Vous êtes sur la page 1sur 16

0,67 8( (16&DFKDQ8QLYHUVLWp3DULV;,

3DUWLH&RPPXQLFDWLRQV1XPpULTXHV

7'1XPpULVDWLRQ±0RGXODWLRQQXPpULTXH

&RGDJH3&0QXPpULVDWLRQGHVVLJQDX[DXGLR &'$XGLR 
 'DQVOH GRPDLQH $XGLR RQFRQVLGqUH TXH OHVSHFWUH DXGLEOHSDU O
RUHLOOH KXPDLQHYD GH
TXHOTXHV +HUW] j  N+]  $ILQ GH SHUPHWWUH XQH UHVWLWXWLRQ TXDVLSDUIDLWH GX VRQ RQ XWLOLVH GHV
VXSSRUWV G
HQUHJLVWUHPHQW QXPpULTXH GH O
LQIRUPDWLRQ &
HVW OH FDV HQ DXWUH GHV &' $XGLR HW GHV
'9'
 1RXVDOORQVpWXGLHUHWGLPHQVLRQQHUXQV\VWqPHG
DFTXLVLWLRQGXVRQFRPSDWLEOHDYHFOD
QRUPH+L)L/DFKDvQHG
DFTXLVLWLRQGXVLJQDODXGLRSHXWVHUHSUpVHQWHUVRXVODIRUPHVXLYDQWH

[T N7H 
 )LOWUH [ W  [ N7H 
[D W  7UDLWHPHQW Z N7H 
&$1
 3DVVH%DV )F  (FKDQWLOORQQHXU QXPpULTXH
 %ORTXHXU 0ELWV
1ELWV

 6DFKDQWTXH)PD[ N+]TXHOOHLQpJDOLWpGRLWUHVSHFWHUODIUpTXHQFHG
pFKDQWLOORQQDJH)H"
 4XHOOHHVWOHU{OHGXILOWUHSDVVHEDV"

 6LFHILOWUHHVWXQILOWUHSDVVHEDVGHW\SH%XWWHUZRUWKG
RUGUHQGHIUpTXHQFHGHFRXSXUH
)F  )PD[ GX IDLW GH O
RUGUH OLPLWp GH FH ILOWUH OH VSHFWUH GX VLJQDO GH VRUWLH ;I I  D GHV
FRPSRVDQWHV VSHFWUDOHV DX GHOj GH )PD[ $ILQ GH OLPLWHU O
LQIOXHQFH GH FHV FRPSRVDQWHV
VSHFWUDOHVOHILOWUHVpOHFWLRQQpHVWG
RUGUHpOHYpHWODIUpTXHQFHG
pFKDQWLOORQQDJHHVWpJDOHPHQW
FKRLVLHHQFRQVpTXHQFH

2QSHXWDSSUR[LPHUOHUDSSRUWHQWUHODSXLVVDQFHHQVRUWLHGXILOWUH3[HWODSXLVVDQFHGXHDX
UHFRXYUHPHQWGHVSHFWUH3USDUO
H[SUHVVLRQVXLYDQWH
 Q 
3 Q  
 )

    U[  U   Q VLQ F 
3[  Q    Q  )H

'DQVOHFDVG
XQILOWUHG
RUGUHQ HWSRXUOHTXHO)F )PD[TXHOOHGRLWrWUHODUHODWLRQHQWUH
)H HW )PD[ SRXU DYRLU XQ 5DSSRUW 6LJQDO VXU %UXLW  56%U   G%  DYHF
 
3

56%U   ORJ   ORJ [  OHEUXLWpWDQWG€DXUHSOLHPHQWGHVSHFWUH "


  U[  3U

  
0,67 8( (16&DFKDQ8QLYHUVLWp3DULV;,

 'DQV OH FDV G


XQH QXPpULVDWLRQ G
XQ VLJQDO VRQRUH SRXU OHV &' $XGLR OD IUpTXHQFH )H
FKRLVLHHVW)H N+]&HFKRL[SDUDvWLOMXGLFLHX["
&KRL[GXFRQYHUWLVVHXU
/HVLJQDODSUqVILOWUDJHHWpFKDQWLOORQQDJHEORTXDJH[ N7H HVWQXPpULVpSDUXQ&$1GH1
ELW&HFRQYHUWLVVHXUHVWjSDVGHTXDQWLILFDWLRQXQLIRUPH
   T 91 SDVGHTXDQWLILFDWLRQ 
/DTXDQWLILFDWLRQHQJHQGUHXQHHUUHXURXEUXLWGHTXDQWLILFDWLRQ%&$1  [T±[ 
[T
T ORLLGpDOH %&$1 [T[

T
T
T
T T
[  [
T
T
T

T

 7UDFHU O
pYROXWLRQ GH %&$1 HQ IRQFWLRQ GH O
pYROXWLRQ GH [ HQ DGRSWDQW OD UHSUpVHQWDWLRQ
SURSRVpHFLGHVVXV
 (Q DVVLPLODQW %&$1 j XQ VLJQDO pYROXDQW GDQV OH WHPSV O
DEVFLVVH [ HVW UHPSODFpH SDU W 
FDOFXOHU  T ODYDOHXUHIILFDFHDXFDUUpHGHODWHQVLRQGHEUXLWGHTXDQWLILFDWLRQ%&$1 W 

 6L OH VLJQDO QXPpULVp HVW XQH VLQXVRwGH G


DPSOLWXGH PD[LPDOH  9ROWV [D W   VLQ IW 
TXHOOHGRLWrWUHODSODJHGHFRQYHUVLRQ9"
 'RQQHU DORUV O
H[SUHVVLRQ GX 5DSSRUW 6LJQDO VXU %UXLW GH TXDQWLILFDWLRQ HQ G% 56%T G% 
GpILQLDLQVL
 ; D

     56%T G%   ORJ  



 T
  R ; D HVWODYDOHXUHIILFDFHDXFDUUpGHODVLQXVRwGHGHODTXHVWLRQSUpFpGHQWH

  ([SULPHU 56%T G% HQIRQFWLRQGH1OHQRPEUHGHELWVHWG


XQHFRQVWDQWH

 2QVRXKDLWH 56%T G%  G%SRXUTXHOHEUXLWGHTXDQWLILFDWLRQVRLWLQDXGLEOHTXHOGRLW

rWUHOHQRPEUHGHELWV1"
'DQVODSUDWLTXHOHQRPEUHGHELWVGX&$1HVW1 FDOFXOHUOH 56%T G% GDQVFHFDV"

  
0,67 8( (16&DFKDQ8QLYHUVLWp3DULV;,

'pELWQXPpULTXH
4XHOHVWOHGpELWQXPpULTXHG
LQIRUPDWLRQHIIHFWLI'GDQVFHFDV"
&HVLJQDOQXPpULTXHGHGpELWHIIHFWLI'FRUUHVSRQGjXQHYRLH *DXFKHRX'URLWH 6DFKDQW
TXH OH VLJQDO VRQRUH HVW UHVWLWXp HQ VWpUpR YRLH *DXFKH  YRLH 'URLWH  TXHO HVW OH GpELW
QXPpULTXH'VWpUpRQpFHVVDLUHjODWUDQVPLVVLRQG
XQVLJQDODXGLRGHTXDOLWp+L)LVWpUpR"

$ILQ G
pYLWHU HW GH FRUULJHU OHV HUUHXUV GH UHOHFWXUH GX &' DXGLR O
LQIRUPDWLRQ VRQRUH
QXPpULVpHHVWFRGpHSDUXQFRGHFRUUHFWHXUG
HUUHXUHWHQWUHODFpH&KDTXHpFKDQWLOORQVXU
ELWVGHYLHQWXQpFKDQWLOORQGHELWV

'RQQHU DORUV OH GpELW GH O
LQIRUPDWLRQ QXPpULTXH 'LQIR QpFHVVDLUH j OD WUDQVPLVVLRQ GH FH
VLJQDODXGLRFRGp

&RGDJH0,&GLIIpUHQWLHO '3&0 
8QHFDPpUDYLGpRPRELOHUHFXHLOOHGHVLPDJHVVRXVPDULQHV/HVLJQDOV W REWHQXHVWWUDQVPLV
QXPpULTXHPHQW YHUV OD VXUIDFH SDU O¶LQWHUPpGLDLUH G¶XQ FDQDO XOWUDVRQRUH GH IDLEOH ODUJHXU GH
EDQGH%2QQHVpOHFWLRQQHTX
XQQRPEUHOLPLWpG¶LPDJHV&KDTXHSL[HOHVWTXDQWLILpVXUQLYHDX[
3RXU WHQLU FRPSWH GH OD IRUWH UHGRQGDQFH GH WHLQWH HQWUH GHX[ SL[HOV YRLVLQV RQ QH FRGH SDV
GLUHFWHPHQWOHVLJQDOYLGpRV W  2QXWLOLVHXQFRGHXU0,&GLIIpUHQWLHOGRQWOHVFKpPDGHSULQFLSH
HVWGRQQpVXUODILJXUH/HEORF/$5HVWXQHOLJQHjUHWDUG GHGXUpH7 

pFKDQWLOORQQHXU VWRFNDJH
VLJQDO  H Q H Q
TXDQWLILFDWHXU FRGDJH IRUPDWDJHHW
YLGpRV W V Q 
pPLVVLRQVRQRUH

S Q /$5

)LJXUH

6L[ W HVWXQVLJQDOFRQWLQXHQWHPSVRQQRWH
à [ Q VHVpFKDQWLOORQVDX[LQVWDQWVQ7 HQYROWV 
à [ Q ODTXDQWLILFDWLRQGHFHVpFKDQWLOORQV HQYROWV 
/HVLJQDOYLGpRV W HVWSRVLWLIHWRQQRUPDOLVHWRXWHVOHVWHQVLRQVHQWUHHW9
/HTXDQWLILFDWHXUQRQXQLIRUPHUpSDUWLWH Q HQQLYHDX[H Q VHORQOHWDEOHDXVXLYDQW
QLY Q Q Q Q Q Q Q Q Q
H Q  9 @99@ @99@ @99@ @99> >99> >99> >99> 9

H Q  9 9 9 9 9 9 9 9 9


  
0,67 8( (16&DFKDQ8QLYHUVLWp3DULV;,

 $SUqV DYRLU GRQQp OHV H[SUHVVLRQVGHS Q HWGHH Q  FRPSOpWHU OHVWURLVSUHPLqUHVOLJQHV GX
WDEOHDX$TXLFRUUHVSRQGjGHVYDULDWLRQVUDSLGHVGHWHLQWHVOHORQJG¶XQHOLJQH
 (QDGPHWWDQWTXHOHFRGDJHODWUDQVPLVVLRQHWODGpPRGXODWLRQVHIDVVHQWGHPDQLqUHLGpDOHRQ
UHWURXYH j OD UpFHSWLRQ H Q  0RQWUHU HQ FRPSOpWDQW OD GHUQLqUH OLJQH GX WDEOHDX $ TXH OH
GpFRGHXU GH OD ILJXUH  SHUPHW GH IRUPHU GHV pFKDQWLOORQV V Q  GH V Q  VHPEODEOHV DX VLJQDO
RULJLQDOpPLVPDOJUpODYDULDWLRQUDSLGHGHVWHLQWHV


H Q  V Q

/$5 )LJXUH

Q                     
V Q                      
H Q                      
H Q                      
S Q                      

V Q                      

7DEOHDX$
0RGXODWLRQQXPpULTXHG¶XQVLJQDODQDORJLTXH
6RLWOHPRQWDJHGHODILJXUHRO¶DPSOLILFDWHXURSpUDWLRQQHOHVWVXSSRVpLGpDO

)LJXUH &

V W
5 
U W
9R
5



 'RQQHUO¶pYROXWLRQWHPSRUHOOHGHU W HQIRQFWLRQGHODWHQVLRQFRQWLQXH9RHWGXVLJQDOV W 
 4XHGHYLHQWU W GDQVOHVGHX[FDVSDUWLFXOLHUVVXLYDQWV
D  V W  9R
E V W  "
4XHOOHHVWODSHQWHSGHVFRXUEHVREWHQXHV"

  
0,67 8( (16&DFKDQ8QLYHUVLWp3DULV;,

 ([SULPHU FHWWH SHQWH S HQ IRQFWLRQ GH  HW   pWDQW OD YDOHXU DEVROXH GH OD YDULDWLRQ GH U W 
GXUDQWXQHGXUpH U W U W 
/HPRQWDJHGHODILJXUHUpDOLVHODERXFOHGHUHWRXUGXVFKpPDGHODILJXUH

+ )LJXUH
H W   ' 4
& V W

U W
0RQWDJHILJXUH

/HFRPSDUDWHXU&IRXUQLWXQVLJQDO' ³´TXDQG9!9HWXQVLJQDO³´TXDQG9  9
/DVRUWLHGHODEDVFXOHUHFRSLH'VXUOHVIURQWVPRQWDQWVG¶XQHKRUORJH+GHSpULRGH ILJ 

+ )LJXUH

W
  

V W YDXWGRQF9RRX9
 3RXU pWXGLHU OH IRQFWLRQQHPHQW RQ VXSSRVH TXH H W  HVW XQ VLJQDO WULDQJXODLUH V\PpWULTXH GH
SpULRGH7 HWG¶DPSOLWXGH( ILJ 

H W
)LJXUH
(

W
 

2QFKRLVLW   ( HW RQ DGPHWWUD TXHODFRQVWDQWHG¶LQWpJUDWLRQGRQQDQWU W  HVW WUqV SHWLWH HW
QpJDWLYHjO¶LQVWDQWW 
5HSUpVHQWHUH W HWU W VXUXQPrPHJUDSKLTXHSRXUXQHSpULRGH7
 (QGpGXLUHODIRUPHGXVLJQDOV W TXHO¶RQWUDFHUDVRXVOHJUDSKLTXHSUpFpGHQW4XHOHVWOHW\SH
GXIRUPDWDLQVLJpQpUp"
 4XHVHSDVVHWLOVLRQSUHQG ("
 &RPPHQWFKRLVLUSSDUUDSSRUWjODSHQWHGXVLJQDOH W "
 H W HVWPDLQWHQDQWXQVLJQDOVLQXVRwGDOGHIUpTXHQFH)HWG¶DPSOLWXGH$&RPPHQWFKRLVLUSHQ
IRQFWLRQGH)HW$"

  
0,67 8( (16&DFKDQ8QLYHUVLWp3DULV;,

 0RQWUHUTXHOHFKRL[S $)HVWFRUUHFW(QGpGXLUHHQIRQFWLRQGH$HW)


/¶LQWpJUDWHXUGHODILJXUHVXLYLG¶XQILOWUHSDVVHEDVSHUPHWGHUHVWLWXHUH W DYHFXQHHUUHXU
GHTXDQWLILFDWLRQE W TXHO¶RQSHXWDVVLPLOHUjXQ³EUXLW´TXLDXUDLWGDQVOHSLUHGHVFDVO¶DOOXUH
GHODILJXUH

E W )LJXUH


 W



([SULPHUOHUDSSRUWVLJQDOVXUEUXLW61HQIRQFWLRQGHHW)HQVXSSRVDQWTXHOHVLJQDOH W HVW
ODVLQXVRwGHGHVTXHVWLRQV HW DYHFOHPrPHFKRL[GHS
$SSOLFDWLRQQXPpULTXHRQD) N+]HW N+]H[SULPHU61HQG%

  
0,67 8( &RPPXQLFDWLRQV1XPpULTXHV  (16&DFKDQ8QLYHUVLWp3DULV;,

7'&RP1XPHW)RUPDWDJHGHVV\PEROHV

$&RGDJHHQEDQGHGHEDVH
2Q FRQVLGqUH XQ VLJQDO ELQDLUH 15= H W  GH SpULRGH G
KRUORJH  GpEXWDQW SDU OD VpTXHQFH
UHSUpVHQWpHVXUODILJXUHFLGHVVRXV

H W

///////////
 W
/HVSHFWUHGHH W  UDFLQHFDUUpHGHODGHQVLWpVSHFWUDOH'H I DO
DOOXUHVXLYDQWH

6SHFWUH

I
    


 3RXUTXRLDWRQXQHUDLHjODIUpTXHQFHQXOOH"
 5DSSHOHUO
H[SUHVVLRQGHODGHQVLWpVSHFWUDOHGXIRUPDW15=
&HVLJQDOHVWWUDQVFRGpDXIRUPDWELSRODLUHjO
DLGHGXPRQWDJHVXLYDQW

H W 
X W
V W


] ]

 9pULILHUGDQVOHFDVSDUWLFXOLHUGHODVpTXHQFHGRQQpHHQGpEXWGHWH[WHTXHO
RQREWLHQWELHQXQ
IRUPDWELSRODLUH
 4XHOOHHVWODIRQFWLRQGHWUDQVIHUW) I GXTXDGULS{OHG
HQWUpHX W HWGHVRUWLHV W "
 (QDGPHWWDQWTXHODGHQVLWpVSHFWUDOHGHX W HVWFHOOHG
XQIRUPDW15=FDOFXOHUFHOOHGHV W 

  
0,67 8( &RPPXQLFDWLRQV1XPpULTXHV  (16&DFKDQ8QLYHUVLWp3DULV;,

/
DOOXUHGXVSHFWUHGXIRUPDWELSRODLUHHVWGRQQpHVXUODILJXUHVXLYDQWH

6SHFWUH
%LSRODLUH

15=

I
    


 &RPPHQWHUOHV DOOXUHVUHVSHFWLYHV GHVVSHFWUHVGHV IRUPDWV 15= HW ELSRODLUH YLVjYLVGH OHXU
WUDQVPLVVLRQVXUXQFDQDOGHEDQGHSDVVDQWHOLPLWpH
 $ILQGHSDOOLHUODGLIILFXOWpGHUpFXSpUDWLRQGHO
KRUORJHHQELSRODLUHORUVGHODWUDQVPLVVLRQGH
ORQJXHVVXLWHVGH/RQSHXWXWLOLVHUOHVIRUPDWVGHW\SH+'%Q
D  5DSSHOHUFRPPHQWXQFRGH+'%HVWIRUPpjSDUWLUG
XQFRGHELSRODLUH
E  $SSOLTXHUODPpWKRGHSUpFpGHQWHGDQVOHFDVGHODWUDQVPLVVLRQGHODVXLWHGHV\PEROHVVXLYDQWH
SDURUGUHG
HQWUpHHQVFqQH /////////////
F  0rPHTXHVWLRQSRXUODVXFFHVVLRQGHV\PEROHV//////////TXLIDLW
VXLWHjFHOOHGpFULWHSUpFpGHPPHQW
 3RXU IDFLOLWHU OD UpJpQpUDWLRQ G
KRUORJH RQ SHXW pJDOHPHQW XWLOLVHU OHV IRUPDWV 0DQFKHVWHU
DSSHOp DXVVL ELSKDVH  RX 0LOOHU GRQW OHV IRUPHV pOpPHQWDLUHV HW VSHFWUHV VRQW LQGLTXpV
FLGHVVRXV

0DQFKHVWHU 0LOOHU

  
9+ 9+ 9+
/ RX
HQDOWHUQDQFH
9/ 9/ 9/

  
9+ 9+ 9+
/ RX
HQDOWHUQDQFH
9/ 9/ 9/

  
0,67 8( &RPPXQLFDWLRQV1XPpULTXHV  (16&DFKDQ8QLYHUVLWp3DULV;,

6SHFWUH 6SHFWUH
0LOOHU
15=

0DQFKHVWHU 15=

I I
         


D  $SSOLTXHUFHVIRUPDWVDXFDVGHODVXLWHGHODTXHVWLRQE 
E  &RPPHQWHUO
DOOXUHGHVVSHFWUHVGHFHVGHX[W\SHVGHIRUPDW
F  9pULILHU TX
DYHF XQ RX H[FOXVLI FkEOp FRPPH VXLW RQ SHXW UpDOLVHU XQ IRUPDW 0DQFKHVWHU j
SDUWLUG
XQIRUPDW15=

[ 15=
\
+RUORJH

G  0RQWUHUTXHJUkFHDXFkEODJHGHODEDVFXOH'LQGLTXpFLGHVVRXVRQWUDQVIRUPHELHQXQIRUPDW
0DQFKHVWHUHQIRUPDW0LOOHU ODEDVFXOHHVWVHQVLEOHDX[IURQWVPRQWDQWVGHO¶KRUORJH&ON 

' 4 ]

&ON
\ 0DQFKHVWHU 4
&OHDU

,QLWLDOLVDWLRQ


%(WDOHPHQWGHVSHFWUHSULQFLSHGXPXOWLSOH[DJH&'0$
/D WHFKQLTXH GH WUDQVPLVVLRQ SDU pWDOHPHQW GH VSHFWUH FRQVLVWH j PXOWLSOLHU XQ VLJQDO [ W 
FRQWHQDQW O¶LQIRUPDWLRQ SDU XQ VLJQDO G¶pWDOHPHQW J W  GH IDoRQ j FH TXH OH VLJQDO Y W  [ W J W 
RFFXSH XQH EDQGH VSHFWUDOH %Y WUqV JUDQGH SDU UDSSRUW j OD EDQGH %[ GH [ W  &HWWH WHFKQLTXH
DVVRFLpH DX PXOWLSOH[DJH &'0$ &RGH 'LYLVLRQ 0XOWLSOH $FFHVV  HVW GH SOXV HQ SOXV XWLOLVpH
DXMRXUG
KXLGDQVOHVV\VWqPHVGHWpOpFRPPXQLFDWLRQV\VWqPHGHSRVLWLRQQHPHQWSDUVDWHOOLWH*36
*OREDO 3RVLWLRQLQJ 6\VWHP  QRUPH GH WpOpSKRQLH PRELOH DPpULFDLQH ,6 QRUPH 8076
8QLYHUVDO0RELOH7HOHSKRQH6\VWHP «

  
0,67 8( &RPPXQLFDWLRQV1XPpULTXHV  (16&DFKDQ8QLYHUVLWp3DULV;,

, 0RGXODWLRQ
3RXU WUDQVPHWWUH O
LQIRUPDWLRQ QXPpULTXH ELQDLUH D / RX /  DX IRUPDW 15= DQWLSRODLUH
D /[ W  D /[ W   RQXWLOLVHGXF{WppPHWWHXUOHVFKpPDGHSULQFLSHVXLYDQW

Y W
[ W  ; ; Z W

J W S W  FRV W  )LJXUH


/HV DPSOLWXGHV GHV VLJQDX[ DLQVL TXH OHV FRHIILFLHQWV FDUDFWpULVWLTXHV GHV PXOWLSOLHXUV VRQW
    7 EDXGV /HVLJQDOGH
QRUPDOLVpVj/DGXUpHG
XQpOpPHQWELQDLUHHVWQRWpH7P U\WKPH 0 P

FRGDJHJ W EULEHRXFKLSV\QFKURQLVpDYHFOHU\WKPHELQDLUHHVWDXVVLDXIRUPDW15=ELQDLUH
DQWLSRODLUHPDLV SpULRGLTXH GH SpULRGH 7P HWGH GXUpH G
XQ V\PEROH7P11 pWDQW XQ HQWLHU2Q
SUHQGUDSRXUODVXLWH1 
2QFRQVLGqUHOHVTXDWUHSRVVLELOLWpVVXLYDQWHVSRXUJ W WUDFpHVVXUXQHVHXOHSpULRGH
J W J W J W J W

   

 7P  7P  7P  7P
W W W W

  
)LJXUH 
 4XHOHVWOHVLJQDOREWHQXHQY W TXDQGRQWUDQVPHWD /RXD /"
 4XHOHVWOHW\SHGHPRGXODWLRQREWHQXHQZ W "
 4XHOHVWO
HQFRPEUHPHQWHQIUpTXHQFHV%[GH[ W "
 (QGpGXLUHO
HQFRPEUHPHQWHQIUpTXHQFHV%ZGXVLJQDOZ W SRXUOHVTXDWUHEULEHVJL W 

,, 'pPRGXODWLRQ
3RXUGpPRGXOHUDSUqVWUDQVPLVVLRQRQUpFXSqUHODSRUWHXVHHWRQFDOHODGLIIpUHQFHGHSKDVHj
jO
DLGHG
XQHERXFOH3//SXLVRQXWLOLVHOHVFKpPDGHSULQFLSHFLGHVVRXV

G W GN F
Z W  ; &RUUpODWHXU & E
)

FRV W JL W )LJXUH 

  
0,67 8( &RPPXQLFDWLRQV1XPpULTXHV  (16&DFKDQ8QLYHUVLWp3DULV;,

/HILOWUHSDVVHEDV) DXQHIUpTXHQFHGHFRXSXUHVXSpULHXUHj %ZHWWUqV IDLEOHGHYDQW  


/
pFKDQWLOORQQHXUGHSpULRGH7 7PV\QFKURQLVpDYHFOHU\WKPHELQDLUH7PGRQQHpFKDQWLOORQV
GNGHG W GXUDQW7POHSUHPLHUGpFDOpGH7P GpFDODJHQpFHVVDLUHSRXUpYLWHUG
pFKDQWLOORQQHUDX
PRPHQW GHV IURQWV GH G W  /H FRGH JL W  pJDOHPHQW V\QFKURQLVp DYHF OH U\WKPH ELQDLUH 7P
FRUUHVSRQG j O
XQ GHV TXDWUH VLJQDX[ GH OD ILJXUH  /H FRUUpODWHXU HIIHFWXH O
RSpUDWLRQ

N   7P

F  G N J L 
 /HFRPSDUDWHXU&GRQQHHQVRUWLHE /SRXUFHWE /VLQRQ

N 

 ([SULPHUG W HQIRQFWLRQGHY W 


 /
pPHWWHXUHWOHUpFHSWHXUXWLOLVHQWWRXVGHX[OHFRGHJ W 'RQQHUOHVTXDWUHYDOHXUVVXFFHVVLYHV
GHGNTXDQGRQWUDQVPHWSRXUDXQ/SXLVXQ/(QGpGXLUHFHWEHWFRPSDUHUEHWD
 2QpPHWWRXMRXUVDYHFOHFRGHJ W PDLVRQGpPRGXOHVXFFHVVLYHPHQWDYHFOHVFRGHVJ W J W 
HWJ W &RPSDUHUEDYHFOHVGHX[YDOHXUVGHDSRXUOHVWURLVFDV

,,,0XOWLSOH[DJH
'HX[XWLOLVDWHXUVXWLOLVHQWVLPXOWDQpPHQWOHPrPHpPHWWHXUVHORQOHVFKpPDGHOD ILJXUH2Q
QRWHDOHVELWVFRUUHVSRQGDQWDXSUHPLHUXWLOLVDWHXUHWD
FHX[FRUUHVSRQGDQWDXVHFRQG

Y W 
[ W  ; ; Z W

J W S W  FRV W
Y
W
[
W  ;
)LJXUH

J W 
 2QUpFHSWLRQQHDYHFJ W 'RQQHUEHQIRQFWLRQGHVFRXSOHVGHVELWVDHWD
&RQFOXVLRQ
 0rPHVTXHVWLRQVVLRQUpFHSWLRQQHDYHFJ W 
 2Q UpFHSWLRQQH PDLQWHQDQW DYHF J W  'RQQHU GH QRXYHDX E HQ IRQFWLRQ GHV D HW D

&RPPHQWDLUH
 (IIHFWXHU OHV SURGXLWV VFDODLUHV J W J W ! J W J W ! J W J W ! J W J W !

N   7P
N   7P

J W J W ! J W J W ! R  J L W  J M W   J L 


J M
 
  (Q GpGXLUH

N 

XQHSURSULpWpTXHGRLYHQWVDWLVIDLUHOHVFRGHVSRXUDVVXUHUFRQYHQDEOHPHQWOHVWUDQVPLVVLRQV
 2QSUHQGPDLQWHQDQW1!!-XVWLILHUOHYRFDEOHWUDQVPLVVLRQSDUpWDOHPHQWGHVSHFWUHSRXU
FHW\SHGHPXOWLSOH[DJH

  
0,67 8(©WHFKQLTXHVQXPpULTXHVª (16&DFKDQ8QLYHUVLWp3DULV;,

7' H[DPHQ$'6/ 
'DQVFHWWHSDUWLHQRXVpWXGLHURQVXQV\VWqPHGHFRPPXQLFDWLRQV QXPpULTXHVWUDQVPHWWDQW
GHVLQIRUPDWLRQVVXUXQFDQDOILODLUH FkEOHWpOpSKRQLTXH &HFDQDODXQHEDQGHSDVVDQWHDOODQWGH
 +] j  0+] %  0+]  &H FDQDO HVW EUXLWp SDU XQ EUXLW DGLWLI EODQF JDXVVLHQ j
PR\HQQHQXOOHHWGHYDULDQFH    YDOHXUHIILFDFHGHODWHQVLRQGHEUXLWDXFDUUp /DGXUpHG¶XQ
V\PEROHHVWQRWpH7

'DQV XQ SUHPLHU WHPSV QRXV HQYLVDJHURQV FRPPH F¶pWDLW OH FDV SRXU OHV SUHPLHUV PRGHPV
WpOpSKRQLTXHVXQH WUDQVPLVVLRQHQ EDQGHGHEDVHGHW\SH 15=©PDLUHªDQWLSRODLUHH[SORLWDQW
WRXWHODEDQGHSDVVDQWHGXFDQDO FHQ¶HVWSDVODVROXWLRQUHWHQXHSDUOHV\VWqPH$'6/ 

E W 

6RXUFH )LOWUH )LOWUH 'pFRGHXU


&DQDO (JDOLVHXU
FRGDJH G¶pPLVVLRQ UpFHSWLRQ
%UXLW
*H I  + I  *U I  ( I 


)LJXUH3ULQFLSHGHIRQFWLRQQHPHQWGHODFKDvQHGHWUDQVPLVVLRQpWXGLpH

  /¶pJDOLVHXUGHIRQFWLRQGHWUDQVIHUW( I HVWELHQUpJOpHWSHUPHWGRQFGHYpULILHUOHSUHPLHU
FULWqUH GH 1\TXLVW ([SULPHU FHWWH FRQGLWLRQ VRXV OD IRUPH G¶XQH UHODWLRQ R LQWHUYLHQQHQW
*H I *U I + I ( I HW7
  6LOHV\VWqPHGHWUDQVPLVVLRQUHVSHFWHOHSUHPLHUFULWqUHGH1\TXLVWTXHOOHHVWODUDSLGLWpGH
PRGXODWLRQ 5 PD[LPDOH DXWRULVpH" (Q GpGXLUH O¶H[SUHVVLRQ GH OD GXUpH V\PEROH 7 HQ
IRQFWLRQGH%
  6DFKDQWTXHOHV\VWqPHGRLWDYRLUXQGpELWQXPpULTXH'GH0ELWVVHFRQGHTXHOGRLWrWUH
OHQRPEUHGHPRPHQWV©PªGHFHV\VWqPH"
  'RQQHU XQH UHODWLRQ UHOLDQW OH WDX[ G¶HUUHXU VXU XQ PRPHQW  WUDQVPLVVLRQ PDLUHV  HW OH
WDX[G¶HUUHXUELQDLUHE
5HPDUTXH $ILQ G¶pWDEOLU FHWWH UHODWLRQ YRXV SRXUUH] SDU H[HPSOH YRXV LQVSLUHU GX IDLW
TX¶XQPRPHQWHVWMXVWHTXDQGWRXVOHVELWVVRQWMXVWHV

  /HFDKLHUGHVFKDUJHVGHFHV\VWqPHSUpFLVHTXHOHWDX[G¶HUUHXUELQDLUHEGRLWrWUHLQIpULHXU
j FDKLHUGHVFKDUJHVGHO¶$'6/ 6DFKDQWTXH EHVWSHWLWLOHVWSRVVLEOHG¶XWLOLVHU
O¶DSSUR[LPDWLRQVXLYDQWH    E     Q E (QGpGXLUHOHWDX[G¶HUUHXUVXUXQPRPHQW
Q

 3DUWLHGH&RXUV&RPPXQLFDWLRQVQXPpULTXHV 
0,67 8(©WHFKQLTXHVQXPpULTXHVª (16&DFKDQ8QLYHUVLWp3DULV;,

  3RXU XQ V\VWqPH GH WUDQVPLVVLRQ HQ EDQGH GH EDVH PDLUHV OD SXLVVDQFH GX VLJQDO 6 HVW
P   
GRQQp SDU OD UHODWLRQ 6   /H WDX[ G¶HUUHXU  HVW GRQQp SDU OD UHODWLRQ

P    
 *F
DYHF *F 
 ODIRQFWLRQGHUpSDUWLWLRQ*DXVVLHQQHFRPSOpPHQWpH YRLU
P  
DEDTXHHQDQQH[H HW  ODYDOHXUHIILFDFHGHODWHQVLRQGHEUXLW'RQQHUDORUVO¶H[SUHVVLRQ
GHHQIRQFWLRQGHPHWGXUDSSRUWVLJQDOVXUEUXLW61 1HVWODSXLVVDQFHGXEUXLWDYHF
1   
  $SDUWLUGHVUpVXOWDWVGHVTXHVWLRQV  HW HWHQXWLOLVDQWO¶DEDTXHGHODIRQFWLRQ*F  
FDOFXOHUODYDOHXUGXUDSSRUWVLJQDOVXUEUXLW61QpFHVVDLUHSRXUDWWHLQGUHOHVSHUIRUPDQFHV
GXFDKLHUGHVFKDUJHV9RXVH[SULPHUH]HQVXLWHFHUpVXOWDWHQG%
  5DSSHOHUO¶H[SUHVVLRQHWODVLJQLILFDWLRQGHOD©&DSDFLWpGX&DQDOª
  &RQQDLVVDQWOHUDSSRUWVLJQDO61FDOFXOHUODFDSDFLWpGHFHFDQDOGHEDQGH%/HGpELWGH
0ELWVVHFRQGHYRXVVHPEOHWLOHQYLVDJHDEOHGDQVXQWHOFDQDO"
 4XHOVHUDLW O¶LQFRQYpQLHQW PDMHXU GH FHPRGHP WpOpSKRQLTXHXWLOLVDQW XQ IRUPDW 15= P
DLUH DQWLSRODLUH V¶LO pWDLW XWLOLVp VXU YRWUH OLJQH WpOpSKRQLTXH SUREOqPH UHQFRQWUp DYHF OHV
PRGHPVWpOpSKRQLTXHVDYDQWO¶DSSDULWLRQGHVPRGHPV$'6/ 


/HV FkEOHV WpOpSKRQLTXHV VHUYHQW DYDQW WRXW j DFKHPLQHU OHV VLJQDX[ GX WpOpSKRQH
DQDORJLTXHFKH]O¶DERQQpF¶HVWOH57& 5pVHDX7pOpSKRQLTXH&RPPXWp /HVVLJQDX[GXV\VWqPH
$'6/ $V\QFKURQRXV 'LJLWDO 6XEVFULEHU /LQH  VH VXSHUSRVHQW DX[ VLJQDX[ WpOpSKRQLTXHV HW
SHUPHWWHQWODWUDQVPLVVLRQjKDXWGpELWG¶LQIRUPDWLRQVQXPpULTXHV LQWHUQHWKDXWGpELWYRL[VXU,3
WpOpYLVLRQ« /HVVLJQDX[$'6/VRQWWUDQVPLVGDQVOHVHQVPRQWDQW 8S/LQN GXFOLHQW O¶DERQQp 
YHUVXQVHUYHXU FRQWHQDQWOHVSDJHVZHEHWGRQQpHV HWGDQVOHVHQVGHVFHQGDQW 'RZQ/LQN GX
VHUYHXUYHUVO¶DERQQp

6SHFWUHHQSXLVVDQFH $'6/

N+]

57& 8S/LQN 'RZQ/LQN

N+] N+] N+] )PD[ 0+]




)LJXUH5pSDUWLWLRQVSHFWUDOHGHVVLJQDX[57&HW$'6/

 3DUWLHGH&RXUV&RPPXQLFDWLRQVQXPpULTXHV 
0,67 8(©WHFKQLTXHVQXPpULTXHVª (16&DFKDQ8QLYHUVLWp3DULV;,

/H 57& Q¶XWLOLVH TX¶XQH IDLEOH SDUWLH GH OD EDQGH SDVVDQWH XWLOLVDEOH GX FkEOH WpOpSKRQLTXH
VHXOHPHQW  N+]  /¶$'6/ H[SORLWH OD EDQGH GH IUpTXHQFH DOODQW GH  N+] j  0K]
GLVMRLQWHGHFHOOHGX57&2Q FRQVWDWHTXHODEDQGHDOORXpHDX[VLJQDX[8S/LQNHVWSOXVIDLEOH
TXHFHOOHGHVVLJQDX['RZQ/LQN&HWWH$V\PpWULH $V\PHWULFGH$'6/ HVWGXHDXIDLWTXHOHGpELW
HQYRLHGHVFHQGDQWHHVWSOXVpOHYp WpOpFKDUJHPHQWSDUH[HPSOH« TXHFHOXLGHODYRLHPRQWDQWH
$ILQ GH VH VXSHUSRVHU DX[ VLJQDX[ 57& HW SRXU V¶DGDSWHU DX FDQDO GH WUDQVPLVVLRQ UHODWLYHPHQW
VWDEOH TX¶HVW OH FkEOH WpOpSKRQLTXH OD WHFKQLTXH GH WUDQVPLVVLRQ UHWHQXH HVW OD '07 'LVFUHW
0XOWLWRQH0RGXODWLRQ $LQVLOHV\VWqPH$'6/XWLOLVHGHPXOWLSOHVRXVSRUWHXVHV VLQXVRwGHVSXUHV
PRGXOpHVSDUXQVLJQDOPRGXODQW UpSDUWLHVHQWUH+]HW0+]/HQRPEUHGHVRXVSRUWHXVHV
HVW 1   /H ©VRXVFDQDO ª HVW UpVHUYp DX[ VLJQDX[ GX 57& OHV VRXVFDQDX[  j  VRQW
UpVHUYpVjODVLJQDOLVDWLRQGXFDQDOWpOpSKRQLTXH57&HWVHUYHQWGHEDQGHGHJDUGHDYHFOHVVRXV
FDQDX[$'6/

 &DOFXOHUODODUJHXUGHEDQGHGHFKDFXQGHVVRXVFDQDX[%6& UHPDUTXHODVRXVSRUWHXVHj
I S W Q¶HVWSDVXWLOLVpH N   
 6RLW SN W  OD VRXV SRUWHXVH G¶LQGLFH ©Nª DYHF N   DYHF
 )
SN W H[S M N PD[
 FHWWH VRXVSRUWHXVH HVW PRGXOpH SDU OH VLJQDO DQDORJLTXH D N 
 1
'RQQHUO¶H[SUHVVLRQGXVLJQDO$'6/pPLVSDUOHPRGHP$'6/H W jO¶DLGHG¶XQHVRPPH
IDLVDQW LQWHUYHQLU D N  HW SN W  ([SULPHU HQVXLWH H W  VRXV IRUPH G¶XQH VRPPH IDLVDQW
 )
LQWHUYHQLUPDLQWHQDQW D N HW H[S M N PD[

 1
 (QYRXVEDVDQWVXUOHIRUPXODLUHIRXUQLHQDQQH[HTXHOOHRSpUDWLRQFODVVLTXHHQWUDLWHPHQW
QXPpULTXHGXVLJQDOHVWUpDOLVpHSRXUREWHQLUH W 


'DQV OHV PRGHPV $'6/ FHWWH RSpUDWLRQ HVW UpDOLVpH SDU XQ SURFHVVHXU GH WUDLWHPHQW GX
VLJQDO '63 RX SDUXQ FLUFXLW QXPpULTXHGpGLp/HV VRXVSRUWHXVHV    «  Q¶pWDQWSDV
FKDUJpHV OH VLJQDO H W  D GLUHFWHPHQW OHV SURSULpWpV VSHFWUDOHV GH OD ILJXUH  /D UpSDUWLWLRQ
VSHFWUDOHGHVVLJQDX[$'6/HW57&SHUPHWGHUHFHYRLUHWWUDQVPHWWUHGHVGRQQpHVQXPpULTXHV
jKDXWGpELWWRXWHQFRQWLQXDQWjSRXYRLUWpOpSKRQHUVXUYRWUHWpOpSKRQHDQDORJLTXH

3RXU TXH H W  DLW FHV SURSULpWpV FKDFXQH GHV VRXV SRUWHXVHV HVW PRGXOpH SDU XQ QRPEUH
FRPSOH[H D N FDUDFWpULVpSDUVRQPRGXOHHWVDSKDVH/HPRGXOHHWODSKDVHGH D N SHUPHWWHQW
GH SRLQWHU XQ SRLQW GDQV OH SODQ FRPSOH[H SRLQW IL[H FRQQX j O¶DYDQFH SULV SDUPL XQH
FRQVWHOODWLRQ GH SRLQWV IL[HV FRQQXV  /D PRGXODWLRQ GH OD VRXVSRUWHXVH SN W  HVW GRQF XQH
PRGXODWLRQHQDPSOLWXGHHWHQSKDVHLOV¶DJLWG¶XQHPRGXODWLRQ0$400pWDQWOHQRPEUHGH

 3DUWLHGH&RXUV&RPPXQLFDWLRQVQXPpULTXHV 
0,67 8(©WHFKQLTXHVQXPpULTXHVª (16&DFKDQ8QLYHUVLWp3DULV;,

SRLQWVIL[HVGHODFRQVWHOODWLRQ3RXUOHV\VWqPH$'6/0YDGHj    D N 


SHUPHWGHWUDQVPHWWUHGHjELWVFRPPHSRXUXQHPRGXODWLRQPDLUHV

 /D UDSLGLWp GH PRGXODWLRQ GH D N  SHUPHW GH WUDQVPHWWUH GH  j  ELWVV+] &RQQDLVVDQW
%6& GpWHUPLQHU OD YDOHXU PLQLPDOH HW OD YDOHXU PD[LPDOH GX GpELW '6& GH FKDTXH VRXV
SRUWHXVH
 6DFKDQW TX¶LO \ D  VRXVSRUWHXVHV DFWLYHV GDQV XQ V\VWqPH $'6/ TXHO HVW OH GpELW
PD[LPDO'$'6/G¶XQV\VWqPH$'6/" UHPDUTXHFHGpELWVHUpSDUWLWHQWUHYRLHPRQWDQWHHW
GHVFHQGDQWH 
 'RQQHU O¶H[SUHVVLRQ GH OD FDSDFLWp &6& G¶XQH VRXV SRUWHXVH HQ IRQFWLRQ GH 61 6& OH
UDSSRUWVLJQDOVXUEUXLWGXVRXVFDQDO(QGpGXLUHHWFDOFXOHU 61 6&SRXUTXHOHGpELW'6&
SXLVVHrWUHWUDQVPLV([SULPHUFHUpVXOWDWHQG%


'DQVODSUDWLTXHORUVGHODSKDVHG¶LQLWLDOLVDWLRQOHPRGHP$'6/pYDOXHOHUDSSRUWVLJQDOjEUXLW
61 6&GHFKDFXQHGHVVRXVSRUWHXVHVHWDMXVWHOHGpELWGHFHWWHVRXVSRUWHXVHHQFRQVpTXHQFH/D
WHFKQLTXHUHWHQXHV¶DSSHOOHOH©ELWORDGLQJª

 /HVOLJQHVWpOpSKRQLTXHVRQWGHVSHUWHVOLQpLTXHV&RPPHQWpYROXHO¶DIIDLEOLVVHPHQWG¶XQH
OLJQHGHFXLYUHHQIRQFWLRQGHODIUpTXHQFH"
 6DFKDQWTXHEHDXFRXSGHOLJQHVHQ)UDQFHVRQWGHVOLJQHVHWTXHO¶DIIDLEOLVVHPHQWGH
FHVOLJQHVHVWGHG%NPjN+]HQGpGXLUHO¶DIIDLEOLVVHPHQWOLQpLTXH$jN+]
HQG%NPSXLV$O¶DIIDLEOLVVHPHQWj0+]
 /D TXDOLWp GH YRWUH OLJQH HVW pYDOXpH SRXU VDYRLU VL YRWUH OLJQH HVW pOLJLEOH SRXU OHV
WUDQVPLVVLRQV $'6/ JUkFH j GHV GRQQpHV IRXUQLHV SDU )UDQFH 7HOHFRP HW SDU G¶DXWUHV
RSpUDWHXUV YRLUVLWHKWWSZZZGUHJURXSWHVWFRP /¶DIIDLEOLVVHPHQWFDOFXOpGDQVFHFDVHVW
O¶DIIDLEOLVVHPHQW j  N+] 3RXU XQH OLDLVRQ VLWXpH j  P  FDOFXOHU JUkFH j $ OD
YDOHXU GH O¶DIIDLEOLVVHPHQW /D YDOHXU IRXUQLH SDU OH VLWH ©GHJURXSWHVWª HVW  G% FH
UpVXOWDWHVWLOHQDFFRUGDYHFODWKpRULH


/DFRQQDLVVDQFHGHFHW DIIDLEOLVVHPHQWSHUPHWHQVXLWHGHFRQQDvWUHTXHOVHUDOHGpELWGHYRWUH
IXWXUHFRQQH[LRQ$'6/RX$'6/

 ([SOLTXHUSRXUTXRLOHVOLJQHVWpOpSKRQLTXHVVLWXpHVjJUDQGHGLVWDQFHQHSHUPHWWHQWTXHGHV
IDLEOHVGpELWV


 3DUWLHGH&RXUV&RPPXQLFDWLRQVQXPpULTXHV 
0,67 8(©WHFKQLTXHVQXPpULTXHVª (16&DFKDQ8QLYHUVLWp3DULV;,

$'6/

$QQH[HV
)RUPXOHVPDWKpPDWLTXHVXWLOHV

/RJ [  /Q [ /Q  
 1
 M NQ)
DN
1
 H Q  H[S  
Q  1

7)' 7UDQVIRUPpHGH)RXULHU'LVFUqWH 

1
 M NQ)
H Q  D N  H[S
,7)' 7UDQVIRUPpHGH)RXULHU'LVFUqWH,QYHUVH 
N   1



 3DUWLHGH&RXUV&RPPXQLFDWLRQVQXPpULTXHV 

Vous aimerez peut-être aussi