calculul indicatorilor.pdf

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Analele Universit ii Constantin Brncui din Trgu Jiu, Seria Inginerie, Nr. 4/2010

Annals of the Constantin Brncui University of Trgu Jiu, Engineering Series, Issue 4/2010

371

CALCULUL INDICATORILOR

PENTRU EVALUAREA

EFICIENEI ECONOMICE AINVESTIIILOR

Marian Vintilescu, ing. ec. drd.

Universitatea ,,Constantin Brncui,,

din Tg-Jiu

Rezumat: Lucrarea prezint importana eficieneieconomice n creterea calitativa creterii economice,

sistemul de indicatori de eficieneconomic, precum icaracteristicile de baz ale eficienei economice a

investiiilor. Calculul indicatorilor la nivelmacroeconomic se realizeaz cu ajutorul graficelorprocesului investiional. Procesul investiional, conjugatcu cel de exploatare a obiectivelor puse n funciune,poate fi analizat n cazul teoretic, practic iconjunctural.

1. EFICIENA ECONOMIC

Eficiena economic este o noiunecomplex, prin care se nelege obinerea unorrezultate economico-sociale maxime i deutilitate, prin cheltuirea raionali economica unor resurse materiale, tehnice, de munc,financiare, pe baza metodelor tiinifice deorganizare i de conducere a activitilorumane n toate domeniile. Este onoiune princare se estimeaz rezultatele unei activitieconomice n raport cu eforturile fcute.

Indicatorii de eficiena economic suntprezentati n douforme:1. raportul efectelor obinute i a eforturile

depuse; indic cuantumul efectului obinutdintr-o unitate de efort depus. Fiind folositdrept criteriu pentru elaborarea deciziilormanageriale, se ine cont de necesitateamaximizrii lui. Cu ct este mai mare acestindicator, cu att este mai avantajoasactivitatea economic.exemplu: raportul dintre profitul net icheltuielile legate de organizarea activitiieconomice care il asigur. Poate fi exprimat

prin formula:

e = E/e, ---max., unde: E = efectele

INDICATORS CALCULATION

IN ORDER TO EVALUATE THE

ECONOMIC EFFICIENCY OF

INVESTMENTS

Marian Vintilescu, eng. ec. drd.,

University ,,Constantin Brncui,,

from Tg-Jiu

ABSTRACT: This paper presents the importance ofthe economic efficiency in the qualitative increase ofthe economic growth, the economic efficiencyindicators system, and also the basic features of the

economic efficiency of investments. Indicatorscalculation at the macro-economic level is

accomplished by means of the investment processgraphics. The investment process, conjugated withthe one of exploiting the operated objectives, can beanalysed theoretically, practically and randomly.

1. ECONOMIC EFFICIENCY

Economic efficiency is a complexnotion meaning the achievement of certainmaximum and useful economic-social

results, by reasonably and economiclyspending some material, technical,financial, work resources, based on thescientific methods of organizing andmanaging human activities in all fields. It isa notion by means of which we estimate theresults of an economic activity ratioed to theefforts that have been made.

Economic efficiency indicators arepresented in two ways:1. the ratio between the resulting effects theefforts made; it indicates the quantum of theeffect obtained from an effort unit made.Being used as a criterion in order toelaborate the managerial decisions, weconsider the need to maximize it. The biggerthis indicator is, the more advantageous theeconomic activity is.example: the ratio between the net profitand expenditures related to the organizationof the economic activity that provides it. It

can be expressed with the following


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(rezultatele) obinutee = eforturile depuse (resursele consumate).

Eficiena economic este principalul

factor calitativ al creterii economic, deoarece

prin ea se asigur sporirea absolut aefectelor cu acelai volum de efort.2. raportul dintre eforturile depuse i efecteleobinute; indicce efort trebuie depus pentru aobine o unitate de efect. Fiind folosit dreptcriteriu pentru elaborarea deciziilormanageriale, se ine cont de necesitateaminimizrii lui. Cu ct este mai mic acestindicator, cu att este mai avantajoasactivitatea economic.exemplu: raportul dintre cheltuielile legate de

organizarea activitii economice i profitul netobinut din aceasta activitatea. Poate fiexprimat prin formula:e

= e/E,-----min.

Orice program de activitate (producie,investiie, aprovizionare, desfacere ) presupunemai multe modaliti de realizare. La rndul ei,fiecare modalitate are la baz mai multevariante de proiect, fiecare caracterizndu-se

printr-o varietate de informaii referitoare la:- eforturile

-

efectele- raporturile existente ntre acestea- durata de realizare a activitii- durata de obinere a efectelor

economice scontatePentru alegerea variantei optime se

folosete un sistem de indicatori de eficieneconomic, care surprind aceste informaii subaspect cantitativ i calitativ i sunt clasificaidupurmtoarele criterii:a. sfera de cuprindere(i de referin) :1. indicatori care reflect efectele economice:capacitatea de producie, valoarea produciei,

profitul, ncasrile2. indicatori care cuantific eforturileeconomice pentru realizarea activitiirespective: volumul investiiilor, cheltuielile de

producie, structura costurile de producie,numrul total de salariai3. indicatori care se refer la perioada n carese desfoar activitatea analizat:

dimensiunea perioadei cercetare-proiectare-

formula:e = E/e,---max.,where: E = effects (results)that have been achieved e = efforts thathave been made (consumed resources).

Economic efficiency is the mainqualitative factor of the economic growth

because by means of it we provide the

absolute increase of effects with the same

effort volume.

2. the ratio between the efforts that havebeen made and the effects that have beenachieved; it indicates what effort should bemade in order to obtain an effect unit. Beingused as a criterion for the elaboration of themanagerial decisions, we consider the need

to minimize it. The smaller this indicator is,the more advantageous the economicactivity is.example: the ratio between the expendituresrelated to the organization of the economicactivity and the net profit achieved from thisactivity. It can be expressed with theformula: e= e/E,-----min.

Any activity program (production,investment, supply, sale) supposes severalways of accomplishment. In turn, every

method is based on several types of projectand each of them is characterized by avariety of information referring to:

- efforts- effects- the relations between them- the duration necessary for the

activity accomplishment- the duration necessary for achieving

the anticipated economic effectsFor choosing the optimal option,

we use an economic efficiency indicatorssystem that comprises this informationquantitatively and qualitatively and they areclassified according to the followingcriteria:

a. the inclusion (and reference) sphere:1. indicators that reflect the economiceffects: production capacity, productionvalue, profit, returns2. indicators that quantify the economic

efforts in order to accomplish the activity:


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producie-desfacere, durata de execuie a uneiactiviti, perioada pn la atingerea

parametrilor proiectai, durata de amortizare autilajelor

4. indicatori ai eficienei economice au ca icaracteristic principala, realizarea uneicomparaii ntre rezultatele obinute i resurseleconsumate, innd seama i de alte elementedefinitorii ale eficienei economice (influenafactorului timp ): rata profitului,

productivitatea munciib. nivelul la care se face evaluarea i analizaeconomic:1. indicatorii calculai la nivel macroeconomic,se referla evaluarea:

-

efectelor economice ale ntregiieconomii naionale (PIB, PNN, PIN )

- resurselor consumate (consumul de oanumitresurs)

- eficienei acestora (PIB pe cap delocuitor )

2. indicatorii calculai la nivelmicroeconomic, se refer la indicatorii devolum sau de eficien economic carecaracterizeaz realizrile unitiieconomice sau o activitate oarecare:

-

valoarea produciei- numrul de salariai

2. EFICIENA ECONOMIC AINVESTIIILOR

Eficiena economica a investiiilor esterelaia care se stabilete ntre nivelulrezultatelor economice n urma desfurrii

procesului investiional i cantitatea i

structura efortului, ca generator de efecte.Eforturile care se refer la procesul

investiional sunt: valoarea investiiei,volumul lucrrilor de construcii-montaj,numrul de utilaje i de personal atrase n

procesul investiional, iar cele referitoare laprocesul de producie sunt: costurile deproducie, cheltuielile materiale, numrulsalariailor. n aprecierea eficienei economicea investiiilor, eforturile se pot referi numai laactivitatea de investiii, la activitatea de

investments volume, productionexpenditures, structure of the productioncosts, total number of employees3. indicators referring to the period during

which the analysed activity develops: sizeof the researching-projecting-producing-selling time, execution time of a activity,time until reaching the projected

parameters, time of amortizing theinstallations4. the indicators of the economic efficiencyhave as a main feature the accomplishmentof a comparison between the results thathave been obtained and the resources thathave been consumed, also considering other

defining elements of the economicefficiency (the influence of the time factor):

profit percentage, work productivityb. the level of the evaluation and of theeconomic analysis:1. the macro-economically calculatedindicators refer to:

- the economic effects of the entirenational economy (GDP, NNP, NDP)

- the consumed resources (consuming

a certain resource)- their efficiency (GDP per inhabitant)

2. the micro-economically calculatedindicators refer to the economicefficiency or volume indicators thatcharacterize the accomplishments of theeconomic unit or a random activity:- the production value- the number of employees

2. ECONOMIC EFFICIENCY OFINVESTMENTS

The economic efficiency ofinvestments is the relationship established

between the level of the economic resultsafter developing the investment process andthe quantity and the structure of the effort,as an effect generator.

The efforts referring to the

investment process are: investment value,


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producie sau la ambele.Efectele economice au un rol deosebit

de important n aprecierea eficienei economicea investiiilor i pot fi:

- directe (rezultatele imediate obinuten urma procesului investiional)-indirecte ( apar la utilizatorul rezultatelor

procesului investiional).Efectele economice ale procesului

investiional se pot clasifica n:- efecte brute ( valoarea produciei,

veniturile anuale)- efecte nete ( profiturile).

Caracteristicile de baz ale eficieneieconomice a investiiilorsunt:

1.

eficiena economica investiiilor nu poatefi tratat izolat de celelalte activitieconomice. Ea este o parte component, olatur esenial a ntregii activitieconomice i are o relevan deosebit nmodul de concepere i de realizare alucrrilor ce contribuie la evoluia

produsului social.2. eficiena economic a investiiilor se

determin printr-o abordare complex isistemic, urmrind multiplele legturi i

interdependene ale proceselor economice.3. activitatea investiional se afl n strns

corelaie cu cererea pieei. Fundamentareainvestiiilor trebuie s se axeze pe

perioadele trecute, pentru a asigura o duratlungi eficienta obiectului investiiei.

4. eficiena economic a investiiilor, deicapto formabsolut, necesitun calculsub form relativ, pentru a sigura

posibilitatea unei comparri cu alte variantede proiecte de investiii.

5.

eficiena economic a investiiilorurmrete obinerea unor rezultate optime(dat fiind raportul dintre eficient ioptim).

Indicatorii eficienei sunt:1. raportul dintre dou tipuri de

cheltuieli care in de aceeai activitateeconomic

2. raportul dintre dou tipuri de efectecare aparin aceleiai activiti economice

3. raportul dintre factorii eficient i

the volume of the construction-montageworks, the number of installations and staffattracted in the investment process and theones referring to the production process

are: production costs, material expenditures,number of employees.In appreciating the economic

efficiency of investments, the efforts mayrefer only to the investments activity, the

production activity or to both of them.The economic effects have an

especially important role in appreciating theeconomic efficiency of investments andthey can be: - direct (the resultsimmediately achieved after the investment

process) -indirect (they appear at the userof the investment process results).The economic effects of the investment

process may be divided in:Gross effects (production value,

yearly incomes)Net effects (profits).

The basic features of economic efficiency

are:1. the economic efficiency of investments

cannot be treated separately from the

other economic activities. It is acomponent, an essential side of theentire economic activity and as a specialrelevance in the way of conceiving andaccomplishing the works that contributeto the evolution of the social product.

2. The economic efficiency of theinvestments is determined by a complexand systemic approach, following themultiple connections andinterdependencies of the economic

processes.3. The investment activity is in tight

correlation with the market demand.Investments funding must be axed onthe past periods of time in order to

provide a long and efficient period oftime of the investment object.

4. The economic efficiency of theinvestments, even if it gets an absoluteshape, needs a relative calculation in

order to provide the possibility of a


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optim (dac activitatea economic livreaznite efecte care predomin eforturilerespective, aceast activitate este eficient.Multitudinea proceselor economice permite

organizarea mai multor activiti economicealternative. Fiecare este caracterizatprintr-unnivel anumit de eficien. Toate activitileeconomice pot fi rnduite n ordinea decretere a eficienei lor. Dac a fost selectatntregul complex de activiti economicesimilare, activitatea care asigurcel mai naltnivel de eficienva fi consideratoptim.

n concluzie:1. activitate optim este aceea care se

dovedete mai eficient

2.

noiunea de optim este relativ,existnd un optim relativ pentrufiecare situaie economic.

Fcnd parte din totalul proceseloreconomice, investiiile sunt estimate n modsimilar. Diferena apare din faptul ccheltuielile sunt divizate n trei faze ale

procesului de investiii, iar veniturile provinnumai dintr-o faz: faza de exploatare. Spredeosebire de cheltuielile procesului de

producie, n acest caz apare o gammult mai

vast de cheltuieli. Trebuie inut cont decheltuielile fazelor anterioare fazeiinvestiionale. Tot aici apare un alt specific al

proceselor de investiii intervale mari de timpntre momentul cheltuielilor i apariia

primelor venituri.

3. GRAFICELE PROCESULUIINVESTIIONAL

Calculul indicatorilor la nivelmacroeconomic se realizeazcu ajutorul

graficelor procesului investiional. Procesulinvestiional, conjugat cu cel de exploatare aobiectivelor puse n funciune, poate fi analizatn trei cazuri:

3.1. Cazul teoretic

Pentru a cunoate complexitatea proceselorinvestiionale, este reprezentatgrafic evoluiainvestiiilor (n perioada de executare a

comparison to other types of investmentprojects.

5. The economic efficiency of theinvestments wants to obtain some

optimal results (given the ratio betweenefficient and optimal).The efficiency indicators are:1. the ratio between two types of

expenditures related to the same economicactivity

2. the ratio between two types ofeffects belonging to the same economicactivity

3. the ratio between the efficient andoptimal factors (if the economic activity

delivers certain effects that predominate therespective efforts, this activity is efficient).The multitude of economic processes allowsthe organization of several alternativeeconomic activities. Each of them ischaracterized by a certain efficiency level.All the economic activities may be rangedin the increasing order of their efficiency. Ifthere was selected the entire complex ofsimilar economic activities, the activity that

provides the highest efficiency level will be

considered as optimal.In conclusion:1. The optimal activity is the one that

proves to be more efficient2. The optimal notion is relative andthere is a relative optimum for everyeconomic situation.

Being a part of the total of theeconomic processes, investments aresimilarly estimated. The difference appearsfrom the fact that the expenditures aredivided in three phases of the investment

process and the incomes come from onlyone phase: the exploiting phase. Unlike theexpenditures of the production process, inthis case there is a much vaster palette ofexpenditures. We must consider theexpenditures of the phases before theinvestment phase. Here there is anotherspecific feature of the investment processes

big lapses of time between the

expenditures moment and the appearance of


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viitorului obiectiv), a costurilor de producie ia valorii produciei (n perioada de funcionarea capitalului fix) (fig.1).

the first incomes.The evaluation of the economic

efficiency of the investments isaccomplished, like the economic efficiency

in general, by means of an indicatorssystem. This system is different if theevaluation is made:- at the micro-economic level (at the level ofthe economic agent or at the level of theinvestments objective)- at the macro-economic level (at the levelof the national economy)

3. GRAPHIC OF THE

INVESTMENT PROCESSThe calculation of indicators at the

macro-economic level is accomplished bymeans of the graphic of the investment

process. The investment process,conjugated to the one of exploiting theoperated objectives, can be analysed inthree cases:3.1. The theoretical case

In order to know the complexity of theinvestment processes, we represent

graphically the investments evolution(during the execution of the futureobjective), the one of production costs andof the production value (during thefunctioning of the steady capital) (fig.1).

Fig 1. Graficul procesului investiional i de funcionare a capitalului fixFig 1. Graphic of the investment and functioning process of the steady capital

Graficul ofer posibilitatea de a analizaindicatorii principali ai eficienei economice la

nivel microeconomic: termenul de recuperare a

The graphic offers the possibility toanalyse the main indicators of the economic

efficiency at micro-economic level: the


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investiiei i randamentul economic alinvestiiilor. n baza graficului, se poateconcluziona, c n viaa economic a unuiobiectiv economic se disting dou perioade

mari:-perioada de edificare a viitorului obiectiv,perioad notat pe grafic cu d (durata deexecutare a lucrrilor de investiie);-perioada n care obiectivul poate funciona din

punct de vedere fizic, perioada notatpe graficcu fD (durata fizic de funcionare a

obiectivului economic).n prima perioad, investiiile cresc pe

msurce se finalizeazlucrrile necesareviitorului obiectiv. n ceea ce privete perioadade funcionare a obiectivului economic, aceasta

se mparte n trei alte perioade:perioada nainte de atingereaparametrilor proiectaiperioada de maturitate aobiectivului

perioada de declinn perioada de atingere a parametrilor

proiectai, costurile de producie sunt relativmari, iar valoarea produciei este sub nivelul

stabilit n proiectul investiional. Dupatingerea parametrilor proiectai, produciancepe screasc, iar costurile - sscad. Apoi,valoarea produciei i costurile de producie semenin la un nivel relativ constant, iar profitulobinut este maxim, obiectivul funcionnd la

parametrii proiectai, aceasta fiind perioada dematuritate a obiectivului. Cu timpul, intervine

uzura fizici moral, ceea ce va duce lacreterea cheltuielilor necesare pentru vnzareaproduciei, reducerea valorii produciei (prin

reducerea calitii produselor, apariia unor noiproduse competitive ) perioada de declin.

ntr-un anume moment, valoareaproduciei se egaleaz cu nivelul costului deproducie, moment ce marcheaz sfritulduratei eficiente de funcionare a obiectivului(D). De exemplu, fizic, utilajele pot funciona,dar societatea va lucra n pierdere. De aceea, lasfritul duratei de funcionare eficiente (D),obiectivul este scos din funciune. Iniial se vaanaliza randamentul economic: suprafaa 1S -

recovery term of the investment and theeconomic efficiency of the investments.Based on the graphic, we may conclude thatin the economic life of an economic

objective there may be distinguished twobig periods of time:-the edifying time of the future objective,called d (the execution time of theinvestment works);-the time when the objective may physically

work, called fD on the graphic (thephysical time of functioning of theeconomic objective).

During the first period of time, theinvestments increase as the works neededfor the future objective end. Regarding thefunctioning time of the economic objective,this is divided in three other periods of time:

the period of time beforereaching the projected

parametersthe maturity period of time of

the objectivethe decline period of time

During the period of reaching the

projected parameters, the production costsare relatively high and the production valueis under the level established in theinvestment project. After reaching the

projected parameters, the production beginsto increase and the costs to decrease.Then, the production value and costs stay ata relatively constant level and the achieved

profit is the best and the objective works atthe projected parameters, this representingthe maturity period of the objective. In time,

it interferes the physical and moral wear,fact that will lead to the increase ofexpenditures needed for the production sale,the reduction of the production value (byreducing the products quality, theappearance of some new competitive

products) the decline period.At a certain moment, the production

value equalizes with the level of theproduction cost, a moment that marks theend of the efficient time of functioning of


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volumul total al investiiilorsuprafaa 2S profitul care a

compensat investiia

21 SS =

suprafaa 3S profitul final

ttIPS =3 , unde:

tP profitul total

tI - investiia total

Randamentul economic poate fi redatprin urmtoarea formul:

1

3

S

SR = sau 1=

=

t

t

t

tt

I

P

I

IPR

saut

f

I

P

S

SR ==1

3

Utiliznd aceste formule, semnificaiaeconomic a randamentului este profitulobinut, dup recuperarea investiiei, din

fiecare leu investit.

3.2. Cazul practic

n practic, este foarte dificil strasezi evoluiaproduciei i costul acesteia (curbele Q i C,

graficul din fig.2), avnd n vedere faptul ccapitalul fix acoperperioade de 15-30 de ani,n cazul utilajelor i de 60-80 de ani, n cazulconstruciilor. Dei n aceast perioadcapitalul fix este supus uzurii fizice i morale,totui acesta cunoate i lucrri de reparaie(curente, periodice i capitale). Pentrucalcularea n practica eficienei economice ainvestiiilor, vom considera c indicatorii devolum (cheltuielile anuale de producie,

producia anual, profitul anual) sunt constanipe ntreaga perioad de funcionare aobiectivului economic.

the objective (D). For example, physically,the installations may function but thesociety will work at a loss. That is why, atthe end of the efficient functioning time (D),

the objective is taken out of service. Initiallywe will analyse the economic efficiency:surface 1S - total volume of investments

surface 2S profit that compensatedthe investment

21 SS = surface 3S final profit

ttIPS =3 , where: tP total

profit tI - total investmentThe economic efficiency can be

expressed by the following formula:

1

3

S

SR = or 1=

=

t

t

t

tt

I

P

I

IPR

ort

f

I

P

S

SR ==

1

3

By using these formulas, theeconomic meaning of the efficiency is the

profit obtained after the investment

recovery from each leu that has been

invested.

3.2. Practical case

In practice, it is very difficult todraw the production evolution and cost(curves Q and C, graphic of fig.2),considering the fact that the steady capitalcovers periods of 15-30 years in case ofinstallations and periods of 60-80 years incase of constructions. Even if in this periodthe steady capital suffers physical and moral

wear, it still knows reparation works(current, periodical and capital). For thecalculation in practice of the economicefficiency of the investments, we willconsider that the volume indicators (yearlyexpenditures of production, yearly

production, yearly profit) are constantduring the entire functioning period of theeconomic objective.


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Fig. 2. Graficul procesului investiional i de recuperare a investiiilorFig. 2. Graphic of the investment and recovering process of investments

Analiznd graficul din fig. 2, se

calculeazsuprafaa 2S =T (Q - C), iardiferena dintre valoarea produciei i costulacesteia (Q - C) este profitul:

hPTS =2

Deoarecehtt

PTIISS === 12 ,

de unde:h

t

P

IT =

n practic, termenul de recuperare ainvestiieise calculeazca raportul dintreinvestiiile totale i profitul anual i exprim

perioada n care investiiile se recupereazdin profitul anual. Randamentul economiceste reprezentat prin urmtoarea formul:

),(22

3 CQTSS

SR == iar

)()(3 CQTDS =

1)(

)()(=

=

T

DR

CQT

CQTDR

n concluzie, randamentul economicdepinde de raportul n care se afl durata defuncionare a obiectivului fade termenul derecuperare. Cu ct durata de funcionare estemai lung, comparativ cu termenul derecuperare a investiiilor, cu att randamentuleconomic al investiiilor este mai mare (trebuies se urmreasc recuperarea ct mai rapid afondurilor de investiii cheltuite, paralel cumeninerea capitalului fix n stare optim defuncionare). Eficiena economic a

investiiilor este dependent de termenul de

By analysing the graphic in fig. 2, we

calculate the surface 2S =T (Q - C), and thedifference between the production value andproduction cost (Q - C) is the profit:

hPTS =2

Because

httPTIISS === 12 , where:

h

t

P

IT =

In practice, the term of recoveringthe investment is calculated as the ratio

between the total investments and the yearlyprofit and expresses the period of time whenthe investments are recovered from theyearly profit. Economic efficiency isrepresented by the following formula:

),(22

3 CQTSS

SR == and

)()(3 CQTDS =

1)(

)()(=

= T

D

RCQT

CQTD

R

In conclusion, the economicefficiency depends on the ratio of thefunctioning period and the recovering term.The longer the functioning period is,comparing to the term of recovering theinvestments, the bigger the economicefficiency of the investments is (we mustfollow the recovery as quick as possible ofthe investment funds that had been spent, at

the same time with the maintenance of the


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recuperare i de randamentul economic alinvestiiilor.

3.3.Cazul conjunctural

Decizia de investire depinde deevoluia produciei i a costurilor i de duratade funcionare a obiectivului, pentru sporireaeforturilor fcute, a efectelor obinute i aeficienei economice.

Dac n cazul precedent termenul derecuperare era T, acum, ca rezultat al influenei

preului i nu numai a acestuia, termenul derecuperare a devenit 1T ( TT >1 ), iar duratade funcionare a obiectivului a sczut( DD >1 ). n consecin, nivelul eficieneieconomice a sczut la jumtate, fiind influenatnegativ de reducerea duratei de funcionare,

prelungirea duratei de recuperare a investiiilori scderea profitului anual, ca efect al creteriimai rapide a costurilor comparativ cu producia(fig.3).

steady capital in the optimal functioningstatus). The economic efficiency of theinvestments depends on the recovering

term and on the economic efficiency of the

investments.

3.3. The random case

The investment decision depends onthe production evolution and the costsevolution and the functioning period of theobjective in order to increase the efforts thathad been made, the effects that had beenachieved and the economic efficiency.If in the previous case the recovering termwas T, now, as a result of the price

influence and not only that, the recoveringterm becomes 1T ( TT >1 ), and thefunctioning period of the decreasedobjective ( DD >1 ). As a consequence, thelevel of the economic efficiency decreasedat half, being influenced by the reduction ofthe functioning period, the extension of therecovering period of the investments and thedecrease of the yearly profit, as an effect ofthe quicker increase of the costs comparing

to the production (fig.3).

Fig. 3. Graficul procesului investiional i al recuperrii fondurilor cheltuiteFig. 3. Graphic of the investment process and of recovering the funds that had been spent

4.CONCLUZII

1. Lucrarea prezint importana eficieneieconomice n creterea calitativ a creteriieconomice, sistemul de indicatori de eficien

4. CONCLUSIONS

1.This paper presents the importance of theeconomic efficiency in the qualitativeincrease of the economic growth, the


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economic, precum i caracteristicile de bazale eficienei economice a investiiilor.2.Calculul indicatorilor la nivelmacroeconomic se realizeaz cu ajutorul

graficelor procesului investiional.3. Procesul investiional, conjugat cu cel deexploatare a obiectivelor puse n funciune,

poate fi analizat n cazul teoretic, practic iconjunctural.

5.BIBLIOGRAFIE

1. Stnescu C., Analiza economico-financiara,Editura Economica, Bucuresti, 1996

2. Troie L., Zaharia O., Roman M., HurduzeuM., Analiza statistica a situatiei financiar-patrimoniale si evaluarea ntreprinderii,Editura ASE, Bucuresti, 1998.3. Tarca G. ,Tratat de statistica aplicata,Editura Didactica si Pedagogica, Bucuresti,1997.4. Titan E., Bacescu-Carbunaru A., Ghita S.,Statistica macroeconomica, Editura MeteoraPress, Bucuresti, 2001.5. Vasilescu Gh., Niculescu I.,Wagner Fl.,

Zaharia O., Analiza statistico-economica nindustrie, Editura Didactica si Pedagogica,Bucuresti, 1997.

economic efficiency indicators system, andalso the basic features of the economicefficiency of investments.2.Indicators calculation at the macro-

economic level is accomplished by meansof the investment process graphics.3.The investment process, conjugated withthe one of exploiting the operatedobjectives, can be analysed theoretically,

practically and randomly.

5.BIBLIOGRAPHY

1. Stnescu C., Financial analysis,Economic Publishing House,Bucharest,19962. Troie L., Zaharia O., Roman M.,Hurduzeu M., Statistical analysis of

financial-economic situation and evaluating

enterprise, Publishing ASE, Bucharest,19983. Tarca G., Treaty of applied

statistics,Teaching and PedagogicalPublishing House, Bucharest, 19974. Titan E., Bacescu-Carbunaru A., Ghita

S.,Macroeconomic statistics, MeteoraPublishing Press, Bucharest, 20015. Vasilescu Gh., Niculescu I.,Wagner Fl.,Zaharia O., The statistical and economicanalysis in industry, Didactic andPedagogic, Bucharest 1997

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