CAPITOLUL 1

&21

,1878/ *(67,81,,

FINANCIARE
LQVWUXPHQWH L

QWUHSULQGHUHD PRGHUQ SRVLELOLW JHVWLXQLL

vL GHVI RDU

DFWLYLWDWHD vQWU XQ VSD LX ILQDQFLDU FDUH vL RIHU

L GH DF LXQH VSHFLILFH GDU FDUH R VXSXQH XQRU FRQVWUkQJHUL GHRVHELWH ILQDQFLDUH VDX DO ILQDQ HORU vQWUHSULQGHULL SULQ UDSRUWDUHD OD

Se poate defini obiectul

LOH L FRQVWUkQJHULOH

RSRUWXQLW

determinate de mediul financiar.

$FHDVW DERUGDUH D JHVWLXQLL ILQDQFLDUH SHUPLWH VXEOLQLHUHD XQHL RULHQW UL FDUH YD UHLHL GLQ DFHDVW GH D SXQH vQ HYLGHQ LQIOXHQ D SH FDUH R H[HUFLW DVXSUD SURSULHL DFWLYLW L ILQDQFLDUH

lucrare, aceeD

FRQWH[WXO LQWHUQ L H[WHUQ SURSULX ILHF UHL vQWUHSULQGHUL &RQ LQXWXO L FRQGL LLOH SUREOHPHORU ILQDQFLDUH OD FDUH WUHEXLH V IDF ID vQWUHSULQGHUHD SUHFXP L

sROX LLOH FDUH SRW IL J VLWH VXQW OHJDWH vQ PRG HYLGHQW GH FDUDFWHULVWLFLOH PHGLXOXL V X ILQDQFLDU SUHFXP L GH propriile sale caracteristici. *HVWLXQHD ILQDQFLDU YD WUHEXL V ILH DGDSWDW  VDX FHO SX LQ QXDQ DW  vQ IXQF LH
GH VLWXD LLOH vQ FDUH VH DSOLF  $VWIHO SUREOHPHOH SXVH JHVWLXQLL ILQDQFLDUH DSDU H[WUHP GH GLIHUHQ LDWH GXS FXP H YRUED GH

exemplu: - de tratarea problemelor unei microntreprinderi dintr-R

RULFH VXSUDVWUXFWXU ILQDQFLDU  GH ILQDQ DUH D XQHL vQWUHSULQGHUL

DU

vQ FXUV GH GH]YROWDUH DSURDSH OLSVLW

GH

- de proEOHPHOH
LQWHUQD LRQDOH GH FDSLWDO

PXOWLQD LRQDO 

FDUH

DUH

DFFHV

OD

SLH HOH

- GH SUREOHPHOH GH LQYHVWL LL DOH XQHL vQWUHSULQGHUL LQGXVWULDOH PLMORFLL DIODW

L vQ LQVWLWX LL FDUH R SRW ILQDQ D  Q SULPXO FD] DFHOD DO PLFURvQWUHSULQGHULORU GLQ DFWLYLW LL vQWUHSULQGHULL U PkQ HPEULRQDUH (OH VH OLPLWHD] OD UHDOL]DUHD

SH R SLD

ERJDW

vQ OLFKLGLW

ULOH vQ FXUV GH GH]YROWDUH DVSHFWHOH ILQDQFLDUH DOH XQRU WUDQ]DF LL PRQHWDUH SHQWUX

FXPS UDUHD XWLODMHORU LQVWDOD LLORU D PDWHULLORU SULPH L PDWHULDOHORU L SHQWUX YkQ]DUHD SURGXVHORU 'RPHQLXO JHVWLXQLL ILQDQFLDUH VH OLPLWHD] vQ DFHVW FD] OD JHVWLXQHD SO $FHDVW LORU L D vQFDV ULORU PRQHWDUH FHO PDL DGHVHD vQ PLQLPDO DVXSUD JHVWLXQLL ILQDQFLDUH VH

sarcina unei persoane sau a unui grup familial.

vQWkOQHWH vQ PXOWH vQWUHSULQGHUL GLQ SX LQ VWUXFWXUDW L SX LQ GLIHUHQ LDW 'DU DFHDVW DS UXW L DGHVHD SURVSHU vQ DQXPLWH

FRQFHS LH

ULOH vQ FXUV GH GH]YROWDUH

Ea se nscrie n contextul unui sistem financiar FRQFHS LH SRDWH IL UHPDUFDW L vQ XQHOH Vectoare economice care au
L ODUJ LQWHUQD LRQDOL]DWH GRPHQLXO JHVWLXQLL ILQDQFLDUH VH

UL GH]YROWDWH GLQ (XURSD L $PHULFD GH 1RUG

 Q FD]XO PDULORU vQWUHSULQGHUL FX DFWLYLW

O UJHWH SHQWUX D vQJORED DQVDPEOXO SUREOHPHORU ILQDQFLDUH DOH vQWUHSULQGHULORU L FXSULQGH

- vQFDV ULOH L SO LOH HIHFWXDWH vQ PRQHGD QD LRQDO VDX vQ YDOXW  - F XWDUHD PLMORDFHORU GH ILQDQ DUH SH SLH HOH GH FDSLWDO L OD E QFL vQ SURSULD DU VDX vQ VWU LQ WDWH De asemenea, se au n vedeUH WRDWH SURLHFWHOH GH LQYHVWL LL L GH SODVDUH D GLVSRQLELOLW LORU E QHWL vQ
DU L vQ VWU LQ WDWH VH DVLJXU XUP ULUHD L FRQWUROXO ULVFXULORU ILQDQFLDUH OHJDWH GH WRDWH RSHUD LXQLOH XOWLP PLVLXQH D JHVWLXQLL ILQDQFLDUH H OHJDW GH HIHFWXDWH SH SLD D QD LRQDO VDX SH SLH HOH VWU LQH $FHDVW ULVFXULOH UHIHULWRDUH OD HYROX LD FXUVXOXL GH VFKLPE YDOXWDU vQ OHJ WXU FX RSHUD LXQLOH HIHFWXDWH vQ

PRQHGD VWU LQ  ULVFXULOH UHIHULWRDUH OD HYROX LD UDWHL GREkQ]LORU OHJDWH GH vPSUXPXWXUL GH SODVDPHQW

e sau

SDUWLFLSD LL ILQDQFLDUH

- ULVFXULOH DGPLQLVWUDWLYH L SROLWLFH

1H DIO P vQ SUH]HQ D XQHL FRQFHS LL O UJLWH DVXSUD JHVWLXQLL ILQDQFLDUH FDUH DFRSHU ILQDQ HORU I U OLPLWH WHKQLFH VDX JHRJUDILFH WRDWH DVSHFWHOH

 Q VIkULW vQ FD]XO vQWUHSULQ ILQDQFLDU RIHU QX ILH LQWHUHVDW R JDP ODUJ

derilor mijlocii aflate ntr-R

DU

FX VLVWHP ILQDQFLDU GH]YROWDW PHGLXO

GH LQVWUXPHQWH ILQDQFLDUH 'DU vQ IXQF LH GH P ULPHD HL vQWUHSULQGHUHD SRDWH V

GH DQXPLWH LQVWUXPHQWH ILQDQFLDUH SLH H VDX FLUFXLWH SH SLH HOH GH FDSLWDO L WUHEXLH V

financiare. Astfel, ea nu poate lua n

FRQVLGHUDUH R ILQDQ DUH GLUHFW

VH vQGUHSWH vQ PRG QHFHVDU F WUH UHVXUVHOH

SURSXVH GH E QFL VDX DOWH LQVWLWX LL ILQDQFLDUH Q SOXV R vQWUHSULQGHUH GH DFHVW WLS HVWH DGHVHD SX LQ LQWHUHVDW GH SUREOHPHOH FRPSOH[H DOH ILQDQ HORU LQWHUQD LRQDOH L DOH LQYHVWL LLORU ILQDQFLDUH Q VFKLPE HD VH SUHRFXS vQ JHQHUDO GH SUREOHPH GH ILQDQ DUH OHJDWH GH RSHUD LXQLOH VDOH LQGXVWULDOH L FRPHUFLDOH GH DFKL]L LRQDUHD GH

echipamente sau alte DFWLYH GH IRORVLQ

FRQ LQXWXO V X WHKQLF VXQW vQ VWUkQV QHFHVDU

vQGHOXQJDW 

$D FXP UHLHVH GLQ FHOH WUHL H[HPSOH FDUDFWHULVWLFH PHQ LRQDWH SUREOHPDWLFD JHVWLXQLL ILQDQFLDUH L OHJDWXU FX FRQWH[WXO LQWHUQ L FX FHO H[WHUQ Q DFHVWH FRQGL LL DSDUH

LGHQWLILFDUHD L HYLGHQ LHUHD DVSHFWHORU XQLYHUVDOH GHVFRSHULWH GH WHRULD L SUDFWLFD ILQDQFLDU  GDU L

D DVSHFWHORU FLUFXPVWDQ LDOH L ORFDOH SURSULL XQXL DQXPLW WLS GH vQWUHSULQGHUH L XQXL DQXPLW FRQWH[W QD LRQDO

sau regional. Elementele care ar putea cRQVWLWXL

vQWUHSULQGHUH HIHFWXHD] GH RULFH IHO WUHEXLH V

ED]D XQLYHUVDO

D WHRULHL L SUDFWLFLL ILQDQFLDUH VXQW OHJDWH GH

FDUDFWHULVWLFLOH FRPXQH WXWXURU HFRQRPLLORU FDUH SUDFWLF DERUGH]H

VFKLPEXO PRQHWDU L VLVWHPHOH GH FUHGLW $VWIHO R GH JHVWLXQH ILQDQFLDU GH ILHFDUH GDW FkQG

SUREOHPH

VDX DUH vQ YHGHUH R RSHUD LXQH FDUH LPSOLF

DFKL]L LRQDUHD GH LQHUHD VDX FHVLRQDUHD GH EDQL VDX

GH WLWOXUL ILQDQFLDUH Q FRQVHFLQ

 RULFH vQWUHSULQGHUH FDUH IDFH SDUWH GLQWU R HFRQRPLH vQ FDUH H[LVW

FLUFXOD LH D EDQLORU VDX D DOWRU FUHDQ H H FRQIUXQWDW SXQ

FX RSRUWXQLW

L L FRQVWUkQJHUL ILQDQFLDUH L WUHEXLH V

-L

OD SXQFW SURFHGXUL DGHFYDWH GH JHVWLXQH ILQDQFLDU  Q VFKLPE DQXPLWH DVSHFWH DOH ILQDQ HORU SUH]LQW XQ FDUDFWHU VSHFLILF 3H GH R SDUWH VWDGLXO L QDWXUD L GLYHUVLWDWHD SDUWH SXWHUHD

IRUPHOH GH GH]YROWDUH DOH VLVWHPXOXL ILQDQFLDU QD LRQDO VDX LQWHUQD LRQDO LQIOXHQ HD] LQVWUXPHQWHORU LQVWLWX LLORU L PHFDQLVPHORU FDUH LQIOXHQ HD] L RULHQW ULOH ILHF UHL vQWUHSULQGHUL GHWHUPLQ Q FRQVHFLQ L HOH SRVLELOLW

JHVWLXQHD ILQDQFLDU  3H GH DOW

LOH VDOH GH DF LXQH vQ SODQ ILQDQFLDU OXDUHD vQ FRQVLGHUD LH D LQIOXHQ HORU SH

 DERUGDUHD JHVWLXQLL ILQDQFLDUH IDFH QHFHVDU

FDUH DFHDVWD OH VXIHU  GDWRULW

FDUDFWHULVWLFLORU SURSULL vQWUHSULQGHULL L F RELHFWLYXO JHQHUDO L VFRSXULOH

aracteristicilor inerente sistemului

DOH JHVWLXQLL ILQDQFLDUH

financiar.

$FHVWH

LQIOXHQ H

SULYHVF

UHFXQRVFXWH

SUHFXP L UHVSRQVDELOLW

LOH RSHUD LRQDOH FDUH

&RQ LQXWXO JHVWLXQLL ILQDQFLDUH SRDWH

-i sunt atribuite. IL DERUGDW ntr-XQ PRG

PDL ULJXURV I FkQG UHIHULUH OD RELHFWXO V X OD

sarcinile fundamentale care-L

UHYLQ L OD U VSXQGHULOH RSHUD LRQDOH vQFUHGLQ DWH GLIHUL LORU VSHFLDOLWL GLQ GRPHQLXO

ILQDQ HORU DVSHFWH FH YRU IL DYXWH vQ YHGHUH vQ FRQWLQXDUH

)LJ  &RQ L

nutul gestiunii financiare a ntreprinderilor

1.1. OBIECTUL GESTIUNII FINANCIARE A NTREPRINDERII

/D R SULP DQDOL]  VSD LXO ILQDQFLDU vQ FDUH vL GHVI RDU DFWLYLWDWHD vQWUHSULQGHULOH FRQVWLWXLH XQ DQVDPEOX GH SURFHVH OHJDWH GH FUHDUHD FRQVHUYDUHD L FLUFXOD LD EDQLORU L D DOWRU DFWLYH ILQDQFLDUH

Cu toate

DFHVWHD EDQLL L FHOHODOWH DFWLYH ILQDQFLDUH QX FRQVWLWXH GHFkW XQD GLQ IRUPHOH GH PDQLIHVWDUH DOH VLVWHPHORU ILQDQFLDUH FRPSOH[H FDUH SXQ vQ PLFDUH vQWU

-un plan mai amplu, cinci ansambluri de componente, clar

XQ DQVDPEOX GH LQVWUXPHQWH FDUH UHSUH]LQW DFWLYHOH GRFXPHQWH UHSUH]HQWkQG

definite.
Q SULPXO UkQG VLVWHPXO ILQDQFLDU vQJOREHD] ILQDQFLDUH DYkQG PXOWLSOH IRUPH $FHVWH DFWLYH FRQVWLWXLH WLWOXULOH ILQDQFLDUH DGLF

drepturi de proprietDWH VDX GUHSWXUL GH FUHDQ

2ULFDUH DU IL IRUPD ORU PDWHULDO

GH LQXWH GH R SHUVRDQ

ID

GH DOW

SHUVRDQ 

VDX LPDWHULDO  RULFDUH DU IL LGHQWLWDWHD SHUVRDQHL FDUH OH HPLWH L D D GUHSWXULORU FDUH OH VXQW DWDDWH DF LXQLOH REOLJD LXQLOH VDX GH SURSULHWDWH DSDU LQ

FHOHL FDUH OH GH LQH RULFDUH DU IL QDWXUD H[DFW

ERQXULOH ELOHWHOH GH WUH]RUHULH DFWLYHOH vQ EDQL L GLYHUVH DOWH WLWOXUL GH FUHDQ

unei prime componente a sistemului financiar, aceasta fiind titlurile financiare. Se pot caracteriza opera LXQLOH ILQDQFLDUH FD ILLQG RSHUD LXQL GH FUHDUH DFKL]L LRQDUH GH LQHUH VDX FHVLRQDUH D WLWOXULORU financiare.
Q DO GRLOHD UkQG VLVWHPXO ILQDQFLDU LPSOLF R VHULH GH DJHQ L DYkQG FD VSHFLDOL]DUH H[FOXVLY VDX SULQFLSDO  UHDOL]DUHD RSHUD LXQLORU ILQDQFLDUH L FDUH SRW IL GHFL FDUDFWHUL]D L FD ILLQG LQVWLWX LL ILQDQFLDUH (VWH FD]XO GH H[HPSOX DO E QFLORU DO FDVHORU GH HFRQRPLL DO VRFLHW HIHFWXDUHD WUDQ]DF LLORU EXUVLHUH LORU GH DVLJXU UL DO LQWHUPHGLDULORU VSHFLDOL]D L vQ

n al treilea rnd, ciUFXOD LD

WLWOXULORU

ILQDQFLDUH

SUHVXSXQH

H[LVWHQ D

XQRU

SLH H

DOH

DFWLYHORU

ILQDQFLDUH XQGH VH vQFKHLH WUDQ]DF LLOH FDUH OH SXQ vQ FLUFXOD LH 8QHOH GLQ DFHVWH SLH H DX XQ URO GH ILQDQ DUH D DQVDPEOXOXL HFRQRPLHL FXP H FD]XO SLH HORU EXUVLHUH

Altele au

vQ SULQFLSDO XQ URO GH UHILQDQ DUH D

LQVWLWX LLORU ILQDQFLDUH L OH VXQW UH]HUYDWH DFHVWRUD vQ H[FOXVLYLWDWH VDX vQ SULQFLSDO HVWH FD]XO SLH HORU PRQHWDUH L LSRWHFDUH Q VIkULW DOWHOH LQWHUYLQ vQ DFRSHULUHD ULVFXULORU ILQDQFLDUH HVWH FD]XO SLH HORU RS LXQL L DO SLH HORU SHQWUX FRQWUDFWH ILQDQFLDUH OD WHUPHQ Q DO SDWUXOHD UkQG DQVDPEOXO WUDQ]DF LLORU ILQDQFLDUH L DFWLYLWDWHD LQVWLWX LLORU L SLH HORU VXQW

pentru

UHJODWH GH UHJOHPHQW UL MXULGLFH L WHKQLFH FDUH GHILQHVF UHJXOLOH IRUPDOH DOH SUDF UHJOHPHQW UL FDUH DX FD VFRS

ticii financiare. Aceste

FUHGLWXOXL L OD YDORUL PRELOLDUH

RUJDQL]DUHD L UHJODUHD FRPSRUWDPHQWHORU ILQDQFLDUH DX R GLYHUVLWDWH L R

complexitate impresionante. Ele vQJOREHD]  DWkW GLVSR]L LLOH UHIHULWRDUH OD FRQWUROXO organizarea profesiuniORU EDQFDUH FkW L UHJXOLOH SURIHVLRQDOH DOH DVRFLD LLORU DJHQ LORU GH
Q VIkULW FRPSRUWDPHQWHOH ILQDQFLDUH VXQW GHWHUPLQDWH GH DVHPHQHD L LQWHUYHQ LD DQXPLWRU YDULDELOH GH UHJODUH IL[DWH SH SLH HOH VSHFLDOL]DWH LQIOXHQ HD]

ILVFDOLWDWHD UHIHULWRDUH OD YHQLWXULOH GLQ SODVDPHQWH VDX UHJXOLOH GH GHVFKLGHUH D XQHL SLH H ILQDQFLDUH SRDWH vQ VSHFLDO GH

Ansamblul acestor variabile, care

VFKLPEXULOH vQWUH

PRGXO GH DF LXQH DO RSHUDWRULORU ILQDQFLDUL LQFOXGH GH H[HPSOX UDWHOH GREkQ]LORU FDUH UHJOHD]

rapoUWXO

vQWUH FHL FDUH GDX L FHL FDUH LDX FX vPSUXPXW FXUVXULOH GH VFKLPE FDUH UHJOHD] SUH XULOH DFWLYHORU ILQDQFLDUH VXSXVH WUDQ]DF LLORU

PRQHGHOH QD LRQDOH FRWD LLOH FDUH IL[HD]

3XWHP VSXQH F RELHFWXO ILQDQ HORU vQWUHSULQGHULL SRDWH IL GHILQLW PDL ELQH I FkQGX-se referire la aceste cinci componente ale sistemului financiar. Ajungem astfel, la o reprezentare n a celor cinci ramuri ale gestiunii financiare, prezentate n figura 1.2.

)LJ  QWUHSULQGHUHD L PHGLXO V X ILQDQFLDU $FHDVW WUHEXLH V UHSUH]HQWDUH DUDW F  vQ FD]XO RULF UHL RUJDQL]D LL VDX vQWUHSULQGHUL JHVWLXQHD ILQDQFLDU

DVLJXUH FXQRDWHUHD LQVWUXPHQWHORU VDX DFWLYHORU ILQDQFLDUH  D YDULDELOHORU  L SURFHGHHORU GH FRRUGRQH]H RSHUD LXQLOH ILQDQFLDUH L V VW SkQHDVF UHOD LLOH FX SDUWHQHULL ILQDQFLDUL  L FX

UHJODUH  V

SLH HOH  FDUH DX LPSOLFD LL vQ DFWLYLWDWHD vQWUHSULQGHULL

1.2. SARCINILE GESTIUNII FINANCIARE

QDLQWH ILUPHL PDMRULW 'HL FD GHSDUWDPHQWXO SRW DYHD GH FRQGXFHUH RELHFWLYH V LD RULFH GHFL]LH WUHE ORU

uie stabilite obiectivele

RELHFWLYXO SULQFLSDO DO

XQHOH

XQHOH

VSHFLILFH

RUJDQL] ULL

LL ILUPHORU HVWH PD[LPL]DUHD ERJ

LHL SURSULHWDULORU 0DL H[LVW

L DOWH RELHFWLYH LPSRUWDQWH

dar acestea sunt n general subordonate acestuia.

$XWRULWDWHD L UHVSRQVDELOLWDWHD OD XOWLPXO QLYHO YkUIXO SLUDPLGHL vQ ILUP FHL PDL PXO L LQYHVWLWRUL FXPS U ILUPHL OXFUHD] SHQWUX DF LRQDUL UHYLQ DF LRQDULORU &XP DF LXQL OD SXUW WRU vQ VSHFLDO SHQWUX D L P UL DYHUHD L FXP PDQDJHULL

RELHFWLYXO

PDQDJHPHQWXOXL

DU

WUHEXL

ILH

PD[LPL]DUHD

ERJ

LHL

SURSULHWDULORU 'LUHFWRULL H[HFXWLYL DL FRPSDQLLORU vQ JHQHUDO IDF GHFODUD LL FDUH FRQILUP

DFHVW RELHFWLY FD

fiind obiectivul principal.

$YX LD DF LRQDULORU HVWH GLUHFW DIHFWDW DWkW GH FXUVXO GH SLD DO DF LXQLORU SH FDUH OH GH LQ FkW L GH

dividentele primite. &XUVXO GH SLD DO DF LXQLORU UHIOHFW  SULQWUH DOWH OXFUXUL DWHSW ULOH SULYLQG GLYLGHQGHOH ce se vor primi n viitor. 'HRDUHFH SUH XO DF LXQLORU ILUPHL UHIOHFW FHOH GRX DVSHFWH DOH ERJ LHL DF LRQDULORU RELHFWLYXO PDQDJHPHQWXOXL HVWH V PD[LPL]H]H YDORDUHD DF LXQLORU ILUPHL Obiectivul
PD[LPL] ULL ERJ DFHVWHL OXFU UL 'HL YDORDUHD DF LXQLORU ILUPHL  FHHD FH HOH YDORUHD] vQ UHDOLWDWH L YDORDUHD GH SLD SRW IL GLIHULWH LHL DF LRQDULORU SULQ PD[LPL]DUHD YDORULL DF LXQLORU HVWH WHPD FHQWUDO D ILHF UXL FDSLWRO DO

vQ FRQGL LLOH XQHL SLH H LPSHUIHFWH PDQDJHULL QX SRW FRQWUROD GLIHUHQ D PXOW vQFHUFD V PD[LPL]H]H YDORDUHD DF LXQLORU L V VSHUH OD XQ SUH

De aceea, managementul poate cel

FRUHFW GLQ SDUWHD LQYHVWLWRULORU

Q FRQGL LLOH XQHL SLH H FX FRQFXUHQ

SHUIHFW

YDORDUHD L SUH XO DF LXQLORU VXQW LGHQWLFH GHVHPQHD] DFHVWHL GLVFLSOLQH XQ

0DMRULWDWHD OXFU ULORU PRGHUQH UHIHULWRDUH OD JHVWLXQHD ILQDQFLDU

rol funGDPHQWDO
SURSXVH VXIHU

PD[LPL]DUHD YDORULL vQWUHSULQGHULL VDX PD[LPL]DUHD DYX LHL SURSULHWDULORU V L )RUPXO ULOH LQH VHDPD GH IRUPD MXULGLF D vQWUHSULQGHULL

XQHRUL DGDSW UL SHQWUX D

Astfel, se va vorbi de

PD[LPL]DUHD DYX LHL DF LRQDULORU vQ FD]XO VRFLHW

LORU SH DF LXQL L GH PD[LPL]DUHD FXUVXULORU FkQG WLWOXULOH

UHSUH]HQWDWLYH DOH FDSLWDOXOXL VXQW QHJRFLDWH OD EXUV  'DU GLQFROR GH DFHVWH QXDQ H UHIHULUHD OD PD[LPL]DUHD YDORULL L D DYX LHL DSDUH FD HOHPHQW LQWHJUDWRU DO ILQDQ HORU PRGHUQH7RWXL GLQ FDX]D FDUDFWHUXOXL V X

JHQHUDO DFHDVW

UHIHULUH OD ERJ

LH L OD YDORDUH WUHEXLH SUHFL]DW L GLVWLQFW

vQ FHHD FH SULYHWH WUHL GLQ LPSOLFD LLOH VDOH

PDMRUH SHQWUX D DMXQJH OD R IRUPXODUH FODU

D VDUFLQLORU JHVWLXQLL ILQDQFLDUH ILH DQJDMDW vQ SURLHFWH GH LQYHVWL LL FDUH WUHEXLH V L DVLJXUH FDOLWDWHD L

Maximizarea valoriL
V L

QHFHVLW  PDL vQWkL FD SDWULPRQLXO V

-O

YDORULILFH JUD LH UHQWDELOLW SHUIRUPDQ HORU

LL ORU YLLWRDUH Q DFHVW VHQV JHVWLXQHD ILQDQFLDU GH vQWUHSULQGHUH vQ GLYHUVHOH VDOH

QLYHOXO

UHDOL]DWH

SURLHFWH

DFWLYLW

n plus,
HYLWH LL VDX D

PD[LPL]DUHD YDORULL LPSOLF

SURWHMDUHD L FRQVHUYDUHD VD 'H DFHHD JHVWLXQHD ILQDQFLDU GH XQ IDOLPHQW L WUHEXLH GHFL V

DUH FD VFRS V

ULVLSLUHD SDWULPRQLXOXL FDX]DW

YHJKH]H OD PHQ LQHUHD VROYDELOLW

echilibrului financiar al ntreprinderii. 'DU ULVFXO IDOLPHQWXOXL QX FRQVWLWXLH GHFkW R IRUP SDUWLFXODU D riscului financiar. QWUHSULQGHUHD H VXSXV XQRU ULVFXUL PXOWLSOH OHJDWH GH LQVWDELOLWDWHD PHGLXOXL V X financiar. Este deci sarcina JHVWLXQLL ILQDQFLDUH V SXQ OD SXQFW LQVWUXPHQWHOH GH DFRSHULUH DGHFYDWH SHQWUX
D DVLJXUD SURWHF LD QHFHVDU FRQWUD DFHVWRU ULVFXUL QX DU WUHEXL FD SULQFLSDOXO VFRS DO ILUPHL V LL D VRFLHW ILH DWLQJHUHD XQRU RELHFWLYH FXP 1H SXWHP vQWUHED GDF DU IL vPEXQ W LUHD YLH LL DQJDMD LORU D FOLHQ LORU D FRPXQLW V LL vQ JHQHUDO

Cu alte cuvinte, nu ar

WUHEXL FD UHVSRQVDELOLWDWHD VRFLDO ILUP FDUH LJQRU

ILH RELHFWLYXO SULFLSDO" 3HQWUX D SXQH DFHVWH vQWUHE UL FRQVLGHU P R L VRFLDOH &RVWXO DFHVWRUD WUHEXLH VXSRUWDW GH F WUH FLQHYD (O DU SXWHD

XQ QXP U GH DFWLYLW

IL VXSRUWDW GH FOLHQ LL ILUPHL SULQ LQWHUPHGLXO XQRU SUH XUL PDL PDUL OD SURGXVHOH RIHULWH GH ILUP 

ntr-XQ PHGLX FRPSHWL LRQDO ILUPHOH FH ULGLF

HIHFW IDOLPHQWXO GDF &D R DOWHUQDWLY  ILUPD DU SXWHD V PHQ LQ

SUH XULOH VH SRW FRQIUXQWD FX R VF GHUH D YkQ] ULORU L R VRFLDO LQDFFHSWDELO  FRQVHFLQ FH SRDWH DYHD FD

PLFRUDUH D QXP UXOXL DQJDMD LORU ILUPHL R FRQVHFLQ

YkQ] ULOH VXQW DIHFWDWH vQ PRG VHULRV SUH XULOH QHVFKLPEDWH L V RSHUH]e cu profituri mai De obicei, orice investitor care

VF ]XWH FD] vQ FDUH FRVWXULOH SURJUDPHORU VRFLDOH DU IL VXSRUWDWH GH DF LRQDUL HVWH GLVSXV V RE LQ XQ SURILW PDL PLF YD LQYHVWL vQWU R DVHPHQHD ILUP 

'HL SXEOLFXO HVWH JHQHURV vQ VXV LQHUHD RUJDQL]D LORU GH FDULWDWH FHL PDL PXO L RDPHQL FDXW LQYHVWHDVF vQ ILUPH FX SURILWXUL PDUL L ULVFXUL VF ]XWH DWkW GH ELQH QX vQVHDPQ F R DIDFHUH QX SRDWH IL vQ DFHODL WLPS L SURILWDELO UHVSRQVDELOLWDWH VRFLDO

ntr-DGHY

U JRDQD GXS

SURILW IDFH V

IXQF LRQH]H

HFRQRPLD FDSLWDOLVW

'LVFX LD DQWHULRDU

L UHVSRQVDELO

social. 0DMRULWDWHD DIDFHULORU GHPRQVWUHD] motive.

Q SULPXO UkQG VWDWXO L DXWRULW

vQWU R PXO LPH GH IHOXUL L SHQWUX GLYHUVH

LOH

ORFDOH

VWDELOHVF

XQ

QXYHO

PLQLP

GH

FRPSRUWDPHQW

VRFLDO

acceptabil. ([LVW OHJL VWDWXWH RUGRQDQ H FDUH DFRSHU GRPHQLL FD VLJXUDQ D VRFLDO  FXU HQLD SURWHF LD mediului, etc. $FHVWHD DVLJXU FDGUXO QHFHVDU FD WRDWH ILUPHOH V vQGHSOLQHDVF XQ PLQLP GH UHVSRQVDELOLW L sociale. Al doilea aspect al responsabiliW LL VRFLDOH FRQVW vQ DF LXQL YROXQWDUH GH UHVSRQVDELOLWDWH VRFLDO 
$FHVWH DFWLYLW L vPEUDF 9 QXPHURDVH IRUPH LL DQJDMD LORU SURJUDPH FH GHS HVF OLPLWD LPSXV GH 3URJUDPH GH SURWHMDUH D V Q W OHJH VDX GH FRQWUDFWXO GH PXQF  9 9 9 'RQD LL I FXWH RUJDQL]D

6SRQVRUL]DUHD RUJDQL]D LLORU QRQ SURILW ORFDOH VDX QD LRQDOH

iilor de caritate; -

Sprijinirea artelor.
PRWLYH SHQWUX D FKHOWXL FX DVHPHQHD DFWLYLW L

)LUPHOH DX GH RELFHL GRX

1. 2.
6XPHOH FKHOWXLWH

8QXO GLQWUH PRWLYH UHFXQRVFXW GH F WUH WRDW vPEXQ W LUHD FRPXQLW LL L VRFLHW

OXPHD HVWH QHYRLD GH D FRQWULEXL

la

LL GLQ FDUH IDF SDUWH L LPDJLQHD ILUPHL vQ RFKLL FOLHQ LORU V L &kWHYD GLQ QXPHURDVHOH DF LXQL

$O GRLOHD PRWLY DU IL DFHOD GH D vPEXQ W FX DFWLYLW L VRFLDOH VXQW XQHRUL

VXEVWDQ LDOH

caritabile FH SRW IL I
VXV LQHUHD vQY DVLVWHQ VRFLDO 

FXWH GH ILUPH VXQW VXV LQHUHD SURJUDPHORU SULYLQG QHYRLOH IHPHLORU FRPEDWHUHD V U FLHL LL D FXOWXULL VXV LQHUHD RUJDQL]D LLORU FLYLOH L D JUXSXULORU GH

PkQWXOXL VXSHULRU D V Q W

Un alt aspect al respoQVDELOLW

SURGXF LH ILUPD DQJDMHD] DVLJXU

LL VRFLDOH SULYHWH DFWLYLWDWHD QRUPDO LL 'DF

GH ED]  D ILUPHL

Firmele de

VXFFHV SURGXF L YkQG EXQXUL FDUH VDWLVIDF QHYRLOH VRFLHW

SURGXVXO HVWH GH FDOLWDWH SURDVW  LDU

SUH XO HVWH SUHD PDUH VDX SURGXVXO QX HVWH FHUXW GH SXEOLF SLD SHUVRQDO DVLJXU

 ILUPD QX YD VXSUDYLH XL

n activitatea de e, atunci

DQJDMD LORU VDODULL L DOWH EHQHILFLL L vQ FHOH PDL PXOWH FD]XUL LL VXQW DGHVHD LJQRUDW

XQ PHGLX SO FXW SHQWUX DQJDMD L 'HL DFHVWH FRQWULEX LL DGXVH VRFLHW

FkQG LQGLVFUH LLOH L DEX]XULOH SDVDJHUH DOH GLIHULWHORU ILUPH IDF WLWOXULOH ]LDUHORU DFHVWHD VXQW LPSRUWDQWH L DU WUHEXL V ILH DSUHFLDWH GH VRFLHWDWH

1.2.1. Maximizarea valorii ntreprinderii

*HVWLXQHD ILQDQFLDU QX SRDWH IL DSUHFLDW VH RFXS vQ SULPXO UkQG GH

maximizarea valorii ntreprinderii.

$FHDVW

YDORDUH OD XQ

QXPDL vQ UDSRUW FX SDWULPRQLXO V X FX ERJ

LLOH DFXPXODWH GH vQWUHSULQGHUH SkQ LOH YLLWRDUH vQ FDUH

anumit moment. patrimoniul.

%RJ

(D WUHEXLH DQDOL]DW

L vQ UDSRUW FX SURLHFWHOH L DFWLYLW

va fi angajat
XUPDUH D  HD LQH LOH

LD DFXPXODW

GH vQWUHSULQGHUH OD XQ PRPHQW GDW QX FRQVWLWXLH GHFkW XQXO GLQ HOHPHQWHOH FDUH

permit aprecierea valorii sale. $FHDVWD WUHEXLH V LQ VHDPD L GH UH]XOWDWHOH DWHSWDWH vQ YLLWRU FD folosirii patrimoniului acumulat. &X DOWH FXYLQWH YDORDUHD vQWUHSULQGHULL HVWH R YDORDUH DQWLFLSDW ntreprinderii. Acesta este motivul pentru care valoareD proiectelor n care este angajat patrimoniul acesteia.
'LQ DFHVW PRWLY SXWHP vQ HOHJH GH FH GRX vQWUHSULQGHULL QX SRDWH IL VHSDUDW GH

VHDPD GH YDORDUHD DFWXDO  SH FDUH R FRUHO P FX YHQLWXULOH YLLWRDUH SUHFRQL]DWH SURYHQLWH GLQ DFWLYLW

FDOLWDWHD

vQWUHSULQGHUL FDUH DX SDWULPRQLL DSUR[LPDWLY HFKLYDOHQWH PDJD]LQH FDUH VH VLWXHD] vQ GRX ORFXUL vQYHFLQDWH L

pot fi evaluate diferit.

OD RE LQHUHD vQF DSUHFLD] F

OX P GH H[HPSOX GRX

GLVSXQ OD vQILLQ DUH GH P UIXUL L DPHQDM UL FRPSDUDELOH FD YDORDUH

Activitatea unuia dintre magazine duce GLQ SULPHOH OXQL GH DFWLYLWDWH D XQHL FLIUH GH DIDFHUL L D XQRU UH]XOWDte mai bune. n plus se
PDJD]LQH VH YD DFFHQWXD LQkQG VHDPD GH P UIXULOH YkQGXWH  GH UHVSRQVDELOLL ORU 9DORDUHD XQHLD GLQWUH vQWUHSULQGHUL YD IL vQ FRQVHFLQ 'HL FHOH GRX vQWUHSULQGHUL DIDFHUL DX vQ SUH]HQW DFHODL SDWULPRQLX FHO FDUH YD YD FRQVLGHUD F UH]XOWDWHOH GH SHUVSHFWLY OHJDWH GH

vQ YLLWRU GLIHUHQ D GLQWUH FHOH GRX

L GH FDOLWDWHD JHVWLXQLL UHDOL]DW

mai mare dect valoarea celeilalte.

SUHOXD HYHQWXDO XQD GLQ FHOH GRX DFWLYLWDWHD SUHFRQL]DW

D XQHLD L D FHOHLODOWH MXVWLILF

GLIHUHQ D vQ HYDOXDUH YDORULL SDWULPRQLXOXL HL SUH]HQW &KLDU GDF

'HFL YDORDUHD XQHL vQWUHSULQGHUL QX SRDWH IL DVLPLODW YDORDUHD SDWULPRQLXOXL vQ SUH]HQW DUH R RDUHFDUH LPSRUWDQ

 WUHEXLH OXDWH vQ FRQVLGHUDUH DOWH WUHL DVSHFWH DGLF HFKLYDOHQWXO SUH]HQW DO UH]XOWDWHORU

1) Valoarea ntreSULQGHULL viitoare preconizate.

LQVHSDUDELO SHUVSHFWLYHOH ORU YLLWRDUH vQ FHHD

HVWH

YDORDUH

DFWXDOL]DW 

 Q DFHVW VHQV YDORDUHD QX HVWH R P ULPH GH SURFHVXO GH YDORULILFDUH D SDWULPRQLX FH SULYHWH

IL[DW vQWU-R ERJ LH VWDWLF  FL R P ULPH lui. 3HUFHS LLOH OHJDWH GH FDOLWDWHD SURLHFWHORU GHVI GHWHUPLQ R UHH[DPLQDUH SHUPDQHQW

GLQDPLF  XUDWH GH D YDORULL

UH]XOWDWHOH

ntreprinderii. $D VH H[SOLF VHQVLELOLWDWHD HYDOX ULL OD LQIRUPD LLOH QRL FDUH RULHQWHD] DQWLFLS ULOH vQWU-un sens favorabil sau defavorabil. $VWIHO FXUVXO XQHL DF LXQL OD EXUV FUHWH vQ PRG FRQVWDQW RGDW FX DQXQ DUHD XQXL IDSW VXVFHSWLELO V DPHOLRUH]H SHUVSHFWLYHOH vQWUHSULQGHULL FDUH D HPLV-o (descoperirea unui nou procedeu, succesul
FRPHUFLDO DO XQXL SURGXV RE LQHUHD XQHL SLH H LPSRUWDQWH SH WHUPHQ PHGLX 'DU FXUVXO SRDWH IL L vQ VF GHUH vQ XUPD DQXQ ULL XQXL HYHQLPHQW FDUH QX HVWH vQ VHQVXO FHORU DQWLFLSDWH PLF UL VRFLDOH OLWLJLL GLILFXOW L WHKQLFH

catastrofe). 3) EYDOXDUHD HVWH VHQVLELO OD WRDWH ULVFXULOH SHUFHSXWH FD VXVFHSWLELOH V DIHFWH]H QLYHOXO L stabilitatea viitoare a rezultatelor preconizate. Aceste riscuri ar putea fi legate, fie de caracteristicile proprii
vQWUHSULQGHULL ILH GH HYROX LLOH PHGLXOXL vQFRQMXU WRU 3HUFHSHUHD XQHL DJUDY UL PDMRU D ULVFXOXL GHWHUPLQ R GH GHSUHFLHUH D YDORULL vQWUHSULQGHULL UHVSHFWLYH $VWIHO R FUL] LQVWDELOLWDWH JXYHUQDPHQWDO VDX GH WXOEXU UL VRFLDOH VRFLR SROLWLF

XQ U ]ERL R SHULRDG PDL

DWUDJH

GXS

VLQH

DQWLFLS UL

SHUVSHFWLYHORU HFRQRPLFH JOREDOH L GHFL R VF GHUH D YDORULL DQVDPEOXOXL vQWUHSULQGHULORU UHVSHFWLYH

pesimiste asupra La fel,

HVWH R

SHUFHSHUHD XQHL DJUDY UL D ULVFXULORU VSHFLILFH OD FDUH VH H[SXQH R vQWUHSULQGHUH vQ PRG GHRVHELW GLQ FDX]D FRQWUDFW ULL XQRU GDWRULL SUHD PDUL D XQRU HHFXUL vQ SODQ LQWHUQD LRQDO D XQRU WXOEXU UL VRFLDOH PDMRUHHWF GHWHUPLQ R GHJUDGDUH D HYDOX ULORU DO F URU RELHFW vO FRQVWLWXLH vQGHRVHEL SH SLH HOH EXUVLHUH GDF OD EXUV  'LPSRWULY  R DPHOLRU

vQWUHSULQGHUH FRWDW

are a perspectivelor legate de riscurile venind din partea

VLQH R FUHWHUH D YDORULL DFHVWRUD

PHGLXOXL vQFRQMXU WRU VDX VSHFLILFH XQRU vQWUHSULQGHUL DGXFH GXS

Fig. 1.3. Determinantele valorii ntreprinderii

3XWHP VSXQH F PD[LPL]DUHD YDORULL vQWUHSULQGHULL DSDUH FD ILLQG GHSHQGHQW GH QLYHOXO SHUIRUPDQ HORU DVLJXUDWH GH DFWLYLW LOH vQWUHSULQGHULL L GH VW SkQLUHD ULVFXOXL GH IDOLPHQW L D ULVFXULORU

financiare n general.
PDUL PDQDJHULL VH YRU FRPSRUWD vQ JHQHUDO FD DJHQ L DL SURSULHWDULORU ILUPHL DL DF LRQDULORU

La fimele de dimensiuni medii sau Cu ct DF LXQLOH ILUPHL VXQW GH LQXWH GH PDL PXO L DF LRQDUL FX DWkW FRQWDFWXO GLQWUH PDQDJHUL L SURSULHWDUL HVte mai slab. &X FkW SURSULHWDULL VXQW PDL vQGHS UWD L GH FRQGXFHUHD ILUPHL FX DWkW SRWHQ LDOXO FRQIOLFW GH LQWHUHVH FX managerii este mai mare.
$FHVW FRQIOLFW SRDWH IL FRQFUHWL]DW vQ OXDUHD XQRU GHFL]LL PDQDJHULDOH FDUH V DYDQWDMH]H PDQDJHULL vQ

Q JHQHUDO OD ILUPHOH PLFL PDQDJHULL L SURSULHWDULL VXQW DFHLDL

detrimeQWXO DF LRQDULORU
$VHPHQHD GHFL]LL SRW LQWUD vQ FRQIOLFW GLUHFW FX RELHFWLYXO GH PD[LPL]DUH D ERJ 8Q DOW FRQIOLFW GH LQWHUHVH SRDWH LHL SURSULHWDULORU EDQL SHQWUX D DSDUH DWXQFL FkQG PDQDJHULL ILUPHL vPSUXPXW FXPS UD WRDWH DF LXQLOH GH LQXWH GH ILUP FRPSDQLD HVWH SUHOXDW PDQDJHULORU HVWH SULYDW vQVHDPQ XQXL SURILW F GLQ SH VWRF L GLQ PDQDJHUL GHYLQ SURSULHWDUL DL ILUPHL DF LXQLOH QX VH PDL WUDQ]DF LRQDUHD WUDQ]DF LRQHD] ILUPHL vQ PRG SXEOLF OD SUH XO FXUHQW

Expresia Obiectivul
GH SLD 

RE LQHUHD

DF LXQLORU

DF LRQkQG SHQWUX D vPEXQ W XQ SUH

L SHUVSHFWLYHOH GH SURILWDELOLWDWH DOH ILUPHL L DSRL UHYkQ]kQG DF LXQLOH SXEOLF OD RE LQ XQ SURILW GLQ

PDL PDUH SHQWUX D RE LQH XQ SURILW SHQWUX HL vQLL &XP PDQDJHULL YRU V

GLIHUHQ D GLQWUH SUH XO SO WLW SH DF LXQLOH GLQ VWRFXO FRPXQ DO ILUPHL L SUH XO RE LQXW GLQ YkQ]DUHD DFHVWRU DF LXQL DSDUH WHQWD LD FD PDQDJHULL V vQFHUFH V FXPSHUH VWRFXO FRPXQ GH DF LXQL OD FHO PDL PLF SUH LD GHFL]LL FDUH V UHGXF SUH XO VWRFXOXL GH DF LXQL vQDLQWH

posibil.

'UHSW UH]XOWDW PDQDJHULL SRW IL WHQWD L V

GH LQL LDOL]DUHD SURFHGXULL GH YkQ]DUH D DFHVWRU DF LXQL $F LRQDULL SRW OXD FkWHYD P VXUL vQWU XQ HIRUW GH D UHGXFH SUREOHPD DJHQ LORU FkQG PDQDJHULL

DF LRQHD]

vQ IDYRDUHD ORU L PDL SX LQ vQ LQWHUHVXO S

roprietarilor).

8QD GLQWUH FHOH PDL FRPXQH P VXUL HVWH

DPHQLQ DUHD FX FRQFHGLHUHD 'HL HVWH GLILFLO SHQWUX DF LRQDULL XQHL ILUPH FX R GLVSHUVDUH PDUH D DF LXQLORU V DGXQH VXILFLHQWH YRWXUL SHQWUX vQORFXLUHD PDQDJHULORU DVHPHQD DF LXQL DX DYXW ORF L WLQG V VH

vQPXO HDVF $

FD QXP U vQ XOWLPLL DQL GRXD SRVLELO VWUDWHJLH SH FDUH SURSULHWDULL R SRW IRORVL SHQWUX D L

PRWLYD

SH

PDQDJHUL

PD[LPL]H]H ERJ

LD DF LRQDULORU HVWH V

UHFRPSHQVH]H R SDUWH GLQ PXQFD PDQDJHULORU FX YHQLWXUL RE LQXWH PDQDJHULORU

din performaQ HOH

SRVLELOLWDWHD V 3HVWH 

ILUPHL $FHVW OXFUX SRDWH IL I FXW FX DMXWRUXO DF LXQLORU H[HFXWLYH FDUH RIHU IL[ DFHDVW SRVLELOLWDWH DQJDMD LORU ORU 'DF

DFKL]L LRQH]H DF LXQLOH ILUPHL OD XQ SUH GLQ PDULOH FRUSRUD LL GLQ 68$ RIHU

ILUPD

merge

ELQH L SUH XO GH SLD

FUHWH SHVWH SUH XO IL[ PDQDJHULL SRW FXPS UD DF LXQLOH FX XQ GLVFRXQW ID

GH SUH XO

curent.
7HQWD LD SHQWUX DF LXQLOH H[HFXWLYH D VF ]XW PXOW GLQ FDX]D VODEHORU SHUIRUPDQ H DOH EXUVHL GH YDORUL

Cnd bursa de valori are o eYROX LH

VF ]XW  FKLDU L DF LXQLOH ILUPHORU FX PDUL SHUIRUPDQ H HFRQRPLFH VXQW

vQ VLWXD LD GH D QX vQUHJLVWUD R FUHWHUH D FXUVXOXL &D XUPDUH PDQDJHULL VH SRW J VLL vQ VLWXD LD GH D QX IL UHFRPSHQVD L FRUHVSXQ] WRU vQ DVHPHQHD SHULRDGH

5HFHQW

DF LXQLOH

GH

SHUIRUPDQ

DX

FUHVFXW vQ SRSXODULWDWH

RIHULQG QRL SRVLELOLW

L PDQDJHULORU

0DQDJHULORU OL VH RIHU

XQ SDFKHW GH DF LXQL FDUH HVWH JDUDQWDW GH SHUIRUPDQ HOH ILUPHL P VXUDWH vQ IXQF LH GH L GH P VXUDUH D SHUIRUPDQ HORU

rata venitului, rata profitului, rata activelor sau alte modalit

EHQHILFLD SULQ DFHVW SURJUDP GH GRX SUREDELO V

Managerii pot ste foarte

DYDQWDMH Q SULPXO UkQG DWLQJkQG RELHFWLYHOH ILUPHL RE LQ DF LXQLOH D DF LXQLORU H

ILUPHL Q DO GRLOHD UkQG FD XUPDUH D FUHWHULL SHUIRUPDQ HORU ILUPHL FRWD GH SLD FUHDVF  VSRULQG YDORDUHD DF LXQLORU GH LQXWH GH PDQDJHUL PDQDJHULL SRW IL PRWLYD L V DF LXQLOH GH SHUIRUPDQ

8Q GH]DYDQWDM DO DFHVWHL PHWRGH HVWH F D FUHWH UHQWDELOLWDWHD ILUPHL SHQWUX D

LD P VXUL SH WHUPHQ VFXUW SHQWUX

RE LQH

) n detrimentul atingerii unor

D DF LXQLORU vQFHUF

obiective pe termen lung.

2 D WUHLD PHWRG RELHFWLYH VWDELOLWH $FHDVW HVWH SODWD PDQDJHULORU FX DMXWRUXO XQRU ERQXVXUL OLFKLGH vQ FD]XO DWLQJHULL XQRU FRPSHQVD LH SRDWH IL FRUHODW FX YDORDUHD GH SLD VH DSURSLH FRPSHQVDUHD H[HFXWLYXOXL GH RELHFWLYXO GH PD[LPL]DUH D ERJ YDULDQWH GH SODW GLQ FHOH DU WDWH PDL VXV vQ WLPS FH DOWHOH GH]YROW HL SURSULHWDULORU

ndu-VH V Multe firme aleg

OH

YDULDQWH PDL VSHFLDOL]DWH FDUH V

acopere nevoile.
 0HQ LQHUHD QLYHOXOXL SHUIRUPDQ HORU ILQDQFLDUH *HVWLXQHD ILQDQFLDU VDWLVI F WRU )RUPXO ULOH 'DU WUHEXLH V YHJKH]H DVXSUD PHQ LQHULL SHUIRUPDQ HORU vQWUHSULQGHULL OD XQ QLYHO ILQDQ HORU vQWUHSULQGHULL HQXQ QLYHO FKLDU SULQFLSLXO PD[LPL] ULL

WHRUHWLFH

DOH

rezultatelRU

PDMRULWDWHD

IRUPXO ULORU YRUEHVF GH D JHVWLXQLL ILQDQFLDUH

F XWDUHD XQXL

VDWLVI F WRU DO UH]XOWDWHORU SH

WHUPHQ PHGLX L OXQJ FD VDUFLQ

& XWDUHD XQXL DQXPLW QLYHO DO UH]XOWDWHORU UHIOHFW  SH GH R SDUWH R FRQVWUkQJHUH PDMRU vQWUHSULQGHUH L SH GH DOWD DOHJHUHD GHOLEHUDW D SURSULHWDULORU L D FRQGXF WRULORU V L XQ DQXPLW FRVW (D WUHEXLH V

VXIHULW

GH

QWUHSULQGHUHD IRORVHWH UHVXUVH FDUH LPSOLF SDUWHQHUL FDUH IXUQL]HD] *HVWLXQHD ILQDQFLDU

-L

SO WHDVF

GLYHULL

DFHVWH UHVXUVH GREkQGLQG DFHWL EDQL GLQ YHQLWXULOH RE LQXWH vQ DFWLYLWDWHD VD YHULILFH PDL vQWkL GDF DFWLYLWDWHD HVWH GHVWXO GH HILFLHQW YD IL FD]XO V SHQWUX D

WUHEXLH GHFL V SHUPLW

RE LQH YHQLWXULOH FDUH V

SODWD IXUQL]RULORU GH UHVXUVH L GDF

DVLJXUH UHVWLWXLU

ea

acestor resurse.
ILQDQFLDUH

$VWIHO vQ FD]XO XQXL vPSUXPXW UHVSRQVDELOXO ILQDQFLDU YD WUHEXL V YRU IL XWLOL]DWH vQ FRQGL LL VXILFLHQW GH HILFLHQWH SHQWUX D

VH DVLJXUH F SHUPLWH SODWD

UHVXUVHOH GH F WUH

RE LQXWH

vQWUHSULQGHUH D GREkQ]LORU L UDPEXUV U

ile la termenele convenite cu cel de la care a luat mprumutul.

2E LQHUHD GH F WUH vQWUHSULQGHUH D XQRU UH]XOWDWH GHIDYRUDELOH VDX LQVXILFLHQWH YD UHIOHFWD R ULVLSLUH D UHVXUVHORU G XQ WRDUH DWkW SHQWUX vQWUHSULQGHUH FkW L SHQWUX IXUQL]RULL V L GH IRQGXUL L SHQWUX HFRQRPLD QD LRQDO  'DU XUP ULUHD DWLQJHULL XQXL DQXPLW QLYHO DO SHUIRUPDQ HORU WUHEXLH V D RE (OH DSUHFLD]  GLPSRWULY  vQWU LQ VHDPD L GH GXUDWD FkW YRU F XWDUHD FX RULFH SUH RE LQ XQ FRPSURPLV IL RE LQXWH &RQWUDU XQHL LGHL PXOW U VSkQGLW  ILQDQ HOH vQWUHSULQGHULL QX SUHFRQL]HD]

inerii unui profit maxim pe termen scurt. .

-un mod favorabil, stabilitatea

V

SHUIRUPDQ HORU L LQWURGXFkQG QR LXQLOH GH YDORDUH DFWXDOL]DW VDWLVI F WRU vQWUH VWDELOLWDWH L UHQWDELOLWDWH

L GH ULVF FDXW

)LJ  &RQVWUkQJHUHD vQWUHSULQGHULL GH D IL HILFLHQW 0D[LPL]DUHD SURILWXULORU ILUPHL HVWH DGHVHD JUHLW vQ HOHDV FD RELHFWLY SULQFLSDO DO PDQDJHPHQWXOXL

firmei.
Q WLPS FH FUHWHUHD SURILWXULORU HVWH LPSRUWDQW SHQWUX ILUP  H

a nu este obiectivul principal,

GHRDUHFH ERJ IDF

LD DF LRQDULORU SRDWH FKLDU V QXPDL GDF

VFDG V

vQ FLXGD FUHWHULL SURILWXOXL ,QYHVWLWRULL VXQW GLVSXL V ILH FRPSHQVD L SULQWU

R LQYHVWL LH ULVFDQW

VH DWHDSW

-un venit superior. Cu ct este mai

marH ULVFXO FX DWkW WUHEXLH V

ILH PDL PDUH YHQLWXO RE LQXW

Exemplu
RE LQ

)LH R ILUP

FDUH DQXO XUP WRU DWHDSW

XQ YHQLW GH 

SH DF LXQH 0DQDJHULL ILUPHL SRW V

R FUHWHUH D YHQLWXOXL GH 

SH DF LXQH GDU FX FRQGL LD DVXP ULL XQRU ULVFXUL FH DU SX QX ILH GLVSXL V

tea produce
FHL PDL

SLHUGHUL ILUPHL L DF LRQDULORU $F LRQDULL DU SXWHD V

DFFHSWH DFHVWH ULVFXUL 'DF

PXO L vL YRU YLQGH DF LXQLOH SUH XO DF LXQLORU YD VF GHD  QX GRDU SHQWUX F SHQWUX F UHDOL]HD] PDL SX LQL SRWHQ LDOL LQYHVWLWRUL YRU GRUL V

DX FUHVFXW YkQ] ULOH GH DF LXQL FL

FXPSHUH DF LXQLOH UHVSHFWLYH 'H DFHHD GHL ILUPD VFDG ERJ LD

YHQLWXUL PDL PDUL SHU DF LXQH ULVFXO FUHVFXW DO ILUPHL D I FXW V

proprietarilor ca

XUPDUH D GHFOLQXOXL SUH XOXL DF LXQLORU

 6W

SkQLUH

a riscurilor financiare
ULVFXULORU ILQDQFLDUH FRQVWLWXLH DO WUHLOHD LPSHUDWLY PDMRU DO JHVWLXQLL ILQDQFLDUH

6W SkQLUHD

n
LL

JHQHUDO ULVFXO OHJDW GH XQ DFWLY GH XQ DQVDPEOX GH DFWLYH L GHFL GH R vQWUHSULQGHUH FDUH IRORVHWH XQ DQXPLW

volum de fonduri poaWH IL GHILQLW vQ UDSRUW FX YDULDELOLWDWHD DQWLFLSDW

$FHDVW QR LXQH JHQHUDO GH ULVF VH ED]HD] SUHY ]XWH D SHUIRUPDQ HORU ILQDQFLDUH YLLWRDUH

D UH]XOWDWHORU VXVFHSWLELOH D IL RE LQXWH LL VDX D YDULDELOLW

SH OXDUHD vQ FRQVLGHUD LH D LQVWDELOLW

TotXL

JHVWLXQHD

ILQDQFLDU

FRPSOHWHD]

DFHDVW L FDXW

DERUGDUH V

JHQHUDO

SUREOHPDWLFLL

ULVFXOXL

SURSXQkQG L DERUG UL VSHFLILFH $VWIHO HD VWXGLD]

FRQWUROH]H LQVWDELOLWDWHD OHJDW

GH DQXPLWH

VLWXD LL VDX RSHUD LXQL ULVFXO vQ H[SORDWDUH OHJDW GH VWUXFWXUD FRVWXULORU ULVFXO vQGDWRU ULL OHJDW GH HIHFWXO VWUXFWXULL ILQDQFLDUH D vQWUHSULQGHULL ULVFXO GH IDOLPHQW OHJDW GH R HYHQWXDO JHVWLXQHD ILQDQFLDU FDXW V LQVROYDELOLWDWH

De asemenea,

FRQWUROH]H LQIOXHQ HOH H[HUFLWDWH DVXSUD vQWUHSULQGHULL GH LQVWDELOLWDWHD LQHUHQW

D XQRU YDULDELOH DOH PHGLXOXL ULVFXO GH VFKLPE YDOXWDU ULVFXO UDWHL GREkQ]LL VDX GH XQHOH WUDQVIRUP UL GHRVHELWH FDUH DX ORF vQ PHGLXO LQVWLWX LRQDO ULVFXO DGPLQLVWUDWLY L ULVFXO SROLWLF

 'LPHQVLRQDUHD JOREDO

D ULVF

ului financiar
5 FRUHVSXQ]kQG GLIHULWHORU LSRWH]H VXVFHSWLELOH GH D IL HQXQ DWH vQ

8Q DFWLY RDUHFDUH VDX XQ DQVDPEOX GH DFWLYH SHUPLW DWXQFL FkQG VXQW YDORULILFDWH VSHUDQ D XQRU UH]XOWDWH YLLWRDUH FDUH V DLE R UDW GH UHQWDELOLWDWH DQWLFLSDW

j. Se pot asocia acestui activ o serie de rate

de rentabilitate anticipate R1,R2,.....,Rn

OHJ WXU FX YLLWRUXO vQWUHSULQGHULL 3 SUREDELOLWDWH VXELHFWLY

FX DFWLYLWDWHD L FX PHGLXO V X Fiecare din aceste rate va avea o , ceea ce duce la asocierea unui ansamblu de SUREDELOLW L 31,P2,...,Pn) la j ansamblul de rate preconizate (R1,R2,..,Rn). 'LVWULEX LD UDWHORU GH UHQWDELOLWDWH SUHFRQL]DWH SHUPLWH VWDELOLUHD VSHUDQ HL PDWHPDWLFH FRUHVSXQ] WRDUH UDWHORU GH UHQWDELOLWDWH SUHFRQL]DWH SRQGHUDWH FX SUREDELOLW LOH DVRFL

ate lor.

R
6H SRDWH VWDELOL GH DVHPHQHD DPSORDUHD GLVWDQ HL ID PHGLH S WUDWLF GH PHGLH 5 VXQW

PjR j
j 1

P ULPLOH

LQVWDELOLWDWHD DFHVWRU UH]XOWDWH DWHSWDWH DYkQGX-se n vedere - R ) pentru diferitele rate preconizate. Dispersia 25 L DEDWHUHD j FDUH P VRDU DFHDVW LQVWDELOLWDWH VDX YRODWLOLWDWH D UHQWDELOLW LL

SUHY ]XW

L GHFL P ULPHD ULVFXOXL

2 (R) = Pj R j R
j =1 n

(R ) =

P (R
j j =1

5LVFXO RE LQHULL UDQGDPHQWHORU SUHFRQL]DWH H PDL PDUH VDX PDL PLF GXS

acestor calcule.
$3/,&$ ,( 35$&7,&

Riscul financiar determinat de variabilitatea rezultatelor

2 vQWUHSULQGHUH YL]HD] UHDOL]DUHD XQHL QRL LQYHVWL LL DYkQG GH DOHV vQWUH SURLHFWHOH $ L % 3HQWUX ILHFDUH SURLHFW VH IDF SUHYL]LXQL SULYLQG SURGXF LD YkQ] ULOH L UH]XOWDWHOH L VH DWULEXLH ILHF UXL SURLHFW UDWH GH UHQWDELOLWDWH DWHSWDWH IXQF LH GH GLYHUVH LSRWH]H UHIHULWRDUH OD vQWUHSULQGHUH L OD PHGLXO vQ FDUH vL GHVI RDU DFWLYLWDWHD 3UHVXSXQHP F H[LVW SHQWUX ILHFDUH SURLHFW FLQFL LSRWH]H vQ F

FXP VXQW UH]XOWDWHO

are s-ar putea afla

vQWUHSULQGHUHD ILHFDUH LSRWH] LSRWH] YD IL 3 

DYkQG DFHHDL SUREDELOLWDWH GH D VH UHDOL]D SUREDELOLWDWHD SHQWUX ILHFDUH +

 3HQWUX ILHFDUH LSRWH]

Rj WDEHOHOH  L 2). Hj H1 H2 H3 H4 H5 Pj 0,20 0,20 0,20 0,20 0,20 1

j, avnd probabilitatea Pj VH SUHFRQL]HD]

R UHQWDELOLWDWH

Elemente referitoare la proiectul A Rj RjPj Rj - R -10 -2 -16 -5 -1 -11 +5 +1 -1 +15 +3 9 +25 +5 19

Tabelul 1 (Rj - R )2Pj 51,2 24,2 0,2 16,2 72,2 2(R)=164 +6 (R)=12,8 Elemente referitoare la proiectul B Tabelul 2 RjPj -3 -2 +2 +4 +6 +7


Hj H1 H2 H3 H4 H5
6

Pj 0,20 0,20 0,20 0,20 0,20 1

F

Rj -15 -10 +10 +20 +30

Rj- R -22 -17 +3 +13 +23

(Rj- R )2Pj 96,8 57,8 1,8 33,8 105,8 2(R)=296 (R)=17,2 Instabilitatea performantelor pentru
  L UDWD GH

6H FRQVWDW

SURLHFWXO $ YD DYHD R UHQWDELOLWDWH PHGLH GH 

DFHVW SURLHFW SRDWH IL DSUHFLDW UHQWDELOLWDWH FHD PDL VF ]XW 3URLHFWXO % RIHU

SULQ GLIHUHQ D GLQWUH UDWD GH UHQWDELOLWDWH FHD PDL ULGLFDW  SULQ GLVSHUVLH L SULQ DEDWHUHD PHGLH S WUDWLF  

 

VSHUDQ D XQHL UDWH PHGLL GH UHQWDELOLWDWH PDL ULGLFDW

R =7%). n schimb acest

vQ

proiecW SUH]LQW

XQ ULVF PDL ULGLFDW vQ RE LQHUHD UH]XOWDWHORU SUHFRQL]DWH vQWUXFkW WR L LQGLFDWRULL FDUH P VRDU

LQVWDELOLWDWHD SHUIRUPDQ HORU ILQDQFLDUH VXQW PDL PDUL QWUHSULQGHUHD LQYHVWLWRDUH VH FRQIUXQW ILQDQFLDU  7UHEXLH V VH DOHDJ vQ DFHVW FD] FX R VLWXD LH IUHFYHQW vQWkOQLW

gestiunea

vQWUH XQ SURLHFW PDL UHQWDELO GDU FDUH SUH]LQW

XQ PDL PDUH ULVF vQ RE LQHUHD

UH]XOWDWHORU ILQDQFLDUH SUHFRQL]DWH SURLHFWXO % L XQ SURLHFW PDL SX LQ UHQWDELO GDU L PDL SX LQ ULVFDQW

(proiectul A). Acest arbiWUDM vQWUH UHQWDELOLWDWHD SUHFRQL]DW un aspect fundamental al gestiunii riscului financiar.

D XQHL LQYHVWL LL L ULVFXO UHDOL] ULL HL FRQVWLWXLH

1.2.3.2. Riscuri financiare specifice

1X QXPDL IRUPD JHQHUDO D ULVFXOXL ILQDQFLDU GHILQLW SULQ YDULDELO

itatea (sau volatilitatea)

UH]XOWDWHORU GDU L IRUPHOH VSHFLILFH DOH ULVFXOXL WUHEXLH V

ILH DQDOL]DWH L VW SkQLWH GH JHVWLXQHD ILQDQFLDU 

a) Riscul de exploatare determinat de structura costurilor. Riscul de exploatare are n vedere structura costuriloU vQWUHSULQGHULL 'H IDSW UHSDUWL LD vQWUH FRVWXULOH IL[H L FRVWXULOH YDULDELOH IDFH UH]XOWDWHOH vQWUHSULQGHULL PDL PXOW VDX PDL SX LQ VHQVLELOH OD YDULD LD QLYHOXOXL SURGXF LHL L YkQ] ULORU O ntreprindere
FDUH DUH FKHOWXLHOL IL[H VDX GH VWUXFWXU IRDUWH ULGLFDWH YD DYHD UH]XOWDWHOH PDL LQVWDELOH L HVWH GHFL PDL UHSDUWL]H]H FKHOWXLHOLOH VDOH IL[H ULVFDQW  Q FD]XO FkQG SURGXF LD H VF ]XW  vQWHUSULQGHUHD QX YD SXWHD V DVXSUD XQXL QXP U VXILFLHQW GH SURGXVH L YD RE LQH DVWIHO SLHUGHUL ,QYHUV GDF SLD D L DFWLYLWDWHD SHUPLW R SURGXF LH ULGLFDW  FKHOWXLHOLOH IL[H VXQW UHSDUWL]DWH DVXSUD

XQHL SURGXF LL VXILFLHQWH SXWkQGX VH RE LQH EHQHILFLL /D PRGXO JHQHUDO FUHWHUHD S U LL FKHOWXLHOLORU IL[H vQ

FKHOWXLHOLOH vQWUHSULQGHULL VH H[SULP

SULQ FUHWHUHD GLIHUHQ HL vQWUH UH]XOWDWHOH RE LQXWH vQ LSRWH]HOH FHOH PDL UHOD LH vQWUH GLVSHUVLD UH]XOWDWHORU FDUH G D vQWUHSULQGHULL DGLF FXUHQW  DFWLYLWDWHD

IDYRUDELOH L FHOH RE LQXWH vQ LSRWH]HOH FHOH PDL SHVLPLVWH $FHDVW

P ULPHD ULVFXOXL L VWUXFWXUD FRVWXULORU SXQH vQ GLVFX LH DFWLYLWDWHD FXUHQW GH SURGXF LH GH DSURYL]LRQDUH L GH YkQ]DUH FDUH FRQVWLWXLH

H[SORDWDUHD

Structura costurilor

H[HUFLW

DVWIHO XQ ULVF VSHFLILF FDUH SRDWH IL FDUDFWHUL]DW FD ULVF GH H[SORDWDUH

5LVFXO

vQGDWRU ULL

FD

HIHFW

al structurii financiare.

5LVFXO

vQGDWRU ULL V

OHJDW RE LQ

GH

VWUXFWXUD

ILQDQ

ULL

ntreprinderii.

&kQG vQWUHSULQGHUHD FRQWUDFWHD]

QRL GDWRULL HD VH REOLJ

EHQHILFLL VXSOLPHQWDUH

SHQWUX D DVLJXUD UHPXQHUDUHD L UDPEXUVDUHD vPSUXPXWXULORU FRQWUDFWDWH Q FRQVHFLQ IL DIHFWDW  GDF DFWLYLWDWHD VD DUH FD UH]XOWDW YHQLWXUL GLQ H[SORDWDUH PHGLRFUH vQWUHSULQGHUHD YD

GH UHPXQHUDUHD GDWRULLORU L YD RE LQH XQ UH]XOWDW JOREDO GHIDYRUDELO YHQLWXULOH GLQ H[SORDWDUH VXQW DEXQGHQWH FKHOWXLH

'LQ FRQWU  GDF I U

lile pentru datorii vor fi acoperite ate

GLILFXOWDWH L vQGDWRUDUHD YD SHUPLWH DPHOLRUDUHD UHQWDELOLW GLVSHUVLD UH]XOWDWHORU L GHWHUPLQ GDF HYROX LD YLLWRDUH FRQILUP

LL vQWUHSULQGHULL 'DU FUHWHUHD vQGDWRU ULL

DPSOLILF DWHSWDW

XQ ULVF ILQDQFLDU SURSULX 6H P UHVF VSHUDQ HOH GH UHQWDELOLW

LSRWH]HOH IDYRUDELOH GDU UH]XOWDWHOH DWHSWDWH VH UHGXF vQ FD]XO FkQG

LSRWH]HOH GHIDYRUDELOH VH FRQILUP  F 5LVFXO GH IDOLPHQW 6LWXD LD GH FUL] VDX IDOLPHQWXO FRQVWLWXLH VDQF LXQHD SRVLELO SHQWUX LQVROYDEL

litatea El
GH

ntreprinderii.
MXVWLILF

,QVROYDELOLWDWHD GHWHUPLQ

PDL vQWkL SXU L VLPSOX DPHQLQ DUHD FX GLVSDUL LD vQWUHSULQGHULL

5LVFXO GH IDOLPHQW FRQVWLWXLH DVWIHO XQ ULVF YLWDO FDUH SXQH vQ SHULFRO vQV L VXSUDYLH XLUHD vQWUHSULQGHULL DWHQ LD FH VH DFRUG FRQWURO ULL DFHVWXL ULVF L H[SOLF SHQWUX FH PHQ LQHUHD VROYDELOLW %LQHvQ HOHV

LL VDX D

echilibrului financiar constituie un imperativ major al gestiunii financiare.

GH DPHQLQ DUHD GLVSDUL LHL L vL DVLJXU VSHFLILFH FDUH WUHEXLH V

FUL]HOH

VROYDELOLWDWH QX FRQGXF WRWGHDXQD OD IDOLPHQW L FkQG FUL]D SRDWH IL vQ ILQDO GHS LW  vQWUHSULQGHUHD YD VF SD VXSUDYLH XLUHD 'DU FKLDU L vQ DFHVW FD] FUL]D DQWUHQHD] FRVWXUL

ILH OXDWH vQ FDOFXO FkQG VH XUP UHWH D VH DSUHFLD ULVFXO GH IDOLPHQW VFKLPE YDOXWDU L ULVFXO UDWHL GREkQ]LL QWUHSULQGHUHD VXSRUW ULVFXUL ILQDQFLDUH

d)

5LVFXO

FXUVXOXL

GH

VSHFLILFH OHJDWH GH HYROX LD FXUVXOXL GH VFKLPE DO PRQHGHL QD LRQDOH vQ UDSRUW FX PRQHGHOH VWU LQH L OHJDWH GH HYROX LD SRVLELO D UDWHL GREkQ]LL FkQG vQWUHSULQGHUHD HIHFWXHD] RSHUD LXQL H[SULPDWH vQ GHYL]H VDX D UDWHORU GH VFKLPE vQ GHYL]H ULVF QD LRQDO 

Pe
PRQHG GLQ

GH R SDUWH GH ILHFDUH GDW

VWU LQ  HD VH H[SXQH ULVFXOXL GH SLHUGHUH OHJDW GH HYROX LD GHIDYRUDELO

Astfel,
UDWD GH

R vQWUHSULQGHUH H[SRUWDWRDUH FDUH UHDOL]HD] VFKLPE GDF PRQHGD VWU LQ XWLOL]DW WHDVF

R YkQ]DUH vQ VWU LQ WDWH L IDFWXUHD] VH GHSUHFLD] vQ UDSRUW FX

R SLHUGHUH

PRQHGD

Invers, un

vPSUXPXW WRU FDUH V D DQJDMDW V

-L SO

IXUQL]RULL VWU LQL vQ GHYL]H VH H[SXQH XQHL SLHUGHUL GDF FUHWH vQDLQWH FD SODWD V LL UH]XOWDWHORU (D FUHD] SkQHDVF  VH IL HIHFWXDW

VFKLPE D DFHVWRU GHYL]H vQ UDSRUW FX PRQHGD QD LRQDO UDWHORU GH VFKLPE FRQVWLWXLH GHFL R FDX] D YDULDELOLW

Instabilitatea

ULVFXO GH VFKLPE YDOXWDU SH

care gestiunea finaQFLDU

3H GH DOW

WUHEXLH V

-O FRQWUROH]H L V -O VW

SDUWH PXOWH vQWUHSULQGHUL VXQW H[SXVH HIHFWHORU GHIDYRUDELOH GDWH GH YDULD LD UDWHORU

GREkQ]LL SH SLH HOH GH FDSLWDO GH H[HPSOX REOLJDW V

O ntreprindere care face apel la mprumuturi bancare pe termen scurt va fi,

IL[ L FDUH RE LQH GHFL XQ UDQGDPHQW SODIRQDW VXIHU R  vQ WLPS FH UHPXQHUDUHD SH FDUH HO R SULPHWH QX HVWH FRQVWLWXLH GHFL L HD R VXUV GH LQVWDELOLWDWH D

VXSRUWH FKHOWXLHOL ILQDQFLDUH PDMRUDWH vQ FD]XO FUHWHULL GREkQ]LL 'LPSRWULY  XQ

vPSUXPXW WRU FDUH D DFRUGDW XQ FUHGLW FX GREkQG SLHUGHUH GH FkWLJ vQVR LW GH DFHHDL GDF GREkQ]LOH FUHVF SH SLD (YROX LD UDWHORU

FUHWHUH

GREkQ]LL

UH]XOWDWHORU Q DFHVW VHQV VH SRDWH YRUEL GH XQ ULVF DO UDWHL GREkQ]LORU  D F UXL XUP ULUH L VW SkQLUH FUHHD] R UHVSRQVDELOLWDWH GHRVHELW SHQWUX JHVWLXQHD ILQDQFLDU 

 0HQ LQHUHD VROYDELOLW

LL VDX VW

SkQLUHD HFKLOLEUXOXL ILQDQFLDU

$QDOL]D

ULVFXULORU

ILQDQFLDUH

F URUD

WUHEXLH

OH

IDF

ID

vQWUHSULQGHUHD

GXV

OD

VXEOLQLHUH

a
D

LPSRUWDQ HL ULVFXOXL GH IDOLPHQW 6XUVD IXQGDPHQWDO

D XQXL DVWIHO GH ULVF VH DIO SH LPSRUWDQ D VDUFLQ

vQ LQVROYDELOLWDWHD SRVLELO VROYDELOLW LL

ntreprinderii. 'H DFHHD H QHFHVDU V sarcinile avute de gestiunea financiDU

SDUWLFXODU 6ROYDELOLWDWHD H[SULP

VH

SXQ

DFFHQWXO

PHQ LQHULL

SULQWUH

 FKLDU GDF

DFHDVW

QX FRQVWLWXLH GH IDSW GHFkW R IRUP

D VDUFLQLL JHQHUDOH UHIHULWRDUH OD VW SkQLUHD ULVFXULORU ILQDQFLDUH DSWLWXGLQHD XQXL DJHQW HFRQRPLF RDUHFDUH GH D IDFH ID LL FRQVW GDWRULLORU VDOH FkQG

aceVWHD

DMXQJ OD VFDGHQ

 0DL FRQFUHW PHQ LQHUHD VROYDELOLW

vQ H[HFXWDUHD FX VFUXSXOR]LWDWH D

UDPEXUV ULORU SURPLVH vPSUXPXW WRULORU L DOWRU FUHGLWRUL ,PSRUWDQ D XQXL DVWIHO GH LPSHUDWLY H OHJDW GH VDQF LXQLOH LPSOLFDWH GH R HYHQWXDO LQVROYD

bilitate.

ntr-DGHY

U LQVROYDELOLWDWHD H[SXQH GHELWRUXO XQRU FRQVHFLQ H QHSO FXWH FDUH SRW IL GH R JUDYLWDWH H[WUHP 

Q FD]XO XQHL SHUVRDQH LQVROYDELO  FUHGLWRULL F URUD QX OL V DX vQDSRLDW EDQLL SURPLL SRW vQFHSH R DF LXQH MXGHF WRUHDVF  FHUkQG VHFK

estrarea bunurilor debitorului falimentar.

'DF

VH SRUQHWH R DVWIHO GH DF LXQH

LQVROYDELOLWDWHD H VDQF LRQDW

SULQ SLHUGHUHD XQHL S U L VDX vQ vQWUHJLPH D SDWULPRQLXOXL GH F WUH GHELWRUXO

falimentar.

Q FD]XO XQHL RUJDQL]D LL L vQ VSHFLDO DO XQHL vQWU FRQVWDWDUHD vQFHW ULL SO VDX GH UHGUHVDUH SH

eprinderi insolvabilitatea i conduce pe creditori la

GH OD IDOLPHQW  GLVSDUL LD SRDWH GXFH OD OLFKLGDUH L GHFL

LORU SULQ LQWHUPHGLXO LQVWDQ HL MXGHF WRUHWL 3URFHGXUD MXGHF WRUHDVF FDOH MXGHF WRUHDVF  DVWIHO vQFHSXW

ntreprinderii.
$VWIHO PHQ LQHUHD SHUPDQHQW D VROYDELOLW LL DSDUH FD R FRQVWUkQJHUH PDMRU  GHRDUHFH SHUPLWH vQGHS UWDUHD ULVFXOXL GH IDOLPHQW L GHFL VH HYLW 6H SRDWH GLVFXWD GDF GLVSDUL LD vQWUHSULQGHULL LL HVWH XQ LPSHUDWLY FDWHJRULF L DEVROXW

PHQ LQHUHD VROYDELOLW

ntr-DGHY

U

HYROX LD PRUDYXULORU L vQ DQXPLWH FD]XUL D UHJOHPHQW ULORU MXULGLFH SRW V

DWHQXH]H LPSRUWDQ D VDQF LXQLORU SRUWL GH LHLUH SD

la care e supus un debitor falimentar.

D VLWXD LHL ORU SURIHVLRQDOH 3H GH DOW

XQHOH

UL

MXVWL LD

ODV

rticularilor

VXSUDvQGDWRUD L SULQ FRQWUDFWDUHD XQRU vPSUXPXWXUL LPSUXGHQWH VDX FD XUPDUH D XQHL GHJUDG UL LPSUHYL]LELOH SDUWH DQXPLWH vQWUHSULQGHUL vQ VSHFLDO GLQ VHFWRUXO SXEOLF VXQW PDL LL Q VIkULW vQ XQHOH UL SUDFWLFD L PRUDOD DIDFHULORU

SX LQ SUHRFXSDWH GH HIHFWHOH SRVLELOH DOH LQVROYDELOLW GRYHGHVF R UHODWLY V vQJ GXLQ ID

GH LQVROYDELOLWDWH *UD LH DFHVWHL vQJ GXLQ H DQXPL L SDUWLFXODUL UHXHVF

VFDSH GH FRQVWUkQJHULOH UDPEXUV ULL

IDOLPHQW L vL GHVFKLG QRL vQWUHSULQGHUL I U $VWIHO VH SRW FLWD PXOWH VLWXD LL UHIOHFW

De exemplu, vQWUHSULQ] WRUL LPSUXGHQ L DMXQJ vQ UHSHWDWH UkQGXUL OD D-L IL RQRUDW GDWRULLOH FRQWUDFWDWH GH vQWUHSULQGHULOH SUHFHGHQWH GH LQVROYDELOLWDWH vQ DSDUHQ QHVDQF LRQDWH Toate cazurile de
VLWXD LL vQ FDUH GHELWRULL IDOLPHQWDUL DFFHSW R SHUWXUEDUH JUDY D

LQVROYDELOLWDWH

QHVDQF LRQDWH

VLWXD LHL ORU HFRQRPLFH SHQWUX D VH VXVWUDJH GH OD REOLJD LLOH ORU $VWIHO XQ SDUWLFXODU LQVROYDELO YD SXWHD V

se protejeze de sechestrarea bunurilor, ascunzndu-L

H[LVWHQ SDU LDO FODQGHVWLQ  FDUH GHWHUPLQ

SDWULPRQLXO GDU HO VH FRQGDPQ

vQ DFHVW FD] OD R V

LQFRQYHQLHQWH PDMRUH /D IHO vQWUHSULQ] WRUXO FDUH DFFHSW

-L

GHFODUH vQWUHSULQGHUHD vQ VWDUH GH IDOLPHQW SHQWUX D VF SD GH FUHGLWRUL VH H[SXQH XQRU SHUWXUE UL JUDYH L

unor costuri severe.

&KLDU GDF

DSDUHQW vQWUHSULQGHUHD QX HVWH VDQF LRQDW  LQVROYDELOLWDWHD LPSOLF

WRWXL

QLWH FRVWXUL L DQWUHQHD]

R GHJUDGDUH D VLWXD LHL HFRQRPLFH D GHELWRUXOXL IDOLPHQWDU DOH LQVROYDELOLW LL VXQW SUHSRQGHUHQWH vQ VLVWHPHOH HFRQRPLFH SXWHUQLF

Aceste incoQYHQLHQWH
VWUXFWXUDWH &KLDU GDF $WkW vQ SHQWUX R

VXQW PDL SX LQ SHUFHSWLELOH HOH H[LVW

L vQ VLVWHPHOH HFRQRPLFH PDL SX LQ HYROXDWH ORF GHVWXO

ULOH PDL SX LQ GH]YROWDWH FkW L vQ FHOH GH]YROWDWH GLQ SXQFW GH YHGHUH HFRQRPLF H[LVW HFRQRPLH VXEWHUDQ  DSDUHQW IDYRUDELO HVFKLY ULL GHELWRULORU IDOLPHQWDUL IXQF LRQDUHD

vQV  LQVROYDELOLWDWHD SURGXFH HIHFWH G XQ WRDUH FDUH SHUWXUE GUDPDWLF L LUHPHGLDELO 0HQ LQHUHD VROYDELOLW

n majoritatea cazurilor vQWUHSULQGHULL DGHVHD n mod

LL U PkQH GHFL XQ LPSHUDWLY ILQDQFLDU PDMRU XQLYHUVDO L XQ ORF LPSRUWDQW

DEVROXW DO WXWXURU HFRQRPLLORU vQ FDUH VFKLPEXULOH PRQHWDUH RFXS

 5(63216$%,/,7

,/( 23(5$

,21$/( $/(

GESTIUNII FINANCIARE

6WXGLXO RELHFWXOXL JHVWLXQLL ILQDQFLDUH D FRQGXV OD D L VH UHFXQRDWH DFHVWHLD DQXPLWH FRPSHWHQ H

specifice.
UHOD LLOH

$FHVW GRPHQLX DO FRPSHWHQ HORU JHVWLXQLL ILQDQFLDUH SULYHWH DQVDPEOXO SUREOHPHORU ULGLFDWH GH vQWUHSULQGHUH L PHGLXO V X ILQDQFLDU WUDWDWH vQ VHF LXQHD  $FHVW VWXGLX D SHUPLV L

vQWUH

HQXQ DUHD VDUFLQLORU IXQGDPHQWDOH FDUH UHYLQ ILQDQ HORU vQWUHSULQGHULL $FHVWH VDUFLQL SULYHVF PHQ LQHUHD YDORULL vQWUHSULQGHULL D SHUIRUPDQ HORU VDOH ILQDQFLDUH VW SkQLUHD ULVFXULORU FX FD

re ntreprinderea e

FRQIUXQWDW

L PHQ LQHUHD VROYDELOLW

LL WUDWDWH vQ VHF LXQHD  $QVDPEOXO DVSHFWHORU WUDWDWH PDL vQDLQWH

SHUPLWH GHVFULHUHD SULQFLSDOHORU VDUFLQL RSHUD LRQDOH FDUH L UHYLQ JHVWLXQLL ILQDQFLDUH SUHFXP L GHILQLUHD

locului acestei sSHFLDOLW

L vQ DQVDPEOXO GLVFLSOLQHORU UHIHULWRDUH OD JHVWLXQH

 3ULQFLSDOHOH VDUFLQL RSHUD LRQDOH DOH JHVWLXQLL ILQDQFLDUH

5HVSRQVDELOLW

LOH RSHUD LRQDOH DOH JHVWLXQLL ILQDQFLDUH VXQW GLVWULEXLWH SH FHOH WUHL ID]H DOH XQXL FLFOX

fundamental al gestiunii financiare.

$FHVW FLFOX FXSULQGH vQ SULPXO UkQG R ID] SULQFLSDO FD RELHFW DSUHFLHUHD VLWXD LHL L D DFWLYLW P VXUL FRQFUHWH FDUH V SHUPLW GH GLDJQRVWLFDUH VDX DQDOL]D ILQDQFLDU FDUH DUH vQ LL ILQDQFLDUH D vQWUHSULQGHULL SHQWUX D SUHJ WL DGRSWDUHD GH

GHS LUHD ODFXQHORU L YDORULILFDUHD DYDQWDMHORU GH IRUPXODUH L GH DSOLFDUH D GHFL]LLORU ILQDQFLDUH

Q DO GRLOHD UkQG DFHVW FLFOX FXSULQGH R ID]

$FHVWH GHFL]LL VH vQVFULX vQ SHUVSHFWLYD SURLHFWHORU SH WHUPHQ OXQJ L PHGLX L SXQ vQ PLFDUH RSHUD LXQL GH LQYHVWL LL L GH ILQDQ DUH (OH XUP UHVF vQV L HIHFWH SH WHUPHQ VFXUW FDUH GHILQHVF GRPHQLXO JHVWLXQLL

trezoreriei. 3H GH DOW
$ WUHLD ID]D

SDUWH DQXPLWH P VXUL WUHEXLH RSULWH SHQWUX D SURWHMD vQWUHSULQGHUHD vPSRWULYD ULVFXULORU OH IDF ID vQ GLYHUVH VLWXD LL ILQDQFLDUH FRQVW vQ XUP ULUHD L FRQWUROXO SURLHFWHORU D F URU

ILQDQFLDUH F URUD WUHEXLH V D

FLFOXOXL JHVWLXQLL

DSOLFDUH D IRVW KRW UkW

GH vQWUHSULQGHUH $FHDVW

ID]

SHUPLWH FHO PDL DGHVHD FRQVWDWDUHD GXF

GLIHUHQ HORU

ntre realL]

ULOH HIHFWLYH L SURLHFWHOH LQL LDOH (D DU WUHEXL V

OD GHFODQDUHD XQRU P VXUL GH FRUHF LH

FDUH DU vQVHPQD ILH R UHFWLILFDUH D WUDLHFWRULHL L DSURSLHUHD GH SURLHFWHOH LQL LDOH ILH DGDSWDUHD VDX UHYL]XLUHD SURLHFWHORU LQL LDOH

)LJ  5HVSRQVDELOLW

LOH

gestiunii financiare-VFKHPD GH VLQWH]

Q JHQHUDO UHVSRQVDELOXO ILQDQFLDU HVWH DMXWDW GH GRX 5HYL]RUXO WD[HORU DFWLYLW L HVWH GH vQ JHQHUDO UHVSRQVDELO IXQF LL GH DMXW FDOFXOD LD OD SHUVRDQH WUH]RULHUXO FDVLHUXO L UHYL]RUXO FRQWDELOLWDWHD ILQDQFLDU  FRQWDELOLWDWHD FX SULYLUH OD FRVWXULORU GH

EXJHWDUH

$FHVWH

IXUQL]DUHD

LQIRUPD LL

PDQDJHPHQWXOXL

LOH WUHFXWH L VLWXD LD FXUHQW

D ILUPHL DMXWkQG OD SURLHFWDUHD XQRU SODQXUL YLLWRDUH &HOHODOWH IXQF LL VXQW PDQDJHPHQWXO FDSLWDOXOXL

financiare sunW VXERUGRQDWH FDVLHUXOXL WUH]RULHUXOXL $FHVWH IXQF LL circulant, bugetarea capitalului, managementul structurii capitalului.
0DQDJHPHQWXO FDSLWDOXOXL FLUFXODQW LPSOLF QHFHVLW R PDUH SDUWH GLQ WLPSXO PDQDJHUXOXL ILQDQFLDU %XJHWDUHD FDSLWDOXOXL LPSOLF GHRVHELW GH LPSRUWDQW

DWkW PDQDJHPHQWXO DFWLYHORU FXUHQWH DOH ILUPHL FDVK L

LQYHQWDU YDORUL LPRELOLDUH HWF FkW L PDQDJHPHQWXO SDVLYHORU WD[H IDFWXUL GH SODW  $FHVWH DFWLYLW

DFKL]L LD L YkQ]DUHD DFWLYHORU IL[H DOH ILUPHL $FHDVW FKHOWXLHOL PDUL L LUHYRFDELOH

DFWL

vitate este

GHRDUHFH LPSOLF

0DQDJHPHQWXO VWUXFWXULL FDSLDWOXOXL LPSOLF OXQJ GHFL]LH ED]DW

OXDUHD GHFL]LLORU SULYLQG SURSRU LD IRQGXULORU SH WHUPHQ

SH YROXPXO GDWRULLORU L P ULPHD YHQLWXULORU L SODQLILFDUHD SODQQLQJ $FHDVW VLWXD LHL ILQDQFLDUH D ILUPHL L IXQF LH

Oa
LPSOLF PRGDOLW

SDWUD IXQF LH D WUH]RULHUXOXL HVWH DQDOL]D ILQDQFLDU VLWXD LHL FXUHQWH D ILUPHL GHWHUPLQDUHD

HYDOXDUHD

VWDELOLUHD

LORU SULQ FDUH SRW IL DWLQVH RELHFWLYHOH

SUDFWLF  UHVSRQVDELOLW

LOH JHVWLXQLL ILQDQFLDUH VXQW SUH]HQWDWH SH ED]D XQHL HQXPHU UL DQDOLWLFH D

VDUFLQLORU FRQFUHWH FDUH vL VXQW vQFUHGLQ DWH ILJ 

-schem a ana

1.3.2. Locul gestiunii financiare n sistemul de gestiune al ntreprinderii

Q FDOLWDWH GH SURSULHWDUL DL ILUPHL DF LRQDULL GH LQ DXWRULWDWHD VXSUHP ,PHGLDW VXE DF LRQDUL VH DIO SXWHUHD GH D vQORFXL L FRQWUROXO DFWLYLW LL ILUPHL FRQVLOLXO GH DGPLQLVWUD LH FDUH HVWH DOHV GH F WUH DF LRQDUL $F LRQDULL DX GUHSWXO FRQVLOLXOXL GH DGPLQLVWUD LH DOH F URU UH]XOWDWH VXQW FRQVLGHUDWH

PHPEULL

QHVDWLVI F WRDUH &RQVLOLXO GH DGPLQLVWUD LH QXPHWH SUHHGLQWHOH ILUPHL L WUDVHD] FH SULYHWH PDQDJHPHQWXO ILUPHL 'DF GDWRULD DFHWLD SRW IL vQORFXL L

OLQLLOH GLUHFWRDUH vQ FH

UHVSRQVDELOLL QXPL L GH F WUH FRQVLOLX QX L vQGHSOLQHVF FRUHVSXQ] WRU

0DQDJHPHQWXO ILQDQFLDU HVWH GRDU XQXO GLQWUH DVSHFWHOH FH SULYHVF DFWLYLWDWHD ILUPHL PDUNHWLQJXO L SURGXF LD ILLQG DOWH GRX ILH HILFLHQW  QWUH GRPHQLLOH PDUNHWLQJ ILQDQ H SURGXF LH H[LVW QXPHURDVH LQWHUGHSHQGHQ H 'H H[HPSOX SHQWUX SULPHDVF D GHWHUPLQD D LQIRUPD LL GH OD GHSDUWDPHQWXO QLYHOXO FHD YkQ]DULORU PDL SRWULYLW FD GLUHFWRUXO SROLWLF GLQ DVSHFWH PSUHXQ HOH WUHEXLH V FRRSHUH]H HIHFLHQW SHQWUX FD ILUPD vQ DQVDPEOX V

D GHWHUPLQD QLYHOXO SURGXF LHL PDQDJHUXO SURGXF LHL WUHEXLH V PDUNHWLQJ FRPHUFLDO FRPHUFLDO SULYLQG WUHEXLH D QLYHOXO V DWHSWDW FX DO YkQ] ULORU ,DU SHQWUX

FRODERUH]H 1XPHURDVH

PDQDJHUXO DOH

ILQDQFLDU LORU

SHQWUX

GHWHUPLQD

ILUPHL

DVSHFWH

DFWLYLW

LQWHUGHSDUWDPHQWDOH

QHFHVLW

GLIHULWH DULL IXQF LRQDOH V

ILH IDPLOLDUL]D L FX DFWLYLW LO

LOH GLQ DOWH GHSDUWDPHQWH L DULL IXQF LRQDOH RFXS XQ ORF SULYLOHJLDW vQWUH R DQXPLW

LQkQG FRQW GH UHVSRQVDELOLW

e care-L
UHVXUVH

UHYLQ JHVWLXQHD ILQDQFLDU

IXQF LLOH vQWUHSULQGHULL 3H GH R SDUWH HD DUH R WHKQLF

SURSULH FHHD FH IDFH V

L VH UHFXQRDVF

autonomie de decizie.
SODQ ILQDQFLDU FRQVHFLQ

3H GH DOW HOH

SDUWH GHFL]LLOH OXDWH GH FHOHODOWH GRPHQLL GH JHVWLXQH DWUDJ FRQVHFLQ H vQ L QHFHVLW L ILQDQFLDUH SUHVXSXQ vQFDV UL L SO L

GHRDUHFH

SUHVXSXQ

 JHVWLXQHD ILQDQFLDU

HVWH VXE LQIOXHQ D DQVDPEOXOXL GHFL]LLORU SULYLQG JHVWLXQHD HD UHDF LRQHD] DFHVWH P VXUL DX FRQVHFLQ H vQ SODQ ILQDQFLDU

OD P VXULOH GH WRW IHOXO OXDWH vQ vQWUHSULQGHUH SHQWUX F WUHEXLH vQ SOXV V

VH DQJDMH]H vQ DF LXQL GH DGDSWDUH FRUHOkQGX VH FX SURLHFWHOH FHORUODOWH IXQF LL GH JHVWLXQH

SHQWUX D DVLJXUD UHVSHFWDUHD GH F

WUH vQWUeprindere a constrngerilor financiare majore.

ILH FRQFHSXW FRQFUHWH FDUH SHUPLW V VH U VSXQG

2UJDQL]DUHD vQWUHSULQGHULORU WUHEXLH GHFL V

vQ DD IHO vQFkW V

WLPS SDUWLFXODULWDWHD IXQF LHL ILQDQFLDUH L OHJ WXUD VD QHFHVDU 6FKHPHOH RUJDQL]DWRULFH L VLWXD LLOH

FX FHOHODOWH VSHFLDOLW DFHVWHL

ELQHvQ HOHV PXOWLSOH 3XWHP WRWXL RIHUL FkWHYD H[HPSOH GHRVHELW GH FDUDFWHULVWLFH

 &D]XO PLFLORU vQWUHSULQGHUL FX VWUXFWXUD RUJDQL]DWRULF

SX LQ GLIHUHQ LDW

Q FD]XO PLFLORU vQWUHSULQGHUL GLYL]LXQHD PXQFLL vQWUH IXQF LLOH JHVWLXQLL HVWH UHODWLY OLPLWDW  DFHDVW FDX] IXQF LD ILQDQFLDU HVWH FHO PDL DGHVHD vQFUHGLQ DW WRU vQ FD]XO vQ FDUH HO VH RFXS XQXL UHVSRQVDELO SROLYDOHQW

de exemplu proprietarul-FRQGXF proprietarul-FRQGXF

ILQDQFLDUH YL]HD] LQYHVWL LLOH L

SHUVRQDO GH JHVWLXQH VDX GH DGPLQLVWUD LH

$FHVW UHVSRQVDELO SRDWH IL GH DVHPHQHD FRQWDELOXO HI VDX XQ DJHQW DGPLQLVWUDWLY SROLYDOHQW vQ FD]XO vQ FDUH WRU HVWH RULHQWDW PDL PXOW VSUH SURGXF LH VDX VSUH YkQ] UL $FHVWH UHOD LL RUJDQL]DWRULFH L GH ULJXUR]LWDWH HOH VXQW

SRW S UHD VLPSOH 'DU VXE UH]HUYD UHVSHFW ULL FRQGL LLORU PLQLPDOH GH FRPSHWHQ

DGHVHD VXILFLHQWH L SRW IL DGDSWDWH SHQWUX D U VSXQGH FHULQ HORU PLFLORU vQWUHSULQGHUL DOH F URU SUREOHPH vQGHRVHEL FRQWUROXO PLF ULL IRQGXULORU ILQDQ DUHD H[SORDW ULL L vQ PRG GLVFRQWLQXX SH WHUPHQ OXQJ VDX PHGLX Q DFHVWH FRQGL LL UHVSRQVDELOLL F URUD OH VXQW

ILQDQ DUHD

5 7' &

) # 65 # ! " 3 2"1 #( 0# "  ( & ! 4 ! '  & & ! #)  

' & $% "  # !   

ea

PDQDJHULL

Dar ea

H[SULPH vQ DFHODL L OHJDWH GH JHVWL GXEOH H[LJHQ H

une.
VXQW

Din Acesta poate fi

vQFUHGLQ DWH VDUFLQLOH JHVWLXQLL ILQDQFLDUH QX DX QHYRLH GH R WHKQLFLWDWH vQGHRVHEL GH FDOLW L FD YLJLOHQ

DVFX LW

L GH vQDOW

VSHFLDOL]DUH FL

L ULJXUR]LWDWH vQ XUP ULUHD HFKLOLEUXOXL ILQDQFLDU SUHFXP L GH FDSDFLWDWHD L OH VXQW QHFHVDUH vQ PRG

GH D VWDELOL UHOD LL $FHVWH FDOLW LQWHUQL vQ OHJ WXU EDQFKHULL RFXS

constant pentru a negocia, att cu partenerii lor

FX VWDELOLUHD QHFHVLW

LORU L UHVXUVHORU ILQDQFLDUH FkW L FX SDUWHQHULL H[WHUQL vQWUH FDUH

HYLGHQW XQ ORF HVHQ LDO DFHVWXL WLS GH VWUXFWXU UH]LG vQ DWULEXLUHD XQRU VDUFLQL GH JHVWLXQH ILQDQFLDU XQXL

3HULFROXO

IXQF LRQDU LQFDSDELO GH D IRUPXOD XQ GLDJQRVWLF VLPSOX GH D FRQFHSH QLWH P VXUL ILQDQFLDUH DGHFYDWH L GH D VWDELOL UHOD LL FRUHFWH FX E QFLOH 6H vQWkPSO XQXL UHSXWDW IXQF LRQDU SROLYDOHQW FDUH IUHFYHQW FD VDUFLQLOH GH JHVWLXQH ILQDQFLDU vQV RULHQWDW SUHD PXOW VSUH DVSHFWHOH V ILH vQFUHGLQ DWH  LQHUHD

HVWH

FRQWDELOH

HYLGHQ HL XUP ULUHD SURFHGXULORU GH vQUHJLVWUDUH DGPLQLVWUDWLYH UHOD LL FX DGPLQLVWUD LD ILVFDO  FRPHUFLDOH F XWDUHD YkQ] ULL FX RULFH SUH  I U D LQH VHDPD GH FRVWXUL VDX WHUPHQH GH SODW  VDX WHKQLFH

1.3.2.2. Cazul ntreprinderilor cu structuri organizatorice mai specializate

Q FD]XO vQWUHSULQHULORU PLMORFLL VDX PDUL GLYL]LXQHD PXQFLL HVWH vQ JHQHUDO PDL DFFHQWXDW ILQDQFLDU HVWH vQFUHGLQ DW L IXQF LD ULOH vQ DFHVWH FD]XUL XQXL UHVSRQVDELO PDL VSHFLDOL]DW 2UJDQLJUDPHOH WUDGL LRQDOH GLQ

FX HFRQRPLH GH SLD

DWULEXLH vQ PRG IUHFYHQW VDUFLQLOH JHVWLXQLL ILQDQFLDUH XQXL UHVSRQVDELO DGPLQLVWUDWLY VDX ]HFL GH DQL vQ OXPH UROXO ILQDQ HORU D FUHVFXW FRQVLGHUDELO $VLVW P OD R FUHWHUH D L DGPLQLVWUD LD JHQHUDO 

contabil. n ultimii dRX

FDUH HUDX DOW GDW GRPHQLXOXL GH FRPSHWHQ 6FKHPHOH FDUH

DXWRQRPLHL JHVWLXQLL ILQDQFLDUH L GHVHRUL OD R LQYHUVDUH D UHOD LHL FX JHVWLXQHD FRQWDELO SUHGRPLQDQWH $FHDVW LQYHUVDUH VH H[SULP

SULQ DWULEXLUHD XQRU VDUFLQL FRQWDELOH L ILVFDOH

DO UHVSRQVDELOLORU ILQDQFLDUL XUPHD] LORU UHSUH]LQW RUJDQLJUDPH FDUDFWHULVWLFH DOH DFHVWRU GRX WLSXUL VXFFHVLYH GH

UHSDUWL]DUH D UHVSRQVDELOLW

Fig. 1.7. Un exemplu de inserare a gestiunii financiare n

vQWUHSULQGHULOH WUDGL LRQDOH PLMORFLL VDX PDUL

)LJ  *HVWLXQHD ILQDQFLDU

vQ RUJDQLJUDPHOH PRGHUQH SXWHUQLF VSHFLDOL]DW

1.3.2.3. Cazul ntreprinderilor cu activitate financiar

Q VIkULW DQXPLWH vQWUHSULQGHUL SHQWUX FDUH RSHUD LXQLOH ILQDQFLDUH VXQW IRDUWH LPSRUWDQWH vQW UHVF UROXO JHVWLXQLL ILQDQFLDUH vQ FDGUXO VLVWHPXOXL GH JHVWLXQH (OH QX VH PXO XPHVF V SXQ UHVSRQVDELOXO

financiar (de exemplu direFWRUXO

JHVWLXQHD ILQDQFLDU WLWOXUL VH QHJRFLD] OD EXUV

ILQDQFLDU SH DFHODL SODQ FX GLUHFWRULL FX DOWH IXQF LL LPSRUWDQWH FL OHDJ FX UHVSRQVDELOLW LOH XQHL GLUHF LL JHQHUDOH FXP

GH DWULEX LLOH XQHL SHUVRDQH vQV UFLQDW

ar fi secretarul general, directorul general, sau directorul

WUHEXLH V

JHQHUDO DGMXQFW ILJ  QWUHSULQGHULOH DOH F URU SLD D

DGRSWH VROX LL GH DFHVW WLS vQWUXFkW UHOD LLOH FX DF LRQDULL L L VWUDWHJLD JOREDO

GHYLQ QX QXPDL DVSHFWH WHKQLFH DOH JHVWLXQLL ILQDQFLDUH FL YL]HD]

a ntreprinderii.

)LJ  8Q H[HPSOX GH OHJDUH D JHVWLXQLL ILQDQFLDUH GH DWULEX LLOH XQHL GLUHF LL JHQHUDOH

Q FRQFOX]LH PRGXULOH GH vQFDGUDUH D JHVWLXQLL ILQDQFLDUH vQ FDGUXO RUJDQL] ULL vQWUHSULQGHULL VXQW PXOWLSOH L H[SULP  vQ DFHODL WLPS FDUDFWHULVWLFL LVWRULFH FRPSHWHQ HOH LQL LDOH DOH IRQGDWRULORU L DOH vQDO LORU UHVSRQVDELOL L H[LJHQ H SURSULL DOH vQWUHSULQGHULL 'DU RULFDUH DU IL VROX LD RUJDQL]DWRULF UHXLWD vQFDGU ULL JHVWLXQLL ILQDQFLDUH vQ VWUXFWXUD RUJDQL]DWRULF FRQGL LL IXQGDPHQWDOH Q SULPXO UkQG VWUXFWXUD RUJDQL]DWRULF L D FRPSHWHQ HORU WHKQLFH SURSULL ILQDQ HORU vQWUHSULQGHULL DOHDV 

D vQWUHSULQGHULL GHSLQGH GH UHVSHFWDUHD D WUHL WUHEXLH V H[SULPH UHFXQRDWHUHD DXWRQRPLHL V FRPSRUWH L

n al doilea rnd, ea trebuiH

SURFHGHH VDX PHFDQLVPH LQWHUQH GH FRRUGRQDUH GH QHJRFLHUH L GH DUELWUDM vQWUH JHVWLXQHD ILQDQFLDU

FHOHODOWH IXQF LXQL FRQVXPDWRDUH GH UHVXUVH VDX JHQHUDWRDUH GH UHVXUVH SHQWUX vQWUHSULQGHUH Q VIkULW HD WUHEXLH V vQWUH LQXWH DLE GH JULM FD UHOD LLOH FX SDUWHQHULL ILQDQFLDUL H[WHUQL EDQFKHUL RSHUDWRUL EXUVLHUL DF LRQDUL V D F URU FRPSHWHQ  DXWRQRPLH L QLYHO LHUDUKLF V ILH DGDSWDWH ILH

UHVSRQVDELOL

VLWXD LHL L GH vQ

ntreprinderii.

3XWHP VSXQH F

JHVWLXQHD ILQDQFLDU

FRQVWLWXLH XQ DQVDPEOX GH PHWRGH GH DQDOL]

LQVWUXPHQWH GH OXFUX FDUH SHUPLW vQWUHSULQGHULORU L DOWRU RUJDQL]D LL V

vL DVLJXUH R vQFDGUDUH HILFLHQW

mediul lor financiar.