),1$1

$5($,19(67,

,,/25

,$$&7,9(/25&,5&8/$17(

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GH ILQDQ DUH OD QLYHOXO XQHL ILUPH L DUH vQ YHGHUH DWkW VXUVHOH SURSULL L SH FHOH

vPSUXPXWDWHFkWLVXUVHOHSHUPDQHQWHLWHPSRUDUH

1. Politica GHLQYHVWL

LL

&UHDUHD VXUVHORU GH ILQDQ DUH SHQWUX LPRELOL] ULOH IL[H FRQVWLWXLH SULPD SUREOHP 
ILQDQFLDU SHQWUXSURLHFWHOH GHIRQGDUHD XQHLILUPHFDLSHQWUXFHOH YL]kQGH[WLQGHUHDDFHVWHLD
VDXSDUWLFLSD LLOHODFDSLWDOXODOWHLDOWRUILUPH

ParticiSD LLOH VXQW GH GRX

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YHGHUHSURFXUDUHDGHDF LXQLODRDOW ILUP FXLQWHQ LDGHDH[WLQGHLQWHUHVHOHILUPHLDVXSUDXQXL

concurent sau ntr-un alt domeniu de activitate; de asemenea, procurDUHDGH REOLJD LXQL SXEOLFH
VDX QX FX LQWHQ LD XQHL YDORULILF UL DYDQWDMRDVH SH WHUPHQ OXQJ D XQRU GLVSRQLELOLW

L

FRQVROLGDWH SHQWUX FDUH QX VXQW vQF  FUHDWH FRQGL LL SHQWUX R XWLOL]DUH vQ LQWHULRUXO ILUPHL
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VDX HVWLP UL SULYLQG FRQMXQFWXUD SLH HL DGLF  HYROX LD HL SH WHUPHQ VFXUW FHHD FH SUHVXSXQH
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n cateJRULD SODVDPHQWHORU VH

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VSHFXODWLYFUHDUHDGHGHSR]LWHEDQFDUHSHWHUPHQvQLQWHQ LDYDORULILF ULLXQRUUHVXUVHGLVSRQLELOH

n limita unui anumit termen.

7HUPHQXOGHLQYHVWL LLVHPQLILF VWULFWR

sensu, utilizarea unor resurse financiare pentru

LQWUDUHD vQ SDWULPRQLXO ILUPHL D XQRU PLMORDFH GH SURGXF LH IL[H FO GLUL FRQVWUXF LL PDLQL
LQVWDOD LL HFKLSDPHQWH XWLODMH HWF ILH SULQ DFKL]L LH ILH SULQ FRQVWLWXLUHD ORU SURSULX ]LV   $P

delimitaW vQ DFHVW IHO VIHUD L RELHFWXO LQYHVWL LLORU vQ FDGUXO VIHUHL PDL ODUJL D SODVDPHQWHORU L
SDUWLFLSD LLORU.
3ROLWLFD GH LQYHVWL LL UHSUH]LQW

 DQVDPEOXO GHFL]LLORU SULYLQG FUHDUHD PLMORDFHORU GH

SURGXF LHIL[H DGLF LQFOXVLYDIRUP ULLLXWLOL] ULLUHVXUVHORUGHILQDQ DUH

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vQ VFRSXO RE LQHULL XQHL UHQWDELOLW

L YLLWRDUH PDL PDUL (IHFWXO LQYHVWL LHL vQ IRUPD VD FHD PDL

JHQHUDO  HVWHFUHWHUHD YROXPXOXL L FDOLW

LL DFWLYLW

LL XQHL ILUPH 'HFL]LD GH D LQYHVWL SUHVXSXQH

HODERUDUHD XQRU VWXGLL FRPHUFLDOH WHKQLFH L ILQDQFLDUH FDUH V  FDUDFWHUL]H]H DWkW SLD D F UHLD L VH
DGUHVHD] LQYHVWL LDFkWLRELHFWXOLQYHVWL LHLvQVLQHLUH]XOWDWHOHVFRQWDWHDVHRE LQ

e. De aceea, o

LQYHVWL LH SUHVXSXQH SURLHFWH DOWHUQDWLYH YDULDQWH SH PXOWLSOHOH DVSHFWH YL]DWH GH R DVWIHO GH
LQL LDWLY  HYROX LD SLH HL SUH XUL JUDG GH VDWXUDUH DSDUL LD XQRU SURGXVH vQORFXLWRDUH VDX QRL
VROX LLOH WHKQLFH VROX LLOH GH DPSODVDPHQW ILQDQ DUHD FRVWXULOH GH LQYHVWL LH FRVWXULOH GH
H[SORDWDUHGLQDPLFDSLH HORUDGLDFHQWHPDWHULLSULPHXWLOLW

LHWFGLQDPLFDSLH HLPXQFLLHWF

3ROLWLFD GH LQYHVWL LL HVWH XQD GLQ FRPSRQHQWHOH SROLWLFLL ILQDQFLDUH DWkW OD QLYHO

macroeconomic, precXPLODQLYHOPLFURHFRQRPLF
/DQLYHOPDFURHFRQRPLFSROLWLFDGHLQYHVWL LLVHUHJ VHWHvQSROLWLFDFKHOWXLHOLORUSXEOLFH
vQSROLWLFDILVFDO vQSROLWLFDPRQHWDU 
Q FDGUXO FKHOWXLHOLORU HIHFWXDWH GH VWDW SULQ EXJHW VH UHJ VHVF FKHOWXLHOLOH FX FDUDFWHU
HFRQRPLFvQWUHFDUHDSDULFKHOWXLHOLSHQWUXLQYHVWL LL$FHVWHDSRWYL]DLQIUDVWUXFWXUDHFRQRPLHL
UH HOHOH GHFRPXQLFD LLL XWLOLW

L JHQHUDOH RELHFWLYH HFRQRPLFH VDX RELHFWLYH VRFLDO

n oricare din aceste forme s-DU HIHFWXD LQYHVWL LL GH F

-culturale.

WUH VWDW HIHFWXO JHQHUDO HVWH DPHOLRUDUHD

PHGLXOXL HFRQRPLF FHHD FH VWLPXOHD]  DQVDPEOXO DFWLYLW

LL HFRQRPLFH L LPSOLFLW  SH

vQWUHSULQ] WRULL SDUWLFXODUL 6WLPXOXO HVWH GLUHFW DGLF  JHQHUDW GH R FHUHUH VXSOLPHQWDU 
FRQVHFXWLY DORF ULLGH UHVXUVHILQDQFLDUHSHQWUXDILFKHOWXLWH6WLPXOXOHVWHvQV LLQGLUHFWSULQ
IDFLOLW

LOHVXSOLPHQWDUHGHFDUHVHSRWEXFXUDvQWUHSULQ] WRULLvQPHGLXOHFRQRPLFDPHOLRUDWSULQ

LQYHVWL LD HIHFWXDW  GLQ UHVXUVH EXJHWDUH F L GH FRPXQLFD LH QRL VDX PDL EXQH GRW UL

edilitare,

FRQGL LLVRFLDOHPDLEXQHSHQWUXSRSXOD LHHWF

3ULQ SROLWLFD ILVFDO  LQYHVWL LLOH SRW IL VWLPXODWH SULQ GLPLQXDUHD LPSXQHULL QHLPSXQHUHD
SURILWXOXL UHLQYHVWLWFRWH GH LPSXQHUH PDLPLFL SHQWUX SURILWXO RE LQXW GLQ LQYHVWL LLHIHFWXDWHvQ

anumiWH

]RQH VDX vQ DQXPLWH UDPXUL VDX SHQWUX DQXPLWH WLSXUL GH DFWLYLW

L WD[H ORFDOH

SUHIHUHQ LDOHVFXWLUHDWHPSRUDU GHDQXPLWHLPSR]LWHHWF

3ULQSROLWLFDPRQHWDU LQYHVWL LLOHSRWILVWLPXODWHvQSULQFLSDOSULQGLPLQXDUHDGREkQ]LLOD

creditele pentru invHVWL LL FUHGLWH SH WHUPHQ PHGLX L OXQJ GDU L SULQ DOWH P

VXUL IDYRUL]DQWH

FXPHVWHGHH[HPSOXJDUDQWDUHDvPSUXPXWXOXLGHF WUHVWDW
/D QLYHO PLFURHFRQRPLF SROLWLFD GH LQYHVWL LL VH UHJ VHWH vQ SROLWLFD GH GLVWULEXLUH D
SURILWXOXL L vQ FHD SULYLQG VWUXFWXUD ILQDQFLDU  /D DFHVW QLYHO SRW IL LGHQWLILFDWH FkWHYD WLSXUL
PDMRUHGHGHFL]LLFDUHGHILQHVFSROLWLFDGHLQYHVWL LL
'HFL]LD GH GLVWULEXLUH D SURILWXOXL DUH vQ YHGHUH UDSRUWXO vQWUH FDSLWDOL]DUH L GLYLGHQG

(vezi cap. I.5)

'HFL]LD GH ILQDQ DUH YL]HD]  VWUXFWXUD VXUVHORU GH ILQDQ DUH DGLF  UDSRUWXO vQWUH
DXWRILQDQ DUHLDSHOODFUHGLWH$FHDVW GHFL]LHHVWHGHWHUPLQDW GHFHDSUHFHGHQW 
'HFL]LDSULYLQGWLSXOGHLQYHVWL LH

vQQRLUHFDUHYL]HD] VRUWLPHQWXOGHIDEULFD LHLLQWURGXFHUHDGHSURGX

se noi;

PRGHUQL]DUHFDUHYL]HD] WHKQLFDLWHKQRORJLD UHVSHFWLYSDUDPHWULLIXQF LRQDOLUDQGDPHQW

vQWUH LQHUHILDELOLWDWHHUJRQRPLH

H[WLQGHUHFDUHYL]HD] FUHWHUHDGLPHQVLXQLLDFWLYLW

LL

'HFL]LD GH DOHJHUH D XQHL YDULDQWH GLQ PXO LPHD FHORU FH

sunt posibile pentru realizarea

RELHFWLYXOXL DYXW vQ YHGHUH SUHVXSXQH H[LVWHQ D XQRU FULWHULL SH ED]D F URUD V  VH SRDW  IDFH R
LHUDUKL]DUH D UHVSHFWLYHORU YDULDQWH 'HFL]LD HVWH PXOWLFULWHULDO  vQ VHQVXO F  OD GHWHUPLQDUHD HL

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

UHQWDELOLWDWHDLQYHVWL LHL

(25)
(25.1)

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;

LQGLFHSULQFDUHVHLGHQWLILF DQXOGHUHIHULQ
t
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

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
SXWHULLGHFXPS UDUHLDXWLOLW

iitor oarecare a

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 =
LDUYDORDUHDLQL LDO DLQYHVWL LHLYDI

dve

FFPt (1 + ra) t

(29.1)

t =1

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
YDORDUHDLQYHVWL LHLHIHFWXDW vQDQXOW
It
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

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)

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
VXSUDILQDQ

t pe etape. n cazul unei

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

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

produce o emisiune suplLPHQWDU

 GH DF LXQL QRL GH UHJXO  FX DFHLDL YDORDUH QRPLQDO  FD D

FHORUGHMDH[LVWHQWHYHFKL3HQWUXF DF LRQDULLYHFKLDXGUHSWSUHIHUHQ LDOGHVXEVFULHUHHL

VXQWFHLFHEHQHILFLD] vQPRGJUDWXLWGHDF LXQLOHHPLVHvQSOXV&DSRVHVRULDL

acestui drept, ei l

SRWYLQGHvQSURSULXOEHQHILFLXFD]vQFDUHYRUDSDUHQRLDF LRQDUL
1RLOH DF LXQL UHSUH]LQW  SHQWUX SLD D ILQDQFLDU  R RIHUW  VXSOLPHQWDU  IDSW FH YD
GHWHUPLQDRGLPLQXDUHDFXUVXOXLDF LXQLORUUHVSHFWLYHLILUPH'HDFHHDSURFHGXUDHVWHSUDFWLFDW 
QXPDL vQ FD]XO vQ FDUH FXUVXO HVWH UHODWLY ULGLFDW L UHODWLY FRQVROLGDW DVWIHO vQFkW GLPLQXDUHD OXL
SULQVXSOLPHQWDUHDRIHUWHLV QXDQWUHQH]HRWHQGLQ
6RFLHW

GHVFHQGHQW 

LOH FRPHUFLDOH SRW GH LQH OD XQ PRPHQW GDW GLVSRQLELOLW

L S

e termen lung, sume

de bani degajate din circuitul economic n contextul unei conjuncturi favorabile. Aceste sume pot
IL SODVDWH vQ LQYHVWL LL GH SRUWRIROLX vQ FD]XO vQ FDUH FRQVLOLXO GH DGPLQLVWUD LH QX DUH vQ YHGHUH
SURLHFWHGHLQYHVWL LHODvQV LVRFLHWDWHDvQFDX] ,QYHVWL LLOHGHSRUWRIROLXUHSUH]LQW DFKL]L LLGH
SDFKHWH GH DF LXQL OD DOWH VRFLHW

L FX LQWHQ LD GH D SDUWLFLSD OD SURILWXO DFHVWRUD VRFRWLW D IL

DYDQWDMRV vQ UDSRUW FX SURSULD DFWLYLWDWH VDX FX LQWHQ LD GH D RE LQH FRQWUROXO DVXSUD OR

r. De

DVHPHQHDDFKL]L LLGHWLWOXULGHVWDWFRQVLGHUDWHDRIHULXQSURGXVILQDQFLDUDYDQWDMRV6HSDUDWGH
LQYHVWL LLOH GH SRUWRIROLX GLVSRQLELOLW

LOH SRW IL IRORVLWH L vQ MRFXO GH EXUV  VXE IRUPD

FXPS U ULL  YkQ] ULL GH WLWOXUL ILQDQFLDUH FX VFRSXO VSHFXO ULL ORU SH WHUPHQ VFXUW 6RFLHWDWHD
SRDWH RE LQH

venituri din plasamente VXE IRUPD GLYLGHQGHORU GREkQ]LORU L GLIHUHQ HORU GH FXUV

$FHVWH YHQLWXUL URWXQMHVF GLVSRQLELOLW

SURSULLORU LQYHVWL LL

LORU H[LVWHQWH L SRW IL XWLOL]DWH SHQWUX ILQDQ DUHD

n momentul n care devine actual unul din proiectele de extindere,

PRGHUQL]DUHvQQRLUHLQFOXVvQVWUDWHJLDSHWHUPHQOXQJDVRFLHW

E. Mobilizarea resurselor interne HVWH R DOW

LL

 VXUV  GH ILQDQ DUH D LQYHVWL LLORU $FHDVW 

VXUV  DUH FDUDFWHU WHPSRUDU L UHSUH]HQW  GH DFHHD GRDU R SXQWH XWLOL]DELO  GRDU SHQWUX XQ
LQWHUYDO UHODWLY VFXUW   OXQL GH UHJXO  DGLF  SHQWUX D FUHD SRVLELOLWDWHD FRQVWLWXLULL XQRU VXUVH
GH GXUDW  6SUH GHRVHELUH GH WRDWH FHOHODOWH VXUVH GH LQYHVWL LH FDUH VXQW HYLGHQ LDW

e n conturi

GLVWLQFWHDFHDVWDQXVHHYLGHQ LD] vQQLFLXQFRQW

5HVXUVHOH LQWHUQH UHSUH]LQW  GRDU R GHJDMDUH WHPSRUDU  GH UHVXUVH UH]XOWDW  GLQ HYROX LD

ntr-XQLQWHUYDOGHWLPSGDWR OXQ

XQWULPHVWUXD VROGXULORUFRQWXULORUGHXWLOL] ULLREOLJD LL

FDUHUHIOHFW DFWLYLWDWHDGHLQYHVWL LL

QWUH vQFHSXWXO L VIkULWXO LQWHUYDOXOXL FRQVLGHUDW R OXQ  XQ WULPHVWUX VROGXO XQXL FRQW
SRDWHFUHWHVDXVHSRDWHGLPLQXD$FHVWHYDULD LLUHSUH]LQW PRELOL] UL0VDXLPRELOL] UL

-M)

GHUHVXUVHGXS FXPFRQWXOHVWHGHDFWLYXWLOL] ULVDXGHSDVLYUHVXUVH

Cont de activ: SI -6)UH]XOW LPRELOL]DUH-M)

SI -6)!UH]XOW PRELOL]DUH0
Cont de pasiv: SF -6,UH]XOW LPRELOL]DUH-M)
SF -6,!UH]XOW PRELOL]DUH0
CalculXOPRELOL]
vQVXPDUH

VH

ULORULPRELOL] ULORU VHIDFHSHQWUXILHFDUHFRQWvQSDUWHGXS FDUHSULQ

GHWHUPLQ 

WRWDOXO

FDUH

SRDWH

UHSUH]HQWD

UHVXUVH

VXSOLPHQWDUH

GDF 

PRELOL] ULORU HVWH PDL PDUH vQ YDORDUH DEVROXW  GHFkW D LPRELOL] ULORU VDX QHFHVDU G

VXPD

e resurse

GDF  VXPD PRELOL] ULORU HVWH PDL PLF  vQ YDORDUH DEVROXW  GHFkW D LPRELOL] ULORU 6 
SUHVXSXQHPF LGHQWLILF PSULQLQGLFHOHLL

QFRQWXULOHUHIOHFWkQGDFWLYLWDWHDGHLQYHVWL LH

3HQWUX LQWHUYDOXOGHWLPS GDWV  FRQVLGHU PF SULPHOHP

(M1), iar ultimele n-PJHQHUHD]

LPRELOL] UL

conturi ( m Q JHQHUHD] PRELOL]

-M2), astfel nct rezultatul total este RI:

UL

Mi = M1

(41.1)

i =1
n

M i = M 2

i = n m +1

(41.2)

RI = M1 + (- M2)

(41.3)

5,!GDF 

M1 > M 2

(41.4)

5,GDF 

M1 < M 2

(41.5)

3UHVXSXQkQGF YDORDUHDGHILQDQ DUHWRWDO VDXEUXW SHLQWHUYDOXOFRQVLGHUDWHVWH1%)

DFHDVWD YD IL DMXVWDW  FX YDORDUHD PRELOL] ULL GH UHVXUVH LQWHUQH 5, L UH]XOW  R QHYRLH HIHFWLY 
GHILQDQ DUH1()

NEF = NBF + RI

(41.6)

$FHDVW  QHYRLH HIHFWLY  GH ILQDQ DUH VH FRPSDU  FX UHVXUVHOH DORFDWH SHQWUX LQYHVWL LL vQ
SHULRDGDGDW ,LVHGHWHUPLQ QHYRLDGHFUHGLWH1&

NC = NEF - I
'DF  1& !  ILUPD WUHEXLH V

(41.7)

-L FRPSOHWH]H SH SHULRDGD GH FDOFXO VXUVD GH ILQDQ DUH D

LQYHVWL LLORUSULQWU XQFUHGLWGDF 1&UH]XOW F ILUPDDUHVXUVHSHVWHQHFHVDUXOGHILQDQ DUHD

LQYHVWL LLORULSRDWHGLPLQXDDORFDUHDI FXW LQL LDO,

F. Creditele FRQVWLWXLH R DOW  VXUV  LPSRUWDQW  SHQWUX ILQDQ DUHD LQYHVWL LLORU $SHOXO OD
credite se poate face:

pe termen scurt (sub un an) pentru acoperirea decalajelor lunare sau trimestriale ntre
QHFHVDUXOGHILQDQ DUHDLQYHVWL LHLFKHOWXLHOLSUHY ]XWHDVHIDFHSHQWUXLQYHVWL LDvQFXUVVDX
FDUH DEHD GHEXWHD]  L VXUVHOH SURSULL GLVSRQLELOH SHQWUX UHVSHFWLYD LQYHVWL LHFD]XO 1& ! 
vQUHOD LD

pe termen mediu sau lung (peste un an) pentru completarea resurselor proprii.
n cel de-DO GRLOHD FD] DSHOXO OD FUHGLW HVWH GH UHJXO  VWDELOLW vQF  GLQ SURLHFWXO GH

LQYHVWL LH 5DPEXUVDUHD FUHGLWXOXL L D FKHOWXLHOLORU DIHUHQWH VH IDFH GLQ UH]XOWDWHOH FXUHQWH
YLLWRDUH DOH ILUPHL SUHFXP L GLQ IOX[XULOHILQDQFLDUH QHWH GHJDMDWH GHLQYHVWL LH GXS  LQWUDUHD HL
vQH[SORDWDUH3HQWUXFUHGLWHOHSHWHUPHQVFXUWUDPEXUVDUHDVHIDFHGLQVXUVHOHSURSULLSHP VXUD
GLVSRQLELOL] ULL ORU vQ SHULRDGHOH LPHGLDW XUP WRDUH FRQIRUP JUDILFHORU GH ILQDQ DUH H[LVWHQWH
DSUREDWHSULQSURLHFWXOGHLQYHVWL LH

OE LQHUHD FUHGLWHORU VH IDFH SULQ RUJDQLVPH VSHFLDOL]DWH E

QFL LQVWLWX LL ILQDQFLDUH

IRQGXUL GH LQYHVWL LL HWF ILH GLQ UHVXUVHOH SURSULL DOH DFHVWRUD ILH SULQ PLMORFLUHD GH F WUH HOH D
DFFHVXOXLODUHVXUVHOHGLVSRQLELOHDOHDOWRUDJHQ LHFRQRPLFL)RUPXOHOHGHILQDQ DUHDLQYHVWL LLORU

prin credite sunt foarte variate.

D(PLWHUHDGHREOLJD LXQLVLPSOHJHQHUHD] XQvPSUXPXWREOLJDWDUSULQFDUHVHIDFHDSHO
ODHFRQRPLLOHSXEOLFH3URFHGHXOHVWHODvQGHPkQDILUPHORUPDULVROLGHFXRLPDJLQHIDYRUDELO 
SH SLD D GH FDSLWDO ILUPH GRULWH GH SRVHVRULL GH FDSLWDO SHQWUX D L IDFH SODVDPHQWH (PLVLXQHD

HVWH SODVDW  GH UHJXO  SULQ LQWHUPHGLXO XQHL E QFL (PLWHQWXO RIHU  R GREkQG  DQXDO  IL[ 
DWUDFWLY  vQ UDSRUW FX SLD D PRQHWDU  SUHFXP L JDUDQ LD UDPEXUV ULL GXS  R SURFHGXU  GHVFULV 
DP QXQ LWvQSURVSHFWXOGHHPLVLXQH

b)

(PLWHUHD GH REOLJD LXQL FRQYHUWLELOH vQ DF LXQL SUH]LQW  SUHPL]H VLPLODUH FHOHL

SUHFHGHQWH $YDQWDMXO VXSOLPHQWDU vO FRQVWLWXLH SRVLELOLWDWHD FH VH RIHU  GH LQ WRUXOXL GH
REOLJD LXQL GH D L OH SXWHD VFKLPED vQ FD] F  R GRUHWH OD R GDW  XQ LQWHUYDO GH WLPS
PHQ LRQDW vQPRGH[SUHVLODRUDW GHFRQYHUVLHGHDVHPHQHDDQXQ DW 5DWDGHFRQYHUVLHDUDW 
FkWH DF LXQLVH YRUGDvQ VFKLPEXOXQHLREOLJD LXQL3URFHGXUDG UH]XOWDWHGHRDUHF

e posesorii de

REOLJD LXQL DX VSHUDQ D V  DFFHDG  OD GLYLGHQG 7HQWD LD HVWH FX DWkW PDL PDUH FX FkW ILUPD D
GLVWULEXLWGLYLGHQGHDWUDFWLYHLVHDWHDSW V

-LvPEXQ

HDVF SHUIRUPDQ HOH

$YDQWDMHOHSHQWUXHPLWHQWVHFRQFUHWL]HD] vQIDSWXOF SRDWHRIHULRGREkQG PDLPLF vQ

YLUWXWHD YLLWRUXOXL DFFHV OD GLYLGHQG L F  vL SRDWH VSRUL FDSLWDOXO vQ OLPLWD YDORULL QRPLQDOH D

HPLVLXQLLvQUDSRUWFXQXP UXOGHREOLJD LXQLFHYRUILFRQYHUWLWH

c) (PLVLXQHDGHHXURREOLJD LXQLVHIDFHGHUHJXO GHF WUHJUXSurile bancare, cu interese

(XURREOLJD LXQLOH VH HPLW vQWU-R YDOXW  DWUDFWLY  (852 PDUF  GRODU SH SLD D
ULL XQGH VH

PXOWLQD LRQDOH FX VFRSXO GH D IDFH LQYHVWL LL vQWU R ]RQ  GH LQWHUHV I U  D H[SRUWD FDSLWDO

GRUHWH D VH IDFH LQYHVWL LD L SRW IL SURFXUDWH SH DFHDVW  SLD
3URFHGXUDHVWHDJUHDELO SHQWUX DUD

ULOHGHUHHGLQ

 LQFOXVLY vQ PRQHGD QD LRQDO 

DDOHHPLWHQWXOXLHPLWHQ LORUGHRDUHFH

nu-L DIHFWHD]  EDODQ D GH SO L H[WHUQH 3URFHGXUD HVWH DJUHDELO  L SHQWUX DUD  GH GHVWLQD LH
deoDUHFH VXV LQH VDX UHYLJRUHD]  ULWPXO LQYHVWL LLORU FX HIHFWH IDYRUDELOH vQ SODQXO FHUHULL GH
EXQXUL GH LQYHVWL LH vQ SODQXO RFXS ULL IRU HL GH PXQF  vQ SODQXO YHQLWXULORU EXJHWDUH SULQ

impozitele pe profit, prin taxele locale) etc.

d) mprumuturile la iQVWLWX LL ILQDQFLDUH DX OD ED]
HFRQRPLHVXEIRUPDIRQGXULORUGHLQYHVWL LLVDXDVRFLHW

 UHVXUVHOH PRELOL]DWH GH DFHVWHD GLQ

LORUGHDVLJXU UL3URFHGXUDHVWHDJUHDW 

GH GH LQ WRULL GH HFRQRPLL SHQWUX F  GLPLQXHD]  ULVFXO SH FDUH vO LQFXPE  GH UHJXO  RS LXQLOH
LQGLYLGXDOHLSHQWUXF PHFDQLVPXOILQDQ

ULL VHEXFXU GHDVLVWHQ DXQRULQVWLWX LLSXEOLFHFXP

VXQW GH SLOG  vQ 5RPkQLD  &RQVLOLXO 1D LRQDO DO 9DORULORU 0RELOLDUH %DQFD 1D LRQDO 
0LQLVWHUXO)LQDQ HORUDFDUHQRUPHD] FDGUXOJHQHUDODOGHVI XU ULLXQRUDVWIHOGHDFWLYLW

L

3XWHUHD SXEOLF  VWLPXOHD]  vQ GLIHULWH IRUPH DSHOXO OD DVWIHO GH vPSUXPXWXUL SHQWUX
LQYHVWL LL GLPLQXDUHD ILVFDOLW

LL H[RQHUDUHD GH DQXPLWH WD[H D LPSRUWXULORU GH HFKLSDPHQWH

VXEYHQ LLGH]RQ FRPSHQVDUHDSDU LDO DFRVWXOXLvPSUXPXWXOXLJDUDQWDUHDvPSUXPXWXOXLD

e) Creditul bancar HVWH RE LQXW GH OD E

QFL FRPHUFLDOH GH LQYHVWL LL LSRWHFDUH HWF vQ

ED]D XQXL FRQWUDFW GH FUHGLW vQ FDUH VXQW PHQ LRQDWH FRQGL LLOH GH FUHGLWDUH L GH UDPEXUVDUH
SUHFXPLJDUDQ LLOHSHFDUHWUHEXLHV OHFRQVWLWXLHGHELWRUXO

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

WRUXO DUH

SR]L LD GH EHQHILFLDU DO FUHGLWXOXL UHDOL]DWRU DO LQYHVWL LHL L X]XIUXFWLHU DO RELHFWXOXL FH UH]XOW 

din invesWL LDUHVSHFWLY

&HOFHSXQHODGLVSR]L LHVXPHSHQWUXLQYHVWL LHREDQF RVRFLHWDWHGH

OHDVLQJHWFHVWHSURSULHWDUXORELHFWXOXLGHLQYHVWL LH

QFRQWUDFWXOGHOHDVLQJSDUWHDFHRIHU EDQLVHDQJDMHD] V vQFKLULH]HvQWUHSULQ] WRUXOXL

pentru exploDWDUH SH R GXUDW

 GHWHUPLQDW  RELHFWXO LQYHVWL LHL QWUHSULQ] WRUXO VH REOLJ  V 

UHDOL]H]HRELHFWXOGHLQYHVWL LHV

-OH[SORDWH]HLV

SO WHDVF DQXDORVXP GHEDQLvQEHQHILFLXO

S U LL FDUH L D SXV OD GLVSR]L LH FDSLWDOXO SHQWUX ILQDQ DUHD LQYHVWL L

ei. Contractul de leasing se

vQFKHLH SHQWUX R SHULRDG  HJDO  FX FHD QHFHVDU  SHQWUX DPRUWL]DUHD LQWHJUDO  D LQYHVWL LHL L QX
SRDWH IL UH]LOLDW vQ DFHVW WLPS GH QLFL XQD GLQWUH S U L /D VFDGHQ

trei variante:

cedarea obiectXOXLF

 FRQWUDFWXO VH SRDWH vQFKHLD vQ

WUHSURSULHWDUXOOXL

YkQ]DUHDRELHFWXOXLODYDORDUHDU PDV FXGUHSWGHSUHHPS LXQHSHQWUXvQWUHSULQ] WRU

UHvQQRLUHDFRQWUDFWXOXLvQWUHFHOHGRX S U L
&KHOWXLHOLOH GH H[SORDWDUH D RELHFWXOXL GH LQYHVWL LH FDG vQ VDUFLQD vQWUHSULQ] WRUXOXL

RezXOWDWXO DQXDO DO H[SORDW

ULL vQ FD] F  HVWH QHIDYRUDELO QX H[RQHUHD]  SH vQWUHSULQ] WRU GH

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DPRUWL]DUHD DQXDO D LQYHVWL LHL FRVWXO vPSUXPXWXOXL L RHYHQWXDO  UHQW   FKLULH VDX UHGHYHQ

WRDWHFRQYHQLWHSULQFRQWUDFWQWUHSULQ] WRUXODUHFkWHYDDYDQWDMH

vLDFRSHU QHYRLOHGHFDSLWDOSHQWUXLQYHVWL LLGLQWU RVXUV VLJXU 

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UHDOL]HD] XQFkWLJI U DDQJDMDUHVXUVHE QHWLSURSULLSHQWUXLQL LHUHDDIDFHULL

SRDWHRE LQHODVFDGHQ

RELHFWXOLQYHVWL LHLODYDORDUHDU PDV 

2ELHFWXO LQYHVWL LHL DSDUH vQ ELODQ XO DQXDO QXPDL OD SURSULHWDU OD vQWUHSULQ] WRU VXQW
LQFOXVHH[WUDELODQ LHUQ

umai angajamentele financiare asumate prin contract.

5.

$PRUWL]DUHDFRQ LQXWPHWRGHQRUPH

Amortizarea activelor fixe este un proces financiar de recuperare a valorii unui activ fix
LGHIRUPDUHDXQXLIRQGGHILQDQ DUHDvQORFXLULLOXLDWXQFLFkQGHVWHVFRVGLQIXQF LXQH
$PRUWL]DUHD UHIOHFW  UHFXSHUDUHD YDORULL DFWLYXOXL IL[ SH P VXUD X]XULL OXL DGLF  D

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

VHGHUXOHD] vQWLPSGLQPRPHQWXOLQWU ULLvQIXQF LXQHSkQ vQPRPHQWXOVFRDWHULLGLQIXQF LXQH

a respectivului activ fix.

3HQWUX vQWUHSULQGHUHDPRUWL]DUHD HVWH XQ FRVW FDUH VH LQFOXGH vQFKHOWXLHOLOH GH SURGXF LH
LVHUHFXSHUHD] SULQSUH SULQYkQ]DUHDSURGXVXOXLODDF UHLIDEULFD LHDFRQWULEXLW

activul fix n

FDX]   &XDQWXPXO DPRUWL] ULL VH GHWHUPLQ  SULQWU R FRW  GH DPRUWL]DUH VWDELOLW  GH ILUP  vQ

OLPLWDSUHYHGHULORUOHJDOH$PRUWL]DUHDHVWHUHJOHPHQWDW SULQOHJHDQU

Prevederile legale privind amortizarea au n vedere stabilirea unXL FDGUX FDUH V

 HYLWH

WUDQVIHUXO H[DJHUDW DO FKHOWXLHOLORU GH DPRUWL]DUH vQ SURILW L GLPLQXDUHD SH DFHDVW  ED]  D

impozitului pe profit datorat statului.

Amortizarea are rolul de a asigura nlocuirea activului fix la momentul scoaterii lui din
IXQF LXQH DGLF  DD-QXPLWD IRUPDUH EUXW  D FDSLWDOXOXL IL[ 3kQ  OD DFHVW PRPHQW IRQGXO
FRQVWLWXLWGLQDPRUWL] ULOHDQXDOHHVWHGLVSRQLELODVWIHOvQFkWHOSRDWHILXWLOL]DWSHQWUXILQDQ DUHD
LQYHVWL LLORUUHVSHFWLYIRUPDUHDQHW DFDSLWDOXOXLIL[FRQIRUP,,

4).

3HQWUXvQGHSOLQLUHDDFHVWXLUROHVWHQHFHVDUDILUHVSHFWDWHXUP WRDUHOHFRQGL LL

HYDOXDUHDFRUHFW DDFWLYHORUIL[H

GHWHUPLQDUHDFRUHFW DFRWHORUGHDPRUWL]DUH

UHFXSHUDUHD SULQ IRQGXO GH DPRUWL]DUH D WXWXURU FKHOWXLHOLORU QHFHVDUH SHQWUX SXQHUHD

VFRDWHUHDGLQIXQF LHDDFWLYHORUIL[H

n cazul n care activul fix este supraevaluat sau cotele de amortizare sunt prea mari,
FRVWXULOH GH IDEULFD LH YRU IL PDMRUDWH L UH]XOWDWHOH ILQDQFLDUH YRU IL PDL PLFL SURILWXO 'H

asemenea, formarea fondului dHDPRUWL]DUHHVWHQHFRUHODW

FH JHQHUHD]  GLILFXOW
GXUDWHLGHYLD

FXX]XUDHIHFWLY DDFWLYXOXLIL[FHHD

LILQDQFLDUH SH SDUFXUVXO H[SORDW ULL L FKHOWXLHOL VXSOLPHQWDUH VSUHILQDOXO

SHQWUXRHYHQWXDO PHQ LQHUHvQH[SORDWDUHDXQXLDFWLYIL[vQVLWXD LDVFULSWLF GH

DILVFRVGLQIXQF LXQH

n cazul n care activul fix este subevaluat sau cotele de amortizare sunt prea mici, apare
LPSRVLELOLWDWHD ILQDQFLDU  D vQORFXLULL OXL OD PRPHQWXO VFRDWHULL GLQ IXQF LXQH L VH SURGXFH R

pierdere de capital. Pe parFXUVXOH[SORDW ULL LQGLFDWRULLGHHILFLHQ VXQWXPIOD LDUWLILFLDOFHHD

ce poate duce la decizii curente sau strategice eronate cu efecte financiare defavorabile.
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IXQF LXQH D XQXL DFWLY IL[ HVWH QHFHVDU FD YDORDUHD GH DFKL]L LH D DFHVWXLD V  ILH FRUHFWDW  FX
FKHOWXLHOLOH GH WUDQVSRUW PRQWDUH SXQHUH vQ IXQF LXQH URGDM VFRDWHUH GLQ IXQF LXQH GHPRODUH
SULQ DG XJDUH L FX YHQLWXULOH RE LQXWH GLQ YkQ]DUHD PDWHULDOHORU 

pieselor de schimb etc.

UH]XOWDWHvQXUPDGHPRO ULLGH]PHPEU ULLSULQVF GHUH

&RWD GH DPRUWL]DUH LQFOXGH vQ SULQFLSLX  HIHFWHOH GH X]XU  GHWHUPLQDW  GH IRORVLUHD
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i tehnic (uzura

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economico-ILQDQFLDUH FDUH vQWUH LQ XQ DVWIHO GH FRPSRUWDPHQW DO SURGXF WRUXOXL VXQW GH GRX 
resorturi:

cererea: includerea n costuri a pierderilor "pXUHP UHVFFKHOWXLHOLOHGHSURGXF LHLSHQWUXD

S VWUD QLYHOXO SURILWXOXL DU WUHEXLH PDMRUDW SUH XO GH YkQ]DUH GDU DFHDVWD GHVFXUDMHD] 
FHUHUHDLSRDWHGHWHUPLQDQHYkQ]DUHDSURGXF LHLIDEULFDWH

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FRQFXUHQ L

 GH FHLODO L

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 vQ WLPS YDORDUHD UHFXSHUDW  D

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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
vQWUHDFHDVWDLYDORDUHDGHLQYHQWDUHVWHPDUHDFHVW

YDORDUHDU

PDV

GDF GHFDODMXO

a este un semnal pentru reevaluare;

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)

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];
QXP UXOWRWDODODFWLYHORUIL[HLQWUDWHvQFXUVXODQXOXL
J
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

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=

FXDQWXPXODQXDODODPRUWL] ULL
unde: A
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
Q OLPLWHOH SUHY ]XWH GH OHJH DFHDVW  FRW  SRDWH IL PRGLILFDW  SHQWUX D UH

(46.3)
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 

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

GHWHU LD

GLQ

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)

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
 FRHILFLHQW GH FRUHOD LH UHIOHFWkQG FRQVXPXO VXSOLPHQWDU GH SLHVH GH VFKLPE FD
c
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;
FRHILFLHQWGHFRUHF LHFXDFHODLFRQ LQXWFDLODRELHFWHOHGHLQYHQWDU
c
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

determina:

vQXQLW

LYDORULFH

vQXQLW

LIL]LFH

n zile

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

te

(54.1)
(54.2)
(54.3)

unde: Sv = valoarea stocului;

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

Nf = necesarul de activ circulant, exprimat fizic;

VQ YDORDUHDSURGXF LHL
QXP UXOGHURWD LLvQSHULRDGDGHUHIHULQ 
n
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:

S = N/l

(56.1)

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

LQWHUYDOXOGLQWUHGRX DSURYL]LRQ ULVXFFHVLYHHVWH

S
b
2

Ca = a l +

(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
PHGLHSRQGHUDW

d=
unde: Cl

Cl d l
Cl

-o

(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;
QXP UXOGHSLHVHGHVFKLPEGLQWLSXOPHQ LRQDWQHFHVDUHSHQWUXXQXWLODM
p
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

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

LLGDWRULLF WUHIXUQL]RULGHFRQW ULFXWHU LLD

ULL

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

(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;
FUHDQ HLDVLPLODWH
C
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)

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

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-l propun vQ PRG FRQVWDQW L

firesc pentru diminuarea costurilor presupuse de aceasta. Una din practicele curente folosite n
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LL GH

rabatului rUH]XOW

n ]LOH L D XQHL UDWH GH GREkQG  i VROLFLWDW

V, a unei

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GLQUHOD LDGHHFKLOLEUX

Vr = V

n
i
360

(66.1)

n
i
360

(66.2)

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E QFLL ILUPD IXUQL]RDUH LHVH vQ SLHUGHUH FkQG DFFHSW  SODWD SH ORF vQ VFKLPEXO XQXL UDEDW 'DF 
ILUPD DU DFFHSWD DPkQDUHD SO

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constituirii sursei ar fi mai mic.

7.

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IRQGXO GHUXOPHQW LFUHGLWHOHGHWUH]RUHULH)RQGXO GHUXOPHQW 

FRHVWHRVXUV

SURSULH SD

rte a

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E QFLVXEIRUPDFUHGLWHORUSHWHUPHQVFXUW

Cts).

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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

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actelor de

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procentual (FR%) sau n zile (FRz):
FR
FR % =
100
(68.1)
CA
FRz =

FR
365
CA

(68.2)

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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.
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HFRQRPLF 

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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
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FGDF UH!S

p):
se produce o pierdere prezumptLY  GH SURILW SLHUGHUHD DSDUH SHQWUX F  XWLOL]DUHD
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nivel maxim, resursa proprie este n e[FHVID

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p L R

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r-p.

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se produce uQFkWLJHIHFWLYGHSURILW

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

PRQHWDU 

n analiza economico-ILQDQFLDU

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LL DFWLYLW

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dicatori:

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LL VXQW XWLOL]D L PDL IUHFYHQW

a)

UDWDOLFKLGLW

LLJHQHUDOH

AC
Dts

rlg =

(69)

unde: AC = active circulante;

Dts = datorii pe termen scurt.
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sunt acoperite, garDQWDWHSULQPLMORDFHH[LVWHQWHvQILUP

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DXUDUHOD LHLWHPSRUDOHvQWUHDF

b) rata de ILQDQ

estea (cap. I.5).

DUHDDFWLYHORUFLUFXODQWH

rfac =

FR
AC

(70)

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 GH

unitate a acestui

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surse pe termen scurt, iar raportul ntre eleVHFDOFXOHD]

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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repre]LQW

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ea de 0,65 -FHHDFHvQVHDPQ
-70% din surse permanente.

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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%

P UHVFULVFXOGHLQVROYDELOLWDWH
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DPPHQ LRQDW

-o mai sus.
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R

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le stabile (sursele

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ulante, peste nivelul asigurat

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lichidarea unui stoc, livrarea unui lot de produse finite etc. Dobnzile aferente sunt incluse n
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n cazul creditelor pe termen lung rambursarea, inclusiv dobnzile aferente, se face din
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Pentru completarea GLVSRQLELOLW LORU E QHWLWHPSRUDUOLSV VDXLQVXILFLHQWHVXQWDSHODWH

- 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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credite releu DFRUGDWH SHQWUX D FUHD GLVSRQLELOLW L GH SODW  vQ FRQWXO XQRU LQWU
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:
creditul de scont SULQ FDUH SRVHVRUXO XQXL HIHFW FRPHUFLDO vO FHGHD]  E
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:

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

SODWDSHORFODOLYUDUHDP UILLLPSRUWDWRUXOVROLFLW GHODEDQFDVDXQFUHGLWSHFDUHDFHDVWDvO

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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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credit pentru nevoi pasagere GH GXUDW  PD[LP  GH  ]LOH QHYRL UH]XOWDWH LQGHSHQGHQW GH
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surse atrase,

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pasive stabile, sunt reprezentate de datorLDPLQLP

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lata

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n fiecare zi. Salariul datorat de fLUP

 SHQWUX DFWLYLWDWHD SUHVWDW  GH VDODULD LL V L vQ ]LXD

GRX  FKHQ]LQH U PkQH OD GLVSR]L LD ILUPHL SkQ  OD GDWD FKHQ]LQHL ILH

c DGLF

z ntre
c-z

 XQ QXP U GH

]LOHLSRDWHILIRORVLWSHQWUXILQDQ DUHDXQRUQHYRLWHPSRUDUHSHWRWDFHVWLQWHUYDO

n leJ
VFDGHQ

WXU  FX SO

LOH ILVFDOH GDWHOH GH SODW  VXQW VWDELOLWH SULQ OHJH L SkQ  OD UHVSHFWLYD

 ILUPD SRDWH XWLOL]D VXPHOH UHVSHFWLYH SHQWUX ILQDQ DUHD DFWLYLW

LL HL FXUHQWH 'H SLOG 

LPSR]LWXO SH SURILW WUHEXLH Y UVDW OXQDU OD ILQHOH OXQLL )LUPD YLQGH SURGXVH ]LOQLF L vQFDVHD] 
SURILWSHQWUXFDUHDUWUHEXLV SO WHDVF LPSR]LWGDUIDFHDFHVWOXFUXGRDURVLQJXU GDW ODILQHOH
OXQLLDVWIHOSHQWUXYkQ] ULOHGLQ]LXD DXQHLOXQLLPSR]LWXOGDWRUDWSHSURILWU PkQHODGLVSR]L LD

firmei un timp de 30-z zile.

Q OHJ WXU  SODWD XQRU IXUQL]RUL SDVLYHOH VWDELOH DSDU vQ FD]XO IXUQL]RULORU GH XWLOLW

L

HQHUJLH WHOHIRQ DEXU DS  LQGXVWULDO  DS  FDOG  JD]H HWF 3UHVWDUHD DFHVWRU VHUYLFLL VH IDFH
]LOQLF GDU ILUPD SO WHWH GH UHJXO  OXQDU OD R GDW  VWDELOLW  SULQ FRQWUDFWXO GH SUHVWDUH
&RQWUDYDORDUHD SUHVW ULORU ]LOQLFH U PkQH OD GLVSR]L LD ILUPHL SkQ  OD GDWD VFDGHQ HL GH SODW  D

facturii.
'HILQLUHDSDVLYHORUVWDELOHODQLYHOXOGDWRULHLPLQLPHHVWHPRWLYDW GHIDSWXOF DFHDVWDL

numai aceasta SRDWH IL OXDW

 vQ FRQVLGHUDUH FD VXUV  GH ILQDQ DUH FX FDUDFWHU VWDELO SH SDUFXUVXO

XQHL SHULRDGH  VXESHULRDGH GH JHVWLXQH DQ WULPHVWUX OXQ  6XPHOH FH GHS HVF PLQLPXO QX
VXQW GLVSRQLELOH GHFkW SH IUDF LXQL DOH XQHL DVWIHO GH SHULRDGH RU GHWHUPLQD

rea necesarului de

ILQDQ DUHQXVHIDFHSHIUDF LXQLDOHDFHVWHLSHULRDGHLGHDFHHDVXPHOHFDUHQXVXQWGLVSRQLELOH

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

&DOFXOXO SDVLYHORU VWDELOH VH SRDWH IDFH GXS  PDL PXOWH SURFedee, din care vom aminti
GRX PDLX]XDOHSURFHGHXOQXP UXOXLGH]LOHLSURFHGHXOVROGXULORU]LOQLFH
3URFHGHXOQXP

UXOXLGH]LOHSUHVXSXQHFXQRDWHUHDP ULPLLREOLJD LHLGHSODW 

QXP UXOXL GH ]LOH   FH WUHF vQWUH PRPHQWXO FUH ULL DFHVWHL REOLJD LL L GDWD SO

pasivului stabil este:

OLD

LL 9DORDUHD

PS =
XQGH]

t
O
z

(72)

QXP UXOGH]LOHGLQSHULRDGDGHJHVWLXQHVDXVDX

8QDVWIHOGHSURFHGHXHVWHGLUHFWSHQWUXFD]XOFkQGREOLJD LDGHSODW VXP LGDWDOLPLW 

sHQRWLILF

SULQWU XQDFWHPLVGHEHQHILFLDUXOvQFDV ULLRIDFWXU DVRFLHW

LLGHHQHUJLHHOHFWULF 

R vQWLLQ DUH GH SODW  D XQXL LPSR]LW SH FO GLUL HWF Q DOWH FD]XUL FD GH H[HPSOX REOLJD LLOH GH
SODW  D VDODULLORU DSOLFDUHD SURFHGHXOXL WUHEXLH V 

LQ  VHDPD F  SDVLYXO VWDELO HVWH GDWRULD

PLQLP QILHFDUHGLQ]LOHOHXQHLFKHQ]LQHREOLJD LDGHSODW HVWHDOWDFDLWLPSXOvQFDUHILUPD

SRDWHIRORVL VXPHOH GDWRUDWH $VWIHO vQ ]LXD LPHGLDW XUP WRDUH FKHQ]LQHLREOLJD LD GH SODW  HVWH

fondul de salariL ]LOQLFH IV] LDU GLVSRQLELOLWDWHD OXL HVWH GH  ]LOH 3H  ]L FH WUHFH REOLJD LD VH
2 fsz;3 fsz HWFLDUGLVSRQLELOLWDWHDVHUHGXFH]LOH]LOHHWF3RWULYLWUHOD LHL

DPSOLILF 

PLQLPXOREOLJD LHLHVWHFHOGLQSULPD]LGHGXS FKHQ]LQ LQXPDLDFHVWDWUHEXLHFRQVLGHUDW

n cuantumul pasivelor stabile ale firmei. ntr-DGHY

min[fsz

U

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

/DQLYHOXOILUPHLSHQWUXXQLQWHUYDOGHJHVWLXQHGDWOXQ WULPHVWUXDQSDVLYHOHVWDELOH

VH GHWHUPLQ  SULQ vQVXPDUHD YDORULORU GHWHUPLQDWH GLVWLQFW SHQWUX ILHFDUH GLQ REOLJD LLOH GH SODW 
FH DSDU SH SDUFXUVXO UHVSHFWLYXOXL LQWHUYDO Q SUDFWLFD ILQDQFLDU  SDVLYHOH VWDELOH VH GHWHUPLQ 
SHQWUX ILHFDUH OXQ  L VXQW OXDWH FD VXUV  GH ILQDQ DUH SHQWUX OXQD SHQWUX FDUH DX IRVW FDOF

ulate.

3HQWUX XQ WULPHVWUX VH FRQVLGHU  GUHSWFXDQWXPWULPHVWULDODO SDVLYHORU VWDELOH QLYHOXO ORU PLQLP
vQWUH FHOH WUHL OXQL FH IRUPHD]  WULPHVWUXO LDU SHQWUX XQ DQ VH FRQVLGHU  GUHSW FXDQWXP DQXDO DO

lor nivelul minim ntre cele patru trimestre ce formeD] DQXO

Procedeul soldurilor zilnice HVWH PDL HODERUDW L PDL H[DFW &DOFXOXO VH HIHFWXHD] 
SHQWUXWULPHVWUXOFXDFWLYLWDWHPLQLP DFFHSWkQGX-VHLSRWH]DF REOLJD LLOHGHSODW VXQWPLQLPH
vQDFHVWWULPHVWUX6HGHWHUPLQ WLSXULOHGHREOLJD LLLGHQWLIicabile prin indicele j (j=1, 2, ., J),
cuantumul trimestrial al lor, fie OtjLREOLJD LDPHGLH]LOQLF ILHOj;

Oj =

OTj
90

(73)

Pentru fiecare zi z] GLQWULPHVWUXSRWILGHILQLWHGRX JUXSHGHREOLJD LL

cele care sunt scadente n ziua z, identificabile prin indicele j Jzs;
cele care nu sunt scadente n ziua z, identificabile prin indicele j JznvQWUHFHOHGRX PXO LPL

H[LVWkQGUHOD LD

Jzs U Jzn = MJ
unde M -HVWHPXO LPHDvQFDUHLQGLFHOHMSRDWHOXDYDORULLDOF

UHLFDUGLQDOHVWH-QWUXFkW]LOQLF

VHPRGLILF REOLJD LLOHVFDGHQWHVWUXFWXUDPXO LPLORU-zVHPRGLILF vQPRGFRUHVSXQ] WRUGHODR

zi la alta.
3HQWUX ILHFDUH ]L GLQ OXQ  VH GHWHUPLQ  FXDQWXPXO REOLJD L

respectiva zi:

Oz =

unde: Oz
nj

jJ Zn

Oj nj

ilor care sunt disponibile n

Oj n j

(74)

jJ Zs

FXDQWXPXOREOLJD LLORUGLVSRQLELOHvQ]LXD]]
QXP UXOGH]LOHVFXUVHGHODGDWDXOWLPHLSO



LSHQWUXREOLJD LDGHWLSM

6  REVHUY P F  SHQWUX REOLJD LLOH VFDGHQWH vQ ]LXD ] QXP UXO GH ]LOH Qj

(j Jzs) este

GXUDWDvQ ]LOHDLQWHUYDOXOXLvQWUHGRX VFDGHQ HSHQWUX REOLJD LLOH QHVFDGHQWHvQ]LXD]QXP UXO

de zile nj (j Jzn) este durata n zile a interYDOXOXL VFXUV vQWUH XOWLPD VFDGHQ

 L GDWD FXUHQW 

DGLF ]LXD]

Pasivele stabile aferente lunii l O

GLQWULPHVWUXVHGHWHUPLQ GXS UHOD LD

PSl = min Oz

(74.1)

LDUSDVLYHOHVWDELOHDIHUHQWHWULPHVWUXOXLV QHUHDPLQWLPF HVWHWULPHVWUXOFXDFWLYLWDWHPLQLP 

VHGHWHUPLQ GXS UHOD LD

PSt = min PSl

LUHSUH]LQW SDVLYHOHVWDELOHDQXDOH

(74.2)