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Decizia de investitie

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Decizia de investitie

I  PLANUL FINANCIAR                                                    1

1.      Fazele procesului de planificare financiara                                                     1



2.      Planul strategic, planurile operationale si locul planului

financiar in cadrul planificarii operationale

3.      Elaborarea, punerea in practica si controlul planului financiar                      4

II PROIECTELE DE INVESTITII                                                           6

III EVALUAREA PROIECTELOR DE INVESTITII                    7

1.      Identificarea proiectelor de investitii                                                                 8

2.      Considerarea diferitelor efecte ale investitiilor                                                10

IV PROCESUL DECIZIONAL                                                                 16

1.      Proiectele de investitii si inflatia                                                                        18

2.      Tipuri de proiecte                                                                                                20

3.      Criterii de evaluare                                                                                             20

3.1. Traditionale                                                                                                  20

4.1.Bazate pe actualizare                                                                                  22

V DECIZIA DE INVESTITII IN MEDIU INCERT               27

1.      Estimarea cash-flow-urilor in mediu incert                                                       28

2.      Metode de integrare a riscului in luarea deciziei                                            28

3.1 Metoda coeficientului de actualizare                                                          28

3.2 Metoda echivalentilor certi                                                                          28

3.3 Metoda arborelui de decizie                                                                       29

3.4 Analiza de sensibilitate                                                                                29

3.5 Metoda de simulare Hertz                                                                           36

Partea a doua - Decizia de finantare

I.                   Introducere                                                                                           39

1.1  Planul de investitii si finantare. Politica financiara.                                         39

1.2  Politica financiara                                                                                               40

1.3  Mediul financiar                                                                                                  40

II.                Autofinantarea                                                       40

2.1  Determinarea autofinantarii                                                                              42

2.2  Alternativa  retinere / distributie                                                                        42

2.3  Avantajele si dezavantajele autofinantarii                                                        43



III.              Finantarea intreprinderii prin emisiunea

 de actiuni                                                                       44

3.1  Plasament intermediat de bancile de investitii                                               44

3.1.1. Functiile bancii de investitii                                                                    44

3.1.2. Etapele procesului de emisiune                                                            44

3.2. Plasament direct                                                                                               50

IV.            Creditarea bancara pe termen mediu si lung       51

4.1. Rambursarea prin amortismente egale                                                          52

4.2. Rambursarea cu anuitati constante                                                                 52

4.3. Ramursare cu perioada de gratie                                                                   53

5.   Finantarea prin obligatiuni                                53

5.1.           Finantare prin credit sau prin emisiune de actiuni ?                                 53

5.2.           Categorii de obligatiuni                                                                                53

5.2.1.     Obligatiuni cu ipoteca (Mortgage bonds)                                       53

5.2.2.     Obligatiuni garantate (Collateral trust bonds)                                54

5.2.3.     Certificate garantate cu echipament                                              54

5.2.4.     Obligatiuni generale                                                                         55

5.2.5.     Obligatiuni de venit                                                                           56

5.2.6.     Obligatiuni convertibile                                                                     56

5.2.7.     Obligatiuni retractabile                                                                     57

5.2.8.     Obligatiuni extensibile                                                                      57

5.2.9.     Obligatiuni internationale                                                                 57

5.2.10.Obligatiuni acoperite in marfuri                                           57

5.2.11.Obligatiuni cu dobanda flotanta                                           57

5.2.12.Obligatiuni riscante                                                               58

5.2.13.Obligatiuni neconventionale                                     59

5.2.14.PIK                                                                                          61

5.2.15.LYON                                                                                      61




5.3.           Clauza protectoare                                                                                 61

5.3.1.     Clauze de protectie standard                                                          62

5.3.2.     Constrangeri asupra imprumuturilor aditionale                             62

5.3.3.     Constrangeri asupra gestiunii activelor                                          62

5.3.4.     Constrangeri asupra dividendelor                                                  62

5.3.5.     Alte restrictii                                                                                       63

5.4.           Rascumpararea obligatiunilor                                                               63

5.4.1.     Plata la scadenta                                                                              63

5.4.2.     Sinking fund (Fond de amortizare)                                     63

5.4.3.     Obligatiuni amortizate in serie (Serial maturities)             64

5.4.4.     Rascumparare la optiune (Optional call)                                        65

5.5.           Ratingul obligatiunilor                                                                             66

VI.            Leasingul                                                                                                67

6.1. Contractul de leasing                                                                                        67

6.2. Tipuri de leasing                                                                                                68

6.2.1. Leasingul operational                                                                        68

6.2.2. Leasingul financiar                                                                             69

6.3.Achizitionarea activelor in regim de leasing                                                   70

6.3.1. Leasing direct.                                                                                    70

6.3.2. Sale-leaseback                                                                                  70

6.4. Abordare fiscala si contabila                                                                           71

6.5. Leasing vs achizitie                                                                                           72

6.6. Decizia de a investi                                                                                           72

6.7. Decizia de finantare                                                                                          72

6.8. Factori care influienteaza decizia de leasing                                     75

            6.8.1. Cost si accesibilitate                                                                         75

6.8.2. Avantaje subiective                                                                            76

6.9. Avantajele leasingului                                                                                       78

6.10. Contract de leasing - model                                                                          79

VII.         Costul capitalului                                                      81

7.1. Costul capitalurilor proprii                                                                                81

7.2. Costul creditului si a actiunilor preferentiale                                       84

7.3. Costul mediu ponderat al capitalului CMPC                                      85












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