Modulul 4 -6WUDWHJLDILQDQFLDU

S TRA TEG IA
FIN A N CIA R
x

GHILQLUHD QR LXQLL GH LQYHVWL LL FODVLILF

UL X]XDOH DOH DFHVWRUD L HYLGHQ LHUHD

elementelor financiare ale acestora;

x

prezentarea

GHWDOLDW

 D FULWHULLORU ILQDQFLDUH UHFRPDQGDWH GH %DQFD 0RQGLDO

YHGHUHD DOHJHULL XQXL SURLHFW GH LQYHVWL LL YDORDUHD DFWXDO

UHFXSHUDUHUDWDGHUHQWDELOLWDWHFRQWDELO

UDWDLQWHUQ

 QHW

 vQ

 WHUPHQXO GH

GHUHQWDELOLWDWHLQGLFHOHGH

profitabilitate);
x

evLGHQ

LHUHD SULQFLSDOHORU PRGDOLW

VRFLHW

LORUFRPHUFLDOH

L GH ILQDQ DUH vQWkOQLWH vQ SUDFWLFD FXUHQW

UHOLHIDUHDFRQ LQXWXOXLLDFDUDFWHULVWLFLORUDF LXQLORU

SUH]HQWDUHD

JHQHUDO

caracteristice ale REOLJD

x

SUH]HQWDUHD VXFFLQW
SUDFWLFDILQDQFLDU

D

vPSUXPXWXOXL

L

DFFHQWXDUHD

DVSHFWHORU

LXQLL

 D SULQFLSDOHORU FDWHJRULL GH REOLJD LXQL FDUH VH vQWkOQHVF vQ

GHVFULHUHD RSHUD LXQLL GH FUHGLW

EDLO HYLGHQ LHUHD SDUWLFLSDQ LORU OD DFHDVW

RSHUD LXQHSUHFXPLDHWDSHORUGHUXO
x

REOLJDWDU

 D

ULLXQXLDVWIHOGH

contract;

GHWHUPLQDUHD FRVWXOXL FDSLWDOXOXL SHQWUX ILHFDUH PRGDOLWDWH SRVLELO

 GH ILQDQ DUH

vQGDWRUDUHFDSLWDOXULSURSULLOHDVLQJSUHFXPLDFRVWXOXLPHGLXSRQGHUDW
x

HYLGHQ LHUHD SULQFLSDOHORU PRGDOLW

L GH HYDOXDUH DOH XQHL VRFLHW

L FRPHUFLDOH

metode dinamice bazate pe actualizare, metode patrimoniale, metode hibride;

Modulul 4 -6WUDWHJLDILQDQFLDU
'(&,=,$'(,19(67,

,,10(',8/&(57

1R LXQHDGHLQYHVWL LH
'(),1,

,(

1R LXQHDGHLQYHVWL LLSRDWHILGHILQLW 

vQ VHQV ILQDQFLDU VFKLPEDUHD XQHL VXPH GH EDQL SUH]HQW  L FHUW  vQ VSHUDQ D RE LQHULL XQRU

venituri superioare, dar probabile;

n sens contabil: alocarea unei trezorerii disponibile pentru procurarea unui activ fix care va
GHWHUPLQDIOX[XULILQDQFLDUHLFKHOWXLHOLILQDQFLDUH

&/$6,),&$5($,19(67,
'XS XQSULPFULWH

,,/25

riu se pot clasifica n:

LQYHVWL LL WHKQLFH DFKL]L LD FRQVWUXF LD L PRQWDMXO XQRU PDLQL XWLODMH LQVWDOD LL PLMORDFH

de transport;

LQYHVWL LLXPDQHIRUPDUHDFDOLILFDUHDVSHFLDOL]DUHDHWFDSHUVRQDOXOXL

LQYHVWL LLVRFLDOHFRQVWUXF LDvQvQWUHSU

inderi a unei cantine restaurant etc.;

LQYHVWL LLILQDQFLDUHFXPS UDUHDGHWLWOXULGHSDUWLFLSD LHODDOWHVRFLHW

LQYHVWL LLFRPHUFLDOHSHQWUXSXEOLFLWDWHLUHFODP HWF

QIXQF LHGHULVFXOSHFDUH-OLPSOLF HOHVHSRWJUXS vQ

de vQORFXLUHDHFKLSDPHQWXOXLFRPSOHWX]DWFXXQULVFIRDUWHVF

LFRPHUFLDOHHWF

]XW GHRDUHFHQX SUHVXSXQH

PRGLILF ULDOHWHKQRORJLHLGHIDEULFD LH

GH PRGHUQL]DUH D HFKLSDPHQWXOXL H[LVWHQW vQ IXQF LXQH L FDUH LPSOLF  XQ ULVF UHGXV FD

XUPDUHDXQRUFRUHF LLQHHVHQ LDOHvQWHKQRORJLDGHIDEULFD LH

GH GH]YROWDUH GH H[WLQGHUH D XQRU VHF LL X]LQH IDEULFL QRL LQYHVWL LL FDUH SUHVXSXQ XQ ULVF

PDL PDUH DQWUHQDW GH QHYRLD GH O UJLUH D SLH HORU GH DSURYL]LRQDUH D IRU HL GH PXQF  GH
FDSLWDOLGHGHVIDFHUH

strategice: privindFUHDUHDXQRUILOLDOHvQVWU

LQ WDWHIX]LRQDUHDFXRDOW VRFLHWDWHFRPHUFLDO 

HWF3UHVXSXQXQULVFFRQVLGHUDELOFDXUPDUHDH[WLQGHULLDFWLYLW
(/(0(17(/(),1$1&,$5($/(81(,,19(67,

(1)

LLvQ]RQHJHRJUDILFHQRL

,,

6XPD LQYHVWL LHL VH GHWHUPLQ  GLIHULW vQ IXQF LH GH PRGXO GH UHDOL]DUH D OXFU ULORU GH DFKL]L LL
FRQVWUXF LLLQVWDOD LLLPRQWDM
'H H[HPSOX SHQWUX DFKL]L LLOH GH DFWLYH IL[H GH OD IXUQL]RUL H[WHUQL VXPD LQYHVWL LHL

cuprinde:
x

SUH XOGHDFKL]L LH

WD[HLFKHOWXLHOLYDPDOH

cheltuieli de transport;

FKHOWXLHOLGHLQYHVWL LLLPRQWDM

comisioane etc.

3HQWUXOXFU ULOHGHLQYHVWL LLvQUHJLHSURSULHDvQWUHSULQGHULLVXPDLQYHVWLW FXSULQGH

(2)

costul materialelor consumate;

FKHOWXLHOLGLUHFWHFXPDQRSHUDLFXXWLODMHGHFRQVWUXF LL

cota-parte a cKHOWXLHOLORULQGLUHFWHUHSDUWL]DWHLQYHVWL LHL

'XUDWDGHYLD

DLQYHVWL LHLHVWHGHDVHPHQHDRQR LXQHFXODUJ VHPQLILFD LH

'XUDWD ILVFDO  FRQWDELO   GXUDWD QRUPDO  GH VHUYLFLX D PLMORDFHORU IL[H GLQ FDWDORJXO
normelor de amortizare anexat Legii amorWL] ULL
b) 'XUDWDWHKQLF  GXUDWDGHWHUPLQDW GHFDUDFWHULVWLFLOHWHKQLFHIXQF LRQDOHVSHFLILFHRULF UXL
mijloc fix;
c) 'XUDWD FRPHUFLDO   GHWHUPLQDW  GH GXUDWD GH YLD  D SURGXVHORU IDEULFDWH FX UHVSHFWLYD

a)

LQYHQ LH

d)

'XUDWDMXULGLF 

GXUDWDSURWHF LHLMXULGLFHDVXSUDGUHSWXOXLGHFRQFHVLXQHDXQHLH[SORDW

DVXSUDXQXLEUHYHWOLFHQ

P UFLGHIDEULF 

UL

Modulul 4 -6WUDWHJLDILQDQFLDU
e) %HQHILFLLOH VXSOLPHQWDUH

VDX

HFRQRPLLOH

VDX

HFRQRPLLOH

GH

PDWHULDOH

L

PDQRSHU 

SUHYL]LELOH F  VH YRU RE LQH VXQW IOX[XUL GH WUH]RUHULH PDUJLQDOH GHWHUPLQD

te de punerea n

IXQF LXQHDRELHFWLYXOXLGHLQYHVWL LL

(3)

9DORDUHD UH]LGXDO

 H[SULP  YDORDUHD SRVLELO  GH UHDOL]DW GXS  vQFKHLHUHD GXUDWHL GH YLD

 D

LQYHVWL LHLSULQYkQ]DUHSULQYDORULILFDUHDSLHVHORUVXEDQVDPEOHORUHWFUH]XOWDWHODFDVDUHHWF

DecizLDGHLQYHVWL LLHVWHLPSRUWDQW

GHRDUHFH

HDDQJDMHD] YLLWRUXOILUPHL

HD LPSOLF  QXPHURDVH GLUHF LL SHQWUX HYDOXDUHD SURLHFWHORU GH OD GLUHF LD FRPHUFLDO  OD
GLUHF LDILQDQFLDU ODGLUHF LDWHKQLF ODGLUHF LDGHSHUVRQDO

5HJXO

GHUHIHULQ

9DORDUHDDFWXDO

QHW

1. EXPUNEREA CRITERIULUI
$(QXQ DUHDFULWHULXOXL
2 LQYHVWL LH HVWH DFFHSWDELO  GDF  YDORDUHD VD DFWXDO  QHW  HVWH SR]LWLY  DGLF  GDF  HD
FRQWULEXLHODFUHWHUHDYDORULLDFWXDOHWRWDOHDvQWUHSULQGHULL

Pentru a calcula criteriuO 9$1 HVWH VXILFLHQW

OLFKLGLW

 FDOFXODUHD YDORULL DFWXDOH D IOX[XULORU GH

LYLLWRDUHJHQHUDWHGHLQYHVWL LHDSRLGHGXFHUHDVXPHLLQL LDOHDLQYHVWL LHL

'HVHPQ P SULQ &tIOX[XO GH OLFKLGLW

L SUHY ]XW DWHSWDW GH OD LQYHVWL LHSHQWUX SHULRDGD W

Suma LQYHVWL LHL LQL LDOH HVWH ,0 5DWD GH DFWXDOL]DUH FRQVLGHUDW
produce la finele perioadei t.

 HVWH 5t

pentru un flux care se

9$1HVWHDWXQFLHJDO FX

Ct

VAN =

t = (1 + R t )

GXUDWD GH YLD

I0

 D LQYHVWL LHL ILLQG GH Q SHULRDGH ,QYHVWL LD HVWH DFFHSWDW  GDF  VH SHUPLWH

FUHWHUHD YDORULL vQWUHSULQGHULL DGLF  GDF  YDORDUHD DFWXDO  D IOX[XULORU GH OLFKLGLW

L HVWH

VXSHULRDU FRVWXOXLLQYHVWL LHL,0

Exemplu FRQVLGHU
Fluxurile de lLFKLGLW

P R LQYHVWL LH vQ VXP  LQL LDO  ,0

LDWHSWDWHSUHYL]LRQDWHVXQW&1

  'XUDWD VD GH YLD

L&2

 HVWH GH  DQL

= 700. Aceste fluxuri se produc

UHVSHFWLYODILQHOHSHULRDGHLLSHULRDGHL5DWDGHDFWXDOL]DUHHVWHGHSHQWUXSHULRDGHOHL
6 GHWHUPLQ P9$1SHQWUXDFHDVW LQYHVWL LH

Perioada
0
1
2

Factor de actualizare
=1
1/(1,1) = 0.909
1/(1,1)2 = 0,826

)OX[GHOLFKLGLW

-1.000
600
700

9DORDUHDDFWXDO

-1.000
545,5
578,5
VAN = 124

)RUPXOD SUH]HQWDW  SUHVXSXQH F  LQYHVWL LD HVWH UHDOL]DW  R VLQJXU  GDW  OD HSRFD

(momentul) t0 DGLF

 OD vQFHSXWXO SULPHL SHULRDGH HD SRDWH IL DGDSWDW  SHQWUX D

LQH FRQW GH

UHDOL]DUHDXQHLLQYHVWL LLFDUHV

-ar etala (ntinde) pe mai multe perioade.

3UHVXSXQHP F  UHDOL]DUHD LQYHVWL LHL G  QDWHUH OD LHLUL GH IOX[XUL GH OLFKLGLW
SHULRDGHW

QvQDFHVWFD]UHOD LDSUHFHGHQW GHYLQH

VAN =

(C I t )
I0
t
t =1
t)
n

[(1 +t R

L ,t

n t

Modulul 4 -6WUDWHJLDILQDQFLDU
B. Alegerea ratei de actualizare
5DWD GH DFWXDOL]DUH UHSUH]LQW  FRVWXO GH RSRUWXQLWDWH DO FDSLWDOXOXL LQYHVWLW

ipoteza de ceUWLWXGLQH FDUH D IRW SXV

LQkQG FRQW GH

 UDWD GH DFWXDOL]DUH HVWH FRQVWLWXLW  GLQ UDWD GREkQ]LL SH SLD D

ILQDQFLDU FDUH UH]XOW  GLQ FRQIUXQWDUHD RIHUWHL L D FHUHULL GH FDSLWDOXUL$FHDVW  UDW HVWH XQLF  FD

urmare a ipotezelor avute n vedere.

'DF  GLPSRWULY  VH LQWURGXFH LQFHUWLWXGLQHD vQ UD LRQDPHQW GHWHUPLQDUHD DFHVWHL UDWH

depinde de costul riscului.

&9DULD LDUDWHLGREkQ]LLLVWUXFWXUDODWHUPHQDUDWHORUGREkQ]LL

1q $OHJHUHD UDWHL GH DFWXDOL]DUH L SHULRDGD vQ FDUH VXUYLQH IOX[XO UDW
UDW

GHUHQWDELOLWDWHODVFDGHQ

 D GREkQ]LL OD YHG

ere,

5DWD GH DFWXDOL]DUH ED]DW  SH UDWD GREkQ]LL GH SH SLD D ILQDQFLDU  SRDWH YDULD vQ ILHFDUH
SHULRDG  GXS  HYROX LD FRQGL LLORU RIHUWHL L FHUHULL SH SLD D GH FDSLWDO 'UHSW FRQVHFLQ

 DU WUHEXL vQ

PRGQRUPDOV VHXWLOL]H]HRUDW GHDFWXDOL]DUHGLIHULW vQIXQF LHGHVFDGHQ DIOX[XULORUGHOLFKLGLW

'HVHPQ P SULQ

0Rd

 UDWD GREkQ]LL H[LVWHQW

 DVW ]L SHQWUX R RSHUD LH GH vPSUXPXW SH R

GXUDW  GH G DQL DFHDVW  UDW  GHQXPLW  UDW  OD YHGHUH UHSUH]LQW 
FHUWLWXGLQH UDWD GH DFWXDOL]DUH GH XWLOL]DW SHQWUX XQ IOX[ GH OLFKLGLW

LQkQG

cont de ipoteza de

L FDUH VH SURGXFH OD ILQHOH

DQXOXLG$VWIHOUHOD LDGHGHWHUPLQDUHD9$1 XOXLDUWUHEXLV VHVFULH

VAN =

Ct

t
t =1 (1+ 0 R t )

I0

QH[HPSOXOSUHFHGHQWGDF VHSUHVXSXQHF UDWDGREkQ]LLSHQWUXXQSODVDPHQWGHDQHVWH

0R1

LSHQWUXXQSODVDPHQWGHDQLHVWH0

R2 9$1DLQYHVWL LHLGHYLQHDWXQFL

C1
C2
600
700
VAN =
+
I0 =
+
1000 = 74,8
(1+ 0 R1 ) (1+ 0 R 2 )
(1,10) (1,10)2

'DF  VH IRORVHWH vQ SUH]HQW UDWD GH UHQWDELOLWDWH OD VFDGHQ

 DGLF  UDWD XQLF  5 DSOLFDELO 

ILHF UXLIOX[FHSHUPLWHRE LQHUHDDFHOHLDL9$1FDLvQFD]XOXWLOL] ULLUDWHLGREkQ]LLODYHGHUH

VAN =

600
700
+
1000 = 74,8
(1 + R ) (1 + R )2

Q DFHVW FD] 5

  DFHDVWD UHSUH]LQW  R PHGLH JHRPHWULF  SRQGHUDW  vQ IXQF LH GH

fluxuri, a ratelor laYHGHUHSHQWUXDQLLL

3RQGHUDUHDILLQGGHSHQGHQW GHSURILOXOIOX[XULORUJHQHUDWHGHLQYHVWL LHUDWDGHUHQWDELOLWDWH
ODVFDGHQ

YDILGLIHULW SHQWUXLQYHVWL LLFDUHDXDFHHDL9$1GDF IOX[XULOHORUUHVSHFWLYHGLIHU 

Astfel, s-DURE LQHDFHHDL9$1GHFRQVLGHUkQGGRX

SHQWUX DQLL  L  GDU UDWD GH UHQWDELOLWDWH OD VFDGHQ

 IOX[XULUHVSHFWLYGH L

 GH  FD UDW  GH DFWXDOL]DUH SHQWUX

determinarea VAN-ului unei a 2-DLQYHVWL LLV-DUILJ VLWXQ9$1GH

1000
219
VAN =
+
1000 = 74,8
(1,1135) (1,1135) 2

VAN =

1000
219
+
1000 = 53,8
(1,1331) (1,1331) 2

1XVHSRDWHGHFLXWLOL]DUDWDGHUHQWDELOLWDWHODVFDGHQ

RE LQXW GLQWU RLQYHVWL LHFDUDW GH

DFWXDOL]DUHSHQWUXRDOW LQYHVWL LH

8WLOL]DUHDXQHLUDWHXQLFHGHDFWXDOL]DUHSHQWUXDQVDPEOXOLQYHVWL LLORUQXHVWHYDODELO GHFkW
GDF VHSHUPLWHRE LQHUHDDFHOHLDL9$1FXDQVDPEOXOXQRUUDWHODYHGHUH
$FHDVW  FRQGL LH QX HVWH vQGHSOLQLW  GHFkW GLIHULWHOH UDWH OD YHGHUH VXQW HJDOH vQ DFHVW FD]
UDWD GH UHQWDELOLWDWH OD VFDGHQ

 HJDO  FX UDWD OD YHGHUH L VWUXFWXUD WHPSRUDO  D UDWHORU GHVFRSHU  R

IRUP  SDUWLFXODU  FDUH HVWH SODWD $FHDVW  VWUXFWXU  GHSLQGH GH UHOD LD FDUH OHDJ  VFDGHQ D L UDWD
GREkQ]LLHDHVWHGHDOWIHOGHQXPLW VWUXFWXUDODWHUPHQDUDWHORUGREkQ]LL

Modulul 4 -6WUDWHJLDILQDQFLDU
2q Structura la termen a ratelor dobnzii
Structura la termen a ratelorGREkQ]LLVH SRDWHFRQVWUXL SXQkQG vQUHOD LHVFDGHQ DL UDWHGH
UHQWDELOLWDWH D GLIHULWHORU SODVDPHQWH FDUH QX GLIHU  GHFkW SULQ VFDGHQ D ORU HD SHUPLWH DVWIHO
DQDOL]DUHD UHOD LHL GLQWUH UDWHOH SODVDPHQWHORU SH WHUPHQ VFXUW L UDWHOH SODVDPHQWHORU SH WH

rmen
Rd

VFXUW 6WUXFWXUD UDWHORU OD XQ PRPHQW  VH GHWHUPLQ  SRUQLQG GH OD DQVDPEOXO UDWHORU OD YHGHUH 0

FRQVWDWDWHSHQWUXGLIHULWHVFDGHQ HG

6WUXFWXUD OD WHUPHQ D UDWHORU SRDWH vPEU FD QXPHURDVH IRUPH (D SRDWH IL FUHVF WRDUH SODW 
VDX GHVFUHVF WRDUH GXS  DQWLFLS ULOH LQYHVWLWRULORU 2 VWUXFWXU  FUHVF WRDUH UH]XOW  DQWLFLS UL ED]DWH
SH R FUHWHUH D UDWHORU GH GREkQG  2 VWUXFWXU  SODW  SUHVXSXQH F  LQYHVWLWRULL QX DQWLFLSHD] 
PRGLILF UL DOH UDWHORU GREkQ]LL 2 VWUXFWXU  GHVFUHVF WRDUH SUHVXSXQH F  LQYHVWLWRULL DQWLFLSHD]  R
VF GHUHDUDWHORU

Tabelul 1: Structura la termen a ratelor dobnzii

0Rd

&XUEDUDWHORUGHVFUHVF WRDUH

&XUEDSODW

&XUEDUDWHORUFUHVF WRDUH

6FDGHQ

G

2. APEL LA MATEMATICI FINANCIARE

A. Actualizare
1q Flux constant
a) 3HQWUXXQQXP

UGHSHULRDGHRDUHFDUH

'DF  IOX[XO GH OLFKLGLW

L SURGXV GH LQYHVWL LH HVWH FRQVWDQW HVWH SRVLELO  UHFXUJHUHD OD

IRUPXOHFDUHVLPSOLILF FDOFXOHOH3UHVXSXQHPF IOX[XULOHGHOLFKLGLW

LDQXDOHV ILHGHWLPSGHQ

DQLUDWDGHDFWXDOL]DUHFRQVWDQW ILLQG5'HVHPQkQGSULQ9$YDORDUHDDFWXDO IOX[XULORUVHRE L

VA =

n
1
1
1
1
+
+ ... +
=
2
n
t
(1 + R ) (1 + R )
(1 + R )
t =1 (1 + R )

6H GHPRQVWUHD]  F  ILLQG YRUED GH R SURJUHVLH JHRPHWULF  FX SULPXO WHUPHQ

UD LD

ne:

1
LFXQWHUPHQLDFHDVW
(1 + R )

VA =

UHOD LHVHSRDWHVFULHVXERIRUP VLPSOLILFDW 

1 (1 + R ) n
R

1
, cu
(1 + R )

Modulul 4 -6WUDWHJLDILQDQFLDU
$FHDVW  IRUPXO  SHUPLWH GH DVHPHQHD GHWHUPLQDUHD DQXLW
DPRUWL]DUHDvQQSHULRDGHDXQXLFDSLWDOHJDOFX9DORDUHDDQXLW

A=

LL FRQVWDQWH FDUH SHUPLWH

LLFRQVWDQWH$HVWHDWXQFLGH

R
1 (1 + R ) n

b) Pentru un orizont infinit

Pentru un RUL]RQWQHJDOFXLQILQLWVHRE LQHHYLGHQW VA =
2q)OX[XULFUHVF

WRDUHFXRUDW

FRQVWDQW

1
L$
R

5

J

Q DQXPLWH PRGHOH ILQDQFLDUH VH SUHVXSXQH F  IOX[XULOH GH OLFKLGLW

L JHQHUDWH GH LQYHVWL LH

FUHVFFXRUDW FRQVWDQW JSHXQRUL]RQWLQILQLWQDFHVWFD]SHQWUXXQIOX[LQL LDOGH

n
1
1+ g
(1 + g ) n 1
1
(1 + g ) t
+
+ ... +
=

t
(1 + R ) (1 + R ) 2
(1 + R )n
t =1 (1 + g ) (1 + R )
VHRE LQH
1
VA =
R g

VA =
LSHQWUX5!JLQ

([HPSOX &RQVLGHU P RLQYHVWL LH GH FDUH JHQHUHD]  XQIOX[ GH OLFKLGLW

300.000 tiPSGHDQL5DWD5

LFRQVWDQWH &

9DORDUHDDFWXDO DIOX[XULORUHVWHGH

1 (1 + R ) n
1 (1,1) 5
= 300.000
= 300.000 3,791 = 1.137.300
R
0,1
 1.000.000 = 137.300

VA = C
L9$1

'DF IOX[XOHVWHJHQHUDWSHXQQXP ULQILQLWGHSHULRDGHYDORDUHDDFWXDO HVWHDWXQFL

VA =

300.000
= 3.000.000 L VAN = 2.000.000
0,10

3XQkQG LSRWH]D F  IOX[XO FUHWH FX R UDW  FRQVWDQW  GH J

  SH SHULRDG  VH RE LQH SH XQ

orizont infinit:
VA =

C
300.000
=
= 3.333.333 L9$1
R g 0,10 0,01



B. Capitalizarea
&DSLWDOL]DUHDHVWHRSHUD LXQHDLQYHUV DFWXDOL] ULL'DF vQORFGHDLQYHVWLRVXP ,0

ntr-un

SURLHFWRDUHFDUHVHSODVHD] ,0FXUDWD5VHRE LQHODFDS WXODQSHULRDGHRYDORDUHDYLLWRDUHGH

VF(n) = I0(1 + R)n

'DF VHLQYHVWHWHRDFHHDLVXP ,0

pe peULRDG  VH RE LQH ODFDS

la rata de rentabilitate R:

ntr-RLQYHVWL LHFDUHJHQHUHD]

VF(n ) = C t (1 + R ) n t
LLQYHVWL LDHVWHUHQWDELO GDF 

t =1

C t (1 + R )n t > I0 (1 + R )n
t =1

LGLYL]kQGFHLPHPEULLSULQ5

(1 + Rt )t
t =1

XQIOX[GHOLFKLGLW

L&t

WXO D Q SHULRDGH SUHVXSXQkQG F  IOX[XULOH RE LQXWHDXIRVW UHLQYHVWLWH

seRE LQH

> I0 ceea ce corespunde unei VAN > 0.

Modulul 4 -6WUDWHJLDILQDQFLDU
Se poate deci substitui criteriul valorii actuale cu criteriul valorii viitoare (valorii
FDSLWDOL]DWH GDF  SLD D ILQDQFLDU  HVWH SHUIHFW  L GDF  UDWHOH DIHUHQWH vPSUXPXWXOXL VXQW

ntotdeauna egale cu R.
'DF  VH DX vQ YHGHUH IOX[XUL FRQVWDQWH SH SHULRDG  VH RE LQH SHQWUX XQ IOX[ GH  SH Q

perioade:

VF(n ) =

(1 + R ) n 1
R

&$FWXDOL]DUHDLFDSLWDOL]DUHDFRQWLQX
&RQVLGHU P R VXP  GH  L SUHVXSXQHP F  HD HVWH SODVDW  OD UDWD DQXDO  5 WLPS GH  DQ
&DSLWDOL]DUHD GREkQ]LORU VH IDFH R VLQJXU  GDW  ODILQHOHDQXOXL LLQYHVWLWRUXO VH UHJ VHWH GH LQkQG
  5 3UHVXSXQHP vQSUH]HQW F  FDSLWDOL]DUHD GREkQ]LORU VHIDFH GH GRX  RUL SH DQ QDFHVWFD]

VXPDRE LQXW ODFDS

R
WXODQXOXLHste de 1 +
.
2

*HQHUDOL] P UD LRQDPHQWXO SUHVXSXQkQG F  RUL]RQWXO SODVDPHQWXOXL HVWH GH 7 DQL L F 

FDSLWDOL]DUHDDUHORFGHPRULSHDQ6XPDRE LQXW ODILQHOHFHORU7DQLHVWHDWXQFLGH

1 +
m

mT
LUDWDGREkQ]LLDQ

uale efective este de:

R
1 + 1
m
Q FD]XO vQ FDUH QXP UXO GH FDSLWDOL]DUH HVWH LQILQLW VH GHPRQVWUHD]  F 

spre eR..
6XPDRE LQXW vQFD] GHFDSLWDOL]DUHFRQWLQX SH7DQLHVWH GHFLGHH

R
1 +
m

tinde

RT

. O actualizare sau o

FDSLWDOL]DUH FRQWLQX  VXQW DVRFLDWH XQHL UHSUH]HQW UL FRQWLQXH D WLPSXOXL vQ FDUH SHULRDGHOH

considerate sunt infinite.

6H GHGXF UHOD LLOH GH XWLOL]DW SHQWUX FDSLWDOL]DUHD L DFWXDOL]DUHD XQHL VXPH RDUHFDUH 0 OD
UDWDSHULRGLF 5

FDSLWDOL]DUHFRQWLQX VXPDRE LQXW ODFDS WXOD7DQLSHULRDGHYDIL0H

RT;

DFWXDOL]DUHD FRQWLQX  YDORDUHD DFWXDO  D XQHL VXPH YLLWRDUH 0 vQFDVDWH vQ 7 SHULRDGH YD IL GH

M e-RT;
Exemplu )LH R VXP  GH  SODVDW  OD R UDW  DQXDO  GH 5
rDSRUWDW ODFDS WXOXQXLDQGXS IUHFYHQ DGHFDSLWDOL]DUH
)UHFYHQ DGHFDSLWDOL]DUH

$QXDO P



6HPHVWULDO P
7ULPHVWULDO P
&RWLGLDQ P
&RQWLQX P







6XPDRE LQXW

1.100
1.102,50
1.103,81
1.105,16
1.105,17

  ([DPLQ P FDUH HVWH VXPD

5DWDHIHFWLY

(1 + R/m)m - 1
0,10
0,1025
0,10381
0,10516
0,10517

9DORDUHD DFWXDO  D XQHL VXPH GH  RE LQXW  OD ILQHOH DQXOXL vQ FD] GH DFWXDOL]DUH
FRQWLQX ODUDWDDFWXDO GHDUI

i de:

VA = 1.000 e

RT

= 1.000 e 0,101 = 904,83

Modulul 4 -6WUDWHJLDILQDQFLDU
'5DWDHFKLYDOHQW

UDWDSURSRU LRQDO

'RX  UDWH VH QXPHVF HFKLYDOHQWH GDF  SHUPLW RE LQHUHD DFHOHLDL VXPH GH FDS WXO XQHL
DFHHDL SHULRDGH FRQVLGHUkQG IUHFYHQ H GLIHULWH GH FDSLWDOL]DUH 'H H[HPSOX R UDW  OXQDU  YD

fi

HFKLYDOHQW  FX R UDW  DQXDO  GDF  VH SHUPLWH RE LQHUHD DFHOHLDL VXPH OD FDS WXO DQXOXL
5D LRQDPHQWXOHVWHLGHQWLFvQFD]GHDFWXDOL]DUH
5DWD HFKLYDOHQW  HVWH GLIHULW  GH UDWD SURSRU LRQDO  FDUH VH RE LQH GLYL]kQG UDWD JOREDO  D
SHULRDGHL SULQ QXP UXO GH VXESHULRDGH 'H H[HPSOX UDWD OXQDU  SURSRU LRQDO  VH GHWHUPLQ 
GLYL]kQGUDWDDQXDO OD

Exemplu

'HWHUPLQ P UDWD HFKLYDOHQW  OXQDU  FDUH SHUPLWH RE LQHUHD DFHOHLDL VXPH FX R

FDSLWDOL]DUHOXQDU FkQGUDWDDQXDO 5

6HSUHVXSXQHRVXP LQL LDO GH

plasament anual: 1.000 (1,1) = 1.100;

)2 = 1.100.

SODVDPHQWFXFDSLWDOL]DUHOXQDU 5m

Rm  UDWD HFKLYDOHQW

 OXQDU  HVWH vQ FRQVHFLQ

FX  VH RE LQH R UDW  DQXDO  HFKLYDOHQW  GH 5a

 GH 5m

  0XOWLSOLFkQG UDWD OXQDU 

= 0,7974  

  $FHDVW  UDW  HVWH

HFKLYDOHQW FXUDWDDQXDO GHDWXQFLFkQGFDSLWDOL]DUHDHVWHOXQDU 5DWDSURSRU LRQDO OXQDU DU

fi de 10% 12 = 0,8333%.
'DF FDSLWDOL]DUHDHVWHFRQWLQX UDWDFRQWLQX HFKLYDOHQW HVWH

e R a = (1 + R ) de unde R a = ln(1 + R )
'HH[HPSOXUDWDFRQWLQX HFKLYDOHQW DQXDO FHSHUPLWHRE LQHUHDDODILQHOHDQXOXLDU

fi de:
R a = ln(1,1) = 9,531%

4.1.3. INADECVAREA CRITERIILOR CONCURENTE

5HJXO

GHGHWHUPLQDUHHYDOXDUH

Aceste reguli operatorLL VXQW UHODWLYH OD VXPD LQYHVWL LHL OD IOX[XULOH GH OLFKLGLW
GHYLD

L OD GXUDWD

LODDFWXDOL]DUH

VXPD LQYHVWL LHL HVWH GHWHUPLQDW  SULQ IOX[XUL GH OLFKLGLW

L HIHFWLY GHEXUVDWH GH

vQWUHSULQGHUH LQkQG FRQW GH FRVWXULOH GH RSRUWXQLWDWH HYDOXDWH v

OLFKLGLW

LHYHQWXDOVXSRUWDWH

IOX[XULGHOLFKLGLW

LDWHSWDWHSUHYL]LRQDWHHVWHYRUEDGHIOX[XULFHDIHFWHD] WUH]RUHULD

LFDUHVXUYLQSHGXUDWDGHYLD

n termeni de fluxuri de

GXUDW GHYLD

LODILQHOHYLH LLGXUDWHLLQYHVWL LHL

HDHVWHGHWHUPLQDW GHH[LVWHQ DIOX[XULORUOHJDWHGHLQYHVWL LH

DFWXDOL]DUHD IOX[XULOH VXQW OXDWH vQ FDOFXO SHQWUX YDORDUHD ORU DFWXDO  DGLF  LQkQG FRQW

de costul de oportunitate aferent fondurilor investite.

Proprietatea de aditivitate a VAN-ului
VAN-XO SRVHG  R SURSULHWDWH UHPDUFDELO 
P VXUDWHFXDQWLILFDWHvQXQLW

DFHHD D DGLWLYLW

-urile sunt

LPRQHWDUHODDFHHDLHSRF  PRPHQWHVWHSRVLELOGHDOHDGL LRQD

Astfel VAN-XOFRPELQD LHLDSURLHFWH$L%HVWHHJDO

VAN(A + B) = VAN A + VAN B
QFRQVHFLQ

LL &XP 9$1

FXVXPD9$1 XULORUILHF UXL

proiect.

YDORDUHDDFWXDO WRWDO DXQHLvQWUHSULQGHULHVWHHJDO FXVXPDYDORULORUDFWXDOH

DOH GLIHULWHORU LQYHVWL LLFDUH OH FRPSXQ $FHDVW SURSULHWDWHHVWHIXQGDPHQWDO  GHRDUHFHHD SHUPLWH

simplificarea procesuluiGHDOHJHUHDLQYHVWL LHL

Modulul 4 -6WUDWHJLDILQDQFLDU
1. Criterii concurente
A. Perioada (termenul) de recuperare
3HULRDGDWHUPHQXOGHUHFXSHUDUHVHGHILQHWHFDILLQGQXP UXOGHSHULRDGHQHFHVDUHSHQWUX
D UHFXSHUD IRQGXULOH LQYHVWLWH 5HFXSHUDUHD VH DSUHFLD]  I FkQG FXPXOXO IOX[XULORU GH OLFKLGLW

L

DWHSWDWHDOHLQYHVWL LHL
&RQVLGHU PGRX SURLHFWH$L%DOHF URUFDUDFWHULVWLFLVXQWXUP WRDUHOH

)OX[XULGHOLFKLGLW

Proiect

C1
1.000

C2

C3

I0
-1.000

Perioada de
recuperare
1

VAN la
10%
-90,9

-1.000

500

500

2.500

1746,1

'XS FULWHULXO9$1SURLHFWXO$HVWHHOLPLQDWGHRDUHFH 9$1 XOV XHVWHQHJDWLY3HGHDOW 

SDUWH HVWH SXWHUQLF GRPLQDW GH FULWHULXO % FDUH FRQWULEXLH OD FUHWHUHD YDORULL vQWUHSULQGHULL SkQ  OD

1746,1.
3UHVXSXQHP F  vQWUHSULQGHUHD XWLOL]HD]  FULWHULXO SHULRDGHL GH UHFXSHUDUH L F  HD HOLPLQ 
SURLHFWHOH vQ FDUH IRQGXULOH QX VXQW UHFXSHUDWH OD FDS WXO XQXL DQ Q DFHVW FD] SURLHFWXO % D F UXL
SHULRDG GHUHFXSHUDUHHVWHGHDQLHVWHHOLPLQDWvQWLPSFHSURLHFWXO$HVWHDFFHSWDW
'DF  SUDJXO GH DFFHSWDUH HVWH P ULW OD  DQL FHO GRX  SURLHFWH VXQW DFFHSWDWH Q FHOH GRX 
FD]XULGHFL]LLOHVXQWFRQWUDUHID

GHFHHDFHLQGLF FULWHULXO9$1

'DF VHFRPSDU FHOHGRX SURLHFWHVHFRQVWDW F HOHVXQWGLYHUJHQWHvQSXQFWHHVHQ LDOH

n primul UkQG WRDWH IOX[XULOH GH OLFKLGLW

L SURGXVH GH LQYHVWL LH QX VXQW OXDWH vQ FRQVLGHUD LH

DWXQFL FkQG VH XWLOL]HD]  FULWHULXO SHULRDGHL GH UHFXSHUDUH IOX[XULOH FDUH VXUYLQ GXS  SHULRDGD

prag nu sunt luate n calcul. n exemplul precedent aceasta conduce lD R SHQDOL]DUH SXWHUQLF

 D

SURLHFWXOXL%QJHQHUDODFHVWFULWHULXIDYRUL]HD] LQYHVWL LLOHFDUHSHUPLWRUHFXSHUDUHUDSLG D

IRQGXULORU L SHQDOL]HD]  LQYHVWL LLOH SH WHUPHQ OXQJ $FHVW GLQ XUP  WLS H[SXV ULVFXOXL VH
FRQVLGHU F FULWHULXOLDvQFDOFXO

n mod implicit, riscul.

Q DO GRLOHD UkQG IOX[XULOH GH OLFKLGLW

L QX VXQW DFWXDOL]DWH FULWHULXO FRQVLGHU  FD HFKLYDOHQWH

GRX  IOX[XUL FDUH VH SURGXF vQ GRX  SHULRDGH GLIHULWH &ULWHULXO QX

oportunitate aferent fondurilor investitH6HSRDWHUHPHGLDDFHDVW

LQH FRQW GH FRVWXO GH

 VF SDUHFDOFXOkQGR SHULRDG 

GHUHFXSHUDUHDFWXDOL]DW 
&ULWHULXO SHULRDGHL GH UHFXSHUDUH SRDWH GHFL V  FRQGXF  OD UHVSLQJHUHD SURLHFWHORU
DFFHSWDELOH SULQ 9$1 L LQYHUV OD DFFHSWDUHD SURLHFWHORU QHUHQWDELOH GXS  SUDJXO GH DFF

eptare

UH LQXW
$FHVWFULWHULXSRDWHGHDVHPHQHDV FRQGXF vQFD]XOSURLHFWHORUPXWXDOH[FOXVLYHFDUHVH
H[FOXGXQXOSHFHO ODOWODUH LQHUHDSURLHFWXOXLFHOPDLSX LQUHQWDELOvQVHQVXO9$1

-ului. Astfel, n

H[HPSOXO SUHFHGHQW GDF  $ L % VH H[FOXG PXWXDO SUHIHULQ D YD PHUJH OD SURLHFWXO $ FDUH HVWH
WRWXL GRPLQDW GH SURLHFWXO % &ULWHULXO SHULRDGHL GH UHFXSHUDUH HVWH vQ FRQVHFLQ

 GHIDYRUDELO

atunci cnd el contrazice criteriul VAN.

B. 5DWDGHUHQWDELOLWDWHFRQWDELO
Rata de rentabilitate contabiO VHGHWHUPLQ

UDSRUWkQGEHQHILFLXOPHGLXSURFXUDWUHDOL]DWGH

LQYHVWL LHODVXPDLQYHVWL LHLPHGLLGHWHUPLQDW FRQWDELODGLF SRUQLQGGHODYDORDUHDQHW FRQWDELO 

medie).
)LH  SURLHFWH & L ' vQ VXP  LQL LDO  GH  PLL L R GXUDW  GH YLD

amortizate liniar de-D OXQJXO FHORU  DQL 6H SUHVXSXQH SHQWUX VLPSOLILFDUH F

 GH 

ani. Ele sunt

 H[LVW  LGHQWLWDWH vQWUH

IOX[XULOH GH IRQGXUL YDULD LD (%( GDWRUDW  LQYHVWL LHL L IOX[XULOH GH OLFKLGLW

L JHQHUDWH GH

LQYHVWL LHLF vQWUHSULQGHUHDVHILQDQ HD] LQWHJUDOSULQIRQGXULSURSULL)OX[XULOHVHSURGXFODILQHOH

DQXOXLLQXH[LVW SODWDLPSR]LWXOXLSHSURILW

Modulul 4 -6WUDWHJLDILQDQFLDU
0
1.000
0
1.000

9DORDUHDEUXW

Amortismente cumulate
ValRDUHQHW FRQWDELO
Proiect C
Flux
Amortismente

Anul 1
1.000
200
800

Anul 2
1.000
400
600

Anul 3
1.000
600
400

Anul 4
1.000
800
200

Anul 5
1.000
1.000
0

100
200
-100
90,9

200
200
0
165,3

300
200
100
225,4

400
200
200
273,2

500
200
300
310,5

500
200
300
454,5

400
200
200
330,6

300
200
100
225,4

200
200
0
136,6

100
200
-100
62,1

%HQHILFLXOOHJDWGHLQYHVWL LH
9DORDUHDFWXDO OD

Proiect D
Flux
Amortismente
%HQHILFLXOOHJDWGHLQYHVWL LH
9DORDUHDFWXDO OD

9DORDUHDQHW FRQWDELO PHGLHHVWHGH

500 =

3.000
.
6

%HQHILFLLOHGDWRUDWHLQYHVWL LHLVXQWFDOFXODWHSUHVXSXQkQGSHGHRSDUWHF H[LVW LGHQWLWDWH

DIOX[XULORUGHOLFKLGLW

LGHH[SORDWDUHLDYDULD LHL(%( XOXLGHFL

1)5

LSHGHDOW SDUWHF 

QH H[LVW  LPSR]LWDUH D UH]XOWDWHORU %HQHILFLLOH PHGLL FDOFXODWH SHQWUX & L ' VXQW DWXQFL GH  L
UDWHOHORUGHUHQWDELOLWDWHFRQWDELO VXQWHJDOHFX

100
= 20% .
500

$FFHSWDUHD VDX UHVSLQJHUHD SURLHFWXOXL SUHVXSXQH F  VH SRDWH FDOFXOD UDWD GH UHQWDELOLWDWH
FRQWDELO  ILH FDOFXODW  DVXSUD DQVDPEOXOXL DFWLYHORU vQWUHSULQGHULL

fie pornind de la o medie

VHFWRULDO  'DU XQ DVHPHQHD SUDJ HVWH vQ WRWDOLWDWH DUELWUDU UHQWDELOLWDWHD PHGLH D vQWUHSULQGHULL VDX
FHDDVHFWRUXOXLSRDWHILLQVXILFLHQW 
'DF

 VH GHWHUPLQ

 9$1 XULOH DIHUHQWH FHORU GRX

 LQYHVWL LL & L ' HOH VXQW UHVSHFWLY

GH  PLL SHQWUX & L  PLL SHQWUX ' ,QYHVWL LD FDUH HVWH PDL UHQWDELO
WLPS FH GLQ SXQFW GH YHGHUH DO UDWHL GH UHQWDELOLWDWH FRQWDELO
HFKLYDOHQWH $FHVW FULWHULX SRDWH GHFL V

 FRQGXF

 FHOH GRX

 HVWH GHFL ' vQ

 SURLHFWH VXQW

 OD GHFL]LL FRQWUDUH RE

iectivului de

maximizare a valorii.
5DWDGHUHQWDELOLWDWHFRQWDELO VHGLIHUHQ LD] GH9$1SULQXUP WRDUHOH

VXPD LQYHVWL LHL HVWH GHWHUPLQDW  SULQ YDORDUHD QHW  FRQWDELO

QX H[LVW

 HFKLYDOHQ

 PHGLH Q SULPXO UkQG

 vQWUH GHILQL LD FRQWDELO  L GHILQL LD ILQDQFLDU  D LQYHVWL LHL

DQXPLWH FKHOWXLHOL VXQW FRQVLGHUDWH SULQ FRQWDELOLWDWH FD ILLQG FKHOWXLHOL L QX FD
LQYHVWL LL

.
n al doilea rnd, calculul astfel efectuat nu corespunde cu calculul financiar care se

RE LQH SRUQLQG GH OD VXPHOH HIHFWLY GHEXUVDWH 6H SRDWH UHPDUFD vQ SOXV IDSWXO F 

calculul contabil depinde de modul de amortizare practicat;

QX H[LVW  LGHQWLWDWH vQWUH EHQHILFLL DD FXP VXQW HOH HYDOXDWH vQ FRQWDELOLWDWH L IOX[XULOH
GHOLFKLGLW

L

)OX[XULOH GH OLFKLGLW

L FRUHVSXQG GLIHUHQ HL GLQWUH vQFDV UL L FKHOWXLHOL VXSOLPHQWDUH

DQWUHQDWHGHLQYHVWL LH
'HWHUPLQDUHDEHQHILFLXOXLVHIDFHSRUQLQGGHODYHQLWXULLFKHOWXLHOLLGHSLQGHvQVSHFLDO

GHPRGXOGHDPRUWL]DUHUH LQXW

costul de oportunitate al fondurilor investite nu este luat n calcul; beneficiile nu sunt

actualizate.

&ULWHULXOUDWHLGHUHQWDELOLWDWHFRQWDELO DSDUHvQFRQVHFLQ

dect perioada de recuperare.

FDILLQGXQFULWHULXPDLFULWLFDELO

Modulul 4 -6WUDWHJLDILQDQFLDU
C. 5DWDLQWHUQ GHUHQWDELOLWDWH
1q*HQHUDOLW

5DWD LQWHUQ  GH UHQWDELOLWDWH 5,5 VDX UDWD LQWHUQ  GH UDQGDPHQW HVWH UDWD GH DFWXDOL]DUH
SHQWUXFDUHVHRE LQHR9$1QXO 6HGHWHUPLQ UH]ROYkQGHFXD LD

Ct

VAN =

t =1 (1 + RIR )

I0 = 0

&RQVLGHU PRLQYHVWL LHvQVXP GHDOHF UHLIOX[XULGHOLFKLGLW

respectiv 5.000.00 L  SHQWUX DQLL  L  5DWD LQWHUQ

rezolvnd:
5.000.000 10.000.000
VAN =
+
11.900.000 = 0
(1 + RIR ) (1 + RIR ) 2

LDWHSWDWHVXQW

 GH UHQWDELOLWDWH VH GHWHUPLQ 

RIR-XODFHVWHLLQYHVWL LLHVWHGH6HSRDWHUHSUH]HQWDJUDILFHDVHVLWXHD]
IXQF LHLUHSUH]HQWkQG9$1-XOvQIXQF LHGHUDWDGHDFWXDOL]DUHLD[DDEFLVHORU
7DEHOXO9$1LUDWDLQWHUQ

VA

ODLQWHUVHF LD

GHUHQWDELOLWDWH

3.100

15% = RIR

Rata de actualizare
VAN-XOILLQGSR]LWLYSHQWUXWRDWHUDWHOHGHDFWXDOL]DUHLQIHULRDUHUDWHLGHUHQWDELOLWDWHLQWHUQ

VDX VH DMXQJH OD FRQFOX]LD F  LQYHVWL LD HVWH DFFHSWDELO  GDF  UDWD GH UHQWDELOLWDWH D LQYHVWL LHL HVWH
VXSHULRDU UDWHLGHDFWXDOL]DUHDGLF FRVWXOXLGHRSRUWXQLWDWHIRQGXULORULQYHVWLWH
6HSRDWHGHPRQVWUDF  GDF IXQF LDFHUHSUH]LQW 9$1HVWHPRQRWRQ GHVFUHVF WRDUHH[LVW 
HFKLYDOHQ

vQWUHFULWHULLOH9$1L5,5GLQSXQFWGHYHGHUHDODFFHSW ULLSURLHFWXOXL

7RWXL 5,5 SUH]LQW  LQFRQYHQLHQWH L FRQGXFH vQ DQXPLWH FD]XUL OD GHFL]LL QHFRQIRUPH

criteriului VAN.
2q5DWDLQWHUQ GHUHQWDELOLWDWHLLSRWH]DUHLQYHVWLULL
Atunci cnd se recurge la rata intHUQ  GH UHQWDELOLWDWH VHFRQVLGHU

 LSRWH]DLPSOLFLW F  UDWD

GHUHQWDELOLWDWHDIOX[XULORUUHLQYHVWLWHHVWHFKLDUUDWDLQWHUQ GHUHQWDELOLWDWH
(YDOX PYDORDUHDYLLWRDUHvQDQXOQDIOX[XULORUUHLQYHVWLWHOD5,5

VF(n ) = C t (1 + RIR )n t
t =1

3HGHDOW SDUWHGXS GHILQL LD5,5VHDMXQJHOD

I0 =

Ct

t =1 (1 + RIR )

de unde se poate deduce multiplicnd cei doi membri prin (1 + RIR)n astfel nct se ajunge la:

Modulul 4 -6WUDWHJLDILQDQFLDU
n

I0 (1 + RIR ) n = C t (1 + RIR ) n t = VF(n )

t =1

FHHD FH GHPRQVWUHD]  F  DWXQFL FkQG VH XWLOL]HD]  5,5 VH IDFH LSRWH]D F  UDWD GH UHLQYHVWLUH HVWH

chiar RIR-XO$FHDVW

LSRWH] HVWHGLIHULW GHFHDFDUHSUHVXSXQHF UHFXUJHUHDOD9$1XQGHUDWDGH

UHLQYHVWLUH HVWH UDWD GH DFWXDOL]DUH UDWD GREkQ]LL SH SLD D ILQDQFLDU  vQ FD] GH FHUWLWXGLQH ,SRWH]D
GH UHLQYHVWLUH OHJDW  GH 5,5 HVWH LQDFFHSWDELO  &ULWHULXO 9$1 SUHVXSXQH F  YD IL vQWRWGHDXQD
SRVLELO SODVDUHDIOX[XULORUYLLWRDUHODUDWDGHDFWXDOL]DUHUH LQXW FDUHSRDWHYDULDFXSHULRDGD

1
VHSRDWHVFULHDFHDVW
(1 + RIR )
100x2 100x + 16 = 0

'LYL]kQGSULQLSXQkQG

x=

HFXD LH

sub forma:

&HOH GRX  UDWH LQWHUQH GH UHQWDELOLWDWH VROX LLOH DFHVWHL HFXD LL VXQW UHVSHFWLY GH  L
 3UHVXSXQHP F  UDWD GH DFWXDOL]DUH HVWH GH  Q DFHVW FD] 9$1

-ul este de 1.934.000.

-ului, proiectXO HVWH GHFL GH UHIX]DW GH UHVSLQV &HOH GRX  UDWH LQWHUQH GH

'XS  FULWHULXO 9$1

UHQWDELOLWDWH ILLQG VXSHULRDUH UDWHL GH DFWXDOL]DUH DU WUHEXL GLPSRWULY  V  VH DGRSWH LQDGHFYDW QX
QXPDLF H[LVW PDLPXOWH5,5 XULVHGRYHGHWHLQLFLXQXOQXHVWHIRQGDWGHFkWDOWXOGDUSHGHDOW 

SDUWHFRQIUXQWDUHDDFHVWRUUDWHFHOHLRE LQXWHXWLOL]kQG9$1

-ul.

3q Clasamente contradictorii ale proiectelor

Q DQXPLWH FD]XUL vQWUHSULQGHUHD WUHEXLH V  DOHDJ  vQWUH PDL PXOWH SURLHFWH L GHFL V 
VWDELOHDVF  XQ FODVDPHQW &ODVDPHQWHOH RE LQXWH SRW GLIHUL GXS  FULWHULXO UH LQXW 9$1 L 5,5
$FHVWHGLYHUJHQ HSRWDYHDPDLPXOWHRULJLQLGLIHUHQ

a)

'LIHUHQ

vQWUHVXPHOHLQYHVWLWHVDXvQSURILOXOIOX[XUL

vQWUHVXPHOHLQYHVWLWH

&RQVLGHU P GRX  SURLHFWH $ L % PXWXDO H[FOXVLYH DOH F URU VXPH GLIHU  DVWIHO vQFkW XQ DO

treilea proiect fictiv H = B  $ D F

UHL VXP  FRUHVSXQGH GLIHUHQ HL VXPHORU OXL $ L % L DOH F URU

IOX[XULVXQWFRQVWLWXLWHSULQIOX[XULOHGLIHUHQ LDOH

4q&D]XULSDUWLFXODUHLQH[LVWHQ D5,5-XOXLLSUH]HQ DXQRUUDWHPXOWLSOH

a) ,QH[LVWHQ DUDWHLLQWHUQHGHUHQWDELOLWDWH
3HQWUX DQXPLWH VHFYHQ H DOH IOX[XOXL 5,5-XOXL QX H[LVW  &RQVLGHU P LQYHVWL LD XUP WRDUH
I0 LIOX[XULOH&1 = 200, C2 = -5DWDGHDFWXDOL]DUHHVWHGH(FXD LDGHGHWHUPLQDUHD
RIR-ului este atunci:
200
150
+
100 = 0
(1 + RIR ) (1 + RIR ) 2
'LYL]kQG SULQ  L SXQkQG

x=

1
 VH SRDWH VFULH DFHDVW
(1 + RIR )

 HFXD LH VXE IRUPD

WUDGL LRQDO DXQHLHFXD LLGHJUDGXOGRL

1,5x2 2x + 1 = 0
$FHDVW HFXD LHQXDUHU G FLQLUHDOHHVWHGHFLLPSRVLELO GHWHU

minarea RIR-ului.
-LSURLHFWXO

'DF VHHYDOXHD] 9$1 XODFHVWHLLQYHVWL LLODUDWDGHVHRE LQH9$1

este respins.
b) 3UH]HQ DXQRUQXPHURDVHUDWHLQWHUQHGHUHQWDELOLWDWH
QFD]XOvQFDUHH[LVW  VFKLPE ULGH VHPQHvQ VHFYHQ DIOX[XULORU GHOLFKLGLW

LHVWHSRVLELO 

RE LQHUHD XQRU QXPHURDVH UDWH LQWHUQH GH UHQWDELOLWDWH $VWIHO GDF  VH FRQVLGHU  LQYHVWL LD
XUP WRDUHVHRE LQGRX UDWH
,QYHVWL LDHVWH vQWU-R VXP  LQL LDO  GH IOX[XO DQXOXL  HVWH GH  LIOX[XO GLQ
anul 2 este de (FXD LDGHGHWHUPLQDUHD5,5-ului se scrie atunci:
10.000
10.000
VAN =

1.600.000 = 0
(1 + RIR ) (1 + RIR )2
$FHDVW LQYHVWL LHHVWHGHQXPLW LQYHVWL LHGLIHUHQ LDO 

Modulul 4 -6WUDWHJLDILQDQFLDU
6XP

Proiect
A
B
H=B-A

)OX[XULGHOLFKLGLW

1.000
5.000
4.000

RIR n %
100
40
25

2.000
7.000
5.000

VAN la 10%
818
1.364
546

3URLHFWHOH $ L % VXQW DFFHSWDELOH GLQ SXQFWXO GH YHGHUH D FHORU  FULWHULL Q DQVDPEOX
FODVDPHQWXOHVWHFRQWUDGLFWRULXGXS FULWHULXOXWLOL]DW&ULWHULXO9$1FRQGXFHODDOHJHUHDSURLHFWXOXL
% FDUH SHUPLWH RE LQHUHD XQXL 9$1 GH  ID

 GH  vQ FD]XO SURLHFWXOXL $ &ULWHULXO 5,5

FRQGXFHODRFRQFOX]LHFRQWUDU SURLHFWXO$ODR5,5GHID

GHvQFD]XOSURLHFWXOXL%

&HOH GRX  SURLHFWH ILLQG GH GLPHQVLXQL IRDUWH GLIHULWH VH SRDWH vQWUHED DVXSUD XWLOL] ULL
GLIHUHQ HL GH IRQGXUL vQWUH FHOH GRX  SURLHFWH &RQVLGHU P GLIHUHQ D GH FDSLWDO LQYHVWLW GH 
H[LVWHQW vQWUHSURLHFWHOH$L%DFHDVW GLIHUHQ

GHFDSLWDOXULLQYHVWLWHSHUPLWHRE LQHUHDXQXLIOX[

GLIHUHQ LDO GH  OD ILQHOH SHULRDGHL  5,5 XO LQYHVWL LHL GLIHUHQ LDOH + DVWIHO FRQVWLWXLWH HVWH GH

L9$1 XOV XGH9$1 XOILLQGSR]LWLYL5,5

-ul fiind superior ratei de actualizare de

 HVWH UHQWDELO GXS  FHOH GRX  FULWHULL FDUH VXQW FRQFRUGDQWH GH D UHDOL]D LQYHVWL LD GLIHUHQ LDO 

H. Investitorul WUHEXLH GHFL V

spus trebuie ales proiectul B.
Q FRQVHFLQ

 UHDOL]H]H DQVDPEOXO SURLHFWXO $ SOXV LQYHVWL LD GLIHUHQ LDO  DOWIHO

 FRQVLGHUkQG LQYHVWL LD GLIHUHQ LDO  XWLOL]DUHD FHORU  FULWHULL 5,5 L 9$1

FRQGXFHODDFHHDLFRQFOX]LHWUHEXLHDOHVS

ului.
c) (JDOLWDWHD VXPHORU LQYHVWLWH GLIHUHQ

roiectul B, care singurul conduce la maximizarea VAN-

 vQ SURILOXOIOX[XULORU 6LWXD LD GH FRQWUDGLF LHD FULWHULLORU

VHSRDWHvQWkOQLvQDOWHFD]XULGHFkWGLIHUHQ DvQWUHGLPHQVLXQLOHLQYHVWL LLORU(DVHSRDWH

produce

FD XUPDUH D SURILOXOXL IOX[XULORU  GLIHULWH &RQVLGHU P GRX  LQYHVWL LL & L ' FDUH DX
FDUDFWHULVWLFLOHXUP WRDUH

Proiect
C
D
K=D-C

)OX[GHOLFKLGLW

Suma
155,22
155,22
0

100
0
-100

RIR n %
14
12,5
10

100
221
121

VAN la 9%
13,74
15,44
1,70

3HQWUXRUDW GHDFWXDOL]DUHGHSURLHFWHOH&L'GHVXPHLGHQWLFHVXQWFODVDWHGLIHULWGH
FULWHULLOH 9$1 L 5,5 3HQWUX R UDW  GH DFWXDOL]DUH GH  9$1

-urile lor sunt egale. Tabelul

XUP WRULQGLF ]RQHOHGHFRQFRUGDQ

LGHGLVFRUGDQ

DFULWH

riilor.

7DEHOXO5HOD LDvQWUH9$1L5,5

65,78
VAN

Proiect D

60

=21$'(&21&25'$1

ZONA DE
',6&25'$1

VAN C > VAN D

RIR C > RIR D

VAN C > VAN D

RIR C > RIR D
14,78

15,44
13,74

,QWHUVHF LD)LVFKHU

Proiect C

UDWDGHLQGLIHUHQ

9%

12,5% 14%
RIR D RIR C

GH

Rata de
actualizare

Modulul 4 -6WUDWHJLDILQDQFLDU
5q5DWDGHDFWXDOL]DUHQXHVWHFRQVWDQW

vQWLPS

'DF VWUXFWXUDODWHUPHQDUDWHLGREkQ]LLQXHVWHSODW UDWDGHDFWXDOL]DUHGHXWLOL]DWQXPDL

HVWH FRQVWDQW  vQ WLPS Q DFHVW FD] UDWD OD FDUH WUHEXLH FRPSDUDW  UDWD LQWHUQ  GH UHQWDELOLWDWH HVWH
UDWDGHUHQWDELOLWDWHODVFDGHQ

FDUHHVWHUDWDXQLF FHSHUPLWHRE LQHUHDDFHOHDL9$1

2 LQYHVWL LHGHSHUPLWH JHQHUDUHDXQRUIOX[XULGHvQDQXOLvQ

anul 2. 5DWHOHGHDFWXDOL]DUHDVXQWGHSHQWUXDQXOLGHSHQWUXDQXO
VAN-XODFHVWHLLQYHVWL LLHVWHLUDWDGHUHQWDELOLWDWHODVFDGHQ HVWHGH5DWD
LQWHUQ GHUHQWDELOLWDWHVHSRDWHGHWHUPLQDDVWIHO

600.000
700.000
+
1.000.000 = 0
(1 + RIR ) (1 + RIR ) 2

de undH UH]XOW

 R 5,5 GH  &XP DFHDVWD HVWH VXSHULRDU  UDWHL GH UHQWDELOLWDWH OD VFDGHQ



LQYHVWL LDHVWHDFFHSWDELO 
Q FRQFOX]LH FKLDU GDF  UDWD LQWHUQ  GH UHQWDELOLWDWH DUH IXQGDPHQWH WHRUHWLFH PDL VROLGH
GHFkW SHULRDGD GH UHFXSHUDUH L UDWD GH UHQWDELOLWDWH FRQWDELO  DFHVW OXFUX QH SRDWH FRQGXFH vQ
DQXPLWH FD]XUL OD DOHJHUL GLIHULWH GHFkW FHOH LQGLFDWH GH 9$1 &D XUPDUH HD WUHEXLH XWLOL]DW 

prudent.
D. Indicele de profitabilitate
,QGLFHOH GH SURILWDELOLWDWH VH FDOFXOHD]  UDSRUWkQG YDORDUHD DFWXDO  D IOX[XULORU GH OLFKLGLW

L

JHQHUDWHGHSURLHFWHODVXPDLQYHVWL LHL$VWIHOGDF VHFRQVLGHU FHOHSURLHFWHSUHFHGHQWH$L%

vQVXPHOHUHVSHFWLYHGHLYDORDUHDDFWXDO DIOX[XULORUHVWHGHSHQWUX$L

pentru B. Indicele de profitabilitate este atunci:

VAN
VA
818
= 1 +
IP =
= 1,818
Proiect A:
= 1 +
I0
1.000
I0

1,364
IP = 1 +
= 1,273
5.000

Proiect B:

3URLHFWHOH VXQW DFFHSWDELOH GDF  LQGLFHOH HVWH PDL PDUH GH  vQ DFHVW FD] 9$1
SR]LWLY ([LVW  GHFL HFKLYDOHQ

 vQ FHHD FH SULYHWH DFFHSWDUHD SURLHF

-ul este
telor. n schimb, clasamentele

RE LQXWHSRWILGLYHUJHQWH$VWIHOvQH[HPSOXOFRQVLGHUDWLQGLFHOHGHSURILWDELOLWDWHDFRUG SUHIHULQ

proiectului A, n timp ce VAN-XO GHVHPQHD]

 SURLHFWXO % 9$1$

  L 9$1%

 

&KLDU GDF  SHQWUX 5,5 FRQWUDGLF LD SRDWH IL UH]ROYDW  FRQVLGHUkQG LQYHVWL LD GLIHUHQ LDO  HJDO  FX
GLIHUHQ DLQWUHVXPHOHSURLHFWHORU$L%
,QGLFHOHGHSURILWDELOLWDWHDLQYHVWL LHLGLIHUHQ LDOH+HVWH

6XP GLIHUHQ LDO 



9DORDUHDDFWXDO DIOX[XULORUGLIHUHQ LDOH

1.818 = 4.546;
Indice de profitabilitate: IP 4.546/4.000 = 1,1365.
Q FRQVHFLQ

 HVWH UHQWDELO  UHDOL]DUHD SURLHFWXOXL % 9$1 XO LQYHVWL LHL GLIHUHQ LDOH ILLQG

SR]LWLYLLQGLFHOHV X GHSURILWDELOLWDWHILLQGPDLPDUHGH,QGLFHOH GHSURILWDELOLWDWH

este criteriul

cel mai apropiat de VAN.

4.1.4.EVALUAREA VALORII ACTUALE NETE

OLFKLGLW

Utilizarea criteriului VAN presupune n prealabil estimarea ansamblului fluxului de

LOHJDWHGHLQYHVWL LH$FHDVW HVWLPDUH WUHEXLHV VHRSHUH]HvQWU-un mod diferit GLIHUHQ LDO

FX L I U  UHDOL]DUHD SURLHFWXOXL GH LQYHVWL LH VWXGLDW DGLF  FRQVLGHUkQG DQVDPEOXO LQFLGHQ HORU SH
FDUHOHSRDWHDYHDLQYHVWL LDDVXSUDIOX[XOXLGHOLFKLGLW

LDOvQWUHSULQGHULL

Modulul 4 -6WUDWHJLDILQDQFLDU
(VWLPDUHDIOX[XULORUGHOLFKLGLW

Estimarea fluxurilRUVHSRDWHIDFHGLVWLQJkQGvQPRGDUELWUDUWUHLID]HvQYLD DSURLHFWXOXLGH

LQYHVWL LLSHULRDGDLQL LDO SHULRDGHOHLQWHUPHGLDUHLSHULRDGDILQDO 

A.

3HULRDGDLQL LDO

GHWHUPLQDUHDFDSLWDOXOXLLQYHVWLW

1q Cheltuielile luate n calcul

&RQVLGHU PRVLWXD LHVLPSOLILFDW vQ FDUHLQYHVWL LDVHIDFHUHDOL]HD] ODRGDW  GHEXWXO
SHULRDGHL  'DF  LQYHVWL LD V DU UHDOL]D vQ PDL PXOWH SHULRDGH DU WUHEXL DWXQFL V  VH DFWXDOL]H]H

LHLULOHGHIRQGXULFDUHVHSURGXFvQSHULRDGHOHXOWHULRDUH

Suma investi LHL

VH FDOFXOHD]  HYDOXkQG GLIHUHQ LDO DQVDPEOXO LQFLGHQ HORU GLUHFWH VDX

LQGLUHFWHSHFDUHOHSRDWHDYHDSURLHFWXODVXSUDOLFKLGLW

LORUvQWUHSULQGHULLODGDWD

Trebuie astfel luate n calcul pentru un proiect dat:

IRQGXULOH LQYHVWLWH vQ DFKL]L LRQDUHD GH LPRELOL] UL FRUSRUDOH LPRELOL] UL LQFRUSRUDOH EUHYHWH
P UFLOLFHQ HHWFLPRELOL] ULILQDQFLDUH

FKHOWXLHOL FRQWUDFWDWH FX RFD]LD SXQHULL vQ IXQF LXQH D LQYHVWL LHL IRUPDUHD SHUVRQDOXOXL

cheltuieli de cercetare);

YDULD LDGHQHYRLHGHIRQGGHUXOPHQWDQWUHQDW GHSURLHFW

FRVWXULOHGHRSRUWXQLWDWHGDF GHH[HPSOXvQWUHSULQGHUHDXWLOL]HD] XQWHUHQGHFDUHHDGLVSXQH
vQ SUH]HQW SHQWUX UHDOL]DUHD XQHL QRL LQYHVWL LL HD WUHEXLH V  LD vQ FDOFXO VXPD DFHVWHL LQYHVWL LL
OLFKLGLW

LOHSHFDUHOH DUILSXWXWRE LQHSULQYkQ]DUHDDFHVWXLWHUHQ

HIHFWHOH LQGXVH DVXSUD DOWRU SURLHFWH DVWIHO GDF  SURLHFWXO DQWUHQHD]  FHVLXQHD GH PDWHULDOH
YHQLWXULOHRE LQXWHGLQDFHDVW FHVLXQHGLPLQXHD] VXPDLQYHVWLW vQSHULRDGDLQL LDO 

LQFLGHQ HOHILVFDOHWRDWHLHLULOH GHIRQGXULGHRULJLQHILVFDO RULFDUH DUILIRUPDGHLPSR]LWDUH

DQWUHQDWH GH SURLHFW GLUHFW VDX LQGLUHFW L FDUH VH SURGXF vQ SHULRDGD LQL LDO  WUHEXLH GH
DVHPHQHDOXDWHvQFRQVLGHUD LH

2q Cheltuielile care nu se iau n calcul

Anumite FKHOWXLHOLQXVXQWGHUH LQXW$VWIHOGDF

vQSUHDODELOvQDLQWHDSHULRDGHLvQFDUHVH

GHFLGH LQYHVWL LD DX IRVW DQJDMDWH FKHOWXLHOL GH VWXGLX DFHVWHD QX WUHEXLHVF V  ILH LQFOXVH vQ VXPD
LQYHVWLW  GHRDUHFH HOH QX PDL LQWHUYLQ vQ GHFL]LH HVWH YRUED GH

cheltuieli trecute care sunt

considerate drept fonduri pierdute (sunk costs).

Exemplu)LHRLQYHVWL LHvQVXP GH)OX[XULOHDWHSWDWHSUHYL]LRQDWHSHQWUXXUP WRULL
FLQFLDQLVXQWGHLUDWDGHDFWXDOL]DUHHVWHGHQSUHDODELOnainte de data de decizie),
vQWUHSULQGHUHDDDQJDMDWFKHOWXLHOLGHVWXGLLvQVXP GHODvQFHSXWXODQXOXLSUHFHGHQW/D

momentul (perioada) 0, VAN-XOLQYHVWL LHLHVWHGH

5

VAN =

300.000

t
t =1 (1,1)

1.000.000 = 137.000

LLQYHVWL LDHVWHDFFHSWDW QXVXQWOXDWHvQFRQVHFLQ

FKHOWXLHOLOHGHVWXGLL

'DF GLPSRWULY HYDOXDUHDGHWHUPLQDUHDUHQWDELOLW

LLDUILDYXWORFODvQFHSXWXOSHULRDGHL

SUHFHGHQWH FX DFHOHDL GDWH UH]XOWDWXO DU IL IRVW GLIHULW 9$1

-ul evaluat la momentul (perioada)

z = -1, ar fi fost:

VAN =

300.000 1.000.000

1.000.000 = 875.200
t
1
,
1
(
1
,
1
)
t =2

LLQYHVWL LDQ DUILIRVWDFFHSWDELO 

Modulul 4 -6WUDWHJLDILQDQFLDU
B. Perioade intermediare: determinarea fluxurilor
1q

'RX

 SULQFLSLL IXQGDPHQWDOH HYDOXDUHD GLIHUHQ LDO

PRGDOLW

a)

 L LQGHSHQGHQ D vQ UDSRUW FX

LOHGHILQDQ DUH

(YDOXDUHDGLIHUHQ LDO DIOX[X

rilor.

&D L SHQWUX GHWHUPLQDUHD LQYHVWL LHL LQL LDOH WUHEXLH UD LRQDW GLIHUHQ LDO SHQWUX HYDOXDUHD
IOX[XULORU JHQHUDWH GH LQYHVWL LD FRQVLGHUDW  $FHVW SULQFLSLX LPSOLF  FX SUHF GHUH F  QX WUHEXLH
QLFLRGDW  LPSXWDWH FKHOWXLHOL IL[H OHJDWH GH DOWH DFWLYLW

LDOHvQWUHSULQGHULLSHQWUXD HYDOXD IOX[XULOH

OHJDWHGHXQSURLHFWGHLQYHVWL LL

Exemplu )LH R vQWUHSULQGHUH FDUH H[HUFLW

 R XQLF  DFWLYLWDWH FDUH vL DGXFH XQ IOX[ GH 

vQDLQWH GH LPSXWDUHD D  FKHOWXLHOL IL[H SO WLELOH $FHDVW  vQWUHSULQGHUH SURLHFWHD]  V 
vQWUHSULQG  R QRX  LQYHVWL LH FX XQ DOW SURILO GH DFWLYLWDWH 'XS  GHGXFHUHD FKHOWXLHOLORU YDULDELOH
IOX[XO DWHSWDW FD XUPDUH D DFHVWHL QRL LQYHVWL LL HVWH GH  $FHVW QRX SURLHFW DQWUHQHD] 
FKHOWXLHOLIL[HSO WLELOHVXSOLPHQWDUH LQkQGFRQWGHIDSWXOF VHUYLFLLOHJHQHUDOHYRUSXWHD
ILXWLOL]DWHSHQWUXUHDOL]DUHDDFHVWHLQRLDFWLYLW

L

7DEHOXO)OX[XULGLIHUHQ LDOHLUHSDUWL LDFKHOWXLHOLORUIL[H

ntreprinderea

QWUHSULQGHUHDGXS

9DULD LD

vQDLQWHGHLQYHVWL LH

LQYHVWL LHYHFKHD

LQYHVWL LHLQRXD

(activitate veche)

noua activitate)

activitate)

2SWLF ILQDQFLDU I U UHSDUWL LD

cheltuielilor fixe)
)OX[GXS FKHOWXLHOLYDULDELOH

10.000.000

20.000.000

10.000.000

5.000.000
5.000.000

7.000.000
13.000.000

2.000.000
8.000.000

10.000.000

20.000.000

10.000.000

4.000.000
6.000.000

7.000.000
13.000.000

3.000.000
7.000.000

SO WLELOH

Cheltuieli fixHSO
Flux final

WLELOH

2SWLFDFRQWDELOLW

LLDQDOLWLFH

)OX[GXS FKHOWXLHOLYDULDELOH

SO WLELOH
&KHOWXLHOLIL[HSO WLELOH

Flux final

'DF  VH UD LRQHD]  vQ WHUPHQL GLIHUHQ LDOL IOX[XO GH UH LQXW SHQWUX HYDOXDUHD UHQWDELOLW

LL

noului produs este de 10.000.000     Q QLFL XQ FD] QX WUHEXLH V  VH LPSXWH
asupra acestXL IOX[ R FRW  SDUWH D FKHOWXLHOLORU IL[H FH SURYLQ GLQ YHFKHD DFWLYLWDWH 5D LRQDPHQWXO
ILQDQFLDU VH VHSDU  WRWDO GLQ DFHVW SXQFW GH UD LRQDPHQWXO SUDFWLFDW GH FRQWDELOLWDWHD DQDOLWLF  FDUH
FRQVW FHOPDLDGHVHDGLQUHSDUWL]DUHDFKHOWXLHOLORUIL[HvQWUHGLIHULWHDFWLYLW

b)

,QGHSHQGHQ DGHHYDOXDUHDIOX[XULORUvQUDSRUWGHPRGDOLW

L

LOHGHILQDQ DUH

(YDOXDUHD WUHEXLH V  VH IDF  vQWU XQ PRG LQGHSHQGHQW GH PRGDOLW

LOH GH ILQDQ DUH DOH

LQYHVWL LHL(VWHYRUEDGHDP VXUDFXDQWLILFDIOX[XULOHFHSURYLQFDXUPDUHDXWLOL] ULLDFWLYXOXLvQ

VFRSXO GH D HYDOXD UHQWDELOLWDWHD VD HFRQRPLF  &RPSDUD LD DFHVWHL UHQWDELOLW

L FX H[LJHQ HOH

aporturilor de fonduri se va face ulterior, actualiznd fluxurile la costul de oportunitate al

FDSLWDOXOXLFDUH UHSUH]LQW  FRVWXO GH ILQDQ DUH5HQWDELOLWDWHD GHJDMDW  WUHEXLH V  ILH GHVWXO GH PDUH
SHQWUXFDvQWUHSULQGHUHDV SRDW UHPXQHUDDSRUWRULLGHIRQGXULQFRQVHFLQ
FD]OXDWHvQFDOFXOFKHOWXLHOLOHILQDQFLDUHLHFRQRPLLOHGHLPSR]LWHOHJDWHGH

QXWUHEXLHvQQLFLXQ

aceste cheltuieli pentru

GHWHUPLQDUHD IOX[XULORU R DVHPHQHD SURFHGXU  DU FRQGXFH OD LQFOXGHUHD GH GRX  RUL D FRVWXOXL GH
ILQDQ DUHRSULP GDW vQHYDOXDUHDIOX[XOXLRDGRXDRDU vQDFWXDOL]DUH

Modulul 4 -6WUDWHJLDILQDQFLDU
2q Metodele uzuale de determinare a fluxurilor de lichidLW

6HUHFXUJHODGRX PHWRGHSHQWUXP VXUDUHDFXDQWLILFDUHDIOX[XULORU

a) Metoda 1HVWLPDUHDGLUHFW

DIOX[XULORUGHOLFKLGLW

L

$FHDVW  SULP  PHWRG  FRQVW  vQ HYDOXDUHD GLUHFW  D IOX[XULORU GH OLFKLGLW

L FRQVWUXLQG XQ

buget de trezorerie.
TrebuiH GHFL PDL vQWkL V  VH HVWLPH]H IOX[XULOH GH WUH]RUHULH GH LQWUDUH DFHVWH IOX[XUL GH
intrare pot rezulta fie dintr-XQ VXSOLPHQW GH vQFDV UL ILH GLQ HFRQRPLL 'H DVHPHQHD IOX[XULOH GH
LHLUHSRWILQFRQVWUXLWHILHSULQFKHOWXLHOLVXSOLPHQWDUHILHSULQtr-RSLHUGHUHGHvQFDV UL2LQYHVWL LH
SRDWH vQ DQXPLWH FD]XUL V  DQWUHQH]H R OLSV  GH FkWLJ DVXSUD DOWRU LQYHVWL LL GH FDUH WUHEXLH LQXW
FRQWQRULFHFD]WUHEXLHLJQRUDWHLQFLGHQ HOHPRGXOXLGHILQDQ DUHDLQYHVWL LHL
,QFLGHQ DILVFDO LPSR]LWSHSURILWWUHEXLHDWXQFLV ILHHYDOXDW vQPRGVHSDUDWPRGXOV X

de evaluare fiind bazat pe contabilitate).

b) Metoda 2GHWHUPLQDUHDFRQWDELO DIOX[XULORU
$FHDVW D-DPHWRG HVWHPDLIUHFYHQWXWLOL]DW
detHUPLQDUHDIOX[XULORUGHOLFKLGLW L

HDVHED]HD] SHFRQWXOGHUH]XOWDWHSHQWUX

%D]DPHWRGHLFRQVW vQFRQVWUXLUHDXQXLFRQWGHUH]XOWDWHVFKHPDWLFLGLIHUHQ LDOFXLI U 

LQYHVWL LLLLJQRUkQGFKHOWXLHOLOHILQDQFLDUH

7DEHOXO&RQWGHUH]XOWDWHGLIHUHQ LDO

) U LQYHVWL LH

Cifra de afaceri
Costuri variabile
Marja asupra costurilor variabile
&KHOWXLHOLIL[HI U DPRUWL]DUH

Excedent btur de exploatare

Amortismente
Rezultat economic
Impozit pe profit (cota de 37%)
5H]XOWDWHFRQRPLFGXS LPSR]LW

Flux de fonduri = EBE - Impozit

&XLQYHVWL LH

50.000
30.000
20.000
10.000
10.000
4.000
6.000
2.220
3.780
7.780

Fluxul final este un flux de fonduri, adLF

60.000
33.000
27.000
11.000
16.000
6.000
10.000
3.700
6.300
12.300

DLIHUHQ
10.000
3.000
7.000
1.000
6.000
2.000
4.000
1.480
2.520
4.520

 HO D IRVW HYDOXDW SRUQLQG GH OD GDWHOH GH

vQUHJLVWUDUH FRQWDELOH L GH OD QR LXQLOH FRQWDELOH YHQLWXUL L FKHOWXLHOL (O VH GLIHUHQ LD]  DVWIHO GH
IOX[XO GH OLFKLGLW

L FDUH HVWH GHWHUPLQDW SH ED]D GDWHORU HIHFWLYH DOH UHQWDELOLW

LL L DOH LHLULORU

de

fonduri.
3HQWUX GHWHUPLQDUHD IOX[XULORU GH OLFKLGLW

L SRUQLQG GH OD IOX[XULOH GH IRQGXUL WUHEXLH LQXW

FRQWGHGHFDODMHOHFDUHVXUYLQvQWUHGDWHOHGHvQUHJLVWUDUHFRQWDELO LGDWHOHHIHFWLYHGHvQFDV ULLSO

L

GH H[HPSOX GHFDODMXO GLQWUH vQFDV UL L FLIUD GH DIDFHUL 3HQWUX HYDOXDUHD DFHVWRU GHFDODMH WUHEXLH
P VXUDW SHQWUXILHFDUHSHULRDG YDULD LDQHYRLLGHIRQGGHUXOPHQWDQWUHQDW GHSURLHFWXOGHLQYHVWL LL
Q H[HPSOXO SUHFHGHQW GDF  VH HYDOXHD]  DFHDVW  YDULD LH OD  IOX[XO GH OLFKLGLW

nainte de plata impozitului pe profit este de: 6.000 

OLFKLGLW

LDQWUHQDWGHLPSR]LWVH SURGXFHODGDWD GHvQUHJLVWUDUHFRQWDELO IOX[XO GHOLFKLGLW

HVWHIOX[GHOLFKLGLW
'DF

L

'DF VHSUHVXSXQHF IOX[XOGH

LILQDO

LvQDLQWHG

e impozit) 1480 (impozit) = 3.520.

 VH UH LQ IOX[XULOH GH IRQGXUL vQ HFXD LD 9$1-XOXL WUHEXLH DWXQFL FRQVLGHUDWH YDULD LLOH

QHYRLLGHIRQGGHUXOPHQWFRQVLGHUDW FDLQYHVWL LHVXSOLPHQWDU vQILHFDUHDQ

Exemplu 3UHVXSXQHP F

 LQYHVWL LD VWXGLDW  vQ WDEHOXO SUHFHGHQW HVWH vQ VXP  GH  $FHDVW 

VXP  LD vQ FDOFXO YDULD LD QHYRLL GH IRQG GH UXOPHQW VXE IRUPD XQXL VWRF VXSOLPHQWDU GH 
SURYRFDW GHLQYHVWL LH

)OX[XO GH OLFKLGLW

YLD

L DQXDOH GXS

Modulul 4 -6WUDWHJLDILQDQFLDU
 GHGXFHUHD LPSR]LWXOXL SH SURILW HVWH GH  'Xrata de

 D LQYHVWL LHL HVWH GH  DQL 1HYRLD GH IRQG GH UXOPHQW WRWDO  DQWUHQDW  GH LQYHVWL LH HVWH GH

 vQ DO FLQFLOHD DQ 9DULD LD DQXDO  D DFHVWHL LQYHVWL LL D IRVW GH  (D HVWH UHFXSHUDW  OD

finele celui de-al cincilea an.

Evaluarea VAN-XOXL SRUQLQG GH OD IOX[XUL GH OLFKLGLW
HFXD LD9$1-ului se scrie:
5

VAN =

3.520

6.000

(1,1) t

Flux de

Recuperarea
nevoii de fond
de rulment

t =1

OLFKLGLW

(1,1)5

L 3HQWUX R UDW  GH DFWXDOL]DUH GH

11.000 = 6.069
,QYHVWL LH
LQL LDO

Evaluarea VAN-ului pornind de la fluxuri de fonduri. Considernd demersul bazat pe

fluxuri de fonduri se ajunge laHFXD LDXUP WRDUH

VAN

4.520

(1,1) t

t =1

Flux de
fonduri

1.000

(1,1) t

t =1

9DULD LD

6.000

(1,1)5

Recuperarea
NFR

DQXDO D

11.000

6.069

,QYHVWL LD
LQL LDO

NFR
3q,QFLGHQ

DLQIOD LHLDVXSUDFDOFXOXOXL9$1

-ului

,QIOD LD DUH HIHFWH LPSRUWDQWH DVXSUD UHQWDELOLW

LL UHDOH D LQYHVWL LHL (D LPSOLF  QHFHVLWDWHD

GH D IL FRHUHQW vQ SURFHGXUD GH DOHJHUH D LQYHVWL LHL 'DF  VH XWLOL]HD]  FULWHULXO 9$1

-ului, trebuie

OXDWvQFDOFXOVLPXOWDQHIHFWHOHLQIOD LHLDVXSUDIOX[XULORUGHOLFKLGLW

A.

LLDVXSUDUDWHLGHDFWXDOL]DUH

5DWDGHDFWXDOL]DUHLOXDUHDvQFDOFXODLQIOD LHL

5DWD GH DFWXDOL]DUH UHSUH]LQW  FRVWXO GH RS

ortunitate a fondurilor investite. Aportorii de

FDSLWDO GH LQ WRULL GH FDSLWDO VROLFLW  GH OD LQYHVWL LLOH ORU R UDW  GH UHQWDELOLWDWH UHDO  5 FDUH vL
UHPXQHUHD]  SHQWUX VDFULILFLXO FRQVXPXOXL LPHGLDW DFHDVW  UDW  HVWH LQGHSHQGHQW  GH LQIOD LH
,QVLVW PDVXSUDIDSWXOXLF WUHEXLHDFWXDOL]DWFKLDUGDF UDWDLQIOD LHLHVWHQXO 
'DF  LQYHVWL LD HVWH GH  L GDF  UDWD GH UHQWDELOLWDWH UHDO  FXUHQW  HVWH GH  XQ
LQYHVWLWRUYDSULPLRVXP GHODFDS WXOXQXLDQ
3UHVXSXQHPvQ SUH]HQW RLQIOD LH DF UHLUDW  DQXDO  HVWH GH'DF  YHQLWXULOH LQYHVWL LHL
QXVXQWDMXVWDWHODLQIOD LHLQYHVWLWRUXOYDvQFDVDvQWRWGHDXQDGDUDFHDVW VXP YDILSLHUGXW 
GLQFDX]DLQIOD LHLGLQSXWHUHDVDGHFXPS UDUH3RVLELOLW

LOHGHFRQVXPDOHLQYHVWL

torului vor

ILPDLPDULGHFkWODvQFHSXWXODQXOXL,QL LDOHOSXWHDFRQVXPDXQDQPDLWkU]LXHOQXYDPDL

putea consuma dect

1.050/1,1   OD vQFHSXWXO DQXOXL 5DWD GH UHQWDELOLWDWH UHDO

 5 D

LQYHVWL LHLHVWHDWXQFLGH

(954,5 1.000)/1.000 = -4,55%

L GHVHPQkQG SULQ U UDWD QRPLQDO  D SODVDPHQWXOXL GH  L SULQ M UDWD LQIOD LHL GH  VH SRDWH
VFULHSHQWUXRLQYHVWL LHGH

R=

(1 + r )
1 L r = [(1 + R )(1 + j)] 1 = R + j + Rj
(1 + j)

([SUHVLD UDWHL QRPLQDOH U HVWH XQHRUL VLPSOLILFDW  SUHVXS

IRUPDDSUR[LPDWLY 

r R + j UDWDQRPLQDO

unnd termenul Rj neglijabil, sub

HVWHHJDO FXVXPDGLQWUHUDWDUHDO LUDWDLQIOD LHL

Modulul 4 -6WUDWHJLDILQDQFLDU
$WXQFL FkQG VH FRQVLGHU  UDWH DQWLFLSDWH DFHDVW  UHOD LH HVWH UHOD LD OXL )LVFKHU HD H[SULP 
F UDWDQRPLQDO REVHUYDW HVWHHJDO FXUDWDUHDO DQWLFLSDW 5FUHVFXW FXUDWDLQIOD LHLDQWLFLSDWHM
QFRQVHFLQ

SHQWUXDRE LQH RUDW  GHUHQWDELOLWDWH UHDO  GHLQYHVWLWRUXO LQkQGFRQWGH

LQIOD LHWUHEXLHV RE LQ RUDW GHUHQWDELOLWDWHQRPLQDO GHVDXGHXWLOL]kQGUHOD LDGH

DSUR[LPDUHDGLF XQYHQLWGHODLQYHVWL LDVDGH

B. Indexarea fluxurilor
&RQVLGHU P UHOD LD YDORULL DFWXDOH 9$ L SUHVXSXQHP F  DQVDPEOXO IOX[XULORU V  ILH
LQGH[DWHODUDWDLQIOD LHLMvQWU

-un mod simetriFUDWHGHDFWXDOL]DUHQRPLQDO

ULQWHJUHD] LQIOD LD6H

poate atunci scrie:

n
n
n
C (1 + j) t
C t (1 + j) t
Ct
VA = t
=
=
t
t
t
t =1 (1 + r )
t =1 [(1 + R )(1 + j)]
t =1 (1 + R )

6H DMXQJH OD FRQFOX]LD F  GDF  DQVDPEOXO IOX[XULORU VXQW LQGH[DWH SHQWUX D LQH FRQW GH
LQIOD LHLGDF UDWDGHDFWXDOL]DUHLQWHJUHD] LQIOD LD9$RE LQXW LGHFL9$1HVWHLGHQWLF 
Q FRQVHFLQ

 SHQWUX FD LQIOD LD V  ILH QHXWU  WUHEXLH FD WRDWH IOX[XULOH V  ILH LQGH[DWH OD

DFHHDL UDW  2UL QX HVWH FD]XO VDODULLOH DXHYROXDW PXOWWLPS PDL UDSLG GHFkWDQXPLWH SRVWXULFDUH

intervin n determinarea fluxurilor de exploatare. Anumite rubrici, precum cea a amortismentelor

VXQWFDOFXODWHSHED]DYDORULORUFRQWDELOHLVWRULFHLHFRQRPLLORUGHLPSR]LWSHFDUHHOHOHSHUPLWQX
XUPHD] ULWPXOLQIOD LHL,PHGLDWFHOPDLDGHVHDXUPHD] RVF GHUHDUHQWDELOLW

Exemplu FRQVLGHU

LLUHDOH

P R LQYHVWL LH GH  FDUH JHQHUHD]  XQ IOX[ GH IRQGXUL GH H[SORDWDUH

YDULD LD(%(DQWUHQDW GHLQYHVWL LHGHWLPSGHDQL,QYHVWL LDLQL LDO FXSULQGHLQYHVWL LL

vQ1)5GHH[SORDWDUHFDUHU PkQHVWDELO vQWHUPHQLUHDOLWLPSGHDQL6HSUHVXSXQHF SUH XOGH
FHVLXQHDOLQYHVWL LHLvQDOFLQFLOHDDQHVWHGH5DWDGHDFWXDOL]DUHUHDO 5HVWHGHUDWDGH
LQIOD LH DQWLFLSDW  M GH  L UDWD GH DFWXDOL]DUH QRPLQDO  U GH  'HWHUPLQ P 9$1

-ul

acestei LQYHVWL LL FRQVLGHUkQG VXFFHVLY  LSRWH]H LQIOD LH QXO

 LQIOD LH GH  )OX[XULOH GH IRQGXUL

GH H[SORDWDUH 1)5 L SUH XO GH FHVLXQH VXQW SUHVXSXVH LQGH[DWH OD LQIOD LH 5DWD GH FDOFXO D
LPSR]LWXOXLSHSURILWVHSUHVXSXQHDILGHSHQWUXXXULQ

Ipoteza 1LQIOD LHQXO

Tabelul 6: Evaluarea VAN-XOXLI

vQF

alcule.

OXDUHDvQFDOFXODLQIOD LHL

Anii
Flux de fonduri de exploatare
Amortismente
Rezultat nainte de impozit
Impozit pe profit (cota de 50%)
1. Flux de fonduri nainte de impozit
9DULD LD1)5GHH[SORDWDUH

1
700
200
500
250
450
0

2
700
200
500
250
450
0

3
700
200
500
250
450
0

4
700
200
500
250
450
0

450

450

450

450

Cesiune
Impozit pe plus valoare pe termen scurt
3. Flux net cesiune
4. Recuperarea NFR
)OX[XULWRWDOHIOX[XULGHOLFKLGLW

(5 = 1 2 + 3 4)
VAN-XOLQYHVWL LHLVHFDOFXOHD]
4

VAN =

vQDFHVWFD]ODUDWDGHDFWXDOL]DUHUHDO GH5

450

t =1 (1,05)

800
(1,05)5

1.200 = 1.022,5



5
700
200
500
250
450
0
300
150
150
200
800

Modulul 4 -6WUDWHJLDILQDQFLDU
Ipoteza 2: luarea n cDOFXODXQHLLQIOD LLGH
)OX[XULOHGHIRQGXULGHH[SORDWDUH1)5GHH[SORDWDUHLSUH XOGHFHVLXQH VXQWSUHVXSXVHD
ILLQGH[DWHODLQIOD LH5DWDGHDFWXDOL]DUHFRQVLGHUDW HVWHUDWDQRPLQDO GH

Tabelul 7: Evaluarea VAN-ului cu luarea n calcul DLQIOD

Anii
Flux de fonduri de exploatare
Amortismente
Rezultat nainte de impozit
Impozit pe profit (cota de 50%)

1
735
200
535
267
468
10

)OX[GHIRQGXULGXS LPSR]LW
9DULD LD1)5GHH[SORDWDUH

LHL

2
772
200
572
286
486
11

3
810
200
610
305
505
11

4
851
200
651
325
526
12

Cesiune
Impozit pe plus-valoare pe termen scurt
3.Flux net de cesiune
4.Recuperarea NFR
)OX[XULWRWDOHIOX[XULGHOLFKLGLW

L
458
475
494
(5 = 1 2 + 3 + 4)
VAN-XOSHQWUXRUDW GHDFWXDOL]DUHQRPLQDO UGHHVWHDWXQFLGH
458 475
494
514
983
VAN =
+
+
+
+
1.200 = 942
2
3
4
(1,1) (1,1)
(1,1)
(1,1)
(1,1)5

VAN-XO LQYHVWL LHL HVWH vQ  DFHVW FD] QHW LQIHULRU 9$1-XOXL HYDOXDW I

514

5
893
200
693
346
547
12
383
192
192
256
983

U  OXDUHD vQ FDOFXO D

LQIOD LHLUHQWDELOLWDWHDUHDO DLQYHVWL LHLDIRVWGHFLGLPLQXDW 

([HPSOXOSUH]HQWDWGHPRQVWUHD] QHFHVLWDWHDGHDSUDFWLFDHYDOXDUHDLQYHVWL LLORUSRUQLQGGH
ODIOX[XULQRPLQDOHLGHDUH LQHRUDW GHDFWXDOL]DUHDMXVWDW SHQWUXDOXDvQFDOFXOLQIOD LD

4.1.5.PROBLEME PARTICULARE
1.'HFL]LDGHLQYHVWL LLLSURLHFWHFXGXUDWHGHYLD

GLIHULWH

. Compararea VAN-ului aferent

XQRUSURLHFWHGHLQYHVWL LLQXSRDWHILI FXW GLUHFWDWXQFLFkQGGXUDWHOHGHYLD

DOHDFHVWRUSURLHFWH

GLIHU 1XPHURDVHPHWRGHVXQWDWXQFLXWLOL]DELOH

A. Metoda cHOXLPDLPLFPXOWLSOXFRPXQDOHGXUDWHORUGHYLD
&RQVLGHU P  R vQWUHSULQGHUH FDUH DUH GH DOHV vQWUH GRX  WLSXUL GH PDLQL $ L % SHQWUX
UHDOL]DUHDXQHLDFHOHLDLSURGXF LL
0DLQD $ DUH R GXUDW  GH YLD
OLFKLGLW

 GH  DQL L UHSUH]LQW  R LQYHVWL LH GH  )OX[

L GH H[SORDWDUH DWHSWDW DQXDOH HVWH GH  0DLQD % DUH R GXUDW  GH YLD

DQLVXPDGHLQYHVWLWHVWHGHLIOX[XOGHOLFKLGLW

ul de

 PDL PLF  GH 

LGHH[SORDWDUHDQXDOHHVWHGH

(YDOX P9$1 XOSHQWUXRUDW GHDILHF UHLDGLQDFHVWHPDLQL

0DLQD%

VAN(A) =

VAN(B) =

0DLQD$

600

t
t =1 (1,1)

500

t =1 (1,1)

1.000 = 492,1

500 = 367,8

0DLQD$DSDUHQWHVWHSUHIHUDELO GHRDUHFH9$1 XOV XHVWHPDLULGLFDW'DUDFHDVW PDLQ 

WUHEXLHV ILHvQORFXLW ODFDS WXODDQLID

GHQXPDLDQLvQFD]XOPDLQL

i B. Decizia de nlocuire

GHSLQGH GH DOHJHUHD LQL LDO  QX VH SRDWH FRQVLGHUD vQWU XQ PRG LQGHSHQGHQW DFHDVW  GLQ XUP 

GHFL]LH3HQWUXDOHJHUHDLQYHVWL LHLLQL LDOHWUHEXLHV VHUD LRQH]HSHXQRUL]RQWHFRQRPLFLGHQWLF

Modulul 4 -6WUDWHJLDILQDQFLDU
Cel mai mic multiplu comun al duraWHORUGHYLD

ILLQGDQLYRPFRQVLGHUDXQRUL]RQWGH

DQL L SUHVXSXQHP F  FHOH GRX  PDLQL VXQW vQORFXLWH vQ PRG LGHQWLF OD FDS WXO GXUDWHORU GH YLD

respective.
VAN-XULOHSHQWUXFHOHGRX

PDLQLVXQWDWXQFL

0DLQD$PDLQDFDUHHVWHvQORFXLW GXS DQLQHFHVLW XQIOX[VXSOLPHQWDUGH

1.000 n anul 3.

VAN-ul total pe cei 6 ani este de:

3 600
6 600 1.000

VAN(A) =
1.000 +

(1,1) t
(1,1) t (1,1)3
t =1
t =4

VAN(A) = 492,1 + 369,7 = 861,8

0DLQD % PDLQD HVWH vQORFXLW  vQ DQLL  L  LGHFL QHFHVLW FkWH XQIOX[ VXSOLPHQWDU GH

500 la

ILQHOHDQLORUL9$1

-ul total este de:

2

4 500
500
500 6 500
500
VAN(B) =
500 +

t
(1,1) t

(1,1) 2 t =5 (1,1) t (1,1)4
t =1
t =3 (1,1)

VAN(B) = 367,8 + 303,9 + 251,2 = 922,9

QDFHVWFD]PDLQD%DSDUHSUHIHUDELO 9$1%ILLQGVXSHULRUOXL9$1$
$FHDVW  PHWRG  VH SRDWH GRYHGL JUHRDLH L HVWH SUHIHUDELO UHFXUJHUHD OD PHWRGD DQXLW

LL

echivalente.
B.

0HWRGDDQXLW

LLHFKLYDOHQWH

$QXLWDWHD HFKLYDOHQW  $(4 UHSUH]LQW  DQXLWDWHD FDUH SHUPLWH RE LQHUHD DFHOHLDL 9$1 GH
OXQJXO GXUDWHL GH YLD

 D SURLHFWXOXL ILH SHQWUX XQ SURLHFW FX GXUDW  GH YLD

actualizare R:
n

VAN =

AEQ

= AEQ
t
(
1
+
R
)
t =1

[1 (1 + R ) ]
n

3HQWUXSURLHFWXO$FXRGXUDW GHYLD
$(4$

GHDQLLSHQWUXRUDW GHDFWXDOL]DUHGH

FHHDFHSHUPLWHvQFHLDQLRE LQHUHDXQXL9$1GH

492,1 = 197,9

[1 (1,1) ]
2

0,1

3HQWUXPDLQD%VHRE LQHSHQWUXRGXUDW GHYLD

$(4%

-a

 GH Q L R UDW  GH

GHDQL

FHHDFHSHUPLWHvQFHLDQLRE LQHUHDXQXL9$1GH

367,8 = 211,9

[1 (1,1) ]
2

0,1

6HDOHJHGHFLLQYHVWL LDDF UHLDQXLWDWHHFKLYDOHQW HVWHPDLULGLFDW DGLF SURLHFWXO%

2.Determinarea unei politic optimale de nlocuire

&RQVLGHU PRPDLQ vQVXP GHFXRGXUDW GHYLD

GHDQLIOX[XOGHOLFKLGLW

LGH

H[SORDWDUH DQXDO HVWH GH  QWUHSULQGHUHD SRDWH vQORFXL DFHDVW  PDLQ  SULQWU R QRX  PDLQ 

nainte de finele celor 5 ani. MaLQDDFWXDO

DUHRYDORDUHUH]LGXDO  GH vQDQXOGHvQ

DQXO  GH  vQ DQXO  GH  vQ DQXO  L GH  vQ DQXO  3UREOHPD UH]LG  vQ GHWHUPLQDUHD

perioadei optimale de nlocuire.

3UHVXSXQkQG R UDW  GH DFWXDOL]DUH GH  L GDF

OLFKLGLW

LI FkQGLSRWH]DVXFFHVLY F PDLQDHVWHFHGDW ODILQHOHILHF UXLDQVHRE LQH

Cesiune n anul 1:

VAN(1) =

5.000 8.000
+
10.000 = 1.817
1,1)
(1,1)

Cesiune n anul2:
2

VAN(2) =

5.000

t =1 (1,1)

5.000

t =1 (1,1)

7.000

6.000

2.000

(1,1) 2

10.000 = 4.462

(1,1)3

10.000 = 6.941

Cesiune n anul 4:
4

VAN(4) =

5.000

t =1 (1,1)

Cesiune n anul 3:

VAN(3) =

Modulul 4 -6WUDWHJLDILQDQFLDU
 VH FDOFXOHD]  9$1-ul fluxurilor de

(1,1) 4

10.000 = 7.216

Cesiune n anul 5:
5

VAN(5) =

5.000

t =1 (1,1)

(1,1)5

10.000 = 8.955

VAN-XOPD[LPDOVHRE LQHSHQWUXRFHVLXQHUHDOL]DW
-

vQDQXO'DUDFHVWUH]XOWDWQXLPSOLF 

F GHFL]LDRSWLPDO GHvQORFXLUHV DLE ORFvQDQXOQWU DGHY U

, n fiecare caz orizontul economic

FRQVLGHUDW QX HVWH LGHQWLF FHHD FH GHIDYRUL]HD]  HYLGHQW GHFL]LLOH GH vQORFXLUH FDUH VH SURGXF SH
WHUPHQ VFXUW &D L vQ FD]XO FRPSDU ULL SURLHFWHORU FX GXUDWH GH YLD
UD LRQDSHXQRUL]RQ

 GLIHULWH WUHEXLH V  VH SRDW 

t economic identic.

3UHVXSXQHPF RUL]RQWXOFRQVLGHUDWHVWHLQILQLWLVWXGLHPGHH[HPSOXFD]XOXQHLFHVLXQLvQ
DQXO  ([LVW  vQ DFHVW FD] XQ ODQ  LQILQLW GH vQORFXLUL FDUH YRU DYHD ORF vQ ILHFDUH DQ 9$1

-ul unui

DVHPHQHDODQ HVWHDWXQFL

VAN = VAN(1) +

VAN(1) VAN(1)
VAN(1)
+
+ ... +
1+ R
(1 + R ) 2
(1 + R )

1
(1 + R )
VAN = VAN(1)
+ 1 = VAN(1)
= 1.998,7 / 0,1 = 19.987
t
R
t =1 (1 + R 0

6H SRDWH GHPRQVWUD F  SHQWUX R vQORFXLUH FDUH DUH ORF vQ WR L P DQL VH RE LQH SHQWUX XQ

orizont infinit:

VAN =

VAN(m)
[(1 1 /(1 + R ) m ]

Astfel, pentru m = 2, VAN-ul este de 25.710, pentru m = 3 de 27.911, pentru m = 4 de

LSHQWUXP
Q FRQVHFLQ

GH
 SROLWLFD RSWLPDO  GH vQORFXLUH HVWH FHD GH vQORFXLUH GXS  FkWH  DQL 9$1

PD[LPDO GH

Modulul 4 -6WUDWHJLDILQDQFLDU
4.1.6. Documentar
A.

&5,7(5,,/(),1$1&,$5(5(&20$1'$7('(%$1&$021',$/

N VEDEREA ALEGERII UNUI PRO,(&7'(,19(67,

Criteriul
1.Valoarea
DFWXDOL]DW QHW

(VAN)

5HOD LDGHFDOFXO

n
CFt
VR n
+
I
VAN = V0 I0 =
t
n
t =1 (1 + K )
(1 + K )
n care:
V0 YDORDUHDDFWXDO DFDVK-flow-urile viitoare
(CFt) inclusiv a valorii reziduale (VRn)
I0 FKHOWXLHOLOHLQL LDOHGHLQYHVWL LL
( F + VR1 )
VAN = 1
= I0
1+ K
-SHQWUXRSHULRDG
n
CFt
VR n
VAN =
+
I
t
n
t =1 (1 + K )
(1 + K )
- pentru n perioade

5DWD

LQWHUQ 

de rentabilitate
(RIR)

,,

-SHQWUXRSHULRDG 
CF + VR1
RIR = 1
1
I0
- pentru n perioade:
n
CFt
VR n
I0 =
+
t
n
t =1 (1 + RIR )
(1 + RIR )

Interpretare
- VH GHWHUPLQ

 FD GLIHUHQ

 vQWUH IOX[XULOH GH

WUH]RUHULH YLLWRDUH L DFWXDOL]DWH OD UDWD GREkQ

]LLGHSLD

UHVSHFWLYYDORDUHDORUDFWXDO SHGH

RSDUWHLFDSLWDOXOLQYHVWLWSHGHDOW SDUWH

-UHJXOD9$1SRUQHWHGHODLSRWH]DFRQIRUP
F UHLDFDSLWDOXULOH,SRWILRULFkQGUHLQYHVWLWH
SHSLD DPRQHWDU ODUDWDGREkQ]LLGHSLD

.

SHQWUX D RE LQH IOX[XUL GH WUH]RUHULH YLLWRDUH

(CF);
- toate proiectele care vor avea VAN po]LWLY
sunt preferabile plasamentelor monetare la o
GREkQG GHSLD

.

- considernd rata medie a dobnzii ca un

UDQGDPHQW GHUHIHULQ

vQPDWHULHGHLQYHVWL LL

regula VAN de evaluare a proiectelor de inYHVWL LLSRDWHILWUDQVSXV vQWHUPHQLGHUHQWDbilitate a acestora (este vorba de ratele de rentabilitatH VSHFLILFH ILHF UXL SURLHFW GH LQYHVWL LL PRWLY SHQWUX FDUH HOH VH PDL QXPHVF L

rate interne de rentabilitate);

-UHJXOD5,5HVWHHFKLYDOHQW FXUHJXOD9$1
vQVHOHF LDSURLHFWHORUGHLQYHVWL LL

5DWD

de

LQWHUQ 

rentabilitate

PRGLILFDW 

(RIRM)

-SHQWUXRSHULRDG 
(F (1 + ri ) + VR1 )
RIRM = 0
I0
- pentru n perioade:

n
nt
+ VR
CFt (1 + ri )
n t =1
RIRM =
1
I0
unde: rI

4.Termenul de
recuperare (TR)

TR =

- LQFRQYHQLHQWXO 5,5 HVWH LSRWH]D PL SX LQ

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2EOLJD LXQLOH VHPQLILF  XQ vPSUXPXW DFRUGDW GH R PDV  GH FUHGLWRUL XQXL DQXPLW GHELWRU
)LHFDUH FUHGLWRU SULPHWH XQ vQVFULV FH VH QXPHWH FHUWLILFDW GH REOLJD LXQH VDX PDL VLPSOX
REOLJD LXQHFDUHDUHvQVFULV YDORDUHDQRPLQDO 
6SUH GHRVHELUH GH DF LXQL FDUH FRQIHU  GUHSWXO GH FRSURSULHWDWH L GH SDUWLFLSDUH OD
UHSDUWL]DUHDEHQHILFLLORUvQFRQGL LLOHULVFXOXLDVXPDWFXPS UDUHDREOLJD LXQLORUUHSUH]LQW XQFUHGLW
DFRUGDWHPLWHQWXOXL FDUH WUHEXLH UDPEXUVDW vQ FXUVXO XQHL SHULRDGH GH WLPS FRQIRUP FRQWUDFWXOXLL
FDUH JHQHUHD]  UHPXQHUD LL VLJXUH OD QLYHOXO SLH HL I U  DVXPDUHD GH ULVFXUL GLQ SDUWHD FUHGLWRULOR
Q FD] GH IDOLPHQW DO VRFLHW

r.

LL REOLJDWDULL DX GUHSWXO GH DF LXQH vQ MXVWL LH SHQWUX UHFXSHUDUHD

drepturilor lor (mprumutul plus dobnda).

4.2.2.3. Caracteristici ale mprumutului obligatar
9DORDUHDQRPLQDO DREOLJD LXQLORUHVWHFHDvQVFULV SHWLWOXLODFDUHVHFDOFXOHD] GREkQGD
DQXDOVDXVHPHVWULDOVXEIRUP GHFXSRDQH
3UH XO GH HPLVLXQH UHSUH]LQW  VXPD SROLWLF  GH FHO FH FXPS U  R REOLJD LXQH 3HQWUX
VRFLHWDWHD HPLWHQW  VXPD vPSUXPXWXOXL REOLJDWDU HVWH HJDO  FX SUH XO GH HPLVLXQH vQPXO LW

cu

QXP UXO REOLJD LXQLORU SXVH vQ YkQ]DUH 3ULPD GH HPLVLXQH UHSUH]LQW  GLIHUHQ D GLQWUH SUH XO GH
HPLVLXQHLYDORDUHDQRPLQDO 
5DWD QRPLQDO  D GREkQ]LL HVWH UDWD GREkQ]LL FDUH DSOLFDW  DVXSUD YDORULL QRPLQDOH QH G 
P ULPHDFXSRQXOXL
&XSRQXODUDW VXPDY UVDW DQXDOSHQWUXILHFDUHREOLJD LXQHGH LQXW GREkQGD&XSRQXOVH
GHWHUPLQ DVWIHO

n procente anuale:

vQVXP DEVROXW 

r n
Ci % = n z 360 ;
365
Ci = Vn Ci % ,

n care: rn UDWDQRPLQDO DGREkQ]LL

nz -QXP UXOGH]LOHFDUHV-au sFXUVGHODXOWLPDGHWDDUH

5DWDDFWXDO EUXW HVWHRUDW XQLF DGREkQ]LLFDUHHJDOL]HD] SUH XOGHHPLVLXQHFXYDORDUHD

DFWXDOL]DW DIOX[XULORUILQDQFLDUHYLLWRDUH
5DWD GREkQ]LL OD WHUPHQ UHSUH]LQW  UDWD IL[DW  vQ PRPHQWXO DFWXDO SHQWUX XQ FRQWUDFW

de

vPSUXPXW D F UXL H[HFX LH YD IL UHDOL]DW  vQ YLLWRU 5DWD GREkQ]LL OD WHUPHQ HVWH GLVWLQFW  SHQWUX
ILHFDUH SHULRDG  YLLWRDUH QWUH UDWD GREkQ]LL L WHUPHQXO FDUH UHIOHFW  PDWXULWDWHD IOX[XULORU GH
OLFKLGLWDWHH[LVW RUHOD LHSXV vQHYLGHQ

GHVWUXFWXUDUDWHLGREkQ]LLvQIXQF LHGHWHUPHQ'LQDFHVW

SXQFWGHYHGHUHH[LVW PDLPXOWHVWUXFWXULDOHUDWHLGREkQ]LL

Modulul 4 -6WUDWHJLDILQDQFLDU
VWUXFWXUDSODW  n care rata dobnzii nu depinde de termen;
VWUXFWXUD DVFHQGHQW   FDUDFWHUL]DW  SULQ DFHHD F  UDWD GREkQ]LL HVWH DVFHQGHQW
n
IXQF LHGHWLPS

VWUXFWXUDGHVFHQGHQW 

vQFDUHUDWDGREkQ]LLGHVFUHWHvQIXQF LHGHWLPS

VWUXFWXUD FRPSOH[ 

 FX SDUWLFXODULWDWHD F  VHQVXO UDWHL GREkQ]LL SRDWH IL DVFHQGHQW

sau descendent, diferit de la un moment la altul.
&XUVXO REOLJD LXQLL araW  UDSRUWXO GLQWUH SUH XO SO WLW L YDORDUHD QRPLQDO  L  SRDWH IL PDL
mare, mai mic sau egal cu 100%.
3UH XOGHSLD

DOREOLJD LXQLLSRDWHILH[SULPDW

n procente:

CI % + Cursul bursier %

sau
vQVXP DEVROXW 9n 3UH XOGHSLD vQSURFHQWH
DuraWD REOLJD LXQLL VH VWDELOHWH vQ IXQF LH GH QHYRLOH GH DFRSHULW L SHUVLVWHQ D vQ WLPS D
DFHVWRUD GDULGHFRQGL LLOHSLH HL GDF UDWD GREkQ]LSHSLD DILQDQFLDU HVWHVF ]XW HVWHILUHVFV 
VH SUHIHUH vPSUXPXWXUL SH WHUPHQ PDL OXQJ L GLPSRWULY  FkQG UDWD GREkQ]LL HVWH ULGLFDW 
vPSUXPXWXULOHVHFRQWUDFWHD] SHWHUPHQHPDLVFXUWHSHQWUXDQXVHRFD]LRQDFRVWXULSUHDULGLFDWH
3UH XO GH UDPEXUVDUH VDX YDORDUHD GH UDPEXUVDUH HVWH VXPD SH FDUH R SO WHWH R VRFLHWDWH
HPLWHQW GH LQ WRUXOXLGHREOLJD LXQLODVFDGHQ DvPSUXPXWXOXL
3ULPD GH UDPEXUVDUH HVWH HJDO  FX GLIHUHQ D GLQWUH YDORDUHD GH UDPEXUVDUH L YDORDUHD
QRPLQDO $FHDVWDFDLSULPDGHHPLVLXQHDUHUROXOGHDDGRSWDvPSUXPXWXOODHYROX LDFRQGL LLORU
SLH HLFDUHVHSURGXFvQWUHGHILQL LDFDUDFWHULVWLFLORUvPSUXPXWXOXLLPRPHQWXOHIHFWLYDOHPLVLXQLL

3UH XOGHHPLVLXQHYkQ]DUHODSULP

LYkQ]DUHODVFRQW

3UH XO GH HPLVLXQH UHSUH]LQW  VXPD SO WLW  GH FHO FDUH FXPS U  R REOLJD LXQH 3HQWUX
VRFLHWDWHD HPLWHQW  VXPD vPSUXPXWXOXL REOLJDWDU HVWH HJDO  FX SUH XO GH HPLVLXQH  vQPXO LW FX
QXP UXOREOLJD LXQLORUSXVHvQYkQ]DUH3UH XOGHHPLVLXQHSRDWHILPDLPDUHHJDOVDXPDLPLFGHFkW
YDORDUHDQRPLQDO DREOLJD LXQLORU(PLVLXQHDGHREOLJD LXQLVHSRDWHIDFHODYDORDUHDQRPLQDO VDX
ODDOW

valoare.
'DF  HPLVLXQHD VH UHDOL]HD]  OD YDORDUHD  QRPLQDO  VXPD vQFDVDW  GH VRFLHWDWHD HPLWHQW 

UHIOHFW SDVLYXOV XDGLF REOLJD LLOHGHSODW 

(PLVLXQHD OD DOW  YDORDUH GHFkW FHD QRPLQDO  SRDWH IL HPLVLXQH OD VFRQW VDX HPLVLXQH OD
SULP (PLVLXQHDXQHLWUDQHGHREOLJD LXQLVSUHH[HPSOXGHOHLVHSRDWHIDFHSHQWUX
OHLVDXSHQWUXOHLDGLF ODVFRQWVDXODSULP QSULPXOFD]IRORVLQGSURFHQWDMHVHVSXQHF 

mprumutul s-DHPLVODLDUFHO

ODOWOD

'DF  vQWUH PRPHQWXO VWDELOLULL UDWHL GREkQ]LL vPSUXPXWXOXL LvQVFULHUHD HL SHFHUWLILFDWXO GH
REOLJD LXQL

LPRPHQWXOYkQ]

ULLHIHFWLYHDREOLJD LXQLORUFHSURGXFHRFUHWHUHDUDWHLGREkQ]LLSH

SLD D ILQDQFLDU  FXPS U WRULL SRWHQ LDOL QX VH YRU JU EL V  DFKL]L LRQH]H DVWIHO GH REOLJD LXQL Q
DFHVWH vPSUHMXU UL VRFLHW

LOH HPLWHQWH YRU VF GHD SUH XO  REOLJD LXQLORU OD  DGLF  YD YLQGH OD

VFRQW SHQWUX D FRPSHQVD UHPXQHUD LD SLH HL HYLWkQG DVWIHO UHLPSULPDUHD FHUWLILFDWHORU GH
REOLJD LXQL FX QRXD UDW  D GREkQ]LL FHHD FH DU SURYRFD FKHOWXLHOL VXSOLPHQWDUH GH HPLVLXQH L

prelungirea termenului de intrare n posesie a sumei mprumutului.

'DF  vQWUH PRPHQWXO GHFL]LHL DVXSUD UDWHL GREkQ]LL L D LPSULP ULL HL SH FHUWLILFDWHOH GH
REOLJD LXQLLYkQ]DUHDHIHFWLY DDFHVWRUDVHSURGXFHRVF GHUHDUDWHLGREkQ]LLSHSLD DILQDQFLDU 
WR LSRVLELOLLFXPS U WRULVHYRUJU ELV DFKL]L LRQH]HDVHPHQHDREOLJD LXQLSHQWUXDFRPSHQVDvQV 
GLIHUHQ DGHGREkQG VRFLHWDWHDHPLWHQW YDYLQGHREOLJD LXQLOHODSULP DGLF OD

PE > VN
PE < VN

YkQ]DUHODSULP

vnzare la scont

Modulul 4 -6WUDWHJLDILQDQFLDU
(92/8

,$&8568/8,2%/,*$

,81,,

2HFRQRPLHGHOHLLQYHVWLW vQWU RREOLJD LXQHFXUDWDQRPLQDO GHSHDQLFHD

FH YD FRQGXFH OD GREkQ]L DQXDOH GH  OHL 'DU GDF  GDWRULW  LQIOD LHL UDWD GREkQ]LL XUF  OD
LQYHVWLWRUXOSDUWLFXODUYDvQUHJLVWUDGXS SULPXODQRSLHUGHUHGHFDSLWDO$FHOHDLGREkQ]LYRU
SXWHDILRE LQXWHFXXQFDSLWDOPDLPLF

20.000 = 80.000 * 25%

'HFL FUHWHUHD FX  D UDWHL GREkQ]LL FD XUPDUH D LQIOD LH

i) va conduce la o pierdere de

FDSLWDOGHOHL&XUVXOREOLJD LXQLLWRFPDLYDVF GHD

80.000/100.000 = 80% ceea ce va sugera, imediat, o eroziune de 20% a capitalului

LQL LDO
QVFKLPEXQFXPS U WRUSRWHQ LDODODFHVWHLREOLJD LXQLYDRE LQHXQ

randament de 25% cu

20.000

cuponul de 20.000 lei pe an

100 = 25% .
80.000

142,9
125
111,1
20%
14

16

22%

24%

26%

18
90,9
83,3
76,9

*UDILFXOHYROX LHLFXUVXOXLREOLJD LXQLL91

FXSRQ



vQIXQF LHGHYDULD LDUDWHORUGREkQ]LLGHSLD

Pentru a le face mai atractiYHHPLWHQ LLYRUF

XWDV LQWHJUH]HDQWLFLSD LLOHSULYLQGLQIOD LDvQ

UDWDGREkQ]LLILHV FUHDVF SULPDGHUDPEXUVDUH

n al doilea caz, emitentul va stabili:

ILHRSULP HQGHKRUVSUH GHHPLVLXQH

YDORDUHQRPLQDO

fie o pULP

SUH GHUDPEXUVDUH

HQGHGDQVSUH GHHPLVLXQHYDORDUHDQRPLQDO 

SUH GHUDPEXUVDUH

ILH R GXEO  SULP  GH UDPEXUVDUH SUH  GH HPLVLXQH  YDORDUHD QRPLQDO 

 SUH XO GH

rambursare).
9$/2$5($2%/,*$
3HQWUX D SXQH vQ HYLGHQ

,81,,

 LQFLGHQ D UDWHL QRPLQDOH , D REOLJD LXQLL L GH DVHPHQHD D

SULPHL GH UDPEXUVDUH L D GXUDWHL vPSUXPXWXOXL Q DVXSUD FXUVXOXL REOLJD LXQLL WUHEXLH FDOFXODW 
YDORDUHDDFWXDO DFDSLWDOXOXLvPSUXPXWDW9$

(1) i = 20%, n = 2 ani, P1 SULP  

20.000 20.000 100.000
VA =
+
+
= 100.000
1,2
(1,2) 2
(1,2) 2
ValoDUHD DFWXDO
GREkQ]LLGHSLD

.

 D FDSLWDOXOXL QX YD IL DIHFWDW  GDF  UDWD QRPLQDO  FRUHVSXQGH FX UDWD

Modulul 4 -6WUDWHJLDILQDQFLDU
(2) K = 25%, n = 2 ani, (PR)P1 SULP  
20.000 20.000 100.000
VA =
+
+
= 92.800
1,25
(1,25)2 (1,25) 2
3LHUGHUHDGHFDSLWDOHVWHHYLGHQW vQH[HPSOXOQRVWUX

P=

20.000 1
= 4%
100.000 5

ODILHFDUHSURFHQWGHYDULD LH DUDWHLGHSLD

SUH XOLQL LDODOREOLJD LXQLLYDULD]  vQVHQV LQYHUVFX

4% 100.000 4% = 4.000 lei.

(3) K = 25%, n = 2 ani, (PR)P1 = 111.250, prima en dehors = 11.250
20.000 20.000 11.250
VA =
+
+
100.000
1,25
(1,25)2 (1,25) 2
Prima de rambursare de 11. YLQH V

FRPSHQVH]H SLHUGHUHDGHFDSLWDO GLQFDX]DLQIOD LHL

9DORDUHD DFWXDO  D FDSLWDOXOXL HVWH HJDO  FX YDORDUHD QRPLQDO  D REOLJD LXQLL L GH DVHPHQHD FX
SUH XOGHHPLVLXQH
3ULPDSRDWHILHQGHKRUVHJDO FX31

GDU3(

= 111.250), enGHGDQVHJDO

VDXRGXEO SULP HJDO FXGDF 3(

FX3531

L3531

= 108.125).

&XRSULP HQGHGDQVGHVHUHFRQVWLWXLHSULQDFWXDOL]DUHSUH XOGHHPLVLXQH

VA =

20.000 20.000 100.000

+
+
= 92.800 = PE
1,25
(1,25)2 (1,25) 2

$FHODLOXFUXVHSHWUHFHFXRGXEO SULP GHLXQSUH GHUDPEXUVDUHHJDOFX

VA =

20.000 20.000 108.125

+
+
= 98.000 = PE
1,25
(1,25)2 (1,25)2

5D LRQDPHQWXO SUH]HQWDW PDL GHYUHPH U PkQH vQWRWGHDXQD YDODELO GDF  UDPEXUVDUHD

vPSUXPXWXOXL VH IDFH LQ ILQH FHHD FH GH IDSW VH vQWkPSO  PDL UDU Q SULYLQ D UDPEXUV ULL SULQ
WUDJHUHODVRU LFD]XOFHOPDLIUHFYHQWLQFLGHQ DLQIOD LHLYDGHSLQGHGHGDWDUDPEXUV ULL
3ULPLLLQYHVWLWRULUDPEXUVD LYRUILIDYRUL]D LvQUDSRUWFXLQIOD LDGDUHLYRUUHOXDULVFXOXQHL

reinvestiri a capitalului.
Q DFHVW FD] UD LRQDPHQWXO SRDWH FRQWLQXD GDF  VH VXEVWLWXLH SUH XO GH FXPS UDUH vQ %XUV 
GH H[HPSOX VDX SUH XO GH HPLVLXQH L VH LD vQ FDOFXO IUDF LD GH FXSRQ VFXUV &DOFXOXO DFWXDULDO
WUHEXLH V  LD vQ FRQVLGHUDUH FXUVXO EXUVLHU DO REOLJD LXQLL OD SLFLRUXO FXSRQXOXL GHGXFHUHD I FXW 
DFHVWHLIUDF LXQLDFXSRQXOXLVFXUVGHODXOWLPDVFDGHQ

Anticiparea ratei nominale

$QWLFLSDUHD UDWHL QRPLQDOH L FDUH WUHEXLH V  vQJOREH]H LQIOD LD [ OD R UDW  GH UDQGDPHQW
UHDOUDWHSWDW VHIDFHGXS UHOD LDELQHFXQRVFXW DOXL)LVFKHU

1 + i = (1 + r) (1 + x) pentru primul an
(1 + i)2 = (1 + r)2 (1 + x)2 pentru al doilea an

(1 + I)n = (1 + r)n (1 + x)n pentru ultimul an

Q H[HPSOXO QRVWUX GDF  HPLWHQWXO GRUHWH V -L DVLJXUH R UDW

 UHDO  GH  vQ FRQGL LLOH

XQHLLQIOD LLGHSHDQHOWUHEXLHV IL[H]HUDWDQRPLQDO OD

i = (1,10) 2 (1,15) 2 1 = 26,5%

&X R DVHPHQHD UHPXQHUD LH LQYHVWLWRUXO FDUH D FXPS UDW REOLJD LXQHD UHFXSHUHD]  vQWUHJ
FDSLWDOXOV XLQYHVWLWLQL LDOODFDS WXODDQL

VA =

26.500 126.500
+
= 100.000
1,265 (1,265) 2

Modulul 4 -6WUDWHJLDILQDQFLDU
$FHDVWD VHPQLILF  IDSWXO F  SLD D SULQ UDWD VD GH GREkQG  DVLJXU  R UDW  UHDO  GH FHO SX LQ
vQDFHOHDLFRQGL LLGHLQIOD LH[



&XUVXOREOLJD LXQLL
&RWD LDREOLJD LXQLL

au pair (PE = VN) se face la piciorul cuponului (cuponul scurs dedus)

L vQ SURFHQWDM 91 HVWH FRQVLGHUDW   'DU FXUVXO FRWDW QX LQFOXGH IUDF LD GH FXSRQ VFXUV GH OD
XOWLPDGHWDDUH
6XPD FXSRQXOXL VFXUV & HVWH FDOFXODW  vQ WRDWH ]LOHOH vQ IXQF LH GH YDORDUHD QRPLQDO 
91GHUDWDQRPLQDO DGREkQ]LLLLGHQXP UXOGH]LOHGHODXOWLPDSODW DFXSRQXOXLW

C = VN.i.t/365 sau n procentaj C% = i.t/365.

QH[HPSOXOQRVWUXSHQWUXGH]LOHGXS GHWDDUHFXSRQXOVFXUVUH]XOW LPHGLDW

C = 100.000 26,5% 73/365 5.300 lei

C% = 26,5 73/365 = 5,3%

/DRUDW DGREkQ]LLGHSLD

GHFXUVXOREOLJD LXQLLHVWHGH

26.500
= 106% LYDORDUHDGHDFKL]L LHvQ%XUV
25%
106 + 5,3 = 111,3% sau
100.000 + 111,3% = 111.300 lei

4,QWHUGHSHQGHQ
$FHDVW  LQWHUGHSHQGHQ

sau

DREOLJD LXQLLHVWHGH

DGLQWUHUDWDGREkQ]LLLFXUVXOREOLJD LXQLORU

 SRDWH IL H[SULPDW  DVWIHO FUHWHUHD UDWHL GREkQ]LL SH SLD

JHQHUHD] RVF GHUHDFXUVXOXLEXUVLHU

'LQWUHH[SOLFD LLOHGDWHXQHLDVWIHOGHFRUHOD LLVHUH LQXUP WRDUHOH

a)

DWXQFLFkQGUDWDGREkQ]LLFUHWHREOLJD LXQLOHGH LQLQYHVWL LLPDLDWU J WRDUHSHQWUXLQYHVWLWRUL

'DF GHH[HPSOXGREkQGDWUHFHGHODODDWXQFLDFHVWHWLWOXULYRUJ VLPDLUHSHGH

plasament.
2ULSHQWUXDFXPS UDDFHVWHREOLJD LXQLWUHEXLHV VHJ VHDVF UDSLGGLVSRQLELOLW

LOHE QHWL

6H SURGXF YkQ] UL PDVLYH GH DF LXQL FHHD FH IDFH V  VFDG  FXUVXO ORU $DGDU FUHWHUHD UDWHL
GREkQ]LL REOLJD LXQLORU IDFH V  VFDG  FXUVXO DF LXQLORU SULQ DUELWUDMXO SH FDUH RSHUDWRULL vO

realizeaz
b)

vQWUHDF LXQLLREOLJD LXQL

DWXQFLFkQGUDWDGREkQ]LLODREOLJD LXQLFUHWHGLYLGHQGHOHYLLWRDUHVXQWDFWXDOL]DWHODRUDW PDL

PDUHFHHDFHIDFHV VFDG FXUVXODF LXQLORU
3HQWUXVXUSULQGHUHDPDLH[DFW DUDSRUWXOXLLQYHUVSURSRU LRQDOGLQWUHUDWDGREkQ]LLLFXUVXO
REOLJD LXQLORUVHFDOFXOHD] VHQVLELOLWDWHDREOLJD LXQLL FD SURFHQWGHVF GHUHDFXUVXOXLDQWUHQDW 
GHFUHWHUHDUDWHLGREkQ]LLFXRXQLWDWH

Sensibilitatea S se poate scrie astfel:

T

S=

A t

(1 +t r) t

1 t =1

1+ r
Pe

n care: Pe -SUH XOGHHPLVLXQHVDXYDORDUHDUHDO DREOLJD LXQLORU

At - anuitatea la momentul t;
t - anul respectiv;
r -UDWDGHDFWXDOL]DUHEUXW 
Cel de-DOGRLOHDIDFWRUDOUHOD LHLH[SULP GHVLQHVW W WRURDOW FDUDFWHULVWLF DREOLJD LXQLLL
anume durata de LPXQL]DUH ' FDUH DUDW  vQ FkW WLPS FkWLJXULOH GLQ GREkQ]LOH vQFDVDWH SRW
FRPSHQVDHIHFWHOHLQIOD LHL

A t

(1 +t r) t

D = t =1

Pe

Modulul 4 -6WUDWHJLDILQDQFLDU
QIXQF LHGHUHOD LDGHPDLVXV6GHYLQH

1
D
1+ r
Sensibilitatea S este cu att mai mare cu ct ' HVWH PDL PDUH 9DORDUHD OXL6 L D OXL
S=

'VHVFKLPE RGDW FXUDWDGREkQ]LLILLQGQHFHVDU UHFDOFXODUHDDFHVWRUDODILHFDUHYDULD LHDUDWHL

dobnzii.
&XQRDWHUHD VHQVLELOLW

LL XQHL REOLJD LXQL SHUPLWH HIHFWXDUHD GH DQDOL]H L SH DFHDVW  ED] 

cuQRDWHUHDYDULDQWHLRSWLPHSHQWUXVXEVFULHUHDODHPLVLXQHDGHREOLJD LXQL
&X FkW ' HVWH PDL PDUH FX DWkW VHQVLELOLWDWHD 6 HVWH PDL SXWHUQLF  L VH YD SXWHD
EHQHILFLDGHVF GHUHDUDWHLGREkQ]LLQWU RDVWIHOGHFRQMXQFWXU YRUILFXPS UDWHDFHOHWLW

luri cu cea

PDLPDUHGXUDW 'SRVLELO 
,QYHUV GDF  VH DWHDSW  R FUHWHUH D UDWHL GREkQ]LL FDUH DUH HIHFW QHJDWLY DVXSUD FXUVXOXL
REOLJD LXQLORU VH YRU DOHJH DFHOH WLWOXUL FX FHD PDL PLF  GXUDW  ' L LPSOLFLW FX FHD PDL PLF 

sensibilitate S.
RatDQRPLQDO

LPRGXOGHFDOFXODOGREkQ]LORU

5DWDQRPLQDO DGREkQ]LLUDWDIDFLDO HVWHUDWDFDUHSHUPLWHGHWHUPLQDUHDVXPHLGREkQ]LORU

SRUQLQG GH OD YDORDUHD QRPLQDO  DWLWOXOXL $FHDVW  UDW  QX WUHEXLH V  ILH FRQIXQGDW  FX UDWDDFWXDO 

care se evalueaz

FDOFXOkQGUDWDGHUHQWDELOLWDWHLQWHUQ DLQYHVWL LHLvQREOLJD LXQL

)LH R REOLJD LXQH FX R YDORDUH QRPLQDO  GH  L R GXUDW  GH YkUVW  GH  DQL UDWD
QRPLQDO  HVWH GH  L FRQGXFH OD SODWD XQHL GREkQ]L DQXDOH GH  $FHDVW  REOLJD LXQH D IRVW
HPLV GH
3ULPDGHHPLVLXQHHVWHGHFLGH(DYDILUDPEXUVDW ODSULPDGHUDPEXUVDUHHVWHGH
5DWDDFWXDULDO 5HVWHDWXQFLGH

10

980 =

100

t =1 (1 + R )

1.050
(1 + R )10

R = 10,64%

$FHDVW  UDW  UHSUH]LQW  UHQWDELOLWDWHD RSHUD LHL SHQWUX LQYHVWLWRUL LQJQRUkQG LQFLGHQ D
ILVFDOLW

LLSHUVRQDOHLFRVWXULOHGHWUDQ]L LH
0RGDOLW

LGHUDPEXUVDUHDvPSUXPXWXOXLREOLJDWDU

([LVW PDLPXOWHPRGDOLW

LGHUDPEXUVDUHDvPSUXPXWXOXLREOLJDWDU

1) Rambursarea la finalul perioadei

Rambursarea capitalului seIDFHRVLQJXU

GDW ODILQHOHGXUDWHLGHYLD

DvPSUXPXWXOXL6LQJXUD

FKHOWXLDO  VXSRUWDW  vQDLQWHD VFDGHQ HL HVWH SODWD GREkQ]LORU $FHDVW  PHWRG  HVWH vQVR LW 

adeseori de constituirea unui fond de rambursare.

2)

5DPEXUVDUHDSULQDQXLW

&RQVW  vQ UDPEXUVDUHD vQ ILHFDUH DQ D XQHL VXPH FRQVWDQWH HJDO  FX VXPD GREkQ]LORU L D

LFRQVWDQWH

UDPEXUV ULLFDSLWDOXOXL
5DWD GH UDPEXUVDW GLQILHFDUH DQ VH GHWHUPLQ  UDSRUWkQG YDORDUHD QRPLQDO  D vPSUXPXWXOXL
OD GXUDWD GH YLD

 LDU GREkQGD VH GHWHUPLQ  vQ ILHFDUH DQ S

rin aplicarea ratei dobnzii la

YDORDUHDU PDV GHUDPEXUVDW

3) Rambursarea prin serii egale

&RQIRUP DFHVWHL PHWRGH vQWUHSULQGHUHD DPRUWL]HD]  XQ DFHODL QXP U GH REOLJD LXQL vQ ILHFDUH

an. Serviciul mprumutului cuprinde atunci o rambursare a capitalului cRQVWDQW L R VXP

 D

GREkQ]LORU GHVFUHVF WRDUH FX WLPSXO &KHOWXLHOLOH ILQDQFLDUH VXQW PDL PDUL OD vQFHSXWXO GXUDWHL
GHYLD

DvPSUXPXWXOXL

4) Rambursarea sub forma cuponului unic

3UHVXSXQH FD GREkQ]LOH V  QX ILH Y UVDWH DQXDO FL GRDU FDSLWDOL]DWH L UHJODWH R GDW  FX

rambursarea la finele perioadei a sumei mprumutate.

9DORDUHD UHDO  DREOLJD LXQLORUUHVSHFWLYSUH XULGHHPLVLXQHDODFHVWRUDHVWHLQIOXHQ DW GH
PRGDOLW

LOH GH UDPEXUVDUH D vPSUXPXWXOXL GHRDUHFH IOX[XULOH JHQHUDWH GH UDPEXUVDUH LQWU  vQ

relD LDGHFDOFXODYDORULLUHDOHSUH XOGHHPLVLXQH

Modulul 4 -6WUDWHJLDILQDQFLDU
Cazul amortizare n serii egale (rambursare).
T
At
,
Pe = Vr =
t
t =1 (1 + i)
n care:At - anuitatea de anul t (dobnda anului t + rata de rambursat n anul t);
i - rata dobnzii la termen;
t -GXUDWDGHYLD DvPSUXPXWXOXL
Cazul rambursare sub forma cuponului unic.
VN(1 + i) t
,
Pe = Vr
(1 + rdt ) t
n care:I -UDWDQRPLQDO DGREkQ]LL
Rdt - rata dobnzii la termen.
9DORDUHDUHDO

DREOLJD LXQLL

Exemplu: 1) Fie mprumut obligatar cu o dXUDW

REOLJD LXQLDFkWH

 GH YLD

 GH  DQL vQ FDGUXO F UXLD V

-au emis

915DWDQRPLQDO DGREkQ]LLHVWHGH6HFRQVLGHU LSRWH]D

DPRUWL] ULL SULQ VHULL HJDOH 6  VH GHWHUPLQH FDUH HVWH YDORDUHD UHDO  D DFHVWXL vPSUXPXW REOLJDWDU

cunosFkQGF UDWHOHGREkQ]LLODWHUPHQvQFHSkQGGLQSULPXODQSkQ
Rezolvare3HQWUXRREOLJD LXQH
ratele de rambursat 1.000/5 an = 200/an
GREkQ]LOHDIHUHQWHILHF UXLDQ
Anul Valoarea

Rata
rambursat
200
200
200
200
200

QRPLQDO

1
2
3
4
5

1.000
800
600
400
200

de Dobnda

At

t =1 (1 + r )

285
1

(1 + 0,10)

Valoarea
U

(1.000 * 8,5%)85
(800 * 8,5%)68
(600 * 8,5%)51
(400 * 8,5%)34
(200 * 8,5%)17

9DORDUHDUHDO DXQHLREOLJD LXQLVHSRD

Vr =

vQDOFLQFLOHDDQVXQWGH

Anuitatea

PDV

800
600
400
200
--

285
268
251
234
217

te determina astfel:

268
(1 + 0,10)

251
(1 + 0,10)

234
(1 + 0,10)

217
(1 + 0,10)5

= 963,6

5H]XOWDWXO RE LQXW DUDW  F  SHQWUX XQ LQYHVWLWRU FDUH FXPS U  REOLJD LXQL SUH XO GH 
HVWHDFRSHULWGHIOX[XULOHILQDQFLDUHYLLWRDUHDFWXDOL]DWHvQIXQF LHGHUDWDGREkQ]LLSHSLD

Pentru ntreg mpruPXWXOVXPDFHSRDWHILSO

WLW ODVXEVFULHUHHVWH

100.000 oblig. 963,65 = 96.365.000

 &DUH HVWH SUH XO GH FXPS UDUH DO XQHL REOLJD LXQL HPLV  SHQWUX R GXUDW  GH  DQL OD R
YDORDUH QRPLQDO  GH  L FX R UDW  QRPLQDO  D GREkQ]LL GH  FXQRVFkQG F  UDPEXUVDUHD VH

face sub forma cuponului unic n care rata dobnzii la termen este de 15%?
Rezolvare'HRDUHFHUDWDGHDFWXDOL]DUHEUXW HVWHFHDFDUHHJDOL]HD] YDORDUHDDFWXDO

DDQXLW

LORU

YLLWRDUH FX SUH XO SO WLW SHQWUX REOLJD LXQH vQ PRPHQWXOFXPS U ULL HL HVWH QHFHVDU V  VH GHWHUPLQH
DFHVWSUH 

Modulul 4 -6WUDWHJLDILQDQFLDU
Rata de
rambursat
450
450
450
450

Valoarea

Anul

QRPLQDO

1
2
3
4

1.800
1.350
900
450
Pe =

Dobnda

Valoarea
U

216
162
108
54

Anuitate

PDV

1.350
900
450
0

666
612
558
504

666
612
558
504
+
+
+
= 1.684,91
2
3
(1 + 0,13) (1 + 0,13)
(1 + 0,13)
(1 + 0,13)4

SH VFULH vQ FRQWLQXDUH SUH XO GLQ PRPHQWXO HPLVLXQLL REOLJD LXQLORU FD ILLQG HJDO FX VXPD
DQXLW

LORUYLLWRDUHDFWXDOL]DWHvQIXQF LHGHUDWDGHDFWXDOL]DUHEUXW U

666
612
558
504
+
+
+
2
3
(1 + r ) (1 + r )
(1 + r )
(1 + r ) 4
Utiliznd tabelele matematice se poate determina rata r = 13%.
1.684,91 =

6HQVLELOLWDWHDREOLJD LXQLORU
)LHXQvPSUXPXWFXRGXUDW GHYLD

GHDQLvQFDGUXOF UXLDV DXHPLVREOLJD LXQL

ODRYDORDUHQRPLQDO GH3UH XOSO WLWGHVXEVFULLWRUvQPRPHQWXOFXPS U ULLREOLJD LXQLORUHVWH

395 pentru fiecare, iar raWD QRPLQDO

 HVWH GH $PRUWL]DUHD VH IDFHvQ VHULL FRQVWDQWH LDU UDWD GH

DFWXDOL]DUH EUXW  HVWH GH  6  VH VWDELOHDVF  SODQXO GH DPRUWL]DUH DO vPSUXPXWXOXL L V  VH
GHWHUPLQHVHQVLELOLWDWHDREOLJD LXQLORU

Rezolvare: Planul de amortizare al unei oblLJD LXQLVHSUH]LQW

DVWIHO

A t t/(1 + r)t

Anul

Rata de rambursat

Dobnda

62,5

80

142,5

129

62,5

73,75

136,25

112,6

62,5

67,5

130

97,74

62,5

61,25

123,75

84,52

62,5

55

117,5

72,98

62,5

48,75

111,25

62,85

62,5

42,50

105

54,12

62,5

36,25

3HQWUX

vQWUHJXO

vPSUXPXW

REOLJD LXQLORU&DOFXOXOVHQVLELOLW

S=

VH

PXOWLSOLF 

Anuitatea

98,75
YDORULOH

GHWHUPLQDWH

46,14
vQ

WDEHO

FX

LL6VHUHDOL]HD] SRUQLQGGHODUHOD LD

A t

(1 +t r ) t

1 t =1

1+ r
Pe

1
659,95

= 1,497
1 + 0,115 395

5H]XOWDWXOLQGLF RVF GHUHDFXUVXOXLFXODFUHWHUHDUDWHLGREkQ]LLFX

QXP UXO

Modulul 4 -6WUDWHJLDILQDQFLDU
6HQVLELOLWDWHDLGXUDWDGHLPXQL]DUH
5DQGDPHQWXO DFWXDULDO DO XQHL REOLJD LXQL HPLV  OD R YDORDUH QRPLQDO  GH  SHQWUX R

dXUDW

GHDQLLUDPEXUVDELO ODILQDOXOSHULRDGHLHVWHGH
6 VHGHWHUPLQHVHQVLELOLWDWHD6LGXUDWDGHWLPS'vQFDUHIOX[XULOHILQDQFLDUHRE LQXWH

GLQ GREkQ]L FRPSHQVHD]  SLHUGHUHD SURYRFDW  GH UDWD LQIOD LHL FXQRVFkQG F  YDORDUHD UHDO

REOLJD LXQLLHVWHLDUUDWDQRPLQDO DGREkQ]LLGH

Rezolvare6LWXD LDDPRUWL] ULLvPSUXPXWXOXLHVWHSUH]HQWDW

Anul
Rate de rambursat
Dobnda
1
1.500
2
1.500
3
1.500
4
1.500
5
1.500
6
1.500
7
1.500
8
1.500
9
1.500
10
15.000
1.500
A T

(1T+ r)

vQWDEHOXOXUP WRU

Anuitatea (At)
1.500
1.500
1.500
1.500
1.500
1.500
1.500
1.500
1.500
16.500

W  UW

1367,98
2495,217
3413,48
4150,81
4731,6
5178,36
5509,78
5744,37
5892,62
65684,71

= 104.169,18

A t

D=

(1 +t r )t

S=

Vr

104.169,18
= 7,038
14.800

1
1
7,038 =
7,038 = 6,41
1+ r
1 + 0,0965

3HQWUXDVHFRPSHQVDSLHUGHUHDGHYDORDUHSURGXV GHUDWDLQIOD LHLGLQHFRQRPLHUHIOHFWDW 

GH UDWD GREkQ]LL SH SLD

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&$7(*25,,'(2%/,*$

,81,

2EOLJD LXQLOHSRWIL

RUGLQDUHFXGREkQG

FRQVWDQW 
YDULDELO 

garantate cu

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SUHVWDWRDUH GH GREkQ]L SO WLELOH GH  RULDQ V

-au dovedit insuficiente pentru satisfacerea

RS LXQLLLQYHVWLWRULORU

(1)

convertibile
2EOLJD LXQLQHJDUDQWDWH

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LL L QLFLGHFXP SH

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pot fi emise nuPDL GH PDULOH VRFLHW

L SH DF LXQL L RUJDQLVPHOH DGPLQLVWUD LHL SXEOLFH

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UDWDGREkQ]LLHVWHPDLPDUHGHFkWODREOLJD LXQLOHJDUDQWDWH

Modulul 4 -6WUDWHJLDILQDQFLDU
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2EOLJD LXQLvQPDWULFXODWH

(3)

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-se pe termen scurt sau alte termene n

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(5)

RE LQXWH

GLQ

2EOLJD LXQLFXYHQLWYDULDELOLQGH[DWH

SHUPLW VXEVFULLWRULORU GH D VH DS UD FRQWUD HIHFWHORU FUHWHULL SUH XULORU SULQ PHQ LQHUHD
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2EOLJD LXQLOHSDUWLFLSDWLYH

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rezultatele fiQDQFLDUHDOHvQWUHSULQGHULLLRSULP

GHUDPEXUVDUHPLQLP 

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P VXUDvQFDUHUH]XOWDWHOHILQDQFLDUHvLSHUPLW

(7)

2OLJD LXQLOHFXFXSRQ]HURLFXFXSRQXQLF

REOLJD LXQLOH FX FXSRQ ]HUR SUH]LQW  SDUWLFXODULWDWHD GH D QX RIHUL QLFL XQ IHO GH
UHPXQHUD LHSHULRGLF FXSRQ

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FDGLIHUHQ

vQWUH

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vQWUHDJDSHULRDG GHYLD

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cheltuielile de trezorerie;

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nemaiavnd loc;

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Modulul 4 -6WUDWHJLDILQDQFLDU
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precedente;

(9)

QRLOHREOLJD LXQLVXQWDVLPLODELOHFXSULPHOHQXPDLF WHUPHQXOGHVFDGHQ

2EOLJD LXQLOHSHUSHWXHFXGXUDW

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(10) 2EOLJD LXQLOHVSHFLDOHFXFXSRQGHUHLQYHVWLUH

permit dH LQ WRULORU V  UHLQYHVWHDVF  FXSRDQHOH

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asament.
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dobnda pe care o primesc, au posibilitatea de a primi n viitor venituri mai mari sub forma
dividendelor  GDF  vQWUHSULQGHUHD PHUJH ELQH  VDX SRW RE LQH FkWLJ GH FDSLWDO GDF  vQ PRPHQWXO
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conversiunii, baza conversiunii, prima de conversiune.

Rata dobnzii OD REOLJD LXQLOH FRQYHUWLELOH HVWH PDL VF ]XW  GHFkW OD REOLJD LXQLOH RUGLQDUH
tocmai ca urmare a perspectivelor financiare favorabile obligatarului ca urmare a conversiunii.
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REOLJD LXQL FHHD FH SHUPLWH GH D HYDOXD SUH XO FRQYHUVLXQLL SOHFkQG GH OD FXUVXO DF LXQLORU OD XQ
PRPHQWGDW6SUHH[HPSOXSHQWUXRED] GHFRQYHUVLXQHGHGRX DF LXQLSHQWUXRREOLJD LXQHL
SHQWUXXQFXUVDODF LXQLLGHSUH XOGHFRQYHUVLXQHYDILGH

Prima de conversiune

UHSUH]LQW  GLIHUHQ D FDOFXODW  OD XQ PRPHQW GDW vQWUH FXUVXO

REOLJD LXQLL VL SUH XO GH FRQYHUVLXQH 6SUH H[HPSOX GDF  R REOLJD LXQH DUH SUH XO GH FRQYHUVLXQH
LHVWHFRWDW ODEXUV FXSULPDGHFRQYHUVLXQHHVWHGH

1.000), care adesea

VHH[SULP 

procentual:
200
= 20%
1.000

'DF  FXUVXO DF LXQLORU HVWH VF ]XW QX HVWH RSRUWXQ V  ILH XWLOL]DW GUHSWXO GH FRQYHUVLXQH vQ
FRQVHFLQ

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FUHWHUHD

SUH XOXL

GH

FRQYHUVLXQH

GLPLQXkQG

FRUHVSXQ] WRU

SULPD

GH

FRQYHUVLXQH

'HFL

FRQYHUVLXQHD VH SURGXFH GDF  SUH XO GH FRQYHUVLXQH HVWH PDL PDUH GHFkW SUH XO GH UDPEXUVDUH
6RFLHWDWHD FRPHUFLDO  SRDWH IRU D FRQYHUVLXQHD

aQWLFLSD LHGDF

lund decizia de amortizare a mprumutului cu

SUH XOGHFRQYHUVLXQH!SUH XOYDORDUHDGHUDPEXUVDUH

$YDQWDMHOHFRQYHUVLXQLLSHQWUXVRFLHWDWHDHPLWHQW
&RQYHUVLXQHD SHUPLWH vQWUHSULQ] WRUXOXL V  VH vQGDWRUH]H OD XQ SUH  UDWD GREkQ]LL PDL
VF ]XW GHFkW vQ FD]XO REOLJD LXQLORU RUGLQDUH 6H FUHHD]  SRVLELOLWDWHD XQHL FUHWHUL GH FDSLWDO SULQ
FRQYHUVLXQHD GDWRULLORU DWXQFL FkQG QX HVWH SRVLELO  R FUHWHUH SULQ DSRUW GH QXPHUDU VDX SULQ

ncorporarea rezervelor. Clauza de convertibilitate permite rezolvarea eventualelor conflicte ntre

REOLJDWDULLDF LRQDUL
'DF  ULVFXO SURLHFWHORU ILQDQ DWH SULQ vPSUXPXW REOLJDWDU HVWH PDL ULGLFDW GHFkW FHO DYXW vQ
YHGHUH vQ PRPHQWXO HPLVLXQLL RS LXQHD GH FRQYHUVLXQH SHUPLWH GH LQ WRULORU GH REOLJD LXQL V  VH

asocieze profiturilor rezultate din activitatea ntreprinderii, dnd curs clauzei de conversiune.
Costul mprumutului obligatar
8QvPSUXPXWREOLJDWDUDUHXUP WRDUHOHFDUDFWHULVWLFL

REOLJD LXQLFX91

WRWDO



PE = 990, PR = 1.025, D = 10,50%, T = 8 ani;

cheltuieli de seUYLFLXDOHvPSUXPXWXOXL REOLJD LXQH
UHGXFHUHD VDUFLQLORU ILVFDOH DVXSUD FKHOWXLHOLORU ILQDQFLDUH L D FKHOWXLHOLORU GH VHUYLFLX

ale mprumutului = 50%.

6 VHGHWHUPLQHFRVWXOvPSUXPXWXOXLREOLJDWDU

Rezolvare 6HREVHUY

F vQWUHSULQGHUHDDQJDMHD] L

alte cheltuieli dect cele financiare (principal

 GREkQG  GDU UHDOL]HD]  L R HFRQRPLH GH FKHOWXLHOL HJDO  FX  GLQ WRWDOXO FKHOWXLHOLORU

(cheltuieli financiare + cheltuieli de serviciu).

LQkQG FRQW GH FDUDFWHULVWLFLOH vPSUXPXWXOXL SHQWUX R REOLJD LXQH FKHOWXLHOLOH DQXDOH DOH

emitentului sunt de 55.

(1.000 10,50%) + 5
= 55
2

/D R LQWUDUH QHW  GH WUH]RUHULH GH  3( FRUHVSXQG LHLUL QHWH GH WUH]RUHULH GXS  FXP
XUPHD] 

Modulul 4 -6WUDWHJLDILQDQFLDU
55 n fiecare din primii 7 ani;
1.080 n al 8-lea an (PR = 1.025, dobnzi = 55).

&RVWXO QHW DO vPSUXPXWXOXL REOLJDWDU VH RE LQH SULQ FDOFXOXO DFWXDULDO UH]ROYkQG HFXD LD

XUP WRDUH

300 990 =
GHXQGHVHRE LQHL
),1$1

300 55 300 55
300 55 300 1.025
+
+ ... +
+
2
1+ i
(1 + i)
(1 + i)8
(1 + i)8


$5(35,1&5(',7

-BAIL (LEASING)

'HVFULHUHDRSHUD LXQLL

n ultimii ani, n
XWLOL]DWFXSUHSRQGHUHQ

DUD QRDVWU  WHUPHQXO GH OHDVLQJ D GHYHQLW GLQ FH vQ FH PDL IUHFYHQW

vQVIHUDHFRQRPLFXOXL

/D SULPD YHGHUH DFHDVWD GHILQHWH R RSHUD LXQH FRPHUFLDO  VSHFLILF  VH SDUH QX L D J VLW

corespondent n terminologia de specialitDWH URPkQHDVF

 3ULQFLSDOXO DYDQWDM DO SURFHVXOXL HVWH

XUP WRUXO vQFKLULH]L XQ EXQ SHQWUX FDUH OD RUD UHVSHFWLY  QX DL EDQL V

-O DFKL]L LRQH]L GHILQLWLY vO

credit

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GHFkW vQ FHHD FH SULYHWH REOLJD LD GH SODW  D XQHL S U L GLQ SUH XO GH YkQ]DUH DO EXQXOXL LQFOXV  vQ

chirie.
Leasing-XO SRDWH IL FRQVLGHUDW L FD R IRUP

 DSDUWH D FUHGLWXOXL EDQFDU vQ ORF GH EDQL VXQW

vPSUXPXWDWHP UIXULFRQFUHWHPDLQLXWLODMHLQVWDOD LLDSDUDWXU GLYHUVHEXQXULPRELOHVDXLPRELOH

QJHQHUDOODH[SLUDUHDFRQWUDFWXOXLGHOHDVLQJEHQHILFLDUXOWUHEXLHV RSWH]HSHQWUXSUHOXQJLUHD
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Prin prisma

VRFLHW

LL GH OHDVLQJ RSHUD LXQHD UHSUH]LQW  R FXPS UDUH D XQXL EXQ vQ VFRSXO

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-uOUHSUH]LQW

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-se echivalentul

DXQXLEXQ

Din punct de vedere al beneficiarului, leasing-XOFRQVWLWXLHRIRUP

vQFDGUXOF UHLDVXPHOH

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sub

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E QHDVF FLVXEIRUP GHHFKLSDPHQWH

Leasing-XOVHGHRVHEHWHGHXQFRQWUDFWGHvQFKLULHUHGLQXUP WRDUHOHSXQFWHGHYHGHUH
la calculul ratelor de leasing: UDWHOH GH OHDVLQJ VH VWDELOHVF vQ IXQF LH GH SUH XO GH
DFKL]L LH DO EXQXOXL L GH XQHOH HOHPHQWH SUHGHILQLWH GREkQG  SURILW ULVF 79$ HWF

FKLULD OD vQWUH LQHUH VH VWDELOHWH vQ IXQF LH GH FRQGL LLOH H[LVWHQWH SH SLD

contravaloarea dreSWXOXLGHIRORVLQ

 L UHSUH]LQW 

DO GUHSWXOXL GH SURSULHWDWH OD OHDVLQJ OD ILQHOH SHULRDGHL GH ORFD LH EXQXO SRDWH WUHFH vQ
SRVHVLD EHQHILFLDUXOXL vQ ED]D FKLULHL SO WLWH L D XQXL SUH  UH]LGXDO EXQXO vQFKLULDW QX
SRDWH WUHFH vQ SURSULHWDWHD FKLULDXOXL OD VIkULWXO ORFD LHL SHQWUX RSHUD LXQHD GH

nchiriere, dect n baza unui contract distinct de vnzare-FXPS

UDUH

3DUWLFLSDQ LLODRSHUD LXQHDGHOHDVLQJ

&XYkQWXO OHDVLQJ FDUH SURYLQH GLQ HQJOH]HVFXO WR OHDVH VHPQLILFkQG D O VD vQ JULM  D

nchiria

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HFRQRPLF  D XQXL DFWLY SHQWUX R

SHULRDG GHWHUPLQDW )DSWXOF YDORDUHDXQXLDFWLYQUH]LG vQSURSULHWDWHDFLvQXWLOLWDWHDDFHVWXLD

este pe deplin confirmat de amploarea pe care a nregistrat-o leasing-XO GXS

PRQGLDO vQ

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ULOH RFFLGHQWDOH 2ULFH VRFLHWDWH FRPHUFLDO  DWLQJH OD XQ PRPHQW GDW vQ FDGUXO

SURFHVXOXL GH GH]YROWDUH QRUPDO  VWDGLXO OD FDUH GHYLQH LQWHUHVDW  GH HFKLSDPHQWH L XWLODMH GH
SURGXF LHVXSOLPHQWDUH3HQWUX

procurarea acestora, firma poate folosi resurse financiare interne sau

-ul.

H[WHUQHDWUDVH'LQDFHDVW FDWHJRULHGHVXUVHGHILQDQ DUHIDFHSDUWHLOHDVLQJ

Modulul 4 -6WUDWHJLDILQDQFLDU
Q HVHQ

vnzare-FXPS

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UDUH vQFKHLDW vQWUH RUJDQL]D LD SURGXF WRDUH FD YkQ] WRU L RUJDQL]D LD ILQDQFLDU 

VRFLHWDWHDGHOHDVLQJFDUHFUHGLWHD] RSHUD LXQHDGHOHDVLQJvQWUHVRFLHWDWHDGHOHDVLQJLRWHU

2WUDQ]DF LHVWDQGDUGGHOHDVLQJLPSOLF XUP W

SHUVRDQ 

ori factori:

locatarul FXPS U WRUXOLSURSULHWDUXOHFKLSDPHQWXOXL

locatarul debitorul sau lesantul;
furnizorul YkQ] WRUXOEXQXOXL
VXUVDGHILQDQ DUHREDQF XQIRQGGHLQYHVWL LLVDXRFRPSDQLHGHFUHGLWILQDQFLDU
RFRPSDQLHGHDVLJXU ULFDUHDVLJXU HFKLSDPHQWXO
Locatarul VHOHF LRQHD] HFKLSDPHQWXOQHFHVDUSHSLD LQHJRFLD] XQFRQWUDFWFXORFDWDUXO
(o companie de leasing). El este beneficiarul leasing-XOXL L DUH GUHSWXO GH IRORVLQ DVXSUD EXQXOXL
vQFKLULDW GHFLGHDVXSUDDFKL]L LRQ ULL DFHVWXLD U VSXQGH GHPRGXO GH XWLOL]DUHD DFHVWXLD L VXSRUW 
SHQDOLW

LvQFD]XOQHUHVSHFW ULLFODX]HORUFRQWUDFWXDOH

Obiectul leasing-XOXLQX YDILVXSXVLPSR]LWXOXLSHDFWLYLW LOXFUDWLYHLQLFL LPSR]LWXOXLSH

profit, iar ratele de leasing sunt nregistrate ca fiind cheltuieli ale ntreprinderii.
/DVIkULWXOORFD LHLEHQHILFLDUXOSRDWHGREkQGLvQSURSULHWDWHEXQXOvQED]DFKLULHLSO WLWHL
DXQXLSUH UH]LGXDOFDUHFRQVWLWXLHXOWLPDWUDQ GHSODW 

Locatarul, utiliznd fondurile furnizate de surseOHSURSULLGHILQDQ DUHFXPS

U HFKLSDPHQWXO

GH OD IDEULFDQW L vO vQFKLULD]  ORFDWDUXOXL (O HVWH SURSULHWDUXO MXULGLF L HFRQRPLF DO RELHFWXOXL GH
OHDVLQJ OD DFHDVWD DUH ORF LPSXQHUHD L vQUHJLVWUDUHD vQ ELODQ  D RELHFWXOXL GH OHDVLQJ /RFDWDUXO VDX

fiQDQ DWRUXOYHULILF

DO WXULGHEHQHILFLDUVWDUHDEXQXULORUOLYUDWHSUHFXPLPRGXOGHH[SORDWDUHDORU

VWDELOHWHLvQFDVHD] UDWHOHGHOHDVLQJvQFKHLH LHYHQWXDOUH]LOLD] FRQWUDFWXOGHOHDVLQJWUDQVIHUkQG

n final dreptul de proprietate asupra benefLFLDUXOXLGXS DFKLWDUHDYDORULLUH]LGXDOH.

Furnizorul vQFDVHD]  FRQWUDYDORDUHD EXQXOXL OLYUDW F WUH EHQHILFLDU L HYHQWXDO DVLJXU 
service-XO SH SHULRDGD GH ORFD LH 3UH XULOH GH FXPS UDUH D EXQXULORU FXPS UDWH GH F WUH IXUQL]RUXO
de leasing sunt scadenteODSODW GXS SUHOXDUHDORUGHF WUHEHQHILFLDUXOGHOHDVLQJ
n vederea ILQDQ ULLLQYHVWL LLORUGHOHDVLQJVRFLHW LOHGHOHDVLQJIRORVHVFIRQGXULSURSULL
FRQWUDFWHD]  FUHGLWH EDQFDUH LVDX vL SURFXU  PLMORDFHOH QHFHVDUH SULQ YkQ]DUHD FUHDQ HORU DVXpra
beneficiarilor leasing-ului.
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ILQDQ DWRUXOXL V X ORFDWDUXO YD vQFKHLD XQ FRQWUDFW FX R VRFLHWDWH GH DVLJXU UL L YD DVLJXUD
HFKLSDPHQWXODFHDVW FKHOWXLDO UHFXSH

rndu-VHGHODORFDWDULUHSUH]HQWkQGSUH XOFHWUHEXLHSO

WLW

SHQWUX D RE LQH FUHGLWXO Q FD]XO vQ FDUH HVWH PDL DYDQWDMRV  SHQWUX ORFDWDU V  vQFKHLH HO vQVXL R
SROL

 GH DVLJXUDUH GDF  DFHDVWD vL HVWH SHUPLV SULQ FRQWUDFW DFHVWD YD VXSRUWD ULVFXO SLerderii
obiectului (riscul pierderii nu va mai fi inclus n rata de leasing), societatea de leasing primind o
SROL

GHDVLJXUDUHGLQSDUWHDVRFLHW
(WDSHOHGHUXO

LLGHDVLJXU UL
ULLRSHUD LXQLLGHOHDVLQJ

Leasing-XO HVWH R DFWLYLWDWH FRPSOH[

 FDUH SUHVXSXQH H[LVWHQ D D QXPHURDVH RSHUD LXQL L

GRFXPHQWH SULQ FDUH VH UHJOHPHQWHD]  FRQGL LLOH HFRQRPLFR MXULGLFH vQFDUH VH GHVI RDU  'HUXODUHD

XQHLRSHUD LXQLGHOHDVLQJQHFHVLW SDUFXUJHUHDPDLPXOWRUHWDSHSHFDUHOHYRPHQXPHUDPDLMRV

1) CercetareD SLH HORU LQWHUQH L H[WHUQH vQ YHGHUHD LGHQWLILF

SULQGLIHULWHIRUPHGHFRPHU LVWXGLHUHDERQLW

ULL SURGXVHORUFDUH YRU IL SURPRYDWH

LLRSHUD LXQLORU

%HQHILFLDUXOYDDQDOL]DWRDWHH[LVWHQWHSHSLD

LGLQWUHDFHVWHDYDDOHJHRIHUWDVDXRIHUWHOH

caUHHVWHPDLDYDQWDMRDV SHQWUXRELHFWLYHOHVDOH
Trece apoi la negocieri cu furnizorul echipamentelor cu privire la toate detaliile legate de
HFKLSDPHQWHOHGHFDUHDUHQHYRLHGHODFDUDFWHULVWLFLOHWHKQLFHSkQ ODSUH XOILQDODODFHVWRUD)LUPD

de leasinJ QX LQWHUYLQH vQ DOHJHUHD I

FXW  GH FOLHQWGHFkW vQ HYHQWXDOLWDWHD vQ FDUH SRDWH SURSXQH R

YDULDQW PDLFRQYHQDELO GLQSXQFWGHYHGHUHDOSHUIRUPDQ HORUDOUDSRUWXOXLFDOLWDWH SUH 

Q PRPHQWXO vQ FDUH EHQHILFLDUXO DUH RIHUWD ILQDO
IXUQL]RUXOXLSRDWHWUHFHODSDVXOXUP WRU

 FXSULQ]kQG WRDWH GHtaliile din partea

Modulul 4 -6WUDWHJLDILQDQFLDU
2) Negocierea contractului de leasing&OLHQWXOFRQWUDFWHD]

RILUP GHOHDVLQJLLQWU vQWUDWDWLYH

FX DFHDVWD SUH]HQWkQG R FHUHUH GH RE LQHUH D XQRU EXQXUL vQ OHDVLQJ 7UDWDWLYHOH FX VFRSXO V
FRQYLQJ  ILUPD GH OHDVLQJ V  FXPSHUH XWLODMXO  UHVSHFWLY SH FDUH XUPHD]  V

-l nchirieze apoi

FOLHQWXOXL Q YHGHUHD FRQVWLWXLULL XQXL GRVDU FkWPDLIXQGDPHQWDW L FX DQVH UHDOH GH DSUREDUH
FOLHQWXO WUHEXLH V  SUH]LQWH R VHULH GH GRFXPHQWH SHQWUX D L VXV LQH FkW PDL ELQH SXQFWXO GH

YHGHUHVFXUWLVWRULFDOILUPHLELODQ XOFXWRDWHDQH[HOHLQFOXVLYUDSRUWXOGHJHVWLXQHSHXOWLPHOH

2- H[HUFL LL ILQDQFLDUHEDODQ D GH YHULILFDUH OD ]L IOX[XO GH QXPHUDU SUHYL]LRQDW SH R SHULRDG
de minim 2 ani).
3) Semnarea contractului de leasing Q FD]XO vQ FDUH SURLHFWXO L ILUPD VROLFLWDQW

 GH XWLODMH GH

SURGXF LH vQGHSOLQHVF WRDWH FRQGL LLOH VROLFLWDWH VRFLHWDWHD GH OHDVLQJ YD DSURED WUDQ]DF LD $U
XUPD VHPQDUHD FRQWUDFWXOXL vQWUH S U L OHVDQW L OHVRU FX WRDWH GUHSWXULOH L REOLJD LLOH FH
GHFXUJ GLQ DFHDVWD %HQHILFLDUXO GH OHDVLQJ YD RE LQH R FRQILUPDUH D VROLFLW ULL OHDVLQJ

-ului, un

H[HPSODUVHPQDWDOFRQWUDFWXOXLGHOHDVLQJSUHFXPLRFRQILUPDUHGHSUHOXDUH$OWHGRFXPHQWH

ale contractului sunt elaborate nIXQF LHGHVWUXFWXUDRSHUD LXQLLLGHvQ HOHJHULQDFHODLWLPS

firma de leasing ncheie contractul de vnzare-FXPS UDUHDXWLODMXOXLFXIXUQL]RUXODFHVWXLD
4) Livrarea bunurilor $FHDVW  VDUFLQ  FDGH vQ VHDPD SURGXF WRUXOXL HFKLSDPHQWXOXL FDUH YD
trebuLH V  OLYUH]H HFKLSDPHQWXO GLUHFW EHQHILFLDUXOXL GH OHDVLQJ 'XS  RE LQHUHD RELHFWXOXL
leasing-XOXL EHQHILFLDUXO GH OHDVLQJ WULPLWH R FRQILUPDUH OHJDO  GH SULPLUH OD vQWUHSULQGHUHD GH
OHDVLQJ )DFWXUD HPLV  GH ILUPD SURGXF WRDUH YD IL RQRUDW  SH ORF GH ILrma de leasing.
%HQHILFLDUXOGHOHDVLQJSULPHWHRGHFRQWDUHVRPD LHGHSODW FRQ LQkQGGDWHGHILQLWLYHGHSODW 

(termenul de intrare n vigoare a contractului, valoarea facturii, ratele de leasing etc.). Ratele de
OHDVLQJVHSO WHVFGHRELFHLSULQEDQF 

5)

2S LXQHD EHQHILFLDUXOXL /D VIkULWXO FRQWUDFWXOXL DUH ORF UHWXUQDUHD HFKLSDPHQWXOXL VRFLHW

LL

GH OHDVLQJ 'DF  EHQHILFLDUXO GRUHWH V  SUHOXQJHDVF  FRQWUDFWXO VDX V  LQWUH vQ SRVHVLD
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ului (la o valoare

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4.2.3.4. Rata de leasing

5DWDGHOHDVLQJHVWHXQHOHPHQWGHRVHELWGHLPSRUWDQWDORSHUD LXQLLGHOHDVLQJ0HWRGHOHGH
FDOFXO GLIHU  GH OD R VRFLHWDWH OD DOWD vQ HVHQ

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JHQHUDO 

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valoarHD UH]LGXDO  HVWH UHJOHPHQWDW  SULQ OHJH vQ XQHOH

astfel de lege se va negocia prin contract;

UL LDU DFROR XQGH QX H[LVW  R

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IXQF LRQDUH $PRUWL]DUHD ILVFDO  HVWH FDOFXODW  SURFHQWXDO VH DSOLF  FKHOWXLHOLORU GH

capital;

DVLJXUDUHDJDUDQ LDSLHUGHUHIXUWIRFGDF HVWHUHDOL]DW GHIXUQL]RUXOOHDVLQJ

-ului este

VXSRUWDW GHEHQHILFLDU

FKHOWXLHOLOH QHSUHY ]XWH VH FDOFXOHD]  FD SURFHQW GH PD[LP  GLQ P ULPHD ILQDQ

ULL

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SRWDS UHDQHSUHY ]XW

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ULL L FXDQWLILF  VHUYLFLLOH VDX DMXWRUXO ILQDQFLDU

SH FDUH vO DFRUG  VRFLHWDWHD GH OHDVLQJ FOLHQWXOXL $FHDVW  VXP  UHSUH]LQW  FRWH
SURFHQWXDOHFDUHDVLJXU UHFXSHUDUHDGREkQ]LORUSHFDUHWUHEXLHV OHSO WHDVF VRFLHWDWHD
GH OHDVLQJ SHQWUXFUHGLWHOH RE LQXWH SUHFXP L SURILWXO SHFDUH DFHDVWDvORE LQH vQ XUPD
LQYHVWL LHLI FXWH

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SURILWXOHVWHYDULDELOGHODEXQODEXQLvQJHQHUDOQXGHS HWH
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Beneficiarul leasing-XOXL SO

poi de la beneficiarul leasing-ului prin ratele de leasing.

WHWH 79$ SHFDUH vOHYLGHQ LD]  OD UkQGXO V X WRW DLPSR]LW

vQ DYDQV 'DF  EXQXO UHVSHFWLY HVWH GLQ LPSRUW SRDWH IL VFXWLW GH LPSR]LW VDX GH WD[H

vamale;
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VRFLHW

LL 8QHOH VRFLHW

L GH OHDVLQJ VWDELOHVF R WD[  IL[  DOWHOH SHUFHS FRPLVLRQXO FD

SURFHQWGLQYDORDUHDILQDQ

ULL

UDWD GHYDORUL] ULL PRQHGHL HVWH OXDW  vQ FRQVLGHUDUH GH P

ajoritatea firmelor specializate

de leasing prin cuantificarea ratelor ntr-R YDOXW

 IRUWH FX DQVH PDUL GH VWDELOLWDWH SH

SLD DYDOXWDU QDFHVWPRGUDWHOHYRUILSO WLWHODFXUVXOYDOXWDUGLQ]LXDVFDGHQ HLULVFXO

cursului valutar fiind astfel suportat de beneficiarul de leasing;

4.2.3.5. Derularea unui contract de leasing
6RFLHWDWHD*(1(5$/$87265/HVWHRFRPSDQLHURPkQ FXFDSLWDOSULYDWDOF UHLRELHFWGH

activitate l constituie transportul de diferite bunuri. Societatea are sediu n Rm. VlceD L HVWH
UHSUH]HQWDW vQWUDQ]DF LLOHSHFDUHOHvQFKHLHGH0DQDJHUXOL$GPLQLVWUDWRUXO*HQHUDODOILUPHL
'LQ GRULQ D GH D VH GH]YROWD D UH]XOWDW QHFHVLWDWHD FD ILUPD PDL VXV PHQ LRQDW  V
P UHDVF  QXP UXO YHKLFXOHORU GH WUDQVSRUW $VWIHO vQ OXQD IH

-L
bruarie a anului 1997 ncheie un

FRQWUDFW GH OHDVLQJ FX VRFLHWDWHD $),1 ,17(51$7,21$/ ,1& FRPSDQLH DPHULFDQ  FX VHGLX OD
'HODZDUH 86$ SHQWUX vQFKHLHUHD XQXL DXWRWUDFWRU ,9(&2 (8527(&+ L D XQHL UHPRUFL FX
SUHODW  6&+0,7= )XUQL]RULL YHKLFXOHORU VXQW ,9(&2 6S$ 7RULQR ,WDOLD L ,17(5&$0,21

GmbH, Altenberge, Germania.

'XUDWD FRQWUDFWXOXL GH OHDVLQJ HVWH GH WUHL DQL PRQHGD vQ FDUH VH HIHFWXHD]  UDWHOH
WULPHVWULDOH GH OHDVLQJ HVWH '0 YDORDUHD XQHL UDWH GH OHDVLQJ HVWH  '0 9DORDUHD WRWDO  D

reteORUGHOHDVLQJHVWHGH'09DORDUHDGHED]

HVWH'0

3UH]HQW P PDL GHSDUWH GHUXODUHD RSHUD LXQLL GH OHDVLQJ DVWIHO VRFLHWDWHD FRPHUFLDO 
*(1(5$/ $872 65/ YD IL PHQ LRQDW  FD %HQHILFLDU VDX 8WLOL]DWRU &RPSDQLD $),1

INTERNATIONAL I1&YDILPHQ LRQDW

LFDOHVRU

Q GDWD GH  6& *(1(5$/ $872 65/ WULPLWH R FHUHUH GH RIHUW  VRFLHW

LL

PROTRUCK INTERNATIONAL S.R.L., concesionar autorizat IVECO SpA, cu sediul situat n

%XFXUHWLSULYLQGDFKL]L LRQDUHDGHDXWRWUDFWRDUe IVECO EOROTECH.
PH352758&.,17(51$7,21$/65/WULPLWHRIHUWDSURIRUP OD6&*(1(5$/
$87265/SHQWUXSURGXVXO,9(&2(8527(&+03(73RIHUW FDUHFXSULQGH:
GHVFULHUHDWHKQLF DYHKLFXOXOXL
SUH XOXQLWDUDOYHKLFXOXOXL
FRQGL LDde livrare;
termenul de livrare.
3H GDWD GH  vQ XUPD FHUHULL SHQWUX DFKL]L LRQDUHD XQXL DXWRWUDFWRU ,9(&2

(8527(&+ L D XQHL UHPRUFL FX SUHODW  6&+0,7= WULPLV  GH 6& *(1(5$/ $8725 65/
VRFLHW

LL 352758&. DFHDVWD GLQ XUP  WULPLWH F WUH 6& *(1(5$/ $872 65/ RIHUWD IHUP 

SULYLQGDFKL]L LRQDUHDFHORUGRX YHKLFXOHRIHUW FDUHFXSULQGH

1)

&RQGL LLSHQWUXDFKL]L LRQDUHDYHKLFXOHORULVHUHIHU OD

lesor: AFIN INTERNATIONAL INC.;

valoarea contractului de leasing: 200.000 DM;
avansul (30% sau 35% din valoarea contractului);
WD[HOH GHRSHUDUH GLQ YDORDUHDFRQWUDFWXOXLFH VHSO WHVFvQWHUPHQGH ]LOHGHOD

semnarea contractului;
termenul de contract: 3 ani;

Modulul 4 -6WUDWHJLDILQDQFLDU
YDORDUHDUDWHORULPRGXOGHSODW UDWHWULPHVWULDOHSO WLELOHvQGHYDQVSULPDUDW vQ
luni de la livrare), valoarea unei rate fiind e 13.552 DM;
YDORDUHDUH]LGXDO GLQYDORDUHDFRQWUDFWXOXL
2) *DUDQ LLOHRIHULWHFDUHVHUHIHU OD
SHULRDGDGHJDUDQ LH
service-ul acordat.
3) 2EOLJD LLOH6&*(1(5$/$87265/FDUHVHUHIHU OD
SUH]HQWDUHDDFWHORUSHQWUXVWXGLHUHDSRVLELOLW LLDFRUG ULLOHDVLQJ-ului. Aceste acte sunt:

FRSLHGXS &HUWLILFDWXOGHQPDWULFXODUH

XOWLPD%DODQ

XOWLPXOELODQ DQXDOLQFOXVLYUH]XOWDWHOHILQDQFLDUHODOXQL

lista parcului de vehicule actual;

VFULVRULGHUHIHULQ

VFULVRDUH GH ERQLWDWH GH OD EDQFD SULQFLSDO  L OLVWD VHPQ WXULORU FDUH SRW RSHUD

OXQDU 

GHODMRLSDUWHQHUL

FRQWXOFXUHQWGHODEDQF 

OHJDOL]DUHDQRWDULDO DFHOXLFHYDVHPQDFRQWUDFWXOGHOHDVLQJ

VFXUW SUH]HQWDUHDILUPHLRELHFW

principal de activitate, scurt istoric).

RE LQHUHDXQHLVFULVRULGHJDUDQ LHvQOHLHPLV GHRULFHEDQF URPkQ SHQWUXJDUDQWDUHD

F WUH'LUHF LD9 PLORUDWD[HORUYDPDOH

4) Valabilitatea ofertei: 30 zile

Q XUPD DFFHSW ULL RIHUWHL IHUPH 6& *(1(5$/ $8725 65/ LQWU  vQ FRQWDFW FX
FRPSDQLDDPHULFDQ $),1,17(51$7,21$/,1&
3H  VH vQFKHLH FRQWUDFWXO GH OHDVLQJ vQWUH $),1 ,17(51$7,21$/ ,1& L 6&

GENERAL AUTO S.R.L., contract care cuprinde:

$3

U LOHFRQWUDFWDQWH

AFIN INTERNATIONAL INC. ca lesor;

S.C. GENERAL AUTO S.R.L. ca beneficiar.

B. Obiectul contractului:
un vehicul comercial IVECO;
RUHPRUF 
Furnizorii:
IVECO SpA;
INTERCAMION GmbH.
Caracteristicile contractului prezentat pe scurt:
durata contractului de leasing: 3 ani;
moneda n FDUHVHHIHFWXHD] SO LOHUDWHORUGHOHDVLQJ'0
YDORDUHDGHED] DFRQWUDFWXOXL'0
YDORDUHDWRWDO DUDWHORUGHOHDVLQJ'0
EDQFDOHVRUXOXLF WUHFDUHVHWUDQVIHU UDWHOH
planificarea ratelor;
DFKLWDUHDWD[HLGHRSHUDUHF WUHOHVRU

9HKLFXOXOYDILOLYUDWEHQHILFLDUXOXLvQWHUPHQGHOXQLGHODGDWDFRQILUP ULLSO

LLWD[HLGH

RSHUDUHLDSULPHLUDWHGHOHDVLQJ

&&RQGL LLOHJHQHUDOHDOHFRQWUDFWXOXLVHUHIHU

1)

OD

&RQGL LLOH GH OLYUDUH L LPSOLFD LLOH vQ FD]XO GH DQXODUH D FRQWUDF

beneficiarului.
Leasing-XO GHYLQH HIHFW OD GDWD OLYU

tului de leasing din vina

ULL YHKLFXOHORU F WUH EHQHILFLDUL GDW  FH UH]XOW  GLQ

SURWRFROXOFHHYLGHQ LD] DFFHSWDUHDYHKLFXOHORUGHF WUHEHQHILFLDU

Modulul 4 -6WUDWHJLDILQDQFLDU
Lesor-XO YD vQWLLQ D EHQHILFLDUXO FX  ]LOH vQDLQWHD GLVSRQLELOL]
%HQHILFLDUXO IDFH IRUPDOLW

ULL OLYU ULL YHKLFXOHORU

LOH GH SULPLUH L VHPQHD]  IRUPHOH GH SULPLUH ([:RUNV8OP

Germania.
'DF  FRPDQGD VDX IXUQL]DUHD VH DQXOHD]  GLQ YLQD EHQHILFLDUXOXL DFHVWD YD SO WL OHVRU

200.000 DM pentru anularea comenzii.

2) Ratele de leasing

5DWHOHGHOHDVLQJVH YRU SO WLFRQIRUPWDEHOXOXLGHSODQLILFDUHDSO

-ului

LORUvQ FRQWXOEDQFDUDO

lesor-ului.
%HQHILFLDUXO YD VXSRUWD WRDWH WD[HOH DGPLQLVWUDWLYH FHUXWH GH OHJLVOD LD URPkQ  SHQWUX D
DVLJXUDHIHFWXDUHDSO

3)

*DUDQ LDEDQFDU

F

LORUOD

termenele stabilite.

WUHYDP

La cererea beneficiarului, lesor-XOYDGHVFKLGHRJDUDQ LHEDQFDU

FXRYDODELOLWDWHSkQ OD

DXJXVW  L OD YDORDUHD LQGLFDW  GH EHQHILFLDU vQ IDYRDUHD 9 PLL 5RPkQH vQ QXPHOH

beneficiarului.
4) Livrarea vehiculelor
9HKLFXOHOHYRUILOLYUDWHvQWHUPHQGHWUHLOXQLGHODGDWDFRQILUP ULLSO

LLWD[HLGHRSHUDUHL

a primei rate de leasing.

5)

*DUDQ LD
9HKLFXOHOH VXQW JDUDQWDWH  OXQL GH OD GDWD OLYU ULL FRQIRUP &RQGL LLORU ,QWHUQD LRQDOH GH
*DUDQ LH ,9(&2 SOXV DOWH  OXQL VDX  NP SHQWUX JUXSXO PRWRSURSXOVRU *DUDQ LD
HVWHVXSRUWDW GHIXUQL]RUvQED]DFRQWUDFWXOXLvQFKHLDWvQWUHDFHVWDLOHVRU

6) Folosirea vehiculelor

%HQHILFLDUXOVHREOLJ vQPRGFDWHJRULFID

7)

GHOHVRU

V IRORVHDVF YHKLFXOHOHFRQIRUPVSHFLILFD LLORUIXUQL]RUXOXL

V QXGHDvQIRORVLQ

YHKLFXOXOXQHLDOWHS U L

V vQWUH LQ YHKLFXOXOFRQIRUPLQVWUXF LXQLORUIXUQL]RUXOXL

VWUDUHDLFRQVHUYDUHDYHKLFXOXOXL

%HQHILFLDUXO HVWH U VSXQ] WRU GH RULFH ULVFXUL GH DYDULH VDXL GH SLHUGHUHD WRWDO SDU LDO  D

YHKLFXOXOXLGLQRULFHPRWLYHGLQYLQDEHQHILFLDUXOXLVDXILLQGUH]XOWDWXOSXUHLvQWkPSO ULVDXDO
XQRUvQWkPSO ULLPSUHYL]LELOH

8) Asigurarea

/HVRUXOYDHIHFWXDDVLJXUDUHDWXWXURUYHKLFXOHORUSHQXPHOHLVRFRWHDODEHQHILFLDUXOXL3ROL

a de

DVLJXUDUHYDDFRSHUL5&$&DUWHD9HUGH&$6&2L&05%HQHILFLDUXODVLJXU ULLYDILOHVRUXO

9)

'HVS

JXELUL

3HQWUX SLHUGHUHD WRWDO  EHQHILFLDUXO SO WHWH OHVRUXOXL GHVS JXELUHD HJDO  FX vQWUHJXO VROG

GDWRUDWSO WLELOODPRPHQWXOUHVSHFWLYSOXVGREk

nda LIBOR (n raport cu DM).

3HQWUX GHWHULRUDUHD SDU LDO  VDXL DYDULHUHD YHKLFXOXOXL EHQHILFLDUXO H[HFXW  UHSDUD LLOH FX

propriile cheltuieli.
10) Expirarea contractului
&RQWUDFWXO H[SLU  DXWRPDW OD SODWD XOWLPHL UDWH GH OHDVLQJ 3UHGDUHD YHKLFXOHORU VH IDFH

la

DWHOLHUXODXWRUL]DW,9(&2GLQ%XFXUHWLVDXH[LVW SRVLELOLWDWHDvQFD]XOvQGHSOLQLULLODWHUPHQD
WXWXURUREOLJD LLORUGHDFXPS UDYHKLFXOHODYDORDUHDUH]LGXDO 

11) Returnarea vehiculelor

La napoierea vehiculelor se face un protocol de predare-primire VHQDW vQWUH EHQHILFLDU L
DWHOLHUXODXWRUL]DWGLQ%XFXUHWL
'DF  H[LVW  R vQWkU]LHUH PDL PDUH GH  ]LOH GH OD H[SLUDUHD FRQWUDFWXOXL GH OHDVLQJ OHVRUXO
DUH GUHSWXO V  FHDU  EHQHILFLDUXOXL R SHQDOL]DUH HJDO  FX UDWD GH OHDVLQJ SH XQ WULPHVWUX

VehiculelHYRUILUHWXUQDWHQXPDLGDF EHQHILFLDUXOQXL-DPDQLIHVWDWRS LXQHDGHDOHFXPS UD

12) Anularea contractuluiGDWRULW nendepliniriiREOLJD LLORUIXUQL]RUXOXL
'DF OLYUDUHDYHKLFXOHORUF WUHEHQHILFLDUQXV-a realizat n totalitate, din motive care nu depind
GH OHVRU DWXQFL OHVRUXO DUH GUHSWXO V  DQXOH]H DFHVW FRQWUDFW GH vQFKLULHUH FX DQXODUHD RULF URU
UHYHQGLF ULvQWUHS U LOHFRQWUDFWDQWH

Modulul 4 -6WUDWHJLDILQDQFLDU
13) Anularea contractuluiGDWRULW nendepliniriiREOLJD LLORUEHQHILFLDUXOXL
'DF EHQHILFLDUXOHVWHYLQRYDWGHvQGHSOLQLUHWRWDO VDXSDU LDO DFODX]HORUSUHY ]XWHODSXQFWHOH

2. Ratele de leasing
4. Livrarea
6. Folosirea vehiculului
3 VWUDUHDLFRQVHUYDUHDYHKLFXOHORU

8. Leasing
'DF  YHKLFXOXO QX VH vQDSRLD]  FRQIRUP VFULVRULL GH DQXODUH D FRQWUDFWXOXL

lesorul are dreptul

SULQ DJHQ LL V L DXWRUL]D L VDX WHU H SHUVRDQH FH UHSUH]LQW  OHVRUXO V  LQWUH vQ ORFXO XQGH VH DIO 
DXWRYHKLFXOHOHLV OHSUHLDSHULVFXOLFKHOWXLDODEHQHILFLDUXOXL

14) 7D[HLLPSR]LWH
7RDWH WD[HOH SUH]HQWH L YLLWRDUH FDUH UH]XOW  G

in acest contract de leasing vor fi suportate de

S U LOHFRQWUDFWDQWHvQIXQF LHGHORFXOXQGHVHSHUFHSDFHVWHWD[HLLPSR]LWH$VWIHOGDF ORFXO

GH SHUFHSHUH D DFHVWRU WD[H L LPSR]LWH HVWH 5RPkQLD DFHVWHD YRU IL VXSRUWDWH GH F WUH

beneficiar, iar n DIDUD5RPkQLHLGHF

WUHOHVRU

15) &RQGL LLOHILQDOH

 &RQWUDFWXO GHYLQH HIHFWLY GH OD GDWD LQWU ULL vQ YLJRDUH L vQFHWHD]  GXS  SODWD WXWXURU

ratelor de leasing.
15.2. Lesorul poate nceta acest contract n orice moment
15.3. Lesorul are dreptul de nceWDUH D FRQWUDFWXOXL GH OHDVLQJ GDF

 EHQHILFLDUXO GXS 

vQF OFDUHDREOLJD LLORUVDOHQXVHVXSXQHDYHUWLVPHQWXOXLVFULVDOOHVRUXOXLvQWHUPHQGH

30 de zile de la primirea acestuia.

16) Clauze de arbitraj

'DF vQWHUPHQGHGH]LOHGXS FHRSDUWHDH[SXVGH]DFRUGXOFHOHLODOWHS U LQXVHDMXQJH

ODXQDFRUGVFULVVHYDSURFHGDOD&RPLVLDGH$UELWUDMFDUHHVWHIRUPDW GLQWUHLMXGHF WRUL

17) Valabilitatea contractului

9DODELOLWDWHD DFHVWXL FRQWUDFW YD IDFH RELHFWXO UHFXQRVFXW GH F WUH DXWRULW

LOH URPkQH L

italiene de drept.
18) 1RWLILF

ULOH

7RDWHQRWLILF ULOHLFRPXQLF ULOHYRUILVFULVHvQOLPEDHQJOH] LvQPkQDWSHUVRQDOVDXSULQ

SRWDUHFRPDQGDW VDXSULQWHOHID[RULID[

1. 3/$1,),&$5($5$7(/25'(/($6,1*3(3(5,2$'$'(58/
1RWD LL

5,,&2175$&78/8,

Qkl - aPRUWLVPHQWXOFRUHVSXQ] WRUWULPHVWUXOXLDODQXOXLN

dkl -GREkQGDVLPSO FRUHVSXQ] WRDUHGDWRULHLH[LVWHQWHODvQFHSXWXOWULPHVWUXOXLDO
anului k;
Skl -YDORDUDUDWHLFRUHVSXQ] WRDUHSHULRDGHLN
Sk = Qkl + dkl
Vkl -YDORDUHDGDWRULHLU PDVHGXS SODWDOXL4kl;
Rkl -YDORDUHDGDWRULHLSO WLWHGXS SODWDOXL4kl;
p = 100 i = procentul real anual;
q = 100 j4 SURFHQWXOQRPLQDODQXDOFRUHVSXQ] WRUIUDF LRQ ULLDQXOXLvQWULPHVWUH

'DWHLQL LDOH
9DORDUHDGHED]

30% avans
V0
5% taxe de operare
YDORDUHUH]LGXDO

= 200.000 DEM
= 60.000 DEM
= 140.000 DEM
= 10.000 DEM
= 2.000 DEM

d = 14,5% ,

DQXDO 

Modulul 4 -6WUDWHJLDILQDQFLDU
D3O

LSRVWLFLSDWHGREkQG

PERIOADA
Vk, l - 1
1,1
140.000
1,2
130.480
1,3
120.615
1,4
110.392
2,1
99.798
2,2
88.820
2,3
77.444
2,4
65.656
3,1
53.441
3,2
40.783
3,3
27.666
3,4
14.073
TOTAL

SRVWLFLSDW

Qk, l
9.520
9.165
10.223
10.594
10.978
11.376
11.788
12.245
12.658
13.117
13.593
14.073
140.000

dk, l
5.075
4.730
4.372
4.001
3.617
3.219
2.807
2.380
1.937
1.478
1.002
522
35.140

S
14.595
14.595
14.595
14.595
14.595
14.595
14.595
14.595
14.595
14.595
14.595
14.595
175.140

vk, l
130.480
120.615
110.392
99.798
88.820
77.444
65.656
53.441
4.783
27.666
14.073
0
-

Rk, l
9.520
19.385
29.608
40.202
51.180
62.556
74.344
86.559
99.217
112.334
125.927
140.000
-

DM

Graficul: Plati posticipate / Dobanda posticipata

175140

180000
160000
140000
120000
100000
80000
60000
40000
20000
0

140000

35140

1 6XPDGHSODW
E3O



Dobnda

3 6XPDWRWDO

dk, l
4.732
4.377
4.009
3.626
3.229
2.818
2.390
1.947
1.487
1.009
513
0
30.136

S
14.178
14.178
14.178
14.178
14.178
14.178
14.178
14.178
14.178
14.178
14.178
14.178
170.136

GHSO WLW

LDQWLFLSDWHGREkQG DQWLFLSDW 

PERIOADA
Vk, l - 1
1,1
140.000
1,2
130.480
1,3
120.753
1,4
110.584
2,1
100.032
2,2
89.083
2,3
77.722
2,4
65.934
3,1
53.703
3,2
41.012
3,3
27.843
3,4
14.178
TOTAL

Qk, l
9.446
9.801
10.169
10.552
10.949
11.361
11.788
12.231
12.691
13.169
13.665
14.178
140.000

vk, l
130.554
120.753
110.584
100.032
89.083
77.722
65.934
53.703
41.012
27.843
14.178
0
-

Rk, l
9.446
19.247
29.416
39.968
50.917
62.278
74.066
86.297
98.988
112.157
125.822
140.000
-

Modulul 4 -6WUDWHJLDILQDQFLDU

DM

Graficul: Plati anticipate / Dobanda anticipata

180000
160000
140000
120000
100000
80000
60000
40000
20000
0

175140
140000

35140

1 6XPDGHSODW
c)

3O



Dobnda

3 6XPDWRWDO

GHSO WLW

LDQWLFLSDWHGREkQG SRVWLFLSDW

PERIOADA
Vk, l - 1
1,1
140.000
1,2
125.196
1,3
116.396
1,4
106.531
2,1
96.308
2,2
85.715
2,3
74.739
2,4
63.365
3,1
51.578
3,2
39.364
3,3
26.707
3,4
13.591
TOTAL

Qk, l
14.084
9.520
9.865
10.223
10.593
10.976
11.374
11.787
12.214
12.657
13.116
13.591
140.000

dk, l
0
4.564
4.219
3.861
3.491
3.108
2.710
2.297
1.870
1.427
968
493
29.008

S
14.084
14.084
14.084
14.084
14.084
14.084
14.084
14.084
14.084
14.084
14.084
14.084
169.008

DM

Graficul: plati posticipate / Dobanda posticipata

180000
160000
140000
120000
100000
80000
60000
40000
20000
0

175140
140000

35140

vk, l
125.916.
116.396
106.531
96.308
85.715
74.739
63.365
51.578.
39.364
26.707
13.591
0
-

Rk, l
14.084
23.064
33.469
43.692
54.285
65.261
76.635
88.422
100.636
113.293
126.409
140.000
-

Modulul 4 -6WUDWHJLDILQDQFLDU

DM

Graficul: Plati anticipate / Dobanda posticipata

180000
160000
140000
120000
100000
80000
60000
40000
20000
0

169008
140000

29008

1 6XPDGHSODW



4.2.3.6. Costul leasing-ului

Credit-EDLOXO OHDVLQJXO UHSUH]LQW
SXWHUQLF vQ

Dobnda

3 6XPDWRWDO

GHSO WLW

 R WHKQLF  GH ILQDQ DUH D LQYHVWL LLORU FDUH V

-a dezvoltat

ULOH FX HFRQRPLH GH]YROWDW  L FDUH SRDWH IL GH]YROWDW  L vQ FDGUXO

ULL QRDVWUH 'H

H[HPSOX DFHDVW  IRUP  GH ILQDQ DUH UHSUH]HQWD DSURDSH  GLQ ILQDQ DUHD LQYHVWL LLORU SURGXFWLYH
DOHvQWUHSULQGHULORUIUDQFH]HLPDLPXOWGHSHQWUXvQWUHSULQGHULOHPLFLLPLMORF

Pe plan juridic, credit-bail-XO VH DQDOL]HD]

ii.

 FD XQ PRG GH ORFD LH vQFKLULHUH vQVR LW GH R

RS LXQH GH FXPS UDUH SURPLVLXQH GH YkQ]DUH GLQ SDUWHD FUHGLWRUXOXL $QDOL]D HFRQRPLF  DSDUH
vQV FDILLQGGLIHULW 8WLOL]DWRUXOHVWHGLQSXQFWGHYHGHUHH

conomic proprietarul bunului; locatarul

LPSXQH U VFXPS UDUHD EXQXOXL SHQWUX XQ SUH  GHWHUPLQDW FDUH FRQVWLWXLH SUH XO GH H[HUFL LX DO
RS LXQLLGHYkQ]DUHDOEXQXOXL

Credit-bail-XO QX FRQVWLWXLH GHFkW XQ PRG GH ILQDQ DUH SDUWLFXODU L SULQ XUPDUH WUHEXLH V

ILHDQDOL]DWSHSODQXOGHFL]LHLILQDQFLDUHQXFDRDOWHUQDWLY ORFD LHFXPS UDUHFLPDLGHJUDE FDR

DOWHUQDWLY DDOWRUVXUVHGHILQDQ DUHLFHOPDLDGHVHDFDXQVXEVWLWXWDOvQGDWRU ULLSHWHUPHQPHGLX

sau lung.
$VSHFWHMXULGLFHLILVFDOH

Vom prezenta succesiv, mai nti credit-bail-ul mobiliar, apoi credit-bail-XO LPRELOLDU QV



LQGLIHUHQWGHIRUPDFRQVLGHUDW XWLOL]DWRUXOQXHVWHSURSULHWDUXOEXQXOXLvQFKLULDWLvQSOXVWUHEXLH
UH LQXWIDSWXOF FRQWUDFWXOSUHYHGHRGXUDW LUHYRFDELO

Credit-bail mobiliar

6XQW FRQVLGHUDWH vQ DFFHS LXQHD

de utilizare a bunului.

ULORU FX HFRQRPLH GH SLD

 GH]YROWDW  FD RSHUD LXQL GH

credit-EDLOPRELOLDURSHUD LXQLOHGHORFD LHDOHEXQXULORUGHHFKLSDPHQWVDXDOHXWLODMHORUFXPS UDWH

n vederea loFD LHLGHF WUHvQWUHSULQGHULOHFDUHU PkQSURSULHWDUHDWXQFLFkQGRSHUD LXQLRULFDUHDU
IL FDOLILFDUHD ORU GDX ORFDWDUXOXL SRVLELOLWDWHD GH D DFKL]L LRQD vQ WRWDOLWDWH VDX SDU LDO EXQXULOH
vQFKLULDWHSULQLQWHUPHGLXOXQXLSUH FRQYHQLWLFDUH LQHFRQWFHOSX LQGHY UV PLQWHOHHIHFWXDWHFX

titlul de chirii.
3H SODQ MXULGLF HVWH YRUED GH R ORFD LH vQVR LW  GH R SURPLVLXQH XQLODWHUDOH GH YkQ]DUH v
IDYRDUHD ORFDWDUXOXL /RFDWDUXO DUH vQ ILQDO GH DOHV vQWUH WUHL SRVLELOLW

L V  FXPSHUH EXQXO OD

valoaUHDUH]LGXDO IL[DW vQFRQWUDFWV UHvQQRLDVF FRQWUDFWXOGHORFD LHVDXV UHVWLWXLHEXQXO

Pe plan fiscal, chiriile constituie cheltuieli de exploatare care n mod normal sunt deductibile
FXFRQGL LDFDSHULRDGDV FRQFRUGHFXGXUDWDGHYLD

HFRQRPLF QRUPDO DEXQXOXL

Modulul 4 -6WUDWHJLDILQDQFLDU
Credit-bail imobiliar
Credit-bail-XO LPRELOLDU GHVHPQHD]

 RSHUD LXQLOH SULQ FDUH R vQWUHSULQGHUH G  vQ ORFD LH

EXQXUL LPRELOLDUH GH X] SURIHVLRQDO FXPS UDWH GH HD VDX FRQVWUXLWH vQ LQWHUHVXO ORU DWXQFL FkQG
DFHVWH RSHUD LXQL RULFDUH DU IL FDOLILFDUHD ORF SHUPLW ORFDWDULORU V  GHYLQ  SURSULHWDUL vQ WRWDOLWDWH
VDX SDU LDO DVXSUD EXQXULORU vQFKLULDWH FHO PDL WkU]LX OD H[SLUDUHD WHUPHQXOXL GH ORFD LH ILH SULQ

cesiune n executarea unei promisiuni unilaterale de vnzare, fie prin achL]L LRQDUHD GLUHFW

 VDX

LQGLUHFW  D GUHSWXULORU GH SURSULHWDWH DVXSUD WHUHQXULORU SH FDUH DX IRVW FRQVWUXLWH LPRELOHOH
vQFKLULDWH ILH SULQ WUDQVIHUXO GHSOLQ DO SURSULHW

locatarului.
Pe plan fiscal, ntUHSULQGHUHD ORFDWDU

LL FRQVWUXF LLORU UHDOL]DWH SH WHUHQXO FH DSDU LQH

 SRDWH GHGXFH GH D OXQJXO GXUDWHL ORFD LHL FKLULLOH

SO WLWH $FKL]L LRQDUHD LPRELOXOXL OD H[SLUDUHD FRQWUDFWXOXL GH ORFD LH DQWUHQHD]  HYHQWXDO R
UHLQWHJUDUH ILVFDO  vQ EHQHILFLLOH LPSR]LWDWH 6XP  FDUH VH UHLQWHJUHD]  GHSLQGH GH GXUD

ta

FRQWUDFWXOXLGHORFD LHGHYDORDUHDQHW FRQWDELO LGHSUH XOGHFHVLXQHDOEXQXOXL

6XPDDPRUWLVPHQWHORUSUDFWLFDWHDVXSUDFRQVWUXF LLORUDFKL]L LRQDWHHVWHvQIXQF LHGHGXUDWD
FRQWUDFWXOXL L GH GDWD RS LXQLL GH FXPS UDUH 3H GH DOW  SDUWH vQ FD] GH FHGDUH XOWHULRDU  D

imobilului, plus-YDORDUHD FkWLJXO GH YDORDUH HYHQWXDO UHDOL]DW

 YD IL FDOFXODW  FD GLIHUHQ

 vQWUH

YDORDUHD ILVFDO  D EXQXOXL SUH XO GH FXPS UDUH PDMRUDW FX UHLQWHJUDUHD ILVFDO  L DPRUWLVPHQWHOH

contabilizate.
Regimul fiscal al credit-bail-ului imobiliar ne apare astfel avantajos deoarece el permite,
LQkQG FRQW GH GHGXFWLELOLWDWHD FKLULLORU SH GH R SDUWH GH DPRUWL]DUHD ILVFDO  PDL UDSLG  D
FRQVWUXF LLORU L SH GH DOW  SDUWH GH DPRUWL]DUHD WHUHQXULORU 5HLQWHJUDUHD ILVFDO  QX GHWHUPLQ 
GHFkWSLHUGHUHDXQHLS U LGLQDFHVWDYDQWDM LQkQGFRQWGHDFWXDOL]DUH
$QDOL]DHFRQRPLF

DRSHUD LHLGHFUHGLW

-bail

Punctul de vedere al creditorului

3UHVXSXQHP F  FUHGLWRUXO HVWH XQ VWDELOLPHQW ILQDQFLDU FDUH vL DFRUG  FRQFXUVXO V X
HJDODWkWVXEIRUPDXQXLvPSUXPXWFODVLFFkWLVXEIRUPDFUHGLW

mod

-bail-ului.

Credit-bail-XOFRQVWLWXLHXQVXEVWLWXWSHUIHFWDOvPSUXPXWXOXLFODVLFFHHDFHVHPQLILF

IDSWXO

F  ULVFXOHFRQRPLF DQWUHQDW GH R RSHUD LH GH OHDVLQJ HVWH LGHQWLF FX ULVFXODQWUHQDW GH R RSHUD LH GH
vPSUXPXW FODVLF SHQWUX VWDELOLPHQWXO ILQDQFLDU $FHVWD GLQ XUP  VROLFLW  LQYHVWL LLORU VDOH R UDW  GH

UHQWDELOLWDWH HFRQRPLF  GXS  GHGXFHUHD LPSR]LWXOXL QRWDW  FX 5a  HJDO  FHO SX LQ FX FRVWXO

FDSLWDOXOXLV X

MPb  FRVWXO FDSLWDOXOXL VWDELOLPHQWXOXL ILQDQFLDU L SULQ 5de costul

b
GDWRULHL SHQWUX ORFDWDU L LQkQG FRQW GH FRWD GH LPSR]LWDUH D FUHGLWRUXOXL 7 ) , atunci costul
minimal al datoriei pentru locatar devine:
'DF  GHVHPQ P SULQ &

R ed = CMP b /(1 T b )

Ca urmare a identLW
-

LL SUHVXSXQH D ULVFXOXL HFRQRPLF vQWUH RSHUD LXQHD GH vPSUXPXW FODVLF

L RSHUD LXQHD GH FUHGLW EDLO DFHVW FRVW UHSUH]LQW  GH DVHPHQHD FRVWXO FUHGLW

-bail-ului pentru

locatar.
Costul capitalului creditorului
&RVWXOFDSLWDOXOXLFUHGLWRUXOXLVHSRDWHH[SULPDFXDMXWRUXOUHOD LHLXUP WRDUH

D
D

b CP
CMP b = R ab 1 Tb
+ R db (1 T b )
= Rc
CP + D
CP + D
CP + D

unde: ' L &3 VXQW VXPHOH FDUH H[SULP  GDWRULD ILQDQFLDU  L FDSLWDOXULOH SURSULL DOH FUHGLWRUXOXL
Rcb L 5db VHPQLILF  FRVWXO IRQGXULORU SURSULL i costul datoriei pentru creditor; Tb H[SULP  FRWD
(rata) de impozitare a creditorului.
(YDOXDUHDUHQWDELOLW

LLRSHUD LXQLLGHFUHGLW

-bail pentru creditor

9RP HYDOXD FDUH HVWH vQ SUH]HQW UHQWDELOLWDWHD RSHUD LXQLL GH FUHGLW

-bail pentru creditor

recurgnG OD 9$1 5DWD GH DFWXDOL]DUH HVWH FRVWXO FDSLWDOXOXL SH FDUH WRFPDL QRL GRULP V -l
GHWHUPLQ P

Modulul 4 -6WUDWHJLDILQDQFLDU
)OX[XULOHGHOLFKLGLW

LvQFDVDWHGHF WUHFUHGLWRUVXQWFRQVWLWXLWHGH

SHGHRSDUWHGHFKLULLOHGXS GHGXFHUHDLPSR]LWXOXLDGLF 

L t (1 T b ) ;

SH GH DOW  SDUWH GH HFRQRPLLOH GH LPSR]LW SURFXUDWH JHQHUDWH FD XUPDUH D
GHGXFWLELOLW

LL DPRUWLVPHQWHORU SUDFWLFDWH DVXSUD EXQXOXL vQFKLULDW DGLF  7

DAt pentru

perioada t.
3UHVXSXQkQG F  YDORDUHD UH]LGXDO  D EXQXOXL HVWH QXO  L F  VXPD LQYHVWL LHL H
9$1HVWHXUP WRDUHD

ste I, atunci

VAN = n L t (1 T b ) + T b DA t /(1 + CMP b ) t I

t =1

Punctul de vedere a locatarului

3HQWUX ORFDWDU RSHUD LD GH FUHGLW EDLO FRUHVSXQGH VLPXOWDQ FX R GHFL]LH GH LQYHVWL LL L R

GHFL]LH GH ILQDQ DUH 'DF  FRQGL LLOH GH UHSDUDELOLWDWH VXQW VDWLVI FXWH FHOH GRX  GHFL]LL SRW IL
VWXGLDWH VHSDUDW 'HFL]LD GH LQYHVWL LL VH DQDOL]HD]  vQWU XQ PRG WUDGL LRQDO LQYHVWL LD HVWH

DFFHSWDELO GDF 9$1HVWHSR]LWLY(YDOXDUHDUHQWDELOLW

LLVHIDFHvQPRGLQGHSHQGHQWGHPRGXOGH

ILQDQ DUHDGRSWDW
5 PkQHDWXQFLV  VWXGLHPGHFL]LDGHILQDQ DUHUHVSHFWLYV FRPSDU PUHFXUJHUHDODFUHGLW
EDLO FX UHFXUJHUHD OD vPSUXPXW 6HSDUDELOLWDWHD SUHVXSXQH IDSWXO F  FUHGLW
LQFLGHQ

 FD L vPSUXPXWXO DVXSUD FDSDFLW

-bail-XO DUH DFHHDL

LL GH vQGDWRUDUH vQWUHSULQGHUHD FDUH FRQWUDFWHD]  XQ

credit-EDLO UHQXQ  OD XQ vPSUXPXW GH YDORDUH HFKLYDOHQW  /D R VWUXFWXU  ILQDQFLDU  HJDO 
procentajul de ndatorare la care se va recurge pentru a-L ILQDQ D SURLHFWHOH VDOH GH LQYHVWL LL YD IL
PDLUHGXV'HFL]LDQXDUHLQFLGHQ

DVXSUDFRVWXOXLFDSLWDOXOXLVRFLHW

LL

9RP H[DPLQD GHFL SULQ FRPSDUD LH FX vPSUXPXWXO FDUH YD IL LQFLGHQ D FUHGLW
DVXSUDIOX[XULORUGHOLFKLGLW

-bail-ului

L

Credit-bail-XODQWUHQHD]

JHQHUHD] FRQVHFLQ HOHXUP WRDUH

vQWUHSULQGHUHDQXSRDWHGHEXUVDVXPDLQYHVWL LHL,VLWXD LDHVWHHFKLYDOHQW FXFHDvQFDUHHDDU

fi avut-RGDF

SHGHRSDUWHDUILSULPLWXQvPSUXPXWvQVXP GH0

,LSHGHDOW SDUWHLD

-r fi

SO WLWLQYHVWL LD

HDSO WHWHRFKLULH/tvQILHFDUHSHULRDG GXS GHGXFHUHDLPSR]LWXOXLDVXSUDUH]

HDUHQXQ

ultatului, chiria

devine Lt (1 T ), T fiind cota sa de impozitare;

ODHFRQRPLLOHGHLPSR]LWDIHUHQWHDPRUWLVPHQWHORUSHFDUHOH DUILSXWXWSUDFWLFDGDF 

HDDUILIRVWSURSULHWDU GHFLOD7
HD UHQXQ

 GH DVHPHQHD OD HFRQRPLLOH GH LPS

le-DUILUHDOL]DWGDF

ozit aferente cheltuielilor financiare FFt pe care

e
FFt.

V DUILILQDQ DWSHVHDPDXQXLvPSUXPXWFODVLFGHFLOD7

6HGHWHUPLQ 9$1DILQDQ
GH OLFKLGLW

DAt;

ULL GLPLQXkQGVXPD0SULPLW FXVXPDDFWXDOL]DW DIOX[XULORU

L SH FDUH OH DQWUHQHD]  5DWD GH DFWXDOL]DUH FDUH VH DSOLF  HVWH vQ IXQF LH GH QLYHOXO GH

ULVFFDUHFDUDFWHUL]HD] IOX[XULOHQFD]XOOHDVLQJ

-ului nivelul de risc fiind presupus identic cu cel al

chivalente Rde nainte de

vPSUXPXWXOXL FODVLF WUHEXLH SULQ XUPDUH V  VH XWLOL]H]H FRVWXO GDWRULHL H

deducerea impozitului. VAN a credit-bail-XOXLVHFDOFXOHD]

VAN credit - bail = M -

DWXQFLvQPDQLHUDXUP WRDUH

[L (1 T ) + T DA + T FF ]

(1 + R ed ) t

t =1

LVHSRDWHGHPRQVWUDvQWU XQPRGHFKLYDOHQWF 

VAN credit - bail = M -

t =1

[L (1 T ) + T DA ]
[1 + (1 T )R ]
t

e t
d

n cazul n care Te = Tb, VAN a credit-bail-XOXL SHQWUX ORFDWDU HVWH DVWIHO HJDO
RSHUD LHLGHFUHGLW-EDLOLQYHVWL LHSHQWUXFUHGLWRU

 FX 9$1 D

Modulul 4 -6WUDWHJLDILQDQFLDU
METODE UZUALE DE DETERMINARE A COSTULUI CREDIT-BAIL-ULUI
&HOH GRX  PHWRGH FDUH VXQW L FHOH PDL X]XDOH GH GHWHUPLQDUH D FRVWXOXL FUHGLW-bail-ului
cRUHVSXQG FHORU GRX  PHWRGH GH GHWHUPLQDUH D UHQWDELOLW LL XQHL LQYHVWL LL 9$1 L UDWD LQWHUQ  GH
rentabilitate.
(1)

0HWRGD9$1DILQDQ

ULLVDXPHWRGDUDWHLvPSUXPXWXOXLGHED]

UHJXODGHED] 
Evaluarea VAN a credit-bail-XOXLVHIDFHSRUQLQGGHODUHOD LD pe care tocmai am expus-o n
prealabil:
n

VAN credit - bail = M -

t =1

[L (1 T ) + T DA ]
[1 + (1 T )R ]
e

e t
d

$FHDVW  PHWRG  HVWH GH DVHPHQHD GHQXPLW  PHWRGD UDWHL vPSUXPXWXOXL GH UHIHULQ



GHRDUHFHVHXWLOL]HD] FDRUDW GHDFWXDOL]DUHUDWDDFWXDULDO UHSUH]HQWkQGFRVWXOvPSUXPXWXOXL

alternativ pe care ntreprinderea l-DU IL SXWXW XWLOL]D SHQWUX D VH ILQDQ D (D SRDWH IL DGRSWDW

SHQWUX D LQH FRQW GH GHFDODMHOH FDUH LQWHUYLQ vQWUH DQXPLWH IOX[XUL GH H[HPSOX FKLULLOH L

economiile de impozit care le corespund.

Utilizarea acestui criteriu esWHLPHGLDW
preferat mprumutului clasic.

GDF 9$1HVWHSR]LWLY DWXQFLFUHGLW

-bail-ul este de

(2) Metoda ratei actuariale

0HWRGD UDWHL DFWXDULDOH HVWH HFKLYDOHQW  FX PHWRGD FULWHULXOXL UDWHL LQWHUQH GH UHQWDELOLWDWH
DSOLFDWHFRVWXOXLILQDQ

ULL5HODWLYOD

credit-EDLOUDWDDFWXDULDO

VHGHWHUPLQ SULQF XWDUHDUDWHL

5DVWIHOvQFkWV VHUHVSHFWHHJDOLWDWHDXUP WRDUH

VAN credit - bail = M -

[L (1 T ) + T DA ] = 0
t

t =1

(1 + R )

5DWD5DVWIHORE LQXW  LQHFRQWGHLQFLGHQ HOHILVFDOH

4.2.4. Costul capitalului

Conceptul de cost al capitalului MRDF

 XQ URO LPSRUWDQW vQ JHVWLXQHD ILQDQFLDU  DWkW OD

DOHJHUHDGHFL]LHLGHLQYHVWL LLFkWLODOXDUHDGHFL]LHLGHILQDQ DUH

$FHVWFRVWDOFDSLWDOXOXLXWLOL]DWFDRUDW GHDFWXDULDOHGHSLQGHGHXQQXP UPDUHGHSDUDPHWUL

rata dobnzii datoriilor, poOLWLFDGHGLYLGHQGHVWUXFWXUDILQDQFLDU

DVRFLHW

LLULVFSLD DILQDQFLDU 

&DOFXOXOFRVWXOXLFDSLWDOXOXLWUHEXLHV VHIDF DGRSWkQGRRSWLF SHWHUPHQOXQJLFDOFXOkQG

FRVWXOPHGLXSRQGHUDWSHQWUXWRDWHVXUVHOHGHILQDQ DUH

Se va avea n vedere:
FRVWXOvQGDWRU ULL
costul capitalurilor proprii;
costul mediu ponderat al capitalurilor;
costul marginal al capitalului;
FRVWXOPDUJLQDODOFDSLWDOXOXLLDOHJHUHDGHFL]LHLGHLQYHVWL LH
&RVWXOvQGDWRU

ULL

Datoriile sunt reprezentate de:

mprumuWXULODE QFLLRUJDQLVPHILQDQFLDUHVSHFLDOL]DWH
REOLJD LXQLHPLVHSHSLD DILQDQFLDU 
Costul datoriei poate fi determinat att nainte de plata impozitului pe profit (avnd n
YHGHUH IDSWXO F  vQ 5RPkQLD SHQWUX vQFXUDMDUHD XQRU DFWLYLW

L HFRQRPLFH VRFLHW

L FRPHUFLDOH L D

LQYHVWL LLORUVWU LQHV

-a operat cu scutiri de la plata acestui impozit pe perioada de la 6 luni la 5 ani n

IXQF LH GH VSHFLILFXO DFWLYLW

LL FkW L GXS  SODWD LPSR]LWXOXL SH SURILW FD]XO DJHQ LORU HFRQRPLFL

care nu pot beneficiDGHVFXWLULVDXGHS

HVFSHULRDGDGHVFXWLUHDFRUGDW 

Modulul 4 -6WUDWHJLDILQDQFLDU
1) Costul datoriei nainte de impozitare
&RVWXO H[SOLFLW DO vPSUXPXWXOXL HVWH FDOFXODW SRUQLQG GH OD YDORDUHD DFWXDO  'DF 
vQWUHSULQGHUHD D FRQWUDFWDW R GDWRULH SH FDUH R QRW P FX ( FDUH DQWUHQHD]  UDPEXUV UL DQXDOH

(dobnzi + anuitate de rambursat) egale cu E1, E2 En, costul explicit al datoriei CD va fi

GHWHUPLQDWFXDMXWRUXOUHOD LH

E1
E2
En
+
+ ... +
2
1 + CD (1 + C D )
(1 + CD ) N
Calculul lui CD VH HIHFWXHD]
tabele de actualizare.
2)

&RVWXOGDWRULHLGXS

 FD XQ FDOFXO DO XQHL UDWH LQWHUQH GH UDQGDPHQW SRUQLQG GH

LPSR]LWDUH

5DWD GREkQ]LL GXS  LPSR]LWDUH HVWH HJDO  FX &'

la

(1 - ) unde este cota impozitului pe

profit.
,PSR]LWXO SH SURILW GLPLQXHD]  vQWU-un mod sensibil costul datoriei pentru ntreprinderi, de
vreme ce cheltuielile financiare sunt n general deductibile (sistemul actual de impozitare a
SURILWXOXL vQ DUD QRDVWU  PHQ LRQHD]  IDSWXO F  VXPD PD[LP  D FKHOWXLHOLORU FX GREkQ]LOH FDUH
SRDWH IL GHGXV  GH F WUH FRQWULEXDELOL HVWH R VXP  HJDO  FX VXPD YHQLWXU

ilor din dobnzi plus

20% din alte venituri ale acestora).

QVLWXD LDvQFDUHvQWUHSULQGHUHDHVWHGHILFLWDU FRVWXOGDWRULHLU PkQHODQLYHOXOV XGLQDLQWH
GHLPSR]LWDUHGHYUHPHFHHDQXSRDWHGHGXFHFKHOWXLHOLOHVDOHILQDQFLDUHVDXP FDURSDUWHGLQ

elHGLQEHQHILFLXOV

XEUXW

4.2.4.2. Costul capitalurilor proprii

&RVWXOFDSLWDOXULORUHVWHHJDOFXUDWDGHUDQGDPHQWDWHSWDW GHDF LRQDUL
5DWDGHUDQGDPHQWDWHSWDW GHF WUHDF LRQDULFRUHVSXQGHUDWHLUDQGDPHQWXOXLPLQLPDOFDUH
LQFLW  DF LRQDUXO SRWHQ LDO V  FXPSHUH R DF LXQH L GHWHUPLQ  DF LRQDUXO DFWXDO V  FRQVHUYH WLWOXO GH

valoare.
1) Costul capitalurilor proprii ntr-RVWUXFWXU

GHFDSLWDOXULGDWH

&RPHQVXUDUHD FRVWXOXL FDSLWDOXULORU SURSULL HVWH SRVLELO  FX DMXWRUXO PHWRGHL FH DSHOHD]  OD

dividende.
2 DF LXQH QHDYkQG R GDW  VFDGHQW  VSUH GHRVHELUH GH R REOLJD LXQH VH SRDWH FRQVLGHUD F 
YDORDUHD DFWXDO  D XQHL DF LXQL VDX SUH XO XQHL DF LXQL 3$ HVWH HJDO  FX VXPD DFWXDOL]DW  D

dividendelor viitoare:

PA =

D1
D2
D
+
+ ... +
,
(1 + CA ) (1 + CA ) 2
(1 + CA )

unde: PA -SUH XODF LXQLL$

Dt - dividende la momentul t = 1, 2;
CA -FRVWXODF LXQLORUVDXUDWDGHUDQGDPHQWDWHSWDW

GHDF LRQDUL

'DF  VHSUHVXSXQHF GLYLGHQGH LQL LDO'1FUHWHvQ PRG UHJXODW FXR UDW GH FUHWHUHQRWDW 

FXJVHSRDWHDMXQJHODXUP WRDUHDUHOD LH

P=

D1(1+ g )
D1
D (1 + g)
+
+ ... + 1
2
(1 + CA ) (1 + C A )
(1 + CA )

$FHDVW  H[SUHVLH HVWH VXPD XQHL SURJUHVLL JHRPHWULFH GH SULP WHUPHQ

UD LD

1+ g
, care se mai poate scrie:
1 + CA

D1
1 + CA

 L

Modulul 4 -6WUDWHJLDILQDQFLDU

(1 + g )
D1
(1 + CA )
PA =

1 + CA 1 1 + g
1 + CA
6HSUHVXSXQHF &A= g. Atunci cnd 1WLQGHVSUHLQILQLWHFXD LDGHYLQH
1

PA =

D1
1
D1

=
1 + C A 1 (1 + g ) /(1 + C A ) CA g

) va fi: CA =

LDUFRVWXODF LXQLORU&A

2)

D1
+g.
PA

&RVWXOQRLORUDF LXQL
(PLVLXQHDGHQRLDF LXQLDQWUHQHD] SHQWUXvQWUHSULQGHUHFKHOWXLHOLGHHPLVLXQHGHWLWOXULQRL

cheltuieli legate de titluri noi;

cheltuieli de publicitate;
FRPLVLRDQHDOHE QFLL

$FHVWH FKHOWXLHOL VXQW DGHVHD vQ IXQF LH GH LPSRUWDQ D HPLVLXQLL L UHSUH]LQW  DSURDSH 

suma emisiunii.
3HQWUX FD YHFKLL DF LRQDUL V  QX ILH SHQDOL]D L SULQ HPLVLXQHD GH QRL DF LX

ni (diluare a

EHQHILFLLORU YD WUHEXL FD QRLOH LQYHVWL LL DOH vQWUHSULQGHULL V  JHQHUH]H R UDW  GH UDQGDPHQW GH
DVHPHQHD ULGLFDW  SHQWUX D SHUPLWH Y UVDUHD GH GLYLGHQGH D F URU YDORDUH DFWXDO  V  ILH HJDO  FX
SUH XOQHWSHFDUHvQWUHSULQGHUHDvOSULPHWHSHQWUXQRLOHVDOHDF LXQL

Desemnnd prin:

PN SUH QHWvQFDVDWGHILUP SHQWUXRDF LXQHQRX 

CN FRVWDODF LXQLORUQRL
Dt -GLYLGHQGHODPRPHQWXOWWVHYDRE LQH

3UH XOQHWSHRDF LXQHQRX vQFDVDWGHvQWUHSULQGHUHHVWH

PN P(1 e),
unde: e cheltuielile de emisiune, exprimate n procentaj din totalul sumei emisiunii.
$YkQGvQYHGHUHvQSUHDODELOLSRWH]DGHFUHWHUHDGLYLGHQGHORUFXRUDW GHFUHWHUHQRWDW 

cu g, se poate scrie:

P(1 e) =

D1
CN g

de undHVHRE LQHFRVWXOQRLORUDF LXQL C N =

D1
+g.
P(1 e)

3) Costul rezervelor
Rezervele sau beneficiile nerepartizate, au un cost (CR) un cost de oportunitate sau un cost
implicit.
$FHVWFRVWSRDWHILFRQVLGHUDWFDILLQGHJDOFXUDWDGHUDQGDPHQWDWHSWDWGHDF LRQDULSHQWUX
DF LXQLOHORU

CR =

D
= +g
P

$QXPL L DXWRUL FRQVLGHU  FRVWXO UH]HUYHORU FD ILLQG XQ FRVW GH RSRUWXQLWDWH HJDO FX UDWD
UDQGDPHQWXOXLSHFDUHvQWUHSULQGHUHDvOYDSXWHDRE LQHSODVkQGIRQGXULOHVDOHvQH[WHULRU

4)

&RVWXODF L

unilor privilegiate

$WXQFL FkQG R vQWUHSULQGHUH HPLWH DF LXQL SULYLOHJLDWH L FkQG HD SULPHWH 3N

QRX DF LXQHFRVWXODFHVWRUDF LXQLSULYLOHJLDWH&P

) este egal cu:

pentru fiecare

Modulul 4 -6WUDWHJLDILQDQFLDU
CP =

DP
PN

unde: PN SUH XOQHWvQFDVDWGHvQWUHSULQGHUHSHQWUXRDF LXQHSULYLOHJLDW

DP GLYLGHQGHY UVDWHDF LXQLORUSULYLOHJLDWH

4.2.4.3. Costul mediu ponderat al capitalului

&DOFXOXO FRVWXOXL PHGLX SRQGHUDW DO FDSLWDOXOXL VDX FRVWXO FDSLWDOXOXL vQWUHSULQGHULL QHFHVLW 

anumite etape preliminare:

calculXOFRVWXOXLFDSLWDOXOXLILHF UXLDGLQWUHVXUVHOHGHILQDQ DUHXWLOL]DWH
FDOFXOXOSRQGHULLILHF UHLDGLQWUHVXUVHOHGHILQDQ DUHSHQWUXLQYHVWL LLOHYLLWRDUH
calculul costului mediu ponderat.
Costul global al capitalului sau costul mediu ponderat al capitDOXOXL VH RE LQH I FkQG VXPD
SURGXVHORU FRVWXOXL ILHF UXLD GLQ VXUVHOH GH ILQDQ DUH L SRQGHUHD SH FDUH HO vO SUH]LQW  vQ WRWDO

resurse.
4.2.4.4. Teoria costului capitalului dependent de ndatorare
$FHDVW WHRULHVWLSXOHD] F FRVWXOXQLWDUDOFDSLWDOXOXLFDLSUH XODF LXQLORUVXQWDIHFWDWHGH
FUHWHUHDvQGDWRU ULLvQWUHSULQGHULL
&XPFRVWXOGDWRULHLHVWHvQJHQHUDOLQIHULRUFRVWXOXLFDSLWDOXULORUSURSULLRFUHWHUHDGDWRULHL
DUHXQLPSDFWIDYRUDELODVXSUDUHQWDELOLW

Ipotezele de ED]
a)
b)

6WUXFWXUDFDSLWDOXOXLvQWUHSULQGHULLFXSULQGHQXPDLDF LXQLLREOLJD LXQL

3LH HOHGHFDSLWDOXULVXQWSUHVXSXVHSHUIHFWHDGLF 

c)
d)
e)
f)

LLvQWUHSULQGHULL

VXQWXUP WRDUHOH

QXH[LVW FRVWXOXLDOHWUDQ]DF LLORU

LQIRUPD LDHVWHGLVSRQLELO SHQWUXWR L

comportamentul investitoULORUHVWHUD LRQDO

$QWLFLSD LLOHEHQHILFLLORUI FXWHGHLQYHVWLWRULVXQWLGHQWLFH

%HQHILFLLOHvQWUHSULQGHULORUQXVXQWVXSXVHLPSR]LW ULL
&RVWXODF LXQLORUU PkQHFRQVWDQWFkQGvQGDWRUDUHDFUHWH
&RVWXOGDWRULHLU PkQHFRQVWDQWFkQGvQGDWRUDUHDFUHWH

3RUQLQG GH OD DFHVWH LSRWH]H SDUWL]DQLL DFHVWHL WHRULL FRQVLGHU  F  XWLOL]DUHD XQHL vQGDWRU UL
PDLLPSRUWDQWHQXVFKLPE FRVWXOFDSLWDOXULORUSURSULL
$FHDVW  vQGDWRUDUH DU SHUPLWH GLPLQXDUHD FRVWXOXL FDSLWDOXOXL vQWUHSULQGHULL *UDILFXO
XUP WRULOXVWUHD] DFHDVW WHRULH

Costul
capitalului
9

CA

CM
CD

0,10

0,30

0,70

0,90 1,00

Rata de ndatorare
Datorii/Pasiv

Modulul 4 -6WUDWHJLDILQDQFLDU
&RVWXODF LXQLORUU PkQHGHDVHPHQHDFRQVWDQW
&RVWXO PHGLX SRQGHUDW DO FDSLWDOXOXL &0 VH GLPLQXHD]  FRQVWDQW SH P VXU  FH UDWD GH
vQGDWRUDUHFUHWHGHYUHPHFHGDWRULLOHDXXQFRVWPDLVF ]XWGHFkWDF LXQLOH
&RQIRUPDFHVWHLWHRULLYDORDUHDDF LXQLORUDUFUHWHvQDFHODLWLPSFXvQGDWRUDUHDGHYUHPH
FHFRVWXOPHGLXSRQGHUDWDOFDSLWDOXOXLVHGLPLQXHD] vQPRGUHJXODW
7HRULDLQGHSHQGHQ HLFRVWXOXLFDSLWDOXOXLGHvQGDWRUDUH
$FHDVW WHRULHHVWHRSXV WHRULHLSUHFHGHQWHLHVWHvQDFHODLWLPSED]DW SHDFHOHDLLSRWH]H
SULYLWRDUHODSLD DFDSLWDOXULORUFRVWXOGDWRULHLLODILVFDOLWDWH
&RQIRUP DFHVWHL WHRULL H[SXV  GH 0+ 0LOOHU L ) 0RGLJOLDQL vQ  FRVWXO PHGLX

ponderat al capitalului nu estHLQIOXHQ DWGHvQGDWRUDUHDvQWUHSULQGHULL

$SDUDLFLFRQGL LLFHUXWHGHH[SXQHUHDWHRULHL

a)

QWUHSULQGHULOHFRWDWHSHSLD

VXQWvPS U LWHSHFODVHGHULVFILHF UHLFODVHGHULVFvLHVWHDVRFLDW 

RUDW GHFDSLWDOL]DUHSDUWLFXODU &r

);

b) Valoarea bursieU

0+0LOOHUL)0RGLJOLDQLFRQVLGHU F vQWUHSULQGHULFDUHvQUHJLVWUHD] DFHODLEHQHILFLX

EUXWLFDUHDXDFHODLJUDGGHULVFWUHEXLHV DLE DFHHDLYDORDUHGHSLD

YDORDUHEXUVLHU RULFDUH

DUILVWUXFWXUDGHILQDQ DUH
9DORDUHDEXUVLHU DXQHLvQWUHSULQGHULVHRE LQHFDSLWDOL]kQGEHQHILFLXOEUXWDWHSWDWODRUDW 

de capitalizare (CrFRUHVSXQ]

ntreprinderii.

WRDUHJUDGXOXLGHULVF(DHVWHLQGHSHQGHQW GHVWUXFWXUDILQDQFLDU D

Cost
(%)

CA

CM

CD

5DW GHvQGDWRUDUH
QDFHDVW WHRULHSUH XODF LXQLORUU PkQHFRQVWDQWDWXQFLFkQGQLYHOXOvQGDWRU ULLFUHWH

Aprecierea teoriei
3HQWUX vQWUHSULQGHUL DFHDVW  WHRULH DU DYHD GUHSW FRQVHFLQ

 IDSWXO F  QX H[LVW  VWUXFWXUD

ILQDQFLDU RSWLPDO GHRDUHFHFRVWXOPHGLXSRQGHUDWDOFDSLWDOXOXLU PkQHFRQVWDQW

Aceast

 WHRULH D I FXW RELHFWXO D QXPHURDVH FULWLFL PDL DOHV SHQWUX DQXPLWH LSRWH]H DOH VDOH

QHUHDOLVWHQHOXDUHDvQFRQVLGHUD LHDLPSR]LWXOXLSHSURILWHWF

'H DVHPHQHD DFHDVW  WHRULH HVWH GLILFLO GH WHVWDW GH YUHPH FH HD FRQVLGHU  YHQLWXULOH

anticipate.

Modulul 4 -6WUDWHJLDILQDQFLDU
4.2.4.6. Costul de oportunitate al resurselor
1.
1)

'(),1,

,(,,1752'8&(5(1&21&(37

'HILQL LH

Pasivul ntreprinderii este la un moment dat constituit din ansamblul resurselor contractate
de ntreprindere. Aceste resurse financiare sunt caracterizate prin cosWXO ORU H[SOLFLW DGLF  FRVWXO OD
care societatea le-DRE LQXWLSULQFRVWXOORUGHRSRUWXQLWDWH
&RVWXOGHRSRUWXQLWDWHDXQHLVXUVHGHIRQGXULGHMDRE LQXWHHVWHODXQPRPHQWGDWFRVWXOOD
FDUH

vQWUHSULQGHUHD

DU

IL

SXWXW

RE LQH

R

UHVXUV 

LGHQWLF 

FX

DFHDVWD

(O

UHSUH]LQW 

GHFL

UHVSRQVDELOLWDWHDSHFDUHRFHUGH LQ WRULLGHIRQGXULGDF vQWUHSULQGHUHDDUUHFXUJHODHOHSHQWUXD L

rennoi sursele sale.

2) Introducere n concept
&RVWXOGHRSRUWXQLWDWHSUH]LQW SHQWUXvQWUHSULQGHUHRLPSRUWDQ

FRQVLGHUDELO vQP VXUDvQ

FDUHHOUHSUH]LQW FRVWXOODFDUHvQWUHSULQGHUHDL DUILSXWXWFUHWHPDUJLQDOYROXPXOPLMORDFHORUVDOH

GHILQDQ DUH
6H PHUJH SkQ  DFROR vQFkW VH VXV LQH F  FRVWXO GH RSRUWXQLWDWH HVWH HVHQ LDO vQ FD]XO XQHL
vQWUHSULQGHUL DOH F UHL WLWOXUL VXQW FRWDWH OD EXUV  GHRDUHFH DFHVW FRVW HVWH GHWHUPLQDW GH
FRPSRUWDPHQWXODFHVWRUWLWOXULDF LXQLLREOLJD LXQLSHSLH HOHVHFXQGDUH
7RWXL FRQFHSWXO GH FRVW GH RSRUWXQLWDWH QX VH OLPLWHD]  QXPDL OD vQWUHSULQGHULOH FDUH IDF
DSHOODSLD DILQDQFLDU HOVHDSOLF PDLPXOWVDXPDLSX LQGLUHFWODRULFHvQWUHSULQGHUHSHQWUXFDUH
HO UHSUH]LQW  FRVWXO PDUJLQDO DO XQHL XQLW

L PRQHWDUH GH UHVXUVH VXSOLPHQWDUH LGHQWLFH FX UHVXUVHOH

actuale.
2. MECANISMUL COSTULUI DE OPORTUNITATE
1)

5HYL]XLUHDVLVWHPDWLF

a modului de evaluare a pasivului exigibil

3LD D ILQDQFLDU  PRGLILF  vQ PRG FRQVWDQW YDORDUHD SH FDUH R DWULEXLH REOLJD LXQLORU

ntreprinderii.
&RQVLGHU PFXWLWOXGHH[HPSOXRvQWUHSULQGHUHFDUHHPLWHREOLJD LXQLGHUDPEXUVDELOH

n 10 ani prin uniW

L FRQWDQWH OD R HSRF  vQ FDUH SLD D VROLFLW  FHUH R GREkQG  GH  DIHUHQW 

SODVDPHQWHORU VDOH REOLJDWDUH 6FDGHQ DUXO IOX[XOXL OHJDW GH R REOLJD LXQH VH VWDELOHWH GXS  FXP
XUPHD] 

Anii
+

0
+ 100

1
-16,27

2
-16,27

3
-16,27

4
-16,27

5
-16,27

6
-16,27

7
-16,27

8
-16,27

9
-16,27

10
-16,27

/D VIkULWXO SULPXOXL DQ SLD D ILQDQFLDU  QX PDL VROLFLW  SHQWUX DFHODL ULVF GHFkW R UDW  D

dobnzii de 8% pe an.
'LQ FDX]D DFHVWHL VF GHUL D UDWHL GREkQ]LL VH UHHYDOXHD]  PRG DXWRPDW DFWLYXO ILQDQFLDU OD

10YDORDUHDFWXDOL]DW

ODDSULPL LDQXDOWLPSGHDQL

8UPHD]  IDSWXO F   SH GH R SDUWH GH LQ WRUXO UHYLQGH WLWOXO V X vQ SULPXO DQ YD vQFDVD vQ

DFHVWPRPHQWXQSUH GHUHYkQ]DUHFUHVFXW

P ULWFXGREkQG
16,27 + 101,64 = 117,91

DQXDO 

L YD DYHD GHFL R UHQWDELOLWDWH DQXDO  GHJDMDW  GH SODVDPHQWXO V X GH  LDU SH GH DOW  SDUWH
LQYHVWLWRUXO FRPSHQVkQG REOLJD LXQHD OD  vQ SULPXO DQ YD vQFDVD  SH DQ WLPS GH  DQL
SODVDPHQWXOV XGHJDMkQGGHFkWRUHQWDELOLWDWHDQXDO GH
3HU WRWDO UHQWDELOLWDWHD DFWXDULDO  RE LQXW  GH GH LQ WRUXO FDUH D FXPS UDW WLWOXO FKLDU vQ
PRPHQWXO HPLVLXQLL OXL L S VWUkQGX O SkQ  OD VFDGHQ

UHQWDELOLW

LGHRSRUWXQLW

LFDUHDMXQJSkQ OD

17,91% n primul an;

vQXUP WRULLDQL

 HVWH GH  (D VH GHVFRPSXQH vQ GRX 

Modulul 4 -6WUDWHJLDILQDQFLDU
,QYHUVFRVWXOH[SOLFLWDOvPSUXPXWXOXLU PkQHSHQWUXvQWUHSULQGHUHHJDOFXGH

-a lungul

GXUDWHLVDOHGDUVHGHVFRPSXQHvQGRX FRVWXULGHRSRUWXQLWDWHGLVWLQFWH

 vQ SULPXO DQ vQ DO L WHUPHQL GDF  ILUPD DU WUHEXL V

-L U

VFXPSHUH

WLWOXULOH VDOH OD EXUV  HD DU WUHEXL V  SO WHDVF    L QX  SHQWUX ILHFDUH

titlu;

 WLPS GH  DQL XUP WRULL vQ DO L WHUPHQL vQWUHSULQGHUHD DU IL SXWXW OD ILQHOH
SULPXOXLDQV VHUHvQGDWRUH]HODWLPSGHDQL

n defLQLWLY ILQDO vQWUHSULQGHUHD QX YD Y

UVDHIHFWLY GH D OXQJXO GXUDWHLvPSUXPXWXOXL V X

GHFkWUDWDGREkQ]LLGHSUHY ]XW LQL LDO7RWXLDFHVWFRVWH[SOLFLWVHYDGHVFRPSXQHvQGLIHULWH

FRVWXUL GH RSRUWXQLWDWH GXS  HYROX LD UDWHL GREkQ]LL SH SLD D ILQDQFLDU  DFHDVWD GLQ XUP 

modificndu-LvPRGFRQVWDQWSURSULDVDHVWLPDUHFXSULYLUHODYDORDUHDREOLJD LXQLL
2) Principiul de anticipare a rezultatelor: costul de oportunitate al capitalurilor proprii
'DF  PRGLILF ULOH GH HYDOXDUH D SLH HL ILQDQFLDUH VH supun, pentru capitaluri proprii, la
PHFDQLVPHVWULFWLGHQWLFHFHORUFDUHDIHFWHD] SDVLYXOH[LJLELOHOHFDS W RVHPQLILFD LHPDLODUJ vQ
P VXUDvQFDUH SLD DUHFRQVLGHU LDQWLFLSHD] vQSHUPDQHQ

UH]XOWDWHOHvQWUHSULQGHULL&XPDFHVWH

IOXFWXD LL VX

nt foarte importante, determinarea costului de oportunitate aferent capitalurilor proprii,

pune ntreprinderii probleme considerabile din punct de vedere financiar.
$FHVW FRVW HVWH IXQF LH GH FXUVXO DF LXQLL SH SLD D VHFXQGDU  HO UHSUH]LQW  FRVWXO XQXL QRu

DSHODODF LRQDULORU'HDLFLUH]XOW LPSRUWDQ DIXQGDPHQWDO DFXUVXOXLEXUVLHUvQSROLWLFDILQDQFLDU 

DvQWUHSULQGHULLGHWHUPLQkQGFRVWXOGHRSRUWXQLWDWHDOXQXLDSHODODF LRQDULORUHOGHILQHWHUHVXUVHOH
SRWHQ LDOHDOHvQWUHSULQGHULLvQPDWHULHGH

capitaluri proprii.
De asemenea, determinarea costului de oportunitate al capitalurilor proprii presupune

DQDOL]D SDUDPHWULORU FDUH H[SOLF  HYROX LD XQHL DF LXQL SH SLD D ILQDQFLDU  DGLF  IRUPDUHD FXUVXOXL

bursier.
3. DETERMINAREA COSTULUI DE OPORTUNITATE A CAPITALURILOR
PROPRII
1. Parametrii analizei cursului bursier
3R]L LDSUREOHPHL
$QDOL]DFXUVXOXLEXUVLHUDORULF UHLvQWUHSULQGHULVHORYHWHGHXQGXEOXSDUDGR[

SH GH R SDUWHHYDOXDUHDFXUVXOXL EXUVLHU VH ED]HD]  vQPRGHVHQ LDO SH SURLHFWDUHD

parametrilor

HFRQRPLFL SURSULL DL XQHL vQWUHSULQGHUL DFWXDOL]D L OD UDWD GH UHQWDELOLWDWH FHUXW  SH SLD D
ILQDQFLDU  FXUVXO EXUVLHU UH]XOW  GHFL FD XUPDUH D JHVWLXQLL VRFLHW

LL L D DWLWXGLQLL SLH HL

ILQDQFLDUHFDUHVDQF LRQHD] DFHDVW JHVWLXQH

pe de DOW

 SDUWH FKLDU SLD D ILQDQFLDU  VROLFLW  R UDW  GH UHQWDELOLWDWH GLVWLQFW  GH UHQWDELOLWDWHD

HFRQRPLF  D vQWUHSULQGHULL HD DSOLF  DFHDVW  UDW  OD SDUDPHWULL LQWHUQL DL vQWUHSULQGHULL FDUH
LPSXQHGLQDFHVWPRWLYDF LRQDUXOXLSURSULDVDUHQWDELOLWDWHRULFDUHDUILUHQWDELOLWDWHDFHUXW SH
SLD

UHQWDELOLWDWHDDF LXQLLQXYDILvQPRGJOREDOGHFkWUHQWDELOLWDWHDGHJDMDW GHDFHDVWD

'LQFDX]DDFHVWXLGXEOXSDUDGR[GHFXUJSDUDPHWULLFDUHWUHEXLHV ILHOXD LvQFRQVLGHUDUHvQ

evaluarea cursului bursierDOXQHLVRFLHW

L

1.2. Aspect teoretic

&XUVXO EXUVLHU GHSLQGH GH FRQMXQFWXUD D GRL IDFWRUL HVHQ LDOL UHQWDELOLWDWHD vQWUHSULQGHULL SH
GH R SDUWH L VWDUHD SLH HL ILQDQFLDUH SH GH DOW  SDUWH GHRDUHFH DF LXQHD YD SXWHD RULFkQG V  ILH
VFKLPEDW VDXQHJRFLDW SHSLD

(OHVWHIXQGDPHQWDOOHJDWGHSDUDPHWULLvQWUHSULQGHULLLGHGDWHOH

SLH HL ILQDQFLDUH &XUVXO EXUVLHU UHSUH]LQW  SH GH DOW  SDUWH HVWLPDUHD SDUDPHWULORU vQWUHSULQGHULL
HYDOXD LSHSLD

ODUDWDGHRSRUWXQLWDWHSHFDUHL RDOHJHDF LRQDUXO LQkQGFRQWGHULVFXOODFDUHVH

expune.
9DORDUHDILQDQFLDU DvQWUHSULQGHULLHVWHGHFLvQDLQWHGHWRDWHRYDORDUHDQWLFLSDW 

Modulul 4 -6WUDWHJLDILQDQFLDU
6SHUDQ DDF LRQDUXOXL
5HQWDELOLWDWHDSHFDUHDF LRQDUXORSULPHWHFDXUPDUHDDMXQJHULLODVFDGHQ

DWLWOXOXLV XGH

SURSULHWDWH QX SRDWH vQ SULQFLSLX V  GLIHUH vQ PRG JOREDO GH UHQWDELOLWDWHD GHJDMDW  GH DFWLYLWDWHD

ntreprinderii.
7RWXLDF LRQDUXODQWLFLSHD] HYROX LDSDUDPHWULORUILQDQFLDULDLvQWUHSULQGHULLLvLHVWLPHD] 
vQ IXQF LH GH XQ DQXPLW FRVW GH RSRUWXQLWDWH FXUVXO EXUVLHU UHIOHFW  GLQ DFHVW PRWLY R VDQF LXQH
DWULEXLW vQDYDQVvQWUHSULQGHULLSHSLD DILQDQFLDU 
9DORDUHDHVWLPDW VSHUDW GHDF LRQDUSUH]LQW RPDUHLPSRUWDQ

SHQWUXVRFLHWDWHGHRDUHFH

VHJ VHWHODRULJLQHDDMXVW ULLFXUVXULORU&RQVLGHU PRvQWUHSULQGHUHDF UHLYDORDUHILQDQFLDU HVWH

vQDQXOLFDUHFDSLWDOL]HD] WRWDOLWDWHDEHQHILFLLORUVDOHUHLQYHVWLQGX

-le la rata de 10% (rata sa

GHUHQWDELOLWDWHPHGLH(DVHGH]YROW GXS FXPXUPHD] 

Anii
Beneficiu
Capitaluri proprii

0
100

'DF  DF LRQDUXO VRFLHW

1
10
110

2
11
121

3
12,1
133,1

4
13,31
146,41

LL VSHU  HIHFWLY OD R UDW  GH UHQWDELOLWDWH GH  YDORDUHD GH

HFKLOLEUX DGLF  YDORDUHD ILQDQFLDU  D vQWUHSULQGHULL vQ DQXO  YD IL HJDO  FX  'DF  vQ VFKLPE
DF LRQDUXOQXDWHDSW  GHFkW RUHQWDELOLWDWHGHLVHDSUHFLD] F RvQWUHSULQGHUHRE LQHEHQHILFLL
VXSHULRDUH FHORU VFRQWDWH HO YD UHDMXVWD FXUVXO DF LXQLL DFWXDOL]kQGX O OD  L QX OD 

EHQHILFLLOH YLLWRDUH L VH YD IL[D GHFL YDORDUHD EXUVLHU  D VRFLHW

LL OD  vQ DQXO  L OD  vQ

DQXO  (O YD RE LQHHIHFWLY R UHQWDELOLWDWH GH  FD L R SOXV YDORDUH GH  

 DIHUHQW

YDORULLDF LXQLLVDOHGDF VHGHFLGHV UHYkQG DF LXQHDODILQHOHDQXOXL

,QYHUV GDF SLD DDWHDSW  RUHQWDELOLWDWHGHHOYD UHDMXVWDFXUVXODF LXQLL VXEIRUP GH
SLHUGHUHGHYDORDUHIL[kQGFXUVXOODvQDQXOLvQDQXO6HREVHUY LPSRUWDQ DSHFDUH
R SUH]LQW  SHQWUX vQWUHSULQGHUH UHQWDELOLWDWHD VSHUDW  DWHSWDW  GH DF LRQDU GDF  DFHVWD

nu este

PXO XPLW YDORDUHD ILQDQFLDU  D vQWUHSULQGHULL VH YD GHSUHFLD LQYHUV GDF  HO VROLFLW  R UHQWDELOLWDWH
LQIHULRDU UHQWDELOLW

LLRIHULWHGHvQWUHSULQGHUHDFHDVW YDORDUHYDILUHDMXVWDW vQVHQVXOFUHWHULL

6WXGLXO VSHUDQ HORU DF LRQDUXOXL SHUP

ite, deci, degajarea parametrilor fundamentali care vor

VHUYLFDED] vQGHWHUPLQDUHDFXUVXOXLEXUVLHUDOVRFLHW

LL$FHWLSDUDPHWULSRWILDVWIHOGHILQL L

Parametrii interni
ai ntreprinderii
3URLHFWDUHDUHQWDELOLW

Parametrii externi
ai ntreprinderii
LL

5DWDGREkQ]LLLULVFXO
SHUFHSXWSHSLD

beneficii
dividende

5DWDGHUHQWDELOLWDWHFHUXW 

Tipologie a fluxurilor
GHIRQGXULOHJDW GH

SHSLD DILQDQFLDU

GH LQHUHDXQHLDF LXQL

DFWXDOL]DW OD

CURS BURSIER

Modulul 4 -6WUDWHJLDILQDQFLDU
6WXGLHUHDUDWHLGHUHQWDELOLWDWHFHUXW

GHSLD DILQDQFLDU

2.1. Principii ale modelelor de evaluare

(YDOXDUHD UDWHL GH UHQWDELOLWDWH FHUXWH GH SLD

 DGLF  FRVWXO GH RSRUWXQLWDWH D FDSLWDOXULORU

SURSULL VH ORYHWH GH R VHULH GH LQFHUWLWXGLQL (D QHFHVLW  vQWUH DGHY U GHWHUPLQDUHD UDWHLFHUXWH L R

vQ HOHJHUH D SUHYL]LXQLORU VWDELOLWH GH SLD

 FX SULYLUH OD SDUDPHWULL LQWHUQL DL  vQWUHSULQGHULORU

EHQHILFLLLGLYLGHQGH
'HDVHPHQHDPRGHOHOHGHDQDOL] DFXUVXOXLEXUVLHUDXIRVWHODERUDWHvQVFRSXOGHDvQ HOHJH
LSRWH]HOH LPSOLFLWH FH GHWHUPLQ  IRUPDUHD FXUVXOXL (OH SUH]LQW 

interesul de a oferi ntreprinderii

SRVLELOLWDWHD GHDFRPSDUDSURSULLOH VDOH SUHYL]LXQLFXDQWLFLSD LLOHSLH HLILQDQFLDUHUHVSHFWLYvQDO L

WHUPHQLGHDDQDOL]DSHUFHSHUHDvQWUHSULQGHULLGHSLD

0RGHOHOH GH HYDOXDUH D FXUVXOXL EXUVLHU UHOLHIHD]  SH DFHDVW  ED]  YDORULOH SDUDPHWULORU
LQWHUQLDLvQWUHSULQGHULLvQHYROX LDFXUVXOXL'RX VXQWPRGHOHOHDYXWHvQYHGHUH

evaluarea prin dividende;

evaluarea prin beneficii.

2.1. A. Evaluarea prin dividende

Prezentarea modelului
Demersul teoretic
6H FRQVLGHU  ntr-XQ SULP PRPHQW F

 LQWU ULOH GH IRQGXUL DWHSWDWH GH DF LRQDUL VXQW

FRQVWLWXLWHGLQGLYLGHQGHLGLQYDORDUHDGHUHYkQ]DUHDDF LXQLLODILQHOHSHULRDGHLGHGH LQHUH(VWH

DWXQFLSRVLELO FDOFXODUHDUHQWDELOLW

LLDWHSWDWHGHLQYHVWLWRU$VWIHODF LRQDUXOVRFLHW

LL$FDUHD

FXPS UDW FX  R DF LXQH GH OD FDUH DWHDSW  OD ILQHOH DQXOXL XQXL GLYLGHQG GH  L FDUH VSHU  V

-o

UHYkQG FXDWHDSW GHODLQYHVWL LDVDRUHQWDELOLWDWH.HJDO FX

K = (4 + 106)/100 1 = 10%
LVHSRDWHGHDVHPHQHDH[SULPDSULQHFXD LDXUP WRDUH

100 = 4/(1 + K) + 106/(1 = K)

vQ FDUH . UHSUH]LQW  UDWD GH DFWXDOL]DUH FDUH HJDOHD]  YDORDUHD LQL LDO  GH FXPS UDUH GH DF LXQL FX
VXPD DFWXDOL]DW  D IOX[XULORU GH IRQGXUL DWHSWDWH (VWH XRU JHQHUDOL]DUHD UD LRQDPHQWXOXL
SUHVXSXQkQGF DF LRQDUXODUHLQWHQ LDGHDFRQVHUYDWLWOXOV XXQDQ
'DF HOS VWUHD] WLWOXOGRLDQLLGDF DWHDSW vQDOGRLOHDDQXQGLYLGHQGGHLvQSOXV
VSHU V UHYkQG WLWOXOODSUH XOGHUHQWDELOLWDWHDVSHUDW .VHGHGXFHGLQHFXD LD

100 = 4/(1 + K) = 4,40/(1 + K)2

XQGH.U PkQHHJDOFX
3UHVXSXQHP vQ SUH]HQW F  LQYHVWLWRUXO DUH LQWHQ LD V  FRQVHUYH WLWOXO V X WLPS GH  DQL
(FXD LDGHYLQH

P=

10

(1 + Kn )n + (1 +10K)1 ,

n =1

unde: P0 -SUH XOGHFXPS UDUHvQDQXO

n - num UXOGHDQLFHFRQVWLWXLHGXUDWDLQYHVWL LHL
Dn -GLYLGHQGXODWHSWDWvQDQXOQ
P10 -SUH XOGHFHVLXQHVSHUDWvQDQXO
Principii
0RGHOXO WHRUHWLF GH HYDOXDUH SULQ GLYLGHQGH SUHVXSXQH vQ SULPXO UkQG F  YDORDUHD ILQDO 
VDXSUH XOGHFHVLXQHDODF LXQLLHVWHUHVSLQV ODLQILQLW
9DORDUHD GH SLD

 D WLWOXOXL HVWH DWXQFL HJDO  FX VXPD LQILQLW  D GLYLGHQGHORU DFWXDOL]DWH OD

UDWDLQYHVWLWRUXOXLILQDQFLDU DWXQFL

P0 =

(1 + Ka )n ,

n =1

Modulul 4 -6WUDWHJLDILQDQFLDU
IRUPXO  vQ FDUH . HVWH UDWD GH DFWXDOL]DUH DGDSWDWH SH SLD D VDX UDWD GH RSRUWXQLWDWH D LQYHVWL LHL

marginale.
6H SUHVXSXQH vQ DO GRLOHD UkQG F  DF LRQDUXO VSHU  R FUHWHUH DQXDO  J D GLYLGHQGHORU SH
FDUH XUPHD]  V  OH SULPHDVF  UDWD J HVWH IXQF LH GH DSUHFLHUHD vQ SHUVSHFWLY   YLLWRU D

ntreprinderii LGHSROLWLFDDGRSWDW GHDFHDVWDvQWUHFXW

Formula de evaluare devine atunci:
P0 = D0(1 + g) / (1 + K) + D0(1 + g)2 / (1 + K)2 + + D0(1 + g)n / (1 + k)n
ceea ce revine la a scrie, atunci cnd n tinde spre infinit:
P0 = D0 / K g sau K = D0 / P0 + g
Critica modelului]
6H SRDWH UHSURD DFHVWXL PRGHO IDSWXO F  VH SUHVXSXQH R FUHWHUH DQXDO  FRQVWDQW  D
GLYLGHQGHORUY UVDWHDFHDVW LSRWH] QHSXWkQGV VHDSOLFHGHFkWODXQQXP UUHGXVGHvQWUHSULQGHUL
(O SUH]LQW  vQ DFHODL WLPS DYDQWDMXO GH D SURSXQH R PHWRG  GH HYDOXDUH FDUH YD IL vQWRWGHDXQD
SRVLELO  GH DGDSWDW XQHL PRGLILF UL D UDWHL GH FUHWHUH D GLYLGHQGHORU DWHSWDWH 'DF  GH H[HPSOX
DF LRQDUXODWHDSW vQFXUVXOSULPLORUP DQL RFUHWHUHJLSULQXUPDUHR FUHWHUHJD VXPHL

dLYLGHQGHORUY

UVDWHIRUPXODSUHFHGHQW GHYLQH

D0 (1 + g ) n

n =1 (1 + K )

D0 (1 + g ) n m

n = m +1 (1 + K )

nm

2.1. B. Evaluarea prin beneficii

3RDWH S UHD SDUDGR[DO FRQFHSHUHD XQXL PRGHO GH HYDOXDUH SULQ EHQHILFLL vQ P VXUD vQ FDUH

acestea nu constituie pentru ntreprindere fluxuri de trezorerie.

%HQHILFLXOSHDF LXQH%3$HVWHvQJHQHUDOFRQVLGHUDWFDXQXOGLQFULWHULLOHIXQGDPHQWDOHFH
VHUYHVF FD UHIHULQ

 DF LRQDUXOXL FH GRUHWH HYDOXDUHD UHQWDELOLW

LL LQYHVWL LHL VDOH SULQ UDWD GH

FDSLWDOL]DUHEXUVLHU 

S-D Y

]XW F  UHQWDELOLWDWHD DWHSWDW  GH DF LRQDU L YDORDUHD SH FDUH DFHVWD R DFRUG  DF LXQLL

FHRGH LQHVHUYHWHFDED] ODGHWHUPLQDUHDFRVWXOXLGHRSRUWXQLWDWHDOvQWUHSULQGHULL2ULGDF GH

H[HPSOX R DF LXQH HVWH FRWDW  OD  vQ WLPS FH HD DGXFH XQ %3$ GH  SH DQ3(5
FDSLWDOL]DUH HVWH HJDO  FX 

-ul sau rata de

  LQYHUVXO 3(5 XOXL UHSUH]LQW  UHQWDELOLWDWHD DWHSWDW  GH

DF LRQDUL"

Inversul PER-XOXLP

VRDU UHQWDELOLWDWHDDWHSWDW GHDF LRQDULvQFD]XULELQHSUHFL]DWH

D GDF  WRDWH EHQHILFLLOH GHJDMDWH GH R vQWUHSULQGHUH VXQW GLVWULEXLWHDF LRQDULORU YHQLWXO DWHSWDW GH
DFHWLD GDF  . HVWH UDWD GH UHQWDELOLWDWH VROLFLWDW  FHUXW  L FDUH DLFL HVWH IRORVLW  FD UDW  GH

actualizare.

C=

B
B
B
B
+
+
+ ... +
2
3
1 + K (1 + K )
(1 + K )
(1 + K ) n

YDORDUHD DFWXDO  GH UHYkQ]DUH SXWkQG IL FRQVLGHUDW  FD QXO  DF LRQDUXO DFWXDOL]kQGX L YHQLWXULOH

VDOH OD LQILQLW XWLOL]DUHD IRUPXOHL SHUPL kQG FDOFXODUHD OLPLWHL VXPHL WHUPHQLORU XQHL SURJUHVLL

geometrice de prim termen:

C=

B
1
LGHUD LH
, deci:
(1 + K )
(1 + K )

B
K

fie

K=

B beneficiu
=
C
curs

Inversul PER-XOXLHVWHGHFLvQDFHVWFD]HJDOFXUDWDGHUHQWDELOLWDWHDWHSWDW
b)

GHDF LRQDU

GDF  UHQWDELOLWDWHD DWHSWDW  GH DF LRQDUL HVWH HJDO  FX UHQWDELOLWDWHD vQWUHSULQGHULL DGLF  GDF 
UHQWDELOLWDWHD ILQDQFLDU  D LQYHVWL LHL DF LRQDULORU HVWH HJDO  FX UHQWDELOLWDWHD IRQGXULORU LQYHVWLWH

de ntreprindere, inversul PER-XOXLUHSUH]LQW

vQF VSHUDQ DGHUHQWDELOLWDWHDDF LRQDULORU

3HQWUXDLOXVWUDDFHDVW UHJXO  FRQVLGHU PH[HPSOXOXQHL VRFLHW

LFDUHDHPLVDF LXQ

i la un

FXUVGHLGHJDMHD] RUHQWDELOLWDWHHFRQRPLF GHFDXUPDUHDLQYHVWL LLORUVDOHGLVWULEXLQG

GLQEHQHILFLLOHVDOHDF LRQDULORU

Modulul 4 -6WUDWHJLDILQDQFLDU
n anul 1:

beneficiul degajat este 10;

beneficiile distribuite sunt 5;

raportul curs-beneficiu este egal cu 10;

LQYHUVXODFHVWXLUDSRUWFXUVEHQHILFLXHVWH

DGLF UHQWDELOLWDWHDHFRQRPLF 

n anul 2:

FXUVXODF LXQLLDMXQJHOD

beneficiul degajat este egal cu 105;

inversul PER-XOXLHVWHvQF HJDOFX

LVXQWGLVWULEXL LDF L

onarilor.

$FHVW UD LRQDPHQW SRDWH IL SUHOXQJLW OD LQILQLW L GHPRQVWUHD]  F  vQ DFHVW FD] SUHFLV

inversul PER-XOXLUHSUH]LQW

vQF UHQWDELOLWDWHDDWHSWDW GHDF LRQDUL

Limitele de evaluare prin inversul PER-ului

Cazurile de echilibru precedente, fiindUHODWLYH[FHS LRQDOHVHFRQYLQHO

UJLUHDPRGHOXOXLGH

HYDOXDUH L SHQWUX DFHDVWD VH IDFH DSHO OD R IRUPXODUH PDWHPDWLF  PDL HODERUDW  GH DSURSLHUH SULQ

beneficii.
'HVHPQ P SULQ %t beneficiul anului t, 1t partea beneficiilor reinvestite n activitatea
ntUHSULQGHULL L FRQVDFUDWH LQYHVWL LLORU QRL LDU 't dividendele distribuite n anul t. Deoarece prin
GHILQL LH 't = Bt 1t YDORDUHD DF LXQLL vQ PRPHQWXO LQL LDO &0 HVWH GHWHUPLQDW  SULQ VXPD

GLYLGHQGHORUDFWXDOL]DWHODUDWD.UHQWDELOLWDWHDFHUXW GHDF LRQDU

C0 =

D1
D2
Dn
+
+ ... +
+ ...
2
1 + K (1 + K )
(1 + K ) n

C0 = B t =
t =1

1t
(1 + K ) t

3HQWUXDSUHFL]DGRPHQLLOHGHDSOLFDUHDOHDFHVWXLPRGHOFRQVLGHU PFD]XOXQHLvQWUHSULQGHUL
FHUHLQYHVWHWHRVXP GHEHQHILFLLFRQVWDQWHvQLQYHVWL LLQRLFDUDFWHUL]DWHSULQWU
DO LWHUPHQL%t

= Bt + 1 + 1 rtWUHSUH]HQWkQGQXP

-o rentabilitate r. n

UXOGHDQLDLSHULRDGHLFRQVLGHUDWH

(FXD LDSUHFHGHQW GHYLQHDWXQFLvQORFXLQG%tSULQYDORDUHDVDFDOFXODW vQIXQF LHGH%0

B0 1(rt 1)
=
+

(1 + K ) t t =1 (1 + K ) t t =1 (1 + K ) t
t =1
care devine, cnd t tinde spre infinit:
B
1(r K )
C0 = 0 +
K
K2

B0 +

1(rt 1)

$FHDVW IRUPXO GHPRQVWUHD] FDUDFWHUXOJHQHUDODOPRGHOXOXLSHUPL kQG

UHJ VLUHDFD]XOXLvQFDUHLQYHUVXO3(5 XOXLHVWHHJDOFXUHQWDELOLWDWHDDWHSWDW GHDF LRQDULQWU

DGHY U GDF  DFHDVW  UHQWDELOLWDWH ILQDQFLDU  . HVWH HJDO  FX UHQWDELOLWDWHD . VH REVHUY  F 

C0 =

B0
B
beneficiu
de unde K = 0 =
= inversul PER;
K
C0
curs

FRQVWDWDUHD F  LQYHVWL LD QRX  QX FUHWH  GLQ SXQFWXO GH YHGHUH DO DF LRQDULORU DFWXDOL YDORDUHD
vQWUHSULQGHULL GHFkW GDF  UHQWDELOLWDWHD VD HFRQRPLF  HVWH VXSHULRDU  UHQWDELOLW
DWHSWDWH
3UHVXSXQHPF UHVWHVXSHULRUOXL.LF HVWHSRVLELO GHDILH[SULPDW U
QDFHVWFD]HFXD LDSUHFHGHQWDGHYLQH

B0 1(aK K ) B0 1(a + 1)
+
=
+
K
K
K
K2
1(a 1)
.
de unde se deduce valoarea lui K: K = B0 +
C0
C0 =

LL ILQDQFLDUH

K.

D

Modulul 4 -6WUDWHJLDILQDQFLDU
5H]XOW F 

GDF  D !  UHQWDELOLWDWHD HFRQRPLF  D vQWUHSULQGHULL U HVWH VXSHULRDU  UHQWDELOLW

DF LRQDUL . HVWH DWXQFL
UHQWDELOLW

LL FHUXWH GH

B
K > 0 . Criteriul inversul PER-ului conduce deci la subestimarea
C0

LLVROLFLWDWHGHDF LRQDULDGLF FRVWXOFDSLWDOXULORUSURSULLDOHvQWUHSULQGHULL

GDF DUHVWHLQIHULRUOXL.L

K<

B0
de vreme ce 1(a 1) < 0.
C0

Criteriul inversului PER-XOXL VXEHVWLPHD]  GHFL vQ DFHVW FD] UHQWDELOLWDWHD FHUXW 
DF LRnari, n definitiv, apropierea prin dividende apare mai exact dect apropierea prin beneficii.

GH

$FHVWHPRGHOHJ VHVFOLPLWDORUvQDFHHDF HOHWUDGXFvQJHQHUDOIHQRPHQXOFUHWHULLSULQWU

FUHWHUH FRQVWDQW  D DFWLYHORU D EHQHILFLLORU L D GLYLGHQGHORU v
FRQVWLWXLH GHFkW R  DSUR[LPDUH YDJ  D UHDOLW

-o
ntreprinderii. Ori, aceasta nu

LL LPSOLFD LLOH FUHWHULL DVXSUD YDORULL ILQDQFLDUH D

firmei fiind mult mai complexe.

QILQDOFRVWXOGHRSRUWXQLWDWHDOVLWXD LHLQHWHDXQHLvQWUHSULQGHULSRDWHILGHILQLW

fiHFDFRVWXOIOX[XULORUGLYLGHQGHORUY

ILHFDFRVWXOFDSLWDOXOXLFUHVFXWFXRSULP GHULVF

UVDWHODLQILQLWDF LRQDULORU

4.2.4.7. Documentar
A. COSTUL CAPITALURILOR PROPRII
9DORDUHDGHSLD

9DORDUHDGHSLD

9DORDUHDGHSLD

a ntreprinderii
n

a capitalurilor proprii

(1 + K
t =1

CFt
ec )

PN t

t =1 (1 + K fin )

a datoriilor

Dobt

t =1 (1 + K d )

unde: Kec -UDWDGHDFWXDOL]DUHDIOX[XULORUGHWUH]RUHULHFH LQHFRQWGHWRDWHULVFXULOHvQWUHSULQGHULL

(de exploatare);
Kfin - rata de actualizare a profiturilor nHWHFHFRQ LQHFRQWLGHULVFXOILQDQFLDU
Kd -UDWDGHGREkQG FH LQHFRQWGHULVFXOGHIDOLPHQW

Q LSRWH]D XQRU IOX[XUL GH WUH]RUHULH DQXDOH FRQVWDQWH SH R SHULRDG  GH WLPS vQGHOXQJDW 

QHGHILQLW 

PN1 CF1 D ob1

=

,
Lfin K cc
Kd
unde; PN1, CF1, Dob1 rezultatele financiare estimate pentru anul viitor;
- vQ ULOHGH]YROWDWHFXEXUVHGHYDORULDFWXDOH
1
P0
K fin =
unde: PER =
,
PER
PNA1
n care: PER -FRHILFLHQWGHFDSLWDOL]DUHEXUVLHU SULFHHDUQLQJUDWLR
P0
-YDORDUHDGHSLD FXUVXOEXUVLHUDODF LXQLORU
PNA1 -SURILWXOQHWSHUDF LXQHvQDQXOFXUHQW
&RVWXOFDSLWDOXULORUSURSULLvQFRQGL LLGHFUHWHUHHFRQRPLF

n
n
DIVt
DIV0 t (1 + g ) t
1+ g

P0 =
=
= DIV0
t
(
1
+
K
)
1
+
K
(
1
+
K
)
fin

fin

t =1
t =1
t =1
fin
n

Modulul 4 -6WUDWHJLDILQDQFLDU
n Modelul Gordon Shapiro:

DIV1
+g
P0

K fin =

Kfin
- rata de actualizare a dividendelor;
DIV1
-UDWDDQXDO GHUHPXQHUDUHSULQGLYLGHQGHSO
P0
g
-UDWDDQXDO GHFUHWHUHDGLYLGHQGHORU

WLWH

B. COSTUL CAPITALULUI MPRUMUTAT

n

Fonduri mprumutate =

Ramburs t +

t =1

Dobt
(1 + K d ) t

Kd FRVWXOH[SOLFLWDOvPSUXPXWXOXLVROLFLWDWSHQWUXILQDQ DUHDLQYHVWL LLORUQRL

Cazul mprumutului ordinar
n

At

V0 =

t
t =1 (1 + K d )

unde: V0 suma mprumutului ordinar;

At -DQXLW L
Kd costul explicit al unui mprumut ordinar.
6XELQFLGHQ DLPSR]LWXOXL

n
R + Vt 1 d (1 )
V0 = t
,
(1 + Kd ) t
t =1

n care: R t =

V0
ntr-RDPRUWL]DUHSURSRU LRQDO
n

DvPSUXPXWXOXL

d UDWDQRPLQDO DGREkQ]LL
- rata impozitului pe profit.
Cazul mprumutului obligatar cu prLP

GHUDPEXUVDUH

N
A X t (V0 E)
,
XE = t
(1 + K d ) t
t =1

n care:

unde: X -QXP UREOLJD LXQL

V0 -YDORDUHQRPLQDO 
E -SUH GHHPLVLXQH
Kd - costul mprumutului obligatar;
Xt (V0 E) - economie de impozit.

C. COSTUL LEASINGULUI
n

(1 )CH t + A t

t =1

(1 + K c ) t

E=

PR
(1 + K t ) n

A t = R t + d Vt 1 (1 )

Modulul 4 -6WUDWHJLDILQDQFLDU
n care:

- rata impozitului pe profit;

E -FRVWXOGHDFKL]L LHLPRQWDMDOHFKLSDPHQWHORUvQFKLULDW
CH -FKLULDDQXDO 
PR -SUH XOUH]LGXDO
Kt - costul actuarial al leasing-ului.

D. COSTUL CAPITALURIL25 35235,, 1 &21',

',)(5(1

,$7

,, '( &5(7(5( (&2120,&

3()$=(

DIVt
Pn
+
n
t =1 (1 + K fin ) (1 + K fin )

P0 =

unde: P0 YDORDUHDDFWXDOL]DW

DGLYLGHQGHORUFHYRUILY UVDWHvQSULPDID] GHDQDQLGHFUHWHUH

IRUWHLDYDORULLUH]LGXDOHDEWHQDELOHODVIkULWXODFHVWHL

prime faze.

Modelul de evaluare BATES

t
n
(1 + g )

1+ g
+ PER

PER 0 = d
1 + K fin
t =1 1 + K fin

DIV
o rata de distribuire a dividendelor
PN
PERan FRHILFLHQWXOGHFDSLWDOL]DUHEXUVLHU GLQSUH]HQW3(50LGHSHVWHQDQL3(5n)
(d B + PER n )
PER 0 =
,
A
d=

unde:

1 + K fin

A =
1+ g

n
L

B = (1 + g )

1 A
g K fin

Modelul lui HOLT

K g

ln1 PER 0 fin

1 + K fin

DR
1+ g

ln
1 + K fin
DR GXUDWDGHUHFXSHUDUHvQQXP

cu PER 0 =

Curs anual
PNA curent

UGHDQLDFXUVXOXLDFWXDOSULQSURILWXOQHWSHUDF LXQH

E. COSTUL MEDIU PONDERAT AL CAPITALULUI

CPR
DAT
+ Kd
,
CPR + DAT
CPR + DAT
unde: Kcc - costul mediu ponderat al capitalului;
Kfin -FRVWXOFDSLWDOXULORUSURSULLHFKLYDOHQWFXUHQWDELOLWDWHDVFRQWDW GHDF LRQDUL
Kd -FRVWXOFDSLWDOXULORUvPSUXPXWDWHHFKLYDOHQWFXGREkQGDVFRQWDW GHvPSUXPXWXri.
K cc = K fin

Modulul 4 -6WUDWHJLDILQDQFLDU
4.3. EVALUAREA NTREPRINDERII
(YDOXDUHD vQWUHSULQGHULL FRQVWLWXLH I U  vQGRLDO  SUREOHPD ILQDQFLDU  FHD PDL FRPSOH[  (D
UHSUH]LQW XQGRPHQLXGHVLQWH] vQFDUHWUHEXLHV VHUHFXUJ vQPRGVLPXOWDQODGLIHULWHPHWRGH
3UREOHPDWLFDHYDOX

ii

6H YD vQ HOHJH SULQ YDORDUHD vQWUHSULQGHULL YDORDUHD SRUWRIROLXOXL V X GH DFWLYH $FHDVW 
YDORDUH HVWH FkWHRGDW  XQHRUL GHQXPLW  YDORDUH EUXW

 3UH XO SURSXV GH FXPS U WRU FRUHVSXQGH

DFHVWHL YDORUL $WXQFL FkQG VH GHGXFH YDORDUHD GDWRULLORU VH RE LQ

e valoarea capitalurilor proprii,

DGLF  YDORDUHD SDWULPRQLXOXL DF LRQDULORU $FHDVWD GLQ XUP  HVWH XQHRUL FDOLILFDW  FD YDORDUH QHW 
&HOHGRX YDORULWUHEXLHV ILHvQPRGFODUGLVWLQFWH
3XQFWXOGHYHGHUHDOYkQ]

WRUXOXL

&RQVLGHU PPDLvQWkLSXQFWXOGHYHGHUHDOYkQ] WRUXOXL

Decizia de vnzare constituie pentru el o dezinvestire. Conform criteriului VAN, el nu va

YLQGH vQWUHSULQGHUHD GHFkW GDF  YDORDUHD DFWXDO  9$ &03V D IOX[XULORU GH OLFKLGLW

costul capitalului CMPV (costul FDSLWDOXOXLYkQ]

L YLLWRDUH OD

WRUXOXLSHFDUHSRDWHRE LQHXUP ULQGH[SORDWDUHD

HVWHLQIHULRDU SUH XOXL30RIHULWGHFXPS U WRU

0DLSUHFLVLVHRIHU WUHLSRVLELOLW

SULPD

VH

RSUHWH

OD

L

H[SORDWDUH

L

GXS 

GH]PHPEUDUH

YLQGH

DFWLYHOH

FH

FRPSXQ

ntreprinderea peQWUX YDORDUHD ORU GH FHVLXQH SH SLD D VHFXQGDU  DFHDVW  YDORDUH UHSUH]LQW 
valoare de lichiditate 9/ 1RW P FX DFHDVW  RFD]LH F  YDORDUHD GH OLFKLGDUH D EXQXULORU
FHGDWH SH SLD D VHFXQGDU  FRUHVSXQGH FX YDORDUHD SH FDUH R DWHDSW  FXPS U WRULL PHGLL
FHHD FH VHPQLILF  F
YkQ]

 DO L DJHQ L SRW WUDJH XQ PDL EXQ X] IRORV DO EXQXULORU YkQGXWH GHFkW

WRUXO

n acest caz: VL > VA (CMPvL9/!30.

vQDOGRLOHD UkQGHOXUP UHWHH[SORDWDUHDFHHDFHVHPQLILF F YDORDUHDDFWXDO HVWLPDW ODFRVWXO

capitalulXLYkQ]

WRUXOXL&03vHVWHPDLULGLFDW GHFkWYDORDUHDGHOLFKLGDUH9LLGHFkWSUH XORIHULW

Fie VA (CMPv) =

t
(1 + CMP
t =1

unde: Ft IOX[XOGHOLFKLGLW

t
v)

> V L9$&03vL30 > VL ,

LvQSHULRDGDWDWHSWDWGHYkQ] WRU2UL]RQWXOHVWHGHQSHULRD

vQ DOWUHLOHD UkQGHO YLQGH vQWUHSULQGHUHD OD SUH XO 3 0  RIHULWGHFXPS

de.

WRU QDFHVW FD] 3 0

> VA (CMPv  L 30 > VL &XPS U WRUXO YDUV  XQ SUH  PDL ULGLFDW SHQWUX vQWUHSULQGHUH
GHFkW SUH XO SH FDUH O - DU IL SO WLW SHQWUX U VFXPS UDUHD DFWLYHORU SH SLD D VHFXQGDU  8Q
DVHPHQHD IHQRPHQ VH SRDWH H[SOLFD GHRDUHFH DQXPLWH DFWLYH DFWLYHOH XPDQH L DQXPLWH

active necorporale nu sunt negociabile direct.

Q DFHVW FD] SUH XO FHUXW 3d GH YkQ] WRU YD IL FHO SX LQ HJDO FX YDORDUHD FHD PDL ULGLFDW 

dintre valoDUHDDFWXDO

LYDORDUHDGHOLFKLGDUH

Pd Max[VA(CMPv ), VL ]

3XQFWXOGHYHGHUHDOFXPS

WRUXOXL

$FKL]L LRQDUHDvQWUHSULQGHULLUHSUH]LQW SHQWUXFXPS U WRURGHFL]LHGHLQYHVWL LL'HFL]LDYD

GHSLQGH GH YDORDUHD DFWXDO  9$&03a

cerut Pd GH YkQ]

) la costul

FDSLWDOXOXL FXPS U WRUXOXL &03a  GH SUH XO

WRU L GH YDORDUHD GH UHFRQVWLWXLUH D vQWUHSULQGHULL 9r

, n cazul n care aceasta este

SRVLELO 6HSRWGLVWLQJHGHDVHPHQHDWUHLVLWXD LL

Prima, n care VR > VA(CMPcL3d > VA(CMPa ). Cump

U WRUXOQXUHDOL]HD] DFKL]L LRQDUHD

LDEDQGRQHD] VROX LDUHSUH]HQWDW GHUHFRQVWLWXLUHGHRDUHFHYDORDUHDGHUHFRQVWLWXLUHHVWHPDL

PDUHGHFkWYDORDUHDDFWXDO ,QYHVWL LDQXHVWHUHQWDELO 

A doua, n care VA(CMPc!95L3d > VRFXPS

U WRUXOUHQXQ

ODDFKL]L LRQDUHLSUHIHU V 

UHFUHH]HvQWUHSULQGHUHDSULQU VFXPS UDUHDGLIHULWHORUDFWLYH

A treia, n care VA(CMPa ) > PdL3d > VRFXPS

UDUHDHVWHUHDOL]DW 3UH XOFHUXWILLQGLQIHULRU

YDORULLGHUHFRQVWLWXLUHFXPS U WRUXODUHLQWHUHVV SURFHGH]HODU VFXPS UDUH

Modulul 4 -6WUDWHJLDILQDQFLDU
Q FD]XO DFKL]L LRQ ULL SUH XO RIHULW PD[LPDO 30 YD IL FHO PXOW HJDO FX YDORDUHD PLQLPDO 

vQWUHYDORDUHDDFWXDO LYDORDUHDGHFRQVWLWXLUH

P0 Min [VA(CMPa ), VR ]
'HWHUPLQDUHDILQDO

DSUH XOXL

3UHVXSXQHPF DYHPLHUDUKLDXUP WRDUHDYDORULORU

VA(CMPa ) > VR > [.......................................] > VA(CMPv ) > VL

]RQ GHQHJRFLHUH
]RQDGHQHJRFLHUHDSUH XOXLILQDOV

-ar situa ntre VR  YDORDUHDGH UHFRQVWLWXLUH SHQWUXFXPS

L9$&03v

) -YDORDUHDDFWXDO

DIOX[XULORUGHOLFKLGLW

&D]XOSDUWLFXODUDOVRFLHW
3H R SLD

U WRU

LYLLWRDUHSHQWUXYkQ] WRU

LORUFRWDWH

 ILQDQFLDU  FDUH IXQF LRQHD]  ELQH SUH XO HVWH HJDO FX YDORDUHD Q FRQVHFLQ

FDSLWDOL]DUHD EXUVLHU  D VRFLHW

HJDO FXYDORDUHDGHSLD

LL FDUH VH YLQGH FUHVFXW  FX YDORDUHD GH SLD

 D GDWRULLORU VDOH H



ste

&XPS U WRUXO FXQRDWH DWXQFL SUH XO QHFHVDU SHQWUX DFKL]L LRQDUHD VRFLHW
UHIOHFW YDORDUHDvQWUHSULQGHULLSHQWUXDQVDPEOXOFHORUFDUHLQWHUYLQSHSLD

LL $FHVW SUH 

'DF FXPS U WRUXOHVWHSUHJ WLWV SO WHDVF PDLPXOWGHFkWYDORDUHDSHSLD

HVWHSHQWUXF 

HO HVWLPHD]  F  vQWUHSULQGHUHD DFKL]L LRQDW  YD YDORUD PDL PXOW vQ SRVHVLD VD GHFkW vQ SRVHVLD
FRQFXUHQ LORU V L GHFL F  HO GLVSXQH ILH GH LQIRUPD LL SULYLOHJLDWH ILH GH FRPSHWHQ H FDUH vL YRU

permite degajarea unHL UHQWH HFRQRPLFH L GH D RE LQH DVWIHO R 9$1 SR]LWLY

 D LQYHVWL LHL VDOH

&XPS U WRUXOWUHEXLHvQDFHODLWLPSV VHJkQGHDVF ODIXQGDPHQWXOUHDODODFHVWXLDYDQWDM

8Q SXQFW GH YHGHUH SDUWLFXODU PHULW  V  ILH VHPQDODW $WXQFL FkQG U VFXPS UDUHD XQHL
vQWUHSULQGHULVHIDFHFXGH LQHUHDFRQWUROXOXLPDMRULW

LLFDSLWDOXOXLSUH XULOHRIHULWHFXSULQGFHOPDL

DGHVHDRSULP GHFRQWUROvQUDSRUWFXSUH XOHYDOXDWSRUQLQGGHODFXUVXOQRUPDODODF LXQLL

4.3.2. Metode dinamice de evaluare bazate pe actualizare

3ULQWUH GLIHULWHOH YDORUL FDUH WRFPDL DX IRVW LQYRFDWH L FDUH SRW VHUYL FD ED]  OD GHVFULHUHD
SURFHVXOXLGH GHWHUPLQDUHD SUH XOXLXQHOHVXQWPHWRGHDFWXDULDOHFDUHDX IRVWSUH]HQWDWHODVWXGLXO
LQYHVWL LLORU

Metodele bazate pe cursurile bursiere constituite, de asemenea, metode actuariale deoarece

FXUVXULOH UHSUH]LQW  YDORUL DFWXDOH DOH IOX[XOXL FH UHYLQ DF LRQDULORU 9DORULOH GH OLFKLGDUH L GH

reconstituire se opun valorilor actuale.

9DORDUHD DFWXDO  ED]DW  SH DFWXDOL]DUHD IOX[XULORU GH OLFKLGLW

L YLLWRDUH HVWH YDORDUHD

ansamblului activelor.
3URFHVXO GH HYDOXDUH HVWH JOREDO QX H[LVW  HYDOXDUH D GLIHULWHORU HOHPHQWH FRPSRQHQWH DOH
DFWLYXOXL 0HWRGHOH ED]DWH SH YDORDUHD EXUVLHU  L PHWRGD YDORULL GH UDQGDPHQW VXQW PHWRGH

actuariale ce permit eYDOXDUHD YDORULL FDSLWDOXULORU SURSULL 2E LQHUHD YDORULL JOREDOH D DFWLYHORU VH
UHDOL]HD] DG XJkQGODYDORDUHDIRQGXULORUSURSULLYDORDUHDGHSLD

0HWRGDGHHYDOXDUHED]DW

DGDWRULLORUILQDQFLDUH

SHDFWXDOL]DUHDIOX[XULORUGHOLFKLGLW

0HWRGD GH HYDOXDUH ED]DW  SH DFWXDOL]DUHD IOX[XULORU GH OLFKLGLW

LYL

itoare

L YLLWRDUH FRQVWLWXLH R

DSOLFDUHGLUHFW DPHWRGHL9$1&XPS U WRUXORXWLOL]HD] SHQWUXGHWHUPLQDUHDSUH XOXLGHDFKL]L LH

PD[LPSHFDUHHVWHJDWDV

-OSO

WHDVF 

%LQHvQ HOHV YkQ] WRUXO SRDWH GH DVHPHQHD V  PHDUJ  OD DFHDVWD SHQWUX GHWHUPLQDUHD
SUH XOXLPLQLPDOSHFDUHHGLVSXVV

-l accepte.

Modulul 4 -6WUDWHJLDILQDQFLDU
A. '(7(50,1$5($9$/25,,$&78$/(3(1758&803
'HWHUPLQDUHDIOX[XULORUGHOLFKLGLW

725

a) Principii
(YDOXDUHD IOX[XULORU GH OLFKLGLW

L WUHEXLH V  VH IDF  vQWU XQ PRG GLIHUHQ LDO DGLF  HYDOXkQG

DQVDPEOXO LQFLGHQ HORU DFKL]L LHL DVXSUD IOX[XULORU GH H[SORDWDUH DOH vQWUHSULQGHULL FXPS U WRDUH
&RQVHFLQ HOH SRW IL GLUHFWH GDU HOH SRW IL GH DVHPHQHD LQGLUHFWH )HQRPHQH GH VLQHUJLH VH SRW

produceDQWUHQkQGRSXWHUQLF

FUHWHUHDYkQ] ULORUVDXRVF GHUHDFRVWXULORU

'LPSRWULY  U VFXPS UDUHD XQHL QRL vQWUHSULQGHUL SRDWH DYHD GH DVHPHQHD FRQVHFLQ HOH

negative n materie de costuri de reorganizare.

(YDOXDUHD WUHEXLH V  VH IDF  HOLPLQkQG RULFH LQFLGHQ
FRQVHFLQ

 D PRGXULORU GH ILQDQ DUH Q

 QX WUHEXLH vQ QLFL XQ FD] FRQVLGHUDW  YDULD LD FDSDFLW

LL GH DXWRILQDQ DUH OHJDW  GH

DFKL]L LDFDIOX[GHRDUHFHGHWHUPLQDUHDVDSHUPLWHLQWHUYHQ LDFKHOWXLHOLORUILQDQFLDUH

b)

)OX[XULOHGHOLFKLGLW

LLQWHUP

ediare

)OX[XULOHDQWUHQDWHGHFXPS UDUHLOXDWHvQFDOFXOVXQWXUP WRDUHOH

9DULD LD(7(

9DULD LDLPSR]LWXOXLSHSURILWFXH[FHS LDLQFLGHQ HLFKHOWXLHOLORUILQDQFLDUH

+ Cesiuni de active
-,QYHVWL LLvQLPRELOL] UL
= Ft IOX[JOREDOGHOLFKLGLW L
5HPDUF P F  IOX[XO JOREDO GH OLFKLGLW

L UHSUH]LQW  YDULD LD IOX[XOXL GHWHUPLQDW GH

SRUWRIROLXOGHDFWLYHDOvQWUHSULQGHULLFXPS U WRDUHDQWUHQDWGHU VFXPS UDUH

c)

)OX[FRQVWLWXLWGHYDORDUHWHUPLQDO
/DILQHOHRUL]RQWXOXLFRQVLGHUDWWUHEXLHHYDOXDW YDORDUHDWHUPLQDW VDXYDORDUHDUH]LGXDO 

97 D vQWUHSULQGHULL U VFXPS UDWH LQkQG FRQW GH LQYHVWL LLOH FDUH DX IRVW I FXWH $FHDVW  HYDOXDUH
HVWH vQ SDUWLFXODU GHOLFDW  GHRDUHFH DFHDVW  YDORDUH HVWH HD vQV L IXQF LH GH IOX[XULOH YLLWRDUH &HO

mai adeVHD L SHQWUX VLPSOLILFDUH V-a recurs pentru evaluarea acestei valori terminale, la valoarea
FRQWDELO SUHYL]LRQDO DDFWLYHORUODDFHDVW HSRF 
2UL]RQWXOGHUH LQXW
&D L vQ RULFH SUREOHP  GH DOHJHUH D LQYHVWL LHL VH SXQH SUREOHPD RUL]RQWXOXL GH UH LQ

ut.

2UL]RQWXO SODQXULORU GH LQYHVWL LL L GH ILQDQ DUH ILLQG FHO PDL DGHVHD GH  DQL VH UH LQH vQ PRG
IUHFYHQWDFHDVW GXUDW 
3UHFL] PvQDFHODLWLPSF PHFDQLVPXOGHDFWXDOL]DUHIDFHFDHURULOHFRPLVHvQSUHYL]LXQLOH
IOX[XULORUFHOHPDLvQGHS UWDWHvQWLPSDSDV PDLSX LQJUHXGHFkWHURULOHGHHVWLPDUHFRPLVHDVXSUD

fluxurilor mai apropiate.

Rata de actualizare
(DVHGHWHUPLQ vQDFHODLPRGFDLSHQWUXDOHJHUHDLQYHVWL LHL'DF DFKL]L LDQXDQWUHQHD] 
PRGLILFDUHD FRVWXOXL FDSLWDOXOXL FXPS U WRUXOXL WUHEXLH FRQVLGHUDW  DFHDVWD GLQ XUP  FD UDW  GH

actualizare.
'DF  GLPSRWULY  ULVFXO HFRQRPLF HYROXHD]  L GDF  VWUXFWXUD GH ILQDQ DUH HVWH PRGLILFDW 
VXEVWDQ LDOYDWUHEXLHYDOXDW RUDW GHDFWXDOL]DUHVSHFLILF SHQWUXDFHDVW RSHUD LH

Exemplu: fluxurLOHDWHSWDWHDOHSRUWRIROLXOXLGHDFWLYHDOHVRFLHW
XUP WRULL FLQFL DQL 9DORDUHD FRQWDELO  D VRFLHW

LL2PHJDDXIRVWHYDOXDWHSHQWUX

LL OD ILQHOH FHOXL GH

-al cincilea an este de 14.048.

(YDOX P YDORDUHD SH FDUH R UHSUH]LQW  2PHJD SHQWUX R DOW  VRFLHWDWH 3KL DO F UXL FRVW DO
FDSLWDOXOXL HVWH GH  6H SUHVXSXQH F  U VFXPS UDUHD VRFLHW
LQFLGHQ

DVXSUDIOX[XULORUJHQHUDWHGHDFWLYLW
9DORDUHDVRFLHW

LOHDFWXDOHDOHVRFLHW

LL 2PHJD QX DQWUHQHD]  QLFL R

LL3KL

LL2PHJDHVWHHJDO FX9$IOX[XULORUDWHSWDWHSHDQLXUP WRUL9DORDUHD

WHUPLQDO HVWHHJDO FXYDORDUHDFRQWDELO 

Modulul 4 -6WUDWHJLDILQDQFLDU
3.993 1.021
1.264
1.833 14.048
VA =
+
+
+
+
= 10.142
2
3
(1,08) (1,08)
(1,08)
(1,08)4 (1,08)5
3ULQFRPSDUD LHYDORDUHDFRQWDELO ODGDWDGHHYDOXDUHDVRFLHW

LL2PHJDHVWHGH

B. '(7(50,1$5($9$/25,,$&78$/(3(175891= 725
Demersul de HYDOXDUH D UHQWDELOLW LL LQYHVWL LLORU VH DSOLF  GH DVHPHQHD

)OX[XULOH

LQWHUPHGLDUHVXQWFRQVWLWXLWHSULQ(7(GXS GHGXFHUHDLPSR]LWXOXLSHSURILWFRUHFWDWFXLQFLGHQ HOH

LQYHVWL LLORU L GH]LQYHVWL LLORU 6H UHPDUF  IDSWXO F  DFHVWH IOX[XUL VH RE LQ GL

rect pornind de la

SODQXO GH ILQDQ DUH 9DORDUHD WHUPLQDO  VH SRDWH GHWHUPLQD GXS  DFHODL SULQFLSLX FD L SHQWUX
FXPS U WRU5DWDGHDFWXDOL]DUHGHXWLOL]DWHVWHFRVWXOFDSLWDOXOXLYkQ] WRUXOXL
9DORDUHDRE LQXW HVWHDGHVHDIRDUWHGLIHULW GHYDORDUHDDFWXDO GHWHUPLQDW GHFXPS U WRU
$QWLFLSD LLOH vQ FHHD FH SULYHWH IOX[XULOH YLLWRDUH FD L UDWHOH GH DFWXDOL]DUH GLYHUJ vQ JHQHUDO vQWUH
FXPS U WRULYkQ] WRU

4.3.2.2. Metode bursiere

0HWRGHOH GH HYDOXDUH EXUVLHUH VH LQVSLU  GXS  PRGHOHOH GH DFWXDOL]DUH D GLYLGHQGHORU L D

beneficiilor utilizate pentru evaluarea costului capitalurilor proprii. Aceste metode permit, de
asemenea, cunoscnd ratele cerute de investitori asupra fondurilor lor proprii, determinarea
(evaluarea) valorii capitalurilor proprii.
3HQWUX D RE LQH YDORDUHD JOREDO  D vQWUHSULQGHULL HVWH VXILFLHQW  DWXQFL DG XJDUHD YDORULL

datoriilor.
8Q PRGHO IUHFYHQW XWLOL]DW PRGHOXO OXL %DWHV FDUH UHSUH]LQW  R DUDQMDUH D PRGHOXOXL GH
DFWXDOL]DUHDGLYLGHQGHORUPHULW RDWHQ LHSDUWLFXODU 

Prezentarea modelului lui Bates

)XQGDPHQWXOPRGHOXOXLOXL%RWHVHVWHUHOD LDGHHYDOXDUHXUP WRDUH

P0 =

DIVt

t =1 (1 + R c )

unde: P0 -FXUVXOLQL LDO

Pn - cursul la finele perioadei n;
DIVt dividendul perioadei t;
Rc - rata de rentabilitatHVROLFLWDW

Pn
(1 + R c ) t

GHLQYHVWLWRULDVXSUDIRQGXULORUORUSURSULL

6H SUHVXSXQH F  GLYLGHQGXO UHSUH]LQW  R SURSRU LH FRQVWDQW  G D EHQHILFLXOXL SH DF LXQH

LQL LDO%3$0LF UDWDVDGHFUHWHUHJHVWHFRQVWDQW 

3H GH DOW  SDUWH 30 = BPA0 x m, cu m multipOLFDWRUXO 3( UDW  OD vQFHSXWXO DQXOXL 
Cursul la finele perioadei Pn = BPAn[0L%3$n = BPA0(1 + g)n0ILLQGPXOWLSOLFDWRUXOSUHY ]XW
SHQWUXILQHOHDQXOXLQLSHQWUXWLSXOGHDF LXQHFRQVLGHUDW6HGHGXFHGLQUHOD LLOHSUHFHGHQWHF 

BPA0 m =

t =1

[dBPA (1 + g) ]+ [BPA (1 + g) ] M
0

(1 + R c ) t

(1 + R c )n

Simplificnd prin BPA0VHRE LQH

(1 (1 + g )n )

(1 + R c )
m = d (1 + g )
M
(1 + g )n

n
(1 + R c )
LSXQkQG

A=

(1 + g ) n
n

(1 + R c )
modelul se scrie: m = d B + M A

(1 A )
B = (1 + g )

(R c g)

Modulul 4 -6WUDWHJLDILQDQFLDU
%DWHV D VWDELOLW WDEHOHFDUH GDX YDORUL SDUDPHWULORU $ L % vQIXQF LH GH J UDWD GHFUHWHUH
DQWLFLSDW DGLYLGHQGHORU5c

ExempluSUHVXSXQHPF

HVWH J

UDWDVROLFLWDW

GHDF LRQDULLQ

 SHQWUXXQRUL]RQWGHQ

  UDWD VROLFLWDW  5c

QXP

UXOGHDQL

 DQLUDWDGH FUHWHUHDQWLFLSDW DGLYLGHQGHORU

  L G UDWD GH

distribuire a dividendelor de 50%. M

PXOWLSOLFDWRUXOSUHY ]XWODFDS WXODDQLHVWHGH'XS WDEHOH$

3ULQXUPDUHPXOWLSOLFDWRUXOLQL LDOP

L%



4,4 + 10 0,8 = 10,2.

]XWSULQPRGHOYa fi de 50 10,2 = 510.



'DF %3$LQL LDOHVWHGHFXUVXOSUHY

Critica &D L DOWH PHWRGH GH FUHWHUH D GLYLGHQGHORU PRGHOXO OXL %DWHV VH ED]HD]

 SH

LSRWH]H H[WUHP GH VLPSOLVWH FRQVWDQW  D UDWHL GH FUHWHUH D GLYLGHQGXOXL FRQVWDQW  D UDWHL GH

solicitare asupra fondurilor proprii, constant

DUDWHLGHGLVWULEXLUHDGLYLGHQGHORU

$SOLFDUHD VD QHFHVLW  HVWLPDUHD GLIHUL LORU SDUDPHWUL SH ED]D F URUD HVWH IRQGDW Q VSHFLDO
HVWLPDUHDPXOWLSOLFDWRUXOXL0DSOLFDELOODILQHOHRUL]RQWXOXLFRQVLGHUDWWUHEXLHV ILUHDOL]DW vQWU

-un

mod arbitrar.
9DORDUHDGHUDQGDPHQWLYDORDUHDGHUHQWDELOLWDWH
9DORDUHD GH UDQGDPHQW HVWH vQ PRG GLUHFW LQVSLUDW  GLQ PRGHOXO GH DFWXDOL]DUH D

dividendelor. Ea permite evaluarea valorii fondurilor proprii:

n

Valoarea de randament =
unde: VTn YDORDUHDWHUPLQDO

DIV

VT

(1 + R t ) t + (1 + Rn )n ,
t =1

DIRQGXULORUSURSULLODILQHOHSHULRDGHLQ

3UHVXSXQkQGXQRUL]RQWLQILQLWLXQGLYLGHQGFRQVWDQW',9VHRE LQH

Valoarea de randament =

DIV
.
Rc

$QXPL L DQDOLWL XWLOL]HD]  GH DVHPHQHD YDORDUHD GH UHQWDELOLWDWH FDUH VH HYDOXHD]  SRUQLQG

de la beneficiul net curent B.

Valoarea de rentabilitate =

B
.
Rc

(VWHYRUEDGHRDSOLFDUHGLUHFW DPRGXOXLGHDFWXDOL]DUHDEHQHILFLLORU%HQHILFLXOGHUH LQXW

HVWH EHQHILFLXO QRUPDO GXS  HYHQWXDOH FRUHFWRUL DOH SUHOHY ULORU DQRUPDOH L FRQVLGHUkQG

amortismentele justificate economic. Cel mai adesea se substituie Rc rata de rentabilitate a

FDSLWDOXULORU SURSULL ILH UDWD GREkQ]LL SH SLD

 REOLJD LXQLILH R UDW  GH UHQWDELOLWDWH PHGLH SHQWUX

EUDQ DFHVWHGRX VROX LLVXQWH[WUHPGHFULWLFDELOH

4.3.3. Metodele patrimoniale

0HWRGHOH DFWXDULDOH VH ED]HD]  SH LSRWH]D GH FRQWLQXDUH D H[SORDW ULL HOH SUHVXSXQ R
VHFYHQ

DIOX[XULORUGHOLFKLGLW

LYLLWRDUH

Metodele patrimoniale se opun metodelor aFWXDULDOHvQP

VXUDvQFDUHHYDOXDWRUXOFRQVLGHU 

LPSOLFLWF vQWUHSULQGHUHDHVWHGH]PHPEUDW LF HYDOXDUHDVHIDFHUH LQkQGILHSUH XULOHGHFHVLXQH

SRVLELOH DOH GLIHULWHORU DFWLYH FDUH FRPSXQ vQWUHSULQGHUHD RSWLF  GH OLFKLGDUH ILH SUH XO GH
U VFXPS UDUH DOH DFHORUDL DFWLYH RSWLF  GH UHFRQVWLWXLUH 3UH XULOH GH U VFXPS UDUH QX VXQW
LGHQWLFHFXSUH XULOHGHFHVLXQHDOHDFWLYHORUSHSLH HOHGHRFD]LH
Q SULPXO UkQG LQWHUPHGLDULL SUHOHY  PDUMD ORU Q DO GRLOHD UkQG FRVWXULOH GH WUDQ]DF LH SRW IL
P ULWHQDOWUHLOHDUkQGWUDQ]DF LLOHSRWILIRDUWHUDUHDVXSUDDQXPLWRUDFWLYHLSUH XULOHSRWYDULDVHQVLELO
GHODXQYkQ] WRUODDOWXOFXDWkWPDLPXOWFXFkWFDOLWDWHDEXQXULORUGHRFD]LHSRDWHILIRDUWHYDULDELO 
1RW P F  HVWH IRDUWH DGHVHD LPSRVLELO GH D UHFRQVWLWXL R vQWUHSULQGHUH FXPS UkQG XQ

ansamblu de active. Anumite active, precum activele necorporale sau activele umane, sunt adesea
XQLFHQFRQVHFLQ

YDORULOHDFWXDULDOHVXQWvQPRGQRUPDOGLIHULWHGHYDORULOHSDWULPRQLDOH

DiferitelH PHWRGH SDWULPRQLDOH SRW IL FODVDWH GLVWLQJkQG SH GH R SDUWH PHWRGH FDUH UH LQ RSWLFD
YkQ] WRUXOXL L FDUH SUHVXSXQ vQFHWDUHD DFWLYLW

LL L SH GH DOW  SDUWH PHWRGH ED]DWH SH RSWLFD

FXPS U WRUXOXLQDFHVWGLQXUP FD]LSRWH]DGHFRQWLQXDUHDDFWLYLW

LLHVWHUH LQXW vQPRGLPSOLFLW

Modulul 4 -6WUDWHJLDILQDQFLDU
 0HWRGH GH HYDOXDUH SDWULPRQLDO
RSWLFDYkQ]

 vQWU R RSWLF

 GH vQFHWDUH D DFWLYLW

LL

WRUXOXL

$FHVWHPHWRGHLQWHUHVHD] vQSULQFLSDOYkQ] WRUXO

9 D O R U L O H  G LI H U L WH O R U  DFW L Y H  Y R U  G H S L Q G H  G H  F R Q G L L L OH  UH D OL ]

U L L  O R U   $ VW IH O  S UH XO

R E L QX W  SU L Q  F H GD UH D  X Q XL  DF W L Y  v Q  F RQ G L L L F X UH Q WH  H VWH  FH O  P DL D G H VHD  P X OW  PD L  P D UH 

G H Fk W  SU H XO  G H  FH V L XQ H  R E L Q XW  v Q  F R Q GL LL  G H  O L F KL G D U H  M XGL FL DU
UL L  S UH VXS X QH  F

F R Q W D EL O  GH  F R Q W L Q XL WDW H  D  H [S O RD W
G H  O LF K L GD UH  I R U D W
G H F LV
LPSXV

  Q  F R Q VH FL Q

 v Q  P R G  Y R O X QW D U G H  Y k Q ]

 v Q W UH S U L QG

 Y D O R UL O H Y R U  YD UL D  G X S
W R U  VD X  UH] XO W

 IRU DW

  3 U L Q F L S L XO

erea nu este ntr- R  VL W X D

 F XP  v QF H WD UHD  DF W L Y L W

LH

L L  H VW H

 v Q  X U PD  X QH L  GHF L ] L L  H [ W H U QH  F D UH H VW H

.
9$/2$5($&217$%,/

A.

,$&7,98/1(7&217$%,

9DORDUHDFRQWDELO DvQWUHSULQGHULLHVWHHJDO FXVXPDYDORULORUQHWHFRQWDELOHDOHGLIHULWHORU

DFWLYH $FHVWH YDORUL VH ED]HD]  SH YDORULOH GH RULJLQH FRUHFWDWH vQ IXQF LH GH SULQFLSLL GH HYDOXDUH
FRQWDELO 

Activul net contabil este egal cu valoarea coQWDELO

GDWRULLORU

 D DFWLYXOXL GLPLQXDW  FX YDORDUHD

LQkQGFRQWGHSULQFLSLLOHSUXGHQ HLLGHFRQWLQXLWDWHDDFWLYLW

LLUH LQXWHGHFRQWDELOLWDWH

DFHDVW PHWRG G RYDORDUHGHED] 

B. ACTIVUL NET REEVALUAT

Activul net reevaluat (activul net corectat) se HYDOXHD]

 FRUHFWkQG DFWLYXO QHW FRQWDELO 6H

VXSULP  FKHOWXLHOLOH DFWLYDWH SUHFXP FKHOWXLHOLOH GH FRQVWLWXLUH VDX FKHOWXLHOLOH GH UHSDUWL]DW SH PDL
PXOWH H[HUFL LL ,PRELOL] ULOH QHFRUSRUDOH VXQW HYDOXDWH vQ IXQF LH GH YDORDUHD ORU SUREDELO  GH

negociere. $FHDVWD VH SRDWH DSUHFLD ILH GLUHFW vQ IXQF LH GH WUDQ]DF LLOH FDUH VH UHIHU
comparabile, fie indirect recurgnd la indici.

 OD EXQXUL

9DORDUHD GH DVLJXUDUH UH LQXW  GH FRPSDQLLOH GH DVLJXU UL SRW IL XWLOL]DWH vQ DQXPLWH FD]XUL

Activul net reevaluat estH vQ ILQDO FDOFXODW

 VXVWU JkQG GDWRULLOH L DQJDMDPHQWHOH GLQ YDORDUHD

UHHYDOXDW DDFWLYXOXL

C.

9$/25($/,&+,'$7,9

9DORDUHDOLFKLGDWLY

ntreprindere. Costurile

,9$/2$5($'(/,&+,'$5(

VHED]HD]  SHLSRWH]DXQHLUHDOL]

ULSURJUHVLYHDDFWLYHORUGHFLVHGH

GH WUDQ]DF LH VXQW QRUPDOH 9DORDUHD DVWIHO GHWHUPLQDW  HVWH vQ

PDMRULWDWHD WLPSXOXL LQIHULRDU  YDORULL FRQWDELOH 3DVLYXO U

FRQWDELO

PkQH HYDOXDW OD YDORDUHD VD

9DORDUHD GH OLFKLGDUH UH]XOW  GLPSRWULY  FD XUPDUH D XQHL OLFKLG UL IRU DWH 9DORULOH G

UHDOL]DUHDOHDFWLYHORUVXQWFHOPDLDGHVHDIRDUWHPLFLvQUDSRUWFXSUH XULOHRUGHFHVLXQHvQFRQGL LL

QRUPDOH 3H GH DOW  SDUWH YDORDUHD QHW  HYHQWXDO  FDUH UHYLQH DF LRQDULORU HVWH vQ JHQHUDO IRDUWH
VF ]XW FHOPDLDGHVHDQXO 

4.3.3.2. Metode
FXPS

GH HYDOXDUH SDWULPRQLDO

 vQWU R RSWLF

WRUXOXL

Metodele de evaluare patrimoniale dintr-R RSWLF

0HWRGD DFWLYXOXL QHW FRUHFWDW SUHVXSXQH F

actiYHORU vQ
LL .
DFWLYLW

 GH UHFRQVWLWXLUH RSWLFD

 FXPS

 GH UHFRQVWLWXLUH VXQW IRDUWH GL YHUVH

U

WRUXO HVWH LQWHUHVDW GH DQVDPEOXO

WLPS FH DOWH PHWRGH QX LDX vQ FDOFXO GHFkW DFWLYHOH QHFHVDUH FRQWLQX

$$&7,98/1(7&25(&7$76$89$/2$5($,175,16(&

ULL 

6$89$/2$5($

DE UZ (FOLOSIRE)
$FWLYXO QHW FRUHFWDW VDX YDORDUHD LQWULQVHF  GH X] UHSUH]LQW  VXPD IRQGXULORU FDU

e ar fi

QHFHVDUH XQHL LQYHVWLUL SHQWUX D UHFRQVWLWXL SDWULPRQLXO vQWUHSULQGHULL vQ VWDUHD VD DFWXDO  $FHDVW 
PHWRG HVWHvQSULQFLSLXED]DW SHF XWDUHDFHUFHWDUHDYDORULLGHvQORFXLUH

Modulul 4 -6WUDWHJLDILQDQFLDU
B. 9$/2$5($68%67$1

,$/

9DORDUHDVXEVWDQ LDO IDFHRELHFWXOXQRUGHILQL LLGLYHUVH$FHVWHDFRQFRUGvQJHQHUDODVXSUD

HOHPHQWHORUXUP WRDUH

HVWH YRUED GH R YDORDUH EUXW  HYDOXDW  vQ IXQF LH GH FRVWXULOH GH vQORFXLUH L GXS  R
RSWLF GHFRQWLQXDUHDH[SORDW ULL

bunurile durabile ncheiate sunt incluse;

bunurile care nu VXQWQHFHVDUHH[SORDW ULLVXQWH[FOXVH

9DORDUHD VXEVWDQ LDO  FRUHVSXQGH GHFL YDORULL LQVWUXPHQWXOXL HFRQRPLF SHQWUX FXPS U WRU

6HSRDWHGHILQLRYDORDUHVXEVWDQ LDO QHW GHGXFkQGSDVLYXOH[LJLELO

C.

&$3,7$/85,1(&(6$5((;3/2$7

Capitalurile necesare exSORDW

5,,

ULLFXSULQGLPRELOL] ULOHQHFHVDUHH[SORDW ULLLQHYRLDGHIRQG

GH UXOPHQW GH H[SORDWDUH ,PRELOL] ULOH QHFHVDUH VXQW HYDOXDWH SRUQLQG GH OD VXPD QHW  GH IRQG GH

rulment de exploatare pornind de la nivelul de activitate previzional.

$FHDVW QR LXQHHVWHIRDUWHDSURSLDW GHFHDDDFWLYXOXLHFRQRPLF
0HWRGHKLEULGHLQR LXQHDGHJRRGZLOO
0HWRGHOH KLEULGH vQFHDUF  V  UHFRQVWLWXLH YDORULOH RE LQXWH SULQ PHWRGHOH DFWXDULDOH GDU

pornind de la diferite elemente ale portofoliului de active. Intr-DGHY

U XQXO GLQ SULQFLSDOHOH

LQFRQYHQLHQWHDOHPHWRGHORUSDWULPRQLDOHHVWHF HOHFRQGXFODUH LQHUHDvQHYDOXDUHGHFkWDEXQXULORU

FDUH IDF RELHFWXO WUDQ]DF LLORU SH SLD D VSHFLILF  $FHVWH PHWRGH QX LDX vQ FDOFXO QLFLRGDW  YDORDUHD

pasivelor necorporalHLXUPDUHFDUHFRQVWLWXLHDGHVHDRSDUWHVXEVWDQ LDO

DYDORULLXQHLvQWUHSULQGHUL

*RRGZLOO VDX VXSUDYDORDUHD UHSUH]LQW  YDORDUHD DFHVWRU DFWLYH QHJRFLDELOH L FRUHVSXQGH

GHFLGLIHUHQ HLvQWUHRYDORDUHGHWLSDFWXDULDOLRYDORDUHGHWLSSDWULPRQLDO

Valoarea ntreprinderii

DSDUHDVWIHOFRPSXV GLQGRX HOHPHQWHYDORDUHDSDWULPRQLDO LJRRGZLOO

6XPD JRRGZLOO YDULD]  GXS  FXP HVWLPDUHD HVWH I FXW  GH FXPS U WRU VDX YkQ] WRU 6 
H[DPLQ PSULQFLSDOHOHPHWRGHGHHYDOXDUHJRRGZLOO

4.3.4.1. Metoda indiUHFW

$FHDVW PHWRG HVWHGHDVHPHQHDGHQXPLW PHWRGDJHUPDQ VDXPHWRGDSUDFWLFLHQLORU(D
SUHVXSXQH F  YDORDUHD IRQGXULORU SURSULL 9cp HVWH HJDO  FX PHGLD YDORULL GH UHQWDELOLWDWH GH
UDQGDPHQW 95 L D DFWLYXOXL QHW FRUHFWDW $1& DFWLYXOXL QHW UHHYDO

(VR + ANC)
proprii: Vcp =
 *RRGZLOO *: VH HYDOXHD]
2
YDORDUHDIRQGXULORUSURSULLLDFWLYXOQHWFRUHFWDW

GW = Vcp ANC =

uat). Valoarea fondurilor

 vQWU XQ PRG LQGLUHFW SULQ GLIHUHQ

 vQWUH

(VR ANC)
2

$FHDVW  PHWRG  DSDUH IRDUWH DUELWUDU  1X H[LVW  QLFL R MXVWLILFDUH SHQWUX SRQGHUDUHD
XWLOL]DW 5HFXUJHUHDODYDORDUHDGHUHQWDELOLWDWHHVWHIRDUWHFULWLFDELO GHRDUHFHDFHDVWDSUHVXSXQHR

stabilitate a beneficiului curent pe un orizont infinit.

4.3.4.2. Metode directe. Metodele directe sunt bazate pe R HYDOXDUH GLUHFW
goodwill

 D

9DORDUHDWRWDO DIRQGXULORUSURSULLHVWHFDOFXODW DG XJkQGODJRRGZLOODFWLYXOQHWFRUHFWDW

A. 0(72'$(;3(5 ,/25&217$%,/,(8523(1,
Conform acestei metode, valoarea fondurilor proprii VcpHVWHFDOFXODW
Vcp = ANC + GW = ANC + a n (BNC i ANC)

DVWIHO

Goodwill este determinat prin actualizarea unui supraprofit pe care-O SRDWH RE LQH
i ANC) este egal cu

FXPS U WRUXO GDWRULW  GH LQHULL GH DFWLYH QHFRUSRUDOH VXSHUSURILWXO %1&

GLIHUHQ D vQWUH %1& EHQHILFLXO FXUHQW GXS  GHGXFHUHD FKHOWXLHOLORU ILQDQFLDUH L D LPSR]LWXOXL

Modulul 4 -6WUDWHJLDILQDQFLDU
SUHYL]LRQDO L UHPXQHUD LD OD UDWD GREkQ]LL QRUPDOH L D DFWLYXOXL QHW FRUHFWDW 5DWD L vQ JHQHUDO
UH LQXW HVWHFHDDREOLJD LXQLORUGHVWDWVXSHUSURILWXOHVWHDFWXDOL]DWODUDWDLFDUHLQWHJUHD] RSULP 

de risc egaO
ani:

FX GLQ UDWDL)DFWRUXOPXOWLSOLFDWLY DQHVWHXQIDFWRUGHDFWXDOL]DUHFXPXODW SHQ

[1 (1 + i ) ]
=
1 n

an

i1

(OHPHQWHOH GHWHUPLQDWH DUELWUDU FDUH DSDU vQ DFHDVW  PHWRG  VXQW QXPHURDVH EHQHILFLXO
FXUHQWFRQVWDQWGXUDWDGHYLD

SULPDGHULV

c.

B. METODA ANGLO-6$;21
Metoda anglo-VD[RQ  HVWH IRDUWH DSURSLDW
un orizont infinit pentru a evalua goodwill.

 GH PHWRGD SUHFHGHQW  (D GLIHU  GHRDUHFH UH LQH

BNC i ANC
Vcp = ANC + GW = ANC +

C.

81(;(03/8'(&203$5$

)LH R vQWUHSULQGHUH DO F

5DWDGREkQ]LLGHSLD

,($',)(5,7(/250(72'(

rui activ net corectat (ANC) este de 500. Beneficiul curent este de

HVWHGH6HSUHVXSXQHF L

FRUHVSXQ] WRDUHUDWHLVROLFLWDWH

(cerute) aferente fondurilor proprii.

0HWRGDGLUHFW

BNC 100
=
= 666,7 .
i
0,15
(VR + ANC) (666,7 + 500)
Valoarea fondurilor proprii este atunci de: Vcp =
=
= 583,3
2
2
QFRQVHFLQ JRRGZLOOHVWHHJDOFX*: 9cp ANC = 583,3 500 = 83,3

Valoarea de rentabilitate VR =

0HWRGDH[SHU LORUFRQWDELOLHXURSHQLLSRWH]DSHXQRUL]RQWGHDQL

(YDOX P

[1 (1,15) ] = 5,018
10

a10

0,15
De unde: Vcp = ANC + a n (BNC i ANC) = 500 + 5,018(100 0,10 500) = 751
Goodwill este egal cu: GW = Vcp ANC = 751 500 = 251

Metoda anglo-VD[RQ

Vcp = ANC + {(BNC i.ACN )/ i}= 500 + {(100 0,10 500)/ 0,15}= 833
Goodwill este egal cu:

GW = Vcp ANC = 833 500 = 333

4.3.5. Documentar
A.

(9$/8$5($3$75,021,$/

,),1$1&,$5

Tipuri de cash-flow-XULFDUHGHWHUPLQ
1 ntr-RRSWLF

$175(35,1'(5,,

YDORDUHDvQWUHSULQGHULL

DYkQ] WRUXOXLvQWUHSULQGHULLIOX[XULOHGHWUH]RUHULHVXQWFHOHUH]XOWDWHGLQYkQ]DUHD

LPHGLDW DSDWULPRQLXOXLvQvQWUHJLPHVDXEXFDW FXEXFDW 

Se poate vorbi de:

valoarea OLFKLGDWLY  UH]XOWDW
QRUPDOHGHWUDQ]DF LRQDUH

 GLQ YkQ]DUHD DFWLYHORU SH SLH HOH ORU FDUDFWHULVWLFH vQ FRQGL LL

Modulul 4 -6WUDWHJLDILQDQFLDU

valoarea de asigurare FH SRDWH IL RE LQXW  GLQ HYDOX ULOH I FXWH GH VRFLHW LOH GH DVLJXUDUH
atunci cnd iau n asigurare active similare cu cele ale ntreprinderii;

valoarea de lichidare UH]XOW  GLQWU-R OLFKLGDUH IRU DW  D vQWUHSULQGHULL vQ FD] GH IDOLPHQW
9DORDUHD GH OLFKLGDUH HVWH LQIHULRDU  YDORULL OLFKLGDWLYH GHWHUPLQDW  vQ FRQGL LL GH WUDQ]DF LL

normale.
2 ntr-R RSWLF

 D FXPS U WRUXOXL vQWUHSULQGHULL IOX[XULOH GH WUH]RUHULH SHQWUX FXPS UDUHD

vQWUHSULQGHULLVXQW FHOH RFD]LRQDWH GH FXPS UDUHD LPHGLDW  SH GH D vQWUHJXO VDX EXFDW  FX EXFDW D

activelor ntreprinderii. Se poate vorbi de:

valoarea de nlocuire a ntreprinderii, rezultDW

GLQVXPDSUH XULORUGHFXPS UDUHGHSHSLD DGH

RFD]LH D DFWLYHORU vQWUHSULQGHULL DD FXP VH SUH]LQW  HOH vQ SULYLQ D X]XULL L D FRQGL LLORU GH

utilizare;

YDORDUHD LQWULQVHF

 VDX YDORDUHD X]XDO

HVWH FHD GHWHUPLQDW  GH P ULPHD IRQGXULORU QHFHVDUH

pentru reconstituirea patrimoniului, pe de-DvQWUHJXOvQVWDUHDVDDFWXDO

96 GHWHUPLQDW  GHYDORDUHDLQWULQVHF DDFWLYHORUGH H[SORDWDUH QHW GH

YDORDUHD VXEVWDQ LDO

GDWRULLLGHIRQGFRPHUFLDOSULYLW vQWU RSHUVSHFWLY GHFRQWLQXDUHDDFWLYLW

Activele de
VS

Fondul
-

exploatare
Activele de

Datorii

comercial

Active

Active n

exploatare

LL

+
DIDUDH[SORDW

totale

FDSLWDOXULOH SHUPDQHQWH QHFHVDUH H[SORDW

ULL &31(

Leasing

ULL

conduc spre o valoDUH VXEVWDQ LDO

 GDU

FDUH LQHFRQWGHPRGXOGHILQDQ DUHDDORF ULORUGHFDSLWDOvQDFWLYHFRUSRUDOHGHH[SORDWDUH

,PRELOL]

UL

CPNE =

+
nete

3 ntr-RRSWLF

de rulment previzionate

datorii financiare

LLvQWUHSULQGHULL6HSRDWHYRUELGH

YDORDUHD GH UDQGDPHQW ILQDQFLDU

WRDW GXUDWDGHYLD

ULGH

DLQYHVWLWRUXOXL GHFDSLWDOIOX[XULOH GHWUH]RUHULHVXQW FHOH DWHSWDWHDVHRE LQHGLQ

FRQWLQXDUHDDFWLYLW

5DPEXUV

Nevoia de fond

YDORDUHD EXUVLHU

 FD VXP  DFWXDOL]DW  D IOX[XULORU GH WUH]RUHULH HVWLPDWH S

HFRQRPLF DvQWUHSULQGHULL
 FD UH]XOWDW DO SURGXVXOXL GLQWUH EHQHILFLXO SURILWXO SHU DF LXQH %3$ L

FRHILFLHQWXOGHFDSLWDOL]DUHEXUVLHU 3(5PXOWLSOLFDWFXQXP UXOGHDF LXQLHPLVH

YDORDUHD PL[W

 ED]DW  SH JRRGZLOO L DPRUWL]DUHD DFHVWXLD UHVSHFWLY YDORDUHD GH SLD

 D

DFWLYHORUFRUSRUDOHSOXVYDORDUHDQHFRQWDELOL]DW DDFWLYHORUQHFRUSRUDOH

9DORDUHDSDWULPRQLDO

DvQWUHSULQGHULL

9DORDUHDFRQWDELO

Patrimoniul net
=
sau activul net

9DORDUHDFRQWDELO

DDFWLYHORURE LQXWH

9DORDUHDILQDQFLDU

9DORDUHDFRQWDELO

=
a datoriilor

a capitalurilor proprii

GHUDQGDPHQWDvQWUHSULQGHULL

Determinarea cash-flow-urilor disponibile:

CFgest = EBIT Impozit + Amo = PN + Dob + Amo
n care: EBIT  SURILW GLQ H[SORDWDUH vQDLQWH GH GREkQ]L L LPSR]LW HDUQLQJV EHIRUH LQWHUHVWV DQG
WD[HVvQHQJOH] 

Modulul 4 -6WUDWHJLDILQDQFLDU
Impozit = (EBIT Dob)
-FRWDXQLF GHLPSR]LWSHSURILW
PN = profit net = (EBIT Dob) (1 - )
$PR

P ULPHDDPRUWL] ULLDQXDOH

CFD = CFgest  ,PR 1)5

n care: ,PR ,PR1 Imo0 + Amo + VCR
Imo1 YDORDUHDQHW DLPRELOL] ULORUGLQELODQ XOODVIkULWXOUHVSHFWLYODvQFHSXWXODQXOXL
9&5 YDORDUHDFRQWDELO U PDV DDFWLYHlor vndute (dezinvestite).
1)5

1)51

NFR0,
unde: NFR = ACR DEXP = nevoia de fond de rulment;
ACR DFWLYHFLUFXODQWHLQFOXVLYWUH]RUHULDQHW 
DEXP datorii de exploatare.
CFD CFDact + CFDcr
CFDact = PN 
unde: PN profit net;

&35

FDVK

-flow-ul disponibilSHQWUXDF LRQDUL

&35 CPR1 CPR0

cu: CPR1(0) FDSLWDOXULOHSURSULLODVIkULWXOUHVSHFWLYODvQFHSXWXODODQXOXL

CFDcr = Dob  '$7 FDVK-flow-ul disponibil pentru creditori

unde: '$7 '$71 DAT0
cu: DAT1(0) GDWRULLOHF WUHvPSUXPXW WRULODVIkULWXOUHVSHFWLYODvQFHSXWXODQXOXL
(YDOXDUHDILQDQFLDU

DvQWUHSULQGHULLLDFDSLWDOXULORUDFHVWHLD

V0 (AE) =

CFD t

t =1 (1 + K ec )

VR n
(1 + K ec )n

n care:V0(AE) YDORDUHDDFWXDO GHUDQGDPHQWDvQWUHSULQGHULLDDFWLYXOui ei economic = AE);

t
- 1, 2,, n ani perioada de previziune a valorii;
CFDt - cash-flow-uri disponibile ale ntreprinderii estimate n anul t;
VRn
-YDORDUHDUH]LGXDO DvQWUHSULQGHULLHVWLPDW vQDQXOQ
Kec
- costul mediu ponderat al capitalului la ntreprinderea medie din clasa de risc a
ntreprinderii analizate.
CPR
DAT
unde:
K ec = K fin
+ K dob (1 )
AE
AE
cu:
Kfin -FRVWXOFDSLWDOXOXLSURSULXODDFHHDLvQWUHSULQGHUHPHGLH
Kdob - costul nominal al mprumuturilor (al dobnzilor) lDDFHHDLvQWUHSULQGHUHPHGLH
n
VR (CPR ) n
CFDactn
V0 (CPR ) =
+
t
(1 + K fin )n
t =1 (1 + K fin )
n

V0 (DAT) =

CFDcrt

t =1 (1 + K d )

n care:
V0(CPR) -YDORDUHDDFWXDO
V0(DAT) -YDORDUHDDFWXDO

VR ( DAT ) n
(1 + K d ) n

DFDSLWDOXULORUSURSULL
DGDWRULLORU

Modulul 4 -6WUDWHJLDILQDQFLDU
CFDact t - cash-flow-XULGLVSRQLELOHSHQWUXDF LRQDULHVWLPDWHn anul t;
Kfin
- costul capitalurilor proprii;
CFDcr t - cash-flow-uri disponibile pentru creditori estimate n anul t;
Kd
- costul nominal al datoriilor;
VR(CPR)n -YDORDUHDUH]LGXDO DFDSLWDOXULORUSURSULLHVWLPDW vQDQXOn;
VR(DAT)n -YDORDUHDUH]LGXDO GHUDPEXUVDWDGDWRULLORUHVWLPDW vQDQXOQ
V0(CPR) + V0(DAT) = V0(AE)
12

B.

,81($'(*22':,//9$/2$5($'()/8;$*22':,//

-ULUI

'LIHUHQ D SR]LWLY  vQWUH YDORDUHD ILQDQFLDU  9) L YDORDUHD SDWULPRQLDO  93 H[SULP 

QR LXQHD GH *RRGZLOO VDX GH )RQG FRPHUFLDO UHVSHFWLY GH FDSDFLWDWHD vQWUHSULQGHULL GH D DGXFH

profituri mai mari dect cele normale.

Goodwill = VF VP

VF = VP + GW

*RRGZLOOUHSUH]LQW H[FHGHQWXOGHYDORDUHDvQWUHSULQGHULLSHVWHYDORDUHDGHSLD

DWULEXLW 

elementelor identificabile ale activelor sale la un moment dat.

n

(P ANC i) t

t =1

(1 + K fin ) t

GW =
unde: P
- profitul previzional;
ANC - activul net corectat;
i
-UDWDGHUHPXQHUDUHGHF
W

WUHSLD

DFDSLWDOXULORULQYHVWLWHvQvQW

reprinderi;

QDQLGLQSODQXOGHLQYHVWL LLSHQWUXH[SORDWDUHDvQWUHSULQGHULLFXPS UDWH

Kfin

'XS

- costul capitalurilor proprii ale ntreprinderii.

PHWRGDDQJOR-VD[RQ vQLSRWH]DXQHLGXUDWHGHH[SORDWDUHQHOLPLWDWH
P ANC i
GW =
K fin

'XS PHWRGD8QLXQLL([SHU LORU&RQWDELOL(XURSHQL

GW =

P ANC i
a

a=

i
1

(1 + i) n

unde: a - DQXLWDWHDGH DPRUWL]DUHD XQXLOHXvQQDQLODRUDW

medie a sectorului industrial al ntreprinderii.

GHGREkQG HJDO FXUHQWDELOLWDWHD

QDD QXPLWDPHWRG DSUDFWLFLHQLORUYDORDUHDJOREDO DvQWUHSULQGHULLHVWHHJDO FXPHGLD

DULWPHWLF GLQWUHYDORDUHDDFWLYXOXLQHWFRUHFWDW$1&LYDORDUHDIOX[XOXL3L

V=

1
P
ANC + ,
2
i

unde: ANC activ net corectat;

P/i
- YDORDUHD GH UDQGDPHQW ILQDQFLDU
SLD

 SURILWXO UDSRUWDW OD UDWD UHQWDELOLW

SHQWUXvQWUHSULQGHUHDUHVSHFWLY L

GW =

P
ANC
i

P
= ANC + GW
i

LL FHUXW  SH

Modulul 4 -6WUDWHJLDILQDQFLDU
1
P 1
GW
Vi = ANC + = (2ANC + GW ) = ANC +
2
i 2
2
1
P
1 P i ANC
Vi = ANC + = ANC +
2
i
2
i
Goodwill-ul
ED]DW

FD UHPXQHUDUH D DF LRQDULORU L D FUHGLWRULORU vQWUHSULQGHULL 0HWRGD

SHYDORDUHDVXEVWDQ LDO

GW =

EUXW

96%

(P i VSB)

t =1 (1 + K ec )

n care:P
t
Kec
VSB
i

- profit;
-SHULRDGDGHLQYHVWL LLDFDSLWDOXOXLvQQDQL
- rata de aFWXDOL]DUHVSHFLILF vQWUHSULQGHULL
-YDORDUHDVXEVWDQ LDO EUXW 
- UDWD UHQWDELOLW LL FHUXWH GH SLD  SHQWUX vQWUHSULQGHUH D F
dect Kec.

0HWRGDED]DW

SHFDSLWDOXULOHSHUPDQHQWHQHFHVDUHH[SORDW

GW =

PE i CPNE

,
t
(
1
+
K
)
t =1
ec
n care: PE
- profitul din exploatare n perioada t;
CPNE -FDSLWDOXULOHQHFHVDUHH[SORDW ULLvQSHULRDGDW
n
- perioada de capitalizare;
i
-UDWDGHUHPXQHUDUHFHUXW GHSLD SHQWUX&31(
Kec
-UDWDGHDFWXDOL]DUHVSHFLILF vQWUHSULQGHULL

UHL YDORDUH HVWH PDL PLF 

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