Cap 4 PDF

Modulul 4 -6WUDWHJLDILQDQFLDU
S TRA TEG IA
FIN A N CIA R
x GHILQLUHD QR LXQLL GH LQYHVWL LL FODVLILF UL X]XDOH DOH DFHVWRUD úL HYLGHQ LHUHD
elementelor financiare ale acestora;

x prezentarea GHWDOLDW D FULWHULLORU ILQDQFLDUH UHFRPDQGDWH GH %DQFD 0RQGLDO vQ
YHGHUHD DOHJHULL XQXL SURLHFW GH LQYHVWL LL YDORDUHD DFWXDO QHW WHUPHQXO GH
UHFXSHUDUHUDWDGHUHQWDELOLWDWHFRQWDELO UDWDLQWHUQ GHUHQWDELOLWDWHLQGLFHOHGH
profitabilitate);
x evLGHQ LHUHD SULQFLSDOHORU PRGDOLW L GH ILQDQ DUH vQWkOQLWH vQ SUDFWLFD FXUHQW D
VRFLHW LORUFRPHUFLDOH
x UHOLHIDUHDFRQ LQXWXOXLúLDFDUDFWHULVWLFLORUDF LXQLORU
x SUH]HQWDUHD JHQHUDO D vPSUXPXWXOXL REOLJDWDU úL DFFHQWXDUHD DVSHFWHORU
caracteristice ale REOLJD LXQLL
x SUH]HQWDUHD VXFFLQW D SULQFLSDOHORU FDWHJRULL GH REOLJD LXQL FDUH VH vQWkOQHVF vQ
SUDFWLFDILQDQFLDU
x GHVFULHUHD RSHUD LXQLL GH FUHGLW – EDLO HYLGHQ LHUHD SDUWLFLSDQ LORU OD DFHDVW
RSHUD LXQHSUHFXPúLDHWDSHORUGHUXO ULLXQXLDVWIHOGH contract;

x GHWHUPLQDUHD FRVWXOXL FDSLWDOXOXL SHQWUX ILHFDUH PRGDOLWDWH SRVLELO GH ILQDQ DUH
vQGDWRUDUHFDSLWDOXULSURSULLOHDVLQJSUHFXPúLDFRVWXOXLPHGLXSRQGHUDW
x HYLGHQ LHUHD SULQFLSDOHORU PRGDOLW L GH HYDOXDUH DOH XQHL VRFLHW L FRPHUFLDOH
metode dinamice bazate pe actualizare, metode patrimoniale, metode hibride;

'(&,=,$'(,19(67, ,,Ì10(',8/&(57
1R LXQHDGHLQYHVWL LH
'(),1, ,(
1R LXQHDGHLQYHVWL LLSRDWHILGHILQLW
¾ vQ VHQV ILQDQFLDU VFKLPEDUHD XQHL VXPH GH EDQL SUH]HQW úL FHUW vQ VSHUDQ D RE LQHULL XQRU
venituri superioare, dar probabile;

¾ în sens contabil: alocarea unei trezorerii disponibile pentru procurarea unui activ fix care va
GHWHUPLQDIOX[XULILQDQFLDUHúLFKHOWXLHOLILQDQFLDUH
&/$6,),&$5($,19(67, ,,/25
'XS XQSULPFULWH riu se pot clasifica în:

¾ LQYHVWL LL WHKQLFH DFKL]L LD FRQVWUXF LD úL PRQWDMXO XQRU PDúLQL XWLODMH LQVWDOD LL PLMORDFH
de transport;
¾ LQYHVWL LLXPDQHIRUPDUHDFDOLILFDUHDVSHFLDOL]DUHDHWFDSHUVRQDOXOXL
¾ LQYHVWL LLVRFLDOHFRQVWUXF LDvQvQWUHSU inderi a unei cantine restaurant etc.;

¾ LQYHVWL LLILQDQFLDUHFXPS UDUHDGHWLWOXULGHSDUWLFLSD LHODDOWHVRFLHW LFRPHUFLDOHHWF
¾ LQYHVWL LLFRPHUFLDOHSHQWUXSXEOLFLWDWHúLUHFODP HWF
ÌQIXQF LHGHULVFXOSHFDUH-OLPSOLF HOHVHSRWJUXS vQ
¾ de vQORFXLUHDHFKLSDPHQWXOXLFRPSOHWX]DWFXXQULVFIRDUWHVF ]XW GHRDUHFHQX SUHVXSXQH
PRGLILF ULDOHWHKQRORJLHLGHIDEULFD LH
¾ GH PRGHUQL]DUH D HFKLSDPHQWXOXL H[LVWHQW vQ IXQF LXQH úL FDUH LPSOLF XQ ULVF UHGXV FD
XUPDUHDXQRUFRUHF LLQHHVHQ LDOHvQWHKQRORJLDGHIDEULFD LH
¾ GH GH]YROWDUH GH H[WLQGHUH D XQRU VHF LL X]LQH IDEULFL QRL LQYHVWL LL FDUH SUHVXSXQ XQ ULVF
PDL PDUH DQWUHQDW GH QHYRLD GH O UJLUH D SLH HORU GH DSURYL]LRQDUH D IRU HL GH PXQF GH
FDSLWDOúLGHGHVIDFHUH
¾ strategice: privindFUHDUHDXQRUILOLDOHvQVWU LQ WDWHIX]LRQDUHDFXRDOW VRFLHWDWHFRPHUFLDO
HWF3UHVXSXQXQULVFFRQVLGHUDELOFDXUPDUHDH[WLQGHULLDFWLYLW LLvQ]RQHJHRJUDILFHQRL
(/(0(17(/(),1$1&,$5($/(81(,,19(67, ,,
(1) 6XPD LQYHVWL LHL VH GHWHUPLQ GLIHULW vQ IXQF LH GH PRGXO GH UHDOL]DUH D OXFU ULORU GH DFKL]L LL
FRQVWUXF LLLQVWDOD LLúLPRQWDM
'H H[HPSOX SHQWUX DFKL]L LLOH GH DFWLYH IL[H GH OD IXUQL]RUL H[WHUQL VXPD LQYHVWL LHL
cuprinde:
x SUH XOGHDFKL]L LH
x WD[HúLFKHOWXLHOLYDPDOH
x cheltuieli de transport;
x FKHOWXLHOLGHLQYHVWL LLúLPRQWDM
x comisioane etc.
3HQWUXOXFU ULOHGHLQYHVWL LLvQUHJLHSURSULHDvQWUHSULQGHULLVXPDLQYHVWLW FXSULQGH
x costul materialelor consumate;

x FKHOWXLHOLGLUHFWHFXPDQRSHUDúLFXXWLODMHGHFRQVWUXF LL
x cota-parte a cKHOWXLHOLORULQGLUHFWHUHSDUWL]DWHLQYHVWL LHL

(2) 'XUDWDGHYLD DLQYHVWL LHLHVWHGHDVHPHQHDRQR LXQHFXODUJ VHPQLILFD LH
a) 'XUDWD ILVFDO FRQWDELO – GXUDWD QRUPDO GH VHUYLFLX D PLMORDFHORU IL[H GLQ FDWDORJXO
normelor de amortizare anexat Legii amorWL] ULL

b) 'XUDWDWHKQLF –GXUDWDGHWHUPLQDW GHFDUDFWHULVWLFLOHWHKQLFHIXQF LRQDOHVSHFLILFHRULF UXL
mijloc fix;
c) 'XUDWD FRPHUFLDO – GHWHUPLQDW GH GXUDWD GH YLD D SURGXVHORU IDEULFDWH FX UHVSHFWLYD
LQYHQ LH
d) 'XUDWDMXULGLF –GXUDWDSURWHF LHLMXULGLFHDVXSUDGUHSWXOXLGHFRQFHVLXQHDXQHLH[SORDW UL
DVXSUDXQXLEUHYHWOLFHQ P UFLGHIDEULF

e) %HQHILFLLOH VXSOLPHQWDUH VDX HFRQRPLLOH VDX HFRQRPLLOH GH PDWHULDOH úL PDQRSHU
SUHYL]LELOH F VH YRU RE LQH VXQW IOX[XUL GH WUH]RUHULH PDUJLQDOH GHWHUPLQD te de punerea în
IXQF LXQHDRELHFWLYXOXLGHLQYHVWL LL
(3) 9DORDUHD UH]LGXDO H[SULP YDORDUHD SRVLELO GH UHDOL]DW GXS vQFKHLHUHD GXUDWHL GH YLD D
LQYHVWL LHLSULQYkQ]DUHSULQYDORULILFDUHDSLHVHORUVXEDQVDPEOHORUHWFUH]XOWDWHODFDVDUHHWF
DecizLDGHLQYHVWL LLHVWHLPSRUWDQW GHRDUHFH
x HDDQJDMHD] YLLWRUXOILUPHL
x HD LPSOLF QXPHURDVH GLUHF LL SHQWUX HYDOXDUHD SURLHFWHORU GH OD GLUHF LD FRPHUFLDO OD
GLUHF LDILQDQFLDU ODGLUHF LDWHKQLF ODGLUHF LDGHSHUVRQDO
5HJXO GHUHIHULQ 9DORDUHDDFWXDO QHW
1. EXPUNEREA CRITERIULUI
$(QXQ DUHDFULWHULXOXL
2 LQYHVWL LH HVWH DFFHSWDELO GDF YDORDUHD VD DFWXDO QHW HVWH SR]LWLY DGLF GDF HD
FRQWULEXLHODFUHúWHUHDYDORULLDFWXDOHWRWDOHDvQWUHSULQGHULL
Pentru a calcula criteriuO 9$1 HVWH VXILFLHQW FDOFXODUHD YDORULL DFWXDOH D IOX[XULORU GH
OLFKLGLW LYLLWRDUHJHQHUDWHGHLQYHVWL LHDSRLGHGXFHUHDVXPHLLQL LDOHDLQYHVWL LHL
'HVHPQ P SULQ &tIOX[XO GH OLFKLGLW L SUHY ]XW DúWHSWDW GH OD LQYHVWL LHSHQWUX SHULRDGD W
Suma LQYHVWL LHL LQL LDOH HVWH ,0 5DWD GH DFWXDOL]DUH FRQVLGHUDW HVWH 5t pentru un flux care se
produce la finele perioadei t.
9$1HVWHDWXQFLHJDO FX
n
Ct
VAN = ∑ − I0
t
t = (1 + R t )
¾ GXUDWD GH YLD D LQYHVWL LHL ILLQG GH Q SHULRDGH ,QYHVWL LD HVWH DFFHSWDW GDF VH SHUPLWH
FUHúWHUHD YDORULL vQWUHSULQGHULL DGLF GDF YDORDUHD DFWXDO D IOX[XULORU GH OLFKLGLW L HVWH
VXSHULRDU FRVWXOXLLQYHVWL LHL,0 .
Exemplu FRQVLGHU P R LQYHVWL LH vQ VXP LQL LDO ,0 'XUDWD VD GH YLD HVWH GH DQL
Fluxurile de lLFKLGLW LDúWHSWDWHSUHYL]LRQDWHVXQW&1 úL&2 = 700. Aceste fluxuri se produc
UHVSHFWLYODILQHOHSHULRDGHLúLSHULRDGHL5DWDGHDFWXDOL]DUHHVWHGHSHQWUXSHULRDGHOHúL
6 GHWHUPLQ P9$1SHQWUXDFHDVW LQYHVWL LH
Perioada Factor de actualizare )OX[GHOLFKLGLW L 9DORDUHDDFWXDO
0 =1 -1.000 -1.000
1 1/(1,1) = 0.909 600 545,5
2 1/(1,1)2 = 0,826 700 578,5
VAN = 124
)RUPXOD SUH]HQWDW SUHVXSXQH F LQYHVWL LD HVWH UHDOL]DW R VLQJXU GDW OD HSRFD
(momentul) t0 DGLF OD vQFHSXWXO SULPHL SHULRDGH HD SRDWH IL DGDSWDW SHQWUX D LQH FRQW GH
UHDOL]DUHDXQHLLQYHVWL LLFDUHV -ar etala (întinde) pe mai multe perioade.

3UHVXSXQHP F UHDOL]DUHD LQYHVWL LHL G QDúWHUH OD LHúLUL GH IOX[XUL GH OLFKLGLW L ,t în t
SHULRDGHW «QvQDFHVWFD]UHOD LDSUHFHGHQW GHYLQH
n
(C − I t )
VAN = ∑ [(1 +t R t
− I0
]
t =1 t)
B. Alegerea ratei de actualizare
5DWD GH DFWXDOL]DUH UHSUH]LQW FRVWXO GH RSRUWXQLWDWH DO FDSLWDOXOXL LQYHVWLW LQkQG FRQW GH
ipoteza de ceUWLWXGLQH FDUH D IRW SXV UDWD GH DFWXDOL]DUH HVWH FRQVWLWXLW GLQ UDWD GREkQ]LL SH SLD D
ILQDQFLDU FDUH UH]XOW GLQ FRQIUXQWDUHD RIHUWHL úL D FHUHULL GH FDSLWDOXUL$FHDVW UDW HVWH XQLF FD
urmare a ipotezelor avute în vedere.

'DF GLPSRWULY VH LQWURGXFH LQFHUWLWXGLQHD vQ UD LRQDPHQW GHWHUPLQDUHD DFHVWHL UDWH
depinde de costul riscului.
&9DULD LDUDWHLGREkQ]LLúLVWUXFWXUDODWHUPHQDUDWHORUGREkQ]LL
1q $OHJHUHD UDWHL GH DFWXDOL]DUH úL SHULRDGD vQ FDUH VXUYLQH IOX[XO UDW D GREkQ]LL OD YHG ere,
UDW GHUHQWDELOLWDWHODVFDGHQ
5DWD GH DFWXDOL]DUH ED]DW SH UDWD GREkQ]LL GH SH SLD D ILQDQFLDU SRDWH YDULD vQ ILHFDUH
SHULRDG GXS HYROX LD FRQGL LLORU RIHUWHL úL FHUHULL SH SLD D GH FDSLWDO 'UHSW FRQVHFLQ DU WUHEXL vQ
PRGQRUPDOV VHXWLOL]H]HRUDW GHDFWXDOL]DUHGLIHULW vQIXQF LHGHVFDGHQ DIOX[XULORUGHOLFKLGLW L.

'HVHPQ P SULQ 0Rd – UDWD GREkQ]LL H[LVWHQW DVW ]L SHQWUX R RSHUD LH GH vPSUXPXW SH R
GXUDW GH ³G´ DQL DFHDVW UDW GHQXPLW UDW OD YHGHUH UHSUH]LQW LQkQG cont de ipoteza de
FHUWLWXGLQH UDWD GH DFWXDOL]DUH GH XWLOL]DW SHQWUX XQ IOX[ GH OLFKLGLW L FDUH VH SURGXFH OD ILQHOH
DQXOXL³G´$VWIHOUHOD LDGHGHWHUPLQDUHD9$1 XOXLDUWUHEXLV VHVFULH

-
n
Ct
VAN = ∑ − I0
t
t =1 (1+ 0 R t )
ÌQH[HPSOXOSUHFHGHQWGDF VHSUHVXSXQHF UDWDGREkQ]LLSHQWUXXQSODVDPHQWGHDQHVWH
0R1 úLSHQWUXXQSODVDPHQWGHDQLHVWH0 R2 9$1DLQYHVWL LHLGHYLQHDWXQFL

C1 C2 600 700
VAN = + − I0 = + − 1000 = 74,8
(1+ 0 R1 ) (1+ 0 R 2 ) (1,10) (1,10)2
'DF VH IRORVHúWH vQ SUH]HQW UDWD GH UHQWDELOLWDWH OD VFDGHQ DGLF UDWD XQLF 5 DSOLFDELO
ILHF UXLIOX[FHSHUPLWHRE LQHUHDDFHOHLDúL9$1FDúLvQFD]XOXWLOL] ULLUDWHLGREkQ]LLODYHGHUH
600 700
VAN = + − 1000 = 74,8
(1 + R ) (1 + R )2
ÌQ DFHVW FD] 5 DFHDVWD UHSUH]LQW R PHGLH JHRPHWULF SRQGHUDW vQ IXQF LH GH
fluxuri, a ratelor laYHGHUHSHQWUXDQLLúL

3RQGHUDUHDILLQGGHSHQGHQW GHSURILOXOIOX[XULORUJHQHUDWHGHLQYHVWL LHUDWDGHUHQWDELOLWDWH
ODVFDGHQ YDILGLIHULW SHQWUXLQYHVWL LLFDUHDXDFHHDúL9$1GDF IOX[XULOHORUUHVSHFWLYHGLIHU
Astfel, s-DURE LQHDFHHDúL9$1GHFRQVLGHUkQGGRX IOX[XULUHVSHFWLYGH úL
SHQWUX DQLL úL GDU UDWD GH UHQWDELOLWDWH OD VFDGHQ GH FD UDW GH DFWXDOL]DUH SHQWUX
determinarea VAN-ului unei a 2-DLQYHVWL LLV-DUILJ VLWXQ9$1GH

1000 219
VAN = + − 1000 = 74,8
(1,1135) (1,1135) 2
1000 219
VAN = + − 1000 = 53,8
(1,1331) (1,1331) 2
1XVHSRDWHGHFLXWLOL]DUDWDGHUHQWDELOLWDWHODVFDGHQ RE LQXW GLQWU RLQYHVWL LHFDUDW GH
-
DFWXDOL]DUHSHQWUXRDOW LQYHVWL LH
8WLOL]DUHDXQHLUDWHXQLFHGHDFWXDOL]DUHSHQWUXDQVDPEOXOLQYHVWL LLORUQXHVWHYDODELO GHFkW
GDF VHSHUPLWHRE LQHUHDDFHOHLDúL9$1FXDQVDPEOXOXQRUUDWHODYHGHUH
$FHDVW FRQGL LH QX HVWH vQGHSOLQLW GHFkW GLIHULWHOH UDWH OD YHGHUH VXQW HJDOH vQ DFHVW FD]
UDWD GH UHQWDELOLWDWH OD VFDGHQ HJDO FX UDWD OD YHGHUH úL VWUXFWXUD WHPSRUDO D UDWHORU GHVFRSHU R
IRUP SDUWLFXODU FDUH HVWH SODWD $FHDVW VWUXFWXU GHSLQGH GH UHOD LD FDUH OHDJ VFDGHQ D úL UDWD
GREkQ]LLHDHVWHGHDOWIHOGHQXPLW VWUXFWXUDODWHUPHQDUDWHORUGREkQ]LL
2q Structura la termen a ratelor dobânzii
Structura la termen a ratelorGREkQ]LLVH SRDWHFRQVWUXL SXQkQG vQUHOD LHVFDGHQ DúL UDWHGH
UHQWDELOLWDWH D GLIHULWHORU SODVDPHQWH FDUH QX GLIHU GHFkW SULQ VFDGHQ D ORU HD SHUPLWH DVWIHO
DQDOL]DUHD UHOD LHL GLQWUH UDWHOH SODVDPHQWHORU SH WHUPHQ VFXUW úL UDWHOH SODVDPHQWHORU SH WH rmen
VFXUW 6WUXFWXUD UDWHORU OD XQ PRPHQW VH GHWHUPLQ SRUQLQG GH OD DQVDPEOXO UDWHORU OD YHGHUH 0Rd
FRQVWDWDWHSHQWUXGLIHULWHVFDGHQ H³G´
6WUXFWXUD OD WHUPHQ D UDWHORU SRDWH vPEU FD QXPHURDVH IRUPH (D SRDWH IL FUHVF WRDUH SODW
VDX GHVFUHVF WRDUH GXS DQWLFLS ULOH LQYHVWLWRULORU 2 VWUXFWXU FUHVF WRDUH UH]XOW DQWLFLS UL ED]DWH
SH R FUHúWHUH D UDWHORU GH GREkQG 2 VWUXFWXU SODW SUHVXSXQH F LQYHVWLWRULL QX DQWLFLSHD]
PRGLILF UL DOH UDWHORU GREkQ]LL 2 VWUXFWXU GHVFUHVF WRDUH SUHVXSXQH F LQYHVWLWRULL DQWLFLSHD] R
VF GHUHDUDWHORU
Tabelul 1: Structura la termen a ratelor dobânzii
0Rd
&XUEDUDWHORUGHVFUHVF WRDUH
&XUEDSODW
&XUEDUDWHORUFUHVF WRDUH
6FDGHQ G
2. APEL LA MATEMATICI FINANCIARE
A. Actualizare
1q Flux constant
a) 3HQWUXXQQXP UGHSHULRDGHRDUHFDUH
'DF IOX[XO GH OLFKLGLW L SURGXV GH LQYHVWL LH HVWH FRQVWDQW HVWH SRVLELO UHFXUJHUHD OD
IRUPXOHFDUHVLPSOLILF FDOFXOHOH3UHVXSXQHPF IOX[XULOHGHOLFKLGLW LDQXDOHV ILHGHWLPSGHQ
DQLUDWDGHDFWXDOL]DUHFRQVWDQW ILLQG5'HVHPQkQGSULQ9$YDORDUHDDFWXDO IOX[XULORUVHRE L ne:

n
1 1 1 1
VA = + + ... + =∑
(1 + R ) (1 + R ) 2
(1 + R ) n
t =1 (1 + R )
t
1
6H GHPRQVWUHD] F ILLQG YRUED GH R SURJUHVLH JHRPHWULF FX SULPXO WHUPHQ , cu
(1 + R )
1
UD LD úLFXQWHUPHQLDFHDVW UHOD LHVHSRDWHVFULHVXERIRUP VLPSOLILFDW
(1 + R )
1 − (1 + R )− n
VA =
R
$FHDVW IRUPXO SHUPLWH GH DVHPHQHD GHWHUPLQDUHD DQXLW LL FRQVWDQWH FDUH SHUPLWH
DPRUWL]DUHDvQQSHULRDGHDXQXLFDSLWDOHJDOFX9DORDUHDDQXLW LLFRQVWDQWH$HVWHDWXQFLGH
R
A=
1 − (1 + R ) − n
b) Pentru un orizont infinit

1
Pentru un RUL]RQW³Q´HJDOFXLQILQLWVHRE LQHHYLGHQW VA = úL$ 5
R
2q)OX[XULFUHVF WRDUHFXRUDW FRQVWDQW J
ÌQ DQXPLWH PRGHOH ILQDQFLDUH VH SUHVXSXQH F IOX[XULOH GH OLFKLGLW L JHQHUDWH GH LQYHVWL LH
FUHVFFXRUDW FRQVWDQW JSHXQRUL]RQWLQILQLWÌQDFHVWFD]SHQWUXXQIOX[LQL LDOGH
1 1+ g (1 + g ) n −1 n
1 (1 + g ) t
VA = + + ... + =∑ ⋅
(1 + R ) (1 + R ) 2 (1 + R )n t =1 (1 + g ) (1 + R )
t
úLSHQWUX5!JúLQ ∞VHRE LQH
1
VA =
R −g
([HPSOX &RQVLGHU P RLQYHVWL LH GH FDUH JHQHUHD] XQIOX[ GH OLFKLGLW LFRQVWDQWH &
300.000 tiPSGHDQL5DWD5 9DORDUHDDFWXDO DIOX[XULORUHVWHGH
1 − (1 + R ) − n 1 − (1,1) −5
VA = C ⋅ = 300.000 ⋅ = 300.000 ⋅ 3,791 = 1.137.300
R 0,1
úL9$1 – 1.000.000 = 137.300
'DF IOX[XOHVWHJHQHUDWSHXQQXP ULQILQLWGHSHULRDGHYDORDUHDDFWXDO HVWHDWXQFL
300.000
VA = = 3.000.000 úL VAN = 2.000.000
0,10
3XQkQG LSRWH]D F IOX[XO FUHúWH FX R UDW FRQVWDQW GH J SH SHULRDG VH RE LQH SH XQ
orizont infinit:
C 300.000
VA = = = 3.333.333 úL9$1
R − g 0,10 − 0,01
B. Capitalizarea
&DSLWDOL]DUHDHVWHRSHUD LXQHDLQYHUV DFWXDOL] ULL'DF vQORFGHDLQYHVWLRVXP ,0 într-un

SURLHFWRDUHFDUHVHSODVHD] ,0FXUDWD5VHRE LQHODFDS WXODQSHULRDGHRYDORDUHDYLLWRDUHGH
VF(n) = I0(1 + R)n

'DF VHLQYHVWHúWHRDFHHDúLVXP ,0 într-RLQYHVWL LHFDUHJHQHUHD] XQIOX[GHOLFKLGLW L&t
pe peULRDG VH RE LQH ODFDS WXO D Q SHULRDGH SUHVXSXQkQG F IOX[XULOH RE LQXWHDXIRVW UHLQYHVWLWH
la rata de rentabilitate R:
n
VF(n ) = ∑ C t (1 + R ) n − t
t =1
úLLQYHVWL LDHVWHUHQWDELO GDF
n
∑ C t (1 + R )n − t > I0 (1 + R )n
t =1
n
úLGLYL]kQGFHLPHPEULLSULQ5 seRE LQH
n
C
∑ (1 + Rt )t > I0 ceea ce corespunde unei VAN > 0.
t =1
Se poate deci substitui criteriul valorii actuale cu criteriul valorii viitoare (valorii
FDSLWDOL]DWH GDF SLD D ILQDQFLDU HVWH SHUIHFW úL GDF UDWHOH DIHUHQWH vPSUXPXWXOXL VXQW
întotdeauna egale cu R.
'DF VH DX vQ YHGHUH IOX[XUL FRQVWDQWH SH SHULRDG VH RE LQH SHQWUX XQ IOX[ GH SH Q
perioade:
(1 + R ) n − 1
VF(n ) =
R
&$FWXDOL]DUHDúLFDSLWDOL]DUHDFRQWLQX
&RQVLGHU P R VXP GH úL SUHVXSXQHP F HD HVWH SODVDW OD UDWD DQXDO 5 WLPS GH DQ
&DSLWDOL]DUHD GREkQ]LORU VH IDFH R VLQJXU GDW ODILQHOHDQXOXL úLLQYHVWLWRUXO VH UHJ VHúWH GH LQkQG
5 3UHVXSXQHP vQSUH]HQW F FDSLWDOL]DUHD GREkQ]LORU VHIDFH GH GRX RUL SH DQ ÌQDFHVWFD]
2
 R
VXPDRE LQXW ODFDS WXODQXOXLHste de 1 +  .
 2
*HQHUDOL] P UD LRQDPHQWXO SUHVXSXQkQG F RUL]RQWXO SODVDPHQWXOXL HVWH GH 7 DQL úL F
FDSLWDOL]DUHDDUHORFGH³P´RULSHDQ6XPDRE LQXW ODILQHOHFHORU7DQLHVWHDWXQFLGH
mT
 R
1 +  úLUDWDGREkQ]LLDQ uale efective este de:
 m
m
 R
1 +  − 1
 m
m
 R
ÌQ FD]XO vQ FDUH QXP UXO GH FDSLWDOL]DUH HVWH LQILQLW VH GHPRQVWUHD] F 1 +  tinde
 m
spre eR..
RT
6XPDRE LQXW vQFD] GHFDSLWDOL]DUHFRQWLQX SH7DQLHVWH GHFLGHH . O actualizare sau o
FDSLWDOL]DUH FRQWLQX VXQW DVRFLDWH XQHL UHSUH]HQW UL FRQWLQXH D WLPSXOXL vQ FDUH SHULRDGHOH
considerate sunt infinite.

6H GHGXF UHOD LLOH GH XWLOL]DW SHQWUX FDSLWDOL]DUHD úL DFWXDOL]DUHD XQHL VXPH RDUHFDUH 0 OD
UDWDSHULRGLF 5
• FDSLWDOL]DUHFRQWLQX VXPDRE LQXW ODFDS WXOD7DQLSHULRDGHYDIL0H

RT;
• DFWXDOL]DUHD FRQWLQX YDORDUHD DFWXDO D XQHL VXPH YLLWRDUH 0 vQFDVDWH vQ 7 SHULRDGH YD IL GH
M e-RT;
Exemplu )LH R VXP GH SODVDW OD R UDW DQXDO GH 5 ([DPLQ P FDUH HVWH VXPD
rDSRUWDW ODFDS WXOXQXLDQGXS IUHFYHQ DGHFDSLWDOL]DUH
)UHFYHQ DGHFDSLWDOL]DUH 5DWDHIHFWLY

6XPDRE LQXW
(1 + R/m)m - 1
$QXDO P 1.100 0,10
6HPHVWULDO P 1.102,50 0,1025
7ULPHVWULDO P 1.103,81 0,10381
&RWLGLDQ P 1.105,16 0,10516
&RQWLQX P ∞) 1.105,17 0,10517
9DORDUHD DFWXDO D XQHL VXPH GH RE LQXW OD ILQHOH DQXOXL vQ FD] GH DFWXDOL]DUH
FRQWLQX ODUDWDDFWXDO GHDUI i de:

− RT
VA = 1.000 ⋅ e = 1.000 ⋅ e −0,10⋅1 = 904,83
'5DWDHFKLYDOHQW UDWDSURSRU LRQDO
'RX UDWH VH QXPHVF HFKLYDOHQWH GDF SHUPLW RE LQHUHD DFHOHLDúL VXPH GH FDS WXO XQHL
DFHHDúL SHULRDGH FRQVLGHUkQG IUHFYHQ H GLIHULWH GH FDSLWDOL]DUH 'H H[HPSOX R UDW OXQDU YD fi
HFKLYDOHQW FX R UDW DQXDO GDF VH SHUPLWH RE LQHUHD DFHOHLDúL VXPH OD FDS WXO DQXOXL
5D LRQDPHQWXOHVWHLGHQWLFvQFD]GHDFWXDOL]DUH
5DWD HFKLYDOHQW HVWH GLIHULW GH UDWD SURSRU LRQDO FDUH VH RE LQH GLYL]kQG UDWD JOREDO D
SHULRDGHL SULQ QXP UXO GH VXESHULRDGH 'H H[HPSOX UDWD OXQDU SURSRU LRQDO VH GHWHUPLQ
GLYL]kQGUDWDDQXDO OD
Exemplu 'HWHUPLQ P UDWD HFKLYDOHQW OXQDU FDUH SHUPLWH RE LQHUHD DFHOHLDúL VXPH FX R
FDSLWDOL]DUHOXQDU FkQGUDWDDQXDO 5 6HSUHVXSXQHRVXP LQL LDO GH
• plasament anual: 1.000 (1,1) = 1.100;

• SODVDPHQWFXFDSLWDOL]DUHOXQDU 5m )2 = 1.100.
Rm – UDWD HFKLYDOHQW OXQDU HVWH vQ FRQVHFLQ GH 5m 0XOWLSOLFkQG UDWD OXQDU
FX VH RE LQH R UDW DQXDO HFKLYDOHQW GH 5a = 0,7974 ⋅ $FHDVW UDW HVWH
HFKLYDOHQW FXUDWDDQXDO GHDWXQFLFkQGFDSLWDOL]DUHDHVWHOXQDU 5DWDSURSRU LRQDO OXQDU DU
fi de 10% ⋅ 12 = 0,8333%.
'DF FDSLWDOL]DUHDHVWHFRQWLQX UDWDFRQWLQX HFKLYDOHQW HVWH
e R a = (1 + R ) de unde R a = ln(1 + R )
'HH[HPSOXUDWDFRQWLQX HFKLYDOHQW DQXDO FHSHUPLWHRE LQHUHDDODILQHOHDQXOXLDU
fi de:
R a = ln(1,1) = 9,531%
4.1.3. INADECVAREA CRITERIILOR CONCURENTE
5HJXO GHGHWHUPLQDUHHYDOXDUH
Aceste reguli operatorLL VXQW UHODWLYH OD VXPD LQYHVWL LHL OD IOX[XULOH GH OLFKLGLW L OD GXUDWD
GHYLD úLODDFWXDOL]DUH
• VXPD LQYHVWL LHL HVWH GHWHUPLQDW SULQ IOX[XUL GH OLFKLGLW L HIHFWLY GHEXUVDWH GH
vQWUHSULQGHUH LQkQG FRQW GH FRVWXULOH GH RSRUWXQLWDWH HYDOXDWH v n termeni de fluxuri de
OLFKLGLW LHYHQWXDOVXSRUWDWH
• IOX[XULGHOLFKLGLW LDúWHSWDWHSUHYL]LRQDWHHVWHYRUEDGHIOX[XULFHDIHFWHD] WUH]RUHULD
úLFDUHVXUYLQSHGXUDWDGHYLD úLODILQHOHYLH LLGXUDWHLLQYHVWL LHL
• GXUDW GHYLD HDHVWHGHWHUPLQDW GHH[LVWHQ DIOX[XULORUOHJDWHGHLQYHVWL LH
• DFWXDOL]DUHD IOX[XULOH VXQW OXDWH vQ FDOFXO SHQWUX YDORDUHD ORU DFWXDO DGLF LQkQG FRQW
de costul de oportunitate aferent fondurilor investite.

Proprietatea de aditivitate a VAN-ului
VAN-XO SRVHG R SURSULHWDWH UHPDUFDELO DFHHD D DGLWLYLW LL &XP 9$1 -urile sunt
P VXUDWHFXDQWLILFDWHvQXQLW LPRQHWDUHODDFHHDúLHSRF PRPHQWHVWHSRVLELOGHDOHDGL LRQD
Astfel VAN-XOFRPELQD LHLDSURLHFWH$úL%HVWHHJDO FXVXPD9$1 XULORUILHF UXL

- proiect.
VAN(A + B) = VAN A + VAN B
ÌQFRQVHFLQ YDORDUHDDFWXDO WRWDO DXQHLvQWUHSULQGHULHVWHHJDO FXVXPDYDORULORUDFWXDOH
DOH GLIHULWHORU LQYHVWL LLFDUH OH FRPSXQ $FHDVW SURSULHWDWHHVWHIXQGDPHQWDO GHRDUHFHHD SHUPLWH
simplificarea procesuluiGHDOHJHUHDLQYHVWL LHL

1. Criterii concurente
A. Perioada (termenul) de recuperare
3HULRDGDWHUPHQXOGHUHFXSHUDUHVHGHILQHúWHFDILLQGQXP UXOGHSHULRDGHQHFHVDUHSHQWUX
D UHFXSHUD IRQGXULOH LQYHVWLWH 5HFXSHUDUHD VH DSUHFLD] I FkQG FXPXOXO IOX[XULORU GH OLFKLGLW L
DúWHSWDWHDOHLQYHVWL LHL
&RQVLGHU PGRX SURLHFWH$úL%DOHF URUFDUDFWHULVWLFLVXQWXUP WRDUHOH
Proiect )OX[XULGHOLFKLGLW L Perioada de VAN la

I0 C1 C2 C3 recuperare 10%
A -1.000 1.000 1 -90,9
B -1.000 500 500 2.500 2 1746,1
'XS FULWHULXO9$1SURLHFWXO$HVWHHOLPLQDWGHRDUHFH 9$1 XOV XHVWHQHJDWLY3HGHDOW

-
SDUWH HVWH SXWHUQLF GRPLQDW GH FULWHULXO % FDUH FRQWULEXLH OD FUHúWHUHD YDORULL vQWUHSULQGHULL SkQ OD
1746,1.
3UHVXSXQHP F vQWUHSULQGHUHD XWLOL]HD] FULWHULXO SHULRDGHL GH UHFXSHUDUH úL F HD HOLPLQ
SURLHFWHOH vQ FDUH IRQGXULOH QX VXQW UHFXSHUDWH OD FDS WXO XQXL DQ ÌQ DFHVW FD] SURLHFWXO % D F UXL
SHULRDG GHUHFXSHUDUHHVWHGHDQLHVWHHOLPLQDWvQWLPSFHSURLHFWXO$HVWHDFFHSWDW
'DF SUDJXO GH DFFHSWDUH HVWH P ULW OD DQL FHO GRX SURLHFWH VXQW DFFHSWDWH ÌQ FHOH GRX
FD]XULGHFL]LLOHVXQWFRQWUDUHID GHFHHDFHLQGLF FULWHULXO9$1
'DF VHFRPSDU FHOHGRX SURLHFWHVHFRQVWDW F HOHVXQWGLYHUJHQWHvQSXQFWHHVHQ LDOH
• În primul UkQG WRDWH IOX[XULOH GH OLFKLGLW L SURGXVH GH LQYHVWL LH QX VXQW OXDWH vQ FRQVLGHUD LH
DWXQFL FkQG VH XWLOL]HD] FULWHULXO SHULRDGHL GH UHFXSHUDUH IOX[XULOH FDUH VXUYLQ GXS SHULRDGD
prag nu sunt luate în calcul. În exemplul precedent aceasta conduce lD R SHQDOL]DUH SXWHUQLF D
SURLHFWXOXL%ÌQJHQHUDODFHVWFULWHULXIDYRUL]HD] LQYHVWL LLOHFDUHSHUPLWRUHFXSHUDUHUDSLG D
IRQGXULORU úL SHQDOL]HD] LQYHVWL LLOH SH WHUPHQ OXQJ $FHVW GLQ XUP WLS H[SXV ULVFXOXL VH
FRQVLGHU F FULWHULXOLDvQFDOFXO în mod implicit, riscul.

• ÌQ DO GRLOHD UkQG IOX[XULOH GH OLFKLGLW L QX VXQW DFWXDOL]DWH FULWHULXO FRQVLGHU FD HFKLYDOHQWH
GRX IOX[XUL FDUH VH SURGXF vQ GRX SHULRDGH GLIHULWH &ULWHULXO QX LQH FRQW GH FRVWXO GH
oportunitate aferent fondurilor investitH6HSRDWHUHPHGLDDFHDVW VF SDUHFDOFXOkQGR SHULRDG
GHUHFXSHUDUHDFWXDOL]DW
&ULWHULXO SHULRDGHL GH UHFXSHUDUH SRDWH GHFL V FRQGXF OD UHVSLQJHUHD SURLHFWHORU
DFFHSWDELOH SULQ 9$1 úL LQYHUV OD DFFHSWDUHD SURLHFWHORU QHUHQWDELOH GXS SUDJXO GH DFF eptare
UH LQXW
$FHVWFULWHULXSRDWHGHDVHPHQHDV FRQGXF vQFD]XOSURLHFWHORUPXWXDOH[FOXVLYHFDUHVH
H[FOXGXQXOSHFHO ODOWODUH LQHUHDSURLHFWXOXLFHOPDLSX LQUHQWDELOvQVHQVXO9$1 -ului. Astfel, în

H[HPSOXO SUHFHGHQW GDF $ úL % VH H[FOXG PXWXDO SUHIHULQ D YD PHUJH OD SURLHFWXO $ FDUH HVWH
WRWXúL GRPLQDW GH SURLHFWXO % &ULWHULXO SHULRDGHL GH UHFXSHUDUH HVWH vQ FRQVHFLQ GHIDYRUDELO
atunci când el contrazice criteriul VAN.
B. 5DWDGHUHQWDELOLWDWHFRQWDELO
Rata de rentabilitate contabiO VHGHWHUPLQ UDSRUWkQGEHQHILFLXOPHGLXSURFXUDWUHDOL]DWGH
LQYHVWL LHODVXPDLQYHVWL LHLPHGLLGHWHUPLQDW FRQWDELODGLF SRUQLQGGHODYDORDUHDQHW FRQWDELO
medie).
)LH SURLHFWH & úL ' vQ VXP LQL LDO GH PLL úL R GXUDW GH YLD GH ani. Ele sunt
amortizate liniar de-D OXQJXO FHORU DQL 6H SUHVXSXQH SHQWUX VLPSOLILFDUH F H[LVW LGHQWLWDWH vQWUH
IOX[XULOH GH IRQGXUL YDULD LD (%( GDWRUDW LQYHVWL LHL úL IOX[XULOH GH OLFKLGLW L JHQHUDWH GH
LQYHVWL LHúLF vQWUHSULQGHUHDVHILQDQ HD] LQWHJUDOSULQIRQGXULSURSULL)OX[XULOHVHSURGXFODILQHOH
DQXOXLúLQXH[LVW SODWDLPSR]LWXOXLSHSURILW
0 Anul 1 Anul 2 Anul 3 Anul 4 Anul 5

9DORDUHDEUXW 1.000 1.000 1.000 1.000 1.000 1.000
Amortismente cumulate 0 200 400 600 800 1.000
ValRDUHQHW FRQWDELO 1.000 800 600 400 200 0
Proiect C
Flux 100 200 300 400 500
Amortismente 200 200 200 200 200
%HQHILFLXOOHJDWGHLQYHVWL LH -100 0 100 200 300
9DORDUHDFWXDO OD 90,9 165,3 225,4 273,2 310,5
Proiect D
Flux 500 400 300 200 100
Amortismente 200 200 200 200 200
%HQHILFLXOOHJDWGHLQYHVWL LH 300 200 100 0 -100
9DORDUHDFWXDO OD 454,5 330,6 225,4 136,6 62,1
3.000
9DORDUHDQHW FRQWDELO PHGLHHVWHGH 500 = .
6
%HQHILFLLOHGDWRUDWHLQYHVWL LHLVXQWFDOFXODWHSUHVXSXQkQGSHGHRSDUWHF H[LVW LGHQWLWDWH
DIOX[XULORUGHOLFKLGLW LGHH[SORDWDUHúLDYDULD LHL(%( XOXLGHFL

- 1)5 úLSHGHDOW SDUWHF
QH H[LVW LPSR]LWDUH D UH]XOWDWHORU %HQHILFLLOH PHGLL FDOFXODWH SHQWUX & úL ' VXQW DWXQFL GH úL
100
UDWHOHORUGHUHQWDELOLWDWHFRQWDELO VXQWHJDOHFX = 20% .
500
$FFHSWDUHD VDX UHVSLQJHUHD SURLHFWXOXL SUHVXSXQH F VH SRDWH FDOFXOD UDWD GH UHQWDELOLWDWH
FRQWDELO ILH FDOFXODW DVXSUD DQVDPEOXOXL DFWLYHORU vQWUHSULQGHULL fie pornind de la o medie
VHFWRULDO 'DU XQ DVHPHQHD SUDJ HVWH vQ WRWDOLWDWH DUELWUDU UHQWDELOLWDWHD PHGLH D vQWUHSULQGHULL VDX
FHDDVHFWRUXOXLSRDWHILLQVXILFLHQW
'DF VH GHWHUPLQ 9$1 XULOH DIHUHQWH FHORU GRX

- LQYHVWL LL & úL ' HOH VXQW UHVSHFWLY
GH PLL SHQWUX & úL PLL SHQWUX ' ,QYHVWL LD FDUH HVWH PDL UHQWDELO HVWH GHFL ' vQ
WLPS FH GLQ SXQFW GH YHGHUH DO UDWHL GH UHQWDELOLWDWH FRQWDELO FHOH GRX SURLHFWH VXQW
HFKLYDOHQWH $FHVW FULWHULX SRDWH GHFL V FRQGXF OD GHFL]LL FRQWUDUH RE iectivului de
maximizare a valorii.
5DWDGHUHQWDELOLWDWHFRQWDELO VHGLIHUHQ LD] GH9$1SULQXUP WRDUHOH
• VXPD LQYHVWL LHL HVWH GHWHUPLQDW SULQ YDORDUHD QHW FRQWDELO PHGLH ÌQ SULPXO UkQG
QX H[LVW HFKLYDOHQ vQWUH GHILQL LD FRQWDELO úL GHILQL LD ILQDQFLDU D LQYHVWL LHL
DQXPLWH FKHOWXLHOL VXQW FRQVLGHUDWH SULQ FRQWDELOLWDWH FD ILLQG FKHOWXLHOL úL QX FD
LQYHVWL LL
.
• în al doilea rând, calculul astfel efectuat nu corespunde cu calculul financiar care se
RE LQH SRUQLQG GH OD VXPHOH HIHFWLY GHEXUVDWH 6H SRDWH UHPDUFD vQ SOXV IDSWXO F
calculul contabil depinde de modul de amortizare practicat;

• QX H[LVW LGHQWLWDWH vQWUH EHQHILFLL DúD FXP VXQW HOH HYDOXDWH vQ FRQWDELOLWDWH úL IOX[XULOH
GHOLFKLGLW L
)OX[XULOH GH OLFKLGLW L FRUHVSXQG GLIHUHQ HL GLQWUH vQFDV UL úL FKHOWXLHOL VXSOLPHQWDUH
DQWUHQDWHGHLQYHVWL LH
'HWHUPLQDUHDEHQHILFLXOXLVHIDFHSRUQLQGGHODYHQLWXULúLFKHOWXLHOLúLGHSLQGHvQVSHFLDO
GHPRGXOGHDPRUWL]DUHUH LQXW
• costul de oportunitate al fondurilor investite nu este luat în calcul; beneficiile nu sunt

actualizate.
&ULWHULXOUDWHLGHUHQWDELOLWDWHFRQWDELO DSDUHvQFRQVHFLQ FDILLQGXQFULWHULXPDLFULWLFDELO
decât perioada de recuperare.

C. 5DWDLQWHUQ GHUHQWDELOLWDWH
1q*HQHUDOLW L
5DWD LQWHUQ GH UHQWDELOLWDWH 5,5 VDX UDWD LQWHUQ GH UDQGDPHQW HVWH UDWD GH DFWXDOL]DUH
SHQWUXFDUHVHRE LQHR9$1QXO 6HGHWHUPLQ UH]ROYkQGHFXD LD
n
Ct
VAN = ∑ − I0 = 0
t
t =1 (1 + RIR )
&RQVLGHU PRLQYHVWL LHvQVXP GHDOHF UHLIOX[XULGHOLFKLGLW LDúWHSWDWHVXQW
respectiv 5.000.00 úL SHQWUX DQLL úL 5DWD LQWHUQ GH UHQWDELOLWDWH VH GHWHUPLQ
rezolvând:
5.000.000 10.000.000
VAN = + − 11.900.000 = 0
(1 + RIR ) (1 + RIR ) 2
RIR-XODFHVWHLLQYHVWL LLHVWHGH6HSRDWHUHSUH]HQWDJUDILFHDVHVLWXHD] ODLQWHUVHF LD
IXQF LHLUHSUH]HQWkQG9$1-XOvQIXQF LHGHUDWDGHDFWXDOL]DUHúLD[DDEFLVHORU
7DEHOXO9$1úLUDWDLQWHUQ GHUHQWDELOLWDWH
VA
3.100
15% = RIR
Rata de actualizare
VAN-XOILLQGSR]LWLYSHQWUXWRDWHUDWHOHGHDFWXDOL]DUHLQIHULRDUHUDWHLGHUHQWDELOLWDWHLQWHUQ
VDX VH DMXQJH OD FRQFOX]LD F LQYHVWL LD HVWH DFFHSWDELO GDF UDWD GH UHQWDELOLWDWH D LQYHVWL LHL HVWH
VXSHULRDU UDWHLGHDFWXDOL]DUHDGLF FRVWXOXLGHRSRUWXQLWDWHIRQGXULORULQYHVWLWH
6HSRDWHGHPRQVWUDF GDF IXQF LDFHUHSUH]LQW 9$1HVWHPRQRWRQ GHVFUHVF WRDUHH[LVW
HFKLYDOHQ vQWUHFULWHULLOH9$1úL5,5GLQSXQFWGHYHGHUHDODFFHSW ULLSURLHFWXOXL
7RWXúL 5,5 SUH]LQW LQFRQYHQLHQWH úL FRQGXFH vQ DQXPLWH FD]XUL OD GHFL]LL QHFRQIRUPH
criteriului VAN.
2q5DWDLQWHUQ GHUHQWDELOLWDWHúLLSRWH]DUHLQYHVWLULL
Atunci când se recurge la rata intHUQ GH UHQWDELOLWDWH VHFRQVLGHU LSRWH]DLPSOLFLW F UDWD
GHUHQWDELOLWDWHDIOX[XULORUUHLQYHVWLWHHVWHFKLDUUDWDLQWHUQ GHUHQWDELOLWDWH
(YDOX PYDORDUHDYLLWRDUHvQDQXOQDIOX[XULORUUHLQYHVWLWHOD5,5
n
VF(n ) = ∑ C t (1 + RIR )n − t
t =1
3HGHDOW SDUWHGXS GHILQL LD5,5VHDMXQJHOD
n
Ct
I0 = ∑
t
t =1 (1 + RIR )
de unde se poate deduce multiplicând cei doi membri prin (1 + RIR)n astfel încât se ajunge la:
n
I0 (1 + RIR ) n = ∑ C t (1 + RIR ) n − t = VF(n )
t =1
FHHD FH GHPRQVWUHD] F DWXQFL FkQG VH XWLOL]HD] 5,5 VH IDFH LSRWH]D F UDWD GH UHLQYHVWLUH HVWH
chiar RIR-XO$FHDVW LSRWH] HVWHGLIHULW GHFHDFDUHSUHVXSXQHF UHFXUJHUHDOD9$1XQGHUDWDGH
UHLQYHVWLUH HVWH UDWD GH DFWXDOL]DUH UDWD GREkQ]LL SH SLD D ILQDQFLDU vQ FD] GH FHUWLWXGLQH ,SRWH]D
GH UHLQYHVWLUH OHJDW GH 5,5 HVWH LQDFFHSWDELO &ULWHULXO 9$1 SUHVXSXQH F YD IL vQWRWGHDXQD
SRVLELO SODVDUHDIOX[XULORUYLLWRDUHODUDWDGHDFWXDOL]DUHUH LQXW FDUHSRDWHYDULDFXSHULRDGD
1
'LYL]kQGSULQúLSXQkQG x= VHSRDWHVFULHDFHDVW HFXD LH sub forma:
(1 + RIR )
100x2 – 100x + 16 = 0
&HOH GRX UDWH LQWHUQH GH UHQWDELOLWDWH VROX LLOH DFHVWHL HFXD LL VXQW UHVSHFWLY GH úL
3UHVXSXQHP F UDWD GH DFWXDOL]DUH HVWH GH ÌQ DFHVW FD] 9$1 -ul este de –1.934.000.
'XS FULWHULXO 9$1 -ului, proiectXO HVWH GHFL GH UHIX]DW GH UHVSLQV &HOH GRX UDWH LQWHUQH GH
UHQWDELOLWDWH ILLQG VXSHULRDUH UDWHL GH DFWXDOL]DUH DU WUHEXL GLPSRWULY V VH DGRSWH LQDGHFYDW QX
QXPDLF H[LVW PDLPXOWH5,5 XULVHGRYHGHúWHúLQLFLXQXOQXHVWHIRQGDWGHFkWDOWXOGDUSHGHDOW

-
SDUWHFRQIUXQWDUHDDFHVWRUUDWHFHOHLRE LQXWHXWLOL]kQG9$1 -ul.
3q Clasamente contradictorii ale proiectelor

ÌQ DQXPLWH FD]XUL vQWUHSULQGHUHD WUHEXLH V DOHDJ vQWUH PDL PXOWH SURLHFWH úL GHFL V
VWDELOHDVF XQ FODVDPHQW &ODVDPHQWHOH RE LQXWH SRW GLIHUL GXS FULWHULXO UH LQXW 9$1 úL 5,5
$FHVWHGLYHUJHQ HSRWDYHDPDLPXOWHRULJLQLGLIHUHQ vQWUHVXPHOHLQYHVWLWHVDXvQSURILOXOIOX[XUL
a) 'LIHUHQ vQWUHVXPHOHLQYHVWLWH
&RQVLGHU P GRX SURLHFWH $ úL % PXWXDO H[FOXVLYH DOH F URU VXPH GLIHU DVWIHO vQFkW XQ DO
treilea proiect fictiv H = B – $ D F UHL VXP FRUHVSXQGH GLIHUHQ HL VXPHORU OXL $ úL % úL DOH F URU
IOX[XULVXQWFRQVWLWXLWHSULQIOX[XULOHGLIHUHQ LDOH
4q&D]XULSDUWLFXODUHLQH[LVWHQ D5,5-XOXLúLSUH]HQ DXQRUUDWHPXOWLSOH

a) ,QH[LVWHQ DUDWHLLQWHUQHGHUHQWDELOLWDWH
3HQWUX DQXPLWH VHFYHQ H DOH IOX[XOXL 5,5-XOXL QX H[LVW &RQVLGHU P LQYHVWL LD XUP WRDUH
I0 úLIOX[XULOH&1 = 200, C2 = -5DWDGHDFWXDOL]DUHHVWHGH(FXD LDGHGHWHUPLQDUHD

RIR-ului este atunci:
200 150
+ − 100 = 0
(1 + RIR ) (1 + RIR ) 2
1
'LYL]kQG SULQ úL SXQkQG x= VH SRDWH VFULH DFHDVW HFXD LH VXE IRUPD
(1 + RIR )
WUDGL LRQDO DXQHLHFXD LLGHJUDGXOGRL
1,5x2 – 2x + 1 = 0
$FHDVW HFXD LHQXDUHU G FLQLUHDOHHVWHGHFLLPSRVLELO GHWHU minarea RIR-ului.
'DF VHHYDOXHD] 9$1 XODFHVWHLLQYHVWL LLODUDWDGHVHRE LQH9$1
- -úLSURLHFWXO
este respins.
b) 3UH]HQ DXQRUQXPHURDVHUDWHLQWHUQHGHUHQWDELOLWDWH
ÌQFD]XOvQFDUHH[LVW VFKLPE ULGH VHPQHvQ VHFYHQ DIOX[XULORU GHOLFKLGLW LHVWHSRVLELO
RE LQHUHD XQRU QXPHURDVH UDWH LQWHUQH GH UHQWDELOLWDWH $VWIHO GDF VH FRQVLGHU LQYHVWL LD
XUP WRDUHVHRE LQGRX UDWH
,QYHVWL LDHVWH vQWU-R VXP LQL LDO GH IOX[XO DQXOXL HVWH GH úLIOX[XO GLQ
anul 2 este de –(FXD LDGHGHWHUPLQDUHD5,5-ului se scrie atunci:

10.000 10.000
VAN = − − 1.600.000 = 0
(1 + RIR ) (1 + RIR )2
$FHDVW LQYHVWL LHHVWHGHQXPLW LQYHVWL LHGLIHUHQ LDO
Proiect 6XP )OX[XULGHOLFKLGLW L RIR în % VAN la 10%
A 1.000 2.000 100 818
B 5.000 7.000 40 1.364
H=B-A 4.000 5.000 25 546
3URLHFWHOH $ úL % VXQW DFFHSWDELOH GLQ SXQFWXO GH YHGHUH D FHORU FULWHULL ÌQ DQVDPEOX
FODVDPHQWXOHVWHFRQWUDGLFWRULXGXS FULWHULXOXWLOL]DW&ULWHULXO9$1FRQGXFHODDOHJHUHDSURLHFWXOXL
% FDUH SHUPLWH RE LQHUHD XQXL 9$1 GH ID GH vQ FD]XO SURLHFWXOXL $ &ULWHULXO 5,5
FRQGXFHODRFRQFOX]LHFRQWUDU SURLHFWXO$ODR5,5GHID GHvQFD]XOSURLHFWXOXL%
&HOH GRX SURLHFWH ILLQG GH GLPHQVLXQL IRDUWH GLIHULWH VH SRDWH vQWUHED DVXSUD XWLOL] ULL
GLIHUHQ HL GH IRQGXUL vQWUH FHOH GRX SURLHFWH &RQVLGHU P GLIHUHQ D GH FDSLWDO LQYHVWLW GH
H[LVWHQW vQWUHSURLHFWHOH$úL%DFHDVW GLIHUHQ GHFDSLWDOXULLQYHVWLWHSHUPLWHRE LQHUHDXQXLIOX[
GLIHUHQ LDO GH OD ILQHOH SHULRDGHL 5,5 XO LQYHVWL LHL GLIHUHQ LDOH + DVWIHO FRQVWLWXLWH HVWH GH
-
úL9$1 XOV XGH9$1 XOILLQGSR]LWLYúL5,5
- - -ul fiind superior ratei de actualizare de
HVWH UHQWDELO GXS FHOH GRX FULWHULL FDUH VXQW FRQFRUGDQWH GH D UHDOL]D LQYHVWL LD GLIHUHQ LDO
H. Investitorul WUHEXLH GHFL V UHDOL]H]H DQVDPEOXO SURLHFWXO $ SOXV LQYHVWL LD GLIHUHQ LDO DOWIHO
spus trebuie ales proiectul B.

ÌQ FRQVHFLQ FRQVLGHUkQG LQYHVWL LD GLIHUHQ LDO XWLOL]DUHD FHORU FULWHULL 5,5 úL 9$1
FRQGXFHODDFHHDúLFRQFOX]LHWUHEXLHDOHVS roiectul B, care singurul conduce la maximizarea VAN-

ului.
c) (JDOLWDWHD VXPHORU LQYHVWLWH GLIHUHQ vQ SURILOXOIOX[XULORU 6LWXD LD GH FRQWUDGLF LHD FULWHULLORU
VHSRDWHvQWkOQLvQDOWHFD]XULGHFkWGLIHUHQ DvQWUHGLPHQVLXQLOHLQYHVWL LLORU(DVHSRDWH produce

FD XUPDUH D SURILOXOXL IOX[XULORU GLIHULWH &RQVLGHU P GRX LQYHVWL LL & úL ' FDUH DX
FDUDFWHULVWLFLOHXUP WRDUH
Proiect Suma )OX[GHOLFKLGLW L RIR în % VAN la 9%

C 155,22 100 100 14 13,74
D 155,22 0 221 12,5 15,44
K=D-C 0 -100 121 10 1,70
3HQWUXRUDW GHDFWXDOL]DUHGHSURLHFWHOH&úL'GHVXPHLGHQWLFHVXQWFODVDWHGLIHULWGH
FULWHULLOH 9$1 úL 5,5 3HQWUX R UDW GH DFWXDOL]DUH GH 9$1 -urile lor sunt egale. Tabelul
XUP WRULQGLF ]RQHOHGHFRQFRUGDQ úLGHGLVFRUGDQ DFULWH riilor.
7DEHOXO5HOD LDvQWUH9$1úL5,5
65,78
VAN
Proiect D
=21$'(&21&25'$1
60
ZONA DE VAN C > VAN D
',6&25'$1 RIR C > RIR D
VAN C > VAN D
RIR C > RIR D
14,78
,QWHUVHF LD)LVFKHU
Proiect C UDWDGHLQGLIHUHQ GH
15,44
13,74
0 9% 12,5% 14% Rata de

RIR D RIR C actualizare
5q5DWDGHDFWXDOL]DUHQXHVWHFRQVWDQW vQWLPS
'DF VWUXFWXUDODWHUPHQDUDWHLGREkQ]LLQXHVWHSODW UDWDGHDFWXDOL]DUHGHXWLOL]DWQXPDL
HVWH FRQVWDQW vQ WLPS ÌQ DFHVW FD] UDWD OD FDUH WUHEXLH FRPSDUDW UDWD LQWHUQ GH UHQWDELOLWDWH HVWH
UDWDGHUHQWDELOLWDWHODVFDGHQ FDUHHVWHUDWDXQLF FHSHUPLWHRE LQHUHDDFHOHDúL9$1
2 LQYHVWL LHGHSHUPLWH JHQHUDUHDXQRUIOX[XULGHvQDQXOúLvQ
anul 2. 5DWHOHGHDFWXDOL]DUHDVXQWGHSHQWUXDQXOúLGHSHQWUXDQXO
VAN-XODFHVWHLLQYHVWL LLHVWHúLUDWDGHUHQWDELOLWDWHODVFDGHQ HVWHGH5DWD
LQWHUQ GHUHQWDELOLWDWHVHSRDWHGHWHUPLQDDVWIHO
600.000 700.000
+ − 1.000.000 = 0
(1 + RIR ) (1 + RIR ) 2
de undH UH]XOW R 5,5 GH &XP DFHDVWD HVWH VXSHULRDU UDWHL GH UHQWDELOLWDWH OD VFDGHQ
LQYHVWL LDHVWHDFFHSWDELO
ÌQ FRQFOX]LH FKLDU GDF UDWD LQWHUQ GH UHQWDELOLWDWH DUH IXQGDPHQWH WHRUHWLFH PDL VROLGH
GHFkW SHULRDGD GH UHFXSHUDUH úL UDWD GH UHQWDELOLWDWH FRQWDELO DFHVW OXFUX QH SRDWH FRQGXFH vQ
DQXPLWH FD]XUL OD DOHJHUL GLIHULWH GHFkW FHOH LQGLFDWH GH 9$1 &D XUPDUH HD WUHEXLH XWLOL]DW
prudent.
D. Indicele de profitabilitate
,QGLFHOH GH SURILWDELOLWDWH VH FDOFXOHD] UDSRUWkQG YDORDUHD DFWXDO D IOX[XULORU GH OLFKLGLW L
JHQHUDWHGHSURLHFWHODVXPDLQYHVWL LHL$VWIHOGDF VHFRQVLGHU FHOHSURLHFWHSUHFHGHQWH$úL%
vQVXPHOHUHVSHFWLYHGHúLYDORDUHDDFWXDO DIOX[XULORUHVWHGHSHQWUX$úL
pentru B. Indicele de profitabilitate este atunci:

VA  VAN  818
Proiect A: IP = = 1 +   = 1 + = 1,818
I0  I0  1.000
 1,364 
Proiect B: IP = 1 +   = 1,273
 5.000 
3URLHFWHOH VXQW DFFHSWDELOH GDF LQGLFHOH HVWH PDL PDUH GH vQ DFHVW FD] 9$1 -ul este
SR]LWLY ([LVW GHFL HFKLYDOHQ vQ FHHD FH SULYHúWH DFFHSWDUHD SURLHF telor. În schimb, clasamentele
RE LQXWHSRWILGLYHUJHQWH$VWIHOvQH[HPSOXOFRQVLGHUDWLQGLFHOHGHSURILWDELOLWDWHDFRUG SUHIHULQ
proiectului A, în timp ce VAN-XO GHVHPQHD] SURLHFWXO % 9$1$ úL 9$1%
&KLDU GDF SHQWUX 5,5 FRQWUDGLF LD SRDWH IL UH]ROYDW FRQVLGHUkQG LQYHVWL LD GLIHUHQ LDO HJDO FX
GLIHUHQ DLQWUHVXPHOHSURLHFWHORU$úL%
,QGLFHOHGHSURILWDELOLWDWHDLQYHVWL LHLGLIHUHQ LDOH+HVWH
• 6XP GLIHUHQ LDO
• 9DORDUHDDFWXDO DIOX[XULORUGLIHUHQ LDOH– 1.818 = 4.546;

• Indice de profitabilitate: IP – 4.546/4.000 = 1,1365.
ÌQ FRQVHFLQ HVWH UHQWDELO UHDOL]DUHD SURLHFWXOXL % 9$1 XO LQYHVWL LHL GLIHUHQ LDOH ILLQG
-
SR]LWLYúLLQGLFHOHV X GHSURILWDELOLWDWHILLQGPDLPDUHGH,QGLFHOH GHSURILWDELOLWDWH este criteriul
cel mai apropiat de VAN.
4.1.4.EVALUAREA VALORII ACTUALE NETE
Utilizarea criteriului VAN presupune în prealabil estimarea ansamblului fluxului de

OLFKLGLW LOHJDWHGHLQYHVWL LH$FHDVW HVWLPDUH WUHEXLHV VHRSHUH]HvQWU-un mod diferit GLIHUHQ LDO
FX úL I U UHDOL]DUHD SURLHFWXOXL GH LQYHVWL LH VWXGLDW DGLF FRQVLGHUkQG DQVDPEOXO LQFLGHQ HORU SH
FDUHOHSRDWHDYHDLQYHVWL LDDVXSUDIOX[XOXLGHOLFKLGLW LDOvQWUHSULQGHULL

(VWLPDUHDIOX[XULORUGHOLFKLGLW L
Estimarea fluxurilRUVHSRDWHIDFHGLVWLQJkQGvQPRGDUELWUDUWUHLID]HvQYLD DSURLHFWXOXLGH

LQYHVWL LLSHULRDGDLQL LDO SHULRDGHOHLQWHUPHGLDUHúLSHULRDGDILQDO
A. 3HULRDGDLQL LDO GHWHUPLQDUHDFDSLWDOXOXLLQYHVWLW
1q Cheltuielile luate în calcul

&RQVLGHU PRVLWXD LHVLPSOLILFDW vQ FDUHLQYHVWL LDVHIDFHUHDOL]HD] ODRGDW GHEXWXO
SHULRDGHL 'DF LQYHVWL LD V DU UHDOL]D vQ PDL PXOWH SHULRDGH DU WUHEXL DWXQFL V VH DFWXDOL]H]H
-
LHúLULOHGHIRQGXULFDUHVHSURGXFvQSHULRDGHOHXOWHULRDUH
Suma investi LHL VH FDOFXOHD] HYDOXkQG GLIHUHQ LDO DQVDPEOXO LQFLGHQ HORU GLUHFWH VDX
LQGLUHFWHSHFDUHOHSRDWHDYHDSURLHFWXODVXSUDOLFKLGLW LORUvQWUHSULQGHULLODGDWD
Trebuie astfel luate în calcul pentru un proiect dat:

• IRQGXULOH LQYHVWLWH vQ DFKL]L LRQDUHD GH LPRELOL] UL FRUSRUDOH LPRELOL] UL LQFRUSRUDOH EUHYHWH
P UFLOLFHQ HHWFLPRELOL] ULILQDQFLDUH
• FKHOWXLHOL FRQWUDFWDWH FX RFD]LD SXQHULL vQ IXQF LXQH D LQYHVWL LHL IRUPDUHD SHUVRQDOXOXL
cheltuieli de cercetare);
• YDULD LDGHQHYRLHGHIRQGGHUXOPHQWDQWUHQDW GHSURLHFW
• FRVWXULOHGHRSRUWXQLWDWHGDF GHH[HPSOXvQWUHSULQGHUHDXWLOL]HD] XQWHUHQGHFDUHHDGLVSXQH
vQ SUH]HQW SHQWUX UHDOL]DUHD XQHL QRL LQYHVWL LL HD WUHEXLH V LD vQ FDOFXO VXPD DFHVWHL LQYHVWL LL
OLFKLGLW LOHSHFDUHOH DUILSXWXWRE LQHSULQYkQ]DUHDDFHVWXLWHUHQ

-
• HIHFWHOH LQGXVH DVXSUD DOWRU SURLHFWH DVWIHO GDF SURLHFWXO DQWUHQHD] FHVLXQHD GH PDWHULDOH
YHQLWXULOHRE LQXWHGLQDFHDVW FHVLXQHGLPLQXHD] VXPDLQYHVWLW vQSHULRDGDLQL LDO
• LQFLGHQ HOHILVFDOHWRDWHLHúLULOH GHIRQGXULGHRULJLQHILVFDO RULFDUH DUILIRUPDGHLPSR]LWDUH
DQWUHQDWH GH SURLHFW GLUHFW VDX LQGLUHFW úL FDUH VH SURGXF vQ SHULRDGD LQL LDO WUHEXLH GH
DVHPHQHDOXDWHvQFRQVLGHUD LH
2q Cheltuielile care nu se iau în calcul

Anumite FKHOWXLHOLQXVXQWGHUH LQXW$VWIHOGDF vQSUHDODELOvQDLQWHDSHULRDGHLvQFDUHVH
GHFLGH LQYHVWL LD DX IRVW DQJDMDWH FKHOWXLHOL GH VWXGLX DFHVWHD QX WUHEXLHVF V ILH LQFOXVH vQ VXPD
LQYHVWLW GHRDUHFH HOH QX PDL LQWHUYLQ vQ GHFL]LH HVWH YRUED GH cheltuieli trecute care sunt
considerate drept fonduri pierdute (sunk costs).
Exemplu)LHRLQYHVWL LHvQVXP GH)OX[XULOHDúWHSWDWHSUHYL]LRQDWHSHQWUXXUP WRULL
FLQFLDQLVXQWGHúLUDWDGHDFWXDOL]DUHHVWHGHÌQSUHDODELOînainte de data de decizie),
vQWUHSULQGHUHDDDQJDMDWFKHOWXLHOLGHVWXGLLvQVXP GHODvQFHSXWXODQXOXLSUHFHGHQW/D
momentul (perioada) 0, VAN-XOLQYHVWL LHLHVWHGH

5
300.000
VAN = ∑ − 1.000.000 = 137.000
t
t =1 (1,1)
úLLQYHVWL LDHVWHDFFHSWDW QXVXQWOXDWHvQFRQVHFLQ FKHOWXLHOLOHGHVWXGLL
'DF GLPSRWULY HYDOXDUHDGHWHUPLQDUHDUHQWDELOLW LLDUILDYXWORFODvQFHSXWXOSHULRDGHL
SUHFHGHQWH FX DFHOHDúL GDWH UH]XOWDWXO DU IL IRVW GLIHULW 9$1 -ul evaluat la momentul (perioada)
z = -1, ar fi fost:
6
300.000 1.000.000
VAN = ∑ (1,1) t
−
1,1
− 1.000.000 = −875.200
t =2
úLLQYHVWL LDQ DUILIRVWDFFHSWDELO
-
B. Perioade intermediare: determinarea fluxurilor
1q 'RX SULQFLSLL IXQGDPHQWDOH HYDOXDUHD GLIHUHQ LDO úL LQGHSHQGHQ D vQ UDSRUW FX
PRGDOLW LOHGHILQDQ DUH
a) (YDOXDUHDGLIHUHQ LDO DIOX[X rilor.

&D úL SHQWUX GHWHUPLQDUHD LQYHVWL LHL LQL LDOH WUHEXLH UD LRQDW GLIHUHQ LDO SHQWUX HYDOXDUHD
IOX[XULORU JHQHUDWH GH LQYHVWL LD FRQVLGHUDW $FHVW SULQFLSLX LPSOLF FX SUHF GHUH F QX WUHEXLH
QLFLRGDW LPSXWDWH FKHOWXLHOL IL[H OHJDWH GH DOWH DFWLYLW LDOHvQWUHSULQGHULLSHQWUXD HYDOXD IOX[XULOH
OHJDWHGHXQSURLHFWGHLQYHVWL LL
Exemplu )LH R vQWUHSULQGHUH FDUH H[HUFLW R XQLF DFWLYLWDWH FDUH vL DGXFH XQ IOX[ GH
vQDLQWH GH LPSXWDUHD D FKHOWXLHOL IL[H SO WLELOH $FHDVW vQWUHSULQGHUH SURLHFWHD] V
vQWUHSULQG R QRX LQYHVWL LH FX XQ DOW SURILO GH DFWLYLWDWH 'XS GHGXFHUHD FKHOWXLHOLORU YDULDELOH
IOX[XO DúWHSWDW FD XUPDUH D DFHVWHL QRL LQYHVWL LL HVWH GH $FHVW QRX SURLHFW DQWUHQHD]
FKHOWXLHOLIL[HSO WLELOHVXSOLPHQWDUH LQkQGFRQWGHIDSWXOF VHUYLFLLOHJHQHUDOHYRUSXWHD
ILXWLOL]DWHSHQWUXUHDOL]DUHDDFHVWHLQRLDFWLYLW L
7DEHOXO)OX[XULGLIHUHQ LDOHúLUHSDUWL LDFKHOWXLHOLORUIL[H
Întreprinderea ÎQWUHSULQGHUHDGXS 9DULD LD
vQDLQWHGHLQYHVWL LH LQYHVWL LHYHFKHD LQYHVWL LHLQRXD
(activitate veche) noua activitate) activitate)

2SWLF ILQDQFLDU I U UHSDUWL LD
cheltuielilor fixe)
)OX[GXS FKHOWXLHOLYDULDELOH 10.000.000 20.000.000 10.000.000
SO WLELOH
Cheltuieli fixHSO WLELOH 5.000.000 7.000.000 2.000.000

Flux final 5.000.000 13.000.000 8.000.000
2SWLFDFRQWDELOLW LLDQDOLWLFH
)OX[GXS FKHOWXLHOLYDULDELOH 10.000.000 20.000.000 10.000.000

SO WLELOH
&KHOWXLHOLIL[HSO WLELOH 4.000.000 7.000.000 3.000.000

Flux final 6.000.000 13.000.000 7.000.000
'DF VH UD LRQHD] vQ WHUPHQL GLIHUHQ LDOL IOX[XO GH UH LQXW SHQWUX HYDOXDUHD UHQWDELOLW LL
noului produs este de 10.000.000 – ÌQ QLFL XQ FD] QX WUHEXLH V VH LPSXWH
asupra acestXL IOX[ R FRW SDUWH D FKHOWXLHOLORU IL[H FH SURYLQ GLQ YHFKHD DFWLYLWDWH 5D LRQDPHQWXO
ILQDQFLDU VH VHSDU WRWDO GLQ DFHVW SXQFW GH UD LRQDPHQWXO SUDFWLFDW GH FRQWDELOLWDWHD DQDOLWLF FDUH
FRQVW FHOPDLDGHVHDGLQUHSDUWL]DUHDFKHOWXLHOLORUIL[HvQWUHGLIHULWHDFWLYLW L
b) ,QGHSHQGHQ DGHHYDOXDUHDIOX[XULORUvQUDSRUWGHPRGDOLW LOHGHILQDQ DUH
(YDOXDUHD WUHEXLH V VH IDF vQWU XQ PRG LQGHSHQGHQW GH PRGDOLW
- LOH GH ILQDQ DUH DOH
LQYHVWL LHL(VWHYRUEDGHDP VXUDFXDQWLILFDIOX[XULOHFHSURYLQFDXUPDUHDXWLOL] ULLDFWLYXOXLvQ
VFRSXO GH D HYDOXD UHQWDELOLWDWHD VD HFRQRPLF &RPSDUD LD DFHVWHL UHQWDELOLW L FX H[LJHQ HOH
aporturilor de fonduri se va face ulterior, actualizând fluxurile la costul de oportunitate al

FDSLWDOXOXLFDUH UHSUH]LQW FRVWXO GH ILQDQ DUH5HQWDELOLWDWHD GHJDMDW WUHEXLH V ILH GHVWXO GH PDUH
SHQWUXFDvQWUHSULQGHUHDV SRDW UHPXQHUDDSRUWRULLGHIRQGXULÌQFRQVHFLQ QXWUHEXLHvQQLFLXQ
FD]OXDWHvQFDOFXOFKHOWXLHOLOHILQDQFLDUHúLHFRQRPLLOHGHLPSR]LWHOHJDWHGH aceste cheltuieli pentru

GHWHUPLQDUHD IOX[XULORU R DVHPHQHD SURFHGXU DU FRQGXFH OD LQFOXGHUHD GH GRX RUL D FRVWXOXL GH
ILQDQ DUHRSULP GDW vQHYDOXDUHDIOX[XOXLRDGRXDRDU vQDFWXDOL]DUH

2q Metodele uzuale de determinare a fluxurilor de lichidLW L
6HUHFXUJHODGRX PHWRGHSHQWUXP VXUDUHDFXDQWLILFDUHDIOX[XULORU
a) Metoda 1HVWLPDUHDGLUHFW DIOX[XULORUGHOLFKLGLW L
$FHDVW SULP PHWRG FRQVW vQ HYDOXDUHD GLUHFW D IOX[XULORU GH OLFKLGLW L FRQVWUXLQG XQ
buget de trezorerie.
TrebuiH GHFL PDL vQWkL V VH HVWLPH]H IOX[XULOH GH WUH]RUHULH GH LQWUDUH DFHVWH IOX[XUL GH
intrare pot rezulta fie dintr-XQ VXSOLPHQW GH vQFDV UL ILH GLQ HFRQRPLL 'H DVHPHQHD IOX[XULOH GH
LHúLUHSRWILQFRQVWUXLWHILHSULQFKHOWXLHOLVXSOLPHQWDUHILHSULQtr-RSLHUGHUHGHvQFDV UL2LQYHVWL LH
SRDWH vQ DQXPLWH FD]XUL V DQWUHQH]H R OLSV GH FkúWLJ DVXSUD DOWRU LQYHVWL LL GH FDUH WUHEXLH LQXW
FRQWÌQRULFHFD]WUHEXLHLJQRUDWHLQFLGHQ HOHPRGXOXLGHILQDQ DUHDLQYHVWL LHL
,QFLGHQ DILVFDO LPSR]LWSHSURILWWUHEXLHDWXQFLV ILHHYDOXDW vQPRGVHSDUDWPRGXOV X
de evaluare fiind bazat pe contabilitate).
b) Metoda 2GHWHUPLQDUHDFRQWDELO DIOX[XULORU

$FHDVW D-DPHWRG HVWHPDLIUHFYHQWXWLOL]DW HDVHED]HD] SHFRQWXOGHUH]XOWDWHSHQWUX
detHUPLQDUHDIOX[XULORUGHOLFKLGLW L
%D]DPHWRGHLFRQVW vQFRQVWUXLUHDXQXLFRQWGHUH]XOWDWHVFKHPDWLFúLGLIHUHQ LDOFXúLI U
LQYHVWL LLúLLJQRUkQGFKHOWXLHOLOHILQDQFLDUH
7DEHOXO&RQWGHUH]XOWDWHGLIHUHQ LDO
) U LQYHVWL LH &XLQYHVWL LH DLIHUHQ

Cifra de afaceri 50.000 60.000 10.000
Costuri variabile 30.000 33.000 3.000
Marja asupra costurilor variabile 20.000 27.000 7.000
&KHOWXLHOLIL[HI U DPRUWL]DUH 10.000 11.000 1.000
Excedent btur de exploatare 10.000 16.000 6.000
Amortismente 4.000 6.000 2.000
Rezultat economic 6.000 10.000 4.000
Impozit pe profit (cota de 37%) 2.220 3.700 1.480
5H]XOWDWHFRQRPLFGXS LPSR]LW 3.780 6.300 2.520
Flux de fonduri = EBE - Impozit 7.780 12.300 4.520
Fluxul final este un flux de fonduri, adLF HO D IRVW HYDOXDW SRUQLQG GH OD GDWHOH GH
vQUHJLVWUDUH FRQWDELOH úL GH OD QR LXQLOH FRQWDELOH YHQLWXUL úL FKHOWXLHOL (O VH GLIHUHQ LD] DVWIHO GH
IOX[XO GH OLFKLGLW L FDUH HVWH GHWHUPLQDW SH ED]D GDWHORU HIHFWLYH DOH UHQWDELOLW LL úL DOH LHúLULORU de
fonduri.
3HQWUX GHWHUPLQDUHD IOX[XULORU GH OLFKLGLW L SRUQLQG GH OD IOX[XULOH GH IRQGXUL WUHEXLH LQXW
FRQWGHGHFDODMHOHFDUHVXUYLQvQWUHGDWHOHGHvQUHJLVWUDUHFRQWDELO úLGDWHOHHIHFWLYHGHvQFDV ULúLSO L
GH H[HPSOX GHFDODMXO GLQWUH vQFDV UL úL FLIUD GH DIDFHUL 3HQWUX HYDOXDUHD DFHVWRU GHFDODMH WUHEXLH
P VXUDW SHQWUXILHFDUHSHULRDG YDULD LDQHYRLLGHIRQGGHUXOPHQWDQWUHQDW GHSURLHFWXOGHLQYHVWL LL
ÌQ H[HPSOXO SUHFHGHQW GDF VH HYDOXHD] DFHDVW YDULD LH OD IOX[XO GH OLFKLGLW L
înainte de plata impozitului pe profit este de: 6.000 – 'DF VHSUHVXSXQHF IOX[XOGH
OLFKLGLW LDQWUHQDWGHLPSR]LWVH SURGXFHODGDWD GHvQUHJLVWUDUHFRQWDELO IOX[XO GHOLFKLGLW LILQDO
HVWHIOX[GHOLFKLGLW LvQDLQWHG e impozit) – 1480 (impozit) = 3.520.

'DF VH UH LQ IOX[XULOH GH IRQGXUL vQ HFXD LD 9$1-XOXL WUHEXLH DWXQFL FRQVLGHUDWH YDULD LLOH
QHYRLLGHIRQGGHUXOPHQWFRQVLGHUDW FDLQYHVWL LHVXSOLPHQWDU vQILHFDUHDQ
Exemplu 3UHVXSXQHP F LQYHVWL LD VWXGLDW vQ WDEHOXO SUHFHGHQW HVWH vQ VXP GH $FHDVW
VXP LD vQ FDOFXO YDULD LD QHYRLL GH IRQG GH UXOPHQW VXE IRUPD XQXL VWRF VXSOLPHQWDU GH
SURYRFDW GHLQYHVWL LH

)OX[XO GH OLFKLGLW L DQXDOH GXS GHGXFHUHD LPSR]LWXOXL SH SURILW HVWH GH 'Xrata de
YLD D LQYHVWL LHL HVWH GH DQL 1HYRLD GH IRQG GH UXOPHQW WRWDO DQWUHQDW GH LQYHVWL LH HVWH GH
vQ DO FLQFLOHD DQ 9DULD LD DQXDO D DFHVWHL LQYHVWL LL D IRVW GH (D HVWH UHFXSHUDW OD
finele celui de-al cincilea an.

Evaluarea VAN-XOXL SRUQLQG GH OD IOX[XUL GH OLFKLGLW L 3HQWUX R UDW GH DFWXDOL]DUH GH
HFXD LD9$1-ului se scrie:
5
3.520 6.000
VAN = ∑ (1,1) t +
(1,1)5
− 11.000 = 6.069
t =1
Flux de Recuperarea ,QYHVWL LH
OLFKLGLW L nevoii de fond LQL LDO
de rulment
Evaluarea VAN-ului pornind de la fluxuri de fonduri. Considerând demersul bazat pe

fluxuri de fonduri se ajunge laHFXD LDXUP WRDUH
5 5
4.520 1.000 6.000
VAN = ∑ (1,1) t − ∑ (1,1) t +
(1,1)5
− 11.000 = 6.069
t =1 t =1
Flux de 9DULD LD Recuperarea ,QYHVWL LD
fonduri DQXDO D NFR LQL LDO
NFR
3q,QFLGHQ DLQIOD LHLDVXSUDFDOFXOXOXL9$1 -ului

,QIOD LD DUH HIHFWH LPSRUWDQWH DVXSUD UHQWDELOLW LL UHDOH D LQYHVWL LHL (D LPSOLF QHFHVLWDWHD
GH D IL FRHUHQW vQ SURFHGXUD GH DOHJHUH D LQYHVWL LHL 'DF VH XWLOL]HD] FULWHULXO 9$1 -ului, trebuie
OXDWvQFDOFXOVLPXOWDQHIHFWHOHLQIOD LHLDVXSUDIOX[XULORUGHOLFKLGLW LúLDVXSUDUDWHLGHDFWXDOL]DUH
A. 5DWDGHDFWXDOL]DUHúLOXDUHDvQFDOFXODLQIOD LHL
5DWD GH DFWXDOL]DUH UHSUH]LQW FRVWXO GH RS ortunitate a fondurilor investite. Aportorii de
FDSLWDO GH LQ WRULL GH FDSLWDO VROLFLW GH OD LQYHVWL LLOH ORU R UDW GH UHQWDELOLWDWH UHDO 5 FDUH vL
UHPXQHUHD] SHQWUX VDFULILFLXO FRQVXPXOXL LPHGLDW DFHDVW UDW HVWH LQGHSHQGHQW GH LQIOD LH
,QVLVW PDVXSUDIDSWXOXLF WUHEXLHDFWXDOL]DWFKLDUGDF UDWDLQIOD LHLHVWHQXO
'DF LQYHVWL LD HVWH GH úL GDF UDWD GH UHQWDELOLWDWH UHDO FXUHQW HVWH GH XQ
LQYHVWLWRUYDSULPLRVXP GHODFDS WXOXQXLDQ
3UHVXSXQHPvQ SUH]HQW RLQIOD LH DF UHLUDW DQXDO HVWH GH'DF YHQLWXULOH LQYHVWL LHL
QXVXQWDMXVWDWHODLQIOD LHLQYHVWLWRUXOYDvQFDVDvQWRWGHDXQDGDUDFHDVW VXP YDILSLHUGXW
GLQFDX]DLQIOD LHLGLQSXWHUHDVDGHFXPS UDUH3RVLELOLW LOHGHFRQVXPDOHLQYHVWL torului vor

ILPDLPDULGHFkWODvQFHSXWXODQXOXL,QL LDOHOSXWHDFRQVXPDXQDQPDLWkU]LXHOQXYDPDL
putea consuma decât 1.050/1,1 – OD vQFHSXWXO DQXOXL 5DWD GH UHQWDELOLWDWH UHDO 5 D
LQYHVWL LHLHVWHDWXQFLGH
(954,5 – 1.000)/1.000 = -4,55%

úL GHVHPQkQG SULQ U UDWD QRPLQDO D SODVDPHQWXOXL GH úL SULQ M UDWD LQIOD LHL GH VH SRDWH
VFULHSHQWUXRLQYHVWL LHGH
(1 + r )
R= − 1 úL r = [(1 + R )(1 + j)]− 1 = R + j + Rj
(1 + j)
([SUHVLD UDWHL QRPLQDOH U HVWH XQHRUL VLPSOLILFDW SUHVXS unând termenul Rj neglijabil, sub
IRUPDDSUR[LPDWLY r ≅ R + j UDWDQRPLQDO HVWHHJDO FXVXPDGLQWUHUDWDUHDO úLUDWDLQIOD LHL
$WXQFL FkQG VH FRQVLGHU UDWH DQWLFLSDWH DFHDVW UHOD LH HVWH UHOD LD OXL )LVFKHU HD H[SULP
F UDWDQRPLQDO REVHUYDW HVWHHJDO FXUDWDUHDO DQWLFLSDW 5FUHVFXW FXUDWDLQIOD LHLDQWLFLSDWHM
ÌQFRQVHFLQ SHQWUXDRE LQH RUDW GHUHQWDELOLWDWH UHDO GHLQYHVWLWRUXO LQkQGFRQWGH
LQIOD LHWUHEXLHV RE LQ RUDW GHUHQWDELOLWDWHQRPLQDO GHVDXGHXWLOL]kQGUHOD LDGH
DSUR[LPDUHDGLF XQYHQLWGHODLQYHVWL LDVDGH
B. Indexarea fluxurilor
&RQVLGHU P UHOD LD YDORULL DFWXDOH 9$ úL SUHVXSXQHP F DQVDPEOXO IOX[XULORU V ILH
LQGH[DWHODUDWDLQIOD LHLMvQWU -un mod simetriFUDWHGHDFWXDOL]DUHQRPLQDO ULQWHJUHD] LQIOD LD6H
poate atunci scrie:

n
C (1 + j) t n
C t (1 + j) t n
Ct
VA = ∑ t =∑ =∑
t =1 [(1 + R )(1 + j)]
t t t
t =1 (1 + r ) t =1 (1 + R )
6H DMXQJH OD FRQFOX]LD F GDF DQVDPEOXO IOX[XULORU VXQW LQGH[DWH SHQWUX D LQH FRQW GH
LQIOD LHúLGDF UDWDGHDFWXDOL]DUHLQWHJUHD] LQIOD LD9$RE LQXW úLGHFL9$1HVWHLGHQWLF
ÌQ FRQVHFLQ SHQWUX FD LQIOD LD V ILH QHXWU WUHEXLH FD WRDWH IOX[XULOH V ILH LQGH[DWH OD
DFHHDúL UDW 2UL QX HVWH FD]XO VDODULLOH DXHYROXDW PXOWWLPS PDL UDSLG GHFkWDQXPLWH SRVWXULFDUH
intervin în determinarea fluxurilor de exploatare. Anumite rubrici, precum cea a amortismentelor

VXQWFDOFXODWHSHED]DYDORULORUFRQWDELOHLVWRULFHúLHFRQRPLLORUGHLPSR]LWSHFDUHHOHOHSHUPLWQX
XUPHD] ULWPXOLQIOD LHL,PHGLDWFHOPDLDGHVHDXUPHD] RVF GHUHDUHQWDELOLW LLUHDOH
Exemplu FRQVLGHU P R LQYHVWL LH GH FDUH JHQHUHD] XQ IOX[ GH IRQGXUL GH H[SORDWDUH
YDULD LD(%(DQWUHQDW GHLQYHVWL LHGHWLPSGHDQL,QYHVWL LDLQL LDO FXSULQGHLQYHVWL LL
vQ1)5GHH[SORDWDUHFDUHU PkQHVWDELO vQWHUPHQLUHDOLWLPSGHDQL6HSUHVXSXQHF SUH XOGH
FHVLXQHDOLQYHVWL LHLvQDOFLQFLOHDDQHVWHGH5DWDGHDFWXDOL]DUHUHDO ³5´HVWHGHUDWDGH
LQIOD LH DQWLFLSDW ³M´ GH úL UDWD GH DFWXDOL]DUH QRPLQDO ³U´ GH 'HWHUPLQ P 9$1 -ul
acestei LQYHVWL LL FRQVLGHUkQG VXFFHVLY LSRWH]H LQIOD LH QXO LQIOD LH GH )OX[XULOH GH IRQGXUL
GH H[SORDWDUH 1)5 úL SUH XO GH FHVLXQH VXQW SUHVXSXVH LQGH[DWH OD LQIOD LH 5DWD GH FDOFXO D
LPSR]LWXOXLSHSURILWVHSUHVXSXQHDILGHSHQWUXXúXULQ vQF alcule.
Ipoteza 1LQIOD LHQXO

Tabelul 6: Evaluarea VAN-XOXLI U OXDUHDvQFDOFXODLQIOD LHL
Anii 1 2 3 4 5
Flux de fonduri de exploatare 700 700 700 700 700
Amortismente 200 200 200 200 200
Rezultat înainte de impozit 500 500 500 500 500
Impozit pe profit (cota de 50%) 250 250 250 250 250
1. Flux de fonduri înainte de impozit 450 450 450 450 450
9DULD LD1)5GHH[SORDWDUH 0 0 0 0 0
Cesiune 300
Impozit pe plus valoare pe termen scurt 150
3. Flux net cesiune 150
4. Recuperarea NFR 200
)OX[XULWRWDOHIOX[XULGHOLFKLGLW L 450 450 450 450 800
(5 = 1 – 2 + 3 – 4)
VAN-XOLQYHVWL LHLVHFDOFXOHD] vQDFHVWFD]ODUDWDGHDFWXDOL]DUHUHDO GH5
4
450 800
VAN = ∑ + − 1.200 = 1.022,5
t
t =1 (1,05) (1,05)5
Ipoteza 2: luarea în cDOFXODXQHLLQIOD LLGH
)OX[XULOHGHIRQGXULGHH[SORDWDUH1)5GHH[SORDWDUHúLSUH XOGHFHVLXQH VXQWSUHVXSXVHD
ILLQGH[DWHODLQIOD LH5DWDGHDFWXDOL]DUHFRQVLGHUDW HVWHUDWDQRPLQDO GH
Tabelul 7: Evaluarea VAN-ului cu luarea în calcul DLQIOD LHL
Anii 1 2 3 4 5
Flux de fonduri de exploatare 735 772 810 851 893
Amortismente 200 200 200 200 200
Rezultat înainte de impozit 535 572 610 651 693
Impozit pe profit (cota de 50%) 267 286 305 325 346
)OX[GHIRQGXULGXS LPSR]LW 468 486 505 526 547
9DULD LD1)5GHH[SORDWDUH 10 11 11 12 12
Cesiune 383
Impozit pe plus-valoare pe termen scurt 192
3.Flux net de cesiune 192
4.Recuperarea NFR 256
)OX[XULWRWDOHIOX[XULGHOLFKLGLW L 458 475 494 514 983
(5 = 1 – 2 + 3 + 4)
VAN-XOSHQWUXRUDW GHDFWXDOL]DUHQRPLQDO ³U´GHHVWHDWXQFLGH
458 475 494 514 983
VAN = + + + + − 1.200 = 942
2 3 4
(1,1) (1,1) (1,1) (1,1) (1,1)5
VAN-XO LQYHVWL LHL HVWH vQ DFHVW FD] QHW LQIHULRU 9$1-XOXL HYDOXDW I U OXDUHD vQ FDOFXO D
LQIOD LHLUHQWDELOLWDWHDUHDO DLQYHVWL LHLDIRVWGHFLGLPLQXDW
([HPSOXOSUH]HQWDWGHPRQVWUHD] QHFHVLWDWHDGHDSUDFWLFDHYDOXDUHDLQYHVWL LLORUSRUQLQGGH
ODIOX[XULQRPLQDOHúLGHDUH LQHRUDW GHDFWXDOL]DUHDMXVWDW SHQWUXDOXDvQFDOFXOLQIOD LD
4.1.5.PROBLEME PARTICULARE
1.'HFL]LDGHLQYHVWL LLúLSURLHFWHFXGXUDWHGHYLD GLIHULWH . Compararea VAN-ului aferent
XQRUSURLHFWHGHLQYHVWL LLQXSRDWHILI FXW GLUHFWDWXQFLFkQGGXUDWHOHGHYLD DOHDFHVWRUSURLHFWH
GLIHU 1XPHURDVHPHWRGHVXQWDWXQFLXWLOL]DELOH
A. Metoda cHOXLPDLPLFPXOWLSOXFRPXQDOHGXUDWHORUGHYLD
&RQVLGHU P R vQWUHSULQGHUH FDUH DUH GH DOHV vQWUH GRX WLSXUL GH PDúLQL $ úL % SHQWUX
UHDOL]DUHDXQHLDFHOHLDúLSURGXF LL
0DúLQD $ DUH R GXUDW GH YLD GH DQL úL UHSUH]LQW R LQYHVWL LH GH )OX[ ul de
OLFKLGLW L GH H[SORDWDUH DúWHSWDW DQXDOH HVWH GH 0DúLQD % DUH R GXUDW GH YLD PDL PLF GH
DQLVXPDGHLQYHVWLWHVWHGHúLIOX[XOGHOLFKLGLW LGHH[SORDWDUHDQXDOHHVWHGH
(YDOX P9$1 XOSHQWUXRUDW GHDILHF UHLDGLQDFHVWHPDúLQL

-
3
600
0DúLQD$ : VAN(A) = ∑ − 1.000 = 492,1
t
t =1 (1,1)
2
500
0DúLQD% : VAN(B) = ∑ − 500 = 367,8
t
t =1 (1,1)
0DúLQD$DSDUHQWHVWHSUHIHUDELO GHRDUHFH9$1 XOV XHVWHPDLULGLFDW'DUDFHDVW PDúLQ
-
WUHEXLHV ILHvQORFXLW ODFDS WXODDQLID GHQXPDLDQLvQFD]XOPDúLQL i B. Decizia de înlocuire
GHSLQGH GH DOHJHUHD LQL LDO QX VH SRDWH FRQVLGHUD vQWU XQ PRG LQGHSHQGHQW DFHDVW GLQ XUP
-
GHFL]LH3HQWUXDOHJHUHDLQYHVWL LHLLQL LDOHWUHEXLHV VHUD LRQH]HSHXQRUL]RQWHFRQRPLFLGHQWLF
Cel mai mic multiplu comun al duraWHORUGHYLD ILLQGDQLYRPFRQVLGHUDXQRUL]RQWGH
DQL úL SUHVXSXQHP F FHOH GRX PDúLQL VXQW vQORFXLWH vQ PRG LGHQWLF OD FDS WXO GXUDWHORU GH YLD
respective.
VAN-XULOHSHQWUXFHOHGRX PDúLQLVXQWDWXQFL
0DúLQD$PDúLQDFDUHHVWHvQORFXLW GXS DQLQHFHVLW XQIOX[VXSOLPHQWDUGH –1.000 în anul 3.

VAN-ul total pe cei 6 ani este de:
 3 600   6 600 1.000 
VAN(A) =  ∑ − 1.000  +  ∑ − 
 (1,1) t   (1,1) t (1,1)3 
 t =1   t =4 
VAN(A) = 492,1 + 369,7 = 861,8

0DúLQD % PDúLQD HVWH vQORFXLW vQ DQLL úL úLGHFL QHFHVLW FkWH XQIOX[ VXSOLPHQWDU GH –500 la
ILQHOHDQLORUúL9$1
-ul total este de:
 2
500   4 500 500   6 500 500 
VAN(B) =  ∑ − 500  +  ∑ − + ∑ −
 (1,1) t   t
(1,1) 2   t =5 (1,1) t (1,1)4 
 t =1   t =3 (1,1)
VAN(B) = 367,8 + 303,9 + 251,2 = 922,9
ÌQDFHVWFD]PDúLQD%DSDUHSUHIHUDELO 9$1%ILLQGVXSHULRUOXL9$1$
$FHDVW PHWRG VH SRDWH GRYHGL JUHRDLH úL HVWH SUHIHUDELO UHFXUJHUHD OD PHWRGD DQXLW LL
echivalente.
B. 0HWRGDDQXLW LLHFKLYDOHQWH
$QXLWDWHD HFKLYDOHQW $(4 UHSUH]LQW DQXLWDWHD FDUH SHUPLWH RE LQHUHD DFHOHLDúL 9$1 GH -a
OXQJXO GXUDWHL GH YLD D SURLHFWXOXL ILH SHQWUX XQ SURLHFW FX GXUDW GH YLD GH ³Q´ úL R UDW GH
actualizare “R”:
VAN = ∑
n
AEQ
= AEQ ⋅
[1 − (1 + R ) ]
−n
t
t =1 (1 + R ) R
3HQWUXSURLHFWXO$FXRGXUDW GHYLD GHDQLúLSHQWUXRUDW GHDFWXDOL]DUHGH
$(4$ FHHDFHSHUPLWHvQFHLDQLRE LQHUHDXQXL9$1GH
492,1 = 197,9
[1 − (1,1) ]
−2
0,1
3HQWUXPDúLQD%VHRE LQHSHQWUXRGXUDW GHYLD GHDQL
$(4% FHHDFHSHUPLWHvQFHLDQLRE LQHUHDXQXL9$1GH
367,8 = 211,9
[1 − (1,1) ]
−2
0,1
6HDOHJHGHFLLQYHVWL LDDF UHLDQXLWDWHHFKLYDOHQW HVWHPDLULGLFDW DGLF SURLHFWXO%
2.Determinarea unei politic optimale de înlocuire

&RQVLGHU PRPDúLQ vQVXP GHFXRGXUDW GHYLD GHDQLIOX[XOGHOLFKLGLW LGH
H[SORDWDUH DQXDO HVWH GH ÌQWUHSULQGHUHD SRDWH vQORFXL DFHDVW PDúLQ SULQWU R QRX PDúLQ
-
înainte de finele celor 5 ani. MaúLQDDFWXDO DUHRYDORDUHUH]LGXDO GH vQDQXOGHvQ
DQXO GH vQ DQXO GH vQ DQXO úL GH vQ DQXO 3UREOHPD UH]LG vQ GHWHUPLQDUHD
perioadei optimale de înlocuire.

3UHVXSXQkQG R UDW GH DFWXDOL]DUH GH úL GDF VH FDOFXOHD] 9$1-ul fluxurilor de
OLFKLGLW LI FkQGLSRWH]DVXFFHVLY F PDúLQDHVWHFHGDW ODILQHOHILHF UXLDQVHRE LQH
• Cesiune în anul 1:
5.000 8.000
VAN(1) = + − 10.000 = 1.817
1,1) (1,1)
• Cesiune în anul2:
2
5.000 7.000
VAN(2) = ∑ + − 10.000 = 4.462
t
t =1 (1,1) (1,1) 2
3
5.000 6.000
VAN(3) = ∑ + − 10.000 = 6.941
t
t =1 (1,1) (1,1)3
4
5.000 2.000
VAN(4) = ∑ + − 10.000 = 7.216
t
t =1 (1,1) (1,1) 4
5
5.000 0
VAN(5) = ∑ + − 10.000 = 8.955
t
t =1 (1,1) (1,1)5
VAN-XOPD[LPDOVHRE LQHSHQWUXRFHVLXQHUHDOL]DW vQDQXO'DUDFHVWUH]XOWDWQXLPSOLF
F GHFL]LDRSWLPDO GHvQORFXLUHV DLE ORFvQDQXOÌQWU DGHY U

- , în fiecare caz orizontul economic
FRQVLGHUDW QX HVWH LGHQWLF FHHD FH GHIDYRUL]HD] HYLGHQW GHFL]LLOH GH vQORFXLUH FDUH VH SURGXF SH
WHUPHQ VFXUW &D úL vQ FD]XO FRPSDU ULL SURLHFWHORU FX GXUDWH GH YLD GLIHULWH WUHEXLH V VH SRDW
UD LRQDSHXQRUL]RQ t economic identic.

3UHVXSXQHPF RUL]RQWXOFRQVLGHUDWHVWHLQILQLWúLVWXGLHPGHH[HPSOXFD]XOXQHLFHVLXQLvQ
DQXO ([LVW vQ DFHVW FD] XQ ODQ LQILQLW GH vQORFXLUL FDUH YRU DYHD ORF vQ ILHFDUH DQ 9$1 -ul unui
DVHPHQHDODQ HVWHDWXQFL
VAN(1) VAN(1) VAN(1)

VAN = VAN(1) + + + ... +
1+ R (1 + R ) 2 (1 + R )∞
∞ 1  (1 + R )
VAN = VAN(1) ∑ + 1 = VAN(1) = 1.998,7 / 0,1 = 19.987
t
t =1 (1 + R 0  R
6H SRDWH GHPRQVWUD F SHQWUX R vQORFXLUH FDUH DUH ORF vQ WR L ³P´ DQL VH RE LQH SHQWUX XQ
orizont infinit:
VAN(m)
VAN =
[(1 − 1 /(1 + R ) m ]
Astfel, pentru m = 2, VAN-ul este de 25.710, pentru m = 3 de 27.911, pentru m = 4 de
úLSHQWUXP GH
ÌQ FRQVHFLQ SROLWLFD RSWLPDO GH vQORFXLUH HVWH FHD GH vQORFXLUH GXS FkWH DQL 9$1
PD[LPDO GH
4.1.6. Documentar
A. &5,7(5,,/(),1$1&,$5(5(&20$1'$7('(%$1&$021',$/
ÎN VEDEREA ALEGERII UNUI PRO,(&7'(,19(67, ,,
Criteriul 5HOD LDGHFDOFXO Interpretare

1.Valoarea n CFt VR n - VH GHWHUPLQ FD GLIHUHQ vQWUH IOX[XULOH GH
DFWXDOL]DW QHW VAN = V0 – I0 = ∑ + −I WUH]RUHULH YLLWRDUH úL DFWXDOL]DWH OD UDWD GREkQ -
t =1 (1 + K ) t n
(VAN) (1 + K ) ]LLGHSLD UHVSHFWLYYDORDUHDORUDFWXDO SHGH
în care: RSDUWHúLFDSLWDOXOLQYHVWLWSHGHDOW SDUWH
V0 YDORDUHDDFWXDO DFDVK-flow-urile viitoare

(CFt) inclusiv a valorii reziduale (VRn) -UHJXOD9$1SRUQHúWHGHODLSRWH]DFRQIRUP
I0 –FKHOWXLHOLOHLQL LDOHGHLQYHVWL LL F UHLDFDSLWDOXULOH,SRWILRULFkQGUHLQYHVWLWH
( F + VR1 ) SHSLD DPRQHWDU ODUDWDGREkQ]LLGHSLD .
VAN = 1 = I0 → SHQWUX D RE LQH IOX[XUL GH WUH]RUHULH YLLWRDUH

1+ K (CF);
-SHQWUXRSHULRDG - toate proiectele care vor avea VAN po]LWLY
n CFt VR n sunt preferabile plasamentelor monetare la o
VAN = ∑ + −I GREkQG GHSLD ³.´
t =1 (1 + K ) t n
(1 + K )
- pentru “n” perioade
5DWD LQWHUQ -SHQWUXRSHULRDG - considerând rata medie a dobânzii ca un

de rentabilitate CF + VR1 UDQGDPHQW GHUHIHULQ vQPDWHULHGHLQYHVWL LL
(RIR) RIR = 1 −1 regula VAN de evaluare a proiectelor de in-

I0 YHVWL LLSRDWHILWUDQVSXV vQWHUPHQLGHUHQWD-
- pentru “n” perioade: bilitate a acestora (este vorba de ratele de ren-

n CFt VR n tabilitatH VSHFLILFH ILHF UXL SURLHFW GH LQYHV-
I0 = ∑ + WL LL PRWLY SHQWUX FDUH HOH VH PDL QXPHVF úL
t =1 (1 + RIR ) t n
(1 + RIR ) rate interne de rentabilitate);
-UHJXOD5,5HVWHHFKLYDOHQW FXUHJXOD9$1
vQVHOHF LDSURLHFWHORUGHLQYHVWL LL
5DWD LQWHUQ -SHQWUXRSHULRDG - LQFRQYHQLHQWXO 5,5 HVWH LSRWH]D PL SX LQ

de rentabilitate (F (1 + ri ) + VR1 ) UHDOLVW D UHLQYHVWLULL FRQVWDQWH vQ DFHHDúL vQ -
PRGLILFDW RIRM = 0 WUHSULQGHUH úL OD DFHHDúL 5,5 D YHQLWXULORU YLL-
(RIRM) I0 toare , motiv pentru care s-a propus utilizarea

- pentru “n” perioade: unei RIR modificate, în ipoteza reinvestirii
YHQLWXULORU YLLWRDUH OD R UDW GH UHQWDELOLWDWH
n n−t
∑ CFt (1 + ri ) + VR VSHFLILF vQWUHSULQGHULL úL QX SURLHFWXOXL GH
n t =1 LQYHVWL LLDQDOL]DW
RIRM = −1
I0
unde: rI UDWDGHUHQWDELOLWDWHVSHFLILF vQWUH-
prinderii la care pot fi reinvestite veni-
turile viitoare
4.Termenul de I0 - H[SULP QXP UXO GH DQL GH UHFXSHUDUH SULQ

recuperare (TR) TR = cash-flow-urile medii anuale actualizate
CFact / an (Cfact/an) a capitalului investit (I0);
n CFt VR n - UHSUH]LQW QXP UXO GH DQL GXS FDUH VXPD
∑ + fluxurilor marginale de trezorerie (actualizate)
t n
t =1 (1 + K ) (1 + K ) GHYLQH HJDO úL DFRSHULWRDUH FX VXPD LQYHV-
CFact / an =
WL LHL
n
-DFHVWLQGLFDWRUDVLJXU RDOHJHUHDYDULDQWHORU
de inveVWL LLvQIXQF LHGHUDSLGLWDWHDUHFXSHU -
rii capitalului investit.
5.Indicele de CFt VR n -H[SULP UHQWDELOLWDWHDUHODWLY DLQYHVWL LHLSH
profitabilitate ∑ + vQWUHDJD GXUDW GH YLD D DFHVWHLH UHVSHFWLY

t n
(IP) V (1 + K ) (1 + K ) YDORDUHDDFWXDO V0VFRQWDW SHQWUX RFKHOWX -
IP = 0 =
LDO LQL LDO HJDO FX
I0 I0
-VXQWUH LQXWHDFHOHSURLHFWHGHLQYHVWL LHFDUH
V0 = I 0 + VAN au IP > 1;
VAN + I0 VAN - GXS DFHVW FULWHULX YRU IL VHOHFWDWH DFHO
IP = = +1 SURLHFWH GH LQYHVWL LL FDUH FX FHO mai mare

I0 I0 indice de profitabilitate.
B. (/(0(17(/(),1$1&,$5($/(81(,,19(67, ,,Ì10(',8/&(57
&+(/78,(/,/(,1, ,$/('(,19(67, ,,,0 )

¾ UHSUH]LQW P ULPHD QHW D FDSLWDOXOXL QHFHVDU SHQWUX SXQHUHD vQ H[SORDWDUH D LQYHVWL LHL
Elementele componente alHVXPHLLQL LDOHDLQYHVWL LHLVXQWIRUPDWHGLQ

• FRVWXODFKL]L LHLDFWLYHORUIL[HIL]LFHVDXILQDQFLDUH
• FKHOWXLHOLOHGHLQVWDODUH úLPRQWDMDOHFKLSDPHQWHORUúLLQVWDOD LLORUQRLúLFKHOWXLHOLOH
de specializare a personalului în exploatarea noi tehnologi;
• FUHúWHUHD QHYRLL GH IRQG GH UXOPHQW UHVSHFWLY FUHúWHUHD VWRFXULORU úL D FUHDQ HORU
FOLHQ L PLQXV FUHúWHUHD GDWRULLORU GH H[SORDWDUH GHWHUPLQDWH GH QRXD FDSDFLWDWH GH
SURGXF LH
• SUH XO GH UHYkQ]DUH HYHQWXDO DO DFWLYHORU IL[H GH]YLQYHVWLWH vQORFXLWH S rin noua
LQYHVWL LHLQFOXVLYSOXVVDXPLQXVYDORDUHDUH]XOWDW GLQDFHDVW FHVLXQH
'85$7$'(9,$ $,19(67, ,(,
¾ HVWH R QR LXQH FX VHPQLILFD LL GLYHUVH UH]XOWDWH GLQ GLIHULWH XQJKLXUL GH LQWHUHV SHQWUX DFHVW
element financiar:
• GXUDWDILVFDO FRQWDELO
• GXUDWDWHKQLF
• GXUDWDFRPHUFLDO
• GXUDWDMXULGLF HWF
3. FLUXURILE NETE DE TREZORERIE (CASH-FLOW-URI DISPONIBILE, CFD)
)OX[XULOHYLLWRDUHGHWUH]RUHULH&)'H[SULP GHIDSWH[FHGHQWHOHGHWUH]RUHULHGLVSRQLELOH
pentru plata dividendelor.

CFD = CFexpl. – ,02 – 1)5
CFexpl. = Pr.net + Amo = EBIT (1 - τ) + Amo

Pr.net = EBT (1 - τ) = EBIT (1 - τ)
EBT = EBIT – Dob
EBIT = EBE – Amo
în care: EBIT - SURILWXO vQDLQWH GH GREkQ]L úL GH LPSR]LW HDUQLQJ EHIRUH LQWHUHVWV DQG WD[HV în
HQJOH]
EBT -SURILOvQDLQWHGHLPSR]LWHDUQLQJEHIRUHWD[HVvQHQJOH]
Dob - Dobânzi;
τ - cota impozitului pe profit.
9$/2$5($5(=,'8$/ 95
¾ H[SULP YDORDUHD SRVLELO GH UHFXSHUDW GXS vQFKHLHUHD GXUDWHL GH YLD D LQYHVWL LHL SULQ
vânzare, prin valorificarea pieselor, subansamblelor etc.);

YDORDUHDUH]LGXDO DUWUHEXLV FXSULQG FHOSX LQXUP WRDUHOHHOHPHQWH
• YDORDUHD LPRELOL] ULORU FRUSRUDOH OD SUH XO GH UHYkQ]DUH HVWLPDW FRUHFWDW FX
impozitele sau cu economia de impozit, aferente plus sau minus-calorii ce ar rezulta;

• YDORDUHD LPRELOL] ULORU QHFRUSRUDOH úL D FHORU ILQDQFLDUH OD SUH XO GH SLD VDX FHO
HVWLPDWGHH[SHU LILQDQFLDUL
• VXPDFXPXODW DFUHúWHULLDQWHULRDUHDQHYRLLGHIRQGGHUXOPHQW
Impactul valorii reziduale asupUD9$1HVWHFXDWkWPDLPDUHFXFkWP ULPHDHVWLPDW D95
HVWHPDLPDUHúLFXFkWPRPHQWXOGH]LQYHVWLULLHVWHPDLDSURDSHGHPRPHQWXOLQYHVWLULLIDFWRUXOGH
DFWXDOL]DUHDNHVWHGHVFUHVF WRUSHGXUDWDGHYLD HFRQRPLF DLQYHVWL LHL
5. RATA DE ACTUALIZARE
HVWHXQFRVWGHRSRUWXQLWDWHDOFDSLWDOXOXLLQYHVWLWILLQGGHFLFRVWXOGHILQDQ DUHDOLQYHVWL LHLGLQ
FDSLWDOXULSURSULLúLDSUHFLDWFDRUDW GHUHQWDELOLWDWHFHUXW QRUPDO GHLQYHVWLWRULDVXSUDXQXL
proiect;
în mediul economic cert, invesWL LDHVWHI U ULVFLDUUDWDGHUHQWDELOLWDWHFHUXW GHLQYHVWLWRULLGH
FDSLWDOHVWHUDWDGHGREkQG I U ULVFGHRDUHFHSLD DILQDQFLDU HVWHvQHFKLOLEUX
UDWD GH DFWXDOL]DUH . FH WUHEXLH XWLOL]DW VH FDOFXOHD] GHFL SRUQLQG GH OD UDWD UHDO GH
dobkQG UUúLGHODUDWDGHLQIOD LHUI

);
(1 + K) = (1 + rr)(1 + riSHQWUXDQúLGHFL. Ur + rr ri
n n
(1 + K) = (1 + rr) (1 + ri) n
SHQWUXQDQLúLGHFL K = n (1 + rr ) n (1 + ri ) n − 1
LSRWH]DPHGLXOXLHFRQRPLFFHUWIDFHLPSOLFLW úLLSRWH]DXQHLFXUEHSODWHDUDWHORUGHGREkQG vQ
care ratele anuale sunt egale cu ratele pe termen mediu sau lung.
&(/(0(17(/(),1$1&,$5($/(81(,,19(67, ,,
9$/2$5($ 5(&83(5$%,/ 95 GLQ GH]LQYHVWLUH UHSUH]LQW VXPD IOX[XULORU QHWH
DFWXDOL]DWH GH WUH]RUHULH FH UH]XOW GXS vQFHWDUHD DFWLYLW LL úL YDORULILFDUHD SULQ YkQ]DUH D
DFWLYHORUFHDSDU LQDFWLYLW LLGH]LQYHVWLWH
9DORDUHD UHFXSHUDELO VH VWDELOHúWH GXS GHGXFHUHD FKHOWXLHOLORU RFD]LRQDWH GH RSHUD LLOH GH
GH]LQYHVWLUH &' GHPRQWDUHD úL GHPRODUHD LQGHPQL]D iile pentru personalul concediat, avizarea
IXUQL]RULORU úL FOLHQ LORU HWF D FKHOWXLHOLORU FH GHFXUJ GLQ DVXPDUHD REOLJD LLORU SHQWUX DFWLYLWDWHD
FDUH D vQFHWDW &2 IDEULFD LD XQXL VWRF GH SLHVH GH VFKLPE PHQ LQHUHD VHUYLFH XOXL úL D -
cheltuielilor de UHRUJDQL]DUH D DFWLYLW LL vQWUHSULQGHULL &5 UHFDOLILFDUHD SHUVRQDOXOXL DIHFWDW
reorganizarea atelierelor etc.).

)OX[XULOHPRQHWDUHSR]LWLYHDOHGHFL]LHLGHLQYHVWLUHVHUHIHU OD
• vQFDVDUHD QHW GLQ FHVLXQHD DFWLYHORU IL[H GH]LQYHVWLWH 9). UH]XOWDW GXS
GHGXFHUHD LPSR]LWXOXL SH YHQLWXULOH GH FDSLWDO VDX GXS DGL LRQDUHD HFRQRPLHL GH
LPSR]LWGLQSLHUGHUHDGHFDSLWDOODRSHUD LDGHFHVLXQH
• UHFXSHUDUHD FDSLWDOXOXL LQYHVWLW vQ PLMORDFH FLUFXODQWH &.& DIHUHQWH DFWLYLW LL
dezinvestite;
• economiile marginale actualizate (EMA) care vor rezulta la cheltuielile cu noua
LQYHVWL LH
ÌQFRQVHFLQ YDORDUHDUHFXSHUDELO VHGHWHUPLQ GXS UHOD LD
VR = (VKF + VKC + EMA) – (CD + CO + CR)

'85$7$ '( 9,$ (&2120,& 5 0$6 '95 a obiectivului supus
dezinvestLULL UHSUH]LQW QXP UXO GH DQL LQkQG FRQW GH FRQGL LLOH GLQ PRPHQWXO GH]LQYHVWLULL vQ
care s-DUPDLILSXWXWH[SORDWDUHVSHFWLYDDFWLYLWDWHGDF QXV-ar pune problema dezinvestirii.
VENITURILE VIITOARE (MARGINALE) PIERDUTE (VVP) UHSUH]LQW SURILWXULOH
QHWH GH H[SORDWDUH SUHYL]LRQDWH FDUH DU UH]XOWD GLQ DFWLYLWDWHD VXSXV RSHUD LHL GH GH]LQYHVWLUH GDF
DFHDVW GLQXUP QXDUDYHDORF
9HQLWXULOH YLLWRDUH SLHUGXWH 993 VH GHWHUPLQ vQ ILHFDUH DQ DO GXUDWHL GH YLD U PDVH
GXS UHOD LDXUP WRDUH
VVP = (CA – V – F) (1 - τ) + A ⋅ τ
în care:
CA – cifra de afaceri;
V - cheltuielile variabile evitate;
F - cheltuielile fixe evitate (eventual);
T -FRWDXQLF GHLPSR]LW
A -DPRUWL] ULSLHUGXWH
9$/2$5($ 5(=,'8$/ 9,,72$5( 3,(5'87 95 P) UHSUH]LQW IOX[XULOH
PRQHWDUHSR]LWLYHSUHYL]LRQDWHFDUHDUUH]XOWDODVIkUúLWXOGXUDWHLGHYLD U PDVHGDF GH]LQYHVWLUHD
nu ar avea loc.
RATA DE ACTUALIZARE (a) D YHQLWXULORU YLLWRDUH PDUJLQDOH SLHUGXWH VH GHWHUPLQ vQ
general, la nivelul costului PHGLX SRQGHUDW DO FDSLWDOXOXL vQWUHSULQGHUL vQ IXQF LH GH VWUXFWXUD
ILQDQ ULLPDMRUDWFXSULPDGHULVFVSHFLILF DFWLYLW LLFHVHVXSXQHGH]LQYHVWLULLÌQFD]XOSDUWLFXODU
DOGH]LQYHVWLULLvQPHGLXFHUWUDWDGHDFWXDOL]DUHYDILUDWDGREkQ]LLI U ULV c (Rf).
'(&,=,$'(),1$1 $5(
),1$1 $5(35,1(0,6,81('($& ,81,
4.2.1.1. CONSTITUIREA CAPITALULUI SOCIAL

&RQVWLWXLUHDFDSLWDOXOXLVRFLDOUHSUH]LQW SULPDID] GHILQDQ DUHDXQHLVRFLHW LFRPHUFLDOH
Cea mai mare parte a întreprinderilor sHRUJDQL]HD] FDVRFLHW LGHFDSLWDODGLF VRFLHW LvQ
care aportul de capital se face prin titluri liber-QHJRFLDELOH FDUH QX DQJDMHD] UHVSRQVDELOLWDWHD
DGXF WRUXOXLGHFkWSHQWUXVXPDVXEVFULV
7LSXULGHVRFLHW LGHFDSLWDO
(1) FHD PDL U VSkQGLW HVWH VRFLHWDWHD DQRQLP SH DF LXQL FDUH VH FDUDFWHUL]HD] SULQ IDSWXO F
UHVSRQVDELOLWDWHDDF LRQDULORUHVWHOLPLWDW ODVXPDSDUWLFLS ULLORUODFDSLWDOXOVRFLDO$FHVWDHVWH
GLYL]DW vQ DF LXQL FDUH VXQW WLWOXUL OLEHU QHJRFLDELOH úL FDUH VH HOLEHUHD] vQ VFK imbul unui aport
GHQXPHUDUVDXvQFD]XOvQFRUSRU ULLXQRUUH]HUYHODFDSLWDOXOVRFLDO
(2) 6RFLHWDWHDvQFRPDQGLW SHDF LXQLFXSULQGHIHOXULGHDVRFLD LFRPDQGLWD LúLFRPDQGLWDUL
3ULPLL U VSXQG SHUVRQDO VROLGDU úL QHP UJLQLW FX vQWUHDJD DYHUH SUH]LQW úL YLLWRDUH SHQWUX
EXQXOPHUVDOVRFLHW LLvQWLPSFHVHFXQ]LLU VSXQGQXPDLSkQ ODFRQFXUHQ DDSRUWXOXLORUGH
capital.
(3) 6RFLHWDWHD vQ FRPDQGLW VLPSO VH FDUDFWHUL]HD] SULQ GLYL]DUHD FDSLWDOXOXL VRFLDO vQ S U L
VRFLDOH VXPD DFHVWRUD ILLQG vQVFULV vQ ELODQ SH SRVWXUL GLVWLQFWH vQ FRQIRUPLWDWH FX
FDWHJRULLOH GH DVRFLD L FRQW FDSLWDO SHQWUX SDUWHD Y UVDW GH FRPDQGLWD L úL FRQW FRPDQGLW
pentru aportul adus de comanditari.

(4) 6RFLHWDWHD vQ QXPH FROHFWLY VH FDUDFWHUL]HD] SULQ GLYL]DUHD FDSLWDOXOXL vQ S U L VRFLDOH FDUH QX
VXQW WLWOXUL QHJRFLDELOH úL QX SRW IL FHGDWH GHFkW FX FRQVLP PkQWXO WXWXURU DVRFLD LORU 'H IDSW
DVRFLD LL XQRU DVWIHO GH vQWUHSULQGHUL VH FRQVWLWXLH GXS GLIHULWH DILQLW L GXS vQFUHGHUHD
UHFLSURF ILLQGVROLGDULID GHWRDWHREOLJD LLOHVRFLHW LL)LHFDUHDVRFLDWLQGLIHUHQWGHP ULPHD
S U LLVRFLDOHHVWHU VSXQ] WRUVROLGDUúLQHP UJLQLWID GHREOLJD LLOHVRFLHW LL
(5) 6RFLHWDWHD FX U VSXQGHUH OLPLWDW HVWH R XQLWDWH GH XQ WLS LQWHUPHGLDU vQWUH 61& úL 6& 6$
SCA) apropiindu-VH GH DFHVWHD GLQ XUP PDL DOHV vQ FH SULYHúWH IRUPDOLW LOH GH FRQVWLWXLUH úL
LQIRUPD LLOH OD FDUH DX GUHSWXO DVRFLD LL &DSLWDOXO VRFLDO HVWH UHSUH]HQWDW GH S U L VRFLDOH DOH
F URU FHG UL F WUH WHU L WUHEXLH DSUREDWH GH PDMRULWDWHD DVRFLD LORU 5HVSRQ sabilitatea lor merge
SkQ ODFRQFXUHQ DDSRUWXOXLORUGHFDSLWDO
&5(ù7(5($&$3,7$/8/8,62&,$/
5HSUH]LQW R GHFL]LH ILQDQFLDU VWUDWHJLF OXDW GH DGXQDUHD JHQHUDO D DF LRQDULORU VDX
FRQVLOLXOXLGHDGPLQLVWUD LH
Cazuri întâlnite GH]YROWDUHDDFWLYLW LL
DGRSWDUHD XQRUSURLHFWHQRLFDUHXUP UHVFRFUHúWHUHHFRQRPLF vQ
VFRSXOPXOWLSOLF ULLUHQWDELOLW LL
&HGHPRQVWUHD] "
YLDELOLWDWHD vQWUHSULQGHULL OXFUHD] UHQWDELO úL DUH XQ HIHFW SR]LWLY WHU LORU E QFL SDUWHQHUL GH
contracte) sporind încrederea acestora în întreprindere.

&XPVHUHDOL]HD] "
SULQDXWRILQDQ DUHILQDQ DUHLQWHUQ
SULQDSRUWXULvQQXPHUDUDOHDF LRQDULORUILQDQ ULH[WHUQHFXIRQGXULSURSULL
prin încorporarea rezervelor.
&UHúWHULGHFDSLWDOSULQQR i aporturi în numerar

&DSLWDOXO LQL LDO FH SHUPLWH vQFHSHUHD DFWLYLW LL HIHFWXDUHD SULPHORU FKHOWXLHOL GH LQYHVWL LL
úLGHH[SORDWDUHúLRFRQGL LHDDSHO ULLODFUHGLWHHVWHGLYL]DWvQS U LHJDOHFRQFUHWL]DWHvQDF LXQL
Capitalul adus de actionari

Vn =
Numarul de actiuni create
unde: Vn –YDORDUHDQRPLQDO DDF LXQLORU
8OWHULRUQXP UXODF LXQLORUFUHúWHSULQ
aporturi noi în numerar;

incorporarea rezervelor;
conversiunea datoriilor.
&UHúWHUHDFDSLWDOXOXLVHUHDOL]HD] SULQ
a) PXOWLSOLFDUHDQXP UXOXLDF LXQLORU
b) P ULQGYDORDUHDQRPLQDO DDF LXQLORU
&DUDFWHULVWLFLDOHFUHúWHULLGHFDSLWDOSULQDSRUWXULQRLvQQXPHUDU
a) PLMORFGHILQDQ DUHSULQIRQGXULSURSULLFDúLDXWRILQDQ DUHD
b) GHRVHELUH ID GH DXWRILQDQ DUH DXWRILQDQ DUHD HVWH R ILQDQ DUH LQWHUQ SULQ HIRUWXO SURSULX DO
socieW LL FRPHUFLDOH UHVSHFWLYH FDSLWDOL]DUHD XQHL S U L GLQ EHQHILFLX LDU FUHúWHUHD GH FDSLWDO
HVWH R ILQDQ DUH H[WHUQ SULQ IRQGXUL SURSULL DGXVH vQ DIDUD VRFLHW LL GH F WUH DF LRQDUL VH
DVHDP Q FXILQDQ DUHDSULQvQGDWRUDUHFDUHHVWHWRWRILQDQ DUHH[WHUQ
c) FRQGXFH OD VSRULUHD PLMORDFHORU E QHúWL DOH VRFLHW LL FRPHUFLDOH OD FUHúWHUHD OLFKLGLW LL
ILQDQFLDUH VSUH GHRVHELUH GH FHOHODOWH GRX PRGDOLW L FDUH QX IDF GHFkW V PRGLILFH VWUXFWXUD
MXULGLF DSDVLYXOXL
d) UHSUH]LQW DSRUW GH OLFKLGLW L YkQ] UL GH DF LXQL LQYHVWLUH SHQWUX DF LRQDULL DúWHSWkQG R
UHQWDELOLWDWH YLLWRDUH VXE IRUPD GLYLGHQGHORU VDX D VSRULULL FDSLWDOXOXL FD XUPDUH D FUHúWHULL
FXUVXOXLDF LXQLORUSHSLD
e) FRQGXFH OD vQW ULUHD IRQGXOXL GH UXOPHQW DO VRFLHW LL DGLF OD vQW U irea echilibrului financiar
XOWHULRUIRQGXULOHVHLQYHVWHVFúLvQDFWLYHLPRELOL]DWH
ÌQ FD]XO DSRUWXOXL vQ QDWXU GH QRL FDSLWDOXUL DFWLYH LPRELOL]DWH IRQGXO GH UXOPHQW U PkQH
QHPRGLILFDWFHHDFHvQVHDPQ F QXYDWUHEXLPDMRUDWPDLWkU]LXFRUHVSXQ] WRUFUHúWHULLDFWLYHORULPRELOL]DWH
&UHúWHULGHFDSLWDOSULQvQFRUSRUDUHDUH]HUYHORU
%HQHILFLXO DQXDO HVWH IRORVLW SHQWUX FRQVWLWXLUHD úL VSRULUHD UH]HUYHORU &kQG DFHVWH UH]HUYH
ating un anumit nivel, societatea poate decide incorporarea lor în capitaOXO VRFLDO HPL kQG QRL
DF LXQLFDUHVHGLVWULEXLHJUDWXLWDF LRQDULORU
&UHúWHUHD GH FDSLWDO SULQ LQFRUSRUDUHD UH]HUYHORU QX DGXFH UHVXUVH ILQDQFLDUH QRL SHQWUX
VRFLHWDWHD FRPHUFLDO GHRDUHFH úL SkQ OD LQFRUSRUDUHD vQ FDSLWDOXO VRFLDO DJHQWXO HFRQRPLF
dispune de sumele respective contabilizate de rezerve.

)LHFDUHDF LRQDUGLVSXQHGXS LQFRUSRUDUHGHPDLPXOWHDF LXQLvQV EHQHILFLXOVHYDvPS U L
vQ IXQF LH GH QXP UXO DF LXQLORU DVWIHO FD YROXPXO GLYLGHQGXOXL SH DF LXQH GHSLQGH GH P ULPHD
WRWDO DEH neficiului.

'DF EHQHILFLXO QX FUHúWH VH PHQ LQH VXPD WRWDO UHSDUWL]DW FD GLYLGHQG GDU VFDGH
UDQGDPHQWXO SH DF LXQH GDF FUHúWH PDVD EHQHILFLXOXL VSRUHúWH DWkW YROXPXO WRWDO DO GLYLGHQGHORU
FkWúLUDQGDPHQWXODF LXQLORU
'DF EHQHILFLXO QX FUHúWH VH PHQ LQH VXPD WRWDO UHSDUWL]DW FD GLYLGHQG GDU VFDGH
UDQGDPHQWXOSHDF LXQHGDF FUHúWHPDVDEHQHILFLXOXLVSRUHúWHDWkWYROXPXOWRWDODOGLYLGHQGHORUFkW
úLUDQGDPHQWXODF LXQLORU
$FHDVW RSHUD LH GH FUHúWHUH GH FDSLWDO SULQ LQFRUSRUDUHD UH]HUYHORU F ontribuie la
FRQVROLGDUHD vQFUHGHULL SDUWHQHULORU GH FRQWUDFW úL D E QFLORU vQ vQWUHSULQGHUH 3ULQ FUHúWHUHD
FDSLWDOXOXLVRFLDOvQWUHSULQGHUHDvúLSRDWHJDUDQWDPDLELQHFUHGLWHOHSULPLWH
'UHSWXOGHDWULEXLUHGHDF LXQL
'LVWULEXLUHD JUDWXLW GH DF LXQL F WUH DF LRQDULL H[LVWHQ L QX HVWH GHFkW DSDUHQW SHQWUX F
UH]HUYHOHDSDU LQHDXGHGUHSWWRWDF LRQDULORU
'UHSWXO GH DWULEXLUH GD WHRUHWLF HVWH HJDO FX GLIHUHQ D GLQWUH YDORDUHD EXUVLHU D XQHL
DF LXQLvQDLQWHúLGXS HPLVLXQH
(PLVLXQHDGHDF LXQLGLVWULEXLWH³JUDWXLW´VHDVHDP Q FXRHPLVLXQHDRELúQXLW GHDF LXQLvQ
care PE = 0.
n×c
d.a. =
N+n
3ULPLQG DF LXQL ³JUDWXLW´ DF LRQDULL DX WRW PDL PXOW vQFUHGHUH vQ YLDELOLWDWHD vQWUHSULQGHULL
FD DWDUH HL H]LW V YkQG DF LXQLOH OD EXUV PDQLIHVWkQG WHQGLQ D S VWU ULL FDSLWDOXOXL FHHD FH
GLPLQXHD] ULVFXOVF GHULLDF LXQLORU
&UHúWHUHDGHFDSLWDOSULQFRQYHUVLXQHDGDWRULLORU
7U V WXUL
HVWH SURSULH PDULORU VRFLHW L FRPHUFLDOH SH DF LXQL FDUH DQWHULRU DX HIHFWXDW vPSUXPXWXUL
obligatareHPL kQGREOLJD LXQLFRQYHUWLELOHvQDF LXQL

VH SRDWH UHDOL]D QXPDL GH VRFLHW L FDUH DX FHO SX LQ DQL YHFKLPH úL ELODQ XUL DSUREDWH &X
SULOHMXO HPLVLXQLL VH VWDELOHúWH WHUPHQXO vQ FDUH VH SRDWH IDFH FRQYHUVLXQHD SUHFXP úL UD LD GH
conversie ce va fLXWLOL]DW
REOLJD LXQLOH FRQYHUWLELOH DX R UHPXQHUD LH PDL VODE GHFkW DOWH WLSXUL GH REOLJD LXQL (PLWHQWXO
OH SRDWH ODQVD SH SLD OD R UDW D GREkQ]LL PDL VF ]XW GHFkW REOLJD LXQLOH FODVLFH WRFPDL FD
urmare a clauzei de conversiune; convertite în ac LXQL GH LQ WRULL SRW RE LQH FkúWLJXUL PDL
VXEVWDQ LDOHvQHYHQWXDOLWDWHDF vQWUHSULQGHUHDRE LQHUHQWDELOLW LULGLFDWH
REOLJD LLOHFRQYHUWLELOHvQDF LXQLVXQWSUHIHUDELOHREOLJD LLORUVLPSOH F FLSHUPLWHGH LQ WRUXOXL
GXS FRQYHUWLUH V EHQHILFLH]H GH HYHQWXDOD FUHúWHUH HFRQRPLF D VRFLHW LL FRPHUFLDOH ÌQ
DFHODúLWLPSREOLJD LLOHFRQYHUWLELOHVXQWSUHIHUDELOHúLDF LXQLORUFKLDUGDF QXVXQWFRQYHUWLWH
U PkQWRWXúLREOLJD LXQLDGXF WRDUHGHFkúWLJXULDQXDOHúLVLJXUH
conversiunea se realizeD] FXSULOHMXOXQHLFUHúWHULGHFDSLWDOFkQGFUHDQ LHUXOSLHUGHFDOLWDWHDGH
REOLJDWDUGHYHQLQGDF LRQDU
• SHQWUXHPLWHQWDYDQWDMXOF DUHRUDW DGREkQ]LLPDLVF ]XW GHFkWODvPSUXPXWXULOH
obligatare clasice;
• GDF REOLJD LXQLOH VH FRQYHUWHVF UH]XOW R FUHúWHUH GH FDSLWDO I U IOX[ ILQDQFLDU
SR]LWLYI FXW ODXQSUH VXSHULRUFXUVXOXLEXUVLHU
• SHQWUXVXEVFULLWRUREOLJD LLOHFRQYHUWLELOHSUH]LQW DYDQWDMXOF
a) DFKL]L LRQDUHDORUVHIDFHODXQSUH IL[DWvQSUHDODELO
b) H[LVW XQYHQLWPLQLPDODVLJXUDW (cuponul);

c) LQYHVWLUHD HVWH DSURSLDW GH FHD vQ DF LXQL vQV SUH]LQW XQ UHJLP ILVFDO PDL
DYDQWDMRV SURSULX REOLJD LXQLORU UDQGDPHQWXO REOLJD LXQLORU FRQYHUWLELOH vQ
DF LXQLILLQGVXSHULRUUDQGDPHQWXOXLREOLJD LXQLORUFODVLFH
&RQ LQXWXOúLFDUDFWHULVWLFLOHDF LXQLORU
'HILQL LLSRVLELOHDOHDF LXQLL
WLWOX GH SDUWLFLSD LH FDUH FRQIHU GH LQ WRUXOXL FDOLWDWHD GH FRSURSULHWDU GkQGX -i dreptul la
GLVWULEXLUHDEHQHILFLDULORUVXEIRUP GHGLYLGHQGH
WLWOX GH FRSURSULHWDWH I U YDORDUH JDUDQWDW vQ VHQVXO F vQ FD] GH OLFKLGDUH DF LRQDULL YRU IL
GHVS JXEL LGLQFHHDFHU PkQHGXS DFKLWDUHDWXWXURUFUHGLWRULORU
DF LRQDULL FDUH GRUHVF V -úL UHFXSHUH]H FDSLWDOXULOH DYDQVDWH QX VH SRW DGUHVD VRFLHW LL
FRPHUFLDOHSHQWUXUHVWLWXLUHvQVFKLPEDF LXQLOHSRWILYkQGXWHSHSLD H[LVWkQGGRULWRULGHD úL

-
plasa capitalurile la diferite întreprinderi.
DF LXQLOH QX DGXF YHQLWXUL FHUWH P ULPHD GLYLGHQGHORU DQXDOH GHSLQ]kQG vQWRWGHDXQD GH
UH]XOWDWHOHILQDQFLDUHDOHVRFLHW LLFRPHUFLDOHúLGHGHFL]LDGHGL stribuire de dividende.
&DUDFWHULVWLFLDOHDF LXQLORUGXS ID]HOHHPLVLXQLL
&DSLWDOXOFRQVWLWXLWSULQYkQ]DUHDDF LXQLORUSRDWHIL
Capital autorizat:
¾ RULFH VRFLHWDWH FRPHUFLDO SH DF LXQL WUHEXLH V RE LQ DSUREDUHD GLQ SDUWHD SXWHULL SXEOLFH GH D
punHvQYkQ]DUHDF LXQL3HUPLVLXQHDVHFHUHLPHGLDWGXS DGRSWDUHDVWDWXWXOXLúLVHDFRUG SULQ
FHUWLILFDWXODXWRUL]D LDGHFRQVWLWXLUH&XDFHVWSULOHMVHDSURE WLSXOúLFDUDFWHULVWLFLOHDF LXQLORU
SXVHvQYkQ]DUHQXP UXOORUúLYDORDUHDWRWDO DFDSLWD lului ,

Capital subscris:
¾ YDORDUHDWRWDO DFDSLWDOXOXLSHFDUHGLYHUúLWHU LV DXDQJDMDWV
- -OGHSXQ 6RFLHWDWHDFRPHUFLDO
DSURE VXEVFULHULOH I FXWH GH YLLWRULL DF LRQDUL LDU vQ DFHVW PRPHQW Y UVDUHD VXPHORU GHYLQH
obligatorie.
&DSLWDOY UVDW
¾ se conVWLWXLH WUHSWDW SH P VXUD GHSXQHULORU HIHFWLYH GH QXPHUDU OD FDVLHULH VDX D YLU ULORU vQ
contul bancar.
&DSLWDOHPLVúLY UVDW
¾ VH PDL QXPHúWH úL FDSLWDO GHFODUDW úL UHSUH]LQW VXPHOH Y UVDWH HIHFWLY úL LQWHJUDO SH P VXUD
subscrierilor.
2. CaracteristiciDOHDF LXQLORUGXS YDORDUHDORU
6XEDVSHFWXOYDORULLVFULSWLFHDF LXQLOHSRWIL
$F LXQLFXYDORDUHQRPLQDO
YDORDUH QRPLQDO IDFLDO HVWH VXPD PLQLP SH FDUH WUHEXLH V R GHEXUVH]H XQ DF LRQDU
-
&DSLWDOXODF LRQDU&DSLWDOXOVRFLDOQXHVWHDOWFHYDGHFkWVXPDYDORULORUQRPLQDOHDOHDF LXQLORU
/D YDORDUHD QRPLQDO VH FDOFXOHD] úL UHPXQHUD LD FDSLWDOXOXL GLYLGHQGH 9DORDUHD QRPLQDO
UHSUH]LQW PLQLPXO FX FDUH VH SRDWH YLQGH R DF LXQH úL WRWRGDW PD[LPXO FX FDUH VH SRDWH VSRUL
capitalul social.
AF LXQLI U YDORDUHQRPLQDO
QXDXvQVFULV SHWLWOXQLFLXQIHOGHYDORDUH
&X SULOHMXO QHJRFLHULL VH VWDELOHúWH YDORDUHD ORU XUPkQG FD vQWUHDJD VXP RE LQXW V VH
mobilizeze la capitalul social.

9DORDUHYHQDO DDF LXQLORUHVWHFHDFXFDUHVHYkQGúLVHFXPS U DF LXQLOH(DSRDWHIL
- 9$/2$5(%856,(5 SHQWUXVRFLHW LOHFRWDWHODEXUV
- 9$/2$5(,175,16(& &217$%,/ SHQWUXDF LXQLQHFRWDWH

&DUDFWHULVWLFLDOHDF LXQLORUGXS GUHSWXULOHSHFDUHOHFRQIHU
$F LXQLOHHPLVHSRWRIHULGLIHULWHGUHSWXULSULYLOHJLLGH LQ WRULORUúLFDUHWUHEXLHFRQVHPQDWH
prin statut:
PRIVILEGIUL DE VOTHVWHDWDúDWDF LXQLLúLQXFXPS U WRUXOXLLQL LDODúDvQFkWHOVHWUDQVIHU
ILHF UXLGH LQ WRUVXFFHVLYvQFD]XOF DF LXQLOHSULQYkQ]DUH FXPS UDUH6HH[SULP vQ$*$úL&$

-
3UHVXSXQH úL GUHSWXO GH FRQWURO DO DF LRQDULORU FDUH SRDWH PHUJH SkQ OD SUHOXDUHD FRQGXFHULL
VRFLHW LLFRPHUFLDOH
PRIVILEGIUL DE DIVIDEND H[LVW SHQWUX WRDWH DF LXQLOH HO GHFXUJkQG GLQ GUHSWXO GH
coproprietate. Acest drept nu este egal peQWUXGLIHULWHFDWHJRULLGHDF LXQLúLQXGHYLQHYDODELOGHFkW
FkQGKRW U úWHVRFLHWDWHDFRPHUFLDO V VHGLVWULEXLHGLYLGHQGH([LVW FDWHJRULLGHDF LXQL
1) I U GUHSWVSHFLILFGHGLYLGHQG
2) vQVR LWHGHGUHSWVSHFLILFGHGLYLGHQGDF LXQLFXSULYLOHJLXOG e dividend)

Deosebiri între cele 2 feluri:
DF LXQLOHFXSULYLOHJLXOGHGLYLGHQGSRWSULPLDYDQVXULvQFRQWXOGLYLGHQGHORU
DF LXQLOHFXSULYLOHJLXOGHGLYLGHQGDXFHUWLWXGLQHDSULPLULLGLYLGHQGXOXLvQFD]XOvQFDUHSURILWXO
total afectat distribuirii de dLYLGHQGHQXDMXQJHSHQWUXWRDWHDF LXQLOHH[LVWHQWH

GLQ PDVD WRWDO D SURILWXOXL DF LRQDULL SRW SULPL UDQGDPHQWH GLIHULWH vQ IXQF LH GH DFHVW
SULYLOHJLX DF LXQLOH SULYLOHJLDWH SULPHVF VLJXU SURFHQWDMXO SUHY ]XW vQ WLPS FH DF LXQLOH I U
acest privilegiu SRW SULPL PDL PXOW HJDO VDX PDL SX LQ vQ UDSRUW FX UDQGDPHQWXO DF LXQLORU
privilegiate.
Avantaje:
1) VLJXUDQ
2) stabilitatea veniturilor anuale;
Dezavantaje:
QXSHUPLWFUHúWHUHDUDQGDPHQWXOXLSHVWHSURFHQWDMXOVWLSXODWH[SUHVvQDF LXQL
PRIVILEGIUL DE DIVIDEND CUMULATIV
ÌQFD]XOvQFDUHVRFLHWDWHFRPHUFLDO QXGLVWULEXLHGLYLGHQGHvQWU -un an sau altul, dividendele

QHGLVWULEXLWHVXQWSLHUGXWHSHQWUXDF LXQLOHI U SULYLOHJLXOGHGLYLGHQGFXPXODWLYÌQVFKLPESHQWUX
DF LXQLOH FDUH DX DFHVW SULYLOHJLX GLYLGHQGHOH QHSO WLWH VH DFXPXOHD] SHQWUX WRDW SHULRDGD
IRUPkQG GLYLGHQGXO UH LQXW 'LYLGHQGXO UH LQXW VH SO WHúWH FX SULRULWDWH DSRL vQ OLPLWD SURILWXOXL
GHVWLQDW GLVWULEXLULL XUPHD] V ILH UHPXQHUDWH FHOHODOWH DF LXQL I U SULYLOHJLXO GH GLYLGHQG
cumulativ.
35,9,/(*,8/'(3$57,&,3$ ,(
6H DWDúHD] QXPDL SH DF LXQLOH FX SULYLOHJLXO GH GLYLGHQG úL SHUPLWH DF LRQDUXOXL V
SULPHDVF XQGLYLGHQGDGL LRQDOODFHOFXYHQLWSHDF LXQLOHFXSULYLOHJLXOGHGLYLGHQGFXFRQGL LDFD
FHO FXYHQLW SH DF LXQLOH FX SULYLOHJLXO GH GLYLGHQG FX FRQGL LD FD VXPD WRWDO D GLVWULEXLULORU GLQ
SURILWV ILHVDWLVI F WRDUHSHQWUXDSHUPLWHGH LQ WRULORUGHDF LXQLI U SULYLOHJLXOGHGLYLGHQGGHD
SULPLHFKLYDOHQWXOvQSURFHQWHID GHFDSLWDOXOVXEVFULVúLY UVDW
Pot fi:
aF LXQLFXSDUWLFLSD LHLQWHJUDO DVLJXU GH LQ WRUXOXLXQUDQGDPHQWVXSHULRUVDXHJDOFX
FHODODF LXQLORUI U SULYLOHJLXOGHGLYLGHQG
DF LXQLFXSDUWLFLSD LHSDU LDOSUHVXSXQHROLPLW DFUHúWHULLUDQGDPHQWXOXLORU

PRIVILEGIUL DE CONVERSIUNE
¾ G SRVLELOLWDWHDGHDVFKLPEDRDF LXQHGH LQXW FRQWUDXQHLDOWHDF LXQLFXDOWHFDUDFWHULVWLFLVDX
DOWWLWOXHPLVGHDFHHDúLVRFLHWDWH
3HQWUXUHDOL]DUHDFRQYHUVLXQLLHVWHQHFHVDUFDWU V WXULOHFHORUWLSXULGHDF LXQLFHXUPHD]
D VH VFKLPED V ILH FODU úL precis formulate, inclusiv precizarea perioadei când se pot opera
DVHPHQHDVFKLPE UL
35,9,/(*,8/'(5 6&803 5$5(
¾ HVWHRGHURJDUHGHODUHJXODJHQHUDO GHODUHJXODFRQIRUPF UHLDFDSLWDOXOVRFLDOHVWHSHUPDQHQW
F QXSRDWHILUHWUDVGHF WUHDF L onari.

$FHVW SULYLOHJLX G SRVLELOLWDWHD VRFLHW LL FRPHUFLDOH GH D U VFXPS UD XQHOH DF LXQL
HOLPLQkQG SH GH LQ WRULL ORU FD SURSULHWDUL 3HULRDGD vQ FDUH VH SRDWH HIHFWXD U VFXPS UDUHD
WUHEXLH V ILH VSHFLILFDW SH DF LXQLOH UHVSHFWLYH 'H DVHPHQHD WUHEXLH SUHFL]DWH SUH XO GH
FXPS UDUHúLFLQHDUHLQL LDWLYDVRFLHWDWHFRPHUFLDO VDXDF LRQDUXO
7HKQLFDHPLWHULLDF LXQLORU
6XSOLPHQWDUHD FDSLWDOXOXL VRFLDO SULQ HPLWHUHD GH DF LXQL QRL úL SXQHUHD ORU vQ YkQ]DUH
DQWUHQHD] XQDSRUWGHQRLFDSLWDOXUL
$SDU DF LXQL QRL LGHQWLFH FX FHOH YHFKL VXE DVSHFWXO GUHSWXULORU SH FDUH OH FRQIHU LDU YHFKLL
DF LRQDULDXGUHSWXOSUHIHUHQ LDOGHVXEVFULHUHODGH]YROWDUHDFDSLWDOXOXL
Capitalul 1XP UDF LXQL 3UH XO
+ ×
suplimentat emise de emisiune
&XUVXOYHFKL3(91GDF 3(FXUVYHFKLQLPHQLQ DUPDLFXPS UDQRLOHDF LXQLvQWUXFkWDU

-
SXWHDSURFXUDGHSHSLD FXXQSUH PDLVF ]XW&kQGFXUVXOHVWHSUHDVF ]XWVRFLHWDWHDFRPHUFLDO
VHRE LQHGHDSURFHGDODFUHúWHULGHFDSLWDOSULQHPLVLXQLGHQRLDF LXQL
3UH XO GH HPLVLXQH 3( WUHEXLH JkQGLW vQFkW V ILH VXILFLHQW GH PDUH ID GH 91 SHQWUX D
RE LQHIRQGXULOHVXSOLPHQWDUHSHVWHFDSLWDOXOVRFLDO
'LIHUHQ D GLQWUH SUH XO GH HPLVLXQH úL YDORDUHD QRPLQDO VH FRQFUHWL]HD] vQ SULPD GH
emisiune.
/DVWDELOLUHD3(SUH XOXLGHHPLVLXQHWUHEXLHV VH LQ VHDPDGH
(1) IUDJLOLWDWHDFXUVXOXLYHFKLORUDF LXQL

(2) QLYHOXO3(SUDFWLFDWGHVRFLHW LOHFRQFXUHQWH
(3) caracteristicile economico-ILQDQFLDUHDOHVRFLHW LORUGHUHIHULQ
Cu FkW 3( HVWHPDL PLF FX DWkW PDL PDUHWUHEXLHV ILH QXP UXO DF LXQLORU SXVH vQ YkQ]DUH
SHQWUX D VH vQGHSOLQL VXPD WRWDO D HPLVLXQLL 3H GH DOW SDUWH QXP UXO SUHD PDUH GH DF LXQL HPLVH
conduce în viitor la plata unui volum mai mare de dividende, ceea FH JUHYHD] DVXSUD JHVWLXQLL GH
WUH]RUHULH1XP UXOPDLPLFGHDF LXQLLPSXQHXQ3(PDLULGLFDWFHHDFHSRDWHSUHMXGLFLDVXFFHVXO
DFWLYLW LLGHSODVDUHDDF LXQLORUSHSLD
3HQWUXFUHúWHUHDFDSLWDOXOXLvQQXPHUDUH[LVW SRVLELOLW L
a) FUHúWHUHD91YDORULLQRPLQDOHDYHFKLORUDF LXQL
b) HPLWHUHDGHQRLDF LXQL
a) &UHúWHUHD 91 D YHFKLORU DF LXQL SUHVXSXQH DSHOXO OD DF LRQDULL H[LVWHQ L úL DFRUGXO ORU GH D
suplini cu fonduri capitalul social.

b) (PLWHUHDGHQRLDF LXQLRSHUD LHPDLXúRDU
$F LXQLOH SXVH SH SLD SRW IL FXPS UDWH GH RULFLQH GDU YHFKLL DF LRQDUL DX GUHSWXO
SUHIHUHQ LDOGHFXPS UDUH'LILFXOWDWHDUH]LG vQVWDELOLUHD3(

'5(378/35()(5(1 ,$/'(68%6&5,(5(
(PLVLXQHD GH QRL DF LXQL OD XQ 3( FRPSHWLWLY VLWXDW vQWUH 91 úL FXUVXO YHFKL IDFH F a
YDORDUHDEXUVLHU DDF LXQLORUV VFDG FUHVFkQGDSDUHQ DF YHFKLLDF LRQDULVXQWvQSLHUGHUH
ÌQ UHDOLWDWH HPLVLXQHD GH QRL DF LXQL QX SURYRDF R SLHUGHUH SHQWUX YHFKLL DF LRQDUL FD
XUPDUHDUHJOHPHQW ULORUOHJDOHSULYLQGGUHSWXOSUHIHUHQ LDOGHVX bscriere pe care-l dobândesc vechii

DF LRQDUL(LDXGUHSWXOGHDFXPS UDSUHIHUHQ LDOXQQXP UGHDF LXQLQRLSURSRU LRQDOFXQXP UXO
GHDF LXQLYHFKL GH LQXWHúL DFHVWGUHSWDF LRQHD] FRPSHQVDWRULXID GHVF GHUHD YDORULL EXUVLHUHD
DF LXQLORU
DreptXO SUHIHUHQ LDO GH VXEVFULHUH &XUVXO YHFKL DO DF LXQLORU – 1RXD YDORDUH EXUVLHU
F S WDW GXS HIHFWXDUHDHPLVLXQLL
n ⋅ (C − P ) N⋅C+ n⋅P
Ds = ; ds = C −
N+n N+n
unde: ds -GUHSWSUHIHUHQ LDOGHVXEVFULHUH
N -QXP UXODF LXQLORUYHFKL
n -QXP UXODF LXQLORUQRL
C - cursul vechi;
P -SUH XOGHHPLVLXQH
7HRUHWLF GUHSWXO SUHIHUHQ LDO GH VXEVFULHUH VH YLQGH vPSUHXQ FX DF LXQHD YHFKH DGLF HVWH
OLSLWVDXDWDúDWGHHD
În realitate, de la începutul perioadei de subscriere drepturile preferen LDOHGHVXEVFULHUHVXQW

GHWDúDWH GH DF LXQLOH YHFKL QHJRFLLQGX OH SH R SLD
- VHSDUDW vQ FD]XO ULORU RFFLGHQWDOH – SLD D
drepturilor de subscriere.
)LQDQ DUHSULQHPLVLXQHGHREOLJD LXQL
3UH]HQWDUHDJHQHUDO DvPSUXPXWXOXLREOLJDWDU
Acesta este un contract de credit, o modalitate de procurare a resurselor financiare necesare

FUHúWHULLHFRQRPLHLúL UHVSHFW ULL XQRUREOLJD LXQLGHSO L DVXPDWHÌQ JHQHUDOHVWHDFFHVLELOQXPDL
PDULORUVRFLHW LSHDF LXQLúLSHQWUXDHPLWHXQvPSUXPXWREOLJDWDUVRFLHWDWHDSHDF LXQLWUHEXLHV
DLE FHO SX LQ GRL DQL GH H[LVWHQ úL GRX ELODQ XUL OHJDO DSUREDWH GH RUJDQHOH ILVFDOH V RIHUH
JDUDQ LL REOLJDWDULORU ILH GLUHFW SULQ SDWULPRQLXO SURSULX ILH LQGLUHFW SULQ PLMORFLUHD XQRU WHU L
SUHFXPE QFLFRQVRU LLEDQFDUHHWF
'HFL]LDGHHPLVLXQHGHREOLJD LXQLUHYLQHFRQVLOLXOXLGHDGPLQLVWUD LHDOVRFLHW LLSHDF LXQL
VDXDGXQ ULLJHQHUDOHDDF LRQDULORUFHOSX LQ
3HQWUX vQWUHSULQGHUL GH PXOWH RUL FDSLWDOXO SURSULX HVWH QHVDWLVI F WRU LDU FUHúWHUHD FH
SUH]LQW JUHXW L DWkW VXE DVSHFWXO FRQGL LLORU MXULGLFH FkW PDL DOHV FD XUPDUH D UHWLFHQ HL
VXEVFULLWRULORU GHWHUPLQDW GH H[LVWHQ D ULVFXOXL GH SLHUGHUH úL FKLDU D ULVFXOXL GH SLHUGHUH D
FRQWUROXOXLSHQWUXFRQGXF WRULLvQWUHSULQGHULLVDXSHQWUXDF LRQDULLPDMRULWDUL
3HGHDOW SDUWHILQDQ DUHDvQWUHSULQGHULORUSULQDSHOXOGHFUHGLWHEDQFDUHVHGRYHGHúWHDGHVHD
GLILFLOGHUHDOL]DWFDXUPDUHDFRVWXOXLULGLFDWúLDFRQGL LLORUFRQWUDFWXOXLGHFUHGLWFHUXWHGHE QFL
$FHúWL IDFWRUL IDF FD vQWUHSULQGHUHD V UHFXUJ OD vPSUXPXWXUL REOLJDWDUH FDUH SUH]LQW
DYDQWDMXO HVHQ LDO F UHPXQHUD LD FXSRDQHOH VH GHGXFH GLQ SURILWXO LPSR]DELO I FkQGX -le mai
accesibile.
([LVW FDX]H PXOWLSOH FDUH LQIOXHQ HD] SR]LWLY GH]YROWDUHD vPSUXPXWXULORU REOLJDWD re în
ULOH FX HFRQRPLH GH SLD &RQFXUHQ D GLQWUH HPLWHQ LL GH REOLJD LXQL FRQGXFH OD FRQGL LLOH GH
HPLVLXQH DWU J WRDUH SHQWUX VXEVFULLWRUL $SDUL LD XQRU RUJDQLVPH GH SODVDPHQW FROHFWLY D YDORULORU
PRELOLDUH LQVWLWX LL PDUL LPSRUWDQWH GDU FDUH UHSUH]LQW úL RSHUHD] vQ FRQWXO XQHL PXOWLWXGLQL GH
PLFL VXEVFULLWRUL IDFH SRVLELO DSHODUHD OD vPSUXPXWXUL REOLJDWDUH úL GH F WUH vQWUHSULQGHULOH PDL
PLFL 5HGXFHUHD vQ DQXPLWH SHULRDGH D GREkQ]LL OD SODVDPHQWHOH SH WHUPHQ VFXUW IDYRUL]HD] GH
asemenea, oriHQWDUHDVXEVFULLWRULORUF WUHSODVDPHQWHSHWHUPHQOXQJ

ÌPSUXPXWXULOH REOLJDWDUH VH SRW HPLWH ILH LQGLYLGXDO GH F WUH VRFLHW L FRPHUFLDOH
puternice, fie grupat.

Cea de-D GRXD YDULDQW SRDWH DYHD ORF SULQ DVRFLHUHD PDL PXOWRU DJHQ L HFRQRPLFL FDUH V
JDUDQWH]H VROLGDU vPSUXPXWXO VDX SULQ LQWHUPHGLXO XQRU LQVWLWX LL VDX RUJDQLVPH GH SODVDPHQW
FROHFWLY FRQVWLWXLWH FD VRFLHW L DQRQLPH FDUH UHSDUWL]HD] IRQGXULOH UHFHS LRQDWH VXE IRUP GH
FUHGLWHvQWUHSULQGHULORUDGHUHQWHFXQHYRLGHILQDQ DUH
ÎmprXPXW REOLJDWDU JUXSDW SUH]LQW DYDQWDMXO SHQWUX HPLWHQW F VXSRUW FRVWXUL
DGPLQLVWUDWLYH PDL UHGXVH GHRDUHFH R SDUWH GH FKHOWXLHOLORU HVWH UHSDUWL]DW vQWUHSULQGHULORU
vPSUXPXWDWH &KLDU úL vQWUHSULQGHULOH PDL SRW IRORVL vPSUXPXWXUL REOLJDWDUH JUXSDWH FkQ
d au nevoi
UHODWLY UHGXVH GH ILQDQ DUH úL QX GRUHVF V
-úL FRQVXPH FDSLWDOXO GH vQFUHGHUH ID GH SXEOLF SULQ
vPSUXPXWXULREOLJDWDUHLQGLYLGXDOHIUHFYHQWHS VWUkQGX-úLDFHDDOWHUQDWLY GRDUSHQWUXvPSUXPXWXUL
mai consistente.
'HILQL LLDOHREOLJD iunii
2EOLJD LXQHDHVWHXQWLWOXGHFUHGLWSHWHUPHQOXQJHPLVGHF WUHRVRFLHWDWHSHDF LXQLVDXR
LQVWLWX LH JXYHUQDPHQWDO VDX PXQLFLSDO D F UHL UDPEXUVDUH HVWH vQ PRG RELúQXLW JDUDQWDW SULQ
bunuri patrimoniale sau ipoteci.

În timp ce pentru emitenW REOLJD LXQLOH UHSUH]LQW GDWRULL FDUH JHQHUHD] SO L SHULRGLFH VXE
IRUP GHGREkQ]LSHQWUXVXEVFULLWRULHOHUHSUH]LQW GUHSWXULGHFUHDQ
2EOLJD LXQLOH VHPQLILF XQ vPSUXPXW DFRUGDW GH R PDV GH FUHGLWRUL XQXL DQXPLW GHELWRU
)LHFDUH FUHGLWRU SULPHúWH XQ vQVFULV FH VH QXPHúWH FHUWLILFDW GH REOLJD LXQH VDX PDL VLPSOX
REOLJD LXQHFDUHDUHvQVFULV YDORDUHDQRPLQDO
6SUH GHRVHELUH GH DF LXQL FDUH FRQIHU GUHSWXO GH FRSURSULHWDWH úL GH SDUWLFLSDUH OD
UHSDUWL]DUHDEHQHILFLLORUvQFRQGL LLOHULVFXOXLDVXPDWFXPS UDUHDREOLJD LXQLORUUHSUH]LQW XQFUHGLW
DFRUGDWHPLWHQWXOXL FDUH WUHEXLH UDPEXUVDW vQ FXUVXO XQHL SHULRDGH GH WLPS FRQIRUP FRQWUDFWXOXLúL
FDUH JHQHUHD] UHPXQHUD LL VLJXUH OD QLYHOXO SLH HL I U DVXPDUHD GH ULVFXUL GLQ SDUWHD FUHGLWRULOR r.
ÌQ FD] GH IDOLPHQW DO VRFLHW LL REOLJDWDULL DX GUHSWXO GH DF LXQH vQ MXVWL LH SHQWUX UHFXSHUDUHD
drepturilor lor (împrumutul plus dobânda).

4.2.2.3. Caracteristici ale împrumutului obligatar
9DORDUHDQRPLQDO DREOLJD LXQLORUHVWHFHDvQVFULV SHWLWOXúLODFDUHVHFDOFXOHD] GREkQGD
DQXDOVDXVHPHVWULDOVXEIRUP GHFXSRDQH
3UH XO GH HPLVLXQH UHSUH]LQW VXPD SROLWLF GH FHO FH FXPS U R REOLJD LXQH 3HQWUX
VRFLHWDWHD HPLWHQW VXPD vPSUXPXWXOXL REOLJDWDU HVWH HJDO FX SUH XO GH HPLVLXQH vQPXO LW cu
QXP UXO REOLJD LXQLORU SXVH vQ YkQ]DUH 3ULPD GH HPLVLXQH UHSUH]LQW GLIHUHQ D GLQWUH SUH XO GH
HPLVLXQHúLYDORDUHDQRPLQDO
5DWD QRPLQDO D GREkQ]LL HVWH UDWD GREkQ]LL FDUH DSOLFDW DVXSUD YDORULL QRPLQDOH QH G
P ULPHDFXSRQXOXL
&XSRQXODUDW VXPDY UVDW DQXDOSHQWUXILHFDUHREOLJD LXQHGH LQXW GREkQGD&XSRQXOVH
GHWHUPLQ DVWIHO
r ⋅n
în procente anuale: Ci % = n z ⋅ 360 ;
365
vQVXP DEVROXW Ci = Vn ⋅ Ci % ,
în care: rn –UDWDQRPLQDO DGREkQ]LL
nz -QXP UXOGH]LOHFDUHV-au sFXUVGHODXOWLPDGHWDúDUH
5DWDDFWXDO EUXW HVWHRUDW XQLF DGREkQ]LLFDUHHJDOL]HD] SUH XOGHHPLVLXQHFXYDORDUHD
DFWXDOL]DW DIOX[XULORUILQDQFLDUHYLLWRDUH
5DWD GREkQ]LL OD WHUPHQ UHSUH]LQW UDWD IL[DW vQ PRPHQWXO DFWXDO SHQWUX XQ FRQWUDFW de
vPSUXPXW D F UXL H[HFX LH YD IL UHDOL]DW vQ YLLWRU 5DWD GREkQ]LL OD WHUPHQ HVWH GLVWLQFW SHQWUX
ILHFDUH SHULRDG YLLWRDUH ÌQWUH UDWD GREkQ]LL úL WHUPHQXO FDUH UHIOHFW PDWXULWDWHD IOX[XULORU GH
OLFKLGLWDWHH[LVW RUHOD LHSXV vQHYLGHQ GHVWUXFWXUDUDWHLGREkQ]LLvQIXQF LHGHWHUPHQ'LQDFHVW
SXQFWGHYHGHUHH[LVW PDLPXOWHVWUXFWXULDOHUDWHLGREkQ]LL
• VWUXFWXUDSODW – în care rata dobânzii nu depinde de termen;
• VWUXFWXUD DVFHQGHQW – FDUDFWHUL]DW SULQ DFHHD F UDWD GREkQ]LL HVWH DVFHQGHQW în

IXQF LHGHWLPS
• VWUXFWXUDGHVFHQGHQW –vQFDUHUDWDGREkQ]LLGHVFUHúWHvQIXQF LHGHWLPS

• VWUXFWXUD FRPSOH[
– FX SDUWLFXODULWDWHD F VHQVXO UDWHL GREkQ]LL SRDWH IL DVFHQGHQW
sau descendent, diferit de la un moment la altul.
&XUVXO REOLJD LXQLL – araW UDSRUWXO GLQWUH SUH XO SO WLW úL YDORDUHD QRPLQDO úL SRDWH IL PDL
mare, mai mic sau egal cu 100%.

3UH XOGHSLD DOREOLJD LXQLLSRDWHILH[SULPDW
• în procente: CI % + Cursul bursier %

sau
• vQVXP DEVROXW 9n ⋅3UH XOGHSLD vQSURFHQWH
DuraWD REOLJD LXQLL VH VWDELOHúWH vQ IXQF LH GH QHYRLOH GH DFRSHULW úL SHUVLVWHQ D vQ WLPS D
DFHVWRUD GDUúLGHFRQGL LLOHSLH HL GDF UDWD GREkQ]LSHSLD DILQDQFLDU HVWHVF ]XW HVWHILUHVFV
VH SUHIHUH vPSUXPXWXUL SH WHUPHQ PDL OXQJ úL GLPSRWULY FkQG UDWD GREkQ]LL HVWH ULGLFDW
vPSUXPXWXULOHVHFRQWUDFWHD] SHWHUPHQHPDLVFXUWHSHQWUXDQXVHRFD]LRQDFRVWXULSUHDULGLFDWH
3UH XO GH UDPEXUVDUH VDX YDORDUHD GH UDPEXUVDUH HVWH VXPD SH FDUH R SO WHúWH R VRFLHWDWH
HPLWHQW GH LQ WRUXOXLGHREOLJD LXQLODVFDGHQ DvPSUXPXWXOXL
3ULPD GH UDPEXUVDUH HVWH HJDO FX GLIHUHQ D GLQWUH YDORDUHD GH UDPEXUVDUH úL YDORDUHD
QRPLQDO $FHDVWDFDúLSULPDGHHPLVLXQHDUHUROXOGHDDGRSWDvPSUXPXWXOODHYROX LDFRQGL LLORU
SLH HLFDUHVHSURGXFvQWUHGHILQL LDFDUDFWHULVWLFLORUvPSUXPXWXOXLúLPRPHQWXOHIHFWLYDOHPLVLXQLL
3UH XOGHHPLVLXQHYkQ]DUHODSULP úLYkQ]DUHODVFRQW
3UH XO GH HPLVLXQH UHSUH]LQW VXPD SO WLW GH FHO FDUH FXPS U R REOLJD LXQH 3HQWUX
VRFLHWDWHD HPLWHQW VXPD vPSUXPXWXOXL REOLJDWDU HVWH HJDO FX SUH XO GH HPLVLXQH vQPXO LW FX
QXP UXOREOLJD LXQLORUSXVHvQYkQ]DUH3UH XOGHHPLVLXQHSRDWHILPDLPDUHHJDOVDXPDLPLFGHFkW
YDORDUHDQRPLQDO DREOLJD LXQLORU(PLVLXQHDGHREOLJD LXQLVHSRDWHIDFHODYDORDUHDQRPLQDO VDX
ODDOW valoare.
'DF HPLVLXQHD VH UHDOL]HD] OD YDORDUHD QRPLQDO VXPD vQFDVDW GH VRFLHWDWHD HPLWHQW
UHIOHFW SDVLYXOV XDGLF REOLJD LLOHGHSODW
(PLVLXQHD OD DOW YDORDUH GHFkW FHD QRPLQDO SRDWH IL HPLVLXQH OD VFRQW VDX HPLVLXQH OD
SULP (PLVLXQHDXQHLWUDQúHGHREOLJD LXQLVSUHH[HPSOXGHOHLVHSRDWHIDFHSHQWUX
OHLVDXSHQWUXOHLDGLF ODVFRQWVDXODSULP ÌQSULPXOFD]IRORVLQGSURFHQWDMHVHVSXQHF
împrumutul s-DHPLVODLDUFHO ODOWOD
'DF vQWUH PRPHQWXO VWDELOLULL UDWHL GREkQ]LL vPSUXPXWXOXL úLvQVFULHUHD HL SHFHUWLILFDWXO GH
REOLJD LXQL –úLPRPHQWXOYkQ] ULLHIHFWLYHDREOLJD LXQLORUFHSURGXFHRFUHúWHUHDUDWHLGREkQ]LLSH
SLD D ILQDQFLDU FXPS U WRULL SRWHQ LDOL QX VH YRU JU EL V DFKL]L LRQH]H DVWIHO GH REOLJD LXQL ÌQ
DFHVWH vPSUHMXU UL VRFLHW LOH HPLWHQWH YRU VF GHD SUH XO REOLJD LXQLORU OD DGLF YD YLQGH OD
VFRQW SHQWUX D FRPSHQVD UHPXQHUD LD SLH HL HYLWkQG DVWIHO UHLPSULPDUHD FHUWLILFDWHORU GH
REOLJD LXQL FX QRXD UDW D GREkQ]LL FHHD FH DU SURYRFD FKHOWXLHOL VXSOLPHQWDUH GH HPLVLXQH úL
prelungirea termenului de intrare în posesie a sumei împrumutului.

'DF vQWUH PRPHQWXO GHFL]LHL DVXSUD UDWHL GREkQ]LL úL D LPSULP ULL HL SH FHUWLILFDWHOH GH
REOLJD LXQLúLYkQ]DUHDHIHFWLY DDFHVWRUDVHSURGXFHRVF GHUHDUDWHLGREkQ]LLSHSLD DILQDQFLDU
WR LSRVLELOLLFXPS U WRULVHYRUJU ELV DFKL]L LRQH]HDVHPHQHDREOLJD LXQLSHQWUXDFRPSHQVDvQV
GLIHUHQ DGHGREkQG VRFLHWDWHDHPLWHQW YDYLQGHREOLJD LXQLOHODSULP DGLF OD
PE > VN YkQ]DUHODSULP
PE < VN vânzare la scont

(92/8 ,$&8568/8,2%/,*$ ,81,,
2HFRQRPLHGHOHLLQYHVWLW vQWU RREOLJD LXQHFXUDWDQRPLQDO GHSHDQLFHD

-
FH YD FRQGXFH OD GREkQ]L DQXDOH GH OHL 'DU GDF GDWRULW LQIOD LHL UDWD GREkQ]LL XUF OD
LQYHVWLWRUXOSDUWLFXODUYDvQUHJLVWUDGXS SULPXODQRSLHUGHUHGHFDSLWDO$FHOHDúLGREkQ]LYRU
SXWHDILRE LQXWHFXXQFDSLWDOPDLPLF
20.000 = 80.000 * 25%

'HFL FUHúWHUHD FX D UDWHL GREkQ]LL FD XUPDUH D LQIOD LH i) va conduce la o pierdere de
FDSLWDOGHOHL&XUVXOREOLJD LXQLLWRFPDLYDVF GHD
80.000/100.000 = 80% ceea ce va sugera, imediat, o eroziune de 20% a capitalului

LQL LDO
ÌQVFKLPEXQFXPS U WRUSRWHQ LDODODFHVWHLREOLJD LXQLYDRE LQHXQ randament de 25% cu

 20.000 
cuponul de 20.000 lei pe an  ⋅ 100  = 25% .
 80.000 
142,9
125
111,1
20% 22% 24% 26%

14 16 18
90,9
83,3
76,9
*UDILFXOHYROX LHLFXUVXOXLREOLJD LXQLL91 FXSRQ
vQIXQF LHGHYDULD LDUDWHORUGREkQ]LLGHSLD
Pentru a le face mai atractiYHHPLWHQ LLYRUF XWDV LQWHJUH]HDQWLFLSD LLOHSULYLQGLQIOD LDvQ
UDWDGREkQ]LLILHV FUHDVF SULPDGHUDPEXUVDUH
În al doilea caz, emitentul va stabili:

• ILHRSULP ³HQGHKRUV´SUH GHHPLVLXQH –YDORDUHQRPLQDO SUH GHUDPEXUVDUH
• fie o pULP ³HQGHGDQV´SUH GHHPLVLXQHYDORDUHDQRPLQDO SUH GHUDPEXUVDUH
• ILH R GXEO SULP GH UDPEXUVDUH SUH GH HPLVLXQH YDORDUHD QRPLQDO SUH XO GH
rambursare).
9$/2$5($2%/,*$ ,81,,
3HQWUX D SXQH vQ HYLGHQ LQFLGHQ D UDWHL QRPLQDOH ³,´ D REOLJD LXQLL úL GH DVHPHQHD D
SULPHL GH UDPEXUVDUH úL D GXUDWHL vPSUXPXWXOXL ³Q´ DVXSUD FXUVXOXL REOLJD LXQLL WUHEXLH FDOFXODW
YDORDUHDDFWXDO DFDSLWDOXOXLvPSUXPXWDW9$
(1) i = 20%, n = 2 ani, P1 SULP

20.000 20.000 100.000
VA = + + = 100.000
1,2 (1,2) 2 (1,2) 2
ValoDUHD DFWXDO D FDSLWDOXOXL QX YD IL DIHFWDW GDF UDWD QRPLQDO FRUHVSXQGH FX UDWD
GREkQ]LLGHSLD ³.´
(2) K = 25%, n = 2 ani, (PR)P1 SULP
20.000 20.000 100.000
VA = + + = 92.800
1,25 (1,25)2 (1,25) 2
3LHUGHUHDGHFDSLWDOHVWHHYLGHQW vQH[HPSOXOQRVWUX
20.000  1 
P=  −  = − 4%
100.000  5 
ODILHFDUHSURFHQWGHYDULD LH DUDWHLGHSLD SUH XOLQL LDODOREOLJD LXQLLYDULD] vQVHQV LQYHUVFX
4% 100.000 ⋅ 4% = 4.000 lei.

(3) K = 25%, n = 2 ani, (PR)P1 = 111.250, prima “en dehors” = 11.250
20.000 20.000 11.250
VA = + + − 100.000
1,25 (1,25)2 (1,25) 2
Prima de rambursare de 11. YLQH V FRPSHQVH]H SLHUGHUHDGHFDSLWDO GLQFDX]DLQIOD LHL
9DORDUHD DFWXDO D FDSLWDOXOXL HVWH HJDO FX YDORDUHD QRPLQDO D REOLJD LXQLL úL GH DVHPHQHD FX
SUH XOGHHPLVLXQH
3ULPDSRDWHIL³HQGHKRUV´HJDO FX31 = 111.250), “enGHGDQV´HJDO FX3531 =

GDU3( VDXRGXEO SULP HJDO FXGDF 3( úL3531 = 108.125).
&XRSULP ³HQGHGDQV´GHVHUHFRQVWLWXLHSULQDFWXDOL]DUHSUH XOGHHPLVLXQH
20.000 20.000 100.000

VA = + + = 92.800 = PE
1,25 (1,25)2 (1,25) 2
$FHODúLOXFUXVHSHWUHFHFXRGXEO SULP GHúLXQSUH GHUDPEXUVDUHHJDOFX
20.000 20.000 108.125

VA = + + = 98.000 = PE
1,25 (1,25)2 (1,25)2
5D LRQDPHQWXO SUH]HQWDW PDL GHYUHPH U PkQH vQWRWGHDXQD YDODELO GDF UDPEXUVDUHD
vPSUXPXWXOXL VH IDFH ³LQ ILQH´ FHHD FH GH IDSW VH vQWkPSO PDL UDU ÌQ SULYLQ D UDPEXUV ULL SULQ
WUDJHUHODVRU LFD]XOFHOPDLIUHFYHQWLQFLGHQ DLQIOD LHLYDGHSLQGHGHGDWDUDPEXUV ULL
3ULPLLLQYHVWLWRULUDPEXUVD LYRUILIDYRUL]D LvQUDSRUWFXLQIOD LDGDUHLYRUUHOXDULVFXOXQHL
reinvestiri a capitalului.
ÌQ DFHVW FD] UD LRQDPHQWXO SRDWH FRQWLQXD GDF VH VXEVWLWXLH SUH XO GH FXPS UDUH vQ %XUV
GH H[HPSOX VDX SUH XO GH HPLVLXQH úL VH LD vQ FDOFXO IUDF LD GH FXSRQ VFXUV &DOFXOXO DFWXDULDO
WUHEXLH V LD vQ FRQVLGHUDUH FXUVXO EXUVLHU DO REOLJD LXQLL ³OD SLFLRUXO FXSRQXOXL´ GHGXFHUHD I FXW
DFHVWHLIUDF LXQLDFXSRQXOXLVFXUVGHODXOWLPDVFDGHQ
Anticiparea ratei nominale

$QWLFLSDUHD UDWHL QRPLQDOH ³L´ FDUH WUHEXLH V vQJOREH]H LQIOD LD ³[´ OD R UDW GH UDQGDPHQW
UHDO³U´DúWHSWDW VHIDFHGXS UHOD LDELQHFXQRVFXW DOXL)LVFKHU
1 + i = (1 + r) (1 + x) pentru primul an
(1 + i)2 = (1 + r)2 (1 + x)2 pentru al doilea an
(1 + I)n = (1 + r)n (1 + x)n pentru ultimul an

ÌQ H[HPSOXO QRVWUX GDF HPLWHQWXO GRUHúWH V -úL DVLJXUH R UDW UHDO GH vQ FRQGL LLOH
XQHLLQIOD LLGHSHDQHOWUHEXLHV IL[H]HUDWDQRPLQDO OD
i = (1,10) 2 ⋅ (1,15) 2 − 1 = 26,5%

&X R DVHPHQHD UHPXQHUD LH LQYHVWLWRUXO FDUH D FXPS UDW REOLJD LXQHD UHFXSHUHD] vQWUHJ
FDSLWDOXOV XLQYHVWLWLQL LDOODFDS WXODDQL
26.500 126.500
VA = + = 100.000
1,265 (1,265) 2
$FHDVWD VHPQLILF IDSWXO F SLD D SULQ UDWD VD GH GREkQG DVLJXU R UDW UHDO GH FHO SX LQ
vQDFHOHDúLFRQGL LLGHLQIOD LH[
&XUVXOREOLJD LXQLL
&RWD LDREOLJD LXQLL “au pair” (PE = VN) se face la piciorul cuponului (cuponul scurs dedus)
úL vQ SURFHQWDM 91 HVWH FRQVLGHUDW 'DU FXUVXO FRWDW QX LQFOXGH IUDF LD GH FXSRQ VFXUV GH OD
XOWLPDGHWDúDUH
6XPD FXSRQXOXL VFXUV ³&´ HVWH FDOFXODW vQ WRDWH ]LOHOH vQ IXQF LH GH YDORDUHD QRPLQDO
91GHUDWDQRPLQDO DGREkQ]LL³L´úLGHQXP UXOGH]LOHGHODXOWLPDSODW DFXSRQXOXL³W´
C = VN.i.t/365 sau în procentaj C% = i.t/365.

ÌQH[HPSOXOQRVWUXSHQWUXGH]LOHGXS GHWDúDUHFXSRQXOVFXUVUH]XOW LPHGLDW
C = 100.000 ⋅ 26,5% ⋅ 73/365 – 5.300 lei sau

C% = 26,5 ⋅ 73/365 = 5,3%
/DRUDW DGREkQ]LLGHSLD GHFXUVXOREOLJD LXQLLHVWHGH
26.500
= 106% úLYDORDUHDGHDFKL]L LHvQ%XUV DREOLJD LXQLLHVWHGH
25%
106 + 5,3 = 111,3% sau
100.000 + 111,3% = 111.300 lei
4,QWHUGHSHQGHQ DGLQWUHUDWDGREkQ]LLúLFXUVXOREOLJD LXQLORU
$FHDVW LQWHUGHSHQGHQ SRDWH IL H[SULPDW DVWIHO FUHúWHUHD UDWHL GREkQ]LL SH SLD
JHQHUHD] RVF GHUHDFXUVXOXLEXUVLHU
'LQWUHH[SOLFD LLOHGDWHXQHLDVWIHOGHFRUHOD LLVHUH LQXUP WRDUHOH
a) DWXQFLFkQGUDWDGREkQ]LLFUHúWHREOLJD LXQLOHGH LQLQYHVWL LLPDLDWU J WRDUHSHQWUXLQYHVWLWRUL
'DF GHH[HPSOXGREkQGDWUHFHGHODODDWXQFLDFHVWHWLWOXULYRUJ VLPDLUHSHGH
plasament.
2ULSHQWUXDFXPS UDDFHVWHREOLJD LXQLWUHEXLHV VHJ VHDVF UDSLGGLVSRQLELOLW LOHE QHúWL
6H SURGXF YkQ] UL PDVLYH GH DF LXQL FHHD FH IDFH V VFDG FXUVXO ORU $úDGDU FUHúWHUHD UDWHL
GREkQ]LL REOLJD LXQLORU IDFH V VFDG FXUVXO DF LXQLORU SULQ DUELWUDMXO SH FDUH RSHUDWRULL vO
realizeaz vQWUHDF LXQLúLREOLJD LXQL
b) DWXQFLFkQGUDWDGREkQ]LLODREOLJD LXQLFUHúWHGLYLGHQGHOHYLLWRDUHVXQWDFWXDOL]DWHODRUDW PDL
PDUHFHHDFHIDFHV VFDG FXUVXODF LXQLORU
3HQWUXVXUSULQGHUHDPDLH[DFW DUDSRUWXOXLLQYHUVSURSRU LRQDOGLQWUHUDWDGREkQ]LLúLFXUVXO
REOLJD LXQLORUVHFDOFXOHD] VHQVLELOLWDWHDREOLJD LXQLL FD SURFHQWGHVF GHUHDFXUVXOXLDQWUHQDW
GHFUHúWHUHDUDWHLGREkQ]LLFXRXQLWDWH
Sensibilitatea S se poate scrie astfel:

T
A ⋅t
1 t =1
∑ (1 +t r) t
S=− ⋅
1+ r Pe
în care: Pe -SUH XOGHHPLVLXQHVDXYDORDUHDUHDO DREOLJD LXQLORU
At - anuitatea la momentul t;
t - anul respectiv;
r -UDWDGHDFWXDOL]DUHEUXW
Cel de-DOGRLOHDIDFWRUDOUHOD LHLH[SULP GHVLQHVW W WRURDOW FDUDFWHULVWLF DREOLJD LXQLLúL
anume durata de LPXQL]DUH ³'´ FDUH DUDW vQ FkW WLPS FkúWLJXULOH GLQ GREkQ]LOH vQFDVDWH SRW
FRPSHQVDHIHFWHOHLQIOD LHL
T
A ⋅t
∑ (1 +t r) t
D = t =1
Pe
ÌQIXQF LHGHUHOD LDGHPDLVXV³6´GHYLQH
1
S=− ⋅D
1+ r
Sensibilitatea “S” este cu atât mai mare cu cât ³'´ HVWH PDL PDUH 9DORDUHD OXL³6´ úL D OXL
³'´VHVFKLPE RGDW FXUDWDGREkQ]LLILLQGQHFHVDU UHFDOFXODUHDDFHVWRUDODILHFDUHYDULD LHDUDWHL
dobânzii.
&XQRDúWHUHD VHQVLELOLW LL XQHL REOLJD LXQL SHUPLWH HIHFWXDUHD GH DQDOL]H úL SH DFHDVW ED]
cuQRDúWHUHDYDULDQWHLRSWLPHSHQWUXVXEVFULHUHDODHPLVLXQHDGHREOLJD LXQL
&X FkW ³'´ HVWH PDL PDUH FX DWkW VHQVLELOLWDWHD ³6´ HVWH PDL SXWHUQLF úL VH YD SXWHD
EHQHILFLDGHVF GHUHDUDWHLGREkQ]LLÌQWU RDVWIHOGHFRQMXQFWXU YRUILFXPS UDWHDFHOHWLW

- luri cu cea
PDLPDUHGXUDW ³'´SRVLELO
,QYHUV GDF VH DúWHDSW R FUHúWHUH D UDWHL GREkQ]LL FDUH DUH HIHFW QHJDWLY DVXSUD FXUVXOXL
REOLJD LXQLORU VH YRU DOHJH DFHOH WLWOXUL FX FHD PDL PLF GXUDW ³'´ úL LPSOLFLW FX FHD PDL PLF
sensibilitate “S”.
RatDQRPLQDO úLPRGXOGHFDOFXODOGREkQ]LORU
5DWDQRPLQDO DGREkQ]LLUDWDIDFLDO HVWHUDWDFDUHSHUPLWHGHWHUPLQDUHDVXPHLGREkQ]LORU
SRUQLQG GH OD YDORDUHD QRPLQDO DWLWOXOXL $FHDVW UDW QX WUHEXLH V ILH FRQIXQGDW FX UDWDDFWXDO
care se evalueaz FDOFXOkQGUDWDGHUHQWDELOLWDWHLQWHUQ DLQYHVWL LHLvQREOLJD LXQL
)LH R REOLJD LXQH FX R YDORDUH QRPLQDO GH úL R GXUDW GH YkUVW GH DQL UDWD
QRPLQDO HVWH GH úL FRQGXFH OD SODWD XQHL GREkQ]L DQXDOH GH $FHDVW REOLJD LXQH D IRVW
HPLV GH
3ULPDGHHPLVLXQHHVWHGHFLGH(DYDILUDPEXUVDW ODSULPDGHUDPEXUVDUHHVWHGH
5DWDDFWXDULDO 5HVWHDWXQFLGH
10
100 1.050
980 = ∑ + úL R = 10,64%
t
t =1 (1 + R ) (1 + R )10
$FHDVW UDW UHSUH]LQW UHQWDELOLWDWHD RSHUD LHL SHQWUX LQYHVWLWRUL LQJQRUkQG LQFLGHQ D
ILVFDOLW LLSHUVRQDOHúLFRVWXULOHGHWUDQ]L LH
0RGDOLW LGHUDPEXUVDUHDvPSUXPXWXOXLREOLJDWDU
([LVW PDLPXOWHPRGDOLW LGHUDPEXUVDUHDvPSUXPXWXOXLREOLJDWDU
1) Rambursarea la finalul perioadei

¾ Rambursarea capitalului seIDFHRVLQJXU GDW ODILQHOHGXUDWHLGHYLD DvPSUXPXWXOXL6LQJXUD
FKHOWXLDO VXSRUWDW vQDLQWHD VFDGHQ HL HVWH SODWD GREkQ]LORU $FHDVW PHWRG HVWH vQVR LW
adeseori de constituirea unui fond de rambursare.

2) 5DPEXUVDUHDSULQDQXLW LFRQVWDQWH
¾ &RQVW vQ UDPEXUVDUHD vQ ILHFDUH DQ D XQHL VXPH FRQVWDQWH HJDO FX VXPD GREkQ]LORU úL D
UDPEXUV ULLFDSLWDOXOXL
5DWD GH UDPEXUVDW GLQILHFDUH DQ VH GHWHUPLQ UDSRUWkQG YDORDUHD QRPLQDO D vPSUXPXWXOXL
OD GXUDWD GH YLD LDU GREkQGD VH GHWHUPLQ vQ ILHFDUH DQ S rin aplicarea ratei dobânzii la
YDORDUHDU PDV GHUDPEXUVDW
3) Rambursarea prin serii egale

¾ &RQIRUP DFHVWHL PHWRGH vQWUHSULQGHUHD DPRUWL]HD] XQ DFHODúL QXP U GH REOLJD LXQL vQ ILHFDUH
an. Serviciul împrumutului cuprinde atunci o rambursare a capitalului cRQVWDQW úL R VXP D
GREkQ]LORU GHVFUHVF WRDUH FX WLPSXO &KHOWXLHOLOH ILQDQFLDUH VXQW PDL PDUL OD vQFHSXWXO GXUDWHL
GHYLD DvPSUXPXWXOXL
4) Rambursarea sub forma cuponului unic

¾ 3UHVXSXQH FD GREkQ]LOH V QX ILH Y UVDWH DQXDO FL GRDU FDSLWDOL]DWH úL UHJODWH R GDW FX
rambursarea la finele perioadei a sumei împrumutate.

9DORDUHD UHDO DREOLJD LXQLORUUHVSHFWLYSUH XULGHHPLVLXQHDODFHVWRUDHVWHLQIOXHQ DW GH
PRGDOLW LOH GH UDPEXUVDUH D vPSUXPXWXOXL GHRDUHFH IOX[XULOH JHQHUDWH GH UDPEXUVDUH LQWU vQ
relD LDGHFDOFXODYDORULLUHDOHSUH XOGHHPLVLXQH

Cazul amortizare în serii egale (rambursare).
T
At
Pe = Vr = ∑ ,
t
t =1 (1 + i)
în care:At - anuitatea de anul “t” (dobânda anului “t” + rata de rambursat în anul “t”);
i - rata dobânzii la termen;
t -GXUDWDGHYLD DvPSUXPXWXOXL
Cazul rambursare sub forma cuponului unic.

VN(1 + i) t
Pe = Vr ,
(1 + rdt ) t
în care:I -UDWDQRPLQDO DGREkQ]LL
Rdt - rata dobânzii la termen.
9DORDUHDUHDO DREOLJD LXQLL
Exemplu: 1) Fie împrumut obligatar cu o dXUDW GH YLD GH DQL vQ FDGUXO F UXLD V -au emis
REOLJD LXQLDFkWH 915DWDQRPLQDO DGREkQ]LLHVWHGH6HFRQVLGHU LSRWH]D
DPRUWL] ULL SULQ VHULL HJDOH 6 VH GHWHUPLQH FDUH HVWH YDORDUHD UHDO D DFHVWXL vPSUXPXW REOLJDWDU
cunosFkQGF UDWHOHGREkQ]LLODWHUPHQvQFHSkQGGLQSULPXODQSkQ vQDOFLQFLOHDDQVXQWGH
Rezolvare3HQWUXRREOLJD LXQH
• ratele de rambursat 1.000/5 an = 200/an
• GREkQ]LOHDIHUHQWHILHF UXLDQ
Anul Valoarea Rata de Dobânda Valoarea Anuitatea

QRPLQDO rambursat U PDV
1 1.000 200 (1.000 * 8,5%)85 800 285

2 800 200 (800 * 8,5%)68 600 268
3 600 200 (600 * 8,5%)51 400 251
4 400 200 (400 * 8,5%)34 200 234
5 200 200 (200 * 8,5%)17 -- 217
9DORDUHDUHDO DXQHLREOLJD LXQLVHSRD te determina astfel:

5
At 285 268 251 234 217
Vr = ∑ = + + + + = 963,6
t 1 2 3 4
t =1 (1 + r ) (1 + 0,10) (1 + 0,10) (1 + 0,10) (1 + 0,10) (1 + 0,10)5
5H]XOWDWXO RE LQXW DUDW F SHQWUX XQ LQYHVWLWRU FDUH FXPS U REOLJD LXQL SUH XO GH
HVWHDFRSHULWGHIOX[XULOHILQDQFLDUHYLLWRDUHDFWXDOL]DWHvQIXQF LHGHUDWDGREkQ]LLSHSLD
Pentru întreg împruPXWXOVXPDFHSRDWHILSO WLW ODVXEVFULHUHHVWH
100.000 oblig. ⋅ 963,65 = 96.365.000
&DUH HVWH SUH XO GH FXPS UDUH DO XQHL REOLJD LXQL HPLV SHQWUX R GXUDW GH DQL OD R
YDORDUH QRPLQDO GH úL FX R UDW QRPLQDO D GREkQ]LL GH FXQRVFkQG F UDPEXUVDUHD VH
face sub forma cuponului unic în care rata dobânzii la termen este de 15%?
Rezolvare'HRDUHFHUDWDGHDFWXDOL]DUHEUXW HVWHFHDFDUHHJDOL]HD] YDORDUHDDFWXDO DDQXLW LORU
YLLWRDUH FX SUH XO SO WLW SHQWUX REOLJD LXQH vQ PRPHQWXOFXPS U ULL HL HVWH QHFHVDU V VH GHWHUPLQH
DFHVWSUH
Anul Valoarea Rata de Dobânda Valoarea Anuitate

QRPLQDO rambursat U PDV
1 1.800 450 216 1.350 666

2 1.350 450 162 900 612
3 900 450 108 450 558
4 450 450 54 0 504
666 612 558 504

Pe = + + + = 1.684,91
(1 + 0,13) (1 + 0,13) 2
(1 + 0,13) 3
(1 + 0,13)4
SH VFULH vQ FRQWLQXDUH SUH XO GLQ PRPHQWXO HPLVLXQLL REOLJD LXQLORU FD ILLQG HJDO FX VXPD
DQXLW LORUYLLWRDUHDFWXDOL]DWHvQIXQF LHGHUDWDGHDFWXDOL]DUHEUXW ³U´
666 612 558 504

1.684,91 = + + +
(1 + r ) (1 + r ) 2
(1 + r ) 3
(1 + r ) 4
Utilizând tabelele matematice se poate determina rata r = 13%.
6HQVLELOLWDWHDREOLJD LXQLORU
)LHXQvPSUXPXWFXRGXUDW GHYLD GHDQLvQFDGUXOF UXLDV DXHPLVREOLJD LXQL

-
ODRYDORDUHQRPLQDO GH3UH XOSO WLWGHVXEVFULLWRUvQPRPHQWXOFXPS U ULLREOLJD LXQLORUHVWH
395 pentru fiecare, iar raWD QRPLQDO HVWH GH $PRUWL]DUHD VH IDFHvQ VHULL FRQVWDQWH LDU UDWD GH
DFWXDOL]DUH EUXW HVWH GH 6 VH VWDELOHDVF SODQXO GH DPRUWL]DUH DO vPSUXPXWXOXL úL V VH
GHWHUPLQHVHQVLELOLWDWHDREOLJD LXQLORU
Rezolvare: Planul de amortizare al unei oblLJD LXQLVHSUH]LQW DVWIHO
Anul Rata de rambursat Dobânda Anuitatea A t ⋅ t/(1 + r)t
1 62,5 80 142,5 129

2 62,5 73,75 136,25 112,6
3 62,5 67,5 130 97,74
4 62,5 61,25 123,75 84,52
5 62,5 55 117,5 72,98
6 62,5 48,75 111,25 62,85
7 62,5 42,50 105 54,12
8 62,5 36,25 98,75 46,14
3HQWUX vQWUHJXO vPSUXPXW VH PXOWLSOLF YDORULOH GHWHUPLQDWH vQ WDEHO FX QXP UXO
REOLJD LXQLORU&DOFXOXOVHQVLELOLW LL³6´VHUHDOL]HD] SRUQLQGGHODUHOD LD
T
A ⋅t
1 t =1
∑ (1 +t r ) t 1 659,95
S= ⋅ = ⋅ = −1,497
1+ r Pe 1 + 0,115 395
5H]XOWDWXOLQGLF RVF GHUHDFXUVXOXLFXODFUHúWHUHDUDWHLGREkQ]LLFX
6HQVLELOLWDWHDúLGXUDWDGHLPXQL]DUH
5DQGDPHQWXO DFWXDULDO DO XQHL REOLJD LXQL HPLV OD R YDORDUH QRPLQDO GH SHQWUX R
dXUDW GHDQLúLUDPEXUVDELO ODILQDOXOSHULRDGHLHVWHGH
6 VHGHWHUPLQHVHQVLELOLWDWHD³6´úLGXUDWDGHWLPS³'´vQFDUHIOX[XULOHILQDQFLDUHRE LQXWH
GLQ GREkQ]L FRPSHQVHD] SLHUGHUHD SURYRFDW GH UDWD LQIOD LHL FXQRVFkQG F YDORDUHD UHDO a
REOLJD LXQLLHVWHLDUUDWDQRPLQDO DGREkQ]LLGH
Rezolvare6LWXD LDDPRUWL] ULLvPSUXPXWXOXLHVWHSUH]HQWDW vQWDEHOXOXUP WRU
Anul Rate de rambursat Dobânda Anuitatea (At) $ W UW

W
1 1.500 1.500 1367,98

2 1.500 1.500 2495,217
3 1.500 1.500 3413,48
4 1.500 1.500 4150,81
5 1.500 1.500 4731,6
6 1.500 1.500 5178,36
7 1.500 1.500 5509,78
8 1.500 1.500 5744,37
9 1.500 1.500 5892,62
10 15.000 1.500 16.500 65684,71
A ⋅T
∑ (1T+ r) = 104.169,18
A ⋅t
∑ (1 +t r )t 104.169,18
D= = = 7,038
Vr 14.800
1 1
S=− 7,038 = − ⋅ 7,038 = −6,41
1+ r 1 + 0,0965
3HQWUXDVHFRPSHQVDSLHUGHUHDGHYDORDUHSURGXV GHUDWDLQIOD LHLGLQHFRQRPLHUHIOHFWDW
GH UDWD GREkQ]LL SH SLD SULQ vQFDV ULOH DQXDOH GLQ GREkQ]L HVWH QHFHVDU R SHULRDG GH WLPS PDL
PDUH GH DQL ,QIOXHQ D H[HUFLWDW GH PRGLILFDUHD UDWHL GREkQ]LL DVXSUD FXUVXOXL REOLJD LXQLL VH
FRQFUHWL]HD] vQVF GHUHFXDFXUVXOXLvQFRQGL LLOHFUHúWHULLUDWHLGREkQ]LLFX
&$7(*25,,'(2%/,*$ ,81,
2EOLJD LXQLOHSRWIL
¾ RUGLQDUHFXGREkQG : FRQVWDQW
YDULDELO
• garantate cu LSRWHFL VDX DOWH YDORUL SDWULPRQLDOH UDPEXUVDELOH OD VFDGHQ H SUHVWDELOLWH
SUHVWDWRDUH GH GREkQ]L SO WLELOH GH RULDQ V -au dovedit insuficiente pentru satisfacerea
RS LXQLLLQYHVWLWRULORU
¾ convertibile
(1) 2EOLJD LXQLQHJDUDQWDWH
• VRFLHWDWHDFRPHUFLDO HPLWHQW QXOHJDUDQWHD] FXQLFLXQIHOGHEXQVDXLSRWHF
• LQYHVWLWRULL VH ED]HD] SH VROYDELOLWDWHD JHQHUDO úL ERQLWDWHD VRFLHW LL úL QLFLGHFXP SH
SRVLELOLWDWHDUHFXSHU ULLFDSLWDOXOXLSHVHDPDOLFKLG ULLEXQXULORUJDMDWHGHF WUHHPLWHQW
• pot fi emise nuPDL GH PDULOH VRFLHW L SH DF LXQL úL RUJDQLVPHOH DGPLQLVWUD LHL SXEOLFH
FDUHQXULGLF QLFLRSUREOHP FXSULYLUHODVROYDELOLWDWH
• UDWDGREkQ]LLHVWHPDLPDUHGHFkWODREOLJD LXQLOHJDUDQWDWH
(2) 2EOLJD LXQLvQPDWULFXODWH
• VXQWvQUHJLVWUDWHvQHYLGHQ DILGXFLDUXOXLSHQXPHOHGH LQ WRUXOXL
• FLUFXOD LDORUSUHVXSXQHvQUHJLVWUDUHDORUSHQXPHOHQRXOXLGH LQ WRU
(3) 2EOLJD LXQLOHvQVHULDWH
• VHUDPEXUVHD] HúDORQDWODVFDGHQ HSUHVWDELOLWHvQIXQF LHGHVHULDvQVFULV SHWLWOX
• DPRUWL]DUHDvPSUXPXWXOXLvQFHSHGXS XQDQXPLWWLPSGHODHPLWHUHDREOLJD LXQLORUGDU
VHFXQRDúWHGHODvQFHSXWFDUHYDILRUGLQHDGHUDPEXUVDUHDREOLJD LXQLORU
(4) 2EOLJD LXQLFXIRQGGHDPRUWL]DUH
• SHQWUX GLPLQXDUHD HIRUWXOXL ILQDQFLDU RFD]LRQDW GH VFDGHQ HOH REOLJD LXQLORU VRFLHWDWHD
HPLWHQW FUHHD] WUHSWDWXQIRQGGHDPRUWL]DUHY UVkQGSHULRGLFILGXFLDUXOXLVXPHFHYRU
ILvQVFULVHSHQXPHOHVRFLHW LL
• SULQ FUHDUHD DFHVWXL IRQG GH DPRUWL]DUH REOLJDWRULL FDS W FHUWLWXGLQHD FD OD VFDGHQ
REOLJD LXQLOHORUYRUILUDPEXUVDWH
• VXPHOHY UVDWHvQDFHVWIRQGQXPDLSRWILXWLOL]DWHVDXUHWUDVHGHF WUHVRFLHWDWH
• ILGXFLDUXO JHVWLRQHD] IRQGXO FUHDW SODVkQGX -se pe termen scurt sau alte termene în
YHGHUHDYDORULILF ULLOLFKLGLW LORU
• VXPHOH GREkQGLWH GLQ Y UV PLQWHOH VRFLHW LL úL GLQ UHPXQHUD LLOH RE LQXWH GLQ
SODVDPHQWHVHUYHVFSHQWUXUDPEXUVDUHDvPSUXPXWXOXLREOLJDWDUODVFDGHQ
(5) 2EOLJD LXQLFXYHQLWYDULDELOLQGH[DWH
• SHUPLW VXEVFULLWRULORU GH D VH DS UD FRQWUD HIHFWHORU FUHúWHULL SUH XULORU SULQ PHQ LQHUHD
SXWHULL GH FXPS UDUH D REOLJD LXQLORU GHRDUHFH VH SUHYHGH FD YDORDUHD ORU úL XQHRUL
GREkQGDúLSULPGHUDPEXUVDUHYRUYDULDvQIXQF LHGHXQLQGLFHPRQHWDUVDXQHPRQHWDU
úLvQOLPLWHOHXQXLSODIRQ
• HPLWHQWXO vúL DVXP ULVFXO XQHL FUHúWHUL GH SUH XUL FRPSHQVD LD ILLQG VXSRUWDW GH F WUH
îQWUHSULQGHULDGLF GHDF LRQDUL
(6) 2EOLJD LXQLOHSDUWLFLSDWLYH
• UHSUH]LQW RYDULDQW DREOLJD LXQLORULQGH[DWHRvPELQDUHvQWUHDF LXQLúLREOLJD LXQLFODVLFH
• FRPSRUW R GREkQG IL[ FDUH VH PDMRUHD] FX R GREkQG VXSOLPHQWDU vQ IXQF LH GH
rezultatele fiQDQFLDUHDOHvQWUHSULQGHULLúLRSULP GHUDPEXUVDUHPLQLP
• SHQWUX HPLWHQW DYDQWDMXO FRQVW vQ IDSWXO F UHPXQHUD LD DFRUGDW QX FUHúWH GHFkW vQ
P VXUDvQFDUHUH]XOWDWHOHILQDQFLDUHvLSHUPLW
(7) 2OLJD LXQLOHFXFXSRQ]HURúLFXFXSRQXQLF
• REOLJD LXQLOH FX FXSRQ ]HUR SUH]LQW SDUWLFXODULWDWHD GH D QX RIHUL QLFL XQ IHO GH
UHPXQHUD LHSHULRGLF FXSRQ
• YHQLWXOXQRUDVHPHQHDREOLJD LXQLVHDFRUG RVLQJXU GDW ODVFDGHQ FDGLIHUHQ vQWUH
SUH XO GH UDPEXUVDUH úL SUH XO GH HPLVLXQH FHHD FH FRUHVSXQGH FDSLWDOL] ULL GREkQ]LL SH
vQWUHDJDSHULRDG GHYLD DvPSUXPXWXOXLREOLJDWDU
• SULQFLSLX DVHP Q WRU úL SHQWUX REOLJD LXQL FX FXSRQ XQLF GREkQ]LOH VXQW Y UVDWH GH
HPLWHQWQXPDLODVFDGHQ DILQDO DvPSUXPXWXOXL
• DPEHOH WLSXUL GH REOLJD LXQL VXQW DYDQWDMRDVH SHQWUX HPLWHQW GHRDUHFH vL XúXUHD]
cheltuielile de trezorerie;
• SHQWUXFHLFDUHVXEVFULXDYDQWDMHOHVXQWvQSULPXOUkQGGHRUGLQILVFDOSHQWUXF U PkQH
LPSR]DELO QXPDL SOXVYDORDUHD vQ FDSLWDO UHDOL]DW LPSR]LWDUHD YHQLWXULORU GLQ GREkQ]L
nemaiavând loc;
• vQ DO GRLOHD UkQG FHL FDUH VXEVFULX EHQHILFLD] vQ FD]XO VF GHULL UDWHL GREkQ]LL SH SLD D
ILQDQFLDU SHQWUXF YDORDUHDGHUDPEXUVDUHHVWHFDOFXODW vQPRPHQWXOHPLVLXQLL

(8) 2EOLJD LXQLOHDVLPLODELOH
• VXQW HPLVH GH VWDW VDX RUJDQLVPH JXYHUQDPHQWDOH úL VH FDUDFWHUL]HD] SULQ IDSWXO F vQ
WHUPHQXO OHJDO DO vPSUXPXWXOXL VH SRW HPLWH DOWH REOLJD LXQL FX DFHODúL FDUDFWHU FD FHOH
precedente;
• QRLOHREOLJD LXQLVXQWDVLPLODELOHFXSULPHOHQXPDLF WHUPHQXOGHVFDGHQ HVWHSUHOXQJLW
(9) 2EOLJD LXQLOHSHUSHWXHFXGXUDW QHGHWHUPLQDW
• VHHPLWGHvQWUHSULQGHULGLQVHFWRUXOSXEOLFVDXGHE QFL
• HOH UHSUH]LQW SODVDPHQWH VLJXUH úL ELQH UHPXQHUDWH DVWIHO F LQYHVWLWRULL QX VXQW
LQWHUHVD LvQUDPEXUVDUHDREOLJD LXQLORU
(10) 2EOLJD LXQLOHVSHFLDOHFXFXSRQGHUHLQYHVWLUH

• permit dH LQ WRULORU V UHLQYHVWHDVF FXSRDQHOH DQXDOH vQ REOLJD LXQL FX DFHOHDúL
FDUDFWHULVWLFLFDúLFHOHGHRULJLQH
• SRVLELOLWDWHD UHLQYHVWLULL HVWH SULYLW FD R IDYRDUH VDX R U VSODW SHQWUX YHFKLL REOLJDWDUL
FDUHY GvQVRFLHWDWHDUHVSHFWLY XQIRDUWHEXQSOasament.

(11) 2EOLJD LXQLOHFXERQGHVXEVFULHUHvQREOLJD LXQL
• VXQW FX GREkQG IL[ úL vQVR LWH GH XQ ERQ FDUH G GUHSWXO GH D VXEVFULH XOWHULRU OD XQ
WHUPHQúLSUH GHWHUPLQDWHREOLJD LXQLGHDFHHDúLQDWXU FXFHOHGHRULJLQH
• GREkQGD HVWH LQIHULRDU UDWHL GREkQ]LL GH SH SLD D ILQDQFLDU FD XUPDUH D GUHSWXOXL GH D
VXEVFULHúLDOWHREOLJD LXQL
• ERQXULOH SRWDYHD R FLUFXOD LH OLEHU úL VHSDUDW GH REOLJD LXQLOH F URUDOH DX IRVWDWDúDWH
-
LQL LDOHOHILLQGFRWDWHVHSDUDWODEXUV
• RIHU DYDQWDMXOSHQWUXGH LQ WRULGHDSXWHDVXEVFULHvQYLLWRUODXQvPSUXPXWFXFRQGL LL
EXQHvQFD]XOVF GHULLUDWHLGREkQ]LLSHSLD DILQDQFLDU
• SHQWUX HPLWHQW DYDQWDMXO FRQVW vQ SRVLELOLWDWHD GH D EHQHILFLD GH XQ vPSUXPXW FX
GREkQG PDL PLF GDU SLHUGH SRVLELOLWDWHD GH D PDL EHQHILFLD GH HYHQWXDOLWDWHD VF GHULL
UDWHLGREkQ]LLSHSLD DILQDQFLDU
(12) 2EOLJD LXQLOHGHVFKLVH

• SHUPLW S U LORU VXEVFULLWRU HPLWHQW V LDV GLQ FRQWUDFW vQDLQWHD VFDGHQ HL OD DQXPLWH
termene prestabilite;
• GDF LQL LDWLYD UDPEXUV ULL R DUH VXEVFULLWRUXO HO YD VXSRUWD R DQXPLW SHQDOLWDWH vQ
VHQVXOPLFúRU ULLYDORULLXOWLPXOXLFXSRQ
• GDF LQL LDWLYDDSDU LQHHPLWHQWXOXLHOYDDFRUGDVXEVFULLWRUXOXLRSULP GHUDPEXUVDUH
• SUH]LQW DYDQWDMH SHQWUX DPEHOH S U LHPLWHQWXO SRDWH LHúL GLQ FRQWUDFW GDF VH FRQVWDW
R VF GHUH D UDWHL GREkQ]LL SH SLD D ILQDQFLDU LDU VXEVFULLWRUXO vQ FD]XO FUHúWHULL UDWHL
GREkQ]LLSHSLD DILQDQFLDU SHQWUXD úLSODVDFDSLWDOXOvQDOWHRSHUD LXQL

-
(13) 2EOLJD LXQLFRQYHUWLELOH
$GXQDUHD JHQHUDO H[WUDRUGLQDU D VRFLHW LL SRDWH GHFLGH HPLWHUHD XQRU REOLJD LXQL FDUH V
SRDW ILVFKLPEDWHvQDF LXQLDOHDFHOHLDúLVRFLHW LvQWU RSHULRDG VDXODRGDW SUHVWDELOLW

-
&RQYHUVLXQHD SRDWH FRQVWLWXL XQ GUHSW DO GH LQ WRUXOXL GH REOLJD LXQL VDX XQ GUHSW DO
VRFLHW LL
&RQGL LLOH FRQYHUVLXQLL YDULD] GH OD R HPLVLXQH OD DOWD &kQG VRFLHWDWHD HIHFWXHD] R
HPLVLXQH GH REOLJD LXQL FRQYHUWLELOH vQ DF LXQL DFHDVW FODX] WUHEXLH vQVFULV vQ DFWXO ILGXFLDU
XQGH VH YD PHQ LRQD UDSRUWXO GH VFKLPE REOLJD LXQHDF LXQH FDWHJ GH DF LXQL DYXW vQ YHGHUH
peULRDGDVDXGDWDFkQGXUPHD] DVHUHDOL]DFRQYHUVLXQHD
(PLVLXQHD DFHVWXL WLS GH REOLJD LXQL SRDWH LQWHUHVD GHRVHELW SH VXEVFULLWRU F FL vQ DIDU GH
dobânda pe care o primesc, au posibilitatea de a primi în viitor venituri mai mari sub forma
dividendelor – GDF vQWUHSULQGHUHD PHUJH ELQH – VDX SRW RE LQH FkúWLJ GH FDSLWDO GDF vQ PRPHQWXO
FRQYHUVLXQLLFXUVXODF LXQLORUHVWHPDLPDUHGHFkWFHODOREOLJD LXQLORU
'HFL GUHSWXO GH FRQYHUVLXQH VH IRORVHúWH GH REOLJDWDUL vQ FD]XO XQHL HYROX LL IDYRUDELOH D
cursXOXLDF LXQLORUVDXDGLQDPLFLLGLYLGHQGHORU
ÌQ GHFL]LD GH FRQYHUVLXQH LQWHUYLQ PDL PXO L SDUDPHWUL UDWD GREkQ]LL GDWD VDX SHULRDGD
conversiunii, baza conversiunii, prima de conversiune.

Rata dobânzii OD REOLJD LXQLOH FRQYHUWLELOH HVWH PDL VF ]XW GHFkW OD REOLJD LXQLOH RUGLQDUH
tocmai ca urmare a perspectivelor financiare favorabile obligatarului ca urmare a conversiunii.
Perioada de conversiune VH SUHVWDELOHúWH ILLQG GH UHJXO PDL PLF GHFkW GXUDWD
REOLJD LXQLORU6SUHH[HPSOXXQvPSUXPXWREOLJDWDUSHDQLGXUDWDFRQYHUVLXQLLSRDWHILVWDELOLW
vQWUH1úL1DVWIHOvQFkWFRQYHUVLXQHDV SRDW ILHILFLHQW
%D]D HFRQRPLF D FRQYHUVLXQLL H[SULP QXP UXO GH DF LXQL SULPLWH vQ VFKLPEXO XQHL
REOLJD LXQL FHHD FH SHUPLWH GH D HYDOXD SUH XO FRQYHUVLXQLL SOHFkQG GH OD FXUVXO DF LXQLORU OD XQ
PRPHQWGDW6SUHH[HPSOXSHQWUXRED] GHFRQYHUVLXQHGHGRX DF LXQLSHQWUXRREOLJD LXQHúL
SHQWUXXQFXUVDODF LXQLLGHSUH XOGHFRQYHUVLXQHYDILGH
Prima de conversiune UHSUH]LQW GLIHUHQ D FDOFXODW OD XQ PRPHQW GDW vQWUH FXUVXO
REOLJD LXQLL VL SUH XO GH FRQYHUVLXQH 6SUH H[HPSOX GDF R REOLJD LXQH DUH SUH XO GH FRQYHUVLXQH
úLHVWHFRWDW ODEXUV FXSULPDGHFRQYHUVLXQHHVWHGH – 1.000), care adesea

VHH[SULP procentual:
200
= 20%
1.000
'DF FXUVXO DF LXQLORU HVWH VF ]XW QX HVWH RSRUWXQ V ILH XWLOL]DW GUHSWXO GH FRQYHUVLXQH vQ
FRQVHFLQ SULPD GH FRQYHUVLXQH YD IL PDL ULGLFDW FUHúWHUHD FXUVXOXL DF LXQLORU SRDWH FRQGXFH OD
FUHúWHUHD SUH XOXL GH FRQYHUVLXQH GLPLQXkQG FRUHVSXQ] WRU SULPD GH FRQYHUVLXQH 'HFL
FRQYHUVLXQHD VH SURGXFH GDF SUH XO GH FRQYHUVLXQH HVWH PDL PDUH GHFkW SUH XO GH UDPEXUVDUH
6RFLHWDWHD FRPHUFLDO SRDWH IRU D FRQYHUVLXQHD – luând decizia de amortizare a împrumutului cu

aQWLFLSD LH–GDF SUH XOGHFRQYHUVLXQH!SUH XOYDORDUHDGHUDPEXUVDUH
$YDQWDMHOHFRQYHUVLXQLLSHQWUXVRFLHWDWHDHPLWHQW
&RQYHUVLXQHD SHUPLWH vQWUHSULQ] WRUXOXL V VH vQGDWRUH]H OD XQ SUH UDWD GREkQ]LL PDL
VF ]XW GHFkW vQ FD]XO REOLJD LXQLORU RUGLQDUH 6H FUHHD] SRVLELOLWDWHD XQHL FUHúWHUL GH FDSLWDO SULQ
FRQYHUVLXQHD GDWRULLORU DWXQFL FkQG QX HVWH SRVLELO R FUHúWHUH SULQ DSRUW GH QXPHUDU VDX SULQ
încorporarea rezervelor. Clauza de convertibilitate permite rezolvarea eventualelor conflicte între

REOLJDWDULúLDF LRQDUL
'DF ULVFXO SURLHFWHORU ILQDQ DWH SULQ vPSUXPXW REOLJDWDU HVWH PDL ULGLFDW GHFkW FHO DYXW vQ
YHGHUH vQ PRPHQWXO HPLVLXQLL RS LXQHD GH FRQYHUVLXQH SHUPLWH GH LQ WRULORU GH REOLJD LXQL V VH
asocieze profiturilor rezultate din activitatea întreprinderii, dând curs clauzei de conversiune.
Costul împrumutului obligatar
8QvPSUXPXWREOLJDWDUDUHXUP WRDUHOHFDUDFWHULVWLFL
• REOLJD LXQLFX91 WRWDO
• PE = 990, PR = 1.025, D = 10,50%, T = 8 ani;

• cheltuieli de seUYLFLXDOHvPSUXPXWXOXL REOLJD LXQH
• UHGXFHUHD VDUFLQLORU ILVFDOH DVXSUD FKHOWXLHOLORU ILQDQFLDUH úL D FKHOWXLHOLORU GH VHUYLFLX
ale împrumutului = 50%.

6 VHGHWHUPLQHFRVWXOvPSUXPXWXOXLREOLJDWDU
Rezolvare 6HREVHUY F vQWUHSULQGHUHDDQJDMHD] úL alte cheltuieli decât cele financiare (principal
GREkQG GDU UHDOL]HD] úL R HFRQRPLH GH FKHOWXLHOL HJDO FX GLQ WRWDOXO FKHOWXLHOLORU
(cheltuieli financiare + cheltuieli de serviciu).

LQkQG FRQW GH FDUDFWHULVWLFLOH vPSUXPXWXOXL SHQWUX R REOLJD LXQH FKHOWXLHOLOH DQXDOH DOH
emitentului sunt de 55.

(1.000 ⋅ 10,50%) + 5
= 55
2
/D R LQWUDUH QHW GH WUH]RUHULH GH 3( FRUHVSXQG LHúLUL QHWH GH WUH]RUHULH GXS FXP
XUPHD]
• 55 în fiecare din primii 7 ani;
• 1.080 în al 8-lea an (PR = 1.025, dobânzi = 55).
&RVWXO QHW DO vPSUXPXWXOXL REOLJDWDU VH RE LQH SULQ FDOFXOXO DFWXDULDO UH]ROYkQG HFXD LD
XUP WRDUH
300 ⋅ 55 300 ⋅ 55 300 ⋅ 55 300 ⋅ 1.025

300 ⋅ 990 = + + ... + +
1+ i (1 + i) 2
(1 + i)8 (1 + i)8
GHXQGHVHRE LQHL
),1$1 $5(35,1&5(',7 -BAIL (LEASING)

'HVFULHUHDRSHUD LXQLL
În ultimii ani, în DUD QRDVWU WHUPHQXO GH ³OHDVLQJ´ D GHYHQLW GLQ FH vQ FH PDL IUHFYHQW
XWLOL]DWFXSUHSRQGHUHQ vQVIHUDHFRQRPLFXOXL
/D SULPD YHGHUH DFHDVWD GHILQHúWH R RSHUD LXQH FRPHUFLDO VSHFLILF VH SDUH QX úL D J VLW
-
corespondent în terminologia de specialitDWH URPkQHDVF 3ULQFLSDOXO DYDQWDM DO SURFHVXOXL HVWH
XUP WRUXO vQFKLULH]L XQ EXQ SHQWUX FDUH OD RUD UHVSHFWLY QX DL EDQL V -O DFKL]L LRQH]L GHILQLWLY vO
XWLOL]H]L FUHkQG QRL YDORUL úL vQ ILQDO GHYLL SURSULHWDUXO V X 1X HVWH YRUED GH R YkQ]DUH SH credit
GHFkW vQ FHHD FH SULYHúWH REOLJD LD GH SODW D XQHL S U L GLQ SUH XO GH YkQ]DUH DO EXQXOXL LQFOXV vQ
chirie.
Leasing-XO SRDWH IL FRQVLGHUDW úL FD R IRUP DSDUWH D FUHGLWXOXL EDQFDU vQ ORF GH EDQL VXQW
vPSUXPXWDWHP UIXULFRQFUHWHPDúLQLXWLODMHLQVWDOD LLDSDUDWXU GLYHUVHEXQXULPRELOHVDXLPRELOH
ÌQJHQHUDOODH[SLUDUHDFRQWUDFWXOXLGHOHDVLQJEHQHILFLDUXOWUHEXLHV RSWH]HSHQWUXSUHOXQJLUHD
FRQWUDFWXOXLFXRFKLULHPDLPLF VDXFXPS UDUHDEXQXOXLUHVSHFWLYVDXUHVWLWXLUHDDFHVWXLD
Prin prisma VRFLHW LL GH OHDVLQJ RSHUD LXQHD UHSUH]LQW R FXPS UDUH D XQXL EXQ vQ VFRSXO
vQFKLULHULL XUPDW GH R vQFKLULHUH vQVFRSXO YkQ] ULL 'DF ODVIkUúLWXO SHULRDGHL GH vQFKLULHUH EXQXO
WUHFHvQSURSULHWDWHDEHQHILFLDUXOXLSXWHPVSXQHF OHDVLQJ -uOUHSUH]LQW RRSHUD LXQHGHYkQ]DUHFX
SODWDvQUDWHDVHP QDUHDILLQGHYLGHQW QXPDLSULQSULVPDILQDOLW LL'HRVHELUHDFRQVW vQIDSWXOF
GDF SULQRSHUD LXQHDGHYkQ]DUHXQDQXPLWEXQHVWHVFKLPEDWvQPDUI RE LQkQGX -se echivalentul

HLE QHVFSULQOHDVLQJVHFHGHD] GUHSWXOGHIRORVLQ DXQXLEXQ
Din punct de vedere al beneficiarului, leasing-XOFRQVWLWXLHRIRUP vQFDGUXOF UHLDVXPHOH
QHFHVDUHDFKL]L LRQ ULLEXQXOXLVHRE LQGLQH[SORDWDUHDDFHVWXLDLDUUDPEXUVDUHDOXLVHIDFHHúDORQDW
sub IRUPD UDWHORU GH OHDVLQJ úL vQ ILQDO D SUH XOXL UH]LGXDO &UHGLWXO RE LQXW QX HVWH VXE IRUP
E QHDVF FLVXEIRUP GHHFKLSDPHQWH
Leasing-XOVHGHRVHEHúWHGHXQFRQWUDFWGHvQFKLULHUHGLQXUP WRDUHOHSXQFWHGHYHGHUH
• la calculul ratelor de leasing: UDWHOH GH OHDVLQJ VH VWDELOHVF vQ IXQF LH GH SUH XO GH
DFKL]L LH DO EXQXOXL úL GH XQHOH HOHPHQWH SUHGHILQLWH GREkQG SURILW ULVF 79$ HWF
FKLULD OD vQWUH LQHUH VH VWDELOHúWH vQ IXQF LH GH FRQGL LLOH H[LVWHQWH SH SLD úL UHSUH]LQW
contravaloarea dreSWXOXLGHIRORVLQ
• DO GUHSWXOXL GH SURSULHWDWH OD OHDVLQJ OD ILQHOH SHULRDGHL GH ORFD LH EXQXO SRDWH WUHFH vQ
SRVHVLD EHQHILFLDUXOXL vQ ED]D FKLULHL SO WLWH úL D XQXL SUH UH]LGXDO EXQXO vQFKLULDW QX
SRDWH WUHFH vQ SURSULHWDWHD FKLULDúXOXL OD VIkUúLWXO ORFD LHL SHQWUX RSHUD LXQHD GH
închiriere, decât în baza unui contract distinct de vânzare-FXPS UDUH
3DUWLFLSDQ LLODRSHUD LXQHDGHOHDVLQJ
&XYkQWXO ³OHDVLQJ´ FDUH SURYLQH GLQ HQJOH]HVFXO ³WR OHDVH´ VHPQLILFkQG ³D O VD vQ JULM D
închiria” QHDUDW SRVLELOLWDWHD GH RE LQHUH D GUHSWXOXL GHIRORVLQ HFRQRPLF D XQXL DFWLY SHQWUX R
SHULRDG GHWHUPLQDW )DSWXOF YDORDUHDXQXLDFWLYQUH]LG vQSURSULHWDWHDFLvQXWLOLWDWHDDFHVWXLD
este pe deplin confirmat de amploarea pe care a înregistrat-o leasing-XO GXS DO GRLOHD U ]ERL
PRQGLDO vQ ULOH RFFLGHQWDOH 2ULFH VRFLHWDWH FRPHUFLDO DWLQJH OD XQ PRPHQW GDW vQ FDGUXO
SURFHVXOXL GH GH]YROWDUH QRUPDO VWDGLXO OD FDUH GHYLQH LQWHUHVDW GH HFKLSDPHQWH úL XWLODMH GH
SURGXF LHVXSOLPHQWDUH3HQWUX procurarea acestora, firma poate folosi resurse financiare interne sau
H[WHUQHDWUDVH'LQDFHDVW FDWHJRULHGHVXUVHGHILQDQ DUHIDFHSDUWHúLOHDVLQJ -ul.
ÌQ HVHQ OHDVLQJ XO HVWH R RSHUD LXQH FDUH SUHVXSXQH vQ SULQFLSLX GRX FRQWUDFWH XQXO GH
-
vânzare-FXPS UDUH vQFKHLDW vQWUH RUJDQL]D LD SURGXF WRDUH FD YkQ] WRU úL RUJDQL]D LD ILQDQFLDU
VRFLHWDWHDGHOHDVLQJFDUHFUHGLWHD] RSHUD LXQHDGHOHDVLQJvQWUHVRFLHWDWHDGHOHDVLQJúLRWHU SHUVRDQ
2WUDQ]DF LHVWDQGDUGGHOHDVLQJLPSOLF XUP W ori factori:

• locatarul –FXPS U WRUXOúLSURSULHWDUXOHFKLSDPHQWXOXL
• locatarul – debitorul sau lesantul;
• furnizorul –YkQ] WRUXOEXQXOXL
• VXUVDGHILQDQ DUH–REDQF XQIRQGGHLQYHVWL LLVDXRFRPSDQLHGHFUHGLWILQDQFLDU
• RFRPSDQLHGHDVLJXU ULFDUHDVLJXU HFKLSDPHQWXO
Locatarul VHOHF LRQHD] HFKLSDPHQWXOQHFHVDUSHSLD úLQHJRFLD] XQFRQWUDFWFXORFDWDUXO
(o companie de leasing). El este beneficiarul leasing-XOXL úL DUH GUHSWXO GH IRORVLQ DVXSUD EXQXOXL
vQFKLULDW GHFLGHDVXSUDDFKL]L LRQ ULL DFHVWXLD U VSXQGH GHPRGXO GH XWLOL]DUHD DFHVWXLD úL VXSRUW
SHQDOLW LvQFD]XOQHUHVSHFW ULLFODX]HORUFRQWUDFWXDOH
Obiectul leasing-XOXLQX YDILVXSXVLPSR]LWXOXLSHDFWLYLW LOXFUDWLYHúLQLFL LPSR]LWXOXLSH

profit, iar ratele de leasing sunt înregistrate ca fiind cheltuieli ale întreprinderii.
/DVIkUúLWXOORFD LHLEHQHILFLDUXOSRDWHGREkQGLvQSURSULHWDWHEXQXOvQED]DFKLULHLSO WLWHúL
DXQXLSUH UH]LGXDOFDUHFRQVWLWXLHXOWLPDWUDQú GHSODW
Locatarul, utilizând fondurile furnizate de surseOHSURSULLGHILQDQ DUHFXPS U HFKLSDPHQWXO
GH OD IDEULFDQW úL vO vQFKLULD] ORFDWDUXOXL (O HVWH SURSULHWDUXO MXULGLF úL HFRQRPLF DO RELHFWXOXL GH
OHDVLQJ OD DFHDVWD DUH ORF LPSXQHUHD úL vQUHJLVWUDUHD vQ ELODQ D RELHFWXOXL GH OHDVLQJ /RFDWDUXO VDX
fiQDQ DWRUXOYHULILF DO WXULGHEHQHILFLDUVWDUHDEXQXULORUOLYUDWHSUHFXPúLPRGXOGHH[SORDWDUHDORU
VWDELOHúWHúLvQFDVHD] UDWHOHGHOHDVLQJvQFKHLH úLHYHQWXDOUH]LOLD] FRQWUDFWXOGHOHDVLQJWUDQVIHUkQG
în final dreptul de proprietate asupra benefLFLDUXOXLGXS DFKLWDUHDYDORULLUH]LGXDOH.

Furnizorul vQFDVHD] FRQWUDYDORDUHD EXQXOXL OLYUDW F WUH EHQHILFLDU úL HYHQWXDO DVLJXU
service-XO SH SHULRDGD GH ORFD LH 3UH XULOH GH FXPS UDUH D EXQXULORU FXPS UDWH GH F WUH IXUQL]RUXO
de leasing sunt scadenteODSODW GXS SUHOXDUHDORUGHF WUHEHQHILFLDUXOGHOHDVLQJ
În vederea ILQDQ ULLLQYHVWL LLORUGHOHDVLQJVRFLHW LOHGHOHDVLQJIRORVHVFIRQGXULSURSULL
FRQWUDFWHD] FUHGLWH EDQFDUH úLVDX vúL SURFXU PLMORDFHOH QHFHVDUH SULQ YkQ]DUHD FUHDQ HORU DVXpra
beneficiarilor leasing-ului.
Pentru a-úL SURWHMD LQWHUHVHOH úL SHQWUX D VH DVLJXUD F YD SXWHD SO WL FHD FH GDWRUHD]
ILQDQ DWRUXOXL V X ORFDWDUXO YD vQFKHLD XQ FRQWUDFW FX R VRFLHWDWH GH DVLJXU UL úL YD DVLJXUD
HFKLSDPHQWXODFHDVW FKHOWXLDO UHFXSH rându-VHGHODORFDWDUúLUHSUH]HQWkQGSUH XOFHWUHEXLHSO WLW
SHQWUX D RE LQH FUHGLWXO ÌQ FD]XO vQ FDUH HVWH PDL DYDQWDMRV SHQWUX ORFDWDU V vQFKHLH HO vQVXúL R
SROL GH DVLJXUDUH GDF DFHDVWD vL HVWH SHUPLV SULQ FRQWUDFW DFHVWD YD VXSRUWD ULVFXO SLerderii
obiectului (riscul pierderii nu va mai fi inclus în rata de leasing), societatea de leasing primind o
SROL GHDVLJXUDUHGLQSDUWHDVRFLHW LLGHDVLJXU UL
(WDSHOHGHUXO ULLRSHUD LXQLLGHOHDVLQJ
Leasing-XO HVWH R DFWLYLWDWH FRPSOH[ FDUH SUHVXSXQH H[LVWHQ D D QXPHURDVH RSHUD LXQL úL
GRFXPHQWH SULQ FDUH VH UHJOHPHQWHD] FRQGL LLOH HFRQRPLFR MXULGLFH vQFDUH VH GHVI úRDU 'HUXODUHD
-
XQHLRSHUD LXQLGHOHDVLQJQHFHVLW SDUFXUJHUHDPDLPXOWRUHWDSHSHFDUHOHYRPHQXPHUDPDLMRV :
1) CercetareD SLH HORU LQWHUQH úL H[WHUQH vQ YHGHUHD LGHQWLILF ULL SURGXVHORUFDUH YRU IL SURPRYDWH
SULQGLIHULWHIRUPHGHFRPHU úLVWXGLHUHDERQLW LLRSHUD LXQLORU
%HQHILFLDUXOYDDQDOL]DWRDWHH[LVWHQWHSHSLD úLGLQWUHDFHVWHDYDDOHJHRIHUWDVDXRIHUWHOH
caUHHVWHPDLDYDQWDMRDV SHQWUXRELHFWLYHOHVDOH
Trece apoi la negocieri cu furnizorul echipamentelor cu privire la toate detaliile legate de
HFKLSDPHQWHOHGHFDUHDUHQHYRLHGHODFDUDFWHULVWLFLOHWHKQLFHSkQ ODSUH XOILQDODODFHVWRUD)LUPD
de leasinJ QX LQWHUYLQH vQ DOHJHUHD I FXW GH FOLHQWGHFkW vQ HYHQWXDOLWDWHD vQ FDUH SRDWH SURSXQH R
YDULDQW PDLFRQYHQDELO GLQSXQFWGHYHGHUHDOSHUIRUPDQ HORUDOUDSRUWXOXLFDOLWDWH SUH -

ÌQ PRPHQWXO vQ FDUH EHQHILFLDUXO DUH RIHUWD ILQDO FXSULQ]kQG WRDWH GHtaliile din partea
IXUQL]RUXOXLSRDWHWUHFHODSDVXOXUP WRU

2) Negocierea contractului de leasing&OLHQWXOFRQWUDFWHD] RILUP GHOHDVLQJúLLQWU vQWUDWDWLYH
FX DFHDVWD SUH]HQWkQG R FHUHUH GH RE LQHUH D XQRU EXQXUL vQ OHDVLQJ 7UDWDWLYHOH FX VFRSXO V
FRQYLQJ ILUPD GH OHDVLQJ V FXPSHUH XWLODMXO UHVSHFWLY SH FDUH XUPHD] V -l închirieze apoi
FOLHQWXOXL ÌQ YHGHUHD FRQVWLWXLULL XQXL GRVDU FkWPDLIXQGDPHQWDW úL FX úDQVH UHDOH GH DSUREDUH
FOLHQWXO WUHEXLH V SUH]LQWH R VHULH GH GRFXPHQWH SHQWUX D úL VXV LQH FkW PDL ELQH SXQFWXO GH
-
YHGHUHVFXUWLVWRULFDOILUPHLELODQ XOFXWRDWHDQH[HOHLQFOXVLYUDSRUWXOGHJHVWLXQHSHXOWLPHOH
2- H[HUFL LL ILQDQFLDUHEDODQ D GH YHULILFDUH OD ]L IOX[XO GH QXPHUDU SUHYL]LRQDW SH R SHULRDG
de minim 2 ani).
3) Semnarea contractului de leasing ÌQ FD]XO vQ FDUH SURLHFWXO úL ILUPD VROLFLWDQW GH XWLODMH GH
SURGXF LH vQGHSOLQHVF WRDWH FRQGL LLOH VROLFLWDWH VRFLHWDWHD GH OHDVLQJ YD DSURED WUDQ]DF LD $U
XUPD VHPQDUHD FRQWUDFWXOXL vQWUH S U L OHVDQW úL OHVRU FX WRDWH GUHSWXULOH úL REOLJD LLOH FH
GHFXUJ GLQ DFHDVWD %HQHILFLDUXO GH OHDVLQJ YD RE LQH R FRQILUPDUH D VROLFLW ULL OHDVLQJ -ului, un
H[HPSODUVHPQDWDOFRQWUDFWXOXLGHOHDVLQJSUHFXPúLRFRQILUPDUHGHSUHOXDUH$OWHGRFXPHQWH
ale contractului sunt elaborate înIXQF LHGHVWUXFWXUDRSHUD LXQLLúLGHvQ HOHJHULÌQDFHODúLWLPS

firma de leasing încheie contractul de vânzare-FXPS UDUHDXWLODMXOXLFXIXUQL]RUXODFHVWXLD
4) Livrarea bunurilor $FHDVW VDUFLQ FDGH vQ VHDPD SURGXF WRUXOXL HFKLSDPHQWXOXL FDUH YD
trebuLH V OLYUH]H HFKLSDPHQWXO GLUHFW EHQHILFLDUXOXL GH OHDVLQJ 'XS RE LQHUHD RELHFWXOXL
leasing-XOXL EHQHILFLDUXO GH OHDVLQJ WULPLWH R FRQILUPDUH OHJDO GH SULPLUH OD vQWUHSULQGHUHD GH
OHDVLQJ )DFWXUD HPLV GH ILUPD SURGXF WRDUH YD IL RQRUDW SH ORF GH ILrma de leasing.
%HQHILFLDUXOGHOHDVLQJSULPHúWHRGHFRQWDUHVRPD LHGHSODW FRQ LQkQGGDWHGHILQLWLYHGHSODW
(termenul de intrare în vigoare a contractului, valoarea facturii, ratele de leasing etc.). Ratele de
OHDVLQJVHSO WHVFGHRELFHLSULQEDQF
5) 2S LXQHD EHQHILFLDUXOXL /D VIkUúLWXO FRQWUDFWXOXL DUH ORF UHWXUQDUHD HFKLSDPHQWXOXL VRFLHW LL
GH OHDVLQJ 'DF EHQHILFLDUXO GRUHúWH V SUHOXQJHDVF FRQWUDFWXO VDX V LQWUH vQ SRVHVLD
HFKLSDPHQWXOXL UHVSHFWLY QRXD FKLULH PDL PLF VDX DFKL]L LRQDUHD EXQ ului (la o valoare
UH]LGXDO VWDELOLW DQWHULRUVHYRUUHJOHPHQWDSULQDFRUGXULvQFKHLDWHVHSDUDW
4.2.3.4. Rata de leasing

5DWDGHOHDVLQJHVWHXQHOHPHQWGHRVHELWGHLPSRUWDQWDORSHUD LXQLLGHOHDVLQJ0HWRGHOHGH
FDOFXO GLIHU GH OD R VRFLHWDWH OD DOWD vQ HVHQ HOH FXSULQG R VHULH GH HOHPHQWH FX R YDODELOLWDWH
JHQHUDO
¾ SUH XOGHDFKL]L LHDOEXQXOXLODFDUHVHDGDXJ FKHOWXLHOLOHHIHFWXDWHFXWUDQVSRUWXOSODWD
WD[HORUGHFXPS UDUHúLDOWHFKHOWXLHOLOHJDWHGHDFKL]L LRQDUHDHFKLSDPHQWXOXL
¾ valoarHD UH]LGXDO HVWH UHJOHPHQWDW SULQ OHJH vQ XQHOH UL LDU DFROR XQGH QX H[LVW R
astfel de lege se va negocia prin contract;

¾ GXUDWD ORFD LHL úL FXDQWXPXO DPRUWL] ULL LQIOXHQ HD] FXDQWXPXO úL QXP UXO UDWHORU GH
OHDVLQJ 'XUDWD DPRUWL] ULL ILVFDOH HVWH GH UHJXO LGHQWLF FX GXUDWD QRUPDO GH
IXQF LRQDUH $PRUWL]DUHD ILVFDO HVWH FDOFXODW SURFHQWXDO VH DSOLF FKHOWXLHOLORU GH
capital;
¾ DVLJXUDUHDJDUDQ LDSLHUGHUHIXUWIRFGDF HVWHUHDOL]DW GHIXUQL]RUXOOHDVLQJ -ului este
VXSRUWDW GHEHQHILFLDU
¾ FKHOWXLHOLOH QHSUHY ]XWH VH FDOFXOHD] FD SURFHQW GH PD[LP GLQ P ULPHD ILQDQ ULL
VXQW GLILFLO GH FXDQWLILFDW úL VH IRORVHVF SHQWUX D DFRSHUL XQHOH HOHPHQWH GH FKHOWXLHOLFH
SRWDS UHDQHSUHY ]XW
¾ GREkQGD VH DSOLF DVXSUD YDORULL ILQDQ ULL úL FXDQWLILF VHUYLFLLOH VDX DMXWRUXO ILQDQFLDU
SH FDUH vO DFRUG VRFLHWDWHD GH OHDVLQJ FOLHQWXOXL $FHDVW VXP UHSUH]LQW FRWH
SURFHQWXDOHFDUHDVLJXU UHFXSHUDUHDGREkQ]LORUSHFDUHWUHEXLHV OHSO WHDVF VRFLHWDWHD
GH OHDVLQJ SHQWUXFUHGLWHOH RE LQXWH SUHFXP úL SURILWXO SHFDUH DFHDVWDvORE LQH vQ XUPD
LQYHVWL LHLI FXWH

¾ SURILWXOHVWHYDULDELOGHODEXQODEXQúLvQJHQHUDOQXGHS úHúWH
¾ WD[D SH YDORDUHD DG XJDW HVWH SO WLW GH ILQDQ DWRU OD SODWD IDFWXULL F WUH IXUQL]RUXO
HFKLSDPHQWXOXL úL UHFXSHUDW D poi de la beneficiarul leasing-ului prin ratele de leasing.

Beneficiarul leasing-XOXL SO WHúWH 79$ SHFDUH vOHYLGHQ LD] OD UkQGXO V X WRW DLPSR]LW
vQ DYDQV 'DF EXQXO UHVSHFWLY HVWH GLQ LPSRUW SRDWH IL VFXWLW GH LPSR]LW VDX GH WD[H
vamale;
¾ comisionul dH JHVWLXQH GHSLQGH GH SUH XO HFKLSDPHQWXOXL úL GH FKHOWXLHOLOH JHQHUDOH DOH
VRFLHW LL 8QHOH VRFLHW L GH OHDVLQJ VWDELOHVF R WD[ IL[ DOWHOH SHUFHS FRPLVLRQXO FD
SURFHQWGLQYDORDUHDILQDQ ULL
¾ UDWD GHYDORUL] ULL PRQHGHL HVWH OXDW vQ FRQVLGHUDUH GH P ajoritatea firmelor specializate
de leasing prin cuantificarea ratelor într-R YDOXW IRUWH FX úDQVH PDUL GH VWDELOLWDWH SH
SLD DYDOXWDU ÌQDFHVWPRGUDWHOHYRUILSO WLWHODFXUVXOYDOXWDUGLQ]LXDVFDGHQ HLULVFXO
cursului valutar fiind astfel suportat de beneficiarul de leasing;

4.2.3.5. Derularea unui contract de leasing
6RFLHWDWHD*(1(5$/$87265/HVWHRFRPSDQLHURPkQ FXFDSLWDOSULYDWDOF UHLRELHFWGH
activitate îl constituie transportul de diferite bunuri. Societatea are sediu în Rm. VâlceD úL HVWH
UHSUH]HQWDW vQWUDQ]DF LLOHSHFDUHOHvQFKHLHGH0DQDJHUXOúL$GPLQLVWUDWRUXO*HQHUDODOILUPHL
'LQ GRULQ D GH D VH GH]YROWD D UH]XOWDW QHFHVLWDWHD FD ILUPD PDL VXV PHQ LRQDW V -úL
P UHDVF QXP UXO YHKLFXOHORU GH WUDQVSRUW $VWIHO vQ OXQD IH bruarie a anului 1997 încheie un
FRQWUDFW GH OHDVLQJ FX VRFLHWDWHD $),1 ,17(51$7,21$/ ,1& FRPSDQLH DPHULFDQ FX VHGLX OD
'HODZDUH 86$ SHQWUX vQFKHLHUHD XQXL DXWRWUDFWRU ,9(&2 (8527(&+ úL D XQHL UHPRUFL FX
SUHODW 6&+0,7= )XUQL]RULL YHKLFXOHORU VXQW ,9(&2 6S$ 7RULQR ,WDOLD úL ,17(5&$0,21
GmbH, Altenberge, Germania.

'XUDWD FRQWUDFWXOXL GH OHDVLQJ HVWH GH WUHL DQL PRQHGD vQ FDUH VH HIHFWXHD] UDWHOH
WULPHVWULDOH GH OHDVLQJ HVWH '0 YDORDUHD XQHL UDWH GH OHDVLQJ HVWH '0 9DORDUHD WRWDO D
reteORUGHOHDVLQJHVWHGH'09DORDUHDGHED] HVWH'0
3UH]HQW P PDL GHSDUWH GHUXODUHD RSHUD LXQLL GH OHDVLQJ DVWIHO VRFLHWDWHD FRPHUFLDO
*(1(5$/ $872 65/ YD IL PHQ LRQDW FD ³%HQHILFLDU´ VDX ³8WLOL]DWRU´ &RPSDQLD $),1
INTERNATIONAL I1&YDILPHQ LRQDW úLFD³OHVRU´
ÌQ GDWD GH 6& *(1(5$/ $872 65/ WULPLWH R FHUHUH GH RIHUW VRFLHW LL
PROTRUCK INTERNATIONAL S.R.L., concesionar autorizat IVECO SpA, cu sediul situat în

%XFXUHúWLSULYLQGDFKL]L LRQDUHDGHDXWRWUDFWRDUe IVECO EOROTECH.
PH352758&.,17(51$7,21$/65/WULPLWHRIHUWDSURIRUP OD6&*(1(5$/
$87265/SHQWUXSURGXVXO,9(&2(8527(&+03(73RIHUW FDUHFXSULQGH:
• GHVFULHUHDWHKQLF DYHKLFXOXOXL
• SUH XOXQLWDUDOYHKLFXOXOXL
• FRQGL LDde livrare;
• termenul de livrare.
3H GDWD GH vQ XUPD FHUHULL SHQWUX DFKL]L LRQDUHD XQXL DXWRWUDFWRU ,9(&2
(8527(&+ úL D XQHL UHPRUFL FX SUHODW 6&+0,7= WULPLV GH 6& *(1(5$/ $8725 65/
VRFLHW LL 352758&. DFHDVWD GLQ XUP WULPLWH F WUH 6& *(1(5$/ $872 65/ RIHUWD IHUP
SULYLQGDFKL]L LRQDUHDFHORUGRX YHKLFXOHRIHUW FDUHFXSULQGH
1) &RQGL LLSHQWUXDFKL]L LRQDUHDYHKLFXOHORUúLVHUHIHU OD
• lesor: AFIN INTERNATIONAL INC.;

• valoarea contractului de leasing: 200.000 DM;
• avansul (30% sau 35% din valoarea contractului);
• WD[HOH GHRSHUDUH GLQ YDORDUHDFRQWUDFWXOXLFH VHSO WHVFvQWHUPHQGH ]LOHGHOD
semnarea contractului;
• termenul de contract: 3 ani;
• YDORDUHDUDWHORUúLPRGXOGHSODW UDWHWULPHVWULDOHSO WLELOHvQGHYDQVSULPDUDW vQ
luni de la livrare), valoarea unei rate fiind e 13.552 DM;
• YDORDUHDUH]LGXDO GLQYDORDUHDFRQWUDFWXOXL
2) *DUDQ LLOHRIHULWHFDUHVHUHIHU OD
• SHULRDGDGHJDUDQ LH
• service-ul acordat.
3) 2EOLJD LLOH6&*(1(5$/$87265/FDUHVHUHIHU OD
• SUH]HQWDUHDDFWHORUSHQWUXVWXGLHUHDSRVLELOLW LLDFRUG ULLOHDVLQJ-ului. Aceste acte sunt:
FRSLHGXS &HUWLILFDWXOGHÌQPDWULFXODUH
XOWLPD%DODQ OXQDU
XOWLPXOELODQ DQXDOLQFOXVLYUH]XOWDWHOHILQDQFLDUHODOXQL
lista parcului de vehicule actual;

VFULVRULGHUHIHULQ GHODMRLSDUWHQHUL
VFULVRDUH GH ERQLWDWH GH OD EDQFD SULQFLSDO úL OLVWD VHPQ WXULORU FDUH SRW RSHUD
FRQWXOFXUHQWGHODEDQF
OHJDOL]DUHDQRWDULDO DFHOXLFHYDVHPQDFRQWUDFWXOGHOHDVLQJ
VFXUW SUH]HQWDUHDILUPHLRELHFW principal de activitate, scurt istoric).

• RE LQHUHDXQHLVFULVRULGHJDUDQ LHvQOHLHPLV GHRULFHEDQF URPkQ SHQWUXJDUDQWDUHD
F WUH'LUHF LD9 PLORUDWD[HORUYDPDOH
4) Valabilitatea ofertei: 30 zile

ÌQ XUPD ³DFFHSW ULL´ RIHUWHL IHUPH 6& *(1(5$/ $8725 65/ LQWU vQ FRQWDFW FX
FRPSDQLDDPHULFDQ $),1,17(51$7,21$/,1&
3H VH vQFKHLH FRQWUDFWXO GH OHDVLQJ vQWUH $),1 ,17(51$7,21$/ ,1& úL 6&
GENERAL AUTO S.R.L., contract care cuprinde:

$3 U LOHFRQWUDFWDQWH
• AFIN INTERNATIONAL INC. ca lesor;

• S.C. GENERAL AUTO S.R.L. ca beneficiar.
B. Obiectul contractului:
• un vehicul comercial IVECO;
• RUHPRUF
Furnizorii:
• IVECO SpA;
• INTERCAMION GmbH.
Caracteristicile contractului prezentat pe scurt:
• durata contractului de leasing: 3 ani;
• moneda în FDUHVHHIHFWXHD] SO LOHUDWHORUGHOHDVLQJ'0
• YDORDUHDGHED] DFRQWUDFWXOXL'0
• YDORDUHDWRWDO DUDWHORUGHOHDVLQJ'0
• EDQFDOHVRUXOXLF WUHFDUHVHWUDQVIHU UDWHOH
• planificarea ratelor;
• DFKLWDUHDWD[HLGHRSHUDUHF WUHOHVRU
9HKLFXOXOYDILOLYUDWEHQHILFLDUXOXLvQWHUPHQGHOXQLGHODGDWDFRQILUP ULLSO LLWD[HLGH
RSHUDUHúLDSULPHLUDWHGHOHDVLQJ
&&RQGL LLOHJHQHUDOHDOHFRQWUDFWXOXLVHUHIHU OD
1) &RQGL LLOH GH OLYUDUH úL LPSOLFD LLOH vQ FD]XO GH DQXODUH D FRQWUDF tului de leasing din vina
beneficiarului.
Leasing-XO GHYLQH HIHFW OD GDWD OLYU ULL YHKLFXOHORU F WUH EHQHILFLDUL GDW FH UH]XOW GLQ
SURWRFROXOFHHYLGHQ LD] DFFHSWDUHDYHKLFXOHORUGHF WUHEHQHILFLDU

Lesor-XO YD vQúWLLQ D EHQHILFLDUXO FX ]LOH vQDLQWHD GLVSRQLELOL] ULL OLYU ULL YHKLFXOHORU
%HQHILFLDUXO IDFH IRUPDOLW LOH GH SULPLUH úL VHPQHD] IRUPHOH GH SULPLUH ([:RUNV8OP
Germania.
'DF FRPDQGD VDX IXUQL]DUHD VH DQXOHD] GLQ YLQD EHQHILFLDUXOXL DFHVWD YD SO WL OHVRU -ului
200.000 DM pentru anularea comenzii.
2) Ratele de leasing
5DWHOHGHOHDVLQJVH YRU SO WLFRQIRUPWDEHOXOXLGHSODQLILFDUHDSO LORUvQ FRQWXOEDQFDUDO
lesor-ului.
%HQHILFLDUXO YD VXSRUWD WRDWH WD[HOH DGPLQLVWUDWLYH FHUXWH GH OHJLVOD LD URPkQ SHQWUX D
DVLJXUDHIHFWXDUHDSO LORUOD termenele stabilite.

3) *DUDQ LDEDQFDU F WUHYDP
La cererea beneficiarului, lesor-XOYDGHVFKLGHRJDUDQ LHEDQFDU FXRYDODELOLWDWHSkQ OD
DXJXVW úL OD YDORDUHD LQGLFDW GH EHQHILFLDU vQ IDYRDUHD 9 PLL 5RPkQH vQ QXPHOH
beneficiarului.
4) Livrarea vehiculelor
9HKLFXOHOHYRUILOLYUDWHvQWHUPHQGHWUHLOXQLGHODGDWDFRQILUP ULLSO LLWD[HLGHRSHUDUHúL
a primei rate de leasing.

5) *DUDQ LD
9HKLFXOHOH VXQW JDUDQWDWH OXQL GH OD GDWD OLYU ULL FRQIRUP &RQGL LLORU ,QWHUQD LRQDOH GH
*DUDQ LH ,9(&2 SOXV DOWH OXQL VDX NP SHQWUX JUXSXO PRWRSURSXOVRU *DUDQ LD
HVWHVXSRUWDW GHIXUQL]RUvQED]DFRQWUDFWXOXLvQFKHLDWvQWUHDFHVWDúLOHVRU
6) Folosirea vehiculelor
%HQHILFLDUXOVHREOLJ vQPRGFDWHJRULFID GHOHVRU
• V IRORVHDVF YHKLFXOHOHFRQIRUPVSHFLILFD LLORUIXUQL]RUXOXL
• V QXGHDvQIRORVLQ YHKLFXOXOXQHLDOWHS U L
• V vQWUH LQ YHKLFXOXOFRQIRUPLQVWUXF LXQLORUIXUQL]RUXOXL
7) 3 VWUDUHDúLFRQVHUYDUHDYHKLFXOXOXL
%HQHILFLDUXO HVWH U VSXQ] WRU GH RULFH ULVFXUL GH DYDULH VDXúL GH SLHUGHUHD WRWDO SDU LDO D
YHKLFXOXOXLGLQRULFHPRWLYHGLQYLQDEHQHILFLDUXOXLVDXILLQGUH]XOWDWXOSXUHLvQWkPSO ULVDXDO
XQRUvQWkPSO ULLPSUHYL]LELOH
8) Asigurarea
/HVRUXOYDHIHFWXDDVLJXUDUHDWXWXURUYHKLFXOHORUSHQXPHOHúLVRFRWHDODEHQHILFLDUXOXL3ROL a de
DVLJXUDUHYDDFRSHUL5&$&DUWHD9HUGH&$6&2úL&05%HQHILFLDUXODVLJXU ULLYDILOHVRUXO
9) 'HVS JXELUL
3HQWUX SLHUGHUHD WRWDO EHQHILFLDUXO SO WHúWH OHVRUXOXL GHVS JXELUHD HJDO FX vQWUHJXO VROG
GDWRUDWSO WLELOODPRPHQWXOUHVSHFWLYSOXVGREk nda LIBOR (în raport cu DM).

3HQWUX GHWHULRUDUHD SDU LDO VDXúL DYDULHUHD YHKLFXOXOXL EHQHILFLDUXO H[HFXW UHSDUD LLOH FX
propriile cheltuieli.
10) Expirarea contractului
&RQWUDFWXO H[SLU DXWRPDW OD SODWD XOWLPHL UDWH GH OHDVLQJ 3UHGDUHD YHKLFXOHORU VH IDFH la
DWHOLHUXODXWRUL]DW,9(&2GLQ%XFXUHúWLVDXH[LVW SRVLELOLWDWHDvQFD]XOvQGHSOLQLULLODWHUPHQD
WXWXURUREOLJD LLORUGHDFXPS UDYHKLFXOHODYDORDUHDUH]LGXDO
11) Returnarea vehiculelor

La înapoierea vehiculelor se face un protocol de predare-primire VHQDW vQWUH EHQHILFLDU úL
DWHOLHUXODXWRUL]DWGLQ%XFXUHúWL
'DF H[LVW R vQWkU]LHUH PDL PDUH GH ]LOH GH OD H[SLUDUHD FRQWUDFWXOXL GH OHDVLQJ OHVRUXO
DUH GUHSWXO V FHDU EHQHILFLDUXOXL R SHQDOL]DUH HJDO FX UDWD GH OHDVLQJ SH XQ WULPHVWUX
VehiculelHYRUILUHWXUQDWHQXPDLGDF EHQHILFLDUXOQXúL-DPDQLIHVWDWRS LXQHDGHDOHFXPS UD

12) Anularea contractuluiGDWRULW neîndepliniriiREOLJD LLORUIXUQL]RUXOXL
'DF OLYUDUHDYHKLFXOHORUF WUHEHQHILFLDUQXV-a realizat în totalitate, din motive care nu depind
GH OHVRU DWXQFL OHVRUXO DUH GUHSWXO V DQXOH]H DFHVW FRQWUDFW GH vQFKLULHUH FX DQXODUHD RULF URU
UHYHQGLF ULvQWUHS U LOHFRQWUDFWDQWH

13) Anularea contractuluiGDWRULW neîndepliniriiREOLJD LLORUEHQHILFLDUXOXL
'DF EHQHILFLDUXOHVWHYLQRYDWGHvQGHSOLQLUHWRWDO VDXSDU LDO DFODX]HORUSUHY ]XWHODSXQFWHOH
2. Ratele de leasing
4. Livrarea
6. Folosirea vehiculului
3 VWUDUHDúLFRQVHUYDUHDYHKLFXOHORU
8. Leasing
'DF YHKLFXOXO QX VH vQDSRLD] FRQIRUP VFULVRULL GH DQXODUH D FRQWUDFWXOXL lesorul are dreptul
SULQ DJHQ LL V L DXWRUL]D L VDX WHU H SHUVRDQH FH UHSUH]LQW OHVRUXO V LQWUH vQ ORFXO XQGH VH DIO
DXWRYHKLFXOHOHúLV OHSUHLDSHULVFXOúLFKHOWXLDODEHQHILFLDUXOXL
14) 7D[HúLLPSR]LWH
7RDWH WD[HOH SUH]HQWH úL YLLWRDUH FDUH UH]XOW G in acest contract de leasing vor fi suportate de
S U LOHFRQWUDFWDQWHvQIXQF LHGHORFXOXQGHVHSHUFHSDFHVWHWD[HúLLPSR]LWH$VWIHOGDF ORFXO
GH SHUFHSHUH D DFHVWRU WD[H úL LPSR]LWH HVWH 5RPkQLD DFHVWHD YRU IL VXSRUWDWH GH F WUH
beneficiar, iar în DIDUD5RPkQLHLGHF WUHOHVRU
15) &RQGL LLOHILQDOH

&RQWUDFWXO GHYLQH HIHFWLY GH OD GDWD LQWU ULL vQ YLJRDUH úL vQFHWHD] GXS SODWD WXWXURU
ratelor de leasing.
15.2. Lesorul poate înceta acest contract în orice moment
15.3. Lesorul are dreptul de înceWDUH D FRQWUDFWXOXL GH OHDVLQJ GDF EHQHILFLDUXO GXS
vQF OFDUHDREOLJD LLORUVDOHQXVHVXSXQHDYHUWLVPHQWXOXLVFULVDOOHVRUXOXLvQWHUPHQGH
30 de zile de la primirea acestuia.

16) Clauze de arbitraj
'DF vQWHUPHQGHGH]LOHGXS FHRSDUWHDH[SXVGH]DFRUGXOFHOHLODOWHS U LQXVHDMXQJH
ODXQDFRUGVFULVVHYDSURFHGDOD&RPLVLDGH$UELWUDMFDUHHVWHIRUPDW GLQWUHLMXGHF WRUL
17) Valabilitatea contractului

9DODELOLWDWHD DFHVWXL FRQWUDFW YD IDFH RELHFWXO UHFXQRVFXW GH F WUH DXWRULW LOH URPkQH úL
italiene de drept.
18) 1RWLILF ULOH
7RDWHQRWLILF ULOHúLFRPXQLF ULOHYRUILVFULVHvQOLPEDHQJOH] úLvQPkQDWSHUVRQDOVDXSULQ
SRúWDUHFRPDQGDW VDXSULQWHOHID[RULID[
1. 3/$1,),&$5($5$7(/25'(/($6,1*3(3(5,2$'$'(58/ 5,,&2175$&78/8,
1RWD LL Qkl - aPRUWLVPHQWXOFRUHVSXQ] WRUWULPHVWUXOXLDODQXOXLN

dkl -GREkQGDVLPSO FRUHVSXQ] WRDUHGDWRULHLH[LVWHQWHODvQFHSXWXOWULPHVWUXOXLDO
anului k;
Skl -YDORDUDUDWHLFRUHVSXQ] WRDUHSHULRDGHLN
Sk = Qkl + dkl
Vkl -YDORDUHDGDWRULHLU PDVHGXS SODWDOXL4kl;
Rkl -YDORDUHDGDWRULHLSO WLWHGXS SODWDOXL4kl;
p = 100 i = procentul real anual;
q = 100 j4 SURFHQWXOQRPLQDODQXDOFRUHVSXQ] WRUIUDF LRQ ULLDQXOXLvQWULPHVWUH
'DWHLQL LDOH
9DORDUHDGHED] = 200.000 DEM

30% avans = 60.000 DEM
V0 = 140.000 DEM
5% taxe de operare = 10.000 DEM
YDORDUHUH]LGXDO = 2.000 DEM
d = 14,5% ⇒, DQXDO
D3O LSRVWLFLSDWHGREkQG SRVWLFLSDW
PERIOADA Vk, l - 1 Qk, l dk, l S vk, l Rk, l

1,1 140.000 9.520 5.075 14.595 130.480 9.520
1,2 130.480 9.165 4.730 14.595 120.615 19.385
1,3 120.615 10.223 4.372 14.595 110.392 29.608
1,4 110.392 10.594 4.001 14.595 99.798 40.202
2,1 99.798 10.978 3.617 14.595 88.820 51.180
2,2 88.820 11.376 3.219 14.595 77.444 62.556
2,3 77.444 11.788 2.807 14.595 65.656 74.344
2,4 65.656 12.245 2.380 14.595 53.441 86.559
3,1 53.441 12.658 1.937 14.595 4.783 99.217
3,2 40.783 13.117 1.478 14.595 27.666 112.334
3,3 27.666 13.593 1.002 14.595 14.073 125.927
3,4 14.073 14.073 522 14.595 0 140.000
TOTAL 140.000 35.140 175.140 - -
Graficul: Plati posticipate / Dobanda posticipata
175140
180000
160000 140000
140000
120000
100000
DM
80000
60000
35140
40000
20000
0
1 2 3
1 –6XPDGHSODW
– Dobânda 3 –6XPDWRWDO GHSO WLW
E3O LDQWLFLSDWHGREkQG DQWLFLSDW

1,1 140.000 9.446 4.732 14.178 130.554 9.446
1,2 130.480 9.801 4.377 14.178 120.753 19.247
1,3 120.753 10.169 4.009 14.178 110.584 29.416
1,4 110.584 10.552 3.626 14.178 100.032 39.968
2,1 100.032 10.949 3.229 14.178 89.083 50.917
2,2 89.083 11.361 2.818 14.178 77.722 62.278
2,3 77.722 11.788 2.390 14.178 65.934 74.066
2,4 65.934 12.231 1.947 14.178 53.703 86.297
3,1 53.703 12.691 1.487 14.178 41.012 98.988
3,2 41.012 13.169 1.009 14.178 27.843 112.157
3,3 27.843 13.665 513 14.178 14.178 125.822
3,4 14.178 14.178 0 14.178 0 140.000
TOTAL 140.000 30.136 170.136 - -
Graficul: Plati anticipate / Dobanda anticipata
175140
180000
160000 140000
140000
120000
100000
DM
80000
60000
35140
40000
20000
0
1 2 3
1 –6XPDGHSODW
c) 3O LDQWLFLSDWHGREkQG SRVWLFLSDW

1,1 140.000 14.084 0 14.084 125.916. 14.084
1,2 125.196 9.520 4.564 14.084 116.396 23.064
1,3 116.396 9.865 4.219 14.084 106.531 33.469
1,4 106.531 10.223 3.861 14.084 96.308 43.692
2,1 96.308 10.593 3.491 14.084 85.715 54.285
2,2 85.715 10.976 3.108 14.084 74.739 65.261
2,3 74.739 11.374 2.710 14.084 63.365 76.635
2,4 63.365 11.787 2.297 14.084 51.578. 88.422
3,1 51.578 12.214 1.870 14.084 39.364 100.636
3,2 39.364 12.657 1.427 14.084 26.707 113.293
3,3 26.707 13.116 968 14.084 13.591 126.409
3,4 13.591 13.591 493 14.084 0 140.000
TOTAL 140.000 29.008 169.008 - -
Graficul: plati posticipate / Dobanda posticipata
175140
180000
160000 140000
140000
120000
100000
DM
80000
60000
35140
40000
20000
0
1 2 3
Graficul: Plati anticipate / Dobanda posticipata
180000 169008
160000 140000
140000
120000
100000
DM
80000
60000
40000 29008
20000
0
1 2 3
1 –6XPDGHSODW
4.2.3.6. Costul leasing-ului

Credit-EDLOXO OHDVLQJXO UHSUH]LQW R WHKQLF GH ILQDQ DUH D LQYHVWL LLORU FDUH V -a dezvoltat
SXWHUQLF vQ ULOH FX HFRQRPLH GH]YROWDW úL FDUH SRDWH IL GH]YROWDW úL vQ FDGUXO ULL QRDVWUH 'H
H[HPSOX DFHDVW IRUP GH ILQDQ DUH UHSUH]HQWD DSURDSH GLQ ILQDQ DUHD LQYHVWL LLORU SURGXFWLYH
DOHvQWUHSULQGHULORUIUDQFH]HúLPDLPXOWGHSHQWUXvQWUHSULQGHULOHPLFLúLPLMORF ii.
Pe plan juridic, credit-bail-XO VH DQDOL]HD] FD XQ PRG GH ORFD LH vQFKLULHUH vQVR LW GH R
RS LXQH GH FXPS UDUH SURPLVLXQH GH YkQ]DUH GLQ SDUWHD FUHGLWRUXOXL $QDOL]D HFRQRPLF DSDUH
vQV FDILLQGGLIHULW 8WLOL]DWRUXOHVWHGLQSXQFWGHYHGHUHH conomic proprietarul bunului; locatarul

LPSXQH U VFXPS UDUHD EXQXOXL SHQWUX XQ SUH GHWHUPLQDW FDUH FRQVWLWXLH SUH XO GH H[HUFL LX DO
RS LXQLLGHYkQ]DUHDOEXQXOXL
Credit-bail-XO QX FRQVWLWXLH GHFkW XQ PRG GH ILQDQ DUH SDUWLFXODU úL SULQ XUPDUH WUHEXLH V
ILHDQDOL]DWSHSODQXOGHFL]LHLILQDQFLDUHQXFDRDOWHUQDWLY ORFD LHFXPS UDUHFLPDLGHJUDE FDR
DOWHUQDWLY DDOWRUVXUVHGHILQDQ DUHúLFHOPDLDGHVHDFDXQVXEVWLWXWDOvQGDWRU ULLSHWHUPHQPHGLX
sau lung.
$VSHFWHMXULGLFHúLILVFDOH
Vom prezenta succesiv, mai întâi credit-bail-ul mobiliar, apoi credit-bail-XO LPRELOLDU ÌQV
LQGLIHUHQWGHIRUPDFRQVLGHUDW XWLOL]DWRUXOQXHVWHSURSULHWDUXOEXQXOXLvQFKLULDWúLvQSOXVWUHEXLH
UH LQXWIDSWXOF FRQWUDFWXOSUHYHGHRGXUDW LUHYRFDELO de utilizare a bunului.
Credit-bail mobiliar
6XQW FRQVLGHUDWH vQ DFFHS LXQHD ULORU FX HFRQRPLH GH SLD GH]YROWDW FD RSHUD LXQL GH
credit-EDLOPRELOLDURSHUD LXQLOHGHORFD LHDOHEXQXULORUGHHFKLSDPHQWVDXDOHXWLODMHORUFXPS UDWH

în vederea loFD LHLGHF WUHvQWUHSULQGHULOHFDUHU PkQSURSULHWDUHDWXQFLFkQGRSHUD LXQLRULFDUHDU
IL FDOLILFDUHD ORU GDX ORFDWDUXOXL SRVLELOLWDWHD GH D DFKL]L LRQD vQ WRWDOLWDWH VDX SDU LDO EXQXULOH
vQFKLULDWHSULQLQWHUPHGLXOXQXLSUH FRQYHQLWúLFDUH LQHFRQWFHOSX LQGHY UV PLQWHOHHIHFWXDWHFX
titlul de chirii.
3H SODQ MXULGLF HVWH YRUED GH R ORFD LH vQVR LW GH R SURPLVLXQH XQLODWHUDOH GH YkQ]DUH v
IDYRDUHD ORFDWDUXOXL /RFDWDUXO DUH vQ ILQDO GH DOHV vQWUH WUHL SRVLELOLW L V FXPSHUH EXQXO OD
valoaUHDUH]LGXDO IL[DW vQFRQWUDFWV UHvQQRLDVF FRQWUDFWXOGHORFD LHVDXV UHVWLWXLHEXQXO

Pe plan fiscal, chiriile constituie cheltuieli de exploatare care în mod normal sunt deductibile
FXFRQGL LDFDSHULRDGDV FRQFRUGHFXGXUDWDGHYLD HFRQRPLF QRUPDO DEXQXOXL
Credit-bail imobiliar
Credit-bail-XO LPRELOLDU GHVHPQHD] RSHUD LXQLOH SULQ FDUH R vQWUHSULQGHUH G vQ ORFD LH
EXQXUL LPRELOLDUH GH X] SURIHVLRQDO FXPS UDWH GH HD VDX FRQVWUXLWH vQ LQWHUHVXO ORU DWXQFL FkQG
DFHVWH RSHUD LXQL RULFDUH DU IL FDOLILFDUHD ORF SHUPLW ORFDWDULORU V GHYLQ SURSULHWDUL vQ WRWDOLWDWH
VDX SDU LDO DVXSUD EXQXULORU vQFKLULDWH FHO PDL WkU]LX OD H[SLUDUHD WHUPHQXOXL GH ORFD LH ILH SULQ
cesiune în executarea unei promisiuni unilaterale de vânzare, fie prin achL]L LRQDUHD GLUHFW VDX
LQGLUHFW D GUHSWXULORU GH SURSULHWDWH DVXSUD WHUHQXULORU SH FDUH DX IRVW FRQVWUXLWH LPRELOHOH
vQFKLULDWH ILH SULQ WUDQVIHUXO GHSOLQ DO SURSULHW LL FRQVWUXF LLORU UHDOL]DWH SH WHUHQXO FH DSDU LQH
locatarului.
Pe plan fiscal, întUHSULQGHUHD ORFDWDU SRDWH GHGXFH GH D OXQJXO GXUDWHL ORFD LHL FKLULLOH
-
SO WLWH $FKL]L LRQDUHD LPRELOXOXL OD H[SLUDUHD FRQWUDFWXOXL GH ORFD LH DQWUHQHD] HYHQWXDO R
UHLQWHJUDUH ILVFDO vQ EHQHILFLLOH LPSR]LWDWH 6XP FDUH VH UHLQWHJUHD] GHSLQGH GH GXUD ta
FRQWUDFWXOXLGHORFD LHGHYDORDUHDQHW FRQWDELO úLGHSUH XOGHFHVLXQHDOEXQXOXL
6XPDDPRUWLVPHQWHORUSUDFWLFDWHDVXSUDFRQVWUXF LLORUDFKL]L LRQDWHHVWHvQIXQF LHGHGXUDWD
FRQWUDFWXOXL úL GH GDWD RS LXQLL GH FXPS UDUH 3H GH DOW SDUWH vQ FD] GH FHGDUH XOWHULRDU D
imobilului, plus-YDORDUHD FkúWLJXO GH YDORDUH HYHQWXDO UHDOL]DW YD IL FDOFXODW FD GLIHUHQ vQWUH
YDORDUHD ILVFDO D EXQXOXL SUH XO GH FXPS UDUH PDMRUDW FX UHLQWHJUDUHD ILVFDO úL DPRUWLVPHQWHOH
contabilizate.
Regimul fiscal al credit-bail-ului imobiliar ne apare astfel avantajos deoarece el permite,
LQkQG FRQW GH GHGXFWLELOLWDWHD FKLULLORU SH GH R SDUWH GH DPRUWL]DUHD ILVFDO PDL UDSLG D
FRQVWUXF LLORU úL SH GH DOW SDUWH GH ³DPRUWL]DUHD´ WHUHQXULORU 5HLQWHJUDUHD ILVFDO QX GHWHUPLQ
GHFkWSLHUGHUHDXQHLS U LGLQDFHVWDYDQWDM LQkQGFRQWGHDFWXDOL]DUH
$QDOL]DHFRQRPLF DRSHUD LHLGHFUHGLW -bail

Punctul de vedere al creditorului
3UHVXSXQHP F FUHGLWRUXO HVWH XQ VWDELOLPHQW ILQDQFLDU FDUH vúL DFRUG FRQFXUVXO V X î mod
HJDODWkWVXEIRUPDXQXLvPSUXPXWFODVLFFkWúLVXEIRUPDFUHGLW -bail-ului.
Credit-bail-XOFRQVWLWXLHXQVXEVWLWXWSHUIHFWDOvPSUXPXWXOXLFODVLFFHHDFHVHPQLILF IDSWXO
F ULVFXOHFRQRPLF DQWUHQDW GH R RSHUD LH GH OHDVLQJ HVWH LGHQWLF FX ULVFXODQWUHQDW GH R RSHUD LH GH
vPSUXPXW FODVLF SHQWUX VWDELOLPHQWXO ILQDQFLDU $FHVWD GLQ XUP VROLFLW LQYHVWL LLORU VDOH R UDW GH
b
UHQWDELOLWDWH HFRQRPLF GXS GHGXFHUHD LPSR]LWXOXL QRWDW FX 5a HJDO FHO SX LQ FX FRVWXO
FDSLWDOXOXLV X
'DF GHVHPQ P SULQ &MPb – FRVWXO FDSLWDOXOXL VWDELOLPHQWXOXL ILQDQFLDU úL SULQ 5de costul
b
GDWRULHL SHQWUX ORFDWDU úL LQkQG FRQW GH FRWD GH LPSR]LWDUH D FUHGLWRUXOXL 7 ) , atunci costul
minimal al datoriei pentru locatar devine:

R ed = CMP b /(1 − T b )
Ca urmare a identLW LL SUHVXSXQH D ULVFXOXL HFRQRPLF vQWUH RSHUD LXQHD GH vPSUXPXW FODVLF
úL RSHUD LXQHD GH FUHGLW EDLO DFHVW FRVW UHSUH]LQW GH DVHPHQHD FRVWXO FUHGLW
- -bail-ului pentru
locatar.
Costul capitalului creditorului
&RVWXOFDSLWDOXOXLFUHGLWRUXOXLVHSRDWHH[SULPDFXDMXWRUXOUHOD LHLXUP WRDUH
 D  b CP D
CMP b = R ab 1 − Tb ⋅  = Rc + R db (1 − T b ) ⋅
 CP + D  CP + D CP + D
unde: ' úL &3 VXQW VXPHOH FDUH H[SULP GDWRULD ILQDQFLDU úL FDSLWDOXULOH SURSULL DOH FUHGLWRUXOXL
Rcb úL 5db VHPQLILF FRVWXO IRQGXULORU SURSULL úi costul datoriei pentru creditor; Tb H[SULP FRWD
(rata) de impozitare a creditorului.
(YDOXDUHDUHQWDELOLW LLRSHUD LXQLLGHFUHGLW -bail pentru creditor

9RP HYDOXD FDUH HVWH vQ SUH]HQW UHQWDELOLWDWHD RSHUD LXQLL GH FUHGLW
-bail pentru creditor
recurgânG OD 9$1 5DWD GH DFWXDOL]DUH HVWH FRVWXO FDSLWDOXOXL SH FDUH WRFPDL QRL GRULP V -l
GHWHUPLQ P
)OX[XULOHGHOLFKLGLW LvQFDVDWHGHF WUHFUHGLWRUVXQWFRQVWLWXLWHGH
• SHGHRSDUWHGHFKLULLOHGXS GHGXFHUHDLPSR]LWXOXLDGLF L t (1 − T b ) ;
• SH GH DOW SDUWH GH HFRQRPLLOH GH LPSR]LW SURFXUDWH JHQHUDWH FD XUPDUH D
b
GHGXFWLELOLW LL DPRUWLVPHQWHORU SUDFWLFDWH DVXSUD EXQXOXL vQFKLULDW DGLF 7 DAt pentru
perioada t.
3UHVXSXQkQG F YDORDUHD UH]LGXDO D EXQXOXL HVWH QXO úL F VXPD LQYHVWL LHL H ste I, atunci
9$1HVWHXUP WRDUHD
[
VAN = ∑ n L t (1 − T b ) + T b DA t /(1 + CMP b ) t − I ]
t =1
Punctul de vedere a locatarului

3HQWUX ORFDWDU RSHUD LD GH FUHGLW EDLO FRUHVSXQGH VLPXOWDQ FX R GHFL]LH GH LQYHVWL LL úL R
-
GHFL]LH GH ILQDQ DUH 'DF FRQGL LLOH GH UHSDUDELOLWDWH VXQW VDWLVI FXWH FHOH GRX GHFL]LL SRW IL
VWXGLDWH VHSDUDW 'HFL]LD GH LQYHVWL LL VH DQDOL]HD] vQWU XQ PRG WUDGL LRQDO LQYHVWL LD HVWH-
DFFHSWDELO GDF 9$1HVWHSR]LWLY(YDOXDUHDUHQWDELOLW LLVHIDFHvQPRGLQGHSHQGHQWGHPRGXOGH
ILQDQ DUHDGRSWDW
5 PkQHDWXQFLV VWXGLHPGHFL]LDGHILQDQ DUHUHVSHFWLYV FRPSDU PUHFXUJHUHDODFUHGLW -

EDLO FX UHFXUJHUHD OD vPSUXPXW 6HSDUDELOLWDWHD SUHVXSXQH IDSWXO F FUHGLW -bail-XO DUH DFHHDúL
LQFLGHQ FD úL vPSUXPXWXO DVXSUD FDSDFLW LL GH vQGDWRUDUH vQWUHSULQGHUHD FDUH FRQWUDFWHD] XQ
credit-EDLO UHQXQ OD XQ vPSUXPXW GH YDORDUH HFKLYDOHQW /D R VWUXFWXU ILQDQFLDU HJDO
procentajul de îndatorare la care se va recurge pentru a-úL ILQDQ D SURLHFWHOH VDOH GH LQYHVWL LL YD IL
PDLUHGXV'HFL]LDQXDUHLQFLGHQ DVXSUDFRVWXOXLFDSLWDOXOXLVRFLHW LL
9RP H[DPLQD GHFL SULQ FRPSDUD LH FX vPSUXPXWXO FDUH YD IL LQFLGHQ D FUHGLW -bail-ului
DVXSUDIOX[XULORUGHOLFKLGLW L
Credit-bail-XODQWUHQHD] JHQHUHD] FRQVHFLQ HOHXUP WRDUH
• vQWUHSULQGHUHDQXSRDWHGHEXUVDVXPDLQYHVWL LHL,VLWXD LDHVWHHFKLYDOHQW FXFHDvQFDUHHDDU
fi avut-RGDF SHGHRSDUWHDUILSULPLWXQvPSUXPXWvQVXP GH0 ,úLSHGHDOW SDUWHúLD -r fi

SO WLWLQYHVWL LD
• HDSO WHúWHRFKLULH/tvQILHFDUHSHULRDG GXS GHGXFHUHDLPSR]LWXOXLDVXSUDUH] ultatului, chiria

e e
devine Lt (1 – T ), T fiind cota sa de impozitare;
• HDUHQXQ ODHFRQRPLLOHGHLPSR]LWDIHUHQWHDPRUWLVPHQWHORUSHFDUHOH DUILSXWXWSUDFWLFDGDF -
e
HDDUILIRVWSURSULHWDU GHFLOD7 DAt;
• HD UHQXQ GH DVHPHQHD OD HFRQRPLLOH GH LPS ozit aferente cheltuielilor financiare FFt pe care
e
le-DUILUHDOL]DWGDF V DUILILQDQ DWSHVHDPDXQXLvPSUXPXWFODVLFGHFLOD7
- FFt.
6HGHWHUPLQ 9$1DILQDQ ULL GLPLQXkQGVXPD0SULPLW FXVXPDDFWXDOL]DW DIOX[XULORU
GH OLFKLGLW L SH FDUH OH DQWUHQHD] 5DWD GH DFWXDOL]DUH FDUH VH DSOLF HVWH vQ IXQF LH GH QLYHOXO GH
ULVFFDUHFDUDFWHUL]HD] IOX[XULOHÌQFD]XOOHDVLQJ -ului nivelul de risc fiind presupus identic cu cel al

vPSUXPXWXOXL FODVLF WUHEXLH SULQ XUPDUH V VH XWLOL]H]H FRVWXO GDWRULHL H chivalente Rde înainte de
deducerea impozitului. VAN a credit-bail-XOXLVHFDOFXOHD] DWXQFLvQPDQLHUDXUP WRDUH
VAN credit - bail = M - ∑

n
[L (1 − T ) + T DA + T FF ]
t
e e
t
e
t
t =1 (1 + R ed ) t
úLVHSRDWHGHPRQVWUDvQWU XQPRGHFKLYDOHQWF
-

n
[L (1 − T ) + T DA ]
t
e e
t
t =1 [1 + (1 − T )R ]e e t
d
În cazul în care Te = Tb, VAN a credit-bail-XOXL SHQWUX ORFDWDU HVWH DVWIHO HJDO FX 9$1 D
RSHUD LHLGHFUHGLW-EDLOLQYHVWL LHSHQWUXFUHGLWRU

METODE UZUALE DE DETERMINARE A COSTULUI CREDIT-BAIL-ULUI
&HOH GRX PHWRGH FDUH VXQW úL FHOH PDL X]XDOH GH GHWHUPLQDUH D FRVWXOXL FUHGLW-bail-ului
cRUHVSXQG FHORU GRX PHWRGH GH GHWHUPLQDUH D UHQWDELOLW LL XQHL LQYHVWL LL 9$1 úL UDWD LQWHUQ GH
rentabilitate.
(1) 0HWRGD9$1DILQDQ ULLVDXPHWRGDUDWHLvPSUXPXWXOXLGHED]
• UHJXODGHED]
Evaluarea VAN a credit-bail-XOXLVHIDFHSRUQLQGGHODUHOD LD pe care tocmai am expus-o în

prealabil:

n
[L (1 − T ) + T DA ]
t
e e
t
t =1 [1 + (1 − T )R ]
e e t
d
$FHDVW PHWRG HVWH GH DVHPHQHD GHQXPLW ³PHWRGD UDWHL vPSUXPXWXOXL GH UHIHULQ ´
GHRDUHFHVHXWLOL]HD] FDRUDW GHDFWXDOL]DUHUDWDDFWXDULDO UHSUH]HQWkQGFRVWXOvPSUXPXWXOXL
alternativ pe care întreprinderea l-DU IL SXWXW XWLOL]D SHQWUX D VH ILQDQ D (D SRDWH IL DGRSWDW
SHQWUX D LQH FRQW GH GHFDODMHOH FDUH LQWHUYLQ vQWUH DQXPLWH IOX[XUL GH H[HPSOX FKLULLOH úL
economiile de impozit care le corespund.

Utilizarea acestui criteriu esWHLPHGLDW GDF 9$1HVWHSR]LWLY DWXQFLFUHGLW -bail-ul este de
preferat împrumutului clasic.
(2) Metoda ratei actuariale

0HWRGD UDWHL DFWXDULDOH HVWH HFKLYDOHQW FX PHWRGD FULWHULXOXL UDWHL LQWHUQH GH UHQWDELOLWDWH
DSOLFDWHFRVWXOXLILQDQ ULL5HODWLYOD credit-EDLOUDWDDFWXDULDO VHGHWHUPLQ SULQF XWDUHDUDWHL
5DVWIHOvQFkWV VHUHVSHFWHHJDOLWDWHDXUP WRDUH

n
[L (1 − T ) + T DA ] = 0
t
e e
t
t
t =1 (1 + R )
5DWD5DVWIHORE LQXW LQHFRQWGHLQFLGHQ HOHILVFDOH
4.2.4. Costul capitalului

Conceptul de cost al capitalului MRDF XQ URO LPSRUWDQW vQ JHVWLXQHD ILQDQFLDU DWkW OD
DOHJHUHDGHFL]LHLGHLQYHVWL LLFkWúLODOXDUHDGHFL]LHLGHILQDQ DUH
$FHVWFRVWDOFDSLWDOXOXLXWLOL]DWFDRUDW GHDFWXDULDOHGHSLQGHGHXQQXP UPDUHGHSDUDPHWUL
rata dobânzii datoriilor, poOLWLFDGHGLYLGHQGHVWUXFWXUDILQDQFLDU DVRFLHW LLULVFSLD DILQDQFLDU
&DOFXOXOFRVWXOXLFDSLWDOXOXLWUHEXLHV VHIDF DGRSWkQGRRSWLF SHWHUPHQOXQJúLFDOFXOkQG
FRVWXOPHGLXSRQGHUDWSHQWUXWRDWHVXUVHOHGHILQDQ DUH
Se va avea în vedere:
• FRVWXOvQGDWRU ULL
• costul capitalurilor proprii;
• costul mediu ponderat al capitalurilor;
• costul marginal al capitalului;
• FRVWXOPDUJLQDODOFDSLWDOXOXLúLDOHJHUHDGHFL]LHLGHLQYHVWL LH
&RVWXOvQGDWRU ULL
Datoriile sunt reprezentate de:

• împrumuWXULODE QFLúLRUJDQLVPHILQDQFLDUHVSHFLDOL]DWH
• REOLJD LXQLHPLVHSHSLD DILQDQFLDU
Costul datoriei poate fi determinat atât înainte de plata impozitului pe profit (având în
YHGHUH IDSWXO F vQ 5RPkQLD SHQWUX vQFXUDMDUHD XQRU DFWLYLW L HFRQRPLFH VRFLHW L FRPHUFLDOH úL D
LQYHVWL LLORUVWU LQHV -a operat cu scutiri de la plata acestui impozit pe perioada de la 6 luni la 5 ani în
IXQF LH GH VSHFLILFXO DFWLYLW LL FkW úL GXS SODWD LPSR]LWXOXL SH SURILW FD]XO DJHQ LORU HFRQRPLFL
care nu pot beneficiDGHVFXWLULVDXGHS úHVFSHULRDGDGHVFXWLUHDFRUGDW

1) Costul datoriei înainte de impozitare
&RVWXO H[SOLFLW DO vPSUXPXWXOXL HVWH FDOFXODW SRUQLQG GH OD YDORDUHD DFWXDO 'DF
vQWUHSULQGHUHD D FRQWUDFWDW R GDWRULH SH FDUH R QRW P FX ( FDUH DQWUHQHD] UDPEXUV UL DQXDOH
(dobânzi + anuitate de rambursat) egale cu E1, E2 … En, costul explicit al datoriei CD va fi

GHWHUPLQDWFXDMXWRUXOUHOD LH
E1 E2 En
+ + ... +
1 + CD (1 + C D ) 2
(1 + CD ) N
Calculul lui CD VH HIHFWXHD] FD XQ FDOFXO DO XQHL UDWH LQWHUQH GH UDQGDPHQW SRUQLQG GH la
tabele de actualizare.
2) &RVWXOGDWRULHLGXS LPSR]LWDUH
5DWD GREkQ]LL GXS LPSR]LWDUH HVWH HJDO FX &' ⋅ (1 - τ) unde τ este cota impozitului pe
profit.
,PSR]LWXO SH SURILW GLPLQXHD] vQWU-un mod sensibil costul datoriei pentru întreprinderi, de
vreme ce cheltuielile financiare sunt în general deductibile (sistemul actual de impozitare a

SURILWXOXL vQ DUD QRDVWU PHQ LRQHD] IDSWXO F VXPD PD[LP D FKHOWXLHOLORU FX GREkQ]LOH FDUH
SRDWH IL GHGXV GH F WUH FRQWULEXDELOL HVWH R VXP HJDO FX VXPD YHQLWXU ilor din dobânzi plus
20% din alte venituri ale acestora).
ÌQVLWXD LDvQFDUHvQWUHSULQGHUHDHVWHGHILFLWDU FRVWXOGDWRULHLU PkQHODQLYHOXOV XGLQDLQWH
GHLPSR]LWDUHGHYUHPHFHHDQXSRDWHGHGXFHFKHOWXLHOLOHVDOHILQDQFLDUHVDXP FDURSDUWHGLQ
elHGLQEHQHILFLXOV XEUXW
4.2.4.2. Costul capitalurilor proprii

&RVWXOFDSLWDOXULORUHVWHHJDOFXUDWDGHUDQGDPHQWDúWHSWDW GHDF LRQDUL
5DWDGHUDQGDPHQWDúWHSWDW GHF WUHDF LRQDULFRUHVSXQGHUDWHLUDQGDPHQWXOXLPLQLPDOFDUH
LQFLW DF LRQDUXO SRWHQ LDO V FXPSHUH R DF LXQH úL GHWHUPLQ DF LRQDUXO DFWXDO V FRQVHUYH WLWOXO GH
valoare.
1) Costul capitalurilor proprii într-RVWUXFWXU GHFDSLWDOXULGDWH
&RPHQVXUDUHD FRVWXOXL FDSLWDOXULORU SURSULL HVWH SRVLELO FX DMXWRUXO PHWRGHL FH DSHOHD] OD
dividende.
2 DF LXQH QHDYkQG R GDW VFDGHQW VSUH GHRVHELUH GH R REOLJD LXQH VH SRDWH FRQVLGHUD F
YDORDUHD DFWXDO D XQHL DF LXQL VDX SUH XO XQHL DF LXQL 3$ HVWH HJDO FX VXPD DFWXDOL]DW D
dividendelor viitoare:
D1 D2 D
PA = + + ... + ,
(1 + CA ) (1 + CA ) 2 (1 + CA )
unde: PA -SUH XODF LXQLL³$´

Dt - dividende la momentul t = 1, 2…;
CA -FRVWXODF LXQLORUVDXUDWDGHUDQGDPHQWDúWHSWDW GHDF LRQDUL
'DF VHSUHVXSXQHF GLYLGHQGH LQL LDO'1FUHúWHvQ PRG UHJXODW FXR UDW GH FUHúWHUHQRWDW
FXJVHSRDWHDMXQJHODXUP WRDUHDUHOD LH
D1 D1(1+ g ) D (1 + g)
P= + + ... + 1
(1 + CA ) (1 + C A ) 2 (1 + CA )
D1
$FHDVW H[SUHVLH HVWH VXPD XQHL SURJUHVLL JHRPHWULFH GH SULP WHUPHQ úL
1 + CA
1+ g
UD LD , care se mai poate scrie:
1 + CA
(1 + g )
1−
D1 (1 + CA )
PA = ⋅
1 + CA 1 − 1 + g
1 + CA
6HSUHVXSXQHF &A= g. Atunci când 1WLQGHVSUHLQILQLWHFXD LDGHYLQH
D1 1 D1
PA = ⋅ =
1 + C A 1 − (1 + g ) /(1 + C A ) CA − g
D1
LDUFRVWXODF LXQLORU&A ) va fi: CA = +g.
PA
2) &RVWXOQRLORUDF LXQL
(PLVLXQHDGHQRLDF LXQLDQWUHQHD] SHQWUXvQWUHSULQGHUHFKHOWXLHOLGHHPLVLXQHGHWLWOXULQRL
• cheltuieli legate de titluri noi;

• cheltuieli de publicitate;
• FRPLVLRDQHDOHE QFLL
$FHVWH FKHOWXLHOL VXQW DGHVHD vQ IXQF LH GH LPSRUWDQ D HPLVLXQLL úL UHSUH]LQW DSURDSH
suma emisiunii.
3HQWUX FD YHFKLL DF LRQDUL V QX ILH SHQDOL]D L SULQ HPLVLXQHD GH QRL DF LX ni (diluare a
EHQHILFLLORU YD WUHEXL FD QRLOH LQYHVWL LL DOH vQWUHSULQGHULL V JHQHUH]H R UDW GH UDQGDPHQW GH
DVHPHQHD ULGLFDW SHQWUX D SHUPLWH Y UVDUHD GH GLYLGHQGH D F URU YDORDUH DFWXDO V ILH HJDO FX
SUH XOQHWSHFDUHvQWUHSULQGHUHDvOSULPHúWHSHQWUXQRLOHVDOHDF LXQL
Desemnând prin: PN –SUH QHWvQFDVDWGHILUP SHQWUXRDF LXQHQRX

CN –FRVWDODF LXQLORUQRL
Dt -GLYLGHQGHODPRPHQWXOWW«VHYDRE LQH
3UH XOQHWSHRDF LXQHQRX vQFDVDWGHvQWUHSULQGHUHHVWH
PN – P(1 – e),
unde: e – cheltuielile de emisiune, exprimate în procentaj din totalul sumei emisiunii.
$YkQGvQYHGHUHvQSUHDODELOLSRWH]DGHFUHúWHUHDGLYLGHQGHORUFXRUDW GHFUHúWHUHQRWDW
cu g, se poate scrie:
D1
P(1 − e) =
CN − g
D1
de undHVHRE LQHFRVWXOQRLORUDF LXQL C N = +g.
P(1 − e)
3) Costul rezervelor
Rezervele sau beneficiile nerepartizate, au un cost (CR) un cost de oportunitate sau un cost
implicit.
$FHVWFRVWSRDWHILFRQVLGHUDWFDILLQGHJDOFXUDWDGHUDQGDPHQWDúWHSWDWGHDF LRQDULSHQWUX
DF LXQLOHORU
D
CR = = +g
P
$QXPL L DXWRUL FRQVLGHU FRVWXO UH]HUYHORU FD ILLQG XQ FRVW GH RSRUWXQLWDWH HJDO FX UDWD
UDQGDPHQWXOXLSHFDUHvQWUHSULQGHUHDvOYDSXWHDRE LQHSODVkQGIRQGXULOHVDOHvQH[WHULRU
4) &RVWXODF L unilor privilegiate

$WXQFL FkQG R vQWUHSULQGHUH HPLWH DF LXQL SULYLOHJLDWH úL FkQG HD SULPHúWH 3N pentru fiecare
QRX DF LXQHFRVWXODFHVWRUDF LXQLSULYLOHJLDWH&P ) este egal cu:
DP
CP =
PN
unde: PN –SUH XOQHWvQFDVDWGHvQWUHSULQGHUHSHQWUXRDF LXQHSULYLOHJLDW
DP –GLYLGHQGHY UVDWHDF LXQLORUSULYLOHJLDWH

4.2.4.3. Costul mediu ponderat al capitalului
&DOFXOXO FRVWXOXL PHGLX SRQGHUDW DO FDSLWDOXOXL VDX FRVWXO FDSLWDOXOXL vQWUHSULQGHULL QHFHVLW
anumite etape preliminare:

• calculXOFRVWXOXLFDSLWDOXOXLILHF UXLDGLQWUHVXUVHOHGHILQDQ DUHXWLOL]DWH
• FDOFXOXOSRQGHULLILHF UHLDGLQWUHVXUVHOHGHILQDQ DUHSHQWUXLQYHVWL LLOHYLLWRDUH
• calculul costului mediu ponderat.
Costul global al capitalului sau costul mediu ponderat al capitDOXOXL VH RE LQH I FkQG VXPD
SURGXVHORU FRVWXOXL ILHF UXLD GLQ VXUVHOH GH ILQDQ DUH úL SRQGHUHD SH FDUH HO vO SUH]LQW vQ WRWDO
resurse.
4.2.4.4. Teoria costului capitalului dependent de îndatorare
$FHDVW WHRULHVWLSXOHD] F FRVWXOXQLWDUDOFDSLWDOXOXLFDúLSUH XODF LXQLORUVXQWDIHFWDWHGH
FUHúWHUHDvQGDWRU ULLvQWUHSULQGHULL
&XPFRVWXOGDWRULHLHVWHvQJHQHUDOLQIHULRUFRVWXOXLFDSLWDOXULORUSURSULLRFUHúWHUHDGDWRULHL
DUHXQLPSDFWIDYRUDELODVXSUDUHQWDELOLW LLvQWUHSULQGHULL
Ipotezele de ED] VXQWXUP WRDUHOH
a) 6WUXFWXUDFDSLWDOXOXLvQWUHSULQGHULLFXSULQGHQXPDLDF LXQLúLREOLJD LXQL
b) 3LH HOHGHFDSLWDOXULVXQWSUHVXSXVHSHUIHFWHDGLF
• QXH[LVW FRVWXOXLDOHWUDQ]DF LLORU
• LQIRUPD LDHVWHGLVSRQLELO SHQWUXWR L
• comportamentul investitoULORUHVWHUD LRQDO

c) $QWLFLSD LLOHEHQHILFLLORUI FXWHGHLQYHVWLWRULVXQWLGHQWLFH
d) %HQHILFLLOHvQWUHSULQGHULORUQXVXQWVXSXVHLPSR]LW ULL
e) &RVWXODF LXQLORUU PkQHFRQVWDQWFkQGvQGDWRUDUHDFUHúWH
f) &RVWXOGDWRULHLU PkQHFRQVWDQWFkQGvQGDWRUDUHDFUHúWH .
3RUQLQG GH OD DFHVWH LSRWH]H SDUWL]DQLL DFHVWHL WHRULL FRQVLGHU F XWLOL]DUHD XQHL vQGDWRU UL
PDLLPSRUWDQWHQXVFKLPE FRVWXOFDSLWDOXULORUSURSULL
$FHDVW vQGDWRUDUH DU SHUPLWH GLPLQXDUHD FRVWXOXL FDSLWDOXOXL vQWUHSULQGHULL *UDILFXO
XUP WRULOXVWUHD] DFHDVW WHRULH
Costul
capitalului
9 CA
6 CM
CD
0,10 0,30 0,70 0,90 1,00 Rata de îndatorare

Datorii/Pasiv
&RVWXODF LXQLORUU PkQHGHDVHPHQHDFRQVWDQW
&RVWXO PHGLX SRQGHUDW DO FDSLWDOXOXL &0 VH GLPLQXHD] FRQVWDQW SH P VXU FH UDWD GH
vQGDWRUDUHFUHúWHGHYUHPHFHGDWRULLOHDXXQFRVWPDLVF ]XWGHFkWDF LXQLOH
&RQIRUPDFHVWHLWHRULLYDORDUHDDF LXQLORUDUFUHúWHvQDFHODúLWLPSFXvQGDWRUDUHDGHYUHPH
FHFRVWXOPHGLXSRQGHUDWDOFDSLWDOXOXLVHGLPLQXHD] vQPRGUHJXODW
7HRULDLQGHSHQGHQ HLFRVWXOXLFDSLWDOXOXLGHvQGDWRUDUH
$FHDVW WHRULHHVWHRSXV WHRULHLSUHFHGHQWHúLHVWHvQDFHODúLWLPSED]DW SHDFHOHDúLLSRWH]H
SULYLWRDUHODSLD DFDSLWDOXULORUFRVWXOGDWRULHLúLODILVFDOLWDWH
&RQIRUP DFHVWHL WHRULL H[SXV GH 0+ 0LOOHU úL ) 0RGLJOLDQL vQ FRVWXO PHGLX
ponderat al capitalului nu estHLQIOXHQ DWGHvQGDWRUDUHDvQWUHSULQGHULL

$SDUDLFLFRQGL LLFHUXWHGHH[SXQHUHDWHRULHL
a) ÌQWUHSULQGHULOHFRWDWHSHSLD VXQWvPS U LWHSHFODVHGHULVFILHF UHLFODVHGHULVFvLHVWHDVRFLDW
RUDW GHFDSLWDOL]DUHSDUWLFXODU &r );

b) Valoarea bursieU
0+0LOOHUúL)0RGLJOLDQLFRQVLGHU F vQWUHSULQGHULFDUHvQUHJLVWUHD] DFHODúLEHQHILFLX
EUXWúLFDUHDXDFHODúLJUDGGHULVFWUHEXLHV DLE DFHHDúLYDORDUHGHSLD YDORDUHEXUVLHU RULFDUH
DUILVWUXFWXUDGHILQDQ DUH
9DORDUHDEXUVLHU DXQHLvQWUHSULQGHULVHRE LQHFDSLWDOL]kQGEHQHILFLXOEUXWDúWHSWDWODRUDW
de capitalizare (CrFRUHVSXQ] WRDUHJUDGXOXLGHULVF(DHVWHLQGHSHQGHQW GHVWUXFWXUDILQDQFLDU D
întreprinderii.
Cost
(%) CA
CM
CD
5DW GHvQGDWRUDUH
ÌQDFHDVW WHRULHSUH XODF LXQLORUU PkQHFRQVWDQWDWXQFLFkQGQLYHOXOvQGDWRU ULLFUHúWH
Aprecierea teoriei
3HQWUX vQWUHSULQGHUL DFHDVW WHRULH DU DYHD GUHSW FRQVHFLQ IDSWXO F QX H[LVW VWUXFWXUD
ILQDQFLDU RSWLPDO GHRDUHFHFRVWXOPHGLXSRQGHUDWDOFDSLWDOXOXLU PkQHFRQVWDQW
Aceast WHRULH D I FXW RELHFWXO D QXPHURDVH FULWLFL PDL DOHV SHQWUX DQXPLWH LSRWH]H DOH VDOH
QHUHDOLVWHQHOXDUHDvQFRQVLGHUD LHDLPSR]LWXOXLSHSURILWHWF
'H DVHPHQHD DFHDVW WHRULH HVWH GLILFLO GH WHVWDW GH YUHPH FH HD FRQVLGHU YHQLWXULOH
anticipate.
4.2.4.6. Costul de oportunitate al resurselor
1. '(),1, ,(ù,,1752'8&(5(Ì1&21&(37
1) 'HILQL LH
Pasivul întreprinderii este la un moment dat constituit din ansamblul resurselor contractate
de întreprindere. Aceste resurse financiare sunt caracterizate prin cosWXO ORU H[SOLFLW DGLF FRVWXO OD
care societatea le-DRE LQXWúLSULQFRVWXOORUGHRSRUWXQLWDWH
&RVWXOGHRSRUWXQLWDWHDXQHLVXUVHGHIRQGXULGHMDRE LQXWHHVWHODXQPRPHQWGDWFRVWXOOD
FDUH vQWUHSULQGHUHD DU IL SXWXW RE LQH R UHVXUV LGHQWLF FX DFHDVWD (O UHSUH]LQW GHFL
UHVSRQVDELOLWDWHDSHFDUHRFHUGH LQ WRULLGHIRQGXULGDF vQWUHSULQGHUHDDUUHFXUJHODHOHSHQWUXD úL -

reînnoi sursele sale.
2) Introducere în concept
&RVWXOGHRSRUWXQLWDWHSUH]LQW SHQWUXvQWUHSULQGHUHRLPSRUWDQ FRQVLGHUDELO vQP VXUDvQ
FDUHHOUHSUH]LQW FRVWXOODFDUHvQWUHSULQGHUHDúL DUILSXWXWFUHúWHPDUJLQDOYROXPXOPLMORDFHORUVDOH

-
GHILQDQ DUH
6H PHUJH SkQ DFROR vQFkW VH VXV LQH F FRVWXO GH RSRUWXQLWDWH HVWH HVHQ LDO vQ FD]XO XQHL
vQWUHSULQGHUL DOH F UHL WLWOXUL VXQW FRWDWH OD EXUV GHRDUHFH DFHVW FRVW HVWH GHWHUPLQDW GH
FRPSRUWDPHQWXODFHVWRUWLWOXULDF LXQLúLREOLJD LXQLSHSLH HOHVHFXQGDUH
7RWXúL FRQFHSWXO GH FRVW GH RSRUWXQLWDWH QX VH OLPLWHD] QXPDL OD vQWUHSULQGHULOH FDUH IDF
DSHOODSLD DILQDQFLDU HOVHDSOLF PDLPXOWVDXPDLSX LQGLUHFWODRULFHvQWUHSULQGHUHSHQWUXFDUH
HO UHSUH]LQW FRVWXO PDUJLQDO DO XQHL XQLW L PRQHWDUH GH UHVXUVH VXSOLPHQWDUH LGHQWLFH FX UHVXUVHOH
actuale.
2. MECANISMUL COSTULUI DE OPORTUNITATE
1) 5HYL]XLUHDVLVWHPDWLF a modului de evaluare a pasivului exigibil

3LD D ILQDQFLDU PRGLILF vQ PRG FRQVWDQW YDORDUHD SH FDUH R DWULEXLH REOLJD LXQLORU
întreprinderii.
&RQVLGHU PFXWLWOXGHH[HPSOXRvQWUHSULQGHUHFDUHHPLWHREOLJD LXQLGHUDPEXUVDELOH
în 10 ani prin uniW L FRQWDQWH OD R HSRF vQ FDUH SLD D VROLFLW FHUH R GREkQG GH DIHUHQW
SODVDPHQWHORU VDOH REOLJDWDUH 6FDGHQ DUXO IOX[XOXL OHJDW GH R REOLJD LXQH VH VWDELOHúWH GXS FXP
XUPHD]
Anii 0 1 2 3 4 5 6 7 8 9 10
+ + 100 -16,27 -16,27 -16,27 -16,27 -16,27 -16,27 -16,27 -16,27 -16,27 -16,27
/D VIkUúLWXO SULPXOXL DQ SLD D ILQDQFLDU QX PDL VROLFLW SHQWUX DFHODúL ULVF GHFkW R UDW D
dobânzii de 8% pe an.
'LQ FDX]D DFHVWHL VF GHUL D UDWHL GREkQ]LL VH UHHYDOXHD] PRG DXWRPDW DFWLYXO ILQDQFLDU OD
10YDORDUHDFWXDOL]DW ODDSULPL LDQXDOWLPSGHDQL
8UPHD] IDSWXO F SH GH R SDUWH GH LQ WRUXO UHYLQGH WLWOXO V X vQ SULPXO DQ YD vQFDVD vQ
-
DFHVWPRPHQWXQSUH GHUHYkQ]DUHFUHVFXW –P ULW–FXGREkQG DQXDO
16,27 + 101,64 = 117,91

úL YD DYHD GHFL R UHQWDELOLWDWH DQXDO GHJDMDW GH SODVDPHQWXO V X GH LDU SH GH DOW SDUWH
LQYHVWLWRUXO FRPSHQVkQG REOLJD LXQHD OD vQ SULPXO DQ YD vQFDVD SH DQ WLPS GH DQL
SODVDPHQWXOV XGHJDMkQGGHFkWRUHQWDELOLWDWHDQXDO GH
3HU WRWDO UHQWDELOLWDWHD DFWXDULDO RE LQXW GH GH LQ WRUXO FDUH D FXPS UDW WLWOXO FKLDU vQ
PRPHQWXO HPLVLXQLL OXL úL S VWUkQGX O SkQ OD VFDGHQ

- HVWH GH (D VH GHVFRPSXQH vQ GRX
UHQWDELOLW LGHRSRUWXQLW LFDUHDMXQJSkQ OD
• 17,91% în primul an;

• vQXUP WRULLDQL
,QYHUVFRVWXOH[SOLFLWDOvPSUXPXWXOXLU PkQHSHQWUXvQWUHSULQGHUHHJDOFXGH -a lungul
GXUDWHLVDOHGDUVHGHVFRPSXQHvQGRX FRVWXULGHRSRUWXQLWDWHGLVWLQFWH
• vQ SULPXO DQ vQ DO L WHUPHQL GDF ILUPD DU WUHEXL V -úL U VFXPSHUH
WLWOXULOH VDOH OD EXUV HD DU WUHEXL V SO WHDVF úL QX SHQWUX ILHFDUH
titlu;
• WLPS GH DQL XUP WRULL vQ DO L WHUPHQL vQWUHSULQGHUHD DU IL SXWXW OD ILQHOH
SULPXOXLDQV VHUHvQGDWRUH]HODWLPSGHDQL
În defLQLWLY ILQDO vQWUHSULQGHUHD QX YD Y UVDHIHFWLY GH D OXQJXO GXUDWHLvPSUXPXWXOXL V X

-
GHFkWUDWDGREkQ]LLGHSUHY ]XW LQL LDO7RWXúLDFHVWFRVWH[SOLFLWVHYDGHVFRPSXQHvQGLIHULWH
FRVWXUL GH RSRUWXQLWDWH GXS HYROX LD UDWHL GREkQ]LL SH SLD D ILQDQFLDU DFHDVWD GLQ XUP
modificându-úLvPRGFRQVWDQWSURSULDVDHVWLPDUHFXSULYLUHODYDORDUHDREOLJD LXQLL
2) Principiul de anticipare a rezultatelor: costul de oportunitate al capitalurilor proprii

'DF PRGLILF ULOH GH HYDOXDUH D SLH HL ILQDQFLDUH VH supun, pentru capitaluri proprii, la
PHFDQLVPHVWULFWLGHQWLFHFHORUFDUHDIHFWHD] SDVLYXOH[LJLELOHOHFDS W RVHPQLILFD LHPDLODUJ vQ
P VXUDvQFDUH SLD DUHFRQVLGHU úLDQWLFLSHD] vQSHUPDQHQ UH]XOWDWHOHvQWUHSULQGHULL&XPDFHVWH
IOXFWXD LL VX
nt foarte importante, determinarea costului de oportunitate aferent capitalurilor proprii,
pune întreprinderii probleme considerabile din punct de vedere financiar.
$FHVW FRVW HVWH IXQF LH GH FXUVXO DF LXQLL SH SLD D VHFXQGDU HO UHSUH]LQW FRVWXO XQXL QRu
DSHODODF LRQDULORU'HDLFLUH]XOW LPSRUWDQ DIXQGDPHQWDO DFXUVXOXLEXUVLHUvQSROLWLFDILQDQFLDU
DvQWUHSULQGHULLGHWHUPLQkQGFRVWXOGHRSRUWXQLWDWHDOXQXLDSHODODF LRQDULORUHOGHILQHúWHUHVXUVHOH
SRWHQ LDOHDOHvQWUHSULQGHULLvQPDWHULHGH
capitaluri proprii.
De asemenea, determinarea costului de oportunitate al capitalurilor proprii presupune
DQDOL]D SDUDPHWULORU FDUH H[SOLF HYROX LD XQHL DF LXQL SH SLD D ILQDQFLDU DGLF IRUPDUHD FXUVXOXL
bursier.
3. DETERMINAREA COSTULUI DE OPORTUNITATE A CAPITALURILOR

PROPRII
1. Parametrii analizei cursului bursier
3R]L LDSUREOHPHL
$QDOL]DFXUVXOXLEXUVLHUDORULF UHLvQWUHSULQGHULVHORYHúWHGHXQGXEOXSDUDGR[
SH GH R SDUWHHYDOXDUHDFXUVXOXL EXUVLHU VH ED]HD] vQPRGHVHQ LDO SH SURLHFWDUHD parametrilor
HFRQRPLFL SURSULL DL XQHL vQWUHSULQGHUL DFWXDOL]D L OD UDWD GH UHQWDELOLWDWH FHUXW SH SLD D
ILQDQFLDU FXUVXO EXUVLHU UH]XOW GHFL FD XUPDUH D JHVWLXQLL VRFLHW LL úL D DWLWXGLQLL SLH HL
ILQDQFLDUHFDUHVDQF LRQHD] DFHDVW JHVWLXQH
pe de DOW SDUWH FKLDU SLD D ILQDQFLDU VROLFLW R UDW GH UHQWDELOLWDWH GLVWLQFW GH UHQWDELOLWDWHD
HFRQRPLF D vQWUHSULQGHULL HD DSOLF DFHDVW UDW OD SDUDPHWULL LQWHUQL DL vQWUHSULQGHULL FDUH
LPSXQHGLQDFHVWPRWLYDF LRQDUXOXLSURSULDVDUHQWDELOLWDWHRULFDUHDUILUHQWDELOLWDWHDFHUXW SH
SLD UHQWDELOLWDWHDDF LXQLLQXYDILvQPRGJOREDOGHFkWUHQWDELOLWDWHDGHJDMDW GHDFHDVWD
'LQFDX]DDFHVWXLGXEOXSDUDGR[GHFXUJSDUDPHWULLFDUHWUHEXLHV ILHOXD LvQFRQVLGHUDUHvQ
evaluarea cursului bursierDOXQHLVRFLHW L
1.2. Aspect teoretic

&XUVXO EXUVLHU GHSLQGH GH FRQMXQFWXUD D GRL IDFWRUL HVHQ LDOL UHQWDELOLWDWHD vQWUHSULQGHULL SH
GH R SDUWH úL VWDUHD SLH HL ILQDQFLDUH SH GH DOW SDUWH GHRDUHFH DF LXQHD YD SXWHD RULFkQG V ILH
VFKLPEDW VDXQHJRFLDW SHSLD (OHVWHIXQGDPHQWDOOHJDWGHSDUDPHWULLvQWUHSULQGHULLúLGHGDWHOH
SLH HL ILQDQFLDUH &XUVXO EXUVLHU UHSUH]LQW SH GH DOW SDUWH HVWLPDUHD SDUDPHWULORU vQWUHSULQGHULL
HYDOXD LSHSLD ODUDWDGHRSRUWXQLWDWHSHFDUHúL RDOHJHDF LRQDUXO LQkQGFRQWGHULVFXOODFDUHVH

-
expune.
9DORDUHDILQDQFLDU DvQWUHSULQGHULLHVWHGHFLvQDLQWHGHWRDWHRYDORDUHDQWLFLSDW
6SHUDQ DDF LRQDUXOXL
5HQWDELOLWDWHDSHFDUHDF LRQDUXORSULPHúWHFDXUPDUHDDMXQJHULLODVFDGHQ DWLWOXOXLV XGH
SURSULHWDWH QX SRDWH vQ SULQFLSLX V GLIHUH vQ PRG JOREDO GH UHQWDELOLWDWHD GHJDMDW GH DFWLYLWDWHD
întreprinderii.
7RWXúLDF LRQDUXODQWLFLSHD] HYROX LDSDUDPHWULORUILQDQFLDULDLvQWUHSULQGHULLúLvLHVWLPHD]
vQ IXQF LH GH XQ DQXPLW FRVW GH RSRUWXQLWDWH FXUVXO EXUVLHU UHIOHFW GLQ DFHVW PRWLY R VDQF LXQH
DWULEXLW vQDYDQVvQWUHSULQGHULLSHSLD DILQDQFLDU
9DORDUHDHVWLPDW VSHUDW GHDF LRQDUSUH]LQW RPDUHLPSRUWDQ SHQWUXVRFLHWDWHGHRDUHFH
VHJ VHúWHODRULJLQHDDMXVW ULLFXUVXULORU&RQVLGHU PRvQWUHSULQGHUHDF UHLYDORDUHILQDQFLDU HVWH
vQDQXOúLFDUHFDSLWDOL]HD] WRWDOLWDWHDEHQHILFLLORUVDOHUHLQYHVWLQGX -le la rata de 10% (rata sa

GHUHQWDELOLWDWHPHGLH(DVHGH]YROW GXS FXPXUPHD]
Anii 0 1 2 3 4
Beneficiu - 10 11 12,1 13,31
Capitaluri proprii 100 110 121 133,1 146,41
'DF DF LRQDUXO VRFLHW LL VSHU HIHFWLY OD R UDW GH UHQWDELOLWDWH GH YDORDUHD GH
HFKLOLEUX DGLF YDORDUHD ILQDQFLDU D vQWUHSULQGHULL vQ DQXO YD IL HJDO FX 'DF vQ VFKLPE
DF LRQDUXOQXDúWHDSW GHFkW RUHQWDELOLWDWHGHúLVHDSUHFLD] F RvQWUHSULQGHUHRE LQHEHQHILFLL
VXSHULRDUH FHORU VFRQWDWH HO YD UHDMXVWD FXUVXO DF LXQLL DFWXDOL]kQGX O OD úL QX OD
-
EHQHILFLLOH YLLWRDUH úL VH YD IL[D GHFL YDORDUHD EXUVLHU D VRFLHW LL OD vQ DQXO úL OD vQ
DQXO (O YD RE LQHHIHFWLY R UHQWDELOLWDWH GH FD úL R SOXV YDORDUH GH – DIHUHQW
YDORULLDF LXQLLVDOHGDF VHGHFLGHV UHYkQG DF LXQHDODILQHOHDQXOXL
,QYHUV GDF SLD DDúWHDSW RUHQWDELOLWDWHGHHOYD UHDMXVWDFXUVXODF LXQLL VXEIRUP GH
SLHUGHUHGHYDORDUHIL[kQGFXUVXOODvQDQXOúLvQDQXO6HREVHUY LPSRUWDQ DSHFDUH
R SUH]LQW SHQWUX vQWUHSULQGHUH UHQWDELOLWDWHD VSHUDW DúWHSWDW GH DF LRQDU GDF DFHVWD nu este
PXO XPLW YDORDUHD ILQDQFLDU D vQWUHSULQGHULL VH YD GHSUHFLD LQYHUV GDF HO VROLFLW R UHQWDELOLWDWH
LQIHULRDU UHQWDELOLW LLRIHULWHGHvQWUHSULQGHUHDFHDVW YDORDUHYDILUHDMXVWDW vQVHQVXOFUHúWHULL
6WXGLXO VSHUDQ HORU DF LRQDUXOXL SHUP ite, deci, degajarea parametrilor fundamentali care vor
VHUYLFDED] vQGHWHUPLQDUHDFXUVXOXLEXUVLHUDOVRFLHW LL$FHúWLSDUDPHWULSRWILDVWIHOGHILQL L
Parametrii interni Parametrii externi

ai întreprinderii ai întreprinderii
3URLHFWDUHDUHQWDELOLW LL 5DWDGREkQ]LLúLULVFXO
beneficii SHUFHSXWSHSLD
dividende
Tipologie a fluxurilor 5DWDGHUHQWDELOLWDWHFHUXW
GHIRQGXULOHJDW GH SHSLD DILQDQFLDU

GH LQHUHDXQHLDF LXQL
DFWXDOL]DW OD
CURS BURSIER
6WXGLHUHDUDWHLGHUHQWDELOLWDWHFHUXW GHSLD DILQDQFLDU
2.1. Principii ale modelelor de evaluare

(YDOXDUHD UDWHL GH UHQWDELOLWDWH FHUXWH GH SLD DGLF FRVWXO GH RSRUWXQLWDWH D FDSLWDOXULORU
SURSULL VH ORYHúWH GH R VHULH GH LQFHUWLWXGLQL (D QHFHVLW vQWUH DGHY U GHWHUPLQDUHD UDWHLFHUXWH úL R
-
vQ HOHJHUH D SUHYL]LXQLORU VWDELOLWH GH SLD FX SULYLUH OD SDUDPHWULL LQWHUQL DL vQWUHSULQGHULORU
EHQHILFLLúLGLYLGHQGH
'HDVHPHQHDPRGHOHOHGHDQDOL] DFXUVXOXLEXUVLHUDXIRVWHODERUDWHvQVFRSXOGHDvQ HOHJH
LSRWH]HOH LPSOLFLWH FH GHWHUPLQ IRUPDUHD FXUVXOXL (OH SUH]LQW interesul de a oferi întreprinderii
SRVLELOLWDWHD GHDFRPSDUDSURSULLOH VDOH SUHYL]LXQLFXDQWLFLSD LLOHSLH HLILQDQFLDUHUHVSHFWLYvQDO L
WHUPHQLGHDDQDOL]DSHUFHSHUHDvQWUHSULQGHULLGHSLD
0RGHOHOH GH HYDOXDUH D FXUVXOXL EXUVLHU UHOLHIHD] SH DFHDVW ED] YDORULOH SDUDPHWULORU
LQWHUQLDLvQWUHSULQGHULLvQHYROX LDFXUVXOXL'RX VXQWPRGHOHOHDYXWHvQYHGHUH
evaluarea prin dividende;

evaluarea prin beneficii.
2.1. A. Evaluarea prin dividende
Prezentarea modelului
Demersul teoretic
6H FRQVLGHU într-XQ SULP PRPHQW F LQWU ULOH GH IRQGXUL DúWHSWDWH GH DF LRQDUL VXQW
FRQVWLWXLWHGLQGLYLGHQGHúLGLQYDORDUHDGHUHYkQ]DUHDDF LXQLLODILQHOHSHULRDGHLGHGH LQHUH(VWH
DWXQFLSRVLELO FDOFXODUHDUHQWDELOLW LLDúWHSWDWHGHLQYHVWLWRU$VWIHODF LRQDUXOVRFLHW LL³$´FDUHD
FXPS UDW FX R DF LXQH GH OD FDUH DúWHDSW OD ILQHOH DQXOXL XQXL GLYLGHQG GH úL FDUH VSHU V -o
UHYkQG FXDúWHDSW GHODLQYHVWL LDVDRUHQWDELOLWDWH.HJDO FX
K = (4 + 106)/100 – 1 = 10%
úLVHSRDWHGHDVHPHQHDH[SULPDSULQHFXD LDXUP WRDUH
100 = 4/(1 + K) + 106/(1 = K)

vQ FDUH . UHSUH]LQW UDWD GH DFWXDOL]DUH FDUH HJDOHD] YDORDUHD LQL LDO GH FXPS UDUH GH DF LXQL FX
VXPD DFWXDOL]DW D IOX[XULORU GH IRQGXUL DúWHSWDWH (VWH XúRU JHQHUDOL]DUHD UD LRQDPHQWXOXL
SUHVXSXQkQGF DF LRQDUXODUHLQWHQ LDGHDFRQVHUYDWLWOXOV XXQDQ
'DF HOS VWUHD] WLWOXOGRLDQLúLGDF DúWHDSW vQDOGRLOHDDQXQGLYLGHQGGHúLvQSOXV
VSHU V UHYkQG WLWOXOODSUH XOGHUHQWDELOLWDWHDVSHUDW .VHGHGXFHGLQHFXD LD
100 = 4/(1 + K) = 4,40/(1 + K)2

XQGH.U PkQHHJDOFX
3UHVXSXQHP vQ SUH]HQW F LQYHVWLWRUXO DUH LQWHQ LD V FRQVHUYH WLWOXO V X WLPS GH DQL
(FXD LDGHYLQH
10
D P
P= ∑ (1 + Kn )n + (1 +10K)1 ,
n =1
unde: P0 -SUH XOGHFXPS UDUHvQDQXO
n - num UXOGHDQLFHFRQVWLWXLHGXUDWDLQYHVWL LHL
Dn -GLYLGHQGXODúWHSWDWvQDQXOQ
P10 -SUH XOGHFHVLXQHVSHUDWvQDQXO
Principii
0RGHOXO WHRUHWLF GH HYDOXDUH SULQ GLYLGHQGH SUHVXSXQH vQ SULPXO UkQG F YDORDUHD ILQDO
VDXSUH XOGHFHVLXQHDODF LXQLLHVWHUHVSLQV ODLQILQLW
9DORDUHD GH SLD D WLWOXOXL HVWH DWXQFL HJDO FX VXPD LQILQLW D GLYLGHQGHORU DFWXDOL]DWH OD
UDWDLQYHVWLWRUXOXLILQDQFLDU DWXQFL
∞
D
P0 = ∑ (1 + Ka )n ,
n =1
IRUPXO vQ FDUH . HVWH UDWD GH DFWXDOL]DUH DGDSWDWH SH SLD D VDX UDWD GH RSRUWXQLWDWH D LQYHVWL LHL
marginale.
6H SUHVXSXQH vQ DO GRLOHD UkQG F DF LRQDUXO VSHU R FUHúWHUH DQXDO J D GLYLGHQGHORU SH
FDUH XUPHD] V OH SULPHDVF UDWD J HVWH IXQF LH GH DSUHFLHUHD vQ SHUVSHFWLY YLLWRU D
întreprinderii úLGHSROLWLFDDGRSWDW GHDFHDVWDvQWUHFXW

Formula de evaluare devine atunci:
P0 = D0(1 + g) / (1 + K) + D0(1 + g)2 / (1 + K)2 + … + D0(1 + g)n / (1 + k)n
ceea ce revine la a scrie, atunci când “n” tinde spre infinit:
P0 = D0 / K – g sau K = D0 / P0 + g
Critica modelului]
6H SRDWH UHSURúD DFHVWXL PRGHO IDSWXO F VH SUHVXSXQH R FUHúWHUH DQXDO FRQVWDQW D
GLYLGHQGHORUY UVDWHDFHDVW LSRWH] QHSXWkQGV VHDSOLFHGHFkWODXQQXP UUHGXVGHvQWUHSULQGHUL
(O SUH]LQW vQ DFHODúL WLPS DYDQWDMXO GH D SURSXQH R PHWRG GH HYDOXDUH FDUH YD IL vQWRWGHDXQD
SRVLELO GH DGDSWDW XQHL PRGLILF UL D UDWHL GH FUHúWHUH D GLYLGHQGHORU DúWHSWDWH 'DF GH H[HPSOX
DF LRQDUXODúWHDSW vQFXUVXOSULPLORU³P´ DQL RFUHúWHUH³J´úLSULQXUPDUHR FUHúWHUH³J´D VXPHL
dLYLGHQGHORUY UVDWHIRUPXODSUHFHGHQW GHYLQH
m
D0 (1 + g ) n ∞
D0 (1 + g ) n − m
∑ n
+ ∑ n−m
n =1 (1 + K ) n = m +1 (1 + K )
2.1. B. Evaluarea prin beneficii
3RDWH S UHD SDUDGR[DO FRQFHSHUHD XQXL PRGHO GH HYDOXDUH SULQ EHQHILFLL vQ P VXUD vQ FDUH
acestea nu constituie pentru întreprindere fluxuri de trezorerie.

%HQHILFLXOSHDF LXQH%3$HVWHvQJHQHUDOFRQVLGHUDWFDXQXOGLQFULWHULLOHIXQGDPHQWDOHFH
VHUYHVF FD UHIHULQ DF LRQDUXOXL FH GRUHúWH HYDOXDUHD UHQWDELOLW LL LQYHVWL LHL VDOH SULQ UDWD GH
FDSLWDOL]DUHEXUVLHU
S-D Y ]XW F UHQWDELOLWDWHD DúWHSWDW GH DF LRQDU úL YDORDUHD SH FDUH DFHVWD R DFRUG DF LXQLL
FHRGH LQHVHUYHúWHFDED] ODGHWHUPLQDUHDFRVWXOXLGHRSRUWXQLWDWHDOvQWUHSULQGHULL2ULGDF GH
H[HPSOX R DF LXQH HVWH FRWDW OD vQ WLPS FH HD DGXFH XQ %3$ GH SH DQ3(5 -ul sau rata de
FDSLWDOL]DUH HVWH HJDO FX LQYHUVXO 3(5 XOXL UHSUH]LQW UHQWDELOLWDWHD DúWHSWDW GH
-
DF LRQDUL"
Inversul PER-XOXLP VRDU UHQWDELOLWDWHDDúWHSWDW GHDF LRQDULvQFD]XULELQHSUHFL]DWH
D GDF WRDWH EHQHILFLLOH GHJDMDWH GH R vQWUHSULQGHUH VXQW GLVWULEXLWHDF LRQDULORU YHQLWXO DúWHSWDW GH
DFHúWLD GDF . HVWH UDWD GH UHQWDELOLWDWH VROLFLWDW FHUXW úL FDUH DLFL HVWH IRORVLW FD UDW GH
actualizare.
B B B B
C= + + + ... +
1 + K (1 + K ) 2
(1 + K ) 3
(1 + K ) n
YDORDUHD DFWXDO GH UHYkQ]DUH SXWkQG IL FRQVLGHUDW FD QXO DF LRQDUXO DFWXDOL]kQGX úL YHQLWXULOH
-
VDOH OD LQILQLW XWLOL]DUHD IRUPXOHL SHUPL kQG FDOFXODUHD OLPLWHL VXPHL WHUPHQLORU XQHL SURJUHVLL
B 1
geometrice de prim termen: úLGHUD LH , deci:
(1 + K ) (1 + K )
B B beneficiu
C= fie K= =
K C curs
Inversul PER-XOXLHVWHGHFLvQDFHVWFD]HJDOFXUDWDGHUHQWDELOLWDWHDúWHSWDW GHDF LRQDU
b) GDF UHQWDELOLWDWHD DúWHSWDW GH DF LRQDUL HVWH HJDO FX UHQWDELOLWDWHD vQWUHSULQGHULL DGLF GDF
UHQWDELOLWDWHD ILQDQFLDU D LQYHVWL LHL DF LRQDULORU HVWH HJDO FX UHQWDELOLWDWHD IRQGXULORU LQYHVWLWH
de întreprindere, inversul PER-XOXLUHSUH]LQW vQF VSHUDQ DGHUHQWDELOLWDWHDDF LRQDULORU
3HQWUXDLOXVWUDDFHDVW UHJXO FRQVLGHU PH[HPSOXOXQHL VRFLHW LFDUHDHPLVDF LXQ i la un

FXUVGHúLGHJDMHD] RUHQWDELOLWDWHHFRQRPLF GHFDXUPDUHDLQYHVWL LLORUVDOHGLVWULEXLQG
GLQEHQHILFLLOHVDOHDF LRQDULORU
În anul 1:
beneficiul degajat este 10;
beneficiile distribuite sunt 5;
raportul curs-beneficiu este egal cu 10;
LQYHUVXODFHVWXLUDSRUWFXUVEHQHILFLXHVWH DGLF UHQWDELOLWDWHDHFRQRPLF
În anul 2:
FXUVXODF LXQLLDMXQJHOD
beneficiul degajat este egal cu 105;

inversul PER-XOXLHVWHvQF HJDOFX úLVXQWGLVWULEXL LDF L onarilor.
$FHVW UD LRQDPHQW SRDWH IL SUHOXQJLW OD LQILQLW úL GHPRQVWUHD] F vQ DFHVW FD] SUHFLV
inversul PER-XOXLUHSUH]LQW vQF UHQWDELOLWDWHDDúWHSWDW GHDF LRQDUL
Limitele de evaluare prin inversul PER-ului

Cazurile de echilibru precedente, fiindUHODWLYH[FHS LRQDOHVHFRQYLQHO UJLUHDPRGHOXOXLGH
HYDOXDUH úL SHQWUX DFHDVWD VH IDFH DSHO OD R IRUPXODUH PDWHPDWLF PDL HODERUDW GH DSURSLHUH SULQ
beneficii.
'HVHPQ P SULQ %t beneficiul anului t, 1t partea beneficiilor reinvestite în activitatea
întUHSULQGHULL úL FRQVDFUDWH LQYHVWL LLORU QRL LDU 't dividendele distribuite în anul t. Deoarece prin
GHILQL LH 't = Bt – 1t YDORDUHD DF LXQLL vQ PRPHQWXO LQL LDO &0 HVWH GHWHUPLQDW SULQ VXPD
GLYLGHQGHORUDFWXDOL]DWHODUDWD.UHQWDELOLWDWHDFHUXW GHDF LRQDU
D1 D2 Dn
C0 = + + ... + + ...
1 + K (1 + K ) 2
(1 + K ) n
∞
1t
C0 = ∑ B t =
t =1 (1 + K ) t
3HQWUXDSUHFL]DGRPHQLLOHGHDSOLFDUHDOHDFHVWXLPRGHOFRQVLGHU PFD]XOXQHLvQWUHSULQGHUL
FHUHLQYHVWHúWHRVXP GHEHQHILFLLFRQVWDQWHvQLQYHVWL LLQRLFDUDFWHUL]DWHSULQWU -o rentabilitate r. În

DO LWHUPHQL%t = Bt + 1 + 1⋅ rtWUHSUH]HQWkQGQXP UXOGHDQLDLSHULRDGHLFRQVLGHUDWH
(FXD LDSUHFHGHQW GHYLQHDWXQFLvQORFXLQG%tSULQYDORDUHDVDFDOFXODW vQIXQF LHGH%0 :

∞  ∞ B0   ∞ 1(rt − 1) 
1(rt − 1)
∑ B0 + = ∑  + ∑ 
(1 + K ) t  t =1 (1 + K ) t   t =1 (1 + K ) t 
t =1
care devine, când “t” tinde spre infinit:
B 1(r − K )
C0 = 0 +
K K2
$FHDVW IRUPXO GHPRQVWUHD] FDUDFWHUXOJHQHUDODOPRGHOXOXLSHUPL kQG
UHJ VLUHDFD]XOXLvQFDUHLQYHUVXO3(5 XOXLHVWHHJDOFXUHQWDELOLWDWHDDúWHSWDW GHDF LRQDULÌQWU

- -
DGHY U GDF DFHDVW UHQWDELOLWDWH ILQDQFLDU . HVWH HJDO FX UHQWDELOLWDWHD . VH REVHUY F
B0 B beneficiu
C0 = de unde K = 0 = = inversul PER;
K C0 curs
FRQVWDWDUHD F LQYHVWL LD QRX QX FUHúWH GLQ SXQFWXO GH YHGHUH DO DF LRQDULORU DFWXDOL YDORDUHD
vQWUHSULQGHULL GHFkW GDF UHQWDELOLWDWHD VD HFRQRPLF HVWH VXSHULRDU UHQWDELOLW LL ILQDQFLDUH
DúWHSWDWH
3UHVXSXQHPF ³U´HVWHVXSHULRUOXL.úLF HVWHSRVLELO GHDILH[SULPDW U D⋅ K.

ÌQDFHVWFD]HFXD LDSUHFHGHQWDGHYLQH
B0 1(aK − K ) B0 1(a + 1)
C0 =
+ = +
K K2 K K
1(a − 1)
de unde se deduce valoarea lui K: K = B0 + .
C0
5H]XOW F
GDF D ! UHQWDELOLWDWHD HFRQRPLF D vQWUHSULQGHULL U HVWH VXSHULRDU UHQWDELOLW LL FHUXWH GH
B
DF LRQDUL . HVWH DWXQFL K > 0 . Criteriul inversul PER-ului conduce deci la subestimarea
C0
UHQWDELOLW LLVROLFLWDWHGHDF LRQDULDGLF FRVWXOFDSLWDOXULORUSURSULLDOHvQWUHSULQGHULL
B0
GDF DUHVWHLQIHULRUOXL.úL K< de vreme ce 1(a – 1) < 0.
C0
Criteriul inversului PER-XOXL VXEHVWLPHD] GHFL vQ DFHVW FD] UHQWDELOLWDWHD FHUXW GH
DF LRnari, În definitiv, apropierea prin dividende apare mai exact decât apropierea prin beneficii.
$FHVWHPRGHOHJ VHVFOLPLWDORUvQDFHHDF HOHWUDGXFvQJHQHUDOIHQRPHQXOFUHúWHULLSULQWU -o

FUHúWHUH FRQVWDQW D DFWLYHORU D EHQHILFLLORU úL D GLYLGHQGHORU v ntreprinderii. Ori, aceasta nu
FRQVWLWXLH GHFkW R DSUR[LPDUH YDJ D UHDOLW LL LPSOLFD LLOH FUHúWHULL DVXSUD YDORULL ILQDQFLDUH D
firmei fiind mult mai complexe.

ÌQILQDOFRVWXOGHRSRUWXQLWDWHDOVLWXD LHLQHWHDXQHLvQWUHSULQGHULSRDWHILGHILQLW
fiHFDFRVWXOIOX[XULORUGLYLGHQGHORUY UVDWHODLQILQLWDF LRQDULORU
ILHFDFRVWXOFDSLWDOXOXLFUHVFXWFXRSULP GHULVF
4.2.4.7. Documentar
A. COSTUL CAPITALURILOR PROPRII
9DORDUHDGHSLD 9DORDUHDGHSLD 9DORDUHDGHSLD
= +
a întreprinderii a capitalurilor proprii a datoriilor
n n n
CFt PN t Dobt
∑ (1 + K t
=∑
t
+∑
t
,
t =1 ec ) t =1 (1 + K fin ) t =1 (1 + K d )
unde: Kec -UDWDGHDFWXDOL]DUHDIOX[XULORUGHWUH]RUHULHFH LQHFRQWGHWRDWHULVFXULOHvQWUHSULQGHULL
(de exploatare);
Kfin - rata de actualizare a profiturilor nHWHFHFRQ LQHFRQWúLGHULVFXOILQDQFLDU
Kd -UDWDGHGREkQG FH LQHFRQWGHULVFXOGHIDOLPHQW
ÌQ LSRWH]D XQRU IOX[XUL GH WUH]RUHULH DQXDOH FRQVWDQWH SH R SHULRDG GH WLPS vQGHOXQJDW
QHGHILQLW
PN1 CF1 D ob1

= − ,
Lfin K cc Kd
unde; PN1, CF1, Dob1 – rezultatele financiare estimate pentru anul viitor;
- vQ ULOHGH]YROWDWHFXEXUVHGHYDORULDFWXDOH
1 P0
K fin = unde: PER = ,
PER PNA1
în care: PER -FRHILFLHQWGHFDSLWDOL]DUHEXUVLHU SULFHHDUQLQJUDWLR
P0 -YDORDUHDGHSLD FXUVXOEXUVLHUDODF LXQLORU
PNA1 -SURILWXOQHWSHUDF LXQHvQDQXOFXUHQW
&RVWXOFDSLWDOXULORUSURSULLvQFRQGL LLGHFUHúWHUHHFRQRPLF
n  t
n
DIVt n
DIV0 ⋅ t ⋅ (1 + g ) t 1+ g 
P0 = ∑ =∑ = DIV0 ⋅ ∑  
t =1 (1 + K fin ) t =1 (1 + K fin ) t
t =1  1 + K fin 
DIV1
n → ∞ ⇒ Modelul Gordon – Shapiro: K fin = +g
P0
Kfin - rata de actualizare a dividendelor;
DIV1
-UDWDDQXDO GHUHPXQHUDUHSULQGLYLGHQGHSO WLWH
P0
g -UDWDDQXDO GHFUHúWHUHDGLYLGHQGHORU
B. COSTUL CAPITALULUI ÎMPRUMUTAT

n
Dobt
Fonduri împrumutate = ∑ Ramburs t +
(1 + K d ) t
t =1
Kd –FRVWXOH[SOLFLWDOvPSUXPXWXOXLVROLFLWDWSHQWUXILQDQ DUHDLQYHVWL LLORUQRL
Cazul împrumutului ordinar

n
At
V0 = ∑ ,
t
t =1 (1 + K d )
unde: V0 – suma împrumutului ordinar;

At -DQXLW L
Kd – costul explicit al unui împrumut ordinar.
6XELQFLGHQ DLPSR]LWXOXL
n
R + Vt −1 ⋅ d ⋅ (1 − τ)
V0 = ∑ t ,
t =1 (1 + K′d ) t
V0
în care: R t = → într-RDPRUWL]DUHSURSRU LRQDO DvPSUXPXWXOXL
n
d –UDWDQRPLQDO DGREkQ]LL
τ - rata impozitului pe profit.
Cazul împrumutului obligatar cu prLP GHUDPEXUVDUH
N
A − X t ⋅ (V0 − E) ⋅ τ
X⋅E = ∑ t , în care: A t = R t + d ⋅ Vt −1 (1 − τ)
t =1 (1 + K d ) t
unde: X -QXP UREOLJD LXQL

V0 -YDORDUHQRPLQDO
E -SUH GHHPLVLXQH
Kd - costul împrumutului obligatar;
Xt (V0 – E) ⋅ τ - economie de impozit.
C. COSTUL LEASINGULUI
n
(1 − τ)CH t + τ ⋅ A t PR
E=∑ + ,
t =1 (1 + K c ) t (1 + K t ) n
în care:
τ - rata impozitului pe profit;
E -FRVWXOGHDFKL]L LHúLPRQWDMDOHFKLSDPHQWHORUvQFKLULDW
CH -FKLULDDQXDO
PR -SUH XOUH]LGXDO
Kt - costul actuarial al leasing-ului.
D. COSTUL CAPITALURIL25 35235,, Ì1 &21', ,, '( &5(ù7(5( (&2120,&
',)(5(1 ,$7 3()$=(
n
DIVt Pn
P0 = ∑ +
t =1 (1 + K fin ) (1 + K fin )
n
unde: P0 –YDORDUHDDFWXDOL]DW DGLYLGHQGHORUFHYRUILY UVDWHvQSULPDID] GHDQDQLGHFUHúWHUH
IRUWHúLDYDORULLUH]LGXDOHDEWHQDELOHODVIkUúLWXODFHVWHL prime faze.
Modelul de evaluare BATES
n  t n
(1 + g )   1+ g 
PER 0 = d ⋅ ∑   + PER  
t =1 1 + K fin   1 + K fin 
DIV
d= o rata de distribuire a dividendelor
PN
PERan →FRHILFLHQWXOGHFDSLWDOL]DUHEXUVLHU GLQSUH]HQW3(50úLGHSHVWH³Q´DQL3(5n)
(d ⋅ B + PER n )
PER 0 = ,
A
n
 1 + K fin  1− A
unde: A =   úL B = (1 + g )
 1+ g  g − K fin
Modelul lui HOLT
 K −g
ln1 − PER 0 fin 
 1 + K fin  Curs anual
DR cu PER 0 =
 1+ g  PNA curent
ln 
 1 + K fin 
DR –GXUDWDGHUHFXSHUDUHvQQXP UGHDQLDFXUVXOXLDFWXDOSULQSURILWXOQHWSHUDF LXQH
E. COSTUL MEDIU PONDERAT AL CAPITALULUI
CPR DAT
K cc = K fin + Kd ⋅ ,
CPR + DAT CPR + DAT
unde: Kcc - costul mediu ponderat al capitalului;
Kfin -FRVWXOFDSLWDOXULORUSURSULLHFKLYDOHQWFXUHQWDELOLWDWHDVFRQWDW GHDF LRQDUL
Kd -FRVWXOFDSLWDOXULORUvPSUXPXWDWHHFKLYDOHQWFXGREkQGDVFRQWDW GHvPSUXPXWXri.
§ 4.3. EVALUAREA ÎNTREPRINDERII
(YDOXDUHD vQWUHSULQGHULL FRQVWLWXLH I U vQGRLDO SUREOHPD ILQDQFLDU FHD PDL FRPSOH[ (D
UHSUH]LQW XQGRPHQLXGHVLQWH] vQFDUHWUHEXLHV VHUHFXUJ vQPRGVLPXOWDQODGLIHULWHPHWRGH
3UREOHPDWLFDHYDOX Uii
6H YD vQ HOHJH SULQ YDORDUHD vQWUHSULQGHULL YDORDUHD SRUWRIROLXOXL V X GH DFWLYH $FHDVW
YDORDUH HVWH FkWHRGDW XQHRUL GHQXPLW YDORDUH EUXW 3UH XO SURSXV GH FXPS U WRU FRUHVSXQGH
DFHVWHL YDORUL $WXQFL FkQG VH GHGXFH YDORDUHD GDWRULLORU VH RE LQ e valoarea capitalurilor proprii,
DGLF YDORDUHD SDWULPRQLXOXL DF LRQDULORU $FHDVWD GLQ XUP HVWH XQHRUL FDOLILFDW FD YDORDUH QHW
&HOHGRX YDORULWUHEXLHV ILHvQPRGFODUGLVWLQFWH
3XQFWXOGHYHGHUHDOYkQ] WRUXOXL
&RQVLGHU PPDLvQWkLSXQFWXOGHYHGHUHDOYkQ] WRUXOXL
Decizia de vânzare constituie pentru el o dezinvestire. Conform criteriului VAN, el nu va

YLQGH vQWUHSULQGHUHD GHFkW GDF YDORDUHD DFWXDO 9$ &03V D IOX[XULORU GH OLFKLGLW L YLLWRDUH OD
costul capitalului CMPV (costul FDSLWDOXOXLYkQ] WRUXOXLSHFDUHSRDWHRE LQHXUP ULQGH[SORDWDUHD
HVWHLQIHULRDU SUH XOXL30RIHULWGHFXPS U WRU
0DLSUHFLVLVHRIHU WUHLSRVLELOLW L
SULPD VH RSUHúWH OD H[SORDWDUH úL GXS GH]PHPEUDUH YLQGH DFWLYHOH FH FRPSXQ
întreprinderea peQWUX YDORDUHD ORU GH FHVLXQH SH SLD D VHFXQGDU DFHDVW YDORDUH UHSUH]LQW
valoare de lichiditate 9/ 1RW P FX DFHDVW RFD]LH F YDORDUHD GH OLFKLGDUH D EXQXULORU
FHGDWH SH SLD D VHFXQGDU FRUHVSXQGH FX YDORDUHD SH FDUH R DúWHDSW FXPS U WRULL PHGLL
FHHD FH VHPQLILF F DO L DJHQ L SRW WUDJH XQ PDL EXQ X] IRORV DO EXQXULORU YkQGXWH GHFkW
YkQ] WRUXO
În acest caz: VL > VA (CMPvúL9/!30.

vQDOGRLOHD UkQGHOXUP UHúWHH[SORDWDUHDFHHDFHVHPQLILF F YDORDUHDDFWXDO HVWLPDW ODFRVWXO
capitalulXLYkQ] WRUXOXL&03vHVWHPDLULGLFDW GHFkWYDORDUHDGHOLFKLGDUH9LúLGHFkWSUH XORIHULW
n
F
Fie VA (CMPv) = ∑ (1 + CMP
t
t
> V úL9$&03vúL30 > VL ,
t =1 v)
unde: Ft –IOX[XOGHOLFKLGLW LvQSHULRDGDWDúWHSWDWGHYkQ] WRU2UL]RQWXOHVWHGHQSHULRD de.
vQ DOWUHLOHD UkQGHO YLQGH vQWUHSULQGHUHD OD SUH XO 3 0 RIHULWGHFXPS U WRU ÌQDFHVW FD] 3 0
> VA (CMPv úL 30 > VL &XPS U WRUXO YDUV XQ SUH PDL ULGLFDW SHQWUX vQWUHSULQGHUH
GHFkW SUH XO SH FDUH O - DU IL SO WLW SHQWUX U VFXPS UDUHD DFWLYHORU SH SLD D VHFXQGDU 8Q
DVHPHQHD IHQRPHQ VH SRDWH H[SOLFD GHRDUHFH DQXPLWH DFWLYH ³DFWLYHOH XPDQH´ úL DQXPLWH
active necorporale nu sunt negociabile direct.

ÌQ DFHVW FD] SUH XO FHUXW 3d GH YkQ] WRU YD IL FHO SX LQ HJDO FX YDORDUHD FHD PDL ULGLFDW
dintre valoDUHDDFWXDO úLYDORDUHDGHOLFKLGDUH
Pd ≥ Max[VA(CMPv ), VL ]
3XQFWXOGHYHGHUHDOFXPS U WRUXOXL
$FKL]L LRQDUHDvQWUHSULQGHULLUHSUH]LQW SHQWUXFXPS U WRURGHFL]LHGHLQYHVWL LL'HFL]LDYD
GHSLQGH GH YDORDUHD DFWXDO 9$&03a ) la costul FDSLWDOXOXL FXPS U WRUXOXL &03a GH SUH XO
cerut Pd GH YkQ] WRU úL GH YDORDUHD GH UHFRQVWLWXLUH D vQWUHSULQGHULL 9r , în cazul în care aceasta este
SRVLELO 6HSRWGLVWLQJHGHDVHPHQHDWUHLVLWXD LL
Prima, în care VR > VA(CMPcúL3d > VA(CMPa ). Cump U WRUXOQXUHDOL]HD] DFKL]L LRQDUHD
úLDEDQGRQHD] VROX LDUHSUH]HQWDW GHUHFRQVWLWXLUHGHRDUHFHYDORDUHDGHUHFRQVWLWXLUHHVWHPDL
PDUHGHFkWYDORDUHDDFWXDO ,QYHVWL LDQXHVWHUHQWDELO
A doua, în care VA(CMPc!95úL3d > VRFXPS U WRUXOUHQXQ ODDFKL]L LRQDUHúLSUHIHU V
UHFUHH]HvQWUHSULQGHUHDSULQU VFXPS UDUHDGLIHULWHORUDFWLYH
A treia, în care VA(CMPa ) > PdúL3d > VRFXPS UDUHDHVWHUHDOL]DW 3UH XOFHUXWILLQGLQIHULRU
YDORULLGHUHFRQVWLWXLUHFXPS U WRUXODUHLQWHUHVV SURFHGH]HODU VFXPS UDUH

ÌQ FD]XO DFKL]L LRQ ULL SUH XO RIHULW PD[LPDO 30 YD IL FHO PXOW HJDO FX YDORDUHD PLQLPDO
vQWUHYDORDUHDDFWXDO úLYDORDUHDGHFRQVWLWXLUH
P0 ≤ Min [VA(CMPa ), VR ]
'HWHUPLQDUHDILQDO DSUH XOXL
3UHVXSXQHPF DYHPLHUDUKLDXUP WRDUHDYDORULORU
VA(CMPa ) > VR > [.......................................] > VA(CMPv ) > VL

]RQ GHQHJRFLHUH
]RQDGHQHJRFLHUHDSUH XOXLILQDOV -ar situa între VR – YDORDUHDGH UHFRQVWLWXLUH SHQWUXFXPS U WRU
úL9$&03v ) -YDORDUHDDFWXDO DIOX[XULORUGHOLFKLGLW LYLLWRDUHSHQWUXYkQ] WRU
&D]XOSDUWLFXODUDOVRFLHW LORUFRWDWH
3H R SLD ILQDQFLDU FDUH IXQF LRQHD] ELQH SUH XO HVWH HJDO FX YDORDUHD ÌQ FRQVHFLQ
FDSLWDOL]DUHD EXUVLHU D VRFLHW LL FDUH VH YLQGH FUHVFXW FX YDORDUHD GH SLD D GDWRULLORU VDOH H ste
HJDO FXYDORDUHDGHSLD
&XPS U WRUXO FXQRDúWH DWXQFL SUH XO QHFHVDU SHQWUX DFKL]L LRQDUHD VRFLHW LL $FHVW SUH
UHIOHFW YDORDUHDvQWUHSULQGHULLSHQWUXDQVDPEOXOFHORUFDUHLQWHUYLQSHSLD
'DF FXPS U WRUXOHVWHSUHJ WLWV SO WHDVF PDLPXOWGHFkWYDORDUHDSHSLD HVWHSHQWUXF
HO HVWLPHD] F vQWUHSULQGHUHD DFKL]L LRQDW YD YDORUD PDL PXOW vQ SRVHVLD VD GHFkW vQ SRVHVLD
FRQFXUHQ LORU V L GHFL F HO GLVSXQH ILH GH LQIRUPD LL SULYLOHJLDWH ILH GH FRPSHWHQ H FDUH vL YRU
permite degajarea unHL UHQWH HFRQRPLFH úL GH D RE LQH DVWIHO R 9$1 SR]LWLY D LQYHVWL LHL VDOH
&XPS U WRUXOWUHEXLHvQDFHODúLWLPSV VHJkQGHDVF ODIXQGDPHQWXOUHDODODFHVWXLDYDQWDM
8Q SXQFW GH YHGHUH SDUWLFXODU PHULW V ILH VHPQDODW $WXQFL FkQG U VFXPS UDUHD XQHL
vQWUHSULQGHULVHIDFHFXGH LQHUHDFRQWUROXOXLPDMRULW LLFDSLWDOXOXLSUH XULOHRIHULWHFXSULQGFHOPDL
DGHVHDRSULP GHFRQWUROvQUDSRUWFXSUH XOHYDOXDWSRUQLQGGHODFXUVXOQRUPDODODF LXQLL
4.3.2. Metode dinamice de evaluare bazate pe actualizare

3ULQWUH GLIHULWHOH YDORUL FDUH WRFPDL DX IRVW LQYRFDWH úL FDUH SRW VHUYL FD ED] OD GHVFULHUHD
SURFHVXOXLGH GHWHUPLQDUHD SUH XOXLXQHOHVXQWPHWRGHDFWXDULDOHFDUHDX IRVWSUH]HQWDWHODVWXGLXO
LQYHVWL LLORU
Metodele bazate pe cursurile bursiere constituite, de asemenea, metode actuariale deoarece

FXUVXULOH UHSUH]LQW YDORUL DFWXDOH DOH IOX[XOXL FH UHYLQ DF LRQDULORU 9DORULOH GH OLFKLGDUH úL GH
reconstituire se opun valorilor actuale.

9DORDUHD DFWXDO ED]DW SH DFWXDOL]DUHD IOX[XULORU GH OLFKLGLW L YLLWRDUH HVWH YDORDUHD
ansamblului activelor.
3URFHVXO GH HYDOXDUH HVWH JOREDO QX H[LVW HYDOXDUH D GLIHULWHORU HOHPHQWH FRPSRQHQWH DOH
DFWLYXOXL 0HWRGHOH ED]DWH SH YDORDUHD EXUVLHU úL PHWRGD YDORULL GH UDQGDPHQW VXQW PHWRGH
actuariale ce permit eYDOXDUHD YDORULL FDSLWDOXULORU SURSULL 2E LQHUHD YDORULL JOREDOH D DFWLYHORU VH
UHDOL]HD] DG XJkQGODYDORDUHDIRQGXULORUSURSULLYDORDUHDGHSLD DGDWRULLORUILQDQFLDUH
0HWRGDGHHYDOXDUHED]DW SHDFWXDOL]DUHDIOX[XULORUGHOLFKLGLW LYL itoare

0HWRGD GH HYDOXDUH ED]DW SH DFWXDOL]DUHD IOX[XULORU GH OLFKLGLW L YLLWRDUH FRQVWLWXLH R
DSOLFDUHGLUHFW DPHWRGHL9$1&XPS U WRUXORXWLOL]HD] SHQWUXGHWHUPLQDUHDSUH XOXLGHDFKL]L LH
PD[LPSHFDUHHVWHJDWDV -OSO WHDVF
%LQHvQ HOHV YkQ] WRUXO SRDWH GH DVHPHQHD V PHDUJ OD DFHDVWD SHQWUX GHWHUPLQDUHD
SUH XOXLPLQLPDOSHFDUHHGLVSXVV -l accepte.

A. '(7(50,1$5($9$/25,,$&78$/(3(1758&803 5 725
'HWHUPLQDUHDIOX[XULORUGHOLFKLGLW L
a) Principii
(YDOXDUHD IOX[XULORU GH OLFKLGLW L WUHEXLH V VH IDF vQWU XQ PRG GLIHUHQ LDO DGLF HYDOXkQG
-
DQVDPEOXO LQFLGHQ HORU DFKL]L LHL DVXSUD IOX[XULORU GH H[SORDWDUH DOH vQWUHSULQGHULL FXPS U WRDUH
&RQVHFLQ HOH SRW IL GLUHFWH GDU HOH SRW IL GH DVHPHQHD LQGLUHFWH )HQRPHQH GH VLQHUJLH VH SRW
produceDQWUHQkQGRSXWHUQLF FUHúWHUHDYkQ] ULORUVDXRVF GHUHDFRVWXULORU
'LPSRWULY U VFXPS UDUHD XQHL QRL vQWUHSULQGHUL SRDWH DYHD GH DVHPHQHD FRQVHFLQ HOH
negative în materie de costuri de reorganizare.

(YDOXDUHD WUHEXLH V VH IDF HOLPLQkQG RULFH LQFLGHQ D PRGXULORU GH ILQDQ DUH ÌQ
FRQVHFLQ QX WUHEXLH vQ QLFL XQ FD] FRQVLGHUDW YDULD LD FDSDFLW LL GH DXWRILQDQ DUH OHJDW GH
DFKL]L LDFDIOX[GHRDUHFHGHWHUPLQDUHDVDSHUPLWHLQWHUYHQ LDFKHOWXLHOLORUILQDQFLDUH
b) )OX[XULOHGHOLFKLGLW LLQWHUP ediare

)OX[XULOHDQWUHQDWHGHFXPS UDUHúLOXDWHvQFDOFXOVXQWXUP WRDUHOH
9DULD LD(7(
±9DULD LDLPSR]LWXOXLSHSURILWFXH[FHS LDLQFLGHQ HLFKHOWXLHOLORUILQDQFLDUH

+ Cesiuni de active
-,QYHVWL LLvQLPRELOL] UL
= Ft –IOX[JOREDOGHOLFKLGLW L
5HPDUF P F IOX[XO JOREDO GH OLFKLGLW L UHSUH]LQW YDULD LD IOX[XOXL GHWHUPLQDW GH
SRUWRIROLXOGHDFWLYHDOvQWUHSULQGHULLFXPS U WRDUHDQWUHQDWGHU VFXPS UDUH
c) )OX[FRQVWLWXLWGHYDORDUHWHUPLQDO
/DILQHOHRUL]RQWXOXLFRQVLGHUDWWUHEXLHHYDOXDW YDORDUHDWHUPLQDW VDXYDORDUHDUH]LGXDO
97 D vQWUHSULQGHULL U VFXPS UDWH LQkQG FRQW GH LQYHVWL LLOH FDUH DX IRVW I FXWH $FHDVW HYDOXDUH
HVWH vQ SDUWLFXODU GHOLFDW GHRDUHFH DFHDVW YDORDUH HVWH HD vQV úL IXQF LH GH IOX[XULOH YLLWRDUH &HO
mai adeVHD úL SHQWUX VLPSOLILFDUH V-a recurs pentru evaluarea acestei valori terminale, la valoarea
FRQWDELO SUHYL]LRQDO DDFWLYHORUODDFHDVW HSRF
2UL]RQWXOGHUH LQXW
&D úL vQ RULFH SUREOHP GH DOHJHUH D LQYHVWL LHL VH SXQH SUREOHPD RUL]RQWXOXL GH UH LQ ut.
2UL]RQWXO SODQXULORU GH LQYHVWL LL úL GH ILQDQ DUH ILLQG FHO PDL DGHVHD GH DQL VH UH LQH vQ PRG
IUHFYHQWDFHDVW GXUDW
3UHFL] PvQDFHODúLWLPSF PHFDQLVPXOGHDFWXDOL]DUHIDFHFDHURULOHFRPLVHvQSUHYL]LXQLOH
IOX[XULORUFHOHPDLvQGHS UWDWHvQWLPSDSDV PDLSX LQJUHXGHFkWHURULOHGHHVWLPDUHFRPLVHDVXSUD
fluxurilor mai apropiate.

Rata de actualizare
(DVHGHWHUPLQ vQDFHODúLPRGFDúLSHQWUXDOHJHUHDLQYHVWL LHL'DF DFKL]L LDQXDQWUHQHD]
PRGLILFDUHD FRVWXOXL FDSLWDOXOXL FXPS U WRUXOXL WUHEXLH FRQVLGHUDW DFHDVWD GLQ XUP FD UDW GH
actualizare.
'DF GLPSRWULY ULVFXO HFRQRPLF HYROXHD] úL GDF VWUXFWXUD GH ILQDQ DUH HVWH PRGLILFDW
VXEVWDQ LDOYDWUHEXLHYDOXDW RUDW GHDFWXDOL]DUHVSHFLILF SHQWUXDFHDVW RSHUD LH
Exemplu: fluxurLOHDúWHSWDWHDOHSRUWRIROLXOXLGHDFWLYHDOHVRFLHW LL2PHJDDXIRVWHYDOXDWHSHQWUX
XUP WRULL FLQFL DQL 9DORDUHD FRQWDELO D VRFLHW LL OD ILQHOH FHOXL GH -al cincilea an este de 14.048.
(YDOX P YDORDUHD SH FDUH R UHSUH]LQW 2PHJD SHQWUX R DOW VRFLHWDWH 3KL DO F UXL FRVW DO
FDSLWDOXOXL HVWH GH 6H SUHVXSXQH F U VFXPS UDUHD VRFLHW LL 2PHJD QX DQWUHQHD] QLFL R
LQFLGHQ DVXSUDIOX[XULORUJHQHUDWHGHDFWLYLW LOHDFWXDOHDOHVRFLHW LL3KL
9DORDUHDVRFLHW LL2PHJDHVWHHJDO FX9$IOX[XULORUDúWHSWDWHSHDQLXUP WRUL9DORDUHD
WHUPLQDO HVWHHJDO FXYDORDUHDFRQWDELO

− 3.993 1.021 1.264 1.833 14.048
VA = + + + + = 10.142
2 3
(1,08) (1,08) (1,08) (1,08)4 (1,08)5
3ULQFRPSDUD LHYDORDUHDFRQWDELO ODGDWDGHHYDOXDUHDVRFLHW LL2PHJDHVWHGH
B. '(7(50,1$5($9$/25,,$&78$/(3(17589Æ1= 725
Demersul de HYDOXDUH D UHQWDELOLW LL LQYHVWL LLORU VH DSOLF GH DVHPHQHD )OX[XULOH
LQWHUPHGLDUHVXQWFRQVWLWXLWHSULQ(7(GXS GHGXFHUHDLPSR]LWXOXLSHSURILWFRUHFWDWFXLQFLGHQ HOH
LQYHVWL LLORU úL GH]LQYHVWL LLORU 6H UHPDUF IDSWXO F DFHVWH IOX[XUL VH RE LQ GL rect pornind de la
SODQXO GH ILQDQ DUH 9DORDUHD WHUPLQDO VH SRDWH GHWHUPLQD GXS DFHODúL SULQFLSLX FD úL SHQWUX
FXPS U WRU5DWDGHDFWXDOL]DUHGHXWLOL]DWHVWHFRVWXOFDSLWDOXOXLYkQ] WRUXOXL
9DORDUHDRE LQXW HVWHDGHVHDIRDUWHGLIHULW GHYDORDUHDDFWXDO GHWHUPLQDW GHFXPS U WRU
$QWLFLSD LLOH vQ FHHD FH SULYHúWH IOX[XULOH YLLWRDUH FD úL UDWHOH GH DFWXDOL]DUH GLYHUJ vQ JHQHUDO vQWUH
FXPS U WRUúLYkQ] WRU
4.3.2.2. Metode bursiere

0HWRGHOH GH HYDOXDUH EXUVLHUH VH LQVSLU GXS PRGHOHOH GH DFWXDOL]DUH D GLYLGHQGHORU úL D
beneficiilor utilizate pentru evaluarea costului capitalurilor proprii. Aceste metode permit, de
asemenea, cunoscând ratele cerute de investitori asupra fondurilor lor proprii, determinarea
(evaluarea) valorii capitalurilor proprii.
3HQWUX D RE LQH YDORDUHD JOREDO D vQWUHSULQGHULL HVWH VXILFLHQW DWXQFL DG XJDUHD YDORULL
datoriilor.
8Q PRGHO IUHFYHQW XWLOL]DW PRGHOXO OXL %DWHV FDUH UHSUH]LQW R DUDQMDUH D PRGHOXOXL GH
DFWXDOL]DUHDGLYLGHQGHORUPHULW RDWHQ LHSDUWLFXODU
Prezentarea modelului lui Bates

)XQGDPHQWXOPRGHOXOXLOXL%RWHVHVWHUHOD LDGHHYDOXDUHXUP WRDUH
n
DIVt Pn
P0 = ∑ + ,
t
t =1 (1 + R c ) (1 + R c ) t
unde: P0 -FXUVXOLQL LDO
Pn - cursul la finele perioadei “n”;
DIVt – dividendul perioadei t;
Rc - rata de rentabilitatHVROLFLWDW GHLQYHVWLWRULDVXSUDIRQGXULORUORUSURSULL
6H SUHVXSXQH F GLYLGHQGXO UHSUH]LQW R SURSRU LH FRQVWDQW ³G´ D EHQHILFLXOXL SH DF LXQH
LQL LDO%3$0úLF UDWDVDGHFUHúWHUH³J´HVWHFRQVWDQW
3H GH DOW SDUWH 30 = BPA0 x m, cu “m” multipOLFDWRUXO 3( UDW OD vQFHSXWXO DQXOXL
Cursul la finele perioadei Pn = BPAn[0úL%3$n = BPA0(1 + g)n0ILLQGPXOWLSOLFDWRUXOSUHY ]XW

SHQWUXILQHOHDQXOXL³Q´úLSHQWUXWLSXOGHDF LXQHFRQVLGHUDW6HGHGXFHGLQUHOD LLOHSUHFHGHQWHF
BPA0 ⋅ m = ∑
n
[dBPA (1 + g) ]+ [BPA (1 + g) ]⋅ M
0
t
0
n
t =1 (1 + R c ) t (1 + R c )n
Simplificând prin BPA0VHRE LQH
 (1 − (1 + g )n ) 
 
 (1 + R c ) 
m = d (1 + g ) ⋅M
 (1 + g )n 
 n

 (1 + R c ) 
(1 + g ) n  (1 − A ) 
úLSXQkQG A= úL B = (1 + g )  
 (R c − g) 
n
(1 + R c )
modelul se scrie: m = d ⋅ B + M ⋅ A
%DWHV D VWDELOLW WDEHOHFDUH GDX YDORUL SDUDPHWULORU $ úL % vQIXQF LH GH ³J´ UDWD GHFUHúWHUH
DQWLFLSDW DGLYLGHQGHORU5c –UDWDVROLFLWDW GHDF LRQDULúLQ –QXP UXOGHDQL
ExempluSUHVXSXQHPF SHQWUXXQRUL]RQWGHQ DQLUDWDGH FUHúWHUHDQWLFLSDW DGLYLGHQGHORU
HVWH J UDWD VROLFLWDW 5c úL ³G´ UDWD GH distribuire a dividendelor de 50%. M
PXOWLSOLFDWRUXOSUHY ]XWODFDS WXODDQLHVWHGH'XS WDEHOH$ úL%
3ULQXUPDUHPXOWLSOLFDWRUXOLQL LDOP ⋅ 4,4 + 10 ⋅ 0,8 = 10,2.

'DF %3$LQL LDOHVWHGHFXUVXOSUHY ]XWSULQPRGHOYa fi de 50 ⋅ 10,2 = 510.
Critica &D úL DOWH PHWRGH GH FUHúWHUH D GLYLGHQGHORU PRGHOXO OXL %DWHV VH ED]HD] SH
LSRWH]H H[WUHP GH VLPSOLVWH FRQVWDQW D UDWHL GH FUHúWHUH D GLYLGHQGXOXL FRQVWDQW D UDWHL GH
solicitare asupra fondurilor proprii, constant DUDWHLGHGLVWULEXLUHDGLYLGHQGHORU
$SOLFDUHD VD QHFHVLW HVWLPDUHD GLIHUL LORU SDUDPHWUL SH ED]D F URUD HVWH IRQGDW ÌQ VSHFLDO
HVWLPDUHDPXOWLSOLFDWRUXOXL0DSOLFDELOODILQHOHRUL]RQWXOXLFRQVLGHUDWWUHEXLHV ILUHDOL]DW vQWU -un

mod arbitrar.
9DORDUHDGHUDQGDPHQWúLYDORDUHDGHUHQWDELOLWDWH
9DORDUHD GH UDQGDPHQW HVWH vQ PRG GLUHFW LQVSLUDW GLQ PRGHOXO GH DFWXDOL]DUH D
dividendelor. Ea permite evaluarea valorii fondurilor proprii:

n
DIV VT
Valoarea de randament = ∑ (1 + R t ) t + (1 + Rn )n ,
t =1 c c
unde: VTn –YDORDUHDWHUPLQDO DIRQGXULORUSURSULLODILQHOHSHULRDGHL³Q´
3UHVXSXQkQGXQRUL]RQWLQILQLWúLXQGLYLGHQGFRQVWDQW',9VHRE LQH
DIV
Valoarea de randament = .
Rc
$QXPL L DQDOLúWL XWLOL]HD] GH DVHPHQHD YDORDUHD GH UHQWDELOLWDWH FDUH VH HYDOXHD] SRUQLQG
de la beneficiul net curent B.

B
Valoarea de rentabilitate = .
Rc
(VWHYRUEDGHRDSOLFDUHGLUHFW DPRGXOXLGHDFWXDOL]DUHDEHQHILFLLORU%HQHILFLXOGHUH LQXW
HVWH EHQHILFLXO QRUPDO GXS HYHQWXDOH FRUHFWRUL DOH SUHOHY ULORU DQRUPDOH úL FRQVLGHUkQG
amortismentele justificate economic. Cel mai adesea se substituie Rc – rata de rentabilitate a

FDSLWDOXULORU SURSULL ILH UDWD GREkQ]LL SH SLD REOLJD LXQLILH R UDW GH UHQWDELOLWDWH PHGLH SHQWUX
EUDQú DFHVWHGRX VROX LLVXQWH[WUHPGHFULWLFDELOH
4.3.3. Metodele patrimoniale

0HWRGHOH DFWXDULDOH VH ED]HD] SH LSRWH]D GH FRQWLQXDUH D H[SORDW ULL HOH SUHVXSXQ R
VHFYHQ DIOX[XULORUGHOLFKLGLW LYLLWRDUH
Metodele patrimoniale se opun metodelor aFWXDULDOHvQP VXUDvQFDUHHYDOXDWRUXOFRQVLGHU
LPSOLFLWF vQWUHSULQGHUHDHVWHGH]PHPEUDW úLF HYDOXDUHDVHIDFHUH LQkQGILHSUH XULOHGHFHVLXQH
SRVLELOH DOH GLIHULWHORU DFWLYH FDUH FRPSXQ vQWUHSULQGHUHD RSWLF GH OLFKLGDUH ILH SUH XO GH
U VFXPS UDUH DOH DFHORUDúL DFWLYH RSWLF GH UHFRQVWLWXLUH 3UH XULOH GH U VFXPS UDUH QX VXQW
LGHQWLFHFXSUH XULOHGHFHVLXQHDOHDFWLYHORUSHSLH HOHGHRFD]LH
ÌQ SULPXO UkQG LQWHUPHGLDULL SUHOHY PDUMD ORU ÌQ DO GRLOHD UkQG FRVWXULOH GH WUDQ]DF LH SRW IL
P ULWHÌQDOWUHLOHDUkQGWUDQ]DF LLOHSRWILIRDUWHUDUHDVXSUDDQXPLWRUDFWLYHúLSUH XULOHSRWYDULDVHQVLELO
GHODXQYkQ] WRUODDOWXOFXDWkWPDLPXOWFXFkWFDOLWDWHDEXQXULORUGHRFD]LHSRDWHILIRDUWHYDULDELO
1RW P F HVWH IRDUWH DGHVHD LPSRVLELO GH D UHFRQVWLWXL R vQWUHSULQGHUH FXPS UkQG XQ
ansamblu de active. Anumite active, precum activele necorporale sau activele umane, sunt adesea
XQLFHÌQFRQVHFLQ YDORULOHDFWXDULDOHVXQWvQPRGQRUPDOGLIHULWHGHYDORULOHSDWULPRQLDOH
DiferitelH PHWRGH SDWULPRQLDOH SRW IL FODVDWH GLVWLQJkQG SH GH R SDUWH PHWRGH FDUH UH LQ RSWLFD
YkQ] WRUXOXL úL FDUH SUHVXSXQ vQFHWDUHD DFWLYLW LL úL SH GH DOW SDUWH PHWRGH ED]DWH SH RSWLFD
FXPS U WRUXOXLÌQDFHVWGLQXUP FD]LSRWH]DGHFRQWLQXDUHDDFWLYLW LLHVWHUH LQXW vQPRGLPSOLFLW

0HWRGH GH HYDOXDUH SDWULPRQLDO vQWU R RSWLF
- GH vQFHWDUH D DFWLYLW LL
RSWLFDYkQ] WRUXOXL
$FHVWHPHWRGHLQWHUHVHD] vQSULQFLSDOYkQ] WRUXO
9 D O R U L O H G LI H U L WH O R U DFW L Y H Y R U G H S L Q G H G H F R Q G L L L OH UH D OL ] U L L O R U $ VW IH O S UH XO
R E L QX W SU L Q F H GD UH D X Q XL DF W L Y v Q F RQ G L L L F X UH Q WH H VWH FH O P DL D G H VHD P X OW PD L P D UH
G H Fk W SU H XO G H FH V L XQ H R E L Q XW v Q F R Q GL LL G H O L F KL G D U H M XGL FL DU IRU DW 3 U L Q F L S L XO
F R Q W D EL O GH F R Q W L Q XL WDW H D H [S O RD W UL L S UH VXS X QH F v Q W UH S U L QG erea nu este într- R VL W X D LH
G H O LF K L GD UH I R U D W ÌQ F R Q VH FL Q Y D O R UL O H Y R U YD UL D G X S F XP v QF H WD UHD DF W L Y L W L L H VW H
G H F LV v Q P R G Y R O X QW D U G H Y k Q ] W R U VD X UH] XO W v Q X U PD X QH L GHF L ] L L H [ W H U QH F D UH H VW H
LPSXV .
A. 9$/2$5($&217$%,/ ù,$&7,98/1(7&217$%, L
9DORDUHDFRQWDELO DvQWUHSULQGHULLHVWHHJDO FXVXPDYDORULORUQHWHFRQWDELOHDOHGLIHULWHORU
DFWLYH $FHVWH YDORUL VH ED]HD] SH YDORULOH GH RULJLQH FRUHFWDWH vQ IXQF LH GH SULQFLSLL GH HYDOXDUH
FRQWDELO
Activul net contabil este egal cu valoarea coQWDELO D DFWLYXOXL GLPLQXDW FX YDORDUHD
GDWRULLORU LQkQGFRQWGHSULQFLSLLOHSUXGHQ HLúLGHFRQWLQXLWDWHDDFWLYLW LLUH LQXWHGHFRQWDELOLWDWH
DFHDVW PHWRG G RYDORDUHGHED]
B. ACTIVUL NET REEVALUAT

Activul net reevaluat (activul net corectat) se HYDOXHD] FRUHFWkQG DFWLYXO QHW FRQWDELO 6H
VXSULP FKHOWXLHOLOH DFWLYDWH SUHFXP FKHOWXLHOLOH GH FRQVWLWXLUH VDX FKHOWXLHOLOH GH UHSDUWL]DW SH PDL
PXOWH H[HUFL LL ,PRELOL] ULOH QHFRUSRUDOH VXQW HYDOXDWH vQ IXQF LH GH YDORDUHD ORU SUREDELO GH
negociere. $FHDVWD VH SRDWH DSUHFLD ILH GLUHFW vQ IXQF LH GH WUDQ]DF LLOH FDUH VH UHIHU OD EXQXUL
comparabile, fie indirect recurgând la indici.

9DORDUHD GH DVLJXUDUH UH LQXW GH FRPSDQLLOH GH DVLJXU UL SRW IL XWLOL]DWH vQ DQXPLWH FD]XUL
Activul net reevaluat estH vQ ILQDO FDOFXODW VXVWU JkQG GDWRULLOH úL DQJDMDPHQWHOH GLQ YDORDUHD
UHHYDOXDW DDFWLYXOXL
C. 9$/25($/,&+,'$7,9 ù,9$/2$5($'(/,&+,'$5(
9DORDUHDOLFKLGDWLY VHED]HD] SHLSRWH]DXQHLUHDOL] ULSURJUHVLYHDDFWLYHORUGHFLVHGH
întreprindere. Costurile GH WUDQ]DF LH VXQW QRUPDOH 9DORDUHD DVWIHO GHWHUPLQDW HVWH vQ
PDMRULWDWHD WLPSXOXL LQIHULRDU YDORULL FRQWDELOH 3DVLYXO U PkQH HYDOXDW OD YDORDUHD VD
FRQWDELO
9DORDUHD GH OLFKLGDUH UH]XOW GLPSRWULY FD XUPDUH D XQHL OLFKLG UL IRU DWH 9DORULOH G e
UHDOL]DUHDOHDFWLYHORUVXQWFHOPDLDGHVHDIRDUWHPLFLvQUDSRUWFXSUH XULOHRUGHFHVLXQHvQFRQGL LL
QRUPDOH 3H GH DOW SDUWH YDORDUHD QHW HYHQWXDO FDUH UHYLQH DF LRQDULORU HVWH vQ JHQHUDO IRDUWH
VF ]XW FHOPDLDGHVHDQXO
4.3.3.2. Metode GH HYDOXDUH SDWULPRQLDO vQWU R RSWLF

- GH UHFRQVWLWXLUH RSWLFD
FXPS U WRUXOXL
Metodele de evaluare patrimoniale dintr-R RSWLF GH UHFRQVWLWXLUH VXQW IRDUWH GL YHUVH
0HWRGD DFWLYXOXL QHW FRUHFWDW SUHVXSXQH F FXPS U WRUXO HVWH LQWHUHVDW GH DQVDPEOXO
actiYHORU vQ WLPS FH DOWH PHWRGH QX LDX vQ FDOFXO GHFkW DFWLYHOH QHFHVDUH FRQWLQX ULL
DFWLYLW LL .
$$&7,98/1(7&25(&7$76$89$/2$5($,175,16(& 6$89$/2$5($
DE UZ (FOLOSIRE)
$FWLYXO QHW FRUHFWDW VDX YDORDUHD LQWULQVHF GH X] UHSUH]LQW VXPD IRQGXULORU FDU e ar fi
QHFHVDUH XQHL LQYHVWLUL SHQWUX D UHFRQVWLWXL SDWULPRQLXO vQWUHSULQGHULL vQ VWDUHD VD DFWXDO $FHDVW
PHWRG HVWHvQSULQFLSLXED]DW SHF XWDUHDFHUFHWDUHDYDORULLGHvQORFXLUH

B. 9$/2$5($68%67$1 ,$/
9DORDUHDVXEVWDQ LDO IDFHRELHFWXOXQRUGHILQL LLGLYHUVH$FHVWHDFRQFRUGvQJHQHUDODVXSUD
HOHPHQWHORUXUP WRDUH
• HVWH YRUED GH R YDORDUH EUXW HYDOXDW vQ IXQF LH GH FRVWXULOH GH vQORFXLUH úL GXS R
RSWLF GHFRQWLQXDUHDH[SORDW ULL
• bunurile durabile încheiate sunt incluse;

• bunurile care nu VXQWQHFHVDUHH[SORDW ULLVXQWH[FOXVH
9DORDUHD VXEVWDQ LDO FRUHVSXQGH GHFL YDORULL LQVWUXPHQWXOXL HFRQRPLF SHQWUX FXPS U WRU
6HSRDWHGHILQLRYDORDUHVXEVWDQ LDO QHW GHGXFkQGSDVLYXOH[LJLELO
C. &$3,7$/85,1(&(6$5((;3/2$7 5,,
Capitalurile necesare exSORDW ULLFXSULQGLPRELOL] ULOHQHFHVDUHH[SORDW ULLúLQHYRLDGHIRQG
GH UXOPHQW GH H[SORDWDUH ,PRELOL] ULOH QHFHVDUH VXQW HYDOXDWH SRUQLQG GH OD VXPD QHW GH IRQG GH
rulment de exploatare pornind de la nivelul de activitate previzional.

$FHDVW QR LXQHHVWHIRDUWHDSURSLDW GHFHDDDFWLYXOXLHFRQRPLF
0HWRGHKLEULGHúLQR LXQHDGH³JRRGZLOO´
0HWRGHOH KLEULGH vQFHDUF V UHFRQVWLWXLH YDORULOH RE LQXWH SULQ PHWRGHOH DFWXDULDOH GDU
pornind de la diferite elemente ale portofoliului de active. Intr-DGHY U XQXO GLQ SULQFLSDOHOH
LQFRQYHQLHQWHDOHPHWRGHORUSDWULPRQLDOHHVWHF HOHFRQGXFODUH LQHUHDvQHYDOXDUHGHFkWDEXQXULORU
FDUH IDF RELHFWXO WUDQ]DF LLORU SH SLD D VSHFLILF $FHVWH PHWRGH QX LDX vQ FDOFXO QLFLRGDW YDORDUHD
pasivelor necorporalHúLXUPDUHFDUHFRQVWLWXLHDGHVHDRSDUWHVXEVWDQ LDO DYDORULLXQHLvQWUHSULQGHUL
*RRGZLOO VDX VXSUDYDORDUHD UHSUH]LQW YDORDUHD DFHVWRU DFWLYH QHJRFLDELOH úL FRUHVSXQGH
GHFLGLIHUHQ HLvQWUHRYDORDUHGHWLSDFWXDULDOúLRYDORDUHGHWLSSDWULPRQLDO Valoarea întreprinderii

DSDUHDVWIHOFRPSXV GLQGRX HOHPHQWHYDORDUHDSDWULPRQLDO úLJRRGZLOO
6XPD JRRGZLOO YDULD] GXS FXP HVWLPDUHD HVWH I FXW GH FXPS U WRU VDX YkQ] WRU 6
H[DPLQ PSULQFLSDOHOHPHWRGHGHHYDOXDUHJRRGZLOO
4.3.4.1. Metoda indiUHFW

$FHDVW PHWRG HVWHGHDVHPHQHDGHQXPLW PHWRGDJHUPDQ VDXPHWRGDSUDFWLFLHQLORU(D
SUHVXSXQH F YDORDUHD IRQGXULORU SURSULL 9cp HVWH HJDO FX PHGLD YDORULL GH UHQWDELOLWDWH GH
UDQGDPHQW 95 úL D DFWLYXOXL QHW FRUHFWDW $1& DFWLYXOXL QHW UHHYDO uat). Valoarea fondurilor
(VR + ANC)
proprii: Vcp = *RRGZLOO *: VH HYDOXHD] vQWU XQ PRG LQGLUHFW SULQ GLIHUHQ
- vQWUH
2
YDORDUHDIRQGXULORUSURSULLúLDFWLYXOQHWFRUHFWDW
(VR − ANC)
GW = Vcp − ANC =
2
$FHDVW PHWRG DSDUH IRDUWH DUELWUDU 1X H[LVW QLFL R MXVWLILFDUH SHQWUX SRQGHUDUHD
XWLOL]DW 5HFXUJHUHDODYDORDUHDGHUHQWDELOLWDWHHVWHIRDUWHFULWLFDELO GHRDUHFHDFHDVWDSUHVXSXQHR
stabilitate a beneficiului curent pe un orizont infinit.

4.3.4.2. Metode directe. Metodele directe sunt bazate pe R HYDOXDUH GLUHFW D
goodwill
9DORDUHDWRWDO DIRQGXULORUSURSULLHVWHFDOFXODW DG XJkQGODJRRGZLOODFWLYXOQHWFRUHFWDW
A. 0(72'$(;3(5 ,/25&217$%,/,(8523(1,
Conform acestei metode, valoarea fondurilor proprii VcpHVWHFDOFXODW DVWIHO
Vcp = ANC + GW = ANC + a n (BNC − i ⋅ ANC)

Goodwill este determinat prin actualizarea unui supraprofit pe care-O SRDWH RE LQH
– i ⋅ ANC) este egal cu
FXPS U WRUXO GDWRULW GH LQHULL GH DFWLYH QHFRUSRUDOH VXSHUSURILWXO %1&
GLIHUHQ D vQWUH %1& EHQHILFLXO FXUHQW GXS GHGXFHUHD FKHOWXLHOLORU ILQDQFLDUH úL D LPSR]LWXOXL
SUHYL]LRQDO úL UHPXQHUD LD OD UDWD GREkQ]LL QRUPDOH L D DFWLYXOXL QHW FRUHFWDW 5DWD L vQ JHQHUDO
UH LQXW HVWHFHDDREOLJD LXQLORUGHVWDWVXSHUSURILWXOHVWHDFWXDOL]DWODUDWDLFDUHLQWHJUHD] RSULP
de risc egaO FX GLQ UDWDL)DFWRUXOPXOWLSOLFDWLY DQHVWHXQIDFWRUGHDFWXDOL]DUHFXPXODW SHQ
ani:
an =
[1 − (1 + i ) ]
1 −n
i1
(OHPHQWHOH GHWHUPLQDWH DUELWUDU FDUH DSDU vQ DFHDVW PHWRG VXQW QXPHURDVH EHQHILFLXO
FXUHQWFRQVWDQWGXUDWDGHYLD SULPDGHULV c.
B. METODA ANGLO-6$;21
Metoda anglo-VD[RQ HVWH IRDUWH DSURSLDW GH PHWRGD SUHFHGHQW (D GLIHU GHRDUHFH UH LQH
un orizont infinit pentru a evalua goodwill.

 BNC − i ⋅ ANC 
Vcp = ANC + GW = ANC +  
 i 
C. 81(;(03/8'(&203$5$ ,($',)(5,7(/250(72'(
)LH R vQWUHSULQGHUH DO F rui activ net corectat (ANC) este de 500. Beneficiul curent este de
5DWDGREkQ]LLGHSLD HVWHGH6HSUHVXSXQHF L¶ FRUHVSXQ] WRDUHUDWHLVROLFLWDWH
(cerute) aferente fondurilor proprii.

0HWRGDGLUHFW
BNC 100
Valoarea de rentabilitate VR = = = 666,7 .
i’ 0,15
(VR + ANC) (666,7 + 500)
Valoarea fondurilor proprii este atunci de: Vcp = = = 583,3
2 2
ÌQFRQVHFLQ JRRGZLOOHVWHHJDOFX*: 9cp – ANC = 583,3 – 500 = 83,3
0HWRGDH[SHU LORUFRQWDELOLHXURSHQLLSRWH]DSHXQRUL]RQWGHDQL
(YDOX P
a10
[1 − (1,15) ] = 5,018
−10
0,15
De unde: Vcp = ANC + a n (BNC − i ⋅ ANC) = 500 + 5,018(100 − 0,10 ⋅ 500) = 751
Goodwill este egal cu: GW = Vcp − ANC = 751 − 500 = 251
Metoda anglo-VD[RQ
Vcp = ANC + {(BNC − i.ACN )/ i’}= 500 + {(100 − 0,10 × 500)/ 0,15}= 833
Goodwill este egal cu:
GW = Vcp − ANC = 833 − 500 = 333
4.3.5. Documentar
A. (9$/8$5($3$75,021,$/ ù,),1$1&,$5 $Ì175(35,1'(5,,
Tipuri de cash-flow-XULFDUHGHWHUPLQ YDORDUHDvQWUHSULQGHULL
1° Într-RRSWLF DYkQ] WRUXOXLvQWUHSULQGHULLIOX[XULOHGHWUH]RUHULHVXQWFHOHUH]XOWDWHGLQYkQ]DUHD
LPHGLDW DSDWULPRQLXOXLvQvQWUHJLPHVDXEXFDW FXEXFDW
Se poate vorbi de:

valoarea OLFKLGDWLY UH]XOWDW GLQ YkQ]DUHD DFWLYHORU SH SLH HOH ORU FDUDFWHULVWLFH vQ FRQGL LL
QRUPDOHGHWUDQ]DF LRQDUH
valoarea de asigurare FH SRDWH IL RE LQXW GLQ HYDOX ULOH I FXWH GH VRFLHW LOH GH DVLJXUDUH
atunci când iau în asigurare active similare cu cele ale întreprinderii;
valoarea de lichidare UH]XOW GLQWU-R OLFKLGDUH IRU DW D vQWUHSULQGHULL vQ FD] GH IDOLPHQW
9DORDUHD GH OLFKLGDUH HVWH LQIHULRDU YDORULL OLFKLGDWLYH GHWHUPLQDW vQ FRQGL LL GH WUDQ]DF LL
normale.
2° Într-R RSWLF D FXPS U WRUXOXL vQWUHSULQGHULL IOX[XULOH GH WUH]RUHULH SHQWUX FXPS UDUHD
vQWUHSULQGHULLVXQW FHOH RFD]LRQDWH GH FXPS UDUHD LPHGLDW SH GH D vQWUHJXO VDX EXFDW FX EXFDW D
-
activelor întreprinderii. Se poate vorbi de:
valoarea de înlocuire a întreprinderii, rezultDW GLQVXPDSUH XULORUGHFXPS UDUHGHSHSLD DGH
RFD]LH D DFWLYHORU vQWUHSULQGHULL DúD FXP VH SUH]LQW HOH vQ SULYLQ D X]XULL úL D FRQGL LLORU GH
utilizare;
YDORDUHD LQWULQVHF VDX YDORDUHD X]XDO HVWH FHD GHWHUPLQDW GH P ULPHD IRQGXULORU QHFHVDUH
pentru reconstituirea patrimoniului, pe de-DvQWUHJXOvQVWDUHDVDDFWXDO
YDORDUHD VXEVWDQ LDO 96 GHWHUPLQDW GHYDORDUHDLQWULQVHF DDFWLYHORUGH H[SORDWDUH QHW GH
GDWRULLúLGHIRQGFRPHUFLDOSULYLW vQWU RSHUVSHFWLY GHFRQWLQXDUHDDFWLYLW

- LL
Activele de Fondul
VS = - - Datorii
exploatare comercial
Activele de Active Active în

= - + Leasing
exploatare totale DIDUDH[SORDW ULL
FDSLWDOXULOH SHUPDQHQWH QHFHVDUH H[SORDW ULL &31( conduc spre o valoDUH VXEVWDQ LDO GDU
FDUH LQHFRQWGHPRGXOGHILQDQ DUHDDORF ULORUGHFDSLWDOvQDFWLYHFRUSRUDOHGHH[SORDWDUH
,PRELOL] UL Nevoia de fond 5DPEXUV ULGH
CPNE = + -
nete de rulment previzionate datorii financiare
3° Într-RRSWLF DLQYHVWLWRUXOXL GHFDSLWDOIOX[XULOH GHWUH]RUHULHVXQW FHOH DúWHSWDWHDVHRE LQHGLQ
FRQWLQXDUHDDFWLYLW LLvQWUHSULQGHULL6HSRDWHYRUELGH
YDORDUHD GH UDQGDPHQW ILQDQFLDU FD VXP DFWXDOL]DW D IOX[XULORU GH WUH]RUHULH HVWLPDWH S e
WRDW GXUDWDGHYLD HFRQRPLF DvQWUHSULQGHULL
YDORDUHD EXUVLHU FD UH]XOWDW DO SURGXVXOXL GLQWUH EHQHILFLXO SURILWXO SHU DF LXQH %3$ úL
FRHILFLHQWXOGHFDSLWDOL]DUHEXUVLHU 3(5PXOWLSOLFDWFXQXP UXOGHDF LXQLHPLVH
YDORDUHD PL[W ED]DW SH JRRGZLOO úL DPRUWL]DUHD DFHVWXLD UHVSHFWLY YDORDUHD GH SLD D
DFWLYHORUFRUSRUDOHSOXVYDORDUHDQHFRQWDELOL]DW DDFWLYHORUQHFRUSRUDOH
9DORDUHDSDWULPRQLDO DvQWUHSULQGHULL
Patrimoniul net 9DORDUHDFRQWDELO 9DORDUHDFRQWDELO 9DORDUHDFRQWDELO
= - =
sau activul net DDFWLYHORURE LQXWH a datoriilor a capitalurilor proprii
9DORDUHDILQDQFLDU GHUDQGDPHQWDvQWUHSULQGHULL
Determinarea cash-flow-urilor disponibile:
CFgest = EBIT – Impozit + Amo = PN + Dob + Amo

în care: EBIT – SURILW GLQ H[SORDWDUH vQDLQWH GH GREkQ]L úL LPSR]LW HDUQLQJV EHIRUH LQWHUHVWV DQG
WD[HVvQHQJOH]
Impozit = (EBIT – Dob) ⋅ τ
τ -FRWDXQLF GHLPSR]LWSHSURILW
PN = profit net = (EBIT – Dob) (1 - τ)
$PR P ULPHDDPRUWL] ULLDQXDOH
CFD = CFgest – ,PR– 1)5

în care: ,PR ,PR1 – Imo0 + Amo + VCR
Imo1 YDORDUHDQHW DLPRELOL] ULORUGLQELODQ XOODVIkUúLWXOUHVSHFWLYODvQFHSXWXODQXOXL
9&5 YDORDUHDFRQWDELO U PDV DDFWLYHlor vândute (dezinvestite).
1)5 1)51
– NFR0,
unde: NFR = ACR – DEXP = nevoia de fond de rulment;
ACR –DFWLYHFLUFXODQWHLQFOXVLYWUH]RUHULDQHW
DEXP – datorii de exploatare.
CFD – CFDact + CFDcr
CFDact = PN – &35 FDVK -flow-ul disponibilSHQWUXDF LRQDUL

unde: PN – profit net;
&35– CPR1 – CPR0
cu: CPR1(0) –FDSLWDOXULOHSURSULLODVIkUúLWXOUHVSHFWLYODvQFHSXWXODODQXOXL
CFDcr = Dob – '$7 FDVK-flow-ul disponibil pentru creditori

unde: '$7 '$71 – DAT0
cu: DAT1(0) –GDWRULLOHF WUHvPSUXPXW WRULODVIkUúLWXOUHVSHFWLYODvQFHSXWXODQXOXL
(YDOXDUHDILQDQFLDU DvQWUHSULQGHULLúLDFDSLWDOXULORUDFHVWHLD
n
CFD t VR n
V0 (AE) = ∑ +
t
t =1 (1 + K ec ) (1 + K ec )n
în care:V0(AE) –YDORDUHDDFWXDO GHUDQGDPHQWDvQWUHSULQGHULLDDFWLYXOui ei economic = AE);
t - 1, 2,…, n ani perioada de previziune a valorii;
CFDt - cash-flow-uri disponibile ale întreprinderii estimate în anul t;
VRn -YDORDUHDUH]LGXDO DvQWUHSULQGHULLHVWLPDW vQDQXOQ
Kec - costul mediu ponderat al capitalului la întreprinderea medie din clasa de risc a
întreprinderii analizate.
CPR DAT
unde: K ec = K fin + K dob (1 − τ)
AE AE
cu: Kfin -FRVWXOFDSLWDOXOXLSURSULXODDFHHDúLvQWUHSULQGHUHPHGLH
Kdob - costul nominal al împrumuturilor (al dobânzilor) lDDFHHDúLvQWUHSULQGHUHPHGLH
n VR (CPR ) n
CFDact⋅n
V0 (CPR ) = ∑ +
t
t =1 (1 + K fin ) (1 + K fin )n
n VR ( DAT ) n
CFDcr⋅t
V0 (DAT) = ∑ +
t
t =1 (1 + K d ) (1 + K d ) n
în care:
V0(CPR) -YDORDUHDDFWXDO DFDSLWDOXULORUSURSULL
V0(DAT) -YDORDUHDDFWXDO DGDWRULLORU

CFDact ⋅ t - cash-flow-XULGLVSRQLELOHSHQWUXDF LRQDULHVWLPDWHîn anul t;
Kfin - costul capitalurilor proprii;
CFDcr ⋅ t - cash-flow-uri disponibile pentru creditori estimate în anul t;
Kd - costul nominal al datoriilor;
VR(CPR)n -YDORDUHDUH]LGXDO DFDSLWDOXULORUSURSULLHVWLPDW vQDQXOn;
VR(DAT)n -YDORDUHDUH]LGXDO GHUDPEXUVDWDGDWRULLORUHVWLPDW vQDQXOQ
V0(CPR) + V0(DAT) = V0(AE)
B. 12 ,81($'(*22':,//9$/2$5($'()/8;$*22':,// -ULUI
'LIHUHQ D SR]LWLY vQWUH YDORDUHD ILQDQFLDU 9) úL YDORDUHD SDWULPRQLDO 93 H[SULP
QR LXQHD GH *RRGZLOO VDX GH )RQG FRPHUFLDO UHVSHFWLY GH FDSDFLWDWHD vQWUHSULQGHULL GH D DGXFH
profituri mai mari decât cele normale.
Goodwill = VF – VP VF = VP + GW
*RRGZLOOUHSUH]LQW H[FHGHQWXOGHYDORDUHDvQWUHSULQGHULLSHVWHYDORDUHDGHSLD DWULEXLW
elementelor identificabile ale activelor sale la un moment dat.

n
(P − ANC ⋅ i) ⋅ t
GW = ∑ ,
t =1 (1 + K fin ) t
unde: P - profitul previzional;

ANC - activul net corectat;
i -UDWDGHUHPXQHUDUHGHF WUHSLD DFDSLWDOXULORULQYHVWLWHvQvQW reprinderi;
W «QDQLGLQSODQXOGHLQYHVWL LLSHQWUXH[SORDWDUHDvQWUHSULQGHULLFXPS UDWH
Kfin - costul capitalurilor proprii ale întreprinderii.

'XS PHWRGDDQJOR-VD[RQ vQLSRWH]DXQHLGXUDWHGHH[SORDWDUHQHOLPLWDWH
P − ANC ⋅ i
GW =
K fin
'XS PHWRGD8QLXQLL([SHU LORU&RQWDELOL(XURSHQL
P − ANC ⋅ i i
GW = a= ,
a 1
1−
(1 + i) n
unde: a - DQXLWDWHDGH DPRUWL]DUHD XQXLOHXvQ³Q´DQLODRUDW GHGREkQG HJDO FXUHQWDELOLWDWHD
medie a sectorului industrial al întreprinderii.
ÌQDúD QXPLWD³PHWRG DSUDFWLFLHQLORU´YDORDUHDJOREDO DvQWUHSULQGHULLHVWHHJDO FXPHGLD

-
DULWPHWLF GLQWUHYDORDUHDDFWLYXOXLQHWFRUHFWDW$1&úLYDORDUHDIOX[XOXL3L
1 P
V=  ANC +  ,
2 i
unde: ANC – activ net corectat;
P/i - YDORDUHD GH UDQGDPHQW ILQDQFLDU SURILWXO UDSRUWDW OD UDWD UHQWDELOLW LL FHUXW SH
SLD SHQWUXvQWUHSULQGHUHDUHVSHFWLY L
P P
GW = − ANC = ANC + GW
i i
1 P 1 GW
Vi =  ANC +  = (2ANC + GW ) = ANC +
2 i 2 2
1 P 1 P − i ⋅ ANC
Vi =  ANC +  = ANC + ⋅
2 i 2 i
Goodwill-ul FD UHPXQHUDUH D DF LRQDULORU úL D FUHGLWRULORU vQWUHSULQGHULL 0HWRGD
ED]DW SHYDORDUHDVXEVWDQ LDO EUXW 96%
n
(P − i ⋅ VSB)
GW = ∑ ,
t
t =1 (1 + K ec )
în care:P - profit;
t -SHULRDGDGHLQYHVWL LLDFDSLWDOXOXLvQ³Q´DQL
Kec - rata de aFWXDOL]DUHVSHFLILF vQWUHSULQGHULL
VSB -YDORDUHDVXEVWDQ LDO EUXW
i - UDWD UHQWDELOLW LL FHUXWH GH SLD SHQWUX vQWUHSULQGHUH D F UHL YDORDUH HVWH PDL PLF
decât Kec.
0HWRGDED]DW SHFDSLWDOXULOHSHUPDQHQWHQHFHVDUHH[SORDW ULL&31( )
n
PE − i ⋅ CPNE
GW = ∑ ,
t
t =1 (1 + K ec )
în care: PE - profitul din exploatare în perioada t;
CPNE -FDSLWDOXULOHQHFHVDUHH[SORDW ULLvQSHULRDGDW
n - perioada de capitalizare;
i -UDWDGHUHPXQHUDUHFHUXW GHSLD SHQWUX&31(
Kec -UDWDGHDFWXDOL]DUHVSHFLILF vQWUHSULQGHULL
REZU M A T
x 1R LXQHDGHLQYHVWL LLSRDWHILGHILQLW DWkWGLQSXQFWGHYHGHUHILQDQFLDUVFKLPEDUHDXQHL
VXPH GH EDQL SUH]HQW úL FHUW vQ VSHUDQ D RE LQHULL XQRU YHQLWXUL YLLWRDUH VXSHULRDUH GDU
SUREDELOH SUHFXP úL GLQ SXQFW GH YHGHUH FRQWDELO DORFDUHD XQHL WUH]RUHULL GLVSRQLELOH
SHQWUX SURFXUDUHD XQXL DFWLY IL[ D F UXL XWLOL]DUH YD GHWHUPLQD IOX[XUL ILQDQFLDUH GH
vQFDV ULúLSO L
x Pentru a calcula criteriul VAN HVWH VXILFLHQW FDOFXODUHD YDORULL DFWXDOH D IOX[XULORU GH
OLFKLGLW LYLLWRDUHJHQHUDWHGHLQYHVWL LHDSRLGHGXFHUHDVXPHLLQL LDOHDLQYHVWL LHL
x Perioada (termenul) de recuperare VH GHILQHúWH FD ILLQG QXP UXO GH SHULRDGH QHFHVD re
pentru a recupera fondurile investite.
x 5DWD GH UHQWDELOLWDWH FRQWDELO VH GHWHUPLQ UDSRUWkQG EHQHILFLXO PHGLX JHQHUDW GH LQYHVWL LH OD
VXPDLQYHVWL LHLPHGLLGHWHUPLQDW FRQWDELODGLF SRUQLQGGHODYDORDUHDQHW FRQWDELO PHGLH .

x abilitate5,5HVWHDFHDUDW
5DWDLQWHUQ GHUHQW GHDFWXDOL]DUHSHQWUXFDUHVHRE LQHR9$1QXO
x Indicele de profitabilitate VH FDOFXOHD] UDSRUWkQG YDORDUHD DFWXDO D IOX[XULORU GH
OLFKLGLW LJHQHUDWHGHSURLHFWHODVXPDLQYHVWLW
x &UHúWHUHD FDSLWDWXOXL VH UHDOL]HD] SULQ PXOWLSOLFDUHD QXP UXOXL DF LXQLORU VDX P ULQG
YDORDUHDQRPLQDO DDF LXQLORU
x &UHúWHULOH GH FDSLWDO SULQ FRQYHUVLXQHD GDWRULLORU VXQW SURSULL PDULORU VRFLHW L FRPHUFLDOH
SH DF LXQL FDUH DQWHULRU DX HIHFWXDW vPSUXPXWXUL REOLJDWDUH HPL kQG REOLJD LXQL
coQYHUWLELOHvQDF LXQL
x &DSLWDOXO FRQVWLWXLW SULQ YkQ]DUHD DF LXQLORU SRDWH IL FDSLWDO DXWRUL]DW FDSLWDO VXEVFULV
FDSLWDOY UVDWFDSLWDOHPLVúLY UVDW
x Sub aspectul valorii scriptice DF LXQLOHSRWILFXYDORDUHQRPLQDO úLI U YDORDUHQRPLQDO .

x $F LXnile emise pot oferi diferite privilegii GH LQ WRULORU SULYLOHJLXO GH YRW SULYLOHJLXO GH
GLYLGHQG SULYLOHJLXO GH GLYLGHQG FXPXODWLY SULYLOHJLXO GH SDUWLFLSD LH SULYLOHJLXO GH
FRQYHUVLXQHSULYLOHJLXOGHU VFXPS UDUH
x Împrumutul obligatar UHSUH]LQW XQ contract de credit, o modalitate de procurare a resurselor

ILQDQFLDUHQHFHVDUHFUHúWHULLHFRQRPLFHúLUHVSHFW ULLXQRUREOLJD LLGHSO LDVXPDWH.
x 2EOLJD LXQHDHVWHXQWLWOXGHFUHGLWSHWHUPHQOXQJHPLVGHF WUHRVRFLHWDWHSHDF LXQLVDX
R LQVWLWX LH JXYHUQDPHQWDO VDX PXQLFLSDO D F UHL UDPEXUVDUH HVWH vQ PRG RELúQXLW
JDUDQWDW SULQEXQXULSDWULPRQLDOHVDXLSRWHFL
x &DUDFWHULVWLFLOH REOLJD LXQLL VXQW YDORDUHD QRPLQDO SUH XO GH HPLVLXQH SULPD GH HPLVLXQH
UDWD QRPLQDO D GREkQ]LL FXSRQXO UDWD DFWXDULDO EUXW UDWD GREkQ]LL OD WHUPHQ FXUVXO
REOLJD LXQLLSUH XOGHSLD DOREOLJD LXQLLSUH XOGHUDPEXUVDUHSULPDGHUDPEXUVDUHHWF .

x ÌQ HVHQ leasing-ul HVWH R RSHUD LXQH FDUH SUHVXSXQH vQ SULQFLSLX GRX FRQWUDFWH XQXO GH
vânzare – FXPS UDUH vQFKHLDW vQWUH RUJDQL]D LD SURGXF WRDUH FD YkQ] WRU úL RUJDQL]D LD
ILQDQFLDU VRFLHWDWHD GH OHDVLQJ FDUH FUHGLWHD] RSHUD LXQHD GH OHDVLQJ vQ FDOLWDWH GH
FXPS U WRUúLXQFRQWUDFWGHORFD LXQHvQFKHLDWvQWUHVRFLHWDWHDGHOHDVLQJúLRWHU SHUVRDQ
x Costul capitaluluiXWLOL]DWFDRUDW GHDFWXDOL]DUHGHSLQGHGHXQQXP UPDUHGHSDUDPHWUL
UDWD GREkQ]L GDWRULLORU SROLWLFD GH GLYLGHQGH VWUXFWXUD ILQDQFLDU D VRFLHW LL ULVF SLD D
ILQDQFLDU
x Evaluarea întreprinderiiFRQVWLWXLHI U vQGRLDO SUREOHPDILQDQFLDU FHDPDLFRPSOH[ úL
UHSUH]LQW XQ GRPHQLX GHVLQWH] vQFDUH WUHEXLHV VHUHFXUJ vQPRG VLPXOWDQODGLIHULWH
metode.
BIBLIO G RA FIE
Petre Brezeanu –³*HVWLXQHDILQDQFLDU DvQWUHSULQGHULLvQHFRQRPLDGHSLD ´
(GLWXUD)XQGD LHL³5RPkQLDGH0kLQH´%XFXUHúWL
Petre Brezeanu –³*HVWLXQHDILQDQFLDU úLSROLWLFLOHILQDQFLDUHDOHvQWUHSULQGHULL´
(GLWXUD)XQGD LHL³5RPkQLDGH0kLQH´%XFXUHúWL
Petre Brezeanu – ³*HVWLXQHD ILQDQFLDU D vQWUHSULQGHULL´ (GLWXUD )XQGD LHL 5RPkQLD
GH0kLQH´%XFXUHúWL
Petre Brezeanu – ³*HVWLXQHD ILQDQFLDU D DJHQ LORU HFRQRPLFL vQ HFRQRPLD GH SLD ´
/LWR$6(%XFXUHúWL
Petre Brezeanu –³)LQDQ HúLJHVWLXQHILQDQFLDU ´(GLWXUD(FRQRPLF
Mihai Toma %XFXUHúWL
Ion Stancu –³)LQDQ H7HRULDSLH HORUILQDQFLDUH)LQDQ HOHvQWUHSULQGHULL

$QDOL] úLJHVWLXQHILQDQFLDU ´(GLWXUD(FRQRPLF %XFXUHúWL
*HRUJHWD9LQWLO – ³*HVWLXQHD ILQDQFLDU D vQWUHSULQGHULL´ (GLWXUD 'LGDFWLF úL
3HGDJRJLF %XFXUHúWL
Paul Halpern – ³)LQDQ HPDQDJHULDOH´(GLWXUD(FRQRPLF %XFXUHúWL
J.Fred Weston
Eugene F.Brigham

Cap 4 PDF

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Cap 4 PDF

Uploaded by

Copyright:

Available Formats

Modulul 4 -6WUDWHJLDILQDQFLDU

elementelor financiare ale acestora;

UHFXSHUDUHUDWDGHUHQWDELOLWDWHFRQWDELO UDWDLQWHUQ GHUHQWDELOLWDWHLQGLFHOHGH

x UHOLHIDUHDFRQ LQXWXOXLúLDFDUDFWHULVWLFLORUDF LXQLORU

x SUH]HQWDUHD JHQHUDO D vPSUXPXWXOXL REOLJDWDU úL DFFHQWXDUHD DVSHFWHORU

caracteristice ale REOLJD LXQLL

RSHUD LXQHSUHFXPúLDHWDSHORUGHUXO ULLXQXLDVWIHOGH contract;

metode dinamice bazate pe actualizare, metode patrimoniale, metode hibride;

venituri superioare, dar probabile;

'XS XQSULPFULWH riu se pot clasifica în:

¾ LQYHVWL LLVRFLDOHFRQVWUXF LDvQvQWUHSU inderi a unei cantine restaurant etc.;

¾ LQYHVWL LLFRPHUFLDOHSHQWUXSXEOLFLWDWHúLUHFODP HWF

ÌQIXQF LHGHULVFXOSHFDUH-OLPSOLF HOHVHSRWJUXS vQ

¾ de vQORFXLUHDHFKLSDPHQWXOXLFRPSOHWX]DWFXXQULVFIRDUWHVF ]XW GHRDUHFHQX SUHVXSXQH

PRGLILF ULDOHWHKQRORJLHLGHIDEULFD LH

XUPDUHDXQRUFRUHF LLQHHVHQ LDOHvQWHKQRORJLDGHIDEULFD LH

¾ strategice: privindFUHDUHDXQRUILOLDOHvQVWU LQ WDWHIX]LRQDUHDFXRDOW VRFLHWDWHFRPHUFLDO

FRQVWUXF LLLQVWDOD LLúLPRQWDM

x costul materialelor consumate;

x cota-parte a cKHOWXLHOLORULQGLUHFWHUHSDUWL]DWHLQYHVWL LHL

normelor de amortizare anexat Legii amorWL] ULL

d) 'XUDWDMXULGLF –GXUDWDSURWHF LHLMXULGLFHDVXSUDGUHSWXOXLGHFRQFHVLXQHDXQHLH[SORDW UL

DVXSUDXQXLEUHYHWOLFHQ P UFLGHIDEULF 

LQYHVWL LHL SULQYkQ]DUHSULQYDORULILFDUHDSLHVHORUVXEDQVDPEOHORUHWFUH]XOWDWHODFDVDUHHWF

DecizLDGHLQYHVWL LLHVWHLPSRUWDQW GHRDUHFH

GLUHF LDILQDQFLDU ODGLUHF LDWHKQLF ODGLUHF LDGHSHUVRQDO

5HJXO GHUHIHULQ 9DORDUHDDFWXDO QHW 

OLFKLGLW LYLLWRDUHJHQHUDWHGHLQYHVWL LHDSRLGHGXFHUHDVXPHLLQL LDOHDLQYHVWL LHL

VXSHULRDU FRVWXOXLLQYHVWL LHL,0 .

6 GHWHUPLQ P9$1SHQWUXDFHDVW LQYHVWL LH

Perioada Factor de actualizare )OX[GHOLFKLGLW L 9DORDUHDDFWXDO

UHDOL]DUHDXQHLLQYHVWL LLFDUHV -ar etala (întinde) pe mai multe perioade.

urmare a ipotezelor avute în vedere.

depinde de costul riscului.

PRGQRUPDOV VHXWLOL]H]HRUDW GHDFWXDOL]DUHGLIHULW vQIXQF LHGHVFDGHQ DIOX[XULORUGHOLFKLGLW L.

DQXOXL³G´$VWIHOUHOD LDGHGHWHUPLQDUHD9$1 XOXLDUWUHEXLV VHVFULH

0R1 úLSHQWUXXQSODVDPHQWGHDQLHVWH0 R2 9$1DLQYHVWL LHLGHYLQHDWXQFL

ILHF UXLIOX[FHSHUPLWHRE LQHUHDDFHOHLDúL9$1 FDúLvQFD]XOXWLOL] ULLUDWHLGREkQ]LLODYHGHUH 

fluxuri, a ratelor laYHGHUHSHQWUXDQLLúL

ODVFDGHQ YDILGLIHULW SHQWUXLQYHVWL LLFDUHDXDFHHDúL9$1GDF IOX[XULOHORUUHVSHFWLYHGLIHU 

Astfel, s-DURE LQHDFHHDúL9$1GHFRQVLGHUkQGGRX IOX[XULUHVSHFWLYGH úL

determinarea VAN-ului unei a 2-DLQYHVWL LLV-DUILJ VLWXQ9$1GH

8WLOL]DUHDXQHLUDWHXQLFHGHDFWXDOL]DUHSHQWUXDQVDPEOXOLQYHVWL LLORUQXHVWHYDODELO GHFkW

GDF VHSHUPLWHRE LQHUHDDFHOHLDúL9$1FXDQVDPEOXOXQRUUDWHODYHGHUH

Tabelul 1: Structura la termen a ratelor dobânzii

2. APEL LA MATEMATICI FINANCIARE

IRUPXOHFDUHVLPSOLILF FDOFXOHOH3UHVXSXQHPF IOX[XULOHGHOLFKLGLW LDQXDOHV ILHGHWLPSGHQ

DQLUDWDGHDFWXDOL]DUHFRQVWDQW ILLQG5'HVHPQkQGSULQ9$YDORDUHDDFWXDO IOX[XULORUVHRE L ne:

b) Pentru un orizont infinit

FUHVFFXRUDW FRQVWDQW JSHXQRUL]RQWLQILQLWÌQDFHVWFD]SHQWUXXQIOX[LQL LDOGH

úLSHQWUX5!JúLQ ∞VHRE LQH

300.000 tiPSGHDQL5DWD5 9DORDUHDDFWXDO DIOX[XULORUHVWHGH

'DF IOX[XOHVWHJHQHUDWSHXQQXP ULQILQLWGHSHULRDGHYDORDUHDDFWXDO HVWHDWXQFL

&DSLWDOL]DUHDHVWHRSHUD LXQHDLQYHUV DFWXDOL] ULL'DF vQORFGHDLQYHVWLRVXP ,0 într-un

VF(n) = I0(1 + R)n

FDSLWDOL]DUHDDUHORFGH³P´RULSHDQ6XPDRE LQXW ODILQHOHFHORU7DQLHVWHDWXQFLGH

considerate sunt infinite.

• FDSLWDOL]DUHFRQWLQX VXPDRE LQXW ODFDS WXOD7DQL SHULRDGH YDIL0H

rDSRUWDW ODFDS WXOXQXLDQGXS IUHFYHQ DGHFDSLWDOL]DUH

)UHFYHQ DGHFDSLWDOL]DUH 5DWDHIHFWLY

FRQWLQX ODUDWDDFWXDO GHDUI i de:

FDSLWDOL]DUHOXQDU FkQGUDWDDQXDO 5 6HSUHVXSXQHRVXP LQL LDO GH

UHFXSHUDUHUDWDGHUHQWDELOLWDWHFRQWDELO UDWDLQWHUQ GHUHQWDELOLWDWHLQGLFHOHGH

x UHOLHIDUHDFRQ LQXWXOXLúLDFDUDFWHULVWLFLORUDF LXQLORU

caracteristice ale REOLJD LXQLL

¾ LQYHVWL LLVRFLDOHFRQVWUXF LDvQvQWUHSU inderi a unei cantine restaurant etc.;

¾ LQYHVWL LLFRPHUFLDOHSHQWUXSXEOLFLWDWHúLUHFODP HWF

ÌQIXQF LHGHULVFXOSHFDUH-OLPSOLF HOHVHSRWJUXS vQ

¾ de vQORFXLUHDHFKLSDPHQWXOXLFRPSOHWX]DWFXXQULVFIRDUWHVF ]XW GHRDUHFHQX SUHVXSXQH

PRGLILF ULDOHWHKQRORJLHLGHIDEULFD LH

XUPDUHDXQRUFRUHF LLQHHVHQ LDOHvQWHKQRORJLDGHIDEULFD LH

¾ strategice: privindFUHDUHDXQRUILOLDOHvQVWU LQ WDWHIX]LRQDUHDFXRDOW VRFLHWDWHFRPHUFLDO

FRQVWUXF LLLQVWDOD LLúLPRQWDM

x cota-parte a cKHOWXLHOLORULQGLUHFWHUHSDUWL]DWHLQYHVWL LHL

normelor de amortizare anexat Legii amorWL] ULL

d) 'XUDWDMXULGLF –GXUDWDSURWHF LHLMXULGLFHDVXSUDGUHSWXOXLGHFRQFHVLXQHDXQHLH[SORDW UL

DVXSUDXQXLEUHYHWOLFHQ P UFLGHIDEULF

LQYHVWL LHLSULQYkQ]DUHSULQYDORULILFDUHDSLHVHORUVXEDQVDPEOHORUHWFUH]XOWDWHODFDVDUHHWF

DecizLDGHLQYHVWL LLHVWHLPSRUWDQW GHRDUHFH

GLUHF LDILQDQFLDU ODGLUHF LDWHKQLF ODGLUHF LDGHSHUVRQDO

5HJXO GHUHIHULQ 9DORDUHDDFWXDO QHW

OLFKLGLW LYLLWRDUHJHQHUDWHGHLQYHVWL LHDSRLGHGXFHUHDVXPHLLQL LDOHDLQYHVWL LHL

6 GHWHUPLQ P9$1SHQWUXDFHDVW LQYHVWL LH

DQXOXL³G´$VWIHOUHOD LDGHGHWHUPLQDUHD9$1 XOXLDUWUHEXLV VHVFULH

0R1 úLSHQWUXXQSODVDPHQWGHDQLHVWH0 R2 9$1DLQYHVWL LHLGHYLQHDWXQFL

ILHF UXLIOX[FHSHUPLWHRE LQHUHDDFHOHLDúL9$1FDúLvQFD]XOXWLOL] ULLUDWHLGREkQ]LLODYHGHUH

fluxuri, a ratelor laYHGHUHSHQWUXDQLLúL

ODVFDGHQ YDILGLIHULW SHQWUXLQYHVWL LLFDUHDXDFHHDúL9$1GDF IOX[XULOHORUUHVSHFWLYHGLIHU

Astfel, s-DURE LQHDFHHDúL9$1GHFRQVLGHUkQGGRX IOX[XULUHVSHFWLYGH úL

determinarea VAN-ului unei a 2-DLQYHVWL LLV-DUILJ VLWXQ9$1GH

GDF VHSHUPLWHRE LQHUHDDFHOHLDúL9$1FXDQVDPEOXOXQRUUDWHODYHGHUH

IRUPXOHFDUHVLPSOLILF FDOFXOHOH3UHVXSXQHPF IOX[XULOHGHOLFKLGLW LDQXDOHV ILHGHWLPSGHQ

DQLUDWDGHDFWXDOL]DUHFRQVWDQW ILLQG5'HVHPQkQGSULQ9$YDORDUHDDFWXDO IOX[XULORUVHRE L ne:

FUHVFFXRUDW FRQVWDQW JSHXQRUL]RQWLQILQLWÌQDFHVWFD]SHQWUXXQIOX[LQL LDOGH

úLSHQWUX5!JúLQ ∞VHRE LQH

300.000 tiPSGHDQL5DWD5 9DORDUHDDFWXDO DIOX[XULORUHVWHGH

'DF IOX[XOHVWHJHQHUDWSHXQQXP ULQILQLWGHSHULRDGHYDORDUHDDFWXDO HVWHDWXQFL

&DSLWDOL]DUHDHVWHRSHUD LXQHDLQYHUV DFWXDOL] ULL'DF vQORFGHDLQYHVWLRVXP ,0 într-un

FDSLWDOL]DUHDDUHORFGH³P´RULSHDQ6XPDRE LQXW ODILQHOHFHORU7DQLHVWHDWXQFLGH

• FDSLWDOL]DUHFRQWLQX VXPDRE LQXW ODFDS WXOD7DQLSHULRDGHYDIL0H

rDSRUWDW ODFDS WXOXQXLDQGXS IUHFYHQ DGHFDSLWDOL]DUH

FRQWLQX ODUDWDDFWXDO GHDUI i de:

FDSLWDOL]DUHOXQDU FkQGUDWDDQXDO 5 6HSUHVXSXQHRVXP LQL LDO GH

HFKLYDOHQW FXUDWDDQXDO GHDWXQFLFkQGFDSLWDOL]DUHDHVWHOXQDU 5DWDSURSRU LRQDO OXQDU DU

5HJXO GHGHWHUPLQDUHHYDOXDUH

• IOX[XULGHOLFKLGLW LDúWHSWDWHSUHYL]LRQDWHHVWHYRUEDGHIOX[XULFHDIHFWHD] WUH]RUHULD

úLFDUHVXUYLQSHGXUDWDGHYLD úLODILQHOHYLH LLGXUDWHLLQYHVWL LHL

• GXUDW GHYLD HDHVWHGHWHUPLQDW GHH[LVWHQ DIOX[XULORUOHJDWHGHLQYHVWL LH

Astfel VAN-XOFRPELQD LHLDSURLHFWH$úL%HVWHHJDO FXVXPD9$1 XULORUILHF UXL

simplificarea procesuluiGHDOHJHUHDLQYHVWL LHL

&RQVLGHU PGRX SURLHFWH$úL%DOHF URUFDUDFWHULVWLFLVXQWXUP WRDUHOH

'XS FULWHULXO9$1SURLHFWXO$HVWHHOLPLQDWGHRDUHFH 9$1 XOV XHVWHQHJDWLY3HGHDOW

FD]XULGHFL]LLOHVXQWFRQWUDUHID GHFHHDFHLQGLF FULWHULXO9$1

'DF VHFRPSDU FHOHGRX SURLHFWHVHFRQVWDW F HOHVXQWGLYHUJHQWHvQSXQFWHHVHQ LDOH

SURLHFWXOXL%ÌQJHQHUDODFHVWFULWHULXIDYRUL]HD] LQYHVWL LLOHFDUHSHUPLWRUHFXSHUDUHUDSLG D

oportunitate aferent fondurilor investitH6HSRDWHUHPHGLDDFHDVW VF SDUHFDOFXOkQGR SHULRDG

$FHVWFULWHULXSRDWHGHDVHPHQHDV FRQGXF vQFD]XOSURLHFWHORUPXWXDOH[FOXVLYHFDUHVH

H[FOXGXQXOSHFHO ODOWODUH LQHUHDSURLHFWXOXLFHOPDLSX LQUHQWDELOvQVHQVXO9$1 -ului. Astfel, în

LQYHVWL LHODVXPDLQYHVWL LHLPHGLLGHWHUPLQDW FRQWDELODGLF SRUQLQGGHODYDORDUHDQHW FRQWDELO

LQYHVWL LHúLF vQWUHSULQGHUHDVHILQDQ HD] LQWHJUDOSULQIRQGXULSURSULL)OX[XULOHVHSURGXFODILQHOH

DIOX[XULORUGHOLFKLGLW LGHH[SORDWDUHúLDYDULD LHL(%( XOXLGHFL

SHQWUXFDUHVHRE LQHR9$1QXO 6HGHWHUPLQ UH]ROYkQGHFXD LD

IXQF LHLUHSUH]HQWkQG9$1-XOvQIXQF LHGHUDWDGHDFWXDOL]DUHúLD[DDEFLVHORU

VXSHULRDU UDWHLGHDFWXDOL]DUHDGLF FRVWXOXLGHRSRUWXQLWDWHIRQGXULORULQYHVWLWH

HFKLYDOHQ vQWUHFULWHULLOH9$1úL5,5GLQSXQFWGHYHGHUHDODFFHSW ULLSURLHFWXOXL

chiar RIR-XO$FHDVW LSRWH] HVWHGLIHULW GHFHDFDUHSUHVXSXQHF UHFXUJHUHDOD9$1XQGHUDWDGH

SRVLELO SODVDUHDIOX[XULORUYLLWRDUHODUDWDGHDFWXDOL]DUHUH LQXW FDUHSRDWHYDULDFXSHULRDGD

QXPDLF H[LVW PDLPXOWH5,5 XULVHGRYHGHúWHúLQLFLXQXOQXHVWHIRQGDWGHFkWDOWXOGDUSHGHDOW

$FHVWHGLYHUJHQ HSRWDYHDPDLPXOWHRULJLQLGLIHUHQ vQWUHVXPHOHLQYHVWLWHVDXvQSURILOXOIOX[XUL

4q&D]XULSDUWLFXODUHLQH[LVWHQ D5,5-XOXLúLSUH]HQ DXQRUUDWHPXOWLSOH

I0 úLIOX[XULOH&1 = 200, C2 = -5DWDGHDFWXDOL]DUHHVWHGH(FXD LDGHGHWHUPLQDUHD

XUP WRDUHVHRE LQGRX UDWH

anul 2 este de –(FXD LDGHGHWHUPLQDUHD5,5-ului se scrie atunci:

FRQGXFHODRFRQFOX]LHFRQWUDU SURLHFWXO$ODR5,5GHID GHvQFD]XOSURLHFWXOXL%

H[LVWHQW vQWUHSURLHFWHOH$úL%DFHDVW GLIHUHQ GHFDSLWDOXULLQYHVWLWHSHUPLWHRE LQHUHDXQXLIOX[

FRQGXFHODDFHHDúLFRQFOX]LHWUHEXLHDOHVS roiectul B, care singurul conduce la maximizarea VAN-

VHSRDWHvQWkOQLvQDOWHFD]XULGHFkWGLIHUHQ DvQWUHGLPHQVLXQLOHLQYHVWL LLORU(DVHSRDWH produce

'DF VWUXFWXUDODWHUPHQDUDWHLGREkQ]LLQXHVWHSODW UDWDGHDFWXDOL]DUHGHXWLOL]DWQXPDL

UDWDGHUHQWDELOLWDWHODVFDGHQ FDUHHVWHUDWDXQLF FHSHUPLWHRE LQHUHDDFHOHDúL9$1

2 LQYHVWL LHGHSHUPLWH JHQHUDUHDXQRUIOX[XULGHvQDQXOúLvQ

JHQHUDWHGHSURLHFWHODVXPDLQYHVWL LHL$VWIHOGDF VHFRQVLGHU FHOHSURLHFWHSUHFHGHQWH$úL%

,QGLFHOHGHSURILWDELOLWDWHDLQYHVWL LHLGLIHUHQ LDOH+HVWH