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FRQWULEXLH HIHFWLY OD ILQDQ DUHD vQWUHSULQGHULL DWXQFL FkQG

Q FD]XO FUHWHULL FDSLWDOXOXL VRFLDO SULQ DSRUWXUL vQ QXPHUDU FX GUHSW SUHIHUHQ LDO GH VXEVFULHUH SUH XO GH HPLVLXQH DO DF LXQLORU HVWH LQIHULRU FXUVXOXL EXUVLHU SHQWUX D DWUDJH LQYHVWLWRULL L VXSHULRU YDORULL QRPLQDOH D DF LXQLORU 3ULPD GH HPLVLXQH 3UH XO GH HPLVL

une - 9DORDUHD QRPLQDO ilor care pot fi subscrise fiind

9HFKLL DF LRQDUL DX XQ GUHSW SUHIHUHQ LDO GH VXEVFULHUH QXP UXO DF LXQ

OLPLWDW $FHVW GUHSW HVWH WHRUHWLF PDWHULDOL]DW HVWH GHWDDELO GH DF LXQL L HVWH QHJRFLDELO OD EXUV  Q DFHVW IHO WR L YHFKLL DF LRQDUL FDUH QX YRU V VXEVFULH SUHIHUHQ LDO OD FUHWHUHD GH FDSLWDO SRW FHGD GUHSWXO DWDDW DVWIHO SUHMXGLFLXO GHWHUPLQDW GH FUHWHUHD GH FDSLWDO

ILHF UHL DF LXQL YHFKL L L FRPSHQVHD]

'UHSWXO GH VXEVFULHUH '6 VH FDOFXOHD]

DVWIHO

DS =
Unde: n - QXP UXO GH DF LXQL QRL N - QXP UXO GH DF LXQL YHFKL B - YDORDUHD EXUVLHU E - valoarea de emisiune

n (B - E ) N+n

Exemplu
2 VRFLHWDWH FX XQ FDSLWDO GH  GH DF LXQL D  OHL YDORDUH QRPLQDO  OHL DF LXQHD SURFHGHD] DYkQG YDORDUHD XQLWDU XQLWDU  FRWDWH OD OD FUHWHUHD FDSLWDOXOXL VRFLDO SULQ DSRUW vQ QXPHUDU HPL kQG  DF LXQL

GH HPLVLXQH GH  OHL

9DORDUHD DF LXQLORU YHFKLORU DF LRQDUL VFDGH vQ DFHVWH FRQGL LL GH OD  OHL OD  OHL

10000 150000 + 10000 130000

10000 + 10000
9HFKLL DF LRQDUL SRW ILH V FDUH HVWH GH  OHL SHQWUX ILHFDUH DF LXQH 

= 140000 lei
YkQG GUHSWXO ORU GH VXEVFULHUH

VXEVFULH OD FUHWHUHD GH FDSLWDO ILH V

- 140000 = 10000 lei).

 OHL FkWLJ  OHL

1RLL DF LRQDUL FDUH SO WHVF  OHL SHQWUX R DF LXQH FDUH YDORUHD]

pe care-L SO

WHVF YHFKLORU DF LRQDUL FXPS UkQG XQ GUHSW GH VXEVFULHUH

DS =
'DF

10000 (150000 - 130000 )= 10000 lei 10000 + 10000

EHQHILFLXO vQWUHSULQGHULL QX FUHWH SURSRU LRQDO FX FUHWHUHD GH FDSLWDO EHQHILFLXO FDUH UHYLQH

SHQWUX ILHFDUH DF LXQH VH

va diminua.

 &UHWHUHD FDSLWDOXOXL VRFLDO SULQ vQFRUSRUDUHD GH UH]HUYH (VWH R IRUP GH FUHWHUH D FDSLWDOXOXL FDUH QX DGXFH UHVXUVH QRL FL VH OLPLWHD] V IL[H]H V VWDELOL]H]H

UHVXUVHOH GHMD H[LVWHQWH vQ vQWUHSULQGHUH Q FD]XO FUHWHULORU GH FDSLWDO SULQ vQFRUSRUDUHD GH UH]HUYH vQWUHSULQGHUHD LQWHJUHD] vQ FDSLWDOXO VRFLDO R IUDF LXQH GLQ UH]HUYHOH UHSUH]HQWkQG EHQHILFLLOH DQWHULRDUH RE LQXWH L QHGLVWULEXLWH &X RFD]LD XQHL DVWIHO GH FUHWHUL D FDSLWDOXOXL VH SURFHGHD] OD GLVWULEXLUHD GH DF LXQL JUDWXLWH

proprietarilor.

DVRFLD LORU SURSRUWLRQDO FX SDUWLFLSDUHD ORU OD FDSLWDOXO vQWUHSULQGHULL

Exemplu
2 VRFLHWDWH FRPHUFLDO GH  OHL FRWDWH OD EXUV FX XQ FDSLWDO VRFLDO FRPSXV GLQ  GH DF LXQL DYkQG YDORDUHD QRPLQDO FX  OHL SURFHGHD] XQLWDU

OD FUHWHUHD FDSLWDOXOXL VRFLDO FX    OHL SULQ

ncorporarea de rezerve.
QWUHSULQGHUHD YD HPLWH DVWIHO  GH DF LXQL    L GHFL YD DFRUGD R DF LXQH JUDWXLW SHQWUX  DF LXQL YHFKL GH LQXWH

Valoarea EXUVLHU

D DF LXQLORU vQWUHSULQGHULL HVWH GH     OHL 

X 

GDU DFXP H[LVW

 GH DF LXQL 1RXD YDORDUH EXUVLHU

D XQHL DF LXQL HVWH GH  OHL       

Dreptul de atribuire va fi de 27200 lei pentru fiecare ac LXQH YHFKH  - 272000).

APLICATII PRACTICE
1. 2 vQWUHSULQGHUH SRVHG
SURFHGHD] SH DF LXQH 6 VH FDOFXOH]H XQ FDSLWDO FRPSXV GLQ  DF LXQL D  OHL FRWDWH OD  OHL 6H OD FUHWHUHD FDSLWDOXOXL SULQ DSRUW vQ QXPHUDU GH    OHL L SULQ vQ

corporarea de rezerve,
ILH GH  OHL

SHQWUX D VH DMXQJH OD XQ FDSLWDO GH     OHL 6H GRUHWH FD GUHSWXO GH VXEVFULHUH V

D SUH XO GH HPLVLXQH DO DF LXQLORU

b) valoarea rezervelor ncorporate c) valoarea dreptului de atribuire

G YDORDUHD DF LXQLORU GXS DFHVWH RSHUD LXQL

D 3UH XO GH HPLVLXQH DO DF LXQLORU

n n (B - E ) = (212000 - E ) = 12000 N + n 25000 + n 25000 + n E = 212000 - 12000 n 300 000 000 300 000 000 E = 212000 - + 12 000 = 200 000 + n n DS =
E = 700 000 000 n

1000 000 000 = 200 000 n = 5000 titluri noi n 700 000 000 E = = 140 000 lei 5000 b) Valoarea rezervelor ncorporate

700000000 300000000 = 200000 n n

Capital = 100000 X 25000 + 100000 X 5000 = 3 000 000 000 lei Rezerve = 4 000 000 000 - 3 000 000 000 = 1 000 000 000 lei c) Valoarea dreptului de atribuire

DA =

n (B - DS )= 10000 (212000 - 12000) = 50000 lei N+n 40000

DFHVWH RSHUD L

G 9DORDUHD DF LXQLORU GXS

uni 212000 - 12000 - 50000 = 150000 lei

FUHWHUL GH FDSLWDO PDMRUkQG FDSLWDOXO GH OD D

2

6RFLHWDWHD GRUHWH V

SUDFWLFH VLPXOWDQ FHOH GRX

 OHLOD  OHL3UH XO GH HPLVLXQH DO DF LXQLORU YD IL GH  OHL LDU YDORDUHD EXUVLHU

titluriloU GXS FUHWHUH YD IL GH   OHL 6 se calculeze:

D GUHSWXO GH VXEVFULHUH L GUHSWXO GH DWULEXLUH E QXP UXO DF LXQLORU HPLVH F DYDQWDMHOH GHWHUPLQDWH GH DFHDVW RSHUD LXQH FRPSDUDWLY FX RSHUD LXQHD GLQ DSOLFD LD SUHFHGHQW 

a) Dreptul de suEVFULHUH L GUHSWXO GH DWULEXLUH DS + DA = 212000 - 168000 = 44000 lei

E 1XP UXO DF LXQLORU HPLVH

&UHWHUHD GH FDSLWDO HVWH

3 750 000 000 - 2 500 000 000 = 1 250 000 000 lei
$FHDVWD UHSUH]LQW  DF LXQL

1XP UXO GH DF LXQL QRL YD IL FDOFXODW

astfel:

168000 =

212000 25000 + n 125000 37500

12500 - 

= 8000

DF LXQL

 DF LXQL JUDWXLWH

F $YDQWDMHOH GHWHUPLQDWH GH DFHDVW

RSHUD LXQH

CHOH GRX - VF

RSHUD LL GHVI XUDWH VLPXOWDQ YRU DGXFH XUP WRDUHOH DYDQWDMH

GHUHD SUH XOXL GH HPLVLXQH

140000 - 125000 = 15000 lei - RE LQHUHD GH UHVXUVH PDL PDUL 125000 X 8000 - 700000000 = 300000000 lei - GLPLQXDUHD QXP UXOXL DF LXQLORU HPLVH 15000 -   DF LXQL - FUHWHUHD YDORULL EXUVLHUH 168000 - 150000 = 18000 lei

STUDIU DE CAZ

I SOCIAL PRIN NCORPORAREA DE REZERVE

La ntreprinderea Alfa-S.A. exista la 31 decembrie anul N un capital social de 1328425 mii lei,
vPS U LW vQ  DF LXQL ILHFDUH DYkQG R YDORDUHD QRPLQDO /D DFHHDL GDW GH  OHL GH  PLL OHL 6-ar putea proceda n continuare la majorarea capita-OXOXL VRFLDO SULQ vQFRUSRUDUHD GH UH]HUYH 1RLOH DF LXQL DU XUPD V VH ILH GLVWULEXLWH JUDWXLW DF LRQDULORU SURSRU LRQDl cu participarea lor la capitalul social existent. Ar urma V GLVWULEXLH R DF LXQH JUDWXLW SHQWUX FLQFL DF LXQL YHFKL GH LQXWH 6-ar trece n capitalul social suma de 265685 PLL OHL U PkQkQG vQ FRQWLQXDUH XQ IRQG GH UH]HUY GH  PLL OHL FUHWHUHD SULQ vQFRU vQWUHSULQGHUHD DUH FRQVWLWXLW XQ IRQG GH UH]HUY

&5(7(5($ &$3,7$/8/8

6LWXD LD FDSLWDOXULORU SURSULL vQDLQWH L GXS

porare de rezerve se va prezenta

astfel:
([SOLFD LL QDLQWH GH FUHWHUH 'XS FUHWHUH

- capital social - rezerve Capital propriu

)LH XQ DF LRQDU FDUH GH LQH  DF LXQL DGLF FDSLWDO PHQ LRQDW  'XS DWULEXLUHD XQHL DF LXQL

1328425 331143 1659568

JUDWXLWH SHQWUX  DF LXQL

1594110 65458 1659568

YHFKL GUHSWXO V X DVXSUD

 GLQ FDSLWDOXULOH SURSULL vQDLQWHD FUHWHULL GH

vQWUHSULQGHULL VH SUH]LQW

DD FXP VH DUDW

vQ FRQWLQXDUH

QDLQWHD vQFRUSRU ULL UH]HUYHORU DFHVW DF LRQDU GH LQH

- din capitalul social - din rezerve - din capitalurile proprii

'XS

5 35000 = 175000 lei 5 : 37955 331143 = 43623 lei 5 : 37955 1659568 = 218623 lei

vQFRUSRUDUHD UH]HUYHORU DFHVW DF LRQDU F UXLD L VH DWULEXLH JUDWXLW R DF LXQH YD GH LQH

- din capital - din rezerve

5 35000 + 1 35000 = 175000 + 35000 = 210000 lei 6 : 45546 x 65458 = 8623 lei GH LQH  DF LXQL GLQWU-un total de 37955 + 37955 : 5 = 45546) - din capitalurile proprii 6 : 45546 x 1659568 = 218623 lei

2SHUD LXQHD SDUH QHXWU  DWkW SHQWUX vQWUHSULQGHUH FkW L SHQWUX SURSULHWDULL DFHVWHLD (D DUH WRWXL VHQV L HIHFW GDU SH WHUPHQ &KLDU GDF DYX LD SURSULHWDULORU SDUH QHVFKLPEDW  GRX DYDQWDMH LQGLUHFWH DSDU

3H GH R SDUWH QRLOH DF LXQL VXQW PDL XRU GH FHGDW GHFkW GUHSWXO DQWHULRU GH LQXW DVXSUD UH]HUYHORU $F LRQDULL DPHOLRUHD] DVWIHO PRELOLWDWHD SODVDPHQWXOXL ORU DGLF SRVLELOLWDWHD GH D UHFXSHUD vQ EDQL OLFKL]L

WRWDO VDX SDU LDO SDUWLFLSDUHD ORU OD IRQGXULOH vQWUHSULQGHULL 3H GH DOW SDUWH GDF vQWUHSULQGHUHD PHQ LQH VDX PDMRUHD] vQ YLLWRU GLYLGHQGHOH SH FDUH OH GLVWULEXLH FUHWHULL

SHQWUX ILHFDUH DF LXQH HVWH FD]XO FHO PDL IUHFYHQW DF LRQDULL YRU SULPL GLYLGHQGH VSRULWH GDWRULW QXP UXOXL ORU GH DF LXQL

Astfel, ncorSRUDUHD

GH UH]HUYH UHSUH]LQW

XQ DYDQWDM DFRUGDW DF LRQDULORU L vPEXQ W

HWH LPDJLQHD

DVXSUD vQWUHSULQGHULL FHHD FH LQGLUHFW YD VSRUL SRVLELOLW  &UHWHUHD FDSLWDOXOXL SULQ FRQYHUVLD GDWRULLORU

LOH GH ILQDQ DUH DFFHVLELOH vQWUHSULQGHULL

La fHO
LQFLQGHQ

FD vQFRUSRUDUHD GH UH]HUYH FUHWHUHD FDSLWDOXOXL SULQ FRQYHUVLD GDWRULLORU SDUH V ULL vQWUHSULQGHULL Q DFHVW FD] VH YLUHD] OD FDSLWDOXUL SURSULL R VXP D UHVXUVHORU DGLF

QX DLE

DVXSUD ILQDQ

FDUH ILJXUD

DQWHULRU vQ FRQWXULOH GH GDWRULL I U

D VH PRGLIL D P ULPHD JOREDO

VXPD SDVLYXOXL

2SHUD LD DUH WRWXL WUHL LQFLGHQWH GLUHFWH VDX LQGLUHFWH DVXSUD ILQDQ

ULL GH

Q P VXUD vQ FDUH GDWRULLOH VXQW WUDQVIRUPDWH vQ SDUWLFLSDUH OD FDSLWDO vQWUHSULQGHUHD HVWH HOLEHUDW R VFDGHQ YLLWRDUH L FUHWH DVWIHO VWDELOLWDWHD ILQDQ

ULL VDOH /L VH UHFXQRDWH YHFKLORU FUHGLWRUL SDUWLFLSDUHD

OD FDSLWDO FX WRDWH FRQVHFLQ HOH FH GHFXUJ PDL DOHV LQIOXHQ D DVXSUD GHFL]LLORU vQWUHSULQGHULL 3HQWUX F VXPD GDWRULLORU VH GLPLQXHD] L FHD D FDSLWDOXULORU SURSULL FUHWH vQWUHSULQGHUHD HVWH GH VWUXFWXUD ILQDQFLDU  Q FD] GH QHYRLH HD YD SXWHD V

DFXP vQDLQWH PDL SX LQ vQGDWRUDW  vL DPHOLRUHD]

VROLFLWH XRU QRL vPSUXPXWXUL &RQYHUVLD GDWRULLORU vL YD SHUPLWH V L FDSDFLWDWHD GH ILQDQ DUH 'DF

-L

UHFRQVWLWXLH FDSDFLWDWHD GH vQGDWRUDUH

VFDGHQ D GDWRULLORU FDUH IDF RELHFWXO FRQYHUVLHL HVWH DSURSLDW  RSHUD LD HIHFWXDW

PLFRUHD]

SUHVLXQHD H[HUFLWDW

DVXSUD WUH]RUHULHL vQWUHSULQGHULL L VH UHGXF DVWIHO QHYRLOH LPHGLDWH GH ILQDQ DUH

Dintre toate forPHOH GH FUHWHUH D FDSLWDOXOXL QXPDL FHOH FDUH VH IDF SULQ DSRUWXUL vQ QXPHUDU L vQ QDWXU
DSDU vQ PRG GLUHFW FD ILLQG RSHUD LL GH ILQDQ DUH &UHWHULOH GH FDSLWDO UHDOL]DWH FX RFD]LD vQFRUSRU ULL GH UH]HUYH VDX D FRQYHUVLHL GDWRULLORU VXQW DYDQWDMRDVH SULQ UHVWUXFWXUDUHD UHVXUVHORU GHMD RE LQXWH L QX DIHFWHD] ORU WRWDO  7RWXL DFHVWH RSHUD LL H[HUFLW R LQIOXHQ LQGLUHFW DVXSUD FRQGL LLORU GH ILQDQ DUH GLUHFW P ULPHD

8.3.2. Evaluarea capitalurilor proprii

Evaluarea capitalurilor pune probleme coPSOH[H
QR LXQL UHIHULWRDUH OD YDORDUH VXQW XWLOL]DWH FXUHQW vQ OHJ WXU  9DORDUHD QRPLQDO D FDSLWDOXOXL GDWRULW SOXUDOLW LL IRUPHORU GH P VXUDUH 7UHL FX FDSLWDOXULOH SURSULL

9DORDUHD QRPLQDO XWLOL] P FkQG VSXQHP F  OHL $FHDVW GHVHPQHD]

D FDSLWDOXOXL FRUHVSXQGH XQHL VLPSOH YDORUL GH UHIHULQ

 $FHDVW

QR LXQH R

VRFLHWDWHD ; SUH]LQW

XQ FDSLWDO GH    OHL FRPSXV GLQ  GH DF LXQL D SH DF LXQLOH VRFLHW LL 7HUPHQXO FDSLWDO VRFLDO

YDORDUH QRPLQDO

HVWH FHD LPSULPDW

YDORDUHD QRPLQDO

D FDSLWDOXOXL vQ FD]XO XQHL VRFLHW

L RULFDUH DU IL IRUPD VD VRFLHWDWH SH

DF LXQL FX U VSXQGHUH OLPLWDW  vQ QXPH FROHFWLY  9DORDUHD LQWULQVHF

9DORDUHD LQWULQVHF VXPHL FDUH DU IL UHWURFHGDW

D FDSLWDOXOXL HVWH R YDORDUH SDWULPRQLDO  (D FRUHVSXQGH VLWXD LHL QHWH 6 DGLF SURSULHWDULORU GDF vQWUHSULQGHUHD L

-ar nceta activitatea. n acest caz activele ar

YD IL

IL FHGDWH L V DU RE LQH R VXP

GH EDQL % $SRL FUHGLWRULL ILLQG SULRULWDUL vQ UDSRUW FX DVRFLD LL YD WUHEXL

prelevat

VXPD QHFHVDU 6XPD U PDV V

SHQWUX UDPEXUVDUHD WXWXURU GDWRULLORU ' VH vPSDUW vQWUH DVRFLD L SURSRU LRQDO FX SDUWHD GH FDSLWDO GH LQXW

B-D=S
$FHDVW VXP 6 SHUPLWH V VH FDOFXOH]H YDORDUHD LQWULQVHF D ILHF UHL S U L D FDSLWDOXOXL VDX D ILHF UHL DF LXQL 6H SRDWH VFULH

VI =
XQGH Q UHSUH]LQW DF LXQL VDX S U L VRFLDOH

QXP UXO GH DF LXQL VDX S U L GH FDSLWDO L 9, UHSUH]LQW

S n

YDORDUHD LQWULQVHF

D ILHF UHL

%LQHvQ HOHV F

DFHDVW

YDORDUH LQWULQVHF

DUH SX LQH DQVH GH D FRLQFLGH FX YDORDUHD QRPLQDO GHFkW GDF vQWUHSULQGHUHD V DU OLPLWD V

FDSLWDOXOXL 2 DVHPHQHD LSRWH] FDSLWDOXO LQL LDO I U I U V V SXQ

QX DU SXWHD IL SRVLELO QLFL FHD PDL PLF

PHQ LQ

vQ UH]HUY

SDUWH GLQ EHQHILFLLOH UHDOL]DWH GXS

vQILLQ DUHD VD L

vQUHJLVWUH]H SLHUGHUL 9DORDUHD VLWXD LHL QHWH YD IL GHFL IRDUWH SUREDELO GLIHULW GDF

GH FHD D FDSLWDOXOXL

QRPLQDO VXSHULRDU

vQWUHSULQGHUHD D OXFUDW ELQH L D RE LQXW EHQHILFLL L DFHVWHD VDX R SDUWH D ORU QX DX GDF vQWUHSULQGHUHD D RE LQXW SLHUGHUL GLPLQXkQGX L DVWIHO FDSLWDOXO

fost distribuitH L LQIHULRDU

 9DORDUHD GH SLD 9DORDUHD GH SLD

D FDSLWDOXOXL VH PDL VSXQH YDORDUH YHQDO

) corespunde valorii cu care capitalul

OD XQ

VDX S U L DOH DFHVWXLD VXQW VFKLPEDWH FX RFD]LD WUDQ]DF LLORU Q FD]XO SDUWLFXODU DO vQWUHSULQGHULORU FRWDWH OD EXUV VH SRDWH YRUEL GH XQ SUH GHWHUPLQDW QXPLW FXUV EXUVLHU

$VWIHO SHQWUX R VRFLHWDWH SH DF LXQL DO F UXL FDSLWDO H FRPSXV GLQ  GH DF LXQL VWDELOLP F

curs de 27500 lHL SH DF LXQH YDORDUHD JOREDO

SH FDUH SLDWD EXUVLHU Q JHQHUDO vQ FD]XO VRFLHW

D FDSLWDOXOXL H GH    OHL $FHDVWD FRUHVSXQGH YDORULL

R UHFXQRDWH vQWUHSULQGHULL L VH QXPHWH YDORDUH GH SLD D VDX FDSLWDOL]DUH EXUVLHU  LORU DOH F URU DF LXQL VXQW FRWDWH OD EXUV  YRP DYHD 1XP U GH WLWOXUL u

&DSLWDOL]DUH EXUVLHU $P SXWHD FUHGH OD R SULP DQDOL]  F

Curs bursier
GH YDORDUHD

YDORDUHD GH SLD

D FDSLWDOXOXL DU IL DSURSLDW

LQWULQVHF  SLD D SRUQLQG GH OD YDORDUHD SDWULPRQLXOXL SHQWUX HYDOXDUHD DF LXQLORU L SHQWUX FDSLWDOL]DUHD EXUVLHU  'DU vQ IDSW XQ GHFDODM H[LVW GDU vQWUH DFHVWH GLIHULWH HYDOX UL 3LD D LD vQ FDOFXO YDORDUHD SDWULPRQLXOXL DFHDVWD DUH SHUVSHFWLYH EXQH GH

LQH FRQW GH SHUVSHFWLYHOH GH UDQGDPHQW vQ YLLWRU DOH vQWUHSULQGHULL 'DF YD GHS L PXOW YDORDUHD SDWULPRQLDO

FkWLJ vQ YLLWRU YDORDUHD GH SLD Q VFKLPE GDF GHVIDFHUH D

OD DFHD GDW 

SHU SHFWLYHOH GH FkWLJ vQ YLLWRU VXQW GHIDYRUDELOH GLQ FDX]D UHVWUkQJHULL SLH HL GH

WHKQRORJLHL

GHS LWH DSUHFLD]

HWF

.), capitalizarea burVLHU

QX

YD

UHSUH]HQWD

QLFL

P FDU

YDORDUHD

SDWULPRQLDO  3LD D EXUVLHU

R vQWUHSULQGHUH QX GXS

YDORDUHD SDWULPRQLXOXL V X vQ SUH]HQW FL GXS

SUHYL]LXQLOH SULYLQG HYROX LD L FkWLJXULOH YLLWRDUH 3HQWUX R vQWUHSULQGHUH FDUH YL]HD] SLD SUH vL DVLJXU vQ DFHODL WLPS XQ SUH R FUHWHUH GH FDSLWDO SULQ DSRUWXUL vQ QXPHUDU R EXQ LPDJLQH SH

ULGLFDW FXUVXO SUDFWLFDW vQ PRPHQWXO FUHWHULL FDSLWDOXOXL VH QXPHWH

GH HPLVLXQH L XQ SODVDPHQW XRU DO WLWOXULORU FHHD FH L SHUPLWH V

RE LQ

UHVXUVH VXILFLHQWH vQ FRQGL LL D SROLWLFLL GH ILQDQ DUH

IDYRUDELOH Q DFHVW IHO SUREOHPD HYDOX ULL DF LXQLORU SH SLD SHQWUX R vQWUHSULQGHUH FDUH LQWHQ LRQHD] V UHFXUJ

H R YDULDELO

LPSRUWDQW

OD FUHWHUHD FDSLWDOXOXL

8.4. RECURGEREA LA NDATORARE

O clasificare a diferitelor forme de ndatorare s-ar prezenta astfel:

Acest tablou trebuie completat prin luarea n calcul a altor trei tipuri de credite sau de mprumuturi enumerate n continuare. &UHGLWHOH VSHFLILFH VH UHIHU OD DQXPLWH RSHUD LXQL FXP DU Ii exportul, crearea ntreprinderii,
GHVFHQWUDOL]DUHD $FHVWH FUHGLWH VXQW vQ JHQHUDO DFRUGDWH GH LQWHUPHGLDUL ILQDQFLDUL L WUHEXLH GHFL FXSULQVH vQ DFHDVW FDWHJRULH

QHI FkQGX

Creditele inter-vQWUHSULQGHUL DSDU FkQG R vQWUHSULQGHUH -se deci apel la economiile publice sau la intermediari.

DFRUG

FOLHQ LORU

V L

WHUPHQH

GH

SODW 

Q VIkULW VH SRW RE LQH FUHGLWH SH SLH HOH LQWHUQD LRQDOH GH FDSLWDOXUL VDX GH OD E QFL LQWHUQD LRQDOH

reprezentnd sume importante, prin tehnici financiare complexe. Dar acesteD limitat de mari ntreprinderi, publice sau private.

QX YL]HD]

GHFkW XQ QXP U

8.4.1. ndatorarea prin apel direct la economii

QGDWRUDUHD SULQ DSHO GLUHFW OD HFRQRPLL FRQVWLWXLH XQ PRG GHRVHELW GH ILQDQ DUH FDUH YL]HD] vQWUHSULQGHUL VDX LPSRUWDQWH LQVWLWX LL SXEOLFH VDX SULYDWH 'DF VLWXD LD HFRQRPLF PDULOH L UH]XOWDWHOH ORU VXQW DFHVW PRG GH

IDYRUDELOH SXEOLFXO ODUJ SRDWH IL DWUDV SULQ DSHOXO ORU OD HFRQRPLLOH DFHVWXLD Q SUDFWLF ILQDQ DUH VH UHJ VHWH SULQ GRX

WLSXUL GH RSHUD LXQL HPLVLXQHD GH WLWOXUL SH WHUPHQ VFXUW L HPLVLXQHD GH

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