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LSHDF LXQL

KS = n VN

(171)

unde: KS
FDSLWDOXOVRFLDODOVRFLHW
LLFRQVWLWXLWH
n
QXP UXOGHDF LXQLHPLVH
VN YDORDUHDQRPLQDO DXQHLDF LXQL
majorarea capLWDOXOXL VRFLDO DO XQHL VRFLHW L FDUH HVWH vQ IXQF LXQH PDMRUDUH SRVLELO

 SH

VHDPD SURILWXOXL RE LQXW OD PRPHQWHOH SUHFHGHQWH QHGLVWULEXLW DF LRQDULORU L S VWUDW VXE

IRUPDIRQGXULORUSURSULLDOHVRFLHW

Ca

LLIRQGGHUH]HUY IRQGGHDVLJXUDUHD

WLWOX GH SURSULHWDWH DF LXQHD FRQIHU  SRVHVRUXOXL GUHSW GH SURSULHWDWH DF LRQDUXO HVWH

UHFXQRVFXW FD SURSULHWDU  vQ OLPLWD YDORULL QRPLQDOH DDF LXQLORU GH LQXWH DUH GUHSW GH VXEVFULHUH
LGHDVHPHQHDGHDWULEXLUHGUHSWGHSDUWLFLSDUHODSURILWVXE

forma dividendului); drept de vot

vQ $GXQDUHD *HQHUDO  D $F LRQDULORU REOLJD LD GH D SDUWLFLSD OD DFRSHULUHD HYHQWXDOHORU SLHUGHUL
vQUHJLVWUDWHvQDFWLYLWDWHDVRFLHW

LL

Grupul de fondatori decide modul n care se va face plasamentul emisiunii:

n mod dLUHFWSULQHIRUWSURSULXLLPSOLFLWFXFRVWXULPDLPLFL
SULQ LQWHUPHGLDU R EDQF  VDX XQ FRQVRU LX EDQFDU FDUH SUHLD LQFOXVLY SDUWHD GH SXEOLFLWDWH
,QWHUPHGLDUXO SRDWH IL DQJDMDW QXPDL V  SXQ  vQ YkQ]DUH DF LXQLOH L V  vQFDVH]H

contravaloarea lor (caz n care este remunerat printr-XQ FRPLVLRQ VDX SRDWH FXPS

UD HO

vQVXL vQ vQWUHJLPHHPLVLXQHD L DSRL V  R YkQG  vQ QXPH SURSULX FD] vQ FDUH UHPXQHUDUHD
SURYLQH GLQ GLIHUHQ D vQWUH SUH XO GH DFKL]L LH PDL PLF L SUH XO GH YkQ]DUH PDL PDUH DO

titluULORUvQFDX]

&XPS UDUHDDF LXQLORUVHIDFHGXS RSURFHGXU FDUHSUHYHGH

i.

GHSXQHUHD GH F WUH FXPS U WRU OD YkQ] WRUXO HPLVLXQLL D XQHL GHFODUD LL GH VXEVFULHUH SULQ
FDUHVHPHQ LRQHD] QXP UXODF LXQLORUFHVHGRUHWHDILDFKL]L LRQDWH

ii. decizia emiteQWXOXL SULYLQG XQLL SDUDPHWUL GH YkQ]DUH VROX LD GH DWULEXLUH vQ FD]XO XQHL
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

treilea etc.).

a, al

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

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:

90

VM = AN
N

(176.1)

AN = AT DT

(176.2)

YDORDUHPDWHPDWLF 

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,

YDORDUHDLQWULQVHF 

ANC = activ net corectat;

AL = active lente.

(177.1)
(177.2)

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

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

(184.3)
(184.4)

 HFKLYDOHQWXO vQ DF LXQL YHFKL DO QXP UXOXL DF LXQLORU QRL DGLF  DD FXP DU IL

unde: ne

IRVWVRFRWLWHGDF DUILH

n
N

(184.1)
(184.2)

liberat integral capitalul;



QXP UXODF LXQLORUQRXHPLVH



QXP UXODF LXQLORUYHFKL



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

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 

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

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

YDORDUHDQRPLQDO DERQXOXLGHWH

(190)

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

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
FRQWUDFWXOXL /D VFDGHQ

-un cont special de tip mandat, n chiar momentul ncheierii

 VH IDFH UHJXODUL]DUHD SO

FXPS U WRUXOXLLGHFXUVXO]LOHLODVFDGHQ

LORU GLQ DFHVW FRQW vQ IXQF LH GH RS LXQHD

QPRPHQWXOVFDGHQ HLDJHQWXOGHEXUV SHSR]L LH

GHYkQ] WRUQXVHSRDWHHVFKLYDvQQLFLXQIHOGHDFFHSWDUHDGHFL]LHLFXPS U WRUXOXLDGLF QX L

SRDWHPRWLYDUHIX]XOSULQIDSWXOGHDQXGH LQHWLWOXULOHFRQYHQLWHSULQFRQWUDFW
6 SUHVXSXQHPXQFRQWUDFWSHQWUXVFDGHQ DV2LFXSULPDS1

GHUHIHULQ

SHQWUXFXPS U WR

, pentru cursul c21min. Cursul

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 

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vQWU DGHY U

c21min < c + p1

(196)

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FHDUH]XOWDW GLQUHQXQ DUHDODFRQWUDFW

RF(-) = p1 e
e = c cr
n cazul n care c > c21 minFXPS

(197.1)
(197.2)

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RF(+) = c c21min

(198)

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pp ~ pe + p

(pe L HO

~):
(199)

unde:

SS

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= prima de oS LXQH

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e zice

bullish (D HVWH WHQWDQW

net este:

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Rn = pp (pe + p)

cu pp pe

(200)

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cu

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pierde prima.

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pe
pp

pe + p

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Rn = (pe + p) pp

cu pp pe

(201)

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FkWLJ

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p
pp
pe

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xecute contractul,

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&XPS

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Rn = (pe p) pp

pp pe

cu

(202)

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Rn

pe
pp
pe-p
p

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X GH D

-i

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Rn = pp (pe p)

pp pe

cu

(204)

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-i cumpere titlurile,
deoarece acesta le poate YLQGH OD YHGHUH OD XQ SUH  PDL EXQ $VWIHO DJHQWXO YD FkWLJD SULPD SH
care a ncasat-o deja la ncheierea contractului.
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p
pp
pe - p

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ncasat-o.
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ea de dublu (la vnzare

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4. Indici bursieri
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or (500 de titluri) la bursa din New York,

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sub un minut.

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