CAPI TOLUL 7

6,78$ ,$),1$1&,$5 ù,3$75,021,$/ 

7.1 Analiza structurii patrimoniale

6H UHDOL]HD]  SULQ GHWHUPLQDUHD SRQGHULL GH LQXWH GH F WUH ILHFDUH HOHPHQW

LPSRUWDQW GH DFWLY úL SDVLY vQ FDGUXO WRWDOXOXL ILLQG HYLGHQ LDWH WRWRGDW 

HYROX LLOHvQGLQDPLF DOHUHVSHFWLYHORUSRQGHUL

ACTI V
- LPRELOL] ULQHFRUSRUDOH

- LPRELOL] ULFRUSRUDOH

- LPRELOL] ULILQDQFLDUH

- stocuri
- FUHDQ H

- GLVSRQLELOLW L

- UHJXODUL] ULGHDFWLY

PASI V
- capitaluri proprii
- capital social
- rezerve
- fonduri
- alte elemente
- datorii bancare
- datorLLF WUHIXUQL]RULúLFOLHQ LFUHGLWRUL

- DOWHGDWRULLILVFDOHúLVRFLDOH

- UHJXODUL] ULGHSDVLY
7.2 Analiza echilibrului financiar

,QGLFDWRULLILQDQFLDULXWLOL]D LVXQW

- FONDUL DE RULMENT
- NECESARUL DE FOND DE RULMENT
- 75(=25(5,$1(7

FONDUL DE RULMENT seGHWHUPLQ SULQFRPSDUDUHDVXUVHORUSHUPDQHQWHFX

XWLOL] ULOH GH DFHHDúL QDWXU  UHVSHFWLY SULQ GLIHUHQ D GLQWUH FDSLWDOXULOH

SHUPDQHQWHúLDFWLYHOHLPRELOL]DWH

FR = Cperm – Aimobil

1(&(6$58/ '( )21' '( 58/0(17 VH RE LQH SULQ FRPSDUDUHD XWLOL] ULORU

cur HQWHFXVXUVHOHGHDFHHDúLQDWXU GLVSRQLELOH

NFR = Acurente – Pcurente

)DFHP SUHFL]DUHD F  vQ FDGUXO DFWLYHORU FXUHQWH QX VH LDX vQ FRQVLGHUDUH

HOHPHQWHOHGHGLVSRQLELOLW L

ÌQ PRG QRUPDO IRQGXO GH UXOPHQW HYROXHD]  SH SDOLHUH FUHúWH FD HIHFW D

cont UDFW ULLXQXLvPSUXPXWVDXDXQHLRSHUD LLGHPDMRUDUHGHFDSLWDOVRFLDOD

YkQ] ULL GH PLMORDFH IL[H VDX DOWH LPRELOL] UL úL VFDGH FD UH]XOWDW D UDPEXUV ULL

XQXL vPSUXPXW VDX D UHDOL] ULL XQHL LQYHVWL LL 6SUH GHRVHELUH GH DFHVWD

necesarul de fond de rulPHQW IOXFWXHD]  SHUPDQHQW FD R FRQVHFLQ  D

IUHFYHQ HL ULGLFDWH GH PDQLIHVWDUH D RSHUD LLORU UHDOL]DWH UHGXFHULFUHúWHUL GH

VWRFXULvQFDV ULPDMRU ULGHFUHDQ HSO LJHQHU ULGHGDWRULLFRPHUFLDOHHWF

75(=25(5,$ 1(7  UHSUH]LQW  GLIHUHQ D GLQWUH FHL doi indicatori financiari

PHQ LRQD LDQWHULRU

TN = FR – NFR
5HVSHFWDUHD HFKLOLEUXOXL ILQDQFLDU OD VFDU  PLFURHFRQRPLF  LPSOLF  ILQDQ DUHD

GHILFLWXOXL vQUHJLVWUDW OD QLYHOXO DFWLYLW LL FXUHQWH GH F WUH H[FHGHQWXO GHJDMDW

GH F WUH DFWLYLWDWHD DFLFOLF  GH LQYHVWL LL úL RE LQHUHD XQHL WUH]RUHULL QHWH

pozitive.

&X WRDWH DFHVWHD H[LVW  ILUPH DO F URU VSHFLILF GH DFWLYLWDWH IDFH FD QLYHOXO

FLFOLF FXUHQW V  GHJDMH VXUSOXV GH VXUVH VXUSOXV FDUH ILQDQ HD]  DFWLYLWDWHD

GXUDELO  úL WUH]RUHULD QHW  1H UHIHUL m aici la marile firme de vânzare cu
DP QXQWXOVXSHUPDUNHW -uri etc.).

7.3 $QDOL]DOLFKLGLW LLúLDFDVK -flow - ului

Ratele de lichiditate

/,&+,',7$7($ *(1(5$/  VH RE LQH SULQ UDSRUWDUHD DFWLYHORU FXUHQWH OD

SDVLYHOH GH DFHHDúL QDWXU  úL DUDW  vQ FH P VXU  ILUPD SRDWH IDFH ID 

REOLJD LLORU GH SODW  SH WHUPHQ VFXUW FX DFWLYHOH GH DFHHDúL QDWXU  1LYHOXO

PLQLP DFFHSWDELO GLIHU  GH OD XQ VHFWRU GH DFWLYLWDWH OD DOWXO 6H FRQVLGHU 

WRWXúLF RYDORDUHGH 1,8 – 2,0HVWHPLQLPQHFHVDU 

Active curente
Lgen =
Pasive curente

/,&+,',7$7($ ,17(50(',$5  LD vQ FRQVLGHUDUH vQ FDGUXO DFWLYHORU FXUHQWH

QXPDLHOHPHQWHOHFXJUDGXOFHOPDLULGLFDWGHOLFKLGLWDWHUHVSHFWLYFUHDQ HOHúL

GLVSRQLELOLW LOHE QHúWLNivel minim: 0,8 – 1,0.

Active curente − stocuri

Linterm =
Pasive curente

LICH,',7$7($,0(',$7 UDSRUWHD] QXPDLGLVSRQLELOLW LOHE QHúWLDOHILUPHL

la valoarea pasivelor curente. Nivel minim: 0,2 – 0,4.

'LVSRQLELOLW L

Limed =
Pasive curente

Analiza cash-flow - ului

Rezultatul net al perioadei

+ amortizare
YDULD LDFDSLWDOXOXLGHOXFUX

- YDULD LDVWRFXULORU

- YDULD LDFUHDQ HORU

YDULD LDREOLJD LLORU

= CASH FLOW DI N EXPLOATARE A

+ sume din vânzarea activelor fixe

- LQYHVWL LLHIHFWXDWH

&$6+)/2:',1,19(67, ,, B

+ cresteri de capital social

YDULD LDvPSUXPXWXULORU

+ noi împrumuturi contractate

- UDPEXUV ULHIHFWXDWH

&$6+)/2:',1$&7,9,7$7($),1$1&,$5 C

- YDULD LDDOWRUHOHPHQWHGHDFWLY

YDULD LDDOWRUHOHPHQWHGHSDVLY

&$6+)/2:',15(*8/$5,= 5, D

CASH FLOW- UL PERI OADEI A+ B+ C+ D

+ Disponibil la începutul perioadei

'LVSRQLELOODVIkUúLWXOSHULRDGHL
Exemplu:
mii lei
Nr. Crt. indicatori 1997 1998
1 ,PRELOL] ULQHFRUSRUDOH 0 0
2 ,PRELOL] ULFRUSRUDOH 55.369 76.171
3 ,PRELOL] ULILQDQFLDUH 0 0
4 ACTI VE I MOBI LI ZATE 55.369 76.171
5 Stocuri 824.192 671.330
6 &UHDQ H 570.800 265.132
7 'LVSRQLELOLW LE QHúWL 33.697 111.053
8 ACTI VE CI RCULANTE 1.428.689 1.047.517
9 5HJXODUL] ULGHDFWLY 53.302 135.349
10 TOTAL ACTI VE 1.537.360 1.259.035
11 Capital social 2.000 2.000
12 Rezerve 0 0
13 Fonduri 0 0
14 5H]XOWDWXOH[HUFL LXOXL - 93.192 - 224.876
15 Alte elemente 0 0
16 CAPI TALURI PROPRI I - 91.192 - 222.876
17 Împrumuturi 0 0
18 )XUQL]RULúLFOLHQ LFUHGLWRUL 1.117.925 1.225.091
19 Alte datoriLILVFDOHúLVRFLDOH 29.741 29.745
20 DATORI I 1.147.397 1.225.090
21 5HJXODUL] ULGHSDVLY 480.886 227.075
22 TOTAL PASI VE 1.537.362 1.258.035
23 Amortizare 431 1.452
24 9kQ] ULGHPLMORDFHIL[H 0 0

Pe baza datelor prezentate mai sus se poate construi fluxul de numerar al

perioadei:
 - mii lei -
indicatori valoare
Rezultatul net al perioadei - 131.684
Amortizare 1.452
9DULD LDVWRFXULORU - 152.862
9DULD LDFUHDQ HORU - 305.668
9DULD LDGDWRULLORUF WUHIXUQL]RUL 107.170
CASH FLOW DI N EXPLOATARE + 435.468
9kQ] ULGHPLMORDFHIL[H 0
,QYHVWL LLHIHFWXDWH 22.254
&$6+)/2:',1,19(67, ,, - 22.254
&UHúWHULGHFDSLWDOVRFLDO 0
9DULD LDvPSUXPXWXULORU 0
CASH FLOW FI NANCI AR 0
9DULD LDDOWRUHOHPHQWHGHDFWLY 82.047
9DULD LDDOWRUHOHPHQWHGH pasiv - 253.811
&$6+)/2:',15(*8/$5,= 5, - 335.858
CASH FLOW AL PERI OADEI 77.357
Disponibil la începutul perioadei 33.697
'LVSRQLELOODVIkUúLWXOSHULRDGHL 111.054

ÌQWUH FHOH WUHL HWDMH PDMRUH GH DQDOL]  – H[SORDWDUH LQYHVWL LRQDOD úL UHVSHFWLY

f LQDQFLDU  VH SRW PDQLIHVWD GLIHULWH UHOD LL ÌQ PRG QRUPDO ILUPD WUHEXLH V 

GHJDMH XQ IOX[ H[FHGHQWDU GH QXPHUDU OD QLYHOXO GH H[SORDWDUH IOX[ FDUH V 

VXV LQ  HIRUWXO LQYHVWL LRQDO GDF  HVWH FD]XO VDX UDPEXUVDUHD XQRU

împrumuturi anterior contractate.

6H FRQVWDW F  vQWUH UHQWDELOLWDWHD SURILWDELOLWDWHD DFWLYLW LL úL FDVK -flow-ul
ILUPHL H[LVW  R OHJDWXU  GLUHFW  &X WRDWH DFHVWHD VXQW FD]XUL vQ FDUH ILUPD

GHJDM XQIOX[GHOLFKLGLW LSR]L LYvQSULPXOUkQGFDHIHFWDOJHVWLXQLLDJUHVLYH

a capitaOXOXLGHOXFUXúLQXDOSURILWDELOLW LLDIDFHULL
Ritmul deRVHELW GH GLQDPLF DO LPSOHPHQW ULL WHKQRORJLLORU QRL vQ DFWLYLWDWHD FX

FDUDFWHU FXUHQW VH FRQFUHWL]HD]  OD QLYHOXO VRFLHW LORU FDUH DFWLYHD]  vQ

VHFWRUXO FRPHUFLDOL] ULL LQIRUPD LLORU vQ  UHGXFHUHD FRQVLGHUDELO  D FLFOXOXL

economic. Spre deosebire de trend-ul fluxului de numerar conturat în cazul

ILUPHORU ³FODVLFH´ FHO JHQHUDW GH F WUH FRPSDQLLOH QRLL HUH LQIRUPDWLFH HVWH

fundamental diferit.

Fluxul de numerar în economia “ FODVLF ”

Flux
“ rezultat ”
pozitiv

Flux
“ rezultat ”
negativ

Flux “ ELODQ LHU ” negativ 0 Flux “ bilan LHU ” pozitiv

Fluxul de numerar în “ noua” economie

Flux
“ rezultat ”
pozitiv

Flux
“ rezultat ”
negativ

Flux “ ELODQ LHU ” negativ 0 Flux “ ELODQ LHU ” pozitiv

(IHFWXO DFHVWHL HYROX LL D IOX[XULORU GH OLFKLGLW L HVWH YL]LELO vQ HYDOX ULOH

LQYHVWLWRULORU DPHULFDQL SH SLD D EXUVLHU  &HUFHW WRULL HFRQRPLFL :DUUHQ

%XIIHW VXEOLQLD]  F  YDORDUHD DF LXQLL XQHL FRPSDQLL HVWH GDW  GH YDORDUHD

DFWXDOL]DW  D IOX[XOXL GH QXPHUDU GHJDMDW GH F WUH FRPSDQLD UHVSHFWLY  vQ

WLPSXOFLFOXOXLGHYLD 

Exemplu:
6&³(OHFWURDSDUDWDM´6$%XFXUHúWL

DomHQLXOGHDFWLYLWDWHFHUFHWDUHDSURLHFWDUHDSURGXFHUHDúLFRPHUFLDOL]DUHD
GH DSDUDWDM HOHFWULF GH MRDV  WHQVLXQH HOHFWURWHKQLF úLVDX HOHFWURQLF DSDUDWDM

electrocasnic, bunuri de larg consum, metalo-casnice, diverse alte produse.

Principalele familii dHSURGXVHVXQWXUP WRDUHOH

- FRQWDFWRDUHúLFRPXWDWRDUH

- vQWUHUXS WRDUHDXWRPDWHúLPLFURvQWUHUXS WRDUH

- SURGXVHGHHOHFWURQLF LQGXVWULDO 

- echipament auto;
- DSDUDWDMGHLQVWDOD LLSUL]HFRPXWDWRDUHSUHOXQJLWRDUH

- produse electrocasnice: aspiUDWRDUH XVF WRDUH GH S U URER L GH

EXF W ULHHWF

Indicatori economico-financiari
mii lei
Denumirea indicatorului 1997 1998
Stocuri curente 19.247.962 25.935.047
&UHDQ HFXUHQWH 21.635.140 29.565.451
'LVSRQLELOLW LE QHúWL 16.086.428 27.873.041
'DWRULLF WUHIXUQL]RULúLFOLHQ LFUHGLWRUL 4.776.710 5.134.963
curente
'DWRULLILVFDOHúLVRFLDOH 9.363.676 13.297.684
Profit net 13.267.000 28.048.028
,QYHVWL LLHIHFWXDWH N.A. 10.136.000
0RGXO GH GHWHUPLQDUH D IOX[XOXL QHW GH OLFKLGLW L DIHUHQW H[HUFL LXOXL ILQDQFLDU

HVWHSUH]HQWDWvQFDGUXOJUDILFXOXLFDUHXUPHD] 

Venituri brute
249.739.070 mii

Cash flow
“ rezultat ”
28.048.028 mii

Cheltuieli brute
205.383.309 mii

Cash flow net

+ 11.786.600 mii
9DULD LDFDSLWDOXOXL

de lucru
- 10.325.100 mii

Cheltuieli de Cash flow

capital patrimonial
10.136.000 mii - 16.261.428 mii

Vânz ULde mijloace

fixe
4.199.672 mii

7.4 $QDOL]DJHVWLXQLLDFWLYLW LL

,QGLFDWRULLXWLOL]D LVXQW

¾ Viteza deURWD LHDVWRFXULORU

stocuri
Vs = × T (zile)
Cifra de afaceri
¾3HULRDGDPHGLHGHUHFXSHUDUHDFUHDQ HORU

FUHDQ H
Prc = × T (zile)
Cifra de afaceri

¾'XUDWDPHGLHGHDFKLWDUHDREOLJD LLORU

REOLJD LL
Dao = u T (zile)
Cifra de afaceri

3HQWUX FD ILUPD V  EHQHILFLH]H GH XQ HIHFW IDYRUDELO VH LPSXQH FD GXUDWD

PHGLH GH DFKLWDUH D ROELJD LLORU V  GHS úHDVF  SHULRDGD FXPXODW  GH vQFDVDUH

DFUHDQ HORUúLGHURWD LHDVWRFXULOR r.

¾5RWD LD DFWLYHORU WRWDOH H[SULPDW  VXE IRUPD QXP UXOXL GH URWD LL HIHFWXDW

în cursul perioadei analizate):

Cifra de afaceri
Rat =
Active totale

7.5 $QDOL]DVROYDELOLW LLILUPHL

Indicatorul clasic folosit în aprecierea nivelului de solvabilitate a firmei este

DXWRQRPLDILQDQFLDU :

Capital propriu
Af = × 100
Pasive totale

&XFkWYDORDUHDLQGLFDWRUXOXLHVWHPDLUHGXV FXDWkWJUDGXOGHLQGHSHQGHQ 

ILQDQFLDU  HVWH PDL ULGLFDW 'LQ SXQFWXO GH YHGHUH DO LQFLGHQ HL VWUXFWXULL GH

ILQDQ DUH DVXSUD QLYHOXOXL GH UHQWDELOLW ate al firmei apare necesitatea
RSWLPL] ULL VXE UDSRUWXO FRVWXULORU LPSOLFDWH D VXUVHORU GH ILQDQ DUH XWLOL]DWH

SURSULL DWUDVH úL UHVSHFWLY vPSUXPXWDWH ÌQ SUDFWLFD ULORU GH]YROWDWH VXQW

SUHIHUDWH DGHVHD ILQDQ UL DOH DFWLYLW LL FXUHQWH úLVDX LQYHVWL LRQDOH SULQ

vPSUXPXWXUL GHRDUHFH FRVWXO DFHVWRUD UHSUH]HQWDW GH F WUH GREkQGD SO WLW 

HVWH LQIHULRU FHOXL DO FDSLWDOXULORU SURSULL FkúWLJXO PHGLX DúWHSWDW GH F WUH

DF LRQDULDWSHQWUXFDSLWDOXODSRUWDWILUPHL

7.6 'LDJQRVWLFXOJOREDODOVLWXD LHLILQD nciare a firmei

5HDOL]DUHD XQXL GLDJQRVWLF VLQWHWLF OD QLYHOXO JOREDO DO VLWXD LHL ILQDQFLDU -
SDWULPRQLDOHDVRFLHW LLFRPHUFLDOHLPSOLF XWLOL]DUHDILHDPHWRGHLVFRULQJILH

a grilei de evaluare (punctaj).

Metoda scoring VROLFLW  OXDUHD vQ FRQVLGHUDUH D XQRU LQGLFDWRUL HFRQRPLFL úL

ILQDQFLDUL SHUWLQHQ L FX SXWHUH PDUH GH VLQWHWL]DUH D IHQRPHQHORU HFRQRPLFH

DWkW VWDWLF FkW úL VXE DVSHFW GLQDPLF úL SRQGHUHD LPSRUWDQ HL LQGLFDWRULORU

VHOHFWD L 3H DFHDVW  ED]  úL SULQ VWDELOLUHD UHOD LLORU PDWHPDWLFH GLQ tre
LQGLFDWRUL VH SRDWH GHWHUPLQD XQ VFRU WRWDO vQ IXQF LH GH FDUH ILUPD DQDOL]DW 

HVWH DSUHFLDW  VXE DVSHFWXO YLDELOLW LL VDOH vQ PHGLX FRQFXUHQ LDO 8WLOL]DUHD

VWXGLLORU FX FDUDFWHU VWDWLVWLF HVWH GH QDWXU V  IXQGDPHQWH]H DWkW JUDGXO GH

SHUWLQHQ  DO LQGLFDWRULORU FRPSRQHQ L DL IXQF LHL VFRU FkW úL SRQGHUDUHD
-
ILHF UXLLQGLFDWRUvQSDUWH

7HRULDHFRQRPLF vQPDWHULHGHVFRUXULIDFHDSURDSHvQH[FOXVLYLWDWHUHIHULUHOD

IXQF LLOH HODERUDWH GH F WUH $OWPDQQ &RQDQ +ROGHU úL UHVSHFWLY &HQWUDOD
-
%LODQ XULORU GLQ FDGUXO % QFLL )UDQ HL &RQVLGHU P XWLO  QXPDL VXE DVSHFW

FRJQLWLY SUH]HQWDUHD IXQF LLORU UHVSHFWLYH GHRDUHFH HVWH HYLGHQW FD PRPHQWXO

HODERU ULLORUSUHFXPúLFDUDFWHULVWLFLOHIXQGDPHQWDOHDOHPHGLLORUHFRQRPLFHvQ

care s-DX GHVI úXUDW REVHUYD LLOH VWDWLVWLFH GHWHUPLQ  SHULVDELOLWDWHD ORU úL SH

DFHDVW ED] XWLOLWDWHDSUDFWLF DIXQF LLORUvQFDX] 

ÌQ FHHD FH SULYHúWH metoda grilei de evaluare, aceasta constituie un

LQVWUXPHQW HILFDFH IRORVLW FX SUHF GHUH GH F WUH LQVWLWX LLOH ILQDQFLDUH vQ FDGX l
SURFHVXOXLGHIXGDPHQWDUHDGHFL]LHLGHFUHGLWDUHDDJHQ LORUHFRQRPLFL
Exemplu:
9RP SUH]HQWD vQ FHOH FH XUPHD]  PRGHOXO FRQVWUXLW úL XWLOL]DW GH F WUH %DQFD

&RPHUFLDO 5RPkQ 

,QGLFDWRULLFXSULQúLvQFDGUXOJULOHLGHHYDOXDUHVXQW

1. Lichiditatea patr LPRQLDO  GHWHUPLQDW  FD UDSRUW vQWUH DFWLYHOH FXUHQWH DOH

ILUPHL GLPLQXDWH FX YDORDUHD VWRFXULORU I U  SRVLELOLW L GH YDORULILFDUH úL

totalul pasivelor curente;

2. 6ROYDELOLWDWHD SDWULPRQLDO  RE LQXW  FD UDSRUW vQWUH FDSLWDOXULOH GH QDWXU 

SURSULHúLSDVLYHOHWRWDOHDXWRQRPLDILQDQFLDU 

3. 5HQWDELOLWDWHD ILQDQFLDU  UH]XOWDQW  D UDSRUWXOXL GLQWUH UH]XOWDWXO SURILWXO

vQDLQWHD LPSR]LW ULL úL YDORDUHD FDSLWDOXULORU SURSULL UDSRUW H[SULPDW FD úL

SUHFHGHQ LLVXEIRUP SURFHQWXDO 

4. 5RWD LD DFWLYHORU FLFXODQWH , indicator de gestiune, determinat ca raport

vQWUHFLIUDGHDIDFHULQHW I U 79$úLYDORDUHDDFWLYHORUFLUFXODQWH

5. *UDGXO GH GHSHQGHQ  GH SLH HOH GH DSURYL]LRQDUH úL UHVSHFWLY GH

desfacere (comercializare)  JUDG FRPSDUDW FX YDORDUHD GH UHIHULQ  GH

50%  GLQ WRWDOXO FKHOWXLHOLORU GH DSURYL]LRQDUH úL UHVSHFWLY GLQ YDORDUHD
YkQ] ULORUUHDOL]DWH

6. *DUDQ LLOH GHSXVH SHQWUX DFRSHULUHD FUHGLWXOXL VROLFLWDW JDUDQ LL FH SRW

vPEU FD IRUPD GHSR]LWHORU vQ OHL VDX YDOXW  JDMXULORU úL LSRWHFLORU D

bunurilor (utilDMH HWF DFKL]L LRQDWH SULQ FUHGLWXO FRQWUDFWDW VDX FHVLRQDUHD

SRUWRIROLXOXLGHFUHDQ HvQIDYRDUHDE QFLL

3XQFWDUHD ILHF UXL LQGLFDWRU GLQ FHL SUH]HQWD L DQWHULRU VH UHDOL]HD]  SH ED]D

JULOHORUXUP WRDUH

/LFKLGLWDWHDSDWULPRQLDO punctaj
Lp < 80% - 2 pt.
81% < Lp < 100% - 1 pt.
101 % < Lp < 120% + 1 pt.
121% < Lp < 140% + 2 pt.
141% < Lp < 160% + 3 pt.
Lp > 161% + 4 pt
 6ROYDELOLWDWHDSDWULPRQLDO punctaj
Sp < 30% 0 pt.
31% < Sp < 40% + 1 pt.
41 % < Sp < 50% + 2 pt.
51% < Sp < 60% + 3 pt.
61% < Sp < 70% + 4 pt.
71% < Sp > 80% + 5 pt
Sp > 81% + 6 pt.

5HQWDELOLWDWHDILQDQFLDU punctaj
Rf < 0% 0 pt.
0% < Rf < 10% + 3 pt.
11 % < Lp < 30% + 4 pt.
121% < Lp < 140% + 2 pt.
141% < Lp < 160% + 3 pt.
Lp > 161% + 4 pt

5RWD LDDFWLYHORUF irculante punctaj

Rac < 5 + 1 pt.
5 < Rac < 10 + 2 pt.
Rac > 10 + 4 pt.

'HSHQGHQ DGHSLH H$ –
aprovizionare, D – desfacere) punctaj
$ DUD!úL'H[SRUW! + 4 pt.
$LPSRUW!úL'H[SRUW! + 3 pt.
$ DUD!úL' DUD! + 2 pt.
$LPSRUW!úL' DUD! + 1 pt.

*DUDQ LLRIHULWHE QFLL punctaj

'HSR]LWHOHLYDOXW + 4 pt.
Gajuri, ipoteci + 3 pt.
%XQXULDFKL]L LRQDWHGLQFUHGLW + 2 pt.
&HVLRQDUHDFUHDQ HORU + 1 pt.
$QDOL]D SHUIRUPDQ HORU HFRQRPLFR ILQDQFLDUH UHDOL]DW
-  SH baza grilelor de mai
VXVFRQGXFHODvQFDGUDUHDILUPHLvQXQDGLQXUP WRDUHOHFLQFLFDWHJRULL

A. punctaj total peste 20 puncte;

B. punctaj total între 16 – 20 puncte;
C. punctaj total între 11 – 15 puncte;
D. punctaj total între 6 – 10 puncte;
E. punctaj total între 0 – 5 puncte.

)LUPHOH FDUH UDOL]HD]  XQ SXQFWDM GH SHVWH  SXQFWH SUH]LQW  R VLWXD LH

ILQDQFLDU EXQ ILLQGUHFRPDQGDW vQFRQVHFLQ DFRUGDUHDFUHGLWXOXLVROLFLWDW

)LUPHOHSR]L LRQDWHvQFDWHJRULD&VHFDUDFWHUL]HD] SULQWU -un grad semnificativ

GH ULVF DFRUGDUHD XQXL HYHQWXDO FUHGLW ILLQG FRQGL LRQDW  GLUHFW GH OXDUHD vQ

FRQVLGHUDUH D XQHL SULPH GH ULVF VXSOLPHQWDUH (VWH UHFRPDQGDW  vQ DFHODúL

WLPS PRQLWRUL]DUHD DWHQW  D HYROX LHL DFHVWRU ILUPH vQ SODQ ILQDQFLDU SHQWUX

prevenirea ajungeriL vQ VWDUHD GH LQVROYDELOLWDWH ÌQ FD]XO XOWLPHORU GRX 

FDWHJRULLGHVRFLHW LFRPHUFLDOH'úLUHVSHFWLY(GHFL]LDFUHGLW ULLQXSRDWHIL

OXDW 

7.7 ,QGLFDWRULXWLOL]D LvQPDQDJHPHQWXOYDORULL

)LUPD GH FRQVXOWDQ  DPHULFDQ ³ Stern Stewart ” a creat indicatorul denumit

EVA – economic value added pe care îl putem traduce ca ³YDORDUHDHFRQRPLF 

FUHDW ´ DO F UXL URO HVHQ LDO HVWH GH D FRPHQVXUD SHUIRUPDQ D ILQDQFLDU 

RE LQXW  GH F WUH R HQWLWDWH PLFURHFRQRPLF  SHUIRPDQ  FDUH LQIOXHQ HD] 

DIRECT valoareaGHSLD DDF LXQLLILUPHLvQFDX] 

9DORDUHDHFRQRPLF FUHDW ³HFRQRPLFYDOXHDGGHG´

9DORDUHDHFRQRPLF FUHDW VHGHWHUPLQ SHED]DUHOD LHL

EVA = PN – CC

ceea ce este sinonim cu:

EVA = (ROI – RR) × AT
unde:
PN – profitul net generat de activitat HDGHVI úXUDW 

CC –FRVWXOWRWDODOFDSLWDOXOXLIRORVLWSHQWUXILQDQ DUHDDFWLYLW LL

RR – rata medie de remunerare a capitalului total;

AT – DFWLYXO WRWDO GH LQXW GH F WUH FRPSDQLH FDUH HVWH HJDO FX YDORDUHD

FDSLWDOXOXLWRWDOXWLOL]DWGHF WUHILUP 
- CT)

R.O.I .

- PONDEREA
CAPI TALULUI “ i”
RATA M EDI E
E.V .A. DE x
REMUNERARE
VALOAREA
CAPI TALULUI “ i”
X UTI LI ZAT

CAPI TAL
TOTAL

&HO PDL LPSRUWDQW HOHPHQW LQGXV vQ HFXD LH HVWH UHSUH]HQWDW GH OXDUHD vQ

considerare a costului total DO FDSLWDOXOXL QHFHVDU ILQDQ ULL DFWLYLW LL GHFL

inclusiv al costului capitalului propriu al firmei. Cunoscutul Peter Drucker

spunea în acest sens: “ 3kQ FkQGYHQLWXULOHJHQHUDWHGHF WUHRILUP QXVXQW

VXSHULRDUH FRVWXOXL FDSLWDOXOXL XWLOL]DW vQ ILQDQ DUHD DIDFHULL ILUPD vQ FDX] 

OXFUHD]  vQ SLHUGHUH 1X DUH QLFL R UHOHYDQ  SUDFWLF  IDSWXO F  D RE LQXW

eventual profit net contabil. Întreprinder HD UHWXUQHD]  vQ HFRQRPLH PDL SX LQ

GHFkW D SULPLW GH OD DFHDVWD FD UHVXUVH 3kQ  vQ DFHO PRPHQW ILUPD QX

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$YDQWDMXO PDMRU DO LQGLFDWRUXOXL GH PDL VXV UH]LG  vQ JUDGXO UHODWLY ULGLFDW GH

simplicitate al con LQXWXOXL V X SUHFXP úL vQ UHOLHIDUHD LPSOLFLW  D LPSRUWDQ HL

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ULVFFDUHvQVR HúWHDFWLYLWDWHDILUPHL
9DORDUHDGHSLD FUHDW ³PDUNHWYDOXHDGGHG´

“ 9DORDUHD GH SLD  FUHDW ´GH F WUH R ILUP  vQ GHFXUVXO XQHL SHULRDGH GH WLPS

VH GHWHUPLQ  SULQ GHGXFHUHD GLQ YDORDUHD GH SLD  D firmei la finele perioadei
YDORDUHDEXUVLHU DYDORULLODvQFHSXWXOSHULRDGHLDFDSLWDOXOXLWRWDOLQYHVWLW

MVA = VB – CT

unde:
VB – YDORDUHD EXUVLHU  GH SLD  D ILUPHL GHWHUPLQDW  SULQ PXOWLSOLFDUHD

QXP UXOXLWRWDOGHDF LXQLHPLVH$FXFXUVXOEXUVLHUDOXQHLDF LXQL&%$

VB = A X CBA

CT –FDSLWDOXOWRWDOXWLOL]DWIRUPDWGLQFDSLWDOXOSURSULX&3úLFHOvPSUXPXWDW

(CI)

CT = CP + CI

ÌQ WHRULH SUH]LQW  LPSRUWDQ  úL FDOFXOXO LQGLFDWRUXOXL ³ MVA Index” - MVAi,
determinat ca raport între valoareD GH SLD  D FRPSDQLHL úL YDORDUHD FDSLWDOXOL

LQYHVWLWLQL LDOvQHD

VB
MVAi =
CT


   
 



VALOAREA

 
×
CURSUL
 



M.V.A.
-
CAPITAL
PROPRIU

TOTAL
CAPI TAL UTI LIZAT +
CAPITAL
ÎMPRUMUTAT

$QDOL]D FRUHOD LHL GLQWUH YDORDUHD HFRQRPLF  FUHDW  úL YDORDUHD GH

SLD FUHDW

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VXEOLQLHUHD FRUHOD LHL GLUHFWH FDUH VH PDQLIHVW  vQWUH DFHVWD úL YDORDUHD GH

SLD DFRPSDQLHLYDORDUHDP VXUDW GHF WUH09$ – market value added.

9DORDUHDGHSLD FUHDW  9DORDUHDDFWXDOL]DW DYLLWRDUHORU³YDORULHFRQRPLFH

create”

'HDFHHDFUHúWHUHD³ valorii economice create” va determina majorarea valorii

GHSLD JHQHUDWHFXDOWHFXYLQWHDGLIHUHQ HLGLQWUHYDORDUHDGHSLD DILUPHL

úLFRVWXOLVWRULFDOFDSLWDOXULORULQYH stite.

9DORDUHDGHSLD FUHDW  YDORDUHDGHSLD DFDSLWDOXOXL –YDORDUHDLVWRULF D

capitalului

În cadrul valorii istorice a capitalului se includ: rezervele, rezultatele reportate,

SURYL]LRDQHOH &RUHOD LD H[LVWHQW  vQWUH (9$ úL 09$ DUH LPSOLFD LL asupra
HYDOX ULL ILUPHL vQ FDX]  3ULQ UHDVH]DUHD IRUPXOHORU DQWHULRDUH SXWHP

FRQFOX]LRQDF YDORDUHDFRPSDQLHLHVWHGDW GHUHOD LD

9DORDUHD GH SLD  D FDSLWDOXOXL SURSULX  9DORDUHD FRQWDELO  LVWRULF  

9DORDUHDSUH]HQW DYLLWRDUHORU(9$

&X DOWH FXYLQWH ILUPHOH FDUH RE LQ R YDORDUH ULGLFDW  SR]LWLY  D LQGLFDWRUXOXL

(9$ DX R HYROX LH IDYRUDELO  D YDORULL GH SLD  úL LQYHUV Spre a exemplifica
cele afirmate, vom prezenta în cadrul tabelului de mai jos primele 10 companii
americane, clasatevQRUGLQHDGHVFUHVF WRDUHD09$ODVIkUúLWXODQXOXL

Nr. MVA EVA Total capital ROI RR

crt. 'HQXPLUHILUP – – investit – – –
mil. USD mil. USD mil. USD % %
1 2 3 4 5 6 7
1 General Electric 195.830 1.917 59.251 17,34 13,76
2 Coca-Cola 158.247 2.615 10.957 36,33 12,13
3 Microsoft 143.740 2.781 8.676 52,94 14,20
4 Merck 107.418 1.921 23.112 23,15 14,51
5 Intel 90.010 4.821 21.436 42,71 12,81
6 Procter & Gamble 88.706 587 24.419 15,16 9,91
7 Exxon 85.557 -412 88.122 9,44 12,07
8 Pfizer 83.835 1.077 15.220 19,86 11,93
9 Philip Morris 82.412 3.524 43.146 20,15 12,55
10 Bristol-Myers 81.312 1.802 14.627 25,32 12,95
Squibb

7.8 Analiza firmei în dificultate

,GHHD SRWULYLW F UHLD R vQWUHSULQGHUH DUH GLILFXOW L datorate unor probleme de

RUGLQ ILQDQFLDU DUH GHVWXL DGHS L vQ UkQGXO HFRQRPLúWLORU ÌQ UHDOLWDWH

GLILFXOW LOH GH QDWXU  ILQDQFLDU  VXQW HIHFWXO úL QX FDX]D H[LVWHQ HL XQRU

GLVIXQF LRQDOLW L FH DSDU in altor domenii, cum ar fi: comercial, tehnic, social,
managerial etc. )RUPHOH FRQFUHWH GH PDQLIHVWDUH D GLILFXOW LORU ILQDQFLDUH

VXQW UHSUH]HQWDWH ILH GH GLPLQXDUHD DFFHQWXDW  D OLFKLGLW LL ILH GH UHGXFHUHD

nivelului de rentabilitate al firmei, fie de PDQLIHVWDUHD FRQMXJDW  D FHORU GRX 

procese.
 'LILFXOW L

- comerciale
- tehnice 'LILFXOW LILQDQFLDUH
- manageriale - VF GHUHDUHQWDELOLW LL
- sociale VF GHUHDOLFKLGLW LL

Mijloace financiare nesemnificative pentru :

- cercetare- dezvoltare
- DF LXQLFRPHUFLDOH
- invest L LLSHQWUXFUHúWHUHDSURGXFWLYLW LL
JHVWLXQHDHILFLHQW a afacerii

%ORFDMSURJUHVLYúLvQFHWDUHD

SO LORU

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'LPLQXDUHD VHPQLILFDWLY  D SR]L LHL FRQFXUHQ LDOH GH LQXW  GH F WUH ILUP  vQ

cadrul sectorului de activitate din care face parte se poate concretiza în

UHGXFHUHD LPSRUWDQW  D JUDGXOXL GH XWLOL]DUH D FDSDFLW LL GH SURGXF LH vQ

IXQF LXQH (IHFWXO GLUHFW DO XQXL FRPSRUWDPHQW GH DFHVW VSHFLILF VH

FRQFUHWL]HD]  vQ PDMRUDUHD SRQGHULL GH LQXWH GH F WUH FRVWXULOH GH QDWXU  IL[ 

în cadrul costului total unitar.

 Tipul întreprinderii 6WUDWHJLLúLFRPSRUWDPHQWHFHGXFODGLILFXOW L

ÌQWUHSULQGHULFXVODE  Întreprinderile cred într- R UHGXFHUH SDVDJHU  D DFWLYLW LL úL

VWUXFWXU ILQDQFLDU  PHQ LQQLYHOXOORUGHDFWLYLWDWH

epuizarea fondurilor - S VWUHD] HIHFWLYHOH

SURSULLGHF WUHSLHUGHULOH - nu reduc cheltuielile fixe

succesive 5(=8/7$7(SLHUGHULúLFUHúWHULDOHVWRFXULORUGHSURGXVHILQLWH

&RQVHFLQ HILQDQFLDUH

lei

FR
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ani

6HSRDWHDMXQJHODRVLWXD LHGHDFHVWWLSGDWRULW 

- 6O ELULL SR]L LHL FRQFXUHQ LDOH D VHFWRUXOXL vQ DQVDPEOXO V X FD

UH]XOWDWDODSDUL LHLXQRUSURGXVHGHVXEVWLWX LH

- &UHúWHULLJUDGXOXLGHFRQFXUHQ GLQFDGUXOVHFWRUXOXL

- 'LILFXOW LORUvQWkPSLQDWHGHF WUHVHFWRDUHOHGLQDYDO

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VRFLHW LORUFRPHUFLDOH GLQ DUDQRDVWU 'XS DQXO YkQ] ULOHILUPHORUGLQ

România (mai ales a celor de stat) au cunoscut reduceri semnificative.

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FkW úL GH FRQFXUHQ D ULGLFDW  JHQHUDW  GH DSDUL LD SH SLD D URPkQHDVF  D

SURGXVHORU ILUPHORU VWU LQH PDMRULWDWHD GLQWUH HOH VXSHULRDUH G in punct de

YHGHUH DO FRPSHWLWLYLW LL 'H DVHPHQHD OD H[SRUW YkQ] ULOH DX FXQRVFXW

DFHHDúL FXUE  GHVFHQGHQW  GDWRUDW  vQ VSHFLDO F GHULL SLH LL FHQWUDOL]DWH

reprezentate de C.A.E.R.

5HDF LD ILUHDVF  vQ DFHDVW  VLWXD LH DU WUHEXL V  VH FRQFUHWL]H]H vQ U educerea
FRUHVSXQ] WRDUH D DFWLYLW LL FX VFRSXO UHQWDELOL] ULL DFHVWHLD &X DOWH FXYLQWH
HVWH QHFHVDU  FRERUkUHD SUDJXOXL GH UHQWDELOLWDWH SHQWUX D SXWHD IL DWLQV PDL

XúRU vQ QRLOH FRQGL LL vQ FDUH FDQWLW LOH FRPHUFLDOL]DWH GH F WUH ILUP  VXQW

diminuaWHVHPQLILFDWLYSHRSHULRDG OXQJ GHWLPS

'DF  GLPHQVLXQLOH DFWLYLW LL QX VXQW DGDSWDWH FDSDFLW LL UHDOH GH DEVRUE LH D

SLH LL QLYHOXO VWRFXULORU YD GHYHQL H[FHGHQWDU YLWH]D GH URWD LH D ORU

încetinindu-VH DSUHFLDELO )DFLOLW LOH DFRUGDWH FOLHQ L lor se vor concretiza în

WHUPHQH GH SODW  PDL OXQJL DFHVWH HOHPHQWH GHWHUPLQkQG FUHúWHUHD

necesarului de fond de rulment.

&D]XO*HVWLRQDUHLQHILFLHQW DDIDFHULL

Tipul întreprinderii 6WUDWHJLLúLFRPSRUWDPHQWHFHGXFODGLILFXOW L

Întreprinderi cu orice 3HQWUXDGH]YROWDVDXDPHQ LQH&$

WLSGHVWUXFWXU  -  VH YLQGH OD SUH XUL PDL VF ]XWH úL FX WHUPHQH GH SODW  PDL

ILQDQFLDU úL lungi

UHQWDELOLWDWHVODE - QXDF LRQHD] DVXSUDFRVWXULORU

5(=8/7$7(SLHUGHULúLH[SOR]LHD1)5

&RQVHFLQ HILQDQFLDUH

lei
F
T+
T-
NFR

ani

Acest caz este legat în mod direct de primul. Î n majoritatea cazurilor,

FRQFXUHQ D VH WUDGXFH vQ U ]ERLXO SUH XULORU 3UREOHPD DSDUH DWXQFL FkQG

FRVWXULOH VXQW ULGLFDWH LDU SRVLELOLW LOH GH UHGXFHUH D SUH XULORU S VWUkQGX -le
WRWXúL OD XQ QLYHO VXSHULRU FHOXL DO FRVWXULORU VXQW OLPLWDWH 8Q FRVW FRPSHWLWLY

vQVHDPQ  FHO PDL DGHVHD R WHKQRORJLH GH IDEULFD LH FRPSHWLWLY  'H DFHHD

UHGXFHUHD SUH XOXL vQ GRULQ D GH FRPHUFLDOL]DUH D XQHL FDQWLW L PDL PDUL GH

SURGXVHHVWHVLQRQLP SHQWUXILUPHOHURPkQHúWLFXYkQ]DUHvQSLHUGHUH
Un sector elocvent este cel al transportatorilor aerieni. Sectorul se
FDUDFWHUL]HD]  SULQWU R
- FRQFXUHQ  ULGLFDW  LDU VXUVHOH GH DYDQWDM

FRPSHWL LRQDOVXQWvQSULQFLSDOXUP WRDUHOH

„RUDUH GH ]ERU IOH[LELOH úL FRUHODWH DVWIHO vQFkW V  SHUPLW  FOLHQWXOXL

parcurgerea rutei dorite în timpul cel mai scurt;

„VHUYLFLLGHFDOLWDWHDWkWODVROFkWúLODERUG

„ tarife competitive.

&RVWXULOH GH RSHUDUH VXQW LQIOXHQ DWH DLFL vQ SULPXO UkQG GH VWUXFWXUD IORWHL

DHULHQH XWLOL]DWH SRVLELOLW LOH HIHFWLYH GH UHQWDELOL]DUH D DFWLYLW LL S VWUkQG vQ

acelaúL WLPS XQ QLYHO FRPSHWLWLY DO WDULIHORU SUDFWLFDWH ILLQG IRDUWH vQJXVWH vQ
multe cazuri. (VWHúLPRWLYXOSHQWUXFDUHPXOWHFRPSDQLLDHULHQHvQUHJLVWUHD] 

SLHUGHUL GLQ DFWLYLWDWHD RSHUD LRQDO  $QWLFLS P DLFL R VLWXD LH úL PDL GLILFLO  vQ

viitorul apropiat  vQ FRQGL LLOH FUHúWHULL VHPQLILFDWLYH D FRQFXUHQ HL SULQ

DSOLFDUHD DFRUGXOXL FH SHUPLWH FRPSDQLLORU DHULHQH VWU LQH V  HIHFWXH]H FXUVH

LQWHUQH SH WHULWRULXO DOWRU UL 0LMORFXO SULQ FDUH FRQFXUHQ LL GLQ VHFWRUXO

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HVWH FHO DO DOLDQ HORU VWUDWHJLFH DOLDQ H FRQFUHWL]DWH FHO PDL IUHFYHQW vQ

FRUHODUHD RUDUHORU GH ]ERU vQWUH GRX  FRPSDQLL FRUHODUH FDUH vQFHDUF  V 

UHGXF  F WUH YDORDUHD PLQLP  WLPSXO GH DúWHSWDUH DO F O WRULORU SH GLVWDQ H

PHGLL úL UHVSHFWLY OXQJL WLPS FDUH FRQVWLWXLH XQ IDFWRU -cheie de succes în
VHFWRUXOPHQ LRQDWDQWHULRU

&D]XO(URULvQSROLWLFDGHILQDQ DUHDDFWLYLW LLFXUHQWH

6XQW VLWXD LL vQ FDUH SHQWUX D VXV LQH GH]YROWDUHD DFWLYLW LL VH DSHOHD]  vQ

SURSRU LH FRYkUúLWRDUH OD FDSLWDOXO SURSULX 3H P VXUD H[WLQGHULL DFWLYLW LL

UHVSHFWLY D FUHúWHULL FLIUHL GH DIDFHUL VH vQUHJLVWUHD]  úL FUHúWHUHD QHYRLL GH

IRQGGHUXOPHQWUHVSHFWLYDVWRFXULORUúLDFUHDQ HORU -client.

&RQFRPLWHQWFXFUHúWHUHD nevoii de fond de rulment, are loc o diminuare pe o
DQXPLW SHULRDG DIRQGXOXLGHUXOPHQWFDXUPDUHDXWLOL] ULLSUHSRQGHUHQWHD

capitalului propriu pentru dezvoltare.

Tipul întreprinderii 6WUDWHJLLúLFRPSRUWDPHQWHFHGXFODGLILFXOW L

Întreprinderi cuREXQ  În cadrul unei strategii de dezvoltare, întreprinderile fac

VWUXFWXU ODvQFHSXWúL LQYHVWL LL LPSRUWDQWH vQ H[FOXVLYLWDWH VDX DSURDSH SULQ

cu rentabilitate DXWRILQDQ DUH

QRUPDO REZULTATE: lipsa efectului de levier

&RQVHFLQ HILQDQFLDUH lei

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T+
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ani

$FHVW FD] HVWH vQV  GHVWXO GH UDU vQWkOQLW vQ HFRQRPLD URPkQHDVF  vQ PDUHD

PDMRULWDWH D FD]XULORU VRFLHW LOH FRPHUFLDOH URPkQHúWL ILLQG REOLJDWH V  IDF 

DSHOODVXUVHH[WHUQHGHILQDQ DUHDDFWLYLW LLGDWRULW LQVXILFLHQ HLFDSLWDOXULORU

proprii. De aceea, fie s-a amplificat blocajul economico-financiar, fie s-au

contractat credite cu niveluri ridicate ale dobânzilor, niveluri ce nu au putut fi
DFRSHULWHGHF WUHUHQWDELOLWDWHDHFRQRPLF GHJDMDW 

Cazul 4: insuficienta fundamentare a strategiei de diversificare

$úD FXP SUHFL]HD]  M. Porter în lucrarea ” Competitive Advantage”, strategiile

GHED] FHSRWILDYXWHvQYHGHUHGHRILUP VXQWILHDYDQWDMXOSULQFRVWXULILH

SULQ GLIHUHQ LHUH 2 ILUP  FDUH VH DQJDMHD]  VLPXOWDQ vQ VWUDWHJLLOH GH ED] 

nerealizkQG QLFL XQD GLQWUH DFHVWHD QX YD SRVHGD XQ DYDQWDM FRQFXUHQ LDO

7HQWD LD GH D DPHVWHFD VWUDWHJLLOH GH ED]  úL GH D LQWUD vQ FDOHD PHGLDQ  FX

alte cuvinte de a-úL GLYHUVLILFD DFWLYLWDWHD HVWH PDUH PDL DOHV SHQWUX R ILUP 

FDUH D RSWDW LQL LDO SHQWUX FRQFHQWUDUH úL FDUH D DWLQV R SR]L LH GRPLQDQW  vQ

sectorul vizat. 'RPLQD LD SULQ FRVWXUL úL GLIHUHQ LHUHD VXQW DGHVHD

LQFRPSDWLELOHF FLGLIHUHQ LHUHDFRVW 'LPSRWULY GRPLQD LDSULQFRVWXULFHUH

FD R ILUP  V  UHQXQ H OD GLIHUHQ LHUH QRUPDOL]kQGX úL SURGXV - ul, reducând
cheltuielile de marketing, pe cele fixe etc.
Tipul întreprinderii 6WUDWHJLLúLFRPSRUWDPHQWHFHGXFODGLILFXOW L

ÌQWUHSULQGHUL FX R EXQ  În adoptarea unor strategii de diversificare întreprinderile:

VWUXFWXU ILQDQFLDU úLR - VXEHVWLPHD] FRVWXULOH

EXQ UHQWDELOLWDWH - VXEHVWLPHD] WHUHQXULOH

- VXSUDHVWLPHD] SURILWXULOH

5(=8/7$7(UHGXFHUHD&$)úLFUHVWHUHD1)5

&RQVHFLQ HILQDQFLDUHOHL

FR

NFR T+
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Se pot distinge totuúL WUHL VLWXD LL vQ FDUH R ILUP  DOHJH VLPXOWDQ FHOH GRX 

VWUDWHJLLGHED] 

„WR L FHLODO L FRQFXUHQ L DX DOHV FDOHD PHGLDQ  $FHDVW  VLWXD LH HVWH

vQV  UHODWLY  F FL XQXO GLQWUH FRQFXUHQ L YD DOHJH SkQ  OD XUP  R

VWUDWHJLHGHED] 

„ costurile sunt foarte sHQVLELOHODFRWDGHSLD úLODLQWHUFRQH[LXQL

„RILUP LQWURGXFHRLQRYD LHPDMRU 

6WUDWHJLD GLYHUVLILF ULL LPSOLF  vQ PRG HYLGHQW SHQHWUDUHD XQRU VHFWRDUH GHMD

H[LVWHQWHvQFDUHVXUVHOHGHDYDQWDMFRQFXUHQ LDOVXQWELQHVWDELOLWH

Costurile antrenat H GH VXUPRQWDUHD XQRU SRVLELOH EDULHUH OD LQWUDUH úL GH

FUHDUH D XQXL DYDQWDM FRQFXUHQ LDO SRW IL LPSRUWDQWH 'H DVHPHQHD vQ FD]XO

XQRU VHFWRDUH vQ FDUH FOLHQ LL DX R SXWHUHGH QHJRFLHUH DSUHFLDELO  VDX vQ FDUH

FRQFXUHQ D HVWH ULGLFDW  VH vQUHJLVWUHD]  v

n general, prin marje minime de
profit.