Sie sind auf Seite 1von 198

Cuprins

1. Procese şi fluxuri financiare .............................................................................. 3

2. Finanţarea investiţiilor şi a activelor circulante ........................................... 32

3. Bugetul de stat ...................................................................................................... 60

4. Monedă, credit şi echilibru monetar ................................................................ 131

5. Sistemul bancar .................................................................................................... 158

6. Pieţe financiare ..................................................................................................... 177

Bibliografie ................................................................................................................. 197


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determinante.
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diversificare, în timp ce resursele sunt limitDWHLDUGLQDPLFDORUQXGHSX LQHRULFKLDUVWDJQDQW 

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

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economicos al fluxurilor.
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FXPS UDUH vQWUH GLIHULWH GRPHQLL DOH DFWLYLW LL HFRQRPLFR -sociale sau între diferite categorii
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3. )LQDQ HOHSULYDWH

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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

7
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

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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

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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 GLYHUVLILFDte 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

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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

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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

8
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.

9
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

10
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 <
-

11
UH]LGHQW vQ DUD $ V -úL LPSRUWH P UIXULOH GLQ DUD % 'DF  HO LPSRUWDWRUXO <  R YD IDFH HO

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
- active
FRPHUFLDOH  vQ PRQHG  vQDLQWH GH VFDGHQ  P VXU  FDQWRQDW  vQ VIHUD SROLWLFLL PRQHWDUH

0 VXUD HVWH DGRSWDW  OD UHFRPDQGDUHD % QFLL 1D LRQDOH FDUH R úL SXQH vQ RSHU  GXS  FH D

IRVW FRQVILLQ LW  vQ PRG OHJDO &DUDFWHUXO LPSHUDWLY DO OHJLL DSDUH vQ VHQVXO F  FHL FH YRU

UHFXUJHODVFRQWDUHYRUSO WLGHDFXPRUDW GHVFRQWPDLPDUHGDUOHJHDQXREOLJ SHQLPHQL

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

DGLF  R GHVFXUDMDUH D H[SRUWXOXL GH FDSLWDO FDQWRQDW  vQ VIHUD SROLWLFLL YDOXWDUH /HJHD HVWH

LPSHUDWLY vQUHFXQRDúWHUHDFRQYHUWLELOLW LLPRQHGHLQD LRQDOHvQFRQGL LLOHPHQ LRQDWHFDúL

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

FRPSDUD LH FX FHLODO L FRPSHWLWRUL 2ULFH SURJUDP VDX P VXU  YL]kQG RULFDUH GLQ DVSHFWHOH

QHILQDQFLDUH DOH ILUPHL HVWH VLQWHWL]DW  vQ FHOH GLQ XUP  vQ FDSDFLWDWHD ILQDQFLDU  GH D IL

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]

FRQVLOLXO GH DGPLQLVWUD LH UHVSHFWLY PDQDJHUXO JHQHUDO FDUH DF LRQHD]  LQkQG VHDPD GH FDGUXO

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

VWDWXWXO GH OLEHUWDWH GH GHFL]LH úL GH DXWRULWDWH ILH FD UHSUH]HQWDQW vPSXWHUQLFLW DO SURSULHWDULORU

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

HFRQRPLF QHFHVDU úL FDUH GLQ SXQFWXO GH YHGHUH DO LQYHVWLWRUXOXL vO UHSUH]LQW  FDSLWDOXO DYDQVDW

ÌQ DFHVW VHQV HVWH XWLOL]DW LQGLFDWRUXO UDWD ILQDQFLDU  D UHQWDELOLW LL VDX UDWD UHQWDELOLW LL VDX

UDWDUHQWDELOLW LLILQDQFLDUH UI DVWIHO

12
PN
rf = (1)
Kpr
unde PN esWH SURILWXO QHW LDU .SU HVWH FDSLWDOXO SURSULX DGLF  VXPD GLQWUH FDSLWDOXO VRFLDO úL

IRQGXULOH SURSULL DOH ILUPHL IRQG GH UH]HUY  IRQG GH GH]YROWDUH UH]HUYD OHJDW  IRQG GH

DVLJXUDUH úD  ÌQ FD]XO VRFLHW LORU SH DF LXQL FDSLWDOXO VRFLDO HVWH UHSUH zentat de valoarea
QRPLQDO  D DF LXQLORU HPLVH OD FRQVWLWXLUHD VRFLHW LL LDU vQ FD]XO FHORUODOWH ILUPH GH YDORDUH

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

SURILW DX IRVW GHMD DFRSHULWH HYHQWXDOHOH REOLJD LL ILQDQFLDUH UDWH OD FUHGLWHOH SH WHUPHQ OXQJ úL

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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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FXQRVFXWVXEQXPHOHGHWHRULDDJHQ LHL

b) )LQDQ DUHD DFWLYLW LL GHVI úXUDWH YL]HD]  FRQVWLWXLUHD UHVXUVHORU ILQDQFLDUH E QHúWL 

QHFHVDUHSHQWUXLQL LHUHDúLGHUXODUHDXQHLDFWLYLW L

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permanent vQWUXFkW UHVWLWXLUHD ORU VH SXQH FD SUREOHP  QXPDL vQ PRPHQWXO vQFHW ULL DFWLYLW LL

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YDORULúLSLD DGHYDORUL QHRUJDQL]DW  – over the countryVDX27& VRFLHW LOHSH DF LXQLSUH]LQW 

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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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SHQWUXIRQGXULSURSULL GHGH]YROWDUHGHUH]HUY GHDVLJXUDUHGHSURPRYDUHHWF vQVFRSXOGHD úL -


SXWHDUHOXDúLGHUXODvQFRQWLQXDUHDFWLYLWDWHDDXWRILQDQ kQGX -se.
)LQDQ DUHD VH SRDWH IDFH vQV  úL GLQ UHVXUVH vPSUXPXWDWH FXP VXQW vPSUXPXWXULOH

REOLJDWDUHFUHGLWHOHEDQFDUH SHWHUPHQOXQJVDXSHWHUPHQVFXUW FUHGLWXOFRPHUFLDOREOLJD LLOH

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 


-
13
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 YRUILimobilizate 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

14
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

15
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

16
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

17
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

18
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 = N D (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 

19
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
20
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

21
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)

22
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
23
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 

24
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

25
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

26
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

27
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

GH PRELOL]DW SH WHUPHQ VFXUW REOLJD LL GDWRULL  ID  GH VWDW ID  GH SURSULXO SHUVRQDO ID  GH

DVLJXU ULOHVRFLDOHID GHDF LRQDULID GHDO LWHU L

8QD GLQ VDUFLQLOH GH ED]  DO PDQDJHUXOXL ILQDQFLDU DO XQHL ILUPH HVWH WRFPDL DFHHD GH D

DVLJXUD vQ FXDQWXP úL OD WLPS VXUVHOH GLQ FDUH V  ILH DFRSHULWH QHYRLOH GH ILQDQ DUH DOH ILUPHL

Aceasta presupune decizii referitoare la resursele utilizate, la structurareaUHVXUVHORUSURSULLúLD


FHORU SHUPDQHQWH SH GHVWLQD LL OD PRELOL]DUHD DOWRU UHVXUVH GH ILQDQ DUH $FHVWH GHFL]LL VH

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ILQDQ ULL VXSOH HD UHVXUVHORU FXDQWXPXO úL VWUXFWXUD QHYRLL GH ILQDQ DUH QDWXUD WUHEXLQ HORU

GXUDWDORUúD

'HFL]LLOHGHVWUXFWXU ILQDQFLDU DXODED] GRX UHJXOLHVHQ LDOH :


• acoperirea în primul rând a nevoilor permanente;
• asigurarea, apoi, a surselor pentru nevoi temporare.
'H DLFL GHFXUJH FHULQ D GH GLPHQVLRQDUH vQ SULPXO UkQG D FDSLWDOXOXL VRFLDO DSRL D FHOXL

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GHFL]LH H[SULPDW VLQWHWLFSULQUHOD LD  UH]XOW GLVSRQLELOXOGHUHVXUVHFXFDUDFWHUSHUPDQHQW

SHQWUX ILQDQ DUHD QHYRLORU WHPSRUDUH $FHVWH QHYRL DX XQ FDUDFWHU RVFLODQW SH SDUFXUVXO FLFOXOXL

economic, determinat atât de vDULD LDOXQDU DYROXPXOXLGHDFWLYLWDWH YH]L, GDUúLDOWRUFDX]H

FXP VXQW QHVLQFURQL]DUHD DSURYL]LRQ ULL FX GHVIDFHUHD QHVLQFURQL]DUHD vQWUH OLFKLGDUHD XQRU

FUHDQ H úL RQRUDUHD XQRU REOLJD LL DSDUL LD XQRU FUHDQ H QRL 6H SXQH DVWIHO SUREOHPD GH a
GLPHQVLRQD SDUWHD GLQ UHVXUVHOH FX FDUDFWHU SURSULX FDUH SRDWH IL DIHFWDW  XQRU DVWIHO GH QHYRL

28
UHVSHFWLYIRQGXOGHUXOPHQWH 7HRUHWLFH[LVW WUHLVROX LL

a) XQIRQGGHUXOPHQWFDUHV DFRSHUHQHYRLOHWHPSRUDUHODQLYHOXOORUPLQLP
b) un fond de rulment s DFRSHUHQHYRLOHWHPSRUDUHODQLYHOXOORUPD[LP
c) XQ IRQG GH UXOPHQW FDUH V  DFRSHUH QHYRLOH WHPSRUDUH OD XQ QLYHO vQWUH FHOH GRX 

H[WUHPH ]LV GH UHJXO  QLYHO PHGLXI U  V  vQVHPQH vQV  R PHGLH VWDWLVWLF  DULWPHWLF 

JHRPHWULF VDXDUPRQLF VLPSO VDXSRQGHUDW JHQHUDO VHOHFWLY VDXFDOLILFDW HWF 

3ULPD VROX LH Y GHúWH R SROLWLF  ILQDQFLDU  GH ULVF GDWRULW  SUREDELOLW LL PDUL D DSDUL LHL

"golului" de resurse. Sunt, de aceea, necesare în mod quasipermanent resursele de trezorerie,


astfel încât eVWHQHFHVDU FUHDUHDXQRUDVHPHQHDUHOD LLFXLQVWLWX LLOHGHFUHGLWDUHFDUHV DVLJXUH
EDQLL GH FUHGLW FX FDUDFWHU TXDVLSHUPDQHQW FHHD FH P UHúWH FRVWXO ILQDQ ULL $UH DYDQWDMXO GH D

QHFHVLWD XQ FDSLWDO VRFLDO VDX SURSULX PDL PLF DGLF  PDL XúRU GH FRQVWLWXLW FD úL DYDQWDMXO GH D

folosi o parte mai mare din resursele proprii (eventual permanente) pentru crearea infrastructurii
HFKLSDPHQWHXWLODMHLQVWDOD LLPDúLQLFRQVWUXF LLHWF 

$GRXDVROX LHY GHúWHRSROLWLF ILQDQFLDU SUXGHQW vQFDUHJROXOGHUHVXUVHHVWHSX LQ

SUREDELO )LUPD GLVSXQH vQ PRG TXDVLSHUPDQHQW GH OLFKLGLW L SHQWUX FDUH WUHEXLH V  GH]YROWH

DELOLW LGHSODVDPHQW

$WUHLDVROX LHHVWHFHDvQWkOQLW vQPRGFXUHQWGHRDUHFHvPELQ DYDQWDMHOHFHORUODOWHGRX 

Analiza financiar DFUHDWRVHULHGH indicatori de apreciere a structurii financiare din


FDUH SUH]HQW P vQ FRQWLQXDUH Fk LYD 3HQWUX vQFHSXW YRP IL[D vQWU-R PDQLHU  FRQYHQDELO 

VWUXFWXUD QHYRLORU úL D UHVXUVHORU FDUH vQ ELODQ XO ILUPHORU VH UHJ VHVF VXE IRUPD DFWLYXOXL,

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 

9RPSXQHvQHYLGHQ XUP WRULLLQGLFDWRULDLVWUXFWXULLILQDQFLDUH

a) coeficientul de îndatorare

DT
cî = (21)
PASIV
unde DT = datorii totale.
$FHVWFRHILFLHQWHYLGHQ LD] GRX DVSHFWHSULYLQGFDOLWDWHDDFWLYLW LLILQDQFLDUH a firmei:
ƒ vQ FH P VXU  GDWRULLOH ILUPHL DX DFRSHULUH PDWHULDO  DYHP vQ YHGHUH F  $&7,9  3$6,9 

DFHVW OXFUX SHUPLWH SH GH R SDUWH ILUPHL V  FXQRDVF  P VXUDvQ FDUH GDWRULLOHFRQWUDFWDWH DX

DFRSHULUHLDUSHGHDOW SDUWHFUHGLWRULORUV DSUHFLH]HP VXUDJDUDQW ULLFXEXQXULDVXPHORU

pe care ei le-au dat cu împrumut firmei; cu cât acest coeficient este mai aproape de unitate, cu
atât firma este într-RVLWXD LHILQDQFLDU PDLGLILFLO 
ƒ vQFHJUDGHVWHvQGDWRUDW ILUPDDGLF FHSRQGHUHDXGDWRULLOHvQ totalul resurselor mobilizate

GH ILUP  FX FkW JUDGXO GH vQGDWRUDUH HVWH PDL ULGLFDW PDL DSURDSH GH XQLWDWH  FX DWkW ILUPD

YDRE LQHPDLJUHXFUHGLWHSHSLD DPRQHWDU VDXGHODIXUQL]RULLHL

29
b) coeficientul de îndatorare la termenQXPLWúLFRHILFLHQWXOIinanciar
Ctml
cf = (22)
Kpr

$FHVW FRHILFLHQWXO DUDW  UDSRUWXO vQWUH VXUVHOH SHUPDQHQWH vPSUXPXWDWH úL SURSULL

,QVWLWX LLOHGHFUHGLWDSUHFLD] FDQRUPDO VLWXD LDvQFDUHFI ≤ $FHDVWDQXvQVHDPQ F VLWXD LD

cf>1 eVWH vQWRWGHDXQD DQRUPDO  ÌQ P VXUD vQ FDUH H[LVW  DFRSHULUH PDWHULDO  HVWH SRVLELO FD

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SHQWUXRLQYHVWL LHSRDWHFUHDRVLWXD LHvQFDUHFI!EDQFDSRDWHDFRUGDFUHGLWXOSHED]DDGRX 

FRQGL LL

ƒ FRQWULEX LDILUPHLODLQYHVWL LHSULQUHVXUVHSURSULLGHRELFHLODQLYHOXOD -30% din valoarea


acesteia;
ƒ DVLJXUDUHD F  RELHFWXO IL]LF PDWHULDO DO LQYHVWL LHL VH UHDOL]HD]  EDQFD GHVFKLGH ILQDQ DUHD

dar eliberea]  FUHGLWXO WUHSWDW SH P VXU  FH vL VXQW SURGXVH GRFXPHQWH SULYLQG UHDOL]DUHD

UHVSHFWLYHLLQYHVWL LL

&RHILFLHQWXO ILQDQFLDU DUDW  FXP HVWH VWUXFWXUDW FDSLWDOXO SHUPDQHQW FkWH S U L HVWH

vPSUXPXWDW úL FkWH S U L HVWH SURSULX 'H H[HPSOX SHQWUX FI   UH]XOW  XQ FDSLWDO SHUPDQHQW

IRUPDWGLQS U LGLQFDUHVXQWvPSUXPXWDWHLDUVXQWFDSLWDOSURSULX$FHVWFRHILFLHQWHVWH

HVHQ LDO vQ GHWHUPLQDUHD 


levierului financiar sau HIHFWXOXL GH SkUJKLH HIHFWXOXL GH P FLQF

(pentru detalii vezi culegerea dHSUREOHPH)LQDQ H–PRQHG ´vQvQHGLWXUD$6(

c) FRWDGDWRULHLODWHUPHQvQFDSDFLWDWHDGHDXWRILQDQ DUH

Ctml
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.

$FHVW LQGLFDWRU DUDW  vQ Fk L DQL SRW IL DFRSHULWH GDWRULLOH OD WHUPHQ GLQ UHVXUVHOH GH

DXWRILQDQ DUH DOH ILUPHL 9DORULOH SkQ  OD   VXQW FRQVLGHUDWH QRUPDOH ,QGLFDWRUXO FRPSOHWHD] 
-
aprecierea gradului de îndatoUDUHSULQLQIRUPD LDUHIHULWRDUHODVROYDELOLWDWHDILUPHL

d) cota costului creditelor de trezorerie în profitul brut

D
ccct = (24)
PB

30
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ILQDQFLDUH úL D RSHUD LXQLORU SUHVXSXVH GH WRDWH DFHVWHD GHILQHVF JHVWLXQHD ILQDQFLDU  sau

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 -
SODVDPHQWHOH  úL WUH]RUHULD 2ELHFWLYXO JHVWLXQLL ILQDQFLDUH vO UHSUH]LQW  FUHúWHUHD UHQWDELOLW LL vQ

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ƒ IRUPXODUHD úL DGDSWDUHD GHFL]LLORU ILQDQFLDUH SULYLQG FUHúWHUHD HFRQRPLF  úL D YDULDQWHORU GH

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ƒ IRUPXODUHDúLDGRSWDUHDGHFL]LLORUILQDQFLDUHVWUDWHJLFHúLDYDULDQWHORUDIHUHQWHUHIHULWRDUHvQ

principal la constituirea înSHUVSHFWLY   DQL DUHVXUVHORUGHILQDQ DUH


-
ƒ IRUPXODUHDúLDGRSWDUHDGHFL]LLORUILQDQFLDUHWDFWLFHUHIHULWRDUHODJHVWLXQHDWUH]RUHULHLDGLF 

a resurselor financiare pe termen scurt.

31
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ù,$$&7,9(/25&,5&8/$17(

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1. Politica GHLQYHVWL LL

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concurent sau într-un alt domeniu de activitate; de asemenea, procurDUHDGH REOLJD LXQL SXEOLFH
VDX QX  FX LQWHQ LD XQHL YDORULILF UL DYDQWDMRDVH SH WHUPHQ OXQJ D XQRU GLVSRQLELOLW L

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3DUWLFLSD LLOH VSHFXODWLYHVDX SODVDPHQWHOH VSHFXODWLYH DX vQ YHGHUH YDORULILFDUHD XQRU LQIRUPD LL

VDX HVWLP UL SULYLQG FRQMXQFWXUD SLH HL DGLF  HYROX LD HL SH WHUPHQ VFXUW FHHD FH SUHVXSXQH

DQJUHQDUHD vQ MRFXO EXUVHL SULQ FXPS UDUHD  YkQ]DUHD GH WLWOXUL GH YDORDUH vQ VFRS VSHFXODWLY

În cateJRULD SODVDPHQWHORU VH LQFOXGH GH DVHPHQHD I U  D DYHD GH GDWD DFHDVWD FDUDFWHU

VSHFXODWLYFUHDUHDGHGHSR]LWHEDQFDUHSHWHUPHQvQLQWHQ LDYDORULILF ULLXQRUUHVXUVHGLVSRQLELOH

în limita unui anumit termen.


7HUPHQXOGHLQYHVWL LLVHPQLILF VWULFWR sensu, utilizarea unor resurse financiare pentru
LQWUDUHD vQ SDWULPRQLXO ILUPHL D XQRU PLMORDFH GH SURGXF LH IL[H FO GLUL FRQVWUXF LL PDúLQL

LQVWDOD LL HFKLSDPHQWH XWLODMH HWF ILH SULQ DFKL]L LH ILH SULQ FRQVWLWXLUHD ORU SURSULX ]LV   $P
-
delimitaW vQ DFHVW IHO VIHUD úL RELHFWXO LQYHVWL LLORU vQ FDGUXO VIHUHL PDL ODUJL D SODVDPHQWHORU úL
SDUWLFLSD LLORU.

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SURGXF LHIL[H DGLF LQFOXVLYDIRUP ULLúLXWLOL] ULLUHVXUVHORUGHILQDQ DUH


;
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32
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macroeconomic, precXPúLODQLYHOPLFURHFRQRPLF
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SUHIHUHQ LDOHVFXWLUHDWHPSRUDU GHDQXPLWHLPSR]LWHHWF

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creditele pentru invHVWL LL FUHGLWH SH WHUPHQ PHGLX úL OXQJ  GDU úL SULQ DOWH P VXUL IDYRUL]DQWH

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SURILWXOXL úL vQ FHD SULYLQG VWUXFWXUD ILQDQFLDU  /D DFHVW QLYHO SRW IL LGHQWLILFDWH FkWHYD WLSXUL

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'HFL]LD GH GLVWULEXLUH D SURILWXOXL DUH vQ YHGHUH UDSRUWXO vQWUH FDSLWDOL]DUH úL GLYLGHQG

(vezi cap. I.5)


'HFL]LD GH ILQDQ DUH YL]HD]  VWUXFWXUD VXUVHORU GH ILQDQ DUH DGLF  UDSRUWXO vQWUH

DXWRILQDQ DUHúLDSHOODFUHGLWH$FHDVW GHFL]LHHVWHGHWHUPLQDW GHFHDSUHFHGHQW 

'HFL]LDSULYLQGWLSXOGHLQYHVWL LH

ƒ vQQRLUHFDUHYL]HD] VRUWLPHQWXOGHIDEULFD LHúLLQWURGXFHUHDGHSURGX se noi;


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vQWUH LQHUHILDELOLWDWHHUJRQRPLH 

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'HFL]LD GH DOHJHUH D XQHL YDULDQWH GLQ PXO LPHD FHORU FH sunt posibile pentru realizarea
RELHFWLYXOXL DYXW vQ YHGHUH SUHVXSXQH H[LVWHQ D XQRU FULWHULL SH ED]D F URUD V  VH SRDW  IDFH R

LHUDUKL]DUH D UHVSHFWLYHORU YDULDQWH 'HFL]LD HVWH PXOWLFULWHULDO  vQ VHQVXO F  OD GHWHUPLQDUHD HL

sunt luate în considerare mDL PXOWH FULWHULL vQ JHQHUDO ILHFDUH FX R SRQGHUH GH LPSRUWDQ  GDW 

$FHDVW  SRQGHUH SUH]LQW  vQ JHQHUDO FDUDFWHU VXELHFWLY UH]XOWDW GLQ VFRSXULOH úL LQWHUHVHOH

vQWUHSULQ] WRUXOXLGLQFRPSRUWDPHQWXOV XGHDJHQWHFRQRPLF

2. (YDOXDUHDUHQWDELOLW LLLQYHVWL LHL

5HQWDELOLWDWHD LQYHVWL LHL HVWH XQXO GLQ FULWHULLOH GH ED]  SH FDUH VH vQWHPHLD]  GHFL]LD GH

DOHJHUHDXQHLYDULDQWHGHLQYHVWL LH(YDOXDUHDDFHVWHLUHQWDELOLW LVHIDFHSULQGRX PHWRGH

a) PHWRGDFRQWDELO SRWULYLWF UHLD

BN
ri = (25)
VNI

VNI = VI - A (25.1)
unde: ri UHQWDELOLWDWHDLQYHVWL LHL

33
BN EHQHILFLXOQHWUH]XOWDWGLQH[SORDWDUHDLQYHVWL LHL

VNI YROXPXOQHWDOLQYHVWL LHL

VI YDORDUHDLQL LDO DLQYHVWL LHL

A DPRUWL]DUHDFXPXODW OD]L

RentabLOLWDWHD DVWIHO GHWHUPLQDW  DUDW  FkWH XQLW L PRQHWDUH GH EHQHILFLX UHYLQH OD R

XQLWDWH PRQHWDU  GLQ YDORDUHD U PDV  D LQYHVWL LHL HVWH R UDW  GH UHQWDELOLWDWH GH WLSXO UDWD

SURILWXOXL vQ UDSRUW FX FDSLWDOXO $FHDVW  UDW  VH FDOFXOHD]  DQXDO SH ED]D GDWHORU GH ELODQ 

FRUHFWDWHFXILVFDOLWDWHDFDúLSHED]DGHFL]LHLSULYLQGSROLWLFDDPRUWL] ULLDFWLYHORUIL[HÌQDFHVW

IHO VH SRDWH GHWHUPLQD FRQWULEX LD LQYHVWL LHL OD UHQWDELOLWDWHD WRWDO  D ILUPHL GDF  UHQWDELOLWDWHD

LQYHVWL LHL HVWH PDL  PDUH GHFkW UHQWDELOLWDWHD SH DQVDPEOXO ILUPHL vQVHDPQ  F  LQYHVWL LD

S VWUHD]  FDUDFWHUXO HL GH DQWUHQDUH  'LILFXOWDWHD PHWRGHL UH]LG  vQ IDSWXO F  VXQW QHFHVDUH

RSHUD LXQL ILQDQFLDU FRQWDELOH ODERULRDVH úL UHODWLY FRPSOH[H SHQWUX D VHSDUD GLQ EHQHILFLXO QHW
-
total DO XQHL ILUPHL FkWLPHD FH UHYLQH UHVSHFWLYHL LQYHVWL LL 0HWRGD HVWH FULWLFDW  SHQWUX F 

JHQHUHD]  UDWH DQXDOH FUHVF WRDUH GHWHUPLQDWH PDL DOHV GH GLPLQXDUHD GH OD XQ DQ OD DOWXO D

YDORULL U PDVH RU FHO SX LQ GH OD XQ DQXPLW PRPHQW GLQ GXUDWD GH YLD  D LQYHVWL LHL FUHúWHUHD

UHQWDELOLW LLHLSHP VXUDvPE WUkQLULLHVWHRDQRUPDOLWDWHFHOSX LQWHRUHWLF 

b) PHWRGDILQDQFLDU FRQIRUPF UHLD

FFP
ri = (26)
VI
dve
FFP = ∑ FFPt (26.1)
t =1
FFPt = At + BNt (26.2)

unde: FFP = fluxuri financiare pozitive;


t LQGLFHSULQFDUHVHLGHQWLILF DQXOGHUHIHULQ 

dve GXUDWDGHYLD HFRQRPLF DLQYHVWL LHL

$FHDVW  PHWRG  LQWURGXFH GRX  FRQFHSWH VSHFLILFH


flux financiar úL GXUDWD GH YLD 
HFRQRPLF SUHFXPúLFKHVWiunea de principiu a modului în care se introduce factorul timp.

Fluxul financiar este un transfer monetar cu caracter definitiv, al firmei, spre sau dinspre
PHGLXOHFRQRPLFÌQUDSRUWFXVHQVXOV XIOX[XOILQDQFLDUSRDWHILQHJDWLYVDXSR]LWLY

Fluxul ILQDQFLDU QHJDWLY UHSUH]LQW  FKHOWXLHOL vQ FD]XO LQYHVWL LLORU - cheltuieli pentru
UHDOL]DUHD LQYHVWL LHL SHQWUX GDUHD HL vQ IXQF LXQH 6XQW IOX[XUL GH LPRELOL]DUH úL VXQW FDOFXODWH

SULQGHYL]XOJHQHUDODOLQYHVWL LHL

Fluxul financiar pozitiv reprezint  YHQLWXUL GLQ H[SORDWDUHD LQYHVWL LHL UHVSHFWLY

DPRUWL]DUHD DQXDO  úL EHQHILFLXO QHW HVWLPDWH SH ED]D SROLWLFLL GH DPRUWL]DUH UDSLG  OHQW  úL D

QRUPHORUOHJDOHSULYLQGDPRUWL]DUHDFDúLSHED]DVWXGLLORUFRPHUFLDOHDSROLWLFLLFKHOWXLHOLORUGH

explRDWDUH úL IXQF LRQDUH D LQYHVWL LHL D SROLWLFLL GH SUH XUL úD 6SUH GHRVHELUH GH PHWRGD
SUHFHGHQW  DFHDVWD DUH XQ FDUDFWHU SURQXQ DW SUHGLFWLY FHHD FH SUHVXSXQH GHILFXOW L GH

S WUXQGHUHDYLLWRUXOXLFDúLLQFHUWLWXGLQLLPDLSURQXQ DWHSULYLQGLQIRUPD LLOH

'XUDWD  GH YLD  HFRQRPLF  HVWH LQWHUYDOXO GH WLPS vQ FDUH LQYHVWL LD JHQHUHD]  R

UHQWDELOLWDWH FHO SX LQ DFFHSWDELO  $FHDVW  GXUDW  HVWH HVWLPDW  SH ED]D LQIRUPD LLORU IRORVLWH OD

GHWHUPLQDUHD IOX[XULORU ILQDQFLDUH SR]LWLYH GDU úL D FDLHWHORU WHKQLFH FDUH GHVFULX LQYHVWL LD D

SUHGLF LLORUSULYLQGSURJUHVXOWHKQLFúLLQRYD LDYL]kQGRELHFWLYXOLQYHVWL LHLvQFDX] DQRUPHORU

legale în vigoare privind durata de amortizare a activelor fixe.


În cazul unor durate relativ lungi, în calculele finaQFLDUHHVWHOXDW vQFRQVLGHUDUH RYLD 

HFRQRPLF  PDL VFXUW  DVWIHO vQFkW UH]XOWDWHOH RE LQXWH HYHQWXDO GLQFROR GH DFHDVW  YLD  PDL

VFXUW  VXQW FRQVLGHUDWH JOREDO FD YDORDUH UH]LGXDO  3URFHGHXO  HVWH DFFHSWDW GHRDUHFH IDFWRUXO

34
timp face ca, în terPHQL FRPSDUDELOL UH]XOWDWHOH RE LQXWH OD PDUH GLVWDQ  GH WLPS GH PRPHQWXO

LQWU ULL vQ IXQF LXQH D LQYHVWL LLORU V  ILH TXDVLLQVLJQLILDQWH ID  GH FHOH RE LQXWH LPHGLDW VDX OD

PLF GLVWDQ vQWLPSGHDFHVWPRPHQW

Factorul timpLQWURGXFHGLIHUHQ LHUHDvQWHUPHQLUHDOLúLGHXWLOLWDWHDGRX EXQXULDEVROXW


identice, dar disponibile pentru uz la momente de timp diferite. În sensul obiectului de studiu al
ILQDQ HORUDFHVWEXQHVWHFRQVLGHUDWvQSULQFLSLXFDRVXP GHEDQL

'LIHUHQ LHUHD vQ WHUPHQL UHDOL VH UHIHU  OD IDSWXO F  DFHLDúL VXP  GH EDQL DUH SXWHUL GH

FXPS UDUHGLIHULWHODPRPHQWHGHWLPSGLIHULWHGLQFDX]DUDWHLLQIOD LHL

'LIHUHQ LHUHD vQ WHUPHQL GH XWLOLWDWH VH UHIHU  OD IDSWXO F  vQ PRG QDWXUDO RPXO DFRUG  R

LPSRUWDQ  PDL PDUH SUH]HQWXOXL GHFkW YLLWRUXOXL WRFPDL GDWRULW  LQFHUWLWXGLQLL FHOXL GLQ XUP 

'HDFHHDSHQWUXDDFFHSWDDPkQDUHDXWLOL] ULLXQHLVXPHGHEDQL vQSULQFLSLXDRULF UXLEXQ VH

YDSUHWLQGHvQWRWGHDXQDRUHFRPSHQV DFHDVW UHFRPSHQV DSDUHFDXQVXSOLPHQWGHX] .


3HQWUXHFKLYDODUHDDGRX VXPHGLVSRQLELOHODPRPHQWHGLIHULWHvQWLPSVHXWLOL]HD] 

¾ SURFHGHXODFWXDOL] ULLFDUHSHUPLWHGHWHUPLQDUHDvQWHUPHQLLGHD]LDLSXWHULLGHFXPS UDUHD

EDQLORUúLDLXWLOLW LLSHQWUXSRVHVRUDXQHLVXPHRDUHFDUHGLVSRQLELO vQYLLWRU

S0 = Sn ∗ (1+ra)-n (27)

Sn VXPD6GLVSRQLELO ODXQPRPHQWYLLWRUQ Q! 


S0 YDORDUHDDFWXDO DVXPHL6
ra = rata de actualizare.

¾ SURFHGHXO IUXFWLILF ULL FDUH SHUPLWH GHWHUPLQDUHD vQ WHUPHQLL XQXL PRPHQW Y iitor oarecare a
SXWHULLGHFXPS UDUHúLDXWLOLW LLSHQWUXSRVHVRUDXQHLVXPHRDUHFDUHGLVSRQLELO D]L

Sn = So (1+ra)n (28)

S0 VXPDGLVSRQLELO D]L


Sn = valoarea viitoare a sumei So la momentul n (n>0).

Introducerea factorului timp aduce DFXUDWH H úL UHDOLVP vQ HVWLPDUHD UHQWDELOLW LL GXS 

PHWRGDILQDQFLDU &DXUPDUHIOX[XULOHILQDQFLDUHSR]LWLYHDOHH[SORDW ULLLQYHVWL LHLSHGXUDWDHL

GHYLD HFRQRPLF GHYLQ

dve
FFP = ∑ FFPt ∗ (1 + ra)− t (29.1)
t =1
LDUYDORDUHDLQL LDO DLQYHVWL LHLYDI i

dri
VI = ∑ I t ∗ (1 + ra)t (29.2)
t =1
unde: t = indice pentru identificarea timpului;
dve GXUDWDGHYLD HFRQRPLF DLQYHVWL LHL
dri GXUDWDUHDOL] ULLLQYHVWL LHLúLDSXQHULLHLvQIXQF LXQH
It YDORDUHDLQYHVWL LHLHIHFWXDW vQDQXOW

EsteHYLGHQWF PRPHQWHOHGHWLPSFH LQGHGULVXQWWRDWHSUHFHGHQWHRULF UXLDGLQFHOH

FH LQ GH GYH úL F  SH R D[  D WLPSXOXL PRPHQWXO ]HUR UHSUH]LQW  PRPHQWXO G ULL vQ

IXQF LXQHDLQYHVWL LHL

35
3. &ULWHULLGHDOHJHUHDYDULDQWHORUGHLQYHVWL LH

ReQWDELOLWDWHD LQYHVWL LHL HVWH XQ SULP FULWHULX úL DUH FDUDFWHU GLUHFW vQ VHQVXO F  HVWH

SUHIHUDW  YDULDQWD FX R UHQWDELOLWDWH PDL PDUH 7RWRGDW  UHQWDELOLWDWHD LQYHVWL LHL HVWH SXV  vQ

OHJ WXU FXFRVWXOILQDQ ULLLQYHVWL LHLúLFXULVFXO

ri ≥ k (30.1)
ri ≥ k + r (30.2.)
unde: N FRVWXOILQDQ ULLLQYHVWL LHL

U  FRWD GH ULVF DIHUHQW  LQYHVWL LHL SURSULX ]LVH UDPXULL vQ FDUH VH vQFDGUHD]  úL
- ULL vQ

FDUHHVWHDPSODVDW 

&RVWXO ILQDQ ULL LQYHVWL LHL UHSUH]LQW  FKHOWXLHOLOH H[SULPDWH SURFHQWXDO vQ UDSRUW GH

FXDQWXPXOILQDQ ULLSHFDUHOHVXSRUW LQYHVWLWRUXOvQEHQHILFLXOVXUVHLGHILQDQ DUH

ÌQ FD]XO vQ FDUH VXUVD GH ILQDQ DUH HVWH XQ FUHGLW DWXQFL FRVWXO ILQDQ ULL HVWH VXPD

cheltuielilor cu dobkQGD FX FRPLVLRDQHOH úLDOWHVSH]H EDQFDUH GDWRUDWH GH LQYHVWLWRU vQFDOLWDWH
GHGHELWRU ID GHLQVWLWX LDJUXSXOGHSHUVRDQHVDXSHUVRDQD vQFDOLWDWHGHFUHGLWRU FDUHL-a pus

ODGLVSR]L LHVXUVDGHILQDQ DUH

CSF
k= ∗ 100 (31)
S
unde: CSF FKHOWXLHOLOHDIHUHQWHVXUVHLGHILQDQ DUH

S FXDQWXPXOVXUVHLGHILQDQ DUH

ÌQ FD]XO vQ FDUH LQYHVWL LD HVWH DXWRILQDQ DW  DWXQFL FRVWXO ILQDQ ULL vO UHSUH]LQW 

GLYLGHQGHOH FH WUHEXLH SO WLWH DF LRQDULORU FX DOWH FXYLQWH FRVWXO ILQDQ ULL VH DSURSLH GH UDWD

dividendului:
DIV
k= (32)
S

XQGH',9 GLYLGHQGHOHFHVHSO WHVFDF LRQDULORUSHQWUXFRQVWLWXLUHDFDSLWDOXOXLILUPHL LQYHVWL LH

QRX VDXDOFDSLWDOXOXLQHFHVDUSHQWUXILQDQ DUHDXQHLLQYHVWL LLODRILUP GHMDvQIXQF LXQH

Cota de riscUHSUH]LQW úDQVDSUREDELOLWDWHDGHDVHSURGXFHVLWXD LLQHIDYRUDELOHSULYLQG

UH]XOWDWHOHLQYHVWL LHLDGLF GHDQXRE LQHUHQWDELOLWDWHDVFRQWDW 

Costul de oportunitate DO LQYHVWL LHL HVWH XQ DOW LQGLFDWRU ILQDQFLDU important luat drept
FULWHULX GH DOHJHUH SH PXO LPHD YDULDQWHORU GH LQYHVWL LH $FHVWD UHSUH]LQW  UDWD DFWXDULDO  FDUH

GHWHUPLQ XQHIHFWQHWQXODOLQYHVWL LHLHVWHXQSUDJDOUHQWDELOLW LLLQYHVWL LHL

ri ≥ co
(33)

unde co = costXOGHRSRUWXQLWDWHDOLQYHVWL LHL


'HWHUPLQDUHD DFHVWXL FRVW VH IDFH SULQ UH]ROYDUHD HFXD LHL UH]XOWDW  GLQ UHOD LD GH

echilibru:
FRVWXODFWXDOL]DWDOLQYHVWL LHL YDORDUHDDFWXDO DIOX[XULORUILQDQFLDUHSR]LWLYH (34.1)

− dri dve
∑ I t ∗ (1 + ra )− t = ∑ FFPt ∗ (1 + ra )− t (34.2)
t = −1 t =1

*
ÌQDFHDVW HFXD LHQHFXQRVFXWDHVWHUDGDF VROX LDHFXD LHLHVWHUD , atunci:

co = ra* (34.3)

36
Criteriul "cost de oportunitate" este un criteriu invers: cu cât costul de oportunitate este
PDL PLF FX DWkW YDULDQWD GH LQYHVWL LH HVWH PDL EXQ  3HQWUX R DSUHFLHUH PDL EXQ  HVWH

UHFRPDQGDELO GHWHUPLQDUHD marjei de acoperire:


ri
ma = (35)
co
FDUH DUDW  vQ FH P VXU  UHQWDELOLWDWHD LQYHVWL LHL DFRSHU  FRVWXO HL GH RSRUWXQLWDWH 0DUMD WUHEXLH

V  ILH VXSUDXQLWDU  /D OLPLW  UH]XOW  PD   DGLF  UHQWDELOLWDWHD HVWH OD QLYHOXO SUDJXOXL &RVWXO

GHRSRUWXQLWDWHHVWHRUDW DFWXDULDO úLGHUHJXO UHSUH]LQW GREkQGDSLH HLPRQHWDUHSHWHUPHQ

OXQJ 'DF  PDUMD GH DFRSHULUH HVWH LQVXILFLHQW  DWXQFL R FUHúWHUH D DFHVWHL GREkQ]L DGXFH

invHVWL LD VXE SUDJXO HL GH UHQWDELOLWDWH $YkQG vQ YHGHUH FDUDFWHUXO LQYHVWL LHL GH D IL SH WHUPHQ
OXQJ ULVFXULOH DSDUL LHL XQHL DVWIHO GH VLWXD LL QX VXQW QHJOLMDELOH úL GH DFHHD HVWH QHFHVDU FD

DFRSHULUHDV ILHVROLG 
- minimum 15-20 %.
Durata de recuperare D LQYHVWL LHL VDX lichiditatea LQYHVWL LHL HVWH XQ DOW FULWHULX GH
DVHPHQHDFXFDUDFWHULQYHUVFXFkWOLFKLGLWDWHDLQYHVWL LHLHVWHPDLPDUHFXDWkWYDULDQWDHVWHPDL

SX LQDWUDFWLY 'XUDWDGHUHFXSHUDUHDUDW vQDQLLQWHUYDOXOvQFDUHYDORDUHDLQL LDO DLQYHVWL LHL

HVWHUHFXSHUDW GLQIOX[XOILQDQFLDUSR]LWLYDQXDO

VI
dr = (36)
FFPA

unde FFPA = fluxul financiar pozitiv anual.


,QWURGXFHUHD IDFWRUXOXL WLPS VH SRDWH IDFH FRQVLGHUkQG YDORDUHD LQL LDO  D LQYHVWL LHL

conform (29.2), iar fluxul financiar pozitiv anual ca o medie:

FFP
FFPA = (37)
dve

XQGH))3úLGYHVXQWFRQVLGHUDWHFRQIRUP  

,QYHVWL LD VSHFLILF  UHSUH]LQW  FKHOWXLDOD GH LQYHVWL LH SHQWUX RE LQHUHD XQHL XQLW L GH

capacitate:
VI
is = (38)
K

XQGH. FDSDFLWDWHDLQYHVWL LHLH[SULPDW vQXQLW LIL]LFH

&DúLFULWHULXGHLQYHVWL LHúLDFHVWDDUHFDUDFWHULQYHUVFXFkWLQYHVWL LDVSHFLILF HVWHPDL

PLF FXDWkWYDULDQWDHVWHPDLDWUDFWLY 

9DORDUHDWRWDO DLQYHVWL LHLUHSUH]LQW VXPDvQWUHLQYHVWL LDGHED]  FHDFDUHG RELHFWXO

H[SORDW ULL  LQYHVWL LD FRODWHUDO  FHD QHFHVDU  SHQWUX LQWHJUDUHD LQYHVWL LHL vQ DQVDPEOXO

DSDUDWXOXL GH SURGXF LH DO ILUPHL  úL LQYHVWL LD FRQH[   FHD QHFHVDU  SHQWUX FUHDUHD LQIUDFWXULL

necHVDUH IXQF LRQ ULL RELHFWXOXL UH]XOWDW GLQ LQYHVWL LH  $FHVW FULWHULX VHOHFWHD]  YDULDQWHOH GH

LQYHVWL LH GXS  SXWHUHD HFRQRPLF D LQYHVWLWRUXOXLDGLF  GXS FDSDFLWDWHD OXL GHD SXWHD VXSRUWD

ILQDQ DUHDLQYHVWL LHL

4. 5HVXUVHOHGHILQDQ DUHDLQYHVWL LHL

,QYHVWL LDHVWH R DF LXQH GH GXUDW  úL GHDFHHD QXHVWH UD LRQDOFD vQWUHDJDILQDQ DUH V ILH

PRELOL]DW  FKLDU GH OD GHEXWXO LQYHVWL LHL HVWH PDL HFRQRPLF V  VH DVLJXUH GLVSRQLELOL]DUHD

UHVXUVHORU vQ FXDQWXPXO úL OD PRPHQWXO XWLOL] ULL ORU DGLF  HúDORQD t pe etape. În cazul unei
VXSUDILQDQ UL DSDU FRVWXUL VXSOLPHQWDUH vQ SULQFLSDO GLQ GREkQ]L  FD úL SRVLELOLWDWHD IRORVLULL

QHHFRQRPLFRDVH ULVLS  GHS úLUHD XQRU FKHOWXLHOL  ÌQ FD]XO XQHL VXEILQDQ UL DSDU GH

37
asemenea, costuri suplimentare legate dHQHSODWDODWLPSDIXUQL]LULORUúLDQWUHSUHQRULORUSLHUGHUL
GLQSUHOXQJLUHDWHUPHQXOXLGHLQWUDUHvQIXQF LXQHúD

)LQDQ DUHD LQYHVWL LHL VH SRDWH IDFH GLQ VXUVH SURSULL FDSLWDOXO VRFLDO IRQGXO GH

DPRUWL]DUHSURILWXOIRQGXULOHGHUH]HUY VXSOLPHQW area de capital, venituri din plasamente), din


VXUVHDWUDVH PRELOL]DUHDUHVXUVHORULQWHUQH úLGLQVXUVHvPSUXPXWDWH FUHGLWH 

A. Capitalul socialHVWHVXUV GHILQDQ DUHDLQYHVWL LHLSULQFDUHVHFRQVWLWXLHRVRFLHWDWH

FRPHUFLDO  QRX  'LPHQVLXQHD OXL HVWH VWDELOLW  GH JUXSXO GH LQL LDWLY  FHO FH SURSXQH

GH LQ WRULORU GH FDSLWDO DIDFHUHD SH FDUH R UHSUH]LQW  YLLWRDUHD VRFLHWDWH FRPHUFLDO  &DSLWDOXO

VRFLDOVHvPSDUWHSHDF LXQLDVWIHOF P ULPHDOXLHVWH

KS = n ∗ VN (39)

unde: n QXP UXOGHDF LXQLHPLVH

VN YDORDUHDQRPLQDO DXQHLDF LXQL

Capitalul social apare înscris în prospectul de societate, prin care se face publicitatea
HPLVLXQLLGHDF LXQLvQYHGHUHVXEVFULHULLHVWHPHQ LRQDWSHDF LXQHDO WXULGHDOWHHOHPHQWHúLVH

UHJ VHúWHvQELODQ XODQXDODOILUPHL SULPDSR]L LHGLQSDVLY 

3HQWUX VRFLHW LOH FRWDWH OD EXUV  HO DUH R UHIOHFWDUH GH SLD  vQ FDSLWDOL]DUHD EXUVLHU  D

acesteia.
KB = n ∗ C (40)

XQGH&UHSUH]LQW FXUVXOEXUVLHUDGLF SUH XOGHSLD DODF LXQLL

B. Fondul de amortizareDUHFDGHVWLQD LHGHED] vQORFXLUHDDFWLYHORUIL[HODGDWDLHúLULL

ORU GLQIXQF LXQH'HRDUHFHFRQVWLWXLUHDIRQGXOXLVHIDFHWUHSWDWSHVHDPDYkQ] ULORUDFHVWDHVWH

disponibil vQWUH PRPHQWXO FRQVWLWXLULL úL PRPHQWXO XWLOL] ULL DVWIHO vQFkW SH DFHVW LQWHUYDO GH

WLPSSRDWHILIRORVLWSHQWUXILQDQ DUHDLQYHVWL LLORU

C. Profitul,  FD VXUV  GH ILQDQ DUH D LQYHVWL LLORU DUH FD GHVWLQD LH GH ED]  FUHúWHUHD
stocului de capital (fRUPDUHD QHW  D FDSLWDOXOXL IL[ DO ILUPHL  úL FD GHVWLQD LH FRPSOHPHQWDU 
vQORFXLUHDDFWLYHORUIL[HVFRDVHGLQIXQF LXQH3DUWHDGHSURILWFXDFHDVW GHVWLQD LHHVWHLQFOXV vQ

FRPSRQHQWD GH DXWRILQDQ DUH D SURILWXOXL úL VH GHWHUPLQ  DQXDO SULQ KRW UkUHD FR nsiliului de
DGPLQLVWUD LH vQ VWUkQV  OHJ WXU  FX SROLWLFD GH GLYLGHQG GDU úL FX DO L IDFWRUL FXP VXQW HIRUWXO

LQYHVWL LRQDO QHYRLD GH D ILQDQ D  úL DOWH DFWLYLW L  RSHUD LXQL DWUDJHUHD DOWRU VXUVH P ULPHD

SURILWXOXLúD

D. )RQGXULOH GH UH]HUY sXQW FRQVWLWXLWH GLQ SURILW DQXDO SULQ FRWH SUHY ]XWH ILH vQ
normele legale (care conduc la formarea rezervelor legale), fie în statutul de constituire al firmei
VDXvQKRW UkULDOHFRQVLOLXOXLGHDGPLQLVWUD LH'LQSXQFWXOGHYHGHUHDOELODQ XOXLDFHVWH fonduri

DX UHJLP GH FDSLWDO SURSULX )RUPDUHD DFHVWRU IRQGXUL DUH vQ YHGHUH DVLJXUDUHD H[LVWHQ HL XQRU

UHVXUVHVXSOLPHQWDUHSURSULLSHQWUXFD]XO SURGXFHULLXQRU ULVFXULFXLPSOLFD LLILQDQFLDUHPDMRUH

&DUDFWHUXOSHUPDQHQWDOFROHFW ULORUvQDFHVWHIRQGXULIDFHFDODXQPRPHQWGDWFXDQWXPXOORUV 

ILH LPSRUWDQW /HJHD SUHYHGH R FRW  vQ UDSRUW FX FDSLWDOXO VRFLDO vQFHSkQG GH OD FDUH VH SRDWH

FRQVLGHUDF GLPHQVLXQHDIRQGXULORUHVWH DVLJXUDWRULHDVWIHOvQFkWFROHFW ULOHVXSOLPHQWDUHSRWIL

folosite pentru ILQDQ DUHD LQYHVWL LLORU 3UHYHGHUL VLPLODUH SRDWH KRW Uv úL FRQVLOLXO GH

DGPLQLVWUD LH vQ OHJ WXU  FX FRPSRQHQWHOH IRQGXULORU GH UH]HUY  GHFLVH GH HO 'H DVHPHQHD VH

SRW J VL úL vQ VWDWXWXO GH DVRFLHUH VWDWXWXO GH vQILLQ DUH D VRFLHW LL FRPHUFLDOH  vQ OHJ WXU  FX

rezervele instituite prin acesta.


'HFL]LD GH D XWLOL]D SHQWUX LQYHVWL LL SDUWHD GLQ UH]HUYD OHJDO  FH GHS úHúWH FRWD VWDELOLW 

de lege se ia sub forma unei decizii de suplimentare a capitalului social. În acest sens se

38
produce o emisiune suplLPHQWDU  GH DF LXQL QRL  GH UHJXO  FX DFHLDúL YDORDUH QRPLQDO  FD D

FHORUGHMDH[LVWHQWH YHFKL 3HQWUXF DF LRQDULLYHFKLDXGUHSWSUHIHUHQ LDOGHVXEVFULHUHHL

VXQWFHLFHEHQHILFLD] vQPRGJUDWXLWGHDF LXQLOHHPLVHvQSOXV&DSRVHVRULDL acestui drept, ei îl


SRWYLQGHvQSURSULXOEHQHILFLXFD]vQFDUHYRUDSDUHQRLDF LRQDUL

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GHWHUPLQDRGLPLQXDUHDFXUVXOXLDF LXQLORUUHVSHFWLYHLILUPH'HDFHHDSURFHGXUDHVWHSUDFWLFDW 

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6RFLHW LOH FRPHUFLDOH SRW GH LQH OD XQ PRPHQW GDW GLVSRQLELOLW L S
e termen lung, sume
de bani degajate din circuitul economic în contextul unei conjuncturi favorabile. Aceste sume pot
IL SODVDWH vQ LQYHVWL LL GH SRUWRIROLX vQ FD]XO vQ FDUH FRQVLOLXO GH DGPLQLVWUD LH QX DUH vQ YHGHUH

SURLHFWHGHLQYHVWL LHODvQV úLVRFLHWDWHDvQFDX] ,QYHVWL LLOHGHSRUWRIROLXUHSUH]LQW DFKL]L LLGH

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DVHPHQHDDFKL]L LLGHWLWOXULGHVWDWFRQVLGHUDWHDRIHULXQSURGXVILQDQFLDUDYDQWDMRV6HSDUDWGH

LQYHVWL LLOH GH SRUWRIROLX GLVSRQLELOLW LOH SRW IL IRORVLWH úL vQ MRFXO GH EXUV  VXE IRUPD

FXPS U ULL  YkQ] ULL GH WLWOXUL ILQDQFLDUH FX VFRSXO VSHFXO ULL ORU SH WHUPHQ VFXUW 6RFLHWDWHD

SRDWH RE LQH venituri din plasamente VXE IRUPD GLYLGHQGHORU GREkQ]LORU úL GLIHUHQ HORU GH FXUV
$FHVWH YHQLWXUL URWXQMHVF GLVSRQLELOLW LORU H[LVWHQWH úL SRW IL XWLOL]DWH SHQWUX ILQDQ DUHD

SURSULLORU LQYHVWL LL în momentul în care devine actual unul din proiectele de extindere,
PRGHUQL]DUHvQQRLUHLQFOXVvQVWUDWHJLDSHWHUPHQOXQJDVRFLHW LL

E. Mobilizarea resurselor interne HVWH R DOW  VXUV  GH ILQDQ DUH D LQYHVWL LLORU $FHDVW 

VXUV  DUH FDUDFWHU WHPSRUDU úL UHSUH]HQW  GH DFHHD GRDU R SXQWH XWLOL]DELO  GRDU SHQWUX XQ

LQWHUYDO UHODWLY VFXUW   OXQL GH UHJXO  DGLF  SHQWUX D FUHD SRVLELOLWDWHD FRQVWLWXLULL XQRU VXUVH

GH GXUDW  6SUH GHRVHELUH GH WRDWH FHOHODOWH VXUVH GH LQYHVWL LH FDUH VXQW HYLGHQ LDW e în conturi
GLVWLQFWHDFHDVWDQXVHHYLGHQ LD] vQQLFLXQFRQW

5HVXUVHOH LQWHUQH UHSUH]LQW  GRDU R GHJDMDUH WHPSRUDU  GH UHVXUVH UH]XOWDW  GLQ HYROX LD

într-XQLQWHUYDOGHWLPSGDW R OXQ XQWULPHVWUX D VROGXULORUFRQWXULORUGHXWLOL] ULúLREOLJD LL

FDUHUHIOHFW DFWLYLWDWHDGHLQYHVWL LL

ÌQWUH vQFHSXWXO úL VIkUúLWXO LQWHUYDOXOXL FRQVLGHUDW R OXQ  XQ WULPHVWUX  VROGXO XQXL FRQW

SRDWHFUHúWHVDXVHSRDWHGLPLQXD$FHVWHYDULD LLUHSUH]LQW PRELOL] UL 0 VDXLPRELOL] UL -M)


GHUHVXUVHGXS FXPFRQWXOHVWHGHDFWLY XWLOL] UL VDXGHSDVLY UHVXUVH 

Cont de activ: SI -6)UH]XOW LPRELOL]DUH -M)


SI -6)!UH]XOW PRELOL]DUH 0
Cont de pasiv: SF -6,UH]XOW LPRELOL]DUH -M)
SF -6,!UH]XOW PRELOL]DUH 0
CalculXOPRELOL] ULORULPRELOL] ULORU VHIDFHSHQWUXILHFDUHFRQWvQSDUWHGXS FDUHSULQ

vQVXPDUH VH GHWHUPLQ  WRWDOXO FDUH SRDWH UHSUH]HQWD UHVXUVH VXSOLPHQWDUH GDF  VXPD

PRELOL] ULORU HVWH PDL PDUH vQ YDORDUH DEVROXW  GHFkW D LPRELOL] ULORU  VDX QHFHVDU G e resurse
GDF  VXPD PRELOL] ULORU HVWH PDL PLF  vQ YDORDUH DEVROXW  GHFkW D LPRELOL] ULORU  6 

SUHVXSXQHPF LGHQWLILF PSULQLQGLFHOHL L Q FRQWXULOHUHIOHFWkQGDFWLYLWDWHDGHLQYHVWL LH

3HQWUX LQWHUYDOXOGHWLPS GDWV  FRQVLGHU PF SULPHOHP conturi ( m ≤ Q  JHQHUHD] PRELOL] UL

(M1), iar ultimele n-PJHQHUHD] LPRELOL] UL -M2), astfel încât rezultatul total este RI:
m
∑ Mi = M1 (41.1)
i =1

n
∑ M i = −M 2 (41.2)
i = n − m +1

39
RI = M1 + (- M2) (41.3)

5,!GDF  M1 > − M 2 (41.4)

5,GDF  M1 < − M 2 (41.5)

3UHVXSXQkQGF YDORDUHDGHILQDQ DUH WRWDO VDXEUXW SHLQWHUYDOXOFRQVLGHUDWHVWH1%)

DFHDVWD YD IL DMXVWDW  FX YDORDUHD PRELOL] ULL GH UHVXUVH LQWHUQH 5,  úL UH]XOW  R QHYRLH HIHFWLY 

GHILQDQ DUH 1() 

NEF = NBF + RI (41.6)

$FHDVW  QHYRLH HIHFWLY  GH ILQDQ DUH VH FRPSDU  FX UHVXUVHOH DORFDWH SHQWUX LQYHVWL LL vQ

SHULRDGDGDW  , úLVHGHWHUPLQ QHYRLDGHFUHGLWH 1& 

NC = NEF - I (41.7)

'DF  1& !  ILUPD WUHEXLH V -úL FRPSOHWH]H SH SHULRDGD GH FDOFXO VXUVD GH ILQDQ DUH D
LQYHVWL LLORUSULQWU XQFUHGLWGDF 1&UH]XOW F ILUPDDUHVXUVHSHVWHQHFHVDUXOGHILQDQ DUHD
-
LQYHVWL LLORUúLSRDWHGLPLQXDDORFDUHDI FXW LQL LDO , 

F. Creditele FRQVWLWXLH R DOW  VXUV  LPSRUWDQW  SHQWUX ILQDQ DUHD LQYHVWL LLORU $SHOXO OD
credite se poate face:
ƒ pe termen scurt (sub un an) pentru acoperirea decalajelor lunare sau trimestriale între
QHFHVDUXOGHILQDQ DUHDLQYHVWL LHL FKHOWXLHOLSUHY ]XWHDVHIDFHSHQWUXLQYHVWL LDvQFXUVVDX

FDUH DEHD GHEXWHD]  úL VXUVHOH SURSULL GLVSRQLELOH SHQWUX UHVSHFWLYD LQYHVWL LHFD]XO 1& ! 

vQUHOD LD

ƒ pe termen mediu sau lung (peste un an) pentru completarea resurselor proprii.
În cel de-DO GRLOHD FD] DSHOXO OD FUHGLW HVWH GH UHJXO  VWDELOLW vQF  GLQ SURLHFWXO GH
LQYHVWL LH 5DPEXUVDUHD FUHGLWXOXL úL D FKHOWXLHOLORU DIHUHQWH VH IDFH GLQ UH]XOWDWHOH FXUHQWH

YLLWRDUH DOH ILUPHL SUHFXP úL GLQ IOX[XULOHILQDQFLDUH QHWH GHJDMDWH GHLQYHVWL LH GXS  LQWUDUHD HL

vQH[SORDWDUH3HQWUXFUHGLWHOHSHWHUPHQVFXUWUDPEXUVDUHDVHIDFHGLQVXUVHOHSURSULLSHP VXUD

GLVSRQLELOL] ULL ORU vQ SHULRDGHOH LPHGLDW XUP WRDUH FRQIRUP JUDILFHORU GH ILQDQ DUH H[LVWHQWH

DSUREDWHSULQSURLHFWXOGHLQYHVWL LH

OE LQHUHD FUHGLWHORU VH IDFH SULQ RUJDQLVPH VSHFLDOL]DWH E QFL LQVWLWX LL ILQDQFLDUH

IRQGXUL GH LQYHVWL LL HWF  ILH GLQ UHVXUVHOH SURSULL DOH DFHVWRUD ILH SULQ PLMORFLUHD GH F WUH HOH D

DFFHVXOXLODUHVXUVHOHGLVSRQLELOHDOHDOWRUDJHQ LHFRQRPLFL)RUPXOHOHGHILQDQ DUHDLQYHVWL LLORU

prin credite sunt foarte variate.


D (PLWHUHDGHREOLJD LXQLVLPSOHJHQHUHD] XQvPSUXPXWREOLJDWDUSULQFDUHVHIDFHDSHO

ODHFRQRPLLOHSXEOLFH3URFHGHXOHVWHODvQGHPkQDILUPHORUPDULVROLGHFXRLPDJLQHIDYRUDELO 

SH SLD D GH FDSLWDO ILUPH GRULWH GH SRVHVRULL GH FDSLWDO SHQWUX D úL IDFH SODVDPHQWH (PLVLXQHD
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HVWH SODVDW  GH UHJXO  SULQ LQWHUPHGLXO XQHL E QFL (PLWHQWXO RIHU  R GREkQG  DQXDO  IL[ 

DWUDFWLY  vQ UDSRUW FX SLD D PRQHWDU  SUHFXP úL JDUDQ LD UDPEXUV ULL GXS  R SURFHGXU  GHVFULV 

DP QXQ LWvQSURVSHFWXOGHHPLVLXQH

b) (PLWHUHD GH REOLJD LXQL FRQYHUWLELOH vQ DF LXQL SUH]LQW  SUHPL]H VLPLODUH FHOHL

SUHFHGHQWH $YDQWDMXO VXSOLPHQWDU vO FRQVWLWXLH SRVLELOLWDWHD FH VH RIHU  GH LQ WRUXOXL GH

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PHQ LRQDW vQPRGH[SUHVúLODRUDW GHFRQYHUVLHGHDVHPHQHDDQXQ DW 5DWDGHFRQYHUVLHDUDW 

FkWH DF LXQLVH YRUGDvQ VFKLPEXOXQHLREOLJD LXQL3URFHGXUDG UH]XOWDWHGHRDUHF e posesorii de


REOLJD LXQL DX VSHUDQ D V  DFFHDG  OD GLYLGHQG 7HQWD LD HVWH FX DWkW PDL PDUH FX FkW ILUPD D

GLVWULEXLWGLYLGHQGHDWUDFWLYHúLVHDúWHDSW V -úLvPEXQ W HDVF SHUIRUPDQ HOH

$YDQWDMHOHSHQWUXHPLWHQWVHFRQFUHWL]HD] vQIDSWXOF SRDWHRIHULRGREkQG PDLPLF vQ

YLUWXWHD YLLWRUXOXL DFFHV OD GLYLGHQG úL F  vúL SRDWH VSRUL FDSLWDOXO vQ OLPLWD YDORULL QRPLQDOH D

40
HPLVLXQLLvQUDSRUWFXQXP UXOGHREOLJD LXQLFHYRUILFRQYHUWLWH

c) (PLVLXQHDGHHXURREOLJD LXQLVHIDFHGHUHJXO GHF WUHJUXSurile bancare, cu interese


PXOWLQD LRQDOH FX VFRSXO GH D IDFH LQYHVWL LL vQWU R ]RQ  GH LQWHUHV I U  D H[SRUWD FDSLWDO
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(XURREOLJD LXQLOH VH HPLW vQWU-R YDOXW  DWUDFWLY  (852 PDUF  GRODU  SH SLD D ULL XQGH VH

GRUHúWH D VH IDFH LQYHVWL LD úL SRW IL SURFXUDWH SH DFHDVW  SLD  LQFOXVLY vQ PRQHGD QD LRQDO 

3URFHGXUDHVWHDJUHDELO SHQWUX DUD ULOHGHUHúHGLQ DDOHHPLWHQWXOXLHPLWHQ LORUGHRDUHFH

nu-L DIHFWHD]  EDODQ D GH SO L H[WHUQH 3URFHGXUD HVWH DJUHDELO  úL SHQWUX DUD  GH GHVWLQD LH
deoDUHFH VXV LQH VDX UHYLJRUHD]  ULWPXO LQYHVWL LLORU FX HIHFWH IDYRUDELOH vQ SODQXO FHUHULL GH
EXQXUL GH LQYHVWL LH vQ SODQXO RFXS ULL IRU HL GH PXQF  vQ SODQXO YHQLWXULORU EXJHWDUH SULQ

impozitele pe profit, prin taxele locale) etc.


d) Împrumuturile la iQVWLWX LL ILQDQFLDUH DX OD ED]  UHVXUVHOH PRELOL]DWH GH DFHVWHD GLQ

HFRQRPLHVXEIRUPDIRQGXULORUGHLQYHVWL LLVDXDVRFLHW LORUGHDVLJXU UL3URFHGXUDHVWHDJUHDW 

GH GH LQ WRULL GH HFRQRPLL SHQWUX F  GLPLQXHD]  ULVFXO SH FDUH vO LQFXPE  GH UHJXO  RS LXQLOH

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VXQW GH SLOG  vQ 5RPkQLD  &RQVLOLXO 1D LRQDO DO 9DORULORU 0RELOLDUH %DQFD 1D LRQDO 

0LQLVWHUXO)LQDQ HORUúDFDUHQRUPHD] FDGUXOJHQHUDODOGHVI úXU ULLXQRUDVWIHOGHDFWLYLW L

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VXEYHQ LLGH]RQ FRPSHQVDUHDSDU LDO DFRVWXOXLvPSUXPXWXOXLJDUDQWDUHDvPSUXPXWXOXLúD

e) Creditul bancar HVWH RE LQXW GH OD E QFL FRPHUFLDOH GH LQYHVWL LL LSRWHFDUH HWF  vQ

ED]D XQXL FRQWUDFW GH FUHGLW vQ FDUH VXQW PHQ LRQDWH FRQGL LLOH GH FUHGLWDUH úL GH UDPEXUVDUH

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f) Creditul - contract de închiriere numit leasing sau credit - EDLO ÌQWUHSULQ] WRUXO DUH

SR]L LD GH EHQHILFLDU DO FUHGLWXOXL UHDOL]DWRU DO LQYHVWL LHL úL X]XIUXFWLHU DO RELHFWXOXL FH UH]XOW 

din invesWL LDUHVSHFWLY &HOFHSXQHODGLVSR]L LHVXPHSHQWUXLQYHVWL LH REDQF RVRFLHWDWHGH

OHDVLQJHWF HVWHSURSULHWDUXORELHFWXOXLGHLQYHVWL LH

ÌQFRQWUDFWXOGHOHDVLQJSDUWHDFHRIHU EDQLVHDQJDMHD] V vQFKLULH]HvQWUHSULQ] WRUXOXL

pentru exploDWDUH SH R GXUDW  GHWHUPLQDW  RELHFWXO LQYHVWL LHL ÌQWUHSULQ] WRUXO VH REOLJ  V 

UHDOL]H]HRELHFWXOGHLQYHVWL LHV -OH[SORDWH]HúLV SO WHDVF DQXDORVXP GHEDQLvQEHQHILFLXO

S U LL FDUH L D SXV OD GLVSR]L LH FDSLWDOXO SHQWUX ILQDQ DUHD LQYHVWL L
- ei. Contractul de leasing se
vQFKHLH SHQWUX R SHULRDG  HJDO  FX FHD QHFHVDU  SHQWUX DPRUWL]DUHD LQWHJUDO  D LQYHVWL LHL úL QX

SRDWH IL UH]LOLDW vQ DFHVW WLPS GH QLFL XQD GLQWUH S U L /D VFDGHQ  FRQWUDFWXO VH SRDWH vQFKHLD vQ

trei variante:
ƒ cedarea obiectXOXLF WUHSURSULHWDUXOOXL

ƒ YkQ]DUHDRELHFWXOXLODYDORDUHDU PDV FXGUHSWGHSUHHPS LXQHSHQWUXvQWUHSULQ] WRU

ƒ UHvQQRLUHDFRQWUDFWXOXLvQWUHFHOHGRX S U L

&KHOWXLHOLOH GH H[SORDWDUH D RELHFWXOXL GH LQYHVWL LH FDG vQ VDUFLQD vQWUHSULQ] WRUXOXL

RezXOWDWXO DQXDO DO H[SORDW ULL vQ FD] F  HVWH QHIDYRUDELO QX H[RQHUHD]  SH vQWUHSULQ] WRU GH

SODWD FRQYHQLW  SULQ FRQWUDFW vQ EHQHILFLXO FHOXL FH D RIHULW FDSLWDOXO $FHDVW  VXP  LQFOXGH

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WRDWHFRQYHQLWHSULQFRQWUDFWÌQWUHSULQ] WRUXODUHFkWHYDDYDQWDMH

ƒ vúLDFRSHU QHYRLOHGHFDSLWDOSHQWUXLQYHVWL LLGLQWU RVXUV VLJXU 


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ƒ GHGXFHVXPDDQXDO GHSODW GLQSURILWvQDLQWHGHLPSR]LWDUHDDFHVWXLD

ƒ UHDOL]HD] XQFkúWLJI U DDQJDMDUHVXUVHE QHúWLSURSULLSHQWUXLQL LHUHDDIDFHULL

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LQFOXVHH[WUDELODQ LHUQ umai angajamentele financiare asumate prin contract.

41
5. $PRUWL]DUHDFRQ LQXWPHWRGHQRUPH

Amortizarea activelor fixe este un proces financiar de recuperare a valorii unui activ fix
úLGHIRUPDUHDXQXLIRQGGHILQDQ DUHDvQORFXLULLOXLDWXQFLFkQGHVWHVFRVGLQIXQF LXQH

$PRUWL]DUHD UHIOHFW  UHFXSHUDUHD YDORULL DFWLYXOXL IL[ SH P VXUD X]XULL OXL DGLF  D

pierderii în timp a parametrilor / caracteristicilor lui tehnico - economice. Ca urmare, amortizarea


VHGHUXOHD] vQWLPSGLQPRPHQWXOLQWU ULLvQIXQF LXQHSkQ vQPRPHQWXOVFRDWHULLGLQIXQF LXQH

a respectivului activ fix.


3HQWUX vQWUHSULQGHUHDPRUWL]DUHD HVWH XQ FRVW FDUH VH LQFOXGH vQFKHOWXLHOLOH GH SURGXF LH

úLVHUHFXSHUHD] SULQSUH SULQYkQ]DUHDSURGXVXOXLODDF UHLIDEULFD LHDFRQWULEXLW activul fix în


FDX]   &XDQWXPXO DPRUWL] ULL VH GHWHUPLQ  SULQWU R FRW  GH DPRUWL]DUH VWDELOLW  GH ILUP  vQ
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Prevederile legale privind amortizarea au în vedere stabilirea unXL FDGUX FDUH V  HYLWH

WUDQVIHUXO H[DJHUDW DO FKHOWXLHOLORU GH DPRUWL]DUH vQ SURILW úL GLPLQXDUHD SH DFHDVW  ED]  D

impozitului pe profit datorat statului.


Amortizarea are rolul de a asigura înlocuirea activului fix la momentul scoaterii lui din
IXQF LXQH DGLF  DúD-QXPLWD IRUPDUH EUXW  D FDSLWDOXOXL IL[ 3kQ  OD DFHVW PRPHQW IRQGXO

FRQVWLWXLWGLQDPRUWL] ULOHDQXDOHHVWHGLVSRQLELODVWIHOvQFkWHOSRDWHILXWLOL]DWSHQWUXILQDQ DUHD

LQYHVWL LLORUUHVSHFWLYIRUPDUHDQHW DFDSLWDOXOXLIL[ FRQIRUP,, 4).


3HQWUXvQGHSOLQLUHDDFHVWXLUROHVWHQHFHVDUDILUHVSHFWDWHXUP WRDUHOHFRQGL LL

ƒ HYDOXDUHDFRUHFW DDFWLYHORUIL[H

ƒ GHWHUPLQDUHDFRUHFW DFRWHORUGHDPRUWL]DUH

ƒ UHFXSHUDUHD SULQ IRQGXO GH DPRUWL]DUH D WXWXURU FKHOWXLHOLORU QHFHVDUH SHQWUX SXQHUHD ú i
VFRDWHUHDGLQIXQF LHDDFWLYHORUIL[H

În cazul în care activul fix este supraevaluat sau cotele de amortizare sunt prea mari,
FRVWXULOH GH IDEULFD LH YRU IL PDMRUDWH úL UH]XOWDWHOH ILQDQFLDUH YRU IL PDL PLFL SURILWXO  'H

asemenea, formarea fondului dHDPRUWL]DUHHVWHQHFRUHODW FXX]XUDHIHFWLY DDFWLYXOXLIL[FHHD

FH JHQHUHD]  GLILFXOW LILQDQFLDUH SH SDUFXUVXO H[SORDW ULL úL FKHOWXLHOL VXSOLPHQWDUH VSUHILQDOXO

GXUDWHLGHYLD SHQWUXRHYHQWXDO PHQ LQHUHvQH[SORDWDUHDXQXLDFWLYIL[vQVLWXD LDVFULSWLF GH

DILVFRVGLQIXQF LXQH

În cazul în care activul fix este subevaluat sau cotele de amortizare sunt prea mici, apare
LPSRVLELOLWDWHD ILQDQFLDU  D vQORFXLULL OXL OD PRPHQWXO VFRDWHULL GLQ IXQF LXQH úL VH SURGXFH R

pierdere de capital. Pe parFXUVXOH[SORDW ULL LQGLFDWRULLGHHILFLHQ VXQWXPIOD LDUWLILFLDOFHHD


ce poate duce la decizii curente sau strategice eronate cu efecte financiare defavorabile.
3HQWUX UHFXSHUDUHD FRUHFW  D FKHOWXLHOLORU RFD]LRQDWH GH SXQHUHD úL VFRDWHUHD GLQ

IXQF LXQH D XQXL DFWLY IL[ HVWH QHFHVDU FD YDORDUHD GH DFKL]L LH D DFHVWXLD V  ILH FRUHFWDW  FX

FKHOWXLHOLOH GH WUDQVSRUW PRQWDUH SXQHUH vQ IXQF LXQH URGDM VFRDWHUH GLQ IXQF LXQH GHPRODUH

SULQ DG XJDUH  úL FX YHQLWXULOH RE LQXWH GLQ YkQ]DUHD PDWHULDOHORU  pieselor de schimb etc.
UH]XOWDWHvQXUPDGHPRO ULLGH]PHPEU ULL SULQVF GHUH 

&RWD GH DPRUWL]DUH LQFOXGH vQ SULQFLSLX  HIHFWHOH GH X]XU  GHWHUPLQDW  GH IRORVLUHD

DFWLYXOXLIL[vQIDEULFD LH$VWIHOHIHFWHOHX]XULLGDWRUDW QHIRORVLULLVDXSURJUHVXOX i tehnic (uzura


PRUDO  QX VXQW LQFOXVH vQ FRVWXUL úL JHQHUHD]  SLHUGHUL SXUH 3kUJKLLOH úL PHFDQLVPHOH

economico-ILQDQFLDUH FDUH vQWUH LQ XQ DVWIHO GH FRPSRUWDPHQW DO SURGXF WRUXOXL VXQW GH GRX 
resorturi:
ƒ cererea: includerea în costuri a pierderilor "pXUHP UHVFFKHOWXLHOLOHGHSURGXF LHúLSHQWUXD
S VWUD QLYHOXO SURILWXOXL DU WUHEXLH PDMRUDW SUH XO GH YkQ]DUH GDU DFHDVWD GHVFXUDMHD] 

FHUHUHDúLSRDWHGHWHUPLQDQHYkQ]DUHDSURGXF LHLIDEULFDWH

ƒ FRQFXUHQ DPDMRUDUHDSUH XOXLGHYkQ]DUH vQFRQGL LLOHPDLVXVPHQ LRQDWH HURGHD] SR]L LD

ILUPHLvQ UDSRUWFXFHLODO LFRQFXUHQ LS VWUDUHDSUH XOXLSLH HLDUHFDHIHFW vQ FRQGL LLOHGHMD

PHQ LRQDWH  GLPLQXDUHD SURILWXOXL FDUH FRQGXFH OD DFHODúL HIHFW GH HURGDUH ID  GH FHLODO L

FRQFXUHQ L

42
Deoarece amorWL]DUHD HVWH XQ SURFHV FDUH VH GHUXOHD]  vQ WLPS YDORDUHD UHFXSHUDW  D

DFWLYXOXL IL[ FUHúWH LDU YDORDUHD U PDV  QHUHFXSHUDW  VH UHGXFH 'LQ DFHVW PRWLY JHVWLXQHD

DFWLYHORUIL[HVHIDFHODPDLPXOWHWLSXULGHYDORULSHQWUXDFHODúLDFWLYIL[

ƒ valoare de inventar vQ VHQVXO GH YDORDUH GH DFKL]L LH LQFOXVLY FKHOWXLHOLOH FX WUDQVSRUWXO
PRQWDUHD SXQHUHD vQ IXQF LXQH URGDMXO vQ DQXPLWH vPSUHMXU UL GH SLOG  R UDW  PDUH D

LQIOD LHL SH PDL PXO L DQL  DFWLYHOH IL[H VXQW UHHYDOXDWH PDMRUkQGX
-se valoarea lor prin
indexare;
ƒ valoare de înlocuire, în sensul de cheltuieli necesare, la un moment dat, pentru a putea
vQORFXL GHUHJXO LSRWHWLF DFWLYXOIL[vQFDX] HVWHRYDORDUHFXUHQW GHSLD GDF GHFDODMXO

vQWUHDFHDVWDúLYDORDUHDGHLQYHQWDUHVWHPDUHDFHVW a este un semnal pentru reevaluare;


ƒ YDORDUHDU PDV HVWHGLIHUHQ DGLQWUHYDORDUHDGHLQYHQWDUúLFXDQWXPXOOD]LDODPRUWL] ULL

t
VR t = VI − ∑ Ai (42.1)
i =1

unde: VRt YDORDUHDU PDV ODILQHOHDQXOXLW


t = anul de calcul t ∈ [1; T] ;
T DQXOVFRDWHULLGLQIXQF LXQHDDFWLYXOXLIL[

i  LQGLFH SHQWUX LGHQWLILFDUHD DQLORU GH VHUYLFLX VFXUúL GLQ PRPHQWXO LQWU ULL vQ

IXQF LXQHúLSkQ OD]L

VI = valoare de inventar;
Ai DPRUWL]DUHDDIHUHQW DQXOXLL

3HQWUXFDOFXOXOYDORULLU PDVHSRDWHILXWLOL]DW úLUHOD LD

VI ∗ dr
VR t = (42.2)
ds
dr = T - t (42.3)
unde: dr GXUDWDGHVHUYLFLXU PDV SkQ ODVFRDWHUHDGLQIXQF LXQHDDFWLYXOXLIL[

ds GXUDWDWRWDO GHVHUYLFLXDDFWLYXOXLIL[ GXUDWDGHYLD HFRQRPLF 

ƒ valoarea medieDDFWLYHORUIL[HDOHXQHLILUPHHVWHRYDORDUH GHWHUPLQDW FDEDODQ LQWU UL

LHúLUL vQ YHGHUHD FDOFXOXOXL DPRUWL] ULL 'HWHUPLQDUHD YDORULL PHGLL D DFWLYHORU IL[H VH SRDWH

IDFHGXS PDLPXOWHUHOD LL


a) V = V0 + Vi − Ve (43)

unde: V YDORDUHDPHGLHDDFWLYHORUIL[HvQDQXOGHFDOFXODODPRUWL] ULL

V0 = valoarea activelor fixe la începutul anului;


Vi = valoarea activelor fixe intrate în cursul anului de calcul;
Ve = valoarea activelRUIL[HLHúLWHvQFXUVXODQXOXLGHFDOFXO

− − −
b) V = V0 + Vi − Ve (44.1)


∑ Vi j ∗ df j
j=1
Vi = (44.2)
12

43
K

− ∑ Vek ∗ (12 − df k )
Ve = k =1 (44.3)
12

unde: Vi = valoarea medie a activelor fixe intrate în cursul anului de calcul al amRUWL] ULL

V e LGHPLHúLWH
j = indice pentru identificarea activului fix intrat în cursul anului, j ∈ [1,J];
J QXP UXOWRWDODODFWLYHORUIL[HLQWUDWHvQFXUVXODQXOXL

dfj GXUDWDGHIXQF LRQDUH vQluni) a activului fix j;


k LQGLFHSHQWUXLGHQWLILFDUHDDFWLYXOXLIL[LHúLWvQFXUVXODQXOXLN ∈ [1, K];

K QXP UXOWRWDODODFWLYHORUIL[HLHúLWHvQFXUVXODQXOXL
dfk GXUDWDGHIXQF LRQDUH vQOXQL DDFWLYXOXLIL[N


c) V = V0 (1 + α) (45.1)
K
∑ Vj ∗ [df j ∗ p − (12 − df j ) ∗ (1 − p)]
j=1
= (45.2)
12 ∗ V0

p= 1 pentru j ∈ [1,J] (45.3)


0 pentru j ∈ [J+1,K]

unde: α  FRW  VXEXQLWDU  SR]LWLY  VDX QHJDWLY  H[SULPkQG FRUHF LD LQFOXV  vQ YDORDUHD

DFWLYHORU IL[H D PLúF ULL DFHVWRUD SH SDUFXUVXO DQXOXL GH FDOFXO DO DPRUWL] ULL

PLúFDUHDDFWLYHORUIL[HvQVHDPQ LQWUDUHDLHúLUHDORUvQDQXOUHVSHFWLY

j = indice prin care se iGHQWLILF DFWLYXOIL[FDUHV-DPLúFDWM ∈ [1,K];


K QXP UXOWRWDODODFWLYHORUIL[HFDUHV-DXPLúFDW

J QXP UXOWRWDODODFWLYHORUIL[HLQWUDWH

Vj = valoarea de inventar a activului fix care s-DPLúFDW


dfj GXUDWDGHIXQF ionare (în luni) a activului fix j.
$PRUWL]DUHD VH FDOFXOHD]  GH F WUH WR L DJHQ LL HFRQRPLFL SHQWUX WRDWH DFWLYHOH IL[H GLQ

SDWULPRQLX SURGXFWLYH VDX QX FDUH IXQF LRQHD]  VDX QX 'H OD DFHDVW  UHJXO  H[LVW  XQHOH

H[FHS LLGLQFDUHFHOHPDLLPSRUWDQWHV unt:


ƒ XQLW LOHEXJHWDUHFDUHQXFDOFXOHD] DPRUWL]DUH

ƒ DFWLYHOHIL[HvQFRQVHUYDUHvQFRQGL LLOHVWLSXODWHGHOHJH

$PRUWL]DUHDVHFDOFXOHD]  SHWRDW  GXUDWDGHIXQF LRQDUHDDFWLYXOXLIL[GDUQXPDLPXOW

GHFkW GXUDWD OHJDO  GH VHUYLFLX ÌQ FD]XO F  XQ activ fix este amortizat complet, dar mai poate fi
XWLOL]DW QX VH PDL FDOFXOHD]  DPRUWL]DUH ÌQ FD]XO F  XQ DFWLY IL[ HVWH VFRV GLQ X] I U  D IL

FRPSOHW DPRUWL]DW OHJHD SUHYHGH UHFXSHUDUHD YDORULL U PDVH GXS  FDVDUH úL YDORULILFDUHD

eventualelor bunuri rezultate din aceasta, din profitul anului de casare sau din profitul anilor
XUP WRULGDUQXPDLWkU]LXGHFkWDQXOH[SLU ULLGXUDWHLOHJDOHGHVHUYLFLX

ÌQFDWHJRULDDFWLYHORUIL[HDPRUWL]DELOHVHLQFOXGúLFHOHUH]XOWDWHGLQLQYHVWL LLFKLDUGDF 

au foVWSXVHvQIXQF LXQHQXPDLSDU LDOúLFKLDUGDF  QXDXIRVW vQF vQUHJLVWUDWHvQFRQWDELOLWDWHD

activelor fixe.
$PRUWL]DUHDVHFDOFXOHD] SHED]DFRWHLGHDPRUWL]DUHSUHY ]XW GHOHJHSHQWUXJUXSDGH

DFWLYH IL[H vQ FDUH VH vQFDGUHD]  DFHOD SHQWUX FDUH VH IDFH FDOFXOXO SUHFXP úL SH ED]D

SULQFLSLXOXLPHWRGHLGHDPRUWL]DUHDJUHDW GHDJHQWXOHFRQRPLFvQFRQGL LLOHSUHY ]XWHGHOHJH

0HWRGHOH GH DPRUWL]DUH VXQW GLIHUHQ LDWH GXS  ULWPXO DPRUWL] ULL PHWRGD DPRUWL] ULL

44
SURSRU LRQDOHPHWRGDDPRUWL] ULLUHJUHVLYHúLPHWRGDDPRUWL] ULLSURJUHVLYH

0HWRGD DPRUWL] ULL SURSRU LRQDOH VDX FRQVWDQWH SUHVXSXQH FDOFXOXO DPRUWL] ULL FX R

DFHLDúLFRW SHWRDW GXUDWDGHIXQF LRQDUHDDFWLYXOXLIL[

VI
A= (46.1)
df

A 100
a= ∗ 100 = (46.2)
VI df

unde: A FXDQWXPXODQXDODODPRUWL] ULL

VI = valoarea de inventar a activului fix ;


df GXUDWDOHJDO GHVHUYLFLXDDFWLYXOXLIL[
a FRWDSURFHQWXDO DDPRUWL] ULL

&RWD SURFHQWXDO  GH DPRUWL]DUH HVWH VWDELOLW  SULQ OHJH SH JUXSH GH DFWLYH IL[H DúD vQFkW

DPRUWL]DUHDDQXDO DXQXLDFWLYIL[ODXQDJHQWHFRQRPLFVHGHWHUPLQ GXS UHOD LD

A = a ∗ VI (46.3)

ÌQ OLPLWHOH SUHY ]XWH GH OHJH DFHDVW  FRW  SRDWH IL PRGLILFDW  SHQWUX D UH aliza o
DPRUWL]DUH DFFHOHUDW  0RGLILFDUHD HVWH UD LRQDO  QXPDL vQ FRQGL LLOH XQHL XWLOL] UL LQWHQVLYH D

DFWLYXOXL IL[ DGLF  D FUHúWHULL SURGXF LHL UHVSHFWLY D FUHúWHULL UDQGDPHQWXOXL GH H[SORDWDUH D

DFHVWXLDFWLYIL[$OWIHOVHPDMRUHD] FKHOWXLDODFXDPRUWL]DUHDSHXQLWDWHDGHSURGXVúLSRQGHUHD

DPRUWL] ULLvQFKHOWXLHOLOHGHIDEULFD LH

A
AM = (47.1)
Q

A
A% = (47.2)
CT

unde: AM = amortizarea pe unitatea de produs;


Q YROXPXOIL]LFDOSURGXF LHL

A% = pondereaDPRUWL] ULLvQFRVWXULOHGHIDEULFD LH


CT FKHOWXLHOLWRWDOHGHSURGXF LH

$YDQWDMXO PHWRGHL vQ DIDU  GH IDSWXO F  HVWH FRPRG  FRQVW  vQ DFHHD F  JHQHUHD]  R

FRPSRQHQW  GH FRVW IL[  DVWIHO vQFkW SULQ VSRULUHD SURGXF LHL GHWHUPLQ  GLPLQXDUHD FRVWXO ui
PHGLXGHIDEULFD LH

'H]DYDQWDMXO PHWRGHL FRQVW  vQ IDSWXO F  QX FRUHOHD]  vQ VXILFLHQW  P VXU  SURFHVXO

uzurii cu recuperarea valorii activului fix. În prima parte a duratei de serviciu uzura este mai
OHQW  DFWLYXOIL[ILLQGQRX LDUVSUHVIkUúLWXODFHVWHLGXUDWHX]XUDHVWHPDLDFFHQWXDW  DFWLYXOIL[

ILLQGvPE WUkQLW 

0HWRGD DPRUWL] ULL UHJUHVLYH SUHVXSXQH FDOFXOXO DPRUWL] ULL FX R FRW  VF ] WRDUH SH

P VXUD VFXUJHULL GXUDWHL GH VHUYLFLX PRWLYDW  SULQ WUDQVIHUXO WRW PDL UHGXV GH YDORDUH QRX  SH

P VXUDvPE WUkQLULLDFWLYXOXLIL[

$YDQWDMXOPHWRGHLUH]LG vQFRUHODUHDHYROX LHLUDQGDPHQWXOXLDFWLYXOXLIL[ PDLPDUHvQ

SULPD SDUWH D GXUDWHL GH VHUYLFLX úL PDL UHGXV  VSUH ILQDO  FX P ULPHD DPRUWL] ULL FDOFXODWH úL

LQFOXV vQFRVWXUL PDLPDUHODvQFHSXWúLPDLPLF VSUHILQDO 'HDVHPHQHDSUH]LQW RDFRSHULUH

PDLEXQ ID GHULVFXOX]XULLPRUDOH6 SUHVXSXQHPF XQDFWLYIL[DUHRGXUDW GHVHUYLFLXGH

DQLDVWIHOvQFkWFRWDGHDPRUWL]DUHFRQIRUPPHWRGHLSURSRU LRQDOHHVWH6 SUHVXSXQHPF 

45
GXS   DQL GH IXQF LRQDUH VH SURGXFH ULVFXO X]XULL PRUDOH $FWLYXO IL[ HVWH DPRUWL]DW  úL

YDORDUHDU PDV HVWHID GHFHDGHLQYHQWDU$FWLYXOIL[WUHEXLHvQORFXLWSHQWUXF HVWHX]DW

PRUDO DOWIHO SURGXF WRUXO vúL DVXP  ULVFXO GH ORF GH Q eglijat, de a-úL GLPLQXD FDSDFLWDWHD GH
FRPSHWL LH 9DORDUHD U PDV  GHYLQH R SLHUGHUH FDUH WUHEXLH DVXPDW  úL DFRSHULW  'DF 

SURGXF WRUXODUILDGRSWDWPHWRGDUHJUHVLY FXFRWHGHDPRUWL]DUHGHH[HPSOXGHvQSULPLL

 DQL  vQ XUP WRULL  úL DSRL UHVSHFWLY   úL  DWXQFL vQ DQXO SURGXFHULL X]XULL

PRUDOH YDORDUHD U PDV DU ILIRVW GH QXPDL  FHHD FH vQVHPQD R UHGXFHUH D SLHUGHULL GH SHVWH

2,5 ori.
0HWRGD DPRUWL] ULL SURJUHVLYH SUHVXSXQH FDOFXOXO DPRUWL] ULL FX R FRW  FUHVF WRDUH SH

P VXUD VFXUJHULL GXUDWHL GH VHUYLFLX PRWLYDW  SULQ FRUHODUHD PDL EXQ  D SURFHVXOXL GH X]XU  FX

UHFXSHUDUHDYDORULLDFWLYXOXLIL[$FHVWDHVWHGHIDSWFKLDUDYDQWDMXOFRQIHULWGHPHWRG 

'H]DYDQWDMXO PHWRGHL HVWH F  RIHU  DFRSHULUH VF ]XW  ID  GH ULVFXO X]XULL PRUDOH úL vQ

SOXV JHQHUHD]  HIRUWXUL ILQDQFLDUH PDL PDUL vQ OHJ WXU  FX FKHOWXLHOLOH GH DPRUWL]DUH WRFPDL vQ

SHULRDGDvQFDUHDFWLYXOIL[HVWHvPE WUkQLWúLUDQGDPHQWXOV XHVWHPDLVF ]XW

6. $FWLYHOHFLUFXODQWHFRQ LQXWGHWHUPLQDUHDQHFHVDUXOXLúLDQHYRLL

GHILQDQ DUH

$FWLYHOH FLUFXODQWH FRQVWLWXLH D GRXD FRPSRQHQW  LPSRUWDQW  D DFWLYHORU XQHL ILUPH

DO WXULGHFHOHIL[H

$FWLYHOH FLUFXODQWH UHSUH]LQW  IRUPD PDWHULDO  D XWLOL] ULORU SH WHUPHQ VFXUW D UHVXUVHORU

financiare ale firmei. În sfera lor se includ:


ƒ stocuri materiale: GH PDWHULL SULPH GH PDWHULDOH GH DPEDODMH GH SURGXF LH vQ FXUV GH
IDEULFD LH GH SURGXVH ILQLWH GH P UIXUL GH RELHFWH GH LQYHQWDU GH HFKLSDPHQWH úL PDWHULDOH

GHSURWHF LH

ƒ mijloace în decontare FUHDQ H HIHFWH GH vQFDVDW DYDQVXUL SURGXVH úL P UIXUL H[SHGLDWH úL

neîncasate;
ƒ PLMORDFH E QHúWL vQ FDV  vQ FRQWXO GH OD EDQF  WLWOXUL SH WHUPHQ VFXUW FDUQHWH GH &(& FX

OLPLW GHVXP úD

2 DVWIHO GH VWUXFWXU  D DFWLYHORU FLUFXODQWH DUH OD ED]  FODVLILFDUHD GXS  natura lor. Sunt
XWLOL]DWHúLDOWHFULWHULLGHFODVLILFDUHGLQFDUHUH LQHPWUHLX]XDOH

a) FODVLILFDUHDGXS faza circuitului economicvQFDUHVHUHJ VHVF


ƒ active circulante vQ VIHUD DSURYL]LRQ ULL, în care se includ stocurile materiale din magazie în
DúWHSWDUHDWUHFHULLORUvQIOX[XOGHIDEULFD LHLDUGLQWUHPLMORDFHOHvQGHFRQWDUH- avansurile;

ƒ active circulante vQ VIHUD SURGXF LHL, în care se includ stocurile materiale pe fluxul de
IDEULFD LH VFRDVHGLQPDJD]LH úLSURGXF LDvQFXUVGHIDEULFD LH

ƒ active circulante vQ VIHUD FRPHUFLDOL] ULL , în care se includ stocurile materialele din magazie
vQDúWHSWDUHDFRPHUFLDOL] ULL SURGXVHOHILQLWHP UIXULOH PLMORDFHOHvQGHFRQWDUHúLE QHúWL

b) FODVLILFDUHDGXS criteriul sferei de exploatarevQFDUHVHUHJ VHVF


ƒ active circulante în exploatare vQ FDUH VH LQFOXGH vQ SULQFLSDO SULPD FRPSRQHQW  GLQ

VWUXFWXUDGXS QDWXU 

ƒ active circulante vQ DIDUD H[SORDW ULL vQ FDUH VH LQFOXG vQ SULQFLSDO FHOHODOWH GRX 

FRPSRQHQWHGLQVWUXFWXUDGXS QDWXU 

c) FODVLILFDUHDGXS criWHULXODSDUWHQHQ HLVXUVHLGHILQDQ DUHvQFDUHVHUHJ VHVF


ƒ active circulante propriiILQDQ DWHGLQVXUVHSURSULLDGLF GLQIRQGXOGHUXOPHQW
ƒ active circulante atraseILQDQ DWHGLQVXUVHDWUDVHDGLF GLQSDVLYHOHVWDELOH
ƒ active circulante împrumutateILQDQ DWHGLQDOWHVXUVHGHFkWFHOHSURSULLVDXDWUDVHDGLF GLQ

FUHGLWHEDQFDUHREOLJD LLID GHWHU LúD

46
3RQGHUHDGLIHULWHORUFDWHJRULLGHDFWLYHFLUFXODQWHvQWRWDO HVWHGHWHUPLQDW GHRELHFWXOGH

DFWLYLWDWH DO ILUPHL GDU úL GH FDUDFWHULVWLFLOH FLFOXOXL HFRQRPLF úL DOH FRQMXQFWXULL 6WRFXULOH

PDWHULDOH vQ VSHFLDO FHOH GLQ VIHUD SURGXF LHL UHVSHFWLY vQ H[SORDWDUH VXQW SRDWH FHOH PDL

LPSRUWDQWH GHRDUHFHFRQVWLWXLH VXSRUWXO GHVI úXU ULL DFWLYLW LL ILLQGLPHGLDW XWLOL]DELOH vQ FDGUXO

acesteiD0LMORDFHOHvQGHFRQWDUHúLPLMORDFHOHE QHúWLIDYRUL]HD] FDSDFLWDWHDGHOLFKLGLWDWHGDU

vQ FRQGL LL GH LQVWDELOLWDWH ILQDQFLDU  LQIOD LH  SRQGHUHD ORU WUHEXLH GLPLQXDW  5DSRUWXO DFWLYH

circulante proprii - active circulante împrumutate trebuie stabilit în contextul strategiei de


VWUXFWXU  ILQDQFLDU  2 SRQGHUH PDUH D FHORU SURSULL vQVHDPQ  XQ HIRUW PDL PDUH GH

DXWRILQDQ DUHDGLF XWLOL]DUHDFDSDFLW LLGHDXWRILQDQ DUHvQPDLPLF P VXU SHQWUXGH]YROWDUH

(extindere, modernizarea activelor fixe eWF  ÌQ FRQGL LL GH LQIOD LH VDX GH GREkQ]L XúRU

VXSRUWDELOH GLQ UH]XOWDWH , UHOD LD   HVWH UHFRPDQGDELO  R FUHúWHUH D SRQGHULL FHORU

împrumutate.
3HQWUX GHVI úXUDUHD QRUPDO  D DFWLYLW LL SHQWUX FUHúWHUHD HILFLHQ HL DFHVWHLD úL SHQWUX D

putea asigurDVXUVHOHGHILQDQ DUHDDFWLYHORUFLUFXODQWHHVWHQHYRLHV VHGHWHUPLQH necesarul de


active circulante.
'HWHUPLQDUHD QHFHVDUXOXL GH DFWLYH FLUFXODQWH HVWH R RSHUD LXQH GH GLPHQVLRQDUH D

DFHVWRUD SHQWUX XQ DQXPLW LQWHUYDO GH WLPS vQ VFRSXO GHVI úXU ULL HILFLHQWH D DFWLYLW LL

6XSUDHYDOXDUHD QHFHVDUXOXL JHQHUHD]  FRVWXUL VXSOLPHQWDUH SHQWUX GHUXODUHD DFWLYLW LL

FRQFUHWL]DWH vQ GREkQ]L FRPLVLRDQH VSH]H EDQFDUH GDU úL XQ FLUFXLW PDL OHQW YLWH]  GH URWD LH

PDL VF ]XW  FX LPSOLFD LL vQ GLPLQXDUHD UH]XOW atelor financiare finale (profitul). Subevaluarea
QHFHVDUXOXL GHWHUPLQ  SLHUGHUL GLQ vQWUHUXSHUHD DFWLYLW LL FDX]DW  GH OLSVD DFWLYHORU FLUFXODQWH

GDUúLFRVWXULVXSOLPHQWDUHUH]XOWDWHGLQDSURYL]LRQDUHDvQFRQGL LLGHXUJHQ 

1HFHVDUXOVHGHWHUPLQ SH categorii de active circulante:

a) necesarul de materii prime SRDWH IL GHWHUPLQDW GXS  XQ SURFHGHX WHKQRORJLF

QRUPDWLY VDXGXS XQSURFHGHXFRQMXQFWXUDO SURVSHFWLY 

N = cs ∗ Q ∗ p (48.1)

N1 = ( N 0 ± ∆p) ∗ I Q (48.2)

unde: N = necesarul de aprovizionat (procedeu tehnologic);


cs = consumul specific;
Q YROXPXOSURGXF LHLIL]LFH

p SUH XOXQLWDUGHDFKL]L LHDOPDWHULHLSULPH

N1 QHFHVDUXOGHDSURYL]LRQDWSHQWUXDQXOXUP WRU SURFHGeul conjunctural);


N0 = necesarul efectiv pentru anul curent;
∆p YDULD LDSUH XULORUvQWUHFHLGRLDQL

IQ LQGLFHOHYROXPXOXLSURGXF LHLIL]LFH

b) necesarul de materiale
Nm = Nmp ∗ c (49)

unde: Nm = necesarul de materiale;


Nmp = necesarul de materii prime;
C FRWDGHPDWHULDOHODRXQLWDWHGHPDWHULHSULP 

c) necesarul de ambalaje VH SRDWH GHWHUPLQD GXS  XQXO GLQ FHOH GRX  SURFHGHH

PHQ LRQDWHODQHFHVDUXOGHPDWHULLSULPH

N = VQ ∗ a sau N = CA ∗ a (50.1)
N1 = N 0 ∗ I VQ sau N1 = N 0 ∗ ICA (50.2)
47
unde: N = necesarul de ambalaje (procedeul tehnologic);
VQ YDORDUHDSURGXF LHLILQLWH
CA = cifra de afaceri (valoarea desfacerii);
a FRWDDPEDODMHORUvQYDORDUHDSURGXF LHLILQLWHUHVSHFWLYvQFLIUDGHDIDFHUL YDORDUHD

desfacerii);
N1 QHFHVDUXOGHDPEDODMHvQDQXOXUP WRU SURFHGHXOFRQMXQFWXUDO 
N0 = necesarul efectiv pentru anul curent;
IVQ LQGLFHOHYDORULLSURGXF LHLILQLWH
ICA = indicele cifrei de afaceri (valoarea desfacerii).

d) necesarul de piese de schimb


N1 = N 0 ∗ (I u + c) (51)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU


N0 = necesarul efectiv pentru anul curent;
Iu LQGLFHOHYROXPXOXLIL]LFGHDFWLYHIL[HFDUHQHFHVLW SLHVHGHVFKLPE

c  FRHILFLHQW GH FRUHOD LH UHIOHFWkQG FRQVXPXO VXSOLPHQWDU GH SLHVH GH VFKLPE FD

UH]XOWDWDOvPE WUkQLULLDFWLYHORUIL[H

e) necesarul de obiecte de inventar

N1 = N 0 ∗ (1 + c) ∗ IQ (52)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU


N0 = necesarul pentru anul curent;
c  FRHILFLHQW GH FRUHF LH UHIOHFWkQG FUHúWHUHD GH QHFHVDU GH RELHFWH GH LQYHQWDU FD

rezultat al scoaterii din uz a unora din cele existente în anul curent.

f) QHFHVDUXOGHHFKLSDPHQWúLPDWHULDOHGHSURWHF LH

N1 = N 0 ∗ (1 + c) ∗ IF (53)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU


N0 = necesarul pentru anul în curs;
c FRHILFLHQWGHFRUHF LHFXDFHODúLFRQ LQXWFDúLODRELHFWHOHGHLQYHQWDU

IF LQGLFHOHQXP UXOXLGHSHUVRQDO

3HQWUX UD LXQL GH DVLJXUDUH PDWHULDO  RSHUDWLY  GH HYLWDUH D LPRELOL] ULORU LQXWLOH úL GH

HILFLHQ  vQ DIDUD QHFHVDUXOXL DQXDO VH FDOFXOHD]  úL QLYHOXO FXUHQW DO VWRFXOXL $FHVWD VH SRDte
determina:
Nv ∗ T
ƒ vQXQLW LYDORULFH Sv = (54.1)
Z
Nf ∗ T
ƒ vQXQLW LIL]LFH Sf = (54.2)
Z
VQ VQ ∗ d
ƒ în zile S= = (54.3)
n Z
unde: Sv = valoarea stocului;
Nv = necesarul de activ circulant, exprimat valoric;
T WLPSXOGHLPRELOL]DUHDGLF SHQWUXFDUHH[LVW VWRFH[SULPDWvQ]LOH

Z QXP UXOGH]LOHGLQSHULRDGDGHUHIHULQ GDF QHFHVDUXOHVWHFDOFXODWSHQWUXXQDQ

atunci Z = 365;
Sf VWRFXOvQH[SUHVLHIL]LF 
48
Nf = necesarul de activ circulant, exprimat fizic;
VQ YDORDUHDSURGXF LHL
n QXP UXOGHURWD LLvQSHULRDGDGHUHIHULQ 

d GXUDWD vQ]LOH DXQHLURWD LL

Pentru materiile prime timpul de imobilizare include componente specifice: timpul pentru
stocFXUHQW 7VF WLPSSHQWUXVWRFXOGHFRQGL LRQDUH 7F WLPSSHQWUXVWRFXOGHVLJXUDQ  7V 

T = Tsc + Tc + Ts (55)

astfel încât pot fi identificate trei categorii de stocuri:


ƒ VWRFXOFXUHQWHVWHFHOFHSHUPLWHFRQWLQXDUHDDFWLYLW LLvQWUHGRX DSURYL]LRQ ULVXFFHVLYH

ƒ VWRFXO GH FRQGL LRQDUH HVWH FHO FH SHUPLWH FRQWLQXDUHD DFWLYLW LL SH SHULRDGD FkW GXUHD] 

FRQGL LRQDUHDPDWHULHLSULPHVDXPDWHULDOHORU

ƒ VWRFXO GH VLJXUDQ  HVWH FHO FH SHUPLWH FRQWLQXDUHD DFWLYLW LL vQ FD]XO SURGXFHULL ULVFXOXi de
vQWUHUXSHUHDDSURYL]LRQ ULL

)LHFDUH GLQ WLPSLL GH LPRELOL]DUH VH FDOFXOHD]  FD PHGLL DUWLPHWLFH SRQGHUDWH DOH GXUDWHL

VSHFLILFHFXFDQWLW LOHDIHUHQWH

Tsc =
∑ Ci ∗ di (55.1)
∑ Ci

Tc =
∑Cj ∗ dj (55.2)
∑Cj

TS =
∑ Ck ∗ d k (55.3)
∑ Ck
XQGHvQVXP ULOHVHIDFSHPXO LPLOHSHQWUXFDUHDXIRVWGHILQL LLQGLFLLvQFDX] LDU

Ci  FDQWLWDWHD GH PDWHULH SULP   PDWHULDO LQWUDW  OD PRPHQWXO L FRQIRUP ILúHL GH

magazie;
i LQGLFHSHQWUXLGHQWLILFDUHDPRPHQWXOXLXQHLDSURYL]LRQ U i, i ∈ [1, I];
di GXUDWDvQ]LOHGHODLQWUDUHDSUHFHGHQW 

Cj FDQWLWDWHDGHPDWHULHSULP PDWHULDOVXSXV RSHUD LXQLLMGHFRQGL LRQDUH

j  LQGLFH SHQWUX LGHQWLILFDUHD RSHUD LXQLL GH FRQGL LRQDUH M ∈ [ 1, J], respectiv :
VRUWDUHUHGLPHQVLRQDUHXVFDUHGHELWDUHDQDOL] PDWXUDUHHWF

dj GXUDWDvQ]LOHDRSHUD LXQLLMGHFRQGL LRQDUH

Ck FDQWLWDWHDGHPDWHULHSULP PDWHULDOvQWkU]LDW ODDSURYL]LRQDUHDN


k = indice pentru identificarea DSURYL]LRQ ULLvQWkU]LDWHN ∈ [1, K];
dk GXUDWDvQ]LOHDvQWkU]LHULLDSURYL]LRQ ULLN
8WLOL]kQG XQD GLQ FRPSRQHQWHOH WLPSXOXL GH LPRELOL]DUH vQ UHOD LLOH   - (54.2) se

poate determina structura pe aceste componente a nivelXOXL FXUHQW DO VWRFXOXL úL LPSOLFLW HIRUWXO
financiar pentru asigurarea lui.
8QD GLQ SUREOHPHOH GH HILFLHQ  vQ ILQDQ DUHD QHFHVDUXOXL GH DFWLYH FLUFXODQWH vQ

SDUWLFXODU D ILQDQ ULL QLYHOXOXL FXUHQW DO VWRFXOXL HVWH IRUPXODW  VXE IRUPD XQHL SUREOHPH GH

minimizare a costurilor legate de asigurarea necesarului, în particular a nivelului curent al


VWRFXOXL3DUDPHWULLGD LDLSUREOHPHLVXQWSHULRDGDGHUHIHULQ DF UHLGXUDW vQ]LOHRQRW PZ;

necesarul de materii prime, materiale în perioada de referLQ  QRWDW N; costul unitar de stocare,
notat b; cheltuielile presupuse de aprovizionarea unei partide (lot) de materii prime, materiale
etc. în limitele necesarului calculat, notate a. Nivelul curent al stocului depinde de necesarul
FDOFXODWúLGHQXP UXl de partide (loturi), notat l, prin care se face aprovizionarea:

49
S = N/l (56.1)

Expresia costurilor de aprovizionare (Ca), presupunând un consum constant al stocului pe


LQWHUYDOXOGLQWUHGRX DSURYL]LRQ ULVXFFHVLYHHVWH

S
Ca = a ∗ l + ∗b (56.2)
2

FDUH LQkQGVHDPDGH  HVWHRIXQF LHGHIRUPD

Ca = f (l) (56.3)

SHQWUXFDUHFRQGL LDGHPLQLPHVWH

(C’a)l = 0 (56.4)

*
GLQ FDUH VH RE LQH QXP UXO RSWLP GH UHDSURYL]LRQ UL ILH O , FX FDUH VH RE LQ YDORULOH RSWLPH
* *
pentru S , Ca úLLQWHUYDOXOGLQWUHDSURYL]LRQ UL G DGLF

d∗ = Z / l∗ (56.5)

ÌQ FD]XO SURGXVHORU ILQLWH GXUDWD XQHL URWD LL FRQIRUP   VH SRDWH RE LQH WRW SULQWU -o
PHGLHSRQGHUDW

d=
∑ Cl ∗ d l (57)
∑ Cl
unde: Cl FDQWLWDWHDGHSURGXVHILQLWHLHúLW GLQPDJD]LHFXRFD]LDOLYU ULLOFRQIRUPILúHLGH

magazie;
l LQGLFHSHQWUXLGHQWLILFDUHDOLYU ULORUO ∈ [1, L];
dl GXUDWDvQ]LOHSkQ ODOLYUDUHDXUP WRDUH

ÌQ FD]XO SLHVHORU GH VFKLPE QLYHOXO VWRFXOXL FXUHQW VH SRDWH GHWHUPLQD úL SH ED]D XQHL

UHOD LLVSHFLILFH

da
S= ∗ n∗ p∗ k (58)
ds

unde: da = timpul necesar pentru procurarea unei piese de schimb;


ds = durata de serviciu a unei piese de schimb;
n  QXP UXOGHXWLODMHFDUHQHFHVLW  WLSXOGHSLHV GHVFKLPE SHQWUXFDUHVHFDOFXOHD] 

stocul;
p QXP UXOGHSLHVHGHVFKLPEGLQWLSXOPHQ LRQDWQHFHVDUHSHQWUXXQXWLODM

k FRHILFLHQWGHFRUHF LHGHWHUPLQDWSHED]DVWDWLVWLFLORUGLQDQLLSUHFHGHQ L

ÌQ FH SULYHúWH SURGXF LD vQ FXUV GH IDEULFD LH GLPHQVLXQHD HL VH GHWHUPLQ  SH ED]D

FKHOWXLHOLORU LQFOXVH vQ FRVWXULOH GH SURGXF LH SkQ  vQ PRPHQWXO HIHFWX ULL FDOF ulului. Însumarea
FKHOWXLHOLORU GLQ FRQWXUL HVWH vQV  JUHRDLH úL LQFRPRG  GH FHHD FH IRORVHúWH SHQWUX HYDOXDUHD

DFHVWXL WLS GH VWRF UHOD LD GH IRUPD   vQ FDUH YDORDUHD SURGXF LHL VH FDOFXOHD]  OD FRVWXO GH

X]LQ  DGLF  I U  FKHOWXLHOLOH JHQHUDOH DOH ILUPHL úL I U  FKHOWXLHOLOH FRPHUFLDOH  3HQWUX D

vPEXQ W LHYDOXDUHDVHDGDXJ XQFRHILFLHQWPXOWLSOLFDWLY k, exprimând gradul de continuitate a


procesului tehnologic.
8Q SURFHV WHKQRORJLF FRQWLQXX HVWH FHO vQ FDUH IDEULFD LD VH GHUXOHD]  VLPXOWDQ vQ WR ate

50
VHF LLOH  DWHOLHUHOH  FRPSDUWLPHQWHOH ILUPHL 8Q SURFHV WHKQRORJLF GLVFRQWLQXX HVWH FHO vQ FDUH

IDEULFD LDVHGHUXOHD] VHFYHQ LDOQHvQFHSkQGRQRX RSHUD LHSkQ QXVHWHUPLQ FHDvQFXUV

&RQWLQXLWDWHD SURFHVHORU WHKQRORJLFH GHWHUPLQ  HIHFWXDUHD cheltuielilor uniform sau nu,


SXQFWXDO VDXFRQWLQXX DVWIHOvQFkWYDORDUHDSURGXF LHLvQFXUVGHIDEULFD LHHVWHGLIHULW vQUDSRUW

FXPRGXOvQFDUHGHFXUJHHIHFWXDUHDFKHOWXLHOLORU&RHILFLHQWXOGHFRUHF LD k HVWHGLIHUHQ LDWGHOD


caz la caz:
ƒ pentru un proces în care costurile cresc uniform:

C
k= (59.1)
Cf
− C + Cf
C= i (59.2)
2
unde: Ci FRVWXOSURGXF LHODvQFHSXWXOFLFOXOXL
Cf = idem la finele ciclului;

C = costul mediu pe ciclu.
ƒ pentru un proces în care costurile nu cresc uniform:

k=
∑Cj ∗ d j (59.3)
Cf ∗ d

unde: j = indice pentru identificarea fazei din procesul tehnologic, j ∈ [1, J];
Cj = costul mediu pentru faza j;
dj = durata în zile a fazei j;
d GXUDWDFLFOXOXLGHIDEULFD LH

ƒ SHQWUXXQSURFHVvQFDUHSURGXVHOHILQLWHVHYkQGSHSDUFXUVDGLF LPHGLDWGXS ILQLVDUHDORU

DFHDVWDSUHVXSXQHF DIRVWFRPDQGDWXQORWGLQFDUHOLYU ULOHVHIDFVXFFHVLYF WUHEHQHILFLDU

SH P VXUD ILQLV ULL SURGXVHORU DVWIHO vQFkW vQFDV ULOH GLQ YkQ] UL VH IDF FKLDU SH SDUFXUVXO

GHUXO ULLIDEULFD LHL

k=
∑ C j ∗d j − ∑ Vi ∗ ti (59.4)
Cf ∗ d

unde: i LQGLFHSHQWUXLGHQWLILFDUHDOLYU ULORUL ∈ [ 1, I];

Vi = valoarea produselor vândute prin livrarea I;


ti  WLPSXO VFXUV GLQ PRPHQWXO HIHFWX ULL OLYU ULL L úL SkQ  OD ILQHOH SURFHVXOXL GH

IDEULFD LH

ƒ SHQWUXXQSURFHVvQFDUHPDWHULDSULP LQWU WRDW vQIDEULFD LHGHODvQFHSXW

Mp + A
k= (59.5)
Cf

unde: Mp = valoarea materiei prime;


A  FXDQWXPXO DOWRU FKHOWXLHOL HIHFWXDWH SkQ  vQ PRPHQWXO HYDOX ULL SURGXF LHL vQ FXUV

GHIDEULFD LH

1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH VH GHWHUPLQ  SRUQLQG GH OD QHFHVDUXO GH

active circuODQWH úL GH OD VXUVHOH FDUH VXQW PRELOL]DWH vQ PRG QDWXUDO SH SDUFXUVXO GHUXO ULL

DFWLYLW LL GDWRULLF WUHIXUQL]RULGHFRQW ULFXWHU LLúD 

51
Nfac = AC − D (60)

unde: Nfac QHYRLDGHILQDQ DUHDDFWLYHORUFLUFXODQWHQXPLW úLQHYRLD de fond de rulment;


AC = active circulante;
D GHFRQW UL

3HQWUX ILQDQ DUHD VWULFW D IDEULFD LHL DGLF  D H[SORDW ULL VH GHWHUPLQ  QHFHVDUXO SHQWUX

ILQDQ DUHDH[SORDW ULL

Nfe = Ae - Pe (61.1)
Ae = S + C (61.2)
Pe = F (61.3)

unde: Nfe QHFHVDUSHQWUXILQDQ DUHDH[SORDW ULL


Ae = active de exploatare;
Pe = pasive de exploatare;
S = stocuri;
C FUHDQ HúLDVLPLODWH

F IXUQL]RULúLDVLPLODWH

În mod similar se poate deterPLQD QHYRLD GH ILQDQ DUH vQ DIDUD H[SORDW ULL &D DFWLYH vQ

DIDUD H[SORDW ULL VH LDX FHOH GLQ VIHUD FRPHUFLDOL] ULL YH]L FODVLILFDUHD GXS  FULWHULXO E GLQ DFHVW

VXEFDSLWRO LDUFDSDVLYHvQDIDUDH[SORDW ULLVHLDXGHFRQW ULOHFXWHU LL6XPDDFHVWRUGRX QHYRL

GH ILQDQ DUH vQ H[SORDWDUH úL vQ DIDUD H[SORDW ULL  FRQGXFH OD QHYRLD GH ILQDQ DUH D DFWLYHORU

circulante.
1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH úL PDL FX VHDP  QHYRLD GH ILQDQ DUH D

H[SORDW ULLFUHVFGHUHJXO RGDW FXFLIUDGHDIDFHUL'HDFHHDSUHGLF LDDQXDO DDFHVWHLQHYRLVH

SRDWHIDFHGXS UHOD LD

Nfac1 = Nfac0 ∗ I CA (62.1)


Nfe1 = Nfe0 ∗ ICA (62.2)

unde ICA = indicele cifrei de afaceri.

1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH VH SRDWH H[SULPD QX QXPDL YDORULF DúD FXP

UH]XOW GLQUHOD LLOHúL GDUúLvQ]LOHVDXSURFHQWXDO

AC
N% = ∗ 100 (63.1)
CA
AC
NZ = ∗ 365 (63.2)
CA

unde: N% QHYRLDGHILQDQ DUHH[SULPDW SURFHQWXDO


AC = valoarea activelor circulante;
CA = cifra de afaceri;
NZ QHYRLDGHILQDQ DUHH[SULPDW vQ]LOH

ÌQ DFHVWH UHOD LL YDULDELOD $& SRDWH IL vQORFXLW  FX RULFDUH GLQ HOHPHQWHOH HL FRPSRQHQWH

$VWIHO GDF  OX P vQ FRQVLGHUDUH YDORDUHD VWRFXOXL GH PDWHULL SULPH FD QHYRLH GH ILQDQ DUH

DWXQFL GLQUHOD LD  VHRE LQHH[SUHVLD SURFHQWXDO DDFHVWHLQHYRLLDUGLQ   H[SUHVLDvQ

]LOHÌQFD]XOFUHDQ HORUVHRE LQHGXUDWDvQ]LOHDDFHVWRUD

C
Cz = ∗ 365 (64)
CA

52
FXQRWD LLOHXWLOL]DWHPDLVXVH[SULPkQGvQPDUH , durata în zile a creditului comercial acordat de
ILUP ÌQFD]XOGDWRULLORUF WUHIXUQL]RULVHRE LQHGXUDWDvQ]LOHDDFHVWRUD

F
Fz = ∗ 365 (65)
VA

XQGH 9$  YDORDUHD DFKL]L LLORU ,QGLFDWRUXO )] H[SULP  vQ PDUH GXUDWD vQ ]LOH D FUHGLWX lui
FRPHUFLDOSULPLWGHILUP 

3RWULYLWUHOD LLORUúLQHFHVDUXOGHILQDQ DUHSRDWHILQHJDWLY$FHDVWDDUDW F VXUVHOH

GHJDMDWH WHPSRUDU GLQ DFWLYLWDWHD QRUPDO  D ILUPHL VXQW PDL PDUL GHFkW QHFHVDUXO GH DFWLYH

circulante (respectiv necesarul de acWLYH GH H[SORDWDUH  6LWXD LH HVWH IDYRUDELO  GHRDUHFH DUDW 

H[LVWHQ DXQRUVXUVHGHILQDQ DUHGLVSRQLELOH3UDFWLFDILQDQFLDU DUDW F RDVWIHOGH VLWXD LHHVWH

QRUPDO  GDF  YROXPXO GLVSRQLELOXOXL GH VXUVH HVWH vQ OLPLWD D  GLQ YDORDUHD DFWLYXOXL

'HS úLUHDDFHVWHLOLPLWHHVWHFRQVLGHUDW F DWHVW RWHQGLQ GHQHSODW DGDWRULLORU

'LPLQXDUHDQHYRLLSHQWUXILQDQ DUHDDFWLYHORUFLUFXODQWH UHVSHFWLYDQHYRLLGHILQDQ DUHD

H[SORDW ULL  HVWH XQ RELHFWLY GH WDFWLF  ILQDQFLDU  SH FDUH ILUPHOH úL
-l propun vQ PRG FRQVWDQW úL
firesc pentru diminuarea costurilor presupuse de aceasta. Una din practicele curente folosite în
DFHVWVFRSHVWHDFRUGDUHDXQXLUDEDWFOLHQ LORUFDUHDFKLW SHORFFRQWUDYDORDUHDOLYU ULORU5DEDWXO

WUHEXLHDVWIHOVWDELOLWvQFkWV ILHFHOPXOWODQLYHOXOGREkQ]LLSHFDUHILUPDIXUQL]RDUHDUWUHEXLV 

RSO WHDVF XQHLE QFLFRPHUFLDOHSHQWUXDRE LQHXQFUHGLW GHP ULPHDYDORULF DOLYU ULLI FXW 

FOLHQWXOXL HL vQ FD]XO F  DFHVWD QX DU SO WL SH ORF ÌQ FD]XO XQHL OLYU UL GH YDORDUH V, a unei
DPkQ UL D SO LL GH n ]LOH úL D XQHL UDWH GH GREkQG  i VROLFLWDW  GH EDQFD FUHGLWRDUH P ULPHD

rabatului rUH]XOW GLQUHOD LDGHHFKLOLEUX

n
V∗r = V∗ ∗i (66.1)
360
n
r≤ ∗i (66.2)
360

ÌQ P VXUD vQ FDUH FXDQWXPXO UDEDWXOXL HVWH PDL PDUH GHFkW GREkQGD FDUH DU IL SO WLW 

E QFLL ILUPD IXUQL]RDUH LHVH vQ SLHUGHUH FkQG DFFHSW  SODWD SH ORF vQ VFKLPEXO XQXL UDEDW 'DF 

ILUPD DU DFFHSWD DPkQDUHD SO LL FRPSOHWkQGX úL VXUVD GH ILQDQ DUH SULQ FUHGLWXO EDQFDU FRVWXO
-
constituirii sursei ar fi mai mic.

7. 6XUVHGHILQDQ DUHDDFWLYHORUFLUFXODQWH

1HYRLD GH ILQDQ DUH D DFWLYHORU FLUFXODQWH SRDWH IL VDWLVI FXW  GLQ GRX  VXUVH SULQFLSDOH

IRQGXO GHUXOPHQW úLFUHGLWHOHGHWUH]RUHULH)RQGXO GHUXOPHQW FR HVWHRVXUV SURSULH SDrte a


FDSLWDOXOXLSHUPDQHQW FDS,UHOD LD LDUFUHGLWHOHGHWUH]RUHULHVXQWVXUVHvPSUXPXWDWHGHOD

E QFLVXEIRUPDFUHGLWHORUSHWHUPHQVFXUW Cts).
1HYRLDGHILQDQ DUHDDFWLYHORUFLUFXODQWH WUHEXLHV ILHYDORULFHJDO FXVXPDFHORUGRX 

surse
Nfac = FR + Cts (67)

ÌQ FD] FRQWUDU ILH H[LVW  VXUVH vQ H[FHV 1IDF)5&WV  ILH QX VH SRDWH IDFH ILQDQ DUHD

activelor circulante (Nfac>FR+Cts). În primul caz, vor trebui suportate costuri suplimentare,
PDMRUDWHSHQWUXDVLJXUDUHDILQDQ ULLDVWIHOF VHYRUGLPLQXDUH]XOWDWHOHILQDOHÌQDOGRLOHDFD]

QXYRUSXWHDILDVLJXUDWHPLMORDFHOH DFWLYHOHFLUFXODQWH QHFHVDUHGHVI úXU ULLDFWLYLW LLDVWIHOF 

VH YRU vQUHJLVWUD SLHUGHUL GLQ GLPLQXDUHD DFHVWHLD úL HYHQWXDO GLQ QHUHVSHFWDUHD FRQWU actelor de
OLYUDUH SHQDOL] ULGDXQHGHVS JXELUL 

1HYRLD SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH úL IRQGXO GH UXOPHQW VH FDOFXOHD]  GLVWLQFW

YH]LFDS,UHOD LDUHVSHFWLYFDS,,UHOD LLOHúL $VWIHOGLQUHOD LD  VHGHWHUPLQ 

53
crediteOHGHWUH]RUHULHQHFHVDUHFRPSOHW ULLVXUVHORUGHILQDQ DUHDDFWLYHORUFLUFXODQWH
Fondul de rulment VH GHWHUPLQ  YDORULF GLQ UHOD LD PHQ LRQDW  GDU SRDWH IL H[SULPDW úL
procentual (FR%) sau în zile (FRz):
FR
FR % = ∗ 100 (68.1)
CA
FR
FRz = ∗ 365 (68.2)
CA
ÌQH[SUHVLHWHPSRUDO IRQGXOGHUXOPHQWDUDW QXP UXO GH]LOHSHQWUX FDUHHVWHDVLJXUDW 

ILQDQ DUHDDFWLYHORUFLUFXODQWHGLQUHVXUVHSURSULL

2 FKHVWLXQH GH GHFL]LH ILQDQFLDU  SULYLQG IRQGXO GH UXOPHQW HVWH VWDELOLUHD QLYHOXOXL V X

$FHDVW SUREOHP HVWHFRQ LQXW vQSROLWLFDGHVWUXFWXU ILQDQFLDU SUH]HQWDW vQFDS,

'HWHUPLQDUHDQHYRLLGHILQDQ DUHDDFWLYHORUFLUFXODQWHúLDIRQGXOXLGHUXOPHQWVHIDFHQX

numai pentru perioada de gestiune (de obicei - DQXO  FL úL SH VXESHULRDGH GH JHVWLXQH OXQ 
trimestru) pentru a putea corela nevoile cu resursele pentru fiecare dintre acestea.
6WDELOLUHD XQXL IRQG GH UXOPHQW OD QLYHO PLQLP JHQHUHD]  SHQWUX n-1 subperioade de

JHVWLXQH QHYRLD GH FUHGLWH GH WUH]RUHULH (ILFLHQ D XQHL DVHPHQHD GHFL]LL GH ILQDQ DUH HVWH

GHWHUPLQDW  GH UDSRUWXO vQWUH UHQWDELOLWDWHD DVLJXUDW  GH DFWLYLWDWHD ILUPHL UHQWDELOLWDWHD

HFRQRPLF  re úLUDWDGHGREkQG DIHUHQW FUHGLWHORUGHWUH]RUHULH d):

a) re > d DVLJXU  XQ SOXV HIHFWLY GH SURILW GHRDUHFH FUHG itul folosit în "afacerea" firmei
SURGXFHXQUH]XOWDWPDLPDUHGHFkWFRVWXOXWLOL] ULLOXL

b) re < d SURGXFHRSLHUGHUHHIHFWLY GHSURILW

Decizia de stabilire a unui fond de rulment la nivel maxim face ca în n-1 subperioade de
JHVWLXQH V H[LVWH UHVXUVH GH ILQDQ DUH GLVSRQLELOHDGLF  DSDUH R QHYRLH GH SODVDPHQW SH WHUPHQ

VFXUW (ILFLHQ D XQHL DVHPHQHD GHFL]LL GH ILQDQ DUH GHSLQGH GH UDSRUWXO vQWUH UHQWDELOLWDWHD

HFRQRPLF DILUPHLúLUDWDSODVDPHQWHORU p):


F GDF UH!S se produce o pierdere prezumptLY  GH SURILW SLHUGHUHD DSDUH SHQWUX F  XWLOL]DUHD
disponibilului se face într-RDIDFHUHFDUHG XQFkúWLJVXEFHODVLJXUDWGHSURSULD
ILUP  SLHUGHUHD HVWH SUH]XPSWLY  SHQWUX F  GLQ FDX]D GHFL]LHL GH ILQDQ DUH OD

nivel maxim, resursa proprie este în e[FHVID  GH QHYRLDHIHFWLY  úL GHFL RULFXP

HD QX HUD IRORVLW  vQ SURSULD DIDFHUH SHQWUX D QX GHYHQL R UHVXUV  WRWDO

QHIRORVLW   UHVSHFWLYXO GLVSRQLELO HVWH IRORVLW DGXFkQG XQ SURILW HIHFWLY p úL R
SLHUGHUHSUH]XPSWLY  r-p.
G GDF UHS se produce uQFkúWLJHIHFWLYGHSURILW

'HFL]LD FHO PDL GHV vQWkOQLW  vQ SUDFWLFD ILQDQFLDU  HVWH FHD FDUH SUHYHGH ILQDQ DUHD SULQ

IRQGXOGHUXOPHQWODXQQLYHOPHGLX YH]LúLFDS, 'HFL]LDHVWHLQFOXV vQSROLWLFDILQDQFLDU D

ILUPHL úL VH UHIHU  OD DVSHFWHOH GH VWUXFWXU  ILQDQFLDU  2ELHFWXO HL HVWH GH D SUHFL]D GDF  ILUPD

IRORVHúWHVDXQXFDSLWDOvPSUXPXWDWúLGDF GDvQFHP VXU 3DUDPHWULLFHFRQGL LRQHD] DFHDVW 

GHFL]LH VXQW UDWD UHQWDELOLW LL HFRQRPLFH D ILUPHL UDWD SODVDPHQWHORU úL UDWD GREkQ]LL SH SLD D

PRQHWDU 

În analiza economico-ILQDQFLDU  úL vQ DSUHFLHUHD FDOLW LL DFWLYLW LL ILQDQFLDUH D XQHL

ILUPH IRQGXO GH UXOPHQW HVWH SXWHUQLF OHJDW GH FDUDFWHULVWLFD GH OLFKLGLWDWH DGLF  GH FDSDFLWDWHD

firmei de a-úLSXWHDWUDQVIRUPDUDSLGúLI U SLHUGHUHGHYDORDUHPLMORDFHOHPDWHULDOHFUHDQ HOH

WLWOXULOH FRPHUFLDOH PRQHWDUH VDX ILQDQFLDUH SH FDUH OH SRVHG  vQ PRQHG  EDQL OLFKL]L VDX

PLMORDFH DJUHDWH SHQWUX D IDFH SO L 3HQWUX FDUDFWHUL]DUHD OLFKLGLW LL VXQW XWLOL]D L PDL IUHFYHQW

XUP WRULLLQ dicatori:

54
a) UDWDOLFKLGLW LLJHQHUDOH

AC
rlg = (69)
Dts
unde: AC = active circulante;
Dts = datorii pe termen scurt.

$FHVWLQGLFDWRUDUDW vQFHP VXU vPSUXPXWXULOHSHWHUPHQVFXUWFUHGLWHOHGHWUH]RUHULH

sunt acoperite, garDQWDWHSULQPLMORDFHH[LVWHQWHvQILUP 'DF UOJvQVHDPQ F ILUPDQXDUH

JDUDQ LHPDWHULDO VXILFLHQW SHQWUXPDVDFUHGLWHORUGHWUH]RUHULHSHFDUHDDQJDMDW R6LWXD LDHVWH


-
QHIDYRUDELO  SHQWUX ILUP  GHRDUHFH FUHGLWRULL UHFHS LRQHD]  OLSVD GH JDUDQ LH PDWHULDO  úL vúL

DWHQXHD]  vQFOLQD LD GH  D DFRUGD FUHGLWH VDX vQ VSUHVF FRQGL LLOH GH FUHGLWDUH 3H GH DOW  SDUWH

FRUHOD LDQHIDYRUDELO vQWUHUHVXUVHOHúLXWLOL] ULOHSHWHUPHQVFXUWvQVHDPQ vQF OFDUHDUHJXOLLGH

DXUDUHOD LHLWHPSRUDOHvQWUHDF estea (cap. I.5).

b) rata de ILQDQ DUHDDFWLYHORUFLUFXODQWH

FR
rfac = (70)
AC
$FHVW LQGLFDWRU DUDW  vQ FH P VXU  DFWLYHOH FLUFXODQWH VXQW ILQDQ DWH GLQ IRQGXO GH

UXOPHQW DGLF  GLQ VXUVHOH FX FDUDFWHU SHUPDQHQW &RPSOHPHQWDUD ID  GH unitate a acestui
LQGLFDWRUDUDW P VXU vQFDUHDFWLYHOHFLUFXODQWHVXQWILQDQ DWHGLQVXUVHvPSUXPXWDWHSHWHUPHQ

VFXUW 6WUXFWXUD ILQDQ ULL DFWLYHORU FLUFXODQWH LQFOXGH GRX  FRPSRQHQWH VXUVH SHUPDQHQWH úL

surse pe termen scurt, iar raportul între eleVHFDOFXOHD] DVWIHO

rfac
sfac = (70.1)
1 − rfac

c) rata de acoperire a stocurilor


FR
ras = (71)
S
unde S = valoarea stocurilor.
$FHVWLQGLFDWRUDUDW vQFHP VXU VWRFXULOHVXQWILQDQ DWHGLQVXUVHSHUPDQHQWH6WRFXULOH

repre]LQW vQPRGQRUPDOFRPSRQHQWDFHDPDLLPSRUWDQW DDFWLYHORUFLUFXODQWHPDWHULLSULPH

PDWHULDOHSURGXF LHvQFXUVGHIDEULFD LHDPEDODMHSURGXVHILQLWH3UDFWLFDILQDQFLDU DVHOHFWDW

vQ WLPSFDYDORDUH X]XDO QRUPDO DDFHVWXLLQGLFDWRUYDORDU ea de 0,65 -FHHDFHvQVHDPQ 

F ILQDQ DUHDVWRFXULORUHVWHELQHV VHIDF vQP VXU GH -70% din surse permanente.
6XE DFHDVW  YDORDUH VWRFXULOH DU IL ILQDQ DWH vQ SUHD PDUH P VXU  GLQ VXUVH SH WHUPHQ

VFXUW vQ VLWXD LD vQ FDUH FLUFXLWXO HFRQRPLF


ar fi perturbat, firma s-ar confrunta cu împrejurarea
F  QX DU SXWHD UHWXUQD OD VFDGHQ  FUHGLWHOH OXDWH SHQWUX D úL ILQDQ D DFWLYHOH FLUFXODQWH
-
Perturbarea circuitului economic are în vedere amânarea momentului la care sunt realizate
YkQGXWH úL vQFDVDWH) produsele finite rezultate din acest circuit. Or, amânarea acestui moment,

vQVHDPQ  GH D QX GLVSXQH OD GDWD VFRQWDW  GH vQFDV ULOH SUH]XPDWH SULQ YkQ] UL úL GHFL GH D QX

SXWHD RQRUD UDPEXUVDUHD FHO SX LQ D XQHL S U L GLQ FUHGLWHOH GH WUH]RUHULH 9DORUL sub 65-70%
P UHVFULVFXOGHLQVROYDELOLWDWH

3HVWH YDORDUHD FRQVLGHUDW  QRUPDO  VWRFXULOH DU IL ILQDQ DWH vQ SUHD PDUH P VXU  GLQ

VXUVHOHSHUPDQHQWHFXHIHFWHOHQHJDWLYHSHFDUHOHSUHVXSXQHvQF OFDUHDUHJXOLLGHDXUSHFDUH

DPPHQ LRQDW -o mai sus.


Creditele VXQW R DOW  VXUV  LPSRUWDQW  SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH

'HWHUPLQDUHDFXDQWXPXOXLORUVHIDFHSHWRWDOSHULRDG GHJHVWLXQHúLSHVXESHULRDGHGHJHVWLXQH

GH UHJXO  FRQIRUP UHOD LHL   ÌQ P VXUD vQ FDUH VH LDX vQ FRQVLGHUDUH SDVLYH le stabile (sursele
DWUDVH  QHFHVDUXO SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH VH GLPLQXHD]  FX GLPHQVLXQHD DFHVWRUD

55
DVWIHOvQFkWúLFXDQWXPXOFUHGLWHORUQHFHVDUHVHYDGLPLQXDFRUHVSXQ] WRU

6XUVHOHSHQWUXDFRSHULUHDQHFHVDUXOXLILQDQ ULLDFWLYHORUFLUF ulante, peste nivelul asigurat


SULQIRQGXOGHUXOPHQWVXQWvQFHDPDLPDUHSDUWHvPSUXPXWDWHGHODE QFLVXEIRUPDFUHGLWHORU

'XUDWD PRELOL] ULL ORU HVWH GH UHJXO     ]LOH SXWkQG DMXQJH SkQ  OD XQ DQ 5DPEXUVDUHD
-
acestor credite se face din rezultaWHOH RE LQXWH OD vQFKHLHUHD RSHUD LXQLORU GH H[SORDWDUH SHQWUX D
F URU UHDOL]DUH DX IRVW VROLFLWDWH UHVSHFWLYHOH FUHGLWH 'H H[HPSOX YkQ]DUHD XQRU P UIXUL

lichidarea unui stoc, livrarea unui lot de produse finite etc. Dobânzile aferente sunt incluse în
cRVWXOEXQXULORUUHVSHFWLYHúLVXQWDVWIHOUHFXSHUDWHSULQvQV úLRSHUD LXQHDGHYkQ]DUHúLvQFDVDUH
În cazul creditelor pe termen lung rambursarea, inclusiv dobânzile aferente, se face din
UH]XOWDWHOHILQDQFLDUHILQDOHDOHILHF UXLDQGHJHVWLXQHDGLF din profit.

ÌQ FDWHJRULD FUHGLWHORU HVWH LQFOXV úL FUHGLWXO FRPHUFLDO GDU vQ JHQHUDO DFHVWD DUH R

SRQGHUH UHGXV  úL HVWH GH UHJXO  vQ FRQWUDSDUWLG  FX FUHDQ HOH SH FDUH OH DFFHSW  DJHQWXO

HFRQRPLF vQ UHOD LD FX FOLHQ LL V L DFFHSWDUHD XQHL OLYU UL FX SODWD XOWHULRDU  UHVSHFWLY FX

IXUQL]RULL Y UVDUHDXQXLDYDQVvQFRQWXOXQHLYLLWRDUHOLYU UL 

&UHGLWHOH EDQFDUH SH WHUPHQ VFXUW U PkQ ED]D VXUVHORU vPSUXPXWDWH $FHVWH FUHGLWH VXQW

GLYHUVLILFDWHFDGXUDW FDRELHFWJDUDQ LHHWF

Pentru completarea GLVSRQLELOLW LORU E QHúWLWHPSRUDUOLSV VDXLQVXILFLHQWHVXQWDSHODWH


DúD - numitele credite generale 2ELHFWXO ORU HVWH vPEXQ W LUHD VLWXD LHL GH FDV  D WUH]RUHULHL 
úL QX VH GDX vQ JHQHUDO FX JDUDQ LH FL QXPDL SH ED]D FDOLW LL OLFKLGLW LL SH Wermen scurt,

UHVSHFWLY D FDOLW LL DFWLYLW LL ILQDQFLDUH D ILUPHL 6XQW SUDFWLFDWH PDL PXOWH IRUPH DOH DFHVWRU

credite, dintre care mai uzuale sunt:


ƒ FUHGLWHSHQWUXIDFLOLW LGH FDV , cu durata de 1-]LOHSHQWUX FD ILUPDV QXLQWUHvQOLSV GH

lichidit L
ƒ credite pentru descoperire, cu durata de 30- ]LOH SHQWUX FD ILUPD V  QX LQWUH vQ OLSV  GH

GLVSRQLELOvQFRQWXOGHODEDQF 

ƒ credite releu DFRUGDWH SHQWUX D FUHD GLVSRQLELOLW L GH SODW  vQ FRQWXO XQRU LQWU UL VLJXUH GDU

mai târzii; de exemplu, îQFDV ULGLQYkQ]DUHDXQRUWLWOXULILQDQFLDUH


3HQWUX FRPSOHWDUHD VXUVHORU QHFHVDUH GHUXO ULL DFWLYLW LL FXUHQWH VXQW DSHODWH creditele

pentru activitatea de exploatare 2ELHFWXO ORU HVWH UHIDFHUHD VXUVHORU GH ILQDQ DUH úL VH DFRUG 
fie în baza unor efecte FRPHUFLDOH GH LQXWH GH VROLFLWDWRUXO GH FUHGLW ILH vQ ED]D XQRU VWRFXUL
PDWHULDOH SH FDUH DFHVWD OH GH LQH (IHFWHOH FRPHUFLDOH VXQW GRFXPHQWH FDUH DWHVW  R GDWRULH D

XQXL WHU  ID  GH VROLFLWDWRUXO GH FUHGLW ELOHW OD RUGLQ WUDW  FDPELH VFULVRDUH GH VFKLPE SROL 

etc. Sunt practicate mai multe forme ale acestor credite, dintre care uzuale sunt:
• creditul de scont SULQ FDUH SRVHVRUXO XQXL HIHFW FRPHUFLDO vO FHGHD]  E QFLL vQDLQWH GH

VFDGHQ  SULPLQG vQ VFKLPE FRQWUDYDORDUHD HIHFWXOXL GLPLQXDW  FX R VXP  QXPLW  VFRQW 

UHSUH]HQWkQG LQWHUHVXO E QFLL SHQWUX LQWHUYDOXO vQ FDUH FUHGLWXO vL HVWH vQ VDUFLQ  OD VFDGHQ 

EDQFDvúLUHFXSHUHD] EDQLLGHODHPLWHQWXOHIHFWXOXLLDUvQFD]GHQHVROYDELOLWDWHDDFHVWXLDVH

SRDWHvQWRDUFHDVXSUDFHOXLF UXLDL -aVFRQWDWHIHFWXOR YDULDQW SDUWLFXODU DDFHVWHLIRUPH

GHFUHGLW HVWH VFRQWDUHDXQXL HIHFWFRPHUFLDOFXPXODWLYHPLVGHXQDJHQWHFRQRPLFFHGH LQH

PDLPXOWHHIHFWHFRPHUFLDOHSULPDUHEDQFDSUHLDHIHFWXOFXPXODWLYúLRIHU XQFUHGLWvQED]D

H[LVWHQ HL JDUDQ LHL F  HPLWHQWXO DFHVWXLD DUH GH I FXW vQFDV UL YLLWRDUH FHUWLILFDWH GH

SRUWRIROLXO GH HIHFWH PRELOL]DW vQ HIHFWXO FXPXODWLY OD VFDGHQ  EDQFD SUHWLQGH UDPEXUVDUHD

de la emitentul respectivului efect cumulativ;


• creditul pe stocuri, prin care solicitatRUXOGHFUHGLW GLVSXQHGH XQVWRFGHPDUI vQFDUHúL -a
LPRELOL]DWSURSULLOHUHVXUVHDVWIHOvQFkWODXQPRPHQWGDWDUHQHYRLHGHGLVSRQLELOLW LSHFDUH

QX úL OH SRDWH UHJHQHUD VDX QX GRUHúWH vQF  V  OH GHJDMH]H GLQ UHVSHFWLYXO VWRF GRFXPHQWXO

specificDFHVWXLWLSGHFUHGLWVHQXPHúWHZDUDQWVWRFXOVHSRDWHDIODvQWU-un depozit propriu al


solicitatorului de credit sau într-XQGHSR]LWVSHFLDOL]DWDJUHDWGHEDQF FRQGL LDHVHQ LDO HVWH
FD VWRFXO V  SRDW  IL YHULILFDW RULFkQG GH F WUH EDQF  úL RULFH PLúFDUH D DFHVWXLD V  ILH I FXW 

QXPDLFXDFRUGXOE QFLL

3HQWUXDOWHWLSXULGHRSHUD LXQLFRPSOHWDUHDUHVXUVHORUILQDQFLDUHVHSRDWHIDFHDSHOkQGOD

FUHGLWHSHQWUXRSHUD LLVSHFLDOH , dintre care uzuale sunt:

56
• creditul documentar SHQWUX RSHUD LXQL GH FRPHU  LQWHUQD LRQDO vQ FDUH H[SRUWDWRUXO VROLFLW 

SODWDSHORFODOLYUDUHDP UILLLPSRUWDWRUXOVROLFLW GHODEDQFDVDXQFUHGLWSHFDUHDFHDVWDvO

IDFHGLVSRQLELOODEDQFDH[SRUWDWRUXOXL DFHDVWDYLUHD] EDQLL vQFRQWXOH[SRUWDWRUXOXL vQED]D

SUH]HQW ULL GH F WUH DFHVWD D GRFXPHQWHORU GH H[SHGLHUH D P UILL FkQG PDUID DMXQJH OD

importator, acesta stinge creditul;


• credit pentru nevoi sezoniere FDUH HVWH VROLFLWDW SHQWUX DSURYL]LRQ UL FDUH QX SRW IL I FXWH
decât într-un anumit interval de timp pentru nevoi careVHvQWLQGSHRSHULRDG PXOWPDLOXQJ 
GH H[HPSOX DSURYL]LRQDUHD FX VHPLQ H GH IORDUHD VRDUHOXL OD UHFROWDUHD DFHVWHLD SHQWUX

producerea de ulei pe tot parcursul anului) sau pentru producerea unui bun pe parcursul unei
perioade mai lungi de timp urmând cD YkQ]DUHDV  VH IDF  VH]RQLHUFUHGLWXO VHHOLEHUHD]  vQ
ED]DGRFXPHQWHORUFHDWHVW DSURYL]LRQDUHDVDXILQDOL]DUHDXQXLORWGHSURGXF LHUDPEXUVDUHD

VH IDFH SH P VXUD YDORULILF ULL SURGXF LHL IDEULFDWH FX PDWHULLOH SULPH  PDWHULDOH

aprovizionate prin cUHGLWUHVSHFWLYDYkQ] ULLvQVH]RQDSURGXF LHLVWRFDWH


• credit pentru nevoi pasagere GH GXUDW  PD[LP  GH  ]LOH QHYRL UH]XOWDWH LQGHSHQGHQW GH
YRLQ DGHELWRUXOXLFDXUPDUHD DSDUL LHLXQHLREOLJD LLGHSODW SHVWHFHOHSUHY ]XWH vQSODQXO

GH FDV  OXQDU VDX WULPHVWULDO GH H[HPSOX R PDUI  FRPDQGDW  FX WHUPHQ GH OLYUDUH IL[DW úL

H[SHGLDW GHIXUQL]RUvQDYDQVvQDOW WULPHVWUX OXQ GHFkWFHO FHD FRQYHQLW FXFOLHQWXO

UDPEXUVDUHD FUHGLWXOXL VH IDFH OD GDWD SUHY ]XW  vQ SODQXO GH FDV  SHQWUX HIHFWXDUHD SO LL vQ

FDX] 

$FRSHULUHD QHYRLL GH ILQDQ DUH D DFWLYHORU FLUFXODQWH VH SRDWH IDFH úL GLQ surse atrase,
DO WXUL GH FHOH SURSULL IRQGXO GH UXOPHQW  úL FHOH vPSUXPXWDWH FUHGLWHOH  $FHVWH VXUVH QXPLWH

pasive stabile, sunt reprezentate de datorLDPLQLP SHFDUHRDUHRILUP SHXQLQWHUYDOGHWLPS

GDW FD UH]XOWDW DO GHFDODMXOXL vQ WLPS vQWUH GDWD FUH ULL XQHL REOLJD LL úL GDWD VWLQJHULL DFHVWHLD

$VWIHO GH REOLJD LL DSDU vQ OHJ WXU  FX SODWD VDODULLORU SODWD LPSR]LWHORU úL WD[HORU OD EXJHW S lata
unor furnizori etc.
ÌQ OHJ WXU  FX VDODULLOH SODWD DFHVWRUD VH IDFH GH UHJXO  FKHQ]LQDO DGLF  GH GRX  RUL SH

OXQ  2EOLJD LD ILUPHL ID  GH VDODULD L VH FRQVWLWXLH ]LOQLF XUPDUH D IDSWXOXL F  DFHúWLD SURGXF

în fiecare zi. Salariul datorat de fLUP  SHQWUX DFWLYLWDWHD SUHVWDW  GH VDODULD LL V L vQ ]LXD z între
GRX  FKHQ]LQH U PkQH OD GLVSR]L LD ILUPHL SkQ  OD GDWD FKHQ]LQHL ILH c DGLF  XQ QXP U GH c-z
]LOHúLSRDWHILIRORVLWSHQWUXILQDQ DUHDXQRUQHYRLWHPSRUDUHSHWRWDFHVWLQWHUYDO

În leJ WXU  FX SO LOH ILVFDOH GDWHOH GH SODW  VXQW VWDELOLWH SULQ OHJH úL SkQ  OD UHVSHFWLYD

VFDGHQ  ILUPD SRDWH XWLOL]D VXPHOH UHVSHFWLYH SHQWUX ILQDQ DUHD DFWLYLW LL HL FXUHQWH 'H SLOG 

LPSR]LWXO SH SURILW WUHEXLH Y UVDW OXQDU OD ILQHOH OXQLL )LUPD YLQGH SURGXVH ]LOQLF úL vQFDVHD] 

SURILWSHQWUXFDUHDUWUHEXLV SO WHDVF LPSR]LWGDUIDFHDFHVWOXFUXGRDURVLQJXU GDW ODILQHOH

OXQLLDVWIHOSHQWUXYkQ] ULOHGLQ]LXD DXQHLOXQLLPSR]LWXOGDWRUDWSHSURILWU PkQHODGLVSR]L LD


z
firmei un timp de 30-z zile.
ÌQ OHJ WXU  SODWD XQRU IXUQL]RUL SDVLYHOH VWDELOH DSDU vQ FD]XO IXUQL]RULORU GH XWLOLW L

HQHUJLH WHOHIRQ DEXU DS  LQGXVWULDO  DS  FDOG  JD]H HWF  3UHVWDUHD DFHVWRU VHUYLFLL VH IDFH

]LOQLF GDU ILUPD SO WHúWH GH UHJXO  OXQDU OD R GDW  VWDELOLW  SULQ FRQWUDFWXO GH SUHVWDUH

&RQWUDYDORDUHD SUHVW ULORU ]LOQLFH U PkQH OD GLVSR]L LD ILUPHL SkQ  OD GDWD VFDGHQ HL GH SODW  D

facturii.
'HILQLUHDSDVLYHORUVWDELOHODQLYHOXOGDWRULHLPLQLPHHVWHPRWLYDW GHIDSWXOF DFHDVWDúL

numai aceasta SRDWH IL OXDW  vQ FRQVLGHUDUH FD VXUV  GH ILQDQ DUH FX FDUDFWHU VWDELO SH SDUFXUVXO

XQHL SHULRDGH  VXESHULRDGH GH JHVWLXQH DQ WULPHVWUX OXQ  6XPHOH FH GHS úHVF PLQLPXO QX

VXQW GLVSRQLELOH GHFkW SH IUDF LXQL DOH XQHL DVWIHO GH SHULRDGH RU GHWHUPLQD rea necesarului de
ILQDQ DUHQXVHIDFHSHIUDF LXQLDOHDFHVWHLSHULRDGHúLGHDFHHDVXPHOHFDUHQXVXQWGLVSRQLELOH

pe întregul ei nu pot fi folosite pentru acoperirea respectivului necesar.


&DOFXOXO SDVLYHORU VWDELOH VH SRDWH IDFH GXS  PDL PXOWH SURFedee, din care vom aminti

GRX PDLX]XDOHSURFHGHXOQXP UXOXLGH]LOHúLSURFHGHXOVROGXULORU]LOQLFH

3URFHGHXOQXP UXOXLGH]LOHSUHVXSXQHFXQRDúWHUHDP ULPLLREOLJD LHLGHSODW  O úLD


QXP UXOXL GH ]LOH  FH WUHF vQWUH PRPHQWXO FUH ULL DFHVWHL REOLJD LL úL GDWD SO
t LL 9DORDUHD

pasivului stabil este:

57
t
PS = ∗O (72)
z

XQGH] QXP UXOGH]LOHGLQSHULRDGDGHJHVWLXQH VDXVDX 

8QDVWIHOGHSURFHGHXHVWHGLUHFWSHQWUXFD]XOFkQGREOLJD LDGHSODW  VXP úLGDWDOLPLW 

sHQRWLILF SULQWU XQDFWHPLVGHEHQHILFLDUXOvQFDV ULLRIDFWXU DVRFLHW


- LLGHHQHUJLHHOHFWULF 

R vQúWLLQ DUH GH SODW  D XQXL LPSR]LW SH FO GLUL HWF ÌQ DOWH FD]XUL FD GH H[HPSOX REOLJD LLOH GH

SODW  D VDODULLORU DSOLFDUHD SURFHGHXOXL WUHEXLH V  LQ  VHDPD F  SDVLYXO VWDELO HVWH GDWRULD

PLQLP ÌQILHFDUHGLQ]LOHOHXQHLFKHQ]LQHREOLJD LDGHSODW HVWHDOWDFDúLWLPSXOvQFDUHILUPD

SRDWHIRORVL VXPHOH GDWRUDWH $VWIHO vQ ]LXD LPHGLDW XUP WRDUH FKHQ]LQHLREOLJD LD GH SODW  HVWH

fondul de salariL ]LOQLFH IV]  LDU GLVSRQLELOLWDWHD OXL HVWH GH  ]LOH 3H  ]L FH WUHFH REOLJD LD VH
DPSOLILF  2 ∗ fsz;3 ∗ fsz HWF LDUGLVSRQLELOLWDWHDVHUHGXFH ]LOH]LOHHWF 3RWULYLWUHOD LHL

 PLQLPXOREOLJD LHLHVWHFHOGLQSULPD]LGHGXS FKHQ]LQ úLQXPDLDFHVWDWUHEXLHFRQVLGHUDW

în cuantumul pasivelor stabile ale firmei. Într-DGHY U

14 13 12 14
min[fsz ∗ ;2fsz ∗ ;3fsz ∗ ;...] = fsz ∗
15 15 15 15

/DQLYHOXOILUPHLSHQWUXXQLQWHUYDOGHJHVWLXQHGDW OXQ WULPHVWUXDQ SDVLYHOHVWDELOH

VH GHWHUPLQ  SULQ vQVXPDUHD YDORULORU GHWHUPLQDWH GLVWLQFW SHQWUX ILHFDUH GLQ REOLJD LLOH GH SODW 

FH DSDU SH SDUFXUVXO UHVSHFWLYXOXL LQWHUYDO ÌQ SUDFWLFD ILQDQFLDU  SDVLYHOH VWDELOH VH GHWHUPLQ 

SHQWUX ILHFDUH OXQ  úL VXQW OXDWH FD VXUV  GH ILQDQ DUH SHQWUX OXQD SHQWUX FDUH DX IRVW FDOF ulate.
3HQWUX XQ WULPHVWUX VH FRQVLGHU  GUHSWFXDQWXPWULPHVWULDODO SDVLYHORU VWDELOH QLYHOXO ORU PLQLP

vQWUH FHOH WUHL OXQL FH IRUPHD]  WULPHVWUXO LDU SHQWUX XQ DQ VH FRQVLGHU  GUHSW FXDQWXP DQXDO DO

lor nivelul minim între cele patru trimestre ce formeD] DQXO


Procedeul soldurilor zilnice HVWH PDL HODERUDW úL PDL H[DFW &DOFXOXO VH HIHFWXHD] 
SHQWUXWULPHVWUXOFXDFWLYLWDWHPLQLP DFFHSWkQGX-VHLSRWH]DF REOLJD LLOHGHSODW VXQWPLQLPH

vQDFHVWWULPHVWUX6HGHWHUPLQ WLSXULOHGHREOLJD LLLGHQWLIicabile prin indicele j (j=1, 2, …., J),

cuantumul trimestrial al lor, fie OtjúLREOLJD LDPHGLH]LOQLF ILHOj;

OTj
Oj = (73)
90

Pentru fiecare zi z ] « GLQWULPHVWUXSRWILGHILQLWHGRX JUXSHGHREOLJD LL


ƒ cele care sunt scadente în ziua z, identificabile prin indicele j ∈ Jzs;
ƒ cele care nu sunt scadente în ziua z, identificabile prin indicele j ∈ JznvQWUHFHOHGRX PXO LPL
H[LVWkQGUHOD LD

Jzs U Jzn = MJ

unde M -HVWHPXO LPHDvQFDUHLQGLFHOHMSRDWHOXDYDORULúLDOF UHLFDUGLQDOHVWH-ÌQWUXFkW]LOQLF

VHPRGLILF REOLJD LLOHVFDGHQWHVWUXFWXUDPXO LPLORU-zVHPRGLILF vQPRGFRUHVSXQ] WRUGHODR

zi la alta.
3HQWUX ILHFDUH ]L GLQ OXQ  VH GHWHUPLQ  FXDQWXPXO REOLJD L ilor care sunt disponibile în
respectiva zi:
Oz = ∑ Oj ∗ nj − ∑Oj ∗ n j (74)
j∈J Zn j∈J Zs

unde: Oz FXDQWXPXOREOLJD LLORUGLVSRQLELOHvQ]LXD]] «

nj QXP UXOGH]LOHVFXUVHGHODGDWDXOWLPHLSO LSHQWUXREOLJD LDGHWLSM

6  REVHUY P F  SHQWUX REOLJD LLOH VFDGHQWH vQ ]LXD ] QXP UXO GH ]LOH Qj (j ∈ Jzs) este
GXUDWDvQ ]LOHDLQWHUYDOXOXLvQWUHGRX VFDGHQ HSHQWUX REOLJD LLOH QHVFDGHQWHvQ]LXD]QXP UXO

58
de zile nj (j ∈ Jzn) este durata în zile a interYDOXOXL VFXUV vQWUH XOWLPD VFDGHQ  úL GDWD FXUHQW 

DGLF ]LXD] 

Pasivele stabile aferente lunii l O  GLQWULPHVWUXVHGHWHUPLQ GXS UHOD LD

PSl = min Oz (74.1)


LDUSDVLYHOHVWDELOHDIHUHQWHWULPHVWUXOXL V QHUHDPLQWLPF HVWHWULPHVWUXOFXDFWLYLWDWHPLQLP 

VHGHWHUPLQ GXS UHOD LD

PSt = min PSl (74.2)


úLUHSUH]LQW SDVLYHOHVWDELOHDQXDOH

59
BUGETUL DE STAT

FWLYLWDWHD HFRQRPLF  VH GHVI úRDU  vQ ILHFDUH DU  SRWULYLW XQXL PHFDQLVP SURSULX

A QXPLW PHFDQLVP HFRQRPLF úL FDUH UHSUH]LQW  XQ VLVWHP GH PHWRGH GH FRQGXFHUH

HFRQRPLF  GH RELHFWLYH FH GHWHUPLQ  FRQGXFHUHD úL GH VWUXFWXUL RUJDQL]DWRULFH LQVWLWX LRQDOH

VXSUDVWUXFWXUDOH MXULGLFH  SULQ FDUH VH HIHFWXHD]  FRQGXFHUHD ÌQ DFHVW VLVWHP GH FRQGXFHUH VH

LQFOXG SULQFLSLLOH IXQGDPHQWDOH GH FRQGXFHUH RUJDQL]DUHD HFRQRPLHL úL FRQH[LXQLOH vQWUH

FRPSRQHQWHOH DFHVWHLD VLVWHPXO SLH HL FULWHULLOH GH HILFLHQ  SkUJKLLOH HFRQRPLFH VLVWHPXO

LQIRUPD LRQDO

3ULQFLSDOD IXQF LH D DFHVWXL PHFDQLVP HVWH FHD GH FRQGXFHUH úL UHJODUH D SURFHVHORU

HFRQRPLFH FRQGL LRQDWHGH UDSRUWXULOH GH LQWHUHVH 8Q URO LPSRUWDQW vQ UHDOL]DUHD DFHVWHL IXQF LL

UHYLQH SLH HL FRQFXUHQ LDOH SH FDUH VH UHJOHD]  UDSRUWXO GH LQWHUHVH SULQ SDUWLFLSDUHD DJHQ LORU

HFRQRPLFL OD IRUPXODUHD FHUHULL úL RIHUWHL OD vQI SWXLUHD ORU úL D HFKLOLEUXOXL HFRQRPLF ÌQ DFHVW

FRQWH[WXQUROvQVHPQDWUHYLQHúLVWDWXOXLvQGRX LSRWH]HDJHQWHFRQRPLF prin nimic deosebit de


FHHD FH UHSUH]LQW  FD GUHSWXUL DWULEX LL úL REOLJD LL  RULFDUH DOW DJHQW HFRQRPLF GDU úL FD

DXWRULWDWH SXEOLF  FH FUHHD]  úL H[HUFLW  FDGUXO OHJLVODWLY úL SRDWH LQIOXHQ D GHUXODUHD

PHFDQLVPXOXL HFRQRPLF SULQ vQV úL IRU D VD HFRQRPLF  SUHFXP úL SULQ SkUJKLLOH HFRQRPLFR -
ILQDQFLDUH OD FDUH SRDWH DSHOD FD GH H[HPSOX SkUJKLD ILVFDO  SkUJKLD YDPDO  SkUJKLD

FKHOWXLHOLORU SXEOLFH $FHVWH SkUJKLL VH DGDXJ  OD FHOH JHQHUDWH GH SLD D vQV úL UHVSHFWLY SUH XO

costul, profitul, dobânda úD


&XDQWLILFDUHD E QHDVF  ILQDQFLDU  D DFHVWRU PLMORDFH GH FRQGXFHUH FRQWURO úL UHJODUH D

SURFHVHORU HFRQRPLFH DUDW  GH IDSW H[LVWHQ D XQXL


mecanism financiar FDUH vO UHIOHFW  SH FHO
economic. Mecanismul financiar cuprinde sistemul de metode, obiectivH úL VWUXFWXUL GH IDFWXU 
ILQDQFLDU  SULQ FDUH VH HIHFWXHD]  FRQGXFHUHD VLVWHPXO ILQDQFLDU PHWRGHOH GH FRQGXFHUH

ILQDQFLDU  úL vQ GRPHQLXO ILQDQFLDU FDGUXO LQVWLWX LRQDO FX DWULEX LL vQ GRPHQLXO ILQDQFLDU

MXULVGLF LDILQDQFLDU SkUJKLLOHILQDQFLDUH ú i în primul rând cele ale statului).


6LVWHPXOILQDQFLDULQFOXGHILQDQ HOHFRUSRUDWLVWH DOHvQWUHSULQGHULL DVLJXU ULOHVRFLDOHGH

VWDW DVLJXU ULOH GH EXQXUL GH SHUVRDQH úL U VSXQGHUH FLYLO  FUHGLWXO SLD D FDSLWDOXULORU EXJHWXO

de stat, bugetele locale, bugetele fondurilor speciale.


Bugetul de stat este nu numai una din componentele majore ale sistemului financiar (prin
ponderea mare - 25-30% -SHFDUHRUHSUH]LQW vQSURGXVXOLQWHUQEUXW GDUúLSULQUROXOSHFDUHvO
DUH vQ IXQF LRQDUHD XQRU SkUJKLL ILQDQFLDUH ILVFDO  YDPDO  D FKHOWXLHOLORU SXEOLFH  FD úL vQ

DF LXQLOHGHSUHGLF LHúLSODQLILFDUHPDFURHFRQRPLF vQFRQWH[WXOXQRULQVWUXPHQWHFXPVXQW

ƒ SURJUDPHOHGHGH]YROWDUHHFRQRPLF FXGXUDWDGHDQLúLSHVWH

ƒ EDODQ HOH ILQDQFLDUH GH VLQWH] , cu durate de 3- DQL YL]kQG UHVXUVHOH ILQDQFLDUH úL GHVWLQD LD

lor, consumul public, transferurile în exterior etc.


ƒ EXJHWXO HFRQRPLHL QD LRQDOH FX RUL]RQW  DQL YL]kQG UHVXUVHOH ILQDQFLDUH DOH VRFLHW LL úL

VLPXODUHDHIHFWHORUXQRUP VXULHFRQRPLFR -financiare.

60
1. Bugetul ca instrument financiar
%XJHWXO GH VWDW HVWH R FDWHJRULH IXQGDPHQWDO  D úWLLQ HL ILQDQ HORU OHJDW  GH H[LVWHQ D

VWDWXOXLúLDPHFDQLVPXOXLSLH HL

6XE DVSHFW IRUPDO EXJHWXO GH VWDW HVWH R OLVW  GH YHQLWXUL úL FKHOWXLHOL DOH VWDWXOXL

rHIHULWRDUHODXQDQXPLWLQWHUYDOGHWLPSGHUHJXO XQDQ

'LQSXQFWGH YHGHUHMXULGLFEXJHWXOGHVWDWUHSUH]LQW  ROHJHFDUHSUHYHGHúL DXWRUL]HD] 

YHQLWXULOH úL FKHOWXLHOLOH VWDWXOXL SH GXUDWD XQXL DQ $FHDVW  GHILQLUH D EXJHWXOXL GH VWDW

HYLGHQ LD]  F aracterul de act normativ DGLF  QHFHVLWDWHD DSURE ULL OXL vQ SDUODPHQW  FDUDFWHUXO

previzional ILLQG YRUED GH XQ LQWHUYDO GH WLPS YLLWRU  úL FDUDFWHUXO obligatoriu (ca de altfel al
RULF UHLOHJL 

6XEUDSRUWHFRQRPLFEXJHWXOGHVWDWH[SULP vQIRUP E QHDVF UHOD LLOHHFRQRPLFHFDUH

DSDU vQ OHJ WXU  FX IRUPDUHD úL UHSDUWL LD FX QLYHOXO úL HYROX LD SURGXVXOXL LQWHUQ EUXW GDU úL FX

vQGHSOLQLUHDIXQF LLORUVWDWXOXL%XJHWXOGHVWDWUHIOHFW RS LXQLOHGHSROLWLF HFRQRPLF VRFLDO úL

ILQDQFLDU DOHVWDWXOXLUHIHULWRDUHODXQLQWHUYDOGHXQDQ5HOD LLOHHFRQRPLFHSHFDUHOHH[SULP 

VH PDQLIHVW  GXDO SH GH R SDUWH FD UHOD LL GH PRELOL]DUH D UHVXUVHORU E QHúWL DQXDOH DOH VWDWXOXL

LDUSHGHDOW SDUWHFDUHOD LLGHUHSDUWL]DUHDDFHVWRUUHVXUVH

Aspectul fRUPDO DO EXJHWXOXL GH VWDW U PkQH vQ HFRQRPLD PRGHUQ  R FKHVWLXQH

OLWHUDOPHQWH VHFXQGDU  GHRDUHFH FRQFHSHUHD úL XWLOL]DUHD OXL vL FRQIHU  SR]L LD GH LQVWUXPHQW

ILQDQFLDU GH SUHGLF LH úL SODQLILFDUH PDFURHFRQRPLF  &RPSRQHQWD GH SURJUDP SH WHUPHQ VFXUW

eVWH DGHVHD FRPSOHWDW  FX FHD GH SURJUDP SH WHUPHQ PHGLX FD XUPDUH D LQFOXGHULL FKHOWXLHOLORU

SXEOLFHGHLQYHVWL LLDOF URURUL]RQWHVWHGHFHOSX LQ -3 ani.


ÌQ ILHFDUH VWDW VXQW HODERUDWH PDL PXOWH FDWHJRULL GH EXJHWH DOF WXLQG XQ VLVWHP DO

bugetelor, GLIHUHQ LDW FD VWUXFWXU  GH OD VWDW OD VWDW vQ UDSRUW FX VWUXFWXUD RUJDQL]DWRULF  D

UHVSHFWLYXOXLVWDWVWDWXQLWDU 5RPkQLD)UDQ D-DSRQLDúD VDXVWDWIHGHUDO *HUPDQLD (OYH LD

68$5XVLDúD 

În România în sistemul unitar de bugete se includ, pRWULYLW OHJLL ILQDQ HORU SXEOLFH QU
 EXJHWXOGHVWDWEXJHWXODVLJXU ULORUVRFLDOHGHVWDWEXJHWHOHORFDOHEXJHWHOHIRQGXULORU

VSHFLDOH EXJHWXO WUH]RUHULHL VWDWXOXL EXJHWHOH DOWRU LQVWLWX LL FX FDUDFWHU DXWRQRP $FHVW VLVWHP

unitar de bugete constituie bugetul general consolidat.


%XJHWXO GH VWDW DUH XQ URO FRPSOH[ FDUH LQFOXGH PDL PXOWH FRPSRQHQWH ILQDQFLDU  úL

HFRQRPLF DORFDWLY UHGLVWULEXWLY úLGHUHJODUH

5ROXOILQDQFLDUVHUHIHU ODIRUPDUHDúLXWLOL]DUHDUHVXUVHORUILQDQFLDUHQHFHVD re statului în


H[HUFLWDUHD IXQF LLORU VDOH ÌQ DFHVW VHQV UROXO ILQDQFLDU SRDWH IL QXDQ DW SH R FRPSRQHQW 

DORFDWLY úLSHRFRPSRQHQW UHGLVWULEXWLY 

5ROXO HFRQRPLF VH UHIHU  OD LQIOXHQ DUHD GH]YROW ULL HFRQRPLFR -sociale, respectiv la
stimularea sau frânDUHD SURFHVHORU úL IHQRPHQHORU HFRQRPLFH 5ROXO HFRQRPLF Y GHúWH R

SURQXQ DW  FRPSRQHQW  GH UHJODUH D HFRQRPLHL QD LRQDOH %XJHWXO GH VWDW GH LQH R SRQGHUH

vQVHPQDW  vQ PHFDQLVPXO GH DXWRUHJODUH D VLVWHPXOXL HFRQRPLHL QD LRQDOH PHFDQLVP vQ FDUH

vPSUHXQ  FX SkUJKLLOH EXJHWDUH VH UHJ VHVF úL FHOH PRQHWDUH úL FHOH DOH SLH HORU PXQFLL

FDSLWDOXULORUEXQXULORUúLVHUYLFLLORUYDOXWDUH

5ROXODORFDWLYVHUHIHU ODILQDQ DUHDVHUYLFLLORUSXEOLFHGHFXUJkQGGLQIXQF LLOHSHFDUHúL

OH DVXP  VWDWXO &RQ LQXWXO V X FRQVW  vQ UHSDUWL]DUHD UHVXUVHORU ILHF UXL DQ EXJHWDU SH GHVWLQD LL

FHUH]XOW GLQvQGHSOLQLUHDIXQF LLORUVWDWXOXLFDLQVWLWX LHVXSUDVWUXFWXUDO GDUFHOSX LQSDU LDOúL

din postura sa de agent economic.


Rolul redistributiv are în vedere utilizarea XQRU S U L GLQ SURGXVXO LQWHUQ EUXW PRELOL]DWH

SULQLPSR]LWHúLWD[HúLGLVWULEXLWHSULQLQWHUPHGLXOFKHOWXLHOLORUSHFDUHOHIDFHVWDWXO&RQ LQXWXO

DFHVWXLUROFRQVW vQGHSODVDUHDXQRUFRWHGHSXWHUHGHFXPS UDUHvQWUHFRPSRQHQWHOHVWUXFWXUDOH

ale socieW LL vQ JHQHUDO UHVSHFWLY DOH HFRQRPLHL vQ SDUWLFXODU ,PSR]LWXO SH GLYLGHQGH GH

H[HPSOX DIHFWHD]  QHJDWLY SXWHUHD GH FXPS UDUH D SRVHVRULORU GH WLWOXUL $GLF  D XQXL VHJPHQW

GH SRSXOD LHGHVSUHFDUHVHSRDWH SUHVXSXQHF I FkQGLQYHVWL LL úL -a putut asigura consumul pe
FDUHHLvQúLúLvOFRQVLGHU VDWLVI F WRUVDXFHOSX LQvOFRQVLGHUDXVDWLVI F WRUODXQPRPHQWWUHFXW

61
DWXQFL FkQGDXHFRQRPLVLW'LQVXUSOXVXO GHYHQLWJHQHUDWGHLQYHVWL LH GLYLGHQGHOH VWDWXOSUHLD

R FRW  XQ DQXPLW FXDQWXP GH SXWHUH GH FXPS UDUH SH FDUH R WUDQVIHU  F WUH DOWH VHJPHQWH GH

SRSXOD LH vQ JHQHUDO GHIDYRUL]DWH F URUD OH DPSOLILF  DVWIHO SXWHUHD GH FXPS UDUH ILH SULQ

DORFD LLLQGHPQL]D LLDMXWRDUHHWFE QHúWLILHSULQFRPSOLQLUHDvQQDWXU DXQRUDGLQWUHQHYRL

RROXOGHUHJODUHVHUHIHU ODvQI SWXLUHDSROLWLFLLHFRQRPLFHD VWDWXOXL DGLF ODVXV LQHUHD

VDX SURPRYDUHD XQRU DF LXQL SULQ vQVHúL RULHQW ULOH EXJHWXOXL VDX GLPSRWULY  OD GHVFXUDMDUHD

XQRU DFWLYLW L $FHVW URO VH UHDOL]HD]  DWkW SULQ YHQLWXULOH VDX FKHOWXLHOLOH EXJHWXOXL FkW úL SULQ

soldul acestuia.
,QVWUXPHQWHOH ILVFDOH FXP VXQW FRWHOH GH LPSXQHUH GHGXFHULOH úL VFXWLULOH WHUPHQHOH GH

SODW HúDORQDUHDVDUFLQLLDQXDOHSHVFDGHQ HVXEDQXDOHFkWLPHDGHSODW ODDVWIHOGHVFDGHQ HúD

SUHFXP úL WLSXULOH GH LPSR]LWH vQ IXQF LXQH VXQW PRGDOLW L SULQ FDUH VH SRW VWLPXOD VDX IUkQD

DFWLYLW LOH HFRQRPLFH VH SRDWH UHODQVD GLQDPLFD DFHVWRUD vQ DQVDPEOX SH GRPHQLL UDPXUL VDX

pe zone / regiuni geografice).


Impozitul de profit este un puternic factor de LQIOXHQ D SHQWUX GLPHQVLXQHD LQYHVWL LLORU
SHQWUX DXWRILQDQ DUHD ILUPHORU SHQWUX FUHDUHD GH QRL ORFXUL GH PXQF  úL LQFOXVLY SHQWUX

PHQ LQHUHD FHORU H[LVWHQWH 7D[D SH YDORDUHD DG XJDW  GDU PDL DOHV DFFL]HOH GHWHUPLQ  vQ EXQ 

P VXU  GLPHQVLXQHD FHUHULL úL GLQDPLFD DFHVWHLD úL LPSOLFLW P ULPHD RIHUWHL úL D DQJDM ULL

IDFWRULORU GH SURGXF LH LQFOXVLY D IRU HL GH PXQF  ,PSR]LWHOH SH WHUHQXO DJULFRO úL YHQLWXULOH

DJULFROH GHWHUPLQ  vQWU XQ JUDG vQVHPQDW GLPHQVLXQHD DFWLYLW


- LL vQ DJULFXOWXU  úL SULQ

consecLQ  RFXSDUHD  QHRFXSDUHD XQXL VHJPHQW LPSRUWDQW GLQ SRSXOD LD DFWLY  GLPHQVLXQHD úL

SUHVLXQHDúRPDMXOXLÌQHJDO P VXU HVWHLQIOXHQ DWLPSRUWXOGHSURGXVHDJULFROHúLSULQDFHDVWD

EDODQ HOHFRPHUFLDOHúLGHSO L

Cheltuielile publice constituie pârJKLLGHUHJODUHvQVSHFLDOSHQWUXFRQVXPúLSURGXF LH2


FRW  UHODWLY vQVHPQDW  D DFHVWRU FKHOWXLHOL R UHSUH]LQW  FHOH VDODULDOH SULQ FDUH VH SRDWH LQIOXHQ D

FRQVXPXOSULYDWúLLPSOLFLWFHUHUHD úLSULQFRQVHFLQ SURGXF LD6LPLODUIXQF LRQHD] RDOW FRW

vQVHPQDW  UHSUH]HQWkQG FKHOWXLHOL SHQWUX FRQVXPXO SXEOLF SUHFXP úL FHD UHSUH]HQWkQG

LQYHVWL LLOHSXEOLFH3HGHDOW SDUWHFKHOWXLHOLSXEOLFHDXLQIOXHQ DVXSUDLPSRUWXOXLúLLQIOD LHL

6ROGXO EXJHWXOXL GHILFLW VDX H[FHGHQW DUH LQIOXHQ  vQ SULPXO U ând asupra masei
PRQHWDUH GLPHQVLXQH GLQDPLF  SXWHUH GH FXPS UDUH  LDU SULQ LQWHUPHGLXO SLH HL PRQHWDU -
YDOXWDUHDVXSUDSUH XOXLEDQLORUDUDSRUWXOXLvQWUHFHUHUHDúLRIHUWDGHEDQLDFXUVXOXLGHVFKLPE

HWF7HRULDHFRQRPLF PRGHUQ HYLGHQ LD]  LPSDFWXOYDULD LHLVROGXOXLEXJHWXOXLDVXSUDFUHúWHULL

HFRQRPLFH GLQDPLFLL LQYHVWL LLORU úL GLQDPLFLL EDODQ HL FRPHUFLDOH .H\QHV  DVXSUD UDWHL

úRPDMXOXL úL JUDGXOXL GH RFXSDUH D IRU HL GH PXQF  3KLOLSV  DVXSUD FRQVXPXOXL 6OXWVNL  HWF

Reglarea prin solGXO EXJHWXOXL VW  OD ED]D WHRULHL EXJHWXOXL FLFOLF LQVSLUD LH GXS  HIHFWHOH
economico-financiare generate de fazele ciclului economic: deficitul fazei de recesiune este
VXV LQXW ILQDQ DW  SULQ H[FHGHQWXO ID]HL WUHFXWH GH H[SDQVLXQH  ERRP VDX FD R SUHOHYare asupra

H[FHGHQWXOXL YLLWRDUHL ID]H GH H[SDQVLXQH  ERRP ÌQ DQLL


 DL YHDFXOXL QRVWUX ùFRDOD GLQ

Chicago, mai ales Milton Friedman, a reluat ideea liberalismului economic, criticând
LQWHUYHQ LRQLVPXO VWDWDO EXJHWDU úL VXJHUkQG GHUHJOHPHQWDUHD HFRQRPLF  GUHSW VROX LH D

vQFXUDM ULLGH]YROW ULLHFRQRPLFHSULYDWL]DUHDUHVSHFWLYGLPLQXDUHDVHFWRUXOXLHFRQRPLFGHVWDW

UHGXFHUHD ILVFDOLW LL OLEHUDOL]DUHD SUH XULORU GLPLQXDUHD FKHOWXLHOLORU EXJHWDUH GH IDFWXU 

HFRQRPLF GLPLQXDUHDGHILFLWHORUEXJHWDUH .

2. Principii bugetare
3ULQFLSLLOHEXJHWDUHUHSUH]LQW RVLQWH] DH[SHULHQ HLSUDFWLFLLEXJHWDUHGDUúLDFHULQ HORU

úLH[LJHQ HORUSUHVXSXVHGHSURFHVXOHODERU ULLúLH[HFX LHLEXJHWXOXLGHVWDW3ULQFLSLLOHEXJHWDUH

VXQWULJXURVIRUPXODWHúLVXQWSDUWHDSDWULPRQLXOXLXQLYHUVDOGHFXQRúWLQ HúLvQY PLQWHFDUH LQ

GH úWLLQ D ILQDQ HORU /HJLVOD LD EXJHWDU  VH ED]HD]  SH DFHVWH SULQFLSLL úL OH LQFOXGH FD QRUPH

MXULGLFH 5HIOHFWDUHD MXULGLF  D ORU QX SRDWH IL I FXW  vQV  ULJLG FL DGDSWDW  LQWHUHVHORU úL

SDUWLFXODULW LORU HFRQRPLFH FDUDFWHUL]kQG QX GRDU VWDWXO GH UHIHULQ  FL FKLDU RULHQWDUHD

regimului de stat, a organului legislativ sau a guvernelor. Acest lucru nu poate fi interpretat ca o

62
DEGLFDUH GH OD ULJRDUHD úWLLQ HL GHRDUHFH SULQ vQV úL QDWXUD HL úWLLQ D HFRQRPLF  UHSUH]LQW 

VXPPXPXOYHULILFDWRUGRQDWúLVLVWHPDWL]DWDOFXQRúWLQ HORU SULYLQG UHOD LLOHHFRQRPLFH GLQFDUH

s-DVLQWHWL]DWFHHDFHHVWHSHUHQúLUHSHWLWLYFHHDFHVHSURGXFHGHRELFHLúLvQPDMRULWDWHDPDUHD
cazurilor în astfel de rHOD LL UHFXQRVFkQG DFHDVWD FD R UHJXO  úL QX FD XQ GDW DEVROXW 'DF  GH
SLOG HFKLGLVWDQ DGUHSWHORUSDUDOHOHvQJHRPHWULDHXFOLGLDQ HVWHXQDGHY UVWULFWWRWDOQHUHODWLY

vQ ILQDQ H GH H[HPSOX HFKLOLEUXO EXJHWDU HVWH XQ SULQFLSLX H[SULPkQG XQ DGHY r recomandabil,
vQ HOHSW FXPLQWH úL FX PLQWH GDU QLFLGHFXP DEVROXW úL VWULFW 'H DFHHD UHFXQRVFkQG úL

DILUPkQGSULQFLSLLOHEXJHWDUHHFRQRPLúWLLILQDQ LúWLLVSHFLDOLúWLLvQEXJHWDXIRUPXODWúLPRWLYDW

H[FHS LL SH FDUH FRQMXQFWXUD HFRQRPLFR -financiDU  OH SRDWH LPSXQH H[FHS LL FDUH vQ DQXPLWH

FLUFXPVWDQ HVXQWQHFHVDUHWROHUDELOHúLDFFHSWDELOHHILFLHQWHFKLDU

2.1. Universalitatea bugetului


3ULQFLSLXO XQLYHUVLW LL VWLSXOHD]  vQVFULHUHD vQ EXJHW D WXWXURU YHQLWXULORU úL FKHOWXLHOLORU

I U  QLFL -o H[FHS LH VXE IRUPD XQRU VXPH EUXWH úL QX D XQRU VROGXUL UH]XOWDWH GLQ HYHQWXDOH

FRPSHQV UL'HSLOG GDF vQOHJ WXU  FXLPSR]LWXO$FXDQWXPXODFHVWXLDHVWH[LDUFKHOWXLHOLOH

GHVWDELOLUHXUP ULUHUHFROWDUHúLFRQWUROVXQW\DWXQFLvQEXJHWVHvQVFU ie la partea de venituri x,


LDU OD SDUWHD GH FKHOWXLHOL \ DGLF  VH UHFRPDQG  V  QX VH vQVFULH OD YHQLWXUL FXDQWXPXO QHW DO

impozitului A, respectiv x-\0RWLYD LDDFHVWXLSULQFLSLXUH]LG vQ

ƒ FXQRDúWHUHDFXDQWXPXOXLHIHFWLYDOYHQLWXULORUUHVSHFWLYFKHOW uielilor;
ƒ RULHQWDUHDH[DFW SULYLQGSRYDUDILVFDO GHXQDQXPLWWLSúLP VXUDVXSRUWDELOLW LLHLSHQWUX

diferite segmente ale structurii sociale;


ƒ GHVWLQD LDHIHFWLY DUHVXUVHORU

ƒ facilitarea controlului financiar.


ƒ %XJHWXOGHVWDWHODERUDWúLH[HFXWDWV trict în limita acestui principiu se zice buget brut.

3UDFWLFDEXJHWDU DHYLGHQ LDWFkWHYDVLWXD LLFRQVWLWXLWHFDH[FHS LLvQFDUHDEDWHUHDGHOD

SULQFLSLXOXQLYHUVDOLW LLFRQGXFHODVLPSOLILFDUHDúLIOXLGL]DUHDH[HFX LHLEXJHWDUHvQVSHFLDOSULQ

eliPLQDUHDIOX[XULORUSDUDOHOHY UV PLQWH DORFD LL


-
ƒ UHOD LD EXJHW JHQHUDO DO VWDWXOXL  EXJHWH ORFDOH vQ FDUH DFHVWHD GLQ XUP  VXQW SUHOXDWH vQ FHO
-
dintâi cu soldul lor;
ƒ UHOD LD EXJHWXOXL GH VWDW FX vQWUHSULQGHULOH  UHJLLOH DXWRQRPH SXEOLFH vQ FDUH FHOH GLQ XUP 

VXQWLQFOXVHvQFHOGLQWkLFXVROGXOYHQLWQHWPLQXVHYHQWXDOHVXEYHQ LL

ƒ LQFOXGHUHD vQ EXJHWXO GH VWDW D DORFD LLORU QHWH SHQWUX XQHOH LQVWLWX LL SXEOLFH DGLF  QXPDL D

VROGXOXLFXFDUHFKHOWXLHOLOHORUGHIXQF LRQDUHGHS úHVFHYHQWXDOHOHORUYHQL turi;


ƒ DOWHVLWXD LLFXPVXQWGRQD LLOHvQEHQHILFLXOVWDWXOXLVDXDOXQRUFRPXQLW LSXEOLFHIRQGXULOH

GHVSULMLQ UHVXUVHDORFDWHUHDOL] ULLXQRURELHFWLYHGHLQWHUHVSXEOLF UHFRQVWLWXLUHDFUHGLWHORU

EXJHWDUHúD

%XJHWXO GH VWDW HODERUDW úL H[HFXWDW FX DFFHSWDUHD FHO SX LQ D XQHLH[FHS LL VH ]LFH buget
mixt.

2.2. Unitatea bugetului


3ULQFLSLXOXQLW LLSUHVXSXQHH[LVWHQ DXQHLVLQJXUHOLVWHGHYHQLWXULúLFKHOWXLHOLEXJHWDUH

0RWLYD LD DFHVWXL SULQFLSLX UH]LG  vQ QHFHVLWDWHD GH D FXQRDúWH LPSRUWDQ D UHODWLY  D GLIHULWHORU

FDWHJRULLGHYHQLWXULúLFKHOWXLHOLGDUúLVWDUHDEXJHWXOXLILQDO VDXODXQPRPHQWGDWH[FHGHQWDU

GHILFLWDU HFKLOLEUDW 3RVLELOLWDWHD UHDOL] ULL DFHVWXL SULQFLSLX HVWH GDW  vQ ]LOHOH QRDVWUH GH

XWLOL]DUHDVLVWHPXOXLFRQWXULORUQD LRQDOHVLVWHP vQFDUHDWkWYHQLWXULOHúLFKHOWXLHOLOHVWDWXOXLFkW

úL DOH FROHFWLYLW LORU ORFDOH úL DOH DVLJXU ULORU VRFLDOH GH VWDW VXQW JUXSDWH vQ FRQWXULOH

DGPLQLVWUD LHLSXEOLFH

3UDFWLFD EXJHWDU  D HYLGHQ LDW DGHVHD LQVXILFLHQ D YHQLWXULORU RUGLQDUH pentru realizarea
RELHFWLYHORUúLSURJUDPHORUGRULWHDGRSWDWHúLDSUREDWHGHOHJLVODWLY6ROX LLORUFODVLFHGHFUHúWHUH

DILVFDOLW LL XQHRULQHHILFLHQW DúDFXPUH]XOW GLQPRGHOXO/DIIHU VDXGHDQJDMDUHSULQFUHGLWH

63
a veniturilor viitoare, li se al WXU vQ]LOHOHQRDVWUH debugetizarea.
'HEXJHWL]DUHD FRQVW  vQ DQJDMDUHD XQRU VXUVH FRPSOHPHQWDUH DOWHUQDWLYH SHQWUX

UHDOL]DUHDXQRUDGLQRELHFWLYHOHVDXSURJUDPHOHGRULWH3UDFWLFDDFHDVWDVHUHDOL]HD] SULQ

ƒ vQORFXLUHDILQDQ ULLSXEOLFHFXFHDSULYDW 

ƒ WUHFHUHDXQRUFKHOWXLHOLGLQEXJHWXOGHVWDWF WUHDOWHFDWHJRULLGHEXJHWH

6XQW FXQRVFXWH WUHL FDWHJRULL GH EXJHWH VHPQLILFkQG H[FHS LL GH OD SULQFLSLXO XQLW LL

X]XDOHvQFRQWH[WXOGHEXJHWL] ULL

a) Bugetele autonome VXQW HODERUDWH GH HQWLW L SXEOLF e cu caracter comercial sau
LQVWLWX LRQDOFDUHDXSHUVRQDOLWDWHMXULGLF úLRODUJ DXWRQRPLHIXQF LRQDO vQWUHSULQGHULSXEOLFH

LQVWLWX LL SXEOLFH VHUYLFLL SXEOLFH ILQDQFLDUH VRFLDOH FXOWXUDOH HGXFD LRQDOH  úL DGPLQLVWUD LLOH

locale.
$FHDVW  SURFHGXU  DUH DYDQWDMXO F  QX FRQGL LRQHD]  LQGHSHQGHQ D MXULGLF  GH FHD

ILQDQFLDU  FHHD FH SHUPLWH R GLPLQXDUH D FHQWUDOL] ULL úL VWLPXOHD]  LQL LDWLYD QLYHOHORU

IXQF LRQDOH úL GHFL]LRQDOH GLQVSUH ED]D SLUDPLGHL VWUXFWXULL VWDWDOH (QWLW LOH PHQ LRQDWH vQ

limLWHOH OHJDOH GH SHUPLVLYLWDWH vúL FRQVWLWXLH YHQLWXUL DQJDMHD]  FKHOWXLHOL VH JHVWLRQHD] 

ILQDQFLDUúLSRWDSHODODVXSRUWXOVXV LQHUHDEXJHWXOXLGHVWDW6WDWXOHVWHGHJUHYDWDVWIHOODQLYHO

PDFUR GH VDUFLQL úL SUHRFXS UL GLVFRUGDQWH FD LPSRUWDQ  în raport cu cele strategice, de interes
JHQHUDOVDXLPSDFWQD LRQDO

b) Bugetul extraordinarHVWHFHOFHLQGLYLGXDOL]HD] VLWXD LLGHRVHELWHFUL]HVDXUHFHVLXQL

HFRQRPLFHFDODPLW LQDWXUDOHVW ULGHFRQIOLFWDUPDWHWF9HQLWXULOHQHFHVDUHVXQWSURYHQ ite din


LPSR]LWHLQVWLWXLWHVSHFLDOGLQvPSUXPXWXULGHGLFDWHVDXGLQHPLVLXQHD VXSOLPHQWDU DPRQHGHL

&KHOWXLHOLOH YL]HD]  QHFHVLW L  QHYRL VSHFLILFH VLWXD LHL FH D JHQHUDW LQWURGXFHUHD EXJHWXOXL

extraordinar. Din punct de vedere terminologic, denumireDDFHVWXL EXJHWHVWH LQWURGXV  DQWRQLP

FHOHLDEXJHWXOXLFXUHQWF UXLDLVH]LFHRUGLQDU

c) %XJHWHOH DQH[  VXQW HODERUDWH GH LQVWLWX LL VDX VRFLHW L FRPHUFLDOH SXEOLFH FDUH QX DX

vQ PRG QHFHVDU SHUVRQDOLWDWH MXULGLF  $FHVWH EXJHWH VXQW GLVWLQFWH GH FHO RUGLQDU úL VXQW LQFOXVH

vQOHJHDEXJHWXOXLLPHGLDWGXS DFHVWD6ROGXULOHORUVHUHJ VHVFvQEXJHWXOGHVWDWILHODYHQLWXUL

GDF  DFHVW VROG HVWHH[FHGHQW  ILH ODFKHOWXLHOL GDF DFHVWDHVWH GHILFLW 'H UHJXO FKHOWXLHOLOH

LQFOXVHVXQWFHOHGHIXQF LRQDUHDHQWLW LLFHHODERUHD] EXJHWXOLDUYHQLWXULOHVXQWFHOHUH]XOWDWH

GLQDFHDVW IXQF LRQDUHVDXGLQvPSUXPXWXULSXEOLFHODQVDWHGHUHVSHFWLYDHQWLWDWH

ÌQDIDUDDFHVWRUEXJHWHúLWRWFDH[FHS LHGHODSULQFLSLXOXQLW LLVHSUDFWLF GHDVHPHQHD

utilizarea conturilor speciale de trezorerie $FHVWHD LQFOXG YHQLWXUL úL FKHOWXLHOL FDUH QX DX
FDUDFWHU GHILQLWLY úL FDUH vQ FRQGL LLOH H[HFXW ULL DQJDMDPHQWXOXL FDUH OH-D JHQHUDW VH VROGHD] 

)RORVLUHD ORU HVWH SRVLELO  vQ FRQWH[WXO H[LVWHQ HL VLVWHPXOui trezoreriei publice. Avantajul adus

GH DFHVWH FRQWXUL HVWH F  VH HYLW  vQF UFDUHD H[HFX LHL EXJHWDUH FX UXODMH GH YHQLWXUL úL FKHOWXLHOL

FDUH vQ PRG QRUPDO VH VROGHD]  GH SLOG  JDUDQ LL E QHúWL FHUXWH PkQXLWRULORU GH EDQL SXEOLFL

avansuri pentru liYU UL vQ FRQWXO VWDWXOXL FUHDUHD vQ PRPHQWH FRQMXQFWXUDOH IDYRUDELOH  D XQRU
stocuri pentru consumul de stat, gestionarea deficitelor temporare în cadrul unui buget
QHGHILFLWDUúD3ULQFLSDOHOHWLSXULGHFRQWXULVSHFLDOHGHWUH]RUHULHVXQW

ƒ conturi cu aIHFWDUH VSHFLDO  HYLGHQ LD]  YHQLWXUL FDUH QX VH GHSHUVRQDOL]HD]  DGLF  VXQW
instituite pentru un anumit gen de cheltuieli, pentru un anumit obiectiv;
ƒ FRQWXULGHFRPHU SHQWUXRSHUD LXQLRFD]LRQDOHGHYkQ]DUH-FXPS UDUH

ƒ conturi de reglementare: deschise pe baza unor acorduri guvernamentale privind probleme


FXFDUDFWHUFRQILGHQ LDO

ƒ FRQWXUL GH RSHUD LXQL PRQHWDUH RSHUD LXQL FX )0, VDX DOWH RUJDQLVPH ILQDQFLDUH

LQWHUQD LRQDOH XWLOL]DUHD XQRU EHQHILFLL VDX DFRSHULUHD XQRU SLHUGHUL GLQ RSHUD LXQL GH

emisLXQHPRQHWDU 
ƒ conturi de avans GHVFKLVH SHQWUX D ILQDQ D EXJHWH ORFDOH SkQ  OD FRQVWLWXLUHD SURSULLORU ORU
venituri disponibile ulterior momentului în care trebuiau efectuate unele cheltuieli.

64
2.3. Neafectarea veniturilor
3ULQFLSLXOQHDIHFW ULLvQVHDPQ GHSHUVRQDOL]DUHDYHQLWXULORUDGLF IDSWXOGHDQXFXQRDúWH

QLFLODLQVWLWXLUHDORUQLFLODvQFDVDUHDORUFDUHHVWHGHVWLQD LDH[SUHV SXQFWXDO FHOLVHUH]HUY 

9HQLWXO HVWH GHVWLQDW SHQWUX DFRSHULUHD XQHL DQXPLWH QHYRL SXEOLFH GDU QX VH úWLH úL HVWH SRV ibil
V QLFLQXVHúWLHYUHRGDW SHQWUXFDUHQHYRLHDQXPH0RWLYD LDDFHVWXLSULQFLSLXUH]LG vQIDSWXO

F  HVWH JUHRL úL LQFRPRG V  VH LQVWLWXLH FkWH XQ YHQLW GLVWLQFW VSHFLDO SHQWUX R DQXPH QHYRLH

1HDIHFWDUHD JHQHUHD]  R PDUH IOH[LELOLWDWH vQ XWLOL]DUHD


veniturilor, deoarece oricare dintre ele
sau în varii câtimi poate contribui în general sau la un moment dat la acoperirea unei nevoi.
([FHS LD GH DIHFWDUH DGLF  GH QHGHSHUVRQDOL]DUH DSDUH SHQWUX EXJHWHOH H[WUDRUGLQDUH úL

pentru fondurile speciale.

2.4. Anualitatea bugetului


3ULQFLSLXO DQXDOLW LL PHQ LRQHD]  DQXO GUHSW LQWHUYDOXO GH WLPS OD FDUH VH UHIHU  EXJHWXO

ÌQVHQVXODFHVWXLSULQFLSLXDQXOHVWHXQLQWHUYDOGHOXQLFDUHSRDWHV FRLQFLG VDXQXFXDQXO

FDOHQGDULVWLF $FHVW LQWHUYDO GHOLPLWHD]  SHULRDGDGH WLPS SHQWUXFDUH VH HODERUHD]  úL VHDSURE 

EXJHWXO SUHFXP úL SHQWUX FDUH HVWH DXWRUL]DW   vQFDVDUHD YHQLWXULORU úL HIHFWXDUHD FKHOWXLHOLORU

0RWLYD LD DFHVWXL SULQFLSLX UH]LG  vQ IDSWXO F  LQWHUYDOXO GH XQ DQ SUH]LQW  DYDQWDMXO XQHL

perioade peQWUXFDUHSUHGLF LLOH SURSXQHULOHSULYLQGYHQLWXULOHúLFKHOWXLHOLOH DXRúDQV EXQ GH

UHDOL]DUH úL HYLW  SUHOXQJLUHD XUP ULULL úL FRQWUROXOXL SH XQ LQWHUYDO SUHD PDUH GH SLOG   -3 ani
sau mai mult).
Una din criticile recente ale acestui principiu se UHIHU  OD IDSWXO F  FHO SX LQ SHQWUX

FKHOWXLHOLOH GH LQYHVWL LL LQWHUYDOXO GH XQ DQ HVWH UHODWLY VFXUW $FHVW QHDMXQV DSDUH úL vQ FD]XO

XQRU SURJUDPH YL]kQG RELHFWLYH D F URU UHDOL]DUH QHFHVLW  PDL PXO L DQL 'H DFHHD vQ SUDFWLFD

EXJHWDU  DX DS UXW legile - program prin care sunt aprobate cheltuielile pentru obiective
SOXULDQXDOHFXGHIDOFDUHDDQXDO DFRWHLGHFKHOWXLDO úLDVXUVHORUGHYHQLWXULFHSRWILIRORVLWHvQ

acest scop.
$QXDOLWDWHD EXJHWXOXL QX vQVHDPQ  F  YDODELOLWDWHD WHPSRUDO D DFHVWXLD este 1 ianuarie -
 GHFHPEULH $FHVW LQWHUYDO HVWH GHVWXO GH U VSkQGLW GDU vQ SUDFWLFD EXJHWDU  LQWHUQD LRQDO  VH

vQWkOQHVF
úL LQWHUYDOH  DSULOLH -  PDUWLH 0DUHD %ULWDQLH -DSRQLD XQHOH UL GLQ

Commonwealth-XOEULWDQLFúD VDXLXOLH - 30 iunie 6XHGD$XVWUDOLD(JLSW3DNLVWDQúD VDX


1 octombrie -  VHSWHPEULH 68$ úL 7KDLODQGD  )DFWRULL DFHVWHL GLYHUVLW L VXQW SULQWUH DO LL
FDUDFWHUXOHFRQRPLHLWUDGL LDRUJDQL]DUHDDFWLYLW LLSDUODPHQWDUHHWF

ÌQ DFHODúL FRQWH[W DO WHPSRUDOLW LL HVWH GH PHQ LRQDW F  SRDWH VDX QX V  H[LVWH LGHQWLWDWH

vQWUH SHULRDGD SHQWUX FDUH VH HODERUHD]  úL VH DSURE  EXJHWXO úL FHD vQ FDUH DFHVWD VH H[HFXW 

([LVW vQSUDFWLFDEXJHWDU GRX VLVWHPHGLVWLQFWHGHH[HFX LH

a) sistemul de gestiune SRWULYLW F UXLD bugetul se încheie la finele intervalului anual


SHQWUX FDUH D IRVW DSUREDW $FHDVWD vQVHDPQ  F  EXJHWXO VH H[HFXW  QXPDL SHQWUX YHQLWXUL

vQFDVDWHSkQ OD ILQHOHUHVSHFWLYXOXLLQWHUYDO LDU FKHOWXLHOLOHVHHIHFWXHD] GHDVHPHQHD SkQ OD

acest moment. CeleODOWH YHQLWXUL úL FKHOWXLHOL DSUREDWH vQ EXJHW GDU QHvQFDVDWH VDX QHHIHFWXDWH
QX VXQW UHSRUWDWH vQ EXJHWXO XUP WRUXOXL DQ 'DF  YRU IL WRWXúL UHDOL]DWH HOH VXQW LQFOXVH vQ

H[HFX LD DQXOXL vQ FDUH V


-au realizat. Acest sistem are dezavantajul de a nu se pXWHD úWL GHFkW
HYHQWXDO FX GLILFXOWDWH  vQ FH P VXU  V DX UHDOL]DW vQ FHOH GLQ XUP  FLIUHOH DSUREDWH SULQ EXJHWXO
-
DQXOXL vQFKHLDW $YDQWDMXO DFHVWXL VLVWHP HVWH F  OD GDWD vQFKLGHULL DQXDOH VH úWLH FODU FXP V-a

încheiat bugetul (care este soldul rezultat)úLvQFHP VXU  SURFHQWXDO  V-au realizat în intervalul
GDW YHQLWXULOH úL FKHOWXLHOLOH DSUREDWH LQL LDO $FHVW VLVWHP VH XWLOL]HD]  vQ SUDFWLFD EXJHWDU  GLQ

DUDQRDVWU 

b) VLVWHPXO GH H[HUFL LX SRWULYLW F UXLD GXS  vQFKHLHUHD DQXOXL EXJHWDU VH DFRUG un
WHUPHQ GH H[HFX LH GH   OXQL vQ FDUH V  VH UHDOL]H]H LQWHJUDO YHQLWXULOH úL FKHOWXLHOLOH DSUREDWH
-
prin buget:
65
$QXOEXJHWDU7HUPHQXOGHH[HFX LH ([HUFL LXEXJHWDU

(12 luni) (3-6 luni) (15-18 luni)

În acest VLVWHPSHSDUFXUVXOH[HUFL LXOXLEXJHWDUIXQF LRQHD] GRX EXJHWHXQXODODQXOXL

vQ FXUV úL DOWXO DO DQXOXL H[SLUDW FHHD FH JHQHUHD]  XQHOH GLILFXOW L vQ HYLGHQ  úL FRQWURO

$YDQWDMXODFHVWXLVLVWHPFRQVW vQIDSWXOF ODILQHOHH[HUFL LXOXLVHUHDOL]HD] LQWHJUDOFXDQWXPXO

DSUREDWDOYHQLWXULORUúLDOFKHOWXLHOLORU

$SUREDUHD OHJLL EXJHWXOXL VH IDFH vQ DQXO FXUHQW SHQWUX DQXO YLLWRU 'H UHJXO  FX DFHVW

SULOHMVHDSURE úLFRQWXOGHH[HFX LHEXJHWDU SUHOLPLQDW SHQWUXDQXDOvQFXUVSUHFXPúLFRQWX l


GHH[HFX LHEXJHWDU SHQWUXDQXOSUHFHGHQW

2.5. Echilibrul bugetar


3ULQFLSLXOHFKLOLEUXOXLEXJHWDUSUHYHGHDFRSHULUHDLQWHJUDO vQLQWHUYDOXODQXOXLEXJHWDUD

FKHOWXLHOLORU GLQ YHQLWXULOH RUGLQDUH 3ULQFLSLXO FDS W  DVWIHO FRQRWD LD HFKLOLEUXOXL EXJHWDU anual
úLSULQH[WHQVLHDHFKLOLEUXOXLEXJHWDUSHWRWSDUFXUVXODQXOXLEXJHWDU

ÌQ SUDFWLFD HFRQRPLF  V DX vQWkOQLW úL VH vQWkOQHVF DGHVHD VLWXD LL vQ FDUH GLILFXOW
- LOH

HFRQRPLHLFRQMXQFWXUDQHIDYRUDELO DPSORDUHDDQJDM ULLFKHOWXLHOLORUSXEOLFHHWFDXI FXWúLIDF

LPSRVLELO DSOLFDUHDSULQFLSLXOXLHFKLOLEUXOXLEXJHWDU$FHVWQHDMXQVDIRVWGXEODWvQXQHOH ULGH

prevederi legislative care interzic aprobarea unui buget ordinar deficitar. De aceea, s-au formulat
úLXWLOL]DWVROX LLGHFRPSURPLVFXPVXnt:

ƒ vQWRFPLUHD HFKLOLEUDW  D EXJHWXOXL RUGLQDU úL vQ SDUDOHO D XQXL EXJHW H[WUDRUGLQDU GHILFLWDU

SHQWUX DO F UXL HFKLOLEUX VXQW SUHY ]XWH YHQLWXUL H[WUDRUGLQDUH vPSUXPXWXUL LQWHUQH VDX

H[WHUQHHPLVLXQHPRQHWDU 

ƒ debugetizarea (vezi cap. III.2.2);


ƒ elaborarea unor bugete echilibrate pe durata unui ciclu economic, compensând deficitele
vQUHJLVWUDWH vQ ID]HOH GH FUL]  úL GHSUHVLXQH FX H[FHGHQWHOH RE LQXWH vQ ID]HOH GH UHODQVDUH úL

expansiune.
$FHDVW  XOWLP  VROX LH FRQWUDYLQH SULQFLSLXOXL DQXDOLW LL QXPDL vQ FH SULYHúWH UHDOL]DUHD

HFKLOLEUXOXLEXJHWDUGHRDUHFHDSUREDUHDYHQLWXULORUúLFKHOWXLHOLORULPSOLFLWDVROGXOXLEXJHWXOXL

FRQWLQX V VHIDF DQXDO

3UDFWLFDEXJHWDU HYLGHQ LD] WUHLWHKQLFLGHDVLJXUDUHDHFKLOLEUXOXLEXJHWDU

a) IRQGXO GH UH]HUY care se constituie în perioadele economice favorabile, în care masa
LPSR]LWHORUSRDWHFUHúWHI U DVSRULFRWDGHLPSXQHUHGHRDUHFHED]DGHLPSR]LWDUH vQSULQFLSDO

YHQLWXULOHGDUúLFRQVXPXO HVWHPDLPDUH'LQDFHVWIRQGVHYRUILQDQ DGHILFLWHOHvQUH gistrate în


SHULRDGHOHHFRQRPLFHQHIDYRUDELOH1HDMXQVXODFHVWHLWHKQLFLFRQVW vQIDSWXOF QXVHúWLHDSULRUL

GDWD PRPHQWXO vQFDUHYRUGHEXWD SHULRDGHOHQHIDYRUDELOHúLQLFLFXDQWXPXOGHILFLWXOXLFH VHYD

înregistra atunci.

b) fondul de egalizare care SUHVXSXQH ILQDQ DUHD GHILFLWXOXL EXJHWDU SULQWU-un împrumut
VDX SULQ HPLVLXQH PRQHWDU  VXSOLPHQWDU  'LPHQVLXQHD ILQDQ ULL HVWH HYLGHQ LDW  vQ FRQWXUL

GLVWLQFWH SH VXUVH GHILQDQ DUHIRORVLWH XUPkQG FD vQ SHULRDGH VDX FRQMXQFWXUL IDYRUDELOH V  VH

stLQJ  WUHSWDW REOLJD LLOH DVXPDWH ÌQ FD]XO vPSUXPXWXULORU VWLQJHUHD VH IDFH SULQ UDPEXUV UL GLQ
excedentele bugetare curente ale anilor "buni"; în cazul emisiunii monetare stingerea se face prin
vQV úL FUHúWHUHD HFRQRPLF  FH  SUHVXSXQH ID  GH QLYHOXO DQWHULRU DO WUDQ]DF LLORU  R PDV 

PRQHWDU VXSOLPHQWDU FDUHQXVHYDPDLHPLWHDYkQGvQYHGHUHF HPLVLXQHDV DI FXWDQWLFLSDW


-
vQDQLLVODELSHQWUXDILQDQ DGHILFLWXOEXJHWDU

c) DPRUWL]DUHD DOWHUQDWLY  SUHVXSXQH PDQHYUDUHD GLQDPLFLL UDPEXUV ULL GDWRU iei publice
úLDFKHOWXLHOLORUSXEOLFH$VWIHOvQDQLLIDYRUDELOLGLQYHQLWXULOHILVFDOHRE LQXWHVXSOLPHQWDU FX

VDX I U  PDMRUDUHD FRWHORU GH LPSXQHUH  VH DFFHOHUHD]  UDPEXUVDUHD GDWRULHL SXEOLFH LDU

66
FKHOWXLHOLOH EXJHWDUH VHP UHVF GRDU vQ OLPLWD GLIHUHQ HL vQWUH VXSOLPHQWXO GH YHQLWXUL úL VHUYLFLXO

PDMRUDWDOGDWRULHLSXEOLFHÌQDQLLQHIDYRUDELOLVHGLPLQXHD] UDPEXUVDUHDGDWRULHLSXEOLFHúLVH

UHVWUkQJ FKHOWXLHOLOH EXJHWDUH 'H]DYDQWDMXO DFHVWHL WHKQLFL HVWH F  PRGLILFDUHD FODX]HORU 

FRQGL LLORU SHQWUX GDWRULD SXEOLF  QHFHVLW  DFRUGXO FUHGLWRULORU VWDWXOXL FDUH XQHRUL QX VH SRDWH

RE LQHvQFD]XOFUHGLWRULORUH[WHUQL

6SHFLDOL]DUHDEXJHWDU

3ULQFLSLXO VSHFLDOL] ULL EXJHWDUH VH UHIHU  OD LQWURGXFHUHD úL DSUREDUHD vQ EXJHW D

veniturilor pe suUVH GH SURYHQLHQ  úL D FKHOWXLHOLORU SH WLSXUL GH QHYRL úL GHVWLQD LL $FHDVW 

JUXSDUH HIHFWXDW  GXS  FULWHULL DFFHSWDWH vQ SUDFWLFD EXJHWDU  SRDUW  GHQXPLUHD GH FODVLILFD LH

EXJHWDU 0RWLYD LDDFHVWXLSULQFLSLXUH]LG vQRUGLQHDVWUXFWXUDO SHFDUHRJHQHUHD] JUXSDUHD

UHVSHFWLY FODVLILFD LD GLQ FDUH UH]XOW  SRVLELOLWDWHD XQRU DQDOL]H SHUWLQHQWH UHIHULWRDUH OD UDSRUWXO

UHODWLYvQWUHGHVWLQD LLVDXvQWUHQHYRLODUROXOSHFDUHGLIHULWHFDWHJRULLGHFRQWULEXDELOLvOMRDF vQ

VXV LQHUHDQHYRLORUSXEOLF e etc.


3ULQFLSDOHOHFULWHULLXWLOL]DWHvQFODVLILFD LDEXJHWDU VXQW

ƒ DGPLQLVWUDWLYVDXGHSDUWDPHQWDOSULQFDUHVHLGHQWLILF LQVWLWX LDGHXQGHSURYLQH YHQLWXOVDX

SHQWUXFDUHVHIDFHFKHOWXLDO 

ƒ economic, prin care sunt identificate tipurile de venituri (impozit pe profit, taxe vamale etc.)
sau de cheltuieli (curente sau de capital);
ƒ IXQF LRQDOSULQFDUHVHUHDOL]HD] RFODVLILFDUHGXS IXQF LLVDUFLQLúLRELHFWLYH

2.7 Publicitatea bugetului


3ULQFLSLXO SXEOLFLW LL DUH vQ YHGHUH LQIRUPDUHD QD LXQLL D ILHF UXL FHW HDQ GHVSUH

YHQLWXULOH úL FKHOWXLHOLOH LQFOXVH vQ EXJHW 3XEOLFLWDWHD VH UHDOL]HD]  SH GH R SDUWH vQ WLPSXO

HODERU ULLEXJHWXOXLvQWLPSXOGLVFXW ULLSURLHFWXOXLvQFRPLVLLOHGHVSHFLDOLWDWHDOH3DUODPHQWXOXL

úL vQ WLPSXO GH]EDWHULL DFHVWXL SURLHFW vQ RUJDQXO OHJLVODWLY LDU SH GH DOW  SDUWH GXS  DSUREDUHD

OHJLL EXJHWXOXL SULQ SXEOLFDUHD DFHVWHLD vQ 0RQLWRUXO RILFLDO vQ SUHVD VFULV  úL DXGLR YL]XDO 
-
0RWLYD LD DFHVWXL SULQFLSLX UH]LG  vQ QHYRLD GH LQIRUPDUH D FRQWULEXDELOXOXL FRPSRQHQWD

iQWHUQ  GDU úL D FHORU LQWHUHVD L GLQ DIDUD ULL FRPSRQHQWD H[WHUQ  RUJDQLVPH ILQDQFLDUH

LQWHUQD LRQDOH ULOH FXFDUHVHvQWUH LQUHOD LLHFRQRPLFHLQVWLWXWHGH FHUFHWDUH DJHQ LL GHUDWLQJ

HYDOXDUH  LQWHUQD LRQDO DJHQ L HFRQRPLFL LQWHUHVD L vQ DIDFHUL VDX vQ SODVDPHQWH SH SLD D GH

capital.

3. Metode de dimensionare a componentelor bugetului


'LPHQVLRQDUHD YHQLWXULORU úL FKHOWXLHOLORU EXJHWDUH HVWH R RSHUD LXQH GH SUHGLF LH

2SHUD LXQHDHVWHGHRVHELWGHFRPSOH[ GHRDUHFHDUHvQYHGHUHQXQXPDLLQGLFDWRULLúLSDUDPHWULL

EXJHWXOXLGDUúLSHFHLDLHFRQRPLHLvQWUXFkWEXJHWXOVWDWXOXLVHED]HD] QXQXPDLSHGRULQ HOHúL

DVSLUD LLOHJXYHUQXOXLúLSHFDGUXOMXULGLFJHQHUDWGHRUJDQLVPXOOHJLVODWLYFLFHOSX LQvQDFHLDúL

P VXU  SH SHUIRUPDQ HOH HFRQRPLHL SH FDSDFLWDWHD DFHVWHLD GH D VXV LQH SULQ HILFLHQ 

dezideratele sociale.
3ULQWUHSUHPLVHOHXQHLSUHGLF LLUHDOLVWHVHvQVFULX

ƒ SRVLELOLWDWHD GH P VXUDUH D FDUDFWHULVWLFLORU FDQWLWDWLYH DOH IHQRPHQHORU úL SURFHVHORU

HFRQRPLFHSRVLELOLWDWHFUHDW GHWHRULDHFRQRPLF úLGHúWLLQ DILQDQ HORU

ƒ H[LVWHQ D XQRU LQIRUPD LL GH UHIHULQ  VXE IRUPD VHULLORU GLQDPLFH UH]XOWDW vQ JHQHUDO DO

VWDWLVWLFLLúLvQSDUWLFXODUDOVWDWLVWLFLLILQDQFLDUH

ƒ IXQGDPHQWDUHD XQRU PHWRGH úL WHKQLFL GH FDOFXO úL DQDOL]  URG Dl matematicii, statisticii

teoretice, analizei economico-ILQDQFLDUHWHRULHLILQDQFLDUHúLSUDFWLFLLEXJHWDUH

6FKHPDSUHGLF LHLEXJHWDUHLQFOXGH

67
ƒ IRUPXODUHD RELHFWLYHORU XUP ULWH SULQ IL UHDOL]DWH SULQ EXJHW úL HYDOXDUHD HIRUWXOXL ILQDQFLDU

implicit;
ƒ preJ WLUHD LQIRUPD LLORU SHQWUX GHWHUPLQDUHD WHQGLQ HORU FH FDUDFWHUL]HD]  FKHOWXLHOLOH úL

YHQLWXULOHEXJHWDUHGDUúLHYROX LDHFRQRPLHLúLvQSULPXOUkQGDVXUVHORUGHYHQLWXUL

ƒ DQDOL]D FDOLWDWLY  D DFHVWRU WHQGLQ H D FRQVLVWHQ HL úL FRHUHQ HL ORU SUHFXP úL D úDQVHL

SUREDELOLW LL GHSURGXFHUHDORU

ƒ HODERUDUHD SURSXQHULORU GH YHQLWXUL úL FKHOWXLHOL EXJHWDUH PDL SUHFLV D YDULDQWHORU SH FDUH VH

va fundamenta propunerea de proiect de buget.

3UDFWLFD EXJHWDU  D FRQWXUDW PDL PXOWH PHWRGH SHQWUX GLPHQVLRQDUHD YHQLWXULORU úL

FKHOWXLHOLORU EXJHWDUH 8QHOH VH UHIHU  VWULFW OD HODERUDUHD SURSXQHULORU XQHOH DX vQ YHGHUH úL

FRPSRQHQWDWHQGHQ LDO LDUDOWHFLUFXPVFULXúLDVSHFWHOHFRUHODWLYHFXHYROX LDHFRQRPLHL

0HWRGD DXWRPDW  FRQVW  vQ  HVWLPDUHD YHQLWXULORU úL FKHOWXLHOLORU EXJHWDUH vQ DQXO W

XUP WRU FHOXL vQ FXUV  SH ED]D H[HFX LHL EXJHWDUH vQ DQXO W -1 (anterior celui în curs). Baza de
UHIHULQ HVWHPRWLYDW SULQIDSWXOF vQDQXOvQFXUVEXJHWXOHVWHvQF vQH[HFX LHúLQXVHFXQRVF

rezultatele efective DOH DFHVWHLD 9DULD LD LQGLFDWRULORU EXJHWDUL VLQWHWLFL YHQLWXUL úL FKHOWXLHOL 
HVWH vQ PDUH P VXU  UH]XOWDWXO PRGXOXL vQ FDUH V-D H[HFXWDW EXJHWXO úL GRDU vQ PLF  P VXU  DO

contextului economic în care s-DSURGXVDFHDVW H[HFX LH


0HWRGD HVWH VLPSO  GDU IRDUWH DSUR[LPDWLY  úL vQ PDUH P VXU  SX LQ UHDOLVW  GHRDUHFH

H[WUDSROHD] WHQGLQ HFDUHVXQWGHFHOHPDLPXOWHRULGHS úLWHGHUHDOLWDWHDHFRQRPLF 5HJXODSH

FDUHVHED]HD] DFHDVW PHWRG HVWH

Vt − 1 = PVt + 1 sau C t − 1 = PC t + 1 (75)

unde: V YHQLWXULFRQIRUPH[HFX LHLEXJHWDUH

C FKHOWXLHOLFRQIRUPH[HFX LHLEXJHWDUH

PV SUHGLF LHGHYHQLWXUL

PC SUHGLF LHGHFKHOWXLHOL

Metoda nu ia în considerare cauzele care au determinat o realizare Vt-1 sau Ct-1 a


veniturilor / cheltuielilor în anul t- ID  GH SUHGLF LD 39t-1 sau PCt-1. De asemenea, nu ia în
FRQVLGHUDUHHYROX LDHFRQRPLHLvQFHLDQLFHGHVSDUWDQXOGHUHIHULQ GHFHOGHSUHGLF LH&HHD

FHVHúWLHFXFHUWLWXGLQHHVWHUDSRUWXOGHRUGLQHvQWUHSUHGLF LDúLH[HFX LDDQXOXLW DGLF ,V


- > 1,
= 1 sau < 1 unde:
IV = Vt-1/PVt-1 (76)

3H ED]D DFHVWHL LQIRUPD LL VH DVXP  SUHPLVD H[SULPDW  SULQ UHOD LD   DGLF 

DXWRPDWLVPXOUHDOL] ULLvQYLLWRUDXQHLVLWXD LLFHUWHvQWUHF ut.

0HWRGD PDMRU ULL GLPLQX ULL  GH ED]HD]  SH H[WUDSRODUHD XQHL WHQGLQ H UHODWLY

FRQVROLGDWHUH]XOWDW GLQGLQDPLFDSH -8-DQLDYHQLWXULORUúLFKHOWXLHOLORUEXJHWDUH5LWPXOGH


HYROX LH DO DFHVWRUD HVWH DVXPDW FD UHDOL]DELO úL vQ YLLWRU 3H ED]D OXL VH FRUHFWHD]  QLYHOXO

YHQLWXULORUFKHOWXLHOLORUvQDQXOFXUHQWUH]XOWkQGSUHGLF LDSHQWUXDQXOXUP WRU

− t =n
r = n ∏ I t/t −1 − 1 (77.1)
t =1


Sn +1 = Sn ∗ (1 + r ) (77.2)

unde: n = orizont statisticGHLQIRUPDUH GHSLOG DQL 

68
It/t-1 LQGLFHOHGHFUHúWHUHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHvQDQXOWID GHDQXOW -1;

r ULWPXOPHGLXGHHYROX LHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHSHQDQL

Sn = nivelul venitului / cheltuielii bugetare în anul curent;


Sn+1 SUHGLF LDSHQWUXDQXOQDYHQLWXOXLFKHOWXLHOLLEXJHWDUH

0HWRGD DUH FRPXQ FX SUHFHGHQWD VXSR]L LD S VWU ULL WHQGLQ HL GDU HVWH UHODWLY PDL EXQ 

GHRDUHFH JHQHUHD]  R WHQGLQ  PXOWLDQXDO  0HWRGD QX G  UH]XOWDWH vQ FD]XO vQ FDUH FRQWH[WXO

HFRQRPLF HVWH IU PkQWDW DX DYXW ORF VFKLPE UL UHSHWDWH GH YLWH]  VDX GH VHQV SH SDUFXUVXO

RUL]RQWXOXL VWDWLVWLF  VDX vQ FD]XO vQ FDUH FRQMXQFWXUD DQXOXL GH SUHGLF LH Q  VH PRGLILF 

seQVLELOID GHDDQLORULQFOXúLvQRUL]RQWXOVWDWLVWLF

0HWRGD HYDOX ULL GLUHFWH VH ED]HD]  SH HVWLPDUHD YHQLWXULORU úL FKHOWXLHOLORU DQXOXL W

XUP WRUFHOXLFXUHQW SRUQLQGGHODSUHOLPLQDUHDH[HFX LHLEXJHWDUHSHDQXOW DQXOFXUHQW úLGH

la predic LLOH SULYLQG HYROX LD HFRQRPLF  úL HYHQWXDOHOH PRGLILF UL OHJLVODWLYH FH YRU LQWUD vQ

YLJRDUH vQ DQXO W 0HWRGD HVWH DSOLFDELO  QX JOREDO FL SHQWUX ILHFDUH FDWHJRULH GH YHQLW úL

FKHOWXLDO vQSDUWH

Într-RIRUP VLPSOLILFDW SUHGLF LDYHQLWXULORUSRDWHILUHDOL]DW GXS UHOD LD

PVt +1 = Vp t + BI t +1 ∗ ∆l (73.1)

în care: Vpt = venitul preliminat în anul t;


BIt+1 = baza de impozitare în anul t+1;
∆l  PRGLILF UL OHJLVODWLYH vQ DQXO W ID  GH DQXO W DOWHOH GHFkW FHOH SULYind baza de
impozitare.

5HSUH]HQWDUHDvQIRQGDPHWRGHLSRDWHILUHGDW IRUPDOSULQUHOD LD

PVt +1 = Vp t ∗ f (l, e, s, p, c) (73.2)

XQGH I HVWH R IXQF LH FRUHFWLY  FDUH FRQFHQWUHD]  HYHQWXDOHOH PRGLILF UL SULYLQG OHJLVOD LD O  úL

LQIOXHQ DIDFWRULORUGHQDWXU HFRQRPLF  H VRFLDO  V SROLWLF  S úLGHFRQMXQFWXU H[WHUQ  F 

ÌQ FH SULYHúWH HYDOXDUHD FKHOWXLHOLORU PHWRGD HVWH VLPLODU  GRDU F  HYHQWXDOHOH FRUHF LL

VXQW GHWHUPLQDWH SUHGRPLQDQW vQ UDSRUW FX SURGXVXO LQWHUQ EUXW 3,%  UDWD LQIOD LHL UL  úL FXUVXO

GHVFKLPEDOPRQHGHLQD LRQDOH FV 

PC t +1 = Cp t ∗ g (PIBt +1, ri t +1, cs t +1) (74.1)

unde Cpt VXQW FKHOWXLHOLOH SUHOLPLQDWH SHQWUX DQXO W LDU J HVWH R IXQF LH FRUHFWLY  FRQFHQWUkQG

LPSDFWXOHYROX LHLIDFWRULORUGHLQIOXHQ PHQ LRQD L

Într-RIRUP VLPSOLILFDW SUHGLF LDFKHOWXLHOLORUVHSRDWHUHDOL]DGXS UHOD LD

PC t +1 = Cp t ∗ I PIB ∗ (1 + ri t +1) (74.2)

unde IPIB HVWH LQGLFHOH 3,% vQ DQXO W ID  GH DQXO W vQ SUH XUL GHIODWDWH DGLF  QHLQIOXHQ DWH GH

SURFHVXOLQIOD LRQLVW

Metoda esWHPDLFRPSOH[ GDUPDLDSURDSHGHUHDOLWDWHLDUHYHQWXDOHOHQHVLQFURQL] ULúL

LPSHUIHF LXQL SRW IL DMXVWDWH SH SDUFXUVXO H[HFX LHL EXJHWDUH D DQXOXL W SULQ procedura
UHFWLILF ULLEXJHWDUH .

Metoda PPBS are în vedere elaborarea unui buget pe baza unor propuneri optime la
QLYHOXO LQVWLWX LLORUFHQWUDOH EHQHILFLDUH 0HWRGD QXPLW SODQLILFDUH SURJUDPDUH EXJHWL]DUHD

IRVWLQL LDW vQSUDFWLFDEXJHWDU D68$&HOHWUHLFRPSRQHQWHDOHPHWRGHLVHUHIHU OD

69
ƒ planificarea - elaborarea obiectivului de realizat într-R SHUVSHFWLY  SH WHUPHQ OXQJ vQ
contextul unei strategii administrative date;
ƒ programarea - definirea obiectivelor anuale, conform unei tactici administrative date; pentru
realizarea acestor obiective sunt formulate programe alternative, din care este ales cel mai
avantajos sub raportul cost -  DYDQWDMH SURJUDPDUHD SUHVXSXQH vQ FRQVHFLQ  LQFOXVLY
HYDOXDUHDFRVWXULORUúLDUH]XOWDWHORUSUH]XPDWH

ƒ bugetizarea -  LQFOXGHUHD vQ SURLHFWXO GH EXJHW D FRVWXULORU PDL VXV PHQ LRQDWH DFHDVW 
RSHUD iune se face anual pentru fiecare an din orizontul strategic presupus de realizarea
obiectivului dorit.

0HWRGD HVWH PXOW PDL SUHFLV úLDUHvQ SOXVDYDQWDMXO GHD SURSXQH FKHOWXLHOL EXJHWDUHvQ

contextul unor obiective plurianuale. De asemenea, de a integUD VHOHF LD XQHL SURSXQHUL GLQWU-o
PXO LPH GH YDULDQWH X]kQG GH R PHWRG  VSHFLILF  PHWRGD FRVW-DYDQWDM $FHDVW  PHWRG  FRVW-

DYDQWDM  SUH]LQW  IRU  GH DUJXPHQWD LH GHRDUHFH FRPSDU  FKHOWXLHOLOH FX UH]XOWDWHOH DGLF 

permite folosirea indicatorilor de eILFLHQ úLGHDVHPHQHDG SRVLELOLWDWHDLQWURGXFHULLDOHJHULL

multicriteriale.
ÌQFHSULYHúWHHILFLHQ DDFHDVWDHVWHHYLGHQ LDW vQGRX GLQIRUPHOHHLFHOHPDLH[SUHVLYH

•HIHFWRE LQXWODXQLWDWHDGHFRVW
e1 = A / C (75.1)

• cheltuiala (efortXO QHFHVDU SHQWUXRE LQHUHDXQHLXQLW LGHDYDQWDM

e2 = C / A (75.2)

unde C este costul necesar pentru realizarea obiectivului, iar A este avantajul generat de
realizarea respectivului obiectiv.
Într-RDQDOL] PDLGHWDOLDW FRVWXULOHSRWILGHIalcate pe componente / tipuri / categorii, de
SLOG  FRVWXUL GH FDSLWDO LQYHVWL LL  FRVWXUL PDWHULDOH FRVWXUL VDODULDOH /D UkQGXO ORU DYDQWDMHOH

SRW ILHYLGHQ LDWHSULQLQGLFDWRULVSHFLILFLFXPVXQW HOHYL VWXGHQ LúFRODUL]D LV OLGHFODV  HWF

(SHQWUX RELHFWLYH GH vQY PkQW  QXP U GH XQLW L VSLWDOLFHúWL VDX GH SDWXUL GH VSLWDO EROQDYL

vQJULML L HWF SHQWUX RELHFWLYH GH V Q WDWH  QXP U GH ORFXUL GH PXQF  FUHDWH QXP U GH úRPHUL

DVLVWD LVDXLQWHJUD LHWF SHQWUXRELHFWLYHVRFLDOH FUHúWHUH a PIB-XOXLYDORDUHDSUH]HQW QHW HWF

SHQWUXRELHFWLYHHFRQRPLFHúD

ÌQFHSULYHúWHDOHJHUHD PXOWLFULWHULDO DFHDVWDSHUPLWHGHILQLUHDXQRUFULWHULLGHDSUHFLHUH

FDOLWDWLY úLLPSOLFLWGHVHOHF LH VSHFLILFH GLIHULWHORURELHFWLYH3HQWUXDFHDVWDHVWH QHFHVDUV VH

LGHQWLILFH LQGLFDWRULFDQWLWDWLYLFkWPDLH[SUHVLYLSHQWUXILHFDUHFULWHULXvQSDUWHV VHJHQHUH]HR

SURFHGXU  GH FRHUHQ  vQWUH DFHúWLD úL vQ VIkUúLW XQ DOJRULWP FDUH V  SHUPLW  FRQFHQWUDUHD

impactului cumulativ al tuturor acestor indicaWRUL 6  SUHVXSXQHP XQ RELHFWLY SHQWUX UHDOL]DUHD

F UXLD SRW IL DYXWH vQ YHGHUH M    « - YDULDQWH &ULWHULLOH FDOLWDWLYH GH DSUHFLHUH D

RELHFWLYXOXL  D UH]XOWDWHORU RE LQXWH SULQ UHDOL]DUHD OXL  VXQW LGHQWLILFDWHFX LQGLFHOH N   «

K. În limita XQXL FULWHULX GDW SURLHFWHOH SRW IL LHUDUKL]DWH vQ RUGLQH GH SLOG  GHVFUHVF WRDUH
5H]XOW  DVWIHO ORFXO ljk SH FDUH YDULDQWD M vO RFXS  vQ LHUDUKLD JHQHUDW  GH FULWHULXO N $FHDVW 

LQIRUPD LHSRDWHILFXPXODW SHPXO LPHDFULWHULLORUNUH]XOWkQGXQrang pentru fiecare proiect j,

astfel:
K
rj = ∑ l jk j = 1,2, …, J (76)
k =1

Cu cât acest rang este mai mic, cu atât proiectul respectiv este mai bine situat în ierarhia
PXOWLFULWHULDO  3URFHGXUD SRDWH IL vPEXQ W LW   SULQ LQWURGXFHUHD XQRU SRQGHUL GH LPSRUWDQ 

pentru fiecare criteriu în parte, fie pk

70
K
∑ pk = 1 (76.1)
k =1

$FHVWH SRQGHUL DGXF vQ MRF VXELHFWLYLVPXO GHFLGHQWXOXL DGLF  LPSRUWDQ D SH FDUH HO R

DFRUG GLIHULWHORUFULWHULLGHDSUHFLHUHÌQDFHVWFD]UHOD LD  GHYL ne:


K
rj = ∑ l jk ∗ pk j = 1,2, …, J (76.2)
k =1

8QXO GLQ FULWHULLOH OXDWH DGHVHD vQ FDOFXO HVWH YDORDUHD DFWXDO  D DYDQWDMXOXL QHW UH]XOWDW

din realizarea obiectivului pentru care s-DXHIHFWXDWFKHOWXLHOLOHEXJHWDUH$FFHSW PLSRWH]DXQXL


obiectiv realizat în etape anuale t = (1, T1  vQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH GH UHDOL]DUH &%t úL
FKHOWXLHOLOHGHIXQF LRQDUH&)tDFHVWHDGLQXUP QXQHDS UDWILQDQ DWHGLQEXJHW'XS UHDOL]DUHD

RELHFWLYXOXL DFHVWD FRQWLQX  V  IXQF LRQH]H WLPS GH 72 - T1 ani (T2 > T1). În tot intervalul de
IXQF LRQDUH VH RE LQ DYDQWDMH EHQHILFLL  DQXDOH GH P ULPH $t. 'DWRULW  SHUHQLW LL UHDOL] ULL úL

IXQF LRQ ULL RELHFWLYXOXL HYDOXDUHD DYDQWDMXOXL QHW WUHEXLH HIHFWXDW  vQ FRQGL LLOH SURFHGXULL GH

actualizare, pentru a asigura HFKLYDOHQ D SXWHULL GH FXPS UDUH D PRQHGHL QD LRQDOH LQGLIHUHQW GH
DQXOvQFDUHDIRVWHIHFWXDW FKHOWXLDODVDXV-DRE LQXWDYDQWDMXO)LHi rata de actualizare. În aceste

FRQGL LLDYDQWDMXOQHWDFWXDOHVWH

T2 T1
−t
ANA = ∑ (A t − CFt ) ∗ (1 + i) − ∑ CBt ∗ (1 + i) − t ] (77)
t =1 t =1

Metoda prezint FXWRDWHDYDQWDMHOHHLPXOWHSXQFWHVODEHVDXGLVFXWDELOH

%XJHWXO GH VWDW UHXQHúWH FKHOWXLHOL SHQWUX RELHFWLYH GLQ GRPHQLL GLYHUVH &ULWHULLOH FDUH

FRQGXF GLIHULWH LQVWLWX LL OD SURSXQHUHD XQHL FKHOWXLHOL VXQW H[WUHP GH GLYHUVH úL LQFRQJUXHQWH 

MetoGD HVWH EXQ  vQ SHULPHWUXO XQHL LQVWLWX LL GDU QX DUH UHOHYDQ  SHQWUX D DOHJH vQWUH GRX 

SURSXQHUL XQD I FXW  GH R LQVWLWX LH FHDODOW  GH R DOWD 'H H[HPSOX FXOWXU  úL RUGLQH SXEOLF 

3HQWUX DFHDVWD VXQW QHFHVDUH FULWHULL JHQHUDOH JUHX GH IRUPXODW úL probabil, mai greu de
FXQDWLILFDW 3HQWUX DFHDVW  VHOHF LH RUL]RQWDO  SUHYDOHD]  DGHVHD RS LXQLOH UH]XOWkQG GLQ

SURJUDPHOHSROLWLFHGHJXYHUQDUHGLQLGHRORJLLGLQRELúQXLQ HGLQFRQMXQFWXUL

Un element discutabil în utilizarea acestei metode îl reprH]LQW  DVXPDUHD SUHPLVHL F 

PXO LPHDRSWLPHORUVXEVLVWHPHORUJHQHUHD] RSWLPXOVLVWHPXOXL,QVWLWX LLOHFDUHIDFSURSXQHULGH

cheltuieli pentru buget pot fi privite ca subsisteme ale sistemului economico-social pe care
EXJHWXO vQ XQLWDWHD úL XQLFLWDWHD VD vO UHSUH]LQW  2U WHRULD VLVWHPHORU úL WHRUHPHOH RSWLPXOXL

RSWLPXO JOREDO VXERSWLPXO RSWLPXO SDU LDO  GHPRQVWUHD]  FODU F  SUHPLVD PHQ LRQDW  QX HVWH

DGHY UDW  'HS úLUHDDFHVWXL DVSHFW GLVFXWDELO DIRVW vQFHUFDW  SULQ WHKQLFD PDQDJHPHQWXOXL SULQ

obiHFWLYH 0%2  $FHDVWD SUHVXSXQH R SODQLILFDUH JOREDO  SH XQ WHUPHQ VXILFLHQW GH ELQH

DFRSHULWRU DO RUL]RQWXULORU GH UHDOL]DUH D RELHFWLYHORU SURSXVH GH GLIHULWH LQVWLWX LL FHQWUDOH

Resursele identificate pentru respectivul orizont sunt distribuite între oELHFWLYH DVWIHO vQFkW V 

DVLJXUHRFRW GHUHDOL]DUHFkWPDLULGLFDW 

Metoda ZBB are în vedere evaluarea variantelor de realizare a unui obiectiv în raport cu
FRVWXULOH SUHVXSXVH FHOH PDL PLFL SHQWUX DWLQJHUHD DFHVWXL VFRS 0HWRGD QXPLW  ED]D EXJHWDU

]HUR FRQVLGHU  GUHSW HWDORQ VDX RULJLQH VDX FD] GH UHIHULQ  DFHD YDULDQW  FH DVLJXU  FRVWXUL

PLQLPH SHQWUX UHDOL]DUHD XQXL RELHFWLY GDU úL DYDQWDMH SH P VXU  0HWRGD HVWH L]RPRUI 

problemei de optim a agentului economic ce-úL SURSXQH V  RE LQ  XQ QLYHO GDW DO SURGXF LHL FX

FRVWXUL PLQLPH 3ULQ FRPSDUDUHD XQHL YDULDQWH RDUHFDUH FX XQD GH RULJLQH PHWRGD DUH YDOHQ H

PDUJLQDOLVWH 9DULDQWHOH SRW IL VHOHFWDWH SH VHDPD FRVWXOXL ORU PDUJLQDO DGLF  D FKHOWXLHOLL

VXSOLPHQWDUHSUHVXSXVHSHQWUXRE LQHUHDXQHLXQLW LVXSOLPHQWDUHGHDYDQWDM

0HWRGD SHUPLWH DQDOL]D LWHUDWLY  DQXDO  D HILFLHQ HL UHDOL] ULL XQXL SURLHFW SULQ SULVPD

PRGLILF ULL SUHPLVHORU OHJLVODWLYH VXE DXWRULWDWHD F URUD XUPHD]  V  VH GHUXOH]H vQ ILHFDUH DQ

71
SURLHFWXO vQ FDX]  ÌQ DFHVW IHO VH RE LQ vQ SOXV LQIRUPD LL SULYLQG YDOHQ HOH VWLPXODWLYH VDX GH

IUkQ  SH FDUH OH JHQHUHD]  PRGLILF ULOH OHJLVODWLYH LQWHUYHQLWH ID  GH PRPHQWXO GH GHEXW DO

SURLHFWXOXLRIHULQGRUJDQXOXLOHJLVODWLYRP VXU DFDUDFWHUXOXLVWLPXODWLYVDXQXDDMXVW ULORUSH

FDUHOHDGRSW VDXOH DDGRSWDWvQOHJ WXU FXXQDVDXDOWDGLQSUHYHGHULOHOHJDOHvQYLJRDUH


-
'H]DYDQWDMHOH PHWRGHL VXQW OHJDWH PDL DOHV GH GLILFXOW LOH GH LGHQWLILFDUH úL HYDOXDUH D

UH]XOWDWHORU DYDQWDMHORU  SH FDUH OH FRQIHU  UHDOL]DUHD XQXL RELHFWLY VDX SURLHFW ILQDQ DW SULQ

buget.
Metoda RCB are în vedere corectarea pe parcurs a cheltuielilor necesare pentru
UHDOL]DUHD XQXL RELHFWLY SHUHQ GH UHJXO  GH WHUPHQ PHGLX  vQ UDSRUW FX FRQGL LLOH QRX DS UXWH

0HWRGD QXPLW  D UD LRQDOL] ULL EXJHWDUH´ DUH FDUDFWHU VLVWHPLF SULQ IDSWXO F  HVWH XWLOL]DW  vQ

FRQGL LLQRLGDWH ODUHIRUPXODUHD DWkWDRELHFWLYXOXLFkWúLDPLMORDFHORU GHUHDOL]DUHDOXLDVWIHO

vQFkW DQVDPEOXO HIRUWXOXL EXJHWDU V  ILH PDL FRQYHQDELO FKHOWXLHOL EXJHWDUH PDL PLFL I U  D

renun DQHDS UDWODSURLHFWHGHMDLQL LDWHvQFXUVGHGHVI úXUDUH 

ÌQILHFDUHLWHUD LH úLSHQWUXILHFDUH SURLHFWHVWHQHFHVDU  SDUFXUJHUHD XQRUHWDSHVWULFWHGH

DQDOL]  úL DQXPH VWXGLX GHFL]LH H[HFX LH úL FRQWURO IDSW FH G  R FRQVLVWHQ D PDL VROLG 

argumHQWD LHLSULYLQGDQJDMDUHDFKHOWXLHOLORUSXEOLFH
'H]DYDQWDMHOH PHWRGHL VXQW OHJDWH GH FDUDFWHUXO UHODWLY FRPSOH[ DO SURFHVXOXL GH DQDOL] 

úLGHH[FHS LLOHSHFDUHOHSUHVXSXQHID GHSULQFLSLLOHEXJHWDUHDOHDQXDOLW LLúLQHDIHFW ULL

4. Procesul bugetar
3URFHVXO EXJHWDU UHSUH]LQW  PXO LPHD VWUXFWXUDW  D DF LXQLORU úL P VXULORU LQL LDWH úL

GHUXODWH GH LQVWLWX LLOH VWDWDOH FRPSHWHQWH vQ VFRSXO UHDOL] ULL SROLWLFLL ILQDQFLDUH SURPRYDW  GH

DXWRULWDWHD JXYHUQDPHQWDO  vQ GRPHQLXO EXJHWDU %D]D OHJDO  D DFHVWXL DQVDPEOX GH DWULEX LL

FRPSHWHQ H UHVSRQVDELOLW L REOLJD LL úL GUHSWXUL LQVWLWX LRQDOH R FRQVWLWXLH &RQVWLWX LD úL OHJLOH

VSHFLILFH7RDWHDFHVWHUHJOHPHQW ULDXFDRELHFWILQDOYHQLWXULOHúLFKHOWXLHOLOHVWDWXOXL

Procesul bugetar are câteva caracteristici majore:


ƒ HVWH GHFL]LRQDO GHRDUHFH DUH FD VFRS IRUPXODUHD UHDOL]DUHD úL FRQWUROXO IRUP ULL UHVXUVHORU

EXJHWDUH úL DO DORF ULL ORU LQFOXVLY GHFL]LD SULYLQG UHFXQRDúWHUHD QHYRLORU úL D FXDQWXPXOXL

ORUDSULRULW LLRSRUWXQLW LLúLVWULQJHQ HLD


cestora);
ƒ HVWH GHPRFUDWLF ILLQG UH]XOWDW DO H[HUFLW ULL DWULEXWHORU VWDWXOXL GH GUHSW úL DO H[HUFL LXOXL

SXWHULLGHVWDWSHVHDPDRS LXQLORUH[SULPDWHSULQYRWGHF WUHFHW HQL

ƒ HVWH SUHSRQGHUHQW SROLWLF GHRDUHFH FRQ LQXWXO V X VH UHIHU  OD SROLWLFD ILQDQFLDU  D F UHL

IRUPXODUHUHSUH]LQW GHFL]LDSROLWLF DIRU HORUPDMRULWDUHvQSDUODPHQW

ƒ HVWH WHKQLF vQ FH SULYHúWH IRUPXODUHD H[HFX LD úL FRQWUROXO GHRDUHFH GLQFROR GH RS LXQLOH

SROLWLFH WUHEXLH UHVSHFWDWH FHULQ HOH IXQF LRQ ULL PHFDQLVPXOXL HFRQRPLF úL SULQFLSLXO

UD LRQDOLW LL

ƒ este ciclic, deoarece se reia anual;


ƒ DUH ODUJ LPSDFW SXEOLF GHRDUHFH VIHUD VD GH FXSULQGHUH úL HIHFWHOH JHQHUDWH VH UHJ VHVF vQ

PDFURúLPLFRUHFRQRPLHSUHFXPúLvQWRDWHGRPHQLLOHYLH LLVRFLDO -economice.


Procesul bugetar FXSULQGHSDWUXHWDSHHODERUDUHDDSUREDUHDH[HFX LDúLFRQWUROXO/HJHD
SUHYHGH FRQ LQXWXO DFHVWRU HWDSH JUDILFXO WHPSRUDO DO GHUXO ULL ORU LQVWLWX LLOH DELOLWDWH

FRPSHWHQWHúLU VSXQ] WRDUH

ÌQSURFHVXOEXJHWDUVXQWDQJUHQDWHPDLPXOWHLQVWLWX LL3D rlamentul, Guvernul, Ministerul


)LQDQ HORU WRDWH FHOHODOWH PLQLVWHUH WRDWH LQVWLWX LLOH EXJHWDUH 7UH]RUHULD 6WDWXOXL RUJDQHOH

DXWRULW LLORFDOH&XUWHDGH&RQWXUL

4.1 Elaborarea proiectului de buget


ÌQ DFHDVW  HWDS  VXQW DQJDMDWH WRDWH LQVWLWX LLO e publice de orice nivel în vederea
SURSXQHULL GH UHVXUVH ILQDQFLDUH úL GH RELHFWLYH SHQWUX FDUH V  VH SUHYDG  FKHOWXLHOL GLQ EXJHW

72
,QVWLWX LD VSHFLDOL]DW  HVWH 0LQLVWHUXO )LQDQ HORU3H ED]D XQHLDFWLYLW L SURVSHFWLYH DDFHVWXLD úL

în colaborare cu alte RUJDQLVPH GH VSHFLDOLWDWH VWDWLVWLF  SURJQR]  FHUFHWDUH HFRQRPLF  HWF 

VXQWIRUPXODWHvQSULQFLSLXQLYHOXOúLVWUXFWXUDYHQLWXULORU

3H GH DOW  SDUWH WRDWH LQVWLWX LLOH ILQDQ DWH GLQ EXJHW vúL IRUPXOHD]  SURSXQHULOH SULYLQG

necesarul de cheltuieli SHQWUXDQXODOF UXLEXJHWHVWHvQFXUVGHHODERUDUH$FHVWHSURSXQHULVXQW

FXPXODWH OD QLYHOXO LQVWLWX LLORU FHQWUDOH  PLQLVWHUH DJHQ LL JXYHUQDPHQWDOH  úL SUH]HQWDWH DSRL

SkQ  OD  LXQLH 0LQLVWHUXOXL )LQDQ HORU $FHVWD GXS  FRQVXOWDUHD SULPXOXL PLQL stru asupra
FDGUXOXL EXJHWDU JHQHUDO IRUPXOHD]  QLYHOXULOH GH FKHOWXLHOL SURSXVH SHQWUX ILHFDUH LQVWLWX LH

FHQWUDO vQSDUWHúLOHFRPXQLF DFHVWRUDSkQ ODLXOLH$FHVWHDGHIDOF FKHOWXLHOLOHSHVWUXFWXULOH

FDUH OH VXQW VXERUGRQDWH vúL GHILQLWLYHD]  SURLHFWXO ORU GH EXJHW úL vO SUH]LQW  0LQLVWHUXOXL

)LQDQ HORU SkQ   OD  DXJXVW FDUH OD UkQGXO V X WUHEXLH V  vQDLQWH]H *XYHUQXOXL SkQ  OD 

VHSWHPEULHSURLHFWXOGHEXJHW úLSURLHFWXO OHJLLEXJHWDUH7RWDFHVWFLUFXLWHVWHFDUDFWHUL]DWSULQ

repetate cRQVXOW UL úL FRQFLOLHUL vQWUH XQLW LOH EXJHWDUH GH RULFH QLYHO úL GLUHF LLOH GH VSHFLDOLWDWH

GLQ PLQLVWHUHOHEXJHWDUHvQVWUXFWXUDF URUD VHDIO  vQWUHPLQLVWHUH úL0LQLVWHUXO)LQDQ HORUvQWUH

PLQLVWUXO ILQDQ HORU úL FRQGXF WRULL LQVWLWX LLORU FHQWUDOH Obiectivul acestora îl constituie de
UHJXO FUHúWHUHDDORFD LLORUEXJHWDUHvQOLPLWDSUHYHGHULORUOHJDOHúLDQRUPHORUPHWRGRORJLFHDOH

0LQLVWHUXOXL)LQDQ HORU'LYHUJHQ HOHQHVROX LRQDWHODFHOHWUHLQLYHOXULPHQ LRQDWHVXQWUH]ROYDWH

în Guvern cu prileMXO GLVFXW ULL úL DGRSW ULL GH F WUH DFHVWD D SURLHFWXOXL GH EXJHW vQ YHGHUHD

VXSXQHULL VSUH GH]EDWHUH úL DSUREDUH vQ 3DUODPHQW 3URLHFWXO GH EXJHW DGXV vQ GH]EDWHUHD

Parlamentului, include mai multe documente:


ƒ expunerea de motive;
ƒ proiectul propriu-zis deEXJHW SHFDWHJRULLPDULGHYHQLWXULúLFKHOWXLHOL 
ƒ SURSXQHULGHHYHQWXDOHDPHQG ULOHJLVODWLYHSULYLQGYHQLWXULOHúLFKHOWXLHOLOHEXJHWDUH

ƒ DQH[HOH OD SURLHFWXO GH EXJHW FX GHWDOLHUHD YHQLWXULORU úL FKHOWXLHOLORU úL HYHQWXDO FX

propunerile de veniturLúLFKHOWXLHOLDOHIRQGXULORUVSHFLDOH H[WUDEXJHWDUH 


ƒ LQIRUPD LLGHIXQGDPHQWDUH

'RFXPHQWHOHúL GLQvQúLUXLUHDGHPDLVXV VXQWFXSULQVHvQSURLHFWXOGHOHJHSULYLQG

EXJHWXO GH VWDW 'HSXQHUHD OD 3DUODPHQW D SURLHFWXOXL GH EXJHW úL D SURLHFWXOX i legii bugetare
WUHEXLHI FXW GH*XYHUQSkQ ODGDWDGHRFWRPEULH

4.2. Aprobarea bugetului


$SUREDUHD EXJHWXOXL VH IDFH GH F WUH 3DUODPHQW DVWIHO vQFkW EXJHWXO V  DLE  FDUDFWHU GH

OHJH $FHVW OXFUX HVWH LPSRUWDQW SHQWUX LQVWLWXLUHD REOLJDWLYLW LL FRQWULEXDELOLORU GH D Y UVD

YHQLWXULOH SH FDUH JXYHUQXO FRQWHD]  vQ UHDOL]DUHD SROLWLFLL VDOH GDU úL SHQWUX VWDELOLUHD

dimensiunii efortului (cheltuielilor) care se fac pentru un anumit domeniu, proiect, obiectiv.
Aprobarea bugetului este de fapt actul final dintr-RSURFHGXU GHVWXOGHFRPSOH[ PHQLW 

V  DVLJXUH DQDOL]D DWHQW  D GHFL]LHL EXJHWDUH úL DOHJHUHD FHOHL PDL DGHFYDWH RS LXQL SULYLQG

FRQVWLWXLUHDúLXWLOL]DUHDUHVXUVHORUEXJHWDUHÌQFDGUXODFHVWHLSURFHGXULVHvQWkOQHVFvQSULQFLSDO

XUP WRDUHOHHWD pe:


ƒ prezentarea vQ SOHQXO 3DUODPHQWXOXL GH F WUH SULPXO PLQLVWUX VDX GH F WUH PLQLVWUXO
ILQDQ HORUDproiectului de bugetvQVXúLWGH*XYHUQ

ƒ examinarea acestui proiect în comisiile permanente DOH 3DUODPHQWXOXL HGXFD LH V Q WDWH
FXOWXU  DS UDUH HWF  FRPLVLL FDUH SRW IRUPXOD DPHQGDPHQWH ILHFDUH FRPLVLH WUHEXLH V  VH

SURQXQ HvQOHJ WXU FXDFRUGXOSULYLQGUHVSHFWLYXOSURLHFW

ƒ examinarea proiectului de buget vQFRPLVLDGHEXJHWILQDQ HE QFL (comisia de specialitate a


Parlamentului), care, în plus dH DOWH FRPLVLL HVWH FKHPDW  V  VH SURQXQ H DVXSUD
amendamentelor formulate de acestea; recomandarea acestei comisii privind proiectul de
EXJHWúLPHQ LRQDWHOHDPHQGDPHQWHVXQWvQDLQWDWHSOHQXOXL3DUODPHQWXOXLSHQWUXGH]EDWHUHúL

aprobare;

73
ƒ dezbaterea înSOHQXO3DUODPHQWXOXLDSURLHFWXOXLGHEXJHWDGLF DSUREDUHDSULQYRWDILHF UXL

DUWLFRO GLQ OHJHD EXJHWXOXL LQFOXVLY D DPHQGDPHQWHORU DIHUHQWH SURYHQLWH GH OD FRPLVLL úL

aprobarea prin vot a legii bugetului în ansamblul ei;


ƒ promulgarea legii bugetului dHF WUH3UHúHGLQWHOH ULL
ƒ publicarea în "Monitorul oficial" a legii privind bugetul.

4.3. ([HFX LDEXJHWXOXL


%XJHWXO GHYLQH RSHUD LRQDO QXPDL GXS  SXEOLFDUHD VD vQ 0RQLWRUXO RILFLDO ([HFX LD

bugetului începe din prima zi a anului bugetar (vezi cap. III.2  úL FDUH vQ 5RPkQLD HVWH 
LDQXDULH ÌQ P VXUD vQ FDUH OHJHD EXJHWXOXL QX HVWH DSUREDW  FX FHO SX LQ  ]LOH vQDLQWH GH

vQFHSXWXO DQXOXL EXJHWDU DWXQFL SRWULYLW OHJLL ILQDQ HORU SXEOLFH *XYHUQXO SRDWH vQFDVD YHQLWXUL

úLOHSRDWHFKHOWXLSkQ ODDSURE area noului buget, în conformitate cu prevederile legii bugetului


pe anul anterior.
([HFX LDEXJHWXOXLvQVHDPQ  vQFDVDUHDYHQLWXULORUúL HIHFWXDUHDFKHOWXLHOLORUSRWULYLWOHJLL

EXJHWXOXLFDOLPLW PLQLP vQFHSULYHVFYHQLWXULOHúLFDOLPLW PD[LP vQFH privesc cheltuielile.


/D H[HFX LD EXJHWXOXL SDUWLFLS  0LQLVWHUXO )LQDQ HORU 7UH]RUHULD 6WDWXOXL FD LQVWLWX LH

VSHFLDOL]DW  D 0LQLVWHUXOXL )LQDQ HORU úL VXERUGRQDW  DFHVWXLD vQ XQHOH VWDWH QX H[LVW  DFHDVW 

LQVWLWX LH  WRDWH LQVWLWX LLOH EXJHWDUH vQ FDOLWDWH GH RUGRQDWRUL GH FUHGLWH EXJHWDUH  XQLW LOH

administrativ-WHULWRULDOH E QFL DQJDMDWH vQ RSHUD LXQLOH EXJHWDUH RUJDQLVPH LQWHUQD LRQDOH

angajate în transferuri monetare cu bugetul.


0LQLVWHUXO)LQDQ HORUVDX7UH]RUHULD6WDWXOXLDXFDRELHFWLYV FXQRDVF úLV XUP UHDVF 

SHUPDQHQW VWDUHD vQFDV ULL úL FKHOWXLULL UHVXUVHORU EXJHWDUH FD úL HFKLOLEUXO EXJHWDU V  HIHFWXH]H

vQFDV ULOHúLSO LOHEXJHWDUH'DF QXH[LVW LQVWLWX LDWUH]RUHULHLDWXQFLvQFDV ULOHúLSO LOHVHIDF

printr-REDQF FRPHUFLDO VDXSULQWU XQJUXSGHE QFLvQED]DXQXLFRQWUDFWGHVHUYLFHvQFKHLDWGH


-
DFHDVWDDFHVWHDFX0LQLVWHUXO)LQDQ HORU

([HFX LD YHQLWXULORU VH IDFH SULQ RSHUD LXQL VSHFLILFH DGHVHD GLIHULWH GXS  WLSXO GH YHQLW

LPSR]LWGLUHFWLPSR]LWSHFRQVXPWD[ YDPDO YHQLWQHILVFDOvPSUXPXWXULúD

3HQWUXLPSR]LWHOHGLUHFWH[HFX LDVHUHDOL]HD] SULQ

a) RSHUD LXQLHIHFWXDWHGHDSDUDWXOILVFDODO0LQLVWHUXOXL)LQDQ HORU :


ƒ DúH]DUHD LPSR]LWXOXL DGLF  LGHQWLILFDUHD úL GLPHQVLRQDUHD PDWHULHL LPSR]DELOH D ILHF UXL

contribuabil;
ƒ lichidarea DGLF  GHWHUPLQDUHD P ULPLL LPSR]LWXOXL FH WUHEXLH SO WLW GH XQ FRQWULEXDELO úL
înscrierea acesteia ca debit într-XQUROILVFDOGHVFKLVSHQWUXILHFDUHGLQDFHúWLD
ƒ emiterea titlului de percepereDGLF GRFXPHQWXOFDUHDXWRUL]HD] vQFDVarea; acesta poate fi:
• GLVSR]L LH GH vQFDVDUH HPLV  DWXQFL FkQG FRQWULEXDELOXO SO WHúWH LPSR]LWXO GLQ SURSULH
LQL LDWLY 

• ordin de încasare emis pentru a-O DQXQ D SH FRQWULEXDELO GH REOLJD LD GH SODW  VDX SHQWUX

H[HFXWDUHDVLOLW DDFHVWXLD

b) RSHUD LXQLHIHFWXDWHGH7UH]RUHULHVDXGHE QFLOHvQFDVDWRDUH :


ƒ perceperea impozitului DGLF  vQFDVDUHD HIHFWLY  D DFHVWXLD RSHUD LXQHD SUHVXSXQH úL

XUP ULUHD RQRU ULL LQWHJUDOH úL OD WLPS D REOLJD LLORU ILVFDOH GH F WUH ILHFDUH FRQWULEXDELO vQ

parte.

([HFX LD FKHOWXLHOLORU SUHVXSXQH úL HD XQHOH SDUWLFXODULW L vQ VSHFLDO SHQWUX WDQVIHUXUL vQ

EHQHILFLXOEXJHWHORUORFDOHúLSHQWUXUDPEXUV ULGHvPSUXPXWXUL

3HQWUXFKHOWXLHOLOHEXJHWDUHRUGLQDUH FXUHQWHúLGHFDSLWDO H[HFX LDVHUHDOL]HD] SULQ

a) RSHUD LXQL vQ VDUF ina ordonatorilor de credite DGLF  D FRQGXF WRULORU GH LQVWLWX LL SXEOLFH

VDXDFHORUPDQGDWD LGHHLúLFDUHvQSUDFWLFDEXJHWDU D ULLQRDVWUHVXQW

• GH JUDGXO , PLQLúWULL úL FRQGXF WRULL DJHQ LLORU JXYHUQDPHQWDOH VXERUGRQDWH GLUHFW

Guvernului;

74
• GH JUDGXO ,, FRQGXF WRULL LQVWLWX LLORU SXEOLFH GLQ VWUXFWXUD WHULWRULDO  D PLQLVWHUHORU úL

DJHQ LLORU JXYHUQDPHQWDOH VXERUGRQDWH QHPLMORFLW *XYHUQXOXL GLUHF LL LQVSHFWRUDWH HWF

MXGH HQH 

• GH JUDGXO ,,, FRQGXF WRULL LQVWLWX LLORU SXEOLFH RSHUD LRQDOH VSLWDO úFRDO  XQLWDWHPLOLWDU 

muzeu, teatru etc.).


ÌQFDGUXODFHVWRURSHUD LXQLVHLQFOXG

ƒ angajareaDGLF GHFL]LDSHED]DF UHLDVHDXWRUL]HD] HIHFWXDUHDXQHLSO LGHF WUHLQVWLWX LD

EXJHWDU  vQ EHQHILFLXO XQXL WHU  OD ED]D GHFL]LHL VW  vQWRW deauna un document legal de
DQJDMDUHFRQWUDFWRUGLQDOPLQLVWUXOXLKRW UkUHMXGHF WRUHDVF SUHYHGHULOHXQRUOHJL

ƒ lichidarea DGLF  UHFHS LD EXQXULORUVHUYLFLLORU FRQWUDFWDWH úL GHWHUPLQDUHD VXPHL GDWRUDWH

furnizorilor;
ƒ RUGRQDQ DUHDDGLF HPLWHUHDGRFXPHQWXOXLSULQFDUHVHYDIDFHSODWDGLVSR]L LHGHSODW VDX

RUGLQGHSODW 

b) RSHUD LXQLvQVDUFLQDVHUYLFLXOXLILQDQFLDUDOLQVWLWX LHLRUGLQDWRDUHGHFUHGLW :


ƒ plataDGLF DFKLWDUHDVXPHLGDWRUDWH

ƒ HYLGHQ DSO LORU.


ÌQFKHLHUHD DQXOXL EXJHWDU HVWH PDUFDW  SULQ RSHUD LXQL úL GRFXPHQWH FDUH V  DWHVWH

vQFKHLHUHD H[HFX LHL EXJHWDUH úL HVWH GLIHUHQ LDW  GXS  VLVWHPXO GH H[HFX LH GH H[HUFL LX VDX GH

gestiune (vezi cap. III.2.4).


/D QLYHOXO XQLW LORU EXJHWDUH VH vQWRFPHVF G UL GH VHDP  FRQWDELOH úL FRQWXUL SULY ind
H[HFX LD GH FDV  D EXJHWXOXL DIHUHQW úL GH DVHPHQHD VH vQFKLG FRQWXULOH GH DORFD LL EXJHWDUH

DVWIHOvQFkWYHQLWXULOHQHXWLOL]DWHV ILHUHWXUQDWHEXJHWXOXLGHVWDW

/D QLYHOXO 0LQLVWHUXOXL )LQDQ HORU FD DGPLQLVWUDWRU JHQHUDO DO H[HFX LHL EXJHWDUH se
vQWRFPHúWH FRQWXO GH H[HFX LH EXJHWDU  SH ED]D F UXLD VH GHWHUPLQ  PRGXO vQ FDUH DX IRVW

UHDOL]DWH YHQLWXULOH FKHOWXLHOLOH úL VROGXO EXJHWXOXL DúD FXP DX IRVW HOH DSUREDWH SULQ OHJHD

bugetului sau prin legea/legile de rectificare a acestuia. O lege de rectificare a bugetului poate
IL DSUREDW  GH 3DUODPHQW GDU QX PDL WkU]LX GH  QRLHPEULH vQ FD]XO F  GLQ YDULL PRWLYH vQ

SULPXO UkQG GLQ FDX]D LQIOD LHL  DORF ULOH SUHY ]XWH SULQ OHJHD LQL LDO  D EXJHWXOXL DX GHYHQLW

insuficiente.
&RQWXOGHH[HFX LH EXJHWDU vQWRFPLWGH0LQLVWHUXO)LQDQ HORUHVWHQXPLWúLFXDSHODWLYXO

general FRQW JHQHUDO GH H[HFX LH EXJHWDU  vQWUXFkW FXPXOHD]  SULQ DJUHJDUH FRQWXULOH GH

H[HFX LH DOH WXWXURU RUGRQDWRULORU GH FUHGLWH $FHVW cont general este prezentat de Ministerul
)LQDQ HORU SHQWUX D IL GLVFXWDW GH *XYHUQ LDU DFHVWD vO SUH]LQW  3DUODPHQWXOXL VSUH GLVFX LH úL

DSUREDUHGXS FDUHH[HFX LDEXJHWXOXLVHFRQVLGHU vQFKLV 

'H]EDWHUHD vQ 3DUODPHQW úL *XYHUQ D FRQWXOXL JHQHUDO GH H[HFX LH EXJHWDU  VH IDFH SH

baza unui rapRUW HODERUDW GH 0LQLVWHUXO )LQDQ HORU SUHFXP úL D XQXL SURLHFW GH OHJH SULYLQG
H[HFX LD EXJHWXOXL ÌQ 3DUODPHQW DFHVWH GRFXPHQWH VXQW vQ SUHDODELO GLVFXWDWH vQ FRPLVLD GH

VSHFLDOLWDWH FDUH SUH]LQW  SOHQXOXL 3DUODPHQWXOXL R UHFRPDQGDUH DVXSUD ORU 3H OkQJ  DFHVWH

GRFXPHQWH 3DUODPHQWXO LD FXQRúWLQ  DXGLD]  úL GH]EDWH GH DVHPHQHD XQ UDSRUW DO &XU LL GH

&RQWXUL SULYLQG H[HFX LD EXJHWXOXL 7RDWH DFHVWH RSHUD LXQL QHFHVLW  R SHULRDG  GH WLPS OD FDUH

VH DGDXJ  úL FHD GH HODERUDUH D SURLHFWXOXL DVWIHO vQFk t durata procesului bugetar este mult mai
PDUH GHFkW D H[HUFL LXOXL SURSULX ]LV 3HQWUX FRQGL LLOH OHJLVODWLYH GLQ 5RPkQLD DFHVW SURFHV
-
GXUHD] vQWUHúLGHOXQLHODERUDUHDvQFHSHvQOXQDPDLDDQXOXLW H[HFX LDVHSURGXFHSH
-
parcursul anului t, FRQWXO GH H[XFX LH HVWH vQWRFPLW SkQ  vQ LXQLH DQXO W FRQWUROXO &XU LL GH

&RQWXUL VH H[HUFLW  GH UHJXO  GLQ LXOLH DQXO W SkQ  vQ LDQXDULH LXQLH DQXO W SUHJ WLUHD
-
GH]EDWHULLSDUODPHQWDUHDFRQWXOXLGHH[HFX LHEXJHWDU PDLGXUHD] -2 luni astfel încât procesul

bugetar vizând anul t se încheie în martie-septembrie anul t+2.

4.4. &RQWUROXOH[HFX LHLEXJHWXOXL


&RQWUROXO H[HFX LHL EXJHWXOXL VH HIHFWXHD]  GH &XUWHD GH &RQWXUL RUJDQLVP VXERUGRQDW

vQ DUD QRDVWU  GLUHFW 3DUODPHQWXOXL &XUWHD GH &RQWXUL HVWH LQVWLWX LD VXSUHP  GH FRQWURO DO

75
ILQDQ HORU SXEOLFH úL FDUH H[HUFLW  XQ FRQWURO GH WLS XOWHULRU ÌQ XQHOH UL DFHDVW  LQVWLWX LH SRDWH

DYHDúLDWULEX LLGHFRQWUROSUHYHQWLY&RQWUROXO&XU LLGH&RQWXULYL]HD] 

ƒ OHJDOLWDWHD úL UHDOLWDWHD GDWHORU FXSULQVH vQ G ULOH GH VHDP  FRQWDELOH úL vQ FRQWXULOH GH

H[HFX LH GH FDV  D EXJHWXOXL OD RULFDUH RUGRQDWRU GH FUHGLWH SUHFXP úL vQ UDSRUWXO úL FRQWXO

JHQHUDOGHH[HFX LHvQWRFPLWHGH0LQLVWHUXO)LQDQ HORU

ƒ HILFLHQ D HILFDFLWDWHD úL HFRQRPLFLWDWHD H[HFX LHL EXJHWDUH UHVSHFWLY FDOLWDWHD JHVWLRQ ULL

banilor publici la toate nivelurile;


ƒ GHSLVWDUHD XWLOL] ULL QHOHJDOH D EDQLORU SXEOLFL HYDOXDUHD HYHQWXDOHORU SDJXEH úL UHFXSHUDUHD

ORUSULQRUJDQHMXULVGLF LRQDOHSURSULLVDXSULQLQVWDQ HGLQVIHUDSXWHULLMXGHF WRUHúWL

ƒ SURSXQHUHD F WUH 3DUODPHQW D XQRU HYHQWXDOH PRGLILF UL  DMXVW UL  vPEXQ W LUL D OHJLVOD LHL

SULYLQGEXJHWXOH[HFX LDúLFRQWUROXOH[HFX LHLDFHVWXLD

&RQWUROXO H[HFX LHL EXJHWXOXL HVWH HIHFWXDW úL SH ILOLHUD *XYHUQXOXL GH OD QLYHOXO

acestuia, de OD QLYHOXO 0LQLVWHUXOXL )LQDQ HORU úL GH OD QLYHOXO GLIHUL LORU RUGRQDWRUL GH FUHGLWH
$FHVWDHVWHXQFRQWUROLQWHUQ VSUHGHRVHELUHGHFHODO&XU LLGH&RQWXULFDUHHVWHH[WHUQ úLVH

H[HUFLW  úL SUHYHQWLY úL XOWHULRU )LHFDUH GLQ QLYHOHOH PHQ LRQDWH DU e organ propriu de control
ILQDQFLDU LQWHUQ &RPSHWHQ HOH GH FRQWURO VXQW TXDVLJHQHUDOH OD QLYHOXO FRQWUROXOXL ILQDQFLDU DO

*XYHUQXOXL RULFHQLYHODODGPLQLVWUD LHLGHVWDWGHOD*XYHUQLQFOXVLYvQMRV úLDO0LQLVWHUXOXL

GH)LQDQ H RULFHQLYHODODGPLQLVWUD LHLGHVWDWGHODQLYHOXOPLQLVWHUHORULQFOXVLYDO)LQDQ HORU

úL MXGH HORU vQ MRV  úL VXQW FLUFXPVFULVH GRDU XQLW LORU vQ VXERUGLQH SHQWUX FHLODO L RUGRQDWRUL

de credite.
$FHVW FRQWURO DO &XU LL GH &RQWXUL DO *XYHUQXOXL DO 0LQLVWHUXOXL GH )LQDQ H úL DO

FHORUODOWH RUJDQLVPH PHQ LRQDWH  HVWH XQ FRQWURO WHKQLF DGLF  GH QDWXU  ILQDQFLDU  ÌQ DIDUD

DFHVWXLD 3DUODPHQWXO H[HUFLW  XQ FRQWURO SROLWLF DVXSUD RULF UHL HWDSH D SURFHVXOXL EXJHWDU SULQ

IDSWXOF GH]EDWHúLDSURE EXJHWXOúLOHJHDEXJHWXOXLFRQWXOGHH[HFX LHEXJHWDU GRFXPHQWHOH

SHQGLQWHúLOHJHDH[HFX LHLEXJHWXOXL

5. Structura bugetului de stat al României


Bugetul de stat al României este aprobat anual printr-R OHJH VSHFLDO  QXPLW  OHJHD
bugetului de stat pe anul …". Legea cuprinde PDLPXOWHDUWLFROHJUXSDWHSHFDSLWROHúLDQH[H
&DSLWROHOHOHJLLVHUHIHU OD

ƒ GLVSR]L LL JHQHUDOH vQ FDUH VXQW PHQ LRQDWH FXDQWXPXO FKHOWXLHOLORU DO YHQLWXULORU úL DO

soldului bugetar (deficit / excedent);


ƒ regimul veniturilor bugetare, în care se faF SUHFL] UL UHIHULWRDUH OD FROHFWDUHD YHQLWXULORU

EXJHWDUHVDXODXQHOHPRGLILF UL DMXVW UL SHFDUHOHLQWURGXFHOHJHDEXJHWXOXLGHDVHPHQHD

HVWHSUH]HQWDW RVLQWH] DYHQLWXULORUSHSULQFLSDOHOHFRPSRQHQWH 7DEHO 

ƒ UHJLPXO úL GHVWLQD LLOH FKHOWXLHOLORU vQ FDUH VH IDF SUHFL] UL SULYLQG PRGXO GH HIHFWXDUH D

FKHOWXLHOLORU EXJHWDUHSUHFXPúLXQHOHDWULEX LL UHVSRQVDELOLW LDOHRUGRQDWRULORUGHFUHGLWH

vQ JHQHUDO úL SH GRPHQLL GH DFWLYLWDWH GH DVHPHQHD HVWH SUH]HQWDW  VWUXFWXUD HFRQRPLF  D

cheltuielilor bugetare (Tabel 1);


ƒ GHILFLWXOH[FHGHQWXOEXJHWDUGDWRULDSXEOLF úLvPSUXPXWXULOHJXYHUQDPHQWDOH

ƒ GLVSR]L LLUHIHULWRDUHODUHJLLOHDXWRQRPHVRFLHW LOHúLFRPSDQLLOHQD LRQDOH

ƒ GLVSR]L LLUHIHULWRDUHODEXJHWHOHORFDOH

ƒ bugetele fondurilor speciale;


ƒ UHVSRQVDELOLW LvQDSOLFDUHDOHJLL

ƒ GLVSR]L LLILQDOH

76
Tabelul 1 (mdl.lei)
VENITURI - TOTAL CHELTUIELI - TOTAL
din care: din care:
I. Venituri curente I. Cheltuieli curente
din care: din care:
1.Venituri fiscale 1. cheltuieli de personal;
din care: 2. FKHOWXLHOLPDWHULDOHúLVHUYLFLL
a) impozite directe 3. VXEYHQ LL
din care: 4. SULPHDFRUGDWHSURGXF WRULORUDJULFROL
- impozit pe profit; 5. transferuri;
- impozit pe salarii. 6. dobânzi aferente datoriei publice alte
b) impozite indirecte cheltuieli;
din care: 7. VXPH SUHY ]XWH vQ SR]L LL JOREDOH FD
- WD[DSHYDORDUHDDG XJDW  rezerve din care:
- taxe vamale; - )RQG OD GLVSR]L LD *XYHUQXOXL GLQ
- DFFL]HúLLPSR]LWSHFLUFXOD LH Y UV PLQWHGLQSULYDWL]DUH

2.Venituri nefiscale. II. Cheltuieli de capital.


II. Venituri din capital. III. Împrumuturi acordate.
,,,ÌQFDV ULGLQUDPEXUVDUHDvPSUXPXWXULORU ,9 5DPEXUV UL GH FUHGLWH SO L GH GREkQ]L úL

comisioane la credite
din care:
1. UDPEXUV ULGHFUHGLWHH[WHUQH
2. SO LúLFRPLVLRDQHODSO LH[WHUQH
3. UDPEXUV ULGHFUHGLWHLQWHUQH
4. SO L GH GREkQ]L úL FRPLVLRDQH OD FUHGLWH
interne.

Anexele legii bugetului de stat includ sinteza bugetului, detalierea pe articole a


FKHOWXLHOLORU OLVWD LPSR]LWHORU WD[HORU úL DOWRU YHQLWXUL DOH DQului bugetar, sumele defalcate din

LPSR]LWXO SH VDODULL OD GLVSR]L LD MXGH HORU FDWHJRULLOH GH YHQLWXUL úL FKHOWXLHOL FDUH VH SUHY G vQ

EXJHWHOH ORFDOH FDWHJRULLOH GH LQVWLWX LL SXEOLFH úL DF LXQL DOH F URU FKHOWXLHOL VH DVLJXU  GLQ

bugetele locale, bugeWHOH IRQGXULORU VSHFLDOH úL OLPLWHOH YDORULFH SULYLQG FRPSHWHQ D GHDSUREDUH
DGRFXPHQWD LLORUSHQWUXRELHFWLYHOHQRLGHLQYHVWL LH

În sinteza bugetului, veniturile, exprimate în mii lei, sunt prezentate pe cele trei
FRPSRQHQWH SULQFLSDOHPHQ LRQDWH vQ WDEHOXO  LDU vQ FDGUXOILHF UHLD SH FDSLWROH úL VXEFDSLWROH

&KHOWXLHOLOH H[SULPDWH WRW vQ PLL OHL VXQW SUH]HQWDWH SH WRWDO úL SH S U L FX PHQ LRQDUHD

FDSLWROXOXL VXEFDSLWROXOXL WLWOXOXL  DUWLFROXOXL úL DOLQLDWXOXL vQ FDUH VH vQFDGUHD]  UHVSHFWLYHOH

FKHOWXLHOL 3 U LOH UHSUH]LQW  VHFWRUXO SXEOLF VDX WLSXO GH DF LXQH SHQWUX FDUH VH IDFH FKHOWXLDOD

astfel:
ƒ SDUWHD,6HUYLFLLSXEOLFHJHQHUDOHDXWRULW LSXEOLFH

ƒ SDUWHD ,, $S UDUH RUGLQH SXEOLF  VLJXUDQ  QD LRQDO  SH WRWDO úL GHIDOFDW SH FHOH WUH i
domenii;
ƒ SDUWHD,,,&KHOWXLHOLVRFLDOFXOWXUDOHSHWRWDOúLSHGRPHQLLvQY PkQWV Q WDWHFXOWXU úL

UHOLJLHúLDF LXQLSULYLQGDFWLYLWDWHDVSRUWLY úLGHWLQHUHWDVLVWHQ VRFLDO úLDORFD LLúLSHQVLL

úLDMXWRDUHúLLQGHPQL]D LL

ƒ partea IV "SerYLFLL úL GH]YROWDUH SXEOLF  úL ORFXLQ H PHGLX úL DSH SH WRWDO úL SH GRX 

componente;
ƒ SDUWHD 9 $F LXQL HFRQRPLFH SH WRWDO úL GHIDOFDW SH LQGXVWULH DJULFXOWXU  úL VLOYLFXOWXU 

WUDQVSRUWXULúLFRPXQLFD LLDOWHDF LXQLHFRQRPLFH

ƒ SDUWHD9,$OWHDF LXQLSHWRWDOúLGHIDOFDWSHFHUFHWDUHúWLLQ LILF úLDOWHDF LXQL

ƒ partea VII "Transferuri";


ƒ partea VIII "Împrumuturi acordate";

77
ƒ SDUWHD,;3O LGHGREkQ]LúLDOWHFKHOWXLHOLDIHUHQWHGDWRULHLSXEOLFH

ƒ SDUWHD;)RQGXULGHUH]HUY 

Pentru fiecare indiFDWRUEXJHWDUGHFKHOWXLDO vQVFULVvQEXJHWVHPHQ LRQHD] FXDQWXPXO

SUHY ]XW GLQ UHVXUVHOH LQWHUQH FXDQWXPXO ILQDQ ULL GLQWU XQ HYHQWXDO FUHGLW H[WHUQ úL WRWDOXO
-
VXPDFHORUGRX 

/LVWD SULYLQG YHQLWXULOH PHQ LRQHD]  SHQWUX ILHFDUH YHQLW vQ SDUWH legea / legile pe baza
F URUDDFHVWDHVWHLQWURGXV SHUFHSXWúLFROHFWDW 

'HIDOFDUHD LPSR]LWXOXL SH VDODULL SHQWUX DXWRULW LOH ORFDOH VH IDFH SH MXGH H

PHQ LRQkQGX VH SHQWUX ILHFDUH MXGH  vQ SDUWH WRWDOXO VXPHL FXDQWXPXO SHQWUX EXJHWXO SURSULX DO
-
MXGH XOXL úL FXDQWXPXO SHQWUX VXEGLYL]LXQLOH WHULWRULDOH FRPXQ  RUDú PXQLFLSLX  /HJHD

EXJHWXOXLSUHYHGHGHDVHPHQHDFULWHULLOHGXS FDUHVHIDFHGHIDOFDUHD

3HQWUX EXJHWHOH ORFDOH OHJHD EXJHWXOXL PHQ LRQHD]  GLVWLQFW FDWHJRULLOH  WLSXULOH GH

venituri prRSULLúLFKHOWXLHOLDOHEXJHWHORUMXGH HORUSUHFXPúL VHSDUDWDOHEXJHWHORUFRPXQHORU


RUDúHORU PXQLFLSLLORU VHFWRDUHORU PXQLFLSLXOXL %XFXUHúWL úL&RQVLOLXOXL *HQHUDO DO 0XQLFLSLXOXL

%XFXUHúWL

Pentru bugetele locale sunt afectate practic toate cheltuLHOLOHGHvQY PkQWSUHXQLYHUVLWDU

RFD]LRQDWHGHXQLW LOHGHvQY PkQWvQVXERUGLQHD0LQLVWHUXOXL(GXFD LHL1D LRQDOHFXH[FHS LD

FHORU SULYLQG vQY PkQWXO VSHFLDO WUDQVSRUWXOHOHYLORU SO WLW vQ UHJLP IRUIHWDU úL DOWHFkWHYD 7RW

în sarcina acestor bXJHWH UHYLQ úL FKHOWXLHOLOH GLQ GRPHQLXO DVLVWHQ HL VRFLDOH SULYLQG F PLQHOH
F PLQHOH-VSLWDO úL F PLQHOH-DWHOLHU SHQWUX WRDWH FDWHJRULLOH GH GHIDYRUL]D L DMXWRUXO VRFLDO úL

LQGHPQL]D LLOH GH QDúWHUH 6XQW SUHY ]XWH GH DVHPHQHD XQHOH FKHOWXLHOL vQ GRPHQLXO V Q W LL

GUHSWXULOH GRQDWRULORU GH VkQJH úL FKHOWXLHOLOH QHVDQLWDUH DOH FUHúHORU  úL DO DJULFXOWXULL

SUHYHQLUHDúLFRPEDWHUHDG XQ WRULORUúLEROLORU 

3ULQWUHIRQGXULOHVSHFLDOHPHQ LRQDWHvQEXJHWVHLQFOXG

ƒ IRQGXO VSHFLDO SHQWUX V Q WDWH SH WRWDO úL SH FHOH GRX  PLQLVWHUH DGPLQLVWUDWRDUH 0LQLVWHUXO

6 Q W LLúL0LQLVWHUXO7UDQVSRUWXULORU

ƒ IRQGXOGHDVLJXU ULVRFLDOHGHV Q WDWHvQDGPLQLVWUDUHD0LQLVWHUXOXL6 Q W LL

ƒ IRQGXO GH ULVF úL DFFLGHQW vQ DGPLQLVWUDUHD 6HFUHWDULDWXOXL GH 6WDW SHQWUX persoane cu
handicap;
ƒ IRQGXO VSHFLDO SHQWUX GH]YROWDUHD úL PRGHUQL]DUHD SXQFWHORU GH FRQWURO SHQWUX WUHFHUHD

IURQWLHUHLSUHFXPúLDFHORUODOWHXQLW LYDPDOHvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

ƒ fondul special pentru dezvoltarea sistemului energetic, în administrarea Ministerului


,QGXVWULHLúL&RPHU XOXL

ƒ fondul special al drumurilor publice, în administrarea Ministerului Transporturilor;


ƒ IRQGXOVSHFLDOSHQWUXSURWHMDUHDDVLJXUD LORUvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

ƒ fondul special pentru prRPRYDUHD úL GH]YROWDUHD WXULVPXOXL vQ DGPLQLVWUDUHD $XWRULW LL

1D LRQDOHSHQWUX7XULVP

ƒ IRQGXOVSHFLDODODYLD LHLFLYLOHvQDGPLQLVWUDUHD0LQLVWHUXOXL7UDQVSRUWXULORU

&RPSHWHQ HOH GH DSUREDUH D LQYHVWL LLORU VXQW VWDELOLWH SHQWUX DQXO  OD PD[LP 9
PLOLDUGH GH OHL SHQWUX RUGRQDWRULL GH FUHGLWH VHFXQGDUL úL WHU LDUL FX DYL]XO SUHDODELO DO

ordonatorului principal, la maxim 80 de miliarde de lei pentru ordonatorii principali de credite cu


DFRUGXOSUHDODELODO0LQLVWHUXOXL)LQDQ HORUúLODSHVWHPLliarde de lei pentru Guvern.

6. Sistemul cheltuielilor publice


&KHOWXLHOLOHSXEOLFHVXQWXQFRQFHSWILQDQFLDUDOF UXLFRQ LQXWvOUHSUH]LQW H[SULPDUHDvQ

IRUP E QHDVF DUHOD LLORUHFRQRPLFR VRFLDOHDS UXWHvQWUHVWDW SHGHRSDUWH úLSHUVRDQHIL]L


- ce
úL MXULGLFH SH GH DOW  SDUWH  FX RFD]LD IRORVLULL UHVXUVHORU ILQDQFLDUH DOH VWDWXOXL úL vQ VFRSXO

H[HUFLW ULLIXQF LLORUúLDWULEX LLORUDFHVWXLD

78
&RQFHSWXO GH FKHOWXLHOL SXEOLFH HVWH OHJDW GH vQGHSOLQLUHD IXQF LHL GH DORFDUH D ILQDQ HORU

SXEOLFH úL DQXPH GH FRPSRQHQWD HL SULYLQG UHSDUWL]DUHD úL XWLOL]DUHD UHVXUVHORU ILQDQFLDUH DOH

statului.
ÌQ VIHUD GH FXSULQGHUH D DFHVWRU FKHOWXLHOL VH LQFOXG GXS  FULWHULXO LQVWLWX LHL FDUH OH

HIHFWXHD] :
 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH FHQWUDOH GH VWDW úL FDUH SRW IL

SDUWLFXODUL]DWHGXS VXUVDGHILQDQ DUHvQ

a. ILQDQ DWHGLQEXJHWXOGHVWDW EXJHWXOFHQWUDOGHVWDWvQFD]XOVWDWHORUIHGHUDWLYH 

b. ILQDQ DWHGLQEXJHWXODVLJXU ULORUVRFLDOHGHVWDW

c. ILQDQ DWHGLQIRQGXULVSHFLDOH EXJHWDUHV au extrabugetare).


 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH ORFDOH úL FDUH vQ FD]XO VWDWHORU

IHGHUDWLYHVHUHJ VHVFSHGRX QLYHOHDOHLHUDUKLHLVWUXFWXULLDGPLQLVWUDWLY - teritoriale:


a. efectuate de organele administrativ - teritoriale iQWHUPHGLDUH VWDWHSURYLQFLLUHJLXQLúD 
b. efectuate de organele administrativ -WHULWRULDOHORFDOH RUDúHFRPXQHHWF 
FKHOWXLHOLSXEOLFHHIHFWXDWHGHRUJDQLVPHDGPLQLVWUD LLLQWHUQD LRQDOHVXSUDQD LRQDOH

Unele din aceste cheltuieli pot fi trDQVIHUXUL vQWUH FRPSRQHQWHOH VLVWHPXOXL QD LRQDO GH
EXJHWH 'DF  OX P GUHSW criteriu includerea sau nu a acestor transferuri în cheltuielile
publiceDFHVWHDVHFODVLILF vQ
1. cheltuieli neconsolidate, care cuprind respectivele transferuri, fiind deci totalul cheltuielilor
SXEOLFHGLQVLVWHPXOQD LRQDOGHEXJHWH

TCP = Cc + Ci + Cl (78)

unde: TCP = total cheltuieli publice;


Cc FKHOWXLHOLOHSXEOLFHDOHDGPLQLVWUD LLORUSXEOLFHFHQWUDOH
Ci = cheltuielile publice ale organelor administrativ - teritoriale intermediare;
Cl = cheltuieli publice ale organelor administrativ-teritoriale locale.
2. cheltuieli consolidate, care nu cuprind respectivele transferuri:
CPC = TCP - T

unde: CPC = cheltuieli publice consolidate;


T = transferuri între administrD LLOHSXEOLFHFHQWUDOHúLFHOHLQWHUPHGLDUHúLORFDOH
'HVWLQD LDFKHOWXLHOLORUSXEOLFHJHQHUHD] RVWUXFWXU DORUSHGRX FRPSRQHQWH

 DYDQV GH SURGXV LQWHUQ EUXW UHSUH]HQWkQG FKHOWXLHOL DOH LQVWLWX LLORU SXEOLFH SHQWUX IRUPDUHD

EUXW GHFDSLWDO

2 FRQVXP GHILQLWLY GH SURGXV LQWHUQ EUXW UHSUH]HQWkQG RULFH DOWH FKHOWXLHOL DOH LQVWLWX LLORU
SXEOLFHQXPLWHvQPRGRELúQXLWúLFXUHQWHVDXGHIXQF LRQDUH

&KHOWXLHOLOHSXEOLFHSRWILVWUXFWXUDWHúLGXS FULWHULXOVXUVHLIRUPDOHGHILQDQ DUH :


1. cheltuiHOLOHEXJHWDUHILQDQ DWHGLQEXJHWXOGHVWDWGLQ EXJHWXODVLJXU ULORUVRFLDOHGHVWDWGLQ

EXJHWHOHORFDOHLQWHUPHGLDUHVDXGLQEXJHWHOHLQVWLWX LLORUSXEOLFHDXWRQRPH

FKHOWXLHOLILQDQ DWHGLQIRQGXULFXGHVWLQD LHVSHFLDO 

3. cheltuieli extrabugetaUH ILQDQ DWH GLQ UHVXUVH ILQDQFLDUH QHLQFOXVH vQ EXJHWHOH

DGPLQLVWUD LLORULQVWLWX LLORU SXEOLFH YHQLWXULOH FDUH VH SRW FRQVWLWXL FD H[WUDEXJHWDUH VXQW

PHQ LRQDWHVDXGHFXUJGLQSUHYHGHULOHJDOHFKHOWXLHOLOHHIHFWXDWHGLQDFHVWHYHQLWXULVXQWVWDELOLWH

vQ PRG DXWRQRP GH DGPLQLVWUD LD  LQVWLWX LD SXEOLF  FH D UHDOL]DW YHQLWXUL H[WUDEXJHWDUH DWkW

YHQLWXULOH FkW úL FKHOWXLHOLOH UHVSHFWLYH VXQW GHILQLWH vQWU XQ SODQ GH YHQLWXUL úL FKHOWXLHOL
-
H[WUDEXJHWDUHúLVXQWVXSXVHFRQWUROXOXLILQDQFLDUSULYLQGOHJDOLWDWHDFRQVWLWXLULLXWLOL] ULLORU

 FKHOWXLHOL HIHFWXDWH GLQ EXJHWXO 7UH]RUHULHL SXEOLFH vQ VWDWHOH vQ FDUH OHJH SUHYHGH H[HFX LD

EXJHWXOXLGHVWDWSULQ7UH]RUHULDSXEOLF 

Toate aceste patru criterii de structurare a cheltuielilor publice au în veGHUHFRQ LQXWXOORU


'LQDFHVWFRQ LQXWUH]XOW HYLGHQWGHRVHELUHDvQWUHFKHOWXLHOLOHSXEOLFHúLFKHOWXLHOLOHEXJHWDUH

79
 6IHUD FKHOWXLHOLORU SXEOLFH R LQFOXGH SH FHD D FKHOWXLHOLORU EXJHWDUH DGLF  DFHVWHD GLQ XUP 

VXQW SDUWH D FHORU GLQWkL úL OH LQFOXGH numai pe cele efectuate din bugetul de stat, din bugetele
ORFDOH  LQWHUPHGLDUH úL GLQ EXJHWXO DVLJXU ULORU VRFLDOH GH VWDW &KHOWXLHOLOH SXEOLFH OH LQFOXG SH

DFHVWHD úL vQ SOXV SH FHOH HIHFWXDWH GLQ IRQGXUL H[WUDEXJHWDUH GLQ IRQGXULOH DXWRULW LORU 

inVWLWX LLORULQWHUQD LRQDOHVDXGLQYHQLWXULOHSURSULLRE LQXWHGHLQVWLWX LLOHSXEOLFH


 &KHOWXLHOLOHEXJHWDUHVH HIHFWXHD]  SHED]DFUHGLWHORU EXJHWDUH vQWLPSFHFKHOWXLHOLOHSXEOLFH

VH HIHFWXHD]  úL SH ED]D DOWRU VXUVH ILQDQFLDUH GHFkW FUHGLWHOH EXJHWDUH $FHDVWD vQVHDPQ  F 

HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH VH SRDWH IDFH VWULFW vQ OLPLWD úL SH ED]D DSURE ULL ORU GH F WUH

3DUODPHQW VDX GH F WUH DXWRULWDWHD LQWHUPHGLDU   ORFDO  LQYHVWLW  GH DFHVWD SHQWUX D DSURED

EXJHWH $FHDVWD PDL vQVHDPQ  úL F  HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH HVWH GHWHUPLQDW  QX QXPDL

GH FRQVWLWXLUHD  H[LVWHQ D UHVXUVHORU GH ILQDQ DUH FL úL vQ PRG QHDS UDW GH H[LVWHQ D DSURE ULL

din partea organului legislativ pentru efectuarea lor.

7. Clasificarea cheltuielilor publice


VarLHWDWHD FKHOWXLHOLORU SXEOLFH D I FXW QHFHVDU  LQWURGXFHUHD XQRU FULWHULL SHQWUX

VWUXFWXUDUHD ORU 1HFHVLWDWHD GHFXUJH GLQ QHYRLOH GH DQDOL]  DQWH VDX SRVWIDFWXP GDU úL GLQ

FHULQ HOHSURFHVXOXLGHHODERUDUHDEXJHWHORUSURJUDPHORUSODQXULORUILQDQFLDUHúLGHGHILQLUHD

indicatorilor bugetari.
&ODVLILFD LD FKHOWXLHOLORU SXEOLFH VH SRDWH IDFH SH ED]D FULWHULLORU GH FRQ LQXW GHMD

PHQ LRQDWH GDU úL SH ED]D XQRUD RSHUD LRQDOH UH]XOWDWH GLQ SUDFWLFD ILQDQFLDU  vQ SULPXO UkQG

EXJHWDU úLGLQSUDFWLFDVWDWLVWLF DGLIHULWHORUVWDWHÌQSUH]HQWVXQWX]XDOHGHDVHPHQHDFULWHULL

UH]XOWDWHGLQSUDFWLFDúLFHULQ HOHXQRURUJDQLVPHFXYRFD LDLQWHUQD LRQDO VDXPRQGLDO 

3ULQFLSDOHOHFULWHULLGHFODVLILFD LHRSHUD LRQDO VXQW

1. &ODVLILFD LD DGPLQLVWUDWLY bazDW  SH LQVWLWX LLOH SULQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH

SXEOLFH PLQLVWHU GHSDUWDPHQW MXGH  HWF 0RWLYD LD DFHVWHL FODVLILFD LL UH]XOW  GLQ IDSWXO F 

DVLJXU  R UHSDUWL]DUH D FKHOWXLHOLORU SH R VWUXFWXU  H[LVWHQW  ELQH LHUDUKL]DW  úL FDUH SHUPLWH

identifLFDUHDFRPRG DRUGRQDWRULORUGHFUHGLWHDEHQHILFLDULORUúLDOHJ WXULORUORUSHYHUWLFDO 

'H]DYDQWDMXO UH]LG  vQ DFHHD F  VWUXFWXUD DGPLQLVWUDWLY  VXIHU  PRGLILF UL UHODWLY GHVH FHHD FH

vQJUHXQHD] DQDOL]HOHFRPSDUDWLYHvQGLQDPLF GHSLOG RFRPXQ LQVWLWX LHHVWHDURQGDW D]L

XQXL MXGH   PLQLVWHU LDU PkLQH DOWXLD DVWIHO vQFkW GLQDPLFD FKHOWXLHOLORU WUHEXLH DMXVWDW  vQ

FD]XOXQHLDQDOL]HDHYROX LLORUSOXULDQXDOH

2.&ODVLILFD LDHFRQRPLF SUHVXSXQHGRX JUXS UL

$GXS QDWXUDFKHOWXLHOL i:
a. cheltuieli curente VDX GH IXQF LRQDUH DGLF  DFHOHD FDUH DVLJXU  vQWUH LQHUHD DFWLYLW LL

LQVWLWX LHLSXEOLFHEHQHILFLDUHUHSUH]HQWkQGFRQVXPXULGHILQLWLYHúLFDUHDQXOWUHEXLHVFUHvQQRLWH

b. cheltuieli de capital QXPLWH úL GH LQYHVWL LL FDUH DX vQ YHGHUH GH]YROWDUHD úL

PRGHUQL]DUHDLQVWLWX LHLEHQHILFLDUH

%GXS WLSXOGHFKHOWXLDO 

c. cheltuieli privind serviciile publice FDUH SUHVXSXQ H[LVWHQ D XQHL FRQWUDSUHVWD LL

DIHUHQWHFDGHH[HPSOXUHPXQHUDUHD XQXLVHUYLFLX PXQFD XQXLIXQF LRQDURUHSDUD LHHIHFWXDW 

de un depanator), plata unor furnituri etc.


d. cheltuieli de transfer FDUH QX SUHVXSXQ FRQWUDSUHVWD LH HOH UHSUH]LQW  WUHFHUHD XQRU

VXPHGHEDQLGHODEXJHWODGLVSR]L LDXQRU

♦ SHUVRDQH IL]LFH SHQVLRQDUL VWXGHQ L HOHYL úRPHUL HWF  în care caz
FKHOWXLHOLOH DXFDUDFWHU VRFLDO SHQWUX F  DX vQ YHGHUH VXV LQHUHD  VSULMLQLUHD

ORU FD LQGLYL]L I FkQG SDUWH GLQ FDWHJRULL VRFLDOH GHIDYRUL]DWH VDX FX

handicap;
♦ DGPLQLVWUD LL ORFDOH MXGH  PXQLFLSLX RUDú FRPXQ  vQ YHGHUHD

FRPSOHW ULLUHVXUVHORUORUILQDQFLDUH vQFDUHFD] DXFDUDFWHUPL[W úL VRFLDO

úLHFRQRPLF 

80
♦ DOWRU SHUVRDQHMXULGLFH LQVWLWX LLvQWUHSULQGHULúD VXEIRUP  GHVXEYHQ LL

GHFRVWXULGHH[SRUWGHUHVWUXFWXUDUHGHUHGUHVDUHILQDQFLDU HWF vQFDUH

caz au caracter economic.


3. &ODVLILFD LD IXQF LRQDO care are în vedere structura de activitate: domenii, ramuri,
VHFWRDUH ]RQH UHJLXQL $FHDVW  FODVLILFD LH HVWH IDYRUDELO  UHDOL] ULL RELHFWLYHORU GH SROLWLF 

HFRQRPLF  úL ILQDQFLDU  D VWDWXOXL GHRDUHFH SHUPLWH LGHQWLILFDUHD DFWLYLW LL VDX VSD LL JHRJUDILFH

care sunt cele mai recomandabile pentru stimulare / descurajare prin pârghiile fiscale, vamale,
ale cheltuielilor guvernamentale.
4. &ODVLILFD LD ILQDQFLDU  DUH vQ YHGHUH PRPHQWXO vQ FDUH HVWH HIHFWXDW  FKHOWXLDOD úi
modul în care sunt afectate resursele financiare publice:
a. cheltuieli definitive FDUH VH ILQDOL]HD]  SULQ SO L OD VFDGHQ H FHUWH DVWIHO vQFkW VWLQJ
DQJDMDUHD VWDWXOXL SHQWUX UHDOL]DUHD XQXL DQXPLW RELHFWLY  DF LXQH 'H SLOG  SODWD VDODULLORU

angaMD LORU XQXL VSLWDO SXEOLF VDX YLUDUHD XQHL VXPH vQ FRQWXO XQHL OXFU UL GH LQYHVWL LH OD R

SULP ULH

b. cheltuieli temporare UHSUH]HQWkQG RSHUD LXQL GH WUH]RUHULH UHIOHFWDWH vQ FRQWXUL
speciale, vizând rambursarea unor împrumuturi publice sau regularizarea unor avansuri.
c. cheltuieli virtuale UHSUH]HQWkQG FKHOWXLHOL FDUH VH SRW GHFODQúD QXPDL FRQGL LRQDW GH
SURGXFHUHDXQXLHYHQLPHQWULVF'HH[HPSOXJDUDQ LLGHVWDW VWDWXOYDVXSRUWDFKHOWXLHOLQXPDL

vQP VXUDvQFDUHFHOJDUDQWDWQXvQGHSOLQHúWHDQXPLWHFODX]HFRQGL LLSHFDUHúLOH DDVXPDWID - 

GHFHOID GHFDUHVWDWXODJDUDQWDW VDXFKHOWXLHOLGLQUH]HUYH GLQUH]HUYDEXJHWDU GHH[HPSOX

VHDFRUG DMXWRUILQDQFLDUXQRU]RQHFDODPLWDWH 

5. &ODVLILFD LD218IRORVLW LQFOXVLYGHLQVWLWX LLle sale specializate, poate fi:


a. IXQF LRQDO LGHQWLILFkQGFKHOWXLHOLGXS VFRSXOGHVWLQD LDORU
♦ VHUYLFLL SXEOLFH JHQHUDOH DSDUDWXO úL DGPLQLVWUD LD FHORU WUHL SXWHUL vQ VWDW
OHJLVODWLYH[HFXWLYMXULVGLF LRQDO 

♦ DS UDUH

♦ HGXFD LH

♦ V Q WDWH LQFOXVLYFHUFHWDUHIXQGDPHQWDO 

♦ VHFXULWDWHVRFLDO úLEXQ VWDUH DVLVWHQ DVLJXU ULSURWHF LHWRDWHGHQDWXU 

VRFLDO 

♦ DF LXQLHFRQRPLFH
♦ ORFXLQ HúLVHUYLFLLFRPXQDOH
♦ UHFUHD LHFXOWXU UHOLJLH
♦ alte cheltuieli.
b. HFRQRPLF LGHQWLILFkQGFKHOWXLHOLOHGXS L mplicarea produsului intern brut:
♦ consum final;
♦ IRUPDUHD EUXW  GH FDSLWDO LQYHVWL LL vQ FDSLWDO IL[ FUHúWHUHD VWRFXULORU

PDWHULDOHDFKL]L LLGHWHUHQXULDFWLYHQHFRUSRUDOHWUDQVIHUXULGHFDSLWDO 

7.1. Structura cheltuielilor bugetare în România


ÎnSUDFWLFDEXJHWDU D5RPkQLHLVWUXFWXUDFKHOWXLHOLORUEXJHWDUHFDSDUWHDFHORUSXEOLFH

D FXQRVFXW PRGLILF UL SURQXQ DWH úL DOHUWH PDL DOHV GXS   5HIRUPDUHD HFRQRPLHL úL D

VWDWXOXL D QHFHVLWDW úL R UHIRUP  D EXJHWXOXL vQ WRDWH FRPSRQHQWHOH SURFHVXO ui bugetar. Se
UHJ VHVFvQDFHDVWDUHIRUPDILVFDO HOHPHQWHDOHUHIRUPHLDGPLQLVWUDWLYHúLLQVWLWX LRQDOHDVSHFWH

DOH UHIRUPHL OHJLVODWLYH HWF ÌQ SODQXO VWUXFWXULLFKHOWXLHOLORU EXJHWDUH EXJHWXO GH VWDW DúDFXP D

fost aprobat pentru anul 1999 include ODFKHOWXLHOLRVWUXFWXU SHWUHLFULWHULL

&ODVLILFD LDHFRQRPLF JUXSHD] FKHOWXLHOLOHvQFDSLWROH VXEFDSLWROHDUWLFROHúLDOLQLDWH

FHHDFHSHUPLWHGHILQLUHDFRQWXULORUGLQFRQWDELOLWDWHDSXEOLF vQP VXU V UHIOHFWHILGHODORFDUHD

IRQGXULORU úL H[HFX LD EXJHWDU  6WUXFWXUD FKHOWXLHOLORU EXJHWDUH FRQIRUP DFHVWHL FODVLILFD LL VH

SUH]LQW DVWIHO

I. Cheltuieli curente, din care:


81
1. Cheltuieli de personal;
&KHOWXLHOLPDWHULDOHúLVHUYLFLL

6XEYHQ LL

4. Prime;
5. Transferuri, din care:
a) FRQVROLGDELOHGHODEXJHWXOGHVWDWF WUHEXJHWHOHORFDOHúLIRQGXULOHVSHFLDOH

E  QHFRQVROLGDELOH EXUVH DORFD LL SHQVLL DMXWRDUH LQGHPQL]D LL FRQWULEX LL FRWL]D LL

VXEYHQ LL XQHOH GREkQ]L EDQFDUH úD SHQWUX VWXGHQ L úL HOHYL FRSLL ,295 DOWH persoane
GHIDYRUL]DWHKDQGLFDSDWHRUJDQLVPHLQWHUQD LRQDOHHWF

6. Dobânzi aferente datoriei publice;


7. Rezerve.
II. Cheltuieli de capital.
III. Împrumuturi acordate.
,95DPEXUV ULGHFUHGLWHúLSO LGHGREkQ]LúLFRPLVLRDQHGLQFDUH

a) privind creditele externe;


b) privind creditele interne.
&ODVLILFD LD IXQF LRQDO  JUXSHD]  FKHOWXLHOLOH SH S U L FHHD FH SHUPLWH LGHQWLILFDUHD

sectoarelor de activitate, astfel:


I. 6HUYLFLL SXEOLFH JHQHUDOH vQ FDUH VH LQFOXGH VHFWRUXO $XWRULW L SXEOLFH 3UHúHGLQ La,
DXWRULW LOH OHJLVODWLYH FHOH MXGHF WRUHúWL FHOH H[HFXWLYH úL DOWH RUJDQH DOH DXWRULW LORU

publice.
II. $S UDUH RUGLQH SXEOLF  úL VLJXUDQ  QD LRQDO  vQ FDUH VHLQFOXGDUPDWD SROL LD SURWHF LD

úLSD]DFRQWUDLQFHQGLLORUMDQGDUPHULDLQVWLWX LLOHVLJXUDQ HLQD LRQDOHúD

III. Cheltuieli social-FXOWXUDOH vQ FDUH VH LQFOXG VHFWRDUHOH ÌQY PkQW 6 Q WDWH úL

$VLVWHQ DVRFLDO 

IV. 6HUYLFLLúLGH]YROWDUHSXEOLF ORFXLQ HPHGLXúLDSH

V. $F LXQL HFRQRPLFH FDUH LQFOXGH PDULOH VHFWRDUH GLQ HFRQRPLH LQGXVWULH DJULFXOWXU  úL

VLOYLFXOWXU WUDQVSRUWXULúLFRPXQLFD LLDOWHVHFWRDUHHFRQRPLFH

VI. $OWHDF LXQLvQFDUHVHLQFOXGFHUFHWDUHDúWLLQ LILF úLDOWHDF LXQL

VII. Transferuri.
VIII. Împrumuturi acordate.
IX. 3O LGHGREkQ]LúLDOWHFKHOWXLHOLSULYLQGGDWRULDSXEOLF 

X. FoQGXULGHUH]HUY 

&ODVLILFD LD DGPLQLVWUDWLY  VDX LQVWLWX LRQDO  JUXSHD]  FKHOWXLHOLOH SH LQVWLWX LL SXEOLFH

FHQWUDOHDXWRQRPHFXPVXQWPLQLVWHUHOHDJHQ LLOHJXYHUQDPHQWDOHúD7RDWHDFHVWHDDXVWDWXWGH

RUGRQDWRU GH FUHGLWH SULQFLSDO FDUH SULPHúWH UHVXUVH úL OH GHIDOF  SHQWUX QHYRL SURSULL úL SHQWUX

LQVWLWX LLOH FDUH OH VXQW VXERUGRQDWH RUGRQDWRUL GH FUHGLWH VHFXQGDUL FDUH vQ SODQ EXJHWDU DX

DWULEX LL VLPLODUH YLV -a-YLV GH XQLW LOH FDUH OH VXQW VXERUGRQDWH - DGLF  RUGRQDWRULL GH FUHGLWH

WHU LDUL ).
ÌQ EXJHW FKHOWXLHOLOH DSDU vQWkL SH WRWDO FRQIRUP FODVLILFD LHL HFRQRPLFH ÌQ FRQWLQXDUH

DSDU FKHOWXLHOLOH GHIDOFDWH SH S U L FRQIRUP FODVLILFD LHL IXQF LRQDOH SUH]HQWDWH GLVWLQFW SH

VHFWRDUH úL vQ FDGUXO ORU GHWDOLDW SH FDSLWROH VXEFDSLWROH DUWLFROH úL DOLQLDWH SUHY ]XWH vQ

FODVLILFD LD HFRQRPLF  ÌQ ILQDO DSDU FKHOWXLHOLOH GHIDOFDWH FRQIRUP FODVLILFD LHL DGPLQLVWUDWLYH

DGLF  SH ILHFDUH PLQLVWHU úL vQ FDGUXO ILHF UXLD GHWDOLDW SH VHFWRDUH FRQIRUP FODVLILFD LHL

IXQF LRQDOHúLSHFDSLWROHVXEFDSLWROHDUWLFROHúLDOLQLDWHSUHY ]XWHvQFODVLILFD LDHFRQRPLF 

Astfel, de exemplu, la partea III-D VHFWRUXO ÌQY PkQW VXQW vQVFULVH WRDWH FKHOWXLHOLOH

I FXWH vQ DFHVW VFRS LQGLIHUHQW GH PLQLVWHUXO  LQVWLWX LD FDUH OH IDFH GHIDOFDW SH FDSLWROHOH GH

FKHOWXLHOL &XUHQWH GH SHUVRQDO PDWHULDOH úL VHUYLFLL úL DOWHOH GDF  HVWH FD]XO  úL 'H FDSLWDO

3UDFWLFFHOHODOWHFDSLWROH vPSUXPXWXULúLUDPEXUV UL QXDSDUQHILLQGVSHFLILFHDFHVWXLVHFWRUGH

DFWLYLWDWH $FHVWH FKHOWXLHOL UHSUH]LQW  WRWDOXO FKHOWXLHOLORU SHQWUX vQY PkQW SUHY ]XWH vQ

FODVLILFD LD DGPLQLVWUDWLY  OD ILHFDUH PLQLVWHU vQ SDUWH GHRDUHFH DVWIHO GH FKHOWXLHOL WLSLFH SHQWUX

82
0LQLVWHUXO (GXFD LHL 1D LRQDOH VXQW HIHFWXDWH FD úL FKHOWXLHOLOH QHWLSLFH GH F WUH DOWH PLQLVWHUH

cum sunt: MinisWHUXO$S U ULL0LQLVWHUXOGH,QWHUQH0LQLVWHUXO7UDQVSRUWXULORUúD

8. $QDOL]DVWUXFWXUDO úLGLQDPLF DFKHOWXLHOLORUSXEOLFH

$FHVW JHQ GH DQDOL]  VH SUDFWLF  vQ PRG FXUHQW SHQWUX D GHSLVWD WHQGLQ HOH úL RULHQW ULOH

SULYLQG HYROX LD FKHOWXLHOLORU SXEOLFH úL vQ SDUWLFXODU D FHORU EXJHWDUH SUHFXP úL SHQWUX

HIHFWXDUHD XQRU FRPSDUD LL LQWHUQD LRQDOH 3ULQFLSDOHOH JUXSH GH LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS

sunt:
1. P ULPHD FXDQWXPXOYROXPXO FKHOWXLHOLORUvQH[SUHVLHQRPLQDO úLUHDO 

2. structura cheltuielilor, ca pondere a componentelor în total;


3. LQGLFLLGHFUHúWHUHDFKHOWXLHOLORU
4. ponderea cheltuielilor în produsul intern brut;
5. cuantumul per capita.
 3HQWUX FDOFXOXO vQ H[SUHVLH UHDO  D FXDQWXPXOXL FKHOWXLHOLORU HVWH QHFHVDU V  VH

GHILQHDVF  DQXO GH UHIHULQ  DGLF  FHO DOH F UXL SUH XUL VXQW FRQVLGHUDWH FD HWDORQ vQWU R DQDOL] 
-
GLQDPLF  SUH XUL QXPLWH FRQVWDQWH )LH  ]HUR  LQGLFHOH SULQ FDUH LGHQWLILF P DFHVW DQ vQWU
-o
VXFFHVLXQH WHPSRUDO  SHQWUX FDUH VH HIHFWXHD]  DQDOL]D úL t indicele prin care ideQWLILF P XQ DQ
RDUHFDUHvQUHVSHFWLYDVHULHGLQDPLF  W «7 )LH Cn cuantumul cheltuielilor în expresie

QRPLQDO  úL Cr FXDQWXPXO ORU vQ H[SUHVLH UHDO  2ULFDUH GLQ DFHúWL GRL LQGLFDWRUL VXQW LQGH[DELOL

WHPSRUDOFXLQGLFHOHWúLDYHPvQSOXVF 

Cn0 = Cr0 (80)

6H GHILQHúWH LQGLFHOH GH SUH XUL DO DQXOXL W vQ UDSRUW FX FHO GH UHIHULQ  ,*3t/0 numit
GHIODWRU&XDQWXPXOFKHOWXLHOLORUvQH[SUHVLHUHDO vQDQXOWHVWH

Crt = Cnt / IGPt/0 (81.1)

3HQWUX LQIRUPD LLOH VWDWLVWLFH SULYLQG EXJHWXO úL SH FDUH R DU  OH IXUQL]HD]  vQ ED]D

FRQYHQ LLORU LQWHUQD LRQDOH XQRU LQVWLWX LLRUJDQL]D LL LQWHUQD LRQDOH VH SUDFWLF  UDSRUWDUHD QX

QXPDL vQ PRQHGD QD LRQDO  FL úL vQWU R PRQHG  VWU LQ  DFFHSWDW  vQ FDGUXO DFHVWRU FRQYHQ LL GH
-
UHJXO 86'LDUPDLUHFHQW(852ÌQDFHVWFD]VHXWLOL]HD] FXUVXOPHGLXGHVFKLPEDODQXOXLOD

FDUHVHUHIHU LQIRUPD LLOHvQFDX] 

Cm = Cn / cs (81.2)

unde: Cm FKHOWXLDODH[SULPDW vQPRQHGDVWU LQ FRQYHQLW 

cs = cursul de schimb exprimat în lei / unitatea sWU LQ  FRQYHQLW  OHL  86' VDX OHL 

EURO).

 ,QGLFDWRUXO GH VWUXFWXU  HVWH ponderea, exprimând procentual cota ce revine unui
DQXPHJHQGHFKHOWXLDO GLQFKHOWXLHOLOHWRWDOH

Cn i
αi = (82)
TCn

în care: i = indice pentru identificarHDWLSXOXLGHFKHOWXLDO  L «Q 

Cni FKHOWXLDODGHWLSLvQH[SUHVLHQRPLQDO 

TCn WRWDOFKHOWXLHOLvQH[SUHVLHQRPLQDO 
$FHVWHSRQGHULSRWILFDOFXODWHvQGLQDPLF SHRUL]RQWXOGHDQDOL] W «7$GHVHD

GHIODWRUXOHVWH DFHODúL SH ntru toate categoriile de cheltuieli. De aceea, ponderea acestora în total
QX HVWH GLIHULW  LQGLIHUHQW GH H[SUHVLD vQ FDUH FXDQWLILF P FKHOWXLHOLOH UHDO  VDX QRPLQDO  ÌQ

83
DQDOL]HOHPDLULJXURDVHVHXWLOL]HD] GHIODWRULGLIHUL LSHQWUXGLIHULWHFDWHJRULLG e cheltuieli, caz în
FDUH SRQGHULOH DSDU GLIHULWH SHQWUX H[SUHVLD QRPLQDO  úL FHD UHDO  D FKHOWXLDOLORU $VWIHO SHQWUX

FKHOWXLHOLOHGHSHUVRQDOVDXSHQWUXDFKL]L LLGHEXQXULGHFRQVXPVHSRDWHXWLOL]DGHIODWRUXOSHQWUX

EXQXUL úL VHUYLFLL GH FRQVXP SHQWUX FKHOWXLHOLOH GH UHSDUD LL úL GH FDSLWDO VH SRDWH XWLOL]D

deflatorul pentru bunuri de capital.

3HQWUXDQDOL]DHYROX LHLFKHOWXLHOLORUVXQWXWLOL]D LLQGLFLLGHFUHúWHUHFDOFXOD LILHGXS 

H[SUHVLDQRPLQDO ILHGXS FHDUHDO 

Cn t
ICn t/t − j = ∗ 100 j = 1, 2, …, t (83.1)
Cn t − j
Crt
ICrt/t − j = ∗ 100 j = 1, 2, …, t (83.2)
Crt − j
unde: ICn t / t − j LQGLFHOHGHFUHúWHUHDFKHOWXLHOLORUvQH[SUHVLHQRPLQDO vQDQXOWID GHDQXOW -j;
Icrt/t-j VLPLODUvQH[SUHVLHUHDO 

Între cei doi inGLFL SRDWH IL FDOFXODW XQ UDSRUW GH GHYDQVDUH D F UXL P ULPH HVWH HJDO  FX

FHDDLQGLFHOXLJHQHUDODOSUH XULORUvQDQXOWID GHDQXOW-j:

ICn t/t − j IGPt/0


= = IGPt/t − j (83.3)
ICrt/t − j IGPt/t − j

5DSRUWXO GH GHYDQVDUH SRDWH IL FDOFXODW úL  vQWUH R FKHOWXLDO  RDUHFDUH i úL WRtalul
FKHOWXLHOLORU VDX vQWUH R FKHOWXLDO  ILH HD RDUHFDUH VDX WRWDO  úL SURGXVXO LQWHUQ EUXW 5DSRUWXO

DUDW GHFkWHRULFUHúWHPDLUHSHGHXQLQGLFDWRU FHODIODWODQXP U WRUXOUDSRUWXOXLGHGHYDQVDUH 

ID   GH FHO ODOW FHO DIODW OD QXPLWRUXO UDSRUWXOXL GH GHYDQVDUH  vQWUH GRX  PRPHQWH GH WLPS

FRQVLGHUDWHILHWúLW -j:
ICni, t/t − j i, t
kd(Cn i /TCn) = = (83.4)
ITCn t/t − j i, t − j
ICni, t/t − j
kd(Cn i /PIB) = (83.5)
IPIBt/t − j

unde: kd(Cni/•)  FRHILFLHQWXO UDSRUWXO  GH GHYDQVDUH DO FUHúWHULL FKHOWXLHOLORU GH WLS L vQ

expresie noPLQDO ID  GH FUHúWHUHD FKHOWXLHOLORU WRWDOH vQH[SUHVLH QRPLQDO 

7&Q UHVSHFWLYID GHSURGXVXOLQWHUQEUXW 3,% vQWUHFHOHGRX PRPHQWH

GHWLPSWúLW -j;
ICni,t/t-j = indicele de FUHúWHUHDOFKHOWXLHOLORUGHWLSLvQH[SUHVLHQRPLQDO vQWUHDQLLWúLW -j;
ITCnt/t-j VLPLODUSHQWUXFKHOWXLHOLOHWRWDOHvQH[SUHVLHQRPLQDO 

IPIBt/t-j = similar pentru produsul intern brut.

ÌQWUHLQGLFDWRULLSHQWUXFDUHDXIRVWGHILQL LFRHILFLHQ LLGHGHYDQVDUHVHSRDWHLQWURGXFHúL

R UHOD LH GH WLS elasticitate H[SULPkQG QXP UXO GH SURFHQWH FX FDUH FUHúWH XQ LQGLFDWRU FHO D

F UXL YDULD LH VH DIO  OD QXP U WRUXO UDSRUWXOXL GH HODVWLFLWDWH  OD FUHúWHUHD FX XQ SURFHQW D

FHOXLODOW LQGLFDWRU FHO D F UXL YDULD LH VH DIO  OD QXPLWRUXO UDSRUWXOXL GH HODVWLFLWDWH  vQWUH GRX 

PRPHQWHFRQVLGHUDWHILHWúLW -j:
ICn i, t / t − j − 1 γ i, t / t − j
E(Cn i / TCn ) = = (83.6)
ITCn t / t − j − 1 α i, t − j

84
ICn i, t / t − j − 1
E(Cni / PIB) = (83.7)
IPIBt / t − j − 1

unde: E (Cni/•)  HODVWLFLWDWHD FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  ID  GH FKHOWXLHOLOH

WRWDOH vQ H[SUHVLH QRPLQDO  7&Q  UHVSHFWLY ID  GH SURGXVXO LQWHUQ EUXW

3,% vQWUHFHLGRLDQLWúLW -j;


γ i,t/t-j  SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  vQ YDULD LD

FKHOWXLHOLORUWRWDOHvQH[SUHVLHQRPLQDO vQWUHFHLGRLDQLWúLW MDGLF - :

Cn i, t − Cn i, t − j
γ i, t / t − j = (83.8)
TCn t − TCn t − j

 3RQGHUHD FKHOWXLHOLORU vQ SURGXVXO LQWHUQ EUXW DUDW  FH FRW  GLQ DFHVWD UHYLQH XQHL

DQXPLWH FDWHJRULL GH FKHOWXLDO  ILH HD RDUHFDUH VDX vQVXúL WRWDOXO FKHOWXLHOLORU VDX GHILFLWXO 

excedentul bugetar:
Cn i
βi = i = 1, 2, …, n, n+1, n+2 (84)
PIB

XQGH FRPSRQHQWD Q D LQGLFHOXL L VHPQLILF  WRWDOXO FKHOWXLHOLORU FRPSRQHQWD Q VHPQLILF 

GHILFLWXOH[FHGHQWXO EXJHWXOXL $FHVW LQGLFDWRU SRDWH IL úL HO LQGH[DW WHPSRUDO vQ FD]XO DQDOL]HL

unei serii VWDWLVWLFH GLQDPLFH &HL GRL LQGLFDWRUL YDORULFL VXQW H[SULPD L vQ SUH XUL FXUHQWH DGLF 

DOHDQXOXLODFDUHHLVHUHIHU 

&RHILFLHQWXOGHGHYDQVDUHPHQ LRQDWGHUHOD LD  SRDWHILFDOFXODWúLvQIRUPD

βi, t
kd(Cn i / PIB) = i= 1, 2, …, n, n+1, n+2 (83.5.1)
βi , t − j

GXS FXPHODVWLFLWDWHDPHQ LRQDW vQUHOD LD  SRDWHILFDOFXODW úLvQIRUPD

i, t/t − j
E(Cn i /PIB) = i = 1, 2, …, n, n+1, n+2 (83.7.1)
L t−j

unde L t/t − j  SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS , vQ H[SUHVLH QRPLQDO  vQ YDULD LD

SURGXVXOXLLQWHUQEUXWvQH[SUHVLHQRPLQDO vQWUHFHLGRLWúLW MDGLF  -

Cn i, t − Cn i, t − j
L t/t − j = (83.7.2)
PIBt − PIBt − j

iar L t − j HVWHSRQGHUHDGHMDPHQ LRQDW vQ  FDOFXODW SHQWUXDQXOW -j.

&XDQWXPXOFKHOWXLHOLORUSHUFDSLWDH[SULP volumul de cheltuieli de un anumit tip i sau


totale ce revin în medie pentru un locuitor:


C= C./L (85)

unde: C = cheltuieli per capital;
C .  FXDQWXPXO FKHOWXLHOLORU vQ H[SUHVLH QRPLQDO  &Q  VDX vQ H[SUHVLH UHDO  &U  VDX

exprimate într-RPRQHG VWU LQ  &P 


85
L QXP UXOGHORFXLWRULvQDQXOGHFDOFXO


3HQWUXLGHQWLILFDUHDWLSXOXLGHFKHOWXLDO VHSRWLQGH[D C úL&. cu indicele i = 1, 2, …, n,
n+1, n+2.

9. Caracteristicile principalelor cheltuieli publice


3ULQFLSDOHOH FDWHJRULL GH FKHOWXLHOL SXEOLFH LQFOXG FKHOWXLHOL SULYLQG DF LXQL VRFLDO -
FXOWXUDOH DVLJXU ULOH VRFLDOH DVLJXU ULOH VRFLDOH SHQWUX V Q WDWH DF LXQL HFRQRPLFH úL VHUYLFLL

publice (generaleDS UDUHVLJXUDQ QD LRQDO RUGLQHSXEOLF 

9.1. &KHOWXLHOLOHSXEOLFHSHQWUXDF LXQLVRFLDO -culturale

ÌQHSRFDFRQWHPSRUDQ  GXS  HIHFWXDUHDDFHVWRUFKHOWXLHOLVHED]HD] SHFRQFHS LD

VWDWXOXLEXQ VW ULL ZHOIDUHVWDWH DOHF UXLSULQFLSLLVXQW

ƒ garantarea unui venit minim, independent de forma de proprietate;


ƒ FUHúWHUHD VHFXULW LL VRFLDOH vQ VSHFLDO SHQWUX FDWHJRULLOH GHIDYRUL]DWH EROQDYL E WUkQL

KDQGLFDSD LRUIDQLúRPHULúD 

ƒ DVLJXUDUHD XQXL VWDQGDUG GH YLD  HYROXkQG SR]LWLY SH ED]D Xnor servicii sociale
predeterminate de regimul politico-VWDWDO GH WUDGL LL GH QLYHOXO GH FXOWXU  úL FLYLOL]D LH GHMD
DWLQVúD

5HDOL]DUHD DFHVWHL FRQFHS LL JHQHUHD]  FKHOWXLHOL VRFLDO -culturale, reprezentând servicii
JUDWXLWH VDX SDU LDO JUDWXLWH GH FDUH EHQHILFLD]  vQWUHDJD SRSXOD LH VDX R SDUWH D HL ,PSRUWDQ D

DFHVWRU HIRUWXUL VRFLDOH UH]LG  vQ IDSWXO F  HOH VH ILQDOL]HD]  vQWU -un nou nivel, mai ridicat, al
FXOWXULLúLFLYLOL]D LHLFHFDUDFWHUL]HD] VRFLHWDWHDVWDWXOvQFDX] úLFDUHODUkQGXOORU , contribuie
ODGH]YROWDUHDHFRQRPLF DVWDWXOXLUHVSHFWLY

ÌQFDGUXODFHVWHLFRQFHS LL V DXLQGLYLGXDOL]DWDF LXQLYL]kQGVHFXULWDWHD VRFLDO úLDF LXQL


-
YL]kQGSURWHF LDVRFLDO 

6HFXULWDWHDVRFLDO VHUHIHU ODDF LXQLFXDGUHV GLUHFWHGHFDUHEHQHILFLD] FHLVWDELOL L

prin lege.
3URWHF LD VRFLDO  VH UHIHU  OD DF LXQL GH RULFH QDWXU  GLUHFWH VDX LQGLUHFWH VSHFLILFH VDX

JHQHUDOHLQL LDWHGHVWDWID GHIHQRPHQHVDXDFWLYLW LFXHIHFWQHJDWLYDVXSUDSRSXOD LHL

De exemplu, cheltuielile în infrastruFWXUD úFRODU  úFROL QRL FODVH QRL GRW UL HWF  VXQW

LQFOXVH vQ SURWHF LD VRFLDO  GHRDUHFH DX XQ FDUDFWHU JHQHUDO -vag, neidentificabil pe un anumit
EHQHILFLDUGDUFXSRVLELOHIHFWIDYRUDELOSHQWUXRULFDUHFHW HDQDO ULLFRSLO -SHQWUXF HVWHVDX

va IL HOHY WkQ U - SHQWUX F  DU SXWHD GHYHQL VWXGHQW DGXOW - SHQWUX F  DU SXWHD EHQHILFLD SHQWUX
FRSLLLV LVDXFKLDUSHQWUXVLQHvQVXúLvQ FRQWH[WXOHGXFD LHLFRQWLQXH&KHOWXLHOLOHGHvQY PkQW

SHQWUX EXUVH VXQW LQFOXVH vQ VHFXULWDWHD VRFLDO  SHQWUX F  DX FD DGUHV  GLUHFW  QXPDL SH FHL FDUH

vQGHSOLQHVFDQXPLWHFRQGL LLOHJDOHVXQWHOHYLVWXGHQ LDXDQXPLWHUH]XOWDWHvQSUHJ WLUHDXXQ

anumit statut social etc.


3ULQFLSDOHOHVXUVHXWLOL]DWHSHQWUXILQDQ DUHDFKHOWXLHOLORUVRFLDO - culturale sunt:
ƒ fondXULOHEXJHWDUHFDUHFRQVWLWXLHvQPXOWHFD]XULVXUVDSULQFLSDO úLFDUHvQ5RPkQLDLQFOXG

EXJHWXOGHVWDWEXJHWXODVLJXU ULORUVRFLDOHGHVWDWEXJHWHOHORFDOHúLXQHOHIRQGXULVSHFLDOH

ƒ FRWL]D LL VDX FRQWULEX LL DOH SHUVRDQHORU IL]LFH VDX MXULGLFH úL FDUH DOLPHQWHD]  XQHOH IRQGXUL

SUHGHVWLQDWH FXP VXQW IRQGXO GH DVLJXU UL  VRFLDOH IRQGXO SHQWUX DMXWRU GH úRPDM IRQGXO

SHQWUXV Q WDWHúD

ƒ IRQGXULOH SURSULL DOH vQWUHSULQGHULORU SXEOLFH VDX SULYDWH SHQWUX DF LXQL SULYLQG SURWHF LD

PXQFLL SHUIHF LRQDUHD SUHJ WLULL SURIHVLRQDOH D DQJDMD LORU DF LXQL VRFLDOH LQL LDWH GH

respectivele firme;
ƒ YHQLWXULDOHXQRULQVWLWX LLVRFLDO -culturale din propria lor activitate;
ƒ YHQLWXULOH SRSXOD LHL GLQ FDUH DFHDVWD VXSRUW  SULQ WDULIH  SUH XUL HWF FRVWXO XQRU VHUYL cii /
EXQXULGHIDFWXU VRFLDO FXOWXUDO 
-

86
ƒ IRQGXULOH RUJDQL]D LLORU QHOXFUDWLYH IXQGD LL DúH] PLQWH VRFLHW L ILODQWURSLFH RUJDQL]D LL

QHJXYHUQDPHQWDOHLQVWLWX LLGHFXOWúD

ƒ VXUVHH[WHUQHGLQSDUWHDXQRURUJDQL]D LLLQWHUQD LRQDOH %DQFD0RQGLDO 2UJDQL]D LDPRQGLDO 

DV Q W LL81,&() RUJDQLVPHUHJLRQDOH 81(6&28QLXQHD(XURSHDQ VDXVWDWH

Între cheltuielile social-FXOWXUDOHúLGH]YROWDUHDHFRQRPLF H[LVW RUHOD LHGHWLSIHHG -back:


GH]YROWDUHD HFRQRPLF  DVLJXU  FUHDUHD GH UHVXUVH PDWHULDOH úL ILQDQFLDUH  SHQWUX VXV LQHUHD VDX

DPSOLILFDUHDVXV LQHULLFKHOWXLHOLORUVRFLDO FXOWXUDOHDFHVWHFKHOWXLHOLDVLJXU XQQLYHOGHHGXFD LH


-
LQVWUXF LH úL GH V Q WDWH vQ FUHúWHUH FDUH P UHúWH FDSDFLWDWHD FUHDWLY  D SRSXOD LHL úL SULQ DFHDVWD

perpetuea]  GH]YROWDUHD HFRQRPLF  ÌQ DFHDVW  UHOD LH FKHOWXLHOLOH


-culturale pot fiVRFLDO

LQWHUSUHWDWHFDRLQYHVWL LHSHWHUPHQOXQJúLIRDUWHOXQJSHFDUHVRFLHWDWHDRIDFHSHQWUXD úLDVLJXUD


-
dezvoltarea viitoare; de aceea, aceste cheltuieli sunt denumite inveVWL LL vQ UHVXUVH XPDQH.
Termenul a fost introdus de Gary S. Becker (SUA, Premiul Nobel pentru economie, 1992) care a
GH]YROWDW DQDOL]D HFRQRPLF  OD FRPSRUWDPHQWXO úL UHOD LLOH XPDQH GXS  FDUH DO L PDUL HFRQRPLúWL

3KLOLSH6RORPRQ0LOWRQ)ULHGPDQúD DXFRPSOHWDWFXSURSULLOHFRQWULEX LLDFHVWQRXGRPHQLXDO

FHUFHW ULLHFRQRPLFHÌQSUH]HQWLQYHVWL LLOHvQUHVXUVHXPDQHVXQWGHILQLWHDILRULFHFKHOWXLHOLFDUH

FRQGXF OD FUHúWHUHD DSWLWXGLQLORU IL]LFH úL LQWHOHFWXDOH DOH LQGLYL]LORU FRQVLGHUD L FD DJHQ i
SURGXF WRUL DFWXDOL úLVDX YLLWRUL ÌQ VWUXFWXUD DFHVWRU LQYHVWL LL VH UHJ VHVF WUHL FRPSRQHQWH

SULQFLSDOHLQYHVWL LDLQWHOHFWXDO LQYHVWL LDGHV Q WDWHúLLQYHVWL LDFXOWXUDO 

8OWHULRU GHVFKLGHULL DFHVWXL GRPHQLX QRX DO FHUFHW ULL HFRQRPLFH D IRVW introdus un
FRQFHSW FDUH vO FLUFXPVFULH úL vO GHILQHúWH FD GH]YROWDUH XPDQ , pentru care PNUD (Programul
1D LXQLORU 8QLWH SHQWUX 'H]YROWDUH  D LQWURGXV XQ LQGLFDWRU FRPSOH[ GH HYDOXDUH LQGLFDWRUXO

GH]YROW ULLXPDQH ,'8 

3
∑Rj
j=1
IDU = (86)
3
unde RjHVWHUDQJXOLQGLFDWRUXOXLVSHFLDOL]DWDOGH]YROW ULLXPDQH

318'GHILQHúWHWUHLDVWIHOGHLQGLFDWRULVSHFLDOL]D L

1. longivitatea;
2. QLYHOXOGHHGXFD LHH[SULPDWSULQ
2.1. gradul de alfabetizare;
2.2. JUDGXOGHFXSULQGHUHvQvQY PkQW
3. standardul (nivelul) dHYLD 

/RQJLYLWDWHD HVWH VSHUDQ D GH YLD  OD QDúWHUH H[SULPDW  vQ DQL FX DOWH FXYLQWH GXUDWD

PHGLHGHYLD ODFDUHSRDWHVSHUDXQQRX Q VFXW'HWHUPLQDUHDDFHVWHLDVHIDFHSHED]DVWDWLVWLFLL


-
GHPRJUDILFHGDUúLDXQRUHVWLP ULSULYLQGHYROX LDPHGLX lui economico social.
1LYHOXOGHHGXFD LHHVWHH[SULPDWSULQJUDGXOGHDOIDEHWL]DUH SRQGHUHDFXQRVF WRULORUGH

FDUWH vQ WRWDO SRSXOD LH  úL SULQ JUDGXO GH FXSULQGHUH vQ vQY PkQW SRQGHUHD FHORU FH XUPHD] 

FXUVXUL GH HGXFD LH  LQVWUXLUH  IRUPDUH SURIHVLRQDO  vQ WRWDO SRSXOD LH vQWU -un interval de timp
GDW GH UHJXO  XQ DQ  1LYHOXO GH HGXFD LH HVWH DúD GDU XQ LQGLFDWRU FRPSXV SH ED]D FHORU GRL

PHQ LRQD L UHVSHFWLYúL 

6WDQGDUGXO QLYHOXO  GH YLD  HVWH H[SULPDW SULQ SURGXVXO LQWHUQ EUXW 3 IB) pe locuitor,
H[SULPDWvQ86'úLFRUHFWDWDQXDOFXSXWHUHDGHFXPS UDUH UDWDLQIOD LHLSHFDUHRVXSRUW 86' 

5DQJXO LQGLFDWRUXOXL VSHFLDOL]DW HVWH GHWHUPLQDW GXS  R UHOD LH FDUH SHUPLWH H[SULPDUHD

P ULPLLUHVSHFWLYXOXLLQGLFDWRUvQWU RVFDU FXSULQV vQWUH]HURúLXQX


-

ISDU j − Vminj
Rj = M úL (87)
VMAXj − Vminj

87
unde: ISDUj LQGLFDWRUXOM VDX DOGH]YROW ULLXPDQH
Vminj YDORDUHDPLQLP D,6'8j (ISDU1 = 25 ani, ISDU3 = 100 USD);

VMAXj YDORDUHDPD[LP ,6'8j (ISDU1 = 85 ani, ISDU3 = 40000 USD).


Pentru cel de-DO GRLOHD LQGLFDWRU VH FDOFXOHD]  SRWULYLW UHOD LHL   UDQJXO LQGLFDWRULORU
ce-l compun: R2.1 úL52.2, considerându-VH SHQWUXDPELLLQGLFDWRULF YDORULOHPLQLPHVXQWúL
FHOHPD[LPH5DQJXOQLYHOXOXLGHHGXFD LHVHGHWHUPLQ GXS UHOD LD

2 ∗ R 2.1 + R 2.2
R2 = (88)
3

&KHOWXLHOLOHSXEOLFHSHQWUXvQY PkQW

&KHOWXLHOLOHSXEOLFHSHQWUXvQY PkQWUHIOHFW SROLWLFDHGXFD LRQDO DVWDWXOXL

'LPHQVLXQHDDFHVWRUFKHOWXLHOLHVWHGHWHUPLQDW GHWUHLFDWHJRULLGH factori:


D  GHPRJUDILFL FX LPSDFW SUHSRQGHUHQW GLUHFW SURSRU LRQDO vQ DFHDVW  FDWHJRULH GH IDFWRUL VH

LQFOXGHúLVWUXFWXUDSHYkUVWHDSRSXOD LHLFDUHDWHQXHD] LPSDFWXOGLUHFWDOQXP UXOXLSRSXOD LHL

SHGHDOW SDUWHvQPXOWH ULV DLQL LDWúLH[WLQVVLVWHPXOGHHGXFD LHvQY


- DUHQXPLWDOIRUP ULL

FRQWLQXH FDUH DWHQXHD]  LPSDFWXO LQYHUV DO DFHORU VWUXFWXUL GHPRJUDILFH vQ FDUH SUHGRPLQ 

FRQWLQJHQWHOHvQYkUVW 

E  HFRQRPLFL FX LPSDFW SUHSRQGHUHQW GLUHFW SURSRU LRQDO GH]YROWDUHD HFRQRPLF  úL SUR gresul
WHKQLF QHFHVLW  PXQF  ELQH FDOLILFDW  úL SULQ DFHDVWD JHQHUHD]  FHUHUH SHQWUX DFWLYLWDWHD

HGXFD LRQDO  vQ DFHODúL WLPS FUHHD]  úL SRVLELOLW L ILQDQFLDUH VSRULWH SHQWUX VXV LQHUHD

vQY PkQWXOXL

F  VRFLDOL úL SROLWLFL LQFOX]kQG SROLWLFD HGXFD LRQDO  OHJLVOD LD UHIHULWRDUH OD vQY PkQW GXUDWD

vQY PkQWXOXLREOLJDWRULXJUDGXOGHFXSULQGHUHDSRSXOD LHGHYkUVW úFRODU FUHDUHDUHVXUVHORU

GHILQDQ DUHHWF QRUPHOHGHGRWDUHSHQWUXvQY PkQWHWF

'LPHQVLXQHD ILQDQ ULL úL VXUVHOH GH SURYHQLHQ  DX VSHFLILFLWDWH vQ UDSRUW FX QLYHOXO úL

WLSXO GH vQY PkQW &ODVLILFD LD 81(6&2 SUHYHGH XUP WRDUHOH FDWHJRULL GH vQY PkQW

SUHúFRODUSULPDUVHFXQGDU JHQHUDOWHKQLFSURIHVLRQDOSHGDJRJLFúLSRVWOLFHDO VXSHULRUúLDOWH

tipuri. Practic, în muOWH VWDWH OD WRDWH DFHVWH FDWHJRULL GH vQY PkQW VH vQWkOQHVF DWkW VHFWRUXO

SXEOLF vQY PkQWXOSXEOLF FkWúLVHFWRUXOSULYDW vQY PkQWXOSULYDW 

)LQDQ DUHD vQY PkQWXOXL SULYDW VH IDFH GLQ WD[H GH úFRODUL]DUH VXSRUWDWH GH EHQHILFLDUL

respectiv dH IDPLOLLOH ORU GDU QX VXQW H[FOXVH VXUVHOH DOWHUQDWLYH GRQD LL VSRQVRUL] UL

FRQWUDYDORDUHDXQRUSUHVWD LLHIHFWXDWHGHUHVSHFWLYHOHXQLW L 

)LQDQ DUHDvQY PkQWXOXLSXEOLFVHIDFHSHQWUXQLYHOHOHSUHXQLYHUVLWDUHvQSULQFLSDOGLQ

bani publici: buJHWXO GH VWDW úL EXJHWHOH ORFDOH SUHFXP úL vQ PDL PLF  P VXU  GLQ VXUVH

DOWHUQDWLYHGHJUDGXOFHORUPHQ LRQDWHPDLVXV

)LQDQ DUHD vQY PkQWXOXL SXEOLF XQLYHUVLWDU HVWH PDL GLYHUVLILFDW  VXUVH EXJHWDUH

credite bancare pentru studii, surse extrabugetare (contravaloarea unor servicii de cercetare
úWLLQ LILF  H[SHUWL]  FRQVXOWDQ  úD  VSRQVRUL] UL GRQD LL EXUVH DFRUGDWH GH XQHOH LQVWLWX LL

IXQGD LL HWF 'LYHUVLWDWHD ILQDQ ULL HVWH GHWHUPLQDW  vQ SULQFLSDO GH FDUDFWHUXO RS LRQDO vQ WRDWH

ULOH SHFDUHvODUHSUHJ WLUHDGHDFHVWQLYHODVWIHOvQFkWVWDWXOVHLPSOLF vQPDLPLF P VXU úL

QXPDLSULQEXJHWXOFHQWUDOQXúLSULQFHOHORFDOH

ÌQ RUJDQL]DUHD vQY PkQWXOXL XQLYHUVLWDU DF LRQHD]  GRX  SULQFLSLL FDUH DX LPSDFW

LQFOXVLYDVXSUDILQDQ rii:
ƒ HJDOLWDWHD GH úDQV  DGLF  WR L DVSLUDQ LL V  DLE  úDQVD UHXúLWHL úL WR L VWXGHQ LL V  DLE  úDQVD

absolvirii, ambele independent de statutul lor etnic, rasial, religios, familial etc;
ƒ HFKLWDWHD DGLF  WR L VWXGHQ LL V  VH EXFXUH GH HIHFWH VLPLODUH GHFXUJkQG GLQ DORFD LLOH

bugetare.
3ULQFLSDOHOHFDWHJRULLGHFKHOWXLHOLVXQWFHOHFXUHQWH GHSHUVRQDOSHQWUXVHUYLFLLúLSHQWUX

PDWHULDOHJHQHUDOHGDUúLVSHFLILFGLGDFWLFHEXUVHVXEYHQ LL úLFHOHGHFDSLWDO LQYHVWL LL 

88
Pentru determinarea cuantumului cheltuielilor se folosesc indicatori specifici cum sunt:
FRQWLQJHQWXO úFRODU FRVWXO XQLWDU GH úFRODUL]DUH QRUPH GH vQY PkQW HWF SUHFXP úL LQGLFDWRUL

FRPXQLFXPVXQWQRUPHOHGHvQWUH LQHUHúLIXQF LRQDUHFKHOWXLHOLOHDQLORUSUHFHGHQ LHWFÌQ ULle


GH]YROWDWH FKHOWXLHOLOH XQLWDUH GH úFRODUL]DUH OD QLYHOXO vQY PkQWXOXL VXSHULRU VXQW GH FLUFD

1500 USD / an ∗ student (la nivelul anului 1996), iar în România se tinde spre asigurarea unui
cost de 900 USD/an ∗ student pentru anul universitar 2000 / 2001.
(ILFLHQ DDFHVWRUFKHOWXLHOL SRDWHILHYLGHQ LDW SULQLQGLFDWRULGH PDUHVLQWH] FXPVXQW

JUDGXO GH FXSULQGHUH D SRSXOD LHL úFRODUH QXP UXO GH VWXGHQ L OD   GH ORFXLWRUL GXUDWD

PHGLH D LQVWUXF LHL úFRODUH úD 6XQW XWLOL]D L úL LQGLFDWRUL GH QDWXU  ILQDQFLDU  FXP VXQW FRVWXO

IRUP ULLSURIHVLRQDOH VXPDDFWXDOL]DW DFRVWXULORUXQLWDUHDQXDOHGHúFRODUL]DUH VSRUXOGH3,%

VDXYHQLWQD LRQDOODRXQLWDWHPRQHWDU GHFRVWúD

9.1.2. CheltuieliOHSXEOLFHSHQWUXV Q WDWH

&KHOWXLHOLOHSXEOLFHSHQWUXV Q WDWHUHIOHFW SROLWLFDVDQLWDU DVWDWXOXL

'LPHQVLXQHDDFHVWRU FKHOWXLHOL HVWH GHWHUPLQDW  vQ SULQFLSDO GH IDFWRULFX DF LXQH GLUHFW 

vQWUHFDUHFHLPDLLPSRUWDQ LVXQW

a) factorii demografici UHVSHFWLY QXP UXO SRSXOD LHL úL VWUXFWXUD HL SH YkUVWH WHQGLQ D FUHúWHULL

QXPHULFHHVWHTXDVLJHQHUDO úLHVWHvQVR LW GHRFUHúWHUHDSRQGHULLSRSXOD LHLGHYkUVWDD,,, - a;


vQWUH DFHVWH WHQGLQ H úL FDOLWDWHD DFWXOXL PHGLFDO DWkW SUHYHQWLY FkW úL FXUDWLY  H[LVW  R UHOD LH

SR]LWLY DOF UXLHIHFWvQSODQILQDQFLDUHVWHFUHúWHUHDFKHOWXLHOLORUSXEOLFHSHQWUXV Q WDWH

E IDFWRULVRFLDOLvQSULPXOUkQGQLYHOXOGHWUDLúLJUDGXOGHLQVWUXLUHFDUHGHWHUPLQ RSUHRFXSDUH

PDLLQWHQV DLQGLYLGXOXLSHQWUXFRQVHUYDUHDSURSULHLV Q W LGDUúLH[LJHQ HVSRULWHID GHDFWXO

PHGLFDOúLGHPRGXOvQFDUHVWDWXOVHLPSOLF vQSUREOHPHOHVHV Q WDWH

F FUHúWHUHDSUHRFXS ULORUSULYLQGSUHYHQLUHD

G  FUHúWHUHD FRVWXULORU DWkW vQ ID]D SUHYHQWLY  FkW úL vQ FHD FXUDWLY  GDWRULW  SHUIHF LRQ ULL úL

PRGHUQL] ULL DVLVWHQ HL PHGLFDOH úL D WUDWDPHQWHORU D DPSOLILF ULL FDUDFWHUXOXL VRILVWLFDW DO

DQDOL]HORUPHGLFDOHDDSDUDWXULLúLDPHGLFDPHQWHORU

6LVWHPXOGHRFURWLUHDV Q W LLLQFOXGHXQVHFWRUSXEOLF PDMRULWDU sau puternic majoritar


vQ FHOHPDLPXOWHVWDWH úLXQVHFWRUSULYDW)LQDQ DUHDGLIHU vQWUHFHOH GRX VHFWRDUHSHQWUXFHO

de-DO GRLOHD ILLQG TXDVLH[FOXVLY GLQ WDULIHOH SHUFHSXWH GH OD EHQHILFLDULL VHUYLFLLORU GDU úL GLQ
valorificarea brevetelor de cerceWDUHGHWHKQLFLPHGLFDOHHWFFDúLGLQGRQD LLVDXVXEYHQ LL
)LQDQ DUHD VHFWRUXOXL SXEOLF VH IDFH GLQ XUP WRDUHOH VXUVH IRQGXUL DORFDWH GLQ EXJHW

FRWL]D LL GH DVLJXU UL GH V Q WDWH SO WLWH DWkW GH SHUVRDQH IL]LFH FkW úL GH SHUVRDQH MXULGLFH 

resurVHOHSRSXOD LHL vQ VSHFLDOGH ODFHLQHDVLJXUD L  úLDMXWRDUHH[WHUQH 2UJDQL]D LD 0RQGLDO D

6 Q W LL&UXFHD5RúLH,QWHUQD LRQDO 6HPLOXQD5RúLH,QWHUQD LRQDO %DQFD0RQGLDO úD

)LQDQ DUHDDF LXQLORUSULYLQGV Q WDWHDSUH]LQW RPDUHYDULHWDWHGH forme/sisteme, dintre


care trei sunt mai frecvente:
D  VLVWHPXO %LVPDUN SUDFWLFDW vQ PDL PXOWH UL GLQ 8QLXQHD (XURSHDQ  vQ FDUH ILQDQ DUHD

SXEOLF  HVWH VHFXQGDU  úL FHD SULQ FRWL]D LL HVWH SUHGRPLQDQW  FRWL]D LLOH VXQW SO WLWH úL GH

VDODULD LúLGHvQWUHSULQGHULúLVXQW JHVWLRQDWHGHFDVH GHDVLJXU ULGHERDO DFHVWHDVXSRUW WRDWH

FKHOWXLHOLOH GH vQJULMLUL PHGLFDOH LQGLIHUHQW F  VXQW SUHVWDWH GH XQLW L VDX PHGLFL GLQ VHFWRUXO

privat sau din cel public, statul suportând salariile personalului medical angajat în cadrul celui
GLQ XUP  H[WHULRU VLVWHPXOXL IXQF LRQHD]  DVLJXU ULOH SULYDWH GH V Q WDWH D F URU SRQGHUH vQ

ILQDQ DUHHVWHUHGXV 

E VLVWHPXO%HYHULGJHSUDFWLFDWvQ$QJOLDvQFDUHILQDQ DUHDVHIDFHGLQLPSR]LWHLDUJHVWLRQDUHD

banilor estH vQ VDUFLQD 0LQLVWHUXOXL 6 Q W LL ILQDQ DUHD GLQ VXUVHOH EXJHWDUH HVWH SXWHUQLF
SUHGRPLQDQW FRPSOHW ULOHI FkQGX-VHGLQSO LHIHFWXDWHGHEROQDYLvQVSHFLDOSHQWUXRFRW GLQ

contravaloarea medicamentelor;
c) sistemul american, practicat în SUA, bazaW vQ SULQFLSDO SH DVLJXU ULOH SULYDWH GH V Q WDWH
VWDWXO ILQDQ HD]  DVLVWHQ D PHGLFDO  SHQWUX SHUVRDQHOH GH YkUVWD D ,,, - D SHVWH  GH DQL  úL

SHQWUXFHOHFXYHQLWXULVXESUDJXOV U FLHL vQSULQFLSLXVXE86'DQ 

89
ÌQ 5RPkQLD VLVWHPXO GH ILQDQ DUH D RFURWLULL V Q W LL D LQWUDW vQFHSkQG FX DQXO 

într-XQ SURFHV GH UHIRUP  SULQ LQVWLWXLUHD DVLJXU ULORU VRFLDOH GH V Q WDWH XQ VLVWHP DVHP Q WRU

FHOXLJHUPDQ FRWL]D LLOHVXQWVXSRUWDWHGHF WUHVDODULD L SULQWU RFRW GHGLQYHQLWXOVDODU


- ial
OXQDU EUXW úL GH F WUH SHUVRDQHOH MXULGLFH SULQWU R FRW  FDOFXODW  OD IRQGXO OXQDU GH VDODULL SO WLW
-
DQJDMD LORUV L GLQDFHVWHDVHDFRSHU SODWDPHGLFDPHQWHORUDVHUYLFLLORUPHGLFDOHúLFKHOWXLHOLOH

DGPLQLVWUDWLYH úL GH IXQF LRQDUH D SUHVWDWDULORU de servicii medicale. Gestionarea acestui fond
UHYLQH &DVHL 1D LRQDOH GH $VLJXU UL GH 6 Q WDWH úL XQLW LORU VLPLODUH MXGH HQH úL D PXQLFLSLXOXL

%XFXUHúWL 'LQ EXJHWXO GH VWDW VXQW ILQDQ DWH IXQF LRQDUHD XQLW LORU VDQLWDUH SXEOLFH D

LQVWLWX LLORU DGPLQLVWUDWLYH GH V Q WDWH D XQLW LORU VDQLWDUH VSHFLDOH 7%& SVLKLDWULH úD  D

LQVWLWX LLORU GHFHUFHWDUHSHQWUXV Q WDWHSUHFXPúLLQYHVWL LLOHvQVHFWRUXOVDQLWDUSXEOLFÌQ SOXV

H[LVW FkWHYDIRQGXUL VSHFLDOH H[WUDEXJHWDUHSHQWUXV Q WDWH YH]LFDS III.5) din care "Fondul de
DVLJXU UL VRFLDOH GH V Q WDWH VH XWLOL]HD]  vQ EHQHILFLXO XQLW LORU ILQDQ DWH LQWHJUDO GLQ UHVXUVH

EXJHWDUHHVWHJHVWLRQDWGH0LQLVWHUXO6 Q W LLúLVHFRQVWLWXLHGLQ

ƒ R WD[  GH  GLQ YHQLWXULOH RE LQXWH GLQ SXEOLFLWDWHD SHQWUX SURGXVH GLQ WXWXQ LJ UL úL

E XWXULDOFRROLFH

ƒ RWD[ GHGLQYHQLWXULOHSURGXF WRULORUGHDVWIHOGHSURGXVH

ƒ FRW GLQYHQLWXULOHSROLFOLQLFLORUFXSODW úD

&KHOWXLHOLOHSXEOLFHSHQWUX V Q WDWHLQFOXG GRX PDULFDWHJRULL GHGHVWLQD LL RUJDQL]DUH a,


vQWUH LQHUHD úL IXQF LRQDUHD LQVWLWX LLORU VDQLWDUH DWkW FKHOWXLHOL JHQHUDOH FkW úL FKHOWXLHOL

PHGLFDOH SUHYHQLUHDúLHGXFD LDVDQLWDU 

(ILFLHQ D DFHVWRU FKHOWXLHOL VH GHWHUPLQ  SRUQLQGGH OD SULQFLSDOHOHFDWHJRULL GH HIHFWH SH

care acestea le geneUHD] 

ƒ HIHFWH PHGLFDOH FX FDUDFWHU LQGLYLGXDO H[WUHP GH LPSRUWDQWH GHRDUHFH YL]HD]  UHIDFHUHD

V Q W LLHVHQ LDO úLPDLSUHVXVGHRULFHSHQWUXSHUVRDQHOHEROQDYHúLSHQWUXIDPLOLLOHORU

ƒ HIHFWHVRFLDOHFDUHUHIOHFW VWDUHDJHQHUDO GHV Q WDWHDvQWUHJLLSRSXOD LLFXPVXQWVSHUDQ D

PHGLH GH YLD  PRUELGLWDWHD PRUWDOLWDWHD JHQHUDO  úL FHD LQIDQWLO  JUDGXO GH DVLVWHQ 

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sanitare etc.);
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V Q W LL SHULRDGD PHGLH GH LQFDSDFLWDWH GH PXQF  HUDGLFDUHD XQRU EROL FUHúWHUHD GXUDWHL

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adesea cu titlu gratuit (vizite la muzee, concerte pentru copii) sau cu tarife modice; în acest
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beneficia de reducerea cu 5 -DED]HLLPSR]DELOHDLPSR]LWXOXLSHSURILWvQIXQF LHGHWLSXO


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, pentru recreare) pe care a sponsorizat-o.

9.2. &KHOWXLHOLSXEOLFHSHQWUXDF LXQLHFRQRPLFH

ÌQ FDGUXO DFHVWHL FDWHJRULL GH FKHOWXLHOL VH LQFOXG vQ PRG IUHFYHQW úL FKHOWXLHOLOH SHQWUX

SURWHF LDPHGLXOXLúLFHOHSHQWUXFHUFHWDUH - dezvoltare.


1. Cheltuieli pXEOLFH SHQWUX DF LXQL HFRQRPLFH sunt efectuate de stat în contextul
IXQF LHL VDOH GH UHJODUH D SURFHVHORU HFRQRPLFH ,QWHUYHQ LD VWDWXOXL SULQ DVWIHO GH FKHOWXLHOL DUH

HIHFWH SUHSRQGHUHQWH DVXSUD HFKLOLEUXOXL LQWHUQ GHRDUHFH P UHúWH FHUHUHD SH SLD D LQWHUQ  SULQ

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DYHDHIHFWHXOWHULRDUHvQHFKLOLEUXOEXJHWXOXL SULQFUHúWHUHDYHQLWXULORUILVFDOH 

Beneficiarul principal al acestor cheltuieli este sectorul economic pXEOLF úL vQ PDL PLF 

P VXU VHFWRUXOHFRQRPLFPL[WúLFHOSULYDW'LPHQVLXQHDVHFWRUXOXLSXEOLFHVWHGHDFHHDXQXO

GLQ IDFWRULL FH GHWHUPLQ  P ULPHD DFHVWRU FKHOWXLHOL OD FDUH VH DGDXJ  RULHQWDUHD SROLWLF  D

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SURGXF LD UDPXULORU QHDJULFROH LDU vQ FHOH GLQ $PHULFD GH 1RUG 2FHDQLD úL $VLD GH VXG -est
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etatizarea sau, respectiv, privatizarea, ulterioare unor conjuncturi din care, parlamentele sau
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economice includ cheltuieli curente GH vQWUH LQHUH úL IXQF LRQDUH VXEYHQ LL DYDQVXUL

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SHQWUXvQILLQ DUHUHVWUXFWXUDUHPRGHUQL]DUHDPHQDM ULúD 

'LQ SXQFWXO GH YHGHUHDO IRUPHL SHFDUH OH vPEUDF  DFHVWH FKHOWXLHOL VH FRQVWLWXLH vQ FHD

mai mare parte în ajutoare financiare: directe sau indirecte.


Ajutoarele financiare directe VXQW VXEYHQ LL LQYHVWL LL DYDQVXUL UDPEXUVDELOH
finan DUHDLQIRUP ULLSXEOLFLW LL
Ajutoarele financiare indirecte VXQWDYDQWDMHILVFDOHJDUDQ LL
A. 6XEYHQ LLOH  UHSUH]LQW  DMXWRDUHILQDQFLDUH DFRUGDWH GH VWDW SHQWUXDJHQ L HFRQRPLFLvQ
GLILFXOWDWH DFWLYLWDWHHFRQRPLF LQHILFLHQW 6XEYHQ LLOHVXQWGe trei mari categorii:

a) VXEYHQ LLGHIXQF LRQDUHH[SORDWDUHFDUHDXvQYHGHUHDFRSHULUHDGLIHUHQ HLvQWUHSUH XO


GH YkQ]DUH DO XQXL SURGXV  VHUYLFLX PDL PLF  úL FRVWXO DFHVWXLD PDL PDUH  'DF  SUH XO GH

YkQ]DUH PDL PLF  HVWH UH]XOWDWXO XQHL P VXUL administrative a statului, atunci de astfel de
VXEYHQ LLSRWEHQHILFLDúLDJHQ LLHFRQRPLFLSULYD L

b) VXEYHQ LLSHQWUXH[SRUW care iau cel mai adesea forma primei de export úLDXFDVFRS
VXV LQHUHDSXWHULLFRPSHWLWLYHDDJHQ LORUHFRQRPLFLQD LRQDOLSHSLH HVWU LQH&XDQWXPXOSULPHL

este stabilit astfel:


PE = pimax - pemin (89)
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unde: pimax SUH XOFHOPDLPDUHSHSLD DLQWHUQ 

pemin SUH XOFHOPDLPLFSHSLD DH[WHUQ 

6XEYHQ LLOHSHQWUXH[SRUW SRWDSDUHúLVXEDOWHIRUPHUHVWLWXLUHDXQRU LPSR]LWHSO WLWHGH

H[SRUWDWRUL UHVWLWXLUHD 79$ SHQWUX SURGXVHOH H[SRUWDWH HVWH JHQHUDOL]DW  vQ ULOH FH SUDFWLF 

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c) 6XEYHQ LL SHQWUX GREkQ]L care au în vedere diminuarea costurilor presupuse de apelul
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unor linii de crHGLW FX GREkQ]L VXE QLYHOXO SLH HL SULQ FRQVWLWXLUHD vQ EXJHW VDX vQWU-un fond
special a unor surse financiare dedicate acestui scop.
B. ,QYHVWL LLOHUHSUH]LQW DMXWRDUHILQDQFLDUHDFRUGDWHGHVWDWSHQWUXGH]YROWDUHDVHFWRUXOXL
public în general sau, mai ales, în ramuri sau zone (regiuni) defavorizate. Obiectivele de
LQYHVWL LL SRW IL FUHDUHD GH QRL XQLW L HFRQRPLFH H[WLQGHUHD XQRUD H[LVWHQWH PRGHUQL] UL

UHVWUXFWXU ULLQIUDVWUXFWXU  F LGHFRPXQLFD LHúLXWLOLW L 

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rezultate în urmDUHVSHFWLYHORUDF LXQL


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târguri, saloane etc. de prezentare.


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SULYD L  OH DX ID  GH VWDW úL OD FDUH DFHVWD UHQXQ  vQ EHQHILFLXO ORU &HOH PDL X]XDOH IRUPH VXQW

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VDXVFXWLUHDGHXQHOHLPSR]LWHWD[H SHQWUXLQYHVWL LLúLRELHFWLYHOHUHDOL]DWHvQUDPXULGHLQWHUHV

PDMRUVDXvQ]RQHFRQVLGHUDWHGHIDYRUL]DWHúD

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beneficiul unui agent economic ce a solicitat acestora un împrumut, în cazul în care acesta din
XUP QXSRDWHRQRUDVDUFLQLOHGHUDPEXUVDUHFRQYHQLWHFXFUHGLWRULL

6XUVD GH ILQDQ DUH D WXWXURU DFHVWRU FKHOWXLHOL R UHSUH]LQW  EXJHWX l de stat. În bugetul
5RPkQLHLDFHVWHFKHOWXLHOLVHUHJ VHVFvQSDUWHD9 D³$F LXQLHFRQRPLFH´GHIDOFDWSHUDPXULúL
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SH FDUH GH]YROWDUHD HFRQRPLF  OH DU SXWHD DYHD DVXSUD PHGLXOXL QDWXUDO $FHDVW  FRQFHS LH
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DF LXQLSULPHD] SULQFLSLXOSROXDWRUXOSO WHúWH

Sursele financiare pentru astfel de cheltuieli sunt: fonduri provenite de la / cheltuite de


DJHQ LL HFRQRPLFL SHQDOLW L SHQWUX SDJXEH SURGXVH PHGLXOXL LQYHVWL LL SHQWUX SURWHMDUHD

PHGLXOXLFRPEDWHUHDSROX ULLLPSR]LWHWD[HUHGHYHQ HSHQWUXFRQVXPXOIDFWRULORUGHPHGLX 

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úWLLQ LILFHHIHFWXDWHvQEHQHILF
iul mediului.
3. Cheltuielile publice pentru cercetare - dezvoltare UHIOHFW  SROLWLFD VWDWXOXL vQ

GRPHQLXOúWLLQ HLúLVXQWHIHFWXDWHGHDFHVWDSHQWUXDVXV LQHúLvQFXUDMDLQRYDUHD

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GHDJHQ LLHFRQRPLFL

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DOHDJHQ LORUHFRQRPLFLVXUVHOHH[WHUQH

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9.3. Cheltuielile pentru servicii SXEOLFH JHQHUDOH DS UDUH RUGLQH SXEOLF  úL VLJXUDQ 

QD LRQDO

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XQRUFUHGLWHSUHOXDWHGHODRUJDQLVPHILQDQFLDUHLQWHUQD LRQDOHVWDWHE QFLVDXFRQVRU LL

bancare;
• HPLVLXQHD PRQHWDU  I U  DFRSHULUH FX VFRSXO GH D ILQDQ D GHILFLWXO EXJHWDU úL FDUH

JHQHUHD] LQIOD LD

b) ULWPLFLWDWHDvQFDV ULL:
• YHQLWXUL RUGLQDUH VDX FXUHQWH FDUH VXQW RE LQXWH GH VWDW vQ PRG RELúQXLW YHQLWXUL

fiscale, venituri din sectorul public etc.);


• YHQLWXULH[WUDRUGLQDUHODFDUHVHUHFXUJHvQVLWXD LLGHRVHELWH vPSUXPXWXULWUDQVIHUXUL

ajutoare etc.);
c) SURYHQLHQ D

• YHQLWXULLQWHUQHSURYHQLWHGLQHFRQRPLDQD LRQDO 

• YHQLWXULH[WHUQHSURYHQLWHGLQVWU LQ WDWH

d) QLYHOXOGHUHIHULQ :
• venituri ale bugetului de stat;
• YHQLWXULDOHDVLJXU ULORUVRFLDOHGHVWDW

• YHQLWXULFXGHVWLQD LHVSHFLDO SHQWUXDFRSHULUHDFKHOWXLHOLORUGLQIRQGXULVSHFLDOH

• venituri ale bugetelor locale.

Veniturile fiscale, ca cele ce reSUH]LQW FHDPDLvQVHPQDW SDUWHDYHQLWXULORUSXEOLFHVXQW

FODVLILFDWHODUkQGXOORUGXS PDLPXOWH criterii.


L FDUDFWHULVWLFLOHGHIRQGúLIRUP 

• LPSR]LWHGLUHFWHVWDELOLWHSHQWUXILHFDUHFRQWULEXDELOvQSDUWHQRPLQDODúH]DWHSHYHQLW

úLVDXSHDYere;
• LPSR]LWH LQGLUHFWH VWDELOLWH SH FRQVXPXO GH EXQXUL úL VHUYLFLL QHSHUVRQDOL]DWH DúH]DWH

pe cheltuieli;
ii) obiectul impunerii:
• impozite pe venit;
• impozite pe avere;
• impozite pe consum;
LLL VFRSXOXUP ULW

• impozite financiare, instituite pentru acoperirea cheltuielilor statului;


• LPSR]LWH GH RUGLQH LQVWLWXLWH SHQWUX OLPLWDUHD XQRU DF LXQL VDX SHQWUX UHDOL]DUHD XQRU

obiective altele decât cele fiscale, de exemplu: suprataxele pentru limitarea consumului
de tutun, impozitele pentru fondurile speciale;
• LY IUHFYHQ DvQFDV ULL

• LPSR]LWHSHUPDQHQWHVDXRUGLQDUHFDUHDXFDUDFWHUSHUHQúLVHvQFDVHD] SHULRGLF

• LPSR]LWH LQFLGHQWDOH VDX H[WUDRUGLQDUH FDUH VH LQVWLWXLH SHQWUX SHULRDGH GHWHUPLQDWH úL

DX GH UHJXO  XQ VFRS SUHFL]DW VWULFW FDUH RGDW  UHDOL]DW GHWHUPLQ  GHVILLQ DUHD

respectivului impozit;
Y LQVWLWX LDDGPLQLVWUDWRDUH

• LPSR]LWHDOHDGPLQLVWUD LHLFHQWUDOHvQFDVDWHGLUHFWODEXJHWXOGHVWDWGLQFDUHWRWXúLVH

SRW VWDELOL QLYHOH VDX FXDQWXPXUL FH SRW IL UH LQXWH GH RUJDQHOH ORFDOH GH H[HPSOX

LPSR]LWXOSHVDODULLSHQWUXFDUHSULQOHJHDEXJHWXOXLVHVWDELOHúWHFHMXGH HúLvQFHFRW 

vúL SRW UH LQH R SDUWH GLQ LPSR]LWXO SH VDODULL FROHFWDW GH OD XQLW LOH UH]LGHQWH vQ

UHVSHFWLYXOMXGH 

• LPSR]LWH DOH DGPLQLVWUD LHL ORFDOH FDUH VH vQFDVHD]  GH F WUH RUJDQXO ORFDO FDUH OH -a
introdus.

,PSR]LWHOHGLUHFWHODUkQGXOORUVHFODVLILF GXS RELHFWXOLPSXQHULLvQ

ƒ LPSR]LWH UHDOH DúH]DWH SH RELHFWH úL FDUH QX LQ VHDPD GH VLWXD LD SHUVRDQ  D

contribuabilului, cum sunt: impozitul funciar , impozitul pe FO GLUL LPSR]LWXO SH

102
DFWLYLW LLQGXVWULDOHúLFRPHUFLDOHúLSURIHVLLOLEHUHLPSR]LWXOSHFDSLWDOXOPRELOLDUVDX

E QHVF

ƒ LPSR]LWH SHUVRQDOH DúH]DWH SH YHQLW VDX SH DYHUH úL FDUH LQ VHDPD GH VLWXD LD

SHUVRQDO DFRQWULEXDELOXOXL

Impozitele indirecte,ODUkQGXOORUVHFODVLILF GXS IRUPDORUvQ

ƒ taxe de consum;
ƒ venituri din monopoluri fiscale;
ƒ taxe vamale;
ƒ WD[HGHWLPEUXúLGHvQUHJLVWUDUH

11. ,PSXQHUHDILVFDO úLSULQFLSLLOHHL

&DUDFWHULVWLFLOHUROXOúLGLPHQVLXQHDLPSXQHULLILVFDOH

IPSXQHUHD ILVFDO  HVWH R IRUP  GH FRQVWLWXLUH D XQHL S U L GLQ YHQLWXULOH VWDWXOXL

FDUDFWHUL]DW  SULQ SUHOHYDUHD FRQIRUP OHJLL D XQHL S U L GLQ YHQLWXULOH VDX DYHUHD SHUVRDQHORU

fizice sau juridice în vederea acoperirii cheltuielilor publice. Persoanele fizice sau juridice în
FDX] VXQWvQSULQFLSDOFHW HQLURPkQLVDXDJHQ LHFRQRPLFLFXGRPLFLOLXOvQ5RPkQLDGDUSRWIL

úLFHW HQLVWU LQLVDXDJHQ LHFRQRPLFLVWU LQLFDUHGHVI úRDU DFWLYLWDWHvQ5RPkQLDvQP VXUDvQ

care ei dobândesc venituri sau posed DYHULvQ DUDQRDVWU 7R LFHLGHODFDUHVHSHUFHSLPSR]LWH


VXQW QXPL L JHQHULF contribuabili 3HQWUX FRQWULEXDELOLL VWU LQL H[LVW  R UHJOHPHQWDUH VSHFLDO 

UHSUH]HQWkQG DFRUGXO vQWUH 5RPkQLD úL DUD GH RULJLQH D UHVSHFWLYXOXL FRQWULEXDELO SULYLQG

evitaUHD GXEOHL LPSXQHUL MXULGLFH LQWHUQD LRQDOH &D UH]XOWDW DO LPSXQHULL ILVFDOH VH IRUPHD] 

YHQLWXULILVFDOHDOHVWDWXOXLvQSULQFLSDOVXEIRUPDLPSR]LWHORUúLWD[HORU

,PSXQHUHDILVFDO DUHXUP WRDUHOH caracteristici:


a) este obligatorievQ VHQVXO F HVWH HIHFWDO OHJLLFDUH SUHFL]HD]  OD FLQH VHUHIHU  vQ OHJ WXU 

FX FH VH VWDELOHúWH HWF ,QWURGXFHUHD XQHL OHJL UHIHULWRDUH OD LPSXQHUHVH SRDWH IDFH QXPDL GH

RUJDQXO OHJLVODWLY QD LRQDO SDUODPHQWXO  VDX GH FRQVLOLLOH ORFDOH vQ OLPLWHOH VWDELOLWH GH

parlament.
b) are WLWOX GHILQLWLY úL QHUDPEXUVDELO FHHD FH vQVHDPQ  F  GDF  SODWD LPSR]LWXOXL  WD[HL D

IRVWI FXW FRQIRUPOHJLLFRQWULEXDELOXOQXRSRDWHUHFODPDVDXUHGREkQGLvQQLFLXQIHO

c) este I U  FRQWUDSUHVWD LH FHHD FH vQVHDPQ  F  vQ VFKLPEXO SO LL LPSozitului / taxei nu se
SRDWHSUHWLQGHXQVHUYLFLXLPHGLDWGLUHFWúLHFKLYDOHQWÌQOHJ WXU FXDFHDVWDQXSRDWHILvQV 

H[FOXV SUHWHQ LDSHFDUHXQFRQWULEXDELORSRDWHDYHDvQPRGFXWRWXOvQGUHSW LWID DGHVWDW

GH D EHQHILFLD úL HO FRQWULEXDELOXO  GH HIHFWHOH SH FDUH OH DUH VDX DU WUHEXL V  OH DLE  SHQWUX

FHW HDQvQGHSOLQLUHDGHF WUHVWDWDIXQF LLORUVDOH YH]LúLFDS,G

9HQLWXULOH ILVFDOH úL PDL FX VHDP  LPSR]LWHOH vQGHSOLQHVF vQ VRFLHWDWH XQ URO FRPSOH[

ILQDQFLDUHFRQRPLFúLVRFLDO

Rolul financiarDOLPSR]LWHORUVHH[SULP vQIDSWXOF HOHUHSUH]LQW SULQFLSDOXOPLMORFGH


formare a veniturilor statului, contribuind în mod frecvent cu peste 90% din totalul acestora.
Rolul economic DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ IDSWXO F  SULQ WLSRORJLD úL
GLPHQVLXQHDORUFDúLSULQvQOHVQLULOHúLvQ VSULULOHILVFDOHVWDWXOSRDWHvQFXUDMDVDXQXDFWLYLWDWHD

HFRQRPLF  YH]LúLFDS,EFDS, 

Rolul social DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ SRVLELOLWDWHD SHFDUH R GREkQGHúWH VWDWXO
de redLVWULEXLUHDSURGXVXOXLVRFLDO YH]LúLFDSIXQF LDGHUHGLVWULEXLUHDILQDQ HORUSXEOLFH 
'LPHQVLXQHDúLDPSORDUHDLPSXQHULLILVFDOHVXQWGLIHUHQ LDWHVSD LDO JHRJUDILFSH UL úL

WHPSRUDOúLVXQWPDUFDWHGHDQXPLWHOLPLWHGHWHUPLQDWHGH

ƒ factori interni sistemului de impunere (progresivitatea cotelor de impunere, materia


LPSR]DELO QLYHOXOPHGLXDOLPSXQHULLHWF 

ƒ factori externi sistemului de impunere (nivelul per capital) al produsului intern brut,
suportabilitatea impunerii, amploarea angaj ULL VWDWXOXL vQ VROX LRQDUHD SUREOHPHORU
economico-VRFLDOHQDWXUDUHJLPXOXLSROLWLFúD 

103
3URJUHVLYLWDWHD FRWHORU GH LPSXQHUH HVWH GH PXOWH RUL HVHQ LDO  SHQWUX R UHSDUWL]DUH FkW

PDLHFKLWDELO DSRYHULLILVFDOHÌQDFHVWVHQVHVWHUHFRPDQGDELOFDLPSXQHUHDV QXVH IDF vQ

FRW  XQLF  FL V  ILH SUHY ]XWH FRWH GLIHUHQ LDWH FDUH V  LQ  VHDPD úL GH SXWHUHD HFRQRPLF  D

FRQWULEXDELOXOXL YHQLWXULOH  DYHUHD VD  GDU úL GH VLWXD LD VD VRFLDO  vQWUH LQH R IDPLOLH

QXPHURDV HVWHVLQJXUXOvQWUH LQ WRUIDFH parte dintr-RFDWHJRULHGHIDYRUL]DW úD 'LIHUHQ LHUHD

H[FHVLY  HVWH OD IHO GH FRQWUDSURGXFWLY  FD úL QHGLIHUHQ LHUHD GHRDUHFH FUHHD]  GLILFXOW L vQ

SURFHVXO GH SHUFHSHUH GDU úL FRQGL LL SHQWUX HYD]LXQH ÌQ DFHVW VHQV HVWH QHJDWLY H[HPSOXO

impozituluL SH SURILW vQ 5RPkQLD FDUH vQ  HUD DúH]DW úL SHUFHSXW vQ FkWHYD ]HFL GH FRWH LDU
din 1996 s-D LQWURGXV R FRW  TXDVLJHQHUDO  GH  FX GRX  H[FHS LL  - FHD SHQWUX DJHQ LL
HFRQRPLFL FX SRQGHUHD DFWLYLW LL GH JHQ DJULFRO GH SHVWH  úL  - cHD SHQWUX DJHQ LL

HFRQRPLFL FX SRQGHUHD DFWLYLW LL GH JHQ MRFXUL GH QRURF GH SHVWH  3HQWUX DQXO  VH

GLPLQXHD]  FRWD JHQHUDO  OD  GDU VH S VWUHD]  TXDVLXQLFLWDWHD HL JHQHUDWRDUH DúD FXP DP

PDLVSXVGHLQHFKLWDWHILVFDO 

Suportabilitatea impuQHULL H[SULP  JUDGXO VDX QLYHOXO ILVFDOLW LL úL VH GHWHUPLQ  SH ED]D

indicatorului UDWDILVFDOLW LL:


VF
rf = (91)
PIB
unde: VF = veniturile fiscale ale statului;
PIB = produsul intern brut.
$FHVWLQGLFDWRUHVWHGHIDFWXU PDFURHFRQRPLF  úLFDUDFWHUL]HD] PHGLDSRYHULLILVFDOH

într-R DU  ÌQ YHQLWXULOH ILVFDOH VH SRW VDX QX LQFOXGH FRQWULEX LLOH SHQWUX VHFXULWDWHD VRFLDO 

DYkQG vQ YHGHUH F  DFHVWHD VXQW DIHFWDWH DX R GHVWLQD LH VSHFLDO  úL VXQW GH UHJXO  JHVWLRQDWH

printr-XQ EXJHW VSHFLDO 3ULQGHUHD DFHVWRU FRQWULEX LL vQ YHQLWXULOH ILVFDOH HVWH H[WUHP GH

GLIHUHQ LDW  SH UL DPSOLWXGLQHD GH YDULD LH ILLQG vQWUH  úL  5DWD ILVFDOLW LL LQFOX]kQG

FRQWULEX LLOH SHQWUX VHFXULWDWH VRFLDO  VH VLWXHD]  SHQWUX PDUHD PDMRULWDWH D ULORU HXURSHQH

PHPEUH2&'(vQMXUGHLDUSHQWUX ULGH]YROWDWHQHHXURSHQHODFLUFD 68$-DSRQLD 

SkQ  OD FLUFD  &DQDGD 1RXD =HHODQG  ÌQ 5RPkQLD DFHDVW  UDW  D RVFLODW vQ XOWLPLL DQL vQ

jur de 34%.
La nivel de contribuabil, ratDILVFDOLW LLWUHEXLHV VHFDOFXOH]H LQkQGVHDPDGHYHQLWXULOH

DFHVWXLDúLGHVXPDGLIHULWHORULPSR]LWHSHFDUHDFHVWDOHVXSRUW 

V ∗ c1 + a ∗ V ∗ c 2 + AI
rf = (92)
V

unde: V = veniturile contribuabilului;


c1 = cota medie de impunere a venitului;
a SRQGHUHDFRQVXPXOXLGHEXQXULúLVHUYLFLLvQWRWDOYHQLW

c2 = cota medie de impunere a consumului;


AI DOWHLPSR]LWH SHLPRELOHSHWHUHQXULSHDXWRWXULVPHLPSR]LWHúLWD[HORFDOHHWF 
ÌQ FH SULYHúWH LPSDFWXO LPSR]LWHORU SH FRQVXP DFHVWa este în raport direct cu ponderea

FRQVXPXOXL vQ WRWDO YHQLW úL GLQ DFHVW PRWLY HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF

vQWUXFkW FUHúWHUHD FRQVXPXOXL SH P VXUD FUHúWHULL YHQLWXOXL HVWH GH UHJXO  PDL PLF  GHFkW D

venitului. Pentru cazul salariulXL PHGLX SH HFRQRPLH 5RPkQLD   úL D XQHL UDWH D

FRQVXPXOXLGHFFDLPSR]LWXOSHVDODULXFRQWULEXLHODUDWDILVFDOLW LLFXFFDLDUWD[DSH

YDORDUHDDG XJDW FXFFDFHHDFHDGXFHJUDGXOGHILVFDOLWDWHODPLQLP

Nivelul mediu al impXQHULL DUH UHOHYDQ   QX QXPDL SHQWUX FRQWULEXDELO FL úL SHQWUX

EXJHW3HQWUXFRQWULEXDELOXQQLYHOULGLFDWDOLPSXQHULLvQVHDPQ RSRYDU ILVFDO PDLPDUHR

GLPLQXDUH D SXWHULL GH FXPS UDUH D YHQLWXULORU VDOH GDU úL XQ UDSRUW LPSR]LWH  ULVF GH HYD] iune
FDUH SRDWH vQGHPQD OD DVXPDUHD DFHVWXL ULVF $FHDVWD JHQHUHD]  XQ HIHFW QHIDYRUDELO DVXSUD

YHQLWXULORU EXJHWDUH 1LYHOXO ULGLFDW GH LPSXQHUH DUH úL HIHFWXO GH GHVFXUDMDUH D DF LXQLL

economice, determinând alte efecte negative asupra veniturilor bugetare. Din punct de vedere al
EXJHWXOXL LQVXILFLHQ D YHQLWXULORU VDX FUHúWHUHD ORU QHVDWLVI F WRDUH GHWHUPLQ  WHQGLQ D GH

104
FUHúWHUH D QLYHOXOXL GH LPSXQHUH ILH SULQ FUHúWHUHD FRWHORU GH LPSXQHUH OD LPSR]LWHOH GHMD

existente, fie prin introducerea unor noi imSR]LWHFHHDFHSRDWHUHODQVDHIHFWXOGHUH]LVWHQ úL

JHQHUD LPSOLFLW XQ FHUF YLFLRV ÌQ JHQHUDO vQJUHXQDUHD ILVFDOLW LL DWUDJH GXS  VLQH IUkQDUHD

VDX FKLDU vQJKH DUHD DFWLYLW LL HFRQRPLFH FX HIHFWH QHIDYRUDELOH úL vQ FH SULYHúWH VWDUHD

economLHL vQ DQVDPEOX úL vQ FH SULYHúWH vQ SDUWLFXODU VWDUHD EXJHWXOXL úL D DJHQWXOXL HFRQRPLF
FRQWULEXDELO 3H GH DOW  SDUWH UHOD[DUHD ILVFDO  HVWH vQ JHQHUDO EHQHILF  SHQWUX WR L IDFWRULL

LPSOLFD L ,VWRULD HFRQRPLHL PHQ LRQHD]  QXPHURDVH vPSUHMXU UL vQ FDUH FUHúWHUHD DS V ULL

ILVFDOH D JHQHUDW WHQVLXQL HFRQRPLFH úL VRFLDOH GXS  FXP vQOHVQLULOH úL VFXWLULOH ILVFDOH DX

GHWHUPLQDW vQYLRUDUHD DFWLYLW LL HFRQRPLFH ÌQ ]LOHOH QRDVWUH SDUDGLVXULOH ILVFDOH VXQW XQ

exemplu viu al înfloririi economice de caUHVHEXFXU  ULOHFDUHSURPRYHD] RDVWIHOGHSROLWLF 

vQSRILGDUHVWULF LLORU XQHRULSUHVLXQLORU SHFDUH ULOHSDUWHQHUHOHSUDFWLF vQUDSRUWXULOHFXHOH

3HQWUX GHWHUPLQDUHD XQXL QLYHO PHGLX GH LPSXQHUH UH]RQDELO WHRULD ILQDQFLDU  SURSXQH

diferitHVROX LL2P VXU DDFHVWXLQLYHORIXUQL]HD]  modelul lui Arthur LafferDOF UXLRELHFW

HVWH GHWHUPLQDUHD XQXL QLYHO GH LPSXQHUH ]LV RSWLP GHRDUHFH UHDOL]HD]  PD[LPXP GH vQFDV UL

ILVFDOHvQFRQGL LLGHHFKLOLEUXJHQHUDOFHUHUHRIHUW 

Echilibrul geQHUDO FHUHUH  RIHUW  HVWH FRQVWUXLW SH HJDOLWDWHD FHUHULL JOREDOH úL D RIHUWHL

JOREDOHLQWURGXVHFDIXQF LLGHSUH 

C = C(p) C'<0 (93.1)


O = O(p) O’>0 (93.2)
C=O (93.3)

unde: C FHUHUHDJOREDO 

p QLYHOXOSUH Xrilor;
O RIHUWDJOREDO 

C(•) IXQF LDGHFHUHUH

O (•  IXQF LDGHRIHUW 

3H ED]D HFXD LHL GH HFKLOLEUX   VH IRUPHD]  R HFXD LH D F UHL YDULDELO  HVWH SUH XO úL

FDUH DFFHSW  FHO SX LQ R VROX LH GDWRULW  FDUDFWHULVWLFLORU FHORU GRX  IXQF LL FR mponente. Fie p*
VROX LDDOF UHLVHQVHFRQRPLFHVWHGHSUH GHHFKLOLEUX3HED]DOXLVHSRWGHWHUPLQDQLYHOHOHGH

HFKLOLEUXDOHFHUHULLúLRIHUWHLUHVSHFWLY
C(p*)úLO(p*) sau C*úLO*.
În acest echilibru intervine statal cu impozite, care vor determina modificarea punctului
GH HFKLOLEUX ,QWURGXFHUHD LPSR]LWHORU VH IDFH VXE IRUPD XQHL DFFL]H GHILQLW  FD LPSR]LW SH

XQLWDWHD GH SURGXV GHVI FXW  YkQGXW  úL FXPS UDW  'DF  vQ HOHVXO DFFL]HL VH FRQVLGHU  VWULFWR

sensu, atunci definirea ei pe unitatea deSURGXVGHVI FXW VHIDFHSULQvQV úLOHJHDFDUHLQWURGXFH

DFFL]D 'DF  vQ HOHVXO HL VH FRQVLGHU  SULQ H[WHQVLH FD ILLQG RULFH LPSR]LW VDX WD[  DWXQFL

GHWHUPLQDUHDHLSHXQLWDWHDGHSURGXVGHVI FXW QXHVWHGLILFLO vQWUXFkWDJHQWXOHFRQRPLFúWLHúL

careHVWHFXDQWXPXOLPSR]LWXOXLvQFDX] úLFDUHHVWHYROXPXOV XGHDFWLYLWDWHDFFL]DSHXQLWDWHD

GHSURGXVGHVI FXW YDILUDSRUWXOGLQWUHFHLGRLLQGLFDWRULPHQ LRQD LDQWHULRU

7HQGLQ D RIHUWDQWXOXL UHIHULWRU OD LPSR]LWHOH SH FDUH OH SO WHúWH HVWH GH D vQFHUFD V  OH

UHFXSHUH]H GH OD FXPS U WRU SULQ SUH XO  WDULIXO SURGXVXOXL  VHUYLFLXOXL SH FDUH L O RIHU  $FHVW
-
OXFUXHVWHSRVLELOSULQFUHúWHUHDSUH XOXLGHYkQ]DUHGDUHVWHOLPLWDWGHFHOSX LQGRX FRQGL LL

ƒ P ULPHD SUH XOXL vO SRDWH SXQH SH RIHUWDQW vQ VLWXD LH GH QHFRPSHWLWLYLWDWH ID  GH FHLODO L

RIHUWDQ LGDF DFHúWLDQXSUDFWLF DFHODúLVLVWHPVDXvOSUDFWLF OLPLWDW

ƒ P ULPHDSUH XOXLSRDWHPLFúRUDFHUHUHDUHGXFkQGX LRIHUWDQWXOXLvQFDV ULOHGLQFDUHYDWUHEXL


-
V VXSRUWHXQYROXPWRWDOGHLPS ozite similar sau diminuat într-RP VXU PDLPLF  LPSR]LWXO

SHDYHUHGHSLOG QXVHPRGLILF vQUDSRUWFXYHQLWXULOH 

ÌQ FD]XO RS LXQLL GH PDMRUDUH D SUH XOXL FRQVHFXWLY LQWURGXFHULL XQXL LPSR]LW SH FDUH

WUHEXLHV -OSO WHDVF RIHUWDQWXOYDSRUQLODOLPLW GHODLSRWH]DPHQ LQHULLFHOSX LQDSURILWXOXL

RE LQXWDQWHULRUDSDUL LHLUHVSHFWLYXOXLLPSR]LW9ROXPXOIL]LFDODFWLYLW LLVDOHQXYDFUHúWHFHHD

FHvQVHDPQ S VWUDUHDODDFHODúLQLYHO CTDFKHOWXLHOLORURFD]LRQDWHGHDFWLYLWDWHDVDYDFUHúWe, în

105
VFKLPE YHQLWXO vQFDVDW GH OD P ULPHD V DQWHULRDU  LQWURGXFHULL LPSR]LWXOXL OD VM XOWHULRDU 

DFHVWXLIDSWFDUH]XOWDWDOPDMRU ULLSUH XOXLXQLWDUGHYkQ]DUH

3URILWXO LQL LDO DUH P ULPHD V - CT, iar cel ulterior VM - CT - c ∗ (VM - CT) unde c
HVWH FRWD GH LPSXQHUH DIHUHQW  LPSR]LWXOXL QRX LQWURGXV 3H ED]D LSRWH]HL GH HJDOLWDWH D FHORU

GRX SURILWXULDYHP

V - CT = VM - CT - c ∗ (VM - CT) (94.1)

GLQ FDUH VH RE LQH P ULPHD YHQLWXOXL PRGLILFDW  PDMRUDW respectiv ulterior introducerii noului
impozit:
VM = (V - c ∗ CT) / (1 - c) (94.2)
XQGHDYHPUHVWULF LDF ∈ (0, 1).
90HVWHRIXQF LHFUHVF WRDUHvQFFXDOWHFXYLQWHFXFkWFRWDGHLPSXQHUHHVWHPDLPDUH

cXDWkWFUHúWHUHDYHQLWXOXL SULQSUH úLLQFOXVLYDSUH XOXLXQLWDUGHYkQ]DUHHVWHPDLPDUH

V − CT
VM’c = >0 (94.3)
(1 − c) 2
sau
lim VM = V úL lim VM = +∞ (94.4)
c →0 c →1
DGLF  VM ∈ (V,+∞) .
ÌQFD]XORS LXQLLGHPDMRUDUHDSUH XOXLRIHUWDQWXOYDOXFUDFXGRX FDWHJRULLGHSUH XUL

ƒ XQ SUH  GH SLD  ILH pp, în care este inclus cuantumul unitar al impozitului T úL FDUH YD IL
SUH XOODFDUHFXPS U WRUXODFKL]L LRQHD] SURGXVXO

ƒ XQSUH GHJHVWLXQHILH pg, în care nu este inclus impozitul:

pg = pp - T (95)

3UH XOGHJHVWLXQHHVWHXQSUH GHFDOFXODOSURILWXOXLRE LQXWGHRIHUWDQWFDUHvQFDOFXOHOH

VDOH GH HILFLHQ  QX SRDWH FRQWD SH P ULPHD 7 D LPSR]LWXOXL FH WUHEXLH YLUDW QHFRQGL LRQDW F WUH

bugetul statului. 2IHUWD VD YD IL GHWHUPLQDW  WRFPDL GH DFHVW SUH  GH JHVWLXQH GLQ FDUH HO VXSRUW 

FKHOWXLHOLOH SULYLQG DFWLYLWDWHD úL RE LQH SURILWXO VFRQWDW vQ VHQVXO GH SURILW RELúQXLW FDUH vL

PRWLYHD] HIRUWXOGHLQL LHUHúLGHVI úXUDUHDUHVSHFWLYHLDFWLYLW L 

MoGHOXO /DIIHU FXSULQGH XUP WRDUHOH UHOD LL VLPLODUH FHORU FH GHVFULX HFKLOLEUXO JOREDO

FHUHUHRIHUW   - (93.3):

ƒ IXQF LDFHUHULLGHILQLW SULQSUH XOGHSLD 

C = C (pp) C' < 0 (96.1)

ƒ IXQF LDRIHUWHLGHILQLW SULQSUH XOGHJHVWLXQH

O=O (pg) O' > 0 (96.2)

ƒ UHOD LDvQWUHFHOHGRX SUH XULFRQIRUP 

ƒ HFXD LDHFKLOLEUXOXLJOREDOFRQIRUP  

(FXD LDGHHFKLOLEUXVHVFULH LQkQGVHDPDúLGH 

C(pg+T) = O(pg) (96.3)

GLQFDUHVHGHWHUPLQ SUH XOGHJHVWLXQHODHFKLOLEUXFDIXQF LHGHDFFL] 

pg* = pg(T) (96.4)

106
3HED]DUHOD LLORU  úL  VHSRWGHWHUPLQDFHUHUHDúLRIHUWDGHHFKLOLEUXFDIXQF LL

GHDFFL] 

C* = C (T+pg (T) ) (96.5)


O* = O(pg (T) ) (96.6)

pentru care, în plus, avem


C* = O* (96.7)

reSUH]HQWkQG YROXPXO GH HFKLOLEUX DO DFWLYLW LL HFRQRPLFH 'HRDUHFH DFFL]D HVWH GHILQLW  SH

XQLWDWHD GH SURGXV GHVI FXW  VH SRDWH VFULH H[SUHVLD YHQLWXULORU EXJHWDUH VB, pe care statul le
GRUHúWHPD[LPH

max VB = max T ∗ C (T +pg (T) ) (96.8.1)


sau
max VB = max T ∗ O (pg (T) ) (96.8.2)

GLQFDUHUH]XOW F YHQLWXULOHEXJHWDUHVXQWIXQF LHGHDFFL] 

max VB = max VB (T) (96.8.3)

&RQGL LDGHPD[LPUHYLQHOD

VB'T = 0 (96.9.1)
VB''T < 0 (96.9.2)

DVWIHOvQFkWGLQ  FDHFXD LHvQUDSRUWFXDFFL]DVHSRDWHGHWHUPLQDQLYHOXOHLRSWLP7 vQ

VHQVXOF PD[LPL]HD] vQFDV ULOHEXJHWDUHvQFRQGL LLOHHFKLOLEUXOXLJOREDOFHUHUHRIHUW 

Cu ajutorul lui T* VH GHWHUPLQ  VXFFHVLY QLYHOHOGH RSWLPDOH YHQLWXOXLEXJHWDU 9% 

FHORUGRX SUH XUL SJ úLSS DOHYROXPXOXLFHUHULLúLRIHUWHL & úL2

0RGHOXO SHUPLWH úL GHWHUPLQDUHD LQFLGHQ HL DFFL]HL DGLF  D P VXULL vQ FDUH HD HVWH

VXSRUWDW GHFXPS U WRUUHVSHFWLYGHRIHUWDQW,QFLGHQ DVHFDOFXOHD] FDSRQGHUHDVXPHLWRWDOH

SO WLWHGHFXPS U WRULUHVSHFWLYRIHUWDQ LvQWRWDOvQFDVDUHEXJHWDU 

(pp * −p*) ∗ C *
a= (96.10.1)
T * ∗C *
(p * − pg*) ∗ O *
b= (96.10.2)
T * ∗O *

unde: a = incidHQ DDFFL]HLDVXSUDFXPS U WRUXOXL

E LQFLGHQ DDFFL]HLDVXSUDRIHUWDQWXOXL

,QWURGXFHUHD DFFL]HL FRQGXFH OD FkWHYD UHOD LL GH RUGLQH SULYLQG SUH XULOH vQ PRGHOXO

/DIIHUID GHPRGHOXO   - (93.3) în care nu apare acciza:

SS !S úLSJ S (96.11.1)


C*L& úL2 L <O* (96.11.2)

XQGHSHQWUXFHUHUHúLRIHUW LQGLFHOH/VHPQLILF QLYHOXOORUFRQIRUPPRGHOXOXL/DIIHULDUOLSVD

DFHVWXLLQGLFHQLYHOXODFHVWRUDvQFRQGL LLOHPRGHOXOXLI U DFFL]    - (93.3).

11.2. Elementele impozitului


,PSXQHUHDILVFDO HVWHLQWURGXV SULQOHJHFDUHSUHFL]HD] SHQWUXILHFDUHLPSR]LWvQSDUWH

FLQH VXQWFRQWULEXDELOLL PDWHULD LPSR]DELO  P ULPHD UHODWLY  D LPSR]LWXOXL WHUPHQHOH GH SODW 

107
VDQF LXQLOH UHIHULWRDUH OD VXVWUDJHUH 3ULQ DFHDVWD VH UHDOL]HD]  WRWRGDW  SXQHUHD vQ FXQRúWLQ 

DWkW D RUJDQHORU ILVFDOH FkW úL D FRQWULEXDELOLORU FDUH vQ SOXV SHQWUX DQXPLWH LPSR]LWH VXQW

vQFXQRúWLLQ D L úL vQ PRG H[SUHV SULQ DYL]H vQWRFPLWH úL H[SHGLDWH SULQ JULMD RUJDQHORU ILVFDOH

locale.
,QIRUPD LLOH FXSULQVH vQ OHJLOH FH UHJOHPHQWHD]  LPSXQHUHD ILVFDO  LQFOXG elementele
FDUDFWHULVWLFHILHF UXLLPSR]LWLQWURGXVvQSUDFWLFDILVFDO FXUHQW D ULL

a) Subiectul impozitului HVWH SHUVRDQD IL]LF  VDX MXULGLF  SHQWUX FDUH OHJHD VWDELOHúWH

obOLJDWLYLWDWHD GH SODW  D LPSR]LWXOXL DGLF  FHHDFH VH QXPHúWHFXUHQW contribuabil. În anumite
FD]XULOHJHDVWDELOHúWHXQWHU vPSXWHUQLFLWúLREOLJDWV UH LQ LPSR]LWXOúLV -l verse la buget. De
SLOG vQFD]XOLPSR]LWXOXLSHVDODULXVDODULDWXOHVWHVXELHFWHOSO WHúWHLPSR]LWXOGLQVDODULXOV X

GDUUH LQHUHDúLYLUDUHDODEXJHWUHYLQHFHOXLFDUHDDQJDMDW

b) Suportatorul impozitului HVWH SHUVRDQD IL]LF  VDX MXULGLF  FH VXSRUW  HIHFWLY SODWD
LPSR]LWXOXL$FHDVW SHUVRDQ VHPDLQXPHúWH destinatar, GHRDUHFHLPSR]LWXOvQFDX] HVWHYLUDW
VSUH VLQH SHQWUX D IL VXSRUWDW 'H SLOG  vQ FD]XO WD[HL SH YDORDUHD DG XJDW  LPSR]LWXO HVWH

SHUFHSXW GDWRUDW FDOFXODW úL Y UVDW OD EXJHW  GH YkQ] WRUXO XQXL SURGXV FDUH HVWH VXELHFW DO

DFHVWHL WD[H 3ULQ SUH  vQV  DFHVWD SRDWH YLUD WD[D vQ VDUFLQD FXPS U WRUXOXL FDUH HVWH

suportatorul acesteia.
c) Obiectul impozituluiHVWHPDWHULDVXSXV LPSR]LW ULLYHQLWXODYHUHDRELHFWXOYkQGXW

FXPS UDWEXQXOLPSRUWDWHWF 

d) Sursa impozitului DUDW  GLQ FHDQXPH VH SO WHúWH LPSR]LWXOFHHDFH vQ PRG RELúQXLW

HVWH YHQLWXO FRQWULEXDELOXOXL 6XUVD SRDWH V  FRLQFLG  VDX QX FX RELHFWXO LPSR]LWXOXL /D

LPSR]LWHOHSHYHQLWFHOHGRX HOHPHQWHFRLQFLGvQVFKLPEODLPSR]LWHOHSHDYHUHHOHQXFRLQFLG

de obicei, deoarece numaL vQ FD]XUL GH H[FHS LH FRQWULEXDELOXO vúL GLPLQXHD]  DYHUHD SULQ
YkQ]DUHDXQHLS U LDDFHVWHLDFXVFRSXOGHD úLDFKLWDLPSR]LWXODIHUHQW
-
e) Unitatea de impunere HVWH XQLWDWHD GH P VXU  FX FDUH VH GHWHUPLQ  GLPHQVLXQHD
PDWHULHL LPSR]DELOH 'H SLOG  vQ FD]XO LPSR]LWXOXL SH WHUHQ DFHDVWD HVWH PHWUXO S WUDW SHQWUX

WHUHQXULOH LQWUDYLODQH FX DOWH GHVWLQD LL GHFkW DFWLYLWDWHD DJULFRO  úL KHFWDUXO SHQWUX WHUHQXULOH

agricole.
f) Cota impozitului UHSUH]LQW  LPSR]LWXO DIHUHQW XQLW LL GH LPSXQHUH $FHDVW  FRW

SRDWHILVWDELOLW FDVXP IL[ VDXFDRFRW SURFHQWXDO  FRQVWDQW SURJUHVLY VDXUHJUHVLY 

g) Asieta HVWH WRWDOLWDWHD P VXULORU SH FDUH RUJDQHOH ILVFDOH OH LDX vQ YHGHUHD DúH] ULL
impozitului, pentru fiecare subiect în parte: identificarea obiectulXL VWDELOLUHD P ULPLL VDOH úL
calculul impozitului datorat.
h) 7HUPHQXOGHSODW UHSUH]LQW GDWDSkQ ODFDUHLPSR]LWXOWUHEXLHV ILHDFKLWDW3HQWUX
LPSR]LWHOHLQWURGXVHvQOHJ WXU FXRELHFWHFHSUH]LQW UHSHWDELOLWDWHSHSDUFXUVXODQXOXL VDODULXO

pURILWXO YkQ] ULOH GH SURGXVH HWF  VH VWDELOHVF WHUPHQH UHSHWLWLYH OHJDWH GH GDWD FRQVWLWXLULL

RELHFWXOXL LPSR]LWXOXL GDWD SO LL VDODULXOXL GDWD vQFKLGHULL JHVWLXQLL OXQDUH HWF 3HQWUX

LPSR]LWHOHLQWURGXVHvQOHJ WXU FXRELHFWHDF URUPRGLILFDUHGHYROXPHVWHPDLUDU VHIL[HD] R

GDW  VDX FkWHYD GDWH SH SDUFXUVXO DQXOXL OD FDUH SODWD VH SRDWH IDFH LQWHJUDO HYHQWXDO vQ WUDQúH

/HJHD PHQ LRQHD]  SHQWUX ILHFDUH WLS GH LPSR]LW VDQF LXQLOH FDUH YRU IL VXSRUWDWH GH VXELHFW vQ

caz de nerespectare a termenHORU GH SODW  PDMRU UL SRSULUL VHFKHVWUX VFRDWHUHD OD OLFLWD LH

DPHQ]LSHQDOHúLvQFD]XULH[WUHPH HYD]LXQHLQWHQ LRQDW VDXIUDXGXORDV SULYDUHDGHOLEHUWDWH

11.3. Principiile impunerii fiscale


,PSXQHUHDILVFDO HVWHXQFRPSOH[GHP VXULúLRSHUD LXQLHIHFWXDWHvQED]DOHJLLFDUHDX

ca scop stabilirea impozitului ce revine în sarcina unei persoane fizice sau juridice. Impunerea
ILVFDO  LQFOXGH R ODWXU  SROLWLF  SULQ FDUH VH VWDELOHúWH FLQH úL SHQWUX FH SO WHúWH LPSR]LWXO úL R

ODWXU  WHKQLF  DGLF  PHWRGHOH úL WHKQLFLOH SULQ FDUH VH P VRDU  RELHFWXO LPSXQHULL úL VH

GHWHUPLQ  FXDQWXPXO LPSR]LWXOXL 3ULQ ILVFDOLWDWH VWDWXO vQFHDUF  V  UHDOL]H]H XQ HFKLOLEUX vQWUH

HILFLHQ  úL HFKLWDWH 3H GH R SDUWH VWDWXO WUHEXLH V  DVLJXUH SULQ ILVFDOLWDWH colectarea fondurilor
SHQWUX UHDOL]DUHD SURJUDPHORU VRFLDOH HFRQRPLFH GH FRODERUDUH LQWHUQD LRQDO  úD 3H GH DOW 

SDUWHILVFDOLWDWHDWUHEXLHRUJDQL]DW DVWIHOvQFkWV QXDSHVHSHFHLGHIDYRUL]D LFHHDFHUHYLQHOD

108
realizarea unei redistribuiri a venLWXULORU 5HIHULWRU OD HILFLHQ  úL HFKLWDWH WHRULLOH HFRQRPLFR -
ILQDQFLDUH DFFHQWXHD]  XQHOH SH HILFLHQ  PRQHWDULVPXO OLEHUDOLVPXO úD  LDU DOWHOH SH HFKLWDWH

(social -GHPRFUD LDGHPRFUD LDFUHúWLQ úD 

,PSXQHUHD ILVFDO  VH UHDOL]HD]  vQ YLUWXWHD XQRU SULQFLSLL D F URU IRUPXODUH D IRVW

HIHFWXDW vQWLPSGHF WUHPDLPXO LHFRQRPLúWL

$GDP 6PLWK D IRUPXODW OD vQFHSXWXO VHF ;,; XUP WRDUHOH SULQFLSLL DOH LPSXQHULL MXVWD

LPSXQHUH HFKLWDWHD ILVFDO  FHUWLWXGLQHD LPSXQHULL FRPRGLWDWHD SHUFHSHULL LPSR]LWXOXL úL

randamentul impozitelor.
0DXULFH$OODLVODXUHDWDO3UHPLXOXL1REHODIRUPXODWvQDQLL
XUP WRDUHOHSULQFLSLLDOH

LPSXQHULLLQGLYLGXDOLWDWHD QHGLVFULPLQDUHDLPSHUVRQDOLWDWHDQHXWUDOLWDWHDOHJLWLPLWDWHDúLOLSVD

arbitrariului.
În WHRULD PRGHUQ  D ILQDQ HORU VXQW IRUPXODWH úL DFFHSWDWH SULQFLSLL GH HFKLWDWH ILVFDO 

SULQFLSLLGHSROLWLF ILQDQFLDU SULQFLSLLGHSROLWLF HFRQRPLF úLSULQFLSLLVRFLDO -politice, fiecare


FRQFUHWL]DW vQ FkWHYD FRPSRQHQWH FDUH SUHFL]HD]  DQXPLWH ODWXUL úL DWULEXWH DOH FRQ LQXWXOXL

acestora.

11.3.1. 3ULQFLSLLGHHFKLWDWHILVFDO

(FKLWDWHDILVFDO vQVHDPQ GUHSWDWHVRFLDO vQPDWHULHGHLPSXQHUHILVFDO 3HQWUXDFHDVWD

sunt formulate principiile:


ƒ LPSXQHUHDGLIHUHQ LDW DYHQLWXOXLúLDYHULL

ƒ minimul neimpozabil.

5HDOL]DUHDDFHVWRUSULQFLSLLSUHVXSXQHvQGHSOLQLUHDFXPXODWLY DXUP WRDUHORUFRQGL LL

a) VWDELOLUHD FXDQWXPXOXL GH YHQLW FRQVLGHUDW F  SHUPLWH VDWLVIDFHUHD QHYRLORU GH WUDL VWULFW

QHFHVDUH DFHDVW  FRQGL LH HVWH DFWLY  QXPDL SHQWUX LPSR]LWHOH GLUHFWH QX ú i pentru cele
indirecte;
b) VWDELOLUHD SXWHULL FRQWULEXWLYH FDUH VH GHWHUPLQ  SHQWUX ILHFDUH SO WLWRU vQ SDUWH vQ UDSRUW FX

SXWHUHD HFRQRPLF  D DFHVWXLD YHQLW VDX DYHUH  úL FX VLWXD LD SHUVRQDO  IDPLOLDO  VRFLDO 

YkUVW úD 

c) corelarea sarcinilor fiscaOHvQFDGUXODFHOHLDúLFDWHJRULLGHFRQWULEXDELOL


d) LPSXQHUHDV ILHJHQHUDO DGLF V ILHSO WLWRULWR LFHLFHSRVHG XQYHQLWVDXRDYHUHVLWXDWH
peste un anumit nivel.
&XDQWLILFDUHDFHULQ HORUSULQFLSLLORUGHHFKLWDWHILVFDO VHSRDWHUHDOL]DvQFRQWH[tul teoriei

XWLOLW LL SULQ GHILQLUHD IXQF LHL GH XWLOLWDWH vQ UDSRUW FX YHQLWXO IXQF LH FDUH H[SULP 

comportamentul contribuabilului vis-à-YLVGHYHQLWXOV X

U = U (V) U' > 0 úL U'' < 0 (97)

unde: U = utilitatea;
U (•) IXQF LDGHutilitate;
V = venitul contribuabilului.
3RUQLQG GH OD DFHDVW  IXQF LH VH SRW IRUPXOD LSRWH]H UHIHULWRDUH OD PRGXO GH DúH]DUH D

LPSR]LWXOXL FD VDFULILFLX SUHOHYDUH D XQHL S U L GLQ YHQLWXO FRQWULEXDELOXOXL vQ EHQHILFLXO

UHDOL] ULLIXQF LLORUVWDWXOXL6XQWX]XDOHWUHLLSRWH]HvQOHJ WXU FXDFHVWVDFULILFLX

11.3.1.1. Sacrificiul absolut egal


6DFULILFLXO DEVROXW HJDO HVWH R LSRWH]  GH LPSXQHUH SRWULYLW F UHLD LPSR]LWHOH WUHEXLH

DúH]DWHDVWIHOvQFkWSLHUGHULOHGHXWLOLWDWH FDX]DWHGHGLPLQXDUHDYHQLWXULORUSULQLPSXQHUH V ILH

egale:
U (VA) - U (VA - TA) = U (VB) - U (VB - TB) (98)

109
unde: VA = venitul contribuabilului A;
VB = venitul contribuabilului B;
TA = impozitul suportat de contribuabilul A;
TB = impozitul suportat de contribuabilul B.
ÌQ FRQGL LLOH LSRWH]HORU SULYLQG VDFULILFLXO VLWXD LD ILVFDO  D FRQWULEXDELOXOXL $ HVWH

FRQVLGHUDW  HWDORQ DVWIHO vQFkW SLHUGHUHD OXL GH XWLOLWDWH FDX]DW  GH LPSXQHUH XUPHD]  V  VH

UHIOHFWH úL DVXSUD FHORUODO L FRQWULEXDELOL &RQWULEXDELOXO $ HVWH vQ SULQFLSLX R SHUVRDQ  LSRWHWLF 

úL DQXPH FHDFDUHDYkQG XQ YHQLW 9$ úL R VLWXD LH SHUVRQDO  ELQH SUHFL]DW  SO WHúWH XQ LPSR]LW

7$ SUHVWDELOLW &RQWULEXDELOXO % HVWH R SHUVRDQ  UHDO  F UHLD XUPHD]  V  L VH VWDELOHDVF 

impozitul astfel încât pierderea saGHXWLOLWDWHSULQGLPLQXDUHD YHQLWXOXLV ILHLGHQWLF FX FHDD

SHUVRDQHL LSRWHWLFH $ ÌQ PRG VLPLODU VH SRDWH DFFHSWD vQ OHJ WXU  FX FRQWULEXDELOXO $ F  HVWH R

SHUVRDQ  FDUH D UHDOL]DW úL DQWHULRU YHQLWXUL úL D SO WLW LPSR]LW vQ FXDQWXP 7$ vQ WLPS FH

FRQWULEXDELOXO % HVWH XQ FRQWULEXDELO QRX FDUH QX D UHDOL]DW SkQ  DFXP YHQLWXUL úL QX D SO WLW

LPSR]LW'HDVHPHQHDS VWUkQGVDXQXLSRWH]DGHVSUHFDUDFWHUXOLSRWHWLFVDXUHDODOSHUVRDQHL$

VH SRDWH DFFHSWD GHVSUHFRQWULEXDELOXO % F  QX HVWH QRXFL F  GRDU DFXP vQWUXQHúWHFRQGL LL GH

YHQLWúLVLWXD LHSHUVRQDO FDUHvOFDOLILF vQDFHLDúLFDWHJRULHFX$

3HED]DUHOD LHL  úLDFFHSWkQG SURSULHWDWHDIXQF LHL8 9 GHDILLQYHUVDELO VHSRDWH

determina cuantumul impozitului pentru contribuabilul B:

TB = VB - [U]-1 (U (VB) - U (VA) +U (VA - TA) ) (99)

9HQLWXO9$VDX9%VH]LFHYHQLWEUXWWRWDOVDXJOREDOLDUYHQLWXOU PDVGXS LPSR]LWDUH

VA - TA sau VB - TB, se zice venit net sau disponibil.


Efectul ipotezei "sacrificiului" absolut egal, vQ FD]XO DQXPLWRU IXQF LL GH XWLOLWDWH HVWH
SURSRU LRQDOLWDWHD LPSR]LWXOXL DGLF  LPSXQHUHD FX DFHLDúL FRW  D YHQLWXULORU FHORU GRL

FRQWULEXDELOL ,SRWH]D HVWH HFKLWDELO  vQ FD]XO FRQWULEXDELOLORU DIOD L vQWU R DFHLDúL FDWHJRULH
-
GHILQLW  GH SXWHUHD HFRQRPLF  úL VLWXD LD SHUVRQDO  &X WRDWH F  SURSRU LRQDOLWDWHD LPSXQHULL DU

S UHDvQSULQFLSLXHFKLWDELO WRWXúLQXHVWHDúDHFKLWDWHDILLQGvQDFHVWFD]UHODWLY GLVFXWDELO ÌQ

cazul în care venitul contribuabilului A este de câteva ori mai mare decât cel al lui B, atunci o
FRW  VLPLODU  GH SUHOHYDUH D LPSR]LWXOXL SRDWH GXFH OD VLWXD LD F  YHQLWXO OXL % V-a diminuat

GUDPDWLFvQWLPSFHSHQWUX$GLPLQXDUHDHVWHVXSRUWDELO 

3URSRU LRQDOLWDWHD FD HIHFW D LSRWH]HL VDFULILFLXOXL DEVROXW HJDO DSDUH vQ FD]XO IXQF LHL

GHXWLOLWDWHGLQFODVDIXQF LLORUORJDULWPLFH

U (V) = ln V (100.1)

ceea ce conduce, conform (98), la egalitatea

ln VA - ln (VA - TA) = ln VB - ln (VB – TB) (100.2)

GLQFDUHUH]XOW

TA TB
= (100.3)
VA VB

cu alte cuvinteFRWDGHLPSR]LWDUHHVWHDFHLDúL

11.3.1.2. 6DFULILFLXOSURSRU LRQDOHJDO

6DFULILFLXO SURSRU LRQDO HJDO HVWH R LSRWH]  GH LPSXQHUH SRWULYLW F UHLD SRQGHUHD

XWLOLW LLYHQLWXOXLGLVSRQLELOvQXWLOLWDWHDYHQLWXOXLEUXWVHS VWUHD] DFHLDúL

110
U(VA − TA ) U(VB − TB)
= (101)
U(VA) U(VB)

ÌQDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 (U (VA-TA) ∗ U (VB) / U (VA) ) (102)

11.3.1.3. Sacrificiul marginal egal


6DFULILFLXOPDUJLQDOHJDOHVWHRLSRWH] GHLPSXQHUHSRWULYLWF reia pierderea de utilitate
PDUJLQDO vQWUHYHQLWXOEUXWúLFHOGLVSRQLELOHVWHHJDO 

U’ (VA-TA) - U’(VA) = U’(VB-TB) - U’(VB) (103)

ÌQDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 ( ∫ (U’ (VA-TA) - U’ (VB) + U’ (VB) )dV) (104)

ÌQ DFHDVW  LSRWH]  VH LQH VHDPD GH IDSWXO F  XWLOLWDWHD PDUJLQDO  D XQHL XQLW L GH YHQLW

HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF DGLF  GH IDSWXO F  XWLOLWDWHD PDUJLQDO  HVWH R

IXQF LH GHVFUHVF WRDUH SRWULYLW SURSULHW LORU IXQF LHL GH XWLOLWDWH   IXQF LD GH XWLOLWDWH

PDUJLQDO  8
DUHGHULYDWDQHJDWLY 

,SRWH]D VDFULILFLXOXL PDUJLQDO HJDO D IRVW LQWHUSUHWDW  GH XQLL DXWRUL vQ PRG JUHúLW FD

XWLOLWDWHPDUJLQDO DYHQLWXOXLGLVSRQLELOÌQDFHDVW LQWHUSUHWDUHDUWUHEXLFDXWLOLW LOHPDUJLQDOH

DOHYHQLWXULORUGLVSRQLELOHV ILHHJDOH

U’ (VA-TA) = U’ (VB - TB)

FHHD FH FRQGXFH LPSOLFLW OD HJDOLWDWHD YHQLWXULORU GLVSRQLELOH DGLF  R QLYHODUH D DFHVWRUD WRWDO

FRQWUDSURGXFWLY FDGHDOWIHORULFHP VXU HFRQRPLF GHXQLIRUPL]DUHÌQFD]XOvQVSH QLPHQL

QX DU PDL GRUL V  GHSXQ  HIRUW VDX V -úL DVXPH ULVF vQ YHGHUHD RE LQHULL XQXL YHQLW PDL PDUH
GHRDUHFH SULQ LPSR]LWDUH YHQLWXO V X GLVSRQLELO DU IL GLPLQXDW OD QLYHOXO FHOXL FH QX-úL P UHúWH

efortul sau nu-úLDVXP ULVFSHQWUXFUHúWHUHDYHQLWXOXLV X

11.3.1.4. Tipuri de cote de impunere


ÌQ YLUWXWHD SULQFLSLXOXL HFKLW LL ILVFDOH VH SUDFWLF  GRX  PRGDOLW L SULQFLSDOH GH

LPSXQHUHvQVXPHIL[HúLvQFRWHSURFHQWXDOH

Impunerea în sume fixe este destXO GH OLPLWDW  GHRDUHFH QX U VSXQGH ELQH FHULQ HL GH

FRUHODUH D VDUFLQLL ILVFDOH FX SXWHUHD HFRQRPLF  D FRQWULEXDELOXOXL $]L HVWH XWLOL]DW  SHQWUX

DúH]DUHD XQRU LPSR]LWH LQGLUHFWH FD GH SLOG  DFFL]D vQ VXP  IL[  SHQWUX LJ UL úL DOFRRO  VDX D

unor taxe (în special locale).


Impunerea în cote procentuale HVWH ODUJ XWLOL]DW  ILLQG vQ ]LOHOH QRDVWUH SULQFLSDOD

PRGDOLWDWH GH DúH]DUH D LPSR]LWXOXL GHRDUHFH SHUPLWH R EXQ  FRUHODUH D VDUFLQLL ILVFDOH DWkW FX

SXWHUHDHFRQRPLF DFRQWULEXDELOXOXLFkWúLFXVLWXD LDVDSHUVRQDO 6XQWvQX]WUHLYDULDQWH

ƒ vQFRWHSURSRU LRQDOH

ƒ în cote progresive cu alternativele:


• cote progresive simple,
•FRWHSURJUHVLYHFRPSXVHVDXFRWHSURJUHVLYHSHWUDQúH
ƒ în cote regresive.
,PSXQHUHD vQ FRWH SURSRU LRQDOH presupune stabilirea cuantumul impozitului (T) cu o

DFHLDúLFRW SURFHQWXDO  W LQGLIHUHQWGHP ULPHDPDVHLLPSR]DELOH 0 

111
T = t ∗M (105)

ÌQ FH SULYHúWH HFKLWDWHD DFHDVWD HVWH GLVFXWDELO  GDF  FHL LPSXúL GLVSXQ GH PDVH

impozabile în limLWHGHPDUHDPSOLWXGLQH YH]LúLFDS


Impunerea în cote progresive SUHVXSXQH YDULD LD FRWHL SURFHQWXDOH vQ VHQVXO vQ FDUH
YDULD]  úL YROXPXO PDWHULHL LPSR]DELOH &DUDFWHULVWLF DFHVWHL PRGDOLW L GH LPSXQHUH HVWH

partajarea materiei impozabile pe WUDQúH GHILQLWH vQWUH GRX  QLYHOH DOH YROXPXOXL DFHVWHLD 6 

SUHVXSXQHPF VXQWGHILQLWHnWUDQúHLGHQWLILFDELOSULQLQGLFHOHM M «Q DVWIHO

WUDQúD j ∈ [Mj-1 +1;Mj] (106)

3HQWUX M   OLPLWD LQIHULRDU  D WUDQúHL HVWH  VDX PLQLPXO LPSR]DELO LDU SHQWUX M  Q

OLPLWD VXSHULRDU  QX HVWH SUHFL]DW  FHHD FH vQVHDPQ  F  QLYHOXO FRWHL GH LPSXQHUH VH S VWUHD] 

DFHODúLSHQWUXRULFHFD]vQFDUHPDWHULDLPSR]DELO GHS úHúWHYROXPXO0n-1 +1.


Impunerea în cote progresiYHSUHVXSXQHRFRW GHLPSXQHUHGLIHULW SHQWUXILHFDUHWUDQú 
respectiv tjFUHVF WRDUHRGDW FXPDVDPDWHULHLLPSR]DELOH&UHúWHUHDVHSRDWHIDFHFXpas (ritm)
constant p:
tj = tj-1 +p p>0 (107.1)
sale cu pas(ritm) variabil pj:
tj = tj-1 + pj pj >0 (107.2)

ÌQFD]XOFUHúWHULLFXSDVYDULDELOvQWUHGRLSDúLVXFFHVLYLH[LVW UHOD LD

pj = kj ∗ pj-1 (107.3)

unde kj este un coeficient de multiplicare kj > 1 sau 0 < kj < 1, astfel încât avem întotdeauna tj > tj-1.
Alternativa cotelor progresive simple SUHVXSXQH F  GDF  XQ FRQWULEXDELO x dispune de o
PDWHULH LPSR]DELO  FXSULQV  vQ WUDQúD j, aceasta se impune în totalitate cu cota tj. În acest caz,

PDVDPDWHULHLLPSR]DELOH 0[ VHFODVLILF vQWU-XQDGLQWUDQúHSRWULYLWUHOD LHL

Mj-1 + 1 ≤ Mx ≤ Mj (108.1)

DSRLVHIL[HD] FRWDGHLPSXQHUH tjúLVHGHWHUPLQ LPSR]LWXOvQVDUFLQDFRQWULEXDELOXOXL[

Tx = tj ∗ Mx (108.2)

Alternativa cotelor SURJUHVLYH SH WUDQúH SUHVXSXQH F  GLQ PDWHULD LPSR]DELO  D

contribuabilului x, se impune cu cota tj QXPDL FXDQWXPXO FH UHSUH]LQW  DPSOLWXGLQHD WUDQúHL

DGLF 0[HVWHODUkQGXOV XSDUWDMDW SHWUDQúHDOF URUYROXPHVWHHJDOFXDPSOLWXGLQHDDPLQWLW 

Mxj =Mj - Mj-1 j = 1, 2, …, n (109.1)


n
∑ Mx j = Mx (109.2)
j=1

Cuantumul impozitului datorat de contribuabil este:

n
Tx ∑ t j ∗ Mx j (109.3)
j=1

112
ÌQ FD]XO vQ FDUH OHJHD SUHYHGH XQ PLQLP QHLPSR]DELO DWXQFL DFHVWD HVWH DúD FXP DP

ar WDWOLPLWDVXSHULRDU DWUDQúHLLDUFRWDGHLPSXQHUHSUHY ]XW HVWHW1 =0


Impunerea în cote regresiveQXDSDUHFDPRGDOLWDWHSUDFWLF GHDúH]DUHDLPSR]LWXOXLFL

GRDUFDRFRQVHFLQ DLPSR]LWHORULQGLUHFWH$FHVWHDVXQWDúH]DWHvQFRW SURFHQWXDO VDXIL[ SH

XQLWDWHDGHFRQVXPúLHVWHGHFLRVDUFLQ FRQVWDQW FHUHYLQHRULF UXLFRQVXPDWRUDOXQXLSURGXV

supus impunerii indirecte. Varietatea veniturilor consumatorilor face ca, în mod relativ,
LPSR]LWXOV ILHFXDWkWPDLPDUHFXFkWYHQLWXOHVWHmai mic.

11.3.2. 3ULQFLSLLGHSROLWLF ILQDQFLDU

$FHVWHSULQFLSLLU VSXQGXQRUQHFHVLW LGHQDWXU ILQDQFLDU UHIHULWRDUHODVXPDFROHFWDW 

FD YHQLW OD EXJHW úL OD UHODWLYD VWDELOLWDWH D DFHVWRU VXPH vQ UDSRUW FX FRQMXQFWXUD HFRQRPLF  ÌQ

acest grup de principii se includ:


ƒ randamentul fiscal;
ƒ stabilitatea;
ƒ elasticitatea.

Randamentul fiscalHVWHPHQ LRQDWUHODWLYODILHFDUHLPSR]LWvQSDUWHGDUúLODDQVDPEOXO


VLVWHPXOXLGHLPSR]LWH&RQGL LLOHOXLVXQW

ƒ FDUDFWHUXOXQLYHUVDODOLPSR]LWXOXLFDUHSUHVXSXQHGRX LQWHUSUHW UL

• LPSR]LWXO V  ILH DúH]DW vQ OHJ WXU  FX úL SO WLW GH F WUH WRDWH SHUVRDQHOH IL]LFH VDX

MXULGLFH  FDUH RE LQ DFHODúL WLS GH YHQLW DGLF  GLQ DFHLDúL VXUV  VDX FDUH DX DFHODúL JHQ GH

DYHUHVDXFDUHFXPS U GLQ DU DFHODúLWLSGHSURGXV

•• LPSR]LWXO V  VH FDOFXOH]H úL V  VH SO WHDVF  SHQWUX vQWUHDJD PDWHULH LPSR]DELO 

UHIHULWRDUHODRDQXPLW SHUVRDQ  IL]LF VDXMXULGLF 

ƒ LQH[LVWHQ D SRVLELOLW LORU GH VXVWUDJHUH GH OD LPSXQHUH D PDWHULHL LPSR]DELOH SDU LDO VDX

total, tolerat sau ilicit);


ƒ DúH]DUHDúLUHFROWDUHDLPSR]LWXOXLLPSR]LWHORUV VHIDF FXFKHOWXLHOLPLQLPSRVLELOH

Stabilitatea HVWH SULQFLSLXO SRWULYLW F UXLD UDQGDPHQWXO ILVFDO QX WUHEXLH V  ILH LQIOXHQ DW

GH ID]HOHFLFOXOXLHFRQRPLFDGLF  V QXRVFLOH]HH[FHVLYGH ODID]HOHFHFDUDFWHUL]HD] VWDUHDGH

H[SDQVLXQHODFHOHFHFDUDFWHUL]HD] VWDUHDGHUHFHVLXQH

Elasticitatea HVWH SULQFLSLXO SRWULYLW F UXLD LPSR]LWXO SRDWH IL DGDSWDW vQ PRG RSHUDWLY OD
nevoile de venituri ale statului.
Un alt principiu din grupa celor de polLWLF  ILQDQFLDU  HVWH FHO DO multitudinii
impozitelor (VWH XQ SULQFLSLX JHQHUDW GH SUDFWLFD ILVFDO  SRWULYLW F UXLD HVWH UHFRPDQGDELO 
XWLOL]DUHD XQXL VLVWHP GH LPSR]LWH úL QX D XQXL LPSR]LW XQLF $FHDVWD FUHHD]  R IOH[LELOLWDWH PDL

mare în constituirea YHQLWXULORU VWDWXOXL VL FRQIHU  WRWRGDW  FDUDFWHULVWLFD GH SkUJKLH D

LPSR]LWXOXL DGLF  SRVLELOLWDWHD QXDQ ULL DWLWXGLQLL VWDWXOXL ID  GH GLIHULWH FDWHJRULL GH YHQLWXUL

ID  GH GLYHUVH JHQXUL GH DYHUH ID  GH YDULHWDWHD FDWHJRULLORU GH DFWLYLW L ID  GH GLYHUVLWDWHD

SUREOHPHORU GH GH]YROWDUH ]RQDO  HWF 1HDGHFYDUHD LPSR]LWXOXL XQLF HVWH FX DWkW PDL UHOHYDQW 

cu cât, în chiar cazurile limitate în care s-DvQFHUFDWVDXVHvQFHDUF GHILQLUHDXQXLVLQJXULPSR]LW


referitor la un anumit gen de materie LPSR]DELO  GLILFXOW LOH GH DúH]DUH VXQW GHRVHELW GH PDUL
'H SLOG  LQWURGXFHUHD XQXL LPSR]LW XQLF JOREDO  SH YHQLWXULOH SHUVRDQHORU IL]LFH ULGLF  PDUL

SUREOHPH SULYLQGFRQ LQXWXODFHVWRU YHQLWXUL FHV VHLQFOXG vQHOH VDXFDWHJRULLOHGHSHUVRDQH

fizice care trebuie supuse unui astfel de impozit etc.

11.3.3. Alte grupe de principii


Un grup distinct de principii sunt cele de SROLWLF HFRQRPLF DOF URUFRQ LQXWVHUHIHU OD
realizarea unor obiective economice pe care le are în vedere statul. Teoria financiaU QXGHILQHúWH
vQPRGH[SUHVDVWIHOGHSULQFLSLLFLGRDUJHQXULGHRELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW 

SULQ LPSR]LWH SURFXUDUHD YHQLWXULORU QHFHVDUH HIHFWX ULL FKHOWXLHOLORU DYXWH vQ YHGHUH GH VWDW

folosirea impozitelor, în general a fiscaOLW LLFDSkUJKLHSHQWUXVWLPXODUHDGH]YROW ULLHFRQRPLFH

113
JHQHUDOH]RQDOHVDXGHUDPXU LGHPSHQWUXVWLPXODUHDIUkQDUHDFRQVXPXOXLXQRUSURGXVHLGHP

SHQWUXVWLPXODUHDIUkQDUHDXQRURSHUD LXQLVDXUHOD LLGHDIDFHULvQFRPHU XOH[WHULRU

Un alt grup de principii sunt cele social-politice DO F URU FRQ LQXW VH UHIHU  OD UHDOL]DUHD

XQRURELHFWLYHVRFLDOHúLSROLWLFHSHFDUHVWDWXOOHDUHvQYHGHUH1LFLvQDFHVWFD]QXVXQWGHILQLWHvQ

PRGH[SUHVDVWIHOGHSULQFLSLLFLGRDURELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW SULQLPSR]LWH

protejarea veniturilor unor categorii defavorizate, limitarea consumului unor produse considerate
G XQ WRDUH V Q W LL LQIOXHQ DUHD FRPSRUWDPHQWXOXL GHPRJUDILF DO LQGLYL]LORU úL IDPLOLLORU

GHSODVDUHDSRYHULLILVFDOHF WUHFDWHJRULLOHVRFLDOHFDUHvQSULQFLSLXQXVXV LQSDUWLGXOVDXFRDOL LDGH

JXYHUQ PkQW FRUHODUHD ILVFDOLW LL FX LQWHUHVHOH VDX JUXSXULOH VRFLDOH SH FDUH OH UHSUH]LQW 

IRUPD LXQLOHSROLWLFHJXYHUQDQWHUHIDFHUHDLPDJLQLLJXYHUQXOXLvQDQXOSUHHOHFWRUDOH tc.

11.4. $úH]DUHDLPSR]LWHORU

$úH]DUHD LPSR]LWXOXL HVWH XQ FRPSOH[ GH RSHUD LXQL SULYLQG VWDELOLUHD RELHFWXOXL

LPSR]DELOGHWHUPLQDUHDFXDQWXPXOXLLPSR]LWXOXLúLSHUFHSHUHDLPSR]LWXOXL

Stabilirea obiectului impozabil are în vedere constatarea materiei impozabile (care este
vQ VDUFLQD RUJDQXOXL ILVFDO  úL HYDOXDUHD DFHVWHLD HIHFWXDW  GH RUJDQXO ILVFDO vQVXúL VDX vQ

FRQOXFUDUHFXFKLDUFRQWULEXDELOXOVDXFXRWHU SHUVRDQ 

Evaluarea se poate face indirect sau direct.


(YDOXDUHDLQGLUHFW se poate efectua:
ƒ pe ED]D VHPQHORU H[WHULRDUH DOH RELHFWXOXL LPSR]DELO X]XDO  SHQWUX LPSR]LWHOH GH WLS UHDO

RSHUDWLY  VLPSO  úL SX LQ FRVWLVLWRDUH GDU DSUR[LPDWLY  úL JHQHUDWRDUH GH DEX]XUL 'H

H[HPSOXHYDOXDUHDXQXLLPRELOGXS QXP UXOúLGHVWLQD LDvQF SHULORU

ƒ forfetaUDGLF DWULEXLUHDXQHLYDORULvQvQ HOHJHUHFXFRQWULEXDELOXO

ƒ DGPLQLVWUDWLY DGLF  DWULEXLUHD XQHL YDORUL GH F WUH FKLDU RUJDQXO ILVFDO SH ED]D SURSULLORU

LQIRUPD LL úL DMXVWDELO  SH ED]D XQRU DUJXPHQWH SUH]HQWDWH GH FRQWULEXDELO úL DFFHSWDWH GH

organul fiscal.
ƒ (YDOXDUHDGLUHFW se poate efectua:
ƒ SH ED]D GHFODUD LHL XQHL WHU H SHUVRDQH DOH F UHL FDOLWDWH úL REOLJD LH VXQW VWDELOLWH SULQ OHJH

'H H[HPSOX FHO FH DQJDMHD]  DUH FDOLWDWHD úL REOLJD LD GH D GHFODUD VXPHOH SO WLWH FD YHQLW

DQJDMDWXOXLV XúL de a-LRSULúLY UVDLPSR]LWXOSHDFHVWYHQLW

ƒ SH ED]DGHFODUD LHLFRQWULEXDELOXOXLF UXLDLVH VWDELOHúWHSULQOHJHREOLJD LDGHGHFODUD LHFD

úLIRUPDvQFDUHWUHEXLHI FXW úLWHUPHQXOSkQ ODFDUHWUHEXLHGHSXV 

Determinarea cuantumului impozabil arHvQYHGHUHFDOFXOXOVXPHLGHSODW ÌQFD]XOvQ


FDUHFDOFXOXOVHIDFHDúDFXPV-DDU WDWvQFDSPHWRGDGHFDOXOVH]LFHD impozitului de

cotitateFHDPDLX]XDO vQ]LOHOHQRDVWUH
7HRULD ILQDQFLDU  PHQ LRQHD]  úL PHWRGD LPSR]LWXOXL GH UHSDUWL ie, în care autoritatea

VWDWDO VWDELOHúWHYROXPXOQHFHVDUDOYHQLWXULORUúLvOUHSDUWL]HD] SHFRQWULEXDELOLGXS RDQXPLW 

FKHLH FULWHULX  $FHDVW  PHWRG  HVWH XWLOL]DW  XQHRUL vQ VSHFLDO OD QLYHOXO FROHFWLYLW LORU PLFL

VDW FRPXQ  FDUWLHU  vQ OHJ WXU  FX UHDOL]DUHD XQXL RELHFWLY GH LQWHUHV FRPXQ SHQWUX FDUH FHL

LQWHUHVD LDFFHSW V FRQWULEXLHGLQGRULQ DGHDJU ELUHDOL]DUHDFDUHDUSXWHDILDPkQDW GDF V -


DUDúWHSWDH[LVWHQ DXQHLILQDQ ULEXJHWDUH

12. Impozitele directe


Impozitele directe VXQW R FDWHJRULH GH LPSR]LWH FODVLILFDWH GXS  FULWHULXO WU V WXULORU GH

IRQG úL GH IRUP  (OH SUH]LQW  R VHULH GH DYDQWDMH UH]XOWDWH GLQ WU V WXUL FH U VSXQG FHULQ HORU

PXOWRUD GLQ SULQFLSLLOH LPSXQHULL VXQW QRPLQDWLYH VXQW OHJDWH GH SXWHUHD HFRQRPLF  ú i de
VLWXD LDSHUVRQDO DFRQWULEXDELOXOXLVXQWDGXVHODFXQRúWLQ DSO WLWRUXOXLDQWLFLSDWSO LLDWkWvQFH

SULYHúWHVXPDGHSODW FkWúLWHUPHQHOH VFDGHQ


- 

,PSR]LWHOH GLUHFWH VXQW FODVLILFDWH GXS  RELHFWXO LPSXQHULL vQ LPSR]LWH UHDOH úL LPSR]LWH

personale.

114
Impozitele reale VXQW DúH]DWH SH RELHFWXO DFWLYLW LL úL QX PDL VXQW FDUDFWHULVWLFH HSRFLL

FRQWHPSRUDQH YH]LúLFDS $úH]DUHDORUQHFHVLW LQWURGXFHUHDXQHLLQVWLWX LLVSHFLILFHFDUHV 

GHVFULHRELHFWXODFWLYLW LLúLV-l înregistreze pe peUVRDQH2DVWIHOGHLQVWLWX LHV-a creat în timp


QXPDL vQ OHJ WXU  FX S PkQWXO úL DFWLYLW LOH OHJDWH GH HO SHQWUX DOWH JHQXUL GH DFWLYLW L QX V-a

SXWXW LPSXQH R DVWIHO GH LQVWLWX LH &HD LQL LDW  vQ OHJ WXU  FX S PkQWXO VH QXPHúWH cadastru.

$FHDVW  LQVWLWX LH DUH FD RELHFW GHVFULHUHD EXQXULORU IXQFLDUH PHQ LRQDUHD YHQLWXULORU SH FDUH

DFHVWHDOHSURGXFúLHYLGHQ DORUSHSURSULHWDUL$FHDVW LQVWLWX LHFXDFHODúLRELHFWGDUFXIXQF LL

PRGLILFDWHVHS VWUHD] úLD]L

Impozitele personaleVXQWDúH]DWHSHYHQLWúLSHDYHUHúLFRQVWLWXLHIRUPDGHLPSXQHUHFHD
PDLU VSkQGLW vQ]LOHOHQRDVWUH

12.1. Impozitele pe venit


,PSR]LWHOHSHYHQLWVXQWDúH]DWHSHGLIHULWHOHWLSXULGHYHQLWXULXQHOHILLQGvQV H[RQHUDWH

pensii, ajutoare sociale, burse, dobânzi úDFXGLIHUHQ LHULSH ULúLvQWLPS

'XS  FULWHULXO VXELHFWXOXL LPSR]LWXOXL LPSR]LWHOH SH YHQLW VXQW LPSR]LWH SH YHQLWXULOH

SHUVRDQHORUIL]LFHúLLPSR]LWHSHYHQLWXULOHSHUVRQDOHORUMXULGLFH

12.1.1. Impozitul pe veniturile persoanelor fizice


SuELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH IL]LFH FDUH vúL DX GRPLFLOLXO VDX UH]LGHQ D vQ
VWDWXO EHQHILFLDU DO UHVSHFWLYXOXL LPSR]LW SUHFXP úL SHUVRDQH QHUH]LGHQWH FX XQHOH H[FHS LL  úL

FDUH UHDOL]HD]  YHQLWXUL vQ UHVSHFWLYXO VWDW /HJHD VFXWHúWH GH UHJXO  de la plata acestui impozit
XQHOH FDWHJRULL GH EHQHILFLDUL GH YHQLW FXP VXQW VXYHUDQLL úL IDPLOLLOH UHJDOH GLSORPD LL VWU LQL

DFUHGLWD L FX FRQGL LD UHFLSURFLW LL  SHUVRDQHOH FDUH UHDOL]HD]  YHQLWXUL VXE PLQLPXO LPSR]DELO

úLXQHRULPLOLWDULL

ObieFWXO DFHVWXL LPSR]LW vO FRQVWLWXLH YHQLWXO UHDOL]DW GH RULFH SHUVRDQ  IL]LF  venit care
se zice brut. Acesta este ajustat, potrivit legii, prin deducerea unor cheltuieli pe care le-a
VXSRUWDWFRQWULEXDELOXORE LQkQGX-se astfel venitul impozabil care reprH]LQW PDWHULDLPSR]DELO 

úLFDH[SUHVLHFDQWLWDWLY PDVDDFHVWHLD&KHOWXLHOLOHGHGXFWLELOHVXQWGHUHJXO 

ƒ FKHOWXLHOLSHQWUXGHVI úXUDUHDDFWLYLW LL

ƒ GREkQ]LOHSO WLWHSHQWUXFUHGLWHOHXWLOL]DWH

ƒ Y UV PLQWHOHODIRQGXOGHDPRUWL]DUHúLODFHOGHUH]HUY 

ƒ FRWL]D LLOHSHQWUXDVLJXU ULVRFLDOH

ƒ primele de asigurare;
ƒ unele cheltuieli social-culturale;
ƒ SLHUGHULGLQDFWLYLWDWHDDQLORUSUHFHGHQ L

ƒ SLHUGHULGLQFDODPLW LQDWXUDOH

ÌQ FRQGL LLOH LQWURGXFHULL vQ DUD QRDVWU  D LPSR]LWXOXL SH YHQLWXO JOREDO v ncepând cu 1
LDQXDULH  GLQ YHQLWXO EUXW DO SHUVRDQHORU IL]LFH VH PDL SRW GHGXFH WD[HOH SHQWUX DVLJXU UL

VRFLDOHGHV Q WDWHúLSHQWUXúRPDMRVXP SHQWUXFKHOWXLHOLSURIHVLRQDOHVXPHSHQWUXFRQVXPXO

SHUVRQDOúLSHQWUXFHODOPHPEULORUGHIDPLOLHDIOD LvQvQWUH LQHUHDFRQWULEXDELOXOXL

$úH]DUHD LPSR]LWXOXL VH IDFH FX VDX I U  OXDUHD vQ FRQVLGHUDUH D VLWXD LHL SHUVRQDOH D

FRQWULEXDELOXOXLVWDUHFLYLO QXP UGHSHUVRDQHvQvQWUH LQHUHH[LVWHQ DYUHXQXLKDQGLFDSúD

Sistemul de impunere poate fi:


a) separat DGLF  VH LQWURGXFH XQ LPSR]LW XQLF SHQWUX ILHFDUH FDWHJRULH GH YHQLW VDX VH IDFH
LPSXQHUHDSHILHFDUHVXUV GHYHQLW

b) global DGLF  XQ LPSR]LW XQLF SHQWUX WRDWH YHQLWXULOH FXPXODWH RE LQXWH GH FRQWULEXDELO
indiferent de categoria acestora sau de sursa lor.
&DOFXOXO LPSR]LWXOXL VH IDFH FHO PDL DGHVHD vQ FRWH SURJUHVLYH SH WUDQúH VDX vQ FRWH

progresive simple. Minimul impozabil pentru salarii este stabilit în România, de la 01.01.2000 la
OHLOXQDUúLVHSUDFWLF XQVLVWHPSURJUHVLYSHWUDQúHFXFRWDPDUJLQDO  GHLPSXQHUHGH

115
SHQWUXSDUWHDGLQYHQLWXOVDODULDOFHGHS úHúWHOHLDQXDO

12.1.2. Impozitul pe veniturile personale juridice


6XELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH MXULGLFH FDUH RE LQ YHQLWXUL vQ VWDWXO EHQHILFLDU

aO UHVSHFWLYXOXL LPSR]LW LQGLIHUHQW GH GRPLFLOLXO ORU 6XELHF LL VXQW GH UHJXO  GLIHUHQ LD L GXS 

FDUDFWHUXOSDUWLFLSDQ LORUODDVRFLHUH

ƒ SHUVRDQHMXULGLFH UH]XOWDWH GLQ DVRFLHUHD GH SHUVRDQHIL]LFH QXPLWH úL VRFLHW L GH SHUVRDQH ,
caracterizate prin fapWXO F  HVWH GLILFLO GH I FXW GLVWLQF LH vQWUH DYHUHD DVRFLDWXOXL úL DYHUHD

VRFLHW LL GH DFHHD LPSXQHUHD YHQLWXULORU ORU VH IDFH GXS  SURFHGXULOH GH LPSXQHUH D

veniturilor persoanelor fizice;


ƒ persoane juridice rezultate din asocierea de capitaluri, numitH úL VRFLHW L GH FDSLWDO ,
FDUDFWHUL]DWH SULQ IDSWXO F  VH SRDWH GLVWLQJH QHW vQWUH DYHUHD SDUWLFLSDQ LORU úL DYHUHD

VRFLHW LL SDUWLFLSDQ LL DF LRQDULL  U VSXQG GH DFWHOH LQL LDWH GH VRFLHWDWH QXPDL vQ OLPLWD

FDSLWDOXOXLFXFDUHDXLQWUDWvQDVRFLD LH

2ELHFWXO DFHVWXL LPSR]LW vO FRQVWLWXLH YHQLWXO SHUVRDQHL MXULGLFH vQ FDX]  ÌQ FD]XO

VRFLHW LORUGHFDSLWDOSRWILLGHQWLILFDWHWUHLQLYHOXULGHYHQLW

a) SURILWXOVRFLHW LLvQDLQWHGHLPSR]LWDUH
b) SURILWXOUHSDUWL]DWFDGLYLGHQGSHQWUXDF LRQDUL
c) profitul r PDVODGLVSR]L LDVRFLHW LL

3UDFWLFDILVFDO FXQRDúWHSDWUXPRGDOLW LGHLPSXQHUHDVRFLHW LORUGHFDSLWDOPRGDOLW L

FDUH LQVHDPDGHH[LVWHQ DFHORUWUHLQLYHOXULGHYHQLWPHQ LRQDWHPDLVXV

i) VHLPSXQHVHSDUDWúLD úLE 

ii) se impune numai b);


iii) se impune numai c);
iv) VHLPSXQHVHSDUDWúLE úLF 

)LHFDUH GLQ DFHVWH PRGDOLW L U VSXQGH XQRU DQXPLWH RELHFWLYH GH SROLWLF  HFRQRPLF  D

VWDWXOXL EHQHILFLDU DO LPSR]LWXOXL úL JHQHUHD]  DYDQWDMH VDX GH]DYDQWDMH vQ VDUFLQD EHQHILFLDUXOXL

de venit.
În România pâQ  OD  GHFHPEULH  SURILWXO HUD LPSR]LWDW FX FRW  GH  DSOLFDW 

SURILWXOXL LPSR]DELO FDOFXODW SRUQLQG GH OD SURILWXO EUXW GLQ DFWLYLWDWHD GH ED]  OD FDUH VH

DG XJDX DOWH FDWHJRULL GH YHQLWXUL GLQ DFWLYLW L H[FHS LRQDOH GLQ FKLULL HWF  úL XQHOH cheltuieli
QHGHGXFWLELOH FKHOWXLHOL SHVWH FRWD OHJDO  GH FKHOWXLHOL GH SURWRFRO VDX VSRQVRUL]DUH úD  úL GLQ

FDUH VH VF GHDX XQHOH FKHOWXLHOL GHGXFWLELOH FKHOWXLHOL ILQDQFLDUH FRQVWLWXLUHD XQRU IRQGXUL GH

UH]HUY  úL DPRUWL]DUH SLHUGHUL GLQ DQLL SUHFHGHQ L VDX GLQ FDODPLW L QDWXUDOH úD  $FHDVW  FRW 

se modifica în câteva cazuri:


ƒ GDF SURILWXOSURYHQHDvQSURSRU LHGHPLQLPGLQDFWLYLW LDJULFROH

ƒ GDF SURILWXOSURYHQHDGLQMRFXULGHQRURFEDUXULúLFOXEXULGHQRDSWH

ƒ  GDF  SURILWXO DSDU LQHD XQHL SHUVRDQH MXULGLFH VWU LQH úL SURYHQHD GLQ DFWLYLW L

GHVI úXUDWHODXQVHGLXSHUPDQHQWGLQ5RPkQLD

ƒ  SHQWUX SURILWXO UHDOL]DW GH %DQFD 1D LRQDO  GXS  GHGXFHUHD FKHOWXLHOLORU SHUPLVH GH

OHJHúLFRQVWLWXLUHDIRQGXOXLGHUH]HUY 

De la 1 ianuarie 2000, cota de impunere a profitului s-D UHGXV OD  úL V-a introdus
SUHYHGHUHDQHLPSR]LW ULLSURILWXOXLUHLQYHVWLW

12.2. Impozitele pe avere


,PSR]LWHOH SHDYHUH VXQW DúH]DWH vQ OHJ WXU  FX SURSULHWDWHD GH LQXW  GH SHUVRDQHOHIL]LFH

sau jXULGLFH 'XS  RELHFWXO SURSULX-zis al impunerii, impozite pe avere sunt: impozite pe averea
propriu-]LV  LPSR]LWH SH FLUFXOD LD DYHULL úL LPSR]LWH SH VSRUXO GH DYHUH 3ODWD LPSR]LWXOXL VH

116
face, în quasitotalitatea cazurilor, din veniturile proprietarului úLQXGLQVXEVWDQ DDYHULLSHQWUXD
vQFXUDMDHFRQRPLVLUHDFXVFRSXODFXPXO ULL

12.2.1. Impozitele pe averea propriu-]LV


6XELHFWXO DFHVWRU LPSR]LWH vO UHSUH]LQW  SURSULHWDUXO DYHULL DYHUHD SRDWH OXD IRUPD

bunurilor imobile (teren, imobile etc.) sau a tuturor bunurilor din patrimoniu, imobile sau mobile,
(activul net).
2ELHFWXO LPSR]LWXOXL vO UHSUH]LQW  DYHUHD vQ IRUPD PDL VXV PHQ LRQDW  3RWULYLW DFHVWHL

IRUPHGHDYHUHVHvQWkOQHVFGRX FDWHJRULLGHLPSR]LWH

a) impozitul pe proprietatea imobiliaU  DúH]DW DVXSUD WHUHQXULORU FO GLULORU úL DOWRU

EXQXUL LPRELOLDUH PDVD PDWHULHL LPSR]DELOH VH GHWHUPLQ  ILH SULQ YDORDUHD GH DFKL]L LH ILH SULQ

YDORDUHD GHFODUDW  ILH FD UH]XOWDW DO FDSLWDOL] ULL YHQLWXOXL RE LQXW SH VHDPD UHVSHFWLYXOXL EXQ

cotele de LPSXQHUH VXQW vQ JHQHUDO VF ]XWH LPSR]LWXO HVWH UHODWLY QHHODVWLF úL DUH vQ JHQHUDO

UDQGDPHQWXOVF ]XW

b) impozitul pe activul net DúH]DW DVXSUD WXWXURU FDWHJRULLORU GH EXQXUL GLQ SDWULPRQLXO
FRQWULEXDELOXOXLGLQDF URUYDORDUHVHVFDGGDWRULLOHFHOHJUHYHD] FDVXELHFWDODFHVWXLLPSR]LW

SRW IL DWkW SHUVRDQHOH IL]LFH FkW úL FHOH MXULGLFH VDX QXPDL XQD GLQ FHOH GRX  FDWHJRULL vQ PDVD

LPSR]DELO  VXQW LQFOXVHGH UHJXO  SDWULPRQLXOIXQFLDU úL RULFH FDWHJRULH GH EXQXUL FH VHUYHúWH OD

GHVI úXUDUHDDFWLYLW LLVXELHFWXOXLSURSULHWDU

,PSR]LWHOHSHFLUFXOD LDDYHULL

6XELHFWXO DFHVWRU LPSR]LWH HVWH GH UHJXO  EHQHILFLDUXOXL WUDQVIHUXOXL GH DYHUH WUDQVIHU

FDUH FRQVWLWXLH RELHFWXO LPSR]LWXOXL 'XS  WLSXO GH WUDQVIHU VXQW X]XDOH SDWUX FDWHJRULL G e
impozite:
a) impozitul pe actele de vânzare-FXPS UDUH SULYLQG EXQXULOH LPRELOH úL FDUH HVWH

SHUFHSXW FX RFD]LD QRWLILF ULLDFWXOXL SUHY ]XW  vQ PRG H[SUHV SULQ OHJH úL I U  GH FDUH DFWXO QX

HVWH UHFXQRVFXW GH DXWRULW LOH SXEOLFH FRWHOH GH LPSXQHUH VXQW FUHVF WRDUH RGDW  FX YDORDUHD

YkQ] ULL

b) impozitul pe succesiuni care este perceput pentru actele succesorale, acceptate numai
vQWUHSHUVRDQHIL]LFHFRWHOHGHLPSXQHUHVXQWFUHVF WRDUHRGDW FXYDORDUHDPDVHLVXFFHVRUDOHúL

cu diluarea gradului de rudenie;


c) LPSR]LWXO SH GRQD LL care este perceput pentru transferurile de avere între vii; cotele
GH LPSXQHUH VXQW FUHVF WRDUH RGDW  FX YDORDUHD PDWHULHL GRQDWH úL GLOXDUHD JUDGXOXL GH UXGHQLH

vQWUH GRQDWRU úL GRQDWDU FHO FH SULPHúWH GRQD LD  úL FX VFRSXO GRQD LHL vQ YHGHUHD PRU LL FX

HIHFWHGXS PRDUWHSHSDWXOPRU LLvQWUHYLL 

12.2.3. Impozitul pe sporul de avere


6XELHFWXODFHVWXLLPSR]LWVXQWSURSULHWDULLFHDXGREkQGLWVSRUGHDYHUHLPRELOLDU  XQHRUL

VLPRELOLDU VSRUFHFRQVWLWXLHRELHFWXOLPSR]LWXOXL,PSR]LWXOVHSHUFHSHvQPRPHQWXOYkQ] ULL

DYHULL VDX D XQHL S U LD HL úL VH FDOFXOHD] DVXSUD VSRUXOXL GH YDORDUHD DFHVWHLD vQWUH PRPHQWXO

DFKL]L LHLúLPRPHQWXOYkQ] ULL'LQDFHDVW YDORDUHVHGHGXFDFHOHFKHOWXLHOLHIHFWXDWHúLSURED te


de proprietar pentru ameliorarea / modernizarea averii sale.
5D LXQHD DFHVWXL LPSR]LW HVWH GLPLQXDUHD FkúWLJXOXL I U  HIRUW GREkQGLW GH SURSULHWDU FD

UH]XOWDW DO XQRU FDX]H H[WHULRDUH FXP VXQW PRGLILFDUHD GHVWLQD LHL WHUHQXOXL ILH vQ PRG QDWXUDO

fie FDHIHFWDOXQRUDFWHDOHDGPLQLVWUD LHLSXEOLFDH[HFXWDUHDXQRUOXFU ULHGLWDUH FRQVWUXF LLGH

GUXPXULFDQDOL] ULHOHFWULILF UL LQIOD LDúD

'XEODLPSXQHUHMXULGLF LQWHUQD LRQDO

'XEODLPSXQHUHMXULGLF LQWHUQD LRQDO UHSUH]LQW VXSXQHUHDODLPSR]LWDDFHOHLDúLPDWHULL

LPSR]DELOHúLSHQWUXDFHODúLLQWHUYDOGHWLPSGHF WUHDXWRULW LOHILVFDOHGLQGRX  UL

117
ÌQLQWHUHVXODFHOXLDúLVWDWRDQXPLW PDWHULHSRDWHILVXSXV PDLPXOWRULPSR]LWHFHHDFH

GHILQHúWHGXEODLPSXQHUHHFRQRPLF FXDOW QDWXU GHFkWFHDMXULGLF LQWHUQD LRQDO 

'XEOD LPSXQHUH MXULGLF  LQWHUQD LRQDO  DSDUH QXPDL vQ OHJ WXU  FX LPSR]LWHOH GLUHFWH

DGLF  vQ OHJ WXU  FX RE LQHUHD GH YHQLWXUL úL  VDX GH LQHUHD GH DYHUL vQWU XQ VWDW GH F WUH R
-
SHUVRDQ  IL]LF VDXMXULGLF UH]LGHQWVWU LQvQVWDWXOUHVSHFWLY$FFHSWDUHDVDXQXDDFHVWHLGXEOH

LPSXQHULHVWHRFKHVWLXQHGHYRLQ UHFLSURF vQWUHFHOHGRX  ULFHDXQGHVHRE LQHYHQLWXOVH

GH LQHDYHUHDúLFHDGHRULJLQHDUH]LGHQWXOXL

Posibilitatea dublei impuneri juULGLFH LQWHUQD LRQDOH HVWH GDW  GH IDSWXO F  ILHFDUH VWDW

VWDELOHúWHvQPRGVXYHUDQFULWHULXOGXS FDUHLPSXQHúLDQXPH

♦ FULWHULXO UH]LGHQ HL SRWULYLW F UXLD LPSXQHUHD YHQLWXULORU VH IDFH vQ DUD F UHLD

DSDU LQHUH]LGHQWXOLQGLIHUHQWGH DUDvQFDUHVXQWHOHRE LQXWH

♦ FULWHULXO QD LRQDOLW LL SRWULYLW F UXLD UH]LGHQ LL XQXL VWDW LQGLIHUHQW GH IDSWXO F 

ORFXLHVFVDXQXvQDFHOVWDWVXQWVXSXúLLPSXQHULLILVFDOHGHF WUHDFHVWVWDWSHQWUX

YHQLWXULOHSHFDUHOHRE LQúLVDXSHQWUXDYHUHDSHFDUHRGH LQ în acest stat;


♦ criteriul originii veniturilor SRWULYLW F UXLD LPSXQHUHD ILVFDO  VH IDFH GH F WUH

VWDWXO vQ FDUH R SHUVRDQ  RE LQH YHQLWXUL VDX GH LQH DYHUH LQGLIHUHQW GH UH]LGHQ D

VDXGHQD LRQDOLWDWHDDFHVWHLSHUVRDQH

'XEOD LPSXQHUH MXULGLF  LQWHUQD LRQDO  VH SRDWH HYLWD SULQ FRQYHQ LL EL VDX PXOWLODWHUDOH

vQWUHVWDWHSHQWUXFDUHXQHOHRUJDQLVPHPRQGLDOHDXSURSXVPRGHOH2UJDQL]D LDSHQWUX&RRSHUDUH

úL'H]YROWDUH(FRQRPLF  vQúL úL2UJDQL]D LD1D LXQLORU8QLWH vQ 

Evitarea GXEOHLLPSXQHULMXULGLFHLQWHUQD LRQDOHVHSRDWHUHDOL]DSULQSDWUXSURFHGHH


a) exonerareaSRWULYLWF UHLDYHQLWXORE LQXWGHXQUH]LGHQWDO ULL$vQDIDUDDFHVWHLDúL
supus impunerii acolo unde l-DRE LQXWQXVHLQFOXGHvQYHQLWXOLPSR]DELODOUH]LGHntului calculat
vQ DUD$

b) VFXWLUHD SURJUHVLY  SRWULYLW F UHLD YHQLWXO RE LQXW GH XQ UH]LGHQW DO ULL $ vQ DIDUD

DFHVWHLD VH LQFOXGH vQ YHQLWXO LPSR]DELO DO UH]LGHQWXOXL FDOFXODW vQ DUD $ FX VFRSXO GH D VH

GHWHUPLQD FRWD GH LPSXQHUH $FHDVW  FRW  VH DSOLF  DSRL YHQLWXOXL LPSR]DELO RE LQXW vQ DUD $

Fie VAYHQLWXORE LQXWGHUH]LGHQWvQ DUD$ VB YHQLWXORE LQXWGHUH]LGHQWvQ DUD%úL c cursul


GH VFKLPE SUDFWLFDW RILFLDO vQ DUD $ SHQWUX PRQHGD ULL % úL t(V) FRWD GH LPSXQHUH vQ DUD $

pentru un YHQLWGHP ULPHV,PSR]LWXOGDWRUDWGHUH]LGHQWvQ DUD$HVWH

IA = [ t ( VA + c ∗ VB)] ∗ VA (110)

c) FUHGLWDUHDREúQXLW SRWULYLWF UHLDLPSR]LWXOGDWRUDW ULL$GHXQUH]LGHQWDODFHVWHL

UL SHQWUX YHQLWXULOH RE LQXWH GH HO vQ DUD % VH VWDELOHúWH vQ DUD $ VF ]kQG LPSR]LWXO SO WLW vQ

DUD%GLQLPSR]LWXOFDOFXODWSHQWUXXQYHQLWHFKLYDOHQWvQ DUD$GDUQXPDLPXOWGHFkWDFHVWGLQ

XUP  LPSR]LW &DOFXOXO LPSR]LWXOXL GDWRUDW GH UH]LGHQW vQ DUD $ SHQWUX WRDWH YHQLWXULOH VDOH VH

VWDELOHúWHSRWULYLWXUP WRUXOXLDOJRULWP

IcA(VA + c ∗ VB) = [ t ( VA + c ∗ VB)] ∗ ( VA + c ∗ VB) (111.1)

IcA(c ∗ VB) = [ t (c ∗ VB)] ∗ (c ∗ VB) (111.2)

TIpB(VB) = {[ t B (VB)] ∗ VB}∗ c (111.3)

IdA(VA + c ∗ VB) = IcA(VA + c ∗ VB) − min(IcA(c ∗ VB), TIpB(VB)) (111.4)

unde: IcA(VA+c ∗ VB)  LPSR]LWXO FDOFXODW vQ DUD $ SHQWUX YHQLWXO WRWDO al rezidentului
RE LQXWvQDPEHOH UL 

IcA(c ∗ VB)  LPSR]LWXO FDOFXODW vQ DUD $ SHQWUX YHQLWXO RE LQXW GH UH]LGHQW vQ DUD

%úLWUDQVIRUPDWvQPRQHGD DULL$

118
TIpB(VB) WUDQVIRUPDWDvQPRQHGD ULL$DLPSR]LWXOXLSO WLWGHUH]LGHQWvQ DUD

%SHQWUXYHQLWXORE LQXWGHHODFROR

tB(VB) FRWDGHLPSXQHUHvQ DUD%DYHQLWXOXLRE LQXWDFRORGHF WUHUH]LGHQW

IdA(VA+c ∗ VB)  LPSR]LWXO GDWRUDW vQ DUD $ GH F WUH UH]LGHQW SHQWUX YHQLWXO V X WRWDO

RE LQXWvQDPEHOH UL 

$FHVW FULWHULX SUHVXSXQH F  DUD $ vL RIHU  UH]LGHQWXOXL XQ FUHGLW ILVFDO GDU QX PDL PDUH

decât impozitul pe care l-DUILGDWRUDWHOvQ DUD$vQFD]XOF DUILRE LQXWDLFLXQYHQLWHFKLYDOHQW

FXFHORE LQXWvQ DUD%

d) creditarea inWHJUDO  SRWULYLW F UHLD LPSR]LWXO SO WLW vQ DUD % GH F WUH UH]LGHQWXO $

SHQWUXYHQLWXULOHRE LQXWHGHHOvQDFHD DU VHGHGXFHLQWHJUDOGLQLPSR]LWXOGDWRUDWGHHOvQ DUD

$3RWULYLWQRWD LLORUDQWHULRDUHLPSR]LWXOGDWRUDWvQ DUD$HVWH

IdA( VA + c ∗ VB) = IcA( VA + c ∗ VB) − TIpB(VB) (112)

$FHVW FULWHULX SUHVXSXQH F  DUD $ vL RIHU  UH]LGHQWXOXL XQ FUHGLW ILVFDO GH P ULPHD

impozitului pe care acesta l-DSO WLWvQ DUD%SHQWUXYHQLWXULOHRE LQXWHGHHODFROR

13. Impozitele indirecte


,PSR]LWHOH LQGLUHFWH VXQW DúH]DWH DVXSUD YkQ] ULORU GH P UIXUL úL SUHVW ULORU GH VHUYLFLL 

FHHD FH FRQIHU  DFHVWRUD FDUDFWHUXO GH LPSR]LW SH FKHOWXLHOL VDX GH LPSR]LW SHFRQVXP $FHDVW 

XOWLP IRUPXODUHGHFXUJHGLQIDSWXOF VXSRUWDWRUXOLPSR]LWHORULQGLUHFWHHVWHFRQVXPDWRUXOILQDO

7R L FHLODO L DJHQ L HFRQRPLFL LQFOXVLY LQYHVWLWRULL FDUH IRORVHVF XQ EXQ VDX XQ VHUYLFLX LQFOXG

FKHOWXLHOLOH GHDFKL]L LH D DFHVWRUD vQ FRVWXO SURGXVXOXLVHUYLFLXOXL SH FDUHHL vOIDEULF  úL vO RIHU 

VSUHYkQ]DUHSHSLD (LWUDQVIHU LPSR]LWXOLQGLUHFW LQFOXVvQSUH XOGHDFKL]L LH DVXSUDSUH XOXL

GHYkQ]DUHDSURSULXOXLSURGXVVHUYLFLXDVWIHOvQFkWQXPDLVXSRUW DFHVWLPSR]LW

,PSR]LWHOH LQGLUHFWH ILLQG LQFOXVH vQ SUH XO GH DFKL]L LH D XQXL EXQVHUYLFLX QX SRW IL

DúH]DWH vQ JHQHUDO LQkQG VHDPD GH VLWXD LD SHUVRQDO  D FRQWULEXDELOXOXL GH IDFWR DGLF  D

FXPS U WRUXOXLFRQVXPDWRUXOXL 'DF  UDSRUW P DFHVW OXFUX OD YHQLWXULOH FRQVXPDWRULORU H[WUHP

GH YDULDWH UH]XOW  F  LPSR]LWHOH LQGLUHFWH DX FDUDFWHU UHJUHVLY úL U VSXQG vQ PLF  P VXU 

FHULQ HORUSULQFLSLLORUGHHFKLWDWHILVFDO 'LQWU RH[SHULHQ


- GHSHVWHGHDQLvQSUDFWLFDILVFDO 

D XQXLD GLQ FHOH PDL U VSkQGLWH LPSR]LWHOH LQGLUHFWH DP QXPLW WD[D SH YDORDUHD DG XJDW  DX

UH]XOWDW XQHOH SRVLELOLW L GH D OXD vQ FRQVLGHUDUH HOHPHQWH GH HFKLWDWH ILVFDO  PDL DOHV SULQ

GLYHUVLILFDUHD FRWHL GH WD[DUH SHQWUX SURGXVHOH GH VWULFW  QHFHVLWDWH 'HRDUHFH DFHVWHD DX R

SRQGHUHPDUHvQFKHOWXLHOLOHGHFRQVXPDOHFDWHJRULLORUVRFLDOHFXYHQLWPLFVHUHGXFHLPSOLFLWúL

prelevarea de venit pe care statul R SUDFWLF  SULQ LPSXQHUHD FRQVXPXOXL ÌQ 5RPkQLD GH
H[HPSOX DFHDVW  WD[  V
-a introdus la 1 iulie 1993, iar de la 1 ianuarie 1998 se practica la trei
QLYHOH  SHQWUX H[SRUWXULOH HIHFWXDWH GH DJHQ LL HFRQRPLFLFX VHGLXO vQ5RPkQLD   FRWD

UHGXV  SHQWUX FDUQH SHúWH úL SURGXVH GLQ SHúWH SkLQH I LQ  PHGLFDPHQWH GH X] XPDQ úL

YHWHULQDU XQLIRUPH úFRODUH SHQWUX FRSLLL GLQ vQY PkQWXO SUHJLPQD]LDO úL DOWH FkWHYD  úL 

FRWDQRUPDO 3HQWUXFRPSDUD LHPHQ LRQ PF 8QLXQHD(XURSHDQ UHFRPDQG  ULORr membre

RFRW UHGXV vQWUHúLúLRFRW VWDQGDUG QRUPDO GH -20%. Începând cu 1 ianuarie 2000
WD[DSHYDORDUHDDG XJDW DIRVWXQLIRUPL]DW vQ DUDQRDVWU ODQLYHOXOGH

(FRQRPLúWLL GH IDFWXU  OLEHUDO  FD GH SLOG  0LOWRQ )ULHGPDQ ODXUHD t al premiului Nobel
SHQWUX HFRQRPLH UHFRPDQG  XWLOL]DUHD LPSR]LWHORU LQGLUHFWH úL HOLPLQDUHD  GLPLQXDUHD IRUWH D

FHORU GLUHFWH GHRDUHFH vQ DFHVW IHO VH IRUPHD]  SHQWUX RIHUW   FHUHUH SUH XUL GH SLD  FH UHIOHFW 

DQVDPEOXO PHGLXOXL GH WUDQ]DF LL I U  D PDL IL QHFHVDU  FRUHFWDUHD UH]XOWDWHORU ILQDQFLDUH ILQDOH

DOH RSHUD LXQLORU HFRQRPLFH FX LPSDFWXO SH FDUH vO DUH LPSR]LWDUHD YHQLWXULORU úL D DYHULL 'H

DVHPHQHD SHQWUX F  HYD]LXQHD ILVFDO  vQ FD]XO DFHVWRU LPSR]LWH HVWH PXOW PDL JUHX GH UHDOL]DW

astfeO vQFkW VSRUHúWH UDQGDPHQWXO ILVFDO $FHDVW  RSLQLH WHRUHWLF  QX HVWH UHIOHFWDW  vQ SUDFWLFD

ILVFDO DPXOWRU UL GH]YROWDWHVDXPDLSX LQGH]YROWDWH vQFDUHvQXOWLPLLFFDDQLSRQGHUHD

impozitelor indirecte în total venituri fiscale s-DPHQ LQXWFXPLFLRVFLOD LLUHODWLYFRQVWDQW 

119
3RWULYLWRSLQLHLOXL,XOLDQ9 F UHOPHPEUXDO$FDGHPLHL5RPkQHSUHIHULQ DDXWRULW LORU

ILVFDOHSHQWUXLPSR]LWHLQGLUHFWHPDQLIHVWDW GHDOWIHOúLvQ5RPkQLDHVWHUH]XOWDWXODFHHDFHFX

un singur cuvânt, putem nXPLFRPRGLWDWH5HSXWDWXOQRVWUXHFRQRPLVWIRUPXOHD] vQDFHVWVHQV

XUP WRDUHOH FDUDFWHULVWLFL DOH LPSR]LWHORU LQGLUHFWH LQWHUYDO VFXUW vQWUH PRPHQWXO GHFL]LHL GH

LQVWLWXLUH úL PRPHQWXO FkQG GHYLQ RSHUD LRQDOH FKHOWXLHOL PRGLFH GH DúH]DUH SHUFHSHUH úL

XUP ULUH YRDOHD]  LPDJLQHD LQL LDWRUXOXL úL FKLDU D EHQHILFLDUXOXL UHVSHFWLY VWDWXO SH VHDPD

comerciantului.
,PSR]LWHOHLQGLUHFWHDXvQSULQFLSDOWUHLIRUPHWD[HOHGHFRQVXPWD[HOHYDPDOHúLWD[HOH

JHQHUDOHÌQDIDUDDFHVWRUDvQXQHOH ULH[LVW úL monopoluri fiscaleDGLF RFRQFHQWUDUHWRWDO 

VDXSDU LDO DDFWLYLW LORUGHSURGXF LHúLFRPHU  FXULGLFDWDúLVDXFXDP QXQWXO UHIHULWDRUHOD

DQXPLWH SURGXVH FXP VXQW WXWXQXO VDUHD DOFRROXO F U LOH GH MRF úD 'DF  PRQRSROXO ILVFDO

YL]HD] úLSURGXF LDúLFRPHU XO vQDQVDPEOXOOXL DWXQFLVH]LFH deplinGDF YL]HD] SURGXF LD

úLXQDGLQIRUPHOHGHFRPHU  ILHFXULGLFDWDILHFXDP QXQWXO VH]LFHSDU LDO .

13.1 Taxele de consum


7D[HOH GH FRQVXP VXQW LPSR]LWH LQGLUHFWH DO F URU VXELHFW HVWH SURGXF WRUXO úLVDX

FRPHUFLDQWXO DO F URU RELHFW HVWH SURGXVXOVHUYLFLXO FH VH FRQVXP  VDX vQFDV ULOH UHDOL]DWH SULQ

vânzarea lor, iar suportatorul este consumatorul final.


ÌQUDSRUWFXRELHFWXOORUWD[HOHGHFRQVXPVXQWGHGRX FDWHJRULL

a) taxe de consum pe produs QXPLWH úL accize DúH]DWH GH UHJXO  DVXSUD

EXQXULORUVHUYLFLLORU FX FHO PDL PDUH FRQVXP úL SHQWUX FDUH LQHU LD GH FRQVXP HVWH PDUH DGLF 

EXQXULVHUYLFLLDF URUFHUHUHHVWH vQJHQHUDOLQHODVWLF vQUDSRUWFXSUH XOLDUXQHRULFKLDUúLFX

YHQLWXO $úH]DUHD ORU SRDWH IL I FXW  vQ VXP  IL[  SH XQLWDWHD GH SURGXVVHUYLFLX VDX vQ FRW 

SURFHQWXDO  DVXSUD SUH XOXL GH YkQ]DUH D DFHVWRUD ,QWURGXFHUHD ORU DUH úL UD LXQL ILVFDOH GDU

DGHVHDúLGHDOW QDWXU ILLQGPRWLYDWHúLGHLQWHQ LDUHDOL] ULLXQRURELHFWLYHYDOXWDUHVRFLDOHGH

V Q WDWHúD'HH[HPSOXDFFL]HOHPDULDVXSUD LJ ULORUVWU LQHVXQWDúH]DWHúLSHQWUXDGHVFXUDMD

LPSRUWXO GLPLQXDUHD SO LORU H[WHUQH vQ YDOXW  GDU úL SHQWUX D GHVFXUDMD IXPDWXO RELFHL

SHULFXORVV Q W LL

b) WD[HOHJHQHUDOHSHYkQ] ULDúH]DWHSHFLIUDGHDIDFHUL

'XS YHULJDODFDUHVHvQFDVHD] HOHSRWIL

ƒ FXPXODWLY  VDX PXOWLID]LF  DWXQFL FkQG VH SUDFWLF  OD ILHFDUH YkQ] WRU QH LQkQG VHDPD F  D

PDLIRVWSO WLW vQDPRQWHSHFLUFXLWXOHFRQRPLF

ƒ unLF VDXPRQLID]LF DWXQFLFkQGVHSUDFWLF ODXQDGLQFHOHGRX YHULJLPDMRUHDOHFLUFXLWXOXL

HFRQRPLF OD SURGXF WRU QXPLW  WD[  GH SURGXF LH  VDX OD FRPHUFLDQW QXPLW  LPSR]LW SH

FLUFXOD LH 

'XS ED]DGHFDOFXOHOHSRWIL

ƒ SH FLIUD GH DIDFHUL EUXW atXQFL FkQG FRWD GH WD[DUH VH DSOLF  SH YDORDUHD YkQ] ULORU

LQGLIHUHQW GH IDSWXO F  DFHDVWD LQFOXGH úL WD[H SO WLWH GH DO L DJHQ L HFRQRPLFL vQ DPRQWH SH

circuitul economic;
ƒ SH FLIUD GH DIDFHUL QHW  DWXQFL FkQG FRWD GH WD[DUH VH DSOLF  YDORULL DG XJDWH DGLF  GLIHUHQ HL

vQWUH SUH XO GH YkQ]DUH D XQXL SURGXV  VHUYLFLX úL VXPD SUH XULORU GH DFKL]L LH D SURGXVHORU 

VHUYLFLLORU FH LQWU  SULQ SURFHVXO GH IDEULFD LH vQ VWUXFWXUD FHOXL YkQGXW $FHDVW  WD[  VH ]LFH

WD[ SHYDORDUHDDG XJDW úLHVWHSUDFWLFDW vQSUH]HQWvQSHVWHGH UL LQFOXVLY5RPkQLD 

ÌQ SUDFWLFD ILVFDO  LQWHUQD LRQDO  FRWHOH DFHVWHL WD[H VH SRW vQWkOQL OD SDWUX QLYHOXUL FRWD ]HUR

SUDFWLFDW  GH RELFHL SHQWUX EXQXULOH H[SRUWDWH  FRWD UHGXV  VXE QLYHOXO FHOHL QRUPDOH GH

UHJXO  SHQWUX SURGXVH GH VWULFW  QHFHVLWDWH  FRWD QRUPDO  VDX VWDQGDUG úL FRWD PDMRUDW  SHVWH

QLYHOXOFHOHLQRUPDOHGHUHJXO SHQWUXSURGXVHGHQHFHVLWDWHDDGRXDúLGHOX[ 

13.2. Taxele vamale


7D[HOH YDPDOH VXQW LPSR]LWH LQGLUHFWH DO F URU VXELHFW HVWH DJHQWXO H conomic ce
HIHFWXHD]  RSHUD LXQL GH FRPHU  H[WHULRU DO F URU RELHFW HVWH YDORDUHD vQ YDP  D UHVSHFWLYHL

120
RSHUD LXQL úL DO F URU VXSRUWDWRU HVWH vQ SULQFLSDO FRQVXPDWRUXO ILQDO YH]L úL  PRGHOXO

/DIIHU  &RQVXPDWRUXO ILQDO HVWH GRDU SDU LDO VXSRUWDWRU QXPDL vQ FD]XO XQRU SLH H SXWHUQLF

FRPSHWLWLYH úL SH FDUH FHUHUHD HVWH UHODWLY ELQH VDWLVI FXW  3H DVWIHO GH SLH H YkQ] WRUXO QX DUH

SRVLELOLWDWHDV LQWURGXF  vQSUH vQWUHDJDWD[ YDPDO GHRDUHFHSUH XOSURGXVHORURIHULWHGHHODU

putea fi prea mare fa  GHFHO DODOWRU RIHUWDQ LDVWIHO vQFkW SURGXVHOH VDOHQX V -ar mai vinde. De
DVHPHQHD UDSRUWXO SUH   FDOLWDWH SHQWUX SURGXVHOH VDOH DU SXWHD IL QHFRQYHQDELO SHQWUX

consumatori, astfel încât s-DUDMXQJHODDFHODúLUH]XOWDWDOLPSRVLELOLW LLGHD úLYL


- nde produsele.
$FHDVW  LQFLGHQ  D WD[HORU YDPDOH DVXSUD FRQVXPDWRUXOXL GLQ DUD LPSRUWDWRDUH DUD GH

GHVWLQD LH D SURGXVHORU  HVWH YL]LELO  úL GLUHFW  ([LVW  vQV  úL R LQFLGHQ  DVXSUD FRQWULEXDELOLORU

GLQ DUD H[SRUWDWRDUH DUD GH RULJLQH D SURGXVHORU  vQ P VXUD vQ FDUH SHQWUX UD LXQL GH SROLWLF 

HFRQRPLF  H[SRUWXO HVWH VXEYHQ LRQDW GHRDUHFH VXEYHQ LD HVWH EXJHWDU  DGLF  GLQ YHQLWXULOH

FROHFWDWH GH VWDWXO H[SRUWDWRU GH OD SURSULL V L FRQWULEXDELOL $VWIHO WD[D YDPDO  LPSXV  GH

statul "importator HVWH VXSRUWDW  GRDU SDU LDO GH FRQVXPDWRULL FRQWULEXDELOLL  V L SDU LDO GH

H[SRUWDWRU vQFD]XOXQRUVXEYHQ LLVXEQLYHOXOWD[HORUYDPDOHVXSRUWDWHGHSURGXVHOHVDOHvQ DUD

GHGHVWLQD LH úLSDU LDOGHFRQWULEXDELOLL ULLGHRULJLQHDSURGXVHORUH[SRUWDWH$GHVHDUD LXQLOH

GH SROLWLF  HFRQRPLF  DPLQWLWH PDL VXV vúL J VHVF PRWLYD LD vQ vQFXUDMDUHD H[SRUWDWRULORU

DXWRKWRQL FDUH DUH HIHFWH vQ PHQ LQHUHD VDX H[WLQGHUHD XQRU DFWLYLW L HFRQRPLFH úL SULQ

FRQVHFLQ DVXSUDPHQ LQHULLVDXFUHHULLGHQRLORFXULGHPXQF GDUúLDYHQLWXULORUEXJHWDUHDOH

ULLH[SRUWDWRDUHSULQFUHúWHUHDED]HLGHLPSR]LWDUH

ÌQIXQF LHGHRELHFWXOORUWD[HOHYDPDOHSRWILGHH[SRUWGHWUDQ]LWGHP UIXULGHLPSRUW

Taxele vamale de exportVXQWDúH]DWHDVXSUDYDORULLH[SRUWXULORUúLVXQWSX LQIUHFYHQWH


GHRDUHFH IUkQHD]  H[SRUWXO FHHD FH DUH HIHFWH QHJDWLYH DVXSUD  EDODQ HL FRPHUFLDOH 0RWLYD LD

LQWURGXFHULLORUHVWHvQJHQHUDOGHGRX IHOXUL

- HFRQRPLF  WD[DUHD PDWHULHL SULPH FX VFRSXO GH D vQFXUDMD SUHOXFUDUHD HL vQ DU  FX HIHFWH

SR]LWLYHvQFHSULYHúWHQXP UXOORFXULORUGHPXQF úLHYHQWXDODFUHúWHUHDvQFDV ULORUYDOXWDUHSH

seama exportului de produse finite rezultate din prelucrare;


- ILVFDO  WD[DUHD XQRU SURGXVH H[SRUWDELOH FDUH DX PDUH SXWHUH FRPSHWLWLY  SH DOWH SLH H GH

UHJXO PDWHULLSULPHVDXSX LQSUHOXFUDWHFXFDUDFWHUGHPRQRSROVDXTXDVLPRQRSROQDWXUDO

Taxele vamale de tranzit VXQW DúH]DWH DVXSUD YROXPXOXL P UIXULORU WUDQ]LWDWH vQWUH GRL

SDUWHQHUL H[WHUQL SH WHULWRULXO XQXL VWDW WHU  6XQW WD[H UHODWLY IUHFYHQWH PDL DOHV vQ OHJ WXU  FX

marile artere de transport rutier sau feroviar, cu transportul pe conducte al hidrocarburilor lichide
VDXJD]RDVHúLFXWUDQVSRUWXOHQHUJLHLSHPDJLVWUDOHHOHFWULFHLQWHUQD LRQDOH

Taxele vamale de import VXQW DúH]DWH DVXSUD LPSRUWXOXL H[SULPDW YDORULF VDX IL]LF úL
VXQW JHQHUDOL]DWH vQ WRDWH ULOH 3HUFHSHUHD ORU VH IDFH vQ VDUFLQD LPSRUWDWRUXOXL úL vQ PRPHQWXO

GHSXQHULLGHF WUHDFHVWDvQYDP DGRFXPHQWHORUGRYHGLWRDUHDOHDSDUWHQHQ HLUHVSHFWLYHLSDUWLGH

de import.
$FHVWH WD[H DX UROXO GH LPSR]LW GH HJDOL]DUH D SUH XOXL P UILL LPSRUWDWH GH UHJXO  PDL

PLF  FX SUH XO P UILL LQGLJHQH GH DFHODúL WLS GH UHJXO  PDL PDUH  6H RE LQH DVWIHO SURWHMDUHD

SURGXF WRULORU LQWHUQL ID  GH FHL H[WHUQL PDL FRPSHWLWLYL FD úL D UHVXUVHORU YDOXWDUH DOH ULL

LPSRUWDWRDUHGDUúLOLPLWDUHDSRVLELOLW LORUGHDOHJHUHDFRQVXPDWRULORULQWHUQL

Nivelul taxelor vamale de import este determinat, în principal, de doi factori:


ƒ UDSRUWXOFHUHUHRIHUW SHSLD LPSRUWDWRDUH

ƒ politica ecoQRPLF SURPRYDW GH DUDLPSRUWDWRDUH

$úH]DUHDWD[HORUYDPDOHGHLPSRUWVHIDFHvQWUHLPRGDOLW L

(i) ad-YDORUHPDGLF vQFRW SURFHQWXDO DVXSUDYDORULLLPSRUWXOXL

(ii) WD[HYDPDOHVSHFLILFHDGLF vQFRW IL[ SHXQLWDWHDIL]LF GHPDUI LPSRUWDW 

(iii) taxe vamaOH FRPSXVH DGLF  WD[DUHD vQ GRL SDúL vQWkL R WD[  DG YDORUHP DSRL R WD[ 
-
VSHFLILF 

0XO LPHD WD[HORU YDPDOH SH ILHFDUH SURGXV VDX JUXS  GH SURGXVH vQ SDUWH LQFOXVLY

VSHFLILFD LLOHGHH[FHS LHDOF WXLHVF tariful vamalDOXQHL UL

'XS PRGXOvQFDUHHVWHRUJDQL]DWWDULIXOYDPDOúLFDRFRQVHFLQ DXQRUDFRUGXULELVDX

multilaterale între state cu privire la taxarea importurilor, taxele vamale de import pot fi:

121
a) WD[H YDPDOH FX FODX]D QD LXQLL FHOHL PDL IDYRUL]DWH DSOLFDWH vQWUH ULOH PHPEUH DOH

OrgDQL]D LHL0RQGLDOHD&RPHU XOXL 20& VDXvQWUHGRX  ULRDUHFDUHFHúL -au acordat reciproc


UHVSHFWLYDFODX] 6XQWSUDFWLFDWHGRX YDULDQWH

- OD QLYHO FRQVROLGDW DGLF  WD[HOH VXQW VWDELOLWH vQ FDGUXO XQRU QHJRFLHUL PXOWLODWHUDOH vQ FD]XO

20& úL QX SRW IL PRGLILFDWH XQLODWHUDO GH QLFL XQXO GLQ SDUWLFLSDQ LL OD QHJRFLHUL FL QXPDL FX

DFRUGXO WXWXURU SDUWLFLSDQ LORU vQ FD]XO XQXL DFRUG ELODWHUDO SULYLQG FODX]D PRGLILF ULOH GH

tarife de taxare a importului se pot face numai prin acordul celor doi parteneri;
- OD QLYHO QHFRQVROLGDW DGLF  WD[HOH VXQW UHIHULWRDUH OD SURGXVH FH QX DX I FXW RELHFW DO

QHJRFLHULORU PXOWLODWHUDOH SULYLQG FODX]D LDU XQXO GLQ SDUWHQHUL GRUHúWH V  PRGLILFH DVWIHO GH

taxe ulterior încheierii acordului; el poate face aceasta, dDU QX QXPDL vQ UHOD LLOH FX XQXO VDX
Fk LYDGLQWUHSDUWHQHULLDFRUGXOXLPXOWLODWHUDOFLQXPDLvQUHOD LLOHFXWR LDFHúWLD

b) taxe vamale autonome DSOLFDWH GH R DU  vQ UHOD LLOH HL FX SDUWHQHUL FX FDUH QX DUH

vQFKHLDWDFRUGGHFODX] úLFDUHGHUHJXO VXQWPDLPDULGHFkWvQFD]XOD 

c) WD[H YDPDOH SUHIHUHQ LDOH DSOLFDWH vQ UHOD LLOH GLQWUH SDUWHQHUL FH IDF SDUWH GLQWU -o
XQLXQHYDPDO FXFDUDFWHUvQFKLV GHSLOG 8QLXQHD(XURSHDQ VDXvQWUHSDUWHQHULFXQLYHOXULGH

GH]YROWDUH GLIHULWH GH SLOG  Commonwealth-XO  GH UHJXO  VXQW VXE QLYHOXO FHORU SUDFWLFDWH vQ

cazul a).

13.3 Taxele generale


7D[HOH JHQHUDOH UHSUH]LQW  SO L HIHFWXDWH GH EHQHILFLDULL XQRU VHUYLFLL VROLFLWDWH

DGPLQLVWUD LLORU SXEOLFH $FHVWH WD[H DX XQHOH WU V WXUL DOH LPSR]LWHORU
(obligatorii, cu titlul
nerambursabil, stabilite prin lege sau ca efect al legii), dar cu caracteristica de a da dreptul la
FRQWUDSUHVWD LHGLUHFW úLLPHGLDW 'XS QDWXUDORUWD[HOHSRWIL

♦ MXGHF WRUHúWL SO WLWH LQVWDQ HORU MXGHF WRUHúWL SHQWUX DF LXQLOH GH MXGHFDW 

LQWURGXVHGHRULFHSHUVRDQ IL]LF VDXMXULGLF 

♦ de notariat SO WLWH QRWDULDWHORU SHQWUX VHUYLFLLOH VROLFLWDWH ORU OHJDOL] ULL

DXWHQWLILF ULHWF 

♦ consulare SO WLWH FRQVXODWHORU SHQWUX VHUYLFLLOH VSHFLILFH ORU YL]H FHUWLILFDWH GH

oriJLQHúD 
♦ GH DGPLQLVWUD LH SO WLWH SULP ULLORU SUHIHFWXULORU DOWRU LQVWLWX LL SXEOLFH SHQWUX

DXWRUL]D LLSHUPLVHOHJLWLPD LLHWF

♦ de timbruSO WLWHSULQDSOLFDUHDGHWLPEUHILVFDOHSHDFWHGRFXPHQWHDXWRUL]DWH
înregistrate, certificate, transpuVHHOLEHUDWHHWFGHXQHOHLQVWLWX LLSXEOLFH
♦ de înregistrareSO WLWHDXWRULW LORUSXEOLFHSHQWUXVHUYLFLLGHYkQ] ULGHLPRELOH
IX]LRQDUHDVDXGL]ROYDUHDXQRUILUPHFXPS U ULGHWLWOXULSULQEXUV úD

&X H[FHS LD FHORU GH WLPEUX WD[HOH VH SO WHVF vQ QXPHUDU úL SRW IL DúH]DWH DG -valorem
FRW SURFHQWXDO GLQYDORDUHDIDSWHORUFHIDFRELHFWXOVHUYLFLLORUSXEOLFHVROLFLWDWHIDSWHFHSRWIL

evaluate în bani) sau în sume fixe.

&UHGLWXOSXEOLFúLGDWRULDSXEOLF

&UHGLWXO SXEOLF UHSUH]LQW  VXPD SH FDUH R DXWRULWDWH SXEOLF  R LD FX vPSUXPXW GH OD XQ

DJHQWHFRQRPLFRDUHFDUH&UHGLWRUXOSRDWHILRSHUVRDQ IL]LF VDXRSHUVRDQ MXULGLF DXWRKWRQ 

VDXVWU LQ &UHGLWXOSRDWHILSHWHUPHQVFXUWPHGLXVDXOXQJúLHVWHSXUW WRUGHGREkQG 

Datoria puEOLF  UHSUH]LQW  WRWDOLWDWHD VXPHORU OXDWH FX vPSUXPXW GH F WUH R DXWRULWDWH

SXEOLF úLH[LVWHQWHvQVDUFLQDDFHVWHLDODXQPRPHQWGDWVDXSHXQLQWHUYDOGHWLPS GHUHJXO XQ

DQ 'XS DSDUWHQHQ DJHRJUDILF DFUHGLWRUXOXLGDWRULDSXEOLF SRDWHILLQWHUQ VDXH[WHUQ 

0HFDQLVPXOIRUP ULLúLFDUDFWHULVWLFLOHFUHGLWXOXLSXEOLF

$SDUL LD FUHGLWXOXL SXEOLF HVWH GHWHUPLQDW  GH LQVXILFLHQ D UHVXUVHORU ILQDQFLDUH DOH XQHL

DXWRULW L SXEOLFH vQ UDSRUW FX FKHOWXLHOLOH DFHVWHLD 6FRSXO FUHGLWXOXL SXEOLF H ste de a complini
122
UHVXUVHOHSXEOLFHDOHXQHLDXWRULW LGDWH$FHDVW DXWRULWDWHSRDWHILRLQVWLWX LHSXEOLF RDUHFDUH

XQ RUJDQ ORFDO DO SXWHULL H[HFXWLYH VDX FHO PDL DGHVHD VWDWXO ÌQWUXFkW SUDFWLFD ILQDQFLDU  HVWH

GRPLQDW GHFUHGLWXOSUHOXDWGHVWDWQHYRPUHIHULvQFRQWLQXDUHODDFHVWFUHGLWFDIRUP WLSLF D

FUHGLWXOXLSXEOLFIRUP FDUHHVWHGHQXPLW  împrumut de stat.


ÌPSUXPXWXO GH VWDW DSDUH vQ OHJ WXU  FX H[HFX LD EXJHWXOXL GH VWDW FDUH SH SHULRDGD

subanuale (zile sau luni) sau pe total an, SRDWH VXIHUL GH LQVXILFLHQ D YHQLWXULORU vQ UDSRUW FX

FKHOWXLHOLOHSUHY ]XWHDVHHIHFWXD'HDLFLQHFHVLWDWHDXQXLvPSUXPXWILHGLQQHYRLGHWUH]RUHULH

(acoperirea unor cheltuieli pe termen scurt), fie din nevoia de echilibrare a bugetului (acoperirea
deficitului anual).
6XUVD vPSUXPXWXULORU GH VWDW R UHSUH]LQW  GLVSRQLELOLW LOH E QHúWL DOH SRSXOD LHL úL DOWRU

DJHQ L HFRQRPLFL &RQWUDFWDUHD VH SRDWH IDFH ILH GLUHFW GH F WUH VWDW ILH SULQ LQWHUPHGLXO XQRU

LQVWLWX LL ILQDQFLDUH FDUH JHVWLRQHD]  SODVDUHD vPSUXPXWXULORU 3ULQFLSDOHOH FRQGL LL SHQWUX

DFRUGDUHDFUHGLWXOXLVXQWJDUDQ LDUDWDGREkQ]LLúLWHUPHQXOGHUDPEXUVDUH

ÌQ FD]XO vQ FDUH FUHGLWXO HVWH DFRUGDW GLQ VXUVH DOH SRSXOD LHL VDX DOWRU DJHQ L HFRQRPLFL

FX H[FHS LD % QFLL &HQWUDOH PDVD PRQHWDU  QX FUHúWH GHRDUHFH VXUVD GH ILQDQ DUH R UHSUH]LQW 

GLVSRQLELOLW LOHE QHúWLDOHDFHVWRUDÌQFD]XOvQFDUHFUHGLWRUXOHVWH%DQFD&HQWUDO HVWHSRVLELO 

FUHúWHUHDPDVHLPRQHWDUHSHVHDPDHPLVLXQLLVXSOLPHQWDUHGHPRQHG 

&D XUPDUH D SUHOX ULL XQXL Fredit, statul emite înscrisuri cu statut de titluri financiare:
SROL H  ERQXUL GH WH]DXU FHUWLILFDWHERQXUL GH LPSR]LWH úL FHUWLILFDWH GH WUH]RUHULH în cazul

creditelor din nevoi de trezorerie sau REOLJD LXQL GH VWDW WLWOXUL GH UHQW  VDX WLWOXUL GH UHQW 
SHUSHWX în cazul creditelor de echilibrare a bugetului; primele trei sunt înscrisuri privind creditul
SH WHUPHQ VFXUW úL DWHVW  GH UHJXO  XQ FUHGLW SH SLD D LQWHUQ  XOWLPHOH VXQW vQVFULVXUL SULYLQG

FUHGLWH SH WHUPHQ OXQJ úL DWHVW  XQ FUHGLW FH SRDWH IL SUHOXDW ILH SH SLD D LQWHUQ  ILH SH SLD D

H[WHUQ  7RDWH DFHVWH WLWOXUL SRW IL VDX QX WUDQ]DF LRQDELOH SH SLD D GH FDSLWDO vQ UDSRUW FX IDSWXO

F SUHOXDUHDFUHGLWXOXLV DI FXWGLQWU XQFHUFODUJUHVSHFWLYUHVWUkQVGHFUHGLWRULVDXF SLD DGH


- -
capital LQL LD]  VDX QX WUDQ]DF LL FX DVWIHO GH WLWOXUL GH UHJXO  WLWOXULOH SH WHUPHQ VFXUW QX VXQW

WUDQ]DF LRQDWH SH SLD D GH FDSLWDO 8QHRUL ERQXULOH GH WH]DXU SRW IL FX SXWHUH FLUFXODWRULH DGLF 

SRWSDUWLFLSDODFLUFXLWXORELúQXLWDOQXPHUDUXOXLvQDFHVWFD]HOHIXQF LRQHD] FDEDQLGHKkUWLH

Acoperirea golului temporar de trezorerie sau a deficitului bugetar anual prin


vPSUXPXWXULvQORFGHLPSR]LWHSUH]LQW XQHOHDYDQWDMH RSHUDWLYLWDWHD GHRDUHFHHYLW  XQSURFHV

OHJLVODWLYGHUHJXO GHOXQJ GXUDW VWULFWREOLJDWRULXvQFD]XOLPSR]LWHORU HYLWDUHDQHPXO XPLULL

VRFLDOH GHRDUHFH I U  H[FHS LH FUHúWHUHD ILVFDOLW LL HVWH R GHFL]LH JXYHUQDPHQWDO  WRWDO

QHDJUHDW  QLFL GH SRSXOD LH QLFL GH vQWUHSULQ] WRUL  úL GLPLQXDUHD UHODWLY  vQ WLPS D HIRUWXOXL

fisFDO GHRDUHFH DF LRQHD]  HIHFWHOH LQIOD LHL vQ P VXUD vQ FDUH GREkQGD DQJDMDW  DMXQJH vQ WLPS

V  QX PDL DFRSHUH LQWHJUDO UDWD LQIOD LHL  $FHVWH DYDQWDMH DX vQV  XQ FRVW UHSUH]HQWkQG

dezavantajul apelului la împrumut, cost format din cheltuielile de lansare (publicitate,


FRPLVLRDQH  YkQ]DUHD VXE SDUL GREkQGD SULPD GH UDPEXUVDUH úD ÌQ FD]XO vQ FDUH FKHOWXLHOLOH

QHDFRSHULWH JHQHUDWRDUH GH vPSUXPXW DX FD GHVWLQD LH DF LXQL GH WLS LQYHVWL LL HFRQRPLFH

rambursarea se poate face din venitul net adus de aceVWHD FHHD FH QX JHQHUHD]  FKHOWXLHOL

EXJHWDUHVXSOLPHQWDUHODGDWHOHGHVFDGHQ 'HRELFHLvQV DVWIHOGHFKHOWXLHOLQXVXQWGHQDWXUD

LQYHVWL LLORUDúDvQFkWUDPEXUVDUHDORUGHWHUPLQ FKHOWXLHOLFDUHVXQWDFRSHULWHGLQVXUVHOHILVFDOH

curente ale anilRU GH UDPEXUVDUH RU DFHDVWD vQVHDPQ  F  GH IDSW vPSUXPXWXULOH EXJHWDUH GH
echilibrare sunt impozite anticipate.
În calitatea lor de impozite anticipate, împrumuturile de stat se deosebesc de impozitele
FXUHQWHSULQXUP WRDUHOHFDUDFWHULVWLFL

ƒ au caracWHU FRQWUDFWXDO VLPLODU RULF UXL vPSUXPXW DGLF  UHSUH]LQW  GLQ SXQFW GH YHGHUH

MXULGLF R vQ HOHJHUH vQWUH GRX  S U L VWDW úL FUHGLWRULL V L  DFHDVWD H[FOXGH FDUDFWHUXO

REOLJDWRULX DO LPSR]LWHORU FXUHQWH vQORFXLW FX DOWHUQDWLYD IDFXOWDWLYLW LL vQWUXFât posibilii
FUHGLWRULSRWV QXDFFHSWH LQGLYLGXDOvQEORFVDXWR L FRQGL LLOHGHSUHOXDUHDvPSUXPXWXOXL

DúDFXPDXIRVWHOHDQXQ DWHGH0LQLVWHUXO )LQDQ HORU SUDFWLFDILQDQFLDU D vQUHJLVWUDWvQV úL

cazul de împrumuturi de stat obligatorii; pe de aOW  SDUWH VWDWXO ID  GH DO L GHELWRUL QX

DFRUG  JDUDQ LL PDWHULDOH DGLF  vPSUXPXWXULOH GH VWDW ID  GH FHOHODOWH FDWHJRULL GH

123
vPSUXPXWXULQXDXFODX] GHLSRWHF JDMHWF

ƒ DXFDUDFWHUUDPEXUVDELOVLPLODURULF UXLvPSUXPXWGDUWRWDOQHVSHFLILFSHQ tru impozite; acest


FDUDFWHU VH S VWUHD]  LQFOXVLY vQ FD]XO vPSUXPXWXULORU ]LVH SHUSHWXH UHQWH YLDJHUH 

GHRDUHFH UDPEXUVDUHD DFHVWRUD VH IDFH WRWXúL FKLDU GDF  GLVFUHW úL I U  R VFDGHQ  DQWHULRU

DQXQ DW 

ƒ DVLJXU  FRQWUDSUHVWD LH OXFUX WRWDO QHVSHFLILF LPSR]LWHORU DFHDVW  FRQWUDSUHVWD LH LD FHO PDL

IUHFYHQWIRUPDGREkQ]LLúLDSULPHLGHUHPEXUVDUHúLDHPLWHULLVXEYDORDUHDQRPLQDO XQHOH

GLQ DFHVWH DYDQWDMH PDWHULDOH SH FDUH VWDWXO OH DQXQ D FUHGLWRULORU OD ODQVDUHD vPSUXPXWXOXL

pot fi retrase pe parcurs, ca de exemplu diminuarea dobânzii prin conversiunea datoriei


publice.

14.2. Elementele tehnice ale împrumutului de stat


ÌPSUXPXWXULOHGHVWDWSUH]LQW PDLPXOWHHOHPHQWHWHKQLFHGLQFDUHXQHOHGHLGHQWLILFDUH

altele de caracterizare valoriF úLWHPSRUDO DOWHOHSULYLQGUDPEXUVDUHDGLIHULWHDYDQWDMHúD

8QHOH GLQ DFHVWH HOHPHQWH LQWHUHVHD]  PDL DOHV SH HPLWHQW vQ YHGHUHD LQHULL HYLGHQ HL

vPSUXPXWXOXL QXP UXOGHWLWOXULHPLVHvQVFULHUHDORUVHULLOHU PDVHSHSLD VHULLOHUHWUDVHSULn


WUDJHUL OD VRU L SHULRGLFH  VDX D HYDOX ULL HILFLHQ HL vPSUXPXWXOXL VXPD PRELOL]DW  vQ XUPD

HPLVLXQLL FKHOWXLHOLOH GH HPLVLXQH WLS ULUH SXEOLFLWDWH SODVDUH  FRVWXO WRWDO DO vPSUXPXWXOXL

FKHOWXLHOLGHUDPEXUVDUHúD 

$OWH HOHPHQWH LQWHUHVHD]  QX QXPDL SH HPLWHQW GDU vQ PDUH P VXU  SH HYHQWXDOLL

FUHGLWRULúLODDFHVWHDQHYRPUHIHULvQFRQWLQXDUH

ÎnscrisulDGLF DFWXO GRFXPHQWXO FHDWHVW F SRVHVRUXOV XHVWHFUHGLWRUSHQWUXHPLWHQW

ÌQVFULVXO VH SUH]LQW  FD R KkUWLH WLS ULW  ID  - verso DYkQG PHQ LRQDW  GHQXPLUHD vPSUXPXWXOXL

YDORDUHD QRPLQDO  VHULD HPLWHQWXO úL GLIHULWH VHPQH FXORUL DUDEHVFXUL  ILJXUL GHVHQH HWF  FX

rol de securizare, pentru evitarea / îngreunarea comiterii de falsuri. Pe verso sunt, de obicei,
PHQ LRQDWHH[WUDVHGLQUHJXODPHQWXOHPLVLXQLLDYDQWDMHOHFRQIHULWHGHELWRULORUVFDGHQ DúD

ÌQVFULVXO DUH XQ FRUS FHO GHVFULV PDL VXV  úL XQ FDUQHW GH FXSRDQH &XSRDQHOH

UHSUH]LQW PLFL SLHVH GHKkUWLHFDPGHP ULPHDXQRUP UFLSRúWDOHOHJDWHvQWUHHOHúLGHFRUS ul


înscrisului în maniera în care sunt prinse timbrele într-RFRDO ILODWHOLF 
Cuponul HVWH XQ vQVFULV FX HOHPHQWH GH VHFXUL]DUH SH FDUH HVWH PHQ LRQDW  VFDGHQ D OD

FDUH HVWH vQFDVDELO  GREkQGD DIHUHQW  WLWOXOXL UHVSHFWLY SHQWUX R SHULRDG  GHWHUPLQDW  'DF 

GREkQGDHVWHSO WLELO DQXDODWXQFLvQFDUQHWXOGHFXSRDQHYDH[LVWDFkWHXQFXSRQSHQWUXILHFDUH

DQ GLQ GXUDWD vPSUXPXWXOXL 'REkQGD DQXDO  SRDWH IL SO WLW  VHPHVWULDO VDX WULPHVWULDO vQ FDUH

FD] QXP UXO FXSRDQHORU HVWH FkWH GRX  UHVSHFWLY FkWH SD tru pentru fiecare an din durata
vPSUXPXWXOXL /D ILHFDUH VFDGHQ  GH GREkQG  SRVHVRUXO vO GHWDúHD]  GLQ ³FDUQHW´ vO SUH]LQW 

FDVLHULHL SO WLWRDUH úL vQFDVHD]  vQ VFKLPEXO V X GREkQGD DIHUHQW  $YkQG YDORDUH UHSUH]HQWDW 

prin dobânda de încasat, cuponulHVWHúLHOXQWLWOXGHYDORDUHúLSRDWHFLUFXODVHSDUDWGHWLWOXOGH


FDUHDIRVWDWDúDW

8Q vPSUXPXW SRDWH IL ODQVDW I U  VDX FX HPLWHUH GH vQVFULHUL ÌQ SULPXO FD] FHUFXO

creditorilor este foarte limitat, iar raportul de creditare este atestat prin creaQ H GH FRQW ÌQ DO
GRLOHD FD] FHUFXO FUHGLWRULORU HVWH IRDUWH ODUJ úL vQVFULVXO DUH UROXO XQXL FRQWUDFW GH FUHGLWDUH

SRVHVRUXO OXL HVWH FUHGLWRU LDU HPLWHQWXO PHQ LRQDW SH vQVFULV HVWH GHELWRU SHQWUX YDORDUHD

QRPLQDO DvQVFULVXOXL

Cele mai uzuale înscrisuri sunt prezentate în continuare.


Bonurile de tezaurSRWDYHDVDXQXSXWHUHFLUFXODWRULHÌQSULPXOFD]HOHFLUFXO FDúLEDQL

GH KkUWLH ÌQ DO GRLOHD FD] SRW IL QHJRFLDELOH OD EXUV  vQ P VXUD vQ FDUH SLD D HVWH VXILFLHQW GH

VXV LQXW  GH DVHPHQHD pot fi lombardate vQ WRDWH FD]XULOH vQ FDUH QX VH SRW QHJRFLD OD EXUV 

DGLF YkQGXWHvQDLQWHGHWHUPHQDFHORUE QFLFDUHIDFDVWIHOGHRSHUD LXQLúLFDUHvúLUH LQRSDUWH

GLQ GREkQGD DIHUHQW  UHVSHFWLYHORU ERQXUL GH WH]DXU VXE IRUPD WD[HL GH ORPEDUG VLPLODU  WD[HL

de scont).
3ROL HOH GH WH]DXU VXQW VXSXVH GUHSWXOXL FDPELDO DGLF  SRW IL VFRQWDWH vQDLQWH GH WHUPHQ

DFHORU E QFL FHIDFDVWIHO GH RSHUD LXQL úLFDUH vúLUH LQ R SDUWH GLQ GREkQGD DIHUHQW  SROL HORU GH

124
tezaur sub forma taxei de scont.
Certificatele de trezorerieQXDXSXWHUHFLUFXODWRULHúLGHUHJXO QLFLSLD VHFXQGDU (OH

VXQWSUHVFKLPEDWHvQQXPHUDUODVFDGHQ SOXVGREkQGDDIHUHQW 

Certificatele sau bonurile de impozite VXQW vQVFULVXUL FX FDUH VWDWXO vúL SO WHúWHIXUQL]RULL
nu sunWSXUW WRDUHGHGREkQG úLSRWILXWLOL]DWHGHSRVHVRULSHQWUXSODWDLPSR]LWHORUF WUHVWDW
2EOLJD LXQLOH VXQW vQVFULVXUL FX SLD  VHFXQGDU  DGLF  QHJRFLDELOH OD EXUV  6LPLODU

WLWOXULOH FX UHQW  SHUSHWX  FDUH GH DOWIHO VXQW UHWUDVH GLQ FLUFXLWXO HFRQRPLF GH F WUH VWDW SULQ

DFKL]L LRQDUHDORUODEXUV ODSUH XOSLH HL

Denumirea împrumutului este un element de identificare ce permite individualizarea


WLWOXULORU SH SLH HOH ILQDQFLDUH SULPDU  úL VHFXQGDU  ,GHQWLILFDUHD VH IDFH GH UHJXO  ILH SULQ

desWLQD LD vPSUXPXWXOXL ILH SULQ DQXO HPLVLXQLL ILH SULQ UDWD GREkQ]LL ILH SULQ IRUPD SH FDUH R
vPEUDF  YHQLWXO FRQIHULW FXPS U WRULORU GH WLWOXUL ILH SULQ GHQXPLUHD DXWRULW LL ORFDOH HPLWHQWH

sau printr-o combinare a unor astfel de elemente de identificare.


9DORDUHD QRPLQDO  UHSUH]LQW  VXPD FDUH HVWH vQVFULV  SHWLWOXO DSDU LQ WRU XQHLHPLVLXQL

úLFDUHVH H[SULP vQ XQLW LPRQHWDUHQD LRQDOH vQFD]XO XQRUHPLVLXQLODQVDWHSHSLD DLQWHUQ 

sau într-R XQLWDWH PRQHWDU  VWU LQ  vQ FD]XO HPLVLXQLORU ODQVDWH SH SLD D LQWHUQD LRQDO  GH

FDSLWDO  9DORDUHD QRPLQDO  HVWH VWDQGDUGL]DW  vQ cupiuri DGLF  XQ QXP U VWDQGDUG GH XQLW L

PRQHWDUH 'H SLOG  OD vPSUXPXWXULOH SH WHUPHQ VFXUW SUDFWLFDWH SH 0LQLVWHUXO )LQDQ HORU DO

5RPkQLHLSHSLD DLQWHUQ vQDQLL 8-1999 s-DIRORVLWODvQFHSXWRFXSLXU XQLF GH

lei, apoi s-DXPDLLQWURGXVFXSLXULGHOHLúLGHOHL


9DORDUHD QRPLQDO  HVWH YDORDUHD GH UHIHULQ  OD FDUH VH FDOFXOHD]  GREkQGD DQXDO  FH vL

revine posesorului unui titlu, duS UHOD LD

D = dn ∗ VN (113)
unde: D GREkQGDDQXDO DIHUHQW XQXLWLWOX

dn UDWDQRPLQDO DGREkQ]LL

VN YDORDUHDQRPLQDO DWLWOXOXL

'H PXOWH RUL HPLWHQWXO QX FRPXQLF  UDWD GREkQ]LL FX FDUH HVWH ODQVDW vPSU umutul, ci
FXDQWXPXODQXDODODFHVWHLDFD]vQFDUHUDWDGREkQ]LLVHFDOFXOHD] SHED]DUHOD LHL  

9DORDUHDQRPLQDO HVWHWRWRGDW YDORDUHDGHUHIHULQ SHQWUXUDPEXUVDUHDvPSUXPXWXOXL

'DF  QX H[LVW  QLFL R DOW  VSHFLILFD LH OD VFDGHQ  HPLWHQWXO U VFXPS U WLWOXULOH OD YDORDUHD ORU

QRPLQDO 'HDVHPHQHDHVWHYDORDUHDGHUHIHULQ SHQWUXFDOFXOXOFXUVXOXLEXUVLHU

9DORDUHD HIHFWLY sau YDORDUHD GH SLD este suma de bani cu care se poate procura de
SHSLD ODXQPRPHQWGDWXQWLWOXDSDU LQ tor unei emisiuni. În cazul în care momentul ales este

FKLDU FHO DO ODQV ULL SH SLD  YDORDUHD HIHFWLY  VH ]LFH valoare de emisiune sau SUH  GH

emisiune.
9DORDUHDGHSLD SUHFXPúLIRUPDHLSDUWLFXODU GHSUH GHHPLVLXQHSRWIL peste, la sau

sub valoDUHD QRPLQDO  ÌQ IXQF LH GH DFHVW UDSRUW GH RUGLQH vQWUH YDORDUHD QRPLQDO  úL SUH XO GH
HPLVLXQH HPLVLXQHD VH ]LFH ODQVDW  supra, al sau sub pari $FHVWH FDOLILFDWLYH VH S VWUHD]  úL vQ

OHJ WXU FXQLYHOXOvQUHJLVWUDWODXQPRPHQWGDWGHFXUV

Cursul esWH QXP UXO GH XQLW L PRQHWDUH FX FDUH VH SRDWH FXPS UD OD XQ PRPHQW GDW R

VXW GHXQLW LGLQYDORDUHDQRPLQDO DXQXLWLWOXDSDU LQ WRUXQHLHPLVLXQLDúDvQFkW

VP
c= ∗ 100 (114)
VN
unde: c = cursul curent al unui titlu;
VP = vDORDUHDGHSLD DWLWOXOXL
3HQWUX D FUHD R DWUDFWLYLWDWH PDL PDUH XQXL vPSUXPXW SUHFRQL]DW D VH ODQVD GH UHJXO 

HPLWHQWXO VWDELOHúWH XQ FXUV VXE SDUL OD ODQVDUH úL DO SDUL OD UDPEXUVDUH VDX DO SDUL OD ODQVDUH úL

supra pari la rambursare.

125
&XUVXOúLHYROX LDOXLHVWHRIXQF LHGHXQFRPSOH[GHIDFWRULFRQMXQFWXUDOLVDXQXLQWHUQL

úL H[WHUQL RELHFWLYL úL VXELHFWLYL HFRQRPLFL úL SROLWLFL úL VRFLDOL HWF )DFWRULL FX FHO PDL GLUHFW

LPSDFW VXQW UDSRUWXO FHUHUH  RIHUW  SH SLD  GH FDSLWDO UDWD GREkQ]LL SH SLD D PRQHWDU  úL

avantajele oferite de debitor (peste rata dobânzii).


&XUVXO REOLJD LXQLL VH VWDELOHúWH SHQWUX WLWOXO QXG DGLF  GLVWLQFW GH YDORDUHD OD ]L D

FXSRQXOXLGHODSUR[LPDVFDGHQ $FHVWSURFHGHXHVWHGHWHUPLQDWWRFPDLGHIDSWXOF úLFXSR nul


SRDWH IL QHJRFLDW VHSDUDW DGLF  OD IHO FD XQ WLWOX GH YDORDUH GLVWLQFW 9DORDUHD OD ]L D FXSRQXOXL

Y]F VHGHWHUPLQ SHED]DGXUDWHLSRVHVLHLOXLGHF WUHYkQ] WRU W úLDOXQJLPLLVFDGHQ HL ] 

t
vzc = D ∗ (115.1)
z
Durata t reprH]LQW  QXP UXO GH ]LOH VFXUVH GH OD XOWLPD VFDGHQ  SkQ  OD GDWD YkQ] ULL
cuponului, iar zUHSUH]LQW QXP UXOGH]LOHvQWUHXOWLPDVFDGHQ úLSUR[LPDVDXGH]LOH
VFDGHQ D VHPHVWULDO  GH OD  LXQLH GXS  FXP DQXO HVWH ELVHFW VDX QX   GH ]LOH VFDGHQ D

VHPHVWULDO GHODGHFHPEULH úLVDXGH]LOH VFDGHQ DDQXDO ODGHFHPEULH 

$FHDVW  YDORDUH VH SRDWH H[SULPD SURFHQWXDO vQ UDSRUW FX YDORDUHD QRPLQDO  D

REOLJD LXQLL

vzc
vzc% = ∗ 100 (115.2)
VN
ÌQ FD]XO F  vQWUH GRX  VFDGHQ H VH YLQGH R REOLJD LXQH LQFOXVLY FXSRQXO GH OD SUR[LPD

VFDGHQ FXUVXOGHYkQ]DUHVHGHWHUPLQ GXS UHOD LD

c’ = c + vzc% (115.3)
Termenul de rambursare HVWH VFDGHQ D GDWD OD FDUH vPSUXPXWXO WUHEXLH UDPEXUVDW
Termenul poate fi precizat (sub un an -WHUPHQVFXUWGHUHJXO VDXOXQLvQWUHXQXúLFLQFLDQL
- termen mediu; peste cinci ani -WHUPHQOXQJ VDXQHSUHFL]DW FD]XOWLWOXULORUFXUHQW SHUSHWX 
7HUPHQHOH PHGLL úL OXQJL VXQW IRORVLWH GH UHJXO  SHQWUX DFRSHULUHD GHILFLWHORU bugetare cronice

VDX SHQWUX ILQDQ DUHD XQRU LQYHVWL LL 7HUPHQHOH VFXUWH VXQW IRORVLWH SHQWUX DFRSHULUHD XQRU

JROXULGHFDV WHPSRUDUHVDXDXQRUFKHOWXLHOLQHSUHY ]XWH

Venitul asigurat de titlu este venitul ce revine posesorului unui titlu pe perioada
GH LQHULLDFHVWXLD'LQSXQFWGHDOVXUVHLDFHVWXLDYHQLWXOSRDWHILLQWULQVHFúLFRQMXQFWXUDO

Venitul intrinsecHVWHFHOSHFDUHvOSURGXFHvPSUXPXWXOVXEIRUPDGREkQ]LLúLDSULPHLGH
rambursare, considerate la rândul lor, distinct, ca elemente tehnice al împrumutului.
În forma în care ne-DP UHIHULW PDL VXV UHOD LD   GREkQGD HVWH QRPLQDO  úL HVWH OHJDW 
GH VDX GHILQHúWH UDWD QRPLQDO  D GREkQ]LL 3RVHVRUXO GH WLWOX UHIHU  vQV  GREkQGD SH FDUH R

vQFDVHD]  QX OD YDORDUHD QRPLQDO  D WLWOXOXL FL OD H fortul efectiv pe care l-D I FXW HO SHQWUX D

FXPS UD WLWOXO DGLF  OD YDORDUHD GH DFKL]L LH OD YDORDUHD GH SLD  D WLWOXOXL vQ PRPHQWXO

FXPS U ULLOXL$SDUHDVWIHOUDWDHIHFWLY DGREkQ]LL :

D
de = (116.1)
VP

GLQFDUHGDF  LQHPVHDPDGHUHOD LLOH  úL  RE LQHP

dn
de = (116.2)
c

ÌQOHJ WXU FX UDWDGREkQ]LLSURVHVRUXOSRDWHFDOFXODúL RUDW UHDO  DGREkQ]LL DGLF R

UDW DGREkQ]LLFRUHFWDW FXGHIODWRUXO LQGLFHOH SUH XULORU

126
1 + de
dr = −1 (117.1)
Ip
sau
1 + de
dr = −1 (117.2)
1 + ri
unde: Ip LQGLFHOHSUH XULORU

ri UDWDLQIOD LHL

9HQLWXOVXEIRUPDGREkQ]LLSRDWHILGLVWULEXLWvQWUHLPRGDOLW L

ƒ SODWDvQQXPHUDUODVFDGHQ SHED]DGHWDú ULLGLQFDUQHWHDFXSRDQHO or aferente respectivei


VFDGHQ H

ƒ DWULEXLUHD GREkQ]LL GRDU XQRUD GLQ REOLJD LXQLOH HPLVH SULQ WUDJHUHD OD VRU L D VHULLORU

REOLJD LXQLORUFkúWLJ WRDUHvQDFHVWFD]GREkQGDDIHUHQW vPSUXPXWXOXLODGDWDXQHLVFDGHQ H

GHSODW DDFHVWHLDVHSDUWL LRQHD] vQWU XQQXP UGHFkúWLJXULREOLJD LXQLOHFkúWLJ WRDUHVXQW


-
UHWUDVHGLQFLUFXOD LHRGDW FXvQPkQDUHDFkúWLJXOXL

ƒ PL[WFkQGRSDUWHGLQGREkQG VHSO WHúWHvQQXPHUDULDURDOW SDUWHVXEIRUP GHFkúWLJXUL

Venitul conjunctural HVWH UH]XOWDWXO RE LQXW GH SRVHVRUXO XQXL WLWOX GLQ YDULD LD FXUVXOXL
DFHVWXLD vQWUH PRPHQWXO DFKL]L LHL úL XQ PRPHQW XOWHULRU DUELWUDU DOHV GH UHJXO  PRPHQWXO vQ

FDUH VH GHFLGH YkQ]DUHD WLWOXOXL $FHVW UH]XOWDW SRDWH IL SR]LWLY VDX QHJDWLY GXS  FXP FXUVXO D

XUFDW VDX D VF ]X t. Posesorul titlului poate calcula astfel produsul anual efectiv (pae) al
LQYHVWL LHL SODVDPHQWXOXLV X FRUHFWkQGGREkQGDvQFDVDW SHFXSRQFXDFHVWYHQLWFRQMXQFWXUDO

D + (cv − ca ) ∗ VN
pae = (118.1)
VP
VDX LQkQGVHDPDGH  úL 

dn + cv − ca
pae = (118.2)
ca

unde: cv FXUVXOWLWOXOXLvQPRPHQWXOYkQ] ULL

ca FXUVXOWLWOXOXLvQPRPHQWXODFKL]L LHL

2EVHUYD LH vQ FDOFXOXO SURGXVXOXL DQXDO HIHFWLY VH SUHVXSXQH F  SRVHVLD REOLJD LXQLL D

vQFHWDWvQFKLDU]LXDXUP WRDUHFHOHLGHVFDGHQ DQXDO ÌQFD]XODOWRU]LOHGHYkQ]DUHvQFDOFXOXO

GREkQ]LL'VH LQHVHDPDGHUHOD LLOH  

Prima de rambursare HVWH SOXVXO GH YDORDUH RIHULW FUHGLWRUXOXL GH F WUH GHELWRU OD

PRPHQWXOUDPEXUV ULLvPSUXPXWXOXL úLFDUH GHUHJXO HVWHDQXQ DWvQF GLQSHULRDGDFDPSDQLHL

SXEOLFLWDUH DQWHULRDU  ODQV ULL vPSUXPXWXOXL YH]L úL REVHUYD LLOH I FXWH PDL VXV OD FXUV vQ

OHJ WXU FXFUHúWHUHDDWUDFWLYLW LLvPSUXPXWXOXL 

pr = VR - VE cu VR > VE (119)

unde: pr SULPDGHU VFXPS UDUe;


VR YDORDUHDGHU VFXPS UDUH
VE = valoarea de emisiune.
Emitentul -VWDWFRQIHU úLalte avantaje plasatorilor în împrumuturile sale, cum sunt:
ƒ VFXWLUHDGHWD[HúLLPSR]LWHDYHQLWXULORUUHDOL]DWHGLQvPSUXPXWXULOHSXEOLFH

ƒ idem a tranzaF LLORUODEXUV FXHIHFWHDOHDFHVWRUvPSUXPXWXUL

ƒ SODWD LPSR]LWHORUFXWLWOXUL GHVWDWHYDOXDWHODYDORDUHDQRPLQDO úLQXPDLWkU]LXGHVFDGHQ D

ILQDO DvPSUXPXWXOXL

ƒ H[RQHUDUHDHIHFWHORUSXEOLFHGHODH[HFX LDILQDQFLDU VLOLW 

ƒ garantarea împotriva vDULD LLORUSXWHULLGHFXPS UDUHDPRQHGHLQD LRQDOHSULQVWDELOLUHDXQHL

GREkQ]L QRPLQDOH FDUH V  ILH UHDO SR]LWLY  SH WRW SDUFXUVXO vPSUXPXWXOXL H[SULPDUHD

împrumutului într-R XQLWDWH PRQHWDU  PDL VWDELO  VDX vQWU-o unitate de calcul (de exemplu,

127
dreptuO VSHFLDO GH WUDJHUH FDOFXODW GH )0, VDX %DQFD 0RQGLDO  SH ED]D XQXL FRú YDOXWDU

UHSUH]HQWDWLYúLVWDELO LQGH[DUHDvPSUXPXWXOXLSHED]DXQXLLQGLFHGHSUH 

2SHUD LXQLVSHFLILFHvPSUXPXWXULORUGHVWDW

$FHVWHRSHUD LXQLVXQWOHJDWHGHSODVDUH de modificarea unora din elementele tehnice ale


vPSUXPXWXOXLXOWHULRUODQV ULLOXLúLGHUDPEXUVDUH

a) Plasarea vPSUXPXWXOXL SUHVXSXQH YkQ]DUHD WLWOXULORU úL vQFDVDUHD FRQWUDYDORULL

YkQ] ULL FDUH YD UHSUH]HQWD VXPD FROHFWDW  FD vPSUXPXW GH F WUH HPLWHQW . Aceasta nu coincide,
GHUHJXO FXYDORDUHDQRPLQDO WRWDO DHPLVLXQLLILHGLQFDX]DSUH XOXLGHHPLVLXQHVXESDULILH

GDWRULW FKHOWXLHOLORUOHJDWHGHHPLVLXQH WLS ULWHSXEOLFLWDWHSODWDLQWHUPHGLDULORUHWF &XPGH

UHJXO  HPLWHQWXO XUP UHúWH F olectarea unei anumite valori, el va lansa un împrumut mai mare,
VXILFLHQWSHQWUXFDVXPDQHW FROHFWDW V ILHPLQLPXPODQLYHOXOFHOHLDYXWHvQYHGHUH

6XEVFULS LD SXEOLF  HVWH IRUPD GH SODVDUH RUJDQL]DW  úL JHVWLRQDW  GH 0LQLVWHUXO

)LQDQ HORU VDX GH F WUH R LQVWLWX LH SXEOLF  DXWRUL]DW  vQ DFHVW VHQV GH JXYHUQ VDX GH vQVXúL

0LQLVWHUXO )LQDQ HORU $FRSHULUHD FKHOWXLHOLORU RFD]LRQDWH GH YkQ]DUHD WLWOXULORU úL FROHFWDUHD

sumelor se face printr-XQ FRPLVLRQ DFRUGDW LQVWLWX LHL RUJDQL]DWRDUH D SODV ULL 3ODsatorii de
FDSLWDO VXEVFULX OD LQVWLWX LD RUJDQL]DWRDUH UHVSHFWLY OD DJHQ LL FROHFWRUL 3ODWD YDORULL WLWOXULORU

VXEVFULVHúLLQWUDUHDvQSRVHVLDORUVHIDFHXOWHULRUFXXQGHFDODMvQWLPSQHFHVDUSHQWUXFRUHODUHD

volumului subscrierii cu volumul împrumuWXOXL ODQVDW ÌQ FD]XO vQ FDUH VXEVFULHUHD GHS úHúWH

YROXPXOvPSUXPXWXOXLVHFDOFXOHD] XQFRHILFLHQWGHY UV PkQW

VTE
cv = (120)
VS
unde: cv FRWDGHY UV PkQW

VtE YDORDUHDWRWDO GHHPLVLXQHDvPSUXPXWXOXL


VS = valoarea subscrierilor.
9DORDUHDVXEVFULHULLILHF UXLSODVDWRUGHFDSLWDOVHYDFRUHFWDFXFRWDGHY UV PkQWDVWIHO

vQFkW HO YD FXPS UD REOLJD LXQL OD QLYHOXO YDORULL VS ∗ cv URWXQMLW  HYHQWXDO FRQIRUP FXSLXULORU

practicate în respectivul împrumut.


([LVW  úL SUDFWLFD DWULEXLULL ILHF UXL DJHQW SODVDWRU DO LQVWLWX LHL RUJDQL]DWRDUH D XQXL

DQXPLW SODIRQ GH vPSUXPXW XQ DQXPLW QXP U GH REOLJD LXQL  XUPkQG FD HO V  OH YkQG  GXS 

regula "primul venit - primul servit".


3ODVDUHD SULQFRQVRU LL (sindicate) bancareSUHVXSXQHRUJDQL]DUHD úLJHVWLRQDUHDSODV ULL

GHF WUHXQJUXSGHE QFL$FHDVWDVHSRDWHIDFH

ƒ vQ FRPLVLRQ VLPLODU  VXEVFULS LHL SXEOLFH úL FDUH QX DQJDMHD]  U VSXQGHUHD E QFLORU SHQWUX

REOLJD LXQLOHQHYkQGXWH

ƒ SULQ FXPS UDUH vQ FDUH JUXSXO GH E QFL FXPS U  vQWUHDJD HPLVLXQH OD XQ FXUV FRQYHQDELO

HPLWHQWXOXL úL R SODVHD]  OD FXUVXUL IRUPDWH SH SLD  DFRSHULUHD FKHOWXLHOLORU I FXWH GH E QFL

SHQWUX SODVDUH FD úL FkúWLJXO ORU SURYLQH GLQ GLIHUHQ D GH FXUV vQWUH FXUVXO SLH HL úL FHO GH

preluare de la emitent.
3ODVDUHD SULQ EXUV  HVWH DGHFYDW  VLWXD LLORU vQ FDUH EXUVD HVWH DFWLY  úL VH Y GHúWH D IL

PRGXO GH SODVDUH FHO PDL SX LQ FRVWLVLWRU (PLVLXQHD HVWH vQUHJLVWUDW  OD EXUV  VLPLODU HPLVLXQLL

RULF URU DOWRU WLWOXUL GH YDORDUH úL VH QHJRFLD]  SULQ DJHQ LL GH EXUV  vQ VHVLXQL VSHFLDOH GHGLFDWH

efectelor financiare generale.


b) Conversiunea HVWH R RSHUD LXQH YL]kQG PRGLILFDUHD UDWHL GREkQ]LL OD XQ vPSUXPXW
SXEOLF GDWRULW  GLPLQX ULL GREkQ]LL FXUHQWH VXE QLYHOXO FHOHL SUDFWLFDWH OD UHVSHFWivul împrumut.

$FHDVWDvQVHDPQ F VWDWXOJ VHúWHDFXPSHSLD VXUVHGHFUHGLWDUHPDLLHIWLQHGHFkWFHOHSHFDUH

le-DJ VLWODPRPHQWXOSODV ULLvPSUXPXWXOXL

Conversiunea presupune înlocuirea titlurilor emise în trecut (titluri vechi) cu alte titluri
penWUXFDUHGREkQGDHVWHFRUHODW FXFHDDSLH HLDGLF PDLPLF  WLWOXULQRL 

128
&RQYHUVLXQHD IRU DW presupune înlocuirea titlurilor vechi cu altele noi, într-un interval
GH WLPS DQXQ DW 'XS  vQFKHLHUHD DFHVWXLD WLWOXULOH YHFKL vúL SLHUG YDODELOLWDWHD $Fest lucru este

SRVLELOGHRDUHFHVWDWXOQXHVWHDJHQWHFRQRPLFRDUHFDUHFLXQXOFDUHDUHúLSXWHUHSROLWLF úLIRU 

GHFRHUFL LXQH

&RQYHUVLXQHD IDFXOWDWLY presupune înlocuirea titlurilor vechi cu altele noi prin


SUHVFKLPEDUH EHQHYRO  GH F WUH SRVHVRULL celor vechi; titlurile vechi nu-úL SLHUG YDODELOLWDWHD

WLWOXULOHQRLSRWILSURFXUDWHILHODVFKLPEFXFHOHYHFKLILHSULQFXPS UDUH

&RQYHUVLXQHD SULQ UDPEXUVDUH DQWLFLSDW presupune înlocuirea titlurilor vechi cu unele


QRL FX RS LXQHD SHQWUX SRVHVRULL GH WLWOXUL YHFKL GH D úL OH SUHVFKLPED VDX GH D VROLFLWD

U VFXPS UDUHDORU

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c) ArozareaHVWHRRSHUD LXQHLQYHUV FRQYHUVLXQLLúLHVWHSUDFWLFDW DWXQFLFkQGGDWRULW 

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EXUVLHUDOREOLJD LXQLORUGHVWDWVFDGHGUDPDWLFJHQHUkQGUHSHUFXVLXQLQHJDWLYHSHQWUXGHEL torul -


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vQORFXLDVF SHFHOHYHFKLÌQP VXUDvQFDUHVWDWXOGLVSXQHGHUHVXUVHILQDQFLDUHSRDWHSURFHGDOD

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atractive.
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vPSUXPXW úL VH SUDFWLF  vQ OHJ WXU  FX vPSUXPXWXULOH SH WHUPHQ VFXUW VDX PHGLX FDUH VXQW

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termenul de rambursare este mai lung.


e) Rambursarea vPSUXPXWXULORU GH VWDW HVWH RSHUD LXQHD GH U VFXPS UDUH D WLWOXULORU
emise anterior pentru un astfel de împrumut. Sursele de rambursare sunt: cheltuielile anume
SUHY ]XWH în buget pentru aceasta, respectiv veniturile bugetare ale anilor din perioada de

VFDGHQ  H[FHGHQWHOH EXJHWDUH IRQGXULOH VSHFLDOH GH DPRUWL]DUH FRQVWLWXLH vQ PRG H[SUHV vQ

JHVWLXQHD LQVWLWX LHL VSHFLDOL]DWH SHQWUX UDPEXUVDUHD XQRU vPSUXPXWXUL SXEOLFH casa de
amortizare a împrumuturilor publice).
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5DPEXUVDUHD FX VFDGHQ  XQLF  VH SUDFWLF  SHQWUX vPSUXPXWXULOH SH WHUPHQ VFXUW úL

SUHVXSXQH U VFXPS UDUHD WXWXURU WLWOXULORU OD VFDGHQ D PHQ LRQDW  cu plata inclusiv a dobânzii.
$UHGH]DYDQWDMXOF SXQHvQFLUFXOD LHLQVWDQWDQHXRPDUHPDV GHQXPHUDUFDUHSRDWHDIHFWD

VWDELOLWDWHDSLH HL

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de actualizare. Anuitatea este suma reprezentând amortizarea împrumutului (plata unei rate din
FUHGLWXO SUHOXDW  SOXV GREkQGD DIHUHQW  $QXLWDWHD VH SRDWH FDOFXOD FD SODW  HúDORQDW  LPHGLDW

sau DPkQDW  H[LVW  R SHULRDG  GH JUD LH vQ FDUH QX VH IDF UDPEXUV UL vQ FRQWXO GDWRULHL GDU

GREkQGD VH DFXPXOHD]  DQWLFLSDW (plata la începutul anului) sau SRVWLFLSDW (plata la finele
DQXOXL vQWUDQúH
egale DQXLWDWHDFRQVWDQW SHWRDW perioada împrumutului) sau FUHVF WRDUH sau
GHVFUHVF WRDUH (vezi cap. IV.3)

129
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FUHGLWRUL úL FRQVW  vQ U VFXPS UDUHD SHULRGLF  D XQRU WLWOXUL SULQ WUDJHUHD OD VRU L D VHU iilor
DFHVWRUD 1XP UXO GH WLWOXUL WUDVH OD VRU L VH VWDELOHúWH OD R YDORDUH vQVXPDW D ORU FRQFXUHQW FX

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ƒ arieratele financiare DGLF  DPkQDUHD VLQH GLH D UDPEXUV ULL GDWRULW  XQRU vPSUHMXU UL

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IDFHvQWHUPHQLLHLQRPLQDOLI U QLFLXQIHOGHHIRUW

ƒ repudierea DGLF  QHJDUHD QHUHFXQRDúWHUHD  XQXL vPSUXPXW DQJDMDW GH VWDW DQWHULRU úL FDUH

LQWHUYLQHvQFD]XOVFKLPE ULORUGHUHJLPSROLWLF

130
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M ILQDQFLDU  vQ DQVDPEOXO HL úL vQ FRQWH[WXO FHORU GRX  FRPSRQHQWH FHD GH FDSLWDO úL

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VHUHJ VHVFvQVWUXFWXUDILHF UHLFRPSRQHQWHDVLVWHPXOXLHFRQRPLFGDUúLvQFRQ LQXWXOOHJ WXULORU

dintre aceste componente. De aceea, laureatul Nobel pentru economie, Paul Samuelson considera
F EDQLLDXvQHFRQRPLHDFHODúLUROSHFDUHVkQJHOHúLVHYDvODXvQOXPHDYLH

ÌQ HVHQ D ORU EDQLL VXQW R PDUI  FH PLMORFHúWH VFKLPEXO úL DUH URO GH HWDORQ SHQWUX WRDWH

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GHKkUWLHPRQHG VFULSWXUDO úLPRQHG HOHFWURQLF 

&DUDFWHULVWLFD HVHQ LDO  D EDQLORU vQ RULFDUH GLQ IRUPHOH VDOH HVWH F  UHSUH]LQW  XQ

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SUDI  ILH vQ IRUP  SUHOXFUDW  OLQJRXUL  ILH vQ IRUP  E WXW  PRQHG  ÌQ ]LOHOH QRDVWUH DFHVWH

PHWDOH vQ RULFH IRUP  D ORU DX vQFHWDW V  MRDFH DFHVW URO $WULEXWHOH PDL VXV PHQ LRQDWH DOH

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1. 0RQHGDúLVLVWHPXOPRQHWDU

A. MonedaHVWHRIRUP LQVWLWX LRQDOL]DW DEDQLORUFDUHFDS W RGHILQLUHIRUPDO SULQWU -


XQDFWGHYRLQ DOXQHLDXWRULW LVWDWXO vQOXPHDPRGHUQ VXYHUDQXO vQHYXOPHGLXúLFKLDUvQ

DQWLFKLWDWH  R FRPXQLWDWH ORFDO  RUDúXO DQWLF VDX FKLDU PHGLHYDO  'HILQLUHD IRUPDO  DUH vQ

YHGHUH VXSRUWXO IL]LF PDWHULDOXO GLQ FDUH VH FRQIHF LRQHD]  IRUPD vQVHPQHO e, greutatea,
SXULWDWHD úD 0RQHGD SRDWH IL PDUI  vQ P VXUD vQ FDUH DUH vQVXúLUL LQWULQVHFL FDUH vL FRQIHU 

YDORDUHD vQ VLQH  VDX SRDWH IL FUHDQ  XQ DQJDMDPHQW SH FDUH úL O DVXP  HPLWHQWXO DGLF  XQ DFW
-
GH YRLQ  DO DFHVWXLD  ÌQ VHQVXO SRVLELOLW LORU FRJQLWLYH PRQHGD HVWH R LQIRUPD LH SULYLQG

GLPHQVLXQHD FDQWLWDWLY  D YDORULL SH FDUH HD vQV úL R UHSUH]LQW  YDORDUH FH SRDWH IL UHDO  

LQWULQVHF VDXLPSXV SULQDFWXOGHYRLQ DOHPLWHQWXOXLúLSXWHUHDVDFRHUFLWLY )LLQGRIRUP D

banilor, moneda îQGHSOLQHúWHDFHODúLUROúLDUHDFHOHDúLIXQ LLFDúLEDQLL


'LQSXQFWXOGHYHGHUHDOSDWULPRQLXOXL XQXLDJHQWHFRQRPLFSRVHVRUGHPRQHG DFHDVWD

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HODERUHD]  ELODQ  VH J VHúWH GH DFHHD vQ DFWLYXO ELODQ XOXL QX vQ SDVLY 6XQW UHFXQRVFXWH SDWUX

categorii mari de active: monetare EDQLvQFDV úLvQFRQWXULOHFXUHQWHGHODEDQF &(& XULúL


-
DOWHLQVWUXPHQWHFXFDUHVHSRWRQRUDGLUHFWSO L 
quasimonetare (depozite pe WHUPHQODE QFLúL
titluri pe termen scurt); financiare DF LXQL úL REOLJD LXQL  reale EXQXUL PRELOH VDX LPRELOH úL

131
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SO L GLUHFW úL FX FHO PDL PLF ULVF G e pierdere de valoare. Toate celelalte categorii de active
SUH]LQW vQRUGLQHDvQFDUHDXIRVW SUH]HQWDWH OLFKLGLWDWHGLQFHvQFH PDLVF ]XW úL YDULDELO SH

componente.
B. Sistemul monetarUHSUH]LQW  PXO LPHDQRUPHORUúL LQVWLWX LLORUGHILQLWHGH VWDW pentru
UHJOHPHQWDUHD RUJDQL]DUHD úL VXSUDYHJKHUHD WXWXURU SUREOHPHORUOHJDWH GH H[LVWHQ D úLFLUFXOD LD

monedei.
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VDOH ÌQ 5RPkQLD GH SLOG  VLVWHPXO PRQHWDU QD LRQDO D IRVW LQL LDW vQ DQXO  FD UH]XOWDW DO

GREkQGLULLúLUHFXQRDúWHULLLQWHUQD LRQDOHDVXYHUDQLW LLGHVWDW

6LVWHPXOPRQHWDUHVWHGHILQLWvQSULQFLSDOSULQXUP WRDUHOHFRPSRQHQWH

ƒ XQLWDWHDPRQHWDU 

ƒ etalonul monetar;
ƒ HPLVLXQHDPRQHWDU 

ƒ FLUFXOD LD banilor.


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R DQXPLW  SXWHUH GH FXPS UDUH ÌQ OHJ WXU  FX XQLWDWHD PRQHWDU  VXQW LQWURGXVH WUHL HOHPHQWH

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(L  YDORDUHD SDULWDU  FDUH VWDELOHúWH HFKLYDOHQ D PRQHGHL QD LRQDOH FX DOWH YDORUL

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'67DGLF GUHSWXULVSHFLDOHGHWUDJHUH PRQHG GHFRQWLQL LDW GH)0,vQ


- 1969 (prin definire în
UDSRUWFXDXUXO úLUHIRUPXODW vQ SULQUHGHILQLUHvQUDSRUWFXXQFRúYDOXWDUGHGHYL]H úL

vQ SULQUHGHILQLUHvQUDSRUWFXXQFRúYDOXWDUGHGHYL]HOLEHUFRQYHUWLELOH 

LL SDULWDWHDPRQHWDU FDUHVWDELOHúWHUDSRUWXOYDORULFvQWUHGRX XQLW LPRQHWDUH

vpA
pmA / B = (121)
vpB

unde: pmA/B SDULWDWHDPRQHWDU vQWUHPRQHGHOH$úL%


vpA YDORDUHDSDULWDU DPRQHGHL$

vpB YDORDUHDSDULWDU DPRQHGHL%

(iii) cursul de schimb careVWDELOHúWHQXP UXOGHXQLW LPRQHWDUHVWU LQHFDUHVHVFKLPE 

FX R XQLWDWH PRQHWDU  QD LRQDO  SHQWUX UD LXQL GH FRPRGLWDWH VH SRDWH DFFHSWD úL H[SULPDUHD

LQYHUV  ÌQ FRQGL LLOH GHILQLULL PRQHGHORU QD LRQDOH SULQ SXWHUHD ORU GH FXPS UDUH VLQJXUXO

elemenWDFWLYU PkQHFXUVXOGHVFKLPEFDUHvQFD]XOF HVWHRILFLDOHVWHVLQRQLPSDULW LL


Etalonul monetarHVWHEXQXOSULQFDUHVHGHILQHúWHXQLWDWHDPRQHWDU RPDUI RDUHFDUH
XQPHWDOSUH LRVVDXDPEHOHSXWHUHDGHFXPS UDUHVDXRDOW PRQHG QD LRQDO 'in acest punct

de vedere, sistemul monetar în statele moderne poate fi: monometalist, bimetalist, aur-devize,
SXWHUHGHFXPS UDUHDFHVWDGLQXUP ILLQGvQ]LOHOHQRDVWUHTXDVLJHQHUDOL]DW

(PLVLXQHD PRQHWDU  DUH vQ YHGHUH FRQIHF LRQDUHD EDQLORU vQ YHGHU e punerii lor în
FLUFXOD LH(PLVLXQHDGHPRQHG FXVDXI U YDORDUHLQWULQVHF GHEDQFQRWHVDXGHEDQLGHKkUWLH

HVWH UH]HUYDW  VWDWXOXL VDX % QFLL &HQWUDOH ]LV  úL GH (PLVLXQH ÌQ ]LOHOH QRDVWUH EDWHUHD GH

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FD úL EDWHUHD PRQHGHL GLYL]LRQDUH VH IDFH SULQ JULMD 7UH]RUHULHL 6WDWXOXL ÌQ DFHVW VFRS VXQW

prestabilite de cRPXQ DFRUG FX %DQFD &HQWUDO  FXSLXULOH FDUDFWHULVWLFH ÌQ 5RPkQLD OD ILQHOH

DQXOXL  H[LVWDX vQ FLUFXOD LH  FXSLXUL       úL  PRQHGH

GLYL]LRQDUH úL 

(PLVLXQHD GH PRQHG  VFULSWXUDO  úL GH PRQHG  HOHFWURQLF  VH SRDWH IDFH GH F WUH RULFH

EDQF vQOLPLWDXQRUUHJXOLLPSXVHGH%DQFD&HQWUDO  GLQWUHFDUHFHDDUH]HUYHLREOLJDWRULLHVWH

SRDWH FHDPDL LPSRUWDQW  GLQWU XQ GLVSRQLELO H[LVWHQW VH SRDWH HPLWHPDV  VFULSWXUDO  QXPDL vQ
-
OLPLWDXQXLSODIRQFXFHOSX LQ χ% mai mic, unde χ HVWHFRWDGHUH]HUY REOLJDWRULH$FHDVWD

132
IDFH FD PXOWLSOLFDUHD PDVHL PRQHWDUH V  VH IDF  FRQWURODW QX PDL PXOW GHFkW XQ FRHILFLHQW k de
multiplicare, cu valoarea:
k = 1 / χ% (122)

&LUFXOD LDEDQLORUDUHvQYHGHUHXWLOL]DUHDORUvQDFWLYLWDWHDHFRQRPLF LQWHUQ úLH[WHUQ 

ÌQ LQWHULRUXO ULL EDQLL FLUFXO  SULQ DFWXO GH YRLQ  DO VWDWXOXL FDUH LPSXQH RULF UXL DJHQW

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QD LRQDO GHDVHPHQHDSHGHSVHúWHGLVWUXJHUHDFXLQWHQ LHúLIDOVLILFDUHDEDQLORU

ÌQ UHOD LD FX DOWH PRQHGH QD LRQDOH FLUFXOD LD EDQLORU ULGLF  SUREOHPD FRQYHUWLELOLW LL

PRQHGHLDGLF DvQVXúLULLHLOHJDOHGHDVHSUHVFKLPEDvQDOWHPRQHGHODXQSUH GDWGHFRQGL LLOH

SLH HL FXUV GH VFKLPE FXUHQW  VDX OD XQ SUH  VWDELOLW GH VWDW FXUV GH VFKLPE RILFLDO DSOLFDW vQ

RSHUD LXQLSUHFL]DWHSULQOHJH 

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VFKLPEXULOH H[WHUQH úL OLEHU  FLUFXOD LH D FDSLWDOXULORU &RQYHUWLELOLWDWHD OD UkQGXO HL VH ED]HD] 

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C. 6LVWHPXO PRQHWDU LQWHUQD LRQDO , din punct de vedere cronologic, este ulterior
VLVWHPHORUPRQHWDUHQD LRQDOHúLDIRVWFUHDWGLQQHFHVLWDWHDVWDWHORUGHDVSULMLQLIDFLO
ita, favoriza
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ƒ 8QLXQHD0RQHWDU /DWLQ   -1914);


ƒ 8QLXQHD0RQHWDU *HUPDQ   -1918);
ƒ blocuri monetare: al lirei sterline (1931-1939), al francului francez (1932-1945),
al dolarului (1933-1944).
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Bretton Woods (SUA) s-a constituit actualul sistem monetar inWHUQD LRQDOFXRSDUWLFLSDUHVWDWDO 

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ULOHSDUWLFLSDQWHOD&RPXQLWDWHD(FRQRPLF (XURSHDQ  FXH[FHS LD0DULL%ULWDQLL úLFRPSOHWDW

în 1991 prin acordul de la Maastricht (Olanda) care a condus la introducerea de la 1 ianuarie


 D PRQHGHL HXURSHQH (852 FD PRQHG  FRWDELO  SH SLD D YDOXWDU  úL FDUH GHYLQH PRQHG 

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133
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raport cu cota sa de participare la fond, sunt nerambXUVDELOH úL VH IDF vQ ED]D XQHL VROLFLW UL úL D
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de 3-DQL H[FHS LRQDOVDXDQL 
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este cca. 20% SUA, câte cca 6-$QJOLDúL*HUPDQLDFkWHFFD-)UDQ úL-DSRQLDFkWH


cca. 3-3,5% AUDELD6DXGLW &DQDGDúL,WDOLDúLFFDDOWHFLUFDGH UL vQ)0,DYHD
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GHXQQXP UGHYRWXULFDOFXODWDVWIHO

c ∗F
vi = 250 + i , (123)
10000
unde: vi QXP UXOGHYRWXULGHFDUHGLVSXQH DUDL

ci FRWD ULLLGHSDUWLFLSDUHODIRQGXOFRPXQ

F = cuantumul fondului comun exprimat în DST.


$ORF ULOHúLWUDJHULOHGH'67DXHIHFWXOXQRULQWU ULGHGHYL]HvQ DUDEHQHILFLDU FHHDFH

permite acesteia:
• V -úLPDMRUH]HUH]HUYDYDOXWDU RILFLDO 

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• V -úLDFRSHUHGHILFLWHOHEDODQ HLGHSO L

• V DFRUGHFUHGLWHLQWHUQD LRQDOHDOWRU UL

• V HPLW YDORULPRELOLDUHSHWHUPHQOXQJ

• V JDUDQWH]HREOLJD ii financiare.
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FUHGLWHOLEHUDWHvQFDGUXODWUHLSRVLELOHPRGDOLW L67$1' %<PHFDQLVPXOO UJLWGHFUHGLWDUHúL


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SUHFXP úL LPSRUWXUL GH FHUHDOH vQ VLWXD LL H[FHS LRQDOH VXE IRUPD IDFLOLW LORU GH ILQDQ DUH

compensatorii sau proJUDPHVSHFLILFHXQRUVLWXD LLOLPLW 


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úD ÌQ VWUXFWXUD%0 VH UHJ VHVF WUHL LQVWLWX LL DXWRQRPH FXIXQF LXQL diferite, conlucrând pentru
UHDOL]DUHDVFRSXOXLFRPXQPDLVXVPHQ LRQDW

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creditului.
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134
anularea unor datorii ale debitorilor lor.
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5
c DST / i = ∑ a j ∗ c j / i i=1,2,3,4,5 (124)
j=1

unde: cDST/i = cursul DST exprimat în moneda i;


cj/i = cursul curent de schimb al monedei j în raport cu i ;
aj SRQGHUHDPRQHGHLMvQ³FRú´

LúLM LQGLFLSHQWUXLGHQWLILFDUHDPRQHGHORUGLQFRú  86' *%3HWF 

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D. Sistemul monetar european HVWH R FRQVHFLQ  vQGHOXQJ úL SURIXQG HODERUDW  D

8QLXQLL (FRQRPLFH (XURSHQH  OD FDUH SDUWLFLS  vQ SUH]HQW  VWDWH OD FDUH DVSLU  úL DOWH VWDWH

europene dintre care alte 10 în diferite faze de preaderare. Sistemul este definit ca o uniune
PRQHWDU  SULQ FUHDUHD XQHL SLH H PRQHWDUH XQLFH FX R PRQHG  XQLF  (852 FX SXWHUH

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PRQHWDUHXQLFHúLGHLQWHUYHQ LLOHSHSLD DYDOXWDU SULYLQGUDSRUWXOGHVFKLPEFX alte monede.


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XQ FRú YDOXWDU OD FDUH SDUWLFLS  WRDWH PRQHGHOH QD LRQDOH DOH ULORU PHPEUH DOH 8QLXQLL úL DO

F UHL FXUV VH VWDELOHúWH FRQIRUP UHOD LHL   vQ FDUH v n prezent i úL j = 1,2,…, 15 urmând ca
YDORDUHDVXSHULRDU V VHPRGLILFHRGDW FXDGHUDUHDXQXLQRXPHPEUX

&RQGL LLOHGHDGHUDUHSULYLQGVWDUHDILQDQFLDU PRQHWDU D


- ULLDVSLUDQWHVHUHIHU OD

♦ rata dobânzii pe termen lung V  QX GHS úHDVF  FX PDL PX lt de 2% media
DFHVWHLDvQFHOHWUHL ULPHPEUHFXFHDPDLPLF UDW DLQIOD LHLvQUHJLVWUDW vQPRPHQWXOvQFDUH

QRXODVSLUDQWIRUPXOHD] FHUHUHDGHDGHUDUH

♦ UDWD LQIOD LHL V  QX GHS úHDVF  FX PDL PXOW GH  PHGLD DFHVWHLD vQ FHOH WUHL

UL PHPEUH FX FHD PDL PLF  UDW  D LQIOD LHL vQUHJLVWUDW  vQ PRPHQWXO vQ FDUH QRXO DVSLUDQW

IRUPXOHD] FHUHUHDGHDGHUDUH

♦ devalorizarea monedei propriiQXDIRVWSUDFWLFDW vQ DUDDVSLUDQW vQFHLGRLDQL

DQWHULRULFHOXLvQFDUHDIRVWIRUPXODW FHUHUHDGHDGHUDUH

♦ deficitul bugetarQXGHS úHúWHGLQSURGXVXOLQWHUQEUXW


♦ GDWRULDSXEOLF QXGHS úHúWHGLQSURGXVXOLQWHUQEUXW
$YDQWDMHOH DGHU ULL UH]LG  vQ VWDELOL]DUHD úL FRQVROLGDUHD HFRQRPLF  SULQ vQV úL

vQGHSOLQLUHDFRQGL LLORUGHDGHUDUH UHGXFHUHDFRVWXULORUGHFRQYHUVLHDPRQHGHLQD LRQDOHvQDOWH

valute, eliminarea fluxurilor speculative de capital, diminuarea costurilor de constituire a


UH]HUYHORU YDOXWDUH GLPLQXDUHD ULVFXULORU DIHUHQWH HYHQWXDOHORU YDULD LL QHIDYRUDELOH DOH FXUVXOXL

de schimb, avanWDMH DO F URU SUH  HVWH SLHUGHUHD DXWRQRPLHL PRQHWDUH úL YDOXWDUH úL SRVLELOD

FUHúWHUH D úRPDMXOXL /D QLYHOXO DFWXDOHL FRPSRQHQ H D 8QLXQLL (FRQRPLFH (XURSHQH QXPDL

UHGXFHUHD FRVWXULORU RSHUD LXQLORU GH FRQYHUVLH D PRQHGHORU QD LRQDOH DOH ULORU PHPEUH în
PRQHGH DOH DOWRU UL PHPEUH VH FLIUHD]  vQ MXU GH  PLOLDUGH HXUR UHSUH]HQWkQG FFD  GLQ

SURGXVXOLQWHUQEUXWDO8QLXQLLúLFFDGLQYHQLWXULOHE QFLORUGLQ ULOHPHPEUHDOHDFHVWHLD

135
2. 0DVDPRQHWDU

3 VWUkQG FDUDFWHULVWLFD GH OLFKLGLWDWH úL S unctul de vedere patrimonial luat în considerare
FkQGDIRVWFDUDFWHUL]DW PRQHGD FDS,9 PDVDPRQHWDU UHSUH]LQW DQVDPEOXOPLMORDFHORUGH

SODW  H[LVWHQWH OD XQ PRPHQW GDW vQ HFRQRPLH DGLF  DO DFHORU DFWLYH FDUH SRW IL XWLOL]DWH vQ

RSHUD LXQLDWkWGHDFKL]L LHFkWúLGHVWLQJHUHGHREOLJD LLILQDQFLDUH

0DVD PRQHWDU  FXSULQGH XUP WRDUHOH SDWUX FDWHJRULL GH DFWLYH FX OLFKLGLWDWH ULGLFDW  VDX

IRDUWHULGLFDW 

ƒ numerarul;
ƒ PRQHGDGHFRQWDGLF GLVSRQLELOXOGLQFRQWXULOHFXUHQWHúLGHSXQHULOHODYHGHUH

ƒ GHSR]LWHOHODWHUPHQúLvQYHGHUHDHFRQRPLVLULL

ƒ alte active, respectiv plasamentele în titluri: cambii, bonuri de tezaur, certificate


GHWH]DXUSROL HLSRWHFLREOLJD LXQLDF LXQL

&DUDFWHUL]DUHD GLQDPLFLL PDVHL PRQHWDUH GLPHQVLXQH ULWP VWUXFWXU  FD úL HYDOXDUHD

FRQH[LXQLORU vQWUH SURFHVHOH PRQHWDUH úL FHOH HFRQRPLFH VH IDFH FX DMXWRUXO LQGLFDWRULORU

PRQHWDUL$FHúWLDVXQWJUXSD LSRWULYLWFRQ LQXWXOXLORUvQ

• LQGLFDWRUL FH H[SULP  FDUDFWHUXO SROLWLFLL PRQHWDUH H[SDQVLRQLVW  VDX UHVWULFWLY  úL

cDUDFWHUL]HD] GLQDPLFDPDVHLPRQHWDUHFHOPDLLPSRUWDQWHVWHUDWDGREkQ]LL

• LQGLFDWRUL FH H[SULP  RELHFWLYHOH SROLWLFLL PRQHWDUH DGLF  HYDOXHD]  FRQH[LXQLOH PRQHWDU -
HFRQRPLFH úLHYLGHQ LD]  FRHUHQ D SROLWLFLL PRQHWDUH úLFRPSDWLELOLWDWHDHL FX FHDHFRQRPLF  vQ

DFHDVW FDWHJRULHVHLQFOXGDJUHJDWHOHPRQHWDUH

A. Rata dobânzii HVWH XQ LQGLFDWRU PRQHWDU FH FDUDFWHUL]HD]  UDSRUWXO vQWUH DFWLYLW LOH

HFRQRPLFH UHDOH úL HYROX LD PDVHL PRQHWDUH ,QGLFDWRUXO UDWHL GREkQ]LL LQIOXHQ HD]  FHUHUHD GH

credite, procesXO HFRQRPLVLULL úL LPSOLFLW RIHUWD GH FUHGLWH DFWLYLWDWHD GH LQYHVWLUH DWUDFWLYLWDWHD
SLH HL LQWHUQH SHQWUX FDSLWDOXULOH VWU LQH FXUVXO GH VFKLPE HWF $FHVW LQGLFDWRU HVWH GHILQLW FD

uzufructul produs de utilizarea pe durata unui an a unui capital de 10 XQLW L PRQHWDUH 'LQ

DFHVW PRWLY UDWD GREkQ]LL HVWH LQWHUSUHWDW  vQWRWGHDXQD FD ILLQG DQXDO  ([FHS LLOH GH OD DFHDVW 

UHJXO VXQWVWDELOLWHvQPRGH[SUHVPHQ LRQkQGX VHSHULRDGDGHUHIHULQ


- ]LV SW PkQ OXQ DQ

7HRULDILQDQFLDU DFFHSW úLdobânda instantaneeDGLF FHDSUHVXSXV DVHGDWRUDSHQWUXRFkWLPH

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FDX]XIUXFWDOFDSLWDOXOXL úLFDSLWDOXOIRORVLW VXPDGDW OXDW FXvPSUXPXW 

Dobânda are seQVXOSUH XOXLSO WLWSHQWUXXWLOL]DUHDFDSLWDOXOXLSHRSHULRDG GHWHUPLQDW 

SUHFXP úL GH UHPXQHUDUH SHQWUX ULVFXO SH FDUH vO SUHVXSXQH XWLOL]DUHD UHVSHFWLYXOXL FDSLWDO

Nivelul dobânzii este determinat de productivitatea capitalului, de raportul între ceUHUHDúLRIHUWD


GH FUHGLW GH VWDELOLWDWHD HFRQRPLF  úL SROLWLF  GH QLYHOXO PHGLX DO YHQLWXULORU DJHQ LORU

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OLFKLGLW L DOHVWDWXOXLLQYHVWLWRULORUSURGXF WRULORUúLPHQDMHORU

ÌQVWUXFWXUDUDWHLGREkQ]LLVHUHJ VHVFGRX FRPSRQHQWH

ƒ UDWD GREkQ]LL OD SODVDPHQWHOH I U  ULVF DGLF  OD vPSUXPXWXULOH GH VWDW SH WHUPHQ

scurt;
ƒ FRWDDIHUHQW ULVFXOXLSUHVXSXVGHRSHUD LXQHDVSHFLILF GHXWLOL]DUHDFDSLWDOXOXLúL

cDUH HVWH GLIHUHQ LDW  VSD LDO JHRJUDILF DU  UHJLXQH  VSD LDO HFRQRPLF(tip de
DFWLYLWDWH UDPXU  HFRQRPLF  WLS FDWHJRULH GH GHELWRU  úL temporal (lungimea
duratei de rambursare).
3UDFWLFD SLH HL PRQHWDUH D FRQGXV OD HODERUDUH XQRU LQVWUXPHQWH GH DQDOL]  FX PDUH

YDORDUH FRJQLWLY  - curbele de randament $FHVWHD VXQW H[SUHVLD JUDILF  WHPSRUDO  D UHOD LHL

IXQF LRQDOHvQWUHUDQGDPHQWXOXQXLSODVDPHQWODGDWDVFDGHQ HLúLSUH XOV XGHDFKL]L LH

η j = f (pa j, rjt ) t = 1,2, …, Tj f ’pa j <0 (125)


j = 1,2,…, n f ’r jt >0

unde: j = indice pentru identificarea plasamentului;


136
j = randamentul plasamentului j;
paj SUH XOGHDFKL]L LHDOSODVDPHQWXOXLM
rjt = venitul conferit de plasamentul j la momentul t;
Tj GXUDWDSODVDPHQWXOXLMH[SULPDW vQXQLW LGHWLPS

n QXP UXOGHSODVDPHQWHVXSXVHDQDOL]HL

3UH XO GH DFKL]L LH DO SODVDPHQWXOXL HVWH R IXQF LH GH UDSRUWXO FHUHUH  RIHUW  UHVSHFWLY

cererea de titlu j (Cj)úLRIHUWDGHWLWOXM Oj):

paj = g(Cj/Qj) g’ >0 GDF &j /Oj >1 (126)


g’ < 0 GDF &j /Oj <1
g’ = 0 GDF  l i m (C j / O j ) = 1
O j →C j
C j →O j
6  SUHVXSXQHP RUGRQDUHD SODVDPHQWHORU GXS  GXUDWD ORU DGLF  GXS  OXQJLPHD

LQWHUYDOXOXL GH WLPS GLQWUH PRPHQWXO DFKL]L LHL úL PRPHQWXO VFDGHQ HL 6  SUHVXSXQHP GH

DVHPHQHD F  XQ QXP U GH n1 < n SODVDPHQWH UH]XOW  D IL SH WHUPHQ VFXUW úL UHVWXO GH n - n1 pe
termen lung.
'DF &j / Oj > 1 cu j = 1,2, …, n1UH]XOW F  SUH XULOH GHDFKL]L LH paj VXQW vQFUHúWHUH úL
WRWRGDW PDLPDULGHFkWFHOHGHHFKLOLEUX)XQF LDGHUDQGDPHQW f(x)HVWHvQVF GHUHúLWRWRGDW 

FXYDORULVXEFHOHGDWHGHSUH XOGHHFKLOLEUXFHHDFHVH]LFHFXUDQGDPHQWPLF

5HSUH]HQWDUHD DFHVWHL GHSHQGHQ H vQ tr-un plan, în care abscisa este durata plasamentului,
iar ordonata randamentul acestuia, va genera un "nor" de puncte concentrate în "zona sud-vest" a
graficului.
'DF  VLPXOWDQ &j / Qj >1 cu j = n1 + 1, n1  « Q UH]XOW  F  SUH XULOH GH DFKL]L LH paj

sXQW vQ VF GHUH úL WRWRGDW  PDL PLFL GHFkW FHOH GH HFKLOLEUX )XQF LD f(x) HVWH vQ VF GHUH úL
WRWRGDW FXYDORULVXEFHOHGDWHGHSUH XOGHHFKLOLEUXFHHDFHVH]LFHFXUDQGDPHQWPDUH

5HSUH]HQWDUHDDFHVWHLGHSHQGHQ HvQDFHODúLSODQFDPDLVXVYD genera un "nor" de puncte


concentrate în "zona nord-est" a graficului.
,PDJLQHDJHQHUDO HVWHRFXUE RULHQWDW FUHVF WRU ILJ$ 

η A η B η C

T T T

Fig.1. Curbe de randament

În cazul în care rapoartele Cj/Qj DX VHQVXO GH RUGLQH ID  GH XQLWDWH LQYHUV GHFk t în
SUHVXSXQHULOH GHPDLVXVDWXQFL GLVSXQHUHDvQJUDILF DQRLORUGHSXQFWHHVWH LQYHUVDW ]RQDGH

nord-YHVWSHQWUXWLWOXULOH FXGXUDW VFXUW úL]RQHOHGHVXG HVWSHQWUX WLWOXULOHFX GXUDW OXQJ 


-
,PDJLQHDJHQHUDO HVWHRFXUE RULHQWDW GHVFUHVF W or (fig. 1B).
În cazul în care rapoartele Cj/Qj DX YDORUL vQ MXUXO XQLW LL DWkW SHQWUX SODVDPHQWHOH FX

GXUDW  VFXUW  FkW úL SHQWUX FHOH FX GXUDW  OXQJ  UH]XOW  R FXUE  D F UHL LPDJLQH JHQHUDO  HVWH

VWD LRQDU  ILJ&

$OXUD FXUEHORU GH UDQGDPHQW úL WHQGLQ D HYROX LHL ORU vL RULHQWHD]  SH SODVDWRUL DVXSUD

WLSXULORU GH SODVDPHQWH  WLWOXUL vQ FDUH V -úL DQJDMH]H GLVSRQLELOLW LOH % QFLOH OD UkQGXO ORU VH

137
RULHQWHD]  DVXSUDWLSXULORU GH SURGXVH EDQFDUH SH FDUH V OH RIHUHFHORU FH DX GLVSRQLELOLW L Gar
úLDVXSUDVWUXFWXULLFUHGLWHORUSHFDUHV DFFHSWHV OHGHDLQYHVWLWRULORU'HDVHPHQHDVRFLHW LOH

FRPHUFLDOHvQIXQF LXQHVHSRWRULHQWDDVXSUDWLSXULORUGHWLWOXULFHDUILDYDQWDMRVV OHRIHUHSULQ

emisiuni noi.
5DWDGREkQ]LLHVWHLQIOXHQ DW SXWHUQLFGHLQWHQVLWDWHDSURFHVXOXLLQIOD LRQLVWFDUH]XOWDWDO

UHDF LHLGHDS UDUHDFUHGLWRULORUID GHULVFXOHUR]LXQLLFDSLWDOXOXLORUDGLF DSLHUGHULLSXWHULLOXL

GHFXPS UDUHvQPRPHQWXOUDPEXUV ULLID GHPRPHQWXODFRUG ULLFUHGLWXOXL&DUH]XOWD t, în rata


GREkQ]LL FXUHQWH HVWH LQFOXV  úL UDWD LQIOD LHL ri  3HQWUX D IDFH GLVMXQF LH vQWUH UDWD FXUHQW  D
GREkQ]LLúLFHDGHIODWDW VHXWLOL]HD] QR LXQLOHGHUDW QRPLQDO DGREkQ]LL (dn úLUDWDUHDO D

dobânzii (dr vQWUHFDUHVHVWDELOHúWHXUP WRDUHDUHOD LHFDQWLWDWLY 

1 + dn
dr = −1 (127)
1 + ri

FDUHvQFD]XOXQHLLQIOD LLPLFLVHDFFHSW vQIRUPDVLPSOLILFDW 

dr = dn - ri (128)

GHRDUHFHWHUPHQXOGHJUDGXOGRLUH]XOWDWSULQDGXFHUHDH[SUHVLHLODDFHODúLQXPLWRUDUHXQRUGLQ

GHP ULPHPDLPLFGHFkWFHLODO LWHUPHQLúLSRDWHILQHJOLMDW

B. Agregatele monetare VXQW LQGLFDWRUL PRQHWDUL FH VHOHFWHD]  WLSXULOH GH PLMORDFH GH

SODW GH LQXWHGHDJHQ LLHFRQRPLFLQHILQDQFLDUL

'XS FRQ LQXWXOORUDJUHJDWHOHPRQHWDUHVHFODVLILF v n trei categorii:


(i) PRQHGDSULPDU HVWHPDVDPRQHWDU HPLV úLFRQWURODW GHEDQFD&HQWUDO QXPHUDU

vQ UH]HUY  úL VFULSWXUDO FUHGLWH DFRUGDWH DJHQ LORUHFRQRPLFLILQDQFLDUL úL WH]DXUXOXL UHVFRQWDUHD

HIHFWHORU FRPHUFLDOH úL SXEOLFH  DFHVW DJUHJDW VH PDL QXPHúWH úL ED]  PRQHWDU sau PRQHG  GH

UH]HUY ;
(ii) PRQHGD FD PLMORF GH SODW  HVWH PDVD PRQHWDU  UHSUH]HQWkQG PLMORDFHOH GH SODW 

FUHDWH QX QXPDL GH %DQFD &HQWUDO  GDU úL GH F WUH WR L FHLODO L DJHQ L HFRQRPLFL ILQDQFLDUL FDUH

SRWFUHDPRQHG DFHVWDJUHJDWVHPDLQXPHúWHúLPDV PRQHWDU vQVHQVUHVWUkQV ;


(iii) PRQHGD FD DYX LH QHW  HVWH PDVD PRQHWDU  FH LQFOXGH QX GRDU PLMORDFHOH GH SODW 

FUHDWHGHWR LDJHQ LLHFRQRPLFLILQDQFLDULGDUúLRULFHDOWDFWLYFHQXHVWHIRORVLWvQPRGRELúQXLW

ca mLMORF GH SODW  GDU FDUH DUH R DQXPLW  OLFKLGLWDWH DGLF  VH SRDWH WUDQVIRUPD UHODWLY XúRU vQ

lichiditate.
ÌQ SUDFWLFD EDQFDU  DJUHJDWHOH PRQHWDUH VXQW X]XDO FODVLILFDWH GXS  OLFKLGLWDWHD ORU vQ

patru categorii:
(iv) agregatul M1 sau OLFKLGLWDWHD SULPDU  vQ FDUH VH LQFOXG QXPHUDUXO úL GHSXQHULOH vQ

FRQWXULFXUHQWHQHSXUW WRDUHGHGREkQG 

(v) agregatul M2 sau OLFKLGLWDWHD VHFXQGDU în care se include M1, plasamentele la


WHUPHQ úL SODVDPHQWHOH SHQWUX HFRQRPLVLUH OLFKLGDELOH SULQ &(&-uri cu preaviz; datoriW 

OLFKLGLW LLVDOHULGLFDWHDFHVWDJUHJDWVHPDLQXPHúWHTXDVLPRQHG ;

(vi) agregatul M3vQFDUHVHLQFOXGH0FHUWLILFDWHGHGHSR]LWERQXULGHFDV FRQWXULGH


HFRQRPLL SH WHUPHQ VFXUW úL PHGLX úL DOWH WLWOXUL HPLVH GH DJHQ L HFRQRPLFL ILQDQFLDUL VDX nu)

SHQWUXSLD DILQDQFLDU  PRQHWDU úLGHFDSLWDO 

(vii) agregatul L vQ FDUH VH LQFOXGH 0 úL WLWOXULOH HPLVH SH WHUPHQ PHGLX úL OXQJ
QHJRFLDELOHúLWUDQVIRUPDELOHUHODWLYXúRUvQOLFKLGLWDWH

3. Creditul
&UHGLWXO HVWH R RSHUD LXQH HFRQRPLF  SULQ FDUH GHELWRUXO RE LQH GH OD FUHGLWRU UHVXUVH

E QHúWLLPHGLDWXWLOL]DELOHvQVFKLPEXOSURPLVLXQLLFDODGDWHFRQYHQLWHV IDF UDPEXUVDUHDúLV 

SO WHDVF  GREkQGD &UHGLWXO DSDUH FD R UHOD LH vQWUH GRL DJHQ L HFRQRPLFL úL DO F UHL RELHFW vO

138
constituie transferuULOH PRQHWDUH OHJDWH GH XWLOL]DUHD XQRU VXPH vPSUXPXWDWH $FHVWHL UHOD LL vL
VXQWVSHFLILFHXUP WRDUHOHWU V WXUL

1. 6XELHF LL UDSRUWXOXL GH FUHGLW, respectiv creditorul - FHO FDUH G  EDQL FX vPSUXPXW úL
debitorul - cel care ia bani cu împrumut. Într-o opHUD LXQHGHFUHGLWGDW RULFDUHDJHQWHFRQRPLF
LQFOXVLY VWDWXO VH SRDWH DIOD vQ XQD GLQ FHOH GRX  VLWXD LL PHQ LRQDWH DGLF  SRDWH IL XQXO GLQ FHL

GRL VXELHF L 'LQWUH VHFWRDUHOH LQVWLWX LRQDOH H[LVWHQWH vQ HFRQRPLH FHO DO PHQDMHORU HVWH

considerat priQ H[FHOHQ  FUHGLWRU FHOHODOWH SXWkQGX VH DIOD WHPSRUDU vQ RULFDUH GLQWUH FHOH GRX 
-
LSRVWD]H6HFWRUXODGPLQLVWUD LLORUSXEOLFHHVWHGHUHJXO vQLSRVWD]DGHGHELWRU

2. Promisiunea de rambursare DGLF  DQJDMDPHQWXO GHELWRUXOXL GH D UHWXUQD VXPD


împrumutaW  OD GDWD  GDWHOH FRQYHQLWH FX FUHGLWRUXO 5DPEXUVDUHD VH SRDWH IDFH LQWHJUDO OD R
DQXPLW  GDW  VDX VH SRDWH IDFH HúDORQDW OD GDWH FRQYHQLWH )LLQG R SURPLVLXQH UDPEXUVDUHD

SUHVXSXQH ULVFXUL SHQWUX FUHGLWRU ILH F  DFHVWD HVWH R EDQF  ILH F  HVWH XQ GHSXQ WRU FDUH úL -a
FRQVWLWXLW GHSR]LWH OD R EDQF  'LPLQXDUHD ULVFXOXL GH DFHVW JHQ GH QHUDPEXUVDUH úL GH

imobilizare) se face prin proceduri specifice: diagnosticul financiar úLVROLFLWDUHDGHJDUDQ LL.


3. Termenul de rambursare VDX VFDGHQ D HVWH GDWD OD FDUH VH FRQYLQH vQWUH VXELHF L
UHWXUQDUHD VXPHL vPSUXPXWDWH 6FDGHQ D SRDWH IL XQLF  VDX PXOWLSO  'H UHJXO  OD VFDGHQ  VH

UHVWLWXLH vPSUXPXWXO VDX R SDUWH D OXL úL VH DFKLWD GREkQGD DIHUHQW  ÌQ XQHOH FD]XUL FUHGLWHOH VH

DFRUG FXSHULRDG GHJUD LH, adLF XQQXP UGHSHULRDGHGHWLPSVWDQGDUG V SW PkQ OXQ DQ 

vQ FDUH GHELWRUXO HVWH VFXWLW GH D IDFH UDPEXUV UL úL FKLDU SO L GH GREkQG  GDU DFHDVWD VH

FDOFXOHD]  úL VH YDUV  XOWHULRU OD VFDGHQ HOH FRQYHQLWH (VWH SRVLELO GH DVHPHQHD FD SH R

perioad  GH WLPS VWDQGDUG GH SLOG  XQ DQ GHELWRUXO V  SO WHDVF  WULPHVWULDO GREkQGD LDU

UDPEXUVDUHDFUHGLWXOXLVDXDXQHLS U LGLQHOV VHIDF DQXDO

7HUPHQHOHSRWILIRDUWHVFXUWH RQRDSWHR]L VFXUWH XQDVDXFkWHYDV SW PkQLVDXOXQL 

medii (1-5 ani), lungi (5-10-15 ani) sau foarte lungi (20- GH DQL úL FKLDU SkQ  OD  GH DQL 

7HUPHQHOH X]XDOH OD R EDQF  VXQW vQ IXQF LH GH VSHFLILFXO HL 'H SLOG  OD R EDQF  FRPHUFLDO 

WHUPHQXOVFXUWHVWHGHSkQ ODGH]LOHFHOPHGLXSkQ ODDQúLFHOOXQ g peste 1 an. În schimb,


ODREDQF GHLQYHVWL LLWHUPHQXOVFXUWHVWHGH-3 ani, cel mediu 3-DQLúLFHOOXQJ-10 ani.

6WUXFWXUDSO LLHIHFWXDWHGHGHELWRULODVFDGHQ LQFOXGHGRX FRPSRQHQWH

- amortizareaUHVSHFWLYVXPDFHUDPEXUVHD] vPSUXPXWXOVDXRSDUWHDOXLDFHDVW VXP 

DSDUH vQ WHUPLQRORJLD HQJOH]  úL DPHULFDQ  VXE QXPHOH GH SULQFLSDO LDU vQ WHUPLQRORJLD

WUDGL LRQDO URPkQHDVF VXEQXPHOHGHFDSHWH

- dobânda.
6XPD UDPEXUVDW  GH GHELWRU OD VFDGHQ  VH ]LFH vQ FD]XO WHUPHQHORU DQXDOH anuitate úL
avem:
A = Am + D (129)
unde: A = anuitate;
Am = amortizare;
D GREkQG 

3O LOH I FXWH vQ FRQWXO FUHGLWXOXL SRW IL amânate FUHGLWH FX SHULRDG  GH JUD LH  VDX

imediate FX SODWD vQ SULPD SHULRDG  VWDQGDUG GH UDPEXUVDUe); anticipate SODWD HIHFWXDW  OD
începutul perioadei standard de rambursare) sau posticipate SODWD HIHFWXDW  OD ILQHOH SHULRDGHL
standard de rambursare); în rate egale (amortismente egale) sau FXDQXLW LHJDOH
În cazul amortismentelor egale, cuantumuODFHVWRUDVHVWDELOHúWHGXS UHOD LD

C
Am = (130.1)
n
unde: C = creditul acordat / preluat;
Q QXP UXOSHULRDGHORUVWDQGDUGSkQ ODVFDGHQ 

iar suma de rambursat (SRt) este:


SRt = Am + Dt (130.2)
D t = [C − ( t − 1) ∗ A m ] ∗ d (130.3)

139
unde: t  LQGLFH SHQWUX LGHQWLILFDUHD VFDGHQ HL FX VHQVXO GH QXP UXO GH RUGLQH DO SHULRDGHL

VWDQGDUGGHVFDGHQ 

d = rata dobânzii;
Dt GREkQGDGHSODW SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]D PDUH GLQ UHOD LD   VHPQLILF  YROXPXO    FXDQWXPXO FUHGLWXOXL FX FDUH

GHELWRUXOPDLHVWHGDWRUvQLQWHUYDOXOGLQWUHFHOHGRX VFDGHQ HVXFFHVLYHW úLW -


ÌQ FD]XO FRQVWDQ HL VXPHORU GH UDPEXUVDW VH IDFH PDL vQWkL FDOFXOXO DFHVWRUD ÌQ FD]XO

SHULRDGHLVWDQGDUGDQXOP ULPHDORUVHGHWHUPLQ GXS UHOD LD

n
C= ∑ A(1 + d)− t (131.1)
t =1

6HGHWHUPLQ DSRLGREkQGDGXS UHOD LD

t −1
D t = (C − ∑ Am j ) ∗ d (131.2)
j=1

úLvQILQDODPRUWL]DUHDSO WLW vQDQXOWvQFRQWXOGDWRULHL

Amt = A - Dt (131.3)

unde: j = indice FXDFHODúLVHQVFDúLW


Amj  DPRUWL]DUHD SO WLW  vQ SHULRDGD VWDQGDUG M DGLF  vQ SHULRDGHOH DQWHULRDUH FHOHL

FXUHQWHSHQWUXFDUHXUPHD] V VHIDF SODWD 

Amt DPRUWL]DUHDGHSODW SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]DGLQUHOD LD  VHPQLILF YROXPXOFXDQWXPXOFUHGLWXOXLFXFDUHGHELWRUXO

PDLHVWHGDWRUvQLQWHUYDOXOGLQWUHVFDGHQ DFXUHQW WúLFHDSUHFHGHQW 

4. Dobânda SHQWUXGHILQL LHúLVHQVYH]LFDS,9$ ÌQSUDFWLFDEDQFDU VXQWFXQRVFXWH


GRX PRGDOLW LGHFalcul al acesteia:

a) GREkQGD VLPSO  X]XDO  SHQWUX FUHGLWHOH SH WHUPHQ VFXUW FDUH vQ DFHVW FRQWH[W HVWH
vQ HOHVVWULFWXQDQVDXVXEXQDQ

Z
D = C∗d∗ (132)
T

în care: Z QXP UXOGHVXESHULRDGHDQXDOHFHH[SULP GXUDWDVFDGHQ HL GHUHJXO ]LOH 

T  QXP UXO GH GLYL]LXQL vQ FDUH VH SDUWDMHD]  DQXO  vQ SUDFWLFD EDQFDU  URPkQ 

IUDQFH] LWDOLDQ úDVDXvQSUDFWLFDEDQFDU JHUPDQ HOYH LDQ úD 

b) GREkQGDFRPSXV X]XDO SHQWUXFUHGLWHOHSHVWHXQDQ

Ct = C (1+d)t (133.1)
D = Ct - C = C [(1+d)t -1] (133.2)

unde: Ct VXPDFHWUHEXLHUDPEXUVDW ODVFDGHQ vQVLWXD LDvQFDUHVFDGHQ DHVWHXQLF 

t GXUDWDVFDGHQ HLH[SULPDW vQDQL

3HQWUX FD]XULOH GH UDPEXUV UL SUH]HQWDWH vQ SDUDJUDIXO DQWHULRU UHOD LLOH   úL

 GREkQGDWRWDO GDWRUDW GHGHELWRUSHWRDW GXUDWDXWLOL] ULLFUHGLWXOXLVHGHWHUPLQ GXS 

UHOD LD

140
n
D = ∑ Dt (134)
t =1

unde DtHVWHGHWHUPLQDW ILHFRQIRUPUHOD LHL  ILHFRQIRUPUHOD LHL  'LQPRGXO de


FDOFXO DO GREkQ]LL UH]XOW  HYLGHQW F  DFHDVWD VH GHWHUPLQ  întotdeauna în raport cu creditul în
IRORVLQ  OD GHELWRU vQ SHULRDGD SHQWUX FDUH VH FDOFXOHD]  GREkQGD úL nu în raport cu

volumul/cuantumul creditului preluat.


ÌQ FD]XO GREkQ]LL HVWH SUH]HQW  UDWD GREkQ]LL SH FDUH vQ SUH]HQW ULOH I FXWH PDL VXV DP

considerat-o IL[  (VWH R LSRWH]  IRDUWH IUHFYHQW  vQ SUDFWLFD EDQFDU  'DWRULW  IHQRPHQXOXL

LQIOD LRQLVW DFFHQWXDW vQ XOWLPLL DQL vQ PXOWH UL D DS UXW vQV  úL SUDFWLFD UDWHORU GH GREkQG 

variabile 3RWULYLW DFHVWHL SUDFWLFL FRQWUDFWXO GH FUHGLWDUH SUHYHGH RS LXQHD FUHGLWRUXOXL GH D
PRGLILFD SHULRGLF UDWD GREkQ]LL vQIXQF LH GH LQIOD LH VDX GHHYROX LD SLH HL PRQHWDUH LQWHUQH VDX

LQWHUQD LRQDOH

5. &RQVLP LUHD WUDQ]DF LHL DGLF  GHYHQLUHD HIHFWLY  D FUHGLWXOXL FHHD FH vQVHDPQ  F 
sume de bani reprezentând creditul au intrat în posesia debitorului: creditul a fost înregistrat în
FRQWXOGHELWRUXOXLFDGLVSRQLELOLWDWHE QHDVF DDFHVWXLDHPLWHQWXOXQHLREOLJD LXQLDYkQGXW-RúL

a încasat contravDORDUHDHLGHSLD XQGHELWRUDGHSXVEDQLLvQGHSR]LWXOSHFDUHúLO-a deschis la


REDQF HWF

&RQVLP LUHDWUDQ]DF LHLSRDWHILGHWLS unic atunci când, în raportul de credit, ea intervine


R VLQJXU  GDW  VDX GH WLS credit deschis atunci când creditorul RIHU  XQ FUHGLW GH XQ YROXP
FRQYHQLWFXGHELWRUXOLDUDFHVWDLDvQIRORVLQ S U LDOHDFHVWXLFUHGLWODGLIHULWHLQWHUYDOHGHWLPS

vQIXQF LHGHQHYRL

6. Consemnarea HVWH DFHD WU V WXU  D UDSRUWXOXL GH FUHGLW SRWULYLW F UHLD UHVSHFWLYXO

raport este oELHFWDOXQXLvQVFULVFDUHvODWHVW vQFHHDFHDUHHOHVHQ LDOLGHQWLILFDUHDFUHGLWRUXOXL

úLGHELWRUXOXLVXPDGDWDHPLWHULLVFDGHQ DúD

(PLWHUHD vQVFULVXOXL WLWOX GH FUHGLW  SRDWH IL I FXW  ILH GH GHELWRU ILH GH FUHGLWRU &HOH

mai cunoscute înscULVXUL VXQW FDPEUD ELOHWXO OD RUGLQ SROL D &(&-XO FHUWLILFDWH GH GHSR]LW úL
SHQWUX FD]XO FkQG GHELWRU HVWH VWDWXO  R DGPLQLVWUD LH SXEOLF  ERQXO GH WH]DXU úL REOLJD LXQHD

YH]LúLFDS,,,,9

7. Transferabilitatea HVWHDFHDWU V WXU DUDSRUWXOXLGHFUHGLWSRWULYLWF UHLDXQFUHGLWRU

WUDQVIHU YLQGHGUHSWXULOHVDOHGHFXUJkQGGLQWU -un astfel de raport.


$FHDVW FDUDFWHULVWLF JHQHUHD] RSHUD LLEDQFDUHVSHFLILFHVFRQWXO OHJDWGHWLWOXULvQFDUH

VWDWXODGPLQLVWUD LD SXEOLF  QX HVWH GHELWRU  úi lombardarea (legat de titluri în care
VWDWXODGPLQLVWUD LDSXEOLF HVWHGHELWRU 

3.1. Riscurile creditului


&UHGLWXOHVWHRUHOD LHvQWUHGRLSDUWHQHUL VXELHF L FDUDFWHUL]DWDúDFXPDPY ]XWSULQWU -
RSURPLVLXQHFDUHHVWHJHQHUDWRDUHGHULVFXULÌQOHJ WXU FXUDPEXUVDUHDDSDUGRX FDWHJRULLGH

riscuri:
A. Riscul de rambursare SH FDUH úL-O DVXP  FUHGLWRUXO úL FDUH FRQVW  ILH vQ vQWkU]LHUHD

DFHVWHLDSHVWHVFDGHQ ILHvQLPSRVLELOLWDWHDGHELWRUXOXLGHDUDPEXUVD

ÌQWkU]LHUHD SHVWH VFDGHQ  VH SHQDOL]HD]  SULQ PDMRUDUHD GREkQ]LL SH GXUDWD vQWkU]LHULL úL

SULQ FRQVHPQDUHD FD LQFLGHQW ÌQ PXOWH UL E QFLOH FRRSHUHD]  VXE VXSUDYHJKHUHD % QFLL

&HQWUDOH SHQWUX HYLGHQ D GHWDOLDW  úL SUHFLV  D LQFLGHQWHORU $VWIHO H[LVW  LQIRUPD LL GHVSUH RULFH

debitor relativ laLQFLGHQWHOHDOF URU VXELHFWDIRVW úLGHVSUHPRGXOGH VROX LRQDUHDLQFLGHQWHORU

UHVSHFWLYH (YHQWXDOLL YLLWRUL FUHGLWRUL YRW IL vQ FXQRúWLQ  GH FDX]  GHVSUH FDOLWDWHD SURPLVLXQLL

GHUDPEXUVDUHDQJDMDW GHXQGHELWRUúLvúLSRWOXDP VXULSUHYHQWLYH

ÎnDQXPLWHFD]XULFkQGGHELWRUXODQXQ DQWLFLSDWSRVLELOLWDWHDvQWkU]LHULLFUHGLWRUXOSRDWH

DFFHSWDvQFRQGL LLQHJRFLDWHFXUHVSHFWLYXOGHELWRUUHHúDORQDUHDUDPEXUV ULL

,PSRVLELOLWDWHD GH UDPEXUVDUH SRDWH LQWHUYHQL GLQ LQFDSDFLWDWHD GH SODW  D GHELWRU ului
IDOLPHQW  GLQ GLVSDUL LD OXL FX UHD FUHGLQ  VDX GLQ GLVSDUL LD IL]LF  ,PSRVLELOLWDWHD GH

141
UDPEXUVDUHHVWHWUDWDW GHDVHPHQHDFDLQFLGHQW

&UHGLWHOH DIODWH vQ DVWIHO GH VLWXD LL VH ]LF neperformante: cele întârziate - restante, iar
celelalte - nerecuperabile.
(YLGHQ DLQFLGHQWHORUODREDQF VDXSHDQVDPEOXOVLVWHPXOXLEDQFDUFUHHD] SRVLELOLWDWHD

FDOFXO ULL ULVFXOXL GH QHUDPEXUVDUH $FHVW ULVF VH SRDWH FDOFXOD SH XQ GHELWRU RDUHFDUH GDU GH

UHJXO  VH FDOFXOHD]  SH PXO LPL GH FD]XUL GH DFHLDúL VSH  'H SLOG  SHQWUX XQ DQXPLW WLS GH

FUHGLW SHQWUX GHELWRUL GHVI úXUkQG XQ DQXPLW IHO GH DFWLYLWDWH SHQWUX RSHUD LXQL GH FUHGLWDUH

circumscrise unei anumite zone geografice etc. Într-R SULP  DSUR[LPDUH ULVFXO SRDWH IL
determinat ca probabilitate de pURGXFHUHDLQFLGHQWXOXLvQPXO LPHDFD]XULORUGHFUHGLWDUH WRWDO 
VDXGHRDQXPLW VSH 

n
rn = (135)
N
unde: rn = riscul de nerambursare;
n QXP UXOFD]XULORUGHLQFLGHQWH

N  QXP UXOWRWDODORSHUD LXQLORUGHFUHGLWDUH SHDQVDPEOXVDXSHRDQXPLW VSH GH

credite).
Într-RDQDOL] PDLHODERUDW ULVFXOVHSRDWHGHWHUPLQDFDGLVSHUVLHDUH]XOWDWXOXLFUHGLW ULL
(profit sau pierdere).
5H]XOWDWXOFUHGLW ULLVHGHWHUPLQ vQIRUP DEVROXW FDGLIHUHQ vQWUHvQFDV ULOHE QFLLSH

VHDPD UHVSHFWLYXOXL FUHGLW úL FKHOWXLHOLOH I FXWH GH EDQF  SHQWUX GHUXODUHD FUHGLWXOXL úL

UHFXSHUDUHD DFHVWXLD ([SUHVLD SURFHQWXDO  D UH]XOWDWXOXL VH RE LQH SULQ UDSRUWDUHD DFHVWXLD OD

cuantumul creditului.
În cazul creditelor neperformantH FKHOWXLHOLOH LQFOXG SH OkQJ  FHOH QRUPDOH SULYLQG

IXQF LRQDUHD E QFLL úL FKHOWXLHOL OHJDWH GH XUP ULUHD GHELWRUXOXL FKHOWXLHOL GH MXGHFDW 

FKHOWXLHOLOH SHQWUX YDORULILFDUHD JDMXULORU VXPH UHFXSHUDWH GLQ FUHGLWXO vQVXúL GREkQ]LOH

neîncasate, decapitalL]DUHDVXPHORUFUHGLWDWHvQLQWHUYDOXOGLQWUHDFRUGDUHVFDGHQ úLPRPHQWXO

HYHQWXDOHLORUUHFXSHU ULúDÌQDFHVWHFD]XULGHPXOWHRULUH]XOWDWXOFUHGLW ULLHVWHQHJDWLY

5H]XOWDWXO FUHGLW ULL VH FRQVLGHU  D IL GHWHUPLQDW GH VWDUHD HFRQRPLHL D UDPXU ii
HFRQRPLFHD]RQHLJHRJUDILFHXQGHVHGHUXOHD] DFWLYLWDWHDGHELWRUXOXL3H ED]DXQRULQIRUPD LL

VWDWLVWLFHSULYLQGYDULD LDDFHVWHLVW ULvQWUHFXWúLDXQRUSUHGLF LLSULYLQGHYROX LDXQRULQGLFDWRUL

economici / sociali / politici specifici se pot detHUPLQD SUREDELOLW L GH SURGXFHUH D GLIHULWHORU

VW UL HFRQRPLFH ÌQ FRQGL LLOH XQHL VW UL GDWH HVWH SRVLELO XQ DQXPH UH]XOWDW DO FUHGLW ULL LDU

DFHVWXLDLVHDIHFWHD] FDSUREDELOLWDWHDFHHDFDUDFWHULVWLF UHVSHFWLYHLVW UL

5LVFXOVHFDOFXOHD] SHED]DUHOD LHL

J −
rn = ∑ (rj − r )2 ∗p j (136.1)
j=1

unde: j LQGLFHSHQWUXLGHQWLILFDUHDVW ULLHFRQRPLHL

J QXP UXOGHVW ULDOHHFRQRPLHLOXDWHvQFRQVLGHUDUH

rj UH]XOWDWXOFUHGLW ULLvQFRQGL LLOHSURGXFHULLVW ULLMDHFRQRPLHL


r  UH]XOWDWXO PHGLX DO XQHL RSHUD LXQL GH FUHGLWDUH SH DQVDPEOXO DFHVWRUD VDX SH

PXO LPHDFHORUGHRDQXPLW VSH 

pj SUREDELOLWDWHDSURGXFHULLVW ULLMDHFRQRPLHL

Vj − Ch j
rj = (136.2)
C

unde: Vj = veQLWXORE LQXWGHEDQF vQXUPDDFRUG ULLXQXLFUHGLW vQJHQHUDOVDXGHRDQXPLW 

VSH vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

142
Chj FKHOWXLHOLOHRFD]LRQDWHE QFLLGHGHUXODUHDúLUHFXSHUDUHDXQXLFUHGLW vQJHQHUDOVDX

GHRDQXPLW VSH vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

C = cuantumul creditului acordat.


− J
r = ∑ rj ∗ p j (136.3)
j=1
B. Riscul de imobilizare SH FDUH úL-O DVXP  GHSRQHQWXO XQHL E QFL úL FDUH FRQVW  vQ

LPSRVLELOLWDWHDE QFLLGHDUDPEXUVDDFHVWXLDODFHUHUHSDU LDOVDXLQWHJUDOVXPDGHSXV 

&DX]HOH DFHVWXL ULVF VH UHJ VHVF vQ SULQFLSLX vQ FRQMXQFWXUD HFRQRPLF  QHIDYRUDELO  FH

SRDWH FRQGXFH OD GLILFXOW L ILQDQFLDUH SHQWUX DJHQ LL HFRQRPLFH UHIOX[XO SURFHVXOXL GH

economisire, lipsa mijloacelor GHSODW ODGHELWRULúDÌQDIDU GHDFHDVWDvQFKLDUFRQGL LLOHXQHL

FRQMXQFWXUL HFRQRPLFH IDYRUDELOH ULVFXO VH SRDWH SURGXFH GDWRULW  XQRU FDX]H FH LQ GH

PDQDJHPHQWXOILQDQFLDUQHFRUHVSXQ] WRUILHODQLYHOXOE QFLLILHODQLYHOXOGHELWRULORUDFHVWHL a.


/D QLYHOXO E QFLL PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DOWHOH

DFFHSWDUHD XQRU RSHUD LXQL ULVFDQWH GH FUHGLWDUH FDUH JHQHUHD]  FUHGLWH QHSHUIRUPDQWH

LQVXILFLHQWD FXQRDúWHUH D VLWXD LHL ILQDQFLDUH D GHELWRUXOXL GLDJQRVWLFXO ILQDQ ciar defectuos al
GHELWRUXOXL DSUHFLHUHD LQFRUHFW  D UDSRUWXULORU GH VFDGHQ H vQWUH RSHUD LXQLOH DFWLYH DFRUG UL GH

FUHGLWH úLFHOHSDVLYH PRELOL]DUHDGHUHVXUVH úD

/D QLYHOXO GHELWRULORU PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DO tele,
XWLOL]DUHD QHHILFLHQW  D FUHGLWHORU GHUXODUHD DFWLYLW LL SURSULL vQ FRQGL LL GH HILFLHQ  VF ]XW 

XWLOL]DUHDFUHGLWHORUvQDFWLYLW LQHDGXF WRDUHGHSURILWVDXvQMRFXULGHEXUV úD

ÌQ DIDU  GH ULVFXULOH GH UDPEXUVDUH vQ DFWLYLWDWHD E QFLORU DSDU úLDOWH ULVFXUL JHQHUDWH GH

vPSUHMXU ULGLIHULWH

a) ULVFXO LQVROYDELOLW LL sau al pierderii de capital, care apare din cauza creditelor
QHSHUIRUPDQWH vQ SULPXO UkQG D FHORU QHUHFXSHUDELOH  úL D FUHúWHULL UDWHL GREkQ]LL $FHDVWD GLQ

XUP  P UHúWH HIRUWXO GH UDPEXUVDUH DO GHELWRULORU úL UHVWUkQJH VIHUD XWLOL] ULORU HILFLHQWH DOH

FUHGLWXOXL (VHQ LDO SHQWUX XWLOL]DUHD HILFLHQW  D FUHGLWXOXL HVWH FD GHELWRUXO V  vQWUHSULQG 

DFWLYLW L D F URU SURILWDELOLWDWH V  ILH SR]LWLY  UH]XOWDWXO DFWLYLW LL GLPLQXDW FX LPSR]LWHOH V 

acopere costul resurselor cu care s-DILQDQ DWDFWLYLWDWHD'DF UDWDILVFDOLW LLúLUDWDGREkQ]LLVXQW

ULGLFDWH DWXQFL VIHUD XWLOL] ULL HILFLHQWH D FUHGLWXOXL VH UHVWUkQJH LDU ULVFXO GH LQVROYDELOLWDWH

FUHúWH

ri = f(t,d) f ’t > 0 (137.1)


f ’d > 0

unde: ri = riscul de insolvabilitate;


t UDWDILVFDOLW LL
d = rata dobânzii.

0XO LDXWRUL vQVSHFLDOIUDQFH]LúL DPHULFDQL vQWUHFDUH0RGLJOLDQLODXUHDW1REHO SHQWUX

HFRQRPLH DUDW  F  ULVFXO LQVROYDELOLW LL GHSLQGH GLUHFW GH PDVD FUHGLWHORU DFRUGDWH GH R EDQF 

)XQF LD  VHSRDWHUHVFULHvQWU RIRUP FRPSOHWDW


-

ri = f(C,t,d) f'c > 0 (137.2)

XQGH & HVWH PDVD WRWDO  D FUHGLWHORU DFRUGDWH GHSHQGHQ D ULVFXOXL ID  GH W úL G VH S VWUHD]  FD

mai sus, iar f(• HVWHHYLGHQWRDOW IXQF LHGHFkWFHDSUHFHGHQW 

3UHYHQLUHD úLGLPLQXDUHDDFHVWXLULVFVHIDFHSHED]DXQRUQRUPHSUXGHQ LDOHGLQWUHFDUH

XQHOHLPSXVHvQPRGH[SUHVGH%DQFD&HQWUDO 'LQWUHDFHVWHQRUPHFHOHPDLX]XDOHVXQW

♦ REOLJD LDXQXLFDSLWDOPLQLPSURSULXDOE QFLL

♦ norma lui Cooke

143
KP
nC = ≤ 8% (138)
n
∑ C j ∗ rj
j=1
unde: nC = coeficientul lui Cooke;
KP FDSLWDOXOSURSULXDOE QFLL
j = indice pentru identificarea tipului de credit acordat ;
n QXP UXOGH tipuri de credite acordate;

rj = riscul specific tipului j de credit.


ƒ FRWD PD[LP  SH FDUH FUHGLWHOH DFRUGDWH XQXL DQXPLW FOLHQW úL HIHFWLYH OD XQ PRPHQW GDW R

SRDWHDYHDvQFDSLWDOXOSURSULXDOE QFLLFRW FDUHGHUHJXO HVWHGH

ƒ FRWDPD[LP SHFDUHFUHGLWHOHDFRUGDWHGHELWRULORUGHVI úXUkQGXQDQXPLWJHQGHDFWLYLWDWHúL

efective la un moment dat o poate avea în totalul creditelor în derulare la acel moment (de
UHJXO  VDXvQFDSLWDOXOSURSULXDOE QFLL

8OWLPHOH GRX  QRUPH DX vQ YHGHUH G iminuarea riscului de insolvabilitate prin
GLYHUVLILFDUHDSRUWRIROLXOXLGHDFWLYHDOE QFLL

b) riscul lipsei de lichiditate DSDUH vQ VLWXD LD vQ FDUH EDQFD QX GLVSXQH GH UHVXUVH GLQ
FDUH V  DFRSHUH SO LOH VFDGHQWH OD XQ PRPHQW GDW SO L RUGRQDWH GH FOLHQ LL HL D IL I FXWH GLQ

FRQWXULOHSHFDUHDFHúWLDOHDXGHVFKLVHODFKLDUEDQFDvQFDX] FKHOWXLHOLOHSURSULLGHIXQF LRQDUH

DE QFLLFHUHULOHGHvQFKHLHUHGHFRQWXULVDXOLFKLG ULGHGHSR]LWH

6LVWHPXOEDQFDUúLvQSULPXOUkQG%DQFD&HQWUDO SUHFXPúLSLD DPRQHWDU vQVLQHRIHU 

R YDULHWDWH GH SRVLELOLW L SHQWUX GHS úLUHD XQHL DVWIHO GH GLILFXOW L VFRQWDUHD VDX UHVFRQWDUHD

SRUWRIROLXOXL GH HIHFWH FRPHUFLDOH DQJDMDUHD XQRU FUHGLWH FRQMXQFWXUDOH GH VFXUW  GXUDW  SH

SLD D LQWHUEDQFDU  ORPEDUGDUHD WLWOXULORU GH VWDW UHILQDQ DUHD GH VFXUW  GXUDW  GH OD %DQFD

&HQWUDO 'HDFHHDULVFXOGHOLFKLGLWDWHHVWHvQPRGRELúQXLWQXXQULVFGHLQWUDUHvQLQFDSDFLWDWHD

GH SODW  FL XQ ULVF DO FRVWXULORU VXSOLPHQWDUH SUHVXSXVH GH SURFXUDUHD PLMORDFHORU GH SODW 

insuficiente la un moment dat.


&RVWXO GLVSRQLELOLW LORU UH]XOWDWH vQ PRG ILUHVF GLQ VROGXO SR]LWLY GHSXQHUL  vQFDV UL

FXUHQWHID GHUHWUDJHULSO LFXUHQWHHVWHvQJHQHUDOPLFILLQGF UDWDGREkQ]LLODGHSXQHULHVWH

PDLPLF GHFkWUDWDGREkQ]LL la creditele bancare.


&RVWXO GLVSRQLELOLW LORU SURFXUDWH DG-hoc, într-R VLWXD LH GH OLSV  GH OLFKLGLWDWH HVWH PDL

PDUH úL UH]XOW  FD ILLQG VXSOLPHQWDU FRVWXULORU FXUHQWH RUGLQDUH $FHVW FRVW GLPLQXHD]  SURILWXO

E QFLL VDX vO SRDWH IDFH QHJDWLY FX UHSH rcusiuni defavorabile provenite din comportamentul de
UHVSLQJHUHDS UXWODDF LRQDULLE QFLL

Diminuarea riscului de lichiditate se face prin politica de atrageri de depuneri (dobânzi


DWUDFWLYHSURGXVHEDQFDUHQRL SULQ SROLWLFDMXGLFLRDV  GHFUHGLWDUH prin alegerea plasamentelor
FRUHFWHúLPDLDOHVSULQWU-REXQ FRUHODUHDGXUDWHLGHSR]LWHORUFXFHDDFUHGLWHORUDFRUGDWH

c) ULVFXO GH GREkQG  DSDUH vQ VLWXD LD vQ FDUH HYROX LD UDWHL GREkQ]LL VH SURGXFH vQWU-un
VHQVQHIDYRUDELOE QFLL$VWIHOvQFD]ul în care banca a acceptat depozite remunerate cu d1%, iar

vQ WLPS SH SLD D PRQHWDU  DFHDVW  UDW  V-a diminuat la d2 GLIHUHQ D GLQWUH FHO GRX  UDWH GH

GREkQG UHSUH]LQW SHQWUXEDQF XQFRVWVXSOLPHQWDUDOGLVSRQLELOLW LORUVDOHÌQPRGVLPLODUvQ

cazXO F  UDWD GREkQ]LL OD GHSR]LWH HVWH G1 úL U PkQH QHPRGLILFDW  LDU UDWD GREkQ]LL OD FUHGLWH
era de d2% > d1%, dar s-a diminuat în timp la d3 GLIHUHQ D G2 – d3% se constituie în costuri
VXSOLPHQWDUHVDXFKLDUvQSLHUGHULGDF G2% < d3%. Acest risc apare, în principiu, tot ca un risc de

costuri suplimentare.
'LPLQXDUHDDFHVWXLULVFVHIDFHSULQP VXULSUHYHQWLYHLQFOX]kQGvQGREkQGDODFUHGLWHR

FRW UHIOHFWkQGDFHVWULVFVDXDFFHSWkQGVFDGHQ HODFUHGLWHGDUúLODGHSR]LWHvQOLPLWDRUL]RQWXOXL

de preGLF LHFDUHLQGLF RHYHQWXDO PRGLILFDUHQHIDYRUDELO DUDWHLGHGREkQG FXFHD PDLPLF 

SUREDELOLWDWH'HDVHPHQHDVHSRDWHIDFHSULQFODX]DYDULDELOLW LLUDWHLGREkQ]LL

d) riscul eroziunii capitalului DSDUH vQ VLWXD LD vQ FDUH LQIOD LD DIHFWHD]  UDW a dobânzii
I FkQG R UHDO QHJDWLY  YH]L UHOD LD   $FHVW OXFUX VH SURGXFH GH UHJXO  DWXQFL FkQG
-
HYROX LD HIHFWLY  D SURFHVXOXL LQIOD LRQLVW GHS úHúWH SUHGLF LLOH FHOH PDL SHVLPLVWH SH FDUH EDQFD

144
le-a avut în vedere la momentul stabilirii ratei dobânzii.
e) riscul valutar HVWH OHJDW GH HYROX LD FXUVXULORU GH VFKLPE DOH GLYHUVHORU PRQHGH
QD LRQDOHvQSULPXOUkQGDFHORU FXFDUHR EDQF OXFUHD] vQ PRGFXUHQW$FHVWULVFHVWH JHQHUDW

GH VWDUHD HFRQRPLLORU QD LRQDO VWU LQH FDUH GHWHUPLQ  vQ PRG HVHQ L al paritatea momentelor lor
FX PRQHG  ULL 5LVFXO GHYLQH HIHFWLY DWXQFL FkQG R EDQF  GH LQH GHSR]LWH DUH UH]HUYH VDX D

I FXW SODVDPHQWH vQWU R YDOXW  VWU LQ  GH SLOG  (852 LDU DFHDVWD VH GHSUHFLD]  vQ UDSRUW FX R
-
DOWDGHSLOG GRODUXODPHULFDQVDX\HQXOMDSRQH]'LVSRQLELOLW LOHYDOXWDUHDOHE QFLLvQFDX] DX

vQDFHVWIHORSXWHUHGHFXPS UDUHPDLPLF vQGRODULVDX\HQLGHFkWDYHDvQPRPHQWXOFRQVWLWXLULL

GHSR]LWHORUúLUH]HUYHORUVDXDOHIHFWX ULLSODVDPHQWHORU

Diminuarea acestui risc se face prLQGLYHUVLILFDUHDYDOXWHORUFXFDUHOXFUHD] REDQF SULQ

DFXUDWH HD HIHFWX ULL SUHGLF LLORU SULYLQG SLD D YDOXWDU  SULQ SURPRYDUHD RSHUD LXQLORU GH VHQV

LQYHUVSULQFRQVXOWDUHDDJHQ LLORUGHUDWLQJ HYDOXDUH DULVFXULORUGH DU VDXGHEDQF 

f) risFXO GH DU  HVWH OHJDW GH SHUIRUPDQ HOH HFRQRPLFH DOH XQHL UL GH HYROX LD

FRQMXQFWXULLHFRQRPLFHúLSROLWLFHGLQWU R DU GHVWDELOLWDWHDFRQWH[WXOXLPHGLXOXLHFRQRPLFúL
-
politic al acesteia.
'LPLQXDUHD DFHVWXL ULVF VH IDFH SULQ LQIRUPDUHD FRQWLQX  FRUHFW  úL RELHFWLY  DVXSUD

HYROX LHLFDGUXOXLMXULGLFR OHJLVODWLYDO


- ULLvQFDX] úLFRQVXOWDUHDDJHQ LLORUGHUDWLQJ

3.2. Garantarea creditului


([LVWHQ D ULVFXOXL vQ RSHUD LXQLOH GH FUHGLW D FRQGXV vQ PRG UD LRQDO OD SUHRFXSDUHD

creditorului pentru diPLQXDUHD DFHVWXLD úL SHQWUX DFRSHULUHD OXL vQ FD]XO vQ FDUH V-a produs.
*DUDQWDUHD FUHGLWXOXL HVWH OHJDW  GH DPEHOH SUREOHPH PHQ LRQDWH GDU HVWH GLUHF LRQDW  vQ ILQDO

SHQWUX DFRSHULUH DGLF  SHQWUX FUHDUHD XQHL SRVLELOLW L FHUWH GH UHFXSHUDUH D SLHUGHULL (total sau
P FDUSDU LDO vQFD]XOvQFDUHULVFXOV -a produs.
3UDFWLFD EDQFDU  D LQVWLWXLW PDL PXOWH IRUPH GH JDUDQWDUH D XQXL FUHGLW GLQWUH FDUH XQHOH

YLUWXDOH JDUDQ LD SHUVRQDO  JDUDQ LD XQXL WHU  JDUDQ LD VWDWXOXL  úL DOWHOH UHDOH UH LQHUH JDM

iSRWHF SULYLOHJLX 

*DUDQ LDSHUVRQDO VHvQWHPHLD] SHFDOLWDWHDGHSDUWHQHUFRUHFWDGHELWRUXOXLFXQRVFXW 

vQ WLPS GH F WUH FUHGLWRU úL SUHVXSXV  SH ED]D UH]XOWDWXOXL XQHL DQDOL]H ILQDQFLDUH SULYLQG

FDSDFLWDWHDGHSODW GHGHELWRUXOXLúLIH]DELOLWDWHDDFWLYLW LLDF UHLFUHGLWDUHRVROLFLW 

*DUDQ LD XQXL WHU  VH vQWHPHLD]  SH DQJDMDPHQWXO VFULV DVXPDW GH F WUH WHU  F  YD SO WL

GDWRULDvQFD]F GHELWRUXOHVWHvQLPSRVLELOLWDWHGHDRIDFH7HU XOQXPLW garant, se poate angaja


strictamente pentru datoULD SH FDUH R JDUDQWHD]  úL QXPDL GXS  R HYHQWXDO  H[HFXWDUH

SDWULPRQLDO DGHELWRUXOXL JDUDQ LDVLPSO VDXI U FRQGL LLOHPHQ LRQDWH JDUDQ LDVROLGDU ).
*DUDQ LD VWDWXOXL DSDUH GH UHJXO  vQ FD]XO vQ FDUH FUHGLWRUXO DUH DSDUWHQHQ  OD DOW  DU 

iar deELWRUXOODVWDWXOJDUDQW*DUDQ LDVWDWXOXLSRDWHILLQGLYLGXDOL]DW  SHQWUXXQDQXPLWGHELWRU 

VDX QX SHQWUX XQ DQXPLW JHQ GH DFWLYLWDWH HFRQRPLF  R DQXPLW  ]RQ  JHRJUDILF  R DQXPLW 

FDWHJRULHGHGHELWRUL *DUDQ LDVWDWXOXLVHLQVWLWXLHGHUHJXO SULQ lege.


5H LQHUHDSUHVXSXQHF XQ FUHGLWRUSRDWHUH LQHXQEXQFRUSRUDO SURSULHWDWHDGHELWRUXOXL

SkQ FkQGDFHVWDvúLVWLQJHFRPSOHWGDWRULD5H LQHUHDVHSRDWHIDFHQXPDLFRQGL LRQDW

-EXQXOUHVSHFWLYV DLE OHJ WXU FXGDWRULD


-GDWRULDV ILHFHUW úLH[LJLELO 
GajulSUHVXSXQHF GHELWRUXOvúLJDUDQWHD] GDWRULDFXXQEXQDOV XSHFDUHvOUHPLWHVDX
QXvQPRGHIHFWLYFUHGLWRUXOXL3ULPDVROX LHHVWH gaj cu deposedare (în care caz creditorul poate

solicita un titlu de gajare), iar a doua JDM I U  GHposedare $WkW FUHGLWRUXO FkW úL GHELWRUXO DX
GUHSWXULúLREOLJD LLvQUDSRUWFXJDMXO

&UHGLWRUXO WUHEXLH V  FRQVHUYH JDMXO vQ VWDUHD vQ FDUH O-D SULPLW úL QX-O SRDWH vQVWU LQD vQ

nici - XQ IHO QLFL JDMD VDX LSRWHFD SH SHULRDGD SkQ  OD VFDGHQ D FUHGLWului generator. În schimb,
are GUHSWGHSUHIHULQ  GHDILSO WLWvQDLQWHDDOWRUFUHGLWRULvQFD]XOFkQGGHELWRUXOHVWHH[HFXWDW
patrimonial prin vinderea gajului), GUHSW GH XUP ULUH GDF  SURSULHWDUXO EXQXOXL JDMDW VH
VFKLPE GUHSWGHUH LQHUHúLGUHSW de vânzare V VROLFLWHYkQ]DUHDvQMXVWL LHDEXQXOXLvQFD]XO

LPSRVLELOLW LLGHELWRUXOXLGHD-úLVWLQJHGDWRULD 

145
Debitorul are dreptul de a-úL SUHWLQGH JDMXO vQ FD]XO VWLQJHULL GDWRULHL vQ FRQGL LLOH
FRQYHQLWHODJDMDUHúLDUHREOLJD LDGHDQXVFKLPEDFXUHDFUHGLQ VLWXD LDMXULGLF DJDMXOXL

Ipoteca HVWH DFWXO SULQ FDUH GHELWRUXO DFRUG  FUHGLWRUXOXL GUHSWXO DVXSUD XQXL EXQ LPRELO

WHUHQ FRQVWUXF LH  I U  GHSRVHGDUH úL FX SXEOLFLWDWH ,SRWHFD VH SRDWH LQVWLWXL SULQ OHJH LSRWHF 

OHJDO ), prin cRQVLP LUH LSRWHF FRQYHQLW úLSULQMXVWL LH LSRWHF MXGLFLDU ).
&UHGLWRUXOvúLS VWUHD] vQDFHVWFD]GRDUGUHSWXOGHSUHIHULQ úLGUHSWXOGHXUP ULUHGDU

nu are nici -RREOLJD LHOHJDW GHEXQXOLSRWHFDW

'HELWRUXO vúL S VWUHD]  REOLJD LD GH EXQ  FUHGLQ  úL DUH GUHSWXO GH D IL vQ GHSOLQ  úL

DEVROXW SRVHVLHDEXQXOXLV XLSRWHFDWRGDW FXVWLQJHUHDREOLJD LHLJHQHUDWRDUH

Privilegiul este dreptul legal conferit unor creditori de a avea prioritate în recuperarea
creditului acordat, în cazul în care debitorul este executat patrimonial. Legea instituie privilegii
JHQHUDOHVDXVSHFLDOHSUHFXPúLWRWDOHPRELOLDUHVDXLPRELOLDUH

Într-XQ FRQWH[W PDL ODUJ UHIHULWRU OD JDUDQWDUHD QX QXPDL D FUHGLWHORU FL OD OLFKLGLWDWHD úL
solvabilitatea unei instLWX LLEDQFDUHVXQWSUDFWLFDWHIRQGXOGHUH]HUY úLDVLJXUDUHD
)RQGXO  IRQGXULOH GH UH]HUY  VH FRQVWLWXLH GLQ SURILWXO E QFLL úL VXQW FRQVHPQDWH vQ

FRQWXUL VSHFLDOH FX SRVLELOLWDWHD GH XWLOL]DUHD vQ FRQGL LL SUHDODELO VWDELOLWH LQkQG GH FDSDFLWDWHD

dHSODW DE QFLLODXQPRPHQWGDWÌQPRGVLPLODUIXQF LRQHD] FDRP VXU SUHYHQWLY GDUúLGH

SROLWLF  PRQHWDU  rezerva obligatorie LQVWLWXLW  GH %DQFD &HQWUDO  $FHDVW  P VXU  VH UHIHU  OD

REOLJD LD XQHL E QFL GH D QX DFRUGD FUHGLWH SH P VXUD GLVSRQLELOLW LORU H[LVWHQWH OD XQ PRPHQW

dat, ci numai în limita unei cote subunitare

CA = D ∗ cc (139.1)
cc = 1 - cro (139.2)

unde: CA FUHGLWXODFRUGDWSHED]DGLVSRQLELOLW LORUH[LVWHQWH

D GLVSRQLELOLW LH[LVWHnte;

cc = cota de creditare;
cro FRWDGHUH]HUY REOLJDWRULH

ÌQ DUD QRDVWU  FRWD GH UH]HUY  REOLJDWRULH D FUHVFXW GH OD FFD  vQDLQWH GH  LDQXDULH

ODvQFHSkQGFXDFHDVW GDW 3HQWUXDOWH ULFRWDGHUH]HUY REOLJD torie este cca. 14%


GLQ68$úL vQ
- ULOH8QLXQLL(XURSHQH

9DULD LD FRWHL DUH XQ HIHFW GH SkUJKLH PRQHWDU  GHRDUHFH GHWHUPLQ  YDULD LD PDVHL

PRQHWDUH VFULSWXUDOH  SH FDUH R EDQF  R SDUWH HPLWH LQkQG VHDPD GH PHFDQLVPXO FRQVWLWXLULL

disponibilit LORU GH FUHGLWDUH úL GH IOX[XULOH PRQHWDUH JHQHUDWRDUH GH GLVSRQLELOLW L vQ FRQWH[WXO

VLVWHPXOXLEDQFDUDOHFRQRPLHLQD LRQDOHVHSRDWHGHWHUPLQDFRHILFLHQWXOGHPXOWLSOLFDUHDPDVHL

monetare:
1
k= (140)
cro

AsigurareaHVWHRDOW PRGDOLWDWHDGH JDUDQWDUHvQVHQVXO ODUJ PHQ LRQDWPDLVXVúLFDUH

FRQVW  vQ SUHOXDUHD ULVFXOXL XQHL RSHUD LXQL PDMRUH GH FUHGLWDUH vQ FRQGL LLOH FRQVWLWXLULL XQXL

VLQGLFDWVDXFRQVRU LXEDQFDUDGLF GHSUHOXDUHVROLGDU DFUHGLW ULLGHF WUHPDLPXOWHE nci.


$VLJXUDUHD HVWH SUDFWLFDW  úL vQWU XQ FRQWH[W PDL UHVWUkQV DFHO DO JDUDQ LLORU UHDOH FX
-
H[FHS LD SULYLOHJLXOXL  vQ OHJ WXU  FX FDUH FUHGLWRUXO SRDWH VROLFLWD GHELWRUXOXL V X H[LVWHQ D XQHL

DVLJXU UL GH EXQXUL FRQWUDFWDW  OD R VRFLHWDWH GH DVLJXU UL $FHDVWD SUHVXSXQH F  vQ FD]XO

GLVWUXJHULL EXQXOXL GLQ PRWLYH LQGHSHQGHQWH GH FUHGLWRU úL GH GHELWRU VRFLHWDWHD GH DVLJXU UL

GHVS JXEHúWH SH GHELWRU LDU FUHGLWRUXO OD UkQGXO V X vúL SRDWH UHGREkQGL FRQWUDYDORDUHD

FUHGLWXOXLvQFD]XOF GHELWRUXOHVWHvQLPSRVLELOLWDWHGHSODW 

146
3.3. Sfere de creditare
/DUJD GLYHUVLILFDUH D VLWXD LLORU GH FUHGLWDUH D LPSXV GLQ QHFHVLW L SUDFWLFH FODVLILFDUHD

FUHGLWHORU FULWHULLOH XWLOL]DWH ILLQG OD UkQGXO ORU UHODWLY QXPHURVH SHUVRDQD FUHGLWRUXOXL úL

respectiv, a debitorului, obiectul creditului, sursa de creditare, modalitatea de constituire a


GLVSRQLELOLW LORU GXUDWD FUHGLW ULL úD 2 FODVLILFDUH GH ODUJ  DFRSHULUH HVWH FHD GXS  VIHUD

FUHGLW ULL vQLQWHULRUXOF UHLD SH FRPSRQHQWHOH GHILQLWH VH XWLOL]HD]  SH YHUWLFDO DOWH FULWHULL GH

FODVLILFDUHvQUDSRUWFXQHYRLOHGHHYLGHQ VWDWLVWLF úLDQDOL] 

'XS  VIHUD GHFUHGLWDUH VH LGHQWLILF FLQFLFDWHJRULL GHFUHGLW QXPLWH OD UkQGXO ORUVIHUD

de creditare”): credit comercial, credit bancar, credit obligatar, creGLW LSRWHFDU úL FUHGLW GH
consum.
A. Creditul comercial HVWH FHO DFRUGDW vQWUH VRFLHW LOH FRPHUFLDOH QHILQDQFLDUH $FHVWD
este consemnat în înscrisuri speciale numite efecte comerciale FDPELD SROL D úD  VDX vQ
contractul de vânzare - FXPS UDUH LQWHUYHQLW vQWUH S U L &UHGLWXO FRPHUFLDO DUH FDUDFWHULVWLFD GH
WUDQVIHUDELOLWDWH YH]LWU V WXULOHUDSRUWXOXLGHFUHGLWSUH]HQWDWHvQGHEXWXOFDS,9 

ÌQWUH GRX  DVWIHO GH VRFLHW L FDUH LQWU  vQ UHOD LL GH VFKLPE GH P UIXUL YkQ]DUH -
FXPS UDUH  XQD VH SRDWH J VL vQ SRVWXUD GH FUHGLWRU LDU FHDODOW  GH GHELWRU vQ FD]XO vQ FDUH VH

FRQYLQHFDPRPHQWXOSO LLV ILHGLVWLQFWGHFHODOOLYU ULLP UILL

&UHGLWRUSRDWHILIXUQL]RUXOvQFD]XOvQFDUHOLYUHD] PDUID úLDFFHSW SODWD XOWHULRDU DHL

VDX FXPS U WRUXO vQ FD]XO vQ FDUH DFFHSW  SODWD vQ DYDQV D P UILL 'HELWRU HVWH vQ ILHFDUH FD] vQ

SDUWH SDUWHQHUXO FUHGLWRUXOXL GLQ FDGUXO UHVSHFWLYXOXL UDSRUW GH VFKLPE FXPS U WRUXO FDUH

SO WHúWHXOWHULRUOLYU ULLUHVSHFWLYIXUQL]RUXOFDUHOLYUHD] XOWHULRUSO LL

3HQWUXFUHGLWRUPDUIDOLYUDW UHVSHFWLYSODWDI FXW vQDYDQVHVWHRFUHDQ DGLF RVXP 

GH EDQL FDUH vL HVWH GDWRUDW  úL FDUH SHQWUX HO UHSUH]LQW  R LPRELOL]DUH GH PLMORDFH DGLF  R

XWLOL]DUHDDVXUVHORUVDOHGHILQDQ DUH

3HQWUX GHELWRU PDUID SULPLW  UHVSHFWLY VXPD vQFDVDW  vQ DYDQV HVWH R datorie DGLF  R

VXP  GH EDQL SH FDUH YD WUHEXL V  R SO WHDVF  úL FDUH SHQWUX HO UHSUH]LQW  R PRELOL]DUH GH

PLMORDFHDGLF RVXUV GHILQDQ DUHVXSOLPHQWDU SHVWHFHOHSURSULL

$WkWFUHDQ HOHFkWúLGDWRULLOHH[LVWHQWHODPRPHQWXOvQFKHLHULLXQXLELODQ VXQWHYLGHQ LDWH

FRUHVSXQ] WRUvQVWUXFWXUDDFHVWXLDSULPHOHvQDFWLYFHOHODOWHvQSDVLY

)XUQL]RUXO SRDWH GLPLQXD WHQGLQ D FXPS U WRUXOXL VSUH VROLFLWDUHD GH FUHDQ H X]kQG GH

RIHUWD FX UDEDW FDS ,,  UHOD LLOH   $FHDVWD DFFHOHUHD]  URWD LD DFWLYHORU VDOH FLUFXODQWH

diminuându-LLPRELOL] ULOHILQDQFLDUH

&UHGLWRUXO vúL SRDWH UHFRQVWLWXL GLVSRQLELOLW LOH E QHúWL X]kQG GH WUDVIHUDELOLWDWHD

FUHGLWXOXLSULQRSHUD LXQHDGHVFRQWDUH FDS 

B. Creditul bancarHVWHFHOvQFDUHXQXOGLQSDUWHQHULHVWHREDQF 6HQVXODFHVWXLFUHGLW

HVWHGXEOXFRQVWLWXLUHDGLVSRQLELOLW LORUEDQFDUHSULQGHSXQHULSHFDUHFHLFHHFRQRPLVHVFOHIDF

ODE QFL GHSR]LWHGHSXQHULvQFRQWFXUHQW úLDFRUGDUHDGHFUHGLWHGHF WUHE nci pentru cei care


DX OLSV  GH GLVSRQLELOLW L I U  XQ VXSRUW PDWHULDO ELQH GHWHUPLQDW DYDQVXO vQ FRQW FXUHQW OLQLD

de credit) zise credite implicite úL FX VXSRUW PDWHULDO SUHFL]DW FUHGLWH SHQWUX VWRFXUL FUHGLWH GH
campanie) zise credite explicite.
Depozitele VXQW GHSXQHUL I FXWH OD E QFL FX SUHFL]DUHD FDUDFWHULVWLFLORU WHPSRUDOH la
vedere, când depozitarul poate cere lichidarea depozitului în orice moment, cu un eventual
SUHDYL] FRQYHQLW OD FRQVWLWXLUHD DFHVWXLD úL pe termen, când din chiar momentul constituirii se

VWDELOHúWHGXUDWDGHSR]LWXOXL

Depunerile în cont curent DSDU GH UHJXO  SHQWUX SHUVRDQHOH IL]LFH VDX MXULGLFH  FDUH vúL

GHVFKLGXQFRQWSULQFDUHvúLUXOHD] vQFDV ULOHúLSO LOHFXUHQWH6ROGXO]LOQLFDODFHVWXLFRQWHVWH

o disponibilitDWHSHFDUHEDQFDRSRDWHIRORVLFDVXUV GHDFRUGDUHDXQRUFUHGLWH
Avansurile în cont curent QXPLWHúLFUHGLWHGHFDV VDXFUHGLWHGHWUH]RUHULH$FHVWHDVXQW
SUDFWLFDWH SHQWUX FOLHQ LL FH DX GHVFKLV OD EDQF  XQ FRQW SULQ FDUH vúL UXOHD]  vQ PRG FXUHQW

vQFDV ULOH úL SO LOH *DUDQ LD GHELWRUXOXL R UHSUH]LQW  FDOLWDWHD ILQDQFLDU  D DFWLYLW LL VDOH

FXQRVFXW  vQ WLPS GH F WUH EDQF  SUHFXP úL FHUWLWXGLQHD UXO ULL vQFDV ULORU VDOH SULQ UHVSHFWLYXO

cont.
147
$FRUGDUHD XQRU DVWIHO GH DYDQVXUL VH IDFH vQ FRQGL LL le în care clientul nu are
GLVSRQLELOLW LvQFRQWXOV XVDXvQFDV úLHVWHvQVLWXD LDGHDIDFHRSODW LPSUHYL]LELO $VWIHOGH

FUHGLWHQXSUHVXSXQvQVFULVXULúLGHDFHHDVXQWQHWUDQVIHUDELOHDGLF E QFLOHQX úLSRWUHFRQVWLWXL


-
GLVSRQLELOLW LOHSULQ
scontare. Pentru acest motiv aceste credite sunt mai scumpe.
Linia de credit HVWH PRGDOLWDWHD FHD PDL U VSkQGLW  SHQWUX DFRUGDUHD XQXL FUHGLW

FDUDFWHUL]DW  SULQ IDSWXO F  VWDELOHúWH XQ SODIRQ PD[LP DO FUHGLWXOXL DFRUGDW 6XQW SUDFWLFDWH WUHL

variante de linie de credit:


ƒ RELúQXLW  FDUH QX VWDELOHúWH GXUDWD FUHGLWXOXL DVWIHO vQFkW EDQFD SRDWH RULFkQG VROLFLWD

rambursarea;
ƒ FRQILUPDW FDUHVWDELOHúWHGXUDWDFUHGLWXOXL

ƒ UHYROYLQJ FDUH UHvQQRLHúWH SRVLELOLWDWHD GH FUHGLWDUH OD QLYHOXO SODIRQXOXL FX ILHFDUH

rDPEXUVDUHHIHFWXDW GHGHELWRU3RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH3&GHWHUPLQDW 

astfel:
PCt = PM - Ct (141.1)

unde: PM = plafonul maxim de creditare;


Ct = creditrul în uz la debitor la momentul t(Ct ≤ PM).
3H SHULRDGD W W  GHELWRUXO DSHOHD]  OD XQ DOW FUHGLW GH P ULPH & úLIDFH R UDPEXUVDUH

GHP ULPH53RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH

PCt+1 = PM - (Ct + C - R) (141.2)

Creditul pentru stocuri HVWH R IRUP  GH FUHGLW GHVWLQDW  DFRSHULULL XQHL S U L GLQ DFWLYHOH

FLUFXODQWH DOH XQHL ILUPH vQ FRPSOHWDUHD UHVXUVHORU ILQDQFLDUH SURSULL úL D DOWRU VXUVH WHPSRUDU

mobilizabile (creditul comercial, pasivele stabile). Creditul poate fi solicitat anterior sau ulterior
constituirii stocului (materii prime, materiale, semifabricate, combustibil, ambalaje, produse
ILQLWHOLYUDWHSURGXVHILQLWHvQVWRFúD 

6ROLFLWDUHD vQ DYDQV SUHVXSXQH R DQXPLW  VWULQJHQ  VDX RSRUWXQLWDWH D FUH ULL VWRFXOXL

LQWHUYHQLW  SH XQ PRPHQW GH OLSV  GH OLFKLGLW L OD VROLFLWDWRU 9LLWRUXO GHELWRU VROLFLWDWRUXO 

WUHEXLH V  SUREH]H FX XQ GRFXPHQW R IDFWXU  R FRPDQG   XQ FRQWUDFW  LPLQHQ D FRQVWLWXLULL

VWRFXOXL 6WULQJHQ D SRDWH LQWHUYHQL GH H[HPSOX vQ FD]XO XQHL LPLQHQWH UXSWXUL GH VWRF úL SH

fondul unei OLSVH GH OLFKLGLW L ÌQWUHSULQGHUHD VROLFLW  XQ FUHGLW SHQWUX DFKL]L LRQDUHD GH EXQXUL
ce fac obiectul respectivului stoc, în vederea recreerii acestuia la nivelul normal, curent.
2SRUWXQLWDWHD SRDWH LQWHUYHQL GH H[HPSOX vQ FD]XO H[LVWHQ HL XQHL vPSUHMXU UL GH DFKL]L LH vQ

FRQGL LLDYDQWDMRDVHD XQHL S U LGLQEXQXULOH QHFHVDUHvQDFWLYLWDWHDvQWUHSULQGHULL(VWHYRUEDGH

RvPSUHMXUDUHFRQMXQFWXUDO DFKL]L LDQHILLQGSODQLILFDW FLGHYHQLW RSRUWXQ GDWRULW FRQGL LLORU

GHOLYUDUHSUH DYDQWDMRVUDSRUWIDYRUDELOSUH  FDOLWDWHUDEDWLQWHUHVDQWúD


-
6ROLFLWDUHD XOWHULRDU  SUHVXSXQH H[LVWHQ D VWRFXOXL ILQDQ DW SkQ  OD ]L GLQ UHVXUVHOH

VROLFLWDWRUXOXL FDUH GRUHúWH V  úL OH UHFXSHUH]H FKLDU DWXQFL 'RFXPHQWHOH X]XDOH FH SUREHD] 

imobilizarea resurseORUVDOHúLH[LVWHQ DVWRFXOXLVXQWHIHFWHOHFRPHUFLDOH FDPELHZDUDQWSROL 

úD 6ROLFLWDWRUXOFHGHD] E QFLLHIHFWHOHUHVSHFWLYHvQVFKLPEXOUHFRQVWLWXLULLSURSULLORUUHVXUVH

DGLF  WUDQVIHU  E QFLL FUHGLWXO FH L D IRVW vQ VDUFLQ  SkQ  OD PRPHQWXO U
- espectiv. Banca preia nu
QXPDLFUHGLWXOGDUúLX]XIUXFWXODFHVWXLDSHSHULRDGDvQFDUHFUHGLWXOvLYDILvQVDUFLQ 

Creditul de campanie VDX FUHGLWXO SHQWUX QHYRL VH]RQLHUH HVWH R IRUP  GH FUHGLW SHQWUX
acoperirea unor nevoi sezoniere de aprovizionare sDXSURGXF LH
Creditul pentru nevoi sezoniere de aprovizionare are similitudini cu creditul pentru
VWRFXULvQFD]XOVROLFLW ULLvQDYDQVvQV QXHVWHGHWHUPLQDWGHRvPSUHMXUDUHFRQMXQFWXUDO FLHVWH

SUHGLFWLELO úL GHFL SODQLILFDW FD UH]XOWDW DO IDSWXOXL F  SRVLELOLWDWH GH D J VL P UIXUL GH VSH D

QHFHVDU  HVWH LQFHUW  vQ DOWH SHULRDGH vQ DOWH VH]RDQH  (VWH FD]XO PDL DOHV DO PDWHULLORU SULPH

DJULFROHYHJHWDOHGDUúLDOXQRUP UIXULDOF URUWUDQVSRUWHVWHFRQGL LRQDWVH]RQLHUÌQVH]RQXOGH

aprovizioQDUH GHELWRUXO WUHEXLH GH UHJXO  V -úL FUHH]H VWRF OD QLYHOXO QHYRLORU vQVXPDWH SH
vQWUHDJDSHULRDG GHSkQ ODVH]RQXOXUP WRU(IRUWXOILQDQFLDUHVWHPDUHúLFRQFHQWUDWWHPSRUDO

148
ceea ce ar însemna, în cazul folosirii resurselor financiare proprii, o iPRELOL]DUH PDUH úL GH
GXUDW 3HQWUXDHYLWDDFHVWOXFUXGHELWRUXOVROLFLW XQFUHGLWSURWHMkQGX-úLUHVXUVHOH

&UHGLWXO SHQWUX QHYRL VH]RQLHUH GH SURGXF LH HVWH VLPLODU FHOXL GH DSURYL]LRQDUH GRDU F 

RELHFWXO V X vO UHSUH]LQW  SURGXF LD FH WUHEXLH I FXW  vQ H[WUDVH]RQ SHQWUX D SXWHD U VSXQGH

SURPSW FHUHULORU PDUL IRUPXODWH vQ VH]RQ 0RWLYD LD GH SURWHF LH D SURSULLORU UHVXUVH ILQDQFLDUH

DOHGHELWRUXOXLVHS VWUHD] úLvQDFHVWFD]

C. Creditul obligatarHVWHFHOvQ FDUHGHELWRUHVWHGHUHJXO  VWDWXOGDUvQFDUHDFHDVW 

SR]L LH R SRDWH GH LQH FKLDU R DGPLQLVWUD LH SXEOLF  VDX XQ DJHQW HFRQRPLF GH SULPD PkQ  SH

SLD DUHVSHFWLY 

Creditul obligatar de stat a fost prezentat pe larg în cap. III.14.


Înscrisul specific acestui credit este REOLJD LXQHD vQ FD]XO WHUPHQHORU PHGLL úL OXQJL  úL
bonul de tezaur (în cazul termenului sub un an).
'HELWRUXO HVWH FHO FH HPLWH vQVFULVXUL SH FDUH OH SODVHD]  SH SLD D GH FDSLWDO úL RE LQH vQ

locul lor resurse financiare pe care le poate utiliza în activitatea sa. Astfel, emisiunea de
REOLJD LXQL GH F WUH XQ DJHQW HFRQRPLF HVWH R VXUV  GH FDSLWDO 'LQ SXQFWXO GH YHGHUH DO

DF LRQDULORU XQHL VRFLHW L FRPHUFLDOH DFWXDOLL ILQDQ DWRUL DL DFHVWHLD  HPLVLXQHD GH REOLJD LXQL

DUHDYDQWDMXOF QXPRGLILF UDSRUWXOGHIRU HvQWUHDF LRQDULDúDFXPV -ar putea întâmpla în cazul


FRPSOHW ULL VXUVHORU GH ILQDQ DUH SULQWU R FUHúWHUH GH FDSLWDO VRFLDO DGLF  SULQWU
- -o emisiune
VXSOLPHQWDU  GH DF LXQL 3ULQFLSDOHOH GHVWLQD LL DOH UHVXUVHORU RE LQXWH SULQ FUHGLWXO REOLJDWDU DO

DJHQ LORU HFRQRPLFLHVWHIRUPDUHD EUXW  GH FDSLWDO IL[ VDX FLUFXODQW  úL SODVDPHQWHOD DOWHILUPH

SDUWLFLSD LHVDXSUHOXDUHDSDFKHWXOXLGHFRQWURO 

'LQSXQFWXOGHYHGHUHDOVRFLHW LLFRPHUFLDOHHPLWHQWHFUHGLWXOREOLJDWDUDUHDYDQWDMXOGH

a fi mai ieftin deFkWFDSLWDOXOSURSULXGHRDUHFHUDWDGREkQ]LL SUH XOFDSLWDOXOXLvPSUXPXWDW HVWH


GHUHJXO PDLPLF GHFkWFHDDGLYLGHQGXOXL SUH XOFDSLWDOXOXLSURSULX 

În ultimii 20 de ani, creditul obligatar a cunoscut o extensie a formelor pe termen scurt,


pentru care sunt utilizate ca înscrisuri bonurile de depozit sau certificatele de depozit emise de
DJHQ L HFRQRPLFL SULYD L vQ WHUPLQRORJLD DPHULFDQ  FRPPHUFLDO SDSHUV  ÌQ 5RPkQLD DFHDVW 

SUDFWLF  QX HVWH X]XDO  vQ OHJ WXU  FX DJHQ LL HFRQRPLFL QHILQDQFLDUL GDU VH SUDFWLF  SH VFDU 

ODUJ GHE QFLSHWHUPHQPDLDOHVGHúLGH]LOH

0XOWLSOLFDUHD SRVLELOLW LORU GH SODVDPHQW VXE IRUPD FUHGLWXOXL REOLJDWDU SUDFWLFDW GH

DJHQ LL HFRQRPLFL SULYD L GDU úL GH VWDW VDX DGPLQLVWUD LL SXEOLFH SUHFXP úL LQVXILFLHQ D

SRVLELOLW LLSODVDWRULORUGHDHYDOXDVLQJXULULVFXULOHSHOHLQFXPE GLYHUVHOHSODVDPHQWHDXI FXW

V  SUROLIHUH]H DJHQ LLOH GH HYDOXDUH D ULVFXULORU SODVDPHQWHORU FDUH RIHU  FRQVXOWDQ  vQ DFHVW

sens, numite DJHQ LLGHUDWLQJ.


D. Creditul ipotecarHVWHFHODOF UXLRELHFWvO UHSUH]LQW PDWHULDSURSULHW LLLPRELOLDUH

FRQVWUXF LLúLWHUHQXULÌQWUHFUHGLWRUúLGHELWRULQWHUYLQHXQFRQWUDFWSRWULYLWF UXLDSULPXOSXQHOD

GLVSR]L LD FHOXL GH DO GRLOHD R VXP  SULQ FDUH DFHVWD GLQ XUP  V
- -úL FRQVWLWXLH VDX V -úL H[WLQG 

SURSULHWDWHDLPRELOLDU &RQWUDFWXODYkQGvQYHGHUH RELHFWXOVSHFLILFDOFUHGLWXOXLFRQ LQHXQHOH

prevederi caracteristice:
ƒ PHQ LRQDUHDSURSULHW LLFXFDUHVHJDUDQWHD] vPSUXPXWXO

ƒ REOLJD LLOHFHGHFXUJvQFD]XOUDPEXUV ULLDQWLFLSD te;


ƒ FRQGL LLOHvQFDUHGHELWRUXOSRDWHSLHUGHSURSULHWDWHD

Creditul ipotecar are mai multe forme:


a) vPSUXPXWSHLSRWHF FXGREkQG IL[ ;
b) vPSUXPXW SH LSRWHF  FX GREkQG  YDULDELO  vQ FDUH FD] YDULD LD GREkQ]LL HVWH

GHWHUPLQDW  SH ED]D XQXL LQGLFDWRU VSHFLILF DO SLH HL ILQDQFLDUH PHQ LRQDW H[SUHV vQ

contractul de credit;
c) vPSUXPXWSHLSRWHF FXUDPEXUVDUHSURJUHVLY SULQFDUHGHELWRUXOSO WHúWHE QFLLvQ

SULPD SHULRDG  D GXUDWHL GH vPSUXPXW GRDU R FRW  GLQ UDWD  DPRUWLVPHQWXO RELúQXLW

diminuarea ratei scDGHQWH SRDWH IL PRGLF     VDX IRUWH SkQ  OD   vQ FDUH
-
FD] UDPEXUVDUHD FDS W  vQ UHVSHFWLYD SHULRDG  XQ FDUDFWHU TXDVLVLPEROLF HVWH R

IRUP  GH FUHGLW FH vQFXUDMHD]  SH FHL vQWUHSULQ] WRUL FX GLVSRQLELOLW L PRGHVWH GDU

149
care au reale perspectivHGHFUHúWHUHvQWLPSDFDSDFLW LLORUGHSODW 
d) credit ipotecar inversat HVWH R IRUP  SULQ FDUH GHELWRUXO vQFHDUF  V -úL GLPLQXH]H
pierderile probabile rezultate din imobilizarea propriilor resurse într-o proprietate
LPRELOLDU  'XS  DFKL]L LD RELHFWXOXL imobil din propriile sale resurse, proprietarul

LSRWHFKHD] DFHVWRELHFWRE LQkQGFHOSX LQSDU LDOUHVXUVHILQDQFLDUHODQLYHOXOFHORU

LQYHVWLWH vQ UHVSHFWLYD DFKL]L LH $FHVWH UHVXUVH VXQW SODVDWH SH WHUPHQ OXQJ LDU GLQ

DQXLW LOHUH]XOWDWHUDPEXUVHD] FUHGLWXOLSRWHFDUSHFDUHO -a preluat.


E. Creditul de consumHVWHFHODOF UXLRELHFWvOIRUPHD] FRQVXPXOSHUVRQDO'HELWRUXO

HVWHGHUHJXO RSHUVRDQ IL]LF XQFRQVXPDWRUFDUHGRUHúWHV FRQVXPHGHFLV DFKL]L LRQH]H

dar nu are suficiente resurse. Creditorul poate fi un furnizor oarecare de bunuri de consum sau
EDQFD 'HELWRUXO SRDWH DSHODFUHGLWXO ILH ODIXUQL]RU ILH OD EDQF  IRUPD FUHGLWXOXL LQL LDO  GXS 

FXP úL IXUQL]RUXO SRDWH V  WUDQVIHUH SULQ VFRQWDUH  VSUH EDQF  FHO SX LQ  R SDUWH GLQ creditele
DFRUGDWHLQL LDOFKLDUGHF WUHHO IRUPD creditului ulterior).
&UHGLWXOGHFRQVXPFXQRDúWHGRX IRUPHPDLU VSkQGLWH

a) credit deschis QXPLW úL FX UDPEXUVDUH QHHúDORQDW  vQ FDUH FUHGLWRUXO HVWH GLVSXV V 

DFRUGHXQFUHGLWI U DVWDELOLVFDGHQ HGHUDPEXUVDUHXUPkQGFDGHELWRUXOV DLE LQL LDWLYDSO LL

vPSUXPXWXOXL HVWH R IRUP  GH FUHGLW I U  vQVFULV SUDFWLF  SHQWUX FOLHQ LL ILGHOL úL GHVSUH FDUH VH

úWLH F  DX FDSDFLWDWH GH SODW  vQ FD] GH FUHúWHUH DODUPDQW  D GDWRULHL QHUDPEXUVDWH GH UHJXO 

FUHGLWRUXOvQFHWHD] DFRUGDUHDGHQRLFUHGLWH

b) FUHGLWHúDORQDWvQFDUHS U LOHVWDELOHVFGHFRPXQDFRUGvQF GHODDWULEXLUHDFUHGLWXOXL

VFDGHQ HOHúLFXDQWXPXOUDPEXUV ULORU

3.4. Instrumente de credit


Instrumentele de credit sunt înscrisuri care DWHVW  H[LVWHQ D XQHL UHOD LL GH FUHGLW $FHVWH

LQVWUXPHQWHQXDXYDORDUHvQVLQH SURSULHVDXLQWULQVHF FLVXQWGRDUXQVLPERODFFHSWDWSHQWUX

DIDFHSO L$FHVWHvQVFULVXULVHPDLQXPHVFtitluri de credit. Formele acestor titluri sunt legate,

în prinFLSDO GH VIHUD GH FUHGLWDUH GDU úL GH LQL LDWLYD GH SODW  D WLWXODULORU GH GLVSRQLELOLW L
GH LQXWH vQ E QFL VDX D IXUQL]RULORU SH FUHGLW vQ YHGHUHD vQFDV ULL VXPHORU SH FDUH OL OH GDWRUHD] 

FOLHQ LLORU

Legat de sfera de creditare sunt uzuale cambia cuIRUPHOHHLELOHWODRUGLQSROL WUDW úL

ZDUDQW vQ FD]XO FUHGLWXOXL FRPHUFLDO  ELOHW GH EDQF  úL &(& vQ FD]XO FUHGLWXOXL EDQFDU 

REOLJD LXQHERQGHWH]DXUFHUWLILFDWGHGHSR]LW vQFD]XOFUHGLWXOXLREOLJDWDU 

/HJDW GH LQL LDWLYD GH SODW  D WLWXODULORU GH GLVSRQLELOLW L GH LQXWH vQ E QFL DGLF  GH

SRVHVRULLGHGHSR]LWHVDXFRQWXULFXUHQWH VXQWX]XDOHRUGLQXOGHSODW úLYLUDPHQWXO

/HJDW GH LQL LDWLYD GH SODW  D IXUQL]RULORU SH FUHGLW FHL FH DX OLYUDW EXQXUL XQRU FOLHQ L

XUPkQGFDSODWDV VHGDF XOWHULRU VXQWX]XDOHDYL]XOGHSODW úLGLVSR]L LDGHSODW 

CambiaHVWHXQWLWOXGHFUHGLWFHDWHVW REOLJD LDGHDVHSO WLVDXGHDIDFHV VHSO WHDVF 

ODVFDGHQ DPHQ LRQDW VXPDvQVFULV vQWLWOX

Biletul la ordinHVWHFDPELDFXGRLSDUWLFLSDQ i:
ƒ WUDVXO FHO FH vúL DVXP  REOLJD LD GH SODW  HO HVWH HPLWHQWXO DGLF  VXEVFULLWRUXO ELOHWXOXL

UHVSHFWLYFHOFDUHvúLFUHHD] RREOLJD LHDGLF DUHRGDWRULHID GHEHQHILFLDUúLSHFDUHFKLDU

HORYDSO WL

ƒ EHQHILFLDUXOFHOFDUHYDvQFDVDODVFDGHQ VXPDPHQ LRQDW vQELOHWDGLF FHOFHúL -a asumat


RFUHDQ DIRVWDFRUGFDSDUWHQHUXOV XGHDIDFHULV -LU PkQ GDWRU

ÌQFLUFXLWXOELOHWXOXL ODRUGLQ ILJ SDUWLFLS vQDIDU  GHFHOH GRX S U LúLE QFLOHSULQ

FDUH HOH vúL GHUXOHD]  vQFDV ULOH  SO LOH &LUFXLWXO SXQH vQ HYLGHQ  DWkW IOX[XULOH UHDOH

JHQHUDWRDUHGHREOLJD LLFUHDQ HE QHúWLFkWúLIOX[XULOHPRQHWDUH

150
1
fluxul real
TRAS BENEFICIAR
2 circuitul de document
flux monetar
3 4
7
5

BANCA 6 BANCA
EMITENTULUI BENEFICIARULUI

Fig.2. Circuitul biletului la ordin

ÌQ ED]D XQHL vQ HOHJHUL UHFLSURFH FRQWDFW FRQYHQ LH HWF  EHQHILFLDUXO vQ FDOLWDWH GH

IXUQL]RU OLYUHD] SUHVWHD] FOLHQWXOXLV XRSDUWLG GHPDUI XQVHUYLFLX vQILJFLUFXLWXO 

D F UHL SODW  FOLHQWXO QX R SRDWH IDFH SH ORF D stfel încât, cu acceptul furnizorului, îi emite
DFHVWXLD XQ ELOHW OD RUGLQ   ÌQ DFHVWD VH PHQ LRQHD]  QXPHOH HPLWHQWXOXL DGUHV FRQW EDQFDU

EDQFDODFDUHHVWHGHVFKLVFRQWXOúLDOWHGDWHGHLGHQWLILFDUH VXPDGDWRUDW GDWDúLORFXOHPLWHULL

scaden DORFXOSO LLQXPHOHEHQHILFLDUXOXLSO LL%HQHILFLDWXOUHPLWHELOHWXOE QFLLVDOH  FDUH

vLYDUV VXPDvQFRQW  VXEIRUPDXQXLFUHGLWúLFRQWUDXQHLUHPXQHU ULVXEIRUP GHFRPLVLRQ

%DQFD EHQHILFLDUXOXL SUH]LQW  ELOHWXO OD SODW  E QFLL HPLWHQWXOXL   FDUH DFKLW  ELOHWXO OD RUGLQ

 LDUODVFDGHQ UH LQHVXPDSOXVFRPLVLRQúLGREkQ]L  GLQFRQWXOHPLWHQWXOXL

%LOHWXO OD RUGLQ PDLFRQ LQH XQ HOHPHQW GH FRQILUPDUH úL XQXO GH JDUDQWDUH &RQILUPDUHD

HVWH I FXW  SULQ VHPQ WXUD HPLWHQWXOXL GDWDW  úL vQVR LW  GH PHQ LXQHD Y ]XW *DUDQWDUHD HVWH

I FXW GHXQWHU  QXPLW avalist FDUHvúLDVXPDREOLJD LDGHDSO WLODVFDGHQ vQFD]F HPLWHQWXO

HVWH vQ LPSRVLELOLWDWH GH SODW  $YDOLVWXO JDUDQWHD]  SULQ VHPQ WXU  VSHFLILFkQG SHQWUX FLQH D

gaUDQWDW UHVSHFWLYSHQWUXHPLWHQW FXPHQ LXQHDDYDOL]DW


TrataVDXSROL DHVWHRFDPELHFXWUHLSDUWLFLSDQ L
ƒ trasulFXDFHLDúLSR]L LHFDvQFD]XOELOHWXOXLODRULQGDUFDUHQX-úLPDLDVXP VLQJXUREOLJD LD

GHSODW FLHVWHSXVFKHPDWV SO WHDVF GHF WUHFLQHYDID GHFDUHDUHRGDWRULHE QHDVF 

ƒ beneficiarul FX DFHLDúL SR]L LH FD vQ FD]XO ELOHWXOXL OD RUGLQ GDU FDUH QX D DYXW R UHOD LH GH
DIDFHULGLUHFW FXWUDVXOFLFXSHUVRDQDF UXLDDFHVWDvLHVWHGDWRU

ƒ WU J WRUXO este simultan datornic fa GHEHQHILFLDUúLFUHDQ LHUID GHWUDVDYkQGFXDPkQGRL

UHOD LL GLUHFWH GH DIDFHUL HO SO WHúWH GDWRULD ID  GH EHQHILFLDU FX GDWRULD SH FDUH WUDVXO R DUH

ID GHHOHVWHHPLWHQWXOSROL HL

ÌQ FLUFXLWXO WUDWHL ILJ   SDUWLFLS  vQ DIDUD FHORU WUHL S U L úL E QFLOH WUDVXOXL úL

beneficiarului.
TRAGATOR
1 3 2

TRAS BENEFICIAR

4 5
8
6

BANCA BANCA
TRASULUI 7 BENEFICIARULUI

)LJ&LUFXLWXOSROL HL

FXDFHOHDúLVHPQLILFD LLJUDILFHFDvQILJ

151
ÌQED]DXQHLvQ HOHJHULUHFLSURFHvQWUHWUDVúLWU J WRUSULPXOvLHVWHGDWRUVDXvLYDILGDWRU

celuilalt pentru o livrare / prestare pe care acesta i-DI FXW -o / i-o va face (în fig. 3 circuit 1). Se
FRQYLQH GH DVHPHQHD FD VWLQJHUHD GDWRULHL V  VH IDF  SULQWU R SODW  SH FDUH WUDVXO V  R IDF  vQ
-
IDYRDUHDEHQHILFLDUXOXLLQGLFDWGHWU J WRU7U J WRUXODSULPLWYDSULPLROLYUDUHSUHVWD LHGHOD

EHQHILFLDU  F UXLDvLYDRIHUL FDSODW SROL D  %HQHILFLDUXO RSUH]LQW  E QFLLVDOH  FDUHvL

FUHGLWHD]  FRQWXO GLQ EDQF    FRPSOHWkQGX L GLVSRQLELOLW


- LOH SH FDUH DU IL WUHEXLW V  OH

SULPHDVF  GDU QX OH-a primit) GH OD WU J WRU %DQFD EHQHILFLDUXOXL WULPLWH SROL D E QFLL WUDVXOXL
 FDUHYLUHD] VXPD  úLDSRLúL-RUHFXSHUHD] SULQGHELWDUHDFRQWXOXLWUDVXOXL  

ÌQ SROL  VH PHQ LRQHD]  VXPD GH SODW  GDWD HPLWHULL VFDGHQ D úL ORFXO SO LL GDWHOH GH

identLILFDUH DOH WUDVXOXL QXPH DGUHV  QXP U GH FRQW EDQFD XQGH HVWH GHVFKLV úD  QXPHOH

EHQHILFLDUXOXL SO LL 0DL H[LVW  GH DVHPHQHD XQ HOHPHQW GH FRQILUPDUH XQXO GH DFFHSWDUH úL

XQXO GH JDUDQWDUH &RQILUPDUHD R IDFH WU J WRUXO SULQ VHPQ WXU  úL SULQ precizarea unor date de
LGHQWLILFDUH QXPH DGUHV  úD  $FFHSWDUHD R IDFH WUDVXO SULQ VHPQ WXU  SUHFL]DUHD QXPHOXL úL

PHQ LXQHDDFFHSWDW*DUDQWDUHVHIDFHVLPLODUELOHWXOXLODRUGLQ

Warantul HVWH XQ GRFXPHQW FX URO GH HIHFW FRPHUFLDO FDUH DWHVW  H[LVWHQ D XQXL VWRF GH

PDUI  vQWU XQ GHSR]LW HYHQWXDO FKLDU SH XQ PLMORF GH WUDQVSRUW DIODW vQ FXUV  úL vQ ED]D F UXLD
-
EDQFD SRDWH RIHUL XQ FUHGLW SHQWUX VWRF 'LQ PRPHQWXO vQ FDUH ZDUDQWXO VH DQGRVHD]  DGLF  VH

LQVFULS LRQHD]  GH F WUH EDQF  SH UHFLSLVD ZDUDQW SDUWH GHWDúDELO  D ZDUDQWXOXL UHIHULWRU OD

creditul ce l-a oferit pentru stocul dovedit prin warantul respectiv, acest document devine titlu de
FUHGLWúLLQWU vQFLUFXLWXODFHVWRUD VHLQFOXGHvQSRUWRIROLXOGHDFWLYHDOE QFLLSRDWHILVFRQWDW 

%LOHWXO GH EDQF  HVWH HPLV GH EDQFD GH HPLVLXQH vQ FXSLXUL GLIHULWH FD WLWOX OD SXUW WRU

I U WHUPHQGHUDPEXUVDUHúLFXSXWHUHFLUFXODWRULH(VWHQXPLWúLEDQFQRW 

CEC-ul HVWH R GLVSR]L LH GH SODW  GDW  GH WLWXODUXO XQXL FRQW  GHSR]LW EDQFDU F WU e
UHVSHFWLYDEDQF GHDSO WLRVXP GHEDQLEHQHILFLDUXOXLPHQ LRQDW &(&QRPLQDO VDXFHOXLFH

VH SUH]LQW  FX UHVSHFWLYXO &(& &(& OD SXUW WRU  ÌQ FD]XO vQ FDUH vQ &(& VH PHQ LRQHD]   XQ

FRQWvQFDUHWUHEXLHI FXW SODWD &(&YLUDPHQW EDQFDHPLWHQWXO ui va face transferul de bani sub


IRUP  VFULSWXUDO  ÌQ DQXPLWH FD]XUL EDQFD HPLWHQWXOXL FRQILUP  H[LVWHQ D GLVSRQLELOXOXL vQ

FRQWXO FOLHQWXOXL V X &(& FRQILUPDW  GkQG DVWIHO R JDUDQ LH EHQHILFLDUXOXL &(& -ului de
FDSDFLWDWHD GH SODW  D HPLWHQWXOXL 3HQWUX D HYLWD IRORVLUHD LOHJDO  D XQRU &(& XUL VH IRORVHúWH
-
FRQYHQ LD GH EDUDUH D DFHVWRUD &(& EDUDW  SULQ FDUH SODWD QX SRDWH IL HIHFWXDW  GHFkW F WUH R

LQVWLWX LHEDQFDU 

În ultimii 20 de ani s-a extins mult un instrument similar CEC-ului, cartea de credit,
LQVWUXPHQWLQIRUPDWL]DWGHSODW SULQFDUHFRQILUPDUHDFDSDFLW LLGHSODW VHIDFHvQWLPSUHDOOD

IHO SODWD úLvQ SOXV VH SRDWHDFRUGD úL FUHGLW GHF WUH EDQFD WLWXODUXOXL vQFD]XO F  GLVSRQLELOXO vQ

contul lui ar putea fi insuficient.

EMITENT BENEFICIAR
4

1 2 9 5 6

7
BANCA BANCA
EMITENTULUI BENEFICIARULUI
8

Fig.4. Circuitul CEC-ului


FXDFHOHDúLVHPQLILFD LLJUDILFHFDvQILJ

152
(PLWHQWXO úL D GHVFKLV XQ FRQW  GHSR]LW OD EDQFD OXL vQ ILJ  FLUFXLWXO   úL VROLFLW 
-
DFHVWHLD V -i elibereze un carnet de CEC-XUL   (PLWHQWXO VH EXFXU  GH R SUHVWD LH D

beQHILFLDUXOXL   SH FDUH R DFKLW  FX XQ &(&   %HQHILFLDUXO SUH]LQW  &(&-XO E QFLL VDOH  
care i-O RQRUHD]    úL DSRL vO UHPLWH E QFLL HPLWHQWXOXL   FDUH OD UkQGXO HL vO DFKLW    GXS 
FDUHvúLUHFRQVWLWXLHGLVSRQLELOLW LOHSULQGHELWDUHDFRQWXlui emitentului (9).

4. Modelarea echilibrului monetar


ùFROLOH HFRQRPLFH DX DFFHSWDW vQ SULQFLSLX SkQ  OD PDUHD FUL]  HFRQRPLF  GLQ  -
LGHHDQHXWUDOLW LLPRQHGHLvQUDSRUWFXHFRQRPLDUHDO PRWLYSHQWUXFDUHvQFRQWH[WXOORU

nu se poate vorbi dH SROLWLFL PRQHWDUH DúD FXP OH-DX GHILQLW úFROLOH SRVWFODVLFH ,QWHJUDUHD
PRQHGHL vQ PRGHOXO HFRQRPLF D IRVW SUDFWLFDW  vQV  DWkW GH úFRDOD PHUFDQWLO  VXE IRUPD

GHSHQGHQ HORU FUHGLW PRQHG  HWF YH]L FDS , UHOD LLOH     FkW úL GH OLEHUDOLVPXO
- - clasic,
VXE IRUPD UHOD LHL OXL )LVKHU YH]L FDS , UHOD LD   VDX D WUDQVIRUPDQWHL SURSXV  GH $OIUHG

0DUVKDO YH]LFDS,UHOD LD

&ULWLFD DFHVWRU DERUG UL LQFOXVLY SURSXQHUHD GH UHIRUPDUH D ORU D IRVW I FXW  GH -0

Keynes sub forma modelului IS -/0DGLF DWULSOXOXLHFKLOLEUXLQYHVWL LL- economii (IS), cerere
-RIHUW GHPRQHG  /0 úLSLD DEXQXULORUúLVHUYLFLLORU-SLD DPRQHWDU  ,6- LM).
0RGHOXO OXL .H\QHV FXSULQGH GRX  PRGXOH XQXO SULYLQG SLD D EXQXULORU úL VHUYLFLLORU

inclusiv echiOLEUXOV X ,6 FHO ODOWSULYLQGSLD DPRQHWDU LQFOXVLYHFKLOLEUXOXLV X /0 

0RGXOXO SLH HL EXQXULORU úL VHUYLFLLORU FXSULQGH WUHL IXQF LL GH FRPSRUWDPHQW úL R

HFXD LHGHHFKLOLEUX

a) IXQF LDGHFRQVXP

C = C (Y, Tn, Co) (142)

FXSURSULHW LOH C’Y > 0 C’Tn <0 C’Co > 0

b) IXQF LD ILVFDO  H[SULPDW  SULQ LPSR]LWHOH QHWH Tn  DGLF  SULQ GLIHUHQ D GLQWUH
impozitele T GHWHUPLQDWH FD R IXQF LH GH UDWD GHLPSR]LWDUH t úL YHQLWXO VRFLDO Y  úL VXEYHQ LLOH
de stat (R)
Tn = Tn (t, Y, R) (143)

cuSURSULHW LOH Tn’t > 0 Tn’Y > 0 Tn’R < 0

c) IXQF LDGHLQYHVWL LL

I = I (r, Y, I0) (144)

FXSURSULHW LOH I’r < 0 I’Y > 0 I′I 0 > 0


d) HFXD LDGHHFKLOLEUX

Y=C+I+G (145)

unde: C = consumul;
C0 = consumul autonom;
I LQYHVWL LLOH

r = rata dobânzii;
T0 LQYHVWL LLOHDXWRQRPH

G = cheltuieli guvernamentale.
6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ vQWUH

rata dobân]LL úL FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW  SULQ SDUDPHWULL UH]XOWD L GLQ

WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW ÌQ DFHDVW  GHSHQGHQ  YDULDELOHOH GH

VWDUHGDUúLGHDQDOL] VXQWUDWDGREkQ]LLúLYHQLWXOFHOHODOWHILLQGYDULDELOHGHFRPDQG SHFDUH

OH YRP LGHQWLILFD SULQ LQGH[DUH FX  $FHVWH YDULDELOH GH FRPDQG  UHSUH]LQW  SkUJKLL GH

153
LQWHUYHQ LH vQ HFKLOLEUXO SLH HL úL GHILQHVF DVWIHO SROLWLFL GH LQWHUYHQ LH GH FRQVXP &0 ), de
LQYHVWL LL ,0 ), fiscale (t0), de consum guvernamental (G0, R0  ÌQ IXQF LRQDUHD PRGHOXOXL DFHVWHD
DSDU FX YDORUL GDWH H[RJHQ H[SULPkQG VROX LL GH FRUHFWDUH D HFKLOLEUXOXL SLH HL SH VHDPD

LQWHUYHQ LLORU SULQ SROLWLFL JXYHUQDPHQWDOH GH VXV LQHUHVWLPXODUHvQFXUDMDUH VDX GH

frânare/descurajare.
DeSHQGHQ DvQWUHFHOHGRX YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r1 (Y) (146)

FXSURSULHW LOH r1'Y < 0 r1'to < 0


r1'Co > 0 r1'Go > 0 r1'Io > 0 r1′R 0 > 0

9DULD LD YDULDELOHORU GH FRPDQG  ID  GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobânzii:
L  FUHúWHUL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0 , G0, I0 úL 50 SUHFXP úL UHGXFHUL DOH
YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ FUHúWHULDOHUDWHLGREkQ]LL

LL  GLPLQX UL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0 , G0, I0 úL 50 SUHFXP úL FUHúWHUL DOH
YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL r1 într-XQ SODQ GH GRX  FRRUGRQDWH YHQLW UDWD

GREkQ]LL  YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD JUDILFXOXL IXQF LHL U ID  GH

VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L  úL VSUH VWkQJD SHQWUX YDULD LLOH LL  UH]XOWkQG

UHVSHFWLYJUDILFHOHUDúLUE ILJ

6LWXD LDLQL LDO HVWHUHSUH]HQWDW vQILJGHFXUEDUvQFDUHRVWDUHLQL LDO DHFKLOLEUXOXL

economic, fie AHVWHFDUDFWHUL]DW SULQYDORULOH Y0, R0 DOHYDULDELOHORUGHVWDUHDQDOL] 

r1a

r r1

r1b

r1 D
B
r2
C
r0
r4
G EA
r3
F
Y3 Y4 Y0 Y2 Y1 Y

)LJ'HSODVDUHDFXUEHL,6vQIXQF LHGHPRGLILFDUHD

P ULPLORUYDULDELOHORUGHFRPDQG

3H VHDPD XQRU SROLWLFL H[SDQVLRQLVWH WLS L   VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL

HFRQRPLFDúDFXPVXQW% <2 , r2) sau C (Y1, r0) sau D (Y0, r1).


(FKLOLEUHOH & úL ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX <1 > Y2 > Y0 ,
respectiv r1 > r2 > r0.
(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH FUHVF QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobânzii (r2 > r0, dar r2 < r1), FkW úL SHQWUX YHQLW <2 > Y0, dar Y2 < Y1  &XFkW FUHúWHUHD GH
UDW  D GREkQ]LLHVWH PDLPLF  FX DWkW FUHúWHUHD YHQLWXOXLHVWH PDL PDUH $MXVWDUHD FUHúWHULL UDWHL

154
GREkQ]LL QX SRDWH IL UHDOL]DW  vQ FRQWH[WXO DFHVWXL HFKLOLEUX GHRDUHFH HVWH R SUREOHP  GH SLD 

PRQHWDU  FHHD FH SUHVXSXQH XWLOL]DUHD XQRU SkUJKLL PRQHWDUH H[SULPkQG SROLWLFL PRQHWDUH SH

FDUHOHSXQHvQRSHU %DQFD&HQWUDO 'LQSXQFWXOGHYHGHUHDO³SUH XOXL´VRFLDOLQWHUHVDQW HVWH

starea de echilibru C,vQFDUHYHQLWXOFUHúWHI U V FUHDVF UDWDGREkQ]LL

3H VHDPD XQRU SROLWLFL UHVWULF LRQLVWH WLS LL   VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL

HFRQRPLFDúDFXPVXQW( <4 , r4) sau F(Y0, r3) sau G (Y3, r0).


(FKLOLEUXO ) úL * VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX U3 < r4 < r0,
respectiv Y3 < Y4 <Y0.
(FKLOLEUXO ( HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobânzii (r4 < r0  FkW úL SHQWUX YHQLW <4 < Y0  GDU vQ PDL PLF  P VXU  GHFkW vQ FD]XULOH )
(pentru care r3 < r4 úL* SHQWUXFDUH<3 < Y4). Pentru conservarea nivelului venitului social este
QHFHVDU RUHGXFHUHFUHúWHUHGUDVWLF DUDWHLGREkQ]LL$MXVWDUHDUDWHLGREkQ]LLHVWHDúDFXPDP

PHQ LRQDW R FKHVWLXQH GH SROLWLF  PRQHWDU  D % QFLL &HQWUDOH 'LQ SXQFWXO GH YHGHUH DO

³SUH XOXL´ VRFLDO LQWHUHVDQW  HVWH VWDUHD GH HFKLOLEUX ) FDUH S VWUHD]  QLYHOXO YHQLWXOXL VRFLDO SH

VHDPDDMXVW ULLUDWHLGREkQ zii.


ÌQ FD]XULOH GH ³VXSUDvQF O]LUH´ VDX ³OkQFH]LUH DFFHQWXDW ´ D HFRQRPLHL SRW GHYHQL

RSRUWXQHúLLQWHUHVDQWHúLDOWHVW ULGHFkW&úL)DFFHVXOODHOH LQFOXVLYODFHOHGRX PHQ LRQDWH 

ILLQG R SUREOHP  GH FRPELQDUH D SROLWLFLORU GH FRQVXP  LQYHVWL L i / fiscale / bugetare cu cele
monetare.
0RGXOXO SLH HL PRQHWDUH FXSULQGH GRX  IXQF LL GH FRPSRUWDPHQW úL R HFXD LH GH

echilibru:
a) HFXD LDGHHFKLOLEUX
L=M (147)
b) IXQF LDGHRIHUW GHEDQL

M = M0 (148)
b) IXQF LDGHFHUHUHGHEDQL

L = L (Y,r,L0) (149)

FXSURSULHW LOH L’Y > 0 L’r < 0 L ’L o > 0

unde: L = cererea de bani;


M = oferta de bani;
L0 FHUHUHDDXWRQRP GHEDQL

ÌQOHJ WXU FXLQGLFHOH³´VHS VWUHD] FRQYHQ LDI FXW PDLVXVODPRGX lul IS.
6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ vQWUH

UDWD GREkQ]LL úL FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW  SULQ SDUDPHWULL UH]XOWD L GLQ

WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW ÌQ DFHDVW  GHSHQGHQ  S VWU P DFHOHDúL

YDULDELOHGHVWDUHDQDOL] FDúLODPRGXOXO,6FHOHODOWHILLQGYDULDELOHGHFRPDQG FDUHDSDUFX

YDORUL GDWH H[RJHQ H[SULPkQG GH DVHPHQHD VROX LL GH FRUHFWDUH DOH % QFLL &HQWUDOH DGLF  SULQ

politici monetare, de stLPXODUHVDXGHIUkQDUHDWHQGLQ HORUSLH HL


'HSHQGHQ DvQWUHFHOHGRX YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r2 (Y) (150)

FXSURSULHW LOH

r2’Y > 0 r2 ’L o > 0 r2 ’M o < 0

9DULD LD YDULDELOHORU GH FRPDQG  ID  GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobânzii:
L  FUHúWHUHD YDORULL H[RJHQH LQL LDOH D OXL 00 SUHFXP úL UHGXFHUHD YDULDELOHL H[RJHQH

LQL LDOHDOXL/0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

155
(ii) diminuarea valorii exogHQH LQL LDOH D OXL 00 SUHFXP úL FUHúWHUHD YDORULL H[RJHQH
LQL LDOHDOXL/0GHWHUPLQ FUHúWHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL r2 într-XQ SODQ GH DFHOHDúL FRRUGRQDWH YHQLW UDWD
GREkQ]LL  FD úL vQ FD]XO PRGXOXOXL ,6 YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD

JUDILFXOXL IXQF LHL U ID  GH VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L  úL VSUH VWkQJD

SHQWUXYDULD LLOH LL UH]XOWkQGUHVSHFWLYJUDILFHOHUDúLUE ILJ 

r
r4 F r2b
r3 r2
E
r0 G C r2a
r2 A
B
r1
D
Y
Y4 Y3 Y0 Y2 Y1

Fig.6. Deplasarea curbeL/0vQIXQF LHGHPRGLILFDUHDP ULPLORU

YDULDELOHORUGHFRPDQG

6LWXD LD LQL LDO  HVWH UHSUH]HQWDW  vQ ILJ  GH FXUED U vQ FDUH R VWDUH LQL LDO   D

echilibrului economic, fie A HVWH FDUDFWHUL]DW  SULQ YDULDELOH <0


, r0) ale variabilelor de stare/
aQDOL] 
3H VHDPD XQRU SROLWLFL GH GLPLQXDUH D UDSRUWXOXL FHUHUHRIHUW  GH EDQL WLS L  VH SRW

DFFHGHVW ULDOHHFKLOLEUXOXLHFRQRPLFDúDFXPVXQW% <2 , r2) sau C(Y1,r0) sau D(Yo, r1).


(FKLOLEUHOH & úL ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ
variabilele de stare:
r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX <1 > Y2 > Y0,
respectiv r1 < r2 <r0.
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dobânzii (r2 < r0, dar r2 > r1 úLFUHVFSHQWUXYHQLW <2 > Y0, dar Y2 < Y1). Cu cât diminuarea ratei
GREkQ]LL HVWH PDL SURQXQ DW  FX DWkW FUHúWHUHD YHQLWXOXL HVWH PDL PDUH $FHDVWD HVWH UH]XOWDWXO

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Pe seama unRUSROLWLFLGHFUHúWHUHDUDSRUWXOXLFHUHUHRIHUW GHEDQL WLS LL VHSRWDFFHGH


VW ULDOHHFKLOLEUXOXLHFRQRPLFDúDFXPVXQW( <3, r3) sau F(Y0, r4) sau G(Y4, r0).

(FKLOLEUXOXL)úL*VXQWXQLODWHUDOHSUHVXSXQkQGFRQVWDQ DXQHLDGLQYDULDELOHOHGHVWare:

Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX U4>r3>r0, respectiv
Y4<Y3<Y0.
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pentru rata dobânzii (r3>r0 FkWúLSHQWUXYHQLW Y3<Y0 GDUvQPDLPLF P VXU GHFkWvQFD]XULOH


F (pentru care r4>r3  úL * SHQWUX FDUH <4<Y3  3HQWUX FRQVHUYDUHD QLYHOXOXL UDWHL GREkQ]LL úL
LPSOLFLW D HFKLOLEUXOXL SLH HL PRQHWDUH HVWH QHFHVDU  R FUHúWHUHGLPLQXDUH SXWHUQLF  D QLYHOXOXL

venitului.
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FDUH FHOH GRX  YDULDELOH GH VWDUHDQDOL]  U úL  < SRW IL GHWHUPLQDWH vQ PRG XQLF 6ROX LD FHORU

GRX HFXD LLHVWH


r*úLY*úLUHSUH]LQW SXQFWXOGHHFKLOLEUXDOFHORUGRX SLH HDGLF XQHFKLOLEUX

general al economiei (fig. 7).

156
r
r2b
C r2
I F
A r2a
E
D
H G r1a
r1
B
r1b

Fig.7. Echilibrul general al economiei în modelul IS – LM


úLGHSODVDUHDSXQFWXOXLGHHFKLOLEUXvQIXQF LHGH

SROLWLFLOHLQWHUYHQ LRQLVWH

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E SROLWLFLGHHFKLOLEUXDOSLH HLPRQHWDUH 'úL( GHVFXUDMkQGFUHúWHUHDHFRQRPLF  ' UHVSHFWLY

stimulând–o (E);
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(G);
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(B –, SXVHvQHYLGHQ GHPRGHOXO,6 – LM:


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&IUkQ PRQHWDU

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VWLPXOkQGSURGXF LD

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sens opus.

157
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LVWHPXO EDQFDU DO XQHL UL HVWH GHILQLW SULQ UH HDXD LQVWLWX LLORU GH FUHGLW UH]LGHQWH vQ

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Constituirea sistemului bancar este rezultatul unui lung proces istoric de dezvoltare a
HFRQRPLHLúLDUHOD LLORUvQFDUHLQWU DJHQ LLHFRQRPLFL$SDUL LDE QFLORUvQOXPHDPRGHUQ HVWH

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fXQF LRQHD] FLUFDGHVRFLHW LEDQFDUH

1. &RPSRQHQWHOHVLVWHPXOXLEDQFDUúLIXQF LLOHVDOH

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IXQF LLORU E QFLORU este poate cel mai reprezentativ. Din acest punct de vedere sunt identificate
XUP WRDUHOHWUHLWLSXULGHE QFL

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acest rol;
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• E QFL VSHFLDOL]DWH FDUH VXQW DELOLWDWH QXPDL SHQWUX DQXPLWH RSHUD LXQL OLPLWkQGX úL -
DVWIHO IXQF LRQDOLWDWHD vQ FDGUXO ORU VH LQFOXG LQVWLWX LL GH GHSR]LW LQVWLWX LL GH

FUHGLWDUH VSHFLDOL]DWH VRFLHW L ILQDQFLDUH FRPSDQLL GH LQYHVWL LL E QFL FRRSHUDWLVWH

case de economii, fonduri de pensii, fonduri de plasamentH FDVH GH WLWOXUL E QFL GH

DIDFHULúD

$OWHFULWHULLXWLOL]DWHSHQWUXFODVLILFDUHDE QFLORUVXQW

ƒ raza de implantare (teritorial, ramuri economice);


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- care au dreptFOLHQWHO vQWUHSULQGHULPLFLúLPLMORFLLúLSHUVRDQHIL]LFH 


ƒ statutul juridic (publice, private, cooperatiste, de ajutor reciproc).
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mecanismul economic:
a) colectarea depunerilor;
b) JHVWLXQHDPLMORDFHORUGHSODW 
c) acordarea de credite;
d) FRQVXOWDQ úLGLIHULWHDOWHVHUYLFLL
158
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UL

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ƒ E QFL GH DIDFHUL GLVFRXQW KRXVHV VDX DFFHSWLQJ KRXVHV  FDUH YkQG VHUYLFLL

aranjamente financiare de fuziune sau dizolvare, asistarea de emisiuni de titluri,


HYDOX ULGHULVFúD

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VHUYLFLXOFRPHU XOXL

În Germania, sistemul bancar este caracterizat prin universalitatea profilului


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ƒ FRPHUFLDOH vQ FDUH VH LQFOXG úL DúD -zisele “DSURDSH E QFL´ QHDUEDQNV  RELHFWXO ORU

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extins;
ƒ GHLQYHVWL LLFDUHVHRFXS vQSULQFLSDOGHSODVDPHQWHGHYDORULPRELOLDUHFXPHVWHGH

SLOG IRDUWHFXQRVFXWD0HUL ll Lynch.


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úL PDL IRUPDO SUHGRPLQ  FDUDFWHUXO MXULGLF úL DGPLQLVWUDWLY vQ IXQF LRQDUH vQ GHWULPHQWXO FHOXL

economic). Sistemul bancar este reglementat puternic prin lege, care distinge:
ƒ E QFLWUDWDWHGLIHUHQ LDWGXS FXPVXQWPHPEUHDOH$VRFLD LHLIUDQFH]HDE QFLORUVDX

E QFLOH GH DMXWRU UHFLSURF VDX FRRSHUDWLVWH úL FDUH SRW HIHFWXD RULFH RSHUD LXQH

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ƒ DOWH LQVWLWX LL GH FUHGLW FDUH FX H[FHS LD FDVHORU GH HFRQRPLL úL GH GHSXQHUL QX SRW

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UHVXUVHOHGHSHSLD DILQDQFLDU  HPLVLXQL GHWLWOX ri obligatare) sau din plasamente ale


GLVSRQLELOLW LORUSHWHUPHQVFXUWDOHXQRU LQVWLWX LLGHFUHGLW E QFLGH DMXWRUUHFLSURF

sau cooperatiste).
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Paris, Crédit lyonnDLV úL 6RFLpWp *pQpUDOH  % QFLOH GH DMXWRU UHFLSURF VDX FRRSHUDWLVWH VXQW

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159
În România sistemul bancar actual s-D FRQVWLWXLW SRUQLQG GH OD SDWUX E QFL DYkQG UH HOH

propriL%DQFD1D LRQDO %DQFDGH,QYHVWL LL%DQFD5RPkQ GH&RPHU ([WHULRUúL%DQFDSHQWUX

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capital de stat (cum este Eximbank – Banca de Export-,PSRUWD5RPkQLHLIRQGDW vQ SULQ

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SULYD L )5*&  $JHQ LD SHQWUX YDORULILFDUHD DFWLYH lor bancare (AVAB), Institutul Bancar
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RELHFW GH DFWLYLWDWH JDUDQWDUHD FUHGLWHORU SH WHUPHQ PHGLX úL OXQJ SkQ  OD  DQL  vQ

exclusivitate pentru firme private solicitatoare de credite suV LQXWH VDX QX FX SURLHFWH GH
LQYHVWL LL 6FRSXO DFHVWHL DFWLYLW L VXV LQXW úL SULQWU-un credit nerambursabil de 1 milion USD

DFRUGDW GH %DQFD )HGHUDO  GH 5H]HUY  D &DQDGHL HVWH GH D DVLJXUD GLVWULEXLUHD ULVFXOXL EDQFDU

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de dezvoltare.

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,%5 HVWH R LQVWLWX LH IRQGDW  GH %15 úL $5% vQ  úL FDUH DUH FD RELHFW GH DFWLYLWDWH

formarea de personal calificat în domeniul bancar.


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E QFLORU FD SDUWLFLSDQ L VSHFLDOL]D L OD DFWLYLWDWHD HFRQRPLF  GDU FRQWULEXLH OD IRUPDUHD úL

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SURIHVLRQDOHvQOXPHDE QFLORU

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FHD PDL DFWLY  D LQWHUIH HL vQWUH vQWUHSULQ] WRUL SH GH R SDUWH úL SURFHVXO GH HFRQRPLVLUH SH GH

DOW  SDUWH SURFHV vQ XUPD F UXLD VH FRQVWLWXLH VXUVHOH QHSURSULL GH ILQDQ DUH D DFWLYLW LL

HFRQRPLFH D DFHVWRUD 2SHUD LXQLOH  SDVLYH úL DFWLYH DOH E QFLORU FRPHUFLDOH FRQVWLWXLH HVHQ D

acestui rol.

2SHUD LXQLOHSDVLYHDOHE QFLORUFRPHUFLDOH

2SHUD LXQLOH SDVLYH DOH E QFLORU FRPHUFLDOH VXQW RSHUD LXQL GH PRELOL]DUH D UHVXUVHORU

E QHúWL úL FRQVWLWXLUH D VXUVHORU GH FUHGLWDUH 'LQWUH DFHVWH RSHUD LXQL FHOH PDL IUHFYHQWH VXQW

GHSR]LWHOHUHVFRQWXOúLFDSLWDOXOSURSULX

2.1.Depozitele VXQW R RSHUD LXQH SULQ FDUH EDQFD SULPHúWH vQ S VWUDre, pentru un anumit
WHUPHQ úLHYHQWXDOvQ DQXPLWH FRQGL LL R VXP  GH EDQL GH OD XQ GHSXQ WRU %DQFD SRDWH XWLOL]D

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Prin aceasta banca dispune de surse cX FDUH SRDWH V  U VSXQG  FHUHULORU GH FUHGLWH SH FDUH L OH

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monedeLVFULSWXUDOH'XS QDWXUDúLWHUPHQXOORUGHSR]LWHOHSRWILODWWHUPHQúLODYHGHUH
Depozitele la vedereVXQWFHOHGHFDUHGHSXQ WRULLSRWGLVSXQHvQRULFHPRPHQWSHQWUXD
HIHFWXDGLQHOHSO LVDXUHWUDJHUL$FHVWHGHSR]LWHSUH]LQW XQULVFPDLPDUHSHQWUXEDQF GHDOH

IRORVLFDVXUVHGHFUHGLWDUHúLGHDFHHDVXQWUHWULEXLWHFXGREkQ]LPDLPLFLVDXFKLDUGHORF

8WLOL]DUHD ORU FD VXUV  GH FUHGLWDUH VH ED]HD]  SH ³VROGXO PHGLX SHUPDQHQW´ DGLF  SH

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GHSRQHQ LORU $VWIHO E QFLOH FXQRVF ]LOQLF VROGXO U PDV QHXWLOL]DW vQ FRQWXO ILHF UXL FOLHQW ÌQWU -
un orizont de timp dat t ∈ >7@ VROGXO ]LOQLF DO WXWXURU FRQWXULORU GHVFKLVH vQ EDQF  HVWH 6t.
Soldul permanent (SP) al acestor conturi pe orizontul dat este:

SP = min S t (151)
t

DúDF  GDF  7   UH]XOW F  EDQFD SRDWHDFRUGD SH VHDPD GHSR]LWHORU OD YHGHUH FUHGLWH SH R

OXQ  GH P ULPH 63 $VWIHO GH GDWH VH FXQRVF DSRVWHULRUL GHRDUHFH EDQFD QX úW ie dinainte ce
RSHUD LXQLVHYRUGHUXOD vQDFHVWHFRQWXULÌQUHJLVWUDUHDGDWHORUSHSHULRDGHPDLOXQJLGH WLPSG 

vQV  SRVLELOLWDWHD GH D GHWHUPLQD SUREDELOLWDWHD FX FDUH SRDWH H[LVWD XQ VROG SHUPDQHQW SH R

SHULRDG GDW  ]LOH]LOH]LOHHWF 

DHSR]LWHOH OD YHGHUH H[LVW  vQ SULQFLSDO VXE IRUPD FRQWXULORU FXUHQWH D FRQWXULORU GH

GHSR]LWúLDFHUWLILFDWHORUGHGHSR]LW

Conturile curente VXQW SURGXVH EDQFDUH SULQ FDUH SHUVRDQHOH IL]LFH úL MXULGLFH GHUXOHD] 

RSHUD LXQL GH vQFDV UL úL SO L DGLF  RSHUD LXQL GH FDV  'HVFKLGHUHD úL vQFKLGHUHD ORU FD úL

RSHUD LXQLOH GHUXODWH SULQ HOH XQHRUL QXPDL FHOH GH SODW  VXQW UHPXQHUDWH SULQ FRPLVLRQ

GHRDUHFHSUHVXSXQFKHOWXLHOLSH FDUHOHIDFHEDQFDSULYLQGHYLGHQ DORUHIHFWXDUHD RSHUD LXQLORU

informarHDFOLHQWXOXLOHJ WXULOHFXE QFLOHSDUWHQHULORUGHDIDFHULDOHFOLHQ LORUHWF


Conturile de depozit VXQW SURGXVH EDQFDUH GHVWLQDWH PRELOL] ULL XQRU HFRQRPLL SH

WHUPHQHPDLELQHSUHFL]DWHFXFRQGL LLPDLUHVWULFWLYHGHGHUXODUHDXQRURSHUD LXQLúLGH aceea,


161
FHYDPDLELQHUHPXQHUDWH% QFLOHDXvQVFKLPERFHUWLWXGLQHPDLPDUHSULYLQGXWLOL]DUHDSHQWUX

creditare a sumelor depuse în aceste conturi.


Certificatul de depozit este un produs bancar prin care deponentul poate constitui un
depozit, cu termene VWDQGDUG GHVWXO GH GLYHUVLILFDWH úL DO F UXL WLWOX DFW GRYHGLWRU DO H[LVWHQ HL 
SRDWH IL QHJRFLDW SH SLD D PRQHWDU  vQ LQWHULRUXO WHUPHQXOXL GH VFDGHQ  % QFLOH URPkQH

XWLOL]HD] ODUJDFHVWSURGXVFXWHUPHQHGH – 3 – 6 luni. În SUA acest produs este preponderent


GHVLQDW ILUPHORU úL VH vQWkOQHúWH vQ WUHL YDULDQWH VPDOO YDORUL VXE  86'  ODUJH YDORUL

SHVWH86' úLMXPER YDORULSHVWH86' 

Depozitele la termen sunt cele constituite pe un termen precizat convenit între deponent
úL EDQF  EHQHILFLLQG GH R UHPXQHUDUH PDL EXQ  GDWRULW  FHUWLWXGLQLL PDL ULGLFDWH SH FDUH R DUH

banca în utilizarea pentru creditare a sumelor astfel depuse. În mod curent aceste depozite se
vQWkOQHVFVXEIRUPDFRQWXULORUGHGHSR]LWSHQWUXLQYHVWL LLúLD conturilor de economii.

2.2. Rescontul HVWHRRSHUD LXQHSULQFDUHREDQF vLFHGHD] DOWHLDRSDUWHGLQSRUWRIROLXO

GH DFWLYH vQ YHGHUHD RE LQHULL XQRU GLVSRQLELOLW L SH FDUH V  OH SRDW  IRORVL SHQWUX D DFRUGD QRL

credite. Portofoliul de active este IRUPDWGLQWLWOXULFHDWHVW GDWRULLOHSHFDUHXQWHU ODDUHID GH


EDQF VDXSODVDPHQWHSHFDUHDFHDVWDOH-DI FXWvQWLWOXULGHVWDWVDXSXUúLVLPSOXFUHGLWHSHFDUH

banca le-D DFRUGDW XQRU FOLHQ L  DL HL 8QHOH GLQ DFHVWH WLWOXUL VXQW UHFUHGLWDELOH altele nu. Cele
UHFUHGLWDELOH VXQW RIHULWHGH EDQFD GH LQ WRDUH XQRU DOWRU E QFL vQ VFKLPEXO VXPHL SHFDUHHOH OH

UHSUH]LQW  GDU GLPLQXDW  FX XQFRPLVLRQ  GHFHGDUHSUHOXDUH QXPLW GXS  FD] WD[  GH VFRQW VDX

WD[  GH ORPEDUG ÌQWUH WLWOXULOH UHFUHGLWDELOH VH LQFOXG HIHFWHOH FRPHUFLDOH FDPELL  úL HIHFWHOH

SXEOLFH REOLJD LXQLúLERQXULGHWH]DXU 3HQWUXDFHDVW UHFUHGLWDUH QXPLW úLUHILQDQ DUH E QFLOH

DSHOHD]  OD R DOW  EDQF  LQWHUHVDW  úL FDUH DUH GLVSRQLELOLW L OD E QFLOH VSHFLDOL]DWH vQ DVWIHO G
e
RSHUD LXQL QXPLWH E QFL GH VFRQW  úL OD EDQFD FHQWUDO  5HFUHGLWDUHD SH VHDPD FHG ULL GLQ

SRUWRIROLXDXQRUHIHFWHSXEOLFHVHQXPHúWHORPEDUGDUH

2.3. Capitalul propriuHVWHRSHUD LXQHDGHFUHDUHDFDSLWDOXOXLSULQHPLVLXQLOHGHDF LXQL


úL SULQ DFXPXODUHD SURILWXOXL 6XPHOH UH]XOWDWH GLQ HPLVLXQHD GH DF LXQL IRUPHD] 
capitalul
social IRORVLW GH UHJXO  SHQWUX ILQDQ DUHD GRW ULL E QFLL LPRELOH PRELOLHU HFKLSDPHQWH
electronice, active fixe diverse). Sumele acumulate din profit constituie fondurile de UH]HUY 
FUHDWHSHQWUXGLPLQXDUHDXQRUULVFXULSULQ H[LVWHQ DXQHLDFRSHULULDVLJXUDWRULL &DSLWDOXOSURSULX

DUH R FRW  UHGXV  vQ WRWDOXO UHVXUVHORU E QFLL úL QX SDUWLFLS  GHFkW HYHQWXDO VLPEROLF OD FUHDUHD

surselor de creditare.

2SHUD LXQLOHDFWLYHDOHE QFLORUFRPHUFLDOH

2SHUD LXQLOH DFWLYH DOH E QFLORU FRPHUFLDOH VXQW RSHUD LXQL  GH FUHGLWDUH D DFWLYLW LL

HFRQRPLFH DGLF  GH XWLOL]DUH D UHVXUVHORU PRELOL]DWH SULQ RSHUD LXQLOH SDVLYH 2SHUD LXQLOH

active, mai diversificate decât cele pasive, sunt cODVLILFDWH GXS  RELHFW vQ FUHGLWDUHD ILUPHORU

FUHGLWDUHDSHUVRDQHORUSDUWLFXODUHúLSODVDPHQWH

Creditarea firmelor DUH vQ YHGHUH DVLJXUDUHD DFHVWRUD FX GLVSRQLELOLW L SHQWUX D-úL
FRQWLQXDDFWLYLWDWHDFUHGLWHSHQWUXDFWLYHOHIL[HúLFUHGLWHSHQWUXFKH
ltuielile de exploatare.
&UHGLWHOH SHQWUX DFWLYHOH IL[H DX vQ YHGHUH FRQVWUXLUHD VDX DFKL]L LRQDUHD GH LPRELOH

WHUHQXUL HFKLSDPHQWH XWLODMH LQVWDOD LL PLMORDFH GH WUDQVSRUW úD úL VH GDX GH UHJXO  FX

JDUDQ LLvQSULQFLSDOGHE QFLVSHFLDOL]DWH

&UHGLWHOH SHQWUX FKHOWXLHOLOH GH H[SORDWDUH DX vQ YHGHUH UHFRQVWLWXLUHD VXPHORU E QHúWL

LPRELOL]DWH GH vQWUHSULQ] WRU vQ FLUFXLWXO HFRQRPLF RELúQXLW DFKL]L LH – SURGXF LH – livrare.
% QFLOHFUHGLWHD] FUHDQ HOHFRPHUFLDOHDOHvQWUHSULQ] WRUXOXLDGLF SUH iau în sarcina lor datoriile
SH FDUH WHU LL OH DX ID  GH DFHVWD VDX DFRUG  FUHGLWH GH WUH]RUHULH DGLF  IRUPHD]  VDX

FRPSOHWHD]  GLVSRQLELOLW LOH GH SODW  DOH GHELWRUXOXL vQ FD]XO vQ FDUH DFHVWD vQWUHYHGH

SRVLELOLWDWHDXQRUSO L SHFDUHOH -ar avea de f FXWOD XQPRPHQWGDWVDXvQWU -un interval scurt de


WLPSFRQFRPLWHQWFXOLSVDVDXLQVXILFLHQ DXQRUGLVSRQLELOLW LSURSULL

162
Creditarea persoanelor particulare are în vedere acordarea de credite indivizilor sau
IDPLOLLORU SHQWUX FRQVWUXF LHDFKL]L LH GH ORFXLQ H SHQWUX DFKL]L LL GH EXQXUL GH IRORVLQ 

vQGHOXQJDW VDXSHQWUXDFRSHULUHDXQRUFKHOWXLHOLFXUHQWH

Plasamentele UHSUH]LQW  DFKL]L LD GH HIHFWH SXEOLFH úL DF LXQL vQ YHGHUHD XWLOL] ULL

HILFLHQWHDUHVXUVHORUGLVSRQLELOHvQFRQGL LLOHDVLJXU ULLXQHLOLFKLGLW LVXILFLHQWGHPDULDDFHVWRU

XWLOL] UL $FHDVW  FRQGL LH HVWH UHJOHPHQWDW  vQ FHOH PDL PXOWH UL FD P VXU  GH GLPLQXDUH D

ULVFXOXL GH OLFKLGLWDWH 3ODVDPHQWXO vQ DF LXQL HVWH LQWHU]LV vQ XQHOH UL LQFOXVLY vQ 5RPkQLD

pentru a evita conflictul de interese. Plasamentul în efecte publice este stimulat prin riscul lor
PLFDGHVHDPLQLPúLSULQUDSRUWXODWU J WRUULVFFkúWLJ

ÌQ FDGUXO DFHVWRU FODVH GH RSHUD LXQL DFWLYH FHOH PDL IUHFYHQW vQWkOQLWH VXQW VFRQWDUHD

pensiunea, împrumutul cu gaMvQHIHFWHDYDQVXULOHvQFRQWúLFUHGLWHOHVSHFLDOL]DWH

3.1. ScontareaHVWHRSHUD LXQHDSULQFDUHREDQF SUHLDvQVDUFLQ XQFUHGLWDWHVWDWSULQWU-


un efect comercial emis de un agent economic debitor în beneficiul altui agent economic
creditor.
Agentul economic creditor a acceptat la un moment dat, momentul t0 V  OLYUH]H
DJHQWXOXL HFRQRPLF GHELWRU R SDUWLG  GH PDUI  SO WLELO  OD PRPHQWXO XOWHULRU W1 QXPLW VFDGHQ 

6XPD GH SODW  OD VFDGHQ  VH vQVFULH vQ DFWXO FH FRQVILQ HúWH vQ HOHJHUHD DGLF  vQWU -un efect
FRPHUFLDOGH UHJXO RIRUP GHFDPELH úL VHQXPHúWHYDORDUHQRPLQDO a efectului comercial.
La un moment t2 ∈ (t0, t1 DJHQWXOHFRQRPLFFUHGLWRUGRUHúWHV -úLUHFXSHUH]HEDQLL(OVFRQWHD] 

UHVSHFWLYXO WLWOX OD R EDQF  DGLF  vO FHGHD] FHVLRQHD]  SULPLQG vQ VFKLPE R VXP  GH EDQL

QXPLW YDORDUHDFWXDO DUHVSHFWLYXOXLWLWOX'LQPRPHQWXOVFRQW ULL W2 úLSkQ ODVFDGHQ  W1 ),


DGLF  SH XQ LQWHUYDO GH WLPS GH z ]LOH FUHGLWXO HVWH vQ VDUFLQD E QFLL FDUH SUHWLQGH vQ PRG

justificat, o remuneraUH SHQWUX LPRELOL]DUHD UHVXUVHORU VDOH $FHDVW  UHPXQHUDUH H[SULPDW  vQ
XQLW LPRQHWDUHVH]LFH scontLDUH[SULPDW SURFHQWXDOVH]LFHWD[ GHVFRQW0 ULPHDWD[HLGH

VFRQW HVWH VWDELOLW  GH F WUH ILHFDUH EDQF  vQ SDUWH vQ UDSRUW FX VWUDWHJLD úL SROLWLFa ei de credite,

FXHOHPHQWHOHFRQMXQFWXUDOHFDUHRGHWHUPLQ V DPSOLILFHVDXV GLPLQXH]HRIHUWDGHFUHGLWFDúL

FX WD[D RILFLDO  GH VFRQW SUDFWLFDW  GH %DQFD &HQWUDO  vQ UHILQDQ DUHD E QFLORU FRPHUFLDOH SULQ

RSHUD LXQHDGHUHVFRQWSUDFWLFDW GHDFHDVWDvQOHJ WXU FXSRUWRIROLLOHORUGHDFWLYHÌQ5RPkQLD

GHSLOG WD[DGHVFRQWD%15GHODLDQXDULHDIRVWVWDELOLW GH

0 ULPHDVFRQWXOXLúLDYDORULLDFWXDOHDWLWOXOXLVFRQWDWVHGHWHUPLQ GXS UHOD LD

z ∗s
S = VN ∗ (152)
100

VA = VN - S (153)

unde: S = scontul;
s = taxa de scont;
VA YDORDUHDDFWXDO DWLWOXOXLVFRQWDW

VN YDORDUHDQRPLQDO DWLWOXOXLVFRQWDW

6FRQWDUHDHVWHRRSHUD LXQHSULQFDUHFUHGLWXOFRPHUFLDOVHWUDQVIRUP vQFUHGLWEDQFDU

3.2. Pensiunea HVWH RSHUD LXQHD SULQ FDUH DJHQWXO FH D VFRQWDW XQ HIHFW FRPHUFLDO VH
DQJDMHD]  V -O U VFXPSHUH HO vQVXúL OD VDX SkQ  OD VFDGHQ  5LVFXO DFHVWXL HIHFW FRPHUFLDO HVWH
SUHOXDWDVWIHOGRDUWHPSRUDUGHF WUHEDQF 

3.3. Împrumutul cu gaj în efecte este RSHUD LXQHD SULQ FDUH EDQFD DFRUG  XQ FUHGLW

SULPLQGvQVFKLPEXQJDMvQHIHFWHFRPHUFLDOHVDXSXEOLFHVDXvQDF LXQL0 ULPHDFUHGLWXOXLHVWH

sub nivelul valorilor nominale ale efectelor gajate.


ÌQ FH SULYHúWH JDMDUHD HIHFWHORU FRPHUFLDOH UHFXUJHUHD OD DFHDVW  IRUP  GH UHFUHGLWDUH VH

IDFH DWXQFL FkQG EDQFD DUH UH]HUYH vQ FH SULYHúWH FDSDFLWDWHD GH SODW  D FHORUODO L VHPQDWDUL DL

163
WLWOXOXL DO LL GHFkW EHQHILFLDUXO DFHVWXLD 'H DFHHD EDQFD QX VFRQWHD]  úL vQ SOXV DFRUG  XQ

FUHGLWVXEYDORDUHDQRPLQDO D efectului.
ÌQ FH SULYHúWH JDMDUHDHIHFWHORU SXEOLFH úL DDF LXQLORU EDQFD DFRUG  FUHGLWH VXE YDORDUHD

QRPLQDO  D DFHVWRUD FD UH]XOWDW DO ULVFXOXL GH GLPLQXDUH D YDORULL ORU GH SLD  VF GHUHD FXUVXOXL

lor).
Solicitatorii unor credite cu gaj în efecte pXEOLFHVDXDF LXQLUHFXUJODDFHDVW RSHUD LXQH

DGHVHDvQVFRSXULVSHFXODWLYHvQ YHGHUHDDFKL]L LRQ ULL UHSHWDWHDXQRUDVWIHOGHWLWOXUL3HVHDPD

XQXL FDSLWDO LQL LDO K DJHQWXO vQ FDX]  SURFXU  WLWOXUL GH DFHHDúL YDORDUH ILH 971 = K pe care le
JDMHD] RE LQkQGXQFUHGLWGHYDORDUH

C1 = a ∗ VT1 (154.1)

unde: D FRWDH[SULPDW SURFHQWXDOGLQYDORDUHDWLWOXULORUDFKL]L LRQDWHúLJDMDWH

&XDFHVWFUHGLWUHVSHFWLYXODJHQWSRDWHFXPS UDQRLWLWOXULGHYDORDUH972 = C1 pe care le


SRDWHGLQQRXJDMDRE LQkQGXQQRXFUHGLW

C2 = a ∗ VT2 (154.2)
FXFDUHSURFHGHD] vQPRGVLPLODU

3UHVXSXQkQG F  DJHQWXO HIHFWXHD]  n DVWIHO GH RSHUD LXQL DWXQFL YDORDUHD WLWOXULORU

DFKL]L LRQDWHvQWRWDO TVT este:


1 − a n +1
TVT = K ∗ (155.1)
1− a

FUHGLWXOWRWDO&7SULPLWGHHOGHODEDQF HVWH

(1 − a n ) ⋅ a
CT = K ∗ (155.2)
1− a

iar capitalul imobilizat KIvQWRWDODGLF VXPDFKHOWXLW GHHOSHQWUXDFKL]L LRQDUHDWLWOXULORUHVWH

KI = TVT − CT = K ∗ (1 − a n ) (155.3)

CaliWDWHD ILQDQFLDU  HILFLHQ D  SHQWUX DJHQWXO HFRQRPLF DO XQXL DVWIHO GH SURFHGHX SRDWH

ILHYLGHQ LDW SULQFkWHYDUDWH

ƒ UDWDFDSLWDOXOXLLPRELOL]DWLQYDORDUHWRWDO DWLWOXULORUDFKL]L LRQDWHHVWH

KI
rl = = 1− a (156.1)
TVT

DGLF  HVWH FRQVWDQW  LQGLIHUHQW GH QXP UXO RSHUD LXQLORU GH DFKL]L LH -creditare pe care el le
UHDOL]HD] 

ƒ PDUMDGHDFRSHULUHDFUHGLWXOXLSULQWRWDOXOYDORULLWLWOXULORUDFKL]L LRQDWHHVWH

TVT 1 − a n +1
r2 = = (156.2)
CT a ∗ (1 − a n )

DGLF  vQ VF GHUH FX ILHFDUH QRX  RSHUD LXQH DFKL]L LH FUHGLWDUH UHIOHFWkQG FUHúWHUHD FDSLWDOXOXL
-
LPRELOL]DW úL FRQGXFkQG OD IRUPXODUHD XQRU FRQFOX]LL LPSRUWDQWH DWkW SHQWUX DJHQW FkW úL SHQWUX

EDQF 

• UHSHWDUHD RSHUD LXQLL GH vPSUXPXW FX JDM vQ HIHFWH SXEOLFH VDX DF LXQL GH F WUH XQ

DFHODúLDJHQWP UHúWHULVFXOV XGHSLHUGHUHSULQVF GHUHDFXUVXOXLWLWOXULORUGHRDUHFH

164
imobilizarea sa de capital este tot mai mare;
• PHQ LRQDWD UHSHWDUH GLPLQXHD]  FDSDFLWDWHD GH JDUDQ LH D JDMXOXL GHRDUHFH PDUMD GH

DFRSHULUH D FUHGLWXOXL VFDGH FHHD FH SHQWUX EDQF  vQVHDPQ  FUHúWHUHD ULVFXOXL GH

creditare.
ƒ FRHILFLHQWXOGHPXOWLSOLFDUHDFDSLWDOXOXLLQL LDOSULQYDORDUHDWLWOXULORUDFKL]L LRQDWHHVWH

n
TVT
r3 = = ∑ a j−1 (156.3)
K j=1

XQGH M  LQGLFH SHQWUX LGHQWLILFDUHD QXP UXOXL GH RUGLQH DO RSHUD LXQLL UHSHWDWH DFKL]L LH -
creditare.

3.4.Avansurile în contVXQWRRSHUD LXQHSULQFDUHEDQFDHIHFWXHD] SO LGLQFRQWXOXQXL


client, pe baza cecurilor emise de el, chiar în cazul în care acesta nu are disponibil. Pentru a
SXWHD IDFH SODWD EDQFD DFRUG  XQ FUHGLW ³vQ DYDQV´ DGLF  I U  D DúWHSWD R VROLFLWDUH H[SUHV  GLQ

SDUWHD FOLHQWXOXL V X $FHVW FUHGLW VH QXPHúWH overdraft 'HRDUHFH QX X]HD]  GH vQVFULVXUL

EDQFDUH SHQWUX FRQILUPDUHD ORU DFHVWH FUHGLWH VXQW QHWUDQVIHUDELOH DGLF  EDQFD QX SRDWH V  VH

recrediteze pe seama lor. Pentru a corecta acest neajuns, banca poate solicita clientului ei un bilet
la ordin pe care, eventual, îl poate sconta, recreditându-se.

3.5. Creditele specializate VXQW RSHUD LXQL GH FUHGLWDUH LQWHUYHQLWH vQ OHJ WXU  FX VLWXD LL
specifice, de o anuPLW QDWXU $VWIHOGHRSHUD LXQLVHUHDOL]HD] SULQSURGXVHEDQFDUHFXPVXQW
ƒ creditul sezonier sau de campanie (vezi cap.4.3.3.);
ƒ creditul pentru stoc (vezi cap. 4.3.3.) garantat prin warant (vezi cap. 4.3.4.);
ƒ FUHGLWXO GH SUHILQDQ DUH DFRUGDW GH EDQF  XQXL IXUQL]RU SHQWUX OLYU UL I FXWH XQXL EHQHILFLDU

H[WHUQ VDXvQFDGUXO XQHL OLFLWD LLSXEOLFH OLYU ULSHQWUXLQVWLWX LLSXEOLFH %DQFDYDUHFXSHUD

FUHGLWXO vQ PRPHQWXO DSDUL LHL vQ FRQWXO IXUQL]RUXOXL D SO LL HIHFWXDWH GH EHQHILFLDUXO V X

extern sau dHF WUHLQVWLWX LDSXEOLF DFKL]LWRDUH

$SUHFLHUHDFDOLW LLDFWLYLW LLEDQFDUH

/D IHO FD vQ FD]XO RULF UHL VRFLHW L FRPHUFLDOH VLQWH]D FDOLW LL DFWLYLW LL EDQFDUH HVWH

GDW GHUHQWDELOLWDWHFDOFXODW 

¾ vQYDORDUHDEVROXW FDPDV DSURILWXOXL

Π = DÎ – DP – CF (157.1)

DÎ = da * C (157.2)

DP = dp * M (157.3)

unde: Π SURILWXOE QFLL

DÎ = dobânzi încasate;
DP GREkQ]LSO WLWH
CF FKHOWXLHOLGHIXQF LRQDUHDE QFLL
da UDWDGREkQ]LLODRSHUD LXQLOHDFWLve;
C P ULPHDFUHGLWHORUDFRUGDWH

dp UDWDGREkQ]LLODRSHUD LXQLOHSDVLYH
M PDVDPRELOL] ULORUGHUHVXUVHE QHúWL GHSR]LWHUHVFRQW 

¾ vQYDORDUHUHODWLY FDUDW DSURILWXOXL

165
Π
rp = (157.4)
K
unde: rp = rata profitului bancar;
K FDSLWDOXOSURSULXDOE QFLL

ÌQ SOXV VH DUH vQ YHGHUH HFXD LD GH ELODQ  D E QFLL GLQ FDUH UH]XOW  H[LVWHQ D SH WRWDO D

HFKLOLEUXOXL GLQWUH XWLOL]DUHD UHVXUVHORU $  DFWLYH  úL SURYHQLHQ D DFHVWRUD 3  SDVLYH úL . 

capital propriu):
A=P+K (158)

ÌQ OHJ WXU  FX UH]XOWDWHOH ILQDQFLDUH DOH E QFLL VXQW X]XDOL PDL PXO L LQGLFDWRUL GH

SHUIRUPDQ VLQWHWL]D LvQWDEHOXO

Tabelul 2
Indicator Mod de calcul
1. Rata veniturilor (din dobânzi) Dobânzi încasate – DobânziSO WLWH

Active valorificate

2. Rata profitului Profit net


Dobânzi încasate

5DWDXWLOL] ULLDFWLYHORU Dobânzi încasate


Total activ

5DWDUHQWDELOLW LLHFRQRPLFH Profit net


Total activ

5. Efectul de pârghie Total activ


Capital propriu

5DWDUHQWDELOLW LLILQDQFLDUH Profit net


Capital propriu
Sursa: Cezar Basno, Nicolae Dardac, Constantin Floricel –³0RQHG FUHGLWE QFL´

('3%XFXUHúWL

'LQWUH LQGLFDWRULL XWLOL]D L vQ FDOFXO ³7RWDO DFWLY´ UHSUH]LQW  DFWLYXO GH ELODQ  DO E QFLL

³$FWLYH YDORULILFDWH´ UHSUH]LQW DFWLYXO GH ELODQ  PDL SX LQ ³&DVD´ úL ³$FWLYH IL[H´ FRUSRUDOH úL

QHFRUSRUDOHDOWHOHGHFkWFHOHILQDQFLDUH LDU³3URILWQHW´HVWHSURILWXOEUXWPDLSX LQLPSR]LWXOSH

SURILW ÌQ FH SULYHúWH SURILWXO EUXW DFHVWD VH GHWHUPLQ  GLQ YHQLWXO EDQFDU QHW GREkQ]L vQFDVDWH

PLQXVGREkQ]LSO WLWH PDLSX LQDOWHFKHOWXLHOLDOHE QFLL FKHOWXLHOLGHIXQF LRQDUH 

$WkWXWLOL]DUHDUHVXUVHORUFkWúLSURYHQLHQ DDFHVWRUDVXQWvQV SXWHUQLFGLYHUVLILFDWHGXS 

durata úL SUH XO ORU 'HDFHHDFX WRDWHF SH WRWDOHFKLOLEUXOVHUHJ VHúWH vQWRWGHDXQDWRWDVWIHO

HOQXVHUHJ VHúWHSHFRPSRQHQWHVWUXFWXUDOH

Durata FODVLILF  DFWLYHOH úL SDVLYHOH GXS  VFDGHQ D GH UHFXSHUDUH  SHQWUX DFWLYH 
respectiv de exigibilitate (pentru pasive). Într-un echilibru perfect, evident doar teoretic, ar
vQVHPQDQXGRDUF VHYHULILF UHOD LD  FLúLF 

Aj = Pj j=1÷n (159)

XQGHMHVWHXQLQGLFHSHQWUXLGHQWLILFDUHDOXQJLPLLLQWHUYDOHORUGHVFDGHQ  R]LvQWUHú i 7 zile,


vQWUHúL]LOHvQWUHúLOXQLvQWUHúLDQLSHVWHDQLúDPG LDUQQXP UXOFODVHORUGH

VFDGHQ HFRQVLGHUDWHvQFODVLILFDUHDGXS GXUDW DDFWLYHORUúLSDVLYHORU

166
3HQWUX D SXQH vQ HYLGHQ  JUDGXO GH FRUHODUH vQWUH DFWLYH úL SDVLYH VH FDOFXOHD]  indicele
de lichiditate:
n
∑ Pj ⋅ α j
j=1
IL = (160)
n
∑Aj ⋅αj
j=1
unde: Aj YDORDUHDDFWLYHORUGLQFODVDMGHVFDGHQ HGHUHFXSHUDUH
Pj = valoarea pasivelor din clasa j de exigibilitate;
αj SRQGHUHDDFRUGDW FODVHLMGHVFDGHQ HGHUHFXperare, respectiv de exigibilitate.

Ponderile αj VXQW DWULEXLWHFUHVF WRU GHOD YDORULPLFL SHQWUX VFDGHQ HOHIRDUWHDSURSLDWH
ODYDORULWRWPDLPDULSHQWUXFHOHGLQFHvQFHPDLvQGHS UWDWH

O valoare IL ≈  VHPQLILF  R FRUHOD LH PXO XPLWRDUH vQWUH FODVHOH GH DFWLYH úL SDVLYH

DGLF RDFRSHULUHDDFWLYHORUGLQDSUR[LPDWLYSDVLYHGHDFHHDúLGXUDW 

2YDORDUH,/VHPQLILF GXUDWHUHODWLYPDLVFXUWHDOHSDVLYHORUGHFkWDOHDFWLYHORUDGLF 

în principiu, acoperirea activelor pe termen lung din pasivHSHWHUPHQVFXUW$FHDVW VLWXD LHGHQRW 

D OLFKLGLWDWH UHGXV  D E QFLL DGLF  XQ ULVF FUHVFXW GH D QX SXWHD RQRUD OD VFDGHQ  VROLFLW ULOH GH

UDPEXUVDUHDGHSR]LWHORUGHRDUHFHFUHGLWHOHDFRUGDWHSHVHDPDORUDXVFDGHQ HPDLOXQJL

O valoare IL > 1 semniILF RVLWXD LHRSXV 

ÌQ DPEHOH  FD]XUL  vQV  FDOLILFDUHD E QFLL HVWH QHVDWLVI F WRDUH DFFHQWXDW  vQ FD]XO ³´

deoarece în primul caz este posibil riscul de lichiditate, iar în cel de-al doilea resursele sunt
subutilizate din punct de vedere al capaciW LLORUWHPSRUDOH
0 VXUDFDQWLWDWLY DOLFKLGLW LORUSHFODVHGHVFDGHQ HVHGHWHUPLQ FXLQGLFDWRUXOSR]L LD

OLFKLGLW LL exprimat prin pasivele nete:


PNj = Pj - Aj j=1÷n (161)
în care PNjVXQWSDVLYHOHQHWHGHFODV M
În cazul în care PNj !  UH]XOW  F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ H[FHV ID  GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH úL GHFL IRORVLWH ILH SHQWUX D ILQDQ D XWLOL] UL GLQ FODVD ³PDL

PLFL´ VLWXD LH VRFRWLW  QHHILFLHQW  GHRDUHFH GREkQ]LOH vQFDVDWH OD DVWIHO GH FODVH VX nt mai mici
GHFkW FHOH SO WLWH SHQWUX SDVLYHOH GH FODV  ³PDL PDUH´  ILH SHQWUX  D ILQDQ D XWLOL] UL GLQ FODVH

³PDLPDUL´ VLWXD LHDJUHDW GDUFXULVFGHOLFKLGLWDWH 

În cazul în care PNj   UH]XOW  F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ GHILFLW ID  GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH úL GHFL DX IRVW FRPSOHWDWH ILH FX SDVLYH GLQ FODVH ³PDL PLFL´

VLWXD LHGHULVF ILHFXSDVLYHGLQFODVH³PDLPDUL´ VLWXD LHLQHILFLHQW 

8QDOWLQGLFDWRUGH FDOLWDWHOHJDWGHGXUDW HVWH UDWDOLFKLGLW , care se poate calcula fie


LL

SUHGLFWLY ILH SRVWIDFWXP SH FODVH GH VFDGHQ  $FHDVW  UDW  H[SULP  P VXUD DQJDM ULL E QFLL SH

SLD DFUHGLWXOXLúLFRPSDU UHVXUVHOHQRLPRELOL]DWHUHVSHFWLYPRELOL]DWHvQWU RSHULRDG GHWLPS


-
YLLWRDUH UHVSHFWLY WUHFXW   R V SW PkQ  R OXQ XQ WULPHVWUX XQ DQ FX UHVXUVHOH H[LVWHQWH GDU

VFDGHQWHUHVSHFWLYOLFKLGLWDWHvQSHULRDGDGHWLPSPHQ LRQDW 

Pn
rl = (162)
Pl
unde: rl UDWDOLFKLGLW LL

Pn = pasive noi;
Pl = pasive lichidate.
6  SUHVXSXQHP GH H[HPSOX F  OD  LXQLH EDQFD GRUHúWH V  FXQRDVF  VLWXD LD UDWHL

OLFKLGLW LL  SHQWUX OXQD LXOLH FDOFXO SUHGLFWLY  úL SHQWUX OXQD PDL FDOFXO SRVWIDFWXP  SHQWUX

UHVXUVHOHFXVFDGHQ SHWUHLOXQL

ÌQFD]XOFDOFXOXOXLSUHGLFWLY EDQFDúWLH FDUHVXQWGHSR]LWHOH SHWUHLOXQLSHFDUHOHGH LQH

úL FDUH WUHEXLH OLFKLGDWH vQ OXQD LXOLH ILH Pl. 3.VII 'LQ SURSULLOH LQIRUPD LL SULYLQG HYROX LD
167
GHVFKLGHULL OD HD vQV úL D XQRU GHSR]LWH SH WUHL OXQL FD úL GLQ HYROX LD JHQHUDO  D SLH HL

GHSR]LWHORU EDQFD HVWLPHD]  UHVXUVHOH QRL GLQ DFHDVW  FODV  SRVLELOH SHQWUX OXQD LXOLH ILH

Pn. 3.VII 3ULQ UHOD LD   VH FDOFXOHD]  UDWD OLFKLGLW LL OXQLL LXOLH SHQWUX DVWIHO GH GHSR]LWH

'DF  UO !  UH]XOW  F  YRU IL PRELOL]DWH UHVXUVH QRL PDL PDUL GHFkW FHOH GHMD H[LVWH nte, dar
OLFKLGDELOH DVWIHO vQFkW HVWH SRVLELO  R H[WLQGHUH D RSHUD LXQLORU FH SRW IL ILQDQ DWH GLQ DVWIHO GH

UHVXUVH'DF UOUH]XOW F VHGLPLQXHD] FDSDFLWDWHDGHFUHGLWDUHSHVHDPDDFHVWRUUHVXUVHÌQ

IXQF LH GH HYHQWXDOHOH VROLFLW UL GH FUHGLWH DQXQ DWH SHQWUX OXQD LXOLH FX VFDGHQ H SRVLELO GH

DFRSHULWGLQDVWIHOGHGHSR]LWHúLGHSURSULLOHSUHGLF LLSULYLQGDVWIHOGHVROLFLW ULEDQFDYDWUHEXL

V -úLDMXVWH]HUHVSHFWLYDFDSDFLWDWHGHFUHGLWDUHF XWkQGUHVXUVHQRLVXSOLPHQWDUH
În cazul calcululXLSRVWIDFWXPWRDWHGDWHOHVXQWFXQRVFXWHUDWDOLFKLGLW LLFDOFXODW DVWIHO

HVWH ³VWDWLVWLF ´ LDU EDQFD GHVFLIUHD]  DVWIHO WHQGLQ D GH HYROX LH D UHVSHFWLYXOXL WLS GH UHVXUVH

SXWkQG VWDELOL P VXUL RSHUDWLYH GH DMXVWDUH PRGLILFDUHD UDWHORU GH GREkQG  LQL LHUHD XQRU

SURGXVH EDQFDUH QRL vQ VSULUHD VDX UHOD[DUHD FUHGLW ULL PRGLILFDUHD SRQGHULORU VDX OLPLWHORU

LQGLFDWRULORUGHERQLWDWHvQHVWLPDUHDFDOLW LLQRLORUGHELWRULHWF

3UH XO FUHGLWXOXL FODVLILF  DFWLYHOH úL SDVLYHOH GXS  UDWD GREkQ]LL vQFDVDWHSO WLWH ÌQ

FRQGL LLOH vQ FDUH DFHVWHD VXQW IL[H SUREOHPHOH GH SUHGLF LH D UH]XOWDWXOXL EDQFDU úL GH FRUHODUH D

FODVHORU GH XWLOL] UL úL SURYHQLHQ H VXQW PXOW PDL VLPSOH &RPSOH[LWDWHD DFWLYLW LL HFRQRPLFH D

GHWHUPLQDWvQV vQXOWLPLLGHDQLH[WLQGHUHDYDULDELOLW LLGREkQ]LLúLvQFRQVHFLQ QHYRLDGH

DFODVLILFDDFWLYHOHúLSDVLYHOHEDQFDUHvQIXQF LHGHLQWHQVLWDWHDYDULD LLORU

'REkQ]LOH FDUH VXQW vQ PRG HYLGHQW LQIOXHQ DWH GH YDULD LD SLH HL FUHGLWXOXL VXQW QXPLWH

dobânzi sensibile, iar actLYHOH úL SDVLYHOH vQ OHJ WXU  FX FDUH VXQW SUDFWLFDWH VH ]LF active
sensibileúLpasive sensibile&HOHFHQXLQWU vQDFHDVW FODV VH]LF>QHVHQVLELOH@
8QLQGLFDWRUGHFDOLWDWHDDFWLYLW LLEDQFDUHOHJDWGHSUH XOFUHGLWXOXLHVWHrata gradului

de sensibilitate:
As
gs = (163)
Ps
unde: gs = rata gradului de sensibilitate;
As = active sensibile;
Ps = pasive sensibile.
5DWDVHSRDWHFDOFXODSHWRWDOVDXSHFODVHGHGXUDW úLDUDW PDUMDGHDFRSHULUHDDFWLYHORU

sensibile din pasiveGHDFHODúLIHO


'DF JV!vQVHDPQ F ILQDQ DUHDDFWLYHORUVHQVLELOHVHIDFHúLGLQSDVLYHQHVHQVLELOHÌQ

FD]XO vQ FDUH GREkQ]LOH VHQVLELOH vQUHJLVWUHD]  R WHQGLQ  GH FUHúWHUH FUHúWH GLIHUHQ D  vQWUH

UHPXQHUDUHDSURGXV GHDFWLYHúLFRVWXOUHVXUVHORUGLQFDUHDXIRVWILQDQ DWHGHRDUHFHODILQDQ DUH

DX FRQWULEXLW úL SDVLYHOH QHVHQVLELOH D F URU GREkQG  QX YD FUHúWH ÌQ FD]XO vQ FDUH GREkQ]LOH

VHQVLELOHvQUHJLVWUHD] RWHQGLQ GHVF GHUHVFDGHGLIHUHQ DvQWUHUHPXQHUDUHDSURGXV GHDFWLYH

úL FRVWXO UHVXUVHORU GLQ FDUH DX IRVW ILQDQ DWH GHRDUHFH GREkQGD SDVLYHORU QHVHQVLELOH

SDUWLFLSDQWHODILQDQ DUH QXVHPRGLILF 

'DF  JV   vQVHDPQ  F  SDVLYHOH VHQVLELOH VXQW IRORVLWH SHQWUX D ILQDQ D úL DFWLYH

nesensibile. În cazul în care dobânzile sensibile vQUHJLVWUHD]  R WHQGLQ  GH FUHúWHUH UH]XOWDWXO

SHQWUXEDQF YDILQHIDYRUDELOLDUvQFD]XOvQFDUHGREkQ]LOHVHQVLELOHvQUHJLVWUHD] RWHQGLQ GH

VF GHUHUH]XOWDWXOSHQWUXEDQF YDILIDYRUDELO

&RPSDUD LLOH SH FODVH GH GXUDW  VDX SUH  DOH  DFWLYHORU úL SDVLYHORU SRW HYLGHQ LD

LQVXILFLHQ D UHVXUVHORU SHQWUX FODVD UHVSHFWLY  PRWLY SHQWUX FDUH vQ YHGHUHD DPHOLRU ULL

HFKLOLEUXOXL DU IL QHFHVDU  DWUDJHUHD GH QRL SDVLYH GH FODVD UHVSHFWLY  ÌQ YHGHUHD DSUHFLHULL

OLPLWHL GH SUH  SHQWUX DVWIHO GH UHVXUVH VH GHWHUPLQ  UDWD GH DFRSHULUH D EUHúHL DGLF  SUDJXO

PD[LPFHSRDWHILDFFHSWDWFDUDW GHGREkQG SHQWUXDFHVWHD

DÎ − DP
rab = (164)
A−P
unde: rab UDWDGHDFRSHULUHDEUHúHL

DÎ GREkQGDvQFDVDW GHODDFWLYHOHFODVHLDQDOL]DWH

168
DP GREkQGDSO WLW SHQWUXSDVLYHOHFODVHLDQDOL]DWH

A FXDQWXPXODFWLYHORUGLQFODVDDQDOL]DW 

P FXDQWXPXOSDVLYHORUGLQFODVDDQDOL]DW 

3HUIRUPDQ HOH E QFLORU VXQW IRORVLWH GH DJHQ LLOH GH HYDOXDUH UDWLQJ  SHQWUX D FDOLILFD

activitatea acestRUD (YDOX ULOH I FXWH GH GLIHUL L DJHQ L SRW GLIHUL FX WRDW  F  vQ JHQHUDO

PHWRGRORJLD HVWH DFHHDúL D  VH VWDELOHVF WLSXULOH GH FDUDFWHULVWLFL FDUH YRU IL HYDOXDWH E  VH

VWDELOHVFLQGLFDWRULGHSHUIRUPDQ FDUHGHVFULXUHVSHFWLYHOHFDUDFWHULVWLFLF  sunt stabilite nivele


GHFDOLILFDUHDILHF UHLFDUDFWHULVWLFL

$JHQ LD ³0RRG\¶V´ HYDOXHD]  SDWUX FDWHJRULL GH FDUDFWHULVWLFL IRU D ILQDQFLDU  GDWRULD

SULQFLSDO GHSR]LWHOHSHWHUPHQOXQJúLGHSR]LWHOHSHWHUPHQVFXUW

)RU D ILQDQFLDU HVWH FDOLILFDW  SH  QLYHOH $ %& ' úL ( RUGRQDWH GHVFUHVF WRUDVWIHO

F  QLYHOXO $ HVWH DWULEXLW E QFLORU FH DX IRU  ILQDQFLDU  DGHFYDW  LDU QLYHOXO ( FHORU FX IRU 

ILQDQFLDU  IRDUWH VF ]XW  FH DUDW  F  EDQFD DU DYHD QHYRLH SHULRGLF GH DMXWRU úL R HYHQWXDO 

asistHQ  ÌQ LQWHULRUXO QLYHOHORU VXQW I FXWH QXDQ UL SULQ DG XJDUHD VHPQHORU ³´ úL ³
-“. În
5RPkQLDSRWULYLWDVRFLD LHL)LQDQW]$*=ULFKvQIHEUXDULH -martie 1999 nivelul D a fost atribuit
%5'úL%&5LDUQLYHOXO(SHQWUX%$1&25(;úL%$

Datoria principDO HVWHFDOLILFDW SHQLYHOH$%úL&GLVWLQFWSHQWUXGDWRULDSHWHUPHQ

OXQJ úL SHQWUX FHD SH WHUPHQ VFXUW ÌQ LQWHULRUXO QLYHOHORU VH IDF QXDQ UL SULQ DG XJDUHD OLWHUHL

PLFL ³D´ R GDW  VDX GH GRX  RUL  úL PDL vQ GHWDOLX D FLIUHORU   úL  ,QGLFDWRUXO GH UHIHULQ 

HVWH ULVFXO SH FDUH vO SUH]LQW  FUHGLWRULL E QFLL FDUH FX FkW HVWH PDL ULGLFDW H[SULP  R

YXOQHUDELOLWDWHWRWPDLPDUHDUHVXUVHORUGHFDUHGLVSXQHEDQFD'HSLOG 

¾ B3 risc relativ mare;


¾ Caa riscul creditelor este mare, vulnerabilitDWHDE QFLLHVWHVSRULW 

¾ &DD VHFXULWDWH ILQDQFLDU  IRDUWH VF ]XW  H[LVW  SUREDELOLWDWHD DSDUL LHL XQRU HOHPHQWH GH

SHULFROvQSULYLQ DFDSDFLW LLILQDQFLDUH

¾ &D VLJXUDQ  ILQDQFLDU  H[WUHP GH VODE  EDQFD DUH GLILFXOW L vQ D úL UHVSHFWD REOLJD LLOH GH
-
SODW 

ÌQ 5RPkQLD SRWULYLW DFHOHLDúL DVRFLD LL V D DWULEXLW FDOLILFDWLYXO % SHQWUX DU  SHQWUX
-
GDWRULD SH WHUPHQ OXQJ OD IHO FD SHQWUX 5XVLD úL 8FUDLQD  LDU vQ DFHVW FRQWH[W %&5 D IRVW

FDOLILFDW FX%SHQWUXGDWRULDSULQFLSDO úLFX&DDSHQWUXGDW oria pe termen scurt.


'HSR]LWHOH SH WHUPHQ OXQJ VXQW FDOLILFDWH SH  QLYHOH $ % úL & vQ FDGUXO F URUD VH IDF

QXDQ UL VLPLODUH FHORU SHQWUX GDWRULD SULQFLSDOD &DOLILFDWLYHOH DFRUGDWH GH DFHHDúL DVRFLD LH

VXQW&DDSHQWUX DU  5XVLD – Ca, Ucraina – CaD úL&DDSHQWUX%&5úL%5'


'HSHQGHQ D FDOLILFDWLYHORU DFRUGDWH XQHL E QFL GH FHOH DFRUGDWH ULL GH UHúHGLQ  HVWH

HYLGHQW  ³QLFL R HQWLWDWH EDQFDU  QX SRDWH SULPL XQ UDWLQJ VXSHULRU FDOLILFDWLYXOXL GH DU ´ ,RQ

*KLFD SUHúHGLQWHOH %&5 SUHúHGLQWHOH ARB, într-un comentariu pe marginea calificativelor


DFRUGDWH GH )LQDQW] $* =ULFK  &DOLILFDWLYXO ULL úL LPSOLFLW DO E QFLL GHSLQGH GH PHGLXO

HFRQRPLFQD LRQDOGHVWDUHDFDUHvOFDUDFWHUL]HD] ODXQPRPHQWGDWUHFHVLXQHDHFRQRPLF GXFH

la diminuarea cDOLILFDWLYHORU GXS  FXP UHODQVDUHD úL FUHúWHUHD HFRQRPLF  GXF OD FUHúWHUHD

DFHVWRUD 3H SLD D PRQHWDU  LQWHUQD LRQDO  FDOLILFDWLYHOH LQIOXHQ HD]  UDWD GREkQ]LL SHQWUX

FUHGLWHOH VROLFLWDWH GH R DU  VDX GH R EDQF  $VWIHO GHELWRULL FRWD LD FX $ SRW OXD FU edite la
QLYHOXO /,%25 UDWD LQWHUEDQFDU  D GREkQ]LL SH SLD D /RQGUHL  LDU FHL FX FDOLILFDWLYH VXE $ OD

QLYHOXO /,%25 SOXV FkWHYD SXQFWH SURFHQWXDOH FRUHFWLYH 'H SLOG  vQ OHJ WXU  FX HYDOXDUHD

I FXW  GH )LQDQW] $* =ULFK &UHGLW 6XLVVH )LUVW %RVWRQ DQXQ D GLVSRQLELOLWDWHD GH D DFRUGD

credite pe 4 ani pentru România cu LIBOR + 4,25%, pentru Polonia cu LIBOR + 2,5%, iar
SHQWUX ULOH8QLXQLL(XURSHQHúLDOWH ULGLQ(XURSD2FFLGHQWDO FX/,%25

 $SUHFLHUHD FDOLW LL DFWLYLW LL ILQDQFLDUH D DJHQ LORU HFRQRPLFL

nefinanciari
ÌQ FRQVHQV FX QRUPHOH SUXGHQ LDOH SHQWUX DFWLYLWDWHD EDQFDU  E QFLOH VXQW LQWHUHVDWH GH

FDUDFWHULVWLFLOHDFWLYLW LLILQDQFLDUHDDJHQ LORUHFRQRPLFLFDUHDSHOHD] ODVHUYLFLLOHDFHVWRUDúLvQ

169
primul rând a celor ce solicit FUHGLWH,QWHUHVXOHVWHMXVWLILFDWSHQWUXDSXWHDDVLJXUDRFHUWLWXGLQH

FkWPDLPDUHUHODWLYODUDPEXUVDUHúLLPSOLFLWODUHYHQLUHDvQEDQF DVXPHORUFUHGLWDWHúLFDUHvQ

PDUHVXQWDOHGHSRQHQ LORUHLúLGHDVHPHQHDSHQWUXDDYHDRFHUWLWXGLQHVLPLODU UHODWLYODSODWD

GREkQ]LORUúLUHVSHFWDUHDVFDGHQ HORU

7HUPHQXO FH GHVHPQHD]  VXPD FDOLW LORU DFWLYLW LL GHVI úXUDWH GH XQ DJHQW HFRQRPLF

este bonitatea ÌQ ERQLWDWH VH LQFOXG QX QXPDL FDOLW LOH DFWLYLW LL ILQDQFLDUH FL úL FHOH QXPLWH
generic goodwill vQ FDUH VH VXEVXPHD]  FRPSRUWDPHQWXO JHQHUDO DO XQXLDJHQW HFRQRPLF UHODWLY
OD FHL FX FDUH LQWU  vQ UHOD LL GH DIDFHUL FOLHQ L IXUQL]RUL FUHGLWRUL GHELWRUL  SR]L LD GH SLD 

amplasamentul etc.
&DSDFLWDWHD GH SODW a unui agent economic este una din caracteristicile de calitate ale
DFWLYLW LORU OXL ILQDQFLDUH $FHDVWD GHILQHúWH SRVLELOLWDWHD XQXL DJHQW HFRQRPLF GH D IDFH ID 

SO LORUVFDGHQWHGHRULFHIHODFKLWDUHDIXUQL]RULORUSODWDVDODULLORUUDPEXUVDUHDFUHGLWHORUSODWD

GDWRULLORU úL REOLJD LLORU F WUH VWDW HWF 6H ]LFH F  H[LVW  FDSDFLWDWH GH SODW  DWXQFL FkQG

GLVSRQLELOLW LOHSURSULLDWUDVHúLvPSUXPXWDWHDOHXQXLDJHQWHFRQRPLFDFRSHU SO LOHH[LJLELOH

$FHDVW FDSDFLWDWHVHIRUPHD] SULQFRUHODUHDWHUPHQHORUGHvQFDV ULúLSO LúLUHSUH]LQW RIRUP 

GH HFKLOLEUX ILQDQFLDU DO DJHQWXOXL HFRQRPLF SRWULYLW F UHLD DFWLYHOH OLFKLGH DFRSHU  SO LOH

VFDGHQWH$FHVWHFKLOLEUXUHIOHFW RFRUHODUHSDU LDO DDFWLYXOXLúLSDVLYXOXLGHELODQ DODJHQWXOXL

vQFDX] 

&DSDFLWDWHDGHSODW VHSRDWHFDOFXODVWDWLF ODXQPRPHQWGDW úLGLQDPLF SHXQLQWHUYDO

de timp dat).
0 VXUDFDSDFLW LLGHSODW HVWHGDW SULQUHOD LLOH

CP = AL – PS (165.1)

AL
rcp = (165.2)
PS
unde: CP FDSDFLWDWHDGHSODW 
AL = active lichide;
PS SO LVFDGHQWH
rcp UDWDFDSDFLW LLGHSODW 

,QGLFDWRUXO &3 G  P VXUD DEVROXW  D FDSDFLW LL GH SODW  úL DUDW  VXUSOXVXO GH OLFKLGLW L

&3! VDXGHILFLWXOGHOLFKLGLW L &3 0DQDJHUXOILQDQFLDUúWLHDVWIHOFHSRVLELOLW LDUHGH

a fDFHSO LVXSOLPHQWDUHVDXSODVDPHQWHSHWHUPHQVFXUWVDXGLPSRWULY FHQHYRLHVXSOLPHQWDU 

DUHGHOLFKLGLW L

,QGLFDWRUXO UFS G  P ULPHD UHODWLY  D FDSDFLW LL GH SODW  úL DUDW  DPSORDUHD UHODWLY  D

FDSDFLW LLGHSODW UHVSHFWLYPDUMDGHDFRSHULUHDSO LORUVFDGHQWH

/LFKLGLWDWHD ILQDQFLDU  D XQXL DJHQW HFRQRPLF HVWH R DOW  FDUDFWHULVWLF  D FDOLW LL

DFWLYLW LLILQDQFLDUHúLDUDW FDSDFLWDWHDXQXLDJHQWHFRQRPLFGHDWUDQVIRUPDvQEDQLDFWLYHOHGH

FDUH GLVSXQH vQ YHGHUHD DVLJXU ULL XQXL FLUFXLW ILQDQFLDU QRUPDO /LFKLGLWDWHD HVWH JHQHUDW  GH

IOX[XULOHPDWHULDOHúLE QHúWLSHFDUHOHRFD]LRQHD] DFWLYLWDWHDDJHQWXOXLHFRQRPLF

• LPRELOL]DUHD XQRU OLFKLGLW L vQ DOWH HOHPHQWH GH DFWLY GHELWRUL VWRFXUL SURGXF LH

QHWHUPLQDW 

• transformarea în lichidiW LDXQRUHOHPHQWHGHDFWLYGHJHQXOFHORUPDLVXVPHQ LRQDWH

'LQSXQFWXOGHYHGHUHDOOLFKLGLW LORUHOHPHQWHOHGHDFWLYVHFODVLILF vQ

i. OLFKLGLW LSULPDUH SHUIHFWH EDQLvQFDV VDXvQFRQWSODIRDQHGHFUHGLWGLVSRQLELOH VROGvQ

carnete de cecúD
ii. OLFKLGLW L VHFXQGDUH P UIXUL YDQGDELOH SURGXVH FX GHVIDFHUH DVLJXUDW  FUHDQ H VLJXU

PRELOL]DELOHWLWOXULILQDQFLDUHúD

iii. OLFKLGLW L WHU LDUH SURGXF LH QHWHUPLQDW  VWRFXUL SHQWUX SURGXF LH VHPLIDEULFDWH FUHDQ H

JUHXPRELOL]DELOHP UIXULJUHXYDQGDELOHúD

170
iv. DFWLYH I U  FDUDFWHULVWLFL GH OLFKLGLWDWH DFWLYH IL[H GH SURGXF LH LPRELOH WHUHQXUL P UIXUL

nevandabile etc.
/LFKLGLWDWHD HVWH R FRQGL LH D FDSDFLW LL GH SODW  ,QVXILFLHQ D OLFKLGLW LL ILQDQFLDUH

JHQHUHD] SO LUHVWDQWHúLSRDWHSXQHILUPDvQVWDUHGHIDOLPHQWFKLDUGDF HDHVWHUHQWDELO 

0 VXUD OLFKLGLW LL ILQDQFLDUH SRDWH IL H[SULPDW  SULQ PDL PXO L LQGLFDWRUL GLQWUH FDUH

OLFKLGLWDWHDSDWULPRQLDO HVWHUHODWLYIUHFYHQWLQYRFDW 

D +S+ T + A Al
LP = sau (166)
C Ps
unde: LP OLFKLGLWDWHDSDWULPRQLDO H[SULPDW FDUDW GHDFRSHULUHDGDWRULLORUGLQOLFKLGLW LOH

SULPDUHúLVHFXQGDUH

D GLVSRQLELOLW LE QHúWLúLDOWHOLFKLGLW LSHUIHFWH

S = sume de încasat;
T WLWOXULGHFUHGLWQHJRFLDELOHDF LXQLREOLJD LXQLHfecte comerciale scontabile;

A DOWHOLFKLGLW LVWRFXULGHPDUI YDQGDELOHVDXFXGHVIDFHUHDVLJXUDW 

C GDWRULLSHWHUPHQVFXUW EDQFDUHúLQHEDQFDUH 

Al DFWLYHSDWULPRQLDOHWUDQVIRUPDELOHSHWHUPHQVFXUWvQOLFKLGLW LSHUIHFWH
Ps = pasive patrimoniale exigibile pe termen scurt.

Solvabilitatea HVWH R DOW  FDUDFWHULVWLF  D FDOLW LL DFWLYLW LL ILQDQFLDUH D XQXL DJHQW

HFRQRPLFúLH[SULP FDSDFLWDWHDOXLGHD úLDFKLWDWRDWHREOLJD LLOHDVXPDWHDWkWSHWHUPHQVFXUW


-
FkWúLSHWHUPHQOXQJ6ROYDELOLWDWHDUHSUH]LQW úLHDRIRUP DHFKLOLEUXOXLILQDQFLDUDODJHQWXOXL

economic:
AF + ACP + CS + MB ≥ O (167)
unde: AF = active fixe;
ACP DFWLYHFLUFXODQWHGHSURGXF LH
CS FUHDQ HVLJXUH

MB PLMORDFHE QHúWL
O REOLJD LL IXUQL]RULE QFLFUHGLWRULVWDWSHUVRQDODF LRQDULHWF 

0 VXUD VROYDELOLW LL HVWH GDW  GH UDWD FDSLWDOXOXL SURSULX vQ WRWDOXO UHVXUVHORU ILQDQFLDUH

ale agentului economic:


KP KP
rkp = sau (168)
KP + C TP

unde: rkp = rata capitalului propriu;


KP = capital propriu;
C FUHGLWH WRWDOEDQFDUHúLQHEDQFDUHSHWHUPHQOXQJúLVFXUWHWF 

TP = total pasiv
ÌQVLWXD LDvQFDUHUNS∈ [0,5; 1) gradul de solvabilitate se zice “bun”.

)LHFDUH EDQF  vúL HODERUHD]  R PHWRGRORJLH GH HYDOXDUH D ERQLW LL DJHQ LORU HFRQRPLFL

FDUH OL VH DGUHVHD]  FX FHUHUL GH FUHGLWH PHWRGRORJLL QXPLWH FXUHQW ³GH FUHGLWDUH D DJHQ LORU

economici”. În principiu: sunt stabilite criterii de evaluare (unele cuantificabile, altele nu), care
VXQW HYHQWXDO GHWDOLDWH SULQ PDL PXO L LQGLFDWRUL VH SUHFRQL]HD]  OLPLWH VDX FDUDFWHULVWLFL GH

GHSDUWDMDUH SH FDOLILFDWLYH VDX SXQFWH VH FDOFXOHD]  SXQFWDMXO WRWDO HYHQWXDO FX SRQGHUL

GLIHUHQ LDWH SH LQGLFDWRUL VDX FULWHULL VH DFRUG  XQ FDOLILFDWLY JOREDO SH VHDPD vQFDGU ULL

punctajului total în limite predeterminate.


2 LPDJLQH D XQHL DVWIHO GH HYDOX UL R SUH]HQW P vQ FRQWLQXDUH SRUQLQG GH OD XQD GLQ

IRUPHOH GHPHWRGRORJLHSURSXV  GH%&5 WDEHOXO 7RWDOXOSXQFWDMXOXLHVWHFDOFXODW SHRVFDU 

YDORULF  WDEHO 

171
Tabelul 3
Nr. Total 5HOD LDGH

Nr. Criteriu Variante puncte al Ponderea puncte pe calcul a


crt. Subcriteriu Limite subcri- criteriului criteriu indicatorului
teriului (Pi) P VXUDELO

0 1 2 3 4 5=3*4 6
1 Forma de
1
organizare
-UHJLHDXWRQRP 3
- societate comerciaO 2
-DO LDJHQ LHFRQRPLFL 1
2 Sectorul de
1
activitate
- SURGXF LH LQGXVWULDO  úL 3
DJULFRO

-