Vous êtes sur la page 1sur 4

/RVHFRVGHOQRPEUH\ODQRPLQDFLyQ

(GJDUGR)HLQVLOEHU

/RVKRPEUHVVRQIXHUWHVGXUDQWHWRGRHOWLHPSRHQTXHVXVWHQWDQXQDLGHDIXHUWH
VHYXHOYHQLPSRWHQWHVFXDQGRVHOHSRQHQHQFRQWUD
)UHXG
&RQWULEXFLRQHVDODKLVWRULDGHOPRYLPLHQWRSVLFRDQDOtWLFR
 &DPLQRDODQRPLQDFLyQ
(QODSROLFURQtDGHOOHQJXDMHHQODTXHHOSDUOrWUHHOVHUSRUHOKDEOD\SRUODOHWUDKDELWDORVQRPEUHV
HQVXOHQJXDMHYDQWRPDQGRGLVWLQWDVVLJQLILFDFLRQHVRYDORUHVVHJ~QODVPRGDOLGDGHVGHVX
SUHVHQWDFLyQ(VSRUORTXHUHDOL]DFRQHOORVFyPRVHLGHQWLILFD\VHVLQJXODUL]DFRQHOORVHQVX
SHQVDU\HQVXKDFHUTXHORVQRPEUHVYDQDGTXLULHQGRLQIOH[LRQHVTXHFRQVWLWX\HQDOVXMHWRTXHOR
VXMHWDQDODRWUHGDGTXHVHORVKDWUDQVPLWLGR\FRQORVTXHQRHQHVWHFDVRHOVXMHWRVLQRHOKRPEUH
ORPSRUIRQpWLFDHQIUDQFpV VHSURSRQHLUPiVDOOiGHXQDPHUDUHSHWLFLyQ
(Q/RVQXGRV\ORLQFRQVFLHQWH  /DFDQSURSRQtD(VODIXQFLyQGHOQRPEUHODTXHQRVGDDFFHVR
QRGLUHFWDPHQWHDOR5HDO1RHVHQWRQFHVXQDUD]yQQRPLQDOLVWDQLGHVLPSOHUHIHUHQFLDDORVREMHWRV
VLQRODSRVLELOLGDGGHOLJDUVHDDTXHOORTXHORFDXVDTXHQRHVVROROR5HDO/XHJRHQVX6HPLQDULR
/LQVX  QRVDFODUD1RKD\YHUGDGVREUHOR5HDO(VWDPELpQGHPDVLDGRGHFLU+D\GHOR5HDO
SRUTXHGHFLUORHVVXSRQHUXQVHQWLGR/DSDODEUD5HDOWLHQHXQVHQWLGRHYRFRHOHFRGHODSDODEUD
UHXVFXOSDEOH6HHVPiVRPHQRVFXOSDEOHGHOR5HDO
$VtHQFXDQWRDOQRPEUDUSRGHPRVSUHJXQWDUQRVFRQTXpHOHPHQWRVORKDFHPRVHVGHFLUVLHVFRQ
ORVVLJQLILFDQWHVHQWDQWRHOORVUHSUHVHQWDQDOVXMHWRSDUDRWURVLJQLILFDQWHKDFLHQGRVLJQRHQXQD
OHQJXDRVLORKDFHPRVFRQODPDWHULDOLGDGGHODVOHWUDVODVTXHHQVXVLJQLILFDFLyQVHGLVWULEX\HQHQ
XQDGLYHUVLGDGGHOHQJXDVTXHVHHORQJDQSURYRFDQGRRWURVVLJQLILFDQWHVDVtOODPDGRVVLJQLILFDQWHV
QXHYRV
5+DUDULOHHXQDGLIHUHQFLD  HO1RPEUHGHO3DGUHQRPEUDDOPRGRFUHDFLRQLVWDHVGHFLUFRQHO
FUHDFLRQLVPRGHOVLJQLILFDQWH&RQ)LDW/X[GLYLQR+iJDVHODOX]HOFUHDGRUQRPEUDSDUDIXQGDU
HVGHFLUTXHJHQHUDOR5HDOGHVGHOR6LPEyOLFR'HVGHODQDGDTXHHODJXMHURGHOVLJQLILFDQWH
SUHVHQWLILFDORVLPEyOLFRGHOVLJQLILFDQWHKDFHVXUJLUOR5HDO/RV1RPEUHVGHO3DGUHVRQORVTXH
QRPEUDQOR5HDOOR6LPEyOLFR\OR,PDJLQDULR\GHHVWDPDQHUDGDQVXQRPEUHDORTXHH[LVWtDSDUDHO
SDGUHDKRUDSDUDHOVXMHWR$VtVXFRQVWLWXFLyQYDGHVGHODDOLHQDFLyQDOFDPSRGHO2WURWHVRURGH
VLJQLILFDQWHVSHURTXHQRORVDJRWDDODVHSDUDFLyQ\HOSRFRGHOLEHUWDGVLHPSUHIDQWDVPiWLFDTXH
SHUPLWH
(O1RPEUHGHO3DGUHKDFHSRVLEOHODIXQFLyQSDWHUQD\VXPHWiIRUDSHURORKDFHFRQGLFLRQDGRSRUHO
'HVHRGHOD0DGUHTXHORSUHH[LVWHORTXHGHOLPLWDVXSRVLELOLGDGGHQRPEUDU/RTXHUHVWD
LPDJLQDUL]DGRGHHVDGHSHQGHQFLDKDFHDODVIDOWDV PDQTXHV GHOSDGUHHOFXPSOLUPiVRPHQRVVX
IXQFLyQORTXHMXVWLILFDVXDVHVLQDWR\ODRUJtDFRQVHFXHQWHHLQVWLWX\HXQDOHJDOLGDGHOGHVHRHVHO
GHVHRGHO2WURLGHQWLILFDFLyQORJUDGDQRVLQODPDVWLFDFLyQODLQFRUSRUDFLyQ\ODDVLPLODFLyQTXH
UHTXLHUH
(QHVWHWLHPSRGH/DFDQ+DUDULVXEUD\DTXHHO1RPEUHGHO3DGUHHVXQDLQVWDQFLDUHVSRQVDEOHGH
HVWLSXODUDOPRGRFRQWLQJHQWHODUHODFLyQHQWUHODVSDODEUDV\ODVFRVDVQRDUELWUDULDQL
DFFLGHQWDOPHQWHFRPRHUDSDUD6DXVVXUHSXHVWRTXHFRQILJXUDXQSDFWRVLPEyOLFR  6XVIDOODV

IDLOOHV DSDUWLUGHODVFDUHQFLDV FDUHQFHV GHOSDGUHUHTXLHUHQGHXQ1RPEUHGHO3DGUH


LQFRQGLFLRQDGRUHVSHFWRGHOGHVHRPDWHUQRGHDOJRTXHGHQRWHQRODVVXSOHQFLDVVLQRODVVXSOHFLRQHV
DOGHIHFWRQRPEUDQWHGHODLQVWDQFLD1RPEUHGHO3DGUH
$TXt\YtDHO1RPEUH3URSLR/DFDQSURSRQHUHGHILQLUODQRPLQDFLyQSDUDFRPSHQVDUODGLPLVLyQ
SDWHUQDGHVXVFDUHQFLDV1RPLQDFLyQDKRUDQRGHODIDOWDHQVHU PDQTXHjrWUH VLQRGHOVHUGHOD
IDOWD rWUHjPDQTXH VHUGHRWUDPDQHUDGHOTXHREUDFRQVXUHVSRQVDELOLGDGHQXQKDFHUXQVDEHU
KDFHUDKtFRQORTXHDQWHVSURYRFDEDVtQWRPDVSDUDGDUQRPEUHDXQDREUDTXHORVLQJXODULFH  
$VtODQRPLQDFLyQKDSDVDGRGHVHUSDUD/DFDQXQDQRFLyQFRQODTXHVHSURSRQtDGDUFXHQWDGHO
FDUiFWHULGLyWLFRGHOQRPEUHSURSLRSRUVHUpVWHXQDLGHQWLILFDFLyQDOWUD]RXQDULRGHO2WURWDOFRPROR
GHVDUUROODHQVX6HPLQDULR,;  \KDFRQFOXLGRHQVHUXQIXQGDPHQWRDSDUWLUGHVX
FRQFHSWXDOL]DFLyQGHVGH56,\HQSDUWLFXODUHQVXV~OWLPDVHQVHxDQ]DVHQODVTXHSODQWHDOOHJDUD
VXHIHFWXDFLyQSRUPHGLRGHODUHVSRQVDELOLGDGGHOVLQWKRPDSRUHOTXHFDGDXQRWLHQHDVXFDGDXQD
FRQORTXHORJUDLQYHQWDU
$VtODQRPLQDFLyQLPSOLFDHQOR6LPEyOLFRSUHVFLQGLUGHO1RPEUHGHO3DGUHDFRQGLFLyQGHVHUYLUVH
GHpOFRQHOJRFHPHQWDOGHOVLQWKRPDHQOR5HDOKDFHUVHXQQRPEUHSURSLRWUDEDMDGRHQHODQiOLVLV
FRQHOIRU]DMHGHODQDOLVWDHQHOJRFHGHODOHQJXDGHODQDOL]DQWH\HQOR,PDJLQDULRXQSOXVGHJR]DU
FRQXQREV\HFWRXQREMHWRGH\HFWRKXHVRTXHPDQWHQJDODFRQWLQXLGDG\ODFRQVLVWHQFLDGHXQD
REUD
 9DORUHVGHOQRPEUH
/HVSURSRQJRDKRUDXQDSROLFURQtDGHOQRPEUHTXHGHFXHQWDGHODFRH[LVWHQFLDGHVXGLIHUHQFLDOLGDG
+D\XQWLHPSRSULPHURGRQGHHOVXMHWRVHLGHQWLILFDFRQXQQRPEUHTXHYDOHSDUDpOHQWDQWRQRPEUH
FRP~QSDUDVHUXQRPiVHQWUHORVREMHWRVTXHFRQIRUPDQVXPXQGR1HQHPHVDRJDWR
VXVWDQWLYDQORVUHIHUHQWHVTXHKXPDQLPDOL]DQVXUHDOLGDG'HDKtHOQLxRGHORVORERVHOGHORV
FDEDOORVHOGHODVJDOOLQDVRODQLxDGHORVKXHYRVSLQWDGRV
/XHJRHQFRQWUDPRVODDGTXLVLFLyQGHOQRPEUHSURSLRQHFHVDULRSDUDODKD]DxDGHOFXPSOLPLHQWR
GHOGHVHRLQFRQVFLHQWHGHXQVXMHWRDOGHFLUGH)UHXG  (VWDLGHQWLILFDFLyQTXHOLJDHOQRPEUHDORV
REMHWRVH[SUHVDODWRPDGHSRVHVLyQHQXQIHVWtQGHVLGHUDWLYRHQHOTXHHOVXMHWRHVXQREMHWRWDQWR
FRPRHVVXVREMHWRVHQVXIDQWDVPD
$QQD) U HXGI U HVDVI U DPEXHVDVK X HYRVSDSL OO DGLFHGHODLQVFULSFLyQGHOQRPEUHSURSLRFRPR
XQDLGHQWLILFDFLyQLPDJLQDULDFDXVDGDSRUXQDIDOWDODGHODIUXVWUDFLyQGHOREMHWRGHJRFH
(QXQQXHYRWLHPSRHOQRPEUHSURSLRVHGHVSUHQGHGHVXREMHWLYDFLyQHQODTXHVXUJH\VHKDFH
LQWUDGXFLEOH0HOODPR/DFDQHQWRGDVODVOHQJXDVGLFHGHORFRQVLGHUDGRFRPRSURSLRSHURTXHHV
KHUHGDGR\DORTXHKD\TXHDGTXLULU(VORTXHFRQFOX\HSRUHMHPSORHQ(GLSRKDFLpQGRORHOKpURH
SDWURQtPLFRGHOFRPSOHMRDOGHFLUGH/DFDQ  (VWRHVDOJRTXHWDPELpQGHEHPRVUHPDUFDUODVDJD
WLHQHSRUILQODFRQTXLVWDGHXQQRPEUHHQODLQWHUURJDFLyQGHTXLpQVR\"WDOFRPRHVFRQVLGHUDGD
HQODVYHUVLRQHVTXHGHOPLWRQRVGDQ+/HIHYUHR5*UDYHVSDVDQGRSRUODGH6yIRFOHV
0DVWDPELpQ+DUDULFRQVLGHUDTXHHOQRPEUHSURSLRJHQHUDXQDLGHQWLILFDFLyQLPDJLQDULDSURPRYLGD
GHVGHHOVLPEyOLFR,GHDOGHO<R, $ ODTXHVXWXUDODIXQFLyQGHODJXMHURFRQVWLWX\HQWH  6HWUDWD
FRQHOQRPEUHSURSLRGHKDFHUVHDPDEOH
$TXtQRWDPRVTXHVXUJHDOJRTXHOHUHVWDFRQVLVWHQFLDDHVDLGHQWLILFDFLyQDOLHQDQWHGHOQRPEUH
SURSLRHODSRGR<DVHDXQFDOLILFDWLYRRWURVXVWDQWLYRRXQQHRORJLVPRIXQFLRQDFRPRRWURQRPEUH
TXHGLFHLQVLQ~D\PHWDIRUL]DSRUFRQGHQVDFLRQHVGLYHUVDVXQDVHULHGHVLJQLILFDFLRQHVTXH
SUHGLFDQORTXHVHHVHQHOPXQGRFRQORVVHPHMDQWHVRORVHFRVGHVHQWLGRVHOORVPDUFDQ
GHWHUPLQDQHQFDXVDQRLOXVWUDQHOSRVLFLRQDPLHQWRSHUVRQDO
(QRWURWLHPSR\OLJDGRDOILQGHODQiOLVLVFRQVLGHUDGRHQWRGDVXH[WHQVLyQPHWD\ILQDOVHWUDWD
DKRUDGHYROYHUDKDFHUHQWUDUHOQRPEUHSURSLRHQORTXHWLHQHGHQRPEUHFRP~Q  (VWRHV
UHGXFLUHOQRPEUHSURSLRDOQRPEUHPiVFRP~Q/DFDQORH[SUHVDDVt-DFTX/DF+DQR-DFODTXH
+DQHQUHIHUHQFLDDODFODTXHTXHpOKDFtDYLYDU

7DPELpQSRGHPRVXELFDUDTXtHOWtWXORGHXQOLEURHQKRPHQDMHDVXDXWRU0DUFKDQGGXVHO
0HUFDGHUGHODVDODQDJUDPDGHVXQRPEUH0DUFHO'XFKDPSVHJ~QHOSURFHGLPLHQWRURXVVHOLDQRGH
ODGLVORFDFLyQGHODSDODEUDFUX]DQGRODVVtODEDV
(VGHFLUTXHODIXQFLyQTXHFXPSOtDHODSRGRODUHDOL]DDKRUDHOPLVPRQRPEUHSURSLR3HQVDPRVHQ
ODLQWHQFLyQGH3LFDVVRGHYROYHUDSLQWDUFRPRXQQLxRRFRPRSODQWHDED)UHXGDOUHPLWLUVHDOD
FRQFHSFLyQGH:RUGVZRUWK(OQLxRHVHOSDGUHGHOKRPEUH
3HURWDPELpQFRQHVWR/DFDQDYDQ]DHQRWURWLHPSRHVHOGHWUDWDUDOQRPEUHFRP~QHQORTXH
WLHQHGHQRPEUHSURSLR(VSRUORTXHQRVHWUDGXFHSHURTXHVHHORQJDHQRWUDVOHQJXDVWDOYH]
VLJXLHQGRHQHVWRD)UHXGSDUDTXLHQORLQFRQVFLHQWHKDEODPiVGHXQVRORGLDOHFWR
(QQXHVWUDFOtQLFDHODQDOLVWDFRPRUpWRUUHWRULILFDWUHQ]DVXJLHUHFRQVXVIRU]DMHVHQHOGHFLUGHO
DQDOL]DQWHKDFLHQGRGHORRtGRXQGHFLUGHORLQFRQVFLHQWHQRUHSHWLWLYRRSHUDQGRFRQODOHQJXDDOD
TXHDVtVHKDFHH[LVWLU  (ODQDOLVWDDVtPiVTXHLQWHUSUHWDUWUDGXFLHQGRRSHUDFRPRVLQWKRPD
LQYHQWDQGRVXSOHFLRQHVHQXQPHWDOHQJXDUPiVDOOiGHXQD~QLFDOHQJXDFRQVXVVLJQLILFDFLRQHV
IiOLFDVKLVWyULFDVTXHKLVWHULILFDQ
8QQXHYRJLURTXHQRVHUiSRVWUHURHVHOGHHQXQFLDUHOWLHPSRGHORVHVWLORV6L/DFDQKDEtD
FRPHQ]DGRVXOHFWXUDIUHXGLDQDSDVDQGRGHODVSDODEUDVDORVVLJQLILFDQWHVDXQUHWRTXHGHODV
LGHDVGH6DXVVXUHLQYLUWLHQGRORVWpUPLQRVGHODOJRULWPROXHJRFRPHQ]yDYDORUDUODGLPHQVLyQGHOD
OHWUDQRVyORFRPRPDWHULDOLGDGGHOVLJQLILFDQWHVLQRFRPROXJDUGHLQVFULSFLyQWDQWRGHOR5HDOFRPR
GHOR6LPEyOLFR\GHOR,PDJLQDULR
$KRUDSDVDPRVGHODOHWUDHQHOQRPEUHSURSLRDSDUWLUGHOVRFUiWLFR7RGRSHURQRHVRDORVMXHJRV
GHIUDVHVDORVHTXtYRFRVDODVSHQGLHQWHVGHODVSDODEUDVILUPDGDV$Vt5D\PRQG5RXVVHO%ULVVHW
:ROIVRQ/HLULV-R\FH\:LWWJHQVWHLQYLHQHQHQDSR\RGH)UHXGDORVTXHSRGHPRVDJUHJDUD3HVVRD
\VXVKHWHUyQLPRVQRHQWHQGLGRVFRPRVHXGyQLPRV  6RQVXSOHFLRQHVDOSDWURQtPLFRFRQOD
LQYHQFLyQGHRWURVDXWRUHVDORVTXHPXQHGHXQDREUDDXWRUHVFRQORVTXHGLDORJDUFRQORVTXHVH
KDFHYLYLUDODPXOWLSOLFLGDGFRQODTXHFDGDXQRGHVFRPSOHWDXQDLPDJLQDULDXQLILFDFLyQ
$FiILQDOL]DPRVFRQXQDSXQWXDFLyQGHOFDPSRODFDQLDQRHQWHQGLGRFRPRSURORQJDFLyQGHOIUHXGLDQR
(OFUHDGRUGHOSVLFRDQiOLVLVHQVXILQDO(VTXHPDGHO3VLFRDQiOLVLV  VRVWHQLHQGRODWHVLVVHJ~QOD
FXDOHOQLxRHVSVLFROyJLFDPHQWHHOSDGUHGHODGXOWR\PiVDOOiGHODVGHWHUPLQDFLRQHVSDWHUQDOHVGHO
GHVWLQRRUDFXODUFRQFOXtDTXH/DFRQGLFLyQGHQRVDSLHQFLD 8QZLVVHQKHLW GH(GLSRHVODOHJtWLPD
ILJXUDFLyQGHODFRQGLFLyQGHORLQFRQVFLHQWH(VHVRSHURQRVyORHVR&RQHOVDEHUVRODPHQWHHV
LPSRVLEOHGDUFDELGDDWRGDVODVGLPHQVLRQHVFRQFHUQLHQWHVDOR5HDO3DUDHOORKDFHPRVVXSOHFLRQHV
FRQODVGLPHQVLRQHVGHOKDFHUFRQXQVDEHUKDFHUPiVDOOiGHOGRPLQLRGHODUHSUHVHQWDFLyQKDFLD
QXHYDVHPSLULFLGDGHV  
7UDEDMRSUHVHQWDGRHQHO/DFDQRDPHULFDQRGH5HFLIHVHSWLHPEUH
%,%/,2*5$)$
-/DFDQ/RVQXGRV\ORLQFRQVFLHQWH3HWLW(FULWVHW&RQIHUHQFHVSJ
6HP/LQVXTXHVDLWGHOXQHEpYXHVDLOHjPRXUUH
5+DUDUL&yPRVHOODPD-DPHV-R\FH"$SDUWLUGH(OVLQWKRPDGH/DFDQ/XJDU(G%V$V
SJ
4XpVXFHGHHQDODFWRDQDOtWLFR"/DH[SHULHQFLDGHOSVLFRDQiOLVLV/XJDU(G%V$VSJ

()HLQVLOEHU*RFHV\PDWHULDOLGDGGHORLQFRQVFLHQWH&DWiORJRV(G%V$VSJ/RVHFRV
GHOQRPEUH\ODQRPLQDFLyQ
-/DFDQ6HP/DLGHQWLILFDFLyQ
6)UHXG/DLQWHUSUHWDFLyQGHORVVXHxRV$(%V$V7,9SJ

-/DFDQ6HP(O\RHQODWHRUtDGH)UHXG\HQODWpFQLFDGHOSVLFRDQiOLVLV3DLGyV%V$V
SJ
5+DUDUL4XpVXFHGH"FLW3J
-/DFDQ6HP/HVLQWKRPH
6HP0RPHQWRGHFRQFOXLU
5+DUDUL6HP3DODEUDVVLQPHPRULD\YLROHQFLDGHOOHQJXDMHHQSVLFRDQiOLVLV0D\pXWLFD
6)UHXG(VTXHPDGHOSVLFRDQiOLVLV$(7;;,,,SJ
0)RXFDXOW/DVSDODEUDV\ODVFRVDV6LJOR;;,GH(VSDxD0DGULG3S\

5HYLVWDGH3VLFRDQiOLVLV\&XOWXUD
1~PHUR'LFLHPEUH
ZZZDFKHURQWDRUJ

Vous aimerez peut-être aussi