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economicos al fluxurilor.
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economic pentru asumarea riscului de a-úLILDQJDMDWUHVXUVHOHvQDFWLYLWDWHDSHFDUHRGHVI úRDU 

ÌQ DFHVW VHQV DSDUH SUREOHPD DUELWUDMXOXL DGLF  D RS LXQLL vQWUH DOWHUQDWLYH VDu între variante,

GHILQLW  vQ FRQWH[WXO PHQ LRQDW FD R DOHJHUH vQWUH YDULDQWH FkúWLJ-risc" referitoare la modalitate

GHXWLOL]DUHLQYHVWL LHSODVDUHDUHVXUVHORUILQDQFLDUHGLVSRQLELOHODXQPRPHQWGDW

7HRULD ILQDQ HORU D GH]YROWDW GXS   R PXO LPH de probleme de mare interes pentru
SDUWLFLSDUHD HILFLHQW  D DJHQ LORU HFRQRPLFL SH SLD D ILQDQFLDU  PXOWH GLQ DFHVWHD ILLQG D]L
QXPLWH GHILQLWH FD WHRULL 'LQWUH DFHVWHD PHQ LRQ P SH FHOH PDL UHQXPLWH SULQ FRQWULEX LD OD

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FRPSRUWDPHQWXOXLDJHQ LORUHFRQRPLFLSHSLD DILQDQFLDU 

a) teoria portofoliului FUHDW  GH +HQU\ 0DUFRYLW] vQ DQLL

 úL SXEOLFDW  vQ DUWLFROXO
"Portofolio Selection" (Journal of FiQDQFH YRO  QU  PDUWLH  úL vQ OXFUDUHD 3RUWRIROLR
6HOHFWLRQ(IILFLHQW'LYHUVLILFDWLRQRI,QYHVWPHQWV1HZ<RUN:LOH\&RQWULEX LDPDMRU 

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fLQDQFLDU VHLDvQFRQVLGHUDUHvQPRGVLVWHPDWLFFRYDULDQ DSUH XULORUPDULLPDMRULW LDDFWLYHORU

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V  LQ VHDPDGHLPSOLFD LLOHXQXLWLWOXRDUHFDUHDVXSUDRSRUWXQLW LLSRUWRIROLXOXLGLYHUVLILFkQGX -

O SH DFHVWD GLQ XUP  SH VHDPD XQXL DUELWUDM vQWUH ULVF úL UHQWDELOLWDWH DVWIHO vQFkW SRUWRIROLXO

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b) modelul prH XOXL GH HFKLOLEUX SH SLD D ILQDQFLDU  HODERUDW GH :LOOLDP 6KDUSH úL
publicat în articolul "A Simplified Model for Portofolio Analysis" (Management Science, vol. 9,
QULDQXDULHúLvQOXFUDUHD3RUWRIROLR7KHRU\DQG&DSLWDO0DUNHWV1HZ<RUN0cGraw

Hill, 1970. Modelul lui Sharpe este cunoscut sub numele de modelul CAPM (Capital Asset
3ULFLQJ 0RGHO VDX 0('$) 0RGqOH G
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SHUIRUPDQ HORU DGPLQLVWU ULL DYHULL &RQFOX]LD WHRULHL GH]YROWDWH GH 6KDUSH HVWH F   SH R SLD 

FRQFXUHQW  ULVFXO HVWH FHO FH VH UHPXQHUHD]  úL F  DFHVWD QX SRDWH IL HOLPLQDW SULQ GLYHUVLILFDUHD

SODVDPHQWHORU DGLF  D VWUXFWXU ULL GLYHUVLILFD te a portofoliilor de active. Acest risc

QHGLYHUVLILFDELO HVWH P VXUDELO SULQ SURFHGHH VWDWLVWLFH YDULQ  GLVSHUVLH úL HVWH LQWUDW vQ

OLPEDMXO FXUHQW VXE QXPHOH GH FRHILFLHQWXO EHWD &KLDU GDF  X]XO DFHVWXL FRHILFLHQW  QX

UHSUH]LQW  VROX LD LQIDLOLELO  D FkúWLJXOXL SH SLD D ILQDQFLDU  PRGHOXO &$30 U PkQH WRWXúL SkQ 

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ILQDQFLDUH ,SRWH]DGHHILFLHQ DDFHVWHL SLH HSHFDUHGHDOWIHOHVWHIRQGDW PRGHOXO FRQWLQX V 

QX ILH XQDQLP DFFHSWDW  ILLQG RELHFW GH FRQWUDYHUV  vQWUH VXV LQ WRULL DQDOL]HL ILQDQFLDUH

IXQGDPHQWDOHúLDGHS LLDQDOL]HLWHKQLFH

c) WHRULDVWUXFWXULLILQDQFLDUHúLDSROLWLFLLGHGLVWULEXLUHDSURILWXOXLHODERUDW GH0HUWRQ

0LOOHU úL )UDQFR 0RGLJOLDQL ODXUHD L 1REHO SHQWUX HFRQRPLH  úL SXEOLFDW  vQ DUWLFROHOH

"The Cost of Capital, Corporation Finance and the Theory of Investiments" (Ametican Economic
5HYLHZ YRO  QU  LXQLH  úL &RUSRUDWH ,QFRPH 7D[HV DQG 7KH &RVW RI &DSLWDO D

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"Determinants of Corporate Borrowing" în "Journal of Financial Economics", vol 5, nr. 2,

noLHPEULH  0HUWRQ 0LOOHU D FRPE WXW DFHDVW  WHRULH vQWU-R QRW  SUH]LGHQ LDO   F WUH
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PDQDJHULORU GH D PHQ LQH R UDW  GH vQGDWRUDUH UH]RQDELO  úL WHQGLQ D PDQLIHVWDW  vQ FD]XO XQXL

PDUH QXP U GH VRFLHW L FRPHUFLDOH GH D SURPRYD R UDW  GH GLVWULEX LH D SURILWXOXL PDL PDUH

decât ar justifica-RLQWHUHVXOILVFDODODF LRQDULORU

G ÌQ DQLL
 DX vQFHSXW V  VH GH]YROWH úL DOWH SUREOHPH WHRULL SRUQLQG mai ales de la
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de tip RS LXQL (1973), pentru care s-a încercat formularea unor principii de evaluare. De
DVHPHQHD HVWH YRUED GH vQFHUF ULOH GH DSOLFDUH D teoriei semnalelor la problemele financiare,

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HQWLWDWH FRPSDFW  FH LD GHFL]LL SHQWUXD úL PD[LPL]D IXQF LD GH XWLOLWDWH GHILQLW  XQLYRFFLFD XQ
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RUJDQLVPFRPSOH[DOF UXLFRPSRUWDPHQWHVWHUH]XOWDQWDXQXLSURFHVGHHFKLOLEUXú i arbitraj între
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DERUGDUH D ILUPHL SHUPLWH XQ GHPHUV GH LQWHJUDUH PDL SURIXQG  D WHRULHL ILQDQFLDUH D ILUPHL vQ

WHRULDFRQWUROXOXL PDQDJHULDOIRUPXODW  vQDQLL

  GH %HUOH úL 0HDQV úL UHDFWLYDW  OD vQFHSXWXO

DQLORU
GH-RKQ.HQQHWK*DOEUDLWKùWLLQ DHFRQRPLF úLLQWHUHVXOSXEOLF

2ELHFWXOILQDQ HORUSULYDWHLQFOXGH

• constituirea (modalitatea de constituire) a capitalului social;

• repartizarea profiWXOXLDFXPXODUHDFDSLWDOL]DUHDUHPXQHUDUHDDF LRQDULORU
• SODVDUHDHYHQWXDOHORUGLVSRQLELOLW L

• RE LQHUHDFUHDUHD PLMORDFHORU ILQDQFLDUH QHFHVDUH SHQWUX GHUXODUHD FXUHQW  D

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obiect al dreptului comercial.

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4. Echilibrul financiar
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VRFLDOHGHIDFWXU PLFURVDXPDFURSUHFXPFRPXQLW LOHORFDOHVWDWXOHFRQRPLDvQDQVDPElul ei.

(FKLOLEUXOILQDQFLDUDSDUHDWkWvQOHJ WXU FXILQDQ HOHSXEOLFHFkWúLFXFHOHSULYDWH

(FKLOLEUXOILQDQFLDU VH GHILQHúWH FD ILLQGDFHD VWDUH SHQWUXFDUH HVWH FDUDFWHULVWLF  SHQWUX

VXELHFWXO GH UHIHULQ  FRUHODUHD VWRFXULORU GH PLMORDFH XWLOL] UL FX FHOH UHVXUVH úLVDX D

IOX[XULORU E QHúWL GH LQWUDUH FX FHOH GH LHúLUH DWkW vQ WLPS FkW úL GLQ SXQFW GH YHGHUH DO

FXDQWXPXOXL GLPHQVLXQLL YROXPXOXL DFHVWRUD $FHDVW  VWDUH DUH FDUDFWHU GLQDPLF vQ VHQVXO F 

VH PRGLILF  SXQFWXDO vQ IXQF LH GH HYROX LD IOX[XULORUVWRFXULORU FD úL GH HYROX LD QHYRLL GH

PLMORDFH ILQDQFLDUH GHWHUPLQDW  GH GHVI úXUDUHD RELHFWXOXL GH DFWLYLWDWH úLVDX GH vQGHSOLQLUHD

VDUFLQLORUúLDWULEX LLORUUHVSHFWLYXOXLVXELHFWGHUHIHULQ 

Echilibrul financiar se poate determina static sau dinamic. În cazul "static" el este
UH]XOWDQWD VWRFXULORU GLVSRQLELOH OD PRPHQW GDW OD VXELHFWXO GH UHIHULQ  'H SLOG  HFKLOLEUXO

vQWUH FUHDQ H úL GLVSRQLELOLW L E QHúWL SH GH R SDUWH úL REOLJD LL SH GH DOW  SDUWH úL FDUH G 

LQIRUPD LDSULYLQGOLFKLGLWDWHDODXQPRPHQWGDWDVXELHFWXOXLPHQ LRQDWUHVSHFWLYFDSDFLWDWHDVD

GHDRQRUDvQPRPHQWXOGDWSO LOHSHFDUHOHDUHGHI FXW'DF 

FUHDQ HGLVSRQLELOLW L ≥ REOLJD LL

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QXDQ DW SULQGHWHUPLQDUHDHFKLOLEUXOXLGLQDPLF

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REOLJD LLOHGHSODW vQWU XQLQWHUYDOGDW(VWHSRVLELOFDXQVXELHFWV SUH]LQWHOLFKLGLWDWHGDUV QX
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fie solvabil în peUVSHFWLY  VDX LQYHUV V  QX SUH]LQWH OLFKLGLWDWH GDU vQ SHUVSHFWLY  V  ILH

solvabil.
 Un exemplu edificator al echilibrului financiar poate fi relevat, la nivelul unei firme, de
LQGLFDWRULL IRQG GH UXOPHQW úL QHFHVDUXO GH IRQG GH UXOPHQW $VWIHO SULPXO LQGLFDWRU DUDW 

FXDQWXPXO FX FDUH FDSLWDOXO SHUPDQHQW GHS úHúWH XWLOL] ULOH SHUPDQHQWH  GH WLSXO DFWLYH

LPRELOL]DWH VDX DFWLYH IL[H U PkQkQG GLVSRQLELO SHQWUX DFRSHULUHD GLQ UHVXUVH SHUPDQHQWH D

XWLOL] ULORU QHSHUPDQHQWH VWRFXUL GH PDWHULL SULPH SURGXF LH vQ FXUV GH IDEULFD LH HWF ÌQ FD]XO

în care
capitalul permanent > activele imobilizate
vQVHDPQ F  H[LVW  GLVSRQLELO SHQWUXDFRSHULUHD FHO SX LQ SDU LDO  DDFWLYHORU FLUFXODQWH XWLOL] UL

QHSHUPDQHQWH 'HWHUPLQDW DVWIHO LQGLFDWRUXO G  LPDJLQHD X nui echilibru static, întrucât la baza
FDOFXOXOXL DX VWDW VWRFXULOH H[LVWHQWXO GH FDSLWDO SHUPDQHQW úL VWRFXO GH DFWLYH IL[H 3HQWUX XQ

interval dat de gestiune (anul, trimestrul) aceste "stocuri" sunt, în marea majoritate a cazurilor,
invariabile. În sFKLPE DFWLYHOH FLUFXODQWH YDULD]  vQ PRG IUHFYHQW SH VXELQWHUYDOH WULPHVWUH
UHVSHFWLY OXQL OD IHO FD úL SDVLYHOH GH H[SORDWDUH VXUVHOH WHPSRUDUH GH WLSXO GDWRULLORU ID  GH

IXUQL]RUL 1HFHVDUXO GHIRQG GH UXOPHQW GHWHUPLQDW FD GLIHUHQ  vQWUH DFHVWH GRX FRPSRQHQWH

DUDW 

disponibilul de resurse temporare (necesarul < 0)

sau
nevoia de resurse temporare (necesarul >0),

DGLF  HYROX LD GLQDPLFD HFKLOLEUXOXL UHVXUVH XWLOL] UL WHPSRUDUH &RUHODUHD FHORU GRL LQGLFDWRUL
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pe de o parte, fondul de rulmeQW FD VWRF úL SH GH DOW  SDUWH QHYRLD GH IRQG GH UXOPHQW FD

YDULDELO SHVXELQWHUYDOHGHJHVWLXQHDGLF 

Necesar de fond de rulment – Fond de rulment

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fiecare din subintervalele de gestiune.

/DQLYHOPDFURHFRQRPLFGHSLOG  al bugetului de stat, problema se pune în 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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bonurilor de tezaur emise pe perioade scurte (3 sau 6 luni de obicei), iar pentru plasamente
SURFHGHXOXWLOL] ULLGHF WUH%DQFD1D LRQDO DUHVSHFWLYHORUGLVSRQLELOLW LSHQWUXUHILQDQ Drea pe

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finaQFLDUH PRGDOLW LOH GH LQWHUYHQ LH úL XQHRUL FKLDU GH GHFL]LH úL FRQGXFHUH SULQ PLMORDFH

financiare.
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] 

SULQ úL vQ YLUWXWHD OHJLL LDU SUHURJDWLYHOH SROLWLFLL ILQDQFLDUH YL]HD]  vQ HVHQ  ILQDQ HOH SXEOLFH

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DFWLYLW LUDPXULHFRQRPLFH]RQHJHRJUDILFH vQYHGHUHDDWLQJHULLXQRUVFRSXULHFRQRPLFHVRFLDOH

sau chiar politice. Multitudinea mijloacelor, tehnicilor, instrumentelor, procedeelor utilizate

conduce la particularizarea câtorva categorii de politici cum sunt: politica cheltuielilor publice,
SROLWLFD ILVFDO  SROLWLFD YDPDO  FRPSRQHQWD UHIHULWRDUH OD WD[HOH YDPDOH SROLWLFD PRQHWDU 

SROLWLFD YDOXWDU  )LHFDUH GLQ DFHVWH SROLWLFL VH LGHQWLILF  SULQWU XQXO GLQ GRPHQLLOH úWLLQ HL
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particularitatea de TXDVLRS LRQDOLWDWH pe care o au astfel de politici. Nu este vorba de faptul

sustUDJHULL GH OD SUHYHGHULOH OHJLL DYkQG vQ YHGHUH F  OHJHDHVWH FHDFDUH GHILQHúWH FHO SX LQ XQHOH
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prin lege.
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astfel. Aici apare particXODULWDWHD GH TXDVLRS LRQDOLWDWHD SROLWLFLLILQDQFLDUH OHJHD QX REOLJ  OD

reinvestirea profitului în activitatea generatoare; cine vrea –o face, cine nu – nu .

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financiare.
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dimensiunea acestuia.
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împrumut obligatar au caracter de resurse permanente spre deosebire de alte tipuri de resurse
dintre cele mai sus amintite.
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nu vor putea fi folosite altfel, adiF YRUIL

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fixe are repercusiuni privind:

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este dat de rata dividendului (rd).

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acoperirii unor nevoi temporare.

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

&DUDFWHULVWLFLOHUHOD LLORUGHFUHGLt sunt:

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mijloace.
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o modalitate de constituire a necesarului de resurse financiare în completarea celor proprii, dar,

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avantaje importante:
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doua "UHJXO GHDXU":
- produsul generat de uzul unor resurse financiare neproprii (luate cu împrumut)
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cazul creditului bancar pentru nevoi curente, termenul scurt este identificat prin durata de 1 la 90
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mari categorii:
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comercial în dubla sa calitate:

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

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 vQ FDOLWDWH GH FOLHQW FkQG XQ IXUQL]RU DO V X DFFHSW  FD V  SULPHDVF  SODWD XOWHULRU

OLYU ULL HIHFWXDWH generându-VH DVWIHO SHQWUX DJHQWXO HFRQRPLF GH UHIHULQ  R REOLJD LH GH SODW 

viitoare.

7. Pârghia financiar-PRQHWDU vQSROLWLFLOHJXYHUQDPHQWDOH

LQWHUYHQ LRQLVWH

Problema rolului ce revine componentelor financiar-PRQHWDUH vQ GHVI úXUDUHD DFWLYLW LL
econoPLFHúLVRFLDOHúLFXSUHGLOHF LHvQFUHúWHUHDHFRQRPLF DFRQVWLWXLWRELHFWGHVWXGLXSHQWUX
WRDWHúFROLOHHFRQRPLFH/DvQFHSXWPLúFDUHDDFHVWRUFRPSRQHQWHDIRVWSXV H[FOXVLYSHVHDPD

D FHHD FH úWLLQ D HFRQRPLF  D QXPLW PkQD LQYL]LELO  DGLF  PHFDQLVPHOH SLH HL vQ SULQFLSDO

FRQFXUHQ D 8OWHULRU SH P VXUD FRQVROLG ULL RUJDQL] ULL VWDWDOH úL D GLYHUVLILF ULLGH]YROW ULL

IXQF LLORU VWDWXOXL D IRVW SXV  WRW PDL LQVLVWHQW SUREOHPD LQWHUYHQ LHL VWDWXOXL vQ PHFDQLVPXO

HFRQRPLF $VWIHO úFRDOD NH\QHVLVW  D IXQGDPHQWDW QHFHVLWDWHD XQHL LQWHUYHQ LL GH VXEVWDQ  úL D

SUHFL]DW LQFOXVLY PRGDOLW LOH SULQFDUH R DVWIHO GH LQWHUYHQ LH VH SRDWH UHDOL]D ùFROLOH 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 DULúLQXDQ 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 în care se afl HFRQRPLD úLFDUH 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

DFHOHDúL SkUJKLL ILQDQFLDU PRQHWDUH OD FDUH IDFH UHIHULQ

-  úL .H\QHV 'H H[HPSOX PL[ SROLF\

DSHOHD] ODP VXULGLIHUHQ LDWHPRQHWDUHúLEXJHWDUHGLQWUHFDUHFHOHPRQHWDUHYL]HD] GLQDPLFD

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

DFWLYLW LLHFRQRPLFHVXSXV LQWHUYHQ LHLSULQSkUJKLLILVFDOHúLYDPDOHúLUHJOHPHQWDUHDVROGXOXL

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 ÌQ

VIkUúLWvQMXUXODQXOXLDXDS UXWDERUG ULOHJUXSDWHvQWHRULDFUHúWHULLHQGRJHQHFDUHPL]HD] 

SH YDOHQ HOH GH FUHúWHUH DOH PHFDQLVPXOXL HFRQRPLF vQVXúL GDU úL DOH FRPSRQHQWHORU

QHHFRQRPLFH DOH PHFDQLVPXOXL  SULQ YDORULILFDUHD SRVLELOLW LORU SH FDUH OH FUHHD]  SURJUHVXO

WHKQLFSLD DúLVHJPHQWHOHHLHGXFD LDGRULQ DGHSURS úLUHUHYROX LDLQIRUPDWLF 

Unele din primele conexiuni între indicatori sau parametri financiari-PRQHWDUL úL FHL FH
FDUDFWHUL]HD] QLYHOXOGLQDPLFDúLGH]YROWDUHDVDXFUHúWHUHDHFRQRPLF DXIRVWIRUPXODWHvQF vQ

XUP FXFLUFDGHDQLGHUHSUH]HQWDQ LDLúFROLLPHUFDQWLOLVWHVHF;9 -XVIII) cum au fost Th.

0DQ úL :+6WRIIRUG vQ $QJOLD $OIUHG GH 0RQWFKUpWLHQ úL -% &ROEHUW vQ )UDQ D 8]kQG GH

IRUPXO ULOH PRGHUQH FRQVDFUDWH GH PRGHODUHD HFRQRPLF  PRGHOXO FRQH[LXQLORU PHQ LRQDWH VH

SUH]LQW DVWIHO

ƒ IXQF LDFUHGLWXOXL C = C (M) cu C’> 0 (4.1)

ƒ IXQF LDWUDQ]DF LLORU T = T (M) cu T’> 0 (4.2)
ƒ IXQF LDGREkQ]LL d = d (M) cu d’ < 0 (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 LDODOFUHúWHULLUDWHLGREkQ]LLDVWIHO

d M C T r (5)

unde VHPQLILF RFUHúWHUH VHPQLILF RUHGXFHUH VHPQLILF  R FRQVHFLQ  R LPSOLFD LH ,

LPSOLF RGHWHUPLQDUHGHWHUPLQ LDUUHVWHULWPXOFUHúWHULLHFRQRPLFH2DVWIHOGHFRQH[LXQH

DF S WDWvQWLPSIRU GHD[LRP úLHVWHYDORULILFDW úLD]LvQWHRULLOHHFRQRPLFHPRGHUQHFDúLvQ

IRUPXODUHD SROLWLFLORU LQWHUYHQ LRQLVWH vQ YHGHUHD VXV LQHULL GH]YROW ULL VDX D DWHQX ULL

componentelor degresive ale ciclului economic.

2 FRQWULEX LH GH DFHLDúL DPSORDUH úL LPSRUWDQ  D[LRPDWL]DW  vQ HJDO  P VXU  R

UHSUH]LQW  UHOD LD OXL ,UZLQJ )LVKHU UHSUH]HQWDQW DO úFROLL HFRQRPLH FODVLFH VHF ;9,, -XIX)
UHIHULWRDUHODHFKLOLEUXOSLH HLPRQHWDUHFXQRVFXW VXEIRUPD

M*V=P*T (6)

unde: M PDVDPRQHWDU 

V YLWH]DGHURWD LHDEDQLORU

P QLYHOXOSUH XULORU

T YROXPXOWUDQ]DF LLORU

úLvQFDUHPHPEUXOVWkQJUHSUH]LQW RIHUWDGHEDQ i, iar cel drept cererea de bani.

ÌQWUHDJD 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 úL SROLWLFL

PRQHWDUHJXYHUQDPHQWDOH$VWIHOGHH[HPSOXúFRDODQHRFODVLF VHF;,; - începutul sec. XX) a

SURGXVPRGHOXOHFKLOLEUXOXLJHQHUDOGHSLD DOSLH HLvQDQVDPEOXOHLúLDOXQRUDGLQVHJPHQWHOH
acesteia), moGHO vQFDUH ED]HOHFRQGL LLORU HFKLOLEUXOXL JHQHUDO DXIRVWIRUPXODWH GH 0DULH (VSULW
/HRQ:DOUDVFHOPDLGHVHDP UHSUH]HQWDQWDODFHVWHLúFROLúLFDUHHVWHFHOGLQWkLFDUHDXWLOL]DW

vQ PRG VLVWHPDWLF vQ HFRQRPLH YDOHQ HOH úL SRVLELOLW LOH SH FDUH OH RIHU  PDWHPDWLFD 0RGHOXO

HFKLOLEUXOXL JHQHUDO vQ YDULDQWD FHD PDL FRPSOHW  SH FDUH D FRQFHSXW R úFRDOD QHRFODVLF 
-
include:

• IXQF LDGHSURGXF LH Y = Y (ND) (7.1)

cu Y’ ≥ úL<’’ < 0
• IXQF LDGHRIHUW GHPXQF NS = NS (w/p) (7.2)
cu N’S ≥ 0
• IXQF LDGHLQYHVWL LL I = I (i) (7.3)
cu I’ ≤ 0
• IXQF LDGHHFRQRPLL S = S (i) (7.4)
cu S’ ≥ 0
• UHOD LDGHHFKLOLEUXJHQHUDO I=S (7.5)
• UHOD LDGHHFKLOLEUXSHSLD DPXQFLL NS = ND (7.6)
• echilibrul sectorului monetar M = k ∗ p∗ Y (7.7)

în care: Y SURGXVXOILQDOvQH[SUHVLHIL]LF 

ND FHUHUHDGHPXQF 

NS RIHUWDGHPXQF 

w  VDODULXO XQLWDU XQLW L PRQHWDUH SH XQLWDWHD GH PXQF  IRORVLW  vQ H[SULPDUHD

FHUHULLRIHUWHLGHPXQF 

p QLYHOXOSUH XULORU

I LQYHVWL LLOH

i = rata dobânzii;
S = economiile;
M PDVDPRQHWDU 
k = coeficient dHOLFKLGLWDWHFXYDORDUHDHJDO FXLQYHUVXOYLWH]HLGHURWD LHDEDQLORU

)XQF LD GH SURGXF LH H[SULP  FRPSRQHQWD RIHUWHL SH SLD D EXQXULORU úL VHUYLFLLORU úL

SHUPLWH LQWURGXFHUHD FRQGL LHL GH SDUWLFLSDUH D SURGXFWRULORU SH DFHDVW  SLD  UHVSHFWLY

maximizarea profitului scontat ( π ):

max π = max (p ∗ Y – w ∗ ND) (8)

SHQWUXFDUHVHSRDWHVFULHFRQGL LDGHRSWLP

dπ
= 0 ⇒ N D = [Y ’]−1 ( w / p) (8.1.)
dN D

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úLFDUHUH]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 úL 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 ÌQ 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 úL FDUH VH PRGLILF 
semnificativ pe intervale relativ lungi (2- DQL úL PDL PXOW 3H VHDPD DFHVWRUD UH]XOWDWH úL
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* úL
al salariului nominal (w* (VWH GHVFKLV  FDOHD SHQWUX VFKLPE UL SULYLQG QLYHOXO GH HFKLOLEUX DO
SUH XULORU DO UDWHL LQIOD LHL úL 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 DEXQXULORUúLVHUYLFLLORUSOXVSLD D

PXQFLLúLSLD DPRQHWDU SHGHRSDUWHúLDQVDPEOXOSLH HLSHGHDOW SDUWH

ùFRDOD QHRFODVLF  D SURGXV úL DOWH WLSXUL GH PRGHOH GLQWUH FDUH vO DPLQWLP SH FHO DO OXL

Domar, în care componenta financiar-PRQHWDU DSDUHVXEIRUPDFKHOWXLHOLORUSXEOLFHDVWIHOvQFkW

VXQW FUHDWH úL DQDOL]DWH SRVLELOLW 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 în 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  vQ FDUH VWDWXO

nu intervine. În varianta unor LQYHVWL LLGHWHUPLQDWHH[RJH n modelul include:

• IXQF LDGHFRQVXP C = c ∗ Y + Co (9.1)

• IXQF LDGHLQYHVWL LL I = Io (9.2)
• HFXD LDGHHFKLOLEUX Y=C+I (9.3)

unde: C = consumul;
c vQFOLQD LDPDUJLQDO VSUHFRQVXPDGLF G&G<

Co = consumul autonom;
I LQYHVWL LD

Io LQYHVWL LDDXWRQRP 

Y = produsul final.

6XEVWLWXLUHD vQ HFXD LD HFKLOLEUXOXL D IXQF LLORU GH FRPSRUWDPHQW FHD GH FRQVXP úL FHD

GH LQYHVWL LL FRQGXFH OD RE LQHUHD XQHL H[SUHVLL D SURGXVXOXL vQ IXQF LH GH YDULDEL lele de
FRPSRUWDPHQW úLSDUDPHWULLDIHUHQ LORUGLQFDUHH[SUHVLHVHSRDWHGHWHUPLQDXQPXOWLSOLFDWRUDO

FUHúWHULLHFRQRPLFH

dY 1
= (9.4)
dIo 1 − c

cunoscut ca PXOWLSOLFDWRUXOLQYHVWL LLORUúLFDUHDUDW FXFkWFUHúWHSURGXVXOILQDOvQFD]XOFUHúWHULL

FX R XQLWDWH D LQYHVWL LLORU 0XOWLSOLFDWRUXO HVWH vQWRWGHDXQD VXEXQLWDU GHRDUHFH F ∈ (0;1). În
varianta în care LQYHVWL 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 LLORUúLDQXPHFHVSRUGHLQYHVWL LL

VH UHDOL]HD]  OD R XQLWDWH GH FUHúWHUH D SURGXVXOXL ILQDO 3ULQ DFHODúL SURFHGHX GH VXEVWLWXLUH D

IXQF LLORU GH FRPSRUWDPHQW  úL  vQ HFXD LD GH HFKLOLEUX  VH RE LQH R DOW  IRUP  D

PXOWLSOLFDWRUXOXLFUHúWHULLHFRQRPLFH

dY 1
= (9.6)
dIo 1 − c − a
cunoscut ca multiplicatRUXO H[WLQV DO LQYHVWL LLORU FX DFHODúL FRQ LQXW FD FHO SUHFHGHQW  GDU
de valoare mai mare
1 1
> (9.7)
1− c − a 1− c

întrucât a ∈  VSRUXO GH YHQLW QX SRDWH IL XWLOL]DW LQWHJUDO SHQWUX LQYHVWL LL LDU LQYHVWL LLOH Qu
SRW VFDGH vQ FRQGL LL GH FUHúWHUH D YHQLWXULORU FUHúWHUHD SURGXVXOXL ILQDO vQVHDPQ  LPSOLFLW

FUHúWHUHDYHQLWXULORUDJHQ LORUHFRQRPLFL0RWLYD LDHVWHGDW GH.H\QHVVXEIRUPDFXQRVFXWHORU

LSRWH]HSULYLQGFRPSRUWDPHQWXODJHQ LORUHFRQRPLFL

• WHQGLQ D GH
a-úL FRQVHUYD VWDQGDUGXO GH YLD  FDUH vQVHDPQ  LPSOLFLW R LQHU LH vQ

modificarea consumului;
• WHQGLQ D GH D HFRQRPLVL PDL PXOW RGDW  FX FUHúWHUHD YHQLWXULORU FHHD FH vQVHDPQ 

LPSOLFLWGLVSRQLELOLW LPDLPDULSHQWUXLQYHVWL LL

Multiplicatorul extinsDOLQYHVWL LLORUHVWHvQWRWGHDXQDVXSUDXQLWDUvQWUXFkWúLDúLF ∈ (0;1).

$FHVWH YDULDQWH GH PRGHO GH FUHúWHUH SUHJ WHVF IRUPXOHOH LQWHUYHQ LRQLVPXOXL

guvernamental, pe care Keynes le introduce sub forma:

ƒ politica cheltuielilor guvernamentale, prin variabila G;
ƒ SROLWLFDILVFDO SULQYDULDELODGHLPSR]LWHúLWD[H7

ƒ SROLWLFD VXEYHQ LLORU R IRUP  D FKHOWXLHOLORU JXYHUQDPHQWDOH GH WLSXO WUDQVIHUXULORU HIHFWXDWH

GH VWDW vQ EHQHILFLXO DOWRU HQWLW L HFRQRPLFH FRQVXPDWRUL XQLL SURGXF WRUL XQHOH LQVWLWX LL

VDXVRFLHW LFRPHUFLDOHGHVWDWSULQYDULDELOD5

Modelul GH FUHúWHUH VH UHIHU  OD R HFRQRPLH vQFKLV în care statul intervine; modelul
DUH vQ YHGHUH FD YDULDQWH FDUDFWHUXO H[RJHQ VDX QX DO XQRUD GLQ YDULDELOHOH GH LQWHUYHQ LH. În

YDULDQWDF WRDWHYDULDELOHOHGHLQWHUYHQ LHVXQWH[RJHQH, modelul include:

• HFXD LDYHQLWXOXLQHW Yn = Y – Tn (10.1)

• HFXD LDLPSR]LWXOXLQHW Tn = T – R (10.2)
• IXQF LDGHFRQVXP C = c ∗ Yn + Co (10.3)
• IXQF LDGHLQYHVWL LL I = Io (10.4)
• IXQF LDFKHOWXLHOLORUJXYHUQDPHQWDOH G = Go (10.5)
• IXQF LDLPSR]LWHORU T = To (10.6)
• IXQF LDVXEYHQ LLORU R = Ro (10.7)
• HFXD LDGHHFKLOLEUX Y=C+I+G (10.8)

ÌQ DFHDVW  YDULDQW  YRUELP LPSURSULX GH IXQF LL vQ UHOD LLOH  –  UHOD LL FDUH
GHIDSWVXQWH[SUHVLDYDORULORUH[RJHQHDOHYDULDELOHORUUHVSHFWLYH3HED]DDFHOXLDúLSURFHGHXGH

VXEVWLWXLUHVHSRWGHWHUPLQDSDWUXPXOWLSOLFDWRULGHFUHúWHUHHFRQRPLF 

dY dY 1
= = (10.9)
dIo dG o 1 − c
dY dY c
= = (10.10)
dTo dR o 1 − c

GLQWUH FDUH WUHL H[SULP  DPSORDUHD HIHFWXOXL ILHF UHLD GLQ FHOH WUHL SROLWLFL LQWHUYHQ LRQLVWH

PHQ LRQDWHPDLVXV$YHPDúDGDU

- multiplicatorul cheltuielilor guvernamentale dY/dGo GH DFHLDúL P ULPH FX FHO DO LQYHVWL LLORU
dY/dIo úL vQ SOXV HJDO FX PXOWLSOLFDWRUXO LQYHVWL LLORU FDUDFWHULVWLF PRGHOXOXL QHLQWHUYHQ LRQLVW FX
LQYHVWL LLH[RJHQH

- multiplicatorul fiscal dY/dT0 úL PXOWLSOLFDWRUXO VXEYHQ LLORU G<G5o, din care primul este
QHJDWLYGDUDPELLDXDFHHDúLYDORDUHDEVROXW úLPDLPLF GHFkWDFHORUSUHFHGHQ L
 c 1
< (10.11)
1− c 1− c

0XOWLSOLFDWRUXO ILVFDO SRDWH IL VXE VDX VXSUDXQLWDU GXS  FXP F ∈ (0;0,5), respectiv
c ∈ (0,5;1).

ÌQ FH SULYHúWH YDORDUHD QHJDWLY  D PXOWLSOLFDWRUXOXL ILVFDO DFHDVWD VH H[SOLF  SULQ UHOD LD

LQYHUV FDUHH[LVW vQWUHILVFDOLWDWHúLFUHúWHUHDHFRQRPLF &XFkWILVFDOLWDWHDHVWHPDLSURQXQ DW 

FX DWkW HVWH PDL GHVFXUDMDW  WHQGLQ D DJHQ LORU HFRQRPLFL GH D GH]YROWD DFWLYLWDWHD HFRQRPLF  úL

vQSULPXOUkQGGHDIDFHLQYHVWL LL

3URFHGXUD GH VXEVWLWXLUH D IXQF LLORU GH FRPSRUWDPHQW vQ HFXD LD GH HFKLOLEUX FRQGXFH OD

RE LQHUHDXQHLHFXD LLDSURGXVXOXLILQDOÌQYDULDQWDGHPRGHO –UH]XOW 

1 c
Y= (C o + I o + G o ) − (To − R o ) (10.12)
1− c 1− c

Introducem ∆ FD RSHUDWRU GH YDULD LH FX VHQVXO GH YDULD LH DEVROXW  $VWIHO GDF  XQ

LQGLFDWRU[SUHVXSXQHGRX QLYHOHGLIHULWHGHUHDOL]DUH[1 ≠ x2YDULD LDLQGLFDWRUXOXL[HVWH

x = x2-x1 (10.13)

6 IDFHPVXSR]L LDF VWDWXODGRSW RSROLWLF GHvQJKH DUHDGHILFLWXOXLEXJHWDU$FHDVWD

SUHVXSXQH R DVHPHQHD SROLWLF  D FKHOWXLHOLORU EXJHWDUH úL D SROLWLFLL ILVFDOH vQFkW YDULD LD FHORU

GRX  FRPSRQHQWH EXJHWDUH FKHOWXLHOL úL YHQLWXUL ILVFDOH V  ILH GH DFHHDúL P ULPH &RQIRUP

IRUPDOL] ULORUSUDFWLFDWHvQPRGHODFHDVWDvQVHDPQ F 

G0 = ∆ T 0 (10.14)

6 SUHVXSXQHPvQFRQWLQXDUHF FHOHODOWHYDULDELOHGHFDUHGHSLQGHSURGXVXOILQDODGLF 

nivelul consumului autonom (Co DO LQYHVWL LLORU ,o úL DO VXEYHQ LLORU 5o), nu vor suferi
PRGLILF UL DGLF  YDULD LD ORU HVWH QXO  ÌQ IHOXO DFHVWD VH SRDWH VHSDUD vQ PRG VWULFW HIHFWXO XQHL

SROLWLFLGHvQJKH DUHDGHILFLWXOXLEXJHWDU

'DF DSOLF PRSHUDWRUXOGHYDULD LHODHFXD LDSURGXVXOXLILQDOúL LQHPVHDPDGH

FRQGL LDDWXQFLUH]XOW F 

Y = ∆ G0 sau ∆ Y = ∆ T0 (10.15)

FHHD FH vQVHDPQ  F  vQ FRQGL LLOH vQJKH ULL GHILFLWXOXL EXJHWDU HIHFWXO SROLWLFLL FKHOWXLHOLORU

EXJHWDUHFDúLDOSROLWLFLLILVFDOHHVWHGHDFHHDúLP ULPH

$GLF  PDMRUDUHD FKHOWXLHOLORU EXJHWDUH FX YDORDUHD [ SH VHDPD FUHúWHULL YHQLWXULORU

ILVFDOHFXDFHLDúLYDORDUH[DUHFDHIHFWFUHú terea produsului final cu valoarea x.

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

ILVFDOHSHQWUXDVXEYHQ LRQDHFRQRPLDDGLF

∆ T0 = ∆ R0 (10.16)

0HQ LRQkQG LSRWH]D GH LQYDULDQ   D FHORUODOWH YDULDELOH GH FDUH GHSLQGH SURGXVXO ILQDO

DGLF  QLYHOXO FRQVXPXOXL DXWRQRP &0 DO LQYHVWL LLORU ,0 úL 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 FUHúWHUH HFRQRPLF  vQ FRQGL LLOH

XWLOL] ULLLQWHJUDOHDYHQLWXULORUILVFDOHVXSOLPHQWDUHSHQWUXVXEYHQ LRQDUHDHFRQRPLH i.

&HOH GRX  FRQFOX]LL  úL  VXQW FXQRVFXWH VXE QXPHOH GH teorema lui
HaavelmoUHSUH]HQWkQGXQUH]XOWDWDOVWXGLLORUvQFDGUDWHvQúFRDODHFRQRPLF 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]LWHORUúLDQXPH

T = t ∗ Y + T0 (11.1)

FDUHvQORFXLHúWHHFXD LDúLvQFDUH

t UDWDPDUJLQDO DLPSXQHULLILVFDOHDGLF G7G<

T0 = nivelul autonom al veniturilor bugetare fiscale.

În urma procedeului substituLULL DSOLFDW úL vQ YDULDQWHOH SUHFHGHQWH VH RE LQ SDWUX

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

model:
dY dY 1
= = (11.2)
dI0 dG 0 1 − c(1 − t )

dY dY c
= = (11.3)
dT0 dR 0 1 − c(1 − t )

Multiplicatorul invesWL LLORUúLDOFKHOWXLHOLORUJXYHUQDPHQWDOHS VWUHD] FDUDFWHULVWLFDGHD

ILHJDOLvQWUHHLGDUFXYDORDUHDPDLPLF GHFkWPXOWLSOLFDWRULLVLPLODULúLGHRDUHFHW!

vQWUXFkWLPSXQHUHDILVFDO QXSDWHILQHJDWLY 

0XOWLSOLFDWRUXOILVFDOúLDOVXEYHQ LLORUS VWUHD] úLHLFDUDFWHULVWLFDGHDILHJDOLvQWUHHLúL

GHYDORDUHLQIHULRDU FHORUODO LGRL

c 1
< (11.4)
1 − c(1 − t ) 1 − c(1 − t )

GDUVXQWLQIHULRULFDYDORDUHúLPXOWLSOLFDWRULORUVLPLODUL

c c
< (11.5)
1 − c(1 − t ) 1 − c

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

SODQXOFUHúWHULLHFRQRPLFHGHFkWFHDvQFDUHYDULDELOHOHLQWHUYHQ LRQLVPXOXLVXQWH[RJHQH

– (10.8).
0XOWLSOLFDWRUXO LQYHVWL LLORU úL DO FKHOWXLHOLORU JXYHUQDPHQWDOH sunt întotdeauna
supraunitari deoarece t ∈ vQWLPSFHPXOWLSOLFDWRUXOILVFDOúLFHODOVXEYHQ LLORUSRWILVXEVDX
VXSUDXQLWDULGXS FXP

2c − 1 1
t< sau c> (11.6)
c 2−t
respectiv
2c − 1 1
t> sau c< (11.7)
c 2−t
 Acum, într-R D GRXD HWDS  V  UHQXQ P úL OD FDUDFWHUXO H[RJHQ DO FKHOWXLHOLORU

JXYHUQDPHQWDOH úL 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 (12.2)

unde: G0 YDORDUHDDXWRQRP DFKHOWXLHOLORUJXYHUQDPHQWDOH

g UDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQD mentale, g = dG/dY;

R0 YDORDUHDDXWRQRP DVXEYHQ LLORU

r UDWDPDUJLQDO DVXEYHQ LLORUU G5G<

3DUDPHWULLUúLJVXQWVXEXQLWDULúLSR]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 úL VSRUXO GH VXEYHQ LL HVWH PDL PLF GLQ FDX]D FUHúWHULL IRU HL HFRQRPLFH D

DJHQ LORU HFRQRPLFL $YkQG HL Yenituri mai mari, statul va "liberaliza" treptat acoperirea unor
QHYRL VRFLDOHFUHVFkQGPDL SX LQ VDXFKLDU GLPLQXkQGX-úL 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 FUHúWHULL HFRQRPLHL JUXSD L VLPLODU

câte doi:
dY dY 1
= = (12.3)
dI0 dG 0 1 − c(1 − t − r) + g
dY dY c
= = (12.4)
dT0 dR 0 1 − c(1 − t − r) + g

0XOWLSOLFDWRUXOLQYHVWL LLORUúLDOFKHOWXLHOLORUJXYHUQDPHQWDOHS VWUHD] FDUDFWHULVWLFDGHD

IL HJDOL vQWUH HL GDU FX YDORUL PDL PLFL GHFkW  úL FX DWkW PDL PXOW ID  GH  úL 

GHRDUHFHQXPLWRUXOVHPDMRUHD] SHVHDPDFRPSRQHQWHORUF ∗ UúLJDPEHOHSR]itive.

0XOWLSOLFDWRUXOILVFDOúLDOVXEYHQ LLORUS VWUHD] úLHLFDUDFWHULVWLFLOHGHDILHJDOLvQWUHHL

úLGHYDORDUHLQIHULRDU FHORUODO LGRL

c 1
< (12.5)
1 − c(1 − t − r) + g 1 − c(1 − t − r) + g

GDUVXQWLQIHULRULFDYDORDUHúLPXOWLSOLFDWRULORUVLPLODULúL 11.3)

c c
< (12.6)
1 − c(1 − t − r ) + g 1 − c(1 − t )

GDWRULW DFHORUDúLFRPSRQHQWHSR]LWLYHF ∗ UúLJ

$FHDVWD vQVHDPQ  F  YDULDQWD GH PRGHO FX IXQF LD ILVFDO    D FKHOWXLHOLORU SXEOLFH

úLDVXEYHQ LLORU DUHHIHFWHPDLPLFLvQ SODQXOFUHúWHULL HFRQRPLHLGHFkWFHD vQFDUH

DSDUH QXPDL IXQF LD ILVFDO  VWULFWR VHQVX úL FX DWkW PDL PXOW GHFkW FHD vQ FDUH YDULDELOHOH

LQWHUYHQ LRQLVPXOXL´VXQWWRDWHH[RJHQH – (10.8).

0XOWLSOLFDWRUXOLQYHVWL LLORUúLFHODOFKHOWXLHOLORUJXYHUQDPHQWDOHVXQWVXSUDXQLWRULGDF 
 c > c(t+r)+g (12.7)
FRQGL LHFDUHGHSLQGHPDLDOHVGHUDWDPDUJLQDO DFKHOWXLHOLORUJXYHUQDPHQWDOHvQWUXFkWFHOHODOWH

GRX FRPSRQHQWHFWFUVXQWFXXQRUGLQGHP ULPHPDLPLFGHFkWFúLJGHRDUHFHúLFúLWúLU

∈ 'DF VHQVXOLQHJDOLW LLHVWHVFKLPEDWDWXQFLUHVSHFWLYLLLQGLFDWRULVXQWVXEXQLWDUL

0XOWLSOLFDWRUXOILVFDOúLDOVXEYHQ LLORUVXQWVXSUDXQLWDULGDF VHUHVSHFW FRQGL LD

1+ g
c> (12.8)
2−t−r
HFKLYDOHQW FXRULFDUHGLQXUP WRDUHOHWUHL

1+ g
t < 2−r− (12.8.1)
c
1+ g
r < 2−t− (12.8.2)
c
g < c( 2 − t − r ) − 1 (12.8.3)

0RGHOXOGHFUHúWHUHSRDWHILHODERUDWúLSHQWU u cazul unei economii deschise. Variabilele

OXDWH vQ FRQVLGHUDUH SUHFXP úL 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, în prinFLSLXGHLPSRUW0úLGHH[SRUW;FDYDULDELOHúLIXQF LLGHFRPSRUWDPHQW

GDUúLGHUH]XOWDQWDORU
–VROGXOEDODQ HLFRPHUFLDOH%
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

ÌQ 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:
• IXQF LDGHH[SRUW X = X0 (13.1)
IXQF LDGHLPSRUW
• M = m ∗ Y + M0 (13.2)
HFXD LDVROGXOXLEDODQ HLFRPHUFLDOH
• B=X–M (13.3)
unde: X0 = exportul autonom
M0 = importul autonom.

ÌQ 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",

FLúLGHIDFWRULH[WHUQLDFHVWHLDDGLF GHIDFWRULFH LQGHSDUWHQHUXOH[WHUQ0HULW PHQ LRQDWF 

vQOHJ WXU FXVXV LQHUHDGHF WUHVWDWDFRPHU XOXLH[WHULRUURPkQHVFSURIGU0LKDLO0DQRLOHVFX

GH]YROW  vQ OXFUDUHD VD )RU HOH QD LRQDOH SURGXFWLYH úL FRPHU XO H[WHULRU´ %XFXUHúWL  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 úL 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
 1
Y= ∗ (X 0 − B − M 0 ) (13.4)
m

'DF  HFRQRPLD ³VXELHFW 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 FDúLGHH[SRUWXOQHWDXWRQRP;0 -M0).

,QWURGXFHUHD vQ PRGHO úL D FHORUODOWH YDULDELOH HFRQRPLFH úL ILQDQFLDU -monetare poate fi
I FXW vQLSRWH]DFRQVLGHU ULLORUFDH[RJHQHVDXQX

'DF YDULDELOHOHLQYHVWL LLLPSR]LWHFKHOWXLHOLJXYHUQDPHQWDOHúLVXEYHQ LLVXQWDFFHSWDWH

FD H[RJHQH DWXQFL PRGHOXO LQFOXGH UHOD LLOH  –  OD FDUH VH DGDXJ   – (13.2),
SUHFXP úL 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 DFHODúL 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 FUHúWHULL
economice, reflectând fiecare amploarea uneLDQXPLWHSROLWLFLGHLQWHUYHQ LHJXYHUQDPHQWDO SULQ
pârghii financiar-PRQHWDUHúLDQXPH

dY dY dY 1
= = = (14.1)
dI0 dG 0 d (X 0 − M 0 ) 1 − c + m
dY dY c
= = (14.2)
dT0 dR 0 1 − c + m

0XOWLSOLFDWRUXO LQYHVWL LLORU FHO DO FKHOWXLHOLORU JXYHUQDPHQWDOH úL FHO DO H[SRUWXOXL QHW

VXQWHJDOLvQWUHHLFXDOWHFXYLQWHSROLWLFDYDPDO DUHXQHIHFWVLPLODUFHOHLDLQYHVWL LLORUúLFHOHL

a cheltuielilor guvernamentale.
9DORDUHDDFHVWXLPXOWLSOLFDWRUHVWHPDLPLF GHFkWDFHOXLVLPLODUúL

1 1
< (14.3)
1− c + m 1− c

deoarece m ∈ QXSRDWHILQHJDWLYSHQWUXF 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 decât a celui similar (11.2)

ÌQPRGDVHP Q WRUúLSHQWUXFRPSDUD LDFXPXOWLSOLFDWRUXODVWIHOGDF 

m < c ∗ (t+r)+g (14.5)

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

'HDVHPHQHDYDORDUHDDFHVWXLPXOWLSOLFDWRUSRDWHILVXEVDXVXSUDXQLWDU DVWIHOGDF 

c<m (14.6)
valoarea luLHVWHVXEXQLWDU 

ÌQ VIkUúLW HIHFWHOH FHORU WUHL SROLWLFL GHMD PHQ LRQDWH VXQW PDL SURQXQ DWH GHFkW D FHORU
ILVFDO úLDVXEYHQ LLORUGHRDUHFH

1 c
> (14.7)
1− c + m 1− c + m

ÌQ FH SULYHúWH PXOWLSOLFDWRUXO ILVFDO úL 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
< (14.8)
1− c + m 1− c

dar poate fi mai mare sau mDL PLF  vQ FRPSDUD LH FX PXOWLSOLFDWRUXO  FRQIRUP UHOD LHL

(14.4).
'H DVHPHQHD SRDWH DYHD R YDORDUH PDL PDUH VDX PDL PLF  GHFkW D PXOWLSOLFDWRUXOXL

FRQIRUPUHOD LHLÌQVIkUúLWYDORDUHDDFHVWXLLQGLFDWRUSRDWHILVXEVDXVXSUDXQLWDU 

DVWIHOGDF 

m +1
c< sau m > 2c-1 (14.9)
2
multiplicatorul este subunitar.
'DF  WUDW P GLVWLQFW H[SRUWXO úL LPSRUWXO DGLF  VHSDU P H[SRUWXO QHW vQ FHOH GRX 

FRPSRQHQWHDOHVDOHDWXQFLUH]XOW 

dY dY 1
= = (14.10)
dX 0 dM 0 1 − c + m

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

DEVROXW DFHODúLHIHFWSULYLQGFUHúWHUHDHFRQRPLF 

9DULDQWDGHPRGHOvQFDUHVHUHQXQ ODFDUDFWHUXOH[RJHQDOYDULDELOHORUGHMDPHQ LRQDWH

LQFOXGH UHOD LLOH  – (10.3), (11.1), (12.1) – (12.2), (13.1) –  úL  3H ED]D DFHOXLDúL
SURFHGHXVHRE LQHDOW IRUP DFHORUFLQFLPXOWLSOLFDWRULDVWIHO

dY dY dY 1
= = = (15.1)
dI0 dG 0 d (X 0 − M 0 ) 1 − c(1 − t − r ) − a + g + m
dY dY c
= = (15.2)
dT0 dR 0 1 − c(1 − t − r ) − a + g + m

6WUXFWXUDILQDQFLDU DILUPHL

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

FUHGLWH GH WUH]RUHULH úL ILQDQ DUHD SH WHUPHQ OXQJ SULQ FDSLWDOXO SHUPDQHQW $FHDVW  VWUXFWXU 

GHULY GLQVWUXFWXUDFDSLWDOXOXLGXS SURYHQLHQ DUHVXUVHORUYH]LVXEFDSLWROXO I.5).

&UHGLWHOHGHWUH]RUHULHUHSUH]LQW FUHGLWXOEDQFDUúL FRPHUFLDOSHFDUHvO SRDWHPRELOL]DR

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

temporare ale firmei. În general ele sunt mai ieftine decât crediWHOH SH WHUPHQ OXQJ GDWRULW 

ULVFXOXLPDLUHGXVSUHVXSXVGHLQWHUYDOXOPXOWPDLUHGXVSHQWUXFDUHVHDFRUG ÌQWUHFRVWXOORUúL

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

fie mai mic, deoarece altIHODF LRQDULLDUILWHQWD LV -úLUHWUDJ FDSLWDOXOúLV -OIRORVHDVF vQDOWIHO

GHSODVDPHQWH3HGHDOW SDUWHXQDVWIHOGHFUHGLWVROLFLWDWvQFRQGL LLGHXUJHQ FDRQHFHVLWDWH

DS UXW LQWHPSHVWLYHVWHvQJHQHUDOVFXPS2ULFXPSRWULYLWUHJXOLLGHDXUDILQDQ HORUFDS,

DFHVWHFUHGLWHUHSUH]LQW VXUVDILQDQFLDU FHDPDLSRWULYLW SHQWUXDILQDQ DQHYRLOHFXUHQWH

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

Kperm = Kpr + Ctml (16)

unde: Kperm = capitalul permanent;

K pr = capitalul propriu;
Ctml FUHGLWHSHWHUPHQPHGLXúLOXQJ

3ULQFLSDODGHVWLQD LHDDFHVWRUVXUVHRUHSUH]LQW DFWLYHOHIL[HGHRDUHFHURWD LDORUHVWHGH

OXQJ GXUDW DGLF YDORDUHDORUVHUHFXSHUHD] SHWHUPHQOXQJDVWIHOvQFkWVXQWQHFHVDUHSHQWUX

ILQDQ DUHD ORU VXUVH VWDELOH GH GXUDW  ÌQ P VXUD vQ FDUH DFHDVW  QHYRLH HVWH DFRSHULW  DFHVWH

VXUVHVXQWXWLOL]DWHúLSHQWUXDFRSHULUHDXQHLS U LGLQQHYRLOHFXUHQWHGHH[SORDWDUH

1HYRLOH FXUHQWH GH H[SORDWDUH VXQW vQWkOQLWH QR LRQDO úL VXE GHQXPLUHD GH FKHOWXLHOLOH

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

VXQWHJDOHFXVXUVHOHGLQFDUHVXQWILQDQ DWH

AC = FR+ RT (17)

unde: AC = active circulante;

FR = fond de rulment;
RT = resurse de trezorerie.
Fondul de rulment reprH]LQW  SDUWHD GLQ UHVXUVHOH SHUPDQHQWH FDUH GHS úHúWH QHYRLOH GH

ILQDQ DUHDLPRELOL] ULORUIL[H

FR = Kperm – AF (18)

XQGH$) 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 structurareaUHVXUVHORUSURSULLúLD

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• acoperirea în primul rând a nevoilor permanente;
• asigurarea, apoi, a surselor pentru nevoi temporare.
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"golului" de resurse. Sunt, de aceea, necesare în 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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respectiv a pasivului:

ACTIV = AF + AC (19.1)
AC = S + C + L (19.2)
PASIV = K perm + RT (20.1)
RT = Cts + F + AO (20.2)
unde: S  VROGXUL GH PDWHULL SULPH PDWHULDOH FRPEXVWLELOL SURGXF LH vQ FXUV GH IDEULFD LH

ambalaje, produsHILQLWHP UIXULúLDOWHOHDVHPHQHD

C FOLHQ LGDWRULDYDQVXULF WUHIXUQL]RULúLDOWHFUHDQ H

L OLFKLGLW LvQFDV ODEDQF HWF

Cts = credit bancar pe termen scurt;

F GDWRULLF WUHIXUQL]RULDYDQVXULGHODFOLHQ L

AO = alte obliga LLGHSODW 

9RPSXQHvQHYLGHQ XUP WRULLLQGLFDWRULDLVWUXFWXULLILQDQFLDUH

a) coeficientul de îndatorare

DT
cî = (21)
PASIV
unde DT = datorii totale.
$FHVWFRHILFLHQWHYLGHQ LD] GRX DVSHFWHSULYLQGFDOLWDWHDDFWLYLW LLILQDQFLDUH a firmei:
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pe care ei le-au dat cu împrumut firmei; cu cât acest coeficient este mai aproape de unitate, cu
atât firma este într-RVLWXD LHILQDQFLDU PDLGLILFLO 
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 b) coeficientul de îndatorare la termenQXPLWúLFRHILFLHQWXOIinanciar
Ctml
cf = (22)
Kpr

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FRQGL LL

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acesteia;
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HVHQ LDO vQ GHWHUPLQDUHD 

levierului financiar sau HIHFWXOXL GH SkUJKLH HIHFWXOXL GH P FLQF

(pentru detalii vezi culegerea dHSUREOHPH)LQDQ H–PRQHG ´vQvQHGLWXUD$6(

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Ctml
cdtka = (23.1)
KA

KA = PN + A (23.2)

PN = (1-ci) ∗ (PB – OF – COR) (23.3)

PB = CA – CT (23.4)

unde: KA FDSDFLWDWHDGHDXWRILQDQ DUH

PN = profitul net;
A = amortizarea;
ci = cota de impunere a profitului;
PB = profitul brut;
OF REOLJD LLILQDQFLDUH

COR FKHOWXLHOLúLREOLJD LLFHSRWILDFRSHULWHGLQUH]XOWDWH

CA = cifra de afaceri;
CT = cheltuieli totale.

$FHVW LQGLFDWRU DUDW  vQ Fk L DQL SRW IL DFRSHULWH GDWRULLOH OD WHUPHQ GLQ UHVXUVHOH GH

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-
aprecierea gradului de îndatoUDUHSULQLQIRUPD LDUHIHULWRDUHODVROYDELOLWDWHDILUPHL

d) cota costului creditelor de trezorerie în profitul brut

D
ccct = (24)
PB
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ILQDQFLDUH úL D RSHUD LXQLORU SUHVXSXVH GH WRDWH DFHVWHD GHILQHVF JHVWLXQHD ILQDQFLDU  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 -
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principal la constituirea înSHUVSHFWLY  DQLDUHVXUVHORUGHILQDQ DUH

-
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a resurselor financiare pe termen scurt.