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al datoriei sale.
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9.1.2.Costul capitalurilor proprii

9.1.2.1. Justificarea costului capitalurilor proprii
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prima vedere ca resurse "graWXLWHHOHRFD]LRQHD] RFRQVWUkQJHUHHFRQRPLF GHUHPXQHUDUHGHFLXQFRVW

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n continuare vom pune problema costului capitalurilor proprii pentru un caz general, apoi vom
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P0

D1
=

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D1
(1+ r) 1

D2
(1+r) 2

+...+

D2
(1+ r) 2

Dn
(1+r) n

+...+

Dn
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Pn
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=0

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poate scrie:
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Dj
D1
D2
Dn
+
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+...+
+...
2
j
(1+ r) (1+ r)
(1+ r)
(1+ r)n

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j=1

Dj
(1+ r ) j

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pe

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- P0 +

P0

D
D
D
+
+...+
+... = 0
(1+ r) (1+ r) 2
(1+ r)n
D
D
D
=
+
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(1+ r) (1+ r)2
(1+ r)n

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Deci,

1
1
1
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+
2
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(1+ r ) n

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tinznd spre infinit.

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1
(1+ r)n

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primul termen (1+r)-n cu n tinznd spre infinit;

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]
(1+ r ) - 1
r

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r

5H]XOW F 

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1- (1+ r ) -n
r

Cnd n devine infinit de mare, expresia (1+r)-n tinde spre 0. QFRQVHFLQ

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r

3

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ntreprinderii, ca fiind costul specific al acestor capitaluri proprii.

au, din punctul de vedere al

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'DF  DF LRQDULL SRWHQ LDOL DL XQHL VRFLHW

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-P0 +
UH]XOW 

P0 =

D1
D2
Dn
+
+...+
+... = 0
2
(1+ r ) (1+ r )
(1+ r )n

D1
D2
Dn
+
+...+
+...
(1+ r) (1+ r)2
(1+ r)n

'DF '

1HVWHSULPXOGLYLGHQGDWHSWDWGXS DFHDVW DFKL]L LHDYHP

D2 = D1(1+g);
D3 = D2(1+g) = D1(1+g)2;
................................................
Dn = Dn-1(1+g) = D1(1+g)n-1
D
1+ g
(1+ g) 2
(1+ g) n-1
UH]XOW 
P0 = 1 + D 1
+ D1
+...+D 1
+...
2
3
1+ r
(1+ r )
(1+ r )
(1+ r ) n
1
1+ g
(1+ g) 2
(1+ g) n-1
P0 = D 1 [
+
+
+...+
+...]
2
3
1+ r (1+ r )
(1+ r )
(1+ r ) n
Paranteza corespunde sumei primilor n termeni ai unei progresii geometrice, cu n tinznd spre
infinit, n care:
primul termen C = (1+r)-1;
UD LD5 JU
$PLQWLPF IRUPXODJHQHUDO DXQHLDVWIHOGHVXPHVHVFULH

Sn = C

Rn - 1
R-1

Vom avea:

1
(1+ g) n / (1+ r ) n - 1

]
1+ r
(1+ g) / (1+ r ) - 1
1
(1+ g)n / (1+ r ) n - 1
P0 = D 1 [

]
1+ r (1+ g - r - 1) / (1+ r )
(1+ g) n / (1+ r ) n - 1
P0 = D 1
g-r
P0 = D 1 [

n/(1+r)n tinde sSUH FkQGQWLQGHVSUHLQILQLW QDFHVWHFRQGL LLGHFLFkQGQ ,

'DF  JU J

avem:

g < r P0 =

D1
r-g

$FHDVW  IRUPXO  SHUPLWH XQXL VXEVFULLWRU LQWHUHVDW vQ FXPS UDUHD GH DF LXQL V  HYDOXH]H FXUVXO SH

care ar acceptaV -OSO

WHDVF SHQWUXDFKL]L LDXQXLWLWOX FDUHDGXFHGLYLGHQGH FUHVF WRDUHDQGHDQFXRUDW 

FRQVWDQW J
,QYHUVUDWDUFDUHYHULILF DFHDVW HJDOLWDWHUHSUH]LQW UDWDGHUDQGDPHQWLQWHUQFHUXW GHLQYHVWLWRUXO
FDUH

SO WHWH

3  DVW ]L SHQWUX DFKL]L LD

0
D1,D2,...,DnFUHVF WRDUHFXUDWDFRQVWDQW J

XQHL

r=

DF LXQL

GH

OD

FDUH

DWHDSW 

vQ

YLLWRU

GLYLGHQGHOH

D1
+g .
P0

$FHDVW  UDW  GH UDQGDPHQW FHUXW  GH DF LRQDULL SRWHQ LDOL GHILQHWH FRQVWUkQJHUHD GH UHPXQHUDUH
FDUHDSDV DVXSUDvQWUHSULQGHULLL LSHUPLWHV GHWHUPLQHFRVWXOFDSLWDOXULORUSURSULL

3UHVXSXQHPR DF LXQHFXYDORDUHD GHOHL FDUHDGXFHXQGLYLGHQGGHOHLLDUUDWDDQXDO 

GHFUHWHUHDWHSWDW GHLQYHVWLWRULHVWHGHQDFHVWHFRQGL LLUDWDGHUHQWDELOLWDWHDWHSWDW HVWH

r=

2000 + 2000x5%
+ 5% = 0,105 + 0.05 = 0,155 s au 15,5%
20000

9.2. COSTUL GLOBAL A/),1$1

5,,

/D SULPD YHGHUH SDUH XRU V  VH VWDELOHDVF  XQ FRVW JOREDO DO ILQDQ

ULL GDWRULW  FRVWXULORU VSHFLILFH

pentru diferitele resurse folosite de ntreprindere. Combinnd PLMORDFHGHILQDQ DUHGLYHUVHvQWUHSULQGHUHDDU

putea determina un cost mediu egal cu media costurilor suportate pentru diferitele resurse utilizate.
'DU DVLPLODUHD FRVWXOXL JOREDO DO ILQDQ

coPSOH[H SHQWUX F
resurse utilizate.

ULL FX FRVWXO PHGLX SRQGHUDW DO UHVXUVHORU ULGLF  GLILFXOW

 VWUXFWXUD ILQDQFLDU  DOHDV  GH vQWUHSULQGHUH SRDWH H[HUFLWD R LQIOXHQ

'HWHUPLQDUHDFRVWXOXLPHGLXSRQGHUDWDOILQDQ

ULL

Pentru determinarea costului mediu ponderat al capitalului, presupunem, SHQWUX vQFHSXW F

H[HUFLW QLFLRLQIOXHQ

L

 DVXSUD ILHF UHL

 QX

DVXSUDFRVWXOXLILHF UHLUHVXUVHPRGXOGHFRPELQDUHDDFHVWRUD

QFD]XOXQHLvQWUHSULQGHULFDUHIRORVHWHDFWLYHvQVXPD$ILQDQ DWHSULQFDSLWDOXULSURSULLvQVXPD6
LSULQvQGDWRUDUHvQVXPD'VHYDS

utea scrie:
K0 = Kp

S
D
+Kd
S+D
S+D

Unde:
K0 -UHSUH]LQW
Kp -UHSUH]LQW
Kd -UHSUH]LQW

FRVWXOPHGLXSRQGHUDW
FRVWXOFDSLWDOXULORUSURSULL6
FRVWXOGDWRULLORU'

6XEOLQLHPvQV GRX SUREOHPHSUDFWLFHULGLFDWHGHDSOLFDUHDDFHVWHLUHOD LL

Prima prREOHP

 SULYHWH VLVWHPXO GH SRQGHUDUH XWLOL]DW 3HQWUX P VXUDUHD FRHILFLHQ LORU 66' L

'6'WUHEXLHV VHIRORVHDVF YDORDUHDFRQWDELO DFDSLWDOXULORUSURSULLLDGDWRULLORUDVWIHOFXPDSDUHOH

vQ ELODQ  " 6DX GLQ FRQWU  WUHEXLH V  VH XWLOL]H]H DOWH PHWRGH GH HYDOXDUH L PDL DOHV V  VH LD vQ FDOFXO
YDORDUHDGHSLD

DWLWOXULORUHPLVHGHvQWUHSULQGHUH"

Q FDGUXO JHQHUDO DGRSWDW GH WHRULD GHFL]LHL ILQDQFLDUH HVWH HYLGHQW  UHIHULUHD OD YDORDUHD
FDSLWDOXULORUSURSULLLDGDWRULLORUSHSLD

FDUHHVWHVROX LDFHDPDLEXQ 'HDFHHD6DUWUHEXLV UHSUH]LQWH

FDSLWDOL]DUHD DF LXQLORUvQWUHSULQGHULLSHSLH HOHILQDQFLDUH LDU' FDSLWDOL]DUHDWXWXURUWLWOXULORU UHSUH]HQWkQG

GDWRULLGHDVHPHQHDSHDFHVWHSLH H

Valorile contabile sunt prea riguroDVH DYkQG vQ YHGHUH PDL DOHV HYDOXDUHD GXS

 FRVWXO LVWRULF

SHQWUXDFWLYHLFRQVWUkQJHULOHMXULGLFHLILVFDOHFDUHLQIOXHQ HD] DVXSUDGHWHUPLQ ULLORU

&XWRDWHDFHVWHDVROX LDWHRUHWLF DVWIHOVFKL DW QXHVWHVLPSO QIDSWYDORDUHDGHSLD

DW

itlurilor

HPLVH GH R vQWUHSULQGHUH QX HVWH XRU GH VWDELOLW Q SULPXO UkQG R PDUH SDUWH D UHVXUVHORU RE LQXWH GH
vQWUHSULQGHULQXVHUHDOL]HD] SULQHPLVLXQHGHWLWOXULQHJRFLDELOHvQUHDOLWDWH9DORDUHDE QHDVF DS U LORUGH

capital ntr-o societate de SHUVRDQH VDX DFRSHULUHD EDQFDU

 SHQWUX vQWUHSULQGHULOH GH RULFH QDWXU  ULGLF 

SUREOHPH GH P VXUDUH DSURDSH LQVROXELOH Q SOXV UHIHULUHD OD YDORULOH SH FDUH OH SXWHP DSUHFLD SH SLH HOH
ILQDQFLDUH UHDOH FD]XO DF LXQLORU VDX REOLJD LXQLORU QHJRFLDWH OD EXUV  U PkQH DGHVHD SUREOHPDWLF  GLQ
FDX]DYRODWLOLW

LLFXUVXULORUSHQWUXWLWOXULOHILQDQFLDUH

$GRXDSUREOHP DQDOLWLF LWHKQLF ULGLFDW GHGHWHUPLQDUHDFRVWXOXLPHGLXSRQGHUDWSULYHWHVXPD

GDWRULLORU FDUH VH DX vQ YHGHUH 7UHEXLH OXDW  vQ FDOFXO vQGDWRUDUHD WRWDO  LQFOX]kQG L FUHGLWHOH FXUHQWH GH
H[SORDWDUH"6DXVHDXvQYHGHUHQXPDLRSHUD LXQLOHILQDQFLDUHDXWRQRPH"QJHQHUDOVHLDXvQFDOFXOQXPDL

datoriile cu caracter financiar, excluzndu-VHGLQDQDOL]

9.2.2. DiILFXOW

GDWRULLOHGHH[SORDWDUH

LvQWkPSLQDWHvQGHWHUPLQDUHDFRVWXOXLPHGLXSRQGHUDW

&HUFHWDUHDFRVWXOXLPHGLXSRQGHUDWDOFDSLWDOXOXLSUHVXSXQHF 

 XQ FRVW VSHFLILF SRDWH PDL vQWkL V

 ILH GHWHUPLQDW SHQWUX ILHFDUH SRVLELOLWDWH GH ILQDQ DUH DYXW  vQ

vedere;
diferitele coVWXUL VSHFLILFH SRW DSRL V
costul global.

 VH FRPSXQ  vQWU

-un mod mecanic pentru a se determina

$FHDVW  DERUGDUH VH VSULMLQ  SH LSRWH]D FRQIRUP F UHLD FRVWXO ILHF UHL VXUVH GH IRQGXUL U PkQH
LQGHSHQGHQWID

GHVWUXFWXUDGHILQDQ DUHGHDQVDPEOXDvQWUHSU

inderii.

'DU QH SXWHP vQWUHED GDF  XWLOL]DUHD XQHL VXUVH GH ILQDQ DUH QX DQWUHQHD]  XQ FRVW VDX HFRQRPLH
LPSOLFLW DGLF  R PRGLILFDUH D FRVWXOXL XQHL DOWH VXUVH GH ILQDQ DUH PRGLILFDUH FDUH V

mediu ponderat.
n mod evident, aborGDUHDSULQFRVWXOPHGLXSRQGHUDWQXG

-ar repercuta n costul

SRVLELOLWDWHDGHDLQWHJUDDFHVWHFRVWXUL

LPSOLFLWHvQWUXFkWFRVWXULOHVSHFLILFHVXQWSUHVXSXVHLQGHSHQGHQWHGHVWUXFWXUDILQDQFLDU 7UHEXLHGHFLV 
VHO UJHDVF FDGUXODQDOL]HLGDF YUHPV OX PvQFRQVLGHUDUHH

fectul structurii financiare" n determinarea

costului capitalului.
2 DVHPHQHD UHPDUF  QX vQVHDPQ  F  DU IL LPSRVLELO  FDOFXODUHD XQXL FRVW PHGLX SRQGHUDW
VHPQLILFDWLY 8QDVHPHQHDFDOFXOU PkQHSRVLELO'DUHO HVWHSHUWLQHQWQXPDLGDF  LQH FRQWvQSUHDO

abil de

LQIOXHQ DSHFDUHVWUXFWXUDILQDQFLDU RH[HUFLW DVXSUDFRVWXOXLILHF UHLVXUVHGHILQDQ DUH

QDIDU GHFRVWXULOHPRQHWDUHFDUHvLVXQWH[SOLFLWLPSXWDWHRUHVXUV ILQDQFLDU SRDWHLQGXFHFRVWXUL

implicite care pot fi definite prin GRX

IRUPXO

UL

'XS  R SULP  IRUPXODUH FRVWXULOH LPSOLFLWH DOH FDSLWDOXOXL VXQW

costurile de oportunitate. Costul

LPSOLFLW DO IRQGXULORU PRELOL]DWH L LQYHVWLWH SRDWH IL GHILQLW FD UDWD GH UHQWDELOLWDWH D SURLHFWXOXL FHO PDL

favorabil pentru ntreprindere.

O a douD GHILQLUH D QR LXQLL GH FRVW LPSOLFLW DUH vQ YHGHUH vQ PRG GLUHFW LQIOXHQ D VWUXFWXULL
financiare 'XS  DFHDVW  DFFHS LXQH FRVWXO LPSOLFLW SHQWUX R UHVXUV  FRUHVSXQGH YDULD LHL SH FDUH IRORVLUHD
sa o poate produce n costul altei resurse.
n fapt, recurJHUHD VSRULW  OD XQ DQXPLW PLMORF GH ILQDQ DUH SRDWH DQWUHQD R LQIOXHQ  IDYRUDELO  VDX
GHIDYRUDELO  DVXSUD FRVWXOXL DOWRU PLMORDFH GH ILQDQ DUH XWLOL]DWH GH vQWUHSULQGHUH $VWIHO R FRQVROLGDUH D S U LL
FDSLWDOXULORU SURSULL H SHUFHSXW  FD XQ HOHPHQW IDYRUDELO vQ FHHD FH SULYHWH ULVFXO L SRDWH GHFL V  DQWUHQH]H R
UHGXFHUHDFRVWXOXLGDWRULLORU'LQFRQWU UHFXUJHUHDVSRULW ODGDWRULLSHWHUPHQVFXUWDFFHQWXHD] YXOQHUDELOLWDWHD
vQWUHSULQGHULLLSRDWHFRQGXFHODDOWHF XW ULGHIRQGXULFDUHYRUSUHVXS

une pentru ntreprindere o remunerare mai

ULGLFDW  Q DFHVWH FRQGL LL FRVWXO XQHL UHVXUVH QX SRDWHILGHWHUPLQDWGHFkWGDF VHLDvQ FRQVLGHUDUH FRPELQDUHD
VXUVHORU GH ILQDQ DUH XWLOL]DWH (VWH GHFL QHFHVDU V  VH VWXGLH]H FRPSR]L LD FRVWXULORU VSHFLILFH H[SOLFLWH L
LPSOLFLWHDOHGLIHULWHORUUHVXUVHSHQWUXGHWHUPLQDUHDFRVWXOXLJOREDODOILQDQ

 &25(/$

ULL

,$ ',175

&2678/),1$1

E STRUCTURA FINANCIA5

 $ 175(35,1'(5,, ,

5,,

6WUXFWXUDILQDQFLDU

DvQWUHSULQGHULLLFULWHULLGHRSWLPL]DUHD

acesteia

'H]YROWDUHD vQ PHGLXO V X ILQDQFLDU SXQH vQWUHSULQGHUHD vQ ID D XQXL DQVDPEOX GLYHUVLILFDW GH
PLMORDFH ILQDQFLDUH D F URU IRORVLUH LPSOLF  LQWHUYHQ LD SH SLH H FD]XO HPLVLXQLL GH DF LXQL GH REOLJD LXQL
VDXDOWHFDWHJRULLGHWLWOXULLVDXFRQWDFWXOFXLQVWLWX LLVSHFLDOL]DWHE QFLVDXDOWHRUJDQLVPHILQDQFLDUH
3HQWUX WHRULD GHFL]LHL ILQDQFLDUH GH]YROWDUHD SXQH vQWUHSULQGHULL SUREOHPD XQHL FRPELQ UL D
PLMORDFHORU GH ILQDQ DUH DGLF  DOHJHUHD XQHL VWUXFWXUL ILQDQFLDUH Q DFHVW FRQWH[W VWUXFWXUD ILQDQFLDU  D

ntreprin-GHULL VH DQDOL]HD]

 FD ILLQG FRQILJXUD LD SDVLYXOXL GLQ ELODQ  VDX FD R FRPELQDUH D UHVXUVHORU

DFXPXODWHODRDQXPLW GDW 
6WUXFWXUDILQDQFLDU SRDWHILFDUDFWHUL]DW FXDMXWRUXOUDWHORUUHODWLYHODFRPSR]L LDSDVLYHORU
'HH[HPSOXVHSRWGLVWLQJHvQFDGUXOSDVLYXOXL3XUP WRDUHOH

LXQGH

S, capitalurile proprii;
Dl, datoriile pe termen lung;
Dse, datoriile pe termen scurt pentru activitatea de exploatare;
DsaGDWRULLOHSHWHUPHQVFXUWGLQDIDUDH[SORDW ULL
Se poateFDUDFWHUL]DVWUXFWXUDILQDQFLDU FXDMXWRUXOUDWHORU31, P2, P3, P4 astfel nct
P1 + P2 + P3 + P4 = 1,

P1 =

S
D
D
D
; P2 = l ; P3 = se ; P4 = sa
P
P
P
P

Q JHQHUDO SUREOHPD VWUXFWXULL ILQDQFLDUH HVWH DERUGDW  SH ED]D XQHL GHOLPLW UL JOREDOH vQWUH
DQVDPEOXOGDWRULLORU'LFDSLWDOXULOHSURSULL65DWD'6HVWHXQLQGLFDWRUVLQWHWLFFDUHH[SULP UDSRUWXO
vQWUH IRQGXULOH vPSUXPXWDWH L IRQGXULOH SURSULL Q DFHVWH FRQGL LL SUREOHPD VWUXFWXULL ILQDQFLDUH VH UHGXFH
OD DOHJHUHD FRPELQD LHL GDWRULLFDSLWDOXUL SURSULL FHD PDL DYDQWDMRDV  SHQWUX vQWUHSULQGHUH 7RWXL DFHDVW 

DOHJHUHFHUHFDFULWHULLOHGHRSWLPL]DUHV ILIRVWvQSUHDODELOGHILQLWHSHQWUXDRULHQWDGHFL]LLOHvQWUHSULQGHULL
vQPDWHULHGHILQDQ DUH
Q JHQHUDO WHRULD ILQDQFLDU  VSXQH F  VWUXFWXUD ILQDQFLDU  RSWLP  HVWH DFHHD FDUH FRUHVSXQGH XQHL
FRPELQ ULDUHVXUVHORUDVWIHOvQFkWV VHPLQLPL]H]HFRVWXOFDSLWDOXOXL7UHEXLHWRWXLV VXEOLQLHPFDUDFWHUXO

relativ al acestui criteriu de optimizare. n fapt, costul nu constituie dect unul din determinantele luate n
FDOFXOvQSUDFWLF  vQ FDGUXOGHFL]LLORUILQDQFLDUH3ULQWUHDOWH FULWHULLFDUHVXQWGHRSRWULY OXDWHvQVHDP VH
SRWPHQ LRQDLDXWRQRPLDvQWUHSULQGHULLPHQ LQHUHDvQGDWRU ULLODXQQLYHOFRUHODWFXULVFXULOHILQDQFLDUHSH
FDUH FRQGXF WRULL vQ HOHJ V  L OH DVXPH DVLJXUDUHD XQHL IOH[LELOLW

L FDUH V  SHUPLW  R vQGDWRUDUH DGL LRQDO 

GDF YDILQHYRLHWLPSXOQHFHVDURE LQHULLUHVXUVHORUGHILQDQ DUH

 7HRULLOH UHIHULWRDUH OD LQIOXHQ D VWUXFWXULL ILQDQFLDUH D vQWUHSULQGHULL DVXSUD

costului finDQ

ULL

(QXQ DUHDWHRULLORU
'LVFX LLOH WHRUHWLFH UHODWLYH OD VWUXFWXUD ILQDQFLDU  YL]HD]  vQGHRVHEL GHWHUPLQDUHD XQHL FRPELQ UL D
UHVXUVHORU L PDL DOHV R FRPELQDUH vQWUH FDSLWDOXUL SURSULLLGDWRULLFDUHV PLQLPL]H]HFRVWXOILQDQ

carHV

ULLL

SHUPLW DMXQJHUHDODRVWUXFWXU ILQDQFLDU RSWLP $FHDVW SUREOHP J VHWHvQWHRULDILQDQFLDU 

WLSXULGHU

VSXQVXUL

trei

'XS  WHRULD EHQHILFLXOXL QHW QHW LQFRPH ILHFDUH VXUV  GH ILQDQ DUH DQWUHQHD]  XQ FRVW VSHFLILF

independent de structura fLQDQFLDU

 JOREDO  D vQWUHSULQGHULL $FHDVWD QX VXSRUW  GHFL GHFkW FRVWXULOH GH ILQDQ DUH

H[SOLFLWH Q DFHVWH FRQGL LL GDF  GLIHULWHOH UHVXUVH DFFHVLELOH LPSOLF  FRVWXUL LQHJDOH vQWUHSULQGHUHD YD WUHEXL V 
FDXWHV PD[LPL]H]HSDUWHDUHVXUVHORUFXFRVWPDLUHGXVSHQWUXDUHGXFHFRVWXOJOREDODOILQDQ

ULLVDOHQDFHVWH

FRQGL LL QXH[LVW  VWUXFWXU ILQDQFLDU  RSWLP  GHFkW GDF ILQDQ DUHD HVWHLQWHJUDODVLJXUDW  SULQ UHVXUVHOHFHOHPDL
SX LQ RQHURDVH &KLDU GDF  vQWUHSULQGHUHD QX UHXHWH R DVHPHQHD VLWXD LH OLPLW  HD DU SXWHD V  DGRSWH XQ
FRPSRUWDPHQWWLQ]kQGVSUHRSWLPP ULQGSULQWRDWHP VXULOHSRVLELOHSDUWHDUHVXUVHORUFXFRVWUHGXV

Contrar acestui prim curent prezentat, teoria beneficiului din exploatare (net operating income)
FRQWHVW  H[LVWHQ D XQHL VWUXFWXUL ILQDQFLDUHRSWLPH$FHDVW  WHRULHLOXVWUDW PDLDOHVGH)0RGLJOLDQLL0

Miller1 F
LQIOXHQ

XWD GH IDSW V  DUDWH QHXWUDOLWDWHD VWUXFWXULL ILQDQFLDUH FRQVLGHUkQG F  DFHDVWD QX H[HUFLW  QLFL R

DVXSUDFRVWXOXLILQDQ

ULLF WRDWHFRPELQD LLOHSRVLELOHDOHUHVXUVHORUILQDQFLDUHGHWHUPLQ XQFRVW

JOREDOLGHQWLFLF FHUFHWDUHDSHQWUXJ VLUHDXQHLVWUXFWXULILQDQFLDUHRSWLPHDUIL]DGDUQLF 

([LVW  vQV  L R DOW  WHRULH FDUH FDXW  V VWDELOHDVF XQFRPSURPLV vQWUH FHOHGRX  WHRULLSUH]HQW

ate.

$FHDVW SR]L LHHVWHH[SULPDW GHWHRULDFODVLF DVWUXFWXULLILQDQFLDUHFDUHLGHQWLILF UHOD LLGLIHUHQ LDWHvQWUH

FRVWXOJOREDODOILQDQ

ULLLVWUXFWXUDILQDQFLDU vQIXQF LHGHUDWDvQGDWRU ULLDWLQV GHvQWUHSULQGHUH

'LQDFHVW SHUVSHFWLY V DUSXWHDYHULILFDWHRULDEHQHILFLXOXLQHWSHQWUXQLYHOXULULGLFDWHVDXVF ]XWH

DOH vQGDWRU ULL 3HQWUX R vQGDWRUDUH VF ]XW  FRVWXO GDWRULLORU H IDYRUDELO L vQWUHSULQGHUHD SRDWH V  UHGXF 
DVWIHO FRVWXOILQDQ

ULLVDOH UHFXUJkQGPDLPXOWOD vPSUXPXWXUL 3HQWUXRvQGDWRUDUHULGLFDW FRVWXOGDWRULHL

GHYLQH GHIDYRUDELO L vQWUHSULQGHUHD SRDWH VSHUD V  UHGXF  GLQ FRVWXO ILQDQ

ULL VDOH DSHOkQG OD FDSLWDOXUL

SURSULL 'DU SHQWUX QLYHOXUL GH vQGDWRUDUH LQWHUPHGLDUH VWUXFWXUD ILQDQFLDU  DU IL UHODWLY QHXWU 

conform

concluziilor teoriei beneficiului din exploatare.

9.3.2.2. Teoria beneficiului net (net income)
Pentru teoria beneficiului net, costul datoriilor KdLFRVWXOFDSLWDOX-rilor proprii KsQXVHVFKLPE

FkQGUDWDvQGDWRU ULL/

DWXQFL

'6YDULD] 

s Kd FRPSRUWDPHQWXO UD LRQDO YD FRQVWD vQ FUHWHUHD S U LL UHVXUVHORU PDL SX LQ
d H LQIHULRDU  P ULPLL.s GLQ FDX]D SRVLELOLW LL
deducerii din rezultate a cheOWXLHOLORUILQDQFLDUHGHWHUPLQDWHGHvQGDWRUDUHvQDLQWHDLPSR]LW ULLSURILWXOXLQ
'DF  DYHP .

FRVWLVLWRDUH vQ ILQDQ DUH 6H REVHUY  IUHFYHQW F  P ULPHD .

DFHVWHFRQGL LL.

0DSDUHFDRIXQF LHGHVFUHVF

WRDUHDP ULPLL/

2 DVHPHQHD DQDOL]  SRDWH IL SUH]HQWDW  FD R VLPSO  SUHOXQJLUH D PHWRGHORU GH FDOFXODUH D FRVWXOXL

mediXSRQGHUDWvQFDUHVHIRORVHWHUHOD LD

K0 =

D
S
Kd +
Ks
D+S
D+S

1Franco Modigliani and Merton Miller: The cost of capital, Corporation Finance and the Theory of Investment,
American Economic Review, no.48, 1958.

0XOWLSOLFkQGFX6QXP U WRUXOLQXPLWRUXOILHF UXLFRHILFLHQWDYHP

D/S
S/ S
+K s
D / S+ S / S
D / S+ S / S
D/S
1
K0 = Kd
+Ks
D / S+1
D / S+1

K0 = Kd

$YkQGvQYHGHUHF /

'6YRPDYHD

K0 = Kd

L
1
+Ks
1+ L
1+L

Cu KdL.s constante, K0YDFRQVWLWXLGHFLRIXQF LHGHVFUHVF

WRDUHGH/DWXQFLFkQG.

d < K s.
.
O
asemenea
s
d
LQYDULDEOLOLWDWH VHPQLILF  GH IDSW F  FHL FDUH RIHU  IRQGXUL QX DX QLFL R UHDF LH DWXnci cnd structura
ILQDQFLDU  YDULD]  L QX-L PRGLILF  GHORF FHULQ HOH ORU vQ IXQF LH GH DFHVWH VFKLP-E UL $VWIHO R PDMRUDUH D
3DUWLFXODULWDWHD DFHVWHL DQDOL]H UH]LG  vQ LSRWH]D LQYDULDELOLW

LL SHQWUX .  L .

vQGDWRU ULLFDUHVSRUHWHvQPRGQRUPDOULVFXOILQDQFLDUSHUFHSXWGHSDUWHQHULLvQWUHSULQGHULLQXVHUHJ VHWH

ntr-o cerere D DFHVWRUD GH UHPXQHUDUH VXSOLPHQWDU

 L SHQWUX vQWUHSULQGHUH vQ UHGXFHUHD SRVLEOLW

LORU GH

ILQDQ DUH
,QYHUVRPLFRUDUHDvQGDWRU ULLDUWUHEXLV SHUPLW vQWUHSULQGHULLDPHOLRUDUHDLPDJLQLLVDOHvQRFKLL
IXUQL]RULORU GH FDSLWDOXUL L V  RE LQ  DVWIHO ILQDQ

UL PDL SX LQ RQHURDVH 'DU R DVHPHQHD UHOD LH QX HVWH

OXDW vQFDOFXOGDF VHSUHVXSXQ. L.

ULPLLQGHSHQGHQWHID

dFDILLQGP

GHVWUXFWXUDILQDQFLDU 

5HFXUJHUHD OD DFHDVW  LSRWH]  DSDUH GHFL FD XQ SXQFW VODE DO WHRULHL EHQHILFLXOXL QHW $F

esta nu

UHFXQRDWH GHFL PRGLILFDUHD ULVFXOXL ILQDQFLDU VXSRUWDW GH vQWUHSULQGHUH DWXQFL FkQG HD FDXW  V  RE LQ  PDL
PXOWSOHFkQGGHODHIHFWXOPRGLILF ULLVWUXFWXULLILQDQFLDUH
7HRULD EHQHILFLXOXL QHW DILUP  F  FRVWXO SHQWUX FDSLWDOXULOH SURSULL VDX U

ata de capitalizare a

EHQHILFLXOXL QHW U PkQH FRQVWDQW DWXQFL FkQG / UDSRUWXO GDWRULL FDSLWDOXUL SURSULL YDULD]  6H DGPLWH SULQ

DFHDVWDF SLD DUHDF LRQHD] QXPDL ODYDULD LD EHQHILFLXOXLQHWGHXQGHQXPHOHWHRULHLI U DVHSUHRFXSD

de combinarea ILQDQ ULORUXWLOL]DWH

9.3.2.3. Teoria beneficiului din exploatare (net operating income)
Pentru teoria beneficiului din exploatare, costul capitalurilor proprii Ks (sau rata de capitalizare a
EHQHILFLXOXL QHW WUHEXLH GLQ FRQWU  V  ILH FRQVLGHUDW FD R P ULPH FDUH YDULD]  vQ IXQF LH GH ULVFXO ILQDQFLDU SH
FDUHSLD DvODVRFLD] JUDGXOXLGHvQGDWRUDUHDvQWUHSULQGHULL
6H FRQVLGHU  F  vQ HYDOXDUHD XQHL vQWUHSULQGHUL WUHEXLH DYXW vQ YHGHUH QXPDL EHQHILFLXO GLQ
H[SORDWDUH L QX EHQHILFLXO FDUH UH]XOW  GXS  OXDUHD vQ FDOFXO L D YHQLWXULORU L FKHOWXLHOLORU ILQDQFLDUH
vQWUXFkWFKHOWXLHOLOHILQDQFLDUHVXQWGHWHUPLQDWHLGHFRVWXOGDWRULLORU6HVHPQLILF DVWIHOF 

 YDORDUHD JOREDO

 D vQWUHSULQGHULL H LQGHSHQGHQW  GH VWUXFWXUD VD ILQDQFLDU  FKLDU DWXQFL

cnd

YDORDUHDDF LXQLORULREOLJD LXQLORUHVWHvQIXQF LHGHVWUXFWXUDILQDQFLDU 

FRVWXOJOREDODOFDSLWDOXOXLHLQGHSHQGHQWGHVWUXFWXUDILQDQFLDU

$FHDVW WHRULHFRQVLGHU F QXVHSRDWHDMXQJHODRVWUXFWXU RSWLP DILQDQ

ULLFDUHV PLQLPL]H]

FRVWXOJOREDOLV PD[LPL]H]HYDORDUHDvQWUHSULQGHULL
D 3UREOHPD WHRUHWLF

. ntr-XQ DUWLFRO GHYHQLW FHOHEUX 0RGLJOLDQL L 0LOOHU F

XWDX GH IDSW V  J VHDVF  R

H[SOLFD LH SDUDGR[XOXL DSDUHQW FDUH GHMD VH GHVSULQGH GLQ FHOH VSXVH PDL vQDLQWH $FHVW SDU

adox poate fi

SHUFHSXWSRUQLQGGHODvQWUHEDUHDXUP WRDUHFXPFRVWXOJOREDODOFDSLWDOXOXLvQWUHSULQGHULLVDXUDWDJOREDO 

GH FDSLWDOL]DUH SHQWUX vQWUHSULQGHUH SRDWH IL LQGHSHQGHQW GH VWUXFWXUD GH ILQDQ DUH DWXQFL FkQG UH]XOW 

aparent ca medie ponderat

DUDWHLGHFDSLWDOL]DUHDEHQHILFLLORUQHWHLDUDWHLGREkQ]LORUFDUHVXQWODUkQGXO

ORUvQIXQF LHGH/UDSRUWXOGDWRULL

-capitaluri proprii) ?
n termenii costului global avem:

K0 =
'DF  P ULPHD .
LQGHSHQGHQW GH/"

d = Kd/ L GDF

L
1
Kd +
Ks
1+ L
1+L

 P ULPHD .

s = Ks(L) FXP VH SRDWH FD P

QFHHDFHSULYHWHYDORDUHDvQWUHSULQGHULLDYHPGHDVHPHQHD

V0 = Vs + Vd

unde,
V0 = constant
Vs = Vs(L)
Vd = Vd(L)

ULPHD .

0 V

 ILH

(JDOLWDWHD QX SRDWH IL DFFHSWDW  GHFkWGDF SHQWUXRULFH YDULD LH /YDULD LDP ULPLL9
FRPSHQVDW GHYDULD LDP ULPLL9

s este exact

d n sens invers.

3HQWUXRULFHYDULD LHDVWUXFWXULLILQDQFLDUHYRPDYHD

QDFHVWHFRQGL LL9

Vs = -Vd Vs+Vd = V0 = 0

R FRPELQDUH RSWLP  D ILQDQ

ILQDQ

ILLQGWRWDOLQGHSHQGHQWGH/QXH[LVW GXS WHRULDEHQHILFLXOXLGLQH[SORDWDUH

ULL FDUH V  PD[LPL]H]H YDORDUHD vQWUHSULQGHULL L FDUH V  PLQLPL]H]H FR

stul

ULLVDOH
3HQWUX D vQO WXUD DSDUHQWXO SDUDGR[ FRQ LQXW vQ DILUPD LD LQYDULD LHL FRVWXOXL JOREDO DO ILQDQ

ULL WHRULD

EHQHILFLXOXLGLQH[SORDWDUHQXSRDWHV J VHDVF GHFkWXUP WRDUHDVROX LHWUHEXLHV DGPLW F SLD DFDSLWDOL]HD] 

valoarea vQWUHSULQGHULLFDXQWRWLvQFRQVHFLQ

UHSDUWL LDvQWUHGDWRULLLFDSLWDOXULSURSULLHVWHI U LPSRUWDQ

2

FUHWHUH D vQGDWRU ULL SUHVXSXV  PDL SX LQ VFXPS  HVWH H[DFW FRPSHQVDW  GH FUHWHUHD UDWHL GH FDSLWDOL]DUH D

capitalurilor proprii (Ks). AstfHO PHGLD SRQGHUDW

 vQWUH .  L .  U PkQH QHVFKLPEDW  LQGLIHUHQW GH QLYHOXO

vQGDWRU ULL

Q DFHVWH FRQGL LL QLYHOXO vQGDWRU ULL L VWUXFWXUD ILQDQFLDU  QX DX HIHFWLY QLFL R LQFLGHQ
FRVWXOXL ILQDQ

 DVXSUD

ULL 1X H[LVW  FRPELQD LH vQWUH FDSLWDOXULOH SURSULL L GDWRULL FDUH PD[LPL]HD]  YDORDUHD

ntreprin-GHULLLQXH[LVW

VWUXFWXU ILQDQFLDU RSWLP 

2ULFH PRGLILFDUH LQWHUYHQLW  vQ VWUXFWXUD ILQDQFLDU  D vQWUHSULQGHULL YD DQWUHQD SHQWUX FRVWXO
FDSLWDOXULORU SURSULL L GDWRULLORU HYROX LL FRQWUDGLFWRULL FDUH WLQG V  VH QHXWUDOL]H]H UHFLSURF $VWIHO GDF 
vQWUHSULQGHUHD YUHD V  EHQHILFLH]H GLQ MRFXO PRGLILF ULL VWUXFWXULL P ULQG SDUWHD GDWRULLORU FRQVLGHUDWH PDL
SX LQ FRVWLVLWRDUH vQ ILQDQ DUHD VD VF GHUHD DWHSWDW  D FRVWXOXL YD IL FRPSOHW QHXWUDOL]DW  GH HYROX LD
FRVWXOXL SHQWUX FDSLWDOXULOH SURSULL 'H IDSW DQDOL]kQG PDMRUDUHD vQGDWRU ULL FD R DJUDYDUH D ULVFXOXL SHQWUX
vQWUHSULQGHUH DF LRQDULL YRU WLQGH V  FHDU  R UDW  D UDQGDPHQWXOXL PDL ULGLFDW  SHQWUX SDUWLFLSDUHD ORU FX

fonduri n ntreprindere.
0HFDQLVPHOHFRPSHQVDWRDUHFDUHDUH[SOLFDVWDELOLWDWHDFRVWXOXLJOREDODOFDSLWDOXOXLH[SULP DVWIHO
H[LVWHQ DFRVWXULORULPSOLFLWHSHQWUXGLIHULWHOHPLMORDFHGHILQDQ DUH
$YDQWDMHOHDWHSWDWHSULQFUHWHUHDvQGDWRU ULLQXSRWILOXDWHvQFRQVLGHUDUHGHFkWGDF QHOLPLW PV 
OX PvQFDOFXOQXPDLFRVWXULOHH[SOLFLWHDOHGLIHULWHORUPLMORDFHGHILQDQ DUHDQDOL]DWHLQXLFRVWXOLPSOLFLW
OHJDWGHLPSDFWXOILHF UHLUHVXUVHDVXSUDFRVWXOXLDOWRUUHVXUVH
'DUH[LVWHQ DXQXLFRVWLPSOLFLWQXIDFHGHFkWV H[SULPHSHUFHSHUHDGHF WUHIXUQL]RULLGHIRQGXULD
XQHL DJUDY UL D ULVFXOXL ILQDQFLDU FDUH DSDV  DVXSUD vQWUHSULQGHULL L D LQFHUWLWXGLQLL FDUH DSDV  DVXSUD

randamentului titlurilor sale. Apare deci, ca un subterfugiu, modificarea nivelului riscului perceput de
IXUQL]RULL GH IRQGXUL FDUH SRW V  VH WHDP  GH MRFXO PHFDQLVPHORU FRPSHQVDWRDUH D F URU LQWHUYHQ LH VH
SUHVXSXQHF DVLJXU FRQVWDQ DFRVWXOXLJOREDODOFDSLWDOXOXLLYDORDUHDvQWUHSULQGHULL

b) Tezele Modigliani-Miller

3HQWUX D VWDELOL F  FRVWXO FDSLWDOXOXL L YDORDUHD vQWUHSULQGHULL VXQW

LQGHSHQGHQWHGHVWUXFWXUDVDILQDQFLDU 0RGLJOLDQLL0LOOHUVHVWU GXLHVFV GHPRQVWUH]HF GRX VRFLHW

DSDUHQW FX DFHHDL FODV  GH ULVF HFRQRPLF L RE LQkQG DFHODL EHQHILFLX SHQWUX XQ QLYHO DO DFWLYH
YRU DYHD DFHHDL YDORDUH SH SLD

L

lor identic,

 FKLDU GDF  HOH DX R VWUXFWXU  ILQDQFLDU  GLIHULW  'DF  DFHVW DVSHFW DU IL

ULJXURV VWDELOLW DU IL DWXQFL SRVLELO V  VH DILUPH F  FRVWXO PHGLX DO FDSLWDOXOXL SHQWUX WRDWH vQWUHSULQGHULOH

este independent de

VWUXFWXUD FDSLWDOXOXL 3HQWUX D IDFH DFHDVW  DILUPD LH 0RGLJOLDQL L 0LOOHU LDXFDSXQFW

GH SOHFDUH FD]XO D GRX  VRFLHW

L LGHQWLFH FH IDF RELHFWXO HYDOX ULORU GLYHUJHQWH SH DFHHDL SLD

ILQDQFLDU 
6H FDXW  V  VH DUDWH FXP R DVWIHO GH GLYHUJHQ

 WUHEXLH vQ PRG QHFHVDU V  VH DQXOH]H GDWRULW  XQXL

PHFDQLVPGHDUELWUDMGDF LSRWH]HOHFHOHPDLSX LQFHUWHVXQWvQGHSOLQLWHLPDLDOHVLSRWH]DSLH HORUSHUIHFWH

F $QDOL]D DUELWUDMHORU SH SLD D ILQDQFLDU

 6H SUHVXSXQ GRX  VRFLHW

L FX DSUR[LPDWLY DFHHDL FODV  GH

ULVF L RE LQkQG DFHHDL UDW  GH UDQGDPHQW SHQWUX DFWLYHOH ORU HJDOH FD YDORDUH $FHVWH GRX  VRFLHW

L

SUH]HQWkQGDVWIHOFDUDFWHULVWLFLHFRQRPLFHDSURDSHLGHQWLFHVXQWSUHVXSXVHF GLIHU WRWXLSULQVWUXFWXUDORU

ILQDQFLDU  3ULPD VRFLHWDWH H ILQDQ DW  LQWHJUDO SULQ FDSLWDOXUL SURSULL LDU D GRXD VRFLHWDWH DUH R ILQDQ DUH
PL[W FXSULQ]kQGFDSLWDOXULSURSULLLGDWRULLDF LXQLLREOLJDWLXQL
'DF  DP FUHGH WH]D IXQGDPHQWDW  GH 0RGLJOLDQL L 0LOOHU DFHVWH GRX  VRFLHW

evaluDWHFXDFHHDLVXP

JOREDO SHSLD

L DU WUHEXL V  ILH

DGLF 

V1 = V2 .
0RGLJOLDQL L 0LOOHU LDX vQ FRQVLGHUDUH R VLWXD LH LQL LDO  vQ FDUH   9
PHFDQLVPHOHGHDUELWUDMGDWRULW F URUDV

-ar reveni la egalitatea V1 = V2.

2 > V1, pentru a analiza

)LHXQDF LRQDUDO6RFLHW

LL,,FDUHGH LQHRIUDF LXQH

GLQFDSLWDOXULOHSURSULLDOHDFHVWHLDDGLF

s2 = S2
'DF EHQHILFLXOGLQH[SORDWDUH%(HVWHUH]XOWDWXORE LQXWGHILHFDUHVRFLHWDWHvQDLQWHDFKHOWXLHOLORU

financiare, venitul Y2RE LQXWODDFHVWSRUWRIROLXSHQWUXGH LQ WRUXOV XYDIL

(1)
Y2 = (BE - KdD2)
unde KdxD2 UHSUH]LQW  VXPD GREkQ]LL Y UVDW  GH 6RFLHWDWHD ,, vPSUXPXW WRULORU V L VXP  FDUH UH]XOW  GLQ
vQPXO LUHDVXPHLvPSUXPXWDW ' ) cu rata dobnzii pentru mprumut (K ).
2
d
Deoarece V2 > V1 6RFLHWDWHD ,, DSDUH VXSUDHYDOXDW  'H LQ WRUXO DFHVWRU DF LXQL YD DYHD GHFL
LQWHUHVXOV OHFHGH]HSHQWUXDDFKL]L LRQDWLWOXULDOH6RFLHW LL,)Le s
2 = S2YHQLWXOGLQYkQ]DUHDDF LXQLORU
6RFLHW

LL ,, 3H GH DOW  SDUWH VH SUHVXSXQH F  DFHVW LQYHVWLWRU SRDWH V  RE LQ  SHUVRQDO XQ vPSUXPXW vQ

suma D2 'H IDSW vQ LSRWH]D SLH HORUSHUIHFWHULVFXODVRFLDWXQHLUDWH D vQGDWRU

ULL'

2/S2 va fi evaluat n

PRG LGHQWLF GH DFHVW LQYHVWLWRU VDX GH XQ DOW vPSUXPXW WRU ILH HO vQWUHSULQGHUH VDX SHUVRDQ  SDUWLFXODU  Q
DFHVWHFRQGL LLRSHUDWRUXO FRQVLGHUDWYDSXWHD XWLOL]DVXPDRE LQXW SHQWUXDFKL]L LDGHDF LXQLDOH6RFLHW

I, peQWUXRVXP

V

1DVWIHOF

LL

s1 = s2 + D2

unde
s2 YHQLWXOGLQYkQ]DUHDGHWLWOXULDOH6RFLHW
D2 = suma mprumutului personal.

LL,,

S2;

5H]XOW F 

s1 = (S2+D2)

$FHVWQRXSRUWRIROLXvLYDSHUPLWHV RE LQ XQYHQLWFRUHVSXQ]kQGS U LLGLQEHQHILFLLOH6RFLHW

care-LYRUUHYHQL LQkQGFRQWGHFRWDVDGHSDUWLFLSDUHODFDSLWDOXODFHVWHLVRFLHW
BE(S2+D2) / S1

'XS Y UVDUHDGREkQ]LORUGDWRUDWHSHQWUXvPSUXPXWXOSHUVRQDODGLF .

S + D2
Y1 = 2
BE - K d D 2
S1
Dar valoarHDFHORUGRX vQWUHSULQGHULHVWHHJDO
V1 = S1
V2 = S2 + D2

Y1 = (

( 2)

LL,

LDGLF 

dD2, vom avea:

FXYDORDUHDWLWOXULORUORU

V2
BE - K d D 2 )
V1

'LQLSRWH]HOHLQL LDOH

V2 > V1 <=> (V2/V1!LDYkQGvQYHGHUHUHOD LLOHLUH]XOW F 

Y1 > Y2
Astfel, atta timp ct V2 > V1, DGLF  DWkWD WLPS FkW 6RFLHWDWHD ,, YD U

PkQH VXSUDHYDOXDW 

GH LQ WRULLDF LXQLORUVDOHYRUDYHDLQWHUHVXOV OHFHGH]HSHQWUXDDFKL]L LRQDWLWOXULDOH6RFLHW

un aseme-QHDDUELWUDMOHYDSHUPLWHV

RE LQ XQYHQLW<

LL,GHRDUHFH

1 mai ridicat dect Y2.

$FHVWHDULEWUDMHYRUFRQGXFHvQV ODUHYHQLUHDODRHYDOXDUHLGHQWLF DFHORUGRX vQWUHSULQGHULDVWIHO

F 

V1 = V2
Y1 = Y2

G &RVWXO FDSLWDOXOXL L VWUXFWXUD ILQDQFLDU

prezentnd caracterisWLFL DVHP -Q

 0RGLJOLDQL L 0LOOHU VWDELOHVF DVWIHO F  GRX  vQWUHSULQGHUL

WRDUH GDU DYkQG VWUXFWXULILQDQFLDUHGLIHULWHWUHEXLHV  IDF  RELHFWXO

unei

HYDOX UL LGHQWLFH SH SLD D ILQDQFLDU  (L SRW DVWIHO V  GHGXF  GLQ DFHVWH SULPH UH]XOWDWH R D GRXD FRQFOX]LH

referitoare la costul capitalului.

Se poate spune, peQWUXWRDWHvQWUHSULQGHULOHDSDU LQkQGDFHOHDLFODVHGHULVFF

BE
V=
= constant
K0
Dar,

K0 = Kd

D
S
+Ks
S +D
S+D

D S +D
)
S +D S
S D
D S+D
Ks = K0 + K0 -Kd

S S
S+D S
K s = K 0 + (K 0 - K d ) D / S
K s = (K 0 - K d

Cum L = D/S, vom avea:

(3)

K s = K 0 + (K 0 - K d )L
Astfel, pentru K0>Kd, costul capitalurilor proprii KsHVWHRIXQF LHFUHVF

WRDUHDUDWHLGHvQGDWRUDUH

L.
,QWHUSUHWDUHD ILQDQFLDU  D DFHVWRU UH]XOWDWH DSDUH FRHUHQW  &RVWXO JOREDO DO FDSLWDOXOXL HVWH
LQGHSHQGHQW GH VWUXFWXUD ILQDQFLDU  'DU VWDELOLWDWHD VD FkQG / YDULD]  UH]XOW  GLQ FRPSHQVD

rea ntre

YDULD LLOH FRQWUDGLFWRULL DOH FRVWXOXL GDWRULLORU L FRVWXOXL FDSLWDOXULORU SURSULL $WXQFL FkQG / FUHWH R
GLPLQXDUH D FRVWXOXL OHJDW  GH FUHWHUHD S U LL GDWRULLORU PDL SX LQ RQHURDVH YLQH V  FRPSHQVH]H FUHWHUHD
P ULPLL .

s. "Supracostul" caSLWDOXULORU SURSULL QHXWUDOL]HD]

 HFRQRPLD UHDOL]DW  GH FRVWXO GDWRULLORU .

U PkQkQG DVWIHO QHVFKLPEDW 1X H[LVW  GHFL VWUXFWXU  ILQDQFLDU  RSWLP  FDUH V  PD[LPL]H]H YDORDUHD
vQWUHSULQGHULLVDXFDUHV PLQLPL]H]HFRVWXOILQDQ

ULLVDOH

e) Critica tezelor Modigliani-Miller. Criticile adresate analizei Modigliani-0LOOHU

FRQYHUJ FX WRDW 

YDULHWDWHDORUVSUHUHSXQHUHDvQGLVFX LHDUHDOLVPXOXLPRGHOXOXL
QSULPXOUkQGODLSRWH]DWHRUHWLF DSHUIHF LXQLLSLH HORUFULWLFLOHRSXQLPSHUIHF LXQHDGHIDSWDSLH HORU
ILQDQFLDUH 'DU LSRWH]D SUHIHF LXQLL MRDF  HYLGHQW XQ URO FHQWUDO vQ MXVWLILFDUHD FRQFOX]LLORU 0RGLJOLDQL

-Miller,

SHQWUXF YDOLGLWDWHDFRQFOX]LLORUHFRQGL LRQDW GHLQWHUYHQ LDPHFDQLVPXOXLGHDUELWUDMFDUHSUHVXSXQHRSHUIHFW 

substituirHvQWUHWLWOXULSUH]HQWkQGFDUDFWHULVWLFLDVHP Q WRDUHGHULVFLGHUDQGDPHQWDWHSWDW
3H GH DOW  SDUWH PRGHOXO 0RGLJOLDQL-0LOOHU SUHVXSXQH DEVHQ D RULF UHL LPSR]LW UL 2UL IDSWXO F 
dobnzile sunt deductibile nainte de impozitarea beneficiilor, n tiPS FH DF LRQDULL Q-au dreptul dect la
EHQHILFLXO GXS  LPSR]LWDUH QX SRDWH V  QX DLE  R LQFLGHQ

 DVXSUD FRVWXOXL GDWRULLORU L DO FDSLWDOXULORU

proprii. La acest argument Modigliani-0LOOHUDXWUHEXLWV DGXF XOWHULRUXQU VSXQVLQWURGXFkQGvQDQDOL]D

lRU IDFWRULL ILVFDOL 'DU LQWURGXFHUHD LPSR]LWXOXL vL YD IDFH V  DGPLW  FRQFOX]LL GHVWXO GH DSURSLDWH GH FHOH
avansate de teoria beneficiului net.
2 D WUHLD RELHF LH VH UHIHU  OD DVLPLODUHD GH F WUH 0RGLJOLDQL-0LOOHU D FRQGL LLORU GH vPSUXPXW
accesibile indivizilor cu cele ale ntreprin-GHULORU 3URFHGXUD DQDOL]DW  D DUELWUDMXOXL QX SRDWH GH IDSW V  VH
SXQ vQPLFDUHGHFkWGDF GRX FRQGL LLVXQWUHXQLWH
 Q DSUHFLHUHD ULVFXOXL ORU RSHUDWRULL SH SLD D ILQDQFLDU  WUHEXLH V  SHUFHDS  vQ DFHODL IHO R UDW  GH
vQGDWRUDUHGHWHUPLQDW FkQGDFHDVW vQGDWRUDUHHI FXW GHHLvQLLFDSHUVRDQHSULYDWHVDXFkQGvQGDWRUDUHDHVWHD
vQWUHSULQGHULLvQFDUHDUGH LQHRIUDF LXQHDFDSLWDOXOXL
 3H GH DOW  SDUWH FRVWXO vPSUXPXWXOXL WUHEXLH V  ILH DFHODL LQGLIHUHQW F  HVWH RE LQXW GH R SHUVRDQ 
LQGLYLGXDO VDXGHRvQWUHSULQGHUH
'DU HVWH FODU F  UHDOL]DUHD vQ IDSW D DFHVWRU H[LJHQ H DSDUH IRDUWH SUREOHPDWLF  Q SULPXO UkQG
ULVFXOSHUFHSXWGHF WUHFHOFDUHVHvPSUXPXW HVWHGLIHULWGXS FXPvQGDWRUDUHDHVWHSHUVRQDO VDXVXEVFULV 
GH VRFLHWDWHD vQ FDUH DU IL DF LRQDU Q SULPXO FD] vPSUXPXWD WXO LQGLYLGXDO VH DQJDMHD]  FX LQWHJULWDWHD

SDWULPRQLXOXL V X Q DO GRLOHD FD] ULVFXO QX SULYHWH GHFkW VXPD IRQGXULORU SODVDWH vQ vQWUHSULQGHUHD
vPSUXPXWDW &kW GHVSUHFRVWXO FUHGLWHORUHVWHFHUWF RUJDQLVPHOH ILQDQFLDUH vQ SDUWLFXODULvQJHQHUDOWR L
vPSUXPXW WRULL QXVHOLPLWHD] V DSOLFHR UDW  DSLH HLvQPRPHQWXOFkQGQHJRFLD] FUHGLWXOLGREkQGDFL
UDWHOHHIHFWLYHDOHGREkQ]LLVXQWvQIXQF LHGHSHUVRQDOLWDWHDLJUHXWDWHDHFRQRPLF DvPSUXPXWDWXOXL
(VWH GHFL FODU F  LSRWH]HOH 0RGLJOLDQL 0LOOHU QX SRW SUHWLQGH F  VXQW UHDOLVWH 7UHEXLH WRWXL VXEOLQLDW 

UHPDUFDELODFRHUHQ

DDQDOL]HLORU1LFLXQXOGLQFULWLFLLORUQ DUHXLWV SXQ vQGLVFX LHORJLFDLQWHUQ RGDW FH

LSRWH]HOHORUDXIRVWDGPLVH$UELWUDMHOHSHSLD DILQDQFLDU QXSDUV ILIRVWSXVHvQGLVFX LH0RGHOXO0RGLJOLDQL

e,

0LOOHU RIHU  DVWIHO LPDJLQHD XQHL FRQVWUXF LL QHRFODVLFH ULJXURDVH FDUH GH]YROW  SkQ  vQ LPSOLFD LLOH ORU XOWLP

LSRWH]HOHDGPLVH1HSXWkQGV FRPEDW DFHDVW FRQVWUXF LHvQHVHQ DHLDGHS LLWHRULHLWUDGL LRQDOHVHPXO XPHVF

V SURSXQ RFRQVWUXF LHGHFRPSURPLVFDUHV DGXF FRUHFWXULUHDOLVWHDFHOXLDLVRFOXWHRUHWLF
7HRULDFODVLF

DVWUXFWXU

ii financiare a ntreprinderii

7HRULD WUDGL LRQDO  GDWRUHD]  DFHDVW  GHQXPLUH PDL PXOWRU UD LXQL QSULPXO UkQGHDEHQHILFLD] GHR
DQWHULRULWDWHLVWRULF DVXSUDDQDOL]HORULQVSLUDWHGHSXQFWHOHGHYHGHUHDOHWHRULHLEHQHILFLXOXLQHWVDXDOHWHRULH

EHQHILFLXOXLGLQH[SORDWDUHQDOGRLOHDUkQGHDSRDWHSUHWLQGHF UHSUH]LQW SXQFWXOGHYHGHUHFHOPDLDSURSLDW

GHREVHUYD LLOHHPSLULFH
$FHDVW  WHRULH VH RSXQH PDL vQWkL WHRULHL EHQILFLXOXL QHW SULQ DFHHD F  DVRFLD]  FUHWHULL S U LL

datoriilor,

SHUFHSHUHD XQXL ULVF ILQDQFLDU VSRULW GH F WUH IXUQL]RULL GH IRQGXUL GHFL LQH FRQW GH LQIOXHQ D

VWUXFWXULLILQDQFLDUHDVXSUDFRVWXOXLVSHFLILFDOILHF UHLUHVXUVH
$FHDVW  WHRULH VH GLIHUHQ LD]  SH GH DOW  SDUWH GH WHRULD 0RGLJOLDQL

-Miller, prin faptul F

 H[FOXGH LGHHD

FRPSHQV ULL WRWDOH vQWUH YDULD LD FRVWXOXL FDSLWDOXULORU SURSULL L YDULD LD FRVWXOXL GDWRULLORU L FRQWHVW  GHFL WHRULD
QHXWUDOLW

LLVWUXFWXULLILQDQFLDUHDYDQVDW GH0RGLJOLDQL

-Miller.

a) Comportamentul mprumutatorilor. Pentru teoriD FODVLF

SULQFUHWHUHDUDWHL/

 SRYDUD vQGDWRU ULL vQWUHSULQGHULL P VXUDW 

'6GHWHUPLQ SHvPSUXPXW WRULV VSRUHDVF H[LJHQ HOHORUFHHDFHDUPDMRUDFRVWXO

datoriilor ntreprinderii.
n general, costul datoriilor Kd H SUHVXSXV D VH VFKLPED GXS

 YDORDUHD / vQ GRX  HWDSHDVHYHGHD

JUDILFXOFDUHXUPHD] 

1) Pentru 0 < L < L1DGLF SHQWUXP ULPLPRGHUDWHDOHvQGDWRUDULL.dDUU PkQHVWDELO

2) Pentru L > L1vPSUXPXW WRULLSHUFHSRDJUDYDUHDULVFXOXLILQDQFLDULFHURUHPXQHUDUHFUHVFXW 
nDFHVWHFRQGL LL/1DSDUHFDRP ULPHGHILQLQGQXDWkWXQQLYHO-OLPLW DOvQGDWRU ULLFkWXQSUDJ
definind ascensiunea ntreprinderii la un nou "palier de risc".
QDFHVWHFRQGL LLIXQF LD. = K /DUSXWHDILUHSUH]HQWDW DVWIHO
d
d

E&RPSRUWDPHQWXODF LRQDULORU7HRULDWUDGL LRQDO SURSXQHSHQWUXFRPSRUWDPHQWXODF LRQDULORURDQDOL] 

DSURSLDW GHDFHHDI FXW DWLWXGLQLLvPSUXPXW WRULORU
$F LRQDULLvQWUHSULQGHULLDUUHDF LRQDODFUHWHUHDOXL/SULQWU

-o ridicare a ratei de remuneUDUHDGLF

D

costului capitalurilor proprii.

'XS  R SULP  IRUPXODUH FRVWXO FDSLWDOXULORU SURSULL DUH YDULD LL LGHQWLFH FHORU SH FDUH OH FXQRDWH
FRVWXO GDWRULLORU )XQF LD .

determinat L2 'HS

s = Ks/ DU IL GHFL FRQVWDQW  SHQWUX WRDWH YDORULOH / LQIHULRDUH XQXL SUDJ
LUHD OXL /  DU DQWUHQD R FUHWHUH SHQWUX .  Q DFHVWH FRQGL LL IXQF LD .
2
s
s = Ks(L) ar

SXWHDILUHSUH]HQWDW DVWIHO

'XS RDGRXDIRUPXODUH. DUILRIXQF LHFDUHGHYLQHFUHVF WRDUHGXS RPLF FUHWHUHDOXL/L

QXGXS RFUHWHUHPDLPDUHFXPDPDU WDWvQILJXUDSUHFHGHQW 

2ULHQWDUHD FRQYH[LW

LL FXUEHL UHSUH]HQWDWLYH SHQWUX .  YD LQGLFD FUHWHUHD DFFHOHUDW  D FRVWXOXL

FDSLWDOXULORU SURSULL vQ P VXUD vQ FDUH SDUWHD vQGDWRU ULL VSRUHWH vQ ILQDQ DUHD vQWUHSULQGHULL GXS  FXP VH
YHGHvQILJXUDXUP WRDUH

Q VIkULW GXS  R D WUHLD IRUPXODUH IXQF LD FRVWXOXL FDSLWDOXULORU SURSULL FXQRDWH
YDULD LH

trei zone de

1) Pentru 0 < L < L2, corespunznd nivelurilor moderate de ndatorare, KsDUU

avea astfel K's(L) = 0.

PkQHFRQVWDQW$P

2) Pentru L2 < L < L'2 DF LRQDULL DU vQFHSH V  UHDF LRQH]H OD R FUHWHUH D vQGDWRU ULL L DU FHUH R
s(L) = a, cu a>0.
3) n sfULW SHQWUX / ! /
2 DF LRQDULL FRQVLGHUkQG F  XQ SUDJ FULWLF D IRVW GHMD WUHFXW YRU FUHWH I U 
vQFHWDUHH[LJHQ HOHvQP VXUDvQFDUH/VHULGLF 9RPDYHDDWXQFL.
=K' (L) cu K" (L) mai mare dect zero.
s s
s
'HXQGHIRUPDFXUEDW DJUDILFXOXLUHSUH]HQWativ pentru K :
s

UHPXQHUDUHFUHVF WRDUHFXRUDW FRQVWDQW $PDYHD.

F(YROX LDFRVWXOXLJOREDODOILQDQ

ULL'XS DQDOL]DYDULD LLORUFRVWXOXLFDSLWDOXULORUSURSULLLDGDWRULLORU

DWXQFL FkQG / FUHWH WHRULD FODVLF  DQDOL]HD]  UHOD LD GLQWUH GLIHULWHOH FRPELQD LL GH ILQDQ DUH SRVLELOH L
FRVWXOJOREDODOILQDQ

ULLSHQWUXvQWUHSULQGHUH

$PSXWHDUHSUH]HQWDGXS FXPXUPHD] IXQF LDFRVWXOXLJOREDODOILQDQ

)RUPD DWULEXLW  FXUEHL UHSUH]HQWDWLYH SHQWUX .

XUP WRDUH

1) Pentru 0 < L < L1, Ks L .d U

ULLSHQWUXvQWUHSULQGHUH

0 = K0(L) permite sa se formuleze concluziile

PkQ FRQVWDQWH .

s fiind superior lui Kd vQWUHSULQGHUHD SRDWH V 

0HVWHRIXQF LH

EHQHILFLH]HGHXQHIHFWDOPRGLILF ULLVWUXFWXULLFUHVFkQGvQGDWRUDUHDVDQDFHVWHFRQGL LL.

GHVFUHVF WRD

re de L.

2) Pentru L > L1, K0 YD FXQRDWH PDL PXOWH GRPHQLL GH YDULD LH 3RUQLQG GH OD /1 costul

FDSLWDOXULORU SURSULL FXQRDWH R FUHWHUH DFFHOHUDW  2 FUHWHUH D OXL / YD SURGXFH GHFL GRX  HIHFWH

contradictorii asupra costului global al capitalurilor K0.

Pe de o parte, KsHFUHVF WRULWLQGHV GHWHUPLQHFUHWHUHDOXL.0.
'DUSHGHDOW SDUWH. U PkQHFRQVWDQWDWkWDWLPSFkW// . De asemenea avem K
d
2
d < Ks.
QDFHVWH FRQGL LL HIHFWXOVWUXFWXULLYDH[HUFLWDR SUHVLXQHGHVF GHUHDFRVWXOXLJOREDO K , dar cu o
0
*
LQIOXHQ FRQWUDGLFWRULHGXS FXPVXQWYDORULOHOXL/L/ .
a) ntr-R SULPD ID]  SHQWUX YDORUL /1<L<L* LQIOXHQ D HIHFWXOXL VWUXFWXULL R GHS HWH SH FHD
H[HUFLWDW GHFUHWHUHDFDSLWDOXULORUSURSULL&RVWXOJOREDOYDFRQWLQXDV VFDG GDU ntr-un mod din ce n ce
mai lent.
Vom avea deci K0(L) = K0 cu: K'0/L.0(L)<0.
b) Pentru L=L* FHOH GRX  LQIOXHQ H DVXSUD OXL .0 VH YRU QHXWUDOL]D L YRU SHUPLWH V  VH RE LQ  XQ
cost minim al capitalului.
*
FQVIkULWSHQWUX/!/ ,costul globalDOILQDQ ULLVHYDULGLFDFXUD LD/
ncepnd cu L2DFHDVW FUHWHUHSHQWUX.0YDH[SULPDRFUHWHUHSHQWUX.dL.s7R LIXUQL]RULLGH
IRQGXUL HVWLPHD]  F  ULGLFDUHD QLYHOXOXL vQGDWRU ULL vQWUHSULQGHULL ULGLF  ULVFXO ILQDQFLDU 9RU VSRUL SURSULLOH

e[LJHQ HGHUDQGDPHQWLDFHDVWDVHYDUHJ

VLvQFUHWHUHDFRVWXOXLJOREDODOILQDQ

ULLvQWUHSULQGHULL

$FHDVW  SUH]HQWDUH D IXQF LHL FRVWXOXL JOREDO DO FDSLWDOXOXL SHUPL WH V  VH GHILQHDVF  R VWUXFWXU 

ILQDQFLDU  RSWLP  DWXQFL FkQG /

FRVWXOILQDQ

/

*, exprimnd combLQD LD vQWUH FDSLWDOXUL SURSULL L GDWRULL SHQWUX FDUH

ULLHVWHPLQLP

'DF  YRP DGRSWD UHSUH]HQWDUHD FRVWXOXL FDSLWDOXULORU SURSULL SULQWU XQ JUDILF FDUH GHYLQH FUHVF WRU

GXS  R XRDU  FUHWHUH D OXL / YRP RE LQH UH]XOWDWH VHQVLELO GLIHULWH ID

 GH FRQVWUXF LD IXQF LHL FRVWXOXL

JOREDO GLQ VLWXD LD SUHFHGHQW  &XUED UHSUH]HQWDWLY  D FRVWXOXL WRWDO QX PDL SHUPLWH V  VH HYLGHQ LH]H XQ

optim ntr-un punct corespunznd unei valori definite a lui L.

Q VFKLPE HD SHUPLWH V  VH RE LQ  R ]RQ  RSWLP  FRUHVSXQ]kQG XQXL SDOLHU DO FRVWXOXL JOREDO

minim.
'H IDSW DYkQG vQ YHGHUH DFHDVW  DQDOL]  FXUED FRVWXOXL FDSLWDOXULORU SURSULL VXIHU  YDULD LL
GLIHUHQ LDWHSH

trei intervale.

1) Cnd L<L2, Ks HVWH FRQVWDQW 'DWRULW  DFHVWXL IDSW GDF  / FUHWH HIHFWXO VWUXFWXULL VH H[HUFLW
antrennd diminuarea costului global al capitalului ntruct Kd este inferior lui Ks pe tot acest interval.



2) Cnd L2<L<L'2, Ks HVWH FUHVF WRU FX R UDW  PRGHUDW  Q DFHVW FD] FUHWHUHD SHQWUX .s poate fi
QHXWUDOL]DW  GH HIHctul structurii pentru toate valorile L pe acest interval. K  U PkQH FRQVWDQW GDWRULW 
0
FRPSHQV ULLvQWUHUHGXFHUHDFDSLWDOXULORUSURSULLLUHGXFHUHDFRVWXOXLOHJDWGHDSHOXOFUHVFXWODGDWRULLFDUH

VXQWPDLSX LQRQHURDVH

3) Cnd L > L'2DUHORFFUHWHUHDDFFHOHUDW

DOXL.

s, apoi a lui KdFDUHDQWUHQHD]

RULGLFDUHSHQWUX

K0.
Reprezentarea K0 = K0(L) printr-RFXUE vQIRUP GH8GHILQHWHQXQXPDLRFRPELQD LHRSWLP
L 2 - L2 GLQILJXUDXUP WRDUH

GDULR]RQ GHILQDQ DUHRSWLP ]RQD



d) Concluziile teoriei clasice. $FHDVW

ILQDQ

 WHRULH DILUP  L LQH V  LOXVWUH]H H[LVWHQ D XQHL VWUXFWXUL RSWLPH D

ULLFKLDUGDF VXV LQ WRULLDFHVWHLWHRULLGLIHU vQWUHHLDWXQFLFkQGVHFHUHV VHSUHFL]H]HIRUPDFXUEHL

costului global al capitalului.

3HQWUXDFHDVW VWUXFWXU ILQDQFLDU RSWLP FRVWXOJOREDO DOFDSLWDOXOXL VDX FRVWXO PHGLXSRQGHUDWDO

capitalului este minim.

3H GH DOW  SDUWH SHQWUX DFHDVW  VWUXFWXU  RSWLP  FRVWXO PDUJLQDO DO GDWRULLORU WLQGH V  HJDOL]H]H

costul marginal real al capita-lurilor proprii. n general, pentru niveluri de ndatorare inferioare acestui
RSWLPFRVWXOPDUJLQDOUHDODOGDWRULLORUWLQGHV GHS HDVF SHFHODOFDSLWDOXULORUSURSULLvQP VXUDvQFDUe
XUFDUHDULVFXULORUILQDQFLDUHYDDQWUHQDRFUHWHUHUDSLG DFRVWXULORUH[SOLFLWHLLPSOLFLWHDOHvQGDWRU ULL
 &RQFOX]LL SULYLQG WHRULLOH UHIHULWRDUH OD LQIOXHQ D VWUXFWXULL ILQDQFLDUH D vQWUHSULQGHULL DVXSUD
FRVWXOXLILQDQ

ULL

'LQWRDW DQDOL]DVWUXFWXULLILQDQFLDUHVHVXJHUHD] F vQWUHSULQ GHUHDSRDWHvQSUDFWLF V H[HUFLWHR

LQIOXHQ

DVXSUDFRVWXOXLILQDQ

ULLVDOHGDWRULW XQHLDF LXQLDVXSUDVWUXFWXULLVDOHILQDQFLDUH

Q SRILGD FDUDFWHUXOXLXQHRULDEVWUDFWLXQHRULLUHDOLVW DOGLIHULWHORUVDOH GH]YROW UL DFHDVW  WHRULH

IXUQL]HD]  VFKHPH DQDOLWLFH GH UHIHULQ

 HVHQ LDOH SHQWUX HODERUDUHD DSOLFDUHD L vQWHOHJHUHD SROLWLFLL

ILQDQFLDUHDvQWUHSULQGHULLLPDLDOHVSHQWUXSROLWLFDVDGHLQYHVWL LL
3HQWUX vQWUHSULQGHULOH URPkQHWL QX D H[LVWDW SUHRFXSDUH vQ FHHD FH SULYHWH FRVWXO ILQDQ

ULL $WkWD

WLPS FkW SURSULHWDUXO HUD XQXO VLQJXU UHVSHFWLY VWDWXO QX SXWHD V  H[LVWH SUHRFXSDUHD GH D SODVD FDSLWDOXO

ntr-RvQWUHSULQGHUHVDXDOWDDVWIHOvQFkWIUXFWLILFDUHDV

ILHFkWPDLEXQ &DSLWDOXOSURSULXDOvQWUHSULQGHULORU

HUDFDSLWDOGHVWDWLDUE QFLOHFDUHSXWHDXV vPSUXPXWHvQWUHSULQGHULOHHUDXGHDVHPHQHDSURSULHWDWHGHVWDW

$ORFDUHDFDSLWDOXOXLVHI FHD GXS FULWHULL FDUH QX H[SULPDX vQSULPXOUkQGFRQIUXQWDUHDvQWUHSURGXF WRUL
SHGHRSDUWHLLQYHVWLWRULLILQDQFLDULSHGHDOW SDUWH
$VSHFWHOH QHIDYRUDELOH VH S VWUHD]  vQ FRQWLQXDUH vQ FRQGL LLOH FkQG PXOWH VRFLHW

L FRPHUFLDOH

ndeosebi marile ntreprinderi, sunt cu capital de stat n cea mai mare parte.
$X DS UXW vQV  XQHOH DVSHFWH FDUDFWHULVWLFH SHQWUX SHULRDGD DFWXDO  SH FDUH R SDUFXUJH HFRQRPLD QRDVWU 
WLP F  vQ JHQHUDO FRVWXO SHQWUX FDSLWDOXULOH SURSULL WUHEXLH V  ILH PDL PDUH GHFkW FRVWXO GDWRULLORU GDU
GHRFDPGDW OXFUXULOHVWDXLQYHUV3HQWUXPXOWHGLQPDULO

e ntreprinderi capitalul propriu este al statului, care

QXSRDWHV HPLW SUHWHQ LLGHUHQWDELOLWDWHSHQWUXFDSLWDOXULOHVDOHvQWUXFkWHOQXDUHSRVLELOLWDWHDGHDDOHJH

ntre mai multe ntreprinderi, el este n fostele ntreprinderi ale statului. Statul va primi dividende conform
UH]XOWDWHORU vQWUHSULQGHULORU 'DU FDSLWDOXO vQWUHSULQGHULORU HVWH L FDSLWDO vPSUXPXWDW GH OD E QFL 'REkQGD
SHQWUX vPSUXPXWXULOH EDQFDUH HVWH PXOW PDL ULGLFDW  GHFkW UHQWDELOLWDWHD FDSLWDOXULORU SURSULL FRVWXO SHQWUX

capitaluULOH vPSUXPXWDWH GH OD E

QFL HVWH PXOW PDL ULGLFDW GHFkW FRVWXO FDSLWDOXULORU SURSULL FDUH DSDU LQ

VWDWXOXL 'DU L E QFLOH VXQW FX FDSLWDO GH VWDW L SH DFHDVW  FDOH SURILWXULOH U PkQ vQ VIHUD SURSULHW

LL GH

VWDWQDFHVWIHOQXVHVWLPXOHD] SUHRFXSDUHDSHQWUXHILFLHQ DHFRQRPLF 

7UHEXLH I FXW  SULYDWL]DUH HIHFWLY  WUHEXLH FUHDW FDSLWDOXO SULYDW IRUPkQGX VH DVWIHO R SLD

 D

FDSLWDOXULORUVWDWXOQHILLQGXQEXQDF LRQDUvQvQWUHSULQGHUL
6LWXD LDDFWXDO FkQGFRVWXOGDWRULLORUHVWHPDLULGLFDWGHFk

t costul capitalurilor proprii va conduce la

GH]YROWDUHD SLH HL ILQDQFLDUH D FDSLWDOXULORU SH FDUH V  FLUFXOH WLWOXUL UHSUH]HQWkQG FDSLWDOXUL SURSULL 6H YD
RE LQH DVWIHO SHQWUX vQFHSXW UHGXFHUHD FRVWXOXL GDWRULLORU LDU vQ WLPS VH YD DMXQJH OD VLWXD LD G

e a fi mai
-l

ULGLFDW FRVWXO FDSLWDOXULORU SURSULL GHFkW FRVWXO GDWRULLORU $FHVWD HVWH VHQVXO HYROX LHL LDU QRL WUHEXLH V
JU ELP

ntr-RHFRQRPLHOLEHU HYROXDW GH]YROWDW FXRSLD DFDSLWDOXULORUELQHFRQWXUDW FRVWXOULGLFDWDO

capitalurilor arH XQ DVSHFW SR]LWLY DVWIHO F  HFRQRPLD HVWH HILFLHQW  L SRDWH V  DVLJXUH R UHPXQH-rare
VXSHULRDU SHQWUX GH LQ WRULLGHFDSLWDOXULGXS  FHV-DI FXWUHPXQHUDUHDFHORUFDUHIRORVHVFFDSLWDOXULOHvQ
SULPXOUkQGVXEIRUP GHVDODULL

Costul ridicat al caSLWDOXULORU HVWH H[SUHVLD HILFLHQ HL HFRQRPLFH 'DU LQGLIHUHQW GH FRVWXO JOREDO DO
ILQDQ

ULL XQ FRVW PDL ULGLFDW DO GDWRULLORU ID

 GH FRVWXO FDSLWDOXULORU SURSULL H[SULP  LQHILFLHQ D &RVWXO

ULGLFDW DO FDSLWDOXULORU vPSUXPXWDWH HVWH GDW GH IDSWXO F  E QFLOH DX GHYHQLW VRFLHW

L FRPHUFLDOH ILHFDUH

XUP ULQGX L LQWHUHVXO GH D RE LQH SURILW vQ WLPS FH VWDWXO GH LQ WRUXO FDSLWDOXULORU SURSULL DO PXOWRU

vQWUHSULQGHULvQJHQHUDOPDULQXDUHGHFkWV VHPXO XPHDVF FXSURILWXOU PDVGXS UHPXQHUDUHDGDWRUL

ID

GHE QFL

ilor