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aceste cinci componente ale sistemului financiar. Ajungem astfel, la o reprezentare în a celor cinci ramuri
ale gestiunii financiare, prezentate în figura 1.2.
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sociale.
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1.2.1. Maximizarea valorii întreprinderii
anumit moment. (D WUHEXLH DQDOL]DW úL vQ UDSRUW FX SURLHFWHOH úL DFWLYLW LOH YLLWRDUH vQ FDUH va fi angajat
patrimoniul.
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întreprinderii. Acesta este motivul pentru care valoareD vQWUHSULQGHULL QX SRDWH IL VHSDUDW GH FDOLWDWHD
pot fi evaluate diferit. 6 OX P GH H[HPSOX GRX PDJD]LQH FDUH VH VLWXHD] vQ GRX ORFXUL vQYHFLQDWH úL
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ODRE LQHUHDvQF GLQSULPHOHOXQLGHDFWLYLWDWHDXQHLFLIUHGHDIDFHULúLDXQRUUH]XOWD te mai bune. În plus se
DSUHFLD] F vQYLLWRUGLIHUHQ DGLQWUHFHOHGRX PDJD]LQHVHYDDFFHQWXD LQkQGVHDPDGHP UIXULOHYkQGXWH
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mai mare decât valoarea celeilalte. 'HúL FHOH GRX DIDFHUL DX vQ SUH]HQW DFHODúL SDWULPRQLX FHO FDUH YD
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YDORDUHDSDWULPRQLXOXLvQSUH]HQWDUHRRDUHFDUHLPSRUWDQ WUHEXLHOXDWHvQFRQVLGHUDUHDOWHWUHLDVSHFWH
1) Valoarea întreSULQGHULL HVWH R YDORDUH DFWXDOL]DW DGLF HFKLYDOHQWXO SUH]HQW DO UH]XOWDWHORU
viitoare preconizate.
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- LH VWDWLF FL R P ULPH GLQDPLF
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favorabil sau defavorabil. $VWIHOFXUVXOXQHLDF LXQLODEXUV FUHúWHvQPRGFRQVWDQWRGDW FXDQXQ DUHDXQXLIDSW
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catastrofe).
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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 D ULVFXOXL GHWHUPLQ R
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SHUVSHFWLYHORU HFRQRPLFH JOREDOH úL GHFL R VF GHUH D YDORULL DQVDPEOXOXLvQWUHSULQGHULORUUHVSHFWLYH La fel,
SHUFHSHUHD XQHL DJUDY UL D ULVFXULORU VSHFLILFH OD FDUH VH H[SXQH RvQWUHSULQGHUHvQPRG GHRVHELWGLQ FDX]D
GHWHUPLQ R GHJUDGDUH D HYDOX ULORU DO F URU RELHFW vO FRQVWLWXLH vQGHRVHEL SH SLH HOH EXUVLHUH GDF HVWH R
vQWUHSULQGHUHFRWDW ODEXUV 'LPSRWULY RDPHOLRU are a perspectivelor legate de riscurile venind din partea
PHGLXOXLvQFRQMXU WRUVDXVSHFLILFHXQRUvQWUHSULQGHULDGXFHGXS VLQHRFUHúWHUHDYDORULLDFHVWRUD
Fig. 1.3. Determinantele valorii întreprinderii
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SHUIRUPDQ HORU DVLJXUDWH GH DFWLYLW LOH vQWUHSULQGHULL úL GH VW SkQLUHD ULVFXOXL GH IDOLPHQW úL D ULVFXULORU
financiare în general.
detrimeQWXODF LRQDULORU
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Hj Pj Rj RjPj Rj - R (Rj - R )2Pj
H1 0,20 -10 -2 -16 51,2
H2 0,20 -5 -1 -11 24,2
H3 0,20 +5 +1 -1 0,2
H4 0,20 +15 +3 9 16,2
H5 0,20 +25 +5 19 72,2
σ2(R)=164
Σ 1 +6 σ(R)=12,8
Elemente referitoare la proiectul B Tabelul 2
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