CAPITOLUL 5

CIRCUITUL FINANCIAR
2ELHFWLYXO DFHVWXL FDSLWRO HVWH SUH]HQWDUHD GHFL]LLORU ILQDQFLDUH vQ LQWHUDF LXQH FX DWHSW ULOH
GLIHUL LORUDJHQ LGLQHFRQRPLHQWUHSULQGHUHDHVWHXQFRQFXUHQWSHSLD DGHFDSLWDO(DWUHEXLHV LDvQFDOFXO
LV VDWLVIDF DWHSW ULOHRIHUWDQ LORUGHIRQGXULDF LRQDULLFUHGLWRULILQDQFLDULSHQWUXDSXWHD V

-LDVLJXUH
rentabilitatea L riscul.

ILQDQ DUHD GH]YROW ULL L XQHRUL FKLDU VXSUDYLH XLUHD $FHVWH DWHSW UL DX vQ YHGHUH
$FHVWHGRX QR LXQLFRQVWLWXLHDVSHFWHOHGHED] DOHORJLFLLGHFL]LLORUILQDQFLDUH

'XS  FH YRP GHVFULH FLUFXLWXO ILQDQFLDU IXQGDPHQWDO vQ SULPD VHF LXQH GHFL]LLOH GH LQYHVWL LL L GH
ILQDQ DUH YRU IL SUH]HQWDWH vQ VHF LXQHD D GRXD 6HF LXQLOH D WUHLD L D SDWUD YRU IL FRQVDFUDWH SUH]HQW U

ii

GLIHUL LORUDJHQ LFDUHLQWHUYLQvQFLUFXLWXOILQDQFLDULGLIHULWHORUFLFOXULGHRSHUD LLGLQvQWUHSULQGHUH

5.1. DESCRIEREA CIRCUITULUI FINANCIAR

6FKHPDUHSUH]HQWDWLY

DFLUFXLWXOXLILQDQFLDU

'HFL]LLOH ILQDQFLDUH FDUH FDUDFWHUL]HD]  GRPHQLXO ILQDQ HORU vQWUHSULQGHULL SRW IL UHSUH]HQWDWH VXE

forma unui circuit financiar.

DECIZIA DE

 

DECIZIA DE




  

ACTIV

CAPITALURI

IMOBILIZAT

PROPRII


2SHUD LXQL

   

Decizii

2b Cedare

GHLQYHVWL LL

active

ACTIV NET DE

 
$F LRQDUL

financiare

3 Flux de
  "!# $ 

EXPLOATARE

 

4b Reinvestire

DATORII
&RQGXF WRUL

$%

4a Remunerarea

FINANCIARE

&' )(+*%,   -

exploatare
2SHUD Luni
de exploatare

) "

 ./

Creditori
financiari

Dividende

PORTOFOLIU

STRUCTURA
132 )   ,%#

DE ACTIVE


0

'


$54   "

 

) 

Fig. 5.1. Circuitul financiar

'LIHULWHOHIOX[XULGHOLFKLGLW

&LUFXLWXO SHUPLWH V  VH SXQ  vQ HYLGHQ

financiare.
ntr-R SULP

 IOX[XULOH GH OLFKLGLW

L FDUH UH]XOW  GLQ GLIHULWHOH GHFL]LL

 ID]   DJHQ LL HFRQRPLFL FDUH GLVSXQ GH OLFKLGLW

L DFRUG  vQWUHSULQGHULL IRQGXULOH

QHFHVDUHUHDOL] ULLRSHUD LXQLORUGHLQYHVWL LL$SDUHRFRQIUXQWDUHvQWUHFHUHUHDGHOLFKLGLW

RIHUWD GH OLFKLGLW

LDvQWUHSULQGHULLL

L D GH LQ WRULORU GH FDSLWDOXUL 3LD D GH FDSLWDO FRQVWLWXLH ORFXO GH vQWkOQLUH vQWUH DFHDVW 

FHUHUH L DFHDVW  RIHUW  Q DFHVW VHQV vQWUHSULQGHUHD HPLWH WLWOXUL DFWLYH ILQDQFLDUH FDUH

SURSULHWDWH DF LXQL ILH WL

tlXUL GH FUHDQ

 3LD D GH FDSLWDO HVWH vQ FRQVHFLQ

 R SLD

sunt fie titluri de

 FDUH UH]XOW  GLQ

FRQIUXQWDUHD RIHUWHL L FHUHULL GH WLWOXUL ILQDQFLDUH 2SHUD LXQLOH GH FROHFWDUH D FDSLWDOXULORU FRQVWLWXLH

RSHUD LXQLGHILQDQ DUHILQDQ DUHDILLQGvQDFHVWFD]GHRULJLQHH[WHUQ 

Q D GRXD ID]  D FRQGXF WRULL vQWUHSULQGHULL GHFLG DORFDUHD IRQGXULORU FROHFWDWH DFKL]L LRQkQG

DFWLYHQ DFHVWFD] YRUELP GH XQIOX[GHWHUPLQDW GHRSHUD LLOHGH LQYHVWL LL$FWLYHOH DFKL]L LRQD

te pot fi, fie

DFWLYHLQGXVWULDOHVDX FRPHUFLDOHILHDFWLYHILQDQFLDUH HPLVHGHDOWH vQWUHSULQGHULVDX GH LQVWLWX LL ILQDQFLDUH

QWUHSULQGHUHDSRDWHXOWHULRUV FHGH]HDFHVWHGLIHULWHDFWLYHLSULPHWHvQFRQWUDSDUWLG XQIOX[GHOLFKLGLW

Acesta este un flux de dezinvestire (2b).

L

,QYHVWL LD vQ DFWLYH LQGXVWULDOH L FRPHUFLDOH HVWH HIHFWXDW  vQ YHGHUHD UHDOL] ULL XOWHULRDUH GH IOX[XUL

GH OLFKLGLW

L  SURYHQLQG GLQ RSHUD LLOH GH H[SORDWDUH DSURYL]LRQDUH SURGXF LH GHVIDFHUH FDUH LPSOLF 

DFKL]L LD VDX FUHDUHD GH DFWLYH GH H[SORDWDUH VWRFXUL FUHDQ H FOLHQ L  $FHVWH DFWLYH VXQW ILQDQ DWH SDU LDO

SULQ FUHGLWXO RE LQXW GH OD IXUQL]RUL )OX[XULOH GH OLFKLGLW

L UH]XOWDWH GLQ RSHUD LLOH GH H[SORDWDUH VXQW

completate de fluxurile determinate de activele financiare (titluri de participare, titluri de plasament).

)OX[XULOH GH OLFKLGLW

L GLQ H[SORDWDUH PDMRUDWH HYHQWXDO GH IOX[XULOH GHWHUPLQDWH GH DFWLYHOH

ILQDQFLDUH L GH RSHUD LLOH GH GH]LQYHVWLUH L GLPLQXDWH GH SUHOHY ULOH ILVFDOH VXQW XWLOL]

ate, fie pentru

nciare (4a), fie pentru plata dividendelor

UHQXPHUDUHD VXE IRUP  GH GREkQG  L UDPEXUVDUHD FUHGLWHORUILQD

F WUH DF LRQDUL D ILH UHLQYHVWLWH vQ vQWUHSULQGHUH E 2SHUD LLOH GH UHPXQHUDUH L GH UDPEXUVDUH LQ GH
FDWHJRULD RSHUD LLORU GH ILQDQ DUH vQWUXFkW HOH UH]XOW  GLQ GHFL]LLOH GH FROHFWDUH GH FDSLWDOXUL 2SHUD LD GH
UHLQYHVWLUHDIOX[XULORUFRQVWLWXLHvQDFHODLWLPSRRSHUD LHGHILQDQ DUHILQDQ DUHLQWHUQ VDXDXWRILQDQ DUH

'HFL]LLOHILQDQFLDUHLSDUWLFLSDQ LLODGHUXODUHDRSHUD LLORUILQDQFLDUH

'HFL]LLOHILQDQFLDUHOXDWHGHFRQGXF WRULLvQWUHSULQGHULLVXQWFODVDWHvQGRX FDWHJRULL

- GHFL]LL GH LQYHVWLUH L GH GH]LQYHVWLUH FDUH SULYHVF FRQVWLWXLUHD L JHVWLRQDUHD SRUWRIROLXOXL GH
active;

-GHFL]LLGHILQDQ DUHFDUHGHWHUPLQ

VWUXFWXUDGHILQDQ DUH

3DWUXFDWHJRULLGHDJHQ LLQWHUYLQvQDFHVWHGHFL]LLDF LRQDULLFRQGXF WRULLFUHGLWRULLLVWDWXO

5.2. DECIZIILE DE IN9(67,5(,'(),1$1 ARE

'LVWLQF LDvQWUHGHFL]LLOHGHLQYHVWLUHLFHOHGHILQDQ DUHFRQVWLWXLHED]DUD LRQDPHQWXOXLILQDQFLDU

'HFL]LLOHGHLQYHVWLUHLGHGH]LQYHVWLUH

A. Deciziile de investire

OLFKLGLW

2ULFH GHFL]LH GH SODW  FDUH FRQGXFH OD DFKL]L LD XQXL DFWLY vQ YHGHUHD RE LQHULL GH IOX[XUL GH
LXOWHULRDUH LFDUH DUHFD VFRSFUHWHUHD ERJ

LHLSURSULHWDULORUvQWUHSULQGHULLFRQVWLWXLHRLQYHVWL LH

,QYHVWL LDVHRSXQHGHFLFRQVXPXOXLFDUHLPSOLF RVF GHUHDERJ

&UHWHUHD ERJ

LHLRSLHUGHUHGHYDORDUH

LHL SURSULHWDULORU vQWUHSULQGHULL HVWH HFKLYDOHQW  FX FUHWHUHD

3XWHPVSXQHXUP WRDUHOH

valorii ntreprinderii.

FUHWHUHDGHYDORDUHVHPQLILF IDSWXOF LQYHVWL LDHVWHUHQWDELO 

 SHQWUX D DYHD FUHDUH GH YDORDUH HVWH QHFHVDU FD UHQWDELOLWDWHD LQYHVWL LHL V  ILH VXSHULRDU  FRVWXOXL

UHVXUVHORUGLQFDUHVHILQDQ HD] 

$FHDVW  GHILQLUH ODUJ  D LQYHVWL LLORU SHUPLWH V  VH FRQVLGHUH LQYHVWL LL WRDWH DFWLYHOH PDWHULDOH L

imateriale, industriale, comerciale sau financiare. Obiectul achizi LRQDWDUHSX LQ

LPSRUWDQ

$FHVWDSRDWHIL

XQDFWLYGHVWLQDWSURGXF LHLGHEXQXULLVHUYLFLLGDUSRDWHILLXQDFWLYILQDQFLDUGH LQXWvQVFRSVSHFXODWLY

3UHFL] P F  R DFKL]L LH QX vQVHDPQ  vQWRWGHDXQD L SURSULHWDWH MXULGLF  Q DFHVWH FRQGL LL DFWLYHOH

OXDWHFXFKLULHYRUILFRQVLGHUDWHLQYHVWL LL'LQSXQFWGHYHGHUHILQDQFLDUORFD LDFRQVWLWXLHXQPRGSDUWLFXODU

GHILQDQ DUHDLQYHVWL LLORU

6WUXFWXUDSRUWRIROLXOXLGHDFWLYHFDUHUH]XOW GLQGHFL]LLOHGHLQYHVWL LLFXSULQGHGRX FRPSRQHQWH

 R FRPSRQHQW  SULQFLSDO  DFWLYHOH LPRELOL]DWH VDX DFWLYHOH IL[H FDUH LQFOXGH LPRELOL] ULOH

QHFRUSRUDOH FRUSRUDOH L ILQDQFLDUH $FHVWH DFWLYH VXQW DVRFLDWH RSHUD LLORU GH LQYHVWL LL L VXQW GH LQXWH FHO

PDLDGHVHDSHRSHULRDG UHODWLYOXQJ 

 R FRPSRQHQW  DFFHVRULH DFWLYHOH FLUFXODQWH VWRFXUL FUHDQ H GH H[SOR

atare, disponLELOLW

FRQVWLWXLQGDFWLYHQHFHVDUHRSHUD LLORUGHH[SOR WDUH(OHVXQWVXSXVHvQPDMRULWDWHD DFWLYLW

L

LORUXQHLURWD LL

UDSLGH'H LQHUHDORUHVWHVXERUGRQDW DFWLYHORULPRELOL]DWHGH LQXWHGHFLHOHVXQWDFFHVRULL'HHOHWUHEXLHV 

VH

LQ  FRQW vQ OXDUHD GHFL]LHL GH LQYHVWL LL 'DF  VF GHP GLQ YDORDUHD DFWLYHORU FLUFXODQWH GH LQXWH GH

vQWUHSULQGHUH GDWRULLOH DQWUHQDWH GH RSHUD LLOH GH H[SOR WDUH vQ SULQFLSDO GDWRULL ID

a
activul net de exploatare. Activele imobilizate mpreXQ
economic.

 GH IXUQL]RUL RE LQHP

 FX DFWLYXO QHW GH H[SORDWDUH IRUPHD]  DFWLYXO

Activ economic = Active imobilizate + Activ net de explotare

B. Dezivenstirea
/RJLFD vQ GHWHUPLQDUHD GHFL]LHL GH GH]LQYHVWLUH HVWH LGHQWLF  FX FHD D GHFL]LHL GH LQYHVWLUH

Obiectivul estH
OLFKLGLW

FUHWHUHD ERJ

LHL SURSULHWDULORU vQWUHSULQGHULL $OWIHO VSXV DYHP GH]LQYHVWLUH GDF 

LOH GHJDMDWH GH YkQ]DUHD XQRU DFWLYH SULPHVF R XWLOL]DUH PDL UHQWDELO  ILH SULQ UHLQYHVWLUHD ORU vQ

ntreprindere, fie prin restituirea lor aportorilor de capital.

'HFL]LLOHGHILQDQ DUH
'HFL]LLOHGHILQDQ DUHSULYHVFWUHLWLSXULSULQFLSDOHGHGHFL]LL

 DOHJHUHD VWUXFWXULL GH ILQDQ DUH DGLF  UHSDUWL LD vQWUH FDSLWDOXULOH DSDU LQkQG DF LRQDULORU L FHOH

provenind de la creditorii financiari. Aceste

GHFL]LL DX R LQIOXHQ

 GHWHUPLQDQW  DVXSUD P ULPLL ULVFXOXL

VXSRUWDWGHDF LRQDUL2FUHWHUHDvQGDWRU ULLP UHWHULVFXOSHQWUXDF LRQDUL

2) politica de dividende, astIHO VSXV DOHJHUHD vQWUH UHLQYHVWLUHD EHQHILFLXOXL L GLVWULEXLUHD DFHVWXLD
de dividende;

VXEIRUP

DOHJHUHDvQWUHILQDQ DUHDLQWHUQ DXWRILQDQ DUHLILQDQ DUHDH[WHUQ IRQGXULDGXVHGHDF LRQDULL

contractarea de datorii financiare).

6WUXFWXUD GH ILQDQ DUH FDUH UH]XOW  GLQ GHFL]LLOH ILQDQFLDUH FXSULQGH FDSLWDOXULOH SURSULL L G

atoriile

financiare.
ID

'DWRULLOHILQDQFLDUHQXFXSULQGGDWRULLOHGHWHUPLQDWHGHRSHUD LLOHGHH[SORDWDUHGHH[HPSOXGDWRULLOH

GHIXUQL]RUL

'DWRULLOH ILQDQFLDUH FRUHVSXQG GDWRULLORU FDUH IDF RELHFWXO XQHL UHPXQHU UL H[SOLFLWH VXE IRUP  GH

cheltuieli financiare, fixate contractual.

5HSUH]HQWDUHDVFKHPDWLF

DELODQ XOXLILQDQFLDU

6WUXFWXUD ELODQ XOXL ILQDQFLDU FDUH UH]XOW  GLQ GHFL]LLOH GH LQYHVWL LL L GH ILQDQ DUH HVWH IRQGDW  SH

WUHLFDWHJRULLGHRSHUD LLGHLQYHVWL LLGHH[SORWDUHLGHILQDQ DUH

LQkQG FRQW GH HJDOLWDWHD DFWLYXOXL FX SDVLYXO DFWLYXO HFRQRPLF HVWH HJDO FX VXPD FDSLWDOXULORU

SURSULLLDGDWRULLORUILQDQFLDUH

Activ economic = capitaluri proprii + datorii financiare

ACTIV
IMOBILIZAT
nete
corporale, necorporale
6 7 8:9 ;<7 = 7 >

ACTIV
ECONOMIC

?"7

CAPITALURI
PROPRII

@"7BA 7 CBD-CBE/7 D-?"F/G

ACTIV NET DE
EXPLOATARE

DATORII
FINANCIARE

(active circulante

(mprumuturi pe termen

8:D/7IHJ

7 C:K#D-L 9 ?'7 7BK#F

exploatare)

PASIV
FINANCIAR

= JIC<MN@)7I8OFK7 JP@7<E-?"FK7 L F

bancare curente)

)LJ%LODQ XOILQDQFLDU

3$57,&,3$1

,,/$'(58/$5($23(5$

LOR FINANCIARE

,,

3DWUX FDWHJRULL GH SHUVRDQH LQWHUYLQ vQ GHUXODUHD RSHUD LLORU ILQDQFLDUH DF LRQDULL FRQGXF WRULL
XQLW

LLFUHGLWRULLLVWDWXO

$F LRQDULL
$F LRQDULLVXQWGH LQ WRULLGHWLWOXULGHSURSULHWDWH DVXSUD vQWUHSULQGHULLDFHVWHWLWOXULSUH]HQWkQGX

-se

vQGHRVHELVXEIRUPDDF LXQLORU$F LRQDULLvLDVXP XQULVFUHPXQHUDUHDORUILLQGGHWHUPLQDW GHUH]XOWDWHOH

ILQDQFLDUH SH FDUH OH YDRE LQH vQWUHSULQGHUHD(LFDXW R UHPXQHUDUHPD[LP SHQWUX DSRUWXOORU LQkQG FRQW
GH ULVFXO SH FDUH L O DVXP  FHHD FH HFKLYDOHD]  FX PD[LPL]DUHD YDORULL WLWOXULORU ORU 'DF  DF LXQLOH VXQW

FRWDWHODEXUV ULVFXOVHDSUHFLD] vQIXQF LHGHHYROX LDFXUVXULORU5HPXQHUDUHDDF LRQDULORUHVWHGDW GHGRL

IDFWRULDOHDWRULGLYLGHQGHOHLHYROX LDYDORULLWLWOXULORUILQDQFLDUH
5LVFXOOHJDWGHHYROX LDYDORULLWLWOXULORUILQDQFLDUHGHSLQGHGH
HYROX LDPHGLXOXLHFRQRPLFFDUHGHWHUPLQ ULVFXOGHSLD

VDXULVFXOVLVWHPDWLFLFDUHDIHFWHD] 

ansamblul ntreprinderii;
 SROLWLFD XUPDW  GH vQWUHSULQGHUH vQ PDWHULH GH LQYHVWL LL L GH ILQDQ DUH FDUH GHWHUPLQ 

riscul

specific de ntreprindere.
3RDWHILSUHFL]DW QDWXUDULVFXOXLI FkQGGLVWLQF LHvQWUHULVFXOGH H[SORWDUHGHWHUPLQDWGHSR

litica de

LQYHVWL LL ULVFXO ILQDQFLDU L ULVFXO GH IDOLPHQW GHWHUPLQDWH GH SROLWLFD GH ILQDQ DUH 5LVFXO GH H[SORDWDUH
SURYLQH GLQ IOXFWXD LLOH UH]XOWDWXOXL GLQ H[SORDWDUH HVWH OHJDW GH RSHUD LLOH GH H[SORWDUH QGDWRUDUHD P UHWH
IOXFWXD LLOH UH]XOWDWXOXL ILQDO DFHDVW  VXUV  GH ULVF SHQWUX DF LRQDUL ILLQG GHQXPLW  ULVF ILQDQFLDU Q VIkULW
ULVFXO GH IDOLPHQW UH]XOW  GLQ LQFDSDFLWDWHD vQWUHSULQGHULL GH D IDFH ID

 SO

LORU DQWUHQDWH GH GDWRULLOH

financiare.
5HQWDELOLWDWHDFHUXW GHDF LRQDULGHSLQGHGHULVFXOSHFDUHL ODVXP 2vQWUHSULQGHUHFDUHSUH]LQW 

GDWRULW  SROLWLFLL VDOH ILQDQFLDUH XQ ULVF PDL ULGLFDW YD WUHEXL V  RIHUH vQ FRQWUDSDUWLG  R UHQWDELOLWDWH PDL
ULGLFDW  GDF  GRUHWH V  RE LQ  QRL FDSLWDOXUL GH OD DF LRQDUL DFHWLD SXWkQG IL YHFKLL DF LRQDUL VDX QRL
DF LRQDUL
$YkQGvQYHGHUHULVFXULOHDPLQWLWHUDWDGHUHQWDELOLWDWHDWHSWDW GHXQDF LRQDUFDUHLQYHVWHWHvQWU

-o

ntreprindere, se compune astfel:

5DWDFXYHQLW

SHQWUXFDSLWDOXULOHSURSULL

UDWDI

ULVF

+ prima de risc de exploatare

+ prima de risc financiar
+ prima de risc de faliment
5DWDI U ULVFFRUHVSXQGHUDWHLGHUHQWDELOLWDWHDGXV GHXQSODVDPHQWI U ULVFFXPDUILGHH[HPSOX

RREOLJD LXQHHPLV GHVWDWVDXXQFHUWL

&RQGXF

WRULLXQLW

ficat de trezorerie.

LL

Q vQWUHSULQGHULOH PLFL L PLMORFLL ,00 HVWH IUHFYHQW  FRQIX]LD vQWUH SHUVRDQHOH FDUH FRQGXF L
DF LRQDUL2ELHFWLYXOXUP ULWvQFDOLWDWHGHFRQGXF WRUFRLQFLGHFXFHOXUP ULWvQFDOLWDWHGHDF LRQDU
7RWXLvQDFHVWFD]FRQGXF WRUXOSULPHWHSHGHRSDUWHXQVDODULXSHQWUXIXQF LDVDGHGLUHFWRULSH
GH DOW  SDUWH R UHQXPHUDUH vQ FDOLWDWH GH DF LRQDU $EVHQ D  IUHFYHQW  D GLVWULEXLULL GH GLYLGHQGH vQ ,00 QX
vQVHDPQ F UROXOGHDF LRQDUQXHVWHUHPXQHUDW5HPXQHUDUHDFDSLWDOXOXLLQYHVWLWVHUHDOL]HD] DGHVHDSULQWU

XQ VDODULX PDL PDUH &RQGXF WRUXO FDUH HVWH L DF LRQDU SULPHWH R UHQXPHUDUH VXSHULRDU  DFHOHLD SH FDUH DU

primi-RFDVDODULDWFDUHQXHVWHLDF LRQDUVDXEHQHILFLD] GHDOWHDYDQWDMH

Q PDULOH vQWUHSULQGHUL FRQGXF WRULORU OL V-D vQFUHGLQ DW GH F WUH DF LRQDUL UROXO GH D FRQGXFH
vQWUHSULQGHUHD %LQHvQ HOHV F  RELHFWLYXO ORU SULQFLSDO HVWH V -L FRQVHUYH IXQF LD GH FRQGXFHUH vQV  HL VXQW
FRQVWUkQL V  FRQGXF  vQ FRQIRUPLWDWH FX LQWHUHVXO DF LRQDULORU FDUH GLVSXQ GH GLIHULWH PLMORDFH SHQWUX D
FRQWURODPRGXOFXPFRQGXF WRULLJHVWLRQHD] vQWUHSULQGHUHD

5.3.3. Creditorii
&UHGLWRULLSRWILFUHGLWRULSHQWUXH[SORDWDUHVDXFUHGLWRULSHQWUXLQYHVWL LLGXS FXPFUHDQ HOHORUVXQW

legate GH RSHUD LL GH H[SORDWDUH VDX GH RSHUD LL GH LQYHVWL LL UHDOL]DWH GH vQWUHSULQGHUH $FHVWH WLSXUL GH
FUHGLWRULQXILJXUHD] H[SOLFLWvQUHSUH]HQWDUHDVWUXFWXULLILQDQFLDUH9DWUHEXLV VWXGLHPvQDFHDVW VWUXFWXU 
GHFL]LLOHGHILQDQ DUHUHODWLYHODFRQWUDFWHOHVWDELOLWHvQWUHvQWUHSULQGHUHLFUHGLWRULLILQDQFLDUL

Trei categorii principale de creditori financiari putem distinge:

 FUHGLWRULL REOLJDWRUL DOH F URU FUHDQ H DSDU DGHVHD VXE IRUPD XQXL WLWOX FRWDW SH SLD

 L XRU

QHJRFLDELOREOLJD LXQHD1XPDLPDULOHvQWUHSULQGHULDXDFFHVODSLD DREOLJD LXQLORU

E QFLOHLGLIHULWHLQVWLWX LLILQDQFLDUHFDUHILQDQ HD] PDMRULWDWHDvQWUHSULQGHULORU
FHLFDUHGDXFXFKLULHRSHUD LLOHGHILQDQ DUHILLQGI FXWHVXEIRUPDORFD LHLVDXORFD LHLFXRS LXQH
GHFXPS UDUHOHDVLQJ$FHVWHRSHUD LLVHDQDOL]HD] FDXQWLSSDUWLFXODUGHvPSUXPXW
&UHGLWRULLSULPHVFRGREkQG VWDELOLW FRQWUDFWXDOLvLUHFXSHUHD] ODVFDGHQ

Nefiind proprietari ai ntreprinderii, remunerarea lor QXHVWHYDULDELO

FDSLWDOXOvPSUXPXWDW

vQIXQF LHGHUH]XOWDWHOHvQWUHSULQGHULL

&UHGLWRULLILQDQFLDULVXSRUW WUHLWLSXULGHULVFXUL
3ULPHOHGRX vLDXRULJLQHDvQYDULD LDYDORULLFUHDQ HORUFDUHUH]XOW GLQIOXFWXD LDUDWHLGREkQ]LLL
GLQ YDULD LD QLYHOXOXL GH SUH  2 FUHWHUH D GREkQ]LL vQ YLLWRU DQWUHQHD]  R SLHUGHUH GH RSRUWXQLWDWH SHQWUX
FUHGLWRUL FDUH DU IL SXWXW V

-L SODVH]H IRQGXULOH FX R GREkQG

 PDL PDUH 'DF  vPSUXPXWXO HVWH GH QDWXU 

REOLJDWDU REOLJD LXQLOHSHQWUXFDUHGREkQGDHVWHPLF YRUDYHDXQFXUVVF ]XW3HGHDOW SDUWHRFUHWHUHD

SUH XOXLREOLJD LXQLORUvQYLLWRUFRQGXFHODRSLHUGHUHDSXWHULLGHFXPS UDUHSHQWUXFDSLWDOXOFDUHXUPHD] V 
ILHGDWFXvPSUXPXW$QXPLWHIRUPHGHvPSUXPXWFXPDUILREOLJD LXQLOHFXGREkQG YDULDELO XUP UHVFV 
SURWHMH]H FUHGLWRULL FRQWUD DFHVWRU GRX  WLSXUL GH ULVF $FHVWH GRX  WLSXUL GH ULVF VXQW DVXPDWH FKLDU GDF 
vPSUXPXWXOVHIDFHODRGREkQG I U ULVFFXPDUILGHH[HPSOXVXEVFULHUHDGHREOLJD LXQLHPLVHGHVWDW

Al treilea tip de risc, este riscul

GH IDOLPHQW GHMD SUH]HQWDW SHQWUX DF LRQDUL GHWHUPLQDW GH

LPSRVLELOLWDWHDvQWUHSULQGHULLGHDIDFHIDW SO

LORUOHJDWHGHvQGDWRUDUHQFDGUXOUHOD LHLGHvPSUXPXWQXPDL

DFHDVW  FRPSRQHQW  D ULVFXOXL LQH GH vQWUHSULQGHUH L IDFH RELHFWXO XQXL H[LJHQ
PDMRULW

e de remunerare din partea

LLFUHGLWRULORUILQDQFLDULVXEIRUPDXQHLSULPHSHQWUXULVFXOGHIDOLPHQW

5.3.4. Statul
6WDWXO LQWHUYLQH OD GLIHULWH QLYHOXUL DOH FLUFXLWXOXL ILQDQFLDU L LQIOXHQ Ha]  DQVDPEOXO GHFL]LLORU
financiare, modificnd valRULOH YDULDELOLORU FDUH VWDX OD ED]D FDOFXOHORU DJHQ LORU HFRQRPLFL 3RVLELOLW LOH GH
DF LXQH DOH VWDWXOXL VXQW PXOWLSOH vQWUH FDUH PHQ LRQ P PRGLILFDUHD ILVFDOLW

LL SHQWUX vQWUHSULQGHUL L

SDUWLFXODUL L PRGLILFDUHD RIHUWHL L D FHUHULL GH FDSLWDO 2ELHFWLYHOH VWDWXOXL OXSWD FRQWUD LQIOD LHL OXSWD
FRQWUDRPDMXOXLGHWHUPLQ SROLWLFDVDPRQHWDU 

5.4. DIFERITELE CICL85,'(23(5$

,,

&LUFXLWXOILQDQFLDU FXSULQGH WUHL WLSXULGHRSHUD LL GLIHULWH RSHUD LLGHLQYHVWLUH LGHGH]LQWHUHVDUH

RSHUD LL

de exploaWDUHLRSHUD LLGHILQDQ DUHF

URUDOHVXQWDVRFLDWHWUHLFLFOXUL

5.4.1. Ciclul de investire

&RQVLGHU PRRSHUD LHSDUWLFXODU GHLQYHVWL LH$FWLYXODFKL]L LRQDWFRQWULEXLHvQWLPSXOGXUDWHLVDOH
GH YLD

 OD SURGXFHUHD GH IOX[XUL GH OLFKLGLW

L vQ YHGHUHD VDWLVIDFHULL DWHSW ULORU DSRUWRULORU GH FDSLWDOXUL

&LFOXO XQHL LQYHVWL LL FDUH VH LGHQWLILF  FX GXUDWD VD GH YLD
RE LQHUHDGHIOX[XULGHOLFKLGLW

 VH VIkUHWH GDF  DFWLYXO QX PDL FRQWULEXLH OD

LILHSHQWUXF HODIRVWYkQGXWILHSHQWUXF DIRVWFDVDW

([WLQGHUHD DFHVWXL UD LRQDPHQW OD DQVDPEOXO LQYHVWL LLORU UHDOL]DWH GH R vQWUHSULQGHUH SHUPLWH V  VH
GHILQHDVF  QR LXQHD GH FLFOX GH LQYHVWL LL SHQWUX R vQWUHSULQGHUH 3XWHP DVWIHO V  HYDOX P GXUDWD PHGLH GH
GHVI XUDUH GLQ SXQFW GH YHGHUH WHKQLF D DFWLYLW

LL GLQ vQWUHSULQGHUH L WRWRGDW  SROLWLFD vQWUHSULQGHULL vQ

GRPHQLXO LQYHVWL LLORU &HO PDL DGHVHD FLFOXO DUH R GXUDW  PDUH SHQWUX LQGXVWULLOH SXWHUQLF FDSLWDOL]DWH

(industria grea de exemplu).

5.4.2. Ciclul de exploatare

ntr-R vQWUHSULQGHUH GH SURGXF LH LQYHVWL LLOH DX FD VFRS SURGXFHUHD GH EXQXUL DGLF  UHDOL]DUHD GH
a
L &LFOXO GH H[SORatare din ntreprindere FDUH vQFHSH FX DSURYL]LRQ ULOH GH OD IXUQL]RUL L VH WHUPLQ 

RSHUD LL GH H[SOR WDUH DSURYL]LRQDUH SURGXF LH YkQ]DUH F URUD OH VXQW DVRFLDWH GLIHULWH IOX[XUL GH

OLFKLGLW

SULQ vQFDVDUHD FOLHQ LORU DUH R GXUDW  PHGLH GH FDUH GHSLQG FDUDFWHULVWLFLOH GLIHULWHORU DFWLYLW

ntreprindere. Durata ciclului de exploaWDUHHVWHFHOPDLDGHVHDOXQJ

FHOHGHFRPHU LVHUYLFLL

vQDFWLYLW

L HIHFWXDWH vQ

LOHGHSURGXF LHLUHGXV vQ

&LFOXOGHILQDQ DUH
&LFOXO GH ILQDQ DUH UHXQHWH DQVDPEOXO RSHUD LLORU FDUH VH GHVI RDU  vQWUH vQWUHSULQGHUH L DSRUWRULL

GH FDSLWDOXUL ILH HL DF LRQDUL VDX FUHGLWRUL $FHVW FLFOX H

ste o reflectare a ciclurilor de investi LL L GH

H[SORDWDUH 5ROXO V X HVWH GH D SHUPLWH vQWUHSULQGHULL V  IDF  ID

vQFDV ULLGHSO

 GHFDODMXOXL  FDUH DSDUH vQWUH IOX[XULOH GH

LSURYRFDWHGHRSHUD LLOHGHLQYHVWL LLLGHH[SORDWDUH

Rezumnd cele prezentate n acest capitol, putem spune:

 &LUFXLWXO ILQDQFLDU SXQH vQ HYLGHQ

 IOX[XULOH GH OLFKLGLW

L DVRFLDWH GLIHULWHORU GHFL]LL ILQDQFLDUH vQ

LQWHUDF LXQHFXUHOD LLOHGLQWUHGLIHUL LLDJHQ LDF LRQDULFRQGXF WRULFUHGLWRULILQDQFLDULLVWDW

'LVWLQJHPWUHLFDWHJRULLGHRSHUD LLILQDQFLDUHRSHUD LLGHILQDQ DUHIOX[XULOHJDWHGHFROHFWDUHDFDSLWDOXULORU

LGHUHPXQHUDUHDDSRUWRULORUGHIRQGXULRSHUD LLGHLQYHVWLUHLGHGH]LQYHVWLUHLRSHUD LLGHH[SOR WDUH3LD DGHFDSLWDO

este lRFXOGHvQWkOQLUHDRIHUWHLLDFHUHULLGHOLFKLGLW

LLvQDFHODLWLPSDORIHUWHLLDOFHUHULLGHWLWOXULILQDQFLDUH

&RQGXF WRULLLDXGRX PDULWLSXULGHGHFL]LLILQDQFLDUHGHFL]LLGHLQYHVWL LLLGHFL]LLGHILQDQ DUH

2SHUD LLOHGHLQYHVWLUHFRQVWDXvQDFKL]L LDGHDFWLYHDF URUILQDOLWDWHHVWHFUHDUHDGHYDORDUH3RUWRIROLXOGH

DFWLYHFXSULQGHRFRPSRQHQW SULQFLSDO DFWLYHOHLPRELOL]DWHLRFRPSRQHQW DFFHVRULHDFWLYXOQHWGHH[SORDWDUH

'HFL]LDGHILQDQ DUHSULYHWHUDSRUWXOvQWUHIRQGXULOHSURSULLLGDWRULLOHILQDQFLDUHGLVWULEXLUHDVDXWUHFHUHDvQ

UH]HUYH D UH]XOWDWXOXL ILQDQFLDU L DOWHUQDWLYD ILQDQ DUH LQWHUQ   ILQDQ DUH H[WHUQ  6WUXFWXUD GH ILQDQ DUH GLQ ELODQ XO

ILQDQFLDUFXSULQGHGRX FRPSRQHQWHFDSLWDOXULOHSURSULLLGDWRULLOHILQDQFLDUH

 $F LRQDULL VXQW SURSULHWDULL vQWUHSULQGHULL L vL DVXP  ULVFXO RE LQHULL GH SURILW 5HQWDELOLWDWHD DWHSWDW  GH

DFHWLD HVWH vQ IXQF LH GH WUHL WLSXUL GH ULVFXUL SH FDUH L OH DVXP  ULVFXO GH H[SORDWDUH ULVFXO ILQDQFLDU L

IDOLPHQW([LVWHQ DVLVWHPHORUGHFRQWUROIDFHFDFHLFDUHFRQGXFV VHFRQIRUPH]HLQWHUHVHORUDF LRQDULORU

riscul de

&UHGLWRULLILQDQFLDULVXQWUHPXQHUD LvQWU-XQPRGLQGHSHQGHQWGHHYROX LDUH]XOWDWHORU(LFXQRVFWUHLWLSXULGH

riscuri, legate de fOXFWXD LDUDWHLGREkQ]LLGHYDULD LDQLYHOXOXLSUH XOXLWLWOXULORULGHLQVROYDELOLWDWHDGHELWRUXOXL
'LVWLQJHPWUHLFLFOXULGHRSHUD LLFLFOXOGHLQYHVWL LLFLFOXOGHH[SORDWDUHLFLFOXOGHILQDQ DUH