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continuitate
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transferului presupus mai sus.


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efectuarea cheltuielilor presupune: inventarierea nevoilor, cuantificarea lor, ierarhizarea,


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stabilesc prin OHJHúLVXQWREOLJDWRULL


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determinante.
(úDORQDUHDvQWLPSHVWHRGHFL]LHUH]XOWDW GLQUDSRUWXOUHVXUVH -nevoi, respectiv din faptul
F  GLQDPLFD QHYRLORU GDU úL GLPHQVLXQHD ORU  R GHYDQVHD]  vQWRWGHDXQD SH FHD D UHVXUVHORU

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diversificare, în timp ce resursele sunt limitDWHLDUGLQDPLFDORUQXGHSX LQHRULFKLDUVWDJQDQW 

VDX vQ VF GHUH 8QHOH DF LXQL VXV LQXWH GLQ UHVXUVH SXEOLFH VXQW GH PDUH DPSORDUH VDX GH PDUH

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reformarea admiQLVWUD LHL SXEOLFH GRWDUHD PRGHUQ  D DUPDWHL úD  úL QX SRW IL VROX LRQDWH GHFkW
prin eforturi succesive de-D OXQJXO PXOWRU DQL FDUDFWHULVWLF  UHIOHFWDW  PHWRGRORJLF SULQ
SURJUDPHPXOWLDQXDOHFXGHIDOF ULSHHWDSHSHDQL

B. )XQF LDGHVWDELOL]DUH numiW úLIXQF LHH[WUDILVFDO DUHFDRELHFWXWLOL]DUHDUHVXUVHORU

ILQDQFLDUH DOH VWDWXOXL SHQWUX IDYRUL]DUHD FUHúWHULL HFRQRPLFH úL DWHQXDUHD GH]HFKLOLEUHORU

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în pDUWLFXODU 3ULQ DFHDVW  IXQF LH VH XUP UHúWH vQFDVDUHD ULWPLF  úL vQ FXDQWXP D YHQLWXULORU

VWDWXOXL FKHOWXLUHD DFHVWRUD SRWULYLW OHJLL HUDGLFDUHD PDL UHDOLVW GLPLQXDUHD úL OLPLWDUHD 

HYD]LXQLL ILVFDOH HYLWDUHD GHWXUQ ULL ÌQ UHDOL]DUHD DFHVWHL IXQF LL sunt avute în vedere mijloace,
RSHUD LXQL úL SURFHGHH SUHFXP GLVFLSOLQD ILQDQFLDU  OHJDOLWDWHD RSRUWXQLWDWHD úL FDUDFWHUXO

economicos al fluxurilor.
C. )XQF LDGHUHGLVWULEXLUHQXPLW úLIXQF LHVRFLDO DUHFDRELHFWWUDQVIHUXOGHSXWHUHGH

FXPS UDUH vQWUH GLIHULWH GRPHQLL DOH DFWLYLW LL HFRQRPLFR -sociale sau între diferite categorii
socio-SURIHVLRQDOH $FHDVW  IXQF LH DUH XQ SURQXQ DW FDUDFWHU GH UHGLVWULEXLUH vQWUXFkW FHO SX LQ
într-R SULP  ID]  UHVXUVHOH VWDWXOXL VH IRUPHD]  SH ED]D YHQLWXULORU SULPDUH DGLF  D YHQLWXULORU
IDFWRULORU GH SURGXF LH UHVSHFWLY D YHQLWXULORU RE LQXWH GH DFHúWLD SH VHDPD FRQWULEX LHL ORU OD

UH]XOWDWHOH DFWLYLW LL HFRQRPLFH SURGXFHUHD GH EXQXUL PDWHULDOH VHUYLFLL úL LQIRUPD LL LQFOXVLY

FHOH GH  QDWXU  VRFLDO FXOWXUDO  FXP VXQW HGXFD LD V Q WDWHD DVLJXU ULOH VRFLDOH HWF 3H VHDPD
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REOLJDWRULH DVLVWHQ D FDWHJRULLORU VDX SHUVRDQHORU GHIDYRUL]DWH DS UDUHD HWF  ILH FX caracter
SXQFWXDO vQFXUDMDUHDXQXLDQXPLWJHQGHDFWLYLWDWHVXV LQHUHDXQRU]RQHGHIDYRUL]DWHHWF

3. )LQDQ HOHSULYDWH

&RPSRQHQWD SULYDW  D ILQDQ HORU DUH vQ YHGHUH FRQVWLWXLUHD úL JHVWLXQHD UHVXUVHORU

QHFHVDUH DJHQ LORU HFRQRPLFL SHQWUX UHDOL]DUHD RELHFWXOXL ORU GH DFWLYLWDWH vQ FRQGL LL GH

SURILWDELOLWDWH QRUPDOH &DUDFWHULVWLFD GH QRUPDOLWDWH HVWH HIHFWXO DFFHSW ULL GH F WUH DJHQWXO

HFRQRPLF D XQXL FkúWLJ SH FDUH HO vO FRQVLGHU  VDWLVI F WRU SHQWUX D úL FRQWLQXD DFWLYLWDWHD ÌQ
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WHRULD PRGHUQ  D ILQDQ HORU DFHVW FkúWLJ HVWH LQWHUSUHWDW úL FD R UHFRPSHQV  GHVWLQDW  DJHQWXOXL

economic pentru asumarea riscului de a-úLILDQJDMDWUHVXUVHOHvQDFWLYLWDWHDSHFDUHRGHVI úRDU 


ÌQ DFHVW VHQV DSDUH SUREOHPD DUELWUDMXOXL DGLF  D RS LXQLL vQWUH DOWHUQDWLYH VDu între variante,

GHILQLW  vQ FRQWH[WXO PHQ LRQDW FD R DOHJHUH vQWUH YDULDQWH FkúWLJ-risc" referitoare la modalitate

GHXWLOL]DUH LQYHVWL LHSODVDUH DUHVXUVHORUILQDQFLDUHGLVSRQLELOHODXQPRPHQWGDW

7HRULD ILQDQ HORU D GH]YROWDW GXS   R PXO LPH de probleme de mare interes pentru
SDUWLFLSDUHD HILFLHQW  D DJHQ LORU HFRQRPLFL SH SLD D ILQDQFLDU  PXOWH GLQ DFHVWHD ILLQG D]L
QXPLWH GHILQLWH  FD WHRULL 'LQWUH DFHVWHD PHQ LRQ P SH FHOH PDL UHQXPLWH SULQ FRQWULEX LD OD

GH]YROWDUHDILQDQ HORUFDúWLLQ GDUúLSULQLPSDFWXOSUDFWLFGHRVHELWvQIXQGDPHQWDUHDGHFL]LHLúL

FRPSRUWDPHQWXOXLDJHQ LORUHFRQRPLFLSHSLD DILQDQFLDU 

a) teoria portofoliului FUHDW  GH +HQU\ 0DUFRYLW] vQ DQLL


 úL SXEOLFDW  vQ DUWLFROXO
"Portofolio Selection" (Journal of FiQDQFH YRO  QU  PDUWLH   úL vQ OXFUDUHD 3RUWRIROLR
6HOHFWLRQ(IILFLHQW'LYHUVLILFDWLRQRI,QYHVWPHQWV1HZ<RUN:LOH\&RQWULEX LDPDMRU 

D DFHVWHL WHRULL OD GH]YROWDUHD GH IRQG úL SUDJPDWLF  D ILQDQ HORU FRQVW  vQ DFHHD F  vQ GHFL]LD

fLQDQFLDU VHLDvQFRQVLGHUDUHvQPRGVLVWHPDWLFFRYDULDQ DSUH XULORUPDULLPDMRULW LDDFWLYHORU

ILQDQFLDUH8QRSHUDWRUUD LRQDODWXQFLFkQGFRQVWLWXLHXQSRUWRIROLXGHDFWLYHILQDQFLDUHWUHEXLH

V  LQ VHDPDGHLPSOLFD LLOHXQXLWLWOXRDUHFDUHDVXSUDRSRUWXQLW LLSRUWRIROLXOXLGLYHUVLILFkQGX -


O SH DFHVWD GLQ XUP  SH VHDPD XQXL DUELWUDM vQWUH ULVF úL UHQWDELOLWDWH DVWIHO vQFkW SRUWRIROLXO

IRUPDWV U VSXQG FHOPDLELQHVLWXD LHLFRQFUHWHGHSHSLD FDúLRELHFWLYHORULQYHVWLWRUXOXL

b) modelul prH XOXL GH HFKLOLEUX SH SLD D ILQDQFLDU  HODERUDW GH :LOOLDP 6KDUSH úL
publicat în articolul "A Simplified Model for Portofolio Analysis" (Management Science, vol. 9,
QULDQXDULH úLvQOXFUDUHD3RUWRIROLR7KHRU\DQG&DSLWDO0DUNHWV1HZ<RUN0cGraw

Hill, 1970. Modelul lui Sharpe este cunoscut sub numele de modelul CAPM (Capital Asset
3ULFLQJ 0RGHO  VDX 0('$) 0RGqOH G
pYDOXWLRQ GHV DFWLIV ILQDQFLHUV  úL DUH FD RELHFW

GHWHUPLQDUHD SUH XOXL GH ULVF SH FDUH VH ED]HD]  DQDOL]D YDORULORU PRELOLDUH úL HYDOXDUHD

SHUIRUPDQ HORU DGPLQLVWU ULL DYHULL &RQFOX]LD WHRULHL GH]YROWDWH GH 6KDUSH HVWH F   SH R SLD 

FRQFXUHQW  ULVFXO HVWH FHO FH VH UHPXQHUHD]  úL F  DFHVWD QX SRDWH IL HOLPLQDW SULQ GLYHUVLILFDUHD

SODVDPHQWHORU DGLF  D VWUXFWXU ULL GLYHUVLILFD te a portofoliilor de active. Acest risc


QHGLYHUVLILFDELO HVWH P VXUDELO SULQ SURFHGHH VWDWLVWLFH YDULQ  GLVSHUVLH  úL HVWH LQWUDW vQ

OLPEDMXO FXUHQW VXE QXPHOH GH FRHILFLHQWXO EHWD &KLDU GDF  X]XO DFHVWXL FRHILFLHQW  QX

UHSUH]LQW  VROX LD LQIDLOLELO  D FkúWLJXOXL SH SLD D ILQDQFLDU  PRGHOXO &$30 U PkQH WRWXúL SkQ 

D]L DERUGDUHD IXQGDPHQWDO  FHD PDL FRQYLQJ WRDUH vQ SUREOHPD SRUWRIROLLORU úL D SLH HL

ILQDQFLDUH ,SRWH]DGHHILFLHQ DDFHVWHL SLH HSHFDUHGHDOWIHOHVWHIRQGDW PRGHOXO FRQWLQX V 

QX ILH XQDQLP DFFHSWDW  ILLQG RELHFW GH FRQWUDYHUV  vQWUH VXV LQ WRULL DQDOL]HL ILQDQFLDUH

IXQGDPHQWDOHúLDGHS LLDQDOL]HLWHKQLFH

c) WHRULDVWUXFWXULLILQDQFLDUHúLDSROLWLFLLGHGLVWULEXLUHDSURILWXOXLHODERUDW GH0HUWRQ

0LOOHU úL )UDQFR 0RGLJOLDQL ODXUHD L 1REHO SHQWUX HFRQRPLH   úL SXEOLFDW  vQ DUWLFROHOH

"The Cost of Capital, Corporation Finance and the Theory of Investiments" (Ametican Economic
5HYLHZ YRO  QU  LXQLH   úL &RUSRUDWH ,QFRPH 7D[HV DQG 7KH &RVW RI &DSLWDO D

CorrHFWLRQ´ $PHULFDQ (FRQRPLF 5HYLHZ YRO  QU  LXQLH   3kQ  OD DSDUL LD DFHVWHL

WHRULLDERUG ULOHúLUHJXOLOHvQPDWHULH GHWHRULH ILQDQFLDU HUDX ED]DWH SHLSRWH]HVWULFWHPSLULFH

SULYLQG FRPSRUWDPHQWXO RSHUDWRULORU SH SLD D ILQDQFLDU  I U  QLFL R vQFHUFDUH IH]DELO  GH D

PRGHOD LQWHUDF LXQHDRSHUDWRULORU úLSURFHVXO JHQHUDWRUDOSUH XOXLGHHFKLOLEUX 7HRULDOXL0LOOHU

úL 0RGLJOLDQL DUDW  FD SH R SLD  ILQDQFLDU  HILFLHQW  QX H[LVW  UDW  GH vQGDWRUDUH VDX UDW  GH

GLVWULEX LH RSWLPH )HUPLWDWHD úL FDUDFWHUXO WUDQúDQW DO DFHVWHL DILUPD LL YLV -a-YLV GH DFFHS LXQLOH
FODVLFH DX vQFHUFDW D IL  DWHQXDWH SULQ DúD QXPLWD WHRULH D FRPSURPLVXOXL 6WUHZDUW 0\HUV

"Determinants of Corporate Borrowing" în "Journal of Financial Economics", vol 5, nr. 2,


noLHPEULH   0HUWRQ 0LOOHU D FRPE WXW DFHDVW  WHRULH vQWU-R QRW  SUH]LGHQ LDO    F WUH
$VRFLD LD$PHULFDQ GH)LQDQ HDU WkQGF FHHDFHHVWHFDUDFWHULVWLFSUDFWLFLLILQDQFLDUHHVWHJULMD

PDQDJHULORU GH D PHQ LQH R UDW  GH vQGDWRUDUH UH]RQDELO  úL WHQGLQ D PDQLIHVWDW  vQ FD]XO XQXL

PDUH QXP U GH VRFLHW L FRPHUFLDOH GH D SURPRYD R UDW  GH GLVWULEX LH D SURILWXOXL PDL PDUH

decât ar justifica-RLQWHUHVXOILVFDODODF LRQDULORU


G  ÌQ DQLL
 DX vQFHSXW V  VH GH]YROWH úL DOWH SUREOHPH WHRULL  SRUQLQG mai ales de la
LQRYD LLOH vQPDWHULH GHDFWLYH úL SLD ILQDQFLDU (VWH YRUED vQ SULPXO UkQG GH DSDUL LDDFWLYHORU

de tip RS LXQL (1973), pentru care s-a încercat formularea unor principii de evaluare. De
DVHPHQHD HVWH YRUED GH vQFHUF ULOH GH DSOLFDUH D teoriei semnalelor la problemele financiare,

SRUQLQG GH OD DVLPHWULD LQIRUPD LHL vQWUH SDUWLFLSDQ LL OD SLD  SUHFXP úL GH IRUPXODUHD teoriei

DJHQ LHL FDUH IRUPDOL]HD]  LQWHUDF LXQHD FRQIOLFWXO GH LQWHUHVH  vQWUH DF LRQDUL úL PDQDJHUL

$FHDVW  GLQ XUP  DERUGDUH ULGLF  QRL SUREOHPH vQ WHRULD ILUPHL FDUH QX PDL HVWH SULYLW  FD R
HQWLWDWH FRPSDFW  FH LD GHFL]LL SHQWUXD úL PD[LPL]D IXQF LD GH XWLOLWDWH GHILQLW  XQLYRFFLFD XQ
-
RUJDQLVPFRPSOH[DOF UXLFRPSRUWDPHQWHVWHUH]XOWDQWDXQXLSURFHVGHHFKLOLEUXú i arbitraj între
LQWHUHVHDGHVHDGLYHUJHQWHDOHGLIHULWHORUJUXSXULFDWHJRULLLQGLYL]LFDUHRIRUPHD]  2DVWIHOGH

DERUGDUH D ILUPHL SHUPLWH XQ GHPHUV GH LQWHJUDUH PDL SURIXQG  D WHRULHL ILQDQFLDUH D ILUPHL vQ

WHRULDFRQWUROXOXL PDQDJHULDOIRUPXODW  vQDQLL


  GH %HUOH úL 0HDQV úL UHDFWLYDW  OD vQFHSXWXO

DQLORU
GH-RKQ.HQQHWK*DOEUDLWK ùWLLQ DHFRQRPLF úLLQWHUHVXOSXEOLF 

2ELHFWXOILQDQ HORUSULYDWHLQFOXGH

• constituirea (modalitatea de constituire) a capitalului social;


• repartizarea profiWXOXL DFXPXODUHDFDSLWDOL]DUHDUHPXQHUDUHDDF LRQDULORU 
• SODVDUHDHYHQWXDOHORUGLVSRQLELOLW L

• RE LQHUHDFUHDUHD PLMORDFHORU ILQDQFLDUH QHFHVDUH SHQWUX GHUXODUHD FXUHQW  D

DFWLYLW LLOXFUDWLYH

• PRELOL]DUHDFUHDQ HORU

• OLFKLGDUHDREOLJD LLORU

ConstiWXLUHD úL DGPLQLVWUDUHD PLMORDFHORU E QHúWL DOH DJHQ LORU HFRQRPLFL SULYD L VXQW

obiect al dreptului comercial.


/HJHD VWDELOHúWH FDGUXO OHJLVODWLY DO GHVI úXU ULL RSHUD LXQLORU SUHVXSXVH GH RELHFWXO

ILQDQ HORU SULYDWH DGLF  SULQFLSLLOH UHJXOLOH LQVWUXPHQWHOH DJUHDWH SUHFXP úL DVSHFWHOH ILVFDOH

FRPSOHPHQWDUH DFHVWRU RSHUD LXQL 7RW SULQ OHJH VXQW VWDELOLWH LQVWLWX LLOH DWULEX LLOH úL

FRPSHWHQ HOH DFHVWRUD PHQLWH V  SRDW  LQWHUYHQL vQ VROX LRQDUHD HYHQWXDOHORU QHvQ HOHJHUL

GHILFLHQ HFRQIOLFWHSHQGLQWHSULQDUELWUDMVDXMXGHFDW 

ÌQ FDGUXO OHJDO PHQ LRQDW RSHUD LXQLOH ILQDQFLDUH GHFXUJkQG GLQ RELHFWXO ILQDQ HORU

SULYDWH VH GHUXOHD]  SRWULYLW GHFL]LLORU FRQVLOLXOXL GH DGPLQLVWUD LHPDQDJHUXOXL ILUPHL vQ FDX] 

GDUúLSRWULYLWSUHYHGHULORUFRQWUDFWHORUHFRQRPLFHVDXILQDQFLDUHvQFKHLDWHFXWHU LL

4. Echilibrul financiar
(FKLOLEUXOILQDQFLDUHVWHRSR]DELODWkWLQGLYL]LORUúLILUPHORUFkWúLHQWLW LORUHFRQRPLFR
-
VRFLDOHGHIDFWXU PLFURVDXPDFURSUHFXPFRPXQLW LOHORFDOHVWDWXOHFRQRPLDvQDQVDPElul ei.

(FKLOLEUXOILQDQFLDUDSDUHDWkWvQOHJ WXU FXILQDQ HOHSXEOLFHFkWúLFXFHOHSULYDWH

(FKLOLEUXOILQDQFLDU VH GHILQHúWH FD ILLQGDFHD VWDUH SHQWUXFDUH HVWH FDUDFWHULVWLF  SHQWUX

VXELHFWXO GH UHIHULQ  FRUHODUHD VWRFXULORU GH PLMORDFH XWLOL] UL  FX FHOH UHVXUVH úLVDX D

IOX[XULORU E QHúWL GH LQWUDUH FX FHOH GH LHúLUH DWkW vQ WLPS FkW úL GLQ SXQFW GH YHGHUH DO

FXDQWXPXOXL GLPHQVLXQLL YROXPXOXL  DFHVWRUD $FHDVW  VWDUH DUH FDUDFWHU GLQDPLF vQ VHQVXO F 

VH PRGLILF  SXQFWXDO vQ IXQF LH GH HYROX LD IOX[XULORUVWRFXULORU FD úL GH HYROX LD QHYRLL GH

PLMORDFH ILQDQFLDUH GHWHUPLQDW  GH GHVI úXUDUHD RELHFWXOXL GH DFWLYLWDWH úLVDX GH vQGHSOLQLUHD

VDUFLQLORUúLDWULEX LLORUUHVSHFWLYXOXLVXELHFWGHUHIHULQ 

Echilibrul financiar se poate determina static sau dinamic. În cazul "static" el este
UH]XOWDQWD VWRFXULORU GLVSRQLELOH OD PRPHQW GDW OD VXELHFWXO GH UHIHULQ  'H SLOG  HFKLOLEUXO

vQWUH FUHDQ H úL GLVSRQLELOLW L E QHúWL SH GH R SDUWH úL REOLJD LL SH GH DOW  SDUWH úL FDUH G 

LQIRUPD LDSULYLQGOLFKLGLWDWHDODXQPRPHQWGDWDVXELHFWXOXLPHQ LRQDWUHVSHFWLYFDSDFLWDWHDVD

GHDRQRUDvQPRPHQWXOGDWSO LOHSHFDUHOHDUHGHI FXW'DF 

FUHDQ HGLVSRQLELOLW L ≥ REOLJD LL

DWXQFL VXELHFWXO SUH]LQW  OLFKLGLWDWH ÌQ FD] FRQWUDU DSUHFLHUHD FDOLWDWLY  D VXELHFWXO WUHEXLH

QXDQ DW SULQGHWHUPLQDUHDHFKLOLEUXOXLGLQDPLF

3HQWUX HFKLOLEUXO GLQDPLF VH FRUHFWHD]  VLWXD LD PRPHQWXOXL FX IOX[XULOH LQWU ULLHúLUL

SUHYL]LRQDWH SHQWUX SHULRDGHOH XUP WRDUH 6H GHWHUPLQ  DVWIHO YDULD LD VW ULL GH HFKLOLEUX

RE LQkQGX VHLQIRUPD LLSULYLQGVROYDELOLWDWHDVXELHFWXOXLUHVSHFWLYFDSDELOLWDWHDOXLGHD úLRQRUD


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REOLJD LLOHGHSODW vQWU XQLQWHUYDOGDW(VWHSRVLELOFDXQVXELHFWV SUH]LQWHOLFKLGLWDWHGDUV QX
-
fie solvabil în peUVSHFWLY  VDX LQYHUV V  QX SUH]LQWH OLFKLGLWDWH GDU vQ SHUVSHFWLY  V  ILH

solvabil.
Un exemplu edificator al echilibrului financiar poate fi relevat, la nivelul unei firme, de
LQGLFDWRULL IRQG GH UXOPHQW úL QHFHVDUXO GH IRQG GH UXOPHQW $VWIHO SULPXO LQGLFDWRU DUDW 

FXDQWXPXO FX FDUH FDSLWDOXO SHUPDQHQW GHS úHúWH XWLOL] ULOH SHUPDQHQWH  GH WLSXO DFWLYH

LPRELOL]DWH VDX DFWLYH IL[H  U PkQkQG GLVSRQLELO SHQWUX DFRSHULUHD GLQ UHVXUVH SHUPDQHQWH D

XWLOL] ULORU QHSHUPDQHQWH VWRFXUL GH PDWHULL SULPH SURGXF LH vQ FXUV GH IDEULFD LH HWF  ÌQ FD]XO

în care
capitalul permanent > activele imobilizate
vQVHDPQ F  H[LVW  GLVSRQLELO SHQWUXDFRSHULUHD FHO SX LQ SDU LDO  DDFWLYHORU FLUFXODQWH XWLOL] UL

QHSHUPDQHQWH  'HWHUPLQDW DVWIHO LQGLFDWRUXO G  LPDJLQHD X nui echilibru static, întrucât la baza
FDOFXOXOXL DX VWDW VWRFXULOH H[LVWHQWXO GH FDSLWDO SHUPDQHQW úL VWRFXO GH DFWLYH IL[H 3HQWUX XQ

interval dat de gestiune (anul, trimestrul) aceste "stocuri" sunt, în marea majoritate a cazurilor,
invariabile. În sFKLPE DFWLYHOH FLUFXODQWH YDULD]  vQ PRG IUHFYHQW SH VXELQWHUYDOH WULPHVWUH
UHVSHFWLY OXQL  OD IHO FD úL SDVLYHOH GH H[SORDWDUH VXUVHOH WHPSRUDUH GH WLSXO GDWRULLORU ID  GH

IXUQL]RUL  1HFHVDUXO GHIRQG GH UXOPHQW GHWHUPLQDW FD GLIHUHQ  vQWUH DFHVWH GRX FRPSRQHQWH

DUDW 

disponibilul de resurse temporare (necesarul < 0)


sau
nevoia de resurse temporare (necesarul >0),

DGLF  HYROX LD GLQDPLFD  HFKLOLEUXOXL UHVXUVH XWLOL] UL WHPSRUDUH &RUHODUHD FHORU GRL LQGLFDWRUL
-
pe de o parte, fondul de rulmeQW FD VWRF úL SH GH DOW  SDUWH QHYRLD GH IRQG GH UXOPHQW FD

YDULDELO SHVXELQWHUYDOHGHJHVWLXQHDGLF 

Necesar de fond de rulment – Fond de rulment

JHQHUHD]  R FRQGL LH GH HFKLOLEUX GLQDPLF H[SULPDW  SULQ GLPHQVLXQHD DSHO ULL GH FUHGLWH GH

trezoreULH FD IOX[ GH UHVXUVH WHPSRUDUH FDUH V  FRPSOLQHDVF  QHYRLD WHPSRUDU  GH UHVXUVH

SHQWUX GHUXODUHD DFWLYLW LL VXELHFWXOXL DGLF  V  DVLJXUH XQ HFKLOLEUX ILQDQFLDU vQ HYROX LH SH

fiecare din subintervalele de gestiune.


/DQLYHOPDFURHFRQRPLFGHSLOG  al bugetului de stat, problema se pune în mod similar.
3UHVXSXQkQG F  VWDUHD GH HFKLOLEUX D EXJHWXOXL HVWH DVLJXUDW  SULQ OHJHD EXJHWXOXL GH VWDW DGLF 

veniturile bugetare sunt egale cu cheltuielile bugetare la nivelul anului bugetar, avem de a face
cu un HFKLOLEUX VWDWLF vQ VHQVXO F  DFHVWD YD FDUDFWHUL]D vQFKLGHUHD EXJHWXOXL OD ILQHOH DQXOXL 3H
SDUFXUV vQV HFKLOLEUXOQX HVWHDVLJXUDW GLQFDX]DSHULRGLFLW LLGLIHULWHDvQFDV ULL YHQLWXULORUúLD

HIHFWX ULLFKHOWXLHOLORU$SDUvQPRGHYLGHQWSHULRDGHvQ care "stocul" de venituri este insuficient


SHQWUX HIHFWXDUHD FKHOWXLHOLORU DQJDMDWH SUHFXP úL SHULRDGH vQ FDUH DFHVW VWRF HVWH vQ H[FHV

$VLJXUDUHD vQ GLQDPLF  D HFKLOLEUXOXL DGLF  SH ILHFDUH SHULRDG  VXEDQXDO  VH UHDOL]HD]  SULQ

vPSUXPXWXUL úL SODVDPHQWH WHPSRUDUH 3HQWUX vPSUXPXWXUL VH IRORVHúWH GH UHJXO  SURFHGHXO

bonurilor de tezaur emise pe perioade scurte (3 sau 6 luni de obicei), iar pentru plasamente
SURFHGHXOXWLOL] ULLGHF WUH%DQFD1D LRQDO DUHVSHFWLYHORUGLVSRQLELOLW LSHQWUXUHILQDQ Drea pe

WHUPHQVFXUW GHUHJXO RV SW PkQ DLQVWLWX LLORUGHFUHGLW GHUHJXO E QFLOHFRPHUFLDOH FHDX

QHYRLHGHUHVXUVHSHQWUXFUHGLWDUHDDJHQ LORUHFRQRPLHL

3HQWUX ILQDQ HOH SXEOLFH HFKLOLEUXO ILQDQFLDU SUH]LQW  FDUDFWHULVWLFD GH REOLJDWLYLWDWH

geQHUDW  GH OHJH D IOX[XULORU GH LQWUDUHLHúLUH 3HQWUX ILQDQ HOH SULYDWH HFKLOLEUXO ILQDQFLDU

SUH]LQW  FDUDFWHULVWLFD GH RS LRQDOLWDWH D IOX[XULORU GH LQWUDUHLHúLUH FD UH]XOWDW DO GHFL]LHL

DJHQWXOXL HFRQRPLF GH D vQFKHLD VDX QX FRQWUDFWH HFRQRPLFH úL ILQDQFLDUH SH VHDPD UHOD LHL

cerere-RIHUW  2S LRQDOLWDWHD VH UHIHU  QX QXPDL OD vQFKHLHUHD VDX QX D FRQWUDFWHORU FL úL OD

UHDOL]DUHD ORU ÌQ DFHVW FD] RS LXQH SHQWUX QHUHDOL]DUHD FRQWUDFWXOXL  DJHQWXO vúL DVXP  ULVFXO

XQRU UHSDUD LL SHQWUX SDUWHQHU WRWXúL HO HVWH FHO FH GHFLGH HILFLHQ D vQ SODQXO UH]XOWDWHORU VDOH

ILQDQFLDUHDXQHLDVWIHOGHKRW UkUL
5. 3ROLWLFDILQDQFLDU

3ROLWLFD ILQDQFLDU  UHSUH]LQW  PXO LPHD GH LGHL úL FRQVLGHUD LL GHILQLWH vQ VIHUD úL ORJLFD

ILQDQ HORU GH F WUH RDXWRULWDWH vQ YHGHUHD UHDOL] ULL XQRU RELHFWLYH VDX DWLQJHULL XQRU VFRSXUL GH

QDWXU  ILQDQFLDU  VDX QX ÌQ DFHDVW  FRQVWUXF LH ORJLF  GH IDFWXU  SURJUDPDWLF  VH UHJ VHVF

RUJDQL]DUHD ILQDQFLDU  IRORVLUHD LQVWUXPHQWHORU PLMORDFHORU WHKQLFLORU SURFHGHHORU DQDOL]HL

finaQFLDUH PRGDOLW LOH GH LQWHUYHQ LH úL XQHRUL FKLDU GH GHFL]LH úL FRQGXFHUH  SULQ PLMORDFH

financiare.
3ROLWLFDILQDQFLDU vQPDFURHFRQRPLH este o parte a politicii generale a statului cu scopul

de a crea un cadru de utilizare a mijloacelor financiare pentru realizarea unor obiective de strategie
D GH]YROW ULL HFRQRPLFR-VRFLDOH $XWRULWDWHD GH UHIHULQ  HVWH vQ DFHVW FD] VWDWXO FDUH DF LRQHD] 

SULQ úL vQ YLUWXWHD OHJLL LDU SUHURJDWLYHOH SROLWLFLL ILQDQFLDUH YL]HD]  vQ HVHQ  ILQDQ HOH SXEOLFH

Statul creHD]  XQ FRQWH[W GH vQFXUDMDUH VDX GLPSRWULY  GH GHVFXUDMDUH D GH]YROW ULL DQXPLWRU

DFWLYLW LUDPXULHFRQRPLFH]RQHJHRJUDILFH vQYHGHUHDDWLQJHULLXQRUVFRSXULHFRQRPLFHVRFLDOH

sau chiar politice. Multitudinea mijloacelor, tehnicilor, instrumentelor, procedeelor utilizate


conduce la particularizarea câtorva categorii de politici cum sunt: politica cheltuielilor publice,
SROLWLFD ILVFDO  SROLWLFD YDPDO  FRPSRQHQWD UHIHULWRDUH OD WD[HOH YDPDOH  SROLWLFD PRQHWDU 

SROLWLFD YDOXWDU  )LHFDUH GLQ DFHVWH SROLWLFL VH LGHQWLILF  SULQWU XQXO GLQ GRPHQLLOH úWLLQ HL
-
ILQDQ HORU vQ DFFHS LXQHD FHD PDL JHQHUDO  D FXSULQGHULL HL (VWH GH PDUH LQWHUHV GH PHQ LRQDW

particularitatea de TXDVLRS LRQDOLWDWH pe care o au astfel de politici. Nu este vorba de faptul


sustUDJHULL GH OD SUHYHGHULOH OHJLL DYkQG vQ YHGHUH F  OHJHDHVWH FHDFDUH GHILQHúWH FHO SX LQ XQHOH
GLQ FRPSRQHQWHOH DFHVWRU SROLWLFL (VWH YRUED GH RS LRQDOLWDWHD GH FDUH VH EXFXU  RULFH DJHQW

HFRQRPLF GH D EHQHILFLD VDX QX GH IDFLOLW LOH SH FDUH OHJHD OH FUHHD]  vQ OHJ WXU  FX XWLOL]DUHD

PLMORDFHORUILQDQFLDUHGHFDUHGLVSXQHDJHQWXOHFRQRPLF'HH[HPSOXOHJHDVWDELOHúWHF 

a) VH YD DFRUGD JDUDQ LH GH VWDW SHQWUX LQYHVWLWRULL vQ UDPXUD ; DGLF  R VWLPXODUH D GH]YROW ULL

GH UDPXU FDQWRQDW  vQVIHUD SROLWLFLL FKHOWXLHOLORU SXEOLFH *DUDQ LD GH VWDW HVWH R FKHOWXLDO 

EXJHWDU  GH WLSXO FKHOWXLHOLORU YLUWXDOH GDF  vQWUHSULQ] WRUXO QX HVWH VROYDELO SHQWUX XQ

HYHQWXDO FUHGLW OXDW vQFRQGL LLOH PHQ LRQDWH LQYHVWL LH vQ UDPXUD ;  VWDWXO YD SUHOXD GDWRULD

cheltuiDOD DSDUH QXPDL FRQGL LRQDW GH SURGXFHUHD XQXL DQXPLW ULVF 7UHEXLH PHQ LRQDW F 

LQL LHUHDXQHLDVWIHOGHJDUDQ LLQXVHSRDWHIDFHGHFkWSULQOHJH/HJHDQXREOLJ SHQLPHQLV 

LQYHVWHDVF vQUDPXUD;úLV DUSXWHDFDQLPHQLV QXRIDF vQVHDPQ F P VXUDUHVSHFWLY 


-
SROLWLFD ILQDQFLDU  SURPRYDW  GH VWDW vQ DFHVW FD]  QX D IRVW EXQ  ÌQ DFHVW VHQV DSDUH

SDUWLFXODULWDWHDGHTXDVLRS LRQDOLWDWHDSROLWLFLLILQDQFLDUHFKLDUGDF HD SROLWLFDILQDQFLDU D

IRVWGHILQLW SULQOHJH3HGHDOW SDUWHHVWHGHU emarcat caracterul limitativ imperativ al legii


FDUH QX SHUPLWH JDUDQWDUHD GH F WUH VWDW GHFkW vQ FD]XO PHQ LRQDW *DUDQ LD DFRUGDW  SHQWUX

DOW VLWXD LHGHFkWFHDSUHY ]XW  LQYHVWL LDvQUDPXUD; HVWHLOHJDO úLVHSHGHSVHúWHFDDWDUH

prin lege.
b) profituOUHLQYHVWLWvQDFWLYLWDWHDJHQHUDWRDUHQXVHLPSR]LWHD] DGLF VWLPXODUHDFDSLWDOL] ULLD

GH]YROW ULL WDOLHL VDX vQ]HVWU ULL WHKQLFH D ILUPHORU FDQWRQDW  vQ VIHUD SROLWLFLL ILVFDOH 3URILWXO

SRWULYLWOHJLLHVWHLPSR]LWDW$FHDVW SUHYHGHUHHVWHLPSHUDWLY úLVXVWUDJHUHD DGLF HYD]LXQHD

ILVFDO  VH SHGHSVHúWH SULQ OHJH 'DF  vQWUHSULQ] WRUXO vúL UHLQYHVWHúWH SURILWXO vQ SURSULD

DIDFHUHDWXQFLHOQXPDLHVWHFKHPDWODLPSR]LWDUHSHQWUXSDUWHDGHSURILWSHFDUHRUHLQYHVWHúWH

astfel. Aici apare particXODULWDWHD GH TXDVLRS LRQDOLWDWHD SROLWLFLLILQDQFLDUH OHJHD QX REOLJ  OD

reinvestirea profitului în activitatea generatoare; cine vrea –o face, cine nu – nu .


c) VWDWXO$vQFKHLHXQDFRUGFXVWDWXO%SULYLQGDFRUGDUHDUHFLSURF DFODX]HLQD LXQLLFHOHLPD i
IDYRUL]DWH DGLF  WD[HOH YDPDOH GH LPSRUWvQ UHOD LD UHFLSURF  VH VWDELOHVFOD R OLPLW  PLQLP 

UHFLSURFDFFHSWDW VDXVHGHVILLQ HD] $FHDVWDvQVHDPQ RVWLPXODUHDFRPHU XOXLH[WHUQvQWUH

FHOH GRX  UL FDQWRQDW vQ VIHUD SROLWLFLL YDPDOH ([SRUWDWRUL i din A pentru B vor suporta o
WD[  YDPDO  GH LPSRUW vQ % PDL PLF  GHFkW SkQ  DFXP VDX QX YRU PDL VXSRUWD GHORF WD[ 

YDPDO  LPSRUWDWRULL GLQ $ GH P UIXUL GLQ % YRU VXSRUWD R WD[  YDPDO  GH LPSRUW vQ $ PDL

PLF  GHFkW SkQ  DFXP VDX QX YRU PDL VXSRUWD GHORF WD[  YDPDO  'LQDFHVW SXQFW GH YHGHUH

OHJHD HVWH LPSHUDWLY  3H GH DOW  SDUWH OHJHD QX O REOLJ  GH H[HPSOX SH LPSRUWDWRUXO <
-
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QX YD PDL SO WL WD[  GH LPSRUW 'LQ DFHVW SXQFW GH YHGHUH DSDUH TXDVLRS LRQDOLWDWHD SROLWLFLL

financiare.
d) UDWDRILFLDO DVFRQWXOXLWUHFHGHODODDGLF RGHVFXUDMDUHDE QFLORUFRPHUFLDOHFD

úL D WXWXURU FHORUODO L DJHQ L HFRQRPLFL GH D úL FRQYHUWL FUHDQ HOH SRUWRIROLLOH GH
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V  VFRQWH]H úL vQ DFHVW VHQV P VXUD GH SROLWLF  ILQDQFLDU  DUH FDUDFWHUXO GH

TXDVLRS LRQDOLWDWH

e) DJHQ LLDXWRKWRQLSRWHIHFWXDRSHUD LXQLGHFDSLWDOvQGHYL]HVWU LQHVXSRUWkQGODFXPS UDUHD

SH SLD D QD LRQDO  D DFHVWRU GHYL]H R FRW  DGL LRQDO  GH FRQYHUVLH GH  GLQ FXUVXO SLH HL

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vQ DFFHSWDUHD XQHL OLEHUW L FRQGL LRQDWH D PLúF ULL FDSLWDOXULORU 0 VXUD DUH SDUWLFXODULWDWHD

GH TXDVLRS LRQDOLWDWHvQ VHQVXOF ODV  OD ODWLWXGLQHDLQYHVWLWRUXOXLV X]H]HVDX QXGHDFHDVW 

SRVLELOLWDWHvQUDSRUWFXHILFLHQ DVFRQWDW DXQHLDVWIHOGHLQYHVWL LL

3ROLWLFDILQDQFLDU vQPLFURHFRQRPLHHVWHRSDUWHFHOPDLDGHVHDFHDPDLLPSRUWDQW D

politicii generale a firmei de realizare a obiectivelor de rentabilitatHFRQVROLGDUHúLGH]YROWDUHvQ


FRQWH[WXO FRPSHWL LHL HFRQRPLFH úL GH DFHSWDUH VDX QX D ULVFXULORU SH FDUH SLD D OH SUHVXSXQH

3ROLWLFD ILQDQFLDU  D ILUPHL GHWHUPLQ  vQ PDUH P VXU  FHO PDL DGHVHD vQ FHD PDL PDUH P VXU 

FDSDFLWDWHD XQHLILUPH GHDVHPHQ ine, de a se consolida, de a-úLDPHOLRUDSR]L LDHLSHSLD vQ

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VXV LQXW  úL HVWH HYDOXDW  VXE UDSRUWXO UH]XOWDWHORU ILQDQFLDUH FDUH VH SUHFRQL]HD]  D IL

RE LQXWH

Într-R HFRQRPLH D F UHL SULQFLSDO  FDUDFWHULVWLF  HVWH GLQDPLVPXO HYROX LD PLúFDUHD

VFKLPEDUHD RULFH ILUP  HVWH DVHPHQHD XQXL YDV FDUH WUHEXLH V  DYDQVH]H în amonte pe cursul
XQHLDSHFXUJ WRDUHYDVXOFHQXSRDWHGH]YROWDRYLWH] PDLPDUHGHFkWDFXUVXOXLDSHLYDPHUJH

LQGLVFXWDELOvQDYDO&DSDFLWDWHDILUPHLGHDXUFDVSUHDPRQWHHVWHGDW vQFHDPDLPDUHP VXU 

GH FDOLWDWHD SROLWLFLL úL GHFL]LLORU VDOH ILQDQFLDUH $XWRULWDWHD GH UHIHULQ  HVWH vQ DFHVW FD]

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OHJDO úL GH PDQGDWXO vQFUHGLQ DW GH DGXQDUHD JHQHUDO  D DF LRQDULORU VDX GH FDOLWDWHD OXL GH

proprietar $FHDVW  FDOLWDWH JDUDQWDW  GH OHJH úL DVWIHO GH QHFRQWHVWDW vL FRQIHU  PDQDJHUXOXL

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ILH FD XQLF SURSULHWDU ,QDGYHUWHQ HOH GXELLOH VDXUH]HUYHOH UHOD tive la proprietate, la calitatea de
SURSULHWDU VDX OD JDUDQWDUHD ORU SULQ OHJH DIHFWHD]  PDMRU FDOLWDWHD úL HILFLHQ D DFWXOXL GH

FRQGXFHUHúLLPSOLFLWDOHSROLWLFLLILQDQFLDUHÌQLQWHULRUXOILUPHLSROLWLFDILQDQFLDU QXPDLDUHvQ

nici un sens particularLWDWHD GH TXDVLRS LRQDOLWDWH 2GDW  GHILQLW  SROLWLFD ILQDQFLDU  D ILUPHL

DFHDVWDHVWHREOLJDWRULHSHQWUXWR LDQJDMD LLúLQXSRDWHILPRGLILFDW GHFkWSULQDFWXOGHYRLQ DO

SURSULHWDULORUDGLF DODFHOXLDúLFRUSXVFDUHDDGRSWDW
-o.
Prerogativele politicii financiare în microeconomieYL]HD] vQHVHQ DILQDQ HOHSULYDWH

3ULQFLSDOHOH FRPSRQHQWH DOH DFHVWHL SROLWLFL VXQW SURILWDELOLWDWHD ILQDQ DUHD DFWLYLW LL

GHVI úXUDWH GLVWULEXLUHD SURILWXOXL VWUXFWXUD FDSLWDOXOXL GXUDWD DYDQV ULL FDSLWDOXOXL úL

dimensiunea acestuia.
a) ProfitabilitateaYL]HD] RE LQHUHDXQXLSURILWVDWLVI F WRUSHQWUXFHOFHLFHDDXLQYHVWLW

FDSLWDOXO (VWH YRUED QX QXPDL GH R PDV  D SURILWXOXL FL úL GH UDWD DFHVWXLD vQ UDSRUW FX HIRUWXO

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UDWDUHQWDELOLW LLILQDQFLDUH UI DVWIHO


PN
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unde PN esWH SURILWXO QHW LDU .SU HVWH FDSLWDOXO SURSULX DGLF  VXPD GLQWUH FDSLWDOXO VRFLDO úL

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rezultatul net ce revine la o unitate moQHWDU GHFDSLWDOSURSULX5H]XOWDWXO QHWSUHVXSXQHF GLQ

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SH WHUPHQ OXQJ D ILUPHL  DOWH FKHOWXLHOL FDUH VH VXSRUW  GLQ UH]XOWDWH VSRQVRUL] UL DFRSHULUHD

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sec. ;;$FHVWDQXDvQVHPQDWvQV úLGHILQLUHDGLVRFLHULLHFRQRPLFHSURGXV DELDvQMXUXODQXOXL

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proprii ale firmei, adiF  SRVLELOLWDWHD DFHVWRUD GH D IXQF LRQD SH PDL GHSDUWH 2 DVWIHO GH
constituire a resurselor are caracterul unei ILQDQ UL SURSULX-zise, deoarece nu se pune problema
UDPEXUV ULL DFHVWRUD 7HUPHQXO HVWH XWLOL]DW úL vQ FD]XO FRQVWLWXLULL XQRU VXUVH E QHúWL de la buget

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)LQDQ DUHD VH SRDWH IDFH vQV  úL GLQ UHVXUVH vPSUXPXWDWH FXP VXQW vPSUXPXWXULOH

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FXUHQWHGHSODW SkQ ODGDWDRQRU ULLlor; în acest sens resursele trebuiesc rambursate, astfel încât

constituirea lor are caracterul unei FUHGLW UL. ÌQUDSRUWFXGXUDWDXWLOL] ULLORUDVWIHOGHUHVXUVHDX


VDX QX FDUDFWHU FRQVLGHUDW SHUPDQHQW 'H SLOG  XQ vPSUXPXW EDQFDU SH WHUPHQ OXQJ VDX XQ

împrumut obligatar au caracter de resurse permanente spre deosebire de alte tipuri de resurse
dintre cele mai sus amintite.
Problema modului de constituire a resurselor apare, de asemenea, la nivelul bugetului de
VWDW 'DF  H[FOXGHP YDULDQWDHPLVLXQLL GH PRQHG  FDUH SRDWHDYHD FDUDFWHU LQIOD LRQLVW QHYRLOH

GH UHVXUVH DOH EXJHWXOXL LQVXILFLHQWH OD XQ PRPHQW GDW VDX SHQWUX R DQXPLW  SHULRDG  VH SRW

FRPSOLQL SULQHPLWHUH GH REOLJD LXQL GH VWDW VDXúL ERQXUL GH WH]DXU FUHGLWDUH  VDX SULQ FUHúWHUHD

fiscalLW LL ILQDQ DUHSURSULX ]LV 


-
c) 'XUDWD DYDQV ULL FDSLWDOXOXL DUDW  LQWHUYDOXO GH WLPS vQ FDUH FDSLWDOXO UHVXUVHOH

E QHúWL  YRU ILQDQ D R DFWLYLWDWH DGLF  R XWLOL]DUH GDW  $FHDVWD vQVHDPQ F  UHVSHFWLYHOH UHVXUVH

nu vor putea fi folosite altfel, adiF YRUIL


imobilizate în sau pentru acea activitate/utilizare.
,PRELOL]DUHDSRDWHILSHWHUPHQOXQJVDXSHWHUPHQVFXUWÌQFD]XOFXPS U ULLXQRUXWLODMH

HFKLSDPHQWH PDúLQL LQVWUXPHQWH FRQVWUXF LL FO GLUL WHUHQXUL HWF FX VFRSXO GH]YROW ULL FX

ajutRUXO ORU D XQHL DQXPLWH DFWLYLW L GHFL QX SHQWUX VFRSXUL VSHFXODWLYH  LPRELOL]DUHD

XWLOL]DUHD  HVWH SH WHUPHQ OXQJ ÌQ FD]XO DFKL]L LRQ ULL XQXL VWRF GH PDWHULL SULPH SHQWUX D IL

SUHOXFUDW vQ YHGHUHD RE LQHULL XQXL SURGXVILQLW RDUHFDUH LPRELOL]DUHD utilizarea) este pe termen

scurt. De aici, s-DIRUPXODWSHQWUXDFWLYLWDWHDILQDQFLDU RUHJXO GHDXU":


-SHQWUXXWLOL] ULGHGXUDW VHUHFRPDQG DQWUHQDUHDXQRUUHVXUVHFXFDUDFWHUSHUPDQHQW
-SHQWUXXWLOL] ULWHPSRUDUHVHUHFRPDQG DQWUHQDUHDXQRUUHVurse cu caracter temporar.
d) Structura capitalului HVWH XQ FRQFHSW GH SROLWLF  ILQDQFLDU  FH YL]HD]  JUXSDUHD
FDSLWDOXOXL SH FRPSRQHQWH GXS  DQXPLWH FULWHULL 6XQW DYXWH vQ YHGHUH vQ SULQFLSDO XQ FULWHULX

SULYLQGWLSXULOHGHXWLOL] ULúLXQFULWHULXSUL vind tipurile de resurse.


'LQSXQFWXOGHYHGHUHDOXWLOL] ULORUVHDUHvQYHGHUH vQJHQHUDO FDSLWDOXOIL[úLFDSLWDOXO

FLUFXODQW 6  SUHVXSXQHP R ILUP  OD GHEXWXO HL úL DO F UHL FDSLWDO D IRVW FRQVWLWXLW SULQ DSRUWXO

DF LRQDULORUIRQGDWRULDGLF HVWHH xclusiv capital propriu. Managerul general (ales de consiliul de


DGPLQLVWUD LH  VDX vQVXúL FRQVLOLXO DOHV GH DGXQDUHD JHQHUDO  D DF LRQDULORU  WUHEXLH V  LD R

GHFL]LH UHIHULWRDUH OD VWUXFWXUDUHD FDSLWDOXOXL SH FHOH GRX  FRPSRQHQWH PHQ LRQDWH ÌQ OXDUHD

acHVWHLGHFL]LLH[LVW úLVXSRUWXORULHQWDWLYDOSURVSHFWXOXLGHVRFLHWDWHSHFDUHO -a elaborat grupul


GH LQL LDWLY DGLF DFHLvQWUHSULQ] WRULFDUHV DXGHFLVV SURSXQ DIDFHUHDúLFDUHDXSUH]HQWDW
-
o propunere privind obiectul ei, necesarul de capital úL FRQGL LLOH WHKQLFH vQ FDUH UHVSHFWLYXO

RELHFW VH SRDWH UHDOL]D DGLF  FH VSD LX HVWH QHFHVDU FH GRW UL FH PDWHULDOH FH SHUVRDQH FH

organizare etc. Conducerea nou-Q VFXWHL ILUPH YD GHFLGH DMXVWkQG HYHQWXDO SURSXQHULOH GH
prospect, cum vor fi folositH UHVXUVHOH GLVSRQLELOH FkW VH YD DWULEXL SHQWUX LPRELOL] ULOH IL[H
DFWLYHIL[HVDXFDSLWDOIL[ úLFkWVHYDDWULEXLSHQWUXDFWLYHOHFLUFXODQWH PDWHULLSULPHQHYRLGH

H[SORDWDUH úL FRPHUFLDOH GLVSRQLELO E QHVF HWF QXPLWH IRQG GH UXOPHQW  5DWD DGLF  UDSRUWXO

DFWLYH IL[HDFWLYH FLUFXODQWH HVWH XQ LQGLFDWRU FH YD GHWHUPLQD GLPHQVLXQHD GDU úL FDOLWDWHD

UH]XOWDWHORU RE LQXWH 3UREOHPD DFHVWHL UDWH U PkQH DFWXDO  SH WRDW  GXUDWD GH YLD  D ILUPHL ÌQ

DFHVW FD] VH SXQH FKHVWLXQHD GHWHUPLQ ULL PRGXOXL vQ FDUH UHVXUVHOH GLQ DXWRILQDQ DUH YRU IL

DORFDWHSHQWUXFUHúWHUHDDFWLYHORUIL[HúLSHQWUXFUHúWHUHDIRQGXOXLGHUXOPHQW&UHúWHUHDDFWLYHORU

fixe are repercusiuni privind:


- promovarea progresului tehnic: echipamente noi, mai performante, posibilitatea de a produce
produse noi sau superioare calitativ;
-GLPHQVLXQHDDFWLYLW LLDGLF SRVLELOLWDWHDGHFUHúWHUHDFDSDFLW LORUGHSURGXF LH
-LPDJLQHDILUPHLDWkWVXEUDSRUWXO GHD U VSXQGHFHULQ HORUSLH HLGDUúLDOFRQGL LLORU GHPXQF 
SH FDUH OH RIHU  úL DO DPELHQWXOXL FRQVWUXFWLY DUKLWHFWRQLF GH DPSODVDUH SH FDUH vO UHFHSWHD] 

WHU LLFXFDUHOXFUHD]  FOLHQ LIXUQL]RULSURSULXOSHUVRQDOYL]LWDWRULDXWRULW LHWF 

- valorificarea prin plasamente (de portofoliu sau speculative) a eventualelor disSRQLELOLW L

&UHúWHUHDIRQGXOXLGHUXOPHQWDUHUHSHUFXVLXQLSULYLQGDVLJXUDUHDXQXLPLQLPGHPLMORDFH

FX FDUH V  VH SRDW  GHUXOD DFWLYLWDWHDH[LVWHQ D XQXL PLQLP GH GLVSRQLELOLW L FXFDUH V  SRDW  IL

RQRUDWH FHO SX LQ XQHOH SO L FXUHQWH FUHúWHUHD FDOLWDWLY  D PDWHULDOHORU GH OXFUX PDWHULL SULPH

materiale auxiliare, ambalaje etc.)


'LQ SXQFW GH YHGHUH DO UHVXUVHORU VH DUH vQ YHGHUH vQ JHQHUDO  FRPSRQHQWD SURSULH úL

FRPSRQHQWD vPSUXPXWDW  D FDSLWDOXOXL XWLOL]DW $FHVW FULWHULX GHILQHúWH VWUXFWXUD ILQDQFLDU  D

ILUPHL DVXSUD F UHLD YRP UHYHQL vQWU -un subcapitol ulterior (cap. I.8). Referitor la componenta
vPSUXPXWDW  D FDSLWDOXOXL SROLWLFD ILQDQFLDU  DUH vQ YHGHUH SURFXUDUHD SULQ FUHGLWH EDQFDUH VDX

SULQDOWHUHVXUVHDWUDVH FUHGLWFRPHUFLDOREOLJD LLGHSODW SkQ ODGDWDRQRU ULLORU DPLMORDFHORU

GHILQDQ DUHQHFHVDUHVXV LQHULLDFWLYLW LLILUPHL

e) Distribuirea profitului HVWUHR FRPSRQHQW DSROLWLFLLILQDQFLDUH FDUHYL]HD] PRGXOvQ

FDUHHVWHXWLOL]DWSURILWXOQHW'HFL]LDVHUHIHU ODDOWHUQDWLYHOHGLYLGHQGHPDULVDXLQYHVWL LLPDUL

2SROLWLF GHGLYLGHQGHPDULU VSXQGHFHULQ HLDF LRQDULORUGHDDYHDFkúWLJXUL DEVROXWHúL


UHODWLYH  ULGLFDWH 3HQWUX HL DFHDVWD vQVHDPQ  UHFXSHUDUHD vQWU XQ QXP U PDL PLF GH DQL D
-
LQYHVWL LHL I FXWH FD úL R HYROX LH IDYRUDELO  D SUH XOXL GH SLD  DO DF LXQLORU DGLF  SRVLELOLWDWHD

XQXL FkúWLJ VXSOLPHQWDU vQ FD]XO YkQ] ULL UHVSHFWLYHORU DF LXQL &kúWLJXO UHODWLY DO DF LRQDUXOXL

este dat de rata dividendului (rd).


Div
rd = (2)
VN

unde Div înVHDPQ PDVDGLYLGHQGXOXLLDU91YDORDUHDQRPLQDO DDF LXQLL

3HQWUX ILUP  DFHDVWD vQVHDPQ  SH WHUPHQ VFXUW VWDELOLWDWH úLFUHúWHUHD YDORULL HL GH SLD 

QXP UXO GH DF LXQL HPLVH  SUH XO GH SLD  DO XQHL DF LXQL  GDU SH WHUPHQ OXQJ DSDUL LD XQRU

dezDYDQWDMH 1HHIHFWXDUHD GH LQYHVWL LL VDX YROXPXO PLF DO DFHVWRUD DUH HIHFWH vQ VWDJQDUHD
UH]XOWDWHORU VDX vQ FUHúWHUHD ORU OLPLWDW  )D  GH SUH XO GH SLD  VXSUDSDUL  SHVWH YDORDUHD

QRPLQDO  DO DF LXQLORU HL UH]XOWDWHOHILQDQFLDUH VWDJQDQWH VDX SX LQ FUHVF WRDUH YD FRQGXFH OD R

UDW HIHFWLY DGLYLGHQGXOXL UHGLY vQVF GHUH

Div
rediv = (3)
Ppa

XQGH'LYHVWHGLYLGHQGXOvQFDVDWLDU3SDSUH XOGHSLD DODF LXQLL'LPHQVLXQHDUDWHLHIHFWLYHD

GLYLGHQGXOXLYDIDFH FDDF LXQLOHvQFDX] V GHYLQ PDLSX LQLQWHUHVDQWH FXDWkW PDLPXOWGDF 

DFHDVW  UDW  DU VFDGH VXE UDWD GREkQ]LL SLH HL $úD FXP DWXQFL FkQG FkúWLJXO UHODWLY UDWD

GLYLGHQGXOXL  HUD ULGLFDW WHQGLQ D DF LRQDULORU HUD V  QX úL YkQG  DF LXQLOH LDU SH SLD
-  VH

manifesta o tendLQ GHFUHúWHUHDFHUHULLGLQUHVSHFWLYHOHDF LXQLSHVWHRIHUWDGHYkQ]DUHDORUWRW

DVWIHO DFXP FkQG UDWD HIHFWLY  D GLYLGHQGXOXL HVWH vQ VF GHUH WHQGLQ D DF LRQDULORU HVWH V -úL
YkQG  DF LXQLOH LDU SH SLD  VH PDQLIHVW  R WHQGLQ  GH VF GHUH D FHUHULL GLQ UHVSHFWLYHOH DF LXQL

VXERIHUWDGHYkQ]DUHDORU3UH XOGHSLD DODF LXQLORUVFDGHúLLPSOLFLWVFDGHYDORDUHDGHSLD D

firmei. Pentru a-úL PHQ LQH SR]L LD GH SLD  ILUPD DU WUHEXL V -úL FXPSHUHSURSULLOH DF LXQL 'DF 
nu are disponibil, tendin D PHQ LRQDW  FHUHUH-RIHUW  V-DU SXWHD DFFHQWXD úL DU JHQHUD GLILFXOW L
FDUH DU SXWHD GHYHQL LQVXUPRQWDELOH SHQWUX ILUP  DGLF  IDOLPHQWXO úL OLFKLGDUHD HL 'DF  DUH

GLVSRQLELOúLvQFHSHV -úLFXPSHUHSURSULLOHDF LXQLDWXQFLFDSLWDOXOGHOXFUXVHPLFúRUHD] GDF 

UH]XOWDWHOHILQDQFLDUHVHPHQ LQDWXQFLGLILFXOWDWHDHVWHGHS úLW úLYDWUHEXLUHGHILQLW SROLWLFDGH

GLVWULEXLUH D GLYLGHQGHORU GDF  UH]XOWDWHOH ILQDQFLDUH YRU IL PRGHVWH VDX LQVXILFLHQWH DWXQFL

GLILFXOWDWHD VH DFFHQWXHD]  DGLF  WHQGLQ D GH YkQ]DUH D UHVSHFWLYHORU DF LXQL VH YD DPSOLILFD úL

ILUPDYDLQWUDvQGLILFXOW LFHQXDUPDLSXWHDILGHS úLWH)UkQDXQXLDVWIHOGHSURFHVUH]LG WRWvQ

PHFDQLVPXO SLH HL UHVSHFWLY vQ IDSWXO F  SH P VXU  FH SUH XO GH SLD  VH PLFúRUHD]  WHQGLQ D

rateLHIHFWLYHDGLYLGHQGXOXLHVWHV FUHDVF $VWIHOGDF GLYLGHQGXOVFDGHPDLvQFHWGHFkWSUH XO

SLH HLDWXQFLVF GHUHDUDWHLHIHFWLYHDGLYLGHQGXOXLVHDWHQXHD] úLSRDWHDSDUHFKLDURFUHúWHUHD

HLVLWXD LHvQFDUHGLILFXOW LOHVXQWGHS úLWHúLVLWXD L a se poate stabiliza.


2 SROLWLF  GH LQYHVWL LL PDUL JHQHUHD]  QHPXO XPLUL DOH DF LRQDULORU GDWRULW  FkúWLJXULORU

DEVROXWH úL UHODWLYH  PLFL 3HQWUX ILUP  SH WHUPHQ VFXUW DFHDVWD SRDWH vQVHPQD GLILFXOW L GLQ

FDX]D WHQGLQ HL DF LRQDULORU GH D úL YLQGH DF LXQLOH GDU SH WHUPHQ OXQJ vQVHDPQ  FRQVROLGDUH
-
UH]XOWDWHILQDQFLDUHvQFUHúWHUHFDSDFLWDWHGHDXWRILQDQ DUHULGLFDW 

6. 5HOD LLGHFUHGLW

ÌQ OHJ WXU  FX FRQVWLWXLUHD PLMORDFHORU GH FDUH XQ vQWUHSULQ] WRU DUH QHYRLH SHQWUX D

începe sau derula o activLWDWH DP DU WDW vQ GHEXWXO FDSLWDOXOXL ,  F   FHO PDL DGHVHD DFHVWD

GLVSXQHGRDUSDU LDOLDUXQHRULFKLDUGHORFGHPLMORDFHE QHúWL3HQWUXDúLOHSURFXUDHOLQWU vQ

UHOD LH FX DQXPL L SDUWHQHUL FHO PDL DGHVHD VSHFLDOL]D L FDUH DX SRVLELOLWDWHD V -i SXQ  OD

GLVSR]L LDDVWIHO GH PLMORDFH &D H[FHS LH XQ DVWIHO GH SDUWHQHU SRDWH IL RULFDUH DJHQWHFRQRPLF

GDUGHUHJXO HOHVWHRLQVWLWX LHVSHFLDOL]DW FDUHDUHFDRELHFWFKLDUDFHVWJHQGHVHUYLFLL$FHVW


JHQ GH UDSRUWXUL vQWUH DJHQ LL HFRQRPLFL VH LQFOXGH vQ VIHUD UHOD LLORU GH FUHGLW FRPSRQHQW  D

UHOD LLORUILQDQFLDUHvQVHQVXOFHOPDLODUJGHFXSULQGHUHDORU

5HOD LLOH GH FUHGLW VXQW UHOD LL E QHúWL GH UHSDUWL LH D SURGXVXOXL JOREDO VDX D

FRPSRQHQWHORU VDOH UHOD LL UHSUH]HQWkQG PRELOL]DUHD XQRU GLVSRQLELOLW L E QHúWL vQ YHGHUHD

acoperirii unor nevoi temporare.


5HOD LLOH GH FUHGLW VH LQFOXG vQ VIHUD UHOD LLORU E QHúWL LDU GLVSRQLELOLW LOH FH IRUPHD] 

obiectul lor pot apare fie ca numerar, fie ca scriptural.


&DUDFWHULVWLFLOHUHOD LLORUGHFUHGLt sunt:

a) au caracter rambursabil DGLF  WUDQVIHUXO E QHVF HVWH WHPSRUDU 3DUWHD DJHQWXO F WUH
FDUHHVWHGLUHF LRQDWWUDQVIHUXOQXPLW debitor, poate utiliza mijloacele respective numai un timp

GDWGXS FDUHWUHEXLHV OHUHWXUQH]HFHOXLGHODFDUHúLOe-a procurat. Partea, agentul dinspre care

HVWH GLUHF LRQDW WUDQVIHUXO QXPLW creditor HVWH SURSULHWDUXO GH IDSW úL GH GUHSW DO UHVSHFWLYHORU

mijloace.
b  VXQW SXUW WRDUH GH GREkQG  DGLF  VHUYLFLXO FRQVWkQG vQ D GLVSXQH úL D SXWHD XWLOL]D
temporar, de mLMORDFHOH E QHúWL FH IDFH RELHFWXO UHOD LLORU GH FUHGLW HVWH UHPXQHUDW 'REkQGD
DSDUH FD R UHPXQHUDUH D FHOXL FH G  FX vPSUXPXW UHSUH]LQW  R FKHOWXLDO  SHQWUX FHO FH LD FX

vPSUXPXWúLHVWHFRQVLGHUDW GHDFHHDFDXQFRVWDOFDSLWDOXOXLE QHVF3HQWUXQHFHVLW LGHRUGLQ

SUDFWLF GDU úL SHQWUX VXUSOXVXO GH H[SUHVLYLWDWH DFHVW FRVW VH H[SULP  GH UHJXO  VXE IRUP 

SURFHQWXDO 'HDVHPHQHDWRWFDUHJXO H[LVW X]XDQ D FDvQOLSVDXQHLDOWHSUHFL] UL GXUDWDGH

UHIHULQ DDFHVWXLFRVWV ILHFRQVLGHUDW DQX l (365 de zile).


5HOD LLOHGHFUHGLWJHQHUHD] FUHGLWDUHDFDPRGGHILQDQ DUHDQHFHVDUXOXLGHUHVXUVH(VWH

o modalitate de constituire a necesarului de resurse financiare în completarea celor proprii, dar,


GH PXOWHRULFUHGLWXOUHSUH]LQW VLQJXUDVXUV GHILQDQ DUHDXQHL DIDFHUL VDXXQHLRSHUD LXQL'H

SLOG  SHQWUX ILQDQ DUHD XQHL LQYHVWL LL VH DSHOHD]  vQ PRG IUHFYHQW OD FUHGLW ([LVW  vQ SUDFWLFD

EDQFDU  SUHYHGHUHD SDUWLFLS ULL úL D LQYHVWLWRUXOXL FX UHVXUVH ILQDQFLDUH SURSULL GDU FRWD GH

participarH HVWH GH PXOWH RUL VLPEROLF  VDX PLF  GH QLYHOXO  -10- $FHDVW  SUDFWLF  HVWH

EHQHILF  SHQWUX VWLPXODUHD XQXL FOLPDW LQYHVWL LRQDO GHRDUHFH FRQIHU  LQYHVWLWRULORU GRX 

avantaje importante:
¾ HYLW  LPRELOL]DUHD UHVXUVHORU ILQDQFLDUH SURSULL SH SHULRDGH îndelungate, oferind alternativa
IUXFWLILF ULL ORU vQ VXV LQHUHD úL GHUXODUHD DFWLYLW LORU FDUH VH SUHFRQL]HD]  D VH HIHFWXD FX

RELHFWXOLQYHVWL LHL

¾ GHSODVHD]  vQWU-R DQXPLW  P VXU  ULVFXO VSUH FUHGLWRU SURGXFkQGX-se o partajare a acestui

risc între iQYHVWLWRUúLFUHGLWRUXOOXL


7RWvQFDOLWDWHGHXQLF VXUV GHILQDQ DUHDSDUHFUHGLWXOúLvQFD]XOFRQVWLWXLULLPLMORDFHORU

E QHúWL SHQWUX DFRSHULUHD QHYRLORU GH ILQDQ DUH vQ SHULRDGHOH GH YkUI GH SHVWH DQ 9ROXPXO VDX

GLPHQVLXQHD XQHL DFWLYLW L GH SURGXF LH GH H[HPSOX vQUHJLVWUHD]  SH SDUFXUVXO XQXL DQ YDULD LL

OXQDUH FXQLYHOHPHGLLXQQLYHOPLQLP úLXQQLYHOPD[LP$FWLYHOHFLUFXODQWH QHFHVDUHUHIOHFW 

ILGHODFHVWH QLYHOHGHDFWLYLWDWHJHQHUkQGQHYRL GHUHVXUVHILQDQFLDUHGHQLYHOH FRUHVSXQ] WRDUH .


$QJDMDUHD VLQJXODU  D UHVXUVHORU ILQDQFLDUH SURSULL SHQWUX DFRSHULUHD DFHVWRU QHYRL HVWH

FRQWUDSURGXFWLY  WRFPDL GDWRULW  YDULDELOLW LL DFFHQWXDWH D DFHVWRUD 5HVXUVHOH SURSULL

QHDQJDMDWHDGLF vQSOXVID GHDFHVWHQHYRLDUILYDULDELOHGHODROXQ la alta, creându-le astfel


R DQXPLW  LQVWDELOLWDWH 3H GH DOW  SDUWH FDUDFWHUXO ORU SHUPDQHQW QX OH UHFRPDQG  SRWULYLW

UHJXOLL GH DXU YH]L   V  ILH DQWUHQDWH vQ XWLOL] UL WHPSRUDUH 'H DFHHD vQ SUDFWLF  DJHQ LL

HFRQRPLFL DQJDMHD]  PDL GH JUDE  U esursele financiare proprii la nivelul mediu sau la nivelul
PLQLP GH DFWLYLWDWH úL DSHOHD]  OD FUHGLWH FD VXUV  DOWHUQDWLY  GH ILQDQ DUH SHQWUX QHYRLOH FH

GHS úHVFQLYHOXOGHDXWRILQDQ DUHDOHV

&RQGL LD HVHQ LDO  SHQWUX DSHODUHD úL XWLOL]DUHD FUHGLW ULL , ca mijloc de completare a
UHVXUVHORU ILQDQFLDUH SURSULL HVWH HILFLHQ D XWLOL] ULL DFHVWRU PLMORDFH DVWIHO vQFkW OD PRPHQWXO

UDPEXUV ULL VXPHOH vPSUXPXWDWH V  SRDW  IL vQDSRLDWH úL V  VH SRDW  DFKLWD vQ SOXV GREkQGD

DIHUHQW 6HSRDWHIRUPXODDVWIHORD
doua "UHJXO GHDXU":
- produsul generat de uzul unor resurse financiare neproprii (luate cu împrumut)
WUHEXLHV ILHPDLPDUHGHFkWFRVWXODFHVWRUD
8QHOHFDUDFWHULVWLFLDOHUHOD LLORUGHFUHGLWGHILQHVFFULWHULLGHFODVLILFDUHSHQWUXFUHGLWH

În raport FX GXUDWD UHOD LLORU GH FUHGLW FUHGLWHOH VH FODVLILF  vQ SULQFLSDO vQ WUHL PDUL

FDWHJRULL SH WHUPHQ VFXUW SH WHUPHQ PHGLX SH WHUPHQ OXQJ 'XUDWHOH GH WLPS FH LGHQWLILF 

DFHVWHWHUPHQHVXQWGLIHUHQ LDWHvQIXQF LHGHDOWHFDUDFWHULVWLFLDOHUHVSHFWLYHORUUHOD LL$VWIHOvQ

cazul creditului bancar pentru nevoi curente, termenul scurt este identificat prin durata de 1 la 90
]LOHWHUPHQXOPHGLXSULQGXUDWHvQWUHúL ]LOHLDU WHUPHQXO OXQJSULQGXUDWHSHVWHDQÌQ

FD]XOFUHGLWXOXLGHLQYHVWL LLvQV GXUDWHOHVXQWSkQ ODDQSHQWUXWHUPHQXOVFXUWvQWUHúL -5


DQL SHQWUX WHUPHQXO PHGLX úL SHVWH  DQL SHQWUX WHUPHQXO OXQJ $FHDVW  YDULDELOLWDWH D GXUDWHL

DSDUHvQPRGVSHFLILFúLODDOWHFDWHJRULLGHFUHGLWH

În raport cu calitatea partenerilor FH LQWU  vQ UHOD LL GH FUHGLW FUHGLWHOH VH FODVLILF  vQ WUHL
mari categorii:
- FUHGLW EDQFDU vQ FDUH FUHGLWRU HVWH R LQVWLWX LH EDQFDU  LDU FRQGL LLOH GH FUHGLWDUH OH
IL[HD] FUHGLWRUXOQHJRFLHUHDORUILLQGRH[FHS LH

- credit public, în care debitor HVWHVWDWXOFDUHGHUHJXO IL[HD] FRQGL LLOHGHFUHGLWDUH


- FUHGLW FRPHUFLDO DFRUGDW vQWUH SDUWHQHULL GH DIDFHUL vQ FDUH FRQGL LLOH GH FUHGLWDUH OH
SURSXQHFUHGLWRUXOúLGHUHJXO VXQWQHJRFLDWHvQWUHS U LXQDJHQWHFRQRPLFSRDWHDFRUGDFUHGLW

comercial în dubla sa calitate:


 vQ FDOLWDWH GH IXUQL]RUvQ FDUH FD] HO vúL JHQHUHD]  R FUHDQ  DGLF  R VXP  GH EDQL SH

FDUHRYDvQFDVDXOWHULRUGHODFOLHQWXOV X

vQFDOLWDWHGHFOLHQWvQFDUHFD]VHJHQHUHD] GHDVHPHQHDRFUHDQ UHSUH]HQWkQGG e


data aceasta, un avans pe care el l-DI FXWXQXLDGLQIXUQL]RULLGHODFDUHDúWHDSW XQIOX[PDWHULDO

YLLWRU XQORWGHSLHVHGHVFKLPERSDUWLG GHP UIXULROLYUDUHGHPDWHULLSULPHHWF

Un agent economic poate primi credit comercial în dubla sa calitate:


 vQ FDOLWDWH GH IXUQL]RU FkQG SULPHúWH XQ DYDQV GH OD XQ FOLHQW vQ FRQWXO XQHL OLYU UL

XOWHULRDUHDVWIHOvQFkWHOvúLFUHHD] RREOLJD LH

 vQ FDOLWDWH GH FOLHQW FkQG XQ IXUQL]RU DO V X DFFHSW  FD V  SULPHDVF  SODWD XOWHULRU

OLYU ULL HIHFWXDWH generându-VH DVWIHO SHQWUX DJHQWXO HFRQRPLF GH UHIHULQ  R REOLJD LH GH SODW 

viitoare.

7. Pârghia financiar-PRQHWDU vQSROLWLFLOHJXYHUQDPHQWDOH

LQWHUYHQ LRQLVWH

Problema rolului ce revine componentelor financiar-PRQHWDUH vQ GHVI úXUDUHD DFWLYLW LL
econoPLFHúLVRFLDOHúLFXSUHGLOHF LHvQFUHúWHUHDHFRQRPLF DFRQVWLWXLWRELHFWGHVWXGLXSHQWUX
WRDWHúFROLOHHFRQRPLFH/DvQFHSXWPLúFDUHDDFHVWRUFRPSRQHQWHDIRVWSXV H[FOXVLYSHVHDPD

D FHHD FH úWLLQ D HFRQRPLF  D QXPLW PkQD LQYL]LELO  DGLF  PHFDQLVPHOH SLH HL vQ SULQFLSDO

FRQFXUHQ D 8OWHULRU SH P VXUD FRQVROLG ULL RUJDQL] ULL VWDWDOH úL D GLYHUVLILF ULLGH]YROW ULL

IXQF LLORU VWDWXOXL D IRVW SXV  WRW PDL LQVLVWHQW SUREOHPD LQWHUYHQ LHL VWDWXOXL vQ PHFDQLVPXO

HFRQRPLF $VWIHO úFRDOD NH\QHVLVW  D IXQGDPHQWDW QHFHVLWDWHD XQHL LQWHUYHQ LL GH VXEVWDQ  úL D

SUHFL]DW LQFOXVLY PRGDOLW LOH SULQFDUH R DVWIHO GH LQWHUYHQ LH VH SRDWH UHDOL]D ùFROLOH GHIDFWXU 

OLEHUDO V DXSURQXQ DWvQJHQHUDOFRQWUDLQWHUYHQ LRQLVPXOXLVWDWDOvQYLUWXWHDSULQFLSLXOXL


- "laisser
IDLUH ODLVVHU SDVVHU $ERUG ULOH SRVWNH\QHVLVWH FULWLF  JOREDOLWDWHD VROX LLORU NH\QHVLVWH GH

LQWHUYHQ LHDGLF  IRUPXODUHD ORUODQLYHOXOHFRQRPLHL XQHL DULúLQXDQ HD] RELHFWLYHPRPHQWH

VDX GRPHQLL DOH LQWHUYHQ LHL vQFHDUF  V  FRUHFWH]H VROX LLOH NH\QHVLVWH vQ FRQWH[WXO RSLQLHL

SULYLQG JOREDOL]DUHD HFRQRPLHL $VWIHO SkQ  vQ DQLL


 DX IRVW IRUPXODWH PRGDOLW L GH

LQWHUYHQ LHGHWLSXOVWRSDQGJRVDXLQWHUYHQ LLFRQMXQFWXUDOH LQkQGGHPRPHQWXOHFRQRPLF

de starea în care se afl HFRQRPLD úLFDUH vQFHUFDX V  VFKLPEH VHQVXO LQWHUYHQ LHL IUkQDUH GDF 

HFRQRPLDVHvQFLQJHDVWLPXODUHGDF HFRQRPLDOkQFH]HD VDXV VWLPXOH]HIUkQH]HFHUHUHD

'LQDQLL
DXvQFHSXWV ILHIRUPXODWHLQWHUYHQ LLGHWLSXOPL[SROLF\DOF URUR biectiv central
HVWHFRQWUROXOLQIOD LHL7RDWHDFHVWHLQRYD LLvQPDWHULHGHLQWHUYHQ LHVHED]HD] vQSULQFLSDOSH

DFHOHDúL SkUJKLL ILQDQFLDU PRQHWDUH OD FDUH IDFH UHIHULQ


-  úL .H\QHV 'H H[HPSOX PL[ SROLF\

DSHOHD] ODP VXULGLIHUHQ LDWHPRQHWDUHúLEXJHWDUHGLQWUHFDUHFHOHPRQHWDUHYL]HD] GLQDPLFD


SUH XULORU GLQDPLFD PDVHL PRQHWDUH HYROX LD UDWHL GREkQ]LL LDU FHOH EXJHWDUH GLQDPLFD

DFWLYLW LLHFRQRPLFH VXSXV LQWHUYHQ LHLSULQSkUJKLLILVFDOHúLYDPDOH úLUHJOHPHQWDUHDVROGXOXL

bugetului, DO F UXL HYHQWXDO GHILFLW V  ILH DFRSHULW QX SULQ HPLVLXQL PRQHWDUH FL SULQ FUHGLWH SH

SLH HOH ILQDQFLDUH SH SLD D PRQHWDU  SH SLD D GH FDSLWDO LQWHUQ  SH SLD D H[WHUQ  GH FDSLWDO  ÌQ

VIkUúLWvQMXUXODQXOXLDXDS UXWDERUG ULOHJUXSDWHvQWHRULDFUHúWHULLHQGRJHQHFDUHPL]HD] 

SH YDOHQ HOH GH FUHúWHUH DOH PHFDQLVPXOXL HFRQRPLF vQVXúL GDU úL DOH FRPSRQHQWHORU

QHHFRQRPLFH DOH PHFDQLVPXOXL  SULQ YDORULILFDUHD SRVLELOLW LORU SH FDUH OH FUHHD]  SURJUHVXO

WHKQLFSLD DúLVHJPHQWHOHHLHGXFD LDGRULQ DGHSURS úLUHUHYROX LDLQIRUPDWLF 

Unele din primele conexiuni între indicatori sau parametri financiari-PRQHWDUL úL FHL FH
FDUDFWHUL]HD] QLYHOXOGLQDPLFDúLGH]YROWDUHDVDXFUHúWHUHDHFRQRPLF DXIRVWIRUPXODWHvQF vQ

XUP FXFLUFDGHDQLGHUHSUH]HQWDQ LDLúFROLLPHUFDQWLOLVWH VHF;9 -XVIII) cum au fost Th.


0DQ úL :+6WRIIRUG vQ $QJOLD  $OIUHG GH 0RQWFKUpWLHQ úL -% &ROEHUW vQ )UDQ D  8]kQG GH

IRUPXO ULOH PRGHUQH FRQVDFUDWH GH PRGHODUHD HFRQRPLF  PRGHOXO FRQH[LXQLORU PHQ LRQDWH VH

SUH]LQW DVWIHO

ƒ IXQF LDFUHGLWXOXL C = C (M) cu C’> 0 (4.1)


ƒ IXQF LDWUDQ]DF LLORU T = T (M) cu T’> 0 (4.2)
ƒ IXQF LDGREkQ]LL d = d (M) cu d’ < 0 (4.3)

unde: C = volumul creditului;


M PDVDPRQHWDU 
T YROXPXOWUDQ]DF LLORU

d = rata dobkQ]LL SUH XOEDQLORU 

3kUJKLDPRQHWDU SULQFDUHVWDWXODUSXWHDLQWHUYHQLHVWHUDWDGREkQ]LLSHQWUXFDUH%DQFD

1D LRQDO  vQ FDOLWDWH GH UHDOL]DWRU DO SROLWLFLL PRQHWDUH D VWDWXOXL  R SRDWH LQIOXHQ D SULQ QLYHOXO

WD[HL RILFLDOH D VFRQWXOXL 6HFYHQ HO e de impact sugerate de modelul 4.1 –  VH GHUXOHD]  SH

VHDPDVWLPXOXOXLLQL LDODOFUHúWHULLUDWHLGREkQ]LLDVWIHO

d M C T r (5)

unde VHPQLILF RFUHúWHUH VHPQLILF RUHGXFHUH VHPQLILF  R FRQVHFLQ  R LPSOLFD LH ,


LPSOLF RGHWHUPLQDUH GHWHUPLQ LDUUHVWHULWPXOFUHúWHULLHFRQRPLFH2DVWIHOGHFRQH[LXQH

DF S WDWvQWLPSIRU GHD[LRP úLHVWHYDORULILFDW úLD]LvQWHRULLOHHFRQRPLFHPRGHUQHFDúLvQ

IRUPXODUHD SROLWLFLORU LQWHUYHQ LRQLVWH vQ YHGHUHD VXV LQHULL GH]YROW ULL VDX D DWHQX ULL

componentelor degresive ale ciclului economic.


2 FRQWULEX LH GH DFHLDúL DPSORDUH úL LPSRUWDQ  D[LRPDWL]DW  vQ HJDO  P VXU  R

UHSUH]LQW  UHOD LD OXL ,UZLQJ )LVKHU UHSUH]HQWDQW DO úFROLL HFRQRPLH FODVLFH VHF ;9,, -XIX)
UHIHULWRDUHODHFKLOLEUXOSLH HLPRQHWDUHFXQRVFXW VXEIRUPD

M*V=P*T (6)

unde: M PDVDPRQHWDU 

V YLWH]DGHURWD LHDEDQLORU

P QLYHOXOSUH XULORU

T YROXPXOWUDQ]DF LLORU

úLvQFDUHPHPEUXOVWkQJUHSUH]LQW RIHUWDGHEDQ i, iar cel drept cererea de bani.


ÌQWUHDJD WHRULH HFRQRPLF  SRVWFODVLF  QHRFODVLF  NH\QHVLVW  QHRNH\QHVLVW  HWF 

YDORULILF  D[LRPD´ OXL )LVKHU FHO PDL DGHVHD vQ LSRWH]D XQHL RIHUWH GDW  GH EDQL SH FDUH R

XWLOL]HD]  FD SH XQ LQGLFDWRU GH QDWXU  PRQHWDU  SH FDUH VH vQWHPHLD]  LQWHUYHQ LL úL SROLWLFL

PRQHWDUHJXYHUQDPHQWDOH$VWIHOGHH[HPSOXúFRDODQHRFODVLF  VHF;,; - începutul sec. XX) a


SURGXVPRGHOXOHFKLOLEUXOXLJHQHUDOGHSLD  DOSLH HLvQDQVDPEOXOHLúLDOXQRUDGLQVHJPHQWHOH
acesteia), moGHO vQFDUH ED]HOHFRQGL LLORU HFKLOLEUXOXL JHQHUDO DXIRVWIRUPXODWH GH 0DULH (VSULW
/HRQ:DOUDVFHOPDLGHVHDP UHSUH]HQWDQWDODFHVWHLúFROLúLFDUHHVWHFHOGLQWkLFDUHDXWLOL]DW

vQ PRG VLVWHPDWLF vQ HFRQRPLH YDOHQ HOH úL SRVLELOLW LOH SH FDUH OH RIHU  PDWHPDWLFD 0RGHOXO

HFKLOLEUXOXL JHQHUDO vQ YDULDQWD FHD PDL FRPSOHW  SH FDUH D FRQFHSXW R úFRDOD QHRFODVLF 
-
include:

• IXQF LDGHSURGXF LH Y = Y (ND) (7.1)


cu Y’ ≥ úL<’’ < 0
• IXQF LDGHRIHUW GHPXQF NS = NS (w/p) (7.2)
cu N’S ≥ 0
• IXQF LDGHLQYHVWL LL I = I (i) (7.3)
cu I’ ≤ 0
• IXQF LDGHHFRQRPLL S = S (i) (7.4)
cu S’ ≥ 0
• UHOD LDGHHFKLOLEUXJHQHUDO I=S (7.5)
• UHOD LDGHHFKLOLEUXSHSLD DPXQFLL NS = ND (7.6)
• echilibrul sectorului monetar M = k ∗ p∗ Y (7.7)

în care: Y SURGXVXOILQDO vQH[SUHVLHIL]LF 

ND FHUHUHDGHPXQF 

NS RIHUWDGHPXQF 

w  VDODULXO XQLWDU XQLW L PRQHWDUH SH XQLWDWHD GH PXQF  IRORVLW  vQ H[SULPDUHD

FHUHULLRIHUWHLGHPXQF 

p QLYHOXOSUH XULORU

I LQYHVWL LLOH

i = rata dobânzii;
S = economiile;
M PDVDPRQHWDU 
k = coeficient dHOLFKLGLWDWHFXYDORDUHDHJDO FXLQYHUVXOYLWH]HLGHURWD LHDEDQLORU

)XQF LD GH SURGXF LH H[SULP  FRPSRQHQWD RIHUWHL SH SLD D EXQXULORU úL VHUYLFLLORU úL

SHUPLWH LQWURGXFHUHD FRQGL LHL GH SDUWLFLSDUH D SURGXFWRULORU SH DFHDVW  SLD  UHVSHFWLY

maximizarea profitului scontat ( π ):

max π = max (p ∗ Y – w ∗ ND) (8)

SHQWUXFDUHVHSRDWHVFULHFRQGL LDGHRSWLP


= 0 ⇒ N D = [Y ’]−1 ( w / p) (8.1.)
dN D

unde Y’ este derivatD IXQF LHL GH SURGXF LH FX VHQVXO HFRQRPLF GH SURGXFWLYLWDWH PDUJLQDO  D
muncii), iar [ • ]-1 VHPQLILF  LQYHUVD IXQF LH PDUFDW  FX VHPQXO SXQFW 'DU FRQGL LD   VH
RQE LQHRHFXD LHvQFDUHYDLUDELODHVWHZS FXVHQVXOHFRQRPLFGHVDODULXUHDO úLFDUHUH]ROYDW 
*
FRQGXFH OD VROX LD GH RSWLP ILH ZS  DGLF  DFHO QLYHO DO VDODULXOXL UHDO FDUH DVLJXU  DWkW

PD[LPL]DUHD SURILWXOXL SURGXF WRULORU FkW úL HFKLOLEUXO SH SLD D PXQFLL 'LQ   VH RE LQH

valoarea de echilibru pentru facWRUXOPXQF  ILH1*), cu care se poate determina din (7.1) nivelul
de echilibru al produsului final (fie Y* 5HOD LD  HVWHRWUDQVIRUPDW DUHOD LHLOXL)LVKHU  
vQ FDUH DYHP GHWHUPLQDW  DFXP SH VHDPD PRGHOXOXL QHRFODVLF DO HFKLOLEUXOXL JHQHUDO valoarea

GH HFKLOLEUX D SURGXVXOXL ILQDO ÌQ DFHDVW  UHOD LH YDORDUHD FRHILFLHQWXOXL GH OLFKLGLWDWH HVWH vQ

JHQHUDO FXQRVFXW  ILLQG R FRQVWDQW  UHODWLY VWDELO  D XQHL HFRQRPLL DGLF  R YDORDUH D F UHL

GLQDPLF  HVWH PXOW PDL OHQW  GHFkW D FHORUODO L LQGLFDWRUL DL PRGHOXOXL úL FDUH VH PRGLILF 
semnificativ pe intervale relativ lungi (2- DQL úL PDL PXOW  3H VHDPD DFHVWRUD UH]XOWDWH úL
LSRWH]H SRW IL LQWURGXVH SROLWLFL PRQHWDUH GH LQWHUYHQ LH FRQVWkQG vQ GHWHUPLQ UL H[RJHQH DOH

volumului masei monetare, astIHO vQFkW VH SRW GHWHUPLQD QLYHOXO GH HFKLOLEUX DO SUH XULORU S*  úL
al salariului nominal (w*  (VWH GHVFKLV  FDOHD SHQWUX VFKLPE UL SULYLQG QLYHOXO GH HFKLOLEUX DO
SUH XULORU DO UDWHL LQIOD LHL úL FKLDU DO GREkQ]LL $FHVWD GLQ XUP  SRDWH IL FRPSDUDW FX nivelul de

HFKLOLEUX DO GREkQ]LL GHWHUPLQDW GLQ UHOD LD GH HFKLOLEUX JHQHUDO   6H SRDWH DYHD DVWIHO R

LPDJLQHDHFDUWXOXLvQWUHHFKLOLEUXOJHQHUDWGHVHJPHQWHOHSLD DEXQXULORUúLVHUYLFLLORUSOXVSLD D

PXQFLLúLSLD DPRQHWDU SHGHRSDUWHúLDQVDPEOXOSLH HLSHGHDOW SDUWH

ùFRDOD QHRFODVLF  D SURGXV úL DOWH WLSXUL GH PRGHOH GLQWUH FDUH vO DPLQWLP SH FHO DO OXL

Domar, în care componenta financiar-PRQHWDU DSDUHVXEIRUPDFKHOWXLHOLORUSXEOLFHDVWIHOvQFkW

VXQW FUHDWH úL DQDOL]DWH SRVLELOLW LOH GH LQWHUYHQ LH VXE IRUPD SROLWLFLL FKHOWXLHOLORU EXJHWDUH

3HQWUX GHWDOLL HVWH I FXW  R SUH]HQWDUH vQ FXOHJHUHD GH SUREOHPH )LQDQ H PRQHG  DS UXW  vQ
-
1998 în editura A.S.E.
.H\QHV GH]YROW  R WHRULH FRPSOH[  D LQWHUYHQ LHL JXYHUQDPHQWDOH vQ PHFDQLV mul
HFRQRPLFXQPRGHODPSOXDOSLH HLvQFDUHDSDULQWHQVFRUHODWHVHJPHQWHOHGHSLD LQFOXVLYFHD

H[WHUQ 

)RUPD FHD PDL VLPSO  D PRGHOXOXL V X DUH vQ YHGHUH R HFRQRPLH vQFKLV  vQ FDUH VWDWXO

nu intervine. În varianta unor LQYHVWL LLGHWHUPLQDWHH[RJH n modelul include:

• IXQF LDGHFRQVXP C = c ∗ Y + Co (9.1)


• IXQF LDGHLQYHVWL LL I = Io (9.2)
• HFXD LDGHHFKLOLEUX Y=C+I (9.3)

unde: C = consumul;
c vQFOLQD LDPDUJLQDO VSUHFRQVXPDGLF G&G<

Co = consumul autonom;
I LQYHVWL LD

Io LQYHVWL LDDXWRQRP 

Y = produsul final.

6XEVWLWXLUHD vQ HFXD LD HFKLOLEUXOXL D IXQF LLORU GH FRPSRUWDPHQW FHD GH FRQVXP úL FHD

GH LQYHVWL LL  FRQGXFH OD RE LQHUHD XQHL H[SUHVLL D SURGXVXOXL vQ IXQF LH GH YDULDEL lele de
FRPSRUWDPHQW úLSDUDPHWULLDIHUHQ LORUGLQFDUHH[SUHVLHVHSRDWHGHWHUPLQDXQPXOWLSOLFDWRUDO

FUHúWHULLHFRQRPLFH

dY 1
= (9.4)
dIo 1 − c

cunoscut ca PXOWLSOLFDWRUXOLQYHVWL LLORUúLFDUHDUDW FXFkWFUHúWHSURGXVXOILQDOvQFD]XOFUHúWHULL

FX R XQLWDWH D LQYHVWL LLORU 0XOWLSOLFDWRUXO HVWH vQWRWGHDXQD VXEXQLWDU GHRDUHFH F ∈ (0;1). În
varianta în care LQYHVWL LLOHVXQWGDWHGHQLYHOXOYHQLWXOXLIXQF LDGHLQYHVWL LL  GHYLQH

I = a ∗ Y + I0 (9.5)

vQ FDUH D HVWH LQFOXQD LD PDUJLQDO  VSUH LQYHVWL LL DGLF  G,G< H[SULPkQG XWLOL]DUHD VSRUXOXL GH

YHQLWUHVSHFWLYXQLQGLFDWRULQYHUVFHOXLGHHILFLHQ DLQYHVWL LLORUúLDQXPHFHVSRUGHLQYHVWL LL

VH UHDOL]HD]  OD R XQLWDWH GH FUHúWHUH D SURGXVXOXL ILQDO 3ULQ DFHODúL SURFHGHX GH VXEVWLWXLUH D

IXQF LLORU GH FRPSRUWDPHQW  úL  vQ HFXD LD GH HFKLOLEUX   VH RE LQH R DOW  IRUP  D

PXOWLSOLFDWRUXOXLFUHúWHULLHFRQRPLFH

dY 1
= (9.6)
dIo 1 − c − a
cunoscut ca multiplicatRUXO H[WLQV DO LQYHVWL LLORU FX DFHODúL FRQ LQXW FD FHO SUHFHGHQW   GDU
de valoare mai mare
1 1
> (9.7)
1− c − a 1− c

întrucât a ∈   VSRUXO GH YHQLW QX SRDWH IL XWLOL]DW LQWHJUDO SHQWUX LQYHVWL LL LDU LQYHVWL LLOH Qu
SRW VFDGH vQ FRQGL LL GH FUHúWHUH D YHQLWXULORU FUHúWHUHD SURGXVXOXL ILQDO vQVHDPQ  LPSOLFLW

FUHúWHUHDYHQLWXULORUDJHQ LORUHFRQRPLFL 0RWLYD LDHVWHGDW GH.H\QHVVXEIRUPDFXQRVFXWHORU

LSRWH]HSULYLQGFRPSRUWDPHQWXODJHQ LORUHFRQRPLFL

• WHQGLQ D GH
a-úL FRQVHUYD VWDQGDUGXO GH YLD  FDUH vQVHDPQ  LPSOLFLW R LQHU LH vQ

modificarea consumului;
• WHQGLQ D GH D HFRQRPLVL PDL PXOW RGDW  FX FUHúWHUHD YHQLWXULORU FHHD FH vQVHDPQ 

LPSOLFLWGLVSRQLELOLW LPDLPDULSHQWUXLQYHVWL LL

Multiplicatorul extinsDOLQYHVWL LLORUHVWHvQWRWGHDXQDVXSUDXQLWDUvQWUXFkWúLDúLF ∈ (0;1).


$FHVWH YDULDQWH GH PRGHO GH FUHúWHUH SUHJ WHVF IRUPXOHOH LQWHUYHQ LRQLVPXOXL

guvernamental, pe care Keynes le introduce sub forma:


ƒ politica cheltuielilor guvernamentale, prin variabila G;
ƒ SROLWLFDILVFDO SULQYDULDELODGHLPSR]LWHúLWD[H7

ƒ SROLWLFD VXEYHQ LLORU R IRUP  D FKHOWXLHOLORU JXYHUQDPHQWDOH GH WLSXO WUDQVIHUXULORU HIHFWXDWH

GH VWDW vQ EHQHILFLXO DOWRU HQWLW L HFRQRPLFH FRQVXPDWRUL XQLL SURGXF WRUL XQHOH LQVWLWX LL

VDXVRFLHW LFRPHUFLDOHGHVWDW SULQYDULDELOD5

Modelul GH FUHúWHUH VH UHIHU  OD R HFRQRPLH vQFKLV în care statul intervine; modelul
DUH vQ YHGHUH FD YDULDQWH FDUDFWHUXO H[RJHQ VDX QX DO XQRUD GLQ YDULDELOHOH GH LQWHUYHQ LH. În

YDULDQWDF WRDWHYDULDELOHOHGHLQWHUYHQ LHVXQWH[RJHQH, modelul include:

• HFXD LDYHQLWXOXLQHW Yn = Y – Tn (10.1)


• HFXD LDLPSR]LWXOXLQHW Tn = T – R (10.2)
• IXQF LDGHFRQVXP C = c ∗ Yn + Co (10.3)
• IXQF LDGHLQYHVWL LL I = Io (10.4)
• IXQF LDFKHOWXLHOLORUJXYHUQDPHQWDOH G = Go (10.5)
• IXQF LDLPSR]LWHORU T = To (10.6)
• IXQF LDVXEYHQ LLORU R = Ro (10.7)
• HFXD LDGHHFKLOLEUX Y=C+I+G (10.8)

ÌQ DFHDVW  YDULDQW  YRUELP LPSURSULX GH IXQF LL vQ UHOD LLOH   –   UHOD LL FDUH
GHIDSWVXQWH[SUHVLDYDORULORUH[RJHQHDOHYDULDELOHORUUHVSHFWLYH3HED]DDFHOXLDúLSURFHGHXGH

VXEVWLWXLUHVHSRWGHWHUPLQDSDWUXPXOWLSOLFDWRULGHFUHúWHUHHFRQRPLF 

dY dY 1
= = (10.9)
dIo dG o 1 − c
dY dY c
= = (10.10)
dTo dR o 1 − c

GLQWUH FDUH WUHL H[SULP  DPSORDUHD HIHFWXOXL ILHF UHLD GLQ FHOH WUHL SROLWLFL LQWHUYHQ LRQLVWH

PHQ LRQDWHPDLVXV$YHPDúDGDU

- multiplicatorul cheltuielilor guvernamentale dY/dGo GH DFHLDúL P ULPH FX FHO DO LQYHVWL LLORU
dY/dIo úL vQ SOXV HJDO FX PXOWLSOLFDWRUXO LQYHVWL LLORU FDUDFWHULVWLF PRGHOXOXL QHLQWHUYHQ LRQLVW FX
LQYHVWL LLH[RJHQH 

- multiplicatorul fiscal dY/dT0 úL PXOWLSOLFDWRUXO VXEYHQ LLORU G<G5o, din care primul este
QHJDWLYGDUDPELLDXDFHHDúLYDORDUHDEVROXW úLPDLPLF GHFkWDFHORUSUHFHGHQ L
c 1
< (10.11)
1− c 1− c

0XOWLSOLFDWRUXO ILVFDO SRDWH IL VXE VDX VXSUDXQLWDU GXS  FXP F ∈ (0;0,5), respectiv
c ∈ (0,5;1).

ÌQ FH SULYHúWH YDORDUHD QHJDWLY  D PXOWLSOLFDWRUXOXL ILVFDO DFHDVWD VH H[SOLF  SULQ UHOD LD

LQYHUV FDUHH[LVW vQWUHILVFDOLWDWHúLFUHúWHUHDHFRQRPLF &XFkWILVFDOLWDWHDHVWHPDLSURQXQ DW 

FX DWkW HVWH PDL GHVFXUDMDW  WHQGLQ D DJHQ LORU HFRQRPLFL GH D GH]YROWD DFWLYLWDWHD HFRQRPLF  úL

vQSULPXOUkQGGHDIDFHLQYHVWL LL

3URFHGXUD GH VXEVWLWXLUH D IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX FRQGXFH OD

RE LQHUHDXQHLHFXD LLDSURGXVXOXLILQDOÌQYDULDQWDGHPRGHO   –  UH]XOW 

1 c
Y= (C o + I o + G o ) − (To − R o ) (10.12)
1− c 1− c

Introducem ∆ FD RSHUDWRU GH YDULD LH FX VHQVXO GH YDULD LH DEVROXW  $VWIHO GDF  XQ

LQGLFDWRU[SUHVXSXQHGRX QLYHOHGLIHULWHGHUHDOL]DUH[1 ≠ x2YDULD LDLQGLFDWRUXOXL[HVWH

x = x2-x1 (10.13)

6 IDFHPVXSR]L LDF VWDWXODGRSW RSROLWLF GHvQJKH DUHDGHILFLWXOXLEXJHWDU$FHDVWD

SUHVXSXQH R DVHPHQHD SROLWLF  D FKHOWXLHOLORU EXJHWDUH úL D SROLWLFLL ILVFDOH vQFkW YDULD LD FHORU

GRX  FRPSRQHQWH EXJHWDUH FKHOWXLHOL úL YHQLWXUL ILVFDOH  V  ILH GH DFHHDúL P ULPH &RQIRUP

IRUPDOL] ULORUSUDFWLFDWHvQPRGHODFHDVWDvQVHDPQ F 

G0 = ∆ T 0 (10.14)

6 SUHVXSXQHPvQFRQWLQXDUHF FHOHODOWHYDULDELOHGHFDUHGHSLQGHSURGXVXOILQDODGLF 

nivelul consumului autonom (Co  DO LQYHVWL LLORU ,o  úL DO VXEYHQ LLORU 5o), nu vor suferi
PRGLILF UL DGLF  YDULD LD ORU HVWH QXO  ÌQ IHOXO DFHVWD VH SRDWH VHSDUD vQ PRG VWULFW HIHFWXO XQHL

SROLWLFLGHvQJKH DUHDGHILFLWXOXLEXJHWDU

'DF DSOLF PRSHUDWRUXOGHYDULD LHODHFXD LDSURGXVXOXLILQDO  úL LQHPVHDPDGH

FRQGL LD  DWXQFLUH]XOW F 

Y = ∆ G0 sau ∆ Y = ∆ T0 (10.15)

FHHD FH vQVHDPQ  F  vQ FRQGL LLOH vQJKH ULL GHILFLWXOXL EXJHWDU HIHFWXO SROLWLFLL FKHOWXLHOLORU

EXJHWDUHFDúLDOSROLWLFLLILVFDOHHVWHGHDFHHDúLP ULPH

$GLF  PDMRUDUHD FKHOWXLHOLORU EXJHWDUH FX YDORDUHD [ SH VHDPD FUHúWHULL YHQLWXULORU

ILVFDOHFXDFHLDúLYDORDUH[DUHFDHIHFWFUHú terea produsului final cu valoarea x.


6 IDFHPRDGRXDVXSR]L LHFRQVLGHUkQGF VWDWXOXWLOL]HD] YDULD LDvQFDV ULORUEXJHWDUH

ILVFDOHSHQWUXDVXEYHQ LRQDHFRQRPLDDGLF

∆ T0 = ∆ R0 (10.16)

0HQ LRQkQG LSRWH]D GH LQYDULDQ   D FHORUODOWH YDULDELOH GH FDUH GHSLQGH SURGXVXO ILQDO

DGLF  QLYHOXO FRQVXPXOXL DXWRQRP &0  DO LQYHVWL LLORU ,0  úL DO FKHOWXLHOLORU JXYHUQDPHQWDOH

(G0 DSOLFDUHDRSHUDWRUXOXLGHYDULD LH ∆ ODHFXD LDSURGXVului final conduce la rezultatul

∆Y =0 (10.17)
FHHD FH vQVHDPQ  F  SROLWLFD ILVFDO  QX DUH QLFL XQ HIHFW GH FUHúWHUH HFRQRPLF  vQ FRQGL LLOH

XWLOL] ULLLQWHJUDOHDYHQLWXULORUILVFDOHVXSOLPHQWDUHSHQWUXVXEYHQ LRQDUHDHFRQRPLH i.


&HOH GRX  FRQFOX]LL   úL   VXQW FXQRVFXWH VXE QXPHOH GH teorema lui
HaavelmoUHSUH]HQWkQGXQUH]XOWDWDOVWXGLLORUvQFDGUDWHvQúFRDODHFRQRPLF SRVWNH\QHVLVW 
Modelul (10.1) -    SHUPLWH GH]YROWDUHD XQRU YDULDQWH ED]DWH SH UHQXQ DUea la
FDUDFWHUXOH[RJHQDOXQRUDGLQYDULDELOHOHDVWIHOFRQVLGHUDWHvQIRUPDGHED]  SULPDU DDFHVWXL

model.
5HQXQ PvQWU RSULP HWDS ODFDUDFWHUXOH[RJHQDOYHQLWXULORUEXJHWDUHILVFDOHFHHDFH
-
vQVHDPQ F VHLQWURGXFHRIXQF LH VWULFWRVHQVX DLPSR]LWHORUúLDQXPH

T = t ∗ Y + T0 (11.1)

FDUHvQORFXLHúWHHFXD LD  úLvQFDUH

t UDWDPDUJLQDO DLPSXQHULLILVFDOHDGLF G7G<

T0 = nivelul autonom al veniturilor bugetare fiscale.

În urma procedeului substituLULL DSOLFDW úL vQ YDULDQWHOH SUHFHGHQWH VH RE LQ SDWUX

PXOWLSOLFDWRUL DL FUHúWHULL HFRQRPLFH JUXSD L FkWH GRL FD úL vQ IRUPD GH ED]  SULPDU  D DFHVWXL

model:
dY dY 1
= = (11.2)
dI0 dG 0 1 − c(1 − t )

dY dY c
= = (11.3)
dT0 dR 0 1 − c(1 − t )

Multiplicatorul invesWL LLORUúLDOFKHOWXLHOLORUJXYHUQDPHQWDOHS VWUHD] FDUDFWHULVWLFDGHD

ILHJDOLvQWUHHLGDUFXYDORDUHDPDLPLF GHFkWPXOWLSOLFDWRULLVLPLODUL  úL  GHRDUHFHW!

vQWUXFkWLPSXQHUHDILVFDO QXSDWHILQHJDWLY 

0XOWLSOLFDWRUXOILVFDOúLDOVXEYHQ LLORUS VWUHD] úLHLFDUDFWHULVWLFDGHDILHJDOLvQWUHHLúL

GHYDORDUHLQIHULRDU FHORUODO LGRL

c 1
< (11.4)
1 − c(1 − t ) 1 − c(1 − t )

GDUVXQWLQIHULRULFDYDORDUHúLPXOWLSOLFDWRULORUVLPLODUL 

c c
< (11.5)
1 − c(1 − t ) 1 − c

AceasWD vQVHDPQ  F  YDULDQWD GH PRGHO FX IXQF LH ILVFDO    DUH HIHFWH PDL PLFL vQ

SODQXOFUHúWHULLHFRQRPLFHGHFkWFHDvQFDUHYDULDELOHOHLQWHUYHQ LRQLVPXOXLVXQWH[RJHQH  

– (10.8).
0XOWLSOLFDWRUXO LQYHVWL LLORU úL DO FKHOWXLHOLORU JXYHUQDPHQWDOH sunt întotdeauna
supraunitari deoarece t ∈  vQWLPSFHPXOWLSOLFDWRUXOILVFDOúLFHODOVXEYHQ LLORUSRWILVXEVDX
VXSUDXQLWDULGXS FXP

2c − 1 1
t< sau c> (11.6)
c 2−t
respectiv
2c − 1 1
t> sau c< (11.7)
c 2−t
Acum, într-R D GRXD HWDS  V  UHQXQ P úL OD FDUDFWHUXO H[RJHQ DO FKHOWXLHOLORU

JXYHUQDPHQWDOH úL DO VXEYHQ LLORU $FHVWD vQVHDPQ  F  vQ ORFXO HFXD LHL   LQWURGXFHP R

IXQF LH VWULFWRVHQVX DFKHO tuielilor guvernamentale

G = G0 − g ∗ Y (12.1)

LDUvQORFXOHFXD LHL  RDOWDDVXEYHQ LLORU

R = R0 − r ∗ Y (12.2)

unde: G0 YDORDUHDDXWRQRP DFKHOWXLHOLORUJXYHUQDPHQWDOH

g UDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQD mentale, g = dG/dY;


R0 YDORDUHDDXWRQRP DVXEYHQ LLORU

r UDWDPDUJLQDO DVXEYHQ LLORUU G5G<

3DUDPHWULLUúLJVXQWVXEXQLWDULúLSR]LWLYLGHRDUHFHSHGHRSDUWHQXVHSRDWHDORFDGLQ

VSRUXOGHSURGXVILQDORFRW PDL PDUHGHFkWXQLWDWHD SHQWUXRDQXPLW  GHVWLQD LHLDU SHGHDOW 

SDUWH SH P VXU  FH VSRUXO GH SURGXV ILQDO HVWH PDL PDUH DWkW VSRUXO GH FKHOWXLHOL

JXYHUQDPHQWDOH FkW úL VSRUXO GH VXEYHQ LL HVWH PDL PLF GLQ FDX]D FUHúWHULL IRU HL HFRQRPLFH D

DJHQ LORU HFRQRPLFL $YkQG HL Yenituri mai mari, statul va "liberaliza" treptat acoperirea unor
QHYRL VRFLDOHFUHVFkQGPDL SX LQ VDXFKLDU GLPLQXkQGX-úL DSRUWXOV X ODVDWLVIDFHUHD XQRU DVWIHO

GHQHYRLVDXODVXV LQHUHDHFRQRPLHLVXEYHQ LRQDWH

3URFHGHXO VXEVWLWXLULL IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX SHUPLWH

RE LQHUHD XQRU DOWRU IRUPH DOH FHORU SDWUX PXOWLSOLFDWRUL DL FUHúWHULL HFRQRPLHL JUXSD L VLPLODU

câte doi:
dY dY 1
= = (12.3)
dI0 dG 0 1 − c(1 − t − r) + g
dY dY c
= = (12.4)
dT0 dR 0 1 − c(1 − t − r) + g

0XOWLSOLFDWRUXOLQYHVWL LLORUúLDOFKHOWXLHOLORUJXYHUQDPHQWDOHS VWUHD] FDUDFWHULVWLFDGHD

IL HJDOL vQWUH HL GDU FX YDORUL PDL PLFL GHFkW   úL FX DWkW PDL PXOW ID  GH   úL  

GHRDUHFHQXPLWRUXOVHPDMRUHD] SHVHDPDFRPSRQHQWHORUF ∗ UúLJDPEHOHSR]itive.


0XOWLSOLFDWRUXOILVFDOúLDOVXEYHQ LLORUS VWUHD] úLHLFDUDFWHULVWLFLOHGHDILHJDOLvQWUHHL

úLGHYDORDUHLQIHULRDU FHORUODO LGRL

c 1
< (12.5)
1 − c(1 − t − r) + g 1 − c(1 − t − r) + g

GDUVXQWLQIHULRULFDYDORDUHúLPXOWLSOLFDWRULORUVLPLODUL  úL 11.3)

c c
< (12.6)
1 − c(1 − t − r ) + g 1 − c(1 − t )

GDWRULW DFHORUDúLFRPSRQHQWHSR]LWLYHF ∗ UúLJ

$FHDVWD vQVHDPQ  F  YDULDQWD GH PRGHO FX IXQF LD ILVFDO     D FKHOWXLHOLORU SXEOLFH

 úLDVXEYHQ LLORU   DUHHIHFWHPDLPLFLvQ SODQXOFUHúWHULL HFRQRPLHLGHFkWFHD vQFDUH

DSDUH QXPDL IXQF LD ILVFDO  VWULFWR VHQVX úL FX DWkW PDL PXOW GHFkW FHD vQ FDUH YDULDELOHOH

LQWHUYHQ LRQLVPXOXL´VXQWWRDWHH[RJHQH   – (10.8).


0XOWLSOLFDWRUXOLQYHVWL LLORUúLFHODOFKHOWXLHOLORUJXYHUQDPHQWDOHVXQWVXSUDXQLWRULGDF 
c > c(t+r)+g (12.7)
FRQGL LHFDUHGHSLQGHPDLDOHVGHUDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQDPHQWDOHvQWUXFkWFHOHODOWH

GRX FRPSRQHQWH FWFU VXQWFXXQRUGLQGHP ULPHPDLPLFGHFkWFúLJGHRDUHFHúLFúLWúLU

∈  'DF VHQVXOLQHJDOLW LL  HVWHVFKLPEDWDWXQFLUHVSHFWLYLLLQGLFDWRULVXQWVXEXQLWDUL

0XOWLSOLFDWRUXOILVFDOúLDOVXEYHQ LLORUVXQWVXSUDXQLWDULGDF VHUHVSHFW FRQGL LD

1+ g
c> (12.8)
2−t−r
HFKLYDOHQW FXRULFDUHGLQXUP WRDUHOHWUHL

1+ g
t < 2−r− (12.8.1)
c
1+ g
r < 2−t− (12.8.2)
c
g < c( 2 − t − r ) − 1 (12.8.3)

0RGHOXOGHFUHúWHUHSRDWHILHODERUDWúLSHQWU u cazul unei economii deschise. Variabilele


OXDWH vQ FRQVLGHUDUH SUHFXP úL IXQF LLOH GH FRPSRUWDPHQW VH S VWUHD]  GDU OL VH DGDXJ  DOWHOH

VSHFLILFH XQHL DERUG UL vQ FDUH QX VH PDL IDFH DEVWUDF LH GH UHOD LLOH HFRQRPLHL LQWHUQD LRQDOH

Este vorba, în prinFLSLXGHLPSRUW 0 úLGHH[SRUW ;  FDYDULDELOHúLIXQF LLGHFRPSRUWDPHQW 


GDUúLGHUH]XOWDQWDORU
–VROGXOEDODQ HLFRPHUFLDOH % 
0RGHOXOHFRQRPLHLGHVFKLVHLQWURGXFHRQRX SRVLELOLWDWHGHLQWHUYHQ LHJXYHUQDPHQWDO 

DQXPH SROLWLFD YDPDO  SULQ FDUH SRW IL JHQHUDWH DMXVW UL VWLPXOLIUkQH SHQWUX FRHILFLHQWXO

VSHFLILF GH LPSRUW DGLF  SHQWUX vQFOLQD LD PDUJLQDO  VSUH LPSRUW P  VHPQLILFkQG VSRUXO

LPSRUWXOXLODRXQLWDWHVXSOLPHQWDU GHSURGXVILQDO

ÌQ PRGHOXO HFRQRPLHL GHVFKLVH HVWH QHFHVDU V  VH IDF  R LSRWH]  DVXSUD PRGXOXL vQ FDUH

HVWH LQWURGXV SDUWHQHUXO H[WHUQ 9RP SUH]HQWD DFHD YDULDQW  vQ FDUH DFHVW SDUWHQHU QX DSDUH vQ

PRG H[SOLFLW FL HVWH GRDU SUHVXSXV SULQ VLPSOXO IDSW F  HFRQRPLD VXELHFW HFRQRPLD SHQWUX

care a fost elaborat modHOXO  DUH FRPHU  H[WHULRU &HHD FH QX DSDUH vQ IDSW VXQW IXQF LLOH GH
FRPHU  H[WHULRU DOH DFHVWXL SDUWHQHU SHQWUX F  LPSRUWXO OXL DUH P ULPHD H[SRUWXOXL HFRQRPLHL

VXELHFWGXS FXPH[SRUWXOOXLDUHP ULPHDLPSRUWXOXLHFRQRPLHLVXELHFW

)XQF LLOHVSHF
ifice modelului economiei deschise sunt:
• IXQF LDGHH[SRUW X = X0 (13.1)
IXQF LDGHLPSRUW
• M = m ∗ Y + M0 (13.2)
HFXD LDVROGXOXLEDODQ HLFRPHUFLDOH
• B=X–M (13.3)
unde: X0 = exportul autonom
M0 = importul autonom.

ÌQ DFHDVW  YDULDQW  D PRGHOXOXL H[SRUWXO DSDUH GH IDSW FD ILLQG H[RJHQ .H\QHV DGRSW 

DFHDVW  VROX LH GHRDUHFH FRQVLGHU  F  H[SRUWXO HVWH GHWHUPLQDW PDL DOHV GH UDSRUWXO GH

FRPSHWLWLYLWDWHvQWUHGRLSDUWHQHULDGLF GHSLQGHQXQXPDLGHIDFWRU i interni economiei "subiect",


FLúLGHIDFWRULH[WHUQLDFHVWHLDDGLF GHIDFWRULFH LQGHSDUWHQHUXOH[WHUQ0HULW PHQ LRQDWF 

vQOHJ WXU FXVXV LQHUHDGHF WUHVWDWDFRPHU XOXLH[WHULRUURPkQHVFSURIGU0LKDLO0DQRLOHVFX

GH]YROW  vQ OXFUDUHD VD )RU HOH QD LRQDOH SURGXFWLYH úL FRPHU XO H[WHULRU´ %XFXUHúWL   XQ

SXQFW GH YHGHUH VLPLODU UHFRPDQGkQG R DWLWXGLQH IOH[LELO   D VWDWXOXL SULQ SROLWLFD YDPDO 

WRFPDLSHVHDPDIRU HLFRPSHWLWLYHGHWHUPLQDW GHSURGXFWLYLWDWHDPXQFLL

) U  D OXD vQ FRQVLGHUDUH DOWH YDULDELOH úL SURFHVH HFRQRPLFH PRGHOXO   – (13.3)
SRDWH FRQGXFH OD HYLGHQ LHUHD LPSDFWXOXL SROLWLFLL YDPDOH FD H[SUHVLH D LQWHUYHQ LRQLVPXOXL

VWDWDO SULQ SROLWLFD ILVFDO  'LQ   GDF  LQHP VHDPD VXFFHVLY GH FHOHODOWH GRX  UHOD LL VH

RE LQH
1
Y= ∗ (X 0 − B − M 0 ) (13.4)
m

'DF  HFRQRPLD ³VXELHFW QX VH vQGDWRUHD]  SHQWUX FRPHU XO V X H[WHULRU DGLF  %  

UH]XOW  F  YROXPXO SURGXVXOXL ILQDO HVWH GHSHQGHQW GH vQFOLQD LD PDUJLQDO  VSUH LPSRUW P FDUH

SRDWHILDMXVWDW SULQSROLWLFDYDPDO FDúLGHH[SRUWXOQHWDXWRQRP ;0 -M0).


,QWURGXFHUHD vQ PRGHO úL D FHORUODOWH YDULDELOH HFRQRPLFH úL ILQDQFLDU -monetare poate fi
I FXW vQLSRWH]DFRQVLGHU ULLORUFDH[RJHQHVDXQX

'DF YDULDELOHOHLQYHVWL LLLPSR]LWHFKHOWXLHOLJXYHUQDPHQWDOHúLVXEYHQ LLVXQWDFFHSWDWH

FD H[RJHQH DWXQFL PRGHOXO LQFOXGH UHOD LLOH   –   OD FDUH VH DGDXJ    – (13.2),
SUHFXP úL R HFXD LH D HFKLOLEUXOXL JHQHUDO GH R VWUXFWXU  QRX  FRUHVSXQ] WRDUH FDUDFWHUXOXL

deschis al economiei:

Y+M=C+I+G+X (14)

8WLOL]kQG DFHODúL SURFHGHX DO VXEVWLWXLULL vQ HFXD LD GH HFKLOLEUX   D IXQF LLORU GH

comportament (10.1) – (10.7) plus (13.1) –    VH RE LQ FLQFL PXOWLSOLFDWRUL DL FUHúWHULL
economice, reflectând fiecare amploarea uneLDQXPLWHSROLWLFLGHLQWHUYHQ LHJXYHUQDPHQWDO SULQ
pârghii financiar-PRQHWDUHúLDQXPH

dY dY dY 1
= = = (14.1)
dI0 dG 0 d (X 0 − M 0 ) 1 − c + m
dY dY c
= = (14.2)
dT0 dR 0 1 − c + m

0XOWLSOLFDWRUXO LQYHVWL LLORU FHO DO FKHOWXLHOLORU JXYHUQDPHQWDOH úL FHO DO H[SRUWXOXL QHW

VXQWHJDOLvQWUHHLFXDOWHFXYLQWHSROLWLFDYDPDO DUHXQHIHFWVLPLODUFHOHLDLQYHVWL LLORUúLFHOHL

a cheltuielilor guvernamentale.
9DORDUHDDFHVWXLPXOWLSOLFDWRUHVWHPDLPLF GHFkWDFHOXLVLPLODU  úL 

1 1
< (14.3)
1− c + m 1− c

deoarece m ∈  QXSRDWHILQHJDWLYSHQWUXF UHOD LDLPSRUW SURGXVILQDOHVWHGLUHFW QXSRDWH


-
ILVXSUDXQLWDUSHQWUXF LPSRUWXOHVWHGRDUXQDGLQGHVWLQD LLOHSURGXVXOXLILQDO

3H GH DOW  SDUWH YDORDUHD DFHVWXL PXOWLSOLFDWRU SRDWH IL PDL PDUH VDX PDL PLF  GHFkW D

FHOXLVLPLODU  DVWIHOGDF 

m < c ∗t (14.4)

valoarea lui este mai mare decât a celui similar (11.2)

ÌQPRGDVHP Q WRUúLSHQWUXFRPSDUD LDFXPXOWLSOLFDWRUXO  DVWIHOGDF 

m < c ∗ (t+r)+g (14.5)

valoarea lui este mai mare decât a celui similar (12.3).


'HDVHPHQHDYDORDUHDDFHVWXLPXOWLSOLFDWRUSRDWHILVXEVDXVXSUDXQLWDU DVWIHOGDF 

c<m (14.6)
valoarea luLHVWHVXEXQLWDU 

ÌQ VIkUúLW HIHFWHOH FHORU WUHL SROLWLFL GHMD PHQ LRQDWH VXQW PDL SURQXQ DWH GHFkW D FHORU
ILVFDO úLDVXEYHQ LLORUGHRDUHFH

1 c
> (14.7)
1− c + m 1− c + m

ÌQ FH SULYHúWH PXOWLSOLFDWRUXO ILVFDO úL FHO DO VXEYHQ LLORU SHQWUX FH l fiscal vom face
FRQVLGHUD LLOHSHVHDPDYDORULLOXLDEVROXWHvQPRGXO HLDXYDORDUHHJDO GDUPDLPLF GHFkWD

multiplicatorului similar (10.10), deoarece m ∈ (0;1):

c c
< (14.8)
1− c + m 1− c

dar poate fi mai mare sau mDL PLF  vQ FRPSDUD LH FX PXOWLSOLFDWRUXO   FRQIRUP UHOD LHL

(14.4).
'H DVHPHQHD SRDWH DYHD R YDORDUH PDL PDUH VDX PDL PLF  GHFkW D PXOWLSOLFDWRUXOXL

 FRQIRUPUHOD LHL  ÌQVIkUúLWYDORDUHDDFHVWXLLQGLFDWRUSRDWHILVXEVDXVXSUDXQLWDU 

DVWIHOGDF 

m +1
c< sau m > 2c-1 (14.9)
2
multiplicatorul este subunitar.
'DF  WUDW P GLVWLQFW H[SRUWXO úL LPSRUWXO DGLF  VHSDU P H[SRUWXO QHW vQ FHOH GRX 

FRPSRQHQWHDOHVDOHDWXQFLUH]XOW 

dY dY 1
= = (14.10)
dX 0 dM 0 1 − c + m

ceeD FH vQVHDPQ  F  FHOH GRX  FRPSRQHQWH DOH SROLWLFLL GH FRPHU  H[WHULRU DX vQ YDORDUH

DEVROXW DFHODúLHIHFWSULYLQGFUHúWHUHDHFRQRPLF 

9DULDQWDGHPRGHOvQFDUHVHUHQXQ ODFDUDFWHUXOH[RJHQDOYDULDELOHORUGHMDPHQ LRQDWH

LQFOXGH UHOD LLOH   – (10.3), (11.1), (12.1) – (12.2), (13.1) –   úL  3H ED]D DFHOXLDúL
SURFHGHXVHRE LQHDOW IRUP DFHORUFLQFLPXOWLSOLFDWRULDVWIHO

dY dY dY 1
= = = (15.1)
dI0 dG 0 d (X 0 − M 0 ) 1 − c(1 − t − r ) − a + g + m
dY dY c
= = (15.2)
dT0 dR 0 1 − c(1 − t − r ) − a + g + m

6WUXFWXUDILQDQFLDU DILUPHL

StructurD ILQDQFLDU  D ILUPHL H[SULP  UDSRUWXO vQWUH ILQDQ DUHD SH WHUPHQ VFXUW SULQ

FUHGLWH GH WUH]RUHULH  úL ILQDQ DUHD SH WHUPHQ OXQJ SULQ FDSLWDOXO SHUPDQHQW  $FHDVW  VWUXFWXU 

GHULY GLQVWUXFWXUDFDSLWDOXOXLGXS SURYHQLHQ DUHVXUVHORU YH]LVXEFDSLWROXO I.5).


&UHGLWHOHGHWUH]RUHULHUHSUH]LQW FUHGLWXOEDQFDUúL FRPHUFLDOSHFDUHvO SRDWHPRELOL]DR

ILUP  $FHVWH VXUVH GH ILQDQ DUH VXQW PDL VXSOH vQWUXFkW VH SRW DMXVWD PDL XúRU OD QHYRLOH

temporare ale firmei. În general ele sunt mai ieftine decât crediWHOH SH WHUPHQ OXQJ GDWRULW 

ULVFXOXLPDLUHGXVSUHVXSXVGHLQWHUYDOXOPXOWPDLUHGXVSHQWUXFDUHVHDFRUG ÌQWUHFRVWXOORUúL

FRVWXO FDSLWDOXOXL SURSULX DO ILUPHL UHOD LDHVWH PDL FRPSOH[  vQ SULQFLSLX FRVWXO ORU DU WUHEXL V 

fie mai mic, deoarece altIHODF LRQDULLDUILWHQWD LV -úLUHWUDJ FDSLWDOXOúLV -OIRORVHDVF vQDOWIHO

GHSODVDPHQWH3HGHDOW SDUWHXQDVWIHOGHFUHGLWVROLFLWDWvQFRQGL LLGHXUJHQ FDRQHFHVLWDWH

DS UXW LQWHPSHVWLYHVWHvQJHQHUDOVFXPS2ULFXPSRWULYLWUHJXOLLGHDXUDILQDQ HORU FDS, 

DFHVWHFUHGLWHUHSUH]LQW VXUVDILQDQFLDU FHDPDLSRWULYLW SHQWUXDILQDQ DQHYRLOHFXUHQWH


Capitalul permanent este format din resursele ce au un astfel de caracter, în principal
FDSLWDOXOSURSULXúLFUHGLWHOHSHWHUPHQPHGLXúLOXQJ EDQFDUHVDXREOLJDWDUH 

Kperm = Kpr + Ctml (16)

unde: Kperm = capitalul permanent;


K pr = capitalul propriu;
Ctml FUHGLWHSHWHUPHQPHGLXúLOXQJ

3ULQFLSDODGHVWLQD LHDDFHVWRUVXUVHRUHSUH]LQW DFWLYHOHIL[HGHRDUHFHURWD LDORUHVWHGH

OXQJ GXUDW DGLF YDORDUHDORUVHUHFXSHUHD] SHWHUPHQOXQJDVWIHOvQFkWVXQWQHFHVDUHSHQWUX

ILQDQ DUHD ORU VXUVH VWDELOH GH GXUDW  ÌQ P VXUD vQ FDUH DFHDVW  QHYRLH HVWH DFRSHULW  DFHVWH

VXUVHVXQWXWLOL]DWHúLSHQWUXDFRSHULUHDXQHLS U LGLQQHYRLOHFXUHQWHGHH[SORDWDUH

1HYRLOH FXUHQWH GH H[SORDWDUH VXQW vQWkOQLWH QR LRQDO úL VXE GHQXPLUHD GH FKHOWXLHOLOH

ciclului de exploatare sau active circulante. Resursele financiare din care sunt ele acoperite sunt
IRQGXO GH UXOPHQW úL UHsursele de trezorerie, astfel încât cantitativ nevoile (activele circulante)

VXQWHJDOHFXVXUVHOHGLQFDUHVXQWILQDQ DWH

AC = FR+ RT (17)

unde: AC = active circulante;


FR = fond de rulment;
RT = resurse de trezorerie.
Fondul de rulment reprH]LQW  SDUWHD GLQ UHVXUVHOH SHUPDQHQWH FDUH GHS úHúWH QHYRLOH GH

ILQDQ DUHDLPRELOL] ULORUIL[H

FR = Kperm – AF (18)

XQGH$) LPRELOL] ULIL[HVDXDFWLYHIL[H

Resursele de trezorerie sunt acele resurse financiare mobilizate pe termen scurt cu


GHVWLQD LDGHDDFRSHULQHYRLOHSHWHUPHQVFXUWSHVWHOLPLWDODFDUHDFHDVW QHYRLHHVWHDFRSHULW 

GLQIRQGXOGHUXOPHQWÌQFDWHJRULDORUVHLQFOXGFUHGLWHOHGHWUH]RUHULHGDUúLDOWHUHVXUVHSRVLELO

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respectiv a pasivului:

ACTIV = AF + AC (19.1)
AC = S + C + L (19.2)
PASIV = K perm + RT (20.1)
RT = Cts + F + AO (20.2)
unde: S  VROGXUL GH PDWHULL SULPH PDWHULDOH FRPEXVWLELOL SURGXF LH vQ FXUV GH IDEULFD LH

ambalaje, produsHILQLWHP UIXULúLDOWHOHDVHPHQHD


C FOLHQ LGDWRULDYDQVXULF WUHIXUQL]RULúLDOWHFUHDQ H

L OLFKLGLW LvQFDV ODEDQF HWF

Cts = credit bancar pe termen scurt;


F GDWRULLF WUHIXUQL]RULDYDQVXULGHODFOLHQ L

AO = alte obliga LLGHSODW 

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a) coeficientul de îndatorare

DT
cî = (21)
PASIV
unde DT = datorii totale.
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b) coeficientul de îndatorare la termenQXPLWúLFRHILFLHQWXOIinanciar
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cf = (22)
Kpr

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acesteia;
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levierului financiar sau HIHFWXOXL GH SkUJKLH HIHFWXOXL GH P FLQF

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cdtka = (23.1)
KA

KA = PN + A (23.2)

PN = (1-ci) ∗ (PB – OF – COR) (23.3)

PB = CA – CT (23.4)

unde: KA FDSDFLWDWHDGHDXWRILQDQ DUH

PN = profitul net;
A = amortizarea;
ci = cota de impunere a profitului;
PB = profitul brut;
OF REOLJD LLILQDQFLDUH

COR FKHOWXLHOLúLREOLJD LLFHSRWILDFRSHULWHGLQUH]XOWDWH

CA = cifra de afaceri;
CT = cheltuieli totale.

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d) cota costului creditelor de trezorerie în profitul brut

D
ccct = (24)
PB
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managementul financiar sau DGPLQLVWUDUHD ILQDQFLDU a unei firme. Principalele domenii ale
gestiunii financiare sunt: strategia financLDU  LQYHVWL LLOH VDX vQWU-R IRUP  PDL FXSULQ] WRDUH -
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principal la constituirea înSHUVSHFWLY   DQL DUHVXUVHORUGHILQDQ DUH


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a resurselor financiare pe termen scurt.