1st International
Conference for
Doctoral Students
IPC 2013
Proceedings
Editor:
Radu PETRUSE
Assistant editors:
Ilie BANU, Adina Nicoleta FARCAS, Diana COLTOFEAN, Anca SERBAN
November 22-23, 2013
Sibiu
Romania
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
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
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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141
OPTIMIZATION SOLUTIONS FOR PRIVATE ECONOMIES IN ROMANIA
MARIUS RIZESCU (author 1)
SRA Ph.D. student, „Nicolae Balcescu” Land Forces Academy, Sibiu, Romania,
EMANOIL MUSCALU (author 2)
Professor Ph.D., Faculty of Economics Science/ Department Management, Marketing, Business, Administration,
“Lucian Blaga” University, Sibiu, Romania,
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.
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