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CAPITOLUL 9

DECIZIILE FINANCIARE PRIVIND


CICLUL DE EXPLOATARE

CUPRINS
9.1. Procesul de consum pentru formarea activelor circulante
necesare ciclului de exploatare
3URLHFWDUHDILQDQFLDU

DQHFHVDUXOXLGHDFWLYHFLUFXODQWH

9.3.
Decizia financLDU  SULYLQG ILQDQ DUHD FLFOXOXL
exploatare
9.4.
Alte decizii financiare privind ciclul de exploatare
9.5. Gestionarea stocurilor

CONCEPTE
Formele de manifestare ale activelor circulante
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Modele de determinare a necesarului de active circulante


Fondul de rulment
Necesarul de fond de rulment; Trezorerie
$XWRILQDQ DUHDDFWLYHORUFLUFXODQWH
,QGLFDWRULGHHILFLHQ

Bugetul activelor circulante


Politica fondului de rulment

0RGLILF ULDOHSDWULPRQLXOXL

Asigurarea stocurilor de mijloace circulante

*HVWLXQHDVWRFXULORUvQVLWXD LDGHLQFHUWLWXGLQH

GH

9.1. PROCESUL DE CONSUM


PENTRU FORMAREA ACTIVELOR CIRCULANTE
NECESARE CICLULUI DE EXPLOATARE
7UDQVIRUP ULOH VSHFLILFH SURFHVXOXL GH SURGXF LH WUDQVIRUP UL

realizate n cadrul ciclului de exploatare,

)LQDQ DUHD

ciclului de
exploatare

QHFHVLW H[LVWHQ DXQRU

VWRFXUL GH DFWLYH PLMORDFH  FLUFXODQWH vQ WRDWH ID]HOH DFWLYLW

LL

HFRQRPLFH GLQ vQWUHSULQGHUH )RUPDUHD DFHVWRU VWRFXUL UH]XOW  vQ

urma unoU DFWLYLW

L GH FRQVXP SULQ FDUH R YDORDUH LPSRUWDQW 

VXE IRUP  GH SURGXVH L VHUYLFLL VH LPRELOL]HD]  SHQWUX R

SHULRDG GHWLPSPDLPDUH VDXPDLPLF vQ VWUXFWXUDHFRQRPLF 

a ntreprinderii.
$3R]L LDDFWLYHORU PLMORDFHORU FLUFXODQWHvQVWUXFWXUDvQWUHSULQGHULL

Q

VWUXFWXUD

HFRQRPLF 

D

vQWUHSULQGHULL DFWLYHOH FLUFXODQWH MRDF 


UROXO

GH

UHDOL]HD] 

RELHFW

DVXSUD

DF LXQHD

GH

WUDQVIRUPDUHVSHFLILF XQLW

Stocurile

de

F UXLD

SUHOXFUDUH

mijloace

VH
L

LLvQFDX] 

circulante

vQJOREHD]  PDWHULL SULPH L PDWHULDOH

aflate n GLIHULWHID]HDOHSUHOXFU

ULLGDU

L VXE IRUP  GH SURGXVH ILQLWH Q


DFWLYXO ELODQ XOXL YRP J VL DFWLYHOH
FLUFXODQWHLVXEIRUP GH
VXE IRUP  GH FUHDQ H DVXSUD FOLHQ LORU L GHELWRULORU 9DORDUHD

DGXV  GLQ DIDUD XQLW

LL VXE IRUP  GH PDWHULL SULPH PDWHULDOH

FRPEXVWLELO VH FRPSOHWHD]  FX FHD FRQVHUYDW  SULQ SURFHVHOH GH

transformare, dHYHQLQG

DFWLYH FLUFXODQWH GH WLSXO SURGXF LHL

QHILQLWHSURGXVHILQLWHVHPLIDEULFDWHGHVWLQDWHYkQ] ULL2GDW FX

vnzarea produselor finite elementul nu dispare, valoarea lui


transformndu-VH vQ FUHDQ H SkQ  OD vQFDVDUHD FRQWUDYDORULL VXE
IRUP GHEDQL

Cadrul 9.1.
'HILQL LLOH DFWXDOH DX IRUPDW R LQWHUSUHWDUH HURQDW  GHVSUH FRQFHSWXO DQDOL]DW

mijloacele circulante sunt reprezentate numai de stocuri de bunuri materiale. Va trebui


V  DFFHSW P vQ DFHVW FRQFHSW L PLMORDFHOH vQ GHFRQWDUH FUHDQ H  GLVSRQLELOLW

LOH

E QHWLGLQFDV VDXGHODEDQF 3ULYLWHDVWIHODFWLYHOH PLMORDFHOH FLUFXODQWHDSDUVXE

GLIHULWH IRUPH SH SDUFXUVXO FLFOXOXL GH H[SORDWDUH SRWHQ LDOXO HFRQRPLF YDORDUHD 
FRQVHUYDW vQHOHU PkQkQGvQJHVWLXQHDvQWUHSULQGHULLvQPRGSHUPDQHQW

6HUYLFLXO SH FDUH DFWLYHOH FLUFXODQWH vO SUHVWHD]  vQ FDGUXO

SURFHVXOXLGHSURGXF LHHVWHUHGDWGHUHOD LD


5HOD LD

e
s ---------> i

Serviciul adus
de activele
circulante

VDXDOWIHOVSXVDFWLYHOHFLUFXODQWHvLSXQODGLVSR]L LDLQIRUPD LHL

de produs sau tehnologice, i

vQV L VXEVWDQ D

s, intrnd n
e.

FRQ LQXWXOSURGXVXOXLFXDMXWRUXOHQHUJLHLGHWUDQVIRUPDUH

6WUXFWXUD LQWHUQ  D HOHPHQWXOXL DFWLYH PLMORDFH  FLUFXODQWH

GHSLQGH GH SURILOXO XQLW

LL GH WHKQRORJLD GH IDEULFD LH GH

RUJDQL]DUHD JHQHUDO  D vQWUHSULQGHULL SUHFXP L GH SURJUHVXO

Structura
LQWHUQ

D

activelor
circulante

tehnic din economie. Volumul total al elementului este dependent


de cantitatea de produse comandate, de capacitatea pe schimb, de
consumul specific pe XQLWDWHD GH SURGXV SUHFXP L GH WLPSXO GH
LPRELOL]DUHvQWRDWHID]HOHDFWLYLW
,PSRUWDQ D GHRVHELW 

D

LLHFRQRPLFH

PLMORDFHORU FLUFXODQWH

vQ

VWUXFWXUD

vQWUHSULQGHULL UH]XOW  L GLQ IDSWXO F  DFHVWHD GHYLQ SH SDUFXUVXO


SURFHVXOXL GH SURGXF LH GHSR]LWDUXO YDORULL FHGDWH GH FHOHODOWH
HOHPHQWH DOH VWUXFWXULL SHUVRQDOXO PLMORDFHOH IL[H LQIRUPD LD

mediul.

3HQWUX HYLGHQ LHUHD IRUPHORU SH FDUH OH vPEUDF  HOHPHQWXO

active (mijloace) circulante vom structura ciclul de exploatare


(DFWLYLWDWHD HFRQRPLF  VSHFLILF  SURFHVXOXL GH SURGXF LH  vQ SDWUX

HWDSH LQFOX]kQGDLFLLS U LDOHSURFHVXOXLGHVFKLPE 

Fig. nr. 9.1.


Aprovizionare
-bani
-materii prime
-materiale
-combustibil
-obiecte inven.
-piese etc.

3URGXF LH

-SURGXF LHQHILQLW
curs de fabricare)
-cheltuieli
anticipate

 vQ

Desfacere
-produse finite
-semifabricate
destinate
YkQ] ULL

Realizare
-FUHDQ HDVXSUD
FOLHQ LORU

-bani

B. Comportamentul general
Transferul de
SRWHQ LDOvQ

procesul de
SURGXF LH

/D IHO FD L PLMORDFHOH IL[H DFWLYHOH FRUSRUDOH  DFWLYHOH

FLUFXODQWH LQWU  vQ VWUXFWXUD GH SURGXF LH vQ XUPD XQXL SURFHV GH

consum din to Q SURFHVXO GH SURGXF LH GLQ W1 (vezi fig. nr. 8.1.,
GLQ FDSLWROXO   HOHPHQWXO GH ID

 vL WUDQVIHU  R PDUH SDUWH GLQ

YDORDUHD SRWHQ LDO HFRQRPLF  FRQVHUYDW  DQWHULRU SURFHVXO GH

consum din t0  vQ SURGXV LDU DOW

 SDUWH VH  SLHUGH SULQ ULVLS 

GHJUDGDUH UHEXWXUL IXUW HWF 3HQWUX D IL SUHJ WLWH SHQWUX XQ QRX

SURFHVGHSURGXF LH W

n PLMORDFHOH DFWLYHOH FLUFXODQWHWUHEXLHV

WUHDF SULQWU

-un proces de consum (t2 SURFHVFDUHDUHFDVFRSV 


-O L GH]YROWH

UHIDF  HOHPHQWXO UHVSHFWLY OD QLYHOXO LQL LDO GDU V

GDF  VHPQDOHOH GH OD SURFHVXO GH SURGXF LH YLLWRU DGXF DFHVW

mesaj.

(FRQRPLVWXOILQDQ LVWSHQWUXDSUHJ WLUHSDUWL LDGHWLSILQDQFLDU

3UHJ

WUHEXLH

V 

FXQRDVF 

vQWUHJXO

FRPSRUWDPHQW

DO

PLMORDFHORU

circulante pe parcursul proceselor de consum din toGH SURGXF LH


din t1LGHFRQVXPGLQWo, inclusiv semnalele de la viitorul proces
GH SURGXF LH GLQ Wn &XQRDWHUHD SUHVXSXQH vQ HOHJHUHD PRGXOXL

WLUHD

procesului de
consum

vQ FDUH IDFWRULL GH QDWXU  RELHFWLY  L VXELHFWLY  FRQGL LRQHD] 

ULPHDYDORULF DDFWLYHORUFLUFXODQWHLSLHUGHUHDGHYDORDUH

CONSUM to
1LYHOXO

LQL LDO

DO

DFWLYHORU

FLUFXODQWH

UH]XOW 

vQ

XUPD

SURLHFW ULL GH RUGLQ WHKQLF D DQVDPEOXOXL vQWUHSULQGHULL Q PRG

FRQFUHWVHDXvQYHGHUHXUP WRULLIDFWRUL

-FDSDFLWDWHDGHSURGXF LHUH]XOWDW GLQSURLHFWXOWHKQLF


-FDSDFLWDWHDHIHFWLY FHUXW GHSLD 
- FRQVXPXO VSHFLILF SH SURGXV FD R FRQVHFLQ  D SURJUHVXOXL

Factorii de
LQIOXHQ DUH

WHKQLF WHKQRORJLF L GH FDOLILFDUH LQWURGXV vQ VWUXFWXUD LQL LDO  D

tip Fc1

ntreprinderii;
-HYROX LDSUH XULORr etc.
Acest grup de factori, Fc1DF LRQHD] vQFRQGL LLOHGLQSHULRDGD
to. Modificarea unora dintre ei pe parcursul to - t2 va determina o
HYROX LH D QLYHOXOXL LQL LDO FH WUHEXLH UHFRQVWLWXLW GXS  ILHFDUH

SURFHVGHSURGXF LH
352'8&

,$W

1
n acest proces elementul active (mijloace) circulante este

VXSXV IDFWRULORU VSHFLILFL WUDQVIRUP ULORU WHKQRORJLFH 0LMORDFHOH

FLUFXODQWH VXQW vQ GHSHQGHQ

 SHUPDQHQW  GH HYROX LD IDFWRULORU

Fc2:

Factorii de
LQIOXHQ DUH

tip Fc2

- WUDQVIHUXO GH YDORDUH vQ FRPSRQHQ D SURGXVHORU OD QLYHOXO


permis dHWHKQLF WHKQRORJLHFDOLILFDUH
- IDFWRULL QDWXUDOL FDUH DWDF  vQVXLULOH IL]LFH L FKLPLFH DOH
materiilor prime sau ale produselor deja fabricate, efecte negative
DPSOLILFDWHGHQHJOLMHQ

OLSV GHRUJDQL]DUH

- IDFWRULL HFRQRPLFL FDUH FRQWULEXLH OD X]XUD PRUDO

 D XQRU

PDWHULDOHVDXDSURGXVHORUFDUHVHIDEULF GLQDFHVWHPDWHULDOH

-

GHILFLHQ H RUJDQL]DWRULFH vQ DFWLYLW

VLVWHPEDQFDUGHFRQW ULLQWHUQD LRQDOH


$PSORDUHD

LQIOXHQ HL

DFHVWRU

activHORU FLUFXODQWH VXE IRUP

IDFWRUL

LOH GLQ vQWUHSULQGHUH

GXFH

OD

HSXL]DUHD

 GH VWRFXUL SHQWUX SURGXF LH FX

HIHFWH IDYRUDELOH SURGXF LHL GDF  YDORDUHD WUHFH vQ SURGXVH VDX
FX HIHFWH QHIDYRUDELOH GDF  YDORDUHD VH SLHUGH vQ PHGLX FD

GHHXUL UHEXWXUL PDWHULDOH GHJUDGDWH HWF (VWH FODU F  FX FkW

DFHVWH WUDQVIHUXUL VSUH SURGXVH L SLHUGHUL VXQW PDL PDUL FX DWkW

consumul proiectat pentru t2 (consum pentru refacerea stocurilor


GHVWLQDWHSUHOXFU ULL YDILPDLPDUHFDQWLWDWLYLYDORULF

CONSUM t2
$FHVWSURFHVGHFRQVXPWUHEXLHV ILHSURLHFWDWSHQWUXDanula
efectele negative ale factorilor Fc2LSHQWUXDU VSXQGHFHULQ HORU
unor factori, Fc3SURYHQL LGLQYLLWRUGHODSURFHVXOGHSURGXF LH
din tn:

Factorii de
LQIOXHQ DUH

tip Fc3

-FUHWHUHDFHUHULLGHSURGXVHIDEULFDWHGLQFRQ LQXWXOPDWHULDODO
activelor (mijloacelor) circulante;
- FUHWHUHD FRQVXPXULORUVSHFLILFH GDWRULW VSRULULL FRPSOH[LW LL
produselor ce se vor fabrica;
- VSRULUHD SUH XULORU OD FRPSRQHQWHOH DFWLYHORU FLUFXODQWH L OD
serviciile de transformare (cheltuieli de aprovizionare, salarii,
amortizare etc.).
ProLHFWDUHD GLQ SXQFW GH YHGHUH ILQDQFLDU WUHEXLH V

YHGHUHWRDWHDFHVWHJUXSXULGHIDFWRULLHIHFWHOHORU
&6WDUHDFXUHQW

 DLE  vQ

DDFWLYHORUFLUFXODQWH

Pentru a contura amploarea consumului din t2 HVWH QHYRLH V

Punctul de
plecare n
fundamentarea
deciziei

vQWUHSULQGHUH $FHVW PRPHQW HVWH GH UHJXO  VIkULWXO DQXOXL vQ


FXUV PRPHQW FDUH FRLQFLGH FX vQFKHLHUHD ELODQ XOXL FRQWDELO Q
ELODQ  HOHPHQWXO vQ FDX]  VH DIO  vQ FRPSRQHQ D

Activului
circulant, la valoarea din momentul dat. Concomitent, n partea
de pasiv VH SUH]LQW  SHQWUX DFHHDL YDORDUH VLWXD LD FXUHQW  D
REOLJD LLORU ILQDQFLDUH ID

 GH IXUQL]RULL GH IRQGXUL GLQ XQLWDWH L

din afara sa.


%,/$1

ACTIV
ACTIVE CIRCULANTE
Materiale
Produse finite

PASIV
CAPITAL SOCIAL

LP UIXULH[SHGLDWH

2%/,*$

3URGXVH OXFU UL VHUYLFLL IDFWXUDWH


0 UIXUL

'LVSRQLELOLW
&OLHQ L

Debitori

FXQRDWHP VWDUHD OD XQ PRPHQW GDW D PLMORDFHORU FLUFXODQWH GLQ

LE QHWL

)21'8/'(5(=(59

9(1,785,5(=(59(,
),1$1

5,

,,ID

GHIXUQL]RUL

creditori, bugetul statului

&5(',7(,035808785,

3H ED]D GDWHORU GLQ ELODQ  VHUYLFLXO ILQDQFLDU DSUHFLD]  VWDUHD

LQL LDO  D PLMORDFHORU FLUFXODQWH SULQ LQWHUPHGLXO XQRU LQGLFDWRUL

financiari cum ar fi:


1. Fondul de rulment
3ULQ FRQ LQXWXO V X

fondul de rulment UHSUH]LQW

 R SDUWH D

GHFL]LHL ILQDQFLDUH SULYLQG DFWLYHOH  FLUFXODQWH HO FRQ LQkQG

partea de cheltuieli (yc) VXE IRUP  GH DFWLYH FLUFXODQWH R SDUWH


partea de venituri financiare (yv), ca o parte din
capitalul permanent (vezi fig. nr. 9.2).
GLQWUH HOH  L

Fig. nr. 9.2.

6HPQLILFD LD VD SULYLQG VWDUHD HOHPHQWXOXL vQ FDX]  DUDW  JUDGXO

de acoperire a necesarului de fonduri cu surse proprii (capital

VRFLDO UH]HUYH  L vPSUXPXWXUL REOLJD LL  SH WHUPHQ OXQJ &X FkW

DFHDVW  SRQGHUH HVWH PDL PDUH FX DWkW XQLWDWHD HVWH DVLJXUDW  vQ
SULYLQ DFDSDFLW

LLVDOHGHDIDFHSO

LvQDQXOYLLWRU

2. Necesarul de fond de rulment


&DOFXODW

SH

ED]D

ELODQ XOXL

SUHYL]LRQDW

VDX

D

EXJHWXOXL

SUHYL]LRQDW DFHVW LQGLFDWRU UH]XOW  GLQ FRPSDUD LD GLQWUH DFWLY

(stocuri, cliHQ L FKHOWXLHOL GH H[SORDWDUH  L SDVLY GDWRULL GLQ

H[SORDWDUH IXUQL]RUL  0 ULPHD DFHVWXL LQGLFDWRU G  R LPDJLQH


DVXSUD

HIRUWXOXL

ILQDQFLDU

SH

FDUH

WUHEXLH

V 

-l asume

SURSULHWDULL ILH SULQ FRQWULEX LH SURSULH FUHWHUHD FDSLWDOXOXL

VRFLDO L IRUPDUH GH UH]HUYH ILH SULQ ODQVDUH GH vPSUXPXWXUL SH

WHUPHQOXQJ HPLVLXQHGHREOLJD LXQL DWXQFLFkQGSDUWHDGH$FWLY

este mai mare.

Fig. nr. 9.3.

n cazul invers, ntreprinderea are un plus de resurse pentru

DFRSHULUHD PLMORDFHORU FLUFXODQWH ILLQG SRVLELO  R UDPEXUVDUH D

vPSUXPXWXULORU VDX R SODW  D GDWRULLORU DQJDMDWH vQ SHULRDGD


DQWHULRDU  YH]LILJ 
7UH]RUHULHQHW

Un indicator relevant pentru bunul mers al resortului financiar


este 7UH]RUHULD QHW  )LLQG R FRUHOD LH GLQWUH GLVSRQLELOLW LOH
&RUHOD LDGLQWUH
GLVSRQLELOLW

LL

FRQWULEX LD
E

E QHWL DOH XQLW

FDSDFLWDWHD vQWUHSULQGHULL GH D IDFH SO

GLVSRQLELOLW

GLVSRQLELOLW

QFLORU

LLLFRQWULEX LDE QFLORUSULQFUHGLWODDFRSHULUHD

QHFHVDUXOXL GH PLMORDFH FLUFXODQWH LQGLFDWRUXO vQ FDX]  SUH]LQW 

SURGXF LH

L

VDX

QLYHOXO

L LPHGLDWH GLQ

UHFXSHU ULORU

VXE

propriile

IRUP 

GH

L GLQ LPRELOL] ULOH vQ VWRFXUL L FKHOWXLHOL SHQWUX

QFD]XOvQFDUHSDUWHDGHDFWLY GLVSRQLELOLW

L HVWHPDLPDUH

indicatorul apare sub denumirea de Trezorerie SR]LWLY . n cazul


invers, indicatorul devine Trezorerie QHJDWLY ,vQGDWRUDUHDID GH
EDQF ILLQGPDLPDUHvQVLWXD LDXQRUSO

LLPHGLDWH

Lund n considerare starea la un moment dat a activelor


PLMORDFHORU  FLUFXODQWH L D PRGXOXL GH ILQDQ DUH VHUviciul
ILQDQFLDU DO vQWUHSULQGHULL YD SURFHGD OD SURLHFWDUHD DFWLYLW

LORU

HFRQRPLFHLILQDQFLDUHFDUHV GXF ODUHIDFHUHDLODGH]YROWDUHD

DFWLYHORUFLUFXODQWHSUHFXPLODVFKLPEDUHDVWUXFWXUDO DVXUVHORU
GH ILQDQ DUH vQ IXQF LH GH FRVWXO IRQGXULORU DQJDMDWH GH VWUXFWXUD

LDPSORDUHDSLH HLGHFDSLWDOHWF
'$FWLYLW

LGHFRQVXPUHIHULWRDUHODIRUPDUHDPLMORDFHORUFLUFXODQWH
3HQWUX D SHUPLWH GHUXODUHD DFWLYLW

Un nivel optim
pentru activele
circulante

LL GH SURGXF LH HOHPHQWXO

mijloace (active) circulante trebuie format la un nivel optim n


WRDWH ID]HOH DFWLYLW

LL HFRQRPLFH GLQ vQWUHSULQGHUH $FHVW QLYHO

UH]XOW  vQ XUPD XQRU DFWLYLW

L GH FRQVXP SULQ LQWHUPHGLXO F URUD

VH LPRELOL]HD]  vQ XQLWDWHD UHVSHFWLY  YDORDUH vQ VWRFXUL DIODWH vQ

GLIHULWHVWDGLLGHSUHOXFUDUH&RQFRPLWHQWLSURFHVXOGHSURGXF LH

contribuie la imobilizarea de valoare pe parcursul ciclului de

SURGXF LH

DG XJkQG

OD

YDORDUHD

PDWHULHL

SULPH

DGXVH

vQ

ntreprindere valoarea serviciilor cedate de celelalte elemente ale


VWUXFWXULLGHSURGXF LH VDODULLDPRUWL]DUHFKHltuieli de cercetare).
Q

OHJ WXU 

FX

PLMORDFHOH

RUJDQL]HD] XUP WRDUHOHDFWLYLW

FLUFXODQWH

L

vQ

vQWUHSULQGHUH

VH

$FWLYLWDWHDGHDSURYL]LRQDUHFXVWRFXULOHQHFHVDUHSURGXF LHL
$FWLYLW

L

economice tip
consum

$FWLYLWDWHDGHSUHOXFUDUHDPDWHULLORUSULPHLGHWUDQVIRUPDUH

a lor n produse finite;


3. Activitatea de depozitare;
4. Activitatea de vnzare-decontare;
5. Activitatea de asigurare.
7RDWHDFHVWHDFWLYLW

LVXQWVXSXVHXQRURSHUD LLGHLQIRUPDUH

DQDOL]  L FRQWURO vQ YHGHUHD SURLHFW ULL GLQ SXQFW GH YHGHUH

economiF L ILQDQFLDU 6HUYLFLXO ILQDQFLDU FRQOXFUHD]

 SHUPDQHQW

FX VHUYLFLLOH WHKQLFH L HFRQRPLFH GLQ XQLWDWH LQIRUPD LLOH

ILQDQFLDUHLGHFL]LLOHGHUHSDUWL LHILQDQFLDU UH]XOWkQGGLQDFHDVW 

cooperare.
$FWLYLW

LOH 

FLUFXODQWH

- 4 contribuie la formarea elementului mijloace


UHFLSURF 7RWRGDW  HOH VXQW vQ

FRQGL LRQkQGX VH

FRQWDFW SHUPDQHQW FX IDFWRULL GLQ DIDUD XQLW

LL UHIOHFWkQG vQ

GLPHQVLXQHD ORU FDQWLWDWLY  L YDORULF  HIHFWHOH DFHVWRU IDFWRUL


3URLHFWDUHD ILQDQFLDU  YD DYHD vQ YHGHUH WRWDOLWDWHD DFWLYLW

LORU

enumerate, folosind metode analitice sau globale de cuantificare.

352,(&7$5($),1$1&,$5

$

NECESARULUI DE ACTIVE CIRCULANTE

$

&RQ LQXWXO

DFWLYLW

LORU

SULYLQG

IRUPDUHD

HOHPHQWXOXL

DFWLYH

PLMORDFH 

circulante
$FWLYLW

L

necesare
IRUP

ULL

elementului

)RUPDUHD HOHPHQWXOXL vQ FDX]  HVWH FRQWULEX LD DFWLYLW

LORU

economice din toate cele patru faze ale ciclului de exploatare:


DSURYL]LRQDUHD SURGXF LD GHVIDFHUHD L realizarea. Imobilizarea

GH YDORUL vQ DFHVWH ID]H DUH GRX  VXUVH DGXFHUHD GH YDORDUH GLQ

DIDUD XQLW

LL VDX GLQ ID]D SUHFHGHQW  L FRQVHUYDUHD GH YDORDUH

SULQSURFHVXOGHSURGXF LHGHVIDFHUHDSURYL]LRQDUH

Fig. nr. 9.4.

'LQ ILJ QU UH]XOW F DFWLYLW

LOHUHVSHFWLYHFRQFHQWUHD] 

vQFRQ LQXWXOHOHPHQWXOXLPLMORDFHFLUFXODQWHRYDORDUHLPSRUWDQW 
SH P VXU  FH PDWHULLOH SULPH DGXVH vQ vQWUHSULQGHUH vQ PRPHQWXO

to DYDQVHD]

 VSUH PRPHQWXO OLYU ULL L DO UHDOL] ULL ILQDOH W

r.

$PSORDUHD YDORULF  D HOHPHQWXOXL vQ FDX]  GHSLQGH DDGDU GH

doi factori comSOHFL


Fig. nr. 9.5.

- consumul mediu zilnic, notat cu simbolul Cz;


-WLPSXOLPRELOL] ULLSHSHULRDGDWo - tr (vezi fig. nr. 9.5):
5HOD LD

Mc =

f (Cz)dt

2EVHUY P

HOHPHQWXO

DFWLYH

PLMORDFH 

FLUFXODQWH

vL

ciclului de exploatare de la
YDORDUHD PDWHULLORU SULPH L DOWH PDWHULDOH aduse n unitate n
momentul to SkQ  OD nivelul costului complet nregistrat dXS 
efectuarea cheltuielilor de desfacere.
Q SULYLQ D perioadei de imobilizare HD vQVXPHD]  WLPSXO GH

&UHWHUHD
YDORULF

F 

DPSOLILF QLYHOXOYDORULFSHSDUFXUVXO

D

activelor
circulante

DWHSWDUH vQ ID]D GH DSURYL]LRQDUH GXUDWD FLFOXOXL GH SURGXF LH
WLPSXO GH DWHSWDUH vQ ID]D GH GHVIDFHUH L WLPSXO FHUXW GH

GHUXODUHD GHFRQW ULORU vQWUH XQLWDWHD vQ FDX]  L FXPS U WRULL

produselor livrate.
Modificarea
dimensiunii
timp

$WkW QLYHOXO YDORULF FkW L GLPHQVLXQHD WLPS QHFHVLW  R

FXQRDWHUHFRPSOH[ GHODDVSHFWHOHWHKQLFHLRUJDQL]DWRULFHDOH

DFWLYLW

de

LORU HFRQRPLFH OD FHOH OHJDWH GH JHVWLRQDUHD VWRFXULORU L

SUH XUL UHVWULF LLOH SLH HL GH DSURYL]LRQDUH L GHVIDFHUH OD

IXQF LRQDUHDGHDQVDPEOXDvQWUHSULQGHULL

7RDWH DFHVWH DVSHFWH YRU IL DYXWH vQ YHGHUH GH F WUH VHUYLFLXO

ILQDQFLDU SHQWUX D SURLHFWD UHSDUWL LD ILQDQFLDU  YLLWRDUH SULQ

LQWHUPHGLXOIRQGXOXLGHLQIRUPD LLFXQRVFXWH\P\F\Y\H
%,QIRUPD LLOHILQDQFLDUH

ym

$FHVWH LQIRUPD LL VFRW vQ UHOLHI DVSHFWHOH FDOLWDWLYH FDUH VH

VWDELOHVF vQWUH vQWUHSULQGHUH L SRVHVRULL GH UHVXUVH ILQDQFLDUH

UHGkQG FRQGL LRQ ULOH FDUH vQVR HVF DFFHVXO OD IRQGXULO
ILQDQ

6WXGLLQG

/HJLVOD LD
ILQDQFLDU
VXUV

SHQWUX

LQIRUPD LD\P

e necesare

ULLPLMORDFHORUFLUFXODQWHODQLYHOPLFURHFRQRPLF
OHJLVOD LD

ILQDQFLDU 

LQGLFD LLOH

PHWRGRORJLFH

KRW UkULOH JXYHUQDPHQWDOH OLWHUDWXUD GH VSHFLDOLWDWH HWF UH]XOW 


JDPD LQIRUPD LLORU GH WLSXO

ym, sub forma surselor de fonduri,

REOLJD LLOH ILQDQFLDUH SH FDUH L OH DVXP  XQLWDWHD PRGHOHOH GH

FDOFXOUHVWULF LLLDYDQWDMHHFRQRPLFHLILQDQFLDUHHWF

L vQ FD]XO PLMORDFHORU FLUFXODQWH VHUYLFLXO ILQDQFLDU IRORVHWH

LQIRUPD LLOH
ILQDQFLDU 

Fig. nr. 9.6.

ym pentru a proiecta VFKHPDOHJ


(vezi fig. nr. 9.6).

WXULORUGHUHSDUWL LH

La sursele permanente, serviciul financiar are posibilitatea de a


apela frecvent. Contactul cu proprietarul se face prin metodele

VSHFLILFH FRQVWLWXLULL L O UJLULL FDSLWDOXOXL VRFLDO OHJ WXUD SRDWH IL

Surse cu
caracter
permanent

GLUHFW VDXSULQLQWHUPHGLXOSLH HLGHFDSLWDO EXUV E QFL 

$XWRILQDQ DUHD HVWH SUH]HQW  vQ FD]XO FRQVWLWXLULL XQRU IRQGXUL

GH UH]HUY  DFRSHULULL XQRU SLHUGHUL GLQ DQLL SUHFHGHQ L 3LD D GH

capital DSDUH FD VXUV

 L vQ FD]XO ODQV ULL XQRU vPSUXPXWXUL SH

WHUPHQOXQJSULQYkQ]DUHDGHREOLJD LXQL

Q PHFDQLVPXO GHFRQW ULORU FX IXUQL]RULL L FKLDU FX SURSULL

Datorii din
exploatare
sau pasive

VDODULD L VH vQUHJLVWUHD]  GHFDODMH OHJDOH FDUH SHUPLW XQLW

FX SUHOXFUDUHD I U  V  ILH QHYRLH GH IRQGXUL ILQDQFLDUH VH

vQUHJLVWUHD] DD

-numitele "pasive" sau datorii din exploatare). n


anumite limite, aceste pasive (sau credite tehnice) sunt permise;
abuzul n acest domeQLXSRDWHFUHDJUHXW LILQDQFLDUHIXUQL]RULORU
LSRWGHUHJODVLVWHPXOGHSO
% QFLOH JHVWLRQHD] 

&RQWULEX LD

creditului la
formarea
activelor

Bugetului de
VWDWLD
DVLJXU

ULORU

LvQHFRQRPLH EORFDMILQDQFLDU 

fondul de creditare la care ntreprinderea

IDFH DSHO OD FRQGL LLOH VWDELOLWH GH UHJXODPHQWH EDQFDUH L GH

FRVWXULOH IRQGXULORU UHVSHFWLYH )RQGXULOH PRELOL]DWH GH OD E QFL


LPSOLF UDPEXUVDELOLWDWHDLSODWDGHGREkQ]LFRPLVLRDQHSUHFXP

L H[HUFLWDUHD XQXL FRQWURO SHULRGLF DVXSUD JDUDQ LHL H[LVWHQWH vQ

unitate pentru creditele angajate.


Apelarea la bugetul de stat sau local HVWH DFFLGHQWDO

VRFLHW
&RQWULEX LD

LL V 

FRQVWLWXLH VWRFXUL GH PLMORDFH FLUFXODQWH L V  HIHFWXH]H FKHOWXLHOL

LORU

FRPHUFLDOH

VXEYHQ LL 

SHQWUX

UHJLLOH

 vQ FD]XO

DXWRQRPH

OHJ WXUDFX EXJHWXO GH VWDW SRDWHIL PDLIUHFYHQW  GDU WRW SH ED]D

unor legi adoptate de Parlament. Tot n categoria surselor


IDFXOWDWLYH LQWU  L fondul de asigurare,  FRQVWLWXLW OD GLVSR]L LD

XQRU VRFLHW

L GH DVLJXUDUH Q FD]XO vQ FDUH R XQLWDWH HFRQRPLF 

vL DVLJXU  VWRFXULOH GH PDWHULL SULPH VDX SURGXVH ILQLWH L VH

SURGXFHIHQRPHQXOFDUHGLVWUXJHDFHVWHVWRFXULXQLWDWHDvQFDVHD] 
GHVS JXELUL GXS UHJXOLOHDVLJXU ULORUGHEXQXUL 

6XUVHOHDPLQWLWHVXQWVLWXDWHvQHFRQRPLDQD LRQDO GDUFDLvQ

&RQWULEX LD
SLH HLH[WHUQHGH

capital

FD]XO LQYHVWL LLORU L IRUPDUHD HOHPHQWXOXL PLMORDFH FLUFXODQWH

poate beneficia de fonduri din afara economiei, de pe


H[WHUQ

 GH FDSLWDO 'LVSRQLELOLW

SLD D

LOH ILQDQFLDUH DOH SDUWHQHUXOXL

IRQGXULOH E QFLORU VDX UHVXUVHOH ILQDQFLDUH PRELOL]DWH SULQ EXUV 


SRW FRQVWLWXL VXUVH H[WHUQH SHQWUX ILQDQ DUHD XQHL S U L GLQ

necesarul de mijloace circulante.


(FRQRPLVWXO YD SURFHGD DSRL OD FXQRDWHUHD WXWXURU FRQGL LLORU

&XQRDWHUHD

GH DFFHV OD DFHVWH VXUVH SUHFXP L OD PRGHOHOH PDWHPDWLFH L

FRQGL LLORUGH

logice de determinare a nivelului fondurilor pe care le poate sau le

DFFHVODSLD D

fondurilor

GRUHWH D OH PRELOL]D 2GDW  DFXPXODWH DFHVWH LQIRUPD LL GH WLSXO

ym

VH SRDWH WUHFH OD GHWHUPLQDUHD LQIRUPD LLORU ILQDQFLDUH

FDQWLWDWLYH UHIHULWRDUH OD P ULPHD FKHOWXLHOLORU ILQDQFLDUH \F  OD


YROXPXO YHQLWXULORU ILQDQFLDUH PRELOL]DELOH \Y  L OD DPSORDUHD

HILFLHQ HLHFRQRPLFHFXFDUHVHSUHFRQL]HD] DVHXWLOL]DIRQGXULOH


GHVWLQDWHIRUP ULLPLMORDFHORUFLUFXODQWH \H 

C. Cheltuielile financiare yc
$FWLYLW

LOH

HFRQRPLFH

FDUH

SHUPLW

PLMORDFH FLUFXODQWH JHQHUHD]  vQ W

IRUPDUHD

HOHPHQWXOXL

o L W2 un amplu proces de

FRQVXP L GH LPRELOL]DUH GH YDORDUH ,QWHUSUHWDUHD XQXL SURFHV

SULQ

LQWHUPHGLXO

PRGHOHORU

LQIRUPD LLORUGHWLS\F

imobilizate

&KHOWXLHOLL

ii
financiare
REOLJD

vQ DFWLYLW

ILQDQFLDUH

SHUPLWH

RE LQHUHD

ycp - nivelul valoric al activelor circulante

SURGXF LH vQSHULRDGDW

LOH FHUXWH GH GHUXODUHD SURFHVXOXL GH

o - trGLQILJQUL yco -REOLJD LL


financiare n afara ntreprinderii.
PHQWUX RE LQHUHD DFHVWRU LQIRUPD LL VHUYLFLXO ILQDQFLDU

FRODERUHD]  FX VHUYLFLLOH WHKQLFH L HFRQRPLFH GLQ vQWUHSULQGHUH

DSURYL]LRQDUHSURGXF LHDX[LOLDUHGHVIDFHUHSURLHFWDUHHWF 'H


OD

DFHVWH

FRQVXPXUL

VHUYLFLL

SURFXU 

VSHFLILFH

LQIRUPD LL

YROXPXO

GH

QDWXU 

SURGXF LHL

FDQWLWDWLY 

SHULRDGD

GH

LPRELOL]DUH  L YDORULF  SUH XUL GH DSURYL]LRQDUH FKHOWXLHOL GH


SUHOXFUDUHDSURYL]LRQDUHLGHVIDFHUHHWF 7RDWHDFHVWHGDWHVXQW

XWLOHSHQWUXRE LQHUHDLQIRUPD LHL\F


3HQWUX LQIRUPD LD \F

XQLW

p.
sunt
nece
VDUH
o

LQYHVWLJD LL L vQ DIDUD

LLODVLVWHPXOEDQFDUODVLVWHPXOILQDQFLDULGHDVLJXU ULSH

SLD DGHFDSLWDOHWF

1. ,QIRUPD LD \Fp SUHVXSXQH R SURLHFWDUH D WXWXURU DFWLYLW


economice ce se succed din momentul to GDWD DSURYL]LRQ

Modele pentru
determinarea
cheltuielilor
financiare

LORU

ULL 

SkQ  vQ PRPHQWXO vQFDV ULL FRQWUDYDORULL P UIXULORU YkQGXWH W

r).

0RGHOHOH XWLOL]DWH VXQW GLYHUVH GH OD FHOH JOREDOH SkQ  OD FHOH

analitice. n ntreprinderile noastre s-au practicat modele analitice,


GHRVHELW GH FRPSOLFDWH GDU L FHOH JOREDOH ED]DWH SH indicatorii
YLWH]HLGHURWD LH

Q SUDFWLFD LQWHUQD LRQDO  SURLHFWDUHD QHFHVDUXOXL GH IRQGXUL

ILQDQFLDUH

SHQWUX

DFHVW

HOHPHQW

XWLOL]HD] 

FX

SUHF GHUH

extrapolarea acestui necesar pornind de la indicatorii privind

VWDUHD OD XQ PRPHQW GDW D DFWLYHORU FLUFXODQWH VWDUHD UHGDW  GH

ELODQ XO FRQWDELO L SUHYL]LXQLOH UHIHULWRDUH OD YLLWRUXO SURFHV GH


SURGXF LH

- desfacere.

Modele analitice
a) Normarea pe faze8QDVWIHOGH PRGHOUHG vQWUHDJD YDORDUH
a elementului mijloace circulante, inclusiv pe cea care trebuie
UHI FXW  VDX GH]YROWDW  2 DOW  FDUDFWHULVWLF  D DFHVWXL PRGHO HVWH

FDUDFWHUXO V X DP QXQ LW OXFUX FDUH UHIOHFW  WRDWH DVSHFWHOH


WHKQLFHLRUJDQL]DWRULFHDOHID]HLSHQWUXFDUHVHRE LQHLQIRUPD LD

5HOD LD

ILQDQFLDU 

ycp = Chz x t x k
unde:
ycp UHSUH]LQW

 LQIRUPD LD ILQDQFLDU  SDU LDO  SULYLQG QHFHVDUXO

GHIRQGXULSHILHFDUHID] DDFWLYLW

LLHFRQRPLFH

Chz -FKHOWXLHOLPHGLL]LOQLFHvQID]DUHVSHFWLY 
t - timpul de imobilizare pe faze;
k - un coeficient de corectare, specific pentru unele faze n care

FKHOWXLHOLOH QX FUHVF XQLIRUP VDX QX U PkQ FRQVWDQWH SH WRDW 
SHULRDGDLPRELOL] ULL

Astfel, n faza de aprovizionare, perioada t cuprinde intervalul

PHGLX

Componentele factorului timp

vQWUH

FRQGL LRQDUH

GRX 

DSURYL]LRQ UL

F  GXUDWD

VWRFXULORU GH VLJXUDQ

L 

GXUDWD

WUDQVSRUWXULORU

DFWLYLW

LORU

LQWHULRDUH W 

GH

GXUDWD

 VDX GH LDUQ  V  Q ID]D GH SURGXF LH

WLPSXO HVWH GDW GH P ULPHD FLFOXOXL GH IDEULFD LH G  vQ ID]D GH

GHVIDFHUH

DYHP

GXUDWD

VWD LRQ ULL

SURGXVHORU

ILQLWH

SHQWUX

ambalare, formarea stocurilor vandabile etc. (f), iar n faza de


UHDOL]DUHVHDUHvQYHGHUHGXUDWDGHFRQW ULORUFXFOLHQ LL U 

&KHOWXLHOLOH PHGLL SH ]L HYROXHD]  GH OD QLYHOXO FRVWXULORU

(YROX LD
LPRELOL]

ULORU

valorice

PDWHULLORU SULPH DSURYL]LRQDWH OD FRVWXO FRPSOHW vQUHJLVWUDW GXS 


ID]D GH GHVIDFHUH Q SULYLQ D FRHILFLHQWXOXL N HO DUH XQ QLYHO GH

 vQ ID]D GH DSURYL]LRQDUH FkQG VH DSOLF  OD LQWHUYDOXO PHGLX

vQWUH GRX  DSURYL]LRQ UL  VDX GH 


SURGXF LH YH]LH[HPSOXO 

- 1,0, n cazul fazei de

Exemplul 9.1.
Cheltuielile anuale la nivel de cost GH X]LQ

DFWLYLW

 GXS  vQFKHLHUHD

LORU GH SUHOXFUDUH VSHFLILFH SURFHVXOXL GH SURGXF LH  

mil. lei

&RVWXOGHX]LQ SHSURGXVPLOOHL

&KHOWXLHOLLQL LDOHvQSULPD]LDFLFOXOXLGHIDEULFD LHPLLOHL


'XUDWDFLFOXOXLGHIDEULFD LH]LOH

&KHOWXLHOLOHGHIDEULFD LHFUHVFXQLIRUPFkWHPLLOHLSH]L

3ULPD HWDS  D QRUP ULL DUH vQ YHGHUH GHWHUPLQDUHD FRHILFLHQWXOXL

N $FHVW OXFUX HVWH QHFHVDU vQWUXFkW IRUPXOD GH ED]  DUH FD

LQIRUPD LH &K  QLYHOXO FRVWXOXL GH X]LQ  DWLQV vQ XOWLPD ]L D

z
cicluluiGHIDEULFD LH YILJQU 

3H ED]D LQIRUPD LLORU GDWH VDX FDOFXODWH RE LQHP QLYHOXO

LQIRUPD LHL\F

pSHQWUXID]DGHSURGXF LH

ycp = 720 mil. / 360 zile x 4 zile x 0,6 = 4,8 mil.

6LPLODU VH SURFHGHD]  L FX FHOHODOWH ID]H PRGHOXO GLIHULQG

IRDUWHSX LQ OLSVHWHFRHILFLHQWXON 

b)

1HFHVDUXO GHILQDQ DW 8Q PRGHO SUDFWLFDWvQ)UDQ D DVLJXU 

GHWHUPLQDUHD GLUHFW  D QHFHVDUXOXL GH ILQDQ DW GLQ DOWH VXUVH

eliminnd partea din necesarul

WRWDO FDUH VH DFRSHU  GLQ SDVLYH

DWUDVH GH OD IXUQL]RUL L VDODULD L SULQ GHFDODUHD SO

LORU ID

PRPHQWXOHIHFWX ULLFKHOWXLHOLORUGHPLMORDFHFLUFXODQWH

 GH

Etapele de lucru sunt redate n Exemplul 9.2 L DX vQ YHGHUH XQ
interval to - tr GH  V SW PkQL JUXSDWH SH FHOH SDWUX ID]H
conform fig. nr. 9.8.

Exemplul 9.2.
'XUDWDID]HORUDFWLYLW

- aprovizionare
-SURGXF LH
V
- desfacere
V
- realizare
V
QWkU]LHUHDSO

LLHFRQRPLFHHVWHXUP WRDUHD

V SW PkQL

SW PkQL
SW PkQL
SW PkQL

LORUF WUH

- furnizori de materiale
V SW PkQL
-VDODULD LLDOWHSO LSHQWUXSURGXF LHV SW PkQL
-SO LSHQWUXFKHOWXLHOLGHGHVIDFHUHV SW PkQL

&DOFXOXOLPRELOL] ULORU
0DWHULLSULPH

&KHOWGHSURG

0LMvQGHFRQW

[V SW V SW

-8) = 2 lei / 1 leu CA


-8) = 3 lei / 1 leu CA
 [V SW V SW-12) = 3,6

[V SW V SW

OHLOHX&LIU GH$IDFHUL &$ 

Total = 2 + 3 + 3,6 = 8,6 lei / 1 leu CA


Calculul pasivelor atrase:
Furnizori [V SW OHLOHX&$
6DODULD L

[V SW

'HVIDFHUH

Total

[V SW

OHLOHX&$

= 0,15 lei / 1 leu CA

2,85 lei / 1 leu CA

1HFHVDUGHILQDQ DW

8,60 - 2,85 = 5,95 lei / 1 leu CA

&$ FLIUDGHDIDFHUL VHUHIHU ODYDORDUHDSURGXF LHLYkQGXWHGXS 


ILHFDUHFLFOXGHIDEULFD LHGHV SW PkQL

Modele globale
Metoda de
calcul cea mai
XWLOL]DW

a) 0RGHOXOYLWH]HLGHURWD

LH&HDPDLGHVXWLOL]DW HVWHPHWRGD

ED]DW  SH PRGHOXO YLWH]HL GH URWD LH D IRQGXULORU GHVWLQDWH

mijORDFHORU FLUFXODQWH vQ DQXO GH ED]

 0RGHOXO SUHVXSXQH vQ

SUHDODELO R SURLHFWDUH D YLWH]HL GH URWD LH SURJQR]DWH SH ED]D

SUHYL]LXQLORU SULYLQG GXUDWD ID]HORU DFWLYLW

LL HFRQRPLFH VXE

LQIOXHQ DXQRUUH]ROY ULWHKQLFHVDXRUJDQL]DWRULFHYLLWRDUH


5HOD LD

unde:

Vrtn = Vrto +/- ' Vr


Vrtn UHSUH]LQW

SURJQR]DW 

 YLWH]D GH URWD LH vQ QXP U GH URWD LL SH DQ 

Vrto -YLWH]DGHURWD LHGLQDQXOGHED] 


+/- Vr -PRGLILFDUHDSURLHFWDW DYLWH]HLGHURWD LH
$ GRXD HWDS  vQ PHWRGD DQDOL]DW  DVLJXU  GHWHUPLQDUHD

LQIRUPD LHL\F

pGXS

UHOD LD

5HOD LD

unde:

ycp = Qc / Vrtn
4FUHSUH]LQW SURGXF LDSURJQR]DW ODQLYHOGHFRVWFRPSOHW

Exemplul 9.3.
9LWH]D GH URWD LH vQ DQXOGH ED]  HVWH GH  URWD LLSH DQ Q DQXO

YLLWRU VH SUHFRQL]HD]  R VSRULUH D YLWH]HL GH URWD LH GH  URWD LL
FD XUPDUH D LQWURGXFHULL XQRU WHKQRORJLL QRL L D FRQWDLQHUL] ULL

desfacerii produselor.

&LIUD GH DIDFHUL UHGDW  OD QLYHO GH FRVW FRPSOHW SHQWUX DQXO

YLLWRUVHSUHFRQL]HD] DILPLO

ycp = 1000 mil. lei / (4 + 0,5) = 222,2 mil. lei.


'XS  FDOFXOXO QLYHOXOXL JOREDO DO QHFHVDUXOXL GH IRQGXUL

SHQWUX PLMORDFH FLUFXODQWH PHWRGD SUHYHGH L R VWUXFWXUDUH SH

ID]HOH DFWLYLW
DQXOGHED] 

LL HFRQRPLFH DYkQG vQ YHGHUH SRQGHUHD ORU GLQ

b) Determinarea Necesarului de fond de rulment. n practica

XQRU

UL H[LVW  DVWIHO GH PRGHOH FDUH VWDELOHVF SH WRWDO QHFHVDUXO

GH IRQG GH UXOPHQW H[SULPDW vQ ]LOH 6  XUP ULP DFHVW PRGHO SH

baza exemplului 9.4.:


Exemplul 9.4.
2 vQWUHSULQGHUH GH LQGXVWULH XRDU  SUHYL]LRQHD]  XUP WRDUHOH

LQIRUPD LLHFRQRPLFH

- Cifra de afaceri
7200 mil. lei
-&XPS U ULGHPDWHULLSULPH 4000 mil. lei
- Cheltuieli de prelucrare
2000 mil. lei
-7D[DSHYDORDUHDDG XJDW 
-vQFDVDW ODYkQ] UL 0,186
-SO WLW ODDSURYL]LRQ UL
0,103
- Creditul acordat de furnizori84 zile
-&UHGLWXODFRUGDWFOLHQ LORU 67,5 zile
-'XUDWDURWD LHLODVWRFXULOHGHPDWHULDOH
22,5 zile
-'XUDWDURWD LHLODSURGXVHILQLWH
36,0 zile
- Plata TVA se face la 30 zile
6HUYLFLXOILQDQFLDUFDOFXOHD] FRHILFLHQWul de ponderare alILHF

WLSGHVWRFID

GHFLIUDGHDIDFHUL

- Furnizori = 4000 x 1,186 / 7200 = 0,66


-&OLHQ L 79$- TVA = 1,186
- Stoc m.p. = 4000 / 7200 = 0,56
- Stoc p.f. = (4000 + 2000) / 7200 = 0,83
- TVA de recuperat = 0,186 x 0,555 = 0,1033
-79$GHSO WLW - 0,1033 = 0,08

3ULPXO

L XOWLPXO VWRF DGXF XQLW

LL

SDVLYH

UXL

FHOHODOWH ILLQG

LPRELOL] ULFDUHGHWHUPLQ QLYHOXOPLMORDFHORUFLUFXODQWH


,PRELOL] UL

&OLHQ L[

]

Stoc m.p. 22,5 x 0,56 = 12,50 z.


Stoc p.f. 36,0 x 0,83 = 30,00 z.
TVA de rec. 30 x 0,103 = 3,10 z
Total 125,66 zile

Pasive
Furniz. 84 x 0,66 = 55,35 z.
TVA de pl. 30 x 0,08 = 2,48 z.
57,83 z.

Pe baza acestor rezultate VH GHWHUPLQ  Necesarul de fond de


rulment (NFR):
NFR = 125,66 - 57,83 = 67,83 zile
$FHDVW  LQIRUPD LH VH DSOLF 

RE LQkQGX

cifrei de afaceri din anul viitor,


-se Necesarul de Fond de Rulment exprimat valoric:

NFR = 7200 x 67,83 / 360 zile = 1357 mil. lei


Necesarul de fond de rulment exprimat n zile poate fi folosit

L vQ DQLL XUP WRUL GDF  VFKLPE ULOH vQ VWUXFWXUD SURGXF LHL L D

ntreprinderii nu sunt semnificative, modelul avnd un caracter de


SURJQR] JOREDO 


2EOLJD LL

financiare n
afara firmei

,QIRUPD LLOH

\F

o

)RUPDUHD

L

GH]YROWDUHD

PLMORDFH FLUFXODQWH DWUDJ REOLJD LL ILQDQFLDUH ID


IRQGXUL FHUXWH GH ILQDQ DUHD DFWLYLW
DFHVWXL HOHPHQW DSDU REOLJD LL ID

HOHPHQWXOXL

 GH IXUQL]RULL GH

LORU UHVSHFWLYH L vQ FD]XO

 GH SURSULHWDUL VXE IRUP  GH

GLYLGHQGH GH SO WLW SHQWUX SDUWHD GH FDSLWDO VRFLDO DIODW vQ

cuprinsul fondului de rulment:

5HOD LD

yco = Capit. Soc. n F.R. x D% / 100


)RORVLUHD FUHGLWXOXL REOLJ  XQLWDWHD V  UDPEXUVH]H VXPHOH FH

FRUHVSXQG

UHGXFHULL

GH

JDUDQ LH

creditului folosit (d):

&

-d 

L

GREkQGD

DIHUHQW 

5HOD LD

yco = C-d + d
Q FD]XO vQ FDUH VWRFXULOH GH PLMORDFH FLUFXODQWH VH DVLJXU  OD

VRFLHW

L GH DVLJXUDUH REOLJD LD ILQDQFLDU  DSDUH VXE IRUPD

primelor de asigurare:
5HOD LD

yco = Valoare asig. x p% / 100


Q OHJ WXU  FX PLMORDFHOH FLUFXODQWH SRW V  PDL DSDU  L DOWH

REOLJD LLFXPDUILFRPLVLRDQHOHSO WLWHE QFLORUSHQWUXGHFRQW UL


SHQDOL] ULHWF

D. Veniturile financiare yv
9HQLWXULOHILQDQFLDUHUHGDWHGHDFHVWHLQIRUPD LLVHGHWHUPLQ SH

Prioritatea
veniturilor din
afara
ntreprinderii

baza unor modele specifice surselor de fonduri redate n tabloul


OHJ WXULORU ILQDQFLDUH GLQ ILJ QU  3H ED]D OHJ WXULORr din
interiorul ntreprinderii RE LQHP YHQLWXULOH SURSULL \Yp  LDU GDF 
QH DGUHV P VXUVHORU GH YHQLWXUL GLQ DIDUD XQLW

LQIRUPD LLOH\Y


LL RE LQHP

n.

,QIRUPD LLOH

\Y

circulaQWH VH IRUPHD]

p

3ULQ

H[FHOHQ



HOHPHQWXO

PLMORDFH

 FX IRQGXUL GLQ DIDUD vQWUHSULQGHULL 'LQ

LQWHULRUXO DFHVWHLD VH PRELOL]HD]  YHQLWXUL GLQ SURILWXO EUXW VDX VH

XWLOL]HD]  vQ FDGUXO FDSLWDOXOXL SHUPDQHQW VROGXO FRQWXULORU FDUH

S VWUHD]  IRQGXUL FRQVWLWXLWH SH VHDPD UH]XOWDWHORU ILQDQFLDUH GLQ

unitate.
Din profitul brut, prin repartizarea pentru cheltuielile care se

VFDG vQ YHGHUHD GHWHUPLQ ULL SURILWXOXL LPSR]DELO PLMORDFHOH

FLUFXODQWHEHQHILFLD] GH

-SUHOHY ULODIRQGXOGHUH]HUY LDOWHIRQGXULVSHFLDOH HOHLQWU 


n capitalul peUPDQHQW XWLOL]DW L SHQWUX DFRSHULUHD IRQGXOXL GH
3UHOHY

ULGLQ

profitul brut

UXOPHQW DWkWD WLPS FkW VXPHOH GH DLFL U PkQ QHXWLOL]DWH FRQIRUP
GHVWLQD LHLOHJDOH 

-DFRSHULUHDSLHUGHULORUGLQDQLLSUHFHGHQ L
- acoperirea unor cheltuieli care nu au fost prinse n calcularea

QHFHVDUXOXLGHIRQGXUL FRPLVLRDQHSURWRFROUHFODP HWF 




,QIRUPD LLOH

\Y

n

Q

SULPXO

UkQG

WUHEXLH

HYLGHQ LDW 

FRQWULEX LD SURSULHWDULORU OD FDSLWDOXO VRFLDO SULQ LQWHUPHGLXO

Acoperirea
valorii
integrale

DF LXQLORU VDX D  S U LORU GH FDSLWDO QWUXFkW LQIRUPD LD GHVSUH

necesarul de

IRQG GH UXOPHQW DFRSHU  YDORDUH  LQWHJUDO  D

PLMORDFHORU FLUFXODQWH FRUHVSXQ] WRDUH IRQGXOXL UHVSHFWLY L QX


QXPDLFUHWHUHDID

GHDQXODQWHULRU YHQLWXULOH\Y

social au n vedere nivelul lor total:

n din capitalul

5HOD LD

yvn = Capital social - C.S. pt. mijloace fixe


3DUWLFLSDUHDSURSULHWDULORUODFDSLWDOXOVRFLDO SRDWHILI FXW L

SULQ GHFL]LDDGXQ ULLDF LRQDULORU FD R SDUWH D IRQGXOXL GH UH]HUY 

Atrageri
suplimentare

V ILHWUHFXW vQFDSLWDOXOVRFLDO

'HSHSLD DGHFDSLWDOVXQWDWUDVH FUHGLWH vPSUXPXWXUL

GHSHSLD DGH

capital

pe baza

YkQ] ULL GH REOLJD LXQL L DOWH YDORUL 6XPHOH UHVSHFWLYH LQWU  vQ

FRPSRQHQ D FDSLWDOXOXL SHUPDQHQW XWLOL]DW L SHQWUX DFRSHULUHD

XQHLS U LGLQIRQGXOGHUXOPHQW

5HOD LD

yvn = Capital permanent - Activele fixe


3LD D FUHGLWXOXL FRQWULEXLH vQ PRG KRW UkWRU OD DFRSHULUHD

necesarului de fonduri pentru activele circulante. Pentru a


Utilizarea unor
GLVSRQLELOLW

LFH

DSDU LQDOWRUD

GHWHUPLQD

DFHDVW 

FRQWULEX LH

WUHEXLH

PDL

FRQFHSWXOGHSDVLYHLGHWHUPLQDWQLYHOXOORU

vQDLQWH

O PXULW

Pasivele sunt o manifestare a fenomenului de utilizare a unor

GLVSRQLELOLW

DFRSHULUHD

L FH DSDU LQ DOWRUD GDWRULL GLQ H[SORDWDUH  SHQWUX

XQRU

SO

L

FRUHVSXQ] WRDUH

PLMORDFHORU

FLUFXODQWH

SDVLYH GH WLSXO ,  VDX D FUHGLWXOXL FRPHUFLDO GH FDUH EHQHILFLD] 


XQLWDWHDvQFDX]  SDVLYHGHWLSXO,, 

$VWIHO

VXPHOH

FRUHVSXQ] WRDUH

UH]HUYHORU SHQWUX SO

Pasive

SURILWXOXL

L

LPSR]LWHORU

L YLLWRDUH HWF vQWUH PRPHQWXO vQFDV ULL VDX

FRQVWLWXLULL L PRPHQWXO YLU ULL SH GHVWLQD LL OHJDOH U PkQkQG vQ

GHWLSXO,L

de tipul II

contul ntreprinderii, pot acoperi o parte din necesarul de fonduri


pentru mijloace circulante.
QFD]XOSDVLYHORUGHWLSXO,,HOHDSDUSULQGHFDODUHDSO

LORUID

GH PRPHQWXO IRUP ULL HOHPHQWXOXL PLMORDFH FLUFXODQWH YH]L ILJ

nr. 9.9).
Fig. nr. 9.9.

'DF  QHFHVDUXOFRUHVSXQGH FX VXSUDID D GLQWUH WoL Wr SO LOH


ncep doar n momentul tp L VH vQFKHLH vQ PRPHQWXO Wn. Din
FDX]D DFHVWXL GHFDODM SHQWUX SO LOH FDUH VH IDF GXS  Wr, nu mai
este nevoie de fonduri, ele putnd fi acoperite din propriile
vQFDV Ui intrate n unitate n momentul tr.
0RGHOHOH GH FDOFXO SHQWUX SDVLYHOH FDUH GLPLQXHD]  QHFHVDUXO

de fonduri au n vedere:
- ILH DFXPXODUHD GH SDVLYH SUHYL]LELO

GLPLQXHD]

 vQ DQXO YLL

tor, de la
arii
vQ DFHDVW  ]L vQUHJLVWUkQdu-se cele mai mici pasive, deci stabile
pe tot anul);
- ILH GHWHUPLQDUHD JOREDO  D SDVLYHORU GLQ DSURYL]LRQ UL L DOWH
vQFHSXWXOXQHLOXQLSkQ vQ]LXDvQFDUHVHIDFSO

Pasive care


necesarul de
fonduri

LOHSHQWUXVDO

VXUVH SH SHULRDGD GH DPkQDUH OHJDO  QRUPDO  D SO

LORU F WUH

furnizori.
n primul caz, nivelul pasivelor are n vedere nivelul

WULPHVWULDODOHOHPHQWHORUFDUHFUHHD] SDVLYH VDODULLLPSR]LWHGH

SO WLW EHQHILFLL U PDVH vQ FRQW DPRUWL]DUH SkQ  OD Y UVDUHD SH
GHVWLQD LLHWF LQXP UXOGH]LOHVWDQGDUGDOWULPHVWUXOXL  

5HOD LD

Pasiv zilnic = Fond salarii trim. / 90

Pasivul total luat n calcul la acoperirea necesarului de

IRQGXUL SHQWUX PLMORDFHFLUFXODQWH DUH vQ YHGHUH SH OkQJ  SDVLYXO

PHGLX ]LOQLF UHOD LD   L QXP UXO GH ]LOH GH DPkQDUH D SO
vQOXQDUHVSHFWLY  1]

Rela

LL

a):

LD

Pasiv total = Pasiv zilnic x Nza


5HOD LL VLPLODUH VH DSOLF  L vQ FD]XO SDVLYHORU SURGXVH SULQ

DPkQDUHD SO

LORU F WUH IXUQL]RULL GH PDWHULL SULPH 1LYHOXO

DFHVWRU SDVLYH VH GHWHUPLQ  SHQWUX ILHFDUH WULPHVWUX vQ SDUWH

SOHFkQG GH OD QLYHOXO SURJQR]DW DO DSURYL]LRQ ULORU SH ILHFDUH
WULPHVWUX L QXP UXO ]LOHORU GH vQWkU]LHUH D SO

LORU vQ PRG OHJDO

(Nz):
5HOD LD
3DVLYWRWDO

$SURYL]LRQ

ULSHWULP[1]

0RGHOH GH FDOFXODO SDVLYHORU DX IRVW FXSULQVH L vQ H[HPSOXO

 L vQ H[

emplul 9.4, exemple n care s-a determinat direct

QHFHVDUXOGHILQDQ DWGLQDOWHVXUVHGHFkWSDVLYHOH

'XS  GHWHUPLQDUHD SDVLYHORU SUHYL]LELOH VHUYLFLXO ILQDQFLDU

GHWHUPLQ VXUVHOH\Y

n sub forma creditului bancar.

&UHGLWXO EDQFDU FD VXUV  H[WHUQ  vQWUHSULQGHULL FRQWULEXLH vQ

reditului bancar
la activele
circulante

&RQWULEX LDF

PRGKRW UkWRUODILQDQ DUHDQHFHVDUXOXLGHIRQGXULSHQWUXPLMORDFH

FLUFXODQWH )OX[XO GH IRQGXUL FH VH VWDELOHWH vQWUH XQLWDWHD

HFRQRPLF  L VLVWHPXO EDQFDU Y SDUWHD D SDWUD D OXFU ULL 


SUHVXSXQH R DPSO  DFWLYLWDWH ILQDQFLDU  GH UHSDUWL LH L R PLFDUH

FRQWLQX GHIRQGXULvQVSUHvQWUHSULQGHUHLGHODvQWUHSULQGHUHVSUH

E QFL

3URJQR]DUHDDFHVWRUIOX[XULSRUQHWHGHODVWDELOLUHDQHFHVDUXOXL

GH FUHGLWH GH F WUH XQLWDWHD HFRQRPLF  VXE IRUPD XQRU LQIRUPD LL

de forma yvn $YkQG OD GLVSR]L LH QLYHOXO DFWLYHORU FLUFXODQWH


prognozate (ycp) L QLYHOXO FHORUODOWH VXUVH SRVLELOH QHFHVDUXO GH

FUHGLWHUH]XOW GLQUHOD LD


5HOD LD

Necesar de credit = ycp - (Fond rulment + Pasive)


&UHGLWHOH SH WHUPHQ VFXUW VH DFRUG  FRQIRUP OHJLVOD LHL vQ

YLJRDUHVXEIRUP GH

 &UHGLWH SHQWUX FDSLWDOXO GH OXFUX FDUH DFRSHU  VROGXO

Tipuri
de credite
pe termen
scurt

VWRFXULORU L FKHOWXLHOLORU SH GH R SDUWH L WRWDOXO UHVXUVHORU L


vQFDV ULORUSHGHDOW SDUWH

 &UHGLWH SH RELHFW SHQWUX VWRFXUL FKHOWXLHOL L

alte active constituite temporar sau sezonier;

&UHGLWHSHQWUXSURGXF LDGHH[SRUWFHFXULUHPLVHVSUH

vQFDVDUHVFRQWIDFWRULQJIDFLOLW
,QIRUPD LD \Y

HIHFWLY 

QXPDL

LGHFRQWYDOXWDYkQGXW HWF

n, sub forma necesarului de credit, devine

GXS  DSUREDUHD

VD

GH

EDQF 

L

vQWRFPLUHD

FRQWUDFWXOXL GHvPSUXPXW VHPQDW GHDPEHOH S U L Q PRG VLPLODU


VH UHDOL]HD]  VROLFLWDUHD GH FUHGLWH L GH SH SLD D LQWHUQD LRQDO  D

creditului.
((ILFLHQ DHFRQRPLF

$GRSWDUHD

-XGHF

LGH

valoare n
formarea
stocurilor

FLUFXODQWH

GHFL]LHL

SUHVXSXQH

LQGLFDWRULORU GH HILFLHQ

GH
R

ILQDQ DUH

MXGHFDW 

D

GH

HOHPHQWXOXL

YDORDUH

PLMORDFH

SULQ

SULVPD

 HFRQRPLF  \H $F LXQHD GH IRUPDUH

GH]YROWDUH DHOHPHQWXOXLvQFDX] GHYLQHIH]DELO GDF  LQGLFDWRULL

SUHYL]LRQD L H[SULP  R HILFLHQ

 DFFHSWDELO  SHQWUX XQLWDWHD

HFRQRPLF  6HQVXO SH FDUH OLWHUDWXUD GH VSHFLDOLWDWH vO DFRUG 


HILFLHQ HL vQ DFHVW FD] HVWH UDSRUWXO GLQWUH HIHFWXO IRORVLULL

IRQGXULORU SHQWUX PLMORDFH FLUFXODQWH L HIRUWXO SHQWUX ILQDQ DUHD

acestor fonduri.
Drept efect HVWH FRQVLGHUDW  cifra de afaceri SURLHFWDW

 SHQWUX

DQXO YLLWRU ILH OD QLYHOXO SUH XOXL GH YkQ]DUH ILH OD QLYHOXO

Efect - cifra de
afaceri;
Efort - necesarul de fonduri

costului complet. Sunt indicatori care iau n considerare ca efect


profitul brut sau net proiectat.
n postura de efort DSDUH LQIRUPD LD \Fp sau necesarul de
fonduri pentru formarea-dezvoltarea elementului active
FLUFXODQWH 3HQWUX H[HFX LH se are n vedere activul circulant
ELODQ LHUVWRFXULOHVDXFKLDUvQWUHJXODFWLYDOELODQ XOXL

Determinarea indicatorilor financiari ye se va realiza pe baza


datelor din exemplul 9.5.:
Exemplul 9.5.
2 VRFLHWDWH FRPHUFLDO  SUHYL]LRQHD]  XUP WRDUHOH QLYHOuri
pentru activitatea sa:
- activul circulant total (ycp) 700 mil. lei
(din care stocuri
- 300 mil. lei)
-LPRELOL] ULvQPLMORDFHIL[H 1300 mil. lei
Total activ = 2000 mil. lei
- capital social 1000 mil. lei
- mprumuturi pe termen lung 700 mil. lei
-GDWRULLLFUHGLWHSHWHUPHQVFXUW
300 mil. lei
-FLIUDGHDIDFHULPLOOHLODSUH GHYkQ]DUHLPLOOHL
la cost complet.

3HQWUX D vQ HOHJH VHPQLILFD LD HILFLHQ HL

circulante WUHEXLH V

n cazul mijloacelor

 DYHP FODU IHQRPHQXO GH URWD LH SH FDUH

IRQGXULOH DORFDWH vO UHDOL]HD]  vQ XQLWDWHD HFRQRPLF  SH SDUFXUVXO

ciclului de exploatare:
352'8&

APROVIZIONARE
Fazele
ciclului de
exploatare

,(

5RWD LH

REALIZARE

DESFACERE

Un leu intrDW vQ DFHVW FLUFXLW SDUFXUJH WRDWH ID]HOH L UHLQWU

GXS 

R

SHULRDG 

QXPLW 

GXUDWD

XQHL

URWD LL

vQ

ID]D



GH

aprovizionare. n acest mod, pe parcursul unui an, un leu adus


SULQ ILQDQ DUH SRDWH FRQWULEXL OD RE LQHUHD XQHL SURGXF LL GH n lei.
Acest efect este dependent de viteza cu care leul-fond financiar
SDUFXUJHWRDWHID]HOHXQHLURWD LL

5HOD LD
9LWH]DGHURWD LH

&LIUDGHDIDFHUL FRVW $FWLYHFLUFXODQWH

 Q URWD LL VDX Q OHL OHX IRQGXUL SW

active circulante
n cazul concret din exemplul 9.5:
95
3HQWUX

PLOOHLPLOOHL

DPSOLILFDUHD

VHPQLILFD LHL

GHWHUPLQ LGXUDWDvQ]LOHDXQHLURWD LL

URWD LL

DFHVWXL

LQGLFDWRU

VH

5HOD LD
95

]LOHURWD LL

]LOH

$SUHFLHUHD HILFLHQ HL GHYLQHFODU  GDF  UH]XOWDWHOH RE LQXWH vQ

XQLWDWHDDQDOL]DW  VHFRPSDU  FX PHGLD SH UDPXUD HFRQRPLF  GLQ

care face parte sau cu firmele concurente.

'DF  GUHSW HIHFW VH LD FLIUD GH DIDFHUL OD SUH  GH YkQ]DUH 

mil. lei n exemplul nostru), atunci rezultDWXO

FRQWULEX LDSURILWXOXL
5HOD LD
(ILFLHQ



OHLOHX

FXSULQGH

L

$VSHFWHOH

GH

HILFLHQ

SULYLQG

YLLWRDUHD

XWLOL]DUH

VDX

XWLOL]DUHD HIHFWLY  D IRQGXULORU SHQWUX DFWLYH VH SRW SXQH vQ

HYLGHQ

 L SULQ DO L LQGLFDWRUL FDUH FDUDFWHUL]HD]  JHVWLRQDUHD

fondurilor respective:
5HOD LD

-URWD LDVWRFXULORU
95VWRFXUL

&$6WRF



URWD LL

5HOD LD

-URWD LDvQWUHJXOXLDFWLY
95DFWLY

6WDUHD

&$7RWDODFWLY

SURLHFWDW 

D

PLMORDFHORU

FDUDFWHUL]DW  L SULQ SULVPD


DVLJXU 

GLIHULWH



URWD LL

FLUFXODQWH

SRDWH

IL

gradului de lichiditate pe care l

FRPSRQHQWH

DOH

DFWLYXOXL

FLUFXODQW

ID

GH

datoriile pe termen scurt:


5HOD LD

-OLFKLGLWDWHDJHQHUDO
L.G. = Activ pe termen scurt / datorii pe termen scurt = 700 /
300 = 2,33 ori
5HOD LD

-OLFKLGLWDWHDLPHGLDW
L.I. = (Activ pe termen scurt - VWRFXUL L FOLHQ
Datorii pe termen scurt = 400 / 300 = 1,3 ori

L LQFHU L  

L DFHVWH UH]XOWDWH FDS W  R VHPQLILFD LH D[LRORJLF  GDF  VXQW

6HPQLILFD LH
D[LRORJLF

SULQ

FRPSDUD LH

FRPSDUDWH FXFHOH vQUHJLVWUDWH vQ PHGLH SH UDPXUDHFRQRPLF  GLQ


FDUH IDFH SDUWH XQLWDWHD DOHDV  FD H[HPSOX VDX FX UH]XOWDWHOH

previzionate de ntreprinderile concurente. n cazul n care

LQGLFDWRULL UHVSHFWLYL QX VXQW VDWLVI F WRUL VHUYLFLXO ILQDQFLDU

UHFRPDQG  VHUYLFLLORU WHKQLFH L HFRQRPLFH V  SURFHGH]H OD


DSOLFDUHD XQRU P VXUL WHKQLFH WHKQRORJLFH RUJDQL]DWRULFH HWF

FDUH V  GXF  OD UHGXFHUHD WLPSXOXL GH LPRELOL]DUH D IRQGXULORU SH

parcursul celor patru faze ale activiW LL SUHFXP L OD UHGXFHUHD
consumurilor specifice la produsele fabricate.

'(&,=,$),1$1&,$5
),1$1

35,9,1'

$5($&,&/8/8,'((;3/2$7$5(

3H ED]D LQIRUPD LLORU GHWHUPLQDWH vQ SHULRDGHOH DQWHULRDUH

VHUYLFLXO ILQDQFLDU SURFHGHD]  OD DGRSWDUHD GHFL]LHL ILQDQFLDUH GH


UHSDUWL LHVSHFLILF SURFHVXOXLGHFRQVXP YH]LFDSLWROXO 

$&RQ LQXWXOGHFL]LHL

Pe baza modelului general de decizie privind consumul,


ILQDQFLDU
RUGRQHD] 
vQWU-un
buget al activelor
(mijloacelor) circulante LQIRUPD LLOH GH WLSXO \F L \Y GDF 
VHUYLFLXO

LQIRUPD LLOHSULYLQGHILFLHQ D\HVXQWDFFHSWDELOH

Balansare
venituri cu
cheltuieli n
decizie

5HVSHFWkQGQRWDUHDQRDVWU ODSDUWHDGHYHQLWXULLQIRUPD LLOH

1- VXQW GH QDWXUD LQIRUPD LLORU ILQDQFLDUH \Fp sau venituri
provenite din ntreprindere, iar cele numerotate 4-6, venituri din
DIDUD XQLW
LL sau yvn Q SULYLQ D FKHOWXLHOLORU LQIRUPD LD  HVWH
de tipul ycp sau cheltuieli pentru formarea elementului active
circulante, LDU LQIRUPD LLOH -5 sunt REOLJD LL ILQDQFLDUH vQ DIDUD
XQLW
LLDGLF LQIRUPD LLILQDQFLDUH\co.
BUGETUL ACTIVELOR CIRCULANTE

VENITURI (yv)
1. Fonduri cuprinse n capitalul

CHELTUIELI (yc)

 ,PRELOL] UL vQDFWLYH FLUFXODQWH

SURSULXIRUPDWHSULQDXWRILQDQ DUH

VWRFXULSURGQHWHUPLQDW 

dobnziiUDPEXUV





3 U L

GLQ

vQFDV UL

SW

SODWD

ULFRPLVLRDQH

3 U LGLQSURILWSWGLYLGHQGH

4. Capital social pt. mijl. circulante


5. mprumuturi pe termen lung
REOLJD LXQL


2EOLJD LL

SH

WHUPHQ

VFXUW

(furnizori, creditori, credite bancare)


Total venituri

SURGXVHILQLWHFUHDQ H
5DPEXUV UL

GH

FUHGLWH

L

mprumuturi obligatare
3. Dobnzi, comisioane
4. Dividende
5. Diminuare capital social; alte
REOLJD LL

Total cheltuieli

Q FRPSRQHQ D EXJHWXOXL SUDFWLFDW OD QRL GHFL]LD ILQDQFLDU 

SULYLQG PLMORDFHOH FLUFXODQWH HVWH FXSULQV  vQ DQH[D LQWLWXODW 


0RGLILF

circulant)

ULDOHSDWULPRQLXOXLLVHUHIHU ODvQWUHJXODFWLY IL[L

02',),&

01

5,$/(3$75,021,8/8,

ACTIV
Mijloace fixe

U PDV

(valoare

0LMORDFHLFKHOWXLHOLSHQWUX
LQYHVWL LL

03 Stocuri

'LVSRQLELOLW

PASIV
18 Capital social subscris

2EOLJD LLSHWHUPHQOXQJPLM
ORFLXLVFXUW

-FUHGLWHSHWHUPHQOXQJL
mijlociu
- furnizori
- creditori
- credite pe termen scurt
-DOWHREOLJD LL

LE QHWLL

plasamente

&UHDQ HLGHFRQW UL

15 Alte active
16 Pierderi (neacoperite) din
perioadele precedente
Total activ

Total pasiv

)LHFDUH LQGLFDWRU HVWH SUHY ]XW FX LQIRUPD LL UHIHULWRDUH OD

vQFHSXWXO SHULRDGHL   LQWU UL   L LHLUL   vQ FXUVXO DQXOXL

SUHYL]LRQDWLODILQHOHSHULRDGHL  &RORDQDILLQGHJDO FXFRO

1 + col. 2 - col. 3.
)LQDQ DUH

pentru
modificarea de
patrimoniu

'LIHUHQ D GLQWUH FRO  L FRO  DUDW  PRGLILFDUHD GH

SDWULPRQLX'DF DFHDVW GLIHUHQ

UHSUH]LQW RFUHWHUH

, partea de

DFWLY YD UHGD VSRULUHD VWRFXULORU LDU SDUWHD GH SDVLY YD DU WD

VXUVHOH GH ILQDQ DUH D DFHVWHL FUHWHUL GH SDWULPRQLX 'DF 


GLIHUHQ D UHVSHFWLY  UHSUH]LQW 

o diminuare, partea de activ va

DU WDVF GHUHDGHVWRFXULLDUSDUWHDGHSDVLYUHVWLWXLUHDGHIRQGXUL

F WUHGLIHULWHOHVXUVHGHILQDQ DUHDQWHULRDU 

B. Fluxul fondurilor financiare


Realizarea deciziei financiare privind mijloacele circulante

SUHVXSXQH GHFODQDUHD HIHFWLY  GH IOX[XUL ILQDQFLDUH GLQ L VSUH

vQWUHSULQGHUH&DLvQFD]XOGHFL]LHLILQDQFLDUHSULYLQGLQYHVWL LLOH

Fluxurile
financiare n
H[HFX LDGHFL]LHL

financiare

(v. fig. nr. 8.13), apar fluxuri financiare care au ca punct de


SOHFDUHUH]XOWDWHOHHFRQRPLFHLILQDQFLDUHDOHvQWUHSULQGHULL \Yp)

L IOX[XUL ILQDQFLDUH FDUH DX FD SXQFW GH SOHFDUH VXUVH GLQ DIDUD

XQLW

LL \Yn).
n primul caz, resursele proprii (yvp  DFRSHU  REOLJD LLOH
financiare ale ntreprinderii n afara sa (yco  L R parte din
cheltuielile financiare proprii (ycp SDUWHQXPLW DXWRILQDQ DUH
Q DO GRLOHD FD] IOX[XO ILQDQFLDU SURYHQLW GLQ DIDUD XQLW

LL

VXUVH GLQ HFRQRPLH VDX GLQ VWU LQ WDWH  DFRSHU  UHVWXO FH

cheltuieli financiare proprii (ycp). n majoritatea lor, aceste


fluxuri externe YRU GHFODQD vQ SHULRDGHOH YLLWRDUH REOLJD LL
financiare de tipul yco.

& /RFXO GHFL]LHL ILQDQFLDUH SULYLQG ILQDQ DUHD FLFOXOXL GH H[SORDWDUH vQ EXJHWXO

ntreprinderii
QPDFKHWDWHRUHWLF SUH]HQWDW vQFDSLWROXOGHFL]LDILQDQFLDU 

SULYLQGDFWLYHOH PLMORDFHOH FLUFXODQWH VDXGHILQDQ DUHDFLFOXOXL

GHH[SORDWDUH VHDIO vQSDUWHDDGRXDvQFDGUXOGHFL]LLORUSULYLQG

procesul de consum. n macheta bugetului ntreprinderii aflat


HIHFWLY vQ X]DQ D XQLW

LORU HFRQRPLFH GHFL]LD UHVSHFWLY  HVWH

FXSULQV  FD DQH[  FX FRGXO  VXE WLWOXO 0RGLILF

UL DOH

patrimoniului".

9.4. ALTE DECIZII FINANCIARE PRIVIND


CICLUL DE EXPLOATARE
Q SUDFWLFD ILQDQFLDU  SHQWUX DFWLYHOH PLMORDFHOH  FLUFXODQWH

DIODWHvQ XQLWDWHDHFRQRPLF SHQWUXD VXV LQHDFWLYLW

FLFOXOGH H[SORDWDUHVHDGRSW LGHFL]LD ILQDQFLDU

asigurarea de bunuri

6WRFXULOH

GH

LOHFHUXWH GH

UHIHULWRDUH OD

PDWHULDOH

SURGXF LH

QHWHUPLQDW VDXSURGXVHILQLWHSRWILDIHFWDWHFDQWLWDWLYLFDOLWDWLY
GH R VHULH GH IHQRPHQH QDWXUDOH VDX GH SURGXF LH $FHVWH

Decizia de
asigurare de
bunuri

fenomene, numite risc asigurat vQ WHUPLQRORJLD VRFLHW

LORU GH

DVLJXU ULLPSXQDGRSWDUHDXQRUGHFL]LLGHUHSDUWL LHILQDQFLDU 

'HFL]LLOHUHVSHFWLYHSXQ vQPLFDUHvQ PRGDQWLFLSDW SURGXFHULL

ULVFXOXLDVLJXUDWS U LG

in rezultatele economice ale ntreprinderii


de prime de asigurare) conform machetei cuprinse n
paragraful 8.4. al capitolului anterior.
VXE IRUP

Q ID]D GH H[HFX LH GDF  VH SURGXFH ULVFXO DVLJXUDW GHFL]LD GH

DVLJXUDUH

PRELOL]HD] 

IRQGXUL

VXE

IRUP 

GH

GHVS JXELUL

acoperind cheltuielile de refacere a stocurilor distruse de


fenomenul pentru care s-DI FXWDVLJXUDUHD
9.5. GESTIONAREA STOCURILOR
3HQWUX SURLHFWDUHD ILQDQFLDU  D FLFOXOXL GH H[SORDWDUH FRQWHD] 

2SROLWLF
RSULP

SHQWUX

formarea de
stocuri

DO WXUL GH GHWHUPLQDUHD QHFHVDUXOXL GH ILQDQ DW  L LPSOLFD LLOH

HFRQRPLFH DOH LPRELOL] ULORU vQ DFWLYH FLUFXODQWH VXE IRUPD


FRVWXOXL IRUP ULL GH VWRFXUL vQ GLIHULWH ID]H DOH SURFHVXOXL GH

SURGXF LH 'H DFHHD HFRQRPLVWXO WUHEXLH V  GHWHUPLQH SH GH R

parte, stocurile optime GH DFWLYH FLUFXODQWH LDU SH GH DOW

V  DSOLFH R SROLWLF

 SDUWH

 D IRQGXOXL GH UXOPHQW FkW PDL DGHFYDW 

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A. Stocul optim
Formarea de stocuri optime, mai ales n faza de aprovizionare,

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Exagerarea
stocurilor - un
tULEXWSO WLW
ULL

GH]RUJDQL]

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FDSLWDOXO GH OXFUX vQ VWRFXUL UHSUH]LQW  R XWLOL]DUH QHHILFLHQW  D


GLVSRQLELOLW

LORU

SURSULL

VDX

vPSUXPXWDWH

Q

PXOWH

FD]XUL

VWRFXULOH PDUL vQ DSURYL]LRQDUH VDX GHVIDFHUH UHSUH]LQW  XQ

veritabil tribut SO

WLW GH]RUJDQL] ULL GLQ GRPHQLXO WUDQVSRUWXULORU

OLYU ULORU VDX DO GHSR]LW ULL GH PLMORDFH FLUFXODQWH $FROR XQGH

aceste aspecte negative sunt eliminate, imobilizarea n stocuri are


un nivel foarte redus (vezi Cadrul 9.1).
Cadrul 9.1.
8QVWXGLXUHFHQWSULYLQGLPRELOL] ULOHvQVWRFXULvQID]DGHDSURYL]LRQDUHSHQWUX

fabricile de autovehicule remarca nivelul redus al acestor stocuri n cazul Firmei


Toyota VWRFXULOH DVLJXUDX FRQVXPXO SURGXF LHL SHQWUX  R RU  n cazul uzinelor
Ford DFHVWH VWRFXUL DYHDX QLYHOXO FRQVXPXOXL SHQWUX FLUFD  ]LOH Q FD]XO ULL

QRDVWUH PDMRULWDWHD ILUPHORU GLQ LQGXVWULH vL IRUPHD]  VWRFXUL SHQWUX SHULRDGH FH
GHS HVF

-25 de zile!
La formarea stocurilor contribuie n mod decisiv nivelul
comenzii optime 3HQWUX GHWHUPLQDUHD VD HVWH QHFHVDU V  OX P vQ

Comanda

FRQVLGHUDUH HOHPHQWHOH GH FRVW DOH IRUP ULL GH VWRFXUL L DOH

RSWLP SULQ

modelul
Wilson

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GHWHUPLQ ULL FRPHQ]LL RSWLPH FX DMXWRUXO


0 /HYDVVHXU L $ 4XLQWDUW
SDJX 

modelului Wilson (vezi


Finance, Editura Economica, Paris,

5HOD LD

QEC = 2lxD / s
unde:

4(&UHSUH]LQW FDQWLWDWHDHFRQRPLF SHQWUXRFRPDQG 

l = FRVWXOODQV
'

ULLXQHLFRPHQ]L

FHUHUHDWRWDO 

s = FRVWXOXQLWDUGHGHSR]LWDUHSHQWUXSHULRDGDGDW

Q IXQF LH GH DFHWL LQGLFDWRUL VH SRDWH GHWHUPLQD L FRVWXO WRWDO

DOSROLWLFLLGHVWRFDMFRQIRUPUHOD LHL
5HOD LD

C = l x D/Q + s x Q/2
unde:

&UHSUH]LQW FRVWXOWRWDODOSROLWLFLLGHVWRFDM

Q = cantitatea unei comenzi;


'4
4

QXP UXOGHFRPHQ]LSHQWUXRSHULRDG GDW 

QXP UXOPHGLXGHXQLW

LvQVWRF

l['4 FRVWXOWRWDOGHDSURYL]LRQDUHSHQWUXSHULRDGDUHVSHFWLY
s x Q/2 = costul total de depozitare.
Pentru a evita epuizarHD

VWRFXULORU GDWRULW  XQRU HYHQWXDOH

vQWkU]LHUL vQ DSURYL]LRQDUH VH GHWHUPLQ  SH ED]D DFHORUDL

indicatori, momentul optim de lansare a comenzii:


5HOD LD

PC = QEC x d/ T(QEC)
unde:

3& UHSUH]LQW  SXQFWXO GH FRPDQG  H[SULPDW vQ XQLW

L QDWXUDOH

SHQWUX R DQXPLW  PDWHULH SULP  L UHG  QLYHOXO GH VWRF OD FDUH
WUHEXLHI FXW FRPDQGDSHQWUXRQRX DSURYL]LRQDUH

d = SHULRDGDGHvQWkU]LHUHDDSURYL]LRQ ULL
T(QEC) = timpul, n zile, de epuizare a comenzii economice.

Efectele
incertitudinii n
gestionarea
stocurilor

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FRQVLGHUD LH

SUREDELOLWDWHD

aprovizionare.

GH

DSDUL LH

D

vQWkU]LHULORU

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vQ

 YD

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VSHUDQ DPDWHPDWLF

DFRVWXOXLvQWkU]LHULLDSURYL]LRQ

ULL 

5HOD LD

FCG = cd + smc
unde:

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WUHEXLHV DLE XQQLYHOPLQLP 


FG

 FRVWXO GH GHSR]LWDUH VWRF GH VLJXUDQ

depozitare);
smc = speUDQ D PDWHPDWLF

QU

GH

XQLW

L

OLSV 

[

 [ FRVWXO XQLWDU GH

 D FRVWXOXL vQWkU]LHULL DSURYL]LRQ ULL

FRVWXO

OLSVHL

GH

PDWHULL

SULPH

[

probabilitatea ntrzierii). Pentru exemplificare, vezi studiul de


caz 9.2 de la finele acestui capitol.
B. Politica fondului de rulment
&RQGL LLSHQWUX
RSROLWLF

EXQ

a fondului de
rulment

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IXQGDPHQWDW  $FHDVW  IXQGDPHQWDUH VH VSULMLQ  SH DUJXPHQWH

legate de costul capitalului permanent (care contribuie la

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GH VWUXFWXUD DFWLYXOXL WRWDO DO ILUPHL GH DEXQGHQ D SLH HL GH

capital.

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GLYLGHQGHORU

SURPLVH SURSULHWDULORU  L

GH FRVWXO FDSLWDOXOXL

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fondului de rulment

PRGHUDW

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sau

'DF OX PvQFRQVLGHUDUHVLWXD LDGHSHSLD D

(vezi

ULORURFFLGHQWDOH

unde costul capitalului propriu (social) este mult mai mare dect

Politica
DJUHVLY

DJUHVLY

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rulment DJUHVLY

L

corespunde cu decizia firmei de a realiza o

DQXPLW  SURGXF LH FX XQ IRQG GH UXOPHQW FkW PDL UHGXV Q

politica

FRQGL LLOH HFRQRPLHL QRDVWUH XQGH FRVWXO FDSLWDOXOXL vPSUXPXWDW

PRGHUDW

este foarte mare,LDULQIOD LDGHWHUPLQ

RDFFHQWXDW GHFDSLWDOL]DUH

D ILUPHORU SROLWLFD IRQGXOXL GH UXOPHQW VH IXQGDPHQWHD]  SH DOWH


FULWHULL

2

SROLWLF 

DJUHVLY 

SULYLQG

IRQGXO

GH

UXOPHQW

vQ

FRQGL LLOH HFRQRPLHL vQ WUDQ]L LH DU FRUHVSXQGH FX GHFL]LD GH D
DOLPHQWDSHUPDQHQWFDSLWDOXOSURSULXGLQFDUHVHILQDQ HD] IRQGXO

de rulment.

175(%

5,

Ce servicii ndeplinesc activele circulante n structura ntreprinderii?

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SDUFXUVXODFWLYLW

LLHFRQRPLFHGLQvQWUHSULQGHUH"

&DUHVXQWIDFWRULLLHIHFWXOLQIOXHQ HLORU vQSURFHVHOH GHFRQVXP GLQW

SURGXF LHGLQW

1LWn?

o LW2L GH

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circulante?

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active sau mijloace

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mijloacele circulante?

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p?
n FDUH FD]XUL VH SRDWH DSHOD OD DXWRILQDQ DUH SHQWUX DFRSHULUHD QHFHVDUXOXL GH
fonduri?
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GLQDIDUDXQLW

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