2.4.4 Analiza fundamentala a intreprinderii Astazi m am decis sa fac fata unei noi incercari 8230 sa incep sa aprofundez elemente de analiza fundamentala. Dans le dictionnaire de traduction automatique, nous avons des estimations pour la recherche d'un projet de recherche sur le développement d'un projet de recherche. Astazi vom incepe cu cateva date teoretice nécessaire intelegerii mecanismelor acestei analize. CONTINUTUL GESTIUNII FINANCIARE A NTREPRINDERII 1.1 La poursuite de l'activité financière et la gestion des ressources financières peuvent être définies dans le cadre d'un programme de recherche, d'une opération ou d'une activité ou d'une activité lucrative ou lucrative. . Gestiunea financiar presupune aplicarea n activitatea ntreprinderii a 2 principes de baza: 8211 autonomia functionala a ntreprinderii, respectiv libertatea modulo de procurare si gestiune a capitalului 8211 efficiente, respectiv obtinerea maximului de rezultate n urma gospodaririi si utilizarii capitalului. Le principe fondamental est le suivant: 1.Maximizarea valorii ntreprinderii N ° de réf. Désignation N ° de cat. De cote d'immatriculation N ° de cat.: 8211 valoarea ntreprinderii this o valoare actuala, adica echivalentul prezent Al rezultatelor vente viitoare 8211 valoarea ce marim dinamica si nu statica ce percepta y interdependenta cu procesul de valorificare a patrimoniului 8211 evaluarea ntreprinderii reflexo n acelasi timp si efetele riscurilor interne si externe ce pot afecta nivelul si stabilitatea viitoare a rezultatelor asteptate. N concluzie, se poate spune ca maximizarea valorii ntreprinderii depinde de nivellement performantelor asigurate de activitatea ntreprinderii si de stapnirea riscurilor financiare n general. 2. Mentinerea nivelului performantelor financiare Gestiunea financiar trebuie sa asigure mentinerea performantelor ntreprinderii la un niveau de soins sa permet d'obtiner unor venituri suffisant pour une asturation de plate forme de secours si, daca ce besoin, sa permita restituirea acestor resurse. Obtinera de catre ntreprindere a unor rezultate defavorable sau insuficiente reflecta o risipire a resurselor, daunatoare att pentru ntreprindere ct si pentru furnizorii sai de fonduri si pentru economia nationala. De asemenea, gestiunea financiar a ntreprinderii nu urmarest obtinera cu orice pret a profitului maxim pe termen scurt ci accorda mai mare importanta stabilitatii performantelor pe termen poumon, ncercnd sa gaseasca un compromis satisfacator ntre stabilitate si rentabilitate. 3. Stapnirea riscurilor financiare Principe de la responsabilité de la protection de l'environnement: 8211 Risques de vulnérabilité 8211 Risque de vulnérabilité 8211 Risque de vulnérabilité Vnzarilor. Astfel, o ntreprindere avnd, cheltuieli fixe, foarte, mari, este, mai, supusa, riscului, deoarece, daca, aceste, cheltuieli, se, repartizeaza, pe, cantitate, limitata, product, atunci, ele, determin, pierderi, nsemnate. Daca activitatea ntreprinderii et cererea de piata autorisent la productie ridicata, cheltuielile fixe et repartizeaza asupra unei productii suffisante si se pot obtine profituri. 8211 riscul de ndatorare ce légat de structure de finitionare et de ntreprinderii si se manifeste atonc cnd rentabilitatea economica a ntreprinderii ndatorate this inferioara ratei medii a dobnzii aferente creditelor acordate. Daca ntreprinderea creste volumineux de créditer et se obliger à obtina profituri suplimentare soins sa perpétuer la rémunération et rambursarea acestor credite. 8211 riscul de faliment ce consecinta insolvabilitatii ntreprinderii si poate détermine chiar disparitia acesteia. Crizele de solvabilitate nu conduc ntotdeauna la faliment, deseori intreprinderea si asigura supravietuirea, dar chiar si n acest caz sunt antrenate costuri specifice soin pot afecta activitatea viitoare a ntreprinderii. 8211 riscul valutar si riscul de rata a dobnzii sunt riscuri financiare specifice legate de evolution cursului de schimb une monedei nationale si de evolutia posibila a ratei dobnzii. Orice ntreprindere soins efectueaza operatii n devize sau de monnaie straina se expune riscurilor de pierdere legate de evolutia defavorabila un cursului de schimb ntre momentul ncheierii unei tranzactii si momentul efectuarii efetive a platii. De asemenea, ntreprinderile sunt expuse efetelor date de variation ratelor dobnzii pe piata de capital. Acest risc afecteaza att ntreprinderile soins angajeaza noi credite (cheltuielile financiare cresc ca urmare a cresterii dobnzilor) ct si cele mprumutatoare (daca au accordat credite cu dobnda fixa soins asigura o remuneratie plafonata n timpo ce dobnda de pe piata financiara poate creste). 4. Mentinerea solvabilitatii sau stapnirea echilibrului financiar Solvabilitatea reprezinta aptitudinea unei ntreprinderi de un visage fata datoriilor vente cnd acestea ajung la scadenta. Mentinerea solvabilitatii este esentiala, asa cum am aratat, pentru prevenirea riscului de faliment. N cprs nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull nullnull n Les importations et les exportations de céréales et de produits à base de céréales et de graines oléagineuses ne sont pas soumises à une autorisation spéciale, mais elles ne sont pas soumises aux mêmes conditions d'utilisation que celles visées par le présent article. 8211 asigurarea echilibrului financiar, respectiv echilibrarea fluxurilor de ncasari si plati 8211 rentabilizarea utilizarii fondurilor, asigurndu se . Respectarea cerintelor gestiunii financiare impune operarea unui controle riguros ce urmareste: 8211 sa masoare diferentele preconceiuni 8211 stabilirea cauzelor dificultatilor financiare soins afecteaza sau ameninta ntreprinderea 8211 sa indice decizii corective care sa redreseze situation financiar atunt cnd this nevoie 8211 sa revizuiasca, daca este Necessar, obiectivele si previziunile initiale. 1.2 Responsabilità © opà © rale de fonctionnement et de gestion financière Principalele sarcini ale gestiunii financiare et ntreprinderii pot fi analizate pe cele trei faze ale ciclului financiar fondamentale desfasurat n ntreprindere: analiza financiara, decizia financiara si controlul de gestiune. Prima fera, analiza financiara sont ca obiectiv identificarea potentialului de degajare un fluxurilor monatare reale (cash flow uri) ca actiune interne, iar ca actiuni externe se urmareste echilibrul financiar si performantele ntreprinderii evidentiate la nivelul soldurilor interne de gestiune, capacitatii de autofinantare etc. Évaluation de la situation financière de la Banque de stabilisation et de contrôle financière à l'égard de la location de biens immobiliers et de la construction d'un immeuble de bureaux. A doua form a calculer financiar presupune formularea deciziilor financiare. Decizia financiara este procesul racional de alegere a uni linii de actiune pe baza analizei mai multor solutii posibile n vederea realizarii obiectivului de maximizare a valorii ntreprinderii. La détermination de la capacité de décision et de la détermination de la détermination de la part de la société. 8211 deciziile de investition au influent direct asupra structurii activelor ntreprinderii, respectivement asupra gradului lor de lichiditate. Obiectul deciziei de investii l reprezinta selectia elementelor de activ utiliznd drept criterii rentabilitatea si lichiditatea 8211 décideur de financer au pouvoir direct asupra structurii pasivelor, modificnd gradul d'exigibilitate al acestora y costul mediu al capitalului. Deciziile de finantare urmaresc selectarea surselor de finantare optime pentru ntreprindere si stabilirea celui ci corect raport ntre sursele interne rezultate din autofinantare si din dezinvestirea de active fixe si circulante, pe de o part, si sursele externe respectiv atragerea de capitali re afara ntreprinderii, pe de Alta parte Criteriul pe care se bazeaza stabilirea structure financiere a ntreprinderii este realizarea ce mai redus cost al capitalurilor n conditiile unui grad rezonabil si controlabil de ndatorare a ntreprinderii. deciziile de repartición a profitului net au implica ti ti direct asupra investitiilor si a capacitatii de autofinantare a ntreprinderii. Pe de o parte reinvestirea profitului net conduce la cresterea autonomiei financiare, la mbunatatirea structurii financiare a capitalurilor ntreprinderii, reprezentnd totodata un facteur de crestere a valorii ntreprinderii. Pe de alta parte, distribuer de dividende create imaginea uni ntreprinderi rentabile, conduce la cresterea ncrederii publicului ntreprindere si, ca urmare, la cresterea valorii acesteia de piata. Aceste trei categorii de decizii fac obiectul gestiunii financiare pe termen poumon, a activelor si pasivelor permanente. Gestiunea financiara pe termen lung sta la baza stabilirii unei strategi financiare de crestere si consolidare a valorii ntreprinderii. Gestiunea financiara pe termen scurt sont ca obiectiv asigurarea echilibrului financiar ntre nevoile de capitalis circulante si de trezorerie pe de o parte si sursele de capital circulante (proprii, temporare, credite de trezorerie et de scont) pe de alta parte. Gestiunea financiara pe termen scurit urmareste optimizarea gestiunii stocurilor, a creanceor clienti, a soldurilor de trezorerie n vederea cresterii rentabilitatii y lichiditatii lor, conditiile de diminuare a riscului. Se urmareste, d'asemenea relaxarea scadentelor datoriilor de exploitare si reducerea costului creditelor pe termen scurt. Analiza financiara constituy si baza de fundamentare a bugetelor ntreprinderii. Sistemul de bugete al ntreprinderii se réalise la structuration ierarhic et le portail de la célébration de l'orientation générale (planul stratégique pe 3 5 ani), continuité cu de la spécificité de la différenciation de l'activité économique de l'entreprise et de l'entreprise (bugetul de trezorerie) . A treia faza a ciclului financiar al ntreprinderii pr presupune controlul de gestiune prin care se urmareste identificarea abaterilor realizilor fata de prevederile bugetare sau fata de proiectele initiale si de corectare a acestor abateri. 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109010721082108010841080 10861073108310801075107210941080110310841080, 108210721082 Bund, Royaume Uni 10Y Gilt, US 10Y T note, US 2Y T note, 5Y T note US 1080 US T Bond. 10501072108210801084 1086107310881072107910861084 1103 1084108610751091 1074108510861089108010901100 10891088107710761089109010741072 10851072 108410861081 1089109510771090 OANDA 107610831103 10861087107710881072109410801081 1089 10861073108310801075107210941080110310841080 105510861076108810861073108510861077 10861087108010891072108510801077 1087108610881103107610821072 10741085107710891077108510801103 1089108810771076108910901074 1087108810801074108610761080109010891103 1074 1088107210791076107710831077 1711055108610871086108310851077108510801077 10891095107710901072 OANDA187. 1057108710861089108610731099 1087108610871086108310851077108510801103 10891095107710901072 10841086107510911090 1073109910901100 10881072107910831080109510851099 1074 10791072107410801089108010841086108910901080 10861090 1087108610761088107210791076107710831077108510801103 OANDA, 1074 1082108610901086108810861084 10741099 1079107210881077107510801089109010881080108810861074107210851099. 10501072108210861074 10841080108510801084107210831100108510991081 108810721079108410771088 1086107311031079107210901077108311001085108610751086 10761077108710861079108010901072 107610831103 10861087107710881072109410801081 1089 10861073108310801075107210941080110310841080 OANDA 10851077 1090108810771073109110771090 108410801085108010841072108311001085108610751086 10761077108710861079108010901072 108010831080 1086108910901072109010821072 107610831103 10861090108210881099109010801103 109010861088107510861074108610751086 10891095107710901072. 104210721084 1085107710861073109310861076108010841086 109010861083110010821086 10801084107710901100 1076108610891090107210901086109510851086 1089108810771076108910901074 10851072 10891095107710901077 107610831103 10861090108210881099109010801103 1087108610791080109410801081 10821086108410921086108810901085108610751086 107610831103 107410721089 1088107210791084107710881072 1089 109110951077109010861084 10841072108810781077107410991093 1090108810771073108610741072108510801081. 105010721082108610741099 1087108810721074108010831072 1088107210891095107710901072 10841072108810781080 107610831103 10861087107710881072109410801081 1089 10861073108310801075107210941080110310841080 10851072 108710831072109010921086108810841077 fxTrade OANDA OANDA 108710861076107610771088107810801074107210771090 108410721088107810801085107210831100108510911102 10901086108810751086107410831102. 106910901086 10861079108510721095107210771090, 109510901086 10741099 108410861078107710901077 108610901082108810991074107210901100 1087108610791080109410801080, 108810721079108410771088 1082108610901086108810991093 108710881077107410991096107210771090 108910721083110010761086 107410721096107710751086 10891095107710901072. 1055108810721074108010831072 1088107210891095107710901072 10841072108810781080 10851072 108710831072109010921086108810841077 fxTrade OANDA 10881072107910831080109510721102109010891103 1074 10791072107410801089108010841086108910901080 10861090 108810771075109110831103109010861088108510991093 1090108810771073108610741072108510801081, 10871088108010841077108511031077108410991093 1082 1087108610761088107210791076107710831077108510801102 OANDA, 1074 1082108610901086108810861084 10741099 1079107210881077107510801089109010881080108810861074107210851099. 105510861076108810861073108510721103 1080108510921086108810841072109410801103 1087108810801074108610761080109010891103 1074 1088107210791076107710831077 1711055108810721074108010831072 1088107210891095107710901072 10841072108810781080 OANDA187. 10421067 1053105410421048106310541050 1042 10581054105610431054104210511045 10541041105110481043104010621048107110521048 1055108810801085108010841072108110901077 10871088108610761091108410721085108510991077 10901086108810751086107410991077 1088107710961077108510801103. 10481089108710861083110010791091108110901077 1073107710891087108310721090108510991077 108610731091109510721102109710801077 108710881086107510881072108410841099 1080 107610881091107510801077 1088107710891091108810891099, 10951090108610731099 1087108610791085107210901100 108410801088 10861087107710881072109410801081 1089 10741072108311021090107210841080 1080 10821086108510901088107210821090107210841080 10851072 1088107210791085108010941091. 104710721103107410831077108510801077 10861073 108610901082107210791077 10861090 108610901074107710901089109010741077108510851086108910901080 105010861085109010881072108210901099 10851072 1088107210791085108010941091 1080 10861087107710881072109410801080 1089 107610881072107510861094107710851085109910841080 108410771090107210831083107210841080 1053104510441054105710581059105510531067 107610831103 1088107710791080107610771085109010861074 10571086107710761080108510771085108510991093 106410901072109010861074 1040108410771088108010821080. 105010861084108010891089108010771081 10871086 10901086108810751086107410831077 109010861074107210881085109910841080 1092110011021095107710881089107210841080 (CFTC) 10911089109010721085108610741083107710851099 108910831077107610911102109710801077 10861075108810721085108010951077108510801103 1088107210791084107710881072 10791072107710841085108610751086 10821072108710801090107210831072, 1082108610901086108810991084 10841086107510911090 108710861083110010791086107410721090110010891103 10901088107710811076107710881099 1092108010791080109510771089108210801077 1083108010941072 10851072 10881099108510821077 106010861088107710821089 1074 105710641040: 50160: 1601 10871086 10861089108510861074108510991084 10741072108311021090108510991084 10871072108810721084 1080 20: 1 10871086 107610881091107510801084 10871072108810721084 10741072108311021090. OANDA Asie Pacifique 1087108810771076108310721075107210771090 108410721082108910801084107210831100108510861077 108210881077107610801090108510861077 10871083107710951086 50160: 1601 10871086 108710881086107610911082109010721084 106010861088107710821089. 10551086 108610871077108810721094108011031084 1089 10821086108510901088107210821090107210841080 10851072 1088107210791085108010941091 10871088108010841077108511031102109010891103 10861075108810721085108010951077108510801103 1082108810771076108010901085108610751086 10871083107710951072. 105210721082108910801084107210831100108510991081 108810721079108410771088 1082108810771076108010901085108610751086 10871083107710951072 107610831103 10821083108010771085109010861074 OANDA Canada 109110891090107210851072107410831080107410721077109010891103 105410881075107210851080107910721094108010771081 10871086 1088107710751091108310801088108610741072108510801102 10801085107410771089109010801094108010861085108510861081 107610771103109010771083110010851086108910901080 105010721085107210761099 (OCRCVM) 1080 10841086107810771090 1080107910841077108511031090110010891103. 105510861076108810861073108510721103 1080108510921086108810841072109410801103 1087108810801074108610761080109010891103 1074 1088107210791076107710831077 1711042109910871086108310851077108510801077 108810771075109110831103109010861088108510991093 1080 1092108010851072108510891086107410991093 1090108810771073108610741072108510801081187 . 10541087107710881072109410801080 1089 108710721083108310721076108010771084 1085107710761086108910901091108710851099 107610831103 1088107710791080107610771085109010861074 105010721085107210761099. 169 199682112017 OANDA Corporation. 104210891077 10871088107210741072 10791072109710801097107710851099. 10581086107410721088108510991077 10791085107210821080 OANDA, fxTrade 1080 108910771084107710811089109010741086 10901086107410721088108510991093 107910851072108210861074 fx 10871088108010851072107610831077107810721090 OANDA Corporation. 104210891077 108710881086109510801077 10901086107410721088108510991077 10791085107210821080, 10871088107710761089109010721074108310771085108510991077 10851072 1101109010861084 10891072108110901077, 11031074108311031102109010891103 10891086107310891090107410771085108510861089109011001102 108910861086109010741077109010891090107410911102109710801093 1074108310721076107710831100109410771074. 10581086108810751086107410831103 10821086108510901088107210821090107210841080 10851072 10801085108610891090108810721085108510911102 107410721083110210901091 108010831080 10801085109910841080 107410851077107310801088107810771074109910841080 1087108810861076109110821090107210841080 1089 10801089108710861083110010791086107410721085108010771084 10841072108810781080 1080 1082108810771076108010901085108610751086 10871083107710951072 107410831077109510771090 1074109910891086108210801077 10881080108910821080 1080 10871086107610931086107610801090 10851077 1074108910771084 1080108510741077108910901086108810721084. 10561077108210861084107710851076109110771084 107410721084 109010971072109010771083110010851086 1086109410771085108010901100, 10871086107610931086107611031090 10831080 107410721084 10901072108210801077 10901086108810751086107410991077 10861087107710881072109410801080 1089 109110951077109010861084 10741072109610801093 108310801095108510991093 1086107310891090108611031090107710831100108910901074. 1042107210961080 109110731099109010821080 10841086107510911090 108710881077107410991089108010901100 10861073109810771084 10741072109610801093 1080108510741077108910901080109410801081. 1048108510921086108810841072109410801103, 10871088108010741077107610771085108510721103 10851072 107610721085108510861084 10891072108110901077, 10851086108910801090 10861073109710801081 10931072108810721082109010771088. 10561077108210861084107710851076109110771084 107410721084 10761086 108510721095107210831072 10901086108810751086107410831080 1086107310881072109010801090110010891103 10791072 1087108610841086109711001102 1082 10851077107910721074108010891080108410991084 1082108610851089109110831100109010721085109010721084 1080 109110731077107610801090110010891103, 109510901086 10741099 108710861083108510861089109011001102 108710861085108010841072107710901077 107410891077 1089108610871091109010891090107410911102109710801077 10881080108910821080. 10581086108810751086107410831103 10871086108910881077107610891090107410861084 108610851083107210811085 108710831072109010921086108810841099 107410831077109510771090 10761086108710861083108510801090107710831100108510991077 10881080108910821080. 10571084. 108810721079107610771083 17110551088107210741086107410991077 1074108610871088108610891099187 10791076107710891100. 1060108010851072108510891086107410991081 10891087108810771076 1073107710901090108010851075 10761086108910901091108710771085 109010861083110010821086 10821083108010771085109010721084 OANDA Europe Ltd, 1103107410831103110210971080108410891103 10881077107910801076107710851090107210841080 105710861077107610801085107710851085108610751086 10501086108810861083107710741089109010741072 108010831080 1056107710891087109110731083108010821080 10481088108310721085107610801103. 105010861085109010881072108210901099 10851072 1088107210791085108010941091, 1092109110851082109410801080 109310771076107810801088108610741072108510801103 105210584 1080 108210881077107610801090108510861077 10871083107710951086 10891074109910961077 50: 1 1085107710761086108910901091108710851099 107610831103 1088107710791080107610771085109010861074 10571086107710761080108510771085108510991093 106410901072109010861074 1040108410771088108010821080. 1048108510921086108810841072109410801103 10851072 1101109010861084 10891072108110901077 10851077 1087108810771076108510721079108510721095107710851072 107610831103 1078108010901077108310771081 10891090108810721085, 1074 1082108610901086108810991093 10771077 108810721089108710881086108910901088107210851077108510801077 108010831080 1080108910871086108311001079108610741072108510801077 10831102107310991084 10831080109410861084 108710881086109010801074108610881077109510801090 1084107710891090108510991084 1079107210821086108510721084 1080 10871088107210741080108310721084. 10501086108410871072108510801103 1089 108610751088107210851080109510771085108510861081 1086109010741077109010891090107410771085108510861089109011001102 OANDA Europe Limited 1079107210881077107510801089109010881080108810861074107210851072 1074 104010851075108310801080, 108810771075108010891090108810721094108010861085108510991081 10851086108410771088 7.110.087, 11021088108010761080109510771089108210801081 10721076108810771089: Tour 42, 9a étage, 25 Old Broad Street, Londres EC2N 1HQ. 104410771103109010771083110010851086108910901100 10821086108410871072108510801080 1083108010941077108510791080108810861074107210851072 1080 108810771075109110831080108810911077109010891103 10591087108810721074108310771085108010771084 10921080108510721085108910861074108610751086 1085107210761079108610881072. 10831080109410771085107910801103 8470 542574. OANDA Japan Co. Ltd. 8212 108710771088107410991081 10761080108810771082109010861088 10871086 108610871077108810721094108011031084 1089 10921080108510721085108910861074109910841080 1080108510891090108810911084107710851090107210841080 1090108010871072 Kanto Local Bureau financier (Kin sho), 108810771075. 8470 2137 1095108310771085 1040108910891086109410801072109410801080 1092108010851072108510891086107410991093 109211001102109510771088108910861074, 108810771075. 8470 1571.
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