7 IoanOvidiuSpatacean

STUDIA UNIVERSITATIS PETRU MAIOR, SERIES OECONOMICA, FASCICULUS 1, anul V, 2011, ISSN 1843-1127
_____________________________________________________________________________________________
IMPACTUL RAPORTRILOR FINANCIARE ASUPRA

EVOLUIEI PREULUI DE TRANZACIONARE O
ABORDARE N CONTEXTUL CONTAGIUNII FINANCIARE
THE IMPACT OF FINANCIAL REPORTING UPON STOCK

PRICES EVOLUTION AN APROACH BASED ON FINANCIAL
CONTAGION
Ioan-Ovidiu SPTCEAN
Faculty of Economics, Law and Administration, Finance and Accounting Department
Petru Maior University of Trgu-Mure
Nicolae Iorga, 1, Trgu-Mure, 540088, MURE county, ROMANIA
ovidiu.spatacean@ea.upm.ro
Abstract: n mod obinuit, ne ateptm ca

raportrile solicitate entitilor cotate, n spiritul
unor bune practici de guvernan corporativ, s
influeneze preurile de tranzacionare prin
prisma percepiei investitorilor asupra naturii i
impactului evenimentelor sau tranzaciilor
raportate. Aceast lucrare abordeaz impactul
pe care raportrile financiare l comport asupra
preurilor de tranzacionare, n mod deosebit n
condiii anormale de pia, definite recent prin
sintagma de contagiune financiar.
Abstract: Typically, we expect that the reports

required for listed entities, in the spirit of good
corporate governance practices, are to influence
trading prices through investors perception
upon the nature and impact of reported events or
transactions. This paper addresses the impact
that financial reports carry on trading prices,
especially in abnormal market conditions,
recently defined by the term of "financial
contagion".
Cuvinte cheie: raportare financiar, guvernan
Keywords:
corporativ, investitori,
contagiune financiar.
asimetrie
financial
reporting,
corporate
governance, investors, information asymmetry,
financial contagion.
informaional,
Clasificare JEL: G14
JEL Classification: G14
53
Ioan-Ovidiu SPTCEAN
1 INTRODUCERE
1 INTRODUCTION
Alvin Toffler (1995) remarca rolul din ce n ce mai
Alvin Toffler (1995) noted the increasingly important
important pe care l joac informaiile n stabilirea
role played by information in establishing power
relaiilor de putere dintre indivizi: dup perioadele n
relations between individuals: after periods when
care dominaia a fost asigurat n baza forei fizice i,
domination was provided by the physical force, and
ulterior, a celei a banilor, este rndul informaiilor
subsequently the money, now is the turn of
pentru a clasifica oamenii n slabi i puternici.
information to classify people in weak and strong. His
Afirmaia sa este mai mult dect actual n domeniul
statement is more than current in
gestiunii portofoliilor de instrumente financiare, unde,
management industry, where, to hold the information
a deine informaia ct mai rapid i a avea abilitatea de
as quickly as possible and to have the ability to
a o prelucra adecvat se traduce n a ctiga. n acest
properly process it, equals to winning. In this context,
context, de multe ori, identificarea surselor de
in many times, identifying sources of information is
informare constituie una dintre activitile cheie ale
one of the key activities of portfolio managers [1].
portfolio
managerului de portofoliu [1].

Pornind de la aceast aseriune, o surs important de
Based on this assertion, an important source of
informare pentru fundamentarea procesului decizional
information for decision-making foundation in the
n domeniul pieei de capital o constituie raportrile
capital market is the financial reporting. Knowledge
financiare.
Cunoaterea
raportrilor
financiare
evaluarea
asupra
impactului
preurilor
and assessment of financial reporting impact upon
de
trading prices on a regulated market of financial
tranzacionare pe o pia reglementat de instrumente
instruments constitute a useful approach to test the
financiare, constituie un demers util pentru testarea
reaction of current or potential investors about the
reaciei investitorilor actuali sau poteniali n legtur
financial reporting process. Such an approach helps
cu procesul de raportare financiar. Un asemenea
for understanding the importance that investors attach
demers ajut pentru a nelege importana pe care
to the quality of financial reporting process, to the
investitorii o acord calitii procesului de raportare
manner in which issuers comply to corporate
financiar, modului de respectare de ctre emiteni a
governance principles, as well as to the observed
principiilor de guvernan corporativ, precum i
evolution of financial position and performances of
evoluiei nregistrate n poziia i performanele
listed entities.
financiare ale entitilor cotate.
54
_____________________________________________________________________________________________
2 RELEVANA INFORMAIONAL
RAPORTRILOR FINANCIARE
A 2 INFORMATION RELEVANCE OF
FINANCIAL REPORTING
Tendinele de liberalizare a pieei de capital din Liberalization trends of capital markets in recent
ultimele decenii au contribuit la creterea volatilitii i, decades have contributed to increased volatility and,
n consecin, a crescut nevoia de informaii ca mijloc
subsequently, led to an increased need for information
de asigurare a stabilitii financiare, s-a instalat o as means to ensure financial stability, installing a
presiune pentru mbuntirea calitii informaiilor
pressure
to improve
the
quality of
available
disponibile din sectorul financiar prin formularea unor information in the financial sector, by formulating
cerine minime de furnizare a informaiilor [2].
minimum requirements to provide information [2].
Descoperirea i analiza informaiei necuprinse n preul Discovery and analysis of information not included in
de tranzacionare este o activitate comercial supus n the trading price is a commercial activity subject to
mod egal competiiei ca i celelalte activiti de competition equally as other management activities in
gestiune ntr-o economie de pia. Costurile ocazionate a market economy. Research and analysis costs
de cutarea i analiza informaiei noi, precum i regarding new information, as well as the prediction
predicia evoluiei preului de pia al titlului financiar of a financial assets market price evolution must
trebuie s genereze o rentabilitate suficient pentru a
generate a sufficient return to justify the effort and
justifica efortul i resursele alocate [3].
allocated resources [3].
2.1. Factori de influen n comunicarea financiar
2.1. Influencing factors in financial communication
Potrivit cadrului juridic aplicabil pieei de capital,
According to the legal framework applicable for
emitenii de valori mobiliare au obligaia de a furniza capital markets, issuers of securities are required to
toate informaiile care ar putea avea efect asupra provide any information that could have an effect on
evalurii instrumentelor financiare, n mod deosebit the valuation of financial instruments, particularly
informaiile de natur financiar, astfel nct s se financial information, in order to ensure adequate
asigure o protecie adecvat a intereselor investitorilor protection of investors interests and to maintain an
i s se menin o pia ordonat de tranzacionare.
orderly trading market.
n aprecierea valorii informaionale a unei raportri In estimating the information relevancy of financial
financiare, trebuie avut n vedere categoria de reporting, one should consider the category of users
utilizatori creia i se adreseaz i scopul pentru care for whom it is addressed and the purpose such
informaia este utilizat. O informaie are valoare prin information is used for. Information is valuable in
prisma
raportrilor
financiare,
dac
folosete terms of financial reporting, if the users rely on it
55
Ioan-Ovidiu SPTCEAN
utilizatorilor n luarea de decizii care s conduc la when fundamenting decisions leading to the expected
rezultatele scontate [4].
results [4].
De asemenea, n scopul fundamentrii deciziilor de Moreover,
for
the
purpose
of
fundamenting
investiii pe piaa de capital, informaia financiar este investment decisions on the capital market, financial
evaluat n circumstane diferite i n raport cu gradul information is valued in different circumstances and in
de relevan dictat de impactul potenial semnificativ relation with the degree of relevance dictated by the
asupra preului aciunilor. Astfel, pentru a aprecia potentially significant impact upon stock prices. Thus,
relevana informaional a unei raportri financiare sunt to assess the information relevance of a financial
avui n vedere cel puin urmtorii factori: natura report there are taken into account at least the
evenimentului sau tranzaciilor la care se refer following factors: the nature of the event or
raportarea
financiar,
adecvarea
prezentrii, transactions the financial reporting refers to, the
credibilitatea i integritatea informaiei, inteligibilitatea adequacy of disclosure, the credibility and integrity of
necesar pentru a permite desprinderea unor concluzii information, the intelligibility required to ensure
rezonabile n legtur cu impactul potenial asupra reasonable conclusions concerning the potential
preului de tranzacionare, orizontul investiional i impact upon the trading price, the investment horizon
profilul de risc al investitorilor, precum i abilitile de and the risk profile of investors, as well as the
prelucrare i valorificare a oportunitilor.
opportunity processing and revaluation skills.
2.2. Dimensiuni informaionale care determin 2.2. Information dimensions which determine
comportamentul investiional
investment behavior
n condiiile n care aproape orice informaie poate fi
Given that almost any information can be useful for
util pentru investitori, obinerea i prelucrarea unora
investors, obtaining and processing some information
care ulterior s-au dovedit incorecte sau inutile pot fi
that later proved incorrect or unnecessary can generate
generatoare de pierderi. n acest context, asimetria de
losses. In this context, information asymmetry is one
informaii constituie una dintre principalele cauze
of the main identified and agreed causes regarding
identificate i acceptate privind diferenele dintre
differences between earnings registered by different
ctigurile diferiilor investitori. Astfel, chiar dac se
investors. Thus, even if one creates the hypothetical
creeaz premisele ipotetice pentru ca niciun investitor
premises so that no investor will be favored by a
s nu fie avantajat printr-o poziie privilegiat fa de
privileged position i relation to the primary source of
sursa primar de informaii, chiar dac se neglijeaz
information, even if one neglects differences between
diferenele existente ntre capacitile de procesare i
the
56
information
processing
and
interpretation
_____________________________________________________________________________________________
interpretare a informaiilor, n realitate exist grade
capabilities, in reality there are different degrees of
diferite de informare, cel puin din considerente
information, at least from objective reasons, such as
obiective, precum acela c timpul alocat activitii de
the time allocated for information acquirement and
procurare i interpretare a informaiilor variaz n
interpretation activities varies in relation to various
raport cu diferitele categorii de investitori [5]. n plus,
categories of investors [5]. In addition, available
informaiile disponibile, n mod deosebit cele de natur
information, particularly financial in nature, generally
financiar, se refer n general la trecut, n condiiile n
refers to the past, while the investment decision is
care decizia de investiia este formulat n raport cu
made in relation to more or less rational investors
anticiprile mai mult sau mai puin raionale ale
expectations regarding future financial performances.
investitorilor privind performanele financiare viitoare.
The existence of information asymmetry between
Existena unei asimetrii de informaii ntre diverii
various investors operating on the financial market
investitori care opereaz pe piaa financiar favorizeaz
favors the possibility of adverse selection or moral
posibilitatea apariiei seleciei adverse sau a hazardului
hazard. In financial markets, an application of the
moral. n domeniul pieelor financiare, o aplicaie a
adverse selection theory is the issue of shares.
teoriei seleciei adverse o constituie emisiunea de
Typically, managers have an incentive to issue shares
aciuni. n mod obinuit, managerii au interesul de a
at the times when they are market overvalued [6]. In
emite aciuni n momentele n care acestea sunt
these circumstances, any investor who purchases these
supraevaluate pe pia [6]. n aceste condiii,
shares will be disadvantaged, receiving a lower rate of
investitorul care achiziioneaz aceste aciuni va fi
return than expected following a rigorous fundamental
dezavantajat, obinnd o rentabilitate mai sczut dect
analysis. The reason is that stock prices will fall at a
cea estimat n urma unei analize fundamentale
later time of purchase, assuming convergence between
riguroase. Explicaia const n faptul c preul titlurilor
price and intrinsic value, as a fundamental hypothesis
va scdea la un moment ulterior celui de achiziie, n
in the theory of financial asset valuation under
ipoteza de convergen a preului la valoarea intrinsec,
equilibrium conditions. The concept of moral hazard
o ipotez fundamental n teoria evalurii activelor
can be found in the theory of capital markets when an
financiare la echilibru. Conceptul de hazard moral
investor decides to purchase shares issued by a listed
poate fi regsit n teoria pieelor de capital atunci cnd
entity, on the basis of historical performance
un investitor decide s achiziioneze aciuni emise de o
indicators. Even if the purchase seems to be a
entitate cotat, pe baza indicatorilor de performan
profitable one, it is possible that the future behavior of
istorici. Chiar dac achiziia pare una profitabil, este
management and those charged with governance to
posibil ca n viitor comportamentul managementului i
alter in a negative manner, so that the shareholders
a celor nsrcinai cu guvernana s se modifice n sens
may suffer a reduction of their own wealth [7].
57
Ioan-Ovidiu SPTCEAN
negativ iar acionarii s nregistreze o reducere a
Information asymmetry can generate abnormal returns
propriei averi [7].
for some investors who are presumed to have access
Asimetria
de
informaii
poate
genera
ctiguri
to inside information. Access to inside information is
anormale pentru anumii investitori care sunt prezumai
another
a avea acces la informaii privilegiate. Accesul la
investment behavior. The essential condition for
informaii privilegiate constituie o alt dimensiune care
verifying predictions made in this context is that
influeneaz
comportamentul
market participants are to adequately interpret
investiional. Condiia esenial pentru verificarea
available information in the market, otherwise there is
anticiprilor formulate n acest context este aceea ca
the possibility that the trading prices should not
participanii la pia s interpreteze ntr-o manier
significantly alter on the reporting date. A study
adecvat informaiile disponibile n pia, n caz
conducted over a period of 20 years, on a sample of
contrar existnd posibilitatea ca nivelul preurilor de
261 U.S. listed companies, revealed that, on average,
tranzacionare s nu se modifice semnificativ la data
the market correctly anticipated changes in outcomes
raportrii. Un studiu efectuat pe un interval de 20 de
before they are published. For entities with weak
ani, asupra unui eantion format din 261 de societi
financial performances, stock prices have decreased in
cotate pe piaa american, a relevat faptul c, n medie
the months preceding the public announcement of the
piaa a anticipat corect variaia rezultatelor nainte ca
financial results and vice versa, for companies that
acestea
cu
have published favorable results, unanticipated by
de
investors. Another conclusion was that stock price
tranzacionare au nregistrat scderi n lunile care au
adjustment was practically insignificant after public
precedat anunarea public a rezultatelor financiare i
announcement of the results [8].
performane
semnificativ
fie
publicate.
financiare
Pentru
slabe,
entitile
cursurile
dimension
that
significantly
influences
invers, pentru societile care au publicat rezultate

favorabile, neanticipate de investitori. S-a constatat de
asemenea c ajustarea cursului bursier a fost practic
nesemnificativ dup anunarea public a rezultatelor
[8].
2.3. Reducerea asimetriei informaionale un 2.3. Information asymmetry reduction
deziderat al eficienei informaionale
desideratum of information efficiency
Pe o pia de capital eficient cursul titlurilor reflect
In an efficient capital market stock prices reflect all
ansamblul informaiilor care au dus la formarea lor i
the information that led to their formation and thus
58
_____________________________________________________________________________________________
astfel permit investitorilor s ia decizii optimale n
allow investors to make optimal decisions in financial
materie financiar. Investitorii sunt interesai de gradul
matters. Investors are interested in the effectiveness of
de eficien a pieei romneti de capital deoarece vor
the Romanian capital market as they will get
obine informaii n ce privete capacitatea lor de a
information regarding their ability to "beat" the
bate piaa. Doar o pia de capital cu un grad ridicat
market. Only a capital market with a high degree of
de eficien informaional deine premisele de
informational efficiency has the prerequisites of
integrare n sistemul pieelor europene [9].
integration into European markets [9].
Posibilitatea
obinerii
unor
ctiguri
anormale
The possibility of obtaining systematic abnormal
sistematice, datorit capacitii anumitor investitori de
return, due to the ability of certain investors to make
a efectua previziuni superioare calitativ asupra
better quality forecasts on stock prices, invalidates the
cursurilor bursiere infirm ipoteza eficienei pieei de
hypothesis of capital market efficiency. In this case,
capital. n aceast situaie, exist un anumit numr de
there is a certain number of investors that incorrectly
investitori care evalueaz n mod incorect aciunile,
assess financial instruments, which explains why the
ceea ce explic cauza pentru care cursul bursier nu mai
stock price can no longer be a reliable benchmark for
poate constitui un reper credibil pentru valoarea de
the market value of shares [10]. A possible
pia a aciunilor [10]. O posibil explicaie pentru
explanation for the incorrect stock assessment in terms
incorecta evaluare a aciunilor n condiii de ineficien
of information inefficiency is the information
informaional o constituie asimetria informaional.
asymmetry.
Cercetrile empirice ntreprinse n domeniul pieelor de
Empirical research in the area of capital markets
capital relev cteva modaliti de reducere a riscului
reveal some ways to reduce information asymmetry
de asimetrie informaional prin implementarea unor
risk by implementing signal policies, such are [11]:
politici de semnalizare, precum [11]:
a) participation percentage of managers in the
a) procentajul de participare a managerilor la
entitys capital. As this percentage increases, the
capitalul societii. Pe msur ce crete acest
companys value is more consolidated because
procentaj, valoarea companiei este mai mare
managers, as persons who are best informed
deoarece managerii, fiind cei mai bine informai
about the financial performances, will have a
despre performanele financiare, vor avea un
high interest to invest in a profitable business
interes ridicat s investeasc ntr-o afacere
(Leland and Pyle, 1977);
rentabil (Leland i Pyle, 1977);
b) use of debt policy as an signal instrument. Ross
b) utilizarea politicii de ndatorare ca instrument de
(1977) reached the paradoxical conclusion that
semnalizare. Ross (1977) a ajuns la concluzia
an enterprise value increases with leverage. The
paradoxal c valoarea unei ntreprinderi crete
relationship could be explained by the fact that a
59
Ioan-Ovidiu SPTCEAN
odat cu creterea gradului de ndatorare. Relaia
company's financial debt is an effective means to
s-ar putea explica prin faptul c datoria
discipline managers and to reduce conflict
financiar a unei companii constituie un mijloc
between them and shareholders. Later, Flannery
eficient de a disciplina managerii i a reduce
(1986) was preoccupied by the informative value
conflictul dintre acetia i acionari. Ulterior,
of debt structure and reached a different
Flannery (1986) a fost precupat de valoarea
paradoxical conclusion, according to which
informativ a structurii datoriilor i a ajuns la o
profitable companies are heavily indebted on a
alt
creia
short term basis. The logic would be that only
companiile rentabile sunt puternic ndatorate pe
profitable companies are capable to pay interest
termen scurt. Logica ar fi aceea c doar
and to reimburse short-term loans, in terms of
companiile rentabile sunt capabile s plteasc
maintaining the solvency features, while entities
dobnzile i s ramburseze creditele pe termen
that suffer losses do not assume such risk. Recent
scurt, n condiii de meninere a capacitii de
practices that are specific to domestic business
plat, n timp ce entitile care nregistreaz
environment challenge this logic, providing
pierderi nu i asum un asemenea risc. Practica
many examples in which managers of entities
recent specific mediului de afaceri autohton
facing financial difficulties use, in despair, short-
contest aceast logic, oferind numeroase
term loans, bearing ruinous interest.
concluzie
paradoxal
conform
exemple n care managerii entitilor confruntate
c) the construction of dividend policy is a strong
cu dificulti financiare recurg, n disperare de
signal to the financial community, because the
cauz la credite pe termen scurt, purttoare de
dividend is not reduced to a simple cash transfer,
dobnzi ruintoare.
but rather convey a flow of information about
c) construcia politicii de dividend este un semnal
financial prospects. One should not neglect
puternic pentru comunitatea financiar, deoarece
typical cases of moral hazard when managers
dividendul nu se reduce la un simplu transfer de
give in to temptation of increasing dividend
numerar, ct mai degrab vehiculeaz un flux de
distributions due to external financing. Such a
informaii
financiare
practice is favorable to investors who sell shares
viitoare.Nu trebuie neglijate cazurile tipice de
at a price that is artificially inflated or to
hazard moral n care managerii cedeaz tentaiei
managers whose remuneration is determined by
de a mri distribuirile de dividende pe seama
reference to market capitalization.
despre
perspectivele
finanrii externe. O asemenea practic este
d)
financial information management can be an
favorabil investitorilor care cedeaz aciunile la
effective tool for signaling. In this sense,
un pre majorat artificial sau managerilor a cror
accounting policies and options, especially in
60
_____________________________________________________________________________________________
remuneraii
sunt
stabilite
raport
cu
capitalizarea bursier.
situations when they are used in an aggressive

manner for financial cosmetic purposes, can
d) modul de gestiune a informaiei financiare poate
significantly affect the perception of investors
constitui un instrument eficient de semnalizare.
about future performance (Saada, 1993). Also,
n acest sens, politicile i opiunile contabile, mai
providing
ales n situaiile n care sunt utilizate ntr-o
significant incidence upon the market value of
manier agresiv n scopuri de cosmetizare
the company, according to research conducted by
financiar, pot afecta semnificativ percepia
Penman (1980), Trueman (1986) or Lev and
investitorilor
viitoare
Penman (1990). Most studies revealed that the
(Saada, 1993). De asemenea, furnizarea de
voluntary publication of forecasting information
informaii
incidene
allows
pia
communicate "good news". It was found,
companiei, potrivit unor cercetri realizate de
however, that entities that do not publish forecast
Penman (1980), Trueman (1986) sau Lev i
are not considered automatically as lacking of
Penman (1990). Majoritatea studiilor au pus n
adequate communication.
eviden faptul c publicarea voluntar de
It was also observed that there is a positive
informaii
delimitarea
relationship between the nature of information
companiilor care comunic veti favorabile.
and its publication date, in the sense that entities
S-a constatat, totui, faptul c entitile care nu
tend to accelerate the publication of "good news"
public
and to delay publication of "bad news".
despre
performanele
previzionale
semnificative
comport
asupra
valorii
previzionale
informaii
de
permit
previzionale
nu
sunt
forecast
information
delimitation
of
involves
companies
that
considerate, n mod automat, ca fiind lipsite de o
Market reaction is accordingly: entities that make
comunicare adecvat. De asemenea, s-a observat
public the information before the announcement
c exist o relaie pozitiv ntre natura unei
day, record an increase in stock prices, while
informaii i data publicrii sale, n sensul c
those publishing too late, experience a decrease
entitile au tendina s accelereze publicarea
of market value, since the delay is perceived as
vetilor favorabile i s ntrzie publicarea
managers attempt to "handle" the result.
vetilor nefavorabile. Reacia pieei este pe

msur: n timp ce entitile care public
Voluntary disclosure of information within signaling
informaiile
prestabilit
policies is only a partial solution to the information
nregistreaz o apreciere a cursului bursier, cele
asymmetry problem, because in many cases, managers
care le public tardiv cunosc o scdere a valorii
may be tempted not to publish certain information or
de pia, deoarece ntrzierea este perceput
to "shadow" the information before publication, if one
nainte
de
data
61
Ioan-Ovidiu SPTCEAN
drept o ncercare a managerilor de a gestiona
considers that their interests may be affected.
rezultatul.
Therefore, standardization of financial reporting is
Divulgarea voluntar de informaii n cadrul politicilor
emerging as a very effective alternative, especially
de semnalizare nu rezolv dect parial problema
since a normalization authority such IASB has the
asimetriei informaionale, deoarece n numeroase
power to seek to improve the quality of financial
cazuri, managerii pot fi tentai s nu publice anumite
reporting, and to require appropriate ethical postures
informaii sau s le fardeze nainte de publicare, dac
on behalf of financial statements preparers.
se consider c propriile interese pot fi afectate. n
Another answer to the problem of information
consecin, standardizarea raportrilor financiare se
asymmetry is the provision of information certified by
contureaz drept o alternativ extrem de eficient, cu
an independent external auditor, whose services are
att mai mult cu ct o autoritate de normalizare precum
designed to enhance investors confidence in the
IASB are competena s solicite ameliorarea calitii
integrity and credibility of financial reporting process,
raportrilor financiare, precum i o inut etic
diminishing conflicts of interest that may arise
adecvat din partea preparatorilor de situaii financiare.
between shareholders and management.
Un alt rspuns la problema asimetriei informaionale l

constituie furnizarea de informaii certificate de ctre
In conclusion, the authors accept the opinion widely
un auditor extern independent, ale crui servicii sunt
embraced by acknowledged authors, according to
menite s consolideze ncrederea investitorilor n
which one of the fundamental conditions for the
integritatea i credibilitatea procesului de raportare
appropiate functioning of a regulated market is to
financiar, tempernd conflictele de interese dintre
standardize financial reporting for all participants.
acionari i management.
This standardization is to permit adequate supervision
n concluzie, acceptm opinia larg mbriat de
of the market both in terms of establishing a fair
autori consacrai, potrivit creia una din condiiile
competition, and in terms of ensuring safety and
fundamentale pentru funcionarea corespunztoare a
integrity of that market [12].
unei piee reglementate const n standardizarea

raportrilor
financiare
la
nivelul
membrilor
participani. Aceast standardizare este n msur s

permit o supraveghere adecvat a pieei att din punct
de vedere al stabilirii unei competiii loiale, ct i din
punctul de vedere al asigurrii siguranei i integritii
pieei respective [12].
62
_____________________________________________________________________________________________
3 DEMERSURI DE CERCETARE I
REZULTATE
3 RESEARCH ACTIVITY AND RESULTS
Entitile cotate care au fcut obiectul cercetrii The listed entities that have made the subject of the
ntreprinse n prezenta lucrare sunt cele cinci Societi research conducted in this paper are the five Financial
de Investiii Financiare, piloni reprezentativi ai Investment Companies, as representative pillars of the
industriei autohtone de administrare a investiiilor de domestic industry regarding investment portfolio
management.
portofoliu.
n scopul realizrii acestui studiu de caz, demersurile de To achieve this case study, the research approach was
cerectare
au
financiare,
evenimente:
fost
constnd
canalizate
n
raportrilor focused over financial reporting, consisting of the
asupra
urmtoarele
comunicarea rezultatelor
tipuri
de following
types
of
events:
communication
of
preliminare, preliminary results, publication of interim reports and
publicarea raportrilor interimare i a situaiilor individual or consolidated financial statements, and

financiare individuale sau consolidate sau comunicarea communication of proposals concerning dividend
propunerilor privind distribuirea dividendelor. Cu toate distributions. However, we do not neglect the
acestea, nu neglijm importana raportrilor non- importance of non-financial reporting issued by the
financiare
efectuate
de
Societile
de
Investiii Financial
Investment
Companies,
such
as:
Financiare, precum: comunicate privind majorarea announcements regarding the increase of the holding
pragului de deinere, publicarea unor hotrri AGA, limit, publication of GSM decisions, subscription of
subscrierea de aciuni n cadrul ofertelor publice shares within initial public offerings, litigation
primare de vnzare aciuni, comunicate referitoare la
announcements,
changes
in
the
companys
litigii, schimbri n conducerea societii, ordonane management, trading suspension decisions issued by
CNVM de suspendare de la tranzacionare, sentine NSC, court orders, reports on transactions performed
judectoreti, raportri privind tranzacii efectuate de by insiders, reports on overcome the 1% threshold and
persoane iniiate, raportri privind depirea pragului reports on investment operations consisting of
de 1% i raportri privind operaiunile de plasament significant acquisitions or disposals of financial assets.
constnd n achiziii sau nstrinri semnificative de
The impact of such non-financial reports upon the
active financiare. Impactul unor astfel de raportri non- trading prices can bear significant influence and its
financiare asupra preurilor de tranzacionare poate assessment will be subject to future research.
comporta un caracter semnificativ iar evaluarea To test the impact of financial reports upon trading
acestuia va face obiectul unor cercetri viitoare.
market price of shares issued by Financial Investment
Pentru testarea impactului pe care l-au avut raportrile Companies, we analyzed price volatility in relation to
significant financial reporting released during January
63
Ioan-Ovidiu SPTCEAN
financiare asupra preului de tranzacionare pe pia a
2006 - January 2012. Also, for the analyzed period we
aciunilor emise de Societile de Investiii Financiare, determined
correlation
coefficients
between
a fost analizat volatilitatea preului n relaie cu transaction price variation and BET-C stock index
raportrile
financiare
semnificative
efectuate
n variation, to draw relevant conclusions regarding
perioada ianuarie 2006- ianuarie 2012. De asemenea, n investors'

perioada analizat s-au determinat
perceptions
of
financial
performance
coeficienii de reported by the Financial Investment Companies, in
corelaie ntre variaia preului de tranzacionare i
the context of overall market evolution measured by
variaia indicelui bursier BET-C, pentru a se desprinde such stock index. The results were summarized in
concluzii relevante referitoare la percepia investitorilor Table no. 1.
asupra performanelor financiare raportate de ctre
Societile de Investiii Financiare, n contextul
evoluiei de ansamblu a pieei msurat prin indicele
bursier. Rezultatele obinute au fost sintetizate n
Tabelul nr. 1.
Tabel 1 Analiza coeficienilor de corelaie/ Table 1 Analysis of correlation coefficients
Categorie de raportare financiar/

Financial reporting cathegory
raportri financiare preliminare/interim
financial reports
raportri financiare trimestrul I/ Q1
financial reports
raportri financiare semestriale/S1
financial reports
raportri financiare trimestrul III/Q3
financial reports
alte raportri financiare/other financial
reports
situaii financiare anuale/annual
financial statements
situaii financiare
consolidate/consolidated financial
statements
SIF1
SIF3
SIF4
SIF5
Moldova
Transilvania
Muntenia
Oltenia
0,5846
0,6668
0,6904
0,7679
0,8314
0,7082
0,7610
0,8030
0,8710
0,5180
0,9763
0,7859
0,8435
0,9202
0,4733
0,9765
0,5720
0,7571
0,9741
0,9769
0,9632
0,7641
0,9017
0,9160
0,8239
0,9324
0,9411
-0,1417
0,7260
0,6563
0,0291
0,2713
-0,5326
0,7364
0,3169
0,1642
n.a.
-0,1006
0,9393
0,7201
n.a.
0,5196
Surs: proiecia autorului/Source: authors projection
Pentru
analiz
aprofundat
Valoare
medie/
Average
SIF2
Banat
Crisana
impactului For a thorough analysis of the impact associated to
diferitelor categorii de raportri financiare asupra different categories of financial reports upon the
volatilitii preului de tranzacionare s-a recurs la trading
64
price
volatility
we
proceeded
for
_____________________________________________________________________________________________
determinarea valorilor medii nregistrate pentru determining average values recorded by the
amplitudinea de variaie, ceea ce permite o amplitude of variation, which allowed a financial
ierarhizare a raportrilor financiare n raport cu reporting hierarchy in relation to the perceived
importana perceput din perspectiva investitorilor. importance from the investors perspective. The
Rezultatele obinute au fost sintetizate n Tabelul results were summarized in Table no. 2.
nr. 2.
Tabelul 2: / Table 2 Amplitudinea de variaie a preului ca rezultat al raportrii financiare / Price variation
amplitude as a result of financial reports
Categorie de raportare
financiar/ Financial
reporting cathegory
raportri financiare
preliminare/interim financial
reports
raportri financiare
trimestrul I/ Q1 financial
reports
raportri financiare
semestriale/S1 financial
reports
raportri financiare
trimestrul III/Q3 financial
reports
alte raportri financiare/other
financial reports
situaii financiare
anuale/annual financial
statements
situaii financiare
consolidate/consolidated
financial statements
SIF1
(%)
Valoare
medie
(%)
SIF2
(%)
SIF3
(%)
SIF4
(%)
SIF5
(%)
Moldova
Transilvania
Muntenia
Oltenia
6,78
4,38
9,19
4,84
6,00
6,24
7,10
11,28
9,06
7,27
14,15
9,77
8,67
6,12
7,50
11,82
5,06
7,83
17,43
18,45
8,77
6,86
10,57
12,42
6,34
9,54
6,93
2,29
3,43
5,71
9,26
9,21
14,20
8,40
7,04
9,62
9,30
1,11
8,09
4,26
n.a.
5,69
Banat
Crisana
Surs: proiecia autorului/Source: authors projection
Din analiza rezultatelor obinute se pot desprinde Fom the analysis of results that have been obtained,
cteva concluzii relevante privind impactul raportrilor we were able to draw some relevant conclusions
financiare asupra preului de tranzacionare al aciunile regarding the impact of financial reporting upon
emise de Societile de Investiii Financiare:
market trading price of shares issued by Financial
1) n cazul raportrilor financiare preliminare i Investment Companies:

interimare (trimestriale i semestriale), exist o 1) for preliminary and interim financial reports
65
Ioan-Ovidiu SPTCEAN
corelaie puternic ntre variaia preului de
(quarterly and half), there is a strong correlation
tranzacionare i variaia indicelui bursier BET-C,
between trading price change and BET-C index
valoarea medie a coeficienilor de corelaie fiind
variation,
situat n intervalul 0,7082 0,9160. Aceast
coefficients being observed within the range
constatare reflect faptul c investitorii acord o
0.7082 to 0.9160. This finding reflects the fact
importan
that
sczut
raportrilor
financiare
average
investors
value
attach
less
of
correlation
importance
to
preliminare i interimare, fiind mai degrab
preliminary and interim financial reports, being
impulsionai de evoluia general a pieei bursiere
rather driven by the general trend of the stock
atunci cnd i fundamenteaz anumite decizii de
market when they are to ground certain
investiii. Aceast ipotez este verificat i n cazul
investment decisions. This hypothesis is verified
altor raportri financiare (comunicate privind
with other financial reports (announcements on
propunerea de distribuire a dividendelor) sau n
the proposal for distribution of dividends) or
cazul publicrii situaiilor financiare consolidate,
with the publication of consolidated financial
avnd n vedere faptul c valoarea coeficienilor de
statements, since the value of the correlation
corelaie se ncadreaz n intervalul 0,7201
coefficients was in the range 0.7201 to 0.9411.
situaii
We observed two exceptional cases, where the
excepionale, unde corelaia este de intensitate
correlation was low in intensity and negative,
sczut i sens negativ, respectiv SIF Muntenia
respectively SIF Muntenia (-0.1417) and SIF
(-0,1417) i SIF Moldova (-0,1006). Considerm c
Moldova (-0.1006). We believe that these
aceste abateri constituie cazuri particulare, care nu
deviations may be classified as special cases that
pot schimba semnificativ concluzia general valabil
can
pentru celelalte Societi de Investiii Financiare;
conclusion that applies to other Financial
0,9411.
Au
fost
observate
dou
2) n cazul publicrii situailor financiare anuale,
not
significantly
change
the
overall
Investment Companies;
valoarea medie a coeficientului de corelaie nu este 2) in case of annual financial statements

relevant, ntruct acest coeficient nregistreaz o
publication, the average value for the correlation
plaj extins de valori, reflectnd legturi de
coefficient is not relevant, since this coefficient
intensitate sczut (SIF Banat Criana), medie (SIF
registers a wide range of values, reflecting a low
Moldova, SIF Transilvania i SIF Oltenia) sau
intensity connection (SIF Banat Crisana), a
puternic (SIF Muntenia). Existena unei legturi
medium intensity connection (SIF Moldova, SIF
de intensitate sczut sau medie poate confirma
Transilvania and SIF Oltenia ) or a strong
faptul c investitorii acord o importan mai
intensity connection
ridicat
existence of a connection with low or medium
analizei
poziiei
performanelor
66
(SIF Muntenia). The
_____________________________________________________________________________________________
financiare
intensity may confirm that investors allocate a
individuale, acionnd n consecin, fr a
higher importance to analysis of financial
manifesta impulsuri emotive cauzate de evoluia de
position and performance described by the
ansamblu a pieei de capital (msurat prin indicele
financial statements and act accordingly, without
bursier). Coeficienii de corelaie determinai
manifestation of impulsive emotions caused by
reflect, n aproape toate observaiile efectuate, o
the overall evolution of the capital market
legtur direct (sens pozitiv) ntre variaia preului
(measured by a stock index). The calculated
de tranzacionare al aciunilor emise de Societile
correlation coefficients reflect in almost all
de Investiii Financiare i cea a indicelui bursier,
observations, a direct relationship (positive)
creterea intensitii acesteia punnd n eviden un
between the variation of trading price of the
comportament al investitorilor n tandem cu
shares
evoluia
unor
Companies and the stock market index, while
coeficieni de corelaie cu valoare negativ (SIF
the increase of its intensity highlights a certain
financiare
de
descrise
general
Transilvania)
situaiile
pieei.
reprezint
Obinerea
situaii
accidentale,
issued
by
Financial
Investment
type of investors behavior harmonized with the
insignifiante, cu o probabilitate redus de a invalida
market
supoziia formulat anterior;
correlation coefficients (SIF Transilvania) is
3) n ipoteza n care investitorii ar aciona ntr-o
general
equivalent
to
trend.
Obtaining
accidental
and
negative
insignificant
manier independent n raport cu evoluia pieei n
situations, with a low probability to invalidate
ansamblu, preocupai fiind de performanele i
the assumption made above;
perspectivele
financiare
ale
Societilor
de 3) under the assumption that investors would act in
Investiii Financiare, putem afirma c raportrile
a manner that is independent from overall
interimare trimestriale i raportrile anuale au
market changes, concerned about the financial
cauzat cea mai ridicat amplitudine de variaie a
performance and perspectives of the Financial
preului (n medie 12,42% pentru T3; 9,77% pentru
Investment Companies, we may suggest that
T1 i 9,62% pentru situaii financiare anuale) n
quarterly interim reports and annual reports
timp ce raportrile interimare semestriale i
have caused the highest amplitude in the
raportrile preliminare au generat o amplitudine
variation of stock prices (average of 12.42% for
moderat de variaie (n medie 7,83%, respectiv
T3, 9.77% for T1 and 9.62% for annual financial
6,24%). Totui, avnd n vedere valorile observate
statements) while half-yearly interim reports
n cazul coeficienilor de corelaie, apreciem c
and preliminary reports have generated a
amplitudinile de variaie sunt explicate ntr-o
moderate amplitude of variation (average of
msur semnificativ pe seama fluctuaiilor de
7.83%
67
and
6.24%).
However,
given
the
Ioan-Ovidiu SPTCEAN
ansamblu n pia, respectiv de sentimentele
observed values for correlation coefficients, we
investitorilor n contextul general al pieelor
consider that the variation amplitudes are
internaionale. O astfel de supoziie este uor
explained in a significant extent due to overall
validat n contextul contagiunilor financiare
market fluctuations, respectively due to the
specifice perioadei 2008-2011.
investors feelings in the general context of
4) un impact relativ sczut asupra volatilitii
international markets. Such an assumption is
preurilor a fost nregistrat n cazul raportrilor
easily validated in the context of financial
privind distribuirea de dividende (n medie 5,71%),
contagion specific to 2008-2011 periods.
ceea ce pune n eviden o stare de confort din 4) a relatively low impact on price volatility was
remunerrii
recorded in the case of reporting on dividend
plasamentelor. Cercetrile efectuate au relevant
distribution (a mean value of 5.71%), which
faptul c n perioada 2006-2010 rata de distribuie a
reveals a state of "comfort" from the investors
dividendelor,
fluctuaii
perspective regarding the return of their
semnificative, s-a meninut la un nivel satisfctor,
financial investments. The conducted research
nregistrnd n medie urmtoarele valori: SIF1
has revealed that in the period 2006-2010 the
(40%), SIF2 (43%), SIF3 (30%), SIF4 (62%) i
pay-out
SIF5 (48%). n consecin, se poate aprecia faptul
fluctuations, remained at a satisfactory level,
semnificativ
recording the following average values: SIF1
ateptrile privind rata de distribuie a dividendelor
(40%), SIF2 (43%), SIF3 (30%), SIF4 (62%)
n cazul Societilor de Investiii financiare.
and SIF5 (48%). Consequently, we may
partea
investitorilor
investitorii
dei
nu
privina
cunoscut
modific
ratio,
although
with
significant
5) de asemenea, un impact sczut asupra volatilitii
appreciate that investors do not significantly
preurilor a fost remarcat i n cazul publicrii
alter their expectations regarding the dividend
situaiilor financiare consolidate (n medie 5,69%).
distribution rate in case of Financial Investment
Gradul redus de relevan informaional i implicit
Companies.
influena redus a acestor raportri financiare n 5) as well, a modest impact on price volatility was
fundamentarea deciziilor de investiii pot fi
observed in the case of
explicate prin dificultile inerente procesului de
consolidated financial statements (average of
elaborare a situaiilor financiare consolidate n
5.69%). The low level of information relevancy
conformitate cu IFRS, dificulti care au afectat
and thus the reduced influence of these financial
semnificativ
reports in fundamenting investment decisions
credibilitatea
acestor
raportri
financiare.
publishing the
can be explained by the inherent difficulties
Aceste rezultate pun n valoare faptul c reaciile
68
associated
to
the
process
of
preparing
_____________________________________________________________________________________________
investitorilor pot fi cauzate de impulsuri emotive i de
consolidated financial statements under IFRS,
efecte sezoniere specifice activitii de tranzacionare,
difficulties which have significantly affected the
capabile s diminueze considerabil gradul de eficien
credibility of these financial reports.
informaional a pieei prin alterarea deciziilor de These results outline that investors' reactions can
investiii n raport cu principiile raionale specifice
be caused by impulsive emotions and seasonal
investitorilor instituionali.
effects that are specific for trading activity, capable

to
significantly
diminish
the
information
effectiveness of market by altering investment

decision in relation to rational principles specific
for institutional investors.
5 CONCLUZII I PERSPECTIVE
5 CONCLUSIONS AND PERSPECTIVES
Bazndu-se pe rezultatele cercetrii ntreprinse, putem Based on the results of the research undertaken, we
aprecia faptul c raportrile financiare realizate de may appreciate that the financial reports issued by
ctre Societile de Investiii Financiare dein un the Financial Investment Companies have a modest
impact modest asupra volatilitii preurilor de impact on trading prices volatility. In this context,
tranzacionare. n acest context, considerm c o parte we consider that a significant proportion of
semnificativ a investitorilor individuali nu acord individual investors do not show appropriate care
atenia cuvenit parcurgerii adecvate a raportrilor for an adequate study of financial reports. Equally,
financiare. n egal msur, ne exprimm convingerea we are convinced that this phenomenon is partly
c acest fenomen este parial contracarat de aciunile countered by the actions of institutional investors,
investitorilor instituionali, pentru care raportrile for which financial reports capture an appropriate
financiare capteaz un grad adecvat de interes.
level of interest.
n privina raportrilor non-financiare, apreciem c As for non-financial reporting, we consider that

aceast
form
de
comunicare
favorizeaz this form of communication favors speculative
comportamentul speculativ al investitorilor,
din behavior of investors, since such a behavior
moment ce un astfel de comportament prevaleaz prevails over rational substantiation of investment

asupra fundamentrii raionale a deciziilor de investire decisions on the capital market. Trading prices
pe piaa de capital. Volatilitatea preurilor de volatility is caused in substance by events that are
tranzacionare este cauzat n esen de evenimente not essentially financial reporting, especially by the
care nu constituie raportri financiare, dar mai ales de
general evolution of international capital markets.
evoluia general a pieelor internaionale de capital. Future research efforts shall be focused on testing
69
Ioan-Ovidiu SPTCEAN
Demersurile viitoare de cercetare vor fi orientate n the impact of these reports upon evolution of
zona testrii impactului pe care aceste raportri le financial assets trading prices.
comport asupra evoluiei preurilor de tranzacionare a
activelor financiare.
BIBLIOGRAFIE
[1]
Dragot V., Dragot M., Dmian O. A., Stoian A., Mitric E., Lctu C.M., Manae D., u L.,
Hndoreanu C., A., Asset Management, 2nd Edition, Economica Publishing House, Bucharest, 2009, p. 87,
p. 88, pp. 90 -91.
[2]
Hennie van Greuning, Darrel Scott, Simonet Terblanche, International Financial Reporting Standards. A
Practical Guide 6th Edition, World Bank, Washington DC, 2011, p. 30.
[3]
Stancu I., Finance. Financial Markets and Portfolio Management. Direct Investments and Their Financing.
Enterprise Analysis and Financial Management, 4th Edition, Economica Publishing House, Bucharest,
2007, p. 212.
[4]
Duescu A., Accounting information and capital markets, Economica Publishing House, Bucharest, 2000,
p. 17.
[5]
p. 88, pp. 90 -91.
[6]
Dragot V., Ciobanu A., Obreja L., Dragot M., Financial Management, Economica Publishing House,
Bucharest, 2003, chapter 3.
[7]
p. 88, pp. 90 -91.
[8]
Tulai H., Financial Markets, House of Science Publishing House, Cluj Napoca, 2004, p. 144.
[9]
Todea A., Investments. Selection and Financing Investment Projects. Financial Investments. Portfolio
Management, House of Science Publishing House, Cluj Napoca, 2008, p. 162.
[10] Dragot V., Corporate Stock Valuation, Economica and IROVAL Publishing Houses, Bucharest, 2006, p.
54.
[11] Malciu L. Demand and Offer of Accounting Information, Economica Publishing House, Bucharest, 1998,
pp. 145-147.
[12] Pan V. M., Fildan N., Transition and Regulated Competitive Markets, Economica Publishing House,
Bucharest, 2001, pp. 75-79.
70

7 IoanOvidiuSpatacean

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

7 IoanOvidiuSpatacean

Încărcat de

Drepturi de autor:

Formate disponibile

STUDIA UNIVERSITATIS PETRU MAIOR, SERIES OECONOMICA, FASCICULUS 1, anul V, 2011, ISSN 1843-1127

IMPACTUL RAPORTRILOR FINANCIARE ASUPRA

THE IMPACT OF FINANCIAL REPORTING UPON STOCK

Abstract: n mod obinuit, ne ateptm ca

Abstract: Typically, we expect that the reports

Cuvinte cheie: raportare financiar, guvernan

Clasificare JEL: G14

JEL Classification: G14

Alvin Toffler (1995) remarca rolul din ce n ce mai

Alvin Toffler (1995) noted the increasingly important

important pe care l joac informaiile n stabilirea

role played by information in establishing power

relaiilor de putere dintre indivizi: dup perioadele n

relations between individuals: after periods when

care dominaia a fost asigurat n baza forei fizice i,

domination was provided by the physical force, and

ulterior, a celei a banilor, este rndul informaiilor

subsequently the money, now is the turn of

pentru a clasifica oamenii n slabi i puternici.

information to classify people in weak and strong. His

Afirmaia sa este mai mult dect actual n domeniul

statement is more than current in

gestiunii portofoliilor de instrumente financiare, unde,

management industry, where, to hold the information

a deine informaia ct mai rapid i a avea abilitatea de

as quickly as possible and to have the ability to

a o prelucra adecvat se traduce n a ctiga. n acest

properly process it, equals to winning. In this context,

context, de multe ori, identificarea surselor de

in many times, identifying sources of information is

informare constituie una dintre activitile cheie ale

one of the key activities of portfolio managers [1].

managerului de portofoliu [1].

Based on this assertion, an important source of

informare pentru fundamentarea procesului decizional

information for decision-making foundation in the

n domeniul pieei de capital o constituie raportrile

capital market is the financial reporting. Knowledge

and assessment of financial reporting impact upon

trading prices on a regulated market of financial

tranzacionare pe o pia reglementat de instrumente

instruments constitute a useful approach to test the

financiare, constituie un demers util pentru testarea

reaction of current or potential investors about the

reaciei investitorilor actuali sau poteniali n legtur

financial reporting process. Such an approach helps

cu procesul de raportare financiar. Un asemenea

for understanding the importance that investors attach

demers ajut pentru a nelege importana pe care

to the quality of financial reporting process, to the

investitorii o acord calitii procesului de raportare

manner in which issuers comply to corporate

financiar, modului de respectare de ctre emiteni a

governance principles, as well as to the observed

principiilor de guvernan corporativ, precum i

evolution of financial position and performances of

evoluiei nregistrate n poziia i performanele

financiare ale entitilor cotate.

subsequently, led to an increased need for information

minimum requirements to provide information [2].

generate a sufficient return to justify the effort and

justifica efortul i resursele alocate [3].

allocated resources [3].