APROB Preedintele Consiliului facultii Finane prof.univ., dr.hab. Lud ila Cob!

ari """""""""""""""""""""" #ubiectele de e$a inare la e$a enul de licen pentru absolvenii specialitii %Finane i Bnci&, facultatea %Finane&, pro oia anului '()*, +nv ,nt cu frecven la !i i frecven redus varianta englez B-.C/ 0/ AC1/2/1A13 BA.CAR1. 4onetar5 or6ani!ation7 concept, elements, types of national monetary systems. European monetary system. International monetary system. Monetary system of the Republic of Moldova. (Moned i credit) . 4onetar5 circulation7 essence, structure, types, broad money. !road money a""re"ates and indicators. #actors that determine the volume and structure of broad money. Monetary circulation in the Republic of Moldova. (Moned i credit, $ctivitatea bancar) %. Central Ban87 history, evolution, structure, functions, factors, participants. Monetary multiplier and credit multiplier. Money mar&et in the Republic of Moldova. (Moned i credit) '. Ban8 e9uit57 concept, functions, composition. (otal )ormative *apital (()*)+ concept, structure and importance, the minimal re,uired capital and its ,uantification, the ris& -ei"hted capital sufficiency. ($ctivitatea bancar, Mana"ement bancar) .. 1he attracted resources of the ban87 the concept, the cate"ories. !an& deposit / concept, classification, role. (he nondeposit resources borro-ed from the )ational !an& of Moldova+ the "oal of the operations, the conditions to fulfill, the mechanism of "rantin" and reimbursement.(he ban&in" resources formed throu"h the emission of bills of e0chan"e, deposit certificates 1 the concept, the types, the mechanism of emission, evidence and reimbursement, the importance of the ban&in" bills of e0chan"e, deposit certificates in the formation of the attracted resources. (he ban&in" resources formed throu"h the emission of securities 1 the procedure and phases of the emission of shares at the foundation of the ban&, the procedure and phases of the secondary emission of shares, the procedures and phases of bond emission, the role and importance of the securities in the formation of the attracted resources of the ban&. ($ctivitatea bancar, Mana"ement bancar) 2. 1he assets operations of the co ercial ban8s7 definition, types and characteristics3 creditin" operations of the ban&+ notion, content, the principles and classification of the creditin" operations, the analysis of the creditin" operations4 efficiency, the necessity and principles of creation and mana"ement of the ris& fund3 ban&4s securities operations+ notion, content and classification of securities operations, the security emission reali5ed by ban&s, the collateral, the utili5ation of securities -ith the purpose of ad6ustment of the ban&4s solvency, ban&in" investments. *redit specific operations of the commercial ban&+ definition, types, characteristics. 7. *ommission and connection operations of commercial ban&s+ definition, typolo"y, characteristics3 trust operations, services offered by ban&s on the capital mar&et3 currency operations+ concept, classification, characteristic, particularities of e0chan"e rate establishment at commercial ban&s, ban&4s currency position, operations of sale and purchase of currency. ($ctivitatea bancar, Mana"ement bancar) 8. Pa5 ent and settle ent operations on behalf of ban8 clients7 the essence, forms and instruments of transfer of funds, the structure, le"al frame for the accomplishment of payments in the RM, evolution and perspectives of the fund transfer system in the RM3 accomplishment of payments throu"h transfer 1 concept and ban& procedure of the transfer, the essence of the credit transfer, debit transfer. ($ctivitatea bancar) 9. Ban8 li9uidit57 concept, role, methods of li,uidity estimation and its influence on the ban&in" activity. :trate"ies of ban& li,uidity mana"ement. ;i,uidity indicators. Mana"ement of li,uidity

insufficiency ris&, ris& evaluation, methods of decreasin" the influence of the li,uidity ris&. (Mana"ement bancar) 1<. #trate6ies of ana6in6 co ercial ban8:s liabilities. (he necessity and the problems re"ardin" the mana"ement of ban&4s liabilities. Mana"ement of liabilities ,uality and cost. Mana"ement of ban& capital, estimation of ban&4s insolvency ris&. (Mana"ement bancar) 11. 1he necessit5 and the proble s re6ardin6 the ana6e ent of ban8 assets. Mana"ement of assets4 ,uality. Mana"ement of the interest rate ris&+ evaluation of interest rate influences on the ban& balance sheet. (Mana"ement bancar) 1 . 4ana6e ent of credit portfolio 9ualit5. *redit policy of the ban&. *redits4 ,uality estimation. Mana"ement of the credit ris&. Ris& evaluation throu"h classical systems and credit/scorin". *redit ris& monitorin", elimination, insurance of credit ris&. (Mana"ement bancar) 1%. 3sti ation of ban8 perfor ances, indicators of ban&in" activity evaluation R=E, R=$ etc. >u?ont model. #actors of influence on the ban& performances. (Mana"ement bancar) 1'. 1he e$ternal balance of pa5 ents7 the balance payments+ concept, structure, indicators, determinant factors. Methods of e,uilibration and ad6ustment of the balance of payments. (he balance of payments -ay of interpretation. (he Moldovan balance of e0ternal payments analysis. (Rela@ii valutar/financiare interna@ionale) 1.. 1he echanis of currenc5 e$chan6e rate7 the actual model of the currency standard. (he e0chan"e rate+ concept, classification, functions. *alculation techni,ues of the real currency e0chan"e rate. (he model of the economic currency e0chan"e rate and the determinatin" factors. Methods of determinin" the currency e0chan"e rate. (he currency e0chan"e rate forecast. (he -ay of establishment of the M>; e0chan"e rate. (Moned i credit, Rela@ii valutar/financiare interna@ionale) 12. /nternational currenc5 ar8et7 international currency mar&et+ contents, functions, participants, mar&et se"mentation. (he currency spot mar&et characteristics. (he #=REA mar&et -ay of functionin". #or-ard currency mar&et peculiarities. (he mar&et of currency derivatives. :pecific characteristics of the Moldovan currency mar&et. (Rela@ii valutar/ financiare interna@ionale) 17. Currenc5 ris8 ana6e ent7 currency ris& (contents, classification, determinant factors). *urrency ris& mana"ement at the macroeconomic level. *urrency ris& mana"ement at me5oeconomic level. *urrency ris& mana"ement at microeconomic level throu"h contractual and e0tra contractual methods (structural balancin", nettin", pullin", matchin", leasin", factorin", forfeitin"). *urrency hed"in". *urrency ris& mana"ement in the Moldovan ban&in" system. (Rela@ii valutar/financiare interna@ionale) 1. . %. '. .. 2. 7. 8. 9. B/BL/O;RAF/3 *onstitu@ia Republicii Moldova din 9 iulie 199'. Bn+ Monitorul Oficial al Republicii Moldova. 199', nr. 1. ;e"ea cu privire la !anca )a@ional a Moldovei+ nr. .'8/AIII din 1.<7.9.. Bn+ Monitorul Oficial al Republicii Moldova. 199., nr..2/.7. ;e"ea institu@iilor financiare+ nr. ..</AIII din 1.<7.9.. Bn+ Monitorul Oficial al Republicii Moldova. 1992, nr.1C . Re"ulamentul cu privire la suficien@a capitalului ponderat la risc+ nr. 29 din 2.1<. <<1. Bn+ Monitorul Oficial al Republicii Moldova. <<1, nr.1%<, art.%1<. Re"ulamentul cu privire la activitatea de creditare a bncilor care operea5 Dn Republica Moldova+ nr.'. din ..1 .1997. Bn+ Monitorul Oficial al Republicii Moldova. 1998, nr. 8, art. '. Re"ulamentul cu privire la debitarea direct+ nr.%7' din 1..1 . <<.. Bn+ Monitorul Oficial al Republicii Moldova. <<., nr.172/181C2''. Re"ulamentul cu privire la transferul de credit+ nr.%7% din 1..1 . <<.. Bn+ Monitorul Oficial al Republicii Moldova. <<., nr. 172/181C2'%. Re"ulamentul cu privire la cardurile bancare+ nr. 2 din '.< . <<.. Bn+ Monitorul Oficial al Republicii Moldova. <<., nr. %2/%8C1 '. Re"ulamentul cu privire la clasificarea activelor i an"a6amentelor condi@ionale+ nr. %1 din 7 octombrie <11. Bn+ Monitorul Oficial al Republicii Moldova. <<7, nr. 12 1 1.

1<. Re"ulamentul cu privire la po5i@ia valutar deschis a bncii+ nr. 1 2 din 8.11.1997. Bn+ Monitorul Oficial al Republicii Moldova. 1999, nr. 11 /11'C198. 11. Re"ulamentul cu privire la lichiditatea bncii+ nr. 8 din 8 au"ust 1997. Bn+ Monitorul Oficial al Republicii Moldova. 1997, nr.2'/2., art. 1<.. 1 . Re"ulamentul cu privire la licen@ierea bncilor+ nr. %C<9/<1. Bn+ Monitorul Oficial al Republicii Moldova. 1992, nr..9/2<, art.7'. 1%. Re"ulamentul cu privire la e0i"en@ele fa@ de administratorii bncii+ nr.1%' din <1 iulie <11. Bn+ Monitorul Oficial al Republicii Moldova. <11, nr.91/9'C219. 1'. Re"ulamentul cu privire la de@inerea de ctre bnci a cotelor Dn capitalul unit@ilor economice+ nr.81 din <9.<'.1998. Bn+ Monitorul Oficial al Republicii Moldova. 1998, nr.'9 , art. 1.1. 1.. Re"ulamentul cu privire la de@inerea cotei substan@iale Dn capitalul bncii+ nr. ' C<9/<1. Bn+ Monitorul Oficial al Republicii Moldova. 1992, nr.8<C1<' . 12. Re"ulamentul privind filialele, repre5entan@ele i oficiile secundare ale bncilor+ nr.8' din 8 aprilie <11. Bn+ Monitorul Oficial al Republicii Moldova. <11, nr.11</11 , art. 87'. 17. Re"ulamentul privind stabilirea cursului oficial al leului moldovenesc fa@ de valutele strine+ nr.% din 1..<1. <<9. Bn+ Monitorul Oficial al Republicii Moldova. <<9, nr. 7/ 9C1<<. 18. Re"ulamentul privind condi@iile i modul de efectuare a opera@iunilor valutare. Bn+ Monitorul Oficial al Republicii Moldova. <1<, nr.'1/'%C177. 19. !$:)=, *.3 >$R>$*, ). Management bancar. !ucureti+ Editura economic << . 71p. <. !$:)=, *.3 >$R>$*, ). Operaiuni bancare. Instrumente i tehnici de plat. !ucureti+ Editura >idactic i ?eda"o"ic, 1992. %'p. 1. !$:)=, *.3 >$R>$*, ). Produse, costuri i performane bancare. !ucureti+ Editura economic, <<<. . !$:)=, *e5ar $u"ust. Moned, credit, bnci. !ucureti+ Editura >idactic i ?eda"o"ic, <<%. %7'p. %. !ER>I;E, $na, =!=R=*, Iurie. Moned i credit (scheme, studii de ca , teste!. *hiinu+ Evrica, <<2. 119p. '. !R$), ?aul. Relaii financiare i monetare internaionale. !ucureti+ Ed. Economic, 199.. %<% p. .. !R$), ?.3 *=:(I*E, I. "conomica activitii financiare i monetare internaionale. !ucureti+ Editura Economica, <<.. .<p. 2. !FR)E(E, :orin. Relaii valutar#financiare internaionale. :ibiu+ Editura $lma Mater, << . 1 %.2p. 7. *$?R$RF, !. $ctivitate bancar. %isteme, operaiuni i practici. !ucureti+ *G !ec&, <1<. %<' p. 8. *=*IFH, I.3 *I)I*, ;.3 (IM=#EI, =. Management bancar& culegere de probleme. *hiinu+ $:EM, <<8. 1%7 p. 9. *=*IFH, I.3 *I)I*, ;. 'estiunea riscurilor bancare& curs universitar . *hiinu+ $:EM, <<8. 1'p. %<. >E)I;E, ).3 !ERE$, $. Managementul bancar& fundamente i orientri. !ucureti+ Editura Economica, <<<. %..p. %1. >E>F, Iasile. 'estiune bancar. !ucureti + Editura >idactic i ?eda"o"ic. 12 p. % . >E>F, Iasile. Management bancar. !ucureti + M=)>$), 1997. '2 p. %%. #E(I)IF*, I.3 ;=?=(E)*=, I.3 !E;=!R=I, $. Relaii valutar#financiare internaionale. (oncepte, probleme, teste#gril. )ote de curs. *hisinau+ $:EM, <<.. 1 %p. %'. G=$)JE, )icolae. !ani i bnci. !ucureti + Editura Economic, <<1. 8< p. %.. M=I:IF*, *. Relaii valutar#financiare internaionale. !ucureti+ Editura #unda@iei KRomLnia de mLineM, << . %29p. %2. :(=I*$, M. 'estiune bancar. !ucureti + ;umina ;e0, << . 2% p. %7. :(=I*$, Iictor3 >E$*=)F, ?. !ani i credit+ banii, teoriile monetare, administrarea banilor i politica monetar. !ucureti + Editura Economic, <<%. .%2p. %8. (FR;IF*, I3 !=$RIF, $.3 :(=I*$, =. Moned i credit. !ucureti+ Editura Economic, <<.. %<%p. %9. I=I)E$, Hh. Mecanisme i tehnici valutare i financiare internaionale . Iai+ Editura :edcom ;ibris, <<%. '<2p.

'<. >E)I;E, )icolae. Mone* and credit. !ucureti + Ns. n.O, 1998. <' p. '1. >E)I;E, )icolae. Mone* and credit + capital mar,ets & e-ercises. !ucharest + Editura $.:.E., <<<. 1 % p. ' . M$PER, (homas. Mone*, ban,ing, and the econom*. ;ondon 3 )e- Por&, 1981. 7.. p. '%. RI((ER, ;a-rence :. Principles of mone*, ban,ing, and financial mar,ets. )e-/Por&+ !asic !oo&s, 1991. 2'' p. ''. (=!I), Qames. Mone*, credit, and capital. !oston + IRRI), 1998. %12 p. '.. S$T$S$U=V, W. X. .e/012 2 32/a/4o56e 2/4727876 & 89e:. ;o4o:2e. YaZ[\/ ]e\e^_`^a + ]b\e^, << . ' c. '2. SET=dT$e=V$, d. U.3 fg=TWVEhf$i, T. ].3 Y$VWUYf$i, U. $. <a/=o54=oe >e?o& 89@:/2=. joc[ka+ lbZaZcm b c\a\bc\b[a, <<2. .9 c. '7. nof=V, E. l.3 dg$l=V$, d. l.3 eETEUf=V$, U. j. .e/012. ABe>27. <a/=2. Ce//6e <8Da12& ;Ba=72=8D. joc[ka + pUWXW/q$U$, <<%. %1< r. '8. nof=V, E. l.3 eETEUf=V$, U. j.3 j$fYWj=V$, T. j. .e/012. ABe>27. <a/=2& 89@:/2= >?E F8Go5 . /e bst., re^e^a_. b tor.. joc[ka + pUWXW/q$U$, <<%. 2<< r. '9. fguYuVWUu, T.U. H@I>8/JBK>/6@ 5J?L7/K#=B@>27/6@ 2 M2/J/4K56@ K7/KN@/2E& 89@:/2=. jvc[kw+ lbZwZcm b c\w\bc\b[w, <<%. 278c. .<. T$VgoxWU, =. W.3 j$j=U=V$, W. q.3 V$TEUhEV$, U. W. <J/=K54=K@ >@?K& 89@:/2=. jvc[kw+ fU=goY, <<2. 722 c. .1. Tvrv\yZ[v, V.3 ly\bZz[, V.3 Sy{v_^vk, u. A8B4 ?@=O2P ;K >24O2;?2/@ H@I>8/JBK>/6@ 5J?L7/K#=B@>27/6@ K7/KN@/2E. *hiinu+ >epartamentul Editorial/?oli"rafic al $:EM, <<2. 1 %c. . . j|VY}iU, u.d.3 |dUWVh}V, Y.S. H@I>8/JBK>/6@ 5J?L7/K#=B@>27/6@ K7/KN@/2E& 89@:/2=. jvc[kw+ WZ~^w/j, <<%, %27 c. BA<3L3 AC1/2/1-=// /.23#1/=/O.AL3 1. /nternal sources of /nvest ent Financin6 + characteristics of internal sources for investments4 financin" (investor4s o-n sources, retained earnin"s, reserves, accumulated depreciation, subsidies etc.)3 advanta"es and disadvanta"es of financin" only throu"h internal financin" . 3$ternal sources of /nvest ent Financin6+ characteristics of shareholders4 contributions, bonds issuin", ban& credits, leasin", e0ternal loans, financial contributions from international financial institutions, contributions of forei"n investors etc. as sources of investment financin"3 advanta"es and disadvanta"es of usin" them %. 1he Cost of Capital+ the concept of the cost of capital3 the e0plicit cost3 the implicit cost of capital3 the opportunity cost of capital, factors that affect the cost of capital3 the cost of each capital components+ cost of debt, cost of preferred stoc&, cost of retained earnin"s and cost of common stoc&3 the -ei"hted avera"e cost of capital (R$**)3 the mar"inal cost of capital and investment decisions3 the optimum capital structure+ definition, ob6ectives and criteria '. Cash Flo>s fro /nvest ent Activit5 Process7 identifyin" the relevant cash flo-s from investment activity3 the discount rate+ -ays of its determination3 time value of money+ the present value and future value of cash flo-s, compoundin" and discountin", the effective interest rate3 annuity+ definition, types, future value and present value of an annuity, uneven cash flo-s .. /nvest ents: 3cono ic 3fficienc5 3valuation+ concept of the investments4 economic efficiency, investment effort, investment effect, relation bet-een them3 traditional (static) methods for investments4 efficiency evaluation+ return on investments (R=I), the paybac& period of the investment (??), accountin" rate of return ($RR)+ their advanta"es and disadvanta"es 2. 1he d5na ic ethods of evaluatin6 invest ents: efficienc5 + )et ?resent Ialue ()?I), Internal Rate of Return (IRR), >iscounted ?aybac& ?eriod (>??), Modified Internal Rate of Return (MIRR), ?rofitability Inde0 (?I)+ their economic contents, acceptance criteria, advanta"es and disadvanta"es in ta&in" investment decision 7. /nvest ent Ris8s7 concept of investment ris&s, ris& and uncertainty relationship3 classification of investment ris&s under different criteria as+ level of appearance, reasons of appearance, the

de"ree of ris&3 the macroeconomic and microeconomic ris&s3 ,ualitative and ,uantitative ris& analysis3 investment ris& diminishin" strate"ies+ investment diversification, limitation of investment e0penditures, anticipate the investment ris&, insurance, distribution of investment ris& etc. Literatura obli6atorie 1. ;e"ea Republicii Moldova cu privire la investi@iile Dn activitatea de Dntreprin5tor. Monitorul =ficial al R. Moldova ) 2'/22 din %.<'. <<'. . :trate"ia Republicii Moldova de atra"ere a investi@iilor i promovare a e0porturilor, aprobat prin GotrLrea Huvernului )r. %' din 1%.1<. <<2. Monitorul oficial al Republicii Moldova nr.'%/'. din %<.1<. <<2. %. Banacu, C. #. /nvest ents and Ris8s for sustainable develop ent. >>>.ase.ro. '. !ri"ham, Eu"ene #.3 Gouston, Qoel #. #undamentals of financial mana"ement. #ortRorth,(he >ryden ?ress. <<2. .. Marcus, $lan Q., ane, $le0, vi, !odie. Investments. (he McHra-/Gill *ompanies, Inc. !oston, <<7. 2. !ri"ham, Eu"ene #., Hapens&i, ;ouis *. #inancial mana"ement+ theory and practice. (he >ryden ?ress, <<7. 7. GDncu, R., !unu, M., >ascaliuc, >. ;ucrare metodico/didactic K!a5ele activit@ii investi@ionaleM (sinte5e i aplica@ii). *hiinu+ >epartamentul Editorial/?oli"rafic al $:EM, <1<, 119 p. 8. *istelecan, ;. M. Economia, eficien@a i finan@area investi@iilor. !ucureti+ Ed. Economic, << . .%2 p. 9. Guru, >. Investi@iile+ capital de5voltare. !ucureti+ Editura Economic, <<7. 199 p. Literatura supli entar 1<. ?Lrvu, >. Eficien@a investi@iilor. !ucureti+ Ed. ;umina ;e0, <<%. 91 p. 11. GDncu, R. (coordonator). *ule"erea de articole elaborate Dn cadrul conferin@ei tiin@ifice interna@ionale KRolul investi@iilor Dn de5voltarea durabil a economiei na@ionale Dn conte0tul inte"rrii europeneM, *hiinu, $:EM, <1<. 29 p. 1 . GDncu, R. (coordonator). *ule"erea de articole elaborate Dn cadrul proiectului K*ercetarea riscurilor investi@ionale Dn sectorul real al economieiM. *hiinu+ $:EM, <<9. 99 p. ). BA<3L3 F?.C=/O.-R// P/3=3/ @3 CAP/1AL Capital ar8et A co ponent of financial ar8et7 theoretical approaches to financial mar&et and capital mar&et3 supply and demand on the capital mar&et3 functions of the capital mar&et3 types of capital mar&ets3 securities 1 instruments of the capital mar&et3 issuers and investors on the capital mar&et3 re"ulatory and control bodies on national capital mar&et Piaa de capital A co ponent a pieei financiare7 abordri teoretice privind pia@a financiar i pia@a de capital3 cererea i oferta pe pia@a de capital3 func@iile pie@ei de capital3 tipolo"ia pie@elor de capital3 valorile mobiliare / instrumente ale pie@ei de capital3 emiten@i i investitori pe pia@a de capital3 or"anisme de re"lementare i control pe pia@a de capital autohton O>nership pri ar5 securities C shares Dstoc8sE7 concept and fundamental features on shares3 types of shares3 le"al aspects on shares in the Republic of Moldova3 the ri"hts "enerated by issuance of shares (pre/emptionCsubscription ri"ht, assi"nement ri"ht) 2alori obiliare de proprietate C aciunile+ concept i caracteristici fundamentale3 tipuri de ac@iuni3 aspecte le"islative privind ac@iunile Dn Republica Moldova3 drepturi "enerate de emisiunea de ac@iuni (dreptul de preemp@iuneCsubscriere, dreptul de atribuire) @ebt pri ar5 securities+ concept and fundamental features of bonds3 types of bonds3 le"al aspects of bonds in the Republic of Moldova3 concept, features and types of "overnment securities (state securities)3 peculiarities of "overnment securities in the Republic of Moldova 2alori obiliare pri are de crean+ concept i caracteristici fundamentale ale obli"a@iunilor3, tipuri de obli"a@iuni3 aspecte le"islative privind obli"a@iunile Dn Republica Moldova3 valori mobiliare de stat+ concept, caracteristici i diversitate3 particularit@ile IM: Dn Republica Moldova

'.

B. *. F. G.

H. 1he issuance and valuation of pri ar5 financial instru ents7 techni,ue of primary securities4 issuance3 features of issuance and placement of shares in the Republic of Moldova3 features of issuance and placement of bonds in the Republic of Moldova3 the valuation of o-nership securities (shares)+ nominal (face) value, o-nership value, return value, yield value, issue price (value), mar&et value, profit (earnings) per share, dividend per share, the rate of dividend distribution, return on share, price earnin"s ratio, dividend yield, return on invested capital, e0pected dividends in future, e0pected efficiency by shareholders, stoc& e0chan"e capitali5ation etc.3 the valuation of debt securities (bonds)+ subscription value or issue price, reimbursement cost, nominal interest rate, interest coupon, bond rate (courseCmar&et price), reimbursement annual rate, coupon yield, current yield, yield at maturity I. 3 isiunea i evaluarea valorilor obiliare pri are7 tehnica emisiunii valorilor mobiliare primare3 particularit@ile emisiunii i plasrii ac@iunilor Dn Republica Moldova3 particularit@ile emisiunii i plasrii obli"a@iunilor Dn Republica Moldova3 evaluarea valorilor mobiliare primare de proprietate (ac@iunilor)+ valoarea nominal, valoarea patrimonial, valoarea de randament, valoarea financiar, pre@ul de emisiune, pre@ulCvaloarea de pia@, profit pe aciune, dividend pe aciune, rata distribuiei dividendului, rentabilitatea aciunii , indicatorul ?ER, randamentul dividendului, rentabilitatea capitalului investit, dividendele ateptate, capitali5area bursier a ac@iuniiCemitentului etc.3 evaluarea valorilor mobiliare de crean@ (obli"a@iunilor)+ pre@ul de subscriereCemisiune, cost rambursrii, rata nominal a dobLn5ii, cuponul de dobLnd, cursul obli"a@iunii, rata anual a rambursrii, randamentul curent, randamentul cuponului, randamentul la maturitate J. #toc8 3$chan6e and O1C ar8ets7 concept, classification and functions of :toc& E0chan"e mar&et3 or"ani5ational and functional structure of stoc& e0chan"es3 :toc& E0chan"e of Moldova+ "eneral characteristic, or"ani5ational and functional structure, members, securities4 listin"3 tradin" mechanism on :E of Moldova3 =(* mar&ets+ "eneral characteristics and diversity3 intermediaries on the capital mar&et3 peculiarities of capital mar&et intermediaries4 activity in the Republic of Moldova )(. Piaa bursier i cea e$trabursier7 !ursa de Ialori+ concept, clasificare i func@ii3 structura or"ani5atoric i func@ional a burselor de valori3 !ursa de Ialori a Moldovei+ caracteristica "eneral, structura or"ani5atoric i func@ional, membrii, listin"ul valorilor mobiliare3 mecanismul de tran5ac@ionare la !I a Moldovei3 pia@a e0trabursier+ "eneralit@i i diversitate3 intermediarii pe pia@a de capital3 particularit@i ale activit@ii intermediarilor pe pia@a de capital a Republicii Moldova )). #toc8 3$chan6e /ndices7 stoc& e0chan"e indices+ concept, role and classification3 the construction and calculation of the main stoc& e0chan"e indices3 national stoc& e0chan"es indices3 international representatives stoc& e0chan"e indices )'. /ndicii bursieri7 indicii bursieri+ definire, rol i clasificare3 construc@ia i calculul indicilor bursieri repre5entativi3 indicii bursieri autohtoni3 indicii bursieri interna@ionali repre5entativi Literatura reco andat 1. ;e"ea Republicii Moldova privind pia@a de capital, nr. 171 din 11.<7. <1 . Monitorul =ficial al Republicii Moldova, nr. 19%/197C22. din 1'.<9. <1 . . ;e"ea privind societ@ile pe ac@iuni. )r.11%'/AIII din aprilie 1997. Monitorul =ficial al Republicii Moldova, nr.1/'C1 din <1.<1. <<8. %. ;e"ea cu privire la datoria public, "aran@iile de stat i recreditarea de stat nr. '19/AII din .1 . <<2. Bn+ Monitorul =ficial al Republicii Moldova nr.% /%.C11' din <9.<%. <<7 '. ;e"ea cu privire la pia@a valorilor mobiliare, nr. 199/AII din 18.11.98. Republicat Dm Monitorul =ficial al Republicii Moldova, nr.18%/18.C2.. din 1<.1<. <<8. .. Re"ulile !ursei de Ialori a Moldovei. GotrLrea *)?# nr. 2 C1' din 2.1 . <<8. Bn+ Monitorul =ficial al Republicii Moldova nr.%7/'<C 1 . din <.< . <<9. 2. GDncu R., .a. !asis of capital mar&et4s functionin". Manual. *hiinu+ $:EM, <1%. 7. Ionescu H. G. !urse de Mrfuri i Ialori. !ucureti+ Editura >idactic i ?eda"o"ic, <<'. 8. :tancu I. #inan@e. (eoria pie@elor financiare. #inan@ele intreprinderilor. $nali5a i "estiunea financiar. !ucureti + Editura Economic, 1997. 9. :toica I., Ionescu E. ?ie@e de capital i burse de valori. !ucureti+ Editura Economic, << .

1<. :uhovici $na (coordonator), Munteanu )ina, Roca Marcelina. !a5ele func@ionrii pie@ei de capital. :inte5e i aplica@ii. *hiinu+ $:EM, <1<. 11. !odie ., ane $., Marcus $. Essentials of Investments. #ifth Edition. 1 (he McHra-Gill *ompanies, <<%. 1 . Madura Q. #inancial Mar&ets and Institutions. F:$+ #lorida $tlantic Fniversity, Rest ?ublishin" *ompany, 199.. 1%. Mish&in #rederic :. (he Economics of Money, !an&in" and #inancial Mar&ets. F:$+ *olumbia Fniversity, $ddison Resley ?ublisher, << . PR3=?R/ 0/ 1AR/F3 ). 1he ethods of price deter ination at the level of econo ic units7 the methods of price determination based on cost3 prices substantiation accordin" to the parameters cost/volume/ profit3 price determination based on demand3 prices ad6ustment to competition3 the correlation of prices for ne- products3 price determination based on the balance bet-een cost3 demand and competition (Model % K*M) '. Prices DtariffsE re6ulation and co petition protection7 price reform in Republic of Moldova3 the necessity of prices (tariffs) re"ulation3 the institutions authori5ed to ta&e decisions in prices formation3 direct prices (tariffs) re"ulation methods3 indirect prices (tariffs) re"ulation methods3 competition protection and antimonopoly policy B. 1he peculiarities of prices deter ination in so e branches of the national7 the peculiarities of price determination in commerce3 prices substantiation for a"ricultural products3 the peculiarities of prices char"e for soil and natural resources3 the peculiarities of prices determination in constructions/assemblin"3 the tariffs 1 as a component of price system Literatura obli6atorie 1. ;e"ea Republicii Moldova K?rivind limitarea activit@ii monopoliste i de5voltarea concuren@eiM, nr. 9<2/AII, din 9.<1.199 . Bn+ Monitorul =ficial al R. Moldova, nr. , din <1.<1.199 . . ;e"ea Republicii Moldova privind msurile antidumpin", compensatorii i de salv"ardare, nr.8 </AII din 17.< . <<<. Bn+ Monitorul =ficial al R. Moldova, nr../7 din 18.<1. <<1 %. ;e"ea *oncuren@ei, nr. 18%, din 11.<7. <1 . Bn+ Monitorul =ficial al R. Moldova, nr. 19%/197, din 1'.<9. <1 . '. ;e"ea Republicii Moldova *u privire la a6utorul de statM, nr. 1%9 din 1..<2. <1 . Bn+ Monitorul =ficial al R. Moldova, nr. 122/129a din 12.<8. <1 . .. GotrLrea Huvernului Republicii Moldova K*u privire la re"lementarea monopolurilorM, nr. .8 , din 17.<8.199.. Bn+ Monitorul =ficial al R. Moldova, nr. .9/2<, din 2.1<.199.. 2. !umachiu E., Humovschi $. ?re@uri i tarife. *hiinu+ Editura $:EM, <<.. 7. Hherasim (., *arau M. ?re@uri i tarife. *hiinu+ Editura (ipo"rafia *entral, 1998. 8. Moteanu (. ?re@uri, echilibru concuren@ial i bunstare social. !ucureti+ Editura Economic, <<1. 9. ?latis M. ?re@ul i formarea lui. !ucureti+ Editura Economic, 1997. 1<. Xw^wcykb V.j. hyZvkw rv{b\b[w r^ytr^b\b. YwZ[\/]y\y^_`^a+ bst. ]b\y^, <<%. Literatura supli entar 1. !e6u I. ?re@uri. !ucureti+ Editura Economic, <<<. . Moteanu (. (coordonator). ?re@uri i concuren@. !ucureti+ Editura (ribuna Economic, <<%. %. qwZyZv[ T.u., WkwZvkw u.d. jw^[y\bZavkvy yZvv_^wsvkwZby+ rv{b\b[w, y\vtm, r^w[\b[w. jvc[kw+ bst. [cv, <<2. '. Ua{ X. Y\^w\yab b \w[\b[w yZvv_^wsvkwZb. YwZ[\/]y\y^_`^a+ bst. ]b\y^, <<'. .. Yw{bwZvk W.f. hyZm b yZvv_^wsvkwZby. jvc[kw+ eu| lbZc\w\bZ~v^, 1999. P?BL/C F/.A.C3# 1. Financial echanis of the countr57 concept and component parts, features of the financial system as basic element of the financial mechanism, the economic and financial levers, financial plannin", financial control, bodies -ith functions in domain of public finance, financial la-.

. 1he concept of financial polic57 component elements, instruments of the financial policy, financial policy peculiarities in the Republic of Moldova. %. Public e$penditures7 the economic content, factors influencin" their volume and classification of public e0penditures. ;evel, structure and dynamics of public e0penditures. (rends in public e0penditures evolution in current conditions. '. 1he bud6et s5ste and bud6etar5 process7 the concept of the state4s bud"et and bud"etary principles, concept and types of bud"et systems, the features of the Republic of Moldova4s bud"et system. (he concept of bud"etary process and its characteristics, the bud"etary process phases. (he bud"etary process in the Republic of Moldova. .. Public debt7 concept, causes of apparition, classification criteria, the peculiarities of public debt mana"ement in the Republic of Moldova. Re9uired biblio6raph57 1. ;a- of the Republic of Moldova on bud"et system and bud"etary process, )r. 8'7 from '.<..1992, (republished in the =fficial Monitor of the Republic of Moldova, <<., special edition), =fficial Monitor of the Republic of Moldova nr.91/92C' < from %<.<.. <<%, =fficial Monitor of the Republic of Moldova nr.19/ <C197 . ;a- of the Republic of Moldova on public debt, state "uarantees and lendin", nr. '19/AII from .1 . <<2, =fficial Monitor of the Republic of Moldova nr.% /%.C11' from <9.<%. <<7 1. #inan@e, coord. !otnari )., !aurciulu $., Editura $:EM, <1< . #inan@ele publice, $.:ecrieru, *hiinu, <<' %. #inan@e publice+ sinte5, scheme, teste. *olectiv de autori. *oordonator+ R.GDncu. Editura $:EM. *hiinu, <<.. '. #inan@e publice locale, (.Manole, *hiinu, <<%. .. #inan@e publice, sub red. Iu.Icrel, Editura >idactic i peda"o"ic, !ucureti, <<1 Additional biblio6raph57 1. (ran5i@ia+ retrospective i perspective, *hiinu, << , pa". 9./92. . ---.mf."ov.md %. http+CCle0.6ustice.md 1. 1AKA1/O. #ocioCecono ic content of ta$es7 Heneral notions -ith re"ard to ta0es and duties, (he characteristic features, (a0 classification criteria, #unction of ta0es, (a0 elements, *lassic and modern principles of ta0ation, Methods of ta0ation, Methods of evaluation of ta0ation basis, Methods of ta0 collection. 1a$ s5ste of the Republic of 4oldova7 :ystem of ta0ation and "eneral state duties of the Republic of Moldova. #iscal le"islation of the Republic of Moldova+ (a0 *ode and other le"islative acts. (a0 apparatus of the Republic of Moldova+ :tate ta0 service, *ustom service, )ational anticorruption center ()$*), :ervice of local ta0es and char"es. /nco e ta$7 Heneral notions. ?eculiarities of income ta0 for individuals+ (a0able and non/ ta0able income of individuals, >etermination of facilities ta0able frin"e benefits, E0emptions from income ta0 for individuals, *alculation methods of income ta0 retention from salary, >eterminin" income ta0 from capital increase, Retention of income ta0 other than salary payments, #inal retention of income ta0, Individual income ta0 self/assessment fillin". Real estate ta$7 ?eculiarities of land ta0ation+ Heneral characterictics of real estate ta0 (ob6ect, sub6ect, rates, e0emptions, fiscal period, deadline of payment), *alculation methods, (a0 collection. ?eculiarities of buildin"s and constructions ta0ation+ Heneral characterictics of the ta0 (ob6ect, sub6ect, rates, e0emptions, fiscal period, deadline of payment), ?eculiarities of calculation for individuals and economic a"ents, (a0 collection. 2alue Added 1a$7 (a0able sub6ects re"istration, >eliveries imposed and e0empted from I$(, *alculation mode of I$( liability, I$( determination on import/e0port operations, Mode of I$( reimbursement from bud"et, I$( self/assessment presentation, Repayment of I$( liability.

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2. /ndirect ta$es. 3$cises7 =b6ect of ta0ation and e0cise rates, Method of calculation and deadline e0cises payment, Mar&in" "oods -ith e0cise stamps system, $rran"ement of e0cises self/ assessment and presentation deadline, Mode of e0cise reimbursement from bud"et. Custo duties7 Heneral characteristics, (ypes of custom duties, Methods for determinin" the customs value of "oods and *ustom duties calculatin" techni,ue. Re9uired biblio6raph57 1. Ecaterina !alaban. #iscalitatea a"en@ilor economici. *hiinu <<83 . !alaban Ecaterina. Furelu ;ucia. Impo5ite i ta0e. Edi@ia <1 / *hiinu, <1 %. *odul #iscal al Republicii Moldova. ;e"ea Republicii Moldova )r.112%/AII din '.<'.97, cu modificrile la data susinerii e0amenului3 '. *odul Iamal. ;e"ea RM nr.11'9/AII din <.<7. <<<, cu modificrile la data susinerii e0amenului3 .. ---.fisc.md Additional biblio6raph57 1. *ob5ari, ;. $dministrarea fiscal+ curs universitar C ;. *ob5ari, =. u5mina, (. Moraru. 1 *hiinu+ ed. $:EM, <<7. 1 '79 p . fb[` U.d., Uw{vavv_{vyZby. fbbZ`M <1< %. fb[` U.d., f`sbZw |.u. |cZvkm Zw{vavv_{vyZb.M fbbZ`. <<2 '. fb[` U.d. Uw{vavkvy wtbZbc\^b^vkwZby. fbbZ`. <<7 .. ---.minfin."ov.md 2. http+CCle0.6ustice.md ). F/.A.C3 OF 1L3 3.13RPR/#3 1he capital of the enterprise7 concept and forms of its manifestations3 #inancin" policy+ internal sources and -ays to increase the e,uity3 e0ternal sources of the enterprise financin". #inancial structure of the enterprise and its optimi5ation criteria. #inancial levera"e. #inancial levera"e effect. (he ris& of insolvency. Fi$ed assets of the enterprise7 "eneral characteristic3 types of depreciation of fi0ed assets and the effects on financial results3 calculatin" methods of the depreciation3 indicators for assessin" the effectiveness of fi0ed assets+ indicators of structure, de"ree of use, return on assets. :ources of financin" fi0ed assets. 4ana6e ent of current assets7 "eneral characteristics of current assets3 Inventory mana"ement methods3 #inancin" sources of current assets+ -or&in" capital3 Indicators for assessin" the efficiency of current assets, effects of slo-in" or acceleratin" the rotation speed of current assets3 directions and measures to accelerate the speed of rotation of current assets. Or6ani!ation of the one5 ove ent at the enterprise7 the need for cash, the advanta"es and disadvanta"es of holdin" cash. (reasury and its functions. >irections to optimi5e cash flo(balancin" of receipts and payments, timin" of receipts and payments, net cash flooptimi5ation). #orecast receipts and payments. Financial anal5sis of the enterprise7 necessity and ob6ectives of financial analysis, methods of financial analysis. :ystem of indicators used in financial analysis+ analysis of financial results, li,uidity and solvency analysis, profitability analysis+ return on sales, assets, resources consumed, financial3 measures to improve the indicators3 brea&even point analysis.

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Re9uired biblio6raph57 1. !otnari ). #inan@ele Dntreprinderii, Ed. ?rim, <<8 . !otnari ). (coordonator) #inan@ele Dntreprinderii+ sinte5e, teste, probleme, ed. $:EM, *hiinu <<23 %. Goan@ ). #inan@ele firmei, Ed. Economic, <<% '. :andu Hh., #inan@area Dntreprinderii, ed. Economic, !ucureti, << 3 .. :tancu Ion, K#inan@e+ pie@e financiare i "estiunea portofoliului, investi@iile reale i finan@area lor, anali5a i "estiunea financiar a DntreprinderiiM, !ucureti, << 3

1. . %. '. ).

Additional biblio6raph5 ?. !ran K>imensiunea financiar/monetar a DntreprinderiiM, ed. $:E, !ucureti, <113 Jiriulnicova ). (coordonator), $nali5a rapoartelor financiare, ed. (ipo"rafia *entral, $:E Moldova, *hiinu, <<'3 !re5eanu ?., Mana"ement financiar, I I/II, !ucureti, <<23 I. $. !lanc, :trate"ia financiar a Dntreprinderii, iev, )ica/ *entru, Eli"a, <<' /.#?RA.C3 A.@ R3/.#?RA.C3 /nsurance as econo ic and Muridical aspect7 Economic essence, types of the insurance funds, features of insurance fund3 >efinition of the insurance contract, le"al characters, conditions of validity, basic elements of the insurance contract, effects, cessation modalities of the insurance contract, basic concepts on insurance domain, le"al frame-or&. ;eneral insurance7 obMects, ris8s, le6al issues, t5pes, contractors, obli6ations, ri6hts, effects, peculiarities in 4oldovaN conditions for the e0istence of an insurable interest in property insurance3 insurance cases and types of ris&s3 procedure for concludin" an insurance contract3 period of the insurance3 determination of the insurance premium and the insured sum3 establishment and dama"e evaluation3 determination and payment of insurance compensation3 principles of calculation of insurance compensation3 characteristics and particularities of civil responsibility insurance3 compulsory civil liability insurance of car o-ners. Personal /nsurance7 essence and destination of personal insurances, type of ris&s in personal insurance, procedure for concludin" of insurance contract3 "eneral elements of life insurance mechanism3 "eneral conditions and particularities of personal insurance. 1errestrial transport insurance7 ob6ects, ris&s, 6uridical aspects, evaluation, contracts, obli"ations, ri"hts, particularities in Moldova3 essence of the insurance of terrestrial transport3 particularities of the insurance of terrestrial transport, marine insurance, aircraft insurance, modalities to conclude an insurance contract, *$:*= and *$RH= insurance. 1he econo ic essence of reinsurance operations7 necessity, appearance and evolution, the economic content, forms and methods of reinsurance, role, meanin", functions, or"ani5ation of the reinsurance activity in the Republic of Moldova.

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Re9uired biblio6raph57 1. ;e"ea Republicii Moldova '<7/AII din 1 decembrie <<2 K*u privire la asi"urriM Monitorul =ficial al Republicii Moldova '7/'9 ( <%'/ <%2) din 2 aprilie <<7. . ;e"ea Republicii Moldova '1'/AIII din decembrie <<2 K*u privire la asi"urarea obli"atorie de rspundere civil pentru pe"ube produse de autovehicoleM CC Monitorul =ficial al Republicii Moldova/ % /%./ 9.<%.<7. %. $. Ju"ulschi, ;. ;uca /K!a5ele asi"urrilorM, curs universitar, ed.$:EM, <1% '. :. #otescu, $., Ju"ulschi /K$si"urri i reasi"urriM )ote de curs, Editura $:EM <<2 .. :. #otescu KIni@iere Dn asi"urriM *hiinau <<%. 2. I.Icrel, #. !ercea / K$si"urri i reasi"urriM, !ucureti, 199%, pa". 11/%93 7. $le0a *st., *iurel I./ K$si"urri i reasi"urri Dn comer@ul interna@ionalM, Editura $;;, !ucureti, 199 . 8. *istelican ;., *istelican R./K$si"urri comercialeM, Editura >. *antemir, (". Mure, 1997. 9. *onstantinescu >.$./KMana"ementul societ@ilor de asi"uareM, Editura !rend, !ucureti, 1998. 1<. Haliceanu I., Haliceanu M./K$si"urri interne i interna@ionaleM *raiova 1999. Periodical publication .1. Revista K?rofit finan@eM . . Revista KEconomicaM . . iarul KEcoM .% Revista K!nci, finan@e, asi"urriM.a.