slamagemend Sense 4, Aeordut Base 2 are te lowe prlore = ay roqtomembine raghonale D ceremle mmeminne de capital @\, RakeRve meme nme oblrgelea ~ aclinndeh de oven her tin erplima de profs th, Reerre rmondeporsl ally bémecten veel > a) chepoarte chem bi oudile plascde ¢ Fatpruvmreatwe da to, renee coubrols a vautonea, kenga de bu 3. Reams guerre ole snanagermental panuraclbr aunts a) coud remrarelor @ imal de Udit ) wen ole din J a Toa opera hisnal rine de Yadlilere (QD raw oe tmactvelatliboke k deoaket wank aprcnlel ju Rowmiiuce pure moma de a G eee esin gigi vaya A @2ECUT 4A Som e i) te coo cute ec) by com ewe 9. elrwebe bosvncem rank = a dipeishe te eheasn bor (6 GB Aapaslale qu tant bq ama clpstcle cob de anaqonclen's ee oudile prove cwadde oak chiunledet R darmowe ale biter6 fampelemle de acrdarka a cxdiileloe au: Ce) pregectermbele bamedt (Br combelee de eredil a 2) dineolere gerneeate " OD connilelede de ‘drreh e () coumlae che adenimatn broh'e i drach de oedifare t Yectwa dle eredibers so ta pe bors cle > @ decumenatahie de crcdil / amalits Prmametard A Arcidi ale sowpglor cofocmmediare a — ee te nkekameard ae. fa. fm : & Apert cmbockorme: 3 east Loaumaare + © chepate valulcre 4 & betwee skot Pamela pel foce pleoamente po page ele capt rn Cromaeha @ : a} 25% dim foncduile prepri BY 20% dew copitotul aoecad al adler anhibeh L 2) Go% dim fomduonlel prope JO Trdicoboni: cle mamta a ridculiar rate dlradd mul : om Orniscak rade delos: by cudteete Coohed bel aN adios olorotule af clebimat / & mango, ecemtual « debamei 2) maria bracler ati i WU. Fackoed cox agechars seiduionere Gy tebees amid: & clon’ kuedunret & ackott akeabegtt j" foolout vexttiemt | Si. Ceumerbete guexa able smamege rrr my 15, Gustuumemble emamagementulad lomo 0 bameore wm > a) sslenmul oeggczadorate prtirnto, rang oerahl hemes ‘ mmamagemental lamese pkinbfe * 1 caurpamenlele imanagemnendatur bamect @) pumapae pmamagennenbulut locunect. BB. Famebit ale mmamagememtutur barnace scent : a) pregtamnareoa, (8) Puutaruned we ® Oromizarea QY erumonseadua Aeviadlor oi achiamiber oxqunsentier ® cunbrenonsa (Q) conbrokul of evabiarea, the Rew ducctronale ab emomnarremrmbubuc aunt ; a) ealelali® pte @ curbs 2) dt porclsler *s cuveinet jp ay imenékoretare 4 petulrenar clo prabfeme auithaler vdlardon al schermbare’ f. a) amalita i rambe2, oO phamifresua + 1 pronymaia a) [damice cle calor a @) amaliza swloT (> wmcticolored de pevfowrnaunla.\ \ ‘ Vj Pequannernlud de oupmetars oh fumchionare ah bamos Prebeste ai enhma \ cd pula : ‘ ed pulyas @ penkerne®e de auckl condeal snbeeye \ 1 coupeberibele Genahinaratle absbufell cotudeleter beamed WV Abeckwra stalgrteg 0 beet ababerkcte mlunctali lex, baal D Srobake & Supsntrmecle x bam tt, Pomnele laamei mnt forrmale din: Wife adil ep i prea o ‘Sponte Sich J A) eradike ccarttale lSmeiber . jaaptaucrabare aie be BNE. 5 tuapoeasenethoe de fo bame 1B, Copihahuverla prope cacubiture din w Gn he fo biemet ratewe Laas / Q retewe rbolutore \ daporte akose Reauad de veal @r ratows ® fonds camel Gaara angorale 1 ashlee ened de moras ubowoeg babi oe aba cu cop ha eoeal s Qe tae: 1) wath Ce ox) 250 - J 120 onbd Sex 51 ase mh fe dy tye wld Ce. to. Gemaxonaa timber de capital ae foe PEN: at ochanhs ot \uttueat 4 oupkran reagrne OR 2) Qalewa Ye pote JGestiunea financiara a intreprinderit Cunoseand coeficientii fai titlurilor, se poste determina coeficientul fal portofoliulul( Byr) Societate] By _[Pondere (XD|Prp(%)|__oi__| Rm (4) | Rm*Xi |B, *Xi ATB_| 0.795 [17.85 69.1 | 661 | 1.47 |0.262395]0.141908 BCC | 0.439 | 20.63 | 4829 | 5.23 | 0.53_|0.109339|0,090566| BRD_|_1.367 i 3 46G(o| 0.5104 | 0.15037 CMP_|_ 0.12 20.8 3.6 1.6 | 0.3328 | 0.02496 RLS_|_0.41 29.82 {36.99 [4 =1.6__[-0.47712 0.122262) Total [= 3 : = = [0,737814]|0,530065| fpr = 0.53 cea ce indica un nivel scazut al riscului. sistematic (de piata) al portofoliului, Coeficientul beta al portofoljului este influentat in cea mai mare masura de coeficientul beta al societatii BRD . Dupa cum se observa si din tabelul de mai sis socistatile ATB, BCC si RLS au un rise redus de 6,61;5.23 si 4,15 dar si o rentabilitate pe masura, adica 0 rentabilitate redusa: 1.47% ; 0.53% si chiar 0 valoare negativa ~1,6% In ceea ce priveste titlurile BRD si CMP observam ca acestea prezinta 0 dependenta scazuta fata de piata si un riso total ridicat cea ce inseamna ca riscul specific manifesta o influenta mai mare, el determinand valorile asa de ridicate ale riscului, ‘Cel mai mic rise este inregistrat de societate, RLS dar dupa cum se observa aceasta inregisteza o rentabilitate negativa. Putem afirma ce intreaga piata bursiora prozinta ua risa ridicat datorita valorii de 5.76% pe care 0 inregistreaza abaterea standard a pistel h. Parnpusnnee’ \e S gt i. bade ia, de dieu a ad %. beet a bed Ro bee’ hike wb 5. bee 2, by d Pat an Fayre gaad 4, lay ys lo. aed “ phe ocr ® je. barePuveted Lémei,umt fre an. 2) audited pepe Op (oben tt ‘hd 0 ‘4 ccoudoke beawtite! Tonjuurmuk he bo, BL - me A be. hing Lela mem A oh himalx antod dant 2) po, rgetr ie | power inputs bo homeo. pirtiolo pe pH tomporoes. ce dithua