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mecanismul economic:
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c) acordarea de credite;
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sau cooperatiste).
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formarea de personal calificat în domeniul bancar.

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Depozitele la termen sunt cele constituite pe un termen precizat convenit între deponent
úL EDQF  EHQHILFLLQG GH R UHPXQHUDUH PDL EXQ  GDWRULW  FHUWLWXGLQLL PDL ULGLFDWH SH FDUH R DUH

banca în utilizarea pentru creditare a sumelor astfel depuse. În mod curent aceste depozite se
vQWkOQHVFVXEIRUPDFRQWXULORUGHGHSR]LWSHQWUXLQYHVWL LLúLD conturilor de economii.

2.2. Rescontul HVWHRRSHUD LXQHSULQFDUHREDQF vLFHGHD] DOWHLDRSDUWHGLQSRUWRIROLXO

GH DFWLYH vQ YHGHUHD RE LQHULL XQRU GLVSRQLELOLW L SH FDUH V  OH SRDW  IRORVL SHQWUX D DFRUGD QRL

credite. Portofoliul de active este IRUPDWGLQWLWOXULFHDWHVW GDWRULLOHSHFDUHXQWHU ODDUHID GH

EDQF VDXSODVDPHQWHSHFDUHDFHDVWDOH-DI FXWvQWLWOXULGHVWDWVDXSXUúLVLPSOXFUHGLWHSHFDUH

banca le-D DFRUGDW XQRU FOLHQ L  DL HL 8QHOH GLQ DFHVWH WLWOXUL VXQW UHFUHGLWDELOH altele nu. Cele
UHFUHGLWDELOH VXQW RIHULWHGH EDQFD GH LQ WRDUH XQRU DOWRU E QFL vQ VFKLPEXO VXPHL SHFDUHHOH OH

UHSUH]LQW  GDU GLPLQXDW  FX XQFRPLVLRQ  GHFHGDUHSUHOXDUH QXPLW GXS  FD] WD[  GH VFRQW VDX

WD[  GH ORPEDUG ÌQWUH WLWOXULOH UHFUHGLWDELOH VH LQFOXG HIHFWHOH FRPHUFLDOH FDPELL úL HIHFWHOH

SXEOLFHREOLJD LXQLúLERQXULGHWH]DXU3HQWUXDFHDVW UHFUHGLWDUHQXPLW úLUHILQDQ DUHE QFLOH

DSHOHD]  OD R DOW  EDQF  LQWHUHVDW  úL FDUH DUH GLVSRQLELOLW L OD E QFLOH VSHFLDOL]DWH vQ DVWIHO G
e
RSHUD LXQL QXPLWH E QFL GH VFRQW úL OD EDQFD FHQWUDO  5HFUHGLWDUHD SH VHDPD FHG ULL GLQ

SRUWRIROLXDXQRUHIHFWHSXEOLFHVHQXPHúWHORPEDUGDUH

2.3. Capitalul propriuHVWHRSHUD LXQHDGHFUHDUHDFDSLWDOXOXLSULQHPLVLXQLOHGHDF LXQL

úL SULQ DFXPXODUHD SURILWXOXL 6XPHOH UH]XOWDWH GLQ HPLVLXQHD GH DF LXQL IRUPHD] 
capitalul
social IRORVLW GH UHJXO  SHQWUX ILQDQ DUHD GRW ULL E QFLL LPRELOH PRELOLHU HFKLSDPHQWH
electronice, active fixe diverse). Sumele acumulate din profit constituie fondurile de UH]HUY 
FUHDWHSHQWUXGLPLQXDUHDXQRUULVFXULSULQ H[LVWHQ DXQHLDFRSHULULDVLJXUDWRULL &DSLWDOXOSURSULX

DUH R FRW  UHGXV  vQ WRWDOXO UHVXUVHORU E QFLL úL QX SDUWLFLS  GHFkW HYHQWXDO VLPEROLF OD FUHDUHD

surselor de creditare.

2SHUD LXQLOHDFWLYHDOHE QFLORUFRPHUFLDOH

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

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

active, mai diversificate decât cele pasive, sunt cODVLILFDWH GXS  RELHFW vQ FUHGLWDUHD ILUPHORU

FUHGLWDUHDSHUVRDQHORUSDUWLFXODUHúLSODVDPHQWH

Creditarea firmelor DUH vQ YHGHUH DVLJXUDUHD DFHVWRUD FX GLVSRQLELOLW L SHQWUX D-úL
FRQWLQXDDFWLYLWDWHDFUHGLWHSHQWUXDFWLYHOHIL[HúLFUHGLWHSHQWUXFKH
ltuielile de exploatare.
&UHGLWHOH SHQWUX DFWLYHOH IL[H DX vQ YHGHUH FRQVWUXLUHD VDX DFKL]L LRQDUHD GH LPRELOH

WHUHQXUL HFKLSDPHQWH XWLODMH LQVWDOD LL PLMORDFH GH WUDQVSRUW úD úL VH GDX GH UHJXO  FX

JDUDQ LLvQSULQFLSDOGHE QFLVSHFLDOL]DWH

&UHGLWHOH SHQWUX FKHOWXLHOLOH GH H[SORDWDUH DX vQ YHGHUH UHFRQVWLWXLUHD VXPHORU E QHúWL

LPRELOL]DWH GH vQWUHSULQ] WRU vQ FLUFXLWXO HFRQRPLF RELúQXLW DFKL]L LH – SURGXF LH – livrare.
% QFLOHFUHGLWHD] FUHDQ HOHFRPHUFLDOHDOHvQWUHSULQ] WRUXOXLDGLF SUH iau în sarcina lor datoriile
SH FDUH WHU LL OH DX ID  GH DFHVWD VDX DFRUG  FUHGLWH GH WUH]RUHULH DGLF  IRUPHD]  VDX

FRPSOHWHD]  GLVSRQLELOLW LOH GH SODW  DOH GHELWRUXOXL vQ FD]XO vQ FDUH DFHVWD vQWUHYHGH

SRVLELOLWDWHDXQRUSO L SHFDUHOH -ar avea de f FXWOD XQPRPHQWGDWVDXvQWU -un interval scurt de

WLPSFRQFRPLWHQWFXOLSVDVDXLQVXILFLHQ DXQRUGLVSRQLELOLW LSURSULL
 Creditarea persoanelor particulare are în vedere acordarea de credite indivizilor sau
IDPLOLLORU SHQWUX FRQVWUXF LHDFKL]L LH GH ORFXLQ H SHQWUX DFKL]L LL GH EXQXUL GH IRORVLQ 

vQGHOXQJDW VDXSHQWUXDFRSHULUHDXQRUFKHOWXLHOLFXUHQWH

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

HILFLHQWHDUHVXUVHORUGLVSRQLELOHvQFRQGL LLOHDVLJXU ULLXQHLOLFKLGLW LVXILFLHQWGHPDULDDFHVWRU

XWLOL] UL $FHDVW  FRQGL LH HVWH UHJOHPHQWDW  vQ FHOH PDL PXOWH UL FD P VXU  GH GLPLQXDUH D

ULVFXOXL GH OLFKLGLWDWH 3ODVDPHQWXO vQ DF LXQL HVWH LQWHU]LV vQ XQHOH UL LQFOXVLY vQ 5RPkQLD

pentru a evita conflictul de interese. Plasamentul în efecte publice este stimulat prin riscul lor
PLFDGHVHDPLQLPúLSULQUDSRUWXODWU J WRUULVFFkúWLJ

ÌQ FDGUXO DFHVWRU FODVH GH RSHUD LXQL DFWLYH FHOH PDL IUHFYHQW vQWkOQLWH VXQW VFRQWDUHD

pensiunea, împrumutul cu gaMvQHIHFWHDYDQVXULOHvQFRQWúLFUHGLWHOHVSHFLDOL]DWH

3.1. ScontareaHVWHRSHUD LXQHDSULQFDUHREDQF SUHLDvQVDUFLQ XQFUHGLWDWHVWDWSULQWU-

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

6XPD GH SODW  OD VFDGHQ  VH vQVFULH vQ DFWXO FH FRQVILQ HúWH vQ HOHJHUHD DGLF  vQWU -un efect
FRPHUFLDOGH UHJXO RIRUP GHFDPELHúL VHQXPHúWHYDORDUHQRPLQDO a efectului comercial.
La un moment t2 ∈ (t0, t1DJHQWXOHFRQRPLFFUHGLWRUGRUHúWHV -úLUHFXSHUH]HEDQLL(OVFRQWHD] 

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

QXPLW YDORDUHDFWXDO DUHVSHFWLYXOXLWLWOX'LQPRPHQWXOVFRQW ULLW2úLSkQ ODVFDGHQ W1 ),

DGLF  SH XQ LQWHUYDO GH WLPS GH z ]LOH FUHGLWXO HVWH vQ VDUFLQD E QFLL FDUH SUHWLQGH vQ PRG

justificat, o remuneraUH SHQWUX LPRELOL]DUHD UHVXUVHORU VDOH $FHDVW  UHPXQHUDUH H[SULPDW  vQ
XQLW LPRQHWDUHVH]LFH scontLDUH[SULPDW SURFHQWXDOVH]LFHWD[ GHVFRQW0 ULPHDWD[HLGH

VFRQW HVWH VWDELOLW  GH F WUH ILHFDUH EDQF  vQ SDUWH vQ UDSRUW FX VWUDWHJLD úL SROLWLFa ei de credite,

FXHOHPHQWHOHFRQMXQFWXUDOHFDUHRGHWHUPLQ V DPSOLILFHVDXV GLPLQXH]HRIHUWDGHFUHGLWFDúL

FX WD[D RILFLDO  GH VFRQW SUDFWLFDW  GH %DQFD &HQWUDO  vQ UHILQDQ DUHD E QFLORU FRPHUFLDOH SULQ

RSHUD LXQHDGHUHVFRQWSUDFWLFDW GHDFHDVWDvQOHJ WXU FXSRUWRIROLLOHORUGHDFWLYHÌQ5RPkQLD

GHSLOG WD[DGHVFRQWD%15GHODLDQXDULHDIRVWVWDELOLW GH

0 ULPHDVFRQWXOXLúLDYDORULLDFWXDOHDWLWOXOXLVFRQWDWVHGHWHUPLQ GXS UHOD LD

z ∗s
S = VN ∗ (152)
100

VA = VN - S (153)

unde: S = scontul;
s = taxa de scont;
VA YDORDUHDDFWXDO DWLWOXOXLVFRQWDW

VN YDORDUHDQRPLQDO DWLWOXOXLVFRQWDW

6FRQWDUHDHVWHRRSHUD LXQHSULQFDUHFUHGLWXOFRPHUFLDOVHWUDQVIRUP vQFUHGLWEDQFDU

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

3.3. Împrumutul cu gaj în efecte este RSHUD LXQHD SULQ FDUH EDQFD DFRUG  XQ FUHGLW

SULPLQGvQVFKLPEXQJDMvQHIHFWHFRPHUFLDOHVDXSXEOLFHVDXvQDF LXQL0 ULPHDFUHGLWXOXLHVWH

sub nivelul valorilor nominale ale efectelor gajate.

ÌQ FH SULYHúWH JDMDUHD HIHFWHORU FRPHUFLDOH UHFXUJHUHD OD DFHDVW  IRUP  GH UHFUHGLWDUH VH

IDFH DWXQFL FkQG EDQFD DUH UH]HUYH vQ FH SULYHúWH FDSDFLWDWHD GH SODW  D FHORUODO L VHPQDWDUL DL
WLWOXOXL DO LL GHFkW EHQHILFLDUXO DFHVWXLD 'H DFHHD EDQFD QX VFRQWHD]  úL vQ SOXV DFRUG  XQ

FUHGLWVXEYDORDUHDQRPLQDO D efectului.
ÌQ FH SULYHúWH JDMDUHDHIHFWHORU SXEOLFH úL DDF LXQLORU EDQFD DFRUG  FUHGLWH VXE YDORDUHD

QRPLQDO  D DFHVWRUD FD UH]XOWDW DO ULVFXOXL GH GLPLQXDUH D YDORULL ORU GH SLD  VF GHUHD FXUVXOXL

lor).
Solicitatorii unor credite cu gaj în efecte pXEOLFHVDXDF LXQLUHFXUJODDFHDVW RSHUD LXQH

DGHVHDvQVFRSXULVSHFXODWLYHvQ YHGHUHDDFKL]L LRQ ULL UHSHWDWHDXQRUDVWIHOGHWLWOXUL3HVHDPD

XQXL FDSLWDO LQL LDO K DJHQWXO vQ FDX]  SURFXU  WLWOXUL GH DFHHDúL YDORDUH ILH 971 = K pe care le
JDMHD] RE LQkQGXQFUHGLWGHYDORDUH

C1 = a ∗ VT1 (154.1)

unde: D FRWDH[SULPDW SURFHQWXDOGLQYDORDUHDWLWOXULORUDFKL]L LRQDWHúLJDMDWH

&XDFHVWFUHGLWUHVSHFWLYXODJHQWSRDWHFXPS UDQRLWLWOXULGHYDORDUH972 = C1 pe care le

SRDWHGLQQRXJDMDRE LQkQGXQQRXFUHGLW

C2 = a ∗ VT2 (154.2)
FXFDUHSURFHGHD] vQPRGVLPLODU

3UHVXSXQkQG F  DJHQWXO HIHFWXHD]  n DVWIHO GH RSHUD LXQL DWXQFL YDORDUHD WLWOXULORU

DFKL]L LRQDWHvQWRWDO TVT este:

1 − a n +1
TVT = K ∗ (155.1)
1− a

FUHGLWXOWRWDO&7SULPLWGHHOGHODEDQF HVWH

(1 − a n ) ⋅ a
CT = K ∗ (155.2)
1− a

iar capitalul imobilizat KIvQWRWDODGLF VXPDFKHOWXLW GHHOSHQWUXDFKL]L LRQDUHDWLWOXULORUHVWH

KI = TVT − CT = K ∗ (1 − a n ) (155.3)

CaliWDWHD ILQDQFLDU  HILFLHQ D SHQWUX DJHQWXO HFRQRPLF DO XQXL DVWIHO GH SURFHGHX SRDWH

ILHYLGHQ LDW SULQFkWHYDUDWH

ƒ UDWDFDSLWDOXOXLLPRELOL]DWLQYDORDUHWRWDO DWLWOXULORUDFKL]L LRQDWHHVWH

KI
rl = = 1− a (156.1)
TVT

DGLF  HVWH FRQVWDQW  LQGLIHUHQW GH QXP UXO RSHUD LXQLORU GH DFKL]L LH -creditare pe care el le
UHDOL]HD] 

ƒ PDUMDGHDFRSHULUHDFUHGLWXOXLSULQWRWDOXOYDORULLWLWOXULORUDFKL]L LRQDWHHVWH

TVT 1 − a n +1
r2 = = (156.2)
CT a ∗ (1 − a n )

DGLF  vQ VF GHUH FX ILHFDUH QRX  RSHUD LXQH DFKL]L LH FUHGLWDUH UHIOHFWkQG FUHúWHUHD FDSLWDOXOXL
-
LPRELOL]DW úL FRQGXFkQG OD IRUPXODUHD XQRU FRQFOX]LL LPSRUWDQWH DWkW SHQWUX DJHQW FkW úL SHQWUX

EDQF 

• UHSHWDUHD RSHUD LXQLL GH vPSUXPXW FX JDM vQ HIHFWH SXEOLFH VDX DF LXQL GH F WUH XQ

DFHODúLDJHQWP UHúWHULVFXOV XGHSLHUGHUHSULQVF GHUHDFXUVXOXLWLWOXULORUGHRDUHFH

 imobilizarea sa de capital este tot mai mare;
• PHQ LRQDWD UHSHWDUH GLPLQXHD]  FDSDFLWDWHD GH JDUDQ LH D JDMXOXL GHRDUHFH PDUMD GH

DFRSHULUH D FUHGLWXOXL VFDGH FHHD FH SHQWUX EDQF  vQVHDPQ  FUHúWHUHD ULVFXOXL GH

creditare.
ƒ FRHILFLHQWXOGHPXOWLSOLFDUHDFDSLWDOXOXLLQL LDOSULQYDORDUHDWLWOXULORUDFKL]L LRQDWHHVWH

n
TVT
r3 = = ∑ a j−1 (156.3)
K j=1

XQGH M  LQGLFH SHQWUX LGHQWLILFDUHD QXP UXOXL GH RUGLQH DO RSHUD LXQLL UHSHWDWH DFKL]L LH -
creditare.

3.4.Avansurile în contVXQWRRSHUD LXQHSULQFDUHEDQFDHIHFWXHD] SO LGLQFRQWXOXQXL

client, pe baza cecurilor emise de el, chiar în cazul în care acesta nu are disponibil. Pentru a
SXWHD IDFH SODWD EDQFD DFRUG  XQ FUHGLW ³vQ DYDQV´ DGLF  I U  D DúWHSWD R VROLFLWDUH H[SUHV  GLQ

SDUWHD FOLHQWXOXL V X $FHVW FUHGLW VH QXPHúWH overdraft 'HRDUHFH QX X]HD]  GH vQVFULVXUL

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

recrediteze pe seama lor. Pentru a corecta acest neajuns, banca poate solicita clientului ei un bilet
la ordin pe care, eventual, îl poate sconta, recreditându-se.

3.5. Creditele specializate VXQW RSHUD LXQL GH FUHGLWDUH LQWHUYHQLWH vQ OHJ WXU  FX VLWXD LL
specifice, de o anuPLW QDWXU $VWIHOGHRSHUD LXQLVHUHDOL]HD] SULQSURGXVHEDQFDUHFXPVXQW
ƒ creditul sezonier sau de campanie (vezi cap.4.3.3.);
ƒ creditul pentru stoc (vezi cap. 4.3.3.) garantat prin warant (vezi cap. 4.3.4.);
ƒ FUHGLWXO GH SUHILQDQ DUH DFRUGDW GH EDQF  XQXL IXUQL]RU SHQWUX OLYU UL I FXWH XQXL EHQHILFLDU

H[WHUQ VDXvQFDGUXO XQHL OLFLWD LLSXEOLFHOLYU ULSHQWUXLQVWLWX LLSXEOLFH%DQFDYDUHFXSHUD

FUHGLWXO vQ PRPHQWXO DSDUL LHL vQ FRQWXO IXUQL]RUXOXL D SO LL HIHFWXDWH GH EHQHILFLDUXO V X

extern sau dHF WUHLQVWLWX LDSXEOLF DFKL]LWRDUH

$SUHFLHUHDFDOLW LLDFWLYLW LLEDQFDUH

/D IHO FD vQ FD]XO RULF UHL VRFLHW L FRPHUFLDOH VLQWH]D FDOLW LL DFWLYLW LL EDQFDUH HVWH

GDW GHUHQWDELOLWDWHFDOFXODW 

¾ vQYDORDUHDEVROXW FDPDV DSURILWXOXL

Π = DÎ – DP – CF (157.1)

DÎ = da * C (157.2)

DP = dp * M (157.3)

unde: Π SURILWXOE QFLL

DÎ = dobânzi încasate;
DP GREkQ]LSO WLWH
CF FKHOWXLHOLGHIXQF LRQDUHDE QFLL
da UDWDGREkQ]LLODRSHUD LXQLOHDFWLve;
C P ULPHDFUHGLWHORUDFRUGDWH

dp UDWDGREkQ]LLODRSHUD LXQLOHSDVLYH
M PDVDPRELOL] ULORUGHUHVXUVHE QHúWLGHSR]LWHUHVFRQW

¾ vQYDORDUHUHODWLY FDUDW DSURILWXOXL

 Π
rp = (157.4)
K
unde: rp = rata profitului bancar;
K FDSLWDOXOSURSULXDOE QFLL

ÌQ SOXV VH DUH vQ YHGHUH HFXD LD GH ELODQ  D E QFLL GLQ FDUH UH]XOW  H[LVWHQ D SH WRWDO D

HFKLOLEUXOXL GLQWUH XWLOL]DUHD UHVXUVHORU $  DFWLYH úL SURYHQLHQ D DFHVWRUD 3  SDVLYH úL . 

capital propriu):
A=P+K (158)

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

SHUIRUPDQ VLQWHWL]D LvQWDEHOXO

Tabelul 2
Indicator Mod de calcul
1. Rata veniturilor (din dobânzi) Dobânzi încasate – DobânziSO WLWH

Active valorificate

2. Rata profitului Profit net

Dobânzi încasate

5DWDXWLOL] ULLDFWLYHORU Dobânzi încasate

Total activ

5DWDUHQWDELOLW LLHFRQRPLFH Profit net

Total activ

5. Efectul de pârghie Total activ

Capital propriu

5DWDUHQWDELOLW LLILQDQFLDUH Profit net

Capital propriu
Sursa: Cezar Basno, Nicolae Dardac, Constantin Floricel –³0RQHG FUHGLWE QFL´

('3%XFXUHúWL

'LQWUH LQGLFDWRULL XWLOL]D L vQ FDOFXO ³7RWDO DFWLY´ UHSUH]LQW  DFWLYXO GH ELODQ  DO E QFLL

³$FWLYH YDORULILFDWH´ UHSUH]LQW DFWLYXO GH ELODQ  PDL SX LQ ³&DVD´ úL ³$FWLYH IL[H´ FRUSRUDOH úL

QHFRUSRUDOHDOWHOHGHFkWFHOHILQDQFLDUHLDU³3URILWQHW´HVWHSURILWXOEUXWPDLSX LQLPSR]LWXOSH

SURILW ÌQ FH SULYHúWH SURILWXO EUXW DFHVWD VH GHWHUPLQ  GLQ YHQLWXO EDQFDU QHW GREkQ]L vQFDVDWH

PLQXVGREkQ]LSO WLWHPDLSX LQDOWHFKHOWXLHOLDOHE QFLLFKHOWXLHOLGHIXQF LRQDUH

$WkWXWLOL]DUHDUHVXUVHORUFkWúLSURYHQLHQ DDFHVWRUDVXQWvQV SXWHUQLFGLYHUVLILFDWHGXS 

durata úL SUH XO ORU 'HDFHHDFX WRDWHF SH WRWDOHFKLOLEUXOVHUHJ VHúWH vQWRWGHDXQDWRWDVWIHO

HOQXVHUHJ VHúWHSHFRPSRQHQWHVWUXFWXUDOH

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

Aj = Pj j=1÷n (159)

XQGHMHVWHXQLQGLFHSHQWUXLGHQWLILFDUHDOXQJLPLLLQWHUYDOHORUGHVFDGHQ R]LvQWUHú i 7 zile,

vQWUHúL]LOHvQWUHúLOXQLvQWUHúLDQLSHVWHDQLúDPGLDUQQXP UXOFODVHORUGH

VFDGHQ HFRQVLGHUDWHvQFODVLILFDUHDGXS GXUDW DDFWLYHORUúLSDVLYHORU

 3HQWUX D SXQH vQ HYLGHQ  JUDGXO GH FRUHODUH vQWUH DFWLYH úL SDVLYH VH FDOFXOHD]  indicele
de lichiditate:
n
∑ Pj ⋅ α j
j=1
IL = (160)
n
∑Aj ⋅αj
j=1
unde: Aj YDORDUHDDFWLYHORUGLQFODVDMGHVFDGHQ HGHUHFXSHUDUH
Pj = valoarea pasivelor din clasa j de exigibilitate;
αj SRQGHUHDDFRUGDW FODVHLMGHVFDGHQ HGHUHFXperare, respectiv de exigibilitate.

Ponderile αj VXQW DWULEXLWHFUHVF WRU GHOD YDORULPLFL SHQWUX VFDGHQ HOHIRDUWHDSURSLDWH
ODYDORULWRWPDLPDULSHQWUXFHOHGLQFHvQFHPDLvQGHS UWDWH

O valoare IL ≈  VHPQLILF  R FRUHOD LH PXO XPLWRDUH vQWUH FODVHOH GH DFWLYH úL SDVLYH

DGLF RDFRSHULUHDDFWLYHORUGLQDSUR[LPDWLYSDVLYHGHDFHHDúLGXUDW 

2YDORDUH,/VHPQLILF GXUDWHUHODWLYPDLVFXUWHDOHSDVLYHORUGHFkWDOHDFWLYHORUDGLF 

în principiu, acoperirea activelor pe termen lung din pasivHSHWHUPHQVFXUW$FHDVW VLWXD LHGHQRW 

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

UDPEXUVDUHDGHSR]LWHORUGHRDUHFHFUHGLWHOHDFRUGDWHSHVHDPDORUDXVFDGHQ HPDLOXQJL

O valoare IL > 1 semniILF RVLWXD LHRSXV 

ÌQ DPEHOH  FD]XUL  vQV  FDOLILFDUHD E QFLL HVWH QHVDWLVI F WRDUH DFFHQWXDW  vQ FD]XO ³´

deoarece în primul caz este posibil riscul de lichiditate, iar în cel de-al doilea resursele sunt
subutilizate din punct de vedere al capaciW LLORUWHPSRUDOH
0 VXUDFDQWLWDWLY DOLFKLGLW LORUSHFODVHGHVFDGHQ HVHGHWHUPLQ FXLQGLFDWRUXOSR]L LD

OLFKLGLW LL exprimat prin pasivele nete:

PNj = Pj - Aj j=1÷n (161)
în care PNjVXQWSDVLYHOHQHWHGHFODV M
În cazul în care PNj !  UH]XOW  F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ H[FHV ID  GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH úL GHFL IRORVLWH ILH SHQWUX D ILQDQ D XWLOL] UL GLQ FODVD ³PDL

PLFL´ VLWXD LH VRFRWLW  QHHILFLHQW  GHRDUHFH GREkQ]LOH vQFDVDWH OD DVWIHO GH FODVH VX nt mai mici
GHFkW FHOH SO WLWH SHQWUX SDVLYHOH GH FODV  ³PDL PDUH´ ILH SHQWUX  D ILQDQ D XWLOL] UL GLQ FODVH

³PDLPDUL´VLWXD LHDJUHDW GDUFXULVFGHOLFKLGLWDWH

În cazul în care PNj   UH]XOW  F  SDVLYHOH GLQ FODVD UHVSHFWLY  VXQW vQ GHILFLW ID  GH

DFWLYHOH GH FODV  FRUHVSXQ] WRDUH úL GHFL DX IRVW FRPSOHWDWH ILH FX SDVLYH GLQ FODVH ³PDL PLFL´

VLWXD LHGHULVFILHFXSDVLYHGLQFODVH³PDLPDUL´VLWXD LHLQHILFLHQW 

8QDOWLQGLFDWRUGH FDOLWDWHOHJDWGHGXUDW HVWH UDWDOLFKLGLW , care se poate calcula fie

LL

SUHGLFWLY ILH SRVWIDFWXP SH FODVH GH VFDGHQ  $FHDVW  UDW  H[SULP  P VXUD DQJDM ULL E QFLL SH

SLD DFUHGLWXOXLúLFRPSDU UHVXUVHOHQRLPRELOL]DWHUHVSHFWLYPRELOL]DWHvQWU RSHULRDG GHWLPS

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

VFDGHQWHUHVSHFWLYOLFKLGLWDWHvQSHULRDGDGHWLPSPHQ LRQDW 

Pn
rl = (162)
Pl
unde: rl UDWDOLFKLGLW LL

Pn = pasive noi;
Pl = pasive lichidate.
6  SUHVXSXQHP GH H[HPSOX F  OD  LXQLH EDQFD GRUHúWH V  FXQRDVF  VLWXD LD UDWHL

OLFKLGLW LL  SHQWUX OXQD LXOLH FDOFXO SUHGLFWLY úL SHQWUX OXQD PDL FDOFXO SRVWIDFWXP SHQWUX

UHVXUVHOHFXVFDGHQ SHWUHLOXQL

ÌQFD]XOFDOFXOXOXLSUHGLFWLY EDQFDúWLH FDUHVXQWGHSR]LWHOH SHWUHLOXQLSHFDUHOHGH LQH

úL FDUH WUHEXLH OLFKLGDWH vQ OXQD LXOLH ILH Pl. 3.VII 'LQ SURSULLOH LQIRUPD LL SULYLQG HYROX LD
GHVFKLGHULL OD HD vQV úL D XQRU GHSR]LWH SH WUHL OXQL FD úL GLQ HYROX LD JHQHUDO  D SLH HL

GHSR]LWHORU EDQFD HVWLPHD]  UHVXUVHOH QRL GLQ DFHDVW  FODV  SRVLELOH SHQWUX OXQD LXOLH ILH

Pn. 3.VII 3ULQ UHOD LD  VH FDOFXOHD]  UDWD OLFKLGLW LL OXQLL LXOLH SHQWUX DVWIHO GH GHSR]LWH

'DF  UO !  UH]XOW  F  YRU IL PRELOL]DWH UHVXUVH QRL PDL PDUL GHFkW FHOH GHMD H[LVWH nte, dar
OLFKLGDELOH DVWIHO vQFkW HVWH SRVLELO  R H[WLQGHUH D RSHUD LXQLORU FH SRW IL ILQDQ DWH GLQ DVWIHO GH

UHVXUVH'DF UOUH]XOW F VHGLPLQXHD] FDSDFLWDWHDGHFUHGLWDUHSHVHDPDDFHVWRUUHVXUVHÌQ

IXQF LH GH HYHQWXDOHOH VROLFLW UL GH FUHGLWH DQXQ DWH SHQWUX OXQD LXOLH FX VFDGHQ H SRVLELO GH

DFRSHULWGLQDVWIHOGHGHSR]LWHúLGHSURSULLOHSUHGLF LLSULYLQGDVWIHOGHVROLFLW ULEDQFDYDWUHEXL

V -úLDMXVWH]HUHVSHFWLYDFDSDFLWDWHGHFUHGLWDUHF XWkQGUHVXUVHQRLVXSOLPHQWDUH
În cazul calcululXLSRVWIDFWXPWRDWHGDWHOHVXQWFXQRVFXWHUDWDOLFKLGLW LLFDOFXODW DVWIHO

HVWH ³VWDWLVWLF ´ LDU EDQFD GHVFLIUHD]  DVWIHO WHQGLQ D GH HYROX LH D UHVSHFWLYXOXL WLS GH UHVXUVH

SXWkQG VWDELOL P VXUL RSHUDWLYH GH DMXVWDUH PRGLILFDUHD UDWHORU GH GREkQG  LQL LHUHD XQRU

SURGXVH EDQFDUH QRL vQ VSULUHD VDX UHOD[DUHD FUHGLW ULL PRGLILFDUHD SRQGHULORU VDX OLPLWHORU

LQGLFDWRULORUGHERQLWDWHvQHVWLPDUHDFDOLW LLQRLORUGHELWRULHWF

3UH XO FUHGLWXOXL FODVLILF  DFWLYHOH úL SDVLYHOH GXS  UDWD GREkQ]LL vQFDVDWHSO WLWH ÌQ

FRQGL LLOH vQ FDUH DFHVWHD VXQW IL[H SUREOHPHOH GH SUHGLF LH D UH]XOWDWXOXL EDQFDU úL GH FRUHODUH D

FODVHORU GH XWLOL] UL úL SURYHQLHQ H VXQW PXOW PDL VLPSOH &RPSOH[LWDWHD DFWLYLW LL HFRQRPLFH D

GHWHUPLQDWvQV vQXOWLPLLGHDQLH[WLQGHUHDYDULDELOLW LLGREkQ]LLúLvQFRQVHFLQ QHYRLDGH

DFODVLILFDDFWLYHOHúLSDVLYHOHEDQFDUHvQIXQF LHGHLQWHQVLWDWHDYDULD LLORU

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

dobânzi sensibile, iar actLYHOH úL SDVLYHOH vQ OHJ WXU  FX FDUH VXQW SUDFWLFDWH VH ]LF active
sensibileúLpasive sensibile&HOHFHQXLQWU vQDFHDVW FODV VH]LF>QHVHQVLELOH@
8QLQGLFDWRUGHFDOLWDWHDDFWLYLW LLEDQFDUHOHJDWGHSUH XOFUHGLWXOXLHVWHrata gradului

de sensibilitate:
As
gs = (163)
Ps
unde: gs = rata gradului de sensibilitate;
As = active sensibile;
Ps = pasive sensibile.
5DWDVHSRDWHFDOFXODSHWRWDOVDXSHFODVHGHGXUDW úLDUDW PDUMDGHDFRSHULUHDDFWLYHORU

sensibile din pasiveGHDFHODúLIHO

'DF JV!vQVHDPQ F ILQDQ DUHDDFWLYHORUVHQVLELOHVHIDFHúLGLQSDVLYHQHVHQVLELOHÌQ

FD]XO vQ FDUH GREkQ]LOH VHQVLELOH vQUHJLVWUHD]  R WHQGLQ  GH FUHúWHUH FUHúWH GLIHUHQ D  vQWUH

UHPXQHUDUHDSURGXV GHDFWLYHúLFRVWXOUHVXUVHORUGLQFDUHDXIRVWILQDQ DWHGHRDUHFHODILQDQ DUH

DX FRQWULEXLW úL SDVLYHOH QHVHQVLELOH D F URU GREkQG  QX YD FUHúWH ÌQ FD]XO vQ FDUH GREkQ]LOH

VHQVLELOHvQUHJLVWUHD] RWHQGLQ GHVF GHUHVFDGHGLIHUHQ DvQWUHUHPXQHUDUHDSURGXV GHDFWLYH

úL FRVWXO UHVXUVHORU GLQ FDUH DX IRVW ILQDQ DWH GHRDUHFH GREkQGD SDVLYHORU QHVHQVLELOH

SDUWLFLSDQWHODILQDQ DUHQXVHPRGLILF 

'DF  JV   vQVHDPQ  F  SDVLYHOH VHQVLELOH VXQW IRORVLWH SHQWUX D ILQDQ D úL DFWLYH

nesensibile. În cazul în care dobânzile sensibile vQUHJLVWUHD]  R WHQGLQ  GH FUHúWHUH UH]XOWDWXO

SHQWUXEDQF YDILQHIDYRUDELOLDUvQFD]XOvQFDUHGREkQ]LOHVHQVLELOHvQUHJLVWUHD] RWHQGLQ GH

VF GHUHUH]XOWDWXOSHQWUXEDQF YDILIDYRUDELO

&RPSDUD LLOH SH FODVH GH GXUDW  VDX SUH  DOH  DFWLYHORU úL SDVLYHORU SRW HYLGHQ LD

LQVXILFLHQ D UHVXUVHORU SHQWUX FODVD UHVSHFWLY  PRWLY SHQWUX FDUH vQ YHGHUHD DPHOLRU ULL

HFKLOLEUXOXL DU IL QHFHVDU  DWUDJHUHD GH QRL SDVLYH GH FODVD UHVSHFWLY  ÌQ YHGHUHD DSUHFLHULL

OLPLWHL GH SUH  SHQWUX DVWIHO GH UHVXUVH VH GHWHUPLQ  UDWD GH DFRSHULUH D EUHúHL DGLF  SUDJXO

PD[LPFHSRDWHILDFFHSWDWFDUDW GHGREkQG SHQWUXDFHVWHD

DÎ − DP
rab = (164)
A−P
unde: rab UDWDGHDFRSHULUHDEUHúHL

DÎ GREkQGDvQFDVDW GHODDFWLYHOHFODVHLDQDOL]DWH
 DP GREkQGDSO WLW SHQWUXSDVLYHOHFODVHLDQDOL]DWH

A FXDQWXPXODFWLYHORUGLQFODVDDQDOL]DW 

P FXDQWXPXOSDVLYHORUGLQFODVDDQDOL]DW 

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

activitatea acestRUD (YDOX ULOH I FXWH GH GLIHUL L DJHQ L SRW GLIHUL FX WRDW  F  vQ JHQHUDO

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

VWDELOHVFLQGLFDWRULGHSHUIRUPDQ FDUHGHVFULXUHVSHFWLYHOHFDUDFWHULVWLFLF sunt stabilite nivele

GHFDOLILFDUHDILHF UHLFDUDFWHULVWLFL

$JHQ LD ³0RRG\¶V´ HYDOXHD]  SDWUX FDWHJRULL GH FDUDFWHULVWLFL IRU D ILQDQFLDU  GDWRULD

SULQFLSDO GHSR]LWHOHSHWHUPHQOXQJúLGHSR]LWHOHSHWHUPHQVFXUW

)RU D ILQDQFLDU HVWH FDOLILFDW  SH  QLYHOH $ %& ' úL ( RUGRQDWH GHVFUHVF WRUDVWIHO

F  QLYHOXO $ HVWH DWULEXLW E QFLORU FH DX IRU  ILQDQFLDU  DGHFYDW  LDU QLYHOXO ( FHORU FX IRU 

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

asistHQ  ÌQ LQWHULRUXO QLYHOHORU VXQW I FXWH QXDQ UL SULQ DG XJDUHD VHPQHORU ³´ úL ³
-“. În
5RPkQLDSRWULYLWDVRFLD LHL)LQDQW]$*=ULFKvQIHEUXDULH -martie 1999 nivelul D a fost atribuit
%5'úL%&5LDUQLYHOXO(SHQWUX%$1&25(;úL%$

Datoria principDO HVWHFDOLILFDW SHQLYHOH$%úL&GLVWLQFWSHQWUXGDWRULDSHWHUPHQ

OXQJ úL SHQWUX FHD SH WHUPHQ VFXUW ÌQ LQWHULRUXO QLYHOHORU VH IDF QXDQ UL SULQ DG XJDUHD OLWHUHL

PLFL ³D´ R GDW  VDX GH GRX  RUL úL PDL vQ GHWDOLX D FLIUHORU   úL  ,QGLFDWRUXO GH UHIHULQ 

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

YXOQHUDELOLWDWHWRWPDLPDUHDUHVXUVHORUGHFDUHGLVSXQHEDQFD'HSLOG 

¾ B3 risc relativ mare;

¾ Caa riscul creditelor este mare, vulnerabilitDWHDE QFLLHVWHVSRULW 

¾ &DD VHFXULWDWH ILQDQFLDU  IRDUWH VF ]XW  H[LVW  SUREDELOLWDWHD DSDUL LHL XQRU HOHPHQWH GH

SHULFROvQSULYLQ DFDSDFLW LLILQDQFLDUH

¾ &D VLJXUDQ  ILQDQFLDU  H[WUHP GH VODE  EDQFD DUH GLILFXOW L vQ D úL UHVSHFWD REOLJD LLOH GH
-
SODW 

ÌQ 5RPkQLD SRWULYLW DFHOHLDúL DVRFLD LL V D DWULEXLW FDOLILFDWLYXO % SHQWUX DU  SHQWUX
-
GDWRULD SH WHUPHQ OXQJ OD IHO FD SHQWUX 5XVLD úL 8FUDLQD LDU vQ DFHVW FRQWH[W %&5 D IRVW

FDOLILFDW FX%SHQWUXGDWRULDSULQFLSDO úLFX&DDSHQWUXGDW oria pe termen scurt.

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

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

VXQW&DDSHQWUX DU 5XVLD – Ca, Ucraina – CaDúL&DDSHQWUX%&5úL%5'

'HSHQGHQ D FDOLILFDWLYHORU DFRUGDWH XQHL E QFL GH FHOH DFRUGDWH ULL GH UHúHGLQ  HVWH

HYLGHQW  ³QLFL R HQWLWDWH EDQFDU  QX SRDWH SULPL XQ UDWLQJ VXSHULRU FDOLILFDWLYXOXL GH DU ´ ,RQ

*KLFD SUHúHGLQWHOH %&5 SUHúHGLQWHOH ARB, într-un comentariu pe marginea calificativelor

DFRUGDWH GH )LQDQW] $* =ULFK &DOLILFDWLYXO ULL úL LPSOLFLW DO E QFLL GHSLQGH GH PHGLXO

HFRQRPLFQD LRQDOGHVWDUHDFDUHvOFDUDFWHUL]HD] ODXQPRPHQWGDWUHFHVLXQHDHFRQRPLF GXFH

la diminuarea cDOLILFDWLYHORU GXS  FXP UHODQVDUHD úL FUHúWHUHD HFRQRPLF  GXF OD FUHúWHUHD

DFHVWRUD 3H SLD D PRQHWDU  LQWHUQD LRQDO  FDOLILFDWLYHOH LQIOXHQ HD]  UDWD GREkQ]LL SHQWUX

FUHGLWHOH VROLFLWDWH GH R DU  VDX GH R EDQF  $VWIHO GHELWRULL FRWD LD FX $ SRW OXD FU edite la
QLYHOXO /,%25 UDWD LQWHUEDQFDU  D GREkQ]LL SH SLD D /RQGUHL LDU FHL FX FDOLILFDWLYH VXE $ OD

QLYHOXO /,%25 SOXV FkWHYD SXQFWH SURFHQWXDOH FRUHFWLYH 'H SLOG  vQ OHJ WXU  FX HYDOXDUHD

I FXW  GH )LQDQW] $* =ULFK &UHGLW 6XLVVH )LUVW %RVWRQ DQXQ D GLVSRQLELOLWDWHD GH D DFRUGD

credite pe 4 ani pentru România cu LIBOR + 4,25%, pentru Polonia cu LIBOR + 2,5%, iar
SHQWUX ULOH8QLXQLL(XURSHQHúLDOWH ULGLQ(XURSD2FFLGHQWDO FX/,%25

 $SUHFLHUHD FDOLW LL DFWLYLW LL ILQDQFLDUH D DJHQ LORU HFRQRPLFL

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

FDUDFWHULVWLFLOHDFWLYLW LLILQDQFLDUHDDJHQ LORUHFRQRPLFLFDUHDSHOHD] ODVHUYLFLLOHDFHVWRUDúLvQ

primul rând a celor ce solicit FUHGLWH,QWHUHVXOHVWHMXVWLILFDWSHQWUXDSXWHDDVLJXUDRFHUWLWXGLQH

FkWPDLPDUHUHODWLYODUDPEXUVDUHúLLPSOLFLWODUHYHQLUHDvQEDQF DVXPHORUFUHGLWDWHúLFDUHvQ

PDUHVXQWDOHGHSRQHQ LORUHLúLGHDVHPHQHDSHQWUXDDYHDRFHUWLWXGLQHVLPLODU UHODWLYODSODWD

GREkQ]LORUúLUHVSHFWDUHDVFDGHQ HORU

7HUPHQXO FH GHVHPQHD]  VXPD FDOLW LORU DFWLYLW LL GHVI úXUDWH GH XQ DJHQW HFRQRPLF

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

amplasamentul etc.
&DSDFLWDWHD GH SODW a unui agent economic este una din caracteristicile de calitate ale
DFWLYLW LORU OXL ILQDQFLDUH $FHDVWD GHILQHúWH SRVLELOLWDWHD XQXL DJHQW HFRQRPLF GH D IDFH ID 

SO LORUVFDGHQWHGHRULFHIHODFKLWDUHDIXUQL]RULORUSODWDVDODULLORUUDPEXUVDUHDFUHGLWHORUSODWD

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

GLVSRQLELOLW LOHSURSULLDWUDVHúLvPSUXPXWDWHDOHXQXLDJHQWHFRQRPLFDFRSHU SO LOHH[LJLELOH

$FHDVW FDSDFLWDWHVHIRUPHD] SULQFRUHODUHDWHUPHQHORUGHvQFDV ULúLSO LúLUHSUH]LQW RIRUP 

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

VFDGHQWH$FHVWHFKLOLEUXUHIOHFW RFRUHODUHSDU LDO DDFWLYXOXLúLSDVLYXOXLGHELODQ DODJHQWXOXL

vQFDX] 

&DSDFLWDWHDGHSODW VHSRDWHFDOFXODVWDWLFODXQPRPHQWGDWúLGLQDPLFSHXQLQWHUYDO

de timp dat).
0 VXUDFDSDFLW LLGHSODW HVWHGDW SULQUHOD LLOH

CP = AL – PS (165.1)

AL
rcp = (165.2)
PS
unde: CP FDSDFLWDWHDGHSODW 
AL = active lichide;
PS SO LVFDGHQWH
rcp UDWDFDSDFLW LLGHSODW 

,QGLFDWRUXO &3 G  P VXUD DEVROXW  D FDSDFLW LL GH SODW  úL DUDW  VXUSOXVXO GH OLFKLGLW L

&3!VDXGHILFLWXOGHOLFKLGLW L&30DQDJHUXOILQDQFLDUúWLHDVWIHOFHSRVLELOLW LDUHGH

a fDFHSO LVXSOLPHQWDUHVDXSODVDPHQWHSHWHUPHQVFXUWVDXGLPSRWULY FHQHYRLHVXSOLPHQWDU 

DUHGHOLFKLGLW L

,QGLFDWRUXO UFS G  P ULPHD UHODWLY  D FDSDFLW LL GH SODW  úL DUDW  DPSORDUHD UHODWLY  D

FDSDFLW LLGHSODW UHVSHFWLYPDUMDGHDFRSHULUHDSO LORUVFDGHQWH

/LFKLGLWDWHD ILQDQFLDU  D XQXL DJHQW HFRQRPLF HVWH R DOW  FDUDFWHULVWLF  D FDOLW LL

DFWLYLW LLILQDQFLDUHúLDUDW FDSDFLWDWHDXQXLDJHQWHFRQRPLFGHDWUDQVIRUPDvQEDQLDFWLYHOHGH

FDUH GLVSXQH vQ YHGHUHD DVLJXU ULL XQXL FLUFXLW ILQDQFLDU QRUPDO /LFKLGLWDWHD HVWH JHQHUDW  GH

IOX[XULOHPDWHULDOHúLE QHúWLSHFDUHOHRFD]LRQHD] DFWLYLWDWHDDJHQWXOXLHFRQRPLF

• LPRELOL]DUHD XQRU OLFKLGLW L vQ DOWH HOHPHQWH GH DFWLY GHELWRUL VWRFXUL SURGXF LH

QHWHUPLQDW 

• transformarea în lichidiW LDXQRUHOHPHQWHGHDFWLYGHJHQXOFHORUPDLVXVPHQ LRQDWH

'LQSXQFWXOGHYHGHUHDOOLFKLGLW LORUHOHPHQWHOHGHDFWLYVHFODVLILF vQ

i. OLFKLGLW LSULPDUHSHUIHFWHEDQLvQFDV VDXvQFRQWSODIRDQHGHFUHGLWGLVSRQLELOH VROGvQ

carnete de cecúD
ii. OLFKLGLW L VHFXQGDUH P UIXUL YDQGDELOH SURGXVH FX GHVIDFHUH DVLJXUDW  FUHDQ H VLJXU

PRELOL]DELOHWLWOXULILQDQFLDUHúD

iii. OLFKLGLW L WHU LDUH SURGXF LH QHWHUPLQDW  VWRFXUL SHQWUX SURGXF LH VHPLIDEULFDWH FUHDQ H

JUHXPRELOL]DELOHP UIXULJUHXYDQGDELOHúD
iv. DFWLYH I U  FDUDFWHULVWLFL GH OLFKLGLWDWH DFWLYH IL[H GH SURGXF LH LPRELOH WHUHQXUL P UIXUL

nevandabile etc.
/LFKLGLWDWHD HVWH R FRQGL LH D FDSDFLW LL GH SODW  ,QVXILFLHQ D OLFKLGLW LL ILQDQFLDUH

JHQHUHD] SO LUHVWDQWHúLSRDWHSXQHILUPDvQVWDUHGHIDOLPHQWFKLDUGDF HDHVWHUHQWDELO 

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

OLFKLGLWDWHDSDWULPRQLDO HVWHUHODWLYIUHFYHQWLQYRFDW 

D +S+ T + A Al
LP = sau (166)
C Ps
unde: LP OLFKLGLWDWHDSDWULPRQLDO H[SULPDW FDUDW GHDFRSHULUHDGDWRULLORUGLQOLFKLGLW LOH

SULPDUHúLVHFXQGDUH

D GLVSRQLELOLW LE QHúWLúLDOWHOLFKLGLW LSHUIHFWH

S = sume de încasat;
T WLWOXULGHFUHGLWQHJRFLDELOHDF LXQLREOLJD LXQLHfecte comerciale scontabile;

A DOWHOLFKLGLW LVWRFXULGHPDUI YDQGDELOHVDXFXGHVIDFHUHDVLJXUDW 

C GDWRULLSHWHUPHQVFXUWEDQFDUHúLQHEDQFDUH

Al DFWLYHSDWULPRQLDOHWUDQVIRUPDELOHSHWHUPHQVFXUWvQOLFKLGLW LSHUIHFWH
Ps = pasive patrimoniale exigibile pe termen scurt.

Solvabilitatea HVWH R DOW  FDUDFWHULVWLF  D FDOLW LL DFWLYLW LL ILQDQFLDUH D XQXL DJHQW

HFRQRPLFúLH[SULP FDSDFLWDWHDOXLGHD úLDFKLWDWRDWHREOLJD LLOHDVXPDWHDWkWSHWHUPHQVFXUW

-
FkWúLSHWHUPHQOXQJ6ROYDELOLWDWHDUHSUH]LQW úLHDRIRUP DHFKLOLEUXOXLILQDQFLDUDODJHQWXOXL

economic:
AF + ACP + CS + MB ≥ O (167)
unde: AF = active fixe;
ACP DFWLYHFLUFXODQWHGHSURGXF LH
CS FUHDQ HVLJXUH

MB PLMORDFHE QHúWL
O REOLJD LLIXUQL]RULE QFLFUHGLWRULVWDWSHUVRQDODF LRQDULHWF

0 VXUD VROYDELOLW LL HVWH GDW  GH UDWD FDSLWDOXOXL SURSULX vQ WRWDOXO UHVXUVHORU ILQDQFLDUH

ale agentului economic:

KP KP
rkp = sau (168)
KP + C TP

unde: rkp = rata capitalului propriu;

KP = capital propriu;
C FUHGLWHWRWDOEDQFDUHúLQHEDQFDUHSHWHUPHQOXQJúLVFXUWHWF

TP = total pasiv
ÌQVLWXD LDvQFDUHUNS∈ [0,5; 1) gradul de solvabilitate se zice “bun”.

)LHFDUH EDQF  vúL HODERUHD]  R PHWRGRORJLH GH HYDOXDUH D ERQLW LL DJHQ LORU HFRQRPLFL

FDUH OL VH DGUHVHD]  FX FHUHUL GH FUHGLWH PHWRGRORJLL QXPLWH FXUHQW ³GH FUHGLWDUH D DJHQ LORU

economici”. În principiu: sunt stabilite criterii de evaluare (unele cuantificabile, altele nu), care
VXQW HYHQWXDO GHWDOLDWH SULQ PDL PXO L LQGLFDWRUL VH SUHFRQL]HD]  OLPLWH VDX FDUDFWHULVWLFL GH

GHSDUWDMDUH SH FDOLILFDWLYH VDX SXQFWH VH FDOFXOHD]  SXQFWDMXO WRWDO HYHQWXDO FX SRQGHUL

GLIHUHQ LDWH SH LQGLFDWRUL VDX FULWHULL VH DFRUG  XQ FDOLILFDWLY JOREDO SH VHDPD vQFDGU ULL

punctajului total în limite predeterminate.

2 LPDJLQH D XQHL DVWIHO GH HYDOX UL R SUH]HQW P vQ FRQWLQXDUH SRUQLQG GH OD XQD GLQ

IRUPHOH GHPHWRGRORJLHSURSXV  GH%&5WDEHOXO7RWDOXOSXQFWDMXOXLHVWHFDOFXODW SHRVFDU 

YDORULF WDEHO
 Tabelul 3
Nr. Total 5HOD LDGH

Nr. Criteriu Variante puncte al Ponderea puncte pe calcul a

crt. Subcriteriu Limite subcri- criteriului criteriu indicatorului
teriului (Pi) P VXUDELO

0 1 2 3 4 5=3*4 6
1 Forma de
1
organizare
-UHJLHDXWRQRP 3
- societate comerciaO 2
-DO LDJHQ LHFRQRPLFL 1
2 Sectorul de
1
activitate
- SURGXF LH LQGXVWULDO  úL 3
DJULFRO

-WUDQVSRUWXULWHOHFRPXQLFD LL 2
aprovizionare-desfacere,
FRPHU -WXULVPSUHVW ULVHUYLFLL

- alte sectoare 1
3 3R]L LDvQ

ramXU  1,5
VXEUDPXU

- loc primordial 3
-SR]L LHPHGLH 2
-SR]L LHPLQRU 1
4 Lichiditate
SDWULPRQLDO 
2 cf. (166)
LPHGLDW 

UHODWLY 

- sub 100% 0
-vQWUHúL 2
- peste 150% 4
5 Solvabilitate 2 cf. (168)
- sub 30% 0
-vQWUHúL 2
- peste 70% 4
6 6LWXD LD

economico-
ILQDQFLDU

6.1 Cifra de afaceri

2
medie lunara
- peste 500 mil.lei 1
-vQWUHúLPLOOHL 2
- sub 50 mil.lei 1
6.2 Profitul brut
lunar 2
- peste 75 mil.lei 1
-vQWUHúLPLOOHL 2
- sub 7,5 mil.lei 1
6.3 Rata rf = PN/KP
UHQWDELOLW LL PN = profit
financiare 2 net
KP = capital
propriu
- peste 30% 1
-vQWUHúL 2
- sub 10% 1
6.4 Pierdere descalificare de la creditare
7 5RWD LD n = CA/AC
activelor CA = cifra de
circulante 2 afaceri
AC = active
circulante
-SHVWHURWD LL 3
-vQWUHúLURWD LL 2
-VXEURWD LL 1
8 *DUDQ LL 1,5
- active moELOH úLLPRELOH FDUH
pot fi rapid transformate în 3
OLFKLGLW WL

- EXQXUL DFKL]L LRQDWH GLQ

2
credite
-FHVLRQDUHDFUHDQ HORU 3
- JDMXUL LSRWHFL úL DOWH JDUDQ LL
2
reale
- GHSR]LWH vQ OHL úL YDOXW 
4
acreditive deschise
- lipVDJDUDQ LLORU descalificare de la creditare
9 Gradul de g = Pe/A
îndatorare 3H SO L
1,5
exigibile
A = total activ
- sub 30% 3
-vQWUHúL 2
- peste 70% 1
10 'HSHQGHQ DGH

SLH HOHGH
1,5
aprovizionare(a)
úLGHVIDFHUHG

-DGLQ DU úLGODH[SRUW 4
-DGLQLPSRUWúLGODH[SRUW 3
-DGLQ DU úLGvQ DU 2
-DGLQLPSRUWúLGvQ DU 1
11 Sprijin
guvernamental 1
úLVXEYHQ LRQDUH

- da 4
- nu 2
12 Calitatea
1,5
conducerii
-IRDUWHEXQ 3
-EXQ 2
-VDWLVI F WRDUH 1
13 Perspective 1,5
- DUH úL DSOLF  FX EXQH
rezultate programe de restruc- 3
WXUDUHúLUHWHKQRORJL]DUH

- DUH GDU QX DSOLF  VDX DSOLF 

cu rezultate slabe astfel de 2
programe
- QX DUH úL QX DSOLF  DVWIHO GH
1
programe
14 Total punctaj * 13
* * TP = ∑ Pi
i =1
 Tabelul 4
TOTAL PUNCTAJ CALIFICATIV
sub 25,0 E
vQWUHúL D
vQWUHúL C
vQWUHúL B
peste 61,0 A

CalificatLYHOH VH WUDGXF vQ FDUDFWHUL] UL VXFFLQWH DOH VROLFLWDWRULORU GH FUHGLWH GXS  FXP

XUPHD] 

A DFWLYLWDWH UHQWDELO vQWUXQHúWHLQWHJUDOFRQGL LLOHGHDSURYL]LRQDUH -desfacere, tehnologice,

RUJDQL]DWRULFH úL GH SHUVRQDO SHQWUX D IL VROYDELOL SUHGLF LD SHQWUX SHULRDGD XUP WRDUH

HVWHIDYRUDELO GLQSXQFWGHYHGHUHDOSHUIRUPDQ HORUILQDQFLDUH

B VLWXD LDHFRQRPLFR ILQDQFLDU SUH]HQW HVWHEXQ SUHGLF LDSHQWUXSHULRDGDXUP WRDUHHVWH

-
GH GLPLQXDUH D SHUIRUPDQ HORU ILQDQFLDUH GDWRULW  XQRU QHDMXQVXUL RU ganizatorice,
WHKQRORJLFHVDXGHSHUVRQDOVDXGDWRULW QDWXULLúLRELHFWXOXLDFWLYLW LL

C  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 úL

VDWLVI F WRUSHUVSHFWLY LQFHUW 

E DFWLYLWDWHQHUHQWDELO FXSHUVSHFWLYDOLSVHLGHVROYDELOLWDWH

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

solicitantului de credite. Aceasta are în vedere trei indicatori:

1o rata de acoperire a dobânziiFDUHDUDW P VXUDvQFDUHSURILWXOEUXWDFRSHU GREkQ]LOH
PB
rad = (169)
D
unde: PB = profitul brut;
D  VXPD GREkQ]LORU SO WLWH úL GDWRUDWH GDU QHDFKLWDWH SH LQWHUYDOXO vQWUH vQFHSXWXO

SHULRDGHLGHJHVWLXQHúLGDWDHYDOX ULL

2o Credite restante vQUHJLVWUDWH OD GDWD HYDOX ULL DQDOL]D VH IDFH vQ YDORUL DEVROXWH FD
pondere a acestRUDvQWRWDOXOFUHGLWHORUDQJDMDWHGHVROLFLWDQWSkQ ODGDWDHYDOX ULLúLvQGLQDPLF 
SHRSHULRDG GH–DQLvQXUP 

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  GH IXUQL]RUL úL DQWUHSUHQRUL

vQ YDORUL DEVROXWH úL FD SRQGHUH ID  GH SO 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 ULúLOLPLWHPHQ LRQDWHvQWDEHOXO

Tabelul 5
Ponderea
Calificativul
Rambursarea creditelor restante Vechimea
serviciului Plata dobânzilor
creditelor în total credite creditelor restante
datoriei
angajate
în general la
bun la termen sub 20% sub 30 zile
termen
în mod repetat în mod repetat
slab peste 20% sub 30 zile
GXS WHUPHQ GXS WHUPHQ

H[LVW GREkQ]L H[LVW FUHGLWH FHOSX LQXQHOH

QHFRUHVSXQ] WRU peste 20%
QHSO WLWH nerambursate peste 30 zile
 Prin conjugaUHDFHORU GRX WLSXULGHHYDOXDUHERQLWDWHDúLVHUYLFLXOGDWRULHLEDQFDSRDWH
determina categoria de risc în care se include creditul solicitat (tabel 6).
Tabelul 6
Serviciul datoriei →
BUN SLAB 1(&25(6381= 725
Bonitatea ↓
A credit cu risc minim creditvQREVHUYD LH credit substandard
B FUHGLWvQREVHUYD LH credit substandard credit incert
C credit sub standard credit incert credit cu risc major
D credit incert credit cu risc major credit cu risc major
E 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]DWRULFHúLVDXGHSHUVRQDOVDXDXQRUD

H[WHUQHSLD vQGHFOLQ

iii. credit substandard VROLFLWDWRU FX VROYDELOLWDWH QHVLJXU  GDWRULW  JDUDQ LHL LQVXILFLHQWH

YDORDUH QHW  D FDSLWDOXOXL PLF  úLVDX FDSDFLW LL GH SODW  UHGXVH SRVLELOLWDWH GH

nerecuperare a creditului;
iv. credit incert VROLFLWDWRU FX VROYDELOLWDWH SUHFDU  vQ FRQGL LLOH VWLSXODWH GH FRQWUDFWXO GH

FUHGLWDUHJDUDQ LHGHORFVDXLQFHUWYDORULILFDELO ODYDORDUHDGHFODUDW 

v. credit cu risc majorDF UXLUDPEXUVDUHHVWHSX LQVDXGHORFSUREDELO DúDvQFkWvQUHJLVWUDUHD

VDXPHQ LRQDUHDOXLFDDFWLYEDQFDUQXHVWHJDUDQWDW 

ÌQDIDUDVRFLHW LORUFXDFWLYLWDWHOXFUDWLY E QFLOHDFRUG XQYROXPvQVHPQDWGHFU edite

úL 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 LL ORU GH SODW  SHQWUX FD

EDQFD V  DLE  P VXUD SRVLELOLW LL GH UHFXSHUDUH D VXPHORU DFRUGDWH DFHVWRUD VXE IRUP  GH

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

creditare.
'DWRULW  VSHFLILFXOXL DFHVWRU GHELWRUL FDUDFWHULVWLFLOH GH FDOLWDWH GH ³EXQ SODWQLF´ vQ

SULQFLSLX DFHOHDúL FD úL 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 întreprinderii: 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 úL 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 úL FX PHWRGH GH SUHOXFUDUH VWDWLVWLF  UHJUHVLH PXOWLSO  DQDOL] 

IDFWRULDO  FRHILFLHQ L GH YHULGLFLWDWH D HVWLP ULORU úD FRQVWLWXLH ED]D SHQWUX FUHDUHD unor
LQVWUXPHQWHIRDUWHHODERUDWHúLLQIRUPDWL]DWHGHWLSXO sistemelor expert.
 Tabelul 7
Indicator – nivel de realizare Punctaj Indicator – nivel de realizare Punctaj
1. 3R]L LDID GHORFXLQ DGHGRPLFLOLX 3RVHG FDUWHGHFUHGLW

• proprie 40 • PDMRU úLGHPDJD]LQ 40

• cu chirie 8 • QXPDLPDMRU 40
• QXU VSXQGH 8 • numai de magazin 30
• DOWHVLWXD LL 25 • QXU VSXQGH 10
2. Durata domiciliului actual 5HIHULQ HGHODFompanii financiare

• sun 6 luni 12 • una 15

• OXQLSkQ ODDQL 15 • GRX VDXPDLPXOWH 10
• DQLSkQ ODDQL 22 • nu are 5
• peste 6,5 ani 35 • QXU VSXQGH 10
• QXU VSXQGH 12
3. 'XUDWDRFXSD LHLDFWXDOH 8. Venituri anuale
• sub 1,5 ani 12 • sub 10.000 USD 5
• DQLSkQ ODDQL 15 • SkQ OD86' 15
• DQLSkQ ODDQL 25 • SkQ OD86' 30
• peste 5,5, ani 48 • peste 30.000 USD 50
• retras din activitate 48
• DVLVWHQ SXEOLF VDXSULQKRW UkUH 25
MXGHF WRUHDVF

• casnic 25
• úRPHU 12
• QXU VSXQGH 12
4. Vârsta solicitantului  2EOLJD LL ILQDQFLDUH OXQDUH GH SODW  GHMD

• sub 45 de ani 4 angajate

• peste 45 de ani 20 • sub 100 USD 35
• QXU VSXQGH 4 • SkQ OD86' 25
• peste 300 USD 10
• nu are 40
• QXU VSXQGH 10
5. 5HIHULQ HEDQFDUH (YDOX ULDQWHULRDUHQHIDYRUDELOH

• FRQWFXUHQWúLGHHFRQRPLL 60 • nu au fost cercetate 0

• cont curent 40 • QXVXQWHYLGHQ LDWH 0
• cont de economii 40 • GRX VDXPDLPXOWH 10
• DUH vPSUXPXW DQJDMDW úL FRQW 30 • una 0
FXUHQWúLGHHFRQRPLL • toate sunt favorabile 15
• are numai împrumut 10
• a VROLFLWDW vPSUXPXW GDU vQF  QX 10
l-a primit
• QXU VSXQGH 10

Sursa: C. Basno, N. Dardac, C. FloriFHO ³0RQHG  FUHGLW E QFL´ ('3  FLWDW GXS  R VXUV 

DPHULFDQ