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INFORMAIA CONTABIL - BAZA ANALIZEI FINANCIARE IN DECIZIILE DE INVESTIII

ACCOUNTING INFORMATION - THE BASE OF FINANCIAL ANALYSIS IN INVESTMENT DECISIONS Cristian Ionel VTOIU, PhD Applicant, University Valahia of Trgovite Mihaela GHEORGHE, PhD Applicant, University Valahia of Trgovite Ioan Dumitru MOTONIU, PhD Applicant, University Valahia of Trgovite Ileana Sorina (Rakos) BOCA, PhD Applicant, University Valahia of Trgovite Abstract: Accounting information must allow both the current and potential investors to identify measure, classify, and evaluate all operations and activities of an enterprise. Undoubtedly, one of the most important is that accounting provides accounting information. This allows management decisions and proper investment by current and potential investors. This paper aims to show that it is important accounting information in making management decisions and investments, which are the characteristics and conditions necessary for accounting information is used efficiently.

Cristian Ionel VTOIU, Doctorand, Universitatea Valahia din Trgovite Mihaela GHEORGHE, Doctorand, Universitatea Valahia din Trgovite Ioan Dumitru MOTONIU, Doctorand, Universitatea Valahia din Trgovite Ileana Sorina (Rakos) BOCA, Doctorand, Universitatea Valahia din Trgovite Rezumat: Informaia contabil trebuie s permit att investitorilor actuali ct i celor poteniali s identifice, msoare, clasifice, evalueze toate operaiile i activitile unei ntreprinderi. Fr ndoial, unul dintre cele mai importante produse pe care contabilul le ofer este informaia contabil. Aceasta permite luarea unor decizii manageriale i de investiii adecvate de ctre investitorii actuali i poteniali. Articolul de fa urmrete s arate care este importana informaiei contabile n luarea deciziilor manageriale i de investiii, care sunt caracteristicile i condiiile necesare pentru ca informaia contabil s fie utilizat eficient.

Key words: accounting information, Cuvinte cheie: informaia contabil, decizia de investiii, analiza financiar eficiena investment decisions, financial analysis economic efficiency, accounting users economic, utilizatorii contabilitii 1. Introducere. Informaia contabil 1. Introduction. Accounting Teoreticienii contabili au recunoscut de information mult timp c sistemul informatiiilor contabile Accounting theorists have long este o parte integrant a sistemului de control al unei organizaii i c informaiile contabile recognized that the accounting information prevad decizii critice care influeneaz i decizia system is an integral part of an organizations de a facilita informaii pentru control [1]. control system and that accounting information Informaia contabil dintr-o ntreprindere se provides critical decision-influencing and poate clasifica n dou mari categorii: informaie decision-facilitating information for control contabil financiar i informaie contabil de [1]. Accounting information in an enterprise gestiune. Informaia contabil financiar este can be classified into two broad categories:
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destinat utilizatorilor externi, cum sunt investitorii, salariaii, creditorii, guvernul sau publicul larg i este desemnat prin situaiile financiare de sintez sau, pe scurt, situaiile financiare. Anual, administratorii ntreprinderilor trebuie s ntocmeasc un set de situaii financiare n form standardizat, compus din: bilan, cont de profit i pierdere, situaia modificrilor capitalului propriu, situaia fluxurilor de trezorerie i politici contabile i note explicative la acestea. Informaia contabil de gestiune este destinat utilizatorilor interni, respectiv conducerii ntreprinderii. Aceast informaie este nestandardizat, adesea nemonetar, i cuprinde informaii privind costul unitar al produselor, comportamentul costurilor relativ la volumul activitii sau profitabilitatea pe produs. Rapoartele sunt naintate conducerii la intervale de timp scurte - lunar, sptmnal sau zilnic - i se circumscriu unor subdiviziuni ale ntreprinderii, numite centre de responsabilitate sau de profit [3]. Un sistem informaional bine organizat n domeniul financiar care are n coninutul su indicatori relevani pentru manageri, calculai pe baza unor informaii corecte i reale, dobndete un rol tot mai important, att pentru ntreprinderea n cauz, ct i pentru partenerii si de afaceri. n plus, indicatorii rezultai din analiza financiar vor servi la elaborarea unui diagnostic de rentabilitate, de risc i de valoare [10]. 2. Utilizatorii informaiilor contabile Utilizatorii situaiilor financiare ntocmite potrivit prezentelor reglementari includ investitorii actuali i potentiali, personalul angajat, creditorii, furnizorii, clienii, instituiile statului i alte autoriti, precum i publicul. Acetia utilizeaz situaiile financiare pentru a-i satisface o parte din necesitile lor de informaii. n funcie de prile interesate, necesitile de informaii pot include urmtoarele [9]: a) Investitorii. Ofertanii de capital purttor de risc i consultanii lor sunt preocupai de riscul inerent tranzaciilor i de rentabilitatea investiiilor lor. Ei au nevoie de informaii pentru 245

financial accounting information and management accounting information. Financial accounting information is intended for external users such as investors, employees, creditors, government or general public and is designated by the summary financial statements or summarized financial statements. Annually, business managers should prepare a set of financial statements in standard form, consisting of: balance, profit and loss account, statement of changes in equity, cash flow statement and accounting policies and explanatory notes thereto. Management accounting information is for internal users, namely the management. This information is non-standard, often monetary, and includes information on unit cost of products, cost behavior relative to business volume or profitability of the product. Reports are submitted to management at short intervals monthly, weekly or daily and are confined to the business divisions, called responsibility or profit centers [3]. A well-organized financial information that has in its content relevant indicators for managers, calculated on the basis of accurate and real informations, acquires an increasingly important role for both undertaking and its business partners. In addition, the resulting indicators of financial analysis will serve to develop a diagnostic yield of risk and value [10]. 2. The information users of accounting

Users of financial statements prepared under these regulations include current and potential investors, employees, creditors, suppliers, clients, state institutions and other authorities, and the public. They use financial statements to satisfy some of their information needs. According to the stakeholders, information needs may include the following [9]: a) Investors. Risk-bearing equity bidders and their advisers are concerned about the risk inherent in trading and profitability of their investments. They need information to

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a decide dac ar trebui s cumpere, s pstreze sau s vnd instrumente de capital. Acionarii sunt interesai i de informaii care le permit s evalueze capacitatea entitii de a plti dividende. b) Angajaii. Personalul angajat i grupurile sale reprezentative sunt interesai de informaii privind stabilitatea i profitabilitatea angajatorilor lor. Acetia sunt interesai i de informaii care le permit s evalueze capacitatea entitii de a oferi remuneraii, pensii i alte beneficii de pensionare, precum i oportuniti profesionale. c) Creditorii. Creditorii sunt interesai de informaii care le permit s determine dac mprumuturile acordate i dobnzile aferente vor fi rambursate la scaden. d) Furnizorii i ali creditori. Furnizorii i ali creditori sunt interesai de informaii care le permit s determine dac sumele care le sunt datorate vor fi pltite la scaden. Furnizorii i ali creditori sunt, n general, interesai de entitate pe o perioad mai scurt dect creditorii, cu excepia cazului n care ei sunt dependeni de continuitatea activitii entitii, atunci cnd aceasta este un client major. e) Clienii. Clienii sunt interesai de informaii despre continuitatea activitii unei entiti, n special atunci cnd au o colaborare pe termen lung cu entitatea respectiv sau sunt dependeni de ea. f) Instituiile statului i alte autoriti. Instituiile statului i alte autoriti sunt interesate de alocarea resurselor i implicit de activitatea entitilor. Acestea solicit informaii pentru a reglementa activitatea entitilor, pentru a determina politica fiscal i ca baza pentru calculul venitului national i al altor indicatori statistici similari. g) Publicul. Entitile pot afecta publicul n diferite moduri. De exemplu, entitile pot avea o contribuie substanial la economia local n multe moduri, mai ales prin numrul de angajai i colaborarea cu furnizorii locali. Situaiile financiare pot ajuta publicul furniznd informaii referitoare la evoluiile recente i tendinele legate de prosperitatea entitii i a sferei de activitate a acesteia. Dei nu toate necesitile de informaie ale utilizatorilor pot fi satisfcute de situaiile 246

decide if they should buy, keep or sell equity instruments. Shareholders are also interested in information that allow them to assess the entity's ability to pay dividends. b) Employees. Staff and their representative groups are interested in information on the stability and profitability of their employers. They are also interested in information that allows them to assess the entity's ability to provide remuneration, pensions and other retirement benefits, and professional opportunities. c) Creditors. Creditors are interested in information that allow them to determine whether loans and interest will be repaid at maturity d) Suppliers and other creditors. Suppliers and other creditors are interested in information that allows them to determine whether what they are owed will be paid at maturity. Suppliers and other creditors are generally interested in the entity on a shorter period than lenders, unless they are dependent on the continuity of the entity when it is a major customer. e) Customers. Customers are interested in information about an entity business continuity, especially when they have a longterm cooperation with the respective entity or are addicted to it. f) Institutions and other state authorities. State institutions and other authorities are concerned about the allocation of resources and activities of entities default. They require information to regulate the activities of entities to determine fiscal policy and the basis for calculating national income and other statistical indicators like. g) Public. Entities may affect the public in various ways. For example, entities may have a substantial contribution to the local economy in many ways, especially by the number of employees and working with local suppliers. Financial statements can help the public by providing information about recent developments and trends related prosperity entity and its sphere of activity. Although not all information needs of users can be satisfied by general purpose financial statements, there is information that

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financiare cu scop general, exist informaii care can interest all users. Use of information by pot interesa toi utilizatorii. Utilizarea financial analysts refer to four key issues [5]: growth prospects of the economy is based informaiei de ctre analitii financiari se refer on future expectations, regarding the la patru aspecte cheie [5]: economy as a whole, industry and society perspectivele de cretere ale economiei se generally considered, in particular paying bazeaz pe ateptrile viitoare, n ceea ce attention to the factors that most influence privete economia, ca ntreg, industria n on expected future performance (profit, general i societatea analizat, n particular dividend and share price) acordndu-se atenie deosebit factorilor significant factors in the financial market, care au cea mai mare influen asupra with the emphasis on identifying factors performanelor viitoare ateptate (profitul, that influence the company's position in the dividendul i preul aciunii); market; factorii semnificativi ai pieei financiare, investment parameters being taken into accentul punndu-se pe identificarea account dividends and the market price in factorilor care influeneaz poziia conjunction with acceptable risk; ntreprinderii pe pia; investment strategy, which parametrii de investiii, fiind luate n recommendations to invest short term or considerare dividendele i preul pieei n long term average based on two aspects: conjuncie cu riscul acceptat; expectations of share price behavior and strategii de investiii, unde recomandrile de timing in relation to company performance. a investi pe termen scurt, mediu sau lung au la baz dou aspecte: ateptrile n comportamentul preului aciunilor i 3. Qualitative characteristics of sincronizarea n ceea ce privete accounting information performanele ntreprinderii. When analyzing a company's overall 3. Caracteristicile calitative ale efficiency is particularly important information such as quantity and quality of existing informaiilor contabile financial accounting system at a time of n analiza eficienei globale a unei economic enterprise, preferably at analytical ntreprinderi este deosebit de important levels [4]. Qualitative characteristics are cantitatea i calitatea informaiilor de natur attributes that determine the usefulness of financiar-contabil existent la un moment dat n information provided by financial statements. sistemul ntreprinderii economice, de preferin The four principal qualitative characteristics la nivele din ce mai analitice [4]. Caracteristicile are understandability, relevance, reliability and calitative sunt atributele care determin utilitatea comparability [9]: informaiei oferite de situaiile financiare. Cele patru caracteristici calitative principale sunt a) Intelligibility. An essential quality of inteligibilitatea, relevana, credibilitatea i information provided by financial statements is that they should be easily understood by users. comparabilitatea [9]: a) Inteligibilitatea. O calitate esenial a To this end, it is assumed that users have informaiilor furnizate de situaiile financiare sufficient knowledge of business and economic este aceea c ele trebuie s fie uor ntelese de activities, the accounting concepts and their utilizatori. n acest scop, se presupune c desire to study the information with due utilizatorii dispun de cunotine suficiente attention. However, information on complex privind desfurarea afacerilor i a activitilor problems that should be included in financial economice, de noiuni de contabilitate i au statements because of their relevance in dorina de a studia informaiile prezentate, cu making economic decisions should not be atenia cuvenit. Totui, informaiile asupra unor excluded solely on the ground that might be probleme complexe, care ar trebui incluse n too difficult to understand for some users.
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situaiile financiare datorit relevanei lor n luarea deciziilor economice, nu ar trebui excluse doar pe motivul c ar putea fi prea dificil de nteles pentru anumii utilizatori. b) Relevana. Pentru a fi utile, informaiile trebuie s fie relevante pentru luarea deciziilor de ctre utilizatori. Informaiile sunt relevante atunci cnd influeneaz deciziile economice ale utilizatorilor, ajutndu-i pe acetia s evalueze evenimente trecute, prezente sau viitoare, s confirme sau s corecteze evalurile lor anterioare. Relevana informaiei este influenat de natura sa i de pragul de semnificaie. n anumite cazuri, natura informaiei este suficient, prin ea nsi, pentru a determina relevana sa. n alte cazuri, att natura, ct i pragul de semnificaie sunt importante. n ntelesul prezentelor reglementri, se consider c o informaie este semnificativ dac omisiunea sau prezentarea sa eronata poate influena deciziile economice ale utilizatorilor, luate pe baza situaiilor financiare anuale. n analiza semnificatiei unui element sunt luate n considerare marimea si/sau natura omisiunii sau a declaratiei eronate judecate n contextul dat. c) Credibilitatea. Pentru a fi util, informaia trebuie s fie i credibil. Informaia este credibil atunci cnd nu conine erori semnificative, nu este prtinitoare, iar utilizatorii pot avea ncredere c reprezint corect ceea ce i-a propus s reprezinte sau ceea ce se astepta, n mod rezonabil, s reprezinte. Pentru a fi credibil, informaia trebuie s reprezinte cu fidelitate tranzaciile i alte evenimente pe care aceasta fie i-a propus s le reprezinte, fie este de ateptat, n mod rezonabil, s le reprezinte. Pentru ca informaia s prezinte credibil evenimentele i tranzaciile pe care i propune s le reprezinte, este necesar ca acestea s fie contabilizate i prezentate n concordana cu fondul i realitatea lor economic, i nu doar cu forma lor juridic. De asemenea, pentru a fi credibil, informaia cuprins n situaiile financiare trebuie s fie neutr, adic lipsita de influene. Situaiile financiare nu sunt neutre dac, prin selectarea i prezentarea informaiei, influenteaz luarea unei decizii sau formularea unui raionament pentru a realiza un rezultat sau un obiectiv predeterminat. n exercitarea raionamentelor necesare pentru a face estimrile 248

b) Relevance. To be useful, information must be relevant to decisions by users. Information is relevant when influence economic decisions of users, and helping them to evaluate past events, present or future, to confirm or correct their previous evaluations. Information relevance is influenced by nature and materiality. In some cases, the nature of the information is sufficient by itself to determine its relevance. In other cases, both the nature and materiality are important. The purpose of these regulations, shall be deemed a failure if significant information is inaccurate or presentation may influence the economic decisions of users taken on the annual financial statements. In analyzing the significance of an item are taken into account size and / or nature of omission or false statement heard in context. c) Reliability. To be useful, information must also be credible. Information is credible when it does not contain significant errors, not biased, and users can be confident that what is right, and wanted to represent what is expected or reasonably to represent. To be credible, the information must represent faithfully the transactions and other events and it is proposed to represent them or are expected, reasonably, to represent them. For present credible information on events and transactions which aims to represent them, they need to be recorded and presented in accordance with their substance and economic reality, and not just their legal form. Also, to be credible, the information contained in financial statements must be neutral, meaning the lack of influence. Financial statements are not neutral if, by selecting and presenting information, influence a decision or formulate a rationale to achieve a predetermined result or objective. In exercise of reasoning required to make estimates required under conditions of uncertainty, it is necessary to incorporate a degree of caution, so that assets and income are not overstated and liabilities and expenses are not understated. To be credible, the information in financial statements must be complete. An omission can cause information to be false or misleading and thus have no credible character and become

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cerute n condiii de incertitudine, este necesar includerea unui grad de precauie, astfel nct activele i veniturile s nu fie supraevaluate, iar datoriile i cheltuielile s nu fie subevaluate. Pentru a fi credibil, informaia din situaiile financiare trebuie s fie complet. O omisiune poate face ca informaia s fie fals sau s induc n eroare i astfel s nu mai aib caracter credibil i s devin defectuoas din punct de vedere al relevanei. d) Comparabilitatea. Utilizatorii trebuie s poat compara situaiile financiare ale unei entiti n timp, pentru a identifica tendinele n poziia financiar i performanele sale. Utilizatorii trebuie s poat compara situaiile financiare ale diverselor entiti, pentru a le evalua poziia financiar i performana. Astfel, msurarea i prezentarea efectului financiar al acelorai tranzacii i evenimente trebuie efectuate ntr-o manier consecvent n cadrul unei entiti i de-a lungul timpului pentru acea entitate i ntr-o manier consecvent pentru diferite entiti. Nevoia de comparabilitate nu trebuie confundat cu simpla uniformitate i nu trebuie s devin un impediment n introducerea de politici contabile mbuntite. Nu este indicat pentru o entitate s continue s evidenieze n contabilitate, n aceeai manier, o tranzacie sau un alt eveniment dac politica adoptat nu menine caracteristicile calitative de relevan i credibilitate. Nu este indicat pentru o entitate si lase politicile contabile nemodificate atunci cnd exist alternative mai relevante i mai credibile. Pentru ca informaia s fie relevant i credibil, sunt necesare urmtoarele: informaia s fie oportun pentru luarea deciziilor de ctre utilizatori; beneficiile de pe urma informaiei s depeasc costul acesteia; s se stabileasc un echilibru ntre caracteristicile calitative ale informaiei financiare.

deficient in terms of relevancy. 1. d) Comparability. Users must be able to compare financial statements of an entity over time to identify trends in its financial position and performance. Users must be able to compare financial statements of different entities to evaluate their financial position and performance. Thus, measuring and presenting financial effect of the same transactions and events should be performed in a consistent manner within an entity and the time for that entity and in a consistent manner for different entities. Need for comparability should not be confused with mere uniformity and should not become an impediment to the introduction of improved accounting policies. It is not indicated for an entity to continue to highlight the accounts in the same manner, a transaction or other event if the policy adopted doesnt maintain the quality characteristics of relevance and credibility. It is not indicated for an entity to leave their accounting policies unchanged when there are more relevant and more reliable alternative. For information to be relevant and credible, the following are necessary: information be timely for decision making by users; benefits from information exceed its cost; to establish a balance between qualitative characteristics of financial information 4. Financial analysis of accounting information and economic efficiency of investment

Financial analysts take raw information and turns into another type of information that reflects their ability to understand, synthesize and interpret information as its feedstock. Specifically, they performed three types of activities relating to information: seeking private information that 4. Analiza financiar a informaiilor are not publicly available; contabile i eficiena economic a investiiei analysis, processing and Analitii financiari preiau informaia interpretation of information for brut i o transform ntr-un alt tip de informaie, forecasting (predictive
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care reflect capacitatea lor de a nelege, sintetiza i interpreta informaia n calitatea ei de materie prim. n mod concret, ei realizeaz trei tipuri de activiti referitoare la informaie: cutarea de informaii private, care nu sunt disponibile publicului; analiza, procesarea i interpretarea informaiilor n scopul previziunii (analiza predictiv); analiza performanelor trecute (analiza retrospectiv). Observm c relaia lor cu informaia contabil nu este una simpl. Pe de o parte, informaia contabil reprezint un factor de producie pentru analiti iar, pe de alt parte, aceeai informaie reprezint, pe pia, un produs competitiv pentru rapoartele de analiz. Analiz financiar (de asemenea, menionata ca analiza situaiei financiare sau de analiz contabil) se refer la o evaluare a viabilitii, stabilitaii i profitabilitaii unei afaceri, sub afaceri sau proiect. Analiza reprezint o metod de cercetare statistic bazat pe descompunerea unui fenomen sau a unei activiti n prile sale componente, n scopul unei mai bune cunoateri a acestora. Ca o activitate corelativ, din punct de vedere statistic, apare sinteza care presupune reunirea prilor sau a elementelor i examinarea lor ntr-un ansamblu unitar. Analiza economico-financiar studiaz, utiliznd un ansamblu de concepte, tehnici i instrumente [8] activitile sau fenomenele din punct de vedere economico-financiar, respectiv din punct de vedere al consumului de resurse i al rezultatelor obinute, foarte important fiind luarea n considerare a relaiilor structuralfuncionale i a celor de cauz-efect. Analiza economico-financiar este o activitate complex dat fiind multitudinea relaiilor structuralfuncionale i complexitatea relaiilor cauzefect ce pot aprea n economie. Astfel: un efect sau fenomen economic poate reprezenta rezultatul aciunii mai multor cauze sau elemente diferite; o singur cauz sau un singur factor poate genera efecte multiple i diferite; efecte sau fenomene diferite se pot combina dnd o rezultant a complexului de aciuni i fore; 250

analysis): analysis of past performance (retrospective analysis). We notice that their relationship is not a simple accounting information. First, accounting information is an input for analysts and, secondly, the same information is on the market a competitive product analysis reports. Financial analysis (also referred to as financial statement analysis or accounting analysis) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. Analysis is a statistical research method based on the decomposition of a phenomenon or activity in its parts, in order to improve their knowledge. As a corresponding activity, statistically speaking, is the synthesis which involves bringing together parts or elements and examine them in one integrated package. Financial and economic analysis studies, using "a set of concepts, techniques and tools" [8] activities or phenomena in terms of economic and financial, that in terms of resource consumption and outcomes, is very important considering the functional and structural relationships and those effects. Financial and economic analysis is a complex task given by the multitude of functional and structural relationships and the complexity effect relationships that may arise in the economy. Thus: an effect or economic phenomenon may be the result of several causes of action or different elements; one issue or one single factor can generate multiple and different effects effects or different phenomena may be combined giving a complex of actions and resultant forces; case characteristics may reflect the complexity, intensity, as well as in the examination of the phenomenon; examined phenomenon may have characteristics or new features nonexistent in items or

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caracteristicile cauzei se pot reflecta n complexitatea, intensitatea, dar i n calitatea fenomenului analizat; fenomenul analizat poate avea caracteristici sau nsuiri noi, inexistente n elementele sau cauzele care l-au generat. Analiza financiar se poate efectua, fie pe baza bilanului, fie pe baza contului de rezultate, modaliti pe care le vom dezvolta ulterior. Indiferent de formele sub care se desfoar, analiza financiar pornete de la efectele obinute i se ndreapt ctre eforturile depuse. Aadar, drumul pe care-l parcurge analiza reprezint inversul evoluiei reale a fenomenului financiar. De asemenea, analiza financiar se deruleaz ntr-o succesiune de etape, care i asigurun caracter complet i tiinific. Aceste etape sunt urmtoarele [6]: delimitarea obiectului analizei care presupune constatarea anumitor fapte, fenomene, rezultate; delimitarea obiectului se face n timp i spaiu, cantitativ i calitativ, utiliznd anumite metode de evaluare i calcul; determinarea elementelor, factorilor i cauzelor fenomenului studiat. Descompunerea n elemente presupune o analiz structural. Factorii se stabilesc n mod succesiv, trecnd de la cei cu aciune direct la cei cu aciune indirect, pn la stabilirea cauzelor finale, pe baza principiului descompunerii n trepte. Se poate spune c eficiena economic, n general, apare ca o proprietate a aciunii umane de a produce efecte nete pozitive, ca expresie a raportului efect util/ efort fcut pentru obinerea lui. O expresie la modul general a eficienei economice este dat de relaia dintre efectele utile obinute dintr-o anumit activitate economic i cheltuielile, adic eforturile, realizate n activitatea respectiv. E = Efect Efort, E > 0, sau Eficiena economic = Efect / Efort maxim, adic maximizarea efectelor, Eficiena economic = Efort / Efect minim, adic minimizarea eforturilor. Este evident faptul c pentru a obine o rentabilitate superioar la nivelul ntregii activiti economice, o ntreprindere trebuie s-i 251

cases which have generated it. Financial analysis can be performed either on the balance sheet or on account of the results, and we will develop later. Regardless of the forms it takes place, the financial analysis is based on the effects that are produced and directs their efforts. So, path through which analysis goes is the inverse of the actual evolution of financial phenomenon. Also, financial analysis is carried out in a succession of steps, which ensures a complete and scientific character. These steps are [6]: delimits of the scope of analysis that involves finding of certain facts, events, results, delineation of the object is in space and time, quantitatively and qualitatively, using specific assessment methods and calculation; elements determination, factors and causes of the phenomenon studied. Decomposition of the elements requires a structural analysis. Factors are determined in turn, moving from those with direct action to those with indirect action, pending the final causes, on the basis of decomposition steps. One can say that efficiency generally appears as a property of human action to produce positive net effect, as an expression of the ratio effectiveness / effort made to obtain it. An expression in general economic efficiency is given by the useful effects obtained in some economic activity and expenditure, that means efforts made in that activity. E = Effect - effort, E> 0, or Economic efficiency = Effect/maximum effort, meaning maximizing the effects Economic efficiency = effort / minimal effect, meaning minimization efforts. It is clear that to achieve superior returns across economic activities, a company can maximize its economic function of profits, and minimize economic costs function [4]. Rating actions are made from corporate

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maximizeze funcia economic a profitului, i financial results in recent years and its future s-i minimizeze funcia economic a costurilor prospects. For the evaluation is calculated a [4]. number of indicators such as: Evaluarea aciunilor se face pornind de la Dividend per share (DS) calculated by comparing the rezultatele financiare nregistrate de firm n amount distributed as dividends ultimii ani i perspectivele de viitor ale acesteia. (D) on the number of shares Pentru realizarea evalurii se calculeaz o serie (NS) de indicatori cum ar fi: dividendul pe aciune (Da) calculat prin raportarea sumei distribuite ca dividende D (1) DS = (D) la numrul aciunilor (Na): CNS
Da = D (1) Na

action efficiency () which takes into account any increase in the stock:

randamentul unei aciuni () care ine seama i de eventuala cretere a cursului DS + C1 C 0 = 100 (2), where: aciunilor: C0 Da + C1 C0 = 100 (2), unde: C0 DS is the dividend per share distributed; Da este dividendul pe aciune distribuit; C1 -Course of action at the time t1 ; C1 cursul aciunii la momentul t1 ; C0 - Course of action at the time t 0 . C0 cursul aciunii la momentul t 0 . dividend rate (d) shows the rata de distribuire a dividendelor (d) care percentage of profit to be arat procentul din profitul exerciiului ce distributed to shareholders: se distribuie acionarilor: net dividends (3) d= Dividende nete net profit (3) d= Pr ofit net earnings per share (ES) shows profitul pe aciune (Pa) arat mbogirea the theoretical enrichment of teoretic a acionarului pe parcursul unui shareholders in a year: an: current income (4) ES = Pr ofit curent Number of shares (4) Pa = Numar actiuni market capitalization ratio coeficientul de capitalizare bursier (PER) is expressed as a ratio of (PER) se exprim ca raport ntre cursul the stock (V) and earnings per aciunilor (V) i profitul pe aciune (Pa) share (ES) and show how many i arat ci ani sunt necesari pentru a years are needed to cover the putea acoperi valoarea ntreprinderii din value of company profits: profit: V (5), where: PER = V ES (5), unde: PER = Pa V - valoarea de pia a aciunii; V= market value of the action; Pa - profitul pe aciune. ES is earnings per share.
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Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr. 4/2010

Liquidity is the proportion of shares traded in over the total shares issued and outstanding: Lichiditatea reprezint proporia aciunilor tranzacionate ntr-o perioad n totalul aciunilor emise i aflate n circulaie:
L= Numar de actiuni tranzactio nate int ro perioa Numar total de actiuni L= Number of shares traded in one period ( Total number of shares

6) PBR (price to book ratio)- is the coefficient which measures the ratio of market value and book value of equity:

(6)

PBR (price to book ratio) - reprezint exchange rate market capitalization ( coeficientul care msoar raportul dintre PBR = = valoarea de pia i valoarea contabil a Equity per share equity acounting capitalurilor proprii: 7)
PBR = Curs bursier Capitalizabursiera (7) re = Capital propriu actiune Capitaluri per proprii contabi

Conclusions Information in general and accounting in particular are experiencing a change in the sphere of interest in terms of current economic turmoil. Develop the right decisions, which are consistent with reality and contribute to solving problems arising in the company's financial and economic activity is dependent on the quality and quantity of information provided by the Economic Information System. Accounting information has vital role and in this way can be made a number of reasons, such as vast majority of information conveyed in a savings accounts are likely accounting; Offers an accurate representation of processes and economic phenomena and; have the greatest degree of certainty; Characterize the size and value of streams that are generated in the process of social reproduction both at micro and macro. Performance of an investment is related to the quality of accounting and financial information reflects the reality of a transaction or transactions of securities. Current and potential investors are constantly evaluating publicly traded companies in order to make the best decisions that bring them benefits and to satisfy their present and future interests. Investment decision can be made on the following analysis of the capital market but also in terms of financial analysis based on

Concluzii Informaiile n general, i cele contabile n special, cunosc o schimbare continu a sferei de interes n condiiile turbulenelor economice actuale. Elaborarea unor decizii corecte, care s fie n concordan cu realitatea i s contribuie la soluionarea problemelor aprute n activitatea economico-financiar a ntreprinderii, este dependent de calitatea i cantitatea informaiilor furnizate de sistemul informaional economic. n cadrul acestuia, informaia contabil deine rolul esenial, iar n acest sens pot fi aduse o serie de argumente, precum: marea majoritate a informaiilor vehiculate n cadrul unei economii sunt de natur contabil; ofer posibilitatea unei reprezentri exacte a fenomenelor i proceselor economice; au gradul cel mai ridicat de certitudine; caracterizeaz mrimea i valoarea fluxurilor ce iau natere n cadrul procesului reproduciei sociale att la nivel micro, ct i macroeconomic. Performana unei investiii este legat de calitatea informaiei financiar contabile i de de imaginea fidel asupra realitii unei operaiuni sau tranzacii de valori mobiliare. Investitorii actuali i poteniali evalueaz n permanen ntreprinderile cotate la bursa cu scopul de a lua cele mai bune decizii care s le aduc beneficii i s le satisfac interesele prezente i viitoare. 253

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

Decizia de investiii poate fi luat ca urmare a analizei pieei de capital dar i din perspectiva analizei financiare pe baza informaiei contabile. Cunoaterea i utilizarea informaiilor contabile relevante pentru ntreprindere constituie materia prim fundamental n luarea tutror deciziilor manageriale i de investiii pe pieele de capital. Utilizatorii informaiei contabile actioneaz, opereaz i iau decizii n mod constant, utiliznd i ntelegnd informaiile contabile furnizate de situaiile financiare. Informaia contabil poate fi cel mai bun prieten al investitorului actual i potencial dac este utilizat i ineleas cum trebuie. Bibliografie [1] Baiman, S., Agency research in managerial accounting: A survey. Journal of Accounting Literature 1. 1982, p. 154-213. [2] Burja, C., Eficiena investiiilor financiare, Available at: http://www.oeconomica.uab.ro/upload/lucrari/82 0063/15.pdf, [Accessed 20 March 2010], 2008; [3] Caraiani, C., Bazele contabilitatii, Editura Infomega, Bucureti, 2005, p.3; [4] Crecan, C., Rentabilitatea ntreprinderilor mici i mijlocii, Editura Economic, Bucureti, 2000, p.28-29; [5] Feleag, L., Feleag, N., Contabilitate financiar, o abordare european i internaional, vol. I, Editura Infomega, Bucureti, p.60: [6] Ifnescu, A.; Stnescu, C.; Bicui, A., Analiza economicofinanciar; editura Economic; Bucureti, 1999, p.17; [7] Merchant, K.A., Control In Business Organizations. Marshfield, Ma.: Pittman Publishing Inc., 1985; [8] Niculescu, M., Diagnostic global strategic : vol. 1 : Diagnostic economic Editura Economica, 2003, p.22; [9] Ordin MFP nr. 3055/2009, pentru aprobarea Reglementarilor contabile conforme cu directivele europene [10] Stancu, I., Finane; Editura Economic; Bucureti, 20002, p. 779; [11] Tiessen, P., Waterhouse, J.H., Towards a descriptive theory of management accounting. Accounting. Organizations and Society, 1983, p. 251-267. 254

accounting information. Knowledge and use of accounting information relevant to the enterprise is the fundamental raw material in making all management decisions and investment in capital markets. Users of accounting information act, operate and make decisions constantly, using and understanding accounting information provided by financial statements. Account information may be the best friend of current and potencial investor if is used and understood properly. REFERENCES: [1] Baiman, S., Agency research in managerial accounting: A survey. Journal of Accounting Literature 1. 1982, p. 154-213. [2] Burja, C., Eficiena investiiilor financiare, Available at: http://www.oeconomica.uab.ro/upload/lucrari/ 820063/15.pdf, [Accessed 20 March 2010], 2008; [3] Caraiani, C., Bazele contabilitatii, Editura Infomega, Bucureti, 2005, p.3; [4] Crecan, C., Rentabilitatea ntreprinderilor mici i mijlocii, Editura Economic, Bucureti, 2000, p.28-29; [5] Feleag, L., Feleag, N., Contabilitate financiar, o abordare european i internaional, vol. I, Editura Infomega, Bucureti, p.60: [6] Ifnescu, A.; Stnescu, C.; Bicui, A., Analiza economicofinanciar; editura Economic; Bucureti, 1999, p.17; [7] Merchant, K.A., Control In Business Organizations. Marshfield, Ma.: Pittman Publishing Inc., 1985; [8] Niculescu, M., Diagnostic global strategic : vol. 1 : Diagnostic economic Editura Economica, 2003, p.22; [9] Ordin MFP nr. 3055/2009, pentru aprobarea Reglementarilor contabile conforme cu directivele europene [10] Stancu, I., Finane; Editura Economic; Bucureti, 20002, p. 779; [11] Tiessen, P., Waterhouse, J.H., Towards a descriptive theory of management accounting. Accounting. Organizations and Society, 1983, p. 251-267.

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