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Q DFHVW VHQV DSDUH SUREOHPD DUELWUDMXOXL DGLF  D RS LXQLL vQWUH DOWHUQDWLYH VDu ntre variante,
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a) teoria portofoliului FUHDW  GH +HQU\ 0DUFRYLW] vQ DQLL

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b) modelul prH XOXL GH HFKLOLEUX SH SLD D ILQDQFLDU  HODERUDW GH :LOOLDP 6KDUSH L
publicat n articolul "A Simplified Model for Portofolio Analysis" (Management Science, vol. 9,
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Hill, 1970. Modelul lui Sharpe este cunoscut sub numele de modelul CAPM (Capital Asset
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te a portofoliilor de active. Acest risc

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de tip

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RS LXQL

(1973), pentru care s-a ncercat formularea unor principii de evaluare. De

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i arbitraj ntre

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constituirea (modalitatea de constituire) a capitalului social;

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4. Echilibrul financiar
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VXELHFWXO GH UHIHULQ

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Echilibrul financiar se poate determina static sau dinamic. n cazul "static" el este
UH]XOWDQWD VWRFXULORU GLVSRQLELOH OD PRPHQW GDW OD VXELHFWXO GH UHIHULQ
vQWUH FUHDQ H L GLVSRQLELOLW

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fie solvabil n peUVSHFWLY

solvabil.

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LPRELOL]DWH VDX DFWLYH IL[H U PkQkQG GLVSRQLELO SHQWUX DFRSHULUHD GLQ UHVXUVH SHUPDQHQWH D
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n care
capitalul permanent > activele imobilizate
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nui echilibru static, ntruct la baza

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interval dat de gestiune (anul, trimestrul) aceste "stocuri" sunt, n marea majoritate a cazurilor,
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 GH

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disponibilul de resurse temporare (necesarul < 0)

sau
nevoia de resurse temporare (necesarul >0),
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pe de o parte, fondul de rulmeQW FD VWRF L SH GH DOW

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fiecare din subintervalele de gestiune.

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al bugetului de stat, problema se pune n mod similar.

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veniturile bugetare sunt egale cu cheltuielile bugetare la nivelul anului bugetar, avem de a face
cu un HFKLOLEUX VWDWLF vQ VHQVXO F  DFHVWD YD FDUDFWHUL]D vQFKLGHUHD EXJHWXOXL OD ILQHOH DQXOXL 3H
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care "stocul" de venituri este insuficient

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bonurilor de tezaur emise pe perioade scurte (3 sau 6 luni de obicei), iar pentru plasamente
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geQHUDW

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5.

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finaQFLDUH PRGDOLW
financiare.

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3ROLWLFDILQDQFLDU vQPDFURHFRQRPLH este o parte a politicii generale a statului cu scopul

de a crea un cadru de utilizare a mijloacelor financiare pentru realizarea unor obiective de strategie
D GH]YROW ULL HFRQRPLFR-VRFLDOH $XWRULWDWHD GH UHIHULQ  HVWH vQ DFHVW FD] VWDWXO FDUH DF LRQHD] 
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Statul creHD]
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sau chiar politice. Multitudinea mijloacelor, tehnicilor, instrumentelor, procedeelor utilizate

conduce la particularizarea ctorva categorii de politici cum sunt: politica cheltuielilor publice,
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particularitatea de TXDVLRS LRQDOLWDWH pe care o au astfel de politici. Nu este vorba de faptul

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astfel. Aici apare particXODULWDWHD GH TXDVLRS LRQDOLWDWHD SROLWLFLLILQDQFLDUH OHJHD QX REOLJ
reinvestirea profitului n activitatea generatoare; cine vrea o face, cine nu nu .
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mprumut obligatar au caracter de resurse permanente spre deosebire de alte tipuri de resurse
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Problema modului de constituire a resurselor apare, de asemenea, la nivelul bugetului de
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fiscalLW

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nu vor putea fi folosite altfel, adiF

YRUIL

imobilizate n sau pentru acea activitate/utilizare.

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L GHFL QX SHQWUX VFRSXUL VSHFXODWLYH LPRELOL]DUHD

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SUHOXFUDW vQ YHGHUHD RE LQHULL XQXL SURGXVILQLW RDUHFDUH LPRELOL]DUHD utilizarea) este pe termen
scurt. De aici, s-DIRUPXODWSHQWUXDFWLYLWDWHDILQDQFLDU RUHJXO GHDXU":
-SHQWUXXWLOL] ULGHGXUDW VHUHFRPDQG DQWUHQDUHDXQRUUHVXUVHFXFDUDFWHUSHUPDQHQW
-SHQWUXXWLOL] ULWHPSRUDUHVHUHFRPDQG DQWUHQDUHDXQRUUHVurse cu caracter temporar.
d) Structura capitalului HVWH XQ FRQFHSW GH SROLWLF  ILQDQFLDU  FH YL]HD]  JUXSDUHD
FDSLWDOXOXL SH FRPSRQHQWH GXS  DQXPLWH FULWHULL 6XQW DYXWH vQ YHGHUH vQ SULQFLSDO XQ FULWHULX
SULYLQGWLSXULOHGHXWLOL] ULLXQFULWHULXSUL

vind tipurile de resurse.

'LQSXQFWXOGHYHGHUHDOXWLOL] ULORUVHDUHvQYHGHUHvQJHQHUDOFDSLWDOXOIL[LFDSLWDOXO

FLUFXODQW 6  SUHVXSXQHP R ILUP  OD GHEXWXO HL L DO F UHL FDSLWDO D IRVW FRQVWLWXLW SULQ DSRUWXO
DF LRQDULORUIRQGDWRULDGLF HVWHH

xclusiv capital propriu. Managerul general (ales de consiliul de

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GHFL]LH UHIHULWRDUH OD VWUXFWXUDUHD FDSLWDOXOXL SH FHOH GRX  FRPSRQHQWH PHQ LRQDWH Q OXDUHD

acHVWHLGHFL]LLH[LVW

LVXSRUWXORULHQWDWLYDOSURVSHFWXOXLGHVRFLHWDWHSHFDUHO

-a elaborat grupul

GH LQL LDWLY DGLF DFHLvQWUHSULQ] WRULFDUHV DXGHFLVV SURSXQ DIDFHUHDLFDUHDXSUH]HQWDW

o propunere privind obiectul ei, necesarul de capital

L FRQGL LLOH WHKQLFH vQ FDUH UHVSHFWLYXO

RELHFW VH SRDWH UHDOL]D DGLF  FH VSD LX HVWH QHFHVDU FH GRW UL FH PDWHULDOH FH SHUVRDQH FH

organizare etc. Conducerea nou-Q VFXWHL ILUPH YD GHFLGH DMXVWkQG HYHQWXDO SURSXQHULOH GH
prospect, cum vor fi folositH UHVXUVHOH GLVSRQLELOH FkW VH YD DWULEXL SHQWUX LPRELOL] ULOH IL[H
DFWLYHIL[HVDXFDSLWDOIL[LFkWVHYDDWULEXLSHQWUXDFWLYHOHFLUFXODQWHPDWHULLSULPHQHYRLGH
H[SORDWDUH L FRPHUFLDOH GLVSRQLELO E QHVF HWF QXPLWH IRQG GH UXOPHQW 5DWD DGLF  UDSRUWXO
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 D ILUPHL Q

DFHVW FD] VH SXQH FKHVWLXQHD GHWHUPLQ ULL PRGXOXL vQ FDUH UHVXUVHOH GLQ DXWRILQDQ DUH YRU IL
DORFDWHSHQWUXFUHWHUHDDFWLYHORUIL[HLSHQWUXFUHWHUHDIRQGXOXLGHUXOPHQW&UHWHUHDDFWLYHORU

fixe are repercusiuni privind:

- promovarea progresului tehnic: echipamente noi, mai performante, posibilitatea de a produce
produse noi sau superioare calitativ;
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SH FDUH OH RIHU  L DO DPELHQWXOXL FRQVWUXFWLY DUKLWHFWRQLF GH DPSODVDUH SH FDUH vO UHFHSWHD] 
WHU LLFXFDUHOXFUHD] FOLHQ LIXUQL]RULSURSULXOSHUVRQDOYL]LWDWRULDXWRULW

LHWF

- valorificarea prin plasamente (de portofoliu sau speculative) a eventualelor disSRQLELOLW

L

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FX FDUH V  VH SRDW  GHUXOD DFWLYLWDWHDH[LVWHQ D XQXL PLQLP GH GLVSRQLELOLW
RQRUDWH FHO SX LQ XQHOH SO

L FXFDUH V  SRDW  IL

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materiale auxiliare, ambalaje etc.)

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FRPSRQHQWD vPSUXPXWDW  D FDSLWDOXOXL XWLOL]DW $FHVW FULWHULX GHILQHWH VWUXFWXUD ILQDQFLDU  D
ILUPHL DVXSUD F UHLD YRP UHYHQL vQWU

-un subcapitol ulterior (cap. I.8). Referitor la componenta

vPSUXPXWDW  D FDSLWDOXOXL SROLWLFD ILQDQFLDU  DUH vQ YHGHUH SURFXUDUHD SULQ FUHGLWH EDQFDUH VDX
SULQDOWHUHVXUVHDWUDVHFUHGLWFRPHUFLDOREOLJD LLGHSODW SkQ ODGDWDRQRU ULLORUDPLMORDFHORU
GHILQDQ DUHQHFHVDUHVXV LQHULLDFWLYLW

LLILUPHL

e) Distribuirea profitului HVWUHR FRPSRQHQW

DSROLWLFLLILQDQFLDUH FDUHYL]HD] PRGXOvQ

FDUHHVWHXWLOL]DWSURILWXOQHW'HFL]LDVHUHIHU ODDOWHUQDWLYHOHGLYLGHQGHPDULVDXLQYHVWL LLPDUL

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este dat de rata dividendului (rd).

rd =
unde Div nVHDPQ

Div
VN

(2)

PDVDGLYLGHQGXOXLLDU91YDORDUHDQRPLQDO DDF LXQLL

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 DO XQHL DF LXQL GDU SH WHUPHQ OXQJ DSDUL LD XQRU

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UDW HIHFWLY DGLYLGHQGXOXLUHGLYvQVF GHUH

rediv =

Div
Ppa

(3)

XQGH'LYHVWHGLYLGHQGXOvQFDVDWLDU3SDSUH XOGHSLD

DODF LXQLL'LPHQVLXQHDUDWHLHIHFWLYHD

GLYLGHQGXOXLYDIDFH FDDF LXQLOHvQFDX] V GHYLQ PDLSX LQLQWHUHVDQWH FXDWkW PDLPXOWGDF 

DFHDVW  UDW  DU VFDGH VXE UDWD GREkQ]LL SLH HL $D FXP DWXQFL FkQG FkWLJXO UHODWLY UDWD
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 VH

manifesta o tendLQ

GHFUHWHUHDFHUHULLGLQUHVSHFWLYHOHDF LXQLSHVWHRIHUWDGHYkQ]DUHDORUWRW

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-L

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D

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nu are disponibil, tendin D PHQ LRQDW  FHUHUH-RIHUW  V-DU SXWHD DFFHQWXD L DU JHQHUD GLILFXOW L
FDUH DU SXWHD GHYHQL LQVXUPRQWDELOH SHQWUX ILUP  DGLF  IDOLPHQWXO L OLFKLGDUHD HL 'DF  DUH
GLVSRQLELOLvQFHSHV

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GDF 

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ILUPDYDLQWUDvQGLILFXOW

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rateLHIHFWLYHDGLYLGHQGXOXLHVWHV

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SLH HLDWXQFLVF GHUHDUDWHLHIHFWLYHDGLYLGHQGXOXLVHDWHQXHD] LSRDWHDSDUHFKLDURFUHWHUHD

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LOHVXQWGHS LWHLVLWXD L

a se poate stabiliza.

2 SROLWLF  GH LQYHVWL LL PDUL JHQHUHD]  QHPXO XPLUL DOH DF LRQDULORU GDWRULW  FkWLJXULORU
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L GLQ

FDX]D WHQGLQ HL DF LRQDULORU GH D L YLQGH DF LXQLOH GDU SH WHUPHQ OXQJ vQVHDPQ  FRQVROLGDUH

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6.

5HOD LLGHFUHGLW

Q OHJ WXU  FX FRQVWLWXLUHD PLMORDFHORU GH FDUH XQ vQWUHSULQ] WRU DUH QHYRLH SHQWUX D

ncepe sau derula o activLWDWH DP DU

WDW vQ GHEXWXO FDSLWDOXOXL , F   FHO PDL DGHVHD DFHVWD

GLVSXQHGRDUSDU LDOLDUXQHRULFKLDUGHORFGHPLMORDFHE QHWL3HQWUXDLOHSURFXUDHOLQWU vQ

UHOD LH FX DQXPL L SDUWHQHUL FHO PDL DGHVHD VSHFLDOL]D L FDUH DX SRVLELOLWDWHD V

-i SXQ

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JHQ GH UDSRUWXUL vQWUH DJHQ LL HFRQRPLFL VH LQFOXGH vQ VIHUD UHOD LLORU GH FUHGLW FRPSRQHQW  D
UHOD LLORUILQDQFLDUHvQVHQVXOFHOPDLODUJGHFXSULQGHUHDORU
5HOD LLOH GH FUHGLW VXQW UHOD LL E

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L E

QHWL vQ YHGHUHD

acoperirii unor nevoi temporare.

5HOD LLOH GH FUHGLW VH LQFOXG vQ VIHUD UHOD LLORU E QHWL LDU GLVSRQLELOLW

LOH FH IRUPHD] 

obiectul lor pot apare fie ca numerar, fie ca scriptural.

&DUDFWHULVWLFLOHUHOD LLORUGHFUHGLt sunt:
a) au caracter rambursabil DGLF  WUDQVIHUXO E QHVF HVWH WHPSRUDU 3DUWHD DJHQWXO F WUH
FDUHHVWHGLUHF LRQDWWUDQVIHUXOQXPLW debitor, poate utiliza mijloacele respective numai un timp
GDWGXS FDUHWUHEXLHV OHUHWXUQH]HFHOXLGHODFDUHLOe-a procurat. Partea, agentul dinspre care
HVWH GLUHF LRQDW WUDQVIHUXO QXPLW creditor HVWH SURSULHWDUXO GH IDSW L GH GUHSW DO UHVSHFWLYHORU
mijloace.
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temporar, de mLMORDFHOH E QHWL FH IDFH RELHFWXO UHOD LLORU GH FUHGLW HVWH UHPXQHUDW 'REkQGD
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vPSUXPXWLHVWHFRQVLGHUDW GHDFHHDFDXQFRVWDOFDSLWDOXOXLE QHVF3HQWUXQHFHVLW

LGHRUGLQ

SUDFWLF GDU L SHQWUX VXUSOXVXO GH H[SUHVLYLWDWH DFHVW FRVW VH H[SULP  GH UHJXO  VXE IRUP 
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UHIHULQ

DDFHVWXLFRVWV ILHFRQVLGHUDW DQX

l (365 de zile).

5HOD LLOHGHFUHGLWJHQHUHD] FUHGLWDUHDFDPRGGHILQDQ DUHDQHFHVDUXOXLGHUHVXUVH(VWH

o modalitate de constituire a necesarului de resurse financiare n completarea celor proprii, dar,

GH PXOWHRULFUHGLWXOUHSUH]LQW VLQJXUDVXUV GHILQDQ DUHDXQHL DIDFHUL VDXXQHLRSHUD LXQL'H
SLOG  SHQWUX ILQDQ DUHD XQHL LQYHVWL LL VH DSHOHD]  vQ PRG IUHFYHQW OD FUHGLW ([LVW  vQ SUDFWLFD
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participarH HVWH GH PXOWH RUL VLPEROLF

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-10- $FHDVW

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avantaje importante:

HYLW  LPRELOL]DUHD UHVXUVHORU ILQDQFLDUH SURSULL SH SHULRDGH

IUXFWLILF ULL ORU vQ VXV LQHUHD L GHUXODUHD DFWLYLW

ndelungate, oferind alternativa

LORU FDUH VH SUHFRQL]HD]  D VH HIHFWXD FX

RELHFWXOLQYHVWL LHL

GHSODVHD]  vQWU-R DQXPLW  P VXU  ULVFXO VSUH FUHGLWRU SURGXFkQGX-se o partajare a acestui
risc ntre iQYHVWLWRULFUHGLWRUXOOXL
7RWvQFDOLWDWHGHXQLF VXUV GHILQDQ DUHDSDUHFUHGLWXOLvQFD]XOFRQVWLWXLULLPLMORDFHORU

E QHWL SHQWUX DFRSHULUHD QHYRLORU GH ILQDQ DUH vQ SHULRDGHOH GH YkUI GH SHVWH DQ 9ROXPXO VDX
GLPHQVLXQHD XQHL DFWLYLW

L GH SURGXF LH GH H[HPSOX vQUHJLVWUHD]  SH SDUFXUVXO XQXL DQ YDULD LL

OXQDUH FXQLYHOHPHGLLXQQLYHOPLQLP LXQQLYHOPD[LP$FWLYHOHFLUFXODQWH QHFHVDUHUHIOHFW 

ILGHODFHVWH QLYHOHGHDFWLYLWDWHJHQHUkQGQHYRL GHUHVXUVHILQDQFLDUHGHQLYHOH FRUHVSXQ] WRDUH

$QJDMDUHD VLQJXODU  D UHVXUVHORU ILQDQFLDUH SURSULL SHQWUX DFRSHULUHD DFHVWRU QHYRL HVWH
FRQWUDSURGXFWLY 

WRFPDL

QHDQJDMDWHDGLF vQSOXVID

GDWRULW 

YDULDELOLW

LL

DFFHQWXDWH

D

DFHVWRUD

GHDFHVWHQHYRLDUILYDULDELOHGHODROXQ

5HVXUVHOH

SURSULL

la alta, crendu-le astfel

R DQXPLW  LQVWDELOLWDWH 3H GH DOW  SDUWH FDUDFWHUXO ORU SHUPDQHQW QX OH UHFRPDQG  SRWULYLW
UHJXOLL GH DXU YH]L  V  ILH DQWUHQDWH vQ XWLOL] UL WHPSRUDUH 'H DFHHD vQ SUDFWLF  DJHQ LL
HFRQRPLFL DQJDMHD]  PDL GH JUDE  U

esursele financiare proprii la nivelul mediu sau la nivelul

PLQLP GH DFWLYLWDWH L DSHOHD]  OD FUHGLWH FD VXUV  DOWHUQDWLY  GH ILQDQ DUH SHQWUX QHYRLOH FH
GHS HVFQLYHOXOGHDXWRILQDQ DUHDOHV
&RQGL LD HVHQ LDO  SHQWUX DSHODUHD L XWLOL]DUHD FUHGLW ULL

, ca mijloc de completare a

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DIHUHQW 6HSRDWHIRUPXODDVWIHORD

doua "UHJXO GHDXU":

- produsul generat de uzul unor resurse financiare neproprii (luate cu mprumut)

WUHEXLHV

ILHPDLPDUHGHFkWFRVWXODFHVWRUD

8QHOHFDUDFWHULVWLFLDOHUHOD LLORUGHFUHGLWGHILQHVFFULWHULLGHFODVLILFDUHSHQWUXFUHGLWH

n raport

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FDWHJRULL SH WHUPHQ VFXUW SH WHUPHQ PHGLX SH WHUPHQ OXQJ 'XUDWHOH GH WLPS FH LGHQWLILF 
DFHVWHWHUPHQHVXQWGLIHUHQ LDWHvQIXQF LHGHDOWHFDUDFWHULVWLFLDOHUHVSHFWLYHORUUHOD LL$VWIHOvQ

cazul creditului bancar pentru nevoi curente, termenul scurt este identificat prin durata de 1 la 90
]LOHWHUPHQXOPHGLXSULQGXUDWHvQWUHL ]LOHLDU WHUPHQXO OXQJSULQGXUDWHSHVWHDQQ
FD]XOFUHGLWXOXLGHLQYHVWL LLvQV GXUDWHOHVXQWSkQ ODDQSHQWUXWHUPHQXOVFXUWvQWUHL

-5

DQL SHQWUX WHUPHQXO PHGLX L SHVWH  DQL SHQWUX WHUPHQXO OXQJ $FHDVW  YDULDELOLWDWH D GXUDWHL
DSDUHvQPRGVSHFLILFLODDOWHFDWHJRULLGHFUHGLWH

n raport cu calitatea partenerilor FH LQWU  vQ UHOD LL GH FUHGLW FUHGLWHOH VH FODVLILF  vQ WUHL
mari categorii:
- FUHGLW EDQFDU vQ FDUH FUHGLWRU HVWH R LQVWLWX LH EDQFDU  LDU FRQGL LLOH GH FUHGLWDUH OH
IL[HD] FUHGLWRUXOQHJRFLHUHDORUILLQGRH[FHS LH

- credit public, n care debitor HVWHVWDWXOFDUHGHUHJXO IL[HD] FRQGL LLOHGHFUHGLWDUH

- FUHGLW FRPHUFLDO DFRUGDW vQWUH SDUWHQHULL GH DIDFHUL vQ FDUH FRQGL LLOH GH FUHGLWDUH OH
SURSXQHFUHGLWRUXOLGHUHJXO VXQWQHJRFLDWHvQWUHS U LXQDJHQWHFRQRPLFSRDWHDFRUGDFUHGLW

comercial n dubla sa calitate:

 vQ FDOLWDWH GH IXUQL]RUvQ FDUH FD] HO vL JHQHUHD]  R FUHDQ

 DGLF  R VXP  GH EDQL SH

FDUHRYDvQFDVDXOWHULRUGHODFOLHQWXOV X
vQFDOLWDWHGHFOLHQWvQFDUHFD]VHJHQHUHD] GHDVHPHQHDRFUHDQ

data aceasta, un avans pe care el l-DI

UHSUH]HQWkQGG

FXWXQXLDGLQIXUQL]RULLGHODFDUHDWHDSW XQIOX[PDWHULDO

YLLWRUXQORWGHSLHVHGHVFKLPERSDUWLG GHP UIXULROLYUDUHGHPDWHULLSULPHHWF

Un agent economic poate primi credit comercial n dubla sa calitate:

 vQ FDOLWDWH GH IXUQL]RU FkQG SULPHWH XQ DYDQV GH OD XQ FOLHQW vQ FRQWXO XQHL OLYU UL
XOWHULRDUHDVWIHOvQFkWHOvLFUHHD] RREOLJD LH
 vQ FDOLWDWH GH FOLHQW FkQG XQ IXUQL]RU DO V X DFFHSW  FD V  SULPHDVF  SODWD XOWHULRU
OLYU ULL HIHFWXDWH

generndu-VH DVWIHO SHQWUX DJHQWXO HFRQRPLF GH UHIHULQ

 R REOLJD LH GH SODW 

viitoare.

7. Prghia financiar-PRQHWDU

vQSROLWLFLOHJXYHUQDPHQWDOH

LQWHUYHQ LRQLVWH

Problema rolului ce revine componentelor financiar-PRQHWDUH vQ GHVI XUDUHD DFWLYLW LL
econoPLFHLVRFLDOHLFXSUHGLOHF LHvQFUHWHUHDHFRQRPLF DFRQVWLWXLWRELHFWGHVWXGLXSHQWUX
WRDWHFROLOHHFRQRPLFH/DvQFHSXWPLFDUHDDFHVWRUFRPSRQHQWHDIRVWSXV H[FOXVLYSHVHDPD
D FHHD FH WLLQ D HFRQRPLF  D QXPLW PkQD LQYL]LELO  DGLF  PHFDQLVPHOH SLH HL vQ SULQFLSDO
FRQFXUHQ D 8OWHULRU SH P VXUD FRQVROLG ULL RUJDQL] ULL VWDWDOH L D GLYHUVLILF ULLGH]YROW ULL
IXQF LLORU VWDWXOXL D IRVW SXV  WRW PDL LQVLVWHQW SUREOHPD LQWHUYHQ LHL VWDWXOXL vQ PHFDQLVPXO
HFRQRPLF $VWIHO FRDOD NH\QHVLVW  D IXQGDPHQWDW QHFHVLWDWHD XQHL LQWHUYHQ LL GH VXEVWDQ
SUHFL]DW LQFOXVLY PRGDOLW

 L D

LOH SULQFDUH R DVWIHO GH LQWHUYHQ LH VH SRDWH UHDOL]D FROLOH GHIDFWXU 

OLEHUDO V DXSURQXQ DWvQJHQHUDOFRQWUDLQWHUYHQ LRQLVPXOXLVWDWDOvQYLUWXWHDSULQFLSLXOXL

"laisser

IDLUH ODLVVHU SDVVHU $ERUG ULOH SRVWNH\QHVLVWH FULWLF  JOREDOLWDWHD VROX LLORU NH\QHVLVWH GH
LQWHUYHQ LHDGLF  IRUPXODUHD ORUODQLYHOXOHFRQRPLHL XQHL DULLQXDQ HD] RELHFWLYHPRPHQWH
VDX GRPHQLL DOH LQWHUYHQ LHL vQFHDUF  V  FRUHFWH]H VROX LLOH NH\QHVLVWH vQ FRQWH[WXO RSLQLHL
SULYLQG JOREDOL]DUHD HFRQRPLHL $VWIHO SkQ  vQ DQLL
 DX IRVW IRUPXODWH PRGDOLW

L GH

LQWHUYHQ LHGHWLSXOVWRSDQGJRVDXLQWHUYHQ LLFRQMXQFWXUDOH LQkQGGHPRPHQWXOHFRQRPLF

de starea n care se afl

HFRQRPLD LFDUH vQFHUFDX V  VFKLPEH VHQVXO LQWHUYHQ LHL IUkQDUH GDF 

HFRQRPLDVHvQFLQJHDVWLPXODUHGDF HFRQRPLDOkQFH]HDVDXV VWLPXOH]HIUkQH]HFHUHUHD

'LQDQLL
DXvQFHSXWV ILHIRUPXODWHLQWHUYHQ LLGHWLSXOPL[SROLF\DOF URUR

biectiv central

HVWHFRQWUROXOLQIOD LHL7RDWHDFHVWHLQRYD LLvQPDWHULHGHLQWHUYHQ LHVHED]HD] vQSULQFLSDOSH

DFHOHDL SkUJKLL ILQDQFLDU PRQHWDUH OD FDUH IDFH UHIHULQ

 L .H\QHV 'H H[HPSOX PL[ SROLF\

DSHOHD] ODP VXULGLIHUHQ LDWHPRQHWDUHLEXJHWDUHGLQWUHFDUHFHOHPRQHWDUHYL]HD] GLQDPLFD

SUH XULORU GLQDPLFD PDVHL PRQHWDUH HYROX LD UDWHL GREkQ]LL LDU FHOH EXJHWDUH GLQDPLFD
DFWLYLW

LLHFRQRPLFHVXSXV LQWHUYHQ LHLSULQSkUJKLLILVFDOHLYDPDOHLUHJOHPHQWDUHDVROGXOXL

bugetului,

DO F UXL HYHQWXDO GHILFLW V  ILH DFRSHULW QX SULQ HPLVLXQL PRQHWDUH FL SULQ FUHGLWH SH

SLH HOH ILQDQFLDUH SH SLD D PRQHWDU  SH SLD D GH FDSLWDO LQWHUQ  SH SLD D H[WHUQ  GH FDSLWDO Q
VIkULWvQMXUXODQXOXLDXDS UXWDERUG ULOHJUXSDWHvQWHRULDFUHWHULLHQGRJHQHFDUHPL]HD] 
SH YDOHQ HOH GH FUHWHUH DOH PHFDQLVPXOXL HFRQRPLF vQVXL GDU L DOH FRPSRQHQWHORU
QHHFRQRPLFH DOH PHFDQLVPXOXL  SULQ YDORULILFDUHD SRVLELOLW

LORU SH FDUH OH FUHHD]  SURJUHVXO

WHKQLFSLD DLVHJPHQWHOHHLHGXFD LDGRULQ DGHSURS LUHUHYROX LDLQIRUPDWLF 

Unele din primele conexiuni ntre indicatori sau parametri financiari-PRQHWDUL L FHL FH
FDUDFWHUL]HD] QLYHOXOGLQDPLFDLGH]YROWDUHDVDXFUHWHUHDHFRQRPLF DXIRVWIRUPXODWHvQF vQ
XUP FXFLUFDGHDQLGHUHSUH]HQWDQ LDLFROLLPHUFDQWLOLVWHVHF;9

-XVIII) cum au fost Th.

0DQ L :+6WRIIRUG vQ $QJOLD $OIUHG GH 0RQWFKUpWLHQ L -% &ROEHUW vQ )UDQ D 8]kQG GH
IRUPXO ULOH PRGHUQH FRQVDFUDWH GH PRGHODUHD HFRQRPLF  PRGHOXO FRQH[LXQLORU PHQ LRQDWH VH
SUH]LQW DVWIHO

IXQF LDFUHGLWXOXL

IXQF LDWUDQ]DF LLORU

IXQF LDGREkQ]LL

cu C> 0
cu T> 0
cu d < 0

C = C (M)
T = T (M)
d = d (M)

(4.1)
(4.2)
(4.3)

unde: C = volumul creditului;

M PDVDPRQHWDU 
T
YROXPXOWUDQ]DF LLORU
d = rata dobkQ]LLSUH XOEDQLORU
3kUJKLDPRQHWDU SULQFDUHVWDWXODUSXWHDLQWHUYHQLHVWHUDWDGREkQ]LLSHQWUXFDUH%DQFD
1D LRQDO  vQ FDOLWDWH GH UHDOL]DWRU DO SROLWLFLL PRQHWDUH D VWDWXOXL R SRDWH LQIOXHQ D SULQ QLYHOXO
WD[HL RILFLDOH D VFRQWXOXL 6HFYHQ HO

e de impact sugerate de modelul 4.1   VH GHUXOHD]

 SH

VHDPDVWLPXOXOXLLQL LDODOFUHWHULLUDWHLGREkQ]LLDVWIHO

d
unde

VHPQLILF RFUHWHUH VHPQLILF RUHGXFHUH

(5)

r
VHPQLILF  R FRQVHFLQ

 R LPSOLFD LH

LPSOLF RGHWHUPLQDUHGHWHUPLQ LDUUHVWHULWPXOFUHWHULLHFRQRPLFH2DVWIHOGHFRQH[LXQH

DF S WDWvQWLPSIRU
IRUPXODUHD

GHD[LRP LHVWHYDORULILFDW LD]LvQWHRULLOHHFRQRPLFHPRGHUQHFDLvQ

SROLWLFLORU

LQWHUYHQ LRQLVWH

vQ

YHGHUHD

VXV LQHULL

GH]YROW ULL

VDX

D

DWHQX ULL

componentelor degresive ale ciclului economic.

2 FRQWULEX LH GH DFHLDL DPSORDUH L LPSRUWDQ

 D[LRPDWL]DW  vQ HJDO  P VXU  R

UHSUH]LQW  UHOD LD OXL ,UZLQJ )LVKHU UHSUH]HQWDQW DO FROLL HFRQRPLH FODVLFH VHF ;9,,

-XIX)

UHIHULWRDUHODHFKLOLEUXOSLH HLPRQHWDUHFXQRVFXW VXEIRUPD

M*V=P*T
unde: M
V
P
T

(6)

PDVDPRQHWDU 
YLWH]DGHURWD LHDEDQLORU
QLYHOXOSUH XULORU
YROXPXOWUDQ]DF LLORU

LvQFDUHPHPEUXOVWkQJUHSUH]LQW RIHUWDGHEDQ

i, iar cel drept cererea de bani.

QWUHDJD

WHRULH

HFRQRPLF  SRVWFODVLF 

QHRFODVLF 

NH\QHVLVW 

QHRNH\QHVLVW 

HWF

YDORULILF  D[LRPD OXL )LVKHU FHO PDL DGHVHD vQ LSRWH]D XQHL RIHUWH GDW  GH EDQL SH FDUH R
XWLOL]HD]  FD SH XQ LQGLFDWRU GH QDWXU  PRQHWDU  SH FDUH VH vQWHPHLD]  LQWHUYHQ LL L SROLWLFL
PRQHWDUHJXYHUQDPHQWDOH$VWIHOGHH[HPSOXFRDODQHRFODVLF VHF;,;

- nceputul sec. XX) a

SURGXVPRGHOXOHFKLOLEUXOXLJHQHUDOGHSLD

DOSLH HLvQDQVDPEOXOHLLDOXQRUDGLQVHJPHQWHOH

acesteia), moGHO vQFDUH ED]HOHFRQGL LLORU HFKLOLEUXOXL JHQHUDO DXIRVWIRUPXODWH GH 0DULH (VSULW
/HRQ:DOUDVFHOPDLGHVHDP UHSUH]HQWDQWDODFHVWHLFROLLFDUHHVWHFHOGLQWkLFDUHDXWLOL]DW
vQ PRG VLVWHPDWLF vQ HFRQRPLH YDOHQ HOH L SRVLELOLW

LOH SH FDUH OH RIHU  PDWHPDWLFD 0RGHOXO

HFKLOLEUXOXL JHQHUDO vQ YDULDQWD FHD PDL FRPSOHW  SH FDUH D FRQFHSXW R FRDOD QHRFODVLF 

include:

IXQF LDGHSURGXF LH

IXQF LDGHRIHUW GHPXQF

IXQF LDGHLQYHVWL LL

IXQF LDGHHFRQRPLL

UHOD LDGHHFKLOLEUXJHQHUDO

n care: Y
ND
NS
w

UHOD LDGHHFKLOLEUXSHSLD DPXQFLL

echilibrul sectorului monetar

Y = Y (ND)
cu Y L< < 0
NS = NS (w/p)
cu NS 0
I = I (i)
cu I 0
S = S (i)
cu S 0
I=S
NS = ND
M = k p Y

(7.1)
(7.2)
(7.3)
(7.4)
(7.5)
(7.6)
(7.7)

SURGXVXOILQDOvQH[SUHVLHIL]LF 
FHUHUHDGHPXQF 
RIHUWDGHPXQF 
 VDODULXO XQLWDU XQLW

L PRQHWDUH SH XQLWDWHD GH PXQF  IRORVLW  vQ H[SULPDUHD

FHUHULLRIHUWHLGHPXQF 

p
QLYHOXOSUH XULORU
I
LQYHVWL LLOH
i = rata dobnzii;
S = economiile;
M PDVDPRQHWDU 
k = coeficient dHOLFKLGLWDWHFXYDORDUHDHJDO

FXLQYHUVXOYLWH]HLGHURWD LHDEDQLORU

)XQF LD GH SURGXF LH H[SULP  FRPSRQHQWD RIHUWHL SH SLD D EXQXULORU L VHUYLFLLORU L
SHUPLWH LQWURGXFHUHD FRQGL LHL GH SDUWLFLSDUH D SURGXFWRULORU SH DFHDVW  SLD

 UHVSHFWLY

maximizarea profitului scontat ( ):

max = max (p Y w ND)

(8)

SHQWUXFDUHVHSRDWHVFULHFRQGL LDGHRSWLP

d
= 0 N D = [Y ]1 ( w / p)
dN D

(8.1.)

unde Y este derivatD IXQF LHL GH SURGXF LH FX VHQVXO HFRQRPLF GH SURGXFWLYLWDWH PDUJLQDO  D
muncii), iar [ ]-1 VHPQLILF  LQYHUVD IXQF LH PDUFDW  FX VHPQXO SXQFW 'DU FRQGL LD  VH
RQE LQHRHFXD LHvQFDUHYDLUDELODHVWHZSFXVHQVXOHFRQRPLFGHVDODULXUHDOLFDUHUH]ROYDW 

FRQGXFH OD VROX LD GH RSWLP ILH ZS  DGLF  DFHO QLYHO DO VDODULXOXL UHDO FDUH DVLJXU  DWkW
PD[LPL]DUHD SURILWXOXL SURGXF WRULORU FkW L HFKLOLEUXO SH SLD D PXQFLL 'LQ  VH RE LQH

valoarea de echilibru pentru facWRUXOPXQF ILH1*), cu care se poate determina din (7.1) nivelul
de echilibru al produsului final (fie Y*5HOD LDHVWHRWUDQVIRUPDW DUHOD LHLOXL)LVKHU
vQ FDUH DYHP GHWHUPLQDW  DFXP SH VHDPD PRGHOXOXL QHRFODVLF DO HFKLOLEUXOXL JHQHUDO valoarea
GH HFKLOLEUX D SURGXVXOXL ILQDO Q DFHDVW  UHOD LH YDORDUHD FRHILFLHQWXOXL GH OLFKLGLWDWH HVWH vQ
JHQHUDO FXQRVFXW  ILLQG R FRQVWDQW  UHODWLY VWDELO  D XQHL HFRQRPLL DGLF  R YDORDUH D F UHL
GLQDPLF  HVWH PXOW PDL OHQW  GHFkW D FHORUODO L LQGLFDWRUL DL PRGHOXOXL L FDUH VH PRGLILF 

semnificativ pe intervale relativ lungi (2- DQL L PDL PXOW 3H VHDPD DFHVWRUD UH]XOWDWH L
LSRWH]H SRW IL LQWURGXVH SROLWLFL PRQHWDUH GH LQWHUYHQ LH FRQVWkQG vQ GHWHUPLQ UL H[RJHQH DOH

volumului masei monetare, astIHO vQFkW VH SRW GHWHUPLQD QLYHOXO GH HFKLOLEUX DO SUH XULORU S* L
al salariului nominal (w* (VWH GHVFKLV  FDOHD SHQWUX VFKLPE UL SULYLQG QLYHOXO GH HFKLOLEUX DO
SUH XULORU DO UDWHL LQIOD LHL L FKLDU DO GREkQ]LL $FHVWD GLQ XUP  SRDWH IL FRPSDUDW FX nivelul de
HFKLOLEUX DO GREkQ]LL GHWHUPLQDW GLQ UHOD LD GH HFKLOLEUX JHQHUDO  6H SRDWH DYHD DVWIHO R
LPDJLQHDHFDUWXOXLvQWUHHFKLOLEUXOJHQHUDWGHVHJPHQWHOHSLD DEXQXULORULVHUYLFLLORUSOXVSLD D
PXQFLLLSLD DPRQHWDU SHGHRSDUWHLDQVDPEOXOSLH HLSHGHDOW SDUWH
FRDOD QHRFODVLF  D SURGXV L DOWH WLSXUL GH PRGHOH GLQWUH FDUH vO DPLQWLP SH FHO DO OXL

Domar, n care componenta financiar-PRQHWDU

VXQW FUHDWH L DQDOL]DWH SRVLELOLW

DSDUHVXEIRUPDFKHOWXLHOLORUSXEOLFHDVWIHOvQFkW

LOH GH LQWHUYHQ LH VXE IRUPD SROLWLFLL FKHOWXLHOLORU EXJHWDUH

3HQWUX GHWDOLL HVWH I FXW  R SUH]HQWDUH vQ FXOHJHUHD GH SUREOHPH )LQDQ H PRQHG  DS UXW  vQ

1998 n editura A.S.E.

.H\QHV GH]YROW  R WHRULH FRPSOH[  D LQWHUYHQ LHL JXYHUQDPHQWDOH vQ PHFDQLV

mul

HFRQRPLFXQPRGHODPSOXDOSLH HLvQFDUHDSDULQWHQVFRUHODWHVHJPHQWHOHGHSLD

LQFOXVLYFHD

H[WHUQ 
)RUPD FHD PDL VLPSO  D PRGHOXOXL V X DUH vQ YHGHUH R HFRQRPLH vQFKLV

nu intervine. n varianta unor LQYHVWL

LLGHWHUPLQDWHH[RJH

IXQF LDGHFRQVXP

 vQ FDUH VWDWXO

n modelul include:

C = c Y + Co
I = Io
Y=C+I

IXQF LDGHLQYHVWL LL
HFXD LDGHHFKLOLEUX

unde: C = consumul;
c
vQFOLQD LDPDUJLQDO VSUHFRQVXPDGLF
Co = consumul autonom;
I
LQYHVWL LD
Io
LQYHVWL LDDXWRQRP 
Y = produsul final.

(9.1)
(9.2)
(9.3)

G&G<

6XEVWLWXLUHD vQ HFXD LD HFKLOLEUXOXL D IXQF LLORU GH FRPSRUWDPHQW FHD GH FRQVXP L FHD
GH LQYHVWL LL FRQGXFH OD RE LQHUHD XQHL H[SUHVLL D SURGXVXOXL vQ IXQF LH GH YDULDEL

lele de

FRPSRUWDPHQW LSDUDPHWULLDIHUHQ LORUGLQFDUHH[SUHVLHVHSRDWHGHWHUPLQDXQPXOWLSOLFDWRUDO

FUHWHULLHFRQRPLFH

dY
1
=
dIo 1 c
cunoscut ca PXOWLSOLFDWRUXOLQYHVWL LLORULFDUHDUDW

(9.4)
FXFkWFUHWHSURGXVXOILQDOvQFD]XOFUHWHULL

FX R XQLWDWH D LQYHVWL LLORU 0XOWLSOLFDWRUXO HVWH vQWRWGHDXQD VXEXQLWDU GHRDUHFH F

varianta n care LQYHVWL

(0;1).

LLOHVXQWGDWHGHQLYHOXOYHQLWXOXLIXQF LDGHLQYHVWL LLGHYLQH

I = a Y + I0

(9.5)

vQ FDUH D HVWH LQFOXQD LD PDUJLQDO  VSUH LQYHVWL LL DGLF  G,G< H[SULPkQG XWLOL]DUHD VSRUXOXL GH
YHQLWUHVSHFWLYXQLQGLFDWRULQYHUVFHOXLGHHILFLHQ

DLQYHVWL LLORULDQXPHFHVSRUGHLQYHVWL LL

VH UHDOL]HD]  OD R XQLWDWH GH FUHWHUH D SURGXVXOXL ILQDO 3ULQ DFHODL SURFHGHX GH VXEVWLWXLUH D
IXQF LLORU GH FRPSRUWDPHQW  L  vQ HFXD LD GH HFKLOLEUX  VH RE LQH R DOW  IRUP  D
PXOWLSOLFDWRUXOXLFUHWHULLHFRQRPLFH

dY
1
=
dIo 1 c a

(9.6)

cunoscut ca multiplicatRUXO H[WLQV DO LQYHVWL LLORU FX DFHODL FRQ LQXW FD FHO SUHFHGHQW  GDU
de valoare mai mare
1
1
>
(9.7)
1 c a 1 c
ntruct a  VSRUXO GH YHQLW QX SRDWH IL XWLOL]DW LQWHJUDO SHQWUX LQYHVWL LL LDU LQYHVWL LLOH Qu

SRW VFDGH vQ FRQGL LL GH FUHWHUH D YHQLWXULORU FUHWHUHD SURGXVXOXL ILQDO vQVHDPQ  LPSOLFLW

FUHWHUHDYHQLWXULORUDJHQ LORUHFRQRPLFL0RWLYD LDHVWHGDW GH.H\QHVVXEIRUPDFXQRVFXWHORU

LSRWH]HSULYLQGFRPSRUWDPHQWXODJHQ LORUHFRQRPLFL

WHQGLQ D GH

a-L FRQVHUYD VWDQGDUGXO GH YLD

modificarea consumului;

 FDUH vQVHDPQ  LPSOLFLW R LQHU LH vQ

WHQGLQ D GH D HFRQRPLVL PDL PXOW RGDW  FX FUHWHUHD YHQLWXULORU FHHD FH vQVHDPQ 
LPSOLFLWGLVSRQLELOLW

LPDLPDULSHQWUXLQYHVWL LL

Multiplicatorul extinsDOLQYHVWL LLORUHVWHvQWRWGHDXQDVXSUDXQLWDUvQWUXFkWLDLF (0;1).

$FHVWH

YDULDQWH

GH

PRGHO

GH

FUHWHUH

SUHJ WHVF

IRUPXOHOH

LQWHUYHQ LRQLVPXOXL

guvernamental, pe care Keynes le introduce sub forma:

politica cheltuielilor guvernamentale, prin variabila G;

SROLWLFDILVFDO SULQYDULDELODGHLPSR]LWHLWD[H7
SROLWLFD VXEYHQ LLORU R IRUP  D FKHOWXLHOLORU JXYHUQDPHQWDOH GH WLSXO WUDQVIHUXULORU HIHFWXDWH
GH VWDW vQ EHQHILFLXO DOWRU HQWLW
VDXVRFLHW

L HFRQRPLFH FRQVXPDWRUL XQLL SURGXF WRUL XQHOH LQVWLWX LL

LFRPHUFLDOHGHVWDWSULQYDULDELOD5

Modelul

GH FUHWHUH VH UHIHU  OD R HFRQRPLH vQFKLV

n care statul intervine; modelul

DUH vQ YHGHUH FD YDULDQWH FDUDFWHUXO H[RJHQ VDX QX DO XQRUD GLQ YDULDELOHOH GH LQWHUYHQ LH. n
YDULDQWDF WRDWHYDULDELOHOHGHLQWHUYHQ LHVXQWH[RJHQH, modelul include:

HFXD LDYHQLWXOXLQHW
HFXD LDLPSR]LWXOXLQHW
IXQF LDGHFRQVXP
IXQF LDGHLQYHVWL LL
IXQF LDFKHOWXLHOLORUJXYHUQDPHQWDOH
IXQF LDLPSR]LWHORU
IXQF LDVXEYHQ LLORU
HFXD LDGHHFKLOLEUX

Yn = Y Tn
Tn = T R
C = c Yn + Co
I = Io
G = Go
T = To
R = Ro
Y=C+I+G

Q DFHDVW  YDULDQW  YRUELP LPSURSULX GH IXQF LL vQ UHOD LLOH 

(10.1)
(10.2)
(10.3)
(10.4)
(10.5)
(10.6)
(10.7)
(10.8)
  UHOD LL FDUH

GHIDSWVXQWH[SUHVLDYDORULORUH[RJHQHDOHYDULDELOHORUUHVSHFWLYH3HED]DDFHOXLDLSURFHGHXGH
VXEVWLWXLUHVHSRWGHWHUPLQDSDWUXPXOWLSOLFDWRULGHFUHWHUHHFRQRPLF 

dY
dY
1
=
=
dIo dG o 1 c

(10.9)

dY
dY
c
=
=
dTo
dR o 1 c

(10.10)

GLQWUH FDUH WUHL H[SULP  DPSORDUHD HIHFWXOXL ILHF UHLD GLQ FHOH WUHL SROLWLFL LQWHUYHQ LRQLVWH
PHQ LRQDWHPDLVXV$YHPDDGDU

- multiplicatorul cheltuielilor guvernamentale dY/dGo GH DFHLDL P ULPH FX FHO DO LQYHVWL LLORU
dY/dIo L vQ SOXV HJDO FX PXOWLSOLFDWRUXO LQYHVWL LLORU FDUDFWHULVWLF PRGHOXOXL QHLQWHUYHQ LRQLVW FX

LQYHVWL LLH[RJHQH

- multiplicatorul fiscal dY/dT0 L PXOWLSOLFDWRUXO VXEYHQ LLORU G<G5o, din care primul este
QHJDWLYGDUDPELLDXDFHHDLYDORDUHDEVROXW LPDLPLF GHFkWDFHORUSUHFHGHQ L

c
1
<
1 c 1 c

(10.11)

0XOWLSOLFDWRUXO ILVFDO SRDWH IL VXE VDX VXSUDXQLWDU GXS  FXP F

(0;0,5), respectiv

c (0,5;1).
Q FH SULYHWH YDORDUHD QHJDWLY  D PXOWLSOLFDWRUXOXL ILVFDO DFHDVWD VH H[SOLF  SULQ UHOD LD
LQYHUV FDUHH[LVW vQWUHILVFDOLWDWHLFUHWHUHDHFRQRPLF &XFkWILVFDOLWDWHDHVWHPDLSURQXQ DW 
FX DWkW HVWH PDL GHVFXUDMDW  WHQGLQ D DJHQ LORU HFRQRPLFL GH D GH]YROWD DFWLYLWDWHD HFRQRPLF  L
vQSULPXOUkQGGHDIDFHLQYHVWL LL
3URFHGXUD GH VXEVWLWXLUH D IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX FRQGXFH OD
RE LQHUHDXQHLHFXD LLDSURGXVXOXLILQDOQYDULDQWDGHPRGHO

Y=

UH]XOW

1
c
(C o + I o + G o )
(To R o )
1 c
1 c

(10.12)

Introducem FD RSHUDWRU GH YDULD LH FX VHQVXO GH YDULD LH DEVROXW  $VWIHO GDF
x2YDULD LDLQGLFDWRUXOXL[HVWH

 XQ

LQGLFDWRU[SUHVXSXQHGRX QLYHOHGLIHULWHGHUHDOL]DUH[1

x = x2-x1

(10.13)

6 IDFHPVXSR]L LDF VWDWXODGRSW RSROLWLF GHvQJKH DUHDGHILFLWXOXLEXJHWDU$FHDVWD

SUHVXSXQH R DVHPHQHD SROLWLF  D FKHOWXLHOLORU EXJHWDUH L D SROLWLFLL ILVFDOH vQFkW YDULD LD FHORU
GRX  FRPSRQHQWH EXJHWDUH FKHOWXLHOL L YHQLWXUL ILVFDOH V  ILH GH DFHHDL P ULPH &RQIRUP
IRUPDOL] ULORUSUDFWLFDWHvQPRGHODFHDVWDvQVHDPQ F 

G0 = T 0

(10.14)

6 SUHVXSXQHPvQFRQWLQXDUHF FHOHODOWHYDULDELOHGHFDUHGHSLQGHSURGXVXOILQDODGLF 

nivelul consumului autonom (Co DO LQYHVWL LLORU ,o L DO VXEYHQ LLORU 5o), nu vor suferi

PRGLILF UL DGLF  YDULD LD ORU HVWH QXO  Q IHOXO DFHVWD VH SRDWH VHSDUD vQ PRG VWULFW HIHFWXO XQHL
SROLWLFLGHvQJKH DUHDGHILFLWXOXLEXJHWDU
'DF DSOLF PRSHUDWRUXOGHYDULD LHODHFXD LDSURGXVXOXLILQDOL LQHPVHDPDGH
FRQGL LDDWXQFLUH]XOW F 

Y = G0 sau Y = T0
FHHD FH vQVHDPQ  F  vQ FRQGL LLOH vQJKH

(10.15)

ULL GHILFLWXOXL EXJHWDU HIHFWXO SROLWLFLL FKHOWXLHOLORU

EXJHWDUHFDLDOSROLWLFLLILVFDOHHVWHGHDFHHDLP ULPH
$GLF  PDMRUDUHD FKHOWXLHOLORU EXJHWDUH FX YDORDUHD [ SH VHDPD FUHWHULL YHQLWXULORU
ILVFDOHFXDFHLDLYDORDUH[DUHFDHIHFWFUH

terea produsului final cu valoarea x.

6 IDFHPRDGRXDVXSR]L LHFRQVLGHUkQGF VWDWXOXWLOL]HD] YDULD LDvQFDV ULORUEXJHWDUH

ILVFDOHSHQWUXDVXEYHQ LRQDHFRQRPLDDGLF

T0
0HQ LRQkQG LSRWH]D GH LQYDULDQ

= R0

(10.16)

  D FHORUODOWH YDULDELOH GH FDUH GHSLQGH SURGXVXO ILQDO

DGLF  QLYHOXO FRQVXPXOXL DXWRQRP &0 DO LQYHVWL LLORU ,0 L DO FKHOWXLHOLORU JXYHUQDPHQWDOH

(G0DSOLFDUHDRSHUDWRUXOXLGHYDULD LH ODHFXD LDSURGXVului final conduce la rezultatul

Y

=0

(10.17)

FHHD FH vQVHDPQ  F  SROLWLFD ILVFDO  QX DUH QLFL XQ HIHFW GH FUHWHUH HFRQRPLF  vQ FRQGL LLOH
XWLOL] ULLLQWHJUDOHDYHQLWXULORUILVFDOHVXSOLPHQWDUHSHQWUXVXEYHQ LRQDUHDHFRQRPLH
&HOH GRX  FRQFOX]LL  L  VXQW FXQRVFXWH VXE QXPHOH GH

i.
teorema lui

HaavelmoUHSUH]HQWkQGXQUH]XOWDWDOVWXGLLORUvQFDGUDWHvQFRDODHFRQRPLF SRVWNH\QHVLVW 
Modelul (10.1) -   SHUPLWH GH]YROWDUHD XQRU YDULDQWH ED]DWH SH UHQXQ DUea la
FDUDFWHUXOH[RJHQDOXQRUDGLQYDULDELOHOHDVWIHOFRQVLGHUDWHvQIRUPDGHED] SULPDU DDFHVWXL

model.
5HQXQ

PvQWU RSULP HWDS ODFDUDFWHUXOH[RJHQDOYHQLWXULORUEXJHWDUHILVFDOHFHHDFH

vQVHDPQ F VHLQWURGXFHRIXQF LHVWULFWRVHQVXDLPSR]LWHORULDQXPH

T = t Y + T0

(11.1)

FDUHvQORFXLHWHHFXD LDLvQFDUH

UDWDPDUJLQDO DLPSXQHULLILVFDOHDGLF G7G<
t
T0 = nivelul autonom al veniturilor bugetare fiscale.

n urma procedeului substituLULL

DSOLFDW L vQ YDULDQWHOH SUHFHGHQWH VH RE LQ SDWUX

PXOWLSOLFDWRUL DL FUHWHULL HFRQRPLFH JUXSD L FkWH GRL FD L vQ IRUPD GH ED]  SULPDU  D DFHVWXL

model:
dY
dY
1
=
=
dI0 dG 0 1 c(1 t )

(11.2)

dY
dY
c
=
=
dT0
dR 0 1 c(1 t )

(11.3)

Multiplicatorul invesWL LLORULDOFKHOWXLHOLORUJXYHUQDPHQWDOHS

VWUHD] FDUDFWHULVWLFDGHD

ILHJDOLvQWUHHLGDUFXYDORDUHDPDLPLF GHFkWPXOWLSOLFDWRULLVLPLODULLGHRDUHFHW!

vQWUXFkWLPSXQHUHDILVFDO QXSDWHILQHJDWLY 
0XOWLSOLFDWRUXOILVFDOLDOVXEYHQ LLORUS VWUHD] LHLFDUDFWHULVWLFDGHDILHJDOLvQWUHHLL
GHYDORDUHLQIHULRDU FHORUODO LGRL

c
1
<
1 c(1 t ) 1 c(1 t )

(11.4)

GDUVXQWLQIHULRULFDYDORDUHLPXOWLSOLFDWRULORUVLPLODUL

c
c
<
1 c(1 t ) 1 c

AceasWD vQVHDPQ

(11.5)

 F  YDULDQWD GH PRGHO FX IXQF LH ILVFDO   DUH HIHFWH PDL PLFL vQ

SODQXOFUHWHULLHFRQRPLFHGHFkWFHDvQFDUHYDULDELOHOHLQWHUYHQ LRQLVPXOXLVXQWH[RJHQH

(10.8).
0XOWLSOLFDWRUXO LQYHVWL LLORU L DO FKHOWXLHOLORU JXYHUQDPHQWDOH
sunt ntotdeauna
supraunitari deoarece t vQWLPSFHPXOWLSOLFDWRUXOILVFDOLFHODOVXEYHQ LLORUSRWILVXEVDX
VXSUDXQLWDULGXS FXP

t<

2c 1
c

sau

c>

1
2t

(11.6)

t>

2c 1
c

sau

c<

1
2t

(11.7)

respectiv

Acum, ntr-R

D GRXD HWDS  V  UHQXQ

P L OD FDUDFWHUXO H[RJHQ DO FKHOWXLHOLORU

JXYHUQDPHQWDOH L DO VXEYHQ LLORU $FHVWD vQVHDPQ  F  vQ ORFXO HFXD LHL  LQWURGXFHP R
IXQF LHVWULFWRVHQVXDFKHO

tuielilor guvernamentale
G = G0 g Y

(12.1)

LDUvQORFXOHFXD LHLRDOWDDVXEYHQ LLORU

R = R0 r Y
unde: G0
g
R0
r

(12.2)

YDORDUHDDXWRQRP DFKHOWXLHOLORUJXYHUQDPHQWDOH
UDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQD

mentale, g = dG/dY;

YDORDUHDDXWRQRP DVXEYHQ LLORU

UDWDPDUJLQDO DVXEYHQ LLORUU

G5G<

3DUDPHWULLULJVXQWVXEXQLWDULLSR]LWLYLGHRDUHFHSHGHRSDUWHQXVHSRDWHDORFDGLQ
VSRUXOGHSURGXVILQDORFRW PDL PDUHGHFkWXQLWDWHD SHQWUXRDQXPLW  GHVWLQD LHLDU SHGHDOW 
SDUWH SH P VXU  FH VSRUXO GH SURGXV ILQDO HVWH PDL PDUH DWkW VSRUXO GH FKHOWXLHOL
JXYHUQDPHQWDOH FkW L VSRUXO GH VXEYHQ LL HVWH PDL PLF GLQ FDX]D FUHWHULL IRU HL HFRQRPLFH D
DJHQ LORU HFRQRPLFL $YkQG HL Y

enituri mai mari, statul va "liberaliza" treptat acoperirea unor

QHYRL VRFLDOHFUHVFkQGPDL SX LQ VDXFKLDU GLPLQXkQGX-L DSRUWXOV X ODVDWLVIDFHUHD XQRU DVWIHO

GHQHYRLVDXODVXV LQHUHDHFRQRPLHLVXEYHQ LRQDWH

3URFHGHXO VXEVWLWXLULL IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX SHUPLWH
RE LQHUHD XQRU DOWRU IRUPH DOH FHORU SDWUX PXOWLSOLFDWRUL DL FUHWHULL HFRQRPLHL JUXSD L VLPLODU

cte doi:
dY
dY
1
=
=
dI0 dG 0 1 c(1 t r) + g
dY
dY
c
=
=
dT0
dR 0 1 c(1 t r) + g

(12.3)
(12.4)

0XOWLSOLFDWRUXOLQYHVWL LLORULDOFKHOWXLHOLORUJXYHUQDPHQWDOHS VWUHD] FDUDFWHULVWLFDGHD

IL HJDOL vQWUH HL GDU FX YDORUL PDL PLFL GHFkW  L FX DWkW PDL PXOW ID
GHRDUHFHQXPLWRUXOVHPDMRUHD] SHVHDPDFRPSRQHQWHORUF

 GH  L 

ULJDPEHOHSR]itive.

0XOWLSOLFDWRUXOILVFDOLDOVXEYHQ LLORUS VWUHD] LHLFDUDFWHULVWLFLOHGHDILHJDOLvQWUHHL

LGHYDORDUHLQIHULRDU FHORUODO LGRL

c
1
<
1 c(1 t r) + g 1 c(1 t r) + g
GDUVXQWLQIHULRULFDYDORDUHLPXOWLSOLFDWRULORUVLPLODULL

c
c
<
1 c(1 t r ) + g 1 c(1 t )
GDWRULW DFHORUDLFRPSRQHQWHSR]LWLYHF

(12.5)

11.3)
(12.6)

ULJ

$FHDVWD vQVHDPQ  F  YDULDQWD GH PRGHO FX IXQF LD ILVFDO    D FKHOWXLHOLORU SXEOLFH
LDVXEYHQ LLORU DUHHIHFWHPDLPLFLvQ SODQXOFUHWHULL HFRQRPLHLGHFkWFHD vQFDUH
DSDUH QXPDL IXQF LD ILVFDO  VWULFWR VHQVX L FX DWkW PDL PXOW GHFkW FHD vQ FDUH YDULDELOHOH
LQWHUYHQ LRQLVPXOXLVXQWWRDWHH[RJHQH

(10.8).

0XOWLSOLFDWRUXOLQYHVWL LLORULFHODOFKHOWXLHOLORUJXYHUQDPHQWDOHVXQWVXSUDXQLWRULGDF 

c > c(t+r)+g

(12.7)

FRQGL LHFDUHGHSLQGHPDLDOHVGHUDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQDPHQWDOHvQWUXFkWFHOHODOWH

GRX FRPSRQHQWHFWFUVXQWFXXQRUGLQGHP ULPHPDLPLFGHFkWFLJGHRDUHFHLFLWLU

'DF

VHQVXOLQHJDOLW

LLHVWHVFKLPEDWDWXQFLUHVSHFWLYLLLQGLFDWRULVXQWVXEXQLWDUL

0XOWLSOLFDWRUXOILVFDOLDOVXEYHQ LLORUVXQWVXSUDXQLWDULGDF VHUHVSHFW FRQGL LD

c>

1+ g
2tr

(12.8)

HFKLYDOHQW FXRULFDUHGLQXUP WRDUHOHWUHL

1+ g
c
1+ g
r < 2t
c
g < c( 2 t r ) 1
t < 2r

0RGHOXOGHFUHWHUHSRDWHILHODERUDWLSHQWU

(12.8.1)
(12.8.2)
(12.8.3)

u cazul unei economii deschise. Variabilele

OXDWH vQ FRQVLGHUDUH SUHFXP L IXQF LLOH GH FRPSRUWDPHQW VH S VWUHD]  GDU OL VH DGDXJ  DOWHOH
VSHFLILFH XQHL DERUG UL vQ FDUH QX VH PDL IDFH DEVWUDF LH GH UHOD LLOH HFRQRPLHL LQWHUQD LRQDOH

Este vorba, n prinFLSLXGHLPSRUW0LGHH[SRUW;FDYDULDELOHLIXQF LLGHFRPSRUWDPHQW

VROGXOEDODQ HLFRPHUFLDOH%

GDULGHUH]XOWDQWDORU

0RGHOXOHFRQRPLHLGHVFKLVHLQWURGXFHRQRX SRVLELOLWDWHGHLQWHUYHQ LHJXYHUQDPHQWDO 

DQXPH SROLWLFD YDPDO  SULQ FDUH SRW IL JHQHUDWH DMXVW UL VWLPXOLIUkQH SHQWUX FRHILFLHQWXO
VSHFLILF GH LPSRUW DGLF  SHQWUX vQFOLQD LD PDUJLQDO  VSUH LPSRUW P VHPQLILFkQG VSRUXO
LPSRUWXOXLODRXQLWDWHVXSOLPHQWDU GHSURGXVILQDO
Q PRGHOXO HFRQRPLHL GHVFKLVH HVWH QHFHVDU V  VH IDF  R LSRWH]  DVXSUD PRGXOXL vQ FDUH
HVWH LQWURGXV SDUWHQHUXO H[WHUQ 9RP SUH]HQWD DFHD YDULDQW  vQ FDUH DFHVW SDUWHQHU QX DSDUH vQ
PRG H[SOLFLW FL HVWH GRDU SUHVXSXV SULQ VLPSOXO IDSW F  HFRQRPLD VXELHFW HFRQRPLD SHQWUX

care a fost elaborat modHOXO DUH FRPHU  H[WHULRU &HHD FH QX DSDUH vQ IDSW VXQW IXQF LLOH GH
FRPHU  H[WHULRU DOH DFHVWXL SDUWHQHU SHQWUX F  LPSRUWXO OXL DUH P ULPHD H[SRUWXOXL HFRQRPLHL
VXELHFWGXS FXPH[SRUWXOOXLDUHP ULPHDLPSRUWXOXLHFRQRPLHLVXELHFW
)XQF LLOHVSHF

ifice modelului economiei deschise sunt:

X = X0
IXQF LDGHLPSRUW
M = m Y + M0
HFXD LDVROGXOXLEDODQ HLFRPHUFLDOH
B=XM
unde: X0 = exportul autonom
M0 = importul autonom.

IXQF LDGHH[SRUW

(13.1)
(13.2)
(13.3)

Q DFHDVW  YDULDQW  D PRGHOXOXL H[SRUWXO DSDUH GH IDSW FD ILLQG H[RJHQ .H\QHV DGRSW 
DFHDVW  VROX LH GHRDUHFH FRQVLGHU  F  H[SRUWXO HVWH GHWHUPLQDW PDL DOHV GH UDSRUWXO GH
FRPSHWLWLYLWDWHvQWUHGRLSDUWHQHULDGLF GHSLQGHQXQXPDLGHIDFWRU

i interni economiei "subiect",

FLLGHIDFWRULH[WHUQLDFHVWHLDDGLF GHIDFWRULFH LQGHSDUWHQHUXOH[WHUQ0HULW PHQ LRQDWF 

vQOHJ WXU FXVXV LQHUHDGHF WUHVWDWDFRPHU XOXLH[WHULRUURPkQHVFSURIGU0LKDLO0DQRLOHVFX
GH]YROW  vQ OXFUDUHD VD )RU HOH QD LRQDOH SURGXFWLYH L FRPHU XO H[WHULRU %XFXUHWL  XQ
SXQFW GH YHGHUH VLPLODU UHFRPDQGkQG R DWLWXGLQH IOH[LELO   D VWDWXOXL SULQ SROLWLFD YDPDO 
WRFPDLSHVHDPDIRU HLFRPSHWLWLYHGHWHUPLQDW GHSURGXFWLYLWDWHDPXQFLL
) U  D OXD vQ FRQVLGHUDUH DOWH YDULDELOH L SURFHVH HFRQRPLFH PRGHOXO 

(13.3)

SRDWH FRQGXFH OD HYLGHQ LHUHD LPSDFWXOXL SROLWLFLL YDPDOH FD H[SUHVLH D LQWHUYHQ LRQLVPXOXL
VWDWDO SULQ SROLWLFD ILVFDO  'LQ  GDF  LQHP VHDPD VXFFHVLY GH FHOHODOWH GRX  UHOD LL VH
RE LQH

Y=

1
(X 0 B M 0 )
m

(13.4)

'DF  HFRQRPLD VXELHFW QX VH vQGDWRUHD]  SHQWUX FRPHU XO V X H[WHULRU DGLF  %

 

UH]XOW  F  YROXPXO SURGXVXOXL ILQDO HVWH GHSHQGHQW GH vQFOLQD LD PDUJLQDO  VSUH LPSRUW P FDUH
SRDWHILDMXVWDW SULQSROLWLFDYDPDO FDLGHH[SRUWXOQHWDXWRQRP;0

-M0).

,QWURGXFHUHD vQ PRGHO L D FHORUODOWH YDULDELOH HFRQRPLFH L ILQDQFLDU

-monetare poate fi

I FXW vQLSRWH]DFRQVLGHU ULLORUFDH[RJHQHVDXQX

'DF YDULDELOHOHLQYHVWL LLLPSR]LWHFKHOWXLHOLJXYHUQDPHQWDOHLVXEYHQ LLVXQWDFFHSWDWH
FD H[RJHQH DWXQFL PRGHOXO LQFOXGH UHOD LLOH 

  OD FDUH VH DGDXJ

 

(13.2),

SUHFXP L R HFXD LH D HFKLOLEUXOXL JHQHUDO GH R VWUXFWXU  QRX  FRUHVSXQ] WRDUH FDUDFWHUXOXL

deschis al economiei:
Y+M=C+I+G+X

(14)

8WLOL]kQG DFHODL SURFHGHX DO VXEVWLWXLULL vQ HFXD LD GH HFKLOLEUX  D IXQF LLORU GH

comportament (10.1) (10.7) plus (13.1)    VH RE LQ FLQFL PXOWLSOLFDWRUL DL FUHWHULL
economice, reflectnd fiecare amploarea uneLDQXPLWHSROLWLFLGHLQWHUYHQ LHJXYHUQDPHQWDO SULQ
prghii financiar-PRQHWDUHLDQXPH
dY
dY
dY
1
=
=
=
dI0 dG 0 d (X 0 M 0 ) 1 c + m
dY
dY
c
=
=
dT0
dR 0 1 c + m

(14.1)
(14.2)

0XOWLSOLFDWRUXO LQYHVWL LLORU FHO DO FKHOWXLHOLORU JXYHUQDPHQWDOH L FHO DO H[SRUWXOXL QHW
VXQWHJDOLvQWUHHLFXDOWHFXYLQWHSROLWLFDYDPDO DUHXQHIHFWVLPLODUFHOHLDLQYHVWL LLORULFHOHL

a cheltuielilor guvernamentale.
9DORDUHDDFHVWXLPXOWLSOLFDWRUHVWHPDLPLF GHFkWDFHOXLVLPLODUL

1
1
<
1 c + m
1 c

deoarece m QXSRDWHILQHJDWLYSHQWUXF

(14.3)

UHOD LDLPSRUW SURGXVILQDOHVWHGLUHFW QXSRDWH

ILVXSUDXQLWDUSHQWUXF LPSRUWXOHVWHGRDUXQDGLQGHVWLQD LLOHSURGXVXOXLILQDO

3H GH DOW  SDUWH YDORDUHD DFHVWXL PXOWLSOLFDWRU SRDWH IL PDL PDUH VDX PDL PLF  GHFkW D
FHOXLVLPLODUDVWIHOGDF 

m < c t

(14.4)

valoarea lui este mai mare dect a celui similar (11.2)

QPRGDVHP Q WRULSHQWUXFRPSDUD LDFXPXOWLSOLFDWRUXODVWIHOGDF 

m < c (t+r)+g

(14.5)

valoarea lui este mai mare dect a celui similar (12.3).

'HDVHPHQHDYDORDUHDDFHVWXLPXOWLSOLFDWRUSRDWHILVXEVDXVXSUDXQLWDU DVWIHOGDF 

c<m
valoarea luLHVWHVXEXQLWDU

(14.6)

Q VIkULW HIHFWHOH FHORU WUHL SROLWLFL GHMD PHQ LRQDWH VXQW PDL SURQXQ DWH GHFkW D FHORU

ILVFDO LDVXEYHQ LLORUGHRDUHFH

1
c
>
1 c + m 1 c + m

(14.7)

Q FH SULYHWH PXOWLSOLFDWRUXO ILVFDO L FHO DO VXEYHQ LLORU SHQWUX FH

l fiscal vom face

FRQVLGHUD LLOHSHVHDPDYDORULLOXLDEVROXWHvQPRGXOHLDXYDORDUHHJDO GDUPDLPLF GHFkWD

multiplicatorului similar (10.10), deoarece m (0;1):

c
c
<
1 c + m 1 c

dar poate fi mai mare sau mDL PLF

(14.4).

(14.8)

 vQ FRPSDUD LH FX PXOWLSOLFDWRUXO  FRQIRUP UHOD LHL

'H DVHPHQHD SRDWH DYHD R YDORDUH PDL PDUH VDX PDL PLF  GHFkW D PXOWLSOLFDWRUXOXL
FRQIRUPUHOD LHLQVIkULWYDORDUHDDFHVWXLLQGLFDWRUSRDWHILVXEVDXVXSUDXQLWDU 
DVWIHOGDF 

c<

m +1
sau m > 2c-1
2

(14.9)

multiplicatorul este subunitar.

'DF  WUDW P GLVWLQFW H[SRUWXO L LPSRUWXO DGLF  VHSDU P H[SRUWXO QHW vQ FHOH GRX 
FRPSRQHQWHDOHVDOHDWXQFLUH]XOW 

dY
dY
1
=
=
dX 0
dM 0 1 c + m
ceeD FH vQVHDPQ

(14.10)

 F  FHOH GRX  FRPSRQHQWH DOH SROLWLFLL GH FRPHU  H[WHULRU DX vQ YDORDUH

DEVROXW DFHODLHIHFWSULYLQGFUHWHUHDHFRQRPLF 
9DULDQWDGHPRGHOvQFDUHVHUHQXQ
LQFOXGH UHOD LLOH 

ODFDUDFWHUXOH[RJHQDOYDULDELOHORUGHMDPHQ LRQDWH

(10.3), (11.1), (12.1) (12.2), (13.1)   L  3H ED]D DFHOXLDL

SURFHGHXVHRE LQHDOW IRUP DFHORUFLQFLPXOWLSOLFDWRULDVWIHO

dY
dY
dY
1
=
=
=
dI0 dG 0 d (X 0 M 0 ) 1 c(1 t r ) a + g + m

(15.1)

dY
dY
c
=
=
dT0
dR 0 1 c(1 t r ) a + g + m

6WUXFWXUDILQDQFLDU

StructurD ILQDQFLDU

(15.2)

DILUPHL

 D ILUPHL H[SULP  UDSRUWXO vQWUH ILQDQ DUHD SH WHUPHQ VFXUW SULQ

FUHGLWH GH WUH]RUHULH L ILQDQ DUHD SH WHUPHQ OXQJ SULQ FDSLWDOXO SHUPDQHQW $FHDVW  VWUXFWXU 
GHULY GLQVWUXFWXUDFDSLWDOXOXLGXS SURYHQLHQ DUHVXUVHORUYH]LVXEFDSLWROXO

I.5).

&UHGLWHOHGHWUH]RUHULHUHSUH]LQW FUHGLWXOEDQFDUL FRPHUFLDOSHFDUHvO SRDWHPRELOL]DR

ILUP  $FHVWH VXUVH GH ILQDQ DUH VXQW PDL VXSOH vQWUXFkW VH SRW DMXVWD PDL XRU OD QHYRLOH

temporare ale firmei. n general ele sunt mai ieftine dect crediWHOH SH WHUPHQ OXQJ GDWRULW

ULVFXOXLPDLUHGXVSUHVXSXVGHLQWHUYDOXOPXOWPDLUHGXVSHQWUXFDUHVHDFRUG QWUHFRVWXOORUL
FRVWXO FDSLWDOXOXL SURSULX DO ILUPHL UHOD LDHVWH PDL FRPSOH[  vQ SULQFLSLX FRVWXO ORU DU WUHEXL V 

fie mai mic, deoarece altIHODF LRQDULLDUILWHQWD LV -LUHWUDJ

FDSLWDOXOLV

-OIRORVHDVF

GHSODVDPHQWH3HGHDOW SDUWHXQDVWIHOGHFUHGLWVROLFLWDWvQFRQGL LLGHXUJHQ

vQDOWIHO

FDRQHFHVLWDWH

DS UXW LQWHPSHVWLYHVWHvQJHQHUDOVFXPS2ULFXPSRWULYLWUHJXOLLGHDXUDILQDQ HORUFDS,

DFHVWHFUHGLWHUHSUH]LQW VXUVDILQDQFLDU FHDPDLSRWULYLW SHQWUXDILQDQ DQHYRLOHFXUHQWH

Capitalul permanent este format din resursele ce au un astfel de caracter, n principal

FDSLWDOXOSURSULXLFUHGLWHOHSHWHUPHQPHGLXLOXQJEDQFDUHVDXREOLJDWDUH

Kperm = Kpr + Ctml

(16)

unde: Kperm = capitalul permanent;

K pr
= capitalul propriu;
FUHGLWHSHWHUPHQPHGLXLOXQJ
Ctml
3ULQFLSDODGHVWLQD LHDDFHVWRUVXUVHRUHSUH]LQW DFWLYHOHIL[HGHRDUHFHURWD LDORUHVWHGH
OXQJ GXUDW DGLF YDORDUHDORUVHUHFXSHUHD] SHWHUPHQOXQJDVWIHOvQFkWVXQWQHFHVDUHSHQWUX
ILQDQ DUHD ORU VXUVH VWDELOH GH GXUDW  Q P VXUD vQ FDUH DFHDVW  QHYRLH HVWH DFRSHULW  DFHVWH
VXUVHVXQWXWLOL]DWHLSHQWUXDFRSHULUHDXQHLS U LGLQQHYRLOHFXUHQWHGHH[SORDWDUH
1HYRLOH FXUHQWH GH H[SORDWDUH VXQW vQWkOQLWH QR LRQDO L VXE GHQXPLUHD GH FKHOWXLHOLOH

ciclului de exploatare sau active circulante. Resursele financiare din care sunt ele acoperite sunt
IRQGXO GH UXOPHQW L UHsursele de trezorerie, astfel nct cantitativ nevoile (activele circulante)
VXQWHJDOHFXVXUVHOHGLQFDUHVXQWILQDQ DWH

AC = FR+ RT
unde: AC = active circulante;
FR = fond de rulment;
RT = resurse de trezorerie.
Fondul de rulment reprH]LQW

(17)

 SDUWHD GLQ UHVXUVHOH SHUPDQHQWH FDUH GHS HWH QHYRLOH GH

ILQDQ DUHDLPRELOL] ULORUIL[H

FR = Kperm AF
XQGH$)

(18)

LPRELOL] ULIL[HVDXDFWLYHIL[H

Resursele de trezorerie sunt acele resurse financiare mobilizate pe termen scurt cu

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Aceasta presupune decizii referitoare la resursele utilizate, la structurareaUHVXUVHORUSURSULLLD

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acoperirea n primul rnd a nevoilor permanente;

asigurarea, apoi, a surselor pentru nevoi temporare.

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a) XQIRQGGHUXOPHQWFDUHV DFRSHUHQHYRLOHWHPSRUDUHODQLYHOXOORUPLQLP
b) un fond de rulment s DFRSHUHQHYRLOHWHPSRUDUHODQLYHOXOORUPD[LP
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"golului" de resurse. Sunt, de aceea, necesare n mod quasipermanent resursele de trezorerie,

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folosi o parte mai mare din resursele proprii (eventual permanente) pentru crearea infrastructurii
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Analiza financiar

DFUHDWRVHULHGH

indicatori de apreciere a structurii financiare din

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respectiv a pasivului:

unde: S

ACTIV = AF + AC

(19.1)

AC = S + C + L

(19.2)

PASIV = K perm + RT

(20.1)

RT = Cts + F + AO

(20.2)

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C
FOLHQ LGDWRULDYDQVXULF WUHIXUQL]RULLDOWHFUHDQ H
L
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Cts = credit bancar pe termen scurt;
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F
AO = alte obliga LLGHSODW 
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a) coeficientul de ndatorare

c =

DT
PASIV

(21)

unde DT = datorii totale.

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a firmei:
 3$6,9

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pe care ei le-au dat cu mprumut firmei; cu ct acest coeficient este mai aproape de unitate, cu
att firma este ntr-RVLWXD LHILQDQFLDU PDLGLILFLO 
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b) coeficientul de ndatorare la termenQXPLWLFRHILFLHQWXOIinanciar

cf =

Ctml
Kpr

(22)

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-30% din valoarea

acesteia;

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dar eliberea]

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HVHQ LDO vQ GHWHUPLQDUHD 

levierului financiar sau HIHFWXOXL GH SkUJKLH HIHFWXOXL GH P

(pentru detalii vezi culegerea dHSUREOHPH)LQDQ HPRQHG vQvQHGLWXUD$6(
c)

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Ctml
KA

(23.1)

KA = PN + A

(23.2)

PN = (1-ci) (PB OF COR)

(23.3)

PB = CA CT

(23.4)

cdtka =

unde: KA
PN
A
ci
PB
OF
COR
CA
CT

FDSDFLWDWHDGHDXWRILQDQ DUH

= profitul net;
= amortizarea;
= cota de impunere a profitului;
= profitul brut;
REOLJD LLILQDQFLDUH
FKHOWXLHOLLREOLJD LLFHSRWILDFRSHULWHGLQUH]XOWDWH

= cifra de afaceri;
= cheltuieli totale.

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aprecierea gradului de ndatoUDUHSULQLQIRUPD LDUHIHULWRDUHODVROYDELOLWDWHDILUPHL

d) cota costului creditelor de trezorerie n profitul brut
ccct =

D
PB

(24)

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 sau
managementul financiar sau DGPLQLVWUDUHD ILQDQFLDU a unei firme. Principalele domenii ale
gestiunii financiare sunt: strategia financLDU  LQYHVWL LLOH VDX vQWU-R IRUP  PDL FXSULQ] WRDUH SODVDPHQWHOH L WUH]RUHULD 2ELHFWLYXO JHVWLXQLL ILQDQFLDUH vO UHSUH]LQW  FUHWHUHD UHQWDELOLW
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principal la constituirea nSHUVSHFWLY

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a resurselor financiare pe termen scurt.