Vous êtes sur la page 1sur 71

&DSLWROXO2ELHFWXOVRFLRORJLHL

3UHRFXS UL SULYLQG YLD D VRFLDO  DX H[LVWDW GLQ FHOH PDL YHFKL WLPSXUL 'LQ WRWGHDXQD VD PDQLIHVWDW
DVSLUD LDRPXOXLGHDDWLQJHFHOPDLvQDOWQLYHODOFRQWLLQ HLGHVLQHFDUHDGHYHQLWXQIDFWRUGHLQIOXHQ
FXQRDWHUHDLvQ HOHJHUHDYLH LLVRFLDOHvQFXQRDWHUHDVRFLHW
'LYHUVLILFDUHDVRFLHW

vQ

LLvQWRWDOLWDWHDHL

LLDWLQJHUHDXQXLULGLFDWJUDGGHFRPSOH[LWDWHDXGHWHUPLQDWDSDUL LDXQRUWLLQ H

VRFLRXPDQHVSHFLDOHvQWUHFDUHPHQ LRQ PLVRFLRORJLD


/DVIkULWXOVHFROXOXL;9,,,OHDLvQFHSXWXOVHFROXOXLDO;,;OHDFDXUPDUHDUHYROX LHLLQGXVWULDOHDX
DYXW ORF GHRVHELWH VFKLPE UL VRFLDOH FX XUP UL DGkQFL FDUH LPSXQHDX FXQRDWHUHD WHPHLQLF  D VRFLHW

LL

$FHVWHWUDQVIRUP ULDXSUHJ WLWWHUHQXOSHQWUXFRQWXUDUHDXQHLWLLQ HGHVSUHVRFLHWDWHFDUHV ILHSULYLW FDXQ


vQWUHJ FDUH V  SHUPLW  FXQRDWHUHD IXQF LRQDOLW

LL HL D YLH LL LQGLYL]LORU D VWUXFWXULORU D LQVWLWX LLORU L D

JUXS ULORUVRFLDOHSHFDUHOHGHWHUPLQ DIHQRPHQHORUVRFLDOH0DLPXO LRDPHQLGHWLLQ

FXQRVFX LSHSODQ

PRQGLDOLDXDGXVDSRUWXOODHYROX LDDFHVWHLWLLQ H


$XJXVWH &RPWH   ILOR]RI L VRFLRORJ IUDQFH] vQ OXFUDUHD VD &XUV GH ILOR]RILH SR]LWLY 
YRO,9OHF LD FDUWHDS UXW vQXWLOL]HD] SHQWUXSULPDGDW WHUPHQXOGHVRFLRORJLHFXvQ HOHVXOGH
WLLQ

DIHQRPHQHORUYLH LLVRFLDOH7HUPHQXOPDLVXVSUH]HQWDWHVWHIRUPDWGLQGRX FXYLQWHXQXOODWLQHVF

VRFLXV FDUH vQVHDPQ  VR  DVRFLDW WRYDU  L XQXO  JUHFHVF ORJRV  FDUH vQVHDPQ  FXYkQW LGHHWHRULH
([SULPDW DG OLWHUDP SXWHP vQ HOHJH F  VRFLRORJLD HVWH WLLQ D DVRFLHULL D JUXS ULL FROHFWLYHORU XQLW
VDXIRUPD LXQLORUVRFLDOHGHRULFHIHODWXWXURUIRUPHORUGHYLD

LORU

VRFLDO FRQVWLWXLWHGHRDPHQLGHODFHOHPDL

VLPSOHLPDLP UXQWHFDFHUFXULOHGHSULHWHQLIDPLOLDHFKLSHOHGHPXQF SkQ ODFHOHPDLFRPSOH[HLPDL


vQWLQVH FD WULEXULOH SRSRDUHOH QD LXQLOH

ULOH RUJDQL]D LLOH LQWHUQD LRQDOH L PRQGLDOH,QL LDO &RPWH D

GHVHPQDW VWXGLLOH OXL GHVSUH VRFLHWDWH SULQ GHQXPLUHD GH IL]LF  VRFLDO  3HQWUX &RPWH IHQRPHQHOH VRFLDOH
SRW IL FXQRVFXWH FX DMXWRUXO ILOR]RILHL GDU PDL DOHV FX DMXWRUXO VRFLRORJLHL 'HFL &RPWH HVWH QDXO
VRFLRORJLHL QX FUHDWRUXO HL (O D IRVW FHO GLQWkL JkQGLWRU GLQ OXPH FDUH D F XWDW V  IL[H]H VRFLRORJLHL XQ ORF
DQXPHvQFODVLILFDUHDWLLQ HORUVDXvQVLVWHPXOWLLQ HORUUHDOL]DWGHHODGLF V LDVLJXUHXQVWDWXWGHGUHSW
QX QXPDL GH IDSW DGLF  V  R OHJLWLPH]H 'XS  &RPWH WLLQ HOH IRUPHD]  R VHULH ORJLF  IRDUWH ULJXURDV 
FDUH QX SRDWH IL VFKLPEDW  VDX U VWXUQDW  vQFHSkQG FX PDWHPDWLFD XUPkQG FX DVWURQRPLD IL]LFD FKLPLD
ELRORJLD L VIkULQG FX VRFLRORJLD &ODVLILFDUHD DFHDVWD DUDW  R GHSHQGHQ

 OLQHDU  QX UHFLSURF   ILHFDUH

WLLQ D HVWH GHSHQGHQW  GH WRDWH FHOH SUHFHGHQWH GDU QX L GH FHOH FDUH VH VXFFHG )LLQG XOWLPD vQ VHULH
VRFLRORJLD GHSLQGH GHFL GH WRDWH FHOHODOWH WLLQ H 7HUPHQXO GH VRFLRORJLH vQ DFFHS LXQHD FHD PDL JHQHUDO 
vQVHDPQ WLLQ DGHVSUHVRFLHWDWHVDXWLLQ DGHVSUHYLD DVRFLDO 

&RQVWLWXLUHDVRFLRORJLHLFDWLLQ

$&RPWHDFRQWULEXLWODIRUPDUHDXQHLGLVFLSOLQHWLLQ LILFHFDUHV H[SOLFHHYHQLPHQWHOHLSURFHVHOH


GLQ DULD H[LVWHQ HL XPDQH L V  GHD VROX LL FDUH V  SUHYLQ  GH]RUJDQL]DUHDVRFLHW

LL1RXDWLLQ

DDS UXWvQ

)UDQ D vQ DQXPLWH vPSUHMXU UL VRFLRFXOWXUDOH L DQXPH PDQLIHVWDUHD XQRU PDUL PLF UL VRFLDOH FDUH FDX]DX
PDUL VXIHULQ H 0DUHD 5HYROX LH )UDQFH]  VLWXD LD VRFLDO  vQFRUGDW  GHWHUPLQDW  GH vQIUkQJHUHD vPS UDWXOXL
1DSROHRQDO)UDQ HLGHF WUHFRDOL LDvQGUHSWDW vPSRWULYDVDvQLGHvQWRDUFHUHD%RXUERQLORUSHWURQXO
)UDQ HL 5HYHQLUHD vQ DU  D HPLJUDQ LORU L UHYHQGLFDUHD GH F WUH HL D GRPHQLLORU ODWLIXQGLDUH SH FDUH OH
GH LQXVHU vQDLQWHGHUHYROX LHDGXVODGHSRVHGDUHD

UDQLORUGHS PkQWXUL2SDUWHDSRSXOD LHLUXUDOHDOXDW

GUXPXO F WUH RUDH SUROHWDUL]kQGXVH &D XUPDUH D VODEHL GH]YROW UL D LQGXVWULHL vQ )UDQ D VLWXD LD
GHWHUPLQDW GHLQWHUHVXOQRELOLPLLDJUDUHUHYHQLW vQ DU H[FHGHQWXOGHIRU

GHPXQF QXDIRVWDVLPLODWvQ

vQWUHJLPH OD RUD 6D SURGXV R VWDUH GH FUL]  VXV LQXW  GH PDQLIHVW ULOH EXUJKH]LHL OLEHUDOH L GH PLF ULOH
SUROHWDULDWXOXL6DXDFFHQWXDWWHQVLXQLOHLQWHUQHVDSUHJ WLWUHYROX LDEXUJKH] GLQLXOLH
QFRQFOX]LHDFHVWHHYHQLPHQWHQHFHVLWDXGHVFRSHULUHDFDX]HORUFDUHOHDXSURGXV3HOkQJ QHFHVLWDWHD
H[SOLF ULLDFHVWRUHYHQLPHQWHVHFRQVWDW F ILOR]RILDVRFLDO VRFLDOLVPXOXWRSLFSUH]HQWDXVROX LLFDUHQXVH
SXWHDX UHDOL]D HUDX LQHILFLHQWH $WHOLHUHOH OXFUDWLYH L IDODQVWHUHOH GH WLS IRXULHULVW VDX GHVWU PDW 6H FHUHD
DSDUL LD XQHL GLVFLSOLQH GHVSUH VRFLHWDWH FDUH V  H[SOLFH HYHQLPHQWHOH L V  GHD VROX LL FDUH V  SUHYLQ 
GH]RUJDQL]DUHDVRFLHW

LLQWUHEDUHDODFDUHvQFHUFDXV U VSXQG UHSUH]HQWDQ LLJkQGLULLSURJUHVLVWHDYUHPLL

HUD &XP VH SRDWH UHRUJDQL]D VRFLHWDWHD" QWUHEDUHD HUD IRDUWH IUHFYHQW  vQ DFHD SHULRDG  GHRDUHFH VH
F XWDX PLMORDFH VROX LL SHQWUX D VH HYLWD FUL]H L FDWDVWURIH VRFLDOHGHJHQXO0DULL5HYROX LL)UDQFH]H'HFL
VRFLRORJLDDDS UXWWRFPDLSHQWUXDRIHULVROX LLGHLHLUHGLQFUL] SHQWUXUHYHQLUHDODRUGLQHLUHFkWLJDUHD
HFKLOLEUXOXLVRFLDO$SDUL LDVRFLRORJLHLFDWLLQ

DIRVWSUHJ WLW LGHGH]YROWDUHDFHUFHW ULORUH[SHULPHQWDOH

GLQGRPHQLXOWLLQ HORUH[DFWHIL]LF FKLPLHELRORJLH1RXDWLLQ

FDUHDOXDWQDWHUHvQXUPDXQRUFUL]HQX

SXWHD IL GHFkW FULWLF  6RFLRORJXO FDUH vQ SULPD ID]  D HYROX LHL VRFLRORJLHL D GRULW V  VH VSULMLQH V  ILH PDL
DSURDSHGHIL]LF ELRORJLHPDWHPDWLF DVIkULWSULQDVHDSURSLDvQPDUHSDUWHGHILOR]RILH

'LQPRPHQWXODSDUL LHLVDOHLSkQ vQSUH]HQWVRFLRORJLDFDXW V GRYHGHDVF XWLOLWDWHDLHILFLHQ DHL


vQVWXGLXOIDSWHORUVRFLDOHFRQFUHWHV VXEOLQLH]HF HVWHVLQJXUDWLLQ

FDUHGHODDSDUL LHLSkQ vQSUH]HQW

DXUP ULWFHUFHWDUHDXQXLRELHFWvQSHUPDQHQW WUDQVIRUPDUH *%RXWKRXO7UDLWpGHVRFLRORJLH3DULV


S   0HQ LRQ P WRWXL F  RULFkW VDU GH]YROWD RELHFWXO VRFLRORJLHL vQ XOWLP  LQVWDQ

 DU U PkQH WRW

VRFLHWDWHDFXGLPHQVLXQLOHHLHVHQ LDOH UHOD LLJUXSXULLQVWLWX LLRUJDQL]D LLSURFHVHVRFLDOH 


(OHPHQWHOH VSHFLILFH FDUH GHILQHVF R WLLQ

 H[LVWHQ D XQXL GRPHQLX SURSULX GH FHUFHWDUH GH LQHUHD

XQRUPHWRGHVSHFLILFHGHFHUFHWDUHDRELHFWXOXLGHVFRSHULUHDLIRUPXODUHDGHF WUHFHUFHW WRULDOHJLORUFDUH


JXYHUQHD] GRPHQLXOGHFHUFHWDUHVXQWDFFHSWDWHLGHVRFLRORJL
([LVWHQ D LQGLYLGXOXL HVWH GH QHFRQFHSXW vQ DIDUD JUXSXOXL *UXSXULOH PDUL VDX PLFL GXUDELOH VDX
HIHPHUH vL vQWUH LQ RPXOXL OHJ WXULOH FX VRFLHWDWHD RIHULQGXLLFDGUHOHFXOWXUDOHQHFHVDUHSHQWUXUH]ROYDUHD
WUHEXLQ HORUIXQGDPHQWDOHGHKUDQ LGHDS UDUH$VW ]LVRFLRORJLLUHFXQRVFF QXH[LVW QLFLLQGLYL]LXPDQL
I U  VRFLHWDWH QLFL VRFLHWDWH I U  LQGLYL]L 5RELQVRQLVPXO  HVWH R VLPSO  ILF LXQH OLWHUDU  $ILUPD LD OXL
$ULVWRWHO vQ 3ROLWLFD , ,, ,,, WUDG %H]GHFKLQ S  F  RPXO VLQJXU L]RODW GH VRFLHWDWH QX SRDWH IL GHFkW
RULILDU RUL]HXQXvQWkPSLQ RELHF LL
3RUQLQG GH OD IDSWXO F  WHUPHQXO GH VRFLRORJLH vQVHDPQ  WLLQ D GHVSUH VRFLHWDWH V  vQFHUF P V 
U VSXQGHP OD vQWUHEDUHD FH SXWHP V  vQ HOHJHP SULQ QR LXQHD GH VRFLHWDWH" Q JHQHUDO VH YRUEHWH GHVSUH
VRFLHWDWH FD vQ VHQVXO GH VRFLHWDWH EXQ  GLVWLQV  VDX VRFLHWDWH UHD HWF 1R LXQHD GH VRFLHWDWH vQ
VRFLRORJLH PHUJH PDL GHSDUWH HD UHSUH]HQWkQG R FDUDFWHUL]DUH JHQHUDO  D IRUPHL GH YLD

 vQ FRPXQ D

RDPHQLORUGHVHPQkQGLVROLGDULWDWHDDFHVWRUD
5HIHULWRUODLQGLFDWRULLFDUHSRWGHOLPLWDRVRFLHWDWHvQGRPHQLXOVRFLRORJLHLVHSRWOXDvQFRQVLGHUD LH
XUP WRDUHOHSXQFWHGHYHGHUH
QSULPXOUkQGVRFLHWDWHDVHSRDWHGHILQLFDRPXO LPHGHSHUVRDQHFDUHSUH]LQW FDUDFWHUHFRPXQH GH
SLOG SHED]DWUDGL LLORUFXOWXUDOHVHvQW UHWHXQVHQWLPHQWGHDSDUWHQHQ

FRPXQ XQVLVWHPDVHP Q WRUGH

QRUPHLYDORULVHRUJDQL]HD] vQFDGUXOXQHLRUGLQLQD LRQDOHVWDWDOH 


Q DO GRLOHD UkQG VRFLHWDWHD SRDWH IL Y ]XW  FD XQ FDGUX VWUXFWXUDO DO FRQYLH XLULL RDPHQLORU )DFWRULL
OHJD L GH DFHVW FDGUX QRUPH LQVWLWX LL RUJDQL]D LL  DF LRQHD]  FD R VWUXFWXU  SUH]HQWDW  FD XQ SXQFW GH
FRQVROLGDUHDDF LXQLLSULQFDUHPHPEULLXQHLVRFLHW

LH[SHULPHQWHD] RULHQWDUHDLRUGLQHDvQ HOHJHUHD 

QDOWUHLOHDUkQGVRFLHWDWHDHVWHvQ HOHDV FDXQVLVWHPVRFLDODOHF UXLFRPSRQHQWHVHJ VHVFvQUHOD LL


UHFLSURFHVXQWFRUHODWH
3OHFkQG GH OD DFHDVW  FODULILFDUH D QR LXQLL UHVSHFWLYH SHQWUX GHILQLUHD RELHFWXOXL VRFLRORJLHL VD
SURSXVXUP WRDUHDGHILQL LHFDUHFDXW V U VSXQG ODGRX SUREOHPHFRPSOH[HDOHVRFLRORJLORUDSUREOHPD
DF LXQLL VRFLDOH D PHPEULORU VRFLHW

LL E SUREOHPD FDGUXOXL VWUXFWXUDO vQ LQWHULRUXO F UXLD DUH ORF DFHDVW 

DF LXQH'LQDFHDVW SUH]HQWDUHVHSRWGHOLPLWDGRX WLSXULGHGHILQL LLXQDSULQFDUHVRFLRORJLDHVWHY ]XW 


FD ILLQG   WLLQ D FRPSRUWDPHQWXOXL VRFLDO L D GRXD vQ FDUH VRFLRORJLD HVWH WLLQ DVWUXFWXULORUVRFLDOH6D
SURSXV R GHILQL LH FDUH V  FXSULQG  DPEHOH DVSHFWH 6RFLRORJLD HVWH WLLQ D FRPSRUWDPHQWXOXL VRFLDO L D
VWUXFWXULORU VRFLDOH *

QWHU :LVZHGH 6R]LRORJLH /DQGVEHUJ DP /HFK (GLWXUD 0RGHUQH ,QGXVWULH  S

 
3OHFkQGGHODDFHVWHHOHPHQWHWHRUHWLFHQHG PVHDPDFXPGLIHUL LRDPHQLGHWLLQ
GLIHULWH GH FDUDFWHUL]DUH D VRFLRORJLHL ILH F  WLLQ D UHDOLW

DXJ VLWPRGDOLW

L

LL VRFLDOH '*XVWL  ILH FD WLLQ D IDSWHORU VRFLDOH

('XUNKHLP  ILH FD WLLQ D IHQRPHQHORU VRFLDOH WRWDOH FDUH DUH FD GUHSW RELHFW VWXGLXO JOREDO DO UHOD LLORU
VRFLDOH **XUYLWFK  'HPQ  GH VHPQDODW HVWH L R DOW  GHILQL LH FDUH YHGH VRFLRORJLDFDWLLQ DVRFLHW

LORU

RPHQHWLFDGLVFLSOLQ WLLQ LILF FHVHRFXS FXVWXGLXOYLH LLVRFLDOHDOIRUPHORUGHFRPXQLWDWHXPDQ 


GHFRQYLH XLUHVRFLDO  7UDLDQ+HUVHQL 
'LQFHOHSUH]HQWDWHPDLVXVQHG PVHDPDF VRFLRORJLDVWXGLD] DQVDPEOXOGLPHQVLXQLORUVRFLDOHDOH
H[LVWHQ HLRPXOXLHDFHUFHWHD] YLD DVRFLDO DRPXOXLvQFDGUXOGLIHULWHORUVWUXFWXULLLQVWLWX LLDOGLIHULWHORU
WLSXUL GH FRPXQLW

L L FROHFWLYLW

L XPDQH DO GLIHULWHORU JUXS UL VRFLDOH GH OD FHOH PDL PLFL OD FHOH PDL

FXSULQ] WRDUH SkQ  OD QLYHOXO QD LXQLORU VWDWHORU RUJDQL]D LLORU LQWHUQD LRQDOH 6RFLRORJLD VWXGLD] 
FROHFWLYLW

LOHLFRPXQLW

LOHXPDQHFXWRDWHVWUXFWXULOHLLQVWLWX LLORUORUFXIXQF LLOHLYDORULOHORUVRFLDOH

FRUHVSXQ] WRDUHGHRUGLQHFRQRPLFSROLWLFMXULGLFPRUDOUHOLJLRVFXOWXUDOILOR]RILF
&RQVLGHU PGHRVHELWGHLOXVWUDWLY GLQSXQFWXOGHYHGHUHDOSUH]HQW ULLVRFLRORJLHLSULQH[HPSOHOHGDWH
XUP WRDUHD GHILQL LH D RELHFWXOXL VRFLRORJLHL FD WLLQ
FROHFWLYLW

 2ELHFWXO VRFLRORJLHL vO FRQVWLWXLH VWXGLXO

LORU XPDQH L DO UHOD LLORU LQWHUXPDQH vQ FDGUXO DFHVWRUD SUHFXPLDOFRPSRUWDPHQWXOXLXPDQvQ

FDGUXO VRFLDO SURSULX JUXSXULORU L FRPXQLW

LORU XPDQH GH GLIHULWH WLSXUL 9LUJLOLX &RQVWDQWLQHVFX 3DXOD

6WROHUX3RPSLOLX*ULJRUHVFX6RFLRORJLH('3S 


/HJLOHVRFLRORJLFH
6RFLRORJLDFDWLLQ DWUHEXLHV VXUSULQG OHJ WXULOHFDX]DOHGLQVRFLHWDWHLV OHIL[H]HvQHQXQ XUL&D
OHJL VRFLRORJLFH PHQ LRQ P OHJHD FHORU WUHL VWDGLL $&RPWH  OHJHD FUHWHULL GHPRJUDILFH 0DOWKXV  OHJHD
SDUDOHOLVPXOXL VRFLRORJLF '*XVWL  &RQ LQXWXO OHJLL VRFLRORJLFH HVWH VSHFLILF GHRDUHFH GH]Y OXH OHJ WXUL
vQWUH P ULPL RPRJHQH GH DFHODL RUGLQ VDX GH DFHODL GRPHQLX &RQGL LD VSHFLILF  D OHJLORU VRFLRORJLFH
SUHVXSXQH FD FHUFHWDUHD ORU V  VH IDF  SRUQLQG GH OD REVHUYDUHD DQVDPEOXOXL VRFLDO VSUH DQDOL]D S U LORU
OXL 'LF LRQDUGHVRFLRORJLH(G%DEHOS 
8QLL VDYDQ L VXQW GH S UHUH F  VRFLRORJXO QX WUHEXLH V  SLDUG  WLPSXO FX GHVFULHUHD FX GHVFRSHULUHD
OHJLORU GH GH]YROWDUH D VRFLHW

LL FL QXPDL V  FRUHOH]H IDSWHOH VRFLDOH .3RSSHU 0LVqUH GH OKLVWRULFLVPH

3DULVS 
6H SRDWH FRQVLGHUD F  OHJHD vQ VRFLRORJLH VH FDUDFWHUL]HD]  SULQ FRPSOH[LWDWH L HODVWLFLWDWH 8Q
VRFLRORJIUDQFH]DILUPDF VHvQWkPSO IRDUWHUDUFDvQVRFLRORJLHV QHJ VLPvQID DXQRUIDFWRULL]ROD LLvQ
VWDUH SXU  DSURDSH vQWRWGHDXQD LQWHUYLQ QXPHURDVH DOWH HOHPHQWH FD U P L H LQIOXHQ H IDFWRUL ORFDOL VDX
PRWLYH GH GLVSHUVLH VDX GH FRQFHQWUDUH FDUH YLQ V  FRPSOLFH DQDOL]D FRPSXQHUHD IRU HORU *DVWRQ
%RXWKRXL7UDLWpGHVRFLRORJLH,,,HHGLWLRQ3D\RW3DULVS $FHDVW VLWXD LHGLQVRFLRORJLHSRDWH
H[SOLFDGHFLFDUDFWHUHOHPDLVXVPHQ LRQDWH
/HJLOH VRFLRORJLHL VH SRW FODVLILFD vQ FDX]DOH FDUH H[SOLF  FRUHOD LLOH GLQWUH IHQRPHQH UHVSHFWLY
IHQRPHQHFDX] LIHQRPHQHHIHFW IXQF LRQDOH FDUHH[SULP UHOD LLOHGLQWUHFRPSRQHQWHOHXQXLVLVWHPVDX
GLQWUH VLVWHPH  L PL[WH FDUH H[SULP  XQLWDWHDGLQWUHFDX]DOLWDWHGHSHRSDUWHLVFKLPEDUHDWUDQVIRUPDUHD
SHGHDOW SDUWH 
Q VRFLRORJLH VH SRW IDFH FODVLILF UL GH OHJL VLQFURQH VDX VWUXFWXUDOH VDX OHJL GLDFURQLFH VDX JHQHWLFH
3ULPHOH IRUPXOHD]  UDSRUWXULOH GH VLPXOWDQHLWDWH L LQWHUGHSHQGHQ

 vQWUH IHQRPHQHOH VRFLDOH FHOHODOWH

VWDELOHVFXQUDSRUWGHVXFFHVLXQHvQWUHGRX IHQRPHQHSURFHVHVDXvQWUHFRPSRQHQWHOHDFHOXLDLIHQRPHQ
) FkQG R FDUDFWHUL]DUH D OHJLORU VRFLRORJLHL PHQ LRQ P FDUDFWHUXO ORU LVWRULF ILLQG LQIOXHQ DW GH
FRQGL LLOHGHWLPSLGHORFvQFDUHVHPDQLIHVW &HHDFHHVWHSURSULXOHJLORUvQVRFLRORJLHHVWHIDSWXOF HOH
VXQW IRDUWH UDU YDODELOH vQ RULFH WLPS L ORF )LHFDUH GLQWUH FRUHOD LLOH VDX UHOD LLOH IXQF LRQDOH SH FDUH HOH OH
H[SULP  QX HVWH H[DFW  GHFkW vQ DQXPLWH WLSXUL GH VRFLHW

L L DQXPH OD DQXPLWH HSRFL VDX vQ DQXPLWH

vPSUHMXU UL &KLDU vQWUXQ JUXS VRFLDO L OD R HSRF  vQ FDUH HD HVWH YDODELO  R OHJH QX HVWH H[DFW  GHFkW vQ
DQXPLWHOLPLWH$FHVWHOLPLWHVXQWWRWRGDW FDQWLWDWLYHLFDOLWDWLYH *DVWRQ%RXWKRXLRSFLWS 
'DWRULW  FDUDFWHUXOXL FRPSOH[ DO RELHFWXOXL VRFLRORJLHL OHJLOH IRUPXODWH DX XQ FDUDFWHU PDL SX LQ
JHQHUDO GHFL DYHP GH D IDFH FX OHJL SDU LDOH /HJLOH vQ VRFLRORJLH DO WXUL GH RELHFW L GH PLMORDFHOH GH
LQYHVWLJD LH DVLJXU  VRFLRORJLHL F  H[LVWHQ D HL FD WLLQ

 QX PDL SRDWH IL SXV  vQ SHULFRO FDS LQYHVWLJD LD

VRFLRORJLF 
)RUPHOH FRQFHSWXDOH XWLOL]DWH GH VRFLRORJLH SRW IL JUXSDWH vQ IXQF LH GH GRPHQLLOH ORU GH DSOLFDUH L
DQXPH  FRQFHSWH VRFLDOH FXP VXQW FRPXQLWDWH VLWXD LH VRFLDO  JUXS  FRQFHSWH FXOWXUDOH FXP HVWH GH
SLOG  DFXOWXUD LD WHUPHQ SULQ FDUH VH GHVHPQHD]  FRPSOH[XO IHQRPHQHORU UH]XOWDWH GLQ FRQWDFWXO D GRX 
FXOWXUL GLIHULWH  FRQFHSWH SURFHVXDOH FD GH H[HPSOX FRQIOLFW VDX DVLPLODUH WHUPHQL SULQ FDUH VH SRDWH
H[SULPDGLQDPLFDVRFLDO FRQFHSWHVWUXFWXUDOHFXPVXQWIXQF LDGLVIXQF LDVWUXFWXU IRUPDO VWUXFWXU 
LQIRUPDO   FRQFHSWH FRPSRUWDPHQWDOH PRGHO FRPSRUWDPHQWDO FRPSRUWDPHQW GHYLDQW  FRQFHSWH
UHOD LRQDOHLQWHUDF LXQHVWDWXVUROFRQFHSWHRUJDQL]D LRQDOHRUJDQL]D LHLQIRUPDO GHPRFUD LHDQDUKLH
 FRQFHSWH HFRORJLFH PHGLX VRFLDO FDGUX QDWXUDO FDGUX LVWRULF  FRQFHSWH PHWRGRORJLFH DQFKHW 
VRFLRORJLF LQWHUYLXVRFLRORJLFVRFLRJUDPD
5HFHQW VH XWLOL]HD]  FRQFHSWXO GH GH]YROWDUH VRFLRXPDQ  FDUH XUP UHWH XQLWDWHD SODQXULORU GH
GH]YROWDUHSULYLQGFRPSRQHQWHOHGHRUGLQHFRQRPLFLWHKQLFFkWLFHOHGHRUGLQVRFLDOFXOWXUD

&RQFHSWHOHVRFLRORJLHL
6RFLRORJLDRFXS XQORFFHQWUDOvQVLVWHPXOWLLQ HORUVRFLDOH VRFLRXPDQHLDQWURSRORJLFH 
Q FDGUXO WLLQ HORU VDX vQWRFPLW PDL PXOWH WLSXUL GH FODVLILF UL vQ FDUH LD J VLW ORF L VRFLRORJLD
$XJXVWH&RPWHDUHDOL]DWRVHULHOLQHDU DWLLQ HORULHUDUKL]DWHSHED]DXQHLFRQWLQXLW

LORJLFHOXkQGXVHvQ

FRQVLGHUD LH FUHWHUHD JUDGXOXL GH FRPSOH[LWDWH Q FODVLILFDUHD UHDOL]DW  GH $XJXVWH &RPWH VXQW vQJOREDWH
WLLQ HIXQGDPHQWDOH PDWHPDWLF DVWURQRPLHIL]LF ELRORJLHVRFLRORJLH 
5HSUH]HQWDQ LDLJkQGLULLWLLQ LILFHURPkQHWLDXI FXWvQFHUF ULGHFODVLILFDUHDWLLQ HORUFDGHSLOG 
$';HQRSROFDUHDvPS U LWWLLQ HOHvQGRX JUXSHWLLQ HOHIDSWHORUGHUHSHWL LHVDXDOHOHJLORULWLLQ HOH
IDSWHORUGHVXFFHVLXQHVDXDOHVHULLORU3ULPDFDWHJRULHvQJOREDORJLF PDWHPDWLF IL]LF FKLPLHELRORJLH
SVLKRORJLHLVRFLRORJLH&HDGHDGRXDFDWHJRULHFXSULQGHDSUHLVWRULHLVWRULHXPDQ LVWRULRJUDILHILOR]RILH
LVWRULHHSLVWHPRORJLH

Q FDGUXO WLLQ HORU VRFLDOH VH FRQWXUHD]  GLVFLSOLQH VSHFLILFH FD GH SLOG  DQWURSRORJLH HFRQRPLH
SVLKRORJLH VRFLDO  VRFLRORJLD LVWRULH $FHVWH WLLQ H VH GLVWLQJ GH GLVFLSOLQHOH XPDQLVWH ILOR]RILH WHRORJLH
LVWRULRJUDILH DUWH HWF 8QLL FHUFHW WRUL XUP ULQG OHJ WXULOH VRFLRORJLHL FX DOWH WLLQ H VRFLDOH HPLW LSRWH]D
DSDUL LHLvQ]RQHOHGHLQWHUIHUHQ

DOHVRFLRORJLHLFXFHOHODOWHWLLQ HVRFLDOHDXQRUWLLQ HGHJUDQL

 6-RQDV

3RXU XQH VRFLRORJLH V\QWKpWKLTXH vQ /H FHQWHQDLUH GX &DSLWDO 0RXWRQ   $VWIHO VRFLRORJLD LQWU  vQ
UDSRUWXUL VWUkQVH FX SVLKRORJLD LVWRULD JHRJUDILD XPDQ  HFRQRPLD DQWURSRORJLD L HWQRORJLD OLQJYLVWLFD
,QWHUIHUHQ HOH JHQHUHD]  SVLKRORJLD VRFLDO  DQWURSRORJLD HFRQRPLF  SVLKRORJLD LVWRULF  HFRQRPLD VRFLDO 
LVWRULD VRFLDO  XUEDQLVPXO HUJRQRPLD GHPRJUDILD DQWURSRORJLD FXOWXUDO  SVLKDQDOL]D VHPDQWLFD L
DQWURSRORJLDVRFLDO  7RPD5RPDQ,QWURGXFHUHvQVRFLRORJLDHFRQRPLF (G$6(%XFS 
&RODERUDUHD VRFLRORJLHL FX DOWH WLLQ H HVWH QHFHVDU  QX QXPDL SHQWUX UH]ROYDUHD DQXPLWRU DVSHFWH
OHJDWH GH FRPSRUWDUHD LQGLYL]LORU L JUXSXULORU UHVSHFWLY QX DUH OHJ WXUL QXPDL FX SVLKRORJLD FL L FX DOWH
WLLQ H VRFLDOH LVWRULD HFRQRPLD SROLWRORJLD GHPRJUDILD VRFLDO  LVWRULD FXOWXULL HWF (OHPHQWXO VSHFLILF DO
VRFLRORJLHL ID

 GH FHOHODOWH WLLQ H VRFLDOH HVWH XUP ULUHD OHJLORU YLH LL VRFLDOH D UHOD LLORU LQWHUXPDQH D

VWUXFWXULORUVRFLDOHDIRU HORUVRFLDOHFDUHLQIOXHQ HD] GLQDPLFDJUXSXULORUPDULLPLFL'HFLSXWHPVXEOLQLD


F  VH PDQLIHVW  VWUkQVH UHOD LL vQWUH VRFLRORJLH L DOWH WLLQ H VRFLRXPDQH vQ FDUH VRFLRORJLD GH LQH XQ URO
FHQWUDO

6RFLRORJLHJHQHUDO

VRFLRORJLLGHUDPXU

6RFLRORJLD VD PDQLIHVWDW FD GLVFLSOLQ  VLQWHWLF  L LQWHJUDOLVW  GHRDUHFH D DS UXW GH OD DQXPLWH
IHQRPHQH VRFLDOH ILH HOH MXULGLFH ILH HFRQRPLFH ILH HWQRJUDILFH GDU WUHSWDW LD O UJLW SXQFWXO GH YHGHUH
GHS LQGDVSHFWXOIRUPDOMXULGLFVDXFHOPDWHULDOHFRQRPLFSHQWUXDOHSULYLvQXQLWDWHDORUVXSHULRDU 2ULFH
IHQRPHQ GH YLD

 VRFLDO  HVWH RELHFW GH VWXGLX SHQWUX VRFLRORJLH L ILHFDUH WLLQ

 VRFLDO  SRDW  DGRSWD XQ

SXQFW GH YHGHUH VRFLRORJLF GH DFHHD VH SRDWH YRUEL GH R VXPHGHQLH GH VRFLRORJLL HFRQRPLF  MXULGLF 
UHOLJLRDV  HWF  GDU VRFLRORJLD SURSULX]LV  JHQHUDO  QQ  SULYHWH IHQRPHQXO VRFLDO vQ WRWDOLWDWHD VD
ED]kQGXVHSHFXQRWLQ HOHVSHFLDOHIXUQL]DWHGHWLLQ HOHVRFLDOH SDUWLFXODUHLVRFLRORJLLGHUDPXU QQ 
3$QGUHL6RFLRORJLDJHQHUDO &UDLRYDS 
'LQLGHLOHSUH]HQWDWHGH3$QGUHLUH]XOW F VHSRDWHYRUELGHPDQLIHVWDUHDXQRUVRFLRORJLLSDUWLFXODUH
FDUHDXFDRELHFWVXEDQVDPEOXULOHVRFLDOHLDXQHLVRFLRORJLLJHQHUDOHFDUHDUHUROXOGHDVWDELOLFRQFHSWHOHL
WHRULLOH OHJLW

LOH FHOH PDL JHQHUDOH FDUH SULYHVF DQVDPEOXO IHQRPHQHORU L SURFHVHORU VRFLDOH GLIHULWHOH

GRPHQLLDOHYLH LLVRFLDOHvQXQLWDWHDORU6RFLRORJLDJHQHUDO SUHLDLQIRUPD LLOHGHODVRFLRORJLLOHGHUDPXU 


GHODFHOHODOWHWLLQ HGHVSUHVRFLHWDWHLJkQGLUHLHODERUHD] QRLPRGHOHFXFHOPDLvQDOWJUDGGHFXSULQGHUH
6RFLRORJLD JHQHUDO  UHSUH]LQW  VWXGLXO WXWXURU PDQLIHVW ULORU YLH LL VRFLDOH 5ROXO VSHFLILF DO VRFLRORJLHL
JHQHUDOH HVWH GH D VWDELOL FRQFHSWHOH L WHRULLOH OHJLW

LOH FHOH PDL JHQHUDOH FDUH SULYHVF DQVDPEOXO

IHQRPHQHORU L SURFHVHORU VRFLDOH GLIHULWHOH GRPHQLL DOH YLH LL VRFLDOH vQ XQLWDWHD ORU &DUDFWHUL]kQG
VRFLRORJLDJHQHUDO $&XYLOOLHUVSXQHD6RFLRORJLDJHQHUDO UHSUH]LQW VWXGLXOWRWDODOWXWXURUPDQLIHVW ULORU
YLH LL VRFLDOH SDUWLFXODUH DD FXP IL]LFD vQJOREHD]  RSWLFD DFXVWLFD WHUPLFD HOHFWULFLWDWHD $&XYLOOLHU
0DQXHOGHVRFLRORJLHYRO,3DULV 3XWHPFRQVLGHUDF VRFLRORJLDJHQHUDO FXSULQGHWHRULDVWUXFWXULORU
VRFLDOHDJUXSXULORUVRFLDOHFXSULQFLSLLOHDOF WXLULLORUFXLHUDUKLDHOHPHQWHORUFRPSRQHQWHFXPHFDQLVPHOH
FDUH DVLJXU  IXQF LRQDUHD ORU (D VH RFXS  FX FDUDFWHULVWLFLOH JHQHUDOH  DEVWUDFWH DOH FRPSRUWDPHQWXOXL
VRFLDO 'HFL VRFLRORJLD SRDWH IL QXPLW  WLLQ
WLLQ D D VRFLHW

 D VRFLDOXOXL FD IRUP  JHQHUDO  GH H[LVWHQ

 D YLH LL XPDQH R

LL JOREDOH D RUJDQL] ULL L GLQDPLFLL VDOH D VXEVLVWHPHORU GLQ FDUH VH FRPSXQH VRFLHWDWHD

JOREDO  L D UHOD LLORU ORU DWkW FX VLVWHPXO JOREDO FkW L FX FHOHODOWH VXEVLVWHPH DOH DFHVWXLD 'DQD 9LFWRULD
6DYX6RFLRORJLDJHQHUDO %XFXUHWL$6(S 
6RFLRORJLLOH GH UDPXU  GHVFULX GLIHULWH GRPHQLL DOH UHDOLW

LL OH H[SOLF  L OH DVLJXU  L WHKQLFL GH

FHUFHWDUH([LVW QXPHURDVHUDPXULDOHVRFLRORJLHLFDUHVXQWVSHFLDOL]DWHvQIXQF LHGHGRPHQLLOHLDVSHFWHOH


YLH LLVRFLDOH)LHFDUHUDPXU QRX DVRFLRORJLHLvLDGXFHXQVSRUGHLGHQWLWDWH
2ELHFWXO GH VWXGLX DO VRFLRORJLHL FXSULQGH R PXO LPH GH SUREOHPH FRPSOH[H 3ULQ VWXGLHUHD
DSURIXQGDW  D DFHVWRU GLVFLSOLQH VD DMXQV OD GHOLPLWDUHD XQXL VLVWHP GH GLVFLSOLQH VRFLRORJLFH FD GH SLOG 
VRFLRORJLD FROHFWLYLW

LORU XPDQH VRFLRORJLD RSLQLHL VRFLRORJLD YDORULORU VRFLRORJLD SRSXOD LHL VRFLRORJLD

FRPXQLF ULL VRFLRORJLD FXQRDWHULL VRFLRORJLD YLH LL PRUDOH VRFLRORJLD UHOLJLHL VRFLRORJLD DUWHL VRFLRORJLD
YLH LLPRUDOHVRFLRORJLDFXOWXULL
&D XUPDUH D VSHFLDOL] ULL GRPHQLLORU GH FHUFHWDUH VRFLRORJLF  VD DMXQV OD GLIHUHQ LHUHD GLVFLSOLQHORU
VRFLRORJLFHODFRQWXUDUHDXQRUUDPXULDOHVRFLRORJLHLODFRQVWLWXLUHDXQRUGRPHQLLLQWHUGLVFLSOLQDUH

6RFLRORJLHHFRQRPLF

6RFLRORJLD HFRQRPLF  VH QXP U  SULQWUH VRFLRORJLLOH VSHFLDOH 6RFLRORJLD VSHFLDO  HVWH RULHQWDW  VSUH
XWLOL]DUHD SUH]HQW ULL SUREOHPHORU QR LXQLORU L FRQFHS LLORU WHRUHWLFH DOH VRFLRORJLHL JHQHUDOH SUHFXP L

PHWRGHORUFHUFHW ULLVRFLRORJLFHH[SHULPHQWDOHvQGLUHF LDFHUFHW ULLDVSHFWHORUVRFLRFXOWXUDOHDOHGLIHULWHORU


VXEVLVWHPH L FkPSXUL GH SUREOHPH DOH YLH LL vQ FRPXQ GLQ VRFLHWDWH 6RFLRORJLD HFRQRPLF  VHUYHWH OD
FHUFHWDUHDDVSHFWHORUVRFLRFXOWXUDOHDOHVXEVLVWHPXOXLHFRQRPLFDOVRFLHW

LLFHUFHWDUHIXQGDPHQWDW WHRUHWLF

L RULHQWDW  SUDFWLF 6RFLRORJLD HFRQRPLF  VH OLPLWHD]  QX QXPDL OD DQDOL]D OHJ WXULORU VWUXFWXUDOH FL VH
VWU GXLHWHV UHDOL]H]HFHUFHWDUHDSURFHVHORUPRGXULORUGHFRPSRUWDPHQWLIHQRPHQHORUGHVFKLPEDUHSHR
SHULRDG PDLvQGHOXQJDW GHWLPS
6H SRDWH YRUEL GHVSUH R VRFLRORJLH HFRQRPLF  JHQHUDO  L GH XQ QXP U GH VRFLRORJLL HFRQRPLFH
VSHFLDOH

6RFLRORJLD

HFRQRPLF 

JHQHUDO 

FHUFHWHD]  vQ PRG JHQHUDO DVSHFWHOH VRFLRFXOWXUDOH DOH

IHQRPHQHORU HFRQRPLFH GHWHUPLQDQWHOH VRFLRFXOWXUDOH DOH DF LXQLL HFRQRPLFH LQWHUGHSHQGHQ D GLQWUH


HFRQRPLHVRFLHWDWHLFXOWXU LQWHUGHSHQGHQ DGLQWUHVXEVLVWHPXOHFRQRPLFLDOWHVXEVLVWHPHDOHVRFLHW

LL

HOHPHQWHOHSUREOHPHOHLFRQVHFLQ HOHGH]YROW ULLHFRQRPLFH


6RFLRORJLD HFRQRPLF  FRQ LQH XQ QXP U GH VRFLRORJLL VSHFLDOH 'XS  XQLL FHUFHW WRUL SXWHP GHRVHEL
VRFLRORJLLHFRQRPLFHIXQF LRQDOHVHFWRUDOHLLVWRULFH
QFDGUXOVRFLRORJLLORUHFRQRPLFHIXQF LRQDOHGHRVHELPVRFLRORJLDPXQFLLLDVHUYLFLXOXLVRFLRORJLD
SLH HLLDFRQVXPXOXL LQFOXVLYVRFLRORJLDPDUNHWLQJXOXLVRFLRORJLDUHFODPHLVRFLRORJLDvQWUHSULQGHULLvQ
VSHFLDOFRPSRUWDPHQWXOGLQvQWUHSULQGHUH VRFLRORJLDDGPLQLVWUD LHLLDRUJDQL]D LHLLVRFLRORJLDWHKQLFLL
Q UkQGXO VRFLRORJLLORU VHFWRULDOH QXP U P VRFLRORJLD DJUDU  VRFLRORJLD LQGXVWULDO  VRFLRORJLD
VHFWRUXOXL WHU LDU FDSDFLWDWHD VHUYLFLLORU VRFLRORJLD IXQF LRQDULORU 6RFLRORJLLOHHFRQRPLFHLVWRULFHFXSULQG
DVSHFWH DOH HSRFLORU WLPSXULL DOH LVWRULHL HFRQRPLFH L SUHFL]HD]  GLQ SXQFW GH YHGHUH LVWRULF IRUPH
FRUHVSXQ] WRDUH DOH HFRQRPLHL GLQ WUHFXW FD GH SLOG  HFRQRPLD vQ SHULRDGD SU EXLULL ,PSHULXOXL 5RPDQ
HFRQRPLD5HQDWHULLHWFHFRQRPLDGLQSHULRDGDUHYROX LHLLQGXVWULDOH
6RFLRORJLD HFRQRPLF  DUH vQWUHS WUXQGHUL YDULDWH FX QXPHURDVH VRFLRORJLL VSHFLDOH FD GH SLOG  FX
VRFLRORJLD SROLWLF  vQ VSHFLDO FX VRFLRORJLD GRPLQD LHL L D XQLXQLL FX VRFLRORJLD FXOWXULL vQ VSHFLDO FX
GRPHQLXO LGHLORU FX FRPSRUWDPHQWHOH SVLKLFH YDORULOH VWLOXO GH YLD

 6RFLRORJLD HFRQRPLF  DUH

vQWUHS WUXQGHUL GH DVHPHQHD FX VRFLRORJLD UHOLJLLORU vQ VSHFLDO FX LQIOXHQ D HWLFRUHOLJLRDV  DVXSUD
FRPSRUWDPHQWXOXL HFRQRPLF 6H PDQLIHVW  OHJ WXUL L FX VRFLRORJLD GH]YROW ULL DGLF  FX VRFLRORJLD

ULORU

GH]YROWDWH FX VRFLRORJLD IDPLOLHL vQ VSHFLDO IDPLOLD FD VRFLHWDWH GH FRQVXP FHUFHW UL GH EXJHW GH IDPLOLH
FRPSRUWDPHQWXO GH FRQVXP 0HQ LRQ P GH DVHPHQHD UHOD LL FX VRFLRORJLD vQY

ULL L D LQVWUXLULL FX

VRFLRORJLD WLPSXOXL OLEHU L D VSRUWXOXL FX VRFLRORJLD RUDXOXL L D DH] ULORU FX VRFLRORJLD UHJLRQDO  FX
VRFLRORJLDWHKQLFLLFXVRFLRORJLDHFRQRPLF vQVSHFLDOFXSUREOHPDFUHWHULLHFRQRPLFHLDFUL]HLPRQGLDOH
6HSRWXUP ULUHOD LLOHUHFLSURFHGLQWUHVRFLRORJLDHFRQRPLF LDOWHWLLQ HVRFLDOHLDQXPHHFRQRPLD
SROLWLF  vQ VSHFLDO WHRULD FRPSRUWDPHQWXOXL HFRQRPLF FHUFHW ULOH GH FRQMXQFWXU  RUGLQHD HFRQRPLF 
SUREOHPHDOHSXWHULLHFRQRPLFH6HSRWXUP ULGHDVHPHQHDOHJ WXULFXHFRQRPLDvQWUHSULQGHULLvQVSHFLDOFX
WLLQ DRUJDQL] ULLLDFRQGXFHULLFXWLLQ DUHOD LLORUXPDQHLDUHOD LLORUSXEOLFHFXSVLKRORJLDvQVSHFLDOFX
SVLKRORJLD VRFLDO  SVLKRORJLD PXQFLL D vQWUHSULQGHULL L SVLKRORJLD HFRQRPLF  SVLKRORJLD UHFODPHL 3XWHP
PHQ LRQD L OHJ WXUD FX LVWRULD vQ VSHFLDO FX LVWRULD HFRQRPLF  VRFLDO  L FXOWXUDO  VDX FX WLLQ D SROLWLF 
UHVSHFWLY SROLWRORJLD FX WLLQ D GUHSWXOXL FX WLLQ D PXQFLL vQ UkQGXO F UHLD VH QXP U  L VRFLRORJLD PXQFLL
VDXFKLDUFXVWDWLVWLFDWLLQ DFRPXQLFD LLORULFLEHUQHWLFD
QWUH VRFLRORJLD HFRQRPLF  L DOWH WLLQ H HFRQRPLFH DSDU DVWIHO VFKLPEXUL GH QR LXQL GH UH]XOWDWH DOH
FHUFHW ULORUGHFRQFHS LLPHWRGLFHLWHRUHWLFH


















&DSLWROXO'H]YROWDUHDLVWRULF

DVRFLRORJLHL


,QWHUHVXOSHQWUXvQ HOHJHUHDUHDOLW

LLVRFLDOHVDPDQLIHVWDWGLQFHOHPDLYHFKLWLPSXUL5HIOH[LLDVXSUD

H[LVWHQ HL RPXOXL vQ VRFLHWDWH VH J VHVF vQ SULPHOH PDQLIHVW UL VSLULWXDOH DOH RPHQLULL 1RUP UL DOH YLH LL
RPXOXL vQ VRFLHWDWH OH DIO P GLQ &RGXO OXL +DPXUDEL GLQ %DELORQ  GLQ /HJLOH OXL 0DQX GLQ ,QGLD GLQ
QY

WXUDOXL3WDKKRWHSGLQ(JLSWXODQWLFGLQVFULHULOH9HFKLXOXL7HVWDPHQW,QGLFD LLOHGLQGRFXPHQWHOH

UHVSHFWLYH XUP UHDX RUGRQDUHD YLH LL VRFLDOH GLULMDUHD UHOD LLORU GLQWUH LQGLYL]L GLQWUH LQGLYL]L L LQVWLWX LL
GLQWUHJUXSXULLLQGLYL]LL]ROD L
$VSHFWH DOH JkQGLULL VRFLRORJLFH VH SRW VHVL]D vQ ILOR]RILD JUHDF  vQ SULPXO UkQG OD 3ODWRQ Q RSHUD
DFHVWXLPDUHILOR]RIDODQWLFKLW

LLVHSRDWHDQDOL]DVWDWXWXOLIXQF LLOHVDOHGHFRQGXFHUH

0XOWPDLWkU]LXVDGHVSULQVVRFLRORJLDGHDFHDWLLQ

JHQHUDO DVWDWXOXLLGHILOR]RILDVWDWXOXL

Q HSRFD PRGHUQ  VDX UHQXQ DW OD FRQFHS LLOH XWRSLFH UHIHULWRDUH OD VRFLHWDWH $X DS UXW WHRULL
FRQWUDFWXDOLVWH FDUH DX DYXW FD UHSUH]HQWDQW GH VHDPD SH 7KRPDV +REEHV (O SUHVXSXQH XQ FRQWUDFW vQWUH
LQGLYL]L SULQ FDUH WR L UHQXQ

 OD GUHSWXO ORU QDWXUDO vQ PRG FRQFRPLWHQW JDUDQWkQGXL UHFLSURF VLJXUDQ D

SHUVRQDO $GHSWDOWHRULHLFRQWUDFWXDOHDIRVWL5RXVVHDXFDUHFRQVLGHU F RPXOSULQQDWHUHHVWHEXQOLEHU


L HJDO &RUXSHUHD LQGLYLGXOXL D RPXOXL VH GDWRUHD]  VRFLHW
FDOLW

LORU vQQ VFXWH SRW V  DVLJXUH UHDOL]DUHD XQHL VRFLHW

GUHSWXULORULOLEHUW

LL &RUHFWDUHD SULQ VWLPXODUHD HGXFD LRQDO  D

L HFKLOLEUDWH FDUH V  GHD SRVLELOLWDWHD JDUDQW ULL

LLWXWXURU

3OHFkQG GH OD FHOH VHPQDODWH PDL VXV XQLL FHUFHW WRUL Y G PDL PXOWH L]YRDUH FDUH DX GXV OD VFKL DUHD
VRFLHW

LL$VWIHOLOXPLQLVPXOOXL5RXVVHDXLGHDOLVPXOOXL.DQWOLEHUDOLVPXOOXL$GDP6PLWKVRFLDOLVPXOOXL

0DU[ XWLOLWDULVPXO OXL %HQWKDP DX FRQWULEXLW OD IXQGDPHQWDUHD XQHL LPDJLQL FkW PDL YHULGLFH D VRFLHW

LL

$FHDVWDDIRVWY ]XW vQGLIHULWHVFULHULILHFDRLQVWLWX LHGHFRQVWUkQJHUHILHFDXQFDGUXGHFRQIOLFWILHFDR


UHDOL]DUHDOLEHUW

LLILHFDXQVSLULWRELHFWLYILHFDRUHDOL]DUHDSURJUHVXOXL7HUPHQXOGHVRFLRORJLHHVWHSXV

vQFLUFXOD LHvQGHF WUH$XJXVWH&RPWH  (ODQ ]XLWV IXQGDPHQWH]HRGLVFLSOLQ WLLQ LILF 


FDUH V  H[SOLFH HYHQLPHQWHOH L SURFHVHOH GLQ DULD H[LVWHQ HL XPDQH L V  GHD VROX LL FDUH V  SUHYLQ 
GH]RUJDQL]DUHD VRFLHW

LL 3HQWUX D VH SXWHD vQ HOHJH QHFHVLWDWHD vQWHPHLHULL DFHVWHL QRL WLLQ H UHVSHFWLY

VRFLRORJLD HO D DQDOL]DW SHULRDGHL GH vQFHSXW D VHFROXOXL ;; vQ VRFLHWDWHD HXURSHDQ  D SURPRYDW R QRX 
WLLQ D GHVSUH VRFLHWDWH VRFLRORJLD  D HODERUDW R FRQFHS LH SROLWLF  L XQ SODQ GH UHIRUP  VRFLDO  /XL vL
DSDU LQHOHJHDFHORUWUHLVWDGLL WHRORJLFPHWDIL]LFSR]LWLY 'XS S UHUHDOXL&RPWHSURFHVXOGHWUHFHUHGHOD
XQVWDGLXODDOWXODUHORFSUHWXWLQGHQLDWkWvQYLD DPDWHULDO FkWLvQFHDVSLULWXDO QFHOGHDOWUHLOHDVWDGLX
LQGXVWULDLL EDQFKHULL L GLUHFWRULL GH IDEULF  YRU RFXSD SR]L LL VXSHULRDUH vQ VRFLHWDWH L GHFL YRU HODERUD
SULQFLSLLGHRUGLQHVRFLDO GLVWLQFWHGHFHOHH[LVWHQWHvQFHOHODOWHGRX VWDGLLDQWHULRDUH2ELHFWXODF LXQLLORUvO
YD FRQVWLWXL SUHOXFUDUHD UD LRQDO  D UHVXUVHORU QDWXULL DGLF  XWLOL]DUHD WLLQ HL L WHKQLFLL vQ VFRSXUL SUHFLVH
$FHDVWDHVWHXWRSLDOXL&RPWH6SUHGHRVHELUHGHXWRSLDOXL0DU[FDUHDWULEXLDUROXOVDOYDWRUSUROHWDULDWXOXL
URO FDUH YD IL GHYLDW GH /HQLQ VSUH LGHRORJLD UHYROX LHL XWRSLD FRPWHLHQ  DWULEXLH UROXO KRW UkWRU
LQWHOHFWXDOXOXLVDYDQW
$FHVWHD VXQW FHOH GRX  PDUL XWRSLL FDUH DX WUDYHUVDW HSRFD PRGHUQ  'DF  FHD PDU[LVW  VD SU EXLW
FHDFRPWHLDQ KU QHWHVSHUDQ DXQRULQWHOHFWXDOLFDUHVHFUHGFKHPD LD]LV VDOYH]HOXPHD
&RQWLQXDWRU DO OXL $&RPWH D IRVW IUDQFH]XO ('XUNKHLP   0HULWXO V X D FRQVWDW vQ
HODERUDUHD FDGUXOXL FRQFHSWXDO VSHFLILF VRFLRORJLHL L D GHILQLULL WHUPHQLORU HL SURSULL 'H DVHPHQHD D
IXQGDPHQWDWDQXPLWHSULQFLSLLPHWRGRORJLFHSULYLQGVRFLRORJLD(ODXUP ULWV GH]YROWHRGLVFLSOLQ FDUHV 
DLE XQRELHFWGLVWLQFW(ODHODERUDWFXQRVFXWDWHRULHDIDSWXOXLVRFLDOGXS FDUHIDSWHOHVRFLDOHWUHEXLHVF
FRQVLGHUDWH GUHSW OXFUXUL )LLQG H[WHULRDUH LQGLYLGXOXL SDUWLFXODU L H[HUFLWkQG R SUHVLXQH IRU DW  DVXSUD
DFHVWXLDHOHDXXQUROFRHUFLWLY8QVSD LXGLVWLQFWvQRSHUDOXL'XUNKHLPHVWHDIHFWDWVROLGDULW

LLVRFLDOH(O

FRQVLGHU  F  H[LVW  GRX  WLSXUL GH VROLGDULWDWH VRFLDO  L DQXPH R VROLGDULWDWH PHFDQLF  L R VROLGDULWDWH
RUJDQL]  3ULPD FRUHVSXQGH VRFLHW

LORU SULPLWLYH L FDUDFWHUL]HD]  LQGLYL]L SX LQ GLIHUHQ LD L 2DPHQLL VH

DVRFLD]  vQWUH HL ILLQGF  DX DFHOHDL VHQWLPHQWH L DX QRUPH SH FDUH OH UHFXQRVF vQ FRPXQ Q FD]XO
VROLGDULW
$FWLYLW

LL RUJDQLFH FRHUHQ D JUXSXOXL UH]XOW  QX GLQ XQLIRUPLWDWHD LQGLYL]LORU FL GLQ GLIHUHQ LHUHD ORU
LOH SURGXFWLYH VH PXOWLSOLF  vQ PRG FRQVLGHUDELO LDU GLYL]LXQHD PXQFLLODIHO6HGH]YROW HOHPHQWH

OHJDWHGHGH]YROWDUHDPHWHXJXULORUPDLWkU]LXDSDUHLQGXVWULD,QGLYLGXDOLWDWHDXPDQ ODDFHVWQLYHOVH
DILUP SULQVLQHLDUVRFLHWDWHDVHGH]YROW GDWRULW GH]YROW ULLGHSHUVRQDOLWDWHDILHF UXLRP
2 SHUVRQDOLWDWH FDUH VD LPSXV vQ DSURDSH WRDWH WLLQ HOH GHVSUH RP vQ VRFLRORJLH SVLKRORJLH GUHSW
HWLF LVWDWLVWLF +HUEHUW6SHQFHU  GHIRUPD LHLQJLQHUFDL$XJXVWH&RPWHFRQWHPSRUDQFXR
SOHLDG GHJkQGLWRULHQJOH]LDvQFHUFDWV LOXVWUH]HOHJLOHGHHYROX LHVRFLDO SULQGDWHGLQLVWRULHELRORJLHL
SVLKRORJLH 3H ED]D XQXL YDVW PDWHULDO WLLQ LILF D VXV LQXW F  OHJHD IXQGDPHQWDO  D vQWUHJLL H[LVWHQ H HVWH
HYROX LD &RQVLGHU  F  WRDWH WUDQVIRUP ULOH GLQ XQLYHUV VXQW GH GRX  IHOXUL LQWHJUDUHD VDX HYROX LD L
GH]LQWHJUDUHD VDX GLVROX LD 6SHQFHU VXV LQH F  VRFLHWDWHD HVWH R VSHFLH D XQLYHUVXOXL L R FRPSDU  FX XQ

RUJDQLVP ELRORJLF Q ILHFDUH RP H[LVW  R WHQGLQ D SURSULH GH D VH GH]YROWD Q VRFLHWDWHD VH LQVWLWXLH XQ
HFKLOLEUX GH VWUXFWXU  FDUH WLQGH VSUH XQ HFKLOLEUX GH IXQF LXQL 'XS  FRQFHS LD OXL VRFLHWDWHD XPDQ 
SDUFXUJHGRX ID]HID]DPLOLWDU LID]DLQGXVWULDO 
)D]DPLOLWDU VHFDUDFWHUL]HD] SULQFRRSHUDUHLPSXV GLQDIDUDJUXSXOXL
QID]DLQGXVWULDO FRQFRPLWHQWFXDF LXQLOHDSDUDWXOXLSROLWLFLSDUDOHOFXUROXODFHVWXLDGHDFRQGXFH
VD IRUPDW XQ IRU GH WLS LQGXVWULDO FDUH FRRUGRQHD]  vQWUXQ PRG DXWRQRP DFWLYLW
VWDWXOXL VH UHVWUkQJ &HW

LOH HFRQRPLFH )XQF LLOH

HQLL vQ ID]D LQGXVWULDO  VXQW GHWHUPLQD L V  DLE  HL vQLL JULM  GH  6XEVLVWHQ D ORU

JHQHUDO  FHHD FH SUHVXSXQH DILUPDUHD SOHQDU   D LQL LDWLYHL SURSULL L GXFH ODDQXODUHDIXQF LLORUFRHUFLWLYH
DOHRUJDQHORUGHVWDW(OLQVLVW DVXSUDLGHLLGXS FDUHVWDWXOH[LVW vQSURILWXOLQGLYL]LORULHVWHSUHRFXSDW
GH D IRUPXOD VROX LL FDUH V  UHVWUkQJ  SUHURJDWLYHOH RILFLDOH vQ DYDQWDMXO OLEHUW

LL LQGLYLGXDOH vQ GRFWULQD

OLEHUDO 
8Q ORF FHQWUDO vQ GRFWULQD OXL :HEHU   vO RFXS  FRQFHSWXO GH DF LXQH VRFLDO  QV L
VRFLRORJLD HVWH GHILQLW  GH HO GUHSW WLLQ D D DF LXQLL XPDQH (O GLVWLQJH SDWUX WLSXUL GH DF LXQH D DF LXQH
UD LRQDO vQUDSRUWFXXQVFRSEDF LXQHUD LRQDO vQUDSRUWFXRYDORDUHFDF LXQHDIHFWLY VDXHPR LRQDO 
GDF LXQHWUDGL LRQDO 3ULPXOWLSGHDF LXQHVHUHIHU ODIDSWXOF LQGLYLGXOVWUXFWXUHD] SUHFLVVFRSXOSURSXV
L DOHJH PLMORDFHOH SHQWUXDWLQJHUHDOXLQDOGRLOHDFD]QXVHDF LRQHD] SHQWUXXQVFRSvQVLQHQLFLSHQWUX
XQUH]XOWDWFLSHQWUXDU PkQHILGHOLXQHLDQXPLWHLGHLLGHLLGHRQRDUHFLQVWHSULHWHQLHFXUDM$EDQGRQkQG
R DF LXQH VDX QHvQGHSOLQLQGR vQ WHUPHQL H[DF L R DWDUH DWLWXGLQH FRQGXFH OD GHSUHFLHUHD VRFLDO  L OD
SLHUGHUHDFUHGLELOLW

LLFHORUGLQMXU8UPHD] DF LXQHDDIHFWLY FDUHGHFXUJHGLQVWDUHDGHVSLULWDVXELHFWXOXL

L GLQ WU LULOH OXL VHQWLPHQWDOH (D FDUDFWHUL]HD]  DF LXQLOH V YkULWH GLQ SDVLXQH VDX GLQ VHQWLPHQWH Q ILQH
H[LVW  XQ WLS VSHFLDO GH DF LXQH XPDQ  FDUH HVWH LPSXV  GH WUDGL LL L RELQXLQ H Q OLPLWHOH DFHVWRU DF LXQL
SUHFL]HD] VRFLRORJXOJHUPDQDXWRUXODJHQWXOVHPDQLIHVW QXvQYLUWXWHDXQXLVFRSSURSULXLQLFLSHQWUXF 
UHSUH]LQW  R YDORDUH VDXHVWHDIHFWDWGHHPR LHFLvQWUXFkWVHVXERUGRQHD] ILUHVFPRGHOHORUGLQSUDFWLF Q
FRQFOX]LH WUHEXLH V  PHQ LRQ P F  0D[ :HEHU VH QXP U  SULQWUH SLRQLHULL VRFLRORJLHL vQWUHSULQGHULL L DL
VRFLRORJLHL LQGXVWULHL PSUHXQ  FX IUDWHOH V X $OIUHG :HEHU D I FXW FHUFHW UL vQ OHJ WXU  FX 6HOHF LD L
DGDSWDUHDPXQFLWRULORUvQGLIHULWHUDPXULDOHPDULLLQGXVWULL
'XS  :HEHU VDUHPDUFDWvQGRPHQLXOVRFLRORJLHLHFRQRPLFH:HUQHU6RPEDUW  'XS OH
LGHHDGHHFRQRPLHVHFRQFUHWL]HD] vQPDQLIHVW ULLVWRULFHSUHFLVH6RPEDUWDvPS U LWLVWRULDvQSHULRDGHGH
FXOWXU  GHRVHELQG HSRFD WLPSXULH GH]YROWDW  L WkU]LH ,QWHUHV GHRVHELW D DFRUGDW FDSLWDOLVPXOXL LWHRULLORU
VRFLDOHFRQRPLFHFDUHGHSLQGHDXGHDFHVWD,QOXFUDUHDVD&DSLWDOLVPXOPRGHUQGXS GHVFULHUHDHFRQRPLHL
SUHFDSLWDOLVWH VD vQGUHSWDW DVXSUD ED]HORU LVWRULFH DOH FDSLWDOLVPXOXL PRGHUQ vQ FDUH HO D VRFRWLW GHPQ GH D
DFRUGD DWHQ LD vQ VSHFLDO VWDWXOXL WHKQLFLL DSDUL LHL vQWUHSULQGHULORU L GUHSWXOXL EXUJKH] (O D DQDOL]DW L
HOHPHQWH UHIHULWRDUH OD IRUPDUHD SLH HL SURGXFHUHD GH EXQXUL vQFHSXWXULOH PDULL LQGXVWULL OHJ WXULOH
HFRQRPLFH LQWHUQD LRQDOH $OWH DVSHFWH GLQ HWDSD FDSLWDOLVPXOXL GH]YROWDW VWDW PRGHUQ SROLWLF  HFRQRPLF 
LPSHULDOLVPWHKQLF FDSLWDOIRU

GHPXQF FRQFXUHQ

FRQMXQFWXU VHUHJ VHVFvQRSHUDOXL/DvQFHSXWD

IRVWXQDGHSWDOXL.DUO0DU[DSRLDGHYHQLWXQGXPDQDOPDU[LVPXOXL
Q PRG FRQVWUXFWLY D GH]YROWDWPDLGHSDUWHVRFLRORJLD/HRSROGYRQ:LHVH  QDFWLYLWDWHD
VD HO FDXW  V  J VHDVF  U VSXQVXO OD vQWUHEDUHD &XP VH FRPSRUW  RPHQLL XQXO ID
]LOQLFH SHQWUX H[LVWHQ

 GH DOWXO vQ ID D JULMLORU

"  FRQVLGHUDW HOHPHQWXO HVHQ LDO DO VRFLRORJLHL HFRQRPLFH 'XS  HO VRFLRORJLD

FXSULQGHFRPSRUWDPHQWXOLQGLYLGXOXLGLQFDGUXOHFRQRPLHLQUkQGXOvQWHPHLHWRULORUVRFLRORJLHLHFRQRPLFH
VHQXP U L)UDQ]2SSHQKHLPHU  *kQGLUHDVDGHED] HUDOHJDW GHSRVLELOLW

LOHGHGHS LUHD

FUL]HL VRFLRHFRQRPLFH L SROLWLFH %D]kQGXVH SH WHRULD VRFLRORJXOXL /XGZLJ *XPSORZLF] HO D vQ HOHV
VRFLHWDWHD FD R DF LXQH UHFLSURF  D JUXSHORU VRFLDOH FDUH OXSW  SHQWUX SXWHUH )RU D SULQFLSDO  D GH]YROW ULL
VRFLDOHVHUHJ VHWHvQQ ]XLQ DJUXSHORULQGLYLGXDOHGHDUHDOL]DVDWLVIDFHUHDQHFHVLW

LORUORUSULQH[SORDWDUHD

L GRPLQDUHD DOWRU JUXSH $FHVW FRQFHSW FX SULYLUH OD QDWHUHD H[RJHQ  D GRPLQD LHL VW  OD ED]D WHRULHL VDOH
GHVSUH VWDW 6WDWXO VDU QDWH GLQ YLFWRULD XQHL JUXSH DVXSUD DOWHLD /XSWD GLQWUH JUXSH GHYLQH vQ SUH]HQW
H[SUHVLDOXSWHLGHFODV 
6RFLRORJLDLQGXVWULHLLVRFLRORJLDvQWUHSULQGHULLVDXGH]YROWDWSULQFRQWULEX LDOXL(OWRQ0D\R 
  SVLKRORJ HFRQRPLVW Q FDGUXO FHUFHW ULORU OHJDWH GH LQWHUGHSHQGHQ D vQWUH FRQGL LLOH GH PXQF  L
FDSDFLW

LOH GH SURGXF LH SH FDUH OHD I FXW vPSUHXQ  FX DO L FHUFHW WRUL UHQXPL L OD X]LQHOH +DZWKRUQH DOH

&RPSDQLHL *HQHUDOH (OHFWULF GLQ &KLFDJR D GHVFRSHULW VWUXFWXUD LQIRUPDO  D JUXSHL GLQ vQWUHSULQGHUHD
LQGXVWULDO 
&RQWXUDUHD SUHJQDQW  D VRFLRORJLHL HFRQRPLFH D DWLQV XQ QLYHO ULGLFDW SULQ OXFUDUHD (FRQRP\ DQG
6RFLHW\ /RQGUD   D OXL 7DOFRWW 3DUVRQV   L 1HLO -6PHOVHU Q VFXW vQ   8UP ULQG
DF LXQHDVSLULWXOXLGHVLQWHWL]DUHDWLLQ HORUHFRQRPLFHSHGHRSDUWHLDVRFLRORJLHLSHGHDOW SDUWHFHLGRL
FHUFHW WRULDXGRULWV UHDOL]H]HRDSURSLHUHvQWUHDFHVWHDvQFDGUXOWHRULHLJHQHUDOHDVLVWHPHORUVRFLDOHLV 
RE LQ  LQWHJUDUHD vQWUH DFHVWH GRX  UDPXUL WHRUHWLFH DOH WLLQ HORU VRFLDOH $FHDVW  Q ]XLQ

 VH ED]D SH WH]D

FRQIRUP F UHLD WHRULD HFRQRPLF  vQ VHQV ORJLF UHSUH]LQW  XQ FD] VSHFLDO DO WHRULHL JHQHUDOH D VLVWHPHORU
VRFLDOH3HQWUXDFHDVW SULQFLSDO WH] HVWHLPSRUWDQWDVHVXEOLQLDF HFRQRPLDWUHEXLHV ILHFRQVLGHUDW XQ
VLVWHP VRFLDO 3H ED]D DVSHFWHORU WHRUHWLFH DOH VLVWHPXOXL L OXkQG vQ FRQVLGHUD LH FRQFHSWHOH HFRQRPLFR
WHRUHWLFH3HUVRQVL6PHOVHUDXDQDOL]DWGHOLPLW ULOHLSURFHVHOHGHVFKLPEvQWUHHFRQRPLH LDOWHVXEVLVWHPH
LPSRUWDQWH DOH VRFLHW

LL &HL GRL FHUFHW WRUL DX DQDOL]DW VWUXFWXUD LQVWLWX LRQDO  D HFRQRPLHL FRQWUDFWXO

SURSULHWDWHDLSLD D vPSUHXQ FXSURFHVHOHHFRQRPLFHLFXSUREOHPDFRPSOH[ DFUHWHULLHFRQRPLFHLD


VFKLPE ULORU LQVWLWX LRQDOH vQ HFRQRPLH Q  VRFLRORJXO 1LNODV /XKPDQ Q VFXW vQ   vQFDGUHD] 
HFRQRPLDvQWUXQFDGUXGHRULHQWDUHVLVWHPLF FDXQVLVWHPIXQF LRQDOGLIHUHQ LDW

'H]YROWDUHDVRFLRORJLHLURPkQHWL
0HQ LRQ PF DFHDVWDQXVDVLWXDWODSHULIHULDGRFWULQHORUHXURSHQHLQLFLQXVDVXERUGRQDWWHRUHWLF
VDX PHWRGRORJLF DFHVWRUD 3XWHP V  VXEOLQLHP SULRULW

LOH vQ FDGUXO VRFLRORJLHL QRDVWUH L SHUVRQDOLW

L GH

UHQXPHPRQGLDO$SDUL LDLGH]YROWDUHDVRFLRORJLHLODQRLDXIRVWGHWHUPLQDWHGHHYHQLPHQWHOHLVWRULFHGHOD
MXP WDWHD VHFROXOXL ;,;OHD ,QIOXHQ DW  GH UHYROX LD EXUJKH]RGHPRFUDWLF  GH OD  VWLPXODW  GH
UHIRUPHOH OXL &X]D VRFLRORJLD URPkQHDVF  UHSUH]LQW  GH OD DSDUL LD VD LGHDOXULOH GHPRFUD LHL QRDVWUH L HVWH
RULHQWDW DVXSUDSUREOHPHORUOHJDWHGHVRDUWD

ULL6RFLRORJLLURPkQLSULQVWXGLLOHI FXWHSHVWHKRWDUHLSULQ

OHJ WXULOH ORU FX GLYHUL F UWXUDUL GLQ DIDUD JUDQL HORU
YUHPLL XUP ULQG vQ DFHODL WLPS L UHDOLW

ULL DX IRVW PHUHX LQIOXHQ D L GH LGHLOH SURJUHVLVWH DOH

LOH GH OD QRL LGHDOXULOH  GH LQGHSHQGHQ

 QD LRQDO  L GUHSWDWH

VRFLDO  'LQ DFHVWH PRWLYH VRFLRORJLD URPkQHDVF  VD GH]YROWDW GH OD vQFHSXW FD SDUWH LQWHJUDQW  D FXOWXULL
QRDVWUH QD LRQDOH 2 GHRVHELW  SUREOHPDWLF  VRFLRORJLF  R J VLP vQ 4XHVWLRQV pFRQRPLTXHV GHV SULQFLSDX
GDQXELHQQHV D OXL 1 % OFHVFX$O WXULGH% OFHVFXPHQ LRQ PLSH,RQ,RQHVFXGHOD%UDG  
FDUH D vQWUHSULQV vQ SUHPLHU  PRQGLDO  FHUFHW UL PRQRJUDILFH vQ SURILO ]RQDO (O QHD O VDW PRQRJUDILL DOH
WHULWRULXOXL 'REURJHL DOH MXGH HORU 0HKHGLQ L 3XWQD 'RURKRL PRQRJUDILL FRPSOH[H DWHVWkQG YDORDUHD
LQYHVWLJD LLORU &RQWLQXDWRU DO OXL ,RQHVFX GH OD %UDG D IRVW 6SLUX +DUHW   /XFUDUHD 0HFDQLFD
VRFLDO ILLQGFRQVLGHUDW GHFRQWHPSRUDQLXQDGLQRSHUHOHFHOHPDLYLJXURDVHDOHVRFLRORJLHLGLQ(XURSDV
D I FXW HIRUWXO GH SXQHUH vQ HFXD LH D IHQRPHQHORU LVWRULFH L VD vQFHUFDW R PHWRG  FHUW  GH LQJLQHULH
VRFLDO  6SLUX +DUHW PDWHPDWLFLDQ L VRFLRORJ D FUH]XW F  OHJLOH PHFDQLFH VH SRW H[WLQGH L DVXSUD
IHQRPHQHORU VRFLDOH 6RFLHWDWHD VDX VFRSXO VRFLDO FXP vL VSXQH GkQVXO H R UHXQLXQH GH DWRPL GHFL GH
LQGLYL]L vQ UHOD LL XQXO FX DOWXO &RUSXO VRFLDO QX HVWH FHYD vQFUHPHQLW FL VH VFKLPE  PHUHX XQLW
FRPSRQHQWH VXIHULQG L HOH VFKLPE UL &DX]HOH VDX IRU HOH FDUH SRW SURGXFH VFKLPEDUHD VRFLHW

LOH

LL L D

LQGLYL]LORU VXQW HFRQRPLFH LQWHOHFWXDOH L PRUDOH QWUHDFHVWHIRU HSRWILGLIHUHQ HFLRFQLULGDUHFKLOLEUXO


ORUHVWH LQWDILQDO DWXWXURUPLF ULORU$FHVWHFKLOLEUXHVWHGXS +DUHWUH]XOWDQWDIRU HORUFDUHVHWUDGXFHvQ
YLD D VRFLDO  SULQ FHHD FH QXPLP QRL FLYLOL]D LH 6SLU +DUHW /D PsFDQLTXH VRFLDOH   GH WHUHQ SHQWUX
GHFL]LDSROLWLF &RQVWDQWLQ'LPLWUHVFX,DL  FRODERUDWRUDOOXL6SLUX+DUHWDLQDXJXUDWvQOD
8QLYHUVLWDWHD GLQ %XFXUHWL SULPXO FXUV GH VRFLRORJLH GLQ 5RPkQLD XUPDW GH R DF LXQH VLPLODU  D OXL &
/HRQDUGHVFX OD 8QLYHUVLWDWHD GLQ ,DL vQ  'XPLWUX 'U JKLFHVFX   D IRVW XQ FRQWLQXDWRU DO
GRFWULQHL OXL &RQVWDQWLQ 'LPLWUHVFX,DL L GRFWRUDQGXO OXL (PLOH 'XUKHLP (O D FUHDW XQ VLVWHP VRFLRORJLF
RULJLQDOvQFDUHVXV LQHDUROXOFUHDWRUDOLQGLYLGXOXLHODERUkQGRGRFWULQ VRFLRORJLF FXXQSURIXQGFDUDFWHU
XPDQLVW
'LPLWULH*XVWL  XQQXPHGHSUHVWLJLXDFUHDWRGRFWULQ LDLQL LDWXQSURJUDPQD LRQDOGH
FHUFHW UL FRQFUHWH SULQ FXQRVFXWD FRDO  PRQRJUDILF  GH OD %XFXUHWL 3XQFWXO LQL LDO vQ DQDOL]D OXL *XVWL vO
UHSUH]LQW  RPXO FDUH VH PDQLIHVW  SULQ LXELUHD GH VLQH HJRLVPXO  L SULQ VLPSDWLH UHOLJLR]LWDWH  SULQ
VHQWLPHQWXO GH WHDP  L UHVSHFW DOWUXLVP  (O D LQWHQ LRQDW FD SULQ PRQRJUDILL JHQHUDOH L PRQRJUDILL
]RQDOHV HODERUH]HDQXPLWHK U LLDUvQILQDOV UHDOL]H]HXQDWODVVRFLRORJLF3HQWUXFRDODVRFLRORJLF GHOD
&OXM vO PHQ LRQ P SH 9LUJLO ,XOLX % UEDW   3UHPLVD IXQGDPHQWDO  D JkQGLULL OXL 9% UEDW R
FRQVWLWXLH FXOWXUD 3HQWUX HO RPXO HVWH FHQWUXO XQLYHUVXOXL LDU XQLYHUVXO vQVXL GREkQGHWH XQ VHQV SULQ
FUHD LD XPDQ  3HWUH $QGUHL   SURIHVRU GLQ FHQWUXO XQLYHUVLWDU ,DL VD IRUPDW OD VHPLQDUXO OXL
'*XVWL L D GHYHQLW R SHUVRQDOLWDWH PDUFDQW  D VRFLRORJLHL URPkQHWL Q YL]LXQHD OXL XQLYHUVXO HVWH XQ WRW
LQWHJUDW LDU VRFLHWDWHD R SDUWH D OXL 'XS  FHO GH DO GRLOHD U ]ERL PRQGLDO vQ  SULQWUR KRW UkUH GH
SDUWLG VRFLRORJLD D IRVW GHVILLQ DW  FRDOD PRQRJUDILF  D OXL '*XVWL vL vQFHWD DFWLYLWDWHD Q  VDX
UHvQILLQ DW &DWHGUD L R VHF LH GH 6RFLRORJLH OD )DFXOWDWHD GH )LOR]RILH D 8QLYHUVLW

LL %XFXUHWL GHVILLQ DW 

SUHFXPLFRODERUDWRULQSULQWURGHFL]LHGHSDUWLGQDFHDVW SHULRDG 0&RQVWDQWLQHVFXSUHFXPL


FRODERUDWRULL OXL '*XVWL 7UDLDQ +HUVHQL L +6WDKO DX FRQWLQXDW V  vQWUHSULQG  FHUFHW UL GH WHUHQ L DX
HODERUDWWHPHGHYDORDUHWLLQ LILF 
3ULQFHOHSUH]HQWDWHDPYUXWV GHPRQVWU PF VRFLRORJLDDDS UXWGLQWURQHFHVLWDWHLVWRULF LGLQWUR
FHULQ

 FXOWXUDO  GH]YROWkQGXVH vQ WLPS vQ IXQF LH GH PRPHQWXO LVWRULF L GH VSD LXO QD LRQDO GHYHQLQG XQ

LQVWUXPHQW DO WUDQVIRUP ULL VRFLDOHLDYkQGXQUROGHWHUDSLHXPDQ $PXUP ULWV UHOHY PIXQF LDHLGH

UD LRQDOL]DUHDYLH LLLGHRSWLPL]DUHDDFWLYLW

LLVRFLDOH

QSHULRDGDDFWXDO LVHG RGHRVHELW LPSRUWDQ DVRFLRORJLHLHFRQRPLFH$FHDVWDVHGDWRUHD] IDSWXOXL


F 
D

HOHPHQWHOH WHRUHWLFRHFRQRPLFH FDUH HUDX ED]DWH SH FXQRWLQ HOH VRFLDOSVLKRORJLFH VDX DSURSLDW
vQ XUPD XQXL SURFHV GH IRUPDOL]DUH L PDWHPDWL]DUH GH UHDOLWDWH (FRQRPLVWXO SROLWLFLDQXO
DQWUHSUHQRUXO PDQDJHUXO DX QHYRLH DVW ]L vQ OXPHD FDUH GHYLQH WRW PDL FRPSOH[  SHQWUX D
GHVI XUD R DFWLYLWDWH GH VXFFHV GH R ED]  WLLQ LILF  FDUH QX VH OLPLWHD]  QXPDL SH PRGHOH SXU
HFRQRPLFH FL vQWUR P VXU  FUHVFkQG  FRQ LQH UH]XOWDWHOH FHUFHW ULORU vQ GRPHQLXO VRFLRFXOWXUDO
SROLWLFLSVLKRORJLF

E

vQ YLD D HFRQRPLF  GRPHQLXO PDUNHWLQJ GHVIDFHUH UHFODP  YkQ]DUH DX GHYHQLW FkPSXUL GH
GHFL]LHQDFHVWGRPHQLXVXFFHVXOGHSLQGHGLQFHvQFHPDLPXOWGHHYDOXDUHDSUDFWLF DPHWRGHORU
VRFLRORJLFHLVRFLDOSVLKRORJLFH

F

FUHWHUHDGHSHQGHQ HLVXFFHVXOXLHFRQRPLFGHFUHDWLYLWDWHLSUHJ WLUHDIRU HLGHPXQF QHFHVLWDXQ


VWLOGHFRQGXFHUHLXQSHUVRQDOFXRULHQWDUHVRFLRORJLFRSVLKRORJLF 

G

vQ FHD PDL PDUH SDUWH VHUYLFLLOH SXEOLFH VH DSURSLH GH HFRQRPLD OLEHU  DVWIHO FHUFHW WRUXO GLQ
GRPHQLXOWLLQ HORUVRFLDOHWUHEXLHV DFRUGHVRFLRORJLHLHFRQRPLFHRVHPQLILFD LHPDLODUJ 

H

VWDELOLWDWHDLFDOLWDWHDYLH LLvQFRPXQDRDPHQLORUvQFDGUXOVRFLHW

LLGHSLQGHvQPDUHP VXU GH

GH]YROWDUHD HFRQRPLF  L GH QLYHOXO GH WUDL SH FDUH vO LQIOXHQ HD]  L PHGLXO QDWXUDO $FHVWH
SURFHVHHFRQRPLFHVXQWVXERUGRQDWHGLQFHvQFHPDLPXOWFRQVWUkQJHULLRULHQW ULORUGHYDORDUHvQ
VSHFLDO YDORULORU VRFLRXPDQH FD GHPQLWDWHD HJDOLWDWHD GUHSWDWHD VROLGDULWDWHD Q DFHDVW 
LQWHUGHSHQGHQ
SRVLELOLW

 FRPSOH[  GH SUREOHPH VH DMXQJH OD R vQW ULUH D SUHPLVHORU VRFLRFXOWXUDOH D

LORU GH PRGHODUH L GH DF LXQH D SURFHVHORU HFRQRPLFH vQ IDYRDUHD XQHL GH]YROW UL

JHQHUDOHDFFHSWDW GLQSXQFWGHYHGHUHHFRORJLFLVRFLDO




















&DSLWROXO&HUFHWDUHDvQVRFLRORJLH


QFDGUXODFHVWHLWHPHQHSXQHPGHODvQFHSXWvQWUHEDUHDFDUHVXQWWHQGLQ HOHFHUFHW ULLVRFLRORJLFH
Q]LOHOHGHDVW ]LSXWHPYRUELGHRDGHY UDW H[SOR]LHVRFLRORJLF 6RFLRORJLDDS WUXQVvQXQLYHUVLW
LQVWLWX LL GH vQY

L

PkQW VXSHULRU L DX DS UXW FDWHGUH GH VRFLRORJLH FDUH DVLJXU  SUHJ WLUHD VSHFLDO  vQ DFHVW

GRPHQLX (D VD U VSkQGLW SH JORE ILLQG VROLFLWDW  GH GLIHULWH LQVWLWX LL SROLWLFH SXEOLFH ILUPH SDUWLFXODUH
HWFvQSUREOHPHOHJDWHGHVRQGDMHGHRSLQLHSXEOLF vQLQYHVWLJDUHDXQRUSUREOHPHGHDGPLQLVWUD LHSXEOLF 
Q PRPHQWXO GH ID

 PDQDJHULL VH LQWHUHVHD]  PDL PXOW GHFkW vQDLQWH GH  GRULQ HOH L VHQWLPHQWHOH FHORU

DVXSUD F URUD vL H[HUFLW  DXWRULWDWHD 'DF  vQ WUHFXW GDWHOH DQDOL]DWH GH VRFLRORJLHVHUHIHUHDXODHOHPHQWHOH
GH OD PDUJLQHD VRFLHW

LL GHOLFYHQ LL FRSLL VWU ]LL DOFRROLFLL IDPLOLL GHVWU PDWH DVW ]L VH VWXGLD] 

PRELOLWDWHD SURIHVLRQDO  VWUDWLILFDUHD VRFLDO  UHOD LLOH LQWHUUDVLDOH RUJDQL]DUHD GLIHULWHORU GRPHQLL
RUJDQL]DUHD FRPSDQLLORU SROLWLFH VWUXFWXUD LQWHUQ  D IDPLOLHL QX QXPDL D FHORU GLVWUXVH  HIHFWXO RPDMXOXL
DVXSUD IDPLOLLORU VWUXFWXUD VRFLDO  D QRLORU ]RQH ORFXLWH DFWLYLWDWHD GLQ WLPSXO OLEHU PLF ULOH GH UHIRUP 
VRFLDO  DVSLUD LLOH SURIHVLRQDOH DOH WLQHUHWXOXL L PXOWH DOWHOH 6SLWDOHOH ODERUDWRDUH GH FHUFHW UL F PLQH
VWXGHQ HWL RUJDQL]D LL VLQGLFDOH DFWXDOH VHFWH UHOLJLRDVH L ELVHULFL VRFLHW

L ILODQWURSLFH VHF LL ORFDOH DOH

SDUWLGHORU SROLWLFH VHUYLFLL SXEOLFH FD]LQRXUL vQFKLVRUL RUJDQLVPH PLOLWDUH VHJ VHVFSHOLVWHOHGHFHUFHWDUH
DOH VRFLRORJLHL 'LIHULWH SURIHVLL  DYRFD L PHGLFL SURIHVRUL XQLYHUVLWDUL RDPHQL GH WLLQ D RIL HUL DUWLWL
VFULLWRUL UHSUH]LQW  RELHFWH FRQFUHWH GH FHUFHWDUH VRFLRORJLF  7HPH QRL L WHPH YHFKL DX GXV ODGH]YROWDUHD
PHWRGHORU GH OXFUX L D WHKQLFLORU vQ VRFLRORJLH HOHPHQWH FDUH V L DVLJXUH VRFLRORJXOXL SRVLELOLWDWHD GH D
FODULILFDQHOLQLWHDLLQGLIHUHQ DFRQWHPSRUDQ 
&XQRDWHUHD WLLQ LILF  QX HVWH QXPDL VXPD FXQRWLQ HORU GREkQGLWH FL L R DF LXQH D XQRU QRL
FXQRWLQ H(DHVWHXQSURFHVFRQWLQXXGHUHIOHFWDUHLQWHOHFWXDO DUHDOLW
UHDOLW

LLRELHFWLYHvQFD]XOVRFLRORJLHLD

LORUVRFLDOHVXEWRDWHIRUPHOHORUH[LVWHQWH0XQFDVSHFLDO GHFXQRDWHUHWLLQ LILF DUHDOLW

LLFRQVW 

vQ FHUFHWDUH &D V  QH G P VHDPD FX SUHFL]LH vQ FH FRQVW  VRFLRORJLD HVWH QHFHVDU V  WLP FXP RSHUHD]  HD
SkQ ODRE LQHUHDFXQRWLQ HORUXUP ULWHLvQFHPRGvQ HOHJHV OHYDORULILFH
7UDWDWHOHLPDQXDOHOHWUDGL LRQDOHGHVRFLRORJLHDFRUG RDWHQ LHWRWPDLPDUHPHWRGHORUGHFHUFHWDUH
FHHD FH HVWH FkW VH SRDWH GH QHFHVDU GDU QX HVWH VXILFLHQW 'HVSUH PHWRGHOH VRFLRORJLFH GLQ ]LOHOH QRDVWUH
FDUH VXQW H[WUHP GH YDULDWH L ODERULRDVH H[LVW  XQ QXP U LPSUHVLRQDQW GH OXFU UL VSHFLDOH GHGLFDWH QXPDL
ORU VDX QXPDL XQRUD GLQWUH HOH FX WRDWH LQGLFD LLOH QHFHVDUH LQFOXVLY WHKQLFLOH GH DSOLFDUH L SURFHGHHOH
PDWHPDWLFHGHP VXUDUHSUHOXFUDUHLLQWHUSUHWDUH7UDWDWHOHLPDQXDOHOHGHWLSQRXODV SUREOHPDPHWRGHORU
L WHKQLFLORU GH FHUFHWDUH vQ VHDPD DFHVWRU OXFU UL VSHFLDOH GDU vQ VFKLPE DFRUG  XQ ORF PXOW PDL PDUH
DF LXQLORU GH FHUFHWDUH vQ WRDW  FRPSOH[LWDWHD ORU PDL DOHV VXE DVSHFW WHRUHWLF DO YDODELOLW

LL L DSRUWXO ORU

JQRVHRORJLFLHSLVWHPRORJLF
0XOW YUHPHVRFLRORJLDQXVDED]DWvQFHHDFHSULYHWHIDSWHOHGHFLUHDOLWDWHDVRFLDO SURSULX]LV SH
FHUFHW ULSURSULLFLDXWLOL]DWSHFHOHvQUHJLVWUDWHLvQI
VWDWLVWLF  (D D IRVW DVWIHO R WLLQ

LDWHGHDOWHWLLQ HPDLDOHVGHLVWRULHHWQRJUDILHL

 GHULYDW  GLQ DOWH WLLQ H R WLLQ D VXSUDSXV  FX VDUFLQD GHDSUHOXFUDL

WHRUHWL]D vQWUR QRX  SHUVSHFWLY  FHD LQWHJUDOLVW  UH]XOWDWHOH vQ JHQHUDO SDU LDOH GHVFULSWLYH L FRQVWDWDWLYH
DOH FHUFHW ULORU GLQ DOWH GRPHQLL WLLQ LILFH $X I FXW H[FHS LL QXPDL XQHOH FROL VDX FXUHQWH VRFLRORJLFH FX
SUHRFXS ULvQDFHODLWLPSWHRUHWLFHLSUDFWLFHGHVRFLRORJLHLSROLWLFDVRFLDO  DQFKHWHOHLQGXVWULDOHHQJOH]H
VRFLRORJLDJHUPDQ PLFDUHDPRQRJUDILF GLQ5RPkQLD 0DULLFUHDWRULDLVRFLRORJLHLPRGHUQH)*LGGLQJV
('XUNKHLP 93DUHWR 0D[ :HEHU DX FXQRVFXW IRDUWH ELQH UHDOLW

LOH VRFLDOH SH ED]D XQHL YDVWH

GRFXPHQW UL GDU HL vQLL QX DX I FXW FHHD FH VH FKHDP  D]L FHUFHWDUH GH WHUHQ QX LDX ED]DW WHRULLOH GH
QXPHOHORUGHFkWvQWURP VXU IRDUWHPLF SHLQYHVWLJD LLVDXDQFKHWHVRFLRORJLFHSHUVRQDOH

(WDSHvQFHUFHWDUHDVRFLRORJLF
&HUFHWDUHD

VRFLRORJLF 

SUHVXSXQH


SDUFXUJHUHD

DL

PXOWRU

HWDSH

VHOHFWDUHD

WHPHL

IRUPXODUHD

RELHFWLYHORU SUHFL]DUHD LSRWH]HORU SURLHFWDUHD PRGXOXL GH GHVI XUDUH D FHUFHW ULORU HIHFWLYH VWDELOLUHD
PHWRGHORU L PLMORDFHORU DGHFYDWH D WHKQLFLORU L SURFHGHHORU GH FHUFHWDUH VWUXFWXUDUHD HDQWLRQXOXL
FHUFHW ULLGHVI XUDUHDLQYHVWLJD LHLGHWHUHQDQDOL]DGDWHORUFHUFHW ULLLQWHUSUHWDUHDUH]XOWDWHORUHODERUDUHD
FRQFOX]LLORUWHRUHWLFHLSUDFWLFH
2ULFHFHUFHWDUHVRFLRORJLF vQFHSHFXVHOHFWDUHDWHPHL3UDFWLFDFHDVW SUREOHPDHVWHULGLFDW vQPDL
PXOWH PRGXUL GH F WUH VRFLRORJ VDX R HFKLS  GH VRFLRORJL GH F WUH OXPHD WLLQ LILF  D VRFLRORJLORU vQ
DQVDPEOX FD R FHULQ

 WHRUHWLF  D HWDSHL vQ FDUH VH J VHVF GH F WUH VWDW VRFLHWDWH GLIHULWH LQVWLWX LL

vQWUHSULQGHULLRUJDQL]D LLGHFLFDRFRPDQG VRFLDO SULQVLPSODUHFRPDQGDUHVDXSUHVLXQHDRSLQLLORUSkQ 


ODGLVSR]L LLFRQWUDFWHSODQXULGHVWDW
2GDW  FX VHOHFWDUHD WHPHL L GHILQLUHD HL VH IL[HD]  L VFRSXOFHUFHW ULL8QHOHSUREOHPHQXFHUGHFkW
DF LXQLGHFRQVWDWDUHLPHGLDW FXFDUDFWHUVWULFWLQIRUPDWLYVDXRSHUDWLYSHFkQGDOWHOHFHUVWXGLLvQGHOXQJDWH

ILH SHQWUX D FXQRDWH FkW PDL FRPSOHW UHDOLWDWHD L D FRQVWUXL SH ED]D DFHVWHL FXQRDWHUL WHRULL GH PD[LP 
H[WHQVLXQH L DSOLFDUH SRVLELOH ILH SHQWUX D VH DMXQJH OD SURSXQHUL GH UH]ROYDUH D XQRU SUREOHPH VRFLDOH
FRQFUHWHVDXFKLDUSkQ ODUH]ROYDUHDORUHIHFWLY )LQDOLWDWHDLQIRUPDWLY H[SOLFDWLY VDXDSOLFDWLY WHRUHWLF 
VDX RSHUD LRQDO  JHQHUDO  VDX FRQFUHW  GH OXQJ  GXUDW  VDX FX FDUDFWHU LPHGLDW HVWH vQ IRQG FHD FDUH
GHWHUPLQ vQWUHDJDFHUFHWDUHDPSORDUHDHLPHWRGHOHFDUHYRUILIRORVLWH
,QGLIHUHQWGHFDOHDFXPVHDMXQJHODSXQHUHDSUREOHPHLGHFHUFHWDUHRGDW DFFHSWDW VRFLRORJLLWUHFOD
SUHJ WLUHDPLQX LRDV DFHUFHW ULLLUH]ROY ULLHL8UPHD] XQPRPHQWFDUHHVWHDGHVHRULSLHUGXWGLQYHGHUH
GDU SULQ DFHDVWD QX HVWH OLSVLW GH LPSRUWDQ

 6RFLRORJLL QX VH DQJDMHD]  OD R FHUFHWDUH GH VSHFLDOLWDWH FD R

VLPSO  PDLQ  GH FDOFXO HL SRVHG  R SUHJ WLUH SUHDODELO  FKLDU R H[SHULHQ

 vQ GRPHQLXO UHVSHFWLY FD L R

PXO LPH GH LQIRUPD LL L RSLQLL vQ OHJ WXU  FX SUREOHPD GDW  (L QX DIO  SHQWUX SULPD RDU  GH H[LVWHQ D
SUREOHPHORUVRFLDOHSHFDUHXUPHD] V OHFHUFHWH]HFLGHUHJXO FXQRVFIRDUWHPXOWHOXFUXULGHVSUHHOHFHO
SX LQGLQOLWHUDWXUDGHVSHFLDOLWDWH
'XS  IL[DUHD SUREOHPHL XUPHD]  GHILQLUHD HL vQ WHUPHQL WLLQ LILFL PDL H[DFW WUDQVSXQHUHD HL GH SH
SODQXOSUDFWLFLLVRFLDOHSHSODQXOWHRULHLVRFLDOHGHSHSODQXODF LXQLLSHSODQXOJkQGLULL1LFLGHVSUHRSHUD LD
DFHDVWD QX H[LVWDX UHJXOL ELQH VWDELOLWH FX DWkW PDL SX LQ UH HWH GH DFHHD WRWXO GHSLQGH GH SUHJ WLUHD
H[SHULHQ DLWDOHQWXOFHUFHW WRULORUGHDWPRVIHUDWLLQ LILF FDUHLvQFRQMRDU GHGH]EDWHULOHFULWLFHSHFDUHOH
DFFHSW 
0RPHQWXOFHOPDLLPSRUWDQWGLQDFHDVW HWDS HVWHSUHFL]DUHDLSRWH]HORUGHFHUFHWDUHDGLF RLSRWH] 
GH OXFUX FDUH HVWH vQ DFHODL WLPS XQD GLQ RSHUD LLOH WLLQ LILFH FHOH PDL IDVFLQDQWH 2 LSRWH]  GH FHUFHWDUH
vQVHDPQ  GH IDSW vQFHUFDUHD GH D UH]ROYD PHQWDO SUREOHPD VXSXV  FHUFHW ULL GH D vQWUHYHGHD SRVLELOLWDWHD
FHD PDL DGHFYDW  GH VROX LRQDUH 2GDW  HPLV  HD GLULMHD]  vQWUHDJD FHUFHWDUH L GDF  E QXLDO  H[SULPDW 
SULQHDVHGRYHGHWHvQWHPHLDW VHFKHDP F vQWUHDJDFHUFHWDUHYDILvQFRURQDW GHVXFFHV
,SRWH]HOH GH OXFUX VXQW DEVROXW QHFHVDUH PDL DOHV vQ FHUFHW ULOH VRFLRORJLFH FX FDUDFWHU H[SHULPHQWDO
([LVW vQV FHUFHW ULFDUHQXRSHUHD] FHOSX LQODvQFHSXWFXQLFLRLSRWH] (VWHYRUEDGHSUREOHPHOHGHVSUH
FDUHQXVHWLHQLPLFSUHFLVFDUHQXDXPDLIRVWFHUFHWDWHQXVXQWQLFLFHOSX LQFODUFHUFHWDWHGLQFDUHFDX] 
FHUFHW WRULL VXQW QHYRL L V  OH DERUGH]H GXS  SULQFLSLXO V  YHGHP FH VH vQWkPSO  L HYHQWXDO GH FH VH
vQWkPSO  DD 6XQW FHUFHW ULOH QXPLWH FXUHQW GH H[SORUDUH Q GRPHQLXO VRFLRORJLHL IUHFYHQ D ORU HVWH PXOW
PDL PDUH GHFkW VH DGPLWH GH RELFHL 0DMRULWDWHD DQFKHWHORU RILFLDOH D DQFKHWHORU VRFLRORJLFH UXUDOH
LQGXVWULDOHFRPHUFLDOHFXOWXUDOHFRODUHFKLDUDDQFKHWHORUGHRSLQLHSXEOLF VDXFHOHGHPDUNHWLQJ VWXGLXO
SLH HL  DX XQ FDUDFWHU QHW GH H[SORUDUH QX GH YHULILFDUH D XQRU LSRWH]H vQ FD]XO DQFKHWHORU GH RSLQLH SHQWUX
VRQGDMH SROLWLFH FkW L SHQWUX VRQGDMH FRPHUFLDOH VDX GH DOW JHQ FHUFHWDUHD HVWH PHQLW  V  VWDELOHDVF 
SUHIHULQ HOH PDVHORU SHQWUXDQXPL LFDQGLGD LVDXDQXPLWHSURGXVHLQGXVWULDOHLDUYHULILFDUHDUH]XOWDWHORUVH
IDFH I U  LQWHUYHQ LD FHUFHW WRULORU WLLQ LILFL GH H[HPSOX SULQ UH]XOWDWHOH XQRU DOHJHUL SULQ FUHWHUHD
GHEXHHORUVDXYkQ] ULORUHWF
'XS  VWDELOLUHD SUREOHPHL L D ILQDOLW

LL FHUFHW ULL FX HODERUDUHD HYHQWXDO  D LSRWH]HORU XUPHD] 

vQWRFPLUHDGHWDOLDW DSURLHFWXOXLGHFHUFHWDUHDGLF XUPHD] HWDSDSURLHFWLY $FHDVWDFXSULQGHWUHLDVSHFWH


SULQFLSDOH XQXO SULYLWRU OD GHVI XUDUHD GH DQVDPEOX D FHUFHW ULORU OD WRW FH HVWH GH I FXW DOWXO SULYLWRU OD
RUJDQL]DUHDFHUFHW ULLLvQILQDOXOWLPXOSULYLWRUODPHWRGHOHLWHKQLFLOHGHLQYHVWLJD LLQSURLHFWWUHEXLHV 
VHDUDWHGHFLvQIXQF LHGHGDWHOHSUREOHPHLL HOXULOHFHUFHW ULLXQGHVHYDGHVI XUDFHUFHWDUHDDVXSUDF URU
IHQRPHQHGHF WUHFLQHFkWWLPSSULQFHPLMORDFHHWF
3ODQXO JHQHUDO GH FHUFHWDUH GHFXUJH GH UHJXO  GLQ QDWXUD SUREOHPHL VDX WHPHL GH FHUFHWDUH L GLQ
ILQDOLWDWHDFHUFHW ULLFHHDFHvQVHDPQ F GLYHUVLWDWHDOXLSRDWHILIRDUWHPDUH8QSODQGHVRQGDMGHRSLQLH
FXSULQGH OLVWD DQFKHWDWRULORU HDQWLRQXO UHSUH]HQWDWLY DO VXELHF LORU FDUH XUPHD]  V  ILH LQWHURJD L
FKHVWLRQDUXOFDUHXUPHD] V ILHDSOLFDWGDWDODFDUHVHYDH[HFXWDVRQGDMXO(YRUEDGHFLGHRSHUD LLFDUHVH
SRW GHVI XUD LQWHJUDO GH OD SUHJ WLUH SkQ  OD vQFKHLHUH vQ FkWHYD V SW PkQL LDU SHQWUX LQVWLWX LLOH
VSHFLDOL]DWHvQFkWHYD]LOH2FHUFHWDUHVRFLRORJLF H[SHULPHQWDO GHODERUDWRUVDXGHWHUHQSULQDSOLFDUHGH
WHVWH FXSULQGH QXPHOH H[SHULPHQWDWRULORU D VXELHF LORU H[SHULPHQWDOL LQFOXVLY DO FHORU GLQ JUXSXULOH GH
FRQWURO WHVWHOHFDUHXUPHD] V ILHDSOLFDWHWHKQLFDDSOLF ULLORUORFXOLGDWDH[SHULPHQW ULL
2UJDQL]DUHDFHUFHW ULORUDUHLHDXQHOHDVSHFWHFDUHYDULD] GHODFD]ODFD]GDUvQJHQHUDOHVWHIRDUWH
LPSRUWDQW FD FHUFHW WRULL V  WLH H[DFW FHHD FH DX GH I FXW V  ILH LQVWUXL L GLQ WLPS V  VH SUHJ WHDVF  WRDWH
LQVWUXPHQWHOH GH FHUFHWDUH IRUPXODUH FKHVWLRQDUH ILH DSDUDWH GH vQUHJLVWUDUH GH PXOWLSOLFDUH GH FDOFXO 
LDUvQFD]XOXQRUFROHFWLYHPDLH[WLQVHV VHIL[H]HSUHFLVHFKLSHOHVDUFLQLOHLU VSXQGHULOH
3UREOHPDFHDPDLHODERUDW FDUHVHEXFXU GHXQQXP ULPSUHVLRQDQWGHVFULHULvQWRDWH
HVWHDPHWRGHORULWHKQLFLORUGHFHUFHWDUH




ULOHDYDQVDWH

0HWRGHLWHKQLFLGHFHUFHWDUH
6RFLRORJLD VH GLVWLQJH SULQWUXQ VLVWHP FRPSOH[ GH PHWRGH L WHKQLFL GH FHUFHWDUH SH ED]D F URUD VH
UHDOL]HD]  QX QXPDL GHPHUVXULOH GH GLDJQR]  L SURJQR]  VRFLDO  FL L HIRUWXULOH GH vQQRLUH D YDORULORU
FXQRDWHULLWLLQ LILFHSULYLQGYLD DVRFLDO 
6SHFLILFXO FXQRDWHULL VRFLRORJLFH vQIXQF LHGHFRPSOH[LWDWHDIHQRPHQHORULSURFHVHORUVRFLDOHFDUH
DOF WXLHVF RELHFWXO SURSULX GH VWXGLX vQ VRFLRORJLH GHWHUPLQ  L VSHFLILFLWDWHD PHWRGHORU GH FHUFHWDUH
VRFLRORJLF  0HWRG  vQVHDPQ  GLQ SXQFW GH YHGHUH HWLPRORJLF FDOH GUXP PLMORF PRG GH SUH]HQWDUH VDX
H[SXQHUH  'HQXPLUHD VD YLQH GH OD FXYkQWXO JUHFHVF PHWRGRV  FDOH GUXP PLMORF VDX LQVWUXPHQW Q
WLLQ DPHWRGDvQVHDPQ LPRGGHFHUFHWDUHGHFXQRDWHUHLWUDQVIRUPDUHDUHDOLW

LL8QLLDXWRULFRQVLGHU 

PHWRGD FD HOHPHQWXO FHO PDL DFWLY VDX GLQDPLF DO WLLQ HL HD FRQWULEXLH OD WUDQVIRUPDUHD FXQRWLQ HORU
WLLQ LILFH GLQWUR DQXPLW  VWDUH vQ DOW  VWDUH FX VHQV SURJUHVLY OD vPERJ

LUHD VDX vQQRLUHD WH]DXUXOXL GH

FXQRDWHUHWLLQ LILF GLQWUXQDQXPLWGRPHQLX0HWRGHOHGHFHUFHWDUHvQVRFLRORJLHQXSRWILUXSWHGHYDORULOH


WLLQ HLvQDFHVWGRPHQLXGHDGHY UXULOHHVHQ LDOHDQWHULRUHODERUDWH'HDFHHDHVWHRvQO Q XLUHSHUPDQHQW L
LQWHUPHGLDU vQWUHFXQRWLQ HOHWLLQ LILFHDQWHULRUDFKL]L LRQDWHLQRLOHDGHY UXULFDUHVHFULVWDOL]HD] WUHSWDW
vQGRPHQLXOWLLQ HL
QFDGUXOFHUFHW ULLVRFLRORJLFHWUHEXLHV GHRVHELPPHWRGRORJLDFHUFHW ULLVRFLRORJLFHLPHWRGHOHGH
FHUFHWDUHVRFLRORJLF 0HWRGRORJLDQXHVWHDOWFHYDGHFkWVWXGLXOVLVWHPDWLFLORJLFDOPHWRGHORU6RFLRORJXO
vOVWXGLD] SHRPvQVRFLHWDWHLDUPHWRGRORJXOSHVRFLRORJvQPXQF 0HWRGRORJLDRIHU SULQFLSLLOHFHOHPDL
IUHFYHQWH FDUH JKLGHD]  RULFH FHUFHWDUH VRFLRORJLF  HD VWDELOHWH YDORDUHD L OLPLWHOH ILHF UXL WLS GH PHWRG 
$FHDVWD GHFXUJH GLQ IDSWXO F  HD HVWH R WHRULH D PHWRGHORU  RIHULQG FULWHULL GH HYDOXDUH D ULJXUR]LW

LL L D

WHKQLFLORU GH LQYHVWLJD LH 0HWRGRORJLD UHFRPDQG FHUFHW WRUXOXLV FRQVWDWHGDF IDSWHOHFXOHVHDGXFYUHXQ
VSRU GH FXQRDWHUH 0HWRGRORJLD FHUFHW ULL VRFLRORJLFH FXSULQGH D SULQFLSLLOH WHRUHWLFH UHIHULWRDUH OD IDSWH
IHQRPHQH JUXSXUL VRFLDOH E DQVDPEOXO PHWRGHORU L WHKQLFLORU GH VWUkQJHUH D GDWHORU F WHKQLFLOH L
SURFHVHOH GH SUHOXFUDUH D GDWHORU G SURFHGHHOH GH DQDOL]  IRUPXODUHD XQRU SXQFWH GH YHGHUH WHRUHWLFH  SH
ED]DFHUFHW ULLFRQFUHWHQJHQHUDOSRWILVXSXVHLQYHVWLJD LHLVRFLRORJLFHDWkWSUREOHPHJOREDOHDOHVRFLHW

LL

FkW L FHOH PLFURVFRSLFH DWLWXGLQLOH RSLQLLOH PRWLYD LLOH DVSLUD LLOH FRPSRUWDPHQWHOH XPDQH vQ DQXPLWH
VLWXD LL
0HWRGD VRFLRORJLF  UHSUH]LQW  XQ VLVWHP GH SULQFLSLL L PRGDOLW
FRHUHQ

L FDUDFWHUL]DWH SULQ FRQWLQXLWDWH L

 ORJLF  FDUH RIHU  FHUFHW ULL SRVLELOLWDWHD F XW ULL L IRUPXO ULL OHJLORU OHJDOLW

LORU L UHJXODULW

LORU

IHQRPHQXOXLVRFLDO 'DQD6DYXRSFLWS 
3ULQWUHFHOHPDLLPSRUWDQWHPHWRGHVHQXP U REVHUYD LDVRFLRORJLF DQFKHWDVRFLRORJLF DQDOL]DGH
FD]PHWRGDPRQRJUDILF H[SHULPHQWXOVRFLRORJLF2EVHUYD LDVRFLRORJLF FDPHWRG GHLQYHVWLJDUHFRQVW 
vQSHUFHSHUHDVLVWHPDWLF DIDSWHORUVRFLDOHDDWLWXGLQLORUFRPSRUWDPHQWHORULLQWHUDF LXQLLDFWRULORUVRFLDOL
vQ PRPHQWXO PDQLIHVW ULL ORU I U  FD FHUFHW WRUXO V  PRGLILFH FRQGL LLOH GHVI XU ULL DFHVWRUD GDU FRQIRUP
XQXLSODQGLQDLQWHHODERUDWLFXDMXWRUXOXQRUWHKQLFLVSHFLILFHGHvQUHJLVWUDUH
6H FXQRVF XUP WRDUHOH WLSXUL GH REVHUYD LH D REVHUYD LH QHGLVWRUVLRQDW  FDUH VH FDUDFWHUL]HD]  SULQ
XWLOL]DUHD GH DSDUDWH WHKQLFH SHQWUX vQUHJLVWUDUHD IHQRPHQHORU VRFLDOH vQ GHVI XUDUHD ORU QDWXUDO  L
HOLPLQDUHD REVHUYDWRUXOXL IHQRPHQHORU VRFLDOH vQ GHVI XUDUHD ORU QDWXUDO  L HOLPLQDUHD REVHUYDWRUXOXL GLQ
VFHQHOH VRFLDOH E REVHUYD LD VWUXFWXUDW  FDUDFWHUL]DW  SULQ DFHHD F  REVHUYDWRUXO VWDELOHWH R LSRWH]  GH
FHUFHWDUH L XWLOL]HD]  FD WHKQLFL GH vQUHJLVWUDUH D GDWHORU OLVWHOH GH FRQWURO VFDOHOH GH HYDOXDUH GHVFULHUHD
QDUDWLY  L VLVWHPHOH GH FRGLILFDUH D LQWHUDF LXQLORU F REVHUYD LD SDUWLFLSDWLY  FDUH SUHVXSXQH LPSOLFDUHD
REVHUYDWRUXOXL

vQ

DFWLYLW

LOH

DFWRULORU

VRFLDOL

SURSULX]LL

SHQWUX

D

vQ HOHJH

VWUXFWXULOH

UHOD LLORU

FRPSRUWDPHQWDOHLDOHVXSXQHXQHLDQDOL]HXOWHULRDUH
7HKQLFLOHGHREVHUYD LHVHUHIHU ODREVHUYD LDGRFXPHQWDU  GRFXPHQWHGHDUKLY WLS ULWXULVWDWLVWLFL
LFRQRJUDILFHIRWRJUDILFHIRQHWLFH ODPHWRGHOHGHDQDOL] DGRFXPHQWHORU vQWUHFDUHVHPDQWLFDFDQWLWDWLY L
DQDOL]D GH FRQ LQXW FX WHKQLFLOH  PDWHPDWLFH UHVSHFWLYH  REVHUYD LD GLUHFW  H[WHQVLY  DQFKHWHOH VRFLDOH
GHWHUPLQDUHDHDQWLRDQHORUUHSUH]HQWDWLYHPHWRGHOHGHLQWHURJD LHLDSOLFDUHDFKHVWLRQDUHORUSUHOXFUDUHDL
SXEOLFDUHDUH]XOWDWHORU REVHUYD LDGLUHFW LQWHQVLY  LQWHUYLXULOHWHVWHOHLVF ULOHGHP VXUDUHDDWLWXGLQLORU
L RSLQLLORU REVHUYD LD SULQ SDUWLFLSDUH  $QDOL]D VLVWHPDWLF  VH UHIHU  OD HOHPHQWHOH DFHVWHLD FDGUHOH
FRQFHSWXDOH DOH FHUFHW ULL QLYHOHOH FHUFHW ULORU WLLQ LILFH FODVLILF ULOH L WLSRORJLLOH WHRULLOH L LSRWH]HOH
H[SHULPHQWDUHDGHODERUDWRUJUXSXULOHDUWLILFLDOHVRFLRJUDPDH[SHULPHQWHOHGHWHUHQPHWRGDFRPSDUDWLY 
DQDOL]D DVRFLD LLORU L FRUHOD LLORU DQDOL]D IDFWRULDO  FHUFHWDUHD RSHUD LRQDO  DQDOL]D GRFXPHQWHORU
H[SHULPHQWXO

VFDODUHD

VRFLRPHWULD

PRGHODUHD

VRFLDO 

DQDOL]D

VLVWHPLF 

REVHUYD LD

GHVFULHUHD

WLSRORJL]DUHD
0HWRGDREVHUYD LHLYDILFRPSOHWDW GHDQFKHWHSHED]DXQRUFKHVWLRQDUHOLEHUVWUXFWXUDWH
Q FHHD FH SULYHWH DQFKHWD VRFLRORJLF  R GHILQL LH D HL DU IL DWkW GH JHQHUDO  vQFkW LDU DQXOD VFRSXO
GHRDUHFHvQVXLWHUPHQXOLPHWRGHOHOHJDWHGHHDVHDSOLF vQWURYDULHWDWHIRDUWHODUJ GHFHUFHW ULvQFHSkQG

GH OD DQDOL]HOH FODVLFH DOH V U FLHL SkQ  OD VRQGDMHOH DVXSUD RSLQLHL SXEOLFH L DQFKHWH SHQWUX FHUFHWDUHD
SLH HL
2DQFKHW SRDWHILGHWHUPLQDW SXULVLPSOXGHQHFHVLWDWHDXQRUDF LXQLDGPLQLVWUDWLYHvQWUXQDQXPLW
DVSHFW DO YLH LL SXEOLFH RUL SRDWH IL FRQFHSXW  SHQWUX D VWXGLD XQHOH UHOD LL FDX]DOH VDX SHQWUX D DUXQFD R
OXPLQ QRX DVXSUDXQRUDVSHFWHDOHWHRULHLVRFLRORJLFH
6HSRDWHGHILQLDQFKHWDVRFLDO FDXQVWXGLXFRQVWDWDWLYSULYLQGQDWXUDLSUREOHPHOHFRPXQLW

LL

6FRSXO DQFKHWHORU SRDWH IL GHVFULSWLY VDX H[SOLFDWLY  PXOWH DQFKHWH XUP UHVF V  H[SOLFH PDL GHJUDE 
GHFkWV GHVFULH 'HDFHHDVHDILUP F IXQF LXQHDORUSRDWHILXQHRULWHRUHWLF  V WHVWH]HRDQXPLW LSRWH] 
VXJHUDW  GH R WHRULH  VDX VWULFW SUDFWLF  V  HYDOXH]H LQIOXHQ D H[HUFLWDW  DVXSUD XQXL DQXPLW IHQRPHQ GH
GLIHUL L IDFWRUL FDUH SRW IL PDQLSXOD L 'H DFHHD VFRSXO D IRVW GHILQLW FD ILLQG H[SOLFDUHD UDSRUWXOXL GLQWUH XQ
QXP UGHYDULDELOH
$DGDU DQFKHWHOH VXQW XWLOH DWkW SHQWUX GHWHUPLQDUHD F LORU VSUH IRUPXODUHD LSRWH]HL FkW L SHQWUX
YHULILFDUHDORU)XQF LXQHDORUvQWURFHUFHWDUHGDW GHSLQGHGHP VXUDFXQRDWHULLSUHDODELOHDVXELHFWXOXLL
GHVFRSXOSHQWUXFDUHHVWHFHUXW LQIRUPD LD
([LVW SDWUXPDULWLSXULGHSUREOHPH
D

FDUDFWHULVWLFLOHGHPRJUDILFHDOHXQXLJUXSGHRDPHQL

E

PHGLXOORUVRFLDO

F

DFWLYLW

G

RSLQLLOHLDWLWXGLQLOHORU

LOHORU

QFHUFHW ULOHVRFLRORJLFHVXQWXWLOL]DWHPDLPXOWHWLSXULVDXYDULDQWHDOHDQFKHWHLVRFLRORJLFH
QUHDOL]DUHDXQHLDQFKHWHVRFLRORJLFHVHUHFRPDQG XUP ULUHDSUREOHPHORUOHJDWHGH
D

2ELHFWLYH L UHVXUVH 6WDELOLUHD RELHFWLYHORU SUHVXSXQH HQXQ DUHD VFRSXULORU JHQHUDOH 1X HVWH
VXILFLHQW V  VH VSXQ  F  DQFKHWD XUP UHWH V  VH VWDELOHDVF  FDUH VXQW FRQGL LLOH GH YLD D DOH
E WUkQLORUFLWUHEXLHGHILQLWvQPRGSUHFLVFHvQVHDPQ DILE WUkQFHSUREOHPHvQWkPSLQ DFHWLD
GDF  SULQ FRQGL LL GH YLD

 VH vQ HOHJH QXPDL R GHVFULHUH D WLSXULORU GHORFXLQ HDQXP UXOXLGH

FDPHUHVDXVXQWQHFHVDUHLGDWHSULYLQGYHQLWXULOHLFKHOWXLHOLOHUHVSHFWLYH(QXQ XOLQL LDOWUHEXLH


V  H[SOLFH vQ FH VFRS VH HIHFWXHD]  DQFKHWD V  DUDWH FH SUREOHPH LQWHQ LRQHD]  V  DERUGH]H L FH
UH]XOWDWHVFRQWHD] 
(QXQ DUHDRELHFWLYHORUWUHEXLHV VSHFLILFHPHWRGHOHFDUHYRUILIRORVLWHLWUHEXLHV DUDWHFODUFHHVWH
SUDFWLFUHDOL]DELOFkWLFHHVWHQXPDLGH]LGHUDW
E

&XSULQGHUHD/DvQFHSXWWUHEXLHV VHGHWHUPLQHSRSXOD LDFDUHYDILFHUFHWDW  HDQWLRQXO OLPLWHOH


VDOHJHRJUDILFHGHPRJUDILFH

F

&XOHJHUHDGDWHORU$OHJHUHDGDWHORUHVWHGHWHUPLQDW GHVXELHFWGHXQLWDWHDGHFHUFHWDUHLGHVFDUD

G

&KHVWLRQDUH )RUPD L DQJDMDPHQWXO vQWUHE ULORU UHSUH]LQW  SDUWHD FHD PDL LPSRUWDQW  D VDUFLQLL

DQFKHWHL
DQFKHWHL
H

(URUL )LHFDUH ID]  D DQFKHWHL FRQVWLWXLH XQ L]YRU GH HURUL Q DIDUD HURULORU RFD]LRQDWH GH
HDQWLRQDUHVHSRWVWUHFXUDLQH[SOLFDELOFXRFD]LDLQWHUYLXOXLODSXQHUHDvQWUHE ULORUODUHGDFWDUHD
WDEXODUHDLDQDOL]DILQDO 

I

0XQFD GH WHUHQ &DOLWDWHD SUHJ WLULL RSHUDWRULORU GH LQWHUYLX DUH R LPSRUWDQ

 HYLGHQW  SHQWUX

DQFKHWHOHGHWHUHQ
J

3UHOXFUDUHD L DQDOL]D &KHVWLRQDUHOH WUHEXLH DQDOL]DWH ULJXURV SHQWUX D GHSLVWD HURULOH RPLVLXQLOH
SHQWUXFDvQILQDOV VHIDF DQDOL]DLQWHUSUHWDUHDUH]XOWDWHORU

K

'RFXPHQWH 2GDW  FH DX IRVW UH]ROYDWH SUREOHPHOH GH PDL VXV VH SURFHGHD]  OD UHGDFWDUHD
GRFXPHQWHORU D IRUPXODUHORU D LQVWUXF LXQLORU SHQWUX XWLOL]DUHD FKHVWLRQDUHORU D IRUPHORU GH
vQUHJLVWUDUHDLQWHUYLXULORU

L

3URJUDPXOFRVWXOLSHUVRQDOXOVXQWGHSHQGHQWHGHLQVWLWX LDFDUHDSURSXVDQFKHWD

QDLQWH GH D DSOLFD DQFKHWD HVWH QHYRLH GH R SUHWHVWDUH D FKHVWLRQDUXOXL R VWDELOLUH D HILFDFLW
LQVWUXF LXQLORUDQRQU VSXQVXULORULDOWHOH
8QPRGHOGHDQFKHW SRDWHDYHDXUP WRDUHDVWUXFWXU 
D

7HPD WHPHOHXUP ULWH 

E

7HKQLFLOHXWLOL]DWH

F

&RQFHSWHOHVSHFLILFHXWLOL]DWH

G

&RQFOX]LLOHRE LQXWH

H

5HDOL] ULLSXEOLFD LL




LL

2ULFHDQFKHW VRFLRORJLF SUH]LQW DQXPLWHHWDSH


D

2UJDQL]DUHDDQFKHWHL

E

&XOHJHUHDLvQUHJLVWUDUHDLQIRUPD LLORU

F

$QDOL]DLQIRUPD LLORU

G

6WDELOLUHDFRQFOX]LLORULYDORULILFDUHDORU

2UJDQL]DUHDDQFKHWHL2SUHJ WLUHDWHQW LPLQX LRDV DFHUFHW ULLYDSHUPLWHHYLWDUHDDQXPLWRUHURULL


SLHUGHUL LQXWLOH GH WLPS L PLMORDFH PDWHULDOH vQ HWDSHOH XUP WRDUH SRDWH DU WD GLQ YUHPH GLILFXOW

LOH FH

WUHEXLHGHS LWHLHYHQWXDOQHFHVLWDWHDDEDQGRQ ULLDQFKHWHLGDF SURLHFWXOHVWHJUHLWVDXVRUWLWHHFXOXLYD


SHUPLWHRE LQHUHDXQRUUH]XOWDWHVHPQLILFDWLYHvQWUXQWLPSVFXUW
/DUkQGXOHLDFHDVW HWDS SUHVXSXQHWUHFHUHDSULQPDLPXOWHVXEHWDSH
D6WDELOLUHDWHPHLLDSUREOHPHORU
D5HGDFWDUHDPHWRGRORJLHLLFRQVWUXLUHDLQVWUXPHQWHORUGHOXFUX
D6WDELOLUHDSRSXOD LHLVDXDHDQWLRQXOXL
3UHFL]DUHDWHPHLDSUREOHPHORULRELHFWLYHORUXUP ULWHWUHEXLHXUPDW GHSUH]HQWDUHDLQYHVWLJD LLORUL
DQFKHWHORU DQWHULRDUH GLQ DFHODL GRPHQLX 3ODQXO WHPDWLF HVWH XUPDW GH XQ SODQ FDOHQGDULVWLF L R
RUJDQLJUDP DHFKLSHORULSRVWXULORUGHDFWLYLWDWH
Q FDGUXO SUHJ WLULL DQFKHWHL VXQW FXSULQVH L DOHJHUHD WHKQLFLORU L SURFHGHHORU GH OXFUX SUHFXP L
VWDELOLUHDSRSXOD LHL
2UJDQL]DUHD XQHL DQFKHWH VRFLRORJLFH LPSXQH RSHUD LRQDOL]DUHD FRQFHSWHORU VWDELOLUHD GLPHQVLXQLORU
YDULDELOHORU LQGLFLORU L LQGLFDWRULORU FRQVWUXLUHD L WHVWDUHD LQVWUXPHQWHORU GH OXFUX L YHULILFDUHD
UHSUH]HQWDWLYLW

LLHDQWLRQXOXLLQYHQWDUXOGHSUREOHPHLVHWXOGHLSRWH]H

'XS  FH VD VWDELOLW WHPD L FkPSXO LQYHVWLJD LHL XUPHD]  V  VH VWDELOHDVF  FDGUXO WHRUHWLF LPRGHOXO
FRQFHSWXDOFDUHYRUJKLGDFXOHJHUHDDQDOL]DLYDORULILFDUHDGDWHORU
6LVWHPXOLQL LDOGHFRQFHSWHFRQVWLWXLHRVLVWHPDWL]DUHDLQIRUPD LLORUDQWHULRDUHRLSRWH] GHOXFUX
(WDSD RUJDQL] UL DQFKHWHL VH vQFKHLH SULQ FRQVWUXLUHD LQVWUXPHQWHORU GH OXFUX DOF WXLUHD HFKLSHORU GH
WHUHQLDHDQWLRQXOXL
'LQWUH SUREOHPHOH GHFLVLYH SULYLQG YDORDUHD LQVWUXPHQWHORU GH OXFUX PHQ LRQ P SUREOHPD YHULILF ULL
YDOLGLW

LLLILGHOLW

LLORU

3ULQYDOLGLWDWHvQ HOHJHPDSWLWXGLQHDXQXLLQVWUXPHQWGHDP VXUDRDQXPLW FDUDFWHULVWLF 


8QLQVWUXPHQWHVWHILGHOGDF VHRE LQDFHOHDLUH]XOWDWHRULGHFkWHRULHVWHDSOLFDWDFHOXLDLVXELHFWvQ
DFHOHDLFRQGL LL
&XOHJHUHDLvQUHJLVWUDUHDLQIRUPD LLORUQHWDSDFXOHJHULLGDWHORUDSDUGRX SUREOHPHLPSRUWDQWHXQD
SULYLQGFDOLWDWHDFHUFHW WRUXOXLLUROXOOXLLDUFHDODOW SULYLQGFDOLWDWHDLQIRUPD LLORUVWUkQVH
&DOLWDWHD LQIRUPD LLORU VRFLRORJLFH HVWH vQV  JUHX GH VWDELOLW &HD PDL EXQ  FDOH R FRQVWLWXLH
GHVFRSHULUHDWXWXURUWLSXULORUGHHURULGHvQUHJLVWUDUHFDUHDSDU LQGHVXELHFWGHRSHUDWRUGHWHKQLFDGHOXFUX
GHLQVWUXPHQWXODSOLFDWHURULGHFDOFXOGHWUDQVFULHUHGHFODVLILFDUHGHDQDOL] LLQWHUSUHWDUH
6HSRWLGHQWLILFDFDWHJRULLGHVXUVHGHHURUL


,PSUHFL]LDGHILQLULLWHPHLLRELHFWLYHORU



,PSUHFL]LDGHILQLULLSRSXOD LHL



/LSVDSUHDQFKHWHLVDXUHDOL]DUHDXQHLSUHDQFKHWHVXSHUILFLDOH



/LSVDLSRWH]HORUVHOHF LDVXELHFWLY DLSRWH]HORUDOHJHUHDXQRULSRWH]HQHVHPQLILFDWLYH



([LVWHQ DvQFKHVWLRQDUDXQRUvQWUHE ULFRQIX]HWHQGHQ LRDVHFDUHGHWHUPLQ UHDF LLGHDS UDUHGLQ


SDUWHDVXELHF LORU



3UHWHVWDUHDQHFRUHVSXQ] WRDUHDLQVWUXPHQWHORUGHOXFUX



(URULGHHDQWLRQDUHLGHFDOFXO



1HUHVSHFWDUHD UHJXOLORU FRPXQH GH DQFKHW  GHIRUP UL GDWRUDWH UDSRUWXOXL DQFKHWDWRU  DQFKHWDW
PDQLHUHLGHDSXQHvQWUHE ULOHGHDvQUHJLVWUDLWUDQVFULHU VSXQVXULOH



1HFRQFRUGDQ D GLQWUH HDQWLRQXO UHDO FKHVWLRQDW L HDQWLRQXO LQL LDO VWDELOLW  LJQRUDUHD QRQ
U VSXQVXULORU

 ,QWHUSUHWDUHDSUHDSHUVRQDO VXELHFWLY DGDWHORU


 (URULGHDQDOL] DQDOL]DVXPDU 
 (URULGHYDORULILFDUHDUH]XOWDWHORUDQFKHWHL
,QYHVWLJD LD VRFLRORJLF  LPSOLFLW DQFKHWD SUHVXSXQH XQ SURFHV FXPXODWLY GH SURGXF LH VFKLPE L
FRQVXPGHLQIRUPD LL
5HXLWD XQHL DQFKHWH VRFLRORJLFH HVWH GHSHQGHQ D GH YDORDUHD WHKQLFLORU XWLOL]DWH L H[SHULHQ D
FHUFHW WRUXOXL


7HKQLFLOHGHvQUHJLVWUDUHDLQIRUPD LLORUVXQWGLYHUVH


,QIRUPD LLRUDOHFHVHWUDQVIRUP vQLQIRUPD LLVFULVH



,QIRUPD LLVFULVH FXYLQWHFLIUHWUDQVIHUDWHSHFDUWHOHSHUIRUDWH 



,QIRUPD LLVRQRUHDOWHOHGHFkWFHOHRUDOHFRQVHUYDWHSHFDVHWH



,QIRUPD LLLFRQRJUDILFHLIRWR GRFXPHQWHLPDJLQL 



,QIRUPD LLDQLPDWH JHVWXULVFHQHGLQYLD DVRFLDO vQUHJLVWUDWHFXDMXWRUXODSDUDWHORUGHILOPDW

$FHVWH WHKQLFL GH vQUHJLVWUDUH VXQW RSHUD LL SULQ FDUH VH PRGLILF  IRUPD GH SUH]HQWDUH D GDWHORU vQ
YHGHUHDFUHWHULLHILFLHQ HLLDVLJXUDQ HLvQFRQVHUYDUHDPDQLSXODUHDLWUDQVPLWHUHDXWLOL]DUHDLQIRUPD LLORU
GHWHUHQ
([LVW vQV DQXPLWHSLHUGHULLGLVWRUVLXQLGHLQIRUPD LL
$QDOL]DLQIRUPD LLORU
([LVW QXPHURDVHSURFHGHHGHDQDOL] DGDWHORULLQIRUPD LLORUvQIXQF LHGHVXUVHOHORUGHFDQDOHOHGH
LQIRUPDUHLGHWHKQLFLOHGHFXOHJHUH
0DXULFH'XYHUJHUYRUEHWHGHRVHULHvQWUHDJ GHSURFHGHHvPS U LWHvQGRX FDWHJRULL


3URFHGHHFDOLWDWLYH



3URFHGHHFDQWLWDWLYH

3URFHGHHGHDQDOL] 


&DOLWDWLYH
D

*HQHUDOH
OLWHUDULVWRULFH
VRFLRORJLF 

E

3DUWLFXODUH
MXULGLF 
SVLKRORJLF 
HWF



&DQWLWDWLYH

D

6HPDQWLFDFDQWLWDWLY 

E

$QDOL]DGHFRQ LQXW

6HUHDOL]HD] SULQDSOLFDUHDXQRUWUDWDPHQWHVWDWLVWLFRPDWHPDWLFH
$QDOL]D GDWHORU GH WHUHQ SDUFXUJH PDL PXOWH PRPHQWH GLIHULWH GH FHOH DOH DQDOL]HL GRFXPHQWHORU
PDWHULDOHORULVWRULFH


&RGLILFDUHD VWDELOLUHD FDWHJRULLORU GH DQDOL]  SH ED]D VLVWHPDWL] ULL FHQWUDOL] ULL L FODVLILF ULOH
PDWHULDOXOXLLQIRUPDWLY 



7DEXODUHD FRQVWUXLUHDWDEHOHORUFXGRX VDXPDLPXOWHYDULDELOHSHED]DFDWHJRULLORUGHDQDOL] 


VWDELOLWH 



,QWHUSUHWDUHDLQIRUPD LLORUSHED]DFRUHOD LLORUFXSULQVHvQWDEHOHLvQDOWHPDWHULDOHLIRUPXODUHD


FRQFOX]LLORUILQDOH



9DORULILFDUHDUH]XOWDWHORU

2ELHFWLYXOSULQFLSDODOXQHLDQFKHWHGHWHUHQvOFRQVWLWXLHIRUPXODUHDXQRUSURSXQHULLVROX LLSUDFWLFH
GH WUDQVIRUPDUH D UHDOLW

LL VWXGLDWH 6H vQWRFPHWH DVWIHO UDSRUWXO GH DQFKHW  vQ ED]D F UXLD EHQHILFLDUXO YD

XWLOL]D FRQFOX]LLOH L SURSXQHULOH HFKLSHL GH FHUFHWDUH SHQWUX DPHOLRUDUHD IHQRPHQXOXL VDX GRPHQLXOXL
LQYHVWLJDW
6WUXFWXUDGHDQVDPEOXDXQXLUDSRUWGHDQFKHW HVWHXUP WRDUHD


'HILQLUHDWHPHLLSUREOHPHORULQL LDOH



2VFKL



2SUH]HQWDUHMXVWLILFDWLY DLSRWH]HORUWHKQLFLORULLQVWUXPHQWHORU



LVWRULF DVWXGLLORUDQWHULRDUH

2SUH]HQWDUHDP VXULORUFDUHVDXOXDWSHQWUXFDOFXODUHDHYLWDUHDVDXPLFRUDUHDSRQGHULLHURULORU
vQDQVDPEOXOGDWHORUvQUHJLVWUDWHDSUHFLHUHDFULWLF DYDORULLDQFKHWHL



3UH]HQWDUHDFRQFOX]LLORULSURSXQHULORU

$QFKHWD VD GRYHGLW D IL QX QXPDL GLQWUH FHOH PDL LPSRUWDQWH PHWRGH GH FXOHJHUH D GDWHORU L
LQIRUPD LLORU vQ FHUFHWDUHD VRFLDO  FL vQ XQHOH VLWXD LL FKLDU VLQJXUD PHWRGD 0HWRGRORJLD WLLQ HLVRFLDOHD
GHYHQLW YLUWXDO VLQRQLP  FX FHUFHWDUHD SULQ DQFKHW  8WLOLWDWHD VD SHQWUX FHUFHWDUH HVWH FX DWkW PDLPDUHFX
FkW DQFKHWD VH DVRFLD]  FX DOWH PHWRGH GH FXOHJHUH D GDWHORU L VH ED]HD]  SH FRRSHUDUHD L LQWHUSUHWDUHD
GDWHORU
0HWRGD PRQRJUDILF  SUHVXSXQH REVHUYDUHD GLUHFW  D XQHL XQLW

L VRFLDO WHULWRULDOH UHJLXQH VDW RUD

FDUWLHULQVWLWX LHvQWUHSULQGHUH VDXDXQXLVLVWHPVRFLDOGHXQDQXPLWWLS




'LQWU V WXULOHVDOHVSHFLILFHPHQ LRQ P




GHL HVWH R PHWRG  H[WHQVLY  SHUPL kQG FHUFHW UL OD VFDU  PDUH vL IL[HD]  GUHSW RELHFW XQ
GRPHQLXPDLFLUFXPVFULVDOUHDOLW

LL



RGDW DOHVRELHFWXOFHUFHW ULLHVWHVXSXVREVHUYD LHLGLUHFWHvQWRDW PXOWLWXGLQHDDVSHFWHORUVDOH



UHDOL]HD] VWXGLLFDOLWDWLYHILLQGPDLIOH[LELO LWRWRGDW PDLFRPSOH[ GHFkWDQFKHWDVRFLRORJLF 

$FHDVW  PHWRG  VH SRDWH DSOLFD OD LQVWLWX LL VRFLDOH PRQRJUDILLGHIDPLOLHPRQRJUDILLFRODUH PDUL
FROHFWLYLW

L WHULWRULDOH PRQRJUDILL XUEDQH PRQRJUDILL UXUDOH HWF  FDWHJRULL SURIHVLRQDOH PRQRJUDILL GH

PHVHULLVDXSURIHVLXQL VLVWHPHLVXEVLVWHPHVRFLDOH PRQRJUDILLDOHXQRUUDPXULLQGXVWULDOHVDXPRQRJUDILL


GHvQWUHSULQGHUHLQGXVWULDOH SURFHVHVRFLDOH XUEDQL]DUHPLJUD LHPRELOLWDWHVRFLDO 
0RQRJUDILD
)RQGDWRUXO PRQRJUDILHL HVWH FRQVLGHUDW GH )UHGHULF /H 3OD\ FDUH D UHDOL]DW PRQRJUDILL GH IDPLOLL
PXQFLWRUHWLXUP ULQGVWXGLXOEXJHWHORUGHIDPLOLH
0HQ LRQ  FRQWULEX LD GHRVHELW  D FROLL PRQRJUDILFH GH OD %XFXUHWL $YkQG FD PRGHO FRDOD OXL /H
3OD\SUHFXPLFRQWULEX LLOHOXL,RQ,RQHVFXGHOD%UDGDXWRUGHPRQRJUDILLFXFDUDFWHUUXUDO'LPLWULH*XVWL
SULQFRDOD0RQRJUDILF GHOD%XFXUHWLDOF UXLvQWHPHLHWRUDIRVWDGDWXQSXWHUQLFLPSXOVFHUFHW ULORUGH
VRFLRORJLHUXUDO 
0HWRGD PRQRJUDILF  HVWH GHILQLW  SULQ UDSRUWDUHD OD PHWRGD DQFKHWHL PRQRJUDILD FRQVW  vQ D IDFH R
DQFKHW DSURIXQGDW DVXSUDXQXLRELHFWIRDUWHUHGXV0HWRGDPRQRJUDILF HVWHPDLSX LQH[WHQVLY GHFkWFHD
DDQFKHWHLQWLPSFHPHWRGDDQFKHWHLVHDSOLF GHRELFHLDVXSUDDQVDPEOXULVRFLDOHPDLPXOWVDXPDLSX LQ
YDVWHPHWRGDPRQRJUDILF vLIL[HD] GUHSWRELHFWXQGRPHQLXDOUHDOLW

LLPDLFLUFXPVFULV RvQWUHSULQGHUH

XQVDWXQRUDRLQVWLWX LH 2LQYHVWLJD LHGHWLSXODQFKHWHLQXDERUGHD] RELHFWLYXOFDDWDUHFLvOUHGXFHOD


XQ HDQWLRQ SHQWUX FD GXS  DFHHD V  DGXQH GDWH GHVSUH DFHVWD L V  WUHDF  OD JHQHUDOL] UL 3ULQ PHWRGD
PRQRJUDILF  RGDW  DOHV RELHFWXO FHUFHW ULL HVWH VXSXV REVHUYD LHL vQ WRDW  PXOWLWXGLQHD DVSHFWHORU VDOH
0HWRGDDUHWU V WXULVSHFLILFHQSULPXOUkQGQXVHSRDWHDSOLFDvQODERUDWRUFLGRDUSHWHUHQ6HPDQLIHVW 
SHQWUXLQWHUGLVFLSOLQDULWDWHDYkQGvQYHGHUHQHFHVLWDWHDDERUG ULLPXOWLODWHUDOHDUHDOLW

LLVRFLDOH

' *XVWL D FRQFHSXW XQ YDV SURJUDP GH FHUFHWDUH D VDWXOXL SH ED]D PHWRGHL PRQRJUDILFH DF LXQH
vQFHSXW vQLFRQWLQXDW SkQ vQ'*XVWLFRQFHSHDUHDOLWDWHDVRFLDO FDILLQGXQVLVWHPFRPSOH[
GH FDGUH L PDQLIHVW UL &HOH SDWUX FDGUH FRVPLF ELRORJLF LVWRULF L SVLKLF FRQVWLWXLH PHGLXO vQ FDUH DX ORF
PDQLIHVW ULHFRQRPLFHVSLULWXDOHSROLWLFHLMXULGLFH)RUPHOHFRQFUHWHvQFDUHDF LRQHD] DFHWLIDFWRULVXQW
XQLW

LOHVRFLDOH VDWXORUDXOFRDODIDEULFDHWF (VHQ DPHWRGHLPRQRJUDILFHGXS *XVWLHVWHREVHUYD LD

GLUHFW  vQ HOHJkQG SULQ DFHDVWD FXOHJHUHD L LQYHVWLJDUHD GH IDSWH 'DU vQ FDGUXO PDL ODUJ DO PHWRGHL
PRQRJUDILFH REVHUYD LD GLUHFW  WUHEXLH V  VH vPELQH FX H[SHULPHQWXO REVHUYD LD SURYRFDW  L FX PHWRGD
VWDWLVWLF  5H]XOW  F  PHWRGD PRQRJUDILF  HVWH R PHWRG  FRPSOH[  Q DFHODL WLPS PHWRGD PRQRJUDILF  D
IRVWFRQFHSXW FDRPHWRG FROHFWLY DGLF RPHWRG FDUHGDWRULW FRPSOH[LW

LLHLQXSRDWHILDSOLFDW GHFkW

GH PDL PXO L FHUFHW WRUL RUJDQL]D L vQ HFKLSH *XVWL D DOF WXLW HFKLSH PRQRJUDILFH FRPSXVH GLQWHXQ QXP U
PDUH GH VSHFLDOLWL &HUFHWDUHD SULQ HFKLSH LQWHUGLVFLSOLQDUH L DERUGDUHD PXOWLODWHUDO  D UHDOLW

LL VRFLDOH

VWXGLDWHFRQVWLWXLHFRQWULEX LLRULJLQDOHDOHFROLLPRQRJUDILFHGHOD%XFXUHWL'*XVWLDHQXQ DWRVHULHGH


SULQFLSLLFDUHvLPHQ LQYDODELOLWDWHDLDVW ]LQXPLQGXOHUHJXOLDOHXQHLEXQHFHUFHW ULPRQRJUDILFH


SUHJ WLUHDWHRUHWLF 



VLQFHULWDWHDLRELHFWLYLWDWHDID DGHIDSWH



REVHUYD LDV ILHH[DFW LFRPSOHW 



REVHUYD LDV ILHFRQWURODW LYHULILFDW 



FHUFHW WRUXOV ILHGRFXPHQWDWLLQIRUPDWDVXSUDIHQRPHQXOXLSHFDUHvOFHUFHWHD] 



FHUFHWDUHDV ILHI FXW GHHFKLSHGHVSHFLDOLWLGHFLV ILHFROHFWLY 



IHQRPHQHOHFHUFHWDWHWUHEXLHV ILHFRPSDUDWHFXDOWHIHQRPHQH

&HUFHW ULOHPRQRJUDILFHHIHFWXDWHWUHEXLHV ILHFRPSDUDWHFXDOWHIHQRPHQH&HUFHW ULOHPRQRJUDILFH


HIHFWXDWHvQSHVWHVDWHDXSHUPLVSULQWUHDOWHOHWLSRORJL]DUHDORFDOLW

LORUUXUDOHGLQ DUDQRDVWU 0HWRGD

PRQRJUDILF VHFDUDFWHUL]HD] SULQGRX WU V WXULIXQGDPHQWDOHFDUDFWHUXOHLLQWHUGLVFLSOLQDULFDUDFWHUXOHL


PHWRGRORJLF
FRDODVRFLRORJLF GHOD%XFXUHWLFRRUGRQDW GH'*XVWLDHODERUDWRVFKHP GHFHUFHWDUHFDUHSRDWH
ILDGRSWDW ODRULFHXQLWDWHVRFLDO LDQXPH
, 8QLW

L UHOD LL L SURFHVH VRFLDOH $LFL VH JUXSHD]  FHUFHW ULOH VRFLRORJLFH GH ED]  VDWXO FD

WRWDOLWDWHLWRDWHVXEXQLW
UHSUH]HQWDWLY VXEXQLW

LOHGLQFXSULQVXOOXL6HVWXGLD] GXS FD]LQWHJUDOVDXSHED] GHHDQWLRQ

LOH UHVSHFWLYH vQ VWUXFWXUD VD UHOD LLOH LQWHULRDUH L H[WHULRDUH IXQF LRQDUHD L

VFKLPE ULOHHYHQWXDOHSULQFDUHWUHF
QDFHVWVFRSVDXFODVLILFDWXQLW
LQVWLWX LL L JUXS UL &RPXQLW

LOHVRFLDOHvQWUHLPDULFDWHJRULLVDXWLSXULIXQGDPHQWDOHFRPXQLW

L

LOH HUDX FRQVLGHUDWH D IL WRDWH IRUPHOH GH YLD D VRFLDO  GLQ FDUH LQGLYLGXO IDFH

SDUWH SULQ QDWHUH IDPLOLH JUXS GH UXEHGHQLH DSDUWHQHQ


PDWHUQ PXOW YUHPHLORFDOLWDWHDFHW

 HWQLF  VDX SHUVRQDOLWDWH  QD LRQDOLWDWH OLPED

HQLDUHOLJLDHWF

,QVWLWX LLOH VRFLDOH VXQW RUJDQL]D LL VWDELOLWH GH VRFLHWDWH vQ HSRFD QRDVWU  GH F WUH VWDW SHQWUX
vQGHSOLQLUHDXQRUVDUFLQLVSHFLDOL]DWH
*UXSXULOH VDX DVRFLD LLOH VXQW FROHFWLYH ED]DWHSHVLPSOXOFRQVLP

PkQWDOS U LORUSHvQ HOHJHWDFLW 

VDX H[SUHV  HYHQWXDO SH FRQYHQ LL VDX FRQWUDFWH vQ FDUH QX LQWU  L QX U PkQH GHFkW FLQH YUHD FX VLQJXUD
FRQGL LHDDFFHSW ULLFHORUODO LPHPEULVDXDXQRUvQYRLHOLOLEHUH

LOHVDXPDQLIHVW

,,$FWLYLW
&ROHFWLYLW

ULOHVRFLDOH

LOH XPDQH QX VXQW L QX SRW IL VWDWLFH RDPHQLL GLQ FXSULQVXO ORU QX SRW WU L L VXSUDYLH XLL

GHFkWGDF DXFHOHQHFHVDUHWUDLXOXLLDUODQLYHOXO VSHFLDOL] ULL VSHFLILFXPDQHWUDLXOVHDVLJXU SULQPXQF 


FRDOD VRFLRORJLF  GH OD %XFXUHWL FXSULQGHD WRDWH DFWLYLW

LOH VSHFLDOH PLMORDFHOH L SURFHGHHOH

IRORVLWH SURGXVHOH RE LQXWH vQ YHGHUHD VDWLVIDFHULL QHYRLORU PDWHULDOH DOH RDPHQLORU VXE QXPHOH JHQHUDO GH
LVDXPDQLIHVW ULHFRQRPLFH

DFWLYLW

(FRQRPLD XQXL VWDW QX VH P UJLQHWH vQV  OD JRVSRG ULLOH SDUWLFXODUH L OD GLIHULWHOH vQWRY U LUL DOH
JRVSRG ULLORU QLFL OD FHOH FkWHYD DWHOLHUH PHWHXJ UHWL L LQGXVWULL
DFWLYLW

U QHWL HD FXSULQGH L QXPHURDVH

LGHRUGLQFRPXQDOLLQVWLWX LRQDO&RPXQDELVHULFDFROLOHGLVSHQVDUHOHDXLHOHDYHULOHYHQLWXULOH

LFKHOWXLHOLOHORUGHFLHVWHQHFHVDUV ILHVWXGLDW LVXEDVSHFWHFRQRPLF


3ULQFLSLXOHUDV QXU PkQ QHFHUFHWDWQLFLXQDVSHFWHFRQRPLFDOVDWXOXLLDOXQLW
OXLVXERULFHIRUP VDUILSUH]HQWDW'HDVHPHQHDVHDFRUGDRDWHQ LHGHRVHELW DFWLYLW

LORUGLQFXSULQVXO

LORUGHWRWIHOXOGHOD

DUWH GHFRUDWLYH SkQ  OD ERJDWXO QRVWUX IROFORU FRUHJUDILF OLWHUDU L PX]LFDO 7RW FD R DFWLYLWDWH FXOWXUDO  GH
PDUH vQVHPQ WDWH DX IRVW VWXGLDWH L DF LXQLOH LQVWUXFWLY HGXFDWLYH DD FXP VH SHWUHFHDX HIHFWLY vQ IDPLOLH
FRPXQLWDWH FRDO  F PLQ FXOWXUDO ELEOLRWHF  V WHDVF  SHQWUX WRDWHYkUVWHOHGDUPDLDOHVSHQWUXJHQHUD LLOH
WLQHUH
$XIRVWFHUFHWDWHLDFWLYLW
$FWLYLW

LOHHWLFRMXULGLFHLDFWLYLW

LOHSROLWLFRDGPLQLVWUDWLYH

LOHSROLWLFRMXULGLFHDGPLQLVWUDWLYHVHUHIHUDXDWkWODSROLWLFDLDGPLQLVWUD LDLQWHUQ DVWDWXOXL

SDUWLGHLJUXS ULORFDOHFRQIOLFWHLOXSWHOHGLQWUHHOHSDUWLFLSDUHDRDPHQLORUODWUHEXULOHFRPXQDOHPRGXO
vQ FDUH VH I FHD DGPLQLVWUD LD ORFDO  RSLQLD L DWLWXGLQHD V WHQLORU ID

 GH HD HWF  FkW L OD SROLWLFD L

DGPLQLVWUD LDGHQLYHOQD LRQDOVDXVWDWDO



,,,&DGUHOHYLH LLVRFLDOH
Q OHJ WXU  FX FDGUXO JHRJUDILF DO XQXL VDW VH VWXGLDX WRDWH HOHPHQWHOH GH LQWHUHV XPDQ GLQ OLWRVIHU 
PDLDOHVSURGXFWLYLWDWHDVROXOXL KLGURVIHU  DSHOHGHLQWHUHVSHQWUXRDPHQL DWPRVIHU  vQVSHFLDOFOLPDWXO 
LELRVIHU  vQGHRVHELSODQWHOHLDQLPDOHOHV OEDWLFHXWLOHVDXQRFLYHSHQWUXRDPHQL 
&XSULYLUHODFDGUXOELRORJLFVHVWXGLDXSRSXOD LD QXP UVH[YkUVW UHSDUWL]DUHWHULWRULDO QDWDOLWDWH
PRUWDOLWDWHPLJUD LLHWF VHVWXGLDXWLSXULOHDQWURSRORJLFH DOSLQPHGLWHUDQLDQQRUGLF LVHH[DPLQDVWDUHD
GHLJLHQ LV Q WDWHDWXWXURURDPHQLORUGLQVDW
3HQWUX FDGUXO SVLKRORJLF SODQXULOH GH FHUFHWDUH HODERUDWH GH FRDOD VRFLRORJLF  GH OD %XFXUHWL
SUHYHGHDX P VXUDUHD LQWHOLJHQ HL L D DOWRU IXQF LL SVLKLFH SH ED]  GH WHVWH PDL DOHV OD FRSLLL GH FRDO 
DFFHQWXOSULQFLSDOVHSXQHDvQV SHVWXGLXOFRPSOH[DOSHUVRQDOLW

LLSHGLIHULWHHDQWLRDQHUHSUH]HQWDWLYH

3HQWUX FDGUXO LVWRULF VH UHFRQVWLWXLD WUHFXWXO VDWXOXL SULQ WRDWH PLMORDFHOH OD vQGHPkQ  QX QXPDL vQ
DQVDPEOX FL SHQWUX ILHFDUH DFWLYLWDWH VRFLDO  vQ SDUWH WUHFXWXO HFRQRPLF MXULGLF SROLWLF DGPLQLVWUDWLY
FXOWXUDOHWF
'UHSWWHKQLFLGHOXFUXXWLOL]DWHHQXPHU P


FRQYRUELUHD LQWHUYLXO FXORFDOQLFLVDXDO LLQIRUPDWRULDXWRUL]D L



QXP U WRDUHDLDOWHRSHUD LLVWDWLVWLFH H[SDUWLFLSDUHDODUHFHQV PkQWXOSRSXOD LHLDOORFXLQ HORU 



VWXGLXOGHFD]XULSHFkWSRVLELOWLSLFHSHQWUXDQXPLWHGRPHQLLSHQWUXFHUFHWDUHvQDFHODLWLPSFkW
PDL PXOWLODWHUDO  L FkW PDL DP QXQ LW vQ FDUH VFRS IHQRPHQXO HUD GHVI FXW PHWRGRORJLF vQ
DVSHFWHWU V WXULS U LHOHPHQWHFRPSRQHQWHSHQWUXFDDSRLV ILHUHI FXWLVHRE LQHDDVWIHOXQ
PRGHO PDL ERJDW vQ FRQ LQXW PDL VWUXFWXUDW L FRUHODW GHFkW HUD Y ]XW vQDLQWH GH DFHVWH DQDOL]H L
VLQWH]H



IRORVLUHD GH HDQWLRDQH UHSUH]HQWDWLYH SHQWUX D FXSULQGH SUREDELOLWDWHD UHDOLW

LL VRFLDOH GH PDUH

vQWLQGHUH LQDERUGDELOH VDX JUHX DERUGDELOH SH DOWH F L L QLFL QX RIHU  UH]XOWDWH WLLQ LILFH PXOW
VXSHULRDUH


H[SHULPHQWHQDWXUDOHSULQFHUFHWDUHDvQFRQGL LLH[SHULPHQWDOHDXQRUIHQRPHQHVRFLDOHSHWUHFXWH
vQ WLPSXO FHUFHW ULL D F URU GDW  GH vQFHSHUH HVWH FXQRVFXW  GLQDLQWH L GHFL SRW IL VWXGLDWH FD L
FXPVDUGHVI XUDvQODERUDWRU



H[SHULPHQWHSURYRFDWHGHWHUPLQkQGDSDUL LDXQRUIHQRPHQHELQHvQ HOHVvQFRQGL LLGHWHUHQQXGH


ODERUDWRU IRORVLQG FKLDU DQXPLWH LSRWH]H VDX SUHVXSXQHUL FDUH SRW IL GHFL YHULILFDWH FD DSHOXO OD
DQXPLWH DF LXQL FROHFWLYH GRULWH GH XQLL QHGRULWH GH DO LL VDX DF LXQL GH SURSDJDQG  VDQLWDU  L
YHULILFDUHDHIHFWHORUGREkQGLWHSULQGLIHULWHOHPLMORDFHGHSURSDJDQG IRORVLWH



IRORVLUHDGRFXPHQWHORUILHGLQDUKLYHOHSDUWLFXODUHILHGLQFHOHSXEOLFHFDXQPLMORFGHLQIRUPDUH
VXSOLPHQWDU vQOHJ WXU FXIDSWHOHFXOHVHGHFHUFHW WRULSHYLX

)LHFDUHFHUFHW WRUVDXHFKLS GHFHUFHWDUHXWLOL]DQXPHURDVHPHWRGHLWHKQLFLVSHFLILFHvQIXQF LHGH


QDWXUDSUREOHPHORUILHGHSURILOXOGLVFLSOLQHORUDQJDMDWHvQFHUFHWDUH
([SHULPHQWXO
Q DFFHS LXQHD FHD PDL ODUJ  GLQ WLLQ D FRQWHPSRUDQ  H[SHULPHQWXO HVWH R PHWRG  GH FXQRDWHUH
IRORVLW  vQ GRPHQLLOH IXQGDPHQWDOH DOH WLLQ HL QDWXULL WLLQ HORU WHKQLFH VRFLDOH FDUH SUHVXSXQ LQWHUYHQ LD
FRQWLHQW DRPXOXLvQGHVI XUDUHDIHQRPHQHORUFXVFRSXOGHVFRSHULULLOHJLORUFHOHJXYHUQHD] 
Q H[SHULPHQW SURGXFHP XQ IHQRPHQ vQ FRQGL LLOH XQXL FRQWURO PDL PXOW VDX PDL SX LQ FRPSOHW
VFKLPE PDQXPL LSDUDPHWULHOLPLQ PDF LXQHDSHUWXUEDWRDUHDDOWRUIDFWRULVDXFRQGL LL
7UHEXLHVXEOLQLDWF IRU DH[SHULPHQWXOXLUH]LG vQSULPXOUkQGvQIDSWXOF HVWHLRIRUP DSUDFWLFLL
DYkQG XQHOH FDUDFWHULVWLFL FRPXQH vQDFWLYLWDWHDGHSURGXF LH$VWIHOH[SHULPHQWXOPRGLILF WUDQVIRUP FX
DMXWRUXO XQRU DSDUDWH L LQVWUXPHQWH RELHFWH GLQOXPHDvQFRQMXU WRDUHVDXSURYRDF SURFHVHHYHQLPHQWHFH
GXFODVFKLPEDUHDVW ULLLQL LDOHDRELHFWXOXLFHUFHWDW
([SHULPHQWHOHSRWILSURYRFDWHVDXQHSURYRFDWH
Q RULFH H[SHULPHQW DYHP XQ RELHFW DO FHUFHW ULL DSDUDWH VDX LQVWUXPHQWH  GH FHUFHWDUH VXELHFWXO
FXQRVF WRUFDUHFRQFHSHGHFODQHD] LFRQWUROHD] SURFHVXOH[SHULPHQW ULLLRLSRWH] F O X]LWRDUH
QWRWWLPSXOFkQGOXFUHD] LQYHVWLJDWRUXOVRFLDOWUHEXLHV ILHF O X]LWGHJkQGLUH
2 OHJH D FHUFHW ULL WLLQ LILFH DUDW  F  QX J VHWH GHFkW FHO FDUH WLH FH FDXW  3UHD UDUHRUL LQWHUYLQH
vQWkPSODUHDFDV QHSXQ SHFDOHDXQRUGHVFRSHULULXWLOH
QPXQFDWLLQ LILF QXWUHEXLHGHFLV FRQW PSHvQWkPSODUHSHDDQXPLWHOHH[SHULHQFHVSRXUYRLU
FXPOHVSXQHDPDUHOHPHWRGRORJ&ODXGH%HUQDUG
0XQFD WLLQ LILF  DUH vQWRWGHDXQD OD ED]  R LSRWH]  DGLF  XQ JkQG FDUH WUHEXLH YHULILFDW SULQWUXQ
H[SHULPHQW vQ HOHJkQG SULQ DFHVWH WHUPHQ R H[SHULHQ D FDUH XUP UHWH FRQILUPDUHD LQILUPDUHD VDX
PRGLILFDUHDXQXLJkQGLSRWHWLF
0DL PXOW GHFkW DWkW P FDU REVHUYDUHD FRQFUHW  QX SRDWH IL I FXW  I U  VSULMLQXO XQHL JkQGLUL 'H IDSW
REVHUYDWRUXO WLLQ LILF QX FXQRDWH L PDL GHJUDE  UHFXQRDWH H[LVWHQ D VDX LQH[LVWHQ D XQXL IHQRPHQ vQ
P VXUDvQFDUHGHSLQGHDFHOIHQRPHQH[LVW RVXILFLHQW LQILUPD LHWHRUHWLF 
2EVHUYDUHD IHQRPHQHORU VRFLDOH FkQG VH UHIOHFW  vQ PLQWHD QRDVWU  WUHEXLH GHFL V  GXF  OD R JkQGLUH
DEVWUDFW VHUYLQGFDSXQFWGHSOHFDUHSHQWUXREVHUYDUHDvQFRQWLQXDUHDIHQRPHQHORUVWXGLDWH1XPDLvQIHOXO
DFHVWD GH OD R FXQRDWHUH GH  VXSUDID

 D OXFUXULORU SXWHP DMXQJH WUHSWDW OD R FXQRDWHUH GH VXSUDID

 D

OXFU ULORU SXWHP DMXQJHP WUHSWDW OD R FXQRDWHUH HVHQ LDO  D ORU DGLF  OD FXQRDWHUHD vQ OXPLQD OHJLORU
RELHFWLYHFHOHGLULMHD] 
0HWRGDH[SHULPHQW ULLFRQVW vQREVHUYD LHFODVLILFDUHYHULILFDUHSULQH[SHULHQ HDSURSLDWH
([SHULPHQWXOHVWHRPHWRG FRPSOH[ FDUHQXVHUHGXFHQXPDLODREVHUYDUHDP VXUDUHDLGHVFULHUHD
ORUFXFXSULQGHLHOHPHQWHORJLFHHVHQ LDOH3HED]DH[SHULPHQWXOXLVHSRWGHVFRSHULLGHLQRLSHQWUXWLLQ



VHSRWIRUPXODSULQFLSLLLOHJL
&ODXGH%HUQDUGSHQWUXFDUHPHWRGDFDS W XQVHQVODUJFDUDFWHUL]HD] H[SHULPHQWXOFDXQSURFHVFDUH
FXSULQGHPRPHQWHREVHUYDUHDLSRWH]DYHULILFDUHDLSRWH]HLSULQH[SHULPHQW
*kQGLUHDVDYDQWXOXLVWU EDWHGXS &O%HUQDUGXUP WRDUHOHPRPHQWvQFXUVXOFHUFHW ULLH[SHULPHQWDOH
HO FRQVWDW XQIDSWRDUHFDUHLDUvQOHJ WXU FXDFHVWIDSWvQPLQWHDOXLVHQDWHLGHHD3HED]DDFHVWHLLGHLHO
UD LRQDOL]HD]  HODERUHD]  R H[SHULHQ D LPDJLQHD]  L UHDOL]HD]  FRQGL LLOH HL PDWHULDOH LDU GLQ DFHDVW 
H[SHULHQ

UH]XOW QRLIHQRPHQHFDUHWUHEXLHREVHUYDWH

$QDOL]kQG GHPHUVXO FXQRDWHULL WLLQ LILFH -)RXUVWHG VWDELOHWH WUHL PDUL ID]H H[SORUDUHD UHDOXOXL
HODERUDUHDLSRWH]HLLFRQWUROXOLSRWH]HL
([SHULPHQWXO vL UHOHY  QHFHVLWDWHD FD PHWRG  GH FXQRDWHUH vQ DQVDPEOXO GHPHUVXOXL WLLQ LILF vQ
JHQHUDOLvQID]DGHFRQWURODOLSRWH]HLvQVSHFLDO
2UJDQL]DUHD L UHDOL]DUHD H[SHULPHQWXOXL VRFLDO UHSUH]LQW  R DFWLYLWDWH HPSLULFRWHRUHWLF  FRPSOH[ 
FDUHvQGLQDPLF LVWUXFWXU VDFXSULQGHPDLPXOWHHWDSHPDLPXOWHPRPHQWHUHODWLYGLVWLQFWH&RQVLGHUDWH
vQVXFFHVLXQHDORUORJLF DFHVWHHWDSHSRWILUHSURGXVHVFKHPDWLFDVWIHO


$OHJHUHD L PRGHODUHD RELHFWXOXL FHUFHW ULL H[SHULPHQWDOH SRUQLQG GH OD DQXPLWH LSRWH]H WHRULL
IRUPXODWHvQSUHDODELOVDXH[LVWHQWHGHMDVWDELOLUHDRELHFWLYHORUFHUFHW ULL 



(ODERUDUHD SURJUDPXOXL H[SHULPHQWDO DOHJHUHD SUHFL]DUHD VDX HODERUDUHD PHWRGLFLL D PRGHOXOXL


VLWXD LHLH[SHULPHQWDOH 



5HDOL]DUHD vQ SUDFWLF  D SURJUDPXOXL H[SHULPHQWDO FUHDUHD VLWXD LLORU H[SHULPHQWDOH vQ JHQHUDO
DSOLFDUHDXQRUWHKQLFLLSURFHGHHGHREVHUYDUHGHP VXU LFRQWURO 



$QDOL]D L YHULILFDUHD UH]XOWDWHORU DSUHFLHUH LQWHUSUHWDUH LQWHJUDUHD ORU vQ VROX LL L UHFRPDQG UL
SHQWUXSUDFWLF JHQHUDOL]DUHDWHRUHWLF 

2 IRUP  D PHWRGHL H[SHULPHQWDOH HVWH FHUFHWDUHD GH ODERUDWRU (D SHUPLWH vQWUR P VXU  PDL PDUH
GHFkWvQFD]XOFHORUODOWHWLSXULGHH[SHULPHQWFRQWUROXOFRQGL LLORUFDUHDUSXWHDGHQDWXUDXUP ULUHDSXU D
DF LXQLLIDFWRUXOXLXPDQVDXIDFWRULORUGHLQWHUYHQ LHDVXSUDJUXSXOXLH[SHULPHQWDOLDOH[LVWHQ HLQRUPDOHD
JUXSXOXLGHFRQWURO
)DSWXOF H[SHULPHQWHOHGHODERUDWRUDXRPDUHSXWHUHYHULILFD LRQDO QXHVWHvQV XQPRWLYVXILFLHQWV 
DGXFHPWRDWHSUREHOHGHFHUFHWDUHvQODERUDWRU
(VWH GH GRULW V  VH vQFHDS  FX R LQYHVWLJD LH DVXSUD XQHL SUREOHPH V  VH WUHDF  FX HD vQ GRPHQLXO
H[SHULPHQWXOXLLGHDELDDSRLV GHYLQ VXELHFWXOXQXLH[SHULPHQWGHODERUDWRU
/DERUDWRUXOHVWHIRORVLWvQFHUFHWDUHDVRFLRORJLF LSVLKRORJLF DPLFURVRFLDOXOXL
&HUFHWDUHDHIHFWXDW GH5REHUW)%DOHV+DUYDUGFXSULYLUHODSURFHVXOGHGHFL]LRQPDNLQJHVWHFHD
PDL FXQRVFXW  vQ OXPHD VSHFLDOLWLORU (O D GDW PHPEULORU XQRU JUXSXUL PLFL GH GLIHULWH P ULPL 
PHPEUL V UH]ROYHDQXPLWHSUREOHPHLV LDGHFL]LLDVXSUDORU
2EVHUYkQGXL vQ ODERUDWRU L vQUHJLVWUkQG FX XQ GLVSR]LWLY VSHFLDO IHQRPHQHOH SHWUHFXWH vQ JUXSXUL
%DOHVDUHDOL]DW VHVL]DW H[LVWHQ DXQRUUHSHWDELOLW

LvQFXUVXOOX ULLGHFL]LLORUvQVXFFHVLXQHDXQRUIHQRPHQH

GHXQDQXPLWWLS
([LVW  R VHULH GH PRWLYH vQWHPHLDWH L LQWHUHVDQWH FDUH GHWHUPLQ  H[DPLQDUHD DFHVWRU IHQRPHQH vQ
ODERUDWRDUHOHGHVRFLRORJLHFXPDUILSHUPLWHUHDHIHFWX ULLXQHLFHUFHW ULGHPLFURVRFLDOLPLFURSVLKRORJLF
PLMORFGHLQVWUXLUHDYLLWRULORUVRFLRORJL3HDFHDVW FDOHHLDUSXWHDvQ HOHJHPDLELQHSUREOHPDWLFDPHWRGHL
H[SHULPHQWXOXL L D FHULQ HORU HL LDU SXWHD DVFX L VSLULWXO GH REVHUYD LH VXE vQGUXPDUHD L VXSUDYHJKHUHD
XQXLVSHFLDOLVW
([LVW WRWXLOLPLWHOHJDWHGHIRORVLUHDODERUDWRUXOXLvQVRFLRORJLHWLLQ DPDLDOHVFHDGHVSUHRPDUH
DWkWDQHYRLHGHQHVIkULWHOHPLMORDFHGHRDDGHUHODWLYHvQFkWQXPDLWDOHQWXOOHSRDWHGDQRWD LDH[DFW 
0HWRGDELRJUDILF 
QOLWHUDWXUDGHVSHFLDOLWDWHVHFRQWXUHD] GRX DFFHS LXQLDOHWHUPHQXOXLGHPHWRG ELRJUDILF 


vQ HOHVXOFODVLFGHELRJUDILHVRFLDO  GHDQDOL] DELRJUDILLORULQGLYLGXDOHLGHJUXSFDPHWRG GH


DGHVFULHLH[SOLFDUHDOLW



FkQGDFWLYLW

LLIHQRPHQHVRFLRXPDQH 

LOHLSURFHGHHOHSULQFDUHVHFRQVWUXLHVFVHFRPSXQGHF WUHDXWRUL ELRJUDILLOHXQRU

RDPHQLRELQXL LVDXDXQRUSHUVRQDOLW

L 

'RFXPHQWHOH SUH]HQWDWH GH FHUFHW WRU FD ELRJUDILL FXQRVF R LQWHUYHQ LH D ELRJUDIXOXL GH OD VLPSOH
DXWRELRJUDILLVDXVFULVRULDOHVXELHF LORUSkQ ODELRJUDILLLQWHOHFWXDOHFHvQJOREHD] PXOW PXQF FUHDWLY D
DXWRULORUORU
7HUPHQXOGHDXWRELRJUDILHVHXWLOL]HD] vQPHWRGRORJLDVRFLRXPDQ 


FD GHVHPQkQG UHODW ULOH VXELHF LORU GHVSUH HL vQLL SH FDUH FHUFHW WRUXO OH DQDOL]HD]   L



vQVHQVXOGHUHIOHF LHDFHUFHW WRUXOXLGHVSUHSURSULDYLD DLDFWLYLWDWHGHVWXGLXLLQYHVWLJD LH

LQWHUSUHWHD] H[SORDWkQGXVHGLQWURDQXPLW SRVWXU WHRUHWLFRPHWRGRORJLF 


8WLOL]DUHDPHWRGHLELRJUDILF vQGLVFLSOLQHOHVRFLRXPDQHHVWHLQIOXHQ DW GHIDSWXOF 


QELRJUDILLVHUHOHY FXPVHvPSOHWHWHVWUkQVWUDLHFWRULDGHYLD

SHUVRQDO FXPLFURPHGLXOVRFLDO

LFXGLPHQVLXQLOHPDFURPHGLXOXL LQVWLWX LLVRFLDOHVFKLPE ULSROLWLFRVRFLDOH 




'LQ ELRJUDILL VH SRW GHVSULQGH VWUDWHJLLOH L FRQVHFLQ HOH DFWLYLVPXOXL DFWRUXOXL LQGLYLGXDO VDX GH
JUXSDVXSUDVRFLDOXOXL



6SHFLILF PHWRGHL ELRJUDILFH HVWH F  LQWHUDF LXQLOH LQGLYLGJUXSVRFLHWDWH VXQW UHGDWH FD SURFHVH
WHPSRUDOHjODORQJ GHVI XUDWHGHRELFHLSHFkWHYDGHFHQLL 



%LRJUDILLOHLQGLYLGXDOH PDLDOHVGDF VXQWSURLHFWDWHSHXQIXQGDOVRFLRLVWRULFVWXGLDWLSULQGDWH


VWDWLVWLFH VHSRWFRQVWLWXLvQFD]XULWLSLFHSHQWUXFLFOXOYLH LLVRFLDOHLIDPLOLDOHSUHFXPLSHQWUX
SUREOHPDJHQHUD LLORU



%LRJUDILLOH DX PDUH YDORDUH vQ FDOLWDWH GH FD]XUL WLSLFH vQ VSHFLDO vQ vQ HOHJHUHD GLQ LQWHULRU D
XQRU IHQRPHQH VRFLDOH PDMRUH PLJUD LD XUEDQL]DUHD VDX vQ FD]XO

ULL QRDVWUH FROHFWLYL]DUHD

IRU DW 


%LRJUDILLOH VXQW UHOHYDQWH vQ FD]XO VRFLHW

LORU VLPSOH FX XQ JUDG PDUH GH XQLIRUPL]DUH vQ

GHVFULHUHD UDSRUWXOXL SHUVRQDOLWDWH VLQH VRFLDO   FXOWXU  LDU vQ FHOH FRPSOH[H D SURFHVHORU GH
FRQVWLWXLUHDLGHQWLW

LLSHUVRQDOHLVRFLDOH



&KLDULGLQSXQFWGHYHGHUHSVLKRORJLFELRJUDILLOHLQGLYLGXDOHFRQYHUWLWHvQVWXGLLGHFD]DXIRVW
H[SORUDWHLH[SORDWDWHSHQWUXDVHGHVFLIUDHYROX LDSURFHVHORUFRJQLWLYHLDIHFWLYHDMXGHF

LORUL

FRPSRUWDPHQWXOXL PRUDO L SVLKRVRFLDO vQ JHQHUDO GH FHUFHW WRU SUHFXP 3LDJHW ((ULFNVRQ
%6NLQQHU
7LSXULOHPDLVHPQLILFDWLYHGHELRJUDILLVRFLDOHVXQW



SURYRFDWHFkQGSHUVRDQHOHVXQWUXJDWHV LUHODWH]HYLD D


QHSURYRFDWH FkQG GLQ DOWH UD LXQL QX OD FHUHUHD FHUFHW WRUXOXL  RDPHQLL vL SRYHVWHVF VDX
FRQVHPQHD] GUXPXOYLH LLORU

&HOHSURYRFDWHVHPDLFODVLILF vQ


QHGLULMDELOH VSRQWDQH FkQGVXELHFWXOVSXQHWRWFHFUHGHGHFXYLLQ



GLULMDWHFkQGDFHVWXLDLVHRIHU XQJKLGXQSXQFWDMGXS FDUHIDFHUHODWDUHD



2DOW FODVLILFDUHDELRJUDILLORUVRFLDOHVHIDFHGXS IRUPDORULDQXPH




YRUELWH vQUHJLVWUDWHSULQPLMORDFHYL]XDOH 



VFULVH

$FHVWH FULWHULL SRW IL FRPELQDWH Q FHUFHWDUHD VRFLDO  R VXUV  ELRJUDILF  R UHSUH]LQW  GRFXPHQWHOH
VFULVRULMXUQDOH LUHODW ULOHYRUELWHSURYRFDWHVXELHF LORU SULQLQWHUYLXULGLULMDWH 
8QXO GLQ FHL PDLDYL]D LVSHFLDOLWLQRUGDPHULFDQLvQPHWRGDELRJUDILF /6PLWKDDU WDWFXPDIRVW
XWLOL]DW DFHDVWDvQFkPSXULOHPDMRUHDOHFXQRDWHULLVRFLRXPDQH
%LRJUDILLOH OLWHUDUH DX QX QXPDL YDORDUH HVWHWLFRLQWHOHFWXDO  SHQWUX PXO L LQGLYL]L PDL DOHV OD R
DQXPLW YkUVW FRQVWLWXLQGOHFWXUDSUHIHUDW GDUFRQVWLWXLHSHGHRSDUWHXQGRFXPHQWVRFLDOSHQWUXVWDUHDGH
VSLULW L PHQWDOLW

LOH XQRU PRPHQWH L SHULRDGH LVWRULFH LDU SH GH DOW  SDUWH XQ PRGHO GH DQDOL]  VXEWLO 

SHQWUX FHUFHW ULOH GH WLS FDOLWDWLY FDUH VDX FULVWDOL]DW L FRQVROLGDW OD LQWHUVHF LD WLLQ HORU VRFLDOH FX
GLVFLSOLQHOHXPDQLVWH ILOR]RILDFULWLFDOLWHUDU 
QLVWRULHGRFXPHQWHOHELRJUDILFHYLH LOHSHUVRQDOLW

LORULVWRULFHDXRUHOHYDQ

Q DQWURSRORJLH LQFOXVLY VXE UXEULFLOH LVWRULLOH GH YLD

GHRVHELW 

 OLIH KLVWRULHV  L SHUVRQDOLWDWH L FXOWXU 

ELRJUDILLOH SHUPLW SUH]HQWDUHD SHQWUX SXEOLFXO ODUJ D XQRU FRQWH[WH VDX IHQRPHQH VRFLRFXOWXUDOH OD FDUH
DFHVWDQXDYHDDFFHVGLUHFW
Q 5RPkQLD 7 +HUVHQL   D FRQGXV XQ FROHFWLY GH FHUFHWDUH vQ UHDOL]DUHD XQRU VWXGLL ELRJUDILFH
H[WLQVH SH  GH OXFU WRUL LQGXVWULDOL  L LQWHQVLYH SH GRX  JUXSH GH  L  SHUVRDQH  GHVSULQ]kQG
SHUWLQHQW FRQFOX]LL GH RUGLQ PHWRGRORJLF L WHRUHWLF SULYLQG SURILOXO SVLKRVRFLDO DO HYROX LHL RPXOXL
FRQWHPSRUDQvQSURFHVHOHGHFRODUL]DUHPXQF 
0DL DSURDSH GH SUH]HQW L vQ DFWXDOLWDWH PHWRGD ELRJUDILF  vQ VRFLRORJLH HVWH LQIOXHQ DW  GH
LQWHUSUHWDUH$XWRULLDXvQFHUFDWV GHWDOLH]HFRQFHSWXDOLGHHDGHELRJUDILHLQWHUSUHWDWLY 

7HKQLFLVSHFLILFHVRFLRORJLHL
QFDGUXOFHUFHW ULLVRFLRORJLFHSHOkQJ PHWRGHVHXUP UHWHLPRGDOLWDWHDFRQFUHW GHXWLOL]DUHDORU
UHVSHFWLY WHKQLFL L SURFHGHH GH FHUFHWDUH 7HKQLFD GH FHUFHWDUH UHSUH]LQW  DQVDPEOXO GH LQVWUXPHQWH
SUHVFULS LLLUHJXOLQHFHVDUHGHVI XU ULLXQHLPHWRGHGHFHUFHWDUH
7HKQLFD GH FHUFHWDUH HVWH DQVDPEOXO GH LQVWUXPHQWH SUHVFULS LL L UHJXOL QHFHVDUH GHVI XU ULL XQHL
PHWRGHGHFHUFHWDUH
3ULQFLSDOHOHFDUDFWHULVWLFLDOHWHKQLFLORUVRFLRORJLHLVXQW


WHKQLFLOHVXQWVXERUGRQDWHLSRWH]HORUFHUFHW ULLFDLGHILQL LLORUH[SOLFLWHVDXLPSOLFLWHSHFDUHOH


G FHUFHW WRUXOVXELHFWXOXLVWXGLDW



YDOLGLWDWHD XQHL WHKQLFL GH LQYHVWLJD LH DUH FDUDFWHU UHODWLY HD GHSLQ]kQG GH LSRWH]D F UHLD L VH
VXERUGRQHD] LGHGHILQL LLOHGDWHRELHFWXOXLFHUFHW ULL



WHKQLFLOHVXQWULJXURVGHILQLWH



WHKQLFLOHDXvQVXLUHDGHDSXWHDILVWDQGDUGL]DWH



WHKQLFLOH VXQW WUDQVPLVLELOH DOWRU FHUFHW WRUL L VXVFHSWLELOH D IL DSOLFDWH H[DFW vQ DFHODL PRG vQ
FRQGL LLLGHQWLFHODDFHODLWLPSGHIDSWHVRFLDOH




WHKQLFLOHSRWILIRORVLWHFXPXODWLYQXVHH[FOXG
WHKQLFLOH VXQW RUJDQL]DWH L FRRUGRQDWH JKLGDWH GH R PHWRG  VDX DOWD SULQ HOH DVLJXUkQGXVH
DSOLFDUHDPHWRGHLODRELHFWXODOHVLGHFHUFHWDW

2EVHUYD LDVRFLRORJLF IRORVHWHWHKQLFLGLYHUVHGHvQUHJLVWUDUHDGDWHORU




vQUHJLVWUDUHDGLUHFW 



vQUHJLVWUDUHDDXGLR



vQUHJLVWUDUHDYLGHRVDXDXGLRYLGHR



vQUHJLVWUDUHDSRVWIDFWXPDLQIRUPD LLORU



OLVWHOHGHFRQWURO



VFDOHOHGHHYDOXDUH



VFKHPHOHGHFRGLILFDUHDLQWHUDF LXQLORU

$QFKHWD VRFLRORJLF  vQFRUSRUHD]  GH DVHPHQHD WHKQLFL SURFHGHH L LQVWUXPHQWH LQWHURJDWLYH GH
FXOHJHUH D LQIRUPD LLORU )RORVHWH WHKQLFL GH SURLHFWDUH D FHUFHW ULL  HDQWLRQDUHD  WHKQLFL GH UHFROWDUH D
GDWHORU  LQWHUYLXO WHVWXO VRFLRPHWULF VRQGDMXO GH RSLQLH WHKQLFL GH DQDOL]  L LQWHUSUHWDUH  DQDOL]D GH
FRQ LQXWDQDOL]DIDFWRULDO DQDOL]DPDUJLQDO VFDODUHD
(DQWLRQDUHD HVWH XQ LQVWUXPHQW LQGLVSHQVDELO vQWUXQ QXP U WRW PDL PDUH GH FHUFHW UL UHSUH]LQW 
DQVDPEOXO GH RSHUD LXQL FDUH SHUPLW VHOHFWDUHD GLQWUR SRSXOD LH D XQXL QXP U GH XQLW

L  HDQWLRQXO

(DQWLRQXO WUHEXLH V  ILH UHSUH]HQWDWLY V  ILH HFRQRPLFRV vQ UDSRUW FX UHVXUVHOH ILQDQFLDUH GH WLPS L GH
SHUVRQDOGLVSRQLELOH
QIXQF LHGHWHKQLFDGHVHOHFWDUHDHOHPHQWHORUSRSXOD LHLVHGLVWLQJGRX WLSXULGHHDQWLRQDUH
(DQWLRQDUHD UHSUREDELOLVW  SUHVXSXQH R PRGDOLWDWH PDL OLEHU  GH DOHJHUH D HDQWLRQXOXL IDFLOLWHD] 
FXOHJHUHD XQRU GDWH SULYLWRDUH OD UHOD LLOH GLQWUH HQWLW

L VRFLDOH FRQGXFkQG OD IRUPXODUHD GH JHQHUDOL] UL

HPSLULFHVDXWHRUHWLFH
'HL UDSLG  L FX FRVWXUL UHGXVH DFHDVW  WHKQLF  HVWH DUELWUDU  L QX SHUPLWH HVWLPDUHD L WHVWDUHD
LSRWH]HORU
(DQWLRQDUHD SUREDELOLVW  SHUPLWH IRORVLUHD FDOFXOXL SUREDELOLVWLF FXQRVFkQG R SXWHUQLF  GH]YROWDUH
WHKQLF DIOkQGXVHODED]DDSOLF ULLGLIHULWHORUWLSXULGHDQFKHWHVRFLRORJLFH
8QD GLQ FHD PDL LPSRUWDQW  FRPSOH[  L H[LJHQW  WHKQLF  R UHSUH]LQW  LQWHUYLXO VRFLRORJLF 6H
FRQVWLWXLH SH R UHOD LH GH FRPXQLFD LH YHUEDO  vQWUH FHUFHW WRU L VXELHFW vQ FDUH LQIRUPD LD FLUFXO  vQWUXQ
VLQJXUVHQVGHODVXELHFWODFHUFHW WRU
$FHDVW WHKQLF SUH]LQW RVHULHGHDYDQWDMHLGH]DYDQWDMH&DDYDQWDMHVXQW


IOH[LELOLWDWHDLQWHUYLXOXLRIHU SRVLELOLWDWHDGHDRE LQHU VSXQVXULVSHFLILFHODILHFDUHvQWUHEDUH



UDWDPDLULGLFDW DU VSXQVXULORUHVWHDVLJXUDW GHIDSWXOF SRWRIHULLQIRUPD LLLSHUVRDQHORUFDUH


QXWLXV VFULHLV FLWHDVF 



FDUDFWHUXOVSRQWDQDOU VSXQVXULORUFRQIHU XQJUDGVSRULWGHYHULGLFLWDWH



LQWHUYLXODVLJXU VWDQGDUGL]DUHDFRQGL LLORUGHU VSXQV



RSHUDWRUXORE LQHU VSXQVXULSHUVRQDOH

'LQGH]DYDQWDMHPHQ LRQ P




FRVWXOULGLFDW



WLPSXOvQGHOXQJDW



HURULOHGDWRUDWHRSHUDWRULORUGHLQWHUYLX



QHDVLJXUDUHDDQRQLPDWXOXL



LPSRVLELOLWDWHD VXELHF LORU GH D FRQVXOWD GLIHULWH GRFXPHQWH VFULVH vQ YHGHUHD IRUPXO ULL XQRU
U VSXQVXULSUHFLVH

&KHVWLRQDUXO HVWH R WHKQLF  L FRUHVSXQ] WRU LQVWUXPHQW GH LQYHVWLJDUH &RQVW  vQWUXQ DQVDPEOX GH
vQWUHE ULVFULVHLHYHQWXDOLPDJLQLJUDILFHRUGRQDWHORJLFLSVLKRORJLF
(ODERUDUHD

FKHVWLRQDUXOXL

QHFHVLW 

DGHFYDUHD

VD

OD

WHPD

LQYHVWLJDW 

GHILQLUHD

FRQFHSWHORU

RSHUD LRQDOL]DUHDORUWUDQVIRUPDUHDORUvQGLPHQVLXQLYDULDELOHLQGLFDWRULIRUPXODUHDvQWUHE ULORU


7LSXULOHGHvQWUHE ULVXQW


vQWUHE ULGHGDWHIDFWXDOH



vQWUHE ULGHRSULUH



vQWUHE ULGHPRWLYD LH



vQWUHE ULGHVFKLVH



vQWUHE ULvQFKLVH



vQWUHE ULPL[WH

8WLOL]DW FX UHVSHFWDUHD GHRQWRORJLHL VRFLRORJLFH FKHVWLRQDUXO DVLJXU  RE LQHUHD XQRU LQIRUPD LL XWLOH
SHQWUXFXQRDWHUHDIHQRPHQHORULSURFHVHORUVRFLDOH
([LVW VRFLRORJLFDUHFUHGF SRWFHUFHWDRULFHSUREOHP FXDMXWRUXOFKHVWLRQDUHORU DSOLFDWHRUDOVDXvQ
VFULV  GHFL DFRUG  DFHVWHL PHWRGHLWHKQLFLORUOHJDWHGHHDRLPSRUWDQW FXWRWXOH[DJHUDW QHVHQ DOXLXQ
FKHVWLRQDU FRQVW  GLQWUR VHDP  GH vQWUHE UL DGUHVDWH XQRU RDPHQL GLVSXL V  U VSXQG  GH EXQ YRLH L FX
PD[LP  VLQFHULWDWH OD HOH / VkQG OD R SDUWH FRQGL LLOH WHKQLFH PRGXO vQ FDUH HVWH DOF WXLW L DSOLFDW
FKHVWLRQDUXO PHWRGDDFHDVWDFDUHHVWHVWULFWYHUEDO QXG UH]XOWDWHVHULRDVHGHFkWvQSUREOHPHGHVSUHFDUH
VXELHF LL VXQW SHUIHFW FRQWLHQ L PDL H[DFW FDUH LQ H[FOXVLY GH FRQWLLQ

 L SRW IL H[SULPDWH OLPSHGH SULQ

JUDL 1H G P GHFL XRU VHDPD F  UH]XOWDWHOH RE LQXWH SH DFHDVW  FDOH FKLDU GDF  VXQW VXSXVH FXP VH
SURFHGHD] GHUHJXO XQRURSHUD LLPDWHPDWLFHIRDUWHODERULRDVHGHRH[DFWLWDWHLUHSURDELO DXXQFDUDFWHU

SXUVXELHFWLY FXQRWLQ HSHUVRQDOHFRQYLQJHULFUHGLQ HVHQWLPHQWHRSLQLLE QXLHOLHWF 'DF FHUFHW WRUXO


XUP UHWHV VWDELOHDVF IHQRPHQHGHDFHVWJHQFKHVWLRQDUXOHVWHGDF QXVLQJXUDvQRULFHFD]PHWRGDFHD
PDL HILFLHQW  'HVLJXU SRW IL vQWUHED L L DO LL GHVSUH FHHD FH FUHG VDX VSXQ ; L < GHVSUH R SHUVRDQ  R
LQVWLWX LH XQ DUWLFRO FRPHUFLDO HWF GDU HVWH PDL VLPSOX L PDL VLJXU V  ILH vQWUHED L FKLDU FHL vQ FDX] 
6RFLRORJLDQXHVWHvQV QXPDLWLLQ DIHQRPHQHORUVRFLDOHVXELHFWLYHSHWUHFXWHvQFRQWLLQ DRDPHQLORUFLvQ
SULPXOUkQGDOIHQRPHQHORUVRFLDOHRELHFWLYHLYLWHLGHVI XUDWHSULQLQGLYL]LGDUQXWRWGHDXQDvQIXQF LHGH
YRLQ DLFRQWLLQ DORUQLFLGHFDSDFLWDWHDORUGHDUHIOHFWDVXELHFWLYvQFKLSFRUHVSXQ] WRUUHDOLWDWHDVRFLDO 
RELHFWLY  0DL SUHFLV RULFH IHQRPHQ VRFLDO DUH GRX  DVSHFWH XQXO FDUH

LQH GH H[LVWHQ D VRFLDO  L GH

IHQRPHQHOH GH VXSUDVWUXFWXU  GHULYDWH QHPLMORFLW GLQ DFHDVWD DOWXO FDUH FRQVW  vQ UHIOHFWDUHD VXELHFWLY  D
OXPLL vQ FRQWLLQ D RDPHQLORU UHIOHFWDUHD FDUH SRDWH IL H[DFW  GDU GH FHOH PDL PXOWH RUL HVWH QXPDL
DSUR[LPDWLYVDXFKLDUFRPSOHWHURQDW 
6FDODUHDHVWHRWHKQLF GHP VXUDUHUHDOL]DW SULQUHGDUHDLQWHQVLW

LLGHPDQLIHVWDUHDXQRUIHQRPHQH

VRFLDOH L SVLKRORJLFH SULQ RUGRQDUHD SH XQ FRQ LQXW VDX VSD LX OLQHDU JUDGDW FH VH vQWLQGH GH OD H[WUHPD
IDYRUDELO SkQ ODFHDQHIDYRUDELO 
$QVDPEOXO VFDOHORU IRORVLWH vQ FHUFHWDUHD VRFLDO  SRDWH IL vPS U LW  vQ IXQF LH GH VWUXFWXUD DFHVWRUD
DVWIHO


VFDOHVLPSOH



VFDOHFRPSOH[H

7U V WXULDOHVFDOHORUVLPSOH


FXSULQG
 VFDOHGHLHUDUKL]DUH
 VFDOHGHDWDUH



VHVXUSULQGHJUDGXOGHLQWHQVLWDWHFXFDUHRDPHQLLVXQWGHDFRUGVDXQXDFFHSW VDXUHVSLQJRLGHH

7U V WXULDOHVFDOHLFRPSXVH


HODERUDUHD VFDOHL GXFH OD RE LQHUHD XQXL VHW GH SURSR]L LL RUGRQDWH IXQF LH GH LQWHQVLWDWHD FH R
H[SULP 



ILHF UHLSURSR]L LLLVHDWULEXLHRYDORDUH

6FDOHOHSRDUW GHQXPLUHDFHORUFDUHOHDXFUHDW


6FDODOXL%RJDUGXV 



6FDODOXL7KXUVWRQH  



6FDODOXL7LFNHW  



6FDODOXL*XWWPDQ  

$QDOL]D FRQ LQXWXOXL HVWH R DOW  WHKQLF  GH FHUFHWDUH FDUH FRQVW  vQ LGHQWLILFDUHD GH GHVFULHUHD
RELHFWLY LVLVWHPDWLF DFRQ LQXWXOXLPDQLIHVWDW
(OHPHQWHOHFRPSRQHQWHVXQW


XQLWDWHDGHvQUHJLVWUDUH



XQLWDWHDGHFRQWH[W



XQLWDWHDGHQXP UDUH

QIXQF LHGHWHPDGHFHUFHWDUHVWDELOLW VHDOHJHPDWHULDOXOSHQWUXDQDOL] VHUHDOL]HD] HDQWLRQDUHD


PDWHULDOXOXLLVHSURFHGHD] ODDOHJHUHDWHKQLFLORULSURFHGHHORUGHDQDOL] 
7HVWXO VRFLRPHWULF UHSUH]LQW  GH DVHPHQHD XQ LQVWUXPHQW SULQFLSDO DO VLVWHPXOXL PHWRGRORJLF$IRVW
FUHDW GH ,- 0DUHQR SHUPL kQG GHVFULHUHD FDQWLWDWLY  L FDOLWDWLY  D VWUXFWXULL VRFLRDIHFWLYHI FkQGSRVLELO 
UDGLRJUDILHUHD RELHFWLY  D FRQILJXUD LHL UHOD LRQDOH D JUXSXOXL (O SHUPLWH SXQHUHD vQ HYLGHQ D D FDX]HORU
WHQVLXQLLGLQJUXSXULLSRVLELOLWDWHDvQO WXU ULLORU
3RDWH IL DSOLFDW vQ FROL VSLWDOH DUPDW  vQ VFRSXO DOF WXLULL XQRU JUXSXUL RPRJHQH DO VHOHF LHL
FRQGXF WRULORU $SOLFDUHD L FRQVWLWXLUHD FRUHFW  GHWHUPLQ  vQ DQXPLWH FD]XUL SXQFWXO GH SOHFDUH SHQWUX R
UHDO WHUDSHXWLF VRFLDO 
FRDOD VRFLRPHWULF  IRQGDW  GH -0RUHQR HVWH FHD D F UXL RELHFW GH FHUFHWDUH OD FRQVWLWXLW YLD D
JUXSXOXLLDQXPHDQDOL]DSUHIHULQ HORUH[SULPDWHGHPHPEULLJUXSXOXLDWkWvQUHOD LLOHGLQWUHHLFkWLID DGH
PHPEULL DOWRU JUXSXUL FX FDUH VXQW vQ FRQWDFW Q FDGUXO RULF UXL JUXS PLF H[LVW  L R VWUXFWXU  DIHFWLY 
FRPSXV GLQUHOD LLGHVLPSDWLHDQWLSDWLHLLQGLIHUHQ

$FHDVW VWUXFWXU DIHFWLY DIRVWH[SORUDW GH0RUHQR

LFRODERUDWRULLV LFDUHDXGH]YROWDWRVHULHGHWHKQLFLVSHFLDOHSHQWUXP VXUDUHDDFHVWRUUHOD LLDIHFWLYH(VWH


YRUED GH WHVWXO VRFLRPHWULF FDUH FRQFHSH UHOD LLOH GLQWUH RDPHQL FD ILLQG GLVSXVH vQ UH HOH VRFLRPHWULFH
FRQVWLWXLWH SULQ DF LXQHD DWRPLORU VRFLDOL Q YL]LXQHD OXL 0RUHQR HOHFWURQXO VRFLDO HVWH FHD PDL VLPSO 
XQLWDWH GH VHQWLPHQW WUDQVPLV  GH XQ LQGLYLG DOWXLD FLPHQWXO FDUH OHDJ  LQGLYLGXO GH JUXS &HUFHWDUHD
VRFLRPHWULF  DUH ORF SULQ LQWHUPHGLXO XQXL WHVW DSOLFDW ILHF UXL VXELHFW vQ SDUWH VROLFLWkQGXL  DFHVWXLD
RS LXQLOH DIHFWLYH ID

 GH FHLODO L 8Q WHVW VRFLRPHWULF FXSULQGH VSHFLILFDUHD JUXSXOXL ID

 GH FDUH HVWH

H[SULPDW  RS LXQHD HFKLS  EULJDG  VHF LXQH HWF  SUHFL]DUHD FULWHULLORU vQ IXQF LH GH FDUH VH IDFH DOHJHUHD
LQWHQVLWDWHDUHOD LLORUDIHFWLYH LQGLFDUHDRUGLQLLGHDOHJHUHLDJUDGXOXLGHSUHIHULQ

 vQSULPXOUkQGvQDO

GRLOHDUkQGHWF QXP UXOGHDOHJHUL OLPLWDWGDXQHOLPLWDW GHFDUHSRDWHGLVSXQHVXELHFWXO$QDOL]DGDWHORU


UHFROWDWHGXS DGPLQLVWUDUHDWHVWXOXLVHIDFHSULQLQWHUPHGLXOXQHLPDWULFHVRFLRPHWULFHFDUHRIHU RLPDJLQH
JOREDO  D QXP UXOXL GH DOHJHUL UHVSLQJHUL HWF vQWUXQLWH GH ILHFDUH VXELHFW 'LQ H[DPLQDUHD PDWULFHL
VRFLRPHWULFH UH]XOW  VLWXD LD SUHIHUHQ LDO  DIHFWLY  vQWUXQLW  GH ILHFDUH JUXS 5HSUH]HQWDUHD JUDILF  D
UH]XOWDWHORU WHVWHORU VRFLRPHWULFH FRQGXFH OD RE LQHUHD XQRU VRFLRJUDPH LQGLYLGXDOH L FROHFWLYH FDUH RIHU 
LPDJLQHDVWDWXVXOXLVRFLRPHWULFDOHILHF UXLVXELHFWUHVSHFWLYLPDJLQHDVW ULLDIHFWLYH FOLPDWXO DJUXSXOXLvQ
WRWDOLWDWH

(OHPHQWHGHDQDOL]

VRFLRORJLF

6RFLRORJLD DU IL GH QHFRQFHSXW vQ DEVHQ D WHRULHL GHRDUHFH DFHDVWD HVWH ILLQ D WLLQ HL UHVSHFWLY XQ
DQVDPEOX VLVWHPDWLF GH FXQRWLQ H DYkQG GUHSW VFRS IXQGDPHQWDO H[SOLFDUHD IHQRPHQHORU L SURFHVHORU
UHDOLW

LLVRFLDOH
,GHHD FRQIRUP F UHLD WHRULD DUH R LPSRUWDQ

 DSDUWH SHQWUX VRFLRORJLH HVWH SH ODUJ DFFHSWDW  ILLQG

WUDWDW SUHIHUHQ LDOQXQXPDLvQOXFU ULFXSURILOPHWRGRORJLFGDULvQPRQRJUDILLOHVDXVWXGLLOHGHGLFDWHXQRU


SUREOHPH VSHFLILFH 3ULPD vQWUHEDUH FH LR SXQH -+DGJH HVWH XUP WRDUHD &H RULHQWDUH JHQHUDO  DUH
RULHQWDUHD VRFLRORJLF " 7RW HO VSXQH F  D SXQH XQ DFFHQW PDL PDUH SH SUDFWLFD FHUFHW ULL GHFkW SH WHRULH
vQVHDPQ DSXQHF UX DvQDLQWHDFDOXOXL
8QLL FHUFHW WRUL VHPQDOHD]   FHULQ H LPSRUWDQWH WHRULHL SHQWUX FHUFHWDUH FHUFHWDUHD VRFLRORJLF 
WUHEXLHV SOHFHGHODRWHRULHVRFLRORJLF V LVSHFLILFHPRGHOXOFRQFHSWXDOLV LGHILQHDVF SUREOHPDGH
FHUFHWDUH
&RUHVSXQ] WRUPHWRGHLGHGXFWLYHVRFLRORJLDQXVHUH]XP GRDUODVWUkQJHUHDGDWHORUHPSLULFHGHWLSXO
SUDFWLFLLHIHFWX ULLUHFHQV PLQWHORU
6RFLRORJLD WLQGH VSUH HODERUDUHD XQRU JHQHUDOL] UL ED]DWH SH IDSWH SDUWLFXODUH 'H H[HPSOX HD
VHPQDOHD]  H[LVWHQW  XQRU PRGHOH vQ YLD D LQGLYL]LORU FRODUL]DUH VHUYLFLX PLOLWDU F V WRULH FRSLL HWF  vQ
GLVWULEX LDDFWLYLW

LORUvQFXUVXODQXOXL IUHFYHQWDUHDELEOLRWHFLORUGHF WUHVWXGHQ L 

6RFLRORJLD ED]kQGXVH SH GDWHOH LQGXF LHL SULPDUH L DSHOkQG OD DMXWRUXO LQIHUHQ HL LQGXFWLYH IDFH
SRVWGLF LLLSUHGLF LLDOHXQRUUHJXODULW

LQHFXQRVFXWH

6HGLVWLQJFODVHGHLQIHUHQ HLQGXFWLYH


GLUHFW  GHODSRSXOD LHVSUHHDQWLRQ 



LQYHUV  GHODHDQWLRQODSRSXOD LH 



SUHGLFWLY  GHODHDQWLRQODDOWHDQWLRQ 



VLQJXODU  GHODHDQWLRQODXQLQGLYLGDIODWvQDIDUDOXL 

Q FODVD LQIHUHQ HORU LQGXFWLYH vQ D GRXD MXP WDWH D VHFROXOXL ;; VXE LQIOXHQ D IL]LFLL FXDQWLFH VD
LPSXVRQRX IRUP DQXPHFHDVWDWLVWLF  GHODHQXQ XULSDUWLFXODUHODLQGXF LHFXFDUDFWHUVWDWLVWLF 
)RUPHOHORJLFHDOHFHORUPDLU VSkQGLWHWLSXULGHLQIHUHQ HLQGXFWLYHVXQWXUP WRDUHOH


LQIHUHQ DGLUHFW  VDXVSHFLILFDUHDVWDWLVWLF 



LQIHUHQ DLQYHUV  VDXJHQHUDOL]DUHDVWDWLVWLF 



LQIHUHQ DSUREDELOLVWLF  VDXH[SOLFD LDLQGXFWLYVWDWLF 

'HH[HPSOXIDSWXOF XQFRSLODF S WDWRUHLRQSRDWHILH[SOLFDWDU WkQGXVHF HODFRQWUDFWDWDFHDVW 


ERDO  GHODXQSULHWHQFXFDUHVDMXFDWFXFkWHYDRUHFXR]LvQDLQWHFDDFHVWDGLQXUP V ILDU WDWF DUHR
IRUP VHYHU GHRUHLRQ
)DFWRULLDQWHFHGHQ LLQYRFD LVXQWH[SXQHUHDFRSLOXOXLODERDODWUDQVPLVLELO DSULHWHQXOXLV XLIDSWXO
F  HO QX D PDL DYXW RUHLRQ UHFkWLJkQGL DVWIHO LPXQLWDWHD  Q DSOLFDUHD IHQRPHQXOXL vQ FDX]  QX SXWHP
XWLOL]DROHJHFRQIRUPF UHLDvQFRQGL LLOHvQFDUHFRSLOXODIRVWvQFRQWDFWFXSULHWHQXOV XvQPRGLQHYLWDELO
HOWUHEXLHV FDSHWHRUHLRQ1XVHSRDWHVWDELOLFXVLJXUDQ

JUDGXOGHSUREDELOLWDWHFDHOV VHvPEROQ YHDVF 

&HHDFHVHSRDWHVSXQHHVWHF ERDODYDILWUDQVPLV FXRPDUHSUREDELOLWDWHIRDUWHSUREDELODSURDSHVLJXU


HWF
&RQIRUP PHWRGHL GHGXFWLYH VRFLRORJLD SRDWH VHUYL SHQWUX SUHGLF LL SRVWGLF LL L H[SOLFD LL DQXPLWH
JHQHUDOL] UL JDWD HODERUDWH OHJL JHQHUDOH L VLVWHPH WHRUHWLFH 7UHFHUHD GH OD JHQHUDO OD SDUWLFXODU VH IDFHFX
DMXWRUXOPHWRGHLGHGXFWLYH
7HRULLOHGHGXFWLYHVXQWIRUPDWHGLQWUHLS U L


ED]D SULPLWLY  XQ VHW GH GHILQL LL FH SHUPLW LGHQWLILFDUHD FRQFHSWHORU L HQXQ XULORU DEVWUDFWH vQ
VWDUHDFRQFUHW VDXHPSLULF DUHOD LLORUVRFLDOH 



PLMORDFHOH ORJLFH IRORVLWH vQWUXQ OLPEDM GDW SHQWUX R OHJH FRQFHSWHOH FX L vQ HQXQ XUL SHQWUX D
GHULYDHQXQ XULGLQUH HOHGHHQXQ XUL 



FRUSXO VLVWHPXOXL GLQ ED]D SULPLWLY  SULQ DSOLFDUHD PLMORDFHORU ORJLFH DD FXP UH]XOW  GLQ
GHQXPLUHDORUPLMORDFHOHORJLFHIRORVLWHQXVXQWDOWHOHGHFkWLQIHUHQ HOHGHGXFWLYH

7UHEXLH I FXW  R GLVWLQF LH vQWUH VLVWHPHOH GHGXFWLYH D[LRPDWLFH L VLVWHPHOH GHGXFWLYH JHQHWLFH VDX
FRQVWUXFWLYH
QSULPXOFD]HQXQ XULOHSULPLWLYH D[LRPHOH VXQWDGDSWDWHI U YHULILFDUHWHUPHQLLORUQHILLQGH[SOLFLW
GHILQL LUHJXOLOHGHLQWHUIHUHQ

VXQWULJLGIL[DWHLWUHEXLHDSOLFDWHvQWRFPDL

Q FHO GHDO GRLOHD FD] VH WLQGH FD HQXQ XULOH QHYHULILFDWH V  ILH HOLPLQDWH L V  ILH DFFHSWDWH vQ WHRULH
GRDUDFHOHDFDUHDXVDXHVWHSRVLELOV DLE FRUHVSRQGHQWUHDO
7HUHQFH .+RSNLQV QH RIHU  XQ H[HPSOX GH WHRULH GHGXFWLY  FH IDFH SRVLELO  WHRULD GH OD JHQHUDO OD
SDUWLFXODULHODERUDUHDXQRUQRLHQXQ XULQWHRULDOXLDVXSUDJUXSXULORUPLFLGHILQL LLOHGHED] VXQWFHOHGH
LLLQIOXHQ HLLFRQIRUPLW

UDQJXOXLFHQWUDOLW

LL

Q OHJ WXU  FX PHWRGD GHGXFWLY  VH ULGLF  FHO SX LQ GRX  SUREOHPHFHDWUDJDWHQ LDDVXSUDQHYRLLGHD
QXILLGHDOL]DW 
0DL vQWkL HVWH YRUED GHVSUH SDUDGR[XO LQIHUHQ HL GHGXFWLYH (O FRQWHVW  vQ DFHHD F  SH GH R SDUWH
FRQFOX]LDGHFXUJHGLQSUHPLVHLHVWHSULQXUPDUHFRQ LQXW GHDFHVWHDLDUSHGHDOW SDUWHHDSRDWHHQXQ D
FHYDQRXID DGHSUHPLVH
QDOGRLOHDUkQGvQVRFLRORJLHVHSXQHSUREOHPDYDORULLJHQHUDOL] ULLLQL LDOHFHLQWU vQFDGUXOWHRULHL
GHGXFWLYH
(OH QX VXQW vQWUR VWDUH VXILFLHQW GH HODERUDW  FL XQ IHO GH HGLQ H WHRUHWLFH VROLFLWkQG FHUWLILF UL L
UDILQ ULXOWHULRDUH
$WXQFL FkQG WHRULD QX VH YHULILF  SULQ FHUFHWDUH HD DU WUHEXL vQO WXUDW  FHHD FH HVWH GHVWXO GH JUHX GH
I FXW SHQWUX FLQHYD FDUH VD LPSOLFDW LQWHOHFWXDO VDX D IRVW VXE LQIOXHQ D XQRU LQWHUHVH H[WUDWLLQ LILFH vQ
HODERUDUHDLVXV LQHUHDHL
$ERUGDUHD FRPSR]LW  DWUDJH DWHQ LD F  S UHUHD FRQIRUP F UHLD LQGXF LD L GHGXF LD VXQW RSXVH HVWH
JUHLW LSRDWHGXFHODFRQVHFLQ HQHGRULWHDVXSUDSURFHVXOXLGHFXQRDWHUHVRFLRORJLF 
5LFKDUG65XGQVSXQHvQDFHVWHVHQVF GHGXF LDQXVHOLPLWHD] ODLQIHUHQ DGHODJHQHUDOODSDUWLFXODU
LDULQGXF LDSUHVXSXQHFDXQXOGLQWUHPRPHQWHOHHLHIHFWXDUHDXQHLGHGXF LL
$ERUGDUHDFRPSR]LW YUHDV GHS HDVF OLPLWHOHVWUDWHJLLORUPHQ LRQDWHDQWHULRULWRWRGDW V ILHPDL
ILGHO SUDFWLFLORUFHVHSHWUHFvQFRPXQLWDWHDWLLQ LILF DVRFLRORJLORU
$FHDVW DERUGDUHSRDWHILvQ HOHDV VHF LRQkQGDFWLYLWDWHDGHFHUFHWDUHvQWUHLVWDGLL


H[SORUDWLY XQ SULQ FRQWDFW FX IHQRPHQHOH L SURFHVHOH VRFLDOH FHUFHW WRUXO SRDWH IRUPXOD LGHLL
VXJHVWLYHLDUFHUFHWDUHDWUHEXLHV ILHFkWPDLIOH[LELO 



GHVFULSWLYGHVFULHUHDDWHQW DVWUXFWXULORUH[LVWHQWHGRDUVFKL DWHvQID]DSUHFHGHQW DVWIHOvQFkWV 


SRDW ILDVLJXUDW FHULQ DLQWHUVXELHFWLYLW



LL

H[SOLFDWLY DSHOXO OD R WHRULH H[LVWHQW  GHMD VDX vQ FXUV GH FRQVWUXLUH FDUH V  GHD XQRU U VSXQV
vQWUHE ULORU GH FH" 8Q SXQFW IRUWH DO DFHVWHL VWUDWHJLL vO FRQVWLWXLH ID]D H[SORUDWLY  FDUH QX
FRQVLGHU FROHFWDUHDLGHVFULHUHDGDWHORUFDXQU VSXQVILQDODOFHUFHW ULLLSUHVXSXQHWRWRGDW F 
RWHRULHHVWHJUHXGHFRQVWUXLWI U XQSUHDODELOFRQWDFWFXUHDOLWDWHDVRFLDO 

0HWRGD FRPSDUDWLY  VRFLRORJXO QX XUP UHWH V  FXQRDVF  GRDU XQ IHQRPHQ XQLF VDX R VLWXD LH
LUHSHWDELO 3HHOvOLQWHUHVHD] FXQRDWHUHDIHQRPHQHORUVDXDSURFHVHORUGHGHS HVFVLQJXODULWDWHD QXHVWH
SXWHUHDIDPLOLDPLFDUHDVRFLDO GHPDV PLJUD LDHWF 
3HQWUXDvQGHSOLQLDFHVWHRELHFWLYHOGHWHUPLQ IDFWRULLUHVSRQVDELOLGHSURGXFHUHDXQXLIHQRPHQGDWL
DSRLYHULILF ULLGDF HLSURGXFDFHOHDLHIHFWHVDXFRQVHFLQ HvQVLWXD LLGLIHULWH
0HWRGD HVWH IRORVLW  OD vQFHSXW GH DFHL FDUH DX VLWXDW vQ FHQWUXO SUHRFXS ULORU ORU SUREOHPDWLFD
HYROX LHL
&HO FDUH D GH]Y OXLW SHQWUX SULPD RDU  VHPQLILFD LD PHWRGHL UHVSHFWLYH SHQWUX VRFLRORJLH D IRVW
('XUNKHLP (O D FRQVLGHUDW F  VLQJXUD FDOH GH D GHPRQVWUD F  XQ IHQRPHQ HVWH FDX]D DOWXLD HVWH GH D
H[DPLQD FD]XULOH FX FDUH GRX  IHQRPHQH VXQW VLPXOWDQ SUH]HQWH VDX DEVHQWH L DVWIHO GH D VWDELOLGDF XQXO
HVWHGHSHQGHQWGHFHO ODOW
0HWRGDFRPSDUDWLY FRQWULEXLHODFRQVWUXF LDWHRULHLVRFLRORJLHLSULQPDLPXOWHF L


O UJHWHDULDYDULD LHLYDULDELOHORUDVWIHOvQFkWHVWHQHYRLHGHXQSOXVGHWHRULHSHQWUXDH[SOLFDDFHVW
IDSW



RIHU  R UHSOLF  XQRU VWXGLL I FXWH vQWUR DU  VDX VRFLHWDWH  RUL vQWUXQ QXP U UHGXV GH
VRFLHW



L vQLQYHVWLJDUHDDOWRU

UL VDXVRFLHW

L 

JHQHUDOL]HD] FXQRWLQ HOHYHULILFDWHLQL LDOvQWUXQWLSGHVRFLHWDWHvQDOWWLSGHVRFLHWDWH

UL VDX

6WXGLLOH GH DFHVW JHQ vL DGXF FRQWULEX LD ODFRQVWUXF LDWHRULHLSULQDFHHDF GHPRQVWUHD] F DULDGH
DSOLFDELOLWDWHDXQXLHQXQ VDXWHRULLQXVHOLPLWHD] ODVRFLHW
FLVXQWH[WLQVHFXVXFFHVLODDOWHVRFLHW


LOHFDUHVXQWvQJHQHUDOVLPLODUHXQHOHFXDOWHOH

LvQJHQHUDOGLIHULWHGHSULPHOH

'H]YROW QRLHQXQ XULFHYRUV H[SOLFHGLVFUHSDQ HOHGLQWUHGDWHOHRE LQXWHGLQVRFLHW

LGLIHULWH

0HWRGD FRPSDUDWLY  D IRVW vQ SULPLL DQL DL VHFROXOXL ;; SHQWUX VRFLRORJLH PHWRGD SULQ H[FHOHQ



$SRL D IRVW vQFRUSRUDW  vQ H[SHULPHQWXO L FHUFHWDUHD WUDQVYHUVDO  FRPSDUD LD vQDLQWH L GXS  LQWURGXFHUHD
IDFWRUXOXLH[SHULPHQWDOvQWUHJUXSXOH[SHULPHQWDOLFHOGHFRQWUROD 
(DVHEXFXU DVW ]LGHXQORFSULYLOHJLDWvQDQWURSRORJLH
3ULQ H[SOLFD LD FDX]DO  VRFLRORJLL ULGLF  vQWUHE UL GH WLSXO GH FH" vQ OHJ WXU  FX WRDWH DVSHFWHOH
UHDOLW

LLVRFLDOHRELQXLWHLQHRELQXLWHPLFURVRFLDOHLPDFURVRFLDOHVWDWLFHLGLQDPLFHHWF(LVHvQWUHDE 

GHFHXQLLRDPHQLPLJUHD] GLQWUR DU vQDOWD"GHFHDO LLQXUHVSHFW QRUPHOHLYDORULOHVRFLDOH"'H


FHRSDUWHGLQDGROHVFHQ LGHYLQGHOLFYHQ L"GHFHRDPHQLLU VWRDUQ VW ULGHOXFUXULVRFLDOH")RUPXODUHD
XQRU DVHPHQHD vQWUHE UL FDUH V  GHS HDVF  RELQXLQ D RULFXL &HO FH UHXHWH DFHDVW  SHUIRUPDQ

 VH

GHRVHEHWHGHRPXOGHUkQGSULQDFHHDF SHOkQJ RSUHJ WLUHGHVSHFLDOLWDWHFRUHVSXQ] WRDUHPDLSRVHG L


GLVSRQLELOLW

LDGHFYDWHFXPVXQWFDSDFLWDWHDGHDVHVL]DSUREOHPHOHPDLUDSLGGHFkWDO LLGHDDYHDRYL]LXQH

JOREDO DVXSUDF LORUFRUHFWHLHILFLHQWHGHDSXQHvQWUHE UL


5 VSXQVXULOHODvQWUHE ULOHGHWLSXOGHFH"VXQWQXPLWHvQDQVDPEOXOORUH[SOLFD LL
(OH UH]XOW  GLQ FRPELQD LLOH ORJLFH GH FRQFHSWHORU L HQXQ XULORU L FRQVWLWXLH R SDUWH LPSRUWDQW  D
WHRULHLVRFLRORJLFHVDXDVSLU ODDFHVWVWDWXW 0LKDL$FKLP,QWURGXFHUHvQVRFLRORJLH 

&DSLWROXO6LVWHPHVRFLDOH

1R LXQHDGHVLVWHP
6LVWHPXO HVWH R QR LXQH FX FDUH QRL FHUFHW P FRUHOD LD VWUXFWXUDO  GLQ SXQFWXO GH YHGHUH DO FRUHO ULL
UHFLSURFH D VWUXFWXULORU SDU LDOH DO QDWHULL XQXL UDSRUW IXQF LRQDO vQFKLV DXWRFRQVHUYDQW GHOLPLWDW GLQ
H[WHULRU8QVLVWHPVRFLDOHVWHRVWUXFWXU VRFLDO FRPSOH[ FDUDFWHUL]DW GHIHQRPHQHUHFLSURFHFDUHSHUPLW
GHOLPLWDUHD vQWUHJXOXL L FRRUGRQDUHD S U LL ORU vQWUHJXOXL +DQV 3DXO %DKUGW 6FKOVVHOEHJULIIH GHU
6R]LRORJLH  0QFKHQ %HFN  S  Q WLPS FH SULQ 6WUXFWXU  VH vQ HOHJH vQ JHQHUH R QR LXQH
PHWRGLF  VWUXFWXU   vQWUHJ RUGRQDW GXS  XQ H[HPSOX SUHFLV  H[SUHVLD GH VLVWHP GHVHPQHD]  R VWUXFWXU 
VSHFLDO  UHVSHFWLY XQ vQWUHJ RUGRQDW DOH F UXL S U L FRQVWLWXWLYH VH DIO  vQWUR LQWHUGHSHQGHQ D UHFLSURF  L
DQXPH ILHFDUH VFKLPEDUH D XQXL HOHPHQW DF LRQHD]  vQ FRQWLQXDUH DVXSUD DOWRU HOHPHQWH DOH VLVWHPXOXL 8Q
H[HPSOX SHQWUX VLVWHPH DOH F URU S U L VH DIO  vQ LQWHUGHSHQGHQ

 HVWH RUJDQLVPXO XPDQ *QWHU :LVZHGH

6R]LRORJLH/DQGVEHUJDP/HFK9HUODJ0RGHUQH,QGXVWULHS 
'HVHPQDUHD VWUXFWXULORU VRFLDOH UHVSHFWLY D IRUPD LXQLORU VRFLDOH GH H[HPSOX D XQHL FRPXQLW
V WHWL D XQHL JUXSH VRFLDOH VDX D XQHL FRPXQLW

L

L vQWUHJL  FD VLVWHPH VRFLDOH DUH FD LSRWH]  F  UHVSHFWLYHOH

HOHPHQWH DOH VLVWHPXOXL VH DIO  vQ OHJ WXUL UHFLSURFH )LHFDUH VFKLPEDUH D XQXL HOHPHQW DF LRQHD]  PDL
GHSDUWHDVXSUDDOWRUD
/DVLVWHPHVHLDXvQFRQVLGHUD LHLGHQWLILFDUHDS U LORULQGHSHQGHQWHDOHVLVWHPXOXLFRQFXUHQ DGLQWUH
S U LOHVLVWHPXOXLLUHVXUVHOHH[LVWHQWHQ ]XLQ DS U LORUVLVWHPXOXLVSUHDXWRQRPLH
2DOW SUREOHP HVWHDFHHDDHOHPHQWHORUVLVWHPXOXL$LFLLQWU vQGLVFX LHSHUVRDQHJUXSHLQVWLWX LL
DF LXQL UROXUL S U L GH VLVWHPH HWF &HOH PDL PXOWH WHRULL VRFLRORJLFH UHIHULWRDUH OD VLVWHP SRUQHVF GH OD
XQLW

LDEVWUDFWHFDGHSLOG GHODUROXULVRFLDOH6LVWHPXOSRDWHILUHSUH]HQWDWLFDRUH HDGHGLIHULWHUROXUL

$OWH WHRULL VLVWHPLFH UHIOHFW  LQWHUDF LXQLOH VLVWHPHOH SUH]LQW  UH HOH GH DF LXQL LQWHUGHSHQGHQWH UHVSHFWLY
UHOD LL GH LQWHUDF LXQH &RQFUHWL]DUHD LQWHUGHSHQGHQ HL HVWH UHSUH]HQWDW  SULQ OHJ WXUL GH UHFLSURFLWDWH L GH
FRPSOHPHQWDULDW

5HFLSURFLWDWHD

SUH]LQW 

HFKLYDOHQ

UHFLSURF 

vQ

FDGUXO

OHJ WXULORU

GH

VFKLPE

&RPSOHPHQWDULDWXO UHSUH]LQW  SXQHUHD GH DFRUG D OHJ WXULORU LQGLYLGXDOH vQWUH HOH UHVSHFWLY REOLJD LLOH GH
UROXULDOHXQXLDUHSUH]LQW GUHSWXULOHGHURODOHDOWXLD/HJ WXULOHORUVXQWSRVLELOHvQFDGUXOUH HOHLVRFLDOH

6LVWHPXOVRFLDOJOREDOFDUDFWHULVWLFLOHVDOH
$ERUGDW  FD VLVWHP VRFLHWDWHD SRDWH IL vQ HOHDV FDXQDQVDPEOXXQLWDUGHFRPSRQHQWHGLVSXQkQGGH
DQXPLWH VWUXFWXUL LQWHULRDUH L DQXPLWH QLYHOXUL GH RUJDQL]DUH FD XQ DQVDPEOX FRHUHQW GH LQVWLWX LL DIODWH vQ
UHOD LL GH LQWHUDF LXQH $VWIHO VRFLHWDWHD QH DSDUH FD XQ FRPSOH[ GH VXEVLVWHPH GH RUGLQ HFRQRPLF VRFLDO
DGPLQLVWUDWLY SROLWLF  GLVSXVH LHUDUKLF L vQ DQXPLWH FRUHOD LL $D GH SLOG  VLVWHPXO HFRQRPLF QX SRDWH IL
VHSDUDWGHFHOGHPRJUDILFVDXGHFHOFXOWXUDOHGXFD LRQDOLLQYHUVVLVWHPXOGHvQY

PkQWQXSRDWHILUXSWGH

FHOHODOWH VXEVLVWHPH 8Q URO LPSRUWDQW UHYLQH UHOD LLORU GLQWUH FRPSRQHQWH HGLILFLXO VRFLDO Q UDSRUW FX DOWH
VLVWHPH VRFLHWDWHD FRQVWLWXLH XQ VLVWHP FRPSOH[ L VXSUDRUGRQDW &D VLVWHP JOREDO VRFLHWDWHD VH DIO  vQ
DFHODL WLPS vQ UHOD LL FX VLVWHPHOH FDUH DOF WXLHVF PHGLXO DPELDQW VLVWHPXO QDWXUDO HFRORJLF  'HFL
VRFLHWDWHD FX DQVDPEOXO FRPSRQHQWHORU L ODWXULOH HLSRDWHILFRQFHSXW FDXQVLVWHPVRFLDOJOREDO6LVWHPXO
VRFLDOJOREDOSUHVXSXQHWRWDOLWDWHDFRPSRQHQWHORUYLH LLVRFLDOH&XSULQ]kQGDQVDPEOXOUHOD LLORUSURFHVHOHL
DFWLYLW

LORU XPDQH VRFLHWDWHD FD VLVWHP JOREDO LQFOXGH PRGXO GH RUJDQL]DUH DO DFHVWRUD vQ IXQF LH GH

VSHFLILFXODFWLYLW
GH]YROW ULL VRFLHW

LORUXPDQHvQSURFHVXOGHFUHDUHDEXQXULORUPDWHULDOHLVSLULWXDOHQHFHVDUHH[LVWHQ HLL
LL 5HSUH]HQWkQG UH]XOWDWXO DFWLYLW

LL RDPHQLORU GHVI XUDW  vQ FDGUXO H[LVWHQ HL ORU

FRPXQLWDUH L VRFLDOH VLVWHPXO JOREDO DWHVW  vQI SWXLUHD XQRU WUDQVIRUP UL IXQGDPHQWDOH SULQ WUHFHUHD GH OD
FRPXQLWDWHD VRFLDO  DUKDLF  SULPLWLY  OD FRPXQLWDWHD FRQWHPSRUDQ  FX DFWLYLW

LOH HL FRPSOH[H 6LVWHPXO

VRFLDO JOREDO PRQGLDO FD R FRQVHFLQ D D GH]YROW ULL L PRGHUQL] ULL SROLWLFH HVWH DOF WXLW GLQ VXEVLVWHPH
QD LRQDOH FDUH VH DIO  vQ VWUkQV  LQWHUGHSHQGHQ

 VH DILUP  UHODWLY DXWRQRP GDU SUHVXSXQH FRRSHUDUH vQ

XQHOHFD]XULLQWHJUDUH6RFLHWDWHDRPHQHDVF SULYLW FDVLVWHPVRFLDOJOREDOQXSRDWHILUHGXV ODQLFLXQDGLQ


FRPSRQHQWHOHVDOHLQLFLQXUHSUH]LQW GRDUVXPDDFHVWRUD'LQDPLFDVLVWHPXOXLVRFLDOJOREDOSUHVXSXQHF 
ILHFDUH VLVWHP SDU LDO PDQLIHVW  IXQF LL VSHFLILFH vQGHSOLQLQG XQ URO SURSULX vQ GH]YROWDUHD L DXWRUHJODUHD
VLVWHPXOXLQFDGUXODFHVWXLSURFHVHFRQRPLFXOVRFLDOXOSROLWLFXOFXOWXUDOXOQXVHFRQIXQG FLVHvPSOHWHVF
VH LQWHUFRQGL LRQHD]  FRQWULEXLQG ILHFDUH vQ SDUWH L vPSUHXQ  OD GH]YROWDUHD JHQHUDO  D VRFLHW

LL 6LVWHPXO

VRFLDOJOREDOQXSRDWHILFRQVWLWXLWQLFLWUDQVIRUPDWGXS EXQXOSODFGHF WUHLQGLYL]LLFDUHvOFRPSXQ


,GHHDGHED] DDFHVWHLWHRULLHVWHF VXEDVSHFWXORUJDQL] ULLLQWHUQHLDOLQWHUDF LXQLLFXPHGLXOWRWXO
L ILHFDUH SRDWH IL FHUFHWDW FD VLVWHP 2ELHFWXO FDUHSUH]LQW LQWHUHVSRDWHILFXDMXWRUXOXQRUPHWRGHSUHFLVH
UHFRQVWLWXLW FD VLVWHP L VXSXV DSRL XQXL SURFHGHX GHDQDOL] SUHFLV (VHQ LDOFDPHWRG vQWHRULDVLVWHPLF 
HVWH SULQFLSLXO DQDORJLHL SUHFXP L PHWRGD SDUDOHO  SHQWUX GLIHULWH SURFHVH 7HRULD VLVWHPHORU D DS UXW vQ
WLPSXOFHOXLGHDOGRLOHDU ]ERLPRQGLDOFDRFHULQ DOHJDW GHSODQXULPLOLWDUHPSUHXQ FXPRGHOHELRORJLFH

L PDWHPDWLFH D IRVW SUHOXDW  GXS  U ]ERL vQ WRDWH GRPHQLLOH WLLQ HL 1R LXQHD GH VLVWHP VHUYHWH SHQWUX
GHVHPQDUHD RULF URU RELHFWH 6H SRDWH YRUEL GHVSUH VLVWHP WHRUHWLF VLVWHP VRFLDO VLVWHP GH LGHL VLVWHP
SVLKLF3ULQQR LXQHDDEVWUDFW GHVLVWHPVHvQ HOHJHRPXO LPHGHHOHPHQWHvQWUHFDUHVHPDQLIHVW OHJ WXULL
LQWHUGHSHQGHQ H 'LQ DFHVWH OHJ WXUL GLQWUH HOHPHQWH VH QDWH R VWUXFWXU  'LQ QR LXQHD GH VLVWHP UH]XOW  F 
WRDWH S U LOH VLVWHPXOXL VXQW LQWHUGHSHQGHQWH 6FKLPE ULOH XQRU HOHPHQWH GLQ VLVWHP DF LRQHD]  GLUHFW VDX
LQGLUHFW DVXSUD DOWRU HOHPHQWH DOH VLVWHPXOXL L VFKLPE  DVWIHO VWDUHD vQWUHJXOXL VLVWHP 6XEVLVWHPXO HVWH XQ
GRPHQLX vQ LQWHULRUXO XQXL VLVWHP FDUH DUH DFHOHDL SURSULHW

L FD L VLVWHPXO 3ULQFLSLLOH IRUP ULL VLVWHPXOXL

VXQW GLULMDWH GLQ SHUVSHFWLYD VLVWHPXOXL WRWDO 'H H[HPSOX UHSUH]HQW ULOHGHYDORULDOHXQXLLQGLYLGIRUPHD] 
XQ VXEVLVWHP vQ LQWHULRUXO VLVWHPXOXL V X FRJQLWLY Q DFHHDL RUGLQH GH LGHL SXWHP PHQ LRQD IUDF LXQLOH FD
VXEVLVWHPH vQ LQWHULRUXO XQXL SDUODPHQW VDX GRPHQLLOH GH VSHFLDOLWDWH FD VXEVLVWHPH vQ LQWHULRUXO XQHL
XQLYHUVLW

L 6XEVLVWHPHOH IXQF LRQDOH VXQW U VSXQ] WRDUH SHQWUX S VWUDUHD VLVWHPXOXL VRFLDO WRWDO 8Q VLVWHP

IRUPHD] XQWRWXQLWDUFXRGHOLPLWDUHSUHFLV ID DGHOXPHDH[WHULRDU &RQFRPLWHQWILHFDUHXQLWDWHOXDW vQ


FRQVLGHUD LH HVWH vQWRWGHDXQD R SDUWH FRPSRQHQW  D XQRU VLVWHPH VXSUDRUGRQDWH FDUH OD UkQGXO ORU VXQW
VXEVLVWHPHDOHXQRUVLVWHPHPDLFXSULQ] WRDUH8QLYHUVXOSDUHI XULWGHRVWUXFWXU GHVLVWHPHvQFDUHILHFDUH
VLVWHPHVWHSODVDWvQDOWVLVWHPPDLPDUH

(FRQRPLDFDVXEVLVWHPVRFLRFXOWXUDO
$D FXP DP SUH]HQWDW PDL VXV SULQ QR LXQHD DEVWUDFW  GH VLVWHP VH vQ HOHJH R PXO LPH GH HOHPHQWH
vQWUH

FDUH H[LVW  OHJ WXUL DF LXQL UHFLSURFH LQWHUGHSHQGHQ H /HJ WXULOH GLQWUH HOHPHQWH IRUPHD] 

LQWHUGHSHQGHQ

VWUXFWXUDO 8QVLVWHPIRUPHD] XQWRWXQLWDURUGRQDWFXRGHOLPLWDUHSUHFLV ID DGHOXPHD

H[WHULRDU  OXL Q DFHODL WLPS DFHDVW  XQLWDWH FHUFHWDW  HVWH vQWRWGHDXQD R SDUWH FRPSRQHQW  D VLVWHPHORU
VXSUDRUGRQDWHFDUHODUkQGXOORUVXQWVXEVLVWHPHSHQWUXDOWHVLVWHPHPDLFXSULQ] WRDUH8QLYHUVXOSDUHFO GLW
FDRVWUXFWXU GHVLVWHPHvQFDUHILHFDUHVLVWHPHVWHvQFDGUDWvQWUXQDOWVLVWHPPDLPDUH
8Q VLVWHP VRFLDO HVWH JHQHUDW SULQ SURFHVH GH LQWHUDF LXQH FDUH VH GHVI RDU  vQ FDGUXO VRFLRFXOWXUDO
vQWUH GRL VDX WUHL DFWRUL $FWRUXO HVWH ILH R SHUVRDQ  LQGLYLGXDO  ILH XQ FROHFWLY GH FDUH GHSLQG PDL PXOWH
SHUVRDQH FD PHPEUL Q PRG RELQXLW R SHUVRDQ  VDX XQ FROHFWLY QX DF LRQHD]  FX vQWUHDJD QDWXU 
LQGLYLGXDO UHVSHFWLYFROHFWLY DVXSUDXQXLVLVWHPGHLQWHUDF LXQHFLQXPDLFXRSDUWH6SHFLDOLWLL 73DUVRQV
L 1 6PHOVHU (FRQRP\ DQG 6RFLHW\ /RQGUD   DX GHQXPLW DFHVW IUDJPHQW URO VRFLDO ([HPSOH WLSLFH
VXQWDFHOHDGHVR FRPHUFLDQWDOHJ WRUHWF8QLQGLYLGSRDWHILSRVHVRUXODQXPHURDVHDVWIHOGHUROXUL
'XS 73DUVRQVILHFDUHVLVWHPVRFLDODUHGHvQGHSOLQLWSDWUXIXQF LLGHED] 


$GDSWDUHD VLVWHPXOXL VRFLDO OD PHGLXO FRUHVSXQ] WRU 'HRVHELW GH LPSRUWDQW vQ DFHVW FD] HVWH
YDORULILFDUHDUHVXUVHORUPHGLXOXL



$WLQJHUHDVFRSXOXLSULYLQGUHDOL]DUHDVFRSXOXLvQXWLOL]DUHDUHVXUVHORU



,QWHJUDUHD vQWUH GLIHULWHOH DF LXQL DOH XQXL VLVWHP VRFLDO L FRQWUROXO FRH]LXQLL VRFLDOH ,PSRUWDQW
HVWHDLFLLQWHJUDUHDLQGLYLGXOXLvQVRFLHWDWHvQSULPXOUkQGFXDMXWRUXOQRUPHORUVRFLDOH



3 VWUDUHD PRGHOXOXL UHVSHFWLY D UHSUH]HQW ULORU UHOLJLRDVH L RULHQW ULORU GH YDORDUH QRUPHORU
VRFLDOHLDSURFHGHHORUGHDF LXQH

QILHFDUHVRFLHWDWHWUHEXLHVFvQGHSOLQLWHDFHVWHSDWUXIXQF LLGLIHULWH6RFLHWDWHDvQGH]YROWDUHDHLWLQGH
FDV VHGLIHUHQ LH]HvQSDWUXVXEVLVWHPHHDUHSUH]HQWkQGVLVWHPXOWRWDO$FHVWHVXEVLVWHPHVXQWVSHFLDOL]DWH
vQvQGHSOLQLUHDXQXLDGLQFHOHSDWUXIXQF LLGHED] *UDGXOGHGLIHUHQ LHUHVWUXFWXUDO DDFHVWRUSDWUXIXQF LL
GHED] HVWHYDULDWGLQSXQFWGHYHGHUHLVWRULFLFXOWXUDOQSHULRDGHOHDQWHULRDUHHSRFLLPRGHUQHVRFLHW
VXQW SX LQ GLIHUHQ LDWH Q VRFLHW

LOH

LOH PRGHUQH GH]YROWDWH VH FRQVWDW  R GLIHUHQ LHUH VWUXFWXUDO  GHRVHELW GH

SXWHUQLF FRQWXUDW  Q FDGUXO VRFLHW

LORU VDX LGHQWLILFDW SDWUX VXEVLVWHPH VSHFLDOL]DWHIXQF LRQDO 3DUVRQL

6PHOVHURSFLWS 
(FRQRPLD HVWH DFHO VXEVLVWHP DO VRFLHW
DGDSWDUHDVRFLHW

LL FDUH VH PDQLIHVW  FD R XQLWDWH SULQ DVLJXUDUHD IXQF LHL GH

LL

3ROLWLFDFDVXEVLVWHPDOVRFLHW

LLHVWHRULHQWDW VSUHIXQF LDGHvQW ULUHLDWLQJHUHDVFRSXOXLFROHFWLY

$FWLYLWDWHDVRFLDO FRPXQ HVWHGLULMDW FDVXEVLVWHPVRFLDOGHIXQF LDGHLQWHJUDUHVRFLDO 


6XEVLVWHPXOFXOWXUDODUHFDVDUFLQ vQGHSOLQLUHDIXQF LHLGHS VWUDUHDYDORULORULPSRUWDQWHDVRFLHW
D QRUPHORU D PRGHOHORU GH DF LXQH &HOH SDWUX VXEVLVWHPH VSHFLDOL]DWH DOH VRFLHW

LL

LL IRUPHD]  vPSUHXQ 

VLWXD LDVRFLDO UHVSHFWLYPHGLXOVRFLDO


1XQXPDLVRFLHWDWHDFDXQVLVWHPWRWDOWLQGHV VHGLIHUHQ LH]HvQSDWUXVXEVLVWHPHFLLVXEVLVWHPHOH
VRFLDOH$VWIHOVHFRQWXUHD] GRX FDGUHGLIHULWHGHVLVWHPXQXOSUH]LQW HFRQRPLDFDXQVLVWHPIXQF LRQDODO
VRFLHW

LLLDUFHO ODOWFDXQVLVWHPIXQF LRQDOGLIHUHQ LDW


3HQWUX RE LQHUHD FRH]LXQLL VRFLDOH VXQW DEVROXW QHFHVDUH SURFHVHOH GH VFKLPE vQWUH VXEVLVWHPHOH

SULPDUH DOH VRFLHW

LL (FRQRPLD IDYRUL]HD]  EXQ VWDUHD SROLWLFD IDYRUL]HD]  SXWHUHD VLVWHPXO LQWHJUDWLY

vQI SWXLHWH VROLGDULWDWHD VXEVLVWHPXO FXOWXUDO DVLJXU  FRQGL LLOH QHFHVDUH UHVSHFW ULL QRUPHORU 'XS 

FRQFHS LLOHDFWXDOHVFRSXOHFRQRPLHLHVWHSURGXFHUHDGHEXQXULSUH]HQWDUHDRIHUWHORUGHVHUYLFLLFUHDUHDGH
YHQLWXUL &D XQ FDGUX GH UHIHULQ

 HVWH OXDW DGHVHD DVSHFWXO VDWLVIDFHULL FHULQ HORU VRFLHW

LL 3URGXF LD HVWH

XWLO FkQGHDSUH]LQW EXQXULLVHUYLFLLFDUHVXQWQHFHVDUHSHQWUXVDWLVIDFHUHDFHULQ HORU%XQ VWDUHDVHSRDWH


GHILQL FD YDORDUH HFRQRPLF  D EXQXULORU L VHUYLFLLORU RULHQWDW  vQWUR SHULRDG  GH WLPS GDW  .DUO+HLQ]
+LOOPDQQ $OOJHPHLQH :LUWVFKDIWVVR]LRORJLH 0

QFKHQ  S  'LQ SXQFW GH YHGHUH DO SHUVSHFWLYHL

WHRULHL VLVWHPHORU VSHFLDOLWLL DX SUH]HQWDW FRQFHS LD FRQIRUP F UHLD VFRSXO HFRQRPLHL QX HVWH QXPDL
SURGXF LD GH EXQXUL VDX FUHDUHD GH YHQLW SHQWUX D IL XWLOL]DW GH Fk LYD LQGLYL]L (VWH QHFHVDU FD XWLOLWDWHD
HFRQRPLF V QXILHGHILQLW vQOHJ WXU FXLQGLYLGXOFLOXkQGXVHFDSXQFWGHUHIHULQ

VRFLHWDWHD6FRSXO

HFRQRPLHL HVWH GHFL PD[LPL]DUHD SURGXF LHL GLULMDW  VSUH VLVWHPXO GH YDORUL L IXQF LL DO VRFLHW

LL L

VXEVLVWHPHOHHL8WLOLWDWHDHVWHDDGDUYDORDUHDHFRQRPLF DRELHFWHORUVRFLDOHVDXFXOWXUDOHvQFRQFRUGDQ

FX

FDSDFLWDWHDGHDGDSWDUHDVLVWHPHORUVRFLDOH3URVSHULWDWHDSRDWHILvQ HOHDV FDWRWDOLWDWHDYDORULORUHFRQRPLFH


DOH XQXL VLVWHP VRFLDO vQWUR SHULRDG  GH WLPS SUHFL]DW  3OHFkQG GH OD WHRULD VLVWHPHORU EXQ VWDUHD VDX
YHQLWXO UHSUH]LQW  FDSDFLWDWHD GH SURGXF LH D HFRQRPLHL vQ IDYRDUHDDOWRUVXEVLVWHPHDOHVRFLHW

LL,QIOXHQ D

HFRQRPLHLDVXSUDEXQXULORUGHFRQVXPLVHUYLFLLORUHVWHvQSULPXOUkQGGLULMDW GHEXJHWXOGHIDPLOLH$FHVWD
FXSULQGH vQ VRFLHW

LOH PRGHUQH HOHPHQWXO HVHQ LDO DO IDPLOLHL L DQXPH S ULQ LL L FRSLL 'LQ SXQFWXO GH

YHGHUH DO SHUVSHFWLYHL VRFLDOH SULPD DF LXQH D EXJHWXOXL GH IDPLOLH HVWH RUJDQL]DUHD PRWLYD LHL $FHDVWD
LQFOXGHVRFLDOL]DUHDFRSLLORU'LQSXQFWXOGHYHGHUHDOVLVWHPXOXLGHYDORULVRFLDOHEXJHWXOGHIDPLOLHDVLJXU 
IRU D GH PXQF  6H SRDWH FRQVLGHUD F  vQWUH VXEVLVWHPXO HFRQRPLF L FHO FXOWXUDO VH IRUPHD]  OHJ WXUL GH
VFKLPEUHFLSURFHUHVSHFWLYEXQXULGHFRQVXPLVHUYLFLLSHQWUXIRU DGHPXQF VRFLDOL]DW 
$D QXPLWHOH FXOWXUL SULPLWLYH DIODWH vQWUR HWDS  GH VXEGH]YROWDUH HUDX GLQ SXQFWXO GH YHGHUH DO
VWUXFWXULLVRFLHW

LLUHODWLYVLPSOHLGLVSHUVDWH6HIRUPHD] FRPXQLW

LPLFLRPRJHQHQHVWUDWLILFDWHGLQWUH

FDUH QXPDL SX LQH QXP UDX R GX]LQ  GH PHPEUL (FRQRPLD DFHVWRU FXOWXUL HUD RULHQWDW  DVXSUD DVLJXU ULL
H[LVWHQ HLSULQDXWRDSURYL]LRQDUHDFRPXQLW

LL3UREOHPDSULQFLSDO HUDF XWDUHDKUDQHLE UED LLVHRFXSDXFX

YkQ WRDUHD IHPHLOH DGXQDX IUXFWH L VHPLQ H 6H FXQRDWH SULPD GLYL]LXQH VRFLDO  D PXQFLL Q FXUVXO
GH]YROW ULL XOWHULRDUH YRU DS UHD SULPHOH IRUPH GH FXOWLYDUH D SODQWHORU JU GLQ ULWXO FUHWHUHD YLWHORU
0HWHXJXULOH HUDX GLQ SXQFW GH YHGHUH HFRQRPLF GH LPSRUWDQ
3ULQ P VXULOH GH DS UDUH D WHULWRULXOXL L D JUHXW

 VHFXQGDU  (OH DMXWDX OD RE LQHUHD KUDQHL

LORU WUDQVSRUWXOXL GH EXQXUL HFRQRPLD XQHL FRPXQLW

L D

U PDVDXWDUKLF LL]RODW 
2UJDQL]DUHD FRQFHQWUDUHD GLIHULWHORU DFWLYLW

L SHQWUX GH]YROWDUHD HFRQRPLHL VH UHDOL]D GH FRPXQLW

L

IRDUWH DQHYRLRV QX H[LVWDX VFRSXUL SUHFLVH QRUPH FRRUGRQ UL (FRQRPLD HUD PDL PXOW OHJDW  GH RELFHLXUL
GDWLQL FRPSRUWDPHQWH )XQF LLOH HFRQRPLHL VH vQGHSOLQHDX vQ FDGUXO DOWRU LQVWLWX LLVRFLDOHILLQGGHSHQGHQWH
GH IXQF LLOH PLOLWDUH UHOLJLRDVH SROLWLFH )DPLOLD HFRQRPLD FDVQLF  L UHOLJLD IRUPDX R XQLWDWH DVWIHO vQFkW
SURFHVHOHHFRQRPLFHLPSRUWDQWHVHvQGHSOLQHDXQHPLMORFLWLGLUHFW&LFOXOGHODSURGXF LHODFRQVXPQXHUD
vQWUHUXSWSULQPLMORFLUHDEDQLORUQPXOWH]RQHQXH[LVW QLFLXQHOHPHQWFRPXQFDUHV ILHXWLOL]DWFDPLMORF
GHVFKLPE
Q FDGUXO FRPXQLW

LL GRPQHD XQ VHQWLPHQW GH VROLGDULWDWH vQ ID D VRU LL 1X HUD RELQXLW  DFDSDUDUHD

KUDQHL I U  OXDUHD vQ FRQVLGHUD LH D PHPEULORU FRPXQLW


GHRVHELWH  U ]ERL FDODPLW

LL 5H]HUYHOH GLQ HFRQRPLH HUDX XWLOL]DWH vQ FD]XUL

L QDWXUDOH SHQWUX KUDQD FRPXQLW

LL SH WLPS GH SDFH DYHDX ORF  ULWXDOXUL

UHOLJLRDVH VH DGXFHDX MHUWIH VH I FHDX FDGRXUL DYHDX ORF V UE WRUL FRPXQH 3ULQ DFHDVWD HUDX VWDELOLWH
DMXWRDUHOH UHFLSURFH vQ FD] GH QHFHVLWDWH ]HLL HUDX VO YL L OHJ WXULOH vQWUH LQGLYL]LL FRPXQLW

LL vQW ULWH L

SUHVWLJLXOVRFLDODOLQGLYLGXOXLHUDULGLFDW
Q FXUVXO GH]YROW ULL LVWRULFH VD DMXQV OD R GLIHUHQ LHUH IXQF LRQDO  FDUH HVWH FRQVLGHUDW  GH XQLL
FHUFHW WRUL FD R FRQVWLWXLUH GLQ VXEVLVWHPH D XQXL VLVWHP WRWDO :LUWVFKDIW DOV VR]LDOHV  6\VWHP vQ
6R]LRORJLVFKH$XINOlUXQJ$XIVlW]H]XU7KHRULHVR]LDOHU6\VWHPH%G$XIO2SODGHQS 
3URFHVXO GH GLIHUHQ LHUH D FRQGXV vQ FDGUXO SURFHVXOXL GH UHGLIHUHQ LHUH OD VXEVLVWHPH  DOH VRFLHW
VSHFLDOL]DWH IXQF LRQDO UHODWLY DXWRQRPH Q FDGUXO SURFHVXOXL GH GLIHUHQ LHUH VDX GHWDDW DFWLYLW

LL
LOH

HFRQRPLFH LPSRUWDQWH SkQ  OD XQ DQXPLW JUDG GH UDSRUWXULOH VRFLRFXOWXUDOH vQ VSHFLDO FHOH IDPLOLDUH L VDX
FRQFHQWUDWGLQFHvQFHPDLPXOWvQWUXQVXEVLVWHPUHODWLYSHUPDQHQWDOVRFLHW

LL3URFHVXOGHUHGLIHUHQ LHUHD

HFRQRPLHL FRQ LQH R GLQDPLF  SURSULH PDQLIHVWDW  SULQ IXQF LRQDOLWDWH VSHFLDOL]DUH SURIHVLRQDOL]DUH
UD LRQDOLWDWHLHIHFWLYLWDWH'LQSXQFWGHYHGHUHDOWHRULHLVLVWHPLFHHFRQRPLDVDGHVS U LWvQPDUHP VXU 
vQFDGUXOSURFHVXOXLGHUHGLIHUHQ LHUHGHGRPHQLLOHVRFLHWDOHIDPLOLHUHOLJLHWLLQ

LSROLWLF (FRQRPLDVD

GHWDDW GH HOHPHQWHOH VWU LQH L VD OLPLWDW OD UH]ROYDUHD SUREOHPHORU L VDUFLQLORU FX FDUDFWHU HFRQRPLF
3URFHVXO HYROXWLY GH UHGLIHUHQ LHUH HVWH vQWRY U LW GH XQ SURFHV GH GLIHUHQ LHUHLQWHUQ FUHVFXW QOHJ WXU 
FX DFHDVWD vQ SULPXO UkQG VDX IRUPDW SLH HOH /HJDW  GH LQGXVWULDOL]DUH VD DMXQV OD R GLIHUHQ LHUH ODUJ  D
vQWUHSULQGHULORU 'HVSUH R WRWDO  GHVSULQGHUH QX SRDWH IL YRUED GHRDUHFH vQ VRFLHW

LOH PRGHUQH PXO L

FRPHUFLDQ LLPHWHXJXULLQGLYLGXDOLLvQSULPXOUkQGvQWUHSULQGHULOHGHOD DU VXQWOHJDWHvQF GHEXJHWXO


GH IDPLOLH &D RELHFWLYH SULQFLSDOH DOH HFRQRPLHL VDX FRQWXUDW UH]ROYDUHD SUREOHPHL OLSVXULORU L

SRVLELOLWDWHD VDWLVIDFHULL vQWUR P VXU  PDL PDUH D QHFHVLW

LORU PDWHULDOH L VSLULWXDOH DOH RDPHQLORU /D

vQFHSXW DFHVWH FHULQ H DOH HFRQRPLHL QDX IRVW OLPLWDWH OD XQ DQXPLW WHULWRULX Q WLPSXULOH PDL QRL VD SXV
SUREOHPD XQXL WHULWRULX GHOLPLWDW QD LRQDO Q SUH]HQW D DS UXW SUREOHPD XQHL RULHQW UL JOREDOH FDUH WUHEXLH
SULYLW FXQHDMXQVXULOHSHFDUHOHSURYRDF *OREDOL]DUHDHVWHDVW ]LU VSXQ] WRDUHGHUHGXFHUHDQXP UXOXLGH
SHUVRDQH RFXSDWH vQ VHFWRDUHOH SURGXFWLYH GLQ HFRQRPLLOH

ULORU GH]YROWDWH L GH SUHVLXQHD FDUH GHWHUPLQ 

UHGXFHUHDVDODULLORUSHUVRDQHORUFXFDOLILFDUHLQIHULRDU 
8Q HIHFW PDL SXWHUQLF DO JOREDOL] ULL VD UHVLP LW OD QLYHOXO SLH HORU ILQDQFLDUH FDUH SUH]LQW  GHMD R
GLPHQVLXQH JOREDO  &DSLWDOXO VH SRDWH GHSODVD UDSLG GLQWUR ]RQ  vQ DOWD ILLQG SULPXOFDUHSUHYL]LRQHD] L
IHQRPHQXOGHFUL] DWkWHFRQRPLFFkWLSROLWLF*XYHUQHOHVXQWREOLJDWHDVWIHOV UHJOHPHQWH]HFRQGL LLOHGH
GH]YROWDUH D SLH HL ILQDQFLDUH JOREDOH Q VRFLHWDWHD PRGHUQ  XQ DFFHQW GHRVHELW vO SUH]LQW  GLQDPLFD
QHFHVLW

LORULQLYHOXOUHYHQGLF ULORU

*OREDOL]DUHD HVWH DVW ]L U VSXQ] WRDUH GH UHGXFHUHD QXP UXOXL GH SHUVRDQH RFXSDWH vQ VHFWRDUHOH
SURGXFWLYH GLQ HFRQRPLLOH

ULORU GH]YROWDWH L GH SUHVLXQHD FDUH GHWHUPLQ  UHGXFHUHD VDODULLORU SHUVRDQHORU

FXFDOLILFDUHLQIHULRDU 
8QHIHFWPXOWPDLSXWHUQLFDOJOREDOL] ULLVDUHVLP LWODQLYHOXOSLH HORUILQDQFLDUHFDUHSUH]LQW GHMDR
GLPHQVLXQH JOREDO  &DSLWDOXO VH SRDWH GHSODVD UDSLG GLQWUR ]RQ  vQ DOWD ILLQG SULPXOFDUHSUHYL]LRQHD] L
IHQRPHQXOGHFUL] DWkWHFRQRPLFFkWLSROLWLF*XYHUQHOHVXQWREOLJDWHDVWIHOV UHJOHPHQWH]HFRQGL LLOHGH
GH]YROWDUHDSLH HLILQDQFLDUH
/D QLYHO PRQGLDO SURFHVXO GH JOREDOL]DUH FXQRDWH HYROX LL GLIHULWH H[LVWkQG FRQWUDVWH YL]LELOH vQWUH
GLIHULWHOH]RQHJHRJUDILFH
'LIHUHQ H FRQVLGHUDELOH VXQW vQUHJLVWUDWH L vQ PRGXO GH D SULYL SUREOHPD JOREDOL] ULL FKLDU vQ FDGUXO
DFHOXLDL VWDW $VWIHO DSDU GLIHUHQ H vQWUH YHVWXO L HVWXO *HUPDQLHL vQWUH VXGXO L QRUGXO &RUHLL VDX vQWUH
7DLZDQ L &KLQD 6XQW VLWXD LL vQ FDUH XQD GLQ S U L D DOHV VDX D IRVW QHYRLW  V  DOHDJ  L]RODUHD vQ WLPS FH
FHDODOW DDGRSWDWLQWHJUDUHDHFRQRPLF 
*OREDOL]DUHD D FRQGXV L OD PRGLILFDUHD PRGHOXOXL PDQDJHULDO 0DQDJHULL QX VH PDL SRW OLPLWD OD
SUREOHPHOH FXUHQWH DOH ILUPHL L OD FXQRDWHUHD FRQGL LLORU GH GHVI XUDUH D DIDFHULORU GLQ

DUD vQ FDUH

DFWLYHD] 
0DQDJHUXO HVWH REOLJDW V  ILH OD FXUHQW FX LQRYD LLOH GLQ GRPHQLXO FDUH DSDU SH SODQ PRQGLDO FX
WHQGLQ HOHGHHYROX LHDSLH HLLFKLDUFXSHUVSHFWLYHOHGHGH]YROWDUHDOHFRPSHWLWRULORUJOREDOL
QFDGUXOILUPHORUPXOWLQD LRQDOHSUHJ WLUHDPDQDJHULORUHVWHGLUHF LRQDW VSUHRULHQW ULOHVWUDWHJLFHDOH
ILUPHLLPSOLFD LLOHDFHVWRUDLSHVWLPXODUHDVSLULWXOXLGHvQWUHSULQ] WRULQRYDWRU
*OREDOL]DUHDHVWHLPSOHPHQWDW SULQLQWHUPHGLXOVROX LLORUPXOWLGLVFLSOLQDUHGHF WUHPDQDJHULLFDUHvL
DVXP UHVSRQVDELOLWDWHDGHFL]LLORUORFDOH
0DQDJHULLJOREDOLWUHEXLHV LDvQFRQVLGHUDUHLPSOLFD LLOHSURSULLORUGHFL]LLDVXSUDvQWUHJXOXLPHGLXDO
FRPSDQLHLFDUHV FRQGXF ODFUHWHUHDJHQHUDO DSURILWDELOLW

LLILUPHL

0DQDJHULLWUHEXLHV DF LRQH]HvQYHGHUHD




GHSODV ULLRUJDQL]D LLORUGHODSURGXF LDGHPDV VWDELOLWDWHDGLQDPLF 



HYDOX ULLLGH]YROW ULLFRPSHWHQ HORURUJDQLFHGHFDUHGLVSXQ



GHVFRSHULLFRPSHWLWRULORUUHDOLDLILUPHL

Q DFHVW IHO VH SRDWH DVLJXUD GH]YROWDUHD FDSDFLW

LL GH DGDSWDUH D RDPHQLORU vQ XUPD SURFHVXOXL GH

HGXFDUH L GH SHUIHF LRQDUH FUHWHUHD FRPSHWHQ HL PDQDJHULORU vQ YHGHUHD FUHWHULL HILFLHQ HL UHOD LLORU GLQ
FDGUXOUH HOHL
6SHFLDOLWLL FRQYHUJ WRW PDL PXOW VSUH LGHHD F  DYDQWDMXO FRPSHWL LRQDO vQ VRFLHWDWHD LQIRUPD LRQDO 
GHSLQGHWRWPDLPXOWGHSUHJ WLUHDLFDOLILFDUHDIRU HLGHPXQF 5RDGHOHSROLWLFLLGHSUHJ WLUHVHRE LQGXS 
DQL GH ]LOH L GH DFHHD QHFHVLW  FKLDU PDL PXOW GHFkW FHOHODOWH SROLWLFL GH JkQGLUH L R SODQLILFDUH GH
SHUVSHFWLY 
*OREDOL]DUHD DU IL SURFHVXO vQXUPDF UXLDFRUSRUD LLOHPXOWLQD LRQDOHvLGHSODVHD] EDQLLIDEULFLOHL
SURGXVHOH vQ MXUXO SODQHWHL vQ F XWDUHD XQHL IRU H GH PXQF  LHIWLQH D XQRU PDWHULL SULPH LHIWLQH F XWkQG V 
EHQHILFLH]H FkW PDL PXOW GH IDFLOLW

LOH RIHULWH GH JXYHUQH QD LRQDOH L V  RFROHDVF  vQ DFHODL WLPSOHJLOHGH

SURWHF LHGHVWXOGHUHVWULFWLYHDOHFRQVXPDWRULORUDOHSURWHF LHLIRU HLGHPXQF LDOHSURWHF LHLPHGLXOXL'LQ


SXQFWXOGHYHGHUHDOHHWLFLVDXDPRUDOHLDFHVWHDVHFRQIUXQW FXYDORULIRDUWHVF ]XWH 0LKDL3ULFRS$GULDQ
7DQ

X*OREDOL]DUHDLVWUDWHJLDILUPHL(G(ILFLHQW%XFXUHWLS 
'LQRULHQWDUHDFHQWUDO UH]XOW JUDQL HOHDFHVWXLVXEVLVWHPVRFLDOUHVSHFWLYVXEVLVWHPXOHFRQRPLFID D

GH DOWH VXEVLVWHPH 'LQ RULHQWDUHD SULQFLSDO  VH SRW XUP UL FRQWXUDUHD VDUFLQLORU RULHQW ULORU GH YDORDUH
QRUPHOH VRFLDOH L FRPSRUWDPHQWXO PRGHOH GH DF LXQH UHPHGLHUHD SUREOHPHORU FDUH DO WXUL GH QHFHVLW

L

GHWHUPLQ  UHVXUVHOH PDWHULDOH L PRQHWDUH VWUXFWXULOH RUJDQL]D LRQDOH L VROX LL SRWULYLWH SHQWUX DF LXQHD
HFRQRPLF 

5HGLIHUHQ LHUHDHFRQRPLHLHVWHVWUkQVOHJDW GHQDWHUHDLGH]YROWDUHDEDQLORU%DQLLIRUPHD] PHGLXO


VSHFLILF GH LQWHUDF LXQH UHVSHFWLY GH VFKLPE DO VXEVLVWHPXOXL VRFLHWDO HFRQRPLD )XQF LRQDUHD FLFOXOXL
HFRQRPLF GH OD RIHUWD PXQFLL SURGXF LHL YkQ]DUHD L FRQVXPXO SUH]LQW  SR]L LD GH FHQWUX D EDQLORU %DQLL
IXQF LRQHD] FDPHGLXFDPLMORFGHDFKL]L LHLYkQ]DUHDEXQXULORULFDSDFLW

LORU

$FHVWHDWUHEXLHVFvQW ULWHSULQYDORDUHDEDQLORULSRWV ILHFkWLJDWHGHUHJXO QXPDLFXEDQL6HSRDWH


GHFLGH]YROWDRVRFLHWDWHDFkWLJXOXLvQFDUHEDQXOIXQF LRQHD] FDOLPEDMVSHFLDOFDXQPLMORFGHVFKLPE
VLPEROLF
$D FXP DX FRQVWDW XQLL HFRQRPLWL EDQLL QX VXQW OHJD L GH LQGLFLL VRFLDOL VDX JUDQL HOH VRFLDOH (L
QHXWUDOL]HD]  OHJ WXULOH VRFLHWDOH /HJ WXULOH GH VFKLPE VXQW UD LRQDOL]DWH VWDQGDUGL]DWH L VLPSOLILFDWH FX
DMXWRUXOEDQLORU&DPHGLXJHQHUDOL]DWEDQLLvQYLQJSLH HOHORFDOHJUDQL HOHQD LRQDOHLRUL]RQWXULOHFXOWXUDOH
%DQXOFUHHD] SkQ ODXQDQXPLWJUDGVWDWXVXOVRFLDOSUHVWLJLXOVRFLDOSXWHUHDHFRQRPLF VRFLHWDO L
GHDVHPHQHDSROLWLF SUHFXPLSRVLELOLW

LFUHVFkQGHGHLQIOXHQ

GHLQWHUDF LXQHFLMRDF vQLQWHULRUXOVRFLHW

%DQXOQXIRUPHD] QXPDLXQPHGLXFXUDW

LLPRGHUQHLvQDOWHFDGUHVRFLRFXOWXUDOHXQUROGLQFHvQFHPDL

LPSRUWDQW
3ULQ UHGLIHUHQ LHUHD HFRQRPLHL vQ SULPXO UkQG IDYRUL]DW  GH GH]YROWDUHD EDQLORU D HYROXDW L SLD D FD
LQVWLWX LH HFRQRPLF  FHQWUDO  FRRUGRQDW  OLEHU GH UDSRUWXO GLQWUH FHUHUH L RIHUW  3ULQ UHGLIHUHQ LHUHD
HFRQRPLHL VD SURGXV vQ FDGUXO DFHVWXL VXEVLVWHP VRFLHWDO XQ SURJUHV GHRVHELW vQ SULYLQ D UD LRQDOLW

LL Q

VSHFLDO vQ GRPHQLXO vQWUHSULQGHULL VD FRQWXUDW R UD LRQDOLWDWH VWUDWHJLF  FDUH HVWH PLQLPDOL]DUHD SUH XULORU
DVLJXUDUHD YLLWRUXOXL vQWUHSULQGHULL $FHDVW  UD LRQDOLWDWH XUP UHWH IRUPHOH GH RUJDQL]DUH R GH]YROWDUH PDL
PDUHDSURFHVHORUGHFL]LRQDOHSURJUHVHDOHSURGXFWLYLW

LLHWF

8QLL VSHFLDOLWL 1 /XKPDQQ ( %XVV  SUH]LQW  FRQFHS LD FRQIRUP F UHLD SURFHVXO GH UHGLIHUHQ LHUH
FRQGXFH VSUH R UHODWLY  DXWRQRP  D HFRQRPLHL 5HGLIHUHQ LHUHD IDYRUL]HD]  QX DXWDUKLD UHVSHFWLY
LQGHSHQGHQ D ID

 GH DOWH VXEVLVWHPH DOH VRFLHW

LL FL XQ DQXPLW JUDG GH DXWRQRPLH DGLF  DXWRLPSXQHUHD

HFRQRPLHL Q SULPXO UkQG FX DMXWRUXO PHFDQLVPXOXL EDQLORU HFRQRPLD DUH VFRSXUL SURSULL YDORUL SURSULL
QRUPH L FULWHULL GH UD LRQDOLWDWH FRQWXUDWH DVXSUD F URUD VH RULHQWHD]  DF LXQHD HFRQRPLF  $XWRQRPLD
UHODWLY  DVLJXU  XQ FkWLJ ULGLFDW GH UD LRQDOLWDWH D HFRQRPLHL XQ FDGUX ODUJ SHQWUX GHFL]LL HFRQRPLFH
VSHFLDOL]DUH HILFLHQW  vQ SULYLQ D IXQF LLORU HFRQRPLFH &X FkW HFRQRPLD HVWH PDL VSHFLDOL]DW  FX DWkW PDL
PXOW HVWH HD LQGLFDW  vQ vQGHSOLQLUHD IXQF LLORU FHORUODOWH VXEVLVWHPH VRFLHWDOH ( %XVV /HKUEXFK GHU
:LUWVFKDIWVVRFLRORJLH%HUOLQXQG1HZ<RUNS 
*OREDOL]DUHD HVWH DVW ]L U VSXQ] WRDUH GH UHGXFHUHD QXP UXOXL GH SHUVRDQH RFXSDWH vQ VHFWRDUHOH
SURGXFWLYHGLQHFRQRPLLOH

ULORUGH]YROWDWHLGHSUHVLXQHDFDUHGHWHUPLQ UHGXFHUHDVDODULLORUSHUVRDQHORU

FXFDOLILFDUHLQIHULRDU 
8QHIHFWPXOWPDLSXWHUQLFDOJOREDOL] ULLVDUHVLP LWODQLYHOXOSLH HORUILQDQFLDUHFDUHSUH]LQW GHMDR
GLPHQVLXQH JOREDO  &DSLWDOXO VH SRDWH GHSODVD UDSLG GLQWUR ]RQ  vQ DOWD ILLQG SULPXOFDUHSUHYL]LRQHD] L
IHQRPHQXOGHFUL] DWkWHFRQRPLFFkWLSROLWLF*XYHUQHOHVXQWREOLJDWHDVWIHOV UHJOHPHQWH]HFRQGL LLOHGH
GH]YROWDUHDSLH HLILQDQFLDUHJOREDOH
/D QLYHO PRQGLDO SURFHVXO GH JOREDOL]DUH FXQRDWH HYROX LL GLIHULWH H[LVWkQG FRQWUDVWH YL]LELOH vQWUH
GLIHULWHOH]RQHJHRJUDILFH
'LIHUHQ H FRQVLGHUDELOH VXQW vQUHJLVWUDWH L vQ PRGXO GH D SULYL SUREOHPD JOREDOL] ULL FKLDU vQ FDGUXO
DFHOXLDL VWDW $VWIHO DSDU GLIHUHQ H vQWUH YHVWXO L HVWXO *HUPDQLHL vQWUH VXGXO L QRUGXO &RUHLL VDX vQWUH
7DLZDQL&KLQD6XQWVLWXD LLvQFDUHXQDGLQWUHS U LDDOHVVDXDIRVWQHYRLW V DOHDJ L]RODUHDvQWLPSFH
FHDODOW DDGRSWDWLQWHJUDUHDHFRQRPLF 
*OREDOL]DUHD D FRQGXV L OD PRGLILFDUHD PRGHOXOXL PDQDJHULDO 0DQDJHULL QX VH PDL SRW OLPLWD OD
SUREOHPHOH FXUHQWH DOH ILUPHL L OD FXQRDWHUHD FRQGL LLORU GH GHVI XUDUH D DIDFHULORU GLQ

DUD vQ FDUH

DFWLYHD] 
0DQDJHUXO HVWH REOLJDW V  ILH OD FXUHQW FX LQRYD LLOH GLQ GRPHQLX FDUH DSDU SH SODQ PRQGLDO FX
WHQGLQ HOHGHHYROX LHDSLH HLLFKLDUFXSHUVSHFWLYHOHGHGH]YROWDUHDOHFRPSHWLWRULORUJOREDOL
QFDGUXOILUPHORUPXOWLQD LRQDOHSUHJ WLUHDPDQDJHULORUHVWHGLUHF LRQDW VSUHRULHQW ULOHVWUDWHJLFHDOH
ILUPHLLPSOLFD LLOHDFHVWRUDLSHVWLPXODUHDVSLULWXOXLGHvQWUHSULQ] WRULQRYDWRU
*OREDOL]DUHDHVWHLPSOHPHQWDW SULQLQWHUPHGLXOVROX LLORUPXOWLGLVFLSOLQDUHGHF WUHPDQDJHULLFDUHvL
DVXP UHVSRQVDELOLWDWHDGHFL]LLORUORFDOH
0DQDJHULLJOREDOLWUHEXLHV LDvQFRQVLGHUDUHLPSOLFD LLOHSURSULLORUGHFL]LLDVXSUDvQWUHJXOXLPHGLXDO
FRPSDQLHLFDUHV FRQGXF ODFUHWHUHDJHQHUDO DSURILWDELOLW

LLILUPHL

0DQDJHULLWUHEXLHV DF LRQH]HvQYHGHUHD




GHSODV ULLRUJDQL]D LLORUGHODSURGXF LDGHPDV ODVWDELOLWDWHDGLQDPLF 



HYDOX ULLLGH]YROW ULLFRPSHWHQ HORURUJDQLFHGHFDUHGLVSXQ



GHVFRSHULULLFRPSHWLWRULORUUHDOLDLILUPHL

Q DFHVW IHO VH SRDWH DVLJXUD GH]YROWDUHD FDSDFLW

LL GH DGDSWDUH D RDPHQLORU vQ XUPD SURFHVXOXL GH

HGXFDUH L GH SHUIHF LRQDUH FUHWHUHD FRPSHWHQ HL PDQDJHULORU vQ YHGHUHD FUHWHULL HILFLHQ HL UHOD LLORU GLQ
FDGUXOUH HOHL
6SHFLDOLWLL FRQYHUJ WRW PDL PXOW VSUH LGHHD F  DYDQWDMXO FRPSHWL LRQDO  vQ VRFLHWDWHD LQIRUPD LRQDO 
GHSLQGHWRWPDLPXOWGHSUHJ WLUHDLFDOLILFDUHDIRU HLGHPXQF 5RDGHOHSROLWLFLLGHSUHJ WLUHVHRE LQGXS 
DQL GH ]LOH L GH DFHHD QHFHVLW  FKLDU PDL PXOW GHFkW FHOHODOWH SROLWLFL GH JkQGLUH L R SODQLILFDUH GH
SHUVSHFWLY 
*OREDOL]DUHD DU IL SURFHVXO vQXUPDF UXLDFRUSRUD LLOHPXOWLQD LRQDOHvLGHSODVHD] EDQLLIDEULFLOHL
SURGXVHOH vQ MXUXO SODQHWHL vQ F XWDUHD XQHL IRU H GH PXQF  LHIWLQH D XQRU PDWHULL SULPH LHIWLQH F XWkQG V 
EHQHILFLH]H FkW PDL PXOW GH IDFLOLW

LOH RIHULWH GH JXYHUQH QD LRQDOH L V  RFROHDVF  vQ DFHODL WLPSOHJLOHGH

SURWHF LHGHVWXOGHUHVWULFWLYHDOHFRQVXPDWRULORUDOHSURWHF LHLIRU HLGHPXQF LDOHSURWHF LHLPHGLXOXL'LQ


SXQFWXO GH YHGHUH DO HWLFLL VDX PRUDOHL DFHVWHD VH FRQIUXQW  FX YDORUL IRDUWH VF ]XWH 0LKDL 3ULFRS $GULDQ
7DQ

X*OREDOL]DUHDLVWUDWHJLDILUPHL(G(ILFLHQW%XFXUHWLS 

&DSLWROXO'HWHUPLQDQWHOHVRFLRFXOWXUDOHDOHFRPSRUWDPHQWXOXLHFRQRPLF

'H]YROWDUHDWLLQ HORUHFRQRPLFHHVWHVWUkQVOHJDW GHUHOLHIDUHDSULQFLSLXOXLHFRQRPLFUD LRQDO
5D LRQDOLWDWHD HFRQRPLF  FRQVW  vQ HVHQ

 vQ DFHHD F  SULQ PLMORDFHOH GDWH VDX FKLDU SULQ PLMORDFH

UHGXVH V  VH Q ]XLDVF  VSUH XQ VXFFHV HFRQRPLF SH FkW SRVLELO GH ULGLFDW UHVSHFWLY V  VH SRDW  UHDOL]D XQ
FkWLJ PD[LPDO 3ULQ FRQFXUHQ

 DQWUHSUHQRUXO HVWH IRU DW V  VH FRPSRUWH UD LRQDO FULVWDOL]kQGXVH LPDJLQHD

XQXLKRPRHFRQRPLFXV
'DWRULW FUHWHULLLQIOXHQ HLFRQVXPDWRUXOXLvQHFRQRPLDPRGHUQ vQWHRULDHFRQRPLF HVWHDQDOL]DWL
FRPSRUWDPHQWXO FRQVXPDWRUXOXL L SULQFLSLXO UD LRQDOLW

LL HFRQRPLFH &RQIRUP DFHVWXLD FRQVXPDWRUXO

vQFHDUF SULQPLMORDFHOLPLWDWH YHQLW V UHDOL]H]HRXWLOLWDWHFkWPDLULGLFDW  PD[LPL]DUHDXWLOLW


HVWHFXQRVFXWF HVWLPDUHDXWLOLW
GH UHIHULQ

 vQ OHJ WXU  FX QHFHVLW

QHOHJDW  GH YLD

LL QSDUWH

LLVHIDFHvQIXQF LHGHQHFHVLWDWH) U DILOXDWvQFRQVLGHUD LHDFHVWSXQFW


LOH DSDUH SULPHMGLD F  QR LXQHD GH XWLOLWDWH VH RSUHWH ODRIRUP JRDO 

 /XkQGXVH vQ FRQVLGHUD LH QHFHVLW

LOH FRQVXPDWRUXOXL D IRVW UHOLHIDW  HFRQRPLD FD XQ

GRPHQLX GH DFWLYLWDWH FDUH HVWH FRPSHWHQW SHQWUX SURGXF LD L GLVWULEXLUHD PLMORDFHORU QHFHVDUH VDWLVIDFHULL
QHFHVLW

LORU

$WkW vQ FRPSRUWDPHQWXO DQWUHSUHQRUXOXL FkW L vQ DFHO DO FRQVXPDWRUXOXL HVWH YRUED GH R UD LRQDOLWDWH
VFRSPLMORF FDUH DSDUH FD R QHJOLMDUH D QHFHVLW

LORU L D SUREOHPDWLFLL GH HYDOXDUH FD R UD LRQDOLWDWH

LQVWUXPHQWDO 
1XPDLvQP VXU OLPLWDW VHSRDWHYRUELvQDFHVWFRQWH[WGHRDF LXQHFXXQVFRSUD LRQDOvQVHQVXOOXL
0D[:HEHU7LSXOLGHDOFRQVWUXLWGHHODODF LXQLLFXXQVFRSUD LRQDOFRQ LQHDFHODLDVSHFWHVHQ LDODFHOHDL
FRQVHFLQ HVHFXQGDUHSRVLELOHFDUHODDOHJHUHDVFRSXULORUUkYQLWHVXQWOXDWHvQFRQVLGHUD LHvQPRGHFKLOLEUDW
3UREOHPHOH JUDYH DOH SUH]HQWXOXL vQ VSHFLDO FUL]HOH PRQGLDOH DX UH]XOWDW vQ PDUH P VXU  GLQ OXDUHD vQ
FRQVLGHUD LH  vQ PRGH QHVDWLVI F WRU D FRQVHFLQ HORU VHFXQGDUH H[WUD HFRQRPLFH D DF LXQLORU HFRQRPLFH
QD LRQDOH 5HVWUkQJHUHD WHRUHWLF  D RPXOXL L UD LRQDOLW

LL VDOH SH FKLSXO XQXL KRPR HFRQRPLFXV D

FRQWULEXLWODIDSWXOF VXELHFWXOHFRQRPLFDUSXWHDILGHVF UFDWGHRU VSXQGHUHH[WUDHFRQRPLF 


/D R FHUFHWDUH MXVW  D UHDOLW

LL YLH LL HFRQRPLFH VH DUDW  vQWRWGHDXQD FODU F  ILJXUD LPSRUWDQW  D XQXL

KRPRHFRQRPLFXVFRUHVSXQGHI U vQGRLDO FXRPXOHFRQRPLFGHIDSWFHHDFHHVWHIRDUWHLPSRUWDQWSHQWUX


IXQGDPHQWDUHDXQHLWHRULLHFRQRPLFHUHOHYDQWHDOHHFRQRPLFXOXLUD LRQDO
Q FRQVHFLQ

 SULQFLSLXO UD LRQDOLW

LL HFRQRPLFH D GHYHQLW XQ PRGHO  GH FRPSRUWDPHQW vQ FDGUXO

WHRULHLHFRQRPLFHFDUHG SRVLELOLWDWHDIRUPXO ULLGHOHJLW

LVDXOHJLSUHFXPLRPDWHPDWL]DUHDFRQFHS LLORU

WHRUHWLFH
0RGHOXO GH FRPSRUWDPHQW HFRQRPLF UD LRQDO FRQ LQH XUP WRDUHOH LSRWH]H FDUH SRW VROLFLWD R DQDOL] 
HFRQRPLFRVRFLRORJLF 


6XELHFWXO HFRQRPLF UD LRQDO HVWH FRQFHSXW FD XQ LQGLYLG I U HPR LLFDUHHVWHvQVWDUHV H[LVWHvQ
DIDUDOXPLLVRFLRFXOWXUDOHLXUP UHWHQXPDLLQWHUHVHOHVDOHSURSULL3HQWUXDFHVWVXELHFWHFRQRPLF
VXQW HPR LLOH PRWLYD LLOH GUDJRVWHD WHDPD LQYLGLD vQFUHGHUHD EXQ WDWHD SURPSWLWXGLQHD
vQVXLULLQHFXQRVFXWHvQGHFL]LLOHVDOHDFHVWVXELHFWHFRQRPLFLJQRUHD] WRDWHRULHQW ULOHGHYDORDUH
FDUHVHFRQWUDSXQLQWHUHVHORUVDOH



$F LXQLL HFRQRPLFRUD LRQDOH L VH VHUYHWH FD ED]  R RUGLQH SUHIHUHQ LDO  FDUH VH GHVHPQHD]  FD



6XELHFWXOHFRQRPLFGLVSXQHGHRLQIRUPD LHGHSOLQ 



6XELHFWXOHFRQRPLFHVWHSHGHSOLQFRQWLHQWGHUD LRQDOLWDWHDVFRSXOXLV X

VLVWHPSUHIHUHQ LDOVDXVWUXFWXU SUHIHUHQ LDO 


 'HWHUPLQDQWHOH SVLKRORJLFH DOH FRPSRUWDPHQWXOXL HFRQRPLF vQ FRQWH[WXO IDFWRULORU GH
LQIOXHQ

VRFLRFXOWXUDOL

QSULYLQ DGHWHUPLQDQWHORUFRPSRUWDPHQWXOXLHFRQRPLFWUHEXLHV ILHGH]YROWDWHFRQGL LLOHQDWXUDOHGH


PHGLXQUkQGXODFHVWRUDPHQ LRQ PvQVSHFLDOFOLPDIHOXOVROXOXLURGQLFLDS PkQWXOXLSUHFXPLSHLVDMXO
3HULRDGH vQGHOXQJDWH GH DUL

 IDYRUL]HD]  OHWDUJLD PXOWRU RDPHQL L PLFRUHD]  PRWLYD LL SHQWUX

PXQF  ,HUQL OXQJL JUHOH vQW UHVF WHQGLQ D RDPHQLORU VSUH SUHFDX LH SUHFXP L JULMD RDPHQLORU SHQWUX
DSURYL]LRQDUH QU XW

LUHD FOLPHL L D IHUWLOLW

LL VROXOXL SRW vQ SULPXO UkQG vQ OHJ WXU  L FX FUHWHUHD

GHPRJUDILF  V  GXF  OD XQ FRPSRUWDPHQW DJUHVLY FRQFXUHQ LDO 2 OLSV  D DOEXPLQHL FDUH FDS W  XQ FDUDFWHU
FURQLF GXFH OD vQU XW
vQIRPHWDWHGLQ

LUHD VLWXD LHL KUDQHL L ODV  V  GHFDG  QLYHOXO XQRU DFWLYLW

L LPSRUWDQWH D SRSXOD LHL

ULOHV UDFH

QVIkULWSUREOHPHQHJOLMDWHDOHHFRQRPLHLSRWV GLVWUXJ FRQGL LLOHQDWXUDOHGHYLD


GHSLOG SUREOHPDvQYLQJHULLSHULFROXOXLGLVWUXJHULLIHUWLOLW

DOHRPHQLULLFD

LLVROXOXLSULQFKLPL]DUHLHUR]LXQH

&RQGL LLOH QDWXUDOH GH PHGLXO GLIHUHQ LDWH UHJLRQDO DF LRQHD]  DVXSUD FRPSRUWDPHQWXOXL HFRQRPLF
$FHVWHDSRWV VWLPXOH]HVDXV VWDJQH]HIRU HOHPRWULFHQLYHOXODFWLYLW

LLV OULGLFHVDXV OSU EXHDVF V 

IDYRUL]H]H IDWDOLVPXO VDX UHVHPQDUHD GLQDPLFD VDX DFWLYLVPXO V  vQW UHDVF  FRPSRUWDPHQWXO DOWUXLVWLF VDX
HJRLVWLFGHULYDOLWDWH
9DULD LD FKLDU SH WHUPHQ VFXUW D FRQGL LLORU GH PHGLX H[LVWHQWH LQIOXHQ HD]  vQ PRG VSHFLILF RUGLQHD
SUHIHUHQ LDO LFRPSRUWDPHQWXOHFRQRPLF
$VWIHO R LDUQ  GHRVHELW GH DVSU  SRDWH V  ULGLFH YDORDUHD KDLQHORU FDOGH L V  GHFODQH]H XQ
FRPSRUWDPHQW VSHFLILF GH FHUHUH L RIHUW  = SH]L DEXQGHQWH ULGLF  FHUHUHD DUWLFROHORU GH VSRUW 2 YDU 
VHFHWRDV  SURPRYHD]  FHUHUHD GH KDLQH XRDUH VXE LUL GH YDU  GH SODM  GH FDPSLQJ $VWIHO VH vQ HOHJHFODU
F DQRWLPSXULOHLYDULD LLOHYUHPLLLQIOXHQ HD] UDSRUWXOGLQWUHFHUHUHLRIHUW 
QPRGGHRVHELWFRPSRUWDPHQWXORPHQHVFHVWHLQIOXHQ DWLSUHFL]DWGHIRU DGHPXQF PRWLYD LRQDO 
2PXOHVWHI U vQGRLDO vQFRPSRUWDPHQWXOV XLQIOXHQ DWGHLQVWLQFWHQHFHVLW

LLPEROGXUL

5HDOLWDWHD DUDW  F  PRGXO GH FRPSRUWDPHQW GHSLQGH vQ PDUH P VXU  GH FRQGL LLOH VRFLRFXOWXUDOH GH
OHJ WXULOHGHGRPLQD LHLGHVLWXD LDHFRQRPLF H[LVWHQW QWURVRFLHWDWHDXWRULWDU XQDQWUHSUHQRUSRDWHV 
PDQLIHVWHXQFRPSRUWDPHQWPDLDJUHVLYGHFkWvQWURVRFLHWDWHGHPRFUDWLF QWURSHULRDG GHVXSUDRFXSDUH
L GH OLSV  D IRU HL GH PXQF  HIXO WUHEXLH V L vQYLQJ  FRPSRUWDPHQWXO V X DJUHVLY ID D GH R VRFLHWDWH vQ
FDUHRPDMXODWLQJHRFRW ULGLFDW 
&DUDFWHUXO LQVWLQFWLY LQGLF  QHFHVLW

LOH SULPDUH SUHFXP L QHFHVLW

LOH YLWDOH &D QHFHVLW

L SULPDUH

UHVSHFWLY YLWDOH PHQ LRQ P GHSHQGHQ D GH  R[LJHQ IRDPHD VHWHD QHFHVLWDWHD GH D GRUPL DVLJXUDUHD XQXL
VWDGLX RSWLPGHvQF O]LUH6DWLVIDFHUHDQHFHVLW

LORUSULPDUHVHIDFHSULQKUDQ GHED] DS GHE XWVSD LX

GHORFXLWKDLQHJURDVHFDUHSRWILUHDOL]DWHvQWURVRFLHWDWHFDUDFWHUL]DW SULQGLYL]LXQHDGH]YROWDW DPXQFLL


0LMORDFHOH GH VXSUDYLH XLUH WUHEXLH V  H[LVWH L vQWUR VRFLHWDWH D OLSVXULORU GDU DLFL DSDU WXOEXU UL VRFLDOH L
FRQWUDGLFWRULL DOH SRSXOD LHL 2PXO HVWH SXWHUQLF OHJDW GH VDWLVIDFHUHD QHFHVLW

LORU SULPDUH GXS  DQXPLWH

PRGH 'HD OXQJXO LVWRULHL VDX PDQLIHVWDW GLIHULWH PRGH FDUH FDUDFWHUL]DX GLIHULWH FXOWXUL FDUH HUDX VXSXVH
VFKLPE ULORU$LFLDF LRQHD] LFRQGL LLOHGHPHGLXH[LVWHQWHQFXUVXOSURFHVHORUGHGH]YROWDUHDDYXWORFR
SHUIHF LRQDUH FXOWXUDO  FUHVFkQG  D VDWLVIDFHULL QHFHVLW

LORU SULPDUH 6DWLVIDFHUHD QHFHVLW

LORU GH KUDQ 

YDULD] GHODFXOWXU ODFXOWXU 3XWHPV PHQ LRQ PVHOHFWDUHDLSUHJ WLUHDPLMORDFHORUGHKUDQ SURWHF LD
LQWHU]LFHUHD DQXPLWRU SRVLELOLW

L GH KUDQ  vQ ,VODP  HVWH GH H[HPSOX LQWHU]LV FRQVXPXO GH FDUQH GH SRUF 

DQXPLWH RELFHLXUL L PLMORDFH GH D PkQFD GH H[HPSOX FX LW IXUFXOL

 OLQJXU  VDX EH LRDUH  VHOHFWDUHD

IHOXULORUGHPkQFDUH]LOQLF  GHH[HPSOXDSUHFLHUHDULGLFDW DPLFXOXLGHMXQVDXPDVDSULQFLSDO ODSUkQ]VDX


VHDUD 
1XPHURDVH QHFHVLW
QHFHVLW

L VHFXQGDUH UHVSHFWLY PRWLYD LL VH IRUPHD]  vQ LQWHUGHSHQGHQ

 FX VDWLVIDFHUHD

LORU SULPDUH FX LQIOXHQ H VRFLRFXOWXUDOH GLYHUVH $VWIHO PHPEULL ELQH VLWXD L DL XQHL VRFLHW

XUP UHVFUHODWLYUDUVDWLVIDFHUHDQHFHVLW

L

LORUSULPDUH'HUHJXO HLQXSHUFHSFHULQ HOHGXS KUDQDRELQXLW 

DX JXVWXUL SHQWUX DQXPLWH PLMORDFH GH KUDQ  FX FDOLW

L GHRVHELWH 'H SLOG  GHL DSD RELQXLW  OH SRDWH

VDWLVIDFHFHULQ HOHGHVHWHHLSUHIHU E XWXULUDILQDWHSUHFXPFDIHDOLPRQDG EHUHYLQ$DDMXQJRDPHQLL


V  EHD FDIHD FD R QHFHVLWDWH VHFXQGDU  $FHVWH QHFHVLW

L VHFXQGDUH GLQ FDUH UH]XOW  R FHULQ

 GH RIHUW  GH

SURGXVH VSHFLDOH VXQW vQW ULWH DGHVHD SULQ DF LXQL SVLKLFH RUJDQLFH Q WLPS FH FRQVXPDWRULL GH YLQ L FDIHD
SRW IL VWLPXOD L XQLL E XWRUL GH EHUH WLX V  DSUHFLH]H DF LXQHD ELQHI F WRDUH D E XWXULL ORU )HOXULWH VXQW
QHFHVLW

LOH VHFXQGDUH vQ OHJ WXU  FX GLIHULWHOH S U L GH vPEU F PLQWH FDUH YDULD]  FXOWXUDO L DVW ]L VXQW

VXERUGRQDWH IOXFWXD LLORU PRGHL $OWH QHFHVLW


ORFXLQ

 1HFHVLW

L VHFXQGDUH VXERUGRQDWH VFKLPE ULORU VXQW DFHOHD OHJDWH GH

LOH VHFXQGDUH QX U VSXQG XQHL FHULQ H RUJDQLFH L QX VXQW QLFL Q VFXWH FL HOH DX LQWUDW vQ

WRDWHHSRFLOHLFXOWXULOH(OHVHQDVFFDSURGXVHVHFXQGDUHDVRFLDWLYHGHODIHQRPHQHGHVWXGLXvQVLWXD LDGH
VDWLVIDFHUH D QHFHVLW

LORU SULPDUH 1HFHVLW

LOH VHFXQGDUH VXQW PRWLYD LL vQY

DWH L GH VWXGLDW FDUH vQ

FRQWXUDUHDORUUHIOHFW OHJ WXULVRFLRFXOWXUDOH


2DOW FDWHJRULHDQ ]XLQ HORURIRUPHD] QHFHVLW

LOHQHFHVLWDWHDODVLJXUDQ

SURSULHWDWHFDSDFLWDWH

VXFFHV SURJUHV DSUHFLHUH IDYRUDELO  DXWRUHDOL]DUH SUHVWLJLX DXWRGH]YROWDUH Q ]XLQ D GH SXWHUH L
GRPLQD LH
0RGDOLWDWHD

GH

VDWLVIDFHUH

D

Q ]XLQ HORU

GHSLQGH

GH

SDUWLFXODULWDWHD

PHGLXOXL

VRFLDOFXOWXUDO

FRUHVSXQ] WRU QWUR VRFLHWDWH vQ FDUH RDPHQLL QX FXQRVF QLFL XQ DXWRPRELO L QLFL R SR]L LH SURIHVLRQDO 
SHQWUX  IXQF LLOH GH FRQGXFHUH QX DX QLFL Q ]XLQ D GH D SRVHGD XQ DXWRPRELO VDX V  DWLQJ  R SR]L LH
SURIHVLRQDO  GH FRQGXFHUH 'DF  vQWUR VRFLHWDWH SUHVWLJLXO VRFLDO HVWH SUH XLW OD XQ QLYHO VXSHULRU DWXQFL
PXO LPHPEULLDLVRFLHW
FRQFXUHQ

LLVHRULHQWHD] vQDFHVWVFRS'DF SUHVWLJLXOVRFLDOVHSRDWHDVLJXUDQXPDLSULQWUR

GHODVHUYLFLXDWXQFLPXO LPHPEULLDLVRFLHW

3ULQ GH]YROWDUHD VRFLHW


SURFHVXO GH vQY
WLPS QHFHVLW

LL DFWXDOH PRGDOLW

LLYRULQWUDvQDFHDVW OXSW 

LOH GH VDWLVIDFHUH D WUHEXLQ HORU WUHEXLHVFIXQGDPHQWDWHvQ

DUH VRFLDO  Q UHIHULULOH ORU FRQFUHWH L GHOLPLW ULOH ORU VSHFLILFH Q ]XLQ HOH VXQW vQ DFHODL

L vQY

DWH UHVSHFWLY VHFXQGDUH &X FkW Q ]XLQ HOH vQ FDGUXO XQHL VRFLHW

GLIHUHQ LDWHLVWUXFWXUDWHYHUWLFDOFXDWkWPDLJUHXHVWHGHDWLQVXQVFRSPDLvQDOW


L VXQW PDL YDULDWH

,GHRORJLL
QFDOLWDWHDVDGHILLQ

DFWLY GLQSXQFWGHYHGHUHVSLULWXDORPXOvQGHFXUVXOLVWRULHLDFUHDWQXPHURDVH

LGHRORJLL$FHVWHDSRWILDSUHFLDWHFDVLVWHPHGHvQ HOHJHUHXPDQ LQGLYLGXDOHLXQLYHUVDOH&XLGHRORJLLOHV


DX Q VFXW VWUXFWXUL GH FXQRWLQ H FDUH DX SHUPLV FD vQWUHDJD YLD

 vQ XQLYHUV V  VH PDQLIHVWH FX XQ DQXPLW

VFRS
,GHRORJLLOHIRUPHD] vQPDUHSDUWHVXEVWDQ DLGHDO DFXOWXULL(OHVXQWGHRLPSRUWDQW PDMRU SHQWUX
YLD DFRPXQ RUGRQDW FXURVWDRDPHQLORUGLQLQWHULRUXOXQHLVRFLHW

L

Q SHULRDGHOH WLPSXULL GLQ LVWRULH LGHRORJLLOH HUDX LQIOXHQ DWH UHOLJLRV L vQ PDUH P VXU  vQFKLVWDWH
GRJPDWLF ID

 GH QRLOH UHSUH]HQW UL DOH FUHGLQ HORU VDX FXQRWLQ HORU Q HSRFD PRGHUQ  VDX PDL DG XJDW

LGHRORJLLFDUHvLDXRULJLQHDvQJkQGLUHDUD LRQDO 2ULFDUHGLQDFHVWHLGHRORJLLPRGHUQHDXIRVWvQWURP VXU 


FUHVFkQG  vQ HYROX LD ORU LQIOXHQ DWH SROLWLF FRQVROLGDWH GRJPDWLF L GRYHGLWH FD LGHRORJLL GH SXWHUQLF 
LQIOXHQ

FDGHH[HPSOXFRPXQLVPXOFXIHOXULWHOHVDOHYDULDQWH&KLDUvQDFHDVW LGHRORJLHRSR]L LHFHQWUDO 

DRFXSDWGLPHQVLXQHDHFRQRPLF DWUDLXOXLFRPXQLWDUXPDQ
,GHRORJLLOHQXVHUYHVFQXPDLODLQWHUSUHWDUHDUHDOLW

LLH[LVWHQWH(OHFRQ LQFRQFHS LLOHVSHFLILFHFDGH

SLOG FXPvQLQWHULRUXOXQHLFXOWXULYLD DvQFRPXQDRDPHQLORUSRDWHDVLJXUDSUREOHPHOHGHH[LVWHQ

FHHVWH

LPSRUWDQWSHQWUXDFHWLRDPHQLFXPWUHEXLHHLV VHFRPSRUWH
&D XUPDUH D UROXOXL GH RULHQWDUH IXQGDPHQWDO  D LGHRORJLLORU SHQWUX vQ HOHJHUHD H[LVWHQ HL L D
FRPSRUWDPHQWXOXLRDPHQLORUDFHVWHVLVWHPHDF LRQHD] vQPRGGHRVHELWLDVXSUDYLH LLHFRQRPLFH
Q LQWHUGHSHQGHQ

 FX DSDUL LD VWDWHORU QD LRQDOH PRGHUQH VD IRUPDW QD LRQDOLVPXO R LGHRORJLH

VHFXODU  FDUH D LPSXOVLRQDW FRPSRUWDPHQWXO HFRQRPLF DO PXOWRU RDPHQL ,GHQWLILFDUHD VHQWLPHQWDO  FX
SURSULDQD LXQHDGXVODDSDUL LDPXOWRUQHDMXQVXULOLSVXULLMHUWIHvQYHGHUHDFUHWHULLSXWHULLSURSULHL

UL

3ULQRULHQWDUHDVSUHRQD LXQHPXO LRDPHQL


VDXDSURSLDWVSUHRUL]RQWXOFROHFWLYGHJkQGLUHFDUHDGHS LWQ ]XLQ DVSUHRIHULFLUHLQGLYLGXDO SURSULHQ
DIDU  GH DFHDVWD QD LRQDOLVPXO D UHRULHQWDW FRQFHS LLOH UHOLJLRDVH WUDGL LRQDOH FDUH vPSLHGLFDX DFWLYLWDWHD
HFRQRPLF 
'H]YROWDUHD HFRQRPLF  D -DSRQLHL GXS  FHO GHDO GRLOHD U ]ERL PRQGLDO HVWH HVHQ LDO  SHQWUX
UHvQWRDUFHUHD  OD QD LRQDOLVP FDUH D XQLW VFRSXUL SROLWLFH PLOLWDUH H[SDQVLRQLVWH FX VFRSXUL GH FUHWHUH
HFRQRPLF LDVWLPXODWFRPSRUWDPHQWXOHFRQRPLFDOPXOWRUMDSRQH]L
Q DD QXPLWHOH

UL DOH OXPLL D WUHLD QD LRQDOLVPXO D GXV OD R UHDQDOL]  FX SULYLUH OD LGHQWLWDWHD

FXOWXUDO SURSULHODRUHYLWDOL]DUHDHOHPHQWHORUFXOWXUDOHUHOLJLRDVHWUDGL LRQDOH3ULQDFHDVWDDXIRVWVW YLOLWH


VDX FKLDU RULHQWDWH FHULQ HOH GH PRGHUQL]DUH GXS  PRGHOXO GLQ YHVW FDUH DF LRQDX DVXSUD FRPSRUWDPHQWXOXL
HFRQRPLF 8Q H[HPSOX vQ DFHVW VHQV HVWH UHYROX LD GLQ ,VODP GH VXE FRQGXFHUHD D\DWRODKXOXL 5XKROODK
.KRPHQL
3HQWUX FRPSRUWDPHQWXO HFRQRPLF GH R LPSRUWDQ

 GHRVHELW  VXQW LGHORJLLOH VRFLDOLVPXOXL L

FRPXQLVPXOXL3HED]DRULHQW ULLORUPDWHULDOLVWHDFHVWHLGHRORJLLWUDGL LRQDOHVWUkQVvQUXGLWHDXvQO WXUDWvQ


SULPXO UkQG HOHPHQWHOH WUDGL LRQDOH Q ORFXO DFHVWRUD DX IRVW LPSXOVLRQDWH R LQGXVWULDOL]DUH IRU DW  R
DFWLYLWDWH GH VHUYLFLX GLVFLSOLQDW  R FUHWHUH HFRQRPLF  DFFHOHUDW  QWUHS WUXQGHUHD FDSDFLW

LL VRFLHW

LL

VRFLDOLVWHFXXQSXWHUQLFQD LRQDOLVPVDXSDWULRWLVPDLPSXOVLRQDWKRW UkUHDPXOWRUPXQFLWRULSULQSUHOXDUHD


SURSULLORU OLSVXUL L JUHXW

L V  DF LRQH]H OD IXQGDPHQWDUHD HFRQRPLF  D XQHL VRFLHW

L FRPXQLVWH

vPEHOXJDWH GH DOH F UHL URDGH VDU IL SXWXW EXFXUD JHQHUD LLOH XUP WRDUHOH &ROHFWLYLVPXO VXV LQXW SULQ
LGHRORJLD RILFLDO  L WRWDOLWDULVPXO H[HUFLWDW SULQ VLVWHPXO GH GRPLQD LH DX FRQVWUkQV PDL GHSDUWH LQL LDWLYD
FUHDWLYLWDWHD L DXWRU VSXQGHUHD LQGLYLGXOXL 3HUVLVWHQ D XQHL S WUXQGHUL WRWDOLWDUH D XQHL DVWIHO GH LGHRORJLL
FROHFWLYLVWH D GXV FKLDU vQ SUH]HQW vQ VRFLHW

LOH DIHFWDWH OD FRQFOX]LD F  HOHPHQWHOH LQGLVSHQVDELOH DOH XQXL

FRPSRUWDPHQW HFRQRPLF U PkQ UHSULPDWH vQ DVWIHO GH FD]XUL Q FRQFOX]LH VH FRQVWDW  F  PDQLIHVWDUHD
FRPSRUWDPHQWXOXLHFRQRPLFGHSLQGHLGHFDGUXOGHUHIHULQ HvQFDUHWU LHWHLQGLYLGXO
QvQFKHLHUHWUHEXLHV PHQ LRQ PF vQWUHYLD DHFRQRPLF LFRPSRUWDPHQWXOHFRQRPLFSHGHRSDUWH
LLGHRORJLLOHSHGHDOW SDUWHVHPDQLIHVW QHQXP UDWHvQWUHS WUXQGHUL

9DORULVLVWHPHGHYDORULVFKLPE

ULGHYDORUL

QUkQGXOHOHPHQWHORUSULQFLSDOHDOHXQHLLGHRORJLLVHQXP U YDORULOHVRFLRFXOWXUDOH$FHVWHDIRUPHD] 
FRORDQH DOH VHQVXOXL LQWHUGHSHQGHQ HL XQLYHUVDOH 9DORULOH VRFLRFXOWXUDOH IXQF LRQHD]  FD FHOH PDL vQDOWH
VFRSXULLP VXULDOHPRUDOHLLRELFHLXULORU'LQSXQFWGHYHGHUHVRFLRORJLFYDORULOHVXQWGXS S UHUHDXQXL
FHUFHW WRU

HOHPHQWHOH

KRW UkWRDUH

DOH

XQHL

FXOWXUL

:5XGROSK

'LH

DPHULFDQLVFKH

&XOWXUDO

$QWKURSRORJ\XQGGDV:HUWSUREOHP%HUOLQ6 'LQSXQFWGHYHGHUHDOFRQFHS LHLVRFLRORJLFHR


YDORDUHHVWHXQVWDQGDUGJHQHUDOGHRULHQWDUHVHOHFWLY SHQWUXGLUHF LDLQWHQVLWDWHDVFRSXOLPRGDOLWDWHDGH
FRPSRUWDPHQWSHQWUXDSDUWHQHQ LLXQXLGRPHQLXVRFLDOFXOWXUDOGHWHUPLQDW :5XGROIRSFLW 9DORULOHXQHL
FXOWXUL SUHFL]HD]  vQ PRG IXQGDPHQWDO FH HVWH LPSRUWDQW SHQWUX PHPEULL XQHL VRFLHW

LUHVSHFWLYHFDUHVXQW

VFRSXULOH FDUH WUHEXLHVF XUP ULWH ) U  DVWIHO GH YDORUL RPXO DU IL I U  RULHQWDUH (OH RIHU  RDPHQLORU R
FDSDFLWDWH ULGLFDW  GH DGDSWDUH vQ FH SULYHWH GLIHULWHOH LQWHUGHSHQGHQ H FOLPDWLFH L FRQGL LLOH QDWXUDOH GH
YLD

 Q IDYRDUHD DQVHORU GH VXSUDYLH XLUH DOH RDPHQLORU vQ GRPHQLLOH FOLPDWLFH GLIHULWH VDX FRQWXUDW

GLIHULWHFXOWXULFDUHVXQWGHVHPQDWHSULQYDORULVSHFLILFH
9DORULOHFDQDOL]DWHvQWURLGHRORJLHDSRLvQFKHLDWHvQWURFXOWXU VDXQ VFXWvQFRQWH[WLVWRULF
9DORULOH QX U PkQ I U  LQWHUGHSHQGHQ H FL GH]YROW  IHOXULWH OHJ WXUL SULYLQG GHSHQGHQ HOH L
LQWHQVLILF ULOH VXE L VXSUDRUGLQH WHQVLXQL L DQWDJRQLVPH 3ULQ DFHVWHD YDORULOH IRUPHD]  VLVWHPH GH YDORUL
VWUXFWXUDWHLHUDUKLFFDUHSUH]LQW vQVRFLHW

LOHPDULLPRGHUQHXQFDUDFWHUSXWHUQLFSOXUDOLVW

&RPSRUWDPHQWXOHFRQRPLFGHSLQGHGHP VXUDvQFDUHVRFLHWDWHDHVWHFDUDFWHUL]DW SULQWUXQVLVWHPGH


YDORULOLEHUWROHUDQWVDXDXWRULWDUWRWDOLWDUQDPEHOHFD]XULHVWHFRQFOXGHQWFDUHVXQWYDORULOHGRPLQDQWHFDUH
FDUDFWHUL]HD]  UHVSHFWLYXO VLVWHP GH YDORUL 8Q VLVWHP OLEHU WROHUDQW DVLJXU  FRPSRUWDPHQWXOXL HFRQRPLF
UHODWLY LQRYDWRU XQ VSD LX ODUJ GH DF LXQH L DQXPH vQ IDYRDUHD GH]YROW ULL HFRQRPLFH 2 VRFLHWDWH FX XQ
VLVWHPvQFKLVWRWDOLWDUDXWRULWDUUHVWUkQJHSRVLELOLW

LOHGHLQL LDWLY GHHYROX LHDLGHLORUGHFUHDWLYLWDWHvQ

GDXQDGH]YROW ULLHFRQRPLFH
$FHDVWDSRDWHV ILHIDYRUL]DW FkQGVLVWHPXOvQFKLVDXWRULWDUWRWDOLWDUFRQ LQHYDORULFDUHVXQWXUPDWH
GH PHPEULL VRFLHW

LL FX G UXLUH L FDUH SRW V  DF LRQH]H VWLPXODWLY DVXSUD FRPSRUWDPHQWXOXL HFRQRPLF L

DVXSUD SUHJ WLULL SHQWUX PXQF  $FHVWH YDORUL SRW IL PkQGULH QD LRQDO  SURJUHV RULHQWDUH SHQWUX YLLWRU
IHULFLUHS PkQWHDVF HWF
QVRFLHW

LOHPRGHUQHHVWHGLULMDWFRPSRUWDPHQWXOHFRQRPLFGHXQVLVWHPGHYDORULVWDELOLGHGXUDW 

Q FRPSDUD LH FX FXOWXULOH L VRFLHW

LOH DQWHULRDUH VD LPSXV R VFKLPEDUH GH YDORUL DFFHOHUDW  GLPLQXDUHD

VDX DQXODUHD YDORULORU SUHFL]DWH DSDUL LD GH QRL YDORUL UHHYDOXDUHD YHFKLORU YDORUL vQLUXLUHD YDORULORU
LQGLYLGXDOH vQWUXQ VLVWHP GH YDORUL QDWHUHD GH QRL VLVWHPH GH YDORUL QRL vQWUHS WUXQGHUL vQWUH YDORULOH
LQGLYLGXDOH SHQHWUD LD ODUJ  D YDORULORU LQGLYLGXDOH VFKLPEDUHD SXQFWHORU GH YHGHUH FX SULYLUH OD YDORUL
VFKLPE ULOHvQFRPSRUWDPHQWXOOHJDWGHVLVWHPHGHYDORULLYDORUL
6FKLPEDUHD GH YDORUL DUH ORF QX QXPDL vQWUR IRUP  OLQHDU  0XOWH DVSHFWH DOH VFKLPE ULL GH YDORUL
SUH]LQW  R IRUP  FLFOLF  7HQGLQ HOH GH VFKLPEDUH GH YDORUL LQGLF  FRQWXUDUHD GH IRU H FRQWUDULL Q SULPXO
UkQG DFHLD FDUH vL Y G SURSULLOH HOHPHQWH GH YDORDUH DPHQLQ DWH LQWHUHVH L FkWLJXULOH ILLQG vQ SHULFRO YRU
DF LRQDFXIRU HFRQWUDULLSULQUHFODP DFWLYLW

LSXEOLFHFDPSDQLLGHHGXFDUHGHO PXULUHLQIOXHQ HDVXSUD

GRPHQLXOXLSROLWLFDVXSUDPDVVPHGLHLLDVXSUDVHFWRUXOXLGHLQVWUXLUH
3OXUDOL]DUHD YDORULORU vQ LQWHULRUXO VRFLHW

LORU PRGHUQH SUH]LQW  R PXOWLWXGLQH GH UHSUH]HQW UL GH

YDORDUH LQGLYLGXDO  L GH DVHPHQHD SUHIHULQ H LQWHUHVH GRULQ H VFRSXUL JXVWXUL HWF Q SULPXO UkQG DFHVWH
GHWHUPLQDQWHDOHFRPSRUWDPHQWXOXLHFRQRPLFVHGHRVHEHVFvQPDUHP VXU vQWUHGLIHUL LLQGLYL]L([LVW GH
SLOG  R PDUH GHRVHELUH vQWUH RUGLQHD SUHIHUHQ LDO  LQGLYLGXDO  6FKLPEDUHD DFFHOHUDW   D YDORULORU
VRFLRFXOWXUDOH L UHSUH]HQW ULOH LQGLYLGXDOH DF LRQHD]  vQ PRG IXQGDPHQWDO DVXSUD VFKLPE ULORU vQ RUGLQHD
SUHIHULQ HORUSUHFXPLDVXSUDED]HLGHGHVHPQDUHDFRPSRUWDPHQWXOXLHFRQRPLFFDGHSLOG UHSUH]HQW ULGH
XWLOLWDWH DWLWXGLQL UHYHQGLFDWLYH PRG GH D vQ HOHJH JXVWXO HWF 1X WUHEXLH V  QX OX P vQ FRQVLGHUD LH F 
DFFHOHUDUHD VFKLPE ULL YDORULORU HVWH OHJDW  vQ PDUH SDUWH GH HOHPHQWXO HFRQRPLF SULQ LQIOXHQ D SURJUHVXOXL
WHKQLF L GH]YROWDUHD HFRQRPLF  SULQ VFKLPE ULOH vQ YLD D GH VHUYLFLX SULQ VFXUWDUHD WLPSXOXL GH PXQF  L
SULQUHFODP vQPRGVSHFLDO
2UGLQHD SUHIHUHQ LDO  L vQ SULPXO UkQG SUHFL]DUHD LQGLYLGXDO  D FRPSRUWDPHQWXOXL HFRQRPLF HVWH
PDQLIHVWDW vQWUXQSHUPDQHQWSURFHVGHVFKLPEDUHSULQLQRYD LLSULQQRLH[SHULHQ HGHSURGXF LHLSURGXVH
RULSRVLELOLW

LGHFRQVXPQRLWHKQLFLGHRUJDQL]DUHLVWLOGHFRQGXFHUHQRLVHUYLFLLLDQVHGHPDQLIHVWDUH

HWF
3OXUDOL]DUHD

L

GLQDPL]DUHD

YDORULORU

VRFLRFXOWXUDOH

D

UHSUH]HQW ULORU

LQGLYLGXDOH

D

RUGLQLL

SUHIHUHQ LDOH L FHOHODOWH GHWHUPLQDQWH LQWHUQH DOH FRPSRUWDPHQWXOXL HFRQRPLF VXQW SH GHSOLQ FXQRVFXWH L
VXSXVHODQRLHYDOX ULLUHHYDOX ULSULQQRLSUHFL] ULOHJLFHLUHJOHPHQW UL
3OXUDOL]DUHD L GLQDPL]DUHD YDORULORU VRFLRFXOWXUDOH D UHSUH]HQW ULORU LQGLYLGXDOH L FHOHODOWH
GHWHUPLQDQWH LQWHUQH SVLKLFH DOH FRPSRUWDPHQWXOXL HFRQRPLF FRUHVSXQG XQHL PXOWLWXGLQL L DFFHOHUDWH
VFKLPE UL GH H[SUHVLL GH FRPSRUWDPHQW VWLOXUL GH YLD

 VWLOXUL GH FRQVXP 0RGHOH GH FRPSRUWDPHQW

PRWHQLWHWUDGL LRQDOHVXQWGHVWDELOL]DWHLFKLDUvQORFXLWH6DSURGXVRGLIHUHQ LHUHGHFRPSRUWDPHQWFDUH


HVWHP ULW GHVSD LXOLQGLYLGXDOGHDF LXQH$DS UXWvQDFHODLWLPSRQHVLJXUDQ

GHFRPSRUWDPHQWSHFDUH

SHUVRQDOLWDWHD ODELO  R GH]RULHQWHD]  L R vQJUHXQHD]  &RPSRUWDPHQWXO GHYHQLW IRDUWH YDULDW L VXERUGRQDW


VFKLPE ULORU DFFHOHUDWHGHYDORULQXVHODV FDSWDWvQPRGHOHGHFRPSRUWDPHQWLGHDOHvQJXVWHQLFLvQDFHOHD
DOH UD LRQDOLW

LL HFRQRPLFH 3URJQR]HOH FX SULYLUH OD VFKLPE ULOH GH FRPSRUWDPHQW VDX vQGHS UWDW GH

UHDOLWDWH$FHVWHUHSUH]HQW ULIDFGLQFHvQFHPDLDFWXDO SUREOHPDFHUFHW ULORUH[SHULPHQWDOHFXGDWHDFWXDOH





1RUPHOHVRFLDOH
&RPSRUWDPHQWXOHFRQRPLFWUHEXLHFDQDOL]DWSULQQRUPHVRFLDOH1RUPHOHVRFLDOHVXQWFRQFUHWL] ULDOH
YDORULORU VRFLRFXOWXUDOH 1RUPHOHVXQWFXDWkWPDLPXOWDFFHSWDWHFDUHJXOLDWUDLXOXLvQFRPXQ]LOQLFFXFkW
VXQWOHJLWLPDWHSULQYDORULLQWHULRUL]DWHLvPS U LWHvQFRPXQ'DF HVWHDSUHFLDW vQLQWHULRUXOXQHLVRFLHW

L

SURSULHWDWHD IDPLOLDU  DVXSUD EXQXULORU FX DWkW PDL PXOW QRUPD YD IL DSUHFLDW  L XUPDW  DVWIHO F  QLFL R
IDPLOLH QX WUHEXLH V L LD DOWHLD EXQXUL Q VLVWHPXO GH YDORUL D XQHL VRFLHW

L HJDOLWDWHD DUH R SR]L LH

VXSHULRDU DWXQFLVHDGPLWHQRUPDF vQDF LXQLOHGHVFKLPEvQWUHGRX VDXPDLPXOWHSHUVRDQHWUHEXLHV ILH


DWLQV VWDUHDGHHFKLYDOHQWvQWUHDGDLDOXD
'HPXOWHRULRQRUP VRFLDO HVWHOHJLWLPDW SULQPDLPXOWHYDORULQGHFXUVXOLVWRULHLXQHLFXOWXULLD
XQHL VRFLHW

L VH QDWH PHUHX R RUGLQH QRUPDWLY  LQVWLWX LRQDO  FDUH SUHFL]HD]  vQ PRG VSHFLILF FDUH PRGXUL

GHFRPSRUWDPHQWDOHLQGLYLGXOXLVHSRWSUDFWLFDvQWURVLWXD LHVSHFLILF 
3HQWUX D IDFH YL]LELO FkPSXO ODUJ DO QRUPHORU VRFLDOH VH REVHUY  GHRVHELUHD vQWUH QRUPH QHFHVDUH
QRUPH REOLJDWRULL L QRUPH SRVLELOH 0XVV6ROO XQG NDQQ1RUPHQ.DUO+HLQ] +LOOPDQQ $OOJHPHLQH
:LUWVFKDIWVVR]LRORJLH0QFKHQ9DKOHQS 
1RUPHOH QHFHVDUH VXQW UHJXOL GH FRPSRUWDPHQW OD FDUH QX VH SUHD SRDWH UHQXQ D SHQWUX D GHVI XUD R
YLD

vQLQWHULRUXOXQHLVRFLHW

L(OHLQGLF XQJUDGULGLFDWGHREOLJDWLYLWDWH5HVSHFWDUHDDFHVWRUQRUPHHVWH

FRQVLGHUDW  FD QHFHVDU  VDX FD ILUHDVF  L QX HVWH U VSO WLW  QF OFDUHD QRUPHORU QHFHVDUH HVWH SHGHSVLW  FX
VDQF LXQL QHJDWLYH UHVSHFWLY SHGHSVH Q DD QXPLWHOH VRFLHW

L SULPLWLYH DFHVWH QRUPH VXQW LGHQWLFH DFHORU

LQWHUGLF LL WDEX 9 W PDUHD XQXL 7DEX SXWHD V  GXF  OD vQO WXUDUHD GLQ FRPXQLWDWH D LQGLYLGXOXL FDUH D
V YkULWDFHDVWD
Q VRFLHW

LOH PRGHUQH VXQW LGHQWLFH FX QRUPHOH QHFHVDUH QRUPHOH GH GUHSW FDUH IL[HD]  vQ VFULV

LQGLFD LL GH FRPSRUWDPHQW Q FDGUXO VLVWHPXOXL GH GUHSW DO VRFLHW

LL PRGHUQH VXQW GLUHF LRQDWH GRPHQLL

LPSRUWDQWH SH UHJOHPHQWDUHD QRUPDWLY  D FRPSRUWDPHQWXOXL HFRQRPLF L DQXPH GUHSWXO FRPHUFLDO


HFRQRPLF DO PXQFLL R PDUH SDUWH D GUHSWXOXL LPSR]LWHORU GUHSWXO VRFLDO GUHSWXO SULYDW L vQ P VXU 
FUHVFkQG GUHSWXOPHGLXOXL$LFLVHDGDXJ LRLQWHUQD LRQDOL]DUHDGUHSWXOXLGHH[HPSOXGUHSWXOHXURSHDQL
GUHSWXOGHFRPHU H[WHULRU
1RUPHOHREOLJDWRULLFXSULQGRELFHLXULWUDGL LRQDOHPRWHQLWHFDUHvQFXUVXOXQXLSURFHVGHS VWUDUHGLQ
SXQFW GH YHGHUH LVWRULF VDXFULVWDOL]DW(OHVXQWFRQVLGHUDWHGHRDPHQLPDLPXOWFDQDWXUDOHVDXFDGHOD
VLQH vQ HOHV /D IHO FD L QRUPHOH QHFHVDUH QRUPHOH REOLJDWRULL VXQW OHJDWH GH VDQF LXQL QHJDWLYH
1HUHVSHFWDUHD QRUPHORU REOLJDWRULL GXF vQ FDGUXO IRUPD LXQLORU VRFLDOH OD VDQF LXQL QHJDWLYH (OH SRW V  ILH
VROLFLWDWHGHFHLvQFDX] 'HHH[HPSOXQHvQGHSOLQLUHDUHSHWDW DQRUPHORUGHF WUHXQPHPEUXJUXSXOXLDUH
GUHSW FRQVHFLQ

 F  DFHDVWD V  ILH vQO WXUDW GLQ FHUFXO FROHJLORUV L2DVWIHOGHVDQF LXQHQHJDWLY DMXQJHV 

ILHSHQWUXFHLSHGHSVL LFXPXOWPDLJUHDGHFkWRDPHQG 3HGHDOW SDUWHUHVSHFWDUHDQRUPHORUREOLJDWRULLDUH


XQHRULFDUH]XOWDWVDQF LXQLSR]LWLYHUHVSHFWLYFkWLJDUHDVLPSDWLHLQWUHQRUPHOHREOLJDWRULLLFHOHQHFHVDUH
QXH[LVW ROLQLHGHGHPDUFD LHSUHFLV QRUJDQL]D LLOHPDLPDULPXOWHQRUPHREOLJDWRULLVXQWIL[DWHvQFDGUXO
UHJXODPHQWHORUTXDVLMXULGLFH
&RPSRUWDPHQWXOHFRQRPLFVHVXERUGRQHD] LXQHLPXO LPLGHQRUPHSRVLELOHFDUH
VDX FRQWXUDW vQ GLIHULWH GRPHQLL DOH YLH LLIRUPD LXQLVRFLDOHVLWXD LLRELQXLWHQLQWHUVHFWDUHDFXQRUPHOH
REOLJDWRULLVHLQFOXGvQQRUPHOHSRVLELOHPXOWHGDWLQLFRQYHQ LLX]DQ HFDGHH[HPSOXPRGXULFRQVWDQWHGH
FRPSRUWDPHQW vQ UHOD LLFRPHUFLDOH5HVSHFWDUHDQRUPHORUSRVLELOHQXHVWHJDUDQWDW SULQVDQF LXQLQHJDWLYH
VDX FRQVWUkQV  (YHQWXDO FHO FDUH LJQRUHD]  QRUPHOH SRVLELOH GHFODQHD]  R SXWHUQLF  DQWLSDWLH GLQ SDUWHD
SDUWHQHULORU V L Q JHQHUH HVWH VWLPXODW  UHVSHFWDUHD QRUPHORU SRVLELOH SULQ UHFRPSHQVH $FHOD FDUH vQ
GHIDYRDUHDWLPSXOXLV XOLEHUDFRPRGLW

LLVDOHVDXFKLDUDV Q W

LLVDOHUHVSHFW QRUPHOHSRVLELOHSRDWHV 

FkWLJHSUH XLUHDGHRVHELW DFROHJLORUV LFRODERUDWRULORUHILORUVXERUGRQD LORUSDUWHQHULORUGHDIDFHULVDX


FOLHQ LORU
3HQWUX PXO L RDPHQL vQDOWD UHFXQRDWHUH SUH XLUHD GHRVHELW  L SUHVWLJLXO GH FDUH VH EXFXU  vQ ID D
VHPHQLORU V L UHSUH]LQW  R YDORDUH LQWULQVHF  FDUH ULGLF  YDORDUHD YLH LL Q DIDU  GH DFHVWHD vQGHSOLQLUHD
QRUPHORU SRVLELOH HVWH SHQWUX vQWUHSULQGHULOH L RUJDQL]D LLOH DFWXDOH R SUHPLV  HVHQ LDO  SHQWUX FDULHU  L
VXFFHV 'H SLOG  XQ IXQF LRQDU FDUH SUHVWHD]  PXOW  PXQF  FDUH IDFH RUH VXSOLPHQWDUH FDUH VH SRDUW 
SULHWHQRV L FRRSHUDQW FX WR L HILL L FRODERUDWRULL HVWH FRWDW vQ FDGUXO vQWUHSULQGHULL FX PDL PXOWH DQVH GH
DYDQVDUHGHFkWXQFROHJFDUHQXUHQXQ

ODWLPSXOV XOLEHUFDUHUHVSHFW QXPDLQRUPHOHQHFHVDUHLQRUPHOH

REOLJDWRULL 2 DQWUHSUHQRDUH FDUH VH RFXS  FX WRDW  F OGXUD GH EXQ VWDUHDVRFLDO DFRODERUDWRULORUV LQXVH
EXFXU  QXPDL GH R UHFXQRDWHUH L R SUH XLUH GHRVHELW  FL L GH DQJDMDUHD SXWHUQLF  D FDSDFLW

LL

FRODERUDWRULORUV L
&D XUPDUH D DFFHOHU ULL VFKLPE ULORU VRFLRFXOWXUDOH vQ LQWHULRUXO VRFLHW

LL PRGHUQH VDX VO ELW XQHOH

GLQWUHQRUPHORUREOLJDWRULLLSRVLELOHQWURYUHPHvQFDUHSHUPDQHQWHOHLQRYD LLLVFKLPE ULDOHLQGLYLGXOXL


SUHWLQG R GHRVHELW  FDSDFLWDWH GH VWXGLX L IOH[LELOLWDWH QX HVWH GH DMXQV QXPDL RQHVWLWDWHD YkUVWHL FD V 

FRQIHUH QRUPHORU YDODELOLWDWH 0DL PXOW VXE LQIOXHQ D WLLQ HORU VRFLDOH VD S WUXQV vQ GRPHQLXO QRUPHORU
VRFLDOH LD VFRV OD LYHDO  SHQWUX WRW PDL PXO L RDPHQL LVWRULFLWDWHD UHODWLYLWDWHD L QHFHVLWDWHD VFKLPE ULL
DFHVWRU UHJXOL GH FRPSRUWDPHQW 5HFRQVWUXLUHD QRUP ULORU WUDGL LRQDOH GH FRPSRUWDPHQW L SOXUDOL]DUHD
HFRQRPLHL PRGHUQH FRQVWLWXLH SULPHMGLLOH GH DSDUL LH D XQHL ODFXQH QRUPDWLYH FUHVFkQGH vQ GHIDYRDUHD
DWHSW ULORUGHVLJXUDQ

VHULR]LWDWHvQYLD DRDPHQLORUvQFRPXQ0RGHUDUHDQRUPHORUREOLJDWRULLLSRVLELOH

GHVFKLGH LQGLYLGXOXL L]RODW FkPSXUL PDL ODUJL GH DF LXQH L DXWRGH]YROWDUH SHUVRQDO  &UHWHUHD XWLOL] ULL
DFHVWXL VSD LX GH PDQLIHVWDUH DFFHOHUHD]  DFHO SURFHV GH PRGHUDUH QRUPDWLY  )HQRPHQHOH HFRQRPLFH FXP
VXQWVFKLPE ULOHVWUXFWXUDOHPRELOLWDWHDVHUYLFLLORULUHFODPDDF LRQHD] vQDFHDVW SULYLQ

GLQFHvQFHPDL

PXOW,QGLYLGXOQXPDLHVWHFDvQHSRFLOHSULPLWLYHOHJDWSXWHUQLFGHRFRPXQLWDWHLVXERUGRQDWHWLFLPRUDO
DFHVWHLD 0DL PXOW HO D GREkQGLW OLEHUWDWHD LQWU ULL L D GHVSULQGHULL GH FRPXQLWDWH 0RGHUDUHD QRUPHORU
SRVLELOHLREOLJDWRULLG SRVLELOLWDWHDLQGLYLGXOXLOXkQGvQFRQVLGHUD LHPHGLXOvQFRQMXU WRULVHPHQLLV LV 
DF LRQH]HGLQSXQFWGHYHGHUHPRUDODXWRQRPLSHU VSXQGHUHSURSULH6HDWHDSW RDVWIHOGHRULHQWDUHGHOD
SRVHVRULLGHSR]L LLGHU VSXQGHUHDQWUHSUHQRULIXQF LRQDULVXSHULRULvQIXQF LLGHFRQGXFHUHFRQGXF WRULGH
XQLXQL 6H vQFHDUF  UHVSHFWLY SULQ DSHOH OD UD LXQH L OD vQ HOHJHUH V  VH DF LRQH]H SULQ DXWRFRQWUROXO L
U VSXQGHUHD SURSULH D PDQDJHULORU L SULQ UHDOL]DUHD XQHL VFKLPE UL D FRPSRUWDPHQWXOXL GH PHGLX
0RGHUDUHD QRUPHORU SRVLELOH L REOLJDWRULL P UHVF SRVLELOLW

LOH FD SkQ  OD XQ DQXPLW JUDG V  VH SRDW 

FRPSRUWD LQGLYLGXO FD KRPR HFRQRPLFXV GH D VH O VD FRQGXV LQGLYLGXO GH XQ VWLO LQGLYLGXDOLVW UD LRQDO
RULHQWDW DVXSUD LQWHUHVHORU L QHFHVLW

LORU &RPSRUWDPHQWXO RPXOXL HFRQRPLF VH SRDWH DSURSLD GHXQPRGHO

GHFRPSRUWDPHQWWLSLFLGHDODOUHDOLW

LLHFRQRPLFH

Q OHJ WXU  FX QHVLJXUDQ D UHJOHPHQW ULORU QRUPDWLYH DOH YLH LL HFRQRPLFH SUHFXP L UHIHULWRU OD
SUREOHPHOH FDUH VH ULGLF  DSDUH XQ FRPSOH[ GH VDUFLQL FDUH GLQ SXQFW GH YHGHUH HFRQRPLFRVRFLRORJLF HVWH
GHPDUHLPSRUWDQ
D



5HOLHIDUHD XQXL FRPSRUWDPHQW vQ JHQHUDO DFFHSWDW GLULMDWH SH XUP ULUHD VLVWHPXOXL GH YDORUL L
QRUPH$FHVWDWUHEXLHV DVLJXUHVXSUDYLH XLUHDLULGLFDUHDFDOLW

E

LLYLH LL

/XkQG vQ FRQVLGHUD LH R IOH[LELOLWDWH HFRQRPLF  D LQGLYLGXOXL HVWH VXILFLHQW vQ HOHJHUHD QHFHVLW

LL

XQXLVLVWHPFRPXQGHYDORULLQRUPHLDURPXOHFRQRPLFDF LRQHD] HWLFPRUDOGXS SULQFLSLLL


UD LRQDPHQWH
F

3UREOHPHOH L FRQIOLFWHOH VH ODV  ILH RFROLWH VDX UDSLG vQYLQVH SULQ SRVLELOLW

L ODUJL SUHFL]DWH

WXWXURU FHORU OH]D L L SULQ SDUWLFLSDUHD OD XQ VLVWHP GH FRPXQLFDUH SH FkW SRVLELO GH GHVFKLV SH
GHSOLQvQ HOHVUHFLSURF
G

3ULQIXQGDPHQWDUHDXQHLHGXFD LLPRUDOHVHSRDWHDF LRQDvQDDIHOFDRPXOHFRQRPLFV DWLQJ R


WUHDSW  SH FkW SRVLELO GH vQDOW  GH]YROWDUH PRUDO  (VHQ LDO vQ DFHDVW  GLUHF LH HVWH F  RPXO
LQGLYLGXDO WUHEXLH V  Q ]XLDVF  QX QXPDL VFRSXUL LQGLYLGXDOH GHJUXSVDXGLQXUPDUHDFXJHW ULORU
VDOHFLvQDFHODLWLPSV SUDFWLFHLU VSXQGHUHHFRORJLF LMXVWH HVRFLDO 


5ROXULVRFLDOH
'DF VWDWXVXOHVWHDQVDPEOXOFRPSRUWDPHQWHORUODFDUHVHSRDWHDWHSWDLQGLYLGXOGLQSDUWHDFHORUODO L
PHPEUL DL JUXSXOXL UROXO GHILQHWH DQVDPEOXO FRPSRUWDPHQWHORU SH FDUH JUXSXO OH SRDWH DWHSWD vQ PRG
OHJLWLPGHODLQGLYLG'HLVXQWGRX QR LXQLGLVWLQFWHHOHVHFRPSOHWHD] UHFLSURFVWDELOLQGSR]L LDVRFLDO D
ILHF UHLSHUVRDQHvQVRFLHWDWH)LHFDUHVWDWXVWULPLWHvQPRGQHDWHSWDWODXQUROLDUVRFLHWDWHDGLVSXQHGHXQ
VLVWHP GH QRUPH L PLMORDFH GH FRQVWUkQJHUH LPSOLFLWH VDX H[SOLFLWH SHQWUX D RE LQH FD LQGLYL]LL V L
DGDSWH]HFRQGXLWDODPRGHOXOFDUHOHHVWHUHFXQRVFXW GDWRULW IDSWXOXLF UROXULOHVXQWvQJHQHUDOSUHVWDELOLWH 
6WDWXVXO vPSUHXQ  FX UROXULOH FDUH vL VXQW DIHUHQWH FRQGL LRQHD]  LQWHJUDUHD LQGLYLGXOXL vQ VWUXFWXUD
VRFLDO 9RPH[SOLFDPDLFODUOHJ WXUDGLQWUHVWDWXVLURO9LD DvQFRPXQDRDPHQLORUDUHODED] RVWUXFWXU 
GHSR]L LLVRFLDOH9LD DvQFRPXQDRDPHQLORUDUHODED] RVWUXFWXU GHSR]L LLVRFLDOH3R]L LLOHVRFLDOHVXQW
IRUPD LL FDUH VXQW OHJDWH GH IXQF LL SUHFLVH VDUFLQL FRQWULEX LL GH FDSDFLWDWH DF LXQL )XQF LLOH OHJDWH GH
SR]L LL WUHEXLHVF vQGHSOLQLWH GDF  VRFLHWDWHD WUHEXLH V  VXSUDYLH XLDVF  FD R LQWHUFRQH[LXQH GH RDPHQL FDUH
FRODERUHD] 
3R]L LLOHVRFLDOHVXQWHYDOXDWHvQPRGGLIHULWGHPHPEULLVRFLHW

LL(VWLPDUHDXQHLSR]L LLGHSLQGHvQFH

P VXU IXQF LLOHOHJDWHGHHDVXQWLPSRUWDQWHSHQWUXS VWUDUHDFRH]LXQLLJUXSXOXL3R]L LDOHJDW GHRHYDOXDUH


SUHFLV HVWHGHVHPQDW vQVRFLRORJLHDDFXPDPSUH]HQWDWPDLVXVFDVWDWXVVRFLDO 6WDWXVXOVRFLDO

3R]L LH

VRFLDO (YDOXDUH 
3UHVWLJLXOVRFLDODOXQHLSHUVRDQHDWkUQ vQPDUHP VXU GHSR]L LDVDVRFLDO 'LQIXQF LLOHXQHLSR]L LL
VRFLDOHUH]XOW GUHSWXULOHLvQGDWRULULOHSUHFLVHDOHSRVHVRULORUGHSR]L LL'UHSWXULOHLvQGDWRULULOHSRVHVRULORU
GHSR]L LLLQGLF FHIHOGHFRPSRUWDPHQWWUHEXLHV DWHSWHXQSRVHVRUGHSR]L LLLFHFRPSRUWDPHQWDWHDSW 
DO LLGHODHO$FHVWFRPSRUWDPHQWFRQ LQHLUHSUH]HQWDUHDSURSULHLSHUVRDQH

3H ED]D GUHSWXULORU L vQGDWRULULORU FDUH VXQW FRPELQDWH FX SR]L LL VRFLDOH SRVHVRUXO GH SR]L LL
LQGLYLGXDOHVXERUGRQHD] RPXO LPHGHDWHSW ULGHFRPSRUWDPHQWGLQSDUWHDPHGLXOXLV XVRFLDO$WHSW ULOH
QRUPDWLYH GH FRPSRUWDPHQW OHJDWH FX R SR]L LH VRFLDO  DX FD UH]XOWDW XQ URO VRFLDO 5ROXO VRFLDO

 SR]L LH

VRFLDO DWHSW ULGHFRPSRUWDPHQWQRUPDWLY 


5ROXOVRFLDOHVWHSULQXUPDUHXQP QXQFKLGHDWHSW ULQRUPDWLYHGHFRPSRUWDPHQWFDUHVXQWOHJDWHGH
R SR]L LH VRFLDO  $WHSW ULOH GHFRPSRUWDPHQWSRVHVRDUHGHSR]L LLVXQWGHVHPQDWHSULQXUPDUHFDDWHSW UL
GH UROXUL 5ROXULOH QX VXQW SHUFHSXWH FD SUHVLXQL GLQ DIDU   FL FD S U L FRPSRQHQWH DOH SHUVRQDOLW
LQGLYLGXDOH(VWHLQGLYLGXOPXO XPLWFXVLWXD LDVDGHYLD

LL

DWXQFLQXLYLQHLGHHDFDV UHIOHFWH]HODUROXULOH

VDOHvQPRGFULWLF(OVHLGHQWLILF PDLPXOWFXHOHLVHDQJDMHD] FDV OHvQGHSOLQHDVF 


'HSLOG XQDJULFXOWRULQGLYLGXDODFUHVFXWSULQPRWHQLUHDvQUROXOSURIHVLHLVDOHHOYDDMXQJHvQUROXO
V XvQFDGUXOUH]ROY ULLXQHLVLWXD LLGLQDJULFXOWXU 
)LHFDUHLQGLYLGDUHFHOSX LQXQXOSkQ ODPDLPXOWHUROXULHFRQRPLFHLPSRUWDQWH
)LHFDUH RP vPEUDF  SH ED]D QHFHVLW
SHUVSHFWLYD VRFLHW

LL VDOH RUJDQLFH I U  vQGRLDO  UROXO GH FRQVXPDWRU 'LQ

LL EXQ VW ULL JHQHUDOH FX JUHX VH J VHWH YUHXQ LQGLYLG FDUH V  ILH JDWD FD UROXO GH

FRQVXPDWRU V O vQGHSOLQHDVF  QXPDL SHQWUX VDWLVIDFHUHD QHFHVLW

LORU IL]LRORJLFH LPSRUWDQWH &D XUPDUH D

VRFLDOL] ULL FRQVXPDWRUXO D GH]YROWDW R VWUXFWXU  PRWLYD LRQDO  FDUH QX VH ED]HD]  QXPDL SH QHFHVLW
SULPDUHGHVHPQDWHVRFLDOFXOWXUDOHFLLSHQHFHVLW

LOH

LOHVHFXQGDUHFDUHVHVXERUGRQHD] LQIOXHQ HLIDFWRULORU

PHGLXOXLHFRQRPLFVRFLDOFXOWXUDO
5ROXO GH FRQVXPDWRU FRQ LQH vQ VHQVXO GH VXEURO DFHOD GH FXPS U WRU Q FH P VXU  FRQVXPDWRUXO
LQGLYLGXDO LQWU  vQ UROXO GH FXPS U WRU QX GHSLQGH GH OHJ WXULOH FRUHVSXQ] WRDUH GH YHQLW L GH DYHUH
UHVSHFWLYGHSXWHUHDGHFXPS UDUH0XO LLQGLYL]LVXQWDWkWGHDEVRUEL LGHDFWLYLWDWHDORUSURIHVLRQDO F DELD
vL SRW SHUPLWH V  GLVSXQ  GH WLPSXO QHFHVDU SHQWUX FXPS U WXUL &D XUPDUH D GLYL]LXQLL PXQFLL WUDGL LRQDOH
IDPLOLDUHDFWLYLWDWHDGHFXPS U WRUHVWHSUHOXDW GHVR LH$FWXDOXOVFKLPEDOUROXOXLOHJDWGHJHQDF LRQHD] 
GLQ QRX DVWIHO F  PXO L E UED L SUHLDX PDL PXOW GHFkW SkQ  DFXP UROXO GH FXPS U WRU &D]XUL H[WUHPH
SUH]LQW DFHLRDPHQLFDUHGLQFDX]DXQRUSLHGLFLQXSRWV DSDU GUHSWFXPS U WRUL(LQXSRWV DF LRQH]HvQ
FDOLWDWHGHFXPS U WRULGHFkWSULQWHOHIRQ5ROXOGHFXPS U WRUDGXQ QXPHURDVHDWHSW ULGHGLIHULWHRULJLQL
QFRQWUDFRQVXPDWRUXOXLDXIRVWvQWUH LQXWHDWHSW ULOHJDWHGHLQWHUHVHGLQSDUWHDDDOWRUSDUWLFLSDQ LODSLD
LLQVWLWX LLPDLPXOWVDXPDLSX LQVSHFLILFH$VWIHOvQFDGUXOXQHLHFRQRPLLGHSLD

vQWUHSULQGHULOHDWHDSW 

GH OD FRQVXPDWRU FD HO V  VH ODVH LQIOXHQ DW SULQ P VXUL GH PDUNHWLQJ L V  VH FRPSRUWH SH FkW SRVLELO
SULHWHQRV vQ SULYLQ D FXPS U ULL 2UJDQL]D LLOH GH DS UDUH D PHGLXOXL DWHDSW  GH OD FXPS U WRU XQ
FRPSRUWDPHQWGHFUX DUHDPHGLXOXL
QUHDOLWDWHFRPSRUWDPHQWXOGHUROXULDFRQVXPDWRUXOXLQXFRQ LQHREOLJD LLGLQSDUWHDvQWUHSULQGHULLD
RUJDQL]D LLORU GH FRQVXPDWRUL RUJDQL]D LLORU GH DS UDUHD PHGLXOXL FDUH VXQW GLULMDWH GLUHFW DVXSUD UROXOXL GH
FRQVXPDWRU0XOWHDWHSW ULVSHFLILFHFDUHSHQWUXFRQVXPDWRUXOLQGLYLGXDOVXQWvQWURP VXU FUHVFkQG VXQW
REOLJDWRULL IRUPHD]  HOHPHQWHOH DOWRU UROXUL $VWIHO VH SRW FXSULQGH vQ UROXO GH FRQVXPDWRU DO XQXL LQGLYLG
DWHSW ULOH FDUH VH vPSOHWHVF FX UROXO GH WDW  GH IDPLOLH VDX FX URO GH SURIHVLH SUHFLV Q P VXUD vPSOHWLULL
VWUkQVHDUROXOXLGHFRQVXPDWRUFXODWHUROXULWUHEXLHV ILHDQDOL]DWHFDRDJORPHUD LHGHUROXUL
$FFHOHUDUHD GH DVW ]L D VFKLPE ULL VRFLDOH LHVH vQ HYLGHQ

 SULQ VFKLPE UL UHSUH]HQWDWLYH DOH UROXULORU

VRFLDOH 6FKLPEDUHD UROXOXL GH FRQVXPDWRU LQFOXGH QXPHURDVH LPSXOVXUL SULQ DFHHD F  PXO L FRQVXPDWRUL
DMXQJEXFXURLGHLQRYD LLLVHLQWHUHVHD] GHQRLSRVLELOLW

LGHPRGHODUHDYLH LLSURSULLQDIDU GHDFHDVWD

GLIHULWH LQVWLWX LL FXQRVFXWH vQFHDUF  V  VFKLPEH FRPSRUWDPHQWXO GH FRQVXPDWRU vQ IDYRDUHD SURSULLORU
SULRULW

L GH YDORDUH L LQWHUHVH &D XUPDUH D XQHL ODUJL SUHFL] UL GH UROXUL DOH FRPSRUWDPHQWXOXL HFRQRPLF

VFKLPEDUHD UROXULORU VRFLDOH FRQGXFH vQ PRG REOLJDWRULX OD R VFKLPEDUH VXV LQXW  D FRPSRUWDPHQWXOXL
HFRQRPLF
&HL PDL PXO L PHPEUL DL VRFLHW

LL FDUH VXQW FDSDELOL GH FkWLJ DX UROXO GH DQJDMDW  $WHSW ULOH

QRUPDWLYH FDUH IRUPHD]  UROXO GH DQJDMDW UH]XOW  GLQ VFRSXULOH vQWUHSULQGHULL VDUFLQLOH GH VHUYLFLX
QHFHVLW

LOH RUJDQL]DWRULFH VWUXFWXULOH ELURFUDWLFH 'LQ FH vQ FH PDL PXOW HOHPHQWH GH URO GH DQJDMDW VXQW

vQW ULWHSULQQRUPHMXULGLFHvQVSHFLDOSULQGUHSWXOPXQFLLQJHQHUDOVHDWHDSW GHODSRVHVRUXOXQXLUROGH


DQJDMDW FD HO V  UHVSHFWH WLPSXO GH PXQF  V L vQGHSOLQHDVF  FRUHFW L HILFLHQW VDUFLQLOH VDOH V  QX WXOEXUH
OLPLWDvQWUHSULQGHULLV VHDQJDMH]HGXS SRVLELOLW

LSHQWUXUHDOL]DUHDELQHOXLvQWUHSULQGHULL5ROXOGHDQJDMDW

VHvPSDUWHvQUROGHPXQFLWRULPRGHOGHUROSHQWUXIXQF LRQDU
'LQ SXQFWXO GH YHGHUH DO SXWHUQLFLORU VFKLPE UL DOH IXQF LLORU L GRPHQLXOXL VDUFLQLOH FX FDUDFWHU
VRFLRORJLF HVWH SUREOHPDWLF  GLIHUHQ LHUHD vQWUH IXQF LRQDUL L PXQFLWRUL Q SULPXO UkQG GDWRULW  GH]YROW ULL
WHKQLFHDFWLYLWDWHDPXQFLWRUXOXLHVWHPDLELQHF XWDW GHFkWDFHHDDPXOWRUIXQF LRQDULGLQFDGUXOVWDWXVXULORU
LQIHULRDUH VDX VHUYLFLLORU /D GUHSW YRUELQG PXO L PXQFLWRUL SULPHVF XQ YHQLW PDL PDUH GHFkW PLFLL
IXQF LRQDUL

QFDGUXOFDWHJRULHLGHVWDWXVPXQFLWRULIXQF LRQDUH[LVW GHRVHELULIXQF LRQDOHSHP VXUDVWDWXVXOXL


FDUHGXFLDU LODRGLIHUHQ LHUHDUHIOHFW ULLUROXULORUFRQFUHWHQFDGUXOFDWHJRULHLGHPXQFLWRULVHSUH]LQW FD
GLIHUHQ LHUH PXQFLWRUL QHFDOLILFD L PXQFLWRUL FDOLILFD L PXQFLWRUL VSHFLDOLWL Q JHQHUH VH SRDWH VSXQH F 
PXQFLWRUXOVSHFLDOLVWVXERUGRQHD] DWHSW ULOHGHUROXULSUHWHQ LRDVHID

GHPXQFLWRUXOQHFDOLILFDW$VWIHOGH

SLOG VHDWHDSW GHODPXO LVSHFLDOLWLPXQFLWRULRSUHJ WLUHULGLFDW SHQWUXULGLFDUHDSHUPDQHQW DFDOLILF ULL


SURIHVLRQDOH &DOLWDWHD PXQFLL L PXQFLWRULORU VSHFLDOLWL OH GDX SRVLELOLWDWHD FD V  H[HUFLWH L DFWLYLW

L

VXERUGRQDWH
'LIHUHQ LHUHDPDQLIHVW ULORUUROXULORUGHDQJDMD LVXERUGRQHD] QXQXPDLWUHSWHOHLHUDUKLFHYHUWLFDOHFL
L GHRVHELULOH UHJLRQDOH VSHFLILFH SURIHVLHL L EUDQHL 'H SLOG  SXWHP GD FD H[HPSOX GLIHUHQ LHUHD vQWUH
LQGXVWULDFDOFXODWRDUHORULDJULFXOWXU 
3UHFL]DUHD UROXOXL GH DQJDMDW GHSLQGH L GH P ULPHD vQWUHSULQGHULL Q vQWUHSULQGHULOH PLFL VH SRW
DFFHQWXDDFHVWHUROXULFKLDUHPR LRQDO&DXUPDUHDSURJUHVXOXLWHKQLFUROXULOHGHDQJDMD LVXQWVXERUGRQDWH
XQRU VFKLPE UL UDSLGH $VW ]L DQJDMD LL DX SUHWHQ LL GLQ FH vQ FH PDL PDUL 'H OD PXQFLWRULL VSHFLDOLWL
WHKQLFLHQLL L LQJLQHULL VH DWHDSW  DSWLWXGLQL FRPSOH[H FDSDFLWDWH GH VWXGLX FDSDFLWDWHD GH VFKLPEDUH
JkQGLUH SURSULH FRQWLLQ D U VSXQGHULL FDSDFLWDWH GH DFWLYLWDWH vQ FRPXQ IOH[LELOLWDWH vQGHPkQDUH vQ
GHVHUYLUHDDJUHJDWHORUFRPSOLFDWHGHFL]LLUDSLGHvQFD]XULGHGHUHJO UL
0 VXULOH OXDWH GH vQWUHSULQGHUH SHQWUX FUHWHUHD LGHQWLILF ULL FHORU FDUH OXFUHD]  vQ vQWUHSULQGHUH FX
UROXULOHORUGHDQJDMD LFRQ LQRVFKLPEDUHSODQLILFDW vQPRGWLLQ LILFGHUROXULLDQXPH



UHYDORUL]DUHDUROXULORUVSHFLILFHGHPXQF 
VFKLPEDUHDGHVFRSDUROXULORUvQIDYRDUHDGRPHQLLORUGHFRPSHWHQ

PDLPDUHLDGRPHQLLORUGH

U VSXQGHUHSHQWUXSRVHVRULLGHUROXUL


vPEXQ W

LUHD DQVHORU GH DILUPDUH L GH FRQILUPDUH D FDSDFLW

LL FRRUGRQDUHD XQXL VWLO GH

FRQGXFHUHFROHJLDO
6FKLPEDUHD UROXULORU GH DQJDMD L DGXFH R QRX  GHWHUPLQDUH GH SURIHVLL GH SLOG  LQVWDODWRU GH XQHOWH
HOHFWURQLVWGHHQHUJLHDDJUHJDWHORUPHFDQLFGHvQWUH LQHUHDDJUHJDWHORU
QYLD DHFRQRPLF RFDWHJRULHLPSRUWDQW GHUROXULRIRUPHD] DFHHDGHPDQDJHULLSDWURQL
2 VDUFLQ  LPSRUWDQW  D DQDOL]HL GH UROXUL HFRQRPLFRVRFLRORJLF  FRQVW  vQ GHVFRSHULUHD IHOXULWHORU
UHOLHI UL DOH UROXULORU GH DQWUHSUHQRUL ([LVW  DQWUHSUHQRUL GH DYHUL SURSULHWDU GH vQWUHSULQGHUL DQWUHSUHQRUL
DQJDMD LUHVSHFWLYPDQDJHUL
'H OD SRVHVRUXO XQXL URO GH PDQDJHUL VH DWHDSW  vQ JHQHUH FD HO V  VH DQJDMH]H SHQWUX EXQ VWDUHD
vQWUHSULQGHULL VDOH L D FRODERUDWRULORU V L V  vPEXQ W

HDVF  FRQGL LLOH GH PXQF  SH FkW SRVLELO V 

UHJOHPHQWH]H GRULQ HOH FOLHQ LORU L DOH FRQVXPDWRULORU V L V  UHDOL]H]H SURGXVH EXQH V Q WRDVH
QHSULPHMGLRDVH FRQYHQDELOH V  DVLJXUH VHUYLFLL XWLOH VLJXUH V  FUHH]H ORFXUL GH PXQF  VDX FHO SX LQ V  OH
S VWUH]HV LDvQFRQVLGHUD LHSURJUHVXOWHKQLFV SUHLDU VSXQGHULOHVRFLDOHV LDvQFRQVLGHUD LHSHFkWHVWH
SRVLELOLPSRUWDQW RFURWLULLPHGLXOXL
0DQLIHVWDUHDDWHSW ULORUFRQFUHWHFXSULYLUHODUROXOGHPDQDJHULDWkUQ vQVSHFLDOGHSR]L LDGLIHUL LORU
SDUWHQHUL GH UROXUL DL vQWUHSULQGHULL Q UkQGXO DFHVWRU SDUWHQHUL GH UROXUL PHQ LRQ P FRODERUDWRUL FOLHQ L
IXUQL]RULVSRQVRULSDUWHQHULGHDIDFHULLFRQFXUHQ LUHSUH]HQWDQ LDLVLQGLFDWHORUGHXQLXQLUHSUH]HQWDQ LDL
YLH LLSXEOLFH
&RODERUDWRULL DWHDSW  GH OD PDQDJHU FD HO V  PDQLIHVWH LQWHUHV SHQWUX SURVSHULWDWHD vQWUHSULQGHULL
SHQWUXORFXULGHPXQF VLJXUHSHQWUXFRQGL LLV Q WRDVHGHPXQF V SO WHDVF SHFkWSRVLELOVDODULLULGLFDWH
V  SURGXF  FDSDFLW

L VRFLDOH V  SUDFWLFH XQ VWLO FRRSHUDQW FROHJLDO V  VH vQJULMHDVF  SHQWUX DQVH GH

PDQLIHVWDUH L SHQWUX XQ EXQ FOLPDW GH vQWUHSULQGHUH Q GHSHQGHQ

 GH UHVSHFWLYHOH SR]L LL L GH UROXO vQ

vQWUHSULQGHUHVXQWDFHVWHDWHSW ULDFFHQWXDWHGHODLQGLYL]LLL]ROD LvQPRGGLIHUHQ LDWPXQFLWRULLDWHDSW vQ


SULPXOUkQGVDODULLULGLFDWHLFRQGL LLGHPXQF V Q WRDVH)XQF LRQDULLVXSHULRULDWHDSW vQVSHFLDOXQVWLOGH
FRQGXFHUH PRGHUQ DQVH GH DILUPDUH SUHWHQ LD XQHL FDULHUH SURSULL Q GHFXUVXO WLPSXOXL L VXE LQIOXHQ D
DFWXDOHORU IHQRPHQH FD GH SLOG  RPDM vQ VWUXFWXUD GH DWHSW UL GH UROXUL VH SRW SURGXVH GHSODV UL GH
SULRULW

L GH H[HPSOX UHHYDOXDUHD VLJXUDQ HL ORFXOXL GH PXQF  vQ FDGUXO LQWHUHVHORU SHQWUX XQ FOLPDW GH

vQWUHSULQGHUHIDYRUDELO
)XUQL]RULL DWHDSW  GHODPDQDJHUV SO WHDVF ODWLPSOLYU ULOH&RQFXUHQ LLDWHDSW LQWHU]LFHUHDXQHL
FRQFXUHQ HGLVWUXJ WRDUHHYHQWXDOFRRSHUDUHLGH]EDWHUL
Q OHJ WXU  FX DOWH UROXUL VRFLDOH SH FDUH OH DUH XQ PDQDJHU vQ YLD D SDUWLFXODU  PHQ LRQ P L UROXO GH
WDW GHIDPLOLH&RQIRUPDWHSW ULORUDFHVWXLUROHOWUHEXLHV DVLJXUHIDPLOLHLVDOHXQQLYHOGHYLD

ULGLFDWV 

OH FRQVDFUH DFHVWRUD WLPS VXILFLHQW $LFL DSDU DWHSW ULOH GH OD SULHWHQL L FXQRVFX L UXGH Q GLUHF LD GH DL
LQWHUSUHWDUROXULOHVDOHPDQDJHULDOHVHRULHQWHD] vQDWHSW ULJHQHUDOHSR]LWLYFRQWXUDWHSHFDUHOHvQWUH LQH
'LQDFHDVW FRQFHS LHGHUROXULDXWRFODULILFDWHUH]XOW XQDXWRSRUWUHWGHUROXUL


$FHVWDXWRSRUWUHWGHUROXULvQFDGUXOVWUXFWXULLPRWLYD LRQDOHvPEUDF XUP WRDUHOHRUGLQLGHSULRULW


D

DXWRUHDOL]DUHDSHUVRQDOLW

L

LLDFWLYH

E

DVLJXUDUHDYLLWRUXOXLvQWUHSULQGHULL

F

DVLJXUDUHDJULMLLSHQWUXSURSULDIDPLOLH

G

DVLJXUDUHDUHQWDELOLW

H

U VSXQGHUHVRFLDO ID

I

FUHWHUHD FRQVLGHUD LHL QD LRQDOH VRFLDOH vQ FDGUXO SXEOLFLW

LLFkWLJXOXL

GHFRODERUDWRUL
LLQXQHOHFD]XULSRWV RFXSHXQORF

GHRVHELWQ ]XLQ DGHSXWHUHPD[LPL]DUHDFkWLJXOXLVWLOXOGHYLD DOX[RV


$OWH UROXUL vQ YLD D HFRQRPLF  VXQW DFHOHD FDUH VXQW ORFDOL]DWH vQ XQLXQL vQ PRG GHRVHELW DFHOHD GLQ
RUJDQL]D LLOHVLQGLFDOHXQLXQLOHGHDQWUHSUHQRULLGHSDWURQLXQLXQLOHSURIHVLRQDOHLFDPHUHOH GHLQGXVWULH
GH FRPHU  Q LQWHULRUXO DFHVWRU RUJDQL]D LL VH FRQWXUHD]  UROXULOH SHQWUX IRU H GH FRQGXFHUH SHQWUX
FRODERUDWRUL SULQFLSDOL SHQWUX PHPEUL 'LQ SXQFW GH YHGHUH HFRQRPLF D IRVW VXEDSUHFLDW SkQ  DFXP UROXO
IHPHLL FDVQLFH FDUH GH PXOWH RUL D IRVW LJQRUDW ,JQRUDUHD L VXEHYDOXDUHD UROXOXL IHPHLL FDVQLFH VW  LQ
FRQWUDGLF LHFXLPSRUWDQ DHLHFRQRPLF UHDO 5ROXOJRVSRGLQHLIRUPHD] RSXQWHGHOHJ WXU vQWUHHFRQRPLH
L IDPLOLH Q OHJ WXU  FX UROXO GH PDP  JRVSRGLQD VH vQJULMHWH vQ SULPXO UkQG GH UHSURGXF LD VRFLHW

LL vQ

VHQV ELRORJLF (D DUH XQ URO GHRVHELW vQ FUHWHUHD FRSLLORU FDUH YRU GHYHQL IRU D GH PXQF  YLLWRDUH L GH
DVHPHQHD FRQVXPDWRUL DL HFRQRPLHL 5ROXO IHPHLL FDVQLFH HVWH vPSOHWLW FX DFHOD DO FXPS U WRUXOXL L SULQ
DFHDVWDHDIRUPHD] RED] VLJXU SHQWUXFHUHUH$FWLYLWDWHDIHPHLLFDVQLFHFUHHD] FRQGL LLOHFDDO LPHPEULL
DLIDPLOLHLV SRDW SUDFWLFDGLYHUVHSURIHVLLQWUHWLPSPXOWHIHPHLDXSUHOXDWSURIHVLL$FHDVW UHRULHQWDUH
DUHODED] QXPHURDVHSURFHVHGHGH]YROWDUH3UREDELOF vQYLLWRUQXVHYDPDLIDFHGHRVHELUHDFDXUPDUHD
XQHLVFKLPE ULGHUROXULvQWUHIHPHLFDVQLFHLE UED LFDVQLFL
Q FRQFOX]LH GLQ SXQFW GH YHGHUH WHRUHWLF SXWHP DILUPD F  UROXULOH SRW IL VLPSOH VDX FRPSOH[H
SUHYL]LELOHVDXLPSUHYL]LELOH5ROXULOHSUHYL]LELOHVXQWLPSXVHRUJDQL]DWHRELQXLWH5ROXULOHLPSUHYL]LELOH
VXQW IOXFWXDQWH QHDWHSWDWH VDX LQYHQWDWH Q SULQFLSLX VH SRW GLVWLQJH UROXUL LQVWLWX LRQDOL]DWH OHJDWH GH
VLVWHPXO LQVWLWX LLORU VRFLDOH UROXUL SHUVRQDOH FDUH HPDQ  GH OD SDUWLFXODULW
UHDOL]DWH GH LQGLYLG L UROXUL GHWHUPLQDWH GH SDUWLFLSDUHD OD DFWLYLW

LOH PRGHOXOXL FRPSRUWDPHQWDO

LOH VSRQWDQH QHSUHVFULVH JUXSXULORU

UHVWUkQVHQJUXSXULOHVWUXFWXUDWHUROXULOHVHGLIHUHQ LD] YL]kQGUHDOL]DUHDRELHFWLYHORUDFHVWRUD


QYLD DVRFLDO LQGLYL]LLSRWDYHDUROXULGDWH WHQDWLE UEDWVDXIHPHLHLMRFLUROXULOHUHVSHFWLYH L
GREkQGLWH GH SLOG  UROXULOH SURIHVLRQDOH  3RW H[LVWD UROXUL SUHGRPLQDQWH SH FDUH OH MRFL ]L GH ]L  L UROXUL
HSLVRGLFH RGDW vQYLD

SR LILLYHGHWD]LOHLGHSLOG FkQGV UE WRUHWLXQHYHQLPHQWGHRVHELWH[LHLUHD

OD SHQVLH HWF  3RW IL L UROXUL ELRORJLFH GXS  VH[ VDX YkUVW  UROXUL LQVWLWX LRQDOH vQ IDPLOLH vQ
vQWUHSULQGHUH H[WUDLQVWLWX LRQDOH vQJUXSXOGHSULHWHQL 6HSRDWHFRQVWDWDUROXOGHSHQGHQWLLQGHSHQGHQWDO
DFHOXLDL URO 'H SLOG  URO GH  WDW  HVWH GHSHQGHQW SHQWUX F  VH H[HUFLW  ID

 GH UROXO GH ILX QWUXQ JUXS

UHVWUkQV HO SRDWH IL WDW O  SURIHVRU WDW  IUDWH VR  GHSXWDW PLQLVWUX Q FRQFOX]LH VH SRDWH DILUPD F 
SUHFL]DUHDFRPSRUWDPHQWXOXLHFRQRPLFDOLQGLYLGXOXLGHSLQGHvQPDUHP VXU GHUROXULOHVRFLDOHSHFDUHHOOH
DUH
*UXSHOHVRFLDOH
&RQFHSWXO GH JUXS D IRVW vPSUXPXWDW OD VIkULWXO VHFROXOXL VHF ;9,, L ;9,,, GLQ OLPED IUDQFH]  L
IRORVLW vQ SULPXO UkQG vQ DUW  SHQWUX GHVHPQDUHD XQHL RULHQW UL vQ ILJXULOH VDX RELHFWHOH LQWHUGHSHQGHQWH 'H
DLFLDS WUXQVvQOLPEDMXOFRPXQFDRFRQWXUDUHDXQRUOHJ WXULLQWHUQHvQWUHRELHFWHLRDPHQLFDUHvQFLXGD
HOHPHQWHORU FDUDFWHULVWLFH GH VSHFLH FDWHJRULH VRUW DSRL UHIHULWRU OD FRPXQLWDWHD GH LQWHUHVH GH H[HPSOX
XQLXQLSROLWLFHHWF


&RQFHSWXO VRFLRORJLF GH JUXS HVWH FKLDU UHFHQW H[WUHP GH U VSkQGLW vQ OLPELOH HQJOH]  L IUDQFH] 

*UXSXOHVWHVLQRQLPFXXQLXQHIRUPD LXQHVRFLDO HVHQ

VRFLDO FRQILJXUD LHVRFLDO *UXS HVWHRQR LXQH

GH ED]  vQ GLIHULWH VLVWHPH VRFLRORJLFH 8QLL FHUFHW WRUL FRQVLGHU  vQY

WXUD GHVSUH VRFLHWDWH FD R WHRULH D

JUXSXULORU (L VLPSOLILF  DVWIHO UHDOLWDWHD VRFLDO  JUXSXULOH VH SRW GH]YROWD GLQ SURFHVHOH VRFLDOH GDU H[LVWD
JUXSXULFDUHVHVSULMLQ SHIXQGDPHQWHJHRJUDILFH UHOD LLGHYHFLQ WDWHDH]DUH 


QJHQHUHvQUHJLXQLOHQHRVSLWDOLHUHRDPHQLLSRWQXPDLDWXQFLV VXSUDYLH XLDVF FkQGFRRSHUHD] vQ

FDGUXOJUXSXULORUVRFLDOH) U RDVWIHOGHFRRSHUDUHHVWHLPSRVLELO GH]YROWDUHDFXOWXUDO GH]YROWDUHD


HFRQRPLF LULGLFDUHDQLYHOXOXLGHWUDL&UHWHUHDGHPRJUDILF LUHGXFHUHDUHVXUVHORUvPSLHGLF FDLQGLYLGXO
V VHSRDW JRVSRG ULVLQJXUQFDGUXOFUHWHULLSRSXOD LHLVHvQW UHWHSUHVLXQHDDVXSUDLQGLYL]LORUFDV 
FRRSHUH]HGLQSXQFWGHYHGHUHHFRQRPLFvQFDGUXOJUXSXULORUGXS DQXPLWHQRUPH'HDVHPHQHDGLQ
QHFHVLW

LOHRDPHQLORUGHVLJXUDQ

SHQWUXSURWHF LDVHPHQLORULUHFXQRDWHUHVRFLDO UH]XOW RSXWHUQLF 

FRQVWUkQJHUHGHDVHWU LvQJUXSHVRFLDOH


Q JUXSXULOH VRFLDOH VH LPSULP  YDORULOHVRFLRFXOWXUDOHLQRUPHOHVRFLDOHvQPRGVSHFLILFJUXSDWQ

DFHVWHIRUPD LXQLVRFLDOHYDORULOHLQRUPHOHGH]YROW RDF LXQHGLUHFW DVXSUDFRPSRUWDPHQWXOXLLQGLYLGXOXL


L]RODW 5ROXULOH VRFLDOH VXQW ORFDOL]DWH vQ JUXSH (OH VXQW OHJDWH L PDL GHSDUWH FX JUXSH PDL vQGHS UWDWH Q

FDGUXOJUXSHORUVRFLDOHVHFULVWDOL]HD] QRUPHOHGHYDORULDOHVRFLHW


LLFXDWHSW ULOHGHUROXUL

Q VRFLRORJLH VH vQ HOHJH SULQ JUXS R IRUPD LXQH VWUXFWXUDW  UHODWLY GXUDELO  FDUH FRQVW  GLQWUR

PXO LPH GH SRVHVRUL GH UROXUL UHVSHFWLY GH UROXUL +HLQ] +LOOPDQ $OOJHPHLQH :LUWVFKDIWVVR]LRORJLH
0XQFKHQ9DKOHQS 


5HIHULWRU OD JUXS VH SRDWH DILUPD F  *UXSXO JkQGHWH VLPWH OXFUHD]  FX WRWXO DOWIHO GHFkW DU IDFH

PHPEULL V L GDF  DU IL L]ROD L (PLOH 'XUNKHLP 5HJXOLOH PHWRGHL VRFLRORJLFH %XFXUHWL (GLW WLLQ LILF 
S 

'LQ vQ HOHJHUHD QR LXQLL GH JUXS GLQ SXQFW GH YHGHUH VRFLRORJLF VH FRQVWDW  F  VH SRDWH YRUEL GH

IHQRPHQH VRFLDOH FDUH QX IRUPHD]  JUXSH GH SLOG   FDWHJRULL VRFLDOH XQ QXP U LPSRUWDQW GH SHUVRDQH FX
XQD VDX PDL PXOWH FDUDFWHULVWLFL FRPXQH FXP VXQW  IXQF LRQDULL IHPHL PHPEUL GH VLQGLFDW LQJLQHUL 
DJUHJDWH VRFLDOH R PXO LPH GH SHUVRDQH FDUH FHO SX LQ VH J VHVF vQWUXQ ORF FRPXQ FXP VXQW FXPS U WRULL
vQWUXQ PDJD]LQ VDX YL]LWDWRULL XQXL WkUJ  VWUDWXULOH VRFLDOH FODVHOH VW ULOH L FDVWHOH PXO LPHD GH SHUVRDQH
FDUH SUHLDX vQ LQWHULRUXO FRRUGRQ ULL LHUDUKLFH YHUWLFDOH D XQHL VRFLHW

L DFHODL VWDWXV VDX XQ VWDWXV

VRFLRHFRQRPLFDVHP Q WRU 



&ODVLILFDUHDJUXSHORU
Q OLWHUDWXUD DPHULFDQ  vPS U LUHD JUXSHORU D IRVW I FXW  vQ SULPDUH L VHFXQGDUH $FHDVW 

GHRVHELUH D IRVW I FXW  GH VRFLRORJXO DPHULFDQ &KDUOHV 1RUWRQ &RROH\   vQ OXFUDUHD VD 6RFLDO
RUJDQL]DWLRQSXEOLFDW vQ &DJUXSHSULPDUH 3ULPDU\JURXSVIDFHWRIDFHJURXSV VHvQFDGUHD] DFHOH
FDUH VXQW FXQRVFXWH SULQ OHJ WXULUHODWLYVWDELOHSHUVRQDOHGHvQFUHGHUHVHQWLPHQWDOH([HPSOHFODVLFHVXQW
IDPLOLDJUXSDGHSULHWHQLJUXSDGHYHFLQL


Q OLWHUDWXUD JHUPDQ  VH GHRVHEHVF JUXSHOH PDUL L JUXSHOH PLFL Q GHFXUVXO WLPSXOXL DFHOH JUXSH

PLFLSRWFDXUPDUHDFRQWXU ULLOHJ WXULORUSHUVRQDOHHPR LRQDOHV vPEUDFHFDUDFWHUHOHJUXSHORUSULPDUHQ


JUXSHOHPLFLGRPQHWHRLQWLPLWDWHDQXPLW $FHDVWDVHED]HD] SHOHJ WXULOHVHQWLPHQWDOHSHUVRQDOHVWUkQVH
vQWUHPHPEULLJUXSXOXL&ODULWDWHDLYL]LELOLWDWHDDFHVWRUJUXSHIDFHSRVLELOXQFRQWUROVRFLDOLRFRQWLLQ
XQLW

D

LL*UXSHOHPLFLVXQWIRUPD LXQLVRFLDOHFDUHPHQ LQUROXULLSRVHVRULGHUROXULvQWUHFDUHVXQWOHJ WXUL

GLUHFWH L SRVLELOH LQWHUDF LXQL *UXSXULOH PLFL SRW V  ILH PXOW WLPS Q VFXWH L vQ FLXGD XQHL IOXFWXD LL D

PHPEULORU FDUH DSDU LQ JUXSXOXL V  VXSUDYLH XLDVF  vQ FRQWLQXDUH 8QHOH JUXSXUL PLFL VXQW LGHQWLFH FX
LQVWLWX LL UHODWLY VWDELOLWH FDUH VXQW vQ WRDWH VRFLHW

LOH FD GH SLOG  IDPLOLD L UXGHQLD Q VRFLHWDWHD PRGHUQ 

VXQW QXPHURDVH JUXSXUL PLFL FDUH VXQW RULHQWDWH vQWUXQ DQXPLW VFRS L VXQW FUHDWH vQ PRG FRQWLHQW GH
H[HPSOX vQWUHSULQGHUL PLFL FDUH VXQW IRUPDWH GLQWUXQ DQWUHSUHQRU Fk LYD PXQFLWRUL $OWH JUXSXUL PLFL OH
SXWHPFRQVLGHUDDILJUXSXULOHGHPXQF GLQFDGUXOvQWUHSULQGHULORUPDLPDULQFDGUXOJUXSXULORUPLFLSXWHP
V PHQ LRQ PGHDVHPHQHDSHOkQJ IDPLOLHGHVSUHFDUHDPYRUELWLWULEXOVDWXOJUXSHOHGHMRDF XQLXQLOH
GHWLQHUL*UXSXULOHPLFLVXQWPDLPXOWLGHQWLFHFXJUXSXULOHSULPDUHGHVSUHFDUHDPPDLYRUELW'HRVHELWGH
SXWHUQLF HVWHLQIOXHQ DJUXSXULORUSULPDUHDVXSUDFRPSRUWDPHQWXOXLFRQVXPDWRUXOXLQFXUVXOSURFHVHORUGH
DGDSWDUH L GH DVLPLODUH VH VFRW vQ UHOLHI RULHQW UL FRPXQH GH YDORUL VWDQGDUGH GH FRQVXP DF LXQL GH
UHYHQGLF ULSUH]HQW ULGHPRG DSUHFLHULGHJXVWXULRELQXLQ HGHFXPS U WXULFRPSRUWDPHQWHGHFRQVXP
$FHVWH GHWHUPLQDQWH DOH FRPSRUWDPHQWXOXL FRQVXPDWRUXOXL IRUPHD]  L HOHPHQWHOH XQHL FXOWXUL GH JUXS
$FHVWH GHWHUPLQDQWH GH FRQVXP VSHFLILFH JUXSXOXL DVLJXU  LQGLYLGXOXL RULHQWDUHD VROLGLWDWHD LQWHUQ  L
VHQWLPHQWXOGHPXO XPLUH


6WDQGDUGHOHGHFRQVXPVSHFLILFHJUXSXOXLIRUPHD] SkQ ODXQDQXPLWJUDGEDULHUHID

GHLQRYD LLOH

GH FRQVXP L LQIOXHQ D PDUNHWLQJXOXL vQ VSHFLDO D UHFODPHL 0 ULPHD L SHUPHDELOLWDWHD DFHVWRU EDULHUH
GHSLQG GH SDUWLFXODULW

LOH FRQFHS LLORU L RULHQW ULORU GH YDORDUH vQ LQWHULRUXO XQXL JUXS Q LQWHULRUXO

JUXSXULORU SULPDUH VH FRQFUHWL]HD]  L VH VSHFLILF  FRQFHS LLOH HYDOX ULOH UHSUH]HQW ULOH QRUPDWLYH
DWLWXGLQLOH L DWHSW ULOH UHFLSURFH FX SULYLUH OD PXQF  L SURIHVLH FDSDFLW

L RULHQW UL GH VXFFHV SURSRU LD

DQJDMDPHQWXOXLSURIHVLRQDOP ULPHDYHQLWXOXLOHJ WXUDGLQWUHPXQF LWLPSXOOLEHU




([LVW  IDPLOLL vQ FDUH HWLFD PXQFLL PRWHQLWH FDSDFLW

LOH GH VHUYLFLX L VXFFHVXO VH EXFXU  GH R

vQDOW SUH XLUH$VWIHOGHIDPLOLLIRUPHD] XQPHGLXGHFXOWXU IRDUWHIDYRUDELOFDUHF LODFRSLLVHIRUPHD] 


RULHQW ULGHYDORDUHLPRGXULGHFRPSRUWDPHQWQDVWIHOGHIDPLOLLvQPRGRELQXLWVHH[HUVHD] RSUHVLXQH
SXWHUQLF QRUPDW SULQFDUHVHSRDWHGLULMDFDOHDvQYLD


VXFFHVXOvQLQVWUXLUHLvQSURIHVLH

QJUXSXULOHPDULOLSVHWHFRQWDFWXOSHUVRQDOLDUvQVWU LQDUHDSHUVRQDO LLQGLIHUHQ DVXQWWLSLFH&D

XUPDUHDOLSVHLGHFRQFUHWL]DUHLDVLVWHPDWL] ULLQXVHSRDWHGH]YROWDRFRQWLLQ

DXQLW

LLYLDELO 3URFHVXO

GHLQWHJUDUHHVWHPDLJUHXLPDLFRPSOLFDWGHFkWvQJUXSXULOHPLFLQWUHSHUVRDQHLJUXSXULVHQDVFWHQVLXQL
PDUL )RU HOH GH OHJ WXUD MRDF  XQ URO I U  UHOD LL SHUVRQDOH SXWHUQLFH FD GH SLOG  GRPLQD LD vQ FDGUXO
JUXSXULORU PDUL vQ FDUH LQWU  L WULEXO SRSRUXO QD LXQHD VWDWXO ELVHULFD XQLXQLOH SROLWLFH FXOWXUDOH
UHOLJLRDVH

Q UkQGXO JUXSXULORU PDUL VDX PLFL H[LVW  JUXSXUL RUJDQL]DWH VDX QHRUJDQL]DWH &D JUXS  RUJDQL]DW 

HVWH DFHD JUXS   vQ FDUH HYHQLPHQWHOH L DF LXQLOH VXQW FRQGXVH PDL PXOW VDX PDL SX LQ FRQWLHQW GH OD XQ
FHQWUX/DJUXSXULOHQHRUJDQL]DWHOLSVHWHRFRQGXFHUHFRQWLHQW 


*UXSXULOHRUJDQL]DWHSROLWLFHHFRQRPLFHvQPRGGHRVHELWVWDWXOvQFHDUF vQPRGWLLQ LILFUD LRQDOL

HFRQRPLF V  FUHH]H VWUXFWXUL FRUHVSXQ] WRDUH GH H[HPSOX RUJDQH FRQVWLWX LRQDOH GH FRQGXFHUH GH
UHSUH]HQWDUH LV OHS VWUH]H
$FHVWHD VXQW LQVWLWX LLOH L DSDUDWHOH FX DMXWRUXO F URUD VH SRDWH GH]YROWD FDSDFLWDWHD RUJDQL]DWRULF 
GHSLOG RUJDQHOHOHJLVODWLYHLH[HFXWLYHDSDUDWXOPLOLWDUDSDUDWXOELURFUDWLF


*UXSXULOHPLFLLSULPDUHSHFDUHFRPSRUWDPHQWXOHFRQRPLFUHOHYDQWDOLQGLYLGXOXLOHGHWHUPLQ LOH

LQIOXHQ HD]  VH QDVF vQ LQWHULRUXO VWUXFWXULORU PDL PDUL RUJDQL]DWH IRUPDO (VWH GH VHPQDODW F  vQ DFHDVW 
FRUHOD LH GH vQWUHSULQGHUL L VHUYLFLL VH GH]YROW  R UH HD GH OHJ WXUL L JUXSXUL LQIRUPDOH OHJDW  GH VWUXFWXUD
IRUPDO  GH SR]L LL UROXUL UDQJXUL $FHDVW  VWUXFWXU  LQIRUPDO  GH OHJ WXUL L JUXSXUL IRUPHD]  XQ DVSHFW
HVHQ LDO DO ILHF UHL RUJDQL]D LL UHDOH DO IHQRPHQXOXL RELQXLW GH RUJDQL]DUH $DGDU SXWHP V  GHRVHELP vQ
VRFLRORJLH JUXSXULOH LQIRUPDOH GH JUXSXULOH IRUPDOH $FHVWH QR LXQL SHUHFKL DX FD ED]  VWXGLLOH I FXWH vQ
SULPDMXP WDWHDVHFROXOXL;;FXQRVFXWHVXEQXPHOHGH+DZWKRUQH6WXGLHQ YH]LDQH[D 


([SHULPHQWHOH GH OD +DZWKRUQH  DX GHPRQVWUDW F  UDQGDPHQWXO PXQFLWRULORU HVWH GHWHUPLQDW GH

QDWXUDUHOD LLORUODQLYHORUL]RQWDOLYHUWLFDOFXFROHJLLGHHFKLS LFXFRQGXFHUHD([SHULPHQWHOHUHVSHFWLYH


DX IRVW I FXWH vQ X]LQHOH +DZWKRUQH DOH 6RFLHW

LL HOHFWULFH 9HVW GLQ &KLFDJR vQWUH DQLL 

UH]XOWDWHOHQHDWHSWDWHDOHH[SHULPHQWXOXLDXXLPLWWHRULDYDODELO DWXQFLDDQXPLWD6FLHQWLILF0DQDJHPHQW
6FKRRO8QSDVvQDLQWHDIRVWI FXWGHFXQRVFXWXO%DQN:LULQJ5RRP([SHULPHQWFDUHDSXVVXEVHPQXO
vQWUHE ULL R PDUH SDUWH GLQ WHRULD FROLL PDL VXV PHQ LRQDWH 6DX SXV ED]HOH XQHL FROL +XPDQ5HODWLRQ
6FKRRODOF UHLvQWHPHLHWRUHVWHFRQVLGHUDWDIL(OWRQ0D\R


3HQWUX FXQRDWHUHD UDSRUWXOXL GLQWUH JUXSXULOH IRUPDOH L LQIRUPDOH DX FD LPSRUWDQ

 UH]XOWDWHOH

DFHVWXL H[SHULPHQW L DQXPH vQ LQWHULRUXO VWUXFWXULL GH JUXS IRUPHOH VDX IRUPDW VWUXFWXULOH LQIRUPDOH
)LHFDUH VRFLHWDWH DUH VWUXFWXUD HL IRUPDO  R VWUXFWXU  GH UROXUL LQVWLWX LRQDOL]DWH 'DU HD DUH L VWUXFWXU  VD
LQIRUPDO  VRFLRPHWULF  vQ FDUH OHJ WXULOH VXQW SH P VXUD VHQWLPHQWHORU 6WUXFWXUD VRFLRPHWULF  HVWH R
VWUXFWXU DDWRPXOXLVRFLDODPROHFXOHLVRFLDOHDLQWHUGHSHQGHQ HLSVLKRVRFLDOH$FHDVW WHRULHDIRVWQXPLW 
VRFLRPHWULH )RQGDWRUXO HL -DFRE 0RUHQR VD Q VFXW OD %XFXUHWL vQ  0RUHQR HVWH L vQWHPHLHWRUXO
,QVWLWXWXOXL GH VRFLRPHWULH DO WHDWUXOXL SHQWUX SVLKRGUDP  WHDWUXO WHUDSHXWLF  'LQ  D IRVW SURIHVRU
XQLYHUVLWDUOD1HZ<RUN6RFLRPHWULDGHVFULHLDQDOL]HD] OHJ WXULOHFXDMXWRUXOVRFLRJUDPHORU UHSUH]HQW UL
JUDILFH IRUPDOL]DWH  VDX VRFLRPDWUL HORU UHSUH]HQW UL GH OHJ WXUL VRFLDOH DOH LQGLYL]LORU GLQWUR JUXS  SH
PDWUL

 L SULQ OXDUHD vQ FRQVLGHUD LH D FRHILFLHQ LORU DOJHEULFL VDX VWDWLVWLFL SHQWUX GHVFULHUHD VWUXFWXULL GH

JUXS L FODVLILFDUHD HOHPHQWHORU GH JUXS FX SULYLUH OD OHJ WXULOH FHUFHWDWH 3ULQ PHWRGD VRFLRPHWULF  VH
FHUFHWHD]  XUP WRDUHOH OHJ WXUL LPSRUWDQWH D  VWUXFWXUD IXQF LRQDO  GH PXQF  FRRSHUDUHD SR]L LD
IXQF LRQDO GHPXQF E VWUXFWXUDVRFLDO SHUVRQDO F VWUXFWXUDOHJ WXULORUHFRQRPLFHG OHJ WXULOHVRFLR
SVLKRORJLFH VLPSDWLH L DQWLSDWLH LQWHUHVH OHJ WXUL GH DXWRULWDWH  6RFLRJUDPD FXSULQGH JUDILF OHJ WXULOH
GLQWUHPHPEULLJUXSHL


'DF GLQFHOHUHODWDWHPDLVXVDPY ]XWFXPVDVWXGLDWSUREOHPDV YHGHPSULQFHVHFDUDFWHUL]HD] 

DFHVWH VWUXFWXUL LQIRUPDOH *UXSXULOH LQIRUPDOH DDGDU DSDU D  SULQ FRQWDFWH vQWUH LQGLYL]L FDUH UHLHV GLQ
VWUXFWXUD IRUPDO  D VWUXFWXULL RUJDQL]D LRQDOH E  GH DVHPHQHD vQ FDGUXO OHJ WXULORU GH VHUYLFLX SH ED]D
RULHQW ULORUFRPXQHFXSULYLUHODYDORULLQWHUHVHLH[SHULHQ
DSDUWHQHQ

SUHFXPLGDWRULW XQXLSXWHUQLFVHQWLPHQWGH

FRPXQ F FDXUPDUHDLQWHUHVHORUvQDIDUDVHUYLFLXOXL VSRUWDFWLYLW

LGHVWLQDWHWLPSXOXLOLEHU 

G SHED]DGHRVHELULORUGHRULJLQHVRFLDO  VWUDWXULVRFLDOHDVHP Q WRDUHVLPLOLWXGLQLGHPHGLXVRFLDO H FD


UH]XOWDW DO SR]L LHL GH LQWHUHVH SUHFL]DWH GH JHQHUD LL L GH YkUVW  I  FD UHDF LH OD QRUPHOH DXWRULW

LOH L

LPSXQHULOH GH FRPSRUWDPHQW SULQ RUJDQL]DUHD IRUPDO  FDUH VH RSXQH FRQFHS LLORU L LQWHUHVHORU PHPEULORU
RUJDQL]D LHL


6WUXFWXUD LQIRUPDO  GH JUXS SRDWH V  LQIOXHQ H]H HODVWLFLWDWHD L FDSDFLWDWHD XQHL RUJDQL]D LL vQ PRG

SR]LWLY ,PSURYL]D LLOH GH VXFFHV vQ FD]XO XQRU HYHQLPHQWH QHSUHY ]XWH GHSLQG vQ PDUH SDUWH GH H[LVWHQ D
XQHL VWUXFWXUL LQIRUPDOH (VHQ LDOH VXQW SURFHVHOH GH IRUPDUH D RSLQLLORU D DWLWXGLQLORU vQ FDGUXO JUXSHORU
LQIRUPDOH FDUH LPSULP  LDU L DWLWXGLQHD LQGLYLGXOXL ID

 GH RUJDQL]D LH 2 DWLWXGLQH SUHGRPLQDQW QHJDWLY 

SUHMXGLFLD]  HODVWLFLWDWHD FDSDFLWDWHD L DQVHOH GH YLLWRU D XQHL RUJDQL]D LL *UXSHOH DF LRQDWH QHJDWLY SRW
SULQWURSXWHUQLF FRH]LXQHLQWHUQ OXkQGDVSHFWGHFOLFLV FUHH]HRSULPHMGLHGHSLOG XQDFWGHVDERWDMR
DF LXQH JUHYLVW  6H vQFHDUF  GLQ SDUWHD FRQGXFHULL vQWUHSULQGHULL FD SULQWUR PRGHODUH WLLQ LILF  L REOLJD LL
OHJDWHGHOHJ WXULLQIRUPDOHLVWUXFWXU GHJUXSV VHvPEXQ W

HDVF OHJ WXULOHXPDQHvQIDYRDUHDFDSDFLW

LL

GH SURGXF LH D vQWUHSULQGHULL Q FDGUXO JUXSHORU LQIRUPDOH VH IRUPHD]  QRUPH GH FDSDFLWDWH FDUH GHSLQG vQ
LPSRUWDQ DORUGHDWLWXGLQHDID

GHRUJDQL]D LH

'H SLOG  R DWLWXGLQH QHJDWLY  GXFH OD FRODERUDUHD VROLGDULWDWHD DSDUWHQHQ LORU JUXSHL OD XQ QLYHO

VF ]XWvQSULYLQ DFDSDFLW

LLFDUHLQWHUVHFWHD] QRUPHOHIRUPDOHGHFDSDFLWDWHIL[DWHODXQQLYHOULGLFDW'LQ

FRQWUD R DWLWXGLQH SR]LWLY  SRDWH V  DVLJXUH QRUPH GH FDSDFLWDWH LQIRUPDOH FDUH V  LPSULPH R FUHWHUH GH
FDSDFLWDWH 'LQ SXQFW GH YHGHUH HFRQRPLF VXQW GHRVHELW GH LPSRUWDQWH IRUPDUHD GHFL]LLORU MXGHF

LORU L

PRGXULORUGHFRPSRUWDPHQWFDUHVHPDQLIHVW vQFDGUXOOHJ WXULORULQIRUPDOH$FHVWHDQXVHOLPLWHD] QXPDL


vQFDGUXOXQRURUJDQLVPHLQWHUQHFLLSULQFRQWDFWHOHFXQXPHURDVHDOWHRUJDQL]D LL


Q FDGUXO JUXSHORU LQIRUPDOH IDFWRULL VRFLDOL HPR LRQDOL L LUD LRQDOL SRW V  LQIOXHQ H]H GHRVHELW GH

SXWHUQLF GHFL]LLOH FX SULYLUH OD RFXSDUHD SRVWXULORU GH FRQGXFHUH &RPSRUWDPHQWXO HFRQRPLF HVWH LQIOXHQ DW
GHvQF RFDWHJRULHGHJUXSHVRFLDOHLDQXPHGHJUXSHOHGHUHIHULQ

QVHQVUHVWUkQVvQDFHVWFD]HVWHYRUED

GH JUXSXUL VH RULHQWHD]  VDX FKLDU VH LGHQWLILF  FX R SHUVRDQ  6H SRW GHRVHEL JUXSXUL GH UHIHULQ
FRPSDUDWLYHDFHOHDFXFDUHLQGLYLGXOFRPSDU DVSHFWHSUHFLVHDOHVLWXD LHLVDOHGHYLD

SHQWUXDOHVDWLVIDFH

VDX V L vQHOH VSHUDQ HOH V  VH GHFHS LRQH]H FD GH SLOG  P ULPHD YHQLWXOXL QD LRQDO JUDGXO GH DVLJXUDUH
PDWHULDO QLYHOXOGHFRQVXPSRVLELOLW


LOHGHGHFL]LHSULYLOHJLLOHVXFFHVXOHWF

$VWIHO XQ PXQFLWRU VSHFLDOLVW VH SRDWH RULHQWD GXS  FROHJLL GH OD R DOW  vQWUHSULQGHUH 3URFHVXO GH

FXPS UDUH SRDWH V  DLE  FD UH]XOWDW F  UHVSHFWLYXO VH VLPWH S JXELW $FHDVWD  YD DYHD FRQVHFLQ H DVXSUD
FRPSRUWDPHQWXOXLXOWHULRULDQXPHSUHWHQ LLODVLQGLFDWODFRQGXFHUHDvQWUHSULQGHULLODSDWURQSUHWHQ LLFX
SULYLUHODVFKLPEDUHDvQWUHSULQGHULLHWF


*UXSXULOH GH UHIHULQ

 QRUPDWLYH VXQW DFHOH JUXSXUL FDUH SULQ YDORUL L QRUPH VH LGHQWLILF  FX XQ

LQGLYLG'HPXOWHRULHVWHYRUEDGLQSXQFWGHYHGHUHDOSHUVRDQHLUHVSHFWLYHGHJUXSXULGRWDWHFDUHGHS HVF
VWDWXVXO VRFLRHFRQRPLF DWLQV GH LQGLYLG 'RULQ D VD GH D RE LQH DSDUWHQHQ

 OD DVWIHO GH JUXS VWLPXOHD] 

LGHQWLILFDUHD OXL FX DFHOH YDORUL L QRUPH Q DFHVW IHO VH SRDWH RULHQWD vQWUR vQWUHSULQGHUH XQ IXQF LRQDU
GRUQLF GH D IDFH FDULHU  L FDUH QX D DWLQV vQF  R IXQF LH GH FRQGXFHUH (O SRDWH OXD FD JUXS GH UHIHULQ

FRPSRUWDPHQWXOGHHIGHVHF LH(OVHLGHQWLILF FXYDORULOHQRUPHOHLPRGXOGHFRPSRUWDPHQWDOHIXOXLGH


VHF LHSHQWUXDSXWHDJU ELDYDQVDUHDVD*UXSXULOHGHUHIHULQ

QRUPDWLYHVWLPXOHD] QXQXPDLPRWLYD LDGH

FDSDFLWDWH L VXFFHV FL L GLQDPL]DUHD SUHWHQ LLORU GH FRQVXP L vQ FHOH GLQ XUP  DFFHOHUDUHD GH]YROW ULL
HFRQRPLFH


QWUXFkW FRPSRUWDPHQWXO HFRQRPLF HVWH vQ PDUH P VXU  LQIOXHQ DW GH JUXSXULOH VRFLDOH V  XUP ULP

vQ FRQWLQXDUH FDUH VXQW HOHPHQWHOH SULQFLSDOH FDUH GHWHUPLQ  JUXSXO Q DFHDVW  DQDOL]  SXWHP PHQ LRQD
VWUXFWXUDJUXSXOXLIXQF LRQDOLWDWHDJUXSXOXLDQVDPEOXOUH]XOWDWHORUJUXSXOXL


6WUXFWXUD JUXSXOXL VRFLDO HVWH GHWHUPLQDW  GH HOHPHQWHOH FDUDFWHULVWLFH JUXSXOXL LQGLYL]L UHOD LL

LQWHUSHUVRQDOH QRUPH L YDORUL VFRSXUL PRWLYD LL DFWLYLW

L 6WUXFWXUD HVWH GHWHUPLQDW  L GH FRPXQLFDUHD

FRQGXFHUHD FRPSHWL LD FRRSHUDUHD  GLQ FDGUXO JUXSXOXL Q FDGUXO JUXSXOXL VH PDQLIHVW  DQXPLWH UHOD LL
LQWHULQGLYLGXDOH FDUH vQ IXQF LH GH QXP UXO L FDUDFWHULVWLFLOH SHUVRDQHORU GLQ JUXS LPSULP  FRH]LXQHD
FRQVHQVXO FRQIRUPLWDWHD JUXSXOXL &RH]LXQHD FHD PDL LPSRUWDQW  SURSULHWDWHD D JUXSXOXL FDUDFWHUL]HD] 
JUDGXOGHXQLUHDPHPEULORUJUXSXOXLvQWURXQLWDWHGHVLQHVW W WRDUH


&RQVHQVXOJUXSXOXLVHH[SULP SULQPDQLIHVWDUHDDFHOXLDLWLSGHDWLWXGLQHGHWHUPLQDW GHVLWXD LDvQ

FDUH HVWH SXV LQGLYLGXO GH D FRQVLP L D DGHUD OD FRQGXLWD JUXSXOXL GH DL IRUPXOD FRUHVSXQ] WRU MXGHF

L

SURSULL &RQIRUPLWDWHD JUXSXOXL VHPDQLIHVW SULQVXSXQHUHDDFFHSWDUHDVDXXUPDUHDLQGLFD LLORUQRUPDWLYH


&RPXQLFDUHD SULQ UHOD LLOH YHUEDOH VDX QRQYHUEDOH RFXS  XQ ORF GHRVHELW GH LPSRUWDQW vQ GHILQLWLYDUHD
JUXSXOXL &RPSHWL LD L FRRSHUDUHD VXQW SURFHVH GH JUXS FHUFHWDWH PDL DOHV vQ IXQF LH GH HILFLHQ D JUXSXOXL
6WXGLXOORUFRQVWLWXLHHOHPHQWHLPSRUWDQWHvQFHUFHWDUHDSRVLELOLW


LORUGHFUHDWLYLWDWHvQGRPHQLXOFRQGXFHULL

'DF  IHQRPHQHOH SUH]HQWDWH PDL VXV FRQVWLWXLH HOHPHQWH FKHLH vQ VWUXFWXUD JUXSXOXL V  SUH]HQW P

FDUH VXQW FDUDFWHULVWLFLOH IXQF LRQDOLW


PHQ LRQDWH vQ DFWLYLW

LL JUXSXOXL )XQF LRQDOLWDWHD JUXSXOXL vQVHDPQ  LPSOLFDUHD SURFHVHORU

L VSHFLILFH FDUH V  GXF  OD UHDOL]DUHD VFRSXOXL SURSXV OHJDW GH DFWLYLWDWHD JUXSXOXL

(ILFLHQ D JUXSXOXL UHSUH]LQW  DWLQJHUHD VFRSXULORU SURSXVH vQ FDGUXO JUXSXOXL SHQWUX UHDOL]DUHD DQXPLWRU
RELHFWLYH5H]XOWDWHOHJUXSXOXLQXSRWILDSUHFLDWHGHFLQXPDLSULQUDSRUWDUHODFULWHULLGHSUDJPDWLF FLLvQ
IXQF LH GH FULWHULL SVLKRVRFLDOH PDL SUHFLV GH HIHFWHOH JUXSXOXL DVXSUD PHPEULORU V L SR]LWLYH QHJDWLYH
LQWHJUDWRDUHGHHFKLOLEUXVDXGHGH]HFKLOLEUX 6DYX'DQD6RFLRORJLHJHQHUDO %XFS 


6WUXFWXUDIXQF LRQDUHDLDQVDPEOXOUH]XOWDWHORUJUXSXOXLFDGLPHQVLXQLHVHQ LDOHDOHDFHVWXLDVHDIO 

vQUDSRUWXULUHFLSURFHGHLQIOXHQ DUH
8Q WLS VSHFLILF GH JUXSXUL GH SHUVRDQH FX DQXPLWH LQWHUHVH L GLUHF LL FRPXQH GH DF LXQH FDUH
XUP UHVF DWLQJHUHD XQRU VFRSXUL GLUHFWH VDX DVFXQVH GH RUGLQ VRFLDO VDX SROLWLF vO FRQVWLWXLH JUXSXULOH GH
SUHVLXQH
(OH DX XQ URO GHRVHELW vQ FRQWH[WXO SOXUDOLVPXOXL SROLWLF $FHVW FRQFHSW DUH vQ SUH]HQW R ODUJ  FLUFXOD LH
LQWHUQD LRQDO  (O SUH]LQW  WLSXULOH GH FRQIUXQW UL VDX GH vQIUXQW UL FDUH VH LQVWLWXLH vQWUH DQXPLWH IRU H
VRFLDOH ID

 GH DXWRULW

LOH SXEOLFH (OH SRW DF LRQD DJUHVLY VDX RIHQVLY FX PLMORDFH GHVFKLVH SXEOLFH

FRQWURODELOH VDX GLPSRWULY  9LUJLOLX &RQVWDQWLQHVFX 2SFLW S  XQLL DXWRUL FRQVLGHU  F  JUXSXULOH GH

SUHVLXQH SRW IL VWDELOH VDX VSRQWDQH VWUXFWXUDWH L ODELOH IRUPDOH VDX LQIRUPDOH 8QHRUL VH H[SULP  L FD
JUXSXUL GH LQWHUHVH *UXSXULOH GH SUHVLXQH XUP UHVF V  LQIOXHQ H]H IDFWRULL SXWHULL vQ GLUHF LD LQWHUHVHORU ORU
GLUHFWHVDXDJUXS ULORUSROLWLFHFXFDUHHOHSRWILFRQHFWDWH(OHSRWDYHDUHSUH]HQWDQ HvQRUJDQLVPHOHSXWHULL
FDUH U PkQ VHFUHWH (OH DX PDL PXOW VFRSXO GH D GHYLD DF LXQLOH SXWHULL GXS  LQWHUHVHOH L RULHQW ULOH ORU
8QHRUL DQWUHQHD]  PLF UL GH RULHQWDUH SROLWLF  GHRVHELW GH SHULFXORDVH FXP DU IL PLF ULOH QHRIDVFLVWH
$F LXQLOHORUVXQWFRUHODWHFXDQXPLWHPDQLIHVW ULGHDOHIDFWRULORUSROLWLFLFDUHVHUHDOL]HD] QXQXPDLGLUHFW
FL L SULQ VWUXFWXUL VXEWHUDQH 3UDFWLFD XQRU JUXSXUL GH SUHVLXQH D IRVW GHQXPLW  JXYHUQXO LQYL]LELO 8Q
SURIHVRU DPHULFDQ D I FXW XUP WRDUHD FDUDFWHUL]DUH D JUXSXULORU GH SUHVLXQH GHVHPQkQGXOHFDRUJDQL]D LH
FDUH SURPRYHD]  FDX]H HFRQRPLFH PRUDOH VDX GH DOW  QDWXU  SULQ XWLOL]DUHD GH DJHQ L SO WL L VDX OREE\WL
SHQWUX D LQIOXHQ D OHJLVODWRULL VDX IXQF LRQDULL SXEOLFL SULQ VXV LQHUHD FDQGLGD LORU QXPL L GH SDUWLGH SROLWLFH
VDX SULQ RUJDQL]DUHD GH FDPSDQLL VLVWHPDWLFH HGXFD LRQDOH RUL GH SURSDJDQG  vQ UkQGXULOH SXEOLFXOXL
9LUJLOLX&RQVWDQWLQHVFX3DXOD6WROHUX3RPSLOLX*ULJRUHVFXRSFLWS 


'LQSUH]HQWDUHDSUREOHPHORUOHJDWHGHJUXSXULOHVRFLDOHUH]XOW F RULFHJUXSFRQVWLWXLHSULQVLQHXQ

VXEVLVWHPVRFLDOFDUHSULQUH]XOWDWHOHRE LQXWHVHUDSRUWHD] ODPHGLXvQPRGVLVWHPDWLFDVWIHOvQFkWHOVHDIO 


vQWUXQ SURFHV SHUPDQHQW GH DXWRUHJODUH PRGLILFkQGXL VWUXFWXUD L PRGXO GH IXQF LRQDUH 1LFRODH *URVX
7UDWDW GH VRFLRORJLH  $ERUGDUH WHRUHWLF  (GLWXUD ([SHUW  S  UHSUH]HQWDQ H vQ RUJDQLVPHOH SXWHULL
FDUH U PkQ VHFUHWH (OH DX PDL PXOW VFRSXO GH D GHYLD DF LXQLOH SXWHULL GXS  LQWHUHVHOH L RULHQW ULOH ORU
8QHRUL DQWUHQHD]  PLF UL GH RULHQWDUH SROLWLF  GHRVHELW GH SHULFXORDVH FXP DU IL PLF ULOH QHRIDVFLVWH
$F LXQLOHORUVXQWFRUHODWHFXDQXPLWHPDQLIHVW ULGHDOHIDFWRULORUSROLWLFLFDUHVHUHDOL]HD] QXQXPDLGLUHFW
FL L SULQ VWUXFWXUL VXEWHUDQH 3UDFWLFD XQRU JUXSXUL GH SUHVLXQH D IRVW GHQXPLW  JXYHUQXO LQYL]LELO 8Q
SURIHVRU DPHULFDQ D I FXW XUP WRDUHD FDUDFWHUL]DUH D JUXSXULORU GH SUHVLXQH GHVHPQkQGXOHFDRUJDQL]D LH
FDUH SURPRYHD]  FDX]H HFRQRPLFH PRUDOH VDX GH DOW  QDWXU  SULQ XWLOL]DUHD GH DJHQ L SO WL L VDX OREE\WL
SHQWUX D LQIOXHQ D OHJLVODWRULL VDX IXQF LRQDULL SXEOLFL SULQ VXV LQHUHD FDQGLGD LORU QXPL L GH SDUWLGH SROLWLFH
VDX SULQ RUJDQL]DUHD GH FDPSDQLL VLVWHPDWLFH HGXFD LRQDOH RUL GH SURSDJDQG  vQ UkQGXULOH SXEOLFXOXL
9LUJLOLX&RQVWDQWLQHVFX3DXOD6WROHUX3RPSLOLX*ULJRUHVFXRSFLWS 
'LQ SUH]HQWDUHD SUREOHPHORU OHJDWH GH JUXSXULOH VRFLDOH UH]XOW  F  RULFH JUXS FRQVWLWXLH SULQ VLQH XQ
VXEVLVWHPVRFLDOFDUHSULQUH]XOWDWHOHRE LQXWHVHUDSRUWHD] ODPHGLXvQPRGVLVWHPDWLFDVWIHOvQFkWHOVHDIO 
vQWUXQ SURFHV SHUPDQHQW GH DXWRUHJODUH PRGLILFkQGXL VWUXFWXUD L PRGXO GH IXQF LRQDUH 1LFRODH *URVX
7UDWDWGHVRFLRORJLH$ERUGDUHWHRUHWLF (GLWXUD([SHUWS 

6WUDWLILFDUHVRFLDO
6WUXFWXUDVRFLDO

YHUWLFDO

QSUH]HQWQXHVWHFXQRVFXW YUHRVRFLHWDWHvQFDUHYLD DvQFRPXQDRDPHQLORUV VHGHVI RDUHSHED]D


XQHL HJDOLW

L GHSOLQH 6H SXQH vQWUHEDUHD GDF  YUHRGDW  R DVWIHO GH VRFLHWDWH DU IL H[LVWDW ,QIRUPD LLOH

VSHFXODWLYHFXSULYLUHODRVRFLHWDWHSULPLWLY I U FODVHXUP UHDXV IXQGDPHQWH]HRVRFLHWDWHFRPXQLVW D


YLLWRUXOXLFDUHDU PDVLDVW ]LODVWDGLXOGHXWRSLH
QVWUkQV OHJ WXU FXGLYL]LXQHDPXQFLLLGLIHUHQ LHUHDVRFLDO SUHFXPLFXH[WLQGHUHDOHJ WXULORUGH
GRPLQD LHVDIRUPDWLVWUXFWXUDVRFLDO YHUWLFDO (OHPHQWHDOHDFHVWHLLQHJDOLW

LVRFLDOHVXQWSR]L LLOHFDUH

VXQW OHJDWH vQ VHQVXO QR LXQLL GH VWDWXV GH GLIHULWHOH YDORUL FDOLILF UL FDSDFLW

L GUHSWXUL L REOLJD LL

UHFRPSHQVHLVDUFLQL3R]L LLOHPDLvQDOWHVXQWFDUDFWHUL]DWHSULQSULYLOHJLLGHRVHELWHFkWLJXULDXWRULWDWH
6RFLHWDWHDVHSHUIHF LRQHD] VXELQIOXHQ DXQRUIDFWRULJHQHUDOLVSHFLILFLVXELPSXOVXOXQXLDQVDPEOX
GHVWDWXVXULGHSR]L LLvQFDGUXOVLVWHPXOXLRUJDQL]D LRQDO'HFLVWDWXVXOUHSUH]LQW SR]L LDSHFDUHXQLQGLYLG
R RFXS  vQ XQD GLQ GLPHQVLXQLOH VLVWHPXOXL VRFLDO FD SURIHVLH QLYHO GH LQVWUXLUH VH[ L YkUVW  (O GHILQHWH
LGHQWLWDWHDVRFLDO 6WDWXVXOSRDWHILGHILQLWFDDQVDPEOXOFRPSRUWDPHQWDOODFDUHLQGLYLGXOVHSRDWHDWHSWDvQ
PRG OHJLWLP GLQ SDUWHD FHORUODO L PHPEUL DL JUXSXOXL $GHVHD GHFDODMHOH GLQWUH GLIHULWHOH WLSXUL GH VWDWXVXUL
FRQVWLWXLH FDX]D XQRU WXOEXU UL VRFLDOH VDX SROLWLFH 9LUJLOLX &RQVWDQWLQHVFX 3DXOD 6WROHUX 3RPSLXOLX
*ULJRUHVFX6RFLRORJLH('3%XFXUHWLS 
)LHFDUH DUH XQ VWDWXV VRFLDO SUHFL]DW Q OLPEDMXO RELQXLW DFHDVWD vQVHDPQ  F  LQGLYLGXO DSDU LQH XQHL
S WXUL VRFLDOH GLVWLQFWH 6WDWXVXO HVWH R SDUWH D FDUDFWHUHORU GH SR]L LL FDUH VH SUH]LQW  ID

 GH HYDOXDUHD

GLPHQVLXQLORU FD GH SLOG  PDL vQDOWPDL VFXQG PDL IUXPRVPDL RULELO PDL EXQPDL U X PDL SXWHUQLFPDL
VODE
$SRL LQWHUYLQ FDUDFWHULVWLFLOH FDUH V  ILH vQV UFLQDWH FX YDORUL SR]LWLYH VDX QHJDWLYH JHQ % WUkQ
V Q WDWH DSDUWHQHQ

 UHOLJLRDV  DSDUWHQHQ

 HWQLF  vQDSRLHUH IL]LF  PDWHUQLWDWH &DUDFWHULVWLFLOH H[WHUQH

SUHFLVH GH SLOG  R FRDIXU  GHRVHELW  VDX vPEU F PLQWH SRW vQ DF LXQHD ORU VHPQDOL]DWRDUH V  SUHFL]H]H
SXUW WRULLPSRUWDQ L2PXO LPHGHSHUVRDQHFXXQVWDWXVDVHP Q WRUVDXFXDFHODLVWDWXVIRUPHD] RS WXU 
VRFLDO  Q YRUELUHD RELQXLW  VWDWXV UHSUH]LQW  XQ LU GH GLIHULWH VWDWXVXUL LQGLYLGXDOH GH SLOG  VWDWXVXO
YHQLWXOXLVWDWXVXOLQVWUXLULLVWDWXVXOGHVHUYLFLLVWDWXVXORULJLQLL

Q JHQHUDO VWDWXVXO WRWDO DO XQHL SHUVRDQH VH SUH]LQW  FD VXPD VWDWXVXULORU LQGLYLGXDOH $SDU JUHXW

L

FkQG LQGLYL]LL VH RUGRQHD]  vQ GRPHQLL GH VWDWXV LQGLYLGXDOH GXS  GLIHULWH P ULPL $FHDVW  VLWXD LH VH
GHVHPQHD]  FD DD QXPLWD FRQVLVWHQ

 D VWDWXVXOXL VDX FRQJUXHQ H VWDWXVXOXL 'XS  XQLL FHUFHW WRUL

FRQVLVWHQ DVWDWXVXOXLXQRUSHUVRDQHHVWHFXDWkWPDLPDUHFXFkWVXQWPDLGLIHUHQ LDWHFDUDFWHULVWLFLOHOHJDWH


GH GHPQLWDWHD UDQJXO VRFLDO 'XS  DO L FHUFHW WRUL FRQVLVWHQ D VWDWXVXOXL HVWH FX DWkW PDL ELQH FRQWXUDW  FX
FkWFDUDFWHULVWLFLOHVHPQLILFDWLYHDOHUHVSHFWLYHLSHUVRDQHGHYLD] GHODDWHSW ULOHSHFDUHOHDUHSDUWHQHUXOGH
LQWHUDF LXQH FX SULYLUH OD FRQWXUDUHD DFHVWRU VHPQDOPHQWH *QWHU :LVZHGH 6R]LRORJLH  /DQGVEHU DP
/HFK(GLWXUD0RGHUQH,QGXVWULHS 
2LPSOLFDUHvQWHRULDFRQVLVWHQ HLVWDWXVXOXLHVWHLSRWH]DF LQGLYLGXOQ ]XLHWHFDUDQJXULOHVDOHV ILH
RE LQXWHSHFkWSRVLELOGHSHDFHODLSODQLDQXPHGLQSODQXOFHOHLPDLvQDOWHGHPQLW

L$OWHGLPHQVLXQLDOH

VWDWXVXOXLFDGHSLOG YkUVWDJHQXOFXORDUHDIH HLQXSRWILVFKLPEDWH6FKLPEDUHDIDFWRULORUHVWHOHJDW GH


FRVWXUL GLIHUHQ LDWH FDUH SRW IL PDL ULGLFDWH GHFkW FkWLJXO SULQ FUHWHUHD FDUDFWHULVWLFLORU GHILFLWDUH 8Q URO
GHFLVLYvOMRDF YL]LELOLWDWHDVRFLDO DFDUDFWHULVWLFLORULQGLYLGXDOHQWLPSFHFXORDUHDSLHOLLVHSRDWHDVFXQGH
FX JUHX RULJLQHD VRFLDO  LQIHULRDU  VH SRDWH PDL XRU PXDPDOL]D VDX UHLQWHUSUHWD ,QGLYLGXO VH J VHWH vQ
VLWXD LD FD SULQ HIRUWXUL GHRVHELWH VDX SULQ FRPSRUWDPHQWH GH FRQVXP GHPRQVWUDWLYH IDFWRULL GHILFLWDUL V L
ODVH OD VSDWH 7HRULD FRPSRUWDPHQWXOXL GH FRPSHQVD LH VXEOLQLD]  F  LQGLYLGXO YD IL DFROR FRPSHQVDW XQGH
DSDUHPDLPDUHHIHFWXOFRPSHQVD LHLLXQGHFRVWXULOHFRPSHQVD LHLVXQWFHOHPDLMRDVH$GRXDLPSOLFD LHD
DFHVWHLWHRULLHVWHF UHIOHFW ULOHGHRVHELWHDOHFRQVLVWHQ HLVWDWXVXOXLGXFODGLIHULWHPRGXULGHFRPSRUWDPHQW
$FHVWH VFKLPE UL GXF OD PDQLIHVWDUHD FRPSRUWDPHQWXOXL  GH OD XQ FRPSRUWDPHQW GH FRQVXP GHPRQVWUDWLY
SkQ ODVLPSWRPHGHVWUHVGHODUHWUDJHUHDGLQLQWHUDF LXQLVRFLDOHODVXS UDUHDvQYLD



6WUXFWXUD VRFLDO  YHUWLFDO  HVWH R VWUXFWXU  GH SR]L LL VRFLDOH LQHJDOH VWDWXV  DF LRQHD]  vQ P VXU 
FUHVFkQG DVXSUDFRPSRUWDPHQWXOXLHFRQRPLF
$F LXQHD VWUXFWXULL VRFLDOH YHUWLFDOH DVXSUD FRPSRUWDPHQWXOXL HFRQRPLF YDULD]  vQ IXQF LH GH
ORFDOL]DUHDXQHLVRFLHW

L

Q FXOWXULOH VXSHULRDUH SUHPHUJ WRDUH HSRFLL PRGHUQH VWUXFWXUD VRFLDO  YHUWLFDO  VD FULVWDOL]DW vQ
VRFLHWDWHDFDVWHORULVRFLHWDWHDVW ULORU
6RFLHWDWHD FDVWHORU VD GH]YROWDW vQ VSHFLDO vQ ,QGLD FD R VWUXFWXU  VRFLDO  SUHGRPLQDQW  FDUH VH
FDUDFWHUL]D SULQ VXERUGLQHD L VXSUDRUGLQHD GLIHULWHORU FDVWH &DVWD vQV L FXSULQGH R FDWHJRULH VRFLDO 
vQFKLV GHPHPEUL
'LQ SXQFW GH YHGHUH HFRQRPLF HVWH LPSRUWDQW V  PHQ LRQ P F  DFHVWH FDVWH HUDX OHJDWH GH IXQF LL
VRFLDOHSUHFLVHVHUYLFLLRULHQW ULGHYDORDUHPRGHOHGHFRPSRUWDPHQWULWXDOXULVWLOGHYLD



6LVWHPXO GH FDVWH LQGLDQ VH GLYL]D vQ SDWUX FDVWH SULQFLSDOH EUDKPDQLL SUHR LL  DWULD QRELOL L
U ]ERLQLFL  ZDLLD

UDQL  L XGUD VHUYLWRUL  8OWLPLL HUDX FHL I U  FDVWH SDULD 0XQFD L FRQVXPXO HUDX

OLPLWDWHLGHWHUPLQDWHSHP VXUDFDVWHORU6RDUWDLQGLYLGXOXLGHSLQGHDGHFDVWDvQFDUHVDQ VFXWSULQFLSLXO


QDWHULL ILLQG GRPLQDQW 'LIHUHQ LHULOH GH FDVWH FDUH EDUDX I XULUHD XQHL VRFLHW

L PRGHUQH DX IRVW IRUPDO

GHVILLQ DWHvQ,QGLDSULQFRQVWLWX LDGLQ


Q HYXO PHGLX D GRPLQDW vQWUR PDUH SDUWH D (XURSHL VRFLHWDWHD VW ULORU 6WUXFWXUD VRFLDO  D DFHVWHL
VRFLHW

L HUD GHVHPQDW  vQ RULHQWDUHD vQ HL SH YHUWLFDO  SULQWUR VXSUD L VXERUGLQH GH GUHSW L UHOLJLRDV  D

GLIHULWHORUVW UL6WDUHDFXSULQGHDRWRWDOLWDWHGHSHUVRDQHFDUHRFXSDXDFHODLUDQJvQLQWHULRUXOVRFLHW

LLQ

IXQF LH GH RUGLQHD LHUDUKLF  GLIHULWHOH VW UL HUDX LQYHVWLWH FX IXQF LL SURIHVLL REOLJD LL SRVLELOLW

L GH

GRPLQD LHSULYLOHJLLLVWDQGDUGHGHFRQVXPGLIHUHQ LDWHVRFLDO$VWIHOVHG GHDXGLVSR]L LLvQIXQF LHGHVW UL


UHIHULWRDUH OD vPEU F PLQWH VDX OD GLIHULWH HYHQLPHQWH GLQ YLD D LQGLYLGXOXL GH SLOG  QXQWD 3RVLELOLW

LOH GH

FRPSRUWDPHQWHFRQRPLFDOHSHUVRDQHLHUDXIL[DWHFRQIRUPVW ULORUHOHOLPLWkQGXVHvQLQWHULRUXOXQRUVSD LL


vQJXVWH 6W ULOH FXSULQGHDX vQ VSHFLDO QRELOLPHD FOHUXO EXUJKH]LD

UDQLL OLEHUL L URELL Q GHFXUVXO HYXOXL

PHGLX DX DYXW ORF VFKLPE UL FXPDXIRVWULGLFDUHDRUDHORUGH]YROWDUHDFRPHU XOXLFDUHDXGXVODGLVORF UL


vQVRFLHWDWHDVW ULORULDQXPHGHF GHUHDUDQJXOXLFDYDOHULORULULGLFDUHDEXUJKH]LHLRU HQHWL$SDUWHQHQ D
OD R DQXPLW  VWDUH HUD UHJOHPHQWDW  GXS  SULQFLSLXO SURYHQLHQ HL DO QDWHULL DGLF  L QXPDL DUDUHRUL GXS 
SULQFLSLXOFDSDFLW

LL*UDQL HOHvQWUHVW ULOHLQGLYLGXDOHHUDXSX LQSHUPHDELOHGDUQXDWkWGHULJLGvQFKLVHFD

vQVRFLHWDWHDFDVWHORU/DGUHSWYRUELQGHUDXDQVHGHDVFHQVLXQHvQUkQGXOFOHUXOXLLDOEXUJKH]LHL'HDOWIHO
DQVHOH SH FDUH LQGLYLGXO OH SXWHD DYHD vQ YLD
SRVLELOLW

 HUDX IDYRUL]DWH SULQWUR RULJLQH OHJDW  GH VW UL UHVSHFWLY

LOHGHLQVWUXLUHGHFRQVXPGHDF LXQHSROLWLF LQWUDUHDvQWURFDWHJRULHSURIHVLRQDO VHI FHDXGXS 

VW UL 3R]L LD GLQFDGUXOVW ULORUHUDvQIDYRDUHDXQRULQGLYL]LH[LVWkQGWRWXLLQHSULYLOHJLD LODFDUHDQVHOH


GH PRELOLWDWH L GH]YROWDUH GHVHPQDW SULQvQDOWDFRQVLVWHQ DDVWDWXVXOXLLVLJXUDQ DVWDWXVXOXLHUDXUHGXVH
3ULQFRQVLVWHQ DVWDWXVXOXLVHDSUHFLD] F GLIHULWHOHSR]L LLVRFLDOHDOHPHPEULORUXQHLVRFLHW

LDVW ULORUHUDX

GH UHJXO  ORFDOL]DWH vQ DFHODL VWDWXV L DFHWLD HUDX FRPDVD L vQ PRG FRPSDFW GXS  UDQJ 5HVWUkQJHUHD
DQVHORU PRELOLW

LL L GH GH]YROWDUH GLQ SDUWHD VW ULORU VH YD U VIUkQJH I U  vQGRLDO  DVXSUD VFKLPE ULORU

VRFLDOHLDGH]YROW ULLHFRQRPLFH

'LQSXQFWGHYHGHUHDOLVWRULHLHFRQRPLFHLDOVRFLRORJLHLHFRQRPLFHEUHVOHOHLFRUSRUD LLOHIRUPDXR
SDUWHLPSRUWDQW DVRFLHW

LLVW ULORUGLQHYXOPHGLX

%UHVOHOH HUDX XQLXQL SURIHVLRQDOH FRUSRUD LL DVRFLD LL 6H vQWHPHLDX L DVRFLD LL GH DMXWRU UHFLSURF
XQLXQL GH FRPHUFLDQ L PHWHXJDUL VDX

UDQL Q VIkULW H[LVWDX L XQLXQL UHOLJLRDVH &RUSRUD LD HUD GLQ

SXQFWGHYHGHUHHFRQRPLFRXQLXQHRUJDQL]DW GHPHWHXJDULOLEHULLGHFRPHUFLDQ L(DDVLJXUDPHPEULORU


HLH[HUFLWDUHDXQXLDQXPLWPHWHXJ0HPEULLFRUSRUD LHLWUHEXLDXV VHVXSXQ DFHORUDLQRUPHLLQWHUGLF LL
&RUSRUD LDIRUPDRRUJDQL]D LHRU HQHDVF FDUHOXDSDUWHLODH[HUFLWDUHDGUHSWXULORUSROLWLFH(DHUDvQDIDU 
GHDFHDVWDLRRUJDQL]D LHYLDELO FDUHGH]YROWDLXQVLVWHPVRFLDOLFXOWXUDOOHJDWGHRELFHLXULGHDFWLYLWDWHD
]LOQLF GHV UE WRULHWF
(VWHGHOXDWvQFRQVLGHUD LHF vQFDGUXOVRFLHW

LLVW ULORUFRPSRUWDPHQWXOHFRQRPLFDOPHWHXJDULORU

LDOFRPHUFLDQ LORUHUDvQPDUHP VXU UHJOHPHQWDWSULQGLVSR]L LLHWLFRFRPXQLWDUHDOHFRUSRUD LLORU&DGUXO


SHQWUXLQGLYLGXDOLVPXOUD LRQDOHFRQRPLFHUDOLPLWDW
2GDW  FX vQFHSXWXO HSRFLL PRGHUQH DX DYXW ORF VFKLPE UL vQ SURFHVHOH GH GH]YROWDUH FDUH DX GXV OD
SU EXLUHD VRFLHW

LL WUDGL LRQDOH D VW ULORU $FHVWH HYHQLPHQWH DX IRVW UHIRUPD LOXPLQLVPXO DSDUL LD

OLEHUDOLVPXOXL LQGXVWULDOL]DUHD GH]YROWDUHD EXUJKH]LHL U VSkQGLUHD SULQFLSLXOXL OLEHUW


QDWHUHD VWUXFWXULORU GH SLD

LL PHWHXJXULORU

 DFFHOHUDUHD FUHWHULL SRSXOD LHL FUHWHUHD GHPRJUDILF  IOXFWXD LL VDWRUD

XUEDQL]DUHD
6DX FUHDW FRQGL LLOH GH PDQLIHVWDUH D XQHL QRL VRFLHW

L FDUH D LPSULPDW QRL FDWHJRULL vQ VWUXFWXUD

VRFLDO YHUWLFDO UHVSHFWLYFODVHOHVRFLDOH


$D FXP D DU WDW .0DU[ VD IRUPDW SULQ LQGXVWULDOL]DUH L SULQ FDSLWDOLVP FXQRVFXWD VRFLHWDWH
EXUJKH] FDUHDGXVSHED]DGLIHUHQ LHULLSURSULHW

LLDVXSUDPLMORDFHORUGHSURGXF LHODDSDUL LDDGRX FODVH

DQWDJRQLFHEXUJKH]LD FODVDSRVHVRDUHDPLMORDFHORUGHSURGXF LH LSUROHWDULDWXO FODVDPXQFLWRDUH 


$SDUWHQHQ D SHUVRDQHORU OD XQD GLQ DFHVWH GRX  FODVH HVWH GHWHUPLQDW  GH DQVHOH LQGLYLGXDOH GH
LQWHUHVH GH JkQGLUH GH FRPSRUWDPHQW .++LOOPDQQ $OOJHPHLQH :LUWVFKDIWVVR]LRORJLH 9HUODJ )UDQ]
9DKOHQ 0QFKHQ  S   %XUJKH]LD D GHYHQLW FODVD GRPLQDQW  LGHRORJLF SROLWLF HFRQRPLF vQ
LQWHULRUXOVRFLHW

LLEXUJKH]HFDSLWDOLVWHGH]YROWDWHQFHQWUXODFHVWHLFODVHGRPLQDQWHVHJ VHVFSRVHVRULLGH

PLMORDFH GH SURGXF LH LQGXVWULDLL IDEULFDQ LL UHVSHFWLY FDSLWDOLWLL vQ VHQV UHVWUkQV Q SULPXO UkQG
FDSLWDOLWLL VXQW RULHQWD L vQ O UJLUHD SURSULXOXL FDSLWDO DFXPXODUHD GH FDSLWDO  %DQLL DMXQJ XQ VFRS vQ VLQH
'HDLFLvQFRORGLQFHvQFHPDLPXOWOXSWDGHFRQFXUHQ

vOvPSLQJHSHFDSLWDOLVWXOLQGLYLGXDOODDFXPXODUHD

GH FDSLWDO &RPSRUWDPHQWXO V X WLQGH V  GHYLQ  SXU HFRQRPLF )RU D GH PXQF  HVWH WUDWDW  FD XQ IDFWRU GH
SURGXF LH L H[SORDWDW  6DODULLOH DMXQJ SH FkW SRVLELO UHGXVH /HJ WXULOH HWLFH DOH VRFLHW

L GLQ SXQFW GH

YHGHUHDOFRPSRUWDPHQWXOXLHFRQRPLFVO EHVFQWUHSULQGHULOHLELURXULOHVXQWFRQGXVHDXWRULWDULLHUDUKLFL
FKLDUPLOLW UHWH
5HSUH]HQWDQ LL SUROHWDULDWXOXL FDUH YRU GHYHQL FODVD PXQFLWRDUH DX IRVW GH OD vQFHSXW vQ PDUH P VXU 
OHJD LGHRYLD

FDUHVHFDUDFWHUL]DSULQvQVWU LQDUHH[SORDWDUHQHVLJXUDQ

V U FLHOLSVXUL3ULQIDYRUL]DUHD

XQXL FRPSRUWDPHQW HFRQRPLF GH vQWUHSULQGHUH SULQ FUL]H HFRQRPLFH L FUHWHUH GHPRJUDILF  D FUHVFXW
SDXSHUL]DUHD FODVHL PXQFLWRDUH Q FRQWUDGLF LH FX FRQFHS LD PDU[LVW  VRFLHWDWHD ED]DW  SH FODVH QX VD
FULVWDOL]DW QLFLRGDW  vQWUR IRUP  SXU  1X VD Q VFXW QLFL R VRFLHWDWH ED]DW  SH FODVH FDUH vQ DMXQXO XQHL
UHYROX LLUDGLFDOHV SXQ vPSUHXQ GRX FODVHDQWDJRQLVWHGXP QRDVHFRPEDWDQWH'H]YROWDUHDXOWHULRDU 
DVWUXFWXULLVRFLDOHYHUWLFDOHHVWHXUP ULW vQDOWHFDGUH
6W ULOH GH PLMORF UHVSHFWLY

UDQLL LQGHSHQGHQ L PHWHXJDULL FRPHUFLDQ LL L PLFLL LQGXVWULDL QX DX

IRVWFRQIRUPLSRWH]HORUOXL0DU[QLPLFL LLDSURDSHFXWRWXOFRERUk LvQXOWLPDFODV $FHVWVWDGLXGHPLMORFD


IRVW SUH]HQWDW FD YHFKLXO VWDGLX GH PLMORF SULQ FDUH DX U PDV vQ YLD

 VDX DX IRVW UHYLWDOL]DWH U P L HOH

VW ULORU 'H SLOG  YHFKLOH FRUSRUD LL OH UHJ VLP vQ SDUWH vQ FRUSRUD LLOH GLIHULWHORU PHWHXJXUL Q LQWHULRUXO
DFHVWXL VHFWRU DO VRFLHW

LL PRGHUQH VDX SXWXW S VWUD REOLJD LLOH HWLFH SURIHVLRQDOH DOH FRPSRUWDPHQWXOXL

HFRQRPLFFDUHDXOLPLWDWLQGLYLGXDOLVPXOHFRQRPLFUD LRQDOVDXS VWUDWUHSUH]HQW ULOHFXSULYLUHODFRQVXP


L VWLOXO GH YLD

 DO VW ULORU FDUH SH FkW D IRVW SRVLELO QX D IRVW GHS LW VDX VXEPLQDW %LQHvQ HOHV DFHVWH

U P L H DOH OLPLWHORU GH FRQVXP FDUDFWHULVWLFH VW ULORU DX IRVW GHYLDWH SULQ QRLOH GH]YROW UL DOH VRFLHW

LL

EXQ VW ULL
3H OkQJ  YHFKHD VWDUH GH PLMORF D OXDW QDWHUH DD QXPLWD QRXD VWDUH GH PLMORF &D XUPDUH D
FUHWHULLLELURFUDWL] ULLPXOWRUvQWUHSULQGHULLDDFWLYLW

LLGHVWDWLDVHFWRUXOXLWHU LDUDOXDWQDWHUHFRUSXOGH

VDODULD LFDUHVHGHOLPLWDGHFODVDPXQFLWRDUH3HOkQJ IXQF LRQDULDFUHVFXWQXP UXOVDODULD LORU6DODULD LLL


IXQF LRQDULL FRQIRUP UHJOHPHQW ULORU QX SXWHDX V  ILH FRQVLGHUD L SUROHWDUL (L VH RULHQWHD]  GXS  QRUPHOH
YDORULOHFRQVXPXULOHPRGHOHOHGHFRPSRUWDPHQWEXUJKH]HvQF LQIOXHQ DWHGHVW UL&HLFDUHDSDU LQQRXOXL
VWUDW GH PLMORF DX UHIX]DW PDU[LVPXO PEXQ W

LUHD VLWXD LHL GXS  S UHUHD ORU SURSULH VH SRDWH UHDOL]D QX

SULQWURUHYROX LHVRFLDO FLSULQUHIRUPHVRFLDOHGH]YROWDUHHFRQRPLF DVFHQVLXQHVRFLDO SURSULH&KLDUOD


PHPEULL QRXOXL VWUDW GH PLMORF DXWRHYDOXDUHD LQGLYLGXDO  GHSLQGH vQ PDUH P VXU  GH DVSHFWXO VRFLDO

UHVSHFWLY GH SUHVWLJLXOVRFLDO3UHVWLJLXOVRFLDOFUHWHRGDW FXVWDWXVXOVRFLRHFRQRPLFFDUHLDU LDWkUQ GH


VXFFHVXO SURIHVLRQDO 1 ]XLQ D VSUH XQ VWDWXV SH FkW SRVLELO ULGLFDW VWLPXOHD]  OD GUHSW YRUELQG PRWLYD LD
VXFFHVXOXL L FDSDFLWDWHD SURIHVLRQDO  &X DMXWRUXO XQXL FRPSRUWDPHQW GH FRQVXP RULHQWDW GLQ SXQFWXO GH
YHGHUH DOH SUHVWLJLXOXL PXOWH SHUVRDQH DOH FODVHL GH PLMORF vQFHDUF  V  GHPRQVWUH]H vQ FDGUXO VRFLHW

LL

XUEDQL]DWH XQ VWDWXV VRFLDO SH FkW SRVLELO GH ULGLFDW $FHVW FRPSRUWDPHQW GH FRQVXP FDUH GHFODQHD]  QX
QXPDL DWHQ LD UHFXQRDWHUHD FL L OLPLWDUHD LQYLGLDSL]PDULYDOLWDWHDGLQDPL]HD] FRQVXPXOLFHUHUHDGH
P UIXUL $FHVWH FRUHOD LL VXQW GH R PDUH LPSRUWDQW  SHQWUX FRPSRUWDPHQWXO HFRQRPLF DO PHPEULORU GLQ
VWUDWXOGHPLMORFGDULSHQWUXGH]YROWDUHDHFRQRPLF 
3URJUHVXO WHKQLF L FUHWHUHD FRQFXUHQ HL HFRQRPLFH SUHWLQGH R FDOLILFDUH D PDULL S U L DFDWHJRULHLGH
PXQFLWRUL 1X FUHWH QXPDL QXP UXO GH PXQFLWRUL QHFDOLILFD L FL L DO DFHORUD LQVWUXL L SUHFXP L DO FHORU
VSHFLDOL]D L$VWIHOVHSURGXFHvQLQWHULRUXOFDWHJRULHLGHPXQFLWRULRGLIHUHQ LHUHvQWUHWUHSWHvQWUHPXQFLWRULL
QHFDOLILFD L L VSHFLDOLWL LQWHUSXQkQGXVH FDWHJRULD FHORU LQVWUXL L 1RLOH FRQGL LL DX GXV OD FUHWHUHD
FRQWLLQ HL GH VLQH D PXQFLWRULORU VSHFLDOLWL (L LDX DSURSLDW GLQ FH vQ FH PDL PXOW FRQFHS LLOH YDORULOH
QRUPHOH PRGHOHOH GH FRPSRUWDPHQW DOH WUHSWHL LQIHULRDUH DOH VWUDWXOXL GH PLMORF L DX S WUXQV vQ PLFD
EXUJKH]LH)DYRUL]DWHGHYHQLWXOUHDOFUHVFXWIDPLOLLOHGHPXQFLWRULVSHFLDOLWLDXSUHOXDWSUHWHQ LLGHFRQVXP
EXUJKH]HRELQXLQ HGHKUDQ UDILQDWHvPEU F PLQWHPRGHUQ PRELO GHEXQ FDOLWDWHFDV SURSULH7LQHULL
PXQFLWRULVSHFLDOLWLvQFHDUF SULQLQVWUXLUHDXOWHULRDU V DMXQJ WHKQLFLHQLVDXLQJLQHULLSUREDELOV DWLQJ 
RSR]L LHFRQGXF WRDUH&ODVDGRPLQDQW DEXUJKH]LHLVDVFKLPEDWGHDVHPHQHD,QIOXHQ DPDULORUPRLHULL
DFHORUFDUHvQXQHOH]RQHSRVHG WLWOXULPRELOLDUHDGHYHQLWPDLSX LQvQVHPQDW /RFXOSURSULHWDULORUGHPDUL
vQWUHSULQGHUL D IRVW RFXSDW vQ PDUH P VXU  GH IXQF LRQDUL vQWUHSULQ] WRUL UHVSHFWLY PDQDJHUL GH HOLW  2
LQIOXHQ DPHUHXFUHVFkQG RDXEDQFKHULL'HPQ GHVHPQDODWHVWHLLQIOXHQ DYkUIXULORUSROLWLFH2LQIOXHQ D
QHFHVDU  GH PHQ LRQDW HVWH L DFHHD D VOXMEDLORU ELVHULFLL 0DL GHSDUWH XQ ORF LPSRUWDQW vO MRDF  PLOLWDULL L
RFXSDQ LL SR]L LLORU GH IUXQWH DL GLIHULWHORU XQLXQL Q ORFXO EXUJKH]LHL GRPLQDQWH Y ]XW  GH 0DU[ vQ
VRFLHW

LOHPRGHUQHVDIRUPDWXQVWUDWVXSHULRUSXWHUQLFGLIHUHQ LDWQFDGUXOV XVHJ VHVFRDPHQLGHWLLQ

UHQXPL LSHUVRQDOLW
GLQVWUDWXULOHVRFLHW

LFXQRVFXWHVSRUWLYLGHPDUF DUWLWLFXQRVFX LFkQW UH LGHVXFFHVHWFQVFKLPE ULOH


LLDXORFPRGLILF ULFKLDUvQYkUIXOVRFLHW

LLFDGHSLOG YHFKHDHOLW XQLLFKLDUSRVHVRUL

GH WLWOXUL QRELOLDUH SURSULHWDULL GH vQWLQVH WHUHQXUL PDUHD EXUJKH]LH LDX SLHUGXW GLQ FRQVLGHUD LD SH FDUH R
SUHWLQGHD SR]L LD ORU VRFLDO  Q ORFXO ORU DX S WUXQV vQ PDUH SDUWH DUWLWLL SRSXODUL VSRUWLYLL FkQW UH LL FDUH
VXQWFHUX LGHPRGDDFWXDO LDVLJXU XQFRPSRUWDPHQWGHFRQVXPH[WUDYDJDQW
3H ED]D SR]L LLORU ORU vQ SULPXO UkQG PDULL DQWUHSUHQRUL PDQDJHULL L PDULL EDQFKHUL H[HUFLW  R
LQIOXHQ

 SXWHUQLF  DVXSUD HFRQRPLHL Q VSHFLDO SULQ GHFL]LLOH ORU UHIHULWRDUH OD LQYHVWL LL HL SUHFL]HD] 

PLF ULOHFRQMXQFWXUDOHVLWXD LDRPDMXOXLDQVHOHGHGH]YROWDUHLFUHWHUHDEXQ VW ULL


&D XUPDUH D VFKLPE ULORU VRFLDO VWUXFWXUDOH D IRVW SUH]HQWDW  FRQFHS LD FRQIRUP F UHLD vQ ORFXO XQHL
VRFLHW

LGLYL]DW vQGRX FODVHVDIRUPDWRVRFLHWDWHYDULDW VWUDWLILFDW UHODWLYGHVFKLV LPRELO 


6HFRQVLGHU DVW ]LF VRFLHWDWHDPRGHUQ SRDWHILSUH]HQWDW FDRVWUXFWXU VXELVXSUDRUGRQDW FDUH

VH IDFH FXQRVFXW  SULQ GLIHULWH SR]L LL SURIHVLRQDOH DQVH GH YLD

 FRQFHS LL RULHQW UL GH YDORDUH QRUPH L

UROXUL VWLO GH FUHWHUH L VWLO GH GLVFX LL PRGHOH GH FRPSRUWDPHQW JXVWXUL RELQXLQ H GH FRQVXP HWF 6H
vQW UHWH FRQFHS LD F  DFHVWH DVSHFWH DOH YLH LL GLQ SXQFW GH YHGHUH VRFLRFXOWXUDO DXFDUDFWHULVWLFLOHJDWHGH
VWUDWLILFDUHDVRFLHW

LL

,PDJLQHDXQHLVRFLHW

LFRQVWLWXLWHGLQVWUDWXULVRFLDOHYLQHvQvQWkPSLQDUHDPDUNHWLQJXOXLEXQXULORUGH

FRQVXPLPDUNHWLQJXOXLVHUYLFLLORU6WUDWXULOHVRFLDOHVXQWGHVHPQDWHFDVFRSXULOHXQXLPDUNHWLQJGHVXFFHV
LDXQHLUHFODPHGHHIHFW
3ULQFHUFHW ULH[SHULPHQWDOHVRFLDOHLGHPDUNHWLQJVHSRWLGHQWLILFD


VWUDWXULOH VRFLDOH FDUH DU SXWHD V  VROLFLWH DQXPLWH EXQXUL GH FRQVXP VHUYLFLL YDULDQWH GH
SURGXF LHP UFLGHSURGXF LHLPRGHOHQRL



PRGDOLW

LOHGHUHGXFHUHDSXWHULLGHFXPS UDUHDVWUDWXULORUVRFLDOH



IHOXOvQFDUHVWUDWXULOHVRFLDOHDUSXWHDV DERUGH]HSUREOHPHGHSXEOLFLWDWH

QFDGUXOFHUFHW ULORUOHJDWHGHVWUXFWXUDVRFLDO YHUWLFDO VHSRDWHSUH]HQWDXQPRGHOGHVWUDWLILFDUH




VWUDWVXSHULRU



VWUDWPLMORFLX



VWUDWLQIHULRU

0XQFLWRULL VSHFLDOLWL DX IRVW GLQ FH vQ FH PDL PXOW ULGLFD L vQ VWUDWXO PLMORFLX &D UH]XOWDW DO
GLIHUHQ LHULL VWUDWXOXL GH PLMORF DX DS UXW R PXO LPH GH VWUDWXUL PLMORFLL /XkQGXVH vQ FRQVLGHUD LH DFHVWH
VFKLPE ULDXDS UXWPRGHOHGLIHUHQ LDWHGHVWUDWXULFDGHSLOG 


VWUDWVXSHULRU



VWUDWPLMORFLXVXSHULRU



VWUDWPLMORFLXGHPLMORF



VWUDWPLMORFLXLQIHULRU



VWUDWLQIHULRUVXSHULRU



VWUDWLQIHULRULQIHULRU



GLVSUH VRFLDO

QFDWHJRULDLQWLWXODW GLVSUH LQWU PXQFLWRULL]LOLHULLDX[LOLDUL


$VW ]LDUHXQUROSUHFXPS QLWRUWDEORXOXQHLVRFLHW

LVWUDWLILFDWHYDULDWUHODWLYGHVFKLVHLPRELOHFX

OLQLL GH GHPDUFD LH vQWUH VWUDWXUL SHUPHDELOH FX PDUL DQVH GH DILUPDUH FDUH VWLPXOHD]  FDSDFLWDWHD GH
PRWLYD LH RULHQWDUHD VSUH VXFFHV Q IDYRDUHD FDSDFLW

LL SURIHVLRQDOH L HFRQRPLFH HVWH vQW ULW  SUHJ WLUHD

SHQWUX LQVWUXLUH LQVWUXLUHD OD XQ QLYHO VXSHULRU DGDSWDELOLWDWHD FRRSHUDWLYLWDWHD ,QGLYLGXO VH LGHQWLILF  FX
VHUYLFLXOV XFXVRFLHWDWHDVD
QFRQFOX]LHSXWHPDILUPDF vQP VXU FUHVFkQG FRPSRUWDPHQWXOHFRQRPLFDOLQGLYLGXOXLDWkUQ GH
VFKLPE ULOHGLQVWUXFWXUDYHUWLFDO DVRFLHW

LLGLQFDUHIDFHSDUWH


,QHJDOLWDWHVRFLDO

QOXSWDSHQWUXGRPLQD LHLOLEHUWDWHVHPDQLIHVW RIRUP GHXWLOLWDWHSHFDUHRQXPLPSXWHUH


3XWHUHD HVWH XQ FDGUX DO YLH LL RPHQHWL %DQLL DUPHOH LQIRUPD LLOH VXQW PLMORDFHOH SXWHULL 6IHUD
SXWHULL SRDWH V  FXSULQG  R FRQVWUkQJHUH RELHFWLY  SHQWUX vQWUHFHUH FRQFXUHQ

 FDUH VH SRDWH VIkUL QXPDL

SULQYLFWRULHVDXvQIUkQJHUH'XS 0D[:HEHUSXWHUHDUHSUH]LQW RULFHDQV vQFDGUXOXQHLOHJ WXULVRFLDOH


FDUHLPSXQHYRLQ DSURSULHLQGLIHUHQWSHVHED]HD] DFHDVW DQV 3XWHUHDHVWHYDODELO FDQR LXQHJHQHUDO 
SHQWUX GLIHULWH FRQGL LL IDYRUDELOH GH D LPSXQHUH D YRLQ HL FD QR LXQH JHQHUDO  SHQWUX DFHOH JUXSH FX
SUHWHQ LLGHDLLPSXQHYRLQ DFDUHQXJ VHVFQLFLRUHFXQRDWHUHSR]LWLY GLQSDUWHDFHORUvQFDX] 
'LQ DFHDVW  GHILQL LH UH]XOW  F  YRLQ D SURSULH QX VH SUHVXSXQH 3ULQ VXEOLQLHUHD GH DVHPHQHD
vPSRWULYD YRLQ HL SURSULL HVWH SRVLELO  VLWXD LD FkQG XQ LQGLYLG I U  YRLQ D SURSULH VXSRUW  FRQVHFLQ HOH GH
H[HPSOXGLQPDOHDELOLWDWHVXSXQHUHFRQIRUPLWDWHLRSRUWXQLWDWHDFKLE]XLULL'XS DFHDVW GHILQL LHUHLHVHF 
:HEHU ODV  SH GHSOLQ GHVFKLV  SUREOHPD IXQGDPHQWXOXL SXWHULL H[HUFLWDWH FDUH DU SXWHD IL SXWHUH IL]LF 
HFRQRPLF SXWHUHSROLWLF GHFL]LRQDO 
3XUW WRULL SXWHULL VXQW QX QXPDL SHUVRDQH FL JUXSXUL XQLXQL SDUWLGH VDX VWDWH FDUH GLVSXQ GH
SRVLELOLWDWHD FD V  DVLJXUH DXWRULWDWHD ORU FKLDU I U  OHJLWLPLWDWH 3XWHUHD HVWH GLQ SXQFWGHYHGHUHVRFLRORJLF
QHGHWHUPLQDW 7RDWHVLWXD LLOHSRVLELOHSRWV vQOHVQHDVF RULFXLvQVLWXD LDFDVDLLPSXQ SURSULLOHLQWHUHVH
vPSRWULYDYRLQ HLDOWRUD1R LXQHDSXWHUHGRPLQD LHHVWHGLQDFHDVW FDX] PDLSUHFLV QSXWHUHVHUHJ VHWH
WHQGLQ DGHDLQVWLWX LRQDOL]DGRPLQD LD'XS 0D[:HEHUGRPLQD LDHVWHRIRUP DSXWHULLLQVWLWX LRQDOL]DW 
XQGH UHYHQGLFDUHD GRPLQDQ LORU HVWH DSUHFLDW  FD OHJLWLP  'XS  FRQFHS LD VRFLRORJLF  GRPLQD LD VH
GHRVHEHWH GH SXWHUHD VRFLDO  SULQ GRX  SXQFWH GH YHGHUH SXWHUHD WUHEXLH V  ILH vQ SULPXO UkQG
LQVWLWX LRQDOL]DW  L vQ DO GRLOHD UkQG  WUHEXLH V  ILH DSUHFLDW  FD H[HUFLWDUHD OHJLWLP  D SXWHULL &D WLSXUL DOH
XQHL DVWIHO GH GRPLQD LL GHRVHEHWH :HEHU GRPLQD LD UD LRQDO  OD FDUH OHJLWLPLWDWHD HVWH GHYLDW  GH OD
UHJOHPHQW UL OHJDOH GRPLQD LD WUDGL LRQDO  FDUH VH ED]HD]  SH FUHGLQ D vQ YDODELOLWDWHD IRUPHORU VRFLDOH
WUDQVPLVH L GRPLQD LD FKDULVPDWLF  FDUH VH FRQGXFH GXS  vQFUHGHUHD vQ FDOLW

LOH GH FRQGXF WRU VDX

SUHGHVWLQDUHDDQXPLWRUSHUVRDQH
&DIXQF LLDOHGRPLQD LHLSXWHPPHQ LRQD


6WDELOLUHD YDORULL DFHDVWD VH UHIHU  OD FRQVROLGDUHD VDX VFKLPEDUHD YDORULORU SUHFL]DWH VDX
WUDGL LLORU SUHFXP L OD IL[DUHD SULRULW

LORU GH H[ SUHYHQLUHD LQIOD LHL PRWLYDUHD RPDMXOXL

P VXULSHQWUXSURWHF LDPHGLXOXL 


,QWHUSUHWDUHDQRUPHORU3HED]DSUHIHULQ HORUGH]YROWDWHVHSRWVFKLPEDQRUPHOHvQWUXQSHULPHWUX
SUHFLV L vQ LQWHULRUXO GHOLPLW ULORU LQVWLWX LRQDOH GH H[ VFKLPEDUHD OHJLVOD LHL  VDX VH SRW GD QRL
OHJLIHU UL R QRX  OHJH  VDX UHLQWHUSUHW UL GH H[HPSOX DPSOH IRUPH SUHFLVH DOH LQWHUSUHW ULORU
MXULGLFHLDSOLFD LLORUMXULGLFH 



&RQWUROXO VRFLDO DFHVWD UHSUH]LQW  YHULILFDUHD L VXSUDYHJKHUHD DF LXQLORU SHUVRDQHORU FDUH VXQW
REOLJDWHFXvQGHSOLQLUHDQRUPHORUOHJDOH(VWHQHFHVDUDILVDQF LRQDWFRPSRUWDPHQWXOGHYLDQW



6DQF LRQDUHD VRFLDO  (VWH YRUED GH IXQF LD GRPLQD LHL DVXSUD QRUPHORU QHUHVSHFWDWH SHQWUX D
UHDFWLYD SHQWUX D SUHvQWkPSLQD R HYHQWXDO  GLPLQXDUH D QRUPHORU SHQWUX D DS UD PHPEULL
VRFLHW



LLGHFRQWUDYHQ LLVDXGHDF LXQLGHLQWLPLGDUH

&RRUGRQDUHDLLQWHJUDUHDQVRFLHW

LOHSXWHUQLFGLIHUHQ LDWHHVWHIRDUWHLPSRUWDQWDILFRRUGRQDWH

SODQXULOH LQGLYLGXDOH $FHDVW  FDSDFLWDWH GH LQWHJUDUH SRDWH V  ODVH PDL GHSDUWH V  DF LRQH]H
PHFDQLVPXOGHSLD

VDXV VHUHPHGLH]HSULQLQVWDQ HOHGHSODQ

3XWHUHD L GRPLQD LD IRUPHD]  HOHPHQWHOH DEVROXW QHFHVDUH SHQWUX FRQYLH XLUHD vQ FRPXQ L SHQWUX
VXSUDYLH XLUHD XPDQLW

LL QYLQJHUHD FX VXFFHV D JUHXW

LORU YLH LL HVWH SRVLELO  SHQWUX LQGLYLG QXPDL vQ

FDGUXO XQXL FROHFWLY $F LXQHD FROHFWLY  SUHVXSXQH FRRUGRQDUHD L XQLUHD DF LXQLORU LQGLYLGXDOH Q PXOWH

VLWXD LL VH LPSXQH FRQGXFHUHD FRQWUROXO L H[HUVDUHD FRQVWUkQJHULL 2ULFXP WUHEXLHV VHFRQWXUH]HRRUGLQH
LHUDUKLF RVWUXFWXU GHVXERUGRQDUHLVXSUDRUGRQDUH
QFXUVXOOXSWHLGHFRQFXUHQ

SHQWUXUkYQLWDSXWHUHLSR]L LLGHFRQGXFHUHVHVWDELOHVFvQFDGUXOXQXL

SURFHV GH VHOHF LRQDUH FHL PDL SXWHUQLFL L FHL PDL VODEL 6XERUGRQD LL YRU UHFXQRDWH L YRU UHVSHFWD
vPSXWHUQLFLULOHGHGRPLQD LHLSXWHUHDOHVXSHULRULORUGDF DFHWLDSULQFDSDFLWDWHDORUGHFRQGXFHUHOHDGXF
ORU IRORV &HL FDUH FRQGXF VH ED]HD]  SH SURVSHULWDWHD ORU HFRQRPLF  QU XW

LUHD VLWXD LHL HFRQRPLFH

JHQHUDOH GXFH OD R FUL]  &DSDFLWDWHD GH FRQGXFHUH L GH LPSXQHUH D SXWHULL GHYLQH vQGRLHOQLF  (L vL YRU
SLHUGHUHFXQRDWHUHDGLQSDUWHDGRPLQD LORU
3XWHUHDLGRPLQD LDFRQ LQSHUPDQHQWSHULFROXODEX]XOXL
3RVHVRULLGHFL]LLORUGHSXWHUHLGRPLQD LHVHJ VHVFvQVLWXD LDFDUHOHG SRVLELOLWDWHDGHDXWLOL]DSHVWH
P VXU VDXFKLDUGHDH[SORDWDvQIRORVXOORUSHVXERUGRQD LGHSHQGHQ LLGRPLQD L
QFHP VXU VHODV FHLGRPLQD LH[SORDWD LGHSLQGHGHRULHQW ULOHLGHRORJLFHLGHUHSUH]HQW ULOHGH
YDORUL $WXQFL FkQG OHJ WXULOH GH GRPLQD LH L H[SORDWDUH VXQW FRQVLGHUDWH FD QDWXUDOH VDX SULQ YRLQ D
GRPQXOXL VH YD DSUHFLD VLWXD LD H[LVWHQW  FD DYkQG FDUDFWHU GH IDWDOLWDWH 'RPLQDQ LL YRU vQFHUFD SULQ
GRFWULQHGHPDQLSXODUHV DVLJXUHED]DLGHRORJLF DVRFLHW

LLH[LVWHQWH

3HQWUXDILPRELOL]DW FDSDFLWDWHDGHSXWHUHHFRQRPLF DGRPLQD LORUVHYDXUP ULFXOWLYDUHDGHYDORUL


VDX FKLDU XQ PDQDJHPHQW YDORULORU vQ FDGUXO F UXLD V  VH RULHQWH]H VSUH PXQF  FDSDFLWDWH GLVFLSOLQ 
OLQLWHRUGLQHVXSXQHUH
$FHVWHYDORULWUHEXLHVFXUP ULWHGHLQGLYLGQXFRQVLGHUDWHFDILLQGGHODVLQHvQ HOHV
3ULQ U VSkQGLUHD FXQRWLQ HORU VH vQW UHWH FDSDFLWDWHD GRPLQD LORU L KRW UkUHD ORU GH D SXQH VXE
VHPQXO vQWUHE ULL DEX]XULOH L H[SORDWDUHD GHDOHUHPHGLDLFKLDUGHDOHELUXL$LFLDF LRQHD] LOXDUHDvQ
FRQVLGHUDUHDYDORULORUGHPRFUDWHGHPQLWDWHDXPDQ OLEHUWDWHDHJDOLWDWHDGUHSWDWHDVROLGDULWDWHD
Q FRQGL LLOH XQHL DFFHOHU UL D GH]YROW ULL HFRQRPLFH DFWXDOH L D XQHL FUHWHUL D HFRQRPLHL GH
FRQFXUHQ

VHvQJUHXQHD] LPSXOVLRQDUHDFDSDFLW

LLHFRQRPLFHOHJDW GHLQHJDOLWDWHDVRFLDO GHUDSRUWXULOH

GLQWUHGRPLQDQ LLGRPLQD L&DSDFLWDWHDGHLQRYD LHLGHvQWUHFHUHDHFRQRPLHLPRGHUQHSUHVXSXQHGLQFH


vQ FH PDL PXOW FUHD LH ERJ
SUHWLQGHUHDDFHVWRUSULRULW

LH GH LGHL LQL LDWLY  SDUWLFLSDUH DQJDMDPHQW 5HHYDOXDUHD GH]YROWDUHD L

LLQGLYLGXDOHVSHFLILFLW

LLQ ]XLQ HGXFODIXQGDPHQWDUHDXQHLSHUVRQDOLW

LvQWU

RVRFLHWDWHGHPRFUDWLF 
Q VRFLHW

LOH GLFWDWRULDOH DXWRULWDUH VXQW OLPLWDWH SRVLELOLW

HFRQRPLFSHQWUXGRPLQDQ LFDRFRQVHFLQ
Q VRFLHW

LOH GH PDQLIHVWDUH D FRPSRUWDPHQWXOXL

DOHJ WXULORUULJLGHGHSXWHUHLGRPLQD LH

LOH OLEHUH GHPRFUDWLFH FD XUPDUH D GLPLQX ULL GLIHUHQ LHULORU GH SXWHUH L D UHJOHPHQW ULL

GHPRFUDWLFHSRVLELOLW

LOHGHFRPSRUWDPHQWHFRQRPLFVXQWO UJLWH/LEHUWDWHDGHDDOHJHSURIHVLDDXWRQRPLD

WDULIHORU OLEHUWDWHD FRQVXPXOXL IRUPHD]  vQ FLXGD PXOWRU OLPLW UL FRQFUHWH vQ VLWXD LD DFWXDO  HOHPHQWH
HVHQ LDOHDOHVRFLHW

LLPRGHUQHGHPRFUDWLFH,QGLYLGXOVHSRDWHKRW UvVLQJXUSHQWUXRDQXPLW SURIHVLHODIHO

FD L SHQWUX XQ DQXPLW FRQVXP VWLO GH YLD

 Q FRQFOX]LH SXWHP V  PHQ LRQ P F  SRVLELOLW

LOH GH

PDQLIHVWDUH D FRPSRUWDPHQWXOXL HFRQRPLF D LQGLYLGXOXL GHSLQG GH UDSRUWXULOH GLQWUH PHPEULL VRFLHW
FDUHHVWHLQFOXVLQGLYLGXO

LL vQ

&DSLWROXOQWUHSULQGHUHDFDVLVWHP


QDFHVWFDSLWROYUHPV XUP ULPDFHDIRUP GHRUJDQL]DUHFDUHHVWHSXUW WRDUHDSURGXF LHLHFRQRPLFH
vQ FRQWH[WXO WHRULHL FX SULYLUH OD VLVWHPXO VRFLDO FX SULYLUH OD SURFHVHOH GLQ FDGUXO JUXSXOXL FX SULYLUH OD
RUJDQL]D LLOHVRFLDOH
QWUHSULQGHUHD DSDUH FD XQ VLVWHP IRUPDW GLQ VXEVLVWHPH L LQWHUDF LXQLOH GLQWUH DFHVWHD DIODW vQWUXQ
PHGLXvQFRQWLQX VFKLPEDUH
Q FHQWUXO PRGHOXOXL VH DIO  DQDOL]D VLVWHPHORU VRFLRWHKQLFH $FHVW FRQFHSW GHVFULH RUJDQL]D LD FD
VLVWHPGHVFKLVGLULMDWVSUHXQDQXPLW HOLVXEOLQLD] LPSRUWDQ DDVSHFWHORUXPDQHLRELHFWLYHvQDQJUHQDUHD
ORU UHFLSURF  'HFL R LPSRUWDQ

 FHQWUDO  HVWH LQWHUDF LXQHD VLVWHPXOXL VRFLRWHKQLF FX VLVWHPHOH VDOH GH

PHGLX2DOW LQWHUSUHWDUHVLVWHPLF FHUFHWHD] vQWUHSULQGHUHDUHVSHFWLYRUJDQL]D LDFDXQSURFHVGHVFKLPE


(FKLOLEUXOVLVWHPXOXLHVWHDWLQVFkQGLPEROGXULOHGDWHVXQWPDLPDULVDXHJDOHFXFRQWULEX LLOHSHUPLVHSHQWUX
vQGHSOLQLUHD VDUFLQLORU VLVWHPXOXL 8QLL FHUFHW WRUL DX vQFHUFDW V  LQWHUSUHWH]H IHQRPHQHOH GLQ RUJDQL]D LH vQ
VHQVXODQDOL]HLGHUROXUL2UJDQL]D LDDSDUHvQDFHVWFD]FDRUH HDGHFRUHOD LLvQWUHUROXUL
Q FDGUXO FRQWH[WXOXL VRFLDO DO vQWUHSULQGHULL R PDUH LPSRUWDQ

 R DUH VXEOLQLHUHD GHSHQGHQ HL

vQWUHSULQGHULL GH DOWH vPSUHMXU UL H[WHUQH ,GHHD IXQGDPHQWDO  HVWH DLFL F  VWUXFWXUD PHGLXOXL LQIOXHQ HD] 
VWUXFWXUDFDGUXOXLLQWHUQDOvQWUHSULQGHULL&HUFHWDUHDDFHVWXLUDSRUWDUHORFvQFDGUXODDQXPLWXOXLFRQFHSWGH
FRQWLQJHQ

ODDF UXLGH]YROWDUHFRQWULEXLHvQDFHHDLP VXU HFRQRPLWLLVRFLRORJL

QWUHEDUHD OHJDW  GH PHGLXO XQHL RUJDQL]D LL UHVSHFWLY DO XQHL vQWUHSULQGHUL SUH]LQW  XQ FULWHULX GH
GLIHUHQ LHUH vQWUH VLVWHPXO LQWHUQ L H[WHUQ &KLDU vQ FDGUXO GLVSXWHL UHIHULWRDUH OD UROXO vQWUHSULQGHULL DSDU
JUHXW

LOHXQHLDVWIHOGHGHOLPLW UL0HGLXOU PkQHPDLPXOWRQR LXQHGLIX] FDUHLQFOXGHFOLHQ LLIXUQL]RULL

FRQFXUHQ LLDXWRULW

LOHHWF

,PSRUWDQWHVWHGHVXEOLQLDWF GLIHULWHVHFWRDUHGHPHGLXVHDIO vQOHJ WXU FXHOHPHQWHDOHVLVWHPXOXL


vQWUHSULQGHULL'HRGHRVHELW LPSRUWDQ

HVWHIDSWXOF RUJDQL]D LDHVWHFRQVWUkQV LLQIOXHQ DW GHPHGLXDD

FXPVXEOLQLD] FRQFHSWXOGHFRQWLQJHQ

$VWIHORvQWUHSULQGHUHvQFHDUF SULQPDUNHWLQJV LQIOXHQ H]HSLD D

GH GHVIDFHUH V L GHS HDVF  FRQFXUHQ LL V L VDX DXWRULW
vQWUHSULQGHULL Q DFHDVW  SULYLQ

LOH V  OH GHWHUPLQH V  LD GHFL]LL vQ IDYRDUHD

 PHGLXO XQHL vQWUHSULQGHUL HVWH DQV  L FRQVWUkQJHUH vQ DFHODL WLPS

&RQVWUkQJHUHvQWUXFkWvQWUHSULQGHUHDDUHGHOXDWvQFRQVLGHUD LHFRQGL LLJHQHUDOHSROLWLFHFXOWXUDOHVRFLDOHL


SULQ DFHDVWD VH YHGH OLPLWDW  vQ SRVLELOLW

LOH VDOH GH DF LXQH DQV  SHQWUX F  SXUW WRULL GH GHFL]LL SRW V 

YDORULILFHFRQGL LLOHGHPHGLXSHQWUXVFRSXULSURSULL
'XS  XQLL FHUFHW WRUL PHGLXO XQHL RUJDQL]D LL SRDWH V  ILH GHWHUPLQDW FX DMXWRUXO D GRX  SHUHFKL
FRQWUDGLFWRULL


VLJXUQHVLJXU
SUHFL]DUHDLRQHVWLWDWHDLQIRUPD LLORU
IUHFYHQ DPRGLILF ULLLQIRUPD LLORU
GXUDWDFXSODMXOXLvQWUHRUJDQL]D LHLPHGLX



KRPRJHQKHWHURJHQGXS vPSUHMXU ULGDF vQPHGLXOLQGLYLGXDOS WUXQGGLIHUHQ LHULLPSRUWDQWH


VDXPDLSX LQLPSRUWDQWHFXSULYLUHODVLJXUDQ



'H]YROWDUHD LVWRULF  SUH]LQW  vQ JHQHUH VLWXD LD F  PHGLXO vQWUHSULQGHULL GHYLQH PHUHX PDL FRPSOH[
QHVLJXU L WXUEXOHQW &DX]HOH VXQW FODUH LPSRUWDQ D PHUHX FUHVFkQG  D vQWUHSULQGHULL L SULQ DFHDVWD R PDL
PDUH GLIHUHQ LHUH LQWHUQ  FUHWHUHD GLYHUVLILF ULL LQWHUGHSHQGHQ D FUHVFkQG  vQWUH GRPHQLLOH HFRQRPLFH L
FHOHODOWH GRPHQLL GHSHQGHQ

 PDL SXWHUQLF  GH HOHPHQWXO VXUSUL]  SULQ OHJLVOD LH VSLULWXO HSRFLL QLYHOXO

FXOWXULLLSROLWLFLLDXWRPDWL]DUHHWF
&RQIRUPXQRUFRQFHS LLVHHPLWHLSRWH]DFXSULYLUHODQDWXUDPHGLXOXLLVWUXFWXUDRUJDQL]D LRQDO &D
DILUPD LH SULQFLSDO  HVWH YDODELO  SUHVXSXQHUHD F  R RUJDQL]D LH HVWH FX DWkW PDL HILFLHQW  FX FkW HVWH PDL
EXQ  FRQFRUGDQ D vQWUH VLVWHP L PHGLX &RQFUHW R RUJDQL]D LH SRDWH V  UHDOL]H]H R VWUXFWXU  ELURFUDWLF 
IRUPDO  FkQG PHGLXO HVWH RPRJHQ VWDWLF L VLJXU 'DF  GLPSRWULY  PHGLXO HVWH QHVLJXU WXUEXOHQW SLD D GH
GHVIDFHUH HVWH SUHFDU  DQVH GH H[SRUW vQ GHVFUHWHUH SLD

 ILQDQFLDU  IOXFWXDQW  XUPHD]  FD GLPHQVLXQHD

LPSOHPHQW ULORUIRUPDOHV ILHLQMXVW vQWUHSULQGHUHDWUHEXLHV ILHFDUDFWHUL]DW GHIOH[LELOLWDWHFDSDFLWDWHGH


UHDF LHLFDSDFLWDWHGHVFKLPEDUH
$FHVWH UHSUH]HQW UL IXQGDPHQWDOH FDUH SUHWLQG OHJ WXUL GH PHGLX VWUXFWXUL RUJDQL]D LRQDOH HFKLOLEUDWH
L RULHQW UL UHSUH]HQWDWLYH DOH PHPEULORU RUJDQL]D LHL VXQW FHUFHWDWH vQ QXPHURDVH YDULDQWH vQ FDGUXO
GLIHULWHORUPRGHOH

6WUXFWXUDVRFLDO

DvQWUHSULQGHULL

2ULFHvQWUHSULQGHUHHFRQRPLF SRDWHILFRQVLGHUDW XQDQVDPEOXWHKQLFED]DWSHRRUJDQL]DUHUD LRQDO 


FDUHXUP UHWHDQXPLWHIXQF LRQDOLW

LQWUHSULQGHUHDUHSUH]LQW LXQVLVWHPVRFLRXPDQFDUHVHRULHQWHD] 

vQ RE LQHUHD GH EXQXUL SHQWUX LQGLYL]LL FDUH IDF SDUWH GLQ DFHVW VLVWHP 6FRSXO vQWUHSULQGHULL HFRQRPLFH
VROLFLW  UHDOL]DUHD XQHL UH HOHVSHFLILFHGHUHOD LLLQWHUXPDQHGHILQLWHSULQWUXQPRGHOGHRUJDQL]DUHIRUPDO 
3ULQ RUJDQL]DUHD IRUPDO  SHUVRDQHOH IL]LFH RFXS  DQXPLWH SRVWXUL GH PXQF  vQ FDGUXO vQWUHSULQGHULL FDUH
DMXQJV ILHUROXULVRFLDOHED]DW SHXQVWDWXVELQHGHILQLW2UJDQL]DUHDIRUPDO REOLJ UHDOL]DUHDXQXLVLVWHP
GH UROXUL VWUXFWXUDWH SH ED]D XQRU UDSRUWXUL LHUDUKLFH GH DXWRULWDWH GLQ SHUVSHFWLYD XQXL VFRS SUHGHWHUPLQDW
7RPD5RPDQ,QWURGXFHUHDvQVRFLRORJLDHFRQRPLF (GLWXUD$6(%XFXUHWLS 2UJDQL]DUHD
VRFLDO  IRUPDO  D XQHL vQWUHSULQGHUL QX WUHEXLH FRQIXQGDW  FX RUJDQL]DUHD HL WHKQLF  2UJDQL]DUHD WHKQLFR
HFRQRPLF QXGXFHDXWRPDWODLQWHJUDUHDVRFLDO DLQGLYL]LORULODFRRSHUDUHDORUSHQWUXUHDOL]DUHDVFRSXOXL
GHILQLW
Q IXQF LRQDUHD RUJDQL] ULL VRFLDOH D vQWUHSULQGHULL DSDU vQ DIDUD UHOD LLORU GHILQLWH SULQ PRGHOXO GH
RUJDQL]DUH IRUPDO  L QXPLWHOH UHOD LL VRFLDOH LQIRUPDOH FD XUPDUH D UHOD LLORU QRQIRUPDOH VSRQWDQH GLQ
JUXSXOGHPXQF LGLQDIDUDOXL5HOD LLOHLQIRUPDOHVXQWGHWHUPLQDWHGHIRUPHOHGHFRRSHUDUHvQPXQF GH
VLPSDWLD UHFLSURF  GLQWUH LQGLYL]L GH SUHRFXS ULOH FRPXQH vQ DIDUD DFWLYLW
HYHQLPHQWHFXOWXUDOH GHFRRSHUDUHWHPSRUDU vQFDGUXODQXPLWRUDFWLYLW

LL GH vQWUHSULQGHUH VSRUW

LvQSHWUHFHUHDWLPSXOXLOLEHUHWF

$FHVWHUHOD LLVXQWLQIOXHQ DWHGHJUXSXOGHPXQF QVLWXD LLOHGHFUL] JUXSXOLQIRUPDOMRDF XQUROGHRVHELW


GHLPSRUWDQWSHUPL kQGDF LXQLUHYHQGLFDWLYHDF LXQLVLQGLFDOHJUHYH
&RPSRUWDPHQWXOJUXSXOXLLQIRUPDOHVWHIRDUWHLPSRUWDQWSHQWUXIXQF LRQDUHDQRUPDO DvQWUHSULQGHULL
3HQWUX HILFLHQ D DFWLYLW

LL GHVI XUDWH vQ vQWUHSULQGHUH VH LPSXQH DUPRQL]DUHD FHORU GRX  WLSXUL GH

RUJDQL]DUHVRFLDO FHDIRUPDO LFHDLQIRUPDO 


QSUREOHPDFODULILF ULLvQFRQWLQXDUHDVWUXFWXULLLQIRUPDOHLDOHJ WXULLFXFHDIRUPDO FHUFHW WRULL
VDX FRQFHQWUDW DVXSUD LQWHUGHSHQGHQ HL GLQWUH LQIOXHQ HOH VRFLDOH DVXSUD VDWLVIDF LHL PXQFLL DVXSUD
FRPSRUWDPHQWXOXL 6D GRYHGLW F  PXQFLWRULL vQWUR vQWUHSULQGHUH GH]YROW  WUHEXLQ H VRFLDOH FDUH SULQ
IHQRPHQHQRUPDOHGHvQWUHSULQGHUHQXSRWV ILHVDWLVI FXWHDVWIHOF VWUXFWXULOHLQIRUPDOHUHSUH]LQW vQPDUH
P VXU UH HDXDGHFDSWDUHSHQWUXRVHULHGHQHFHVLW

LSVLKLFHLVRFLDOHLDQXPHUHFRPSHQVHOHLSHGHSVHOH

FDUH QXPDL vQ SDUWH VXQW FRQVROLGDWH vQ SXWHUHD SR]L LRQDO  D PHPEULORU vQWUHSULQGHULL Q DFHVW PRG
SUH]XP LLOH L SURFHVHOH LQIRUPDOH vQFKHLH XQ IHO GH DOLDQ

 $VWIHO VWUXFWXUD UHDO  GH FRPXQLFDUH HVWH

GHOLPLWDW SULQWURFDOHRILFLDO LHUDUKLF SODQLILFDW LSULQFDQDOHGHFRPXQLFDUH


QWUXFkW XQD GLQ SUREOHPHOH VRFLRORJLFH GHRVHELW GH LPSRUWDQWH FX SULYLUH OD UHOD LLOH LQWHUXPDQH vQ
vQWUHSULQGHUHD PRGHUQ  HVWH SUREOHPD FRPXQLF ULL YRP SUH]HQWD FkWHYD HOHPHQWH OHJDWH GH FODVLILFDUHD
IRUPDO LLQIRUPDO DFRPXQLF ULORU

&RPXQLFD LLOHvQvQWUHSULQGHUH
&RPXQLFDUHD SRDWH IL GHILQLW  FD XQ VFKLPE GH PHVDMH vQWUH RDPHQL Q FDGUXO JUXSXOXL GH PXQF 
FRPXQLFDUHD GHILQHWH WRDWH VFKLPEXULOH VHPQLILFDWLYH GH LQIRUPD LH GRWDWH FX R DQXPLW  ILQDOLWDWH (OH DX
ORFvQSULPXOUkQGSHED]DXQRUUHOD LLIXQF LRQDOH ;GHSLQGHGH==IDFHHFKLS FX< GDUVHFRQVWLWXLHL
VSRQWDQFDXUPDUHDOHJ WXULORUSUHIHUHQ LDOHDIHFWLYHvQWUHPHPEULLHFKLSHL 7RPD5RPDQRSFLWS 
&RPXQLFDUHD IDFH SRVLELO  WUDQVPLWHUHD XQXL PHVDM SXUW WRU GH LQIRUPD LH 3ULQ WHUPHQXO GH LQIRUPD LH VH
SRDWHvQ HOHJHRDF LXQHGHDLQIRUPDDVXSUDXQXLFRQ LQXWUHVSHFWLYGDWHOHFDUHVXQWFRPXQLFDWH6HSRWLYL
FD]XUL FkQG VXUVD GH LQIRUPD LL L HPL

WRUXO SRW V FRLQFLG  GHSLOG HIXOLDRGHFL]LHSHFDUHRFRPXQLF 

HFKLSHL GH OXFUX HO UHSUH]HQWkQG vQ DFHODL WLPS L VXUVD L HPL

WRUXO  VDX DFHVWH GRX  HOHPHQWH VH SRW

GLVWLQJHXQXOGHDOWXO HIXOHFKLSHLWUDQVPLWHRGLVSR]L LHSHFDUHDSULPLWRGHODXQQLYHOLHUDUKLFVXSHULRU


vQDFHVWIHOHOMRDF LUROXOGHHPL

WRU QDFHODLIHOVHSRDWHGLVFXWDLGHVSUHUHFHSWRUDGLF GHVWLQDWDU

/LQLDGHFRPXQLFDUHHVWHIRUPDW GLQUHOHHFDUHSRWILXPDQHVDXWHKQLFHFDUHIDFOHJ WXUDvQWUHVXUVD


VH LQIRUPD LH L GHVWLQDWDU )RDUWH LPSRUWDQW SHQWUX FRPXQLFD LLOH vQWUHSULQGHULL HVWH S VWUDUHD VHFUHWXOXL
PHVDMXOXL vQ DF LXQHD GH WUHFHUH SULQ UH HDXD GH FRPXQLFDUH 8Q ORF LPSRUWDQW vO MRDF  L PRGDOLWDWHD GH
WUDQVPLWHUH WHOHIRQ UDGLR WHOHYL]RU LQWHUQHW VFULVRUL FDUH VROLFLW  DGDSWDUHD UHOHHORU OD OLPEDMXO UHVSHFWLY
0HVDMXO H[SULP  R DQXPLW  LQWHQ LH VSHFLILF XPDQ GH D WUDQVPLWH FHYD GH D IDFH FXQRVFXW FHORU GLQ MXU
DQXPLWH OXFUXUL 0HVDMXO FRQ LQH LGHHD VFRSXOXL DWLQV L vQ DFHODL WLPS HOHPHQWH XWLOH GH LQIRUPD LH
7UDQVPLWHUHDPHVDMXOXLLPSOLF GRX RSHUD LLGLVWLQFWHFRGLILFDUHDLHPLVLXQHDGXS FDUHHOXUPHD] ROLQLH
GH FRPXQLFD LH FDUH SRDWH IL SUHVWDELOLW  XQ FDQDO RILFLDO GH FRPXQLFD LH  VDX VSRQWDQ  vQ VWUXFWXUD
LQIRUPDO  &RPXQLFD LLOH GLQ FDGUXO vQWUHSULQGHULL VH SRW FODVLILFD GXS  PDL PXOWH FULWHULL GXS  FDQDOXO GH
FRPXQLFDUHGHRVHELPFRPXQLFD LLIRUPDOHLLQIRUPDOH 21LFROHVFX,9HUERQFX0DQDJHPHQWXOUHVXUVHORU
XPDQH  'LPHQVLXQHD L VHQVXO UH HOHL LQIRUPDOH GHSLQGH GH FDOLWDWHD UH HOHL RILFLDOH IRUPDOH 2ULFH
PRGLILFDUH VDX GHILFLHQ

 D UH HOHL IRUPDOH LPSXQH IDYRUL]HD]  DSDUL LD D QRL FDQDOH GH FRPXQLFD LH

LQIRUPDOHFDUHWLQGV HFKLOLEUH]HFHULQ DGHLQIRUPD LHFDUHQXDIRVWVDWLVI FXW SULQFDQDOHOHRILFLDOH2DOW 


FODVLILFDUHHVWHUHDOL]DW GXS GLUHF LDFRPXQLF ULLLDQXPHFRPXQLFD LLYHUWLFDOHFDUHVXQWFHOHWUDGL LRQDOH
L VH ED]HD]  SH OHJ WXULOH LHUDUKLFH GH VXERUGRQDUH FDUH VXQW SUHY ]XWH vQ RUJDQLJUDPD vQWUHSULQGHULL

$FHVWHD SRW IL DVFHQGHQWH L GHVFHQGHQWH &RPXQLFD LLOH GHVFHQGHQWH VH FRQFUHWL]HD]  vQ RUGLQH VDX
UHJXODPHQWHEHQHILFLLQGGHGLIHULWHVLVWHPHGHWUDQVPLVLHWHOHIRQUDGLRWY&RPXQLFD LLOHDVFHQGHQWHGHOD
ED]  VSUH YkUI RIHU  VDWLVIDF LL PXQFLWRULORU SULQ SDUWLFLSDUHD ORU OD GHFL]LL &RPXQLFD LLOH LHUDUKLFH SRW IL
XQHRUL VFXUWFLUFXLWDWH GH SLOG  PDLVWUXO VH DGUHVHD]  LQJLQHUXOXL HI I U  D FRQVXOWD vQ SUHDODELO HIXO GH
VHF LH&RPXQLFD LLOHLHUDUKLFHSRWILOHJDOHVDXSDUDOHOH&RPXQLFD LLOHOHJDOHVXQWVWDELOLWHSHQWUXRSHULRDG 
GHWHUPLQDW  FRUHVSXQ]kQG XQRU QHYRL VSHFLDOH GH LQIRUPDUH D FRQGXFHULL vQWUHSULQGHULL &RPXQLFD LLOH
SDUDOHOHVXQWUHSUH]HQWDWHGHFDQDOHOHGHFRPXQLFD LLDSDU LQkQGGLIHULWHORURUJDQL]D LLFDUHIRORVHVFUH HOHGH
FRPXQLFD LLSURSULLGDUSRWEHQHILFLDLGHDOWHFDQDOHLHUDUKLFHDOHvQWUHSULQGHULL
QFD]XOFODVLILF ULLGXS GLUHF LHSHOkQJ FRPXQLFD LLOHYHUWLFDOHvQWkOQLPLFRPXQLFD LLOHRUL]RQWDOH
FDUH SHUPLW UH]ROYDUHD RSHUDWLY  D XQRU SUREOHPH vQ FDGUXO XQRU SRVWXUL GH PXQF  vQWUH FDUH H[LVW  UHOD LL
RUJDQL]DWRULFH GH FRRSHUDUH 'H SLOG  UHOD LLOH GH FRPXQLFDUH vQWUH VHF LL vQWUH HFKLSHOH GH PXQF 
&RPXQLFDUHDREOLF VHVWDELOHWHvQWUHSHUVRDQHVLWXDWHODQLYHOHLHUDUKLFHGLIHULWHLFDUHDSDU LQXQRUVHUYLFLL
GLIHULWH GH SLOG  VXERUGRQD LL VHUYLFLXOXL GH FRQWDELOLWDWH LQWU  vQ UHOD LL GLUHFWH FX VXERUGRQD LL VHUYLFLXOXL
WHKQLF
&RPXQLFD LLOH VH SRW FODVLILFD L GXS  FRQ LQXW vQ RSHUDWRULL FDUH vPEUDF  IRUPD H[SOLFD LLORU L
LQVWUXF LXQLORUQHFHVDUHSHQWUXH[HFXWDUHDVDUFLQLORULUHDOL]DUHDRELHFWLYHORULQGLYLGXDOH LRS LRQDOH FDUH
GHL QX XUP UHVF vQ SULPXO UkQG UHDOL]DUHD RELHFWLYHORU LQGLYLGXDOH FLUFXPVFULVH SRVWXULORU VXQW IRDUWH
LPSRUWDQWH vQ UHOD LLOH GLQWUH VDODULD L  $FHWLD MRDF  XQ URO GHRVHELW vQ SULYLQ D FUH ULL L PHQ LQHULL XQXL
FOLPDWIDYRUDELODGHFYDWUHDOL] ULLRELHFWLYHORUILUPHL8QUROGHRVHELWvOMRDF LFRPXQLFD LLOHJHQHUDOHFDUH
VH UHIHU  OD SLD D ILUPHL OD VWUDWHJLD L SROLWLFD ILUPHL 6H PDL SRW GHRVHEL L FRPXQLFD LLPRWLYD LRQDOHFDUH
DX vQ YHGHUH UHOD LLOH GLQWUH PDQDJHUL L H[HFXWDQ L vQ OHJ WXU  FX VDODULD LL FX SRVLELOLW

LOH GH SURPRYDUH

UHOD LLOHFXVLQGLFDWXOFXDGPLQLVWUD LD'XS PRGXOGHWUDQVPLWHUHVHGHRVHEHVFFRPXQLFD LLOHYHUEDOHFDUH


VXQWFHOHPDLIUHFYHQWHLSXQvQYDORDUHFDSDFLWDWHDPDQDJHULORUGHDVHH[SULPDLDDVFXOWDLFRPXQLFD LL
QRQYHUEDOH FDUH GH LQ DSUR[LPDWLY  GLQ PHVDMHOH FDUH VH WUDQVPLW L VH SULPHVF vQWUR FRQYHUVD LH
$FHVWHDSHUPLWSHUFHSHUHDLUHSUH]HQWDUHDUHDOLW

LLDWkWYL]XDOFkWLDXGLWLY([LVW LUH HOHGHFRPXQLFD LL

FHQWUDOL]DWHGHVFHQWUDOL]DWHvQFHUFVDXvQODQ 
1HYRPRSULDVXSUDFODVLILF ULLIRUPDOHLLQIRUPDOH
'HMD DP PHQ LRQDW F  GLPHQVLXQHD UH HOHL LQIRUPDOH GHSLQGH GH FDOLWDWHD UH HOHL RILFLDOH 2ULFH
VFKLPEDUH vQ UH HDXD LQIRUPDO  GXFH OD DSDUL LD D QRL FDQDOH GH FRPXQLFD LL LQIRUPDOH $DGDU vQ
vQWUHSULQGHUH VH J VHVF WRDWH FRQGL LLOH GH IRORVLUH D UH HOHL LQIRUPDOH SHQWUX FRPSOHWDUHD UH HOHL RILFLDOH vQ
FRQFRUGDQ DFXVDUFLQLOHvQWUHSULQGHULL

$VSHFWHDOHFXOWXULLvQWUHSULQGHULL
2vQWUHSULQGHUHQXHVWHQXPDLRXQLWDWHHFRQRPLF LGHSURGXF LHFLvQDFHODLWLPSRXQLWDWHVRFLDO 
GH VLQH VW W WRDUH Q DFHVWH VHQV HD DUH R IXQF LH HFRQRPLF  L R GLPHQVLXQH SHUVRQDO  -XVWH HD OXFUXULORU
GLQ SXQFW GH YHGHUH HFRQRPLF FD L vQ YL]LXQHD vQWUHSULQGHULL WUHEXLH V  LQFOXG  L SULQFLSLXO MXVWH HL
SHUVRDQHL GUHSW

LL 6XQWOXDWHvQFRQVLGHUD LHXUP WRDUHOHFDUDFWHULVWLFLXPDQH



LQWHJUDOLWDWHDLGHPQLWDWHDFDUHvOFDUDFWHUL]DXSHLQGLYLG



OLEHUWDWHD VD VSHFLILF  SHUVRQDO  vQ VHQVXO VXYHUDQLW

LL DFHDVWD vQVHDPQ  DSWLWXGLQHD VD GH

PRUDOLWDWHLDXWRGHWHUPLQDUHFDUHvOFDUDFWHUL]HD] FDILLQGFDSDELOGHGHFL]LLUD LRQDOHOLEHUH


&DSULQFLSLXVSHFLILFOHJDWGHHWLFDvQWUHSULQGHULLVHPDQLIHVW 


Q FDGUXO LQVWLWX LRQDO FD FHULQ D L XQLWDWH GH P VXU  D GH]YROW ULL XQHL FXOWXUL GH vQWUHSULQGHUH
FDUH VSULMLQ  FRPSRUWDPHQWXO PRUDO XUP ULQG FD LQWHJULWDWHD SHUVRQDO  L VXYHUDQLWDWHD
SHUVRQDO DILHF UXLLQGLYLGV ILHUHVSHFWDW 



Q FDGUX LQGLYLGXDO FD REOLJD LH PRUDO  D ILHF UXL PHPEUX DO vQWUHSULQGHULL ID
FROHJLFRODERUDWRULRIHUWDQ LGDULID

 GH SDUWHQHUL

GHHOvQVXL

6FKLPEDUHDSUHIDFHUHDSULQFLSLXOXLMXVWH HLSHUVRDQHLvQFRQWH[WXOvQWUHSULQGHULLSRDWHILREVHUYDW FX


DMXWRUXOXUP WRDUHORUFkPSXULGHDF LXQH


FXDMXWRUXOUDSRUWXULORUGHWHUPLQDWHGHUHVXUVHOHXPDQHLQDWXUDOH



FXDMXWRUXOVWLOXOXLGHFRQGXFHUHLDOIRUP ULLRUJDQL]D LHL PRGHO ULL 

6HSXQHvQWUHEDUHDvQFHP VXU PRGHOHGHRUJDQL]DUHLGHFRQGXFHUHVXQWGLVFXWDWHvQFDGUXOQR LXQLL


GHGHVFHQWUDOL]DUHLGHGHFL]LHDO WXULGHPRGHODUHDXQHLFXOWXULGHvQWUHSULQGHUH


FXDMXWRUXOLQVWUXPHQWDOL] ULLIRUP ULLXQHLFXOWXULRUJDQL]D LRQDOH

Q FH P VXU  VH SUH]LQW  FRQFHS LLOH L GLVSR]L LLOH DD ]LVHL FXOWXUL GH vQWUHSULQGHUH FD R SULPHMGLH
SHQWUXOLEHUWDWHDSHUVRQDO DPHPEULORURUJDQL]D LHL"


FXDMXWRUXOvQWUHE ULLFXSULYLUHODRFXSD LDSHUPDQHQW LODvPS U LUHDFkWLJXOXL

/HJLWLPLWDWH
1XPDL GXS  vQGHSOLQLUHD REOLJD LLORU PRUDOH YDODELOH ID
UHVSRQVDELOLW

LORU

LQGLYLGXDOH

ID

GH

SHUVRDQHOH

 GH WRDWH SHUVRDQHOH L SULQ REVHUYDUHD

SUHFL]DWH

HVWH

FRQVLGHUDW 

WRWDOLWDWHD

L

PXOWLGLPHQVLRQDOLWDWHDRPXOXLFDSHUVRDQ 
&D R FRQFUHWL]DUH D FHULQ HL HOHPHQWDUH GH OHJLWLPLWDWH SULQFLSLXO OHJLWLPLW

LL SHUVRQDOH SUHWLQGH

WUDWDUHDHJDO LUHVSHFWDUHDILHF UXLLQGLYLGvQGHPQLWDWHDVDFDSHUVRDQ 


/HJLWLPLWDWHD MRDF  XQ URO LPSRUWDQW vQ VSHFLDO vQ GRPHQLXO PDQDJHPHQWXOXL UHVXUVHORU XPDQH D
FRQGXFHULLSHUVRQDOXOXLFDUHVHSRDWHFDUDFWHUL]D


SULQWUR IRUP  GH XWLOL]DUH D FRODERUDWRULORU FDUH QX GH LQ SH OkQJ  FDOLILFDUHD GH VSHFLDOLWDWH L
FRPSHWHQ HOHLFDOLW

LOHSHUVRQDOH



SULQWUXQ PRG GH FRQGXFHUH FDUH SHUPLWH PXQFLWRULORU V L P UHDVF  SRWHQ LDOXO VSHFLILF



SULQ P VXUL GH SHUIHF LRQDUH GH ULGLFDUH D FDOLILF ULL FDUH QX VXQW DGDSWDWH QXPDL OD QHFHVLW

LQGLYLGXDO
LOH

VSHFLILFHDFWXDOHDOHILUPHLFLvQDFHODLWLPSVHUYHVFODIRUPDUHDXQXLFDSLWDOXPDQGHYLLWRU


SULQWURQRX IRUP GHPRWLYDUHDPXQFLWRULORU


3DUWLFLSDUHD

Q FDGUXO FRQGXFHULL H[LVW  PXOWH DVSHFWH GH VFKLPEDUH D SULQFLSLXOXL GH OHJLWLPLWDWHD SHUVRDQHL
,PSRUWDQW HVWHSDUWLFLSDUHDPXQFLWRULORUODDFWLYLWDWHDvQWUHSULQGHULLLDQXPHOXkQGvQFRQVLGHUD LHDVSHFWXO
VSLULWXDO SULQ GHVFHQWUDOL]DUHD VWUXFWXULORU RUJDQL]D LRQDOH L SURPRYDUHD FRQFHSWHORU GH FRQGXFHUH
FRRSHUDQWHvQFDGUXOXQHLFXOWXULGHvQWUHSULQGHUHFRUHVSXQ] WRDUH
/XkQGvQFRQVLGHUD LHDVSHFWXOPDWHULDOSULQFRSDUWLFLSDUHDODFkWLJvQXOWLPDSHULRDG VHGRUHWHFD
QRLOH PRGHOH GH FRQGXFHUH L GH PDQDJHPHQW V  DVLJXUH FRODERUDWRULORU QRL SRVLELOLW

L GH LGHQWLILFDUH FX

DFWLYLWDWHD GLQ vQWUHSULQGHUH &XQRVFXW vQ DFHDVW  GLUHF LH HVWH PDQDJHPHQWXO SULQ RELHFWLYH 3ULQ DFHVW
PRGHOPXQFLWRULLVXQWDGXLFkWPDLDSURDSHGHVFRSXULOHvQWUHSULQGHULL$GHY UDWDLGHQWLILFDUHDPXQFLWRULORU
FX

HOXULOH vQWUHSULQGHULL VH UHDOL]HD]  QXPDL DFROR XQGH PXQFLWRULL DF LRQHD]  SHQWUX VWDELOLUHD DFHVWRU

VFRSXUL
$VW ]L vQ FHQWUXO PRGHO ULL RUJDQL]D LHL VH PDQLIHVW  VWU GDQLD GHVFHQWUDOL] ULL VWUXFWXULORU L GHOHJDUH
vQ FDGUXO JUXSHORU PLFL 0RGHOHOH GH PDQDJHPHQW LPSXQ DVXPDUHD U VSXQGHULL L DF LXQL GH FXJHWDUH
$QJDMDPHQWXO L U VSXQGHUHD SURSULH D PXQFLWRULORU D FRQGXV OD DFHHD F  DFHWLD FD UHSUH]HQWDQ L DL
RUJDQL]D LHL VH FRQVLGHU  L VH SRW LGHQWLILFD FX DFHDVWD 2GDW  FX JUDGXO GH LGHQWLILFDUH FUHWH L PRWLYD LD
SHQWUXPXQF DPXQFLWRULORU
6H SXQH vQWUHEDUHD FDUH VXQW FDUDFWHULVWLFLOH FXOWXULL vQWUHSULQGHULL &XOWXUD GH vQWUHSULQGHUHWUHEXLHV 
SUHWLQG  DVW ]L QRL HOHPHQWH FDUDFWHULVWLFH FD GH SLOG  FUHDWLYLWDWH FDUH V  FRQWULEXLH OD DXWRQRPLD
LQGLYLGXOXLLV SURPRYH]HDQJDMDPHQWXOSHUVRQDO/DDFHDVWDVHDGDXJ XUP WRDUHOH


6 DLE SUHVWD LHFDUHV DVLJXUHRvQDOW FRPSHWHQ



6 PDQLIHVWHLQL LDWLY SURSULHLV ILHSUHJ WLW SHQWUXULVF



6 VHDGDSWH]HODSURFHVHGHVFKLPEDUH



6 FRODERUH]HvQFDGUXOJUXSXOXL



6 LDGHFL]LL





6  ILH FRUHFW  vQ VSHFLDO vQ SUREOHPH OHJDWH GH LQIRUPD LL FXQRWLQ H L QRXW

L OHJDWH GH

SUREOHPHOHSUH]HQWDWHVDXFRWLGLHQH


6 DLE vQFUHGHUHvQDO LLVDXV U PkQ GHPQGHvQFUHGHUH



6 UHVSHFWHSHFHLGLQMXU FXPS U WRULIXUQL]RULLFROHJL LV VHUHVSHFWHSHVLQH



6 LDVXPHDF LXQLLU VSXQGHUL



6 DSUHFLH]HLV U VSO WHDVF SHVLQHLSHDO LLvQIXQF LHGHUHDOL] UL

&OLPDWXOGHvQWUHSULQGHUH
'LPHQVLXQHDOHJ WXULORUVRFLRHPR LRQDOHGLQFDGUXOvQWUHSULQGHULLUHVSHFWLYGLQLQWHULRUXOXQHLJUXSH
VXQW GHVHPQDWH GH XQLL FHUFHW WRUL SULQ QR LXQHD GH FOLPDW GH vQWUHSULQGHUH $FHVWD SRDWH IL GLIHUHQ LDW vQ
FOLPDW GH VXFFHV DFKLHYHPHQW FOLPDWH   FOLPDW GH DVRFLHUH DIILOLDWLRQ FOLPDWH  FOLPDW GH SXWHUH SRZHU
FOLPDWH  :LVZHGHU*QWHU6R]LRORJLH/DQGVEHUJDP/HFKS 
QSULPXOFD]FOLPDWXOVHED]HD] SHFDSDFLWDWHDRUJDQL]D LHLSHUHDOL] ULOHHL&OLPDWXOGHSXWHUHHVWH
XQ FOLPDW FDUH FRQ LQH HOHPHQWH DXWRFUDWLFH &OLPDWXO GH DVRFLHUH FRQ LQH HOHPHQWH GH VROLGDULWDWH L GH
RULHQWDUH D PXQFLWRULORU 'XS  UH]XOWDWHOH H[SHULHQ HORU XQ FOLPDW GH VXFFHV vQJOREHD]  FRPSRUWDPHQWXO
SURGXFWLY FX HOHPHQWH GH LQRYD LH &OLPDWXO GH DVRFLHUH SRDWH V  FRQWULEXLH vQ PDUH P VXU  OD PXO XPLUHD
PXQFLWRULORU Q PRPHQWXO vQ FDUH VH YRUEHWH GH FOLPDWXO GH vQWUHSULQGHUH WUHEXLH V  VH VXEOLQLH]H F 
RUL]RQWXO H[SHULPHQWDO DO LQGLYLGXOXL WUHEXLH V  XUP UHDVF  DFHODL OXFUX FX JUXSD GH PXQF  VDX FX
FRPSRUWDPHQWXO 6H SRDWH YRUEL vQ LQWHULRUXO XQHL vQWUHSULQGHUL GH ]RQH FOLPDWLFH UHVSHFWLY VHJPHQWH FX

FOLPDW 8Q DVSHFW DO DFHVWXL SURFHGHX GLIHUHQ LDOvOUHSUH]LQW DQDOL]DPDQDJHPHQWXOXLFOLPDWXOXLvQFDUHVH


FHUFHWHD] FOLPDWXOGLQFDGUXOFRQGXFHULL
6H SRDWH FRQVLGHUD F  DFHVW FOLPDW GH vQWUHSULQGHUH UHSUH]LQW  DWPRVIHUD GH vQWUHSULQGHUH FDUH LD
QDWHUHSULQDWLWXGLQLOHLPRGXULOHGHFRPSRUWDPHQWDOHPHPEULORUvQWUHSULQGHULLFDUHODUkQGXOORUUHSUH]LQW 
H[SUHVLD PXO XPLULL OHJDWH GH RUJDQL]DUHD IRUPDO  L LQIRUPDO  D vQWUHSULQGHULL D HYDOX ULL FDSDFLW
VWLOXOXLGHFRQGXFHUH

LL L D

&DSLWROXO$VSHFWXOVRFLDODOUHSDUWL LHL

3LD DFDIRUP

DRUGLQLL

0D[:HEHUGHVHPQHD] SLD DFDWLSLGHDODODF LXQLLUD LRQDOHDVRFLHW

LL

8Q FXQRVFXW VRFLRORJ PRGHUQ =HWWHUEHUJ +/ 6RFLDO WKHRULH DQG VRFLDO SUDFWLFH 1HZ <RUN  
SURSXQHGLIHUHQ LHUHDSULQFLSDOHORUHOHPHQWHDOHUH HOHLGHOHJ WXULVRFLDOHvQGRX FODVHLDQXPHvQXQDGLQ
FDUHVHPDQLIHVW FDUDFWHUXOGHSLD

LvQDOWDvQFDUHVHPDQLIHVW FDUDFWHUXOGHRUJDQL]D LH

8QLLUHQXPL LVRFLRORJL 3DUVRQ76PHOVHU1-(FRQRP\DQGVRFLHW\/RQGRQ DXFRQVLGHUDW


GLYL]LXQHDPXQFLLVFKLPEXOLFRQWUDFWXOGUHSWLQVWLWX LLHFRQRPLFHGHRVHELWGHLPSRUWDQWH
$QDOL]DVWUXFWXULLSLH HLDGXVODXUP WRDUHOHFRQFOX]LLUHIHULWRDUHODVFKLPEXOOLEHU
D

/LEHUWDWHDLHJDOLWDWHDOHJ WXULORU

E

([LVWHQ D SRVLELOLW

LORU GH FRPSDUD LH vQWUR GLQWUR GXEO  SULYLQ

 FRPSDUD LD XQXL

RELHFWFXDOWRELHFWSUHFXPLFRPSDUD LDvQWUHSHUVRDQHOHFDUHYRUV VFKLPEHRELHFWHOH


vQWUHHOH
F

([LVWHQ D XQXL PHFDQLVP GH FRQWURO L VDQF LXQL DLFL vQ SULPXO UkQG PHFDQLVPXO GH
VDQF LXQLILQDQFLDUHFDUHI U RFRQGXFHUHFHQWUDO G SRVLELOLWDWHDSHED]DLPEROGXULORU
ILQDQFLDUHLPSXQHUHDFRPSRUWDPHQWXOXLSDUWLFLSDQ LORUODSLD

'XS  S UHUHD FHUFHW WRULORU DFHVWH HOHPHQWH GH VWUXFWXU  QX VXQW GH]YROWDWH vQ VRFLHW

LOH SULPLWLYH

$LFLOLSVHWHSRVLELOLWDWHDSULQFLSDO GHDQHJDOHJ WXULOHGLQWUHSHUVRDQHLRELHFWHOLSVHWHSRVLELOLWDWHDGHD


GHVIDFHOHJ WXULOHGHVFKLPELPSHUVRQDOHGHOHJ WXULOHIDPLOLDOHSROLWLFHUHOLJLRDVHLQXVHPDQLIHVW LQWHUHV
OHJDWGHVDQF LXQLLFRQWUROILQDQFLDU9DORDUHDWLLQ LILF DFRPSDUD LHLLGHDOHWLSLFHHVWHOLPLWDW LDFHDVWD
SHQWUX D F  vQ DD QXPLWHOH VRFLHW

L SULPLWLYH H[LVW  SLH H FRQFUHWH XQGH VH IDFH FRPHU  FX EXQXUL QHFHVDUH

H[LVWHQ HLLXQGHFDPLMORFGHVFKLPEHUDXWLOL]DW PRQHGDQDWXUDO YLWHVDUHSLHLEDUHGHILHUFDRDWUHLD


PDUI  8UP WRDUHD HWDS  DU IL DD QXPLWHOH VRFLHW

L SULPLWLYH XQGH VXQW XWLOL]DWH VLPEROXULOH PRQHWDUH GH

SLOG VFRLFLOHvQVHQVXOXQXLPHGLXGHLQWHUDF LXQHVLPEROLF


)DFWRULGHSLD

LEXQXULGHSLD

QFDGUXOEXQXULORUGHSLD

VXQWvQJOREDWHEXQXULLVHUYLFLLSHQWUXVFKLPE'HXQGHRVHELWLQWHUHVHVWH

XOWLPDID] DSURFHVXOXLGHSLD DLDQXPHSLD DGHEXQXULGHFRQVXPQOHJ WXU FXIDFWRULLGHSLD DVHSRW


PHQ LRQDEDQLLLFDSLWDOXOSHGHRSDUWHLIDFWRUXOPXQF SHGHDOW SDUWH'LQSXQFWGHYHGHUHDOVRFLRORJLHL
XQ GHRVHELW LQWHUHV vO MRDF  SLD D GH PXQF  3LD D GH EXQXUL vQ SULPXO UkQG SLD D GH EXQXUL GH FRQVXP HVWH
VXSXV  QXPHURDVHORU VFKLPE UL vQ GHFXUVXO GH]YROW ULL VDOH 'RX  VFKLPE UL HVHQ LDOH OHJDWH GH GH]YROWDUHD
SLH HL EXQXULORU GH FRQVXP VXQW GHSHUVRQDOL]DUHD L FRPSOH[L]DUHD (OHPHQWHOH WUDGL LRQDOH GH VWUXFWXU  DOH
SLH HL FD UHOD LLOH SDUWLFXODUH UHOD LLOH GH UXGHQLH  VDX vQF UF WXULOH VRFLDOH DOH DFWHORU GH FXPS UDUH GH
H[HPSOX QHJRFLHUHD SUH XULORU  VDX VFKLPEDW PXOW L DX I FXW ORFXQXLVLVWHPXQLWDUDEVWUDFW$FXPHVWHGH
DVHPHQHDLPSRUWDQWGHVHPQDODWF PHFDQLVPHUHSUH]HQWDWLYHVXEVWLWXLHOHJ WXULOHVO ELWHGLQWUHFXPS U WRU
LYkQ] WRU$FHVWHQRLPHFDQLVPHVXQWvQPDUHP VXU XQHFKLYDOHQWIXQF LRQDOSHQWUXFUHDUHDOHJ WXULORUGH
vQFUHGHUH GHRVHELWH H[SOLFDUHD JDUDQ LHL GH]YROWDUHD DUWLFROHORU GH SLD

 FDUH WUHEXLH V  VHPQDOH]H R

GHRVHELW  vQFUHGHUH vQ FDOLWDWHD SURGXVHORU UHFODPD DEVWUDFW  SH FDUH GLVFX LD SHUVRQDO  vQWUH SDUWHQHULL GH
SLD

 SRDWH V  R VXEVWLWXLH $FHOHDL PHFDQLVPH vQGHSOLQHVF IXQF LXQHD XQHL UHGXFHUL GH FRPSOH[LWDWH FX

SULYLUHODYDULHWDWHDEXQXULORURIHULWHLDVHUYLFLLORU7HQGLQ HGHGH]YROWDUHFXQRVFLPHWRGHOHPRGHUQHGH
GHVIDFHUH 'RPLQ  vQFHUFDUHD FD VLVWHPHOH GH GHVIDFHUH L F LOH GH GHVIDFHUH V  ILH GHSHUVRQDOL]DWH L FX
DFHDVWDV ILHRELHFWLYL]DWHODIHOFDRGLQLRDU HOHPHQWHOHVRFLDOHvQDF LXQLOHGHYkQ]DUHLFXPS UDUH
0RGLILFDUHD GH GLVWULEX LH HVWH GLFWDW  GH RIHUW  L GH SLD

 &RQGL LLOH GH SLD D L UHDF LLOH

FRQVXPDWRUXOXL VXQW SUHFL]DWH $FHDVW  VLWXD LH VH SRDWH V  VH FODULILFH WHRUHWLF UHVSHFWLY vQ VHQVXO XQXL
PRGHOHILFLHQWGHSUHPLLVDQF LXQHFDUHV IDYRUL]H]HFDQDOHOHHILFLHQWHVDXIDYRUDELOHFDUHV OU VSO WHDVF 
SH RIHUWDQWXO FDSDELO vQ WLPS FH SULQWUXQ PHFDQLVP GH VDQF LXQH DVHP Q WRU FDQDOHOH LQHILFLHQWH V  ILH
vQO WXUDWH'LQSXQFWGHYHGHUHDOWHRULHLVLVWHPHORUVHSRDWHFDGH]YROWDUHDQRLORUIRUPHGHGHVIDFHUHV ILH
H[SOLFDWH SULQWUR HFKLOLEUDUH D VLVWHPXOXL L GH SURPRYDUH D VWUXFWXULORU L FDSDFLW

LORU GH DGDSWDUH 1RLOH

FDQDOH GH GHVIDFHUH VDX PRGLILFDUHD FDQDOHORU DQWHULRDUH VXQW vQ DFHVWH VHQV vQ PDUH P VXU  U VSXQVXULOH
VLVWHPXOXLODWXOEXU ULOHGLQVLVWHP
3LD D PXQFLL HVWH vQ SDUWH LQIOXHQ DW  GH DOWH OHJLW

L GHFkW GRPHQLXO EXQXULORU (FRQRPLWLL L

VRFLRORJLLVXV LQF PRGHOXOFODVLFDOSLH HLLLGHHDXQXLUDSRUWMXVWvQWUHFHUHUHLRIHUW SHSLD DPXQFLLQX


VXQW HILFLHQWH 3URFHVXO GH SURGXF LH HVWH RUJDQL]DW L FRQWURODW GH SRVHVRUXO GH FDSLWDO DVWIHO F  VH QDWH R
DVLPHWULH VWUXFWXUDO  vQWUH PXQF  L FDSLWDO *

QWHU :LVZHGH RSFLW S  'H DVHPHQHD SLD D PXQFLL

WUHEXLH V  VH FRQFUHWL]H]H SULQ Q ]XLQ D SHQWUX VLJXUDQ D PXQFLWRULORU 3ULQ FRQFHGLHUHD PXQFLWRULORU DU IL
OH]DWH LQWHUHVHOH GH FkWLJ SHQWUX H[LVWHQ

 IXQF LL LPSRUWDQWH DOH VRFLHW

VRFLRORJL]DUHDFRSLLORULQXDUPDLILE JDWHvQVHDP FRQWUDVWHOHVRFLHW

LL ED]HOH IDPLOLHL UDWD QDWDOLW


LL

LL

2 DOW  SDUWLFXODULWDWH FDUH FDUDFWHUL]HD]  IDFWRULL GH PXQF  HVWH KHWHURJHQLWDWHD ORU /D SLD
FXQRVFXWH GLIHULWH FDQWLW

L L FDOLW

 VH IDF

L GHPXQF FDUHVXQWRIHULWHFDUHODUkQGXOORULPSOLF GLIHULWHUROXULGH

VHUYLFLXLSUHWLQGGLIHULWHJUDGHGHSUHJ WLUH
8Q DOW DVSHFW DO KHWHURJHQLW

LL SLH HL PXQFLL HVWH F  GLIHULWH VHJPHQWH DOH DFHVWHL SLH L VXQW GLVWLQFWH

8QLL FHUFHW WRUL SXQ SUREOHPD XQHL SLH H D PXQFLL GXDOH *RUGRQ '0 7KHRULHV RI SRYHUW\ DQG
XQHPSOR\HPHQW /H[LQJWRQ   ,GHHD GH ED]  FRQVW  vQXWLOL]DUHDXQXLQRXPRGHODOLQHJDOLW

LLVRFLDOH

UHVSHFWLY R GLIHUHQ LHUH vQWUH FHQWUX L SHULIHULH Q DSURSLHUH GH FHQWUX vQ SLH HOH GH PXQF  SULPDUH  H[LVW 
DQVH IDYRUDELOH DVLJXU ULL ORFXOXL GH PXQF  RFXSD LL VWDELOH DVLJXUDUHD XQRU DFWLYLW

L ELQH SO WLWH 0DL

GHSDUWH OD SHULIHULH VH J VHWH SLD D GH PXQF  GXDO  FX IOXFWXD LH ULGLFDW  FDOLILFDUH UHVWUkQV  DQVH GH
PXQF VFKLPE WRDUHVLJXUDQ

UHGXV QLYHOVF ]XWDOFDOLW

LLYLH LL *

QWHU:LVZHVHRSFLWS 

&RQGL LLOHVRFLDOH
3HQWUX DQDOL]D VRFLRORJLF  D FRPSRUWDPHQWXOXL GH SLD
SDUWHQHUL GH SLD

 HVWH QHFHVDU D VH FHUFHWD OHJ WXULOH GLQWUH

 vQ DF LXQLOH ORU FRQFUHWH &RPSRUWDPHQWXO GH SLD D HVWH PDL PXOW FDQDOL]DW vQ FDGUH

FRQGL LRQDWH FXOWXUDO HFRQRPLF L SROLWLF 6H SRW GHRVHEL FRQGL LL FDGUX DOH OHJ WXULORU GH LQWHUDF LXQH GH
SLD

 6FKLOG5'HU0DUNWDOVVR]LDOHV,QWHUDNWLRQVIHOGvQ'HU0DUNW LDQXPH


&RQGL LL FDGUX FXOWXUDOH vQ VSHFLDO SULQ DF LXQLOH GH YDORDUH GHOLPLWDWH FXOWXUDO L QHFHVLW

LOH GH

RIHUWDQ LLVROLFLWDQ L




&RQGL LL FDGUX SROLWLFH vQ PRG GHRVHELW vQ IXQF LLOH GH UHJOHPHQW UL DOH PHFDQLVPXOXL SLH HL vQ
FDGUXORUGLQLLHFRQRPLFHVLVWHPHGHUHJOHPHQWDUHMXULGLF PHFDQLVPHGHVDQF LXQHSROLWLF 



&RQGL LL FDGUX HFRORJLFHHFRQRPLFHWHKQRORJLFH FDUH SUH]LQW  ED]HOH SHQWUX SRWHQ LDOXO QHFHVDU
HFRQRPLHL vQ SULYLQ D UHVXUVHORU L VLWXD LD DSURYL]LRQ ULL XQHL VRFLHW

L GH SLOG  VWDGLXO GH

GH]YROWDUHHFRQRPLF 


&RQGL LL FDGUX VRFLDOVWUXFWXUDOH vQ VSHFLDO GLPHQVLXQHD SXWHULL UHDOH GH SH SLD
SRVLELOLW

 vPSUHXQ  FX

LOH GH LQWHUYHQ LH HFRQRPLF  SUHFXP L LQIOXHQ D JUXS ULORU VRFLDOH SH FDUH LQGLYLGXO OH

vQWkOQHWHODSLD

LFDUHvOOLPLWHD] SHLQGLYLGvQVFRSXOLPRWLYD LDVD

$FHVWH FRQGL LL FDGUX FDUH VH DIO  vQ LQWHUGHSHQGHQ

 DF LRQHD]  vQ VHQVXO XQHL VWUXFWXUL QRUPDWLYH vQ

FDUHOHJ WXULOHLQWHUXPDQHVHPDQLIHVW vQFDGUXOVXEVLVWHPXOXLSLD


PRGVXQWXQDVSHFWSDU LDODOSURFHVHORUVRFLDOHUHOHYDQWHGHSLD

,QIOXHQ HOHGHLQWHUDF LXQHDODFHVWXL




6LVWHPHHFRQRPLFH
1R LXQHDGHVLVWHPHFRQRPLFUHSUH]LQW vQHSRFDPRGHUQ WRWDOLWDWHDS UHULORUSULYLQGFRQFHS LDVXSUD
OXPLLYDORULOHVRFLRFXOWXUDOHUHSUH]HQW ULOHGHRUGLQHLOHJ WXULOHGHFRQGXFHUHDOHVWUXFWXULLXQHLHFRQRPLL
QD LRQDOH FDUH SUHFL]HD]  L FDQDOL]HD]  SDUWLFXODULW
+LOOPDQQ$OOJHPHLQH:LUWVFKDIWVVR]LRORJLH0

LOH L RULHQWDUHD SURFHVHORU HFRQRPLFH .DUO+HLQ]

QFKHQ9DKOHQS 

8Q VLVWHP HFRQRPLF VWDELO FRQ LQH R RUGLQH HFRQRPLF  VSHFLILF  vPSOHWLW  FX OHJ WXULOH GH FRQGXFHUH
VRFLDO  FDUH vQ PRG IXQGDPHQWDO RUJDQL]HD]  L VWUXFWXUHD]  HYHQLPHQWXO HFRQRPLF 'LQ SXQFWGHYHGHUHDO
VRFLRORJLHL HFRQRPLFH HVWH LPSRUWDQW GH SUHFL]DW F  VLVWHPHOH HFRQRPLFH VXQW FDQDOL]DWH VFKLPE ULORU
PHGLXOXL VRFLRFXOWXUDO 6LVWHPHOH HFRQRPLFH VXQW OHJDWH GH UHSUH]HQW UL VRFLRFXOWXUDOH SUHFLVH L H[HUFLW 
DVXSUDDFHVWRUDRLQIOXHQ

SXWHUQLF 

3XUW WRULL XQXL VLVWHP HFRQRPLF VXQW RDPHQL FX VWUXFWXUL GH SHUVRQDOLWDWH GLIHULW  L PRGXUL GH
FRPSRUWDPHQWFDUHVXQWFDUDFWHUL]D LGHLQIOXHQ HOHVRFLRFXOWXUDOHDOHPHGLXOXL
'LIHULWHVLVWHPHHFRQRPLFHDXGHUH]ROYDWSUREOHPHIXQGDPHQWDOHFRPXQHSULYLQGSURGXF LDEXQXULORU
QHFHVDUH WUDLXOXL D VHUYLFLLORU RIHULWH D UHSDUWL] ULL EXQXULORU L D SURGXVHORU D PLMORDFHORU XWLOL]DWH SHQWUX
DFHDVWD
Q FDGUXO HFRQRPLHL PRGHUQH WUHEXLH V  VH DMXQJ  OD R UHDOL]DUH D VFRSXULORU GLIHULWHORU VLVWHPH
HFRQRPLFH GH]YROWDUHD HFRQRPLF  vQ IDYRDUHD ULGLF ULL QLYHOXOXL GH WUDL JHQHUDO DVLJXUDUHD ORFXULORU GH
PXQF VWDELOLWDWHDSUH XULORUHFKLOLEUXOH[WUDHFRQRPLFLVLJXUDQ DVRFLDO 3HOkQJ DVLJXUDUHDXQXLQLYHOGH
WUDL ULGLFDW GH OD VLVWHPHOH HFRQRPLFH GH]YROWDWH VXQW DWHSWDWH UHDOL]DUHD VFRSXULORU GH DXWRGH]YROWDUH L GH
DGDSWDUHDPHGLXOXL
QFHOHFHXUPHD] VHYRUSUH]HQWDSULQFLSDOHOHWLSXULGHVLVWHPHHFRQRPLFHHFRQRPLDGHSLD
HFRQRPLDGHSLD

VRFLDO HFRQRPLDGHSLD

(FRQRPLDGHSLD
(FRQRPLDGHSLD

OLEHU

OLEHU 

FHQWUDOL]DW 

OLEHU IRUPHD] XQVLVWHPHFRQRPLFvQFDUHLQGHSHQGHQWGHVWDWSURGXF LDLRIHUWD

GH EXQXUL L VHUYLFLL SH GH R SDUWH L FHUHUHD GH EXQXUL L VHUYLFLL SH GH DOW  SDUWH VXQW GLFWDWH GH GHFL]LLOH
LQGLYLGXDOHDOHVXELHF LORUHFRQRPLFL
3HQWUXHFRQRPLDGHSLD
SULQWUXQPHFDQLVPGHSUH XUL

OLEHU HVWHHVHQ LDOF RIHUWDLFHUHUHDSHSLH HOHLQGLYLGXDOHVHDUPRQL]HD] 

1R LXQHDSLD

UHSUH]LQW LQVWLWX LDGHED] DOHJ WXULORUGHVFKLPEvQWUHLQGLYL]LUHVSHFWLYFDWHJRULL

GHSHUVRDQH SURGXF WRULRIHUWDQ LFRPHUFLDQ LFXPS U WRULFRQVXPDWRUL FXLQWHUHVHLVFRSXULFRPHUFLDOH


GHRVHELWH3HED]DXQHLvQWUHFHULQHOLPLWDWHVHIRUPHD] SUH XULOHFDUHUHIOHFW UHVWUkQJHUHDGLIHULWHORUEXQXUL
L VHUYLFLL 3UH XUL ULGLFDWH SHQWUX DQXPLWH EXQXUL VHPQDOHD]  OLSVXUL vQ SURSRU LH FUHVFkQG  L FDX]HD] 
vQWUHSULQGHULORU FDUH XUP UHVF PD[LPL]DUHD FkWLJXOXL V  GH]YROWH SURGXF LD L RIHUWD 3UH XUL VF ]XWH GLQ
FRQWU GXFODOLPLWDUHDSURGXF LHLLDRIHUWHLSUHFXPLODSXQHUHDvQPLFDUHDIDFWRULORUGHSURGXF LHFDUH
WUHEXLHVF DPSODVD L vQ GRPHQLLOH SURGXF WRDUH GH FkWLJ Q HFRQRPLD GH SLD

 OLEHU  SODQXULOH HFRQRPLFH

LQGLYLGXDOHVXQWFRRUGRQDWHFXDMXWRUXOSUH XULORUSLH HL


0DQDJHULL DOHJ DFHD FRPELQD LH GH IDFWRUL GH SURGXF LH FDUH GHWHUPLQ  FHOH PDL UHGXVH FRVWXUL Q
RULHQWDUHDSUH XULORUGHSLD
&XPS UDUHD

VDX

VHVWDELOHVFEXQXULFDUHYRUILSURGXVHLFDOLWDWHDDFHVWRUD

QHFXPS UDUHD

GLQ

SDUWHD

FRQVXPDWRULORU

LQIOXHQ HD] 

P ULPHD

SUH XULORU

FRUHVSXQ] WRDUH SLH HL L SUHFL]HD]  P ULPHD L QDWXUD SURGXF LHL 'LQ QHFHVLWDWHD GH D DYHD FkWLJ
DQWUHSUHQRULLVXQWFRQVWUkQLV UHDOL]H]HFHOHPDLEXQHLPDLLHIWLQHSURGXVHSHQWUXFRQVXPDWRUL
0 ULPHD VDODULXOXL HVWH XQ PRGHO DO HFRQRPLHL GH SLD
SHULRDG  GH WLPS vQ FDUH DFHDVW  IRU

 OLEHUH 0DQDJHUXO DQJDMHD]  OXFU WRULL SH R

 GH PXQF  UHDOL]HD]  FkWLJ VDX FHO SX LQDFRSHU FRVWXULOHSURGXFkQG

L YkQ]kQG Q FDGUXO SLH HL OLEHUH QX SRW DS UHD SHULRDGH GH RPDM GH GXUDW  FD XUPDUH D PRELOLW
FUHVFkQGHDIRU HLGHPXQF LIOH[LELOLW

LL

LLVDODULXOXL6FKLPE ULOHOHJDWHGHFHUHUHLRIHUW GLULMHD] SUH XULOH

GH SLD D DVWIHO F  IDFWRULL GH SURGXF LH VH GHSODVHD]  vQ DFHOH GRPHQLL vQ FDUH HVWH SRVLELO  R VDODUL]DUH D
PXQFLLPDLULGLFDW LRPDLPDUHGREkQG DFDSLWDOXOXL
3HQWUX VRFLRORJLD HFRQRPLF  VXQW GHRVHELW GH LQWHUHVDQWH XUP WRDUHOH UHSUH]HQW UL DOH XQHL HFRQRPLL
OLEHUH .DUO+HLQ]+LOOPDQQ$OOJHPHLQH:LUWVFKDIWVVR]LRORJLH0

GHSLD


R ODUJ  VHFXODUL]DUH D VRFLHW

LL L UHVSLQJHUHD IRUPHORU GH YLD

QFKHQ9DKOHQS 
 FROHFWLYHVRFLDOH UHFRQVWUXLUHD

VRFLDOXOXLDVHPHQLORUDFRPSRUWDPHQWXOXL



RUHDOL]DUHVRFLDO DUD LRQDOLVPXOXLLQGLYLGXDOLVPXOXLLOLEHUDOLVPXOXL


GH]YROWDUHD L DVLJXUDUHD GLQ SDUWHD VWDWXOXL D LQVWLWX LLORU GH GUHSW  D SURSULHW

LL SULYDWH FKLDU

DVXSUD PLMORDFHORU GH SURGXF LH  OLEHUWDWHD GH FRQWUDFWDUH OLEHUWDWHD SUDFWLF ULL PHWHXJXULORU
DOHJHUHDOLEHU DSURIHVLHLOLEHUWDWHDFRQVXPXOXLHJDOLWDWHDvQID DOHJLL


OLPLWDUHDDFWLYLW

LLVWDWDOHvQFHHDFHSULYHWHPHQ LQHUHDVLJXUDQ HLLQWHUQHLH[WHUQHDVLJXUDQ HL

MXULGLFH FRQIRUP SULQFLSLXOXL /DLVVH]IDLUH I U  PDQLIHVWDUHD YUHXQHL LQWHUYHQ LL D VWDWXOXL vQ
YLD DHFRQRPLF 


DVLJXUDUHDvQWUHFHULORUQHOLPLWDWH



HOLPLQDUHDPDQLSXO ULLFRQVXPDWRUXOXLDFHVWDGHYHQLQGXQVROLFLWDQWDXWRQRPLUD LRQDO

8Q GHRVHELW DYDQWDM DO SLH HL OLEHUH HVWH HILFLHQ D HFRQRPLF  ULGLFDW  6XQW VWLPXODWH FDSDFLWDWHD
FUHDWLYLWDWHDLLQL LDWLYDLQGLYLGXOXL
0RGHOXOXQHLHFRQRPLLGHSLD DOLEHUHQXDUHXLWV VHFRQWXUH]HvQUHDOLWDWHvQWURIRUP FXUDW SXU 
2 DVWIHO GHUHDOL]DUHHVWHvPSLHGLFDW GHIDSWXOF QXHVWHQXPDLXQKRPRHFRQRPLFXV'LQFRQWU ILLQ D
XPDQ  VH PDQLIHVW  GLIHUHQ LHUL LQGLYLGXDOH vQWUH RDPHQL GLQ SXQFW GH YHGHUH HPR LRQDO L LUD LRQDO FDUH VH
vQW UHVF SULQ FRQGL LL GH YLD

 FDUH vPEUDF  FDUDFWHUH VRFLRFXOWXUDOH Q DIDU  GH DFHDVWD FRQGL LLOH GH YLD

PRWHQLWH L vQW ULWH VWUXFWXUDO IRUPHD]  R EDULHU  FDUH WUHEXLH vQO WXUDW  SHQWUX UHDOL]DUHD XQHL HFRQRPLL GH
SLD

OLEHU 
'H]YROWDUHD XQHL HFRQRPLL GH SLD

 OLEHU  DUH FD WHQGLQ D vQ ED]D FRPSHWL LHL QHOLPLWDWH L D DQVHORU

LQGLYLGXDOH GLIHUHQ LDWH V  GHWHUPLQH R DVFX LUH D LQHJDOLW


FUHWHUHDDJUHVLYLW

LL VRFLDOH Q FDGUXO VRFLHW

LLDFRQIOLFWHORUWHQVLXQLORU6WDELOLWDWHDVRFLHW

(FRQRPLDGHSLD

VRFLDO

LL VH PDQLIHVW 

LLHVWHVO ELW 

Q HVHQ D DFHVWHL HFRQRPLL GH SLD

 VRFLDO  J VLP LGHHD F  VWDWXO WUHEXLH V  VH vQJULMHDVF  SULQWUR

SROLWLF  HFRQRPLF  FRQIRUP  SLH HL GH R FDSDFLWDWH GH vQWUHFHUH HFRQRPLF  GH GXUDW  $LFL VH DMXQJH SULQ
DVLJXUDUHD XQHL MXVWH L VRFLDOH SULQ P VXUL VRFLDOSROLWLFH )XQGDPHQWXO VSLULWXDO DO HFRQRPLHL GH SLD

VRFLDO VHULGLF SkQ ODFRQFHS LDPRUDOILOR]RILF DXQHLRUGLQLHFRQRPLFHOLEHUHLDXQHLRUGLQLVRFLDOHFDUH


DIRVWHODERUDW vQVHF;9,,,GH$6PLWKLGHDO LL3OHFkQGGHODDFHVWHSUHPL]HWHRUHWLFH/XGZLJ(UKDUGL
$0

OOHU$UPDFNDXUHDOL]DWSHED]DVLWXD LHLGLQ*HUPDQLDVFKHPDHFRQRPLHLGHSLD

GH HFRQRPLH GH SLD

 VRFLDO  D IRVW XWLOL]DW  GH $OIUHV 0

VRFLDO 1R LXQHD

OOHU $UPDFN *HQHDORJLH GHU VR]LDOHQ

0DUNWZLUWVFKDIW%HUQXQG6WXWWJDUW 
6D I FXW vQFHUFDUHD UHDOL] ULL XQHL VLQWH]H vQWUH IRUPHOH GH YLD
QHFHVLW

LOH VRFLDOH DOH VRFLHW

LL PRGHUQH 0RWRUXO HFRQRPLHL GH SLD

 OLEHUH HFRQRPLD GH SLD

 L

 VRFLDO  FDUH D UH]XOWDW GLQ DFHDVW 

VLQWH]  IRUPHD]  FDSDFLWDWHD GH vQWUHFHUH SRVLELO  DVLJXUDW  GH SROLWLFD VWDWXOXL $FHDVW  FDSDFLWDWH GH
vQWUHFHUHIDYRUL]HD] SURJUHVXOWHKQLFLFUHHD] FRQGL LLOHSHQWUXRFUHWHUHHFRQRPLF LFUHWHUHDEXQ VW ULL
JHQHUDOH $O WXUL GH DVLJXUDUHD vQWUHFHULL FUHWHUHD HFRQRPLF  VH QXP U  SULQWUH VFRSXULOH SULQFLSDOH DOH

SROLWLFLLHFRQRPLFHDVWDWXOXL6WDWXOWUHEXLHV VHvQJULMHDVF GHFRQGL LLIDYRUDELOHGHGH]YROWDUH


3URFHVXO HFRQRPLF WUHEXLH V  ILH LPSXOVLRQDW PDL GHSDUWH GH LQL LDWLYD SDUWLFXODU  D SURGXF WRULORU
RIHUWDQ LORU VROLFLWDQ LORU L FRQVXPDWRULORU 'UHSWXO OD SURSULHWDWHD SDUWLFXODU  L SUHOXDUHD U VSXQGHULL
SHUVRQDOHIRUPHD] HOHPHQWHGHGHFL]LH
&DUDFWHUXO VRFLDO FRQVW  vQ DFHHD F  HFRQRPLD GH SLD
IDYRUL]HD]  XUP UL VRFLDOH QHGRULWH (FRQRPLD GH SLD
DOF WXLDVF SULQFDSDFLW
YLD

LGHSLD

 WUHEXLH OLPLWDW  vQ DFHOH GRPHQLL vQ FDUH HD

 FXSULQGH QX QXPDL DFHL RDPHQL FDUH SRW V 

PLMORDFHOHSHQWUXDF LXQLOHGHFXPS UDUHQHFHVDUHLSHQWUXXQVWDQGDUGGH

GHWHUPLQDWVRFLDO)DFWRUXOHFRQRPLFWUHEXLHV ILHvQFDGUDWvQWUXQFDGUXVRFLDOLDUSROLWLFDHFRQRPLF 

VROLFLW FRPSOHWDUHDSULQSROLWLFDVRFLDO 
'RPHQLLSUHFLVHDOHYLH LLWUHEXLHUHJOHPHQWDWHvQDIDUDHFRQRPLHLGHSLD

5HSDUWL]DUHDYHQLWXOXLLD

DYHULL WUHEXLH FRUHFWDW  vQ VHQVXO XQHL MXVWH L VRFLDOH $LFL WUHEXLH V  VH Q ]XLDVF  VSUH R PDL PDUH VLPHWULH
VRFLDO  0HPEUL DL VRFLHW

LL FX R VLWXD LH HFRQRPLF  L VRFLDO  E WUkQL FRSLL LQYDOL]L EROQDYL RPHUL

WUHEXLHVFVSULMLQL LGHVRFLHWDWH6XQWDEVROXWQHFHVDUHP VXULOHSHQWUXUHFDOLILFDUHDIRU HLGHPXQF 7UHEXLH


DVLJXUDW DS UDUHDFRQVXPDWRUXOXLLDLQIRUPD LLORUvQDDIHOFDWR LFHW
GHSLD

HQLLV LDSDUWHDFWLYODIHQRPHQXO


0DLPXOWHGRPHQLLVXQWUHWUDVHLQL LDWLYHLSDUWLFXODUHYDOXWDUDGLRXOWHOHYL]RUXOLQVWUXLUHDPRGXOGH

FLUFXOD LH vQY

PkQWXO VXSHULRU DJULFXOWXUD SURWHMDUHD HQHUJLHL 3ROLWLFD HFRQRPLF  D VWDWXOXL WUHEXLH V 

DVLJXUHVWDELOLWDWHDPRQHWDU LV VHvQJULMHDVF GHRFUHWHUHHFRQRPLF SHFkWSRVLELO I U WHQVLXQH


5HDOL]DUHD IXQF LRQDUHD L DQVHOH GH YLLWRU DOH HFRQRPLHL GH SLD

 VRFLDO  GHSLQG GH QXPHURDVH

UHSUH]HQW UL


/ UJLUHDSHFkWSRVLELODPRGHOHORUGHRUGLQHDHFRQRPLHLGHSLD
OHJ WXU  FX FRQYLQJHUHD FDSDFLW

LL L VXSHULRULW

VRFLDO vQFRQWLLQ DSXEOLF vQ

LL DFHVWXL VLVWHP HFRQRPLF $LFL HVWH QHFHVDU  R

PXQF VSHFLDO GHLQVWUXLUHLGHLQIRUPDUH




)RU HSROLWLFHFkWPDLFXSULQ] WRDUHLGHLQIOXHQ

vQVRFLHWDWHFDUHV LQWHUYLQ vQSULPXOUkQGvQ

GRPHQLXOSROLWLFSHQWUXUHDOL]DUHDLDVLJXUDUHDHFRQRPLHLGHSLD


VRFLDO 

8QHFKLOLEUXDOSXWHULORUVRFLRHFRQRPLFHvQVSHFLDOvQWUHvQWUHSULQGHULLVLQGLFDWH6XSUDSRQGHUHD
SXWHUQLF DXQXLJUXSGHSXWHUHUHVSHFWLYDXQHLWDEHUHGHLQWHUHVHSRDWHV FRQGXF ODSXQHUHDvQ
SHULFRODVWDELOLW



LLVLVWHPXOXL

8Q VWDW PDL SXWHUQLF FDSDELO GH DF LXQH FDUH JDUDQWHD]  OHJDOLWDWHD DQVHORU DVLJXU  FRQGL LLOH GH
YLD DSHQWUXFHLRURSVL LGHOLPLWHD] PDLGHSDUWHFRQGL LLOHFDGUXSHQWUXPRGHODUHDFRQVXPXOXLL
SHQWUXXQPRGHOHFRQRPLFFDUHSURWHMHD] PHGLXO



6LQGLFDWHOH L PDQDJHULL FDUH QX XUP UHVF QXPDL LQWHUHVHOH ORU SDUWLFXODUH FL L HOHPHQWH
H[WHULRDUHDF LXQLORUSURSULLWUHEXLHV PDQLIHVWHSHFkWHVWHSRVLELOU VSXQGHULLSHQWUXSUREOHPH
HFRORJLFHVRFLDOHLHFRQRPLFH



7UHEXLH V  VH DVLJXUH PXQFLWRUL ELQH LQVWUXL L FDSDELOL FDUH VH SRW DGDSWD FDUH GDX GRYDG  GH
IOH[LELOLWDWH FDUH FUHHD]  R SDUWH D YHQLWXOXL SURGXFWLY vQ IDYRDUHD XQHL vPS U LUL HFKLOLEUDWH D
EXQXULORU FDUH OXSW  SHQWUX PDL PXOWH GUHSWXUL MXULGLFH SHQWUX VHPHQLL ORU FDUH

LQ FRQW GH

U VSXQGHUHDVRFLDO 


2 DOW  FRQGL LH SHQWUX YLDELOLWDWHD HFRQRPLHL GH SLD

 VRFLDOH HVWH PDQLIHVWDUHD FRQVXPDWRULORU

ELQH LQIRUPD L LQVWUXL L FDUH DX U VSXQGHUH HFRORJLF  L VRFLDO  L SDUWLFLS  DFWLY OD SLD

 SULQ

SR]L LDORUGHSXWHUHVXYHUDQ LDXWRQRP 




7UHEXLHV PHQ LRQ PF HFRQRPLDGHSLD


VRFLHW

VRFLDO SRDWHV VXSUDYLH XLDVF QXPDLvQFDGUXOXQHL

L D F UHL VWUXFWXU  YHUWLFDO  QX FRQ LQH QXPDL FDVWH VW UL VDX FODVH PDL PXOW DFHDVW 

VWUXFWXU  WUHEXLH V  ILH vQ IXQGDPHQWDUHD HL GHVFKLV  L SHUPHDELO  V  SHUPLW  LQGLYLGXOXL
PDQLIHVWDUHDFDSDFLW

LLDQVHGHDYDQVDUHLGHFkWLJFXXQFXYkQWDQVHGHYLD

Q FRQFOX]LH VH SRDWH PHQ LRQD F  L HFRQRPLD GH SLD



 VRFLDO  DVLJXU  LQGLYLGXOXL L IRUPD LXQLORU

HFRQRPLFH XQ FDGUX SHQWUX FRPSRUWDPHQW  FRQFXUHQ LDO (JRLVPXO LQWHUHVHOH SDUWLFXODUH L DF LXQHD
vQGUHSWDW XQXLVFRSUD LRQDOVHSRWGH]YROWDLFRQVWLWXLIRU HPRWULFHSHQWUXGH]YROWDUHDHFRQRPLF DQVHOH
GH YLLWRU DOH HFRQRPLHL GH SLD D VRFLDO  VXQW FX DWkW PDL PDUL FX FkW DF LRQHD]  PDL PXOW U VSXQGHUHD
HFRORJLFRVRFLDO vQUD LRQDOLWDWHDDF LXQLORUVXELHFWXOXLHFRQRPLF
(FRQRPLDFHQWUDOL]DW

(FRQRPLD FHQWUDOL]DW  VSUH GHRVHELUH GH HFRQRPLD GH SLD

 UHSUH]LQW  XQ VLVWHP HFRQRPLF vQ FDUH

HFRQRPLDvQWRWDOLWDWHDHLHVWHFRQGXV LGLULMDW GHRDXWRULWDWHGHSODQGXS XQSODQFHQWUDO


(OHPHQWH GH UHSUH]HQWDUH D XQHL HFRQRPLL FHQWUDOL]DWH SODQLILFDWH OH J VLP vQ VHFROXO ;9,,, OD
VRFLDOLWLLXWRSLFLQFDGUXOVRFLDOLVPXOXLWLLQ LILFQXHVWHPHQ LRQDWXQDVWIHOGHFRQFHSWGDU0DU[L(QJHOV
DXDYXWUHIHULULLQGLUHFWHODDFHDVW SUREOHP DHFRQRPLHLSODQLILFDWHFHQWUDOL]DWHSULQFULWLFDORUFXSULYLUHOD
$QDUKLDPRGXOXLGHSURGXF LHFDSLWDOLVW

Q SULPXO U ]ERL PRQGLDO VDX OXDWvQXQHOHGLQ

ULOHSDUWLFLSDQWHP VXULGHHFRQRPLHSODQLILFDW &D

XUPDUHDEORFDGHLGHU ]ERLvQFHSXW GH$QJOLDvQDIRVWQHFHVDUFD,PSHULXO*HUPDQGLQDFHDSHULRDG 


V vQWUHSULQG P VXULSHQWUXRHFRQRPLHGHU ]ERLGLULMDW LFRQWURODW GHVWDW$FHDVW HFRQRPLHGHU ]ERL
GH]YROWDW  vQ *HUPDQLD D UHSUH]HQWDW R FRQWULEX LH OD R HFRQRPLH SODQLILFDW  FRRUGRQDW  GH VWDW &KLDU OD
VFXUW WLPS GXS  U ]ERL XQHOH SHUVRQDOLW

L GLQ DFHDVW  DU  DX DYXW LGHHD GH D PHQ LRQD SUREOHPD XQHL

HFRQRPLL SODQLILFDWH vQWUXQ PHPRULX vQ FDUH VH PDQLIHVW  Q ]XLQ D vQO WXU ULL HFRQRPLHL GH FRQFXUHQ

SUHFXPLDSURGXF LHLDQDUKLFHFXWRDWHFRQVHFLQ HOHHL


(FRQRPLD FHQWUDOL]DW  D IRVW UHDOL]DW  SHQWUX SULPD GDW  vQ 5XVLD $LFL D IRVW ULGLFDW  SODQLILFDUHD
FHQWUDO  D HFRQRPLHL GH F WUH FRQGXFHUHD WRWDOLWDU  D SDUWLGXOXL FRPXQLVW UHSUH]HQWDQW  GH /HQLQ L DSRL GH
6WDOLQODRGRJP SROLWLFRLGHRORJLF 
0DUHD FUL]  HFRQRPLF  GLQ  D GXV vQ PXOWH

UL QHFRPXQLVWH OD DSDUL LD vQGRLHOLL FX SULYLUH OD

IRU HOHGHDXWRvQV Q WRLUHLGHRUGLQHDOHHFRQRPLHLGHSLD DDvQWUHSULQGHULORU&DXUPDUHDDFHVWHLVLWXD LL


DX IRVW I FXWH SURSXQHUL GH UHIRUPH OHJDWH GH SODQLILFDUH 3HQWUX ELUXLUHD FUL]HL HFRQRPLFH L SHQWUX
vPEXQ W

LUHD FRQGL LLORU VRFLDOH )'5RRVHYHOW D vQFHSXW vQ DQXO  FX SROLWLFD VD GH 1HZ  'HDO R QRX 

H[WLQGHUHDDFWLYLW

LLVWDWDOHLVXSUDYHJKHUHDXQXLPDUHVHFWRUDOYLH LLHFRQRPLFHQFDGUXOP VXULORUVHSRW

PHQ LRQDRQRX UHFRQVWUXF LHQD LRQDO vQIDYRDUHDLQGXVWULHLFRQWUROXOFRQGL LLORUGHPXQF LDVDODULXOXL


UHDOL]DUHDXQHLDVLJXU ULGHVWDWSHQWUXPXQFLWRULDVSHFWXOPXQFLLvQvQWUHSULQGHULOHFRRUGRQDWHGHVWDW
Q SHULRDGD FHOXL GH DO WUHLOHD 5HLFK   D IRVW LPSXOVLRQDW  vQ *HUPDQLD R HFRQRPLH GH
SODQ SDU LDO  OD VROLFLWDUHD VFRSXULORU vQDUP ULL QD LRQDOVRFLDOLVWH (FRQRPLD GH U ]ERL vQWLPSXOFHOXLGHDO
GRLOHD U ]ERL PRQGLDO D FRQGXV OD DFHHD F  HFRQRPLLOH SDU LDOH GH SODQ vPEUDF  GLQ FH vQ FH PDL PXOW
WU V WXULOH FHQWUDOL]DWRDUH &X WRDWH DFHVWHD VD S VWUDW SULQFLSLXO SURSULHW

LL SULYDWH DVXSUD PLMORDFHORU GH

SURGXF LH
'XS FHOGHDOGRLOHDU ]ERLPRQGLDODDYXWORFRODUJ GH]YROWDUHDSODQLILF ULLFHQWUDOHSHFDUHIRVWD
8QLXQH 6RYLHWLF  SULQ VLVWHPXO HL GH FRQGXFHUH FHQWUDOL]DW  D HFRQRPLHL D LPSXVR vQ WRDWH

ULOH GLQ HVWXO

(XURSHL3ULQPDQLIHVW ULOHFRQFUHWHDOHHFRQRPLHLFHQWUDOL]DWHDXDS UXWVXELQIOXHQ DQHFHVLW

LORUQD LRQDOH

LHYHQLPHQWHORUSROLWLFHQXDQ HLYDULD LXQLSUHFLVH


(FRQRPLD FHQWUDOL]DW  FXSULQGH XQ DSDUDW LHUDUKLF GH FRQGXFHUH L FRQWUROXO FDUH SULQ GLVSR]L LL
RUGRQDWH L P VXUL ULJLGH GH FRQVWUkQJHUH VXERUGRQHD]  vQ UHDOL]DUHD SODQXOXL vQWUHSULQGHUL L RDPHQL
(FRQRPLDSODQLILFDW FHQWUDOL]DW HVWHGHVHPQDW FDRHFRQRPLHGHFRPDQG UHVSHFWLYGHRUGLQH
&RQGXFHUHD LQVWLWX LRQDOL]DUHD L MXULVGLF LD XQHL HFRQRPLL FHQWUDOL]DWH SODVHD]  OD ED]D FDUDFWHUXOXL
DFHVWXL VLVWHP HFRQRPLF R FRQGXFHUH SROLWLF  VWDELO  GLFWDWRULDO  ELURFUDWLF  Q FHQWUXO DFHVWHL RUGLQH GH
GRPLQD LHVHJ VHWHXQVWDWSXWHUQLFFDUHFRQWUROHD] WRDWHGRPHQLLOHYLH LLVRFLDOH
(FRQRPLD FHQWUDOL]DW  HVWH vPSOHWLW  FX R RUGLQHGHGRPLQD LHGLFWDWRULDO ELURFUDWLF FDUHDF LRQHD] 
vQ GHIDYRDUHD GH]YROW ULL IRU HORU HFRQRPLFH /LEHUWDWHD GH DDOHJHSURIHVLDH[HUFLWDUHDSURIHVLHLOLEHUWDWHD
FRQVXPXOXLVXQWvQPDUHP VXU UHVWUkQVH3URPRYDUHDSURIHVLRQDO LDQVHOHGHFUHWHUHDFRQVXPXOXLVXQW
OHJDWHGHRDFRPRGDUHSROLWLFRLGHRORJLF 3ODQXULOHDYDQVDWHODFHQWUXLELURFUD LDvPSLHGLF LQL LDWLYDXQHL
HFRQRPLL GLQDPLFH L OD IHO D XQHL FRQGXFHUL GLQDPLFH D vQWUHSULQGHULL 2SULPDUHD FDUH UH]XOW  GLQ RUGLQHD
GLFWDWRULDO   WRWDOLWDU  GH GRPLQD LH vQ SULYLQ D LGHLORU FULWLFH SUHFXP L VXSULPDUHD H[SULP ULL OLEHUH D
JkQGLULL DF LRQHD]  DVXSUD FUHDWLYLW

LL VSLULWXOXL GH LQL LDWLY  Q ORFXO DFHVWRUD VH PDQLIHVW  UHVHPQDUHD

DOFRROLVPXOFDDWLWXGLQLLPRGXULGHFRPSRUWDPHQW

&DSLWROXO$VSHFWXOVRFLDODOFRQVXPXOXL

&RQVXPXOLVRFLHWDWHD
'H]YROWDUHD VRFLHW

LORU GH FRQVXP VH SRDWH XUP UL VXE GRX  DVSHFWH FD VFKLPE UL VWUXFWXUDOH

HFRQRPLFH L VRFLDOH WHQGLQ HOH GH QLYHODUH L GHPRFUDWL]DUH  L GH]YROWDUHD HFRQRPLF  O UJLUHD OXPLL
P UIXULORU GH]YROWDUHD FkPSXULORU GH FRQVXP VFKLPE ULOH OHJDWH GH YHQLW L GH SXWHUHDGHFXPS UDUH FDUH
FRQGXF VSUH R VFKLPEDUH GUDVWLF  D H[HPSOHORU GH FRQVXP VRFLDO 3H GH DOW  SDUWH DU IL SHUVSHFWLYD
VFKLPE ULORU VRFLRFXOWXUDOH XQGH WUHEXLH GDW U VSXQV OD vQWUHEDUHD FH H[HPSOH IXQGDPHQWDOH XUP UHVF
GH]YROWDUHD VLVWHPHORU UHOHYDQWH GH FRQVXP vQ WUHFHUHD GH OD VRFLHWDWHD WUDGL LRQDO  OD VRFLHWDWHD PRGHUQ 
$FHDVW SHUVSHFWLY DUILOHJDW GHWHQGLQ HOHGHVFKLPEDUHFDUHVHPDQLIHVW vQVRFLHWDWHDDFWXDO 
3XWHP V  SUH]HQW P VXFFLQW FkWHYD OLQLL GH GH]YROWDUH 1L VH SDUH UHOHYDQW F  YDORDUHD FRQVXPXOXL vQ
VRFLHW

LOHPRGHUQHGH]YROWDWHDUHRLPSRUWDQ

3LH HOH GH GHVIDFHUH L QHFHVLW

FDUHWUHEXLHVWLPXODW SULQULGLFDUHDFDSDFLW

LLGHSURGXF LH

LOH GH FRQVXP WUHEXLHVF VWLPXODWH SHQWUX D VH DVLJXUD GHVIDFHUHD EXQXULORU

SURGXVH 'H DFHHD QRL FRQVWDW P F  HYROX LD LVWRULF  D DGXV R OHJDUH GH GRPHQLL GH FRQVXP WUDGL LRQDOH
GHWHUPLQDWHSXWHUQLFGHPRGHOHGHFRQVXPVWDELOHFRQGL LRQDWHGHVLP

PLQWHSXULWDQLFHDOHFXOWXULLPXQFLL

3HQWUXSURFHVXOGHGH]YROWDUHvQFRQWLQXDUHGLQSXQFWGHYHGHUHHFRQRPLFFXRSURGXF LHGHPDV ULGLFDW 


SHQWUXRSLD

FkWVHSRDWHGHODUJ HVWHXQVWLOGHFRQVXPDVFHWLF2VRFLHWDWHvQHYROX LHSUHWLQGHQHFHVLW

L

vQFRQWLQX FUHWHUHLXQVWLOGHFRPSRUWDPHQWUH]XOWDWGLQPRELOLWDWHDLVFKLPEDUHFDUHV VHIXQGDPHQWH]H


SULQ SURGXF LD IOH[LELO  6FKLPEDUHD UHOHYDQW  GH FRQVXP D YDORULORU VH URWHWH vQ SDWUX SODQXUL DFHOD DO
EXQXULORU DO QHFHVLW

LORU DO SLH HL DO EXJHWXOXL GH IDPLOLHL &HOH PDL LPSRUWDQWH WHQGLQ H GH GH]YROWDUH vQ

VIHUD EXQXULORU ODV  V  VH FRRUGRQH]H vQ JHQHUDO QR LXQHD GH]YROW ULL SODQXOXL GH FRQVXP $FHVWHD VXQW
vQDLQWH GH WRDWH GHQDWXUDUHD GLIHUHQ LHUHD H[SDQVLXQHD vQ GRPHQLX FXUVXO YLFWRULHL DO EXQXULORU GH GXUDW 
U VSkQGLUHD PRGHL LPSXQHUHD GH EXQXUL FX VLPERO VRFLDO L SVLKLF DVWIHO F  DFHVWHD SULQ PRELOLWDWH V 
VHPQDOL]H]H L V  VLPEROL]H]H SRVLELOLW

LOH XQXL QRX VWLO GH YLD

 $FHDVW  H[WLQGHUH PXOWLGLPHQVLRQDO  D

EXQXULORU GLQ SXQFW GH YHGHUH FDOLWDWLY L FDQWLWDWLY DUH LPSOLFD LL LPSRUWDQWH vQ GH]YROWDUHD GH QRL L DOWH
QHFHVLW

L $FHDVWD DUH SXWHUQLFH FRQVHFLQ H SHQWUX FH VH vQWkPSO  OD SLD D &X FkW PDL SODVWLF VH PDQLIHVW 

QHFHVLW

LOH FX DWkW PDL PXOW VH O UJHWH RIHUWD GH EXQXUL GH PXOWH GLPHQVLXQL FX FkW PDL VXEWLO  L

GLIHUHQ LDW HVWHSRVLELOLWDWHDGHvQF UFDUHVLPEROLF SHQWUXDFHVWHEXQXULFXDWkWPDLPDUHHVWHSRVLELOLWDWHD


GHDOHJHUHLGHDSUHFLHUHDFRQVXPDWRULORUFXDWkWPDLPXOWVFDGHVLJXUDQ DGHSLD

DXQXLEXQGHFRQVXP

FXDWkWPDLPXOWGHYLQHRUkQGXLUHDSLH HLRSUREOHP )HQRPHQXOGHLQWHUDF LXQHVHPDQLIHVW vQWUHRIHUWDQW


LVROLFLWDQWFDUHU PkQUHFLSURFvQPDUHP VXU DQRQLPLLVHJ VHVFQXPDLvQORFXULSHULIHULFHUHVSHFWLYvQ
ORFXULGHLQWHUDF LXQHDOHYkQ] ULORU3ODVWLFLWDWHDQHFHVLW

LORUGHFRQVXPSUH]LQW SHQWUXRIHUWDQWRSUREOHP 

LRDQV vQDFHODLWLPS
QVIkULWPHQ LRQ PLVFKLPE ULOHGLQFDGUXOEXJHWXOXLGHIDPLOLH
'H]YROWDUHD DFWXDO  vQ

ULOH ERJDWH HVWH FDUDFWHUL]DW  SULQWUXQ QLYHO UHODWLY ULGLFDW GH GH]YROWDUH D

EXJHWXOXL GH IDPLOLH FX EXQXUL WHKQLFL]DWH $FHDVWD vQVHDPQ  F  DD QXPLWHOH EXQXUL GH vQWUHEXLQ DUH DX
QXPDL R DQV  GH H[WLQGHUH VHFWRULDO  GH H[HPSOX RELHFWHOH YLGHR  vQ WLPS GH PDUHD PDMRULWDWH D DOWRU
RELHFWHWHKQLFHFHOSX LQSUH]LQW LQWHUHVHFDvQORFXLWRULQDOWHGRPHQLLID]DFDOLWDWHDDWLQVXQQRXVWDGLX
1DWXUDOH HD vPEXQ W

LW  vQQRELODW  PRGHVWLD VFXPS  VXQW LDU L FHUXWH $FHVWH WHQGLQ H QX VXQW DWkW GH

UHSUH]HQWDWLYH vQFkW V  GHD SRVLELOLWDWHD XQXL DGHY UDW LPSXOV VSUH R QRX  GH]YROWDUH HFRQRPLF  SH FDUH R
GHVHPQDVHHSRFDGHGXS U ]ERL
8Q DVSHFW VWUXFWXUDO LPSRUWDQW HVWH GH]YROWDUHD WLPSXOXL OLEHU (VWH YRUED QX QXPDL GHVSUH R
VFKLPEDUHFDQWLWDWLY FLGHRVFKLPEDUHFDOLWDWLY FHUHSUH]LQW SHQWUXLQGLYLGWLPSXOOLEHU"QWURHSRF vQ
FDUH WLPSXO OLEHU UHSUH]LQW  QXPDL FDGUXO SHQWUX GLULMDUHD QHFHVLW

LORU QDWXUDOH PXQF  GRUPLW PkQFDUH

WLPSXO OLEHU HUD SULYLW FD VXSOLPHQW Q DQWLWH]  FX PXQFD VH QXPHD OHQHYLUHD QX WLPS OLEHU  L WLPSXO OLEHU
U PkQHD XQ PRG GH FRPSRUWDPHQW SH FDUH QXPDL VWUDWXUL OLPLWDWH DOH VRFLHW

LLRDPHQLLGHRVHEL LERHPLvO

DYHDXODGLVSR]L LHFDXQFRPSRUWDPHQWVSHFLDO
*HQHUD LD GH DVW ]L vQ FRQWUDVW FX JHQHUD LD S ULQ LORU UHSUH]LQW  XQ HOHPHQW GH VFKLPEDUH GH OD
UHSUH]HQW ULOHGHYDORULLGHDOH'HDFHHDDIRVWGHWDDWXQVWLOGHYLD DRULHQWDWVSUHFRQVXPXQIXQGDPHQWGH
ED] FDUHHUDGLULMDWVSUHGH]YROWDUHDSURSULHLSHUVRQDOLW

L'RULQ DFUHVFkQG DWLQHUHWXOXLVSUHDXWRUHDOL]DUH

LSHQWUXRQRX FDOLWDWHDYLH LLSDUHV VHPQDOL]H]HDFHDVW VFKLPEDUH



&RQVXPXOLVWUXFWXUDVRFLDO

3H OkQJ  FRQWH[WXO GH YDORUL FDUH IL[HD]  YDORDUHD GH VHUYLFLL D FRQVXPXOXL vQWUR VRFLHWDWH H[LVW  L
DOWH FRQGL LL VWUXFWXUDOH $FHDVWD HVWH GH H[HPSOX GH]YROWDUHD GHPRJUDILF  FDUH QH LQWHUHVHD]  SH QRL vQWUR
DOW  LQWHUGHSHQGHQ
3HQWUX R SLD

 DQXPH FD GLVSURSRU LRQDOLWDWHD FUHVFkQG  vQWUH SRSXOD LD SURGXFWLY  L SHQVLRQDUL

 GH EXQXUL GH FRQVXP VH SRDWH FD YLGXO GH SRSXOD LH V  UHSUH]LQWH XQ YROXP PDL vQJXVW GLQ

SXQFW GH YHGHUH DO FRQVXPDWRUXOXL FX VLJXUDQ

 R GLVORFDUH GUDVWLF  vQ GHIDYRDUHD SLH LL SHQWUX FRSLL L

WLQHUHW vQ IDYRDUHD SLH HL SHQWUX DGXO L FDUH GH D]L vQDLQWH DU SXWHD V  H[SHULPHQWH]H GLIHUHQ LHUL PDL
SXWHUQLFH &DGUXO HFRQRPLF SH GHSOLQ LPSRUWDQW HVWH I U  vQGRLDO  GH]YROWDUHD YHQLWXOXL UHVSHFWLY
GH]YROWDUHDSXWHULLGHFXPS UDUH'H]YROWDUHDvQWUHDQLLSkQ vQDQLLHUDUHFXQRVFXW SULQWURFUHWHUH
HFRQRPLF  FX JUHX vQWUHUXSW  DD F  YHQLWXO UHDO HUD HYLGHQW vQ FUHWHUH 'XS   DFHDVW  GH]YROWDUH VH
SXQH VXE VHPQXO vQWUHE ULL Q DFHODL WLPS HD EDODQVHD]  SULQFLSLXO GH ED]  DO GH]YROW ULL GH GXS  U ]ERL
Q ]XLQ DVSUHFUHWHUHDEXQ VW ULLLPSULPDW vQGRULQ DOHJDW GHO UJLUHDFHUHULLLDSURSULHW

LL6LWXD LDVH

SUH]LQW  GXS  FXP XUPHD]  VF GHUHD QHvQVHPQDW  D YHQLWXOXL UHDO PHGLX VF GHUHD FRQFRPLWHQW  D
YROXPXOXLGLVWULEX LHL2SDUWHGLQFRQVXPXOUHDOHVWHVXEYHQ LRQDWSULQWURUH]ROYDUHSDU LDO DYROXPXOXLGH
HFRQRPLL 6H FHUFHWHD]  GH]YROWDUHD YHQLWXOXL GLVSRQLELO FDUH XUPHD]  V  VH IL[H]H GXS  P VXUD
FRQVXPXULORU SHQWUX XQ VFRS VDX DOWXO GH H[HPSOX SHQWUX WHKQLFL]DUHD EXQXULORU  DVWIHO HVWH GH QRWDW vQ
SULPXOUkQGRFUHWHUHLPSRUWDQW DDFHVWHLS U LDYHQLWXOXLvQWUXFkWDFHDVW SDUWHDEDQLORUODGLVFUH LHHVWH
VXERUGRQDW  vQWUR P VXU  GHRVHELW  GLVSRQLELOLW

LL 3ULQ DFHDVWD XWLOL]DUHD VD GHSLQGH vQ PDUH P VXU  GH

DWHSW ULGHYLLWRUSR]LWLYHVDXQHJDWLYHGHIOXFWXD LLOHDIHUHQWHFRQVXPXOXLGHIDFWRULLSULQFLSDOLGHDF LXQH


'LQHVWHPLFRUDW SDUWHDGHYHQLWRGDW FRQGL LRQDW GHVF GHUHDYHQLWXOXLUHDOSHGHDOW SDUWHSULQWU
R ULGLFDUH D DD QXPLWHORU vQF UF WXUL VSHFLILFH IL[H GH H[HPSOX DVLJXUDUHD GH ERDO  DVLJXUDUHD GH YLD



SROL HVRFLDOHHWFSHED]DFRVWXULORUUHODWLYPDLULGLFDWHGHORFXLQ HLHQHUJLH


$FHVW GHILOHX GLVFUH LRQDU QX D GXV vQ JHQHUDO SkQ  DFXP OD R SUHOXDUH GUDVWLF  D PXO XPLULL vQ ID D
YLH LLFLDIXQGDPHQWDWDWHSW ULSHVLPLVWH(VWHGHSUHVXSXVF DWHSW ULOHFRQVROLGDWHQXDXIRVWVFKLPEDWH
GHRGDW FDV VHSRDW PDQLIHVWDXQQRXQLYHOGHDGDSWDUH0XO LFRQVXPDWRULWU LHVFvQF vQWURPDQLHU GH
LOX]LL vQ SULYLQ D EDQLORU vQ SUREOHPD XQHL GH]YROW UL QRPLQDOH D YHQLWXOXL Q VIkULW SU SDVWLD GLVFUH LRQDU 
DF LRQHD]  SH GHSOLQ QX FD R SLHGLF  GXUHURDV  SHQWUX F  vQWUH WLPS QLYHOXO GH vQ]HVWUDUH DO EXJHWXOXL GH
IDPLOLHHVWHvQF ULGLFDWDVWIHOF vQF UHODWLYSX LQHEXQXULQRLVHPLF vQFHUFXOGHGRULQ HDOHEXJHWXOXL
GH IDPLOLH L vQ VIkULW GLPHQVLXQHD SURGXF LHL SURSULL vQ FDGUXO DFWLYLW

LL LQIRUPDOH D DWLQV R DVWIHO GH

GLPHQVLXQHvQDOW DGHVHDSURIHVLRQDOL]DW vQFkWDFHDVWDDF LRQHD] FHOSX LQGLQSXQFWGHYHGHUHDILQDQ HORU


FD R GHJUHYDUH 'HVLJXU PXO XPLUHD GHSLQGH GH YHQLW GHSLQGH GH P ULPHD DFHVWXLD I U  vQGRLDO  VH J VHVF
vQ ILHFDUH GRPHQLX GH YLD

 JUXSH GH SHUVRDQH FDUH FKLDU vQ FRQGL LL EXQH GH YLD

 QX VXQW IHULFL L L DOWHOH

FDUH vQ FRQGL LL SUHFDUH GH YLD D VXQW IHULFLWH 'H DVHPHQHD HVWH QHFHVDU D VH REVHUYD F  PXO XPLUHD L
SURVSHULWDWHDVXQWvQWRWGHDXQDUH]XOWDWXOH[SHULHQ HORUSUHFLVH DLFLH[SHULHQ HOHGHYHQLWSUHFHGHQWH LDXQXL
QLYHOGHFRPSDUD LHGHWHUPLQDW YHQLWXODOWRUDDOWHUQDWLYHGHDWLQV QDFHVWHPRGVHSRWGDFKLDUODXQvQDOW
QLYHODOEXQ VW ULLSULYD LXQLUHODWLYH VRFLDOH 
6XFFLQW WUHEXLH V  LQGLF P F  YHQLWXO QX VH URWHWH QXPDL vQ VIHUD GH FRQVXP FL FD vQW ULWRU
JHQHUDOL]DWRUvQWRDWHGRPHQLLOHYLH LLQRLQHJkQGLPSXULVLPSOXODIXQF LDVHPQDOL]DWRDUHLVWUDWLILFDWRDUH
D YHQLWXOXL L QH JkQGLP vQ FHOH GLQ XUP  F  YHQLWXO LQIOXHQ H]  DOWH SR]L LL GH EXQ VWDUH GH H[HPSOX
FRQGL LLGHORFXLWVWDELOLW

LLPXO XPLUHDPXQFLLLDVHUYLFLXOXL 3HDFHDVW ED] YHQLWXOHVWHFRQVLGHUDWFHO

PDL LPSRUWDQW LQGLFDWRU DO EXQ VW ULL LQGLYLGXDOH L DO FDOLW


RELHFWLYHGHYLD

LL YLH LL LQWHUSUHWDW FD FRQVWHOD LH D FRQGL LLORU

LVXELHFWLYHDOHLQGLYLGXOXLLJUXSHORU

&RPSRUWDPHQWXOGHFRQVXPVSHFLILFVWUDWXULORU
6WXGLLGHWDOLDWHOHJDWHGHFRPSRUWDPHQWXOGHFRQVXPDOGLIHULWHORUS WXULVRFLDOHDXGXVODFRQFOX]LDF 
RULHQWDUHDFRQVXPDWRULORUGLQVWUDWXOLQIHULRUHVWHI FXW GXS JUXSHOHSULPDUHvQSULYLQ DFRPSRUWDPHQWXOXL
3UHVWLJLXO L WHQGLQ D GH PDQLIHVWDUH VH ULGLF  vQ IXQF LH GH SR]L LD VWUDWXULORU VRFLDOH DD GXS  FXP DUDW 
WHQGLQ HOH GH PRG  L GH LQWHUHVH )HPHLOH GLQ VWUDWXO GH PLMORF SUHLDX IUHFYHQW GH OD VWUDWXULOH VXSHULRDUH
KRLQ UHDOD GXS  FXPS U WXUL SUDFWLFkQGR SRDWH FX PDL PXOW  VWU GDQLH Q WLPS FH FRQVXPDWRULL GLQ
VWUDWXULOH LQIHULRDUH IDYRUL]HD]  IRUPHOH GH GHVIDFHUH FRQVXPDWRULL GLQ VWUDWXULOH VXSHULRDUH SUDFWLF  R
SROLWLF GHGHVIDFHUHOHJDW GHSUH XULFXXQFDUDFWHUH[WUDYDJDQWGHWHUPLQDWGHPRG 
,QWHUGHSHQGHQ DvQWUHVWLOXOGHYLD

LFRPSRUWDPHQWXOGHFRQVXPDUHLPSOLFD LLODUJL&HUFHW WRULLGLQ

GRPHQLXOWLLQ HORUVRFLDOHFRQVLGHU vQXQDQLPLWDWHF DSDUWHQHQ DODXQVWUDWVRFLDOGHOLPLWDWDUHFDXUPDUH


PRGXUL GH FRPSRUWDPHQW PDL PXOW VDX PDL SX LQ GLIHUHQ LDW  DVWIHO F  VH DMXQJH OD FRQFOX]LD F PRGXULGH
FRPSRUWDPHQW SUHFLVH IDYRUL]HD]  DQVD LQGLYLGXOXL vQ IDYRDUHD DWLQJHULL XQXL DQXPLW VWUDW VRFLDO
$SDUWHQHQ DODXQVWUDWUHIOHFW XQVWLOGHYLD

SUHFLV$FHDVWDVHSRDWHREVHUYDvQFDGUXO]RQHORUGHOLPLWDWH

HFRORJLFVDXvQFDGUXOJUXSHORUGHFXQRWLQ H
(VWH YDODELO F  vQ XUPD FHUFHW ULORU I FXWH vQ LQWHULRUXO VWUDWXULORU VXSHULRDUH VH WUDQVPLW SULQ WUDGL LH
VWLOXULGHYLD DSUHFLVHLvQPDUHP VXU FRQVWDQWHVRFLDOHFDUHUH]LVW PDULORUWHQGLQ HGHVFKLPEDUH$FROR
XQGH PRELOLWDWHD VRFLDO  VH DIO  vQWUR SHUPDQHQW  VFKLPEDUH  VWLOXOXL GH FRQVXP VLQGURPXULOH GH
FRPSRUWDPHQW XQLWDUH  FDUH VH SRW FXSULQGH vQ QR LXQHD GH VWLO GH YLD
P VXU  vQWUR IRUP  FULVWDOL]DW  &HUFHW ULOH VRFLRORJLFH DOH

 QL VH vQI

LHD]  QXPDL vQ PLF 

ULORU HXURSHQH DUDW  F  vQ JUXSHOH GH PXQF 

VXQWSXUWDWHPDLGHSDUWHWU V WXULOHXQXLVWLOGHYLD
DFRPSRUWDPHQWXOXLFDUHUHIOHFW VWLOXOGHYLD

WUDGL LRQDODVWIHOF WH]DUHIHULWRDUHODQLYHODUHDJOREDO 

DOLQGLYLGXOXLHVWHI U vQGRLDO HYLGHQW 

0DVVPHGLDLUHFODPD
6LVWHPXO QRVWUX GH FRQVXP HVWH vQJOREDW vQWUXQ VLVWHP PHGLX $FHDVWD vQVHDPQ  SH GH R SDUWH F 
FRQ LQXWXO DFHVWXLD UHSUH]LQW  RELHFWXO FRQVXPXOXL XWLOL]DUHD WHOHYL]RUXOXL VW  DLFL SH SULPXO ORF 3H GH DOW 
SDUWH OLEHUDOL]DUHD DUH vQ OHJ WXU  FX FRQVXPXO L FX VWLOXO GH YLD

 R DF LXQH QLYHODWRDUH vQ SDUWH vQ VHQVXO

FRQYHUJHQ HL DWLWXGLQLORU FRPSRUWDPHQWHORU GH YDORDUH L PRGHOH ORU GH FRPSRUWDPHQW vQWUH GLIHULWH JUXSH
 SHQWUX PRGHODUHD VLVWHPXOXL GH FRQVXP HVWH I U  vQGRLDO  UHFODPD

VRFLDOH 8Q SXWHUQLF IDFWRU GH LQIOXHQ


HFRQRPLF 
Q FDGUXO DWLWXGLQLORU FULWLFH ID

 GH UHFODP  D IRVW SUH]HQWDW  R DF LXQH GH PDQLSXODUH UHVSHFWLY F 

DFHDVWD DU VWLPXOD QDWHUHD XQRU QRL QHFHVLW

L $QDOL]D FRUHFW  D DF LXQLL UHFODPHL DUDW  vQ FRQFRUGDQ

 FX

FXQRWLQ HOH QRDVWUH vQ FDGUXO FHUFHW ULORU GH FRPXQLFDUH L DWLWXGLQH F  UHFODPD RIHU  SRVLELOLWDWHD vQW ULULL
DWLWXGLQLORUvQSULPXOUkQGvQSULYLQ DLQWHUDF LXQLORUGHJUXSFDUHGDXSRVLELOLWDWHDLQIOXHQ

ULLLQGLYLGXOXL

1XPHURDVHQRUPHVXELQIOXHQ DUHFODPHLVXQWPRGLILFDWHvQW ULWHVDXGHYLDWHVO ELWH 'HH[HPSOXQRUPHOH


GH LJLHQ  GH HFRQRPLL GH vPEU F PLQWH HWF SkQ  OD GH]YROWDUHD VWDQGDUGHORU GH FRQVXP VRFLDO  0DL
GHSDUWHVHSRDWHWUDJHFRQFOX]LDF WUHQGXULSUHFLVHVDXRELQXLQ HGHFRQVXPVXQWvQVFHQDWHGHUHFODP 6H
SRDWH FRQVLGHUD F  UHFODPD DF LRQHD]  SULQ VRFLDOL]DUH 3HQWUX HFRQRPLD GH SLD D UHFODPD FD PLMORF GH
DUPRQL]DUH vQWUH SURGXF LH L FRQVXP DU SXWHD UHSUH]HQWD R SDUWH FRPSRQHQW  D VLVWHPXOXL GH SLD



,PSRUWDQ D HL HVWH vQWUR VRFLHWDWH D DEXQGHQ HL HVWH PDL PDUH GHFkW vQWUR VRFLHWDWH vQ FDUH UHVXUVHOH VH
UHVWUkQJvQFDUHH[LVW RSLD

QHvQGHVWXODW 


)DPLOLDLPRGHOXOGHFRQVXP
)DPLOLDLFLFOXOGHYLD



3HQWUX GHOLPLWDUHD PRGHOXOXL GH FRQVXP VSHFLILF L D VWLOXOXL GH YLD

 R GHRVHELW  LPSRUWDQ

 R DUH R

JUXS  SULPDU  L DQXPH IDPLOLD $LFL HVWH GH PHQ LRQDW IDPLOLD FD RULHQWDUH RULHQWDWLRQ IDPLO\  (D G 
SRVLELOLWDWHD FD SULQ VWDQGDUGL]DUH V  ILH LQIOXHQ DWH QXPHURDVH VFRSXUL GH FRQVXP FDUH GHYLQ FDGUH GH
UHIHULQ

SHQWUXFRPSRUWDPHQWHOHXOWHULRDUHGHFRQVXP$FHVWOXFUXHVWHYDODELOLSHQWUXSURSULDIDPLOLHGH

PDL WkU]LX SURFUHDWLRQ IDPLO\  Q FDGUXO HL DX ORF LQWHUDF LXQL L FRPXQLFD LL UHOHYDQWH GH FRQVXP 6  QH
vQWRDUFHP vQ SULPXO UkQG OD VRFLDOL]DUHD FRQVXPXOXL vQ FDGUXO IDPLOLHL GH RULJLQH $LFL VH ULGLF  vQWUHEDUHD
FDUH VXQW FXQRWLQ HOH UHOHYDQWH GH FRQVXP vQ FH P VXU  vQ FH PRG L GH FH vQYD

 FRSLLL $D FXP D

VXEOLQLDW 3DUVRQV 3DUVRQV 7 6WUXFWXUHV DQG SURFHV LQ PRGHUQ VRFLHWHV 1HZ <RUN   FDVD S ULQWHDVF 
LPSULP  DVSHFWH LQVWUXPHQWDOH DOH FRPSRUWDPHQWXOXL GH FRQVXP 'DWHOH H[SHULPHQWDOH DUDW  R OHJ WXU 
SR]LWLY  vQWUH P VXUD FRPXQLFD LLORU LQWHULRDUH GH IDPLOLH FX SULYLUH OD SUREOHPHOH GH FRQVXP L P VXUD FX
FDUHPRWLYD LLOHHFRQRPLFHOHIDFHYDODELOHSHQWUXFRQVXP
QXOWLPLLDQLVDXUP ULWDF LXQHDWHOHYL]RUXOXLDVXSUDFRSLLORU$FHDVWDSRDWHILFHUFHWDW VXEDVSHFWXO
XQHLLQIOXHQ

ULLPHGLDWH GHH[HPSOXUHDOL]DUHDGLUHFW GHGRULQ HGHFRQVXPvQIXQF LHGHEDQLLGHEX]XQDU

LUHDOL] ULLQGLUHFWHSULQH[HUVDUHDLPSXQHULORUVRFLDOHDVXSUDS ULQ LORU VDXGLQSXQFWGHYHGHUHDODF LXQLORU


GHVRFLDOL]DUHSHWHUPHQOXQJHVWHVFKLPEDWFRQFHSWXOGHFLFOXODOYLH LL
Q SULYLQ D FHUFHW ULORU OHJDWH GH FRQVXP DLFL VXQW GLIHUHQ LDWH GLIHULWH VWDGLL vQ VXFFHVLXQHD WUDLXOXL
$FHVWHD VXQW FODVLILFDWH FD VXFFHVLXQL GH UROXUL 2 GHRVHELW  DWHQ LH FkWLJ  FRPSRUWDPHQWXO GH FRQVXP vQ
VWDGLXOGHWLQHUH HLGHPDWXULWDWHODIHOFDLDGDSWDUHDODXQQRXHFKLOLEUXGHFRQVXPSULQWURSU EXLUHGH
UROXUL GH H[HPSOX S U VLUHD FDVHL S ULQWHWL F V WRULD DSDUL LD FRSLLORU SLHUGHUHD VHUYLFLXOXL PRDUWHD
SDUWHQHUXOXL

GH

YLD



&HUFHWDUHD

GHVIDFHULL

H[LVWHQ HL

VW 

vQ

LQWHUGHSHQGHQ

FX

DVSHFWH

DOH

FRPSRUWDPHQWXOXL GH FRQVXP IDPLOLDU )DPLOLD HVWH vQ HOHDV  vQ PRG IUHFYHQW FD SXUW WRDUHD EXJHWXOXL GH
IDPLOLH
6RFLRORJLDFHUFHWHD] EXJHWXOGHIDPLOLHFDVXEVLVWHPDOIDPLOLHLPDLH[DFWFDXQVLVWHPFRRUGRQDWRU
DO FRQVXPXOXL vQ FDGUXO IDPLOLHL ,QWHUHVDQW HVWH DLFL F  VWUXFWXUD GH UROXUL DOH EXJHWXOXL GH IDPLOLH HVWH vQ
FDGUXO

GLIHULWHORU

FHUFHW UL

RELHFWXO

LQWHUHVHORU

VRFLRORJLFH

&HOH

PDL

PXOWH

FHUFHW UL

UHSUH]LQW 

FRPSRUWDPHQWXO PHPEULORU GH IDPLOLH vQ SULP SODQ L VWXGLD]  LQIOXHQ D PDQLIHVW ULORU SDWUL VDX
PDWULGRPLQDQWH DVXSUD FRPSRUWDPHQWXOXL GH FRQVXP (VWH QHFHVDU GH VHPQDODW F  XQLWDWHD GH DF LXQL GH
FRQVXPGHSLQGHLGHPDQLHUDGHFL]LLORUGHFRQVXPUHVSHFWLYH
'LQSXQFWGHYHGHUHLVWRULFVHFRQVWDW FUHWHUHDUROXOXLE UEDWXOXLODFXPS UDUHDEXQXULORUSHULRGLFH
SUHFXPLSDUWLFLSDUHDFRSLLORULWLQHULORUODGHFL]LLORUGHFRQVXPLGHXWLOL]DUH,QWHUHVXOFRPXQvQVHFWRUXO
GH FRQVXP VH PDQLIHVW  GDF  GLPHQVLXQLOH HJDOLW

LL VSHFLILFH VWUDWXOXL L JUXSHORU VXQW LPSULPDWH vQ PRG

GLIHULW L SRW V  UHIOHFWH]H vQ SULPXO UkQG XQ VWUDW GH PLMORF LGHDO Q FDGUXO SURFHVHORU GH GHFL]LH PDL
FRPSOH[H DGHVHD FRQWULEX LLOH LQGLYLGXDOH VXQW L]RODWH3HGHDOW SDUWHFHLFDUHLQIOXHQ HD] HVWHSRVLELOFD
V  HYDOXH]H FRQWULEX LD ORU SUDFWLF  YRLW VDX LQYROXQWDU vQ PRG HURQDW VXSUDHYDOXDUHD VDX VXEHYDOXDUHD vQ

VSHFLDOSHIRQGXOVWHUHRWLSXULORUGHUROXULQDFHVWIHOVHDMXQJHODUH]XOWDWHFDUHGLPLQXHD] LQIOXHQ DIHPHLL


VDXDFRSLLORUvQSURFHVHOHGHGHFL]LHGLQJRVSRG ULH
$WkWSURGXF WRULLFkWLFRQVXPDWRULLVXQWLQIOXHQ D LSULQFRPXQLFD LLSHUVRQDOH3HUVRDQHGHUHIHULQ D
UHOHYDQWHSHQWUXFRQVXPOHJ VLPvQPDLPXOWHGRPHQLL


vQLQWHULRUXOJUXSHORUGHFXQRWLQ HDOHLQGLYLGXOXL YHFLQLFROHJL 



vQLQWHULRUXOJUXSHORUGHDVSLUD LLDOHLQGLYLGXOXL HIL 



vQ LQWHULRUXO JUXSHORU GH FXQRWLQ H VH J VHWH IUHFYHQW XQ SURFHV FDUH QX UHSUH]LQW  GLVFX LL GH
FRQVXP LQWHQ LRQDOH vQ FDUH VXQW vPS UW LWH FRQFHS LL SUHFLVH L QRUPH UHIHULWRDUH OD LPSRUWDQ D
FRQVXPXOXL 3HQWUX SHUVRDQHOH GLQ JUXSHOH GH DVSLUD LL LPSRUWDQWH VXQW SUREOHPHOH OHJDWH GH
DVSLUD LL

Q FRQFOX]LH vQ FDGUXO LQWHUGHSHQGHQ HL GLQWUH HFRQRPLH L VRFLHWDWH DP F XWDW V  FXSULQGHP DVSHFWH
OHJDWHGHSURGXF LHGLVWULEX LHLFRQVXP
QFDGUXOFRQVXPXOXLDPF XWDWV DUXQF PRSULYLUHDVXSUDLQWHUGHSHQGHQ HLGLQWUHDVSHFWHOHOHJDWHGH
VWLOXOGHYLD DFDOLWDWHDYLH LLLEXQ VWDUH

&DSLWROXO)DFWRULLPRWLYD LHLPXQFLL


1R LXQHDGHPRWLYD LH
2DPHQLLVHGXF]LOQLFODVHUYLFLXLvLvQGHSOLQHVFPXQFDORU(LWUHEXLHV DLE XQPRWLYFDUHQXHVWH
QLPLF DOWFHYD GHFkW R FDX]  IXQGDPHQWDW  LQWHUQ  FDUH V  GHD SRVLELOLWDWHD PDQLIHVW ULL XQXL PRG GH
FRPSRUWDPHQWvQH[WHULRU $OWPDQQ+&0RWLYDWLRQGHU0LWDUEHLWHU)UDQNIXUW0 
3ULQ QR LXQHD GH PRWLYD LH VH GHILQHWH IRU D PRWULF  GH DXWRUHJODUH D XQXL LQGLYLG 3ULQ vQWUHEDUHD
OHJDW  GH PRWLYD LH VH SUH]LQW  SUREOHPD OHJDW  GH FDX]HOH FRPSRUWDPHQWXOXL XPDQ Q GRPHQLXO
PDQDJHPHQWXOXLLPSRUWDQ DPRWLYD LHLFUHWHGHRDUHFHLQFOXGHLvQGHPkQDUHDGHFRQGXFHUHSHFDUHRDGXF
PXQFLWRULL

SHQWUX

ULGLFDUHD

UDQGDPHQWXOXL

Q

DFHVW

FD]

HVWH

UHLQWHUSUHWDW 

vQWUHEDUHD

GH

FH

D

FRPSRUWDPHQWXOXLvQFXP&XPSRWHXV DFWLYH]FDSDFLWDWHDGHSURGXF LHDFRODERUDWRULORUPHL$FHDVWD


DUH OD ED] LGHHDF PRWLYD LDHVWHGLVSRQLELO vQPXQFLWRUvQVWDUHODWHQW vQPRGQDWXUDO0RWLYD LDWUHEXLH
V  ILH VWLPXODW  SULQWUR LQWHUYHQ LHS VWUDW VDXLQWHQVLILFDW SULQWURLQWHUYHQ LHHILFLHQW  :|UWHUEXFKGHU
0LNURSROLWLN/HVNH %XGULFK9HUODJ2SODGHQS 
Q SUREOHPD PRWLYD LHL LDX VSXV S UHUHD FHUFHW WRULL URPkQL L VWU LQL $VWIHO $O5RFD GHILQHWH
PRWLYD LDFDWRWDOLWDWHDPRELOXULORULQWHUQHDOHFRQGXLWHLILHF VXQWvQQ VFXWHVDXGREkQGLWHFRQWLHQWHVDX
LQFRQWLHQWH VLPSOH WUHEXLQ H IL]LRORJLFH VDX LGHDOXUL DEVWUDFWH -1XWWLQ FRQVLGHU  PRWLYD LD FD ILLQG
RULHQWDUHDDFWLY SHUVLVWHQW LVHOHFWLY FDUHFDUDFWHUL]HD] RUJDQLVPXOLVHH[SULP SULQWURPXOWLSOLFLWDWH
GH IRUPH GXS  WLSXO GH FRQGXLW  vQQ VFXW VDX GREkQGLW  L QLYHOXO GH GH]YROWDUH DO RUJDQLVPXOXL LDU
3)UDLVVH FRQVLGHU  F  R PRWLYD LH VH SUH]LQW  FD R RULHQWDUH VSUH FHYD VDX R RULHQWDUH GH UHWUDJHUH GH OD
FHYD 7RPD 5RPDQ RSFLW S   $EUDKDP 0DVORZ D HODERUDW R WHRULH D PRWLYD LHL XPDQH FDUH VH
FODVLILF vQFLQFLFODVH


WUHEXLQ HIL]LRORJLFH KUDQ DG SRVW 



WUHEXLQ H GH VHFXULWDWH IL]LF  GDU L VRFLDO  JDUDQWDUHD SURWHF LHL ID

 GH WR L IDFWRULL QHJDWLYL DL

PHGLXOXLIL]LFLVRFLDO 


WUHEXLQ HGHDSDUWHQHQ



WUHEXLQ HGHVWLP  DSUHFLHUHUHFXQRDWHUH 

LGUDJRVWH FHULQ HGHDIHF LXQHvQUHOD LLOHFXIDPLOLDSULHWHQLLFROHJLL 



WUHEXLQ HGHDXWRUHDOL]DUH DILUPDUHLGH]YROWDUHDSRWHQ LDOXOXLSHUVRQDO 

$FHDVW  SLUDPLG  D WUHEXLQ HORU DUH OD ED]  WUHEXLQ HOH FHOH PDL SXWHUQLFH DQXPH FHOH GH
VXE]LVWHQ DILLQGXUPDWHGHWUHEXLQ HOHGHVHFXULWDWHGHDSDUWHQHQ
7UHEXLH V  PHQ LRQ P FkWHYD SURSULHW

GHVWLP GHDXWRUHDOL]DUH

L IXQGDPHQWDOH DVWIHO R WUHEXLQ

 HVWH DFWLY  LQIOXHQ kQG

vQWUHJXOFRPSRUWDPHQWvQP VXUDvQFDUHQXHVWHVDWLVI FXW QPRPHQWXOvQFDUHHVWHVDWLVI FXW HDWUHFHvQ


VWDUH ODWHQW  L R DOW  WUHEXLQ D GHYLQH DFWLY  7UHFHUHD vQ ODWHQ

 D XQRU WUHEXLQ H SULQ VDWLVIDFHUHD ORU QX

DQXOHD]  LPSXOVXULOH vQ RUJDQL]DUHD  L PRWLYDUHD FRPSRUWDPHQWXOXL vQ DQVDPEOXO V X FXP DF LRQHD] 
PHFDQLVPXO GH DXWRDFWXDOL]DUH  0DL DWUDJHP DWHQ LD F  R FODV  GH WUHEXLQ H GHYLQH DFWLY  DSDUH FD
PRWLYDQW  QXPDL GDF  FHOHODOWH QLYHOH LQIHULRDUH D HL DX IRVW VDWLVI FXWH Q FD]XO vQ FDUH QLFL R FODV  GH
WUHEXLQ H QX HVWH VDWLVI FXW  VLQJXUD FODV  FDUH U PkQH DFWLY  HVWH FHD SULPDU  WUHEXLQ H GH VXEVLVWHQ

FHOHODOWH FODVH FKLDU GDF  QX VXQW VDWLVI FXWH U PkQ vQ VWDUH ODWHQW  6XEOLQLHP GH DVHPHQHD F  R FODV  GH
WUHEXLQ H RGDW  VDWLVI FXWH XUP WRDUHD FODV  GHYLQH DFWLY  Q FRQFOX]LH FRQIRUP S UHULL FHUFHW WRULORU
SUREOHPD PRWLYD LHL XPDQH QX VH UHGXFH QXPDL OD XQ JUXS VDX DOWXO GH IDFWRUL FL UHSUH]LQW  XQ DQVDPEOX
GLQDPLFGHIDFWRULFDUHVHLQWHUDF LRQHD] FXRLQWHQVLWDWHGLIHULW 
6LVWHPXOPRWLYD LRQDOFDUHUH]XOW GLQDFHDVW LQWHUDF LXQHGHIDFWRULHVWHGHWHUPLQDWGH


FRQGL LRQ ULJHQHUDWHGHFDGUXOVRFLDOHFRQRPLF



IDFWRULVLWXD LRQDOL



IDFWRULSHUVRQDOL

QFDGUXOVRFLDOHFRQRPLFVHXUP UHWHWLSXORUJDQL] ULLVRFLDOH(VWHGHODVLQHvQ HOHVF RHFRQRPLFH


GHFRPDQG KLSHUFHQWUDOL]DW VHYDFDUDFWHUL]DSULQWUXQDQXPLWWLSGHPRWLYD LHLDUXQDOWWLSGHPRWLYD LH
YDILJHQHUDWGHPHFDQLVPHOHHFRQRPLHLGHSLD



)DFWRULL VLWXD LRQDOL VH PDQLIHVW  vQ PRG GLIHUHQ LDW $VWIHO VLWXD LLOH GH PXQF  SRW LQGXFH PRWLYD LL
GLIHULWH vQ IXQF LH GH FDUDFWHUXO FRPSOH[ YDULDW VDX GH UXWLQ  DO PXQFLL 'H DVHPHQHD H[LVW  WLSXUL GH
DFWLYLW

L FDUH SRW IL PRWLYDWH FX R JDP  ODUJ  GH VWLPXOL L DQXPH UHDOL]DUHD XQHL VDUFLQL FXUHQWH GH

SURGXF LH SRDWH IL PRWLYDW  GH FkWLJ VDX GH GRULQ D GH SURPRYDUH VDX GH HYLWDUHD SHQDOL] ULL LDU DOWH
DFWLYLW

LQXSRWILPRWLYDWHGHRULFHVWLPXOLRPRWLYD LHWHKQLF QXSRDWHILPRWLYDW GHWHDPDVDQF LXQLL


)DFWRULLSHUVRQDOLVXQWOHJD LGHLQGLYLGFDUHVHSRDWHFRPSRUWDGLIHULWDYkQGPRWLYD LLGLIHULWH/DXQ

LQGLYLG SRDWH IL GRPLQDQW IDFWRUXO FkWLJ vQ WLPS FH OD DOW LQGLYLG DFHVW IDFWRU VH SRDWH DVRFLD FX SDVLXQHD
SHQWUXPXQFDUHVSHFWLY VDXFXGRULQ DGHSURPRYDUHVDXFXWHDPDGHVDQF LXQH8QUROLPSRUWDQWvOMRDF OD
ILHFDUH LQGLYLG WLSXO GH SHUVRQDOLWDWH $VWIHO LHUDUKL]DUHD PRWLYHORUYDILGLIHULW ODSHUVRDQHOHvQFOLQDWHVSUH

UHIOH[LHID

GHFHLvQFOLQD LVSUHDF LXQHODFHLvQFOLQD LVSUHVLQWH] ID

GHFHLvQFOLQD LVSUHDQDOL] 


0RWLYD LDPXQFLL
3RVLELOLW

LOHGHDILVDWLVI FXWXQQRXPRWLYVXQWIRDUWHGLIHULWHDWkWGLQSXQFWGHYHGHUHSHUVRQDOFkWL

FXOWXUDO 'LQ SXQFW GH YHGHUH D WLSXULORU GH PRWLYDUH VH SRDWH YRUEL GH PRWLYH vQQ VFXWH L GH PRWLYH
GREkQGLWH DPEHOH WLSXUL ILLQG LQFOXVH vQ FODVLILFDUHD GXS  FULWHULXO RULJLQLL VWLPXOXL Q FD]XO PRWLYHORU
SULPDUH vQQ VFXWH PHQ LRQ P PRWLYH JHQHUDWH GH WUHEXLQ H IL]LRORJLFH IRDPH VHWH HWF SUHFXP L PRWLYH
GREkQGLWHVHFXQGDUHGHULYDWHDS UXWHvQFRQWDFWFXPHGLXOVRFLDOFXOWXUDO
0RWLYHOH PXQFLL GLQ FDGUXO VHUYLFLXOXL VH GLIHUHQ LD]  vQ PRWLYH H[WULQVHFL DFHVWHD VXQW DFHOHD FDUH
VXQW VLWXDWH vQ DIDU  H[WHULRU  vQ UDSRUW FX VXELHFWXO $FHVWHD VH PRWLYHD]  SULQ VWLPXOL PDWHULDOL EDQL
DSUHFLHUHD GLQ SDUWHD JUXSXOXL 0RWLYHOH LQWULQVHFL VXQW DFHOHD FDUH VXQW VDWLVI FXWH SULQWUR SDUWH D PXQFLL
VDX SULQ vQWUHDJD DFWLYLWDWH 2DPHQLL VXQW PRWLYD L SULQ vQV L PXQFD SULQ Q ]XLQ HOH ORU GH DILUPDUH GH
DXWRUHDOL]DUH

VWLPXOLL

SULRUL

GLQ

LQWHULRU

6H

PDL

GHRVHEHVF

PRWLYH

SR]LWLYH

FDUH

GLUHF LRQHD] 

FRPSRUWDPHQWXO VSUH RELHFWLYH FDUH DVLJXU  UHFRPSHQVD VDWLVIDF LDDGDSWDUHDFXPVXQWPRWLYHOHOHJDWHGH


GRULQ D GH SURPRYDUH GH FUHWHUH D VDODULXOXL R PXQF  PDL LQWHUHVDQW  $OWH PRWLYH SRW IL QHJDWLYH FD GH
SLOG SHQDOL]DUHDVDQF LXQLDGPLQLVWUDWLYHGH]DSUREDUHDGLQSDUWHDFROHJLORU
$FHVWH HOHPHQWH WHRUHWLFH QH DMXW  DVW ]L vQ SUREOHPHOH FDUH VXQW GHRVHELW GH LPSRUWDQWH SHQWUX
FXQRDWHUHD VWLPXOLORU LPEROGXULORU FDUH GHFODQHD]  PRWLYD LD SHQWUX PXQF  D VDODULD LORU ILUPHL DGLF  V 
vQFHUF PV U VSXQGHPODvQWUHEDUHD&HLGHWHUPLQ SHRDPHQLV PXQFHDVF LGHDVHPHQLV OXFUH]HPDL
PXOW PDL ELQH" PRWLYD LD SHUIRUPDQ HL  /D DFHVWH vQWUHE UL WUHEXLH V  VH U VSXQG  LQkQGXVH VHDPD GH
FRPSOH[LWDWHD PRWLYD LHL PXQFLL GH WLSXO GH DFWLYLWDWH GH PHGLXO IL]LF L SVLKRVRFLDO GH VWUXFWXUD
SHUVRQDOLW

LLQUkQGXOIDFWRULORUSULQFLSDOLDLPRWLYD LHLPXQFLLVHSURSXQ

VWLPXOLPDWHULDOLLPRUDOL


FRQ LQXWXOPXQFLL



IDFWRULLPHGLXOXLIL]LF VXELHFWXO 



PRUDOXOJUXSXOXL FOLPDWXOSVLKRVRFLDO 



LGHQWLILFDUHDFXRELHFWLYHOHILUPHL

Q SULYLQ D VWLPXOLORU PDWHULDOL L PRUDOL PHQ LRQ P F  VDODULXO L FHOHODOWH IRUPH GH UHFRPSHQVH
E QHWL UHSUH]LQW  IDFWRUL GH SULP RUGLQ vQ VHQVXO GH QLYHO GH ED]  vQ SLUDPLGD WUHEXLQ HORU 0RWLYD LD
GHFODQDW  GH DFHWL VWLPXOL QX vQFHWHD]  RGDW  FX VDWLVIDFHUHD WUHEXLQ HORU SHQWUX KUDQ  DG SRVW
vPEU F PLQWH VH PHQ LQH vQ VWDUH ODWHQW  GLQFROR GH DFHVW SUDJ XUP ULQG DVLJXUDUHD XQXL FRQIRUW SHQWUX
VDODULDWLIDPLOLH6DODULDWXOHVWHLQWHUHVDWV ILHSO WLWFRUHVSXQ] WRUPXQFLLSUHVWDWHGDUVWLPXOLLPDWHULDOLvO
SRW GHWHUPLQD V L ULGLFH QLYHOXO GH FDOLILFDUH V  Q ]XLDVF  VSUH R SURPRYDUH &RQWULEX LD VWLPXOLORU
PDWHULDOLvQFDGUXOPRWLYD LHLPXQFLLWUHEXLHDQDOL]DW vQPRGGLIHUHQ LDWvQIXQF LHGHEHQHILFLDUL&RQWULEX LD
DGXV  GH LQRYDWRU VH GHRVHEHWH GH DFHHD D OXFU WRUXOXL RELQXLW D FHOXL GH vQDOW  FDOLILFDUH ID

 GH FHO

QHFDOLILFDW 1X WUHEXLH V  XLW P F  LQGLYLGXO HVWH VHQVLELO L OD VWLPXOL PRUDOL HVWH VHQVLELO OD XQ JHVW GH
SUH XLUHDHIRUWXOXLV XDFHDVWDGXFkQGODRVDWLVIDF LHGHRVHELW 5HFRPSHQVHOHPRUDOHVXQWOHJDWHGHIRUPD
XWLOL]DW  GH PRPHQWXODOHVGHYDORDUHDVLPEROLF DJHVWXOXLWRDWHDFHVWHHOHPHQWHVROLFLWkQGVWUDWHJLLFDUH
WUHEXLHVFDSOLFDWHFKLDUGLQPRPHQWXODQJDM ULLOXFU WRUXOXL
Q SULYLQ D FRQ LQXWXOXL PXQFLL VH ULGLF  PDL PXOWH SUREOHPH $FHVW VWLPXO HVWH VXSHULRU SH WHUPHQ
OXQJ VXSHULRULWDWHD VD DSDUH L vQ SULYLQ D UHDOL] ULL SHUIRUPDQ HL FDOLWDWLYH Q FRQFOX]LH FX FkW FRQ LQXWXO
PXQFLLHVWHPDLFRPSOH[FHHDFHSUHVXSXQHXQvQDOWJUDGGHFUHDWLYLWDWHPRWLYD LLOHLQWULQVHFLVHGRYHGHVFD
IL PDL HILFLHQWH GHFkW FHOH H[WULQVHFL DFHDVWD H[SOLF  GH FH LQRYDWRULL VXQW PDL LQWHUHVD L GH YDORULOH GH
FRQ LQXWDPXQFLLFDUDFWHUXOYDULDWDOPXQFLLLQVWUXFWLYPXQFDFRUHVSXQGHDSWLWXGLQLORU
Q SUH]HQWDUHD FRQ LQXWXOXL PXQFLL FD IDFWRU PRWLYD LRQDO WUHEXLH V  VH XUP UHDVF  L FRUHVSRQGHQ D
GLQWUH DSWLWXGLQLOH IL]LFH L LQWHOHFWXDOH L SURIHVLRQDOH $VWIHO LQVDWLVIDF LD vQ PXQF  UH]XOW  L GLQ IDSWXO F 
DFHDVWD PXQFD  QX FRUHVSXQGH DSWLWXGLQLORU 5H]ROYDUHD DFHVWHL SUREOHPH VH UHDOL]HD]  SULQ RULHQWDUHD
FRODU  L SURIHVLRQDO  3UREOHPD RPDMXOXL ULGLF  DVW ]L GLQ FH vQ FH PDL IUHFYHQW REOLJDWLYLWDWHD XQHL QRL
RULHQW ULSURIHVLRQDOH
)DFWRULLPHGLXOXLIL]LFVHUHIHU ODWHPHOHJDWHGHHUJRQRPLHLSVLKRORJLDPXQFLL
0RUDOXO JUXSXOXL $VW ]L VH XWLOL]HD]  DFHVW WHUPHQ vQ VHQVXO GH VWDUH GH VSLULW D JUXSXOXL VDX D
LQGLYLGXOXLvQJUXS
'XS S UHUHDXQXLFHUFHW WRU -$UGRLQR VHSRDWHFRQVLGHUDF QXHVWHGHORFH[DJHUDWDYHGHDIDFWRULL
XPDQLDLSURGXFWLYLW

LLSDUWLFLSkQGvQWURP VXU WRWDWkWGHLPSRUWDQW ODSURFHVXOGHSURGXF LHFDLIDFWRULL

HFRQRPLFLLWHKQLFL 7RPD5RPDQRSFLWS 
8QLL FHUFHW WRUL '.DW]  FRQVLGHU  F  SULQFLSDOHOH HOHPHQWH FRPSRQHQWH DOH PRUDOXOXL VXQW
LGHQWLILFDUHDFXJUXSXOPRWLYD LDGHSURGXF LHLQWHJUDUHDvQHFKLSDGHPXQF SRVLELOLWDWHDGHSURPRYDUHVDX

QLYHOXOGHDVSLUD LH'LQDFHVWHRULHQW ULUH]XOW F XQORFVSHFLDOvORFXS VHQWLPHQWXODSDUWHQHQ HLODJUXSXO


GHPXQF LGHQWLILFDUHDFX HOXULOHLDVSLUD LLOHJUXSXOXLQUkQGXOIDFWRULORUFDUHLPSULP FOLPDWXOIDYRUDELO
DOJUXSXOXLGHPXQF HQXPHU P
D

H[LVWHQ DXQRUVFRSXULSR]LWLYHSHFDUHLOHSURSXQHJUXSXOvQIXQF LHGHH[LJHQ HOHVRFLDOHSHFDUH


HVWHFKHPDWV OHVDWLVIDF 

E

VHQWLPHQWXOGHSURJUHVDUHF WUHVFRSXOIL[DW QXHVWHVXILFLHQWQXPDLH[LVWHQ DXQXLVFRSFLJUXSXO


WUHEXLHV VLPW DSURSLHUHDPHUHXGHRELHFWLYXOUHVSHFWLY 

F

QLYHOXO GH DVSLUD LH L QLYHOXO GH UHDOL]DUH VWDELOLUHD GH RELHFWLYH FRQFHSXWH UHDOLVW FDUH V 
PRELOL]H]HJUXSXOVSUHDWLQJHUHDXQRUSHUIRUPDQ H 

G

WUHEXLH V  H[LVWH R SHUVSHFWLY  WHPSRUDO  VDODULD LL WUHEXLHV DLE vQ HOHJHUHDFRQWULEX LHLSURSULL
ODHIRUWXOFRPXQvPELQkQGSUHRFXS ULOHDFWXDOHFXRELHFWLYHOHGHYLLWRU

H

LGHQWLILFDUHD FX RELHFWLYHOH ILUPHL FDSDFLWDWHD RUJDQL]D LHL GH D SURSXQH VDODULD LORU VFRSXUL FDUH
V  ILH DFFHSWDWH GH DFHWLD PRWLYD LD PXQFLL GHYHQLQG XQ HOHPHQW GH LPEROG SHQWUX UHDOL]DUHD GH
SHUIRUPDQ H  $FHDVWD VH UHDOL]HD]  SULQ GLIHULWH PLMORDFH FD GH SLOG  SULQ LPSOLFDUHD IDFWRUXOXL
XPDQ vQ VLWXD LL HPR LRQDOH XWLOL]DUHD GH VLPEROXUL L PLWXUL DOH OXPLL PRGHUQH ULWXDOXUL L
FHUHPRQLLvQPRPHQWHOHFKHLHGLQWUHFXWXOLSUH]HQWXOILUPHLVHOHF LDSHUVRQDOXOXLGXS SRUWUHWXO
URERWDODQJDMDWXOXLLGHDO

7UHEXLH V  VXEOLQLHP F  PRWLYD LD PXQFLL HVWH R FHULQ D GHRVHELW  D HFRQRPLVWXOXL L D PDQDJHUXOXL
]LOHORUQRDVWUHFDUHSHUPLWHFXQRDWHUHDPRGDOLW

LORUGHLQIOXHQ DUHDFRPSRUWDPHQWXOXLOXFU WRULORUILUPHL

&DSLWROXO$VSHFWHVRFLRORJLFHDOHGH]YROW

ULLHFRQRPLFH


&UHWHUHDHFRQRPLF

WU

WXU

GLVWLQFW

DHFRQRPLHLPRQGLDOH

9LD DHFRQRPLF DFWXDO HVWHvQFRPSDUD LHFXHSRFDDQWHULRDU VXERUGRQDW XQXLSURFHVGHDFFHOHUDUH


D VFKLPE ULORU $FHDVW  VFKLPEDUH HVWH vPSOHWLW  FX DYkQWXO WLLQ HORU PRGHUQH L GH]YROWDUHD JOREDO  D
SURFHVXOXL GH LQGXVWULDOL]DUH Q VRFLHW

LOH SUHLQGXVWULDOH D DYXW ORF XQ SURFHV GH VFKLPEDUH UHODWLY OHQW vQ

SHULRDGHPDULGHWLPS
3H ED]D HOHPHQWHORU WUDGL LRQDOH GRPLQDQWH DFHVWH VRFLHW

L HUDX FDUDFWHUL]DWH FD VWDWLFH FHOH PDL

PXOWH GXPDQH LQRYD LLORU L UH]LVWHQWH OD VFKLPE UL 6WDUHD VWD LRQDU  D DFHVWRU VRFLHW

L HUD FX DWkW PDL

VWDELO FXFkWIDYRUL]DW SULQFRQGL LLOHJHRJUDILFHHUDvQFKLV HUPHWLFvQID DFXOWXULORULVRFLHW


SRSXOD LDU PkQHRFRQVWDQW LvLUHDOL]DVDWLVIDFHUHDQHFHVLW

LORUVWU LQH

LORUSULQS VWUDUHDVLVWHPXOXLQDWXUDOPRQGLDO

3URFHVXOGHFUHWHUHHFRQRPLF LGHGH]YROWDUHHFRQRPLF VHFDUDFWHUL]DSULQWURGLPHQVLXQHFHQWUDO 


DDFFHOHU ULLSURFHVHORUVFKLPE ULLGLQVRFLHW

LOHHSRFLLPRGHUQH

&UHWHUHD PDVLY  D SRSXOD LHL L GLQDPL]DUHD SUHWHQ LLORU JHQHUDOH FX SULYLUH OD FRQGL LLOH YLH LL
PDWHULDOHDXVI UkPDWIRUPHOHHFRQRPLHLUHODWLYVWDWLFHWUDGL LRQDOH3HQWUXDILVDWLVI FXWHSUHWHQ LLOHWRWPDL
ULGLFDWHDOHSRSXOD LHLWUHEXLHFDHFRQRPLDV VHGH]YROWHQDFHVWVHQVWUHEXLHV XUP ULP


FUHWHUHDSURGXF LHLGHEXQXULLDRIHUWHLGHVHUYLFLLUHVSHFWLYSURGXVXOVRFLDOEUXW



FUHWHUHDYHQLWXOXLQD LRQDOUHDOLSULQDFHDVWDSXWHUHDGHFXPS UDUHUHVSHFWLYFUHWHUHDYHQLWXOXL


SRSXOD LHL



FUHWHUHDFHUHULLLSULQDFHDVWDFDSDFLWDWHDGHYkQ]DUH



FUHWHUHDLQYHVWL LLORULDFDSDFLW



FUHWHUHDRIHUWHLGHORFXULGHPXQF 

LLGHSURGXF LH



FUHWHUHDPDVHLPRQHWDUH



FUHWHUHDFkWLJXOXLLDDF LXQLORUvQWUHSULQGHULL



FUHWHUHDEXQ VW ULLPDWHULDOH

1R LXQHD HFRQRPLF  D FUHWHULL VH LQWHUIHUHD]  vQ PDUH P VXU  FX FHD D GH]YROW ULL $FHDVW  QR LXQH
GHVHPQHD]  vQ FRQ LQXWXO V X PDL PXOW GHFkW FUHWHUHD PXO LPLORU FUHWHUHD FDQWLW

LORU P ULUHD FLIUHORU

1R LXQHD GH GH]YROWDUH GHVHPQHD]  vQ SULPXO UkQG SURFHVH GH VFKLPEDUH D RELHFWHORU OHJ WXULORU GH YLD D
VWUXFWXUL GH VRFLHWDWH PRGXUL GH JkQGLUH L GH FRPSRUWDPHQW vQ SHULRDGH PDL PDUL GH WLPS (VHQ LDO HVWH
IDSWXO F  DFHVWH VFKLPE UL FRQGXF VSUH DOWHOH HYHQWXDO VSUH DFHOHD FDUH QX VXQW QXPDL UHODWLY VWDELOH FL L
FDUDFWHUL]DWHSULQWUXQJUDGvQDOWGHGLIHUHQ LHUHLFRPSOH[LWDWHQFDGUXODFHVWRUSURFHVHGHGH]YROWDUHDSDU
ID]H GLIHULWH FDUH VXQW OHJDWH GH SURFHVH GH VFKLPEDUH LUHYHUVLELOH 3URFHVXO GH GH]YROWDUH VHSRDWHGH]YROWD
HYROX LRQDUVDXUHYROX LRQDU'H]YROWDUHDHVWHSXV SHDFHHDLOLQLHFXHYROX LDVDXFXSURJUHVXO1R LXQHDGH
GH]YROWDUH HFRQRPLF  HVWH XWLOL]DW  vQ SUH]HQW L vQ GHVHPQDUHD SURFHVHORU HFRQRPLFH SH WHUPHQ VFXUW $LFL
HVWHYRUEDvQVSHFLDOGHIOXFWXD LLFRQMXQFWXUDOHSHUVSHFWLYHGHGH]YROWDUHIHQRPHQHGHFUHWHUHvQSUH]HQW
L vQ YLLWRUXO DSURSLDW UHVSHFWLY VFKLPE UL vQ SUH XULOH GH GHVIDFHUH vQ FRPSRUWDPHQWXO GH FRQVXP GH
HFRQRPLL GH FHUHUH SRVLELOLW

L GH GHVIDFHUH FkWLJXUL FLUFXOD LD SURGXF LD L GHSR]LWDUHD vQ FDGUX

vQWUHSULQGHULORUQXP UXOGHvQWUHSULQGHULQRXvQILLQ DWHLDOIDOLPHQWHORUvQWUHSULQGHULORUDRIHUWHORUGHORFXUL


GHPXQF LDORPHULORUDYHQLWXOXLLDFRWHORUGHHFRQRPLLDYDORULLEDQLORUYLWH]DFLUFXOD LHLPRQHWDUHD
GREkQ]LORULPSRUWXULORULDH[SRUWXOXLDELODQ XOXLFRPHUFLDOGHFDSDFLWDWHLGHSODW 
'LQ SXQFW GH YHGHUH VRFLRORJLF QX SRDWH IL FRQVLGHUDW  GH]YROWDUHD HFRQRPLF  FD XQ SURFHV L]RODW FL
FD XQ SURFHV vQ GHVI XUDUH 'H]YROWDUHD HFRQRPLF  HVWH FDQDOL]DW  PDL PXOW vQWUXQ SURFHV GH VFKLPEDUH
VRFLDOFXOWXUDO FDUHvQHSRFDPRGHUQ vPEUDF DVSHFWGHWUDQVIRUPDUH

'HWHUPLQDQWHOHGH]YROW

ULLHFRQRPLFH

Q GHFODQDUHD XQHL DQDOL]H D VWUXFWXULORU vQ VFKLPEDUH GH DF LXQL WHQGLQ H SRWULYQLFH SURFHVH
FXPXODWLYHVHSRWSUH]HQWDXUP WRDUHOHSUHPLVHLGHWHUPLQDQWHDOHGH]YROW ULLHFRQRPLFH
D

'HVFKLGHUHDVRFLHW

LLvQID DVRFLHW

LORULFXOWXULORUVWU LQHFDUHVXQWFDUDFWHUL]DWHSULQWUXQQLYHO

ULGLFDW
E

6O ELUHD IRUPHORU GH YLD

 WUDGL LRQDOH PRWHQLWH L D PRGHOHORU GH FRPSRUWDPHQW vQ VSHFLDO

vQYLQJHUHDLGHRORJLLORULULWXDOXULORUPDJLFHUHOLJLRDVHGXPDQHGH]YROW ULL
F

'H]YROWDUHD HFRQRPLF  SUHWLQGH GHVF WXDUHD JkQGLULL FRQVROLGDUHD DQVHORU GH DILUPDUH SHQWUX
SURFHVH GH JkQGLUH LPEROGXUL GLQ SXQFW GH YHGHUH WLLQ LILF SHQWUX FUHDWLYLWDWH LGHDOXUL VSLULW GH
FHUFHWDUH ,PSRUWDQW  HVWH QDWHUHD IRUPHORU GH JkQGLUH OHJDWH GH FUHWHUHD HFRQRPLF  DILUPDUHD
SH ODUJ D LQRYD LLORU FUHWHUHD IOH[LELOLW

LL LQGLYLGXDOH SUHJ WLUHD GH DGDSWDUH DGDSWDELOLWDWHD  L

GHPXWD LL
G

'HRPDUHLPSRUWDQW HVWHRVFKLPEDUHDYDORULORUVRFLRFXOWXUDOH

QORFXLUHD UHSUH]HQW ULORU L RULHQW ULORU GH YDORDUH GXPDQH LQRYD LLORU FX FHOH FDUH DFFHSW 
VFKLPE ULOH UHHYDOXDUHD RULHQW ULORU GH SURJUHV Q ]XLQ HOH LQGLYLGXDOH VSUH SURJUHV VXFFHV SUHJ WLUHD
SHQWUX VWXGLX DQJDMDPHQWHOH GH VHUYLFLX PXQFD HIHFWLY  GLVFLSOLQD PXQFLL VHULR]LWDWHD L SUHFL]LD VXQW
VXSXVHvQFRQWLQXDUHXQHLGLYL] ULUD LRQDOWLLQ LILF DWLPSXOXLLDXWLOL] ULLOXL6WLPXOkQGGH]YROWDUHDHVWH
DFWLY  vQ FDOLWDWHD GH D DF LRQD HFRQRPLF vQ DGXQDUHD GH FDSLWDO vQ  LQYHVWL LLOH SURGXFWLYH L SUHJ WLUHD
SHQWUX SURIHVLH $D FXP UH]XOW  GLQ LVWRULD HFRQRPLF  D GLIHULWHORU VLVWHPH UHYDORULILFDUHD OHJDOL]DUHD L
DFFHSWDUHDVRFLDO DGREkQ]LLLDQ ]XLQ HORUGHFkWLJDXRGHRVHELW LPSRUWDQ

vQFRQWUDVWFXLQWHU]LFHUHD

GREkQ]LLSULQ&RUDQSUHFXPLGLVFULPLQDUHDVDXRSULPDUHDQ ]XLQ HORUGHFkWLJvQVRFLHW


H

LOHVRFLDOLVWH

1HOXDUHD vQ FRQVLGHUD LH D SULQFLSLXOXL OHJDW GH QDWHUH VDX RULJLQH L vQORFXLUHD OXL FX SULQFLSLXO
FDSDFLW

LL

3ULQFLSLXO QDWHULL FRQIHU  VLJXUDQ D VWDWXVXOXL L D SURWHF LHL GDU vPSLHGLF  PRELOLWDWHD VRFLDO  L
VO EHWH Q ]XLQ HOH LQGLYLGXDOH GH DILUPDUH L GH FDSDFLWDWH $FFHSWDUHD SULQFLSLXOXL FDSDFLW

LL GXFH

GLPSRWULY  OD R PDL PDUH FRQFXUHQ D vQWUH LQGLYL]L SHQWUX RFXSDUHD GH SR]L LL SURIHVLRQDOH L VXFFHVXO
HFRQRPLF $LFL HVWH LPSRUWDQW F  Q ]XLQ HOH GH VXFFHV L FDSDFLW

LOH LQGLYLGXDOH QX VXQW OLPLWDWH SULQWUXQ

LGHDOGHHJDOLWDWHRULHQWDWSROLWLFSULQWUXQVLVWHPGHLPSXQHUHLQFDSDELOSULQWURUHJOHPHQWDUHDELURFUDWLF D
YLH LLHFRQRPLFH
I

'LQDPL]DUHDVWUXFWXULLVRFLDOHYHUWLFDOH

&UHWHUHD DQVHORU GH GH]YROWDUH HFRQRPLF  D XQHL VRFLHW

L GHSLQG GH SRVLELOLWDWHD XQHL DVLJXU UL D

XQHL VWUXFWXUL VRFLDOH YHUWLFDOH FDSDELO GHVFKLPEDUHIOH[LELO FDUHG SRVLELOLWDWHDQDWHULLXQRUVWUDWXULGH


PLMORF L D HOLWHORU FDSDELOH $LFL HVWH LPSRUWDQW  QDWHUHD QRLORU UROXUL GH FRQGXFHUH SURIHVLL L PXQF 
RULHQWDWH SH ED]D FDSDFLW

LL L YHULILF ULL ,PSRUWDQWH VXQW L SRVLELOLW

LOH GH DILUPDUH vQ SURIHVLLOH VWUDWXOXL

GHPLMORFVDXFKLDUvQSR]L LLOHHOLWHORU0DLGHSDUWHH[LVW DQVHGHGH]YROWDUHSHQWUXSHUVRQDOLW

LOHFUHDWRDUH

LQRYDWRDUHSHQWUXDQWUHSUHQRULLGLQDPLFL
J

2 SUHPLV  HVHQ LDO  SHQWUX GH]YROWDUHD HFRQRPLF  R IRUPHD]  H[HUFLWDUHD SXWHULL GH VWDW L D
RUGLQLL

6WDWXO WUHEXLH V  U PkQ  VXILFLHQW GH SXWHUQLF vQ DWULEX LLOH VDOH SHQWUX D SXWHD DVLJXUD R VRFLHWDWH
VWDELO vQPRGGHRVHELWRUGLQHDGHGUHSWLSURSULHWDWHDVLJXUDQ DLQWHUQ LH[WHUQ (OWUHEXLHV GLVSXQ GH
R OHJLVOD LH FDUH V  JDUDQWH]H XQ VLVWHP GH QRUPH JHQHUDOH XQ VWDGLX SH FkW SRVLELO GH ULGLFDW DO DF LXQLORU
HFRQRPLFH L VRFLDOH 3H GH DOW  SDUWH UHJOHPHQW ULOH L FRQWUROXO GH VWDW QX WUHEXLH V  OLPLWH]H DQVHOH GH
DILUPDUH DOH RDPHQLORU FDUH DFWLYHD]  vQ GRPHQLXO HFRQRPLF VXQW GLQDPLFL L FX VLP  GH U VSXQGHUH 6WDWXO
WUHEXLH GH DVHPHQHD V  GLPLQXH]H VDX FKLDU V  vQYLQJ  VW ULOH GH WHQVLXQH FRQWUDGLF LLOH VRFLDOH VDX
FRQIOLFWHOH
K

3HQWUX GH]YROWDUHD HFRQRPLF  GH PDUH LPSRUWDQ D HVWH FUHWHUHD SRSXOD LHL Q
LQGXVWULDOL]DWH FUHWHUHD SRSXOD LHL IXUQL]HD]  R LPSRUWDQW  VXUV  GH IRU

ULOH SXWHUQLF

 GH PXQF  L SRWHQ LDO

SHQWUXFHUHUHDGHFRQVXPQWUXFkWFUHWHUHDSRSXOD LHLHVWHPDLUDSLG GHFkWFUHWHUHDHFRQRPLHL


GH]YROWDUHD HFRQRPLF  HVWH VW YLOLW  VDX FKLDU RSULW  GH GH]YROWDUHD GHPRJUDILF  &UHWHUHD
H[SOR]LY  D SRSXOD LHL GLQ

ULOH V UDFH GXFH vQ PDUH P VXU  OD H[WLQGHUHD SLH HL OD QHJUX D

HFRQRPLHL VXEWHUDQH L D XQHL SURDVWH JRVSRG ULUL OD GLVWUXJHUHD LQIUDVWUXFWXULL OD vQW ULUHD
FRUXS LHL L D FULPLQDOLW

LL 2 SRSXOD LH FDUH FUHWH QXPHULF FDUH G  GRYDG  GH UD LRQDOLWDWH

Q ]XLQ H LQGLYLGXDOH VSUH VXFFHV L SUHWHQ LL GH EXQ VWDUH IRUPHD]  R IRU D GH PXQF  LPSRUWDQW 
SHQWUXGH]YROWDUHDHFRQRPLF 
L

2DOW SUHPLV DGH]YROW ULLHFRQRPLFHRUHSUH]LQW UHVXUVHOHQDWXUDOH

&XP SRDWH IL YRUED GH SURVSHULWDWH I U  YDORULILFDUHD UHVXUVHORU QDWXUDOH Q VHF ;; FUHWHUHD
SURGXF LHLDFRQVXPXOXLLDSRSXOD LHLDXGXVODFUHWHUHDXWLOL] ULLUHVXUVHORUQDWXUDOH
5HVXUVHOH FD ] F PLQWH VDX FRPEXVWLELO IRVLO VXQW GHSR]LWDWH QXPDL vQ FkWHYD ORFDOLW

L L DFHVWH

GHSR]LWH VXQW OLPLWDWH 5HVXUVHOH FDUH SRW IL UHvQQRLWH SRW IL XWLOL]DWH SkQ  OD XQ DQXPLW JUDG Q XQHOH S U L
H[LVW  R OLPLW  D XWLOL] ULL ORU 'DF  vQ WUHFXW VH SXWHD YRUEL GH R FUL]  UHJLRQDO  D UHVXUVHORU HUD vQ JHQHUDO
SRVLELODVHSUREDHILFLHQ DFXFDUHHUDXHOHXWLOL]DWHVDXVXEVWLWXLWHFXDOWHUHVXUVH5HIHULQGXQHODSURGXF LD
GH DOLPHQWH OLPLWHOH VH SODVHD]  OD VXSUDIH HOH OD vQGHPkQD DJULFXOWXULL FDUH D vQYLQV FX DMXWRUXO IHUWLOL] ULL
DUWLILFLDOH L QRLOH VRLXUL GH SODQWH L DQLPDOH 3UREOHPH FDX]DWH GH OLSVD F UEXQHOXL GH OHPQ vQ VHFROXO DO
;9,,,OHDDIRVWUH]ROYDW SULQLQWURGXFHUHDKXLOHLGUHSWFRPEXVWLELO
5DSLGDHSXL]DUHDPXOWRUUHVXUVHOLPLWDWHFDSUHYHGHUHD&OXEXOXLGHOD5RPDvQDIRVWDPkQDW 
SULQ GHVFRSHULUHD D QRL GHSR]LWH L D SULPHORU VXFFHVH vQ HILFLHQ D FX FDUH HOH DX IRVW XWLOL]DWH 6H SRDWH
FRQFKLGHGLQDFHDVWDF DFFHVLELOLWDWHDUHVXUVHORUQXYDFRQVWLWXLRSUREOHP DYLLWRUXOXL"0XO LHFRQRPLWLL
SROLWLFLHQL FRQVLGHU  F  R FUL]  D UHVXUVHORU QX YD IL QLFLRGDW  R SUREOHP  vQWUXFkW YD IL RULFXP SRVLELO  R
GHVFRSHULUH GH QRL UHVXUVH R GH]YROWDUH D YHFKLORU UHVXUVH Q FRQWUDVW FX VLWXD LD H[LVWHQW  FX XQ VHFRO
vQDLQWH UHVXUVHOH GLVSRQLELOH VXQW PDL ELQH FXQRVFXWH DVW ]L QWLQGHULOH FkPSXULOH  GHSR]LWHOH L VXUVHOH

VXQWRULFXPXWLOL]DWHH[WHQVLYvQWRDW OXPHDLvQORFXLWRULLVXQWGLVSRQLELOLSHQWUXDOLPLWDXQDQXPLWJUDGGH
XWLOL]DUHDPHWDOHORULDVXEVWDQ HORUPLQHUDOH2ULFXPvQVXPkQGF H[SHULHQ DLVWRULF FXDFFHVLELOLWDWHDL
vQORFXLUHD UHVXUVHORU SRW IL vQWUHS WUXQVH VH SRDWH DYHD PDUH vQFUHGHUH vQ DFFHVLELOLWDWHD QHOLPLWDW  D
UHVXUVHORULSUDFWLFvQFUHGHUHDQHOLPLWDW vQWDOHQWXORDPHQLORUvQLQYHQ LL 9ROUDG:ROOQ\5HF\FOLQJDVD
VRXUFHRIURZPDWHULDOV$QQXDOUHSRUWvQ'HUJUQH3XQNW'XDOHV6\VWHP'HXWVFKODQGVJS 
2SUREOHP DVW ]LFDUHDGHYHQLWGHRVHELWGHLPSRUWDQW OHJDW GHSUREOHPDUHVXUVHORUHVWHUHFLFODUHD
DPEDODMHORU
Q(XURSDvQWUHSULQGHULOHU VSXQGDWkWSHQWUXSURGXVXOIDEULFDWFkWLSHQWUXDPEDODMXODFHVWXLD
&KHVWLXQHD FDUH VH ULGLF  DVW ]L HVWH UHFLFODUHD DPEDODMHORU FDUH SRW GHYHQL R VXUV  GH PDWHULL SULPH
FRQFRPLWHQW FX FUHWHUHD GUDPDWLF  D FHUHULL JOREDOH GH UHVXUVH FD R FRQVHFLQ

 D GH]YROW ULL HFRQRPLFH

0XO LHFRQRPLWLFRQVLGHU F QXVHSRDWHSXQHSUREOHPDXQHLFUL]HDUHVXUVHORUvQWUXFkWDSDUFRQWLQXXQRL


UHVXUVH $VWIHO OLPLWHOH VXSUDIH HORU GHVWLQDWH DJULFXOWXULL DX IRVW H[WLQVH SULQ IHUWLOL]DUHD DUWLILFLDO  OLSVD
F UEXQHOXLGLQOHPQGUHSWFRPEXVWLELODIRVWvQO WXUDW vQF GLQVHFROXO;9,,,SULQXWLOL]DUHDKXLOHLLDUDVW ]L
PHWDOHOHLVXEVWDQ HOHPLQHUDOHVXQWvQORFXLWHGHFRPSXLPLQHUDOL3RSXOD LDJOREXOXLFDUHDFUHVFXWGHOD
ELOLRDQHvQODPLOLDUGHODvQFHSXWXOVHFROXOXL;;,ULGLF SUREOHPDUHVXUVHORUODLPSHUDWLYHGHYDORDUH
PRQGLDO 
3HQWUX D VH DUPRQL]D vQ FDGUXO HXURSHDQ QLYHOXO DPEDODMHORU OD  GHFHPEULH  3DUODPHQWXO
(XURSHDQ D YRWDW R RUGRQDQ

 FX SULYLUH OD DPEDODMHOH L GHHXULOH GLQ DPEDODMH 1U   ,PSRUWDQ D

UHFLFO ULL DPEDODMHORU FD VXUV  GH PDWHULL SULPH UHLHVH L GLQ GRFXPHQWXO GLQ LXQLH  DO 3DUODPHQWXOXL
(XURSHDQ FDUH LPSXQH FUHWHUHD JUDGXOXL GH UHFLFODUH D PDWHULLORU SULPH L D PDWHULDOHORU GHFL L D
DPEDODMHORU Q 8( H[LVW  VLVWHPH GH UHFLFODUH L UHYDORULILFDUH D DPEDODMHORU 'H H[HPSOX 'HU *UQH
3XQNW 3XQFWXOYHUGH HVWHFHOPDLXWLOL]DWVHPQGHPDUF 6LVWHPXOGXDOJHUPDQSHVFXUWSXQFWXOYHUGHVH
ED]HD]  SH R WD[  SH FDUH SURGXF WRULL R SO WHVF SHQWUX IXQF LRQDUHD VLVWHPXOXL GH FROHFWDUH L UHFLFODUH D
DPEDODMHORU3HQWUXDSXWHDLPSULPDSXQFWXOYHUGHSHSURGXVHSURGXF WRULLSO WHVFVLVWHPXOGXDORWD[ 
SHFDUHRUHFXSHUHD] GHODFRQVXPDWRULHDILLQGLQFOXV vQSUH XOGHYkQ]DUHDOSURGXVXOXL3XQFWXOYHUGH
HVWH UHFXQRVFXW L vQ DOWH VWDWH LDU vQ SUH]HQW 1RUYHJLD L /LWXDQLD DX DGHUDW OD DFHVW VLVWHP GH UHFLFODUH 6H
HVWLPHD] F (XURSDPLOLRDQHGHFRQVXPDWRULDXFXPS UDWP UIXULFDUHSRDUW SXQFWXOYHUGH
3UREOHPDUHFLFO ULLDPEDODMHORUvQ5RPkQLDWUHEXLHSULYLW vQFRQWH[WXOSUREOHPDWLFLLPDQDJHPHQWXOXL
GHHXULORU
QGRPHQLXOGHHXULORUSHQWUXWUDQVSXQHUHD'LUHFWLYHL&DGUXOXLD8(SULYLQGGHHXULOHDIRVWDSUREDW 
2UGRQDQ DGH8UJHQ

QUSULYLQGUHJLPXOGHHXULORUSXEOLFDW vQ02QU

Q 5RPkQLD SUREOHPD UHFLFO ULL DPEDODMHORU SUH]LQW  R LPSRUWDQ D GHRVHELW  vQ FRQWH[WXO FUHWHULL
DODUPDQWH D GHHXULORU L FKLDU D JXQRDLHORU FX HIHFWH QHJDWLYH DVXSUD SURWHF LHL PHGLXOXL vQFRQMXU WRU
5HFLFODUHD DPEDODMHORU YLQH vQ DMXWRUXO GLPLQX ULL SROX ULL LQGXVWULDOH vQ WLPS FH LQFLQHUDUHD GHHXULORU QX
VROX LRQHD]  DFHDVW  SUREOHP  5HFLFODUHD DPEDODMHORU YD IL L SH YLLWRU XQ SURPRWRU DO XQHL HFRQRPLL
QHSROXDQWHXQLYHUVDOH
5HFLFODUHDDPEDODMHORUYDFRQWULEXLvQVHFROXOXUP WRUvPSUHXQ FXP VXULOHGHHFRQRPLVLUHDHQHUJLHL
ODUHJHQHUDUHDHQHUJLHLLODFUHWHUHDHILFLHQ HLHFRQRPLFHGHUHXWLOL]DUHDPDWHULDOHORUHOHPHQWFKHLHVSUHR
GH]YROWDUHGXUDELO 


'H]YROWDUHDHFRQRPLF

LHFRORJLD

2 SUREOHP  FDUH WUH]HWH XQ LQWHUHV GHRVHELW vQ PRPHQWXO GH ID

 HVWH UHRULHQWDUHD HFRORJLF  D

GH]YROW ULLHFRQRPLFH
Q VHFROXO QRVWUX RPHQLUHD vQFHSH V L GHD VHDPD F  UHVXUVHOH QDWXUDOH DOH SODQHWHL QRDVWUH QX VXQW
QHOLPLWDWHLQHSXL]DELOHF QDWXUDQXHVWHFRUQXOJHQHURVDODEXQGHQ HLDDFXPHUDSULYLW vQDQWLFKLWDWHQ
XOWLPDYUHPHDIRVWLQILUPDW FRQFHS LDFRQIRUPF UHLDRPXODUILVW SkQXODWRWSXWHUQLFDOQDWXULL9LD DGLQ
]LOHOHQRDVWUHLPSXQHILLQ HLXPDQHV vQ HOHDJ QDWXUDvQLPHQVLWDWHDHLSHQWUXDLSXWHDYDORULILFDIRORDVHOH
&XQRDWHUHDLvQ HOHJHUHDvQPRGWLLQ LILFDQDWXULLSRDWHV vPSLHGLFHDVSHFWHOHQHJDWLYHGHH[SORDWDUHI U 
PDUJLQLD7HUUHLLV GXF ODRIRORVLUHFKLE]XLW DLPHQVHORUERJ

LLSHFDUHOHRIHU PHGLXOQDWXUDO

QFRQGL LLOHFLYLOL]D LHLSUH]HQWHPHGLXOJHRJUDILFRVRFLDOvQFRQWDFWXOV XFXRPXOGHYLQHRVXUV GH


FRQVWUkQJHULvQWUXFkWVXUVHOHGHYLD

DSDDHUXOVXQWSROXDWHUDGLD LLOHVRODUHDMXQVHODVROVXQWV U FLWHvQ

UDGLD LL XOWUDYLROHWH vQ ORFXO YHFKLORU DH] UL WUDGL LRQDOH DX DS UXW PDULOH RUDH vQ ORFXO YHFKLORU UHOD LL
IDPLOLDUH DSDU UHOD LL IXQF LRQDOH KLSHUVSHFLDOL]DUHD HVWH OHJDW  GH XWLOL]DUHD QRLORU DJUHJDWH LQGXVWULDOH
VXQWHP PDUWRULL XQHL H[SOR]LL LQIRUPD LRQDOH 'HFL WRWXO VH VFKLPE  9HFKLOH DGHY UXUL VH QHDJ  LHUDUKLD
YDORULORUHVWHU VWXUQDW IUXPRVXOLXUkWXOELQHOHLU XOVHLQYHUVHD] $SDUHQHFHVLWDWHDILLQ HLXPDQHGHD
VH DGDSWD DFHVWHL OXPL DSDUH LPSHUDWLYXO GH D VH SXQH GH DFRUG LQWHUHVHOH RPXOXL FX DOH VRFLHW

LL Q ]LOHOH

QRDVWUHPDLPXOWFDRULFkQGHYDOXDUHDUDSRUWXOXLGLQWUHRPLQDWXU HVWHLPSXV GHHODERUDUHDXQHLVWUDWHJLL


JOREDOHGHVXSUDYLH XLUH
'HPQ GH UHPDUFDW HVWH IDSWXO F  vQ SUH]HQW RULFH DFWLYLWDWH VRFLDO  HFRQRPLF  VH GHVI RDU  vQWUH
DQXPLWHMDORDQHDOHXQXLVSD LXHFRORJLFGDW'LUHF LDDFHVWHLDFWLYLW

LSRDWHILGHVI XUDW vQVHQVXOHYROX LHL

ELRORJLFH VDX SRW DYHD ORF PLF UL FRQWUDULL FDUH GXF OD FDWDVWURIH DMXQJkQGXVH OD VWDJQDUHD GH]YROW ULL
VRFLDOHFRQRPLFHVDXFKLDUODRSULUHDHL
6RFLHW

LOH PRGHUQH vQFHS V  UHDOL]H]H F  VXQW SH FDOH QX QXPDL GH DL GLVWUXJH PHGLXO vQFRQMXU WRU

GDUFKLDUGHDLVXEPLQDSURSULXOYLLWRUQFRQVHFLQ

JXYHUQHDJHQ LLSHQWUXGH]YROWDUHLFHW

OXPHDDXvQFHSXWV vQFHUFHVFKLPEDUHDVHPQLILFDWLY DVHQVXOXLDFHVWRUWHQGLQ HDPHQLQ


&RQVWLWXLUHD XQXL YLLWRU VWDELO DGDSWDW QHFHVLW

HQLGLQWRDW 

WRDUH

LORU HFRORJLFH QHFHVLW  R YL]LXQH FODU  DVXSUD DFHVWXL

VXELHFW &X FH SRW IL vQORFXL L FRPEXVWLELOLL IRVLOL ED]D HQHUJHWLF  D VRFLHW

LORU DFWXDOH" 'DF  S GXULOH QX

PDL WUHEXLHVF W LDWH SHQWUX D IDFH ORF FXOWXULORU DOLPHQWDUH DWXQFL FXP YD IL KU QLW  R SRSXOD LH vQ FRQWLQX 
FUHWHUH" 'DF  R FLYLOL]D LH D FRQVXPXOXL FRQGXFH vQ PRG LQHYLWDELO OD SROXDUH L OD VHF WXLUHD UHVXUVHORU
FXP SXWHP V  QH VDWLVIDFHP QHYRLOH PDWHULDOH" Q FRQFOX]LH GDF  SUH]HQWD FDOH GH GH]YROWDUH HVWH
SHULFXORDV  FH YL]LXQH DVXSUD YLLWRUXOXL QHDU SXWHD JKLGD F WUH UHDOL]DUHD XQHL FRPXQLW

L JOREDOH FDUH V 

SRDW GXUD"
2 VRFLHWDWH YLDELO  HVWH DFHHD FDUH vL VDWLVIDFH FHULQ HOH I U  D SXQH vQ SHULFRO SHUVSHFWLYHOH
JHQHUD LLORUYLLWRDUH$FHDVWDSUHVXSXQHvQPRGLQHUHQWUHVSRQVDELOLWDWHDILHF UHLJHQHUD LLID
SRVLELOLW

GHDVLJXUDUHD

LL FD XUP WRDUHD V  EHQHILFLH]H GH R ]HVWUH QDWXUDO  L R HFRQRPLH QHGLPLQXDW  Q HVHQ

HVWHVDUFLQDSHFDUHQHRDVXP PV SUH]HQW PRVFKL

DVXSUDGH]YROW ULLHFRQRPLFHDXQHLVRFLHW

 DFHDVWD
LOXkQG

vQFRQVLGHUD LHDVSHFWHOHUHRULHQW ULLHFRORJLFH


1X FX PXOW WLPS vQ XUP  PXOWH GLQ WHKQRORJLLOH GLVSRQLELOH DFXP SHQWUX XWLOL]DUHD  VXUVHORU
UHJHQHUDELOH GH HQHUJLH QLFL P FDU QX H[LVWDX 6XE SUHVLXQHD QHFHVLW

LORU GH D J VL PLMORDFH SHQWUX

vQFHWLQLUHDvQF O]LULLJOREDOHSUREDELOF WLLQ DYDGH]YROWDRVHULHGHQRLWHKQRORJLLHQHUJHWLFHXQHOHGLQHOH


GLILFLOGHLPDJLQDWvQPRPHQWXODFWXDO3XWHPSUHVXSXQHF HFRQRPLDYLLWRUXOXLQXVHYDPDLED]DSHHQHUJLD
RE LQXW FXDMXWRUXOF UEXQHOXLSHWUROXOXLVDXDJD]HORUQDWXUDOHvQWUXFkWXWLOL]DUHDPDVLY DFRPEXVWLELOLORU
IRVLOL SRDWH GXFH OD VFKLPE UL FDWDVWURIDOH DOH FOLPHL 3H YLLWRU VH YD DOHJH HQHUJLD VRODU  VDX FHD QXFOHDU 
'HFLHVWHSRVLELOFDvQPLOHQLXO,,,VLVWHPXOHQHUJHWLFPRQGLDOV QXPDLVHPHQHFXFHOGHD]LFkQGDFHVWDQH
PDLILLQGGRPLQDWGHFRPEXVWLELOLIRVLOLYDIXQF LRQDSHED]DUHVXUVHORUVRODUHFRPSOHWDWH]LOQLFGHHQHUJLD
JHRWHUPDO (QHUJLDKLGURHOHFWULF DUHGHDVHPHQHDSHUVSHFWLYHSURPL

WRDUHQYLLWRUPXOWH

ULVHYRUSXWHD

J VL vQ VLWXD LD DFWXDO  D .HQ\HL 1LFDUDJXHL VDX )OLSLQHORU FDUH RE LQ R PDUH SDUWH GLQ HQHUJLD HOHFWULF 
QHFHVDU  SULQ H[SORDWDUHD UHVXUVHORU JHRWHUPDOH 5HRULHQWDUHD HFRORJLF  D GH]YROW ULL HFRQRPLFH FHUH
HILFLHQ

vQWRDWHGLUHF LLOH(VWHQHFHVDUDILSXVODSXQFWRVHULHGHWHKQRORJLLFDSDELOHDUHDOL]DDFHVWOXFUX

$VWIHO SHQWUX D UHGXFH OD MXP WDWH FRQVXPXO GH FRPEXVWLELO DO DXWRPRELOHORU SHQWUX D WULSOD HILFLHQ D
VLVWHPHORU GH LOXPLQDW VDX SHQWUX D UHGXFH FKHOWXLHOLOH QHFHVDUH SHQWUX vQF O]LUH QX HVWH QHYRLH GH QRL
GHVFRSHULUL WLLQ LILFH UHDOL] UL WHKQLFH HSRFDOH FL SULQ WHKQRORJLLOH FDUH YRU IL GH]YROWDWH vQ GHFHQLLOH FDUH
XUPHD]  VH YRU SHUPLWH FkWLJXUL FKLDU L PDL PDUL 3RDWH F  QX YD FRQVWLWXL R VXUSUL]  IDSWXO F  XUPDUH D
GH]YROW ULL GH QRL WHKQRORJLL QX YRP PDL J VL EHFXO OXL (GLVRQ GHFkW vQ PX]HHLDUFHDPDLLPSRUWDQW VXUV 
GHLOXPLQDWYDILEHFXOIOXRUHVFHQW
7RW SHQWUX D VH vPEXQ W

L HILFLHQ D HQHUJHWLF  VH YD DMXQJH OD XWLOL]DUHD XQRU PDWHULDOH FD GH SLOG 

DOXPLQLXOQXPDLSHQWUXDSOLFD LLVSHFLDOHHOHILLQGvQORFXLWHFXPDWHULDOHVLQWHWLFHPDLSX LQHQHUJRLQWHQVLYH


2SUREOHP DYLLWRUXOXLHVWHUHXWLOL]DUHDLUHFLFODUHDPDWHULDOHORU,QGXVWULLOHVSHFLDOL]DWHvQUHGXFHUHD
L UHFLFODUHD GHHXULORU YRU vQORFXL DFWXDOHOH FRPSDQLL GH FROHFWDUH L GHSR]LWDUH D JXQRLXOXL 0XOWH GLQ
PDWHULDOHOHXWLOL]DWHDVW ]LVXQWDUXQFDWHGXS RVLQJXU XWLOL]DUHDSUR[LPDWLYGRX WUHLPLGLQWRWDOXPLQLXO
WUHLS WULPLGLQR HOLKkUWLHLRSDUWHFKLDUPDLPDUHGLQPDWHULDOHOHSODVWLFH3XWHPFRQVLGHUDUHFLFODUHDL
FDXQPLMORFSHQWUXDFRERUvQLYHOXOSROX ULLVROXOXLDHUXOXLDSHLODQLYHOHOHDFFHSWDELOH
Q HFRQRPLD YLLWRUXOXL SULQFLSDOD VXUV  GH PDWHULDOH SHQWUX LQGXVWULH YD IL UHSUH]HQWDW  GH EXQXUL
UHFLFODELOH0DMRULWDWHDPDWHULLORUSULPHSHQWUXRE LQHUHDDOXPLQLXOXLYDSURYHQLGHODFHQWUHOHORFDOHSHQWUX
FROHFWDUHD GHHXULORU L QX GLQ PLQHOH GH EDX[LW  +kUWLD L SURGXVHOH GLQ KkUWLH YRU IL IDEULFDWH vQ X]LQH GH
UHFLFODUH &kQG vQ ILQDO ILEUHOH QX YRU PDL IL UHXWLOL]DELOH HOH YRU SXWHD IL XWLOL]DWH GUHSW FRPEXVWLELOLDUVH
vQWURFHQWUDO GHHQHUJLHWHUPLF LHOHFWULF 
3HQWUXRLQGXVWULHGHKkUWLHFDUHYDIRORVLvQPRGFRQWLQXXPDWHULDOHOHUHFLFODWHSXOSDGHOHPQYDMXFD
XQUROPLQRU
6HFHUHUHFLFODUHDLDVXEVWDQ HORUQXWULWLYHDSHOHLUH]LGXXULOHPHQDMHUHFDUHDXGHYHQLWRVXUV GH
SROXDUH SHULFXORDV  (OH SRW IL XWLOL]DWH FD vQJU PkQW SHQWUX FXOWXUL LQWHQVLYH GH OHJXPH GLQ MXUXO PDULORU
RUDH VDX SHQWUX IHUWLOL]DUHD FXOWXULORU DFYDWLFH 5HGXFHUHD VLVWHPDWLF  D IOX[XOXL GH GHHXUL UHFLFODUHD L
UHXWLOL]DUHDPDMRULW

LLPDWHULDOHORUDXFDUH]XOWDWRPLFRUDUHDSROX ULLDHUXOXLDSHLVROXOXL

5HRULHQWDUHDHFRORJLF YDXUP ULLUHVWDXUDUHDED]HLELRORJLFH'HQHYRLHVRFLHWDWHDvQYLLWRUYDP UL


H[SORDWDUHD WHUHQXULORU vQ PRG LQWHQVLY 9DULHWDWHD VROXULORU FRQGL LLOH FOLPDWLFH FDQWLW

LOH GH DS 

GLVSRQLELO  YRU GXFH OD GLYHUVLILFDUHD PRGHOHORU GH H[SORDWDUH D WHUHQXULORU L GH VWLPXODUH D FXOWXULORU
DJULFROH DVWIHO vQFkW V  VH RE LQ  UHFROWH PD[LPH 6H SRW DGRSWD QXPHURDVH IRUPH GH DJURVLOYLFXOWXU 
FRPELQD LH vQWUH FXOWXULOH DJULFROH L FUHWHUHD DUERULORU 6FKLPE UL IXQGDPHQWDOH GLQ GRPHQLXO HQHUJHWLF
VLOYLFXOWXU LDOWHVLVWHPHIL]LFHSHFDUHOHDPVFRVvQHYLGHQ
SHSODQVRFLDOHFRQRPLFLPRUDODOVRFLHW

QXSRWDYHDORFI U VFKLPE ULIXQGDPHQWDOH

LLXPDQH/LGHULLSROLWLFLLFHW

HQLLYRUWUHEXLV DGRSWHXQQRX

VHW GH SULQFLSLL FDUH V  DLE  FD RELHFWLY SURWHF LD LSURVSHULWDWHDJHQHUD LLORUYLLWRDUH(VWHYRUEDGHXQQRX
VHWGHYDORUL
3ULQWUH FHOH PDL HYLGHQWH PXWD LLOH VXUYHQLWH YRU IL FHOH OHJDWH GH vQWUHEXLQ DUHD IRU HL GH PXQF 
7UHFHUHD GH OD FRPEXVWLELOL IRVLOL OD XQ VHW GLYHUV GH VXUVH UHJHQHUDELOH GH HQHUJLHH[WUDJHUHDGLQS PkQWD
XQRU FDQWLW

L PDL PLFL GH PLQHUHXUL L UHFLFODUHD PDL PXOWRU PDWHULDOH UHVWUXFWXUDUHD SUDFWLFLORU OHJDWH GH

DJULFXOWXU  L VLOYLFXOWXU  YRU FUHD XQ QXP U IRDUWH PDUH GH RSRUWXQLW

L vQ QRL GRPHQLL L FKLDU FUHWHUHD

QXP UXOXL GH ORFXUL GH PXQF  GLQ XQHOH UDPXUL WUDGL LRQDOH 9RU DSDUH QRL SURIHVLXQL SH ED]D HFRQRPLHL
HQHUJLHLUHJHQHUDELOH
9DFUHWHQXP UXOFHORUFDUHYRUILRFXSD LvQSURGXFHUHDGHQRLHQHUJLLLWHKQRORJLL'HSLOG FHLFDUH
VHYRURFXSDGHSURFXUDUHDFHOXOHORUVRODDWXUELQHORUHROLHQHHFKLSDPHQWXOSHQWUXWUDQVSRUWXOvQFRPXQLD
QXPHURDVHORUWHKQRORJLLSHQWUXUHFLFODUHDPDWHULDOHORU6HYRUH[WLQGHVLVWHPHOHDJURVLOYLFHVHYRUU VSkQGL
QRLPRGHOHDJULFROHVHYDUHGXFHXWLOL]DUHDFKLPLFDOHORUWR[LFHFHHDFHYDGXFHODRFHUHUHWRWPDLPDUHGH
VSHFLDOLWLvQDJULFXOWXUDFDUHVHYDGH]YROWDSHED]HPRGHUQH
$VW ]LFkQGUHVXUVHOHQDWXUDOHVXQWVXSUDH[SORDWDWHFDSDFLWDWHDSURGXFWLY DPXOWRUVLVWHPHHFRORJLFH
HVWHvQVF GHUHLDUGHWHULRUDUHDVWUXFWXULLLSURFHVHORUHFRORJLFHDDWLQVGLPHQVLXQLSODQHWDUHVHFHUHDVHGD
RQRX GLPHQVLXQHSURFHVXOXLGHGH]YROWDUHHFRQRPLFRVRFLDO 
&HULQ D GH PDL VXV VH SRDWH DVLJXUD SULQ IXQGDPHQWDUHD XQHL FXOWXUL HFRORJLFH SULQ PRELOL]DUHD
SRWHQ LDOXOXLXPDQSULQFXQRDWHUHDHILFLHQ HLXWLOL] ULLUHVXUVHORULDUHGXFHULLFDQWLW

LLGHGHHXUL

(VWHLPSRUWDQWDVHFODULILFDIHOXOvQFDUHLQWHUHVHOHHFRQRPLFHVXQWvQFRQH[LXQHFXFHOHPDLHYROXDWH
VWUXFWXULDOHFXOWXULLXPDQHSUHFXPLIHOXOvQFDUHFXOWXUDXPDQ LQIOXHQ HD] DPELDQ DQGLIHULWHVWXGLLVD
H[HPSOLILFDW IHOXO vQ FDUH vQ FRQGL LL DVHP Q WRDUH GH PHGLX DFHODL KDELWDW SRDWH GD QDWHUH VLPXOWDQ XQHL
YDULHW

L GH PRGXUL GH WUDL VDX HFRVLVWHPH Q PRPHQWXOGHID

FRQVLGHU PF GHPDUHLPSRUWDQW SHOkQJ 

DQDOL]D UHOD LLORU GLQWUH PHGLX L WHKQRORJLD GH SURGXF LH L DQDOL]D PRGHOHORU GH FRPSRUWDPHQW vQ
H[SORDWDUHD XQHL ]RQH SDUWLFXODUH SULQ PLMORFLUHD XQHL WHKQRORJLL GH DVHPHQHD DQDOL]D IHOXOXL vQ FDUH
PRGHOHOHFRPSRUWDPHQWDOHvQGRPHQLXOH[SORDW ULLPHGLXOXLDIHFWHD] LDOWHDVSHFWHDOHFXOWXULL
5HRULHQWDUHDHFRQRPLF DGH]YROW ULLHFRORJLFHGHVFKLGHRQRX SHUVSHFWLY DSURFHVXOXLGHGH]YROWDUH
HFRQRPLFRVRFLDO MDORQHD] RVWUDWHJLHJOREDO GHDERUGDUHDUHOD LLORUPHGLXGH]YROWDUH
QFRQFOX]LHWUHEXLHV PHQ LRQ PF RHFRQRPLHGHSLD

GLQDPLF PRGHUQ WUHEXLHV VHGH]YROWHQX

QXPDL vQ FDGUXO XQRU HOHPHQWH VRFLDOH FL L FD XUPDUH D XQRU FRQGL LL HFRORJLFH 'H]YROWDUHD HFRQRPLF 
WUHEXLH RULHQWDW  VSUH R HFRQRPLH GH SLD

 HFRORJLF  L VRFLDO  HFRQRPLH GH SLD

 HFRVRFLDO  FDUH

FRUHOHD]  HILFLHQ D HFRQRPLF  FX SURWHF LD PHGLXOXL FX S VWUDUHD UHVXUVHORU QDWXUDOH FX DVLJXUDUHD XQHL
RUGLQL VRFLDOH Q FRQGL LLOH FUHWHULL FUHVFkQGH D FUL]HL PRQGLDOH VXFFHVXO FRQGXFHULL vQWUHSULQGHULL HVWH
GHSHQGHQWGHvQWUHS WUXQGHUHDHFRQRPLHLFXHFRORJLD
$FHDVW VDUFLQ QXHVWHSURSULHQXPDLvQWUHSULQGHULORUPDULFLLSHQWUXvQWUHSULQGHULOHPLFLLPLMORFLL
3URWHF LD PHGLXOXL GHYLQH R SDUWH LPSRUWDQW  D FXOWXULL vQWUHSULQGHULL R VDUFLQ  LPSRUWDQW  D FRQGXFHULL
vQWUHSULQGHULL XQ PDQDJHPHQW DO SURWHF LHL PHGLXOXL $FHVWH SUREOHPH GH PHGLX SRW IL UH]ROYDWH SULQWUR
FRQWDELOLWDWH HFRORJLF  UHVSHFWLY SULQ LQWHJUDUHD FRVWXULORU XWLOL] ULL PHGLXOXL vQ SUH XO EXQXULORU L
VHUYLFLLORU$FHVWPHFDQLVPGHWHUPLQ FUHWHUHDSUH XULORU&RQVROLGDUHDSURWHF LHLPHGLXOXLvQvQWUHSULQGHUH
SRDWH IL VSULMLQLW  RUJDQL]DWRULF SULQ IXQF LRQDUL vQV UFLQD L FX SUREOHPH GH PHGLX 6DUFLQLOH DFHVWRUD YRU
FRQVWD vQ VI WXLUHD FRQGXFHULL L D FRQVLOLXOXL GH FRQGXFHUH GH D VH RULHQWD vQ GLUHF LD SURWHF LHL PHGLXOXL
$FHDVW DF LXQHGHLQWHJUDUHGXFHODVWLPXODUHDIDQWH]LHLFUHDWRDUHDPXQFLWRULORUvQGLUHF LDHFRORJLF 'LQ
SXQFWGHYHGHUHDOSHUVSHFWLYHLHFRQRPLHLGHSLD

DFHVWHDDUSXWHDILRFDOHGHUH]ROYDUHFkQGFRQVXPDWRUXO

DU SXWHD LPSXQH R QRX  UHRULHQWDUH HFRORJLF  D GH]YROW ULL HFRQRPLFH L DQXPH RULHQWDUHD HFRORJLF  D
FRQVXPDWRUXOXL $FHDVWD DU SUHVXSXQH XUP WRDUHOH LQWHU]LFHUHD vQ FRQWLQXDUH D SURGXVHORU L D IRUPHORU GH
FRQVXP FDUH VH ED]HD]  PDWHULLOH SULPH FDUH G XQHD]  PHGLXOXL vQO WXUDUHD JXQRDLHORU L UHFLFODUHD
DPEDODMHORU XWLOL]DUHD PLMORDFHORU GH WUDQVSRUW SXEOLFH VDX UHvQWRDUFHUHD OD PLMORDFHOH FODVLFHELFLFOHWDVDX
PHUVXOSHMRVOLPLWDUHDVDXHYLWDUHDDFWLYLW
PHGLXOXL

LORUWXULVWLFHvQIDYRDUHDXQXLWXULVPV Q WRVED]DWSHSURWHF LD

Vous aimerez peut-être aussi