Sunteți pe pagina 1din 11

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr.

4/2010

CALCULUL INDICATORILOR
PENTRU EVALUAREA
EFICIENEI ECONOMICE A
INVESTIIILOR

INDICATORS CALCULATION
IN ORDER TO EVALUATE THE
ECONOMIC EFFICIENCY OF
INVESTMENTS

Marian Vintilescu, ing. ec. drd.


Universitatea ,,Constantin Brncui,,
din Tg-Jiu

Marian Vintilescu, eng. ec. drd.,


University ,,Constantin Brncui,,
from Tg-Jiu

Rezumat: Lucrarea prezint importana eficienei


economice n creterea calitativ a creterii economice,
sistemul de indicatori de eficien economic, precum i
caracteristicile de baz ale eficienei economice a
investiiilor.
Calculul
indicatorilor
la
nivel
macroeconomic se realizeaz cu ajutorul graficelor
procesului investiional. Procesul investiional, conjugat
cu cel de exploatare a obiectivelor puse n funciune,
poate fi analizat n cazul teoretic, practic i
conjunctural.

ABSTRACT: This paper presents the importance of


the economic efficiency in the qualitative increase of
the economic growth, the economic efficiency
indicators system, and also the basic features of the
economic efficiency of investments. Indicators
calculation at the macro-economic level is
accomplished by means of the investment process
graphics. The investment process, conjugated with
the one of exploiting the operated objectives, can be
analysed theoretically, practically and randomly.

1. EFICIENA ECONOMIC

1. ECONOMIC EFFICIENCY

Eficiena economic este o noiune


complex, prin care se nelege obinerea unor
rezultate economico-sociale maxime i de
utilitate, prin cheltuirea raional i economic
a unor resurse materiale, tehnice, de munc,
financiare, pe baza metodelor tiinifice de
organizare i de conducere a activitilor
umane n toate domeniile. Este o noiune prin
care se estimeaz rezultatele unei activiti
economice n raport cu eforturile fcute.
Indicatorii de eficiena economic sunt
prezentati n dou forme:
1. raportul efectelor obinute i a eforturile
depuse; indic cuantumul efectului obinut
dintr-o unitate de efort depus. Fiind folosit
drept criteriu pentru elaborarea deciziilor
manageriale, se ine cont de necesitatea
maximizrii lui. Cu ct este mai mare acest
indicator, cu att este mai avantajoas
activitatea economic.
exemplu: raportul dintre profitul net i
cheltuielile legate de organizarea activitii
economice care il asigur. Poate fi exprimat
prin formula:
e = E/e, ---max.,
unde: E = efectele

Economic efficiency is a complex


notion meaning the achievement of certain
maximum and useful economic-social
results, by reasonably and economicly
spending
some
material,
technical,
financial, work resources, based on the
scientific methods of organizing and
managing human activities in all fields. It is
a notion by means of which we estimate the
results of an economic activity ratioed to the
efforts that have been made.
Economic efficiency indicators are
presented in two ways:
1. the ratio between the resulting effects the
efforts made; it indicates the quantum of the
effect obtained from an effort unit made.
Being used as a criterion in order to
elaborate the managerial decisions, we
consider the need to maximize it. The bigger
this indicator is, the more advantageous the
economic activity is.
example: the ratio between the net profit
and expenditures related to the organization
of the economic activity that provides it. It
can be expressed with the following

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

371

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

(rezultatele) obinute
e = eforturile depuse (resursele consumate).
Eficiena economic este principalul
factor calitativ al creterii economic, deoarece
prin ea se asigur sporirea absolut a
efectelor cu acelai volum de efort.
2. raportul dintre eforturile depuse i efectele
obinute; indic ce efort trebuie depus pentru a
obine o unitate de efect. Fiind folosit drept
criteriu
pentru
elaborarea
deciziilor
manageriale, se ine cont de necesitatea
minimizrii lui. Cu ct este mai mic acest
indicator, cu att este mai avantajoas
activitatea economic.
exemplu: raportul dintre cheltuielile legate de
organizarea activitii economice i profitul net
obinut din aceasta activitatea. Poate fi
exprimat prin formula:
e= e/E,-----min.
Orice program de activitate (producie,
investiie, aprovizionare, desfacere ) presupune
mai multe modaliti de realizare. La rndul ei,
fiecare modalitate are la baz mai multe
variante de proiect, fiecare caracterizndu-se
printr-o varietate de informaii referitoare la:
- eforturile
- efectele
- raporturile existente ntre acestea
- durata de realizare a activitii
- durata de obinere a efectelor
economice scontate
Pentru alegerea variantei optime se
folosete un sistem de indicatori de eficien
economic, care surprind aceste informaii sub
aspect cantitativ i calitativ i sunt clasificai
dup urmtoarele criterii:
a. sfera de cuprindere (i de referin) :
1. indicatori care reflect efectele economice:
capacitatea de producie, valoarea produciei,
profitul, ncasrile
2. indicatori care cuantific eforturile
economice pentru realizarea activitii
respective: volumul investiiilor, cheltuielile de
producie, structura costurile de producie,
numrul total de salariai
3. indicatori care se refer la perioada n care
se
desfoar
activitatea
analizat:
dimensiunea perioadei cercetare-proiectare-

formula:
e = E/e,---max., where: E = effects (results)
that have been achieved e = efforts that
have been made (consumed resources).
Economic efficiency is the main
qualitative factor of the economic growth
because by means of it we provide the
absolute increase of effects with the same
effort volume.
2. the ratio between the efforts that have
been made and the effects that have been
achieved; it indicates what effort should be
made in order to obtain an effect unit. Being
used as a criterion for the elaboration of the
managerial decisions, we consider the need
to minimize it. The smaller this indicator is,
the more advantageous the economic
activity is.
example: the ratio between the expenditures
related to the organization of the economic
activity and the net profit achieved from this
activity. It can be expressed with the
formula: e= e/E,-----min.
Any activity program (production,
investment, supply, sale) supposes several
ways of accomplishment. In turn, every
method is based on several types of project
and each of them is characterized by a
variety of information referring to:
- efforts
- effects
- the relations between them
- the duration necessary for the
activity accomplishment
- the duration necessary for achieving
the anticipated economic effects
For choosing the optimal option,
we use an economic efficiency indicators
system that comprises this information
quantitatively and qualitatively and they are
classified according to the following
criteria:
a. the inclusion (and reference) sphere:
1. indicators that reflect the economic
effects: production capacity, production
value, profit, returns
2. indicators that quantify the economic
efforts in order to accomplish the activity:

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

372

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

producie-desfacere, durata de execuie a unei


activiti, perioada pn la atingerea
parametrilor proiectai, durata de amortizare a
utilajelor
4. indicatori ai eficienei economice au ca i
caracteristic principala, realizarea unei
comparaii ntre rezultatele obinute i resursele
consumate, innd seama i de alte elemente
definitorii ale eficienei economice (influena
factorului
timp
):
rata
profitului,
productivitatea muncii
b. nivelul la care se face evaluarea i analiza
economic:
1. indicatorii calculai la nivel macroeconomic,
se refer la evaluarea:
- efectelor economice ale ntregii
economii naionale (PIB, PNN, PIN )
- resurselor consumate (consumul de o
anumit resurs )
- eficienei acestora (PIB pe cap de
locuitor )
2. indicatorii
calculai
la
nivel
microeconomic, se refer la indicatorii de
volum sau de eficien economic care
caracterizeaz
realizrile
unitii
economice sau o activitate oarecare:
- valoarea produciei
- numrul de salariai

investments
volume,
production
expenditures, structure of the production
costs, total number of employees
3. indicators referring to the period during
which the analysed activity develops: size
of the researching-projecting-producingselling time, execution time of a activity,
time until reaching the projected
parameters, time of amortizing the
installations
4. the indicators of the economic efficiency
have as a main feature the accomplishment
of a comparison between the results that
have been obtained and the resources that
have been consumed, also considering other
defining elements of the economic
efficiency (the influence of the time factor):
profit percentage, work productivity
b. the level of the evaluation and of the
economic analysis:
1. the macro-economically calculated
indicators refer to:
- the economic effects of the entire
national economy (GDP, NNP, NDP
)
- the consumed resources (consuming
a certain resource)
- their efficiency (GDP per inhabitant)
2. the micro-economically calculated
indicators refer to the economic
2. EFICIENA ECONOMIC A
efficiency or volume indicators that
INVESTIIILOR
characterize the accomplishments of the
economic unit or a random activity:
Eficiena economica a investiiilor este
- the production value
relaia care se stabilete ntre nivelul
- the number of employees
rezultatelor economice n urma desfurrii
procesului investiional i cantitatea i
2. ECONOMIC EFFICIENCY OF
structura efortului, ca generator de efecte.
Eforturile care se refer la procesul INVESTMENTS
investiional
sunt: valoarea investiiei,
volumul lucrrilor de construcii-montaj,
The
economic
efficiency
of
numrul de utilaje i de personal atrase n investments is the relationship established
procesul investiional, iar cele referitoare la between the level of the economic results
procesul de producie sunt: costurile de after developing the investment process and
producie, cheltuielile materiale, numrul the quantity and the structure of the effort,
salariailor. n aprecierea eficienei economice as an effect generator.
a investiiilor, eforturile se pot referi numai la
The efforts referring to the
activitatea de investiii, la activitatea de investment process are: investment value,
Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

373

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

producie sau la ambele.


Efectele economice au un rol deosebit
de important n aprecierea eficienei economice
a investiiilor i pot fi:
- directe (rezultatele imediate obinute
n urma procesului investiional)
-indirecte ( apar la utilizatorul rezultatelor
procesului investiional).
Efectele economice ale procesului
investiional se pot clasifica n:
- efecte brute ( valoarea produciei,
veniturile anuale)
- efecte nete ( profiturile).
Caracteristicile de baz ale eficienei
economice a investiiilor sunt:
1. eficiena economic a investiiilor nu poate
fi tratat izolat de celelalte activiti
economice. Ea este o parte component, o
latur esenial a ntregii activiti
economice i are o relevan deosebit n
modul de concepere i de realizare a
lucrrilor ce contribuie la evoluia
produsului social.
2. eficiena economic a investiiilor se
determin printr-o abordare complex i
sistemic, urmrind multiplele legturi i
interdependene ale proceselor economice.
3. activitatea investiional se afl n strns
corelaie cu cererea pieei. Fundamentarea
investiiilor trebuie s se axeze pe
perioadele trecute, pentru a asigura o durat
lung i eficient a obiectului investiiei.
4. eficiena economic a investiiilor, dei
capt o form absolut, necesit un calcul
sub form relativ, pentru a sigura
posibilitatea unei comparri cu alte variante
de proiecte de investiii.
5. eficiena
economic
a
investiiilor
urmrete obinerea unor rezultate optime
(dat fiind raportul dintre eficient i
optim).
Indicatorii eficienei sunt:
1. raportul dintre dou tipuri de
cheltuieli care in de aceeai activitate
economic
2. raportul dintre dou tipuri de efecte
care aparin aceleiai activiti economice
3. raportul dintre factorii eficient i

the volume of the construction-montage


works, the number of installations and staff
attracted in the investment process and the
ones referring to the production process
are: production costs, material expenditures,
number of employees.
In appreciating the economic
efficiency of investments, the efforts may
refer only to the investments activity, the
production activity or to both of them.
The economic effects have an
especially important role in appreciating the
economic efficiency of investments and
they can be: - direct (the results
immediately achieved after the investment
process) -indirect (they appear at the user
of the investment process results).
The economic effects of the investment
process may be divided in:
Gross effects (production value,
yearly incomes)
Net effects (profits).
The basic features of economic efficiency
are:
1. the economic efficiency of investments
cannot be treated separately from the
other economic activities. It is a
component, an essential side of the
entire economic activity and as a special
relevance in the way of conceiving and
accomplishing the works that contribute
to the evolution of the social product.
2. The economic efficiency of the
investments is determined by a complex
and systemic approach, following the
multiple
connections
and
interdependencies of the economic
processes.
3. The investment activity is in tight
correlation with the market demand.
Investments funding must be axed on
the past periods of time in order to
provide a long and efficient period of
time of the investment object.
4. The economic efficiency of the
investments, even if it gets an absolute
shape, needs a relative calculation in
order to provide the possibility of a

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

374

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

optim (dac activitatea economic livreaz


nite efecte care predomin eforturile
respective, aceast activitate este eficient.
Multitudinea proceselor economice permite
organizarea mai multor activiti economice
alternative. Fiecare este caracterizat printr-un
nivel anumit de eficien. Toate activitile
economice pot fi rnduite n ordinea de
cretere a eficienei lor. Dac a fost selectat
ntregul complex de activiti economice
similare, activitatea care asigur cel mai nalt
nivel de eficien va fi considerat optim.
n concluzie:
1. activitate optim este aceea care se
dovedete mai eficient
2. noiunea de optim este relativ,
existnd un optim relativ pentru
fiecare situaie economic.
Fcnd parte din totalul proceselor
economice, investiiile sunt estimate n mod
similar. Diferena apare din faptul c
cheltuielile sunt divizate n trei faze ale
procesului de investiii, iar veniturile provin
numai dintr-o faz: faza de exploatare. Spre
deosebire de cheltuielile procesului de
producie, n acest caz apare o gam mult mai
vast de cheltuieli. Trebuie inut cont de
cheltuielile
fazelor
anterioare
fazei
investiionale. Tot aici apare un alt specific al
proceselor de investiii intervale mari de timp
ntre momentul cheltuielilor i apariia
primelor venituri.

3.
GRAFICELE
INVESTIIONAL

PROCESULUI

Calculul
indicatorilor
la
nivel
macroeconomic se realizeazcu ajutorul
graficelor procesului investiional. Procesul
investiional, conjugat cu cel de exploatare a
obiectivelor puse n funciune, poate fi analizat
n trei cazuri:
3.1. Cazul teoretic
Pentru a cunoate complexitatea proceselor
investiionale, este reprezentat grafic evoluia
investiiilor (n perioada de executare a

comparison to other types of investment


projects.
5. The economic efficiency of the
investments wants to obtain some
optimal results (given the ratio between
efficient and optimal).
The efficiency indicators are:
1. the ratio between two types of
expenditures related to the same economic
activity
2. the ratio between two types of
effects belonging to the same economic
activity
3. the ratio between the efficient and
optimal factors (if the economic activity
delivers certain effects that predominate the
respective efforts, this activity is efficient).
The multitude of economic processes allows
the organization of several alternative
economic activities. Each of them is
characterized by a certain efficiency level.
All the economic activities may be ranged
in the increasing order of their efficiency. If
there was selected the entire complex of
similar economic activities, the activity that
provides the highest efficiency level will be
considered as optimal.
In conclusion:
1.
The optimal activity is the one that
proves to be more efficient
2.
The optimal notion is relative and
there is a relative optimum for every
economic situation.
Being a part of the total of the
economic processes, investments are
similarly estimated. The difference appears
from the fact that the expenditures are
divided in three phases of the investment
process and the incomes come from only
one phase: the exploiting phase. Unlike the
expenditures of the production process, in
this case there is a much vaster palette of
expenditures. We must consider the
expenditures of the phases before the
investment phase. Here there is another
specific feature of the investment processes
big lapses of time between the
expenditures moment and the appearance of

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

375

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

viitorului obiectiv), a costurilor de producie i the first incomes.


a valorii produciei (n perioada de funcionare
The evaluation of the economic
a capitalului fix) (fig.1).
efficiency
of
the
investments
is
accomplished, like the economic efficiency
in general, by means of an indicators
system. This system is different if the
evaluation is made:
- at the micro-economic level (at the level of
the economic agent or at the level of the
investments objective)
- at the macro-economic level (at the level
of the national economy)

3.
GRAPHIC
OF
INVESTMENT PROCESS

THE

The calculation of indicators at the


macro-economic level is accomplished by
means of the graphic of the investment
process.
The
investment
process,
conjugated to the one of exploiting the
operated objectives, can be analysed in
three cases:
3.1. The theoretical case
In order to know the complexity of the
investment
processes,
we
represent
graphically the investments evolution
(during the execution of the future
objective), the one of production costs and
of the production value (during the
functioning of the steady capital) (fig.1).

Fig 1. Graficul procesului investiional i de funcionare a capitalului fix


Fig 1. Graphic of the investment and functioning process of the steady capital
Graficul ofer posibilitatea de a analiza
The graphic offers the possibility to
indicatorii principali ai eficienei economice la analyse the main indicators of the economic
nivel microeconomic: termenul de recuperare a efficiency at micro-economic level: the
Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

376

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

investiiei i randamentul economic al


investiiilor. n baza graficului, se poate
concluziona, c n viaa economic a unui
obiectiv economic se disting dou perioade
mari:
-perioada de edificare a viitorului obiectiv,
perioad notat pe grafic cu d (durata de
executare a lucrrilor de investiie);
-perioada n care obiectivul poate funciona din
punct de vedere fizic, perioada notat pe grafic
cu D f (durata fizic de funcionare a
obiectivului economic).
n prima perioad, investiiile cresc pe
msur ce se finalizeaz lucrrile necesare
viitorului obiectiv. n ceea ce privete perioada
de funcionare a obiectivului economic, aceasta
se mparte n trei alte perioade:
perioada nainte de atingerea
parametrilor proiectai
perioada
de
maturitate
a
obiectivului
perioada de declin
n perioada de atingere a parametrilor
proiectai, costurile de producie sunt relativ
mari, iar valoarea produciei este sub nivelul
stabilit n proiectul investiional. Dup
atingerea parametrilor proiectai, producia
ncepe s creasc, iar costurile - s scad. Apoi,
valoarea produciei i costurile de producie se
menin la un nivel relativ constant, iar profitul
obinut este maxim, obiectivul funcionnd la
parametrii proiectai, aceasta fiind perioada de
maturitate a obiectivului. Cu timpul, intervine
uzura fizic i moral, ceea ce va duce la
creterea cheltuielilor necesare pentru vnzarea
produciei, reducerea valorii produciei (prin
reducerea calitii produselor, apariia unor noi
produse competitive ) perioada de declin.
ntr-un anume moment, valoarea
produciei se egaleaz cu nivelul costului de
producie, moment ce marcheaz sfritul
duratei eficiente de funcionare a obiectivului
(D). De exemplu, fizic, utilajele pot funciona,
dar societatea va lucra n pierdere. De aceea, la
sfritul duratei de funcionare eficiente (D),
obiectivul este scos din funciune. Iniial se va
analiza randamentul economic: suprafaa S1 -

recovery term of the investment and the


economic efficiency of the investments.
Based on the graphic, we may conclude that
in the economic life of an economic
objective there may be distinguished two
big periods of time:
-the edifying time of the future objective,
called d (the execution time of the
investment works);
-the time when the objective may physically
work, called D f on the graphic (the
physical time of functioning of the
economic objective).
During the first period of time, the
investments increase as the works needed
for the future objective end. Regarding the
functioning time of the economic objective,
this is divided in three other periods of time:
the period of time before
reaching
the
projected
parameters
the maturity period of time of
the objective
the decline period of time
During the period of reaching the
projected parameters, the production costs
are relatively high and the production value
is under the level established in the
investment project. After reaching the
projected parameters, the production begins
to increase and the costs to decrease.
Then, the production value and costs stay at
a relatively constant level and the achieved
profit is the best and the objective works at
the projected parameters, this representing
the maturity period of the objective. In time,
it interferes the physical and moral wear,
fact that will lead to the increase of
expenditures needed for the production sale,
the reduction of the production value (by
reducing the products quality, the
appearance of some new competitive
products) the decline period.
At a certain moment, the production
value equalizes with the level of the
production cost, a moment that marks the
end of the efficient time of functioning of

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

377

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

the objective (D). For example, physically,


volumul total al investiiilor
suprafaa S 2 profitul care a the installations may function but the
society will work at a loss. That is why, at
compensat investiia
the end of the efficient functioning time (D),
S1 = S 2
the objective is taken out of service. Initially
suprafaa S 3 profitul final
we will analyse the economic efficiency:
S 3 = Pt I t , unde:
surface S1 - total volume of investments
surface S 2 profit that compensated
Pt profitul total
the investment
I t - investiia total
S1 = S 2 surface S 3 final profit
Randamentul economic poate fi redat
S 3 = Pt I t , where: Pt total
prin urmtoarea formul:

R=

S3
S1

sau

sau

R=

Pt I t Pt
= 1
It
It
Pf

profit I t - total investment


The economic efficiency can be
expressed by the following formula:

R=

S3
=
S1 I t

R=

Utiliznd aceste formule, semnificaia


economic a randamentului este profitul
obinut, dup recuperarea investiiei, din
fiecare leu investit.

S3
S1
or

or

R=

Pt I t Pt
= 1
It
It
Pf

R=

S3
=
S1 I t

By using these formulas, the


economic meaning of the efficiency is the
3.2. Cazul practic
profit obtained after the investment
n practic, este foarte dificil s trasezi evoluia
recovery from each leu that has been
produciei i costul acesteia (curbele Q i C,
invested.
graficul din fig.2), avnd n vedere faptul c
capitalul fix acoper perioade de 15-30 de ani,
3.2. Practical case
n cazul utilajelor i de 60-80 de ani, n cazul
In practice, it is very difficult to
construciilor. Dei n aceast perioad
draw the production evolution and cost
capitalul fix este supus uzurii fizice i morale,
(curves Q and C, graphic of fig.2),
totui acesta cunoate i lucrri de reparaie
considering the fact that the steady capital
(curente, periodice i capitale). Pentru
covers periods of 15-30 years in case of
calcularea n practic a eficienei economice a
installations and periods of 60-80 years in
investiiilor, vom considera c indicatorii de
case of constructions. Even if in this period
volum (cheltuielile anuale de producie,
the steady capital suffers physical and moral
producia anual, profitul anual) sunt constani
wear, it still knows reparation works
pe ntreaga perioad de funcionare a
(current, periodical and capital). For the
obiectivului economic.
calculation in practice of the economic
efficiency of the investments, we will
consider that the volume indicators (yearly
expenditures
of
production,
yearly
production, yearly profit) are constant
during the entire functioning period of the
economic objective.

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

378

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

Fig. 2. Graficul procesului investiional i de recuperare a investiiilor


Fig. 2. Graphic of the investment and recovering process of investments
Analiznd
graficul
din
fig.
2,
se By analysing the graphic in fig. 2, we
calculeazsuprafaa S 2 =T (Q - C), iar calculate the surface S 2 =T (Q - C), and the
diferena dintre valoarea produciei i costul difference between the production value and
acesteia (Q - C) este profitul:
production cost (Q - C) is the profit:

S 2 = T Ph
S 2 = T Ph
Because
Deoarece S 2 = S1 = I t I t = T Ph ,
S 2 = S1 = I t I t = T Ph ,
I
de unde: T = t
I
Ph
T= t
Ph
n practic, termenul de recuperare a
investiiei se calculeaz ca raportul dintre
investiiile totale i profitul anual i exprim
perioada n care investiiile se recupereaz
din profitul anual. Randamentul economic
este reprezentat prin urmtoarea formul:

S3
S 2 = T (Q C ),
iar
S2
S 3 = ( D T ) (Q C )
( D T ) (Q C )
D
R = 1
R=
T (Q C )
T

R=

where:

In practice, the term of recovering


the investment is calculated as the ratio
between the total investments and the yearly
profit and expresses the period of time when
the investments are recovered from the
yearly profit. Economic efficiency is
represented by the following formula:

S3
S 2 = T (Q C ),
and
S2
S 3 = ( D T ) (Q C )
( D T ) (Q C )
D
R = 1
R=
T
T (Q C )

R=

n concluzie, randamentul economic


depinde de raportul n care se afl durata de
funcionare a obiectivului fa de termenul de
recuperare. Cu ct durata de funcionare este
mai lung, comparativ cu termenul de
recuperare a investiiilor, cu att randamentul
economic al investiiilor este mai mare (trebuie
s se urmreasc recuperarea ct mai rapid a
fondurilor de investiii cheltuite, paralel cu
meninerea capitalului fix n stare optim de
funcionare).
Eficiena
economic
a
investiiilor este dependent de termenul de

In
conclusion,
the
economic
efficiency depends on the ratio of the
functioning period and the recovering term.
The longer the functioning period is,
comparing to the term of recovering the
investments, the bigger the economic
efficiency of the investments is (we must
follow the recovery as quick as possible of
the investment funds that had been spent, at
the same time with the maintenance of the

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

379

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

recuperare i de randamentul economic al steady capital in the optimal functioning


status). The economic efficiency of the
investiiilor.
investments depends on the recovering
3.3.Cazul conjunctural
term and on the economic efficiency of the
Decizia de investire depinde de investments.
evoluia produciei i a costurilor i de durata
de funcionare a obiectivului, pentru sporirea 3.3. The random case
eforturilor fcute, a efectelor obinute i a
The investment decision depends on
eficienei economice.
the production evolution and the costs
Dac n cazul precedent termenul de evolution and the functioning period of the
recuperare era T, acum, ca rezultat al influenei objective in order to increase the efforts that
preului i nu numai a acestuia, termenul de had been made, the effects that had been
1
1
recuperare a devenit T ( T > T ), iar durata achieved and the economic efficiency.
de funcionare a obiectivului a sczut If in the previous case the recovering term
1
( D > D ). n consecin, nivelul eficienei was T, now, as a result of the price
economice a sczut la jumtate, fiind influenat influence and not1 only1 that, the recovering
negativ de reducerea duratei de funcionare, term becomes T ( T > T ), and the
prelungirea duratei de recuperare a investiiilor functioning period of the decreased
1
i scderea profitului anual, ca efect al creterii objective ( D > D ). As a consequence, the
mai rapide a costurilor comparativ cu producia level of the economic efficiency decreased
at half, being influenced by the reduction of
(fig.3).
the functioning period, the extension of the
recovering period of the investments and the
decrease of the yearly profit, as an effect of
the quicker increase of the costs comparing
to the production (fig.3).

Fig. 3. Graficul procesului investiional i al recuperrii fondurilor cheltuite


Fig. 3. Graphic of the investment process and of recovering the funds that had been spent

4.CONCLUZII

4. CONCLUSIONS

1. Lucrarea prezint importana eficienei 1.This paper presents the importance of the
economice n creterea calitativ a creterii economic efficiency in the qualitative
economice, sistemul de indicatori de eficien increase of the economic growth, the
Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

380

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

economic, precum i caracteristicile de baz


ale eficienei economice a investiiilor.
2.Calculul
indicatorilor
la
nivel
macroeconomic se realizeaz cu ajutorul
graficelor procesului investiional.
3. Procesul investiional, conjugat cu cel de
exploatare a obiectivelor puse n funciune,
poate fi analizat n cazul teoretic, practic i
conjunctural.

5.BIBLIOGRAFIE

economic efficiency indicators system, and


also the basic features of the economic
efficiency of investments.
2.Indicators calculation at the macroeconomic level is accomplished by means
of the investment process graphics.
3.The investment process, conjugated with
the one of exploiting the operated
objectives, can be analysed theoretically,
practically and randomly.

5.BIBLIOGRAPHY

1. Stnescu C., Analiza economico-financiara,


Editura Economica, Bucuresti, 1996
2. Troie L., Zaharia O., Roman M., Hurduzeu
M., Analiza statistica a situatiei financiarpatrimoniale si evaluarea ntreprinderii,
Editura ASE, Bucuresti, 1998.
3. Tarca G. ,Tratat de statistica aplicata,
Editura Didactica si Pedagogica, Bucuresti,
1997.
4. Titan E., Bacescu-Carbunaru A., Ghita S.,
Statistica macroeconomica, Editura Meteora
Press, Bucuresti, 2001.
5. Vasilescu Gh., Niculescu I.,Wagner Fl.,
Zaharia O., Analiza statistico-economica n
industrie, Editura Didactica si Pedagogica,
Bucuresti, 1997.

1.
Stnescu C., Financial analysis,
Economic
Publishing
House,
Bucharest,1996
2. Troie L., Zaharia O., Roman M.,
Hurduzeu M., Statistical analysis of
financial-economic situation and evaluating
enterprise, Publishing ASE, Bucharest,
1998
3. Tarca G., Treaty of applied
statistics,Teaching
and
Pedagogical
Publishing House, Bucharest, 1997
4. Titan E., Bacescu-Carbunaru A., Ghita
S.,Macroeconomic
statistics,
Meteora
Publishing Press, Bucharest, 2001
5. Vasilescu Gh., Niculescu I.,Wagner Fl.,
Zaharia O., The statistical and economic
analysis in industry, Didactic and
Pedagogic, Bucharest 1997

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

381