*89(51$1 $&25325$7,9 ÎN ROMÂNIA OECD 2001 CUPRINS 35()$ ................................................................................................................................................................5 5(&20$1' 5,....................................................................................................................................................7 3$57($ , &/,0$78/ *(1(5$/ $/ *89(51$1 (, &25325$7,9( Ì1 520Æ1,$..........................18 1.1. CONTEXTUL ECONOMIC GENERAL....................................................................................................18 6758&785$ 6(&7258/8, '( Ì175(35,1'(5, ù, 3,( (/( '( &$3,7$/ ',1 520Æ1,$......23 1.2.1. SECTORUL INTREPRINDERILOR............................................................................................................ 23 1.2.2. STRUCTURA SECTORULUI FINANCIAR................................................................................................. 25 1.2.3. STRUCTURI DE PROPRIETATE IN INTREPRINDERILE MARI ............................................................ 31 ,19(67,725, ,167,78 ,21$/, ............................................................................................................... 34 $&7,9,608/ $& ,21$5,/25 ................................................................................................................. 37 *89(51$1 $ &25325$7,9 ù, 352&(68/ '( 75$1=, ,(........................................................40 5()250$ (&2120,& ù, 75$1=, ,$ /$ (&2120,$ '( 3,$ .................................................. 40 1.3.2 PROCESUL DE PRIVATIZARE.................................................................................................................... 45 52/8/ ,19(67, ,,/25 675 ,1(............................................................................................................ 49 1.4. &21&/8=,( &203257$0(178/ ,175(35,1'(5,/25 ),1$1 $5($ ù, 5(6758&785$5($ 51 3$57($ ,, &$'58/ '( 5(*/(0(17$5( ù, 52/8/ 32/,7,&,,/25 .....................................................54 &$'58/ -85,',& ù, '( 5(*/(0(17$5( .........................................................................................54 2.1.1. LEGEA S2&,(7 ,/25ÃCOMERCIALE................................................................................................................ 54 /(*($ 35,9,1' 9$/25,/( 02%,/,$5( ù, %856(/( '( 9$/25,................................................. 61 2.1.3. A/7(Ã5(*/(0(17 5,Ã63(&,),&(...................................................................................................................... 62 &20,6,$ 1$ ,21$/ $ 9$/25,/25 02%,/,$5( ............................................................................ 64 '5(3785,/( ù, 75$7$0(178/ (&+,7$%,/ $/ $& ,21$5,/25 ...............................................67 2.2.1. DREPTURILE LEGALE ALE A& ,21$5,/25 ....................................................................................................... 67 1 2.2.2. A%8=85,Ã35,9,1'Ã'5(3785,/(Ã$& ,21$5,/25 ............................................................................................... 68 ,1, ,$7,9( 3(1758 3527(& ,$ $& ,21$5,/25 0,125,7$5, .................................................... 70 75$1=$& ,, ()(&78$7( '( ³,1, ,$ ,´ ù, 0$1,38/$5($ 3,( (,............................................... 72 67$78/ &$ $& ,21$5 ............................................................................................................................. 73 2.3. ROLUL GRUPURILOR DE INTERESE....................................................................................................76 &216,/,8/ '( $'0,1,675$ ,( ù, 6835$9(*+(5($ &21'8&(5,, .........................................79 180,5($ &216,/,8/8, '( $'0,1,675$ ,( ù, 6758&785,/( 6$/( .......................................... 79 )81& ,,/( &216,/,8/8, '( $'0,1,675$ ,( ................................................................................... 82 2.4.3. RELATIA CU MANAGEMENTUL............................................................................................................. 83 2.4.5. ROLUL CENZORILOR ................................................................................................................................. 84 75$163$5(1 $ ù, $6,*85$5($ $&&(68/8, /$ ,1)250$ ,, .................................................86 $&&(68/ /$ ,1)250$7,$ ),1$1&,$5$ ù, 23(5$7,21$/$ $ 62&,(7$7,,.............................. 86 352&('85, &217$%,/( ù, &(5,1 ( 35,9,1' $8',78/ ................................................................ 88 2.5.3. ,1)250$ ,, 35,9,1' 35235,(7$7($ $6835$ $& ,81,/25.................................................. 92 2%/,*$ ,, '( '(&/$5$5( $/( $'0,1675$725,/25 ',5(&725,/25 6, $/( $/725 3$57, IMPLICATE ............................................................................................................................................................. 93 $1(; 3,( (/( '( &$3,7$/ Ì1 520Æ1,$ ..............................................................................................94 $1(;$ 6RFLHW L FRWDWH OD %XUVD GH 9DORUL %XFXUHúWL.....................................................................................113 ANEXA 2 PRINCIPALII INDICATORI ECONOMICI PENTRU CELE CINCI SIF-URI...............................119 $1(;$ 723 $/ 62&,(7 ,/25 &27$7( 3( 3,$ $ 5$6'$4.....................................................121 $1(;$ 3ULQFLSDOHOH DFWH QRUPDWLYH UHOHYDQWH GLQ SXQFW GH YHGHUH DO JXYHUQDQ HL FRUSRUDWLYH......................127 2 Casete &H vQVHDPQ JXYHUQDQ D FRUSRUDWLY " .................................................................................................16 &XP VH FODVHD] 5RPkQLD vQ FHHD FH SULYHúWH JXYHUQDQ D FRUSRUDWLY ".........................................17 6RFLHW LOH GH WLS KROGLQJ vQ 5RPkQLD ..................................................................................................33 )RQGXULOH PXWXDOH vQ 5RPkQLD R LVWRULH ]EXFLXPDW ........................................................................36 'H FH VXQW DF LRQDULL DWkW GH SDVLYL" .....................................................................................................37 3ULYDWL]DUHD úL FRQIOLFWHOH GH PXQF vQ 5RPkQLD................................................................................78 3ULQFLSDOHOH GLIHUHQ H GLQWUH VWDQGDUGHOH GH FRQWDELOLWDWH URPkQHúWL úL FHOH LQWHUQD LRQDOH ..........91 3ULQFLSDOHOH FHULQ H SHQWUX FRWDUHD OD &DWHJRULD ,, GH ED] D %XUVHL GH 9DORUL %XFXUHúWL.........95 6LVWHPXO GH vQUHJLVWUDUH S VWUDUH úL FRPSHQVDUH..............................................................................103 Figuri &DSLWDOXO VWU LQ vQ 5RPkQLD GXS UHJLXQHD GH RULJLQH ...........................................................................................50 'HIDOFDUHD LQYHVWL LLORU VWU LQH GLUHFWH SH VHFWRDUH RFWRPEULH ......................................................................51 Creditul în România...............................................................................................................................................52 (YROX LD LQGLFLORU EXUVLHUL vQ 5RPkQLD...................................................................................................................98 (YROX LD YDORULL úL FDSLWDOL] ULL EXUVLHUH OD 5$6'$4 úL GHIDOFDUHD VRFLHW LORU FRWDWH úL D WUDQ]DF LLORU GXS VHFWRU107 Tabele 7DEHO $ &ODVDPHQW UHJLRQDO SULYLQG JXYHUQDQ D FRUSRUDWLY SH ED]D VFRUXULORU JOREDOH .....................................17 7DEHO % 'HIDOFDUHD UH]XOWDWHORU JXYHUQDQ HL FRUSRUDWLYH SHQWUX UHJLXQHD (XURSHL &HQWUDOH úL GH (VW .................17 Tabel 1 – România – Indicatori macroeconomici ..................................................................................................19 7DEHO 'LVWULEX LD DJHQ LORU FRPHUFLDOL vQUHJLVWUD L OD GHFHPEULH GXS IRUPD MXULGLF GH RUJDQL]DUH ..23 7DEHO 'LVWULEX LD VRFLHW LORU DFWLYH GXS P ULPH úL VHFWRU GH DFWLYLWDWH vQ DQXO .....................................23 7DEHO 3ULQFLSDOLL LQGLFDWRUL HFRQRPLFL GXS P ULPHD VRFLHW LL úL IRUPD GH SURSULHWDWH vQ DQXO ............24 7DEHO 'HWLQHULOH 6RFLHW LORU GH ,QYHVWL LL )LQDQFLDUH ........................................................................................29 3 7DEHO 3DUWLFLSDWLLOH 6RFLHW LORU GH ,QYHVWL LL )LQDQFLDUH ± VIkUúLWXO DQXOXL ...............................................34 Tabel 7: Fondurile cu capital de risc active în România ........................................................................................35 7DEHO (YROX LD LQGXVWULHL IRQGXULORU PXWXDOH.....................................................................................................36 7DEHO (YROX LD SURFHVXOXL GH SULYDWL]DUH ...........................................................................................................47 7DEHO (YROX LD LQYHVWL LLORU VWU LQH GLUHFWH .......................................................................................................49 7DEHO 8QHOH LQYHVWL LL VWU LQH PDMRUH SULQ SULYDWL]DUH......................................................................................50 7DEHO $ 6LWXD LD VWDWLVWLF D WUDQ]DF LRQ ULORU OD %XUVD GH 9DORUL %XFXUHúWL .......................................................97 7DEHO $ ,QGLFDWRUL GH SHUIRUPDQ DL %XUVHL GH 9DORUL %XFXUHúWL .....................................................................98 7DEHO $ 6WUXFWXUD WUDQ]DF LLORU OD %XUVD GH 9DORUL %XFXUHúWL .............................................................................99 7DEHO $ 3HUIRUPDQ HOH FHORU PDL PDUL VRFLHW L FRWDWH OD %9%...................................................................100