Documente Academic
Documente Profesional
Documente Cultură
Finantarea Imm Urilor
Finantarea Imm Urilor
Finanarea IMM-urilor
Lect. dr. Nicoleta Brbu-Miu
ISBN 978-606-8216-11-9
Finanarea IMM-urilor
CUPRINS ......................................................................................................................................................... 3 TABLE OF CONTENTS ................................................................................................................................ 5 CUVNT NAINTE ....................................................................................................................................... 7 FORWARD ...................................................................................................................................................... 8 CAPITOLUL 1. NOIUNI INTRODUCTIVE .......................................................................................... 9 1.1. Definirea i importana IMM-urilor ....................................................................................................... 9 1.2. Cadrul de reglementare a IMM-urilor n Romnia ............................................................................. 9 1.3. Rolurile pozitive ale IMM-urilor n economie .................................................................................... 10 1.4. Accesul IMM-urilor la sursele de finanare ........................................................................................ 11 1.5. Factori ce determin alegerea surselor de finanare a IMM-urilor .................................................. 11 CAPITOLUL 2. DECIZIA DE INVESTIII ............................................................................................. 12 2.1. Investiiile ntreprinderii ....................................................................................................................... 12 2.1.1. Conceptul de investiie ................................................................................................................. 12 2.1.2. Clasificarea investiiilor ................................................................................................................ 14 2.1.3. Eficiena, necesitatea, oportunitatea, rolul i documentaia investiiilor ............................... 16 2.1.4. Elementele financiare ale investiiei ............................................................................................ 18 2.1.5. Fundamentarea deciziei de investiii pe tehnica actualizrii .................................................. 19 2.1.6. Criterii n luarea deciziei de investiii i selectarea proiectelor .............................................. 22 2.2. Amortizarea investiiilor ....................................................................................................................... 25 2.2.1. Mijloacele fixe i uzura lor ........................................................................................................... 25 2.2.2. Coninutul, destinaia i rolul amortizrii .................................................................................. 27 2.2.3. Evaluarea i reevaluarea activelor fixe........................................................................................ 29 2.2.4. Metode de amortizare ................................................................................................................... 32 CAPITOLUL 3. PARTICULARITI ALE SURSELOR DE FINANARE I COSTUL ACESTORA ................................................................................................................................. 33 3.1. Categorii de capital ................................................................................................................................. 33 3.1.1. Categorii de capital la iniierea unei afaceri .................................................................................... 33 3.1.2. Categorii de capital pe perioada de exploatare ........................................................................ 34 3.1.3. Surse de finanare la iniierea unei afaceri ................................................................................ 34 3.1.4. Categorii de capital dup proveniena surselor ....................................................................... 34 3.2. Costul capitalului .................................................................................................................................... 35 3.2.1. Aspecte generale privind costul capitalului .............................................................................. 35 3.2.2. Alegerea structurii optime a capitalului .................................................................................... 36 3.3. Particulariti ale surselor proprii i costul acestora ......................................................................... 38 3.3.1. Majorarea capitalului social ......................................................................................................... 38 3.3.1.1. Avantajele finanrii prin emisiune de aciuni ............................................................. 39 3.3.1.2. Dezavantajele finanrii prin emisiune de aciuni ....................................................... 40 3.3.1.3. Costul aciunilor comune ............................................................................................................41 3.3.1.4. Costul aciunilor prefereniale ........................................................................................ 45 3.3.2. Autofinanarea ............................................................................................................................... 46 3.3.2.1. Avantajele autofinanrii ................................................................................................. 46 3.3.2.2. Costul autofinanrii ........................................................................................................ 47 3.4. Particulariti ale surselor mprumutate pe termen mediu i lung i costul acestora .................. 47 3.4.1. Creditele bancare pe termen mediu i lung .............................................................................. 48 3.4.1.1. Condiiile de acordare a creditelor pe termen lung .................................................... 48 3.4.1.2. Avantajele creditului bancar pe termen mediu i lung ............................................... 53 3.4.1.3. Costul creditelor bancare pe termen mediu i lung .................................................... 53 3.4.2. Finanarea prin leasing ................................................................................................................. 55 3
Finanarea IMM-urilor
3.4.2.1. Definire i caracteristici ................................................................................................... 55 3.4.2.2. Avantajele leasingului ..................................................................................................... 55 3.4.2.3. Dezavantajele leasingului ............................................................................................. . 56 3.4.2.4. Costul leasingului ............................................................................................................. 57 3.5. Particulariti ale creditelor pe termen scurt i costul acestora ....................................................... 59 3.5.1. Creditul bancar pe termen scurt ................................................................................................. 59 3.5.1.1. Costul efectiv al creditului pe termen scurt .................................................................. 60 3.5.1.2. Costul efectiv al creditului pe termen scurt cu dobnd antecalculat i postcalculat ................................................................................................................. 60 3.5.2. Creditul comercial ......................................................................................................................... 61 3.5.2.1. Avantajele creditului comercial ...................................................................................... 61 3.5.2.2. Dezavantajele creditului comercial ................................................................................ 62 3.5.2.3. Costul creditului comercial ............................................................................................. 62 3.5.3. Creditul de scont ........................................................................................................................... 63 3.5.3.1. Definirea creditului de scont .......................................................................................... 63 3.5.3.2. Costul creditului de scont ............................................................................................... 63 3.5.4. Factoringul ..................................................................................................................................... 64 3.5.4.1. Definirea factoringului .................................................................................................... 64 3.5.4.2. Avantajele factoringului .................................................................................................. 65 3.5.4.3. Dezavantajele factoringului ............................................................................................ 66 3.5.4.4. Costul operaiunii de factoring ...................................................................................... 66 3.6. Fondurile structurale instrument de finanare a IMM-urilor .......................................................... .. 67 3.6.1. Obiectivele Politicii de Coeziune a Uniunii Europene ............................................................ 67 3.6.2. Oportunitile de finanare oferite prin fondurile structurale ................................................ 67 3.6.3. Etapele dezvoltrii proiectelor .................................................................................................... 70 CAPITOLUL 4. PROCESUL DE FINANARE A IMM-URILOR. RESTRICII I CRITERII N FINANAREA PE TERMEN MEDIU I LUNG A IMM-URILOR ..................... .74 4.1. Procesul de finanare a IMM-urilor ...................................................................................................... 74 4.1.1. Alegerea sursei de finanare ........................................................................................................ 74 4.1.2. Pregtirea pachetului de finanare ............................................................................................. 74 4.1.3. Prezentarea cererii de finanare .................................................................................................. 74 4.2. Restricii i criterii n creditarea pe termen mediu i lung ................................................................ 75 4.2.1. Restriciile pe care trebuie s le respecte IMM-urilor n alegerea modului de finanare .... 75 4.2.2. Criteriile de finanare determinate de strategia ntreprinderii ............................................... 76 4.2.2.1. Rentabilitatea financiar .................................................................................................. 76 4.2.2.2. Costul finanrii................................................................................................................. 77 4.2.2.3. Plile reale ........................................................................................................................ 79 4.2.2.4. Fluxurile de lichiditi excedentare generate de proiectul de investiii .................... 80 CAPITOLUL 5. INSTRUMENTE DE PREVIZIUNE A ACTIVITII IMM-URILOR ................. 81 5.1. Finanarea ciclului de exploatare ......................................................................................................... 81 5.1.1. Ciclul de exploatare. Necesarul de finanat al ciclului de exploatare .................................... 81 5.1.2. Fondul de rulment normat .......................................................................................................... 84 5.1.2.1. Metoda sintetic de determinare a fondului de rulment normat .............................. 84 5.1.2.2. Metoda analitic de determinare a fondului de rulment normat .............................. 84 5.2. Bugetul de trezorerie .............................................................................................................................. 88 5.2.1. Elaborarea bugetului de trezorerie .......................................................................................... 88 5.2.2. Echilibrarea bugetului de trezorerie ....................................................................................... 95 BIBLIOGRAFIE ............................................................................................................................................. 97 4
Finanarea IMM-urilor
TABLE OF CONTENTS ................................................................................................................................. 5 FORWARD ...................................................................................................................................................... 8 CHAPTER 1. INTRODUCTION ................................................................................................................. 9 1.1. Definition and importance of SMEs ....................................................................................................... 9 1.2. The regulatory framework of SMEs in Romania ................................................................................. 9 1.3. The positive roles of SMEs in the economy ........................................................................................ 10 1.4. The SMEs access to funding resources ................................................................................................ 11 1.5. Factors determining the choice of financing sources for SMEs ....................................................... 11 CHAPTER 2. THE INVESTMENTS DECISION ..................................................................................... 12 2.1. The enterprise investments ................................................................................................................... 12 2.1.1. The investment concept ................................................................................................................ 12 2.1.2. Classification of investments ...................................................................................................... 14 2.1.3. Efficiency, necessity, desirability, role and documentation of the investments ................... 16 2.1.4. Financial aspects of investments ................................................................................................. 18 2.1.5. Substantiation of investment decision on discounted technique .......................................... 19 2.1.6. The criteria for investment decision and project selection ...................................................... 22 2.2. Investment depreciation ........................................................................................................................ 25 2.2.1. Fixed assets and their depreciation ............................................................................................ 25 2.2.2. Content, purpose and role of depreciation ............................................................................... 27 2.2.3. Evaluation and re-evaluation of fixed assets ............................................................................ 29 2.2.4. Depreciation methods ................................................................................................................... 32 CHAPTER 3. PARTICULARITIES OF THE FINANCING SOURCES AND THEIR COSTS ....... 33 3.1. Categories of capital ............................................................................................................................... 33 3.1.1. Categories of capital to start a business ......................................................................................... 33 3.1.2. Categories of capital on operating period ................................................................................ 34 3.1.3. Funding sources to start a business ............................................................................................ 34 3.1.4. Categories of capital after source ............................................................................................... 34 3.2. Cost of capital .......................................................................................................................................... 35 3.2.1. General aspects on cost of capital ............................................................................................... 35 3.2.2. Choosing the optimal capital structure....................................................................................... 36 3.3. Particularities of the own funds and their cost ................................................................................... 38 3.3.1. Equity increase .............................................................................................................................. 38 3.3.1.1. Advantages of financing by issuing shares .................................................................. 39 3.3.1.2. Disadvantages of financing by issuing shares .............................................................. 40 3.3.1.3. Cost of common shares ...............................................................................................................41 3.3.1.4. Cost of preferential shares................................................................................................. 45 3.3.2. Self-financing ................................................................................................................................. 46 3.3.2.1. Advantages of self-financing .......................................................................................... 46 3.3.2.2. Cost of self-financing ....................................................................................................... 47 3.4. Particularities of the medium and long term debt financing and their costs ................................. 47 3.4.1. The medium and long term banking loans ............................................................................... 48 3.4.1.1. Conditions of long term banking loans.......................................................................... 48 3.4.1.2. Advantages of medium and long term banking loans ............................................... 53 3.4.1.3. Cost of medium and long term banking loans ............................................................. 53 3.4.2. Lease financing .............................................................................................................................. 55 3.4.2.1. Definition and characteristics ......................................................................................... 55 3.4.2.2. Lease advantages .............................................................................................................. 55 5
Finanarea IMM-urilor
3.4.2.3. Lease disadvantages ....................................................................................................... . 56 3.4.2.4. Lease cost ........................................................................................................................... 57 3.5. Particularities of short term funds and their costs ............................................................................. 59 3.5.1. Short-term banking loan .............................................................................................................. 59 3.5.1.1. The real cost of short-term banking loan ...................................................................... 60 3.5.1.2. The real cost of short-term banking loan with prior and post-calculated interest... 60 3.5.2. Commercial loan ........................................................................................................................... 61 3.5.2.1. Commercial loan advantages ......................................................................................... 61 3.5.2.2. Commercial loan disadvantages ..................................................................................... 62 3.5.2.3. Cost of commercial loan ................................................................................................... 62 3.5.3. Discount credit .............................................................................................................................. 63 3.5.3.1. Definition of discount credit ........................................................................................... 63 3.5.3.2. Cost of discount credit ..................................................................................................... 63 3.5.4. Factoring ......................................................................................................................................... 64 3.5.4.1. Factoring definition .......................................................................................................... 64 3.5.4.2. Factoring advantages ....................................................................................................... 65 3.5.4.3. Factoring disadvantages .................................................................................................. 66 3.5.4.4. Cost of factoring ............................................................................................................... 66 3.6. Structural funds instrument for SMEs financing ............................................................................... .. 67 3.6.1. Objectives of European Union Cohesion Policy ....................................................................... 67 3.6.2. Funding opportunities offered by structural funds ................................................................. 67 3.6.3. Stages of projects development ................................................................................................... 70 CHAPTER 4. THE PROCESS OF SMEs FINANCING. RESTRICTIONS AND CRITERIA IN MEDIUM AND LONG TERM LOANS ........................................................................................... .74 4.1. The process of SMEs financing ............................................................................................................. 74 4.1.1. Election of funding source ........................................................................................................... 74 4.1.2. Preparing of financing package .................................................................................................. 74 4.1.3. Presentation of application form ................................................................................................. 74 4.2. Restrictions and criteria in medium and long term loans ................................................................ 75 4.2.1. Restrictions for SMEs in the financing choice ............................................................................ 75 4.2.2. Funding criteria determined by the business strategy ............................................................ 76 4.2.2.1. Return on equity ............................................................................................................... 76 4.2.2.2. Funding cost....................................................................................................................... 77 4.2.2.3. Actual payments ............................................................................................................... 79 4.2.2.4. Excess cash-flow generated by the investment project................................................ 80 CHAPTER 5. TOOLS FOR SMEs BUSINESS FORECASTING .......................................................... 81 5.1. Financing operating cycle ...................................................................................................................... 81 5.1.1. Operating cycle. Funding needs of operating cycle ................................................................. 81 5.1.2. Normalised working capital ........................................................................................................ 84 5.1.2.1. Synthetic method for determining the normalised working capital ......................... 84 5.1.2.2. Analytical methods for determining the normalised working capital ..................... 84 5.2. Treasury budget ...................................................................................................................................... 88 5.2.1. Elaboration of treasury budget ................................................................................................ 88 5.2.2. Treasury budget balance ........................................................................................................... 95 REFERENCES................................................................................................................................................. 97
Finanarea IMM-urilor
CUVNT NAINTE
Cursul Finanarea IMM-urilor este adresat studenilor din instituiile de nvmnt economic superior, specialitilor din economie, practicienilor din domeniul gestiunii financiare la nivel microeconomic, precum i tuturor celor care doresc s aprofundeze problematica teoretic i practic a finanrii ntreprinderilor mici i mijlocii. Cursul este structurat pe cinci capitole: Capitolul 1 Noiuni introductiveprezint noiunile de baz, introductive ale disciplinei Finanarea IMM-urilor referitoare la: definirea, importana i rolul IMM-urilor n economie, cadrul de reglementare, accesul la finanare i factorii care determin alegerea surselor de finanare. Capitolul 2 Decizia de investiiiabordeaz problematica fundamentrii deciziei de investiii n cadrul firmelor: conceptul de investiie, clasificarea acestora, fundamentarea deciziei de investiii pe tehnica actualizrii, criteriile n luarea deciziei de investiii i selecia proiectelor, evaluarea i reevaluarea activelor fixe, amortizarea lor etc. Capitolul 3 Particulariti ale surselor de finanare i costul acestora detaliaz sursele de finanare aflate la dispoziia IMM-urilor, clasificate dup termenul de finanare n surse de finanare pe termen mediu i lung (finanarea proprie intern i extern, mprumuturile bancare pe termen mediu i lung i leasingul) i surse de finanare pe termen scurt (creditele bancare pe termen scurt i creditele pentru creane comerciale). n cazul fiecrei surse de finanare s-a pus accent pe definirea acestora, pe avantajele i dezavantajele acestora pentru ntreprindere i pe costul acestor surse, analizat cu ajutorul unor exemple practice. Capitolul 4 Procesul de finanare a IMM-urilor. Restricii i criterii n finanarea pe termen mediu i lung a IMM-urilor prezint etapele procesului de finanare a IMM-urilor, restriciile i criteriile utilizate n alegerea finanrii pe termen mediu i lung: rentabilitatea financiar, costul finanrii, plile reale, fluxurile de lichiditi excedentare etc. Capitolul 5 Instrumente de previziune a activitii IMM-urilor abordeaz problematica fondului de rulment normat i a bugetului de trezorerie, pe baza unor exemple practice. Lucrarea se bazeaz pe o vast documentare n teoria i practica economic anglo-saxon i francez, valorificnd de asemenea i literatura romneasc de specialitate. Metodele i tehnicile de analiz financiar prezentate pe parcursul ntregii lucrri i vor gsi aplicabilitate, integral sau parial, n practica financiar n funcie de dimensiunea i complexitatea activitii ntreprinderii. Galai, Septembrie 2010 Autoarea
Finanarea IMM-urilor
FORWARD
The course SMEs Financing is intended to students from institutions of higher economic education, economics specialists, practitioners in the field of financial management at the microeconomic level, and all those who wish to deepen their theoretical and practical issues of the SMEs financing. The course is divided into five chapters: Chapter 1 Introduction presents the basics of the discipline SMEs Financing related to: definition, importance and roles of the SMEs in the economy, regulatory framework, access to funding and factors that determining the choice of the financing sources. Chapter 2 The investments decision addresses issues of the substantiation of investment decision in the enterprises: the investment concept, their classification, substantiation of the investment decision on discounted technique, the criteria for investment decision and project selection, evaluation and re-evaluation of fixed assets, their depreciation etc. Chapter 3 Particularities of the financing sources and their costs details funding sources available to SMEs, classified by the term of funding in financing sources on medium and long term (internal and external own funding, banking loans on medium and long term and leasing) and financing sources on short term (banking loans on short term and credits for commercial claims). For each funding source has emphasized on their defining, advantages and disadvantages for enterprise and the cost of these sources, analyzed by practical examples. Chapter 4 The process of SMEs financing. Restrictions and criteria in medium and long term loans presents the stages of the SMEs financing process, restrictions and criteria used in choosing the medium and long term financing: return on equity, financing cost, actual payments, excess cash-flows etc. Chapter 5 Tools for SMEs business forecasting addresses issues of normalised working capital and treasury budget, based on practical examples. The paper is based on extensive documentation in Anglo-Saxon and French economic theory and practice, also making use of specialized Romanian literature. Methods and techniques of financial analysis presented throughout the work will find their application, full or partial, in financial practice depending on the size and complexity of the business.
Finanarea IMM-urilor
Finanarea IMM-urilor
n conformitate cu Legea 346/2004, sunt considerate a fi ntreprinderi mici i mijlocii cele care ndeplinesc cumulativ urmtoarele condiii: au un numr mediu de salariai mai mic de 250, realizeaz o cifr de afaceri anual de pn la opt milioane de euro (echivalent n lei) sau au un rezultat al bilanului contabil ce nu depete echivalentul n lei a cinci milioane de euro i, totodat, respect criteriul de independen, adic nu sunt deinute ntr-o proporie mai mare de 25% din capitalul lor social de ctre alte firme care nu sunt IMM-uri. Noua definiie introduce trei categorii diferite de ntreprinderi. Fiecare corespunde unui tip de relaie pe care o ntreprindere o poate avea cu alt ntreprindere. Aceast distincie e necesar pentru a stabili o imagine clar a situaiei economice a unei ntreprinderi i pentru a le exclude pe cele care nu sunt IMM-uri autentice. n general, cele mai multe IMM-uri sunt autonome, avnd n vedere c fie sunt complet independente, fie au unul sau mai multe parteneriate de mici dimensiuni (fiecare mai puin de 25%) cu alte ntreprinderi. Dac aceste parteneriate sunt sub 50%, relaia este una ntre ntreprinderi partenere. Peste acest prag, ntreprinderile sunt legate. n funcie de categoria n care se ncadreaz ntreprinderea, atunci cnd intenionm s efectum calculul pentru aceasta, va trebui s includem datele uneia sau mai multor ntreprinderi, cu care aceasta are o legtur n privina capitalului. Rezultatul calculului va permite s verificm dac ntreprinderea se ncadreaz n pragurile financiare i de personal stabilite prin definiie. ntreprinderile care depesc pragurile i pierd statutul de IMM.
Finanarea IMM-urilor
10. Dimensionarea lor redus contribuie la diminuarea practicilor birocratice i la evitarea depersonalizrii relaiilor umane, datorit scurtrii circuitului documentelor i al informaiilor n firm. De aceea, IMM-urile asigur o calitate superioar a ocuprii, din punct de vedere al performanelor i satisfaciei n munc. Relaiile n aceste firme sunt mai puin formalizate i exist o mai strns legtur ntre eforturile individuale i obiectivele ntreprinderii.
Finanarea IMM-urilor
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Finanarea IMM-urilor
unui brevet pentru fabricaia de noi produse etc. Sub aspect financiar, investiiile reprezint plasamente pe pieele financiare ale excedentelor de rent neconsumate, efectuate de deintorii acestora. n sens contabil, investiiile apar ca sume alocate pentru producerea unor bunuri de durat. n aceast categorie intr: terenurile, cldirile, echipamentele, patentele etc. care vor determina fluxuri financiare de venituri i cheltuieli de exploatare. Sub aspect juridic, investiiile acoper achiziiile sau aproprierea oricror elemente care pot constitui obiect al dreptului de proprietate, ca elemente ale unui patrimoniu: gospodriile rurale sau urbane, echipamentele productive, vehiculele, valorile mobiliare, banii etc. La prima vedere, aspectul juridic pare s-l includ i pe cel financiar-contabil, ns exist situaii n care trebuie s avem n vedere i excluderea lor reciproc. Astfel, o imobilizare achiziionat i finanat prin operaiunea de leasing, precum i nchirierea activelor reprezint investiii, dei nu satisfac acel criteriu al proprietii juridice. Dimpotriv, exist i cazuri de investiii n sens strict juridic, fr conotaii financiar-contabile, cum ar fi cumprarea unor terenuri, case de vacane, bunuri casnice etc. Cumprarea de aciuni pe piaa financiar reprezint o investiie financiar, dar nu i contabil, ntruct astfel nu se transfer dect dreptul de proprietate asupra unor bunuri productive existente, capitalul rmnnd neschimbat. n cazul n care cumprarea de aciuni are ca efect majorarea capitalului, avem de-a face cu o investiie financiar-contabil. Din punct de vedere psihologic, investiia evideniaz intenia individului sau a ntreprinderii de a investi, care conduce la decalarea consumului n timp. Din aceast perspectiv, investitorul renun la bunurile imediate n favoarea celor viitoare, asumndu-i unele riscuri. El accept schimbul unei satisfacii imediate i certe (la care renun) cu sperana obinerii unei satisfacii viitoare superioare dar incerte. Investiiile joac un rol central, multiplicator n creterea economic, influennd att cererea, ct i oferta pe pia. Scopul fundamental al investiiilor este acela de a spori bogia proprietarilor, respectiv a acionarilor i, implicit, a valorii ntreprinderii. Pe termen scurt, investiiile vizeaz creterea productivitii, diversificarea activitilor, mbuntirea condiiilor de munc, cu impact favorabil la nivel macroeconomic. Pentru managerul financiar, investiia este o decizie de a imobiliza un capital n vederea obinerii n viitor a unei rentabiliti mai bune. Rolul principal al acestuia este de a gsi sursele de finanare necesare investiiilor, de a evalua i obine o rentabilitate corespunztoare. Din punct de vedere financiar, investiiile se caracterizeaz prin cheltuieli foarte mari i prin intrri de fonduri pe toat perioada de exploatare a acesteia. Managerul financiar trebuie s compare investiia iniial cu ncasrile pe care le genereaz i s-o accepte pe aceea a crei rentabilitate este superioar costului finanrii. Rentabilitatea nu este, ns, singurul criteriu de acceptare i selecionare a investiiilor. Constrngerea bugetar este att de puternic, uneori, nct managerul financiar trebuie s fie preocupat pentru reintrarea ct mai rapid n posesia fondurilor cheltuite, ceea ce nseamn s aduc cash-flow-uri corespunztoare ntr-o perioad ct mai scurt. Cu alte cuvinte, n efectuarea investiiilor i selecionarea lor este necesar s se in seama i de criteriul lichiditii.
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Finanarea IMM-urilor