POSDRU/88/1.5/S/52614

Invest in people!European Social FundSectoral Operational Programme Human Resources Development 2007 - 2013Project co-financed by European Social Fund through the Sectoral Operational Programme Human Resources Development 2007 2013Priority axis 1 "Education and training in support for growth and development of the knowledge society"Key Area of Intervention 1.5 "Doctoral and post-doctoral research support"Title: "Doctoral scholarships to increase the quality of young researchers in agronomy and veterinary medicine"Contract Code: POS-DRU/88/1.5/S/52614Employer: University of Agronomic Sciences and Veterinary Medicine Bucharest

UNIVERSITY OF AGRICULTURE AND VETERINARY MEDICINE BUCHAREST FACULTY OF ANIMALFIELD OF DOCTOR: ANIMALSPECIALIZATION: TECHNOLOGY OF BIRDS AND FUR ANIMALSPhD HRD/ 88/1.5/S/52614,Eng. Georgic SASU

PHD DISSERTATION

RESEARCH INTO THE USE OF DIFFERENT SOURCES OF FUNDING AVAILABLE FOR INVESTMENTS IN POULTRY IN ROMANIA Scientific Coordinator, Prof. Ilie VAN, PhD

BUCHAREST, 2012

INTRODUCTIONAfter 1989, with the manifestation of intent to join the European Union, Romania has opted for a definitive democratic political system and a market economy, competition based on private property, the means of modern production, development strategies consistent with trends existing worldwide. There followed a long process of transition, a restructuring of property, price liberalization, macroeconomic stabilization, relocation and economic rehabilitation of the economy to the fundamental principles of supply and demand. This process required considerable economic, social and political high costs, was often incomplete or distorted, polarized and divided the Romanian civil society, created tensions and inequities difficult to anticipate, prevent or removed. Although Romania is now a full member of the European Union and NATO, in terms of economic and social the gaps are hard to democratic countries with market economy strengthened.. In this context Romanian agriculture - important branch agencies national economy - with an overwhelming impact on the living standards of the population, social and political stability, an important contributor to the GDP, generating revenue of ...... State Budget has recovered an important gap requires the highest level of investment and the most radical reformAgriculture today enjoy a special attention in all countries, regardless of their economic development. In the contemporary world countries most economically developed are the biggest producer and exporter of agricultural products.Romania's agricultural potential widely recognized at the level needed to ensure agricultural production for a population of about 80 million. Due to varied topography, hydrological and climate, agricultural production structure is varied and comprehensive, it can grow and grow most plants and domestic animal species. The role and place of Romanian agriculture in national and European level can not be determined without knowing the stages in different social and economic systems. Current level of development is the direct result of these steps.In the livestock sector of agriculture, the poultry sector has faced major challenges, thus redesigned from the ground up as a form of property, massively upgraded due to technological obsolescence and legacy of the totalitarian regime before 1989, modernized and expanded on the fly as EU quality regulations and standards poultry production and animal welfare measures adopted in recent years, while providing a relatively constant level of domestic production and managed to regain much of export markets and access new markets in other EU or in third markets.The advantages of this branch of animal husbandry from biological and physiological characteristics of birds breeding and growth particularities and increase their rate of replacement of generations, Corporate weight, slaughter yield, growth speed, and features geo-climatic, crop production structure , the river, traditions household consumption and geostrategic position in the EU and in Europe, developments in the demand for poultry worldwide on being unprecedented population explosion, are extremely favorable growth and exploitation of birds, obtaining a highly diverse poultry production and best quality with very favorable economic results in the medium and long term.However, in the period after 1989, when Romania switched to a democratic political system and market economy, and so far, the poultry sector has faced the biggest challenge, which depended on the survival and adaptation new economic conditions, increased productivity, efficiency, profitability parameters comparable to those in the EU and worldwide.After 1991, with the privatization process of the Romanian economy was born and grew as a share in poultry production, the private sector. It has, at present, 98 - 99 of total livestock and poultry provide 98% of the total production of eggs and poultry (ASR - 2002) (ASR-2006, 2007, 2008). In a market economy, technological performances poultry production costs, profits and markets are "regulated" and "controlled" by the largest and most efficient producers of field, both at global and European level and at national level .In this context and given the rapid evolution of technology and exploitation of growth birds at European and global level and market developments and consumption of poultry, this Setor required and requires a large amount of investment, the difference between success and failure of poultry companies in Romania are given and the possibility of accessing funding sources advantageous, or the presence of their investment capital.Although private Romanian poultry sector faces an acute disinvestment especially regarding investments, represented either by upgrading / conversion of existing production capacities are expanding or creating new capacities. Investments made as a result of privatization, given the privatization methods used and the terms in which contracts were concluded privatization represented only about 30% of its modernization and refurbishment, covering the essential especially for aligning technology and adaptation to the market economy.Privatization strategy as favorable conditions, the transition from state ownership to private ownership of poultry farms with as little investment conditions for this sector had a boomerang effect, generated disinvestment, entry of large companies with manufacturers small with a great need of funding. to meet this need emerged a variety of sources and financing instruments heterogeneous in terms of access conditions and progress.

However until there was present study, a detailed analysis of the sources of financing of investments on the Romanian market, the use and effects of their access on increased productivity, profitability and recovery of loans. An analysis relevant and objective, scientifically provides very useful information for all medium and long term forecasting, decision-making level required for software development, improvement and investment.(Fig. 1).

Fig. 1 The role of feedback analysis of funding sources and their economic effect.

Potential technical, financial and human holding

Inputs (material and financial)

Level Decision MANAGER / BOARD OF DIRECTORS

HOLDING POULTRYWhite field (analysis of funding sources and their implications)

Technological modernizationProduction structureCapacity expansionBreeding and selection

In this paper are analyzed and descriptive statistics budgetary funding sources and private investments on the Romanian market in the period 1991-2011, access and utilization, as well as economic and financial effects of increasing profitability and productivity in the poultry farms.2