Capitolul 3

BXUVDúLUROXOV XSHSLD DILQDQFLDU

Pro f . d r . St e l i a n ST AN CU

BursaHVWHRSLD FDUDFWHUL]DW SULQ

- RELHFWXOWUDQ]DF LLORU
- PRGXOGHRUJDQL]DUHúLIXQF LRQDUH
Bursa: R LQVWLWX LH OHJDO FRQVWLWXLW  RUJDQL]DW  SHQWUX WUDQ]DF LL FX WLWOXUL
ILQDQFLDUHRS LXQLVDXFontracte futures
%XUVDGHP UIXULúLEXUVDGHYDORUL
BurseleVXQWORFXULVSHFLDOHGHFRQFHQWUDUHDFHUHULLúLDRIHUWHLGHP UIXULSUHFXP
úLSHQWUXGLIHULWHWLSXULGHKkUWLLGHYDORDUH
Bursa GH P UIXUL este o pia  XQGH VH WUDQ]DF LRQHD]  bunuri care au anumite
caracteristici:
- sunt bunuri generice FDUH VH LQGLYLGXDOL]HD]  SULQ P VXUDUH
QXP UDUHVDXFkQW ULUH
- sunt fungibileDGLF SRWILvQORFXLWHXQHOHSULQDOWHOH
- au caracter standardizabil;
- sunt depozitabile;
- au un grad redus de prelucrare.
E[LVW úLEXUVHRUJDQL]DWHSHQWUXVHUYLFLLUHVSHFWLYSHQWUX
- închirieri de nave
- DVLJXU UL etc.
Bursa de valori este o pia undeVHIDFYkQ] ULFXPS U ULGHKkUWLLGHYDORDUH
- DF LXQL;
- REOLJD LXQL;
- RS LXQL;
- contracte futures etc).
Bursa de valori
- îndeplineúWH LPSRUWDQWH IXQF LL vQ FLUFXLWXO FDSLWDOXULORU vQ HFRQRPLH
FRQVWLWXLQG XQ LQGLFDWRU JHQHUDO DO FOLPDWXOXL GH DIDFHUL GLQ VSD LXO
HFRQRPLFvQFDUHvúLH[HUFLW LQIOXHQ D;
- este o piD  VLPEROLF  GHRDUHFH DLFL VH WUDQ]DF LRQHD]  vQ SULQFLSDO
titluULUH]XOWDWHGLQRSHUD LXQLILQDQFLDUH
2EVHUYD LH $FHVW FDUDFWHU HVWH úL PDL ELQH SXV vQ HYLGHQ  GH QRLOH WLSXUL GH
WUDQ]DF LLEXUVLHUHFRQWUDFWHIXWXUHVSHLQGLFLGHEXUV .
Caracteristici ale Bursei:
- este o piD liber , vQ VHQVXO F  DVLJXU  FRQIUXQWDUHD GLUHFW  úL
GHVFKLV DFHUHULLúLRIHUWHLFDUHVHPDQLIHVW vQPRGUHDOvQHFRQRPLH
16 7UDQ]DF LLúLSLH HILQDQFLDUH. 7HRULHúLDSOLFD LL

- QXSRWILWUDQ]DF LRQDWHODEXUV GHFkWDFHOHP UIXULVDXYDORULSHQWUX

FDUH H[LVW  R FRQFXUHQ  OLEHU  %XUVD HVWH RSXV  GHFL VLWXD LHL GH
monopol;
- HVWHRSLD RUJDQL]DW ,vQVHQVXOF WUDQ]DF LLOHVHUHDOL]HD] FRQIRUP
XQRUSULQFLSLLQRUPHúLUHJXOLFXQRVFXWHúLDFFHSWDWHGHSDUWLFLSDQ L
- oUJDQL]DUHDSLH HORUEXUVLHUHVHUHDOL]HD] DWkWSULQFDGUXOOHJDOVWDELOLW
vQ ILHFDUH DU  SHQWUX DFWLYLWDWHD EXUVLHU  FkW úL prin regulamentele
bursiere;
- HVWH R SLD  UHSUH]HQWDWLY , servind drept ghid pentru toate
WUDQ]DF LLOHFDUHVHHIHFWXHD] FXDFHOHP UIXULVDXYDORULSHQWUXFDUH
se constLWXLHSLD DRUJDQL]DW 
- lDEXUV VHVWDELOHúWHSUH XOSHQWUXP rfurile sau valorile negociate;
- fXQF LD FHQWUDO  D EXUVHL HVWH WRFPDL GH a stabili zilnic nivelul
SUH XOXLDGLF SXQFWXOGHHFKLOLEUXDOSLH HLDFHOSUH FDUHDVLJXU vQ
FRQGL LLOHGDWHYROXPXOPD[LPGHWUDQ]DF LL
)XQF LLOHEXUVHLvQHFRQRPLH
PLD DEXUVLHU se prezint VXEIRUPD
- bursei de valori propriu-zise;
- SLH HORULQWHUGHDOHUL, QXPLWHúLSLH HGHQHJRFLHUL;
- FDEXUV HOHFWURQLF
fiindRFRPSRQHQW DSLH HLWLWOXULORUILQDQFLDUHSLH D secundar vQVSH .
Bursa de valori VH GHILQHúWH SULQ H[LVWHQ D XQHL LQVWLWX LLFDUH GLVSXQH GH VSD LL
SHQWUXWUDQ]DF LLXQGHVHFRQFHQWUHD] FHUHUHDúLRIHUWDGHWLWOXULILQDQFLDUHúLVH
UHDOL]HD] QHJRFLHUHDFRQFHQWUDUHDúLH[HFXWDUHDFRQWUDFWHORUvQPRGGHVFKLVvQ
conformitate cu un regulament cunoscut.
Modul de organizare a piH HLGHYDORULSUHVXSXQH
- FHQWUDOL]DUHDWUDQ]DF LLORUFXWLWOXULILQDQFLDUH:
- SULQ LQWHUPHGLXO XQXL PHFDQLVP FDUH DVLJXU  DFFHVXO GLUHFW úL
FRQWLQXXDOFOLHQ LORU ODLQIRUPD LLOH GH SLD - vQVSH  ODSUH XO
bursei;
- prin HIHFWXDUHD RSHUD LXQLORU EXUVLHUH Hxclusiv în cadrul acestui
mecanism.
ÌQ PRG WUDGL LRQDO DFHDVWD V-a realizat prin concentrarea ordinelor de
YkQ]DUHFXPS UDUH vQWU-XQ DQXPLW VSD LX - sala de negociere a bursei - úL
HIHFWXDUHDWUDQ]DF LLORUGHF WUHXQSHUVRQDOVSHFLDOL]DW-DJHQ LLGHEXUV 
ÌQSUH]HQWSULQXWLOL]DUHDPLMORDFHORUWHOHIRQLFHGHWUDQVPLWHUHúLH[HFXWDUHD
RUGLQHORUWUDQ]DF LLOHVHSRWUHDOL]DI U SUH]HQ DHIHFWLY DDJHQ LORUGHEXUV 
PLD D interdealeri(OTC):
- permite DFFHVXO OD WUDQ]DF LL SHQWUX XQ QXP U PDUH GH WLWOXUi ce nu
vQGHSOLQHVFFRQGL LLOHSHQWUXDIL cotate la bursele propriu-zise;
Capitolul 3. %XUVDúLUROXOV XSHSLD DILQDQFLDU 17

-HVWH FRQVWLWXLW  GLQ UHOD LLOH VWDELOLWH vQWUH FRPHUFLDQ LL GH WLWOXUL
SUHFXPúLvQWUHDFHúWLDúLFOLHQ LLORU
3LD DEXUVLHU are menirea:
- GHDFRQFHQWUDFHUHUHDúLRIHUWDGHKkUtii de valoare;
- GH D DVLJXUD UHDOL]DUHD GH WUDQ]DF LL vQ PRG RSHUDWLY vQ FRQGL LL GH
FRUHFWLWXGLQHúLWUDQVSDUHQ 
Bursa
- IDFH OHJ WXUD vQWUH VXUSOXVXO GH IRQGXUL QHXWLOL]DWH úL QHFHVLW LOH
economiei, transformând economiile în capital;
- HVWHLPSOLFDW vQSLD DSULPDU DFHHDSHFDUHVHHPLWDF LXQLOHILUPHORU
VHODQVHD] vPSUXPXWXULREOLJDWDUHHWFIXUQL]kQGX-VHSHDFHDVW FDOH
fonduriOHQHFHVDUHDJHQ LORUHFRQRPLFL
- are rROXO GHILQLWRULX GHSLD  VHFXQGDU  GkQG DFFHV SXEOLFXOXL ODUJ OD
titlurile care au fost deja emise;
- DVLJXU XQVXSRUWSHQWUXSLD DSULPDU ;
- SHUPLWH IXQF LRQDUHD PHFDQLVPXOXL GH ILQDQ DUH D HFRQRPLHL
YLWDOLWDWHD HFRQRPLHL GHSLQGH GH EXQD IXQF LRQDUH D SLH HL SULPDUH
GHFL GH SRVLELOLWDWHD ILQDQ ULL DFWLYLW LL DJHQ LORU HFRQRPLFL Gar
SHQWUX FD SLD D SULPDU  V  IXQF LRQH]H DGLF  V  ILH FUHGLELO  úL
DWUDFWLY SHQWUXGH LQ WRULLGHIRQGXULHVWHQHFHVDUFDDFHúWLDV SRDW 
RULFkQGOLFKLGDWLWOXULOHORUúLUHGREkQGLIRQGXULOHLQYHVWLWH
- DVLJXU OLchiditatea activelor financiare;
- accelHUHD]  DFWLYLWDWHD GH DIDFHUL SHUPL kQG UHDOL]DUHD XQRU SURLHFWH
LQYHVWL LRQDOH GH DQYHUJXU  FDUH Q-DU SXWHD IL vQI SWXLWH FX IRQGXULOH
unui grXSUHVWUkQVGHvQWUHSULQ] WRUL
- HVWHRSLD SHFDUHVHUHDOL]HD] HYDOXDUHDDFWLYHORUILQDQFLDUHXQGHVH
stabiOHúWHSUH XOWLWOXULORUFXUVXOEXUVLHU;
- îQ FD]XO VRFLHW LORU FX FDUDFWHU SXEOLF EXUVD RIHU  FRQWLQXX DWkW R
HYDOXDUH D DF LXQLORU FkW úL D ILUPHL FD DWDUH YDORDUHD XQHL ILUPH
QXPLW úLYDORDUHFDSLWDOL]DW HVWHSURGXVXOGLQWUHQXP UXOGHDF LXQi
úLFXUVXOEXUVLHUDODFHVWRUD
- DUH XQ URO vQVHPQDW vQ UHRULHQWDUHD úL UHVWUXFWXUDUHD DFWLYLW LORU
economice.
- distribuie fondurile, în principiu, spre domeniile cele mai profitabile
úLVDXFXFHOHPDLPDULSHUVSHFWLYHGHGH]YROWDUH;
- duce la dezvoltarea cRQFXUHQ HLGLQWUHILUPHODVWLPXODUHDWUDQ]DF LLORU
LQWHUFRUSRUD LL
- îQDQXPLWHVLWXD LLEXUVDSRDWHUHIOHFWDXQRSWLPLVPQHIRQGDWRIDOV 
SURPLVLXQHGHFkúWLJDMXQJkQGX-se la desprinderea trendului bursei de
VLWXD LDHFRQRPLF UHDO VDXFKLDUODRSR]L LDGHVFKLV GLQWUHHconomia
ILQDQFLDU úLFHDUHDO 
18 7UDQ]DF LLúLSLH HILQDQFLDUH. 7HRULHúLDSOLFD LL

CHULQ HDOHSLH HLVHFXQGDUH:

- lichiditatea,RSLD OLFKLG ILLQGDFHHDvQFDUHH[LVW SRVLELOLWDWHDGHD
YLQGH úL GH D FXPS UD vQ PRG RSHUDWLY I U  întreruperi, active
financiare;
- WUDQVSDUHQ D respHFWLYDFFHVXOGLUHFWúLUDSLGODLQIRUPD LLOHUHOHYDQWH
SHQWUXGH LQ WRUXOGHDFWLYHILQDQFLDUH;
- HILFLHQ DUHVSHFWLYH[LVWHQ DXQRUPHFDQLVPHGHUHDOL]DUHRSHUDWLY OD
costuri FkWPDLUHGXVHDWUDQ]DF LLORU
- corectitudinea, VWUkQV OHJDW  GH WUDQVSDUHQ , fiind QHFHVDU  FUHDUHD
XQXL FDGUX ULJXURV SHQWUX UHJOHPHQWDUHD WUDQ]DF LLORU SHQWUX
FRQWUDFDUDUHDWHQGLQ HORUGHPDQLSXODUHDDSLH HLFHHDFHvQVHDPQ GH
IDSWRUJDQL]DUHDSLH HL
- adaptabilitatea, FDUH LPSOLF  U VSXQVXO SURPSW DO SLH HL OD QRLOH
FRQGL LLHFRQRPLFHúLH[WUDHFRQRPLFHODQRLOHRSRUWXQLW L
)XQF LRQDUHDSLH HLEXUVLHUH
)XQF LRQDUHDHIHFWLY DXQHLSLH HSUHVXSXQHWUHLDVSHFWHHVHQ LDOH:
- LQIRUPD LLOHDVXSUDSURGXVHORURIHULWH
- SRVLELOLWDWHDGHDYLQGHúLGHDFXPS UDODXQDQXPHSUH lichiditate);
- VLJXUDQ DF RGDW WUDQ]DF LDvQFKHLDW SODWDYDILHIHFWXDW 
Tipuri de investitoriSHSLD DILQDQFLDU :
- investitorii pasivi pe termen lung,FDUHFXPS U úLS VWUHD] DF LXQL
cu scopul de a-úLDVLJXUDFkúWiguri de capital pe termen lung;
Acest grup de investitori are un impact redus asuSUDSUH XOXL]LOQLF
DODF LXQLL
- negociatorii activi, FDUH vQFHDUF  V  YDORULILFH PLúFDUHD SUH XOXL
DF LXQLORUvQYHGHUHDRE LQHULLXQXLSURILW
- LQYHVWLWRULLLQVWLWX LRQDOL de exemplu marile companii de asigXU ULSH
YLD E QFLOHFRPHUFLDOHIRQGXULOHGHSHQVLLHWFFDUHVXQWvQF XWDUHD
unor niveluri ridicate de profituri de capital.
)DFWRUL GH FDUH VH LQH VHDPD vQ Gecizia de a investi într-o ILUP  OLVWDW  SH
SLD DDF LXQLORU:
- FLFOXULOHúLLQGLFLLSLH HLGHDF LXQL
- LPSR]LWHOHDVXSUDGLYLGHQGHORUúLDVXSUDFkúWLJXULORUGLQFDSLWDO
- IRU DSLH HLDGLF SLD DFXSUH XULvQXUFDUHvsVO ELFLXQHDSLH HL
DGLF SLD FXSUH XULvQFRERUkUH
%XUVD GH 9DORUL %XFXUHúWL, D IRVW FUHDW  SHQWUX D DFRSHUL GRX  QHYRL
IXQGDPHQWDOHFDUHvQDFHODúLWLPSVXQWúLFRPSOHPHQWDUH
- nevoia de capital pentru afaceri;
- GRULQ DLQGLYL]LORUVDXDfirmelor de a-úLLQYHVWLHILFLHQWHFRQRPLLOH.
3UH XULOH ODEXUV VHVWDELOHVFQXPDLSULQMRFXOFHUHULLúLDORIHUWHLFDODRFDV GH
liciWD LL
%XUVD DF LRQHD]  SHQWUX SURPRYDUHD XQRU WUDQ]DF LL RQHVWH SXEOLF  FRW UL
]LOQLFH úL VWDELOHúWH UHJXOL úL VWDQGDUGH SHQWUX WUDQ]DF LL ILLQG XQ RUJDQLVP GH
autoreglementare.
Capitolul 3. %XUVDúLUROXOV XSHSLD DILQDQFLDU 19

3LD DSULPDU permite firmelor sau guvernulXLV RE LQ FDSLWDOXOLQL LDO

3LD DVHFXQGDU HVWHSLD DFHQWUDO DVLJXUDW GHEXUVDGHYDORULXQGHVHSRWYLQGH
úLFXPS UDWLWOXULGHYDORDUH
Sistemul este cel al unei OLFLWD LLLDUSUH XOXQHLDF LXQLHVWHGHWHUPLQDWGHMRFXO
GLQWUHFHUHUHúLRIHUW úLUHSUH]LQW YDORDUHDGHSLD Dfirmei.
6LVWHPXO GH WUDQ]DF LRQDUH QXPLW VWULJDUH OLEHU sau OLFLWD LH, este utilizat
DWXQFL FkQG VXQW RIHULWH ORWXUL GH DF LXQL LDU EURNHULL vQFHDUF  V  DUPRQL]H]H
RUGLQHOHGHYkQ]DUHúLFHOHGHFXPS UDUH
$FHDVW  SLD  HVWH XWLOL]DW  GH UHJXO  Sentru firmele cu un mare volum de
FDSLWDOúLGHDF LXQLWUDQ]DF LRQDWH$FHDVWDeste SLD DSULQFLSDO .
3LD D H[WUDEXUVLHU (SLD a OTC): HVWH FUHDW  GH GHDOHULL FDUH VH RFXS  GH
WUDQ]DF LRQDUHDYDORULORUFDUHQXVXQWOLVWDWHODEXUVHOHRUJDQL]DWH
7UDQ]DF LD GH WLS 27& GLIHU  GH WUDQ]DF LD EXUVLHU  SULQ GRX  FDUDFWHULVWLFL
principale:
- WUDQ]DF LLOHsunt încheiate telefonic, iar negocierea se face de un
DQXPLW QXP U GH GHDOHUL QXPL L ³FUHDWRUL GH SLD ´ VSUH
deosebire de mecanismul utilizat în cazul valorilor OLVWDWHúLFDUH
LPSOLF XQVLQJXUVSHFLDOLVWúLRSLD VWDELOLW vQWU-un anume loc;
- FUHDWRUXOGH SLD  DF LRQHD] FD SULQFLSDO vQFDGUXO WUDQ]DF LHL vQ
FDUHGHDOHUXOHVWHLPSOLFDWvQFDOLWDWHGHYkQ] WRUVDXFXPS U WRU
pe cont propriu.
'DF  SLD D EXUVLHU  DUH R ORFDOL]DUH IL]LF  SLD D 27& HVWH R UH HD GH
FRPXQLFD LLSXQkQGvQOHJ WXU FOLHQ LL
3FHULQ HHVHQ LDOHDOHSLH HL
- LQIRUPD LDDVXSUDSURGXVXOXL;
- HJDOLWDWHDúDQVHORUSHQWUXWR LYkQ] WRULLúLFXPS U WRULL;
- FRUHFWLWXGLQHDvQPDWHULHGHSO L
Bursa de valoriSXQHODGLVSR]L LHSLD DDF LXQLOHILLQGYkQGXWHúLFXPS UDWH
prin intermediul brokerilor care
- sunt membri ai bursei;
- percep un comision pentru serviciile de YkQ]DUHFXPS UDUH D
DF LXQLORU
- au o diversitate de roluri, printre care:
- DF LRQHD]  vQ FDOLWDWH GH DJHQ L DL FOLHQ LORU vQ vânzarea
FXPS UDUHDGHDF LXQL
- RIHU  FRQVXOWD LL GH SODVDPHQW SHQWUX R PDUH YDULHWDWH GH
LQYHVWL LL DOH FOLHQ LORU SHUVRDQH IL]LFH sau juridice, în
domenii ca:
- FRQVWLWXLUHD úL UHH[DPLQDUHD SRUWRIROLXOXL GH
invesWL LL;
- RE LQHUHDGHFDSLWDO;
- SUHOX ULúLUHVWUXFWXU ULGHfirme;
- GLVWULEXLUHDHPLVLXQLORUGHQRLDF LXQL