWIHO GH FKHOWXLHOL WLSLFH SHQWUX

82

0LQLVWHUXO (GXFD LHL 1D LRQDOH VXQW HIHFWXDWH FD L FKHOWXLHOLOH QHWLSLFH GH F WUH DOWH PLQLVWHUH

cum sunt: MinisWHUXO$S

U ULL0LQLVWHUXOGH,QWHUQH0LQLVWHUXO7UDQVSRUWXULORUD

8. $QDOL]DVWUXFWXUDO

LGLQDPLF DFKHOWXLHOLORUSXEOLFH

$FHVW JHQ GH DQDOL]  VH SUDFWLF  vQ PRG FXUHQW SHQWUX D GHSLVWD WHQGLQ HOH L RULHQW ULOH
SULYLQG HYROX LD FKHOWXLHOLORU SXEOLFH L vQ SDUWLFXODU D FHORU EXJHWDUH SUHFXP L SHQWUX
HIHFWXDUHD XQRU FRPSDUD LL LQWHUQD LRQDOH 3ULQFLSDOHOH JUXSH GH LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS

sunt:
1. P ULPHDFXDQWXPXOYROXPXOFKHOWXLHOLORUvQH[SUHVLHQRPLQDO
2. structura cheltuielilor, ca pondere a componentelor n total;
3. LQGLFLLGHFUHWHUHDFKHOWXLHOLORU
4. ponderea cheltuielilor n produsul intern brut;
5. cuantumul per capita.

LUHDO 

 3HQWUX FDOFXOXO vQ H[SUHVLH UHDO  D FXDQWXPXOXL FKHOWXLHOLORU HVWH QHFHVDU V  VH
GHILQHDVF  DQXO GH UHIHULQ

 DGLF  FHO DOH F UXL SUH XUL VXQW FRQVLGHUDWH FD HWDORQ vQWU R DQDOL] 

GLQDPLF  SUH XUL QXPLWH FRQVWDQWH )LH  ]HUR LQGLFHOH SULQ FDUH LGHQWLILF P DFHVW DQ vQWU

-o
t indicele prin care ideQWLILF P XQ DQ
7)LH Cn cuantumul cheltuielilor n expresie

VXFFHVLXQH WHPSRUDO  SHQWUX FDUH VH HIHFWXHD]  DQDOL]D L

RDUHFDUHvQUHVSHFWLYDVHULHGLQDPLF W
QRPLQDO  L

Cr FXDQWXPXO ORU vQ H[SUHVLH UHDO

 2ULFDUH GLQ DFHWL GRL LQGLFDWRUL VXQW LQGH[DELOL

WHPSRUDOFXLQGLFHOHWLDYHPvQSOXVF 

Cn0 = Cr0

(80)

6H GHILQHWH LQGLFHOH GH SUH XUL DO DQXOXL W vQ UDSRUW FX FHO GH UHIHULQ
GHIODWRU&XDQWXPXOFKHOWXLHOLORUvQH[SUHVLHUHDO vQDQXOWHVWH

Crt = Cnt / IGPt/0

 ,*3t/0

numit

(81.1)

3HQWUX LQIRUPD LLOH VWDWLVWLFH SULYLQG EXJHWXO L SH FDUH R

DU  OH IXUQL]HD]  vQ ED]D

FRQYHQ LLORU LQWHUQD LRQDOH XQRU LQVWLWX LLRUJDQL]D LL LQWHUQD LRQDOH VH SUDFWLF  UDSRUWDUHD QX
QXPDL vQ PRQHGD QD LRQDO  FL L vQWU R PRQHG  VWU LQ  DFFHSWDW  vQ FDGUXO DFHVWRU FRQYHQ LL GH

UHJXO 86'LDUPDLUHFHQW(852QDFHVWFD]VHXWLOL]HD] FXUVXOPHGLXGHVFKLPEDODQXOXLOD

FDUHVHUHIHU LQIRUPD LLOHvQFDX] 

Cm = Cn / cs
unde: Cm FKHOWXLDODH[SULPDW vQPRQHGDVWU LQ FRQYHQLW
cs = cursul de schimb exprimat n lei / unitatea sWU
EURO).
 ,QGLFDWRUXO GH VWUXFWXU  HVWH

(81.2)

LQ  FRQYHQLW  OHL  86' VDX OHL 

ponderea, exprimnd procentual cota ce revine unui

DQXPHJHQGHFKHOWXLDO GLQFKHOWXLHOLOHWRWDOH

i =

Cn i
TCn

n care: i
= indice pentru identificarHDWLSXOXLGHFKHOWXLDO
Cni
FKHOWXLDODGHWLSLvQH[SUHVLHQRPLQDO 
TCn WRWDOFKHOWXLHOLvQH[SUHVLHQRPLQDO 

(82)
L

Q

$FHVWHSRQGHULSRWILFDOFXODWHvQGLQDPLF SHRUL]RQWXOGHDQDOL] W

7$GHVHD

GHIODWRUXOHVWH DFHODL SH

ntru toate categoriile de cheltuieli. De aceea, ponderea acestora n total

QX HVWH GLIHULW  LQGLIHUHQW GH H[SUHVLD vQ FDUH FXDQWLILF P FKHOWXLHOLOH UHDO  VDX QRPLQDO Q

83

DQDOL]HOHPDLULJXURDVHVHXWLOL]HD] GHIODWRULGLIHUL LSHQWUXGLIHULWHFDWHJRULLG

e cheltuieli, caz n

FDUH SRQGHULOH DSDU GLIHULWH SHQWUX H[SUHVLD QRPLQDO  L FHD UHDO  D FKHOWXLDOLORU $VWIHO SHQWUX
FKHOWXLHOLOHGHSHUVRQDOVDXSHQWUXDFKL]L LLGHEXQXULGHFRQVXPVHSRDWHXWLOL]DGHIODWRUXOSHQWUX
EXQXUL L VHUYLFLL GH FRQVXP SHQWUX FKHOWXLHOLOH GH UHSDUD LL L GH FDSLWDO VH SRDWH XWLOL]D

deflatorul pentru bunuri de capital.

3HQWUXDQDOL]DHYROX LHLFKHOWXLHOLORUVXQWXWLOL]D LLQGLFLLGHFUHWHUHFDOFXOD LILHGXS 
H[SUHVLDQRPLQDO ILHGXS FHDUHDO 

unde: ICn t / t j
Icrt/t-j

ICn t/t j =

Cn t
100
Cn t j

j = 1, 2, , t

(83.1)

ICrt/t j =

Crt
100
Crt j

j = 1, 2, , t

(83.2)

LQGLFHOHGHFUHWHUHDFKHOWXLHOLORUvQH[SUHVLHQRPLQDO vQDQXOWID

GHDQXOW

-j;

VLPLODUvQH[SUHVLHUHDO 

ntre cei doi inGLFL SRDWH IL FDOFXODW XQ UDSRUW GH GHYDQVDUH D F
GHDQXOW-j:

UXL P ULPH HVWH HJDO  FX

FHDDLQGLFHOXLJHQHUDODOSUH XULORUvQDQXOWID

ICn t/t j
ICrt/t j

IGPt/0
= IGPt/t j
IGPt/t j

(83.3)

5DSRUWXO GH GHYDQVDUH SRDWH IL FDOFXODW L  vQWUH R FKHOWXLDO  RDUHFDUH

L WR

talul

FKHOWXLHOLORU VDX vQWUH R FKHOWXLDO  ILH HD RDUHFDUH VDX WRWDO  L SURGXVXO LQWHUQ EUXW 5DSRUWXO
DUDW GHFkWHRULFUHWHPDLUHSHGHXQLQGLFDWRUFHODIODWODQXP U WRUXOUDSRUWXOXLGHGHYDQVDUH
ID

  GH FHO ODOW FHO DIODW OD QXPLWRUXO UDSRUWXOXL GH GHYDQVDUH vQWUH GRX  PRPHQWH GH WLPS

FRQVLGHUDWHILHWLW

-j:

kd(Cn i /TCn) =

ICni, t/t j
ITCn t/t j

kd(Cn i /PIB) =
unde: kd(Cni/)

i, t
i, t j

ICni, t/t j

(83.4)
(83.5)

IPIBt/t j

 FRHILFLHQWXO UDSRUWXO GH GHYDQVDUH DO FUHWHULL FKHOWXLHOLORU GH WLS L vQ

expresie noPLQDO

ID

7&QUHVSHFWLYID

 GH FUHWHUHD FKHOWXLHOLORU WRWDOH vQH[SUHVLH QRPLQDO 

GHSURGXVXOLQWHUQEUXW3,%vQWUHFHOHGRX PRPHQWH

GHWLPSWLW

-j;

ICni,t/t-j
ITCnt/t-j
IPIBt/t-j

= indicele de FUHWHUHDOFKHOWXLHOLORUGHWLSLvQH[SUHVLHQRPLQDO

vQWUHDQLLWLW

-j;

VLPLODUSHQWUXFKHOWXLHOLOHWRWDOHvQH[SUHVLHQRPLQDO 

= similar pentru produsul intern brut.

QWUHLQGLFDWRULLSHQWUXFDUHDXIRVWGHILQL LFRHILFLHQ LLGHGHYDQVDUHVHSRDWHLQWURGXFHL

R UHOD LH GH WLS

elasticitate H[SULPkQG QXP

UXO GH SURFHQWH FX FDUH FUHWH XQ LQGLFDWRU FHO D

F UXL YDULD LH VH DIO  OD QXP U WRUXO UDSRUWXOXL GH HODVWLFLWDWH OD FUHWHUHD FX XQ SURFHQW D
FHOXLODOW LQGLFDWRU FHO D F UXL YDULD LH VH DIO  OD QXPLWRUXO UDSRUWXOXL GH HODVWLFLWDWH vQWUH GRX 
PRPHQWHFRQVLGHUDWHILHWLW

-j:

E(Cn i / TCn ) =

ICn i, t / t j 1
ITCn t / t j 1

i, t / t j

i, t j

(83.6)

84

E(Cni / PIB) =
unde: E (Cni/)

ICn i, t / t j 1

(83.7)

IPIBt / t j 1

 HODVWLFLWDWHD FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  ID

WRWDOH vQ H[SUHVLH QRPLQDO  7&Q UHVSHFWLY ID

 GH FKHOWXLHOLOH

 GH SURGXVXO LQWHUQ EUXW

3,%vQWUHFHLGRLDQLWLW

-j;

i,t/t-j

 SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  vQ YDULD LD
FKHOWXLHOLORUWRWDOHvQH[SUHVLHQRPLQDO vQWUHFHLGRLDQLWLW MDGLF

Cn i, t Cn i, t j

i, t / t j =

(83.8)

TCn t TCn t j

 3RQGHUHD FKHOWXLHOLORU vQ SURGXVXO LQWHUQ EUXW DUDW  FH FRW  GLQ DFHVWD UHYLQH XQHL
DQXPLWH FDWHJRULL GH FKHOWXLDO  ILH HD RDUHFDUH VDX vQVXL WRWDOXO FKHOWXLHOLORU VDX GHILFLWXO 

excedentul bugetar:

i =

Cn i
PIB

i = 1, 2, , n, n+1, n+2

(84)

XQGH FRPSRQHQWD Q D LQGLFHOXL L VHPQLILF  WRWDOXO FKHOWXLHOLORU FRPSRQHQWD Q VHPQLILF 
GHILFLWXOH[FHGHQWXO EXJHWXOXL $FHVW LQGLFDWRU SRDWH IL L HO LQGH[DW WHPSRUDO vQ FD]XO DQDOL]HL

unei serii VWDWLVWLFH GLQDPLFH &HL GRL LQGLFDWRUL YDORULFL VXQW H[SULPD L vQ SUH XUL FXUHQWH DGLF

DOHDQXOXLODFDUHHLVHUHIHU 
&RHILFLHQWXOGHGHYDQVDUHPHQ LRQDWGHUHOD LDSRDWHILFDOFXODWLvQIRUPD

kd(Cn i / PIB) =

i, t
i , t j

i= 1, 2, , n, n+1, n+2

(83.5.1)

GXS FXPHODVWLFLWDWHDPHQ LRQDW vQUHOD LDSRDWHILFDOFXODW LvQIRUPD

E(Cn i /PIB) =
unde

L

t/t j

i, t/t j
L

tj

i = 1, 2, , n, n+1, n+2

(83.7.1)

 SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS , vQ H[SUHVLH QRPLQDO  vQ YDULD LD

SURGXVXOXLLQWHUQEUXWvQH[SUHVLHQRPLQDO vQWUHFHLGRLWLW MDGLF 

L

iar

L

t/t j =

t j HVWHSRQGHUHDGHMDPHQ LRQDW

Cn i, t Cn i, t j

(83.7.2)

PIBt PIBt j
vQFDOFXODW SHQWUXDQXOW

-j.

&XDQWXPXOFKHOWXLHOLORUSHUFDSLWDH[SULP

volumul de cheltuieli de un anumit tip i sau

totale ce revin n medie pentru un locuitor:

C=

C./L

(85)

unde: C = cheltuieli per capital;

C .  FXDQWXPXO FKHOWXLHOLORU vQ H[SUHVLH QRPLQDO
exprimate ntr-RPRQHG VWU LQ &P

 &Q VDX vQ H[SUHVLH UHDO  &U VDX

85

QXP UXOGHORFXLWRULvQDQXOGHFDOFXO

3HQWUXLGHQWLILFDUHDWLSXOXLGHFKHOWXLDO VHSRWLQGH[D

C L&.

cu indicele i = 1, 2, , n,

n+1, n+2.

9. Caracteristicile principalelor cheltuieli publice

3ULQFLSDOHOH FDWHJRULL GH FKHOWXLHOL SXEOLFH LQFOXG FKHOWXLHOL SULYLQG DF LXQL VRFLDO

FXOWXUDOH DVLJXU ULOH VRFLDOH DVLJXU ULOH VRFLDOH SHQWUX V Q WDWH DF LXQL HFRQRPLFH L VHUYLFLL

publice (generaleDS
9.1.

UDUHVLJXUDQ

QD LRQDO RUGLQHSXEOLF 

-culturale

&KHOWXLHOLOHSXEOLFHSHQWUXDF LXQLVRFLDO

QHSRFDFRQWHPSRUDQ GXS HIHFWXDUHDDFHVWRUFKHOWXLHOLVHED]HD] SHFRQFHS LD

VWDWXOXLEXQ VW ULLZHOIDUHVWDWHDOHF UXLSULQFLSLLVXQW

garantarea unui venit minim, independent de forma de proprietate;

FUHWHUHD VHFXULW

LL VRFLDOH vQ VSHFLDO SHQWUX FDWHJRULLOH GHIDYRUL]DWH EROQDYL E WUkQL

KDQGLFDSD LRUIDQLRPHULD

DVLJXUDUHD XQXL VWDQGDUG GH YLD

 HYROXkQG SR]LWLY SH ED]D Xnor
servicii sociale
predeterminate de regimul politico-VWDWDO GH WUDGL LL GH QLYHOXO GH FXOWXU  L FLYLOL]D LH GHMD
DWLQVD
5HDOL]DUHD DFHVWHL FRQFHS LL JHQHUHD]  FKHOWXLHOL VRFLDO

-culturale, reprezentnd servicii

JUDWXLWH VDX SDU LDO JUDWXLWH GH FDUH EHQHILFLD]  vQWUHDJD SRSXOD LH VDX R SDUWH D HL ,PSRUWDQ D
DFHVWRU HIRUWXUL VRFLDOH UH]LG  vQ IDSWXO F  HOH VH ILQDOL]HD]  vQWU

-un nou nivel, mai ridicat, al

, contribuie

FXOWXULLLFLYLOL]D LHLFHFDUDFWHUL]HD] VRFLHWDWHDVWDWXOvQFDX] LFDUHODUkQGXOORU

ODGH]YROWDUHDHFRQRPLF DVWDWXOXLUHVSHFWLY

QFDGUXODFHVWHLFRQFHS LL V DXLQGLYLGXDOL]DWDF LXQLYL]kQGVHFXULWDWHD VRFLDO LDF LXQL

YL]kQGSURWHF LDVRFLDO 
6HFXULWDWHDVRFLDO

VHUHIHU ODDF LXQLFXDGUHV GLUHFWHGHFDUHEHQHILFLD] FHLVWDELOL L

prin lege.
3URWHF LD VRFLDO

 VH UHIHU  OD DF LXQL GH RULFH QDWXU  GLUHFWH VDX LQGLUHFWH VSHFLILFH VDX

JHQHUDOHLQL LDWHGHVWDWID

GHIHQRPHQHVDXDFWLYLW

LFXHIHFWQHJDWLYDVXSUDSRSXOD LHL

De exemplu, cheltuielile n infrastruFWXUD FRODU

 FROL QRL FODVH QRL GRW UL HWF VXQW

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iul mediului.
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:
venituri ale bugetului de stat;

YHQLWXULDOHDVLJXU ULORUVRFLDOHGHVWDW
YHQLWXULFXGHVWLQD LHVSHFLDO SHQWUXDFRSHULUHDFKHOWXLHOLORUGLQIRQGXULVSHFLDOH

venituri ale bugetelor locale.

Veniturile fiscale, ca cele ce reSUH]LQW FHDPDLvQVHPQDW
criterii.

SDUWHDYHQLWXULORUSXEOLFHVXQW

FODVLILFDWHODUkQGXOORUGXS PDLPXOWH
LFDUDFWHULVWLFLOHGHIRQGLIRUP 

LPSR]LWHGLUHFWHVWDELOLWHSHQWUXILHFDUHFRQWULEXDELOvQSDUWHQRPLQDODH]DWHSHYHQLW

LVDXSHDY

ere;

LPSR]LWH LQGLUHFWH VWDELOLWH SH FRQVXPXO GH EXQXUL L VHUYLFLL QHSHUVRQDOL]DWH DH]DWH

pe cheltuieli;
ii) obiectul impunerii:
impozite pe venit;
impozite pe avere;
impozite pe consum;
LLLVFRSXOXUP ULW

impozite financiare, instituite pentru acoperirea cheltuielilor statului;

LPSR]LWH GH RUGLQH LQVWLWXLWH SHQWUX OLPLWDUHD XQRU DF LXQL VDX SHQWUX UHDOL]DUHD XQRU

obiective altele dect cele fiscale, de exemplu: suprataxele pentru limitarea consumului
de tutun, impozitele pentru fondurile speciale;
LYIUHFYHQ DvQFDV ULL

LPSR]LWHSHUPDQHQWHVDXRUGLQDUHFDUHDXFDUDFWHUSHUHQLVHvQFDVHD] SHULRGLF
LPSR]LWH LQFLGHQWDOH VDX H[WUDRUGLQDUH FDUH VH LQVWLWXLH SHQWUX SHULRDGH GHWHUPLQDWH L
DX GH UHJXO  XQ VFRS SUHFL]DW VWULFW FDUH RGDW  UHDOL]DW GHWHUPLQ  GHVILLQ DUHD

respectivului impozit;
YLQVWLWX LDDGPLQLVWUDWRDUH
LPSR]LWHDOHDGPLQLVWUD LHLFHQWUDOHvQFDVDWHGLUHFWODEXJHWXOGHVWDWGLQFDUHWRWXLVH

SRW VWDELOL QLYHOH VDX FXDQWXPXUL FH SRW IL UH LQXWH GH RUJDQHOH ORFDOH GH H[HPSOX
LPSR]LWXOSHVDODULLSHQWUXFDUHSULQOHJHDEXJHWXOXLVHVWDELOHWHFHMXGH HLvQFHFRW 
vL SRW UH LQH R SDUWH GLQ LPSR]LWXO SH VDODULL FROHFWDW GH OD XQLW

LOH UH]LGHQWH vQ

UHVSHFWLYXOMXGH 
LPSR]LWH DOH DGPLQLVWUD LHL ORFDOH FDUH VH vQFDVHD]  GH F WUH RUJDQXO ORFDO FDUH OH

-a

introdus.
,PSR]LWHOHGLUHFWHODUkQGXOORUVHFODVLILF GXS RELHFWXOLPSXQHULLvQ

LPSR]LWH UHDOH DH]DWH SH RELHFWH L FDUH QX

LQ VHDPD GH VLWXD LD SHUVRDQ  D

contribuabilului, cum sunt: impozitul funciar , impozitul pe FO

GLUL LPSR]LWXO SH

102

DFWLYLW

LLQGXVWULDOHLFRPHUFLDOHLSURIHVLLOLEHUHLPSR]LWXOSHFDSLWDOXOPRELOLDUVDX

E QHVF
LPSR]LWH SHUVRQDOH DH]DWH SH YHQLW VDX SH DYHUH L FDUH

LQ VHDPD GH VLWXD LD

SHUVRQDO DFRQWULEXDELOXOXL

Impozitele indirecte,ODUkQGXOORUVHFODVLILF

taxe de consum;

venituri din monopoluri fiscale;

taxe vamale;

GXS IRUPDORUvQ

WD[HGHWLPEUXLGHvQUHJLVWUDUH

11. ,PSXQHUHDILVFDO

LSULQFLSLLOHHL

&DUDFWHULVWLFLOHUROXOLGLPHQVLXQHDLPSXQHULLILVFDOH

IPSXQHUHD

ILVFDO  HVWH R IRUP  GH FRQVWLWXLUH D XQHL S U L GLQ YHQLWXULOH VWDWXOXL

FDUDFWHUL]DW  SULQ SUHOHYDUHD FRQIRUP OHJLL D XQHL S U L GLQ YHQLWXULOH VDX DYHUHD SHUVRDQHORU

fizice sau juridice n vederea acoperirii cheltuielilor publice. Persoanele fizice sau juridice n
FDX] VXQWvQSULQFLSDOFHW
LFHW

HQLURPkQLVDXDJHQ LHFRQRPLFLFXGRPLFLOLXOvQ5RPkQLDGDUSRWIL

HQLVWU LQLVDXDJHQ LHFRQRPLFLVWU LQLFDUHGHVI RDU DFWLYLWDWHvQ5RPkQLDvQP VXUDvQ

care ei dobndesc venituri sau posed DYHULvQ DUDQRDVWU 7R LFHLGHODFDUHVHSHUFHSLPSR]LWH

VXQW QXPL L JHQHULF contribuabili 3HQWUX FRQWULEXDELOLL VWU LQL H[LVW  R UHJOHPHQWDUH VSHFLDO 
UHSUH]HQWkQG DFRUGXO vQWUH 5RPkQLD L

DUD GH RULJLQH D UHVSHFWLYXOXL FRQWULEXDELO SULYLQG

evitaUHD GXEOHL LPSXQHUL MXULGLFH LQWHUQD LRQDOH &D UH]XOWDW DO LPSXQHULL ILVFDOH VH IRUPHD]

YHQLWXULILVFDOHDOHVWDWXOXLvQSULQFLSDOVXEIRUPDLPSR]LWHORULWD[HORU
,PSXQHUHDILVFDO DUHXUP WRDUHOH

a) este obligatorievQ VHQVXO F

caracteristici:

HVWH HIHFWDO OHJLLFDUH SUHFL]HD]  OD FLQH VHUHIHU  vQ OHJ WXU 

FX FH VH VWDELOHWH HWF ,QWURGXFHUHD XQHL OHJL UHIHULWRDUH OD LPSXQHUHVH SRDWH IDFH QXPDL GH
RUJDQXO OHJLVODWLY QD LRQDO SDUODPHQWXO VDX GH FRQVLOLLOH ORFDOH vQ OLPLWHOH VWDELOLWH GH

parlament.
b) are WLWOX GHILQLWLY L QHUDPEXUVDELO FHHD FH vQVHDPQ

 F  GDF  SODWD LPSR]LWXOXL  WD[HL D

IRVWI FXW FRQIRUPOHJLLFRQWULEXDELOXOQXRSRDWHUHFODPDVDXUHGREkQGLvQQLFLXQIHO

c) este

 FRQWUDSUHVWD LH FHHD FH vQVHDPQ  F  vQ VFKLPEXO SO

LL LPS

ozitului / taxei nu se

SRDWHSUHWLQGHXQVHUYLFLXLPHGLDWGLUHFWLHFKLYDOHQWQOHJ WXU FXDFHDVWDQXSRDWHILvQV 

H[FOXV SUHWHQ LDSHFDUHXQFRQWULEXDELORSRDWHDYHDvQPRGFXWRWXOvQGUHSW

LWID DGHVWDW

GH D EHQHILFLD L HO FRQWULEXDELOXO GH HIHFWHOH SH FDUH OH DUH VDX DU WUHEXL V  OH DLE  SHQWUX
FHW

HDQvQGHSOLQLUHDGHF WUHVWDWDIXQF LLORUVDOHYH]LLFDS,G

9HQLWXULOH ILVFDOH L PDL FX VHDP  LPSR]LWHOH vQGHSOLQHVF vQ VRFLHWDWH XQ URO FRPSOH[

ILQDQFLDUHFRQRPLFLVRFLDO

Rolul financiarDOLPSR]LWHORUVHH[SULP vQIDSWXOF HOHUHSUH]LQW SULQFLSDOXOPLMORFGH

formare a veniturilor statului, contribuind n mod frecvent cu peste 90% din totalul acestora.
Rolul economic DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ IDSWXO F  SULQ WLSRORJLD L
GLPHQVLXQHDORUFDLSULQvQOHVQLULOHLvQ VSULULOHILVFDOHVWDWXOSRDWHvQFXUDMDVDXQXDFWLYLWDWHD
HFRQRPLF YH]LLFDS,EFDS,

Rolul social DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ SRVLELOLWDWHD SHFDUH R GREkQGHWH VWDWXO
de redLVWULEXLUHDSURGXVXOXLVRFLDOYH]LLFDSIXQF LDGHUHGLVWULEXLUHDILQDQ HORUSXEOLFH
'LPHQVLXQHDLDPSORDUHDLPSXQHULLILVFDOHVXQWGLIHUHQ LDWHVSD LDOJHRJUDILFSH

ULL

WHPSRUDOLVXQWPDUFDWHGHDQXPLWHOLPLWHGHWHUPLQDWHGH

factori interni sistemului de impunere (progresivitatea cotelor de impunere, materia

LPSR]DELO QLYHOXOPHGLXDOLPSXQHULLHWF

factori externi sistemului de impunere (nivelul per capital) al produsului intern brut,
suportabilitatea impunerii, amploarea angaj ULL VWDWXOXL vQ VROX LRQDUHD SUREOHPHORU
economico-VRFLDOHQDWXUDUHJLPXOXLSROLWLFD

103

3URJUHVLYLWDWHD FRWHORU GH LPSXQHUH HVWH GH PXOWH RUL HVHQ LDO  SHQWUX R UHSDUWL]DUH FkW
PDLHFKLWDELO DSRYHULLILVFDOHQDFHVWVHQVHVWHUHFRPDQGDELOFDLPSXQHUHDV QXVH IDF vQ
FRW  XQLF  FL V  ILH SUHY ]XWH FRWH GLIHUHQ LDWH FDUH V  LQ  VHDPD L GH SXWHUHD HFRQRPLF  D
FRQWULEXDELOXOXL YHQLWXULOH  DYHUHD VD GDU L GH VLWXD LD VD VRFLDO  vQWUH LQH R IDPLOLH
QXPHURDV HVWHVLQJXUXOvQWUH LQ WRUIDFH

parte dintr-RFDWHJRULHGHIDYRUL]DW

D'LIHUHQ LHUHD

H[FHVLY  HVWH OD IHO GH FRQWUDSURGXFWLY  FD L QHGLIHUHQ LHUHD GHRDUHFH FUHHD]  GLILFXOW

L vQ

SURFHVXO GH SHUFHSHUH GDU L FRQGL LL SHQWUX HYD]LXQH Q DFHVW VHQV HVWH QHJDWLY H[HPSOXO

impozituluL SH SURILW vQ 5RPkQLD FDUH vQ  HUD DH]DW L SHUFHSXW vQ FkWHYD ]HFL GH FRWH LDU
din 1996 s-D LQWURGXV R FRW  TXDVLJHQHUDO  GH  FX GRX  H[FHS LL  - FHD SHQWUX DJHQ LL
HFRQRPLFL FX SRQGHUHD DFWLYLW
LL GH JHQ DJULFRO GH SHVWH  L  - cHD SHQWUX DJHQ LL
HFRQRPLFL FX SRQGHUHD DFWLYLW

LL GH JHQ MRFXUL GH QRURF GH SHVWH  3HQWUX DQXO  VH

GLPLQXHD]  FRWD JHQHUDO  OD  GDU VH S VWUHD]  TXDVLXQLFLWDWHD HL JHQHUDWRDUH DD FXP DP
PDLVSXVGHLQHFKLWDWHILVFDO 

Suportabilitatea impuQHULL H[SULP

indicatorului UDWDILVFDOLW LL:

 JUDGXO VDX QLYHOXO ILVFDOLW

rf =

LL L VH GHWHUPLQ  SH ED]D

VF
PIB

(91)

unde: VF = veniturile fiscale ale statului;

PIB = produsul intern brut.
$FHVWLQGLFDWRUHVWHGHIDFWXU PDFURHFRQRPLF  LFDUDFWHUL]HD] PHGLDSRYHULLILVFDOH

ntr-R

DU  Q YHQLWXULOH ILVFDOH VH SRW VDX QX LQFOXGH FRQWULEX LLOH SHQWUX VHFXULWDWHD VRFLDO 

DYkQG vQ YHGHUH F  DFHVWHD VXQW DIHFWDWH DX R GHVWLQD LH VSHFLDO  L VXQW GH UHJXO  JHVWLRQDWH

printr-XQ

EXJHW VSHFLDO 3ULQGHUHD DFHVWRU FRQWULEX LL vQ YHQLWXULOH ILVFDOH HVWH H[WUHP GH

GLIHUHQ LDW  SH

UL DPSOLWXGLQHD GH YDULD LH ILLQG vQWUH  L  5DWD ILVFDOLW

FRQWULEX LLOH SHQWUX VHFXULWDWH VRFLDO  VH VLWXHD]  SHQWUX PDUHD PDMRULWDWH D
PHPEUH2&'(vQMXUGHLDUSHQWUX

LL LQFOX]kQG

ULORU HXURSHQH

ULGH]YROWDWHQHHXURSHQHODFLUFD68$-DSRQLD

SkQ  OD FLUFD  &DQDGD 1RXD =HHODQG  Q 5RPkQLD DFHDVW  UDW  D RVFLODW vQ XOWLPLL DQL vQ

jur de 34%.
La nivel de contribuabil, ratDILVFDOLW

LLWUHEXLHV VHFDOFXOH]H LQkQGVHDPDGHYHQLWXULOH

DFHVWXLDLGHVXPDGLIHULWHORULPSR]LWHSHFDUHDFHVWDOHVXSRUW 

rf =

V c1 + a V c 2 + AI
V

(92)

unde: V = veniturile contribuabilului;

c1 = cota medie de impunere a venitului;
a
SRQGHUHDFRQVXPXOXLGHEXQXULLVHUYLFLLvQWRWDOYHQLW
c2 = cota medie de impunere a consumului;
AI DOWHLPSR]LWHSHLPRELOHSHWHUHQXULSHDXWRWXULVPHLPSR]LWHLWD[HORFDOHHWF
Q FH SULYHWH LPSDFWXO LPSR]LWHORU SH FRQVXP DFHVWa este n raport direct cu ponderea
FRQVXPXOXL vQ WRWDO YHQLW L GLQ DFHVW PRWLY HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF
vQWUXFkW FUHWHUHD FRQVXPXOXL SH P VXUD FUHWHULL YHQLWXOXL HVWH GH UHJXO  PDL PLF  GHFkW D

venitului. Pentru cazul salariulXL

PHGLX SH HFRQRPLH 5RPkQLD  L D XQHL UDWH D

FRQVXPXOXLGHFFDLPSR]LWXOSHVDODULXFRQWULEXLHODUDWDILVFDOLW

LLFXFFDLDUWD[DSH

YDORDUHDDG XJDW FXFFDFHHDFHDGXFHJUDGXOGHILVFDOLWDWHODPLQLP

Nivelul mediu al impXQHULL DUH UHOHYDQ

  QX QXPDL SHQWUX FRQWULEXDELO FL L SHQWUX

EXJHW3HQWUXFRQWULEXDELOXQQLYHOULGLFDWDOLPSXQHULLvQVHDPQ RSRYDU ILVFDO PDLPDUHR

GLPLQXDUH D SXWHULL GH FXPS UDUH D YHQLWXULORU VDOH GDU L XQ UDSRUW LPSR]LWH  ULVF GH HYD]

iune

FDUH SRDWH vQGHPQD OD DVXPDUHD DFHVWXL ULVF $FHDVWD JHQHUHD]  XQ HIHFW QHIDYRUDELO DVXSUD
YHQLWXULORU EXJHWDUH 1LYHOXO ULGLFDW GH LPSXQHUH DUH L HIHFWXO GH GHVFXUDMDUH D DF LXQLL

economice, determinnd alte efecte negative asupra veniturilor bugetare. Din punct de vedere al
EXJHWXOXL LQVXILFLHQ D YHQLWXULORU VDX FUHWHUHD ORU QHVDWLVI F WRDUH GHWHUPLQ  WHQGLQ D GH

104

FUHWHUH D QLYHOXOXL GH LPSXQHUH ILH SULQ FUHWHUHD FRWHORU GH LPSXQHUH OD LPSR]LWHOH GHMD

existente, fie prin introducerea unor noi imSR]LWHFHHDFHSRDWHUHODQVDHIHFWXOGHUH]LVWHQ

JHQHUD LPSOLFLW XQ FHUF YLFLRV Q JHQHUDO vQJUHXQDUHD ILVFDOLW
VDX FKLDU vQJKH DUHD DFWLYLW

L

LL DWUDJH GXS  VLQH IUkQDUHD

LL HFRQRPLFH FX HIHFWH QHIDYRUDELOH L vQ FH SULYHWH VWDUHD

economLHL vQ DQVDPEOX L vQ FH SULYHWH vQ SDUWLFXODU VWDUHD EXJHWXOXL L D DJHQWXOXL HFRQRPLF
FRQWULEXDELO 3H GH DOW  SDUWH UHOD[DUHD ILVFDO  HVWH vQ JHQHUDO EHQHILF  SHQWUX WR L IDFWRULL
LPSOLFD L ,VWRULD HFRQRPLHL PHQ LRQHD]  QXPHURDVH vPSUHMXU UL vQ FDUH FUHWHUHD DS V ULL
ILVFDOH D JHQHUDW WHQVLXQL HFRQRPLFH L VRFLDOH GXS  FXP vQOHVQLULOH L VFXWLULOH ILVFDOH DX
LL HFRQRPLFH Q ]LOHOH QRDVWUH SDUDGLVXULOH ILVFDOH VXQW XQ

GHWHUPLQDW vQYLRUDUHD DFWLYLW

exemplu viu al nfloririi economice de caUHVHEXFXU

vQSRILGDUHVWULF LLORUXQHRULSUHVLXQLORUSHFDUH

ULOHFDUHSURPRYHD] RDVWIHOGHSROLWLF 

ULOHSDUWHQHUHOHSUDFWLF vQUDSRUWXULOHFXHOH

3HQWUX GHWHUPLQDUHD XQXL QLYHO PHGLX GH LPSXQHUH UH]RQDELO WHRULD ILQDQFLDU  SURSXQH

diferitHVROX LL2P

VXU DDFHVWXLQLYHORIXUQL]HD] 

modelul lui Arthur LafferDOF

UXLRELHFW

HVWH GHWHUPLQDUHD XQXL QLYHO GH LPSXQHUH ]LV RSWLP GHRDUHFH UHDOL]HD]  PD[LPXP GH vQFDV UL
ILVFDOHvQFRQGL LLGHHFKLOLEUXJHQHUDOFHUHUHRIHUW 

Echilibrul geQHUDO FHUHUH  RIHUW

 HVWH FRQVWUXLW SH HJDOLWDWHD FHUHULL JOREDOH L D RIHUWHL

JOREDOHLQWURGXVHFDIXQF LLGHSUH 

C = C(p)
O = O(p)
C=O
unde: C
p
O
C()
O (

C'<0
O>0

(93.1)
(93.2)
(93.3)

FHUHUHDJOREDO 
QLYHOXOSUH X

rilor;

RIHUWDJOREDO 
IXQF LDGHFHUHUH
IXQF LDGHRIHUW 

3H ED]D HFXD LHL GH HFKLOLEUX  VH IRUPHD]  R HFXD LH D F UHL YDULDELO  HVWH SUH XO L
FDUH DFFHSW  FHO SX LQ R VROX LH GDWRULW  FDUDFWHULVWLFLORU FHORU GRX  IXQF LL FR

mponente. Fie p*

VROX LDDOF UHLVHQVHFRQRPLFHVWHGHSUH GHHFKLOLEUX3HED]DOXLVHSRWGHWHUPLQDQLYHOHOHGH

HFKLOLEUXDOHFHUHULLLRIHUWHLUHVSHFWLY

C(p*)LO(p*) sau C*LO*.

n acest echilibru intervine statal cu impozite, care vor determina modificarea punctului

GH HFKLOLEUX ,QWURGXFHUHD LPSR]LWHORU VH IDFH VXE IRUPD XQHL DFFL]H GHILQLW  FD LPSR]LW SH
XQLWDWHD GH SURGXV GHVI FXW  YkQGXW  L FXPS UDW  'DF  vQ HOHVXO DFFL]HL VH FRQVLGHU  VWULFWR

sensu, atunci definirea ei pe unitatea deSURGXVGHVI

FXW VHIDFHSULQvQV LOHJHDFDUHLQWURGXFH

DFFL]D 'DF  vQ HOHVXO HL VH FRQVLGHU  SULQ H[WHQVLH FD ILLQG RULFH LPSR]LW VDX WD[  DWXQFL
GHWHUPLQDUHDHLSHXQLWDWHDGHSURGXVGHVI FXW QXHVWHGLILFLO vQWUXFkWDJHQWXOHFRQRPLFWLHL

careHVWHFXDQWXPXOLPSR]LWXOXLvQFDX]

LFDUHHVWHYROXPXOV XGHDFWLYLWDWHDFFL]DSHXQLWDWHD

GHSURGXVGHVI FXW YDILUDSRUWXOGLQWUHFHLGRLLQGLFDWRULPHQ LRQD LDQWHULRU

7HQGLQ D RIHUWDQWXOXL UHIHULWRU OD LPSR]LWHOH SH FDUH OH SO WHWH HVWH GH D vQFHUFD V  OH
UHFXSHUH]H GH OD FXPS U WRU SULQ SUH XO  WDULIXO SURGXVXOXL  VHUYLFLXOXL SH FDUH L O RIHU  $FHVW

OXFUXHVWHSRVLELOSULQFUHWHUHDSUH XOXLGHYkQ]DUHGDUHVWHOLPLWDWGHFHOSX LQGRX FRQGL LL

P ULPHD SUH XOXL vO SRDWH SXQH SH RIHUWDQW vQ VLWXD LH GH QHFRPSHWLWLYLWDWH ID

 GH FHLODO L

RIHUWDQ LGDF DFHWLDQXSUDFWLF DFHODLVLVWHPVDXvOSUDFWLF OLPLWDW

P ULPHDSUH XOXLSRDWHPLFRUDFHUHUHDUHGXFkQGX LRIHUWDQWXOXLvQFDV ULOHGLQFDUHYDWUHEXL

ozite similar sau diminuat ntr-RP

V VXSRUWHXQYROXPWRWDOGHLPS

VXU PDLPLF LPSR]LWXO

SHDYHUHGHSLOG QXVHPRGLILF vQUDSRUWFXYHQLWXULOH

Q FD]XO RS LXQLL GH PDMRUDUH D SUH XOXL FRQVHFXWLY LQWURGXFHULL XQXL LPSR]LW SH FDUH
WUHEXLHV

-OSO

WHDVF RIHUWDQWXOYDSRUQLODOLPLW GHODLSRWH]DPHQ LQHULLFHOSX LQDSURILWXOXL

RE LQXWDQWHULRUDSDUL LHLUHVSHFWLYXOXLLPSR]LW9ROXPXOIL]LFDODFWLYLW

LLVDOHQXYDFUHWHFHHD

FHvQVHDPQ S VWUDUHDODDFHODLQLYHO

CTDFKHOWXLHOLORURFD]LRQDWHGHDFWLYLWDWHDVDYDFUHWe, n

105

VFKLPE YHQLWXO vQFDVDW GH OD P ULPHD

V DQWHULRDU

 LQWURGXFHULL LPSR]LWXOXL OD

VM XOWHULRDU

DFHVWXLIDSWFDUH]XOWDWDOPDMRU ULLSUH XOXLXQLWDUGHYkQ]DUH

3URILWXO LQL LDO DUH P ULPHD

V - CT, iar cel ulterior VM - CT - c (VM - CT) unde c

HVWH FRWD GH LPSXQHUH DIHUHQW  LPSR]LWXOXL QRX LQWURGXV 3H ED]D LSRWH]HL GH HJDOLWDWH D FHORU
GRX SURILWXULDYHP

V - CT = VM - CT - c (VM - CT)
GLQ FDUH VH RE LQH P ULPHD YHQLWXOXL PRGLILFDW  PDMRUDW

(94.1)

respectiv ulterior introducerii noului

impozit:
VM = (V - c CT) / (1 - c)
XQGHDYHPUHVWULF LDF

(94.2)

(0, 1).

90HVWHRIXQF LHFUHVF WRDUHvQFFXDOWHFXYLQWHFXFkWFRWDGHLPSXQHUHHVWHPDLPDUH

cXDWkWFUHWHUHDYHQLWXOXLSULQSUH LLQFOXVLYDSUH XOXLXQLWDUGHYkQ]DUHHVWHPDLPDUH

VMc =

V CT
(1 c) 2

>0

(94.3)

lim VM = +

(94.4)

sau

lim VM = V

DGLF 

c 0

VM (V,+) .

c 1

QFD]XORS LXQLLGHPDMRUDUHDSUH XOXLRIHUWDQWXOYDOXFUDFXGRX FDWHJRULLGHSUH XUL

XQ SUH  GH SLD

 ILH

pp, n care este inclus cuantumul unitar al impozitului T L FDUH YD IL

SUH XOODFDUHFXPS U WRUXODFKL]L LRQHD] SURGXVXO

XQSUH GHJHVWLXQHILH

pg, n care nu este inclus impozitul:

pg = pp - T

(95)

3UH XOGHJHVWLXQHHVWHXQSUH GHFDOFXODOSURILWXOXLRE LQXWGHRIHUWDQWFDUHvQFDOFXOHOH

VDOH GH HILFLHQ

 QX SRDWH FRQWD SH P ULPHD 7 D LPSR]LWXOXL FH WUHEXLH YLUDW QHFRQGL LRQDW F WUH

bugetul statului. 2IHUWD VD YD IL GHWHUPLQDW

 WRFPDL GH DFHVW SUH  GH JHVWLXQH GLQ FDUH HO VXSRUW 

FKHOWXLHOLOH SULYLQG DFWLYLWDWHD L RE LQH SURILWXO VFRQWDW vQ VHQVXO GH SURILW RELQXLW FDUH vL
PRWLYHD] HIRUWXOGHLQL LHUHLGHVI XUDUHDUHVSHFWLYHLDFWLYLW

MoGHOXO /DIIHU FXSULQGH XUP

FHUHUHRIHUW - (93.3):

IXQF LDFHUHULLGHILQLW SULQSUH XOGHSLD

C = C (pp)

L

WRDUHOH UHOD LL VLPLODUH FHORU FH GHVFULX HFKLOLEUXO JOREDO

C' < 0

(96.1)

O' > 0

(96.2)

IXQF LDRIHUWHLGHILQLW SULQSUH XOGHJHVWLXQH

O=O (pg)

UHOD LDvQWUHFHOHGRX SUH XULFRQIRUP

HFXD LDHFKLOLEUXOXLJOREDOFRQIRUP
(FXD LDGHHFKLOLEUXVHVFULH LQkQGVHDPDLGH

C(pg+T) = O(pg)

(96.3)

GLQFDUHVHGHWHUPLQ SUH XOGHJHVWLXQHODHFKLOLEUXFDIXQF LHGHDFFL] 

pg* = pg(T)

(96.4)

106

3HED]DUHOD LLORULVHSRWGHWHUPLQDFHUHUHDLRIHUWDGHHFKLOLEUXFDIXQF LL

GHDFFL] 

C* = C (T+pg (T) )
O* = O(pg (T) )

(96.5)
(96.6)

C* = O*

(96.7)

pentru care, n plus, avem

reSUH]HQWkQG YROXPXO GH HFKLOLEUX DO DFWLYLW

LL HFRQRPLFH 'HRDUHFH DFFL]D HVWH GHILQLW  SH

XQLWDWHD GH SURGXV GHVI FXW  VH SRDWH VFULH H[SUHVLD YHQLWXULORU EXJHWDUH

VB, pe care statul le

GRUHWHPD[LPH

max VB = max T C (T +pg (T) )

(96.8.1)

max VB = max T O (pg (T) )

(96.8.2)

sau
GLQFDUHUH]XOW F YHQLWXULOHEXJHWDUHVXQWIXQF LHGHDFFL] 

max VB = max VB (T)

(96.8.3)

&RQGL LDGHPD[LPUHYLQHOD

VB'T = 0
VB''T < 0

(96.9.1)
(96.9.2)

DVWIHOvQFkWGLQFDHFXD LHvQUDSRUWFXDFFL]DVHSRDWHGHWHUPLQDQLYHOXOHLRSWLP7 vQ

VHQVXOF PD[LPL]HD] vQFDV ULOHEXJHWDUHvQFRQGL LLOHHFKLOLEUXOXLJOREDOFHUHUHRIHUW 

Cu ajutorul lui T* VH GHWHUPLQ

 VXFFHVLY QLYHOHOGH RSWLPDOH YHQLWXOXLEXJHWDU 9% 

FHORUGRX SUH XULSJ LSS DOHYROXPXOXLFHUHULLLRIHUWHL& L2 

0RGHOXO SHUPLWH L GHWHUPLQDUHD LQFLGHQ HL DFFL]HL DGLF  D P VXULL vQ FDUH HD HVWH
VXSRUWDW GHFXPS U WRUUHVSHFWLYGHRIHUWDQW,QFLGHQ DVHFDOFXOHD] FDSRQGHUHDVXPHLWRWDOH
SO WLWHGHFXPS U WRULUHVSHFWLYRIHUWDQ LvQWRWDOvQFDVDUHEXJHWDU 

a=

(pp * p*) C *
T * C *

(96.10.1)

b=

(p * pg*) O *
T * O *

(96.10.2)

unde: a = incidHQ DDFFL]HLDVXSUDFXPS

E

U WRUXOXL

LQFLGHQ DDFFL]HLDVXSUDRIHUWDQWXOXL

,QWURGXFHUHD DFFL]HL FRQGXFH OD FkWHYD UHOD LL GH RUGLQH SULYLQG SUH XULOH vQ PRGHOXO
/DIIHUID

GHPRGHOXO

- (93.3) n care nu apare acciza:

SS !S LSJ S

(96.11.1)

C*L& L2 L <O*

(96.11.2)

XQGHSHQWUXFHUHUHLRIHUW LQGLFHOH/VHPQLILF QLYHOXOORUFRQIRUPPRGHOXOXL/DIIHULDUOLSVD

DFHVWXLLQGLFHQLYHOXODFHVWRUDvQFRQGL LLOHPRGHOXOXLI U DFFL] 

- (93.3).

11.2. Elementele impozitului

,PSXQHUHDILVFDO HVWHLQWURGXV SULQOHJHFDUHSUHFL]HD] SHQWUXILHFDUHLPSR]LWvQSDUWH
FLQH VXQWFRQWULEXDELOLL PDWHULD LPSR]DELO  P ULPHD UHODWLY  D LPSR]LWXOXL WHUPHQHOH GH SODW 

107

VDQF LXQLOH UHIHULWRDUH OD VXVWUDJHUH 3ULQ DFHDVWD VH UHDOL]HD]  WRWRGDW  SXQHUHD vQ FXQRWLQ

DWkW D RUJDQHORU ILVFDOH FkW L D FRQWULEXDELOLORU FDUH vQ SOXV SHQWUX DQXPLWH LPSR]LWH VXQW
vQFXQRWLLQ D L L vQ PRG H[SUHV SULQ DYL]H vQWRFPLWH L H[SHGLDWH SULQ JULMD RUJDQHORU ILVFDOH

locale.
,QIRUPD LLOH FXSULQVH vQ OHJLOH FH UHJOHPHQWHD]  LPSXQHUHD ILVFDO  LQFOXG
FDUDFWHULVWLFHILHF UXLLPSR]LWLQWURGXVvQSUDFWLFDILVFDO FXUHQW D

a) Subiectul impozitului HVWH SHUVRDQD IL]LF

obOLJDWLYLWDWHD GH SODW

elementele

ULL

 VDX MXULGLF  SHQWUX FDUH OHJHD VWDELOHWH

 D LPSR]LWXOXL DGLF  FHHDFH VH QXPHWHFXUHQW

contribuabil. n anumite
-l verse la buget. De

FD]XULOHJHDVWDELOHWHXQWHU vPSXWHUQLFLWLREOLJDWV UH LQ LPSR]LWXOLV

SLOG vQFD]XOLPSR]LWXOXLSHVDODULXVDODULDWXOHVWHVXELHFWHOSO WHWHLPSR]LWXOGLQVDODULXOV X

GDUUH LQHUHDLYLUDUHDODEXJHWUHYLQHFHOXLFDUHDDQJDMDW

b) Suportatorul impozitului HVWH SHUVRDQD IL]LF  VDX MXULGLF  FH VXSRUW  HIHFWLY SODWD
destinatar, GHRDUHFHLPSR]LWXOvQFDX] HVWHYLUDW

LPSR]LWXOXL$FHDVW SHUVRDQ VHPDLQXPHWH

VSUH VLQH SHQWUX D IL VXSRUWDW 'H SLOG  vQ FD]XO WD[HL SH YDORDUHD DG XJDW  LPSR]LWXO HVWH
SHUFHSXW GDWRUDW FDOFXODW L Y UVDW OD EXJHW GH YkQ] WRUXO XQXL SURGXV FDUH HVWH VXELHFW DO
DFHVWHL WD[H 3ULQ SUH  vQV  DFHVWD SRDWH YLUD WD[D vQ VDUFLQD FXPS U WRUXOXL FDUH HVWH

suportatorul acesteia.
c) Obiectul impozituluiHVWHPDWHULDVXSXV

LPSR]LW ULLYHQLWXODYHUHDRELHFWXOYkQGXW

FXPS UDWEXQXOLPSRUWDWHWF

d) Sursa impozitului DUDW

 GLQ FHDQXPH VH SO WHWH LPSR]LWXOFHHDFH vQ PRG RELQXLW

HVWH YHQLWXO FRQWULEXDELOXOXL 6XUVD SRDWH V  FRLQFLG  VDX QX FX RELHFWXO LPSR]LWXOXL /D
LPSR]LWHOHSHYHQLWFHOHGRX HOHPHQWHFRLQFLGvQVFKLPEODLPSR]LWHOHSHDYHUHHOHQXFRLQFLG

de obicei, deoarece numaL vQ FD]XUL GH H[FHS LH FRQWULEXDELOXO vL GLPLQXHD]  DYHUHD SULQ
e) Unitatea de impunere HVWH XQLWDWHD GH P VXU  FX FDUH VH GHWHUPLQ  GLPHQVLXQHD

YkQ]DUHDXQHLS U LDDFHVWHLDFXVFRSXOGHD LDFKLWDLPSR]LWXODIHUHQW

PDWHULHL LPSR]DELOH 'H SLOG  vQ FD]XO LPSR]LWXOXL SH WHUHQ DFHDVWD HVWH PHWUXO S WUDW SHQWUX
WHUHQXULOH LQWUDYLODQH FX DOWH GHVWLQD LL GHFkW DFWLYLWDWHD DJULFRO  L KHFWDUXO SHQWUX WHUHQXULOH

agricole.
f) Cota impozitului UHSUH]LQW

 LPSR]LWXO DIHUHQW XQLW

LL GH LPSXQHUH $FHDVW  FRW

SRDWHILVWDELOLW FDVXP IL[ VDXFDRFRW SURFHQWXDO FRQVWDQW SURJUHVLY VDXUHJUHVLY 

g) Asieta HVWH WRWDOLWDWHD P VXULORU SH FDUH RUJDQHOH ILVFDOH OH LDX vQ YHGHUHD DH] ULL
impozitului, pentru fiecare subiect n parte: identificarea obiectulXL VWDELOLUHD P ULPLL VDOH L
calculul impozitului datorat.
h) 7HUPHQXOGHSODW UHSUH]LQW GDWDSkQ ODFDUHLPSR]LWXOWUHEXLHV ILHDFKLWDW3HQWUX
LPSR]LWHOHLQWURGXVHvQOHJ WXU FXRELHFWHFHSUH]LQW UHSHWDELOLWDWHSHSDUFXUVXODQXOXLVDODULXO

pURILWXO YkQ]

ULOH GH SURGXVH HWF VH VWDELOHVF WHUPHQH UHSHWLWLYH OHJDWH GH GDWD FRQVWLWXLULL

RELHFWXOXL LPSR]LWXOXL GDWD SO

LL VDODULXOXL GDWD vQFKLGHULL JHVWLXQLL OXQDUH HWF 3HQWUX

LPSR]LWHOHLQWURGXVHvQOHJ WXU FXRELHFWHDF URUPRGLILFDUHGHYROXPHVWHPDLUDU VHIL[HD] R

GDW  VDX FkWHYD GDWH SH SDUFXUVXO DQXOXL OD FDUH SODWD VH SRDWH IDFH LQWHJUDO HYHQWXDO vQ WUDQH
/HJHD PHQ LRQHD]  SHQWUX ILHFDUH WLS GH LPSR]LW VDQF LXQLOH FDUH YRU IL VXSRUWDWH GH VXELHFW vQ

caz de nerespectare a termenHORU GH SODW

 PDMRU UL SRSULUL VHFKHVWUX VFRDWHUHD OD OLFLWD LH

DPHQ]LSHQDOHLvQFD]XULH[WUHPHHYD]LXQHLQWHQ LRQDW VDXIUDXGXORDV SULYDUHDGHOLEHUWDWH

11.3. Principiile impunerii fiscale

,PSXQHUHDILVFDO HVWHXQFRPSOH[GHP VXULLRSHUD LXQLHIHFWXDWHvQED]DOHJLLFDUHDX

ca scop stabilirea impozitului ce revine n sarcina unei persoane fizice sau juridice. Impunerea
ILVFDO  LQFOXGH R ODWXU
ODWXU

 WHKQLF

 SROLWLF

 SULQ FDUH VH VWDELOHWH FLQH L SHQWUX FH SO WHWH LPSR]LWXO L R

 DGLF  PHWRGHOH L WHKQLFLOH SULQ FDUH VH P VRDU  RELHFWXO LPSXQHULL L VH

GHWHUPLQ  FXDQWXPXO LPSR]LWXOXL 3ULQ ILVFDOLWDWH VWDWXO vQFHDUF  V  UHDOL]H]H XQ HFKLOLEUX vQWUH
HILFLHQ

 L HFKLWDWH 3H GH R SDUWH VWDWXO WUHEXLH V  DVLJXUH SULQ ILVFDOLWDWH

colectarea fondurilor

SHQWUX UHDOL]DUHD SURJUDPHORU VRFLDOH HFRQRPLFH GH FRODERUDUH LQWHUQD LRQDO  D 3H GH DOW 
SDUWHILVFDOLWDWHDWUHEXLHRUJDQL]DW DVWIHOvQFkWV QXDSHVHSHFHLGHIDYRUL]D LFHHDFHUHYLQHOD

108

realizarea unei redistribuiri a venLWXULORU 5HIHULWRU OD HILFLHQ

ILQDQFLDUH DFFHQWXHD]  XQHOH SH HILFLHQ

(social -GHPRFUD LDGHPRFUD LDFUHWLQ

 L HFKLWDWH WHRULLOH HFRQRPLFR

 PRQHWDULVPXO OLEHUDOLVPXO D LDU DOWHOH SH HFKLWDWH

D

,PSXQHUHD ILVFDO  VH UHDOL]HD]  vQ YLUWXWHD XQRU SULQFLSLL D F URU IRUPXODUH D IRVW
HIHFWXDW vQWLPSGHF WUHPDLPXO LHFRQRPLWL
$GDP 6PLWK D IRUPXODW OD vQFHSXWXO VHF ;,; XUP WRDUHOH SULQFLSLL DOH LPSXQHULL MXVWD
LPSXQHUH HFKLWDWHD ILVFDO  FHUWLWXGLQHD LPSXQHULL FRPRGLWDWHD SHUFHSHULL LPSR]LWXOXL L

randamentul impozitelor.
0DXULFH$OODLVODXUHDWDO3UHPLXOXL1REHODIRUPXODWvQDQLL
XUP WRDUHOHSULQFLSLLDOH
LPSXQHULLLQGLYLGXDOLWDWHD QHGLVFULPLQDUHDLPSHUVRQDOLWDWHDQHXWUDOLWDWHDOHJLWLPLWDWHDLOLSVD

arbitrariului.
n WHRULD PRGHUQ

 D ILQDQ HORU VXQW IRUPXODWH L DFFHSWDWH SULQFLSLL GH HFKLWDWH ILVFDO 

SULQFLSLLGHSROLWLF ILQDQFLDU SULQFLSLLGHSROLWLF HFRQRPLF LSULQFLSLLVRFLDO

-politice, fiecare

FRQFUHWL]DW vQ FkWHYD FRPSRQHQWH FDUH SUHFL]HD]  DQXPLWH ODWXUL L DWULEXWH DOH FRQ LQXWXOXL

acestora.
11.3.1.

3ULQFLSLLGHHFKLWDWHILVFDO

(FKLWDWHDILVFDO vQVHDPQ GUHSWDWHVRFLDO vQPDWHULHGHLPSXQHUHILVFDO 3HQWUXDFHDVWD

sunt formulate principiile:

LPSXQHUHDGLIHUHQ LDW DYHQLWXOXLLDYHULL

minimul neimpozabil.

a)

VWDELOLUHD FXDQWXPXOXL GH YHQLW FRQVLGHUDW F  SHUPLWH VDWLVIDFHUHD QHYRLORU GH WUDL VWULFW

5HDOL]DUHDDFHVWRUSULQFLSLLSUHVXSXQHvQGHSOLQLUHDFXPXODWLY DXUP WRDUHORUFRQGL LL

QHFHVDUH DFHDVW  FRQGL LH HVWH DFWLY  QXPDL SHQWUX LPSR]LWHOH GLUHFWH QX

i pentru cele

indirecte;
b)

VWDELOLUHD SXWHULL FRQWULEXWLYH FDUH VH GHWHUPLQ  SHQWUX ILHFDUH SO WLWRU vQ SDUWH vQ UDSRUW FX
SXWHUHD HFRQRPLF  D DFHVWXLD YHQLW VDX DYHUH L FX VLWXD LD SHUVRQDO  IDPLOLDO  VRFLDO 
YkUVW D

c) corelarea sarcinilor fiscaOHvQFDGUXODFHOHLDLFDWHJRULLGHFRQWULEXDELOL

d) LPSXQHUHDV ILHJHQHUDO DGLF V ILHSO WLWRULWR LFHLFHSRVHG XQYHQLWVDXRDYHUHVLWXDWH
peste un anumit nivel.
&XDQWLILFDUHDFHULQ HORUSULQFLSLLORUGHHFKLWDWHILVFDO VHSRDWHUHDOL]DvQFRQWH[tul teoriei
XWLOLW

LL SULQ GHILQLUHD IXQF LHL GH XWLOLWDWH vQ UDSRUW FX YHQLWXO IXQF LH FDUH H[SULP 

comportamentul contribuabilului vis--YLVGHYHQLWXOV

U = U (V)

U' > 0

X
L

U'' < 0

(97)

unde: U
= utilitatea;
U () IXQF LDGHutilitate;
V
= venitul contribuabilului.
3RUQLQG GH OD DFHDVW  IXQF LH VH SRW IRUPXOD LSRWH]H UHIHULWRDUH OD PRGXO GH DH]DUH D
LPSR]LWXOXL FD VDFULILFLX SUHOHYDUH D XQHL S U L GLQ YHQLWXO FRQWULEXDELOXOXL vQ EHQHILFLXO
UHDOL] ULLIXQF LLORUVWDWXOXL6XQWX]XDOHWUHLLSRWH]HvQOHJ WXU FXDFHVWVDFULILFLX

11.3.1.1. Sacrificiul absolut egal

6DFULILFLXO DEVROXW HJDO HVWH R LSRWH]  GH LPSXQHUH SRWULYLW F UHLD LPSR]LWHOH WUHEXLH
DH]DWHDVWIHOvQFkWSLHUGHULOHGHXWLOLWDWHFDX]DWHGHGLPLQXDUHDYHQLWXULORUSULQLPSXQHUHV ILH

egale:
U (VA) - U (VA - TA) = U (VB) - U (VB - TB)

(98)

109

unde: VA
VB
TA
TB

= venitul contribuabilului A;
= venitul contribuabilului B;
= impozitul suportat de contribuabilul A;
= impozitul suportat de contribuabilul B.

Q FRQGL LLOH LSRWH]HORU SULYLQG VDFULILFLXO VLWXD LD ILVFDO  D FRQWULEXDELOXOXL $ HVWH
FRQVLGHUDW  HWDORQ DVWIHO vQFkW SLHUGHUHD OXL GH XWLOLWDWH FDX]DW  GH LPSXQHUH XUPHD]  V  VH
UHIOHFWH L DVXSUD FHORUODO L FRQWULEXDELOL &RQWULEXDELOXO $ HVWH vQ SULQFLSLX R SHUVRDQ  LSRWHWLF 
L DQXPH FHDFDUHDYkQG XQ YHQLW 9$ L R VLWXD LH SHUVRQDO  ELQH SUHFL]DW  SO WHWH XQ LPSR]LW
7$ SUHVWDELOLW &RQWULEXDELOXO % HVWH R SHUVRDQ  UHDO  F UHLD XUPHD]  V  L VH VWDELOHDVF 

impozitul astfel nct pierderea saGHXWLOLWDWHSULQGLPLQXDUHD YHQLWXOXLV

ILHLGHQWLF FX FHDD

SHUVRDQHL LSRWHWLFH $ Q PRG VLPLODU VH SRDWH DFFHSWD vQ OHJ WXU  FX FRQWULEXDELOXO $ F  HVWH R
SHUVRDQ  FDUH D UHDOL]DW L DQWHULRU YHQLWXUL L D SO WLW LPSR]LW vQ FXDQWXP 7$ vQ WLPS FH
FRQWULEXDELOXO % HVWH XQ FRQWULEXDELO QRX FDUH QX D UHDOL]DW SkQ  DFXP YHQLWXUL L QX D SO WLW
LPSR]LW'HDVHPHQHDS VWUkQGVDXQXLSRWH]DGHVSUHFDUDFWHUXOLSRWHWLFVDXUHDODOSHUVRDQHL$
VH SRDWH DFFHSWD GHVSUHFRQWULEXDELOXO % F  QX HVWH QRXFL F  GRDU DFXP vQWUXQHWHFRQGL LL GH
YHQLWLVLWXD LHSHUVRQDO FDUHvOFDOLILF vQDFHLDLFDWHJRULHFX$
3HED]DUHOD LHLLDFFHSWkQG SURSULHWDWHDIXQF LHL89GHDILLQYHUVDELO VHSRDWH

determina cuantumul impozitului pentru contribuabilul B:

TB = VB - [U]-1 (U (VB) - U (VA) +U (VA - TA) )

(99)

9HQLWXO9$VDX9%VH]LFHYHQLWEUXWWRWDOVDXJOREDOLDUYHQLWXOU PDVGXS LPSR]LWDUH

VA - TA sau VB - TB, se zice venit net sau disponibil.

Efectul ipotezei "sacrificiului" absolut egal, vQ FD]XO DQXPLWRU IXQF LL GH XWLOLWDWH HVWH
SURSRU LRQDOLWDWHD

LPSR]LWXOXL DGLF  LPSXQHUHD FX DFHLDL

FRW  D YHQLWXULORU FHORU

GRL

FRQWULEXDELOL ,SRWH]D HVWH HFKLWDELO  vQ FD]XO FRQWULEXDELOLORU DIOD L vQWU R DFHLDL FDWHJRULH

GHILQLW  GH SXWHUHD HFRQRPLF  L VLWXD LD SHUVRQDO  &X WRDWH F  SURSRU LRQDOLWDWHD LPSXQHULL DU
S UHDvQSULQFLSLXHFKLWDELO WRWXLQXHVWHDDHFKLWDWHDILLQGvQDFHVWFD]UHODWLY GLVFXWDELO Q

cazul n care venitul contribuabilului A este de cteva ori mai mare dect cel al lui B, atunci o
FRW  VLPLODU  GH SUHOHYDUH D LPSR]LWXOXL SRDWH GXFH OD VLWXD LD F  YHQLWXO OXL % V-a diminuat
GUDPDWLFvQWLPSFHSHQWUX$GLPLQXDUHDHVWHVXSRUWDELO 
3URSRU LRQDOLWDWHD FD HIHFW D LSRWH]HL VDFULILFLXOXL DEVROXW HJDO DSDUH vQ FD]XO IXQF LHL
GHXWLOLWDWHGLQFODVDIXQF LLORUORJDULWPLFH

U (V) = ln V

(100.1)

ceea ce conduce, conform (98), la egalitatea

ln VA - ln (VA - TA) = ln VB - ln (VB TB)

(100.2)

GLQFDUHUH]XOW

TA TB
=
VA VB

(100.3)

cu alte cuvinteFRWDGHLPSR]LWDUHHVWHDFHLDL
11.3.1.2.

6DFULILFLXOSURSRU LRQDOHJDO

6DFULILFLXO SURSRU LRQDO HJDO HVWH R LSRWH]  GH LPSXQHUH SRWULYLW F UHLD SRQGHUHD
XWLOLW

LLYHQLWXOXLGLVSRQLELOvQXWLOLWDWHDYHQLWXOXLEUXWVHS VWUHD] DFHLDL

110

U(VA TA ) U(VB TB)

=
U(VA)
U(VB)

(101)

QDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 (U (VA-TA) U (VB) / U (VA) )

(102)

11.3.1.3. Sacrificiul marginal egal

6DFULILFLXOPDUJLQDOHJDOHVWHRLSRWH] GHLPSXQHUHSRWULYLWF

reia pierderea de utilitate

PDUJLQDO vQWUHYHQLWXOEUXWLFHOGLVSRQLELOHVWHHJDO 

U (VA-TA) - U(VA) = U(VB-TB) - U(VB)

(103)

QDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 ( (U (VA-TA) - U (VB) + U (VB) )dV)

(104)

Q DFHDVW  LSRWH]  VH LQH VHDPD GH IDSWXO F  XWLOLWDWHD PDUJLQDO  D XQHL XQLW

L GH YHQLW

HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF DGLF  GH IDSWXO F  XWLOLWDWHD PDUJLQDO  HVWH R
IXQF LH GHVFUHVF WRDUH SRWULYLW SURSULHW

LORU IXQF LHL GH XWLOLWDWH  IXQF LD GH XWLOLWDWH

PDUJLQDO 8
DUHGHULYDWDQHJDWLY 
,SRWH]D VDFULILFLXOXL PDUJLQDO HJDO D IRVW LQWHUSUHWDW  GH XQLL DXWRUL vQ PRG JUHLW FD
XWLOLWDWHPDUJLQDO DYHQLWXOXLGLVSRQLELOQDFHDVW LQWHUSUHWDUHDUWUHEXLFDXWLOLW

LOHPDUJLQDOH

DOHYHQLWXULORUGLVSRQLELOHV ILHHJDOH

U (VA-TA) = U (VB - TB)

FHHD FH FRQGXFH LPSOLFLW OD HJDOLWDWHD YHQLWXULORU GLVSRQLELOH DGLF  R QLYHODUH D DFHVWRUD WRWDO
FRQWUDSURGXFWLY FDGHDOWIHORULFHP VXU HFRQRPLF GHXQLIRUPL]DUHQFD]XOvQVSH

QLPHQL

QX DU PDL GRUL V  GHSXQ  HIRUW VDX V

GHRDUHFH SULQ LPSR]LWDUH YHQLWXO V

efortul sau nu-LDVXP

-L DVXPH ULVF vQ YHGHUHD RE LQHULL XQXL YHQLW PDL PDUH
X GLVSRQLELO DU IL GLPLQXDW OD QLYHOXO FHOXL FH QX-L P UHWH

ULVFSHQWUXFUHWHUHDYHQLWXOXLV X

11.3.1.4. Tipuri de cote de impunere

Q YLUWXWHD SULQFLSLXOXL HFKLW

LL ILVFDOH VH SUDFWLF  GRX  PRGDOLW

L SULQFLSDOH GH

LPSXQHUHvQVXPHIL[HLvQFRWHSURFHQWXDOH

Impunerea n sume fixe este destXO GH OLPLWDW

 GHRDUHFH QX U VSXQGH ELQH FHULQ HL GH

FRUHODUH D VDUFLQLL ILVFDOH FX SXWHUHD HFRQRPLF  D FRQWULEXDELOXOXL $]L HVWH XWLOL]DW  SHQWUX
DH]DUHD XQRU LPSR]LWH LQGLUHFWH FD GH SLOG  DFFL]D vQ VXP  IL[  SHQWUX LJ UL L DOFRRO VDX D

unor taxe (n special locale).

Impunerea n cote procentuale HVWH ODUJ XWLOL]DW

 ILLQG vQ ]LOHOH QRDVWUH SULQFLSDOD

PRGDOLWDWH GH DH]DUH D LPSR]LWXOXL GHRDUHFH SHUPLWH R EXQ  FRUHODUH D VDUFLQLL ILVFDOH DWkW FX
SXWHUHDHFRQRPLF DFRQWULEXDELOXOXLFkWLFXVLWXD LDVDSHUVRQDO 6XQWvQX]WUHLYDULDQWH

vQFRWHSURSRU LRQDOH

n cote progresive cu alternativele:

cote progresive simple,
FRWHSURJUHVLYHFRPSXVHVDXFRWHSURJUHVLYHSHWUDQH
n cote regresive.
,PSXQHUHD vQ FRWH SURSRU LRQDOH presupune stabilirea cuantumul impozitului (T) cu o

DFHLDLFRW SURFHQWXDO WLQGLIHUHQWGHP ULPHDPDVHLLPSR]DELOH0

111

T = t M

(105)

Q FH SULYHWH HFKLWDWHD DFHDVWD HVWH GLVFXWDELO  GDF  FHL LPSXL GLVSXQ GH PDVH

impozabile n limLWHGHPDUHDPSOLWXGLQHYH]LLFDS

Impunerea n cote progresive SUHVXSXQH YDULD LD FRWHL SURFHQWXDOH vQ VHQVXO vQ FDUH
YDULD]  L YROXPXO PDWHULHL LPSR]DELOH &DUDFWHULVWLF DFHVWHL PRGDOLW

L GH LPSXQHUH HVWH

partajarea materiei impozabile pe WUDQH GHILQLWH vQWUH GRX  QLYHOH DOH YROXPXOXL DFHVWHLD 6
SUHVXSXQHPF VXQWGHILQLWHnWUDQHLGHQWLILFDELOSULQLQGLFHOHMM QDVWIHO
WUDQD

j [Mj-1 +1;Mj]
3HQWUX M

(106)

  OLPLWD LQIHULRDU  D WUDQHL HVWH  VDX PLQLPXO LPSR]DELO LDU SHQWUX M

 Q

OLPLWD VXSHULRDU  QX HVWH SUHFL]DW  FHHD FH vQVHDPQ  F  QLYHOXO FRWHL GH LPSXQHUH VH S VWUHD] 
DFHODLSHQWUXRULFHFD]vQFDUHPDWHULDLPSR]DELO GHS HWHYROXPXO0n-1

+1.
Impunerea n cote progresiYHSUHVXSXQHRFRW GHLPSXQHUHGLIHULW SHQWUXILHFDUHWUDQ 
respectiv tjFUHVF WRDUHRGDW FXPDVDPDWHULHLLPSR]DELOH&UHWHUHDVHSRDWHIDFHFXpas (ritm)
constant p:
tj = tj-1 +p
p>0
(107.1)
sale cu pas(ritm) variabil pj:
tj = tj-1 + pj
pj >0
(107.2)
QFD]XOFUHWHULLFXSDVYDULDELOvQWUHGRLSDLVXFFHVLYLH[LVW UHOD LD

pj = kj pj-1

(107.3)

unde kj este un coeficient de multiplicare kj > 1 sau 0 < kj < 1, astfel nct avem ntotdeauna tj > tj-1.
Alternativa cotelor progresive simple SUHVXSXQH F  GDF  XQ FRQWULEXDELO x dispune de o
PDWHULH LPSR]DELO  FXSULQV  vQ WUDQD j, aceasta se impune n totalitate cu cota tj. n acest caz,
PDVDPDWHULHLLPSR]DELOH0[VHFODVLILF vQWU-XQDGLQWUDQHSRWULYLWUHOD LHL
Mj-1 + 1 Mx Mj
DSRLVHIL[HD] FRWDGHLPSXQHUH

tjLVHGHWHUPLQ

(108.1)

LPSR]LWXOvQVDUFLQDFRQWULEXDELOXOXL[

Tx = tj Mx

(108.2)

Alternativa cotelor SURJUHVLYH SH WUDQH SUHVXSXQH F  GLQ

contribuabilului x, se impune cu cota tj QXPDL FXDQWXPXO FH UHSUH]LQW

PDWHULD LPSR]DELO  D
 DPSOLWXGLQHD WUDQHL

DGLF 0[HVWHODUkQGXOV XSDUWDMDW SHWUDQHDOF URUYROXPHVWHHJDOFXDPSOLWXGLQHDDPLQWLW 

Mxj =Mj - Mj-1

j = 1, 2, , n

(109.1)

Mx j = Mx

(109.2)

j=1

Cuantumul impozitului datorat de contribuabil este:

n

Tx t j Mx j

(109.3)

j=1

112

Q FD]XO vQ FDUH OHJHD SUHYHGH XQ PLQLP QHLPSR]DELO DWXQFL DFHVWD HVWH DD FXP DP

ar

WDWOLPLWDVXSHULRDU DWUDQHLLDUFRWDGHLPSXQHUHSUHY ]XW HVWHW1

Impunerea n cote regresiveQXDSDUHFDPRGDOLWDWHSUDFWLF

GRDUFDRFRQVHFLQ

=0

GHDH]DUHDLPSR]LWXOXLFL

DLPSR]LWHORULQGLUHFWH$FHVWHDVXQWDH]DWHvQFRW SURFHQWXDO VDXIL[ SH

XQLWDWHDGHFRQVXPLHVWHGHFLRVDUFLQ FRQVWDQW FHUHYLQHRULF UXLFRQVXPDWRUDOXQXLSURGXV

supus impunerii indirecte. Varietatea veniturilor consumatorilor face ca, n mod relativ,
LPSR]LWXOV ILHFXDWkWPDLPDUHFXFkWYHQLWXOHVWHmai mic.
11.3.2.

3ULQFLSLLGHSROLWLF

ILQDQFLDU

$FHVWHSULQFLSLLU VSXQGXQRUQHFHVLW

LGHQDWXU ILQDQFLDU UHIHULWRDUHODVXPDFROHFWDW 

FD YHQLW OD EXJHW L OD UHODWLYD VWDELOLWDWH D DFHVWRU VXPH vQ UDSRUW FX FRQMXQFWXUD HFRQRPLF  Q

acest grup de principii se includ:

randamentul fiscal;

stabilitatea;

elasticitatea.
Randamentul fiscalHVWHPHQ LRQDWUHODWLYODILHFDUHLPSR]LWvQSDUWHGDULODDQVDPEOXO
VLVWHPXOXLGHLPSR]LWH&RQGL LLOHOXLVXQW

FDUDFWHUXOXQLYHUVDODOLPSR]LWXOXLFDUHSUHVXSXQHGRX LQWHUSUHW UL

 LPSR]LWXO V

 ILH DH]DW vQ OHJ WXU  FX L SO WLW GH F WUH WRDWH SHUVRDQHOH IL]LFH VDX

MXULGLFH FDUH RE LQ DFHODL WLS GH YHQLW DGLF  GLQ DFHLDL VXUV  VDX FDUH DX DFHODL JHQ GH
DYHUHVDXFDUHFXPS U GLQ DU DFHODLWLSGHSURGXV

 LPSR]LWXO V

 VH FDOFXOH]H L V  VH SO WHDVF  SHQWUX vQWUHDJD PDWHULH LPSR]DELO 

UHIHULWRDUHODRDQXPLW SHUVRDQ IL]LF VDXMXULGLF 

LQH[LVWHQ D SRVLELOLW

LORU GH VXVWUDJHUH GH OD LPSXQHUH D PDWHULHL LPSR]DELOH SDU LDO VDX

total, tolerat sau ilicit);

DH]DUHDLUHFROWDUHDLPSR]LWXOXLLPSR]LWHORUV VHIDF FXFKHOWXLHOLPLQLPSRVLELOH

Stabilitatea HVWH SULQFLSLXO SRWULYLW F

UXLD UDQGDPHQWXO ILVFDO QX WUHEXLH V  ILH LQIOXHQ DW

GH ID]HOHFLFOXOXLHFRQRPLFDGLF  V QXRVFLOH]HH[FHVLYGH ODID]HOHFHFDUDFWHUL]HD] VWDUHDGH

H[SDQVLXQHODFHOHFHFDUDFWHUL]HD] VWDUHDGHUHFHVLXQH

Elasticitatea HVWH SULQFLSLXO SRWULYLW F UXLD LPSR]LWXO SRDWH IL DGDSWDW vQ PRG RSHUDWLY OD
nevoile de venituri ale statului.
Un alt principiu din grupa celor de polLWLF  ILQDQFLDU  HVWH FHO DO multitudinii
impozitelor (VWH XQ SULQFLSLX JHQHUDW GH SUDFWLFD ILVFDO  SRWULYLW F UXLD HVWH UHFRPDQGDELO 
XWLOL]DUHD XQXL VLVWHP GH LPSR]LWH L QX D XQXL LPSR]LW XQLF $FHDVWD FUHHD]  R IOH[LELOLWDWH PDL

mare n constituirea

YHQLWXULORU VWDWXOXL VL FRQIHU  WRWRGDW  FDUDFWHULVWLFD GH SkUJKLH D

LPSR]LWXOXL DGLF  SRVLELOLWDWHD QXDQ

ID

 GH GLYHUVH JHQXUL GH DYHUH ID

ULL DWLWXGLQLL VWDWXOXL ID

 GH GLIHULWH FDWHJRULL GH YHQLWXUL

 GH YDULHWDWHD FDWHJRULLORU GH DFWLYLW

L ID

 GH GLYHUVLWDWHD

SUREOHPHORU GH GH]YROWDUH ]RQDO  HWF 1HDGHFYDUHD LPSR]LWXOXL XQLF HVWH FX DWkW PDL UHOHYDQW 

cu ct, n chiar cazurile limitate n care s-DvQFHUFDWVDXVHvQFHDUF GHILQLUHDXQXLVLQJXULPSR]LW

referitor la un anumit gen de materie LPSR]DELO  GLILFXOW LOH GH DH]DUH VXQW GHRVHELW GH PDUL
'H SLOG  LQWURGXFHUHD XQXL LPSR]LW XQLF JOREDO SH YHQLWXULOH SHUVRDQHORU IL]LFH ULGLF  PDUL
SUREOHPH SULYLQGFRQ LQXWXODFHVWRU YHQLWXULFHV VHLQFOXG vQHOHVDXFDWHJRULLOHGHSHUVRDQH

fizice care trebuie supuse unui astfel de impozit etc.

11.3.3. Alte grupe de principii
Un grup distinct de principii sunt cele de SROLWLF HFRQRPLF DOF URUFRQ LQXWVHUHIHU OD
realizarea unor obiective economice pe care le are n vedere statul. Teoria financiaU QXGHILQHWH
vQPRGH[SUHVDVWIHOGHSULQFLSLLFLGRDUJHQXULGHRELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW 
SULQ LPSR]LWH SURFXUDUHD YHQLWXULORU QHFHVDUH HIHFWX ULL FKHOWXLHOLORU DYXWH vQ YHGHUH GH VWDW

folosirea impozitelor, n general a fiscaOLW

LLFDSkUJKLHSHQWUXVWLPXODUHDGH]YROW ULLHFRQRPLFH

113

JHQHUDOH]RQDOHVDXGHUDPXU LGHPSHQWUXVWLPXODUHDIUkQDUHDFRQVXPXOXLXQRUSURGXVHLGHP
SHQWUXVWLPXODUHDIUkQDUHDXQRURSHUD LXQLVDXUHOD LLGHDIDFHULvQFRPHU XOH[WHULRU

Un alt grup de principii sunt cele social-politice DO F

URU FRQ LQXW VH UHIHU  OD UHDOL]DUHD

XQRURELHFWLYHVRFLDOHLSROLWLFHSHFDUHVWDWXOOHDUHvQYHGHUH1LFLvQDFHVWFD]QXVXQWGHILQLWHvQ
PRGH[SUHVDVWIHOGHSULQFLSLLFLGRDURELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW SULQLPSR]LWH

protejarea veniturilor unor categorii defavorizate, limitarea consumului unor produse considerate
G XQ WRDUH V Q W

LL LQIOXHQ DUHD FRPSRUWDPHQWXOXL GHPRJUDILF DO LQGLYL]LORU L IDPLOLLORU

GHSODVDUHDSRYHULLILVFDOHF WUHFDWHJRULLOHVRFLDOHFDUHvQSULQFLSLXQXVXV LQSDUWLGXOVDXFRDOL LDGH

JXYHUQ PkQW FRUHODUHD ILVFDOLW

LL FX LQWHUHVHOH VDX JUXSXULOH VRFLDOH SH FDUH OH UHSUH]LQW 

IRUPD LXQLOHSROLWLFHJXYHUQDQWHUHIDFHUHDLPDJLQLLJXYHUQXOXLvQDQXOSUHHOHFWRUDOH

tc.

11.4.

$H]DUHDLPSR]LWHORU

$H]DUHD LPSR]LWXOXL HVWH XQ FRPSOH[ GH RSHUD LXQL SULYLQG VWDELOLUHD RELHFWXOXL
LPSR]DELOGHWHUPLQDUHDFXDQWXPXOXLLPSR]LWXOXLLSHUFHSHUHDLPSR]LWXOXL

Stabilirea obiectului impozabil are n vedere constatarea materiei impozabile (care este
vQ VDUFLQD RUJDQXOXL ILVFDO L HYDOXDUHD DFHVWHLD HIHFWXDW  GH RUJDQXO ILVFDO vQVXL VDX vQ
FRQOXFUDUHFXFKLDUFRQWULEXDELOXOVDXFXRWHU

SHUVRDQ 

Evaluarea se poate face indirect sau direct.

se poate efectua:
(YDOXDUHDLQGLUHFW

pe ED]D VHPQHORU H[WHULRDUH DOH RELHFWXOXL LPSR]DELO X]XDO

 SHQWUX LPSR]LWHOH GH WLS UHDO

RSHUDWLY  VLPSO  L SX LQ FRVWLVLWRDUH GDU DSUR[LPDWLY  L JHQHUDWRDUH GH DEX]XUL 'H
H[HPSOXHYDOXDUHDXQXLLPRELOGXS QXP UXOLGHVWLQD LDvQF SHULORU

forfetaUDGLF

DGPLQLVWUDWLY DGLF  DWULEXLUHD XQHL YDORUL GH F WUH FKLDU RUJDQXO ILVFDO SH ED]D SURSULLORU

DWULEXLUHDXQHLYDORULvQvQ HOHJHUHFXFRQWULEXDELOXO

LQIRUPD LL L DMXVWDELO  SH ED]D XQRU DUJXPHQWH SUH]HQWDWH GH FRQWULEXDELO L DFFHSWDWH GH

organul fiscal.

(YDOXDUHDGLUHFW

SH ED]D GHFODUD LHL XQHL WHU H SHUVRDQH DOH F UHL FDOLWDWH L REOLJD LH VXQW VWDELOLWH SULQ OHJH

se poate efectua:

'H H[HPSOX FHO FH DQJDMHD]  DUH FDOLWDWHD L REOLJD LD GH D GHFODUD VXPHOH SO WLWH FD YHQLW
DQJDMDWXOXLV XL

de a-LRSULLY

UVDLPSR]LWXOSHDFHVWYHQLW

SH ED]DGHFODUD LHLFRQWULEXDELOXOXLF UXLDLVH VWDELOHWHSULQOHJHREOLJD LDGHGHFODUD LHFD

LIRUPDvQFDUHWUHEXLHI FXW LWHUPHQXOSkQ ODFDUHWUHEXLHGHSXV 

Determinarea cuantumului impozabil arHvQYHGHUHFDOFXOXOVXPHLGHSODW QFD]XOvQ

FDUHFDOFXOXOVHIDFHDDFXPV-DDU WDWvQFDSPHWRGDGHFDOXOVH]LFHD impozitului de
cotitateFHDPDLX]XDO vQ]LOHOHQRDVWUH
7HRULD ILQDQFLDU  PHQ LRQHD]  L PHWRGD LPSR]LWXOXL GH UHSDUWL ie, n care autoritatea
VWDWDO VWDELOHWHYROXPXOQHFHVDUDOYHQLWXULORULvOUHSDUWL]HD] SHFRQWULEXDELOLGXS RDQXPLW 
FKHLH FULWHULX $FHDVW  PHWRG  HVWH XWLOL]DW  XQHRUL vQ VSHFLDO OD QLYHOXO FROHFWLYLW

LORU PLFL

VDW FRPXQ  FDUWLHU vQ OHJ WXU  FX UHDOL]DUHD XQXL RELHFWLY GH LQWHUHV FRPXQ SHQWUX FDUH FHL
LQWHUHVD LDFFHSW V FRQWULEXLHGLQGRULQ DGHDJU ELUHDOL]DUHDFDUHDUSXWHDILDPkQDW GDF V

DUDWHSWDH[LVWHQ DXQHLILQDQ

ULEXJHWDUH

12. Impozitele directe

Impozitele directe VXQW R FDWHJRULH GH LPSR]LWH FODVLILFDWH GXS

 FULWHULXO WU V WXULORU GH

IRQG L GH IRUP  (OH SUH]LQW  R VHULH GH DYDQWDMH UH]XOWDWH GLQ WU V WXUL FH U VSXQG FHULQ HORU
PXOWRUD GLQ SULQFLSLLOH LPSXQHULL VXQW QRPLQDWLYH VXQW OHJDWH GH SXWHUHD HFRQRPLF 

i de

VLWXD LDSHUVRQDO DFRQWULEXDELOXOXLVXQWDGXVHODFXQRWLQ DSO WLWRUXOXLDQWLFLSDWSO

SULYHWHVXPDGHSODW FkWLWHUPHQHOH VFDGHQ

LLDWkWvQFH

,PSR]LWHOH GLUHFWH VXQW FODVLILFDWH GXS  RELHFWXO LPSXQHULL vQ LPSR]LWH UHDOH L LPSR]LWH

personale.

114

Impozitele reale VXQW DH]DWH SH RELHFWXO DFWLYLW

LL L QX PDL VXQW FDUDFWHULVWLFH HSRFLL

FRQWHPSRUDQHYH]LLFDS$H]DUHDORUQHFHVLW LQWURGXFHUHDXQHLLQVWLWX LLVSHFLILFHFDUHV 

GHVFULHRELHFWXODFWLYLW

LLLV

-l nregistreze pe peUVRDQH2DVWIHOGHLQVWLWX LHV-a creat n timp

LOH OHJDWH GH HO SHQWUX DOWH JHQXUL GH DFWLYLW L QX V-a
SXWXW LPSXQH R DVWIHO GH LQVWLWX LH &HD LQL LDW  vQ OHJ WXU  FX S PkQWXO VH QXPHWH cadastru.
QXPDL vQ OHJ WXU  FX S PkQWXO L DFWLYLW

$FHDVW  LQVWLWX LH DUH FD RELHFW GHVFULHUHD EXQXULORU IXQFLDUH PHQ LRQDUHD YHQLWXULORU SH FDUH
DFHVWHDOHSURGXFLHYLGHQ DORUSHSURSULHWDUL$FHDVW LQVWLWX LHFXDFHODLRELHFWGDUFXIXQF LL
PRGLILFDWHVHS VWUHD] LD]L

Impozitele personaleVXQWDH]DWHSHYHQLWLSHDYHUHLFRQVWLWXLHIRUPDGHLPSXQHUHFHD
PDLU VSkQGLW vQ]LOHOHQRDVWUH

12.1. Impozitele pe venit

,PSR]LWHOHSHYHQLWVXQWDH]DWHSHGLIHULWHOHWLSXULGHYHQLWXULXQHOHILLQGvQV H[RQHUDWH

pensii, ajutoare sociale, burse, dobnzi DFXGLIHUHQ LHULSH

ULLvQWLPS

'XS  FULWHULXO VXELHFWXOXL LPSR]LWXOXL LPSR]LWHOH SH YHQLW VXQW LPSR]LWH SH YHQLWXULOH
SHUVRDQHORUIL]LFHLLPSR]LWHSHYHQLWXULOHSHUVRQDOHORUMXULGLFH

12.1.1. Impozitul pe veniturile persoanelor fizice

SuELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH IL]LFH FDUH vL DX GRPLFLOLXO VDX UH]LGHQ D vQ
VWDWXO EHQHILFLDU DO UHVSHFWLYXOXL LPSR]LW SUHFXP L SHUVRDQH QHUH]LGHQWH FX XQHOH H[FHS LL L
FDUH UHDOL]HD]  YHQLWXUL vQ UHVSHFWLYXO VWDW /HJHD VFXWHWH GH UHJXO 

de la plata acestui impozit

XQHOH FDWHJRULL GH EHQHILFLDUL GH YHQLW FXP VXQW VXYHUDQLL L IDPLOLLOH UHJDOH GLSORPD LL VWU LQL
DFUHGLWD L FX FRQGL LD UHFLSURFLW

LL SHUVRDQHOH FDUH UHDOL]HD]  YHQLWXUL VXE PLQLPXO LPSR]DELO

LXQHRULPLOLWDULL

ObieFWXO DFHVWXL LPSR]LW vO FRQVWLWXLH YHQLWXO UHDOL]DW GH RULFH SHUVRDQ  IL]LF  venit care
se zice brut. Acesta este ajustat, potrivit legii, prin deducerea unor cheltuieli pe care le-a
VXSRUWDWFRQWULEXDELOXORE LQkQGX-se astfel venitul impozabil care reprH]LQW PDWHULDLPSR]DELO 
LFDH[SUHVLHFDQWLWDWLY PDVDDFHVWHLD&KHOWXLHOLOHGHGXFWLELOHVXQWGHUHJXO 

FKHOWXLHOLSHQWUXGHVI XUDUHDDFWLYLW

GREkQ]LOHSO WLWHSHQWUXFUHGLWHOHXWLOL]DWH

LL

Y UV PLQWHOHODIRQGXOGHDPRUWL]DUHLODFHOGHUH]HUY 

FRWL]D LLOHSHQWUXDVLJXU ULVRFLDOH

primele de asigurare;
unele cheltuieli social-culturale;

SLHUGHULGLQDFWLYLWDWHDDQLORUSUHFHGHQ L

SLHUGHULGLQFDODPLW

LQDWXUDOH

Q FRQGL LLOH LQWURGXFHULL vQ DUD QRDVWU  D LPSR]LWXOXL SH YHQLWXO JOREDO v

ncepnd cu 1

LDQXDULH  GLQ YHQLWXO EUXW DO SHUVRDQHORU IL]LFH VH PDL SRW GHGXFH WD[HOH SHQWUX DVLJXU UL
VRFLDOHGHV Q WDWHLSHQWUXRPDMRVXP SHQWUXFKHOWXLHOLSURIHVLRQDOHVXPHSHQWUXFRQVXPXO
SHUVRQDOLSHQWUXFHODOPHPEULORUGHIDPLOLHDIOD LvQvQWUH LQHUHDFRQWULEXDELOXOXL
$H]DUHD LPSR]LWXOXL VH IDFH FX VDX I U  OXDUHD vQ FRQVLGHUDUH D VLWXD LHL SHUVRQDOH D
FRQWULEXDELOXOXLVWDUHFLYLO QXP UGHSHUVRDQHvQvQWUH LQHUHH[LVWHQ DYUHXQXLKDQGLFDSD

Sistemul de impunere poate fi:

a) separat DGLF  VH LQWURGXFH XQ LPSR]LW XQLF SHQWUX ILHFDUH FDWHJRULH GH YHQLW VDX VH IDFH
LPSXQHUHDSHILHFDUHVXUV GHYHQLW

b) global DGLF  XQ LPSR]LW XQLF SHQWUX WRDWH YHQLWXULOH FXPXODWH RE LQXWH GH FRQWULEXDELO
indiferent de categoria acestora sau de sursa lor.
&DOFXOXO LPSR]LWXOXL VH IDFH FHO PDL DGHVHD vQ FRWH SURJUHVLYH SH WUDQH VDX vQ FRWH

progresive simple. Minimul impozabil pentru salarii este stabilit n Romnia, de la 01.01.2000 la
OHLOXQDULVHSUDFWLF XQVLVWHPSURJUHVLYSHWUDQHFXFRWDPDUJLQDO  GHLPSXQHUHGH

115

SHQWUXSDUWHDGLQYHQLWXOVDODULDOFHGHS HWHOHLDQXDO

12.1.2. Impozitul pe veniturile personale juridice

6XELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH MXULGLFH FDUH RE LQ YHQLWXUL vQ VWDWXO EHQHILFLDU

aO UHVSHFWLYXOXL LPSR]LW LQGLIHUHQW GH GRPLFLOLXO ORU 6XELHF LL VXQW GH UHJXO

 GLIHUHQ LD L GXS 

FDUDFWHUXOSDUWLFLSDQ LORUODDVRFLHUH

SHUVRDQHMXULGLFH UH]XOWDWH GLQ DVRFLHUHD GH SHUVRDQHIL]LFH QXPLWH L VRFLHW

caracterizate prin fapWXO F

VRFLHW

L GH SHUVRDQH

 HVWH GLILFLO GH I FXW GLVWLQF LH vQWUH DYHUHD DVRFLDWXOXL L DYHUHD

LL GH DFHHD LPSXQHUHD YHQLWXULORU ORU VH IDFH GXS  SURFHGXULOH GH LPSXQHUH D

veniturilor persoanelor fizice;

persoane juridice rezultate din asocierea de capitaluri, numitH

L VRFLHW

L GH FDSLWDO

FDUDFWHUL]DWH SULQ IDSWXO F  VH SRDWH GLVWLQJH QHW vQWUH DYHUHD SDUWLFLSDQ LORU L DYHUHD
VRFLHW

LL SDUWLFLSDQ LL DF LRQDULL U VSXQG GH DFWHOH LQL LDWH GH VRFLHWDWH QXPDL vQ OLPLWD

FDSLWDOXOXLFXFDUHDXLQWUDWvQDVRFLD LH
2ELHFWXO DFHVWXL LPSR]LW vO FRQVWLWXLH YHQLWXO SHUVRDQHL MXULGLFH vQ FDX]  Q FD]XO
VRFLHW

LORUGHFDSLWDOSRWILLGHQWLILFDWHWUHLQLYHOXULGHYHQLW

a) SURILWXOVRFLHW LLvQDLQWHGHLPSR]LWDUH
b) SURILWXOUHSDUWL]DWFDGLYLGHQGSHQWUXDF LRQDUL
c) profitul r PDVODGLVSR]L LDVRFLHW LL
3UDFWLFDILVFDO FXQRDWHSDWUXPRGDOLW

LGHLPSXQHUHDVRFLHW

LORUGHFDSLWDOPRGDOLW

L

FDUH LQVHDPDGHH[LVWHQ DFHORUWUHLQLYHOXULGHYHQLWPHQ LRQDWHPDLVXV

i)
ii)
iii)
iv)

VHLPSXQHVHSDUDWLDLE

se impune numai b);

se impune numai c);
VHLPSXQHVHSDUDWLELF
)LHFDUH GLQ DFHVWH PRGDOLW

L U VSXQGH XQRU DQXPLWH RELHFWLYH GH SROLWLF  HFRQRPLF  D

VWDWXOXL EHQHILFLDU DO LPSR]LWXOXL L JHQHUHD]  DYDQWDMH VDX GH]DYDQWDMH vQ VDUFLQD EHQHILFLDUXOXL

de venit.
n Romnia pQ

 OD  GHFHPEULH  SURILWXO HUD LPSR]LWDW FX FRW  GH  DSOLFDW 

SURILWXOXL LPSR]DELO FDOFXODW SRUQLQG GH OD SURILWXO EUXW GLQ DFWLYLWDWHD GH ED]  OD FDUH VH
DG XJDX DOWH FDWHJRULL GH YHQLWXUL GLQ DFWLYLW

L H[FHS LRQDOH GLQ FKLULL HWF L XQHOH

cheltuieli

QHGHGXFWLELOH FKHOWXLHOL SHVWH FRWD OHJDO  GH FKHOWXLHOL GH SURWRFRO VDX VSRQVRUL]DUH D L GLQ
FDUH VH VF GHDX XQHOH FKHOWXLHOL GHGXFWLELOH FKHOWXLHOL ILQDQFLDUH FRQVWLWXLUHD XQRU IRQGXUL GH
UH]HUY  L DPRUWL]DUH SLHUGHUL GLQ DQLL SUHFHGHQ L VDX GLQ FDODPLW

L QDWXUDOH D $FHDVW  FRW 

se modifica n cteva cazuri:

GDF SURILWXOSURYHQHDvQSURSRU LHGHPLQLPGLQDFWLYLW

GDF SURILWXOSURYHQHDGLQMRFXULGHQRURFEDUXULLFOXEXULGHQRDSWH

LDJULFROH

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L

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De la 1 ianuarie 2000, cota de impunere a profitului s-D UHGXV OD  L V-a introdus
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12.2. Impozitele pe avere

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116

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bunurilor imobile (teren, imobile etc.) sau a tuturor bunurilor din patrimoniu, imobile sau mobile,
(activul net).
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12.2.3. Impozitul pe sporul de avere

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te

de proprietar pentru ameliorarea / modernizarea averii sale.

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fie

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117

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criteriul originii veniturilor SRWULYLW F

n acest stat;

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supus impunerii acolo unde l-DRE LQXWQXVHLQFOXGHvQYHQLWXOLPSR]DELODOUH]LGHntului calculat
vQ DUD$

b)

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ULL $ vQ DIDUD

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IA = [ t ( VA + c VB)] VA

c) FUHGLWDUHDREQXLW

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(110)
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(111.1)

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(111.2)

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(111.3)

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unde: IcA(VA+c VB)

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IcA(c VB)

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(111.4)

al rezidentului

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118

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IdA( VA + c VB) = IcA( VA + c VB) TIpB(VB)

$FHVW FULWHULX SUHVXSXQH F 

impozitului pe care acesta l-DSO

(112)

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13. Impozitele indirecte

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prelevarea de venit pe care statul R SUDFWLF  SULQ LPSXQHUHD FRQVXPXOXL Q 5RPkQLD GH
-a introdus la 1 iulie 1993, iar de la 1 ianuarie 1998 se practica la trei

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ULORr membre
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t al premiului Nobel

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comerciantului.
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SUDFWLFDW  GH RELFHL SHQWUX EXQXULOH H[SRUWDWH FRWD UHGXV  VXE QLYHOXO FHOHL QRUPDOH GH
UHJXO  SHQWUX SURGXVH GH VWULFW  QHFHVLWDWH FRWD QRUPDO  VDX VWDQGDUG L FRWD PDMRUDW  SHVWH
QLYHOXOFHOHLQRUPDOHGHUHJXO SHQWUXSURGXVHGHQHFHVLWDWHDDGRXDLGHOX[

13.2. Taxele vamale

7D[HOH YDPDOH VXQW LPSR]LWH LQGLUHFWH DO F URU VXELHFW HVWH DJHQWXO H

conomic ce

HIHFWXHD]  RSHUD LXQL GH FRPHU  H[WHULRU DO F URU RELHFW HVWH YDORDUHD vQ YDP  D UHVSHFWLYHL

120

RSHUD LXQL L DO F URU VXSRUWDWRU HVWH vQ SULQFLSDO FRQVXPDWRUXO ILQDO YH]L L  PRGHOXO
/DIIHU &RQVXPDWRUXO ILQDO HVWH GRDU SDU LDO VXSRUWDWRU QXPDL vQ FD]XO XQRU SLH H SXWHUQLF
FRPSHWLWLYH L SH FDUH FHUHUHD HVWH UHODWLY ELQH VDWLVI FXW  3H DVWIHO GH SLH H YkQ] WRUXO QX DUH
SRVLELOLWDWHDV LQWURGXF  vQSUH vQWUHDJDWD[ YDPDO GHRDUHFHSUH XOSURGXVHORURIHULWHGHHODU

putea fi prea mare fa

 GHFHO DODOWRU RIHUWDQ LDVWIHO vQFkW SURGXVHOH VDOHQX V

-ar mai vinde. De

DVHPHQHD UDSRUWXO SUH   FDOLWDWH SHQWUX SURGXVHOH VDOH DU SXWHD IL QHFRQYHQDELO SHQWUX

consumatori, astfel nct s-DUDMXQJHODDFHODLUH]XOWDWDOLPSRVLELOLW

$FHDVW  LQFLGHQ

LLGHD LYL

nde produsele.

 D WD[HORU YDPDOH DVXSUD FRQVXPDWRUXOXL GLQ DUD LPSRUWDWRDUH  DUD GH

GHVWLQD LH D SURGXVHORU HVWH YL]LELO  L GLUHFW  ([LVW  vQV  L R LQFLGHQ

 DVXSUD FRQWULEXDELOLORU

GLQ DUD H[SRUWDWRDUH  DUD GH RULJLQH D SURGXVHORU vQ P VXUD vQ FDUH SHQWUX UD LXQL GH SROLWLF 
HFRQRPLF  H[SRUWXO HVWH VXEYHQ LRQDW GHRDUHFH VXEYHQ LD HVWH EXJHWDU  DGLF  GLQ YHQLWXULOH
FROHFWDWH GH VWDWXO H[SRUWDWRU GH OD SURSULL V L FRQWULEXDELOL $VWIHO WD[D YDPDO  LPSXV  GH

statul "importator HVWH VXSRUWDW

 GRDU SDU LDO GH FRQVXPDWRULL FRQWULEXDELOLL V L SDU LDO GH

H[SRUWDWRUvQFD]XOXQRUVXEYHQ LLVXEQLYHOXOWD[HORUYDPDOHVXSRUWDWHGHSURGXVHOHVDOHvQ DUD

GHGHVWLQD LHLSDU LDOGHFRQWULEXDELOLL

ULLGHRULJLQHDSURGXVHORUH[SRUWDWH$GHVHDUD LXQLOH

GH SROLWLF  HFRQRPLF  DPLQWLWH PDL VXV vL J VHVF PRWLYD LD vQ vQFXUDMDUHD H[SRUWDWRULORU
DXWRKWRQL FDUH DUH HIHFWH vQ PHQ LQHUHD VDX H[WLQGHUHD XQRU DFWLYLW
FRQVHFLQ

L HFRQRPLFH L SULQ

DVXSUDPHQ LQHULLVDXFUHHULLGHQRLORFXULGHPXQF GDULDYHQLWXULORUEXJHWDUHDOH

ULLH[SRUWDWRDUHSULQFUHWHUHDED]HLGHLPSR]LWDUH
QIXQF LHGHRELHFWXOORUWD[HOHYDPDOHSRWILGHH[SRUWGHWUDQ]LWGHP UIXULGHLPSRUW

Taxele vamale de exportVXQWDH]DWHDVXSUDYDORULLH[SRUWXULORULVXQWSX LQIUHFYHQWH

GHRDUHFH IUkQHD]  H[SRUWXO FHHD FH DUH HIHFWH QHJDWLYH DVXSUD  EDODQ HL FRPHUFLDOH 0RWLYD LD
LQWURGXFHULLORUHVWHvQJHQHUDOGHGRX IHOXUL

- HFRQRPLF

 WD[DUHD PDWHULHL SULPH FX VFRSXO GH D vQFXUDMD SUHOXFUDUHD HL vQ DU  FX HIHFWH

SR]LWLYHvQFHSULYHWHQXP UXOORFXULORUGHPXQF LHYHQWXDODFUHWHUHDvQFDV ULORUYDOXWDUHSH

seama exportului de produse finite rezultate din prelucrare;

- ILVFDO  WD[DUHD XQRU SURGXVH H[SRUWDELOH FDUH DX PDUH SXWHUH FRPSHWLWLY

 SH DOWH SLH H GH

UHJXO PDWHULLSULPHVDXSX LQSUHOXFUDWHFXFDUDFWHUGHPRQRSROVDXTXDVLPRQRSROQDWXUDO

Taxele vamale de tranzit VXQW DH]DWH DVXSUD YROXPXOXL P

UIXULORU WUDQ]LWDWH vQWUH GRL

SDUWHQHUL H[WHUQL SH WHULWRULXO XQXL VWDW WHU  6XQW WD[H UHODWLY IUHFYHQWH PDL DOHV vQ OHJ WXU  FX

marile artere de transport rutier sau feroviar, cu transportul pe conducte al hidrocarburilor lichide
VDXJD]RDVHLFXWUDQVSRUWXOHQHUJLHLSHPDJLVWUDOHHOHFWULFHLQWHUQD LRQDOH

Taxele vamale de import VXQW DH]DWH DVXSUD LPSRUWXOXL H[SULPDW YDORULF VDX IL]LF L
ULOH 3HUFHSHUHD ORU VH IDFH vQ VDUFLQD LPSRUWDWRUXOXL L vQ PRPHQWXO

VXQW JHQHUDOL]DWH vQ WRDWH

GHSXQHULLGHF WUHDFHVWDvQYDP DGRFXPHQWHORUGRYHGLWRDUHDOHDSDUWHQHQ HLUHVSHFWLYHLSDUWLGH

de import.
$FHVWH WD[H DX UROXO GH LPSR]LW GH HJDOL]DUH D SUH XOXL P UILL LPSRUWDWH GH UHJXO  PDL
PLF FX SUH XO P UILL LQGLJHQH GH DFHODL WLS GH UHJXO  PDL PDUH 6H RE LQH DVWIHO SURWHMDUHD
SURGXF WRULORU LQWHUQL ID

 GH FHL H[WHUQL PDL FRPSHWLWLYL FD L D UHVXUVHORU YDOXWDUH DOH

LPSRUWDWRDUHGDULOLPLWDUHDSRVLELOLW

ULL

LORUGHDOHJHUHDFRQVXPDWRULORULQWHUQL

Nivelul taxelor vamale de import este determinat, n principal, de doi factori:

UDSRUWXOFHUHUHRIHUW SHSLD

politica ecoQRPLF

LPSRUWDWRDUH

SURPRYDW GH DUDLPSRUWDWRDUH

$H]DUHDWD[HORUYDPDOHGHLPSRUWVHIDFHvQWUHLPRGDOLW

(i)
(ii)
(iii)

ad-YDORUHPDGLF

L

vQFRW SURFHQWXDO DVXSUDYDORULLLPSRUWXOXL

WD[HYDPDOHVSHFLILFHDGLF vQFRW IL[ SHXQLWDWHDIL]LF GHPDUI LPSRUWDW 

taxe vamaOH FRPSXVH DGLF

 WD[DUHD vQ GRL SDL vQWkL R WD[  DG YDORUHP DSRL R WD[ 

VSHFLILF 
0XO LPHD WD[HORU YDPDOH SH ILHFDUH SURGXV VDX JUXS  GH SURGXVH vQ SDUWH LQFOXVLY
VSHFLILFD LLOHGHH[FHS LHDOF WXLHVF

tariful vamalDOXQHL

UL

'XS PRGXOvQFDUHHVWHRUJDQL]DWWDULIXOYDPDOLFDRFRQVHFLQ

DXQRUDFRUGXULELVDX

multilaterale ntre state cu privire la taxarea importurilor, taxele vamale de import pot fi:

121

a)

WD[H YDPDOH FX FODX]D QD LXQLL FHOHL PDL IDYRUL]DWH DSOLFDWH vQWUH

OrgDQL]D LHL0RQGLDOHD&RPHU XOXL20&VDXvQWUHGRX

ULOH PHPEUH DOH

ULRDUHFDUHFHL

-au acordat reciproc

UHVSHFWLYDFODX] 6XQWSUDFWLFDWHGRX YDULDQWH

- OD QLYHO FRQVROLGDW DGLF

 WD[HOH VXQW VWDELOLWH vQ FDGUXO XQRU QHJRFLHUL PXOWLODWHUDOH vQ FD]XO

20& L QX SRW IL PRGLILFDWH XQLODWHUDO GH QLFL XQXO GLQ SDUWLFLSDQ LL OD QHJRFLHUL FL QXPDL FX
DFRUGXO WXWXURU SDUWLFLSDQ LORU vQ FD]XO XQXL DFRUG ELODWHUDO SULYLQG FODX]D PRGLILF ULOH GH

tarife de taxare a importului se pot face numai prin acordul celor doi parteneri;
- OD QLYHO QHFRQVROLGDW DGLF  WD[HOH VXQW UHIHULWRDUH OD SURGXVH FH QX DX

I FXW RELHFW DO

QHJRFLHULORU PXOWLODWHUDOH SULYLQG FODX]D LDU XQXO GLQ SDUWHQHUL GRUHWH V  PRGLILFH DVWIHO GH

taxe ulterior ncheierii acordului; el poate face aceasta, dDU QX QXPDL vQ UHOD LLOH FX XQXO VDX
Fk LYDGLQWUHSDUWHQHULLDFRUGXOXLPXOWLODWHUDOFLQXPDLvQUHOD LLOHFXWR LDFHWLD

b) taxe vamale autonome DSOLFDWH GH R

DU  vQ UHOD LLOH HL FX SDUWHQHUL FX FDUH QX DUH

vQFKHLDWDFRUGGHFODX] LFDUHGHUHJXO VXQWPDLPDULGHFkWvQFD]XOD

c)

WD[H YDPDOH SUHIHUHQ LDOH DSOLFDWH vQ UHOD LLOH GLQWUH SDUWHQHUL FH IDF SDUWH GLQWU

-o

XQLXQHYDPDO FXFDUDFWHUvQFKLVGHSLOG 8QLXQHD(XURSHDQ VDXvQWUHSDUWHQHULFXQLYHOXULGH

GH]YROWDUH GLIHULWH GH SLOG 

Commonwealth-XO GH UHJXO

 VXQW VXE QLYHOXO FHORU SUDFWLFDWH vQ

cazul a).
13.3 Taxele generale
7D[HOH JHQHUDOH UHSUH]LQW  SO

L HIHFWXDWH GH EHQHILFLDULL XQRU VHUYLFLL VROLFLWDWH

DGPLQLVWUD LLORU SXEOLFH $FHVWH WD[H DX XQHOH WU V WXUL DOH LPSR]LWHORU

(obligatorii, cu titlul
nerambursabil, stabilite prin lege sau ca efect al legii), dar cu caracteristica de a da dreptul la
FRQWUDSUHVWD LHGLUHFW LLPHGLDW 'XS QDWXUDORUWD[HOHSRWIL

MXGHF

WRUHWL SO WLWH LQVWDQ HORU MXGHF WRUHWL SHQWUX DF LXQLOH GH MXGHFDW 

LQWURGXVHGHRULFHSHUVRDQ IL]LF VDXMXULGLF 

de notariat

SO WLWH QRWDULDWHORU SHQWUX VHUYLFLLOH VROLFLWDWH ORU OHJDOL] ULL

DXWHQWLILF ULHWF

consulare SO
oriJLQHD

WLWH FRQVXODWHORU SHQWUX VHUYLFLLOH VSHFLILFH ORU YL]H FHUWLILFDWH GH

GH DGPLQLVWUD LH SO WLWH SULP ULLORU SUHIHFWXULORU DOWRU LQVWLWX LL SXEOLFH SHQWUX
DXWRUL]D LLSHUPLVHOHJLWLPD LLHWF

de timbruSO WLWHSULQDSOLFDUHDGHWLPEUHILVFDOHSHDFWHGRFXPHQWHDXWRUL]DWH
nregistrate, certificate, transpuVHHOLEHUDWHHWFGHXQHOHLQVWLWX LLSXEOLFH
de nregistrareSO WLWHDXWRULW LORUSXEOLFHSHQWUXVHUYLFLLGHYkQ] ULGHLPRELOH
IX]LRQDUHDVDXGL]ROYDUHDXQRUILUPHFXPS U ULGHWLWOXULSULQEXUV D

&X H[FHS LD FHORU GH WLPEUX WD[HOH VH SO WHVF vQ QXPHUDU L SRW IL DH]DWH DG

-valorem

FRW SURFHQWXDO GLQYDORDUHDIDSWHORUFHIDFRELHFWXOVHUYLFLLORUSXEOLFHVROLFLWDWHIDSWHFHSRWIL

evaluate n bani) sau n sume fixe.

&UHGLWXOSXEOLFLGDWRULDSXEOLF
&UHGLWXO SXEOLF UHSUH]LQW  VXPD SH FDUH R DXWRULWDWH SXEOLF  R LD FX vPSUXPXW GH OD XQ
DJHQWHFRQRPLFRDUHFDUH&UHGLWRUXOSRDWHILRSHUVRDQ IL]LF VDXRSHUVRDQ MXULGLF DXWRKWRQ 
VDXVWU LQ &UHGLWXOSRDWHILSHWHUPHQVFXUWPHGLXVDXOXQJLHVWHSXUW WRUGHGREkQG 

Datoria puEOLF

 UHSUH]LQW  WRWDOLWDWHD VXPHORU OXDWH FX vPSUXPXW GH F WUH R DXWRULWDWH

SXEOLF LH[LVWHQWHvQVDUFLQDDFHVWHLDODXQPRPHQWGDWVDXSHXQLQWHUYDOGHWLPSGHUHJXO XQ

DQ'XS DSDUWHQHQ DJHRJUDILF DFUHGLWRUXOXLGDWRULDSXEOLF SRDWHILLQWHUQ VDXH[WHUQ 

0HFDQLVPXOIRUP ULLLFDUDFWHULVWLFLOHFUHGLWXOXLSXEOLF
$SDUL LD FUHGLWXOXL SXEOLF HVWH GHWHUPLQDW  GH LQVXILFLHQ D UHVXUVHORU ILQDQFLDUH DOH XQHL
DXWRULW

L SXEOLFH vQ UDSRUW FX FKHOWXLHOLOH DFHVWHLD 6FRSXO FUHGLWXOXL SXEOLF H

ste de a complini

122

UHVXUVHOHSXEOLFHDOHXQHLDXWRULW

LGDWH$FHDVW DXWRULWDWHSRDWHILRLQVWLWX LHSXEOLF RDUHFDUH

XQ RUJDQ ORFDO DO SXWHULL H[HFXWLYH VDX FHO PDL DGHVHD VWDWXO QWUXFkW SUDFWLFD ILQDQFLDU  HVWH
GRPLQDW GHFUHGLWXOSUHOXDWGHVWDWQHYRPUHIHULvQFRQWLQXDUHODDFHVWFUHGLWFDIRUP WLSLF D
FUHGLWXOXLSXEOLFIRUP FDUHHVWHGHQXPLW 

mprumut de stat.

PSUXPXWXO GH VWDW DSDUH vQ OHJ WXU  FX H[HFX LD EXJHWXOXL GH VWDW FDUH SH SHULRDGD

subanuale (zile sau luni) sau pe total an,

SRDWH VXIHUL GH LQVXILFLHQ D YHQLWXULORU vQ UDSRUW FX

FKHOWXLHOLOHSUHY ]XWHDVHHIHFWXD'HDLFLQHFHVLWDWHDXQXLvPSUXPXWILHGLQQHYRLGHWUH]RUHULH

(acoperirea unor cheltuieli pe termen scurt), fie din nevoia de echilibrare a bugetului (acoperirea
deficitului anual).
6XUVD vPSUXPXWXULORU GH VWDW R UHSUH]LQW  GLVSRQLELOLW

LOH E QHWL DOH SRSXOD LHL L DOWRU

DJHQ L HFRQRPLFL &RQWUDFWDUHD VH SRDWH IDFH ILH GLUHFW GH F WUH VWDW ILH SULQ LQWHUPHGLXO XQRU
LQVWLWX LL ILQDQFLDUH FDUH JHVWLRQHD]  SODVDUHD vPSUXPXWXULORU 3ULQFLSDOHOH FRQGL LL SHQWUX
DFRUGDUHDFUHGLWXOXLVXQWJDUDQ LDUDWDGREkQ]LLLWHUPHQXOGHUDPEXUVDUH
Q FD]XO vQ FDUH FUHGLWXO HVWH DFRUGDW GLQ VXUVH DOH SRSXOD LHL VDX DOWRU DJHQ L HFRQRPLFL
FX H[FHS LD % QFLL &HQWUDOH PDVD PRQHWDU  QX FUHWH GHRDUHFH VXUVD GH ILQDQ DUH R UHSUH]LQW 
GLVSRQLELOLW

LOHE QHWLDOHDFHVWRUDQFD]XOvQFDUHFUHGLWRUXOHVWH%DQFD&HQWUDO HVWHSRVLELO 

FUHWHUHDPDVHLPRQHWDUHSHVHDPDHPLVLXQLLVXSOLPHQWDUHGHPRQHG 
&D XUPDUH D SUHOX ULL XQXL F

redit, statul emite nscrisuri cu statut de titluri financiare:

SROL H  ERQXUL GH WH]DXU FHUWLILFDWHERQXUL GH LPSR]LWH L FHUWLILFDWH GH WUH]RUHULH n cazul
creditelor din nevoi de trezorerie sau REOLJD LXQL GH VWDW WLWOXUL GH UHQW  VDX WLWOXUL GH UHQW 
SHUSHWX
n cazul creditelor de echilibrare a bugetului; primele trei sunt nscrisuri privind creditul
SH WHUPHQ VFXUW L DWHVW  GH UHJXO  XQ FUHGLW SH SLD D LQWHUQ  XOWLPHOH VXQW vQVFULVXUL SULYLQG
FUHGLWH SH WHUPHQ OXQJ L DWHVW  XQ FUHGLW FH SRDWH IL SUHOXDW ILH SH SLD D LQWHUQ  ILH SH SLD D
H[WHUQ  7RDWH DFHVWH WLWOXUL SRW IL VDX QX WUDQ]DF LRQDELOH SH SLD D GH FDSLWDO vQ UDSRUW FX IDSWXO
F SUHOXDUHDFUHGLWXOXLV DI FXWGLQWU XQFHUFODUJUHVSHFWLYUHVWUkQVGHFUHGLWRULVDXF SLD DGH

capital LQL LD]

 VDX QX WUDQ]DF LL FX DVWIHO GH WLWOXUL GH UHJXO  WLWOXULOH SH WHUPHQ VFXUW QX VXQW

WUDQ]DF LRQDWH SH SLD D GH FDSLWDO 8QHRUL ERQXULOH GH WH]DXU SRW IL FX SXWHUH FLUFXODWRULH DGLF 
SRWSDUWLFLSDODFLUFXLWXORELQXLWDOQXPHUDUXOXLvQDFHVWFD]HOHIXQF LRQHD] FDEDQLGHKkUWLH

Acoperirea golului temporar de trezorerie sau a deficitului bugetar anual prin

vPSUXPXWXULvQORFGHLPSR]LWHSUH]LQW XQHOHDYDQWDMH RSHUDWLYLWDWHDGHRDUHFHHYLW  XQSURFHV
OHJLVODWLYGHUHJXO GHOXQJ GXUDW VWULFWREOLJDWRULXvQFD]XOLPSR]LWHORUHYLWDUHDQHPXO XPLULL
VRFLDOH GHRDUHFH I U  H[FHS LH FUHWHUHD ILVFDOLW

LL HVWH R GHFL]LH JXYHUQDPHQWDO  WRWDO

QHDJUHDW  QLFL GH SRSXOD LH QLFL GH vQWUHSULQ] WRUL L GLPLQXDUHD UHODWLY  vQ WLPS D HIRUWXOXL

fisFDO GHRDUHFH DF LRQHD]

 HIHFWHOH LQIOD LHL vQ P VXUD vQ FDUH GREkQGD DQJDMDW  DMXQJH vQ WLPS

V  QX PDL DFRSHUH LQWHJUDO UDWD LQIOD LHL $FHVWH DYDQWDMH DX vQV  XQ FRVW UHSUH]HQWkQG

dezavantajul apelului la mprumut, cost format din cheltuielile de lansare (publicitate,

FRPLVLRDQH YkQ]DUHD VXE SDUL GREkQGD SULPD GH UDPEXUVDUH D Q FD]XO vQ FDUH FKHOWXLHOLOH
QHDFRSHULWH JHQHUDWRDUH GH vPSUXPXW DX FD GHVWLQD LH DF LXQL GH WLS LQYHVWL LL HFRQRPLFH

rambursarea se poate face din venitul net adus de aceVWHD FHHD FH QX JHQHUHD]
EXJHWDUHVXSOLPHQWDUHODGDWHOHGHVFDGHQ

 FKHOWXLHOL

'HRELFHLvQV DVWIHOGHFKHOWXLHOLQXVXQWGHQDWXUD

LQYHVWL LLORUDDvQFkWUDPEXUVDUHDORUGHWHUPLQ FKHOWXLHOLFDUHVXQWDFRSHULWHGLQVXUVHOHILVFDOH

curente ale anilRU GH UDPEXUVDUH RU DFHDVWD vQVHDPQ  F  GH IDSW vPSUXPXWXULOH EXJHWDUH GH
echilibrare sunt impozite anticipate.
n calitatea lor de impozite anticipate, mprumuturile de stat se deosebesc de impozitele
FXUHQWHSULQXUP WRDUHOHFDUDFWHULVWLFL

au caracWHU FRQWUDFWXDO VLPLODU RULF

UXL vPSUXPXW DGLF  UHSUH]LQW  GLQ SXQFW GH YHGHUH

MXULGLF R vQ HOHJHUH vQWUH GRX  S U L VWDW L FUHGLWRULL V L DFHDVWD H[FOXGH FDUDFWHUXO

REOLJDWRULX DO LPSR]LWHORU FXUHQWH vQORFXLW FX DOWHUQDWLYD IDFXOWDWLYLW

LL vQWUXF

t posibilii

FUHGLWRULSRWV QXDFFHSWHLQGLYLGXDOvQEORFVDXWR LFRQGL LLOHGHSUHOXDUHDvPSUXPXWXOXL

DDFXPDXIRVWHOHDQXQ DWHGH0LQLVWHUXO )LQDQ HORU SUDFWLFDILQDQFLDU D vQUHJLVWUDWvQV L

cazul de mprumuturi de stat obligatorii; pe de aOW

 SDUWH VWDWXO ID

DFRUG  JDUDQ LL PDWHULDOH DGLF  vPSUXPXWXULOH GH VWDW ID

 GH DO L GHELWRUL QX

 GH FHOHODOWH FDWHJRULL GH

123

vPSUXPXWXULQXDXFODX] GHLSRWHF JDMHWF

DXFDUDFWHUUDPEXUVDELOVLPLODURULF UXLvPSUXPXWGDUWRWDOQHVSHFLILFSHQ

tru impozite; acest

FDUDFWHU VH S VWUHD]  LQFOXVLY vQ FD]XO vPSUXPXWXULORU ]LVH SHUSHWXH UHQWH YLDJHUH
GHRDUHFH UDPEXUVDUHD DFHVWRUD VH IDFH WRWXL FKLDU GDF  GLVFUHW L I U  R VFDGHQ

 DQWHULRU

DQXQ DW 

DVLJXU  FRQWUDSUHVWD LH OXFUX WRWDO QHVSHFLILF LPSR]LWHORU DFHDVW  FRQWUDSUHVWD LH LD FHO PDL
IUHFYHQWIRUPDGREkQ]LLLDSULPHLGHUHPEXUVDUHLDHPLWHULLVXEYDORDUHDQRPLQDO XQHOH
GLQ DFHVWH DYDQWDMH PDWHULDOH SH FDUH VWDWXO OH DQXQ D FUHGLWRULORU OD ODQVDUHD vPSUXPXWXOXL

pot fi retrase pe parcurs, ca de exemplu diminuarea dobnzii prin conversiunea datoriei

publice.
14.2. Elementele tehnice ale mprumutului de stat
PSUXPXWXULOHGHVWDWSUH]LQW PDLPXOWHHOHPHQWHWHKQLFHGLQFDUHXQHOHGHLGHQWLILFDUH

altele de caracterizare valoriF

LWHPSRUDO DOWHOHSULYLQGUDPEXUVDUHDGLIHULWHDYDQWDMHD

8QHOH GLQ DFHVWH HOHPHQWH LQWHUHVHD]  PDL DOHV SH HPLWHQW vQ YHGHUHD LQHULL HYLGHQ HL
vPSUXPXWXOXLQXP UXOGHWLWOXULHPLVHvQVFULHUHDORUVHULLOHU PDVHSHSLD

VHULLOHUHWUDVHSUL

WUDJHUL OD VRU L SHULRGLFH VDX D HYDOX ULL HILFLHQ HL vPSUXPXWXOXL VXPD PRELOL]DW  vQ XUPD
HPLVLXQLL FKHOWXLHOLOH GH HPLVLXQH WLS ULUH SXEOLFLWDWH SODVDUH FRVWXO WRWDO DO vPSUXPXWXOXL
FKHOWXLHOLGHUDPEXUVDUHD
$OWH HOHPHQWH LQWHUHVHD]  QX QXPDL SH HPLWHQW GDU vQ PDUH P VXU  SH HYHQWXDOLL
FUHGLWRULLODDFHVWHDQHYRPUHIHULvQFRQWLQXDUH

nscrisulDGLF

DFWXOGRFXPHQWXOFHDWHVW F SRVHVRUXOV XHVWHFUHGLWRUSHQWUXHPLWHQW

QVFULVXO VH SUH]LQW  FD R KkUWLH WLS ULW  ID

- verso

DYkQG PHQ LRQDW  GHQXPLUHD vPSUXPXWXOXL

YDORDUHD QRPLQDO  VHULD HPLWHQWXO L GLIHULWH VHPQH FXORUL DUDEHVFXUL  ILJXUL GHVHQH HWF FX

rol de securizare, pentru evitarea / ngreunarea comiterii de falsuri. Pe verso sunt, de obicei,
PHQ LRQDWHH[WUDVHGLQUHJXODPHQWXOHPLVLXQLLDYDQWDMHOHFRQIHULWHGHELWRULORUVFDGHQ DD
QVFULVXO DUH XQ FRUS FHO GHVFULV PDL VXV L XQ FDUQHW GH FXSRDQH &XSRDQHOH
UHSUH]LQW PLFL SLHVH GHKkUWLHFDPGHP ULPHDXQRUP UFLSRWDOHOHJDWHvQWUHHOHLGHFRUS

ul

nscrisului n maniera n care sunt prinse timbrele ntr-RFRDO ILODWHOLF 

Cuponul HVWH XQ vQVFULV FX HOHPHQWH GH VHFXUL]DUH SH FDUH HVWH PHQ LRQDW

 VFDGHQ D OD

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tru pentru fiecare an din durata

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prin dobnda de ncasat, cuponulHVWHLHOXQWLWOXGHYDORDUHLSRDWHFLUFXODVHSDUDWGHWLWOXOGH

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creditorilor este foarte limitat, iar raportul de creditare este atestat prin creaQ H GH FRQW Q DO
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QRPLQDO DvQVFULVXOXL

Cele mai uzuale nscrisuri sunt prezentate n continuare.

Bonurile de tezaurSRWDYHDVDXQXSXWHUHFLUFXODWRULHQSULPXOFD]HOHFLUFXO

FDLEDQL

GH KkUWLH Q DO GRLOHD FD] SRW IL QHJRFLDELOH OD EXUV  vQ P VXUD vQ FDUH SLD D HVWH VXILFLHQW GH
VXV LQXW  GH DVHPHQHD

pot fi lombardate vQ WRDWH FD]XULOH vQ FDUH QX VH SRW QHJRFLD OD EXUV



DGLF YkQGXWHvQDLQWHGHWHUPHQDFHORUE QFLFDUHIDFDVWIHOGHRSHUD LXQLLFDUHvLUH LQRSDUWH

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de scont).
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124

tezaur sub forma taxei de scont.

Certificatele de trezorerieQXDXSXWHUHFLUFXODWRULHLGHUHJXO
VXQWSUHVFKLPEDWHvQQXPHUDUODVFDGHQ

QLFLSLD

VHFXQGDU (OH

SOXVGREkQGDDIHUHQW 

Certificatele sau bonurile de impozite VXQW vQVFULVXUL FX FDUH VWDWXO vL SO WHWHIXUQL]RULL
nu sunWSXUW WRDUHGHGREkQG LSRWILXWLOL]DWHGHSRVHVRULSHQWUXSODWDLPSR]LWHORUF WUHVWDW
2EOLJD LXQLOH VXQW vQVFULVXUL FX SLD

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DFKL]L LRQDUHDORUODEXUV ODSUH XOSLH HL

Denumirea mprumutului este un element de identificare ce permite individualizarea

WLWOXULORU SH SLH HOH ILQDQFLDUH SULPDU  L VHFXQGDU  ,GHQWLILFDUHD VH IDFH GH UHJXO  ILH SULQ

desWLQD LD vPSUXPXWXOXL ILH SULQ DQXO HPLVLXQLL ILH SULQ UDWD GREkQ]LL ILH SULQ IRUPD SH FDUH R
vPEUDF  YHQLWXO FRQIHULW FXPS U WRULORU GH WLWOXUL ILH SULQ GHQXPLUHD DXWRULW

LL ORFDOH HPLWHQWH

sau printr-o combinare a unor astfel de elemente de identificare.

 UHSUH]LQW  VXPD FDUH HVWH vQVFULV  SHWLWOXO DSDU LQ WRU XQHLHPLVLXQL

9DORDUHD QRPLQDO
LFDUHVH H[SULP vQ XQLW

LPRQHWDUHQD LRQDOHvQFD]XO XQRUHPLVLXQLODQVDWHSHSLD DLQWHUQ 

sau ntr-R XQLWDWH PRQHWDU

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FDSLWDO 9DORDUHD QRPLQDO  HVWH VWDQGDUGL]DW  vQ

cupiuri DGLF

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L

PRQHWDUH 'H SLOG  OD vPSUXPXWXULOH SH WHUPHQ VFXUW SUDFWLFDWH SH 0LQLVWHUXO )LQDQ HORU DO
5RPkQLHLSHSLD DLQWHUQ vQDQLL

8-1999 s-DIRORVLWODvQFHSXWRFXSLXU
lei, apoi s-DXPDLLQWURGXVFXSLXULGHOHLLGHOHL
9DORDUHD QRPLQDO  HVWH YDORDUHD GH UHIHULQ

revine posesorului unui titlu, duS

XQLF GH

 OD FDUH VH FDOFXOHD]  GREkQGD DQXDO  FH vL

UHOD LD

D = dn VN

unde: D
dn
VN

(113)

GREkQGDDQXDO DIHUHQW XQXLWLWOX

UDWDQRPLQDO DGREkQ]LL
YDORDUHDQRPLQDO DWLWOXOXL

'H PXOWH RUL HPLWHQWXO QX FRPXQLF  UDWD GREkQ]LL FX FDUH HVWH ODQVDW vPSU

umutul, ci

FXDQWXPXODQXDODODFHVWHLDFD]vQFDUHUDWDGREkQ]LLVHFDOFXOHD] SHED]DUHOD LHL

9DORDUHDQRPLQDO HVWHWRWRGDW YDORDUHDGHUHIHULQ
'DF  QX H[LVW  QLFL R DOW  VSHFLILFD LH OD VFDGHQ
QRPLQDO 'HDVHPHQHDHVWHYDORDUHDGHUHIHULQ
9DORDUHD HIHFWLY

sau

SHQWUXUDPEXUVDUHDvPSUXPXWXOXL

 HPLWHQWXO U VFXPS U WLWOXULOH OD YDORDUHD ORU

SHQWUXFDOFXOXOFXUVXOXLEXUVLHU

YDORDUHD GH SLD

este suma de bani cu care se poate procura de

SHSLD ODXQPRPHQWGDWXQWLWOXDSDU LQ tor unei emisiuni. n cazul n care momentul ales este
FKLDU FHO DO ODQV ULL SH SLD  YDORDUHD HIHFWLY  VH ]LFH valoare de emisiune sau SUH  GH
emisiune.
9DORDUHDGHSLD SUHFXPLIRUPDHLSDUWLFXODU GHSUH GHHPLVLXQHSRWIL peste, la sau
sub valoDUHD QRPLQDO  Q IXQF LH GH DFHVW UDSRUW GH RUGLQH vQWUH YDORDUHD QRPLQDO  L SUH XO GH
HPLVLXQH HPLVLXQHD VH ]LFH ODQVDW  supra, al sau sub pari $FHVWH FDOLILFDWLYH VH S VWUHD]  L vQ
OHJ WXU FXQLYHOXOvQUHJLVWUDWODXQPRPHQWGDWGHFXUV

Cursul esWH QXP

VXW GHXQLW

UXO GH XQLW

L PRQHWDUH FX FDUH VH SRDWH FXPS UD OD XQ PRPHQW GDW R

LGLQYDORDUHDQRPLQDO DXQXLWLWOXDSDU LQ WRUXQHLHPLVLXQLDDvQFkW

c=

VP
100
VN

(114)

unde: c = cursul curent al unui titlu;

VP = vDORDUHDGHSLD DWLWOXOXL
3HQWUX D FUHD R DWUDFWLYLWDWH PDL PDUH XQXL vPSUXPXW SUHFRQL]DW D VH ODQVD GH UHJXO 
HPLWHQWXO VWDELOHWH XQ FXUV VXE SDUL OD ODQVDUH L DO SDUL OD UDPEXUVDUH VDX DO SDUL OD ODQVDUH L

supra pari la rambursare.

125

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L H[WHUQL RELHFWLYL L VXELHFWLYL HFRQRPLFL L SROLWLFL L VRFLDOL HWF )DFWRULL FX FHO PDL GLUHFW
LPSDFW VXQW UDSRUWXO FHUHUH  RIHUW  SH SLD

 GH FDSLWDO UDWD GREkQ]LL SH SLD D PRQHWDU  L

avantajele oferite de debitor (peste rata dobnzii).

&XUVXO REOLJD LXQLL VH VWDELOHWH SHQWUX WLWOXO QXG DGLF  GLVWLQFW GH YDORDUHD OD ]L D
FXSRQXOXLGHODSUR[LPDVFDGHQ

$FHVWSURFHGHXHVWHGHWHUPLQDWWRFPDLGHIDSWXOF LFXSR

nul

SRDWH IL QHJRFLDW VHSDUDW DGLF  OD IHO FD XQ WLWOX GH YDORDUH GLVWLQFW 9DORDUHD OD ]L D FXSRQXOXL
Y]FVHGHWHUPLQ SHED]DGXUDWHLSRVHVLHLOXLGHF WUHYkQ] WRUWLDOXQJLPLLVFDGHQ HL]

vzc = D

t
z

(115.1)

Durata t reprH]LQW  QXP UXO GH ]LOH VFXUVH GH OD XOWLPD VFDGHQ  SkQ  OD GDWD YkQ] ULL
cuponului, iar zUHSUH]LQW QXP UXOGH]LOHvQWUHXOWLPDVFDGHQ LSUR[LPDVDXGH]LOH
VFDGHQ D VHPHVWULDO  GH OD  LXQLH GXS  FXP DQXO HVWH ELVHFW VDX QX  GH ]LOH VFDGHQ D
VHPHVWULDO GHODGHFHPEULHLVDXGH]LOHVFDGHQ DDQXDO ODGHFHPEULH
$FHDVW  YDORDUH VH SRDWH H[SULPD SURFHQWXDO vQ UDSRUW FX YDORDUHD QRPLQDO  D
REOLJD LXQLL

vzc% =

vzc
100
VN

(115.2)

Q FD]XO F  vQWUH GRX  VFDGHQ H VH YLQGH R REOLJD LXQH LQFOXVLY FXSRQXO GH OD SUR[LPD
VFDGHQ

FXUVXOGHYkQ]DUHVHGHWHUPLQ GXS UHOD LD

c = c + vzc%

(115.3)

Termenul de rambursare HVWH VFDGHQ D GDWD OD FDUH vPSUXPXWXO WUHEXLH UDPEXUVDW
Termenul poate fi precizat (sub un an -WHUPHQVFXUWGHUHJXO VDXOXQLvQWUHXQXLFLQFLDQL
- termen mediu; peste cinci ani -WHUPHQOXQJVDXQHSUHFL]DW FD]XOWLWOXULORUFXUHQW SHUSHWX 
7HUPHQHOH PHGLL L OXQJL VXQW IRORVLWH GH UHJXO  SHQWUX DFRSHULUHD GHILFLWHORU bugetare cronice
VDX SHQWUX ILQDQ DUHD XQRU LQYHVWL LL 7HUPHQHOH VFXUWH VXQW IRORVLWH SHQWUX DFRSHULUHD XQRU
JROXULGHFDV WHPSRUDUHVDXDXQRUFKHOWXLHOLQHSUHY ]XWH

Venitul asigurat de titlu este venitul ce revine posesorului unui titlu pe perioada
GH LQHULLDFHVWXLD'LQSXQFWGHDOVXUVHLDFHVWXLDYHQLWXOSRDWHILLQWULQVHFLFRQMXQFWXUDO

Venitul intrinsecHVWHFHOSHFDUHvOSURGXFHvPSUXPXWXOVXEIRUPDGREkQ]LLLDSULPHLGH
rambursare, considerate la rndul lor, distinct, ca elemente tehnice al mprumutului.
n forma n care ne-DP UHIHULW PDL VXV UHOD LD  GREkQGD HVWH QRPLQDO  L HVWH OHJDW 
GH VDX GHILQHWH UDWD QRPLQDO  D GREkQ]LL 3RVHVRUXO GH WLWOX UHIHU  vQV  GREkQGD SH FDUH R
vQFDVHD]  QX OD YDORDUHD QRPLQDO  D WLWOXOXL FL OD H

fortul efectiv pe care l-D I

FXPS UD WLWOXO DGLF  OD YDORDUHD GH DFKL]L LH OD YDORDUHD GH SLD
FXPS U ULLOXL$SDUHDVWIHOUDWDHIHFWLY

DGREkQ]LL

de =

FXW HO SHQWUX D

 D WLWOXOXL vQ PRPHQWXO

D
VP

(116.1)

GLQFDUHGDF  LQHPVHDPDGHUHOD LLOHLRE LQHP

de =

dn
c

QOHJ WXU FX UDWDGREkQ]LLSURVHVRUXOSRDWHFDOFXODL RUDW

(116.2)
UHDO

 DGREkQ]LL DGLF R

UDW DGREkQ]LLFRUHFWDW FXGHIODWRUXOLQGLFHOHSUH XULORU

126

dr =

1 + de
1
Ip

(117.1)

dr =

1 + de
1
1 + ri

(117.2)

sau

unde: Ip
ri

LQGLFHOHSUH XULORU
UDWDLQIOD LHL

9HQLWXOVXEIRUPDGREkQ]LLSRDWHILGLVWULEXLWvQWUHLPRGDOLW

SODWDvQQXPHUDUODVFDGHQ

L

SHED]DGHWD ULLGLQFDUQHWHDFXSRDQHO

or aferente respectivei

VFDGHQ H

DWULEXLUHD GREkQ]LL GRDU XQRUD GLQ REOLJD LXQLOH HPLVH SULQ WUDJHUHD OD VRU L D VHULLORU
REOLJD LXQLORUFkWLJ WRDUHvQDFHVWFD]GREkQGDDIHUHQW vPSUXPXWXOXLODGDWDXQHLVFDGHQ H
GHSODW DDFHVWHLDVHSDUWL LRQHD] vQWU XQQXP UGHFkWLJXULREOLJD LXQLOHFkWLJ WRDUHVXQW

UHWUDVHGLQFLUFXOD LHRGDW FXvQPkQDUHDFkWLJXOXL

PL[WFkQGRSDUWHGLQGREkQG VHSO WHWHvQQXPHUDULDURDOW SDUWHVXEIRUP GHFkWLJXUL

Venitul conjunctural HVWH UH]XOWDWXO RE LQXW GH SRVHVRUXO XQXL WLWOX GLQ YDULD LD FXUVXOXL
DFHVWXLD vQWUH PRPHQWXO DFKL]L LHL L XQ PRPHQW XOWHULRU DUELWUDU DOHV GH UHJXO  PRPHQWXO vQ
FDUH VH GHFLGH YkQ]DUHD WLWOXOXL $FHVW UH]XOWDW SRDWH IL SR]LWLY VDX QHJDWLY GXS  FXP FXUVXO D
XUFDW VDX D VF ]X

t. Posesorul titlului poate calcula astfel produsul anual efectiv (pae) al

LQYHVWL LHLSODVDPHQWXOXLV XFRUHFWkQGGREkQGDvQFDVDW SHFXSRQFXDFHVWYHQLWFRQMXQFWXUDO

pae =
VDX LQkQGVHDPDGHL

D + (cv ca ) VN
VP

(118.1)

dn + cv ca
ca

(118.2)

pae =
unde: cv
ca

FXUVXOWLWOXOXLvQPRPHQWXOYkQ] ULL
FXUVXOWLWOXOXLvQPRPHQWXODFKL]L LHL

2EVHUYD LH vQ FDOFXOXO SURGXVXOXL DQXDO HIHFWLY VH SUHVXSXQH F  SRVHVLD REOLJD LXQLL D
vQFHWDWvQFKLDU]LXDXUP WRDUHFHOHLGHVFDGHQ

DQXDO QFD]XODOWRU]LOHGHYkQ]DUHvQFDOFXOXO

GREkQ]LL'VH LQHVHDPDGHUHOD LLOH

Prima de rambursare HVWH SOXVXO GH YDORDUH RIHULW FUHGLWRUXOXL GH F

WUH GHELWRU OD

PRPHQWXOUDPEXUV ULLvPSUXPXWXOXL LFDUH GHUHJXO HVWHDQXQ DWvQF GLQSHULRDGDFDPSDQLHL

SXEOLFLWDUH DQWHULRDU  ODQV ULL vPSUXPXWXOXL YH]L L REVHUYD LLOH I FXWH PDL VXV OD FXUV vQ
OHJ WXU FXFUHWHUHDDWUDFWLYLW

LLvPSUXPXWXOXL

pr = VR - VE cu VR > VE

(119)

unde: pr SULPDGHU VFXPS UDUe;

VR YDORDUHDGHU VFXPS UDUH
VE = valoarea de emisiune.
Emitentul -VWDWFRQIHU Lalte avantaje plasatorilor n mprumuturile sale, cum sunt:

VFXWLUHDGHWD[HLLPSR]LWHDYHQLWXULORUUHDOL]DWHGLQvPSUXPXWXULOHSXEOLFH

idem a tranzaF LLORUODEXUV

SODWD LPSR]LWHORUFXWLWOXUL GHVWDWHYDOXDWHODYDORDUHDQRPLQDO LQXPDLWkU]LXGHVFDGHQ D

FXHIHFWHDOHDFHVWRUvPSUXPXWXUL

ILQDO DvPSUXPXWXOXL

H[RQHUDUHDHIHFWHORUSXEOLFHGHODH[HFX LDILQDQFLDU VLOLW 

garantarea mpotriva vDULD LLORUSXWHULLGHFXPS

UDUHDPRQHGHLQD LRQDOHSULQVWDELOLUHDXQHL

GREkQ]L QRPLQDOH FDUH V  ILH UHDO SR]LWLY  SH WRW SDUFXUVXO vPSUXPXWXOXL H[SULPDUHD

mprumutului ntr-R XQLWDWH PRQHWDU

 PDL VWDELO  VDX vQWU

-o unitate de calcul (de exemplu,

127

dreptuO VSHFLDO GH WUDJHUH FDOFXODW GH )0, VDX %DQFD 0RQGLDO

 SH ED]D XQXL FR YDOXWDU

UHSUH]HQWDWLYLVWDELOLQGH[DUHDvPSUXPXWXOXLSHED]DXQXLLQGLFHGHSUH 

2SHUD LXQLVSHFLILFHvPSUXPXWXULORUGHVWDW
$FHVWHRSHUD LXQLVXQWOHJDWHGHSODVDUH

de modificarea unora din elementele tehnice ale

vPSUXPXWXOXLXOWHULRUODQV ULLOXLLGHUDPEXUVDUH

a) Plasarea

vPSUXPXWXOXL SUHVXSXQH YkQ]DUHD WLWOXULORU L vQFDVDUHD FRQWUDYDORULL

YkQ] ULL FDUH YD UHSUH]HQWD VXPD FROHFWDW  FD vPSUXPXW GH F WUH HPLWHQW

. Aceasta nu coincide,

GHUHJXO FXYDORDUHDQRPLQDO WRWDO DHPLVLXQLLILHGLQFDX]DSUH XOXLGHHPLVLXQHVXESDULILH

GDWRULW FKHOWXLHOLORUOHJDWHGHHPLVLXQHWLS ULWHSXEOLFLWDWHSODWDLQWHUPHGLDULORUHWF&XPGH
UHJXO  HPLWHQWXO XUP UHWH F

olectarea unei anumite valori, el va lansa un mprumut mai mare,

VXILFLHQWSHQWUXFDVXPDQHW FROHFWDW V ILHPLQLPXPODQLYHOXOFHOHLDYXWHvQYHGHUH

6XEVFULS LD SXEOLF

 HVWH IRUPD GH SODVDUH RUJDQL]DW  L JHVWLRQDW  GH 0LQLVWHUXO

)LQDQ HORU VDX GH F WUH R LQVWLWX LH SXEOLF  DXWRUL]DW  vQ DFHVW VHQV GH JXYHUQ VDX GH vQVXL
0LQLVWHUXO )LQDQ HORU $FRSHULUHD FKHOWXLHOLORU RFD]LRQDWH GH YkQ]DUHD WLWOXULORU L FROHFWDUHD

sumelor se face printr-XQ FRPLVLRQ DFRUGDW LQVWLWX LHL RUJDQL]DWRDUH D SODV

ULL 3OD

satorii de

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VXEVFULVHLLQWUDUHDvQSRVHVLDORUVHIDFHXOWHULRUFXXQGHFDODMvQWLPSQHFHVDUSHQWUXFRUHODUHD

volumului subscrierii cu volumul mprumuWXOXL ODQVDW Q FD]XO vQ FDUH VXEVFULHUHD GHS

HWH

YROXPXOvPSUXPXWXOXLVHFDOFXOHD] XQFRHILFLHQWGHY UV PkQW

cv =

VTE
VS

(120)

unde: cv
FRWDGHY UV PkQW
VtE YDORDUHDWRWDO GHHPLVLXQHDvPSUXPXWXOXL
VS = valoarea subscrierilor.
9DORDUHDVXEVFULHULLILHF UXLSODVDWRUGHFDSLWDOVHYDFRUHFWDFXFRWDGHY UV PkQWDVWIHO
vQFkW HO YD FXPS UD REOLJD LXQL OD QLYHOXO YDORULL

VS cv URWXQMLW

 HYHQWXDO FRQIRUP FXSLXULORU

practicate n respectivul mprumut.

([LVW  L SUDFWLFD DWULEXLULL ILHF UXL DJHQW SODVDWRU DO LQVWLWX LHL RUJDQL]DWRDUH D XQXL
DQXPLW SODIRQ GH vPSUXPXW XQ DQXPLW QXP U GH REOLJD LXQL XUPkQG FD HO V  OH YkQG  GXS 

regula "primul venit - primul servit".

3ODVDUHD SULQFRQVRU LL (sindicate) bancareSUHVXSXQHRUJDQL]DUHD LJHVWLRQDUHDSODV

ULL

GHF WUHXQJUXSGHE QFL$FHDVWDVHSRDWHIDFH

vQ FRPLVLRQ VLPLODU  VXEVFULS LHL SXEOLFH L FDUH QX DQJDMHD]  U VSXQGHUHD E QFLORU SHQWUX
REOLJD LXQLOHQHYkQGXWH

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HPLWHQWXOXL L R SODVHD]  OD FXUVXUL IRUPDWH SH SLD

 DFRSHULUHD FKHOWXLHOLORU I FXWH GH E QFL

SHQWUX SODVDUH FD L FkWLJXO ORU SURYLQH GLQ GLIHUHQ D GH FXUV vQWUH FXUVXO SLH HL L FHO GH

preluare de la emitent.
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 HVWH DGHFYDW  VLWXD LLORU vQ FDUH EXUVD HVWH DFWLY  L VH Y GHWH D IL

PRGXO GH SODVDUH FHO PDL SX LQ FRVWLVLWRU (PLVLXQHD HVWH vQUHJLVWUDW  OD EXUV  VLPLODU HPLVLXQLL
RULF URU DOWRU WLWOXUL GH YDORDUH L VH QHJRFLD]  SULQ DJHQ LL GH EXUV  vQ VHVLXQL VSHFLDOH GHGLFDWH

efectelor financiare generale.

b) Conversiunea HVWH R RSHUD LXQH YL]kQG PRGLILFDUHD UDWHL GREkQ]LL OD XQ vPSUXPXW
SXEOLF GDWRULW  GLPLQX ULL GREkQ]LL FXUHQWH VXE QLYHOXO FHOHL SUDFWLFDWH OD UHVSHFWivul mprumut.
$FHDVWDvQVHDPQ F VWDWXOJ VHWHDFXPSHSLD

le-DJ

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VLWODPRPHQWXOSODV ULLvPSUXPXWXOXL

Conversiunea presupune nlocuirea titlurilor emise n trecut (titluri vechi) cu alte titluri
penWUXFDUHGREkQGDHVWHFRUHODW FXFHDDSLH HLDGLF PDLPLF WLWOXULQRL

128

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GH WLPS DQXQ DW 'XS

presupune nlocuirea titlurilor vechi cu altele noi, ntr-un interval

 vQFKHLHUHD DFHVWXLD WLWOXULOH YHFKL vL SLHUG YDODELOLWDWHD $Fest lucru este

SRVLELOGHRDUHFHVWDWXOQXHVWHDJHQWHFRQRPLFRDUHFDUHFLXQXOFDUHDUHLSXWHUHSROLWLF LIRU

GHFRHUFL LXQH
&RQYHUVLXQHD IDFXOWDWLY
SUHVFKLPEDUH EHQHYRO  GH F

presupune nlocuirea titlurilor vechi cu altele noi prin

WUH SRVHVRULL celor vechi; titlurile vechi nu-L SLHUG YDODELOLWDWHD

WLWOXULOHQRLSRWILSURFXUDWHILHODVFKLPEFXFHOHYHFKLILHSULQFXPS UDUH
&RQYHUVLXQHD SULQ UDPEXUVDUH DQWLFLSDW

presupune nlocuirea titlurilor vechi cu unele

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135

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alte active, respectiv plasamentele n titluri: cambii, bonuri de tezaur, certificate

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j = f (pa j, rjt )

t = 1,2, , Tj f pa j <0
j = 1,2,, n

unde: j

(125)

f r jt >0

= indice pentru identificarea plasamentului;

136

= randamentul plasamentului j;

paj SUH XOGHDFKL]L LHDOSODVDPHQWXOXLM

rjt = venitul conferit de plasamentul j la momentul t;
Tj
GXUDWDSODVDPHQWXOXLMH[SULPDW vQXQLW LGHWLPS
n
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g < 0
g = 0

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l i m (C j / O j ) = 1

(126)

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O j C j
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6 

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n - n1 pe

termen lung.
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tr-un plan, n care abscisa este durata plasamentului,

iar ordonata randamentul acestuia, va genera un "nor" de puncte concentrate n "zona sud-vest" a
graficului.
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5HSUH]HQWDUHDDFHVWHLGHSHQGHQ HvQDFHODLSODQFDPDLVXVYD

genera un "nor" de puncte

concentrate n "zona nord-est" a graficului.

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Fig.1. Curbe de randament

n cazul n care rapoartele Cj/Qj DX VHQVXO GH RUGLQH ID

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t n

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n cazul n care rapoartele Cj/Qj DX YDORUL vQ MXUXO XQLW

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137

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t, n rata
ri 3HQWUX D IDFH GLVMXQF LH vQWUH UDWD FXUHQW  D
QR LXQLOHGHUDW QRPLQDO DGREkQ]LL (dnLUDWDUHDO D

GREkQ]LL FXUHQWH HVWH LQFOXV  L UDWD LQIOD LHL 

GREkQ]LLLFHDGHIODWDW VHXWLOL]HD]

dobnzii (drvQWUHFDUHVHVWDELOHWHXUP

WRDUHDUHOD LHFDQWLWDWLY 

dr =

1 + dn
1
1 + ri

(127)

FDUHvQFD]XOXQHLLQIOD LLPLFLVHDFFHSW vQIRUPDVLPSOLILFDW 

dr = dn - ri

(128)

GHRDUHFHWHUPHQXOGHJUDGXOGRLUH]XOWDWSULQDGXFHUHDH[SUHVLHLODDFHODLQXPLWRUDUHXQRUGLQ
GHP ULPHPDLPLFGHFkWFHLODO LWHUPHQLLSRDWHILQHJOLMDW

B. Agregatele monetare VXQW LQGLFDWRUL PRQHWDUL FH VHOHFWHD]

 WLSXULOH GH PLMORDFH GH

SODW GH LQXWHGHDJHQ LLHFRQRPLFLQHILQDQFLDUL

'XS FRQ LQXWXOORUDJUHJDWHOHPRQHWDUHVHFODVLILF v

n trei categorii:

(i) PRQHGDSULPDU

HVWHPDVDPRQHWDU HPLV LFRQWURODW GHEDQFD&HQWUDO QXPHUDU

vQ UH]HUY  L VFULSWXUDO FUHGLWH DFRUGDWH DJHQ LORUHFRQRPLFLILQDQFLDUL L WH]DXUXOXL UHVFRQWDUHD

HIHFWHORU FRPHUFLDOH L SXEOLFH DFHVW DJUHJDW VH PDL QXPHWH L ED]
UH]HUY

;
(ii)

PRQHGD FD PLMORF GH SODW

 PRQHWDU

sau

PRQHG

 GH

 HVWH PDVD PRQHWDU  UHSUH]HQWkQG PLMORDFHOH GH SODW 

FUHDWH QX QXPDL GH %DQFD &HQWUDO  GDU L GH F WUH WR L FHLODO L DJHQ L HFRQRPLFL ILQDQFLDUL FDUH
SRWFUHDPRQHG DFHVWDJUHJDWVHPDLQXPHWHLPDV

(iii)

PRQHGD FD DYX LH QHW

PRQHWDU vQVHQVUHVWUkQV

 HVWH PDVD PRQHWDU  FH LQFOXGH QX GRDU PLMORDFHOH GH SODW 

FUHDWHGHWR LDJHQ LLHFRQRPLFLILQDQFLDULGDULRULFHDOWDFWLYFHQXHVWHIRORVLWvQPRGRELQXLW

ca mLMORF GH SODW

lichiditate.

 GDU FDUH DUH R DQXPLW  OLFKLGLWDWH DGLF  VH SRDWH WUDQVIRUPD UHODWLY XRU vQ

Q SUDFWLFD EDQFDU  DJUHJDWHOH PRQHWDUH VXQW X]XDO FODVLILFDWH GXS  OLFKLGLWDWHD ORU vQ

patru categorii:
(iv) agregatul M1 sau

OLFKLGLWDWHD SULPDU

 vQ FDUH VH LQFOXG QXPHUDUXO L GHSXQHULOH vQ

FRQWXULFXUHQWHQHSXUW WRDUHGHGREkQG 

(v) agregatul M2 sau

OLFKLGLWDWHD VHFXQGDU

n care se include M1, plasamentele la

WHUPHQ L SODVDPHQWHOH SHQWUX HFRQRPLVLUH OLFKLGDELOH SULQ &(&-uri cu preaviz; datoriW 
OLFKLGLW LLVDOHULGLFDWHDFHVWDJUHJDWVHPDLQXPHWHTXDVLPRQHG ;
(vi) agregatul M3vQFDUHVHLQFOXGH0FHUWLILFDWHGHGHSR]LWERQXULGHFDV FRQWXULGH
HFRQRPLL SH WHUPHQ VFXUW L PHGLX L DOWH WLWOXUL HPLVH GH DJHQ L HFRQRPLFL ILQDQFLDUL VDX nu)
SHQWUXSLD DILQDQFLDU PRQHWDU LGHFDSLWDO

(vii) agregatul L vQ FDUH VH LQFOXGH 0 L WLWOXULOH HPLVH SH WHUPHQ PHGLX L OXQJ
QHJRFLDELOHLWUDQVIRUPDELOHUHODWLYXRUvQOLFKLGLWDWH

3. Creditul
&UHGLWXO HVWH R RSHUD LXQH HFRQRPLF  SULQ FDUH GHELWRUXO RE LQH GH OD FUHGLWRU UHVXUVH
E QHWLLPHGLDWXWLOL]DELOHvQVFKLPEXOSURPLVLXQLLFDODGDWHFRQYHQLWHV IDF UDPEXUVDUHDLV 
SO WHDVF  GREkQGD &UHGLWXO DSDUH FD R UHOD LH vQWUH GRL DJHQ L HFRQRPLFL L DO F UHL RELHFW vO

138

constituie transferuULOH PRQHWDUH OHJDWH GH XWLOL]DUHD XQRU VXPH vPSUXPXWDWH $FHVWHL UHOD LL vL
VXQWVSHFLILFHXUP WRDUHOHWU V WXUL

1. 6XELHF LL UDSRUWXOXL GH FUHGLW, respectiv creditorul - FHO FDUH G  EDQL FX vPSUXPXW L
debitorul - cel care ia bani cu mprumut. ntr-o opHUD LXQHGHFUHGLWGDW RULFDUHDJHQWHFRQRPLF
LQFOXVLY VWDWXO VH SRDWH DIOD vQ XQD GLQ FHOH GRX  VLWXD LL PHQ LRQDWH DGLF  SRDWH IL XQXO GLQ FHL
GRL VXELHF L 'LQWUH VHFWRDUHOH LQVWLWX LRQDOH H[LVWHQWH vQ HFRQRPLH FHO DO PHQDMHORU HVWH

considerat priQ H[FHOHQ

 FUHGLWRU FHOHODOWH SXWkQGX VH DIOD WHPSRUDU vQ RULFDUH GLQWUH FHOH GRX 

LSRVWD]H6HFWRUXODGPLQLVWUD LLORUSXEOLFHHVWHGHUHJXO vQLSRVWD]DGHGHELWRU

2. Promisiunea de rambursare DGLF  DQJDMDPHQWXO GHELWRUXOXL GH D UHWXUQD VXPD

mprumutaW  OD GDWD  GDWHOH FRQYHQLWH FX FUHGLWRUXO 5DPEXUVDUHD VH SRDWH IDFH LQWHJUDO OD R
DQXPLW  GDW  VDX VH SRDWH IDFH HDORQDW OD GDWH FRQYHQLWH )LLQG R SURPLVLXQH UDPEXUVDUHD
SUHVXSXQH ULVFXUL SHQWUX FUHGLWRU ILH F  DFHVWD HVWH R EDQF  ILH F  HVWH XQ GHSXQ WRU FDUH L

-a

FRQVWLWXLW GHSR]LWH OD R EDQF  'LPLQXDUHD ULVFXOXL GH DFHVW JHQ GH QHUDPEXUVDUH L GH

imobilizare) se face prin proceduri specifice: diagnosticul financiar LVROLFLWDUHDGHJDUDQ LL.

3. Termenul de rambursare VDX VFDGHQ D HVWH GDWD OD FDUH VH FRQYLQH vQWUH VXELHF L
UHWXUQDUHD VXPHL vPSUXPXWDWH 6FDGHQ D SRDWH IL XQLF  VDX PXOWLSO  'H UHJXO  OD VFDGHQ

 VH

UHVWLWXLH vPSUXPXWXO VDX R SDUWH D OXL L VH DFKLWD GREkQGD DIHUHQW  Q XQHOH FD]XUL FUHGLWHOH VH
DFRUG FXSHULRDG

, adLF

GHJUD LH

XQQXP UGHSHULRDGHGHWLPSVWDQGDUGV SW PkQ OXQ DQ

vQ FDUH GHELWRUXO HVWH VFXWLW GH D IDFH UDPEXUV UL L FKLDU SO

L GH GREkQG  GDU DFHDVWD VH

FDOFXOHD]  L VH YDUV  XOWHULRU OD VFDGHQ HOH FRQYHQLWH (VWH SRVLELO GH DVHPHQHD FD SH R

perioad

 GH WLPS VWDQGDUG GH SLOG  XQ DQ GHELWRUXO V  SO WHDVF  WULPHVWULDO GREkQGD LDU

UDPEXUVDUHDFUHGLWXOXLVDXDXQHLS U LGLQHOV VHIDF DQXDO

7HUPHQHOHSRWILIRDUWHVFXUWHRQRDSWHR]LVFXUWHXQDVDXFkWHYDV SW PkQLVDXOXQL

medii (1-5 ani), lungi (5-10-15 ani) sau foarte lungi (20- GH DQL L FKLDU SkQ

 OD  GH DQL

7HUPHQHOH X]XDOH OD R EDQF  VXQW vQ IXQF LH GH VSHFLILFXO HL 'H SLOG  OD R EDQF  FRPHUFLDO 
WHUPHQXOVFXUWHVWHGHSkQ ODGH]LOHFHOPHGLXSkQ ODDQLFHOOXQ
ODREDQF

g peste 1 an. n schimb,

GHLQYHVWL LLWHUPHQXOVFXUWHVWHGH-3 ani, cel mediu 3-DQLLFHOOXQJ-10 ani.

6WUXFWXUDSO

LLHIHFWXDWHGHGHELWRULODVFDGHQ

- amortizareaUHVSHFWLYVXPDFHUDPEXUVHD]

LQFOXGHGRX FRPSRQHQWH
vPSUXPXWXOVDXRSDUWHDOXLDFHDVW VXP 

DSDUH vQ WHUPLQRORJLD HQJOH]  L DPHULFDQ  VXE QXPHOH GH SULQFLSDO LDU vQ WHUPLQRORJLD
WUDGL LRQDO URPkQHDVF VXEQXPHOHGHFDSHWH

- dobnda.
6XPD UDPEXUVDW  GH GHELWRU OD VFDGHQ

 VH ]LFH vQ FD]XO WHUPHQHORU DQXDOH

anuitate L

avem:
A = Am + D

(129)

unde: A = anuitate;
Am = amortizare;
D
GREkQG 
3O
LOH I FXWH vQ FRQWXO FUHGLWXOXL SRW IL amnate FUHGLWH FX SHULRDG  GH JUD LH VDX
imediate FX SODWD vQ SULPD SHULRDG  VWDQGDUG GH UDPEXUVDUe); anticipate SODWD HIHFWXDW  OD
nceputul perioadei standard de rambursare) sau posticipate SODWD HIHFWXDW  OD ILQHOH SHULRDGHL
standard de rambursare); n rate egale (amortismente egale) sau FXDQXLW LHJDOH
n cazul amortismentelor egale, cuantumuODFHVWRUDVHVWDELOHWHGXS UHOD LD

Am =

C
n

(130.1)

unde: C = creditul acordat / preluat;

Q

QXP UXOSHULRDGHORUVWDQGDUGSkQ ODVFDGHQ

iar suma de rambursat (SRt) este:

SRt = Am + Dt
D t = [C ( t 1) A m ] d

(130.2)
(130.3)

139

 LQGLFH SHQWUX LGHQWLILFDUHD VFDGHQ HL FX VHQVXO GH QXP UXO GH RUGLQH DO SHULRDGHL

unde: t

VWDQGDUGGHVFDGHQ

d = rata dobnzii;
Dt GREkQGDGHSODW

SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]D PDUH GLQ UHOD LD  VHPQLILF  YROXPXO    FXDQWXPXO FUHGLWXOXL FX FDUH

GHELWRUXOPDLHVWHGDWRUvQLQWHUYDOXOGLQWUHFHOHGRX VFDGHQ HVXFFHVLYHW LW

Q FD]XO FRQVWDQ HL VXPHORU GH UDPEXUVDW VH IDFH PDL vQWkL FDOFXOXO DFHVWRUD Q FD]XO
SHULRDGHLVWDQGDUGDQXOP ULPHDORUVHGHWHUPLQ GXS UHOD LD

C=

A(1 + d) t

(131.1)

t =1

6HGHWHUPLQ DSRLGREkQGDGXS UHOD LD

t 1

D t = (C Am j ) d

(131.2)

j=1

LvQILQDODPRUWL]DUHDSO WLW vQDQXOWvQFRQWXOGDWRULHL

Amt = A - Dt
unde: j
= indice FXDFHODLVHQVFDLW
Amj  DPRUWL]DUHD SO WLW  vQ SHULRDGD VWDQGDUG M DGLF

(131.3)
 vQ SHULRDGHOH DQWHULRDUH FHOHL

FXUHQWHSHQWUXFDUHXUPHD] V VHIDF SODWD

Amt

DPRUWL]DUHDGHSODW SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]DGLQUHOD LDVHPQLILF YROXPXOFXDQWXPXOFUHGLWXOXLFXFDUHGHELWRUXO

PDLHVWHGDWRUvQLQWHUYDOXOGLQWUHVFDGHQ DFXUHQW WLFHDSUHFHGHQW 

GRX

4. DobndaSHQWUXGHILQL LHLVHQVYH]LFDS,9$QSUDFWLFDEDQFDU VXQWFXQRVFXWH

PRGDOLW LGHFalcul al acesteia:
a) GREkQGD VLPSO  X]XDO  SHQWUX FUHGLWHOH SH WHUPHQ VFXUW FDUH vQ DFHVW FRQWH[W HVWH
vQ HOHVVWULFWXQDQVDXVXEXQDQ

D = Cd

n care: Z
T

Z
T

(132)

QXP UXOGHVXESHULRDGHDQXDOHFHH[SULP GXUDWDVFDGHQ HLGHUHJXO ]LOH

 QXP UXO GH GLYL]LXQL vQ FDUH VH SDUWDMHD]  DQXO  vQ SUDFWLFD EDQFDU  URPkQ 
IUDQFH] LWDOLDQ DVDXvQSUDFWLFDEDQFDU JHUPDQ HOYH LDQ D

b)

GREkQGDFRPSXV

X]XDO SHQWUXFUHGLWHOHSHVWHXQDQ

Ct = C (1+d)t
D = Ct - C = C [(1+d)t -1]
unde: Ct
t

VXPDFHWUHEXLHUDPEXUVDW ODVFDGHQ

(133.1)
(133.2)

vQVLWXD LDvQFDUHVFDGHQ DHVWHXQLF 

GXUDWDVFDGHQ HLH[SULPDW vQDQL

3HQWUX FD]XULOH GH UDPEXUV UL SUH]HQWDWH vQ SDUDJUDIXO DQWHULRU UHOD LLOH  L
GREkQGDWRWDO GDWRUDW GHGHELWRUSHWRDW GXUDWDXWLOL] ULLFUHGLWXOXLVHGHWHUPLQ GXS 
UHOD LD

140

D = Dt

(134)

t =1

unde DtHVWHGHWHUPLQDW

ILHFRQIRUPUHOD LHLILHFRQIRUPUHOD LHL'LQPRGXO

de
ntotdeauna n raport cu creditul n
FDOFXOHD]  GREkQGD L nu n raport cu

FDOFXO DO GREkQ]LL UH]XOW  HYLGHQW F  DFHDVWD VH GHWHUPLQ 

IRORVLQ

 OD GHELWRU vQ SHULRDGD SHQWUX FDUH VH

volumul/cuantumul creditului preluat.

Q FD]XO GREkQ]LL HVWH SUH]HQW  UDWD GREkQ]LL SH FDUH vQ SUH]HQW ULOH I FXWH PDL VXV DP

considerat-o

IL[

 (VWH R LSRWH]  IRDUWH IUHFYHQW  vQ SUDFWLFD EDQFDU  'DWRULW  IHQRPHQXOXL

LQIOD LRQLVW DFFHQWXDW vQ XOWLPLL DQL vQ PXOWH

UL D DS UXW vQV  L SUDFWLFD UDWHORU GH GREkQG 

variabile 3RWULYLW DFHVWHL SUDFWLFL FRQWUDFWXO GH FUHGLWDUH SUHYHGH RS LXQHD FUHGLWRUXOXL GH D
PRGLILFD SHULRGLF UDWD GREkQ]LL vQIXQF LH GH LQIOD LH VDX GHHYROX LD SLH HL PRQHWDUH LQWHUQH VDX
LQWHUQD LRQDOH

5. &RQVLP LUHD WUDQ]DF LHL DGLF  GHYHQLUHD HIHFWLY  D FUHGLWXOXL FHHD FH vQVHDPQ  F 
sume de bani reprezentnd creditul au intrat n posesia debitorului: creditul a fost nregistrat n
FRQWXOGHELWRUXOXLFDGLVSRQLELOLWDWHE QHDVF DDFHVWXLDHPLWHQWXOXQHLREOLJD LXQLDYkQGXW-RL
a ncasat contravDORDUHDHLGHSLD XQGHELWRUDGHSXVEDQLLvQGHSR]LWXOSHFDUHLO-a deschis la
REDQF HWF
&RQVLP LUHDWUDQ]DF LHLSRDWHILGHWLS
R VLQJXU  GDW  VDX GH WLS

unic atunci cnd, n raportul de credit, ea intervine

credit deschis atunci cnd creditorul RIHU  XQ FUHGLW GH XQ YROXP

FRQYHQLWFXGHELWRUXOLDUDFHVWDLDvQIRORVLQ

S U LDOHDFHVWXLFUHGLWODGLIHULWHLQWHUYDOHGHWLPS

vQIXQF LHGHQHYRL

6. Consemnarea HVWH DFHD WU V WXU

raport este oELHFWDOXQXLvQVFULVFDUHvODWHVW

 D UDSRUWXOXL GH FUHGLW SRWULYLW F UHLD UHVSHFWLYXO

vQFHHDFHDUHHOHVHQ LDOLGHQWLILFDUHDFUHGLWRUXOXL

LGHELWRUXOXLVXPDGDWDHPLWHULLVFDGHQ DD
(PLWHUHD vQVFULVXOXL WLWOX GH FUHGLW SRDWH IL I FXW  ILH GH GHELWRU ILH GH FUHGLWRU &HOH

mai cunoscute nscULVXUL VXQW FDPEUD ELOHWXO OD RUGLQ SROL D &(&-XO FHUWLILFDWH GH GHSR]LW L
SHQWUX FD]XO FkQG GHELWRU HVWH VWDWXO  R DGPLQLVWUD LH SXEOLF  ERQXO GH WH]DXU L REOLJD LXQHD
YH]LLFDS,,,,9

7. Transferabilitatea HVWHDFHDWU

V WXU DUDSRUWXOXLGHFUHGLWSRWULYLWF UHLDXQFUHGLWRU

WUDQVIHU YLQGHGUHSWXULOHVDOHGHFXUJkQGGLQWU

-un astfel de raport.

$FHDVW FDUDFWHULVWLF JHQHUHD] RSHUD LLEDQFDUHVSHFLILFHVFRQWXOOHJDWGHWLWOXULvQFDUH

VWDWXODGPLQLVWUD LD

SXEOLF 

QX

HVWH

GHELWRU

i lombardarea (legat de titluri n care

VWDWXODGPLQLVWUD LDSXEOLF HVWHGHELWRU

3.1. Riscurile creditului

&UHGLWXOHVWHRUHOD LHvQWUHGRLSDUWHQHULVXELHF LFDUDFWHUL]DWDDFXPDPY ]XWSULQWU

RSURPLVLXQHFDUHHVWHJHQHUDWRDUHGHULVFXULQOHJ WXU FXUDPEXUVDUHDDSDUGRX FDWHJRULLGH

riscuri:
A. Riscul de rambursare SH FDUH L-O DVXP
DFHVWHLDSHVWHVFDGHQ

 FUHGLWRUXO L FDUH FRQVW  ILH vQ vQWkU]LHUHD

ILHvQLPSRVLELOLWDWHDGHELWRUXOXLGHDUDPEXUVD

QWkU]LHUHD SHVWH VFDGHQ

 VH SHQDOL]HD]  SULQ PDMRUDUHD GREkQ]LL SH GXUDWD vQWkU]LHULL L

SULQ FRQVHPQDUHD FD LQFLGHQW Q PXOWH

UL E QFLOH FRRSHUHD]  VXE VXSUDYHJKHUHD % QFLL

&HQWUDOH SHQWUX HYLGHQ D GHWDOLDW  L SUHFLV  D LQFLGHQWHORU $VWIHO H[LVW  LQIRUPD LL GHVSUH RULFH

debitor relativ laLQFLGHQWHOHDOF

URU VXELHFWDIRVW LGHVSUHPRGXOGH VROX LRQDUHDLQFLGHQWHORU

UHVSHFWLYH (YHQWXDOLL YLLWRUL FUHGLWRUL YRW IL vQ FXQRWLQ

 GH FDX]  GHVSUH FDOLWDWHD SURPLVLXQLL

GHUDPEXUVDUHDQJDMDW GHXQGHELWRULvLSRWOXDP VXULSUHYHQWLYH

nDQXPLWHFD]XULFkQGGHELWRUXODQXQ

DQWLFLSDWSRVLELOLWDWHDvQWkU]LHULLFUHGLWRUXOSRDWH

DFFHSWDvQFRQGL LLQHJRFLDWHFXUHVSHFWLYXOGHELWRUUHHDORQDUHDUDPEXUV ULL

,PSRVLELOLWDWHD GH UDPEXUVDUH SRDWH LQWHUYHQL GLQ LQFDSDFLWDWHD GH SODW  D GHELWRU

ului

IDOLPHQW GLQ GLVSDUL LD OXL FX UHD FUHGLQ

 VDX GLQ GLVSDUL LD IL]LF  ,PSRVLELOLWDWHD GH

141

UDPEXUVDUHHVWHWUDWDW GHDVHPHQHDFDLQFLGHQW
&UHGLWHOH DIODWH vQ DVWIHO GH VLWXD LL VH ]LF

neperformante: cele ntrziate - restante, iar

celelalte - nerecuperabile.
(YLGHQ DLQFLGHQWHORUODREDQF VDXSHDQVDPEOXOVLVWHPXOXLEDQFDUFUHHD] SRVLELOLWDWHD
FDOFXO ULL ULVFXOXL GH QHUDPEXUVDUH $FHVW ULVF VH SRDWH FDOFXOD SH XQ GHELWRU RDUHFDUH GDU GH
UHJXO  VH FDOFXOHD]  SH PXO LPL GH FD]XUL GH DFHLDL VSH

 'H SLOG  SHQWUX XQ DQXPLW WLS GH

FUHGLW SHQWUX GHELWRUL GHVI XUkQG XQ DQXPLW IHO GH DFWLYLWDWH SHQWUX RSHUD LXQL GH FUHGLWDUH

circumscrise unei anumite zone geografice etc. ntr-R SULP  DSUR[LPDUH ULVFXO SRDWH IL
determinat ca probabilitate de pURGXFHUHDLQFLGHQWXOXLvQPXO LPHDFD]XULORUGHFUHGLWDUHWRWDO 
VDXGHRDQXPLW VSH

rn =

n
N

(135)

unde: rn = riscul de nerambursare;

n
QXP UXOFD]XULORUGHLQFLGHQWH
N
 QXP UXOWRWDODORSHUD LXQLORUGHFUHGLWDUHSHDQVDPEOXVDXSHRDQXPLW VSH GH
credite).
ntr-RDQDOL] PDLHODERUDW ULVFXOVHSRDWHGHWHUPLQDFDGLVSHUVLHDUH]XOWDWXOXLFUHGLW ULL
(profit sau pierdere).
5H]XOWDWXOFUHGLW ULLVHGHWHUPLQ vQIRUP DEVROXW FDGLIHUHQ

vQWUHvQFDV ULOHE QFLLSH

VHDPD UHVSHFWLYXOXL FUHGLW L FKHOWXLHOLOH I FXWH GH EDQF  SHQWUX GHUXODUHD FUHGLWXOXL L
UHFXSHUDUHD DFHVWXLD ([SUHVLD SURFHQWXDO  D UH]XOWDWXOXL VH RE LQH SULQ UDSRUWDUHD DFHVWXLD OD

cuantumul creditului.
n cazul creditelor neperformantH

FKHOWXLHOLOH LQFOXG SH OkQJ  FHOH QRUPDOH SULYLQG

IXQF LRQDUHD E QFLL L FKHOWXLHOL OHJDWH GH XUP ULUHD GHELWRUXOXL FKHOWXLHOL GH MXGHFDW 
FKHOWXLHOLOH SHQWUX YDORULILFDUHD JDMXULORU VXPH UHFXSHUDWH GLQ FUHGLWXO vQVXL GREkQ]LOH

nencasate, decapitalL]DUHDVXPHORUFUHGLWDWHvQLQWHUYDOXOGLQWUHDFRUGDUHVFDGHQ

LPRPHQWXO

HYHQWXDOHLORUUHFXSHU ULDQDFHVWHFD]XULGHPXOWHRULUH]XOWDWXOFUHGLW ULLHVWHQHJDWLY

5H]XOWDWXO FUHGLW ULL VH FRQVLGHU  D IL GHWHUPLQDW GH VWDUHD HFRQRPLHL D UDPXU

ii

HFRQRPLFHD]RQHLJHRJUDILFHXQGHVHGHUXOHD] DFWLYLWDWHDGHELWRUXOXL3H ED]DXQRULQIRUPD LL

VWDWLVWLFHSULYLQGYDULD LDDFHVWHLVW ULvQWUHFXWLDXQRUSUHGLF LLSULYLQGHYROX LDXQRULQGLFDWRUL

economici / sociali / politici specifici se pot detHUPLQD SUREDELOLW

L GH SURGXFHUH D GLIHULWHORU

VW UL HFRQRPLFH Q FRQGL LLOH XQHL VW UL GDWH HVWH SRVLELO XQ DQXPH UH]XOWDW DO FUHGLW ULL LDU
DFHVWXLDLVHDIHFWHD] FDSUREDELOLWDWHDFHHDFDUDFWHULVWLF UHVSHFWLYHLVW UL
5LVFXOVHFDOFXOHD] SHED]DUHOD LHL

rn =

(rj r )2 p j

(136.1)

j=1

unde: j
J
rj

LQGLFHSHQWUXLGHQWLILFDUHDVW ULLHFRQRPLHL
QXP UXOGHVW ULDOHHFRQRPLHLOXDWHvQFRQVLGHUDUH
UH]XOWDWXOFUHGLW ULLvQFRQGL LLOHSURGXFHULLVW ULLMDHFRQRPLHL
 UH]XOWDWXO PHGLX DO XQHL RSHUD LXQL GH FUHGLWDUH SH DQVDPEOXO DFHVWRUD VDX SH
PXO LPHDFHORUGHRDQXPLW VSH

pj

SUREDELOLWDWHDSURGXFHULLVW ULLMDHFRQRPLHL

rj =

unde: Vj = veQLWXORE LQXWGHEDQF

VSH

Vj Ch j
C

(136.2)

vQXUPDDFRUG ULLXQXLFUHGLWvQJHQHUDOVDXGHRDQXPLW 

vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

142

Chj
C

FKHOWXLHOLOHRFD]LRQDWHE QFLLGHGHUXODUHDLUHFXSHUDUHDXQXLFUHGLWvQJHQHUDOVDX

GHRDQXPLW VSH

vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

= cuantumul creditului acordat.

r = rj p j

(136.3)

j=1

B. Riscul de imobilizare SH FDUH L-O DVXP

 GHSRQHQWXO XQHL E QFL L FDUH FRQVW  vQ

LPSRVLELOLWDWHDE QFLLGHDUDPEXUVDDFHVWXLDODFHUHUHSDU LDOVDXLQWHJUDOVXPDGHSXV 

&DX]HOH DFHVWXL ULVF VH UHJ VHVF vQ SULQFLSLX vQ FRQMXQFWXUD HFRQRPLF  QHIDYRUDELO  FH
SRDWH FRQGXFH OD GLILFXOW

L ILQDQFLDUH SHQWUX DJHQ LL HFRQRPLFH UHIOX[XO SURFHVXOXL GH

economisire, lipsa mijloacelor GHSODW

ODGHELWRULDQDIDU GHDFHDVWDvQFKLDUFRQGL LLOHXQHL

FRQMXQFWXUL HFRQRPLFH IDYRUDELOH ULVFXO VH SRDWH SURGXFH GDWRULW  XQRU FDX]H FH

LQ GH

PDQDJHPHQWXOILQDQFLDUQHFRUHVSXQ] WRUILHODQLYHOXOE QFLLILHODQLYHOXOGHELWRULORUDFHVWHL

a.

/D QLYHOXO E QFLL PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DOWHOH
DFFHSWDUHD

XQRU

RSHUD LXQL

ULVFDQWH

GH

FUHGLWDUH

FDUH

JHQHUHD] 

FUHGLWH

QHSHUIRUPDQWH

LQVXILFLHQWD FXQRDWHUH D VLWXD LHL ILQDQFLDUH D GHELWRUXOXL GLDJQRVWLFXO ILQDQ

ciar defectuos al

GHELWRUXOXL DSUHFLHUHD LQFRUHFW  D UDSRUWXULORU GH VFDGHQ H vQWUH RSHUD LXQLOH DFWLYH DFRUG UL GH
FUHGLWHLFHOHSDVLYHPRELOL]DUHDGHUHVXUVHD
/D QLYHOXO GHELWRULORU PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DO

tele,

XWLOL]DUHD QHHILFLHQW  D FUHGLWHORU GHUXODUHD DFWLYLW

XWLOL]DUHDFUHGLWHORUvQDFWLYLW

LL SURSULL vQ FRQGL LL GH HILFLHQ

 VF ]XW 

LQHDGXF WRDUHGHSURILWVDXvQMRFXULGHEXUV D

Q DIDU  GH ULVFXULOH GH UDPEXUVDUH vQ DFWLYLWDWHD E QFLORU DSDU LDOWH ULVFXUL JHQHUDWH GH
vPSUHMXU ULGLIHULWH

a)

ULVFXO LQVROYDELOLW

LL

sau al pierderii de capital, care apare din cauza creditelor

QHSHUIRUPDQWH vQ SULPXO UkQG D FHORU QHUHFXSHUDELOH L D FUHWHULL UDWHL GREkQ]LL $FHDVWD GLQ
XUP  P UHWH HIRUWXO GH UDPEXUVDUH DO GHELWRULORU L UHVWUkQJH VIHUD XWLOL] ULORU HILFLHQWH DOH
FUHGLWXOXL (VHQ LDO SHQWUX XWLOL]DUHD HILFLHQW  D FUHGLWXOXL HVWH FD GHELWRUXO V  vQWUHSULQG 
DFWLYLW

L D F URU SURILWDELOLWDWH V  ILH SR]LWLY  UH]XOWDWXO DFWLYLW

acopere costul resurselor cu care s-DILQDQ DWDFWLYLWDWHD'DF

LL GLPLQXDW FX LPSR]LWHOH V 

UDWDILVFDOLW

LLLUDWDGREkQ]LLVXQW

ULGLFDWH DWXQFL VIHUD XWLOL] ULL HILFLHQWH D FUHGLWXOXL VH UHVWUkQJH LDU ULVFXO GH LQVROYDELOLWDWH
FUHWH

ri = f(t,d)

f t > 0
f d > 0

(137.1)

unde: ri = riscul de insolvabilitate;

t UDWDILVFDOLW LL
d = rata dobnzii.
0XO LDXWRUL vQVSHFLDOIUDQFH]LL DPHULFDQL vQWUHFDUH0RGLJOLDQLODXUHDW1REHO SHQWUX
HFRQRPLH DUDW  F  ULVFXO LQVROYDELOLW

LL GHSLQGH GLUHFW GH PDVD FUHGLWHORU DFRUGDWH GH R EDQF 

)XQF LDVHSRDWHUHVFULHvQWU RIRUP FRPSOHWDW

ri = f(C,t,d)

f'c > 0

XQGH & HVWH PDVD WRWDO  D FUHGLWHORU DFRUGDWH GHSHQGHQ D ULVFXOXL ID

mai sus, iar f(HVWHHYLGHQWRDOW

(137.2)
 GH W L G VH S VWUHD]  FD

IXQF LHGHFkWFHDSUHFHGHQW 

3UHYHQLUHD LGLPLQXDUHDDFHVWXLULVFVHIDFHSHED]DXQRUQRUPHSUXGHQ LDOHGLQWUHFDUH

XQHOHLPSXVHvQPRGH[SUHVGH%DQFD&HQWUDO 'LQWUHDFHVWHQRUPHFHOHPDLX]XDOHVXQW

REOLJD LDXQXLFDSLWDOPLQLPSURSULXDOE
norma lui Cooke

QFLL

143

nC =

KP

8%

(138)

C j rj
j=1

unde: nC = coeficientul lui Cooke;

KP FDSLWDOXOSURSULXDOE QFLL
j = indice pentru identificarea tipului de credit acordat ;
n
QXP UXOGH tipuri de credite acordate;
rj = riscul specific tipului j de credit.

FRWD PD[LP  SH FDUH FUHGLWHOH DFRUGDWH XQXL DQXPLW FOLHQW L HIHFWLYH OD XQ PRPHQW GDW R

SRDWHDYHDvQFDSLWDOXOSURSULXDOE QFLLFRW FDUHGHUHJXO HVWHGH

FRWDPD[LP SHFDUHFUHGLWHOHDFRUGDWHGHELWRULORUGHVI XUkQGXQDQXPLWJHQGHDFWLYLWDWHL

efective la un moment dat o poate avea n totalul creditelor n derulare la acel moment (de
UHJXO VDXvQFDSLWDOXOSURSULXDOE QFLL
8OWLPHOH

GRX 

QRUPH

DX

vQ

YHGHUH

iminuarea riscului de insolvabilitate prin

GLYHUVLILFDUHDSRUWRIROLXOXLGHDFWLYHDOE QFLL

b) riscul lipsei de lichiditate DSDUH vQ VLWXD LD vQ FDUH EDQFD QX GLVSXQH GH UHVXUVH GLQ
FDUH V  DFRSHUH SO

LOH VFDGHQWH OD XQ PRPHQW GDW SO

L RUGRQDWH GH FOLHQ LL HL D IL I FXWH GLQ

FRQWXULOHSHFDUHDFHWLDOHDXGHVFKLVHODFKLDUEDQFDvQFDX] FKHOWXLHOLOHSURSULLGHIXQF LRQDUH

DE QFLLFHUHULOHGHvQFKHLHUHGHFRQWXULVDXOLFKLG ULGHGHSR]LWH
6LVWHPXOEDQFDULvQSULPXOUkQG%DQFD&HQWUDO SUHFXPLSLD DPRQHWDU vQVLQHRIHU 
R YDULHWDWH GH SRVLELOLW

L SHQWUX GHS LUHD XQHL DVWIHO GH GLILFXOW

L VFRQWDUHD VDX UHVFRQWDUHD

SRUWRIROLXOXL GH HIHFWH FRPHUFLDOH DQJDMDUHD XQRU FUHGLWH FRQMXQFWXUDOH GH VFXUW  GXUDW  SH
SLD D LQWHUEDQFDU  ORPEDUGDUHD WLWOXULORU GH VWDW UHILQDQ DUHD GH VFXUW  GXUDW  GH OD %DQFD
&HQWUDO 'HDFHHDULVFXOGHOLFKLGLWDWHHVWHvQPRGRELQXLWQXXQULVFGHLQWUDUHvQLQFDSDFLWDWHD
GH SODW  FL XQ ULVF DO FRVWXULORU VXSOLPHQWDUH SUHVXSXVH GH SURFXUDUHD PLMORDFHORU GH SODW 

insuficiente la un moment dat.

&RVWXO GLVSRQLELOLW
FXUHQWHID

LORU UH]XOWDWH vQ PRG ILUHVF GLQ VROGXO SR]LWLY GHSXQHUL  vQFDV UL

GHUHWUDJHULSO

LFXUHQWHHVWHvQJHQHUDOPLFILLQGF UDWDGREkQ]LLODGHSXQHULHVWH

PDLPLF GHFkWUDWDGREkQ]LL
&RVWXO GLVSRQLELOLW

la creditele bancare.
LORU SURFXUDWH DG-hoc, ntr-R VLWXD LH GH OLSV

 GH OLFKLGLWDWH HVWH PDL

PDUH L UH]XOW  FD ILLQG VXSOLPHQWDU FRVWXULORU FXUHQWH RUGLQDUH $FHVW FRVW GLPLQXHD]  SURILWXO
E QFLL VDX vO SRDWH IDFH QHJDWLY FX UHSH

rcusiuni defavorabile provenite din comportamentul de

UHVSLQJHUHDS UXWODDF LRQDULLE QFLL

Diminuarea riscului de lichiditate se face prin politica de atrageri de depuneri (dobnzi

prin alegerea plasamentelor
FRUHFWHLPDLDOHVSULQWU-REXQ FRUHODUHDGXUDWHLGHSR]LWHORUFXFHDDFUHGLWHORUDFRUGDWH
c) ULVFXO GH GREkQG  DSDUH vQ VLWXD LD vQ FDUH HYROX LD UDWHL GREkQ]LL VH SURGXFH vQWU-un
VHQVQHIDYRUDELOE QFLL$VWIHOvQFD]ul n care banca a acceptat depozite remunerate cu d1%, iar
vQ WLPS SH SLD D PRQHWDU  DFHDVW  UDW  V-a diminuat la d2 GLIHUHQ D GLQWUH FHO GRX  UDWH GH
DWUDFWLYHSURGXVHEDQFDUHQRLSULQ SROLWLFDMXGLFLRDV  GHFUHGLWDUH

GREkQG UHSUH]LQW SHQWUXEDQF XQFRVWVXSOLPHQWDUDOGLVSRQLELOLW

LORUVDOHQPRGVLPLODUvQ

cazXO F  UDWD GREkQ]LL OD GHSR]LWH HVWH G1 L U PkQH QHPRGLILFDW  LDU UDWD GREkQ]LL OD FUHGLWH
era de d2% > d1%, dar s-a diminuat n timp la d3 GLIHUHQ D G2 d3% se constituie n costuri
VXSOLPHQWDUHVDXFKLDUvQSLHUGHULGDF G2% < d3%. Acest risc apare, n principiu, tot ca un risc de
costuri suplimentare.
'LPLQXDUHDDFHVWXLULVFVHIDFHSULQP VXULSUHYHQWLYHLQFOX]kQGvQGREkQGDODFUHGLWHR
FRW UHIOHFWkQGDFHVWULVFVDXDFFHSWkQGVFDGHQ HODFUHGLWHGDULODGHSR]LWHvQOLPLWDRUL]RQWXOXL

de preGLF LHFDUHLQGLF

RHYHQWXDO PRGLILFDUHQHIDYRUDELO DUDWHLGHGREkQG FXFHD PDLPLF 

SUREDELOLWDWH'HDVHPHQHDVHSRDWHIDFHSULQFODX]DYDULDELOLW

LLUDWHLGREkQ]LL

d) riscul eroziunii capitalului DSDUH vQ VLWXD LD vQ FDUH LQIOD LD DIHFWHD]
-

 UDW

a dobnzii

I FkQG R UHDO QHJDWLY  YH]L UHOD LD  $FHVW OXFUX VH SURGXFH GH UHJXO  DWXQFL FkQG
HYROX LD HIHFWLY  D SURFHVXOXL LQIOD LRQLVW GHS HWH SUHGLF LLOH FHOH PDL SHVLPLVWH SH FDUH EDQFD

144

le-a avut n vedere la momentul stabilirii ratei dobnzii.

e) riscul valutar HVWH OHJDW GH HYROX LD FXUVXULORU GH VFKLPE DOH GLYHUVHORU PRQHGH
QD LRQDOHvQSULPXOUkQGDFHORU FXFDUHR EDQF OXFUHD] vQ PRGFXUHQW$FHVWULVFHVWH JHQHUDW
GH VWDUHD HFRQRPLLORU QD LRQDO VWU LQH FDUH GHWHUPLQ  vQ PRG HVHQ L

al paritatea momentelor lor

FX PRQHG 

ULL 5LVFXO GHYLQH HIHFWLY DWXQFL FkQG R EDQF  GH LQH GHSR]LWH DUH UH]HUYH VDX D

I FXW SODVDPHQWH vQWU R YDOXW  VWU LQ  GH SLOG  (852 LDU DFHDVWD VH GHSUHFLD]  vQ UDSRUW FX R

DOWDGHSLOG GRODUXODPHULFDQVDX\HQXOMDSRQH]'LVSRQLELOLW

LOHYDOXWDUHDOHE QFLLvQFDX] DX

vQDFHVWIHORSXWHUHGHFXPS UDUHPDLPLF vQGRODULVDX\HQLGHFkWDYHDvQPRPHQWXOFRQVWLWXLULL

GHSR]LWHORULUH]HUYHORUVDXDOHIHFWX ULLSODVDPHQWHORU

Diminuarea acestui risc se face prLQGLYHUVLILFDUHDYDOXWHORUFXFDUHOXFUHD]

REDQF SULQ

DFXUDWH HD HIHFWX ULL SUHGLF LLORU SULYLQG SLD D YDOXWDU  SULQ SURPRYDUHD RSHUD LXQLORU GH VHQV
LQYHUVSULQFRQVXOWDUHDDJHQ LLORUGHUDWLQJHYDOXDUHDULVFXULORUGH DU VDXGHEDQF 

f) risFXO GH

DU

 HVWH OHJDW GH SHUIRUPDQ HOH HFRQRPLFH DOH XQHL

UL GH HYROX LD

FRQMXQFWXULLHFRQRPLFHLSROLWLFHGLQWU R DU GHVWDELOLWDWHDFRQWH[WXOXLPHGLXOXLHFRQRPLFL

politic al acesteia.
'LPLQXDUHD DFHVWXL ULVF VH IDFH SULQ LQIRUPDUHD FRQWLQX  FRUHFW  L RELHFWLY  DVXSUD
HYROX LHLFDGUXOXLMXULGLFR OHJLVODWLYDO

ULLvQFDX] LFRQVXOWDUHDDJHQ LLORUGHUDWLQJ

3.2. Garantarea creditului

([LVWHQ D ULVFXOXL vQ RSHUD LXQLOH GH FUHGLW D FRQGXV vQ PRG UD LRQDO OD SUHRFXSDUHD

creditorului pentru diPLQXDUHD DFHVWXLD L SHQWUX DFRSHULUHD OXL vQ FD]XO vQ FDUH V-a produs.
*DUDQWDUHD FUHGLWXOXL HVWH OHJDW  GH DPEHOH SUREOHPH PHQ LRQDWH GDU HVWH GLUHF LRQDW  vQ ILQDO
SHQWUX DFRSHULUH DGLF  SHQWUX FUHDUHD XQHL SRVLELOLW

L FHUWH GH UHFXSHUDUH D SLHUGHULL

(total sau

P FDUSDU LDOvQFD]XOvQFDUHULVFXOV

-a produs.

3UDFWLFD EDQFDU  D LQVWLWXLW PDL PXOWH IRUPH GH JDUDQWDUH D XQXL FUHGLW GLQWUH FDUH XQHOH
YLUWXDOH JDUDQ LD SHUVRQDO  JDUDQ LD XQXL WHU  JDUDQ LD VWDWXOXL L DOWHOH UHDOH UH LQHUH JDM

iSRWHF

SULYLOHJLX
*DUDQ LDSHUVRQDO

VHvQWHPHLD] SHFDOLWDWHDGHSDUWHQHUFRUHFWDGHELWRUXOXLFXQRVFXW 

vQ WLPS GH F WUH FUHGLWRU L SUHVXSXV  SH ED]D UH]XOWDWXOXL XQHL DQDOL]H ILQDQFLDUH SULYLQG
FDSDFLWDWHDGHSODW GHGHELWRUXOXLLIH]DELOLWDWHDDFWLYLW

LLDF UHLFUHGLWDUHRVROLFLW 

*DUDQ LD XQXL WHU  VH vQWHPHLD]  SH DQJDMDPHQWXO VFULV DVXPDW GH F WUH WHU  F  YD SO WL
GDWRULDvQFD]F GHELWRUXOHVWHvQLPSRVLELOLWDWHGHDRIDFH7HU XOQXPLW

garant, se poate angaja

strictamente pentru datoULD

SH FDUH R JDUDQWHD]  L QXPDL GXS  R HYHQWXDO  H[HFXWDUH

SDWULPRQLDO DGHELWRUXOXLJDUDQ LDVLPSO

VDXI U FRQGL LLOHPHQ LRQDWHJDUDQ LDVROLGDU

*DUDQ LD VWDWXOXL DSDUH GH UHJXO  vQ FD]XO vQ FDUH FUHGLWRUXO DUH DSDUWHQHQ

iar deELWRUXOODVWDWXOJDUDQW*DUDQ LDVWDWXOXLSRDWHILLQGLYLGXDOL]DW

).

 OD DOW  DU 

SHQWUXXQDQXPLWGHELWRU

VDX QX SHQWUX XQ DQXPLW JHQ GH DFWLYLWDWH HFRQRPLF  R DQXPLW  ]RQ  JHRJUDILF  R DQXPLW 
FDWHJRULHGHGHELWRUL*DUDQ LDVWDWXOXLVHLQVWLWXLHGHUHJXO SULQ

lege.

5H LQHUHDSUHVXSXQHF XQ FUHGLWRUSRDWHUH LQHXQEXQFRUSRUDO SURSULHWDWHDGHELWRUXOXL

SkQ FkQGDFHVWDvLVWLQJHFRPSOHWGDWRULD5H LQHUHDVHSRDWHIDFHQXPDLFRQGL LRQDW

-EXQXOUHVSHFWLYV DLE OHJ WXU FXGDWRULD

-GDWRULDV ILHFHUW LH[LJLELO 
GajulSUHVXSXQHF GHELWRUXOvLJDUDQWHD] GDWRULDFXXQEXQDOV XSHFDUHvOUHPLWHVDX
QXvQPRGHIHFWLYFUHGLWRUXOXL3ULPDVROX LHHVWH gaj cu deposedare (n care caz creditorul poate
solicita un titlu de gajare), iar a doua JDM I U  GHposedare $WkW FUHGLWRUXO FkW L GHELWRUXO DX
GUHSWXULLREOLJD LLvQUDSRUWFXJDMXO
&UHGLWRUXO WUHEXLH V  FRQVHUYH JDMXO vQ VWDUHD vQ FDUH O-D SULPLW L QX-O SRDWH vQVWU LQD vQ
nici - XQ IHO QLFL JDMD VDX LSRWHFD SH SHULRDGD SkQ  OD VFDGHQ D FUHGLWului generator. n schimb,
are GUHSWGHSUHIHULQ GHDILSO WLWvQDLQWHDDOWRUFUHGLWRULvQFD]XOFkQGGHELWRUXOHVWHH[HFXWDW
patrimonial prin vinderea gajului), GUHSW GH XUP ULUH GDF  SURSULHWDUXO EXQXOXL JDMDW VH
VFKLPE GUHSWGHUH LQHUHLGUHSW de vnzareV VROLFLWHYkQ]DUHDvQMXVWL LHDEXQXOXLvQFD]XO
LPSRVLELOLW LLGHELWRUXOXLGHD-LVWLQJHGDWRULD

145

Debitorul are dreptul de a-L SUHWLQGH JDMXO vQ FD]XO VWLQJHULL GDWRULHL vQ FRQGL LLOH
FRQYHQLWHODJDMDUHLDUHREOLJD LDGHDQXVFKLPEDFXUHDFUHGLQ

VLWXD LDMXULGLF DJDMXOXL

 FUHGLWRUXOXL GUHSWXO DVXSUD XQXL EXQ LPRELO

Ipoteca HVWH DFWXO SULQ FDUH GHELWRUXO DFRUG

WHUHQ FRQVWUXF LH I U  GHSRVHGDUH L FX SXEOLFLWDWH ,SRWHFD VH SRDWH LQVWLWXL SULQ OHJH LSRWHF
OHJDO

), prin cRQVLP LUHLSRWHF

LSULQMXVWL LHLSRWHF

FRQYHQLW

MXGLFLDU

&UHGLWRUXOvLS VWUHD] vQDFHVWFD]GRDUGUHSWXOGHSUHIHULQ

nu are nici -RREOLJD LHOHJDW

).

LGUHSWXOGHXUP ULUHGDU

GHEXQXOLSRWHFDW

'HELWRUXO vL S VWUHD]  REOLJD LD GH EXQ  FUHGLQ

 L DUH GUHSWXO GH D IL vQ GHSOLQ  L

DEVROXW SRVHVLHDEXQXOXLV XLSRWHFDWRGDW FXVWLQJHUHDREOLJD LHLJHQHUDWRDUH

Privilegiul este dreptul legal conferit unor creditori de a avea prioritate n recuperarea
creditului acordat, n cazul n care debitorul este executat patrimonial. Legea instituie privilegii
JHQHUDOHVDXVSHFLDOHSUHFXPLWRWDOHPRELOLDUHVDXLPRELOLDUH

ntr-XQ FRQWH[W PDL ODUJ UHIHULWRU OD JDUDQWDUHD QX QXPDL D FUHGLWHORU FL OD OLFKLGLWDWHD L
solvabilitatea unei instLWX LLEDQFDUHVXQWSUDFWLFDWHIRQGXOGHUH]HUY LDVLJXUDUHD
)RQGXO  IRQGXULOH GH UH]HUY

 VH FRQVWLWXLH GLQ SURILWXO E QFLL L VXQW FRQVHPQDWH vQ

FRQWXUL VSHFLDOH FX SRVLELOLWDWHD GH XWLOL]DUHD vQ FRQGL LL SUHDODELO VWDELOLWH LQkQG GH FDSDFLWDWHD

dHSODW

DE QFLLODXQPRPHQWGDWQPRGVLPLODUIXQF LRQHD] FDRP VXU SUHYHQWLY GDULGH

SROLWLF  PRQHWDU 

rezerva obligatorie LQVWLWXLW

 GH %DQFD &HQWUDO  $FHDVW  P VXU  VH UHIHU  OD

REOLJD LD XQHL E QFL GH D QX DFRUGD FUHGLWH SH P VXUD GLVSRQLELOLW

LORU H[LVWHQWH OD XQ PRPHQW

dat, ci numai n limita unei cote subunitare

CA = D cc
cc = 1 - cro
unde: CA FUHGLWXODFRUGDWSHED]DGLVSRQLELOLW
D
GLVSRQLELOLW LH[LVWHnte;
cc = cota de creditare;
cro FRWDGHUH]HUY REOLJDWRULH

(139.1)
(139.2)
LORUH[LVWHQWH

Q DUD QRDVWU  FRWD GH UH]HUY  REOLJDWRULH D FUHVFXW GH OD FFD  vQDLQWH GH  LDQXDULH
ODvQFHSkQGFXDFHDVW GDW 3HQWUXDOWH
GLQ68$L vQ

ULFRWDGHUH]HUY REOLJD

torie este cca. 14%

ULOH8QLXQLL(XURSHQH

9DULD LD FRWHL DUH XQ HIHFW GH SkUJKLH PRQHWDU  GHRDUHFH GHWHUPLQ  YDULD LD PDVHL
PRQHWDUH VFULSWXUDOH SH FDUH R EDQF  R SDUWH HPLWH

disponibilit

LQkQG VHDPD GH PHFDQLVPXO FRQVWLWXLULL

LORU GH FUHGLWDUH L GH IOX[XULOH PRQHWDUH JHQHUDWRDUH GH GLVSRQLELOLW

L vQ FRQWH[WXO

VLVWHPXOXLEDQFDUDOHFRQRPLHLQD LRQDOHVHSRDWHGHWHUPLQDFRHILFLHQWXOGHPXOWLSOLFDUHDPDVHL

monetare:
k=

AsigurareaHVWHRDOW

1
cro

(140)

PRGDOLWDWHDGH JDUDQWDUHvQVHQVXO ODUJ PHQ LRQDWPDLVXVLFDUH

FRQVW  vQ SUHOXDUHD ULVFXOXL XQHL RSHUD LXQL PDMRUH GH FUHGLWDUH vQ FRQGL LLOH FRQVWLWXLULL XQXL
VLQGLFDWVDXFRQVRU LXEDQFDUDGLF GHSUHOXDUHVROLGDU DFUHGLW ULLGHF WUHPDLPXOWHE

nci.

$VLJXUDUHD HVWH SUDFWLFDW  L vQWU XQ FRQWH[W PDL UHVWUkQV DFHO DO JDUDQ LLORU UHDOH FX

H[FHS LD SULYLOHJLXOXL vQ OHJ WXU  FX FDUH FUHGLWRUXO SRDWH VROLFLWD GHELWRUXOXL V X H[LVWHQ D XQHL
DVLJXU UL GH EXQXUL FRQWUDFWDW  OD R VRFLHWDWH GH DVLJXU UL $FHDVWD SUHVXSXQH F  vQ FD]XO
GLVWUXJHULL EXQXOXL GLQ PRWLYH LQGHSHQGHQWH GH FUHGLWRU L GH GHELWRU VRFLHWDWHD GH DVLJXU UL
GHVS JXEHWH SH GHELWRU LDU FUHGLWRUXO OD UkQGXO V X vL SRDWH UHGREkQGL FRQWUDYDORDUHD
FUHGLWXOXLvQFD]XOF GHELWRUXOHVWHvQLPSRVLELOLWDWHGHSODW 

146

3.3. Sfere de creditare

/DUJD GLYHUVLILFDUH D VLWXD LLORU GH FUHGLWDUH D LPSXV GLQ QHFHVLW

L SUDFWLFH FODVLILFDUHD

FUHGLWHORU FULWHULLOH XWLOL]DWH ILLQG OD UkQGXO ORU UHODWLY QXPHURVH SHUVRDQD FUHGLWRUXOXL L

respectiv, a debitorului, obiectul creditului, sursa de creditare, modalitatea de constituire a

GLVSRQLELOLW

LORU GXUDWD FUHGLW ULL D 2 FODVLILFDUH GH ODUJ  DFRSHULUH HVWH FHD GXS  VIHUD

FUHGLW ULL vQLQWHULRUXOF UHLD SH FRPSRQHQWHOH GHILQLWH VH XWLOL]HD]  SH YHUWLFDO DOWH FULWHULL GH
FODVLILFDUHvQUDSRUWFXQHYRLOHGHHYLGHQ

VWDWLVWLF LDQDOL] 

'XS  VIHUD GHFUHGLWDUH VH LGHQWLILF FLQFLFDWHJRULL GHFUHGLW QXPLWH OD UkQGXO ORUVIHUD

de creditare): credit comercial, credit bancar, credit obligatar, creGLW LSRWHFDU L FUHGLW GH
consum.
A. Creditul comercial HVWH FHO DFRUGDW vQWUH VRFLHW LOH FRPHUFLDOH QHILQDQFLDUH $FHVWD
este consemnat n nscrisuri speciale numite efecte comerciale FDPELD SROL D D VDX vQ
contractul de vnzare - FXPS UDUH LQWHUYHQLW vQWUH S U L &UHGLWXO FRPHUFLDO DUH FDUDFWHULVWLFD GH
WUDQVIHUDELOLWDWHYH]LWU V WXULOHUDSRUWXOXLGHFUHGLWSUH]HQWDWHvQGHEXWXOFDS,9
QWUH GRX  DVWIHO GH VRFLHW

L FDUH LQWU  vQ UHOD LL GH VFKLPE GH P UIXUL YkQ]DUH

FXPS UDUH XQD VH SRDWH J VL vQ SRVWXUD GH FUHGLWRU LDU FHDODOW  GH GHELWRU vQ FD]XO vQ FDUH VH
FRQYLQHFDPRPHQWXOSO

LLV ILHGLVWLQFWGHFHODOOLYU ULLP UILL

&UHGLWRUSRDWHILIXUQL]RUXOvQFD]XOvQFDUHOLYUHD] PDUID LDFFHSW SODWD XOWHULRDU DHL

VDX FXPS U WRUXO vQ FD]XO vQ FDUH DFFHSW  SODWD vQ DYDQV D P UILL 'HELWRU HVWH vQ ILHFDUH FD] vQ
SDUWH SDUWHQHUXO FUHGLWRUXOXL GLQ FDGUXO UHVSHFWLYXOXL UDSRUW GH VFKLPE FXPS U WRUXO FDUH
SO WHWHXOWHULRUOLYU ULLUHVSHFWLYIXUQL]RUXOFDUHOLYUHD] XOWHULRUSO

LL

3HQWUXFUHGLWRUPDUIDOLYUDW UHVSHFWLYSODWDI FXW vQDYDQVHVWHRFUHDQ

DGLF RVXP 

GH EDQL FDUH vL HVWH GDWRUDW  L FDUH SHQWUX HO UHSUH]LQW  R LPRELOL]DUH GH PLMORDFH DGLF  R
XWLOL]DUHDDVXUVHORUVDOHGHILQDQ DUH
3HQWUX GHELWRU PDUID SULPLW  UHVSHFWLY VXPD vQFDVDW  vQ DYDQV HVWH R

datorie DGLF

 R

VXP  GH EDQL SH FDUH YD WUHEXL V  R SO WHDVF  L FDUH SHQWUX HO UHSUH]LQW  R PRELOL]DUH GH
PLMORDFHDGLF RVXUV GHILQDQ DUHVXSOLPHQWDU SHVWHFHOHSURSULL
$WkWFUHDQ HOHFkWLGDWRULLOHH[LVWHQWHODPRPHQWXOvQFKHLHULLXQXLELODQ VXQWHYLGHQ LDWH
FRUHVSXQ] WRUvQVWUXFWXUDDFHVWXLDSULPHOHvQDFWLYFHOHODOWHvQSDVLY
)XUQL]RUXO SRDWH GLPLQXD WHQGLQ D FXPS U WRUXOXL VSUH VROLFLWDUHD GH FUHDQ H X]kQG GH
RIHUWD FX UDEDW FDS ,,  UHOD LLOH  $FHDVWD DFFHOHUHD]  URWD LD DFWLYHORU VDOH FLUFXODQWH

diminundu-LLPRELOL]

ULOHILQDQFLDUH

&UHGLWRUXO vL SRDWH UHFRQVWLWXL GLVSRQLELOLW

LOH E QHWL X]kQG GH WUDVIHUDELOLWDWHD

FUHGLWXOXLSULQRSHUD LXQHDGHVFRQWDUHFDS

B. Creditul bancarHVWHFHOvQFDUHXQXOGLQSDUWHQHULHVWHREDQF
HVWHGXEOXFRQVWLWXLUHDGLVSRQLELOLW

6HQVXODFHVWXLFUHGLW

LORUEDQFDUHSULQGHSXQHULSHFDUHFHLFHHFRQRPLVHVFOHIDF

ODE QFLGHSR]LWHGHSXQHULvQFRQWFXUHQWLDFRUGDUHDGHFUHGLWHGHF WUHE

DX OLSV  GH GLVSRQLELOLW

nci pentru cei care

L I U  XQ VXSRUW PDWHULDO ELQH GHWHUPLQDW DYDQVXO vQ FRQW FXUHQW OLQLD

de credit) zise credite implicite L FX VXSRUW PDWHULDO SUHFL]DW FUHGLWH SHQWUX VWRFXUL FUHGLWH GH
campanie) zise credite explicite.
Depozitele VXQW GHSXQHUL I FXWH OD E QFL FX SUHFL]DUHD FDUDFWHULVWLFLORU WHPSRUDOH la
vedere, cnd depozitarul poate cere lichidarea depozitului n orice moment, cu un eventual
SUHDYL] FRQYHQLW OD FRQVWLWXLUHD DFHVWXLD L pe termen, cnd din chiar momentul constituirii se
VWDELOHWHGXUDWDGHSR]LWXOXL

Depunerile n cont curent

DSDU GH UHJXO  SHQWUX SHUVRDQHOH IL]LFH VDX MXULGLFH FDUH vL

GHVFKLGXQFRQWSULQFDUHvLUXOHD] vQFDV ULOHLSO

LOHFXUHQWH6ROGXO]LOQLFDODFHVWXLFRQWHVWH

o disponibilitDWHSHFDUHEDQFDRSRDWHIRORVLFDVXUV GHDFRUGDUHDXQRUFUHGLWH
Avansurile n cont curent QXPLWHLFUHGLWHGHFDV VDXFUHGLWHGHWUH]RUHULH$FHVWHDVXQW
SUDFWLFDWH SHQWUX FOLHQ LL FH DX GHVFKLV OD EDQF  XQ FRQW SULQ FDUH vL UXOHD]  vQ PRG FXUHQW
vQFDV ULOH L SO

LOH *DUDQ LD GHELWRUXOXL R UHSUH]LQW  FDOLWDWHD ILQDQFLDU  D DFWLYLW

LL VDOH

FXQRVFXW  vQ WLPS GH F WUH EDQF  SUHFXP L FHUWLWXGLQHD UXO ULL vQFDV ULORU VDOH SULQ UHVSHFWLYXO

cont.

147

$FRUGDUHD XQRU DVWIHO GH DYDQVXUL VH IDFH vQ FRQGL LL

GLVSRQLELOLW

le n care clientul nu are

LvQFRQWXOV XVDXvQFDV LHVWHvQVLWXD LDGHDIDFHRSODW LPSUHYL]LELO $VWIHOGH

FUHGLWHQXSUHVXSXQvQVFULVXULLGHDFHHDVXQWQHWUDQVIHUDELOHDGLF E QFLOHQX LSRWUHFRQVWLWXL

scontare. Pentru acest motiv aceste credite sunt mai scumpe.

Linia de credit HVWH PRGDOLWDWHD FHD PDL U VSkQGLW  SHQWUX DFRUGDUHD

GLVSRQLELOLW

LOHSULQ

XQXL FUHGLW

FDUDFWHUL]DW  SULQ IDSWXO F  VWDELOHWH XQ SODIRQ PD[LP DO FUHGLWXOXL DFRUGDW 6XQW SUDFWLFDWH WUHL

variante de linie de credit:

RELQXLW  FDUH QX VWDELOHWH GXUDWD FUHGLWXOXL DVWIHO vQFkW EDQFD SRDWH RULFkQG VROLFLWD

rambursarea;

FRQILUPDW FDUHVWDELOHWHGXUDWDFUHGLWXOXL
UHYROYLQJ FDUH UHvQQRLHWH SRVLELOLWDWHD GH FUHGLWDUH OD QLYHOXO SODIRQXOXL FX ILHFDUH

rDPEXUVDUHHIHFWXDW
astfel:

GHGHELWRU3RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH3&GHWHUPLQDW 

PCt = PM - Ct
unde: PM
Ct

(141.1)

= plafonul maxim de creditare;

= creditrul n uz la debitor la momentul t(Ct PM).

3H SHULRDGD W W GHELWRUXO DSHOHD]  OD XQ DOW FUHGLW GH P ULPH & LIDFH R UDPEXUVDUH

GHP ULPH53RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH

PCt+1 = PM - (Ct + C - R)
Creditul pentru stocuri HVWH R IRUP

(141.2)

 GH FUHGLW GHVWLQDW  DFRSHULULL XQHL S U L GLQ DFWLYHOH

FLUFXODQWH DOH XQHL ILUPH vQ FRPSOHWDUHD UHVXUVHORU ILQDQFLDUH SURSULL L D DOWRU VXUVH WHPSRUDU

mobilizabile (creditul comercial, pasivele stabile). Creditul poate fi solicitat anterior sau ulterior
constituirii stocului (materii prime, materiale, semifabricate, combustibil, ambalaje, produse
ILQLWHOLYUDWHSURGXVHILQLWHvQVWRFD
6ROLFLWDUHD vQ DYDQV SUHVXSXQH R DQXPLW  VWULQJHQ
LQWHUYHQLW  SH XQ PRPHQW GH OLSV  GH OLFKLGLW

 VDX RSRUWXQLWDWH D FUH ULL VWRFXOXL

L OD VROLFLWDWRU 9LLWRUXO GHELWRU VROLFLWDWRUXO

WUHEXLH V  SUREH]H FX XQ GRFXPHQW R IDFWXU  R FRPDQG   XQ FRQWUDFW LPLQHQ D FRQVWLWXLULL
VWRFXOXL 6WULQJHQ D SRDWH LQWHUYHQL GH H[HPSOX vQ FD]XO XQHL LPLQHQWH UXSWXUL GH VWRF L SH

fondul unei OLSVH GH OLFKLGLW L QWUHSULQGHUHD VROLFLW  XQ FUHGLW SHQWUX DFKL]L LRQDUHD GH EXQXUL
ce fac obiectul respectivului stoc, n vederea recreerii acestuia la nivelul normal, curent.
2SRUWXQLWDWHD SRDWH LQWHUYHQL GH H[HPSOX vQ FD]XO H[LVWHQ HL XQHL vPSUHMXU UL GH DFKL]L LH vQ
FRQGL LLDYDQWDMRDVHD XQHL S U LGLQEXQXULOH QHFHVDUHvQDFWLYLWDWHDvQWUHSULQGHULL(VWHYRUEDGH
RvPSUHMXUDUHFRQMXQFWXUDO DFKL]L LDQHILLQGSODQLILFDW FLGHYHQLW RSRUWXQ GDWRULW FRQGL LLORU
GHOLYUDUHSUH DYDQWDMRVUDSRUWIDYRUDELOSUH  FDOLWDWHUDEDWLQWHUHVDQWD

6ROLFLWDUHD XOWHULRDU  SUHVXSXQH H[LVWHQ D VWRFXOXL ILQDQ DW SkQ  OD ]L GLQ UHVXUVHOH
VROLFLWDWRUXOXL FDUH GRUHWH V  L OH UHFXSHUH]H FKLDU DWXQFL 'RFXPHQWHOH X]XDOH FH SUREHD] 

imobilizarea resurseORUVDOHLH[LVWHQ DVWRFXOXLVXQWHIHFWHOHFRPHUFLDOHFDPELHZDUDQWSROL

D6ROLFLWDWRUXOFHGHD] E QFLLHIHFWHOHUHVSHFWLYHvQVFKLPEXOUHFRQVWLWXLULLSURSULLORUUHVXUVH

DGLF  WUDQVIHU  E QFLL FUHGLWXO FH L D IRVW vQ VDUFLQ  SkQ  OD PRPHQWXO U

espectiv. Banca preia nu

QXPDLFUHGLWXOGDULX]XIUXFWXODFHVWXLDSHSHULRDGDvQFDUHFUHGLWXOvLYDILvQVDUFLQ 

Creditul de campanie VDX FUHGLWXO SHQWUX QHYRL VH]RQLHUH HVWH R IRUP  GH FUHGLW SHQWUX
acoperirea unor nevoi sezoniere de aprovizionare sDXSURGXF LH
Creditul pentru nevoi sezoniere de aprovizionare are similitudini cu creditul pentru
VWRFXULvQFD]XOVROLFLW ULLvQDYDQVvQV QXHVWHGHWHUPLQDWGHRvPSUHMXUDUHFRQMXQFWXUDO FLHVWH
SUHGLFWLELO L GHFL SODQLILFDW FD UH]XOWDW DO IDSWXOXL F  SRVLELOLWDWH GH D J VL P UIXUL GH VSH D
QHFHVDU  HVWH LQFHUW  vQ DOWH SHULRDGH vQ DOWH VH]RDQH (VWH FD]XO PDL DOHV DO PDWHULLORU SULPH
DJULFROHYHJHWDOHGDULDOXQRUP UIXULDOF URUWUDQVSRUWHVWHFRQGL LRQDWVH]RQLHUQVH]RQXOGH

aprovizioQDUH GHELWRUXO WUHEXLH GH UHJXO

 V

-L FUHH]H VWRF OD QLYHOXO QHYRLORU vQVXPDWH SH

vQWUHDJDSHULRDG GHSkQ ODVH]RQXOXUP WRU(IRUWXOILQDQFLDUHVWHPDUHLFRQFHQWUDWWHPSRUDO

148

ceea ce ar nsemna, n cazul folosirii resurselor financiare proprii, o iPRELOL]DUH PDUH L GH
GXUDW 3HQWUXDHYLWDDFHVWOXFUXGHELWRUXOVROLFLW XQFUHGLWSURWHMkQGX-LUHVXUVHOH
&UHGLWXO SHQWUX QHYRL VH]RQLHUH GH SURGXF LH HVWH VLPLODU FHOXL GH DSURYL]LRQDUH GRDU F 
RELHFWXO V X vO UHSUH]LQW  SURGXF LD FH WUHEXLH I FXW  vQ H[WUDVH]RQ SHQWUX D SXWHD U VSXQGH
SURPSW FHUHULORU PDUL IRUPXODWH vQ VH]RQ 0RWLYD LD GH SURWHF LH D SURSULLORU UHVXUVH ILQDQFLDUH
DOHGHELWRUXOXLVHS VWUHD] LvQDFHVWFD]

C. Creditul obligatarHVWHFHOvQ FDUHGHELWRUHVWHGHUHJXO

 VWDWXOGDUvQFDUHDFHDVW 

SR]L LH R SRDWH GH LQH FKLDU R DGPLQLVWUD LH SXEOLF  VDX XQ DJHQW HFRQRPLF GH SULPD PkQ  SH
SLD DUHVSHFWLY 

Creditul obligatar de stat a fost prezentat pe larg n cap. III.14.

nscrisul specific acestui credit este REOLJD LXQHD vQ FD]XO WHUPHQHORU PHGLL L OXQJL L
bonul de tezaur (n cazul termenului sub un an).
'HELWRUXO HVWH FHO FH HPLWH vQVFULVXUL SH FDUH OH SODVHD]  SH SLD D GH FDSLWDO L RE LQH vQ

locul lor resurse financiare pe care le poate utiliza n activitatea sa. Astfel, emisiunea de
REOLJD LXQL GH F WUH XQ DJHQW HFRQRPLF HVWH R VXUV  GH FDSLWDO 'LQ SXQFWXO GH YHGHUH DO
DF LRQDULORU XQHL VRFLHW

L FRPHUFLDOH DFWXDOLL ILQDQ DWRUL DL DFHVWHLD HPLVLXQHD GH REOLJD LXQL

DUHDYDQWDMXOF QXPRGLILF UDSRUWXOGHIRU HvQWUHDF LRQDULDDFXPV

-ar putea ntmpla n cazul

-o emisiune

FRPSOHW ULL VXUVHORU GH ILQDQ DUH SULQWU R FUHWHUH GH FDSLWDO VRFLDO DGLF  SULQWU

VXSOLPHQWDU  GH DF LXQL 3ULQFLSDOHOH GHVWLQD LL DOH UHVXUVHORU RE LQXWH SULQ FUHGLWXO REOLJDWDU DO
DJHQ LORU HFRQRPLFLHVWHIRUPDUHD EUXW  GH FDSLWDO IL[ VDX FLUFXODQW L SODVDPHQWHOD DOWHILUPH
SDUWLFLSD LHVDXSUHOXDUHDSDFKHWXOXLGHFRQWURO
'LQSXQFWXOGHYHGHUHDOVRFLHW

LLFRPHUFLDOHHPLWHQWHFUHGLWXOREOLJDWDUDUHDYDQWDMXOGH

a fi mai ieftin deFkWFDSLWDOXOSURSULXGHRDUHFHUDWDGREkQ]LLSUH XOFDSLWDOXOXLvPSUXPXWDWHVWH

GHUHJXO PDLPLF GHFkWFHDDGLYLGHQGXOXLSUH XOFDSLWDOXOXLSURSULX

n ultimii 20 de ani, creditul obligatar a cunoscut o extensie a formelor pe termen scurt,

pentru care sunt utilizate ca nscrisuri bonurile de depozit sau certificatele de depozit emise de
DJHQ L HFRQRPLFL SULYD L vQ WHUPLQRORJLD DPHULFDQ  FRPPHUFLDO SDSHUV Q 5RPkQLD DFHDVW 
SUDFWLF  QX HVWH X]XDO  vQ OHJ WXU  FX DJHQ LL HFRQRPLFL QHILQDQFLDUL GDU VH SUDFWLF  SH VFDU 
ODUJ GHE QFLSHWHUPHQPDLDOHVGHLGH]LOH
0XOWLSOLFDUHD SRVLELOLW

LORU GH SODVDPHQW VXE IRUPD FUHGLWXOXL REOLJDWDU SUDFWLFDW GH

DJHQ LL HFRQRPLFL SULYD L GDU L GH VWDW VDX DGPLQLVWUD LL SXEOLFH SUHFXP L LQVXILFLHQ D
SRVLELOLW

LLSODVDWRULORUGHDHYDOXDVLQJXULULVFXULOHSHOHLQFXPE GLYHUVHOHSODVDPHQWHDXI FXW

V  SUROLIHUH]H DJHQ LLOH GH HYDOXDUH D ULVFXULORU SODVDPHQWHORU FDUH RIHU  FRQVXOWDQ

sens, numite DJHQ LLGHUDWLQJ.

D. Creditul ipotecarHVWHFHODOF

UXLRELHFWvO UHSUH]LQW PDWHULDSURSULHW

 vQ DFHVW

LLLPRELOLDUH

FRQVWUXF LLLWHUHQXULQWUHFUHGLWRULGHELWRULQWHUYLQHXQFRQWUDFWSRWULYLWF UXLDSULPXOSXQHOD

GLVSR]L LD FHOXL GH DO GRLOHD R VXP  SULQ FDUH DFHVWD GLQ XUP  V

-L FRQVWLWXLH VDX V -L H[WLQG

SURSULHWDWHDLPRELOLDU &RQWUDFWXODYkQGvQYHGHUH RELHFWXOVSHFLILFDOFUHGLWXOXLFRQ LQHXQHOH

prevederi caracteristice:

PHQ LRQDUHDSURSULHW

REOLJD LLOHFHGHFXUJvQFD]XOUDPEXUV ULLDQWLFLSD

LLFXFDUHVHJDUDQWHD] vPSUXPXWXO

FRQGL LLOHvQFDUHGHELWRUXOSRDWHSLHUGHSURSULHWDWHD

te;

Creditul ipotecar are mai multe forme:

a) vPSUXPXWSHLSRWHF FXGREkQG IL[ ;
b) vPSUXPXW SH LSRWHF  FX GREkQG  YDULDELO

 vQ FDUH FD] YDULD LD GREkQ]LL HVWH

GHWHUPLQDW  SH ED]D XQXL LQGLFDWRU VSHFLILF DO SLH HL ILQDQFLDUH PHQ LRQDW H[SUHV vQ

contractul de credit;
c)

vPSUXPXWSHLSRWHF

FXUDPEXUVDUHSURJUHVLY

SULQFDUHGHELWRUXOSO WHWHE QFLLvQ

SULPD SHULRDG  D GXUDWHL GH vPSUXPXW GRDU R FRW  GLQ UDWD  DPRUWLVPHQWXO RELQXLW

diminuarea ratei scDGHQWH SRDWH IL PRGLF

   VDX IRUWH SkQ  OD  vQ FDUH

FD] UDPEXUVDUHD FDS W  vQ UHVSHFWLYD SHULRDG  XQ FDUDFWHU TXDVLVLPEROLF HVWH R
IRUP  GH FUHGLW FH vQFXUDMHD]  SH FHL vQWUHSULQ] WRUL FX GLVSRQLELOLW

L PRGHVWH GDU

149

care au reale perspectivHGHFUHWHUHvQWLPSDFDSDFLW LLORUGHSODW 

d) credit ipotecar inversat HVWH R IRUP  SULQ FDUH GHELWRUXO vQFHDUF  V -L GLPLQXH]H
pierderile probabile rezultate din imobilizarea propriilor resurse ntr-o proprietate
LPRELOLDU  'XS  DFKL]L LD RELHFWXOXL imobil din propriile sale resurse, proprietarul
LSRWHFKHD] DFHVWRELHFWRE LQkQGFHOSX LQSDU LDOUHVXUVHILQDQFLDUHODQLYHOXOFHORU
LQYHVWLWH vQ UHVSHFWLYD DFKL]L LH $FHVWH UHVXUVH VXQW SODVDWH SH WHUPHQ OXQJ LDU GLQ
DQXLW

LOHUH]XOWDWHUDPEXUVHD] FUHGLWXOLSRWHFDUSHFDUHO

-a preluat.

E. Creditul de consumHVWHFHODOF

UXLRELHFWvOIRUPHD] FRQVXPXOSHUVRQDO'HELWRUXO

HVWHGHUHJXO RSHUVRDQ IL]LF XQFRQVXPDWRUFDUHGRUHWHV FRQVXPHGHFLV DFKL]L LRQH]H

dar nu are suficiente resurse. Creditorul poate fi un furnizor oarecare de bunuri de consum sau
EDQFD 'HELWRUXO SRDWH DSHODFUHGLWXO ILH ODIXUQL]RU ILH OD EDQF  IRUPD FUHGLWXOXL LQL LDO GXS 
FXP L IXUQL]RUXO SRDWH V  WUDQVIHUH SULQ VFRQWDUH VSUH EDQF  FHO SX LQ R SDUWH GLQ

creditele

DFRUGDWHLQL LDOFKLDUGHF WUHHOIRUPD

creditului ulterior).

&UHGLWXOGHFRQVXPFXQRDWHGRX IRUPHPDLU VSkQGLWH

a) credit deschis QXPLW L FX UDPEXUVDUH QHHDORQDW

 vQ FDUH FUHGLWRUXO HVWH GLVSXV V 

DFRUGHXQFUHGLWI U DVWDELOLVFDGHQ HGHUDPEXUVDUHXUPkQGFDGHELWRUXOV DLE LQL LDWLYDSO

LL

vPSUXPXWXOXL HVWH R IRUP  GH FUHGLW I U  vQVFULV SUDFWLF  SHQWUX FOLHQ LL ILGHOL L GHVSUH FDUH VH
WLH F  DX FDSDFLWDWH GH SODW  vQ FD] GH FUHWHUH DODUPDQW  D GDWRULHL QHUDPEXUVDWH GH UHJXO 
FUHGLWRUXOvQFHWHD] DFRUGDUHDGHQRLFUHGLWH

b) FUHGLWHDORQDWvQFDUHS

U LOHVWDELOHVFGHFRPXQDFRUGvQF GHODDWULEXLUHDFUHGLWXOXL

VFDGHQ HOHLFXDQWXPXOUDPEXUV ULORU

3.4. Instrumente de credit

Instrumentele de credit sunt nscrisuri care

DWHVW  H[LVWHQ D XQHL UHOD LL GH FUHGLW $FHVWH

LQVWUXPHQWHQXDXYDORDUHvQVLQHSURSULHVDXLQWULQVHF FLVXQWGRDUXQVLPERODFFHSWDWSHQWUX

DIDFHSO L$FHVWHvQVFULVXULVHPDLQXPHVFtitluri de credit. Formele acestor titluri sunt legate,
n prinFLSDO GH VIHUD GH FUHGLWDUH GDU L GH LQL LDWLYD GH SODW  D WLWXODULORU GH GLVSRQLELOLW L
GH LQXWH vQ E QFL VDX D IXUQL]RULORU SH FUHGLW vQ YHGHUHD vQFDV ULL VXPHORU SH FDUH OL OH GDWRUHD] 
FOLHQ LLORU

Legat de sfera de creditare sunt uzuale cambia cuIRUPHOHHLELOHWODRUGLQSROL

WUDW L

ZDUDQW vQ FD]XO FUHGLWXOXL FRPHUFLDO ELOHW GH EDQF  L &(& vQ FD]XO FUHGLWXOXL EDQFDU
REOLJD LXQHERQGHWH]DXUFHUWLILFDWGHGHSR]LWvQFD]XOFUHGLWXOXLREOLJDWDU
/HJDW GH LQL LDWLYD GH SODW  D WLWXODULORU GH GLVSRQLELOLW

L GH LQXWH vQ E QFL DGLF  GH

SRVHVRULLGHGHSR]LWHVDXFRQWXULFXUHQWHVXQWX]XDOHRUGLQXOGHSODW LYLUDPHQWXO

/HJDW GH LQL LDWLYD GH SODW  D IXUQL]RULORU SH FUHGLW FHL FH DX OLYUDW EXQXUL XQRU FOLHQ L
XUPkQGFDSODWDV VHGDF XOWHULRUVXQWX]XDOHDYL]XOGHSODW LGLVSR]L LDGHSODW 

CambiaHVWHXQWLWOXGHFUHGLWFHDWHVW

REOLJD LDGHDVHSO WLVDXGHDIDFHV VHSO WHDVF 

ODVFDGHQ DPHQ LRQDW VXPDvQVFULV vQWLWOX

Biletul la ordinHVWHFDPELDFXGRLSDUWLFLSDQ i:

WUDVXO FHO FH vL DVXP  REOLJD LD GH SODW  HO HVWH HPLWHQWXO DGLF  VXEVFULLWRUXO ELOHWXOXL
UHVSHFWLYFHOFDUHvLFUHHD] RREOLJD LHDGLF DUHRGDWRULHID

GHEHQHILFLDULSHFDUHFKLDU

HORYDSO WL

EHQHILFLDUXOFHOFDUHYDvQFDVDODVFDGHQ
RFUHDQ

VXPDPHQ LRQDW vQELOHWDGLF FHOFHL

DIRVWDFRUGFDSDUWHQHUXOV XGHDIDFHULV

-LU

-a asumat

PkQ GDWRU

QFLUFXLWXOELOHWXOXL ODRUGLQILJSDUWLFLS vQDIDU  GHFHOH GRX S U LLE QFLOHSULQ

FDUH HOH vL GHUXOHD]  vQFDV ULOH  SO

LOH &LUFXLWXO SXQH vQ HYLGHQ

 DWkW IOX[XULOH UHDOH

JHQHUDWRDUHGHREOLJD LLFUHDQ HE QHWLFkWLIOX[XULOHPRQHWDUH

150

1
TRAS

fluxul real
circuitul de document
flux monetar

BENEFICIAR

5
BANCA
EMITENTULUI

BANCA
BENEFICIARULUI

Fig.2. Circuitul biletului la ordin

Q ED]D XQHL vQ HOHJHUL UHFLSURFH FRQWDFW FRQYHQ LH HWF EHQHILFLDUXO vQ FDOLWDWH GH
IXUQL]RUOLYUHD] SUHVWHD] FOLHQWXOXLV XRSDUWLG GHPDUI XQVHUYLFLXvQILJFLUFXLWXO
D F UHL SODW  FOLHQWXO QX R SRDWH IDFH SH ORF D

stfel nct, cu acceptul furnizorului, i emite

DFHVWXLD XQ ELOHW OD RUGLQ  Q DFHVWD VH PHQ LRQHD]  QXPHOH HPLWHQWXOXL DGUHV FRQW EDQFDU
EDQFDODFDUHHVWHGHVFKLVFRQWXOLDOWHGDWHGHLGHQWLILFDUHVXPDGDWRUDW GDWDLORFXOHPLWHULL

scaden DORFXOSO

LLQXPHOHEHQHILFLDUXOXLSO

LL%HQHILFLDWXOUHPLWHELOHWXOE QFLLVDOHFDUH

vLYDUV VXPDvQFRQWVXEIRUPDXQXLFUHGLWLFRQWUDXQHLUHPXQHU ULVXEIRUP GHFRPLVLRQ

%DQFD EHQHILFLDUXOXL SUH]LQW  ELOHWXO OD SODW  E QFLL HPLWHQWXOXL  FDUH DFKLW  ELOHWXO OD RUGLQ
LDUODVFDGHQ

UH LQHVXPDSOXVFRPLVLRQLGREkQ]LGLQFRQWXOHPLWHQWXOXL

%LOHWXO OD RUGLQ PDLFRQ LQH XQ HOHPHQW GH FRQILUPDUH L XQXO GH JDUDQWDUH &RQILUPDUHD
HVWH I FXW  SULQ VHPQ WXUD HPLWHQWXOXL GDWDW  L vQVR LW  GH PHQ LXQHD Y ]XW *DUDQWDUHD HVWH
I FXW GHXQWHU QXPLW

avalistFDUHvLDVXPDREOLJD LDGHDSO

WLODVFDGHQ

vQFD]F HPLWHQWXO

HVWH vQ LPSRVLELOLWDWH GH SODW  $YDOLVWXO JDUDQWHD]  SULQ VHPQ WXU  VSHFLILFkQG SHQWUX FLQH D

gaUDQWDWUHVSHFWLYSHQWUXHPLWHQWFXPHQ LXQHDDYDOL]DW

TrataVDXSROL DHVWHRFDPELHFXWUHLSDUWLFLSDQ L

trasulFXDFHLDLSR]L LHFDvQFD]XOELOHWXOXLODRULQGDUFDUHQX-LPDLDVXP
GHSODW FLHVWHSXVFKHPDWV SO WHDVF GHF WUHFLQHYDID

VLQJXUREOLJD LD

GHFDUHDUHRGDWRULHE QHDVF 

beneficiarul FX DFHLDL SR]L LH FD vQ FD]XO ELOHWXOXL OD RUGLQ GDU FDUH QX D DYXW R UHOD LH GH
DIDFHULGLUHFW FXWUDVXOFLFXSHUVRDQDF UXLDDFHVWDvLHVWHGDWRU

WU

WRUXO

este simultan datornic fa

GHEHQHILFLDULFUHDQ LHUID

UHOD LL GLUHFWH GH DIDFHUL HO SO WHWH GDWRULD ID

ID

GHWUDVDYkQGFXDPkQGRL

 GH EHQHILFLDU FX GDWRULD SH FDUH WUDVXO R DUH

GHHOHVWHHPLWHQWXOSROL HL
Q FLUFXLWXO WUDWHL ILJ  SDUWLFLS  vQ DIDUD FHORU WUHL S U L L E QFLOH WUDVXOXL L

beneficiarului.
TRAGATOR
1

BENEFICIAR

TRAS

8
BANCA
TRASULUI

6
7

BANCA
BENEFICIARULUI

)LJ&LUFXLWXOSROL HL
FXDFHOHDLVHPQLILFD LLJUDILFHFDvQILJ

151

QED]DXQHLvQ HOHJHULUHFLSURFHvQWUHWUDVLWU J WRUSULPXOvLHVWHGDWRUVDXvLYDILGDWRU

celuilalt pentru o livrare / prestare pe care acesta i-DI

FXW

-o / i-o va face (n fig. 3 circuit 1). Se

-

FRQYLQH GH DVHPHQHD FD VWLQJHUHD GDWRULHL V  VH IDF  SULQWU R SODW  SH FDUH WUDVXO V  R IDF  vQ
IDYRDUHDEHQHILFLDUXOXLLQGLFDWGHWU J WRU7U J WRUXODSULPLWYDSULPLROLYUDUHSUHVWD LHGHOD
EHQHILFLDUF UXLDvLYDRIHUL FDSODW SROL D%HQHILFLDUXO RSUH]LQW  E QFLLVDOHFDUHvL
FUHGLWHD]  FRQWXO GLQ EDQF   FRPSOHWkQGX L GLVSRQLELOLW

LOH SH FDUH DU IL WUHEXLW V  OH

-a primit) GH OD WU J WRU %DQFD EHQHILFLDUXOXL WULPLWH SROL D E QFLL WUDVXOXL
VXPDLDSRLL-RUHFXSHUHD] SULQGHELWDUHDFRQWXOXLWUDVXOXL

SULPHDVF  GDU QX OH

FDUHYLUHD]
Q SROL

 VH PHQ LRQHD]  VXPD GH SODW  GDWD HPLWHULL VFDGHQ D L ORFXO SO

identLILFDUH DOH WUDVXOXL QXPH DGUHV

EHQHILFLDUXOXL SO

LL GDWHOH GH

 QXP U GH FRQW EDQFD XQGH HVWH GHVFKLV D QXPHOH

LL 0DL H[LVW  GH DVHPHQHD XQ HOHPHQW GH FRQILUPDUH XQXO GH DFFHSWDUH L

XQXO GH JDUDQWDUH &RQILUPDUHD R IDFH WU J WRUXO SULQ VHPQ WXU  L SULQ

precizarea unor date de

LGHQWLILFDUH QXPH DGUHV  D $FFHSWDUHD R IDFH WUDVXO SULQ VHPQ WXU  SUHFL]DUHD QXPHOXL L
PHQ LXQHDDFFHSWDW*DUDQWDUHVHIDFHVLPLODUELOHWXOXLODRUGLQ

Warantul HVWH XQ GRFXPHQW FX URO GH HIHFW FRPHUFLDO FDUH DWHVW
-

 H[LVWHQ D XQXL VWRF GH

PDUI  vQWU XQ GHSR]LW HYHQWXDO FKLDU SH XQ PLMORF GH WUDQVSRUW DIODW vQ FXUV  L vQ ED]D F UXLD
EDQFD SRDWH RIHUL XQ FUHGLW SHQWUX VWRF 'LQ PRPHQWXO vQ FDUH ZDUDQWXO VH DQGRVHD]  DGLF  VH
LQVFULS LRQHD]  GH F WUH EDQF  SH UHFLSLVD ZDUDQW SDUWH GHWDDELO  D ZDUDQWXOXL UHIHULWRU OD

creditul ce l-a oferit pentru stocul dovedit prin warantul respectiv, acest document devine titlu de
FUHGLWLLQWU vQFLUFXLWXODFHVWRUDVHLQFOXGHvQSRUWRIROLXOGHDFWLYHDOE QFLLSRDWHILVFRQWDW
%LOHWXO GH EDQF

 HVWH HPLV GH EDQFD GH HPLVLXQH vQ FXSLXUL GLIHULWH FD WLWOX OD SXUW WRU

I U WHUPHQGHUDPEXUVDUHLFXSXWHUHFLUFXODWRULH(VWHQXPLWLEDQFQRW 

CEC-ul HVWH R GLVSR]L LH GH SODW

 GDW  GH WLWXODUXO XQXL FRQW  GHSR]LW EDQFDU F WU

UHVSHFWLYDEDQF GHDSO WLRVXP GHEDQLEHQHILFLDUXOXLPHQ LRQDW&(&QRPLQDOVDXFHOXLFH

VH SUH]LQW  FX UHVSHFWLYXO &(& &(& OD SXUW WRU Q FD]XO vQ FDUH vQ &(& VH PHQ LRQHD]   XQ
FRQWvQFDUHWUHEXLHI FXW SODWD&(&YLUDPHQWEDQFDHPLWHQWXO

ui va face transferul de bani sub

IRUP  VFULSWXUDO  Q DQXPLWH FD]XUL EDQFD HPLWHQWXOXL FRQILUP  H[LVWHQ D GLVSRQLELOXOXL vQ
FRQWXO FOLHQWXOXL V X &(& FRQILUPDW GkQG DVWIHO R JDUDQ LH EHQHILFLDUXOXL &(&

-ului de

FDSDFLWDWHD GH SODW  D HPLWHQWXOXL 3HQWUX D HYLWD IRORVLUHD LOHJDO  D XQRU &(& XUL VH IRORVHWH

FRQYHQ LD GH EDUDUH D DFHVWRUD &(& EDUDW SULQ FDUH SODWD QX SRDWH IL HIHFWXDW  GHFkW F WUH R
LQVWLWX LHEDQFDU 

n ultimii 20 de ani s-a extins mult un instrument similar CEC-ului, cartea de credit,
LQVWUXPHQWLQIRUPDWL]DWGHSODW SULQFDUHFRQILUPDUHDFDSDFLW

LLGHSODW VHIDFHvQWLPSUHDOOD

IHO SODWD LvQ SOXV VH SRDWHDFRUGD L FUHGLW GHF WUH EDQFD WLWXODUXOXL vQFD]XO F  GLVSRQLELOXO vQ

contul lui ar putea fi insuficient.

3
EMITENT

BENEFICIAR
4

7
BANCA
BENEFICIARULUI

BANCA
EMITENTULUI

8
Fig.4. Circuitul CEC-ului
FXDFHOHDLVHPQLILFD LLJUDILFHFDvQILJ

152

(PLWHQWXO L D GHVFKLV XQ FRQW  GHSR]LW OD EDQFD OXL vQ ILJ  FLUFXLWXO  L VROLFLW 
DFHVWHLD V

-i elibereze un carnet de CEC-XUL

 (PLWHQWXO VH EXFXU  GH R SUHVWD LH D

beQHILFLDUXOXL  SH FDUH R DFKLW  FX XQ &(&  %HQHILFLDUXO SUH]LQW  &(&-XO E QFLL VDOH 
care i-O RQRUHD]   L DSRL vO UHPLWH E QFLL HPLWHQWXOXL  FDUH OD UkQGXO HL vO DFKLW   GXS 
FDUHvLUHFRQVWLWXLHGLVSRQLELOLW LOHSULQGHELWDUHDFRQWXlui emitentului (9).

4. Modelarea echilibrului monetar

FROLOH HFRQRPLFH DX DFFHSWDW vQ SULQFLSLX SkQ  OD PDUHD FUL]  HFRQRPLF  GLQ 

LLPRQHGHLvQUDSRUWFXHFRQRPLDUHDO PRWLYSHQWUXFDUHvQFRQWH[WXOORU

LGHHDQHXWUDOLW

nu se poate vorbi dH SROLWLFL PRQHWDUH DD FXP OH-DX GHILQLW FROLOH SRVWFODVLFH ,QWHJUDUHD
PRQHGHL vQ PRGHOXO HFRQRPLF D IRVW SUDFWLFDW  vQV  DWkW GH FRDOD PHUFDQWLO  VXE IRUPD
GHSHQGHQ HORU FUHGLW PRQHG  HWF YH]L FDS , UHOD LLOH    FkW L GH OLEHUDOLVPXO

clasic,

VXE IRUPD UHOD LHL OXL )LVKHU YH]L FDS , UHOD LD  VDX D WUDQVIRUPDQWHL SURSXV  GH $OIUHG
0DUVKDOYH]LFDS,UHOD LD
&ULWLFD DFHVWRU DERUG UL LQFOXVLY SURSXQHUHD GH UHIRUPDUH D ORU D IRVW I FXW  GH -0

Keynes sub forma modelului IS -/0DGLF DWULSOXOXLHFKLOLEUXLQYHVWL LL- economii (IS), cerere
-RIHUW GHPRQHG /0LSLD DEXQXULORULVHUYLFLLORU-SLD DPRQHWDU ,6- LM).
0RGHOXO OXL .H\QHV FXSULQGH GRX  PRGXOH XQXO SULYLQG SLD D EXQXULORU L VHUYLFLLORU

inclusiv echiOLEUXOV

X,6FHO ODOWSULYLQGSLD DPRQHWDU LQFOXVLYHFKLOLEUXOXLV X/0

0RGXOXO SLH HL EXQXULORU L VHUYLFLLORU FXSULQGH WUHL IXQF LL GH FRPSRUWDPHQW L R
HFXD LHGHHFKLOLEUX

a)

IXQF LDGHFRQVXP

C = C (Y, Tn, Co)

FXSURSULHW

LOH

CY > 0

CTn

<0

(142)
CCo > 0

b) IXQF LD ILVFDO  H[SULPDW  SULQ LPSR]LWHOH QHWH Tn DGLF  SULQ GLIHUHQ D GLQWUH
impozitele T GHWHUPLQDWH FD R IXQF LH GH UDWD GHLPSR]LWDUH t L YHQLWXO VRFLDO Y L VXEYHQ LLOH
de stat (R)
Tn = Tn (t, Y, R)
(143)
cuSURSULHW
c)

LOH

Tnt > 0

TnY > 0

TnR < 0

IXQF LDGHLQYHVWL LL

I = I (r, Y, I0)
FXSURSULHW

d)

LOH

Ir < 0

IY > 0

(144)

II 0 > 0

HFXD LDGHHFKLOLEUX

Y=C+I+G
unde: C
C0
I
r
T0
G

(145)

= consumul;
= consumul autonom;
LQYHVWL LLOH

= rata dobnzii;
LQYHVWL LLOHDXWRQRPH

= cheltuieli guvernamentale.

6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ

rata dobn]LL L FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW

vQWUH

 SULQ SDUDPHWULL UH]XOWD L GLQ

WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW Q DFHDVW  GHSHQGHQ

 YDULDELOHOH GH

VWDUHGDULGHDQDOL] VXQWUDWDGREkQ]LLLYHQLWXOFHOHODOWHILLQGYDULDELOHGHFRPDQG SHFDUH

OH YRP LGHQWLILFD SULQ LQGH[DUH FX  $FHVWH YDULDELOH GH FRPDQG  UHSUH]LQW  SkUJKLL GH

153

LQWHUYHQ LH vQ HFKLOLEUXO SLH HL L GHILQHVF DVWIHO SROLWLFL GH LQWHUYHQ LH GH FRQVXP &0

LQYHVWL LL ,0

), de

), fiscale (t0), de consum guvernamental (G0, R0 Q IXQF LRQDUHD PRGHOXOXL DFHVWHD

DSDU FX YDORUL GDWH H[RJHQ H[SULPkQG VROX LL GH FRUHFWDUH D HFKLOLEUXOXL SLH HL SH VHDPD
LQWHUYHQ LLORU

SULQ

SROLWLFL

JXYHUQDPHQWDOH

frnare/descurajare.
DeSHQGHQ DvQWUHFHOHGRX

GH

VXV LQHUHVWLPXODUHvQFXUDMDUH

VDX

YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r1 (Y)
FXSURSULHW

LOH

GH

r1'Y < 0
r1'Co > 0

(146)

r1'to < 0
r1'Go > 0
r1'Io > 0

9DULD LD YDULDELOHORU GH FRPDQG  ID

r1R 0 > 0

 GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobnzii:
L FUHWHUL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0

, G0, I0 L 50 SUHFXP L UHGXFHUL DOH

YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ FUHWHULDOHUDWHLGREkQ]LL

LL GLPLQX UL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0

, G0, I0 L 50 SUHFXP L FUHWHUL DOH

YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL

r1 ntr-XQ SODQ

GH GRX  FRRUGRQDWH YHQLW UDWD

GREkQ]LL YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD JUDILFXOXL IXQF LHL U ID

 GH

VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L L VSUH VWkQJD SHQWUX YDULD LLOH LL UH]XOWkQG
UHVSHFWLYJUDILFHOHUDLUEILJ
6LWXD LDLQL LDO HVWHUHSUH]HQWDW vQILJGHFXUEDUvQFDUHRVWDUHLQL LDO DHFKLOLEUXOXL

economic, fie AHVWHFDUDFWHUL]DW

SULQYDORULOH

Y0, R0DOHYDULDELOHORUGHVWDUHDQDOL]

r1a

r1
r1b

r1
r2
r0
r4
r3

B
C
G

EA
F
Y3 Y4 Y0 Y2 Y1

)LJ'HSODVDUHDFXUEHL,6vQIXQF LHGHPRGLILFDUHD
P

ULPLORUYDULDELOHORUGHFRPDQG

3H VHDPD XQRU SROLWLFL H[SDQVLRQLVWH WLS L  VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL
HFRQRPLFDDFXPVXQW%<2

, r2) sau C (Y1, r0) sau D (Y0, r1).

(FKLOLEUHOH & L ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW

respectiv r1 > r2 > r0.

 HVWH PDL DPSOX <1

> Y2 > Y0 ,

(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH FUHVF QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobnzii (r2 > r0, dar r2 < r1), FkW L SHQWUX YHQLW <2 > Y0, dar Y2 < Y1 &XFkW FUHWHUHD GH
UDW  D GREkQ]LLHVWH PDLPLF  FX DWkW FUHWHUHD YHQLWXOXLHVWH PDL PDUH $MXVWDUHD FUHWHULL UDWHL

154

GREkQ]LL QX SRDWH IL UHDOL]DW  vQ FRQWH[WXO DFHVWXL HFKLOLEUX GHRDUHFH HVWH R SUREOHP  GH SLD

PRQHWDU  FHHD FH SUHVXSXQH XWLOL]DUHD XQRU SkUJKLL PRQHWDUH H[SULPkQG SROLWLFL PRQHWDUH SH
FDUHOHSXQHvQRSHU %DQFD&HQWUDO 'LQSXQFWXOGHYHGHUHDOSUH XOXLVRFLDOLQWHUHVDQW HVWH

starea de echilibru C,vQFDUHYHQLWXOFUHWHI

U V FUHDVF UDWDGREkQ]LL

3H VHDPD XQRU SROLWLFL UHVWULF LRQLVWH WLS LL  VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL
HFRQRPLFDDFXPVXQW(<4

, r4) sau F(Y0, r3) sau G (Y3, r0).

(FKLOLEUXO ) L * VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW

respectiv Y3 < Y4 <Y0.

 HVWH PDL DPSOX U3

< r4 < r0,

(FKLOLEUXO ( HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobnzii (r4 < r0 FkW L SHQWUX YHQLW <4 < Y0 GDU vQ PDL PLF  P VXU  GHFkW vQ FD]XULOH )
(pentru care r3 < r4L*SHQWUXFDUH<3 < Y4). Pentru conservarea nivelului venitului social este

QHFHVDU RUHGXFHUHFUHWHUHGUDVWLF DUDWHLGREkQ]LL$MXVWDUHDUDWHLGREkQ]LLHVWHDDFXPDP

PHQ LRQDW R FKHVWLXQH GH SROLWLF  PRQHWDU  D % QFLL &HQWUDOH 'LQ SXQFWXO GH YHGHUH DO
SUH XOXL VRFLDO LQWHUHVDQW  HVWH VWDUHD GH HFKLOLEUX ) FDUH S VWUHD]  QLYHOXO YHQLWXOXL VRFLDO SH
VHDPDDMXVW ULLUDWHLGREkQ

zii.

Q FD]XULOH GH VXSUDvQF O]LUH VDX OkQFH]LUH DFFHQWXDW  D HFRQRPLHL SRW GHYHQL
RSRUWXQHLLQWHUHVDQWHLDOWHVW ULGHFkW&L)DFFHVXOODHOHLQFOXVLYODFHOHGRX PHQ LRQDWH
ILLQG R SUREOHP  GH FRPELQDUH D SROLWLFLORU GH FRQVXP  LQYHVWL L

i / fiscale / bugetare cu cele

monetare.
0RGXOXO SLH HL PRQHWDUH FXSULQGH GRX  IXQF LL GH FRPSRUWDPHQW L R HFXD LH GH

echilibru:
a) HFXD LDGHHFKLOLEUX
b) IXQF LDGHRIHUW
b)

L=M

(147)

M = M0

(148)

L = L (Y,r,L0)

(149)

GHEDQL

IXQF LDGHFHUHUHGHEDQL

FXSURSULHW

LOH

LY > 0

unde: L = cererea de bani;

M = oferta de bani;
L0 FHUHUHDDXWRQRP

Lr < 0

L L o > 0

GHEDQL

QOHJ WXU FXLQGLFHOHVHS VWUHD] FRQYHQ LDI FXW PDLVXVODPRGX

lul IS.

6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ

vQWUH

UDWD GREkQ]LL L FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW  SULQ SDUDPHWULL UH]XOWD L GLQ
WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW Q DFHDVW  GHSHQGHQ

 S VWU P DFHOHDL

YDULDELOHGHVWDUHDQDOL] FDLODPRGXOXO,6FHOHODOWHILLQGYDULDELOHGHFRPDQG FDUHDSDUFX

YDORUL GDWH H[RJHQ H[SULPkQG GH DVHPHQHD VROX LL GH FRUHFWDUH DOH % QFLL &HQWUDOH DGLF  SULQ

politici monetare, de stLPXODUHVDXGHIUkQDUHDWHQGLQ HORUSLH HL

'HSHQGHQ DvQWUHFHOHGRX YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r2 (Y)
FXSURSULHW

(150)

LOH

r2Y > 0
9DULD LD YDULDELOHORU GH FRPDQG  ID

r2 L o > 0

r2 M o < 0

 GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobnzii:
L FUHWHUHD YDORULL H[RJHQH LQL LDOH D OXL 00 SUHFXP L UHGXFHUHD YDULDELOHL H[RJHQH

LQL LDOHDOXL/0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

155

(ii) diminuarea valorii exogHQH LQL LDOH D OXL 00 SUHFXP L FUHWHUHD YDORULL H[RJHQH

LQL LDOHDOXL/0GHWHUPLQ FUHWHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL

r2 ntr-XQ SODQ GH DFHOHDL FRRUGRQDWH YHQLW UDWD

GREkQ]LL FD L vQ FD]XO PRGXOXOXL ,6 YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD
JUDILFXOXL IXQF LHL U ID

 GH VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L L VSUH VWkQJD

SHQWUXYDULD LLOHLLUH]XOWkQGUHVSHFWLYJUDILFHOHUDLUEILJ

r4
r3
r0
r2

r2b

r2

E
G

r2a

C
A
B

r1
D

Y4

Y3

Y2

Y0

Fig.6. Deplasarea curbeL/0vQIXQF

Y1

LHGHPRGLILFDUHDP

ULPLORU

YDULDELOHORUGHFRPDQG
6LWXD LD LQL LDO  HVWH UHSUH]HQWDW  vQ ILJ  GH FXUED U vQ FDUH R VWDUH LQL LDO   D

echilibrului economic, fie A HVWH FDUDFWHUL]DW

aQDOL] 

 SULQ YDULDELOH <0

, r0) ale variabilelor de stare/

3H VHDPD XQRU SROLWLFL GH GLPLQXDUH D UDSRUWXOXL FHUHUHRIHUW  GH EDQL WLS L VH SRW
DFFHGHVW ULDOHHFKLOLEUXOXLHFRQRPLFDDFXPVXQW%<2

, r2) sau C(Y1,r0) sau D(Yo, r1).

variabilele de stare:
r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX <1 > Y2 > Y0,
respectiv r1 < r2 <r0.
(FKLOLEUHOH & L ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ

(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH SHQWUX UDWD

dobnzii (r2 < r0, dar r2 > r1LFUHVFSHQWUXYHQLW<2 > Y0, dar Y2 < Y1). Cu ct diminuarea ratei

GREkQ]LL HVWH PDL SURQXQ DW  FX DWkW FUHWHUHD YHQLWXOXL HVWH PDL PDUH $FHDVWD HVWH UH]XOWDWXO
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QFLORUFRPHUFLDOH

2SHUD LXQLOH SDVLYH DOH E QFLORU FRPHUFLDOH VXQW RSHUD LXQL GH PRELOL]DUH D UHVXUVHORU
E QHWL L FRQVWLWXLUH D VXUVHORU GH FUHGLWDUH 'LQWUH DFHVWH RSHUD LXQL FHOH PDL IUHFYHQWH VXQW
GHSR]LWHOHUHVFRQWXOLFDSLWDOXOSURSULX

2.1.Depozitele VXQW R RSHUD LXQH SULQ FDUH EDQFD SULPHWH vQ S

VWUD

re, pentru un anumit

WHUPHQ LHYHQWXDOvQ DQXPLWH FRQGL LL R VXP  GH EDQL GH OD XQ GHSXQ WRU %DQFD SRDWH XWLOL]D
DFHVWHVXPHvQJHQHUDOFXFRQGL LDGHDOHIDFHGLVSRQLELOHODGDWDFRQYHQLW LGHDOHUHPXQHUD

Prin aceasta banca dispune de surse cX FDUH SRDWH V

 U VSXQG  FHUHULORU GH FUHGLWH SH FDUH L OH

DGUHVHD]  FHL FH DX WHPSRUDU OLSV QHYRLH GH OLFKLGLW

L 'HSR]LWHOH UHSUH]LQW  R IRUP  GH

PRELOL]DUHDFDSLWDOXULORULHFRQRPLLORUWHPSRUDUGLVSRQLELOHLWRWRGDW RIRUP GHH[LVWHQ

D

monedeLVFULSWXUDOH'XS QDWXUDLWHUPHQXOORUGHSR]LWHOHSRWILODWWHUPHQLODYHGHUH
Depozitele la vedereVXQWFHOHGHFDUHGHSXQ WRULLSRWGLVSXQHvQRULFHPRPHQWSHQWUXD
HIHFWXDGLQHOHSO

LVDXUHWUDJHUL$FHVWHGHSR]LWHSUH]LQW XQULVFPDLPDUHSHQWUXEDQF GHDOH

IRORVLFDVXUVHGHFUHGLWDUHLGHDFHHDVXQWUHWULEXLWHFXGREkQ]LPDLPLFLVDXFKLDUGHORF
8WLOL]DUHD ORU FD VXUV  GH FUHGLWDUH VH ED]HD]  SH VROGXO PHGLX SHUPDQHQW DGLF  SH
VXPDGHEDQLFDUHvQPRGRELQXLWH[LVW vQEDQF VXEIRUPDVROGXULORUU PDVHvQFKLDUFRQWXULOH
GHSRQHQ LORU $VWIHO E QFLOH FXQRVF ]LOQLF VROGXO U PDV QHXWLOL]DW vQ FRQWXO ILHF UXL FOLHQW QWU

un orizont de timp dat t  >7@ VROGXO ]LOQLF DO WXWXURU FRQWXULORU GHVFKLVH vQ EDQF
Soldul permanent (SP) al acestor conturi pe orizontul dat este:

SP = min S t

 HVWH 6t

(151)

DDF  GDF  7

  UH]XOW F  EDQFD SRDWHDFRUGD SH VHDPD GHSR]LWHORU OD YHGHUH FUHGLWH SH R

OXQ  GH P ULPH 63 $VWIHO GH GDWH VH FXQRVF DSRVWHULRUL GHRDUHFH EDQFD QX W

ie dinainte ce

RSHUD LXQLVHYRUGHUXOD vQDFHVWHFRQWXULQUHJLVWUDUHDGDWHORUSHSHULRDGHPDLOXQJLGH WLPSG 

vQV  SRVLELOLWDWHD GH D GHWHUPLQD SUREDELOLWDWHD FX FDUH SRDWH H[LVWD XQ VROG SHUPDQHQW SH R
SHULRDG GDW ]LOH]LOH]LOHHWF

DHSR]LWHOH OD YHGHUH H[LVW

 vQ SULQFLSDO VXE IRUPD FRQWXULORU FXUHQWH D FRQWXULORU GH

GHSR]LWLDFHUWLILFDWHORUGHGHSR]LW

Conturile curente VXQW SURGXVH EDQFDUH SULQ FDUH SHUVRDQHOH IL]LFH L MXULGLFH GHUXOHD]
RSHUD LXQL GH vQFDV UL L SO

L DGLF  RSHUD LXQL GH FDV  'HVFKLGHUHD L vQFKLGHUHD ORU FD L

RSHUD LXQLOH GHUXODWH SULQ HOH XQHRUL QXPDL FHOH GH SODW  VXQW UHPXQHUDWH SULQ FRPLVLRQ
GHRDUHFHSUHVXSXQFKHOWXLHOLSH FDUHOHIDFHEDQFDSULYLQGHYLGHQ DORUHIHFWXDUHD RSHUD LXQLORU

informarHDFOLHQWXOXLOHJ WXULOHFXE QFLOHSDUWHQHULORUGHDIDFHULDOHFOLHQ LORUHWF

Conturile de depozit VXQW SURGXVH EDQFDUH GHVWLQDWH PRELOL] ULL XQRU

HFRQRPLL SH

WHUPHQHPDLELQHSUHFL]DWHFXFRQGL LLPDLUHVWULFWLYHGHGHUXODUHDXQRURSHUD LXQLLGH

aceea,

161

FHYDPDLELQHUHPXQHUDWH% QFLOHDXvQVFKLPERFHUWLWXGLQHPDLPDUHSULYLQGXWLOL]DUHDSHQWUX

creditare a sumelor depuse n aceste conturi.

Certificatul de depozit este un produs bancar prin care deponentul poate constitui un
depozit, cu termene VWDQGDUG GHVWXO GH GLYHUVLILFDWH L DO F UXL WLWOX DFW GRYHGLWRU DO H[LVWHQ HL
SRDWH IL QHJRFLDW SH SLD D PRQHWDU  vQ LQWHULRUXO WHUPHQXOXL GH VFDGHQ
XWLOL]HD] ODUJDFHVWSURGXVFXWHUPHQHGH

 % QFLOH URPkQH

3 6 luni. n SUA acest produs este preponderent

GHVLQDW ILUPHORU L VH vQWkOQHWH vQ WUHL YDULDQWH VPDOO YDORUL VXE  86' ODUJH YDORUL
SHVWH86'LMXPERYDORULSHVWH86'

Depozitele la termen sunt cele constituite pe un termen precizat convenit ntre deponent
L EDQF  EHQHILFLLQG GH R UHPXQHUDUH PDL EXQ  GDWRULW  FHUWLWXGLQLL PDL ULGLFDWH SH FDUH R DUH

banca n utilizarea pentru creditare a sumelor astfel depuse. n mod curent aceste depozite se
vQWkOQHVFVXEIRUPDFRQWXULORUGHGHSR]LWSHQWUXLQYHVWL LLLD conturilor de economii.
2.2. Rescontul HVWHRRSHUD LXQHSULQFDUHREDQF
GH DFWLYH vQ YHGHUHD RE LQHULL XQRU GLVSRQLELOLW

vLFHGHD] DOWHLDRSDUWHGLQSRUWRIROLXO

L SH FDUH V  OH SRDW  IRORVL SHQWUX D DFRUGD QRL

credite. Portofoliul de active este IRUPDWGLQWLWOXULFHDWHVW GDWRULLOHSHFDUHXQWHU ODDUHID GH

EDQF VDXSODVDPHQWHSHFDUHDFHDVWDOH-DI FXWvQWLWOXULGHVWDWVDXSXULVLPSOXFUHGLWHSHFDUH
banca le-D DFRUGDW XQRU FOLHQ L  DL HL 8QHOH GLQ DFHVWH WLWOXUL VXQW UHFUHGLWDELOH altele nu. Cele
UHFUHGLWDELOH VXQW RIHULWHGH EDQFD GH LQ WRDUH XQRU DOWRU E QFL vQ VFKLPEXO VXPHL SHFDUHHOH OH
UHSUH]LQW  GDU GLPLQXDW  FX XQFRPLVLRQ  GHFHGDUHSUHOXDUH QXPLW GXS  FD] WD[  GH VFRQW VDX
WD[  GH ORPEDUG QWUH WLWOXULOH UHFUHGLWDELOH VH LQFOXG HIHFWHOH FRPHUFLDOH FDPELL L HIHFWHOH
SXEOLFHREOLJD LXQLLERQXULGHWH]DXU3HQWUXDFHDVW UHFUHGLWDUHQXPLW LUHILQDQ DUHE QFLOH
DSHOHD]  OD R DOW  EDQF  LQWHUHVDW  L FDUH DUH GLVSRQLELOLW

L OD E QFLOH VSHFLDOL]DWH vQ DVWIHO G

RSHUD LXQL QXPLWH E QFL GH VFRQW L OD EDQFD FHQWUDO  5HFUHGLWDUHD SH VHDPD FHG ULL GLQ
SRUWRIROLXDXQRUHIHFWHSXEOLFHVHQXPHWHORPEDUGDUH

2.3. Capitalul propriuHVWHRSHUD LXQHDGHFUHDUHDFDSLWDOXOXLSULQHPLVLXQLOHGHDF LXQL

capitalul

L SULQ DFXPXODUHD SURILWXOXL 6XPHOH UH]XOWDWH GLQ HPLVLXQHD GH DF LXQL IRUPHD] 

social IRORVLW GH UHJXO  SHQWUX ILQDQ DUHD GRW ULL E QFLL LPRELOH PRELOLHU HFKLSDPHQWH
electronice, active fixe diverse). Sumele acumulate din profit constituie fondurile de UH]HUY 
FUHDWHSHQWUXGLPLQXDUHDXQRUULVFXULSULQ H[LVWHQ DXQHLDFRSHULULDVLJXUDWRULL &DSLWDOXOSURSULX
DUH R FRW  UHGXV  vQ WRWDOXO UHVXUVHORU E QFLL L QX SDUWLFLS  GHFkW HYHQWXDO VLPEROLF OD FUHDUHD

surselor de creditare.
2SHUD LXQLOHDFWLYHDOHE

QFLORUFRPHUFLDOH

2SHUD LXQLOH DFWLYH DOH E QFLORU FRPHUFLDOH VXQW RSHUD LXQL  GH FUHGLWDUH D DFWLYLW

LL

HFRQRPLFH DGLF  GH XWLOL]DUH D UHVXUVHORU PRELOL]DWH SULQ RSHUD LXQLOH SDVLYH 2SHUD LXQLOH

active, mai diversificate dect cele pasive, sunt cODVLILFDWH GXS

 RELHFW vQ FUHGLWDUHD ILUPHORU

FUHGLWDUHDSHUVRDQHORUSDUWLFXODUHLSODVDPHQWH

Creditarea firmelor DUH vQ YHGHUH DVLJXUDUHD DFHVWRUD FX GLVSRQLELOLW L SHQWUX D-L
ltuielile de exploatare.

FRQWLQXDDFWLYLWDWHDFUHGLWHSHQWUXDFWLYHOHIL[HLFUHGLWHSHQWUXFKH

&UHGLWHOH SHQWUX DFWLYHOH IL[H DX vQ YHGHUH FRQVWUXLUHD VDX DFKL]L LRQDUHD GH LPRELOH
WHUHQXUL HFKLSDPHQWH XWLODMH LQVWDOD LL PLMORDFH GH WUDQVSRUW D L VH GDX GH UHJXO  FX
JDUDQ LLvQSULQFLSDOGHE QFLVSHFLDOL]DWH
&UHGLWHOH SHQWUX FKHOWXLHOLOH GH H[SORDWDUH DX vQ YHGHUH UHFRQVWLWXLUHD VXPHORU E QHWL
LPRELOL]DWH GH vQWUHSULQ] WRU vQ FLUFXLWXO HFRQRPLF RELQXLW DFKL]L LH

 SURGXF LH livrare.

iau n sarcina lor datoriile

% QFLOHFUHGLWHD] FUHDQ HOHFRPHUFLDOHDOHvQWUHSULQ] WRUXOXLDGLF SUH

SH FDUH WHU LL OH DX ID
FRPSOHWHD]  GLVSRQLELOLW
SRVLELOLWDWHDXQRUSO

 GH DFHVWD VDX DFRUG  FUHGLWH GH WUH]RUHULH DGLF  IRUPHD]  VDX
LOH GH SODW  DOH GHELWRUXOXL vQ FD]XO vQ FDUH DFHVWD vQWUHYHGH

L SHFDUHOH

-ar avea de f

FXWOD XQPRPHQWGDWVDXvQWU

WLPSFRQFRPLWHQWFXOLSVDVDXLQVXILFLHQ DXQRUGLVSRQLELOLW

-un interval scurt de

LSURSULL

162

Creditarea persoanelor particulare are n vedere acordarea de credite indivizilor sau

IDPLOLLORU SHQWUX FRQVWUXF LHDFKL]L LH GH ORFXLQ H SHQWUX DFKL]L LL GH EXQXUL GH IRORVLQ

vQGHOXQJDW VDXSHQWUXDFRSHULUHDXQRUFKHOWXLHOLFXUHQWH

Plasamentele

UHSUH]LQW  DFKL]L LD GH HIHFWH SXEOLFH L DF LXQL vQ YHGHUHD XWLOL] ULL

HILFLHQWHDUHVXUVHORUGLVSRQLELOHvQFRQGL LLOHDVLJXU ULLXQHLOLFKLGLW

XWLOL] UL $FHDVW  FRQGL LH HVWH UHJOHPHQWDW  vQ FHOH PDL PXOWH

LVXILFLHQWGHPDULDDFHVWRU

UL FD P VXU  GH GLPLQXDUH D

ULVFXOXL GH OLFKLGLWDWH 3ODVDPHQWXO vQ DF LXQL HVWH LQWHU]LV vQ XQHOH

UL LQFOXVLY vQ 5RPkQLD

pentru a evita conflictul de interese. Plasamentul n efecte publice este stimulat prin riscul lor
PLFDGHVHDPLQLPLSULQUDSRUWXODWU J WRUULVFFkWLJ
Q FDGUXO DFHVWRU FODVH GH RSHUD LXQL DFWLYH FHOH PDL IUHFYHQW vQWkOQLWH VXQW VFRQWDUHD

pensiunea, mprumutul cu gaMvQHIHFWHDYDQVXULOHvQFRQWLFUHGLWHOHVSHFLDOL]DWH

3.1. ScontareaHVWHRSHUD LXQHDSULQFDUHREDQF SUHLDvQVDUFLQ XQFUHGLWDWHVWDWSULQWUun efect comercial emis de un agent economic debitor n beneficiul altui agent economic
creditor.
Agentul economic creditor a acceptat la un moment dat, momentul t0 V  OLYUH]H
DJHQWXOXL HFRQRPLF GHELWRU R SDUWLG  GH PDUI  SO WLELO  OD PRPHQWXO XOWHULRU W1 QXPLW VFDGHQ
6XPD GH SODW  OD VFDGHQ



 VH vQVFULH vQ DFWXO FH FRQVILQ HWH vQ HOHJHUHD DGLF  vQWU

FRPHUFLDOGH UHJXO RIRUP GHFDPELHL VHQXPHWHYDORDUHQRPLQDO

-un efect
a efectului comercial.

La un moment t2 (t0, t1DJHQWXOHFRQRPLFFUHGLWRUGRUHWHV -LUHFXSHUH]HEDQLL(OVFRQWHD]

UHVSHFWLYXO WLWOX OD R EDQF  DGLF  vO FHGHD] FHVLRQHD]  SULPLQG vQ VFKLPE R VXP  GH EDQL
QXPLW YDORDUHDFWXDO

DUHVSHFWLYXOXLWLWOX'LQPRPHQWXOVFRQW ULLW2LSkQ ODVFDGHQ

DGLF  SH XQ LQWHUYDO GH WLPS GH

z ]LOH FUHGLWXO HVWH vQ VDUFLQD E

W1

),

QFLL FDUH SUHWLQGH vQ PRG

justificat, o remuneraUH SHQWUX LPRELOL]DUHD UHVXUVHORU VDOH $FHDVW  UHPXQHUDUH H[SULPDW  vQ
LPRQHWDUHVH]LFH scontLDUH[SULPDW SURFHQWXDOVH]LFHWD[ GHVFRQW0 ULPHDWD[HLGH
VFRQW HVWH VWDELOLW  GH F WUH ILHFDUH EDQF  vQ SDUWH vQ UDSRUW FX VWUDWHJLD L SROLWLFa ei de credite,

XQLW

FXHOHPHQWHOHFRQMXQFWXUDOHFDUHRGHWHUPLQ V DPSOLILFHVDXV GLPLQXH]HRIHUWDGHFUHGLWFDL

FX WD[D RILFLDO  GH VFRQW SUDFWLFDW  GH %DQFD &HQWUDO  vQ UHILQDQ DUHD E QFLORU FRPHUFLDOH SULQ
RSHUD LXQHDGHUHVFRQWSUDFWLFDW GHDFHDVWDvQOHJ WXU FXSRUWRIROLLOHORUGHDFWLYHQ5RPkQLD
GHSLOG WD[DGHVFRQWD%15GHODLDQXDULHDIRVWVWDELOLW GH
0 ULPHDVFRQWXOXLLDYDORULLDFWXDOHDWLWOXOXLVFRQWDWVHGHWHUPLQ GXS UHOD LD

z s
100

(152)

VA = VN - S

(153)

S = VN

unde: S
s
VA
VN

= scontul;
= taxa de scont;
YDORDUHDDFWXDO DWLWOXOXLVFRQWDW
YDORDUHDQRPLQDO DWLWOXOXLVFRQWDW

6FRQWDUHDHVWHRRSHUD LXQHSULQFDUHFUHGLWXOFRPHUFLDOVHWUDQVIRUP vQFUHGLWEDQFDU

3.2. Pensiunea HVWH RSHUD LXQHD SULQ FDUH DJHQWXO FH D VFRQWDW XQ HIHFW FRPHUFLDO VH
-O U VFXPSHUH HO vQVXL OD VDX SkQ  OD VFDGHQ  5LVFXO DFHVWXL HIHFW FRPHUFLDO HVWH

DQJDMHD]  V

SUHOXDWDVWIHOGRDUWHPSRUDUGHF WUHEDQF 

3.3. mprumutul cu gaj n efecte este

RSHUD LXQHD SULQ FDUH EDQFD DFRUG  XQ FUHGLW

SULPLQGvQVFKLPEXQJDMvQHIHFWHFRPHUFLDOHVDXSXEOLFHVDXvQDF LXQL0 ULPHDFUHGLWXOXLHVWH

sub nivelul valorilor nominale ale efectelor gajate.

Q FH SULYHWH JDMDUHD HIHFWHORU FRPHUFLDOH UHFXUJHUHD OD DFHDVW  IRUP  GH UHFUHGLWDUH VH
IDFH DWXQFL FkQG EDQFD DUH UH]HUYH vQ FH SULYHWH FDSDFLWDWHD GH SODW  D FHORUODO L VHPQDWDUL DL

163

WLWOXOXL DO LL GHFkW EHQHILFLDUXO DFHVWXLD 'H DFHHD EDQFD QX VFRQWHD]  L vQ SOXV DFRUG  XQ
FUHGLWVXEYDORDUHDQRPLQDO D

efectului.

Q FH SULYHWH JDMDUHDHIHFWHORU SXEOLFH L DDF LXQLORU EDQFD DFRUG  FUHGLWH VXE YDORDUHD
QRPLQDO  D DFHVWRUD FD UH]XOWDW DO ULVFXOXL GH GLPLQXDUH D YDORULL ORU GH SLD

 VF GHUHD FXUVXOXL

lor).
Solicitatorii unor credite cu gaj n efecte pXEOLFHVDXDF LXQLUHFXUJODDFHDVW

RSHUD LXQH

DGHVHDvQVFRSXULVSHFXODWLYHvQ YHGHUHDDFKL]L LRQ ULL UHSHWDWHDXQRUDVWIHOGHWLWOXUL3HVHDPD

XQXL FDSLWDO LQL LDO

K DJHQWXO vQ FDX]

JDMHD] RE LQkQGXQFUHGLWGHYDORDUH

 SURFXU  WLWOXUL GH DFHHDL YDORDUH ILH 971

= K pe care le

C1 = a VT1

unde:

D

(154.1)

FRWDH[SULPDW SURFHQWXDOGLQYDORDUHDWLWOXULORUDFKL]L LRQDWHLJDMDWH

&XDFHVWFUHGLWUHVSHFWLYXODJHQWSRDWHFXPS UDQRLWLWOXULGHYDORDUH972

SRDWHGLQQRXJDMDRE LQkQGXQQRXFUHGLW

C2 = a VT2

= C1 pe care le

(154.2)

FXFDUHSURFHGHD] vQPRGVLPLODU
3UHVXSXQkQG F  DJHQWXO HIHFWXHD] 
DFKL]L LRQDWHvQWRWDO

n

DVWIHO GH RSHUD LXQL DWXQFL YDORDUHD WLWOXULORU

TVT este:
1 a n +1
1 a

(155.1)

(1 a n ) a
1 a

(155.2)

TVT = K
FUHGLWXOWRWDO&7SULPLWGHHOGHODEDQF HVWH

CT = K

iar capitalul imobilizat KIvQWRWDODGLF

VXPDFKHOWXLW GHHOSHQWUXDFKL]L LRQDUHDWLWOXULORUHVWH

KI = TVT CT = K (1 a n )

CaliWDWHD ILQDQFLDU

(155.3)

 HILFLHQ D SHQWUX DJHQWXO HFRQRPLF DO XQXL DVWIHO GH SURFHGHX SRDWH

ILHYLGHQ LDW SULQFkWHYDUDWH

UDWDFDSLWDOXOXLLPRELOL]DWLQYDORDUHWRWDO DWLWOXULORUDFKL]L LRQDWHHVWH

rl =

KI
= 1 a
TVT

(156.1)

DGLF  HVWH FRQVWDQW  LQGLIHUHQW GH QXP UXO RSHUD LXQLORU GH DFKL]L LH

-creditare pe care el le

UHDOL]HD] 

PDUMDGHDFRSHULUHDFUHGLWXOXLSULQWRWDOXOYDORULLWLWOXULORUDFKL]L LRQDWHHVWH

r2 =

TVT
1 a n +1
=
CT
a (1 a n )

(156.2)

DGLF  vQ VF GHUH FX ILHFDUH QRX  RSHUD LXQH DFKL]L LH FUHGLWDUH UHIOHFWkQG FUHWHUHD FDSLWDOXOXL

LPRELOL]DW L FRQGXFkQG OD IRUPXODUHD XQRU FRQFOX]LL LPSRUWDQWH DWkW SHQWUX DJHQW FkW L SHQWUX
EDQF 

UHSHWDUHD RSHUD LXQLL GH vPSUXPXW FX JDM vQ HIHFWH SXEOLFH VDX DF LXQL GH F WUH XQ
DFHODLDJHQWP UHWHULVFXOV XGHSLHUGHUHSULQVF GHUHDFXUVXOXLWLWOXULORUGHRDUHFH

164

imobilizarea sa de capital este tot mai mare;

PHQ LRQDWD UHSHWDUH GLPLQXHD]  FDSDFLWDWHD GH JDUDQ LH D JDMXOXL GHRDUHFH PDUMD GH
DFRSHULUH D FUHGLWXOXL VFDGH FHHD FH SHQWUX EDQF  vQVHDPQ  FUHWHUHD ULVFXOXL GH

creditare.

FRHILFLHQWXOGHPXOWLSOLFDUHDFDSLWDOXOXLLQL LDOSULQYDORDUHDWLWOXULORUDFKL]L LRQDWHHVWH

r3 =
XQGH M

n
TVT
= a j1
K
j=1

(156.3)

 LQGLFH SHQWUX LGHQWLILFDUHD QXP UXOXL GH RUGLQH DO RSHUD LXQLL UHSHWDWH DFKL]L LH

creditare.
3.4.Avansurile n contVXQWRRSHUD LXQHSULQFDUHEDQFDHIHFWXHD] SO LGLQFRQWXOXQXL
client, pe baza cecurilor emise de el, chiar n cazul n care acesta nu are disponibil. Pentru a
SXWHD IDFH SODWD EDQFD DFRUG  XQ FUHGLW vQ DYDQV DGLF  I U  D DWHSWD R VROLFLWDUH H[SUHV  GLQ
SDUWHD FOLHQWXOXL V X $FHVW FUHGLW VH QXPHWH

overdraft 'HRDUHFH QX X]HD]

 GH vQVFULVXUL

EDQFDUH SHQWUX FRQILUPDUHD ORU DFHVWH FUHGLWH VXQW QHWUDQVIHUDELOH DGLF  EDQFD QX SRDWH V  VH

recrediteze pe seama lor. Pentru a corecta acest neajuns, banca poate solicita clientului ei un bilet
la ordin pe care, eventual, l poate sconta, recreditndu-se.
3.5. Creditele specializate VXQW RSHUD LXQL GH FUHGLWDUH LQWHUYHQLWH vQ OHJ WXU  FX VLWXD LL
specifice, de o anuPLW QDWXU $VWIHOGHRSHUD LXQLVHUHDOL]HD] SULQSURGXVHEDQFDUHFXPVXQW

creditul sezonier sau de campanie (vezi cap.4.3.3.);

creditul pentru stoc (vezi cap. 4.3.3.) garantat prin warant (vezi cap. 4.3.4.);

FUHGLWXO GH SUHILQDQ DUH DFRUGDW GH EDQF  XQXL IXUQL]RU SHQWUX OLYU UL I FXWH XQXL EHQHILFLDU
H[WHUQ VDXvQFDGUXO XQHL OLFLWD LLSXEOLFHOLYU ULSHQWUXLQVWLWX LLSXEOLFH%DQFDYDUHFXSHUD
FUHGLWXO vQ PRPHQWXO DSDUL LHL vQ FRQWXO IXUQL]RUXOXL D SO

extern sau dHF

LL HIHFWXDWH GH EHQHILFLDUXO V X

WUHLQVWLWX LDSXEOLF DFKL]LWRDUH

$SUHFLHUHDFDOLW

LLDFWLYLW

/D IHO FD vQ FD]XO RULF UHL VRFLHW

LLEDQFDUH
L FRPHUFLDOH VLQWH]D FDOLW

LL DFWLYLW

LL EDQFDUH HVWH

GDW GHUHQWDELOLWDWHFDOFXODW 

vQYDORDUHDEVROXW FDPDV DSURILWXOXL

= D DP CF

(157.1)

D = da * C

(157.2)

DP = dp * M

(157.3)

unde:
SURILWXOE QFLL
D = dobnzi ncasate;
DP GREkQ]LSO WLWH
CF FKHOWXLHOLGHIXQF LRQDUHDE QFLL
da UDWDGREkQ]LLODRSHUD LXQLOHDFWLve;
C
P ULPHDFUHGLWHORUDFRUGDWH
dp UDWDGREkQ]LLODRSHUD LXQLOHSDVLYH
M PDVDPRELOL] ULORUGHUHVXUVHE QHWLGHSR]LWHUHVFRQW

vQYDORDUHUHODWLY FDUDW DSURILWXOXL

165

rp =

(157.4)

unde: rp = rata profitului bancar;

K
FDSLWDOXOSURSULXDOE QFLL
Q SOXV VH DUH vQ YHGHUH HFXD LD GH ELODQ  D E QFLL GLQ FDUH UH]XOW  H[LVWHQ D SH WRWDO D
HFKLOLEUXOXL GLQWUH XWLOL]DUHD UHVXUVHORU $

 DFWLYH L SURYHQLHQ D DFHVWRUD 3

 SDVLYH L .

capital propriu):
A=P+K

(158)

Q OHJ WXU  FX UH]XOWDWHOH ILQDQFLDUH DOH E QFLL VXQW X]XDOL PDL PXO L LQGLFDWRUL GH
SHUIRUPDQ

VLQWHWL]D LvQWDEHOXO

Tabelul 2
Indicator

Mod de calcul
Dobnzi ncasate DobnziSO
Active valorificate

1. Rata veniturilor (din dobnzi)

2. Rata profitului

Profit net
Dobnzi ncasate

5DWDXWLOL] ULLDFWLYHORU

Dobnzi ncasate
Total activ

5DWDUHQWDELOLW

LLHFRQRPLFH

Profit net
Total activ

5. Efectul de prghie
5DWDUHQWDELOLW

WLWH

Total activ
Capital propriu

LLILQDQFLDUH

Profit net
Capital propriu
Sursa: Cezar Basno, Nicolae Dardac, Constantin Floricel 0RQHG FUHGLWE

QFL

('3%XFXUHWL
'LQWUH LQGLFDWRULL XWLOL]D L vQ FDOFXO 7RWDO DFWLY UHSUH]LQW  DFWLYXO GH ELODQ  DO E QFLL
$FWLYH YDORULILFDWH UHSUH]LQW DFWLYXO GH ELODQ  PDL SX LQ &DVD L $FWLYH IL[H FRUSRUDOH L
QHFRUSRUDOHDOWHOHGHFkWFHOHILQDQFLDUHLDU3URILWQHWHVWHSURILWXOEUXWPDLSX LQLPSR]LWXOSH
SURILW Q FH SULYHWH SURILWXO EUXW DFHVWD VH GHWHUPLQ  GLQ YHQLWXO EDQFDU QHW GREkQ]L vQFDVDWH
PLQXVGREkQ]LSO WLWHPDLSX LQDOWHFKHOWXLHOLDOHE QFLLFKHOWXLHOLGHIXQF LRQDUH
$WkWXWLOL]DUHDUHVXUVHORUFkWLSURYHQLHQ DDFHVWRUDVXQWvQV SXWHUQLFGLYHUVLILFDWHGXS 

durata L SUH

XO ORU 'HDFHHDFX WRDWHF SH WRWDOHFKLOLEUXOVHUHJ VHWH vQWRWGHDXQDWRWDVWIHO

HOQXVHUHJ VHWHSHFRPSRQHQWHVWUXFWXUDOH

Durata FODVLILF  DFWLYHOH L SDVLYHOH GXS  VFDGHQ D GH UHFXSHUDUH  SHQWUX DFWLYH
respectiv de exigibilitate (pentru pasive). ntr-un echilibru perfect, evident doar teoretic, ar
vQVHPQDQXGRDUF VHYHULILF UHOD LDFLLF 

Aj = Pj

j=1n

XQGHMHVWHXQLQGLFHSHQWUXLGHQWLILFDUHDOXQJLPLLLQWHUYDOHORUGHVFDGHQ

(159)
R]LvQWUH

i 7 zile,

vQWUHL]LOHvQWUHLOXQLvQWUHLDQLSHVWHDQLDPGLDUQQXP UXOFODVHORUGH

VFDGHQ HFRQVLGHUDWHvQFODVLILFDUHDGXS GXUDW DDFWLYHORULSDVLYHORU

166

3HQWUX D SXQH vQ HYLGHQ

 JUDGXO GH FRUHODUH vQWUH DFWLYH L SDVLYH VH FDOFXOHD] 

indicele

de lichiditate:
n

Pj j
IL =

j=1
n

(160)

Aj j
j=1

unde: Aj YDORDUHDDFWLYHORUGLQFODVDMGHVFDGHQ HGHUHFXSHUDUH

Pj = valoarea pasivelor din clasa j de exigibilitate;
j
SRQGHUHDDFRUGDW FODVHLMGHVFDGHQ HGHUHFXperare, respectiv de exigibilitate.
Ponderile j VXQW DWULEXLWHFUHVF WRU GHOD YDORULPLFL SHQWUX VFDGHQ HOHIRDUWHDSURSLDWH
ODYDORULWRWPDLPDULSHQWUXFHOHGLQFHvQFHPDLvQGHS UWDWH

O valoare IL   VHPQLILF

 R FRUHOD LH PXO XPLWRDUH vQWUH FODVHOH GH DFWLYH L SDVLYH

DGLF RDFRSHULUHDDFWLYHORUGLQDSUR[LPDWLYSDVLYHGHDFHHDLGXUDW 
2YDORDUH,/VHPQLILF GXUDWHUHODWLYPDLVFXUWHDOHSDVLYHORUGHFkWDOHDFWLYHORUDGLF 

n principiu, acoperirea activelor pe termen lung din pasivHSHWHUPHQVFXUW$FHDVW

VLWXD LHGHQRW 

D OLFKLGLWDWH UHGXV  D E QFLL DGLF  XQ ULVF FUHVFXW GH D QX SXWHD RQRUD OD VFDGHQ

 VROLFLW ULOH GH

UDPEXUVDUHDGHSR]LWHORUGHRDUHFHFUHGLWHOHDFRUGDWHSHVHDPDORUDXVFDGHQ HPDLOXQJL

O valoare IL > 1 semniILF

RVLWXD LHRSXV 

Q DPEHOH  FD]XUL  vQV  FDOLILFDUHD E QFLL HVWH QHVDWLVI F WRDUH DFFHQWXDW  vQ FD]XO 

deoarece n primul caz este posibil riscul de lichiditate, iar n cel de-al doilea resursele sunt
subutilizate din punct de vedere al capaciW LLORUWHPSRUDOH
0 VXUDFDQWLWDWLY DOLFKLGLW
OLFKLGLW

LL

LORUSHFODVHGHVFDGHQ HVHGHWHUPLQ FXLQGLFDWRUXOSR]L LD

exprimat prin pasivele nete:

j=1n

PNj = Pj - Aj
n care PNjVXQWSDVLYHOHQHWHGHFODV M
n cazul n care PNj !  UH]XOW

(161)

 F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ H[FHV ID

 GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH L GHFL IRORVLWH ILH SHQWUX D ILQDQ D XWLOL] UL GLQ FODVD PDL
PLFL VLWXD LH VRFRWLW  QHHILFLHQW  GHRDUHFH GREkQ]LOH vQFDVDWH OD DVWIHO GH FODVH VX

nt mai mici

GHFkW FHOH SO WLWH SHQWUX SDVLYHOH GH FODV  PDL PDUH ILH SHQWUX  D ILQDQ D XWLOL] UL GLQ FODVH
PDLPDULVLWXD LHDJUHDW GDUFXULVFGHOLFKLGLWDWH

n cazul n care PNj   UH]XOW

 F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ GHILFLW ID

 GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH L GHFL DX IRVW FRPSOHWDWH ILH FX SDVLYH GLQ FODVH PDL PLFL
VLWXD LHGHULVFILHFXSDVLYHGLQFODVHPDLPDULVLWXD LHLQHILFLHQW 
8QDOWLQGLFDWRUGH FDOLWDWHOHJDWGHGXUDW HVWH UDWDOLFKLGLW
SUHGLFWLY ILH SRVWIDFWXP SH FODVH GH VFDGHQ

, care se poate calcula fie

LL

 $FHDVW  UDW  H[SULP  P VXUD DQJDM ULL E QFLL SH

SLD DFUHGLWXOXLLFRPSDU UHVXUVHOHQRLPRELOL]DWHUHVSHFWLYPRELOL]DWHvQWU RSHULRDG GHWLPS

YLLWRDUH UHVSHFWLY WUHFXW   R V SW PkQ  R OXQ XQ WULPHVWUX XQ DQFX UHVXUVHOH H[LVWHQWH GDU
VFDGHQWHUHVSHFWLYOLFKLGLWDWHvQSHULRDGDGHWLPSPHQ LRQDW 

rl =

unde: rl
UDWDOLFKLGLW LL
Pn = pasive noi;
Pl = pasive lichidate.

Pn
Pl

(162)

6  SUHVXSXQHP GH H[HPSOX F  OD  LXQLH EDQFD GRUHWH V  FXQRDVF  VLWXD LD UDWHL
OLFKLGLW

LL  SHQWUX OXQD LXOLH FDOFXO SUHGLFWLY L SHQWUX OXQD PDL FDOFXO SRVWIDFWXP SHQWUX

UHVXUVHOHFXVFDGHQ

SHWUHLOXQL

QFD]XOFDOFXOXOXLSUHGLFWLY EDQFDWLH FDUHVXQWGHSR]LWHOH SHWUHLOXQLSHFDUHOHGH LQH

L FDUH WUHEXLH OLFKLGDWH vQ OXQD LXOLH ILH

Pl. 3.VII 'LQ SURSULLOH LQIRUPD LL SULYLQG HYROX LD

167

GHVFKLGHULL OD HD vQV L D XQRU GHSR]LWH SH WUHL OXQL FD L GLQ HYROX LD JHQHUDO  D SLH HL
GHSR]LWHORU EDQFD HVWLPHD]  UHVXUVHOH QRL GLQ DFHDVW  FODV  SRVLELOH SHQWUX OXQD LXOLH ILH

Pn. 3.VII 3ULQ UHOD LD  VH FDOFXOHD]

 UDWD OLFKLGLW

LL OXQLL LXOLH SHQWUX DVWIHO GH GHSR]LWH

'DF  UO !  UH]XOW  F  YRU IL PRELOL]DWH UHVXUVH QRL PDL PDUL GHFkW FHOH GHMD H[LVWH

nte, dar

OLFKLGDELOH DVWIHO vQFkW HVWH SRVLELO  R H[WLQGHUH D RSHUD LXQLORU FH SRW IL ILQDQ DWH GLQ DVWIHO GH
UHVXUVH'DF UOUH]XOW F VHGLPLQXHD] FDSDFLWDWHDGHFUHGLWDUHSHVHDPDDFHVWRUUHVXUVHQ
IXQF LH GH HYHQWXDOHOH VROLFLW UL GH FUHGLWH DQXQ DWH SHQWUX OXQD LXOLH FX VFDGHQ H SRVLELO GH
DFRSHULWGLQDVWIHOGHGHSR]LWHLGHSURSULLOHSUHGLF LLSULYLQGDVWIHOGHVROLFLW ULEDQFDYDWUHEXL
V

-LDMXVWH]HUHVSHFWLYDFDSDFLWDWHGHFUHGLWDUHF XWkQGUHVXUVHQRLVXSOLPHQWDUH
n cazul calcululXLSRVWIDFWXPWRDWHGDWHOHVXQWFXQRVFXWHUDWDOLFKLGLW LLFDOFXODW

DVWIHO

HVWH VWDWLVWLF  LDU EDQFD GHVFLIUHD]  DVWIHO WHQGLQ D GH HYROX LH D UHVSHFWLYXOXL WLS GH UHVXUVH
SXWkQG VWDELOL P VXUL RSHUDWLYH GH DMXVWDUH PRGLILFDUHD UDWHORU GH GREkQG  LQL LHUHD XQRU
SURGXVH EDQFDUH QRL vQ VSULUHD VDX UHOD[DUHD FUHGLW ULL PRGLILFDUHD SRQGHULORU VDX OLPLWHORU
LQGLFDWRULORUGHERQLWDWHvQHVWLPDUHDFDOLW

LLQRLORUGHELWRULHWF

3UH XO FUHGLWXOXL FODVLILF  DFWLYHOH L SDVLYHOH GXS  UDWD GREkQ]LL vQFDVDWHSO WLWH Q
FRQGL LLOH vQ FDUH DFHVWHD VXQW IL[H SUREOHPHOH GH SUHGLF LH D UH]XOWDWXOXL EDQFDU L GH FRUHODUH D
FODVHORU GH XWLOL] UL L SURYHQLHQ H VXQW PXOW PDL VLPSOH &RPSOH[LWDWHD DFWLYLW
GHWHUPLQDWvQV vQXOWLPLLGHDQLH[WLQGHUHDYDULDELOLW

LL HFRQRPLFH D

LLGREkQ]LLLvQFRQVHFLQ

QHYRLDGH

DFODVLILFDDFWLYHOHLSDVLYHOHEDQFDUHvQIXQF LHGHLQWHQVLWDWHDYDULD LLORU

'REkQ]LOH FDUH VXQW vQ PRG HYLGHQW LQIOXHQ DWH GH YDULD LD SLH HL FUHGLWXOXL VXQW QXPLWH

dobnzi sensibile, iar actLYHOH L SDVLYHOH vQ OHJ WXU  FX FDUH VXQW SUDFWLFDWH VH ]LF active
sensibileLpasive sensibile&HOHFHQXLQWU vQDFHDVW FODV VH]LF>QHVHQVLELOH@
8QLQGLFDWRUGHFDOLWDWHDDFWLYLW
LLEDQFDUHOHJDWGHSUH XOFUHGLWXOXLHVWHrata gradului
de sensibilitate:
As
gs =
(163)
Ps
unde: gs = rata gradului de sensibilitate;
As = active sensibile;
Ps = pasive sensibile.
5DWDVHSRDWHFDOFXODSHWRWDOVDXSHFODVHGHGXUDW LDUDW PDUMDGHDFRSHULUHDDFWLYHORU

sensibile din pasiveGHDFHODLIHO

'DF JV!vQVHDPQ F ILQDQ DUHDDFWLYHORUVHQVLELOHVHIDFHLGLQSDVLYHQHVHQVLELOHQ
FD]XO vQ FDUH GREkQ]LOH VHQVLELOH vQUHJLVWUHD]  R WHQGLQ

 GH FUHWHUH FUHWH GLIHUHQ D  vQWUH

UHPXQHUDUHDSURGXV GHDFWLYHLFRVWXOUHVXUVHORUGLQFDUHDXIRVWILQDQ DWHGHRDUHFHODILQDQ DUH

DX FRQWULEXLW L SDVLYHOH QHVHQVLELOH D F URU GREkQG  QX YD FUHWH Q FD]XO vQ FDUH GREkQ]LOH
VHQVLELOHvQUHJLVWUHD] RWHQGLQ

GHVF GHUHVFDGHGLIHUHQ DvQWUHUHPXQHUDUHDSURGXV GHDFWLYH

L FRVWXO UHVXUVHORU GLQ FDUH DX IRVW ILQDQ DWH GHRDUHFH GREkQGD SDVLYHORU QHVHQVLELOH
SDUWLFLSDQWHODILQDQ DUHQXVHPRGLILF 
'DF  JV   vQVHDPQ  F  SDVLYHOH VHQVLELOH VXQW IRORVLWH SHQWUX D ILQDQ D L DFWLYH

nesensibile. n cazul n care dobnzile sensibile vQUHJLVWUHD]

 R WHQGLQ

 GH FUHWHUH UH]XOWDWXO

SHQWUXEDQF YDILQHIDYRUDELOLDUvQFD]XOvQFDUHGREkQ]LOHVHQVLELOHvQUHJLVWUHD] RWHQGLQ

GH

VF GHUHUH]XOWDWXOSHQWUXEDQF YDILIDYRUDELO
&RPSDUD LLOH SH FODVH GH GXUDW  VDX SUH  DOH  DFWLYHORU L SDVLYHORU SRW HYLGHQ LD
LQVXILFLHQ D UHVXUVHORU SHQWUX FODVD UHVSHFWLY  PRWLY SHQWUX FDUH vQ YHGHUHD DPHOLRU ULL
HFKLOLEUXOXL DU IL QHFHVDU  DWUDJHUHD GH QRL SDVLYH GH FODVD UHVSHFWLY  Q YHGHUHD DSUHFLHULL
OLPLWHL GH SUH  SHQWUX DVWIHO GH UHVXUVH VH GHWHUPLQ  UDWD GH DFRSHULUH D EUHHL DGLF  SUDJXO
PD[LPFHSRDWHILDFFHSWDWFDUDW GHGREkQG SHQWUXDFHVWHD

rab =
unde: rab
D

UDWDGHDFRSHULUHDEUHHL

D DP
AP

(164)

GREkQGDvQFDVDW GHODDFWLYHOHFODVHLDQDOL]DWH

168

DP
A
P

GREkQGDSO WLW SHQWUXSDVLYHOHFODVHLDQDOL]DWH

FXDQWXPXODFWLYHORUGLQFODVDDQDOL]DW 
FXDQWXPXOSDVLYHORUGLQFODVDDQDOL]DW 

3HUIRUPDQ HOH E QFLORU VXQW IRORVLWH GH DJHQ LLOH GH HYDOXDUH UDWLQJ SHQWUX D FDOLILFD

activitatea acestRUD (YDOX

ULOH I FXWH GH GLIHUL L DJHQ L SRW GLIHUL FX WRDW  F  vQ JHQHUDO

PHWRGRORJLD HVWH DFHHDL D VH VWDELOHVF WLSXULOH GH FDUDFWHULVWLFL FDUH YRU IL HYDOXDWH E VH
VWDELOHVFLQGLFDWRULGHSHUIRUPDQ

FDUHGHVFULXUHVSHFWLYHOHFDUDFWHULVWLFLF

sunt stabilite nivele

GHFDOLILFDUHDILHF UHLFDUDFWHULVWLFL
$JHQ LD 0RRG\V HYDOXHD]  SDWUX FDWHJRULL GH FDUDFWHULVWLFL IRU D ILQDQFLDU  GDWRULD
SULQFLSDO GHSR]LWHOHSHWHUPHQOXQJLGHSR]LWHOHSHWHUPHQVFXUW
)RU D ILQDQFLDU HVWH FDOLILFDW  SH  QLYHOH $ %& ' L ( RUGRQDWH GHVFUHVF WRUDVWIHO
F  QLYHOXO $ HVWH DWULEXLW E QFLORU FH DX IRU

 ILQDQFLDU  DGHFYDW  LDU QLYHOXO ( FHORU FX IRU

ILQDQFLDU  IRDUWH VF ]XW  FH DUDW  F  EDQFD DU DYHD QHYRLH SHULRGLF GH DMXWRU L R HYHQWXDO 

asistHQ

 Q LQWHULRUXO QLYHOHORU VXQW I FXWH QXDQ

UL SULQ DG XJDUHD VHPQHORU  L

-. n
-martie 1999 nivelul D a fost atribuit

5RPkQLDSRWULYLWDVRFLD LHL)LQDQW]$*=ULFKvQIHEUXDULH
%5'L%&5LDUQLYHOXO(SHQWUX%$1&25(;L%$

Datoria principDO

HVWHFDOLILFDW SHQLYHOH$%L&GLVWLQFWSHQWUXGDWRULDSHWHUPHQ

OXQJ L SHQWUX FHD SH WHUPHQ VFXUW Q LQWHULRUXO QLYHOHORU VH IDF QXDQ

UL SULQ DG XJDUHD OLWHUHL

PLFL D R GDW  VDX GH GRX  RUL L PDL vQ GHWDOLX D FLIUHORU   L  ,QGLFDWRUXO GH UHIHULQ

HVWH ULVFXO SH FDUH vO SUH]LQW  FUHGLWRULL E QFLL FDUH FX FkW HVWH PDL ULGLFDW H[SULP  R
YXOQHUDELOLWDWHWRWPDLPDUHDUHVXUVHORUGHFDUHGLVSXQHEDQFD'HSLOG 

B3 risc relativ mare;

Caa riscul creditelor este mare, vulnerabilitDWHDE

&DD VHFXULWDWH ILQDQFLDU  IRDUWH VF ]XW  H[LVW  SUREDELOLWDWHD DSDUL LHL XQRU HOHPHQWH GH
SHULFROvQSULYLQ DFDSDFLW

&D VLJXUDQ

QFLLHVWHVSRULW 

LLILQDQFLDUH

 ILQDQFLDU  H[WUHP GH VODE  EDQFD DUH GLILFXOW

L vQ D L UHVSHFWD REOLJD LLOH GH

SODW 
Q 5RPkQLD SRWULYLW DFHOHLDL DVRFLD LL V D DWULEXLW FDOLILFDWLYXO % SHQWUX DU  SHQWUX

GDWRULD SH WHUPHQ OXQJ OD IHO FD SHQWUX 5XVLD L 8FUDLQD LDU vQ DFHVW FRQWH[W %&5 D IRVW
FDOLILFDW FX%SHQWUXGDWRULDSULQFLSDO LFX&DDSHQWUXGDW

oria pe termen scurt.

'HSR]LWHOH SH WHUPHQ OXQJ VXQW FDOLILFDWH SH  QLYHOH $ % L & vQ FDGUXO F URUD VH IDF
QXDQ

UL VLPLODUH FHORU SHQWUX GDWRULD SULQFLSDOD &DOLILFDWLYHOH DFRUGDWH GH DFHHDL DVRFLD LH

VXQW&DDSHQWUX DU 5XVLD

Ca, Ucraina CaDL&DDSHQWUX%&5L%5'

'HSHQGHQ D FDOLILFDWLYHORU DFRUGDWH XQHL E QFL GH FHOH DFRUGDWH

ULL GH UHHGLQ

 HVWH

HYLGHQW  QLFL R HQWLWDWH EDQFDU  QX SRDWH SULPL XQ UDWLQJ VXSHULRU FDOLILFDWLYXOXL GH DU  ,RQ
*KLFD SUHHGLQWHOH %&5 SUHHGLQWHOH

ARB, ntr-un comentariu pe marginea calificativelor

DFRUGDWH GH )LQDQW] $* =ULFK &DOLILFDWLYXO

ULL L LPSOLFLW DO E QFLL GHSLQGH GH PHGLXO

HFRQRPLFQD LRQDOGHVWDUHDFDUHvOFDUDFWHUL]HD] ODXQPRPHQWGDWUHFHVLXQHDHFRQRPLF GXFH

la diminuarea cDOLILFDWLYHORU GXS

 FXP UHODQVDUHD L FUHWHUHD HFRQRPLF  GXF OD FUHWHUHD

DFHVWRUD 3H SLD D PRQHWDU  LQWHUQD LRQDO  FDOLILFDWLYHOH LQIOXHQ HD]  UDWD GREkQ]LL SHQWUX
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edite la

QLYHOXO /,%25 UDWD LQWHUEDQFDU  D GREkQ]LL SH SLD D /RQGUHL LDU FHL FX FDOLILFDWLYH VXE $ OD
QLYHOXO /,%25 SOXV FkWHYD SXQFWH SURFHQWXDOH FRUHFWLYH 'H SLOG  vQ OHJ WXU  FX HYDOXDUHD
I FXW  GH )LQDQW] $* =ULFK &UHGLW 6XLVVH )LUVW %RVWRQ DQXQ D GLVSRQLELOLWDWHD GH D DFRUGD

credite pe 4 ani pentru Romnia cu LIBOR + 4,25%, pentru Polonia cu LIBOR + 2,5%, iar
SHQWUX

ULOH8QLXQLL(XURSHQHLDOWH

 $SUHFLHUHD FDOLW

ULGLQ(XURSD2FFLGHQWDO FX/,%25

LL DFWLYLW

LL ILQDQFLDUH D DJHQ LORU HFRQRPLFL

nefinanciari
Q FRQVHQV FX QRUPHOH SUXGHQ LDOH SHQWUX DFWLYLWDWHD EDQFDU  E QFLOH VXQW LQWHUHVDWH GH
FDUDFWHULVWLFLOHDFWLYLW

LLILQDQFLDUHDDJHQ LORUHFRQRPLFLFDUHDSHOHD] ODVHUYLFLLOHDFHVWRUDLvQ

169

primul rnd a celor ce solicit

FUHGLWH,QWHUHVXOHVWHMXVWLILFDWSHQWUXDSXWHDDVLJXUDRFHUWLWXGLQH

FkWPDLPDUHUHODWLYODUDPEXUVDUHLLPSOLFLWODUHYHQLUHDvQEDQF DVXPHORUFUHGLWDWHLFDUHvQ
PDUHVXQWDOHGHSRQHQ LORUHLLGHDVHPHQHDSHQWUXDDYHDRFHUWLWXGLQHVLPLODU UHODWLYODSODWD
GREkQ]LORULUHVSHFWDUHDVFDGHQ HORU
7HUPHQXO FH GHVHPQHD]  VXPD FDOLW

LORU DFWLYLW

LL GHVI XUDWH GH XQ DJHQW HFRQRPLF

este bonitatea Q ERQLWDWH VH LQFOXG QX QXPDL FDOLW LOH DFWLYLW LL ILQDQFLDUH FL L FHOH QXPLWH
generic goodwill vQ FDUH VH VXEVXPHD]  FRPSRUWDPHQWXO JHQHUDO DO XQXLDJHQW HFRQRPLF UHODWLY
OD FHL FX FDUH LQWU  vQ UHOD LL GH DIDFHUL FOLHQ L IXUQL]RUL FUHGLWRUL GHELWRUL SR]L LD GH SLD



amplasamentul etc.
&DSDFLWDWHD GH SODW
DFWLYLW
SO

a unui agent economic este una din caracteristicile de calitate ale

LORU OXL ILQDQFLDUH $FHDVWD GHILQHWH SRVLELOLWDWHD XQXL DJHQW HFRQRPLF GH D IDFH ID

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GDWRULLORU L REOLJD LLORU F WUH VWDW HWF 6H ]LFH F  H[LVW  FDSDFLWDWH GH SODW  DWXQFL FkQG
LOHSURSULLDWUDVHLvPSUXPXWDWHDOHXQXLDJHQWHFRQRPLFDFRSHU SO

GLVSRQLELOLW

$FHDVW FDSDFLWDWHVHIRUPHD] SULQFRUHODUHDWHUPHQHORUGHvQFDV ULLSO

LOHH[LJLELOH

LLUHSUH]LQW RIRUP 

GH HFKLOLEUX ILQDQFLDU DO DJHQWXOXL HFRQRPLF SRWULYLW F UHLD DFWLYHOH OLFKLGH DFRSHU  SO

LOH

VFDGHQWH$FHVWHFKLOLEUXUHIOHFW RFRUHODUHSDU LDO DDFWLYXOXLLSDVLYXOXLGHELODQ DODJHQWXOXL

vQFDX] 
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de timp dat).
0 VXUDFDSDFLW

LLGHSODW HVWHGDW SULQUHOD LLOH

CP = AL PS

rcp =
unde: CP FDSDFLWDWHDGHSODW 
AL = active lichide;
PS SO LVFDGHQWH
rcp UDWDFDSDFLW LLGHSODW

(165.1)

AL
PS

(165.2)

,QGLFDWRUXO &3 G  P VXUD DEVROXW  D FDSDFLW

&3!VDXGHILFLWXOGHOLFKLGLW

a fDFHSO

LL GH SODW  L DUDW  VXUSOXVXO GH OLFKLGLW

L&30DQDJHUXOILQDQFLDUWLHDVWIHOFHSRVLELOLW

L

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LLGHSODW UHVSHFWLYPDUMDGHDFRSHULUHDSO

/LFKLGLWDWHD ILQDQFLDU
DFWLYLW

LDUHGH

LVXSOLPHQWDUHVDXSODVDPHQWHSHWHUPHQVFXUWVDXGLPSRWULY FHQHYRLHVXSOLPHQWDU 

DUHGHOLFKLGLW
FDSDFLW

L

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LORUVFDGHQWH

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LL

LLILQDQFLDUHLDUDW FDSDFLWDWHDXQXLDJHQWHFRQRPLFGHDWUDQVIRUPDvQEDQLDFWLYHOHGH

FDUH GLVSXQH vQ YHGHUHD DVLJXU ULL XQXL FLUFXLW ILQDQFLDU QRUPDO /LFKLGLWDWHD HVWH JHQHUDW  GH
IOX[XULOHPDWHULDOHLE QHWLSHFDUHOHRFD]LRQHD] DFWLYLWDWHDDJHQWXOXLHFRQRPLF

i.

LPRELOL]DUHD

XQRU

OLFKLGLW

L

vQ

DOWH

HOHPHQWH

GH

DFWLY

GHELWRUL

VWRFXUL

SURGXF LH

QHWHUPLQDW 

transformarea n lichidiW

LDXQRUHOHPHQWHGHDFWLYGHJHQXOFHORUPDLVXVPHQ LRQDWH

'LQSXQFWXOGHYHGHUHDOOLFKLGLW
OLFKLGLW

LORUHOHPHQWHOHGHDFWLYVHFODVLILF vQ

LSULPDUHSHUIHFWHEDQLvQFDV VDXvQFRQWSODIRDQHGHFUHGLWGLVSRQLELOH VROGvQ

carnete de cecD
ii.

OLFKLGLW

L VHFXQGDUH P UIXUL YDQGDELOH SURGXVH FX GHVIDFHUH DVLJXUDW  FUHDQ H VLJXU

PRELOL]DELOHWLWOXULILQDQFLDUHD

iii.

OLFKLGLW

L WHU LDUH SURGXF LH QHWHUPLQDW  VWRFXUL SHQWUX SURGXF LH VHPLIDEULFDWH FUHDQ H

JUHXPRELOL]DELOHP UIXULJUHXYDQGDELOHD

170

iv.

DFWLYH I

 FDUDFWHULVWLFL GH OLFKLGLWDWH DFWLYH IL[H GH SURGXF LH LPRELOH WHUHQXUL P UIXUL

nevandabile etc.
/LFKLGLWDWHD HVWH R FRQGL LH D FDSDFLW
JHQHUHD] SO

0 VXUD OLFKLGLW

LL ILQDQFLDUH

LL ILQDQFLDUH SRDWH IL H[SULPDW  SULQ PDL PXO L LQGLFDWRUL GLQWUH FDUH

OLFKLGLWDWHDSDWULPRQLDO

HVWHUHODWLYIUHFYHQWLQYRFDW 

LP =

unde: LP

LL GH SODW  ,QVXILFLHQ D OLFKLGLW

LUHVWDQWHLSRDWHSXQHILUPDvQVWDUHGHIDOLPHQWFKLDUGDF HDHVWHUHQWDELO 

D +S+ T + A
C

sau

Al
Ps

(166)

OLFKLGLWDWHDSDWULPRQLDO H[SULPDW FDUDW GHDFRSHULUHDGDWRULLORUGLQOLFKLGLW

LOH

SULPDUHLVHFXQGDUH

D
GLVSRQLELOLW LE QHWLLDOWHOLFKLGLW LSHUIHFWH
S = sume de ncasat;
T
WLWOXULGHFUHGLWQHJRFLDELOHDF LXQLREOLJD LXQLHfecte comerciale scontabile;
A
DOWHOLFKLGLW LVWRFXULGHPDUI YDQGDELOHVDXFXGHVIDFHUHDVLJXUDW 
C
GDWRULLSHWHUPHQVFXUWEDQFDUHLQHEDQFDUH
Al DFWLYHSDWULPRQLDOHWUDQVIRUPDELOHSHWHUPHQVFXUWvQOLFKLGLW LSHUIHFWH
Ps = pasive patrimoniale exigibile pe termen scurt.
Solvabilitatea HVWH R DOW

 FDUDFWHULVWLF  D FDOLW

LL DFWLYLW

LL ILQDQFLDUH D XQXL DJHQW

HFRQRPLFLH[SULP FDSDFLWDWHDOXLGHD LDFKLWDWRDWHREOLJD LLOHDVXPDWHDWkWSHWHUPHQVFXUW

FkWLSHWHUPHQOXQJ6ROYDELOLWDWHDUHSUH]LQW LHDRIRUP DHFKLOLEUXOXLILQDQFLDUDODJHQWXOXL

economic:

AF + ACP + CS + MB O

(167)

unde: AF = active fixe;

ACP DFWLYHFLUFXODQWHGHSURGXF LH
CS
FUHDQ HVLJXUH
MB PLMORDFHE QHWL
O
REOLJD LLIXUQL]RULE QFLFUHGLWRULVWDWSHUVRQDODF LRQDULHWF
0 VXUD VROYDELOLW

LL HVWH GDW  GH UDWD FDSLWDOXOXL SURSULX vQ WRWDOXO UHVXUVHORU ILQDQFLDUH

ale agentului economic:

rkp =

KP
KP + C

sau

KP
TP

(168)

unde: rkp = rata capitalului propriu;

KP = capital propriu;
C
FUHGLWHWRWDOEDQFDUHLQHEDQFDUHSHWHUPHQOXQJLVFXUWHWF
TP = total pasiv
QVLWXD LDvQFDUHUNS [0,5; 1) gradul de solvabilitate se zice bun.
)LHFDUH EDQF  vL HODERUHD]  R PHWRGRORJLH GH HYDOXDUH D ERQLW

LL DJHQ LORU HFRQRPLFL

FDUH OL VH DGUHVHD]  FX FHUHUL GH FUHGLWH PHWRGRORJLL QXPLWH FXUHQW GH FUHGLWDUH D DJHQ LORU

economici. n principiu: sunt stabilite criterii de evaluare (unele cuantificabile, altele nu), care
VXQW HYHQWXDO GHWDOLDWH SULQ PDL PXO L LQGLFDWRUL VH SUHFRQL]HD]  OLPLWH VDX FDUDFWHULVWLFL GH
GHSDUWDMDUH SH FDOLILFDWLYH VDX SXQFWH VH FDOFXOHD]  SXQFWDMXO WRWDO HYHQWXDO FX SRQGHUL
GLIHUHQ LDWH SH LQGLFDWRUL VDX FULWHULL VH DFRUG  XQ FDOLILFDWLY JOREDO SH VHDPD vQFDGU ULL

punctajului total n limite predeterminate.

2 LPDJLQH D XQHL DVWIHO GH HYDOX UL R SUH]HQW P vQ FRQWLQXDUH SRUQLQG GH OD XQD GLQ
IRUPHOH GHPHWRGRORJLHSURSXV  GH%&5WDEHOXO7RWDOXOSXQFWDMXOXLHVWHFDOFXODW SHRVFDU 
YDORULF WDEHO

171

Tabelul 3
Nr.
crt.

Criteriu
Subcriteriu

Variante
Limite

Nr.
puncte al
subcriteriului

Forma de
organizare

Ponderea
criteriului

calcul a
indicatorului

5=3*4

P VXUDELO

1
-UHJLHDXWRQRP
- societate comerciaO
-DO LDJHQ LHFRQRPLFL

5HOD LDGH

Total
puncte pe
criteriu
(Pi)

3
2
1

Sectorul de
activitate

1
-

SURGXF LH

LQGXVWULDO 

L

DJULFRO

-WUDQVSRUWXULWHOHFRPXQLFD LL
aprovizionare-desfacere,
FRPHU -WXULVPSUHVW ULVHUYLFLL
- alte sectoare
3

3R]L LDvQ

ramXU



1,5

VXEUDPXU

- loc primordial

-SR]L LHPHGLH
-SR]L LHPLQRU

2
1

Lichiditate
SDWULPRQLDO 
LPHGLDW 

cf. (166)

cf. (168)

UHODWLY 

- sub 100%
-vQWUHL
- peste 150%

0
2
4

- sub 30%
-vQWUHL
- peste 70%

0
2
4

Solvabilitate

6LWXD LD

economicoILQDQFLDU

6.1

Cifra de afaceri
medie lunara

2
- peste 500 mil.lei
-vQWUHLPLOOHL
- sub 50 mil.lei

6.2

Profitul brut
lunar

2
- peste 75 mil.lei
-vQWUHLPLOOHL
- sub 7,5 mil.lei

6.3

1
2
1

Rata
UHQWDELOLW

LL

financiare

- peste 30%
-vQWUHL
- sub 10%
6.4

1
2
1

Pierdere

rf = PN/KP
PN = profit
net
KP = capital
propriu

1
2
1
descalificare de la creditare

172

5RWD LD

activelor
circulante

2
-SHVWHURWD LL
-vQWUHLURWD LL
-VXEURWD LL

n = CA/AC
CA = cifra de
afaceri
AC = active
circulante

3
2
1

*DUDQ LL

1,5
- active moELOH LLPRELOH FDUH
pot fi rapid transformate n

OLFKLGLW WL

- EXQXUL DFKL]L LRQDWH GLQ

credite
-FHVLRQDUHDFUHDQ HORU
- JDMXUL LSRWHFL L DOWH JDUDQ LL
reale
- GHSR]LWH vQ OHL L YDOXW 
acreditive deschise
- lipVDJDUDQ LLORU
9

3
2
4
descalificare de la creditare

Gradul de
ndatorare

g = Pe/A
1,5
- sub 30%
-vQWUHL
- peste 70%

10

3H

SO

L

exigibile
A = total activ

3
2
1

'HSHQGHQ DGH
SLH HOHGH

1,5

aprovizionare(a)
LGHVIDFHUHG

-DGLQ DU LGODH[SRUW
-DGLQLPSRUWLGODH[SRUW
-DGLQ DU LGvQ DU
-DGLQLPSRUWLGvQ DU
11

4
3
2
1

Sprijin
guvernamental

LVXEYHQ LRQDUH

- da
- nu
12

Calitatea
conducerii

1,5
-IRDUWHEXQ
-EXQ
-VDWLVI F WRDUH

13

4
2

3
2
1

Perspective

1,5
- DUH L DSOLF  FX EXQH
rezultate programe de restruc-

WXUDUHLUHWHKQRORJL]DUH

14

Total punctaj

- DUH GDU QX DSOLF  VDX DSOLF 

cu rezultate slabe astfel de
programe
- QX DUH L QX DSOLF  DVWIHO GH
programe
*

2
1

13

TP = Pi
i =1

173

Tabelul 4
CALIFICATIV
E
D
C
B
A

TOTAL PUNCTAJ
sub 25,0
vQWUHL
vQWUHL
vQWUHL

peste 61,0
CalificatLYHOH VH WUDGXF vQ FDUDFWHUL]

UL VXFFLQWH DOH VROLFLWDWRULORU GH FUHGLWH GXS  FXP

XUPHD] 

DFWLYLWDWH UHQWDELO vQWUXQHWHLQWHJUDOFRQGL LLOHGHDSURYL]LRQDUH

-desfacere, tehnologice,

RUJDQL]DWRULFH L GH SHUVRQDO SHQWUX D IL VROYDELOL SUHGLF LD SHQWUX SHULRDGD XUP WRDUH
HVWHIDYRUDELO GLQSXQFWGHYHGHUHDOSHUIRUPDQ HORUILQDQFLDUH

VLWXD LDHFRQRPLFR ILQDQFLDU SUH]HQW HVWHEXQ SUHGLF LDSHQWUXSHULRDGDXUP WRDUHHVWH

GH GLPLQXDUH D SHUIRUPDQ HORU ILQDQFLDUH GDWRULW  XQRU QHDMXQVXUL RU

ganizatorice,

WHKQRORJLFHVDXGHSHUVRQDOVDXGDWRULW QDWXULLLRELHFWXOXLDFWLYLW

LL

 VLWXD LD HFRQRPLFR ILQDQFLDU  SUH]HQW  HVWH VDWLVI F WRDUH HVWH PDQLIHVW  WHQGLQ D GH

vQU XW

LUH D LQGLFDWRULORU GH SHUIRUPDQ

 SURGXF LH HILFLHQ

 RUJDQL]D

re, probleme de

personal);
D

VLWXD LH

HFRQRPLFR ILQDQFLDU 

RVFLODQW  SH LQWHUYDOH

VFXUWH

vQWUH

QHVDWLVI F WRU L

VDWLVI F WRUSHUVSHFWLY LQFHUW 

DFWLYLWDWHQHUHQWDELO FXSHUVSHFWLYDOLSVHLGHVROYDELOLWDWH

6HSDUDWGHDFHDVW HYDOXDUHFXFDUacter general, se face o evaluare a serviciului datoriei

solicitantului de credite. Aceasta are n vedere trei indicatori:
1o rata de acoperire a dobnziiFDUHDUDW P VXUDvQFDUHSURILWXOEUXWDFRSHU GREkQ]LOH

rad =
unde: PB = profitul brut;
D
 VXPD GREkQ]LORU SO

PB
D

(169)

WLWH L GDWRUDWH GDU QHDFKLWDWH SH LQWHUYDOXO vQWUH vQFHSXWXO

SHULRDGHLGHJHVWLXQHLGDWDHYDOX ULL

2o
Credite restante vQUHJLVWUDWH OD GDWD HYDOX ULL DQDOL]D VH IDFH vQ YDORUL DEVROXWH FD
pondere a acestRUDvQWRWDOXOFUHGLWHORUDQJDMDWHGHVROLFLWDQWSkQ ODGDWDHYDOX ULLLvQGLQDPLF 
SHRSHULRDG GHDQLvQXUP 
3o

3O

L UHVWDQWH vQUHJLVWUDWH OD GDWD HYDOX ULL LQFOX]kQG RULFH IHO GH REOLJD LL GH SODW 

UHVWDQWH GLQWUH DFHVWHD VHDQDOL]HD]  GLVWLQFW UHVWDQ HOH GH SODW ID
vQ YDORUL DEVROXWH L FD SRQGHUH ID

 GH SO

 GH IXUQL]RUL L DQWUHSUHQRUL

LOH HIHFWLYH I FXWH DFHVWRUD GH OD vQFHSXWXO SHULRDGHL

GHJHVWLXQHSkQ ODGDWDHYDOX ULL

Calificarea serviciului datoriei poate fi:

EXQ

 VODE

sau

QHFRUHVSXQ]

WRDUH

potrivit unor

vQFDGU ULLOLPLWHPHQ LRQDWHvQWDEHOXO

Tabelul 5
Calificativul
serviciului
datoriei

Plata dobnzilor

bun

la termen

slab
QHFRUHVSXQ] WRU

Rambursarea
creditelor

n mod repetat

n general la
termen
n mod repetat

GXS WHUPHQ

GXS WHUPHQ

H[LVW GREkQ]L

H[LVW FUHGLWH

QHSO WLWH

nerambursate

Ponderea
creditelor restante
n total credite
angajate

Vechimea
creditelor restante

sub 20%

sub 30 zile

peste 20%

sub 30 zile

peste 20%

FHOSX LQXQHOH

peste 30 zile

174

Prin conjugaUHDFHORU GRX WLSXULGHHYDOXDUHERQLWDWHDLVHUYLFLXOGDWRULHLEDQFDSRDWH

determina categoria de risc n care se include creditul solicitat (tabel 6).
Tabelul 6

Serviciul datoriei
Bonitatea
A
B
C
D
E

BUN

SLAB

credit cu risc minim

creditvQREVHUYD LH
credit substandard
credit incert
credit cu risc major
credit cu risc major

FUHGLWvQREVHUYD LH

credit sub standard

credit incert
credit cu risc major

1(&25(6381=

725

credit substandard
credit incert
credit cu risc major
credit cu risc major
credit cu risc major

&DUDFWHUL]DUHDVXFFLQW DULVFXOXLVHIDFHGXS FXPXUPHD] 

i.

credit cu risc minim presupune administrarea lui conform contractului de creditare;

solicitatorul este solvabil; afacerea pentru care s-DVROLFLWDWFUHGLWXOHVWHEXQ 
ii. credit vQ REVHUYD LH VROLFLWDWRU FX SHUIRUPDQ H IRDUWH EXQH GDU FDUH SHQWUX VFXUWH SHULRDGH
GH WLPS DUH SUREOHPH GH VROYDELOLWDWH VROLFLWDWRU FX SHUVSHFWLYH vQ GHFOLQ GDWRULW  XQRU
QHDMXQVXUL LQWHUQH DSURYL]LRQDUH GHIHFWXRDV  FHO SX LQ XQHRUL XQHOH XWLODMHLQVWDOD LL
HFKLSDPHQWHX]DWHIL]LFVDXPRUDOQHDMXQVXULRUJDQL]DWRULFHLVDXGHSHUVRQDOVDXDXQRUD
H[WHUQHSLD

vQGHFOLQ

iii. credit substandard

VROLFLWDWRU FX VROYDELOLWDWH QHVLJXU  GDWRULW  JDUDQ LHL LQVXILFLHQWH

YDORDUH QHW  D FDSLWDOXOXL PLF  LVDX FDSDFLW

nerecuperare a creditului;
iv. credit incert VROLFLWDWRU FX VROYDELOLWDWH SUHFDU

LL GH SODW  UHGXVH SRVLELOLWDWH GH

 vQ FRQGL LLOH VWLSXODWH GH FRQWUDFWXO GH

FUHGLWDUHJDUDQ LHGHORFVDXLQFHUWYDORULILFDELO ODYDORDUHDGHFODUDW 

v.

credit cu risc majorDF

UXLUDPEXUVDUHHVWHSX LQVDXGHORFSUREDELO DDvQFkWvQUHJLVWUDUHD

VDXPHQ LRQDUHDOXLFDDFWLYEDQFDUQXHVWHJDUDQWDW 
QDIDUDVRFLHW

LORUFXDFWLYLWDWHOXFUDWLY E QFLOHDFRUG XQYROXPvQVHPQDWGHFU

edite

L SRSXOD LHL 3HQWUX GHELWRULL SURYHQLQG GLQ DFHVW VHFWRU LQVWLWX LRQDO VSHFLILF PHQDMHOH HVWH
QHFHVDU  GH DVHPHQHD R HYDOXDUH D VW ULL ORU ILQDQFLDUH D FDSDFLW
EDQFD V  DLE  P VXUD SRVLELOLW

LL ORU GH SODW  SHQWUX FD

LL GH UHFXSHUDUH D VXPHORU DFRUGDWH DFHVWRUD VXE IRUP  GH

FUHGLWH SUHFXP L GH vQFDVDUH D GREkQ]LORU DIHUHQWH OD VFDGHQ HOH FRQYHQLWH vQ FRQWUDFWHOH GH

creditare.
'DWRULW  VSHFLILFXOXL DFHVWRU GHELWRUL FDUDFWHULVWLFLOH GH FDOLWDWH GH EXQ SODWQLF vQ
SULQFLSLX DFHOHDL FD L DOH DOWRU GHELWRUL FDSDFLWDWH GH SODW  VROYDELOLWDWH OLFKLGLWDWH VXQW
LGHQWLILFDWH SULQ LQGLFDWRUL VSHFLILFL DYHUH VWDELOLWDWH SURIHVLRQDO  VLWXD LD GH EDQF  YHQLWXUL
DOWHREOLJD LLILQDQFLDUHHWF
3URFHGXUD GH HYDOXDUH HVWH VLPLODU  FHOHL SHQWUX

debitorii ntreprinderii: detalierea pe

QLYHOH D ILHF UXL LQGLFDWRU QRWDUHD QLYHOXULORU SXQFWDM DWULEXLUHD XQRU SRQGHUL GH LPSRUWDQ

ILHF UXL LQGLFDWRU GHWHUPLQDUHD SXQFWDMXOXL WRWDO VWDELOLUHD XQXL FDOLILFDWLY JOREDO GHILQLW vQWUH

anumite limite de punctaj total.

3HQWUX H[HPSOLILFDUH SUH]HQW P vQ WDEHOXO  LQGLFDWRUL L SXQFWDMH IRORVLWH GH DVWIHO GH
HYDOX ULvQ68$vQSUHDMPDDQLORU
6LVWHPXO GH HYDOXDUH GH F WUH E QFL D VROLFLWDWRULORU GH FUHGLWH DJHQ L HFRQRPLFL

nefinanciari) este cunoscut sub numele de credit-scoring. O astfel de metodologie de evaluare,

FRPSOHWDW  FX DOWH LQIRUPD LL L FX PHWRGH GH SUHOXFUDUH VWDWLVWLF  UHJUHVLH PXOWLSO  DQDOL] 
IDFWRULDO  FRHILFLHQ L GH YHULGLFLWDWH D HVWLP ULORU D FRQVWLWXLH ED]D SHQWUX FUHDUHD
LQVWUXPHQWHIRDUWHHODERUDWHLLQIRUPDWL]DWHGHWLSXO

unor

sistemelor expert.

175

Tabelul 7
Indicator nivel de realizare
1.

2.

3.

3R]L LDID

Punctaj

GHORFXLQ DGHGRPLFLOLX

proprie
cu chirie
QXU VSXQGH
DOWHVLWXD LL
Durata domiciliului actual
sun 6 luni
OXQLSkQ ODDQL
DQLSkQ ODDQL
peste 6,5 ani
QXU VSXQGH

12
15
22
35
12

UkUH

Punctaj

3RVHG FDUWHGHFUHGLW

40
8
8
25

'XUDWDRFXSD LHLDFWXDOH

sub 1,5 ani

DQLSkQ ODDQL
DQLSkQ ODDQL
peste 5,5, ani
retras din activitate
DVLVWHQ SXEOLF VDXSULQKRW

Indicator nivel de realizare

12
15
25
48
48
25

PDMRU LGHPDJD]LQ
QXPDLPDMRU
numai de magazin
QXU VSXQGH
5HIHULQ HGHODFompanii financiare
una
GRX VDXPDLPXOWH
nu are
QXU VSXQGH
8. Venituri anuale
sub 10.000 USD
SkQ OD86'
SkQ OD86'
peste 30.000 USD

40
40
30
10
15
10
5
10

5
15
30
50

MXGHF WRUHDVF

4.

5.

casnic
RPHU
QXU VSXQGH
Vrsta solicitantului
sub 45 de ani
peste 45 de ani
QXU VSXQGH

25
12
12
 2EOLJD LL ILQDQFLDUH OXQDUH GH SODW  GHMD

4
20
4

5HIHULQ HEDQFDUH

FRQWFXUHQWLGHHFRQRPLL
cont curent
cont de economii
DUH vPSUXPXW DQJDMDW L

35
25
10
40
10

(YDOX ULDQWHULRDUHQHIDYRUDELOH

FRQW

60
40
40
30

FXUHQWLGHHFRQRPLL

are numai mprumut

a VROLFLWDW vPSUXPXW GDU vQF
l-a primit
QXU VSXQGH

angajate
sub 100 USD
SkQ OD86'
peste 300 USD
nu are
QXU VSXQGH

 QX

nu au fost cercetate
QXVXQWHYLGHQ LDWH
GRX VDXPDLPXOWH
una
toate sunt favorabile

0
0
10
0
15

10
10
10

Sursa: C. Basno, N. Dardac, C. FloriFHO 0RQHG

 FUHGLW E QFL ('3  FLWDW GXS  R VXUV 

DPHULFDQ 

176

3,(

SLD

N-

LOH GH H[LVWHQ

HFHVLW

(),1$1&,$5(

 DOH LQGLYLGXOXL FD L FHOH GH H[LVWHQ

JUXSXULORU VRFLDOH L D VRFLHW

 L IXQF LRQDUH D

LL vQ DQVDPEOXO HL VXQW VDWLVI FXWH vQ HFRQRPLD GH

 vQWU R P VXU  FRYkULWRDUH L GH PDQLHU  TXDVLJHQHUDO  SH ED]D FHUHULL L RIHUWHL 8Q JHQ

GHQHFHVLW

LvOUHSUH]LQW QHYRLDGHEDQLvQSDUWLFXODUGHFDSLWDO1HYRLDGHEDQLHVWHGHWHUPLQDW 

GH FRQVXP vQ FD]XO SRSXOD LHL L GH GRULQ D GH D LQL LD VDX FRQWLQXD R DIDFHUH vQ FD]XO
vQWUHSULQ] WRULORUVLWXD LHvQFDUHVHYRUEHWHGHQHYRLDGHFDSLWDO

Capitalul este un disponibil financiar (necorporal) sau material (corporal) utilizat ntr-o
DFWLYLWDWHOXFUDWLY

FUHDWRDUHGHEXQXULGHVWLQDWHVFKLPEXOXLFXVFRSXOGHDDGXFHSURILW

Acest gen de nevoi a generat segmenWH VSHFLILFH GH FHUHUH L RIHUW   FHUHUHD GH EDQL L
oferta de bani, n particular de capital. S-DXFUHDWFDXUPDUHSLH HVSHFLILFHSLH HOHILQDQFLDUH
VSHFLDOL]DWH SULQ GLYL]LXQHD PXQFLL vQ SLH H PRQHWDUH L SLH H GH FDSLWDO Q P VXUD vQ FDUH
SLH HOHILQDQFLDUHQX VXQWVXILFLHQWGHGH]YROWDWHFHOHGRX IRUPHDOHORUQX VXQWGHOLPLWDWHQHW
FXDWkWPDLPXOWFXFkWRULFXPHOHVXQWLQWHUGHSHQGHQWHVHFRQGL LRQHD] UHFLSURF
2ELHFWXO SLH HORU ILQDQFLDUH HVWH WUDQ]DF LRQDUHD EDQLORU vQ SDUWLFXODU

a capitalului, n

YHGHUHD HFKLOLEU ULLFHUHULL FX RIHUWD SULQ GLUHF LRQDUHD HILFLHQW  DIOX[XULORU E QHWLvQWUHDJHQ LL
H[FHGHQWDULLFHLGHILFLWDUL
$JHQ LL H[FHGHQWDUL VXQW RIHUWDQ LL GH EDQL UHVSHFWLY GH FDSLWDO VLWXD L SH SR]L LD GH
FUHGLWRULL

pentru care:
NRF < RFD

unde: NRF = necesarul de resurse financiare;

RFD = resursele financiare disponibile.
$JHQ LL GHILFLWDUL VXQW VROLFLWDWRULL GH EDQL UHVSHFWLY GH FDSLWDO VLWXD L SH SR]L LD GH
GHELWRULLSHQWUXFDUH

NRF > RFD

2SHUD LXQLOH OHJDWH GH WUDQ]DF LRQDUH L HFKLOLEUDUH VXQW DVXPDWH GH DJHQ L HFRQRPLFL
VSHFLDOL]D L

 LQVWLWX LL ILQDQFLDUH E

QFL FDVH GH GHSXQHUL VRFLHW

L GH DVLJXUDUH VRFLHW

L GH

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VXEVFULHUL SHVWH P ULPHD HPLVLXQLL FRHILFLHQWXO GH VXEVFULHUH FKHOWXLDOD GH HPLVLXQH FH
UHYLQHXQHLDF LXQLGDWDODFDUHVHIDFHSULPXOY UV PkQWD

iii.

WUDQVIHUXO DF LXQLORU F WUH VXEVFULLWRUL L LQWUDUHD vQ FRQWXO VRFLHW

LL D VXPHORU UHSUH]HQWkQG

capitalul social;
iv.

GHFL]LDSULYLQGHYHQWXDOHOHXUP WRDUHY UV PLQWHvQFRQWXODF LXQLORUVXEVFULVH

QFD]XOXQHLVXEVFULHULSHVWHHPLVLXQHVHSRDWHSURFHGDODROLFLWD LHGHDFKL]L LH

sau la o

DWULEXLUHSURSRU LRQDO QDOGRLOHDFD]VHGHWHUPLQ XQFRHILFLHQWGHDWULEXLUH

a=
unde:

16

NS
T

NS = NS j

(172.1)

j=1

QXP UXOWRWDODODF LXQLORUVXEVFULVH

T
WLUDMXOHPLVLXQLLQXP UXOGHDF LXQLHPLVH);
j
= indice pentru identificarea subscriitorilor;
NSj QXP UXOGHDF LXQLVXEVFULVHGHVXEVFULLWRUXOM

GXS  FDUH VH FRUHFWHD]  VXEVFULHUHD ILHF UXL VXEVFULLWRU FX DFHVW FRHILFLHQW SHQWUX D GHWHUPLQD
QXP UXOGHDF LXQLFHvLYRUYkQGXWHDWULEXLW

e):

NA j = NS j a

unde: NAj

(172.2)

QXP UXOGHDF LXQLFHvLYRUILYkQGXWHDWULEXLWHVXEVFULLWRUXOXLM

QPRGRELQXLWJUXSXOGHIRQGDWRULDGRSW RSROLWLF GHVSRULUHDDWUDFWLYLW

LLHPLVLXQLL

SULQVWDELOLUHDXQXLFRHILFLHQWGHY UV PkQWVXEXQLWDUSHQWUXPRPHQWXODFKLW ULLYDORULLDF LXQLORU

subscrise. n acest caz, plata se zice

VRFLHW

SULPXO Y

UV

PkQW &RQVLOLXO GH DGPLQLVWUD LH DO YLLWRDUHL

L YD VWDELOL XOWHULRU GDF  vQ FH SURSRU LL L FkQG VH YRU PDL IDFH Y UV PLQWH DO GRLOH

a, al

treilea etc.).

182

6XPDGHSODW ODGDWDY UV PkQWXOXLSHQWUXXQVXEVFULLWRURDUHFDUHHVWH

S j = NA j [VN k + CEU ]
unde: NAj

N

(173)

QXP UXOGHDF LXQLYkQGXWHVXEVFULLWRUXOXLM

FRHILFLHQWXOSULPXOXLY UV PkQW

CEU = cheltuieli de ePLVLXQHXQLWDUHSHDF LXQH

$F LXQLOHVHSUH]LQW vQPDLPXOWHIRUPHFODVLILFDWHvQSULQFLSLXGXS GRX FULWHULL

1 GXS IRUPDGHSUH]HQWDUH
a) nominative care au nscris pe ele numele posesorului; sunt nregistrate distinct n Registrul
GHHYLGHQ DDF LXQLORUSHFDUHvO LQH HPLWHQWXOFHVLXQHDORUvQ RULFHIRUP V-ar face, trebuie
PHQ LRQDW vQUHJLVWUXODPLQWLWDOWIHOQXHVWHUHFXQRVFXW 

b) nominative legate similare celor nominative, dar supuse unor reguli mult mai restrictive
privind cesionarea, dLQWUHFDUHSULQFLSDODHVWHF DFWXOFHVLRQ ULLWUHEXLHDFFHSWDWDQWLFLSDWGH
&RQVLOLXOGH$GPLQLVWUD LHDOHPLWHQWXOXLDOWHUHJXOLDXvQYHGHUHSULRULWDWHDHPLWHQWXOXLGHD
OH FXPS UD DQXQ XO YkQ] ULL FX XQ DQXPLW WLPS vQDLQWHD YkQ] ULL HIHFWLYH SRVLELO

itatea

HPLWHQWXOXLGHDUHFX]DFXPS U WRUXOvQWU XQLQWHUYDOGHWLPSVWDELOLWSULQOHJHD

c)

OD SXUW

WRU FDUH QX DX vQVFULV QXPHOH SRVHVRUXOXL DVWIHO vQFkW FHO FH OH GH LQH HVWH GH GUHSW

SURSULHWDUXO ORU UHSUH]LQW  WLSXO GH DF LXQL WUDQ]DF LRQDW OD EXUV  SHQWUX FHOHODOWH GRX  DFHVW
OXFUXQHILLQGSRVLELOGDWRULW UHVWULF LLORUGHFLUFXOD LHODFDUHVXQWVXSXVH

2oGXS GUHSWXULOHSHFDUHOHJHQHUHD]
a) ordinare FDUH GDX GH LQ WRUXOXL GUHSWXUL SURSRU LRQDOH FX
proprietate, de subscriere, de atribuire, de vot, de dividend;
b) privilegiate FDUH FRQIHU  GUHSWXO OD XQ SULYLOHJLX GH SLOG

YDORDUHD ORU QRPLQDO  GH

 XQ GLYLGHQG IL[ GLVWULEXLW

LQGLIHUHQWGHP ULPHDSURILWXOXLRE LQXWGHHPLWHQW

([LVW  L DOWH IRUPH GH DF LXQL FX FDUDFWHU UHODWLY SDUWLFXODU VDX FR

njunctural, cum sunt

DF LXQL I U  YDORDUH QRPLQDO  DF LXQL QRL GLQ HPLVLXQL VXSOLPHQWDUH GH DF LXQL XOWHULRU
HPLVLXQLL GH FRQVWLWXLUH DF LXQL JUDWXLWH FXP V

-au distribuit cele din procesul numit al

SULYDWL] ULL GH PDV  vQ 5RPkQLD vQ  L  DF LXQL SRSXODUH GH YDORUL QRPLQDOH PLFL
DGLQWUHFDUHFXH[FHS LDFHORUGLQWkLPHQ LRQDWHWRDWHVXQWvQSULQFLSLXQHJRFLDELOHODEXUV 
2 FDWHJRULH GLVWLQFW  R UHSUH]LQW  DF LXQLOH 6,&$9 6RFLHWDWH GH ,QYHVWL LL FX &DSLWDO

Variabil), titluri emise sub forma

U LORU FHUWLILFDWHORU GH YDORDUH FHUWLILFDWHORU GH LQYHVWL LL

$FHVWHWLWOXULQXVXQWFRWDWHODEXUV GDUVHSRWWUDQ]DF LRQDvQPRGFXUHQWODFDVLHULLOHVRFLHW

LL

HPLWHQWH7LWOXULOHVHYkQGGHF WUHHPLWHQWODYDORDUHDORUQRPLQDO SOXVRFRW GHSHQWUX

DFRSHULUHDFKHOWXLHOLORUGHHPLVLXQHVDXVHFXPS U GHF WUHHPLWHQWODXQFXUVGHWHUPLQDW]LOQLF

numit SUH GHU

VFXPS

UDUH

.
n

pr =

unde:

M   

Nj cj
j=1

(174)

 LQGLFH SHQWUX LGHQWLILFDUHD WLSXOXL GH WLWOX GH LQXW GH

SHVHDPDSODVDPHQWXOXLGLVSRQLELOLW

SICAV n propriul portofoliu,

LORUUHDOL]DWHGLQYkQ]DUHDSURSULLORUDF LXQL

Nj

QXP UXOGHWLWOXULGHWLSMGH LQXWHGH6,&$9vQSRUWRIROLXODGDWDFDOFXOXOXLSUH XOXL

cj

SUH GHSLD

1

GHU VFXPS UDUH

FXUHQW

al titlurilor de tip j;

QXP UXOGHWLWOXULHPLVHGH6,&$9

Titlurile SICAV sunt de tip secundar, fiind emise pe seama unui portofoliu de titluri
DFKL]L LRQDWH GLQ vQFDV ULOH GLQ YkQ]DUHD SURSULLORU DF LXQL 'H DFHHD SHQWUX XQ 6,&$9 VXQW
HVHQ LDOHGRX UHJXOLGHJHVWLRQDUHDSRUWRIROLXOXLGHWLWOXUL

183

V GH LQ RFRW vQVHPQDW GLQ SRUWRIROLXFHOSX LQvQWLWOXULFXPDUHOLFKLGLWDWH LULVF

mic;

V DLE XQSRUWRIROLXGLYHUVLILFDWPD[LPWLWOXULGHODXQDFHODLHPLWHQW

$F LXQLOH VXQW FDUDFWHUL]DWH FDOLWDWLY SULQ LQGLFDWRUL GH SHUIRUPDQ

 YDORDUHD GH

FLUFXOD LH YDORDUHD GH FDOFXO GLYLGHQGXO YDORDUHD GUHSWXOXL GH VXEVFULHUH L YDORDUHD GUHSWXOXL

de atribuire.
9DORDUHD GH FLUFXOD LH HVWH FHD OD FDUH VXQW WUDQ]DF LRQDWH DF LXQLOH L SRDWH IL vQWkOQLW 
FDYDORDUHQRPLQDO LYDORDUHGHSLD

 HVWH FHD vQVFULV  SH DF LXQH L HVWH ED]  GH FDOFXO SHQWUX DO L

9DORDUHD QRPLQDO

LQGLFDWRUL3HED]DHLVHGHWHUPLQ LQFOXVLYFRWDGHSDUWLFLSDUHDSRVHVRUXOXLODSDWULPRQLXOILUPHL
L LPSOLFLW FRWD GH YRWXUL vQ $GXQDUHD *HQHUDO  D $F LRQDULORU Q FD]XO DF LXQLORU YDORDUHD
QRPLQDO HVWHLYDORDUHGHHPLVLXQH
9DORDUHD GH SLD

 HVWH SUH XO FX FDUH VH YLQGHFXPS U  OD XQ PRPHQW GDW R DF LXQH

$FHDVW YDORDUHHVWHH[SULPDW vQPRGX]XDOVXEIRUPDFXUVXOXLVDXFRWD LHL

c).

c=

unde:

VP
100
VN

(175)

93

YDORDUHGHSLD

91

YDORDUHQRPLQDO LUHSUH]LQW QXP UXOGHXQLW

VXW GHXQLW


LPRQHWDUHSO WLWHvQFDVDWHSHQWUXR

LPRQHWDUHYDORDUHQRPLQDO 

Valoarea de calcul este o valoaUH WHRUHWLF

 IRORVLW  vQ SURFHGXULOH GH HYDOXDUH LFDUH VH

vQWkOQHWH VXE IRUPD YDORULORU SDWULPRQLDOH YDORDUHD FRQWDELO  L YDORDUHD LQWULQVHF  L D

YDORULORUGHUHQWDELOLWDWHYDORDUHDILQDQFLDU LYDORDUHDGHUDQGDPHQW
9DORDUHDFRQWDELO

]LV LYDORDUHPDWHPDWLF

DUDW YDORDUHDGHSDWULPRQLXFHUHYLQHODR

DF LXQH

unde:

VM = AN
N

(176.1)

AN = AT DT

(176.2)

YDORDUHPDWHPDWLF 

90

AN = activ net;
1

QXP UXOGHDF LXQLHPLVH

AT = activ total;
DT = datorii totale.
Q P VXUD vQ FDUH 90  91 UH]XOW  R LQVXILFLHQW  JDUDQWDUH D YDORULL QRPLQDOH SULQ
DFWLYXOQHWUHDODGLF SULQ SDWULPRQLXOQHJUHYDWGHGDWRULLDOVRFLHW
IL UH]XOWDWXO XQHL GHFDSLWDOL] UL UHDOH D HPLWHQWXOXL ID

LLHPLWHQWH$FHDVWDSRDWH

de capitalul social declarat sau al unui

vQDOW JUDG GH vQGDWRUDUH D DFHVWXLD 6LPLODU 90  93 DUDW  F  VXPD SODVDW  vQ DF LXQH HVWH
LQVXILFLHQWJDUDQWDW PDWHULDOSULQSDWULPRQLXOHPLWHQWXOXL
9DORDUHD LQWULQVHF

 HVWH R YDORDUH FX FRQ LQXW VLPLODU FHOHL FRQWDELOH FRUHFWDW  vQV  FX

DFWLYHOH OHQWH DGLF  FHOH FX OLFKLGLWDWH LQFHUW  VWRFXUL FX PLFDUH OHQW  P UIXUL QHYDQGDELOH
SURYL]LRDQHSHQWUXULVFLFKHOWXLHOLFDUHQXDXDS UXWvQH[HUFL LXOvQFKHLDWLFDUHQXV

-au soldat

SULQFRQWXOGHYHQLWXUL

a.):

ANC
N
ANC = AN AL
VI =

unde:

9,

(177.1)
(177.2)

YDORDUHDLQWULQVHF 

ANC = activ net corectat;

AL = active lente.

184

9DORDUHD ILQDQFLDU

 DUDW  FDUH HVWH FDSLWDOXO ILQDQFLDU FDUH DU WUHEXL GH LQXW SHQWUX D

produce Q FRQGL LLOH SLH HL XQ SURGXV DQXDO R GREkQG

 GH P ULPHD GLYLGHQGXOXL DWULEXLW

DF LRQDULORU

VF =
unde:

9)

DIV
d

(178)

YDORDUHDILQDQFLDU 

DIV = dividendului ncasat;

G

UDWDGREkQ]LLSLH HL

Q P VXUD vQ FDUH 9) ! 93 UH]XOW  F  vQ FRQGL LLOH SLH HL FkWLJXO DQXDO UHDOL]DW SULQ
GLYLGHQG DU IL SXWXW IL RE LQXW QXPDL SULQ SODVDUHD XQHL VXPH PDL PDUL GHFkW FHD FX FDUH D IRVW
DFKL]L LRQDW  DF LXQHD &X DOWH FXYLQWH SODVDPHQWXO HVWH EXQHVWHVXSHULRU FRQGL LLORU SHFDUH OH

ofHU

SLD DPRQHWDU 

Valoarea de randament

DUH XQ FRQ LQXW VLPLODU FHOHL ILQDQFLDUH GDU FDUDFWHUL]HD] 

FDOLWDWHDHPLWHQWXOXL SULQ SULVPD SURILWXOXL QHWDGLF  D XQXL UH]XOWDW FH vQJOREHD]  GLYLGHQGXO L
FRQ LQH vQ SOXV FRPSRQHQWH GH DXWRILQDQ DUH GH FUHDUH GH UH]HUYH ILQDQFLDUH L IRQGXUL GH
DVLJXUDUHSURSULL9DORDUHDGHUDQGDPHQWFDUDFWHUL]HD] SURILWDELOLWDWHDQHW DVRFLHW

LLHPLWHQWH

vQ WLPS FH YDORDUHD ILQDQFLDU  VH UHIHU  VWULFW OD SODVDPHQWXO SH FDUH XQ LQYHVWLWRU vO IDFH
DFKL]L LRQkQGRDF LXQHODUHVSHFWLYDVRFLHWDWH&DOFXOXOYDORULLGHUDQGDPHQWVHIDFHGXS UHOD LD

pn
d

(179.1)

PN
N

(179.2)

VR =
pn =

PN = PB (CSR + IP)

(179.3)

PB = V - C

(179.4)

unde: VR = valoare de randament;

pn  SURILWQHWSHDF LXQH
PN = profit net;
PB = profit brut;
&65

 FKHOWXLHOL VXSRUWDWH GLQ UH]XOWDWH REOLJD LL ILQDQFLDUH VSRQVRUL] UL SLHUGHUL GLQ
H[HUFL LLOHDQWHULRDUHD

IP = impozitul pe profit;
V = venituri totale ale emitentului n perioada de gestiune;
C = idem cheltuieli totale.
Q P VXUD vQFDUH 95 ! 93 UH]XOW  F  VRFLHWDWHDHPLWHQW  SURGXFH XQ SURILW QHW VXSHULRU

produsului anual pe care l-DU SURGXFH vQ FRQGL LLOH SLH HL PRQHWDUH XQ SODVDPHQW GH P ULPHD
valorii de pLD  D HPLWHQWXOXL YDORDUH GHWHUPLQDW  GH FDSLWDOL]DUHD EXUVLHU  D DF LXQLORU VDOH
&RPSDUD LDFXYDORDUHDILQDQFLDU HVWH95 VF, deoarece PN DIV.
Q SUDFWLFD EXUVLHU  HVWH ODUJ XWLOL]DW XQ LQGLFDWRU VLPLODU YDORULL GH UDQGDPHQW QXPLW

coeficient mXOWLSOLFDWRUDOFDSLWDOL]

ULLEXUVLHUH

PER =

(price earning ratio):

c VN
pn

unde c  HVWH FXUVXO EXUVLHU PHGLXDODF LXQLL LDU VHQVXO LQGLFDWRUXOXLHVWH QXP

(180)
UXO GHDQL vQFDUH

VH UHFXSHUHD]  SODVDPHQWXO SUH XO SO WLW SHQWUX DFKL]L LD XQHL DF LXQL GLQ SURILWXO QHW FH UHYLQH
SHDF LXQHFDXUPDUHDUH]XOWDWHORUILQDQFLDUHRE LQXWHGHHPLWHQW

185

Dividendul este considerat primul drept DO DF LRQDUXOXL L UHSUH]LQW

 VXPD GH EDQL

DWULEXLW GUHSWFkWLJSRVHVRUXOXLXQHLDF LXQL

DIV =

DIVT
N

(181)

XQGH ',97 GLYLGHQGXO WRWDO GLVWULEXLW DF LRQDULORU GLQ SURILWXO UH]XOWDW OD ILQHOH SHULRDGHL GH

gestiune (un an).

'LYLGHQGXO WRWDO HVWH GHWHUPLQDW SULQ GHFL]LD D &RQVLOLXOXL GH DGPLQLVWUD LH DO VRFLHW

emitenWH 'XS

LL

 GHWHUPLQDUHD SURILWXOXL QHW YH]L  &RQVLOLXO GH DGPLQLVWUD LH VWDELOHWH

UHSDUWL]DUHDDFHVWXLDDVWIHOvQFkWV VHUHDOL]H]HDWkWREXQ FRLQWHUHVDUHDDF LRQDULORURUGLQDULL

SULYLOHJLD L FkW L FRQVWLWXLUHD XQRU IRQGXUL VXILFLHQWH SHQWUX DXWRILQDQ DUH GH]YROWDUH UH]HUY 
LDVLJXUDUH6HGHWHUPLQ DVWIHOGLYLGHQGXOWRWDOFDUHXUPHD] DILUHSDUWL]DWvQSULQFLSLXSHWUHL

componente:
nti dividendul fixFDUHHVWHDWULEXLWDF LXQLORUSULYLOHJLDWH
apoi, primul dividend sau dividendul RUGLQDUFDUHHVWHDWULEXLWDF LXQLORURUGLQDUHDVWIHOvQFkW
V  DVLJXUH R FRLQWHUHVDUH LQWHUHVDQW  PDVHL GH DF LRQDUL DL ILUPHL DFHVW GLYLGHQG VH DWULEXLH
GHUHJXO SURSRU LRQDOFXJUDGXOGHHOLEHUDUHDFDSLWDOXOXL

n fine, supradividendul DGLF

 GLYLGHQGXO DWULEXLW VXSOLPHQWDU SHVWH SULPXO GLYLGHQG L FDUH

VHHOLEHUHD] LQGLIHUHQWGHJUDGXOGHHOLEHUDUHDFDSLWDOXOXL

SD = DIVT DF PD
unde: SD = supradividendele;
DF = dividendul fix;
PD = primul dividend.
Gradul de eliberare a capitaluOXL HVWH R IRUPXO
VXEVFULHUHD$FHVWOXFUXFDS W LPSRUWDQ

(182)

 FH GLVWLQJH vQWUH GDWHOH OD FDUH V D I FXW

DWXQFLFkQGSHSDUFXUVXOXQHLSHULRDGHGHJHVWLXQHvQ

FDUH VRFLHWDWHD HPLWHQW  D IXQF LRQDW LQWHJUDO VH IDFH R HPLVLXQH QRX  GH DF LXQL Q DFHVW FD]
DF LXQLOH YHFKL H[LVWHQWH OD vQFHSXWXO SHULRDGHL GH JHVWLXQH SUREHD]  XQ FDSLWDO HOLEHUDW
LQWHJUDO DGLF  DQJDMDW DVWIHO vQFkW D IRVW GLVSRQLELO VRFLHW

LL SH WRW DQXO vQ WLPS FH DF LXQLOH

QRLHPLVHSHSDUFXUVXODQXOXLSUREHD] XQFDSLWDOHOLEHUDWSDU LDODGLF DQJDMDWDVWIHOvQFkW

D IRVW GLVSRQLELO VRFLHW

LL QXPDL R SDUWH GLQ DQ GRDU GLQ PRPHQWXO YkQ] ULL QRLORU DF LXQL 6H

FDOFXOHD] DVWIHOXQFRHILFLHQWGHHOLEHUDUHDFDSLWDOXOXLQXPLW

prt =

z
365

sau

prt =

pro rata temporis:

l
12

(183)

unde: prt = pro rata temporis;

]

QXP UXOGH]LOHVFXUVHGHODYkQ]DUHDQRLORUDF LXQLSkQ ODVIkULWXODQXOXL

= idem de luni.

3ULPXO GLYLGHQG FH UHYLQH DF LXQLORU QRL VH GHWHUPLQ  GXS  R SURFHGXU  GH HFKLYDODUH D
ORUvQDF LXQLYH

chi:

ne = n prt
TN = N + ne
PD
PD(TN ) =
= PD( N )
TN
PD(n ) = PD( N ) prt

(184.1)
(184.2)
(184.3)
(184.4)

 HFKLYDOHQWXO vQ DF LXQL YHFKL DO QXP UXOXL DF LXQLORU QRL DGLF  DD FXP DU IL

unde: ne

IRVWVRFRWLWHGDF DUILH

liberat integral capitalul;

n
N



QXP UXODF LXQLORUQRXHPLVH



QXP UXODF LXQLORUYHFKL

186



TN

3'71

WRWDOXODF LXQLORUHPLVHvQHFKLYDOHQWDF LXQLYHFKL

 SULPXO GLYLGHQG FH UHYLQH XQHL DF LXQL HFKLYDOHQWH L FDUH HVWH vQ DFHODL WLPS
SULPXOGLYLGHQGDWULEXLWDF LXQLORUYHFKL

PD(N)
PD(n)



SULPXOGLYLGHQGDWULEXLWXQHLDF LXQLYHFKL



SULPXOGLYLGHQGDWULEXLWXQHLDF LXQLQRL

5DWDGLYLGHQGXOXLH[SULP SURFHQWXDOFkWLJXORE LQXWGHSRVHVRUXOXQHLDF LXQL

PD
VA
PD + SD
rdiv =
VA
rdiv =

(185.1)
(185.2)

unde: rdiv = rata dividendului;

3'

SULPXOGLYLGHQGFHUHYLQHXQHLDF LXQL

6'

VXSUDGLYLGHQGXOFHUHYLQHXQHLDF LXQL

9$

YDORDUHDGHDFKL]L LHDDF LXQLLVXPDSO WLW GHSRVHVRUvQPRPHQWXODFKL]L LHL

Dreptul de subscriere la noile emisiuni este considerat al doilea dreptDODF LRQDUXOXLL

FRQVW vQGUHSWXO GHSUHHP LXQHDOYHFKLORUDF LRQDUL DGLF GUHSWXOGHDILSUHIHUD LDOWRUGRULWRUL
GHSODVDPHQWvQDF LXQLOHQRLDOHVRFLHW

LLHPLWHQWH9DORDUHDDFHVWXLGUHSWHVWHSULQGHILQL LH

VDS = VP VTs
unde:

(186.1)

9'6

YDORDUHDWHRUHWLF DGUHSWXOXLGHVXEVFULHUH

93

YDORDUHDGHSLD

97V

DYHFKLORUDF LXQL

YDORDUHDWHRUHWLF DDF LXQLORUGXS HIHFWXDUHDQ

oii emisiuni.

9DORDUHD WHRUHWLF  D DF LXQLORU GXS  HPLVLXQH HVWH GHWHUPLQDW  DWkW GH QXP UXO FkW L GH
SUH XOGHSLD

DOHDF LXQLORUYHFKLGDULDOHFHORUQRL

VTs =
unde:

1

VP N + E n
N+n

(186.2)

QXP UXOYHFKLORUDF LXQL

= pUH XOGHHPLVLXQHDOQRLORUDF LXQLSHQWUXFDUHVHUHVSHFW

VN < E < VP

91

YDORDUHDQRPLQDO DDF LXQLORU

(

SUH XOGHHPLVLXQHDOQRLORUDF LXQL

Q

QXP UXOGHDF LXQLQRXHPLVH

UHOD LDGHRUGLQH

(186.3)

&RUHOkQGLVHRE LQH

VDS = (VP E)

n
N+n

(186.4)

'LQ SUDFWLFD EXUVLHU  V D IRUPXODW UHVWULF LD  L UHJXOD F  R QRX  HPLVLXQH HVWH

RSRUWXQ  QXPDL GDF  YDORDUHD GH SLD

 D DF LXQLORU H[LVWHQWH HVWH VXILFLHQW GH ULGLFDW  SHQWUX D

putea prRGXFHXQDIOX[VHPQLILFDWLYGHFDSLWDOQRXDWUDV'XS

RHPLVLXQHQRX FXUVXODF LXQLORU

UHVSHFWLYXOXLHPLWHQWvQUHJLVWUHD] RVF GHUHFDUH]XOWDW DORIHUWHLPDLPDULGHDF LXQLGHDFHHDL

SURYHQLHQ

FXFDUHVHFRQIUXQW SLD D

Dreptul de atribuire a aF LXQLORU XQHL HPLVLXQL VXSOLPHQWDUH HVWH FRQVLGHUDW al treilea

drept DO DF LRQDULORU L FRQVW  vQ GUHSWXO DF LRQDULORU YHFKL GH D SULPL DF LXQL GLQWU-R QRX 
HPLVLXQH%D]DHFRQRPLF DDFHVWXLGUHSWUH]LG vQIDSWXOF QRXDHPLVLXQHvQVHDPQ PDMRUDUHD

caSLWDOXOXLVRFLDOSH VHDPDIRQGXULORU GHUH]HUY

LGH]YROWDUH $FHVWHIRQGXULVHFUHHD] WUHSWDW

187

SULQSUHOXDUHDXQRUS U LGLQSURILWXOQHWFHHDFHLPSOLFLWvQVHDPQ RQHDORFDUHGHSURILWSHQWUX

GLYLGHQGXO FH VH GLVWULEXLH DF LRQDULORU $FHVW GLYLGHQG SRVLELO vQ WUHFXW GDU QHDORFDW L IRORVLW
SHQWUX LQYHVWL LL VDX SHQWUX R UH]HUY  DVLJXUDWRULH HVWH vQ IDSW SURSULHWDWH D DF LRQDULORU YHFKL
$ORFDUHD GH DF LXQL QRL SHQWUX DFHWL DF LRQDUL UHSUH]LQW  R WUHFHUH vQ VWDUHD GH HIHFWLY  L

individualizat

 D XQHL SURSULHW

L UHDOH GDU QHLQGLYLGXDOL]DW  L GRDU YLUWXDO  vQ UDSRUW FX

DF LRQDULL9DORDUHDDFHVWXLGUHSWHVWHSULQGHILQL LH

VDA = VP Vta
unde:

9'$

Vta

(187.1)

YDORDUHDWHRUHWLF DGUHSWXOXLGHDWULEXLUH

= valoarea teoreWLF

DDF LXQLORUGXS DWULEXLUHDQRLLHPLVLXQL

9DORDUHD WHRUHWLF  D DF LXQLORU GXS  DWULEXLUH HVWH GHWHUPLQDW  GH FDSLWDOL]DUHD EXUVLHU 
FXUHQW DVRFLHW

LLHPLWHQWHLGHQXP UXOWRWDOGHDF LXQLFHVHYRUJ VLSHSLD

VTa =

GXS DWULEXLUH

VP N
N+n

(187.2)

&RUHOkQGFXVHRE LQH

VDA = VP

n
N+n

(187.3)

Q FD]XO VXEVFULHULL DF LXQLOH QRX HPLVH VXQW SXVH vQ FLUFXOD LH VLPLODU HPLVLXQLL LQL LDOH
3RDWH FXPS UD DF LXQL RULFDUH SODVDWRU vQ P VXUD vQ FDUH YHFKLL DF LRQDUL QX X]HD]  GH GUHSWXO
ORU GH SUHHP LXQH vQ FD] FRQWUDU YHFKLL DF LRQDUL FXPS U  HL VDX vL YkQG GUHSWXO GH VXEVFULHUH
I FkQG SRVLELO  vQ DFHDVW  D GRXD DOWHUQDWLY  S WUXQGHUHD XQRU SODVDWRUL QRL vQ DF LRQDULDWXO

firmei emitentH6XEVFULHUHDQRLLHPLVLXQLSRDWHPRGLILFDUDSRUWXOGHIRU HvQDF LRQDULDW

Q FD]XO DWULEXLULL DF LXQLOH QRX HPLVH VXQW SXVH vQ FLUFXOD LH SULQ LQWHUPHGLXO YHFKLORU
DF LRQDUL (L SULPHVF QRL DF LXQL SURSRU LRQDO FX FRWD GH FDSLWDO VRFLDO SH FDUH vO GH LQ SULQ
DF LXQLOH YHFKL 5 PkQH RS LXQHD ORU GDF  YRU SUH]HQWD VDX QX OD QHJRFLHUH OD EXUV  DFHVWH
DF LXQL QRL $WULEXLUHD QX PRGLILF  UDSRUWXO GH IRU H vQ DF LRQDULDW GHFkW vQ P VXUD vQ FDUH
GUHSWXOGHDWULEXLUHHVWHYkQGXWVDXYHFKLLDF LRQDULvLYkQGDF LXQLOHQRXDWULEXLWH

2EOLJD LXQLHPLWHUHWLSXULLQGLFDWRULGHSHUIRUPDQ H
2EOLJD LXQLOH VXQW HPLVH FX VFRSXO RE LQHULL SH WHUPHQ PHGLX VDX OXQJ D XQRU UHVXUVH
ILQDQFLDUH VXE IRUP  GH FUHGLW UDPEXUVDELO (PLVLXQHD SRDWH IL I FXW  GH R DXWRULWDWH SXEOLF 
VWDWDXWRULWDWHSXEOLF ORFDO GHRLQVWLWX LHSXEOLF GHRVRFLHWDWHFRPHUFLDO vQSULQFLSLXFXR
EXQ  UHSXWD LH vQ DIDFHUL L FX R PDUH SXWHUH HFRQRPLFR ILQDQFLDU  *DUDQ LD vPSUXPXWXOXL HVWH

YLUWXDO  UHSUH]HQWDW  vQ FD]XO DXWRULW

LORU SXEOLFH GH VROYDELOLWDWHD ORU FHUW  LDU vQ FD]XO

DJHQ LORU SULYD L GH SDWULPRQLXO L SXWHUHD ORU HFRQRPLFR ILQDQFLDU  6FRSXO FUHGLWXOXL HVWH ILH

DFRSHULUHD XQXL GHILFLW EXJHWDU vQ FD]XO DXWRULW

de]YROWDUHLQYHVWL LL

LORU SXEOLFH ILH GHUXODUHD XQRU SURJUDPH GH

&D WLWOX GH FUHGLW REOLJD LXQHD FRQIHU  SRVHVRUXOXL HL GUHSWXULOH L

REOLJD LLOHFHUHYLQvQPRGRELQXLWFUHGLWRUXOXL

Emisiunea se face pe baza unui prospect ce include toate detaliile creditului: cine emite,
SH FH SHULRDG  FXSLXULOH SXVH vQ FLUFXOD LH GREkQGD PRGDOLW

LOH GH UDPEXUVDUH VFDGHQ HOH GH

UDPEXUVDUHLGHSODW DGREkQ]LORUFXUVXO GHHPLVLXQHSULPDGHUDPEXUVDUH QXP UXOGHWLWOXUL

HPLVH D 0RGDOLW

LOH GH HPLVLXQH VXQW VLPLODUH HPLWHULL DF LXQLORU L SUHVXSXQ R VXV LQXW 

FDPSDQLH SXEOLFLWDU  Q WLPS FH HPLWHUHD GH DF LXQL VH IDFH VWULFW OD YDORDUHD ORU QRPLQDO  L
HYHQWXDOFX HWDSH VXFFHVLYH GH Y UV PkQW REOLJD LXQLOH SRW IL HPLVH OD YDORUL VXE FHD QRPLQDO 
VXESDULGDUFXXQVLQJXUY UV PkQW5HWUDJHUHDREOLJD LXQLORUSUHVXSXQHU VFXPS UDUHDORUGH
F WUHHPLWHQWODVFDGHQ

VWULFWODYDORDUHDQRPLQDO 

188

7LSXULOHGHREOLJD LXQLVXQWFODVLILFDWHGXS GRX FULWHULL

1 'XS IRUPDGHSUH]HQWDUH
a) nominative FX QXPHOH SRVHVRUXOXL vQVFULV SH HOH L I

U  SRVLELOLWDWHD QHJRFLHULL SH SLD D

VHFXQGDU 

b) ODSXUW WRUFXUHJLPVLPLODUDF LXQLORUODSXUW WRU

2o'XS ORFXOFRQWUDFW ULLLFRQGL LLOHGHHPLVLXQH
a) interneH[SULPDWHvQPRQHGDQD LRQDO D ULLvQFDUHHVWHUH]LGHQWHPLWHQWXO
b) VWU LQHH[SULPDWHvQPRQHGDQD LRQDO D ULLvQFDUHHPLWHQWXOIDFHHPLVLXQHD
c) HXURREOLJD LXQL exprimate ntr-R PRQHG  HXURSHDQ  DOWD L GHFkW D ULL GH UHHGLQ
HPLWHQWXOXLLGHFkWD

 D

ULLvQFDUHVHIDFHHPLVLXQHD

&RVWXOFUHGLWXOXLREOLJDWDUHVWHIRUPDWGLQGREkQG GLQSULPDGHUDP

bursare (vezi cap.III

LGLQFKHOWXLHOLOHGHHPLVLXQHLSODVDUH
'REkQGD SO WLW  GH HPLWHQW VH FDOFXOHD]  vQWRWGHDXQD OD YDORDUHD QRPLQDO  D WLWOXULORU
H[LVWHQWH vQ FLUFXOD LH DGLF  OD P ULPHD FUHGLWXOXL DIODW vQ X]XO HPLWHQWXOXL vQ SHULRDGD GH WL

mp

VFXUV  vQWUH GRX  VFDGHQ H 3HQWUX DVSHFWHOH GH FDOFXO DO GREkQ]LL L DO VXPHORU FDUH VH
UDPEXUVHD] YH]LLFDS,,,LFDS,9
&DOLWDWHD ILQDQFLDU  D XQXL SODVDPHQW vQ REOLJD LXQL HVWH GHWHUPLQDW  SH ED]D FkWRUYD
LQGLFDWRULGHSHUIRUPDQ H

cum sunt:
Produsul nominal H[SULPDW SURFHQWXDO SULQ UDWD QRPLQDO

 D GREkQ]LL FDS,,, L

YDORULFSULQGREkQGDvQFDVDW FRQWUDFXSRQXOXL

Produsul curent sau efectiv (cap.III.14.2).

3UH XOFXUHQWGHSLD

FDUHDUDW YDORDUHDDFWXDO DIOX[XULORU

viitoare de venit pe care le

RIHU SRVHVLDREOLJD LXQLLSkQ ODRDQXPLW GDW YLLWRDUHHYHQWXDOSkQ ODVFDGHQ

P=

n 1

Dt (1 + i)t + (Dn + Pr)(1 + i)n

(188)

t =1

unde: t

= indice temporal;

Q

GXUDWDvQDQLDPHQ LQHULLvQSRVHVLHDREOLJD LXQLL

Dt = GREkQGDSURPLV

SHQWUXDQXOW

L

UDWDGREkQ]LLSLH HL

3U

SUH XOGHU VFXPS UDUHODPRPHQWXOFHVLXQLL

3UH XO REOLJD LXQLL OD SLFLRUXO FXSRQXOXL HVWH YDORDUHD OD FDUH vQWUH GRX  VFDGHQ H GH
SODW  D GREkQ]LL VH YLQGHFXPS U  R REOLJD LXQH LQFOXVLY FXSRQXO SUR[LPHL VFDGHQ H 3UH XO

(exprimat procentual) al cuponului este:

pc = dn prt

unde:

GQ

UDWDQRPLQDO DGREkQ]LL

SUW

SURUDWDWHPSRULVYH]LUHOD LD

(189.1)

3UH XO H[SULPDW SURFHQWXDO DO REOLJD LXQLL I U  FXSRQ HVWH FXUVXO FXUHQW   3UH XO REOLJD LXQLL

la piciorul cuponului este:

popc = c + pc

(189.2)

&DUDFWHULVWLFLOH REOLJD LXQLORU FD VLPSOH WLWOXUL GH FUHGLWFX GREkQG IL[  DX IRVW UHQRYDWH

n ultimii 40   GH DQL FD XUPDUH D GRULQ ei plasatorilor de a participa ntr-un fel sau altul la
UH]XOWDWHOHILQDQFLDUHRE LQXWH GH GHELWRULL ORU &D XUPDUH DX DS UXW REOLJD LXQL FX GREkQ]L
YDULDELOHLREOLJD LXQLSDUWLFLSDWLYH
2EOLJD LXQL GH SDUWLFLSD LH VXQW FHOH SHQWUX FDUH GREkQGD IL[  DQXDO  VH LQGH[HD]  vQ
UDSRUW FX UH]XOWDWHOH ILQDQFLDUH ILQDOH DOH SHULRDGHL GH JHVWLXQH RE LQXWH GH GHELWRU GLQDPLFD

189

GLYLGHQGXOXL Y UVDW LQGLFHOH GH GHYDQVDUHD GREkQ]LL SLH HL GH F WUH UDWD GLYLGHQGXOXL GLQDPLFD
IRQGXOXLGHUH]HUY D
2EOLJD LXQL convertibile VXQW FHOH SH FDUH GH LQ WRUXO OH SRDWH SUHVFKLPED FRQWUD DF LXQL
ale emitentului, ntr-XQLQWHUYDOGHWLPSIL[DWGHF WUHDFHVWD
2EOLJD LXQLVFKLPEDELOHVXQWFHOHFHVHSRWSUHVFKLPEDFRQWUDDF LXQLGLQFKLDUPRPHQWXO

emiterii lor.
Pentru

ERQXULOH GH WH]DXU UHSUH]HQWkQG WRW WLWOXUL GH FUHGLW VXQW IRORVL L Fk LYD LQGLFDWRUL

GHFDOLWDWHSHUIRUPDQ

5DWDQRPLQDO

ILQDQFLDU VSHFLILFL

DERQXOXLGHWH]DXU

rn =
unde:

91
3$
]

VN PA 365

VN
z

(190)

YDORDUHDQRPLQDO DERQXOXLGHWH

zaur;

SUH XOGHDFKL]L LHDERQXOXLGHWH]DXU

QXP UXOGH]LOHGLQSHULRDGDGHVFDGHQ

Produsul efectiv al bonului de tezaur

re =

VN PA 365

PA
z

(191)

2SHUD LXQLGHEXUV
2SHUD LXQLOH

GH

EXUV 

YL]HD] 

vQ

SULQFLSDO

QHJR

cierea

valorilor

YkQ] ULFXPS U UL 'XS  WHUPHQXO GH QHJRFLHUH L XQHOH SDUWLFXODULW

mobiliare

L DOH FRQYHQ LHL GH

YkQ]DUHFXPS UDUHRSHUD LXQLOHGHEXUV SRWILODYHGHUHLODWHUPHQGLQFDUHFHOHGH

pot fi la termen ferm sau la termen coQGL LRQDW LDU GLQWUH DFHVWHD GLQ XUP

-al doilea

 FHOH PDL U VSkQGLWH

VXQWRS LXQLOH

ntr-R RSHUD LXQH OD EXUV

 VH vQWkOQHVF GH UHJXO  WUHL SDUWLFLSDQ L YkQ] WRUXO WLWOXOXL

FXPS U WRUXO WLWOXOXL L DJHQWXO GH EXUV  vQ VHQVXO DWkW DO EURFNHUXOXL DJHQW FkW L DO

brokerului

VSHFLDOLVW Q DQXPLWH FRQGL LL DJHQWXO GH EXUV  VH SRDWH DIOD SH SR]L LD GH YkQ] WRU VDX GH
FXPS U WRUDGLF DF LRQHD] vQQXPHSURSULX
7UDQ]DF LDODYHGHUHHVWHFHDvQFDUHHPLWHQWXORUGLQXOXLvLDVXP REOLJD LDV WUDQVIHUH

titlurile saX EDQLL vQ  GH RUH GLQ PRPHQWXO vQFKHLHULL WUDQ]DF LHL $FHVWH WUDQ]DF LL VH QXPHVF
spot.
Q DFHVWH RSHUD LXQL GH UHJXO  YkQ] WRUXO FKLDU DUH XQ SDFKHW GH WLWOXUL SH FDUH FKLDU
GRUHWH V

-O YkQG

 LDU FXPS U WRUXO FKLDU GRUHWH V

-O DFKL]L LRQH]H 2SHUD LXQHD VH ILQDOL]HD]

SULQ WUDQVIHUXOIL]LFGHWLWOXUL LEDQL vQWUHFHLGRLSDUWLFLSDQ L$FHDVWDGHRVHEHWHWUDQ]DF LLOHGH

YHGHUH GH FHOHODOWH WLSXUL GH WUDQ]DF LL FDUH DX XQ FDUDFWHU PXOW PDL SURQXQ DW VSHFXODWLY L vQ
FDUH GH UHJXO  YkQ] WRUXO QX DUH WLWOXULOH SH FDUH OH DQXQ

 VSUH YkQ]DUH LDU FXPS U WRUXO QX

GRUHWHQHDS UDWV OHFXPSHUH(LGRDUSDULD] SHRDQXPLW HYROX LHDFXUVXOXLXQRUDVWIHOGH

WLWOXUL VSHUkQG F  DOHJHUHD ORU D IRVW FHD EXQ  L YRU UHDOL]D vQ FRQVHFLQ

 XQ DQXPLW FkWLJ (L

VXQWVSHFXODWRULVSUHGHRVHELUHGHFHLODO LFDUHVXQWLQYHVWLWRUL
7UDQ]DF LD OD WHUPHQ IHUP HVWH FHD vQ FDUH SDUWHQHULL FRQYLQ V

-L vQGHSOLQHDVF 
-un anumit termen: 1 sau 3 sau 6 sau 9 sau 12 luni. Aceste tranzac LL VH
numesc forward L VH vQFKHLH L HOH vQWU-R DQXPLW  P VXU  FX WUDQVIHUXO IL]LF DO
WLWOXULORUEDQLORU5HJOHPHQWDUHDDFHVWRUWUDQ]DF LLVHIDFHvQ perioada de lichidare un interval
REOLJD LLOH UHFLSURFH vQWU

190

GHWLPSvQFDUHVHIDFGHFRQW ULOHLFDUHDFRSHU SHQXOWLPHOHDVHHGLQ HGHEXUV GLQOXQDFDUH

RSUHFHGHSHFHDvQFDUHVHvPSOLQHWHWHUPHQXOFRQYHQLWGHS U L
'XS VFRSXOXUP ULWGHFXPS U WRUDFHVWHRSHUD LXQLSRWIL
SH EDQL JKHD

a)

 DPkQDWH RSHUD LXQL GH XQ VLQJXU VHQV ILH YkQ]DUH ILH FXPS UDUH GH WLWOXUL

HOHVHDVHDP Q vQPXOWHSULYLQ HFXFHOHODYHGHUH

VSHFXOD LL RSHUD LXQL vQ GXEOX DGLF  DFHODL DJHQW L YLQGH L FXPS U  Q FD]XO vQ FDUH

b)

LQWXLHWH ELQH HYROX LD SLH HL HO SRDWH FkWLJD GLQ DPEHOH RSHUD LXQL vQ FD] FRQWUDU HO HVWH

acoperit, adiF

FHHDFHSLHUGHvQWU RRSHUD LXQHFkWLJ SULQFHDODOW 

7UDQ]DF LDODWHUPHQFRQGL LRQDWHVWHFHDvQFDUHXQDGLQS U LSO WLQGRDQXPLW VXP 

GHEDQLDFRQWVDXDUYXQ vQOLPEDMXOFRPHUFLDOFXUHQWvLUH]HUY GHIDSWvLFXPS U GUHSWXO

de a reQXQ D OD FRQWUDFW GH D GHWHUPLQD VHQVXO RSHUD LXQLL YD YLQGH GDF

 vL FRQYLQH VDX YD

FXPS UDGDF vLFRQYLQHVDXGHDIL[DGXUDWDRSHUD LXQLL$UYXQDQXPLW SULP

n terminologia

EXUVHL HVWH vQFDVDW  GH SDUWHQHU FDUH vQ VFKLPEXO HL vL LD REOLJD LD GH D UHVSHFWD RS LXQHD
H[SULPDW vQILQDOGHSO WLWRUXOUHVSHFWLYHLSULPH$FHVWHWUDQ]DF LLVHQXPHVF

futures.

6XQWFXQRVFXWHGRX WLSXULIUHFYHQWHGHWUDQ]DF LLIXWXUHVFXSULP LRS LXQL

2SHUD LXQLFXSULP
2SHUD LXQLOH FX SULP  VXQW FHOH vQ FDUH &RPLVLD RSHUD LXQLORU GH EXUV  VWDELOHWH
LQWHUYDOXOGHFRWDUHLSULPDDIHUHQW GLIHUHQ LDWSHWHUPHQHGHVFDGHQ

Tabelul 8

Nivelul primei
6FDGHQ D
s1
s2

p1

p2

pj

si

pm

cijmin - cijmax

sn
unde: si
pj
cijPLQ
cijPD[

n;

VFDGHQ DOD OXQLGHODDQJDMDUHDWUDQ]DF LHLL



 m;
i n cazul unei prime pj;
QLYHOXOPD[LPDOFRWD LHLSUREDELOHODVFDGHQ Di n cazul unei prime pj.
SULPDDIHUHQW FXUVXOXLSUREDELOvQWUHOLPLWHOHMODVFDGHQ DLM

QLYHOXOPLQLPDOFRWD LHLSUREDELOHODVFDGHQ D

0DWULFHD GH FXUVXUL SRDWH V  QX ILHFRPSOHW  DGLF  V  H[LVWH VFDGHQ H L QLYHOH GH SULP 

SHQWUXFDUHQXVXQWSUHFL]DWHLQWHUYDOHGHFRWD LHQDFHVWFD]vQF VX DDIHUHQW 

vQVFULH183ULPHOHVXQWRUGRQDWHGHVFUHVF WRUDGLF Sj-1
DQXPLW P VXU DQVDFDODVFDGHQ

din tabelul 8 se
< pj (j = 2 PLHOHUHIOHFW vQWU-o

FXUVXOV VHDIOHvQLQWHUYDOXOPHQ LRQDW&XFkWPDLPDUH

HVWH DQVD FDOFXODW  GH DQDOLWLL EXUVLHUL GH D DYHD OD VFDGHQ
DWkW

SULPD

HVWH

PDL

PLF 

Q

SULQFLSLX

OD

VFDGHQ

 XQ FXUV vQ OLPLWD PHQ LRQDW  FX



FXUVXO

VH

DIO 

vQ

LQWHUYDOXO

[ min cij min; max cij max ]. Cursurile cijVXQWDILDWHLQFOX]kQGSULPD

j

&XPS U WRUXO vL DOHJH R VFDGHQ

 SH FDUH RSHUDWRUXO GH EXUV  R DFFHSW  L vO DQXQ

 SH

DFHVWD GHVSUHLQWHQ LDGHDFXPS UDODXQFXUVvQLQWHUYDOXODIHUHQWVFDGHQ HLFRQYHQLWH LSULPHL

SH FDUH HO DFFHSW  V  R SO WHDVF  &RQYHQ LD ORU VH DFWLYHD]  OD VFDGHQ

 FkQG FXPS U WRUXO  vL

YDDQXQ DGHFL]LDFXPS U VDXQXQFD]F GDYDSO WLSHQWUXXQWLWOXSUH XO]LOHLSOXVSULPDvQ

FD] F  QX YD DFKLWD GRDU SULPD 'UHSW JDUDQ LH SHQWUX UHVSHFWDUHD FRQWUDFWXOXL vQFKHLDW
FXPS U WRUXO GHSXQH SULPD vQWU

-un cont special de tip mandat, n chiar momentul ncheierii

FRQWUDFWXOXL /D VFDGHQ

 VH IDFH UHJXODUL]DUHD SO

FXPS U WRUXOXLLGHFXUVXO]LOHLODVFDGHQ

LORU GLQ DFHVW FRQW vQ IXQF LH GH RS LXQHD

QPRPHQWXOVFDGHQ HLDJHQWXOGHEXUV SHSR]L LH

191

GHYkQ] WRUQXVHSRDWHHVFKLYDvQQLFLXQIHOGHDFFHSWDUHDGHFL]LHLFXPS U WRUXOXLDGLF QX L

SRDWHPRWLYDUHIX]XOSULQIDSWXOGHDQXGH LQHWLWOXULOHFRQYHQLWHSULQFRQWUDFW
6 SUHVXSXQHPXQFRQWUDFWSHQWUXVFDGHQ DV2LFXSULPDS1

GHUHIHULQ

, pentru cursul c21min. Cursul

SHQWUXFXPS U WR

r este:
cr = c21min p1

(192)

DGLF HOYDFRPSDUDFXUVXOSLH HLFvQ]LXDVFDGHQ HLFXDFHVWFXUVGHUHIHULQ

cr ~ c
unde ~ poate fi > sau = sau <.
n cazul n care cr > c FXPS U

(193)

WRUXOUHQXQ

ODFRQWUDFWLSLHUGHSULPD$FHDVW GHFL]LH

HVWHPRWLYDW GHIDSWXOF HOSRDWHFXPS UDGHSHSLD

ODXQFXUVVXEFHOGHUHIHULQ

DGLF PDL

LHIWLQQDFHVWIHOHOHFRQRPLVHWHRVXP HJDO FXGLIHUHQ D

e = cr c

(194)

FXFDUHvLSRDWHGLPLQXDSLHUGHUHDGHSULP QILQDOSLHUGHUHDOXLHIHFWLY HVWH

RF(-) = p1 e
unde RF(- SLHUGHUHDDGLF UH]XOWDWXOILQDOQHJDWLY
n cazul n care cr < c < c21minDGLF SHSLD

FHO GH UHIHULQ

(195)
ODVFDGHQ

VHvQUHJLVWUHD] XQFXUVvQWUH

 L FXUVXO GH FRQWUDFW FXPS U WRUXO H[HFXW  FRQWUDFWXO 'HFL]LD OXL HVWH PRWLYDW 

GH IDSWXO F  DFKL]L LRQkQG GH OD FRQWUDFWDQWXO V X DJHQWXO GH EXUV  YD SO WL SHQWUX XQ WLWOX

c21PLQDGLF
GHSHSLD

PDLSX LQGHFkWGDF UHQXQ kQGODFRQWUDFWLLPSOLFLWSUHFL]kQGSULPDYDFXPS UD

vQWU DGHY U

c21min < c + p1

(196)

5H]XOWDWXO ILQDO DO WUDQ]DF LHL HVWH SHQWUX FXPS U WRU WRW R SLHUGHUH GDU PDL PLF  GHFkW
FHDUH]XOWDW GLQUHQXQ DUHDODFRQWUDFW

RF(-) = p1 e
e = c cr
n cazul n care c > c21 minFXPS

(197.1)
(197.2)

U WRUXOH[HFXW FRQWUDFWXOGHRDUHFHHOSO WHWHXQWLWOX

LQFOXVLYSULPDFXPDLSX LQGHFkWGDF DUFXPS UDGHSHSLD

5H]XOWDWXOILQDODOWUDQ]DF LHL

HVWHXQFkWLJ

RF(+) = c c21min

(198)

GHRDUHFH FXPS U WRUXO SRDWH V  YkQG  LPHGLDW OD YHGHUH WLWOXULOH FXPS UDWH GH HO vQFDVkQG XQ
SUH PDLPDUHGHFkWFHOSO WLWFDV OHDFKL]L LRQH]H

2S LXQL
2S LXQLOH VXQW RSHUD LXQL VLPLODUH FHORU FX SULP  QXPDL F  WR L WHUPHQLL FRQWUDFWXOXL VH
VWDELOHVF vQWUH S U L OLSVLQG FRPSRQHQWD GH UHJOHPHQWDUH SH FDUH R LQWURGXFH &RPLVLD
RSHUD LXQLORU GH EXUV  'HVLJXU F  SURSXQHULOH GH FRQWUDFWDUH DOH S U LORU VXQW LQIOXHQ DWH GH
RULHQW ULOHGDWHGHUHVSHFWLYD&RPLVLHSHQWUXRSHUD LXQLOHFXSULP 

CursXO GH WUDQ]DF LH FRQYHQLW  vQWUH S

U L VH QXPHWH SUH  GH H[HUFL LX

(pe L HO

GHWHUPLQ UH]XOWDWXOILQDODOWUDQ]DF LHLSHED]DFRPSDU ULL

~):

pp ~ pe + p

(199)

192

unde:

SS

SUH XOSLH HLODPRPHQWXOH[HFX LHLFRQWUDFWXOXL

= prima de oS LXQH

3DUWLFXODULWDWHD RS LXQLL HVWH F  VFDGHQ D QX PDL HVWH IL[  FL IOXFWXDQW  GHWHUPLQDW  GH
GHFL]LD DJHQWXOXL HFRQRPLF GH D VROLFLWD DJHQWXOXL GH EXUV  H[HFX LD FRQWUDFWXOXL 6ROLFLWDWRUXO
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(201)

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196

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vQWUHSULQGHULL

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