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banca n utilizarea pentru creditare a sumelor astfel depuse. n mod curent aceste depozite se
vQWkOQHVFVXEIRUPDFRQWXULORUGHGHSR]LWSHQWUXLQYHVWL LLLD conturilor de economii.
2.2. Rescontul HVWHRRSHUD LXQHSULQFDUHREDQF
GH DFWLYH vQ YHGHUHD RE LQHULL XQRU GLVSRQLELOLW

vLFHGHD] DOWHLDRSDUWHGLQSRUWRIROLXO

L SH FDUH V  OH SRDW  IRORVL SHQWUX D DFRUGD QRL

credite. Portofoliul de active este IRUPDWGLQWLWOXULFHDWHVW GDWRULLOHSHFDUHXQWHU ODDUHID GH

EDQF VDXSODVDPHQWHSHFDUHDFHDVWDOH-DI FXWvQWLWOXULGHVWDWVDXSXULVLPSOXFUHGLWHSHFDUH
banca le-D DFRUGDW XQRU FOLHQ L  DL HL 8QHOH GLQ DFHVWH WLWOXUL VXQW UHFUHGLWDELOH altele nu. Cele
UHFUHGLWDELOH VXQW RIHULWHGH EDQFD GH LQ WRDUH XQRU DOWRU E QFL vQ VFKLPEXO VXPHL SHFDUHHOH OH
UHSUH]LQW  GDU GLPLQXDW  FX XQFRPLVLRQ  GHFHGDUHSUHOXDUH QXPLW GXS  FD] WD[  GH VFRQW VDX
WD[  GH ORPEDUG QWUH WLWOXULOH UHFUHGLWDELOH VH LQFOXG HIHFWHOH FRPHUFLDOH FDPELL L HIHFWHOH
SXEOLFHREOLJD LXQLLERQXULGHWH]DXU3HQWUXDFHDVW UHFUHGLWDUHQXPLW LUHILQDQ DUHE QFLOH
DSHOHD]  OD R DOW  EDQF  LQWHUHVDW  L FDUH DUH GLVSRQLELOLW

L OD E QFLOH VSHFLDOL]DWH vQ DVWIHO G

RSHUD LXQL QXPLWH E QFL GH VFRQW L OD EDQFD FHQWUDO  5HFUHGLWDUHD SH VHDPD FHG ULL GLQ
SRUWRIROLXDXQRUHIHFWHSXEOLFHVHQXPHWHORPEDUGDUH

2.3. Capitalul propriuHVWHRSHUD LXQHDGHFUHDUHDFDSLWDOXOXLSULQHPLVLXQLOHGHDF LXQL

capitalul

L SULQ DFXPXODUHD SURILWXOXL 6XPHOH UH]XOWDWH GLQ HPLVLXQHD GH DF LXQL IRUPHD] 

social IRORVLW GH UHJXO  SHQWUX ILQDQ DUHD GRW ULL E QFLL LPRELOH PRELOLHU HFKLSDPHQWH
electronice, active fixe diverse). Sumele acumulate din profit constituie fondurile de UH]HUY 
FUHDWHSHQWUXGLPLQXDUHDXQRUULVFXULSULQ H[LVWHQ DXQHLDFRSHULULDVLJXUDWRULL &DSLWDOXOSURSULX
DUH R FRW  UHGXV  vQ WRWDOXO UHVXUVHORU E QFLL L QX SDUWLFLS  GHFkW HYHQWXDO VLPEROLF OD FUHDUHD

surselor de creditare.
2SHUD LXQLOHDFWLYHDOHE

QFLORUFRPHUFLDOH

2SHUD LXQLOH DFWLYH DOH E QFLORU FRPHUFLDOH VXQW RSHUD LXQL  GH FUHGLWDUH D DFWLYLW

LL

HFRQRPLFH DGLF  GH XWLOL]DUH D UHVXUVHORU PRELOL]DWH SULQ RSHUD LXQLOH SDVLYH 2SHUD LXQLOH

active, mai diversificate dect cele pasive, sunt cODVLILFDWH GXS

 RELHFW vQ FUHGLWDUHD ILUPHORU

FUHGLWDUHDSHUVRDQHORUSDUWLFXODUHLSODVDPHQWH

Creditarea firmelor DUH vQ YHGHUH DVLJXUDUHD DFHVWRUD FX GLVSRQLELOLW L SHQWUX D-L
ltuielile de exploatare.

FRQWLQXDDFWLYLWDWHDFUHGLWHSHQWUXDFWLYHOHIL[HLFUHGLWHSHQWUXFKH

&UHGLWHOH SHQWUX DFWLYHOH IL[H DX vQ YHGHUH FRQVWUXLUHD VDX DFKL]L LRQDUHD GH LPRELOH
WHUHQXUL HFKLSDPHQWH XWLODMH LQVWDOD LL PLMORDFH GH WUDQVSRUW D L VH GDX GH UHJXO  FX
JDUDQ LLvQSULQFLSDOGHE QFLVSHFLDOL]DWH
&UHGLWHOH SHQWUX FKHOWXLHOLOH GH H[SORDWDUH DX vQ YHGHUH UHFRQVWLWXLUHD VXPHORU E QHWL
LPRELOL]DWH GH vQWUHSULQ] WRU vQ FLUFXLWXO HFRQRPLF RELQXLW DFKL]L LH
% QFLOHFUHGLWHD] FUHDQ HOHFRPHUFLDOHDOHvQWUHSULQ] WRUXOXLDGLF SUH
SH FDUH WHU LL OH DX ID
FRPSOHWHD]  GLVSRQLELOLW
SRVLELOLWDWHDXQRUSO

 SURGXF LH livrare.

iau n sarcina lor datoriile

 GH DFHVWD VDX DFRUG  FUHGLWH GH WUH]RUHULH DGLF  IRUPHD]  VDX
LOH GH SODW  DOH GHELWRUXOXL vQ FD]XO vQ FDUH DFHVWD vQWUHYHGH

L SHFDUHOH

-ar avea de f

FXWOD XQPRPHQWGDWVDXvQWU

WLPSFRQFRPLWHQWFXOLSVDVDXLQVXILFLHQ DXQRUGLVSRQLELOLW

LSURSULL

-un interval scurt de

Creditarea persoanelor particulare are n vedere acordarea de credite indivizilor sau

IDPLOLLORU SHQWUX FRQVWUXF LHDFKL]L LH GH ORFXLQ H SHQWUX DFKL]L LL GH EXQXUL GH IRORVLQ

vQGHOXQJDW VDXSHQWUXDFRSHULUHDXQRUFKHOWXLHOLFXUHQWH

Plasamentele

UHSUH]LQW  DFKL]L LD GH HIHFWH SXEOLFH L DF LXQL vQ YHGHUHD XWLOL] ULL

HILFLHQWHDUHVXUVHORUGLVSRQLELOHvQFRQGL LLOHDVLJXU ULLXQHLOLFKLGLW

XWLOL] UL $FHDVW  FRQGL LH HVWH UHJOHPHQWDW  vQ FHOH PDL PXOWH

LVXILFLHQWGHPDULDDFHVWRU

UL FD P VXU  GH GLPLQXDUH D

ULVFXOXL GH OLFKLGLWDWH 3ODVDPHQWXO vQ DF LXQL HVWH LQWHU]LV vQ XQHOH

UL LQFOXVLY vQ 5RPkQLD

pentru a evita conflictul de interese. Plasamentul n efecte publice este stimulat prin riscul lor
PLFDGHVHDPLQLPLSULQUDSRUWXODWU J WRUULVFFkWLJ
Q FDGUXO DFHVWRU FODVH GH RSHUD LXQL DFWLYH FHOH PDL IUHFYHQW vQWkOQLWH VXQW VFRQWDUHD

pensiunea, mprumutul cu gaMvQHIHFWHDYDQVXULOHvQFRQWLFUHGLWHOHVSHFLDOL]DWH

3.1. ScontareaHVWHRSHUD LXQHDSULQFDUHREDQF SUHLDvQVDUFLQ XQFUHGLWDWHVWDWSULQWUun efect comercial emis de un agent economic debitor n beneficiul altui agent economic
creditor.
Agentul economic creditor a acceptat la un moment dat, momentul t0 V  OLYUH]H
DJHQWXOXL HFRQRPLF GHELWRU R SDUWLG  GH PDUI  SO WLELO  OD PRPHQWXO XOWHULRU W1 QXPLW VFDGHQ
6XPD GH SODW  OD VFDGHQ



 VH vQVFULH vQ DFWXO FH FRQVILQ HWH vQ HOHJHUHD DGLF  vQWU

FRPHUFLDOGH UHJXO RIRUP GHFDPELHL VHQXPHWHYDORDUHQRPLQDO

-un efect
a efectului comercial.

La un moment t2 (t0, t1DJHQWXOHFRQRPLFFUHGLWRUGRUHWHV -LUHFXSHUH]HEDQLL(OVFRQWHD]

UHVSHFWLYXO WLWOX OD R EDQF  DGLF  vO FHGHD] FHVLRQHD]  SULPLQG vQ VFKLPE R VXP  GH EDQL
QXPLW YDORDUHDFWXDO

DUHVSHFWLYXOXLWLWOX'LQPRPHQWXOVFRQW ULLW2LSkQ ODVFDGHQ

DGLF  SH XQ LQWHUYDO GH WLPS GH

z ]LOH FUHGLWXO HVWH vQ VDUFLQD E

W1

),

QFLL FDUH SUHWLQGH vQ PRG

justificat, o remuneraUH SHQWUX LPRELOL]DUHD UHVXUVHORU VDOH $FHDVW  UHPXQHUDUH H[SULPDW  vQ
XQLW
LPRQHWDUHVH]LFH scontLDUH[SULPDW SURFHQWXDOVH]LFHWD[ GHVFRQW0 ULPHDWD[HLGH
VFRQW HVWH VWDELOLW  GH F WUH ILHFDUH EDQF  vQ SDUWH vQ UDSRUW FX VWUDWHJLD L SROLWLFa ei de credite,
FXHOHPHQWHOHFRQMXQFWXUDOHFDUHRGHWHUPLQ V DPSOLILFHVDXV GLPLQXH]HRIHUWDGHFUHGLWFDL
FX WD[D RILFLDO  GH VFRQW SUDFWLFDW  GH %DQFD &HQWUDO  vQ UHILQDQ DUHD E QFLORU FRPHUFLDOH SULQ
RSHUD LXQHDGHUHVFRQWSUDFWLFDW GHDFHDVWDvQOHJ WXU FXSRUWRIROLLOHORUGHDFWLYHQ5RPkQLD
GHSLOG WD[DGHVFRQWD%15GHODLDQXDULHDIRVWVWDELOLW GH
0 ULPHDVFRQWXOXLLDYDORULLDFWXDOHDWLWOXOXLVFRQWDWVHGHWHUPLQ GXS UHOD LD

z s
100

(152)

VA = VN - S

(153)

S = VN

unde: S
s
VA
VN

= scontul;
= taxa de scont;
YDORDUHDDFWXDO DWLWOXOXLVFRQWDW
YDORDUHDQRPLQDO DWLWOXOXLVFRQWDW

6FRQWDUHDHVWHRRSHUD LXQHSULQFDUHFUHGLWXOFRPHUFLDOVHWUDQVIRUP vQFUHGLWEDQFDU

3.2. Pensiunea HVWH RSHUD LXQHD SULQ FDUH DJHQWXO FH D VFRQWDW XQ HIHFW FRPHUFLDO VH
-O U VFXPSHUH HO vQVXL OD VDX SkQ  OD VFDGHQ  5LVFXO DFHVWXL HIHFW FRPHUFLDO HVWH

DQJDMHD]  V

SUHOXDWDVWIHOGRDUWHPSRUDUGHF WUHEDQF 

3.3. mprumutul cu gaj n efecte este

RSHUD LXQHD SULQ FDUH EDQFD DFRUG  XQ FUHGLW

SULPLQGvQVFKLPEXQJDMvQHIHFWHFRPHUFLDOHVDXSXEOLFHVDXvQDF LXQL0 ULPHDFUHGLWXOXLHVWH

sub nivelul valorilor nominale ale efectelor gajate.

Q FH SULYHWH JDMDUHD HIHFWHORU FRPHUFLDOH UHFXUJHUHD OD DFHDVW  IRUP  GH UHFUHGLWDUH VH
IDFH DWXQFL FkQG EDQFD DUH UH]HUYH vQ FH SULYHWH FDSDFLWDWHD GH SODW  D FHORUODO L VHPQDWDUL DL

WLWOXOXL DO LL GHFkW EHQHILFLDUXO DFHVWXLD 'H DFHHD EDQFD QX VFRQWHD]  L vQ SOXV DFRUG  XQ
FUHGLWVXEYDORDUHDQRPLQDO D

efectului.

Q FH SULYHWH JDMDUHDHIHFWHORU SXEOLFH L DDF LXQLORU EDQFD DFRUG  FUHGLWH VXE YDORDUHD
QRPLQDO  D DFHVWRUD FD UH]XOWDW DO ULVFXOXL GH GLPLQXDUH D YDORULL ORU GH SLD

 VF GHUHD FXUVXOXL

lor).
Solicitatorii unor credite cu gaj n efecte pXEOLFHVDXDF LXQLUHFXUJODDFHDVW

RSHUD LXQH

DGHVHDvQVFRSXULVSHFXODWLYHvQ YHGHUHDDFKL]L LRQ ULL UHSHWDWHDXQRUDVWIHOGHWLWOXUL3HVHDPD

XQXL FDSLWDO LQL LDO

K DJHQWXO vQ FDX]

JDMHD] RE LQkQGXQFUHGLWGHYDORDUH

 SURFXU  WLWOXUL GH DFHHDL YDORDUH ILH 971

= K pe care le

C1 = a VT1

unde:

D

(154.1)

FRWDH[SULPDW SURFHQWXDOGLQYDORDUHDWLWOXULORUDFKL]L LRQDWHLJDMDWH

&XDFHVWFUHGLWUHVSHFWLYXODJHQWSRDWHFXPS UDQRLWLWOXULGHYDORDUH972

SRDWHGLQQRXJDMDRE LQkQGXQQRXFUHGLW

C2 = a VT2

= C1 pe care le

(154.2)

FXFDUHSURFHGHD] vQPRGVLPLODU
3UHVXSXQkQG F  DJHQWXO HIHFWXHD] 
DFKL]L LRQDWHvQWRWDO

n

DVWIHO GH RSHUD LXQL DWXQFL YDORDUHD WLWOXULORU

TVT este:
1 a n +1
1 a

(155.1)

(1 a n ) a
1 a

(155.2)

TVT = K
FUHGLWXOWRWDO&7SULPLWGHHOGHODEDQF HVWH

CT = K

iar capitalul imobilizat KIvQWRWDODGLF

VXPDFKHOWXLW GHHOSHQWUXDFKL]L LRQDUHDWLWOXULORUHVWH

KI = TVT CT = K (1 a n )

CaliWDWHD ILQDQFLDU

(155.3)

 HILFLHQ D SHQWUX DJHQWXO HFRQRPLF DO XQXL DVWIHO GH SURFHGHX SRDWH

ILHYLGHQ LDW SULQFkWHYDUDWH

UDWDFDSLWDOXOXLLPRELOL]DWLQYDORDUHWRWDO DWLWOXULORUDFKL]L LRQDWHHVWH

rl =

KI
= 1 a
TVT

(156.1)

DGLF  HVWH FRQVWDQW  LQGLIHUHQW GH QXP UXO RSHUD LXQLORU GH DFKL]L LH

-creditare pe care el le

UHDOL]HD] 

PDUMDGHDFRSHULUHDFUHGLWXOXLSULQWRWDOXOYDORULLWLWOXULORUDFKL]L LRQDWHHVWH

r2 =

TVT
1 a n +1
=
CT
a (1 a n )

(156.2)

DGLF  vQ VF GHUH FX ILHFDUH QRX  RSHUD LXQH DFKL]L LH FUHGLWDUH UHIOHFWkQG FUHWHUHD FDSLWDOXOXL

LPRELOL]DW L FRQGXFkQG OD IRUPXODUHD XQRU FRQFOX]LL LPSRUWDQWH DWkW SHQWUX DJHQW FkW L SHQWUX
EDQF 

UHSHWDUHD RSHUD LXQLL GH vPSUXPXW FX JDM vQ HIHFWH SXEOLFH VDX DF LXQL GH F WUH XQ
DFHODLDJHQWP UHWHULVFXOV XGHSLHUGHUHSULQVF GHUHDFXUVXOXLWLWOXULORUGHRDUHFH

imobilizarea sa de capital este tot mai mare;

PHQ LRQDWD UHSHWDUH GLPLQXHD]  FDSDFLWDWHD GH JDUDQ LH D JDMXOXL GHRDUHFH PDUMD GH
DFRSHULUH D FUHGLWXOXL VFDGH FHHD FH SHQWUX EDQF  vQVHDPQ  FUHWHUHD ULVFXOXL GH

creditare.

FRHILFLHQWXOGHPXOWLSOLFDUHDFDSLWDOXOXLLQL LDOSULQYDORDUHDWLWOXULORUDFKL]L LRQDWHHVWH

r3 =
XQGH M

n
TVT
= a j1
K
j=1

(156.3)

 LQGLFH SHQWUX LGHQWLILFDUHD QXP UXOXL GH RUGLQH DO RSHUD LXQLL UHSHWDWH DFKL]L LH

creditare.
3.4.Avansurile n contVXQWRRSHUD LXQHSULQFDUHEDQFDHIHFWXHD] SO LGLQFRQWXOXQXL
client, pe baza cecurilor emise de el, chiar n cazul n care acesta nu are disponibil. Pentru a
SXWHD IDFH SODWD EDQFD DFRUG  XQ FUHGLW vQ DYDQV DGLF  I U  D DWHSWD R VROLFLWDUH H[SUHV  GLQ
SDUWHD FOLHQWXOXL V X $FHVW FUHGLW VH QXPHWH

overdraft 'HRDUHFH QX X]HD]

 GH vQVFULVXUL

EDQFDUH SHQWUX FRQILUPDUHD ORU DFHVWH FUHGLWH VXQW QHWUDQVIHUDELOH DGLF  EDQFD QX SRDWH V  VH

recrediteze pe seama lor. Pentru a corecta acest neajuns, banca poate solicita clientului ei un bilet
la ordin pe care, eventual, l poate sconta, recreditndu-se.
3.5. Creditele specializate VXQW RSHUD LXQL GH FUHGLWDUH LQWHUYHQLWH vQ OHJ WXU  FX VLWXD LL
specifice, de o anuPLW QDWXU $VWIHOGHRSHUD LXQLVHUHDOL]HD] SULQSURGXVHEDQFDUHFXPVXQW

creditul sezonier sau de campanie (vezi cap.4.3.3.);

creditul pentru stoc (vezi cap. 4.3.3.) garantat prin warant (vezi cap. 4.3.4.);

FUHGLWXO GH SUHILQDQ DUH DFRUGDW GH EDQF  XQXL IXUQL]RU SHQWUX OLYU UL I FXWH XQXL EHQHILFLDU
H[WHUQ VDXvQFDGUXO XQHL OLFLWD LLSXEOLFHOLYU ULSHQWUXLQVWLWX LLSXEOLFH%DQFDYDUHFXSHUD
FUHGLWXO vQ PRPHQWXO DSDUL LHL vQ FRQWXO IXUQL]RUXOXL D SO

extern sau dHF

LL HIHFWXDWH GH EHQHILFLDUXO V X

WUHLQVWLWX LDSXEOLF DFKL]LWRDUH

$SUHFLHUHDFDOLW

LLDFWLYLW

/D IHO FD vQ FD]XO RULF UHL VRFLHW

LLEDQFDUH
L FRPHUFLDOH VLQWH]D FDOLW

LL DFWLYLW

LL EDQFDUH HVWH

GDW GHUHQWDELOLWDWHFDOFXODW 

vQYDORDUHDEVROXW FDPDV DSURILWXOXL

= D DP CF

(157.1)

D = da * C

(157.2)

DP = dp * M

(157.3)

SURILWXOE QFLL
unde:
D = dobnzi ncasate;
DP GREkQ]LSO WLWH
CF FKHOWXLHOLGHIXQF LRQDUHDE QFLL
da UDWDGREkQ]LLODRSHUD LXQLOHDFWLve;
C
P ULPHDFUHGLWHORUDFRUGDWH
dp UDWDGREkQ]LLODRSHUD LXQLOHSDVLYH
M PDVDPRELOL] ULORUGHUHVXUVHE QHWLGHSR]LWHUHVFRQW

vQYDORDUHUHODWLY FDUDW DSURILWXOXL

rp =

(157.4)

unde: rp = rata profitului bancar;

FDSLWDOXOSURSULXDOE QFLL
K
Q SOXV VH DUH vQ YHGHUH HFXD LD GH ELODQ  D E QFLL GLQ FDUH UH]XOW  H[LVWHQ D SH WRWDO D
HFKLOLEUXOXL GLQWUH XWLOL]DUHD UHVXUVHORU $

 DFWLYH L SURYHQLHQ D DFHVWRUD 3

 SDVLYH L .

capital propriu):
A=P+K

(158)

Q OHJ WXU  FX UH]XOWDWHOH ILQDQFLDUH DOH E QFLL VXQW X]XDOL PDL PXO L LQGLFDWRUL GH
SHUIRUPDQ

VLQWHWL]D LvQWDEHOXO

Tabelul 2
Indicator

Mod de calcul
Dobnzi ncasate DobnziSO
Active valorificate

1. Rata veniturilor (din dobnzi)

2. Rata profitului

Profit net
Dobnzi ncasate

5DWDXWLOL] ULLDFWLYHORU

Dobnzi ncasate
Total activ

5DWDUHQWDELOLW

LLHFRQRPLFH

Profit net
Total activ

5. Efectul de prghie
5DWDUHQWDELOLW

WLWH

Total activ
Capital propriu

LLILQDQFLDUH

Profit net
Capital propriu
Sursa: Cezar Basno, Nicolae Dardac, Constantin Floricel 0RQHG FUHGLWE

QFL

('3%XFXUHWL
'LQWUH LQGLFDWRULL XWLOL]D L vQ FDOFXO 7RWDO DFWLY UHSUH]LQW  DFWLYXO GH ELODQ  DO E QFLL
$FWLYH YDORULILFDWH UHSUH]LQW DFWLYXO GH ELODQ  PDL SX LQ &DVD L $FWLYH IL[H FRUSRUDOH L
QHFRUSRUDOHDOWHOHGHFkWFHOHILQDQFLDUHLDU3URILWQHWHVWHSURILWXOEUXWPDLSX LQLPSR]LWXOSH
SURILW Q FH SULYHWH SURILWXO EUXW DFHVWD VH GHWHUPLQ  GLQ YHQLWXO EDQFDU QHW GREkQ]L vQFDVDWH
PLQXVGREkQ]LSO WLWHPDLSX LQDOWHFKHOWXLHOLDOHE QFLLFKHOWXLHOLGHIXQF LRQDUH
$WkWXWLOL]DUHDUHVXUVHORUFkWLSURYHQLHQ DDFHVWRUDVXQWvQV SXWHUQLFGLYHUVLILFDWHGXS 

durata L SUH

XO ORU 'HDFHHDFX WRDWHF SH WRWDOHFKLOLEUXOVHUHJ VHWH vQWRWGHDXQDWRWDVWIHO

HOQXVHUHJ VHWHSHFRPSRQHQWHVWUXFWXUDOH

Durata FODVLILF  DFWLYHOH L SDVLYHOH GXS  VFDGHQ D GH UHFXSHUDUH  SHQWUX DFWLYH
respectiv de exigibilitate (pentru pasive). ntr-un echilibru perfect, evident doar teoretic, ar
vQVHPQDQXGRDUF VHYHULILF UHOD LDFLLF 

Aj = Pj

j=1n

XQGHMHVWHXQLQGLFHSHQWUXLGHQWLILFDUHDOXQJLPLLLQWHUYDOHORUGHVFDGHQ

(159)
R]LvQWUH

i 7 zile,

vQWUHL]LOHvQWUHLOXQLvQWUHLDQLSHVWHDQLDPGLDUQQXP UXOFODVHORUGH

VFDGHQ HFRQVLGHUDWHvQFODVLILFDUHDGXS GXUDW DDFWLYHORULSDVLYHORU

3HQWUX D SXQH vQ HYLGHQ

 JUDGXO GH FRUHODUH vQWUH DFWLYH L SDVLYH VH FDOFXOHD] 

indicele

de lichiditate:
n

Pj j
IL =

j=1
n

(160)

Aj j
j=1

unde: Aj YDORDUHDDFWLYHORUGLQFODVDMGHVFDGHQ HGHUHFXSHUDUH

Pj = valoarea pasivelor din clasa j de exigibilitate;
j
SRQGHUHDDFRUGDW FODVHLMGHVFDGHQ HGHUHFXperare, respectiv de exigibilitate.
Ponderile j VXQW DWULEXLWHFUHVF WRU GHOD YDORULPLFL SHQWUX VFDGHQ HOHIRDUWHDSURSLDWH
ODYDORULWRWPDLPDULSHQWUXFHOHGLQFHvQFHPDLvQGHS UWDWH

O valoare IL   VHPQLILF

 R FRUHOD LH PXO XPLWRDUH vQWUH FODVHOH GH DFWLYH L SDVLYH

DGLF RDFRSHULUHDDFWLYHORUGLQDSUR[LPDWLYSDVLYHGHDFHHDLGXUDW 
2YDORDUH,/VHPQLILF GXUDWHUHODWLYPDLVFXUWHDOHSDVLYHORUGHFkWDOHDFWLYHORUDGLF 

n principiu, acoperirea activelor pe termen lung din pasivHSHWHUPHQVFXUW$FHDVW

VLWXD LHGHQRW 

D OLFKLGLWDWH UHGXV  D E QFLL DGLF  XQ ULVF FUHVFXW GH D QX SXWHD RQRUD OD VFDGHQ

 VROLFLW ULOH GH

UDPEXUVDUHDGHSR]LWHORUGHRDUHFHFUHGLWHOHDFRUGDWHSHVHDPDORUDXVFDGHQ HPDLOXQJL

O valoare IL > 1 semniILF

RVLWXD LHRSXV 

Q DPEHOH  FD]XUL  vQV  FDOLILFDUHD E QFLL HVWH QHVDWLVI F WRDUH DFFHQWXDW  vQ FD]XO 

deoarece n primul caz este posibil riscul de lichiditate, iar n cel de-al doilea resursele sunt
subutilizate din punct de vedere al capaciW LLORUWHPSRUDOH
0 VXUDFDQWLWDWLY DOLFKLGLW
OLFKLGLW

LL

LORUSHFODVHGHVFDGHQ HVHGHWHUPLQ FXLQGLFDWRUXOSR]L LD

exprimat prin pasivele nete:

j=1n

PNj = Pj - Aj
n care PNjVXQWSDVLYHOHQHWHGHFODV M
n cazul n care PNj !  UH]XOW

(161)

 F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ H[FHV ID

 GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH L GHFL IRORVLWH ILH SHQWUX D ILQDQ D XWLOL] UL GLQ FODVD PDL

PLFL VLWXD LH VRFRWLW  QHHILFLHQW  GHRDUHFH GREkQ]LOH vQFDVDWH OD DVWIHO GH FODVH VX

nt mai mici

GHFkW FHOH SO WLWH SHQWUX SDVLYHOH GH FODV  PDL PDUH ILH SHQWUX  D ILQDQ D XWLOL] UL GLQ FODVH
PDLPDULVLWXD LHDJUHDW GDUFXULVFGHOLFKLGLWDWH

n cazul n care PNj   UH]XOW

 F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ GHILFLW ID

 GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH L GHFL DX IRVW FRPSOHWDWH ILH FX SDVLYH GLQ FODVH PDL PLFL
VLWXD LHGHULVFILHFXSDVLYHGLQFODVHPDLPDULVLWXD LHLQHILFLHQW 
8QDOWLQGLFDWRUGH FDOLWDWHOHJDWGHGXUDW HVWH UDWDOLFKLGLW
SUHGLFWLY ILH SRVWIDFWXP SH FODVH GH VFDGHQ

, care se poate calcula fie

LL

 $FHDVW  UDW  H[SULP  P VXUD DQJDM ULL E QFLL SH

SLD DFUHGLWXOXLLFRPSDU UHVXUVHOHQRLPRELOL]DWHUHVSHFWLYPRELOL]DWHvQWU RSHULRDG GHWLPS

YLLWRDUH UHVSHFWLY WUHFXW   R V SW PkQ  R OXQ XQ WULPHVWUX XQ DQFX UHVXUVHOH H[LVWHQWH GDU
VFDGHQWHUHVSHFWLYOLFKLGLWDWHvQSHULRDGDGHWLPSPHQ LRQDW 

rl =

unde: rl
UDWDOLFKLGLW LL
Pn = pasive noi;
Pl = pasive lichidate.

Pn
Pl

(162)

6  SUHVXSXQHP GH H[HPSOX F  OD  LXQLH EDQFD GRUHWH V  FXQRDVF  VLWXD LD UDWHL
OLFKLGLW

LL  SHQWUX OXQD LXOLH FDOFXO SUHGLFWLY L SHQWUX OXQD PDL FDOFXO SRVWIDFWXP SHQWUX

UHVXUVHOHFXVFDGHQ

SHWUHLOXQL

QFD]XOFDOFXOXOXLSUHGLFWLY EDQFDWLH FDUHVXQWGHSR]LWHOH SHWUHLOXQLSHFDUHOHGH LQH

L FDUH WUHEXLH OLFKLGDWH vQ OXQD LXOLH ILH

Pl. 3.VII 'LQ SURSULLOH LQIRUPD LL SULYLQG HYROX LD

GHVFKLGHULL OD HD vQV L D XQRU GHSR]LWH SH WUHL OXQL FD L GLQ HYROX LD JHQHUDO  D SLH HL
GHSR]LWHORU EDQFD HVWLPHD]  UHVXUVHOH QRL GLQ DFHDVW  FODV  SRVLELOH SHQWUX OXQD LXOLH ILH

Pn. 3.VII 3ULQ UHOD LD  VH FDOFXOHD]

 UDWD OLFKLGLW

LL OXQLL LXOLH SHQWUX DVWIHO GH GHSR]LWH

'DF  UO !  UH]XOW  F  YRU IL PRELOL]DWH UHVXUVH QRL PDL PDUL GHFkW FHOH GHMD H[LVWH

nte, dar

OLFKLGDELOH DVWIHO vQFkW HVWH SRVLELO  R H[WLQGHUH D RSHUD LXQLORU FH SRW IL ILQDQ DWH GLQ DVWIHO GH
UHVXUVH'DF UOUH]XOW F VHGLPLQXHD] FDSDFLWDWHDGHFUHGLWDUHSHVHDPDDFHVWRUUHVXUVHQ
IXQF LH GH HYHQWXDOHOH VROLFLW UL GH FUHGLWH DQXQ DWH SHQWUX OXQD LXOLH FX VFDGHQ H SRVLELO GH
DFRSHULWGLQDVWIHOGHGHSR]LWHLGHSURSULLOHSUHGLF LLSULYLQGDVWIHOGHVROLFLW ULEDQFDYDWUHEXL
V

-LDMXVWH]HUHVSHFWLYDFDSDFLWDWHGHFUHGLWDUHF XWkQGUHVXUVHQRLVXSOLPHQWDUH
n cazul calcululXLSRVWIDFWXPWRDWHGDWHOHVXQWFXQRVFXWHUDWDOLFKLGLW LLFDOFXODW

DVWIHO

HVWH VWDWLVWLF  LDU EDQFD GHVFLIUHD]  DVWIHO WHQGLQ D GH HYROX LH D UHVSHFWLYXOXL WLS GH UHVXUVH
SXWkQG VWDELOL P VXUL RSHUDWLYH GH DMXVWDUH PRGLILFDUHD UDWHORU GH GREkQG  LQL LHUHD XQRU
SURGXVH EDQFDUH QRL vQ VSULUHD VDX UHOD[DUHD FUHGLW ULL PRGLILFDUHD SRQGHULORU VDX OLPLWHORU
LQGLFDWRULORUGHERQLWDWHvQHVWLPDUHDFDOLW

LLQRLORUGHELWRULHWF

3UH XO FUHGLWXOXL FODVLILF  DFWLYHOH L SDVLYHOH GXS  UDWD GREkQ]LL vQFDVDWHSO WLWH Q
FRQGL LLOH vQ FDUH DFHVWHD VXQW IL[H SUREOHPHOH GH SUHGLF LH D UH]XOWDWXOXL EDQFDU L GH FRUHODUH D
FODVHORU GH XWLOL] UL L SURYHQLHQ H VXQW PXOW PDL VLPSOH &RPSOH[LWDWHD DFWLYLW
GHWHUPLQDWvQV vQXOWLPLLGHDQLH[WLQGHUHDYDULDELOLW

LL HFRQRPLFH D

LLGREkQ]LLLvQFRQVHFLQ

QHYRLDGH

DFODVLILFDDFWLYHOHLSDVLYHOHEDQFDUHvQIXQF LHGHLQWHQVLWDWHDYDULD LLORU

'REkQ]LOH FDUH VXQW vQ PRG HYLGHQW LQIOXHQ DWH GH YDULD LD SLH HL FUHGLWXOXL VXQW QXPLWH

dobnzi sensibile, iar actLYHOH L SDVLYHOH vQ OHJ WXU  FX FDUH VXQW SUDFWLFDWH VH ]LF active
sensibileLpasive sensibile&HOHFHQXLQWU vQDFHDVW FODV VH]LF>QHVHQVLELOH@
8QLQGLFDWRUGHFDOLWDWHDDFWLYLW
LLEDQFDUHOHJDWGHSUH XOFUHGLWXOXLHVWHrata gradului
de sensibilitate:
As
gs =
(163)
Ps
unde: gs = rata gradului de sensibilitate;
As = active sensibile;
Ps = pasive sensibile.
5DWDVHSRDWHFDOFXODSHWRWDOVDXSHFODVHGHGXUDW LDUDW PDUMDGHDFRSHULUHDDFWLYHORU

sensibile din pasiveGHDFHODLIHO

'DF JV!vQVHDPQ F ILQDQ DUHDDFWLYHORUVHQVLELOHVHIDFHLGLQSDVLYHQHVHQVLELOHQ
FD]XO vQ FDUH GREkQ]LOH VHQVLELOH vQUHJLVWUHD]  R WHQGLQ

 GH FUHWHUH FUHWH GLIHUHQ D  vQWUH

UHPXQHUDUHDSURGXV GHDFWLYHLFRVWXOUHVXUVHORUGLQFDUHDXIRVWILQDQ DWHGHRDUHFHODILQDQ DUH

DX FRQWULEXLW L SDVLYHOH QHVHQVLELOH D F URU GREkQG  QX YD FUHWH Q FD]XO vQ FDUH GREkQ]LOH
VHQVLELOHvQUHJLVWUHD] RWHQGLQ

GHVF GHUHVFDGHGLIHUHQ DvQWUHUHPXQHUDUHDSURGXV GHDFWLYH

L FRVWXO UHVXUVHORU GLQ FDUH DX IRVW ILQDQ DWH GHRDUHFH GREkQGD SDVLYHORU QHVHQVLELOH
SDUWLFLSDQWHODILQDQ DUHQXVHPRGLILF 
'DF  JV   vQVHDPQ  F  SDVLYHOH VHQVLELOH VXQW IRORVLWH SHQWUX D ILQDQ D L DFWLYH

nesensibile. n cazul n care dobnzile sensibile vQUHJLVWUHD]

 R WHQGLQ

 GH FUHWHUH UH]XOWDWXO

SHQWUXEDQF YDILQHIDYRUDELOLDUvQFD]XOvQFDUHGREkQ]LOHVHQVLELOHvQUHJLVWUHD] RWHQGLQ

GH

VF GHUHUH]XOWDWXOSHQWUXEDQF YDILIDYRUDELO
&RPSDUD LLOH SH FODVH GH GXUDW  VDX SUH  DOH  DFWLYHORU L SDVLYHORU SRW HYLGHQ LD
LQVXILFLHQ D UHVXUVHORU SHQWUX FODVD UHVSHFWLY  PRWLY SHQWUX FDUH vQ YHGHUHD DPHOLRU ULL
HFKLOLEUXOXL DU IL QHFHVDU  DWUDJHUHD GH QRL SDVLYH GH FODVD UHVSHFWLY  Q YHGHUHD DSUHFLHULL
OLPLWHL GH SUH  SHQWUX DVWIHO GH UHVXUVH VH GHWHUPLQ  UDWD GH DFRSHULUH D EUHHL DGLF  SUDJXO
PD[LPFHSRDWHILDFFHSWDWFDUDW GHGREkQG SHQWUXDFHVWHD

rab =
unde: rab
D

UDWDGHDFRSHULUHDEUHHL

D DP
AP

GREkQGDvQFDVDW GHODDFWLYHOHFODVHLDQDOL]DWH

(164)

DP
A
P

GREkQGDSO WLW SHQWUXSDVLYHOHFODVHLDQDOL]DWH

FXDQWXPXODFWLYHORUGLQFODVDDQDOL]DW 
FXDQWXPXOSDVLYHORUGLQFODVDDQDOL]DW 

3HUIRUPDQ HOH E QFLORU VXQW IRORVLWH GH DJHQ LLOH GH HYDOXDUH UDWLQJ SHQWUX D FDOLILFD

activitatea acestRUD (YDOX

ULOH I FXWH GH GLIHUL L DJHQ L SRW GLIHUL FX WRDW  F  vQ JHQHUDO

PHWRGRORJLD HVWH DFHHDL D VH VWDELOHVF WLSXULOH GH FDUDFWHULVWLFL FDUH YRU IL HYDOXDWH E VH
VWDELOHVFLQGLFDWRULGHSHUIRUPDQ

FDUHGHVFULXUHVSHFWLYHOHFDUDFWHULVWLFLF

sunt stabilite nivele

GHFDOLILFDUHDILHF UHLFDUDFWHULVWLFL
$JHQ LD 0RRG\V HYDOXHD]  SDWUX FDWHJRULL GH FDUDFWHULVWLFL IRU D ILQDQFLDU  GDWRULD
SULQFLSDO GHSR]LWHOHSHWHUPHQOXQJLGHSR]LWHOHSHWHUPHQVFXUW
)RU D ILQDQFLDU HVWH FDOLILFDW  SH  QLYHOH $ %& ' L ( RUGRQDWH GHVFUHVF WRUDVWIHO
F  QLYHOXO $ HVWH DWULEXLW E QFLORU FH DX IRU

 ILQDQFLDU  DGHFYDW  LDU QLYHOXO ( FHORU FX IRU

ILQDQFLDU  IRDUWH VF ]XW  FH DUDW  F  EDQFD DU DYHD QHYRLH SHULRGLF GH DMXWRU L R HYHQWXDO 

asistHQ

 Q LQWHULRUXO QLYHOHORU VXQW I FXWH QXDQ

UL SULQ DG XJDUHD VHPQHORU  L

5RPkQLDSRWULYLWDVRFLD LHL)LQDQW]$*=ULFKvQIHEUXDULH

-. n
-martie 1999 nivelul D a fost atribuit

%5'L%&5LDUQLYHOXO(SHQWUX%$1&25(;L%$

Datoria principDO

HVWHFDOLILFDW SHQLYHOH$%L&GLVWLQFWSHQWUXGDWRULDSHWHUPHQ

OXQJ L SHQWUX FHD SH WHUPHQ VFXUW Q LQWHULRUXO QLYHOHORU VH IDF QXDQ

UL SULQ DG XJDUHD OLWHUHL

PLFL D R GDW  VDX GH GRX  RUL L PDL vQ GHWDOLX D FLIUHORU   L  ,QGLFDWRUXO GH UHIHULQ

HVWH ULVFXO SH FDUH vO SUH]LQW  FUHGLWRULL E QFLL FDUH FX FkW HVWH PDL ULGLFDW H[SULP  R
YXOQHUDELOLWDWHWRWPDLPDUHDUHVXUVHORUGHFDUHGLVSXQHEDQFD'HSLOG 

B3 risc relativ mare;

Caa riscul creditelor este mare, vulnerabilitDWHDE

&DD VHFXULWDWH ILQDQFLDU  IRDUWH VF ]XW  H[LVW  SUREDELOLWDWHD DSDUL LHL XQRU HOHPHQWH GH
SHULFROvQSULYLQ DFDSDFLW

QFLLHVWHVSRULW 

&D VLJXUDQ

LLILQDQFLDUH

 ILQDQFLDU  H[WUHP GH VODE  EDQFD DUH GLILFXOW

L vQ D L UHVSHFWD REOLJD LLOH GH

SODW 
Q 5RPkQLD SRWULYLW DFHOHLDL DVRFLD LL V D DWULEXLW FDOLILFDWLYXO % SHQWUX DU  SHQWUX

GDWRULD SH WHUPHQ OXQJ OD IHO FD SHQWUX 5XVLD L 8FUDLQD LDU vQ DFHVW FRQWH[W %&5 D IRVW
FDOLILFDW FX%SHQWUXGDWRULDSULQFLSDO LFX&DDSHQWUXGDW

oria pe termen scurt.

'HSR]LWHOH SH WHUPHQ OXQJ VXQW FDOLILFDWH SH  QLYHOH $ % L & vQ FDGUXO F URUD VH IDF
QXDQ

UL VLPLODUH FHORU SHQWUX GDWRULD SULQFLSDOD &DOLILFDWLYHOH DFRUGDWH GH DFHHDL DVRFLD LH

VXQW&DDSHQWUX DU 5XVLD

Ca, Ucraina CaDL&DDSHQWUX%&5L%5'

'HSHQGHQ D FDOLILFDWLYHORU DFRUGDWH XQHL E QFL GH FHOH DFRUGDWH

ULL GH UHHGLQ

 HVWH

HYLGHQW  QLFL R HQWLWDWH EDQFDU  QX SRDWH SULPL XQ UDWLQJ VXSHULRU FDOLILFDWLYXOXL GH DU  ,RQ
*KLFD SUHHGLQWHOH %&5 SUHHGLQWHOH

ARB, ntr-un comentariu pe marginea calificativelor

DFRUGDWH GH )LQDQW] $* =ULFK &DOLILFDWLYXO

ULL L LPSOLFLW DO E QFLL GHSLQGH GH PHGLXO

HFRQRPLFQD LRQDOGHVWDUHDFDUHvOFDUDFWHUL]HD] ODXQPRPHQWGDWUHFHVLXQHDHFRQRPLF GXFH

la diminuarea cDOLILFDWLYHORU GXS

 FXP UHODQVDUHD L FUHWHUHD HFRQRPLF  GXF OD FUHWHUHD

DFHVWRUD 3H SLD D PRQHWDU  LQWHUQD LRQDO  FDOLILFDWLYHOH LQIOXHQ HD]  UDWD GREkQ]LL SHQWUX
FUHGLWHOH VROLFLWDWH GH R DU  VDX GH R EDQF  $VWIHO GHELWRULL FRWD LD FX $ SRW OXD FU

edite la

QLYHOXO /,%25 UDWD LQWHUEDQFDU  D GREkQ]LL SH SLD D /RQGUHL LDU FHL FX FDOLILFDWLYH VXE $ OD
QLYHOXO /,%25 SOXV FkWHYD SXQFWH SURFHQWXDOH FRUHFWLYH 'H SLOG  vQ OHJ WXU  FX HYDOXDUHD
I FXW  GH )LQDQW] $* =ULFK &UHGLW 6XLVVH )LUVW %RVWRQ DQXQ D GLVSRQLELOLWDWHD GH D DFRUGD

credite pe 4 ani pentru Romnia cu LIBOR + 4,25%, pentru Polonia cu LIBOR + 2,5%, iar
SHQWUX

ULOH8QLXQLL(XURSHQHLDOWH

 $SUHFLHUHD FDOLW

ULGLQ(XURSD2FFLGHQWDO FX/,%25

LL DFWLYLW

LL ILQDQFLDUH D DJHQ LORU HFRQRPLFL

nefinanciari
Q FRQVHQV FX QRUPHOH SUXGHQ LDOH SHQWUX DFWLYLWDWHD EDQFDU  E QFLOH VXQW LQWHUHVDWH GH
FDUDFWHULVWLFLOHDFWLYLW

LLILQDQFLDUHDDJHQ LORUHFRQRPLFLFDUHDSHOHD] ODVHUYLFLLOHDFHVWRUDLvQ

primul rnd a celor ce solicit

FUHGLWH,QWHUHVXOHVWHMXVWLILFDWSHQWUXDSXWHDDVLJXUDRFHUWLWXGLQH

FkWPDLPDUHUHODWLYODUDPEXUVDUHLLPSOLFLWODUHYHQLUHDvQEDQF DVXPHORUFUHGLWDWHLFDUHvQ
PDUHVXQWDOHGHSRQHQ LORUHLLGHDVHPHQHDSHQWUXDDYHDRFHUWLWXGLQHVLPLODU UHODWLYODSODWD
GREkQ]LORULUHVSHFWDUHDVFDGHQ HORU
7HUPHQXO FH GHVHPQHD]  VXPD FDOLW

LORU DFWLYLW

LL GHVI XUDWH GH XQ DJHQW HFRQRPLF

este bonitatea Q ERQLWDWH VH LQFOXG QX QXPDL FDOLW LOH DFWLYLW LL ILQDQFLDUH FL L FHOH QXPLWH
generic goodwill vQ FDUH VH VXEVXPHD]  FRPSRUWDPHQWXO JHQHUDO DO XQXLDJHQW HFRQRPLF UHODWLY
OD FHL FX FDUH LQWU  vQ UHOD LL GH DIDFHUL FOLHQ L IXUQL]RUL FUHGLWRUL GHELWRUL SR]L LD GH SLD



amplasamentul etc.
&DSDFLWDWHD GH SODW
DFWLYLW
SO

a unui agent economic este una din caracteristicile de calitate ale

LORU OXL ILQDQFLDUH $FHDVWD GHILQHWH SRVLELOLWDWHD XQXL DJHQW HFRQRPLF GH D IDFH ID

LORUVFDGHQWHGHRULFHIHODFKLWDUHDIXUQL]RULORUSODWDVDODULLORUUDPEXUVDUHDFUHGLWHORUSODWD

GDWRULLORU L REOLJD LLORU F WUH VWDW HWF 6H ]LFH F  H[LVW  FDSDFLWDWH GH SODW  DWXQFL FkQG
LOHSURSULLDWUDVHLvPSUXPXWDWHDOHXQXLDJHQWHFRQRPLFDFRSHU SO

GLVSRQLELOLW

$FHDVW FDSDFLWDWHVHIRUPHD] SULQFRUHODUHDWHUPHQHORUGHvQFDV ULLSO

LOHH[LJLELOH

LLUHSUH]LQW RIRUP 

GH HFKLOLEUX ILQDQFLDU DO DJHQWXOXL HFRQRPLF SRWULYLW F UHLD DFWLYHOH OLFKLGH DFRSHU  SO

LOH

VFDGHQWH$FHVWHFKLOLEUXUHIOHFW RFRUHODUHSDU LDO DDFWLYXOXLLSDVLYXOXLGHELODQ DODJHQWXOXL

vQFDX] 
&DSDFLWDWHDGHSODW VHSRDWHFDOFXODVWDWLFODXQPRPHQWGDWLGLQDPLFSHXQLQWHUYDO

de timp dat).
0 VXUDFDSDFLW

LLGHSODW HVWHGDW SULQUHOD LLOH

CP = AL PS

rcp =
unde: CP FDSDFLWDWHDGHSODW 
AL = active lichide;
PS SO LVFDGHQWH
rcp UDWDFDSDFLW LLGHSODW

(165.1)

AL
PS

(165.2)

,QGLFDWRUXO &3 G  P VXUD DEVROXW  D FDSDFLW

&3!VDXGHILFLWXOGHOLFKLGLW

a fDFHSO

LL GH SODW  L DUDW  VXUSOXVXO GH OLFKLGLW

L&30DQDJHUXOILQDQFLDUWLHDVWIHOFHSRVLELOLW

L

,QGLFDWRUXO UFS G  P ULPHD UHODWLY  D FDSDFLW

LLGHSODW UHVSHFWLYPDUMDGHDFRSHULUHDSO

/LFKLGLWDWHD ILQDQFLDU
DFWLYLW

LDUHGH

LVXSOLPHQWDUHVDXSODVDPHQWHSHWHUPHQVFXUWVDXGLPSRWULY FHQHYRLHVXSOLPHQWDU 

DUHGHOLFKLGLW
FDSDFLW

L

LL GH SODW  L DUDW  DPSORDUHD UHODWLY  D

LORUVFDGHQWH

 D XQXL DJHQW HFRQRPLF HVWH R DOW  FDUDFWHULVWLF  D FDOLW

LL

LLILQDQFLDUHLDUDW FDSDFLWDWHDXQXLDJHQWHFRQRPLFGHDWUDQVIRUPDvQEDQLDFWLYHOHGH

FDUH GLVSXQH vQ YHGHUHD DVLJXU ULL XQXL FLUFXLW ILQDQFLDU QRUPDO /LFKLGLWDWHD HVWH JHQHUDW  GH
IOX[XULOHPDWHULDOHLE QHWLSHFDUHOHRFD]LRQHD] DFWLYLWDWHDDJHQWXOXLHFRQRPLF

LPRELOL]DUHD

transformarea n lichidiW

i.

XQRU

OLFKLGLW

L

vQ

DOWH

HOHPHQWH

GH

DFWLY

GHELWRUL

VWRFXUL

SURGXF LH

QHWHUPLQDW 
LDXQRUHOHPHQWHGHDFWLYGHJHQXOFHORUPDLVXVPHQ LRQDWH

'LQSXQFWXOGHYHGHUHDOOLFKLGLW
OLFKLGLW

LORUHOHPHQWHOHGHDFWLYVHFODVLILF vQ

LSULPDUHSHUIHFWHEDQLvQFDV VDXvQFRQWSODIRDQHGHFUHGLWGLVSRQLELOH VROGvQ

carnete de cecD
ii.

OLFKLGLW

L VHFXQGDUH P UIXUL YDQGDELOH SURGXVH FX GHVIDFHUH DVLJXUDW  FUHDQ H VLJXU

PRELOL]DELOHWLWOXULILQDQFLDUHD

iii.

OLFKLGLW

L WHU LDUH SURGXF LH QHWHUPLQDW  VWRFXUL SHQWUX SURGXF LH VHPLIDEULFDWH FUHDQ H

JUHXPRELOL]DELOHP UIXULJUHXYDQGDELOHD

iv.

DFWLYH I

 FDUDFWHULVWLFL GH OLFKLGLWDWH DFWLYH IL[H GH SURGXF LH LPRELOH WHUHQXUL P UIXUL

nevandabile etc.
/LFKLGLWDWHD HVWH R FRQGL LH D FDSDFLW
JHQHUHD] SO

0 VXUD OLFKLGLW

LL ILQDQFLDUH

LL ILQDQFLDUH SRDWH IL H[SULPDW  SULQ PDL PXO L LQGLFDWRUL GLQWUH FDUH

OLFKLGLWDWHDSDWULPRQLDO

HVWHUHODWLYIUHFYHQWLQYRFDW 

LP =

unde: LP

LL GH SODW  ,QVXILFLHQ D OLFKLGLW

LUHVWDQWHLSRDWHSXQHILUPDvQVWDUHGHIDOLPHQWFKLDUGDF HDHVWHUHQWDELO 

D +S+ T + A
C

sau

Al
Ps

(166)

OLFKLGLWDWHDSDWULPRQLDO H[SULPDW FDUDW GHDFRSHULUHDGDWRULLORUGLQOLFKLGLW

LOH

SULPDUHLVHFXQGDUH
GLVSRQLELOLW LE QHWLLDOWHOLFKLGLW LSHUIHFWH
D
S = sume de ncasat;
T
WLWOXULGHFUHGLWQHJRFLDELOHDF LXQLREOLJD LXQLHfecte comerciale scontabile;
DOWHOLFKLGLW LVWRFXULGHPDUI YDQGDELOHVDXFXGHVIDFHUHDVLJXUDW 
A
C
GDWRULLSHWHUPHQVFXUWEDQFDUHLQHEDQFDUH
Al DFWLYHSDWULPRQLDOHWUDQVIRUPDELOHSHWHUPHQVFXUWvQOLFKLGLW LSHUIHFWH
Ps = pasive patrimoniale exigibile pe termen scurt.

Solvabilitatea HVWH R DOW

 FDUDFWHULVWLF  D FDOLW

LL DFWLYLW

LL ILQDQFLDUH D XQXL DJHQW

HFRQRPLFLH[SULP FDSDFLWDWHDOXLGHD LDFKLWDWRDWHREOLJD LLOHDVXPDWHDWkWSHWHUPHQVFXUW

FkWLSHWHUPHQOXQJ6ROYDELOLWDWHDUHSUH]LQW LHDRIRUP DHFKLOLEUXOXLILQDQFLDUDODJHQWXOXL

economic:

AF + ACP + CS + MB O

(167)

unde: AF = active fixe;

ACP DFWLYHFLUFXODQWHGHSURGXF LH
CS
FUHDQ HVLJXUH
MB PLMORDFHE QHWL
O
REOLJD LLIXUQL]RULE QFLFUHGLWRULVWDWSHUVRQDODF LRQDULHWF
0 VXUD VROYDELOLW

LL HVWH GDW  GH UDWD FDSLWDOXOXL SURSULX vQ WRWDOXO UHVXUVHORU ILQDQFLDUH

ale agentului economic:

rkp =

KP
KP + C

sau

KP
TP

(168)

unde: rkp = rata capitalului propriu;

KP = capital propriu;
C
FUHGLWHWRWDOEDQFDUHLQHEDQFDUHSHWHUPHQOXQJLVFXUWHWF
TP = total pasiv
QVLWXD LDvQFDUHUNS [0,5; 1) gradul de solvabilitate se zice bun.
)LHFDUH EDQF  vL HODERUHD]  R PHWRGRORJLH GH HYDOXDUH D ERQLW

LL DJHQ LORU HFRQRPLFL

FDUH OL VH DGUHVHD]  FX FHUHUL GH FUHGLWH PHWRGRORJLL QXPLWH FXUHQW GH FUHGLWDUH D DJHQ LORU

economici. n principiu: sunt stabilite criterii de evaluare (unele cuantificabile, altele nu), care
VXQW HYHQWXDO GHWDOLDWH SULQ PDL PXO L LQGLFDWRUL VH SUHFRQL]HD]  OLPLWH VDX FDUDFWHULVWLFL GH
GHSDUWDMDUH SH FDOLILFDWLYH VDX SXQFWH VH FDOFXOHD]  SXQFWDMXO WRWDO HYHQWXDO FX SRQGHUL
GLIHUHQ LDWH SH LQGLFDWRUL VDX FULWHULL VH DFRUG  XQ FDOLILFDWLY JOREDO SH VHDPD vQFDGU ULL

punctajului total n limite predeterminate.

2 LPDJLQH D XQHL DVWIHO GH HYDOX UL R SUH]HQW P vQ FRQWLQXDUH SRUQLQG GH OD XQD GLQ
IRUPHOH GHPHWRGRORJLHSURSXV  GH%&5WDEHOXO7RWDOXOSXQFWDMXOXLHVWHFDOFXODW SHRVFDU 
YDORULF WDEHO

Tabelul 3
Nr.
crt.

Criteriu
Subcriteriu

Variante
Limite

Nr.
puncte al
subcriteriului

Forma de
organizare

Ponderea
criteriului

calcul a
indicatorului

5=3*4

P VXUDELO

1
-UHJLHDXWRQRP
- societate comerciaO
-DO LDJHQ LHFRQRPLFL

5HOD LDGH

Total
puncte pe
criteriu
(Pi)

3
2
1

Sectorul de
activitate

1
-

SURGXF LH

LQGXVWULDO 

L

DJULFRO

-WUDQVSRUWXULWHOHFRPXQLFD LL
aprovizionare-desfacere,
FRPHU -WXULVPSUHVW ULVHUYLFLL
- alte sectoare
3

3R]L LDvQ

ramXU



1,5

VXEUDPXU

- loc primordial

-SR]L LHPHGLH
-SR]L LHPLQRU

2
1

Lichiditate
SDWULPRQLDO 
LPHGLDW 

cf. (166)

cf. (168)

UHODWLY 

- sub 100%
-vQWUHL
- peste 150%

0
2
4

- sub 30%
-vQWUHL
- peste 70%

0
2
4

Solvabilitate

6LWXD LD

economicoILQDQFLDU

6.1

Cifra de afaceri
medie lunara

2
- peste 500 mil.lei
-vQWUHLPLOOHL
- sub 50 mil.lei

6.2

Profitul brut
lunar

2
- peste 75 mil.lei
-vQWUHLPLOOHL
- sub 7,5 mil.lei

6.3

1
2
1

Rata
UHQWDELOLW

LL

financiare

- peste 30%
-vQWUHL
- sub 10%
6.4

1
2
1

Pierdere

1
2
1
descalificare de la creditare

rf = PN/KP
PN = profit
net
KP = capital
propriu

5RWD LD

activelor
circulante

2
-SHVWHURWD LL
-vQWUHLURWD LL
-VXEURWD LL

n = CA/AC
CA = cifra de
afaceri
AC = active
circulante

3
2
1

*DUDQ LL

1,5
- active moELOH LLPRELOH FDUH
pot fi rapid transformate n

OLFKLGLW WL

- EXQXUL DFKL]L LRQDWH GLQ

credite
-FHVLRQDUHDFUHDQ HORU
- JDMXUL LSRWHFL L DOWH JDUDQ LL
reale
- GHSR]LWH vQ OHL L YDOXW 
acreditive deschise
- lipVDJDUDQ LLORU
9

3
2
4
descalificare de la creditare

Gradul de
ndatorare

g = Pe/A
1,5
- sub 30%
-vQWUHL
- peste 70%

10

3H

SO

L

exigibile
A = total activ

3
2
1

'HSHQGHQ DGH
SLH HOHGH

1,5

aprovizionare(a)
LGHVIDFHUHG

-DGLQ DU LGODH[SRUW
-DGLQLPSRUWLGODH[SRUW
-DGLQ DU LGvQ DU
-DGLQLPSRUWLGvQ DU
11

4
3
2
1

Sprijin
guvernamental

LVXEYHQ LRQDUH

- da
- nu
12

Calitatea
conducerii

1,5
-IRDUWHEXQ
-EXQ
-VDWLVI F WRDUH

13

4
2

3
2
1

Perspective

1,5
- DUH L DSOLF  FX EXQH
rezultate programe de restruc-

WXUDUHLUHWHKQRORJL]DUH

14

Total punctaj

- DUH GDU QX DSOLF  VDX DSOLF 

cu rezultate slabe astfel de
programe
- QX DUH L QX DSOLF  DVWIHO GH
programe
*

2
1

13

TP = Pi
i =1

Tabelul 4
CALIFICATIV
E
D
C
B
A

TOTAL PUNCTAJ
sub 25,0
vQWUHL
vQWUHL
vQWUHL

peste 61,0
CalificatLYHOH VH WUDGXF vQ FDUDFWHUL]

UL VXFFLQWH DOH VROLFLWDWRULORU GH FUHGLWH GXS  FXP

XUPHD] 

DFWLYLWDWH UHQWDELO vQWUXQHWHLQWHJUDOFRQGL LLOHGHDSURYL]LRQDUH

-desfacere, tehnologice,

RUJDQL]DWRULFH L GH SHUVRQDO SHQWUX D IL VROYDELOL SUHGLF LD SHQWUX SHULRDGD XUP WRDUH
HVWHIDYRUDELO GLQSXQFWGHYHGHUHDOSHUIRUPDQ HORUILQDQFLDUH

VLWXD LDHFRQRPLFR ILQDQFLDU SUH]HQW HVWHEXQ SUHGLF LDSHQWUXSHULRDGDXUP WRDUHHVWH

GH GLPLQXDUH D SHUIRUPDQ HORU ILQDQFLDUH GDWRULW  XQRU QHDMXQVXUL RU

WHKQRORJLFHVDXGHSHUVRQDOVDXGDWRULW QDWXULLLRELHFWXOXLDFWLYLW

ganizatorice,

LL

 VLWXD LD HFRQRPLFR ILQDQFLDU  SUH]HQW  HVWH VDWLVI F WRDUH HVWH PDQLIHVW  WHQGLQ D GH

vQU XW

LUH D LQGLFDWRULORU GH SHUIRUPDQ

 SURGXF LH HILFLHQ

 RUJDQL]D

re, probleme de

personal);
D

VLWXD LH

HFRQRPLFR ILQDQFLDU 

RVFLODQW  SH LQWHUYDOH

VFXUWH

vQWUH

QHVDWLVI F WRU L

VDWLVI F WRUSHUVSHFWLY LQFHUW 

DFWLYLWDWHQHUHQWDELO FXSHUVSHFWLYDOLSVHLGHVROYDELOLWDWH

6HSDUDWGHDFHDVW HYDOXDUHFXFDUacter general, se face o evaluare a serviciului datoriei

solicitantului de credite. Aceasta are n vedere trei indicatori:
1o rata de acoperire a dobnziiFDUHDUDW P VXUDvQFDUHSURILWXOEUXWDFRSHU GREkQ]LOH

rad =
unde: PB = profitul brut;
D
 VXPD GREkQ]LORU SO

PB
D

(169)

WLWH L GDWRUDWH GDU QHDFKLWDWH SH LQWHUYDOXO vQWUH vQFHSXWXO

SHULRDGHLGHJHVWLXQHLGDWDHYDOX ULL

2o
Credite restante vQUHJLVWUDWH OD GDWD HYDOX ULL DQDOL]D VH IDFH vQ YDORUL DEVROXWH FD
pondere a acestRUDvQWRWDOXOFUHGLWHORUDQJDMDWHGHVROLFLWDQWSkQ ODGDWDHYDOX ULLLvQGLQDPLF 
SHRSHULRDG GHDQLvQXUP 
3o

3O

L UHVWDQWH vQUHJLVWUDWH OD GDWD HYDOX ULL LQFOX]kQG RULFH IHO GH REOLJD LL GH SODW 

UHVWDQWH GLQWUH DFHVWHD VHDQDOL]HD]  GLVWLQFW UHVWDQ HOH GH SODW ID
vQ YDORUL DEVROXWH L FD SRQGHUH ID

 GH SO

 GH IXUQL]RUL L DQWUHSUHQRUL

LOH HIHFWLYH I FXWH DFHVWRUD GH OD vQFHSXWXO SHULRDGHL

GHJHVWLXQHSkQ ODGDWDHYDOX ULL

Calificarea serviciului datoriei poate fi:

EXQ

 VODE

sau

QHFRUHVSXQ]

WRDUH

potrivit unor

vQFDGU ULLOLPLWHPHQ LRQDWHvQWDEHOXO

Tabelul 5
Calificativul
serviciului
datoriei

Plata dobnzilor

bun

la termen

slab
QHFRUHVSXQ] WRU

Rambursarea
creditelor

n mod repetat

n general la
termen
n mod repetat

GXS WHUPHQ

GXS WHUPHQ

H[LVW GREkQ]L

H[LVW FUHGLWH

QHSO WLWH

nerambursate

Ponderea
creditelor restante
n total credite
angajate

Vechimea
creditelor restante

sub 20%

sub 30 zile

peste 20%

sub 30 zile

peste 20%

FHOSX LQXQHOH

peste 30 zile

Prin conjugaUHDFHORU GRX WLSXULGHHYDOXDUHERQLWDWHDLVHUYLFLXOGDWRULHLEDQFDSRDWH

determina categoria de risc n care se include creditul solicitat (tabel 6).
Tabelul 6

Serviciul datoriei
Bonitatea
A
B
C
D
E

BUN

SLAB

credit cu risc minim

creditvQREVHUYD LH
credit substandard
credit incert
credit cu risc major
credit cu risc major

FUHGLWvQREVHUYD LH

credit sub standard

credit incert
credit cu risc major

1(&25(6381=

725

credit substandard
credit incert
credit cu risc major
credit cu risc major
credit cu risc major

&DUDFWHUL]DUHDVXFFLQW DULVFXOXLVHIDFHGXS FXPXUPHD] 

i.

credit cu risc minim presupune administrarea lui conform contractului de creditare;

solicitatorul este solvabil; afacerea pentru care s-DVROLFLWDWFUHGLWXOHVWHEXQ 
ii. credit vQ REVHUYD LH VROLFLWDWRU FX SHUIRUPDQ H IRDUWH EXQH GDU FDUH SHQWUX VFXUWH SHULRDGH
GH WLPS DUH SUREOHPH GH VROYDELOLWDWH VROLFLWDWRU FX SHUVSHFWLYH vQ GHFOLQ GDWRULW  XQRU
QHDMXQVXUL LQWHUQH DSURYL]LRQDUH GHIHFWXRDV  FHO SX LQ XQHRUL XQHOH XWLODMHLQVWDOD LL
HFKLSDPHQWHX]DWHIL]LFVDXPRUDOQHDMXQVXULRUJDQL]DWRULFHLVDXGHSHUVRQDOVDXDXQRUD
H[WHUQHSLD

vQGHFOLQ

iii. credit substandard

VROLFLWDWRU FX VROYDELOLWDWH QHVLJXU  GDWRULW  JDUDQ LHL LQVXILFLHQWH

YDORDUH QHW  D FDSLWDOXOXL PLF  LVDX FDSDFLW

nerecuperare a creditului;
iv. credit incert VROLFLWDWRU FX VROYDELOLWDWH SUHFDU

LL GH SODW  UHGXVH SRVLELOLWDWH GH

 vQ FRQGL LLOH VWLSXODWH GH FRQWUDFWXO GH

FUHGLWDUHJDUDQ LHGHORFVDXLQFHUWYDORULILFDELO ODYDORDUHDGHFODUDW 

v.

credit cu risc majorDF

UXLUDPEXUVDUHHVWHSX LQVDXGHORFSUREDELO DDvQFkWvQUHJLVWUDUHD

VDXPHQ LRQDUHDOXLFDDFWLYEDQFDUQXHVWHJDUDQWDW 
QDIDUDVRFLHW

LORUFXDFWLYLWDWHOXFUDWLY E QFLOHDFRUG XQYROXPvQVHPQDWGHFU

edite

L SRSXOD LHL 3HQWUX GHELWRULL SURYHQLQG GLQ DFHVW VHFWRU LQVWLWX LRQDO VSHFLILF PHQDMHOH HVWH
QHFHVDU  GH DVHPHQHD R HYDOXDUH D VW ULL ORU ILQDQFLDUH D FDSDFLW
EDQFD V  DLE  P VXUD SRVLELOLW

LL ORU GH SODW  SHQWUX FD

LL GH UHFXSHUDUH D VXPHORU DFRUGDWH DFHVWRUD VXE IRUP  GH

FUHGLWH SUHFXP L GH vQFDVDUH D GREkQ]LORU DIHUHQWH OD VFDGHQ HOH FRQYHQLWH vQ FRQWUDFWHOH GH

creditare.
'DWRULW  VSHFLILFXOXL DFHVWRU GHELWRUL FDUDFWHULVWLFLOH GH FDOLWDWH GH EXQ SODWQLF vQ
SULQFLSLX DFHOHDL FD L DOH DOWRU GHELWRUL FDSDFLWDWH GH SODW  VROYDELOLWDWH OLFKLGLWDWH VXQW
LGHQWLILFDWH SULQ LQGLFDWRUL VSHFLILFL DYHUH VWDELOLWDWH SURIHVLRQDO  VLWXD LD GH EDQF  YHQLWXUL
DOWHREOLJD LLILQDQFLDUHHWF
3URFHGXUD GH HYDOXDUH HVWH VLPLODU  FHOHL SHQWUX

debitorii ntreprinderii: detalierea pe

QLYHOH D ILHF UXL LQGLFDWRU QRWDUHD QLYHOXULORU SXQFWDM DWULEXLUHD XQRU SRQGHUL GH LPSRUWDQ

ILHF UXL LQGLFDWRU GHWHUPLQDUHD SXQFWDMXOXL WRWDO VWDELOLUHD XQXL FDOLILFDWLY JOREDO GHILQLW vQWUH

anumite limite de punctaj total.

3HQWUX H[HPSOLILFDUH SUH]HQW P vQ WDEHOXO  LQGLFDWRUL L SXQFWDMH IRORVLWH GH DVWIHO GH
HYDOX ULvQ68$vQSUHDMPDDQLORU
6LVWHPXO GH HYDOXDUH GH F WUH E QFL D VROLFLWDWRULORU GH FUHGLWH DJHQ L HFRQRPLFL

nefinanciari) este cunoscut sub numele de credit-scoring. O astfel de metodologie de evaluare,

FRPSOHWDW  FX DOWH LQIRUPD LL L FX PHWRGH GH SUHOXFUDUH VWDWLVWLF  UHJUHVLH PXOWLSO  DQDOL] 
IDFWRULDO  FRHILFLHQ L GH YHULGLFLWDWH D HVWLP ULORU D FRQVWLWXLH ED]D SHQWUX FUHDUHD
LQVWUXPHQWHIRDUWHHODERUDWHLLQIRUPDWL]DWHGHWLSXO

sistemelor expert.

unor

Tabelul 7
Indicator nivel de realizare
1.

2.

3.

3R]L LDID

Punctaj
40
8
8
25
12
15
22
35
12

'XUDWDRFXSD LHLDFWXDOH

sub 1,5 ani

DQLSkQ ODDQL
DQLSkQ ODDQL
peste 5,5, ani
retras din activitate
DVLVWHQ SXEOLF VDXSULQKRW

UkUH

Punctaj

3RVHG FDUWHGHFUHGLW

GHORFXLQ DGHGRPLFLOLX

proprie
cu chirie
QXU VSXQGH
DOWHVLWXD LL
Durata domiciliului actual
sun 6 luni
OXQLSkQ ODDQL
DQLSkQ ODDQL
peste 6,5 ani
QXU VSXQGH

Indicator nivel de realizare

12
15
25
48
48
25

PDMRU LGHPDJD]LQ
QXPDLPDMRU
numai de magazin
QXU VSXQGH
5HIHULQ HGHODFompanii financiare
una
GRX VDXPDLPXOWH
nu are
QXU VSXQGH
8. Venituri anuale
sub 10.000 USD
SkQ OD86'
SkQ OD86'
peste 30.000 USD

40
40
30
10
15
10
5
10

5
15
30
50

MXGHF WRUHDVF

4.

5.

casnic
RPHU
QXU VSXQGH
Vrsta solicitantului
sub 45 de ani
peste 45 de ani
QXU VSXQGH

25
12
12
 2EOLJD LL ILQDQFLDUH OXQDUH GH SODW  GHMD

4
20
4

5HIHULQ HEDQFDUH

FRQWFXUHQWLGHHFRQRPLL
cont curent
cont de economii
DUH vPSUXPXW DQJDMDW L

FRQW

 QX

nu au fost cercetate
QXVXQWHYLGHQ LDWH
GRX VDXPDLPXOWH
una
toate sunt favorabile

0
0
10
0
15

10
10
10

Sursa: C. Basno, N. Dardac, C. FloriFHO 0RQHG

DPHULFDQ 

35
25
10
40
10

(YDOX ULDQWHULRDUHQHIDYRUDELOH

60
40
40
30

FXUHQWLGHHFRQRPLL

are numai mprumut

a VROLFLWDW vPSUXPXW GDU vQF
l-a primit
QXU VSXQGH

angajate
sub 100 USD
SkQ OD86'
peste 300 USD
nu are
QXU VSXQGH

 FUHGLW E QFL ('3  FLWDW GXS  R VXUV