Vous êtes sur la page 1sur 8

),&+(1/

$1$/<6((1&20326$17(635,1&,3$/(6
5$33(/6 

/
DQDO\VH HQ FRPSRVDQWHV SULQFLSDOHV HVW XQH PpWKRGH G
DQDO\VH GHV GRQQpHV PXOWLYDULpHV
(OOH SHUPHW GH GpFULUH HW G
H[SORUHU OHV UHODWLRQV TXL H[LVWHQW HQWUH SOXVLHXUV YDULDEOHV
VLPXOWDQpPHQW j OD GLIIpUHQFH GHV PpWKRGHV ELYDULpHV TXL pWXGLHQW OHV UHODWLRQV VXSSRVpHV
HQWUHGHX[YDULDEOHV

/D SURFpGXUH V
DSSXLH VXU XQ WDEOHDX FDUDFWpULVWLTXHV FDG YDULDEOHV  ; LQGLYLGXV 2Q
FKHUFKH XQ QRPEUH SOXV UpGXLW GH YDULDEOHV SRXU GpFULUH HIILFDFHPHQW OHV SKpQRPqQHV
VWUXFWXUDQWG
XQJURXSHGHGRQQpHV
2QUHFKHUFKHGRQFOHVFRUUpODWLRQVTXLH[LVWHQWHQWUHOHVGLIIpUHQWHVYDULDEOHVSRXUUDSSURFKHU
DX VHLQ GH FRPSRVDQWHV OHV YDULDEOHV OHV SOXV SURFKH HQWUH HOOHV 2Q UHJURXSH GRQF OHV
YDULDEOHV SRXU TX
HOOHV FRPSRVHQW GHV GLPHQVLRQV GDQV OH EXW GH UpGXLUH OH QRPEUH GH
FDUDFWpULVWLTXHV GpFULYDQW OHV LQGLYLGXV DILQ GH PLHX[ LQWHUSUpWHU OHV GRQQpHV /HV
FRPSRVDQWHVVRQWHQTXHOTXHVRUWHGHVPpWDYDULDEOHV
(QSUDWLTXHFKDTXHGLPHQVLRQHVWGpILQLHSDUODPHLOOHXUHFRPELQDLVRQOLQpDLUHGH YDULDEOHV
H[SOLTXDQWODYDULDQFHQRQH[SOLTXpHSDUODGLPHQVLRQSUpFpGHQWH
352&('85( $&3

/H ILFKLHU ,QGLFDWHXUV pFRQRPLTXHV  SURSRVH  YDULDEOHV RX FDUDFWpULVWLTXHV  SRXU


FDUDFWpULVHU OHV  UpJLRQV IUDQoDLVHV /
DQDO\VH HQ FRPSRVDQWHV SULQFLSDOHV YD SHUPHWWUH OD
UpGXFWLRQGXQRPEUHGHYDULDEOHVDILQGHGpWHUPLQHUXQHVWUXFWXUHVRXVMDFHQWH
5pFDSLWXODWLIGHVREVHUYDWLRQVD
























5e*,21
$OVDFH
$TXLWDLQH
$XYHUJQH
%DVVH1RUPDQGLH
%RXUJRJQH
%UHWDJQH
&HQWUH
&KDPSDJQH$UGHQQH
&RUVH
)UDQFKH&RPWp
+DXWH1RUPDQGLH
,OHGH)UDQFH
/DQJXHGRF5RXVLOORQ
/LPRXVLQ
/RUUDLQH
0LGL3\UpQQpHV
1RUG3DVGH&DODLV
3D\VGH/RLUH
3LFDUGLH
3RLWRX&KDUHQWHV
3URYHQFH&{WHG
D]XU
5K{QH$OSHV


3RSXODWLRQ
HQPLOOLHUV
























D/LPLWpDX[SUHPLqUHVREVHUYDWLRQV

3RSXODWLRQ
DFWLYHSDU
UDSSRUWjOD
SRSXODWLRQ
WRWDOH
























6XSHUILFLH
HQNP
























1RPEUH
G
HQWUHSULVHV
























'
DSUqV*LDQQHOORQL 9HUQHWWWH  (WXGHVGHPDUFKp9XLEHUW

,3ULPHW''DUS\

1RPEUH
GHEUHYHWV
GpSRVpV
DXFRXUV
GHO
DQQpH
























7DX[GH
FK{PDJH
























1RPEUH
GHOLJQHV
WpOpSKRQLTXH
VHQPLOOLHUV
























)LFKHQ

'DQVXQHSUHPLqUHpWDSHLOFRQYLHQWGHUHSpUHUOHVGRQQpHVDEHUUDQWHVRXPDQTXDQWHVDILQGH
QHSDVOHVLQWpJUHUGDQVO
DQDO\VH/DUpJLRQ&RUVHQ
DSDVWRXWHVOHVLQIRUPDWLRQVHWODUpJLRQ
,OHGH)UDQFH ULVTXH G
DYRLU XQ SRLGV WURS LPSRUWDQW GDQV O
DQDO\VH 3DU FRQVpTXHQW QRXV
DOORQVpOLPLQHUFHVGHX[REVHUYDWLRQVGHO
DQDO\VH

3ODFHU OH FXUVHXU VXU OD OLJQH FRUUHVSRQGDQW j O


LQGLYLGX HW IUDSSH] OD WRXFKH 6XSSULPHU GH
YRWUHFODYLHU

3RXU UpDOLVHU O
DQDO\VH HQ FRPSRVDQWH SULQFLSDOH VpOHFWLRQQHU $QDO\VH ! )DFWRULVDWLRQ !
$QDO\VH)DFWRULHOOH
2Q HPSORLH OH WHUPH GH IDFWRULVHU FDU LO V
DJLW ELHQ GH UpGXLUH HQ XQH FRPELQDLVRQ OLQpDLUH
SOXVLHXUVYDULDEOHVHQVHPEOH

/DERvWHGLDORJXHSHUPHWGHVpOHFWLRQQHUOHVYDULDEOHVjIDFWRULVHU6pOHFWLRQQHUWRXWHVOHV
YDULDEOHVHWFOLTXHUVXUODIOqFKHYHUVODGURLWH

6pOHFWLRQQHU OH W\SH GH PpWKRGH GH IDFWRULVDWLRQ &RQVHUYHU OH GpIDXW $QDO\VH HQ
FRPSRVDQWHV SULQFLSDOHV HW VpOHFWLRQQHU O
RSWLRQ JUDSKLTXH GHV YDOHXUV SURSUHV
pJDOHPHQWDSSHOpJUDSKLTXHGXFRXGH

,OHVWWRXMRXUVSRVVLEOHGHGHPDQGHUXQHURWDWLRQGHVGRQQpHVTXLVHUDSUpVHQWpHGDQVOD
VHFWLRQVXLYDQWH,FLRQQHPRGLILHULHQ&HSHQGDQWLOIDXWGHPDQGHUODFDUWHIDFWRULHOOH
HQ FOLTXDQW VXU O
RSWLRQ DILQ GH UHSUpVHQWHU JUDSKLTXHPHQW OHV GLIIpUHQWHV YDULDEOHV SDU
UDSSRUWDX[FRPSRVDQWHVTXLVHURQWH[WUDLWHVHWFDOFXOpHV
/D ERvWH RSWLRQV SHUPHW GH VpOHFWLRQQHU GHV RSWLRQV GH SUpVHQWDWLRQ SRXU FODVVHU OHV
YDULDEOHV OHV SOXV LPSRUWDQWHV HW FDFKHU FHOOHV TXL Q
H[SOLTXHQW SDV OHV GLPHQVLRQV /D
OHFWXUHGHVWDEOHDX[GHUpVXOWDWVVRQWDLQVLIDFLOLWpV
,3ULPHW''DUS\

)LFKHQ

/DSURFpGXUHSURSRVHWURLVWDEOHDX[HWXQJUDSKLTXHjDQDO\VHU
 /DYDULDQFHH[OLTXpH

/HWDEOHDXSUpVHQWHOHVGLPHQVLRQVTXLSHUPHWWHQWGHUpVXPHUO
LQIRUPDWLRQ/DSUHPLqUH
GLPHQVLRQH[WUDLWHSHUPHWG
H[SOLTXHUGHODYDULDQFHGXSKpQRPqQH$XWUHPHQWGLW
OHV YDULDEOHV TXL FRPSRVHQW OD SUHPLqUH GLPHQVLRQ UDVVHPEOH V\QWKpWLVH  GX
SKpQRPqQH&
HVWSRXUTXRLRQFRQVLGqUHTXHODSUHPLqUHGLPHQVLRQ H[SOLTXH /D
GHX[LqPHGLPHQVLRQQ
H[SOLTXHTXHGHODYDULDQFH/DYDULDQFHHVWFDOFXOpHjSDUWLU
GH OD YDOHXU SURSUH LQLWLDOH TXL HOOHPrPH HVW GpSHQGDQWH GX QRPEUH GH YDULDEOHV DX
GpSDUW3DUK\SRWKqVHRQUHFKHUFKHGHVGLPHQVLRQVGHWHOOHVRUWHTX
HOOHVH[SOLTXHQWSOXV
TXH  QE GH GLPHQVLRQV  F
HVWjGLUH SOXV TX
XQH YDULDEOH 'DQV FH FDV RQ UHWLHQW OHV
GLPHQVLRQVTXLH[SOLTXHQWSOXVGH 8QHYDOHXUSURSUHGH FRUUHVSRQGj
  8QH YDOHXU SURSUH GH  SHUPHW G
H[SOLTXHU  ;    (Q
GpILQLWLYHWRXWOHVUpVXOWDWVGXWDEOHDX[VRQWWRXVUHOLpVOHVXQVDX[DXWUHV
9DULDQFHH[SOLTXpHWRWDOH

&RPSRVDQWH








9DOHXUVSURSUHVLQLWLDOHV
GHOD
7RWDO
YDULDQFH
FXPXOpV












(


(


(



6RPPHVGHVFDUUpVFKDUJpHV
GHOD
7RWDO
YDULDQFH
FXPXOpV







0pWKRGHG
H[WUDFWLRQ$QDO\VHGHVSULQFLSDX[FRPSRVDQWV

/D YDULDQFH FXPXOpH   SHUPHW G


pYDOXHU VL OD UpGXFWLRQ GHV  YDULDEOHV j 
FRPSRVDQWHVSHUPHWGHFRQVHUYHUO
HVVHQWLHOGXSKpQRPqQHPHVXUpSDUOHVYDULDEOHVGH
GpSDUW

 /DTXDOLWpGHUHSUpVHQWDWLRQ

4XDOLWpGHUHSUpVHQWDWLRQ

,QLWLDO








3RSXODWLRQHQPLOOLHUV
3RSXODWLRQDFWLYHSDUUDSSRUWjODSRSXODWLRQWRWDOH
6XSHUILFLHHQNP
1RPEUHG
HQWUHSULVHV
1RPEUHGHEUHYHWVGpSRVpVDXFRXUVGHO
DQQpH
7DX[GHFK{PDJH
1RPEUHGHOLJQHVWpOpSKRQLTXHVHQPLOOLHUV

0pWKRGHG
H[WUDFWLRQ$QDO\VHGHVSULQFLSDX[FRPSRVDQWV

([WUDFWLRQ








GHYDULDQFHH[SOLTXpH
GDQVOHVGLPHQVLRQV
H[WUDLWHV

/DTXDOLWpGHODUHSUpVHQWDWLRQSHUPHWGHUpSRQGUHjODTXHVWLRQGDQVTXHOOHPHVXUHPHV
YDULDEOHVGHGpSDUWVRQWHOOHVSULVHVHQFRPSWHVSDUOHVYDULDEOHVH[WUDLWHV"$LQVLODTXDOLWp
GHUHSUpVHQWDWLRQVGHSRSXODWLRQHQPLOOLHUVHVWGH&HODYHXWGLUHTXHGHOD
YDULDQFHGHODYDULDEOHHVWSULVHHQFRPSWHSDUO
XQHGHVGLPHQVLRQVH[WUDLWHV3DUFRQWUHOD
YDULDEOH 6XSHUILFLH HQ NP HVW PDO UHSUpVHQWpH SDU OHV GHX[ GLPHQVLRQV TXL VRQW
H[WUDLWHV &HOD VLJQLILH TXH FHWWH YDULDEOH VHUD PDO SULVH HQ FRPSWH SDU OHV GHX[ PpWD
YDULDEOHVTXHQRXVDOORQVUHWHQLU
,3ULPHW''DUS\

)LFKHQ

 /D0DWULFHGHVFRPSRVDQWHV

,OH[LVWHSOXVLHXUVPDQLqUHVG
pWXGLHUOHVFRHIILFLHQWVTXLVRQWSUpVHQWpVGDQVODPDWULFHGHV
FRPSRVDQWHV
'
XQHSDUWOHVFRORQQHVFRUUHVSRQGHQWjFKDFXQHGHVGLPHQVLRQVH[WUDLWHV GDQVFHFDV
SUpFLV  (OOHV FRQWLHQQHQW GHV FRHIILFLHQWV GH VDWXUDWLRQ TXL V
LQWHUSUqWHQW FRPPH GHV
FRHIILFLHQWV GH FRUUpODWLRQ  OH  QRPEUH G
HQWUHSULVHV  DYHF OD GLPHQVLRQ  HW OD
FRUUpODWLRQDYHFODGLPHQVLRQGHFHWWHPrPHYDULDEOHHVWQpJOLJHDEOH2QSHXWGRQFGLUH
TXHODGLPHQVLRQHWODYDULDEOHQRPEUHG
HQWUHSULVHVVXLYHQWODPrPHSHQWH
0DWULFHGHVFRPSRVDQWHVD
1RPEUHG
HQWUHSULVHV
3RSXODWLRQHQPLOOLHUV
1RPEUHGHOLJQHVWpOpSKRQLTXHVHQPLOOLHUV
1RPEUHGHEUHYHWVGpSRVpVDXFRXUVGHO
DQQpH
6XSHUILFLHHQNP
3RSXODWLRQDFWLYHSDUUDSSRUWjODSRSXODWLRQWRWDOH
7DX[GHFK{PDJH

0pWKRGHG
H[WUDFWLRQ$QDO\VHHQFRPSRVDQWHVSULQFLSDOHV
DFRPSRVDQWHVH[WUDLWHV

3RWHQWLHOGH
GpYHORSSHPHQW

&RPSRVDQWH















$FWLYLWp
pFRQRPLTXH

'
DXWUH SDUW WRXV FHV FRHIILFLHQWV IRUPHQW OHV FRHIILFLHQWV D E F G
XQH GURLWH GH
UpJUHVVLRQ TXL HVW OD FRPSRVLWLRQ OLQpDLUH GH OD FRPSRVDQWH $LQVL FRPSRVDQWH 
D  1E G
HQWUHSULVHV  E  3RSXODWLRQ HQ PLOOLHUV  F  1E GH OLJQHV WpOpSKRQLTXHV
HWF /D GHX[LqPH FRORQQH UHSUpVHQWH OD FRPSRVDQWH  DYHF OHV FRHIILFLHQWV D
 E
 F

HWF
(QILQ OD PDWULFH GHV FRPSRVDQWHV QRXV SHUPHW GH QRPPHU OHV GLPHQVLRQV H[WUDLWHV HQ
pWXGLDQW OHV FRHIILFLHQWV GH VDWXUDWLRQ GH FKDFXQH GHV YDULDEOHV SDU UDSSRUW DX[
GLPHQVLRQV$LQVLODGLPHQVLRQSHXWrWUHQRPPpH3RWHQWLHOGHGpYHORSSHPHQWFDUOHV
YDULDEOHVIRUWHPHQWFRUUpOpHDYHFHOOH GRQWOHFRHIILFHQWHVW! VRQWGHVLQGLFDWHXUV
GX QLYHDX GH GpYHORSSHPHQW HW G
LQGXVWULDOLVDWLRQ WpOpSKRQH EUHYHW HQWUHSULVHV   GH OD
YDOHXU SHXW SRWHQWLHOOHPHQW rWUH FUppH /D GLPHQVLRQ  VRXOLJQH OH QLYHDX GH O
DFWLYLWp
pFRQRPLTXHHQGHKRUVGHODWDLOOHGHFHWWHDFWLYLWpF
HVWO
DFWLYLWppFRQRPLTXHUHSUpVHQWpH
SDUGHX[YDULDEOHVOHQLYHDXG
HPSORLGHODSRSXODWLRQDFWLYHHWOHWDX[GHFK{PDJH/HV
FRHIILFLHQWV VRQW QDWXUHOOHPHQW LQYHUVpV OHV XQV SDU UDSSRUW DX[ DXWUHV 6L O
DFWLYLWp
pFRQRPLTXH DXJPHQWH ORUVTXH OD SRSXODWLRQ DFWLYH DXJPHQWH O
DFWLYLWp pFRQRPLTXH
GpFURvWORUVTXHOHWDX[GHFK{PDJHDXJPHQWHDXVVLELHQTXHFHVGHX[YDULDEOHVQHVRLHQW
SDVGLUHFWHPHQWFRQQHFWpHV

 /HGLDJUDPPHGHVFRPSRVDQWHV

/H GLDJUDPPH GHV FRPSRVDQWHV HVW OD UHSUpVHQWDWLRQV JUDSKLTXH GH OD PDWULFH GHV
FRPSRVDQWHV

/HV FRHIILFLHQWV GH VDWXUDWLRQV GHYLHQQHQW OHV FRRUGRQQpHV GDQV O


HVSDFH j  GLPHQVLRQV
DLQVLFUpp /HVFRRUGRQQpHVGX QEGHOLJQHVWpOpSKRQLTXHVVXUO
D[HGHV DEFLVVHV D[H ;
,3ULPHW''DUS\

)LFKHQ

HVW  HW  VXU O


D[H GHV RUGRQQpHV D[H <  7RXWHV OHV LQIRUPDWLRQV VRQW
GLVSRQLEOHVSRXUTXH6366FRQVWUXLVHQWOHVGLDJUDPPHGHVFRPSRVDQWHV


'LDJUDP P HGHFRP SRVDQWHV


SRSXODWLRQDFWLYHSD





QRPEUHGHEUHYHWV
VXSHUILFLHHQNP
QRPEUHG
HQWUHSULVHV
SRSXODWLRQHQP
QRPEUHGHOLJQH

&RPSRVDQWH




WDX[GHFK{P DJH













&RPSRVDQWH

5(35(6(17$7,21*5$3+,48(6'(6,1',9,'86 

/DPDWULFHGHVFRPSRVDQWHVSHUPHW pJDOHPHQW GH FDOFXOHU OHV FRRUGRQQpHV SRXU UHSUpVHQWHU


JUDSKLTXHPHQW OHV LQGLYLGXV SDU UDSSRUW DX[ GHX[ GLPHQVLRQV H[WUDLWHV GDQV OH EXW GH
FRPSDUHUODSRVLWLRQGHVFKDFXQHGHVREVHUYDWLRQV

(Q HIIHW VL RQ UHPSODFH GDQV O


pTXDWLRQ FRPSRVDQWH   D  1E G
HQWUHSULVHV 
E  3RSXODWLRQ HQ PLOOLHUV  F  1E GH OLJQHV WpOpSKRQLTXHV HWF OHV YDULDEOHV DYHF OHXU
YUDLH YDOHXU SRXU FKDTXH UpJLRQ RQ REWLHQW DORUV OH VFRUH IDFWRULHO F
HVWjGLUH XQH YDOHXU
FRPSRVLWH SRXU OD GLPHQVLRQ TXL GHYLHQW OD FRRUGRQQpH GDQV O
HVSDFH SDU UDSSRUW j FHWWH
PrPHGLPHQVLRQ2QUpSqWHODPrPHSURFpGXUHSRXUFKDFXQHGLPHQVLRQ
5HFRPPHQFHUO
DQDO\VHIDFWRULHOOHHWFOLTXHUVXU)DFWHXUVHWHQVXLWHVXU(QUHJLVWUHUVXUOHV
YDULDEOHV

,3ULPHW''DUS\

)LFKHQ

'HX[ QRXYHOOHV YDULDEOHV VRQW FUppHV GDQV O


pGLWHXU GH GRQQpHV TXL GRQQHQW OHV VFRUHV
IDFWRULHOOHV F
HVWjGLUH OHV FRRUGRQQpHV FDOFXOpHV GH FKDTXH LQGLYLGX SDU UDSSRUW DX[ GHX[
GLPHQVLRQVjSDUWLUGHODPDWULFHGHVFRPSRVDQWHV

,O HVW HQVXLWH DLVp GH UHSUpVHQWHU JUDSKLTXHPHQW OHV REVHUYDWLRQV HQ FUpDQW XQ JUDSKLTXH GH
GLVSHUVLRQ
 6pOHFWLRQQHU GDQV OH PHQX *UDSKHV !
'LDJUDPPH GH GLVSHUVLRQ SRXU REWHQLU OD
ERvWH GH GLDORJXH VXU OD GURLWH &OLTXHU
'pILQLU
 )DLUHJOLVVHUODYDULDEOH5(*5)DFWRU6FRUH
YHUV O
D[H ; HW 5(*5 )DFWRU  YHUV O
D[H <
$ILQG
DIILFKHUVXUOHJUDSKLTXHOHV QRPV GHV
UpJLRQV IDLUH JOLVVHU 5pJLRQ YHUV (WLTXHWHU
OHVREVHUYDWLRQVSDU

(QVXLWHFOLTXHUVXU2SWLRQV

 &OLTXHU VXU $IILFKHU OH GLDJUDPPH DYHF OHV


pWLTXHWWHVSRXUOHVIDLUHDSSDUDvWUH

/H JUDSKLTXH DLQVL REWHQX QpFHVVLWH TXHOTXHV PRGLILFDWLRQV SRXU HQ DPpOLRUHU OD OLVLELOLWp
'RXEOHFOLTXHUVXUOHJUDSKLTXHSRXURXYULUODIHQrWUHG
pGLWLRQGHJUDSKLTXHV
 6pOHFWLRQQHU HQVXLWH OD FRPPDQGH *UDSKLTXH
!/LJQHVGHUpIpUHQFHV
 &OLTXHU2.SRXU(FKHOOH;

 &OLTXHUHQVXLWH$MRXWHUHWHQILQ2.

 5pSpWHUODPrPHRSpUDWLRQSRXU(FKHOOH<

,3ULPHW''DUS\

)LFKHQ

/HV REVHUYDWLRQV OHV UpJLRQV GDQV FH FDV  VRQW PDLQWHQDQW UHSUpVHQWpHV JUDSKLTXHPHQW SDU
UDSSRUW DX[ GHX[ GLPHQVLRQV H[WUDLWHV /D YLVXDOLVDWLRQ JUDSKLTXH GHV UpVXOWDWV SHUPHW GH
FRQVWDWHU TX
LO H[LVWH DX PRLQV GHX[ JURXSHV GH UpJLRQ 8QH DQDO\VH SOXV ILQH SHXW rWUH
FRQGXLWHDORUVDYHFXQH&ODVVLILFDWLRQ+LpUDUFKLTXH YRLUILFKHQ 
5K{QH$OSHV

5(*5IDFWRUVFRUHIRUDQDO\VLV

$OVDFH

%RXUJRJQH
)UDQFKH&RPWp
/LPRXVLQ
%DVVH1RUPDQGLH 0LGL3\UpQQpHV
&KDPSDJQH$UGHQQH
3D\VGH/RLUH
$XYHUJQH
%UHWDJQH
$TXLWDLQH
3RLWRX&KDUHQWHV
+DXWH1RUPDQGLH
/RUUDLQH

3LFDUGLH



3URYHQFH&{WHG
D]

/DQJXHGRF5RXVLOORQ
1RUG3DVGH&DODLV





&HQWUH





5(*5IDFWRUVFRUHIRUDQDO\VLV

352&('85( $&3$9(&527$7,21

/RUVTXH OD PDWULFH GHV FRPSRVDQWHV QH SHUPHW GH GLVFHUQHU FODLUHPHQW TXHOOHV YDULDEOHV
FRPSRVHQW TXHOOHV GLPHQVLRQV RQ D UHFRXUV j XQH URWDWLRQ GHV D[HV SRXU PRGLILHU OHV
FRRUGRQQpHVGHVYDULDEOHVSDUUDSSRUWDX[D[HV
&RPSRVDQWH

;

&RPSRVDQWH



/D URWDWLRQ SHUPHWWUD GH UpGXLUH FHWWH


LQFHUWLWXGH

,3ULPHW''DUS\

&RPSRVDQWH

;
;
;
;



 
 










$YDQWURWDWLRQ



/D PDWULFH GHV FRPSRVDQWHV H[WUDLWHV


VDQV URWDWLRQ HVW OD PDWULFH GHV
FRRUGRQQpHV GHV YDULDEOHV SDU UDSSRUW
DX[ GHX[ D[HV TXH IRUPHQW OHV
GLPHQVLRQV /HV FRRUGRQQpHV WHOOHV
TXHOOHVQHSHUPHWWHQWSDVGHGLUHVL; 
; ; RX ; SHUPHWWHQW VRQW SOXV
FDUDFWpULVWLTXHV G
XQH GLPHQVLRQ RX
G
XQHDXWUH

;

H
QW






;

VD
SR
RP
&

;  
;  
;

;




;



;
;

H
QW

;

VD
SR
RP
&

;

&RPSRVDQWH

;
;
;
;



 
 





 




$SUqVURWDWLRQ

/D URWDWLRQ PRGLILH OH SODFHPHQW GHV D[HV GDQV


O
HVSDFH SDU UDSSRUW DX[ YDULDEOHV VDQV PRGLILHU
O
HPSODFHPHQW GH FHOOHVFL /HV YDULDEOHV VRQW
LPPRELOHVPDLVOHUpIpUHQWLHOERXJHFHTXLSHUPHW
GH FDOFXOHU XQH QRXYHOOHV PDWULFHV GHV
FRRUGRQQpHV F
HVWjGLUH GHV FRPSRVDQWHV $LQVL
O
DQDO\VWH SHXW SOXV IDFLOHPHQW pYDOXHU OD
FRQWULEXWLRQ GH FKDTXH YDULDEOH j OD FRQVWUXFWLRQ
GHVFRPSRVDQWHVHWSDUYRLHGHFRQVpTXHQFHPLHX[
QRPPHUFHVQRXYHOOHVPpWDYDULDEOHV


)LFKHQ

3RXU REWHQLU XQH URWDWLRQ 9DULPD[ URWDWLRQ PDLQWHQDQW O


RUWKRJRQDOLWp GHV D[HV  LO IDXW
VpOHFWLRQQHUO
RSWLRQURWDWLRQGDQVODERvWHGLDORJXHGHO
DQDO\VHIDFWRULHOOH

,3ULPHW''DUS\

)LFKHQ

Vous aimerez peut-être aussi