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Page 1: 1st International · 2015-04-23 · Popsa Elena Roxana, Muscalu Emanoil . NEED AND OPPORTUNITY FOR BIODIVERSITY PROTECTION AND CONSERVATION . 125 Rath Sethik, Dumitrascu Dan Dumitru,
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1st International

Conference for

Doctoral Students

IPC 2013

Proceedings

Editor:

Radu PETRUSE

Assistant editors:

Ilie BANU, Adina Nicoleta FARCAS, Diana COLTOFEAN, Anca SERBAN

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November 22-23, 2013

Sibiu

Romania

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CONFERENCE GENERAL CHAIR

Prof. univ. dr. ing. Ioan Bondrea, Rector “Lucian Blaga” University of Sibiu

Prof. univ. dr. ing. Claudiu Vasile Kifor, Vice-Rector “Lucian Blaga”

University of Sibiu

INTERNATIONAL SCIENTIFIC COMMITTEE

Professor Domain

Prof.univ.dr. Ana Selejan Prof.univ.dr. Gheorghe Manolache Prof.univ.dr. Maria Sass Prof.univ.dr. Heinrich Dingeldein

PHILOLOGY

Prof.univ.dr. Alexandru Avram Prof.univ.dr. Sabin Adrian Luca Prof.univ.dr. Zeno Karl Pinter

HISTORY

Prof.univ.dr.ing. Dan Maniu Duşe Prof.univ.dr.ing. Constantin Oprean Prof.univ.dr.ing. Claudiu Vasile Kifor Prof.univ.dr.ing. Niculae Ion Marinescu Prof.univ.dr.ing. Moise Ioan Achim Prof.univ.dr.ing. Lucian Ionel Cioca

ENGINEERING AND MANAGEMENT

Prof.univ.dr.ing. Dan Paul Brîndaşu Prof.univ.dr.ing. Octavian Bologa Prof.univ.dr.ing. Carmen Simion Prof.univ.dr.ing. Ioan Danciu Prof.univ.dr.ing Ovidiu Tiţa Prof.univ.dr.ing. Ioan Bondrea

INDUSTRIAL ENGINEERING

Prof.univ.dr.ing. Eugen Bărbat Boldur COMPUTERS AND INFORMATION TECHNOLOGY

Prof.univ.dr. Emil M. Popa CYBERNETICS AND STATISTICS

Prof.univ.dr.ing. Nicolae Cofaru MECHANICAL ENGINEERING

IPS. Prof.univ.dr. Laurenţiu Liviu Streza Pr.Prof.univ.dr. Vasile Mihoc Pr.Prof.univ.dr. Ioan Ică Pr. Prof.univ.dr. Nicolae Chifăr Pr. Prof.univ.dr. Vasile Grăjdian Prof.univ.dr. Stefan Andreas Tobler Pr. Prof.univ.dr. Aurel Pavel

THEOLOGY

Prof.univ.dr. Ioan Leş Prof.univ.dr. Alexandru Bacaci Prof.univ.dr. Ovidiu Ungureanu Prof.univ.dr. Teodor Bodoaşcă

LEGAL SCIENCE

Prof.univ.dr. Ioan C-tin Dima Prof.univ.dr. Doina Banciu Prof.univ.dr. Dănuţ Dumitraşcu Prof.univ.dr. Emanoil Muscalu

MANAGEMENT

Prof.univ.dr. Anatolie Caraganciu Prof.univ.dr. Ileana Tache Prof.univ.dr. Ilie Rotariu

ECONOMY

Prof.univ.dr. Aristotel Mihai Ungureanu Prof.univ.dr. Nicolae Balteş FINANCE

Prof.univ.dr. Mihai Neamţu Prof.univ.dr. Dan Sabău Prof.univ.dr. Ioan Baier Prof.univ.dr. Ioan Maniţiu Prof.univ.dr. Adrian Stretean Prof.univ.dr. Manuela Mihalache Prof.univ. dr. Adriana Stănilă Prof.univ. dr. Marcel Pereanu Prof.univ. dr. Lorant Kiss Prof.univ.dr. Ion Gheorghe Totoian

HEALTH SCIENCES

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ORGANIZING COMMITTEE

Conference President: Prof. Ioan BONDREA PhD

Prof. Claudiu Vasile KIFOR, PhD

Main Organizers

PhD Student Ilie BANU

PhD Student Radu PETRUSE

PhD Student Anca SERBAN

Organizing committee

PhD Student Lal Mohan BARAL

PhD Student Sorin TERCHILA

PhD Student Sergiu BATAR

PhD Student Batusaru CRISTINA

PhD Student Alexandra VASILE

PhD Student Florin Alexandru PAVEL

PhD Student Radu PASCU

PhD Student Ioana COFARU

PhD Student Diana FLOREA

PhD Student Adina Nicoleta FARCAS

PhD Student Ioana-Madalina BANU

PhD Student Daniela NAIARETTI

PhD Student Adina FRUM

MA Diana COLTOFEAN

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Popsa Elena Roxana, Muscalu Emanoil

NEED AND OPPORTUNITY FOR BIODIVERSITY PROTECTION AND CONSERVATION

125

Rath Sethik, Dumitrascu Dan Dumitru, Mihaescu Liviu

HIGHER EDUCATION QUALITY AND EMPLOYEMENT, A CASE STUDY OF DEPARTMENT OF ENVIRONMENTAL SCIENCE, ROYAL UNIVERSITY OF PHNOM PENH, CAMBODIA

129

Rath Sethik, Dumitrascu Dan Dumitru, Miricescu Dan

CURRENT MANAGEMENT STATUS, A CASE STUDY ON ACADEMIC MEMBERS’ PERCEPTION OF ROYAL UNIVERSITY OF PHNOM PENH

135

Rizescu Marius SOLUTIONS FOR OPTIMIZATION OF PRIVATE ECONOMIES IN ROMANIA 141

Serban Anca, Muscalu Emanoil

A MODEL FOR IMPLEMENTING HR’S STRATEGIC ROLE 147

Sirbu Roxana-Mihaela, Gogan Luminita-Maria

FOREIGN DIRECT INVESTMENTS ANALYSIS AND THEIR IMPLICATION FOR THE ROMANIA'S ECONOMIC DEVELOPMENT

152

Terchila Sorin EXTERNAL COMMUNICATION IN PUBLIC COMPANIES FROM ROMANIA . THE IMPACT ON CONSUMERS OF PUBLIC SERVICES

158

Vaduva Andreea THE HUMAN RESOURCE – A KEY COMPONENT IN THE MANAGEMENT OF THE JUDICIAL SYSTEM

164

Vasile Alexandra, Batusaru Cristina, Banu Ilie, Popescu Marin

IMPROVING THE EFFICIENCY OF EXTERNAL PUBLIC AUDIT THROUGH COLLABORATION WITH THE EUROPEAN COURT OF AUDITORS

166

Vasiu Diana-Elena, Baltes Nicolae, Gheorghe Iulian Nicolae

ECONOMIC VALUE ADDED, A VALUABLE SOURCE OF INFORMATION FOR INVESTORS

172

Vongkhamchanh Sounieng THE FACTORS INFUENCING ACADEMIC AFFAIRS SERVICES MANAGEMENT AT THE NATIONAL UNIVERSITY OF LAOS AND LUCIAN BLAGA UNIVERSITY OF SIBIU, ROMANIA

178

Vongkhamchanh Sounieng THE ROLES OF LAO MINISTRY OF EDUCATION, PROVINCIAL AND DISTRICT EDUCATION SERVICES MANAGEMENT

184

Engineering

Baral Lal-Mohan, Kifor Claudiu Vasile

A STUDY ON DIFFERENT APPROACHES OF SIX-SIGMA AND KNOWLEDGE MANAGEMENT INTEGRATED MODELS TO IDENTIFY THE LEVERAGING EFFECTS

192

Bašovská Klaudia, Peterka Jozef INFLUENCE OF TOOL BALANCING IN HIGH SPEED MACHINING 198

Batiu Ciprian-Dan TRIBOLOGY CONSIDERATIONS REGARDING THE REPLACEMENT OF THE OLC45 MATERIAL,WITHOUT HEAT TREATMENT, WITH OL52 IN ORDER TO IMPROVE THE PRODUCT CONVEYOR ROLLERSUPPORT PIN

203

Budu Ana-Maria, Sandu Ion, Cristache Raluca Anamaria

THE EFFECTS OF HIGH TEMPERATURE ON GESSOES WITH DIFFERENT ADMIXTURES

209

Candea Gabriela-Simona, Kifor Claudiu Vasile, Candea Ciprian

KNOWLEDGE REPOSITORY FOR FMEA RELATED KNOWLEDGE 214

Chera Ionut-Moise, Bologa Octavian

EXPERIMENTAL RESEARCHES REGARDING THE DISTRIBUTION OF THE DEFORMATIONS ON INCREMENTAL FORMED PARTS

220

Chiliban Bogdan, Lal-Mohan Baral, Kifor Claudiu Vasile

KNOWLEDGE MANAGEMENT PLATFORM IN ADVANCED PRODUCT QUALITY PLANNING

227

Ciora Radu, Simion Carmen Mihaela

INDUSTRIAL APPLICATIONS OF IMAGE PROCESSING 233

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OPTIMIZATION SOLUTIONS FOR PRIVATE ECONOMIES IN ROMANIA

MARIUS RIZESCU (author 1)

SRA Ph.D. student, „Nicolae Balcescu” Land Forces Academy, Sibiu, Romania,

[email protected]

EMANOIL MUSCALU (author 2)

Professor Ph.D., Faculty of Economics Science/ Department Management, Marketing, Business, Administration,

“Lucian Blaga” University, Sibiu, Romania,

[email protected]

Abstract: In private economies there are significant differences in income levels between the European Union

(EU) member states and a substantial proportion of the income inequality between the citizens of the EU can be

explained by differences in incomes from country to country. Of the EU countries, Lithuania has the lowest standard of

living, with an average equivalent income of 5,304 Euros, while the highest average income level (29,153 Euros) is

measured in Luxembourg. The former socialist countries cluster together at the bottom of the scale, with average

incomes of under 10,000 Euros. A capital investment is the acquisition of a fixed asset that is anticipated to have a long

life of use before it has to be replaced or repaired. Two of the most easily recognizable examples of capital investments

are land and buildings. However, a capital investment is made any time that a company purchases goods that will be

benefit the operation of the business, but will not be used to cover the operational costs of the business.

Keywords: economic welfare, capital investments, economic culture

1. Introduction

The analysis of human issues, as a determining factor of economic and social activity, involves a

multifaceted economic research, taking into account the fact that the status of man in a certain period means

both a consequence and a prerequisite for economic growth and development over the long term. The

economic situation of people at any given time depends on the highest proportion on the size of the incomes.

The results of the population’s activity must be distributed fairly among society members, depending

on their social and economic interests.

Another aspect studied lately is the issue of poverty. With all measures taken, one ascertains that

poverty still exists and extends, having as its main source of generation and sustainment the way of

distribution and redistribution of income.

This inequality of opportunities is the result of the market, of competition and of the society

integration way.

Inequalities on income distribution can create incentives for people to improve their situation through

labor, innovation or acquiring new skills.

The evolution of economy entails in an organic way permanent distribution of income so it promotes

the development of the individual and the community as a whole, on the coordinates of welfare, combining

economic aspects with social-cultural ones. In this sense one can use various ways of income and wealth

distribution in society.

We must not confuse inequalities with injustices nor yet fairness with equal participation on the

distribution of results. It is therefore necessary to take account of the fact that the economic results reflect

differences, inequalities in their generation and the differences between people. From this point of view,

society is dominated by inequalities and hierarchies. Inequalities in obtaining results transcribe into

differences between income, wealth and the way of living. Noninsurance of inequalities can produce great

inequities, as failure to provide equity and equality can lead to injustices as strong.

2. Economic welfare

The concept of welfare has always been a concern for every individual, as well as specialist. Solving

this problem is specific to each stage of economic and social development and to the degree of scientific

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knowledge. Currently, “the world enriches at a pace never seen before. Cities like Hong Kong and Singapore,

formerly warehouses of the British Empire, are now wealthier than the former owner, England“.

The concept of welfare involves a normal, decent standard of living, both at individual and collective

level. It refers to a particular state of people’s aspirations, in conjunction with their availability to fulfill them.

Welfare is an essential component of the human situation, reflecting a pattern of the hierarchy of needs,

corresponding to the economic and social context in which every man integrates, from the perspective of the

attribute, type and the level of consume, of the financial and material situation, social and cultural hierarchy

etc. Thus, welfare appears as an optimal state to which man aspires, through a rational way of producing,

saving and consuming. Therefore, this concept organically correlates with social justice, providing security

and ensuring the foundation that gives rise to the chances of development of the human being.

Economic welfare reflects the state of natural, capital and cultural conditions, which ensure the

integrity of biological life, the satisfaction of social, material and spiritual needs, which allow for the ongoing

and emergent manifestation of human personality.

Economic welfare represents the ensemble of material (economic) existence conditions of people, as

much as satisfied needs appreciated absolutely and relatively in relation with human aspirations. The degree

of economic welfare is conditioned by the level of efficiency and the distribution way of added value,

reflecting itself in the way in which people accede economic goods, in a certain quantity, quality and

structure.

Welfare implies a particular kind of income distribution, according to which people have an optimal

income that allows access to material goods, services and information that define their personality. The

evolution of society records varying degrees of wealth, valued from the perspective of their constituents and

from the measure in which people enjoy their usefulness. These degrees play out between the minimum limit

considered normal, decent and desirable and the maximum limit determined by the extent to which the needs

of people correlate with rare resources through a budgetary constraint. As reference one lists the individual

and the society, which enter permanent relations on various levels, with ever-more complex interests and

special tools, all aiming at the respect of life and the harmonious development of the specific traits of human

being. Between the two social poles numerous social groups are found, with a modest wealth, which

demonstrates the requirement of a differentially analysis of welfare and social protection issues.

Welfare captures both the needs - material, biological, socio-cultural (elementary and complex or

high) - as well as premises to meet them through specific mechanisms and instruments. Such items have a

different behavior and can be influenced starting from the knowledge of the theory they are based on. For this

purpose one can use: the theory of human nature, in the sense that man, by its intrinsic characteristics, aims at

systematically carrying out the individual interest; the theory of individual decision-making behavior, in the

sense that man chooses on its own the economic goods he needs, seeks to ensure the optimum choice and is

responsible for its own welfare; the theory of beneficial influence of state upon individual behavior, in the

sense that state interference drastically restricts the expression of individual personality and individual

capacity to decide upon consume.

On such theoretical basis, the analysis of economic welfare should contribute to solving some major

problems such as the revelation of the strategy of welfare and it’s values; the demonstration of the optimal

relationship between the state and economic welfare; the specification of the coordinates of welfare

redistribution; the emphasis of the relationship between economic welfare, on the one hand, and economic

and social policy, on the other.

3. Income distribution inequality

Another aspect studied lately is the issue of poverty. With all measures taken, it is found that poverty still exists

and spreads, having as its main source of generation and sustainment the way of the income distribution and redistribution.

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Figure 1 : Distribution of the income in the EU

The chart above (Figure 1) shows the inequalities in income distribution among the population of the

European Union in 2010, analyzing 20% of the population with the highest possible income, compared with

20% of the population with the lowest equivalent income.

We can see that the average of inequalities regarding income distribution is about 5, with countries

below average, but especially countries above average. States such as Slovenia (3.2), the Czech Republic and Hungary (3), Slovakia (3.6) and Austria (3.7)

fall much below average. This certifies that, although they are not the most developed countries in the

European Union, through specific strategies implemented at political level they have managed to

considerably reduce the gap between the upper class and the bottom and somehow balance the population

incomes so as to give the middle class predominance, the one which, in addition to the income from wages,

also achieves other income from independent activities.

On the other hand, there are countries in which the ratio between the upper class and the bottom is

very large, such as: Bulgaria (5.9), Lithuania (6.3), Romania (6.7) and Latvia (7.3).

These very high rates of inequality between the two social classes usually meet in the developing

states, where the level of culture is reduced, people not knowing other ways for revenue increase or even

multiplication, only a small part managing to assert and to take over a large part of the total revenues of the

concerned state.

Another factor which supports the inequality of income distribution is the population aging, and of

course the decreasing birth rate. The need to ensure the pensions of the elderly grows, and this burden falls on

the shoulders of the young population, which is steadily declining at European level. This leads to a decrease

in the population’s income, which emphasizes the difference compared to the upper class. In his attempt to get a formula of tax to help low-income population, the Romanian state has imposed

the unique tax rate (16%) which, however, has led to a rise in social inequality. To demonstrate this, we take

as example two wages, one of the lower class, and the other of the leading social class. By applying the

unique tax rate, at a salary of 1,000 lei, the tax of 160 lei represents much more than the 1,600 lei tax

applicable to a salary of 10,000 lei. Thus, the unique tax rate also represents a factor of underscoring the level

of income inequality.

4. The savings process in Romania

The savings rate may vary from one period to another, depending on numerous factors (objective and

subjective). But the savings behavior of the population manifests itself permanently, as a real necessity. The

choice of one or other of the forms of saving is based on the personal motivation of each individual. We can

therefore assert that every form of saving is a materialization of the investment behavior of man, having as

origin both objective and subjective causes. In terms of individual motivations (subjective) these are the

result of psychological disposition, customs and traditions of people and may refer to:

- The desire to create financial reserves for contingencies, which determines the reduction of the

current consumption spending, in favor of a future consume;

- The setting up of money for old age insurance or protection of certain people or situations and

periods where it is foreseeable that the relationship between income and needs of the individual/family is

going to change in regard to the present period;

- The desire to get interest, to realize revenue in general;

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- The possibility that in future consumer spending can be increased through their gradual increase, on

the basis of monetary reserves formed overtime, in order to raise the standard of living for people;

- The feeling of independence and safety offered by the existence of a large amount of saved money;

- Creating capital for speculative investments and/or required for carrying out investment projects;

- The desire to leave fortune for descendants; - The expression on some people of avarice, materialized in the lessening expenses for consuming,

matched by a strong desire to achieve wealth.

The subjective motivations that incite individuals not to consume a portion of income generate

positive savings. At the same time negative savings appear, in the form of savings for old age.

Between the objective and subjective factors influencing the propensity for consumption and saving,

the strongest is the modification of income.

In the short term, a rising income is accompanied by increased consumption, but in a smaller

proportion by the augmentation of economies.

At the same time, a decreasing income is accompanied by reduced savings, first in greater proportion.

The higher the income, the higher the gap between income and consumption, once individuals have reached a

certain level of wealth.

Poor economic culture of the population and the lack of a concerted preoccupation for its information

in order to educate them in the spirit of adapted investor mindsets to the requirements of market economy,

have led to the loss by many people of life savings. Many Romanians have learned on their own that an

investment should be seen not just in terms of profitability promise but also depending on the risk involved

and the degree of liquidity. Without the authorities waging an effective and sustained information campaign,

people started to learn from their own experience (unfortunately in most cases negative) a series of basic

principles and rules that must govern any placement.

For example, bank depositors began to realize a dispersion of risk, dividing their economies (where

appropriate) among several possible options to place them, within the limits of the maximum amounts

provided by the Guarantee Fund of bank deposits.

5. The concept and the features of the capital market

The capital market represents “the ensemble of relations and mechanisms through which available

and dispersed capital across the economy are directed to any public and private entities soliciting funds”.

The existence of the capital market is driven by demand for capital for current treasury needs and for

investment and, at the same time, it is subject to a real process of saving as the foundation of capital supply.

Capital market works as a liaison mechanism between those who manifest a capital surplus, namely

the investors and those in need of capital.

Yet the concept of capital market has much deeper connotations arising from relations of allocating

the available resources for their augmentation and meeting the demand for capital from an economy.

From the point of view of its scope, the scientific literature has divided two concepts relating to the

capital market: the Anglo-Saxon concept and the continental European concept. According to the Anglo-

Saxon concept, the capital market forms along with the money market and the insurance market a new market

called the financial market. In this context, the capital market is synonymous with the financial instruments

market that provides the investment of capital over medium and long term. By contrast, money market

realizes the attraction and placement of short-term capital. In the classic continental European concept, the

capital market has a complex structure, which includes the money market, the mortgage market and the

financial market.

The money market is the short and medium term capital market, being represented by the interbank

market and by the negotiable debentures market.

In his work “Currency, Credit, Banks”, Cezar Basno thus defines the money market: “the money

market represents the necessary framework which hosts daily rapports between banks regarding the

liquidation of balances from reciprocal actions”.

On the interbank market operate the emission bank, commercial banks, specialized banks, State

Treasury, savings banks, with the quality of both lenders and borrowers, in the completion of their own funds.

Transactions on this market take the form of granting-repaying credit.

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Mortgage market is a market specific to financing house construction, on which act the lending

agencies under the form of mortgage refinancing, special agencies that provide funds to the creditor banks, as

well as mortgage banks. These emit marketable mortgage-backed securities on regulated markets in order to

obtain liquidity.

The financial market is the long-term capital market, on which one issues and trades securities that

serve as support for the exchange of capital. The financial market is the one on which one buys and sells

financial assets, without having their nature changed. It expresses a direct relationship between the owner and

the user.

Exchange-traded securities are documents certifying that the owner is the holder of a right of a

certain value.

After their object, exchange securities might be: equities (attest ownership over a capital) or debt

securities (attest borrowing of a monetary capital).

After the income they bring, exchange securities might be: variable-income securities (dependent on

the financial situation of the issuer) or fixed-income securities (fixed by agreement between the parties,

which does not depend on the financial situation of the issuer).

Securities that could be the object of trade negotiations are: stocks, bonds, options, treasury bills

(especially on the stock exchanges of the United States, for the bills issued by the Federal Treasury).

These titles can be negotiated through the buying/selling, redemption at nominal values at which they

were issued or at market value reflected by the level registered at the stock exchange, Rasdaq or other non-

organized markets. They allow receipt of dividends and interests or increases recorded for certain periods,

thus providing the possibility of registration of material gains net superior to other forms of financial

placements.

6. Theoretical approaches on the issue of capital investments

Without having to go into a sophisticated approach on the definition of the term “placement” by

many authors, we only state that in almost all cases interpretations are narrow, limited and least helpful for

the practitioner. This finding is not intended as a criticism, but rather as a reality generated by the complexity

of the concept itself.

In general, we do not spend everything we win; then the following question arises: “What can we do

with the money?”

It is always possible for them to remain inactive in the form of banknotes, so we can dispose of them

at any moment. Money is available or liquid. But this does not bring any income. Over a certain amount it is

recommended to put the money to work.

In this regard several solutions are possible, each with advantages and disadvantages. Among these,

we mention:

- Real estate solution – it is an investment that pays a rent but, as the name indicates, the money is

immobilized for a long time;

- Scholarship – dividends bring securities or interest, can be resold quickly, but sometimes at the risk

of a loss that can be important;

- Savings accounts – these are safe and available investments, but with a low flow etc.

To choose what we want to do with our money we must take into account several criteria: the

availability or liquidity, that is the time in which we can recover the money; return on capital or profit; the

risk, which measures the chances to recapture the amount invested; the added value or minus value, as

difference between the amount placed and that obtained in the case of resale; taxation, which reduces

profitability, thus directly affecting the added value.

The ideal investment would be a safe investment, very well paid and available immediately in case of

need, but this placement does not exist. Availability and profitability are relatively contradictory, since a

placement available at any time will be generally less remunerated than a placement unavailable for a long

time. When they are not available to the lender, money is available for the borrower and the latter shall pay

interest. As well a very safe investment will be less cost effective than a risky investment, for example the

actions that bring high income; but the action can decrease, and thus our economies be wasted. All this

because no placement can bring together simultaneously all the attributes, and in addition, folk wisdom

advises not to “put all your eggs in the same basket”. Prudence means to diversify your capital: few

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placements available to deal with unexpected expenses, because life always reserves surprises, few profitable

placements, in order not to let inactive all your money and not too many risky placement, even if they

promise big earnings, because the risk is high. The distribution depends on the tastes and needs of each and

every one.

In many countries, investments are part of the life of any person or family. It is an individual choice

if we join or not, but a better knowledge of the mechanisms of investments can help us make the best

decision. Here in after we will introduce some of the definitions that we consider to be the most representative

about investments and which account for their best traits.

The investment is “an operation consisting in the use of income savings of the subjects for bank

deposits and acquisition of financial assets”.

The financial investment is “an expenditure of capital in order to increase its value”. This capital

expenditure is guided by the criteria to obtain a higher income in the future.

According to another approach, the placement, in a broad sense, is the “purchase of a good that has

intrinsic value, either in order to prevent an impairment, either for a subsequent resale with the purpose of a

benefit“; and in a narrow sense the placement is “an operation for which a capitalist enterprise affects a part

of its own resources or from borrowed funds for the acquisition of securities on the stock exchange for

speculative purposes”.

Instead of the concept of placement one often uses investment. Some bourgeois economists do

however a distinction between these two notions. The placement is valued as a transaction that does not result

in the creation of new assets, while the investment represents an increase in the volume of capital resulted in

the purchase of equipment or raw materials for the production process.

7. Conclusions

Choosing the most appropriate investments can be a difficult process given the multitude and variety

of available tools, the instability that crosses certain markets, in the context of the new economic

development phase of our country, by overcoming the transition period, the integration in the European

structures and the implementation of strategies and concepts of free movement of local and foreign capital on

the Romanian capital market. In these circumstances the question of choosing a suitable saving tool arises,

which should provide an optimum balance between the gains achieved and the risks assumed. Multiplying the

savings should not only ensure their protection from inflation, but also to bring a real gain in terms of an

acceptable risk.

So, nothing prevents us to put our money to work if we have a minimum amount of financial

knowledge and a clear investment strategy. This is the purpose of the work, to be a guide in a fascinating

world, that of investment.

8. References

OUG nr. 29/13 march 2002 concerning securities, financial investments services and regulated

markets, which was approved by law No. 525/2002.

Dicţionar de economie - Ediţia a II-a, Bucharest, Economic Publishing House, 2000.

Dumitru Ciucur, Ilie Gavrilă, Constantin Popescu, Economie – Manual universitar ediţia a doua.

Bucharest, Economic Publishing House, 2001.

Gabriela Anghelache, Piaţa de capital. Bucharest, Economic Publishing House, 2004.

Gabriel Sorin Badea, Bazele macroeconomiei şi mondoeconomiei. Târgovişte, Bibliotheca Publishing

House, 2005.

Marius Băcescu, Angelica Băcescu-Cărbunaru, Macroeconomie şi politici macroeconomice.

Bucureşti, All Publishing House, 1998.

Rees, W.D., Arts Management, Technical Publishing House, Bucharest, pp. 29.

Wewick, K.E., Enacted Sensemaking in Crisis Situations, in Journal of Management Studies, 1988,

vol. 25, p.305-317.Copyright ©2013 IPC’13, Rizescu Marius, Muscalu Emanoil: The authors assign to IPC’13 a non-exclusive license to use this document for personal

use and in courses of instruction provided that the article is used in full and this copyright statement is reproduced. The authors also grant a non-

exclusive license to IPC’13 to publish this document in full on the World Wide Web (prime sites and mirrors) on CD-ROM and in printed form within the IPC’13 conference proceedings. Any other usage is prohibited without the express permission of the authors.