ABORDARE SISTEMICĂ PRIVIND ROLUL PIEŢELOR FINANCIARE ÎN MECANISMUL VALORIFICĂRII CAPITALULUI
SYSTEMIC APROACH ON THE FINANCIAL MARKETS ROLE ON RECOVERY OF CAPITAL MECHANISM

Summary/Abstract: In accordance to many authors’ points of view, one might appreciate that “parallel to the bank system, the stock exchange represents one of the financing circuits of the economy”. When companies are looking for capital for maintenance or development, and when the state wishes to finance the budgetary deficit, by carrying out loans (issuing the standards on the financial market), a series of economic agents are looking for remuneration investments. The stock exchange represents the public authority that facilitates the action of meeting of those that need financing, finding the capitals directly from those that have financing capacities. Although, one may ask a question, meaning: does the bank system influence the activity of stock exchange considering the general point of view, and particularly, the activity of economic entities? As long as the rates of interest are greater than dividends, the first become more attractive for those disposing of financial excesses. Contrariwise, when dividends are greater than rates of interests, the economies are directed towards obtaining shares (the opportunity cost becoming therefore present).

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