CAPI TOLUL 7

6,78$

7.1
6H

,$ ),1$1&,$5

, 3$75,021,$/

Analiza structurii patrimoniale

UHDOL]HD]

LPSRUWDQW

SULQ

GH

GHWHUPLQDUHD

DFWLY

HYROX LLOH vQ GLQDPLF

SDVLY

vQ

SRQGHULL
FDGUXO

WRWDOXOXL

DOH UHVSHFWLYHORU SRQGHUL

ACTI V
-

LPRELOL]

UL QHFRUSRUDOH

LPRELOL]

UL FRUSRUDOH

LPRELOL]

UL ILQDQFLDUH

stocuri

FUHDQ H

GLVSRQLELOLW

UHJXODUL]

UL GH DFWLY

PASI V
-

capitaluri proprii

capital social

rezerve

fonduri

alte elemente

datorii bancare

datorLL

DOWH GDWRULL ILVFDOH L VRFLDOH

UHJXODUL]

GH LQXWH

WUH IXUQL]RUL L FOLHQ L FUHGLWRUL

UL GH SDVLY

GH
ILLQG

WUH

ILHFDUH

HYLGHQ LDWH

HOHPHQW
WRWRGDW

7.2

Analiza echilibrului financiar

,QGLFDWRULL ILQDQFLDUL XWLOL]D L VXQW

FONDUL DE RULMENT

NECESARUL DE FOND DE RULMENT

75(=25(5,$ 1(7

FONDUL DE RULMENT se
XWLOL]

ULOH

GH

DFHHDL

GHWHUPLQ

QDWXU

SULQ FRPSDUDUHD VXUVHORU SHUPDQHQWH FX

UHVSHFWLY

SULQ

GLIHUHQ D

GLQWUH

FDSLWDOXULOH

SHUPDQHQWH L DFWLYHOH LPRELOL]DWH

FR = Cperm Aimobil

1(&(6$58/

cur HQWH

'(

)21'

'(

58/0(17

FX VXUVHOH GH DFHHDL QDWXU

VH

RE LQH

SULQ

FRPSDUDUHD

XWLOL]

ULORU

GLVSRQLELOH

NFR = Acurente Pcurente

)DFHP

SUHFL]DUHD

vQ

FDGUXO

HOHPHQWHOH GH GLVSRQLELOLW
Q

PRG

cont UDFW

QRUPDO

IRQGXO

DFWLYHORU

FXUHQWH

QX

VH

LDX

vQ

FRQVLGHUDUH

L

GH

UXOPHQW

HYROXHD]

SH

SDOLHUH

FUHWH

FD

HIHFW

ULL XQXL vPSUXPXW VDX D XQHL RSHUD LL GH PDMRUDUH GH FDSLWDO VRFLDO D

YkQ]

ULL GH PLMORDFH IL[H VDX DOWH LPRELOL]

XQXL

vPSUXPXW

VDX

UHDOL]

ULL

necesarul de fond de rulPHQW

XQHL

UL L VFDGH FD UH]XOWDW D UDPEXUV

LQYHVWL LL

IOXFWXHD]

6SUH

GHRVHELUH

SHUPDQHQW

FD

GH

ULL

DFHVWD

FRQVHFLQ

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

VWRFXUL vQFDV

ULPDMRU

75(=25(5,$

1(7

UL GH FUHDQ H SO

UHSUH]LQW

LJHQHU

GLIHUHQ D

GLQWUH

PHQ LRQD L DQWHULRU

TN = FR NFR

UL GH GDWRULL FRPHUFLDOH HWF

FHL

doi indicatori financiari

5HVSHFWDUHD HFKLOLEUXOXL ILQDQFLDU OD VFDU

GHILFLWXOXL vQUHJLVWUDW OD QLYHOXO DFWLYLW
GH

WUH

DFWLYLWDWHD

DFLFOLF

GH

PLFURHFRQRPLF

LL FXUHQWH GH F

LQYHVWL LL

LPSOLF

ILQDQ DUHD

WUH H[FHGHQWXO GHJDMDW

RE LQHUHD

XQHL

WUH]RUHULL

QHWH

pozitive.
&X

WRDWH DFHVWHD

FLFOLF FXUHQW V
GXUDELO
DP

ILUPH

H[LVW

URU VSHFLILF

GH

DFWLYLWDWH IDFH

FD

GHJDMH VXUSOXV GH VXUVH VXUSOXV FDUH ILQDQ HD]

WUH]RUHULD

QHW

QXQWXO VXSHUPDUNHW

7.3

DO

1H

QLYHOXO

DFWLYLWDWHD

UHIHUL

m aici la marile firme de vnzare cu

-uri etc.).

$QDOL]D OLFKLGLW

LL L D FDVK

-flow - ului

Ratele de lichiditate
/,&+,',7$7($
SDVLYHOH

GH

REOLJD LLORU
PLQLP

DFHHDL

GH

VH

*(1(5$/

SODW

DFFHSWDELO

QDWXU
SH

WHUPHQ

GLIHU

GH

WRWXL F

R YDORDUH GH

Lgen =

OD

RE LQH

SULQ

UDSRUWDUHD

DUDW

vQ

FH

VFXUW

FX

DFWLYHOH

XQ

VHFWRU

GH

VXU
GH

ILUPD

,17(50(',$5

LD

vQ

QHFHVDU

SRDWH

DFHHDL

DFWLYLWDWH

OD

FXUHQWH
IDFH

QDWXU

DOWXO

6H

OD

ID

1LYHOXO

FRQVLGHU

Active curente
Pasive curente

/,&+,',7$7($

1,8 2,0 HVWH PLQLP

DFWLYHORU

FRQVLGHUDUH

vQ

FDGUXO

DFWLYHORU

FXUHQWH

QXPDL HOHPHQWHOH FX JUDGXO FHO PDL ULGLFDW GH OLFKLGLWDWH UHVSHFWLY FUHDQ HOH L
GLVSRQLELOLW

LOH E

Linterm =

Active curente stocuri

Pasive curente

LICH,',7$7($

QHWL

Nivel minim: 0,8 1,0.

,0(',$7

UDSRUWHD]

QXPDL GLVSRQLELOLW

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

LOH E

QHWL DOH ILUPHL

'LVSRQLELOLW

Limed =
Pasive curente

Analiza cash-flow - ului

Rezultatul net al perioadei

+ amortizare
 YDULD LD FDSLWDOXOXL GH OXFUX

YDULD LD VWRFXULORU

YDULD LD FUHDQ HORU

YDULD LD REOLJD LLORU

= CASH FLOW DI N EXPLOATARE

+ sume din vnzarea activelor fixe

-

LQYHVWL LL HIHFWXDWH
&$6+ )/2: ',1 ,19(67,

,,

+ cresteri de capital social

 YDULD LD vPSUXPXWXULORU

+ noi mprumuturi contractate

-

UDPEXUV

UL HIHFWXDWH

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

YDULD LD DOWRU HOHPHQWH GH DFWLY

YDULD LD DOWRU HOHPHQWH GH SDVLY
&$6+ )/2: ',1 5(*8/$5,=

CASH FLOW- UL PERI OADEI

+ Disponibil la nceputul perioadei

'LVSRQLELO OD VIkULWXO SHULRDGHL

5,

A+ B+ C+ D

Exemplu:
mii lei
Nr. Crt.

indicatori

,PRELOL]

UL QHFRUSRUDOH

,PRELOL]

UL FRUSRUDOH

,PRELOL]

UL ILQDQFLDUH

ACTI VE I MOBI LI ZATE

1997

1998
0

55.369

76.171

55.369

76.171

824.192

671.330

570.800

265.132

33.697

111.053

1.428.689

1.047.517

53.302

135.349

1.537.360

1.259.035

2.000

2.000

12 Rezerve

13 Fonduri

- 93.192

- 224.876

- 91.192

- 222.876

1.117.925

1.225.091

29.741

29.745

1.147.397

1.225.090

480.886

227.075

1.537.362

1.258.035

431

1.452

5 Stocuri
6

&UHDQ H

'LVSRQLELOLW

ACTI VE CI RCULANTE

5HJXODUL]

10

L E

QHWL

UL GH DFWLY

TOTAL ACTI VE

11 Capital social

14

5H]XOWDWXO H[HUFL LXOXL

15 Alte elemente
16

CAPI TALURI PROPRI I

17 mprumuturi
18

)XUQL]RUL L FOLHQ L FUHGLWRUL

19 Alte datoriL

ILVFDOH L VRFLDOH

20

DATORI I

21

5HJXODUL]

22

TOTAL PASI VE

UL GH SDVLY

23 Amortizare
24

9kQ]

UL GH PLMORDFH IL[H

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

perioadei:

- mii lei indicatori

valoare

Rezultatul net al perioadei

- 131.684

Amortizare

1.452

9DULD LD VWRFXULORU

- 152.862

9DULD LD FUHDQ HORU

- 305.668

9DULD LD GDWRULLORU F

WUH IXUQL]RUL

107.170

CASH FLOW DI N EXPLOATARE

9kQ]

+ 435.468

UL GH PLMORDFH IL[H

,QYHVWL LL HIHFWXDWH

22.254

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

,,

- 22.254

&UHWHUL GH FDSLWDO VRFLDO

9DULD LD vPSUXPXWXULORU

CASH FLOW FI NANCI AR

9DULD LD DOWRU HOHPHQWH GH DFWLY

9DULD LD DOWRU HOHPHQWH GH

82.047

pasiv

- 253.811

&$6+ )/2: ',1 5(*8/$5,=

5,

- 335.858

CASH FLOW AL PERI OADEI

77.357

Disponibil la nceputul perioadei

33.697

'LVSRQLELO OD VIkULWXO SHULRDGHL

111.054

QWUH FHOH WUHL HWDMH PDMRUH GH DQDOL]

f LQDQFLDU

H[SORDWDUH LQYHVWL LRQDOD L UHVSHFWLY

 VH SRW PDQLIHVWD GLIHULWH UHOD LL Q PRG QRUPDO ILUPD WUHEXLH V

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

VXV LQ

HIRUWXO

LQYHVWL LRQDO

GDF

HVWH

FD]XO

VDX

UDPEXUVDUHD

XQRU

mprumuturi anterior contractate.

6H

FRQVWDW

ILUPHL H[LVW
GHJDM

vQWUH

UHQWDELOLWDWHD

R OHJDWXU

XQ IOX[ GH OLFKLGLW

a capitaOXOXL

GLUHFW

SURILWDELOLWDWHD

DFWLYLW

LL

FDVK

-flow-ul

 &X WRDWH DFHVWHD VXQW FD]XUL vQ FDUH ILUPD

L SR]L LY vQ SULPXO UkQG FD HIHFW DO JHVWLXQLL DJUHVLYH

GH OXFUX L QX DO SURILWDELOLW

LL DIDFHULL

Ritmul deRVHELW

GH GLQDPLF DO LPSOHPHQW

FDUDFWHU

FXUHQW

VH

VHFWRUXO

FRPHUFLDOL]

FRQFUHWL]HD]
ULL

OD

LQIRUPD LLORU

ULL WHKQRORJLLORU QRL vQ DFWLYLWDWHD FX

QLYHOXO
vQ

VRFLHW

UHGXFHUHD

LORU

FDUH

DFWLYHD]

FRQVLGHUDELO

vQ

FLFOXOXL

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

ILUPHORU

FODVLFH

FHO

JHQHUDW

GH

WUH

FRPSDQLLOH

QRLL

HUH

LQIRUPDWLFH

fundamental diferit.
Fluxul de numerar n economia FODVLF

Flux
rezultat
pozitiv

0
Flux
rezultat
negativ

Flux ELODQ

LHU

negativ 0 Flux bilan

LHU

pozitiv

Fluxul de numerar n noua economie

Flux
rezultat
pozitiv

0
Flux
rezultat
negativ

Flux ELODQ

LHU

negativ 0 Flux ELODQ

LHU

pozitiv

HVWH

(IHFWXO

DFHVWHL

LQYHVWLWRULORU
%XIIHW

HYROX LL

DPHULFDQL

VXEOLQLD]

DFWXDOL]DW

IOX[XOXL

WLPSXO FLFOXOXL GH YLD

D
SH

IOX[XULORU
SLD D

YDORDUHD
GH

GH

EXUVLHU

DF LXQLL

QXPHUDU

OLFKLGLW


XQHL

GHJDMDW

HVWH

&HUFHW

WRULL

FRPSDQLL
GH

WUH

YL]LELO

vQ

HYDOX

HFRQRPLFL

HVWH

GDW

FRPSDQLD

ULOH

:DUUHQ

GH

YDORDUHD

UHVSHFWLY

vQ

Exemplu:
6& (OHFWURDSDUDWDM 6$ %XFXUHWL

DomHQLXO

GH DFWLYLWDWH FHUFHWDUHD SURLHFWDUHD SURGXFHUHD L FRPHUFLDOL]DUHD

GH DSDUDWDM HOHFWULF GH MRDV

WHQVLXQH HOHFWURWHKQLF LVDX HOHFWURQLF DSDUDWDM

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

Principalele familii dH

SURGXVH VXQW XUP

WRDUHOH

FRQWDFWRDUH L FRPXWDWRDUH

vQWUHUXS

SURGXVH GH HOHFWURQLF

echipament auto;

DSDUDWDM GH LQVWDOD LL SUL]H FRPXWDWRDUH SUHOXQJLWRDUH

produse electrocasnice: aspiUDWRDUH

EXF

WRDUH DXWRPDWH L PLFURvQWUHUXS

LQGXVWULDO

WRDUH

XVF

WRDUH

GH

U

URER L

GH

ULH HWF

Indicatori economico-financiari
mii lei
Denumirea indicatorului

1997

1998

Stocuri curente

19.247.962

25.935.047

&UHDQ H FXUHQWH

21.635.140

29.565.451

16.086.428

27.873.041

4.776.710

5.134.963

9.363.676

13.297.684

13.267.000

28.048.028

'LVSRQLELOLW
'DWRULL F

L E

QHWL

WUH IXUQL]RUL L FOLHQ L FUHGLWRUL

curente
'DWRULL ILVFDOH L VRFLDOH

Profit net
,QYHVWL LL HIHFWXDWH

N.A.

10.136.000

0RGXO GH GHWHUPLQDUH D IOX[XOXL QHW GH OLFKLGLW

L DIHUHQW H[HUFL LXOXL ILQDQFLDU

 HVWH SUH]HQWDW vQ FDGUXO JUDILFXOXL FDUH XUPHD]

Venituri brute
249.739.070 mii
Cash flow
rezultat
28.048.028 mii
Cheltuieli brute
205.383.309 mii

Cash flow net

+ 11.786.600 mii
9DULD LD FDSLWDOXOXL

de lucru
- 10.325.100 mii
Cheltuieli de
capital
10.136.000 mii

Vnz

Cash flow
patrimonial
- 16.261.428 mii

UL

de mijloace
fixe
4.199.672 mii

7.4

$QDOL]D JHVWLXQLL DFWLYLW

,QGLFDWRULL XWLOL]D L VXQW

Viteza de URWD

Vs =

LH D VWRFXULORU

stocuri
T (zile)
Cifra de afaceri

LL

3HULRDGD PHGLH GH UHFXSHUDUH D FUHDQ HORU

FUHDQ H

Prc =

T (zile)

Cifra de afaceri

'XUDWD PHGLH GH DFKLWDUH D REOLJD LLORU

REOLJD LL

Dao =

T (zile)

Cifra de afaceri
3HQWUX

FD

ILUPD

EHQHILFLH]H

GH

PHGLH GH DFKLWDUH D ROELJD LLORU V

GHS

D FUHDQ HORU L GH URWD LH D VWRFXULOR

XQ

HIHFW
HDVF

IDYRUDELO

VH

LPSXQH

SHULRDGD FXPXODW

FD

GXUDWD

GH vQFDVDUH

r.

5RWD LD DFWLYHORU WRWDOH H[SULPDW

VXE IRUPD QXP

UXOXL GH URWD LL HIHFWXDW

n cursul perioadei analizate):

Cifra de afaceri
Active totale

Rat =

7.5

$QDOL]D VROYDELOLW

LL ILUPHL

Indicatorul clasic folosit n aprecierea nivelului de solvabilitate a firmei este

DXWRQRPLD ILQDQFLDU

Af =

Capital propriu
100
Pasive totale

&X FkW YDORDUHD LQGLFDWRUXOXL HVWH PDL UHGXV

ILQDQFLDU

HVWH

ILQDQ DUH

DVXSUD

RSWLPL]

ULL

SURSULL

DWUDVH

SUHIHUDWH

PDL ULGLFDW 'LQ SXQFWXO GH

QLYHOXOXL

GH

UHQWDELOLW

VXE UDSRUWXO FRVWXULORU

L

DGHVHD

vPSUXPXWXUL

UHVSHFWLY
ILQDQ

GHRDUHFH

UL

DOH

FRVWXO

DFWLYLW

DFHVWRUD

LL

YHGHUH DO

LQFLGHQ HL VWUXFWXULL GH

ate al firmei apare necesitatea

LPSOLFDWH

vPSUXPXWDWH

 FX DWkW JUDGXO GH LQGHSHQGHQ

VXUVHORU

GH

ULORU

SUDFWLFD

FXUHQWH

UHSUH]HQWDW

LVDX
GH

ILQDQ DUH

XWLOL]DWH

GH]YROWDWH

LQYHVWL LRQDOH
WUH

GREkQGD

SO

VXQW
SULQ
WLW

HVWH

LQIHULRU

FHOXL

DO

FDSLWDOXULORU

SURSULL

FkWLJXO

PHGLX

DWHSWDW

GH

WUH

DF LRQDULDW SHQWUX FDSLWDOXO DSRUWDW ILUPHL

'LDJQRVWLFXO JOREDO DO VLWXD LHL ILQD

7.6

5HDOL]DUHD

XQXL

GLDJQRVWLF

SDWULPRQLDOH D VRFLHW

VLQWHWLF

OD

QLYHOXO

LL FRPHUFLDOH LPSOLF

nciare a firmei

JOREDO

DO

VLWXD LHL

ILQDQFLDU

XWLOL]DUHD ILH D PHWRGHL VFRULQJ ILH

a grilei de evaluare (punctaj).

Metoda scoring

VROLFLW

OXDUHD vQ FRQVLGHUDUH D XQRU LQGLFDWRUL HFRQRPLFL L

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

DWkW

VWDWLF

VHOHFWD L

FkW

3H

VXE

DFHDVW

DVSHFW
ED]

GLQDPLF

SULQ

SRQGHUHD

VWDELOLUHD

LPSRUWDQ HL

UHOD LLORU

LQGLFDWRULORU

PDWHPDWLFH

GLQ

tre

LQGLFDWRUL VH SRDWH GHWHUPLQD XQ VFRU WRWDO vQ IXQF LH GH FDUH ILUPD DQDOL]DW

HVWH

DSUHFLDW

VXE

DVSHFWXO

YLDELOLW

LL

VDOH

VWXGLLORU FX FDUDFWHU VWDWLVWLF HVWH GH QDWXU

SHUWLQHQ
ILHF

DO

LQGLFDWRULORU

FRPSRQHQ L

DL

vQ

PHGLX

FRQFXUHQ LDO

8WLOL]DUHD

IXQGDPHQWH]H DWkW JUDGXO GH

IXQF LHL VFRU

FkW

SRQGHUDUHD

UXL LQGLFDWRU vQ SDUWH

7HRULD HFRQRPLF
IXQF LLOH

vQ PDWHULH GH VFRUXUL IDFH DSURDSH vQ H[FOXVLYLWDWH UHIHULUH OD

HODERUDWH

%LODQ XULORU

GLQ

GH

WUH

FDGUXO

QFLL

$OWPDQQ
)UDQ HL

&RQDQ +ROGHU

&RQVLGHU

XWLO

UHVSHFWLY
QXPDL

&HQWUDOD

VXE

DVSHFW

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

HODERU

ULL ORU SUHFXP L FDUDFWHULVWLFLOH IXQGDPHQWDOH DOH PHGLLORU HFRQRPLFH vQ

care s-DX
DFHDVW

FHHD

GHVI

ED]

FH

XUDW REVHUYD LLOH VWDWLVWLFH GHWHUPLQ

 XWLOLWDWHD SUDFWLF

SULYHWH

D IXQF LLORU vQ FDX]

SHULVDELOLWDWHD ORU L SH

metoda grilei de evaluare, aceasta constituie un

LQVWUXPHQW HILFDFH IRORVLW FX SUHF

GHUH GH F

WUH LQVWLWX LLOH ILQDQFLDUH vQ FDGX

SURFHVXOXL GH IXGDPHQWDUH D GHFL]LHL GH FUHGLWDUH D DJHQ LORU HFRQRPLFL

Exemplu:
9RP SUH]HQWD vQ FHOH FH XUPHD]
5RPkQ

&RPHUFLDO

PRGHOXO FRQVWUXLW L XWLOL]DW GH F

WUH %DQFD

,QGLFDWRULL FXSULQL vQ FDGUXO JULOHL GH HYDOXDUH VXQW

 GHWHUPLQDW

1. Lichiditatea patr LPRQLDO

ILUPHL

GLPLQXDWH

FX

YDORDUHD

FD UDSRUW vQWUH DFWLYHOH FXUHQWH DOH

VWRFXULORU

SRVLELOLW

GH

YDORULILFDUH

totalul pasivelor curente;

2.

 RE LQXW

6ROYDELOLWDWHD SDWULPRQLDO

FD UDSRUW vQWUH FDSLWDOXULOH GH QDWXU

SURSULH L SDVLYHOH WRWDOH DXWRQRPLD ILQDQFLDU

3.

5HQWDELOLWDWHD ILQDQFLDU
vQDLQWHD

LPSR]LW

ULL L

SUHFHGHQ LL VXE IRUP

4.

5RWD LD

DFWLYHORU

YDORDUHD

FLFXODQWH

*UDGXO

GH

GH

desfacere (comercializare) 
50%
YkQ]

6.

GLQ

WRWDOXO

SURSULL

UDSRUW H[SULPDW FD

, indicator de gestiune, determinat ca raport

GHSHQGHQ

D UDSRUWXOXL GLQWUH UH]XOWDWXO SURILWXO

FDSLWDOXULORU

SURFHQWXDO

vQWUH FLIUD GH DIDFHUL QHW

5.

 UH]XOWDQW

79$ L YDORDUHD DFWLYHORU FLUFXODQWH

SLH HOH

JUDG

vPEU

FD

GHSXVH

IRUPD

bunurilor (utilDMH

SHQWUX

GH

DSURYL]LRQDUH

FRPSDUDW

FX

DSURYL]LRQDUH

YDORDUHD

DFRSHULUHD

GHSR]LWHORU

vQ

OHL

JULOHORU XUP

FUHGLWXOXL

VDX

YDOXW

UHVSHFWLY

GH

UHIHULQ

GH

VROLFLWDW

JDMXULORU

GLQ

YDORDUHD

JDUDQ LL
L

FH

SRW

LSRWHFLORU

HWF DFKL]L LRQDWH SULQ FUHGLWXO FRQWUDFWDW VDX FHVLRQDUHD

SRUWRIROLXOXL GH FUHDQ H vQ IDYRDUHD E

3XQFWDUHD ILHF

GH

UHVSHFWLY

ULORU UHDOL]DWH

*DUDQ LLOH

FKHOWXLHOLORU

GH

QFLL

UXL LQGLFDWRU GLQ FHL SUH]HQWD L DQWHULRU VH UHDOL]HD]

WRDUH

/LFKLGLWDWHD SDWULPRQLDO

punctaj

Lp < 80%

- 2 pt.

81% < Lp < 100%

- 1 pt.

101 % < Lp < 120%

+ 1 pt.

121% < Lp < 140%

+ 2 pt.

141% < Lp < 160%

+ 3 pt.

Lp > 161%

+ 4 pt

SH ED]D

6ROYDELOLWDWHD SDWULPRQLDO

Sp < 30%

punctaj
0 pt.

31% < Sp < 40%

+ 1 pt.

41 % < Sp < 50%

+ 2 pt.

51% < Sp < 60%

+ 3 pt.

61% < Sp < 70%

+ 4 pt.

71% < Sp > 80%

+ 5 pt

Sp > 81%

+ 6 pt.

5HQWDELOLWDWHD ILQDQFLDU

punctaj

Rf < 0%

0 pt.

0% < Rf < 10%

+ 3 pt.

11 % < Lp < 30%

+ 4 pt.

121% < Lp < 140%

+ 2 pt.

141% < Lp < 160%

+ 3 pt.

Lp > 161%

+ 4 pt

5RWD LD DFWLYHORU F

irculante

punctaj

Rac < 5

+ 1 pt.

5 < Rac < 10

+ 2 pt.

Rac > 10

+ 4 pt.

'HSHQGHQ D GH SLH H $

aprovizionare, D desfacere)
$ DUD ! 
$LPSRUW ! 
$ DUD ! 
$LPSRUW ! 

punctaj

L 'H[SRUW ! 

+ 4 pt.

L 'H[SRUW ! 

+ 3 pt.

L ' DUD ! 

+ 2 pt.

L ' DUD ! 

*DUDQ LL RIHULWH E

QFLL

+ 1 pt.
punctaj

'HSR]LWH OHLYDOXW

+ 4 pt.

Gajuri, ipoteci

+ 3 pt.

%XQXUL DFKL]L LRQDWH GLQ FUHGLW

&HVLRQDUHD FUHDQ HORU

+ 2 pt.
+ 1 pt.

$QDOL]D SHUIRUPDQ HORU HFRQRPLFR ILQDQFLDUH UHDOL]DW

SH

VXV FRQGXFH OD vQFDGUDUHD ILUPHL vQ XQD GLQ XUP

baza grilelor de mai

WRDUHOH FLQFL FDWHJRULL

A. punctaj total peste 20 puncte;

B. punctaj total ntre 16 20 puncte;
C. punctaj total ntre 11 15 puncte;
D. punctaj total ntre 6 10 puncte;
E. punctaj total ntre 0 5 puncte.
)LUPHOH
ILQDQFLDU

FDUH

UDOL]HD]

EXQ

XQ

SXQFWDM

 ILLQG UHFRPDQGDW

GH

SHVWH



vQ FRQVHFLQ

SXQFWH

SUH]LQW

VLWXD LH

DFRUGDUHD FUHGLWXOXL VROLFLWDW

)LUPHOH SR]L LRQDWH vQ FDWHJRULD & VH FDUDFWHUL]HD]

SULQWU

-un grad semnificativ

GH ULVF DFRUGDUHD XQXL HYHQWXDO FUHGLW ILLQG FRQGL LRQDW

GLUHFW GH OXDUHD vQ

FRQVLGHUDUH D
WLPS

XQHL SULPH GH ULVF

PRQLWRUL]DUHD

DWHQW

prevenirea ajungeriL
FDWHJRULL GH VRFLHW
OXDW

vQ

VXSOLPHQWDUH (VWH

HYROX LHL

VWDUHD

GH

DFHVWRU

ILUPH

LQVROYDELOLWDWH

UHFRPDQGDW
vQ

SODQ
FD]XO

vQ DFHODL

ILQDQFLDU

SHQWUX

XOWLPHORU

L FRPHUFLDOH ' L UHVSHFWLY ( GHFL]LD FUHGLW

GRX

ULL QX SRDWH IL

7.7

,QGLFDWRUL XWLOL]D L vQ PDQDJHPHQWXO YDORULL

)LUPD GH FRQVXOWDQ

DPHULFDQ

Stern Stewart a creat indicatorul denumit

EVA economic value added pe care l putem traduce ca

FUHDW

RE LQXW

DO
GH

F
F

UXL

URO

WUH

DIRECT valoarea GH

HQWLWDWH
SLD

9DORDUHD HFRQRPLF

9DORDUHD HFRQRPLF

HVHQ LDO

GH

FRPHQVXUD

PLFURHFRQRPLF

SHUIRUPDQ D

SHUIRPDQ

D DF LXQLL ILUPHL vQ FDX]

FUHDW

FUHDW

HVWH

YDORDUHD HFRQRPLF

HFRQRPLF YDOXH DGGHG

VH GHWHUPLQ

SH ED]D UHOD LHL

EVA = PN CC
ceea ce este sinonim cu:
EVA = (ROI RR) AT

FDUH

ILQDQFLDU

LQIOXHQ HD]

unde:
PN profitul net generat de activitat HD
CC FRVWXO

GHVI

XUDW

WRWDO DO FDSLWDOXOXL IRORVLW SHQWUX ILQDQ DUHD DFWLYLW

LL

RR rata medie de remunerare a capitalului total;

AT

DFWLYXO

WRWDO

GH LQXW

GH

WUH

FDSLWDOXOXL WRWDO XWLOL]DW GH F

FRPSDQLH

WUH ILUP

FDUH

HVWH

HJDO

FX

YDORDUHD

- CT)

R.O.I .

PONDEREA
CAPI TALULUI i

RATA M EDI E
DE
REMUNERARE

E.V .A.

x
VALOAREA
CAPI TALULUI i
UTI LI ZAT

CAPI TAL
TOTAL

&HO

PDL

LPSRUWDQW

HOHPHQW

considerare a costului total

LQGXV
DO

vQ

HFXD LH

FDSLWDOXOXL

HVWH

UHSUH]HQWDW

QHFHVDU

ILQDQ

ULL

GH

OXDUHD

DFWLYLW

LL

vQ

GHFL

inclusiv al costului capitalului propriu al firmei. Cunoscutul Peter Drucker

spunea n acest sens: 3kQ
VXSHULRDUH
OXFUHD]

vQ

FRVWXOXL

FkQG YHQLWXULOH JHQHUDWH GH F

FDSLWDOXOXL

SLHUGHUH

1X

DUH

XWLOL]DW
QLFL

vQ

ILQDQ DUHD

UHOHYDQ

eventual profit net contabil. ntreprinder HD

GHFkW

DFWLYHD]

SULPLW
V

GH

OD

DFHDVWD

FD

UHVXUVH

DIDFHULL

SUDFWLF

UHWXUQHD]
3kQ

vQ

WUH R ILUP
ILUPD

IDSWXO

QX VXQW
vQ
D

FDX]

RE LQXW

vQ HFRQRPLH PDL SX LQ
DFHO

PRPHQW

ILUPD

QX

WRV GLQ SXQW GH YHGHUH HFRQRPLF

$YDQWDMXO PDMRU DO LQGLFDWRUXOXL GH PDL VXV UH]LG

simplicitate al con

LQXWXOXL V

vQ JUDGXO UHODWLY ULGLFDW GH

X SUHFXP L vQ UHOLHIDUHD LPSOLFLW

MXFDWH GH VWUXFWXUD GH ILQDQ DUH XWLOL]DW GH ILHFDUH ILUP

D LPSRUWDQ HL

vQ SDUWH

&RQFHSWXDO (9$ HVWH XQ LQGLFDWRU VXSHULRU SURILWXOXL FRQWDELO FD P

VXU

YDORULL FUHDWH GHRDUHFH UHFXQRDWH FRVWXO FDSLWDOXOXL L SULQ XUPDUH JUDGXO GH

ULVF FDUH vQVR HWH DFWLYLWDWHD ILUPHL

9DORDUHD GH SLD

9DORDUHD

FUHDW

GH SLD

VH GHWHUPLQ

FUHDW

PDUNHW YDOXH DGGHG

GH F

WUH R ILUP

vQ GHFXUVXO XQHL SHULRDGH GH WLPS

SULQ GHGXFHUHD GLQ YDORDUHD GH SLD

YDORDUHD EXUVLHU

firmei la finele perioadei

 D YDORULL OD vQFHSXWXO SHULRDGHL D FDSLWDOXOXL WRWDO LQYHVWLW

MVA = VB CT

unde:
VB
QXP

YDORDUHD

EXUVLHU

GH

SLD

ILUPHL

GHWHUPLQDW

SULQ

PXOWLSOLFDUHD

UXOXL WRWDO GH DF LXQL HPLVH $ FX FXUVXO EXUVLHU DO XQHL DF LXQL &%$

VB = A X CBA

CT

FDSLWDOXO WRWDO XWLOL]DW IRUPDW GLQ FDSLWDOXO SURSULX &3 L FHO vPSUXPXWDW

(CI)

CT = CP + CI

WHRULH

SUH]LQW

LPSRUWDQ

FDOFXOXO

determinat ca raport ntre valoareD

LQYHVWLW LQL LDO vQ HD

MVAi =

VB
CT

GH SLD

LQGLFDWRUXOXL

MVA Index - MVAi,

D FRPSDQLHL L YDORDUHD FDSLWDOXOL

   !
%"$#" 
 
   

VALOAREA

CURSUL


""


!
M.V.A.

CAPITAL
PROPRIU
TOTAL
CAPI TAL UTI LIZAT

+
CAPITAL
MPRUMUTAT

$QDOL]D
SLD

FRUHOD LHL

YDORDUHD

HFRQRPLF

FUHDW

YDORDUHD

GH

FUHDW

VHULILFDUHD
VXEOLQLHUHD
SLD

GLQWUH

HILFLHQ HL

LQVWUXPHQWXOXL

FRUHOD LHL

GLUHFWH

FDUH

D FRPSDQLHL YDORDUHD P

9DORDUHD GH SLD

FUHDW

SUHFL]DW

VH

VXUDW

DQWHULRU

PDQLIHVW
GH F

vQWUH

WUH 09$

9DORDUHD DFWXDOL]DW

VH

UHDOL]HD]

DFHVWD

SULQ

YDORDUHD

GH

market value added.

D YLLWRDUHORU YDORUL HFRQRPLFH

create

'H DFHHD FUHWHUHD

GH SLD

valorii economice create va determina majorarea valorii

JHQHUDWH FX DOWH FXYLQWH D GLIHUHQ HL GLQWUH YDORDUHD GH SLD

D ILUPHL

L FRVWXO LVWRULF DO FDSLWDOXULORU LQYH

stite.

9DORDUHD GH SLD

FUHDW

YDORDUHD GH SLD

D FDSLWDOXOXL

YDORDUHD LVWRULF

capitalului

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

SURYL]LRDQHOH
HYDOX

ULL

&RUHOD LD

ILUPHL

FRQFOX]LRQD F

vQ

H[LVWHQW

FDX]

3ULQ

vQWUH

(9$

UHDVH]DUHD

YDORDUHD FRPSDQLHL HVWH GDW

09$

DUH

IRUPXOHORU

GH UHOD LD

LPSOLFD LL

asupra

DQWHULRDUH

SXWHP

9DORDUHD

GH

SLD

 9DORDUHD SUH]HQW

FDSLWDOXOXL

SURSULX

9DORDUHD

FRQWDELO

LVWRULF

D YLLWRDUHORU (9$

&X DOWH FXYLQWH ILUPHOH FDUH RE LQ R YDORDUH ULGLFDW

(9$ DX R HYROX LH IDYRUDELO

D YDORULL GH SLD

SR]LWLY

L LQYHUV

D LQGLFDWRUXOXL

Spre a exemplifica

cele afirmate, vom prezenta n cadrul tabelului de mai jos primele 10 companii
americane, clasate vQ

RUGLQHD GHVFUHVF

WRDUH D 09$ OD VIkULWXO DQXOXL 

MVA

EVA

Total capital

ROI

RR

investit

mil. USD

mil. USD

mil. USD

Nr.
'HQXPLUH ILUP

crt.

General Electric

195.830

1.917

59.251

17,34

13,76

Coca-Cola

158.247

2.615

10.957

36,33

12,13

Microsoft

143.740

2.781

8.676

52,94

14,20

Merck

107.418

1.921

23.112

23,15

14,51

Intel

90.010

4.821

21.436

42,71

12,81

Procter & Gamble

88.706

587

24.419

15,16

9,91

Exxon

85.557

-412

88.122

9,44

12,07

Pfizer

83.835

1.077

15.220

19,86

11,93

Philip Morris

82.412

3.524

43.146

20,15

12,55

10

Bristol-Myers

81.312

1.802

14.627

25,32

12,95

Squibb

7.8 Analiza firmei n dificultate

,GHHD SRWULYLW F
RUGLQ

UHLD R vQWUHSULQGHUH DUH GLILFXOW

ILQDQFLDU

GLILFXOW

LOH

DUH

GH

GLVIXQF LRQDOLW

QDWXU

GHVWXL

ILQDQFLDU

L FH DSDU

managerial etc.

DGHS L

)RUPHOH

vQ

UkQGXO

VXQW

HIHFWXO

datorate unor probleme de

HFRQRPLWLORU
L

QX

FDX]D

UHDOLWDWH

H[LVWHQ HL

XQRU

in altor domenii, cum ar fi: comercial, tehnic, social,

FRQFUHWH

GH

PDQLIHVWDUH

VXQW UHSUH]HQWDWH ILH GH GLPLQXDUHD DFFHQWXDW

nivelului de rentabilitate al firmei, fie de

procese.

GLILFXOW

D OLFKLGLW

LORU

ILQDQFLDUH

LL ILH GH UHGXFHUHD

PDQLIHVWDUHD FRQMXJDW

D FHORU GRX

'LILFXOW

comerciale
tehnice
manageriale
sociale

'LILFXOW

VF

VF

L ILQDQFLDUH

GHUHD UHQWDELOLW

GHUHD OLFKLGLW

LL

LL

Mijloace financiare nesemnificative pentru :

- cercetare- dezvoltare
- DF LXQL FRPHUFLDOH
- invest L LL SHQWUX FUHWHUHD SURGXFWLYLW LL
a afacerii
JHVWLXQHD HILFLHQW
%ORFDM SURJUHVLY L vQFHWDUHD
SO

LORU

&D]XO  (URGDUHD SR]L LHL FRQFXUHQ LDOH D ILUPHL

'LPLQXDUHD

VHPQLILFDWLY

SR]L LHL

FRQFXUHQ LDOH

GH LQXW

GH

WUH

ILUP

vQ

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

UHGXFHUHD
IXQF LXQH

LPSRUWDQW
(IHFWXO

FRQFUHWL]HD]

JUDGXOXL

GLUHFW

DO

GH

XQXL

XWLOL]DUH

FRPSRUWDPHQW

vQ PDMRUDUHD SRQGHULL GH LQXWH GH F

n cadrul costului total unitar.

FDSDFLW
GH

LL

GH

DFHVW

SURGXF LH

vQ

VSHFLILF

VH

WUH FRVWXULOH GH QDWXU

IL[

6WUDWHJLL L FRPSRUWDPHQWH FH GXF OD GLILFXOW

Tipul ntreprinderii
QWUHSULQGHUL FX VODE

ntreprinderile cred ntr- R

VWUXFWXU

PHQ LQ QLYHOXO ORU GH DFWLYLWDWH

ILQDQFLDU

VWUHD]

UHGXFHUH

SDVDJHU

DFWLYLW

LL

HIHFWLYHOH

epuizarea fondurilor

SURSULL GH F

- nu reduc cheltuielile fixe

WUH SLHUGHULOH

5(=8/7$7( SLHUGHUL L FUHWHUL DOH VWRFXULORU GH SURGXVH ILQLWH

succesive
&RQVHFLQ H ILQDQFLDUH

lei

FR

T+

NFR
T
ani

6H SRDWH DMXQJH OD R VLWXD LH GH DFHVW WLS GDWRULW

6O

ELULL

SR]L LHL

FRQFXUHQ LDOH

VHFWRUXOXL

vQ

DQVDPEOXO

FD

UH]XOWDW DO DSDUL LHL XQRU SURGXVH GH VXEVWLWX LH

&UHWHULL JUDGXOXL GH FRQFXUHQ

'LILFXOW

'LPLQX

$FHDVW

VLWXD LH

VRFLHW

LORU vQWkPSLQDWH GH F
ULL SXWHULL GH FXPS

SRDWH

IL

LORU FRPHUFLDOH GLQ

GLQ FDGUXO VHFWRUXOXL

WUH VHFWRDUHOH GLQ DYDO

UDUH D FRQVXPDWRULORU

FDUDFWHUL]DW

DUD QRDVWU

FD

 'XS

WLSLF

SHQWUX

DQXO  YkQ]

PDMRULWDWHD

ULOH ILUPHORU GLQ

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

&DX]HOH
FkW

LQ DWkW GH GLPLQXDUHD FRQWLQX

GH

SURGXVHORU
YHGHUH
DFHHDL

DO

FRQFXUHQ D
ILUPHORU

ULGLFDW

VWU

FRPSHWLWLYLW

FXUE

LQH
LL

PDMRULWDWHD
'H

GHVFHQGHQW

JHQHUDW

D SXWHULL GH FXPS
GH

GLQWUH

DVHPHQHD
GDWRUDW

DSDUL LD

vQ

OD

HOH

SH

SLD D

URPkQHDVF

VXSHULRDUH

H[SRUW

VSHFLDO

UDUH D SRSXOD LHL

YkQ]
GHULL

ULOH
SLH LL

in punct de

DX

FXQRVFXW

FHQWUDOL]DWH

reprezentate de C.A.E.R.
5HDF LD ILUHDVF
FRUHVSXQ]

vQ DFHDVW

WRDUH D DFWLYLW

VLWXD LH DU WUHEXL V
LL FX VFRSXO UHQWDELOL]

VH FRQFUHWL]H]H vQ U

educerea

ULL DFHVWHLD &X DOWH FXYLQWH

HVWH QHFHVDU
XRU

vQ

QRLOH

diminuaWH
'DF
SLH LL

FRERUkUHD SUDJXOXL GH UHQWDELOLWDWH SHQWUX D SXWHD IL DWLQV PDL

FRQGL LL

vQ

FDUH

VHPQLILFDWLY SH R SHULRDG

GLPHQVLXQLOH DFWLYLW
QLYHOXO

ncetinindu-VH
WHUPHQH

FDQWLW

GH

OXQJ

FRPHUFLDOL]DWH

YD

DSUHFLDELO

GHYHQL

)DFLOLW

PDL

LOH

OXQJL

H[FHGHQWDU
DFRUGDWH

DFHVWH

GH

WUH

ILUP

VXQW

GH WLPS

LL QX VXQW DGDSWDWH FDSDFLW

VWRFXULORU

SODW

LOH

LL UHDOH GH DEVRUE LH D

YLWH]D

FOLHQ L

GH

URWD LH

ORU

lor se vor concretiza n

HOHPHQWH

GHWHUPLQkQG

FUHWHUHD

necesarului de fond de rulment.

&D]XO   *HVWLRQDUH LQHILFLHQW

D DIDFHULL

6WUDWHJLL L FRPSRUWDPHQWH FH GXF OD GLILFXOW

Tipul ntreprinderii
ntreprinderi cu orice

3HQWUX D GH]YROWD VDX D PHQ LQH &$

WLS GH VWUXFWXU

ILQDQFLDU

VH YLQGH OD SUH XUL PDL VF

]XWH L FX WHUPHQH GH SODW

PDL

lungi

UHQWDELOLWDWH VODE

QX DF LRQHD]

DVXSUD FRVWXULORU

5(=8/7$7( SLHUGHUL L H[SOR]LH D 1)5

&RQVHFLQ H ILQDQFLDUH

lei
F
T+
TNFR
ani

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

FRQFXUHQ D

VH

WUDGXFH

FRVWXULOH VXQW ULGLFDWH

vQ

]ERLXO

LDU SRVLELOLW

SUH XULORU

3UREOHPD

DSDUH

DWXQFL

LOH GH UHGXFHUH D SUH XULORU S

FkQG

VWUkQGX

-le

WRWXL OD XQ QLYHO VXSHULRU FHOXL DO FRVWXULORU VXQW OLPLWDWH 8Q FRVW FRPSHWLWLY

vQVHDPQ

FHO PDL DGHVHD

WHKQRORJLH GH IDEULFD LH FRPSHWLWLY

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

SURGXVH HVWH VLQRQLP

'H DFHHD

L PDL PDUL GH

SHQWUX ILUPHOH URPkQHWL FX YkQ]DUH vQ SLHUGHUH

Un sector elocvent este cel al transportatorilor aerieni. Sectorul se

FDUDFWHUL]HD]

SULQWU R

FRQFXUHQ

FRPSHWL LRQDO VXQW vQ SULQFLSDO XUP

ULGLFDW

LDU

VXUVHOH

DYDQWDM

WRDUHOH

RUDUH GH ]ERU IOH[LELOH L FRUHODWH DVWIHO vQFkW V

GH

SHUPLW

FOLHQWXOXL

parcurgerea rutei dorite n timpul cel mai scurt;

VHUYLFLL GH FDOLWDWH DWkW OD VRO FkW L OD ERUG

tarife competitive.

&RVWXULOH

GH

RSHUDUH

DHULHQH XWLOL]DWH SRVLELOLW

acelaL

LQIOXHQ DWH

VXQW

DLFL

vQ

SULPXO

UkQG

VWUXFWXUD

LOH HIHFWLYH GH UHQWDELOL]DUH D DFWLYLW

LL S

IORWHL

VWUkQG vQ

WLPS XQ QLYHO FRPSHWLWLY DO WDULIHORU SUDFWLFDWH ILLQG IRDUWH vQJXVWH vQ

multe cazuri.

(VWH L PRWLYXO SHQWUX FDUH PXOWH FRPSDQLL DHULHQH vQUHJLVWUHD]

SLHUGHUL GLQ DFWLYLWDWHD RSHUD LRQDO

viitorul apropiat 

vQ

FRQGL LLOH

 $QWLFLS

FUHWHULL

P DLFL R VLWXD LH L PDL GLILFLO

VHPQLILFDWLYH

DSOLFDUHD DFRUGXOXL FH SHUPLWH FRPSDQLLORU DHULHQH VWU

LQWHUQH

SH

WHULWRULXO

DOWRU

UL

WUDQVSRUWDWRULORU DHULHQL vQFHDUF

HVWH

GH

FHO

DO

DOLDQ HORU

IDF

VWUDWHJLFH

FRUHODUHD

RUDUHORU

UHGXF

 F

WUH YDORDUHD PLQLP

PHGLL

UHVSHFWLY

GH

0LMORFXO

]ERU

OXQJL

vQWUH

SULQ
ID

DOLDQ H
GRX

FDUH

LQH V

FDUH

FRQFUHWL]DWH

FRQVWLWXLH

FHO

FRUHODUH

XQ

GLQ

VHFWRUXO

LL FRQFXUHQ LDOH ULGLFDWH

 WLPSXO GH DWHSWDUH DO F

WLPS

SULQ

HIHFWXH]H FXUVH

FRQFXUHQ LL

LQWHQVLW

FRPSDQLL

FRQFXUHQ HL

vQ

IDFWRU

PDL
FDUH

IUHFYHQW
vQFHDUF

vQ
V

WRULORU SH GLVWDQ H

-cheie de succes n

VHFWRUXO PHQ LRQDW DQWHULRU

&D]XO  (URUL vQ SROLWLFD GH ILQDQ DUH D DFWLYLW

6XQW

VLWXD LL

SURSRU LH

vQ

FDUH

SHQWUX

FRYkULWRDUH

OD

UHVSHFWLY D FUHWHULL FLIUHL

VXV LQH

FDSLWDOXO
GH

LL FXUHQWH

GH]YROWDUHD

SURSULX

DIDFHUL VH

3H

DFWLYLW
VXUD

vQUHJLVWUHD]

IRQG GH UXOPHQW UHVSHFWLY D VWRFXULORU L D FUHDQ HORU

&RQFRPLWHQW FX FUHWHUHD
DQXPLW

SHULRDG

LL

VH

DSHOHD]

H[WLQGHULL

L FUHWHUHD

DFWLYLW

vQ
LL

QHYRLL GH

-client.

nevoii de fond de rulment, are loc o diminuare pe o

D IRQGXOXL GH UXOPHQW FD XUPDUH D XWLOL]

capitalului propriu pentru dezvoltare.

ULL SUHSRQGHUHQWH D

6WUDWHJLL L FRPSRUWDPHQWH FH GXF OD GLILFXOW

Tipul ntreprinderii
ntreprinderi cu
VWUXFWXU

R EXQ

n cadrul unei strategii de dezvoltare, ntreprinderile fac

OD vQFHSXW L

LQYHVWL LL

LPSRUWDQWH

vQ

H[FOXVLYLWDWH

cu rentabilitate

DSURDSH

SULQ

DXWRILQDQ DUH

QRUPDO

VDX

REZULTATE: lipsa efectului de levier

&RQVHFLQ H ILQDQFLDUH

lei
FR

T+
NFR

T-

ani

$FHVW FD] HVWH vQV

GHVWXO GH UDU vQWkOQLW vQ HFRQRPLD URPkQHDVF

PDMRULWDWH D FD]XULORU

VRFLHW

LOH FRPHUFLDOH

DSHO OD VXUVH H[WHUQH GH ILQDQ DUH D DFWLYLW

 vQ PDUHD

URPkQHWL ILLQG REOLJDWH V

LL GDWRULW

IDF

LQVXILFLHQ HL FDSLWDOXULORU

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

contractat credite cu niveluri ridicate ale dobnzilor, niveluri ce nu au putut fi
DFRSHULWH GH F

WUH UHQWDELOLWDWHD HFRQRPLF

GHJDMDW

Cazul 4: insuficienta fundamentare a strategiei de diversificare

$D FXP SUHFL]HD]
GH ED]

M. Porter n lucrarea Competitive Advantage, strategiile

FH SRW IL DYXWH vQ YHGHUH GH R ILUP

SULQ GLIHUHQ LHUH 2 ILUP

nerealizkQG

QLFL

XQD

FDUH VH DQJDMHD]

GLQWUH

DFHVWHD

QX

YD

7HQWD LD GH D DPHVWHFD VWUDWHJLLOH GH ED]

alte cuvinte de a-L

VXQW ILH DYDQWDMXO SULQ FRVWXUL ILH

VLPXOWDQ vQ VWUDWHJLLOH GH ED]
SRVHGD

XQ

DYDQWDM

FRQFXUHQ LDO

L GH D LQWUD vQ FDOHD PHGLDQ

vizat.

LQFRPSDWLELOH F
FD

ILUP

 FX

GLYHUVLILFD DFWLYLWDWHD HVWH PDUH PDL DOHV SHQWUX R ILUP

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

sectorul

'RPLQD LD

SULQ

FL GLIHUHQ LHUHD FRVW

UHQXQ H

OD

FRVWXUL

 'LPSRWULY

GLIHUHQ LHUH

cheltuielile de marketing, pe cele fixe etc.

GLIHUHQ LHUHD

VXQW

vQ

DGHVHD

 GRPLQD LD SULQ FRVWXUL FHUH

QRUPDOL]kQGX L

SURGXV

ul, reducnd

6WUDWHJLL L FRPSRUWDPHQWH FH GXF OD GLILFXOW

Tipul ntreprinderii

QWUHSULQGHUL FX R EXQ

n adoptarea unor strategii de diversificare ntreprinderile:

VWUXFWXU

VXEHVWLPHD]

FRVWXULOH

VXEHVWLPHD]

WHUHQXULOH

VXSUDHVWLPHD]

EXQ

ILQDQFLDU

L R

UHQWDELOLWDWH

SURILWXULOH

5(=8/7$7( UHGXFHUHD &$) L FUHVWHUHD 1)5

&RQVHFLQ H ILQDQFLDUH

OHL

FR

NFR

T+
Tani

Se pot distinge totuL

VWUDWHJLL GH ED]

WUHL

VLWXD LL

vQ

FDUH

ILUP

DOHJH

FHOH

GRX

WR L FHLODO L FRQFXUHQ L DX DOHV FDOHD PHGLDQ

vQV

VLPXOWDQ

UHODWLY

 F

VLWXD LH HVWH

FL XQXO GLQWUH FRQFXUHQ L YD DOHJH SkQ

VWUDWHJLH GH ED]

OD XUP

costurile sunt foarte sHQVLELOH

R ILUP

OD FRWD GH SLD

LQWURGXFH R LQRYD LH PDMRU

6WUDWHJLD GLYHUVLILF

 $FHDVW

ULL LPSOLF

L OD LQWHUFRQH[LXQL

vQ PRG HYLGHQW SHQHWUDUHD XQRU VHFWRDUH GHMD

H[LVWHQWH vQ FDUH VXUVHOH GH DYDQWDM FRQFXUHQ LDO VXQW ELQH VWDELOLWH

Costurile antrenat H

GH

VXUPRQWDUHD

XQRU

SRVLELOH

EDULHUH

OD

LQWUDUH

GH

FUHDUH D XQXL DYDQWDM FRQFXUHQ LDO SRW IL LPSRUWDQWH 'H DVHPHQHD vQ FD]XO
XQRU VHFWRDUH vQ FDUH FOLHQ LL DX R SXWHUH GH QHJRFLHUH DSUHFLDELO
FRQFXUHQ D

profit.

HVWH

ULGLFDW

VH

vQUHJLVWUHD]

VDX vQ FDUH

n general, prin marje minime de