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    35 views300 pages

    Managementul Investitiilor

    Uploaded by

    Albu

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 300
    Prof univ. dr. ing Sou ROMANU Prof. aniy.de. Gm VAS epordenatori, ie. Danioks ict MANAGEMENTUL INVESTITHLOR M EDITURA MARGARITAR, 5 Bucuresti 1997 ¢ : ei “nmeved wisn we YoiooeA B-RYSLIE-LLS NAST il . OUD Ise [AICS ap SIOAIID “aviniySayny VanUic3e groagyoe! ee sysonus 9p sojertaeige AnDads HOON eile " wi UNO @ayoeIge O;aYHa"D eydSds woCOIpU'D. Need Port. pzog 9p HOOP a ae - Sree BBUER SSDI NE POOIIOU W savin ~ QuHOYOSSCIOILL FoATU 6} sOpysBAU O _Boxuaue98 jeluajoue D proud S a:EMONE ao YOIDIPY Wh AYO wat Sauouase jruyeo 6 Dfus!oyo SYLUIp OYO|OICD “4 ai ines op depojou s soOUEDe falueIove SIS | su zi bit Sea BoqUIOUOIS elUAI>IA AD 4s, 9810 Soi so pfuaiaya 8p in4dsou0g Y OU aseruy 2p ezmep y joYuare juEWo|S PIED DOE “A 'dVD zo Nosy © ellorep pur 86 38S 6899 ap ve S1O/DUCLI JOgISBALA BID OHSAS oe jHAISEIOD AHI wy soreness QHIOUDL ig {o4c09 ep lord edefusrond reoluony HO}DA ap Daun “a m-BUROIT 7 nosas 1 gypmeynenos [Ds J a cee mpgs BEB GRE DAS IY 2 ea . pps § IRIOUOSE FUMOK 4 SMMSORUE “WO S34 VERE I [ aoa ome a REONGOUN sams saeavoy naticeator’ fin cagyicaath gs Jy, Indicate cin ndustre energie electice $1 V, Prciectarees consfeuctior Vi indicator ain comsert Indicertor spe CAP a iureryia texcton, # 3B inferta texto oreo la moment rome DUN obiectly (9). Vi Actuatiores la snamantul heap. porte (u) AcTuaizarea io momentul scogted fee). can vl Mondicie penire evahiaien eficienfei cs iorgrea studllor fe teva A. Organisine internationale francianboncare si metodoiozia de evaluate a proiectalor Fondlul Monetar Intemational GM §. Banca Intemefianalé penin Reconsinctie: 8 Denolare BRD) - . ft Banco Europeand pent Reconstructie siDezwolicre (BERD) NV. Rance Euiopeand de investi BED B. Indicator metodologiel Bancii Mondiale ©. Gvaluarea fincnciarG 3 economicé a proiecielor de invest £.Costul oportun al capitaluly’ pentru invest CAR Ik Pregéitirea clecizisi de investi, Activ documentati aterente: fi, Tipologia deci sf majore stalegice oe B. Pregétires decizilor de investti- orrcipaeke faze, actvitat si documentalii snociice . CAP. X, Optimizorea chettubti foncunior cle invest A Folosiea 3 programas 8. interpretarec economica a dualel in progiamarea tinier 6 204 De 228 230 23 285 26) o78 295) a2 312 a 226 27 332 ©. Alcatedt §ifolosirec optima a rasurseio: pwestiionate cu ratowal proykorani fiviare 2 Mecita mua pony uscanwniayva size: de invest CAP x1, Monagementul piograrn 8. Metode de progra 4, Progremarea tt Prograrnanec hice dein EAP, XM, Ampiosarec optima, rational & obictivetor cee A i.e olagere 9 ampiascmantelor B. Meloce 5i morale cle optimizare oan jena ecemoraice o modernize si dervokari cop laser obIeCtivelor cle B. Funcamentarec deciziel oplime de aichiztie oul CAP. XV Evolvoren infersindeliar fh vederen privatiza, vara ck . A Necasitatea, obiectivele evaluat 8. Btapete stucikiui de evaluate C.. Matode le evaluate a inireptindeniior p inodielele cle creslere eoonomica sicategortie de volor “A, Modelul static B, Dotermincrea investifilol CONexE sess D. Madelu oinarnic al tal Longe: a CAPE Deleimiinareo copacitatii optime de productic A Ciiteri de aptimizare @ capasiiatior de productie B, Model de determinate a capacitali optime de produc! une) Unitat existent C. Model de determinate 9 Capocitali aptine oi producto © un obiectiv nou ele inves! ANEXE, BIBLOGRAAE... Sowmeaod “WSIS UI 'D}O JOMLySAAG} pzOUBoi 00 SeUDMILOSU # foi Jo Beiwajuindo Hf (up eacgesoap no “puouose goyjod 20 siousiaord 88 ndesul 8} ‘eoydos Sp 1 U KYDINIDNUS IS elDIOM ; Hlusénui 9p LeRID9p B eoeid ep iNPOO ods © ouysep ‘oNBWelDU) jauINysu jOB0q UN “DeUaWES |p “spUGhO | Ss1OION] ‘NawWOsI UL ‘eYD{e!908 NyUSd 6 YD “ToUISeAU ‘Nujed joouD '9P2O) eibuUestt [OW BBO SMD GO “IOI eUIa JuNs BIOs aIiNDUO) | © 82 DI UOINGIs BEAD © NyUEd [s0}0} AYO 4} AI4sarL © 290) 80 8d 8109 2X ejapoibil: SIUZaIC Os shetoId No! URION| 1ISO9 eNO ‘REED 2G 5 oqo UL N42 BUISITOIS 0 “Isp ‘eNYjs4OD so}|ysSALL DlEZ\YN § oWSO IA OW QlURAIdS: NID WAIss UN nyjUed 80 DaeD ‘oUGUOIA SIUTOKIO! SUifusehu DO OULD WEIN! “WOIEBOXS OF O1O4 ‘eyORzOp ee 2510 U.- Iubuoduy Ow 0 > Sn: a Wn > ound 40d 64 Sohstituie rectul contibutiel Coladia de Eficienta Economica, aparfinand de Academia de oonomice din Bucurestt ¢ este rezultatul activitati ne téram teoretic sl practic fer de in viafa economicd sfero productel de bun sis | influsnfeaza smilten cereraa " de antienare 9 le. generous ject de investi, indiferent de sectorul de activitale in core se immplementsars la cresterea eficientei th activitatile Sp Dap] YeWopUTy nye uw SjoIpeDeU © OBS osDEUEC aoe Ly 108800 COIONION] ((2)e alpynibs 'euown “eojuiyay “elDIauUy us DAIDNOREL ul [SOA] j89 IDWYORII 9 -poyus De:0,e9180:0 aa|BojoUYa, if BO|UYAL s0iyInjQs © SIDOYYOIOA 9p fodiouNe Moo 2 a4o2ICIO WUS@AUI BP BIR{9EIC4 'BIDIINIDO BP SIO}OBS BION Ue WO JO JOYEJOW |N4LOdns BInyYsUOD oiNfuseALE eBeund 0 ojsv890 2109 od Hy juad gounw ep in90} od eiiusencs tae Jol NOs hus Jou Wayoodsiod o.4;u) ADS “yoIPO OK ap Ypimodo9 sjou_ grDe\DeKdXe e109 2. cheltuial eeniny constractsmontai fai 2. cheltuiell pentru utiiaie si echipamente de lucru, S.atte chestuos | QGteia. 0 combingyie definite de resunse umiane, materiale ete. provoaed o _ gewvoltare economics, sociald deteiminars. Din aceasta definitie refinem cd, un project, pent o fi inecesité un ansambly de mifeace definite ca natura, care; penins 1. Osiguré intrare investiia este angajatd scontate se vor obfine 0 singuré 2. intiéri mutica in mal 1» put, pointoutpun, 3. O shou ntore s!lese muti’ contnuu pe 0 perioade mat king de timp (pointinput. continugus-oulpu 4, nicl mutts i muttose (continuous-nput continsouroutou Th practica economics se constaia cé uttimele doug tipuri sunt mai frecvente fh ceca ce priveste prolectele productive industrials, h) Dupa modul de constituire: 1. vest nete, reprezentate de fondutle bénesti.ce*provin-ain brodksl effonel net Ga rival mactaeconami) "sau ain” prot etape $i o snguré iesie (continuous- Un agent economic, care isi elaboreaz bine atlicuat, poate avea un portotoly dé. prc ‘modernizarea jlinlocuires mijoacolor fixe wzate. D invesfite maeratzate i mifoace the s6 grupedn6 cst 3. masini, utlale sl instolari oe were 4, aparaie de mésurd, conor eaters: 8. mifoace ots transport < 6. animate 9 planfapil : 7. uneiteclspotiive, moblier si oparaturé birotiad: 7 8. active comorele mobile neregésite in copitolele anterioci, Gallee.A. 168 decisions inoncixes de enrape Lnvestsoment Pas, Dunody 198). 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I codtul aceste’ petiogd 2. “80 Jo}6p ADIN! 9 8 DIY »_ MBI 89 “@ORuCUOSE WOHOAEP [O FOHOIDUI IYOSNS EIUZEICS! SHTASOAL] iPoud OasonpSNijso) Sundnseid 9109 “21 Deyo Us @UbO, sN2OOS © aA) BS soutoi “SIVNOLLUISIANI | joaivas 610 rousnos v “epjciope nsenui ap Domod ep Pusdsp “MlisenU! ep PUIdEP. (eit. 310 gONNIO efO}Ie0 @j00).B9 NyLed {UBHOdUK os UN 21D BOLOINFENY YDS NSW IONDHIOT 18 1oBHeID'S IPOD UL 08490 Gp “(9}@ ajLOUUOHEd iojemnpord ceveer “eiky ejempold nyjuad me1e2 De!ONULID) 9p siusule| AULD 8o IOMIA UN nuUEd DYES OHNE © SIUEISKE 10}9 DAIOTUIEPOU! NES DaInYOATEP ‘AY;SIE|O !OU Op BALNYBLOD yued e;nOB} LOWEIMY}EYO B eYDIYO40} 99 ‘SIDJOAZEP NUEd opysenul ~Yyson 210} “SlOAOUBLY ekINSe! BP NsUOD UN BIR} "24S YOUNW HOIMONBOIS Deiods Jo}e!oUN nMyUEWICDUD CAve{se!O ‘gounU! ap N20] 8 NIMOWNU DaID|EWNCS, HUBMALO NOS xy ynypjoydoo Hemods NBs sjpod os. NN ‘eljonpoid 8p 20WO}O9} OMY, B SAYDHIOO weiSEIO ADS MHdYSIOND “YuDIUEUICNS Kzq AOIUSIANI ¥ RAVSNYTEA 3G HlOSLVALS ech “SA01 "SENOS, SOHDION "siog yuBWETECIaAsH 9p a1ueN 40 ABdKOWIIOS| Ae or santo $2118 WoL! ua 29, oqUE> $27“ YPURUS “IIS P85 MA § 91BYO By 0 e}004U9D JpADD UL NAARDAKGO ayfdEDoR "2" (NBL SH p suo uo | = Wd UNI 9p sOlelON |S IO}sforO Su O.(NDd) 8|UDOeU | ae wluDin ap jepoouact seine odnp pINODY - ca NOS + Y= ON ~ pipsoauany Injpuosiad ap Byounooxe ‘fuounoyed ap eqaid «| aay ojuya} S80 OP 194804} » ‘owonpord 2p wipiopang Doin « OIG ep 1e,sUby 6 seqjonpoud 9p tipyodos OS1bu « ‘98102UOA UIP 990) 28 05 HIDIG ep inioauiny no aysagc}rs UNIO #499) 9108898U PIEIOUOUY OSID}904O9 2: nv JOUEA/MIDjaudoId PUQS UNIO DIGOPUDLUOLA! aIfD{a: O 8183 IE}esNEOId ©. SIoAOIDIOWIED OD NiDBIS F HUMID 1 MIOqUINYNYLOINDEXE —B}BIO> 2. UL IANYDIOIT JD YO}SD odiouNa [Op 19> SKU! QXBIdULOS OW alicje: BBR (How Us Bua Je!01d) DIAINLISO BID nO Joes (2120 ein) 333404 33) ap saysUDH 5 28 aifieuelu 00” Bie) ifofoeiord jyowoInd 0 pz08UdfoUry OIDRISLH IF BfO{NDAX® 420109 j80} NO BFORY{SOLUDS JOIBZNO|O 1020 BION/DEIEIY JONES SY/OKR}OD § DaILKa! OIUE!SSD ‘AYNDENE 3p. 1200) neosied DaYOBA (8 DBIDUUE, BD QPOAOP ODO Os eMNceN CARITOUUL It STRATEGI DE RELANGARE A INVESTOR frebule 56 fle strategi de redresare, de adaptors ia principile unel econer concurentiale de piaté. In aceasta perloada unitatea poate duce-o polities: diminuate partials a act shucturale, fg un Stratega de consolidare s¢ aplicd acolo unde modificd tn structura piste, uncle au aparut § aif fur Uundle se consiata 0 crestere G concurentat s exst6 rscul de destacere a produselor finite, Strategie aplicaté in ac ie concrete ale viel nale necesita mul munca, cunostinjs sbingeniazitate.. Pentru a rout. strategia fobuic sa se bazeze pe forfele. propil din notanul de Oca Cate apar febule §4 te borezi pe cea care se poriveste firme’, 86 parvin. In general, este bing 88 inespi cu atacen esile reprezinié o economie la fondul de censum, o chet zi pentru asigurarec unei dezvoltivitoare 8. i acest cox, invesitorul sare, in generei, depincie de duraia de evaluarea strategie! Investijionate, trelaule lui uma reinvest sumeor obpinute inifial, ° In fundamentarea stategie! ‘nvestifionok bund colitate, materi pime § materlole in sttuctura si de caltatea cet ___folosind salariti de inatié callficare. Toate acestea necesita efortl (cu investiic jalagia csc’ economia de plate se bozsa20 peo cops perfecia sau pe uno Imperfects : noi ficicata, In acest 6: opt plonificaté sou pe. una, modem ofensva. core 56 le pe ce sociale tebuind si ele s@ reprezinte pent fimé aspecte pice ‘tebuie s6 privensca in mod sistem teste 0 shattegie inclependen' © asffel. de stategie, $01.facd propuneri de actiuni concrete penin nor obiectiive dacd.nu exist. o stategie, a nivel 5 si.gele mal mail plevderi, De aceea, orice strated investiionold, cere muté gandie si onaize minutioase, de ‘nfotdeauna stategia de a objine cel mai mare pratt este. shategie investifionald treble, s0.raspundd &.cel pull, . 1) © Und “unZUI9pOW 01 § o8aKDAal es a109.9fo4UOAD EP BpEs o ‘oUEWEsD 9p nb .donpold 9p 10W/2es Op euOYOREP |p K BIDUNEI Sp seoMNoY ~ ‘010}8890 9 BIO. 9p jajDINE Dasbunjeid no {uaywesuos “epoyyqoueyueus 6 a\04A0Y Bp |NNPDIB DAIEH;OD AINBISO 93-30} 9}0. eoRUQUEDe-cOMNYO},Joje;LOWOHIEd DeIE\SE19. 0), ‘010)8090 19-,S2410U099 -OjeWUeUIOUD! 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Cilterile de: economice, tehnologice, sociaie;: Aceste cof Jehnotogice. solu bu pot fl acoperite ‘odaplarea acesteia la Consiruitsa dle oblective noi este o activitate Care, In aeastts peioada. 4 fara noosiv6 are o exindere destul de limitata. Aceasla Geoaiece la nivelul economia’ nationale exists © bard tehnico-matetidd, un mare numar de objective productive $ nu se justifcé consirutea ce no} copacttal Ge products | decdt in cazut cu totul excepyionale. A doua thirebare de bazd: "cu ce s josiea e6t mol bund a suprafefel é Cittetile tetnologice decurg din necestatea “Incadreze structural th plotforna industfialé pentru a esgue 0 bund 4 wale din vecindtate $i, pe cAt posi, 56 nu ducd. fo lui obiectiv, respectiv a surselor propr portante suse sunt cele propa condi de cezvottate a Ror respectiv crecitul si vanzar se Va Umi! acelag Scop, @ surselor attase, Normal ed cele din profit si din armortizat dar, tn un loc important ausursele.atrase, 3 ABO} clegarec variantei opfime, a acelsio penttu care efi ‘este maxima In aceasta directie, a stabil celat mai bune surse oe Important 1 ore dimensionarea riveluiui: maxim epinde de o serie de factor. din care prezentéa fateGielinvestonale a trie so teferd lo condifile naturale ale zonel, Sma, deectia vant, dar si pase de asaucre a debtor de oes proceselor de productie, cxigurares prolectiel mediukiiste, 2 © ulin intebare Ia core seBule gash apunsh ctuncl One se, ‘mai mutter variante dupa core si se stablleasca solutia opti Tot in aceasta etapa are loc si procesul de alegere a1 vitlorulul obiectiv economic, un proces complex, cu ; eet tes ee snigore pepe DE "eye BO |liiatto}a ap NOs o “yNW IDA ‘afonpoId 0} “AO [PIRlOHA uObOXoUTy © S89 ed $ JOS “olsen! oRioe OjoIND See ve ee monoo nono a snageemrmaicuna| J Sundinseidheinlioye 0 }OOXE }Ow! 19 HSIONION “eluued 945290 Ofso}UBU! es 8109. ejuued odnp oseyqbys 8s.empjos 9d Haid E ‘Dulbes adi nu i sole;Goipus DaUNisaiet Of in JOOS 9p euie|sor0 e1D9 U1 ayz9: mca | LW MQUAFSAPOIC: jreALY ep eIfoUTy Uy) BOsDEIqGDIS os Ds oIng ‘ajoUYOU feRUIOUODe —OLUsUl UL {W BO JOIDREPE 9 “e1DOYO ep soul POIB UNO jo}9o O YOIDEEE UE PIOMISEAU! DUIS UB JOJO FDZIOUD OIn {040)wWe DeieoNBA! O} | 0 e\{NPOId 8p JOUINYs09 B ein "AD -BISO DUNS b “,9OOUDDE B!OO]A, OD O SID GUL AP Otay apooUST Lu RINUILGO LOG:ep DUIS $0B300 OD INISOUND 2189 IHOTIONIID DILYS} Hosoes0|0} CCAPIOLUL il STRATEGIIDE RELANSARE A INVESNTILOR. 8, CONTRIBUTIA-PRINCIPALILOR PARTICIPANT! LA CRESTEREA EFICIENTE| ECONOMICE A INVESTITILOR eB Investifile se coracterizeaz’: prin aceea c& se inféiptyiesc In scopul ‘eri de No miloace fixe, iat realizarea for necesita: un timp indelungat An ipolele faze: prolectare. executio: si aps! atingered parametiior ai vestitle se realzearé in ciferite romu economic, 816 ‘cor eles consiitule 6 ramurd de sine stattoare a economie! nationale, Pentru a desprinde mal usor contribufia ctferitior factor le realizared ‘nvestiilor, considertim ut sé prezontém, tn preclabll, schemal-logica de Gesf@suare a unel investi, principalele etape care trebuie parcurse pentru esifi, INCepEnd CU Oparitia noulul Obiectiv si termina cu scoaterea din funcfune, ‘hlocuiea Iui cu afful mai perfection; mol uti sooletate (Figure.2. 1), Cel care ditieazé inireaga activitate th logétine ct! oblectivul ce jest este beneticia ‘Ou! proprietar al obiectivull. Adesea etnu ipa la realizoren efectiva & investiilor, dar prezenfa sarse face simfita in toate etapele Inscrke in schema. din: figura’ 2.7; De fapt, reallearea unel investifi-este “opera umétorlor participant: \beneflaciarul. protectant erecutant, De actviictes lor depind atat modul cum se e814! grad el de ieficlonté economicé. Ne propunem, in:cele ce Umeda, se exominarm:contribujia parlicipantilor menficnalile obtineied acestor realize: Trebuie, Ins sa precizam ca daca beneficiaru este de obice! 0 singura inhrepeindete sou insfitulie, wh schimb Pot existe. doud sau mal multe institute de pioiectare, De asemenea. denumirea de executant.acoperd col nutin. doue Infreptinderi (una. industr iajele Necesare, jot cugialles de onsttucti, ‘Gore executd iucrdile pe santiete), dor in molettiates cazutlor execUiontul @sf6 reprezental de UA numér mate de infreptinglen din difette rarmur industtlale (consttichi de masini, metaluigie, eectotehnicd, chirnie: Woara 810), precum si'din alte tamu als economie! nationale: conetuctl (organizafiide Constiuchi pioniiu-ase; de instalati etc). ransportuth etc reolizarec une idotuieste o investiie, L. BENEFICIARUL. Beheficiarul nel investifi este. de fapt, propristorul vitorului oblect sau: mandatant acesiia. Care este rolul beneficiatlul th sportes eficlenfsl economics 6 investititor ? CAPITOLUL Il- STRATEGI). DE REL ANSARE A IVESTILOR Aparitia necesteti unel invest Sy Fundamentarea nacosttafiinoll investi Adoptcrea deciiet de ainvesti t Elaborarea documentalilor fehnico-economic ‘Aprobarea documentafior fehnico-econemice | Deschidered finantarliuctalor de investi mk rea ice l Punetea in functiune ainvestiie! Receptio lucrérlor de care beneticior Real jorde investi Alingetea paremetnior prolectatt | IncHonares noulLi obiectivh regin normal [Scoaterea din functiunea obiectivul Figinr.2.1. Schema de desfasurare © viet economice aUNUI objective investi Tn. pimul rand de el depinde orientared invesilijilor pe iomuri sl subeormut 2conomie! Nationale, Beneficiorul este acela care cunoaste necesiiaiea 161 Investifi si sofcitd fonduri pentru teaizarea acedeian & primesta aeaste 38. & ynindaes 249 JOU j99-pundse199 81nd eojBo}oULloy eI@se20Id ezeioqgn}s BE 4 ibLado e189 DoulluLs DeID|20189 ’exy 20004 OU ep.oeID910 O} DUNDEDIOIU lolol 2s ailias0nU. 02 jie! WOOO "PRUCUS SxIeICUL © PUBISNE. lO oi1hu 5p 10] 0}e}OUNFa: |S EUNLOIS SILL WDOIO speceWd eIO9 eyDyINIO0 ‘BOY einja9ie0 O}-18 WHeJS) Su_OS eINgeH, NMIUO}DeIO.C.INjO! PUDAoUY "910}26016 &p ifpujngoo P9NbOIDUNUK AINYISUOD 6 JOUSSALL 1p, palwioudge Jeluejaa p 2198810. 2p eins @fO2 UIP: oun 66900 6a ‘DUE HO 91.009 pupilezeldel cie Up eynus ucjoe\aNd § 10p{e01€0 9p aindecuog SpjuOUOSE-coKus) eMfolueULNoSP. uP ePepanaic ojpo, joueUS8 Ul SOSUNU b JS9)045 86 AINjonuls KNOWN JSON FoAsE190D9 eIOUOIDUL 2B Blumwunsuo9. “elanpoId RENN. eIDIEGo!e eBIDeI0:0 NO s}O\LNOLOS LU QUDIONL ezaRIDEL OS 4DSAP OAEAD}O.625) NU. 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