Evaziunea

INTERNAL AUDITING & RISK MANAGEMENT
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Revist trimestrial editat de Universitatea Athenaeum & Centrul de Excelen n Managementul Financiar i Audit Intern ANUL VI, NR. 4(24), DECEMBRIE 2011
Quarterly journal published by the "Athenaeum" University & Centre of Excellence in Financial Management and Internal Audit YEAR VI, NO. 4(24), DECEMBER 2011
INTERNAL AUDITING & RISK MANAGEMENT

Revist trimestrial editat de Universitatea Athenaeum & Centrul de Excelen n Managementul Financiar i Audit Intern ANUL VI, NR. 4(24), DECEMBRIE 2011
COLEGIUL DE REDACIE / EDITORIAL BOARD:

Director editorial / Editorial Director: Prof.univ.dr. Emilia VASILE Secretar general de redacie / Executive Editor: Prof.univ.dr. Marin POPESCU Membri / Members: Redactor ef / Editor chief: Prof.univ.dr. Ion NIU Prof.univ.dr. Aron Liviu DEAC Prof.univ.dr. Mariana BLAN Lector dr. Daniela MITRAN Lector dr. Natalia HURDUC
COLEGIUL TIINIFIC / ADVISORY BOARD:

Academician Ion Pun OTIMAN, Secretar General al Academiei Romne Academician Iulian VCREL Prof.univ.dr.Gheorghe ZAMAN, Membru corespondent al Academiei Romne Prof.univ.dr. Eden ALI Academia de Studii Economice Bucureti Prof.dr.ing. Petru ANDEA Universitatea Politehnic din Timioara Prof.univ.dr. Daniel tefan ARMEANU Academia de Studii Economice Bucureti Prof.univ.dr. Mariana MAN Universitatea din Petroani Prof.univ.dr. Dumitru MRGULESCU Universitatea Athenaeum din Bucureti Prof.univ.dr. Pavel NSTASE Academia de Studii Economice Bucureti Prof.univ.dr. Verginia VEDINA Universitatea Bucureti Adrian VASILESCU Consilier Banca Naional a Romniei Ph.D. Paata KUNCHULIA Ivane Javakhishvili Tbilisi State University, Georgia Ph.D. Gocha TUTBERIDZE Professor of Kutaisi University, Georgia Ph.D. Nilgn VURAL University of Political and Public Science, Ankatrasa, Turkey Prof.univ.dr. Emad EL DIN MAHMOUD ALI EID Al Zarka High Institute for Computer and Business Administration Egypt Tehnoredactare / Made-up: Mariana Geant
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Adresa redaciei / Editorial Office: Universitatea Athenaeum din Bucureti 20223 BUCURETI, Str.Giuseppe Garibaldi nr.2A, sector 2 Telefon: 004021 2305726; 004021 2305738; Fax: 004021 2317418; http://univath.ro/aimr/ E-mail: biblioteca@univath.ro; secretariat@univath.ro ISSN 2065 8168 (print) ISSN 2068 - 2077 (online) Indexat n Bazele de date internaionale REPEC, DOAJ, ULRICH, EBSCO, SCOPUS.
Internal Auditing & Risk Management
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Anul VI, Nr.4(24), Decembrie 2011
CUPRINS CONTENTS
1. Evaziunea fiscal - ntre legalitate i ilegalitate. Mecanisme ale economiei subterane ... Corina Maria ENE Carmen Marilena UZLU Mariana BLAN Tax evasion - between legal and illegal. Mechanisms of the underground economy .. Corina Maria ENE Carmen Marilena UZLU Mariana BLAN 2. Aspecte privind reglementarea pieei muncii n Romnia ..................... Tnase STAMULE Marius VCRELU Meral KAGITCI Aspects regarding regulation of the labor market in Romania ... Tnase STAMULE Marius VCRELU Meral KAGITCI 3. Costul capitalului, divulgarea informaiilor financiare i aplicarea IFRS: O sintez a literaturii ...................................................................... Lucian MUNTEANU Cost of equity, financial information disclosure, and IFRS adoption: A literature review . Lucian MUNTEANU 4. Metodologii de analiza si evaluare a riscului n exploatatiile agricole .. Iuliana DOBRE Methodologies for analysis and evaluation of risk in agricultural exploitations ............................................................................................... Iuliana DOBRE 5. Dificulti privind absorbia fondurilor structurale i de coeziune n Romnia Meral KAGITCI Difficulties regarding the absorbtion of structural and cohesion funds in Romania . Meral KAGITCI 6. The Georgian banking systems in post-crisis period ... Paata KUNCHULIA Gocha TUTBERIDZE
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Internal Auditing & Risk Management _________________
EVAZIUNEA FISCAL - NTRE LEGALITATE I ILEGALITATE. MECANISME ALE ECONOMIEI SUBTERANE

PhD. Corina Maria ENE E-mail: corin.maria.ene@gmail.com PhD. Carmen Marilena UZLU E-mail: carmen_uzlau@yahoo.com Universitatea Hyperion, Bucureti PhD. Mariana BLAN E-mail: dr.mariana.balan@gmail.com Universitatea Athenaeum, Bucureti
Abstract: Evaziunea fiscal, component special a economiei subterane, este un fenomen economico-social a crui dimensiune a luat amploare n toate statele lumii. Evaziunea fiscal i-a fcut apariia odat cu statul i legile fiscale. Domeniul su de aciune este extins la nivelul tuturor impozitelor i taxelor. Ea urmrete de fapt minimizarea impozitrii prin utilizarea unor alternative inventive, accesibile i reale. Efectele evaziunii fiscale se repercuteaz direct asupra veniturilor fiscale i cheltuielilor bugetare, asupra concurenei, genereaz nemulumire, inechiti i tensiuni sociale. Cuvinte cheie: evaziune fiscal, corupie, economie subteran, presiune fiscal. Clasificare JEL: E26, H26, O17 1. Definirea conceptului de evaziune fiscal Evaziunea fiscal este considerat o component special a economiei subterane din cel puin trei motive: 1. evaziunea fiscal este o infraciune comis la adresa unui agent economic special statul; 2. presupune o conexiune firav a informaiilor ntre cei implicai n activitile economiei subterane (evazioniti, investigatori i guvern); 3. exist o relaie special ntre evaziunea fiscal i alte fenomene importante pentru studiul economiilor publice. Dei problematica este intens abordat, literatura de specialitate n-a reuit formularea unei definiii clare i cuprinztoare a acestei noiuni, majoritatea ideilor emise eviden iind particularitatea evaziunii fiscale sustragerea de la plata obligaiilor bneti ctre stat - , dar nu i sfera de cuprindere.
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Trebuie menionat c noiunea de venit fiscal neraportat nu este sinonim cu evaziunea fiscal. Aceasta din urm include i supradimensionarea unor deduceri fiscale. n acest sens consider necesar o clarificare a noiunii de venit fiscal. Acesta este definit de legislaia fiscal ca reprezentnd totalitatea surselor de venit incluse n baza de impozitare naional. Baza potenial de impozitare (inclusiv venitul economic total i ctigurile din capital) cuprinde mai multe componente (n Romnia venituri impozabile, venituri neimpozabile i venituri scutite de impozit), n funcie de legislaia fiscal a fiecrei ri n parte. Veniturile impozabile includ att veniturile n bani, ct i echivalentul veniturilor n natur, diminuate cu mrimea deducerilor permise de lege. Veniturile neimpozabile sunt venituri care nu se supun impozitrii din anumite considerente de ordin social. Veniturile scutite de impozit sunt de fapt venituri impozabile, dar care sunt scutite de plata impozitului pe venit. Mai mult, conceptul de venit neraportat este total diferit de cel de venit nenregistrat, care presupune o subevaluare a venitului impozabil, ce determin diminuarea venitului economic total. Modalitile prin care se recurge la evaziune fiscal au n vedere: - legea fiscal ce asigur ea nsi evaziunea printr-un regim fiscal de favoare; - abinerea contribuabilului de a ndeplini activitatea supus impozitrii; - folosirea lacunelor sistemului fiscal. Hoan Nicolae1 a introdus conceptul de evaziune fiscal aprioric, care se refer la o evaziune fiscal datorat unui vid legislativ. n perioada interbelic, noiunea de evaziune fiscal era inclus n cea de fraud. Economitii contemporani delimiteaz ns cele dou noiuni, considernd c evaziunea fiscal rep rezint totalitatea manifestrilor avnd drept scop evitarea plii unor imp ozite, aceasta avnd dou componente majore: evaziunea fiscal licit i frauda fiscal (evaziune fiscal ilicit). Din punct de vedere economic distincia juridic nu are relevan atta timp ct ambele determin scderea veniturilor bugetare de natur fiscal aflate la dispoziia statului. Activitile specifice de evaziune fiscal frauduloas au la baz decizia adoptat n condiii de incertitudine (riscul de a fi descoperit i obligat la plata impozitelor i penalitilor, eventual implicarea rspunderii penale). n schimb, evitarea fiscal licit implic decizii n mediu cert, contribuabilul este n siguran pentru c are la baz o scpare sau o interpretare favorabil a legislaiei fiscale, se bazeaz pe utilizarea abil a posibilitilor i alternativelor oferite de lege. n practic ns este foarte greu de delimitat evaziunea fiscal licit de cea ilegal, ele nefiind strict distanate, ntre ele existnd o demarcaie relativ. Frecvent trecerea de la o
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Hoan Nicolae, (1997), Evaziunea fiscal, Editura Tribuna Economic, Bucureti, 1997, pag. 216
form la alta se face progresiv i pe nesimite, indivizii evolund de la abinerea de a nclca legea, la fraud calificat. Avnd n vedere c economia subteran presupune producia de bunuri i servicii att legale, ct i ilegale, este evident c i evaziunea fiscal va fi asociat cu activiti legale sau ilegale, dup caz. Evaziunea fiscal pur presupune neraportarea sau raportarea parial a venitului sau profiturilor impozabile, fapt care nu implic fora de munc sau modul de operare al entitii economice relativ la economia oficial. Unele activiti se desfoar la limita reglementrilor legale, altele sunt convenionallegale, dar nu-i raporteaz veniturile sau i exagereaz cheltuielile. Exist i situaii n care au loc diferite forme de transferuri ale veniturilor ntre membrii familiei n scopul reducerii masei impozabile sau a ascunderii tipului, sursei i momentului ncasrii respectivelor venituri. Potrivit lui Schneider F. i Enste D., evaziunea fiscal pur este de regul rezultat al tranzaciilor financiare al cror obiectiv este ascunderea veniturilor astfel obinute (venituri din capital). Aadar, evaziunea fiscal pur nu afecteaz alocarea resurselor de munc sau de capital, i nici metodele de organizare i operare ale unitilor economice. n ceea ce privete frauda fiscal, aceasta presupune o violare a legilor fiscale, o infraciune contient i deliberat asupra regulilor cu privire la plata obligaiilor fiscale. Conceptul de fraud fiscal unete ansamblul practicilor ilegale care permit s nu plteti, n parte sau total, impozitul obligatoriu. Aceste practici sunt susceptibil de a fi sancionate prin pedepse administrative, chiar penale. Majoritatea legislaiilor rilor europene trateaz frauda fiscal prin prisma caracterului ilegal al acesteia, diferitele forme de manifestare ale acesteia fiind sancionate n mod diferit. Astfel, n Luxemburg, frauda simpl, un act involuntar generat de neglijen, este amendat contravenional cu sume care variaz n funcie de gravitate, n timp ce frauda intenionat este pedepsit penal, ajungnduse la privare de libertate, de drepturi civile i politice. n Olanda, frauda fiscal presupune declaraii inexacte fcute n mod deliberat, prezentarea de documente false sau nerespectarea obligaiei de informare a administraiei fiscale cu privire la anumite elemente care permit stabilirea i controlul impozitului. Asemenea fapte sunt pedepsite prin privare de libertate. Germania abordeaz frauda fiscal similar cu Olanda, cu meniunea c aici sanciunile constau n amend de maximum 2 milioane euro i privare de libertate pe o perioad cuprins ntre 5 i 10 ani. Irlanda trateaz frauda fiscal ca pe o infraciune fiscal comis intenionat n scopul sustragerii de la plata impozitelor. n Japonia frauda fiscal este cercetat att de administraia fiscal, ct i de poliie i parchet.
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La nivelul Uniunii Europene, evaziunea fiscal este abordat prin prisma unor reglementri i Directive care contureaz acquis-ul comunitar n domeniul evaziunii fiscale. Acesta definete metodele evazioniste integrate n colectarea fondurilor proprii ce rezult din T.V.A., impozitele legate de producie i import. Aadar, n timp ce frauda fiscal desemneaz o infraciune la lege, evaziunea fiscal presupune utilizarea abil a lacunelor i scprilor legii. ns, indiferent de modul n care definim fenomenul de evaziune fiscal, este clar c reprezint o manifestare condamnat peste tot n lume, care persist n ciuda sanciunilor de orice fel aplicate de stat. 2. Cauzele generatoare de evaziune fiscal i implicaiile acesteia Implicaiile evaziunii fiscale sunt att de natur economic - influeneaz negativ nivelul ncasrilor fiscale i concurena - dar i social, genernd creterea obligaiilor fiscale suportate de restul contribuabililor, inechiti i tensiuni sociale. Recurgerea la practici evazioniste ine de sistemul de valori ale contribuabilului, de convingerile i moralitatea sa, dar i de conduita i mediul economico-social din care acesta face parte. Posibilitile de eludare difer de la o categorie social la alta, n funcie de natura sau proveniena averii supuse impunerii, de modul de stabilire a materiei impozabile, de modul de organizare a controlului etc. Un alt factor este reprezentat de percepia contribuabilului asupra sistemului fiscal, respectiv dac respectarea sa i permite meninerea standardului de via i satisfacerea unor nevoi individuale pe seama venitului rmas dup plata obligaiilor fiscale ce-i revin. Nu n ultimul rnd, trebuie menionat i sistemul legislativ i administrativ, modul n care aparatul de stat al acestora aplic legislaia fiscal i sanciunile care decurg din nerespectarea sa. Totui, nclinaia spre evaziune fiscal este mai accentuat n unele ri dect n altele, n funcie de politica fiscal promovat, climatul economic, social i politic, fiind de regul invers proporional cu gradul de dezvoltare economico-social a unei comuniti. n acest sens, teoria persistenei evaziunii fiscale impune disocierea interesului la nivel individual de cel la nivelul comunitii. n ceea ce privete aspectul economic i financiar al motivaiei de a eluda, trebuie analizat rata fiscalitii i raportarea sa la nivelul veniturilor impozabile. Presiunea fiscal reprezint unul dintre motivele inevitabile de conflict dintre stat i contribuabili. Pe de o parte, statul urmrete creterea veniturilor bugetare pe seama impozitelor pentru a putea face fa finanrii cheltuielilor publice tot mai mari i drept urmare genereaz o presiune fiscal tot
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mai mare, iar pe de alt parte, contribuabilii doresc reducerea presiunii fiscale n vederea creterii veniturilor individuale. n ceea ce privete contribuabilii, apar inegaliti sociale ntre cei care pltesc taxe i impozite i cei care le evit. Drept urmare se vor acutiza nemulumirile i vor apare tensiuni sociale. Un contribuabil onest va realiza c situaia sa este precar n comparaie cu a vecinului, care nu-i pltete obligaiile fiscale, iar autoritatea fiscal nu este capabil s-l sancioneze, sau dac o face, acest lucru se ntmpl foarte trziu. Va ajunge la concluzia c este mai profitabil din punct de vedere economic s practice i el evaziunea fiscal. Acest raionament rezid din frustrarea contribuabilului onest ce o resimte fa de evazionist i standardul ridicat de via al acestuia. Sunt lezate astfel respectul fa de munca cinstit, conceptele de echitate i justiie, dar i autoritatea legii. Presiunea fiscal excesiv genereaz evaziune i fraud fiscal, reducerea nclinaiei spre investire i economisire, lipsa dorinei de a munci legal, revolte fiscale i tulburri sociale. Ea este ns obiectiv influenat de performanele economice ale unui stat la un moment dat, de eficiena redus a cheltuielilor publice finanate prin impozite i taxe, de mentalitatea oamenilor relativ la necesitile bugetare i politica guvernului. Vidul legislativ, actualizarea foarte nceat a legislaiei, paralelismul i ambiguitatea unor prevederi legislative fac posibil propagarea fenomenului de evaziune fiscal n toate domeniile vieii economice. Cadrul legislativ este baza sistemului fiscal. Dac acesta are scpri, este confuz sau prea stufos, evaziunea i frauda fiscal i gsesc teren propice manifestrii. De asemenea, tehnicile de aezare i percepere a impozitelor, mecanismele de reducere i deducere, acordarea unor faciliti fiscale mult prea uor i fr o fundamentare raional reprezint premise ale evaziunii fiscale. Mai mult, acestea afecteaz veniturile bugetare i stimuleaz indisciplina n achitarea obligaiilor fiscale. Lipsa personalului bine pregtit, devotat i responsabil, salarizarea inadecvat, lipsa dotrilor n domeniul sistemelor informaionale i tehnicii de calcul performante din cadrul aparatului administrativ, organizarea haotic i ineficient, nu dau posibilitatea controlului i prevenirii evaziunii fiscale. Clasa politic aflat la putere, pe lng faptul c nu mai dispune de resursele financiare pe care a mizat, nu mai poate asigura stabilitatea ,,contractului social, nu-i mai poate ndeplini programul politic de guvernare, i pierde credibilitatea i voturile celor care i-au ales. Concluzionnd, tentaia spre evaziune fiscal este amplificat de lipsa informrii i cunoaterii domeniului fiscal, de presiunea fiscal i lacunele sistemului legislativ i ale administraiei de stat.
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3. Mecanisme ale economiei subterane 3.1. Munca La Negru Expresia popular, utilizat pentru munca fr forme legale, este munc la negru . Ea reprezint o activitate profitabil, desfurat ns n afara cadrului legal reglementat, respectiv prestrile efectuate att n condiii clandestine, ct i cele nedeclarate la adevrata valoare. Drept urmare, munca ,,la negru nu este nregistrat, raportat, impozitat, asigurat social, protejat, lucrtorul fiind astfel totalmente la dispoziia celui n favoarea cruia presteaz munca. Se produce astfel o alterare a echilibrului de pe piaa muncii deoarece apare o dereglare ntre cerere i ofert i implicit, se creaz o pia a muncii paralel, subteran. Potrivit teoriei duale a pieei muncii, aceasta poate fi mprit n patru mari categorii primar, secundar/subteran, informal i ilegal. Aceste categorii reflect de fapt stratificarea social contemporan. Corupia este un fenomen complex, pluridimensional i multidisciplinar, ale crui cauze i efecte, n diferite contexte, genereaz problematici economice grave. Potrivit opiniei profesorului american Joseph S. Nye, corupia este comportamentul care deviaz de la ndatoririle normale ale unui rol public sau violeaz legi mpotriva exercitrii anumitori tipuri de influen specific, cum ar fi mita, nepotismul, deturnarea de fonduri Corupia poate fi definit n multe feluri, ns cea mai popular i cea mai simpl definiie vehiculat este aceea c reprezint abuz de putere public n interes personal. Literatura economic de specialitate furnizeaz o taxonomie a principalelor tipuri de corupie avnd ca element principal de raportare administraia fiscal: - corupia birocratic; - corupia politico-administrativ; - corupia politico-legislativ; - corupia juridic; Corupia birocratic implic de regul funcionarii aflai n front-office, care trateaz direct cu publicul. Poate apare n dou forme: fie ca o oportunitate unic, fie ca parte a unei relaii continue dintre un funcionar i un poten ial contribuabil. n primul caz, func ionarul administraiei fiscale poate descoperi o cantitate de bunuri livrate, dar nedeclarate n vederea impunerii, situaie n care contribuabilul va ncerca s mituiasc funcionarul pentru a nu fi pedepsit. n al doilea caz este vorba de o prim pltit periodic funcionarului n vederea obinerii proteciei acestuia. Corupia politico-administrativ are n vedere situaiile n care contribuabilul, uznd de influena sa politic, i asigur un tratament fiscal special. Capacitatea politicienilor de a oferi protecie depinde de gradul de dependen politic a
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nivelelor legislativ i administrativ. Cu ct independena celor dou nivele este mai mare, cu att va fi mai dificil pentru politicieni s intervin n procesul administrativ fiscal. Corupia politico-legislativ se refer la cazurile n care contribuabilii ncearc s-i asigure o mai mare legitimitate folosind procesul politic n scopul gsirii unor tratamente fiscale mai generoase. n general aceste tratamente vizeaz grupuri de interese. Corupia juridic apare n situaia existenei unui sistem juridic dependent de guvernul aflat la putere, iar din punct de vedere financiar este insuficient motivat astfel nct acceptarea mitei devine o soluie alternativ. Pus n postura de arbitru ntre contribuabili i administraia fiscal, un astfel de sistem tolereaz comportamente amendate n alt context de lege. Ramnnd tot n sfera fiscal i punctnd asemnrile i deosebirile dintre fenomenele de evaziune fiscal i corupie, poate fi trasat un paralelism ntre cele dou maladii economicosociale pe urmtoarele considerente: - evaziunea fiscal poate fi un act unilateral, n timp ce corupia presupune obligatoriu un act cel puin bilateral; - evaziunea fiscal nu presupune, n mod automat, recurgerea ulterioar la fapte de corupie, pe cnd finanarea faptelor i actelor de corupie este asigurat, cu precdere, pe seama unor resurse bneti sustrase de la impunere; - evaziunea fiscal este component a economiei subterane, manifestnduse cu precdere n aceast zon, pe cnd corupia i gsete adepi n economia real, formal, dei acest fapt nu exclude ca intenia i indivizii coruptori s provin din economia subteran; - n timp ce evaziunea fiscal are drept scop protejarea ctigurilor n faa impozitrii percepute de stat, corupia vizeaz accesul la prghiile statului n vederea obinerii de ctiguri. Totui, trebuie subliniat c n cele mai multe cazuri, evaziunea fiscal i corupia merg mn n mn. Evaziunea fiscal nu exclude corupia, reciproca fiind i ea valabil. O alt tipologie a fenomenului poate fi identificat dac se are n vedere vulnerabilitatea la corupie a diferitelor structuri sociale astfel: corupie economic, corupie social, corupie administrativ sau birocratic, corupie politic. Cauzele generatoare de corupie sunt multiple i foarte diverse: srcie, inechitate n ceea ce privete veniturile, nivel redus al salariilor funcionarilor publici, management public necorespunztor i ineficient, birocraie excesiv, lipsa transparenei decizionale etc. Aadar, factorii care intervin n dezvoltarea acestui flagel sunt de sorginte economic, politic i instituional.
Corupia economic presupune aciuni ilegale comise de ctre persoane fizice sau juridice, concretizate n diferite infraciuni: falsuri bancare i contabile, contrafacere de mrfuri, nelciune, delapidare, fraud, bancrut frauduloas, abuz de putere etc. n general, fundamentul actului de corupie economic este reprezentat de un schimb de bani sau bunuri materiale. Dac se procedeaz ns la un schimb social, care presupune clientelism, nepotism, favoritism, simpatie etnic, putem vorbi de corupie social. 4. Paradisurile fiscale i splarea banilor murdari Globalizarea economic a condus implicit la internaionalizarea infraciunilor n domeniul economic. n acest context a aprut necesitatea ascundererii originii frauduloase a unor resurse bneti i integrarea lor ulterioar n economia formal ca resurse investiionale, procedeu cunoscut sub denumirea de splare a banilor. Obiectivul final al operaiunilor de aceast natur este reprezentat de obinerea accesului la disponibiliti bneti, fr ca acestea s ridice suspiciuni cu privire la modul de obinere. Splarea banilor murdari, expresie a criminalitii economice transfrontaliere, este atributul unor grupri infracionale cu potenial coruptiv ridicat, care dovedesc o mare abilitate, ingeniozitate i profesionalism, dar i capacitate ridicat de adaptare la cerinele pieei, profitnd de criza de autoritate a instituiilor statului. Referitor la procesul de splare a banilor, o definiie complex este aceea potrivit creia reprezint un proces complex prin care veniturile despre care se crede c provin dintr-o activitate infracional sunt transportate, transferate, transformate sau amalgamate cu fonduri legitime, n scopul de a ascunde sau escamota adevrata natur, proveniena, dispunerea, deplasarea sau dreptul de proprietate asupra profiturilor respective. n legislaia comunitar operaiunile de splare a banilor se refer la: - conversia sau transferul de bunuri (sau asistena acordat n acest scop), dac se cunoate faptul c aceste bunuri provin din activiti infracionale, penale; - tinuirea sau mascarea adevratei naturi a bunurilor (provenien, locaie, circulaie, drepturi privind proprietatea), dac se cunoate faptul c aceste bunuri provin din activiti penale sau din participarea la astfel de activiti; - achizi ionarea, p strarea sau folosirea bunurilor, dac la momentul livr rii se tie c acestea provin din activiti penale sau din participarea la astfel de activiti. Tehnicile cele mai uzuale de splare a banilor au n vedere: achiziii de mrfuri la preuri supraevaluate de la firme tip fantom, operaiuni de export fictive, operaiuni financiare complexe care au drept scop deturnarea creditelor bancare, respectiv folosirea lor n alte direcii dect cele pentru care au fost acordate, apelarea la investitori strategici n scopul simulrii unor privatizri de succes, care n
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realitate au drept scop tranzacii speculative cu activele patrimoniale ale firmei sau valorificarea lor, splarea veniturilor clandestine obinute n urma unor activiti cu caracter licit sau ilicit, inclusiv corupie etc. Principalul mijloc de schimb n cadrul activitilor infracionale de acest gen este numerarul. Eficiena fenomenului de splare a banilor negri se cuantific prin capacitatea gruprilor mafiote de a recicla rezultatele infraciunilor desfurate (de tipul evaziune fiscal, trafic de droguri, trafic de maini furate etc. - denumite generic infraciuni predicat), utiliznd, de regul, sistemul financiar. Procesul de splare a banilor are la baz trei faze: - plasarea presupune colectarea, manevrarea i transportul profiturilor ilegale (numerar) n afara spaiului n care poate fi depistat i confiscat, prin intermediul unor instituii bancare, financiare i de asigurri, a unor sisteme paralele de remitere de fonduri, cazinouri, agenii de burs, comer cu amnuntul, transfer extern, amestecare cu fonduri legale, companii fantom care nu au ncasri reale, ci doar depuneri ale reciclatorilor etc.; - stratificarea urmrete conceperea unor tranzacii financiare complexe (activiti i tranzacii sunt sunt adugate pas cu pas una n continuarea alteia pentru a face extrem de dificil, dac nu imposibil, depistarea profiturilor ilegale) menite s separe veniturile ilicite de sursa lor: se achiziioneaz cecuri de cltorie, ordine de plat, obligaiuni, aciuni, se fac transferuri electronice, se revnd bunurile de mare valoare achiziionate cu ocazia plasrii numerarului etc., operaiuni care dau posibilitatea efecturii n continuare de tranzacii pe piaa intern sau extern; - integrarea ncheie circuitul banilor negri prin oferirea unei imagini aparent legitime asupra bunurilor dobndite n baza unor resurse financiare ilicite. Paradisurile fiscale sunt n fapt umbrela sub care are loc splarea banilor provenii din activiti ilegale de natura traficului de droguri i arme, contraband etc. Dei, n general, paradisurile fiscale ofer aceleai faciliti, exist totui cteva deosebiri ntre ele care le fac mai atrgtoare pentru anumite categorii de investitori. n acest sens voi prezenta cteva dintre cele mai cunoscute paradisuri fiscale, pornind de la caracteristicile lor de baz, ncadrndu-le n apte tipuri de ri: 1. ri care nu aplic nici un fel de impuneri asupra veniturilor i creterilor de capital (pure heavens): Aruba, Bahamas, Bermude, Insulele Cayman, Dominica, Grenada, Madeira, Mauritius, Saint-Vincent, Samoa etc.; 2. ri n care impozitul pe venit sau beneficiu este redus: Cipru, Liechtenstein, Malta, Oman, Jersey etc.;
3. ri n care impozitul este stabilit pe o baz teritorial, iar contribuabilii

beneficiaz de o exonerare a beneficiilor obinute prin operaiuni realizate n afara teritoriului: Costa Rica, Hong Kong, Malaezia, Panama, Filipine etc.; 4. ri care ofer tratamente speciale companiilor offshore i companiilor holding: Luxemburg, Antilele Olandeze, Singapore, Thailanda etc.; 5. ri n care sunt scutite de taxe companiile ce produc pentru export: Irlanda i Madeira; 6. ri n care sunt oferite avantaje fiscale companiilor de afaceri internaionale, companii care se calific drept companii financiare offshore privilegiate: Antigua, Bahamas, Barbados, Bermude, Dominica, Grenada, Montserrat, St.Vincent, St. Lucia etc.; 7. ri care ofer avantaje fiscale specifice societilor bancare sau altor instituii financiare cu activiti offshore: Hong Kong, Madeira, Malaezia, Filipine, Singapore, Thailanda i Vanuatu. Avantajele oferite de paradisurile fiscale nu in numai de absena impozitrii sau dimensiunea redus a acesteia, ci i de avantaje nefiscale pe care acestea le ofer: publicitate promoional, reea de comunicaii modern i eficient, stabilitate politic i economic, protecie, precizie i disciplin etc. Toate acestea permit crearea unei reele complexe prin care tranziteaz capitaluri, bani murdari, resurse financiare frauduloase, profituri criminale, dar i capitaluri legale ale unor firme mari, n cutare de tratamente financiar-fiscale necostisitoare. Consecina cea mai grav a fenomenului este c reciclatorii dispun dup bunul plac de venituri frauduloase, fr a putea fi trai la rspundere pentru activitile ilicite generatoare ale acestora. Avnd profituri enorme, neimpozitate i nesupuse normelor legale aplicate n afacerile derulate n economia formal, acetia efectueaz cheltuieli mult mai mari cnd investesc legal dect firmele ancorate n economia real. Drept urmare, fac concuren neloial acestor firme. Splarea banilor concur la dezvoltarea unui mediu financiar, juridic i politic coruptibil: reprezentanii instituiilor financiare, ai autoritii judiciare i politice cad prad sumelor imense de bani vehiculate. Odat cu expansiunea deosebit a activitii economice globale, respectiv creterea investiiilor strine directe la nivel mondial, a crescut simitor i cererea pentru operaiuni derulate prin companii offshore, respectiv n ri considerate paradisuri fiscale, cu scopul evitrii/diminurii impozitelor. Fiind ri mici din punct de vedere geografic, cu resurse naturale reduse, care nu pot sprijini dezvoltarea unei industrii oarecare, acestea s-au orientat ctre turism i servicii, respectiv ctre nchirierea suveranitii fiscale. Creterea accentuat a acestui sector a avut loc pe fondul presiunilor exercitate de autoritile fiscale ale statelor dezvoltate, a reglementrilor restrictive i protecioniste practicate de acestea, precum i ca urmare a nemulumirii contribuabililor.
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BIBLIOGRAFIE 1. Anghelache Gabriela, Belean Pavel Finanele publice ale Romniei, Editura Economic, Bucureti, 2005; 2. Cebula Richard J., Saadatmand Yassaman Income Tax Evasion Determinants: New Evidence, The Journal of American Academy of Business, Cambridge, Vol.7, Num. 2, September 2005; 3. Ciucur Dumitru, Gavril Ilie, Popescu Constantin Economie. Teoria general a economiei, Editura Tribuna Economic, Bucureti, 2004; 4. Craiu Nicolae Economia subteran ntre Da i Nu, Editura Economic, Bucureti, 2004; 5. Feige Edgar The Underground Economies. Tax Evasion and Information Distortion, Cambridge University Press, 1989; 6. Franzoni Luigi Alberto Tax Evasion and Tax Compliance, University of Bologna (6020), Italy, 1999; 7. Franzoni Luigi Alberto Tax Evasion and Tax Compliance, University of Bologna (6020), Italy, 1999; 8. Hoan Nicolae Evaziunea fiscal, Editura Tribuna Economic, Bucureti, 1997; 9. Hoan Nicolae Evaziunea fiscal, Editura Tribuna Economic, Bucureti, 1997; 10. Kesselman Jonathan R. Policy Implications of Tax Evasion and Underground Economy in The Underground Economy: Global Evidence and its Size and Impact, Edited by Owen Lippert and Michael Walker, The Fraser Institute Vancouver, British Columbia, Canada, 1997; 11. Legea nr.87/1994 a fost abrogat prin adoptarea Legii nr. 241/2005 pentru prevenirea i combaterea evaziunii fiscale publicat n Monitorul Oficial al Romniei, partea I, nr. 672/27.07.2005; 12. Popa tefan, Cucu Adrian Economia subteran i splarea banilor. Abordare teoretico-metodologic, Editura Expert, Bucureti, 2000; 13. Schneider Friedrich, Enste Dominik H. The Shadow Economy. An International Survey, Cambridge University Press, 2002; 14. aguna Dan Drosu, Tutungiu Mihaela Evaziunea fiscal, Editura Oscar Print, Bucureti, 1995; 15. Wintrobe R. Tax Evasion and Trust. UWO Department of Economics, Working Papers 200111, University of Western Ontario, 2001.
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TAX EVASION - BETWEEN LEGAL AND ILLEGAL. MECHANISMS OF THE UNDERGROUND ECONOMY
PhD. Corina Maria ENE E_mail: corin.maria.ene@gmail.com PhD. Carmen Marilena UZLU E_mail:carme_uzlau@yahoo.com Hyperion University, Bucharest PhD. Mariana BLAN E_mail: dr.mariana.balan@gmail.com Athenauem University, Bucharest
Abstract: Tax evasion, special component of the underground economy is an economic and social phenomenon whose size has grown in all countries. Tax evasion and has appeared with the state and tax laws. Its cover area is extended to all taxes. It actually aims to minimize taxation through the use of inventive, accessible and real alternatives. The effects of tax evasion are reflected directly on fiscal revenues and expenditures, competition, generating social dissatisfaction, inequity and tensions. Key words: tax evasion, corruption, underground economy, tax burden JEL Classification: E26, H26, O17 1. Definition of tax evasion Tax evasion is considered a special component of the underground economy because of at least three reasons: 1. Tax evasion is a crime committed against a special economic agent - the state; 2. Involves a fragile connection of information between those involved in the activities of the underground economy (tax dodgers, investigators and government); 3. There is a special relationship between tax evasion and other important events for the study of public economies. Although the issue is extensively approached, the specific literature failed to formulate a clear and comprehensive definition of this concept, most of the ideas issued highlighting the tax evasions particularity - avoiding the tax payment to the state -, but not the scope. It should be noted that unreported income tax is not synonymous with tax evasion. The latter includes as well the oversizing of tax deductions. In this way deemed necessary to clarify the concept of fiscal income. This is defined by the tax law being all sources of income in the national taxation base. Potential taxation
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base (including total economic income and capital gains) includes several components (in Romania taxable income, non-taxable income and tax-exempt income), depending on the tax laws of each country. Taxable income includes both cash income and equivalent income in kind, minus the amount of deductions allowed by law. Non-taxable incomes are not subject to income taxation because of certain social considerations. Exempt from tax revenues are actually taxable income but exempted from taxation. Moreover, the concept of unreported income is totally different from that of unregistered income, which implies an underestimate taxable income, which reduces the total economic income. The manner in which it resorts to tax evasion regards: - The law that provides by itself tax evasion, being favorable; - Abstention of the taxpayer to perform activities subject to taxes; - Use of tax system loopholes. Hoan Nicolae1 introduced the concept of tax evasion apriori, which refers to a tax evasion due to a legal vacuum. During the interwar period, the notion of tax evasion was included in the fraud. Contemporary economists, however, defines the two terms, considering that tax evasion represents all events aimed at avoidance of taxes, having two major components: licit tax evasion and fiscal fraud (illegal tax evasion). From economical point of view, the judicial distinction is irrelevant as long as both of them lower budgetary tax revenues available to the state. Specific activities of fraudulent tax evasion are based on decision taken under uncertainty (risk of being discovered and forced to pay taxes and penalties, possibly involving criminal liability). Instead, licit tax avoidance involves decisions within an exact environment, the taxpayer being safe because of a refuge or a favorable interpretation of tax legislation, based on skillful use of the possibilities and alternatives offered by the law. In practice, it is very difficult to distinguish lawful from the unlawful tax evasion, they are not strictly separated, and there is a dividing each relative. Frequently, the shift from one form to another is gradual and imperceptible, individuals moving from abstention to break the law, to qualified fraud. Since the economy involves the production of goods and services both legal and illegal, it is clear that tax evasion will be associated with legal or illegal activities, as appropriate. Pure tax evasion consists of failure to report or partial reporting of profits or taxable income, which does not involve labor or way that operates the economic entity related to the economy. Some activities are carried out at the limit of law regulations, others are conventionally-legal, but do not report income or exaggerate
1
Hoan Nicolae, (1997), Evaziunea fiscal, Editura Tribuna Economic, Bucureti, 1997, pag. 216
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their expenses. There are situations that occur in various forms of income transfers between family members to reduce the taxable supply or conceal the type, source and upon receipt of such income. As regards the tax evasion, this implies a violation of tax laws, a conscious and deliberate infringement of the rules regarding the payment of fiscal obligations. The concept of tax fraud unites all unlawful practices that allow not paying, in part or all mandatory taxes. These practices are likely to be punished by administrative penalties, even criminal. Most European countries treat tax fraud in terms of its illegal nature, its various manifestations being punishable in different ways. At EU level, tax evasion is addressed by regulations and Guidelines that outline the acquis communautaire in the field of tax evasion. It defines methods to collect integrated evasion equity resulting from VAT and import taxes linked to production. So, while tax fraud designates a crime, tax evasion requires skillful use of gaps and leaks of the law. But regardless of how we define the phenomenon of tax evasion, it is clear that it is a manifestation condemned around the world, which persists despite any sanctions imposed by the state. 2. Causes of tax evasion and its implications The implications of tax evasion are both economic - adversely affect the tax revenues and competition - and social, leading to increased tax liability incurred by the rest of taxpayers, inequalities and social tensions. Recourse to escapist practices is related to the taxpayer's system of values, beliefs and morality, but also social conduct and economic environment in which it belongs. Circumvention possibilities vary from a social category to another, depending on the nature or origin of property subject to taxation, the manner of material taxes, etc. control the organization. Another factor is the perception of the taxpayer on the tax system that allows them to maintain that compliance standard of living and satisfaction of individual needs into account remaining after paying income tax obligations incumbent. Finally, it should be noted both legislative and administrative system, how their state apparatus applies tax laws and penalties arising from conformation to the law. However, the propensity to tax evasion is more pronounced in some countries than others, depending on the promoted fiscal policy, economic, social and political climate, being usually inversely proportional to the degree of economic and social development of communities. In this sense, the theory of tax evasion persistence requires dissociation between the individual interest and the community one. As regards economic and financial aspect of motivation to evade taxation, the fiscal rate must be analyzed and reported to the level of taxable income.
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Tax burden is one of the reasons of inevitable conflict between the state and taxpayers. On the one hand, the state seeks to increase tax revenues at the expense of funding to meet increasing public spending and therefore generates a growing tax burden and on the other hand, taxpayers want to reduce the tax burden to increase individual revenues. Regarding the taxpayers, social inequities appear between those who pay taxes and those who avoid them. Therefore, discontent will deepen and social unrest will occur. An honest taxpayer will realize that the situation is precarious compared to the neighbor, who does not pay tax liabilities and tax authority is unable to punish him, or if it does, this happens very late. He may conclude that it is economically more profitable to practice also tax evasion. This reasoning lies in the frustration that honest taxpayer feels to tax dodger and its high standard of living. Respect for honest work is injured this way, and the concepts of fairness, justice and the rule of law as well. Excessive tax burden generates evasion and tax avoidance, propensity to invest and save reduction, unwillingness to work legally, tax revolts and social unrest. It is however influenced by economic performance objective of a state at a time, the low efficiency of public spending financed through taxes, the mentality of the people related to budgetary needs and government policy. Legal vacuum, very slow updating of legislation, duplication and ambiguity of legislative provisions enable the propagation phenomenon of tax evasion in all areas of economic life. The legislative framework is the base of the tax system. If it has flaws, is confusing or too thick, tax evasion and fraud event find fertile ground. Also, techniques for setting and collection of taxes, reduction and deduction mechanisms, and granting tax breaks too easily and without rational foundation is the premise of tax evasion. Moreover, they affect revenues and stimulate indiscipline in fulfillment of tax obligations. Lack of skilled, dedicated and responsible staff, inadequate salaries, lack of equipment in the field of computer systems and performance of the administrative apparatus, chaotic and inefficient organization, do not give possibility to control and prevent tax evasion. The political class in power, besides having no longer the financial resources they relied on, cannot ensure the stability of the social contract cannot meet the political program of government and loses credibility and votes of those who elected them. In conclusion, the temptation to tax evasion is amplified by the lack of information and knowledge about tax system, the tax burden and gaps in the legal system and state administration.
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3. Mechanisms Of Underground Economy 3.1. Work black Work "black" is a profitable activity, but performed outside the legal regulation, services supplied in clandestine conditions and the true value not reported, respectively. As a result, work black is not recorded, reported, taxed, insured, and socially protected, putting the worker totally at the disposal of that for which he works. So, it appears an alteration of the balance of the labor market because there is a disruption of supply and demand and thus a parallel, underground labor market is created. According to dual labor market theory, it can be divided into four major categories: primary, secondary/shadow, informal and illegal. These categories reflect actually the contemporary social stratification. Corruption is a complex, multidimensional and multidisciplinary phenomenon, whose causes and effects in different contexts generate serious economic problems. Corruption can be defined in many ways but the most popular and simplest definition which is circulated is as an abuse of public power for personal interests. Specialized economic literature provides taxonomy of the main types of corruption having as the main element tax reporting: - Bureaucratic corruption; - Political - administrative corruption; - Political - legislative corruption; - Legal corruption. Bureaucratic corruption usually involves officials at the "front desk", which deals directly with the public. It may occur in two forms: either as a unique opportunity, or as part of an ongoing relationship between an officer and a potential contributor. In the first case, the official tax administration can find a quantity of goods delivered, but not declared for taxation, in which the taxpayer will try to bribe officials in order not to be punished. In the second case it is a premium regularly paid to the officer, in order to obtain its protection. Political - administrative corruption is considering situations where the taxpayer, making use of political influence, shall provide special tax treatment. The ability of politicians to provide protection depends on the political dependence of the legislative and administrative levels. The higher independence of the two levels, the more difficult for politicians to intervene in the tax administration. Political - legislative corruption refers to cases where taxpayers try to ensure greater legitimacy with the political process in order to find more generous tax treatment. The general purpose is to groups of interest. Legal corruption occurs when there is a legal system dependent on the government in power, and the financially motivation is insufficient, so accepting of
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bribes is an alternate solution. Put in the position of arbitrator between taxpayers and tax administration, such a system tolerates behaviors in another context the law amended. Still remaining in the fiscal sphere and pointing out similarities and differences between tax evasion and corruption phenomena a parallel can be traced between the two social-economic maladies, on the following considerations: - Tax evasion may be a unilateral act, while corruption requires mandatorily at least a bilateral act; - Tax evasion does not mean, automatically, subsequent use of corruption, while corruption acts and funding is provided, particularly on account of financial resources stolen from taxes; - Tax evasion is a component of the underground economy, particularly manifested in the area, while corruption has its followers in the real, formal economy, although this does not exclude that the intention and corrupters individuals come from the underground economy; - While tax evasion is to protect earnings against taxes levied by the state, corruption concerns access to the levers of state to obtain gains. However, it should be noted that in most cases, tax evasion and corruption go hand in hand. Tax evasion does not rule out corruption, and vice-versa. Another type of phenomenon can be identified if it is to their vulnerability to corruption of various social structures as follows: economic corruption, social corruption, administrative or bureaucratic corruption, political corruption. Causes of corruption are many and very different: poverty, inequity in terms of income, low civil service salaries, inadequate and inefficient public management, excessive bureaucracy, and lack of transparency in decision-making, etc. Thus, factors involved in the development of this phenomenon are from an economic, political and institutional origin. Economic corruption involves illegal actions committed by individuals or legal entities, embodied in different offenses: false banking and accounting, counterfeit goods, fraud, embezzlement, fraudulent bankruptcy, abuse of power, etc. Generally speaking, the foundation of economic corruption acts is the exchange of money or material goods. If, however, it proceeds to a "social exchange", which implies client-sympathy, favoritism, or ethnic sympathy, we can speak of social corruption. 4. Fiscal paradise and dirty money laundering Economic globalization has led to the internationalization of crime, including within the economic field. In this context it was necessary to conceal the origin of fraudulent financial resources and their subsequent integration into the formal economy as investment resources, a procedure known as "money
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laundering". The ultimate objective of the operations of this nature is the availability to gain access to money, without any suspicion about their origin. Dirty money laundering, as an expression of the cross-border economic crime, is the attribute of high corruptive potential criminal groups, which show great skill, ingenuity and professionalism, and high capacity to adapt to market requirements, taking advantage of the authority crisis of the state institutions. Regarding the money laundering process, a definition is that it is a complex process through which revenues that are believed to arise from criminal activity are transported, transferred, converted or mixed with legitimate funds, in order to hide or distort the true nature, source, disposition, movement or ownership of those profits. In Community law, money laundering operations relate to: - Conversion or transfer of property (or assistance for this purpose), if it is known that such property is derived from criminal activities; - Concealing or disguising the true nature of goods (origin, location, movement, property rights), if it is known that such property come from criminal activities or participation in such activities; - Acquisition, retention or use of goods, if on the delivery it is known that they come from criminal activities or participation in such activities. Efficiency of the black money laundering phenomenon is measured through the ability of mafia groups to recycle results of crimes carried out (such as tax evasion, drug trafficking, trafficking in stolen cars, etc. - generally called predicate offenses), usually using the financial system. Money laundering process is based on three phases: - Placement - involves the collection, handling and transport of illegal profits (cash) out of space that they might be detected and confiscated through banks, financial and insurance systems to parallel remittance, casinos, stock agencies, retail, external transfer, mixing with legal funds, ghost companies without real income, but with deposits from recyclers, etc.; - Stratification - aims to design complex financial transactions (activities and transactions are added as a step in continuing to make another extremely difficult, if not impossible to detect illegal profits) designed to separate the illicit income from their source: purchase of travel checks, payment orders, bonds, stocks, electronic transfers are made, the resell value of goods purchased during the placement of cash, etc., transactions giving rise to the possibility of making further domestic and external transactions; - Integration - ends black money circuit by providing an apparently legitimate image on assets acquired with illicit financial resources. Fiscal paradises are in fact the umbrella under which money laundering come from illegal drug trafficking, weapons smuggling, etc.
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Although, in general, fiscal paradises offer the same facilities, there are some differences between them that make them more attractive to certain categories of investors. Thus, upon their basic characteristics, they can be grouped into seven types of countries: 1. Countries which do not apply any taxation on income and capital gains ("pure Heavens"): Aruba, Bahamas, Bermuda, Cayman Islands, Dominica, Grenada, Madeira, Mauritius, Saint Vincent, Samoa, etc.; 2. Countries where income or benefit tax is reduced: Cyprus, Liechtenstein, Malta, Oman, Jersey, etc.; 3. Countries where the tax is established on a territorial basis, and taxpayers receive tax exoneration for benefits obtained in operations conducted outside: Costa Rica, Hong Kong, Malaysia, Panama, Philippines, etc.; 4. Countries that offer special treatments for offshore and holding companies: Luxemburg, Netherlands Antilles, Singapore, Thailand etc.; 5. Countries where companies producing for export are exempted of taxes: Ireland and Madeira; 6. Countries where tax benefits are offered to international business companies, companies that qualify as privileged offshore financial companies: Antigua, Bahamas, Barbados, Bermuda, Dominica, Grenada, Montserrat, St.Vincent, St. Lucia, etc.; 7. Countries that offer tax advantages to specific bank companies or to other financial institutions with offshore activities: Hong Kong, Madeira, Malaysia, Philippines, Singapore, Thailand and Vanuatu. Advantages offered by fiscal paradises are not only no taxation or it is smaller size, but also non-fiscal advantages: promotional advertising, modern and efficient communications network, political and economic stability, protection, precision and discipline, etc. This allows creation of complex networks through which capital, dirty money, financial fraud, criminal profits are transited and as well legal capital of large companies, on search of affordable financial and tax treatments. Most serious consequence of this phenomenon is that recyclers have the pleasure of fraudulent income and may not be held liable for the infringing activities of their generators. With enormous profits, untaxed and not subject to applicable legal standards developed businesses in the formal economy, they carry much higher costs than firms investing legally in the real economy. As a result, these companies are unfair competition. Money laundering contributes to the development of a financial, legal and political corruption: the representatives of financial institutions, the judicial and political authority fall prey to huge circulating amounts of money. Together with the great expansion of global economic activity, and increasing of foreign direct investment worldwide respectively, the demand for
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operations performed by offshore companies has significantly increased as well, especially in countries considered fiscal paradises, in order to avoid / reduce taxes. Being geographically small countries, with limited natural resources, which cannot support the development of some industries, they turned onto tourism and services and the "rental tax sovereignty." Rapid growth of this sector took place amid pressure from developed countries tax authorities, and their restrictive and protectionist regulations, and as a result of taxpayer discontent. REFERENCES 1. Anghelache Gabriela, Belean Pavel - Finanele publice ale Romniei, Editura Economic, Bucureti, 2005; 2. Cebula Richard J., Saadatmand Yassaman - Income Tax Evasion Determinants: New Evidence, The Journal of American Academy of Business, Cambridge, Vol.7, Num. 2, September 2005; 3. Ciucur Dumitru, Gavril Ilie, Popescu Constantin - Economie. Teoria general a economiei, Editura Tribuna Economic, Bucureti, 2004; 4. Craiu Nicolae - Economia subteran ntre Da i Nu, Editura Economic, Bucureti, 2004; 5. Feige Edgar - The Underground Economies. Tax Evasion and Information Distortion, Cambridge University Press, 1989; 6. Franzoni Luigi Alberto - Tax Evasion and Tax Compliance, University of Bologna (6020), Italy, 1999; 7. Franzoni Luigi Alberto - Tax Evasion and Tax Compliance, University of Bologna (6020), Italy, 1999; 8. Hoan Nicolae - Evaziunea fiscal, Editura Tribuna Economic, Bucureti, 1997; 9. Hoan Nicolae - Evaziunea fiscal, Editura Tribuna Economic, Bucureti, 1997; 10. Kesselman Jonathan R. - Policy Implications of Tax Evasion and Underground Economy in The Underground Economy: Global Evidence and its Size and Impact, Edited by Owen Lippert and Michael Walker, The Fraser Institute Vancouver, British Columbia, Canada, 1997; 11. Legea nr.87/1994 a fost abrogat prin adoptarea Legii nr. 241/2005 pentru prevenirea i combaterea evaziunii fiscale publicat n Monitorul Oficial al Romniei, partea I, nr. 672/27.07.2005; 12. Popa tefan, Cucu Adrian - Economia subteran i splarea banilor. Abordare teoretico-metodologic, Editura Expert, Bucureti, 2000; 13. Schneider Friedrich, Enste Dominik H. - The Shadow Economy. An International Survey, Cambridge University Press, 2002; 14. aguna Dan Drosu, Tutungiu Mihaela - Evaziunea fiscal, Editura Oscar Print, Bucureti, 1995; 15. Wintrobe R. - Tax Evasion and Trust. UWO Department of Economics, Working Papers 200111, University of Western Ontario, 2001.
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ASPECTE PRIVIND REGLEMENTAREA PIEEI MUNCII N ROMNIA

Asistent drd. Tnase STAMULE E-mail: tasestamule@yahoo.com Lector dr. Meral KAGITCI E-mail: meral_ibraim@yahoo.com Academia de Studii Economice, Bucureti Asistent dr. Marius VCRELU E-mail: mvacarelu@gmail.com coala Naional de Studii Politice i Administrative, Bucureti
Abstract: Prin prezenta lucrare am ncercat surprinderea aspectelor privind piaa muncii din Romnia dintr-o perspectiv legislativ, dar i dintr-o perspectiv religioas. Astfel, cercetarea se dorete a fi una interdisciplinar, pornindu-se de la cele mai vechi timpuri i ajungndu-se la Romnia postdecembrist, o Romnie afectat de criza financiar global generat n anul 2008, o criz cu repercursiuni i asupra pieei muncii. Cuvinte-cheie: codul muncii, angajat, angajator. Coduri JEL: J0, J7, J8, K31. Introducere Pentru a nelege reglementrile privind munca n orice ar, trebuie pornit de la cteva idei legate de rolul religiei i al dreptului ntr-o societate. Astfel, atitudinea omului fa de munc, ca instituie social, este determinat de prima form de educaie de tip social pe care acesta o primete, prin intermediul instituiilor religioase (coala urmnd a fi a doua, n aceast direcie). De asemenea, dreptul, ca instituie pilon al oricrei societi omeneti, indiferent de mrimea acesteia, precizeaz care este cadrul de aciune al oamenilor n toate domeniile de interes public, iar n aceast sfer munca i raporturile juridice de munc sunt fundamentale. Aspecte religioase i legislative privind piaa muncii n Romnia 1. Religia etnicilor romni este de fapt ortodoxia predominant sau naional, prin statutul conferit Bisericii Ortodoxe Naionale1, celelalte fiind doar importuri politice din alte istorii (spre exemplu, catolicismul nu apare n rile
1 Discuie larg, fr ndoial, fr sens ns n raport cu realitatea istoric. Totui, statutul de biseric naional nu nseamn eliminarea celorlalte.
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Romne dect dup ptrunderea ungar; cultele neoprotestante doar n secolul XX etc.). De ce este necesar aceast explicaie? Pentru c n societatea romneasc de dup 1990 a produs o puternic impresie o lucrare a lui Max Weber, publicat de acesta n 1922, dedicat eticii protestante, iar n multe dezbateri s-a considerat c la baza problemelor economiei romneti este ortodoxia, vzut ca o religie retrograd. Aceast dezbatere se poart i astzi, pe forumuri, unde, sub masca anonimatului, aceleai persoane posteaz cu nverunare mesaje1. Important este ns altceva: religia influeneaz puternic normele juridice ale unui stat, existnd unele state n care nsi legea fundamental fiind inspirat din cartea sfnt a unei religii2 (a se vedea Iranul, Arabia Saudit, parial Israelul etc.). 2. n acest sens, pentru a nelege mai bine situaia pieei muncii i a reglementrii relaiilor de munc n statul romn, precum i a atitudinii poporului romn fa de munc, vom prezenta pe scurt unele aspecte ce in de ortodoxism i textele pe care acesta le conine n aceast arie3. Astfel, autorul4 a reinut c: - Mntuitorul Iisus Hristos i Sf. Apostoli pornesc n general n privina muncii de la doctrina Vechiului Testament, mplinind-o doar cu cteva elemente specifice cretinismului, ca religie a harului i a iubirii de oameni. Vechiul i Noul Testament, ca depozite ale aceleiai revelaii n cele dou faze ale ei, stau i n privina muncii pe aceeai linie, Testamentul Nou neabrognd, ci mbogind nvtura despre munc a Vechiului Testament; - Munca este porunc de la Dumnezeu i lege fundamental a vieii omeneti, existnd ca atare de cnd exist i omul. De aceea, ndat dup crearea omului i ntocmirea Edenului, Geneza arat cum omul a fost pus n aceast gradin ca s-o lucreze, "i a luat Domnul Dumnezeu pe Adam i l-a pus n grdina Edenului ca s-o lucreze i s-o pazeasc. i a poruncit Domnul Dumnezeu lui Adam, zicnd: Din toi pomii grdinii vei mnca. Dar din pomul cunotinei binelui i al rului s nu mnnci, fiindc n ziua n care vei mnca din el, vei muri" (Gen, II, 15-17). Vrnd s arate ct de mult coincide nceputul muncii cu nceputul omului, sau c ea ine iar de firea omului, Geneza vorbete de destinaia lui Adam de a lucra grdina Edenului chiar nainte de scoaterea Evei din coasta lui. Cci abia dupa versetele anterioare urmeaz descrierea crerii Evei. Putem deduce de aici faptul, pe
1 Problematica este mai larg; reinem ofensiva dus mpotriva ortodoxiei i, paradoxal, al cooperrii acesteia cu islamul. A se vedea n acest sens colecia sptmnalului Academia Caavencu i a derivatelor sale, care are o poziie tranant anti-ortodox. Important este i motto-ul cu care revista s-a afirmat peste 15 ani: Cititorii notri sunt mai inteligeni dect ai lor. 2 Mai mult, aceste referine apar inclusiv n denumirea oficial a acelor state. 3 Comentariile aparin pr. prof. Dumitru Stniloaie. 4 Surs: http://www.crestinortodox.ro/editoriale/invatatura-crestina-despre-munca-70075.html
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care l observm i n realitatea concret, c munca face parte din fiina fiecrui individ chiar nainte de a se nate din el un alt om1; Munca apare ca voie a lui Dumnezeu, ca prima porunc a lui Dumnezeu. Munca nu apare numai dup cderea omului n pcat, ca o pedeaps pentru pcat i ca o condiie a strii de pcat. Deci nu munca reprezint blestemul rostit de Dumnezeu asupra omului (Gen. III, 17-19), ci osteneala ce se adaug la ea, pe de o parte din pricina c natura i d dup cdere mai anevoie rodul ei, pe de alta din pricin c omul n starea de pcat sau de egoism i de lene n care a czut, simte prea mult greutatea muncii2. Cu aceste dou caracteristici: ca porunc divin i ca lege fundamental a vieii, apare munca i n Decalog. Cci precum poruncete Dumnezeu prin Decalog cinstirea Smbetei, aa poruncete ca celelalte ase zile s fie umplute de munc. Munca ine de evlavie, de religiozitate, e datorie fa de Dumnezeu. A nu munci nseamn a nu asculta pe Dumnezeu, a pctui fa de El. Munca nu e numai porunc dumnezeiasc, prin a crei mplinire se cinstete Dumnezeu i numai o condiie necesar de via i de bunstare, ci mai e i factorul principal prin care se formeaz, se educ omul pe linia virtuilor. E al treilea sens pe care l acord muncii Vechiul Testament. La popoarele pgne judecata asupra muncii varia dupa clasa creia aparineau cei ce se rosteau asupra ei. Filosofii i literaii, care aparineau n general clasei celor avui, consider, cu unele excepii, munca drept o ndeletnicire inferioar studiului sau gndirii, bun doar pentru sclavi. Cicero spune c toate muncile murdresc degetele. Cel ce muncete pentru plat este vrednic de dispre. Oamenii din popor dau un alt neles muncii. Pentru c triau muncind, munca le era drag i cinstit. O femeie luda ntr-o inscripie pe un mormnt pe brbatul ei c a muncit mult pentru ea. Totui lipsete la pagni legtura ntre munc i religie, munca nu e vazut ca porunc divin. Zeii nu muncesc, ci petrec; petrec adeseori n desfrnare3. Cretinismul are marele merit c a extins concepia Vechiului Testament despre munc, la toate popoarele pe care le-a convertit, completnd-o cu alte cteva trsturi pozitive. Este un lucru hotrtor pentru atitudinea cretinismului fa de munca manual c Fiul lui Dumnezeu s-a ntrupat n familia unui teslar i El nsui a practicat aceast meserie pn la vrsta de 30 de ani. Iar cei trei ani de propovduire au fost ani de efort ncordat i de mare osteneal (Luca VIII, 23). El nu are odihn, "Eu trebuie s lucrez", declara El n mai multe rnduri
1 2 3
Ibidem. Ibidem. Ibidem.
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(Ioan IX, 4). In aceasta trebuie s urmeze pilda Tatlui care i El lucreaz (Ioan V, 17)1. - Sf. Apostol Pavel vorbise Tesalonicenilor nu n mod ntmpltor, ci dnd o adevrat porunc sau lege de via despre datoria muncii: "S facei fiecare ce are de fcut i s lucrai cu minile voastre, precum v-am dat porunca" (I Tes. 4, 11). In Epistola a doua ctre Tesaloniceni revine, accentund porunca de a munci. Cine nu muncete este un om care "umbla fr rnduial", un om dezordonat i productor de dezordine n societate. El nu-i are un loc al lui n acest proces de respiraie regulat a vieii omeneti, care este munca. Dimpotriv i turbura i pe ceilali distrgndu-i de la munc. El n-are nici un rost n lume i n societate. n plus de aceea, cel ce nu muncete, mpovreaz i pe alii. - Ca s i gseasc un rost, ca s nu mai turbure pe alii, ca s se liniteasc, Apostolul Pavel le poruncete s munceasc i s mnnce din rodul muncii lor: "Unora ca acestora le poruncim i-i ndemnm n Domnul nostru Iisus Hristos ca s munceasc n linite i s-i mnnce pinea de ei agonisit" (II Tes. III, 12). - Sfntul Apostol Pavel formuleaz ntr-un verdict aspru, dar drept, condiionarea existenei prin munc, le amintete c nc de cnd era la ei le dduse porunca: "Cine nu vrea s munceasc, acela s nu mnnce"2 (II Tes. III, 10). El d aici o formulare negativ, dar cu att mai pregnant, cuvantului de la Gen. II, 15, dup care omul numai lucrnd grdina poate s guste din fructele divine, o datorie religioas. - Urmnd Scripturii, Sf. Prini i scriitorii bisericeti laud munca i condamn lenea. Sf. Ioan Gur de Aur nfruntnd concepia pgn, declara c nu munca este ruinoas, ci inactivitatea: "S nu se ruineze nici unul din cei care au o meserie, ci cei ce mnnc degeaba i petrec n nelucrare, cei ce se folosesc de slujitori i se bucura de o slujire negrit"3. Astfel, observm c influena religiei, potenat i de o anumit dezvoltare comunitar a etnicilor romni a fcut ca munca s reprezinte un aspect fundamental n viaa lor. Mai mult, aceast idee trebuie analizat dintr-o perspectiv realist, i nu influenat de ideile post-moderne care elimin aproape complet factorul economic din studiul istoriei. n aceast idee, vom observa c peste 400 de ani invaziile ttare erau anuale (ultima are loc la 1759), rile romne au fost ocupate de peste 40 de ori iar capitala de 33 de ori; a nu nelege o mare vitalitate a naiunii i o putere imens de a munci
1 2 3
Ibidem Peste ani, formula a aprut inclusiv n textele unor constituii. Dup cum se observ, nici bogia nu este condamnat.
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i reface ceea ce distrugerile rzboaielor provocau1 nseamn a nega pur i simplu istoria2. 3. Analiza muncii este legat ns de un aspect reglementar, deoarece ea nu poate exista fr unele reguli clare care s statuteze o anumit relaie de subordonare ntre angajator i angajat. Mai mult, condiiile politice influeneaz enorm reglementrile din sfera activitilor de munc, acest domeniu fiind al doilea sub aspectul influenei politice, dup cel al dreptului fiscal. De aceea, metoda istorico-teleologic de interpretare a normelor juridice care au reglementat munca n Romnia 3 este obligatorie, iar rezultatele pot deveni utile pentru nelegerea situaiei de astzi. 4. Pentru nceput, vom sublinia c reglementarea muncii s-a fcut n Romnia prin intermediul legii fundamentale, a diferite legi speciale, i, ncepnd cu anii 1950, cu edictarea unei legi speciale, denumit Codul muncii. De aceea, vom prezenta mai nti cteva aspecte legate de legislaia special privind munca, apoi un comentariu pe larg al legilor fundamentale dinaintea anului 1991, urmate de prezentarea codurilor muncii. n final, legislaia post-decembrist va avea parte de o analiz temeinic. 5. Caracteristic metodei de reglementare a dreptului muncii este poziia de inegalitate juridic a prilor aflate ntr-un raport juridic de munc. Dintotdeauna, angajatorul i-a exercitat autoritatea asupra lucrtorului sau, altfel spus, n raportul juridic de munc, salariatul a fost i este subordonat angajatorului. Cum aceast inegalitate a prilor nu putea fi curmat n relaiile de munc, s-a cutat o cale de limitare a sa, aducnd satisfacie celui mai slab juridic". Astfel, ntr-un proces evolutiv nceput la sfritul secolului XIX, s-a constituit dreptul muncii, ca un drept de protecie al salariailor. Cele mai importante reglementri juridice referitoare la relaiile sociale de munc au fost: - Legea sanitar din 1885 i Regulamentul industriilor insalubre din 1894, ambele viznd preponderent condiiile de igien i de protecie a muncii; - Legea pentru organizarea meseriilor din anul 1902, ce reglementa ucenicia; - Legea cu privire la protecia muncii minorilor i femeilor n aezmintele industriale i exploatri miniere, aprut n anul 1906, prin care se fixa vrsta minim la angajarea n industrie; - Legea asociaiilor, Legea pentru cooperativele de muncitori i meseriai aprute n anul 1909;
1 Doar un exemplu legat de aprovizionarea trupelor: conservele se inventeaz doar la sfritul secolului XIX, pn atunci aprovizionarea trupelor realizndu-se pe seama btinailor. 2 Spre exemplu, munca i mai amar se dovedea a fi prin faptul c tactica tradiional presupunea de multe ori retragerea i prjolirea terenurilor n faa invadatorilor, o nsrcire auto-provocat. 3 De altfel, n orice alt ar.
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- Legea asupra repausului duminical, n anul 1910; - Legea pentru asigurrile muncitoreti, n anul 1912, prin care se instituia obligativitatea asigurrii i sarcina riscului n caz de accidente, asupra patronului; - n anul 1919 s-a nfiinat Organizaia Internaional a Muncii, Romnia nscriindu-se printre rile fondatoare. Orientarea acestui for spre o protecie real a salariailor, a impulsionat i la noi elaborarea unor importante acte normative: Legea reglementrii conflictelor de munc (1920), Legea sindicatelor profesionale (1921), Legea repausului duminical (1925), Legea pentru organizarea serviciului de inspecie a muncii (1927), Legea asupra contractelor de munc (1929), Legea privind nfiinarea jurisdiciei muncii (1933) etc.; - n intervalul 1938-1944, legislaia muncii din ara noastr nregistreaz un declin, iar doctrina vremii nu acrediteaz ideea apariiei i existenei n perioada interbelic a unui drept al muncii, ci doar o ,,legislaie industrial sau o legislaie muncitoreasc"; - ncepnd cu 23 august 1944, noua ornduire social instalat n Romnia, i impune cu deosebire trsturile i n planul legislaiei muncii1. Actele normative adoptate, vizau cu prioritate: sindicatele profesionale (Legea nr. 52/1945), salariile i economatele (Legea nr. 48/1945), protecia muncii (Legea nr. 408/1945), jurisdicia muncii (Legea nr. 411/1945). Dup cum se observ, nu a existat o viziune unitar n acest domeniu, dei n multe alte activiti codificarea se manifesta cu o for deosebit statul romn neavnd atunci un interes major n protecia lucrtorilor. 6. Prima Constituie a Romniei apare n 1866, ns ea nu prevede expres dreptul la munc, fiind mai degrab observat o obligaie general de a contribui la mplinirea sarcinilor statului, aceast urmnd a fi fcut inclusiv prin munc (art. 13 i urm). Unirea din 1918 aduce o nou lege fundamental, n anul 1923. Din nou, se identific o mai mic preocupare pentru drepturile sociale i economice (categorie din care face parte dreptul la munc). Aici vom regsi cteva reglementri privind munca2, n art. 21, dup cum urmeaz: Art. 21. - Toi factorii produciunii se bucur de o egal ocrotire. Statul poate interveni, prin legi, in raporturile dintre aceti factori pentru a preveni conflicte economice sau sociale. Libertatea muncii va fi aprat. Legea va regula asigurarea social a muncitorilor, n caz de boal, accidente i altele.
1 Cellalt domeniu cu importante modificri este cel al pedepselor penale, urmate mai apoi de materia emisiunii monetare 2 Din 1919 Romnia era membr a Organizaiei Internaionale a Muncii
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De asemenea, trebuie s precizm c a aprut necesitatea unificrii legislaiei romneti, integral aceasta reuindu-se abia n 19961, legislaia civil fiind extins integral peste Carpai doar n 1943. Astfel, anumite dispoziii din legislaia austro-ungar n materia muncii au subzistat pn n 1943, iar alte norme ale statului ungar au avut aplicabilitate n perioada 1940 1946. Dup cum se poate observa, statul manifest un rol activ pe piaa muncii, el protejnd libertatea muncii i ncercnd s asigure o situaie social favorabil muncitorilor. Cu toate acestea, dispoziiile art. 21 nu au avut o adevrat aplicabilitate. Constituia lui Carol al II-lea nu conine nici o referire direct la munc, stilul de redactare al acesteia fiind unul voluntar, iar n acel moment doctrina de extrem stng comunist nu era apreciat la Bucureti. 7. Comunismul, instaurat n condiii de rzboi, este urmat de transformarea regatului romn n republic, iar n 1948 se edicteaz prima Constituie, cu dispoziii diferite sub aspectul muncii, de data aceasta, consacrnd existena dreptului la munc, vzut i ca obligaie a fiecrui cetean. Vom preciza cteva aspecte din textul legii fundamentale cu relevan n materie: Art.2. - Republica Popular Romn a luat fiin prin lupta dus de popor, n frunte cu clasa muncitoare, mpotriva fascismului, reaciunii i imperialismului. Art.5. - n Republica Popular Romn, mijloacele de producte aparin sau Statului, ca bunuri ale ntregului popor, sau organizaiilor cooperative, sau particularilor, persoane fizice sau juridice. Art.9. - Pmntul aparine celor ce-l muncesc. Statul protejeaz proprietatea de munc rneasc. Statul ncurajeaz i sprijin cooperaia steasc. Pentru a stimula ridicarea agriculturii, statul poate crea ntreprinderi agricole, proprietatea statului. Art.11. - Cnd interesul general cere, mijloacele de producie, bncile i societile de asigurare, care sunt proprietate particular a persoanelor fizice sau juridice, pot deveni proprietatea Statului, adic bun al poporului, n condiiunile prevzute de lege. Art.12. - Munca este factorul de baz al vieii economice a Statului. Ea este o datorie a fiecrui cetean. Statul acord sprijin tuturor celor ce muncesc, pentru a-i apra mpotriva exploatrii i a ridica nivelul lor de trai.
Prin adoptarea L. nr. 7 din 1996 privind publicitatea imobiliar.
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Art.15. - Statul ndrumeaz i planific economia naional n vederea dezvoltrii puterii economice a rii, asigurrii bunei stri a poporului i garantrii independenei naionale. Art.19. - Cetenii au drept la munc. Statul asigur treptat acest drept prin organizarea i dezvoltarea planificat a economiei naionale. Art.20. - Cetenii au drept la odihn. Dreptul la odihn este asigurat prin reglementarea orelor de munc, prin concedii pltite, n conformitate cu legea, prin organizarea de case de odihn, sanatorii, cluburi, parcuri, terenuri de sport i aezminte special amenajate. Art.21. - Femeia are drepturi egale cu brbatul n toate domeniile vieii de Stat, economic, social, cultural politic i de drept privat. La munca egala femeia are drept de salarizare egala cu brbatul. Art.25. - Statul poart grij de sntatea public prin nfiinarea i dezvoltarea de servicii sanitare i prin ncurajarea i sprijinirea educaiei fizice. Statul asigur ocrotire social i asisten medical pentru boal, accidente i invaliditate, rezultate din munc, n timpul muncii sau n serviciul de aprare a patriei, precum i pentru btrnee, att salariailor si ct i acelora ai ntreprinderilor particulare, a cror contribuie i drepturi se fixeaz prin lege. Dup cum lesne se poate identifica, preocuparea crerii unei baze sociale a Partidului Comunist Romn a fost major, i, n aceste condiii, legislaia constituional a avut un rol foarte important. n acest sens, trebuie citit cheia art. 2 din legea fundamental, precum i art. 9, 12 i 20. 8. n temeiul acestor texte constituionale, n 1950 apare legea nr. 3, care se constituie ntr-un prim cod al muncii. Astfel, materia reglementat, precum i subiecii crora le era adresat se regsesc n art. 1 i 2: Art.1: Codul Muncii stabilete reguli pentru contractele colective de munc i contractele de munc i normele de munc i salarizare, timpul de lucru i odihn, rspunderea material i compensaiile, protecia muncii, asigurrile sociale, jurisdicia muncii precum i pentru toate celelalte probleme legate de munc. Art.2: Codul muncii se aplic, pe de o parte angajailor muncitorilor i funcionarilor iar pe de alt parte organelor i instituiilor de Stat, ntreprinderilor i organizaiilor economice ale Statului, organizaiile cooperatiste i celor cu caracter obtesc, precum i persoanelor fizice i persoanelor juridice din sectorul particular, care folosesc munca salariat. Dup cum se nvedereaz aici, nu exist diferenieri ntre funcia public i angajaii din ntreprinderile economice (industriale sau agricole), iar sfera de
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cuprindere a reglementrii este una normal, n acord cu principiile legisticii formale1. Sunt prevzute instituia preavizului (art. 16), precum i cele ale detarii (art. 16) i delegrii (art. 17). Instaurarea normelor de producie se va face de comun acord ntre ministere i uniunile sindicale (art. 27). De asemenea, codul se refer la calitatea produselor i la rebuturi (art. 30 31). Timpul de lucru de 8 ore este fixat prin dispoziiile art. 49, iar cel de noapte la 7 ore (art. 50). De asemenea, este reglementat timpul de odihn sptmnal (24 ore). Concediul de odihn plcut este stabilit la 24 de zile pe an (art. 63). Art. 103 preciza c asigurrile sociale ale muncitorilor i ale funcionarilor se fac prin Asigurrile Sociale de Stat, care funcioneaz n cadrul sindicatelor, iar organizarea, conducerea, ndrumarea i controlul activitii Asigurrilor Sociale de Stat se face de ctre Confederaia General a Muncii, prin Consiliul Asigurrilor Sociale de Stat. 9. n 1952 Stalin stabilete cu propria-i mn o nou Constituie statului romn, mult mai dur, pentru c nu toate caracteristicile comunismului au putut fi incluse n textul din 1948. Vom prezenta mai multe dispoziii, pentru a nelege mai bine situaia n care o important parte a generaiilor de dup rzboi a trit, precum i cteva din consecinele acestor reglementri. n capitolul introductiv sunt nvederate urmtoarele: Republica Popular Romn este un stat al oamenilor muncii de la orae si sate. Republica Popular Romn a luat natere ca urmare a victoriei istorice a Uniunii Sovietice asupra fascismului german i a eliberrii Romniei de ctre glorioasa Armat Sovietic, eliberare care a dat putina poporului muncitor, n frunte cu clasa muncitoare condus de Partidul Comunist, s doboare dictatura fascist, s nimiceasc puterea claselor exploatatoare i s fureasc statul de democraie popular, care corespunde pe deplin intereselor i nzuinelor maselor populare din Romnia. Astfel s-au putut ncununa cu o victorie istoric lupta de secole dus de poporul muncitor romn pentru libertate i independen naional, luptele eroice ale clasei muncitoare aliat cu rnimea muncitoare pentru doborrea regimului capitalisto-moieresc i scuturarea jugului imperialist. Prezenta Constituie a Republicii Populare Romne consacr rezultatele obinute pn acum de oamenii muncii, n frunte cu clasa muncitoare, n opera de construire a societii socialiste n ara noastr.
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Ramur a dreptului care studiaz tehnica de redactare a actelor normative.
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Politica statului de democraie popular este ndreptat spre lichidarea exploatrii omului de ctre om i construirea socialismului. Din perspectiv juridic i economic, ideea cheie este reprezentat de teza Prezenta Constituie a Republicii Populare Romne consacr rezultatele obinute pn acum de oamenii muncii. Este evident c se pregteau noi pai spre edificarea unei noi societi, mai apropiate de idealul marxist. De asemenea, vom nvedera urmtoarele dispoziii: Art.1. Republica Popular Romn este un stat al oamenilor muncii de la orae i sate. Art.2. Baza puterii populare n Republica Popular Romn este aliana clasei muncitoare cu rnimea muncitoare, n care rolul conductor aparine clasei muncitoare. Art.3. Republica Popular Romn s-a nscut i s-a ntrit ca rezultat al eliberrii rii de ctre forele armate ale Uniunii Republicilor Sovietice Socialiste de sub jugul fascismului i de sub dominaia imperialist, ca rezultat al doborrii puterii moierilor i capitalitilor de ctre masele de la orae i sate n frunte cu clasa muncitoare, sub conducerea Partidului Comunist Romn. Art.4. n Republica Popular Romn puterea aparine oamenilor muncii de la orae i sate, care o exercit prin Marea Adunare Naionala i Sfaturile Populare. Art.6. Fundamentul formaiunii social-economice socialiste este proprietatea socialist asupra mijloacelor de producie care are fie forma proprietii de stat (bun comun al poporului), fie forma proprietii cooperatiste-colectiviste (proprietatea gospodriilor agricole colective sau a organizaiilor cooperatiste). n formaiunea socialist a economiei naionale este lichidat exploatarea omului de ctre om. Art.11. Formaiunea particular-capitalist n Republica Popular Romn cuprinde gospodriile chiabureti, ntreprinderile comerciale particulare, micile ntreprinderi industriale nenaionalizate, bazate pe exploatarea muncii salariate. Statul democrat-popular realizeaz n mod consecvent politica de ngrdire i eliminare a elementelor capitaliste. Cea mai important dispoziie apare n art. 15, unde se specific c: In Republica Popular Romn munca este o datorie i o chestiune de onoare pentru fiecare cetean capabil de munc, dupa principiul "cine nu muncete, nu mnnc". n Republica Popular Romn se nfptuiete tot mai larg principiul socialismului: "De la fiecare dup capacitile sale, fiecruia dup munca sa". Alte dispoziii relevante sunt: Art.16. Regimul de stat al Republicii Populare Romne este regimul democraiei populare, care reprezint puterea oamenilor muncii.
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n capitolul consacrat drepturilor cetenilor, primul este dreptul la munc, urmat de dreptul la odihn: Art.77. Cetenilor Republicii Populare Romne le este asigurat dreptul la munc, adic dreptul de a cpta o munc garantat i pltit potrivit cu cantitatea i calitatea ei. Dreptul la munc este garantat prin existena i dezvoltarea formaiunii socialiste a economiei naionale, prin creterea nentrerupt i sistematic a forelor de producie n Republica Popular Romn, prin nlturarea posibilitii crizelor economice i prin lichidarea omajului. Art.78. Cetenii Republicii Populare Romne au dreptul la odihn. Dreptul la odihn este asigurat prin: stabilirea zilei de munc de 8 ore pentru muncitori i funcionari; reducerea zilei de munc sub 8 ore pentru anumite profesiuni cu condiii de munc grele i pentru secii cu condiii de munc deosebit de grele; stabilirea de concedii anuale pltite pentru toi muncitorii i funcionarii; punerea la dispoziia oamenilor muncii a caselor de odihn, sanatoriilor i instituiilor de cultur. Art.79. Cetenii Republicii Populare Romne au dreptul la asigurare material la btrnee, n caz de boal sau incapacitate de munc. Acest drept este garantat prin dezvoltarea larg a asigurrilor sociale ale muncitorilor i funcionarilor, pe socoteala statului, prin asistena medical gratuit acordat celor ce muncesc i prin punerea staiunilor balneare i climaterice la dispoziia oamenilor muncii. Art.86. n conformitate cu interesele celor ce muncesc i n scopul dezvoltrii activitii politice i obteti a maselor populare, cetenilor Republicii Populare Romne li se asigur dreptul de asociere n organizaii obteti, n sindicate profesionale, uniuni cooperatiste, organizaii de femei, de tineret, organizaii sportive, asociaii culturale, tehnice i tiinifice. Cetenii cei mai activi i cei mai contieni din rndurile clasei muncitoare i din rndurile celorlalte pturi de oameni ai muncii se unesc n Partidul Muncitoresc Romn, detaamentul de avangard al oamenilor muncii n lupta pentru ntrirea i dezvoltarea regimului de democraie popular i pentru construirea societii socialiste. Partidul Muncitoresc Romn este fora conductoare att a organizaiilor celor ce muncesc, ct i a organelor i instituiilor de stat. n jurul lui se strng laolalt toate organizaiile celor ce muncesc din Republica Populara Romn.
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10. Dup ce sistemul politic a putut relaxa puin viaa n ar (post 1958, dar mai ales dup marile evenimente ale anului 19641), s-a adoptat o nou Constituie, n 1965, care a rmas n vigoare pn la 1991, i care a stat la baza Codului muncii din anul 1972. Le vom prezenta pe rnd, subliniind anumite aspecte importante din textele celor dou acte n cauz: Constituia Romniei: Art.1. Romnia este republic socialist. Republica Socialist Romnia este stat al oamenilor muncii de la orae i sate, suveran, independent i unitar. Teritoriul su este inalienabil i indivizibil. Art.2. ntreaga putere n Republica Socialist Romnia aparine poporului, liber i stpn pe soarta sa. Puterea poporului se ntemeiaz pe aliana muncitoreasc-rneasc. n strns unire, clasa muncitoare - clasa conductoare n societate -, rnimea, intelectualitatea, celelalte categorii de oameni ai muncii, fr deosebire de naionalitate, construiesc ornduirea socialist, crend condiiile trecerii la comunism. Art.5. Economia naional a Romniei este o economie socialist, bazat pe proprietatea socialist asupra mijloacelor de producie. n Republica Socialist Romnia, exploatarea omului de ctre om este pentru totdeauna desfiinat i se nfptuiete principiul socialist al repartiiei dup cantitatea i calitatea muncii. Munca este o ndatorire de onoare pentru fiecare cetean al rii. n acest text al legii fundamentale, al doilea drept prevzut cetenilor romni este dreptul la munc, fiind retrogradat n poziie secund: Art.18. n Republica Socialist Romnia, cetenii au dreptul la munc. Fiecrui cetaean i se asigur posibilitatea de a desfura, potrivit pregtirii sale, o activitate n domeniul economic, administrativ, social sau cultural, remunerat dup cantitatea i calitatea ei. La munc egal retribuia este egal. Prin lege se stabilesc msurile de protecie i securitate a muncii, precum i msuri speciale de ocrotire a muncii femeilor i tineretului. Art.19. Cetenii Republicii Socialiste Romnia au dreptul la odihn. Dreptul la odihn este garantat celor ce muncesc prin stabilirea duratei maxime a zilei de munc la 8 ore, a unui repaus sptmnal i prin concedii anuale pltite. n sectoarele de munc grea i foarte grea, durata zilei de munc este redus sub 8 ore, fr scderea retribuiei.
1
Declaraia de independen a PCR, eliberarea deinuilor politici.
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Art.20. Cetenii Republicii Socialiste Romnia au dreptul la asigurare material de btrnee, boal sau incapacitate de munc. Dreptul la asigurare materiala se realizeaz pentru muncitori i funcionari prin pensii i ajutoare de boal acordate n cadrul sistemului asigurrilor sociale de stat, iar pentru membrii organizaiilor cooperatiste sau ai altor organizaii obteti, prin formele de asigurare organizate de acestea. Statul asigur asisten medical prin instituiile sale sanitare. Concediul de maternitate pltit este garantat. 11. Codul muncii apare la 7 ani dup noua Constituie, i se constituie ntr-o real evoluie juridic, el fiind nlocuit este drept, dup mai multe amendri n perioada 1990 2002, n anul 2003, prin Legea nr. 53 / 2003. Codul muncii din 1972 fixeaz pe larg regimul muncii n Romnia, prin intermediul celor 191 de articole ale sale. Dispoziia cheie a acestui cod este coninut de art. 4, i ea se refer la omogenizarea societii: Pe msura dezvoltrii bazei economice a socialismului, a introducerii n producie a rezultatelor tiinei i tehnicii contemporane, a dezvoltrii nvmntului i culturii, n ara noastr are loc tergerea treptat a deosebirilor eseniale dintre munca fizic i cea intelectual, dintre modul de munc i via de la sat i cel de la ora, i omogenizarea treptat a societii. Alte dispoziii interesante au fost: Art.5. (1)Munca, n condiiile societii socialiste, formeaza i dezvolt ntre oameni relaii noi, de colaborare, de ntrajutorare i respect reciproc potrivit principiului "toi pentru unul i unul pentru toi" -, contribuie activ la formarea i dezvoltarea multilateral a personalitii umane. Art.6. nsuirea sub orice form a muncii altuia i toate manifestrile de parazitism social sunt interzise ca incompatibile cu ornduirea socialist, cu principiile eticii i echitii socialiste. Art.7. ncepnd cu vrsta de 16 ani, fiecare persoan apt de munc i care nu urmeaz cursurile unei coli este datoare s desfoare, pn la vrsta de pensionare, o munc util societii, care s-i asigure mijloace de existen i de dezvoltare spiritual. Art.8. (2). Fiecare membru al colectivului de munc particip la conducerea unitii i poart rspunderea fa de societate, att individual, ct i mpreun cu ceilali membri ai colectivului, pentru buna gospodrire i dezvoltare a prii din avuia naional ncredinat, fiind dator s-i consacre ntreaga capacitate, pricepere i putere de munc scopului ca unitatea n care lucreaz s-i desfoare activitatea cu maximum de eficien.
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Art.9. (1). Oamenilor muncii din Republica Socialist Romnia le este garantat dreptul de a participa efectiv la conducerea vieii politice, economice i sociale. (2) Ca expresie a adncirii democraiei socialiste, activitatea tuturor unitilor se bazeaz pe principiul muncii i conducerii colective. (3) Participarea la conducerea unitilor a persoanelor ncadrate n munc se asigur direct sau prin reprezentanii lor n adunrile generale, n comitetele i consiile oamenilor muncii, precum i n alte organe de conducere colectiv i forme organizate de participare colectiv la soluionarea problemelor din uniti. Se menine amalgamul dintre funcia public, reglementarea acesteia i muncitorii din ntreprinderile economice industriale i agricole. Ceea ce trebuie subliniat, n contextul oricrei analize de text juridic, este conformitatea dintre normele morale i cele juridice, diferenele fiind ntotdeauna de strict interpretare i aplicare, iar spaiul nu ne permite s extindem analiza ntrun asemenea grad, acesta fiind mai aproape de o cercetare din cadrul unei teze de doctorat. Art.75 preciza condiiile de promovare n funcie, alin. (2) preciznd c se ine seama, totodat, de pregtirea politic, de aptitudinile organizatorice i de conducere ale celor ce urmeaz a fi ncadrai n asemenea funcii, precum i de aprecierile i recomandrile colectivului de munc n care i-au desfurat activitatea. 12. Dispoziiile acestui cod au trebuit a fi amendate de ctre legiuitorul romn dup 1990, sub presiunea trecerii la o nou modalitate de aezare politic i economic a societii; apariia omajului, concedieri masive etc. De asemenea, de sub reglementrile specifice dreptului muncii funcionarii publici sunt exclui, dar numai din 1999, odat cu adoptarea statutului funcionarului public. Cu toate acestea, este evident c acolo unde legea special a acestora nu prevede, se va recurge la dispoziiile codului muncii, ca lege general. Dispoziiile legii fundamentale, adoptate n 1991, modificat i republicat n 2003, statueaz asupra relaiilor de munc n trei articole1: Art.41 Munca i protecia social a muncii (1) Dreptul la munc nu poate fi ngrdit. Alegerea profesiei, a meseriei sau a ocupaiei, precum i a locului de munc este liber. (2) Salariaii au dreptul la msuri de protecie social. Acestea privesc securitatea i sntatea salariailor, regimul de munc al femeilor i al tinerilor, instituirea unui salariu minim brut pe ar, repausul sptmnal, concediul de odihn pltit, prestarea muncii n condiii deosebite sau speciale, formarea profesional, precum i alte situaii specifice, stabilite prin lege. (3) Durata normal a zilei de lucru este, n medie, de cel mult 8 ore.
1
Textul la zi.
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(4) La munc egal, femeile au salariu egal cu brbaii. (5) Dreptul la negocieri colective n materie de munc i caracterul obligatoriu al conveniilor colective sunt garantate. Art.42 Interzicerea muncii forate (1) Munca forat este interzis. (2) Nu constituie munc forat: a) activitile pentru ndeplinirea ndatoririlor militare, precum i cele desfurate, potrivit legii, n locul acestora, din motive religioase sau de contiin; b) munca unei persoane condamnate, prestat n condiii normale, n perioada de detenie sau de libertate condiionat; c) prestaiile impuse n situaia creat de calamiti ori de alt pericol, precum i cele care fac parte din obligaiile civile normale stabilite de lege. Art.43 Dreptul la grev (1) Salariaii au dreptul la grev pentru aprarea intereselor profesionale, economice i sociale. (2) Legea stabilete condiiile i limitele exercitrii acestui drept, precum i garaniile necesare asigurrii serviciilor eseniale pentru societate. Cele mai importante modificri ale legislaiei muncii au avut loc n 2003 i 2011, sub aspectul legii generale, pentru c n 2003, sub o guvernare de stnga se adopt un nou cod al muncii, care, dei era cu un pas nainte sub aspectul legisticii formale, se vede a fi criticat din primul moment de ctre mediul de afaceri, care a observat c anumite liberti pe care i le-ar fi dorit (de multe ori, mai aproape de sclavia modern1) nu i sunt asigurate. De fapt, modificarea din 2011 legat de flexibilizarea ncheierii i mai ales a desfiinrii contractului individual de munc este un compromis ntre situaia dificil a statului romn, care i-a pierdut foarte multe din prghiile economice (dar nu toate, i nu pe cele decisive, pentru c drepturile regaliene ale statului nu dispar niciodat2), mediul de afaceri cu capital strin, care dorete nu doar s profite de o pia a forei de munc nc incorect structurat, i situaia economic continental deoarece rile de pe continentul european i asiatic (eurasiatic) reprezint principalul partener comercial. Actualul cod al muncii este o lege foarte ntins, n cele 281 de articole ale sale fiind reglementate, dup cum precizam, de cele mai multe ori, n concordan cu morala societii romneti. Dispoziiile cu probleme sunt de detaliu, iar analiza practicii judectoreti din anul 2003 pn n prezent subliniaz mai puin carenele legiuitorului (cu o excepie, situaia concedierilor colective), ct mai ales ale practicii, supus aciunii diferiilor vectori.
1 2
Workahoolic-ii sunt un simptom al acestei viziuni. Despre semnificaia drepturilor regaliene ale statului, a se vedea E. Blan: Instituii administrative, ed. C.H. Beck, Bucureti, 2008, pg. 8 i urm.
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Legislaia romn a cunoscut sau cunoate legi speciale n domeniul legislaiei muncii i a altor instituii ale dreptului muncii conexe (sindicatele, conflictele de munc, statutul juridic al diferitelor profesii etc.), lor alturndu-se i alte norme specifice, reduse ca dimensiune n corpul altor acte normative care reglementeaz diferite alte aspecte ale vieii sociale. Ceea ce nu ajut statul romn i reglementarea relaiilor de munc este marea discrepan ce apare uneori ntre textele actelor normative (de multe ori de calitate) i aplicarea acestora, ntr-o societate bolnav de incompeten, analfabetism funcional1 i lips a rbdrii. Concluzii: Ndjduim c aceast criz global, odat terminat sau intrat ntr-o faz mai clar chiar dac foarte dur pentru un anumit numr de ani va permite societii romneti s se aeze n cadre temeinice i s renceap s performeze. Iar pentru aceasta, trebuie s se munceasc mai bine. Iar cel care ne-a avertizat c munca proast nu ne aduce folos, ci doar ruine este Nicolae Iorga a venit momentul s ne reamintim nvturile marilor notri naintai. REFERINE BIBLIOGRAFICE: [1]Blan, E., (2008),Instituii administrative, ed. C.H. Beck, Bucureti; [2]Vcrelu, M.(2011), Analphabetism in the 21st Century and its Legal Consequences, la http://proceedings.univ-danubius.ro/index.php/eirp/article/view/733 [3]iclea, Al., (2011), Dreptul muncii, ed. Universul juridic, Bucureti, http://www.crestinortodox.ro/editoriale/invatatura-crestina-despre-munca70075.html; [4] Constituia Romniei din 1866; [5] Constituia Romniei din 1923; [6] Constituia Romniei din 1938; [7] Constituia Romniei din 1948; [8] Constituia Romniei din 1952; [9] Constituia Romniei din 1965; [10]Codul muncii din 1950; [11]Codul muncii din 1972; [12]Constituia Romniei din 1991; [13]Codul muncii din 2003 (Legea nr. 53 din 2003).
Vezi i M. Vacarelu: Analphabetism in the 21st Century and its Legal Consequences, la http://proceedings.univdanubius.ro/index.php/eirp/article/view/733
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ASPECTS REGARDING REGULATION OF THE LABOR MARKET IN ROMANIA

PhD Candidate Tnase STAMULE PhD Teaching Assistant Marius VCRELU
E-mail: tasestamule@yahoo.com Ph.D, Lecturer Meral KAGITCI Academy of Economic Studies, Bucharest E-mail: meral_ibraim@yahoo.com
E-mail: mvacarelu@gmail.com National School of Political and Administrative Studies, Bucharest
Abstract: With the following paper I plan to surprise aspects of the Romanian labor market through both a legislative and a religious perspective. Thus, the research intends to be interdisciplinary, starting from historical times and up to the post revolutionary Romania, a country affected by the global financial crisis that began in 2008, a crisis that produced repercussions in the labor market. Key-words: labor code, employee, employer. JEL Code: J0, J7, J8, K31 Introduction In order to understand regulations regarding work in any country, one must start their journey from a few ideas about the roles of religion and law in society. This way, ones attitude towards work, as a social institution, is determined by the form of social education received from religious institutions (school being second in this direction). Moreover, law, as an institution pylon of any human society, no matter the size represents a frame for people in all domains of public interest and in this circle work and juridical work relationships are fundamental. Religious and legislative aspects regarding the labor market in Romania 1. The religion of Romanian ethnic members is, in fact, Orthodoxy predominant or national, through the status given to the National Orthodox Church1, others just being political imports (for instance, Catholicism does not appear in The Romanian Countries until the Hungarians entered the territory; neo-protestant cults only in the XXth century etc.).
1
Undoubtedly an ample discussion, however, lacking sense in reference to historical truth.
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Why is this explanation necessary? Because after 1990, the Romanian society was profoundly impressed by the works of Max Weber, particularly a paper published in 1922, about protestant ethics. In numerous debates, orthodoxy, seen as a retrograde religion, was considered to be the root of Romanian economical problems. This is still in question today, on forums, where, anonymously, the same people frenetically post messages1. Essential is the following: religion strongly influences the juridical norms of a state and there are states in which the fundamental law itself is inspired by the holy book of a religion2 (examples being Iran, Saudi Arabia, partially Israel etc.). 2. In this sense, in order to better understand the situation of labor market and of the regulations of work relations in the Romanian state, as well as the Romanian attitude towards work, we are going to briefly present some aspects of Orthodoxy and the corresponding texts3. Thus, the author4 finds the next ideas important: - Regarding work, The Lord Jesus Christ and the Holy Apostles adopt the view of the Old Testament, adding just a few aspects typical for Christianity, as a religion of love for people. The Old and New Testament, as deposits of the same revelation in its two states, share the same view of work, the New Testament enriching rather than contradicting the work-related wisdom of the Old Testament. Labor is a God-given commandment and a fundamental law of human life, existing as an entity since the beginning of Man. This is why, after the creation of humans and the making of Eden, the Genesis shows how man was placed in the garden in order to work its land, "And the Lord God took Adam and put him in the Garden of Eden to work it and keep it. And the Lord God commanded Adam, saying: Of every tree of the garden you eat. But of the tree of knowledge of good and evil you shall not eat, because the day you eat of it you will die "(Genesis, II, 15-17). - In order to show how much the begining of work coincides with the begining of Man, or even that it is a part oh human nature, the Genesis talks about Adams work in the Garden of Eden even before the creation of Eve from his rib. For only after the above-given pasage is the making of Eve mentioned.
1 The problem is vaster; we keep in mind the offensive carried out against Orthodoxy and, paradoxally, its cooperation with the Islam. To support this, see the weekly publication Academia Catavencu that has a highly anti-orthodox perspective. The magazines motto, in use for over 15 years, is also relevant: Our readers are smarter then theirs. 2 Moreover, these references even apear in the oficial name of those states. 4 The comments belong to pr. Prof. Dumitru Staniloaie. 5 Source: http://www.crestinortodox.ro/editoriale/invatatura-crestina-despre-munca-70075.html
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We may deduct from here a fact observable in real life, that work is a part of human nature even before a new life is created from him1. Labor appears as an order from God, as His first comandment. Labor does not only appear after Adams fall into sin, as a form of punishment and as part of the sinners condition. So it is not work that represents Gods curse on Man (Gen. III, 17-19), but the hardship that is added to it, on one hand because nature is now (after the primordial sin) less fertile and on the other because Man, now lazy and selfish, feels the hardship too strongly7. Labor, as it is represented in the Decalogue, is defined by the same two characteristics: devine comandment and fundamental law of life. For as God comands through the Decalogue the respecting of the Sabbath similarly He comands that the other six days be working days. To not work emplies disregarding Gods will. Labor is more than a godly comandment and a necesary condition for life in good conditions, but also the main factor that helps Man form himself and be educated towards virtue. This is the third role that the Old Testament atributes to work2. Pagan views upon work varied depending on their social status. Philosofers, that usually belonged to the upper classes, considered, with some exceptions, that work is inferior to study and thinking and is only apropriate for slaves. Cicero states that all works dirty the fingers. He who works for pay is unworthy of respect. However, people of the middle and lower class have another understanding of work. Because labor was their way of life, for them it was honest and dear. On a tombstone inscription, a woman prazes her man for he had worked hard for her. However, pagans lack a connection between work and religion and labor is not seen as a deist comandment. Gods do not work, they enjoy themselves; enjoyment often turns into orgy3. Christianity has the merit of extending the concept about work presented by the Old Testament, to all the nations that were converted to it, completing it with extra positive traits. Decisive for Christianitys attitude towards work is the fact that Jesus Christ was born in the family of a carpenter and was one Himself, up to the age of 30. His three years of preaching were also marked by hardship and intense labor (Lucas VIII, 23). He does not rest, I must work, says He repetedly (Joan V, 17)4.
1 2 3
Ibid. Ibid. Ibid. 4 Ibid.
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The Holy Apostol Paul spoke to the Thesalonicians giving them a real comandment or life law regarding the duty to work. "Each make what you have to do and work with your hands, as I have commanded" (I Thess. 4, 11). - In the second letter adressed to the Tesalonicians the comandment to work is even more accentuated. One who does not work has no purpose, is unorganised and creates hazard in society. His life is aimles and he is useles to society. In adition, he who does not work burdeons the others. - In order to find a use for themselves and not disturb others, Apostol Paul orders them to work and then eat the fruit of their own work: We command and we urge some like these in the name of our Lord Jesus Christ to work in peace and eat the bread earned by themselves. (II Tes. III, 12). - The Holy Apostol Paul states through a harsh, but just verdict, that existence is conditioned by work, reminding them once again of his previous comandment: He who does not want to work will not eat1 (II Tes. III, 10). Using a negative form, he restates here even more firmly what had been previously said in Gen. II, 15, that only by working the garden can man taste the divine fruit, a religious duty. - Following the Scriptures, the Holy Fathers and the clerical writers praise labor and condemn laziness. St. Joan, standing up to pagan belief, declares that inactivity is shameful and not work: Those who work and have a profession should not be ashamed, but more likely those who spend their time in inactivity, those who use slaves and profit from unquestioning assistance.2. Therefore, we observe that the influence of religion, increased by the development of the Romanian community, made work into a fundamental aspect of their life. Moreover, this ideea must be analyzed through a realistic perspective and post-modernist ideeas that almost completely eliminate the economic factor from history studies must be avoided. To this end, we are going to observe how tatar invasions occured anually for over 400 years (the last dating 1759), the Romanian countries were occupied over 40 times and the capital 33 times; it shouldnt be understood that the great vitality of the nation and the imense power to work and reconstruct the damage caused by the wars3 means denying history4.
Over the years, the formula even appeared texts of constitutions. As shown, wealth is not condemned either. 3 Just an example related to supplying troops: cans were only invented in the late nineteenth century, until then troops were supported by natives. 4 For example, work proved to be more bitter when traditional tactics often involved setting fire to the natives lands.
2 1
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3. Work analysis is, however, related to a legislative aspect, since it may not exist without certain clear rules to underline the subordonations between employer and employee. In addition, teh political climate deeply influences the work-related legislation, this field being the second most politically-influenced field after that of tax law. This is why, the historical-teleological interpretation method for the juridical norms that have regulated work in Romania1 is compulsary, and its results may become useful for understanding the situation today. 4. To begin with, we are going to underline that the regulation of labor in Romania was achieved with the help of fundamental law, of different special laws, and, starting with the 1950s, with a special law called the Work Code. This is why, we will begin with presenting a few aspects about legislation that refers to labor, followed by an undetailed comment upon the fundemantal laws prior to 1991 and a presentation of the labor codes. Last, post-revolutionary legislation will be thoroghly analysed. 5. Tipical for the reglementation method of labor rights is the unequal juridical position of the sides involved in a juridical work relation. It is always that the employer exercises authority over his employee, or, in other words, in a juridical work relationm the employee is always subordoned to the employer. Since this distinction cannot be vanquished, the target becomes to limitate it, giving some satisfaction to that who is juridically weaker. Thus, in a continuos proces started at the end of the XIXth century, labor law was established as law designed to protect the employees. The most important juridical reglementations about social work relations have been: - The Sanitary Law from 1885 and the Unhealthy Industries Regulation from 1894, both mainly refering to higiene conditions and protection of work; - The law for organizing work fields in 1902, that regulated apprenticeship; - The law regarding work protection for minors and women in industrial settlements and mining, in 1906, that established the minimum age required in order to work in industry; - The Associations Law, the law for workers cooperatives, in 1909; - The law for free Sundays, in 1910; - The law for workers insurance, in 1912, that established the obligatory nature of the insurance and managing the risk of accidents as a task of the employer;
1
As happens in any other country.
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- In 1919, the International Labor Organisation was formed, Romania being one of the founding countries. The orientation of this forum towards trully protecting the employees was an impulse to create important bills in our country: the law for solving work conflicts (1920), the law for porfessional sindicates (1921), the law for free Sundays (1925), the law for organising inspection services (1927), the law regarding work contracts (1929), the law regarding labor jurisdiction (1933) etc.; - During the years 1938-1944, labor legislation in our country delines, and the doctrine of the time does not permit the ideea of the appearance and existance of labor law during the interbelic period, but only that of an industrial legislation or a labor legislation; - Begining with August 23 1944, the new social layout instaled in Romania imposes its characteristics in the plan of labor law 1 . The bills adopted primarily concerned: profesional sindicates (Law no.52/1945), salaries and savings (Law no.48/1945), protection of work (Law no. 408/1945), jurisdiction of labor (Law no. 411/1945). It appears that there did not exist a coherent, unitary vision in this field, unlike in other activities where codification maifested itself rapidly the romanian stat had no particular interest in the protection of the workers. 6. The first Romanian Constitution appears in 1866, but does not explicitly state the right to work. It expreses a more general obligation to help succesfully accomplish the states tasks and it would follow that this obligation is executed through work(art. 13). The 1918 union brings forth a new fundamental law, completed in 1923. Again, a slighter preocupation for social and economic rights may be remarked (in this cathegory we include the right to work). Here we will find a few regulations that refer to work2, in art. 21, as follows: Art.21. All factors of production are equaly entitled to portection. The state has the right to interfere, by law, in the relations between these factors in order to prevent economic or social conflicts. The liberty of labor is to be defended. The law will regulate social insurance for the workers, in case of sickness, accidents and others. Furthermore, we must mention a new born need to unite Romanian legislation, action completed as late as 19961, civil law being extended over the Carpathians as late as 1943.
1 2
The other area with important changes is the criminal penalties, followed later by issuing monetary matters. Since 1919 Romania was a member of the International Labour Organisation.
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This way, certain factors of the austro-hungarian legislation regarding labor subzisted until 1943 and others were aplicable throughout the 1940-1946 period. As you may see, the state takes an active stand in the labor market, protecting freedom of labor and trying to ensure a favorable social situation for the employees. Despite all this, art. 21 was not truly and realistically aplicable. Charles the 2nds Constitution does not contain any direct reference to labor, the syle in which it is writen is a voluntary one and at the time the left wing extremist communist doctrine was not apreciated in Bucharest. 7. Communism, instaled during war, is followed by the transformation of the Kingdom of Romania intro a republic, and in 1948 the first Constitution is edicted, with different dispositions about labor, this time consecrating the right to work, also seen now as an obligation of every citizen. Here are a few aspects presented in the fundamental law relevant in this matter: Art.2. The Popular Republic of Romania was established through battle conducted by the people, starting with the working class, against fascism, and imperialism. Art.5. In the Popular Republic of Romania, the means of production belong either to the State, as good of the entire people, or to the cooperative organisations, or to proprietaries. Art.9. The land belongs to those who work it. The state protects the work of the peasants. The state supports and encourages rural cooperation. In order to stimulate the growth of agriculture, the state may create agricaltural enterprises, as part of its porperty. Art.11. When general interest calls for this, the means of production, bancks and insurance companiess, that are private property may become State property, which is a good of the people under the circumstances dictated by law. Art.12. Labor is the main factor of the economic life of the State. It is a duty of every citizen. The state supports all those who work, in order to protect them from being eploited and in order to raise their income lifestyle. Art.15. The state guides and plans the national economy as to develope the countrys economic strength, to ensure the peoples well-being and the national independence. Art.19. The citizens have the right to leasure. The right to leasure is assured by regulations regarding working hours, paid holidays - acording to the law,
By adopting L. No. 7 of 1996 on real estate advertising
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organising of retierment homes, sanatories, clubs, parks, sports fields and settlements. Art.21. Women and men are equal in every domain of State life, economical, social, cultural, political and private. For equal work, women are entitled to the same salary as men. Art.25. The state is responsable for public health through the development of sanitary services and through encouraging and sipporting physical education. The state ensures social protection and medical assistance for sickness, accidents and invalidity resulted from work, during work or while defending the country as well as for old age, both for public workers and for workers in the private sector, whos contribution and rights are settled by law. As you may easily see, the interest of the Romanian Comunist Partie for creating a social base was consistent, and, this given, the constitutional legislation played an important role. To this end, art.2 from the fundamental law, as well as art. 9, 12 and 20 must be quoted. 8. On the grounds of these constitutional texts, in 1950 brings law no. 3, which consists of a first labor code. Thus, the regulation as well as the subjects it is adressed to are found in art. 1 and 2: Art.1: The Labor Code sets rules for colective work contracts and the work contracts, norms for labor and salaries, time of work and rest, material responsability and compensations, protection of work, social insurances, jurisdiction of labor as well as for any other work-related issues. Art.2: the Labor Code aplies both to the employees workers and funcionaries and to the State institutions, enterprises and economic organisations of the State, cooperative organisations as well as to those in the private sector using paid labor. As disclosed here, there is no difference between public positions and employees from economic enterprises (industrial or agricultural), and the area covered by the regulation is a normal one, in accordance to the principals of formal law1. Institutions for giving notice (art.16), for detachment (art.16), and for delegation (art.17) are provided. Ministries and sindical unions must reach a concensus for production norms (art.27). Also, the code refers to product quality and spoilaje (art.30 - 31).
1
Branch of law that studies of writing regulations.
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The 8 hour per day work period as well as the 7 hour night shift are established through the dispositions of art. 49 and 50. In addition, the weekly rest time is regulated at 24 hours and vacations at 24 days per year (art.63). Art.103 stated that social insurance for workers and clerks be completed through State Social Insurances, that function inside sindicates, and that organizing, leading, guiding and control of the State Social Insurances be executed by the General Labor Confederation through the State Social Insurances Council. 9. In 1952 Stalin himself lays out a new Constitution for Romania, much harsher than the previous, for not all characteristics of communism had been included in the 1948 text. We are going to present some of the dispozitions, in order to better understand the frame in which many post-war generations have lived, as well as some of the consequences of these regulations. In the introductory chapter the following are established: The Popular Republic of Romania is a state of the working people in the urban and rural area. The birth of the Popular Republic of Romania is the result of the glorious victory of the Soviet Union over german fascism and of the liberation of Romania by the glorious Soviet Army, liberation that gave posibility and strength to the working people, begining with the working class led by the Comunist Party, to take down the fascist dictatorship, to destroy exploiting classes and build a state of popular democracy that fully matches the interests and aspirations of the masses in Romania. Thus, the century-long battle of the romanian workers for freedom and national independence, the heroic battles of the working class in aliance with the working peasentry to take down the captialist regim of the landowners was historically victorious. This Constitution enshrines the Romanian People's Republic of results achieved to date by working people, esspecially the working class in the creation of a socialist society in our country. The popular democratic policy of the state is oriented towards the abolishment of explotion of man by man and the construction of socialism. Through a legal and economic perspective, the key idea is the phrase "This Constitution enshrines the Romanian People's Republic of results achieved to date by working people." It is clear that further steps were being prepared towards building a new society, closer to the Marxist ideal. We will also demonstrate the following: "Art.1. Romanian People's Republic is a state of working people in towns and villages.
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Art.2. The Romanian People's Republic source of popular power is the alliance of the working class and peasantry, the leading role belonging to the working class. Art.3. Romanian People's Republic was born and strengthened as a result of the liberation of the country by the armed forces of the Union of Soviet Socialist Republics from the yoke of fascism and imperialist domination, as a result of landowners and capitalists loss of power at the hand of the masses of the towns and villages led by the working class, under the leadership of the Romanian Communist Party. Art.4. Inside the Romanian People's Republic power belongs to the working people of towns and villages, which exercises it through the Grand National Assembly and Peoples Assemblies. Art.6. Socio-economic foundation of the socialist party is socialist ownership of means of production which has either the form of state property (common good of the people) or co-ownership in a collectivist form (collective farm property or cooperative organizations). The socialist party of the national economy wounds exploitation of man by man. Art.11. Private-capitalist party in the Romanian People's Republic includes landlords households, private businesses, small industrial enterprises based on the exploitation of wage labor. The democratic state consistently performs the popular policy of containment and disposal of the capitalist elements." The most important provision appears in Art.15, which states that: "In the Romanian People's Republic work is a duty and it is a matter of honor for every citizen able to work on the principle of" who does not work shall not eat". The Romanian People's Republic is accomplished on the more general principle of socialism: "From each according to his abilities, to each according to his work.". Other relevant provisions are: "Art.16. State regime of Romanian People's Republic is the popular democratic regime, which is the power of working people". In the chapter on citizens' rights, the first is right to work, followed by the right to rest: "Art.77. Citizens of the Romanian People's Republic are guaranteed the right to work, ie the right to receive guaranteed work and be paid according to quantity and quality. The right to work is guaranteed by the existence and development of the socialist party of the national economy by increasing the continuous and systematic
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productive forces in Romanian People's Republic, by removing the possibility of economic crises and unemployment liquidation. Art.78. Citizens of the Romanian People have the right to rest. The right to rest is provided by: establishing the working day of 8 hours for workers and officials, reducing working hours for certain professions under 8:00 with difficult working conditions and sections with particularly heavy working conditions, setting annual leave paid for all workers and officials, rest homes available to the working people, sanatoriums and cultural institutions. Art.79. Citizens of the Peoples Republic of Romania have the right to material security in old age, sickness or disability. This right is guaranteed by developing broad social insurance for civil workers, at the state expense, through free medical care given to the employees and by giving access to climatic spas. Art.86. In accordance with the interests of the working people and in order to develop political and public activity of the masses, citizens of the People's Republic of Romania are assured the right of association in public organizations, unions, cooperative unions, women's organizations, youth sports organizations, cultural, technical and scientific associations. The most active and aware citizens of the working class and among the other strata of working people unite in the Romanian Workers' Party, the vanguard of the working people in the struggle to strengthen and develop the system of popular democracy and construct a socialist society. Romanian Workers' Party is the driving force of the working organizations and state organs and institutions. Around it gather all the organizations functioning in the Romanian People's Republic. 10. After the political system was able to relax the life in the country a little bit (after 1958, especially after major events of 1964 1 ), has adopted a new constitution in 1965, which remained in force until 1991, a new Constitution was adopted, in 1965, the basis of the Labor Code of 1972. The Constitution of Romania: "Art.1. Romania is a socialist republic. The Socialist Republic of Romania is the state of working people in towns and villages, sovereignty, independence and unity. Its territory is inalienable and indivisible. Art.2. All power in Socialist Republic of Romania belongs to the people, free and master of his fate.
The declaration of independence of the Romanian Communist Party, the liberation of political prisoners
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Peoples power is based on worker-peasant alliance. In close union, the working class - the ruling class in society - peasants, intellectuals, other categories of working people, irrespective of nationality, build the socialist system, paving the transition to communism. Art.5. - Romania's national economy is a socialist economy based on socialist ownership of means of production. In the Socialist Republic of Romania, the exploitation of man by man is forever abolished and the socialist principle of distribution is carried out by the quantity and quality of work. Work is a duty of honor for every citizen of the country." In the text of the fundamental law, the second right of the Romanian citizens is the right to work, being relegated to second position: "Art.18. In the Socialist Republic of Romania, citizens have the right to work. Each citizen is assured the possibility to perform, according to his preparation, an activity in the economic, administrative, social or cultural domains, paid according to its quantity and quality. Equal remuneration for equal work. The law shall establish measures for the protection and safety of labor protection as well as special measures for the women and youth. Art.19. Citizens of the Socialist Republic of Romania have the right to rest. Guaranteeing the right to rest is setting the maximum duration of working hours to 8 hours, a weekly rest and paid annual leave. In sectors of hard work, hours are reduced below 8 hours without salary reduction. Art.20. Citizens of the Socialist Republic of Romania have the right to material security of old age, illness or disability. The right to material security for workers and civil servants is done through pensions and sickness benefits provided under the social security system and for members of cooperative organizations or other community organizations, the forms of insurance held by them. The state provides health care through its institutions. Paid maternity leave is guaranteed." 11. The Labor Code appears 7 years after the new Constitution, and is a real legal evolution, being replaced, however, after several amends in the period 19902002, in 2003, by Law no. 53/2003. The Labor Code of 1972 sets the general labor regime in Romania, by means of its 191 articles. Key provision of this code is contained in Art.4, and it refers to the homogenization of society: With the development of the socialist economic basis, the introduction into production of the results of contemporary science and technology, education and cultural development in our country, there is a gradual
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removal of the essential differences between physical and the intellectual life of work and between the village and the city, and a gradual homogenization of society. Other interesting provisions were: Art.5. (1) Work under the conditions of socialist society, forms and develops new relations among people, collaboration, self-help and mutual respect - the principle "all for one and one for all" - actively contribute to the formation and development of human personality. Art.6. The theft of someone elses work in any form and all other manifestations of social parasitism are prohibited as incompatible with the socialist system, the principles of socialist ethics and equity. Art.7. Since age 16, every person of working age and not attending a school is obliged to carry up to retirement age, work useful to society, to ensure its livelihood and spiritual development. Art.8.(2). Each member of the work team is involved in the management unit and is responsible to society, both individually and together with other members of staff for the proper management and development of part of the national wealth and is entrusted the duty to devote their full capacity, skill and labor power to the unit in which they work in the scope of operating with maximum efficiency. Art.9.(1). Working people of the Socialist Republic of Romania are guaranteed the right to participate effectively in the management of political, economic and social development. (2) As an expression of the deepening of socialist democracy, the activity of all units is based on work and collective leadership. (3) Participation in management units of employed persons is ensured directly or through their representatives in general meetings, committees as well as working people conceals and other organs of collective leadership and in organized forms of collective participation to solve the problems in their units. " Amalgam of public function, its regulation and workers in industrial and agricultural enterprises is maintained. What should be stressed in the context of any legal text analysis is the correlation between moral and legal norms, the differences always being interpreted and applied strictly, and space does not allow us to extend the analysis to such a degree, which is closer to research in a doctoral thesis. Art.75 specified the conditions for promotion according to para. (2) stating that it takes account also of political training, organizational and leadership skills of those involved to be in such positions, as well as assessments and recommendations of the working team where they have worked.
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12. The provisions of this code had to be amended by the Romanian legislator since 1990, under pressure to move to a new way of political and economic settlement of society, the appearance of unemployment, massive layoffs, etc. Also, under the specific regulations of labor law officials are excluded, but only in 1999 with the adoption of the civil servant status. However, it is obvious that where the special law does not provide explanations, provisions of the Labor Code, the general law, will be invoked. Provisions of the fundamental law, adopted in 1991, as amended and republished in 2003, talks about labor relations in three articles1: "Art.41. Employment and social protection of labor (1) The right to work can not be restricted. The choice of profession, trade or occupation, as well as workplace is free. (2) Employees are entitled to social protection measures. These concern safety and health of employees, working conditions for women and young people, establishing a minimum gross wages, weekly rest, paid annual leave, work in special conditions or special training and other specific conditions set by law. (3) The normal working day is, on average, up to 8 hours. (4) On equal work, women have equal pay with men. (5) The right to collective bargaining on employment and collective agreements binding are guaranteed. Article 42 - Prohibition of forced labor (1) Forced labor is prohibited. (2) This is not forced labor: a) activities for military duties, as well as activities replacing these, because of conscience or religious reasons; b) the work of a sentenced person, carried out under normal conditions, during detention or conditional release; c) Services required dealing with a calamity or any other danger, and those that are part of normal civil obligations established by law. Art. 43 - Right to strike (1) Employees have the right to strike to defend their professional, economic and social development. (2) The law establishes the conditions and limits on the exercise of this right, and guarantees necessary to ensure essential services to society." The most important changes in labor laws took place in 2003 and 2011, relating to general law, because in 2003, under a leftist government, a new labor
1
The updated text
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code is adopted, which, though a step forward in terms of formality, is seen to be criticized from the start by the business environment, who noticed that certain freedoms it would find desirable (often closer to modern day slavery 1 ) are not provided. In fact, the change in 2011 - linked to the flexible end and especially the abolition of the individual employment contract - is a compromise between the plight of the Romanian state, which has lost a lot of economic leverage (but not all, and not those decisive, because royalty rights do not ever disappear from the state 2 ), foreign-owned businesses that want not only to take advantage of a labor market still incorrectly structured and the continental economic situation - as countries in Europe and Asia (Eurasian) are the main trading partner. The current labor code is a very large law containing 281 articles which regulate, as mentioned, most times, in accordance with moral Romanian society. Problematic provisions refer to detail and analysis of judicial practice in 2003 shows far less gaps of the legislator (with one exception, the situation of collective redundancies), and especially the practice, subject to the action of different vectors. Romanian legislation has seen or knows the special laws in labor law and other related institutions (unions, labor disputes, the legal status of different professions, etc.) Joining them and other specific rules reduced in size other regulations governing the various other aspects of social life. What does not help the Romanian government and regulation of labor relations is the great discrepancy between the text and normative acts (as often) and their application in a society sick of incompetence, lack of functional illiteracy 3 and patience. Conclusions: We hope that this global crisis, once completed or entered into a clearer phase - even if very hard for a number of years - will allow the Romanian society to sit in solid frames and resume performance. And it should be working better. And the one who warned us that work does not bring us use, but only shame is Nicolae Iorga the time has come to remember the teachings of our great forefathers.
1 2 3
Workaholics are a simptom of this vision E. Blan: Instituii Administrative, ed. C.H.Beck, Bucuresti, 2008, pages 8 and 9 M. Vcrelu: Analphabetism in the 21st Century and its Legal Consequences at http://proceedings.univdanubius.ro/index.php/eirp/article/view/733
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REFERENCES: [1] Blan, E., (2008),Instituii administrative, ed. C.H. Beck, Bucharest; [2] Vcrelu, M.(2011), Analphabetism in the 21st Century and its Legal Consequences, at http://proceedings.univ-danubius.ro/index.php/eirp/article/view /733; [3] iclea, Al., (2011), Dreptul muncii, ed. Universul juridic, Bucharest, http://www.crestinortodox.ro/editoriale/invatatura-crestina-despre-munca70075.html; [4] Romanian Constitution of 1866; [5] Romanian Constitution of 1923; [6] Romanian Constitution of 1938; [7] Romanian Constitution of 1948; [8] Romanian Constitution of 1952; [9] Romanian Constitution of 1965; [10]Labor Code of 1950; [11]Labor Code of 1972; [12] Romanian Constitution of 1991; [13]Labor Code 2003 (Legea nr. 53 din 2003).
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COSTUL CAPITALULUI, DIVULGAREA INFORMAIILOR FINANCIARE I APLICAREA IFRS: O SINTEZ A LITERATURII

Drd. Ec. Lucian MUNTEANU E-mail: lucian.munteanu@ase.ro Academia de Studii Economice, Bucureti
Abstract: Costul capitalului este un indicator important pentru operatorii de pe piaa financiar, de care sunt interesai, n special, att managerii ct i furnizorii de resurse financiare. Chiar dac nu este direct observabil, iar modelele de determinare sunt nc dezbtute, importana lui a luat amploare din ce n ce mai mare, iar n ultima decad, mai muli cercettori din domeniul contabilitii au nceput s-l utilizeze n analizele empirice. Prezenta lucrare propune o recenzare a literaturii tiinifice dedicat costului capitalului, prin selectarea att a lucrrilor cu impact major n curentele tiinifice, dar i a celor mai recente abordri pe aceast tem, urmnd apoi a direciona atenia ctre studiile din zona contabil. Din perspectiva contabil, interesul este legat de impactul adoptrii IFRS (Standardelor Internaionale de Raportare Financiar) asupra costului capitalului. Acest articol i are utilitatea n faptul c aduce n discuie cele mai recente lucrri tiinifice privind impactul standardelor IFRS asupra costului capitalului, dar i ale altor variabile, actualiznd astfel stadiul cunoaterii n literatura tiinific romneasc. Cuvinte cheie: costul capitalului, IFRS, divulgare, asimetria informaiilor Clasificare JEL: G32, M41
1. Introducere
n literatura financiar, termenul de cost al capitalului se refer la costul suportat de companii pentru a obine fonduri (att sub form de datorii ct i sub forma de capital propriu). Din perspectiva investitorului, costul capitalului este venitul pe care-l ateapt din deinerea n portofoliu a unei aciuni. Chiar dac indicatorul costul capitalului nu este unul direct observabil i niciun model de determinare nu se calific drept modelul universal valabil, importana acestuia este de necontestat n mediul financiar. Fie c e vorba de o decizie de finanare pentru un proiect nou, fie c este vorba despre decizii
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strategice la nivel de corporaie ce se rsfrng i n afar, acest indicator este aproape nelipsit din ecuaiile financiare. Variaiile nregistrate de costul capitalului trebuiesc interpretate n general printr-o relaie invers, i anume, deciziile ce urmresc mbuntirea imaginii companiei n exterior dar i mai buna informare a investitorilor, conduc la un efect benefic, n sensul diminurii costului capitalului. Totui, acest mecanism poate fi gripat de diveri factori ce diminueaz randamentul scontat, sau l pot chiar anula. Din aceast cauz, analizele trebuie fcute ntotdeauna cu pruden, innd cont i de contextul individual, local sau naional al fiecrei companii. Interesul cercetrilor din zona contabilitii ctre indicatorul costul capitalului a crescut odat cu un eveniment ieit din cotidian. n anul 2002, Comisia Europeana emite un act, IAS Regulation (EC 2002), prin care oblig ncepnd cu anul 2005 la aplicarea Standardelor Internaionale de Raportare Financiar (IFRS) pentru situaiile financiare consolidate ale companiilor cotate din Spaiul Economic European (SEE). Aceast abordare, a fost vzut drept o privatizare fr precedent a organismelor de reglementare a standardelor de contabilitate (Chiapello, Medjad, 2009) i n acelai timp, o recunoatere a eecului Uniunii Europene de a-i armoniza prin forele-i proprii regulamentele contabile pentru facilitarea comparabilitii dintre companiile din statele membre. Urmare acestei decizii, dar i rspndirii standardelor IFRS n multe alte ri, cercettorii i-au ndreptat atenia ctre beneficiile de care se pot bucura companiile care aplic IFRS. Pentru aceasta, multe studii au analizat variaia costului capitalului dup adoptarea IFRS. Mai departe, au analizat n ce msur este influenat costul capitalului de o adoptare voluntar, sau obligatorie. 2. Accepiuni privind definirea costului capitlaului Costul capitalului (r) este rata minim de rentabilitate a capitalului cerut de investitori pentru a furniza capital firmei. Aa cum se poate vedea din ecuaia (1), costul capitalului se compune din rata dobnzii fr risc (rf) i o prim pentru riscul non-diversificabil (rprem): (1). ntr-o alt abordare, costul capitalului mai poate fi descris i ca o rat de actualizare a riscului ajustat aplicat de investitori la preul curent al unei aciuni. Modelul este cunoscut ca formula de actualizare a dividendelor: (2), unde:
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Et(Div) sunt fluxurile ateptate ale dividendelor viitoare (Et este factorul de speran din perioada t), Pt este preul curent, iar r este rata de actualizare ajustat la risc. Din prima ecuaie, deriv modelul CAPM, (Capital asset pricing model, engl.)- cunoscut n literatur ca modelul de evaluare a capitalului investit, dar aa cum concluzioneaz Botosan ntr-o analiz a modelelor, (2006) [modelul CAPM] nu este util pentru empiritii care investigheaz legtura dintre divulgare i costul capitalului. Astfel, modelele utilizate n cercetarea legturii dintre divulgare i costul capitalului, i au rdcinile n cea de-a doua ecuaie. Botosan i Plumlee (2005) evalueaz cinci modele de estimare a costului capitalului (rDIVPREM, rGLSPREM, rGORPREM, rOJNPREM, rPEGPREM), prezentate pe scurt n continuare. Modelul 1: Metoda preului int (rDIVPREM) Este un model ce folosete ecuaia (2) pe un orizont scurt de timp. Astfel, seria infinit a fluxurilor dividendelor este trunchiata la sfritul anului 5, prin inserarea unei valori terminale previzionat. Principala caracteristic a acestui model este c dividendele pe aciune previzionate de analiti n orizontul de timp analizat i preul pe aciune de la sfritul perioadei previzionate, capteaz ateptrile pieei fa de valorile lor. Formula de calcul a modelului este: ; (3), unde: P5 este preul estimat n perioada t=5; rDIV este costul estimat al capitalului; dps dividende pe aciune. Modelul 2: Metoda industriilor specifice (rGLSPREM) A fost introdus de Gebhardt, Lee i Swaminathan i folosete un model de evaluare a venitului rezidual, derivat din ecuaia (2) ntr-un orizont previzionat de 12 ani. Preul curent al aciunii este captat de ecuaia: ; (4), unde: ROEt este rentabilitatea financiar n perioada t, calculat: ; epst este profitul pe aciune previzionat pentru anul t; bt este valoarea nominal a aciunii pentru anul t; rGLS este costul estimat al capitalului.
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Modelul 3: Metoda orizontului finit (rGORPREM) Se folosesc specificaiile modelului de cretere propus de Gordon i se pleac de la supoziia conform creia, dup orizontul de timp previzionat, rentabilitatea financiar (ROE) este convergent cu costul capitalului. Ca i primul model, se ine cont i de faptul c dividendele previzionate de analiti pe termen scurt, dar i profiturile pe aciune previzionate pe termen lung capteaz ateptrile pieei. Modelul este dat de formula: ; (5) unde: rGOR este costul estimat al capitalului. Modelul 4: Metoda de cretere economic pe scar larg (rOJNPREM) Spre deosebire de celelalte modele, acesta capteaz printr-o variabil creterea economic pe scar larg. Formula de determinare a costului capitalului este: ; (6) unde: ; este creterea economic pe scar larg; rOJN este costul estimat al capitalului. Modelul 5: Metoda pre-profit/rat de cretere (rPEGPREM) Ultimul model prezentat de Botosan i Plumlee are la baz rata de cretere pre/profit. n plus, se consider c peste orizontul de timp previzionat, profiturile nu mai nregistreaz creteri anormale. Astfel, se impun condiiile dps1=0, i =1. Aplicate ecuaiei (6), modelul se reduce la urmtoarea formul: ; unde : rPEG este costul estimat al capitalului. Evaluarea fcut de Botosan i Plumlee a urmrit s determine n ce msur estimrile rezultate din cele cinci modele pot fi asociate cu riscul specific al firmei ntr-o manier stabil i semnificativ. Rezultatul evalurii a fost c estimrile fcute cu ajutorul modelelor rDIVPREM i rPEGPREM sunt asociate consistent i predictibil cu riscul, pe cnd estimrile realizate cu ajutorul celorlalte modele, nu. Astfel, cele dou modele menionate, fa de celelalte alternative, sunt dominante. n literatura financiar, costul capitalului mai este ntlnit i sub denumirea de costul preconizat al capitalului pentru c este un concept orientat spre viitor. Lund n considerare ecuaia (2), preul aciunii este observabil n timp ce costul
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capitalului i fluxurile de numerar viitoare, nu. n concordan cu acest aspect, Elton (1999) argumenteaz empiric problematica utilizrii datelor efective n determinarea primei de risc fa de datele previzionate, temeiul fiind corelaia slab dintre cele dou tipuri de date. Utiliznd datele previzionate, se poate determina costul ex ante al capitalului, dup modelul ecuaiei (2). Gode i Mohanaram (2003) merg mai departe cu argumentaia i consider c trebuie impuse dou condiii: un tipar al plilor i o valoare terminal la sfritul perioadei previzionate, sau a tiparului de descompunere a ratei de cretere de la o perioad de cinci ani, la o rat de cretere perpetu. De asemenea, autorii avertizeaz c analitii dei pot lua n calcul cele dou condiii, nu le fac publice, fornd astfel cercettorii s fac supoziii ad hoc. Concluzia lor, este ca modelele ce se bazeaz pe previziunile analitilor trebuie s aib n vedere un minim de condiii, i propun un astfel de model Ohlson i Juettner (2005), inclus n evaluarea de modele propus de Botosan i Plumlee (2005). Avnd n vedere previziunile analitilor, Guay et al (2011), analizeaz influena erorilor din previziunile acestora asupra preciziei estimrii costului capitalului i propun cteva msuri de corectare a acestor erori. Autorii documenteaz empiric erori predictibile n estimarea costului capitalului cauzate de previziunile analitilor care sunt vicioase n ceea ce privete informaiile legate de rezultatele nregistrate de aciuni n trecut. Autorii i argumenteaz poziia, prin faptul c estimrile costului capitalului nu sunt corelate cu rezultatele viitoare realizate. Msurile de corectare propuse sunt aplicate prin dou metode care conduc la o mbuntire substanial n explicarea variaiei cros-secionale a rezultatelor viitoare ale aciunilor. n prima metod, previziunile analitilor sunt ajustate direct, pentru a preveni erorile predictibile. Prin a doua metod li se acord analitilor un timp suplimentar pentru utilizarea n previziuni a informaiilor legate de modificrile recente ale preului aciunilor. Mai precis, se estimeaz costul capitalului folosind preul aciunilor din urm cu aproximativ cinci luni fa de data la care sunt evaluate previziunile analitilor. Concluzia studiului, este c ambele metode s-au dovedit a fi eficiente, dar cu precdere, prima metod s-a dovedit a fi dominant. Pornind de la afirmaia conform creia estimarea costului capitalului fiind un rezultat al unui model ca multe alte modele de evaluare, este bun n limita calitii datelor de intrare, Nekrasov i Ogneva (2011), dezvolt un nou model de determinare a costului capitalului fiind nemulumii de sensibilitatea modelelor existente la supoziiile legate de rata de cretere a profiturilor ateptat.
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3. Costul capitalului, divulgarea i asimetria informaiilor Teoriile actuale sugereaz c o divulgare mai mare de informaii ar trebui s conduc la o scdere a costului capitalului, datorit asimetriei informaiei existente att ntre companie i acionarii ei, ct i ntre cumprtorii i vnztorii de aciuni. Kosal (2010), distinge trei tipuri de teorii care urmresc acest fenomen. Prima categorie are n vedere riscul estimrii investitorului, ce i are originea n incertitudinea investitorului legat de distribuirea profiturilor. De vreme ce incertitudinea investitorului n estimarea distribuirii profitului aciunilor depinde de nivelul de informaii disponibile, riscul estimrii este mai mare n cazul firmele care pun la dispoziie mai puine informaii dect n cazul celor care au mai multe informaii disponibile. Astfel, pentru a compensa riscul ridicat n estimare, investitorul se ateapt la o rat mai mare de profit, care nseamn bunoar, un cost al capitalului ridicat. Pe scurt, aceast teorie susine c divulgarea informaiilor reduce costul capitalului, prin reducerea riscului n estimrile investitorului. O alt grup de teorii, asociaz legtura dintre divulgare i costul capitalului cu costul de tranzacionare i cu lichiditatea pieei. Asimetria informaiei aduce o cretere a costurilor de tranzacionare ntre cumprtorii i vnztorii de aciuni, iar lichiditatea redus este o rezultant a cererii reduse a investitorilor de aciuni cu costuri de tranzacionare mari. Costul capitalului este mai mare, pentru c firma trebuie sa acorde un discount pentru a combate ezitarea investitorilor de a deine aciuni cu lichiditate redus. Prin dezvluirea de informaii, asimetria se reduce iar costul capitalului nregistreaz scderi. Ultima categorie de teorii, consider c divulgarea informaiei aduce o cretere n intermedierea informaiilor, care la urma lor conduc la scderea costului capitalului. ntr-o prim etap, o divulgare mai mare, aduce dup sine o cretere a interesului analitilor ce urmresc compania, din moment ce costul de obinere a informaiilor scade. Creterea numrului de analiti ce urmresc compania conduce apoi la reducerea diferenelor de informare dintre investitori. ntr-o a doua etap, diferenele informaionale reduse dintre investitori, conduc la scderea costului capitalului. De vreme ce investitorii mai puin informai solicit compensaii suplimentare pentru pierderile ateptate din tranzacionarea cu investitorii informai, costul capitalului este mai mare pentru companiile cu un grad mai mare de informaii private. Pe cale de consecin, dac informaiile private sunt mprtite cu larghee, costul capitalului scade att din cauza cerinelor crescute ale investitorilor informai ct i a reducerii compensaiilor suplimentare solicitate de investitorii neinformai (Easley i OHara, 2004). O cercetare ntreprins de Botosan i Plumlee (2002), are rezultate contrare ateptrilor. n mod normal, cu ct divulgarea crete, costul capitalului ar trebui s scad. Se pare ns c o divulgare excesiv are ns efecte inverse. n studiu,
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divulgrile sunt structurate n trei categorii: raportrile anuale, raportrile trimestriale i alte raportri i n ultima categorie, relaia cu investitorii. Astfel, Botosan i Plumlee gsesc c rapoartele anuale aa cum era de ateptat reduc costul capitalului, pe cnd rapoartele trimestriale au o relaie pozitiv cu costul capitalului, conducnd la creterea valorii acestuia. Motivaia este c divulgarea mai frecvent conduce la creterea volatilitii, iar aceasta crete costul capitalului. Chiar dac aceast documentare este contrar cu teoria, autorii menioneaz c este conform cu afirmaiile managerilor, care susin c o cretere a frecvenei divulgrilor conduce la creterea costului capitalului. Geitzmann i Ireland (2005) realizeaz primul studiu care urmrete la nivelul Marii Britanii relaia dintre divulgare i costul capitalului, i n acelai timp combat studiul realizat de Botosan i Plumlee (2002). Fr a nega relaia dintre frecvena divulgrii i volatilitate, consider c studiul a fost prea restrictiv cu ceea ce nseamn comunicrile corporative. Astfel, ei structureaz comunicrile n dou mari categorii: alegeri de politici contabile i divulgri legate de operaiunile strategice. Rezultatele lor au fost ns contrare cu Botosan i Plumlee, gsind o relaie negativ ntre frecvena divulgrilor i costul capitalului. n plus, companiile care aleg politici contabile agresive au un cost al capitalului mai ridicat dect firmele care aleg politici mai conservatoare. Prima categorie ns, poate reduce costul capitalului prin creterea divulgrilor. Din perspectiva bunstrii investitorilor, se remarc un studiu recent, realizat de Gao (2010). Pornind de la ipoteza conform creia o mai bun calitate a divulgrilor aduce dup sine i ameliorarea bunstrii investitorilor, studiul arat c aceast relaie se confirm doar n anumite situaii. Dezvoltat ntr-o economie de producie, cu concuren perfect ntre investitori, modelul propus de Gao demonstreaz trei puncte importante: (a) costul capitalului poate crete odat cu calitatea divulgrii atunci cnd investiiile noi sunt suficient de elastice; (b) exist condiii care pot afecta negativ bunstarea investitorilor; (c) costul capitalului poate varia n relaie invers cu bunstarea investitorilor, pe msur ce calitatea divulgrilor se modific. Un alt studiu realizat de Christensen et al (2010), sesizeaz c majoritatea cercetrilor recente ce urmresc relaia dintre divulgrile de informaii financiare i costul capitalului i-au concentrat atenia asupra costului capitalului ulterior comunicrilor de informaii, denumindu-l sugestiv: costul ex post al capitalului. Din studiu reiese c reducerea costului ex post a capitalului este acoperit de o cretere egal nregistrat de costul capitalului n perioada premergtoare comunicrilor de informaii i anume, a costului pre posterior al capitalului.
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Easley i OHara (2004) au dezvoltat un model de mare impact n literatura financiar, n care au artat c diferenele n compoziia informaiilor dintre publice i private afecteaz costul capitalului. Studiul dezvoltat de Easley i OHara (EO) propune i diferite ci de reducere a costului capitalului, prin alegerea de tratamente contabile, urmrirea companiei de ctre analiti i microstructura pieei. Precedentele dou studii, au fost analizate comparativ de ctre Clich i Lombardi (2011). Practic, autorii urmresc impactul obinerii interne de informaii conform modelului EO, care presupune c transferul de informaii din zona public n cea privat conduce la o cretere a costului capitalului. Modelul Chrisensen (2010) sesizeaz ns, c la un cost fix de obinere a informaiilor, rezultatul modelului EO este invers. Au astfel n vedere dou scenarii n care modelul EO i poate menine rezultatul: (a) dac costul de obinere este cresctor pe msura preciziei; (b) dac beneficiile obinerii informaiilor private se refer la mai multe companii. Concluzia studiului este c modelul EO i poate menine rezultatul ntrun model cu obinere intern de informaii. Botosan i Plumlee (2007), vin i confirm empiric modelul EO, dar i un alt model, propus de Lambert et. al (2006). Rezultatele lor sunt n concordan cu prediciile: costul capitalului crete proporional cu raportul dintre setul de informaii private i cele publice; se reduce pe partea investitorilor informai; i nu n ultimul rnd, se reduce odat cu creterea preciziei i calitii informaiilor. n relaia dintre costul capitalului i divulgrile financiare, Cheng et. al (2006) au mai introdus i o alt variabil: drepturile acionarilor. Rezultatele studiului arat c firmele care adopt un regim de drepturi puternice pentru acionari i un nivel ridicat de transparen financiar nregistreaz un cost al capitalului la un nivel semnificativ redus. n plus, ei arat c un nivel ridicat al uneia dintre variabile (fie divulgare mai mare, fie drepturi mai puternice pentru acionari) poate fi anulat de nivelul redus nregistrat de celalalt. 4. Efecte ale unor variabile diverse asupra costului capitalului Influenele asupra costului capitalului au fost urmrite de cercettori i din perspectiva altor variabile. Astfel Ionacu et. al (2011), analizeaz relaia dintre politicile de guvernan corporativ i costul capitalului la nivelul companiilor romneti listate, plecnd de la o ipotez lansat de Chen, Chen i Wei (2004), conform creia din cauza unei guvernane corporative slabe din unele piee emergente, modificarea costului capitalului nu este afectat de calitatea raportrilor financiare. Pentru determinarea costului capitalului, autorii folosesc unul dintre modelele dominante din evaluarea Botosan i Plumlee (2005), rPEGPREM iar rezultatele obinute arat c firmele romneti cu politici de guvernan corporativ mai bune au nregistrat un cost al capitalului mai ridicat.
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Din perspectiva globalizrii, Stulz (1999) analizeaz impactul acesteia asupra costului capitalului. Rezultatele studiului empiric arat c ntr-adevr, costul capitalului scade ca urmare a globalizrii, dar nu ntr-o msur aa mare pe ct se atepta. Adoptarea legii Sarbanes Oxley (SOX), caracterizat de preedintele Bush drept: cea mai de viitor reform n practica de afaceri din America ncepnd de la Franklin Delano Roosevelt a atras atenia mai multor cercettori, printre care i Chang, Fernando i Liao (2009). Ei realizeaz primul studiu empiric ce investigheaz impactul SOX asupra percepiei profiturilor din pia, dar i asupra costului capitalului. Dup cum se tie, rolul SOX a fost de a restabili ncrederea publicului n pieele financiare, prin ameliorarea calitii i cantitii de informaii divulgate publicului. Rezultatele studiului arat c ulterior adoptrii SOX, percepia pieei s-a mbuntit, iar costul capitalului a sczut. n determinarea costului capitalului, autorii au folosit modelul rPEGPREM. n relaia dintre costul capitalului i divulgrile financiare, Cheng et. al (2006) au mai introdus i o alt variabil: drepturile acionarilor. Folosind unul din cele cinci modele propuse de Botosan i Plumlee, rPEGPREM, pentru determinarea costului capitalului, rezultatele studiului arat c firmele care adopt un regim de drepturi puternice pentru acionari i un nivel ridicat de transparen financiar nregistreaz un cost al capitalului la un nivel semnificativ redus. n plus, ei arat c un nivel ridicat al uneia dintre variabile (fie divulgare mai mare, fie drepturi mai puternice pentru acionari) poate fi anulat de nivelul redus nregistrat de celalalt. De mare actualitate este studiul realizat de Barth et al (2011), care au analizat pentru prima oar relaia dintre costul capitalului i transparena profiturilor. Rezultatul arat c o transparen mai mare a profiturilor poate fi asociat cu o reducere a costului capitalului. 5. Impactul adoptrii IFRS asupra costului capitalului Din perspectiva contabil, interesul actual este legat de impactul adoptrii IFRS (Standardelor Internaionale de Raportare Financiar) asupra costului capitalului. Majoritatea cercetrilor din zona contabil, pornesc n analiza lor de la declaraia fostului preedinte al Comisiei de Supraveghere a Valorilor Mobiliare din SUA, Arthur Levitt (1998): adevrul este c standardele contabile de nalt calitate [] reduc costul capitalului. Pornind de la aceast ipotez, majoritatea cercetrilor au cutat s-i testeze validitatea. Dei n general, se poate spune c ipoteza este valabil, totui nu n toate cazurile rezultatele o confirm. Pe msur ce rezultatele diverselor studii s-au artat a fi contradictorii, au intervenit multe alte variabile, care s determine un context n care, ipoteza s fie demonstrat ntr-o msur ct mai mare.
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Astfel, lund n considerare faptul ca decizia de adoptare a standardelor IFRS a vizat i multe companii care nu aveau n vedere utilizarea acestor standarde n raportrile financiare, impactul acestor companii asupra ipotezei de lucru a ridicat multe probleme cercettorilor. Drept urmare, cea mai mare parte a studiilor delimiteaz nc de la bun nceput companiile care adopt voluntar IFRS de cele care adopt obligatoriu. Considernd contextul n care standardele IFRS au fost propulsate, cele mai multe studii i-au ndreptat atenia n zona Europei, ca principal izvor al fenomenului IFRS. Pentru a ine cont att de limitarea modului de aplicare, obligatoriu sau voluntar, ct i de locaie, numeroase studii au folosit ca model Germania, aceasta fiind ara care a permis adoptarea voluntar fie a standardelor IFRS, fie a US-GAAP nc din 1998. Cum alte ri, ca Marea Britanie nu au avut o astfel de opiune, de adoptare voluntar, unele studii au folosit date din Germania pe care le-au extrapolat apoi n vederea efecturii de teste n zona Marii Britanii. Amintim n acest sens studiul Christensen et al (2007). Hail i Leuz (2007) n cercetarea lor empiric gsesc dovezi conform crora, toate firmele care au adoptat obligatoriu IFRS au nregistrat o scdere a costului capitalului. Totui acest efect este de o magnitudine mic. Chiar dac firmele care au adoptat voluntar IFRS au nregistrat efecte mai mici n anul 2005, rsplata primit din partea pieei n perioada precedent adoptrii obligatorie a fost de bun augur. Un alt grup de autori, Daske et al (2007) urmresc efectele adoptrii voluntare a IFRS. Ca noutate, se concentreaz pe eterogenitatea consecinelor economice, lund n calcul faptul c firmele se bucur de o discreie considerabil n ceea ce privete modul de adoptare a standardelor IFRS. Pentru a ilustra aceste diferene, firmele au fost clasificate n dou categorii: (a) firme care adopt ntr-o form serioas (b) firme care adopt doar formal. La modul generalizat, studiul nu gsete dovezi conform crora, firmele care adopta voluntar s-ar bucura de beneficii pe piaa de capital. Conform prediciilor ns, gsesc dovezi conform crora firmele care adopt ntr-o form serioas IFRS, beneficiaz de o cretere a lichiditii n pia i de o scdere a costului capitalului. n determinarea costului capitalului, s-au utilizat cteva modele din cele evaluate de Botosan i Plumlee (2005). ntr-un studiu empiric realizat de Siqi Li (2010), pe un eantion de 6456 observaii an-firm rezultat de la un numr de 1084 firme din UE, din perioada 1995-2006, autoarea documenteaz o scdere n medie cu 0.047% a costului capitalului pentru firmele ce au adoptat obligatoriu IFRS. Mai mult, studiul arat c aceast scdere are loc n rile cu sisteme legale de constrngere puternice, iar n spatele scderii costului capitalului se afl o cretere a divulgrilor dar i
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mbuntirea comparabilitii. Per total, studiul arat c adoptarea obligatorie a standardelor IFRS reduce semnificativ costul capitalului, iar efectele depind n mare msur de sistemele legale de constrngere. Profitnd de cazul special al Germaniei, Daske (2006) urmrete costul capitalului pe un eantion de nregistrri lun-firm, din care 13000 aparin companiilor ce aplic GAAP locale, 4500 de observaii pentru firmele ce aplic IFRS, 3000 de observai pentru companiile ce aplic US GAAP. n determinarea costului capitalului, folosete alturi de altele i modelul rGLSPREM . Contrar ateptrilor ns, studiul nu poate confirma o scdere a costului capitalului nici pentru firmele care au ales voluntar adoptarea IFRS sau a US GAAP. Preiato et al (2009) propun un studiu de analiz a efectelor adoptrii obligatorie a IFRS n UE i Australia asupra profiturilor din previziunile analitilor. Cercetarea s-a fcut pe un eantion de 53299 observaii lun-firm, din perioada 2002-2007. Studiul arat o scdere semnificativ a erorilor i a dispersiei n previziunile analitilor dup adoptarea obligatorie a IFRS. Drept urmare, rezult i o cretere a calitii raportrilor financiare post adoptrii IFRS. Aceste beneficii depind ns aa cum arat i Siqi Li (2010) de sistemele legale de constrngere. Indirect, studiul aduce i dovezi ale scderii costului capitalului i ale asimetriei informaiei ca urmare a adoptrii obligatorie a IFRS. La nivel global, Daske et al (2008) propun un studiu ce analizeaz consecinele economice ale adoptrii obligatorie a IFRS pe un eantion de 26 de ri. Principalele concluzii ale studiului sunt c la nivel general: lichiditatea de pia a crescut n jurul perioadei de adoptare a IFRS, iar costul capitalului s-a redus, dar numai nainte de data oficial de adoptare. Aceste consecine apar ns doar n rile unde firmele sunt motivate s fie transparente i unde sistemul legal de constrngere este puternic. Comparnd firmele care au adoptat voluntar cu cele care au adoptat obligatoriu, conform ateptrilor, efectele mai pronunate apar la firmele care au adoptat voluntar, att n anul cnd trec la IFRS ct i atunci cnd IFRS a devenit obligatoriu. 6. Concluzii Prezenta lucrare i-a propus o recenzare a celor mai importante i mai actuale lucrri tiinifice ce urmresc costul capitalului, rolul acestuia i posibilitile de influenare, n vederea reducerii lui. S-a pus n discuie importana ce o joac n acest sens divulgarea de informaii financiare ca o cale de reducere a valorii costului capitalului. S-au fcut diferenieri ntre informaiile de tip privat i cele publice, ce influeneaz asimetria informaiei, att ntre acionari i managementul firmei, ct i dintre vnztorii i cumprtorii de aciuni. Lucrarea a analizat din perspectiva cercetrilor din domeniul contabil, impactul
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adoptrii standardelor IFRS asupra costului capitalului. n mare majoritate, studiile fac distincie ntre companiile ce aplic voluntar IFRS i cele care aplic obligatoriu. Majoritatea studiilor arat o scdere a costului capitalului n special la firmele care au aplicat voluntar IFRS, i a celor care au adoptat ntr-o form serioas. Dei scderi ale costului capitalului nregistreaz i firmele care au adoptat IFRS obligatoriu, scderea nu este semnificativ n majoritatea studiilor, dei unele arat contrar. Mulumiri: Aceast lucrare este realizat n cadrul grantului Beneficiile adoptrii normelor IFRS: o cercetare exploratorie privind impactul internaionalizrii contabilitii romneti asupra reducerii costului capitalului, PNCDI II: 1840/2008/ IDEI II, finanat de CNCSIS UEFISCSU. BIBLIOGRAFIE: Barth M., Konchitchki Y., Landsman W.R. (2011). Cost of Capital and Earnings Transparency. Disponibil online: http://papers.ssrn.com/sol3 /papers.cfm?abstract_id=1348245; Botosan C.A., Plumlee M.A.(2005). Assessing Alternative Proxies for the Expected Risk Premium. The Accounting Review, 80, 1; 21-53; Botosan C.A. (2006). Disclosure and the cost of capital: what do we know? Accounting and Business Research, International Accounting Policy Forum, pp. 31-40; Botosan C.A., Plumlee M.A. (2007) Are information Attributes Priced? Disponibil online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 475222; Chen K.C.W., Chen Z.H., Wei K.C.J. (2004). Disclosure, Corporate Governance, and the Cost of Equity Capital in Emerging Markets, Hong Kong University of Science & Technology, http://www.accountancy.smu. edu.sg/research/seminar/pdf/kevin_chen. pdf; Chang H., Fernando G.D., Liao W. (2009). Sarbanes Oaxley Act, perceived earnings quality and cost of capital. Review of Accounting and Finance, Vol. 8, No, 3, 216-231; Chiapello E., Medjad K., (2009). An unprecedented privatization of mandatory standard-setting: The case of European accounting policy. Critical Perspectives on Accounting, 20, 448-468; Christensen H.B., Lee E., Walker M. (2007). Cross-sectional variation in the economic consequences of international accounting harmonization: The
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case of mandatory IFRS adoption in UK. International Journal of Accounting, No.42, 341-379; Christensen P.O., de la Rosa. L.E., Feltham G.A. (2010). Information and the Cost of Capital: An Ex Ante Perspective. The Accounting Review, Vol. 85, No.3, 817-848; Daske H. (2006). Economic Benefits of Adopting IFRS or US-GAAP Have the Expected Costs of Equity Capital really decreased? Journal of Business Finance & Accounting, Vol.33, No 3-4, 329-373; Daske H., Hail L., Leuz C., Verdi R., (2009). Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences. Initiative on Global Markets, The University of Chicago, Working Paper; Daske H., Hail L., Leuz C., Verdi R., (2009). Adopting a Label: Heterogenity in the Economic Consequences of IFRS Adoptions. Working paper. Disponibil onlie: http://papers.ssrn.com/sol3/papers.cfm? abstract_id=1502413; Easley D., OHara M. (2004). Information and the cost of capital. Journal of Finance, Vol. 59, No.4, 1553-1583; European Commission (EC) (2002), Regulation (EC) No.1606/2002 of the European Parliament and of the Council of 19 July 2002 on the Application of International Accounting Standards, Official Journal L 243, 11/09/2002; Gao P. (2010). Disclosure Quality, Cost of Capital, and Investor Welfare. The Accounting Review, Vol. 85, (1), 1-29; Geitzmann M., Ireland J. (2005). Cost of Capital, Strategic Disclosure and Accounting Choice. Journal of Business Finance & Accounting, Vol. 32, (34), 599-634; Gode D., Mohanram P., (2003). Inferring the Cost of Capital using the Ohloson-Juettner Model. Review of Accounting Studies, 8, 399-431; Guay W. Kothari S.P., Shu S., (2011). Properties of implied cost of equity capital using analysts forecasts. Australian Journal of Management. Aug.2011, No.34, 2; 125-149; Hail L., Leuz C. (2006). International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter? Wharton Financial Institutions Center. Disponibil Online: http://fic.wharton.upenn. edu /fic/papers/04/0406.pdf; Hail L., Leuz C. (2007). Capital Market Effect of Mandatory IFRS Reporting in the EU: Empirical Evidence. Working Paper. Disponibil online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1511671;
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21. Ionacu I., Olimid L., Ionacu M., Calu D.A. (2011). Efectul politicilor de guvernan corporativ asupra reducerii costului capitalului pentru companiile romneti cotate. Audit Financiar, Nr.2, 12-17; 22. Kosal Ly (2010). Investor relations level and cost of capital: evidence from Japanese firms. Asia Pacific Journal of Business Administration, Vol.2, No.1, 88-104; 23. Levitt A., (1998). The importance of high quality accounting standards, Accounting Horizons, 12, 79-82; 24. Nekrasov A., Ogneva M. (2011). Using earnings forecasts to simultaneously estimate firm-specific cost of equity and long-term growth. Review of Accounting Studies, Vol.16, No.3, 414-457; 25. Ohlson J., Juettner-Nauroth B. (2003). Expected EPS and EPS Growth as Determinants of Value, Review of Accounting Studies, Vol.10, No 2-3, 349365; 26. Preiato J., Brown Ph., Tarca A. (2009). IFRS adoption, analysts and institutional setting. Disponibil online: http://www.afaanz.org/openconf /2009 /modules/request.php?module=oc_program&action=view.php&id=66; 27. Siqi Li (2010). Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? The Accounting Review, Vol.85, No.2, 607-636; 28. Stulz R. (1999). Globalization of Equity Markets and the Cost of Capital. National Bureau of Economic Research Working Paper No. 7021.
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COST OF EQUITY, FINANCIAL INFORMATION DISCLOSURE, AND IFRS ADOPTION: A LITERATURE REVIEW
PhD Student Lucian MUNTEANU E-mail: lucian.munteanu@ase.ro Bucharest Academy of Economic Studies
Abstract: The cost of equity capital is an important indicator for those who operate on the financial markets, especially for managers and financial resources providers. Even if it is not directly observable, and the models used to determine it are still debated, its importance has continuously increased and in the last decade several researchers in the accounting field started to use it in their empirical analyses. The present paper proposes a review of the scientific literature dedicated to the cost of equity capital, by selecting the papers with a major impact in the scientific trends, and also the latest approaches on this subject, and then, by focusing on the studies in the accounting area. From the accounting perspective, the interest is related to the impact of IFRS (International Financial Reporting Standards) on the cost of equity capital. The utility of this paper is that it reviews the latest scientific works treating the impact of IFRS on the cost of equity capital but also of other variables, thus updating the knowledge base in the Romanian scientific literature. Keywords: cost of equity capital, IFRS, disclosure, information asymmetry JEL Classification: G32, M41
1. Introduction
In the financial literature, the term cost of equity capital refers to the cost of companies for obtaining funds (both as debt and as equity). From the investor point of view, the cost of equity capital is the return he expects from a share of the stock he keeps in his portfolio. Even if the cost of equity capital is not an indicator directly observable, and no model of determination thereof can be labeled as a universally valid model, its importance in the financial area is beyond any dispute. Whether it is used in an investment decision, or in a corporate strategic decision with exogenous implications, this indicator is customary in the financial equations.
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The variations of the cost of equity capital should be usually interpreted in terms of a reversed relation, that is, decisions aiming to improve the company image towards the stakeholders, and to supply a better information to the investors, lead to a benefit by decreasing the cost of equity capital. However, this mechanism can be hindered by other factors that diminish the expected effect, or even nullify it. For this reason, the analyses should always be made with prudence, keeping into account the local or national environment of each company. The interest of the accounting researchers towards the capital cost increased with an unexpected event from 2002, when the European Commission issued an act, IAS Regulation (EC 2002) that made IFRS mandatory for the listed companies in the EEA (European Economic Area) with regard to their consolidated financial statements, starting from 2005. This approach was seen as an unprecedented privatization of the accounting standard regulators (Chiapello, Medjad, 2009), and, at the same time, as recognition of EU failure to harmonize with its own forces the accounting regulations in order to facilitate the comparability between the companies of its own member states. As a sequel of this decision, considering also the spread of IFRS in many other countries, the researchers focused their attention on the benefits that the companies may enjoy through the application of IFRS standards. Therefore, many studies analyzed the cost variation of the equity capital after the IFRS adoption. They have further analyzed to what extent the cost of equity capital is influenced by a voluntary or mandatory adoption.
2. Acceptable definitions regarding the cost of equity capital

The cost of equity capital is the minimal rate of return required by the investor to provide capital to the company. As it can be seen in the equation (1), the cost of equity capital is composed of the risk free interest rate (rf) and the nondiversifiable risk premium (rprem). (1) In another approach, the cost of equity capital can be described as a risk adjusted discount rate, applied by the investors to the current price of a stock. The model is known as the dividend discount formula: (2), where: Et(Div) represents the expected future dividend cash flows; Pt is the current price, and r is the risk adjusted discount rate.
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The CAPM (Capital Asset Pricing Model) derives from the first equation, but as Botosan (2006) concludes in a model evaluation [the CAPM model] is not useful to the empiricists investigating the relation between disclosure and cost of equity capital. Thus, the models used in the analysis of the relation between disclosure and cost of equity capital have their roots in the second equation. Botosan and Plumlee (2005) evaluate five proxies used for estimating the cost of equity capital (rDIVPREM, rGLSPREM, rGORPREM, rOJNPREM, rPEGPREM). We briefly present the models in what follows. Model 1: Target Price Method (rDIVPREM) Its a model that uses the equation (2), on a short horizon. Thus the infinite series of dividend cash flows is truncated at the end of year 5, by inserting a forecasted terminal value. The main feature of this model is that the forecasted dividends per share in the analyzed horizon, and the stock price at the end of the forecasted period capture the market expectation of their values. The model formula is: ; (3), where: P5 is the estimated prince at period t=5; rDIV is the estimated cost of equity capital dps dividends per share. Model 2: Industry Method (rGLSPREM) It was introduced by Gebhardt, Lee and Swaminathan and it uses a residual income evaluation model, derived from equation (2) in a forecasted horizon of 12 years. The current price is determined by the equation: ; (4),where: ROEt is the return on equity in period t, calculated: ; epst , earnings per share in period t bt is the book value per share in year t rGLS is the estimated cost of equity capital.
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Model 3: Finite Horizon Method (rGORPREM) It is based on the growth model proposed by Gordon, and it takes into account the assumption that after the forecasted horizon, the ROE is convergent with the cost of equity capital. As the first model, this model also assumes that short term dividends forecasts and the earnings per share forecasted on the long term capture the market expectations. The model is determined by the following formula: ; (5) where: rGOR is the estimated cost of equity capital. Model 4 Economy Wide Growth Method (rOJNPREM) Unlike the other models, this model particularly uses a variable that embeds the economy wide growth. The model is captured by the following equation: ; (6) where: ; is the economy wide growth; rOJN is the estimated cost of equity capital. Model 5: PEG (Price/Earnings to Growth) ratio Method (rPEGPREM) The last model presented by Botosan and Plumlee, is based on the PEG (Price/Profit) growth ratio. In addition, it is considered that after the forecasted horizon, there is no abnormal growth in earnings. Thus the conditions dps1=0, and =1 are imposed. Applied to equation (6) the model is reduced to the formula below: ; where: rPEG este is the estimated cost of equity capital. The Botosan and Plumlee evaluation tried to determine to what extent the estimations made through all five models can be associated with the specific risk of the company, in a stable and significant manner. The result of the evaluation was that the estimations made with the rDIVPREM and rPEGPREM models are consistently and predictably associated with the risk, while the estimations made with the other models are not. Thus, the forementioned two models are dominant over the others.
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In the financial literature, the cost of equity capital is also named the expected cost of equity capital, as it is in itself a forward-looking concept. Considering the equation (2), the stock price is observable, while the cost of equity capital and the future cash flows are not. In accordance with this feature, Elton (1999) empirically argues that the usage of realized returns in determining the risk premium opposed to the expected returns, is questionable as the correlation between the two types of data is weak. Using the forecasted data, the ex ante cost of equity capital can be determined starting from the equation (2). Gode and Mohanaram (2003) go further in their argumentation, and consider that two assumptions should be imposed: a pattern of payout ratios and the terminal value at the end of the forecasted horizon, or the pattern of the decomposition of the fiveyear growth rate to a perpetual growth rate. Moreover, the authors warn that even if the analysts take into consideration the two assumptions, they are not going to make that known to the public, forcing this way the researchers to make ad hoc assumptions. Their conclusion it that the models based on the analysts forecasts should take into consideration a minimum set of assumptions, and they recommend such a model, the one proposed by Ohlson and Juettner (2005), a model included also in the benchmark of Botosan and Plumlee (2005). Considering the analysts forecasts, Guay et al (2011), in a recent paper of great impact, analyze the influence of measurement errors in the analysts forecasts on the accuracy of cost of equity capital estimates, for which they propose some correction measures. The authors empirically document predictable errors in the estimation of the cost of equity capital, caused by the analysts forecasts which are vicious regarding the information from the past stock returns. The authors argue their position, by the fact that the estimates of the cost of equity capital are uncorrelated with the future realized returns. The proposed correction measures are applied through two methods that can lead to a substantial improvement of estimates of the cost of equity capital in explaining the cross-sectional variation in the future stock returns. For the first method, the analysts forecasts are bluntly rectified in order to prevent the expected forecast errors. The other approach, more time is given for the analysts to use in their forecasts the information in the recent price changes. More precisely, the cost of equity capital is estimated based on a stock price measured five months earlier than the time at which the analysts forecasts are measured. The study concludes that both methods are quite efficient, while the first one dominates the second.
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Starting from the assumption that as long as the cost of equity capital is an output of a model as many other models, the quality depends in a great measure on the quality of the inputs, Nekrasov and Ogneva (2011), in a very recent paper, develop a new model for estimating the cost of equity capital, being dissatisfied with the sensitivity of the existing models to the assumptions on the expected earnings growth rate.
3. Cost of equity capital, disclosure and information asymmetry

The current theories suggest that a increased disclosure should lead to a decrease in the cost of equity capital, because of the existing information asymmetry both between companies and investors, and between buyers and sellers of stocks. Kosal (2010), distinguishes three types of theories that follow this phenomenon. The first category looks on the risk of the investor estimation, which has its roots in the investor uncertainty on the distribution of the securitys return. As long as the uncertainty of the investor regarding the estimation of distribution of the securitys return relies on the level of available information, the estimation risk is higher for the companies that disclose less information than of the risk of those that disclose more. Thus, to compensate the high estimation risk, the investor expects a higher rate of return, which of course means a higher cost of capital. On brief, this type of theories advocates that information disclosure decrease the cost of capital, by reducing the investor estimation risk. Another set of theories, associate the relation between disclosure and cost of equity capital with the market liquidity. The information asymmetry brings an increase into the transaction costs between the stock buyers and sellers, and the low market liquidity is a result of low demand from the investors part for stocks with high cost of transaction. The cost of equity capital is higher, because the company is supposed to give a discount to offset the investors reluctance to keep in their portfolio stocks with low market liquidity. With an increased disclosure, the asymmetry decrease, and the cost of equity capital also records reductions. The last category of theories assumes that the information disclosure brings an increase in the information intermediation, which leads eventually to a decrease of the cost of equity capital. In a first stage, a higher disclosure raises the interest of financial analysts that follow the company, because they acquire the information on a lower cost. An increased number of analysts that follow the company lead to a decrease in the differences of information between the investors. In a second stage, the less information differences between investors determine a decrease of the cost of equity capital. As long as the less informed investors require additional compensation for the losses they expect from the transactions with the better informed investors, the cost of
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equity capital is higher for the companies with a higher degree of private information. Consequently, if the private information are to be widely spread, the cost of equity capital decreases both because of increased interest of the informed investors, and because of the reduction of additional compensations required by the uninformed investors (Easley and OHara, 2004). A research performed by Botosan and Plumlee (2002) has results opposed to the expectations. Normally, the more disclosure increases, the less the cost of equity capital should be. It seems, however, that an excessive disclosure leads to reversed effects. The study structures the disclosures in three categories: annual reports, quarterly and other reports, and relationship with investors. Thus, Botosan and Plumlee find that the annual reports, as expected, decrease the cost of equity capital, while the quarterly reports have a positive relation with the cost of equity capital, leading to the increase of its value. The reason is that more frequent disclosure increases the volatility, and the volatility increases the cost of equity capital. Even if this documentation is opposed to theories, the authors declare that it is in accordance with what the managers claim: that a more frequent disclosure, increases the cost of equity capital. Geitzmann and Ireland (2005) are the first who made a study that looks on the relation between disclosure and cost of equity capital in UK. At the same time, they combat the study of Botosan and Plumlee (2002). Without denying the relation between disclosure frequency and volatility, they consider that the Botosan and Plumlee study was too restrictive with respect to the corporative communication. Thus, they structure the communications in two categories: choices of accounting policies and disclosures regarding strategic ventures. Their results were opposed to those of Botosan and Plumlee, showing a negative relation between disclosure frequency and cost of equity capital. In addition, the companies that chose aggressive accounting policies encounter a higher cost of equity capital than the companies with more conservative policies. The first category however, can decrease the cost of equity capital by an increased disclosure. From the perspective of investors welfare, a recent study of Gao (2010) is remarkable. Starting from the hypothesis that a higher quality disclosure brings a better welfare for investors, the study shows that this relation is valid only in specific circumstances. Developed in a production economy, with perfect competition between investors, the model proposed by Gao demonstrates three major points: (a) the cost of equity capital increases with the quality of disclosure when the new investments are sufficiently elastic; (b) there are conditions that can negatively affect the welfare of investors; (c) the cost of equity capital can vary in a reverse relation with the investors welfare, while the quality of disclosure changes.
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Another recent study of Christensen et.al (2010), points out that the great majority of lately research studies that follow the relation between disclosure of financial information and the cost of equity capital are focused on the cost of equity capital subsequent to the information communication, naming it suggestively: the ex post cost of equity capital. The study show that the reduction of the ex post cost of equity capital is compensated by an equal increase of pre posterior cost of equity capital in the period preceding the information communication. Easley and OHara (2004) developed a model of great impact in the financial literature, in which they show that the differences in the structure of information between public and private affect the cost of equity capital. The Easley and OHara (EO) study proposes some measures for reducing the cost of equity capital by choosing better accounting treatments, a better following of the company by the analysts and the market microstructure. The previous two studies were comparatively analyzed by Clich and Lombardi (2011). Practically, the authors are looking on the impact of internal information acquiring in accordance with EO model, which state that the internal transfer of information from public to private leads to an increase in the cost of equity capital. The Christensen model (2010) apprises however that on a fixed acquisition cost of information, the result of EO model is reversed. The authors follow two scenarios: (a) whether the acquisition cost is increasing with precision; (b) if the benefits of private information acquisition allude to more companies. The study conclusion is that the EO model can maintain the results in a model of internal information acquisition. Botosan and Plumlee (2007) confirm the EO model, and another model proposed by Lambert et.al (2006). Their results confirm the predictions: the cost of equity capital increase with the proportion of the ratio between the set of private and public information; decreases on the informed investors side; and not lastly, decreases with better precision and quality of information. In the relation between cost of equity capital and financial disclosure, Cheng et.al (2006) introduced another variable: shareholder rights. The study results show that the companies that adopt a strong shareholder rights regime and a high level of financial transparency record a significantly reduced cost of equity capital. In addition, they show that a high level of one of the variable can be canceled by a low level of the other one.
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4. Effects of other variables on the cost of equity capital

The influences over the cost of equity capital were followed by researcher also from the perspective of other variables. Thus, Ionacu et.al (2011) analyzes the relation between the policies of corporate governance and the cost of equity capital on a sample of listed Romanian companies. Starting from the hypothesis launched by Chen et.al (2004), which states that in some of the emerging markets, because of the weak corporate governance, the cost of equity capital is not influenced by the quality of the financial reporting. For the estimation of the cost of equity capital, the authors used one of the dominant models from the Botosan and Plumlee (2005) evaluation, rPEGPREM. The results show that Romanian companies with stronger corporate governance recorded a higher cost of equity capital. From the perspective of globalization, Stulz (1999) analyzes its impact on the cost of equity capital. The study found a reduction in the cost of equity capital, but not as much as it was expected. The adoption of the well known Sarbanes Oxley Act (SOX), characterized by former president Bush as: the most far-reaching reform of American business practices since the time of Franklin Delano Roosevelt, raised the attention of many researchers, among whom, Chang, Fernando and Liao (2009). They are the first researchers who investigated the impact of SOX on the perception of earnings in the market, and also on the cost of capital. As known, the SOX role was to reestablish people's confidence in the financial markets, by enhancing the quality and the quantity of the disclosed information. The findings of the study show that after the SOX adoption, the perception improved and the cost of capital decreased. As proxy for cost of capital estimation, the authors used the rPEGPREM model, a state of art model. In the relation between the financial disclosure and the cost of capital, Cheng et.al (2006) introduced a new variable: shareholder rights. Using one of the models evaluated by Botosan and Plumlee, rPEGPREM, to estimate the cost of equity capital, the findings of the study show that the companies who adopt a strong shareholder rights regime and a high level of financial transparency, achieve a significantly lower cost of equity capital. In addition, a high level recorded by one of the variables (be it increased disclosure, or stronger shareholder rights) can be annulled by a low level of the other. Very recently, Barth et.al (2011) made a study which analyzes for the first time the relation between the cost of equity capital and the earnings transparency. The study shows that a higher transparency of earnings can be associated with a decrease of the cost of equity capital.
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5. The impact of adopting IFRS on the cost of equity capital From the accounting perspective, the current interest is related to the impact of IFRS (International Financial Reporting Standards) adoption on the cost of equity capital. Most research papers from the accounting area start the analysis from the statement of the former chairman of SEC (Securities and Exchange Commission), Arthur Levitt (1998): the truth is that high quality accounting standards [] reduce the cost of capital. Starting from this hypothesis, many research papers tried to test its validity. Although in general the hypothesis can be considered validated, there are cases where the results do not confirm it. As the results of the researchers started to be discrepant, more variables were introduced in the analysis in order to determine a context where the hypothesis can be highly confirmed. Thus, considering that the decision for adopting IFRS affected many companies that were not planning to use them as standards for financial reporting, the impact of these companies in the studies raised many problems for the researchers. Consequently, most of the studies distinguish in the first place the companies that voluntarily adopted IFRS from those that adopted them mandatorily. Considering the context in which the IFRS were propelled, most studies focused on the EU area, as the main source of the IFRS phenomenon. Taking into account both the type of adoption, voluntary or mandatory, and the location, numerous studies have used Germany as a raw model, Germany being a country that allowed the voluntary adoption of either IFRS or US-GAAP since 1998. As other countries, for instance UK, did not have such option, some studies used Germany data as a model, then, those data were extrapolated to carry out tests in UK. Such approach was used by Christensen et.al (2007). Hail and Leuz (2007), in their empirical research, found evidence of a decrease in the cost of equity capital of those companies that mandatorily adopted IFRS. Even if the voluntary adopters achieved smaller benefits in 2005, they had received a good reward during the period preceding the mandatory adoption. Another group of authors, Daske et.al (2007), evaluated the effects of voluntary adoption of IFRS. As a novelty, the authors were focused on the heterogeneity of the economic consequences, taking into account that companies enjoyed a considerable discretion as concerns the way of adopting IFRS. To illustrate the differences, the firms were classified in two categories: (a) firms that were serious adopters; (b) firms that adopted them just as a label. On average, the study found no evidence of benefits for the voluntary adopters. However, according to their predictions, they found evidence that the serious adopters recorded benefits such as: increased market liquidity and a lower cost of equity
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capital. For the cost of equity capital estimation, the authors used some of the models evaluated by Botosan and Plumlee (2005). In an empirical study of Siqi Li (2010), on a sample of 6456 firm- month observations resulted from a number of 1084 EU companies, during the period 1995-2006, the author documented an average decrease in the cost of equity capital of 47 basis points. Furthermore, the study shows that this decrease occurs in the countries with legal strong legal coercion, and behind the reduction there is an increase in disclosure and a comparability improvement. Overall, the study shows that mandatory adoption of IFRS significantly reduces the cost of equity capital and the effects highly depend on the legal coercion system. Taking advantage of the special case of Germany, Daske (2006) analyzes the cost of capital on a sample of 13000 local GAAP, 4500 IRFS, and 3000 US.GAAP firm-month observations. For the cost of capital estimation, he uses along with other models, the rGLSPREM proxy. Contrary to the expectations, the study cannot confirm a decrease of the cost of capital, either for the companies that voluntary adopted IFRE, or for those that applied US GAAP. Preiato et al (2009) propose an analytical study of the effect of mandatory IFRS adoption on the analysts earnings forecasts in EU and Australia. The research was done on a sample of 53299 firm-month observations, in the period 2002-2007. The study shows a significant decrease in the analysts forecast errors and dispersion, in the period subsequent to the mandatory IFRS adoption. As a result, the quality of the financial reporting increases after IFRS adoption. These benefits depend however, as Siqi li also showed, on the legal coercion. Indirectly, the study brings evidence for the reduction of capital cost, and of information asymmetry, as a result of the mandatory IFRS adoption. On global level, Daske et.al (2008) proposes a study that analyzes the economic consequences of mandatory IFRS adoption on a sample of 26 countries. The main conclusions show that the overall market liquidity increased around the time of IFRS adoption and the cost of capital decreased, but only before the official date of adoption. These consequences appear however in the countries where the companies were motivated to be transparent, and where the legal coercion is strong. Comparing the companies that voluntarily adopted IFRS with those that adopted them mandatorily, the more significant effects occurred, as expected, in the companies that voluntarily adopted IFRS, both in the period when they voluntarily switched to IFRS and in the period when IFRS became mandatory.
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6. Conclusions This paper proposed a review of the most important current scientific works that dealt with the cost of equity capital, its role and options for reducing it. There has been considered the role of financial information disclosure in the cost of capital reduction. Distinctions were made between private and public information that influence on the information asymmetry both between investors and the company management and between sellers and buyers of stocks. The paper analyzed, from the accounting research point of view, the impact of IFRS adoption on the cost of equity capital. Most of studies made clear distinction between companies that voluntarily apply IFRS and those that apply them mandatorily.. Most of the reviewed studies show a decrease in the cost of equity capital, especially in the case of voluntary adopters and serious adopters. Although decreases in the cost of capital are recorded also by the mandatory adopters, the reduction is not significant as most of the studies showed, even if some of them showed otherwise. Acknowledgements: The present paper is issued with the financial support offered by CNCSIS UEFISCSU through the project PNCDI II: ID_1840/2008/IDEI II: The benefits of IFRS adoption: an exploratory research regarding the impact of the internationalization of Romanian accounting on the cost of capital. REFERENCES: Barth M., Konchitchki Y., Landsman W.R. (2011). Cost of Capital and Earnings Transparency. Available online: http://papers.ssrn.com/sol3 /papers.cfm?abstract_id=1348245; Botosan C.A., Plumlee M.A.(2005). Assessing Alternative Proxies for the Expected Risk Premium. The Accounting Review, 80, 1, 21-53; Botosan C.A. (2006). Disclosure and the cost of capital: what do we know? Accounting and Business Research, International Accounting Policy Forum, pp. 31-40; Botosan C.A., Plumlee M.A. (2007) Are information Attributes Priced? Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 475222; Chen K.C.W., Chen Z.H., Wei K.C.J. (2004). Disclosure, Corporate Governance, and the Cost of Equity Capital in Emerging Markets, Hong Kong University of Science & Technology, http://www.accountancy.smu. edu.sg/research/seminar/pdf/kevin_chen. pdf;
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6. Chang H., Fernando G.D., Liao W. (2009). Sarbanes Oaxley Act, perceived earnings quality and cost of capital. Review of Accounting and Finance, Vol. 8, No, 3, 216-231; 7. Chiapello E., Medjad K., (2009). An unprecedented privatization of mandatory standard-setting: The case of European accounting policy. Critical Perspectives on Accounting, 20, 448-468; 8. Christensen H.B., Lee E., Walker M. (2007). Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in UK. International Journal of Accounting, No.42, 341-379; 9. Christensen P.O., de la Rosa. L.E., Feltham G.A. (2010). Information and the Cost of Capital: An Ex Ante Perspective. The Accounting Review, Vol. 85, No.3, 817-848; 10. Daske H. (2006). Economic Benefits of Adopting IFRS or US-GAAP Have the Expected Costs of Equity Capital really decreased? Journal of Business Finance & Accounting, Vol.33, No 3-4, 329-373; 11. Daske H., Hail L., Leuz C., Verdi R., (2009). Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences. Initiative on Global Markets, The University of Chicago, Working Paper; 12. Daske H., Hail L., Leuz C., Verdi R., (2009). Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions. Working paper. Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract id=1502413; 13. Easley D., OHara M. (2004). Information and the cost of capital. Journal of Finance, Vol. 59, No.4, 1553-1583; 14. European Commission (EC) (2002), Regulation (EC) No.1606/2002 of the European Parliament and of the Council of 19 July 2002 on the Application of International Accounting Standards, Official Journal L 243, 11/09/2002; 15. Gao P. (2010). Disclosure Quality, Cost of Capital, and Investor Welfare. The Accounting Review, Vol. 85, (1), 1-29; 16. Geitzmann M., Ireland J. (2005). Cost of Capital, Strategic Disclosure and Accounting Choice. Journal of Business Finance & Accounting, Vol. 32, (34), 599-634; 17. Gode D., Mohanram P., (2003). Inferring the Cost of Capital using the Ohloson-Juettner Model. Review of Accounting Studies, 8, 399-431; 18. Guay W. Kothari S.P., Shu S., (2011). Properties of implied cost of equity capital using analysts forecasts. Australian Journal of Management. Aug.2011, No.34, 2, 125-149;
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19. Hail L., Leuz C. (2006). International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter? Wharton Financial Institutions Center. Available Online: http://fic.wharton.upenn.edu /fic/papers/04/0406.pdf; 20. Hail L., Leuz C. (2007). Capital Market Effect of Mandatory IFRS Reporting in the EU: Empirical Evidence. Working Paper. Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1511671; 21. Ionacu I., Olimid L., Ionacu M., Calu D.A. (2011). Efectul politicilor de guvernan corporativ asupra reducerii costului capitalului pentru companiile romneti cotate. Revista Audit Financiar, Nr.2, 12-17; 22. Kosal Ly (2010). Investor relations level and cost of capital: evidence from Japanese firms. Asia Pacific Journal of Business Administration, Vol.2, No.1, 88-104; 23. Levitt A., (1998). The importance of high quality accounting standards, Accounting Horizons, 12, 79-82; 24. Nekrasov A., Ogneva M. (2011). Using earnings forecasts to simultaneously estimate firm-specific cost of equity and long-term growth. Review of Accounting Studies, Vol.16, No.3, 414-457; 25. Ohlson J., Juettner-Nauroth B. (2003). Expected EPS and EPS Growth as Determinants of Value, Review of Accounting Studies, Vol.10, No 2-3, 349365; 26. Preiato J., Brown Ph., Tarca A. (2009). IFRS adoption, analysts and institutional setting. Available online: http://www.afaanz.org/openconf/2009 /modules/request.php?module=oc_program&action=view.php&id=66; 27. Siqi Li (2010). Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? The Accounting Review, Vol.85, No.2, 607-636; 28. Stulz R. (1999). Globalization of Equity Markets and the Cost of Capital. National Bureau of Economic Research Working Paper No. 7021.
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METODOLOGII DE ANALIZA SI EVALUARE A RISCULUI N EXPLOATATIILE AGRICOLE

Conf. univ. dr. Iuliana DOBRE E-mail: iulya_dobre@yahoo.com Academia de Studii Economice Bucuresti
Abstract: Riscul este un fenomen probabilistic asociat tuturor activitilor economice. Dimensiunea i ncrctura decizional pentru diminuarea riscului sunt mai mari n agricultur, avnd n vedere condiiile n care are loc obinerea produciei. Fie c este vorba de riscul de producie, generat de factorii naturali sau de riscul economic, influenat de interveniile inerente ale pieei, in exploatatiile agricole, riscul apare ca o variabil puin controlabil, ceea ce face necesar recurgerea la metodologii de analiza si evaluare a acestuia. Lucrarea susine afirmaia potrivit careia riscul este cu att mai mic cu ct cunoaterea tendinei manifestate de evoluia anterioar a fenomenelor (producie, pre, cerere, ofert, starea factorilor naturali) este mai analitic i abordeaz problema gestionrii riscului prin evaluarea acestuia, recurgand la metode, indicatori, modelare matematica. Scopul este de a evidenia efectele pozitive ale previzionarii utiliznd metode i indicatori specifici, i de a releva faptul c programarea are, pe lng rolul de a orienta unitatea agricol, n ceea ce privete modul de alocare a resurselor, prognozarea produciei, a veniturilor i cheltuielilor, i pe acela al previzunii mrimii riscului, prin includerea acestuia n program. Cuvinte cheie: metodologii, risc, exploatatie agricola, programare, decizii Clasificare JEL: P48, Q10, Q50 Introducere Agricultura se desfoar n condiii de risc ca urmare a influentei particularitilor sale i a unor factori a cror aciune nefavorabil poate provoca pagube nsemnate. Prin urmare, deciziile, n majoritatea lor, se iau in conditii de risc. Acestea se fundamenteaza pe alegerea acelei variante care ar putea conduce la cel mai favorabil rezultat.
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Managerii isi asum un risc atunci cand opteaz pentru o anumita variant in procesul de producie, de comercializare, deoarece, orict de bune ar fi optiunile privind nivelul productiei la hectar sau al veniturilor (preturi de vanzare ridicate intr-o anumita perioad de timp poate influena atitudinea managerului/ productorului), apar situatii intamplatoare care nu pot fi nici prevazute, nici controlate (grindina, invazii de insecte, boli la animale). Evaluarea riscurilor presupune, pentru inceput, analiza acestora, cautand cauzele care au condus la aparitia lor, cu scopul reducerii gradului sau de manifestare. Recurgand la metode si indicatori specifici determinarii riscului, dar si la elemente de programare a activitatii agricole, se pot prevedea formele si efectele riscurilor provocate de diferiti factori, realizandu-se, in acest fel, suportul necesar adaptarii exploataiilor la aceste fenomene probabilistice. Material i metod de lucru Pentru atingerea obiectivelor studiului s-a recurs la analiza riscului n agricultur, a coninutului elementelor necesare identificrii i reducerii acestuia prin programarea activitii, demersul fiind facilitat de preocuprile anterioare ale cercetarii tiinifice n domeniu. S-a recurs la o analiz corelativ i cauzal n ncercarea de a surprinde tendinele diferitelor tipuri de riscuri din agricultur i s-au formulat concluzii, apelnd la sintez, acestea constituind premise pentru direciile de aciune menite s contracareze influenele riscurilor n exploatatiile agricole. Rezultate si discutii Riscul i gestionarea sa sunt probleme deosebit de complexe, prezente in toate tipurile de exploatatii din agricultura, de care depind puternic realizarile acestora. Fie ca este vorba de exploatatii individuale, caracterizate prin productie de autoconsum si mangement empiric, sau de unitati de tip societar, cu productie destinata exclusiv pietei, organizate structural si managerial, activitatea lor se desfasoara, cel mai adesea, in conditii de risc, ceea ce determina ca rezultatele sa poarte amprenta sintagmelor eventualitate, probabilitate. Cercetrile n domeniu arata ca activitatea exploatatiilor agricole este influentata de riscuri care provin din diverse surse, acestea constituind criteriul sau suportul declansarii riscurilor (fig. 1). Este usor de inteles ca cea mai mare parte a starii exploatatiei este determinata de factorii de mediu, fie el cel ecologic, tehnologic sau economic.
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Acestia fiind elemente care sustin existenta si functionarea exploatatiei, fac necesara implicarea si exercitarea managementului, in sensul atenuarii efectelor negative (riscuri) generate de factorii purtatori de dezechilibre.
Determinanti principali ai riscurilor ecologici tehnologici economici
Tipuri de riscuri de productie tehnologice eeconomice
Exploatatii agricole
Fig. 1 Determinanti si tipuri de riscuri in exploatatiile agricole
Fiind vorba de activitati agricole, unele desfasurate in camp deschis, cel mai puternic factor de risc il reprezinta cel ecologic. Acesta poate surveni din fenomene de felul secetei excesive, persistente in timp, care afecteaza terenurile neirigate, sau, dimpotriva, inundatii, ambele avand ca urmare reducerea nivelului si calitatii productiei agricole, in unele cazuri chiar pierderea acesteia. Cu o anumita intensitate, in functie de tipul de exploatatie si de marimea acesteia, se maifesta riscul tehnologic si economic. Riscul tehnologic este determinat de neaplicarea tehnologiilor moderne i se ntlnete n cazul exploatatiilor de tip societar (societate agricola, societate comerciala agricola). Efectele acestui risc constau n creterea cheltuielilor de productie, cu impact asupra costului pe produs, si, implicit, asupra reducerii profitului unitar si total. In ceea ce priveste riscul economic, acesta este efectul cumulat a trei factori: cantitatea vndut, costul de producie i preul de vnzare. Fiecare din aceti factori, fiind supui restriciilor generate de variaiile mediului economic, influeneaz rezultatele exploataiei agricole.
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Pe langa cele aratate, sursele de provenenta si riscurile pe care le genereaza si care se manifesta in exploatatiile agricole sunt si de alta natura (fig. 2). riscuri interne care provin din interiorul exploataiei ca urmare a activitilor pe care le desfoar; riscuri externe care provin din exteriorul exploataiei ca urmare a influenei componentelor mediului; riscuri generatoare de pagube pentru productorii agricoli (de exemplu riscul semnatului trziu); riscuri generatoare de pagube pentru teri (care afecteaz, de exemplu, relaiile contractuale cu ali ageni economici); cu aciune i efect imediat; cu aciune i efect de durat.
provenienta consecinte
durata
Fig. 2 Surse si riscuri in exploatatiile agricole
Acestora li se adaug i alte tipuri de riscuri, cum ar fi riscurile de resurse. Riscurile de resurse apar atunci cnd disponibilitile sunt mai mici dect necesitile, respectiv cnd resursele sunt limitate cantitativ sau cnd preurile lor variaz liniar, intensitatea cu care se manifest acest tip de risc depinznd de proveniena resurselor, respectiv din agricultur sau din industrie. n exploataiile agricole, acest risc se manifest n cazul practicrii unor ramuri (activiti) care necesit aceeiai factori de producie i n acelai timp (ramuri concurente). Productorul agricol se confrunt cu o problem decizional de repartizare a factorului, astfel nct nivelul produciilor sau al profitului pe unitatea care produce s fie optim. Intereseaz, de asemenea, cheltuielile pe care utilizarea factorului le genereaz, avnd n vedere caracterul su variabil i impactul asupra riscului. Cele mentionate arata necesitatea interventiei organismelor de management in gestionarea riscurilor, aceasta putand deriva de la utilizarea unor indicatori cu caracter specific de identificare a nivelulului acestora la metode de programare a activitatii, in sensul determinarii celor mai bune combinari intre ramuri, si de dimensionare optima a resurselor (factorilor de productie). Indicatori i metode de evaluare a riscului in exploatatiile agricole. Pentru evaluarea riscului se folosesc metode diverse, unele preluate din matematic, cum ar fi cele de analiz probabilistic, altele specifice economiei.
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1. Valoarea asteptata Fie: VA (a) = valoarea asteptata a evenimentului a; P(a) = probabilitatea de aparitie a evenimentului a; Atunci: VA (a) = P(a) * E (a), unde: E (a) = efectul aparitie evenimentului a. Astfel, confrom teoriei probabilitatilor, aparitia unui eveniment a este determinata de: P (a) = m/n, unde: m = numarul cazurilor favorabile avenimentului a; n = numarul cazurilor egal posibile. 2. Speranta matematica se calculeaza ca suma a produsului intre nivelele posibile ale elementului de risc (de exemplu nivelul productiilor medii posbiile de realizat) si distributia probabilistica a sa. S(x ) = pi* xi, unde xi este variabila pentru care se estimeaza marimea riscului. 3. Marimea riscului se calculeaza cu ajutorul coeficientului de risc: i =
( R - S)
i =1
p, unde:
R = riscul; S = sperana matematic; p = probabilitatea de apariie a fenomenului. 4. Coeficientul de risc ri= /S Evaluarea riscului se poate face recurgnd i la modelarea matematic. Aceasta presupune, printre altele, apelarea la teoria jocurilor strategice.1 Aplicarea modelelor jocurilor strategice n procesul decizional din exploataiile agricole trebuie s in seama de particularitile acestora, plecand de la certitudinea aparitiei si manifestarii factorilor de risc. n acest scop, se utilizeaz o serie de informaii statistice corespunztoare elementului de risc asupra caruia se fac calcule probabilistice. In cazul factorilor naturali (acestia influentand in cea mai mare masura rezultatele de productie ale unei exploatatii), probabilitatea de a afla, cu o mai mare exactitate, starea lor, este cu att mai mare cu ct baza de informaii privind observaiile fcute n timp este mai vast.
Rusu, Elisabeta, 2001, Decizii optime n management, prin metode ale cercetrii operaionale, Ed. Economic, Bucureti.
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Avand datele necesare, se trece la construirea matricei decizionale si la calculul alternativelor, multimea acestora definind modul de comportare a strilor naturii. Matricea cuprinde: a) alternativele posibile, notate cu A1, A2, ..., Ai..., Am, unde, i = 1, 2, 3, ..., m b) strile naturii notate cu N1, N2, ..., Nj, ..., Nn, unde, j = 1, 2, 3, ..., n. La intersecia fiecrei linii cu coloana se trec rezultatele, matricea purtnd denumirea de matrice a rezultatelor (tabelul 1).
Tabelul 1. Matricea rezultatelor Stri ale naturii Alternative A1 A2 Ai Am N1 R11 R21 Ri1 Rm1 N2 ... R12 ... R22 ... Ri2 ... Rm2 ... Nj ... R1j ... R2j ... Rij ... Rmj ... Nn R1n R2n Rin Rmn
La intersecia liniei Ai cu coloana Nj se afl Rij, care reprezint rezultatul alternativei Ai n condiiile apariiei strii naturii Nj. Relaiile care exist n matrice se pot scrie n forma general astfel: Rij = f (Ai, Nj). n matrice, rezultatele sau consecinele pot fi exprimate n uniti fizice sau valorice. Posibilitatea de a prevedea apariia lui Nj este n funcie de nivelul de cunoatere a sistemului de factori necontrolabili, de faptul dac exist, n general, un mare numr de precedente i un volum abundent de date. n acest caz, probabilitatea de apariie a unei anumite stri a naturii Nj, se noteaz cu Pj. Deoarece exist o probabilitate pentru fiecare din strile naturii, suma probabilitilor tuturor strilor naturii este egal cu unitatea, conform relaiei Pj = 1 .
j=1
Stabilirea alternativei optime se face recurgnd la speranta matematica, calculata dupa formula prezentata anterior. In functie de criteriul de optimizat, respectiv maximizarea profitului sau minimizarea cheltuielilor, varianta optima va fi aceea careia ii va corespunde cel mai mare nivel al valorii sperantei matematice, in cazul profitului, si valoarea minima, in cazul cheltuielilor. Asa cum am mentionat anterior, exista situatii specifice ramurilor de productie concurente, care necesita decizii privind repartizarea unor factori a caror cantitate este limitata. Optimizarea unui astfel de proces va reduce din intensitatea riscului de productie. Studierea repartizrii optime a unui factor de producie aflat n cantitate limitat, pentru mai multe produse, se face recurgnd la funcii de producie de tip monofactorial.
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Folosind funcia tehnic i pe cea economic, se va stabili nivelul maxim de distribuie a factorului pe culturi, care determin cele mai bune rezultate de producie i economice1. n cazul produciei vegetale, dispunnd de date experimentale privind nivelurile produciilor pe hectar corespunztoare diferitelor cantiti de factor alocate culturilor, funciile care rezult din reprezentarea grafic ntr-un sistem de axe XOY sunt de forma:
Y1 = a1 + b1x1 + c1x12 Y2 = a2 + b2x1 + c2x12
yj = aj + bjxj + cjxj2 Ym = am + bmxm + cmxm2

Repartizarea optim a factorului xm necesit respectarea urmtoarelor relaii: p d / x = p d / x = .... p d / x = ct 1.
y1 y1 1 y2 y2 2 ym ym m
x1s1 + x2 s2 + ... + xm sm = D
Simbolurile au urmtoarele semnificaii:
2.
p y1 d y1 / x1 ,..., p y m d y m / x m productivitatea marginal valoric a culturii m;

xi = cantitatea din factor care va reveni culturii i (i = 1, m ); y1, ..., yj = produciile fizice totale pe unitatea care produce (ha) la cultura j (j = 1, m ); s1, s2..,sm = suprafaa culturii 1.m; D = disponibilul de factor (xm). Dup determinarea cantitii de factor ce revine pe o cultur, se face analiza funciilor de producie monofactoriale, studiind punctele de extrem (de maxim sau de minim). Alaturi de cele aratate, gestionarea riscurilor exploatatiilor agricole presupun apelarea si la alte elemente de previzionare. Aplicarea modelelor de programare liniara pentru determinarea celei mai bune variante de structuri de productie poate reduce din riscurile ecologice si economice. Aflarea acelei combinatii de culturi si/sau specii de animale in conditiile unor factori restrictivi (de risc) este rezultatul nu numai al cercetarii operationale, ci si un efort al decidentilor. Aplecarea spre cunoasterea fenomenelor probabilisice reprezinta o conditie pentru diminuarea efectelor negative ale unora dintre acestea si un suport pentru cresterea performantei economico-ecologice a exploatatiilor agricole.
1
Voicu, R., Dobre, Iuliana, 2003, Organizarea si strategia dezvoltarii unitatilor agricole, Ed. ASE, Bucuresti.
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Concluzii 1. Riscurile nu sunt elemente abstracte, ele apar si se manifesta, avand influente, de multe ori, decisive asupra economiei exploatatiilor agricole. 2. Factorii de risc si rezultatul lor exista in toate tipurile de exploatatii din agricultura, insa gradul de percepere este mult mai mare in exploatatiile de tip societar, care produc pentru piata. 3. Reducerea riscului necesita directii de actiune, tinand de aplicarea unor metodologii recunoscute in literatura de specialitate. 4. Este nevoie de interventii manageriale care, prin cunoastere, sa contribuie la anticiparea fenomenelor probabilistice, naturale, tehnologice, de piata etc. Aceast lucrare a fost cofinantata din Fondul Social European, prin Programul Operational Sectorial Dezvoltarea Resurselor Umane 2007-2013, proiect numrul POSDRU/89/1.5/S/56287 Programe postdoctorale n avangarda cercetrii de excelent n tehnologiile societtii informationale si dezvoltarea de produse si procese inovative, partener Academia de Studii Economice din Bucuresti Centrul de Cercetri Analize si Politici Regionale. BIBLIOGRAFIE 1. Ciobanu, Gh., Tiganescu, E., Cercetari operationale cu aplicatii in economie: optimizari liniare, Ed. ASE, Bucuresti, 2002. 2. Gheorghi, M., Modelarea i simularea proceselor economice, Ed. ASE, Bucureti, 2001. 3. Piciu, Gabriela, Cornelia, Decizii financiare n condiii de risc, Vol. Managementul riscului i incertitudinii in activitatea economic i social, Ed. Performantica, Iai, 2007. 4. Rusu, Elisabeta, Deciziii optime n management, prin metode ale cercetrii operaionale, Ed. Economic, Bucureti, 2001. 5. Voicu, R., Bran, Mariana, Dobre, Iuliana, Functoning of ecological criterion in sustainable development of agriculture, Conferinta internationala Performanta ecologica intr-o economie competitiva, ASE Bucuresti, 11-12 noiembrie 2010. 6. Voicu, R., Dobre, Iuliana, Managementul riscurilor n exploataiile agricole, Simpozionul tiinific internaional Evaluarea i gestionarea riscurilor ecologice, Ed. ASE, Bucuareti, 2006, pag. 218, ISBN (10) 473-594-873-7, ISBN (13) 978-973-594-873-3. 7. Voicu, R., Dobre, Iuliana, Organizarea si strategia dezvoltarii unitatilor agricole, Ed. ASE, Bucuresti, 2003.
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METHODOLOGIES FOR ANALYSIS AND EVALUATION OF RISK IN AGRICULTURAL EXPLOITATIONS

PhD, Associate Professor Iuliana DOBRE E-mail: iulya_dobre@yahoo.com Academy of Economic Studies Bucharest
Abstract: Risk is a probabilistic phenomena associated with all economic activities. Size and charge decisions to reduce risk is greater in agriculture, given the conditions in which the production is obtained. Whether is about the risk of production, caused by natural or economic risk factors, influenced by the inherent market interventions, in agricultural exploitations the risk appears to be least controllable variable, making it necessary to use methodology for its analysis and evaluation. This paper supports the assertion that the risk is even lower as the knowledge from the past tendencies of phenomena (production, price, demand, supply, state natural factors) is more analytical and addresses the issue risk management by its evaluation, turning to methods, indicators, mathematical modeling. The aim is to highlight the positive effects of prevision, using the specific methods and indicators, and to reveal that programming has, in addition to the direct role to guide agricultural unit in respect of the allocation of resources, prevision production, income and expenditure, the role to prevision size of risk, through its inclusion in the program Keywords: methodologies, risks, agricultural exploitations, programming, decisions JEL Classification: P48, Q10, Q50 Introduction Agriculture is conducted under conditions of risk as a result of its particularities and of the influence of factors whose an unfavorable action may cause significant damage.
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Consequently, decisions, most of them, are taken in hazardous conditions. It is based on the choice of alternatives that could lead to more favorable results. Managers take a risk when opting for a certain variant in the production process, trading, because any good are options regarding the level of production per hectare and income per hectare (higher selling prices in a certain period of time can influence the attitude manager / producer), there are situations that can not be accidental or planned, or controlled (hail, plagues of insects, diseases in animals). Risk evaluation involves, first, analysis, searching for the causes that led to their appearance in order to reduce the degree to manifestation of it. Resorting to methods and specific indicators to determine risk, but also the programming elements of agricultural activity may provide the forms and effects caused by different risk factors, achieving in this way, the necessary support to adapt of exploitations to these probabilistic phenomena. Material and method of working For to achieve the objectives of this study was used analysis of risk in agriculture, the content of the elements necessary to identify and reduce it through programming of activities, the approach being eased by the previous concerns of scientific research. Has resorted to a correlative and causal analysis in an attempt to capture the trends of various types of risks in agriculture and were made conclusions, using the synthesis, these being premises for courses of action to mitigate risks influences in agricultural exploitations. RESULTS AND DISCUSSIONS Risk and its management are very complex issues, present in all types of agricultural exploitations, which depend heavily on their achievements. Be it to the individual exploitations, characterized by self-consumption production and empirical management or units by society type, with production exclusively for the market and the structural and managerial organization, their activities are to most often runs in hazardous conditions, which determine as the results to wear mark phrases eventuality, probability. The researches in this field show that the activity of agricultural exploitations is influenced by risks which come from various sources, these being the criterion and support of risks outburst (figure 1). It is easy to understand that most part of the state exploitations is determined by environmental factors, be he
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ecological, technological or economic. These being elements which support the existence and functioning of the exploitations, made necessary implication and exercise of management, in sense of mitigating the negative effects (risks), generated by factors imbalances carriers. Main determinants of risks ecological technologial economical
Types of risks of production technological eeconomical
Agricultural exploitations
Fig. 1 Determinants and types of risks in agricultural exploitations
With regard to agricultural activities, some conducted in open field, the most stronger risk factor is the ecological. This can arise from phenomena like excessive drought, persistent over time, which affects non-irrigated land, or on the contrary, floods, both having as result in reducing of level and quality of agricultural production, in some cases even lost of it. With a certain intensity, depending on the type of exploitations and its size, is manifest technological and economic risk. Technological risk is determined by the failure of modern technology and is meet in case of exploitations to society type (agricultural society, commercial society). The effects of this risk consist in increasing production expenditure, with impact on product cost, and thus on reducing unit and total profit. In terms of economic risk, it is the cumulative effect of three factors: quantity sold, production cost and selling price. Each of these factors, being a subject to restrictions resulting from changes in economic environment, influence the results of agricultural exploitations.
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Besides the show, sources of origin and the risks they generate and that are manifested in agricultural exploitations are and other nature (figure 2). internal risks which come from exploitation as a result of their activities; external risks which come from outside of exploitation as a result of influence of environmental components; risks generating losses for producers (risk of later sowing); risks generating losses for others (affecting, for example, contractual relationships with other businesses); risks with immediate action and effect; risks with action and lasting effect.
provenience consequences
period
Fig. 2 Sources and risks in agricultural exploitations
Also included are other types of risks such as resources risks. These appears when the availability are less than needs, respectively when resources are limited quantitative or when their prices varies linear, the intensity with which this is manifest, this type of risk depending on the source of resources, respectively agriculture and industry. In agricultural exploitations, the risk is manifested in case practice of branches (activities) that require the same factors of production and at the same time (concurrent branches). The producers is faces with a decisional problem to allocating of factor, so the productions level or of profit per unit production to be optimal. Interested, also, the expenditures that use the factor it generates, given its variable nature and impact of the risk. The mentioned show the need for management intervention in risk, it can derive from the use of indicators to identify the specific nature of their activity level to programming methods, in sense of determining the best combinations between branches, and the optimal sizing resources (production factors). Indicators and methods from evaluation uf risk in agricultural exploitations. For risk evaluation are used different methods, some taken from mathematics such as probability analysis, other specifically, economy.
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1. Expected value Be: VA (a) = expected value of event P (a) = probability of the event a So: VA (a) = P(a) * E (a), where: E (a) = effect of the event a According to probability theory, the occurrence of an event is determined by: P (a) = m / n, where: m = number of cases favorable of event a; n = number of cases equally possible. 2. Hope math is calculated as the sum of the product between possible levels of the element of risk (possible to achieve average production level) and its probability distribution. S (x) = pi * xi, where: xi is a variable for which estimates the size of the risk. 3. Size of risk is calculated using the coefficient of risk: i =
( R - S) 2 p, where:
i =1
R = risk; S = mathematical expectation; p = the probability of occurrence of the phenomenon. 4. Coefficient of risk ri = / S Risk evaluation can be done using mathematic modeling. This means, among other things, resorting to strategic game theory1. Applying models of strategic games in decision-process from agricultural exploitations should take into account their specific features, starting from the certainty of the event occurrence and manifest risk factors.. For this purpose, they use a series of statistical information proper of risk element on which is made probabilistic calculation. In case of natural factors (these having the most influence on fhe production results of agricultural exploitations), the probability to find, exactly, the state of them, is with so greater, with so base of information, on observations made in time, are large.
Rusu, Elisabeta, Decizii optime n management, prin metode ale cercetrii operaionale, Ed. Economic, Bucureti, 2001.
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Having the necessary data is pass to elaborating of a decisional matrix and to the calculation of alternatives, their multitude defining the behaviour of nature state. The matrix includes: a. alternatives, denoted as A1, A2, ..., Ai ..., I, in which i = 1, 2, 3, ..., m; b. states of nature denoted by N1, N2, ..., Nj, ..., Nn, where, j = 1, 2, 3, ..., n. At the intersection each lines with column pass results, matrix bearing the name of the matrix results (table 1).
Table 1. Results matrix States of nature Alternative A1 A2 Ai Am N1 R11 R21 Ri1 Rm1 N2 ... R12 ... R22 ... Ri2 ... Rm2 ... Nj ... R1j ... R2j ... Rij ... Rmj ... Nn R1n R2n Rin Rmn
At the intersection line Ai with the column Nj are Rij which is the result of alternative Ai in conditions appearance of natural state Nj. The relationships that exist in the matrix can be written in general form as follows: Rij = f (Ai, Nj). In the matrix, the results or consequences can be expressed in physical or value. The possibility to predict the occurrence of Nj is depending to the level of knowledge of the system uncontrollable factors, on whether there, is generally a large number of precedents and an abundant amount of data. In this case, the probability of a certain state of nature Nj, is denoted by Pj. Since there is a probability for each state of nature, the sum of probabilities of all states of nature is equal to the unit according to the relation:
P
j=1
=1
Establishing best alternative is made to use hope math, calculated by the formula presented above. Depending on the criterion to be optimized, that maximize profit or minimize costs, the best option would be one that will match the highest level of expectancy value math, for profit, and the minimum value, for expenditure. As mentioned above, there are specific situations that require competing branches of production decisions on the allocation of factors whose quantity is limited. Optimization of such a process will reduce the risk of production intensity. Studying the optimal allocation of production factors found in limited quantities for multiple products, is using the monofactorial type production functions.
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Using technical and economic function, it will set the maximum distribution of crop factor, which determines the best production and economic results. For vegetable production, with its experimental data on production levels per hectare allocated to the different amounts of crop factor, resulting in graphical functions in a system of axes xoy are like1. Y1 = a1 + b1x1 + c1x12 Y2 = a2 + b2x1 + c2x12 yj = aj + bjxj + cjxj2 Ym = am + bmxm + cmxm2 Xm optimal distribution factor requires the following relations:
p y1 d y1 / x1 = p y2 d y2 / x2 = .... p ym d ym / xm = ct x1s1 + x2 s2 + ... + xm sm = D
1. 2.
p y1
Symbols have the following meanings d y1 / x1 ,..., p y m d y m / x m value marginale productivity of crop m;
xi = quantity of factor returns crop I I; y1, ..., yj = average production (ha) to crop j (j = 1, m ); s1, s2..,sm area crop 1.m; D = availability factor (xm). After determination of quantity of factor which returns to one culture is made analysis of production functions, to type monofactorial, studying extreme points (maximum or minimum). Along with the show, managing risks in agricultural exploitations implies and using other elements for prevision. Application of linear programming models for determining the best variants of the structure of production may reduce the ecological and economic risks. Finding that combine crop and / or animal species in terms of restrictive factors (risk) is the result not only of operational research, but also an effort by the makers.Bending at knowledge of probabilistic phenomena is a condition for reducing of negative effects and a support for increase of economic and ecological performance of agricultural exploitations.
1
Voicu, R., Dobre, Iuliana, Organizarea si strategia dezvoltarii unitatilor agricole, Ed. ASE, Bucuresti, 2003.
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Conclusions 1. Risks are not abstract elements, they appear and manifest, having, often, influence decisive on the economy of agricultural exploitations. 2. Risk factors and their results exist in all types of agricultural exploitations, but the degree of perception is much higher in exploitations by type society, which producing for the market. 3. Reducing the risk requires actions, taking the application of recognized methodology in the literature. 4. Is needed to managerial intervention which, through knowledge, to contribute to predict probabilistic phenomena, natural, technological, market etc. This work was cofinanced from the European Social Fund through Sectoral Operational Programme Human Resources Development 2007-2013, project number POSDRU/89/1.5/S/56287 Postdoctoral research programs at the forefront of excellence in Information Society technologies and developing products and innovative processes, partner Bucharest Academy of Economic Studies Research Center for Analysis and Regional Policies BIBLIOGRAFY 1. Ciobanu, Gh., Tiganescu, E., Cercetari operationale cu aplicatii in economie : optimizari liniare, Ed. ASE, Bucuresti, 2002. 2. Gheorghi, M., Modelarea i simularea proceselor economice, Ed. ASE, Bucureti, 2001. 3. Piciu, Gabriela, Cornelia, Decizii financiare n condiii de risc, Vol. Managementul riscului i incertitudinii in activitatea economic i social, Ed. Performantica, Iai, 2007. 4. Rusu, Elisabeta, Deciziii optime n management, prin metode ale cercetrii operaionale, Ed. Economic, Bucureti, 2001. 5. Voicu, R., Bran, Mariana, Dobre, Iuliana, Functoning of ecological criterion in sustainable development of agriculture, Conferinta internationala Performanta ecologica intr-o economie competitiva, ASE Bucuresti, 11-12 noiembrie 2010. 6. Voicu, R., Dobre, Iuliana, Managementul riscurilor n exploataiile agricole, Simpozionul tiinific internaional Evaluarea i gestionarea riscurilor ecologice, Ed. ASE, Bucuareti, 2006, pag. 218, ISBN (10) 473-594-873-7, ISBN (13) 978-973-594-873-3. 7. Voicu, R., Dobre, Iuliana, Organizarea si strategia dezvoltarii unitatilor agricole, Ed. ASE, Bucuresti, 2003.
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DIFICULTI PRIVIND ABSORBIA FONDURILOR STRUCTURALE I DE COEZIUNE N ROMNIA

Lector dr. Meral KAGITCI E_mail: meral_ibraim@yahoo.com Universitatea Athenaeum, Bucureti
Abstract: Absorbia fondurilor structurale i a celor de coeziune este una dintre cele mai dezbtute probleme la ora actual n UE n ceea ce privete gestionarea macroeconomic i dezvoltarea financiar a Statelor Membre. Aceast direcie duce la dezvoltarea unor fonduri i a tuturor politicilor structurale i de coeziune care s asigure ajustarea structural i armonizarea operaiunilor de omogenizare i susinere a standardelor economice ale Statelor Membre. Bugetele de stat trebuie s fie modificate i structurate pentru a asigura cofinanarea proiectelor pentru care se va aplica, i de asemenea, punerea n aplicare a unei creteri sustenabile prin alocarea i absorbia fondurilor trebuie avut n vedere. Cuvinte cheie: fonduri structurale, politica de coeziune, rata de absorbie, programe operaionale. Clasificarea Jel: E22, G31, H12, H19, H43. Introducere n ceea ce privete datele puse la dispoziie de ctre Comisia European, din totalul fondurilor acordate doar 10% sunt concentrate pe partea de coeziune. Acest lucru se datoreaz n principal faptului c accentul se pune pe ajutorul reciproc i solidaritate, urmrindu-se cum poate fi economia gndit mai bine i cum ar putea aceasta funciona ntr-un mod mai flexibil. n actuala dezbatere privind criza european, o atenie insuficient este acordat posibilitii de utilizare a resurselor imense ale fondurilor structurale i de coeziune pentru gestionarea i soluionarea crizelor. 1. Politica de coeziune Fondurile structurale europene reprezint o posibilitate de stimulare a economiei n vederea unei redresri susinute. Bncile care caut oportuniti de investiii , pe de-o parte ar putea beneficia de aceste fonduri, cci ele pot profita de o recuperare a investiiilor i a creterii, care va determina creterea cererii pentru
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credite n toate sectoarele, iar pe de alt parte, la nivel microeconomic, bncile pot contribui direct la finanarea proiectelor eligibile pentru fonduri UE. n ceea ce privete prefinanarea i cofinanarea n absorbia fondurilor UE, accentul acestei lucrri este pus pe rolul bncilor i modul n care puterea lor influeneaz o mai bun absorbie a acestor fonduri. Acest lucru este valabil att pentru funciile din segmentul administrativ i de monitorizare ct i pentru funciile de selecie a proiectelor. Exist trei obiective n cadrul politicii de coeziune 2007-2013: convergen, competitivitate regional i ocuparea forei de munc, precum i cooperare teritorial. Pentru perioada 2007-2013 Uniunea European a pus la dispoziia Noilor State Membre 178 miliarde EUR (aproximativ 19% total PIB2010, a se vedea tabelul 1) concentrate n trei instrumente diferite: Fondul European de Dezvoltare Regional (FEDR), care finaneaz: (i) ajutoare directe pentru investiiile n ntreprinderi (n special IMM-uri) pentru a crea locuri de munc durabile; (ii) infrastructuri legate n special de cercetare i inovare, telecomunicaii, mediu, energie i transport; (iii) instrumente financiare (fonduri de capital de risc, fondurile de dezvoltare local, etc.) pentru a sprijini dezvoltarea regional i local i pentru a favoriza cooperarea ntre orae i regiuni; (iv) msuri de asisten tehnic. Fondul Social European (FSE), care urmrete s mbunteasc ocuparea forei de munc prin sprijinirea aciunilor n urmtoarele domenii: (i) de adaptare a lucrtorilor i a ntreprinderilor prin intermediul unor programe de nvare continu i organizaiile de lucru inovatoare; (ii) accesul la ncadrarea n munc pentru solicitanii de locuri de munc, a omerilor, femeilor i a emigranilor; (iii) integrarea social a persoanelor dezavantajate i combaterea discriminrii pe piaa muncii i (iv) consolidarea capitalului uman prin reforma sistemelor de nvmnt. Fondul de coeziune (FC) este destinat Statelor Membre al cror venit naional brut pe cap de locuitor este mai mic de 90% din media comunitar (aceasta include toate cele zece Noi State Membre) i activitile financiare din urmtoarele categorii: (i) reelele transeuropene de transport; (ii) mediu, inclusiv energia regenerabil, transportul feroviar i public.
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2. Aspecte europene privind absorbia fondurilor structurale i de coeziune Chiar dac exist sume mari de fonduri disponibile pentru Statele Membre n special pentru cele din Europa Central i de Est deficienele de absorbie sunt mai mult dect evidente n Romnia i Bulgaria, cu doar 13% i, respectiv 15%, iar gradul de absorbie a fondurilor din FEDR, FSE i FC, n perspectivele financiare 2007-2013 a fost mobilizat. Aceste rate de absorbie sunt, n realitate, chiar mai mici, odat cu deducerea plilor de avans n numerar atingnd un nivel de 3% i respectiv 5% n cele dou ri. Datorit faptului c pentru perioada 2007-2009 avansurile n numerar pltite au fost necondiionate i nu au legtur cu punerea n aplicare a progresului proiectelor individuale, aceste cifre arat un progres mai bun n acest tip de implementare a proiectului. ntrzierile absorbiei pentru UE27 n perioada 2007-2013 se datoreaz faptului c acest cadru financiar multianual este convenit ntr-o etap ulterioar, i acest lucru a dus la ntrzieri de negociere a cadrelor naionale strategice de referin i a Programelor Operaionale. Dintre aceste programe cele mai multe au fost adoptate n 2007 i doar cteva, la sfritul anului 2007. i n aceti termeni, innd cont, de asemenea, i de natura politicii, primul an al programului va fi cert caracterizat printr-o absorbie lent.
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Mai mult dect att, datorit nceputului ntrziat al programelor n perioada 2007-2013 a fost, este i va fi, influenat de criza economic i financiar. Utilizarea acestor fonduri nu se concentreaz n prezent pe resursele de gestionare i soluionare a crizei financiare actuale. Ele ar putea fi utilizate pentru: i) contrabalansarea impactului recesiunii asupra consolidrii fiscale, dac rile respective au beneficiat de asisten financiar i sunt, astfel, sub condiii stricte (de exemplu Grecia, Ungaria, Letonia i Romnia), sau contrabalansarea doar pentru a evita utilizarea de asisten financiar (de exemplu, Portugalia i Spania); ii) pstrarea la un nivel constant a investiiilor publice n infrastructur, capital uman i de cercetare, avnd ca rezultat o cretere a produciei poteniale, precum i concentrndu-se i promovnd reformele structurale n rile care sunt sub condiii stricte. n prezent, fondurile structurale i de coeziune au fost subestimate i, astfel, numerele atribuite acestora sunt lipsite de relevan. n acelai timp, fondurile nu au fost utilizate la un potenial deplin din cauza unor probleme de guvernare. Pe baza datelor empirice, efectele pozitive ale transferurilor UE sunt slabe. Acest lucru nu nseamn neaprat c datele sunt prea mici pentru face o diferen, dar poate c se datoreaz absorbiei defectuoase i slabe de ctre statele membre. Aceast lucrare scoate n eviden necesitatea evident ca guvernarea Fondurilor Structurale i de Coeziune trebuie s fie modificat prin revizuirea obiectivelor i metodelor de livrare. n acelai timp, pentru anumite proiecte fondurile ar trebui s fie supravegheate direct de ctre Comisia European, cu sprijinul unei agenii executive n vremuri de criz. Exist o sum total de 348 miliarde EUR, n temeiul articolului 1B din bugetul UE, care este pus la dispoziia statelor membre de ctre CFM pentru perioada 20072013. Aceasta reprezint un procent de 2,8 din PIB-ul UE, n medie, circa 0,4% pentru fiecare an perioada 20072013. Astfel din cauza dimensiunii lor, fondurile UE nu sunt un instrument puternic pentru alocarea de resurse, cum este de exemplu bugetul naional al unui stat federal. Dar aceast comparaie nu este valabil, n primul rnd din cauza faptului c UE nu este un sistem federal ntr-u totul, i n al doilea rnd deoarece sprijinul pentru coeziune a UE este reprezentat de o sum mare n comparaie cu unele pachete de salvare( cum ar fi pentru Grecia sau Irlanda 110 miliarde de EUR , respectiv 85 miliarde EUR. Datorit naturii sale, sprijinul Planului Marshall din perioada 1948-1951 a reprezentat doar 2% din totalul PIB-ul rii ce a primit acest ajutor i a fost mecanismul de declanare n modificarea mediul economiei politice i de a face, astfel, o contribuie semnificativ la creterea rilor vest-europene.
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Fondurile structurale i de coeziune pot avea un impact mai mare asupra creterii economice i a convergenei, peste valoarea lor nominal n cazul n care obiectivele i livrarea lor sunt restabilite. Pe baza acordului asupra Programelor Operaionale (PO), toate fondurile sunt pre-alocate pentru fiecare ar n funcie de economia, de populaia i de suprafaa acesteia. Rata slab i lent de absorbie a fondurilor UE este cea mai mare problem a oricrei ri i se reflect prin dezvoltarea de credite de angajament i pli realizate (de exemplu, reste liquider sau RAL). Exist 134 miliarde EUR, necontractate din totalul de 270 miliarde EUR alocate pentru perioada 2007 2013 pentru UE27. Comparativ cu perioada 20002006, rata de absorbie este n mod clar mai lent cu aparente ntrzieri de un an i acest lucru se datoreaz: i) regulii de relaxare n+2 din 2007, care a fost de ajutor rilor pentru a nu presiona planificarea i punerea n aplicare a proiectelor finanate de UE; ii) faptului c, n temeiul principiului de co-finanarea un procent de 20% din costurile totale ale proiectelor trebuie s fie asigurat prin intermediul resurselor interne. n trecutul nu foarte ndeprtat, UE nu a acordat nici un interes semnificativ pentru efectele macroeconomice atunci cnd a fost vorba de fondurile de dezvoltare. n prezent, din cauza faptului c partea de sud a zonei euro se confrunt cu dificulti i este nevoie de instrumente de politici pentru revigorarea mediului economic, aceast abordare nu mai este adecvat. De asemenea, sume mari de fonduri structurale i de coeziune neutilizate, pe care unele ri din UE le au la dispoziia lor, ar trebui s fie utilizate n cadrul temporar 2011-2013 al Fondului European de Redresare Economic (FERE). Aceste fonduri ar putea fi administrate de ctre Comisia European prin sprijinul unei agenii executive similare cu Agenia Executiv Trans-European a Reelelor de Transport. Chiar dac exist o meniune a unui grad mai ridicat de absorbie pentru fondurile UE n cadrul programelor de ajustare din Grecia, Letonia i Romnia acest lucru nu este suficient pentru a asigura creterea economic dorit. 3. Aspecte privind fondurile structurale Comunitatea European prevede c politica de coeziune a fost recunoscut ca un instrument-cheie la nivel comunitar, ce contribuie la punerea n aplicare a strategiei pentru cretere i realizarea locurilor de munc nu doar pentru c reprezint o treime din bugetul comunitar, dar i pentru c strategiile concepute la nivel local i regional trebuie s formeze, de asemenea, parte integrant celor 33 de pri din efortul de a promova creterea economic i ocuparea forei de munc.
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Rolul IMM-urilor, necesitatea de a raspunde cerintelor locale abilitate, importana gruprilor i necesitatea de centre locale de inovare sunt de aa natur nct, n multe cazuri, de asemenea, strategiile trebuie s fie construite de jos, la nivel regional i local. Al patrulea raport privind formularul de coeziune economic i social 2007, arat estimrile preliminare pentru perioada 2000-2013, care sugereaz o cretere a PIB-ului n comparaie cu un scenariu de referin, fr politic de coeziune, de aproximativ 3,5% n Grecia, i 3,1% n Portugalia i cele mari pentru noile state membre (20042013): 9% n Republica Ceh i Letonia, 8,5% n Lituania i Estonia, 7,5% n Romnia, 6% n Bulgaria i Slovacia i 5,5% n Polonia. n plus, se estimeaz ca pn n 2015 aproximativ de 2 milioane de locuri de munc suplimentare vor fi generate ca urmare a acestor niveluri de investiii. Potrivit unuia din Raporturile Comisiei Europene privind gestiunea bugetar i financiar Exerciiul financiar 2003, principalele Fonduri Structurale Europene sunt dup cum urmeaz: (i) Cel mai mare dintre cele patru fonduri structurale este Fondul European pentru Dezvoltare Regional (FEDR), care este axat pe monitorizarea financiar a activitilor de dezvoltare regional i corectarea dezechilibrelor regionale. Cel mai frecvent este direcionat spre resurse pentru infrastructur de transporturi serioase dar n acelai timp este legat i de alte investiii ce creeaz profit (pentru a ajuta IMM-urile). (ii) Fondul Social European (FSE) este menit pentru piaa forei de munc, ncurajarea mobilitii n rndul factorilor de producie umani i finanarea diverselor forme de instruire i dezvoltarea forei de munc. (iii) EAFFG care se ocup cu probleme n politica agrar, dar n prezent acest fond se concentreaz cu egalizarea diferenelor regionale n producia agricol (Departamentul de Orientare, cum mai este numit). (iv) Dintre cele patru fonduri, cele prezentate mai sus sunt cunoscute sub numele de fonduri structurale tradiionale. Al patrulea fondul este Instrumentul financiar pentru Orientarea Pescuitului (IFOP), cu jurisdicie asupra pescriilor din interiorul UE. Fondul de Coeziune (FC) a fost stabilit pentru a realiza coeziunea social i economic n interiorul Uniunii Europene. Astfel, acest fond este destinat doar ajutorrii statelor membre care au VNB pe cap de locuitor mai mic de 90%. A fost acordat Greciei, Irlandei, Portugaliei i Spaniei nainte de extinderea din 2004. Cea mai mare parte a acestui fond este concentrat spre transportul i protecia mediului.
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n comparaie cu resursele din fondurile structurale, care sunt complementare, resursele fondului de coeziune sunt condiionate. Acest lucru nseamn c, odat ce un stat membru a trecut de 90% din VNB pe cap de locuitor nu mai are dreptul de a primi aceste fonduri. Promovarea de inginerie financiar pentru start-up-uri i microntreprinderi a fost fcut prin combinarea acestor mecanisme financiare, cu asisten tehnic, granturi, subvenii non-granturi cum ar fi mprumuturi, capital, capital de risc sau garanii: JEREMIE, pentru IMM-uri i micro-credite, i JESSICA, pentru de dezvoltare urban. Asistena financiar va fi acordat numai cu acordul i cooperarea Comisiei Europene i a instituiilor Grupului Bncii Europene de Investiii i alte instituii financiare internaionale. Programe 1) Programul URBACT II este conceput pentru perioada 2007-2013avnd ca obiectiv principal schimbul de experien ntre oraele tuturor statelor membre UE, elementul-cheie fiind cooperarea participani. Lund n considerare c de la 1 ianuarie 2007, Romnia este stat membru al UE, oraele din ara noastr sunt n msur s ntocmeasc i s prezinte proiecte pentru a obine finanare pentru dezvoltarea economic i social a regiunilor mai puin norocoase i dezvoltare durabil n zonele urbane. Programul are un buget de aproximativ 68 milioane EUR. Astfel, n aceast perspectiv, 10 orae romneti Alba Iulia, Braov, Blaj, Bucureti (sectorul 2), Iai, Odorheiu Secuiesc, Scele, Sighioara, Piatra Neam i Timioara au participat la Ajutor pentru orae URBACT n perioada 20022006, n care un expert a colaborat cu factorii de decizie ai oraului sau municipalitii, care au solicitat asisten, ajutndu-i s defineasc i s dezvolte strategii de dezvoltare urban la diferite niveluri (ora, cartier / zon din interiorul oraului). Pentru acest proiect zonele urbane cu mai puin de 20.000 de locuitori, din noile state membre i oraele din statele membre vechi, n cazuri justificate, au fost considerate eligibile. 2) MICRO-CREDIT a reprezentat o serie de 80 de micro-creditelor acordate de Oficiul Romn de Oportuniti de Microcredite (OROM), instituie de microfinanare care n colaborare cu Banca European pentru Reconstrucie i Dezvoltare (BERD) au semnat un acord de mprumut n valoare de 263.396 EUR, sum ce a fost acordat nainte ca Romnia s adere la UE, pentru start-up-ul micro-ntreprinderilor i companiilor. Din totalul de 80 de micro-credite doar unul a fost de peste 10.000 EUR i 36 dintre ele, cu o valoare total de 109.449 EUR au fost atribuite n zona de Nord-Vest, i cellalte 44, cu o valoare total de 153.947 EUR, n regiunea Central.
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4. Particularitile cadrului romnesc Exista trei mecanisme de transmitere a politicii de coeziune, cu efecte pe termen lung: a) creterea stocurilor i infrastructurii fizice reprezint intrarea pentru ntreaga activitate productiv; b) creterea stocurilor i a calitii capitalului uman prin educaie i investiii de formare profesional - este n general un factor eficient de cretere a productivitii muncii; c) asisten financiar pentru IMM-uri prin stimularea iniiativelor de investiii, cercetare i inovare i de management i marketing, rezultnd n sporirea productivitii a tuturor factorilor, reducnd n acelai timp costurile de producie i capital. Prin urmare, ne putem explica agregarea msurilor de coeziune n diverse categorii, cu semnificaie economic diferit, care sunt realizate spre a sprijini relevana celor trei mecanisme de transmisie: 1. Investiii n infrastructura tehnic; 2. Investiii pentru mbuntirea capitalului uman; 3. Sprijin financiar direct pentru industrie, servicii i agricultur. Drept urmare, o distincie posibil ntre sursele de finanare este destul de necesar, ca i operaiune important n necesitatea de a accesa i de a absorbi fondurile UE: i. transferurile de la UE, sub form de subvenii pentru autoritile publice; ii. co-finanare din surse publice i private, aa cum este prevzut n Tratatul Fondurilor Structurale. 5. Concluzii Potenialul acestor fonduri nu este folosit la maxim. Acestea ar putea fi folosite pentru a contrabalansa impactul recesiunii, a ine sub control investiiile i creterea economic, i, n acelai timp, ar putea fi folosite pentru stimularea necesitii de a folosi i de a crete gradul de absorbie al acestor fonduri, deoarece reprezint un pas foarte mare n direcia cea bun. Acknowledgement : Aceast lucrare a beneficiat de suport financiar prin proiectul "Studii Postdoctorale n Economie: Program de formare continu a cercettorilor de elit - SPODE" cofinanat din Fondul Social European, prin Programul Operaional Sectorial Dezvoltarea Resurselor Umane 2007-2013, contract nr. POSDRU/89/1.5/S/61755.
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SURSE BIBLIOGRAFICE : 1. Banca Naional a Romniei [http://www.bnr.ro]; 2. Barker, D., CEEN Consulting GmbH, International Capacity Measurement Questionnaire, 3.Viena 2005, disponibil pe : [http://ceen-consulting.com]; 3. Bicanic, I., Franicevic, V., The Challenges of Real and Subjective Poverty and the Growth of Inequality in the Economies of Southeast Europe in Transition, summary published in Financial Theory and Practice, 29(1), pp 13-16, 2005; 4. CEROPE, Survey Impactul fondurilor structurale n Romnia evaluare cu ajutorul modelului HEROM, disponibil pe: [http://www.cnp.ro/ro/modelare]; 5. Comisia Naional de Prognoz [http://www.cnp.ro]; 6. COM (2006) 281. European Commission, The Growth and Jobs Strategy and the Reform of European Cohesion Policy, Fourth Progress Report on Cohesion, p. 8; 7. European Commission, Report on Budgetary and Financial ManagementYearbook - 2003, Disponibil pe: [http://europa.eu.int/comm/budget/infos /publications_en.htm]; 8. Ministerul Economiei i Finanelor, [http://www.mefromania.ro]; 9. Pylak, C., Intelligent Region Management = Intelligent Absorption of EU funds, article from The Romanian Journal of Regional Science, vol.1, nr. 1, pp. 70-80, 2007; 10. Puigcerver-Penalver, M.-C., The Impact of Structural Funds Policy on European Regions! Growth. A Theoretical and Empirical Approach, article from The European Journal of Comparative Economics, Vol.4, nr.2 (2007), pp 179-208, available on: [http://eaces.liuc.it]; 11. Simovic,H., The European Union Budget, review article from Financial Theory and Practice (3), pp 245-262, 2005; 12. Susanu, Monica, Romanian Pattern in Absorption and Management of European Structural Funds: A Critical Analysis, Universitatea "Dunrea de Jos" Galai, Catedra de Finane i Eficien Economic.
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DIFFICULTIES REGARDING THE ABSORBTION OF STRUCTURAL AND COHESION FUNDS IN ROMANIA

PhD. Lecturer Meral KAGITCI E_mail: meral_ibraim@yahoo.com Athenauem University, Bucharest
Abstract: Cohesion and structural funds absorption in the EU is one of the most debated issues at hand in terms of macroeconomic management and financial development of the MS. This direction results in the development of funds and all the related structural and cohesion policies as to assure structural adjustment and harmonize operations by homogenizing and sustaining the economic standards of MS. Central national budgets have to mold and be structured in order to ensure the co-financing in the projects appliance and also the fine implementation of growth through fund allotment and absorption. Keywords: structural funds, cohesion policy, absorption rate, operational programmes. Jel Classification: E22, G31, H12, H19, H43. Introduction In terms of data made available by the European Commission out of the total funds given only 10% are focused in the cohesion part of this aspect. This is mainly due to the fact that the focus is on mutual aid and solidarity with a close eye on how the economy can be better molded and could function in a leaner way. In the current debate on the European crisis, insufficient attention is being paid to the possible use of the immense resources of the Structural and Cohesion Funds for crisis management and resolution. 1. The cohesion policy European Union Structural Funds may represent the possibility of stimulating the economy in a sustained recovery. Banks looking for investment opportunities could benefit on the one hand of the fact that they may take advantage of a recovery in investment and growth, which eventually will increase the demand for loans in all sectors and on the other hand, at the microeconomic level, banks can
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contribute directly to the financing of projects eligible for EU funds. In terms of pre-financing and co-financing in the absorption of EU funds, the focus of this paper is on the role of banks and how their power influences a better absorption of these funds. This is mainly valid also for the functions in the administrative segment and project monitoring and selection. There are three objectives under the 2007-2013 cohesion policy: Convergence, Regional Competitiveness and Employment as well as Territorial Cooperation. For the 2007 - 2013 period the European Union made available to the new MSs EUR 178 billion (approximately 19% aggregate 2010 GDP, see Table 1) compacted within three different instruments: The European Regional Development Fund (ERDF), which finances: (i) direct aid to investments in companies (in particular SMEs) to create sustainable jobs; (ii) infrastructure linked notably to research and innovation, telecommunications, environment, energy and transport; (iii) financial instruments (capital risk funds, local development funds, etc.) to support regional and local development and to foster cooperation between towns and regions; (iv) technical assistance measures. The European Social Fund (ESF) which seeks to improve employment by supporting actions in the following areas: (i) adapting workers and enterprises through lifelong learning schemes and innovative working organisations; (ii) access to employment for job seekers, the unemployed, women and migrants; (iii) social integration of disadvantaged people and combating discrimination in the job market and (iv) strengthening human capital by reforming education systems. The Cohesion Fund (CF) is aimed at Member States whose Gross National Income per inhabitant is less than 90% of the Community average (this includes all ten new member states) and finances activities under the following categories: (i) trans-European transport networks and (ii) environment including renewable energy, rail and public transport.
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2. European aspects regarding the absorption of structural and cohesion funds Even though there are large sums of funds available to MS especially for the ones from the Central and Eastern Europe the lack of absorption is more than obvious in Romania and Bulgaria, with only 13% and respectively 15% as the absorption degree of funds from the ERDF, ESF and CF in the Financial Perspectives 2007-2013 has been mobilized. This absorption rate is in reality even smaller with the subtraction of payments of cash advances reaching a level of 3% and respectively 5% in the two countries. Due to the fact that for the 20072009 period the cash advances disbursed were unconditional and unrelated to individual projects progress implementation these figures show a better progress in this project implementation. The absorption delays for the EU27 in the 20072013 period, are due to the fact that the multi-annual financial framework is agreed upon at a later stage, and this has resulted in negotiation delays of the National Strategic Reference Frameworks and of the Operational Programmes. Out of these programmes most
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were adopted in 2007 and only a hand full at the end of 2007. And in these terms, also given the nature of the policy, the first year of the programmes period will be characterized by a definite slow absorption. Even more so, the late start of programmes in the 20072013 period was, is and will also be influenced by the economic and financial crisis. The use of these funds is currently not focused in terms of resources for the management and resolution of the current financial crisis. These funds could be used for: i) counterbalance the recessionary impact of the fiscal consolidation, whether the respective countries have received financial assistance and are thus under strict conditionality (i.e. Greece, Hungary, Latvia and Romania) or are counterbalancing just to avoid the use of financial assistance (i.e. Portugal and Spain); ii) keep at a steady level the public investment in infrastructure, human capital and research, resulting in a potential output growth as well as focusing and promoting structural reform in countries that are under strict conditionality. In these times the Structural and Cohesion Funds have been underestimated and thus the numbers attributed to them are of no relevance. At the same time the funds have not been used at a full potential due to issues of governance. On the basis of the empirical data the positive effects of EU transfers is weak, but this means that the data is not necessarily too small to account for a difference but maybe it is due to their bad and poor absorption by MS. This paper states the obvious necessity that Structural and Cohesion Funds governance needs to be modified through the revision of objectives and methods of delivery. At the same time for certain projects the funds should be directly supervised by the European Commission with the support of an executive agency in times of crisis. There is a total sum of EUR 348 billion under 1B of the EU budget which is made available to MS by the MFF for the 20072013 period. This represents a percentage of 2.8 of the EU GDP on average for every year this is 0.4% for the 20072013 period. Because of their size, EU funds are not such a powerful instrument for the allocation of resources, as for example the national budget of a federal state is. But this comparison is not valid, firstly due to the fact that the EU is not a per say federal system, and secondly the support for cohesion of the EU is represented by a large sum in comparison to, some rescue packages, like for Greece or Ireland EUR 110 billion and respectively EUR 85 billion. Due to its nature the Marshall Plan support from 1948 to 1951 represented only 2% of all the receivings country GDP and it was the trigger in modifying the political economy
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environment and thus making a significant contribution to the western European countries growth. Structural and Cohesion Funds can have a greater impact on growth and convergence over their face value if their objectives and their delivery are reestablished. On the basis of the agreement of Operational Programmes (OPs) all funds are pre-assigned to each country depending on that countrys economy, population and surface levels. The poorly and slow absorption rate of EU funds is the biggest problem of any country which is reflected by the development of commitment credits and made payments (i.e. reste liquider or RAL). There is EUR 134 billion not contracted from the total EUR 270 billion for the 20072013 period for the EU27 which represent the sums allotted for the 20112013 period. Compared to the 2000 2006 period the absorption rate is clearly slower with apparently one year delay and this is due to: i) the n+2 rule relaxation in 2007 which aided countries to not pressure the planning and implementation of the EU funded projects; ii) the fact that under the co-financing principle a percentage of 20% of the total costs of the projects have to be assured through domestic resources. In the not so distant past the EU paid no great interest to macroeconomic effects when dealing with development funds. Currently, due to the fact that the southern part of the euro zone is facing difficulties and is in dear need of policy instruments for the revival of the economic environment, this approach is no longer proper for this period. Also the large sums of unused Structural and Cohesion Funds which some EU countries have at their disposal should be used for the framework of a temporary 2011-13 European Fund for Economic Revival (EFER). These funds could be administered by the European Commission through the support of an executive agency similar to the Trans-European Transport Networks Executive Agency. Even though there is a mention of a higher absorption degree for the EU funds within the adjustment programmes of Greece, Latvia and Romania this is not enough to ensure the desired economic growth. 3. Aspects regarding structural funds The European Community stipulated that the cohesion policy has been recognized as a key instrument at the Community level contributing to the implementation of the growth and jobs strategy not just because it represents one third of the Community budget, but also because strategies designed at local and regional levels must also form an integral 33 part of the effort to promote growth
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and jobs. The role of SMEs, the need to meet local skill demands, the importance of clusters and the need for local innovation centers are such that in many cases strategies also have to be built from below, at the regional and local levels. The Fourth Report on Economic and social Cohesion form 2007, shows preliminary estimates for the 2000-2013 period which suggest an increase in GDP compared to a baseline scenario without cohesion policy, of around 3.5 % in Greece, and 3.1 % in Portugal and larger ones for the new Member States (2004 2013): 9 % in the Czech Republic and Latvia, 8.5 % in Lithuania and Estonia, 7.5 % in Romania, 6% in Bulgaria and Slovakia and 5.5% in Poland. In addition, it is estimated that by 2015 around 2 million additional jobs will be generated due to these levels of investments. According to one of the European Commissions Report on Budgetary and Financial Management - Financial Year 2003, the main Structural European Funds are as follows: (i) The largest of the four structural funds is represented by the European Fund for Regional Development (ERDF), which is focused on the financial monitoring of the regional development activities and the regional imbalances correction. It most frequently directs resources to hard transport infrastructure but also gets into other profit-creating investment such as to help SMEs. (ii) The European Social Fund (ESF) is meant for the labor market, the encouragement of mobility among the human production factors and the financing of various forms of training and development of the labor force. (iii) The third structural fund is the EAFFG, which deals with issues in the agrarian policy, but at the current state this fund focuses with the even out of regional differences in agricultural production (the Guidance Department, as it is called). (iv) Out of the four funds, the ones presented above are also known as the traditional structural funds. The fourth fund is The Financial Instrument for Fisheries Guidance (FIFG), with jurisdiction for fisheries inside the EU. The Cohesion Fund (CF) was established for the additional needs to achieve social and economic cohesion inside the EU. Thus, this fund is destined as an aid only to the MS which have GNI per capita fewer than 90%. These aids were given to Greece, Ireland, Portugal and Spain before the enlargement of 2004. The biggest part of this fund is focused towards transport and environmental protection. This funds resources are conditional in comparison with the resources of the structural funds which are supplementary. This means that once a MS has passed the 90% GNI per capita that MS has no longer the right to receive these funds.
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Financial engineering promotion for start-ups and microenterprises has been made through combining these financial mechanisms with technical assistance, grants, non-grants instruments like loans, equity, venture capital or guarantees: JEREMIE, for SMEs and micro-credit, and JESSICA, for urban development. The financial assistance will be granted only with the agreement and cooperation of the European Commission and the Institutions of the European Investment Bank Group and other International Financial Institutions. Programmes: 1) URBACT II Programme is thought for the 2007-2013 period and the principal objective of this program is to exchange experiences between cities all EU MS, the key-element of this program is the cooperation between the cities participating in projects. Considering the fact that from the 1st of January 2007, Romania is an EU MS, the cities of our country are able to build and present projects to obtain funding for economic and social, development the less-fortuned and sustainable development in urban areas. The program has a budget of around EUR 68 million. Thus in this perspective, 10 Romanian cities - Alba Iulia, Brasov, Blaj, Bucharest (Sector 2), Iasi, Odorheiu Secuiesc, Sacele, Sighisoara, Piatra Neamt, Timisoara and - have participated in the Aid for Cities project URBACT in the 2002-2006 period, with the collaboration of an expert and the city or municipal decision makers who have requested assistance in helping them define and develop strategies for urban development at different levels (city, district / area within the city). For this project urban areas (with less than 20,000 inhabitants) in the new MS and cities of the old MS, in duly justified cases, were considered eligible for this project. 2) MICRO-CREDIT Programme represented a series of 80 micro-credits granted by the Opportunity Microcredit Romania Office (OMRO) - the first microfinance institution with which the European Bank for Reconstruction and Development (EBRD) signed a loan agreement amounting to EUR 263,396, which were granted before Romania joined the EU, to start-up micro-enterprises and companies. Out of the total 80 micro-credits only one was of over EUR 10,000 and 36 of them, with a total value of EUR 109,449 were awarded in the NorthWest area, and the other 44, with a total value of EUR 153,947 in the Central region.
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4. Particularities of the Romanian framework There are three mechanisms of transmission of cohesion policy with longterm effects: a) increase the stock and physical infrastructure, which is an entry for the entire productive activity; b) increase the stock and quality of human capital through education and training investment, which is generally an effective factor of labor productivity growth; c) financial assistance to SMEs by stimulating investment initiatives, research and innovation and management and marketing, eventually making it to increase productivity of all factors, while reducing production and capital costs. Therefore we can explain the aggregation of cohesion measures by different categories with different economic significance, which is to support the relevance of the three transmission mechanisms: 1. Investment in technical infrastructure; 2. Investments to improve human capital; 3. Direct financial support for industry, services and agriculture. Therefore, a possible distinction between funding sources is quite necessary, as an important operation in the work to access and absorb EU funds: i. transfers from the EU, as subsidies for public authorities; ii. co-financed by public and private sources, as set out in the Structural Funds Treaty. 5. Conclusions The full potential of these funds is not used to its maximum as these funds could be used to counterbalance the recessions impact, keep under control investments and growth, and at the same time, increase stimulation for the need to use and increase the absorption degree of this funds as they represent a very big step in the right direction. Acknowledgements: This article has benefited from financial support through the project PostDoctoral Studies in Economics: continuous training program for elite researchers SPODE, financing contract number POSDRU/89/1.5/61755, European Social Fund project funded by Human Resources Development Sectorial Operational Programme 2007-2013
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REFERENCES: 1. Banca Nationala a Romniei [http://www.bnr.ro]; 2. Barker, D., CEEN Cosulting GmbH, International Capacity Measurement Questionnaire, 3. Viena 2005, available on :[http://ceen-consulting.com]; 3. Bicanic, I., Franicevic, V., The Challenges of Real and Subjective Poverty and the Growth of Inequality in the Economies of Southeast Europe in Transition, summary published in Financial Theory and Practice, 29(1), pp 13-16, 2005; 4. CEROPE, Survey Impactul fondurilor structurale n Romnia evaluare cu ajutorul modelului HEROM, available on:[http://www.cnp.ro/ro/modelare]; 5. Comisia Nationala de Prognoza [http://www.cnp.ro]; 6. COM (2006) 281. European Commission, The Growth and Jobs Strategy and the Reform of European Cohesion Policy, Fourth Progress Report on Cohesion, p. 8; 7. European Commission, Report on Budgetary and Financial ManagementYearbook - 2003, available on: [http://europa.eu.int/comm/budget/infos /publications_en.htm]; 8. Ministerul Economiei si Finantelor, [http://www.mefromania.ro]; 9. Pylak, C., Intelligent Region Management = Intelligent Absorption of EU funds, article from The Romanian Journal of Regional Science, vol.1, nr. 1, pp. 70-80, 2007; 10. Puigcerver-Penalver, M.-C., The Impact of Structural Funds Policy on European Regions! Growth. A Theoretical and Empirical Approach, article from The European Journal of Comparative Economics, Vol.4, nr.2(2007), pp 179-208, available on: [http://eaces.liuc.it]; 11. Simovic,H., The European Union Budget, review article from Financial Theory and Practice (3), pp 245-262, 2005; 12. Susanu, Monica, Romanian Pattern in Absorption and Management of European Structural Funds: A Critical Analysis, Universitatea "Dunrea de Jos" Galai, Catedra de Finane i Eficien Economic.
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THE GEORGIAN BANKING SYSTEMS IN POST-CRISIS PERIOD

Paata KUNCHULIA, Doctoral candidate of the Iv. Javakhishvili Tbilisi State University E-mail: pkunchulia@gmail.com Gocha TUTBERIDZE, Dr. of economics, Prof. of Kutaisi University E-mail: gocha_tutberidze@yahoo.com
Abstract: The main purpose of our study was the evaluation of Georgian banking system based on the events developed in recent years. The study covered the quality of assets, issued credits, stock and profit gaining ability. The main attention was paid to the quality of assets of banking system, dynamics of portfolio of total assets and credits. We analyzed three years (20072009-2010) and made of their comparative analysis, which is given in the form of diagrams. On the basis of study it was determined that the year of 2009 was very severe for Georgian banks. The main reason of it was consequences of Russian aggression of 2008 and worldwide financial and banking crisis due to which the commercial banks were faced against. the acute problem of credit repayment and liquidity problem was arose as well. At the end of 2009 and the beginning of 2010 situation, arose in banking system relatively became stable and the banks avoided banking crisis that was reflected on the credit issuance and depositing quantity and amount; however positive trends are still weak and the country still faces significant financial and political risks. Key words: Georgian Banking System, dynamics of portfolio, financial and political risks. Further reforms aimed at the stable banking system and the creation of a competitive environment still remains a priority in transition to the market economy in Georgia. For all, the major changes in the financial and monetarycredit system of the country, its still remain sensitive to a number of risks, that affecting the reliability and sustainability of the Georgian banks. The August 2008 armed conflict has created financial problems, which were further aggravated by the world economic crisis. As a result, the assets of the Georgian banking sector have diminished significantly.
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The liquidity crisis in 2009 caused a drastic demand for the physical and legal entities cash means, which understandingly led to their outflow. The repayment of the loans became a problem, too. The inflation of GEL increased indirect losses, with it all having an adverse affect on the standing of the Georgian banks. However, in the early 2010, some positive indications were detected in the Georgian banking system. Namely, its assets grew by 5.1% and 10.9% y-o-y 2009, which in monetary terms represented over 8.7 bln GEL . Understandingly, the ratio of the bank assets, deposits and loans with GDP is going up pro rata the growth of the banking system (see table 1). Table 1 makes it clear that by the late 2010, the ratio of the bank assets to GDP formed 49.4%, which marked 5% increase y-o-y and 7.7% growth compared to 2007.
Table 1. The Nominal GDP and Bank Conduct Indexes Tender Real sector Nominal GDP Bank assets/GDP, % Bank loans/GDP, % Deposists/GDP, % Per capita GDP (in current prices), GEL Mln. GELL 16993.8 41.7 25,5 17.4 3866.9 19074.9 43.5 27,9 14.9 4352.9 17986.0 44.2 28.0 17,1 4101.3 20791.3 49.4 28.7 28.3 4686.5 2007 2008 2009 2010
Source: The national Bank of Georgia and own calculations.
(Banks and Finances) The loans-GDP ratio went up significantly: from 25.5% to 28.7%. Compared to 2007, the deposit-GDP ratio went up too: from 17.4% to 28.3%1. Table 1 testifies to the potential growth and development of the banking sector and, consequently, its investment opportunities. Before the developments in August 2008, the Georgian banking system had been growing rapidly partly due to the liberal approach and low level government regulation of the credit etc. risks, which ultimately led to the acquisition of distressed assets by the commercial banks and the lower quality assets and capital.
1 Note: it should be said that in 2009, the GDP absolute value diminished and in 2010 the GDP growth slackened, which would have boosted the aforesaid ratio.
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The crisis affected incomes of both the legal and natural entities, and apart from obstacles in credit issuance resulted in overdue loans. Therefore, most of the banks faced an acute liquidity problem. Al-Tamimi and Al-Mazrooei (2007) state that they studied the bank risk management in the United Arab Emirates and foreign banks and detected three most significant risk factors: the foreign currency, credit and operational risks. In their words, the risk management in the United Arab Emirates was fairly efficient. According to their conclusions, there were noteworthy differences in the assessment, analysis, monitoring and risk control performed by the banks in the United Arab Emirates and elsewhere. In the late 2010, the Georgian Finance Ministry and commercial banks executed a collaboration treaty at the National Bank of Georgia. The treaty aimed at higher accessibility of the bank credits, creation of a favourable business environment and, generally, a boost to the national economy by incentives to decent debtors. The banks were allowed to leverage the liquidity decree partly by online monitoring of the correspondent account and partly by regulating the daily internal liquidity, which makes it possible to issue the secured loans and service by way of creation a single inter-bank pledge-crediting system. According to A Crockett - liquidity is not dependent simply on objective, exogenous factors (such as efficient market infrastructure, low transaction costs, large number of buyers and sellers, transparent characteristics of traded assets), but is crucially influenced by endogenous forces, especially by the dynamic reactions of market participants in the face of uncertainty and changes in asset values. In favourable conditions, liquidity is easily available and cheap and can be determined by exogenous factors. But under stress conditions, liquidity becomes very scarce and expensive and it may become even effectively unavailable. Rapid analysis of the bank system concerns 2010 since 2009 had been largely affected by the political crisis and economic slow-down of the previous year. The time was highlighted by the economic slump and 65mln. GEL loss suffered by the countrys banking sector. Therefore, we believe that 2010 gives a relatively accurate picture of the prospects of the banking system and the obstacles, too.
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Table 2
Deposits of Non-Banking Legal Entities and Natural Persons
Deposits of Natural persons
Deposits of Legal Entities
Credit Investment
Total Liabilities
Name of the Bank
Bank of Georgia TBC Bank ProCredit Bank Bank Republic Liberty Bank Cartu Bank HSBC Bank VTB Bank KorStandard Bank Privat Bank Basis Bank BTA Bank Constanta Bank International Bank of Azerbaijan Halyk Bank Georgia Ziraat Bank Invest Bank Progress Bank Caucasus Development Bank Consolidated
35,62% 22,19% 7,81% 6,62% 5,56% 5,14% 3,81% 3,35% 2,89% 2,37% 1,29% 1,00% 0,89% 0,47% 0,35% 0,23% 0,15% 0,13% 0,12% 100,00%
35,45% 23,84% 9,07% 7,05% 3,15% 7,06% 1,72% 3,61% 2,58% 2,26% 1,03% 0,91% 1,16% 0,54% 0,15% 0,02% 0,18% 0,16% 0,07% 100,00%
35,59% 22,31% 8,02% 6,84% 6,16% 4,58% 4,12% 3,34% 2,84% 2,43% 1,29% 0,84% 0,88% 0,45% 0,15% 0,09% 0,03% 0,03% 0,01% 100,00%
33,38% 24,25% 7,66% 7,50% 7,94% 2,32% 4,17% 3,23% 4,06% 2,71% 1,48% 0,38% 0,05% 0,48% 0,16% 0,13% 0,05% 0,02% 0,01% 100,00%
33,88% 24,59% 8,26% 8,09% 7,97% 1,53% 4,48% 3,48% 3,20% 1,83% 1,60% 0,32% 0,06% 0,37% 0,10% 0,14% 0,06% 0,02% 0,01% 100,00%
38,66% 17,74% 4,40% 6,65% 9,70% 1,75% 8,70% 4,17% 3,88% 1,61% 1,72% 0,41% 0,03% 0,21% 0,16% 0,15% 0,02% 0,03% 0,01% 100,00%
28,98% 31,63% 12,23% 9,58% 6,21% 1,31% 0,15% 2,77% 2,51% 2,05% 1,47% 0,23% 0,08% 0,54% 0,04% 0,13% 0,09% 0,01% 0,00% 100,00%
35,74% 21,60% 6,76% 5,48% 2,48% 8,03% 2,18% 3,38% 3,13% 2,08% 1,32% 1,81% 0,92% 0,58% 1,40% 0,97% 0,77% 0,65% 0,73% 100,00%
Source: National Bank of Georgia
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Share Capital
Deposits
Assets
Table 2 reflects the Georgian commercial banks in terms of assets, issued credits, deposits, capital and the percentage in the system by 1 March 2011. The table shows that over 85% of the non-banking deposits relate to 5 banks, while for 8 banks this index reflects 98% of all the 19 banks. Apparently, relatively minor banks find it difficult to form the deposit basis and/or operate at the market by means of outside resources or own capital. Consequently, their asset growth is restricted. Analysis of the credit portfolio gives a similar picture. Over 83% of credits are related to 5 out of 19 banks, while for 8 banks this index makes up 93% of the common index. Obviously, in the crisis, the said factor heightens the system risks. By 1 March 2011, in terms of their assets, the Georgian banks looked like as follows:
Table 3. The Georgian Banks in Terms of Their Assets Total Assets (in thousands of GEL) 3 802 344 2 369 407 834 058 706 428 594 070 548 304 406 565 357 552 308 059 253 502 137 921 106 247 95 008 50 622 37 390 24 404 16 345 14 040 13 249 10 675 516 Source: National Bank of Georgia
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.
Bank of Georgia TBC Bank ProCredit Bank Bank Republic Liberty Bank Cartu Bank HSBC Bank VTB Bank KorStandard Bank Privat Bank Basis Bank BTA Bank Constanta Bank International Bank of Azerbaijan Halyk Bank Georgia Ziraat Bank Invest Bank Progress Bank Caucasus Development Bank Total
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As the data make it clear, the relatively smaller assets amount to 50 mln GEL, which means that a newly set up bank aiming at the establishment at the market in 2-3 years to serve corporate clients should own the assets worth at least 30-35 mln GEL. Along with the assets, the banks credit portfolio expanded, too. By the time the Georgian commercial banks credit portfolio looked like as shown below (see table 4)
Table 4: Volume of the commercial banks credit portfolio (in thousands GEL) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Bank of Georgia TBC Bank ProCredit Bank Bank Republic Liberty Bank Cartu Bank HSBC Bank VTB Bank KorStandard Bank Privat Bank Basis Bank BTA Bank Constanta Bank International Bank of Azerbaijan Halyk Bank Georgia Ziraat Bank Invest Bank Progress Bank _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 2 212 529 1 487 625 565 892 439 892 196 781 440 645 107 054 225 246 160 819 140 730 64 229 56 524 72 184 33 763 9 623 1 340 11 003 10 130
Source: National Bank of Georgia, statistical data
In 2010, the banking systems deposit liabilities grew significantly, especially so in the fourth quarter, when it grew by 339.2 mln GEL, i.e. 7.5%, to form 4842.7mln GEL. Compared with last December, the index has gone up by 4.35%. The index of the deposits denominated in a foreign currency expressed in the national currency grew by 132.7 mln GEL i.e. 4% to form 3482.4 mln GEL. The increase 90.2 mln GEL is especially remarkable for the foreign currency deposits in the accounts of legal entities. 57% out of all the foreign currency deposits are held by natural persons, while 68.9% of thoses are term deposits.
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Table 5: Interest rates for deposits

Interest rates for deposits Interest rates for deposits TOTAL Among those : In national currency Among those: Legal entities In foreign currency Natural persons Among those: Legal entities
Natural persons
December-09 January -10 February -10 March -10 April-10 May-10 June-10 July-10 August-10 September-10 October-10 November-10 December-10 January-11 February-11 March-11
9,4 8,9 9,2 9,0 8,4 7,9 8,2 7,7 7,5 8,0 7,9 7,8 7,9 8,2 8,3 8,8
10,7 10,9 10,7 10,7 10,1 10,0 9,5 9,2 9,3 10,0 10,3 9,9 10,2 11,0 11,4 11,9
10,2 9,4 10,0 10,1 10,1 10,8 8,7 8,1 8,0 10,1 10,3 8,5 8,8 10,7 10,5 11,7
11,0 11,4 11,1 11,0 10,1 9,8 9,8 9,7 9,9 10,0 10,1 10,5 10,7 11,2 12,1 12,2
9,2 8,6 9,0 8,8 8,1 7,5 8,0 7,4 7,2 7,6 7,3 7,5 7,6 7,6 7,9 8,2
9,3 8,2 10,3 7,1 8,8 7,6 9,8 7,0 6,7 7,1 7,7 7,6 7,2 7,3 7,0 7,7
9,1 8,8 8,5 9,3 8,0 7,5 7,6 7,4 7,3 7,7 7,2 7,4 7,8 7,6 8,5 8,4
Source: National Bank of Georgia, statistical data
The trend of smaller interest rates charged to the deposits, which started in June 2010 was replaced by their growth in the early 2011 for the resources both in the national and foreign currencies (See table 5). Compared to last July interest rates charged to the natural persons deposits grew by 2.5 % on average and by 0.8% for the ones in a foreign currency. The trend is likely to preserve in 2011 due to the inflation, and, also the NBG decision to gradually increase the reserve requirements for foreign currency resources up to 15%. In the 4 quarter of 2010 crediting of the economy by the commercial banks grew by 420,9mln GEL and formed 6337.1mln GEL. Since early last year, the credit investments have gone up by 21% from 5.2bln GEL to 6337.1mln GEL The growth has largely resulted from larger loans borrowed by legal entities (9.4%), with the same index being 5.2% for the natural persons. Between December 2009 and December 2010, the loans increased by 20,6 %.
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Table 6: the Commercial Banks Credit Portfolio
Sum Interbank loans Loans to commerce and service sectors Loans to energy sector Loans to agriculture and forestry sector Loans to developers Loans to mining and processing sector Loans to transportation and communication sector Loans to natural persons Loans to other sectors Total Loans 4 395 1 917 367 170 381 48 673 418 633 400 376 95 896 2 441 006 743 947 6 240 675 Source: National Bank of Georgia, statistical data
Share 0,1% 30,7% 2,7% 0,8% 6,7% 6,4% 1,5% 39,1% 11,9% 100,0%
Loans issued to natural persons and commerce and services formed 70% of the banking systems credit portfolio (see table 6). Since 2008 loans issued for construction and processing started growing again, with the trend likely to preserve in the midterm perspective. It is noteworthy that by the end of last year, the overdue loans reduced by 28.5mln GEL (14.1%) to form 174.0mln GEL while the percentage of debts in the total loans diminished by 0.68% compared to the previous reporting period to form 2.75%, which marks improved quality loans. The figures below depict comparative analysis of 4 Georgian commercial banks: Ratio between the capital and total assets; Ratio between the initial capital and the risk-weighted assets Ratio between the risk-weighted and total assets Net profit - total assets ratio Net profit - share capital ratio Liquid assets total assets ratio Liquid assets total deposits ratio
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The Georgian banking systems capital adequacy index for three years (2007-2009-2010). Figure 1
In 2007, the commercial banks formed on average 20%of the total number of banks in Georgia, while in 2009 their share was 17% and 2010 18% (see fig. 1). The comparative analysis of the index testifies to a smaller capitalization of the banks resulting from the crunch. As the table above shows, it was only in case of the VTB Bank that the index improved.
Figure 2
In 2007, the banks average index was 15%, while in 2009-2010 it went up to 16% (See figure 2)
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Figure 3
In 2007, the relevant index on average was 106%, while 2009 was marked by 16% reduction to form 90% on average. In 2010, the average index was 99% (See fig.3) The figures make it evident that the financial indicator of the four Georgian commercial banks in 2007 was better than in the next two years.
Figure 4
In case of the aforesaid banks, the average ROA for three years formed -1% as against 2007 when the same was 1% and in 2009, the average of -3% which was a clearly a negative indicator.
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2010 was marked with relative stability of the Georgian banks with its average indicator of 1%.
Figure 5
In 2009, the average ROE formed -24%, while in 2010 it went up to 7% (See figure 5). The figures make it clear that 2009 was unfavorable to the banks as shown by the smaller operational profits resulting from the poorer quality assets. It should be said that in the late 2009, the operational profits stopped diminishing, which means that the Georgian banks avoided bankruptcy. REFERENCES: Al-Tamimi, H., Al-Mazrooei, F. (2007), Banks Risk Management: A Comparision Study of UAE National and Foreign Banks, The Journal of Risk Finance Vol. 8, issue: 4, pp. 394 409. A. Crockett, Market Liquidity and Financial Stability, Banque de France Financial Stability Review, 2008, pp. 13-18. Banks and Finances: Dollarization rate of deposits is still at 70-71 http://banksandfinance.ge/banks/1352-dolarizacia.html Geostat GDP and national income, quarterly publications (http://www.geostat.ge/?action=page&p_id=115&lang=geo); NBG's monetary and bank statistics bulletin 2007; 2008; 2009;2010 and 2011 years (www.nbg.gov.ge);
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2. 3. 4. 5.

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EVAZIUNEA FISCAL - NTRE LEGALITATE I ILEGALITATE. MECANISME ALE ECONOMIEI SUBTERANE

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3. ri n care impozitul este stabilit pe o baz teritorial, iar contribuabilii

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ASPECTE PRIVIND REGLEMENTAREA PIEEI MUNCII N ROMNIA

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Ibidem. Ibidem. Ibidem.

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