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Analele Universit ii Constantin Brncui din Trgu Jiu, Seria Economie, Nr. 1/2009

Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 1/2009

35

DECIZIA DE FINANARE PE TERMEN

LUNG LA NIVELUL FIRMELOR

prof. univ. dr. Dobrot Gabriela,asist. univ. Chirculescu Maria FeliciaUniversitatea Constantin Brancusi din

Trgu-Jiu

Rezumat :Dezbaterile privind finanarea necesitilornregistrate la nivelul firmelor au reprezentat opermanent preocupare a specialitilor n domeniu darmai ales a managerilor. Opinia majoritar este aceeac finanarea investiiilor trebuie s se realizeze dinsurse ce au caracter de permanen. ns, o problemimportant al crei rspuns nu este uor de determinat,este proporia n care se pot utiliza sursele proprii,mprumutate sau nchiriate, astfel nct s senregistreze cel mai mic cost de finanare. ntructacionarii solicit o remunerare a capitalurilorsuperioar plasamentelor de pe piaa financiar,managerii trebuie s urmreasc diminuarea costuluicapitalului mprumutati creterea ratei rentabilitiifinanciare. n lucrare sunt prezentate aspectereferitoare la structura surselor poteniale ifundamentarea deciziei de finanare pe baza costuluiaferent fiecrei posibiliti de finanare.

Cuvinte cheie: finantare, firme, management, investitii,actionari, diminuarea costului capitalului imprumutat.

1. IntroducereDesfurarea activitii la nivelul unei

firme genereaz necesiti importante de

finanare aferente ciclului de exploatare dar iactivitilor de dezvoltare, restructurare saumodernizare. Pentru finanarea acestora se potutiliza resurse interne dari resurse externe. Deregul, activitatea de investiii este cea maiimportant ,,consumatoare de resurse externe.n condiiile n care firma dispune de mai multe

posibiliti de finanare a activitii sale, se puneproblema de a alege pe acelea care se preteazcel mai bine nevoilor sale. Aceast selecie seface innd cont de anumite condiii care

LONG TERM FINANCING DECISION

AT THE LEVEL OF COMPANIES

Prof. PhD Dobrot Gabriela,Asist. Chirculescu Maria Felicia

Constantin Brancusi University ofTargu-Jiu

Abstract: Debates on the financing needsregistered a firm levels were a constant concern ofspecialists but especially managers. Majorityopinion is that the financing of investment must bemade by sources having character of permanence.However, a problem whose answer is not easilydetermined is the degree to which it may use itsown sources, borrowed or rented, to record thelowest financing cost. Since the shareholdersrequire a higher remuneration of capitalinvestments superior to those on the financialmarket, managers must seek to reduce the cost ofborrowed capital and the growth rate of financialreturn. In this paper are presented issues relatingto the structure and potential sources and fundingthe decision on cost related to each fundingopportunities.

Key words: financing, firms, management,investments, reduction of the cost of borrowedcapital.

1.IntroductionConducting business at a company

generates significant funding necessities

for the cycle of exploitation anddevelopment activities, restructuring andmodernization. For funding these there can

be used internal resources and externalresources. Typically, the most importantinvestment is the external resourcesconsumer. Given that the company hasseveral options for financing the business,the question is to choose those whichsuites its needs. This selection is donetaking into account the specific conditions


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limiteaz aria posibilitilor de procurare deresurse. Acoperirea deficitului de resurse petermen lung se poate realiza prin apelarea lasistemul bancar, piaa de capital, firme

specializate sau stat. ntruct aceste resurse intrn componena capitalului permanent, regsindu-se n mecanismul financiar al firmei o perioadlung de timp, se impune o fundamentare

pertinent a deciziei de finanare. n acest sens,raportul dintre finanarea prin ndatorare icapitalurile proprii trebuie s asigure cel mai miccost de finanare, decizia de finanare bazndu-se

pe optimizarea proporiei dintre sursa definanare, alocarea i utilizarea fondurilor iobinerea de excedente financiare viitoare ce vor

permite rambursarea mprumuturilor idezvoltarea activitatii.Stabilirea unei structuri financiare este o decizieimportant ce intr n sfera politicii financiare afirmei. Astfel, trebuie s se decid modalitateade repartizare a finanrii ntre datoriile petermen scurt i utilizarea capitalurilor

permanente. De asemenea, analiza trebuieadncit pe structura capitalurilor permanente,impunndu-se alegerea proporiei dintrecapitalurile proprii i cele mprumutate pe

termen mediu i lung. Decidenii trebuie sadopte decizia de finanare pornind de lacapacitatea de ndatorare, nivelul rentabilitiifinanciare, tipul necesitilor de finanare,

previziunile cash-flow-urilor viitoare Nu trebuieomis ns faptul c decizia de finanare estesupus i influenei exercitat de evoluia unorindicatori macro-economici: inflaie, ratadobnzii, cursul de schimb, PIB dar i decomponenta fiscali cea legislativ. Pornind dela aceste precizri, vom ncerca s evideniem o

posibilitate de fundamentare a deciziei definanare pe termen lung, prin analiza opinilorexistente la dispoziia unei firme.

2. Finanarea prin credit bancarCreditele bancare sunt contractate pe

perioade de timp stabilite prin contractul ncheiatntre instituia bancar i solicitant, pentruobiective bine precizate. Ele sunt generatoare decosturi sub forma dobnzilor i comisioanelor

bancare ce pot fi achitate lunar, anual, la sfritul

perioadei, respectiv n momentul contractrii

which limit the scope of opportunities topurchase resources.Cover the deficit of resources in the longterm can be achieved through the banking

system, capital markets, specializedcompanies or state. Since these resourcesfall within the permanent capital, isimposed a background relevant to thefinancing decision. In this respect, the ratioof debt financing and equity must ensurelowest financing cost, the financingdecision is based on optimizing the

proportion of funding source, allocationand use of funds and obtaining financialfuture surpluses will allow reimbursement

lending and development activities.Establish a financial structure is an

important decision that fall within thefinancial company. Thus, should decidethe allocation of funding between short-term debts and use the permanent capital.Also, analysis should be steeped on thestructure of permanent capital structure,imposing the choice of the proportion ofequity and borrowed the medium and long.Decident parties must adopt the financing

decision from the ability of indebtedness,the financial profitability, the type offunding needs, the cash flow's future.Should not be missed the fact that thedecision is subject to funding andinfluence the evolution of macro-indicatorseconomic: inflation, interest rates,exchange rates, GDP and by the fiscal andlegislative component. Based on theseclarifications, we will try to highlight a

possible background of the decision oflong-term financing by Opt in the existinganalysis to a firm.

2.Bank loan financingBank loans are contracted for periods

of time established by contract between thebank and the applicant, for well definedobjectives. They are costs generators asinterest and bank fees to be paid monthly,annually, at the end of the period and atthe time of contracting (bank charges and

commissions). Credit conditions


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(comisioane i speze bancare). Condiiilecreditului, respectiv rata dobnzii, termenul derambursare, eventuala perioad de graie,

penalizri pentru nerespectarea clauzelor

contractuale .a., se negociaz ntre bnci idebitori. Nivelul dobnzii la creditele bancareeste mai ridicat dect cel utilizat de organismelefinanciare specializate. Mrimea costuluicreditului bancar, respectiv rata dobnzii estedeterminat de trei factori: volumul creditului,rata dobnzii i timpul de creditare.Rambursarea creditelor se realizeaz nconformitate cu situaia privind ealonarearatelor i a dobnzilor anual, semestrial,trimestrial sau lunar, prin anuiti constante sau

variabile ori o singur dat, la scadena final, cusau fr perioad de graie. Pe baza acesteia,compartimentul financiar al firmei determinfluxurile financiare generate de decizia decreditare ce pot fi incluse n bugetul de veniturii cheltuieli. Costul unui credit bancar pe termenmediu i lung de mrime C i care urmeaz a firambursat n anuitile Sai, i = 1,2, ., n, poate fimsurat prin costul actualizat. Acesta este dat deaceea rat de actualizare a care permiterealizarea egalitii dintre suma datoriilor

contractate i anuiti (rata de rambursat plusdobnda) actualizate cu aceast rat a:

( )

= +=

n

ii

i

a

SaC

1 1

[1]

Anuitile pot fi defalcate cu sau frluarea n considerare a incidenei impozitului,

precum i a modalitii de rambursare.Pentru exemplificare, considerm c n

constituirea surselor de finanare necesarerealizrii unui proiect de investiii, o firmapeleaz la un credit bancar n valoare de18912 euro, cu o rat a dobnzii de 10%/an. Deasemenea, la angajarea creditului, banca

percepe un comision de gestionare de 0,3% iarpentru asigurarea creditului ncaseaz 1% dinvaloarea sumei mprumutate de firm.Restituirea mprumutului se realizeaz anual,

prin anuiti constante. n acest context, costultotal/an este determinat de: dobnd- 1024,36

respectively interest rate, term ofrepayment, any grace period, penalties for

breach of contract clauses, etc., arenegotiated between banks and borrowers.

Level of interest in bank loans is higherthan that used by the financial specialist.Cost of bank loan size and interest rate isdetermined by three factors: the creditvolume, interest rate and the lending.Repayment of loans is done in accordancewith the situation regarding the staggeringrates and annual interest, half, quarter ormonth, with constant or variable annuitiesor once at final maturity, with or without agrace period. Based on this the financial

section of the company determines thefinancial flows generated by the decisionof credit that can be included in budgetrevenue and expenditure. The cost of bankcredit and long-term size of C and to berepaid in annuities . Sai, i = 1,2, ., n, can

be measured by the cost update. This isgiven by the same updated rate "a" thatallows equal amount of debt contractedand annuities (the rate of repayment plusinterest) updated the rate of:

( )

= +=

n

ii

i

a

SaC

1 1

[1]

Annuities can be broken down withor without consideration of tax incidenceand the methods of reimbursement.

For example, consider the

establishment of funding sources needs tocarry out an investment project, a firmcalled a bank loan amounting to 18,912euro, with an interest rate of 10% / year.Also, when contacting the credit, the bankreceives a management fee of 0.3% forcredit insurance and charge 1% of theamount borrowed by the company.

Loan repayment is done annually,through constant annuities. In this context,the total cost per year is determined by:


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euro; comision de gestionare 56,74 euro;asigurare credit- 189,12 euro, rezultnd un totalde 1270,22 euro. n cazul n care mprumutl seramburseaz ntr-o perioad mai mare, costul

de finanare se poate determina conform relaieiprezentate anterior.Dup cum am precizat, mprumuturile bancare

pot fi rambursate i prin alte modaliti, costulde finanare fiind determinat de acestea.Indiferent ns de modul de rambursare, se

poate concluziona faptul c acestea suntgeneratoare de costuri ce pot influenasemnificativ trezoreria firmei (mai ales c se

percep i diverse comisioane de administrare,de asigurare, de rambursare etc) i impun

grevarea capitalului propriu de garaniilesolicitate de banc (uneori, garaniile solicitatede bnci nu pot fi oferite de firmele solicitante,fapt ce impune orientarea spre alte modalitide finanare, ce pot fi mai costisitoare). ns,creditarea bancar pe termen mediu i lung anceput s reprezinte i pentru firmeleromneti o opiune selectat pentru asigurareanecesitilor nregistrate de procesele deinvestire.3.Creditul obligatar

Reprezint o modalitate de constituire a resurselorfinanciare la nivelul firmei pe o perioad maimare de un an i se realizeaz prin emisiunea deobligaiuni, respectiv de titluri de valoare careconfer deintorului dreptul la o dobnd anualfix, indiferent de rezultatele ntreprinderii.mprumutul obligatar are, de regul, un cost maimic dect subscrierile de capital. De asemenea,spre deosebire de emisiunea de aciuni, utilizareacreditului bancar nu afecteaz rentabilitateaacionarilor, dreptul de proprietate al acestora inici nu determin modificarea puterii de influena acionarilor asupra firmei. n cazul unuimprumut obligatar clasic fr diversecomisioane, prime de emisiune sau derambursare, costul actuarial este egal cu dobndanominal. Pentru dimensionarea costuluimprumutului obligatar se impune ns iidentificarea altor categorii de cheltuieli, pe lngdobnd, ntre care se nscriu: cheltuieli deemisiune, de publicitate, comisioane bancare,

prime de emisiune, prime de rambursare .a..

Interest-1024.36 euro management fee56.74 euro credit insurance 189.12 Euros,resulting in a total of 1270.22 euro. If theloan is repaid in a higher cost of financing

can be determined according to therelationship outlined above.As noted, bank loans can be repaid in otherways too, the cost of financing beingdetermined by them. But whatever themode of repayment is, it can be concludedthat they are costs generators that couldsignificantly influence the company'streasury (especially that perceive andvarious administrative fees, insurancereimbursement, etc.) and require charging

equity guarantees needed by the bank(sometimes guarantees required by banksmay not be offered to companiesdemanding, which requires a shift towardsother ways of financing, which may bemore expensive). However, bank loans andlong-term began to be Romanian and anoption selected to ensure the needs ofregistered investment processes.

3. Mortgage bondIs a way of establishing the financialresources at the company for more than ayear and is done by issuing bonds andsecurities that give the holder the right toa fixed annual interest rate, regardless ofthe results. Mortgage bond has typicallya lower cost than equity subscriptions.Also, unlike the issue of shares, using

bank credit does not affect theprofitability of shareholders, ownershipof and not cause any modification of theinfluence of shareholders on thecompany. If a classic mortgage bondwithout various commissions, bonusissue or refund the cost of actuarialinterest rate equals the nominal. Forsizing mortgage bond costs should beidentified other categories of expenses ,among which: the issuance expenses,advertising, banking commissions, bonus

issue, etc. They are determined from the


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Acestea se stabilesc de la nceput n cotprocentual, urmnd s fie deduse din suma totala mprumutului.Operaiunea de rambursare a mprumutului

obligatar se realizeaz n conformitate cuscadenele nscrise n contract, astfel: prin anuiti constante; prin serii egale; prin amortizare unic la sfritul

duratei mprumutului; prin cupon zero.

Dac avem n vedere un mprumut n valoare de200000 lei, contractat pentru o perioad de 4 anicu o dobnd de 10%, valoarea nominal a uneiobligaiuni fiind de 100 lei, se poate observa camnarea plilor n timp implic un cost maimare pentru emitentul de obligaiuni datorateroziunii n timp a capitalului (tab. nr. 1 i 2).

beginning in the percentage to bededucted from the total amount of theloan.Operation of the mortgage bond

repayment is made in accordance withthe deadlines included in the contract,such:

Through constant annuities; Though equal series; Through single depreciation

at the end of the term; Through zero coupon.

If we consider a loan worth200,000 lei, contracted for a period of 4years with interest at 10%, the nominalvalue of bonds is 100 lei, it can be seenthat while delaying payments implies ahigher cost for issuer of the bonds due toerosion over time of capital (tab. nr. 1and 2).

Tabelul nr. 1. Rambursarea mprumuturilor obligatare prin serii egale i anuiti constanteAmortizare prin serii egale Amortizare prin anuiti

constanteElemente

1 2 3 4 1 2 3 4

Or 500 500 500 500 431 474 522 573Amortizare anual 50000 50000 50000 50000 43100 47400 52200 57300Dobnd 20000 15000 10000 5000 20000 15690 10950 5730Suma anual de plat 70000 65000 60000 55000 63100 63090 63150 63030Suma rmas derambursat

150000 100000 50000 0 156900 109500 57300 0

Table no. 1. Mortgage bond repayment through equal series and constant annuitiesDepreciation through equal series Depreciation through constant

annuitiesElements

1 2 3 4 1 2 3 4Or 500 500 500 500 431 474 522 573

Yearlydepreciation

5000 50000 50000 50000 43100 47400 52200 57300

Interest 2000 15000 10000 5000 20000 15690 10950 5730Yearly amount 7000 65000 60000 55000 63100 63090 63150 63030

Remainingamount to berefunded

150000 100000 50000 0 156900 109500 57300 0

Tabelul nr. 2. Rambursarea mprumuturilor obligatare prin amortizare unici prin cupon zeroElemente Amortizare unic Amortizare prin cupon zero


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1 2 3 4 1 2 3 4Or 0 0 0 2000 0 0 0 2000

Am. anual 0 0 0 200000 0 0 0 200000

Dobnd 20000 20000 20000 20000 0 0 0 0

Suma anualdeplat

20000 20000 20000 220000 0 0 0 200000

Suma rmasde rambursat

200000 200000 200000 0 200000 200000 200000 0

Table no. 2. Refund of mortgage bonds through unique depreciation and zero couponUnique depreciation Zero coupon depreciationElements1 2 3 4 1 2 3 4

Or 0 0 0 2000 0 0 0 2000Yearlydepreciation

0 0 0 200000 0 0 0 200000

Interest 20000 20000 20000 20000 0 0 0 0Yearlyamount

20000 20000 20000 220000 0 0 0 200000

Remainingamount to berefunded

200000 200000 200000 0 200000 200000 200000 0

n cazul ultimei modaliti, crenierulfirmei emitente realizeaz un ctig dindiferena dintre preul de emisiune i cel derambursare. Costul de finanare al acesteimodaliti este supus influenei mai multorfactori, ntre care se nscriu:

perioada de creditare; modalitatea de rambursare; garaniile solicitate, numrulparticipanilor implicai .a. n fundamentarea acestuia pot fi utilizaimai muli indicatori, mai importani fiind:valoarea actualizat net i randamentulspecific nregistrat pn la maturitateamprumutului. Astfel, valoarea actualizat netse stabilete ca diferen ntre valoareacapitalului mprumutat (C0) i valoareaactualizat a fluxurilor corespunztoareanuitilor (Sai):

( )

= +=

n

ii

i

a

SaVAN

10

1C

[2]

In the last way, the issuingcompany made a profit from the difference

between issue price and the redemption.The cost of such financing arrangementsshall be subject to the influence of severalfactors, including fall:

-Credit period;-Refund modality;-Requested guaranties, number of

involved participants, etc.- In it fundament may be used

several indicators, most important beingthe net present value and yield specificregistered the loan to maturity. Thus, thenet present value is determined as thedifference between the amount of

borrowed capital (C0) and thecorresponding current flow annuities (Sai):

( )

= +=

n

ii

i

a

SaVAN

10

1C

[2]


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unde a- rata de actualizare.Al doilea indicator menionat este de fapt acearat de actualizare pentru care VAN este zero:

( )= +=

n

i ia

i

r

Sa

10 1C

[3]

n cazul n care se nregistreaz o valoarenegativ a indicatorului rezult faptul c, ntermeni reali, emitentul a suportat o sum maimare (exprimat n puterea de cumprare dinmomentul emisiunii) i invers. Dac seefectueaz calcule pentru mai multe variante definanare, se impune alegerea celei caregenereaz cea mai mare valoare actualizat net.

n selecia variantelor de finanare se va lua nconsiderare cea care nregistreaz cel mai micnivel. Acest indicator nu poate fi determinatntodeauna prin calcule, impunndu-sefundamentarea deciziei de finanare mai ales

prin determinarea VAN.n ara noastr, finanarea prin intermediulacestei modaliti a constituit mai mult apanajuladministraiilor publice i nu al firmelor, datoritnencrederii investitorilor n capacitatea acestorade a obine profit i implicit de a rambursa

mprumutul i a achita costul de finanare. Dacse are n vedere ns contextul economic ifinanciar mondial actual, dificultile nregistraten contractarea de credite bancare cu care seconfrunta agenii economici, previzibilitatea pecare o ofer instrumentele financiare cu venit fixn perioade cu volatilitate accentuat se poateconsidera c aceast alternativ de finanare ar

putea deveni atractiv pentru acetia.Oferta public pentru vnzarea de obligaiuni se

bazeaz pe aceleai principii ca i cea pentru

vnzarea de aciuni, derulndu-se de regulprintr-un intermediar ce coordoneaz toateoperaiile generate de finanarea prin emisiuneade obligaiuni. Posibilitatea de a obine unmprumut obligatar este determinat ntr-o

proporie nsemnat de profilul de activitate iramura n care se desfoaractivitatea.Finanarea prin obligaiuni comportatt avantaje ct i dezavantaje. Astfel dintreavantajele utilizrii acestei modalitimenionm: determin mobilizarea unor resurse

where a- actualization rate.The second mentioned indicator is actuallythe actualisation rate for which VAN is zero:

( )= +=

n

i ia

i

r

Sa

10 1C

[3]

Where there is a negative indicator thatresults in real terms, the issuer has incurred ahigher amount (expressed in purchasing

power since issue) and vice versa. Ifcalculations are carried out for more fundingalternatives, the choice should be that whichgenerates the highest net present value. In theselection of financing alternatives will be

taken into consideration the record with thelowest level. This indicator cannot bedetermined always through calculations,

being imposed the fundament financingdecision, especially through VANdetermination.In our country, financing through thismodality constituted the privilege of

publ ic admini st rat ions and no t ofpubl ic firms , because of the inves tor slack of confidence in their capacity to

gain profit. If the economic context,however, and current world financialdifficulties in the contracting bankloans faced economic, predictabilitythey offer financial instruments withfixed income in periods of increasedvolatility can be considered that thealternative funding could becomeattractive for them.

Public offer for the sale of bondsis based on the same principles as that

for the sale of shares, taking placeusually through an intermediary thatcoordinates all operations generated byfinancing through the issue of bonds.Possibility of obtaining a mortgage

bond is signi fica nt determi ned to apr of ile of act ivi ty and indust ry wh ichoperates in.Financing through bond behaves bothadvantages and disadvantages. Thusthe use of the advantages mentioned


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importante de finanare; permite evitareabncilori a cheltuielilor bancare n procurarearesurselor necesare; se obine un profit mai mare

pentru reinvestire dect n cazul finanrii prin

emisiune de aciuni; ofer posibilitatearambursrii anticipate n funcie de evoluia rateidobnzii; nu modific structura acionariatului;nu confer creanierilor ntreprinderii drepturi nadoptarea deciziilor. n acelai timp ns,emisiunea de obligaiuni prezinti dezavantaje,astfel: implic efectuarea unor cheltuielifinanciare, indiferent de rezultatele nregistratede societate; determin diminuarea lichiditilorsocietii emitente ca urmare a obligativitiirambursrii mprumutului; exist riscul ca

operaiunea de subscriere s nu aib succes.4.Leasingul

Este o metod de finanare care, nesen , se poate asimila mprumutului,fiind utilizat de firmele care nu pot sobin credite de la bnci sau nu dorescs-i greveze bunurile mobile sau imobile

prin instituirea unor gajuri sau a unoripoteci. Firma utilizatoare a obiectivelorde investiii ce se dobndesc nu arecalitatea de proprietar ci de uzufructier,

chiria n acest contract. Deci, din punctde vedere contabil, debitorul nu arecalitatea de proprietar, bunul neaprndn activul su bilanier. ns,angajamentele de leasing figureazobligatoriu n datorii extrabilaniere.Pl ile efectuate de debitor acoper attamortizarea mprumutului ct i costulacestuia respectiv remunerarea normal acapitalului adus de societatea de leasing(dobnda, comisionul i o prim de risc).Pentru stabilirea costului leasingului

poate fi utilizat egalitatea urmtoare(costul explicit al leasingului este dat derata de actualizare a):

( ) ( )1 11 1

n nini

i ii i

F Fei

a a= ==

+ +

[4]

unde: Fin i fluxurile de intrare n anuli;

Fei fluxurile de ieire n anul i;Relaia prezentat se aplic n mod

ways: determining the mobilization ofresources for financing; avoid banksand banking expenses in procuringresources necessary to obtain a better

return on reinvested only if financingby issui ng sha res , gi ves the ant icipatedreimbursement Depending on theevolution rate, does not alter thestructure of shareholders, confer rightsin the decisions.At the same time, however, the issue of

bonds pr esents di sadvan tages , asinvolving the making of financialcharges, regardless of the resultsrecorded by the company, determines

the reduction of liquidity as a result ofissuing compulsory repayment of theloan, there is a risk that thesubscription is not successful.

4. LeasingIs a financing method that, in essence,can be similar to the loan, being used

by the companies tha t cannot obtain

credits or do not want to strike themobile or immobile goods throughmortgages. The company user of theinvestment objectives does not have thequality of owner, but beneficial owner,tenant in this contract. So, inaccounting terms, the debtor has nocapacity of owner, the good not-appearing in his balance. But leasingappears in mandatory debt sheet.Payments made by borrower cover boththe and loan amortization cost thatnormal remuneration of capital brought

by the leasing company (interes t,commission and a risk bonus)To establish the cost of the contract itcan be used the following equality(explicit cost of leasing is given by theactualisation rate a):

( ) ( )1 11 1

n nini

i ii i

F Fei

a a= ==

+ + [4]


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diferit pentru cele dou pri implicate(finanator i utilizator), ntructfluxurile de intrare pentru locatorreprezint fluxuri de ieire pentru locatar

i invers. Practic, costul leasinguluipentru locatar este o contrapartid a rateirentabilit ii pentru locatar. Spreexemplu, o societate de leasing cumprun utilaj n valoare de 250 mii lei, cu odurat normal de utilizare aleas de 5ani. Prin contractul de leasing ncheiat cuun locatar, chiria anual este stabilit la75 mii lei., iar valoarea rezidual estenul. Cota de impozit pe profit este de16%.

Costul leasingului suportat delocator, dac se utilizeaz regimul deamortizare liniar, se stabilete astfel:

( )1

1

(1 ) (1 )

ni p p i r

Ii ni

C I I A VV

a a=

+ + =

+ +

[5]

5

51

75 0,84 0,16 500 250

(1 )i a=

+ + =

+

5

51

6 3 82 5 0

(1 )i a=

+=

+

5

51

13,5211

(1 )i a==

+

(12,13)a Pentru a = 12%: 71 x 3,6048 250 =5,9408Pentru a=13%:71x3,5172 250 =-0,2488

Din ecuia dreptei care trece prin dou

puncte rezult:

1 1

2 1 2 1

x y yx x y y

=

[6]

12 0 5,9408

13 12 0.2488 5,9408

x =

12 5,9408

1 6,1896

x =

12,905%x =

where:F in i entrance fluxes in the year i;Fei exit fluxes in the year i;

The relationship presented is

applied in different ways for bothparties (user and financ ie r), whereasflows to the lessor are input outputflows tenant and vice versa. Basically,the cost of leasing is an inmate to returnto profitability rate tenant. Forexample, a leasing company buys amachine worth 250 thousand lei, with anormal duration of use chosen by 5years. By leasing contract with a tenant,annual rent is set at 75 thousand lei.

And the residual value is zero. Rate oftax is 16%.

Leasing cost borne by the lessor,when using the linear depreciation isfixed as it follows:

( )1

1

(1 ) (1 )

ni p p i r

Ii ni

C I I A VV

a a=

+ + =

+ +

[5 ]

5

51

75 0,84 0,16 50

0 250(1 )i a=

+

+ =+ 5

51

63 8250

(1 )i a=

+=

+

5

51

13,5211

(1 )i a==

+

(12,13)a

For a = 12%: 71 x 3,6048 250 =

5,9408

For a= 13%: 71 x 3,5172 250 = -0,2488

From the equation of the right line thatgoes through two points results:

1 1

2 1 2 1

x x y y

x x y y

=

[6]


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44

12 0 5,9408

13 12 0.2488 5,9408

x =

12 5,9408

1 6,1896

x =

12,905%x =

Graficul nr.1 Determinarea coordonatelor punctului aferent costului deactualizare ce determin egalitatea dintre fluxurile de intrare i fluxurile de ieire

Graphic no.1 Coordinates determination of the actualisation cost point thatdetermines the quality between the entrance and exit fluxes

n cazul n care contractul se ncheie petermen mai scurt nu se aplic relaia bazat peactualizarea elementelor precizate. Considerm co firm dorete s achiziioneze o main n sistemleasing, cu o valoare de 18912 euro (pre fr tva),n urmtoarele condiii: avans- 50%; comisionmanagement- 2%; dobnda de finanare- 10%;numr rate-12; valoare rezidual- 0. n acest caz,firma va suporta un cost de finanare de 970,1 euro(dobnd i comision de management), aa cumrezult din tabelul nr. 3):

If the contract is concluded for shorterperiod shall not apply to the relationshipbased on updating elements specified. Webelieve that a company wants to buy a car onlease, with a value of 18912 Euro (pricewithout VAT), in the following conditions:advance-50% management fee 2% interestrate financing-10% rate number-12; residualvalue-0. In this case, the company will incur acost of 970.1 Euros financing (interest andmanagement fee), as shown in Table. 3):

Tabelul nr. 3. Costul finanrii prin leasingElemente % FrTVA Cu TVAPreachiziie 18912 22505,28Avans client 50% 9456 11252,64Valoare finanat 9456 11252,64Comision management 2% 378,24 450,11Dobndfinanare 10% 519,99 519,99

Numr rate 12

Total contract 19810,20 23475,34

5,9408

12% 13%

(x,y)

-0,2488


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Table no. 3. Leading financing costElement % Without VAT With VATAcquisition price 18912 22505,28

Client advance 50% 9456 11252,64Financing value 9456 11252,64Commission management 2% 378,24 450,11Financing interest 10% 519,99 519,99Rates number 12Total contract 19810,20 23475,34

Costul de finanare crete pe msur ce se extindeperioada de achitare a ratelori avansul achitat defirma solicitant este mai mic. Finanarea n sistemleasing implic anumite avantaje:firma utilizatoare poate s-i canalizeze

resursele proprii pentru alte scopuri, evitndimobilizarea acestora n active de folosinndelungati s acceseze tehnologiile noi dindomeniu, ntruct, la sfritul perioadei stabilit

prin contractul de leasing, poate returna bunulsocietii de leasing i poate ncheia un noucontract de leasing pentru un bun cu parametritehnico-funcionali superiori;

bunul obinut constituie i garanie pentruoperaia respectiv, capitalul propriu al firmeirmnnd neangajat legal;

locatarul poate efectua plata taxelor vamale lafinalul contractului n cazul bunurilor dinimport, la valoarea rezidual;

se nregistreaz faciliti fiscale (n cazulcontractului de leasing financiar bunurile carefac obiectul acestuia se nregistreaz ca mijloacefixe n contabilitatea utilizatorului acesta

deducnd cheltuielile cu amortizarea lui, iar dinrata de leasing cheltuielile cu dobnda;n cazulcontractului de leasing operaional, bunul senregistreaz ca mijloc fix n contabilitateasocietii de leasing iar valoarea ratei de leasingeste n totalitate cheltuial deductibil pentruutilizator);

procedura de obinere a unei finanri n sistemleasing ct i derularea unui asemenea contractsunt mult mai facile dect n cazul creditrii

The cost of funding increases as it extendsthe period for payment of rates and theadvance paid by the applicant firm islower. Financing lease involving certainadvantages:

business user can channel theirresources for other purposes, avoidingimmobilization in active use andaccess to new technologies in the field,whereas at the end of the period fixed

by the lease, return the propertyleasing company and may end a newleasing contract for a good technical

parameters with high functional;

the good obtained constitutes also aguaranty, the firms capital remaininglegally not-engaged;

tenant may perform the duty to end thecontract in the case of imported goods,to the residual value;

recorded tax (if the contract of financelease assets which are subject to itshall be recorded as fixed assets in the

accounts of the user deductingdepreciation costs, and the leasingcosts of interest, in the case of theoperational leasing, the asset isrecorded as fixed asset accounting inthe leasing company and the lease rateis fully deductible expense to the user);

the procedure for obtaining a lease inthe funding and conduct of such acontract are more facile than for the


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bancare;

societatea de leasing poate s ofere anumiteservicii efectuate legate de instalare, punere n

funciune .a..Aceast modalitate de finanare sunt determinidezavantaje, legate n primul rnd de costul definanare ridicat (ceea ce impune obinerea uneirentabiliti cel puin acoperitoare) precum i defaptul c afecteaz autofinanarea viitoare datoritobligaiilor periodice de plat iar neachitarea uneirate atrage dup sine pierderea bunului i obligaiade plat a tuturor ratelor restante (n perioadaactual foarte multe firme sunt puse n

imposibilitatea de a-i achita ratele la bunurileachiziionate n sistem leasing). De asemenea, spredeosebire de creditul bancar, n cazul leasingului,transferul dreptului de proprietate se realizeazdup achitarea ultimei rate.Ultimele msuri legislative adoptate n domeniulfiscal afecteaz ns i aceast modalitate definanare n cazul achiziiilor de autoturisme.Astfel, nu se mai acord deducerea TVA laachiziionarea de maini noi de ctre persoane

juridice i firme de leasing, fapt ce-i va determina

pe muli ageni economici s se reorienteze sprealte modaliti de finanare.5. Determinarea costului marginal al

capitalului utilizat- element defundamentare a deciziei de finanare

Opiunea pentru o modalitate sau alta definanare trebuie s se fundamenteze i pedimensionarea costului marginal al capitaluluiutilizat. Altfel spus, nu este suficient o compararea costului specific fiecrei surse de finanare ci i oanaliz a costului fiecrei uniti suplimentare de

capital alocat, astfel nct s se poat realiza ocomparaie ntre efectele generat de procesul definanare prin diferite modaliti.Pentru exemplificare putem considera urmtoareasituaie: un agent economic dispune de capital

propriu de 200 u.m. iar valoarea capitaluluimprumutat este de 50 u.m. din profitul exerciiuluiexpirat a decis acordarea de dividende ntr-un

procent de 10% iar pentru capitalul mprumutatsuport un cost total de 25%. Pentru finanareaunui proces investiional nregistreaz nevoi

lending bank;

the leasing company can providecertain services performed related to

the installation, putting into service,etc..

This way of funding determines alsodisadvantages, primarily related to highcost of financing (which requires obtaininga yield at least cover) and that affect futureself because of periodic and non-paymentof instalments shall entail the loss assetand obligation to pay all outstanding rates(in many companies today are unable to

pay rates on goods purchased in lease).Also, unlike bank credit, when leasing,transfer of ownership is achieved after thelast payment rate.Last legislative measures adopted in thefiscal area affect this mode of financing for

purchases of cars. Thus, is not given taxdeduction granted to the purchase of newmachines by legal and leasing companies,which will cause them many economicagents to shift to other ways of financing.

5.Determining the marginal cost ofcapital used - foundation element ofthe financing decision

Option for another way of fundingshould be base on sizing and marginal costof capital used. In other words, is notsufficient to compare the cost of specificsources of funding but also an analysis ofthe cost of each additional unit of capitalallocated so as to make a comparison

between the effects generated by theprocess of financing through various.For example we can consider the followingsituation: an economic agent has capital of200 m.u and the borrowed capital is 50 m.uin the profits of the year has expireddividends in providing a figure of 10% andthe capital lent support for a total cost of25%.To fund a record investment needs more

than 50 um can be covered either by a


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suplimentare de 50 u.m. ce pot fi acoperite fieprintr-un credit bancar fie prin emisiunea de noiaciuni, fiind decisi majorarea ratei de dividendla 12%. n aceast situaie, compartimentul

financiar poate calcula costul marginal aferentfiecrei opiuni (tabelul nr. 4):

bank credit or by issue of new shares beingdetermined and the rate of dividendincrease to 12%. In this case, the sectionmay calculate the corresponding marginal

cost of each option (table no. 4):

Tabelul nr. 4 Determinarea costului marginal pe tipuri de surse de finanareSituaie iniial mprumut bancar Emisiune de aciuniElementeKpr K Kt Kpr K Kt Kpr K Kt

Structura capital 200 50 250 200 100 300 250 50 300Ponderecomponente (%)

80 20 100 68,67 33,33 100 83,33 16,67 100

Cost componente(%)

10 25 - 12 25 - 12 25 -

Pondere x cost/100 8 5 - 8,24 8,33 - 9,99 4,17Cost marginal 16,57-13 = 3,57 14,16-13 = 1,16

Table nr. 4 Determination of marginal cost by type of fundingInitial situation Bank loan Issuance of sharesElementsKpr K Kt Kpr K Kt Kpr K Kt

Capital structure 200 50 250 200 100 300 250 50 300Share component(%)

80 20 100 68,67 33,33

100 83,33 16,67

100

Cost components

(%)

10 25 - 12 25 - 12 25 -

Ponder x cost/100 8 5 - 8,24 8,33 - 9,99 4,17Marginal cost 16,57-13 = 3,57 14,16-13 = 1,16

Din analiza datelor se poate constata c a douaopine genereaz un cost al capitalului suplimentarmai mic dect prima. ns, analiza nu trebuie srmn la acest nivel iar rezultatele s fieinterpretate n mod singular. Astfel, costul marginaltrebuie comparat cu rata de rentabilitate marginaliar costul capitalului propriu trebuie stabilit n raport

de rata de rentabilitate financiar cerut de acionari.Ori, un agent economic ce nu a remunerat n modconstant capitalurile acionarilor se poate confruntacu dificulti n convingerea acionarilor sau a unorinvestitori strini pentru alocarea sau investirea decapitaluri suplimentare.

6.ConcluziiStructura financiar i opiunea pentru o

anumit structur reprezint o decizie important apoliticii de finanare, ntruct echilibrul financiar alfirmei independena n gestionare sunt condiionate

Data analysis may find that the second optiongenerates an additional cost of capital lower thanthe first. However, the analysis should not remainat this level and the results should be interpretedas singular. Thus, marginal cost must becompared with the rate of return and marginalcost of capital, should be set in relation to financial

rate of return required by shareholders. Maybe, atrader who has not paid regularly the shareholdersmay face difficulties in the conviction of theshareholders or foreign investors to allocatecapital investment or additional.

6.ConclusionsFinancial structure and option for a given

structure is an important decision for the policy offunding since the financial equilibrium of thefirm's independence in management isconditioned by these. Option for the equity /


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48

de acestea. Opiunea pentru raportul capitaluriproprii/capitaluri mprumutate nu trebuie s fiedeterminat doar de dorina de obinere a uneirentabiliti ridicate ci i de riscul pe care consimte

si-l asume managerul. n fundamentarea decizieide finanare se impune optimizarea intereseloracionarilor, creditorilor, statului precum i analizainfluenei exercitat de factorii financiari iindicatorii macroeconomici.

Agenii economici din ara noastr s-auorientat cu preponderen spre finanarea prinndatorarea bancar i leasing i mai puin spreemisiunea de aciuni sau obligaiuni. Totui, datoritapariiei pe pia a unei diversiti de instrumentede finanare i a diminurii riscurilor s-a nregistrat

o tendin de orientare spre o structur financiarvariat, care permite nregistrarea unui raport optimntre rentabilitatea determinat de resursele utilizatei riscul generatde utilizarea lor.

Dac avem n vedere rezultatele dinexemplele anterioare, putem concluziona c deciziade a opta pentru leasing sau de a cumpra un bun

prin apelarea la creditul bancar trebuiefundamentat prin compararea costurilor definanare ale celor dou alternative i alegerea aceleisurse de finanare cu cel mai mic cost. nregistrarea

unor condiii mai dificile n utilizarea emisiunilor deaciuni i accesarea creditelor bancare a determinatcreterea interesului investitorilor pentru obligaiuni,ca urmare a faptului c sunt generatoare de veniturisigure, neafectate de trendul economiei i al situaieifinanciare a firmei emitente. De asemenea, seimpune o analiz a efectului de ndatorare, respectiva impactului ndatorrii asupra rentabilitiifinanciare, astfel nct, rezultatul final s fiemaximizarea valorii ntreprinderii.

BibliografieDobrot G., Gestiunea financiar antreprinderii, Editura Spirit Romnesc,Craiova,2003;Sichigea, N., Giurc Vasilescu L., Gestiunea

financiar a ntreprinderii. Teorie i aplicaii,Editura Universitaria, Craiova, 2007;Stancu, I., Gestiunea financiar antreprinderii, Editura Economic, Bucureti, 2003;Vintil, G., Gestiunea financiar antreprinderii, Editura Didactici Pedagogic,

Bucureti, 2005.

borrowed capital should be determined only bythe desire of obtaining a higher yield but also therisk that the manager wants to take. Insubstantiation of the decision is necessary to

optimize the funding interests of shareholders,creditors, and analyze the influence of financialfactors and macroeconomic indicators.

Operators in our country have beentargeted mainly to finance through bank debt andleasing rather than to issue shares or bonds.However, due to the emergence on the market avariety of financing instruments and risk reductionhas been a trend-oriented diversified financialstructure, which permits the best possiblecombination of profitability driven by inputs and

risk generated by their use.If we consider the results of the previous

examples, we can conclude that the decision toopt for leasing or purchasing a good creditthrough the banking needs basis by comparing thecost of financing of the two alternatives and thatchoice of funding sources with the lowest cost.Registration of more difficult schedules in the useof actions and access to bank loans increasedinterest of investors for bonds, because that isrevenue generating reliable, unaffected by the

trend of economic and financial situation of theissuing company. Also, it is imposed a review ofthe effect of indebtedness and the impact on the

profitability of financial indebtedness, so that thefinal result should be the maximization of theenterprise value.

BibliographyDobrot G.,Financial management of theenterprise, Spirit Romnesc Publishing house,Craiova, 2003;Sichigea, N., Giurc Vasilescu L.,Financialmanagement of the enterprise. Theory andapplications , Universitaria Publishing house,Craiova, 2007;Stancu, I., Financial management of theenterprise , Economic Publishing house,Bucharest, 2003;Vintil, G.,Financial management of theenterprise , Didactic and Pedagogic

Publishing house, Bucharest, 2005

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