Sie sind auf Seite 1von 32

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL



,1&856,81( 7(25(7,&
(YDOXDUHD ILUPHL

Lucrarea const ntr-R DSOLFD LH SUDFWLF , usor aplicabil de evaluare a


ILUPHORU  FRPSDQLLORU  vQWUHSULQGHULORU VL SUHYL]LXQH SULQ SULVPD LQYHVWL LLORU ILQDQWDWH
cu ajutorul creditelor, cu precizarea c investirea se face n ntreaga companie, nu
n proiecte individuale.

2ELHFWLYXO DFHVWHL DSOLFD LL SUDFWLFH HVWH GH D UHDOL]D R PDFKHW -FDGUX IOH[LELO


L FRPSOHW GH JHQHUDUH DXWRPDW D WXWXURU VLWXD LLORU ILQDQFLDUH QHFHVDUH SHQWUX
ntocmLUHD XQXL SODQ GH DIDFHUL SUHFXP L GH DQDOL] D HVWLP ULORU ILQDQFLDUH
realizate.
6FRSXO SULQFLSDO DO DSOLFD LHL HVWH *HQHUDUHD DXWRPDW D VLWXD LLORU ILQDQFLDUH
previzionate SHQWUX FRUHFWDUH VL JKLGDUHD FOLHQ LORU FX VFRSXO RE LQHULL FUHGLWXOXL GRULW
SOXV D VLWXD LLORU ILQDQFLDUH GRULQWH DYQG DVWIHO vQ SHUPDQHQ R LPDJLQH GH
DQVDPEOX D VLWXD LHL ILQDQFLDUH D FRPSDQLHL
Acest capitol este destinat prezent ULL PRGXOXL GH UHDOL]DUH D DSOLFD LHL GLQ
punctul de vedere al principiilor si modalit LORU GH calcul financiar-economice pe
care se baseaz .

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 3ULQFLSDOHOH FD]XUL vQ FDUH VH UHDOL]HD] RSHUD LXQHD GH HYDOXDUH D
firmei sunt:

UHDOL]DUHD XQHL LQYHVWL LL FX FDUDFWHU LQGXVWULDO VDX ILQDQFLDU;


InvestL LD FX FDUDFWHU LQGXVWULDO HVWH FD]XO FHO PDL FODVLF L FHO PDL vQWkOQLW
DFHOD DO DFKL]L LHL XQHL ILUPH FkQG LQYHVWLWRUXO LQYHVWHWH SH R SHULRDG PDUH GH
WLPS FXPS UkQG PDMRULWDWHD VDX XQ SURFHQW VHPQLILFDWLY GLQ FDSLWDOXO ILUPHL
Procentul de titluri DFKL]L LRQDWH vL YD SHUPLWH V LQWHUYLQ vQWU-R P VXU PDL PDUH
VDX PDL PLF vQ JHVWLXQHD ILUPHL RELHFW DO WUDQ]DF LHL Q DFHVW FRQWH[W R DVHPHQHD
LQYHVWL LH VXVFLW PHWRGH DSURIXQGDWH GH HYDOXDUH $PSORDUHD SURFHVXOXL GH
evaluare depinde de dimensiuneD WUDQ]DF LHL LPSRUWDQ D ILUPHL L SURFHQWXO GH WLWOXUL
DFKL]L LRQDWH 

29

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,QYHVWL LD FX FDUDFWHU ILQDQFLDU VH GLVWLQJH vQ JHQHUDO GH FD]XO SUHFHGHQW SULQ


QLYHOXO PXOW PDL UHVWUkQV DO S U LL DFKL]L LRQDWH SDUWH FDUH SRDWH IL GH WLSXO FXPS U ULL
GH DF LXQL OD EXUV  FD] vQ FDUH PLMORDFHOH GH HYDOXDUH VXQW PXOW PDL SX LQ GH]YROWDWH
dect n cazul precedent.

vnzarea de active;
9kQ]DUHD GH DFWLYH VXVFLW DFHODL JHQ GH SUREOHPH FD FHOH PHQ LRQDWH PDL
VXV GDU Y ]XWH GLQ XQJKLXO YkQ] WRUXOXL VDX FHGDQWXOXL FDUH VH SRDWH DIOD vQ VLWXD LL
speciale cum ar fi: cedarea unei firme mici unui grup important sau cedarea unei
ILUPH vQ GLILFXOWDWH Q DFHVW XOWLP FD] YkQ] WRUXO HVWH DGHVHD REOLJDW V DFFHSWH
HYDOXDUHD DFKL]LWRUXOXL /RJLFD HYDOX ULL GHSLQGH DGHVHD GH VLWXD LD GLQWUH
YkQ] WRU L L FXPS U WRU L 
succesiune;
Q DFHVW FD] HYDOXDUHD VH UHDOL]HD]
succesiune.

SHQWUX FDOFXOXO GUHSWXULORU GH

GHWHUPLQDUHD FXUVXOXL GH LQWURGXFHUH D XQHL VRFLHW L vQ EXUV 


(YDOXDUHD UHDOL]DW vQ DFHVW FD] HVWH vQWU-R PDUH P VXU LQIOXHQ DW GH
PHWRGHOH GH FDOFXO VSHFLDOH HODERUDWH GH EXUV  GDU L GH JULMD PDQDJHULORU ILUPHL
GH D UHXL LQWURGXFHUHD VRFLHW LL vQ EXUV  vQ FRQGL LLOH SLH HL ILQDQFLDUH GLQ DFHO
moment.
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&DOFXOHOH SULYLQG SDULWDWHD VXQW GH UHJXO IRDUWH GHOLFDWH HVWH FD]XO HYDOX ULL
QX QXPDL DO XQHL VLQJXUH ILUPH FL D GRX  vQ SOXV DYkQGX-se n vedere raportul dintre
FHOH GRX 
SXQHUHD vQWUHSULQGHULORU vQ OLFKLGDUH VXE FRQWUROXO MXGHF WRUXOXL VLQGic;

P VXUDUHD LQWHUQ D FDOLW LL JHVWLXQLL


9DULD LLOH YDORULL XQHL ILUPH SRW LQGLFD GDF JHVWLXQHD D IRVW VDWLVI F WRDUH VDX
QX GH OD XOWLPD HYDOXDUH HIHFWXDW  'DF HYROX LD YDORULL ILUPHL HVWH SR]LWLY  DFHVW
OXFUX vQVHDPQ R JHVWLXQH VDWLVI F WRDUH
jRLQW YHQWXUHV L DVRFLHUL FX U VSXQGHUH OLPLWDW 
exproprieri;

suport n caz de litigii;


partaj;

OD VROLFLWDUHD LQVWLWX LLORU ILQDQFLDUH


,QVWLWX LLOH ILQDQFLDUH SUHFXP L IXUQL]RULL GH FDSLWDO SRW FHUH HYDOXDUHD ILUPHL
vQDLQWH GH D GHFLGH ILQDQ DUHD VDX FRQWLQXDUHD ILQDQ ULL

30

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DF LXQL MXULGLFH FX VFRS SDWULPRQLDO IDOLPHQW FRQVWLWXLUHD GH LSRWHFL


GLVSXWH vQWUH DF LRQDUL

realizarea programelor de cercetare-dezvoltare;


6WDELOLUHD YDORULL GH SLD D XQXL SURLHFW GH FHUFHWDUH-dezvoltare permite
accesul la fRQGXULOH F XWDWH

Q FD]XO vQ FDUH XQ DF LRQDU DO XQHL ILUPH QHFRWDWH GRUHWH V VH UHWUDJ GLQ


ILUP HVWH QHFHVDU HIHFWXDUHD HYDOX ULL ILUPHL SHQWUX D L VH DWULEXL SDUWHD FDUH-i
corespunde.
PDMRU UL GH FDSLWDO

privatizare.

2.1.2. 6XUVHOH GH ILQDQ DUH LQ FD]XO LQYHVWL LLORU ILQDQFLDUH

)LQDQ DUHD LQYHVWL LLORU UHSUH]LQW XQD GLQWUH FHOH PDL LPSRUWDQWH HWDSH DOH
SURFHVXOXL LQYHVWL LRQDO PDWHULDOL]DW SULQ VWDELOLUHD VXUVHORU GH ILQDQ DUH SURSRU LD
GLQWUH ILQDQ DUH GLQ VXUVH SURSULL L GLQ vPSUXPXWXUL FRPELQD LD GH VXUVH FDUH
PLQLPL]HD] FRVWXO WRWDO DO ILQDQ ULL D
3ULQFLSDOHOH VXUVH GH ILQDQ DUH D LQYHVWL LLORU DFFHVLELOH DJHQ LORU HFRQRPLFL
SRW IL FODVLILFDWH GXS PDL PXOWH FULWHULL DVWIHO
'LQ SXQFW GH YHGHUH DO DSDUWHQHQ HL IRQGXULORU GLVWLQJHP
ILQDQ UL GLQ IRQGXUL SURSULL

DXWRILQDQ DUHD

FUHWHUL GH FDSLWDO
1. prin ncorporarea rezervelor la capital social;
2. prin conversiunea datoriilor.

ILQDQ UL SULQ DQJDMDPHQWH OD WHUPHQ

mprumuturi obligatare;

credite bancare;

leasing (credite-bail).

PriYLWH GLQ SXQFWXO GH YHGHUH DO HIRUWXOXL GHSXV SHQWUX RE LQHUHD ORU VXUVHOH GH
ILQDQ DUH SH WHUPHQ OXQJ SRW IL JUXSDWH vQ GRX FDWHJRULL
ILQDQ UL LQWHUQH DXWRILQDQ DUHD 

ILQDQ UL H[WHUQH FUHWHUL GH FDSLWDO L vPSUXPXWXUL GLYHUVH 


)LQDQ DUHD LQWHUQ are mai multe categorii de surse, ntre care:
a. FDSLWDOXO LQL LDO DO VRFLHW LL FRPHUFLDOH
b. fonduri de amortizare;
c. SDUWHD QHGLVWULEXLW GLQ EHQHILFLXO vQWUHSULQGHULL
31

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d. FRPSOHWDUHD FDSLWDOXOXL LQL LDO DO vQWUHSULQGHULL

2.1.3. Principalele aspecte referitoarH OD RUJDQL]DUHD L GHVI XUDUHD


DFWLYLW LL SUDFWLFH GH HYDOXDUH D ILUPHL

Q JHQHUDO HYDOXDUHD VH GHVI RDU vQ ED]D XQXL contract ncheiat ntre


beneficiarul HYDOX ULL L DP YD]XW F vQ IXQF LH GH WLSXO HYDOX ULL DFHVWD SRDWH IL
YkQ] WRUXO FXPS U WRUXO RUJDQLVPHOH ILVFDOH EDQFD VDPG L echipa de
evaluare.
Q FDGUXO HFKLSHL WUHEXLH V H[LVWH H[SHU L WHKQLFL L FRQWDELOL

Q FD]XO vQ FDUH HYDOXDUHD VH IDFH GH F WUH R SHUVRDQ IL]LF  DFHDVWD WUHEXLH


DXWRUL]DW  vQ FRQIRUPLWDWH FX SUHYHGHrile legale n vigoare.

&RQWUDFWXOFRQYHQ LD GH HYDOXDUH VH vQFKHLH ILH vQ XUPD FkWLJ ULL XQHL OLFLWD LL


RUJDQL]DWH GH EHQHILFLDUXO HYDOX ULL ILH OD FHUHUHD DFHVWXLD DGUHVDW XQHXL H[SHUW

'H UHJXO  EHQHILFLDUXO DQXQ vQ SUHV LQWHQ LD GH D RUJDQL]D R evaluare,


ntocmind un caiet de sarcini vQ FDUH SUH]LQW L IRUPXOHD] FRQGL LLOH L RELHFWLYHOH
SH FDUH OH XUP UHWH

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FRQGL LLOH vQ FDUH vL SURSXQ V HIHFWXH]H OXFUDUHD ComiVLD GH OLFLWD LH D
EHQHILFLDUXOXL DQDOL]HD] RIHUWHOH GkQG F WLJ GH FDX] XQHL ILUPH FULWHULXO
GHWHUPLQDQW ILLQG SUH XO GDU QX vQWRWGHDXDQD 'H H[ HYDOXDUHD I FXW GH &RRSHUV
OD DFHD YUHPH KRWHOXOXL 6DYR\ GLQ 0DPDLD FDUH DSRL D RE LQXW XQ FUHGLW vn acest
FD] HYDOXDUHD D FRVWDW PDL PXOW DYkQG vQ YHGHUH SUHVWLJLXO GH FDUH VH EXFXU
compania.

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evaluare

&X SULYLUH OD DFWLYLWDWHD GH RUJDQL]DUH D HYDOX ULL DWkW SH SODQ LQWHUQ FkW L
intHUQD LRQDO H[LVW QXPHURDVH DVRFLD LL RUJDQL]D LL VDPG GDU FXQRDterea lor nu
HVWH QHFHVDU vQ DFHDVW HWDS 

3ULQFLSDOLL DFWRUL DL FHOHL PDL X]XDOH RSHUD LXQL GH HYDOXDUH L DQXPH


vnzarea unei firme sunt desigur FXPS U WRUXO L YkQ] WRUXO, care n termeni
juridici se numesc cesionar L cedant.
6LWXD LD ORU GLIHU vQ IXQF LH GH P ULPHD L LPSRUWDQ D WUDQ]DF LHL SURSXVH

32

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([LVW XQ HYDQWDL GH YkQ] WRUL vQWUHSULQ] WRU SHUVRDQ IL]LF  XUPDLL


SDWURQXOXL IRQGDWRU PDQDJHULL VDODULD L VDX PDQGDWDULL XQXL JUXS SUHFXP L PLFLL
DF LRQDUL
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VDX SDWURQXO XQHL vQWUHSULQGHUL PLFL VDX PLMORFLL FDUH GRUHWH V -L P UHDVF
afacerea.
6FKHPDWLF UDSRUWXO GH IRU H GLQWUH DFWRULL SULQFLSDOL VH SRDWH prezenta astfel

)LJ QU  5DSRUWXO GH IRU H GLQWUH DFWRULL SULQFLSDOL DL XQHL HYDOX UL GH ILUPH
&XPS U WRU L SRWHQ LDO L

0DL PXO L
0DL PXO L

Supraevaluare

9kQ] WRU L
Subevaluare
Unul singur

Unul singur

,PSRUWDQ D
interesului personal n
evaluare

3H OkQJ DFHWL DFWRUL SULQFLSDOL H[LVW DD QXPL LL DFWRUL DX[LOLDUL

2GDW FH ILUPD LQW DWLQJH R DQXPLW WDOLH DO F UHL SUDJ HVWH WRWXL GLILFLO GH
GHILQLW  vQDLQWHD HYDOX ULL FXPS U WRUXO SRWHQ LDO DQJDMHD] XQ FDELQHW GH DXGLW
pentru a se DVLJXUD GH ILDELOLWDWHD VLWXD LLORU ILQDQFLDUH DOH ILUPHL LQW 
Q FDGUXO WUDQ]DF LLORU LQWHUQD LRQDOH GH ILUPH DFHDVW
denumirea de due dilligences.

SURFHGXU

SRDUW

&D UH]XOWDW FDELQHWXO GH DXGLW SURSXQH XQ DQXPLW SUH FXPS U WRUXOXL

Un alt actor au[LOLDU DO XQHL WUDQ]DF LL LPSRUWDQWH HVWH FDELQHWXO VDX ILUPD
HYDOXDWRDUH $FHVW URO SRDWH IL MXFDW FKLDU GH F WUH R EDQF IU banque de conseil),
FDUH SRDWH LQWHUYHQL vQ DPRQWH SURSXQkQG FKLDU HD WUDQ]DF LD FXPS U WRUXOXL
SRWHQ LDO FOLHQW VDX QX DO E QFii)

6XE LQIOXHQ D PRGXOXL GH D IDFH DIDFHUL DQJOR-saxon, un alt actor auxilar este
DD QXPLWXO expert independent vQV UFLQDW FX H[DPLQDUHD L DQDOL]DUHD
SURSXQHULORU HIHFWXDWH GH DPEHOH S U L $FHVWD D DS UXW vQ 6WDWHOH 8QLWH vQ SHULRDGD
valului de tranzaF LL GH PDUH DPSORDUH FX ILUPH GLQ DQLL
 L SRDWH IL XQ FDELQHW GH
DXGLW VDX GH H[SHUWL] ILQDQFLDU 
1XP UXO DFWRULORU HVWH SURSRU LRQDO FX LPSRUWDQ D WUDQ]DF LHL

33

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ntr-R WUDQ]DF LH FODVLF  GLYHUJHQ HOH GLQWUH YkQ] WRU L FXPS U WRU QX SRW IL
aplanate dect printr-un acord reciproc, neexistnd un arbitru. 7RWXL DFHVW DFRUG
SRDWH IL IDFLOLWDW vQ P VXUD vQ FDUH DFWRULL DX[LOLDUL SULQ GHILQL LH UXS L GH DFHVW WLS GH
DFWLYLWDWH SDUWLFLS vQWU-R PDQLHU DFWLY OD HYDOXDUH Q VFKLPE vQ FD]XO XQHL
tranzaF LL EXUVLHUH DUELWUXO QDWXUDO HVWH SLD D FDUH UDWLILF VDX UHIX] SUH XO SURSXV
GH FXPS U WRU L YkQ] WRU L DQXPH vQ FDGUXO XQXL FXUV OLPLW 
$WkW DFWRULL SULQFLSDOL FkW L FHL DX[LOLDUL SUHFXP L UHOD LLOH GLQWUH HL VXQW UHGD L
schematic n figura de mai jos.
)LJ QU  $FWRULL XQHL RSHUD LXQL GH HYDOXDUH L LQWHUDF LXQLOH GLQWUH HL

Evaluator
Banca

Expert
independent

&XPS U WRUXO

Cabinetul de
audit

)LUPD VXSXV
evDOX ULL

9kQ] WRUXO

Consultantul
YkQ] WRUXOXL

Sursa: Tournier, J.C., Tournier, J.B. Lvaluation dentreprise ; Editions


dOrganization, Paris, 1998, p.17.

2.1.5. Valoarea n evaluare

Nu se poate vRUEL LQWHOLJHQW GHVSUH HYDOXDUH I U


QR LXQHD GH valoare.

D GHILQL vQ SUHDODELO

9DORDUHD vQ HYDOXDUHD DIDFHULORU DUH XQ QXP U GH vQ HOHVXUL GLVWLQFWH GRDU


GRX GLQWUH DFHVWHD FRQVWLWXLQGX-VH vQ FHOH PDL JHQHUDOH GHILQL LL DOH YDORULL L
anume: valoarea cRUHFW GH SLD
(engl. fair market value L valoarea de

34

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lichidare (engl. lichidation value)1 3H OkQJ DFHVWHD vQ OLWHUDWXUD GH VSHFLDOLWDWH VH


PDL vQWkOQHVF L WHUPHQL FXP DU IL YDORDUH LQWULQVHF  YDORDUH VHQWLPHQWDO  HWF
,SRWH]D FDUH VW OD ED]D YDORULL FRUHFWH GH SLD HVWH DFHHD F HYDOXDUHD VH
IDFH FD L FXP ILUPD VXSXV HYDOX ULL DU IL YkQGXW XQXL QRX SURSULHWDU FDUH YD
continua activitatea firmei.

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fiind SUH XO OD FDUH SURSULHWDWHD DU WUHFH GLQ PkLQLOH XQXL YkQ] WRU GRULWRU vQ PkLQLOH
XQXL FXPS U WRU GRULWRU SULPXO QHILLQG REOLJDW V YkQG  LDU FHO GLQ XUP QHILLQG
REOLJDW V FXPSHUH DPEHOH S U L DYkQG FXQRWLQ H DGHFYDWH DOH IDSWHORU UHOHYDQWH
/LFKLGDUHD HVWH R SURFHGXU

la ndemna unui debitor insolvabil avnd ca


VFRS YkQ]DUHD DFWLYHORU L DFRSHULUHD GDWRULLORU L QX FRQWLQXDUHD DIDFHULL 'HFL
LSRWH]D FDUH VW OD ED]D YDORULL GH OLFKLGDUH HVWH F RSHUD LXQLOH ILUPHL YRU vQFHWD L
F DFWLYHOH YRU IL YkQGXWH ILH vQ vQWUHgime, fie individual.
&RQFOX]LRQkQG FHOH GRX GHILQL LL DOH YDORULL XQHL ILUPH SUHFXP L LSRWH]HOH
FDUH VWDX OD ED]D DGRSW ULL ORU SRW IL YL]XDOL]DWH vQ VFKHPD GH PDL MRV
)LJ QU  'HILQL LLOH DOWHUQDWLYH DOH YDORULL L LSRWH]HOH FDUH VWDX OD ED]D
acestora
2ELHFWLY ,SRWH]D IXQGDPHQWDO 'HILQL LD DGHFYDW D YDORULL
)LUPD YD FRQWLQXD V RSHUH]H

Valoarea firmei

)LUPD YD vQFHWD V RSHUH]H

9DORDUH FRUHFW GH SLD

Valoare de lichidare

Sursa: Albert N. Link, Michael B. Boger - The art and science of business
valuation, Quorum Books, 1999, p. 20.
/LQN L %RJHU3 SULYHVF FRQWLQXDUHD DFWLYLW LL ILUPHL FD LSRWH] FH VW OD ED]D
YDORULL FRUHFWH GH SLD  SH FkQG +LJJLQV4 LQWURGXFH QR LXQHD GH YDORDUH GH
continuare (engl. going concern value), considernd ca relevante pentru evaluare
WUHL GHILQL LL DOH YDORULL YDORDUHD FRUHFW GH SLD  YDORDUHD GH OLFKLGDUH L YDORDUHD
de continuare.
1

Albert N. Link, Michael B. Boger -The art and science of business valuation, Quorum Books, 1999, p. 17.
6HPQLILF KRW UkUHD -60 a Serviciului de Venituri Interne (engl. Internal Revenue Service FDUH VH UHIHU OD
evaluarHD ILUPHORU SULYDWH SUHFXP L OD DERUG ULOH PHWRGHOH L IDFWRULL FDUH WUHEXLHVF OXD L vQ FRQVLGHUDUH OD
evaluarea firmelor n scopuri fiscale.
3
Op.cit.
4
Higgins, Robert Analysis for financial management, McGraw Hill, 1998.
2

35

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Q RSLQLD XOWLPXOXL DXWRU FLWDW YDORDUHD FRUHFW GH SLD D XQHL ILUPH HVWH FHD
mai mare valoare dintre valoarea sa dH OLFKLGDUH L YDORDUHD GH FRQWLQXDUH
'HILQLUHD FRUHFW D YDORULL ILUPHL DUH LPSOLFD LL DVXSUD DOHJHULL FHORU PDL
DGHFYDWH PHWRGH GH HYDOXDUH GHRDUHFH DQXPLWH PHWRGH VH DSOLF vQ FD]XO vQ FDUH
ILUPD VXSXV HYDOX ULL YD FRQWLQXD V RSHUH]H L DOWH PHWRGH VH SOLF vQ FD]XO vQ
FDUH ILUPD LQWU vQ OLFKLGDUH

 $QDOL]D GLDJQRVWLF

Analiza diagnostic HVWH SULPXO SDV vQ UHDOL]DUHD HYDOX ULL ILUPHL ILLQG XUPDW

DSRL GH SUHYL]LRQDUHD DFWLYLW LL ILUPHL UHVSHFWLYH SH ED]D GDWHORU UH]XOWDWH vQ FDGUXO


Analizei Diagnostic $FHDVW HWDS HVWH GH R LPSRUWDQ FUXFLDO SHQWUX F HVWH

BAZA HYDOX ULL ILUPHL L D FRQFOX]LLORU GH SULPLUH D FUHGLWXOXL  Ynzare la un pret


FRQYHQDELO DF LRQDULORU

Analiza diagnostic UHSUH]LQW SUH]HQWDUHD ILUPHL vQ PHGLXO V X HFRQRPLF


scopul XQHL DIDFHUL SULQFLSDOHOH VLWXD LL ILQDQFLDUH DQDOL]D VLWXD LLORU ILQDQFLDUH
principalele instrumente utilizate n evaluare: previzionarea, medii ponderate,
valoarea n timp a banilor cu exemple.

Analiza diagnostic reprezint un cumul de analize


rezult un num r mare de concluzii referitoare nu numai
companiei, ct si din punctul resurselor umane, juridice,
resurselor materiale, comerciale etc. De aceea spunem c

care toate confruntate


la situa ia financiar a
culturale i istorice, a
Analiza Diagnostic se

compune din:
0. Analiza mediului firmei are in vedere aspecte precum:

situatia international poate fi studiat din multiple puncte de vedere dintre


care cele mai importante sunt de natur politic , comercial si financiar .

Analiza mediului comercial intern (din Romnia).


Analiza mediului socio-politic.

Analiza mediului economic si financiar.


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GH SUHFHGHQWHOH DFHVWD QX VH SRDWH ED]D SH FLIUH L LQGLFDWRUL GHWHUPLQD L FX
precizie.

36

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GLYL]LRQDO

HVWH vQ JHQHUDO UHFRPDQGDW

DFWLYLW L GLVWLQFWH 

SHQWUX R ILUP

FDUH DUH PDL PXOWH

PRGXO GH FRRUGRQDUH L FRQWURO (controlul ierarhic, controlul pe proceduri,

FRQWUROXO SH RELHFWLYH FRQWUROXO SH FDOLILFDUH L IRUPDUH FRQWUROXO LQIRUPDO


sLVWHPHOH GH LQIRUPD LL 

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5HDOLW LOH FXOWXULL ILUPHL VXQW IRDUWH GLYHUVH L D OH SUHFL]D SHUPLWH


GHWHUPLQDUHD FRQWXUXULORU FDGUXOXL GH UHIHULQ vQ FDUH VH SRDWH HIHFWXD GLDJQRVWLFXO
9L]LXQHD SDWULPRQLDO D FXOWXULL - FLUPD SRVHG R FXOWXU DD FXP SRVHG DOWH

UHVXUVH FXP DU IL SURGXVHOH VDOH WHKQRORJLD HFKLSDPHQWHOH VWUXFWXULOH L


personalul.

'HPHUVXO GLDJQRVWLFXOXL FRQVW SULQ XUPDUH vQ D GHVFULH DFHDVW UHVXUV


(valori, ritualuri, simboluri etc.), apoi a identifica OHJ WXUL FX FHOHODOWH UHVXUVH
disponibile cum ar fi tehnologia. 'LDJQRVWLFXO FXOWXUDO L LVWRULF FDUDFWHUL]HD]
SHUVRQDOLWDWHD ILUPHL L DMXW OD PDL EXQD vQ HOHOHJHUH D FHORUODOWH UHVXUVH
3. Diagnosticul juridic
Acest diagnostic are ca scop verificarea aspectelor juridice privind activitatea
ILUPHL VDX D DFWLYXOXL FDUH XUPHD] D IL HYDOXDW L SUHVXSXQH DQDOL]D HOHPHQWHORU
specifice Drept comercial; Drept civil; Drept fiscal; Dreptul muncii; Dreptul mediului.
4. Diagnosticul cercetare-dezvoltare

Punctele cheie ale unui diagnostic cercetare-GH]YROWDUH SH FDUH VH ED]HD]


HYDOXDUHD SRWHQ LDOXOXL FUHDWRU DO ILUPHL VXQW
- efortul de cercetaredezvoltare prin calcularea raportului: Cheltuieli cu

cercetarea-GH]YROWDUHD&$ L SULQ FRPSDUDUHD DFHVWXLD FX PHGLLOH vQUegistrate n


VHFWRUXO GH DFWLYLWDWH DO ILUPHL UHVSHFWLYH vQ P VXUD vQ FDUH H[LVW VWDWLVWLFL

3RUWRIROLXO GH SURGXVH L FRQFHSWH QRL &DSDFLWDWHD UHVXUVHORU XPDQH L D

RUJDQL]D LHL GH D LQRYD QLYHOXO LQJLQHULORU GH FHUFHWDUH FDSDFLWDWHD GH D GHSXQH


L FXPS UD EUHYHWH 

37

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5. Diagnosticul resurselor umane

'LDJQRVWLFXO UHVXUVHORU XPDQH DUH UROXO GH D SXQH vQ HYLGHQ

DVSHFWH
SR]LWLYH VDX QHJDWLYH QHDWHSWDWH FH DU SXWHD DIHFWD FDOFXOHOH GH HVWLPDUH D YDORULL
firmei.
Punctele cheie ale acestui diagnostic sunt:

HIHFWLYHOH L HYROX LD ORU SRVLELO L VWUXFWXUD DFHVWRUD SHUVRQDO SHUPDQHQW


SHUVRQDO FX FRQWUDFW SH R GXUDW GHWHUPLQDW VDX DQJDMD L WHPSRUDUL SLUDPLGD
YkUVWHORU ILUPHL PLFDUHD vQ IXQF LH GH FDOLILFDUH FRPSHWHQ

L YkUVW 

Dispunerea de un anumLW SHUVRQDO VXE XQ UHJLP PDL SX LQ SURWHFWRU SHUPLWH


ILUPHL DMXVWDUHD HIHFWLYXOXL OD QLYHOXO FHUXW GH SODQXO V X GH DF LXQH I U

ntrziere prea mare.


-

FDOLILFDUHD PkLQLL GH OXFUX L DGDSWDELOLWDWHD VD OD PXWD LLOH WHKQRORJLFH L


manageriale. Acest aspect se poate aprecia cu ajutorul unor indicatori cum ar fi
categoria medie de ncadrare a muncitorilor (k  FDWHJRULD PHGLH GH vQFDGUDUH D

OXFU ULORU N O  $VWIHO GDF N ! N O vQVHDPQ F PXQFLWRUL FX FDOLILFDUH VXSHULRDU

H[HFXW

OXFU UL

GH

FRPSOH[LWDWH

UHGXV  FHHD FH UHIOHFW

R XWLOL]DUH

QHFRUHVSXQ] WRDUH D UHVXUVHORU XPDQH FX HIHFWH QHIDYRUDELOH DVXSUD


cheltuielilor salariale.
-

UHOD LLOH XPDQH L VRFLDOH FOLPDWXO VRFLDO L FRVWXO UHFDOLILF ULL FDOLWDWHD

GLDORJXOXL VRFLDO L UROXO VLQGLFDWHORU 


comportamentul

personalului

(indicatorii

comportamentului

individual,

indicatorii de conflictualitate).
,QGLFDWRULL GH FRQIOLFWXDOLWDWH SRW IL LQGLFDWRUL GH FRQIOLFWXDOLWDWH FROHFWLY FXP
DU IL QXP UXO GH JUHYH QXP UXO GH ]LOH GH JUHY  FRHILFLHQWXO GH LPSRUWDQ DO
JUHYHL FRHILFLHQWXO GH ORFDOL]DUH DO JUHYHL L LQGLFDWRUL GH FRQIOLFWXDOLWDWH LQGLYLGXDO 
De asemenea, legat de comportamentul personalului se poate analiza utilizarea
WLPSXOXL GH PXQF L PRELOLWDWHD SHUVRQDOXOXL
6. Diagnosticul resurselor materiale

9LDELOLWDWHD ILUPHL vQ PHGLXO V X FRQFXUHQ LDO HVWH GHWHUPLQDW L GH P VXUD


vQ FDUH DFHDVWD GLVSXQH GH XQ SRWHQ LDO PDWHULDO DL F UXL SDUDPHWULL WHKQLFL L

IXQF LRQDOL VXQW DGDSWD L H[LJHQ HORU XQHL HFRQRPLL FRQFXUHQ LDOH

n cadrul diagnosticului reVXUVHORU PDWHULDOH VH DERUGHD] FX SUHGLOHF LH GRX


DVSHFWH GLDJQRVWLFDUHD PLMORDFHORU IL[H L GLDJQRVWLFDUHD DFWLYHORU FLUFXODQWH

38

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7. Diagnosticul comercial
2 ILUP QX SRDWH VXSUDYLH XL L QX VH SRDWH GH]YROWD vQWU-o economie
FRQFXUHQ LDO GHFkW GDF HVWH FDSDELO V U VSXQG GXUDELO QHYRLORU SLH HL $FHVW
OXFUX SUHVXSXQH F QHYRLOH L GRULQ HOH FRQVXPDWRULORU DX IRVW ELQH LGHQWLILFDWH

Obiectivul diagnosticului comercial HVWH DFHOD GH D VH DVLJXUD F


SURGXVHOH ILUPHL VXQW FRPSHWLWLYH FD R FRQVHFLQ D DSOLF ULL PHWRGHORU L WHKQLFLORU
FRPHUFLDOH SUHFXP L DFHOD GH D HVWLPD SLD D DFWXDO L SRWHQ LDO SUHFXP L ORFXO
ILUPHL UHVSHFWLYH SH SLD 

6XUVHOH GH LQIRUPD LL FDUH VWDX OD ED]D UHDOL] ULL GLDJQRVWLFXOXL FRPHUFLDO


YDULD] GH OD VWDWLVWLFLOH FRPHUFLDle, documentele contabile, studiile sectoriale,
LQWHUYLHYDUHD FOLHQ LORU FDWDORDJH WDULIH SODQ GH PDUNHWLQJ YL]LWH RUJDQLJUDP 
SODQ EXJHW QRWH LQWHUQH FKHVWLRQDU GH DXGLW L SkQ OD VRQGDMH DQFKHWH E QFL GH
GDWH VWXGLL VSHFLDOL]DWH SXEOLFD LL de specialitate, rapoarte ale Ministerului Industriei
L &RPHU XOXL &DPHUHL GH &RPHU L ,QGXVWULH
3ULQFLSDOHOH DVSHFWH XUP ULWH vQ DQDOL]D IXQF LHL FRPHUFLDOH SHQWUX VWDELOLUHD
GLDJQRVWLFXOXL FRPHUFLDO VH UHIHU OD
1. HYROX LD YkQ] ULORU&$
2. analiza detalLDW D YkQ] ULORU SH FXSOXUL SURGXVH - SLH H
3. DQDOL]D FOLHQ LORU

4. DQDOL]D UHSDUWL LHL YkQ] ULORU vQ IXQF LH GH FLFOXO GH YLD

DO SURGXVHORU

5. analiza furnizorilor.

O data aceste analize diagnostic realizate situatia firmei din punctul de


vedere a unui analist este foarte clara. Acesta cunoaste indeaproape situatia firmei
si poate sa porneasca la realizarea modelului de previziune a necesarului de
finantare si a structurii finantarii. Specialistul in acest punct poate trasa o serie de
concluzii si sugestii de imbunatatire a situatiei firmei.
Astfel se traseaza o linie de dezvoltare si remediere a situatiei economicofinanciare, a sitatiei resurselor umane, comerciale, etc.
Pe baza acestora se va dezvolta in continuare modelul de previziune.

39

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 3UHYL]LRQDUHD QHFHVDUXOXL GH ILQDQ DUH L D VWUXFWXULL


ILQDQ ULL
Formularea problemelor de previziune

2ULFH SUREOHP GH SUHYL]LXQH FXSULQGH GRX S U L XQD LQYDULDQW vQ FDUH VH


SUHFL]HD] VFRSXO RUL]RQWXO SUHYL]LXQLL L VWDUHD LQL LDO D IHQRPHQXOXL SUHYL]LRQDW L
R D GRXD SDUWH vQ FDUH VXQW SUHFL]DWH LSRWH]HOH GH OXFUX L GDWH UHODWLYH OD HYROX LD
WUHFXW VDX YLLWRDUH D IHQRPHQXOXL &HD GH D GRXD SDUWH GHWHUPLQ GLIHUHQ HOH
specifice dintre tipurile de probleme de previziune.
$DGDU IRUPXODUHD JHQHUDO D XQHL SUREOHPH GH SUHYL]LXQH HVWH XUP WRDUHD
6

VH SUHYL]LRQH]H HYROX LD IHQRPHQXOXL LQGLFDWRUXOXL VLVWHPXOXL St pe

orizontul de timp 1, T  WLLQG F

VWDUHD LQL LDO

D DFHVWXLD HVWH S0 L F

XUP WRDUHOH LSRWH]H GH OXFUX L GDWH UHODWLYH OD HYROX LD SUHFHGHQW


acestuia:
TRECUT

a) VH FXQRDWH SDU LDO


VDX WRWDO HYROX LD
b) QX VH FXQRDWH
HYROX LD

VH GDX

L YLLWRDUH D

VIITOR

a) VH PHQ LQH WHQGLQ D GH HYROX LH


b) QX VH PHQ LQH WHQGLQ D GH HYROX LH GDU VH GDX DOWH
LSRWH]H L GDWH
c) se dau coordonatele evoOX LHL
d) VH GDX VW ULOH GRULWH ILQDOH VDXL LQWHUPHGLDUH

$YkQG vQ YHGHUH IDSWXO F XQ QXP U PDUH GH SUREOHPH GH SUHYL]LXQH DX


IRUPXO UL DVHP Q WRDUH YRP SUH]HQWD FkWHYD FODVH GH SUREOHPH vQWkOQLWH IUHFYHQW
vQ SUDFWLFD HFRQRPLF 

Previzionarea necesarului GH ILQDQ DUH L D VWUXFWXULL ILQDQ ULL SH


termen lung

6WDELOLUHD XQHL VWUDWHJLL GH ILQDQ DUH SUHVXSXQH SUHYL]LRQDUHD QHFHVDUXOXL GH


ILQDQ DUH L D VWUXFWXULL VXUVHORU GH ILQDQ DUH

3ULQFLSDOHOH vQWUHE UL OD FDUH WUHEXLH V U VSXQG XQ DJHQW HFRQRPLF DWXQFi


FkQG vL SURSXQH V HODERUH]H R VWUDWHJLH GH ILQDQ DUH VXQW
9 &H IRQGXUL VXQW QHFHVDUH FkQG VXQW QHFHVDUH L SHQWUX FkW WLPS"
9 &DUH YD IL SURSRU LD GH ILQDQ DUH vQWUH FUHGLW L FDSLWDO"
9 'DF VH YD DSHOD OD ILQDQ DUHD SULQ FUHGLW YD IL FUHGLW SH WHUPHQ VFurt,
SH WHUPHQ OXQJ VDX R FRPELQD LH D DPEHORU"
Obiectivul pe care-O YD XUP UL DJHQWXO HFRQRPLF YD IL PD[LPL]DUHD DYHULL
DF LRQDULORU

40

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Fig. Nr. 4. Imaginea mediului intern al firmei din punct de vedere economico
financiar:
CASH
COLECTARE
CREANTE

Dividente

Dobanzi

Impozite

VANZARI
CASH

VANZARI DE
CREDIT

PRODUCTIE

INVESTITII

CREANTE DE INCASAT

STOCURI
AMORTIZARE

ACTIVE FIXE

2.3.1. Metode patrimoniale de evaluare


9DORDUHD SDWULPRQLDO D XQHL ILUPH DUH vQ YHGHUH YDORDUHD DFWXDO D
HOHPHQWHORU PDWHULDOH DOH FDSLWDOXOXL SURSULX UHVSHFWLY IRUPD FRQFUHW GH XWLOL]DUH D
acestuia.
Q VWDELOLUHD YDORULL SDWULPRQLDOH VH SRUQHWH GH OD XOWLPXO ELODQ FRQWDELO VDX
XQXO vQWRFPLW VSHFLDO SHQWUX RSHUD LXQHD GH HYDOXDUH

3kQ OD vQFHSXWXO VHFROXOXL ;; XQ ELODQ FRQWDELO UHSUH]HQWD XQ DQVDPEOX GH


GDWH PXOW PDL LPSRUWDQW GHFkW XQ FRQW GH UH]XOWDWH PDL DOHV vQ )UDQ D 'H
DVHPHQHD ED]DW SH ELODQ  YDORDUHD SDWULPRQLDO D FRQVWLWXLW PXOW WLPS SDUDPHWUXO
HVHQ LDO DO HYDOX ULL ILUPHORU (YDOXDUHD SULQ DERUGDUHD SDWULPRQLDO HVWH R
PRGDOLWDWH GH HVWLPDUH D YDORULL XQHL ILUPH VLPSO  FDUH UHJUXSHD] DQVDPEOXO GH
PHWRGH FX FDUDFWHU LVWRULF L QX SUHYL]LRQDO
n FRQIRUPLWDWH FX UHDOLWDWHD HFRQRPLF  DFHDVW HYDOXDUH FRQVW vQ D
GHWHUPLQD YDORDUHD XQHL ILUPH DGXQkQG YDORDUHD UHDO D WXWXURU EXQXULORU FDUH R
FRPSXQ L VF ]kQG GDWRULLOH

41

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)RQGXULOH SURSULL DOH XQHL ILUPH VXQW GH DOWIHO GHQXPLWH L DFWLY QHW

1.1. MetRGD ED]DW SH DFWLYXO QHW FRQWDELO $1&

$FWLYXO QHW FRQWDELO $1& VDX DFWLYXO QHW HYLGHQ LDW $1( VDX SDWULPRQLXO
QHW FRQWDELO 31& FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH FD L YDORDUH PDWHPDWLF
VLPSO VDX YDORDUH PDWHPDWLF GH SDWULPRQLX HVWH FHD PDL VLPSO L UDSLG PHWRG
GH HYDOXDUH PHWRG FDUH D IRVW IRORVLW vQ DUD QRDVWU OD SULYDWL]DUHD
vQWUHSULQGHULORU PLFL L PLMORFLL SULQ PHWRGD 0(%2 SHQWUX HYDOXDUHD VRFLHW LORU
comerciale cu capital de stat.

3RWULYLW DFHVWHL PHWRGH $1& HVWH GLIHUHQ D GLQWUH DFWLYXO WRWDO L GDWRULLOH

totale.
ANC=TOTAL ACTIV - DATORII TOTALE

$YDQWDMHOH DFHVWHL PHWRGH VXQW RIHULWH GH FRVWXULOH UHGXVH GDU L GH


UDSLGLWDWHD VWDELOLULL SDWULPRQLXOXL QHW GHRDUHFH HYDOXDUHD QX QHFHVLW UHFXUJHUHD OD
serviciile unor firme de FRQVXOWDQ vQ HYDOXDUH FDUH VROLFLW QX QXPDL RQRUDULL
ULGLFDWH GDU L R SHULRDG GH WLPS vQGHOXQJDW SHQWUX UHDOL]DUHD UDSRUWXOXL GH
evaluare, uneori 2-3 luni.
1.2. Metoda activului net corectat (ANCo)

Activul net corectat (ANCo) sau activul net corijat VDX YDORDUHD PDWHPDWLF
LQWULQVHF HVWH FHD PDL X]XDO YDORDUH SDWULPRQLDO D ILUPHL OD FDUH VH UHFXUJH vQ
VLWXD LD vQ FDUH VH XUP UHWH FRQWLQXDUHD DFWLYLW LL DFHVWHLD

Valoarea
matem.
FRQWDELO

FRUHF LL

Valoarea
PDWHPDWLF
ANCo
LQWULQVHF

Fig. nr. 5. Valoarea firmei

Elemente
necorporale

Elemente n
afara
H[SORDW ULL

A. 9DORDUHD WRWDO D
firmei

Schematic, valoarea firmei conform acestei metode este:

1.3. Metoda activului net actualizat (ANCA)


Activul net actualizat (ANA) sau activul net reevaluat (ANR) presupune
DFWXDOL]DUHD SDWULPRQLXOXL QHW IRORVLQG LQGLFL GH SUH FDUH SRW IL XWLOL]D L SH HOHPHQWH
GH VWUXFWXU VDX SH WRWDO FD LQGLFH PHGLX DO SUH XULORU EXQXULORU GH FRQVXP VDX DO
PIB-ului).
ANCA=ANC/IP

42

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 9DORDUHD VXEVWDQ LDO D SDWULPRQLXOXL


9DORDUHD VXEVWDQ LDO

D SDWULPRQLXOXL UHSUH]LQW WRWDOLWDWHD PLMORDFHORU


SDWULPRQLDOH DOH ILUPHL DQJDMDWH L RUJDQL]DWH SHQWUX UHDOL]DUHD RELHFWXOXL Ge
DFWLYLWDWH I U D LQH FRQW GH PRGXO GH ILQDQ DUH
6XQW FXQRVFXWH WUHL P ULPL DOH DFHVWHL YDORUL
D YDORDUHD VXEVWDQ LDO EUXW 96% 

VSB=Ar+Vn-Ve unde:
Ar= activul reevaluat

9Q YDORDUHD UHHYDOXDW D DFWLYHORU IRORVLWH GH ILUP vQ DFWLYLWDWHD GH ED] ,


I U vQV D IL SURSULHWDUD DFHVWRUD GRQD LLOH VDX EXQXULOH DL F URU SURSULHWDUL VXQW
QHFXQRVFX L EXQXULOH vQFKLULDWH VDX DFL]LWLRQDWH LQ OHDVLQJ

9H YDORDUHD EXQXULORU FDUH VXQW HYLGHQ LDWH vQ SDWULPRQLXO ILUPHL QX


SDUWLFLS GLQ GLIHULWH FDX]H OD UH]XOWDWHOH DFWLYLW LL GH ED] EXQXULOH vQFKLULDWH VDX vQ
ORFD LH GH JHVWLXQH WHUHQXULOH VDX VSD LLOH DUHQGDWH HWF
E YDORDUHD VXEVWDQ LDO UHGXV 965 

9DORDUHD VXEVWDQ LDO UHGXV 965 VH RE LQH SULQ VF GHUHD GLQ YDORDUHD
VXEVWDQ LDO EUXW D GDWRULLORU SH WHUPHQ VFXUW 'WV DIHUHQWH DFWLYLW LL GH ED] 
VSR=VSB-Dts

F YDORDUHD VXEVWDQ LDO QHW 961 


9DORDUHD VXEVWDQ LDO

QHW 961 VH RE LQH SULQ VF GHUHD GLQ YDORDUHD


VXEVWDQ LDO UHGXV D GDWRULLORU SH WHUPHQ PHGLX L OXQJ ' 
VSN=VSR-D
1.6. CaSLWDOXULOH SHUPDQHQWH QHFHVDUH H[SORDW ULL &31(

9DORDUHD RIHULW GH PHWRGD &31( QX UHIOHFW R YDORDUH UHDO D ILUPHL FL GRDU


YDORDUHD FDSLWDOXOXL QHFHVDU SHQWUX D vQILLQ D R ILUP FX FDUDFWHULVWLFL VLPLODUH FHOHL
evaluate.
9DORDUHD &31( HVWH GDW

GH P ULPHD DFWLYXOXL HFRQRPLF IXQF LRQDO DO


ILUPHL VWDELOLW SH ED]D PHWRGRORJLHL GH DQDOL] D HFKLOLEUXOXL IXQF LRQDO
LPRELOL] UL QHWH SHQWUX H[SORDWDUH FRUHFWDWH 
nevoia de fond de rulment pentru exploatare +
LPRELOL] UL vQFKLULDWH 
LPRELOL] UL vQ OHDVLQJ =
FDSLWDOXUL SHUPDQHQWH QHFHVDUH H[SORDW ULL

43

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sau,
YDORDUHD VXQVWDQ LDO EUXW datorii pe termen scurt HIHFWH GH FRPHU VFRQWDWH L QHDMXQVH OD VFDGHQ
FDSLWDOXUL SHUPDQHQWH QHFHVDUH H[SORDW ULL

vQV
lung.

9DORDUHD &31( VH LGHQWLILF

FX YDORDUHD VXEVWDQ LDO EUXW UHGXV SULYLW


VXE DVSHFWXO ILQDQ ULL UHVSHFWLY FDSLWDOXUL SURSULL L vPSUXPXWXUL SH WHUPHQ

1.7. Metoda activului net de lichidare

8Q FD] SDUWLFXODU GH HYDOXDUH SHQWUX VRFLHW LOH FDUH vL vQFHWHD] DFWLYLWDWHD


UHSUH]LQW DFWLYXO QHW GH Oichidare (ANL).

/LFKLGDUHD UHSUH]LQW DQVDPEOXO RSHUD LXQLORU FDUH GXS GHFODUDUHD GL]ROY ULL
XQHL VRFLHW L DX FD RELHFW UHDOL]DUHD HOHPHQWHORU GH DFWLY L SODWD GDWRULLORU vQ
YHGHUHD SDUWDM ULL YDORULL U PDVH vQWUH DVRFLD L
'L]ROYDUHD VRFLHW LL FRPHUFLDOH SRDWH DYHD ORF GH UHJXO  vQ XUP WRDUHOH

cazuri:

9 H[SLUDUHD WHUPHQXOXL SUHY ]XW vQ FRQWUDFWXO GH DVRFLHUH


9 LPSRVLELOLWDWHD UHDOL] ULL RELHFWLYXOXL GH DFWLYLWDWH

9 KRW UkUHD DGXQ ULL JHQHUDOH


9 UHGXFHUHD FDSLWDOXOXL VRFLDO VXE  VDX PLFRUDUHD OXL VXEVWDQ LDO 
GDF DVRFLD LL QX SURFHGHD] OD FRPSOHWDUHD OXL

2SHUD LXQHD GH OLFKLGDUH SRDWH IL FRQFHSXW vQ GRX VLWXD LL

$ ILUPD HVWH vQ GLILFXOWDWH L vQ FRQIRUPLWDWH FX SURFHGXUD OHJDO


vQFHWHD] DFWLYLWDWHD

vL

Q DFHVW VFRS VH GHWHUPLQ DFWLYXO QHW GH OLFKLGDUH VDX VLWXD LD QHW 61 FD


GLIHUHQ vQWUH DFWLYXO LQYHQWDULDW HYDOXDW OD YDORDUHD GH LQYHQWDU L GDWRULLOH HYDOXDWH
la valoarea de inventar.

2 DOW PRGDOLWDWH HVWH DFHHD GH D VH SRUQL GH OD DFWLYXO QHW FRUHFWDW $1&R


din care se scad cheltuiHOLOH GH OLFKLGDUH L REOLJD LLOH ILVFDOH DVXSUD UH]XOWDWHORU
OLFKLG ULL
% ILUPD HVWH vQ GLILFXOWDWH WHPSRUDU  GDU HVWH UHGUHVDELO 

ntr-R DVHPHQHD VLWXD LH VH OLFKLGHD] FD ILUP GH VLQH VW W WRDUH GDU YD


FRQWLQXD V IXQF LRQH]H SULQ IX]LXQHD FX DOW ILUP VDX OD DO L SURSULHWDUL

44

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Q DFHVW FD] YDORDUHD ILUPHL VH GHWHUPLQ SULQ DFWXDOL]DUHD GLIHUHQ HL GLQWUH


YDORDUHD OD WHUPHQ 9W L FDSLWDOXO LQYHVWLW GH FXPS U WRU SHQWUX UHGUHVDUHD
VRFLHW LL FRPHUFLDOH FS 

V =

Vt
cp
(1 + i ) n

n care:
Vt - valoarea la termen, staELOLW SULQWU-R PHWRG GH HYDOXDUH
i - UDWD GH DFWXDOL]DUH FX SULP GH ULVF
n - QXP UXO GH DQL GLQWUH GDWD HYDOX ULL L FH D D UHOX ULL DFWLYLW LL
cp - FDSLWDOXO LQYHVWLW GH FXPS U WRU SHQWUX UHGUHVDUHD XQLW LL
Q DFHDVW VLWXD LH SRWHQ LDOLL FXPS U WRUL SRW IL

9 ILUPHOH FRQFXUHQWH FDUH GLVSXQ GH UHVXUVH ILQDQFLDUH L GRUHVF V -L


vQW UHDVF SR]L LD SH SLD 

9 LQYHVWLWRULL FDUH XUP UHVF FUHWHUHD JUDGXOXL GH LQWHJUDUH SH YHUWLFDO vQ


YHGHUHD RE LQHULL XQRU SURILWXUL VXSOLPHQWDUH

9 investitorii care cumS U ILUPD UHVSHFWLY L XUPHD] V -i schimbe profilul


de activitate n conformitate cu interesele proprii.
Determinarea valorii de lichidare a unei firme presupune parcurgerea
XUP WRDUHORU HWDSH
)LJ QU  (WDSHOH GHWHUPLQ ULL YDORULL GH OLFKLGDUH
I (YDOXDUHD DFWLYLW LORUDFWLYHORU YLDELOH
VDX FX XWLOL]DUH DOWHUQDWLY

II (YDOXDUHD SURSULHW LORU LPRELOLDUH


III (YDOXDUHD PLMORDFHORU IL[H VWRFXULORU FUHDQ HORU

IV Evaluarea datoriilor
V (YDOXDUHD DFWLYHORU L SDVLYHORU HFRORJLFH
VI 6WDELOLUHD YDORULL DIDFHULL L D SUH XOXL DF LXQLORU

45

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

1.8. Metoda profiturilor n exces

0HWRGD SURILWXULORU vQ H[FHV HQJO H[FHVV HDUQLQJV PHWKRG D HYDOX ULL


DIDFHULORU DSDU LQH DERUG ULL HYDOX ULL ED]DWH SH DFWLYH

0HWRGD SRDWH IL vQWkOQLW vQ OLWHUDWXUD GH VSHFLDOLWDWH FD 0HWRGD 7UH]RUHULHL


deoDUHFH PHWRGD D DS UXW vQ  ILLQG SXEOLFDW GH F WUH 86 7UHDVXU\
'HSDUWPHQW L D IRVW DGRSWDW SHQWUX HVWLPDUHD YDORULL JRRGZLOO-XOXL SLHUGXW GH F WUH
EHU ULL L GLVWLOHULL vQ WLPSXO 3URKLEL LHL
3ULQFLSDOLL SDL GH XUPDW vQ DSOLFDUHD DFHVWHL PHWRGH VXQW GXS
XUPHD] 

FXP

6H HVWLPHD] YDORDUHD DFWLYHORU IL[H QHWH SHQWUX vQWUHDJD ILUP 

6H HVWLPHD] XQ QLYHO QRUPDOL]DW DO SURILWXOXL HFRQRPLF


6H HVWLPHD] R UDW GH DFWXDOL]DUH D DFWLYHORU IL[H QHWH

6H HVWLPHD] R UDW GH DFWXDOL]DUH DSOLFDELO SURILWXULlor n exces

6H DGXQ YDORULOH RE LQXWH GH OD SDLL  OD 

Valoarea activelor tangibile nete

Profitul economic normalizat

Profitul atribuit activelor tangibile

Profiturile economice n exces

Valoarea profiturilor n exces

Valoarea firmei

nete

$FHDVW PHWRG G XQHOH LQIRUPD LL FX SULYLUH OD YDORDUHD XQHL ILUPH GDU QX


VXILFLHQWH GH DFHHD VH WUHFH OD DVRFLHUHD vQ YHGHUHD HYDOX ULL SULQ IOX[XULOH YLLWRDUH
FX YDORDUHD SDWULPRQLDO 

46

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

 (YDOXDUHD SURLHFWHORU GH LQYHVWL LL FX DMXWRUXO Wehnicilor de


actualizare a fluxurilor de numerar (engl. discounted cash-flow
techniques)
(YDOXDUHD ILQDQFLDU
GLVWLQF L

D RULF UHL RSRUWXQLW L GH LQYHVWL LL LPSOLF

WUHL SDL

1. estimarea cash-flow-XULORU UHOHYDQWH SHQWUX LQYHVWL LD SURSXV 


2. calcularea unui LQGLFDWRU VHPQLILFDWLY SHQWUX LQYHVWL LH
3. compararea acestuia cu un criteriu de acceptare.

&HL PDL FXQRVFX L LQGLFDWRUL VHPQLILFDWLYL FDUH VH FDOFXOHD] VXQW

perioada de rambursare (engl.: pay-back period)


UDWD UHQWDELOLW LL FRQWDELOH HQJO accounting rate of return)
YDORDUHD SUH]HQW QHW HQJO net present value, NPV)
indicele de profitabilitate (engl. profitability index, PI)
raportul beneficiu-cost (engl.: benefit-cost ratio, BCR)
UDWD LQWHUQ GH UHQWDELOLWDWH HQJO internal rate of return, IRR)

Perioada de rambursare

(VWH WLPSXO SH FDUH vQWUHSULQGHUHD WUHEXLH V -O DWHSWH SkQ OD UHFXSHUDUHD


LQYHVWL LHL LQL LDOH 3HQWUX R LQYHVWL LH FX XQ VLQJXU IOX[ GH LHLUH XUPDW GH R VHULH GH
fluxuri de intrare anuale uniforme:
perioada

de rambursare

investitia
fluxul de int rare anual

n exemplul considerat perioada de rambursare este deci de 5,3 ani.


5DWD UHQWDELOLW LL FRQWDELOH

rata rentabilitatii contabile =

fluxul mediu anual de int rare


fluxul de iesire total

7.5 * 9 + 17
10
= 0,211
rata rentabilitatii contabile =
40

47

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

Valoarea n timp a banilor (engl. time value of money)


1R LXQHD GH YDORDUH vQ WLPS D EDQLORU VH UHIHU OD IDSWXO F R XQLWDWH PRQHWDU
DVW ]L YDORUHD] PDL PXOW GHFkW R XQLWDWH PRQHWDU vQ YLLWRU DFHVW OXFUX ILLQG YDODELO
GLQ FHO SX LQ WUHL SXQFWH GH YHGHUH LQIOD LD LQFHUWLWXGLQHD DVRFLDW YLLWRUXOXL VL
QR LXQHD GH FRVW GH RSRUWXQLWDWH
Capitalizare versus actualizare
Pentru ajustarea cash-flow-XULORU DVRFLDWH LQYHVWL LHL Gin cauza valorii lor
GLIHULWH vQ WLPS WUHEXLH V XWLOL] P QR LXQLOH GH FRPSXQHUH L DFWXDOL]DUH
Capitalizarea HVWH SURFHVXO SULQ FDUH VH GHWHUPLQ YDORDUHD YLLWRDUH D XQHL
sume prezente.
&DSLWDOL]DUHD DUH OD ED] UHOD LD GREkQ]LL FRPSXVH: Sn=S0(1+r)n - adLF OD VIkULWXO

celui de-al n-lea an suma S0 FDSLWDOXO LQL LDO D FUHVFXW SULQ DG XJDUHD GREkQ]LORU
(1+r) UHSUH]LQW IDFWRUXO GH IUXFWLILFDUH VDX FDSLWDOL]DUH

Actualizarea HVWH SURFHVXO LQYHUV SULQ FDUH VH GHWHUPLQ YDORDUHD SUH]HQW


a unei sume viitoare.

2SHUD LXQHD GH GHWHUPLQDUH D VXPHL 6 VH QXPHWH DFWXDOL]DUH VDX DIODUHD


valorii actuale a sumei Sn GXS Q DQL

S0 =

Sn
(1 + r ) n

unde:
- 1/(1+r) - factor de actualizare;
- r - UDW GH DFWXDOL]DUH

Rata de actualizare UHSUH]LQW UDQGDPHQWXO FHUXW GH DF LRQDUL SHQWUX


rePXQHUDUHD FDSLWDOXOXL LQYHVWLW FX SRVLELOLWDWHD UHFXSHU ULL OD XQ DQXPLW WHUPHQ

5DWD GH FDSLWDOL]DUH VH VWDELOHWH SULQ VHOHFWDUHD XQHL UDWH GH ED]


QHXWU OD FDUH VH DGDXJ R SULP GH ULVF

(rata

Prima de risc include att riscurile interne datorate expORDW ULL L HYLGHQ LDWH
vQ FDGUXO GLDJQRVWLFXOXL ILQDQFLDU FkW L FHOH H[WHUQH VHFWRULDOH DSUHFLDWH GH
VSHFLDOLWL SHQWUX VHFWRUXO GH DFWLYLWDWH GLQ FDUH IDFH SDUWH vQWUHSULQGHUHD.

5DWD GH ED] H[SULP UDQGDPHQWXO DWHSWDW GH LQYHVWLWRUL FD UH]XOWDW DO XQui


DUELWUDM SH FDUH DFHVWD vO HIHFWXHD] vQ UDSRUW FX DOWH SODVDPHQWH ILQDQFLDUH VDX
bursiere.
(VWLPDUHD ULVFXOXL ILLQG R RSHUD LXQH GHOLFDW  HD WUHEXLH DUJXPHQWDW 

48

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

Q DFHVW VHQV H[LVW GRX PRGDOLW L GH IXQGDPHQWDUH


estimarea randamentului complementar printr-R FRW IRUIHWDU
UDWD QHXWU 
5DWD GH FDSLWDOL]DUH

vQ UDSRUW FX

UDWD GH ED] SULPD GH ULVF

GHVFRPSXQHUHD DQDOL]HL ULVFXOXL vQWUH GLIHUL L IDFWRUL ULVF LQWHUQ GH H[SORDWDUH


ULVF H[WHUQ OHJDW GH HOHPHQWHOH PHGLXOXL vQFRQMXU WRU DSRL VWDELOLUHD ILHF UHL
FDWHJRULL GH ULVF ILH DVXSUD FXUEHL GH FUHWHUH D SURILWXULORU YLLWRDUH ILH DVXSUD
ratei de capitalizare.

&RQFOX]LRQkQG UDWD GH DFWXDOL]DUH VH VWDELOHWH OD QLYHOXO UDWHL PHGLL D


GREkQ]LL FRUHFWDW FX UDWD LQIOD LHL L FX SULPD GH ULVF SHQWUX LQYHVWL LLOH ILQDQ DWH GLQ
IRQGXUL SURSULL VDX OD QLYHOXO FRVWXOXL PHGLX SRQGHUDW DO FDSLWDOXOXL FDUH LQH FRQW GH
ULVFXO HFRQRPLF L ILQDQFLDU SHQWUX SURLHFWHOH ILQDQ DWH GLQ VXUVH SURSULL L
mprumutate).
9DORDUHD SUH]HQW QHW

NPV-ul unei inveVWL LL HVWH R P VXU D FkWLJXOXL RE LQXW SULQ DVXPDUHD


SURLHFWXOXL GH LQYHVWL LH YL]DW DGLF UHSUH]LQWD GLIHUHQ D GLQWUH YDORDUHD SUH]HQW D
IOX[XULORU GH QXPHUDU GH LQWUDUH L YDORDUHD SUH]HQW D IOX[XULORU GH QXPHUDU GH
LHLUH
n

NPV =
t =1

unde:
-

St
I0
(1 + r ) t

St este cash-flow-XO DWHSWDW OD VIkULWXO DQXOXL W


I0 HVWH P ULPHD LQYHVWL LHL LQL LDOH
r este rata de actualizare;
n este durata proiectului n ani.

'DF 139 HVWH SR]LWLY  DWXQFL SURLHFWXO GH LQYHVWL LL HVWH DFFHSWDW LDU GDF
139 HVWH QHJDWLY  DWXQFL LQYHVWL LD HVWH UHVSLQV  139 IXUQL]HD] R VROX LH OD
SUREOHPHOH GH DORFDUH RSWLP D FDSLWDOXOXL vQ LSRWH]D F IOX[XULOH YLLWRDUH L UDWD GH
actualizare sunt cunoscute.
5DWD LQWHUQ GH UHQWDELOLWDWH IRR este rata de actualizare, pentru care
YDORDUHD SUH]HQW D IOX[XULORU GH LQWUDUH HVWH HJDO FX P ULPHD LQYHVWL LHL LQL LDOH
n

St

(1 + IRR)

'DF ,55!N DWXQFL LQYHVWL LD VH DFFHSW


'DF ,55N LQYHVWL LD VH UHVSLQJH
t =1

I0 = 0

N HVWH FRVWXO GH RSRUWXQLWDWH DO FDSLWDOXOXL H[SULPDW vQ P ULPL UHODWLYH VLPSOH &X FkW
,55 HVWH PDL PDUH FX DWkW LQYHVWL LD HVWH PDL UHQWDELO 

49

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

&DOFXOXO ,55 SUHVXSXQH UH]ROYDUHD XQRU HFXD LL GH RUGLQ VXSHULRU FDUH QX SRW
IL UH]ROYDWH GHFkW SULQ vQFHUF UL UHSHWDWH DOH XQRU UDWH GH UHQWDELOLWDWH FDUH V
DSURSLH GLQ FH vQ FH PDL PXOW FHL GRL WHUPHQL DL HJDOLW LL SULQ LQWHUSROare.

Q YHGHUHD LQWHUSRO ULL VH FDOFXOHD] PDL vQWkL 139 OD R UDW GH DFWXDOL]DUH


GHVWXO GH ULGLFDW SHQWUX D RE LQH R YDORDUH D VD QHJDWLY  DSRL OD R UDW PDL VF ]XW
SHQWUX D J VL R YDORDUH SR]LWLY  vQWUH HOH DIOkQGX-VH YDORDUHD ]HUR FKLDU LQWHUVHF LD
curbei NPV cu abscisa).
RIR =15%
NPV(mil. USD)

Fig. nr.7. Situarea valorii IRR pe axa NPV-RA

30
20

IRR

10
0
-10

12

16

20

24

-20

Rata de actualizare(%)

,55 VH GHWHUPLQ XOWHULRU DVWIHO


IRR = R min + ( R max R min)

NPV R min
NPV R min NPV R max

UDWD PLQLP

Q FDUH 5PLQ L 5PD[ UHSUH]LQW


utilizate pentru calculul NPV.

VDX PD[LP

GH DFWXDOL]DUH

Indicele de profitabilitate ( IP) este raportul dintre cash-flow-ul anual (CFt)


L FDSLWDOXO LQYHVWLW , 
n

IP =

CFt
t =1

I0

Raportul cost beneficiu (BCR) este raportul dintre valoarea SUH]HQW


cash-flow-XULORU GH LQWUDUH L YDORDUHD SUH]HQW D FDVK-flow-XULORU GH LHLUH

50

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

'DF %&5 !  DWXQFL LQYHVWL LD HVWH FRQVLGHUDW DWUDFWLY


'DF %&5   DWXQFL LQYHVWL LD QX HVWH DWUDFWLY 

Metoda discounted cash-flow sau a fluxurilor actualizate GH GLVSRQLELOLW L


este de fapt un ansamblu de metode prospective, care are n vedere viitorul
HFRQRPLF DO ILUPHL VXV LQXW SULQ HIRUWXUL ILQDQFLDUH FRQVLGHUDELOH UHVSHFWLY LQYHVWL LL
SHQWUX PRGHUQL]DUH L PDMRUDUHD IRQGXOXL GH UXOPHQW

n aplicarea acesWHL PHWRGH vQ ULOH FX LQIOD LH JDORSDQW vQ FDUH UDWD DQXDO


D LQIOD LHL HVWH GH SHVWH  H[LVW GRX PRGXUL SHQWUX HYLWDUHD HVWLP ULL HYROX LHL
UDWHL LQIOD LHL ILH VH FDOFXOHD] WRDWH IOX[XULOH ILQDQFLDUH YLLWRDUH vQWU-R YDOXW SX LQ
HURGDELO GH LQIOD LH 86' VDX HXUR  ILH VH XWLOL]HD] SUH XULOH FXUHQWH H[LVWHQWH vQ
PRPHQWXO HYDOX ULL

&HOH GRX WLSXUL GH IOX[XUL GH GLVSRQLELOLW L XWLOL]DWH GH PHWRG VXQW FDVKflow-XO EUXW L FDVK-flow-ul liber disponibil ( engl. free cash-flow).
Cash-flow-ul bUXW HVWH IRUPDW GLQ SURILWXO QHW FRUHFWDW OD FDUH VH DGXJ
DPRUWL]DUHD L SURYL]LRDQHOH FX FDUDFWHU GH UH]HUY  &DVK-flow-ul brut (CFB) se
SRDWH XWLOL]D vQ HYDOXDUHD ILUPHL SULQ PHWRGD FDSLWDOL] ULL DFHVWXL LQGLFDWRU
Valoarea firmei prin CFB = CFBanual*k,

Unde: k este un coeficient multiplicator H[SHULPHQWDO GHWHUPLQDW GLQ YkQ] UL

DQWHULRDUH GH ILUPH VLPLODUH ILLQG FXSULQV GH RELFHL vQWUH  L 

)OX[XO GH GLVSRQLELOLW L QHWH VDX FDVK-flow-ul net disponibil sau n literatura


anglo-VD[RQ IUHH FDVK-fORZ HVWH GHILQLW FD ILLQG GLIHUHQ D GLQWUH LQWU ULOH vQFDV ULOH
L LHLULOH SO LOH HIHFWXDWH GH R ILUP SH SDUFXUVXO H[HUFL LXOXL ILQDQFLDU

Cash-flow-XO GLVSRQLELO VH GHWHUPLQ SULQ DJUHJDUHD D WUHL FRPSRQHQWH FDVKflow-XO RSHUD LRQDO DO DFWLYLW LL curente, cash-flow-XO SHQWUX LQYHVWL LL L FDVK-flow-ul
GLQ DFWLYLWDWHD GH ILQDQ DUH
&) QHW &)RSHUD LRQDO  &)LQYHVW  &IILQDQFLDU

Agregarea celor trei componete ale cash-flow-ului se face numai pentru


SHULRDGD GH SUHYL]LXQH H[SOLFLW 

Q VFRSXO HYDOX ULL GXUDWD GH YLD D XQHL ILUPH VH SRDWH vPS U L vQ GRX
SHULRDGH GLVWLQFWH L DQXPH SHULRDGD GH SUHYL]LXQH H[SOLFLW  vQ FDUH FDVK-flow-ul se
SRDWH GHWHUPLQD FRUHFW SHQWUX ILHFDUH DQ L SHULRDGD GH SUHYL]LXQH QRQ-H[SOLFLW  vQ
care cash-flow-ul nu se mDL SRDWH GHWHUPLQD FX SUHFL]LH FD H[SUHVLH JOREDO D
cash-flow-XOXL UHDOL]DELO WRWXL vQ FXUVXO DFHVWHL SHULRDGH FDOFXOkQGX-se valoarea
UH]LGXDO  WHUPLQDO VDX FRQWLQX D ILUPHL HQJO FRQWLQXLQJ YDOXH  FDUH VH QRWHD]
GH UHJXO FX 9UH]
51

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2 HWDS LPSRUWDQW vQ VWDELOLUHD YDORULL XQHL ILUPH FRQVW


DFHVWHL YDORUL UH]LGXDOH OD VIkULWXO SHULRDGHL GH SUHYL]LXQH

vQ GHWHUPLQDUHD

9DORDUHD UH]LGXDO HVWH GHILQLW FD ILLQG YDORDUHD vQVXPDW D FDVK-flow-ului


realizabil dincolo de orizontul de previziune explicit.

9DORDUHD UH]LGXDO VH SRDWH GHWHUPLQD XWLOL]kQG PDL PXOWH UHOD LL GH FDOFXO


3ULPD GLQWUH HOH DUH OD ED] LSRWH]D F  FDVK-flow-XO GLVSRQLELO DO ILUPHL YD FUHWH FX
un ritm constant de-a lungul perioadei neexplicite de previziune, astfel:

Vrez =

FCF T +1
CMPC g

unde:
- FCFT+1 HVWH )&) vQ SULPXO DQ GXS SHULRDGD GH SUHYL]LXQH H[SOLFLW 
- CMPC este costul mediu ponderat al capitalului5;
- J HVWH ULWPXO GH FUHWHUH DWHSWDW DO )&)

$FHDVW UHOD LH VH SRDWH DSOLFD GRDU GDF &03& HVWH PDL PDUH GHFkW J
2 DOW UHOD LH SULQ FDUH VH SRDWH GHWHUPLQD YDORDUHD UH]LGXDO HVWH
Vrez =

g
)
ROIC
CMPC g

NOPLAT

T +1

(1

unde:
-

123/$7 HVWH SURILWXO QHW RSHUD LRQDO PDL SX LQ DPRUWL]DUHD L LPSR]LWHOH HQJO
net operating profit less amortization and taxes).
52,& HVWH UDWD DWHSWDW D UHQWDELOLW LL QRLORU LQYHVWL LL HQJO UHWXUQ RQ LQvested
capital) din perioada de previziune non-H[SOLFLW 

ROIC =

NOPLAT
* 100
capitalul investit

Capitalul investit fiind necesarul de fond de rulment pentru exploatare (engl.


QHW ZRUNLQJ FDSLWDO  DFWLYHOH IL[H QHWH  DOWH DFWLYH EUHYHWH P UFL FRPHUFLDOH 

([SULPDW vQ P ULPL UHODWLYH GH VWUXFWXU 


52

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

6DX IRUPXOD vQ GRX WUHSWH FDUH SHUPLWH GHOLPLWDUHD D GRX SHULRDGH $ L


% FX ULWPXUL GH FUHWHUH L UDWH DOH UHQWDELOLW LL DWHSWDWH DOH QRLORU LQYHVWL LL GLIHULWH
Q DFHVW FD] UHOD LD GH FDOFXO D YDORULL UH]LGXDOH HVWH

gB
gA

NOPLAT T +1 (1 + g A ) N 1 (1
)
N 1
NOPLAT T +1 (1 ROIC ) 1 + g

ROIC B

A
A

1
Vrez =
+
N 1
CMPC g A

1 + CMPC (CMPC g B )(1 + CMPC )

5DWD GH DFWXDOL]DUH WUHEXLH V ILH vQ FRQFRUGDQ


FX WLSXO IOX[XOXL GH GLVSRQLELOLW L VXSXV DFWXDOL] ULL

DWkW FX JUDGXO GH ULVF FkW L

1LYHOXO UDWHL GH DFWXDOL]DUH GHSLQGH GH PDL PXO L IDFWRUL

QLYHOXO UDWHL GREkQ]LL I U ULVF HQJO ULVN IUHH UDWH  FDUH VH QRWHD] GH UHJXO FX L
P ULPHD ULVFXOXL HQJO ULVN SUHPLXP FDUH DUH GRX FRPSRQHQWH ULVFXO VLVWHPDWLF VDX
HFRQRPLF L ULVFXO ILQDQFLDU vQ FD]XO ILUPHORU FX GDWRULL SH WHUPHQ OXQJ
UDWD DQXDO D LQIOD LHL

CMPC = k e

E
D
PS
+ kD
+ k PS
E + D + PS
E + D + PS
E + D + PS

unde:
-

kE este costul capitalului propriu;


kD este costul capitalului mprumutat;
kPS este costul DF LXQLORU SUHIHUHQ LDOH
( ' 36 UHSUH]LQW YDORDUHD GH SLD
DF LXQLORU SUHIHUHQ LDOH

D FDSLWDOXOXL SURSULX vPSUXPXWDW L

(VWLPDUHD FRVWXOXL FDSLWDOXOXL SURSULX DO DF LRQDULORU se poate face prin


PDL PXOWH PHWRGH FHOH PDL FXQRVFXWH L SH ODUJ DSOLFate fiind Modelul CAPM (engl.
&DSLWDO $VVHW 3ULFLQJ 0RGHO  0RGHOXO $30 HQJO $VVHW 3ULFLQJ 0RGHO L 0RGHOXO
GH FUHWHUH D GLYLGHQGHORU HQJO 'LYLGHQG *URZWK 0RGHO 
Modelul CAPM
0RGHOXO &$30 RULJLQDO VH ED]HD] SH OXFU ULOH OXL :6KDUSH -/LQWQHU L J .
7RELQ L SXQH vQ HYLGHQ OHJ WXUD GLQWUH UDQGDPHQWXO HVWLPDW DO XQXL WLWOX L ( 5L 

E ( Ri) =

DIV1 + S1 S 0
S0

53

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L UHQWDELOLWDWHD HVWLPDW D SLH HL ( 5P 


E(Ri)=Rf+i[E(Rm)-Rf]
unde:
-

',9 UHSUH]LQW GLYLGHQGXO UHSDUWL]DW OD PRPHQWXO  SHULRDGD GH SURJQR] 


6 6 UHSUH]LQW FXUVXO EXUVLHU OD PRPHQWXO  UHVSHFWLY 
5I UHSUH]LQW UDWD UHQWDELOLW LL I U ULVF HQJO ULVN IUHH UDWHV
L UHSUH]LQW FRHILFLHQWXO GH YRODWLOLWDWH DO WLWOXOXL L

'HFL SHQWUX HVWLPDUHD FRVWXOXL FDSLWDOXOXL SURSULX UHOD LD de mai sus devine:
Ke =Rf+i[E(Rm) Rf]

Coeficientul DO ILUPHL VH GHWHUPLQ SH ED]D UHOD LHL

cov( Ri, Rm)


2 ( Rm)

XQGH FRY 5L 5P HVWH FRYDULDQ D GLQWUH UHQWDELOLWDWHD ILUPHL VXSXVH HYDOX ULL L FHD
D SLH HL
cov( Ri, Rm) = ( Ri s R i ) 2 ( Rm s R m) 2

unde s reprezinW FD]XULOH DYXWH vQ YHGHUH FD SRVLELOLW L GH HYROX LH D HFRQRPLHL vQ


perioadele viitoare.
'DF HVWH HJDO FX  DWXQFL GHVSUH WLWOXO UHVSHFWLY VH VSXQH F VH PLF
RGDW FX SLD D

Modelul APM
0RGHOXO $30 QX GLIHU VHPQLILFDWLY GH &$30 L DQXPH F  LQYestitorii sunt
U VSO WL L SHQWUX F vL DVXP XQ ULVF QHGLYHUVLILFDELO 0 VXUD DFHVWXL ULVF
QHGLYHUVLILFDELO QX HVWH PRQRIDFWRULDO  FL HVWH GHWHUPLQDW GH VHQVLELOLWDWHD XQXL
DFWLY OD GLIHUL L IDFWRUL HFRQRPLFL FDUH DIHFWHD] WRDWH DFWLYHOH 1XP UXO L LGentitatea
IDFWRULORU VXQW GHWHUPLQDWH GH UHQWDELOLW LOH LVWRULFH
$30 SXQH vQ OHJ WXU UHQWDELOLW LOH DWHSWDWH DOH IDFWRULORU HFRQRPLFL FX XQ
VSHFLILF ILHF UXL IDFWRU
Ke = R f +
unde:
-

j [E( R j ) R f ]
k

j =1

Rf - UHSUH]LQW UDWD I U ULVF


M - UHSUH]LQW
VSecific factorului j;
E(Rj) - 5I UHSUH]LQW SULPD GH ULVF XQLWDU D IDFWRUXOXL M
k - UHSUH]LQW QXP UXO GH IDFWRUL
Un model simplificat al APM cu numai doi factori poate fi scris astfel:
54

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

5HQWDELOLWDWHD DWHSWDW
UDWD I U ULVF  capitalului
FDSLWDOXOXL SURSULX  LQIOD LRQLVW SULPD GH ULVF D LQIOD LHL 

propriu*prima

de risc a

&$30 SRDWH IL FRQVLGHUDW XQ FD] VSHFLDO DO $30 vQ FDUH H[LVW QXPDL XQ


VLQJXU IDFWRU HVHQ LDO L F DFHVWD HVWH P VXUDW SULQ LQGLFHOH SLH HL
0RGHOXO GH FUHWHUH DO GLYLGHQGXOXi

$FHVW PRGHO SRDWH IL IRORVLW OD HYDOXDUHD XQHL ILUPH FH VH DIO vQ FUHWHUH


VWDELO  3HQWUX R ILUP FX XQ ULWP GH FUHWHUH D YHQLWXULORU L GLYLGHQGHORU FRQVWDQW
YDORDUHD SUH]HQW D XQHL DF LXQL SRDWH IL VFULV DVWIHO

P0 = valoarea prezenta a dividendelor asteptate =


unde:
-

DPS1
Ke g

P0 - SUH XO FXUHQW DO DF LXQLL


DPS1 - GLYLGHQGXO DWHSWDW SH DF LXQH vQ DQXO XUP WRU
Ke - costul capitalului propriu;
g - ULWPXO GH FUHWHUH D GLYLGHQGHORU VWDGLX VWDELO 

Estimarea costului datoriilor


&RVWXO GDWRULLORU P VRDU FRVWXO FXUHQW OD FDUH ILUPD vPSUXPXW IRQGXUL
pentru a-L ILQDQ D SURLHFWHOH L HVWH GHWHUPLQDW GH XUP WRDUHOH YDULDELOH QLYHOXO
actual al ratelor dobnzilor, riscul companiei, avantajul de impozitare asociat cu
datoria.

'H YUHPH FH GREkQGD HVWH GHGXFWLELO GH OD SODWD LPSR]LWHORr, costul datoriei


GXS LPSR]LWDUH HVWH IXQF LH GH UDWD LPSR]LW ULL
&RVWXO GDWRULHL GXS LPSR]LWDUH

FRVWXO GDWRULHL vQDLQWHD LPSR]LW ULL -UDWD LPSR]LW ULL

(VWLPDUHD FRVWXOXL DF LXQLORU SUHIHUHQ LDOH

&RVWXO DF LXQLORU SUHIHUHQ DLOH VH GHWHUPLQ FRQIRUP UHOD LHL

k PS =

dividendul preferential per actiune


pretul pietei per actiune preferentiala

$VWIHO YDORUHD ILUPHL VH SRDWH GHWHUPLQD SULQ GRX SURFHGHH


Primul,
n

Valoarea

firmei

=
t =1

CFt
(1 + i ) n

55

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

$FHVW SURFHGHX VH UHFRPDQG vQ FD]XO vQ FDUH H[LVW GLIHUHQ H PDUL VDX


UHODWLY PDUL GH OD XQ DQ OD DOWXO FD XUPDUH D YDULD LHL LQYHVWL LLORU VDX D QHFHVDUXOXL GH
fond de UXOPHQW LDU GXUDWD H[SOLFLW GH SUHYL]LXQH HVWH GH DSUR[LPDWLY FLQFL DQL

Valoarea firmei =
t =1

CFt
Vrez
+
t
(1 + i )
(1 + i ) n

Cel de-DO GRLOHD HVWH QXPLW L PHWRGD VWDQGDUG

/D YDORDUHD ILQDO FDOFXODW VH IDF DQXPLWH FRUHF LL FDUH VH UHIHU OD OXDUHD vQ


considerare a primei de control, diminuarea pentrX OLSVD GH OLFKLGLW L L DG XJDUHD OD
YDORDUHD ILQDO D YDORULL QRPLQDOH D GLVSRQLELOLW LORU E QHWL H[LVWHQWH OD PRPHQWXO
HYDOX ULL

2.3.3. Evaluarea pe baza ratelor.


1. Rate de rentabilitate (ROE)- numita si rata a rentabilitatii financiare, este o
masura a eficientei cu care compania utilizeaza capitalul actionarilor.
ROE =

Profit net
Capitalul propriu al actionar

2. Rentabiliatea activelor (ROA) - reprezinta o masura a eficientei cu care


compania aloca si utilizeaza resursele.
ROA =

Profit net
Total active

3. Rentabilitatea capitalului investit sau rentabilitatii activelor nete = EBIT (1rata dobanzii) / Datoria purtatoare de dobanda + capital propriu al
actionarilor.
4. Marja pofitului (rata profitului) reflecta strategia de pret a companiei precum
si abilitatea de a controla cheltuielile operationale.
Marja profitului =

Profit net
Vanzari

5. Marja bruta se calculeaza avand in vedere ca la analiza rentabilitatii este


adesea util a se face distinctia dintre costurile fixe si cele variabile. O scadere
a vanzarilor va produce o reducere insmnata a profitului in fimele care au
costuri fixe mari.

56

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

2.3.4. Metode mixte de evaluare a firmei


Q FLXGD ORJLFLL VDOH DERUGDUHD VLQJXODU SULQ IOX[XUL SHQWUX HYDOXDUHD ILUPHL
SDUH LQVXILFLHQW  GH XQGH D DS UXW LGHHD GH D DVRFLD vQ HYDOXDUH IOX[XULOH FX
YDORDUHD SDWULPRQLDO 
Q DFHDVW DVRFLHUH GH PHWRGH FDOFXOXO DIHUHQW SDWULPRQLXOXL HVWH vQWU-o
RDUHFDUH P VXU JDUDQWXO L HOHPHQWXO PRGHUDWRU DO HYDOX ULL SULQ UH]XOWDWH
2 SULP VHULH GH PHWRGH YHFKL DX vQFHUFDW DFHDVW VLQWH] vQWU-R PDQLHU
HPSLULF L SULQ vQFHUF UL vQV PHWRGHOH DFWXDOH SUH]LQW R PDL PDUH FRHUHQ 

A.
Se pot distinge trei catHJRULL GH PLWRGH PL[WH WUDGL LRQDOH IOX[ L
SDWULPRQLX  FRQWHPSRUDQH IOX[ L SDWULPRQLX L QRL IOX[ L VWUDWHJLH 
B.

0HWRGH PL[WH WUDGL LRQDOH IOX[ L SDWULPRQLX

,GHHD GH ED] D WXWXURU DFHVWRU PHWRGH VH ED]HD] SH GLIHUHQ D VHVL]DW


ntre valoarea dH UDQGDPHQW L YDORDUHD SDWULPRQLDO D XQHL ILUPH DFHDVW GLIHUHQ
FRUHVSXQ]kQG EHQHILFLXOXL DG XJDW GH F WUH ILUP VDX JRRGZLOO-ului6.
Acesta poate fi definit ca excedentul legat de rentabilitate a valorii globale a
ILUPHL SHVWH YDORDUHD VD SDWULPRQLDO .
9DORDUHD ILUPHL 9DORDUHD SDWULPRQLDO *RRGZLOO-ul

Q VFRSXO GHWHUPLQ ULL JRRGZLOO-XOXL *:  WUHL DERUG UL VXQW vQ JHQHUDO


DSOLFDWH FDSLWDOL]DUHD XQXL VXSUDSURILW HYDOXDUHD SULQ GLIHUHQ L HYDOXDUHD GLUHFW 

FDUH ILLQG JUHRDLH HVWH UDUHRUL DSOLFDW 

'LIHULWH SURFHGHH DX IRVW XWLOL]DWH SHQWUX J VLUHD XQHL YDORUL PHGLL


LQWHUPHGLDUH 3ULPHOH PHWRGH PL[WH GH HYDOXDUH VH ED]DX SH SHUIRUPDQ HOH WUHFXWH
QX QXPDL SHQWUX YDORDUHD SDWULPRQLDO  GDU L SHQWUX UH]XOWDWH

Acestea pot fi amintite cu titlu informaWLY GDU GH DELD GDF PDL VXQW IRORVLWH vQ
SUH]HQW FKLDU GDF PDL SRW IDFH ID XQHL HYDOX UL VLPSOH GH WLSXO HYDOX ULL XQHL
firme de dimensiuni mici.
1. 0HWRGD FODVLF

Valoarea firmei V HVWH GHWHUPLQDW FD VXP vQWUH DFWLYXO QHW FRUHFWDW ANC L
fondul de FRPHU  Q FD]XO ILUPHORU GLQ Industrie IRQGXO GH FRPHU HVWH GHWHUPLQDW SULQ
PXOWLSOLFDUHD SURILWXOXL &RPHU FX DP QXQWXO

SURFHQW c din cifra de afaceri.

Goodwill-XO VDX IRQGXO GH FRPHU  DUH XUP WRDUHOH HOHPHQWH FOLHQWHOD QXPHOH FRPHUFLDO LQVLJQD OLFHQ HOH L
DXWRUL]D LLOH DGPLQLVWUDWLYH GUHSWXULOH GH SURSULHWDWH FRPHUFLDO  DUWLVWLF L OLWHUDU  DOWH HOHPHQWH FRQVLGHUDWH
transmisLELOH FRQFRPLWHQW FX IRQGXO GH FRPHU GH WLSXO FRQWUDFWHORU GH PXQF  GH DVLJXUDUH
6

57

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

2. Metoda practicienilor

$FHDVW PHWRG PDL HVWH FXQRVFXW vQ OLWHUDWXUD GH VSHFLDOLWDWH FD PHWRGa


JHUPDQ VDX PHWRGD LQGLUHFW 
firmei =

Valoarea

activ net corectat + valoarea de randament


2

&RQIRUP DFHVWHL PHWRGH YDORDUHD ILUPHL HVWH PHGLD DULWPHWLF VLPSO GLQWUH
DFWLYXO QHW FRUHFWDW L YDORDUHD GH UDQGDPHQW7.
Valoarea firmei =

ANC + profit net / i


2

Profitul net poate fi valoarea ultimului profit cunoscut.

Metoda permite detHUPLQDUHD LQGLUHFW D YDORULL JRRGZLOO-ului -FH UHJUXSHD]


WRDWH HOHPHQWHOH LQWDQJLELOH DOH ILUPHL FDUH FRQWULEXLH OD GHJDMDUHD FDSDFLW LL VDOH
beneficiare- GH XQGH L GHQXPLUHD GH PHWRGD LQGLUHFW 

Goodwill-XO QX HVWH XQ VLPSOX IRQG GH FRPHU  FL WRWDOLWatea activelor


QHFRUSRUDOH ILLQG HJDO FX GLIHUHQ D GLQWUH YDORDUHD ILUPHL L $1& 'HFL YDORDUHD VD
HVWH MXP WDWHD GLIHUHQ HL GLQWUH YDORDUHD GH UDQGDPHQW L $1&
Valoarea firmei = ANC + GW = ANC +

1 profit net
ANC )
(
2
i

Nu s-D LQXW VHDPD vQV  FHO SX LQ vQ DFHVW VWDGLX GH QLFL XQ ULWP GH FUHWHUH DO
SURILWXOXL QLFL GH ULVFXULOH SRVLELOH OD FDUH HVWH VXSXV ILUPD L QLFL GH SXQFWHOH IRUWH
sau slabe ale acesteia.

3. Metoda Retail

$FHDVW PHWRG D IRVW FRQFHSXW vQ  vQ WLPSXO QD LRQDOL] ULORU )UDQ D L


QX HVWH GHFkW R YDULDQW D PHWRGHL SUH]HQWDWH PDL VXV DYkQG GRX FD]XUL XQXO
SHQWUX ILUPH FRPHUFLDOH LQGXVWULDOH PLFL L DOWXO SHQWUX ILUPH GLQ LQGXVWULH
0HWRGD 5HWDLO SHQWUX ILUPH GLQ FRPHU L SHQWUX ILUPH LQGXVWULDOH PLFL

*: VH GHWHUPLQ SH ED]D UHOD LHL GW=(profit net8+salariul net al proprietarului)*an

Deci, valoarea firmei este:


Valoarea firmei = ANC +

a n ( profit net + salariul patronului )


2

9DORDUH GH UDQGDPHQW VDX GH UHQWDELOLWDWH HVWH SURILWXO QHW FRUHFWDW FX R DEDWHUH GLQ SUXGHQ GH  UDWD
GREkQ]LL I U ULVF FDUH HVWH UDWD GREkQ]LL OD ERQXULOH GH WH]DXU PDMRUDW FX SULP GH ULVF GH - L QRWDW
cu i.
8
Poate fi profitul net mediu nregistrat n ultimii trei ani.
7

58

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

4. Metoda rentei de goodwill

3RWULYLW DFHVWHL PHWRGH VH FDOFXOHD] PDL vQWkL GLUHFW JRRGZLOO-XO I U D VH


WUHFH SULQ HWDSD LQWHUPHGLDU GH FDOFXO D YDORULL GH UDQGDPHQW L SDWULPRniale.
Goodwill-XO HVWH DSRL FDSLWDOL]DW GDU DFHDVW FDSLWDOL]DUH QX HVWH UH LQXW GHFkW
SH MXP WDWH GLQ YDORDUHD VD vQ FRQIRUPLWDWH FX UHOD LLOH SUHFHGHQWH FDUH WLQG V
UHGXF SRQGHUHD YDORULL GH UDQGDPHQW vQ YDORDUHD ILUPHL
activul net + N * profit net
2
1
= activul net real + capitaliza rea goodwill ului
2

Valoarea firmei =

Valoarea firmei

0HWRGD FRQVLGHU LSRWH]D XQHL GXUDWH GH H[SORDWDUH QHOLPLWDWH L FD DWUH *:


HVWH FDSLWDOL]DW SH R SHULRDG LQILQLW 
Valoarea firmei devine:
Valoarea firmei=ANC+1/ka(profitul net-i*ANC)
Unde:

- i UHSUH]LQW UDWD PHGLH D GREkQ]LL SH SLD D FDSLWDOXULORU SH WUHPHQ OXQJ

- Ka UHSUH]LQW UDWD GH DFWXDOL]DUH PDMRUDW FX R SULP GH ULVF GH -50%.


5. 0HWRGD 8QLXQLL ([SHU LORU &RQWDELOL (XURSHQL

$FHDVW PHWRG FRPSRUW GRX YHUVLXQL XQD VLPSOLILFDW L XQD HODERUDW 

9DULDQWD VLPSOLILFDW FRQVLGHU JRRGZLOO-XO GHWHUPLQDW FD GLIHUHQ GLQWUH


pURILWXO QHW FDSDFLWDWHD EHQHILFLDU L YDORDUHD SDWULPRQLDO FD DFWLY QHW FRQWDELO
VDX YDORDUH VXEVWDQ LDO EUXW vQPXO LW FX UDWD GH UHQWDELOLWDWH D SODVDPHQWHORU
alternative (i).
GW=an(profitul net-iV)
,QWURGXFkQG DFHVW YDORUH vQ IRUPXOD YDORULL Iirmei in final vom avea:

Valoarea firmei =

ANC + a n Pr ofit net


1 + i * an

6. Metoda Pont--Mousson

&RQIRUP DFHVWHL PHWRGH YDORDUHD ILUPHL VH GHWHUPLQ FRQIRUP UHOD LHL

Valoarea

firmei

valoarea prin profitul mediu + valoarea prin MBA + valoarea prin metoda UEC
3

59

&$3,72/8/ ,, ,QFXUVLXQH WHRUHWLF  (YDOXDUHD ILUPHL

Analizarea diferitelor metode de evaluare a goodwill-XOXL LQGLF IDSWXO F


DFHOHD FDUH VH ED]HD] SH FDSLWDOL]DUHD VXSUDSURILWXOXL L SH HYDOXDUHD SULQ
GLIHUHQ SRW FRQGXFH OD YDORUL QHJDWLYH DOH JRRGZLOO-XOXL vQ DFHVW FD] VH QXPHWH
EDGZLOO  $FHVWHD VXUYLQ vQ GRX FD]XUL SULPXO FkQG DFWLYXO QHW UHDO HVWH PDL PDUH
GHFkW vQWUHDJD YDORDUH D ILUPHL GHWHUPLQDW SULQ DOW PHWRG GH HYDOXDUH LDU FHO GHDO GRLOHD DWXQFL FkQG SURILWXO HVWH LQIHULRU FHOXL RE LQXW SULQ SODVDUHD XQRU FDSLWDOXUL
HFKLYDOHQWH FX DFWLYXO QHW vQ DOWH LQYHVWL LL
Q FD] GH EDGZLOO S U LOH FH SDUWLFLS OD QHJRFLHUHD SUH XOXL ILQDO DO ILUPHL VH
FRQIUXQW FX GRX VLWXD LL ILH QX LDX vQ FRQVLGHUD LH XQ IRQG GH FRPHU QHJDWLY FL 
L vQ DFHVW FD] DFWLYXO QHW FRUHFWDW UHSUH]LQW YDORDUHD PLQLP VXE FDUH QX VH SRDWH
cobor, fie stabilesc valoarea firmei la valoarea de lichidare.
7. 0HWRGD FXPS U ULL rezultatelor anuale

3UH XO GH FXPS UDUH HVWH HJDO FX YDORDUHD $1& PDMRUDW


supraprofitului (goodwill-XOXL SHQWUX R SHULRDG GH P DQL -5 ani).

FX YDORDUHD

Valoarea firmei va fi: Valorea firmei=ANC+m*(profit net-i*ANC)


8. 0HWRGD OXL %DUQD L &DOED 

Valoarea firmei = ANC +

CPNE + a n * profitul net


CPNE
1 + i * an

XQGH L UHSUH]LQW UDWD I U ULVF PDMRUDW FX R SULP GH ULVF GH -75%.


9. 0HWRGH PL[WH FRQWHPSRUDQH IOX[ L SDWULPRQLX

9DORDUHD ILUPHL HVWH FHD FDUH UHSUH]LQW vQWU-XQ DQXPLW QXP U GH DQL FDVKflow-ul disponibil actualizat la care VH DGDXJ YDORDUHD GH UHYkQ]DUH OD WHUPHQ
$FHDVW YDORDUH GH UHYkQ]DUH SRDWH IL FDOFXODW FX DMXWRUXO XQXL FRHILFLHQW
DSOLFDW EHQHILFLLORU YLLWRDUH H[LVWHQWH OD PRPHQWXO UHYkQ] ULL VDX PDL SX LQ IUHFYHQW
YDORDUHD SDWULPRQLDO 
10. Metode mixte noi (flux + strategie)

$FHVWH PHWRGH SUHVXSXQ LQWHJUDUHD VWUDWHJLHL FDUH YD IL XUPDW SHQWUX


determinarea unui model de evaluare. $FHDVWD vQVHDPQ PDL DOHV UHXQLUHD vQWU-o
VLQJXU IRUPXO SH GH R SDUWH D FDOFXOHORU SUHYL]LRQDOH GHVWLQDWH D LQWUD vQ IOX[XUL L
pe de aOW SDUWH HYDOXDUHD vQ VLQH

60