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BAZELE TEORETICO-METODOLOGICE ALE ANALIZEI ECONOMICO-FINANCIARE 1.1 Analiza economico-ILQDQFLDU vQPHFDQLVPXOFRQGXFHULL 3URFHVXO GH FRQGXFHUH QX VH SRDWH ED]D SH UXWLQ œL LQWXL LH FL SH R DQDOL] œWLLQWLILF SHRFXQRDœWHUHWHPHLQLF DVLWXD LHLGDWHRLGHQWLILFDUHD YXOQHUDELOLW LORUœLRSRUWXQLW LORUGHGH]YROWDUH ÌQWUHSULQGHUHD HVWH R RUJDQL]D LH VRFLDO FX R VWUXFWXU œL GLQDPLF specific , fapt ce determin œi complexitatea actului decizional. Ca activitate SUDFWLF DQDOL]DHFRQRPLco-ILQDQFLDU DUHXQFDUDFWHUSHUPDQHQWLQGLIHUHQW GH VXELHFWXO FDUH R HIHFWXHD] GHRDUHFH SULQ YDORULILFDUHD LQIRUPD LHL IXUQL]DWH GH VLVWHPXO œL SROLWLFLOH FRQWDELOH, se pot formula concluzii SHUWLQHQWHDVXSUDDQVDPEOXOXLDFWLYLW LLVDXVHJPHQWHORUDFHsteia. 3H ED]D DQDOL]HL IDFWRUXO XPDQ IRUPXOHD] FRQFOX]LL SULQ FDUH VH GLULMHD] HIRUWXODVWIHO vQFkW HIHFWHOH V ILH PD[LPH VDWLVIDFkQG SULQ DFHasta FHULQ HOHSURSULHWDULORUFDSLWDOXULORULQYHVWLWH 1.2 ’HOLPLW ULFRQFHSWXDOHSULYLQGDQDOL]DHFRQRPLFR-fiQDQFLDU Analiza Economico-)LQDQFLDU VWXGLD] PHFDQLVPXO GH IRUPDUH œL modificare a fenomenelor economice prin descompunerea lor în elemente FRPSRQHQWH vQ S U L VLPSOH œL SULQ VWDELOLUHD IDFWRULORU GH LQIOXHQ Descompunerea se face în trepte, de la complex la simplu, în vederea LGHQWLILF ULL FDX]HORU ILQDOH FDUH H[SOLF R DQXPLW VWDUH GH IDSW XQ DQXPLW QLYHOGHSHUIRUPDQ VDXRDQXPLW HYROX LHDORUFig. 1.1). 1

Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

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Page 1: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

BAZELE TEORETICO-METODOLOGICE

ALE ANALIZEI ECONOMICO-FINANCIARE

1.1 Analiza economico-ILQDQFLDU �vQ�PHFDQLVPXO�FRQGXFHULL

3URFHVXO�GH�FRQGXFHUH�QX�VH�SRDWH�ED]D�SH�UXWLQ �úL� LQWXL LH�FL�SH�R�

DQDOL] �úWLLQWLILF ��SH�R�FXQRDúWHUH�WHPHLQLF �D�VLWXD LHL�GDWH��R�LGHQWLILFDUH�D�YXOQHUDELOLW LORU�úL�RSRUWXQLW LORU�GH�GH]YROWDUH�

ÌQWUHSULQGHUHD�HVWH�R�RUJDQL]D LH�VRFLDO ��FX�R�VWUXFWXU �úL�GLQDPLF �specific , fapt ce determin úi complexitatea actului decizional. Ca activitate SUDFWLF ��DQDOL]D�HFRQRPLco-ILQDQFLDU �DUH�XQ�FDUDFWHU�SHUPDQHQW��LQGLIHUHQW�GH� VXELHFWXO� FDUH� R� HIHFWXHD] � GHRDUHFH� SULQ� YDORULILFDUHD� LQIRUPD LHL�IXUQL]DWH� GH� VLVWHPXO� úL� SROLWLFLOH� FRQWDELOH, se pot formula concluzii SHUWLQHQWH�DVXSUD�DQVDPEOXOXL�DFWLYLW LL�VDX�VHJPHQWHORU�DFHsteia.

3H� ED]D� DQDOL]HL�� IDFWRUXO� XPDQ� IRUPXOHD] � FRQFOX]LL� SULQ� FDUH� VH�GLULMHD] �HIRUWXO�DVWIHO�vQFkW�HIHFWHOH�V �ILH�PD[LPH��VDWLVIDFkQG�SULQ�DFHasta FHULQ HOH�SURSULHWDULORU�FDSLWDOXULORU�LQYHVWLWH�

1.2 'HOLPLW UL�FRQFHSWXDOH�SULYLQG�DQDOL]D�HFRQRPLFR-fiQDQFLDU

Analiza Economico-)LQDQFLDU � VWXGLD] � PHFDQLVPXO� GH� IRUPDUH� úL�modificare a fenomenelor economice prin descompunerea lor în elemente FRPSRQHQWH�� vQ� S U L� VLPSOH� úL� SULQ� VWDELOLUHD� IDFWRULORU� GH� LQIOXHQ ��Descompunerea se face în trepte, de la complex la simplu, în vederea LGHQWLILF ULL�FDX]HORU�ILQDOH�FDUH�H[SOLF �R�DQXPLW �VWDUH�GH�IDSW��XQ�DQXPLW�QLYHO�GH�SHUIRUPDQ �VDX�R�DQXPLW �HYROX LH�D�ORU��Fig. 1.1).

1

Page 2: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

)LJ������6FKHPD�GHVI úXU ULL�DQDOL]HL�HFRQRPLFR-financiare1.

Elementele = S U L�FRPSRQHQWH�DOH�IHQRPHQXOXL�DQDOL]DW�

Factorii = IRU H� PRWULFH� FDUH� SURYRDF �� GHWHUPLQ � XQ�fenomen, un rezultat.

Cauzele finale = vPSUHMXU UL� FDUH� vQ� DQXPLWH� FRQGL LL� H[SOLF �DSDUL LD� XQXL� IHQRPHQ�� VWDUHD� úL� HYROX LD�acestuia.

AnaOL]D� HFRQRPLF � VWXGLD] � IHQRPHQHOH� GLQ� SXQFW� GH� YHGHUH�HFRQRPLF��UHVSHFWLY�DO�FRQVXPXOXL�GH�UHVXUVH�úL�DO�UH]XOWDWHORU�RE LQXWH��De asemenea, trebuie OXDWH� vQ� FRQVLGHUDUH� UHOD LLOH� VWUXFWXUDO-IXQF LRQDOH� úL� D�FHORU� FDX] -efect. Complexitatea analizei economico-ILQDQFLDUH� GHFXUJH� úL�GLQ�IDSWXO�F �vQ�HFRQRPLH�H[LVW �XUP WRDUHOH�VLWXD LL� • DFHODúL�HIHFW�SRDWH�IL�SURGXV�GH�FDX]H�GLIHULWH� • DFHHDúL�FDX] �SRDWH�SURGXFH�HIHFWH�GLIHULWH� • HIHFWH�GLIHULWH�VH�SRW�FRPELQD�GkQG�R�UH]XOWDQW �D�FRPSOH[XOXL�GH�IDFWRUL�

sau foU H� • FRPSOH[LWDWHD�úL�LQWHQVLWDWHD�FDX]HL�SRW�GHWHUPLQD�QX�QXPDL�LQWHQVLWDWHD�

fenomenului dat, ci úL�calitatea lui; • vQ� IHQRPHQXO� DQDOL]DW� SRW� DS UHD� vQVXúLUL� SH� FDUH� QX� OH-a avut nici un

element al fenomenului.

1 ����������� ���� ��� ���� �������� � ����������� ��� �!�!� "� � ���������#$ �!���&% ��� ��'� �����! � �(��)(*,+.- ��/&���!�� ��0 � - �21�3�4�5.�

Fenomenul X

1

1.1 1.2

1.1.1 1.1.2 1.1.3 1.2.1 1.2.2

a b c d d e f g

2

2.1 2.2 2.3

3

3.1 3.2

Elemente

Factori de grad I

Factori de grad II

Cauze finale

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1.3 Probleme principale privind bazele teoretico-metodologice ale analizei economico-financiare

1.3.1 Tipologia analizei economico-ILQDQFLDUH� úL� D� IDFWRULORU� GH�

LQIOXHQ �� &RQ LQXWXO� SURFHVXOXL� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU

Tipologia Analizei Economico-Financiare

$QDOL]D�HFRQRPLF �SRDWH�IL�FODVLILFDW �vQ�PDL�PXOWH�WLSXUL�vQ�IXQF LH�de diferite criterii, astfel:

I) 'XS � UDSRUWXO� vQWUH� PRPHQWXO� vQ� FDUH� VH� HIHFWXHD] � DQDOL]D� úL� FHO� DO�GHVI úXU ULL�IHQRPHQXOXL�

A) analiza post-factum sau post operatorie,� �DQDOL]D� UHDOL] ULL�obiectivelor);

B) analiza previzionaO �VDX�SURVSHFWLY .

II) 'LQ� SXQFW� GH� YHGHUH� DO� vQVXúLULORU� HVHQ LDOH� VDX� DO� GHWHUPLQ ULORU�cantitative ale fenomenelor:

A) DQDOL]D�FDOLWDWLY � B) DQDOL]D�FDQWLWDWLY �

III) 'XS �QLYHOXO�OD�FDUH�VH�GHVI úRDU �DQDOL]D� A) DQDOL]D�PLFURHFRQRPLF � B) DQDOL]D�PDFURHFRQRPLF �

IV) 'XS �PRGXO�GH�XUP ULUH�vQ�WLPS�D�IHQRPHQHORU� A) DQDOL]D�VWDWLF � B) DQDOL]D�GLQDPLF �

V) 'XS �FULWHULLOH�GH�VWXGLHUH�D�IHQRPHQHORU� A) analiza tehnico-HFRQRPLF �� B) analiza economico-ILQDQFLDU � C) DQDOL]D�ILQDQFLDU �

VI) În�IXQF LH�GH�GHOLPLWDUHD�RELHFWului analizat: A) analiza pH�UDPXUL��DQDOL]D�SH�XQLW L�RUJDQL]DWRULFH��vQWUHSULQGHUL��

grupuri de întreprinderi, holdinguri); B) analiza pe probleme (cifra de afaceri, rentabilitate, etc).

Page 4: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

����������&D�GLVFLSOLQ �LQGHSHQGHQW �vQ�SODQXO�GH�vQY PkQW��FDUH�úL-a delimitat obiectul în procesul de formare a specialistului economist, analiza economico-ILQDQFLDU � U VSXQGH� XQRU� QHFHVLW L� SUDFWLFH�� ILLQG� DQFRUDW � vQ�UHDOLW LOH� vQWUHSULQGHULL�� $FHDVWD�� SH� ED]D� LQIRUPD LHL� H[LVWHQWH�� FHUFHWHD] �UH]XOWDWHOH�RE LQXWH��IDFWRULL�FDUH�OH-au determinDW�úL�FRQFRUGDQ D�DFHVWRUD�FX�FULWHULLOH� GH�HILFLHQ ��HYLGHQ LLQG�SRVLELOLW ile de sporire a SHUIRUPDQ HORU�întreprinderii.

&RQ LQXWXO�SURFHVXOXL�GH�aQDOL] �economico-fLQDQFLDU

3URFHVXO� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU � UHSUH]LQW inversul HYROX LHL�UHDOH�D�IHQRPHQXOXL��$QDOL]D�SRUQHúWH�GH�OD�UH]XOWDWHOH�SURFHVXOXL�vQFKHLDW�F WUH�HOHPHQWH�úL�IDFWRUL��FXSULQ]kQG�XUP WRDUHOH�HWDSH�

1) Delimitarea obiectului analizei, care presupune constatarea anumitor

fapte, fenomene, rezultate. Delimitarea obiectului se faFH� vQ� WLPS� úL�sSD LX��FDOLWDWLY�úL�FDQWLWDWLY�

2) 'HWHUPLQDUHD� HOHPHQWHORU�� IDFWRULORU� úL� FDX]HORU� IHQRPHQXOXL� VWXGLDW��

'HVFRPSXQHUHD�vQ�HOHPHQWH�SUHVXSXQH�R�DQDOL] �VWUXFWXUDO ��)DFWRULL�VH�XUP UHVF�vQ�PRG�VXFFHVLY��WUHFkQG�GH�OD�FHL�FX�DF LXQH�GLUHFW �OD�Fei cu DF LXQH�LQGLUHFW ��SkQ �OD�VWDELOLUHD�FDX]HORU�ILQDOH��SULPDUH�;

3) 6WDELOLUHD� IDFWRULORU�SUHVXSXQH�úL�GHWHUPLQDUHD�FRUHOD LHL�GLQWUH�ILHFDUH�

IDFWRU� úL� IHQRPHQXO� DQDOL]DW�� FkW� úL� D� FRUHOD LHL� GLQWUH� IDFWRULL� FDUH�ac LRQHD] ;

4) 0 VXUDUHD� LQIOXHQ HORU� GLIHULWHORU� HOHPHQWH� VDX� IDFWRUL�� VH� XWLOL]HD] �

DQDOL]D� FDQWLWDWLY � SHQWUX� FXDQWLILFDUHD� LQIOXHQ HORU�� D� UH]HUYHORU�interne, a aprecierii cât mai exacte a rezultatelor;

5) Sintetizarea rezultatelor analizei, stabilindu-VH�FRQFOX]LLOH�úL�DSUHFLHULOH�

asupra activLW LL�GLQ�VIHUD�FHUFHWDW ;

6) (ODERUDUHD� P VXULORU� FDUH� UHSUH]LQW � FRQ LQXWXO� GHFL]LLORU� PHQLWH� V �DVLJXUH� R� IRORVLUH� RSWLP � D� UHVXUVHORU�� SHQWUX� VSRULUHD� HILFLHQ HL�DFWLYLW LL�vQ�YLLWRU�

Page 5: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

&ODVLILFDUHD�IDFWRULORU�GH�LQIOXHQ �D�IHQRPHQHORU�HFRQRPLFH

FiecDUH� vQWUHSULQGHUH�� LQGLIHUHQW� GH� WLSXO�� SURILOXO� GH� DFWLYLWDWH� úL�ORFDOL]DUHD�HL�VH�FRQIUXQW �FX�R�PXOWLWXGLQH�GH�IDFWRULL�FDUH�IRUPHD] �PHGLXO�de afaceri.

5HOD LLOH� GH� LQWHUDF LXQH� GLQWUH� ILUP � úL� VRFLHWDWH� VXQW� UHFLSURFH� úL�extrem de complexe, ele putânG�IL�SXVH�vQ�HYLGHQ �FX�DMXWRUXO�Fig 1.2 ����������0DQDJHULL�vQWUHSULQGHULL�QX�R�SRW�DGPLQLVWUD�FX�VXFFHV�I U �D� LQH�FRQW�GH� IDFWRULL� FDUH� GHFXUJ� GLQ� UHOD LLOH� GH� LQWHUFRQGL LRQDUH� UHFLSURF � GLQWUH�vQWUHSULQGHUH� úL� PHGLXO� H[WHUQ�� FXP� DU� IL�� IDFWRUL� WHKQLci, tehnologici, economici, sociali, politici, juridici psihologici, demografici etc.

5HOD LL�GLUHFWH 5HOD LL�LQGLUHFWH

)LJ������5HOD LLOH�GH�LQWHUDF LXQH�GLQWUH�ILUP �úL�VRFLHWDWH2

2 G.A. Steiner, J.F.Steiner/Business, Government and Society/Mc Graw-Hill, Inc./USA/1991

Mass-media

Întreprinderea

6� ���!�� ��� � �comunitare

locale

Organismele de '� �� ��� �7�consumatorilor

�,� ����!

Comunitatea de afaceri

Guvernul Grupurile politice

Comunitatea 8 ������ ��

Creditorii

Sindicatele

9 � �!�

Firmele concurente

Intelectualii

Managerii companiei

Grupurile de interes

special

�,����� :;� < ��=;� � � le �������!� ������ � �>=?��� �

le ���7���#$�!

Furnizorii

Biserica

< ��=;� � � le juridice

Page 6: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

$FHúWL� IDFWRUL� DF LRQHD] � GH� UHJXO � QX izolat, ci interdependent, corelat, într-XQ� VLVWHP� GH� OHJ WXUL� vQFKHJDWH�� ,GHQWLILFDUHD� ORU� QHFHVLW �FXQRDúWHUHD�SUHFLV �D�F L�GH�IRUPDUH�D�UH]XOWDWXOXL��D�OHJ WXULORU�FDX]DOH�DOH�acestuia.

&ODVLILFDUHD� IDFWRULORU� VH� SRDWH� IDFH� vQ� IXQF LH� GH� PDL� PXOWH�

criterii: I) 'XS �QDWXUD�ORU�

� WHKQLFL�� WHKQRORJLFL�� RUJDQL]D LRQDOL�� HFRQRPLFL�� VRFLDO-politici, demografici, psihologici, biologici, naturali etc.

II) 'XS �FDUDFWHUXO�ORU�vQWU-R�DQXPLW �UHOD LH�GH�FDX]DOLWDWH� � factori calitativi; � factori cantitativi, care sunt pXUW WRULi materiali ai celor calitativi; � IDFWRUL�GH� VWUXFWXU , care intervin atunci când rezultatul analizei

VH�UHIHU �OD�P VXUL�DJUHJDWH��FRPSXVH�GLQ�PDL�PXOWH�HOHPHQWH�� III) 'XS �PRGXO�FXP�DF LRQHD] �

� IDFWRUL� FX� DF LXQH� GLUHFW �� FDUH� vúL� H[HUFLW � QHPLMORFLW� LQIOXHQ D�asupra fenomenului analizat;

� IDFWRUL� FX� DF LXQH� LQGLUHFW � �GH� JUDGXO� ������Q��� FDUH� DF LRQHD] �asupra fenomenului analizat, prin intermediul altor factori.

IV) ÌQ�IXQF LH�GH�DFWLYLWDWHD�vQWUHSULQGHULL� � IDFWRUL� GHSHQGHQ L� GH� DFWLYLWDWHD� vQWUHSULQGHULL�� VXQW� FHL� FDUH� vúL�

au originea în eforturile depuse de întreprindere pentru economisirea tuturor categoriilor de resurse. De exemplu, VFKLPEDUHD� VWUXFWXULL� SURGXF LHL� GHSLQGH� GH� DFWLYLWDWHD�întreprinderii.

� IDFWRUL�LQGHSHQGHQ L�GH�DFWLYLWDWHD�vQWUHSULQGHULi. V) 'XS �JUDGXO�GH�VLQWHWL]DUH�

� IDFWRUL�VLPSOL��FDUH�QX�SRW�IL�GH]PHPEUD L� � IDFWRUL�FRPSOHFúL��FDUH�VXQW�GHWHUPLQD L�GH�R�VHULH�GH�DO L�IDFWRUL�

VLPSOL�VDX�FRPSOHFúL� VI) 'XS �L]YRUXO�DF LXQLL�ORU�

� factori interni (endogeni), care vúL� au originea în interiorul îQWUHSULQGHULL� �GH� H[HPSOX� RUJDQL]DUHD� LQWHUQ � D� SURGXF LHL��ULWPLFLWDWHD�SURGXF LHL��UD LRQDOL] ULOH�vQ�SURGXF LH etc);

� factori externi (exogeni), care� vúL� DX� RULJLQHD� vQ� PHGLXO� H[WHUQ�întreprinderii (de exemplu modificarea cursului de schimb, FRQFXUHQ D��LQIOD LD etc.)

Page 7: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

VII) 'XS �VWDGLXO�FLUFXLWXOXL�HFRQRPLF� � IDFWRUL�VSHFLILFL�DSURYL]LRQ ULL�� � IDFWRUL�VSHFLILFL�SURGXF LHL�� � IDFWRUL�VSHFLILFL�YkQ] ULL�SURGXF LHL�HWF�

VIII) 'XS �SRVLELOLW LOH�GH�SUHYL]LXQH� � IDFWRUL� SUHYL]LELOL� �FHU L� VDX� GHWHUPLQDELOL�, care� DF LRQHD] în

cadrul unor procese controlate de conducerea întreprinderii. � factori imprevizibili (aleatori), care� DF LRQHD] � QHFRQWURODW�� FD�

XUPDUH�D�XQRU�DEDWHUL�GH�OD�GHVI úXUDUHD�QRUPDO �D�XQRU�SURFHVH�HFRQRPLFH�VDX�VXE�LPSXOVXO�XQRU�IRU H�GLQ�DIDU �

IX) 'XS �LQWHQVLWDWHD�DF LXQLL�ORU� � IDFWRUL�GRPLQDQ L� �IDFWRUL� FKHLH��� VXQW� FHL� D� F URU� LQIOXHQ �HVWH�

KRW UkWRDUH�vQ�RE LQHUHD�UH]XOWDWHORU� � IDFWRUL� VHFXQGDUL�� FHL� D� F URU� LQIOXHQ � QX� HVWH� KRW UkWRDUH� vQ�

RE LQHUHD�UH]XOWDWHORU��

1.3.2 5ROXO� DQDOL]HL� vQ� HYDOXDUHD� úL� UHJODUHD� SHUIRUPDQ HORU�

economico-financiare ale întreprinderii

(WLPRORJLF�� GLDJQRVWLFXO� vQVHDPQ �FDSDFLWDWHD� GH� GLVFHUQ PkQW�� LDU�într-R� DFFHS LXQH� VLQWHWLF �� DQDOL]D� GLDJQRVWLF� SUHVXSXQH� UHSHUDUHD�VLPWRPHORU��D�GLVIXQF LRQDOLW LORU�XQHL�ILUPH��FHUFHWDUHD�úL�DQaliza faptelor úL� a UHVSRQVDELOLW LORU�� LGHQWLILFDUHD� FDX]HORU� GLVIXQFWLRQDOLW LORU��HODERUDUHD�XQRU�SODQXUL�GH�DF LXQH�SULQ�D�F URU�DSOLFDUH�SUDFWLF se asigur UHGUHVDUHD�úL�DPHOLRUDUHD�SHUIRUPDQ HORU�

Efectuarea diagnosticului unei firme poate fi motiYDW �QX�QXPDL�GH�VLWXD LD�vQ�FDUH�DFHDVWD�DUH�GLILFXOW L��UHVSHFWLY�GLVIXQF LRQDOLW L��FL�úL�DWXQFL�FkQG��DúD�FXP�VSXQH�-HDQ�3LHUUH�7KLEDXW��³vQWUHSULQGHUHD�DUH�R�EXQ �VWDUH�GH�V Q WDWH³� GDU� VH� GRUHúWH� vPEXQ W LUHD� SHUIRUPDQ HORU� HL�� 'HRDUHFH� SULQ�analiza economico-ILQDQFLDU � VH� VWDELOHVF� SXQFWHOH� WDUL� úL� VODEH� GLQ�DFWLYLWDWHD�XQHL�ILUPH�GDU�úL�P VXULOH�FH�XUPHD] �D�VH�DSOLFD�SH�WHUPHQ�VFXUW�úL� OXQJ� SHQWUX� DWLQJHUHD� DQXPLWRU� RELHFWLYH� SURSXVH�� DQDOL]D� GLDJQRVWLF�FRQVWLWXLH�R�SDUWH�FRPSRQHQW �D�PDQDJHPHQWului strategic al întreprinderii.

În general, în func ie de scop, diagnosticul poate fi restrâns la anumite probleme sau extins în accep iunea de diagnostic global. 'H�H[HPSOX��vQ�DQDOL]D�GRVDUXOXL�GH�FUHGLW�vQWRFPLW�GH�F WUH�E QFL��DFFHQWXO�este pus pe cDSDFLWDWHD�GH�SODW �D�vQWUHSULQGHULL��I U �D�H[FOXGH�úL�DOWH�DVSHFWH�DOH�DFWLYLW LL�ILQDQFLDUH�

Page 8: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

'LDJQRVWLFXO�UH]XPDW�OD�R�DQXPLW �SUREOHP �economico-ILQDQFLDU �D�firmei, folosit în practica PDQDJHULDO �FXUHQW ��VH�HIHFWXHD] �PDL�DOHV�FkQG�VH�VHPQDOHD] �GLVIXQF LRQDOLW L� vQ�DFWLYLWDWHD�DFHVWHLD��&kQG�vQWUHSULQGHUHD�VH�FRQIUXQW �FX�GLILFXOW L�JUDYH�VH�LPSXQH�XQ�GLDJQRVWLF�FRPSOH[��JOREDO�

În concluzie, analiza economico-ILQDQFLDU �DUH�XQ�URO�IXQGDPHQWDO�vQ�HYDOXDUHD�� UHJODUHD�úL�DPHOLRUDUHD�SHUIRUPDQ HORU�economico-financiare ale întreprinderii. De aceea, aceasta�FRQVWLWXLH�ED]D�VWXGLLORU�GH�IH]DELOLWDWH�úL�D�FHORU�GH�HYDOXDUH�HFRQRPLF �D�vQWUHSULQGHULORU�

Analiza economico-ILQDQFLDU �� DúD� FXP� V-D� PHQ LRQDW� DQWHULRU�� FD�DFWLYLWDWH�SUDFWLF ��DUH�XQ�FDUDFWHU�SHUPDQHQW�� LQGLIHUHQW�GDF �VH� UHDOL]HD] �GH�F WUH�XQ�FRPSDUWLPHQW�vQ�FDGUXO�ILUPHL,�VDX�GH�F WUH�VRFLHW L�VSHFLDOL]DWH�GH�FRQVXOWDQ ��DXGLW etc.

������0HWRGH�úL�WHKQLFL�XWLOL]DWH�vQ�DQDOL]D�HFRQRPLFR-ILQDQFLDU

În cadrul analizei economico-financiare VH� XWLOL]HD] � PDL� PXOWH�PHWRGH�úL�SURFHGHH�VSHFLILFH�VDX�vPSUXPXWDWH�GLQ�DOWH�úWLLQ H��$FHVWHD�VH�SRW�grupa în 2 categorii:

1) metode ale analizei calitative; 2) metode ale analizei cantitative.

1) 0HWRGH�úL�WHKQLFL�GH�DQDOL] �FDOLWDWLY :

1.1 'LYL]LXQHD�úL�GHVFRPSXQHrea rezultatelor. 1.2 &RPSDUD LD. 1.3 Stabilirea sistemului factorial-FDX]DO�DO�H[SOLF ULL�IHQRPHQXOXL. 1.4 Modelarea fenomenelor economice. 1.5 Interpretarea rezultatelor. 1.6 Generalizarea sau evaluarea rezultatelor.

1.1 'LYL]LXQHD�úL�GHVFRPSXQHUHD�UH]XOWDWHORU

Diviziunea� úL�GHVFRPSXQHUHD� UH]XOWDWHORU� úL�D�DEDWHULORU� ORU� VXQW�GH�mai multe feluri:

a) GLYL]LXQHD�GXS �WLPSXO�GH�IRUPDUH�D�UH]XOWDWHORU� b) GLYL]LXQHD�GXS �ORFXO�GH�IRUPDUH�D�acestora ; c) descompuneUHD�SH�S U L��HOHPHQWH��IDFWRUL�úL cauze.

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1.2 &RPSDUD LD

Orice rezultat�DO�DFWLYLW LL�ILUPHL�VH�DQDOL]HD] �úL�DSUHFLD] �QX�FD�R�P ULPH�LPSRUWDQW �vQ�VLQH��FL�vQ�UDSRUW�FX�XQ�FULWHULX��ED] �GH�FRPSDUD LH��ÌQ�FD]XO�RULF UHL�vQWUHSULQGHUL��H[LVW �SRVLELOLWDWHD�XWLOL] ULL�XUP WRDUHORU�FULWHULL�GH� FRPSDUD LH�� QLYHOXO� RELHFWLYHORU programate, rezultatele perioadei (perioadelor) precedente, rezultatele altor întreprinderi concurente, rezultatele unor întreprinderi din DOWH� UL��QRUPDWLYH��VWDQGDUGH etc.

7LSXUL�GH�FRPSDUD LL� • FRPSDUD LL�vQ�WLPS�� • FRPSDUD LL�vQ�VSD iu; • FRPSDUD LL�vQ�func ie de un criteriu prestabilit (program, norme,

standarde, etaloane, valori de normalitate, niveluri stabilite de VWUXFWXUL�VSHFLDOL]DWH�EDQFDUH��VWDWLVWLFH��DJHQ LL�HWF.);

• FRPSDUD LL�FX�FDUDFWHU�VSHFLDO� (VWH�REOLJDWRULX�V � VH�DVLJXUH�FRPSDUDELOLWDWHD datelor, ele trebuind

V � DLE � XQ� FDUDFWHU� RPRJHQ�� V � ILH� H[SULPDWH� vQWU-XQ� HWDORQ� XQLF� úL� V � ILH�GHWHUPLQDWH�GXS �R�PHWRGRORJLH�XQLWDU �

1.3 Stabilirea sistemului factorial-FDX]DO�DO�H[SOLF ULL�IHQRPHQXOXL

3UHVXSXQH� VWDELOLUHD� IDFWRULORU� FDUH� GHWHUPLQ � IRUPDUHD� úL�PRGLILFDUHD� UH]XOWDWHORU��SUHFXP� úL� D� UHOD LLORU� VWUXFWXUDO-functionale dintre HOHPHQWHOH� IHQRPHQXOXL� HFRQRPLF�� (VWH� IRDUWH� LPSRUWDQW � FXQRDúWHUHD�QDWXULL�ILHF UXL�IDFWRU��FDQWLWDWLY��GH�VWUXFWXU �úL�FDOLWDWLY��SHQWUX�FD�VLVWHPXO�V � ILH� UHDOL]DW� ORJLF� úL� SH� ED]H� UHDOH� vQ� IXQF LH� GH� SULQFLSLXO� FRQGL LRQ ULL��FRUHO ULL�

1.4 Modelarea fenomenelor economice

0RGHOXO� HVWH� R� UHSUH]HQWDUH� VLPSOLILFDW � D� UHDOLW LL�� 0RGHOXO�� vQ�anali] �� HVWH� XQXO� economico-matematic, exprimat sub form � GH� HFXD LL��LQHJDOLW L��FRUHOD LL�GLQWUH�LQGLFDWRUL��IXQF LL�GH�SURGXF LH�HWF�

Tipologia modelelor: • modele imitative sau iconice; • modele analogice; • modele simbolice.

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Dintre modelele analogice, graficele sunt frecvent utilizate în teoria úL�SUDFWLFD�HFRQRPLF �SHQWUX�YL]XDOL]DUea fenomenelor economice

Tipuri de grafice:

o cronograma; o diagrama (diagrama cu 2 variabile, sectorial , cu coordonate

polare, cu bare simple sau asociate) o KLVWRJUDPD�VDX�WDEHOXO�GH�SHQHWUD LH etc.

Modelele simbolice� VH� ED]HD] � SH� XWLOL]DUHD� VLPEROXUilor (litere, FLIUH�� vQ� UHSUH]HQWDUHD� IHQRPHQHORU� úL� D� UDSRUWXULORU� GLQWUH� HOH�� ÌQ�JHQHUDO, acestea LDX� IRUPD� XQRU� HFXD LL� VDX� LQHFXD LL� PDWHPDWLFH�� ÌQ� DQDOL]D�economico-ILQDQFLDU � SUHYDOHD] � PRGHOHOH� VLPEROLFH�� Acestea pot fi: PRGHOH� GH� FRUHOD LH� �GHWHUPLQLVWH� úL� DOHDWRULL��� DGLWLYH�� PXOWLSOLFDWLYH��EDODQ LHUH��GH�UDSRUW��FRPELQDWH�

0RGHOHOH� WUHEXLH� DVWIHO� FRQVWUXLWH� vQFkW� V � H[SULPH� FRUHFW� OHJ WXUD�GLQWUH� IDFWRUL� úL� IHQRPHQH� úL� V � H[LVWH� FRQFRUGDQ � GHSOLQ � vQWUH� OHJ WXUD�formal-PDWHPDWLF �úL�FHD�ORJLF-econoPLF �

2) 0HWRGH�GH�DQDOL] �FDQWLWDWLY �

������$FHVWH� PHWRGH� SHUPLW� FRPHQVXUDUHD� DF LXQLL� ILHF UXL� HOHPHQW� VDX�IDFWRU� DVXSUD� UH]XOWDWXOXL� DQDOL]DW�� SULQ� FDUH� VH� G � ILQDOLWDWH� GH� P ULPH� úL�VHQV� OHJ WXULORU� FDX]DOH�� GH� D� UHOLHID� IDFWRULL� FX� DF LXQH� PDL� LPSRUWDQW �DVXSUD� UH]XOWDWHORU� úL�GH�D�DSUHFLD�P VXUD� vQ�FDUH�DX�IRVW� IRORVLWH�UHVXUVHOH�întreprinderii.

3HQWUX�VHSDUDUHD�LQIOXHQ HORU�IDFWRULORU�VH�XWLOL]HD] �GLIHULWH�PHWRGH��vQ�IXQF LH�GH�IRUPD�PDWHPDWLF �SH�FDUH�R�vPEUac �UHOD LLOH�GLQWUH�IDFWRUL�

Metode utilizate:

2.1. Indicatorii economico-financiari. 2.2. Indicii –� FD� PHWRG � GH� H[SULPDUH� D� GLQDPLFLL� IHQRPHQXOXL�

economico-financiar. 2.3. &RHILFLHQ LL��GH�VWUXFWXUD��HFKLOLEUX��HILFLHQ �. 2.4. Ratele (ratio sau rating). 2.5. Tehnicile scorurilor (scoring) ca metod a analizei

discriminante. 2.6. 0HWRGD�VXEVWLWXLULORU�vQ�ODQ ��PHWRGD�LWHUDULL�. 2.7. Metoda calcului matricial.

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2.8. Metoda ABC. 2.9. Metodele cercet rii opera ionale (programare, tehnicile

jocurilor, simularea etc.). 2.10. Metodele analizei regresionale. 2.11. Metodele sociologice.

2.1. Indicatorii economico-financiari - IRUPD�GH�H[SULPDUH�FRQFHQWUDW �D�LQIRUPD LHL�

Exemplu: ∑ ⋅+= pqMCA v ,

unde: CA = cifra de afaceri; M �P UIXUL�YkQGXWH� qv = produsele vândute; p �SUH XO�GH�YkQ]DUH (exclusiv TVA).

2.2. Indicii,�UHSUH]LQW �R�PHWRG �IUHFYHQW�XWLOL]DW �vQ�DQDOL]D�IHQRPHQHORU�

economico -�ILQDQFLDUH��&X�DMXWRUXO�ORU�VH�VWDELOHúWH�GLQDPLFD�ID �GH�R�ED] �IL[ � VDX� vQ� ODQ �� VH� FRQVWUXLHVF� ULWPXUL�� VH� IDF� DSUHFLHUL� DVXSUD� HYROX LHL�performan HORU��D�FDSDFLW LL�VLVWHPXOXL�GH�D�HYROXD�vQWU-un context dat.

2.3. &RHILFLHQ LL�(ratele) de structur ��HFKLOLEUX�úL�HILFLHQ

5HSUH]LQW �R�PHWRG �GH�PDUH�XWLOLWDWH�în diagnosticarea fenomenelor

îQWUHSULQGHULL��D�SHUIRUPDQ HORU�ORU� &RILFLHQ LL� GH� VWUXFWXU � VH� GHWHUPLQ � SULn raportarea unei

componente la ansamblul fenomenului cercetat:

=ei

eiKi ;

unde: Ki� �FRHILFLHQW�GH�VWUXFWXU ; ei = elementele componente ale fenomenului, rezultatului.

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Coeficien LL� GH� HILFLHQ � UH]XOW � GLQ� FRPSDUDUHD� HIRUWXULORU� GHSXVH FX�UH]XOWDWHOH�RE LQXWH sau invers:

Efect

EfortK;

Efort

EfectK ee ==

unde:

eK �FRHILFLHQW�GH�HILFLHQ � Exemplu:

100K

PR

pr

nf ⋅= ,

unde: Rf �UDWD�UHQWDELOLW LL�ILQDQFLDUH a capitalului propriu; Pn = profitul net; Kpr= capitalul propriu.

Coeficien LL de echilibru VH�GHWHUPLQ �FD� raport îQWUH�GRX �P ULPL�

FRPSDUDELOH��FX�VHPQLILFD LH�vQ�WHUPHQL�GH�HFKLOLEUX�HFRQRPLF�VDX�ILQDQFLDU� De exemplu:

IK

KK

p

p

+= ,

unde: K = coeficientul (rata) autonomiei financiare; Kp = capitalul propriu; I = împrumuturile�SH�WHUPHQ�PHGLX�úL�OXQJ�

2.4. Ratele

5HSUH]LQW � XQ� UDSRUW� vQWUH� GRX � P ULPL� FRPSDUDELOH� ORJLFR-HFRQRPLF�� (OH� VXQW� ODUJ� U VSkQGLWH� vQ� OLWHUDWXUa� úL� SUDFWLFa din domeniul analizei economico-ILQDQFLDUH�� D� GLDJQRVWLF ULL� úL� HYDOX ULL� DFWLYLW LL�întreprinderilor.

De exemplu:

100qc

qcqpR c ⋅

−=

∑∑ ∑ ,

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unde: Rc� �UDWD�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH� T��� �FDQWLWDWHD�YkQGXW � c = costul pe unitate de produs; S�� ��SUH XO�PHGLX�GH�YkQ]DUH�SH�SURGXV�

Interpretarea ratelor trebuiH�I FXW �FX�SUXGHQ �vQ�IXQF LH�de fiecare termen al raportului.

5DWHOH�� FD�PHWRG � GH�P VXUDUH� D� IHQRPHQXOXL� HFRQRPLFR-financiar pot fi grupate în:

� UDWH�GH�VWUXFWXU ; � rate de gestiune; � rate de echilibru; � UDWH�GH�HILFLHQ .

2.5. Tehnicile scorurilor (scoring), ca metode ale analizei

discriminante

6FRUXO� �PHWRGD� VFRULQJ�� UHSUH]LQW � R� PHWRG � GH� DQDOL] �discriminant � FX� FDUH� VH� RSHUHD] � vQ� PHGLXO� H[WHUQ� DO� vQWUHSULQGHULL�� GH�UHJXO �vQ�E QFL��5HSUH]LQW �R�IXQF LH�FRQVWUXLW �SH�ED]D�XQXL�DQXPLW�QXP U�de indicatori.�'H� H[HPSOX�� XQD� GLQ� IXQF LLOH� VFRU� FX� FDUH� RSHUHD] �%DQFD�)UDQ HL��XWLOL]HD] 8�LQGLFDWRUL��LDU�YDORULOH�HL�DX�OD�ED] �REVHUY UL�vQ�WLPS��SH�un nXP U�GH�DQL úL�eVWH�DSOLFDELO �vQWUHSULQGHULORU�FX�SHVWH�����GH�VDODULD L� 3ULPHOH�OXFU UL�SULYLQG�Petoda scorurilor au fost realizate în S.U.A., vQWUH�DQLL������úL�������LDU�vQ�)UDQ D�VSUH�VIkUúLWXO�DQLORU�¶��� )XQF LD�VFRU�³�=�³�DUH�IRUPD�

Z = ax1 + bx2 +…..+ zxn , unde: x1 ,….. xn = ratele implicate în calcul; a,b,......z = coeficien ii de ponderare. Aceste metode se folosesc preponderent în investigarea echilibrului financiar, unde nu substituie alte metode,�FL�OH�FRPSOHWHD] �

6FRUXO� =� FDOFXODW� OD� QLYHOXO� XQHL� ILUPH� LQGLF � JUDGXO� GH�vulnerabilitate al acesteia, punând în eviGHQ existen D�GLVIXQF LRQDOLW LORU��DQDOL]D�FRPSDUDWLY �D�GLQDPLFLL�VFRUXOXL�LQGLYLGXDO�FX�HYROX LD�FRQVWDWDW �OD�nivelul sectorului de activitate reflect � SUHGLVSR]L LD� ILUPHL� OD� ULVF� vQWU-un DQXPLW�PHGLX�FRQFXUHQ LDO�

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2.6. Metoda substituirilor în lan (metoda iter rii)

3HUPLWH�FXDQWLILFDUHD�FRQWULEX LHL�GLIHULWHORU�HOHPHQWH�VDX� IDFWRUL� OD�IRUPDUHD�úL�PRGLILFDUHD�rezultatului�ID �GH�XQ�QLYHO�GH�FRPSDUD LH�

6H�DSOLF �vQ�FD]XO�vQ�FDUH�UHOD LLOH�GH�WLS�GHWHUPLQLVW�GLQWUH�UH]XOWDW�úL�elemente sau factorii de LQIOXHQ � DX� IRUPD� GH� SURGXV� VDX� UDSRUW��SURSRU LRQDOLWDWH� GLUHFW � VDX� LQYHUV ��� ,WHUDUHD� VH� IDFH� FX� UHVSHFWDUHD� D� ��principii:

a) DúH]DUHD�IDFWRULORU�VH�IDFH�vQ�RUGLQHD�FRQGL LRQ rii lor economice, ceea FH�vQVHDPQ �RUGLQHD�GH�DQDOL] ��DGLF întâi factorii caQWLWDWLYL��úL�DSRL�FHL� FDOLWDWLYL� �GDF � DSDU� IDFWRULL� GH� VWUXFWXU � HL� LQWHUYLQ� LPHGLDW� GXS �cei cantitativi);

b) substituirile se fac succesiv; c) XQ�IDFWRU�VXEVWLWXLW�VH�PHQ LQH�FD�VWDUH�vQ�RSHUD LLOH�XOWHULRDUH�

De exemplu, într-un model de 3 factori, fenomenul cap W �H[SUHVLD�

Y = f (x) respectiv y = f (x1 , x2 , xn)

Exemplu: CA

P

A

CAAP e

eee ⋅⋅=

$GLF � 321 xxxy ⋅⋅= ,

unde:

eA = active de exploatare; CA �FLIUD�GH�DIDFHUL�vQ�SUH XUL�GH�YkQ]DUH��H[FOXVLY�79$��

eP = profitul din exploatare aferent cifrei de afaceri.

Cazul teoretic:

I) Modelul în forma unui produs de mai mul i factori:

cbaR ⋅⋅=

unde:

R = rezultat;

a,b,c = factori de influen �

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a) ÌQ�P ULPL�DEVROXWH�� În care: 0000 cbaR ⋅⋅= úL��� 1111 cbaR ⋅⋅=

01 RRR −=∆ 6HSDUkQG� LQIOXHQ D� ILHF UXLD� GLQ� FHL� �� IDFWRUL� DVXSUD� PRGLILF ULL�

rezultatului ( R∆ ���UHOD LLOH�VXQW�XUP WRDUHOH� a) LQIOXHQ D�IDFWRUXOXL�a:

0001000001 cb)aa(cbacba ⋅⋅−=⋅⋅−⋅⋅ b) LQIOXHQ D�IDFWRUXOXL�b:

0011001011 c)bb(acbacba ⋅−⋅=⋅⋅−⋅⋅ c) LQIOXHQ D�IDFWRUXOXL�c:

)cc(bacbacba 0111011111 −⋅⋅=⋅⋅−⋅⋅

b) ÌQ�P ULPL�UHODWLYH��

6H�DUH�vQ�YHGHUH�IRUPXOD�JHQHUDO �D�SURGXVXOXL�GH�LQGLFL�

1n

n320R

100

iiiiI −

⋅⋅= �

,

ÌQ�FD]XO�GDW��UH]XOW �

2cba

0

1R

100

iii100

R

RI

⋅⋅=⋅=

unde: IR = indicele rezultatului analizat; i1, i2,..., in = indicele factorului respectiv;

∆ IR = IR - 100.

a) LQIOXHQ D�IDFWRUXOXL�a: ia - 100

b) LQIOXHQ D�IDFWRUXOXL�b:

100

)100i(ii

100

ii baa

ba −⋅=−⋅

c) LQIOXHQ D�IDFWRUXOXL�c:

2cbaba

2cba

100

)100i(ii

100

ii

100

iii −⋅=⋅−⋅⋅

Page 16: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

II) Modelul în forma unui raport dintre doi factori:

II.1) b

aR = , unde: a = factor cantitativ;

b = factor calitativ.

ÌQ�P ULPL�DEVROXWH�

a) LQIOXHQ D�IDFWRUXOXL�a:

0

01

0

0

0

1

b

)aa(

b

a

b

a −=−

b) LQIOXHQ D�IDFWRUXOXL�b:

−⋅=−

011

0

1

1

1

b1

b1

aba

ba

ÌQ�P ULPL�UHODWLYH�

100i

i100

R

RI

b

a

0

1R ⋅=⋅=

a) �LQIOXHQ D�IDFWRUXOXL�a:

100ia − b) LQIOXHQ D�IDFWRUXOXL�b:

ab

a i100ii −

II.2)b

aR = , unde: a = factor calitativ;

b = factor cantitativ.

ÌQ�P ULPL�DEVROXWH�

a) LQIOXHQ D�IDFWRUXOXL�b:

−=−

010

0

0

1

0

b

1

b

1a

b

a

b

a

b) LQIOXHQ D�IDFWRUXOXL�a:

1

01

1

0

1

1

b

)aa(

b

a

b

a −=−

Page 17: Capitolul 1 - Bazele Teoretico-metodologice Ale Analizei Economico-financiare

ÌQ�P ULPL�UHODWLYH�

100i

iI

b

aR ⋅=

100II RR −=∆

a) LQIOXHQ D�IDFWRUXOXL�b:

100i

100

b

2

b) LQIOXHQ D�IDFWRUXOXL�D�

b

2

b

a

i100

100xii −

0HWRGD� VH� DSOLF � úL� vQ� FD]XO� vQ� FDUH� vQWUH� YDULDELOHOH� XQXL� PRGHO�

H[LVW �UHOD LL�GH�VXP �úL�VDX�GLIHUHQ ��0HWRGD�EDODQWLHU ):

R = a + b – c;

De exemplu : D = Si + I – Sf, unde: D �YROXPXO�YkQ] ULORU� Si �VWRF�LQL LDO� I �LQWU UL� Sf = stoc final.

,QIOXHQ HOH�IDFWRULORU�VXQW�XUP WRDUHOH� ���,QIOXHQ D�VWRFXOXL�LQL LDO�

01 ii SS −

���,QIOXHQ D�LQWU ULORU�

01 II − 3. InIOXHQ D�VWRFXOXL�ILQDO�

( )01 ff SS −−

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2.7. Metoda calculului matricial

6H� DSOLF � vQ� FD]XO� H[LVWHQ HL�XQRU� UHOD LL� GHWHUPLQLVWH� GH� WLS�SURGXV�VDX� UDSRUW� vQWUH� IHQRPHQXO� DQDOL]DW� úL� IDFWRULL� GH� LQIOXHQ �� 6HSDUDUHD�LQIOXHQ HL�IDFWRULORU� LQH�VHDPD�GH�RUGLQHD�GH�LQWHUFRQGL LRQDUH�D�IDFWRULORU��înt ULQG� SULQFLSLLOH� PHWRGHL� VXEVWLWXLULORU� vQ� ODQ �� 6H� SRDWH� DSOLFD� vQ� WRDWH�domeniile analizei economice, iar utilizarea calculatoarelor electronice îi confer �XQ�PDUH�JUDG�GH�GHWDOLHUH��H[DFWLWDWH�úL�HILFLHQ .

2.8. Metoda ABC

,QL LDWRUXO� DFHVWHL� PHWRGH� HVWH� 3DUHWR�� 6H� PDL� QXPHúWH� úL� PHWRGD�������� úL� SURSXQH� R� DQDOL] � VHOHFWLY � D� FRPSRQHQWHORU� XQXL� IHQRPHQ� VDX�rezultat în func LH� GH� SR]L LD� ORU� vQ� FDGUXO� vQWUHJXOXL� 6H� XWLOL]HD] � SHQWUX�DQDOL]D�YkQ] ULORU�SH�SURGXVH��FDWHJRULL�GH�FOLHQ L�HWF�

ÌQ�FD]XO� VWUXFWXULL�YkQ] ULORU�SH�SURGXVH��FXUED� WHRUHWLF �presupune H[LVWHQ D�D���VXEJUXSH�FX�FDUDFWHULVWLFL�VSHFLILFH�

¾ 10-����GLQ�QXP UXO�GH�SURGXVH�VDX�P UIXUL�UHSUH]LQW ���-70% din cifra de afaceri (zona A); deci o subgruS �FDUH�FXSULQGH�IRDUWH�SX LQH�SURGXVH� VDX�P UIXUL�� GDU� FDUH� UHDOL]HD] o mare parte din cifra de afaceri;

¾ 25-���� GLQ� QXP UXO� GH� SURGXVH� VDX�P UIXUL� YkQGXWH� GDX� ��-30% din cifra de afaceri (zona B);

¾ 65-����GLQ�QXP UXO�GH�SURGXVH�VDX�P UIXUL�GDX���-15% din cifra de afaceri �]RQD�&���GHFL�GRX �VXEJUXSH�FDUH�GDX�PDL�SX LQ�GH�MXP WDWH�din cifra de afaceri dar FDUH� FRQFHQWUHD] � PDMRULWDWHD� SURGXVHORU�comercializate. $FHDVW � FXUE � WHRUHWLF � DUH� YDORDUH� DWâW� VWDWLVWLF � FkW� úL� LQGLFDWLY ��

$VWIHO�� FXUED� UHDO � VH� FRPSDU � FX� FHD� WHRUHWLF � úL� VH� GHSULQG� FRQFOX]LLOH respective.

2.9. Metode ale cercet rii opera ionale

6H� XWLOL]HD] � vQ� DGRSWDUHD� GHFL]LLORU� vQ� FD]XO� vQ� FDUH� LQWHUYLQ�QXPHURúL�IDFWRUL�FDUH�WUHEXLH�DYX L�vQ�YHGHUH���&ODVLILFDUH�

¾ PHWRGH� DOH� FHUFHW ULL� RSHUD LRQDOH� GHWHUPLQLVWH� �SURJUDPDUH� OLQLDU ��programare dinamic , teoria deciziei, teoria jocurilor, metoda drumului critic);

¾ PHWRGH� SUREDELOLVWLFH� �/DQ XULOH�0DUNRY�� SURFHVHOH� 3RLVVRQ�� WHRULD�ILUHORU�GH�DúWHSWDUH��PHWRGD�3HUW��

¾ metode simulative (metoda Monte Carlo, modelul dinamic al VLPXO ULL�JHVWLRQDUH�.

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2.10. Metoda analizei regresionale

6H� XWLOL]HD] � vQ� FD]XO� UHOD LLORU� GH� WLS� VWRFDVWLF� GH� WLS� OLQLDU��KLSHUEROLF��SDUDEROLF��H[SRQHQ LDO�

2.11. Metodele sociologice

&X�DMXWRUXO�DFHVWRU�PHWRGH�VH�SXQ� vQ�HYLGHQ �IDFWRULL� LQGLUHF L� VDX�cauzele� SUH]XPWLYH��FHHD�FH�FRQGXFH� OD�RE LQHUHD�GH� LQIRUPD LL�GH�QXDQ ��HVHQ LDOH� SHQWUX� UHDOL]DUHD� XQXL� GLDJQRVWLF� FRUHFW� úL� HILFLHQW�� 0HWRGHOH�sociologice cele mai utilizate în analiza microeconomic sunt metoda chestionarului�úL�cea a interviului.

1.5. Interpretarea rezultatelor

'XS � FRPHQVXUDUHD� �FXDQWLILFDUHD�� LQIOXHQ HORU� HOHPHQWHORU� VDX�IDFWRULORU� DVXSUD� UH]XOWDWXOXL� HFRQRPLF�� VH� LQWHUSUHWHD] � UH]XOWDWHOH� vQ�IXQF LH�GH�VHPQLILFD LD�ORU�HFRQRPLF .

1.6 Generalizarea sau evaluarea rezultatelor

$FHDVWD� UHSUH]LQW � R�PHWRG �FDOLWDWLY � GH� UHXQLUH� vQWU-un ansamblu coerent a concluziilor rezultate din studiul factorial-cauzal al fenomenelor; VH�XWLOL]HD] �vQ�UDSRUWXO�GH�DQDOL] ��VWXGLLOH�GH�IH]DELOLWDWH�úL�GH�HYDOXDUH�HWF�

1.3.4 Sistemul de infRUPD LL� –� SUHPLV � D� HIHFWX ULL� DQDOL]HL�

economice

,QIRUPD LD� UHSUH]LQW � PDWHULD� SULP � GH� ED] � SHQWUX� DQDOL]D�economico-ILQDQFLDU �� $QDOL]D� VH� ED]HD] � SH� LQIRUPD LL� úL� IXUQL]HD] � OD�UkQGXO�HL�LQIRUPD LL�QHFHVDUH�vQ�SURFHVXO�PDQDJHULDO�

,QIRUPD LD�HFRQRPLF prRYLQH�GLQ�GRX �VXUVH�LPSRUWDQWH3: 1. Surse interne întreprinderii�� SULQFLSDOHOH� LQIRUPD LL� LQWHUQH�� vQ�

VSHFLDO� ILQDQFLDUH� VH� RE LQ� GLQ� GRFXPHQWHOH� GH� VLQWH] �� ELODQ XO��FRQWXO� GH� SURILW� úL� SLHUGHUL� úL� DQH[H�� $OWH� VXUVH� LQWHUQH� VXQW��contabilitatea de gestiune, contractul de management, programele de IDEULFD LH��QRUPHle��OHJLVOD LD�ILVFDO �úL�HFRQRPLF etc.

2. Surse externe întreprinderii� �� FXP� DU� IL�� LQIRUPD LL� SULYLQG�FRQMXQFWXUD� SLH HL� LQWHUQH� úL� LQWHUQD LRQDOH� �UDWD� LQIOD LHL�� GLQDPLFD�

3�0�1LFXOHVFX���'LDJQRVWLF�JOREDO�VWUDWHJLF���(GLWXUD�(FRQRPLF ���%XFXUHúWL�������

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PIB, rata do-bânzii, SUH XO� UHVXUVHORU� HWF��� SHUIRUPDQ H� DOH�FRQFXUHQ HL��SURJUHVXO� WHKQLF� vQ�UDPXUD�UHVSHFWLY �� ,QIRUPD LLOH�VXQW�asigurate prin: � reviste, cotidiene, magazine, periodice; � FRORFYLL��FRQIHULQ H��FRQJUHVH� � VDORDQH��H[SR]L LL��WkUJXUL� � centre de documentare, breveWH�GH�LQYHQ LL� � RUJDQLVPH� IXUQL]RDUH� GH� LQIRUPD LL� GH� VLQWH] � �DJHQ LL� UHJLRQDOH�

de informare úWLLQ LILF �úL� WHKQLF ��FDPHUH�GH�FRPHU �úL� LQGXVWULH��LQVWLWXWH�QD LRQDOH�GH�VWDWLVWLF ��RUJDQLVPH�GH�FRQVXOWDQ ��DJHQ LL�QD LRQDOH�GH�FHUFHWDUH�úL�LQIRUPDUH��

� YL]LWH��vQWkOQLUL��UHOD LL�FX�FOLHQ LL��IXUQL]RULL�úL�FRQFXUHQ LL� � FXPS UDUHD�úL�DQDOL]D�GH�HúDQWLRDQH� � UH HDXD�SURSULH�D�vQWUHSULQGHULL� &HULQ HOH�FDUH�WUHEXLH�V �ILH�UHVSHFWDWH�GH�LQIRUPD LH�VXQW��XWLOLWDWHD��

exactitatea, profunzimea, vechimea sau vârsta�� YDORDUHD� LQIRUPD LHL� úL� costul ei.

������ 6LVWHPH� RUJDQL]D LRQDOH� DOH� DFWLYLW LL� GH� DQDOL] � economico-ILQDQFLDU

([LVW �PDL�PXOWH�SRVLELOLW L�GH�RUJDQL]DUH�úL�UHDOL]DUH�D�DFWLYLW LL�GH�

DQDOL] � HFRQRPLF � vQ� IXQF LH� GH� VFRSXO� XUP ULW� úL� GH� VXELHFW�� )irmele SXWHUQLFH� GH LQ� vQ� FDGUXO� ORU� XQ� FRPSDUWLPHQW� VSHFLDOL]DW� GH� DQDOL] �economico-financiDU � D� F UHL� UHVSRQVDELOLWDWH� HVWH� GH� D� HIHFWXD� DQDOL]H�economice pe probleme, studii utilizate în practica managerial �FXUHQW �VDX�de a efectua diagnostice globale.

În cadrul firmelor mici care nu dispun de compartimente specializate GH� DQDOL] �� DFWLYLWDWHD� GH� DQDOL] � HFRQRPLF � HVWH� UHDOL]DW � GH� ILHFDUH�FRPSDUWLPHQW�IXQF LRQDO,�SH�SUREOHPHOH�FDUH�LQWU �vQ�FRPSHWHQ D�DFHVWRUD��

$FWLYLWDWHD� GHVI úXUDW � GH� FRPSDUWLPHQWXO� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU � FRQVW � vQ� UHDOL]DUHD� GH� UDSRDUWH� GH� GLDJQRVWLFDUH� SH� SUREOHPH��DQDOL]D�SH�ED] �GH�ELODQ �vQ�VFRSXO�SUH]HQW ULL�vQ�FDGUXO�úHGLQ HORU�FRQVLOLLORU�GH� DGPLQLVWUD LH�� UHVSHFWLY� DGXQDUHD� DF LRQDULORU�� GLDJQRVWLFH� JOREDOH� vQ�cazXO�H[LVWHQ HL�GLVIXQF LRQDOLW LORU�vQ�IXQF ionarea întreprinderii.

De asemenea, pot efectua analize tematice sau de ansamblu,

RUJDQLVPHOH� FUHDWH� VSHFLDO� SHQWUX� VROX LRQDUHD� XQRU� SUREOHPH� OHJDWH� GH��SURPRYDUHD� GH� QRL� SURGXVH�� VWXGLHUHD� FRQFXUHQ HL�� H[WLQGerea sau restrângerea unor actLYLW L��VWXGLL�GH�IH]DELOLWDWH etc.

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Alte organisme care desf úRDU �DFWLYLW L�GH�DQDOL] � ¾ RUJDQHOH� ILVFDOH� DOH� VWDWXOXL�� FDUH� DQDOL]HD] � PRGXO� GH� VWDELOLUH� D�

ED]HL�GH�LPSR]LWDUH�úL�GH�UHVSHFWDUH�D�OHJLVOD LHL�vQ�YLJRDUH� ¾ unit LOH� EDQFDUH�� vQ� VSHFLDO� FX� RFD]LD� VROLFLW ULL� úL� DFRUG ULL� GH�

FUHGLWH�úL�XUP ULUHD�UDPEXUV ULL�ORU� ¾ ILUPH�VSHFLDOL]DWH�GH�FRQVXOWDQ �� OD� VROLFLWDUHD� vQWUHSULQGHULL�SHQWUX�

VROX LRQDUHD� XQRU� SUREOHPH�� HIHFWXDUHD� GH� VWXGLL� GH� IH]DELOLWDWH�� GH�evaluare etc.

Ì175(% 5,

1. 'HILQL L�DQDOL]D�HFRQRPLFR-ILQDQFLDU �D�vQWUHSULQGHULL�� 2. (QXPHUD L�SULQFLSDOHOH�WLSXUL�GH�DQDOL] �HFRQRPLFR-financiare. 3. &DUH�HVWH�GHRVHELUHD�GLQWUH�DQDOL]D�FDQWLWDWLY �úL�FHD�FDOLWDWLY ? 4. 'HILQL L� SURFHVXO� GH� DQaliz economico-ILQDQFLDU � úL� HQXPHUD L� HWDSHOH�

acesteia. 5. 'D L� H[HPSOH� GH� IDFWRUL� GH� LQIOXHQ � D� IHQRPHQHORU� HFRQRPLFH� GXS �

diverse criterii de clasificare a acestora. 6. 3UH]HQWD L� UHOD LL� GLQWUH� UH]XOWDW� úL� IDFWRUL� úL� LGHQWLILFD L� FRQ LQXWXO�

acestora. 7. Care este rolul analizei în eYDOXDUHD� úL� UHJODUHD� SHUIRUPDQ HORU�

economico-financiare ale întreprinderii? 8. (QXPHUD L�SULQFLSDOHOH�PHWRGH�GH�DQDOL] �FDOLWDWLY � 9. ÌQ�FH�FRQVW �FRPSDUD LD��FD�PHWRG �GH�DQDOL] �FDOLWDWLY ? 10. Care sunt cele mai utilizatH�PHWRGH�GH�DQDOL] �FDQWLWDWLY ? 11. ExpliFD L� VFRSXO� XWLOL] ULL� LQGLFLORU�� FD� PHWRG � GH� DQDOL] � FDQWLWDWLY �

a fenomenelor economice.

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12. ,QGLFD L�FHO�SX LQ�WUHL�LQGLFDWRUL�GH�HILFLHQ �HFRQRPLF � 13. 'D L� H[HPSOH� GH� UDWH� XWLOL]DWH� vQ� DQDOL]D� HFRQRPLFR-ILQDQFLDU � úL�

SUH]HQWD L� DYDQWDMXO� XWLOL] ULL� DFHVtora comparativ cu indicatorii H[SULPD L�vQ�P ULPL�DEVROXWH�

14. Pentru FH�VH�XWLOL]HD] �PHWRGD�VFRULQJ"�'D L�H[HPSOH�GH�PRGHOH�XWLOL]DWH�

SH�SODQ�QD LRQDO�úL�LQWHUQD LRQDO� 15. ÌQ�FH�FRQGL LL�VH�XWLOL]HD] �PHWRGD�VXEVWLWXLULORU�vQ�ODQ ? 16. (QXPHUD L�UHJXOLOH�PHWRGei iter ULL��VXEVWLWXLULORU�vQ�ODQ �� 17. 6WDELOL L� UHOD LLOH� GH� FXDQWLILFDUH� D� LQIOXHQ HORU� IDFWRULORU� asupra unui

UH]XOWDW� HFRQRPLF�� H[SULPDWH� vQ� P ULPL� DEVROXWH�� vQ� FD]XO� XWLOL] ULL�PHWRGHL�LWHU ULL.

18. Care sunt limitele�PHWRGHL�LWHU ULL? 19. Când se utilizeaz �PHWRGD�EDODQ LHU ? 20. ([SOLFD L�FRQ LQXWXO�úL�XWLOLWDWHD�SUDFWLF �D�PHWRGHL�$%&��3DUHWR�� 21. ÌQ� FH� FRQVW � JHQHUDOL]DUHD� VDX� HYDOXDUHD� UH]XOWDWHORU� FD� PHWRG � GH�

DQDOL]D�FDOLWDWLY ? 22. (QXPHUD L�SULQFLSDOHOH�VXUVH�GH�LQIRUPD LL�XWLOL]DWH�SHQWUX�HIHFWXDUHD�

analizei economico-financiare. 23. &DUH� VXQW� SULQFLSDOHOH�PRGDOLW L� GH� RUJDQL]DUH� D� DFWLYLW LL� GH� DQDOL] �

economico-ILQDQFLDU �vQWU-o întreprindere.