Académique Documents
Professionnel Documents
Culture Documents
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
LL
FXQRVFX LSHSODQ
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
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
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
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
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 $WHOLHUHOH OXFUDWLYH L IDODQVWHUHOH GH WLS IRXULHULVW VDX GHVWU PDW 6H FHUHD
DSDUL LD XQHL GLVFLSOLQH GHVSUH VRFLHWDWH FDUH V H[SOLFH HYHQLPHQWHOH L V GHD VROX LL FDUH V SUHYLQ
GH]RUJDQL]DUHDVRFLHW
HUD &XP VH SRDWH UHRUJDQL]D VRFLHWDWHD" QWUHEDUHD HUD IRDUWH IUHFYHQW vQ DFHD SHULRDG GHRDUHFH VH
F XWDX PLMORDFH VROX LL SHQWUX D VH HYLWD FUL]H L FDWDVWURIH VRFLDOHGHJHQXO0DULL5HYROX LL)UDQFH]H'HFL
VRFLRORJLDDDS UXWWRFPDLSHQWUXDRIHULVROX LLGHLHLUHGLQFUL] SHQWUXUHYHQLUHDODRUGLQHLUHFkWLJDUHD
HFKLOLEUXOXLVRFLDO$SDUL LDVRFLRORJLHLFDWLLQ
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
vQ FRPXQ D
RDPHQLORUGHVHPQkQGLVROLGDULWDWHDDFHVWRUD
5HIHULWRUODLQGLFDWRULLFDUHSRWGHOLPLWDRVRFLHWDWHvQGRPHQLXOVRFLRORJLHLVHSRWOXDvQFRQVLGHUD LH
XUP WRDUHOHSXQFWHGHYHGHUH
QSULPXOUkQGVRFLHWDWHDVHSRDWHGHILQLFDRPXO LPHGHSHUVRDQHFDUHSUH]LQW FDUDFWHUHFRPXQHGH
SLOG SHED]DWUDGL LLORUFXOWXUDOHVHvQW UHWHXQVHQWLPHQWGHDSDUWHQHQ
LL E SUREOHPD FDGUXOXL VWUXFWXUDO vQ LQWHULRUXO F UXLD DUH ORF DFHDVW
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
('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
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
FRUHVSXQ] WRDUHGHRUGLQHFRQRPLFSROLWLFMXULGLFPRUDOUHOLJLRVFXOWXUDOILOR]RILF
&RQVLGHU PGHRVHELWGHLOXVWUDWLY GLQSXQFWXOGHYHGHUHDOSUH]HQW ULLVRFLRORJLHLSULQH[HPSOHOHGDWH
XUP WRDUHD GHILQL LH D RELHFWXOXL VRFLRORJLHL FD WLLQ
FROHFWLYLW
LORU XPDQH L DO UHOD LLORU LQWHUXPDQH vQ FDGUXO DFHVWRUD SUHFXPLDOFRPSRUWDPHQWXOXLXPDQvQ
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] LIHQRPHQHHIHFWIXQF LRQDOHFDUHH[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
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
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 HORUVRFLDOHVRFLRXPDQHLDQWURSRORJLFH
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 HIXQGDPHQWDOHPDWHPDWLF 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
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$6(%XFS
&RODERUDUHD VRFLRORJLHL FX DOWH WLLQ H HVWH QHFHVDU QX QXPDL SHQWUX UH]ROYDUHD DQXPLWRU DVSHFWH
OHJDWH GH FRPSRUWDUHD LQGLYL]LORU L JUXSXULORU UHVSHFWLY QX DUH OHJ WXUL QXPDL FX SVLKRORJLD FL L FX DOWH
WLLQ H VRFLDOH LVWRULD HFRQRPLD SROLWRORJLD GHPRJUDILD VRFLDO LVWRULD FXOWXULL HWF (OHPHQWXO VSHFLILF DO
VRFLRORJLHL ID
GH FHOHODOWH WLLQ H VRFLDOH HVWH XUP ULUHD OHJLORU YLH LL VRFLDOH D UHOD LLORU LQWHUXPDQH D
VRFLRORJLLGHUDPXU
6RFLRORJLD VD PDQLIHVWDW FD GLVFLSOLQ VLQWHWLF L LQWHJUDOLVW GHRDUHFH D DS UXW GH OD DQXPLWH
IHQRPHQH VRFLDOH ILH HOH MXULGLFH ILH HFRQRPLFH ILH HWQRJUDILFH GDU WUHSWDW LD O UJLW SXQFWXO GH YHGHUH
GHS LQGDVSHFWXOIRUPDOMXULGLFVDXFHOPDWHULDOHFRQRPLFSHQWUXDOHSULYLvQXQLWDWHDORUVXSHULRDU 2ULFH
IHQRPHQ GH YLD
SXQFW GH YHGHUH VRFLRORJLF GH DFHHD VH SRDWH YRUEL GH R VXPHGHQLH GH VRFLRORJLL HFRQRPLF MXULGLF
UHOLJLRDV HWF GDU VRFLRORJLD SURSULX]LV JHQHUDO QQ SULYHWH IHQRPHQXO VRFLDO vQ WRWDOLWDWHD VD
ED]kQGXVHSHFXQRWLQ HOHVSHFLDOHIXUQL]DWHGHWLLQ HOHVRFLDOHSDUWLFXODUHLVRFLRORJLLGHUDPXU QQ
3$QGUHL6RFLRORJLDJHQHUDO &UDLRYDS
'LQLGHLOHSUH]HQWDWHGH3$QGUHLUH]XOW F VHSRDWHYRUELGHPDQLIHVWDUHDXQRUVRFLRORJLLSDUWLFXODUH
FDUHDXFDRELHFWVXEDQVDPEOXULOHVRFLDOHLDXQHLVRFLRORJLLJHQHUDOHFDUHDUHUROXOGHDVWDELOLFRQFHSWHOHL
WHRULLOH OHJLW
LOH FHOH PDL JHQHUDOH FDUH SULYHVF DQVDPEOXO IHQRPHQHORU L SURFHVHORU VRFLDOH GLIHULWHOH
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,3DULV3XWHPFRQVLGHUDF 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
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
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
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
LL
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
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 $X DS UXW WHRULL
FRQWUDFWXDOLVWH FDUH DX DYXW FD UHSUH]HQWDQW GH VHDPD SH 7KRPDV +REEHV (O SUHVXSXQH XQ FRQWUDFW vQWUH
LQGLYL]L SULQ FDUH WR L UHQXQ
OD GUHSWXO ORU QDWXUDO vQ PRG FRQFRPLWHQW JDUDQWkQGXL UHFLSURF VLJXUDQ D
GUHSWXULORULOLEHUW
LLWXWXURU
3OHFkQG GH OD FHOH VHPQDODWH PDL VXV XQLL FHUFHW WRUL Y G PDL PXOWH L]YRDUH FDUH DX GXV OD VFKL DUHD
VRFLHW
LL$VWIHOLOXPLQLVPXOOXL5RXVVHDXLGHDOLVPXOOXL.DQWOLEHUDOLVPXOOXL$GDP6PLWKVRFLDOLVPXOOXL
0DU[ XWLOLWDULVPXO OXL %HQWKDP DX FRQWULEXLW OD IXQGDPHQWDUHD XQHL LPDJLQL FkW PDL YHULGLFH D VRFLHW
LL
LLILHFDXQVSLULWRELHFWLYILHFDRUHDOL]DUHDSURJUHVXOXL7HUPHQXOGHVRFLRORJLHHVWHSXV
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 LQHOHJHDFHORUWUHLVWDGLLWHRORJLFPHWDIL]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
DVRFLD] vQWUH HL ILLQGF DX DFHOHDL VHQWLPHQWH L DX QRUPH SH FDUH OH UHFXQRVF vQ FRPXQ Q FD]XO
VROLGDULW
$FWLYLW
LL RUJDQLFH FRHUHQ D JUXSXOXL UH]XOW QX GLQ XQLIRUPLWDWHD LQGLYL]LORU FL GLQ GLIHUHQ LHUHD ORU
LOH SURGXFWLYH VH PXOWLSOLF vQ PRG FRQVLGHUDELO LDU GLYL]LXQHD PXQFLLODIHO6HGH]YROW HOHPHQWH
OHJDWHGHGH]YROWDUHDPHWHXJXULORUPDLWkU]LXDSDUHLQGXVWULD,QGLYLGXDOLWDWHDXPDQ ODDFHVWQLYHOVH
DILUP SULQVLQHLDUVRFLHWDWHDVHGH]YROW GDWRULW GH]YROW ULLGHSHUVRQDOLWDWHDILHF UXLRP
2 SHUVRQDOLWDWH FDUH VD LPSXV vQ DSURDSH WRDWH WLLQ HOH GHVSUH RP vQ VRFLRORJLH SVLKRORJLH GUHSW
HWLF LVWDWLVWLF +HUEHUW6SHQFHUGHIRUPD LHLQJLQHUFDL$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
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
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
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
IRVWXQDGHSWDOXL.DUO0DU[DSRLDGHYHQLWXQGXPDQDOPDU[LVPXOXL
Q PRG FRQVWUXFWLY D GH]YROWDWPDLGHSDUWHVRFLRORJLD/HRSROGYRQ:LHVHQDFWLYLWDWHD
VD HO FDXW V J VHDVF U VSXQVXO OD vQWUHEDUHD &XP VH FRPSRUW RPHQLL XQXO ID
]LOQLFH SHQWUX H[LVWHQ
" 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 $FHDVW Q ]XLQ
FRQIRUP F UHLD WHRULD HFRQRPLF vQ VHQV ORJLF UHSUH]LQW XQ FD] VSHFLDO DO WHRULHL JHQHUDOH D VLVWHPHORU
VRFLDOH3HQWUXDFHDVW SULQFLSDO WH] HVWHLPSRUWDQWDVHVXEOLQLDF HFRQRPLDWUHEXLHV ILHFRQVLGHUDW XQ
VLVWHP VRFLDO 3H ED]D DVSHFWHORU WHRUHWLFH DOH VLVWHPXOXL L OXkQG vQ FRQVLGHUD LH FRQFHSWHOH HFRQRPLFR
WHRUHWLFH3HUVRQVL6PHOVHUDXDQDOL]DWGHOLPLW ULOHLSURFHVHOHGHVFKLPEvQWUHHFRQRPLH LDOWHVXEVLVWHPH
LPSRUWDQWH DOH VRFLHW
LL &HL GRL FHUFHW WRUL DX DQDOL]DW VWUXFWXUD LQVWLWX LRQDO D HFRQRPLHL FRQWUDFWXO
L GH
UHQXPHPRQGLDO$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
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
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
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
G
vQ FHD PDL PDUH SDUWH VHUYLFLLOH SXEOLFH VH DSURSLH GH HFRQRPLD OLEHU DVWIHO FHUFHW WRUXO GLQ
GRPHQLXOWLLQ HORUVRFLDOHWUHEXLHV DFRUGHVRFLRORJLHLHFRQRPLFHRVHPQLILFD LHPDLODUJ
H
VWDELOLWDWHDLFDOLWDWHDYLH LLvQFRPXQDRDPHQLORUvQFDGUXOVRFLHW
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
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
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
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 GLQ5RPkQLD0DULLFUHDWRULDLVRFLRORJLHLPRGHUQH)*LGGLQJV
('XUNKHLP 93DUHWR 0D[ :HEHU DX FXQRVFXW IRDUWH ELQH UHDOLW
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
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
VLPSO PDLQ GH FDOFXO HL SRVHG R SUHJ WLUH SUHDODELO FKLDU R H[SHULHQ
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 VDXFHOHGHPDUNHWLQJVWXGLXO
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
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
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
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
LFRQRJUDILFHIRWRJUDILFHIRQHWLFHODPHWRGHOHGHDQDOL] DGRFXPHQWHORUvQWUHFDUHVHPDQWLFDFDQWLWDWLY L
DQDOL]D GH FRQ LQXW FX WHKQLFLOH PDWHPDWLFH UHVSHFWLYH REVHUYD LD GLUHFW H[WHQVLY DQFKHWHOH VRFLDOH
GHWHUPLQDUHDHDQWLRDQHORUUHSUH]HQWDWLYHPHWRGHOHGHLQWHURJD LHLDSOLFDUHDFKHVWLRQDUHORUSUHOXFUDUHDL
SXEOLFDUHDUH]XOWDWHORUREVHUYD 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
$DGDU DQFKHWHOH VXQW XWLOH DWkW SHQWUX GHWHUPLQDUHD F LORU VSUH IRUPXODUHD LSRWH]HL FkW L SHQWUX
YHULILFDUHDORU)XQF LXQHDORUvQWURFHUFHWDUHGDW GHSLQGHGHP VXUDFXQRDWHULLSUHDODELOHDVXELHFWXOXLL
GHVFRSXOSHQWUXFDUHHVWHFHUXW LQIRUPD LD
([LVW SDWUXPDULWLSXULGHSUREOHPH
D
FDUDFWHULVWLFLOHGHPRJUDILFHDOHXQXLJUXSGHRDPHQL
E
PHGLXOORUVRFLDO
F
DFWLYLW
G
RSLQLLOHLDWLWXGLQLOHORU
LOHORU
QFHUFHW ULOHVRFLRORJLFHVXQWXWLOL]DWHPDLPXOWHWLSXULVDXYDULDQWHDOHDQFKHWHLVRFLRORJLFH
QUHDOL]DUHDXQHLDQFKHWHVRFLRORJLFHVHUHFRPDQG XUP ULUHDSUREOHPHORUOHJDWHGH
D
2ELHFWLYH L UHVXUVH 6WDELOLUHD RELHFWLYHORU SUHVXSXQH HQXQ DUHD VFRSXULORU JHQHUDOH 1X HVWH
VXILFLHQW V VH VSXQ F DQFKHWD XUP UHWH V VH VWDELOHDVF FDUH VXQW FRQGL LLOH GH YLD D DOH
E WUkQLORUFLWUHEXLHGHILQLWvQPRGSUHFLVFHvQVHDPQ DILE WUkQFHSUREOHPHvQWkPSLQ DFHWLD
GDF SULQ FRQGL LL GH YLD
F
&XOHJHUHDGDWHORU$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
E
7HKQLFLOHXWLOL]DWH
F
&RQFHSWHOHVSHFLILFHXWLOL]DWH
G
&RQFOX]LLOHRE LQXWH
H
LL
2UJDQL]DUHDDQFKHWHL
E
&XOHJHUHDLvQUHJLVWUDUHDLQIRUPD LLORU
F
$QDOL]DLQIRUPD LLORU
G
6WDELOLUHDFRQFOX]LLORULYDORULILFDUHDORU
LOH FH
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
,PSUHFL]LDGHILQLULLWHPHLLRELHFWLYHORU
,PSUHFL]LDGHILQLULLSRSXOD LHL
/LSVDSUHDQFKHWHLVDXUHDOL]DUHDXQHLSUHDQFKHWHVXSHUILFLDOH
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
7HKQLFLOHGHvQUHJLVWUDUHDLQIRUPD LLORUVXQWGLYHUVH
,QIRUPD LLVRQRUHDOWHOHGHFkWFHOHRUDOHFRQVHUYDWHSHFDVHWH
$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
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
GHL HVWH R PHWRG H[WHQVLY SHUPL kQG FHUFHW UL OD VFDU PDUH vL IL[HD] GUHSW RELHFW XQ
GRPHQLXPDLFLUFXPVFULVDOUHDOLW
LL
$FHDVW PHWRG VH SRDWH DSOLFD OD LQVWLWX LL VRFLDOHPRQRJUDILLGHIDPLOLHPRQRJUDILLFRODUHPDUL
FROHFWLYLW
L WHULWRULDOH PRQRJUDILL XUEDQH PRQRJUDILL UXUDOH HWF FDWHJRULL SURIHVLRQDOH PRQRJUDILL GH
LLPDLFLUFXPVFULVRvQWUHSULQGHUH
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
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
SUHJ WLUHDWHRUHWLF
VLQFHULWDWHDLRELHFWLYLWDWHDID DGHIDSWH
IHQRPHQHOHFHUFHWDWHWUHEXLHV ILHFRPSDUDWHFXDOWHIHQRPHQH
L UHOD LL L SURFHVH VRFLDOH $LFL VH JUXSHD] FHUFHW ULOH VRFLRORJLFH GH ED] VDWXO FD
WRWDOLWDWHLWRDWHVXEXQLW
UHSUH]HQWDWLY VXEXQLW
LOH UHVSHFWLYH vQ VWUXFWXUD VD UHOD LLOH LQWHULRDUH L H[WHULRDUH IXQF LRQDUHD L
VFKLPE ULOHHYHQWXDOHSULQFDUHWUHF
QDFHVWVFRSVDXFODVLILFDWXQLW
LQVWLWX LL L JUXS UL &RPXQLW
LOHVRFLDOHvQWUHLPDULFDWHJRULLVDXWLSXULIXQGDPHQWDOHFRPXQLW
L
LOH HUDX FRQVLGHUDWH D IL WRDWH IRUPHOH GH YLD D VRFLDO GLQ FDUH LQGLYLGXO IDFH
HQLDUHOLJLDHWF
,QVWLWX LLOH VRFLDOH VXQW RUJDQL]D LL VWDELOLWH GH VRFLHWDWH vQ HSRFD QRDVWU GH F WUH VWDW SHQWUX
vQGHSOLQLUHDXQRUVDUFLQLVSHFLDOL]DWH
*UXSXULOH VDX DVRFLD LLOH VXQW FROHFWLYH ED]DWHSHVLPSOXOFRQVLP
VDX H[SUHV HYHQWXDO SH FRQYHQ LL VDX FRQWUDFWH vQ FDUH QX LQWU L QX U PkQH GHFkW FLQH YUHD FX VLQJXUD
FRQGL LHDDFFHSW ULLFHORUODO LPHPEULVDXDXQRUvQYRLHOLOLEHUH
LOHVDXPDQLIHVW
,,$FWLYLW
&ROHFWLYLW
ULOHVRFLDOH
LOH XPDQH QX VXQW L QX SRW IL VWDWLFH RDPHQLL GLQ FXSULQVXO ORU QX SRW WU L L VXSUDYLH XLL
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
LGHRUGLQFRPXQDOLLQVWLWX LRQDO&RPXQDELVHULFDFROLOHGLVSHQVDUHOHDXLHOHDYHULOHYHQLWXULOH
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
SDUWLGHLJUXS ULORFDOHFRQIOLFWHLOXSWHOHGLQWUHHOHSDUWLFLSDUHDRDPHQLORUODWUHEXULOHFRPXQDOHPRGXO
vQ FDUH VH I FHD DGPLQLVWUD LD ORFDO RSLQLD L DWLWXGLQHD V WHQLORU ID
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
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
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
IRORVLUHDGRFXPHQWHORUILHGLQDUKLYHOHSDUWLFXODUHILHGLQFHOHSXEOLFHFDXQPLMORFGHLQIRUPDUH
VXSOLPHQWDU vQOHJ WXU FXIDSWHOHFXOHVHGHFHUFHW WRULSHYLX
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
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
PHPEULV UH]ROYHDQXPLWHSUREOHPHLV LDGHFL]LLDVXSUDORU
2EVHUYkQGXL vQ ODERUDWRU L vQUHJLVWUkQG FX XQ GLVSR]LWLY VSHFLDO IHQRPHQHOH SHWUHFXWH vQ JUXSXUL
%DOHVDUHDOL]DWVHVL]DWH[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
FkQGDFWLYLW
LLIHQRPHQHVRFLRXPDQH
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
QELRJUDILLVHUHOHY FXPVHvPSOHWHWHVWUkQVWUDLHFWRULDGHYLD
SHUVRQDO FXPLFURPHGLXOVRFLDO
'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
WHPSRUDOHjODORQJGHVI XUDWHGHRELFHLSHFkWHYDGHFHQLL
%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
IRU DW
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
&HOHSURYRFDWHVHPDLFODVLILF vQ
YRUELWHvQUHJLVWUDWHSULQPLMORDFHYL]XDOH
VFULVH
$FHVWH FULWHULL SRW IL FRPELQDWH Q FHUFHWDUHD VRFLDO R VXUV ELRJUDILF R UHSUH]LQW GRFXPHQWHOH
VFULVRULMXUQDOHLUHODW ULOHYRUELWHSURYRFDWHVXELHF LORUSULQLQWHUYLXULGLULMDWH
8QXO GLQ FHL PDLDYL]D LVSHFLDOLWLQRUGDPHULFDQLvQPHWRGDELRJUDILF /6PLWKDDU WDWFXPDIRVW
XWLOL]DW DFHDVWDvQFkPSXULOHPDMRUHDOHFXQRDWHULLVRFLRXPDQH
%LRJUDILLOH OLWHUDUH DX QX QXPDL YDORDUH HVWHWLFRLQWHOHFWXDO SHQWUX PXO L LQGLYL]L PDL DOHV OD R
DQXPLW YkUVW FRQVWLWXLQGOHFWXUDSUHIHUDW GDUFRQVWLWXLHSHGHRSDUWHXQGRFXPHQWVRFLDOSHQWUXVWDUHDGH
VSLULW L PHQWDOLW
LOH XQRU PRPHQWH L SHULRDGH LVWRULFH LDU SH GH DOW SDUWH XQ PRGHO GH DQDOL] VXEWLO
SHQWUX FHUFHW ULOH GH WLS FDOLWDWLY FDUH VDX FULVWDOL]DW L FRQVROLGDW OD LQWHUVHF LD WLLQ HORU VRFLDOH FX
GLVFLSOLQHOHXPDQLVWHILOR]RILDFULWLFDOLWHUDU
QLVWRULHGRFXPHQWHOHELRJUDILFHYLH LOHSHUVRQDOLW
LORULVWRULFHDXRUHOHYDQ
GHRVHELW
ELRJUDILLOH SHUPLW SUH]HQWDUHD SHQWUX SXEOLFXO ODUJ D XQRU FRQWH[WH VDX IHQRPHQH VRFLRFXOWXUDOH OD FDUH
DFHVWDQXDYHDDFFHVGLUHFW
Q 5RPkQLD 7 +HUVHQL D FRQGXV XQ FROHFWLY GH FHUFHWDUH vQ UHDOL]DUHD XQRU VWXGLL ELRJUDILFH
H[WLQVH SH GH OXFU WRUL LQGXVWULDOL L LQWHQVLYH SH GRX JUXSH GH L SHUVRDQH GHVSULQ]kQG
SHUWLQHQW FRQFOX]LL GH RUGLQ PHWRGRORJLF L WHRUHWLF SULYLQG SURILOXO SVLKRVRFLDO DO HYROX LHL RPXOXL
FRQWHPSRUDQvQSURFHVHOHGHFRODUL]DUHPXQF
0DL DSURDSH GH SUH]HQW L vQ DFWXDOLWDWH PHWRGD ELRJUDILF vQ VRFLRORJLH HVWH LQIOXHQ DW GH
LQWHUSUHWDUH$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
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
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
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
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
vQWUHE ULGHGDWHIDFWXDOH
vQWUHE ULGHRSULUH
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 FXDMXWRUXOFKHVWLRQDUHORUDSOLFDWHRUDOVDXvQ
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
FKHVWLRQDUXOPHWRGDDFHDVWDFDUHHVWHVWULFWYHUEDO QXG UH]XOWDWHVHULRDVHGHFkWvQSUREOHPHGHVSUHFDUH
VXELHF LL VXQW SHUIHFW FRQWLHQ L PDL H[DFW FDUH LQ H[FOXVLY GH FRQWLLQ
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
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
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
H[SULPDW RS LXQHD HFKLS EULJDG VHF LXQH HWF SUHFL]DUHD FULWHULLORU vQ IXQF LH GH FDUH VH IDFH DOHJHUHD
LQWHQVLWDWHDUHOD LLORUDIHFWLYHLQGLFDUHDRUGLQLLGHDOHJHUHLDJUDGXOXLGHSUHIHULQ
vQSULPXOUkQGvQDO
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
6RFLRORJLD ED]kQGXVH SH GDWHOH LQGXF LHL SULPDUH L DSHOkQG OD DMXWRUXO LQIHUHQ HL LQGXFWLYH IDFH
SRVWGLF LLLSUHGLF LLDOHXQRUUHJXODULW
LQHFXQRVFXWH
6HGLVWLQJFODVHGHLQIHUHQ HLQGXFWLYH
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
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 XULOHSULPLWLYHD[LRPHOHVXQWDGDSWDWHI 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
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 HVFVLQJXODULWDWHDQXHVWH
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
LvQLQYHVWLJDUHDDOWRU
ULVDXVRFLHW
L
UL VDX
6WXGLLOH GH DFHVW JHQ vL DGXF FRQWULEX LD ODFRQVWUXF LDWHRULHLSULQDFHHDF GHPRQVWUHD] F DULDGH
DSOLFDELOLWDWHDXQXLHQXQ VDXWHRULLQXVHOLPLWHD] ODVRFLHW
FLVXQWH[WLQVHFXVXFFHVLODDOWHVRFLHW
LOHFDUHVXQWvQJHQHUDOVLPLODUHXQHOHFXDOWHOH
LvQJHQHUDOGLIHULWHGHSULPHOH
LGLIHULWH
0HWRGD FRPSDUDWLY D IRVW vQ SULPLL DQL DL VHFROXOXL ;; SHQWUX VRFLRORJLH PHWRGD SULQ H[FHOHQ
$SRL D IRVW vQFRUSRUDW vQ H[SHULPHQWXO L FHUFHWDUHD WUDQVYHUVDO FRPSDUD LD vQDLQWH L GXS LQWURGXFHUHD
IDFWRUXOXLH[SHULPHQWDOvQWUHJUXSXOH[SHULPHQWDOLFHOGHFRQWUROD
(DVHEXFXU DVW ]LGHXQORFSULYLOHJLDWvQDQWURSRORJLH
3ULQ H[SOLFD LD FDX]DO VRFLRORJLL ULGLF vQWUHE UL GH WLSXO GH FH" vQ OHJ WXU FX WRDWH DVSHFWHOH
UHDOLW
LLVRFLDOHRELQXLWHLQHRELQXLWHPLFURVRFLDOHLPDFURVRFLDOHVWDWLFHLGLQDPLFHHWF(LVHvQWUHDE
VH
LDGHFYDWHFXPVXQWFDSDFLWDWHDGHDVHVL]DSUREOHPHOHPDLUDSLGGHFkWDO LLGHDDYHDRYL]LXQH
&DSLWROXO6LVWHPHVRFLDOH
1R LXQHDGHVLVWHP
6LVWHPXO HVWH R QR LXQH FX FDUH QRL FHUFHW P FRUHOD LD VWUXFWXUDO GLQ SXQFWXO GH YHGHUH DO FRUHO ULL
UHFLSURFH D VWUXFWXULORU SDU LDOH DO QDWHULL XQXL UDSRUW IXQF LRQDO vQFKLV DXWRFRQVHUYDQW GHOLPLWDW GLQ
H[WHULRU8QVLVWHPVRFLDOHVWHRVWUXFWXU VRFLDO FRPSOH[ FDUDFWHUL]DW GHIHQRPHQHUHFLSURFHFDUHSHUPLW
GHOLPLWDUHD vQWUHJXOXL L FRRUGRQDUHD S U LL ORU vQWUHJXOXL +DQV 3DXO %DKUGW 6FKOVVHOEHJULIIH GHU
6R]LRORJLH 0QFKHQ %HFN S Q WLPS FH SULQ 6WUXFWXU VH vQ HOHJH vQ JHQHUH R QR LXQH
PHWRGLF VWUXFWXU vQWUHJ RUGRQDW GXS XQ H[HPSOX SUHFLV H[SUHVLD GH VLVWHP GHVHPQHD] R VWUXFWXU
VSHFLDO UHVSHFWLY XQ vQWUHJ RUGRQDW DOH F UXL S U L FRQVWLWXWLYH VH DIO vQWUR LQWHUGHSHQGHQ D UHFLSURF L
DQXPH ILHFDUH VFKLPEDUH D XQXL HOHPHQW DF LRQHD] vQ FRQWLQXDUH DVXSUD DOWRU HOHPHQWH DOH VLVWHPXOXL 8Q
H[HPSOX SHQWUX VLVWHPH DOH F URU S U L VH DIO vQ LQWHUGHSHQGHQ
6R]LRORJLH/DQGVEHUJDP/HFK9HUODJ0RGHUQH,QGXVWULHS
'HVHPQDUHD VWUXFWXULORU VRFLDOH UHVSHFWLY D IRUPD LXQLORU VRFLDOH GH H[HPSOX D XQHL FRPXQLW
V WHWL D XQHL JUXSH VRFLDOH VDX D XQHL FRPXQLW
L
HOHPHQWH DOH VLVWHPXOXL VH DIO vQ OHJ WXUL UHFLSURFH )LHFDUH VFKLPEDUH D XQXL HOHPHQW DF LRQHD] PDL
GHSDUWHDVXSUDDOWRUD
/DVLVWHPHVHLDXvQFRQVLGHUD LHLGHQWLILFDUHDS U LORULQGHSHQGHQWHDOHVLVWHPXOXLFRQFXUHQ DGLQWUH
S U LOHVLVWHPXOXLLUHVXUVHOHH[LVWHQWHQ ]XLQ DS U LORUVLVWHPXOXLVSUHDXWRQRPLH
2DOW SUREOHP HVWHDFHHDDHOHPHQWHORUVLVWHPXOXL$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
$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
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
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
LL 6LVWHPXO
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
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
FDUH H[LVW OHJ WXUL DF LXQL UHFLSURFH LQWHUGHSHQGHQ H /HJ WXULOH GLQWUH HOHPHQWH IRUPHD]
LQWHUGHSHQGHQ
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 LXQHFLQXPDLFXRSDUWH6SHFLDOLWLL73DUVRQV
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
6PHOVHURSFLWS
(FRQRPLD HVWH DFHO VXEVLVWHP DO VRFLHW
DGDSWDUHDVRFLHW
LL FDUH VH PDQLIHVW FD R XQLWDWH SULQ DVLJXUDUHD IXQF LHL GH
LL
3ROLWLFDFDVXEVLVWHPDOVRFLHW
LL
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
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
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
$D QXPLWHOH FXOWXUL SULPLWLYH DIODWH vQWUR HWDS GH VXEGH]YROWDUH HUDX GLQ SXQFWXO GH YHGHUH DO
VWUXFWXULLVRFLHW
LLUHODWLYVLPSOHLGLVSHUVDWH6HIRUPHD] FRPXQLW
LPLFLRPRJHQHQHVWUDWLILFDWHGLQWUH
FDUH QXPDL SX LQH QXP UDX R GX]LQ GH PHPEUL (FRQRPLD DFHVWRU FXOWXUL HUD RULHQWDW DVXSUD DVLJXU ULL
H[LVWHQ HLSULQDXWRDSURYL]LRQDUHDFRPXQLW
YkQ WRDUHD IHPHLOH DGXQDX IUXFWH L VHPLQ H 6H FXQRDWH SULPD GLYL]LXQH VRFLDO D PXQFLL Q FXUVXO
GH]YROW ULL XOWHULRDUH YRU DS UHD SULPHOH IRUPH GH FXOWLYDUH D SODQWHORU JU GLQ ULWXO FUHWHUHD YLWHORU
0HWHXJXULOH HUDX GLQ SXQFW GH YHGHUH HFRQRPLF GH LPSRUWDQ
3ULQ P VXULOH GH DS UDUH D WHULWRULXOXL L D JUHXW
L D
U PDVDXWDUKLF LL]RODW
2UJDQL]DUHD FRQFHQWUDUHD GLIHULWHORU DFWLYLW
L
IRDUWH DQHYRLRV QX H[LVWDX VFRSXUL SUHFLVH QRUPH FRRUGRQ UL (FRQRPLD HUD PDL PXOW OHJDW GH RELFHLXUL
GDWLQL FRPSRUWDPHQWH )XQF LLOH HFRQRPLHL VH vQGHSOLQHDX vQ FDGUXO DOWRU LQVWLWX LLVRFLDOHILLQGGHSHQGHQWH
GH IXQF LLOH PLOLWDUH UHOLJLRDVH SROLWLFH )DPLOLD HFRQRPLD FDVQLF L UHOLJLD IRUPDX R XQLWDWH DVWIHO vQFkW
SURFHVHOHHFRQRPLFHLPSRUWDQWHVHvQGHSOLQHDXQHPLMORFLWLGLUHFW&LFOXOGHODSURGXF LHODFRQVXPQXHUD
vQWUHUXSWSULQPLMORFLUHDEDQLORUQPXOWH]RQHQXH[LVW QLFLXQHOHPHQWFRPXQFDUHV ILHXWLOL]DWFDPLMORF
GHVFKLPE
Q FDGUXO FRPXQLW
LL GRPQHD XQ VHQWLPHQW GH VROLGDULWDWH vQ ID D VRU LL 1X HUD RELQXLW DFDSDUDUHD
UHOLJLRDVH VH DGXFHDX MHUWIH VH I FHDX FDGRXUL DYHDX ORF V UE WRUL FRPXQH 3ULQ DFHDVWD HUDX VWDELOLWH
DMXWRDUHOH UHFLSURFH vQ FD] GH QHFHVLWDWH ]HLL HUDX VO YL L OHJ WXULOH vQWUH LQGLYL]LL FRPXQLW
SUHVWLJLXOVRFLDODOLQGLYLGXOXLHUDULGLFDW
Q FXUVXO GH]YROW ULL LVWRULFH VD DMXQV OD R GLIHUHQ LHUH IXQF LRQDO FDUH HVWH FRQVLGHUDW GH XQLL
FHUFHW WRUL FD R FRQVWLWXLUH GLQ VXEVLVWHPH D XQXL VLVWHP WRWDO :LUWVFKDIW DOV VR]LDOHV 6\VWHP vQ
6R]LRORJLVFKH$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
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
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
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
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
GHVFRSHULLFRPSHWLWRULORUUHDOLDLILUPHL
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
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
LORU
LFUHVFkQGHGHLQIOXHQ
%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
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
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
GHVFRSHULULLFRPSHWLWRULORUUHDOLDLILUPHL
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
X*OREDOL]DUHDLVWUDWHJLDILUPHL(G(ILFLHQW%XFXUHWLS
&DSLWROXO'HWHUPLQDQWHOHVRFLRFXOWXUDOHDOHFRPSRUWDPHQWXOXLHFRQRPLF
'H]YROWDUHDWLLQ HORUHFRQRPLFHHVWHVWUkQVOHJDW GHUHOLHIDUHDSULQFLSLXOXLHFRQRPLFUD LRQDO
5D LRQDOLWDWHD HFRQRPLF FRQVW vQ HVHQ
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
XQXLKRPRHFRQRPLFXV
'DWRULW FUHWHULLLQIOXHQ HLFRQVXPDWRUXOXLvQHFRQRPLDPRGHUQ vQWHRULDHFRQRPLF HVWHDQDOL]DWL
FRPSRUWDPHQWXO FRQVXPDWRUXOXL L SULQFLSLXO UD LRQDOLW
LLQSDUWH
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
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 YLH LL HFRQRPLFH VH DUDW vQWRWGHDXQD FODU F ILJXUD LPSRUWDQW D XQXL
SULQFLSLXO UD LRQDOLW
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
'HWHUPLQDQWHOH SVLKRORJLFH DOH FRPSRUWDPHQWXOXL HFRQRPLF vQ FRQWH[WXO IDFWRULORU GH
LQIOXHQ
VRFLRFXOWXUDOL
PXQF ,HUQL OXQJL JUHOH vQW UHVF WHQGLQ D RDPHQLORU VSUH SUHFDX LH SUHFXP L JULMD RDPHQLORU SHQWUX
DSURYL]LRQDUH QU XW
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
ULOHV UDFH
DOHRPHQLULLFD
LLVROXOXLSULQFKLPL]DUHLHUR]LXQH
&RQGL LLOH QDWXUDOH GH PHGLXO GLIHUHQ LDWH UHJLRQDO DF LRQHD] DVXSUD FRPSRUWDPHQWXOXL HFRQRPLF
$FHVWHDSRWV VWLPXOH]HVDXV VWDJQH]HIRU HOHPRWULFHQLYHOXODFWLYLW
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 $VWIHO VH vQ HOHJHFODU
F DQRWLPSXULOHLYDULD LLOHYUHPLLLQIOXHQ HD] UDSRUWXOGLQWUHFHUHUHLRIHUW
QPRGGHRVHELWFRPSRUWDPHQWXORPHQHVFHVWHLQIOXHQ DWLSUHFL]DWGHIRU DGHPXQF PRWLYD LRQDO
2PXOHVWHI U vQGRLDO vQFRPSRUWDPHQWXOV XLQIOXHQ DWGHLQVWLQFWHQHFHVLW
LLPEROGXUL
5HDOLWDWHD DUDW F PRGXO GH FRPSRUWDPHQW GHSLQGH vQ PDUH P VXU GH FRQGL LLOH VRFLRFXOWXUDOH GH
OHJ WXULOHGHGRPLQD LHLGHVLWXD LDHFRQRPLF H[LVWHQW QWURVRFLHWDWHDXWRULWDU XQDQWUHSUHQRUSRDWHV
PDQLIHVWHXQFRPSRUWDPHQWPDLDJUHVLYGHFkWvQWURVRFLHWDWHGHPRFUDWLF QWURSHULRDG GHVXSUDRFXSDUH
L GH OLSV D IRU HL GH PXQF HIXO WUHEXLH V L vQYLQJ FRPSRUWDPHQWXO V X DJUHVLY ID D GH R VRFLHWDWH vQ
FDUHRPDMXODWLQJHRFRW ULGLFDW
&DUDFWHUXO LQVWLQFWLY LQGLF QHFHVLW
L SULPDUH
UHVSHFWLY YLWDOH PHQ LRQ P GHSHQGHQ D GH R[LJHQ IRDPHD VHWHD QHFHVLWDWHD GH D GRUPL DVLJXUDUHD XQXL
VWDGLX RSWLPGHvQF O]LUH6DWLVIDFHUHDQHFHVLW
PRGH 'HD OXQJXO LVWRULHL VDX PDQLIHVWDW GLIHULWH PRGH FDUH FDUDFWHUL]DX GLIHULWH FXOWXUL FDUH HUDX VXSXVH
VFKLPE ULORU$LFLDF LRQHD] LFRQGL LLOHGHPHGLXH[LVWHQWHQFXUVXOSURFHVHORUGHGH]YROWDUHDDYXWORFR
SHUIHF LRQDUH FXOWXUDO FUHVFkQG D VDWLVIDFHULL QHFHVLW
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
FX VDWLVIDFHUHD
LORU SULPDUH FX LQIOXHQ H VRFLRFXOWXUDOH GLYHUVH $VWIHO PHPEULL ELQH VLWXD L DL XQHL VRFLHW
XUP UHVFUHODWLYUDUVDWLVIDFHUHDQHFHVLW
L
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
1HFHVLW
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
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
GHODVHUYLFLXDWXQFLPXO LPHPEULLDLVRFLHW
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
,GHRORJLL
QFDOLWDWHDVDGHILLQ
DFWLY GLQSXQFWGHYHGHUHVSLULWXDORPXOvQGHFXUVXOLVWRULHLDFUHDWQXPHURDVH
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
DRFXSDWGLPHQVLXQHDHFRQRPLF DWUDLXOXLFRPXQLWDUXPDQ
,GHRORJLLOHQXVHUYHVFQXPDLODLQWHUSUHWDUHDUHDOLW
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
UL DOH OXPLL D WUHLD QD LRQDOLVPXO D GXV OD R UHDQDOL] FX SULYLUH OD LGHQWLWDWHD
LL VRFLHW
LL
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
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
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
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
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
GRPHQLXOXLSROLWLFDVXSUDPDVVPHGLHLLDVXSUDVHFWRUXOXLGHLQVWUXLUH
3OXUDOL]DUHD YDORULORU vQ LQWHULRUXO VRFLHW
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
GHFRPSRUWDPHQWSHFDUH
LL HFRQRPLFH 3URJQR]HOH FX SULYLUH OD VFKLPE ULOH GH FRPSRUWDPHQW VDX vQGHS UWDW GH
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 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
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
F DFHDVWD V ILH vQO WXUDW GLQ FHUFXO FROHJLORUV L2DVWIHOGHVDQF LXQHQHJDWLY DMXQJHV
LLVDOHVDXFKLDUDV Q W
LLVDOHUHVSHFW QRUPHOHSRVLELOHSRDWHV
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
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
FRPSRUWD LQGLYLGXO FD KRPR HFRQRPLFXV GH D VH O VD FRQGXV LQGLYLGXO GH XQ VWLO LQGLYLGXDOLVW UD LRQDO
RULHQWDW DVXSUD LQWHUHVHORU L QHFHVLW
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
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
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]HFRQGXLWDODPRGHOXOFDUHOHHVWHUHFXQRVFXWGDWRULW 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
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
LL
DWXQFLQXLYLQHLGHHDFDV UHIOHFWH]HODUROXULOH
LL EXQ VW ULL JHQHUDOH FX JUHX VH J VHWH YUHXQ LQGLYLG FDUH V ILH JDWD FD UROXO GH
VRFLDOL] ULL FRQVXPDWRUXO D GH]YROWDW R VWUXFWXU PRWLYD LRQDO FDUH QX VH ED]HD] QXPDL SH QHFHVLW
SULPDUHGHVHPQDWHVRFLDOFXOWXUDOHFLLSHQHFHVLW
LOH
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
VRFLDOH 6FKLPEDUHD UROXOXL GH FRQVXPDWRU LQFOXGH QXPHURDVH LPSXOVXUL SULQ DFHHD F PXO L FRQVXPDWRUL
DMXQJEXFXURLGHLQRYD LLLVHLQWHUHVHD] GHQRLSRVLELOLW
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 $WHSW ULOH
QRUPDWLYH FDUH IRUPHD] UROXO GH DQJDMDW UH]XOW GLQ VFRSXULOH vQWUHSULQGHULL VDUFLQLOH GH VHUYLFLX
QHFHVLW
LOH RUJDQL]DWRULFH VWUXFWXULOH ELURFUDWLFH 'LQ FH vQ FH PDL PXOW HOHPHQWH GH URO GH DQJDMDW VXQW
LSHQWUXUHDOL]DUHDELQHOXLvQWUHSULQGHULL5ROXOGHDQJDMDW
VHvPSDUWHvQUROGHPXQFLWRULPRGHOGHUROSHQWUXIXQF LRQDU
'LQ SXQFWXO GH YHGHUH DO SXWHUQLFLORU VFKLPE UL DOH IXQF LLORU L GRPHQLXOXL VDUFLQLOH FX FDUDFWHU
VRFLRORJLF HVWH SUREOHPDWLF GLIHUHQ LHUHD vQWUH IXQF LRQDUL L PXQFLWRUL Q SULPXO UkQG GDWRULW GH]YROW ULL
WHKQLFHDFWLYLWDWHDPXQFLWRUXOXLHVWHPDLELQHF XWDW GHFkWDFHHDDPXOWRUIXQF LRQDULGLQFDGUXOVWDWXVXULORU
LQIHULRDUH VDX VHUYLFLLORU /D GUHSW YRUELQG PXO L PXQFLWRUL SULPHVF XQ YHQLW PDL PDUH GHFkW PLFLL
IXQF LRQDUL
GHPXQFLWRUXOQHFDOLILFDW$VWIHOGH
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
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
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
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 $LFL DSDU DWHSW ULOH GH OD SULHWHQL L FXQRVFX L UXGH Q GLUHF LD GH DL
LQWHUSUHWDUROXULOHVDOHPDQDJHULDOHVHRULHQWHD] vQDWHSW ULJHQHUDOHSR]LWLYFRQWXUDWHSHFDUHOHvQWUH LQH
'LQDFHDVW FRQFHS LHGHUROXULDXWRFODULILFDWHUH]XOW XQDXWRSRUWUHWGHUROXUL
DXWRUHDOL]DUHDSHUVRQDOLW
L
LLDFWLYH
E
DVLJXUDUHDYLLWRUXOXLvQWUHSULQGHULL
F
DVLJXUDUHDJULMLLSHQWUXSURSULDIDPLOLH
G
DVLJXUDUHDUHQWDELOLW
H
U VSXQGHUHVRFLDO ID
I
LLFkWLJXOXL
GHFRODERUDWRUL
LLQXQHOHFD]XULSRWV RFXSHXQORF
LL vQ
VHQV ELRORJLF (D DUH XQ URO GHRVHELW vQ FUHWHUHD FRSLLORU FDUH YRU GHYHQL IRU D GH PXQF YLLWRDUH L GH
DVHPHQHD FRQVXPDWRUL DL HFRQRPLHL 5ROXO IHPHLL FDVQLFH HVWH vPSOHWLW FX DFHOD DO FXPS U WRUXOXL L SULQ
DFHDVWDHDIRUPHD] RED] VLJXU SHQWUXFHUHUH$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
OD SHQVLH HWF 3RW IL L UROXUL ELRORJLFH GXS VH[ VDX YkUVW UROXUL LQVWLWX LRQDOH vQ IDPLOLH vQ
vQWUHSULQGHUHH[WUDLQVWLWX LRQDOHvQJUXSXOGHSULHWHQL6HSRDWHFRQVWDWDUROXOGHSHQGHQWLLQGHSHQGHQWDO
DFHOXLDL URO 'H SLOG URO GH WDW HVWH GHSHQGHQW SHQWUX F VH H[HUFLW ID
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]
GH ED] vQ GLIHULWH VLVWHPH VRFLRORJLFH 8QLL FHUFHW WRUL FRQVLGHU vQY
JUXSXULORU (L VLPSOLILF DVWIHO UHDOLWDWHD VRFLDO JUXSXULOH VH SRW GH]YROWD GLQ SURFHVHOH VRFLDOH GDU H[LVWD
JUXSXULFDUHVHVSULMLQ SHIXQGDPHQWHJHRJUDILFHUHOD LLGHYHFLQ WDWHDH]DUH
LOHRDPHQLORUGHVLJXUDQ
FRQVWUkQJHUHGHDVHWU LvQJUXSHVRFLDOH
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
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&DJUXSHSULPDUH3ULPDU\JURXSVIDFHWRIDFHJURXSVVHvQFDGUHD] DFHOH
FDUH VXQW FXQRVFXWH SULQ OHJ WXULUHODWLYVWDELOHSHUVRQDOHGHvQFUHGHUHVHQWLPHQWDOH([HPSOHFODVLFHVXQW
IDPLOLDJUXSDGHSULHWHQLJUXSDGHYHFLQL
Q OLWHUDWXUD JHUPDQ VH GHRVHEHVF JUXSHOH PDUL L JUXSHOH PLFL Q GHFXUVXO WLPSXOXL DFHOH JUXSH
D
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
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
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
VXFFHVXOvQLQVWUXLUHLvQSURIHVLH
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
HFRQRPLF V FUHH]H VWUXFWXUL FRUHVSXQ] WRDUH GH H[HPSOX RUJDQH FRQVWLWX LRQDOH GH FRQGXFHUH GH
UHSUH]HQWDUHLV 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 $FHVWH QR LXQL SHUHFKL DX FD ED] VWXGLLOH I FXWH vQ
SULPDMXP WDWHDVHFROXOXL;;FXQRVFXWHVXEQXPHOHGH+DZWKRUQH6WXGLHQYH]LDQH[D
([SHULPHQWHOH GH OD +DZWKRUQH DX GHPRQVWUDW F UDQGDPHQWXO PXQFLWRULORU HVWH GHWHUPLQDW GH
UH]XOWDWHOHQHDWHSWDWHDOHH[SHULPHQWXOXLDXXLPLWWHRULDYDODELO DWXQFLDDQXPLWD6FLHQWLILF0DQDJHPHQW
6FKRRO8QSDVvQDLQWHDIRVWI FXWGHFXQRVFXWXO%DQN:LULQJ5RRP([SHULPHQWFDUHDSXVVXEVHPQXO
vQWUHE ULL R PDUH SDUWH GLQ WHRULD FROLL PDL VXV PHQ LRQDWH 6DX SXV ED]HOH XQHL FROL +XPDQ5HODWLRQ
6FKRRODOF UHLvQWHPHLHWRUHVWHFRQVLGHUDWDIL(OWRQ0D\R
3HQWUX FXQRDWHUHD UDSRUWXOXL GLQWUH JUXSXULOH IRUPDOH L LQIRUPDOH DX FD LPSRUWDQ
UH]XOWDWHOH
DFHVWXL H[SHULPHQW L DQXPH vQ LQWHULRUXO VWUXFWXULL GH JUXS IRUPHOH VDX IRUPDW VWUXFWXULOH LQIRUPDOH
)LHFDUH VRFLHWDWH DUH VWUXFWXUD HL IRUPDO R VWUXFWXU GH UROXUL LQVWLWX LRQDOL]DWH 'DU HD DUH L VWUXFWXU VD
LQIRUPDO VRFLRPHWULF vQ FDUH OHJ WXULOH VXQW SH P VXUD VHQWLPHQWHORU 6WUXFWXUD VRFLRPHWULF HVWH R
VWUXFWXU DDWRPXOXLVRFLDODPROHFXOHLVRFLDOHDLQWHUGHSHQGHQ HLSVLKRVRFLDOH$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 WXULOHFXDMXWRUXOVRFLRJUDPHORUUHSUH]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 EVWUXFWXUDVRFLDO SHUVRQDO FVWUXFWXUDOHJ WXULORUHFRQRPLFHGOHJ WXULOHVRFLR
SVLKRORJLFHVLPSDWLH L DQWLSDWLH LQWHUHVH OHJ WXUL GH DXWRULWDWH 6RFLRJUDPD FXSULQGH JUDILF OHJ WXULOH
GLQWUHPHPEULLJUXSHL
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
LGHVWLQDWHWLPSXOXLOLEHU
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
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
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
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
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
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
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
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
FDUH HVWH SXV LQGLYLGXO GH D FRQVLP L D DGHUD OD FRQGXLWD JUXSXOXL GH DL IRUPXOD FRUHVSXQ] WRU MXGHF
L
LORUGHFUHDWLYLWDWHvQGRPHQLXOFRQGXFHULL
'DF IHQRPHQHOH SUH]HQWDWH PDL VXV FRQVWLWXLH HOHPHQWH FKHLH vQ VWUXFWXUD JUXSXOXL V SUH]HQW P
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]HFKLOLEUX6DYX'DQD6RFLRORJLHJHQHUDO %XFS
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
YHUWLFDO
L GHSOLQH 6H SXQH vQWUHEDUHD GDF YUHRGDW R DVWIHO GH VRFLHWDWH DU IL H[LVWDW ,QIRUPD LLOH
LVRFLDOHVXQWSR]L LLOHFDUH
VXQW OHJDWH vQ VHQVXO QR LXQLL GH VWDWXV GH GLIHULWHOH YDORUL FDOLILF UL FDSDFLW
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
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 $FHDVW VLWXD LH VH
GHVHPQHD] FD DD QXPLWD FRQVLVWHQ
L$OWHGLPHQVLXQLDOH
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
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
LOH GH
vQVRFLHWDWHDFDVWHORU/DGUHSWYRUELQGHUDXDQVHGHDVFHQVLXQHvQUkQGXOFOHUXOXLLDOEXUJKH]LHL'HDOWIHO
DQVHOH SH FDUH LQGLYLGXO OH SXWHD DYHD vQ YLD
SRVLELOLW
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
LLVW ULORUFRPSRUWDPHQWXOHFRQRPLFDOPHWHXJDULORU
LL WUDGL LRQDOH D VW ULORU $FHVWH HYHQLPHQWH DX IRVW UHIRUPD LOXPLQLVPXO DSDUL LD
LL PHWHXJXULORU
XUEDQL]DUHD
6DX FUHDW FRQGL LLOH GH PDQLIHVWDUH D XQHL QRL VRFLHW
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
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
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
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
LUHD VLWXD LHL GXS S UHUHD ORU SURSULH VH SRDWH UHDOL]D QX
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
UHQXPL LSHUVRQDOLW
GLQVWUDWXULOHVRFLHW
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]
VH IDFH FXQRVFXW SULQ GLIHULWH SR]L LL SURIHVLRQDOH DQVH GH YLD
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
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
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
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
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
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
&RRUGRQDUHDLLQWHJUDUHDQVRFLHW
LOHSXWHUQLFGLIHUHQ LDWHHVWHIRDUWHLPSRUWDQWDILFRRUGRQDWH
SODQXULOH LQGLYLGXDOH $FHDVW FDSDFLWDWH GH LQWHJUDUH SRDWH V ODVH PDL GHSDUWH V DF LRQH]H
PHFDQLVPXOGHSLD
3XWHUHD L GRPLQD LD IRUPHD] HOHPHQWHOH DEVROXW QHFHVDUH SHQWUX FRQYLH XLUHD vQ FRPXQ L SHQWUX
VXSUDYLH XLUHD XPDQLW
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
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
VHvQJUHXQHD] LPSXOVLRQDUHDFDSDFLW
LLQGLYLGXDOHVSHFLILFLW
LvQWU
RVRFLHWDWHGHPRFUDWLF
Q VRFLHW
HFRQRPLFSHQWUXGRPLQDQ LFDRFRQVHFLQ
Q VRFLHW
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
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
vQWUHSULQGHULL GH DOWH vPSUHMXU UL H[WHUQH ,GHHD IXQGDPHQWDO HVWH DLFL F VWUXFWXUD PHGLXOXL LQIOXHQ HD]
VWUXFWXUDFDGUXOXLLQWHUQDOvQWUHSULQGHULL&HUFHWDUHDDFHVWXLUDSRUWDUHORFvQFDGUXODDQXPLWXOXLFRQFHSWGH
FRQWLQJHQ
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
FRQFXUHQ LLDXWRULW
LOHHWF
FXPVXEOLQLD] FRQFHSWXOGHFRQWLQJHQ
GH GHVIDFHUH V L GHS HDVF FRQFXUHQ LL V L VDX DXWRULW
vQWUHSULQGHULL Q DFHDVW SULYLQ
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
'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
DvQWUHSULQGHULL
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(%XFXUHWLS2UJDQL]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
HYHQLPHQWHFXOWXUDOHGHFRRSHUDUHWHPSRUDU vQFDGUXODQXPLWRUDFWLYLW
LvQSHWUHFHUHDWLPSXOXLOLEHUHWF
LL GHVI XUDWH vQ vQWUHSULQGHUH VH LPSXQH DUPRQL]DUHD FHORU GRX WLSXUL GH
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
HFKLSHL GH OXFUX HO UHSUH]HQWkQG vQ DFHODL WLPS L VXUVD L HPL
D UH HOHL IRUPDOH LPSXQH IDYRUL]HD] DSDUL LD D QRL FDQDOH GH FRPXQLFD LH
$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]DUHDRELHFWLYHORULQGLYLGXDOHLRS LRQDOHFDUH
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
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
SHUVRDQHLGUHSW
LQWHJUDOLWDWHDLGHPQLWDWHDFDUHvOFDUDFWHUL]DXSHLQGLYLG
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
FXDMXWRUXOUDSRUWXULORUGHWHUPLQDWHGHUHVXUVHOHXPDQHLQDWXUDOH
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"
/HJLWLPLWDWH
1XPDL GXS vQGHSOLQLUHD REOLJD LLORU PRUDOH YDODELOH ID
UHVSRQVDELOLW
LORU
LQGLYLGXDOH
ID
GH
SHUVRDQHOH
SUHFL]DWH
HVWH
FRQVLGHUDW
WRWDOLWDWHD
L
PXOWLGLPHQVLRQDOLWDWHDRPXOXLFDSHUVRDQ
&D R FRQFUHWL]DUH D FHULQ HL HOHPHQWDUH GH OHJLWLPLWDWH SULQFLSLXO OHJLWLPLW
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
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
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 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
&OLPDWXOGHvQWUHSULQGHUH
'LPHQVLXQHDOHJ WXULORUVRFLRHPR LRQDOHGLQFDGUXOvQWUHSULQGHULLUHVSHFWLYGLQLQWHULRUXOXQHLJUXSH
VXQW GHVHPQDWH GH XQLL FHUFHW WRUL SULQ QR LXQHD GH FOLPDW GH vQWUHSULQGHUH $FHVWD SRDWH IL GLIHUHQ LDW vQ
FOLPDW GH VXFFHV DFKLHYHPHQW FOLPDWH FOLPDW GH DVRFLHUH DIILOLDWLRQ FOLPDWH FOLPDW GH SXWHUH SRZHU
FOLPDWH:LVZHGHU*QWHU6R]LRORJLH/DQGVEHUJDP/HFKS
QSULPXOFD]FOLPDWXOVHED]HD] SHFDSDFLWDWHDRUJDQL]D LHLSHUHDOL] ULOHHL&OLPDWXOGHSXWHUHHVWH
XQ FOLPDW FDUH FRQ LQH HOHPHQWH DXWRFUDWLFH &OLPDWXO GH DVRFLHUH FRQ LQH HOHPHQWH GH VROLGDULWDWH L GH
RULHQWDUH D PXQFLWRULORU 'XS UH]XOWDWHOH H[SHULHQ HORU XQ FOLPDW GH VXFFHV vQJOREHD] FRPSRUWDPHQWXO
SURGXFWLY FX HOHPHQWH GH LQRYD LH &OLPDWXO GH DVRFLHUH SRDWH V FRQWULEXLH vQ PDUH P VXU OD PXO XPLUHD
PXQFLWRULORU Q PRPHQWXO vQ FDUH VH YRUEHWH GH FOLPDWXO GH vQWUHSULQGHUH WUHEXLH V VH VXEOLQLH]H F
RUL]RQWXO H[SHULPHQWDO DO LQGLYLGXOXL WUHEXLH V XUP UHDVF DFHODL OXFUX FX JUXSD GH PXQF VDX FX
FRPSRUWDPHQWXO 6H SRDWH YRUEL vQ LQWHULRUXO XQHL vQWUHSULQGHUL GH ]RQH FOLPDWLFH UHVSHFWLY VHJPHQWH FX
LL L D
&DSLWROXO$VSHFWXOVRFLDODOUHSDUWL LHL
3LD DFDIRUP
DRUGLQLL
LL
8Q FXQRVFXW VRFLRORJ PRGHUQ =HWWHUEHUJ +/ 6RFLDO WKHRULH DQG VRFLDO SUDFWLFH 1HZ <RUN
SURSXQHGLIHUHQ LHUHDSULQFLSDOHORUHOHPHQWHDOHUH HOHLGHOHJ WXULVRFLDOHvQGRX FODVHLDQXPHvQXQDGLQ
FDUHVHPDQLIHVW FDUDFWHUXOGHSLD
/LEHUWDWHDLHJDOLWDWHDOHJ WXULORU
E
([LVWHQ D SRVLELOLW
([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
L SULPLWLYH H[LVW SLH H FRQFUHWH XQGH VH IDFH FRPHU FX EXQXUL QHFHVDUH
LEXQXULGHSLD
QFDGUXOEXQXULORUGHSLD
VXQWvQJOREDWHEXQXULLVHUYLFLLSHQWUXVFKLPE'HXQGHRVHELWLQWHUHVHVWH
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
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
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
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
LL
2 DOW SDUWLFXODULWDWH FDUH FDUDFWHUL]HD] IDFWRULL GH PXQF HVWH KHWHURJHQLWDWHD ORU /D SLD
FXQRVFXWH GLIHULWH FDQWLW
L L FDOLW
VH IDF
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
GHSDUWH OD SHULIHULH VH J VHWH SLD D GH PXQF GXDO FX IOXFWXD LH ULGLFDW FDOLILFDUH UHVWUkQV DQVH GH
PXQF VFKLPE WRDUHVLJXUDQ
LLYLH LL*
QWHU:LVZHVHRSFLWS
&RQGL LLOHVRFLDOH
3HQWUX DQDOL]D VRFLRORJLF D FRPSRUWDPHQWXOXL GH SLD
SDUWHQHUL GH SLD
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'HU0DUNWLDQXPH
&RQGL LL FDGUX FXOWXUDOH vQ VSHFLDO SULQ DF LXQLOH GH YDORDUH GHOLPLWDWH FXOWXUDO L QHFHVLW
LOH GH
&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
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
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
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
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
1R LXQHDSLD
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
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
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
QFKHQ9DKOHQS
FROHFWLYHVRFLDOH UHFRQVWUXLUHD
VRFLDOXOXLDVHPHQLORUDFRPSRUWDPHQWXOXL
DVXSUD PLMORDFHORU GH SURGXF LH OLEHUWDWHD GH FRQWUDFWDUH OLEHUWDWHD SUDFWLF ULL PHWHXJXULORU
DOHJHUHDOLEHU DSURIHVLHLOLEHUWDWHDFRQVXPXOXLHJDOLWDWHDvQID DOHJLL
OLPLWDUHDDFWLYLW
MXULGLFH FRQIRUP SULQFLSLXOXL /DLVVH]IDLUH I U PDQLIHVWDUHD YUHXQHL LQWHUYHQ LL D VWDWXOXL vQ
YLD DHFRQRPLF
DVLJXUDUHDvQWUHFHULORUQHOLPLWDWH
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
LLDFRQIOLFWHORUWHQVLXQLORU6WDELOLWDWHDVRFLHW
(FRQRPLDGHSLD
VRFLDO
LLHVWHVO ELW
SROLWLF HFRQRPLF FRQIRUP SLH HL GH R FDSDFLWDWH GH vQWUHFHUH HFRQRPLF GH GXUDW $LFL VH DMXQJH SULQ
DVLJXUDUHD XQHL MXVWH L VRFLDOH SULQ P VXUL VRFLDOSROLWLFH )XQGDPHQWXO VSLULWXDO DO HFRQRPLHL GH SLD
OOHU$UPDFNDXUHDOL]DWSHED]DVLWXD LHLGLQ*HUPDQLDVFKHPDHFRQRPLHLGHSLD
0DUNWZLUWVFKDIW%HUQXQG6WXWWJDUW
6D I FXW vQFHUFDUHD UHDOL] ULL XQHL VLQWH]H vQWUH IRUPHOH GH YLD
QHFHVLW
L
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
LGHSLD
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
HQLLV LDSDUWHDFWLYODIHQRPHQXO
0DLPXOWHGRPHQLLVXQWUHWUDVHLQL LDWLYHLSDUWLFXODUHYDOXWDUDGLRXOWHOHYL]RUXOLQVWUXLUHDPRGXOGH
UHSUH]HQW UL
/ UJLUHDSHFkWSRVLELODPRGHOHORUGHRUGLQHDHFRQRPLHLGHSLD
OHJ WXU FX FRQYLQJHUHD FDSDFLW
LL L VXSHULRULW
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
U VSXQGHUHDVRFLDO
ELQH LQIRUPD L LQVWUXL L FDUH DX U VSXQGHUH HFRORJLF L VRFLDO L SDUWLFLS DFWLY OD SLD
SULQ
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
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
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
LUHD FRQGL LLORU VRFLDOH )'5RRVHYHOW D vQFHSXW vQ DQXO FX SROLWLFD VD GH 1HZ 'HDO R QRX
H[WLQGHUHDDFWLYLW
SURGXF LH
'XS FHOGHDOGRLOHDU ]ERLPRQGLDODDYXWORFRODUJ GH]YROWDUHDSODQLILF ULLFHQWUDOHSHFDUHIRVWD
8QLXQH 6RYLHWLF SULQ VLVWHPXO HL GH FRQGXFHUH FHQWUDOL]DW D HFRQRPLHL D LPSXVR vQ WRDWH
LORUQD LRQDOH
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 UDUHFDUH
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
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
L
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
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
DXQXLEXQGHFRQVXP
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
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
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
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
JUXSH GH SHUVRDQH FDUH FKLDU vQ FRQGL LL EXQH GH YLD
FDUH vQ FRQGL LL SUHFDUH GH YLD D VXQW IHULFLWH 'H DVHPHQHD HVWH QHFHVDU D VH REVHUYD F PXO XPLUHD L
SURVSHULWDWHDVXQWvQWRWGHDXQDUH]XOWDWXOH[SHULHQ HORUSUHFLVHDLFLH[SHULHQ HOHGHYHQLWSUHFHGHQWHLDXQXL
QLYHOGHFRPSDUD LHGHWHUPLQDWYHQLWXODOWRUDDOWHUQDWLYHGHDWLQVQDFHVWHPRGVHSRWGDFKLDUODXQvQDOW
QLYHODOEXQ VW ULLSULYD LXQLUHODWLYHVRFLDOH
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
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
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
VXQWSXUWDWHPDLGHSDUWHWU V WXULOHXQXLVWLOGHYLD
DFRPSRUWDPHQWXOXLFDUHUHIOHFW VWLOXOGHYLD
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
FRQYHUJHQ HL DWLWXGLQLORU FRPSRUWDPHQWHORU GH YDORDUH L PRGHOH ORU GH FRPSRUWDPHQW vQWUH GLIHULWH JUXSH
SHQWUX PRGHODUHD VLVWHPXOXL GH FRQVXP HVWH I U vQGRLDO UHFODPD
FX
FXQRWLQ HOH QRDVWUH vQ FDGUXO FHUFHW ULORU GH FRPXQLFDUH L DWLWXGLQH F UHFODPD RIHU SRVLELOLWDWHD vQW ULULL
DWLWXGLQLORUvQSULPXOUkQGvQSULYLQ DLQWHUDF LXQLORUGHJUXSFDUHGDXSRVLELOLWDWHDLQIOXHQ
ULLLQGLYLGXOXL
,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
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 $LFL VH ULGLF vQWUHEDUHD
FDUH VXQW FXQRWLQ HOH UHOHYDQWH GH FRQVXP vQ FH P VXU vQ FH PRG L GH FH vQYD
VXEOLQLDW 3DUVRQV 3DUVRQV 7 6WUXFWXUHV DQG SURFHV LQ PRGHUQ VRFLHWHV 1HZ <RUN FDVD S ULQWHDVF
LPSULP DVSHFWH LQVWUXPHQWDOH DOH FRPSRUWDPHQWXOXL GH FRQVXP 'DWHOH H[SHULPHQWDOH DUDW R OHJ WXU
SR]LWLY vQWUH P VXUD FRPXQLFD LLORU LQWHULRDUH GH IDPLOLH FX SULYLUH OD SUREOHPHOH GH FRQVXP L P VXUD FX
FDUHPRWLYD LLOHHFRQRPLFHOHIDFHYDODELOHSHQWUXFRQVXP
QXOWLPLLDQLVDXUP ULWDF LXQHDWHOHYL]RUXOXLDVXSUDFRSLLORU$FHDVWDSRDWHILFHUFHWDW VXEDVSHFWXO
XQHLLQIOXHQ
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
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
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
PHGLXOXLIL]LFLVRFLDO
WUHEXLQ HGHDSDUWHQHQ
$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
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
IDFWRULVLWXD LRQDOL
IDFWRULSHUVRQDOL
)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
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 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]
LLQUkQGXOIDFWRULORUSULQFLSDOLDLPRWLYD LHLPXQFLLVHSURSXQ
VWLPXOLPDWHULDOLLPRUDOL
FRQ LQXWXOPXQFLL
IDFWRULLPHGLXOXLIL]LFVXELHFWXO
PRUDOXOJUXSXOXLFOLPDWXOSVLKRVRFLDO
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 $VW ]L VH XWLOL]HD] DFHVW WHUPHQ vQ VHQVXO GH VWDUH GH VSLULW D JUXSXOXL VDX D
LQGLYLGXOXLvQJUXS
'XS S UHUHDXQXLFHUFHW WRU-$UGRLQRVHSRDWHFRQVLGHUDF QXHVWHGHORFH[DJHUDWDYHGHDIDFWRULL
XPDQLDLSURGXFWLYLW
HFRQRPLFLLWHKQLFL7RPD5RPDQRSFLWS
8QLL FHUFHW WRUL '.DW] FRQVLGHU F SULQFLSDOHOH HOHPHQWH FRPSRQHQWH DOH PRUDOXOXL VXQW
LGHQWLILFDUHDFXJUXSXOPRWLYD LDGHSURGXF LHLQWHJUDUHDvQHFKLSDGHPXQF SRVLELOLWDWHDGHSURPRYDUHVDX
E
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 $FHDVWD VH UHDOL]HD] SULQ GLIHULWH PLMORDFH FD GH SLOG SULQ LPSOLFDUHD IDFWRUXOXL
XPDQ vQ VLWXD LL HPR LRQDOH XWLOL]DUHD GH VLPEROXUL L PLWXUL DOH OXPLL PRGHUQH ULWXDOXUL L
FHUHPRQLLvQPRPHQWHOHFKHLHGLQWUHFXWXOLSUH]HQWXOILUPHLVHOHF LDSHUVRQDOXOXLGXS SRUWUHWXO
URERWDODQJDMDWXOXLLGHDO
7UHEXLH V VXEOLQLHP F PRWLYD LD PXQFLL HVWH R FHULQ D GHRVHELW D HFRQRPLVWXOXL L D PDQDJHUXOXL
]LOHORUQRDVWUHFDUHSHUPLWHFXQRDWHUHDPRGDOLW
&DSLWROXO$VSHFWHVRFLRORJLFHDOHGH]YROW
ULLHFRQRPLFH
&UHWHUHDHFRQRPLF
WU
WXU
GLVWLQFW
DHFRQRPLHLPRQGLDOH
LOH SUHLQGXVWULDOH D DYXW ORF XQ SURFHV GH VFKLPEDUH UHODWLY OHQW vQ
SHULRDGHPDULGHWLPS
3H ED]D HOHPHQWHORU WUDGL LRQDOH GRPLQDQWH DFHVWH VRFLHW
PXOWH GXPDQH LQRYD LLORU L UH]LVWHQWH OD VFKLPE UL 6WDUHD VWD LRQDU D DFHVWRU VRFLHW
LORUVWU LQH
LORUSULQS VWUDUHDVLVWHPXOXLQDWXUDOPRQGLDO
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
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
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
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
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
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
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
LGHDOGHHJDOLWDWHRULHQWDWSROLWLFSULQWUXQVLVWHPGHLPSXQHUHLQFDSDELOSULQWURUHJOHPHQWDUHDELURFUDWLF D
YLH LLHFRQRPLFH
I
'LQDPL]DUHDVWUXFWXULLVRFLDOHYHUWLFDOH
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
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
&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 LL9ROUDG: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
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
3XQNW3XQFWXOYHUGHHVWHFHOPDLXWLOL]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
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
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] $SDUHQHFHVLWDWHDILLQ HLXPDQHGHD
VH DGDSWD DFHVWHL OXPL DSDUH LPSHUDWLYXO GH D VH SXQH GH DFRUG LQWHUHVHOH RPXOXL FX DOH VRFLHW
LL Q ]LOHOH
ELRORJLFH VDX SRW DYHD ORF PLF UL FRQWUDULL FDUH GXF OD FDWDVWURIH DMXQJkQGXVH OD VWDJQDUHD GH]YROW ULL
VRFLDOHFRQRPLFHVDXFKLDUODRSULUHDHL
6RFLHW
LOH PRGHUQH vQFHS V UHDOL]H]H F VXQW SH FDOH QX QXPDL GH DL GLVWUXJH PHGLXO vQFRQMXU WRU
GDUFKLDUGHDLVXEPLQDSURSULXOYLLWRUQFRQVHFLQ
JXYHUQHDJHQ LLSHQWUXGH]YROWDUHLFHW
HQLGLQWRDW
WRDUH
VXELHFW &X FH SRW IL vQORFXL L FRPEXVWLELOLL IRVLOL ED]D HQHUJHWLF D VRFLHW
PDL WUHEXLHVF W LDWH SHQWUX D IDFH ORF FXOWXULORU DOLPHQWDUH DWXQFL FXP YD IL KU QLW R SRSXOD LH vQ FRQWLQX
FUHWHUH" 'DF R FLYLOL]D LH D FRQVXPXOXL FRQGXFH vQ PRG LQHYLWDELO OD SROXDUH L OD VHF WXLUHD UHVXUVHORU
FXP SXWHP V QH VDWLVIDFHP QHYRLOH PDWHULDOH" Q FRQFOX]LH GDF SUH]HQWD FDOH GH GH]YROWDUH HVWH
SHULFXORDV FH YL]LXQH DVXSUD YLLWRUXOXL QHDU SXWHD JKLGD F WUH UHDOL]DUHD XQHL FRPXQLW
L JOREDOH FDUH V
SRDW GXUD"
2 VRFLHWDWH YLDELO HVWH DFHHD FDUH vL VDWLVIDFH FHULQ HOH I U D SXQH vQ SHULFRO SHUVSHFWLYHOH
JHQHUD LLORUYLLWRDUH$FHDVWDSUHVXSXQHvQPRGLQHUHQWUHVSRQVDELOLWDWHDILHF UHLJHQHUD LLID
SRVLELOLW
GHDVLJXUDUHD
LL FD XUP WRDUHD V EHQHILFLH]H GH R ]HVWUH QDWXUDO L R HFRQRPLH QHGLPLQXDW Q HVHQ
DVXSUDGH]YROW ULLHFRQRPLFHDXQHLVRFLHW
DFHDVWD
LOXkQG
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
LLPDWHULDOHORUDXFDUH]XOWDWRPLFRUDUHDSROX ULLDHUXOXLDSHLVROXOXL
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
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
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
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
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
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