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8 027 413
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119 364
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IDF

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LL GH ILQDQ DUH D vQWUHSULQGHULL

8.3. APORTUL LA CAPITALUL PROPRIU

 'LIHULWHOH WLSXUL GH FUHWHU

e a capitalului

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$SRUWXO H[WHUQ OD FDSLWDOXO SURSULX FRUHVSXQGH ILH IRQGXULORU LQL LDOH DYDQVDWH GH SURSULHWDUL SHQWUX
FRQVWLWXLUHD vQWUHSULQGHULL ILH IRQGXULORU DG XJDWH FX RFD]LD FUHWHU
$FHVWH DSRUWXUL VH HIHFWXHD]  ILH vQ QDWXU

ii capitalului.
-prindere de imobile, materiale, active

FHGDUHD F WUH vQWUH

necorporale), fie n bani lichizi sau numerar.

Q FRQWUDSDUWLG  DSRUWRULL GH IRQGXUL VXQW UHFXQRVFX L FD SDUWLFLSDQ L OD FDSLWDOXO vQWUHSULQGHULL DGLF
SURSULHWDUL DL XQHL S U L D FDSLWDOXOXL VLWXD LH FDUH OH FRQIHU
$VRFLHUHD OD FDSLWDO DSDUH VXE GLYHUVH IRUPH GXS

societate n nume colectiv sau ntr-R

VRFLHWDWH vQ FRPDQGLW

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-o

VRFLHWDWH FX U VSXQGHUH OLPLWDW  FX DF LXQL vQWU R VRFLHWDWH SH DF LXQL VDX

SH DF LXQL HWF

'DU vQ WRDWH FD]XULOH SURSULHWDUXO XQHL IUDF LXQL D FDSLWDOXOXL DUH UHFXQRVFXWH
HO EHQHILFLD]

GH

un drept de participare

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VIkULW HO S VWUHD]

VXQW

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trei drepturi. Pe de o parte,

VXE IRUPH L JUDGH GLYHUVH OD OXDUHD GHFL]LLORU vQ FHHD FH SULYHWH

SDUWH HO EHQHILFLD]

GH XQ

drept asupra unei cote-S

U L GLQ HYHQWXDOHOH EHQHILFLL

. n
.

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VXQW UHVXUVH QRL GH FDUH EHQHILFLD]

FRQWULEXLH HIHFWLY OD ILQDQ DUHD vQWUHSULQGHULL DWXQFL FkQG

vQWUHSULQGHUHD

Q FD]XO FUHWHULL FDSLWDOXOXL VRFLDO SULQ DSRUWXUL vQ QXPHUDU FX GUHSW SUHIHUHQ LDO GH VXEVFULHUH SUH XO GH
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une - 9DORDUHD QRPLQDO

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ilor care pot fi subscrise fiind

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WR L YHFKLL DF LRQDUL FDUH QX YRU V

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'UHSWXO GH VXEVFULHUH '6 VH FDOFXOHD]

DVWIHO

DS =
Unde: n - QXP UXO GH DF LXQL QRL
N - QXP UXO GH DF LXQL YHFKL
B - YDORDUHD EXUVLHU
E - valoarea de emisiune

n
(B - E )
N+n

Exemplu
2 VRFLHWDWH FX XQ FDSLWDO GH  GH DF LXQL D  OHL YDORDUH QRPLQDO
 OHL DF LXQHD SURFHGHD]

XQLWDU  FRWDWH OD

OD FUHWHUHD FDSLWDOXOXL VRFLDO SULQ DSRUW vQ QXPHUDU HPL kQG  DF LXQL

GH HPLVLXQH GH  OHL

DYkQG YDORDUHD XQLWDU

9DORDUHD DF LXQLORU YHFKLORU DF LRQDUL VFDGH vQ DFHVWH FRQGL LL GH OD  OHL OD  OHL

10000 150000 + 10000 130000

10000 + 10000
9HFKLL DF LRQDUL SRW ILH V

= 140000 lei

VXEVFULH OD FUHWHUHD GH FDSLWDO ILH V

FDUH HVWH GH  OHL SHQWUX ILHFDUH DF LXQH 

YkQG

1RLL DF LRQDUL FDUH SO WHVF  OHL SHQWUX R DF LXQH FDUH YDORUHD]

pe care-L SO

GUHSWXO ORU GH VXEVFULHUH

- 140000 = 10000 lei).

 OHL FkWLJ

 OHL

WHVF YHFKLORU DF LRQDUL FXPS UkQG XQ GUHSW GH VXEVFULHUH

DS =
'DF

10000
(150000 - 130000 )= 10000 lei
10000 + 10000

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SHQWUX ILHFDUH DF LXQH VH

va diminua.

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(VWH R IRUP

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IL[H]H V

VWDELOL]H]H

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LQWHJUHD]

vQ FDSLWDOXO VRFLDO R IUDF LXQH GLQ UH]HUYHOH UHSUH]HQWkQG EHQHILFLLOH DQWHULRDUH RE LQXWH L QHGLVWULEXLWH

proprietarilor.

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OD GLVWULEXLUHD GH DF LXQL JUDWXLWH

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Exemplu
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GH  OHL FRWDWH OD EXUV

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FX  OHL SURFHGHD]

XQLWDU

OD FUHWHUHD FDSLWDOXOXL VRFLDO FX    OHL SULQ

ncorporarea de rezerve.
QWUHSULQGHUHD YD HPLWH DVWIHO  GH DF LXQL    L GHFL YD DFRUGD R DF LXQH JUDWXLW
SHQWUX  DF LXQL YHFKL GH LQXWH

Valoarea EXUVLHU

D DF LXQLORU vQWUHSULQGHULL HVWH GH     OHL 

 GH DF LXQL 1RXD YDORDUH EXUVLHU

X 

GDU DFXP H[LVW

D XQHL DF LXQL HVWH GH  OHL       

Dreptul de atribuire va fi de 27200 lei pentru fiecare ac LXQH YHFKH  - 272000).

APLICATII PRACTICE
1. 2 vQWUHSULQGHUH SRVHG
SURFHGHD]

XQ FDSLWDO FRPSXV GLQ  DF LXQL D  OHL FRWDWH OD  OHL 6H

OD FUHWHUHD FDSLWDOXOXL SULQ DSRUW vQ QXPHUDU GH    OHL L SULQ vQ

corporarea de rezerve,

SHQWUX D VH DMXQJH OD XQ FDSLWDO GH     OHL 6H GRUHWH FD GUHSWXO GH VXEVFULHUH V
SH DF LXQH
6

VH FDOFXOH]H

D SUH XO GH HPLVLXQH DO DF LXQLORU

b) valoarea rezervelor ncorporate

c) valoarea dreptului de atribuire
G YDORDUHD DF LXQLORU GXS

DFHVWH RSHUD LXQL

ILH GH  OHL

D 3UH XO GH HPLVLXQH DO DF LXQLORU

n
n
(B - E ) =
(212000 - E ) = 12000
N + n
25000 + n
25000 + n
E = 212000 - 12000
n
300 000 000
300 000 000

E = 212000 -
+ 12 000 = 200 000 +

n
n
DS =

E =

700 000 000

n

700000000
300000000
= 200000 n
n

1000 000 000

= 200 000 n = 5000 titluri noi
n
700 000 000
E =
= 140 000 lei
5000
b) Valoarea rezervelor ncorporate

Capital = 100000 X 25000 + 100000 X 5000 = 3 000 000 000 lei

Rezerve = 4 000 000 000 - 3 000 000 000 = 1 000 000 000 lei
c) Valoarea dreptului de atribuire

DA =

n
(B - DS )= 10000 (212000 - 12000) = 50000 lei
N+n
40000

G 9DORDUHD DF LXQLORU GXS

2

DFHVWH RSHUD L

uni
212000 - 12000 - 50000 = 150000 lei

6RFLHWDWHD GRUHWH V

SUDFWLFH VLPXOWDQ FHOH GRX

FUHWHUL GH FDSLWDO PDMRUkQG FDSLWDOXO GH OD

 OHLOD  OHL3UH XO GH HPLVLXQH DO DF LXQLORU YD IL GH  OHL LDU YDORDUHD EXUVLHU

titluriloU GXS FUHWHUH YD IL GH   OHL

6 se calculeze:
D GUHSWXO GH VXEVFULHUH L GUHSWXO GH DWULEXLUH
E QXP UXO DF LXQLORU HPLVH
F DYDQWDMHOH GHWHUPLQDWH GH DFHDVW

RSHUD LXQH FRPSDUDWLY FX RSHUD LXQHD GLQ DSOLFD LD SUHFHGHQW 

a) Dreptul de suEVFULHUH L GUHSWXO GH DWULEXLUH

DS + DA = 212000 - 168000 = 44000 lei
E 1XP

UXO DF LXQLORU HPLVH

&UHWHUHD GH FDSLWDO HVWH

3 750 000 000 - 2 500 000 000 = 1 250 000 000 lei
$FHDVWD UHSUH]LQW

 DF LXQL

1XP UXO GH DF LXQL QRL YD IL FDOFXODW

168000 =

astfel:

212000 25000 + n 125000

37500
12500 - 

 DF LXQL JUDWXLWH

= 8000

DF LXQL

F $YDQWDMHOH GHWHUPLQDWH GH DFHDVW

CHOH GRX
- VF

RSHUD LXQH

RSHUD LL GHVI XUDWH VLPXOWDQ YRU DGXFH XUP WRDUHOH DYDQWDMH

GHUHD SUH XOXL GH HPLVLXQH

140000 - 125000 = 15000 lei

- RE LQHUHD GH UHVXUVH PDL PDUL
125000 X 8000 - 700000000 = 300000000 lei
- GLPLQXDUHD QXP UXOXL DF LXQLORU HPLVH
15000 -   DF LXQL
- FUHWHUHD YDORULL EXUVLHUH
168000 - 150000 = 18000 lei

STUDIU DE CAZ
&5(7(5($ &$3,7$/8/8

I SOCIAL
PRIN NCORPORAREA DE REZERVE
La ntreprinderea Alfa-S.A. exista la 31 decembrie anul N un capital social de 1328425 mii lei,
vPS U LW vQ  DF LXQL ILHFDUH DYkQG R YDORDUHD QRPLQDO
/D DFHHDL GDW

GH  OHL

vQWUHSULQGHUHD DUH FRQVWLWXLW XQ IRQG GH UH]HUY

GH  PLL OHL 6-ar putea

proceda n continuare la majorarea capita-OXOXL VRFLDO SULQ vQFRUSRUDUHD GH UH]HUYH 1RLOH DF LXQL DU XUPD V
VH
ILH GLVWULEXLWH JUDWXLW DF LRQDULORU SURSRU LRQDl cu participarea lor la capitalul social existent. Ar urma V
GLVWULEXLH R DF LXQH JUDWXLW SHQWUX FLQFL DF LXQL YHFKL GH LQXWH 6-ar trece n capitalul social suma de 265685
PLL OHL U PkQkQG vQ FRQWLQXDUH XQ IRQG GH UH]HUY

GH  PLL OHL

6LWXD LD FDSLWDOXULORU SURSULL vQDLQWH L GXS

FUHWHUHD SULQ vQFRU

porare de rezerve se va prezenta

astfel:
([SOLFD LL

QDLQWH GH FUHWHUH

- capital social
- rezerve
Capital propriu
)LH XQ DF LRQDU FDUH GH LQH  DF LXQL DGLF
FDSLWDO

PHQ LRQDW 

'XS

vQWUHSULQGHULL VH SUH]LQW

DWULEXLUHD

'XS

FUHWHUH

1328425
331143
1659568
XQHL

DD FXP VH DUDW

DF LXQL

1594110
65458
1659568

 GLQ FDSLWDOXULOH SURSULL vQDLQWHD FUHWHULL GH

JUDWXLWH

SHQWUX

DF LXQL

YHFKL

GUHSWXO

V X

DVXSUD

vQ FRQWLQXDUH

QDLQWHD vQFRUSRU ULL UH]HUYHORU DFHVW DF LRQDU GH LQH

- din capitalul social

- din rezerve
- din capitalurile proprii
'XS

5 35000 = 175000 lei

5 : 37955 331143 = 43623 lei
5 : 37955 1659568 = 218623 lei

vQFRUSRUDUHD UH]HUYHORU DFHVW DF LRQDU F UXLD L VH DWULEXLH JUDWXLW R DF LXQH YD GH LQH

5 35000 + 1 35000 = 175000 + 35000 = 210000 lei

6 : 45546 x 65458 = 8623 lei
GH LQH  DF LXQL GLQWU-un total de 37955 + 37955 : 5 = 45546)
- din capitalurile proprii
6 : 45546 x 1659568 = 218623 lei

- din capital
- din rezerve

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8.3.2. Evaluarea capitalurilor proprii

Evaluarea capitalurilor pune probleme coPSOH[H

GDWRULW

QR LXQL UHIHULWRDUH OD YDORDUH VXQW XWLOL]DWH FXUHQW vQ OHJ WXU

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LL 7HUPHQXO

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prelevat

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-ar nceta activitatea. n acest caz activele ar

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n

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fost distribuitH L LQIHULRDU

GDF

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) corespunde valorii cu care capitalul

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$VWIHO SHQWUX R VRFLHWDWH SH DF LXQL DO F UXL FDSLWDO H FRPSXV GLQ  GH DF LXQL VWDELOLP F

curs de 27500 lHL SH DF LXQH YDORDUHD JOREDO

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