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b0 \fs24\cf0\f0\charscalex100 { (proces-verbal nr. 6 din 21 ianuarie 2005)}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i aprobat la}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {edin}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a}{ }\fs24\cf0\f0\charscalex100\b {Comisiei metodice a}\b0 \par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {facult}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ii \uc1\u8222XFinan}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {e\uc1\u8221X}\b0 \fs24\cf0\f0\charscalex100 { (proces-verbal nr. 3 din 27 ianuarie 2005)}\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Referen}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {i:}{ }\fs24\cf0\f0\charscalex100\b {conf. univ. dr. Aurel Caraniculov}\b0 \par\pard\li1906\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {conf. univ. dr. Ivan Luchian}\b0 \par\pard\li613\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li613\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li613\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li613\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Descrierea CIP a Camerei Na}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ionale a C}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {r}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ii}\par\pard\li613\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Caraganciu A. }\par\pard\li1040\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1040\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {e de capital / A. Caraganciu, A. Darovanaia,}\par\pard\li613\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {M. Minica, T. Iovv; Acad de Studii Econ. din Moldova.}\par\pard\li613\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Catedra \uc1\u8222XB}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {nci}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i Burse de valori\uc1\u8221X \uc1\u8211X Ch.: Dep. Ed.-Poligr. al}\par\pard\li613\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ASEM, 2005. \uc1\u8211X 358 p.}\par\pard\li1040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ISBN 9975-75-299-3}\par\pard\li1040\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {100 ex.}\par\pard\li613\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li613\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {336.76(075.8)}\par\pard\li4840\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4840\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4840\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4840\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4840\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4840\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4840\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b \i {Conf. univ. dr. A. Darovanaia}\b0 \i0 { }\fs22\cf0\f0\charscalex100 {(capitolele I, II, III, V);}\par\pard\li5253\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100\b \i {Conf. univ. dr. M. Minica}\b0 \i0 { }\fs22\cf0\f0\charscalex100 {(capitolele I, II, III, V);}\par\pard\li5426\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b \i {Prof. univ. dr. hab. A. Caraganciu}\b0 \i0 { }\fs22\cf0\f0\charscalex100 {capitolul IV;}\par\pard\li6626\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b \i {Conf. univ. dr. T. Iovv}\b0 \i0 { }\fs22\cf0\f0\charscalex100 {capitolul VI.}\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b {ISBN 9975-75-299-3}\b0 \par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2733\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\b { Departamentul Editorial-Poligrafic al A.S.E.M.}\b0 \par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {1}\par\pard\sect

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ul burselor n economia contemporan}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X}\b0 \par\pard\li466\ri0\sl-253\slmult0 \fs22\cf0\f0\charscalex100\b {CAPITOLUL III. INSTITU}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u354X}\b0 \fs22\cf0\f0\charscalex100\b {IILE DE PE PIA}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u354X}\b0 \fs22\cf0\f0\charscalex100\b {A DE CAPITAL ROMNEASC}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u258X}\b0 \fs22\cf0\f0\charscalex100\b {: EVOLU}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u354X}\b0 \fs22\cf0\f0\charscalex100\b {IE}\b0 { }\fs22\cf0\f0\charscalex100\b {\uc1\u350X}\b0 \fs22\cf0\f0\charscalex100\b {I}\b0 \par\pard\li466\ri0\sl-253\slmult0 \fs22\cf0\f0\charscalex100\b {PERSPECTIVE}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {3.1. Bursa de Valori Bucure}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u351X}\b0 \fs24\cf0\f0\charscalex100\b {ti}\b0 \par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {3.2. Registrul Romn al Ac}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ionarilor}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {3.3. Societatea Na}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ional}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X}\b0 \fs24\cf0\f0\charscalex100\b { de Compensare, Decontare}\b0 { }\fs24\cf0\f0\charscalex100\b {\uc1\u351X}\b0 \fs24\cf0\f0\charscalex100\b {i Depozitare pentru Valori Mobiliare}\b0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {S.A.}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {3.4. Asocia}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ia Na}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ional}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X}\b0 \fs24\cf0\f0\charscalex100\b { a Societ}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ilor de Valori Mobiliare}\b0 \par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {3.5. Uniunea Na}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ional}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X}\b0 \fs24\cf0\f0\charscalex100\b { a Organismelor de Plasament Colectiv}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {3.6. RASDAQ}\b0 \par\pard\li466\ri0\sl-253\slmult0 \fs22\cf0\f0\charscalex100\b {CAPITOLUL IV. METODE DE ANALIZ}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u258X}\b0 \fs22\cf0\f0\charscalex100\b { BURSIER}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u258X}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b {4.1. Elementele definitorii ale analizei bursiere}\b0 \par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {4.2. Indicii bursieri}\b0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.2.1. Definirea indicelui bursier}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.2.2. Clasificarea indicilor bursieri}\i0 \par\pard\li1186\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.2.3. Tipologia indicilor bursieri}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.2.4. Indicii bursieri pe plan interna}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X}\i0 \fs24\cf0\f0\charscalex100\i {ional}\i0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {4.3. Indicii bursieri din Romnia}\b0 \par\pard\li1186\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1. Indicele BET}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1.1. Descrierea}\i0 { }\fs24\cf0\f0\charscalex100\i {\uc1\u351X}\i0 \fs24\cf0\f0\charscalex100\i {i scopul cre}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i {rii indicelui}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1.2. Data}\i0 { }\fs24\cf0\f0\charscalex100\i {\uc1\u351X}\i0 \fs24\cf0\f0\charscalex100\i {i valoarea de referin}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X\uc1\u259X}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1.3. Scopul cre}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i {rii indicelui BET}\i0 \par\pard\li1373\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1.4. Metodologia de calcul}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1.5. Regulile selec}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X}\i0 \fs22\cf0\f0\charscalex100\i {iei valorilor mobiliare n portofoliul indicelui}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.1.6. Comitetul Indicelui, rolul}\i0 { }\fs24\cf0\f0\charscalex100\i {\uc1\u351X}\i0 \fs24\cf0\f0\charscalex100\i {i actualizarea indicelui}\i0 \par\pard\li1373\ri0\sl-266\slmult0 \fs24\cf0\f0\c

harscalex100\i {4.3.1.7. Diseminarea}\i0 { }\fs24\cf0\f0\charscalex100\i {\uc1\u351X}\i0 \fs24\cf0\f0\charscalex100\i {i Copyright-ul indicelui}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.3.2. Indicele compozit BET-C}\i0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {4.4. Analiza indicelui bursier}\b0 \par\pard\li1186\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.4}\i0 \fs24\cf0\f0\charscalex100 {.}\fs24\cf0\f0\charscalex100\i {1. Analiza cu ajutorul teoriei lui Dow}\i0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {4.5. Analiza tehnic}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X}\b0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.5.1. Esen}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X}\i0 \fs24\cf0\f0\charscalex100\i {a analizei tehnice}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.5.2. Analiza tradi}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X}\i0 \fs24\cf0\f0\charscalex100\i {ional}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \par\pard\li1186\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.5.3. Analiza tehnic}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i { modern}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.5.4. Analiza tehnic}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i { filozofic}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i { (teoria lui Elliot) }\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.5.5. Avantajele}\i0 { }\fs24\cf0\f0\charscalex100\i {\uc1\u351X}\i0 \fs24\cf0\f0\charscalex100\i {i limitele analizei tehnice}\i0 \par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {4.6. Analiza fundamental}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u259X}\b0 \par\pard\li1186\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\i {4.6.1. Avantajele analizei fundamentale}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\i {4.6.2. Dezavantajele analizei fundamentale}\i0 \par\pard\li1186\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.6.3. Analiza ratelor financiare}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.6.3.1. Rate de lichiditate}\i0 \par\pard\li1373\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {4.6.3.2. Rate de risc (solvabilitate) }\i0 \par\pard\li5226\ri0\sl-400\slmult0 \fs22\cf0\f0\charscalex100 {3}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\margtsxn666\margbsxn173\pard\li1373\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1373\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1373\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100\i {4.6.3.3. Rate de profitabilitate}\i0 \par\pard\li1373\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {4.6.3.4. Rate de pia}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i { ale valorilor mobiliare}\i0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {4.7. Impactul macrofactorilor n analiza valorilor mobiliare}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {4.8. Ratingul pe pia}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {a de capital}\b0 \par\pard\li466\ri0\sl-240\slmult0 \fs22\cf0\f0\charscalex100\b {CAPITOLUL V. MANAGEMENTUL RISCULUI PE PIA}\b0 \fs22\cf0\f0\charscalex100\b {\uc1\u354X}\b0 \fs22\cf0\f0\charscalex100\b {A DE CAPITAL}\b0 \par\pard\li893\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\b {5.1. Comportamentul firmelor fa}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X\uc1\u259X}\b0 \fs24\cf0\f0\charscalex100\b { de riscul financiar}\b0 \par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {5.2. Riscul pe pie}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ele de capital}\b0 \par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {5.3. Riscul managementului riscului}\b0 \par\pard\li1186\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\i {5.3.1. Utilizarea instrumentelor financiare derivate de c}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i {tre firmele nefinanciare}\i0 \par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100\b {5.4. Rentabilitatea}\b0 { }\fs24\cf0\f0\charscalex100\b {\uc1\u351X}\b0 \fs22\cf0\f0\charscalex100\b {i riscul valorilor mobiliare}\b0 \par\pard\li1186\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\i {5.4.1. Rentabilitatea valorilor mobiliare}\i0 \par\pard\li1186\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {5.4.2. Atitudinea individului fa}\i0 \fs24\cf0\f0\charscalex100\i {\uc1\u355X\uc1\u259X}\i0 \fs24\cf0\f0\charscalex100\i { de risc}\i0 \par\pard\li1186\ri0\sl-266\slmult0 \fs24\cf

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r\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-440\slmult0 \fs22\cf0\f0\charscalex100 {4}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\margtsxn666\margbsxn173\pard\li4386\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4386\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4386\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100\b {INTRODUCERE}\b0 \par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100 {Tratnd o problem}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { de mare actualitate, pia}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a de capital, prezentul volum realizeaz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { o trecere n}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {revist}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { a principalelor aspecte teoreti}\fs24\cf0\f0\charscalex100 {ce privind structura, organizarea}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i func}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ionarea acestei componente}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {esen}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iale a unei economii de pia}\fs24\cf0\f0\charscalex100 {\uc1\u355X\uc1\u259X}\fs24\cf0\f0\charscalex100 { func}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ionale.}\par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Demarnd printr-o prezentare a corela}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iei dintre economie, sistemul financiar, pia}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a monetar}\fs24\cf0\f0\charscalex100 {\uc1\u259X}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ele de capital, lucrarea insist}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { mai ales asupra segmentelor pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei de capital}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i a produselor acesteia}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {(ac}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iuni, obliga}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iuni, titluri derivate, drepturi de subscriere, warante).}\par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Bursa de Valori Bucure}\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {ti, ca sistem dinamic}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i complex al pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei de capital, este prezentat}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { n}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {dimensiunile sale istorice}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i din perspectiva sa actual}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {, eviden}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iindu-se cadrul legislativ}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i structura}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {institu}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ional}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { a acesteia. }\par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {n primul capitol, sunt prezentate metodele de analiz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { bursier}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { pe baz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { de indici realizndu-se att o}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {analiz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { tehnic}\

fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {, ct}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i fundamental}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { a impactului macrofactorilor n analiza valorilor mobiliare.}\par\pard\li893\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Ratingul}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i institu}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {iile pie}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ei de capital sunt doar men}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ionate, f}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {r}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { a se intra n detalii organizatorice,}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {pentru ca, n capitolul final, s}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { se realizeze o analiz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { a evolu}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iei pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei de capital n ultimii ani}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i s}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { se}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ncerce o previzionare a demersurilor viitoare de pe pia}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a de capital romneasc}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {.}\par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Abordnd aspecte teoretice}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i realiznd analize macroeconomice ale implica}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iilor pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei de capital}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {asupra economiei romne}\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {ti, lucrarea }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i propune s}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { ilustreze importan}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a acestei structuri a pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {necesitatea dezvolt}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rii sale viitoare.}\par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Lucrarea este rodul colabor}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rii unui colectiv de cadre didactice universitare de la Academia de}\par\pard\li466\ri0\sl-280\slmult0 \*\tx3626\fs24\cf0\f0\charscalex100 {Studii Economice din Moldova}\tab \fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i de la Universitatea \uc1\u8222XEftimie Murgu\uc1\u8221X din Re}\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a, Romnia, care}\par\pard\li466\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {marcheaz}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { preocup}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {rile autorilor n leg}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {tur}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { cu fundamentarea cuno}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {tin}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {elor privind un segment}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {important al pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei: pia}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a de capital. Ea se adreseaz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { studen}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ilor}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i speciali}\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {tilor care urm}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {resc tendin}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ele}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i caracteristic

ile unei pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {e specializate din cadrul pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ei financiare, cea a tranzac}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ion}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rii titlurilor}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {financiare pe termen lung. }\par\pard\li893\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Meritele pentru coordonarea suportului de curs i re}\fs24\cf0\f0\charscalex100 {vin, n totalitate, profesorului universitar dr. hab.}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {A. Caraganciu.}\par\pard\li9280\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li9280\ri0\sl-373\slmult0 \fs28\cf0\f0\charscalex100\b \i {Autorii }\b0 \i0 \par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-306\slmult0 \fs22\cf0\f0\charscalex100 {5}\par\pard\sect\sectd\sbkpage\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\margtsxn666\margbsxn173\pard\li1386\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1386\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1386\ri0\sl-360\slmult0 \fs28\cf0\f0\charscalex100\b {CAPITOLUL I.}\b0 { }\fs24\cf0\f0\charscalex100\b {PIA}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u354X}\b0 \fs24\cf0\f0\charscalex100\b {A DE CAPITAL \uc1\u8211X PRECIZ}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u258X}\b0 \fs24\cf0\f0\charscalex100\b {RI CONCEPTUALE,}\b0 \par\pard\li3013\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {INSTRUMENTE DE TRANZAC}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u354X}\b0 \fs24\cf0\f0\charscalex100\b {IONARE}\b0 \par\pard\li3653\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3653\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100\b {1.1. Economia}\b0 { }\fs24\cf0\f0\charscalex100\b {\uc1\u351X}\b0 \fs24\cf0\f0\charscalex100\b {i sistemul financiar}\b0 \par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\i {Sistemul financiar}\i0 \fs24\cf0\f0\charscalex100 { reprezint}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { multitudinea pie}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {elor, indivizilor sau institu}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iilor, legilor,}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {reglement}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rilor}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i tehnicilor prin care se tranzac}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ioneaz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { ac}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iunile}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i alte valori mobiliare.}\par\pard\li893\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {Sistemul financiar reprezint}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { una dintre cele mai importante inven}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ii ale societ}\fs22\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs22\cf0\f0\charscalex100 {ii moderne.}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Sarcina sa primordial}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { este de a aloca fondurile b}\fs22\cf0\

f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {ne}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {ti limitate de la cei care fac economii spre cei}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {care vor s}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { foloseasc}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { aceste fonduri n scopul consumului sau al investi}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {iei. n constituirea acelor}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {fonduri necesare pentru mprumut, sistemul financiar furnizeaz}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { mijloacele prin care economiile}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {moderne cresc standardul de via}\fs24\cf0\f0\charscalex100 {\uc1\u355X\uc1\u259X}\fs24\cf0\f0\charscalex100 { al cet}\fs24\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs24\cf0\f0\charscalex100 {enilor lor.}\par\pard\li893\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Cea mai mare parte a creditelor ob}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {inute prin aceste mijloace sunt destinate achizi}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ion}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {rii de}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {ma}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {ini}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i echipamente, construirii de drumuri, poduri etc. Sistemul financiar determin}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { deopotriv}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {,}\par\pard\li466\ri0\sl-266\slmult0 \*\tx3013\fs22\cf0\f0\charscalex100 {att costul creditului, ct}\tab \fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i cantitatea de bani posibile de acordat pentru cump}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {rarea bunurilor}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {serviciilor pe care le utiliz}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {m zilnic. Ambele au un impact puternic asupra economiei unei na}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {iuni.}\par\pard\li466\ri0\sl-280\slmult0 \*\tx4013\fs22\cf0\f0\charscalex100 {Cu ct creditul devine mai scump}\tab \fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i mai pu}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {in disponibil cu att totalitatea cheltuielilor pentru}\par\pard\li466\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {bunuri}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i servicii se diminueaz}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {. Ca rezultat,}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {omajul se m}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {re}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {te, iar cre}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {terea economic}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { ncepe s}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {se reduc}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { treptat, firmele }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i reduc produc}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ia}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i scad investi}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iile.}\par\pard\li893\ri0\sl-280\slmult0 \*\tx5560\fs22\cf0\f0\charscalex100 {Prin contrast, cnd costul creditului se reduce}\tab \fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i mai multe fonduri devin disponibile pentru}\par\pard\li466\ri0\sl-280\slmult0 \*\tx9493\fs22\cf0\f0\charscalex100 {mprumut, totalul cheltuielilor n economie cre}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {te, sunt create mai multe locuri de munc}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\tab \fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i rata}\par\pard\li466\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {cre}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {terii economice are un ritm accelerat, cresc}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {tor. Toate acestea nu fac altceva, de

ct s}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { arate c}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sistemul financiar este o parte integrant}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { a sistemului economic}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i c}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { nu poate fi izolat de acesta.}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Pentru a eviden}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ia mai pronun}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {at rolul jucat de sistemul financiar n existen}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {a noastr}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {, vom ncepe}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {prin a analiza pozi}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ia sa n cadrul sistemului economic al unei na}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {iuni.}\par\pard\li893\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Func}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ia de baz}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { a oric}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {rei economii este alocarea resurselor limitate pentru producerea bunurilor}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {serviciilor necesare societ}\fs22\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs22\cf0\f0\charscalex100 {ii. Standardul de via}\fs22\cf0\f0\charscalex100 {\uc1\u355X\uc1\u259X}\fs22\cf0\f0\charscalex100 { atins, la un moment dat, se datoreaz}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {, n cea mai mare}\par\pard\li466\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {parte, abilit}\fs22\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs22\cf0\f0\charscalex100 {ii economiei unei na}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {iuni de a produce toate bunurile esen}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {iale existen}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ei. Aceasta nu este o}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sarcin}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { u}\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {oar}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {, deoarece resursele limitate trebuie procurate n cantit}\fs22\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs22\cf0\f0\charscalex100 {ile necesare pentru a furniza}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {materialele de produc}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {ie}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i a le combina la momentul potrivit cu for}\fs22\cf0\f0\charscalex100 {\uc1\u355X}\fs22\cf0\f0\charscalex100 {a de munc}\fs22\cf0\f0\charscalex100 {\uc1\u259X}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i capitalul astfel, nct}\par\pard\li466\ri0\sl-266\slmult0 \*\tx2453\fs22\cf0\f0\charscalex100 {s}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { produc}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 { bunurile}\tab \fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i serviciile cerute de consumatori. Pe }\fs22\cf0\f0\charscalex100 {scurt, fiecare sistem economic trebuie s}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\par\pard\li466\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {combine inputurile: p}\fs22\cf0\f0\charscalex100 {\uc1\u259X}\fs22\cf0\f0\charscalex100 {mntul}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i alte resurse naturale, munca}{ }\fs22\cf0\f0\charscalex100 {\uc1\u351X}\fs22\cf0\f0\charscalex100 {i abilit}\fs22\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs22\cf0\f0\charscalex100 {ile manageriale, echipamentul,}\par\pard\li466\ri0\sl-280\slmult0 \*\tx5520\fs24\cf0\f0\charscalex100 {pentru producerea outputului sub forma bunurilor}\tab \fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i serviciilor. Economia genereaz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { un flux de}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {produc}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ie (bunuri}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i servicii) n sch

imbul unui flux de pl}\fs24\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs24\cf0\f0\charscalex100 {i, de obicei, sub form}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { de bani.}\par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Putem descrie, de asemenea, fluxul de pl}\fs24\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs24\cf0\f0\charscalex100 {i}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i de produc}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ie din cadrul sistemului economic ca}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {un flux circular ntre unitatea de produc}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ie (n principal, sectorul firmelor}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i sectorul guvernamental)}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i unit}\fs24\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs24\cf0\f0\charscalex100 {ile de consum (n principal, sectorul gospod}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {riilor). n economiile moderne, gospod}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {riile}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {sunt cele care aprovizioneaz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { cu for}\fs24\cf0\f0\charscalex100 {\uc1\u355X\uc1\u259X}\fs24\cf0\f0\charscalex100 { de munc}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {, abilit}\fs24\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs24\cf0\f0\charscalex100 {i manageriale}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i resurse naturale sectorul}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {firmelor}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i cel guvernamental primind n schimb venituri sub forma salariilor, rentelor, dividendelor}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {etc.}\par\pard\li893\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {Cea mai mare parte a veniturilor ob}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {inute de gospod}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rii sunt utilizate pentru cump}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rarea}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {bunurilor}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i serviciilor. Efectul ntoarcerii acestor venituri la unit}\fs24\cf0\f0\charscalex100 {\uc1\u259X\uc1\u355X}\fs24\cf0\f0\charscalex100 {ile de produc}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ie rezid}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { n faptul}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {c}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { se produc mult mai multe bunuri}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i servicii, interdependen}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a nencetnd niciodat}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {.}\par\pard\li3626\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3626\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\b {1.2.}\b0 { }\fs24\cf0\f0\charscalex100\b {Componentele pie}\b0 \fs24\cf0\f0\charscalex100\b {\uc1\u355X}\b0 \fs24\cf0\f0\charscalex100\b {ei financiare}\b0 \par\pard\li893\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li893\ri0\sl-293\slmult0 \*\tx8613\fs24\cf0\f0\charscalex100 {Pia}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {a financiar}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 { este mecanismul prin care activele financiare sunt emise}\tab \fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i introduse n}\par\pard\li466\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {circuitul economic. Circuitul activelor financiare are loc ntre mul}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {imea ofertan}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {ilor de fonduri}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {(investitorii)}{ }\fs24\cf0\f0\charscalex100 {\uc1\u351X}\fs24\cf0\f0\charscalex100 {i mul}\fs24\cf0\f0\charscalex100 {\uc1\u355X}\fs24\cf0\f0\charscalex100 {imea utilizatorilor acestora, n vederea realiz}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rii unui singur scop: satisfacerea}\par\pard\li466\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {nevoii economice, a c}\fs24\cf0\f0\charscalex100 {\uc1\u259X}\fs24\cf0\f0\charscalex100 {rei fin

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{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 11513775}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft2253\shptop5000\shpright3773\shpbottom5000\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37098\shpz11\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 1520}}{\sp{\sn geoBottom}{\sv 0}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;2;(0,0);(1506,0);}}{\sp{\sn pSegmentInfo}{\sv 2;5;16384;45824;1;45824;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12954}}{\sp{\sn lineColor}{\sv 8947848}}{\sp{\sn lineDashing}{\sv 0}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 8947848}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft3773\shptop4666\shpright3773\shpbottom5000\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37099\shpz12\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 0}}{\sp{\sn geoBottom}{\sv 334}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;2;(0,333);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;5;16384;45824;1;45824;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12954}}{\sp{\sn lineColor}{\sv 10526880}}{\sp{\sn lineDashing}{\sv 0}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 10526880}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft2253\shptop4666\shpright3773\shpbottom4666\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37100\shpz13\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 1520}}{\sp{\sn geoBottom}{\sv 0}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;2;(1506,0);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;5;16384;45824;1;45824;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 0}}

{\sp{\sn lineWidth}{\sv 12954}}{\sp{\sn lineColor}{\sv 8947848}}{\sp{\sn lineDashing}{\sv 0}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 8947848}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft4626\shptop4666\shpright4813\shpbottom5186\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37101\shpz14\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 187}}{\sp{\sn geoBottom}{\sv 520}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;6;(186,0);(186,333);(0,520);(0,213);(186,0);(186,0);}}{\sp{\sn pSegmentInfo}{\sv 2;14;16384;45824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 11119017}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft4626\shptop5000\shpright6320\shpbottom5186\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37102\shpz15\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 1694}}{\sp{\sn geoBottom}{\sv 186}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;6;(186,0);(1693,0);(1373,186);(0,186);(186,0);(186,0);}}{\sp{\sn pSegmentInfo}{\sv 2;14;16384;45824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 7368816}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft4813\shptop4666\shpright6320\shpbottom5000\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37103\shpz16\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 1507}}{\sp{\sn geoBottom}{\sv 334}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,333);(1506,333);(1506,0);(0,0);}}

{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 9605778}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft4813\shptop4666\shpright4813\shpbottom5000\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37104\shpz17\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 0}}{\sp{\sn geoBottom}{\sv 334}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;2;(0,0);(0,333);}}{\sp{\sn pSegmentInfo}{\sv 2;5;16384;45824;1;45824;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12954}}{\sp{\sn lineColor}{\sv 11513775}}{\sp{\sn lineDashing}{\sv 0}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 11513775}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft4813\shptop5000\shpright6320\shpbottom5000\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37105\shpz18\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 1507}}{\sp{\sn geoBottom}{\sv 0}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;2;(0,0);(1506,0);}}{\sp{\sn pSegmentInfo}{\sv 2;5;16384;45824;1;45824;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12954}}{\sp{\sn lineColor}{\sv 8947848}}{\sp{\sn lineDashing}{\sv 0}}{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 8947848}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp{\*\shpinst\shpleft6320\shptop4666\shpright6320\shpbottom5000\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid37106\shpz19\shpbxpage\shpbypage{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn rotation}{\sv 0}}{\sp{\sn geoRight}{\sv 0}}{\sp{\sn geoBottom}{\sv 334}}

{\sp{\sn shapePath}{\sv 4}}{\sp{\sn pVerticies}{\sv 8;2;(0,333);(0,0);}}{\sp{\sn pSegmentInfo}{\sv 2;5;16384;45824;1;45824;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineW