),1$1 $5($,19(67, ,,/25

ù,$$&7,9(/25&,5&8/$17(

LQDQ DUHDLQYHVWL LLORUúLDDFWLYHORUFLUFXODQWHDFRSHU vQPDUHP VXU VIHUDFHULQ HORU

F GH ILQDQ DUH OD QLYHOXO XQHL ILUPH úL DUH vQ YHGHUH DWkW VXUVHOH SURSULL úL SH FHOH

vPSUXPXWDWHFkWúLVXUVHOHSHUPDQHQWHúLWHPSRUDUH

1. Politica GHLQYHVWL LL

&UHDUHD VXUVHORU GH ILQDQ DUH SHQWUX LPRELOL] ULOH IL[H FRQVWLWXLH SULPD SUREOHP 

ILQDQFLDU SHQWUXSURLHFWHOH GHIRQGDUHD XQHLILUPHFDúLSHQWUXFHOH YL]kQGH[WLQGHUHDDFHVWHLD

VDXSDUWLFLSD LLOHODFDSLWDOXODOWHLDOWRUILUPH

ParticiSD LLOH VXQW GH GRX  FDWHJRULL LQYHVWL LL GH SRUWRIROLX úL VSHFXODWLYH 3ULPHOH DX vQ

YHGHUHSURFXUDUHDGHDF LXQLODRDOW ILUP FXLQWHQ LDGHDH[WLQGHLQWHUHVHOHILUPHLDVXSUDXQXL

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

FRQVROLGDWH SHQWUX FDUH QX VXQW vQF  FUHDWH FRQGL LL SHQWUX R XWLOL]DUH vQ LQWHULRUXO ILUPHL

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

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

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

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

VSHFXODWLYFUHDUHDGHGHSR]LWHEDQFDUHSHWHUPHQvQLQWHQ LDYDORULILF ULLXQRUUHVXUVHGLVSRQLELOH

în limita unui anumit termen.

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

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

3ROLWLFD GH LQYHVWL LL UHSUH]LQW  DQVDPEOXO GHFL]LLORU SULYLQG FUHDUHD PLMORDFHORU GH

SURGXF LHIL[H DGLF LQFOXVLYDIRUP ULLúLXWLOL] ULLUHVXUVHORUGHILQDQ DUH

;
'LQSXQFW GHYHGHUHVWULFWILQDQFLDULQYHVWL LDHVWHRLPRELOL]DUHGHFDSLWDOSHWHUPHQOXQJ

vQ VFRSXO RE LQHULL XQHL UHQWDELOLW L YLLWRDUH PDL PDUL (IHFWXO LQYHVWL LHL vQ IRUPD VD FHD PDL

JHQHUDO  HVWHFUHúWHUHD YROXPXOXL úL FDOLW LL DFWLYLW LL XQHL ILUPH 'HFL]LD GH D LQYHVWL SUHVXSXQH

HODERUDUHD XQRU VWXGLL FRPHUFLDOH WHKQLFH úL ILQDQFLDUH FDUH V  FDUDFWHUL]H]H DWkW SLD D F UHLD L VH

DGUHVHD] LQYHVWL LDFkWúLRELHFWXOLQYHVWL LHLvQVLQHúLUH]XOWDWHOHVFRQWDWHDVHRE LQ e. De aceea, o

LQYHVWL LH SUHVXSXQH SURLHFWH DOWHUQDWLYH YDULDQWH SH PXOWLSOHOH DVSHFWH YL]DWH GH R DVWIHO GH

LQL LDWLY  HYROX LD SLH HL SUH XUL JUDG GH VDWXUDUH DSDUL LD XQRU SURGXVH vQORFXLWRDUH VDX QRL

VROX LLOH WHKQLFH VROX LLOH GH DPSODVDPHQW ILQDQ DUHD FRVWXULOH GH LQYHVWL LH FRVWXULOH GH

H[SORDWDUHGLQDPLFDSLH HORUDGLDFHQWHPDWHULLSULPHXWLOLW LHWFGLQDPLFDSLH HLPXQFLLHWF

 3ROLWLFD GH LQYHVWL LL HVWH XQD GLQ FRPSRQHQWHOH SROLWLFLL ILQDQFLDUH DWkW OD QLYHO

macroeconomic, precXPúLODQLYHOPLFURHFRQRPLF
/DQLYHOPDFURHFRQRPLFSROLWLFDGHLQYHVWL LLVHUHJ VHúWHvQSROLWLFDFKHOWXLHOLORUSXEOLFH

vQSROLWLFDILVFDO vQSROLWLFDPRQHWDU 

ÌQ FDGUXO FKHOWXLHOLORU HIHFWXDWH GH VWDW SULQ EXJHW VH UHJ VHVF FKHOWXLHOLOH FX FDUDFWHU

HFRQRPLFvQWUHFDUHDSDUúLFKHOWXLHOLSHQWUXLQYHVWL LL$FHVWHDSRWYL]DLQIUDVWUXFWXUDHFRQRPLHL

UH HOHOH GHFRPXQLFD LLúL XWLOLW L JHQHUDOH RELHFWLYH HFRQRPLFH VDX RELHFWLYH VRFLDO -culturale.
În oricare din aceste forme s-DU HIHFWXD LQYHVWL LL GH F WUH VWDW HIHFWXO JHQHUDO HVWH DPHOLRUDUHD

PHGLXOXL HFRQRPLF FHHD FH VWLPXOHD]  DQVDPEOXO DFWLYLW LL HFRQRPLFH úL LPSOLFLW  SH

vQWUHSULQ] WRULL SDUWLFXODUL 6WLPXOXO HVWH GLUHFW DGLF  JHQHUDW GH R FHUHUH VXSOLPHQWDU 

FRQVHFXWLY DORF ULLGH UHVXUVHILQDQFLDUHSHQWUXDILFKHOWXLWH6WLPXOXOHVWHvQV úLLQGLUHFWSULQ

IDFLOLW LOHVXSOLPHQWDUHGHFDUHVHSRWEXFXUDvQWUHSULQ] WRULLvQPHGLXOHFRQRPLFDPHOLRUDWSULQ

LQYHVWL LD HIHFWXDW  GLQ UHVXUVH EXJHWDUH F L GH FRPXQLFD LH QRL VDX PDL EXQH GRW UL edilitare,
FRQGL LLVRFLDOHPDLEXQHSHQWUXSRSXOD LHHWF

3ULQ SROLWLFD ILVFDO  LQYHVWL LLOH SRW IL VWLPXODWH SULQ GLPLQXDUHD LPSXQHULL QHLPSXQHUHD

SURILWXOXL UHLQYHVWLWFRWH GH LPSXQHUH PDLPLFL SHQWUX SURILWXO RE LQXW GLQ LQYHVWL LLHIHFWXDWHvQ

anumiWH ]RQH VDX vQ DQXPLWH UDPXUL VDX SHQWUX DQXPLWH WLSXUL GH DFWLYLW L WD[H ORFDOH

SUHIHUHQ LDOHVFXWLUHDWHPSRUDU GHDQXPLWHLPSR]LWHHWF

3ULQSROLWLFDPRQHWDU LQYHVWL LLOHSRWILVWLPXODWHvQSULQFLSDOSULQGLPLQXDUHDGREkQ]LLOD

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

FXPHVWHGHH[HPSOXJDUDQWDUHDvPSUXPXWXOXLGHF WUHVWDW

/D QLYHO PLFURHFRQRPLF SROLWLFD GH LQYHVWL LL VH UHJ VHúWH vQ SROLWLFD GH GLVWULEXLUH D

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

PDMRUHGHGHFL]LLFDUHGHILQHVFSROLWLFDGHLQYHVWL LL

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

(vezi cap. I.5)

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

DXWRILQDQ DUHúLDSHOODFUHGLWH$FHDVW GHFL]LHHVWHGHWHUPLQDW GHFHDSUHFHGHQW 

'HFL]LDSULYLQGWLSXOGHLQYHVWL LH

ƒ vQQRLUHFDUHYL]HD] VRUWLPHQWXOGHIDEULFD LHúLLQWURGXFHUHDGHSURGX se noi;

ƒ PRGHUQL]DUHFDUHYL]HD] WHKQLFDúLWHKQRORJLD UHVSHFWLYSDUDPHWULLIXQF LRQDOLUDQGDPHQW

vQWUH LQHUHILDELOLWDWHHUJRQRPLH

ƒ H[WLQGHUHFDUHYL]HD] FUHúWHUHDGLPHQVLXQLLDFWLYLW LL

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

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

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

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

vQWUHSULQ] WRUXOXLGLQFRPSRUWDPHQWXOV XGHDJHQWHFRQRPLF

2. (YDOXDUHDUHQWDELOLW LLLQYHVWL LHL

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

DOHJHUHDXQHLYDULDQWHGHLQYHVWL LH(YDOXDUHDDFHVWHLUHQWDELOLW LVHIDFHSULQGRX PHWRGH

a) PHWRGDFRQWDELO SRWULYLWF UHLD

BN
ri = (25)
VNI

VNI = VI - A (25.1)
unde: ri UHQWDELOLWDWHDLQYHVWL LHL
 BN EHQHILFLXOQHWUH]XOWDWGLQH[SORDWDUHDLQYHVWL LHL

VNI YROXPXOQHWDOLQYHVWL LHL

VI YDORDUHDLQL LDO DLQYHVWL LHL

A DPRUWL]DUHDFXPXODW OD]L

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

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

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

FRUHFWDWHFXILVFDOLWDWHDFDúLSHED]DGHFL]LHLSULYLQGSROLWLFDDPRUWL] ULLDFWLYHORUIL[HÌQDFHVW

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

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

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

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

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

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

UHQWDELOLW LLHLSHP VXUDvPE WUkQLULLHVWHRDQRUPDOLWDWHFHOSX LQWHRUHWLF 

b) PHWRGDILQDQFLDU FRQIRUPF UHLD

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

unde: FFP = fluxuri financiare pozitive;

t LQGLFHSULQFDUHVHLGHQWLILF DQXOGHUHIHULQ 

dve GXUDWDGHYLD HFRQRPLF DLQYHVWL LHL

$FHDVW  PHWRG  LQWURGXFH GRX  FRQFHSWH VSHFLILFH

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

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

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

SULQGHYL]XOJHQHUDODOLQYHVWL LHL

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

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

QRUPHORUOHJDOHSULYLQGDPRUWL]DUHDFDúLSHED]DVWXGLLORUFRPHUFLDOHDSROLWLFLLFKHOWXLHOLORUGH

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

S WUXQGHUHDYLLWRUXOXLFDúLLQFHUWLWXGLQLLPDLSURQXQ DWHSULYLQGLQIRUPD LLOH

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

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

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

SUHGLF LLORUSULYLQGSURJUHVXOWHKQLFúLLQRYD LDYL]kQGRELHFWLYXOLQYHVWL LHLvQFDX] DQRUPHORU

legale în vigoare privind durata de amortizare a activelor fixe.

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

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

VFXUW  VXQW FRQVLGHUDWH JOREDO FD YDORDUH UH]LGXDO  3URFHGHXO  HVWH DFFHSWDW GHRDUHFH IDFWRUXO
timp face ca, în terPHQL FRPSDUDELOL UH]XOWDWHOH RE LQXWH OD PDUH GLVWDQ  GH WLPS GH PRPHQWXO

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

PLF GLVWDQ vQWLPSGHDFHVWPRPHQW

Factorul timpLQWURGXFHGLIHUHQ LHUHDvQWHUPHQLUHDOLúLGHXWLOLWDWHDGRX EXQXULDEVROXW

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

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

FXPS UDUHGLIHULWHODPRPHQWHGHWLPSGLIHULWHGLQFDX]DUDWHLLQIOD LHL

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

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

'HDFHHDSHQWUXDDFFHSWDDPkQDUHDXWLOL] ULLXQHLVXPHGHEDQLvQSULQFLSLXDRULF UXLEXQVH

YDSUHWLQGHvQWRWGHDXQDRUHFRPSHQV DFHDVW UHFRPSHQV DSDUHFDXQVXSOLPHQWGHX] .

3HQWUXHFKLYDODUHDDGRX VXPHGLVSRQLELOHODPRPHQWHGLIHULWHvQWLPSVHXWLOL]HD] 

¾ SURFHGHXODFWXDOL] ULLFDUHSHUPLWHGHWHUPLQDUHDvQWHUPHQLLGHD]LDLSXWHULLGHFXPS UDUHD

EDQLORUúLDLXWLOLW LLSHQWUXSRVHVRUDXQHLVXPHRDUHFDUHGLVSRQLELO vQYLLWRU

S0 = Sn ∗ (1+ra)-n (27)

Sn VXPD6GLVSRQLELO ODXQPRPHQWYLLWRUQQ!

S0 YDORDUHDDFWXDO DVXPHL6
ra = rata de actualizare.

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

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

S0 VXPDGLVSRQLELO D]L

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

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

PHWRGDILQDQFLDU &DXUPDUHIOX[XULOHILQDQFLDUHSR]LWLYHDOHH[SORDW ULLLQYHVWL LHLSHGXUDWDHL

GHYLD HFRQRPLF GHYLQ

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

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

EsteHYLGHQWF PRPHQWHOHGHWLPSFH LQGHGULVXQWWRDWHSUHFHGHQWHRULF UXLDGLQFHOH

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

IXQF LXQHDLQYHVWL LHL

 3. &ULWHULLGHDOHJHUHDYDULDQWHORUGHLQYHVWL LH

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

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

OHJ WXU FXFRVWXOILQDQ ULLLQYHVWL LHLúLFXULVFXO

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

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

FDUHHVWHDPSODVDW 

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

FXDQWXPXOILQDQ ULLSHFDUHOHVXSRUW LQYHVWLWRUXOvQEHQHILFLXOVXUVHLGHILQDQ DUH

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

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

ODGLVSR]L LHVXUVDGHILQDQ DUH

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

S FXDQWXPXOVXUVHLGHILQDQ DUH

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

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

dividendului:
DIV
k= (32)
S

XQGH',9 GLYLGHQGHOHFHVHSO WHVFDF LRQDULORUSHQWUXFRQVWLWXLUHDFDSLWDOXOXLILUPHLLQYHVWL LH

QRX VDXDOFDSLWDOXOXLQHFHVDUSHQWUXILQDQ DUHDXQHLLQYHVWL LLODRILUP GHMDvQIXQF LXQH

Cota de riscUHSUH]LQW úDQVDSUREDELOLWDWHDGHDVHSURGXFHVLWXD LLQHIDYRUDELOHSULYLQG

UH]XOWDWHOHLQYHVWL LHLDGLF GHDQXRE LQHUHQWDELOLWDWHDVFRQWDW 

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

GHWHUPLQ XQHIHFWQHWQXODOLQYHVWL LHLHVWHXQSUDJDOUHQWDELOLW LLLQYHVWL LHL

ri ≥ co
(33)

unde co = costXOGHRSRUWXQLWDWHDOLQYHVWL LHL

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

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

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

*
ÌQDFHDVW HFXD LHQHFXQRVFXWDHVWHUDGDF VROX LDHFXD LHLHVWHUD , atunci:

co = ra* (34.3)
 Criteriul "cost de oportunitate" este un criteriu invers: cu cât costul de oportunitate este
PDL PLF FX DWkW YDULDQWD GH LQYHVWL LH HVWH PDL EXQ  3HQWUX R DSUHFLHUH PDL EXQ  HVWH

UHFRPDQGDELO GHWHUPLQDUHD marjei de acoperire:

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

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

GHRSRUWXQLWDWHHVWHRUDW DFWXDULDO úLGHUHJXO UHSUH]LQW GREkQGDSLH HLPRQHWDUHSHWHUPHQ

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

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

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

SX LQDWUDFWLY 'XUDWDGHUHFXSHUDUHDUDW vQDQLLQWHUYDOXOvQFDUHYDORDUHDLQL LDO DLQYHVWL LHL

HVWHUHFXSHUDW GLQIOX[XOILQDQFLDUSR]LWLYDQXDO

VI
dr = (36)
FFPA

unde FFPA = fluxul financiar pozitiv anual.

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

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

FFP
FFPA = (37)
dve

XQGH))3úLGYHVXQWFRQVLGHUDWHFRQIRUP

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

capacitate:
VI
is = (38)
K

XQGH. FDSDFLWDWHDLQYHVWL LHLH[SULPDW vQXQLW LIL]LFH

&DúLFULWHULXGHLQYHVWL LHúLDFHVWDDUHFDUDFWHULQYHUVFXFkWLQYHVWL LDVSHFLILF HVWHPDL

PLF FXDWkWYDULDQWDHVWHPDLDWUDFWLY 

9DORDUHDWRWDO DLQYHVWL LHLUHSUH]LQW VXPDvQWUHLQYHVWL LDGHED] FHDFDUHG RELHFWXO

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

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

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

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

ILQDQ DUHDLQYHVWL LHL

4. 5HVXUVHOHGHILQDQ DUHDLQYHVWL LHL

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

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

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

QHHFRQRPLFRDVH ULVLS  GHS úLUHD XQRU FKHOWXLHOL ÌQ FD]XO XQHL VXEILQDQ UL DSDU GH
asemenea, costuri suplimentare legate dHQHSODWDODWLPSDIXUQL]LULORUúLDQWUHSUHQRULORUSLHUGHUL
GLQSUHOXQJLUHDWHUPHQXOXLGHLQWUDUHvQIXQF LXQHúD

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

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

VXUVHDWUDVHPRELOL]DUHDUHVXUVHORULQWHUQHúLGLQVXUVHvPSUXPXWDWHFUHGLWH

A. Capitalul socialHVWHVXUV GHILQDQ DUHDLQYHVWL LHLSULQFDUHVHFRQVWLWXLHRVRFLHWDWH

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

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

VRFLDOVHvPSDUWHSHDF LXQLDVWIHOF P ULPHDOXLHVWH

KS = n ∗ VN (39)

unde: n QXP UXOGHDF LXQLHPLVH

VN YDORDUHDQRPLQDO DXQHLDF LXQL

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

UHJ VHúWHvQELODQ XODQXDODOILUPHLSULPDSR]L LHGLQSDVLY

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

acesteia.
KB = n ∗ C (40)

XQGH&UHSUH]LQW FXUVXOEXUVLHUDGLF SUH XOGHSLD DODF LXQLL

B. Fondul de amortizareDUHFDGHVWLQD LHGHED] vQORFXLUHDDFWLYHORUIL[HODGDWDLHúLULL

ORU GLQIXQF LXQH'HRDUHFHFRQVWLWXLUHDIRQGXOXLVHIDFHWUHSWDWSHVHDPDYkQ] ULORUDFHVWDHVWH

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

WLPSSRDWHILIRORVLWSHQWUXILQDQ DUHDLQYHVWL LLORU

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

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

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

SURILWXOXLúD

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

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

UHVXUVHVXSOLPHQWDUHSURSULLSHQWUXFD]XO SURGXFHULLXQRU ULVFXULFXLPSOLFD LLILQDQFLDUHPDMRUH

&DUDFWHUXOSHUPDQHQWDOFROHFW ULORUvQDFHVWHIRQGXULIDFHFDODXQPRPHQWGDWFXDQWXPXOORUV 

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

FRQVLGHUDF GLPHQVLXQHDIRQGXULORUHVWH DVLJXUDWRULHDVWIHOvQFkWFROHFW ULOHVXSOLPHQWDUHSRWIL

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

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

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

rezervele instituite prin acesta.

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

de lege se ia sub forma unei decizii de suplimentare a capitalului social. În acest sens se
produce o emisiune suplLPHQWDU  GH DF LXQL QRL GH UHJXO  FX DFHLDúL YDORDUH QRPLQDO  FD D

FHORUGHMDH[LVWHQWHYHFKL3HQWUXF DF LRQDULLYHFKLDXGUHSWSUHIHUHQ LDOGHVXEVFULHUHHL

VXQWFHLFHEHQHILFLD] vQPRGJUDWXLWGHDF LXQLOHHPLVHvQSOXV&DSRVHVRULDL acestui drept, ei îl

SRWYLQGHvQSURSULXOEHQHILFLXFD]vQFDUHYRUDSDUHQRLDF LRQDUL

1RLOH DF LXQL UHSUH]LQW  SHQWUX SLD D ILQDQFLDU  R RIHUW  VXSOLPHQWDU  IDSW FH YD

GHWHUPLQDRGLPLQXDUHDFXUVXOXLDF LXQLORUUHVSHFWLYHLILUPH'HDFHHDSURFHGXUDHVWHSUDFWLFDW 

QXPDL vQ FD]XO vQ FDUH FXUVXO HVWH UHODWLY ULGLFDW úL UHODWLY FRQVROLGDW DVWIHO vQFkW GLPLQXDUHD OXL

SULQVXSOLPHQWDUHDRIHUWHLV QXDQWUHQH]HRWHQGLQ GHVFHQGHQW 

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

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

SDFKHWH GH DF LXQL OD DOWH VRFLHW L FX LQWHQ LD GH D SDUWLFLSD OD SURILWXO DFHVWRUD VRFRWLW D IL

DYDQWDMRV vQ UDSRUW FX SURSULD DFWLYLWDWH VDX FX LQWHQ LD GH D RE LQH FRQWUROXO DVXSUD OR r. De
DVHPHQHDDFKL]L LLGHWLWOXULGHVWDWFRQVLGHUDWHDRIHULXQSURGXVILQDQFLDUDYDQWDMRV6HSDUDWGH

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

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

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

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

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

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

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

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

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

într-XQLQWHUYDOGHWLPSGDWR OXQ XQWULPHVWUXD VROGXULORUFRQWXULORUGHXWLOL] ULúLREOLJD LL

FDUHUHIOHFW DFWLYLWDWHDGHLQYHVWL LL

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

SRDWHFUHúWHVDXVHSRDWHGLPLQXD$FHVWHYDULD LLUHSUH]LQW PRELOL] UL0VDXLPRELOL] UL -M)

GHUHVXUVHGXS FXPFRQWXOHVWHGHDFWLYXWLOL] ULVDXGHSDVLYUHVXUVH

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

SI -6)!UH]XOW PRELOL]DUH0
Cont de pasiv: SF -6,UH]XOW LPRELOL]DUH-M)
SF -6,!UH]XOW PRELOL]DUH0
CalculXOPRELOL] ULORULPRELOL] ULORU VHIDFHSHQWUXILHFDUHFRQWvQSDUWHGXS FDUHSULQ

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

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

SUHVXSXQHPF LGHQWLILF PSULQLQGLFHOHLL QFRQWXULOHUHIOHFWkQGDFWLYLWDWHDGHLQYHVWL LH

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

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

n
∑ M i = −M 2 (41.2)
i = n − m +1
 RI = M1 + (- M2) (41.3)

5,!GDF  M1 > − M 2 (41.4)

5,GDF  M1 < − M 2 (41.5)

3UHVXSXQkQGF YDORDUHDGHILQDQ DUHWRWDO VDXEUXW SHLQWHUYDOXOFRQVLGHUDWHVWH1%)

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

GHILQDQ DUH1()

NEF = NBF + RI (41.6)

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

SHULRDGDGDW ,úLVHGHWHUPLQ QHYRLDGHFUHGLWH1&

NC = NEF - I (41.7)

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

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

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

vQUHOD LD

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

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

vQH[SORDWDUH3HQWUXFUHGLWHOHSHWHUPHQVFXUWUDPEXUVDUHDVHIDFHGLQVXUVHOHSURSULLSHP VXUD

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

DSUREDWHSULQSURLHFWXOGHLQYHVWL LH

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

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

DFFHVXOXLODUHVXUVHOHGLVSRQLELOHDOHDOWRUDJHQ LHFRQRPLFL)RUPXOHOHGHILQDQ DUHDLQYHVWL LLORU

prin credite sunt foarte variate.

D(PLWHUHDGHREOLJD LXQLVLPSOHJHQHUHD] XQvPSUXPXWREOLJDWDUSULQFDUHVHIDFHDSHO

ODHFRQRPLLOHSXEOLFH3URFHGHXOHVWHODvQGHPkQDILUPHORUPDULVROLGHFXRLPDJLQHIDYRUDELO 

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

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

DP QXQ LWvQSURVSHFWXOGHHPLVLXQH

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

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

REOLJD LXQL GH D úL OH SXWHD VFKLPED vQ FD] F  R GRUHúWH OD R GDW  XQ LQWHUYDO GH WLPS

PHQ LRQDW vQPRGH[SUHVúLODRUDW GHFRQYHUVLHGHDVHPHQHDDQXQ DW 5DWDGHFRQYHUVLHDUDW 

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

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

GLVWULEXLWGLYLGHQGHDWUDFWLYHúLVHDúWHDSW V -úLvPEXQ W HDVF SHUIRUPDQ HOH

$YDQWDMHOHSHQWUXHPLWHQWVHFRQFUHWL]HD] vQIDSWXOF SRDWHRIHULRGREkQG PDLPLF vQ

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

c) (PLVLXQHDGHHXURREOLJD LXQLVHIDFHGHUHJXO GHF WUHJUXSurile bancare, cu interese

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

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

3URFHGXUDHVWHDJUHDELO SHQWUX DUD ULOHGHUHúHGLQ DDOHHPLWHQWXOXLHPLWHQ LORUGHRDUHFH

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

impozitele pe profit, prin taxele locale) etc.

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

HFRQRPLHVXEIRUPDIRQGXULORUGHLQYHVWL LLVDXDVRFLHW LORUGHDVLJXU UL3URFHGXUDHVWHDJUHDW 

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

LQGLYLGXDOHúLSHQWUXF PHFDQLVPXOILQDQ ULL VHEXFXU GHDVLVWHQ DXQRULQVWLWX LLSXEOLFHFXP

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

0LQLVWHUXO)LQDQ HORUúDFDUHQRUPHD] FDGUXOJHQHUDODOGHVI úXU ULLXQRUDVWIHOGHDFWLYLW L

3XWHUHD SXEOLF  VWLPXOHD]  vQ GLIHULWH IRUPH DSHOXO OD DVWIHO GH vPSUXPXWXUL SHQWUX

LQYHVWL LL GLPLQXDUHD ILVFDOLW LL H[RQHUDUHD GH DQXPLWH WD[H D LPSRUWXULORU GH HFKLSDPHQWH

VXEYHQ LLGH]RQ FRPSHQVDUHDSDU LDO DFRVWXOXLvPSUXPXWXOXLJDUDQWDUHDvPSUXPXWXOXLúD

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

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

SUHFXPúLJDUDQ LLOHSHFDUHWUHEXLHV OHFRQVWLWXLHGHELWRUXO

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

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

din invesWL LDUHVSHFWLY &HOFHSXQHODGLVSR]L LHVXPHSHQWUXLQYHVWL LHREDQF RVRFLHWDWHGH

OHDVLQJHWFHVWHSURSULHWDUXORELHFWXOXLGHLQYHVWL LH

ÌQFRQWUDFWXOGHOHDVLQJSDUWHDFHRIHU EDQLVHDQJDMHD] V vQFKLULH]HvQWUHSULQ] WRUXOXL

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

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

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

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

trei variante:
ƒ cedarea obiectXOXLF WUHSURSULHWDUXOOXL

ƒ YkQ]DUHDRELHFWXOXLODYDORDUHDU PDV FXGUHSWGHSUHHPS LXQHSHQWUXvQWUHSULQ] WRU

ƒ UHvQQRLUHDFRQWUDFWXOXLvQWUHFHOHGRX S U L

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

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

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

DPRUWL]DUHD DQXDO D LQYHVWL LHL FRVWXO vPSUXPXWXOXL úL RHYHQWXDO  UHQW   FKLULH VDX UHGHYHQ 

WRDWHFRQYHQLWHSULQFRQWUDFWÌQWUHSULQ] WRUXODUHFkWHYDDYDQWDMH

ƒ vúLDFRSHU QHYRLOHGHFDSLWDOSHQWUXLQYHVWL LLGLQWU RVXUV VLJXU 

-
ƒ GHGXFHVXPDDQXDO GHSODW GLQSURILWvQDLQWHGHLPSR]LWDUHDDFHVWXLD

ƒ UHDOL]HD] XQFkúWLJI U DDQJDMDUHVXUVHE QHúWLSURSULLSHQWUXLQL LHUHDDIDFHULL

ƒ SRDWHRE LQHODVFDGHQ RELHFWXOLQYHVWL LHLODYDORDUHDU PDV 

2ELHFWXO LQYHVWL LHL DSDUH vQ ELODQ XO DQXDO QXPDL OD SURSULHWDU OD vQWUHSULQ] WRU VXQW

LQFOXVHH[WUDELODQ LHUQ umai angajamentele financiare asumate prin contract.

 5. $PRUWL]DUHDFRQ LQXWPHWRGHQRUPH

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

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

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

VHGHUXOHD] vQWLPSGLQPRPHQWXOLQWU ULLvQIXQF LXQHSkQ vQPRPHQWXOVFRDWHULLGLQIXQF LXQH

a respectivului activ fix.

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

úLVHUHFXSHUHD] SULQSUH SULQYkQ]DUHDSURGXVXOXLODDF UHLIDEULFD LHDFRQWULEXLW activul fix în

FDX]   &XDQWXPXO DPRUWL] ULL VH GHWHUPLQ  SULQWU R FRW  GH DPRUWL]DUH VWDELOLW  GH ILUP  vQ
-
OLPLWDSUHYHGHULORUOHJDOH$PRUWL]DUHDHVWHUHJOHPHQWDW SULQOHJHDQU

Prevederile legale privind amortizarea au în vedere stabilirea unXL FDGUX FDUH V  HYLWH

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

impozitului pe profit datorat statului.

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

FRQVWLWXLWGLQDPRUWL] ULOHDQXDOHHVWHGLVSRQLELODVWIHOvQFkWHOSRDWHILXWLOL]DWSHQWUXILQDQ DUHD

LQYHVWL LLORUUHVSHFWLYIRUPDUHDQHW DFDSLWDOXOXLIL[FRQIRUP,, 4).

3HQWUXvQGHSOLQLUHDDFHVWXLUROHVWHQHFHVDUDILUHVSHFWDWHXUP WRDUHOHFRQGL LL

ƒ HYDOXDUHDFRUHFW DDFWLYHORUIL[H

ƒ GHWHUPLQDUHDFRUHFW DFRWHORUGHDPRUWL]DUH

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

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

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

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

GXUDWHLGHYLD SHQWUXRHYHQWXDO PHQ LQHUHvQH[SORDWDUHDXQXLDFWLYIL[vQVLWXD LDVFULSWLF GH

DILVFRVGLQIXQF LXQH

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

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

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

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

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

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

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

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

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

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

FHUHUHDúLSRDWHGHWHUPLQDQHYkQ]DUHDSURGXF LHLIDEULFDWH

ƒ FRQFXUHQ DPDMRUDUHDSUH XOXLGHYkQ]DUHvQFRQGL LLOHPDLVXVPHQ LRQDWHHURGHD] SR]L LD

ILUPHLvQ UDSRUWFXFHLODO LFRQFXUHQ LS VWUDUHDSUH XOXLSLH HLDUHFDHIHFWvQ FRQGL LLOHGHMD

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

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

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

DFWLYHORUIL[HVHIDFHODPDLPXOWHWLSXULGHYDORULSHQWUXDFHODúLDFWLYIL[

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

LQIOD LHL SH PDL PXO L DQL DFWLYHOH IL[H VXQW UHHYDOXDWH PDMRUkQGX-se valoarea lor prin

indexare;
ƒ valoare de înlocuire, în sensul de cheltuieli necesare, la un moment dat, pentru a putea
vQORFXLGHUHJXO LSRWHWLFDFWLYXOIL[vQFDX] HVWHRYDORDUHFXUHQW GHSLD GDF GHFDODMXO

vQWUHDFHDVWDúLYDORDUHDGHLQYHQWDUHVWHPDUHDFHVW a este un semnal pentru reevaluare;

ƒ YDORDUHDU PDV HVWHGLIHUHQ DGLQWUHYDORDUHDGHLQYHQWDUúLFXDQWXPXOOD]LDODPRUWL] ULL

t
VR t = VI − ∑ Ai (42.1)
i =1

unde: VRt YDORDUHDU PDV ODILQHOHDQXOXLW

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

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

IXQF LXQHúLSkQ OD]L

VI = valoare de inventar;
Ai DPRUWL]DUHDDIHUHQW DQXOXLL

3HQWUXFDOFXOXOYDORULLU PDVHSRDWHILXWLOL]DW úLUHOD LD

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

ds GXUDWDWRWDO GHVHUYLFLXDDFWLYXOXLIL[GXUDWDGHYLD HFRQRPLF 

ƒ valoarea medieDDFWLYHORUIL[HDOHXQHLILUPHHVWHRYDORDUH GHWHUPLQDW FDEDODQ LQWU UL

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

IDFHGXS PDLPXOWHUHOD LL

−
a) V = V0 + Vi − Ve (43)
−
unde: V YDORDUHDPHGLHDDFWLYHORUIL[HvQDQXOGHFDOFXODODPRUWL] ULL

V0 = valoarea activelor fixe la începutul anului;

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

− − −
b) V = V0 + Vi − Ve (44.1)

−
∑ Vi j ∗ df j
j=1
Vi = (44.2)
12
 K

− ∑ Vek ∗ (12 − df k )
Ve = k =1 (44.3)
12
−
unde: Vi = valoarea medie a activelor fixe intrate în cursul anului de calcul al amRUWL] ULL
−
V e LGHPLHúLWH
j = indice pentru identificarea activului fix intrat în cursul anului, j ∈ [1,J];
J QXP UXOWRWDODODFWLYHORUIL[HLQWUDWHvQFXUVXODQXOXL

dfj GXUDWDGHIXQF LRQDUHvQluni) a activului fix j;

k LQGLFHSHQWUXLGHQWLILFDUHDDFWLYXOXLIL[LHúLWvQFXUVXODQXOXLN ∈ [1, K];

K QXP UXOWRWDODODFWLYHORUIL[HLHúLWHvQFXUVXODQXOXL
dfk GXUDWDGHIXQF LRQDUHvQOXQLDDFWLYXOXLIL[N

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

p= 1 pentru j ∈ [1,J] (45.3)

0 pentru j ∈ [J+1,K]

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

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

PLúFDUHDDFWLYHORUIL[HvQVHDPQ LQWUDUHDLHúLUHDORUvQDQXOUHVSHFWLY

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

K QXP UXOWRWDODODFWLYHORUIL[HFDUHV-DXPLúFDW

J QXP UXOWRWDODODFWLYHORUIL[HLQWUDWH

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

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

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

H[FHS LLGLQFDUHFHOHPDLLPSRUWDQWHV unt:

ƒ XQLW LOHEXJHWDUHFDUHQXFDOFXOHD] DPRUWL]DUH

ƒ DFWLYHOHIL[HvQFRQVHUYDUHvQFRQGL LLOHVWLSXODWHGHOHJH

$PRUWL]DUHDVHFDOFXOHD]  SHWRDW  GXUDWDGHIXQF LRQDUHDDFWLYXOXLIL[GDUQXPDLPXOW

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

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

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

ÌQFDWHJRULDDFWLYHORUIL[HDPRUWL]DELOHVHLQFOXGúLFHOHUH]XOWDWHGLQLQYHVWL LLFKLDUGDF 

au foVWSXVHvQIXQF LXQHQXPDLSDU LDOúLFKLDUGDF  QXDXIRVW vQF vQUHJLVWUDWHvQFRQWDELOLWDWHD

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

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

SULQFLSLXOXLPHWRGHLGHDPRUWL]DUHDJUHDW GHDJHQWXOHFRQRPLFvQFRQGL LLOHSUHY ]XWHGHOHJH

0HWRGHOH GH DPRUWL]DUH VXQW GLIHUHQ LDWH GXS  ULWPXO DPRUWL] ULL PHWRGD DPRUWL] ULL
SURSRU LRQDOHPHWRGDDPRUWL] ULLUHJUHVLYHúLPHWRGDDPRUWL] ULLSURJUHVLYH

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

DFHLDúLFRW SHWRDW GXUDWDGHIXQF LRQDUHDDFWLYXOXLIL[

VI
A= (46.1)
df

A 100
a= ∗ 100 = (46.2)
VI df

unde: A FXDQWXPXODQXDODODPRUWL] ULL

VI = valoarea de inventar a activului fix ;

df GXUDWDOHJDO GHVHUYLFLXDDFWLYXOXLIL[
a FRWDSURFHQWXDO DDPRUWL] ULL

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

DPRUWL]DUHDDQXDO DXQXLDFWLYIL[ODXQDJHQWHFRQRPLFVHGHWHUPLQ GXS UHOD LD

A = a ∗ VI (46.3)

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

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

DFHVWXLDFWLYIL[$OWIHOVHPDMRUHD] FKHOWXLDODFXDPRUWL]DUHDSHXQLWDWHDGHSURGXVúLSRQGHUHD

DPRUWL] ULLvQFKHOWXLHOLOHGHIDEULFD LH

A
AM = (47.1)
Q

A
A% = (47.2)
CT

unde: AM = amortizarea pe unitatea de produs;

Q YROXPXOIL]LFDOSURGXF LHL

A% = pondereaDPRUWL] ULLvQFRVWXULOHGHIDEULFD LH

CT FKHOWXLHOLWRWDOHGHSURGXF LH

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

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

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

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

ILLQGvPE WUkQLW

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

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

P VXUDvPE WUkQLULLDFWLYXOXLIL[

$YDQWDMXOPHWRGHLUH]LG vQFRUHODUHDHYROX LHLUDQGDPHQWXOXLDFWLYXOXLIL[PDLPDUHvQ

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

LQFOXV vQFRVWXULPDLPDUHODvQFHSXWúLPDLPLF VSUHILQDO'HDVHPHQHDSUH]LQW RDFRSHULUH

PDLEXQ ID GHULVFXOX]XULLPRUDOH6 SUHVXSXQHPF XQDFWLYIL[DUHRGXUDW GHVHUYLFLXGH

DQLDVWIHOvQFkWFRWDGHDPRUWL]DUHFRQIRUPPHWRGHLSURSRU LRQDOHHVWH6 SUHVXSXQHPF 

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

YDORDUHDU PDV HVWHID GHFHDGHLQYHQWDU$FWLYXOIL[WUHEXLHvQORFXLWSHQWUXF HVWHX]DW

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

SURGXF WRUXODUILDGRSWDWPHWRGDUHJUHVLY FXFRWHGHDPRUWL]DUHGHH[HPSOXGHvQSULPLL

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

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

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

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

UHFXSHUDUHDYDORULLDFWLYXOXLIL[$FHVWDHVWHGHIDSWFKLDUDYDQWDMXOFRQIHULWGHPHWRG 

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

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

SHULRDGDvQFDUHDFWLYXOIL[HVWHvPE WUkQLWúLUDQGDPHQWXOV XHVWHPDLVF ]XW

6. $FWLYHOHFLUFXODQWHFRQ LQXWGHWHUPLQDUHDQHFHVDUXOXLúLDQHYRLL

GHILQDQ DUH

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

DO WXULGHFHOHIL[H

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

financiare ale firmei. În sfera lor se includ:

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

GHSURWHF LH

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

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

OLPLW GHVXP úD

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

a) FODVLILFDUHDGXS faza circuitului economicvQFDUHVHUHJ VHVF

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

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

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

b) FODVLILFDUHDGXS criteriul sferei de exploatarevQFDUHVHUHJ VHVF

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

VWUXFWXUDGXS QDWXU 

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

FRPSRQHQWHGLQVWUXFWXUDGXS QDWXU 

c) FODVLILFDUHDGXS criWHULXODSDUWHQHQ HLVXUVHLGHILQDQ DUHvQFDUHVHUHJ VHVF

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

FUHGLWHEDQFDUHREOLJD LLID GHWHU LúD

 3RQGHUHDGLIHULWHORUFDWHJRULLGHDFWLYHFLUFXODQWHvQWRWDO HVWHGHWHUPLQDW GHRELHFWXOGH

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

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

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

acesteiD0LMORDFHOHvQGHFRQWDUHúLPLMORDFHOHE QHúWLIDYRUL]HD] FDSDFLWDWHDGHOLFKLGLWDWHGDU

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

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

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

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

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

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

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

putea asigurDVXUVHOHGHILQDQ DUHDDFWLYHORUFLUFXODQWHHVWHQHYRLHV VHGHWHUPLQH necesarul de

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

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

6XSUDHYDOXDUHD QHFHVDUXOXL JHQHUHD]  FRVWXUL VXSOLPHQWDUH SHQWUX GHUXODUHD DFWLYLW LL

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

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

GDUúLFRVWXULVXSOLPHQWDUHUH]XOWDWHGLQDSURYL]LRQDUHDvQFRQGL LLGHXUJHQ 

1HFHVDUXOVHGHWHUPLQ SH categorii de active circulante:

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

QRUPDWLYVDXGXS XQSURFHGHXFRQMXQFWXUDOSURVSHFWLY

N = cs ∗ Q ∗ p (48.1)

N1 = ( N 0 ± ∆p) ∗ I Q (48.2)

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

cs = consumul specific;
Q YROXPXOSURGXF LHLIL]LFH

p SUH XOXQLWDUGHDFKL]L LHDOPDWHULHLSULPH

N1 QHFHVDUXOGHDSURYL]LRQDWSHQWUXDQXOXUP WRUSURFHGeul conjunctural);

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

IQ LQGLFHOHYROXPXOXLSURGXF LHLIL]LFH

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

unde: Nm = necesarul de materiale;

Nmp = necesarul de materii prime;
C FRWDGHPDWHULDOHODRXQLWDWHGHPDWHULHSULP 

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

PHQ LRQDWHODQHFHVDUXOGHPDWHULLSULPH

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

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

d) necesarul de piese de schimb

N1 = N 0 ∗ (I u + c) (51)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU

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

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

UH]XOWDWDOvPE WUkQLULLDFWLYHORUIL[H

e) necesarul de obiecte de inventar

N1 = N 0 ∗ (1 + c) ∗ IQ (52)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU

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

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

f) QHFHVDUXOGHHFKLSDPHQWúLPDWHULDOHGHSURWHF LH

N1 = N 0 ∗ (1 + c) ∗ IF (53)

unde: N1 QHFHVDUXOSHQWUXDQXOXUP WRU

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

IF LQGLFHOHQXP UXOXLGHSHUVRQDO

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

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

Z QXP UXOGH]LOHGLQSHULRDGDGHUHIHULQ GDF QHFHVDUXOHVWHFDOFXODWSHQWUXXQDQ

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

d GXUDWDvQ]LOHDXQHLURWD LL

Pentru materiile prime timpul de imobilizare include componente specifice: timpul pentru
stocFXUHQW7VFWLPSSHQWUXVWRFXOGHFRQGL LRQDUH7FWLPSSHQWUXVWRFXOGHVLJXUDQ 7V

T = Tsc + Tc + Ts (55)

astfel încât pot fi identificate trei categorii de stocuri:

ƒ VWRFXOFXUHQWHVWHFHOFHSHUPLWHFRQWLQXDUHDDFWLYLW LLvQWUHGRX DSURYL]LRQ ULVXFFHVLYH

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

FRQGL LRQDUHDPDWHULHLSULPHVDXPDWHULDOHORU

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

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

VSHFLILFHFXFDQWLW LOHDIHUHQWH

Tsc =
∑ Ci ∗ di (55.1)
∑ Ci

Tc =
∑Cj ∗ dj (55.2)
∑Cj

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

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

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

Cj FDQWLWDWHDGHPDWHULHSULP PDWHULDOVXSXV RSHUD LXQLLMGHFRQGL LRQDUH

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

dj GXUDWDvQ]LOHDRSHUD LXQLLMGHFRQGL LRQDUH

Ck FDQWLWDWHDGHPDWHULHSULP PDWHULDOvQWkU]LDW ODDSURYL]LRQDUHDN

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

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

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

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

VWRFXOXL3DUDPHWULLGD LDLSUREOHPHLVXQWSHULRDGDGHUHIHULQ DF UHLGXUDW vQ]LOHRQRW PZ;

necesarul de materii prime, materiale în perioada de referLQ  QRWDW N; costul unitar de stocare,
notat b; cheltuielile presupuse de aprovizionarea unei partide (lot) de materii prime, materiale
etc. în limitele necesarului calculat, notate a. Nivelul curent al stocului depinde de necesarul
FDOFXODWúLGHQXP UXl de partide (loturi), notat l, prin care se face aprovizionarea:
 S = N/l (56.1)

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

LQWHUYDOXOGLQWUHGRX DSURYL]LRQ ULVXFFHVLYHHVWH

S
Ca = a ∗ l + ∗b (56.2)
2

FDUH LQkQGVHDPDGHHVWHRIXQF LHGHIRUPD

Ca = f (l) (56.3)

SHQWUXFDUHFRQGL LDGHPLQLPHVWH

(C’a)l = 0 (56.4)

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

d∗ = Z / l∗ (56.5)

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

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

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

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

UHOD LLVSHFLILFH

da
S= ∗ n∗ p∗ k (58)
ds

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

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

stocul;
p QXP UXOGHSLHVHGHVFKLPEGLQWLSXOPHQ LRQDWQHFHVDUHSHQWUXXQXWLODM

k FRHILFLHQWGHFRUHF LHGHWHUPLQDWSHED]DVWDWLVWLFLORUGLQDQLLSUHFHGHQ L

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

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

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

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

vPEXQ W LHYDOXDUHDVHDGDXJ XQFRHILFLHQWPXOWLSOLFDWLY k, exprimând gradul de continuitate a

procesului tehnologic.
8Q SURFHV WHKQRORJLF FRQWLQXX HVWH FHO vQ FDUH IDEULFD LD VH GHUXOHD]  VLPXOWDQ vQ WR ate
VHF LLOH  DWHOLHUHOH  FRPSDUWLPHQWHOH ILUPHL 8Q SURFHV WHKQRORJLF GLVFRQWLQXX HVWH FHO vQ FDUH

IDEULFD LDVHGHUXOHD] VHFYHQ LDOQHvQFHSkQGRQRX RSHUD LHSkQ QXVHWHUPLQ FHDvQFXUV

&RQWLQXLWDWHD SURFHVHORU WHKQRORJLFH GHWHUPLQ  HIHFWXDUHD cheltuielilor uniform sau nu,

SXQFWXDO VDXFRQWLQXX DVWIHOvQFkWYDORDUHDSURGXF LHLvQFXUVGHIDEULFD LHHVWHGLIHULW vQUDSRUW

FXPRGXOvQFDUHGHFXUJHHIHFWXDUHDFKHOWXLHOLORU&RHILFLHQWXOGHFRUHF LD k HVWHGLIHUHQ LDWGHOD

caz la caz:
ƒ pentru un proces în care costurile cresc uniform:
−
C
k= (59.1)
Cf
− C + Cf
C= i (59.2)
2
unde: Ci FRVWXOSURGXF LHODvQFHSXWXOFLFOXOXL
Cf = idem la finele ciclului;
−
C = costul mediu pe ciclu.
ƒ pentru un proces în care costurile nu cresc uniform:

k=
∑Cj ∗ d j (59.3)
Cf ∗ d

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

ƒ SHQWUXXQSURFHVvQFDUHSURGXVHOHILQLWHVHYkQGSHSDUFXUVDGLF LPHGLDWGXS ILQLVDUHDORU

DFHDVWDSUHVXSXQHF DIRVWFRPDQGDWXQORWGLQFDUHOLYU ULOHVHIDFVXFFHVLYF WUHEHQHILFLDU

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

GHUXO ULLIDEULFD LHL

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

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

Vi = valoarea produselor vândute prin livrarea I;

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

IDEULFD LH

ƒ SHQWUXXQSURFHVvQFDUHPDWHULDSULP LQWU WRDW vQIDEULFD LHGHODvQFHSXW

Mp + A
k= (59.5)
Cf

unde: Mp = valoarea materiei prime;

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

GHIDEULFD LH

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

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

DFWLYLW LLGDWRULLF WUHIXUQL]RULGHFRQW ULFXWHU LLúD

 Nfac = AC − D (60)

unde: Nfac QHYRLDGHILQDQ DUHDDFWLYHORUFLUFXODQWHQXPLW úLQHYRLD de fond de rulment;

AC = active circulante;
D GHFRQW UL

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

ILQDQ DUHDH[SORDW ULL

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

unde: Nfe QHFHVDUSHQWUXILQDQ DUHDH[SORDW ULL

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

F IXUQL]RULúLDVLPLODWH

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

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

VXEFDSLWROLDUFDSDVLYHvQDIDUDH[SORDW ULLVHLDXGHFRQW ULOHFXWHU LL6XPDDFHVWRUGRX QHYRL

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

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

H[SORDW ULLFUHVFGHUHJXO RGDW FXFLIUDGHDIDFHUL'HDFHHDSUHGLF LDDQXDO DDFHVWHLQHYRLVH

SRDWHIDFHGXS UHOD LD

Nfac1 = Nfac0 ∗ I CA (62.1)

Nfe1 = Nfe0 ∗ ICA (62.2)

unde ICA = indicele cifrei de afaceri.

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

UH]XOW GLQUHOD LLOHúLGDUúLvQ]LOHVDXSURFHQWXDO

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

unde: N% QHYRLDGHILQDQ DUHH[SULPDW SURFHQWXDO

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

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

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

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

]LOHÌQFD]XOFUHDQ HORUVHRE LQHGXUDWDvQ]LOHDDFHVWRUD

C
Cz = ∗ 365 (64)
CA
FXQRWD LLOHXWLOL]DWHPDLVXVH[SULPkQGvQPDUH , durata în zile a creditului comercial acordat de
ILUP ÌQFD]XOGDWRULLORUF WUHIXUQL]RULVHRE LQHGXUDWDvQ]LOHDDFHVWRUD

F
Fz = ∗ 365 (65)
VA

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

3RWULYLWUHOD LLORUúLQHFHVDUXOGHILQDQ DUHSRDWHILQHJDWLY$FHDVWDDUDW F VXUVHOH

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

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

H[LVWHQ DXQRUVXUVHGHILQDQ DUHGLVSRQLELOH3UDFWLFDILQDQFLDU DUDW F RDVWIHOGH VLWXD LHHVWH

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

'HS úLUHDDFHVWHLOLPLWHHVWHFRQVLGHUDW F DWHVW RWHQGLQ GHQHSODW DGDWRULLORU

'LPLQXDUHDQHYRLLSHQWUXILQDQ DUHDDFWLYHORUFLUFXODQWHUHVSHFWLYDQHYRLLGHILQDQ DUHD

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

WUHEXLHDVWIHOVWDELOLWvQFkWV ILHFHOPXOWODQLYHOXOGREkQ]LLSHFDUHILUPDIXUQL]RDUHDUWUHEXLV 

RSO WHDVF XQHLE QFLFRPHUFLDOHSHQWUXDRE LQHXQFUHGLW GHP ULPHDYDORULF DOLYU ULLI FXW 

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

rabatului rUH]XOW GLQUHOD LDGHHFKLOLEUX

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

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

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

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

7. 6XUVHGHILQDQ DUHDDFWLYHORUFLUFXODQWH

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

IRQGXO GHUXOPHQW úLFUHGLWHOHGHWUH]RUHULH)RQGXO GHUXOPHQW  FRHVWHRVXUV SURSULH SD rte a

FDSLWDOXOXLSHUPDQHQWFDS,UHOD LDLDUFUHGLWHOHGHWUH]RUHULHVXQWVXUVHvPSUXPXWDWHGHOD

E QFLVXEIRUPDFUHGLWHORUSHWHUPHQVFXUW Cts).
1HYRLDGHILQDQ DUHDDFWLYHORUFLUFXODQWH WUHEXLHV ILHYDORULFHJDO FXVXPDFHORUGRX 

surse
Nfac = FR + Cts (67)

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

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

QXYRUSXWHDILDVLJXUDWHPLMORDFHOHDFWLYHOHFLUFXODQWHQHFHVDUHGHVI úXU ULLDFWLYLW LLDVWIHOF 

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

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

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

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

ILQDQ DUHDDFWLYHORUFLUFXODQWHGLQUHVXUVHSURSULL

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

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

'HWHUPLQDUHDQHYRLLGHILQDQ DUHDDFWLYHORUFLUFXODQWHúLDIRQGXOXLGHUXOPHQWVHIDFHQX

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

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

GHWHUPLQDW  GH UDSRUWXO vQWUH UHQWDELOLWDWHD DVLJXUDW  GH DFWLYLWDWHD ILUPHL UHQWDELOLWDWHD

HFRQRPLF  reúLUDWDGHGREkQG DIHUHQW FUHGLWHORUGHWUH]RUHULH d):

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

b) re < d SURGXFHRSLHUGHUHHIHFWLY GHSURILW

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

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

HFRQRPLF DILUPHLúLUDWDSODVDPHQWHORU p):

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

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

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

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

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

IRQGXOGHUXOPHQWODXQQLYHOPHGLXYH]LúLFDS,'HFL]LDHVWHLQFOXV vQSROLWLFDILQDQFLDU D

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

IRORVHúWHVDXQXFDSLWDOvPSUXPXWDWúLGDF GDvQFHP VXU 3DUDPHWULLFHFRQGL LRQHD] DFHDVW 

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

PRQHWDU 

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

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

firmei de a-úLSXWHDWUDQVIRUPDUDSLGúLI U SLHUGHUHGHYDORDUHPLMORDFHOHPDWHULDOHFUHDQ HOH

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

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

XUP WRULLLQ dicatori:

a) UDWDOLFKLGLW LLJHQHUDOH

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

$FHVWLQGLFDWRUDUDW vQFHP VXU vPSUXPXWXULOHSHWHUPHQVFXUWFUHGLWHOHGHWUH]RUHULH

sunt acoperite, garDQWDWHSULQPLMORDFHH[LVWHQWHvQILUP 'DF UOJvQVHDPQ F ILUPDQXDUH

JDUDQ LHPDWHULDO VXILFLHQW SHQWUXPDVDFUHGLWHORUGHWUH]RUHULHSHFDUHDDQJDMDW R6LWXD LDHVWH

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

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

FRUHOD LDQHIDYRUDELO vQWUHUHVXUVHOHúLXWLOL] ULOHSHWHUPHQVFXUWvQVHDPQ vQF OFDUHDUHJXOLLGH

DXUDUHOD LHLWHPSRUDOHvQWUHDF estea (cap. I.5).

b) rata de ILQDQ DUHDDFWLYHORUFLUFXODQWH

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

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

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

surse pe termen scurt, iar raportul între eleVHFDOFXOHD] DVWIHO

rfac
sfac = (70.1)
1 − rfac

c) rata de acoperire a stocurilor

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

repre]LQW vQPRGQRUPDOFRPSRQHQWDFHDPDLLPSRUWDQW DDFWLYHORUFLUFXODQWHPDWHULLSULPH

PDWHULDOHSURGXF LHvQFXUVGHIDEULFD LHDPEDODMHSURGXVHILQLWH3UDFWLFDILQDQFLDU DVHOHFWDW

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

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

VFXUW vQ VLWXD LD vQ FDUH FLUFXLWXO HFRQRPLF

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

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

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

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

VXUVHOHSHUPDQHQWHFXHIHFWHOHQHJDWLYHSHFDUHOHSUHVXSXQHvQF OFDUHDUHJXOLLGHDXUSHFDUH

DPPHQ LRQDW -o mai sus.

Creditele VXQW R DOW  VXUV  LPSRUWDQW  SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH

'HWHUPLQDUHDFXDQWXPXOXLORUVHIDFHSHWRWDOSHULRDG GHJHVWLXQHúLSHVXESHULRDGHGHJHVWLXQH

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

6XUVHOHSHQWUXDFRSHULUHDQHFHVDUXOXLILQDQ ULLDFWLYHORUFLUF ulante, peste nivelul asigurat

SULQIRQGXOGHUXOPHQWVXQWvQFHDPDLPDUHSDUWHvPSUXPXWDWHGHODE QFLVXEIRUPDFUHGLWHORU

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

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

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

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

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

IXUQL]RULLY UVDUHDXQXLDYDQVvQFRQWXOXQHLYLLWRDUHOLYU UL

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

GLYHUVLILFDWHFDGXUDW FDRELHFWJDUDQ LHHWF

Pentru completarea GLVSRQLELOLW LORU E QHúWLWHPSRUDUOLSV VDXLQVXILFLHQWHVXQWDSHODWH

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

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

credite, dintre care mai uzuale sunt:

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

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

GLVSRQLELOvQFRQWXOGHODEDQF 

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

mai târzii; de exemplu, îQFDV ULGLQYkQ]DUHDXQRUWLWOXULILQDQFLDUH

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

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

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

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

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

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

EDQFDvúLUHFXSHUHD] EDQLLGHODHPLWHQWXOHIHFWXOXLLDUvQFD]GHQHVROYDELOLWDWHDDFHVWXLDVH

SRDWHvQWRDUFHDVXSUDFHOXLF UXLDL -aVFRQWDWHIHFWXOR YDULDQW SDUWLFXODU DDFHVWHLIRUPH

GHFUHGLW HVWH VFRQWDUHDXQXL HIHFWFRPHUFLDOFXPXODWLYHPLVGHXQDJHQWHFRQRPLFFHGH LQH

PDLPXOWHHIHFWHFRPHUFLDOHSULPDUHEDQFDSUHLDHIHFWXOFXPXODWLYúLRIHU XQFUHGLWvQED]D

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

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

de la emitentul respectivului efect cumulativ;

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

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

specificDFHVWXLWLSGHFUHGLWVHQXPHúWHZDUDQWVWRFXOVHSRDWHDIODvQWU-un depozit propriu al

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

QXPDLFXDFRUGXOE QFLL

3HQWUXDOWHWLSXULGHRSHUD LXQLFRPSOHWDUHDUHVXUVHORUILQDQFLDUHVHSRDWHIDFHDSHOkQGOD

FUHGLWHSHQWUXRSHUD LLVSHFLDOH , dintre care uzuale sunt:

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

SODWDSHORFODOLYUDUHDP UILLLPSRUWDWRUXOVROLFLW GHODEDQFDVDXQFUHGLWSHFDUHDFHDVWDvO

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

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

importator, acesta stinge creditul;

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

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

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

aprovizionate prin cUHGLWUHVSHFWLYDYkQ] ULLvQVH]RQDSURGXF LHLVWRFDWH

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

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

H[SHGLDW GHIXUQL]RUvQDYDQVvQDOW WULPHVWUXOXQ GHFkWFHOFHDFRQYHQLW FXFOLHQWXO

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

FDX] 

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

pasive stabile, sunt reprezentate de datorLDPLQLP SHFDUHRDUHRILUP SHXQLQWHUYDOGHWLPS

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

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

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

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

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

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

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

SURILWSHQWUXFDUHDUWUHEXLV SO WHDVF LPSR]LWGDUIDFHDFHVWOXFUXGRDURVLQJXU GDW ODILQHOH

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

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

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

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

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

facturii.
'HILQLUHDSDVLYHORUVWDELOHODQLYHOXOGDWRULHLPLQLPHHVWHPRWLYDW GHIDSWXOF DFHDVWDúL

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

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

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

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

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

GRX PDLX]XDOHSURFHGHXOQXP UXOXLGH]LOHúLSURFHGHXOVROGXULORU]LOQLFH

3URFHGHXOQXP UXOXLGH]LOHSUHVXSXQHFXQRDúWHUHDP ULPLLREOLJD LHLGHSODW  OúLD

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

pasivului stabil este:

 t
PS = ∗O (72)
z

XQGH] QXP UXOGH]LOHGLQSHULRDGDGHJHVWLXQHVDXVDX

8QDVWIHOGHSURFHGHXHVWHGLUHFWSHQWUXFD]XOFkQGREOLJD LDGHSODW VXP úLGDWDOLPLW 

sHQRWLILF SULQWU XQDFWHPLVGHEHQHILFLDUXOvQFDV ULLRIDFWXU DVRFLHW

- LLGHHQHUJLHHOHFWULF 

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

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

PLQLP ÌQILHFDUHGLQ]LOHOHXQHLFKHQ]LQHREOLJD LDGHSODW HVWHDOWDFDúLWLPSXOvQFDUHILUPD

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

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

în cuantumul pasivelor stabile ale firmei. Într-DGHY U

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

/DQLYHOXOILUPHLSHQWUXXQLQWHUYDOGHJHVWLXQHGDWOXQ WULPHVWUXDQSDVLYHOHVWDELOH

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

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

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

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

lor nivelul minim între cele patru trimestre ce formeD] DQXO

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

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

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

OTj
Oj = (73)
90

Pentru fiecare zi z] «GLQWULPHVWUXSRWILGHILQLWHGRX JUXSHGHREOLJD LL

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

Jzs U Jzn = MJ

unde M -HVWHPXO LPHDvQFDUHLQGLFHOHMSRDWHOXDYDORULúLDOF UHLFDUGLQDOHVWH-ÌQWUXFkW]LOQLF

VHPRGLILF REOLJD LLOHVFDGHQWHVWUXFWXUDPXO LPLORU-zVHPRGLILF vQPRGFRUHVSXQ] WRUGHODR

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

unde: Oz FXDQWXPXOREOLJD LLORUGLVSRQLELOHvQ]LXD]] «

nj QXP UXOGH]LOHVFXUVHGHODGDWDXOWLPHLSO LSHQWUXREOLJD LDGHWLSM

6  REVHUY P F  SHQWUX REOLJD LLOH VFDGHQWH vQ ]LXD ] QXP UXO GH ]LOH Qj (j ∈ Jzs) este
GXUDWDvQ ]LOHDLQWHUYDOXOXLvQWUHGRX VFDGHQ HSHQWUX REOLJD LLOH QHVFDGHQWHvQ]LXD]QXP UXO
de zile nj (j ∈ Jzn) este durata în zile a interYDOXOXL VFXUV vQWUH XOWLPD VFDGHQ  úL GDWD FXUHQW 

DGLF ]LXD]

Pasivele stabile aferente lunii l O GLQWULPHVWUXVHGHWHUPLQ GXS UHOD LD

PSl = min Oz (74.1)

LDUSDVLYHOHVWDELOHDIHUHQWHWULPHVWUXOXLV QHUHDPLQWLPF HVWHWULPHVWUXOFXDFWLYLWDWHPLQLP 

VHGHWHUPLQ GXS UHOD LD

PSt = min PSl (74.2)

úLUHSUH]LQW SDVLYHOHVWDELOHDQXDOH