&ROÂOH..Ly/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO.DWDOjQ~P




                        (/;,1Ê6


                   (678',203$5$7,...
*Uj.LDL6ROp/OXwVD
      (O;LQqVHVWXGL.RPSDUDWLXHQWUHODJUDPjWL.DGHO.DWDOjLODGHO[LQqV±/OHQJXDLPPLJUD.LyL
      HQVHQDPHQWGHO...
,6%1
  ,DWDOXQD'HSDUWDPHQWGH%HQHVWDU6R.LDO,,7tWRO,,,ROÂOH..Ly/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO
  .DWDOjDWDOj±*UDPjWL.D.RPSDU...
(OVLQYHVWLJDGRUVTXHKDQWUHEDOODWHQODUHGD..LyGHOVUHVXOWDWVG¶DTXHVWSURMH.WHVyQ

/OXwVD*Uj.LD6ROp.RRUGLQDGRUD
*UXSGH/q[L.L*UDPjWL.D8G*
-RDQ0LTXHORQWUHUDV+HUDV                       *UXSGH/q[L.L*UDPjWL.D8G*
-RUGL)DUUpV1LHUJD                              6('(*LURQD
;DYLHU/DPXHOD*DU.LD                            *UXSGH/q[L.L*UDPj...
-XDQDUORV0RUHQRDEUHUD                        8QLYHUVLGDG$XWyQRPDGH0DGULG
0DU.RV2UR].R3DLUHW                              %...
)UDQ.HV.5R.D8UJHOO                              *UXSGH/q[L.L*UDPjWL.D8G*
5DTXHO6iQ.KH]$YHQGDxR                           (VWXGLDQWGHPjVWHU8G*
-RVHS06HUUD%RQHW                              *UXSGHXOWXUDL(GX.D.Ly8G*
(OLVDEHW6HUUDW6HOODERQD                         *UXSGHXOWXUDL(GX.D.Ly8G*
+DQSDUWL.LSDWHQO¶HODERUD.LyLUHLPSUHVVLyG¶DTXHVWYROXP.RPDEH.DULV.ROÂODERUDGRUVRUHYLVRUV

5RVHU$JXVWt+HUHX                  ...
%HUWDURXVDVWDxp                               %H.jULD8G*
2OJD)XOODQD1RHOO                               *UXSGH/q[L.L*UDPjWL.D8G*L,(
/L]]*DXYUHDX2¶+DJDQ                            %H.jULDGHOSURMH.WH8G*
+D	L)HQJ+yQJ                                   *LURQD
ULVWLQD-XKHU%DUURW                             8QLYHUVLWDWGH*LURQD
0...
0DU.RV2UR].R3DLUHW                             %H.DULGHOSURMH.WH8G*
/DXUD5LHUDDVHOODV                             *UXSGH/q[L.L*UDPjWL.D8G*
/tGLD7XURQ3ODQHOOD                             *UXSGH/q[L.L*UDPjWL.D8G*
‹ *HQHUDOLWDWGHDWDOXQD
  'HSDUWDPHQWGH%HQHVWDUL)DPtOLD

3ULPHUDHGL.LyDEULOGH
3ULPHUDUHLPSUHVVLyUHYLVDGDPDLJGH
7LUDWJHH[HPS...
35(6(17$,Ï



eVXQDVDWLVID..LySHUDPLSUHVHQWDUYRVDTXHVWDQRYD.ROÂOH..LyTXHHO'HSDUWDPHQWGH
%HQHVWDUL)DPtOLDKDLQL.LDWDPEODYROX...
*HQHUDOLWDWGHDWDOXQDUH.TXHpVER TXH OHV LQYHVWLJD.LRQV TXH HV IDQ HQ HO PyQ
D.DGqPL. WLQJXLQ XQD DSOL.D.Ly GLUH.WD L UHYHUW...
$UWL.OH
7RWV HOV pVVHUV KXPDQV QHL[HQ OOLXUHV L LJXDOV HQ GLJQLWDW L HQ GUHWV
6yQ GRWDWV GH UDy L GH .RQV.LqQ.LD L KDQ GH ...
,1752'8,Ï




        /D LGHD GH IHU XQ HVWXGL VREUH OHV OOHQJHV GHOV LPPLJUDQWV TXH UHVLGHL[HQ D
DWDOXQDYDVRUJLUGHOD.RQV...
pVXQWUHWPROWOOLJDWDODSHUVRQDLDOD.RPXQLWDWTXHPHUHL[XQUHVSH.WHHVSH.LDOSHU
SDUWGHOVDOWUHVLTXHHQ.DS.DVQRV¶KDGHPHQVWHQLURLJQRUD...
HGX.DGRUV TXH QR QH.HVVjULDPHQW VyQ OLQJLVWHV
eV SHU DL[z TXH KHP .UHJXW
.RQYHQLHQWGHL[DUGHEDQGDOHVGLVTXLVL.LRQVTXHSRGULHQVHUPROWLQWHUHVVDQWVSHUDXQ
OLQJLVWDSHUzTXHQRDS...
$JUDwPHQWV


        7RW DTXHVW SURMH.WH QR KDXULD HVWDW SRVVLEOH VHQVH HO ILQDQoDPHQW GHO
'HSDUWDPHQW GH %HQHVWDU L )DPtO...
SHU SHUPHWUH OD UHSURGX..Ly GHO TXDGUH GH VRQV TXH DSDUHL[ D OD VH..Ly G¶DSqQGL[V
)LQDOPHQWYROHPGRQDUOHVJUj.LHVD+D	L)HQJ+y...
$%5(9,$785(686$'(6(1/$'(65,3,Ï*5$0$7,$/



/$66           .ODVVLIL.DGRU
203            .RPSDUDWLX
21'            .RQGL.LRQ...
,'(17,),$,Ï'(/$//(1*8$


 )$0Ë/,$ /,1*hË67,$ 6,78$,Ï *(2*5¬),$ , 120%5( '(
3$5/$176


        (O [LQqV pV XQD OOHQJXD GH O...
'HVGHOSXQW
GHYLVWDOLQJtVWL.HVSRGHQWUD.WDU.RPDOOHQJHVGLIHUHQWVMDTXHODGLVWjQ.LDHQWUHOHV
GLYHUVHV IRUPHV VRYLQW pV PpV JUDQ...
D
0DQGDUtSDUODWDOQRUGLDO¶LQWHULRUGHOD;LQDWpXQVPLOLRQVGHSDUODQWVeVHO
JUXSPpVLPSRUWDQWWDQW SHO QRPEUH GH SDUODQWV .RP SHO SHV ...
:~SDUODWDOD.RVWD.HQWUDOLQ.ORVD6KDQJKDLWpPpVGHPLOLRQVGHSDUODQWV
.
0ÿQSDUODWD7DLZDQL)XMLDQWpXQVPLOLRQVGHSDUODQWV




                                                                        ...
G
DQWRQqVRXq
SDUODWDOHVSURYtQ.LHVGH*XDQJGRQJL*XDQJ[LDOD.RVWDVXGLD
O¶LQWHULRUWpXQVPLOLRQVGHSDUODQWV0ROWVGHOVLPPLJUDQWVTXHUHVLGHL[HQD DOW...
;LDQJSDUODWDODSURYtQ.LDGH+XQDQWpPpVGHPLOLRQVGHSDUODQWV

I
*jQSDUODWDODSURYtQ.LDGH-DLQJ[LLDOVXGHVWGH+XEHLWpPpVGHPLOLRQVGH
SDUODQWV
J
+DNNDSDUODWDOVXGGHOD;LQDWpPpVGHPLOLRQVGHSDUODQWV


        /D YDULDQW GHO [LQqV TXH QRVDOWUHV SUHQGUHP .RP D EDVH G¶DTXHVW...
/DIRUPDHVWjQGDUGHVEDVDHQODIRQqWL.DLODJUDPjWL.D
GHODYDULDQWGHODUHJLyGH%HLMLQJ3HTXtQ
LODOOHQJXDHV.ULWDPRGHUQDWDPEppVPROW
PpV SURSHUD DO PDQGDUt TXH QR SDV DOV DOWUHV GLDOH.WHV 7DPEp pV OD IRUPD TXH
D.WXDOPHQ...
GLIHUHQW SHU D .DGD XQD
$OJXQV G¶DTXHVWV .DUj.WHUV VyQ SL.WRJUDPHV SHUTXq HQ.DUD TXH D.WXDOPHQW V¶KDJLQ
VLPSOLIL.DW UHSURG...
OtQ             µERV.¶

                        .KXDQ          µULX¶


8QV DOWUHV .DUj.WHUV V¶DQRPHQHQ LGHRJUDPHV SHUTXq V...
VKjQJ            µVREUH¶

                         [Lj              µVRWD¶


(OV LGHRJUDPHV L HOV SL.WRJUDPHV HV SRGHQ .RP...
PtQJ µOOXPLQyV¶                           Uu      µVRO¶

                                                                 ...
yX      µXUDQL¶                              M¯Q       µPHWDOO¶

                                                         ...
DTXHVWOOLEUHOHVVHSDUDUHPDPEXQHVSDLSHUID.LOLWDUQHODOH.WXUDUH.RUGHPTXH.DGD
VtOÂODED.RUUHVSRQDXQ.DUj.WHU[LQqV
3523,(7$767,32/Ñ*,48(6


           'HL[DQWGHEDQGDO¶RULJHQGHOHVOOHQJHVDTXHVWHVHVSRGHQ.ODVVLIL.DUDWHQHQWD
OD VHYD HVWUX.WX...
VLQyHOWRDOWEDL[DV.HQGHQWGHV.HQGHQWHW.
3HO TXH ID D OD PRUIRORJLD HO [LQqV pV XQD OOHQJXD WtSL.DPHQW DwOODQW /HV
OOHQJHV DwOODQWV D.RVWXPHQ D WHQLU SDUDXOHV IRU...
LODVHYDWUDGX..Ly
DO.DWDOjTXHpVXQDOOHQJXDIOH.WLYDRIXVLRQDQW
HVSRWHQWHQGUHTXqYROGLUVHUXQD
OOHQJXDDwOODQW
D          :R	VKXu                µMRGRUPR¶

                       1ÿVKXu                 µWXGRUPV¶
                     ...
0pVDYLDW.RUUHVSRQGULDDO¶DUUHOGHOVQRVWUHVYHUEVSHUzpVPpVVLPSOHIHUODJORVVDDPEO¶LQILQLWLXTXH
pV OD IRUPD TXH IHP VHUYLU SHU UH...
E          :R	]XyWLDQ[LjOHNq

                       MRDKLUD.DEDU3(5)OOLoy
                       µ$KLUYDLJD.DEDUOD.ODVVH¶...
YHLHPTXHHOYHUEQR.DQYLDGHIRUPDSHULQGL.DUOHVSHUVRQHVJHQHUDOPHQWHV
SRGHQLGHQWLIL.DUSHUTXqDSDUHL[HOSURQRPSHUVRQDOTXHIDGHVXEMH....
WDPEp
YHLHPTXHHOWHPSVGHODIUDVHQRIDYDULDUHOYHUESHULQGL.DUWHPSVGLIHUHQWVDSDUHL[HQ
SDUWt.XOHV DVSH.WXDOV .RP OH DVSH.WH SHUIH...
L
DGYHUELVTXHLQGLTXHQSDVVDWRIXWXU]XyWLDQµDKLU¶RPtQJWLDQµGHPj¶HQO¶H[HPSOH
SHUz OD IRUPD YHUEDO pV VHPSUH LGqQWL.D )LQDOPHQW D .
HV SRW .RPSURYDU TXH HOV
QRPVQRHVIOH[LRQHQSHUUHSUHVHQWDUHOQRPEUHVHUjHO.RQWH[WRODSUHVqQ.LDG¶DOJXQD
SDUDXODTXHLQGLTXLPHVXUDR...
HOTXHGHWHUPLQDUj HO

QRPEUHGHOVLQWDJPD


           4XDQWDODVLQWD[LOD.ODVVLIL.D.LyWLSROzJL.DPpVWUDGL.LRQDOHVEDVDHQO¶RUGUH
...
$TXHVWD SURSLHWDW HV UHOD.LRQD DPE DOWUHV SURSLHWDWV G¶RUGUH GHOV HOHPHQWV
GLQWUHGHOVLQWDJPD(QJHQHUDOODWHQGqQ.LDTXHPDQLIHV...
6YHUEDO      YHUE.RPSOHPHQWV                GRQRHOOOLEUHDOVQHQV
        6QRPLQDO     QRP.RPSOHPHQW                  .DVDGH...
KRH[HPSOLILTXHPDPEOHVGDGHVGHOEDV.TXHWUDGXHL[HQHOV
H[HPSOHV.DWDODQVGH
HOEDV.SHUzVLWXDO¶DGMH.WLXGDUUHUHHOQX.OLQRPLQDO
6YHUEDO      .RPSOHPHQWVYHUE               XPHDULOLEXUXDGDNDUNLR
        6QRPLQDO     .RPSOHPHQWQRP                 DLWDUH...
'(65,3,Ï*5$0$7,$/


)212/2*,$,)21Ê7,$


(/72


            (OWUHWPpV.DUD.WHUtVWL.GHODIRQRORJLD[LQHVDpVO¶H[LVWqQ.LDGHWRQVDW...
H[SOL.DPROW.ODUDPHQWODGLIHUqQ.LDHQWUHHOWRLO¶D..HQW
.RPSDUDQWORVDPEOHVQRWHVPXVL.DOV©6LWRTXHPODPDWHL[DQRWDDPE PpVR PHQV
IRUo...
¯         µURED¶                  PD   µPDUH¶
WRDOW

            t         µVRVSLWDU¶              Pi     µ.jQHP¶     
WRDV.HQGHQW
            ÿ         µ.DGLUD¶                PD	    µ.DYDOO¶
WRGHV.HQGHQWDV.HQGHQW

            u         µVLJQLIL.DW¶            Pj     µUHQDU¶    C
WRGHV.HQGHQW


$TXHVWD GLVWLQ.Ly WRQDO pV VLPLODU D OD TXH QRVDOWUHV SRGHP XWLOLW]DU SHU H[SUHVVDU
VLJQLIL.DWVGLIHUHQWVDPE...
D         ±1RKRKDVIHWRL                       WRDOW
                       ±1RQRSDWHL[LV
            E         ±(Q3HUHMDKR...
ODGLVWLQ.LyWRQDOHVSRWQHXWUDOLW]DU$UDGHL[HPGHEDQGD
DTXHVWDTHVWLySHUTXqQRKLKDD.RUGHQWUHHOVJUDPjWL.V[LQHVRVVREUHO¶H[LVWqQ.LD...
.     ±-RQRKRVDELD                           WRGHV.HQGHQWDV.HQGHQW
                ±1R
         G     ±9ROVYHQLU          ...
SRGUtHP GLU TXH pV
³WUDQTXLOÂOLW]DGRUD´pVXQQRDPEODYR.DOXQDPL.DOODUJD(OGHE
pVHOWRDV.HQGHQW
WtSL.GHOILQDOGHOHVLQWHUURJDWLYHV(OQRGH.
GHV.HQGHQWDV.HQGHQWpVHOTXHIHP
VHUYLU SHU LQGL.DU PROWD LQ.UHGXOLWDW JDLUHEp .RP VL IpVVLP GXHV R
)LQDOPHQW HO WR
GHV.HQGHQW D G
pV HO GH ILQDO GH IUDVH GH.ODUDWLYD 6L KR YROJXpVVLP UHSUHVHQWDU
JUjIL.DPHQWKRSRGUtHPIHUGHODPDQHUDVHJHQW




WRDOW       ...
LODILQDOODUHVWD
$L[t OD VtOÂODED KXDQJ VH VHJPHQWDULD K  XDQJ $TXHVWD PDQHUD G¶DQDOLW]DU OHV
VtOÂODEHVIDTXHTXDQHOVQHQVOOHWUHJHQVtOÂODEHVHQ...
VLQyTXHUHSURGXHL[HQHOVR.RQVRQjQ
WL. LQL.LDO DPE XQD YR.DO QHXWUD GH VXSRUW L GHVSUpV GLXHQ VHJXLW WRW HO ILQDO 5DPVH
WiQJ            WDQJ       .I.DWDOj       WHDHQDJH

         JR	X            JRX                         JHRX


$
GRQHPO¶HVTXHPDGHO¶HVWUX.WXUDVLOÂOjEL.DHQPDQGDUt/LL7KRPSVRQ
9
9^91`
LQL.L   ILQDO


+HPLQGL.DWODYR.DODPEXQD9OD.RQVRQDQWDPEXQDL1YROGLU.RQVRQDQWQDVDO
Q 1
(OV VHJPHQWV TXH VyQ RS.LRQDOV DSDUHL[HQ HQWUH SDUqQWHVLV $L[z YRO GLU TXH

O¶~QL.HOHPHQWUHDOPHQWREOLJDWRULHQXQDVtOÂODEDpV...
$GLIHUqQ.LD
GHO TXH SDVVD HQ .DWDOj D .RPHQoDPHQW GH VtOÂODED GDYDQW GH OD YR.DO QRPpV KL SRW
KDYHUXQD.RQVRQDQWLQRGXHV.RPH...
$TXHVWD.RQVRQDQWLQL.LDO
SRWDQDUVHJXLGDG¶XQDDOWUDYR.DODPEODTXDOIRUPDUjGLIWRQJODYR.DOTXHpVHOQX.OL
GHODVtOÂODEDODTXHWpHOWR
$OGDUUHUHGHODYR.DOQX.OHDUKLSRWKDYHUXQDDOWUDYR.DO
R Ep XQD .RQVRQDQW TXH KD GH VHU IRUoRVDPHQW XQD QDVDO $
SUHVHQWHP DOJXQV
H[HPSOHVGHVtOÂODEHVSRVVLEOHV
9                  ¯     ¯@               µXQ¶
                99                 ZR	   XR	@             µMR¶

           ...
QRVHULDSRVVLEOHHQ[LQqV
EUDo              E5iV@                    VHUSV              VpUSV@

        3HS               S(qS@                    S...
eV SHU DL[z TXH HOV SDUODQWV [LQHVRV WHQGHL[HQ D VLPSOLIL.DU OHV VtOÂODEHV GH OHV
SDUDXOHV .DWDODQHV .RP HV SRW YHXUH HQ H...
SHU±TXq           o        SH±TXq                          SOR±ULV        o            SR±ULV
          HV±Wj             ...
YJ †  L
HOV VtPEROV GH OD GUHWD HQ .XUVLYD VyQ OHV
HTXLYDOqQ.LHVJUjILTXHVTXHHVIDQVHUYLUHQSLQLQ3
EDVDWHQ/LL7KRPSVRQ
6RQV.RQVRQjQWL.V

                           ELODELDO   ODELRGHQWDO         GHQWRDOYHRODU       UHWURIOH[D DOYHRORSDODWDO ...
U



          7RWVDTXHVWVVRQVSRGHQDSDUqL[HUHQSRVL.LyLQL.LDOGHVtOÂODEDH[.HSWH1@TXH

VHPSUH HV WURED HQ SRVL.Ly ILQDO 5H.RU...
SHUPHWHQQ@L1@/DSULPHUD.RVDTXH.ULGDO¶DWHQ.LypVTXHDSDUWGHOVVRQVQDVDOVL

GHOVOtTXLGVQRKLKD.RQVRQDQWVVRQRUHV(Q.DQYLWDQWOHVR.OX...
VLQyO¶DVSLUD.LySWNS+W+N+eVGHSUHYHXUHGRQ.V

TXH SXJXLQ WHQLU DOJXQD GLIL.XOWDW D O¶KRUD GH GLVWLQJLU OHV R.OXVLYHV VRUGHV G...
(Q[LQqVWDPEpH[LVWHL[XQDIUL.DWLYD
YHODUVRUGDHTXLYDOHQWDOVR.DVWHOOjGHODMGHMDPyQ(OIHWGHQRWHQLUOHV.RQVRQDQWV
SDODWDOV–@LÚ@SURY...
HOOD                  o           HM@D
             JHQROO                o           JHQRM@
             HVSDQRO         ...
VLQy DSUR[LPDQW .RP XQD IUL.DWLYD PROW VXDX
VLPLODUDODULQL.LDOGHOPRWDQJOqVUHDG
3HUDODPDMRULDGHOV[LQHVRVSHUzHOVVRQV
UHWURIOH[RV QR HV GLVWLQJHL[HQ GHOV .RUUHVSRQHQWV GHQWRDOYHRODUV GH PDQHUD TXH
O¶RSRVL...
$
SUHVHQWHPDOJXQVGHOVHUURUVTXHKHPUH.ROOLW






    /HV.RQVRQDQWVDVSLUDGHVHVSURQXQ.LHQD.RPSDQDGHVG¶XQEXIDXGLEOH.RPOD SODWLOD...
D         DUUzV                   o    DO@zV
                       WHUUD                   o    WHO@D
                   ...
VKDQ      µPXQWDQD¶                   WLDQ     µ.HO¶           Q@

            QpQJ       µSRGHU¶                      [Lj...
D          D@         EDQ             SDQ@

                       (@         OLiQ             OL(½Q@           HQWUHL@R@LQ@
H          )@        Oq               O)@

                       @         JHQ             NQ@            DEDQVGHQ@L1@
H@         OpL              OpL@             DEDQVGHL@
(@        Oq              O(@            GHVSUpVGHL@L@
(OVR@.RUUHVSRQDODSURQXQ.LD.LyG¶XQDLODELDOLW]DGD.RPODXIUDQ.HVDDOXQHµOOXQD¶
(OVR)@pVXQVRYR.jOL.VHPEODQWDODQRVWUDYR.DOQHXWUD@SHUzXQDPL.DPpVSRVWHULRU.RPXQD

R@QRODELDO
L       L@      Ot              Ot@
               ‡       V¯              ]@             GHVSUpVGHGHQWRDOYHRODUDIUL.DGDR
...
‡        VK¯             ‰@             GHVSUpVGHUHWURIOH[D
R       R@      Py              Py@
               X@      OyQJOiR       O~1@OiX@    DEDQVGH1@RGHVSUpVGHD@
X       X@      O~              O~@
               @      [X             à@        GHVSUpVG¶DOYHRORSDODWDO
       @      O              O½@

       X      @      Xq             q@
              L@      jR             LjX@
      ...
GXu     WXHu@
       GXQ    W̍Q@




025)2/2*,$


(/;,1Ê620$//(1*8$02126,/Â/¬%,$,$Í//$17


       8Q GHOV WUHWV PpV UHOOH...
TXHHVWDQIRUPDGHV
QRPpVSHUXQDVtOÂODED6HJRQV5DPVHV
HOV[LQHVRVQRWHQHQ.DSPRWG¶~V
TXRWLGLjSHUUHIHULUVHDSDUDXODHQHOVHQWLWTXHGRQHPQRVDOWUHVDDTXHVWWHUPHHOPRW



                  ...
.t µSDUDXOD¶ pV XQ WHUPH XQD PL.D PpV Wq.QL. L G¶~V PpV UH.HQW
3HU D HOOV OD VHYD
OOHQJXD HVWj IRUPDGD SHU VtOÂODEHV TXH DQRPHQHQ ]u 0ROWHV G¶DTXHVWHV VtOÂODEHV
.RUUHVSRQHQ D OHV QRVWUH...
$
D
WHQLPH[HPSOHVGHSDUDXOHVPRQRPRUIHPjWLTXHVLDE
XQDIUDVHHQTXqWRWHV
OHVSDUDXOHVVyQG¶DTXHVWWLSXVDUDGHL[HPGHEDQGDODSDUWt.XODJH
D          jL          µHVWLPDU¶
                       VKX        µOOLEUH¶

                       Gj          µJUDQ¶

  ...
HQ .DQYL OHV SDUDXOHV WHQHQ GRV PRUIHPHV D D
XQD DUUHO L XQ
SUHIL[DE
XQDDUUHOLXQVXIL[LD.
WHQHQXQVROPRUIHPDSHUzpVELVLOÂOjEL.HQ
O¶~OWLP.DVSHUTXqpVXQDDGDSWD.LyG¶XQPRWHVWUDQJHU
)LQVLWRWHQHOV.DVRVG¶DGDSWD.LRQVGHSDUDXOHVHVWUDQJHUHVHOV[LQHVRVWHQGHL[HQDGRQDUDOJXQVLJ
QLIL.DWDOHVVtOÂODEHVTXHIRUPHQHOPRWSH...
D        QpQJ       µSRGHU¶          NH	QpQJ           µSRVVLEOH¶

                  .K¯        µPHQMDU¶         KD	R.K¯  ...
ILQDOPHQW SUHVHQWHP DOJXQHV SDUDXOHV .RPSRVWHV /L L 7KRPSVRQ
Uq[¯Q               .DOHQW.RU               µHQWXVLDVWD¶
        IHLM¯              YRODUPjTXLQD            µDYLy¶

      ...
OD VHYD PRUIRORJLD $L[t XQD PDWHL[D IRUPD SRW .RUUHVSRQGUH D .DWHJRULHV GLIHUHQWV
VHJRQVHO.RQWH[WHQTXqDSDUHL[/RYLQ
Nächste SlideShare
Wird geladen in …5
×

XinèS

798 Aufrufe

Veröffentlicht am

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
798
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
34
Aktionen
Geteilt
0
Downloads
12
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

XinèS

  1. 1. &ROÂOH..Ly/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO.DWDOjQ~P (/;,1Ê6 (678',203$5$7,8 (175(/$*5$0¬7,$'(/$7$/¬,/$'(/;,1Ê6 /OXwVD*Uj.LD *UXSGH/q[L.L*UDPjWL.D *DELQHWG¶$VVHVVRUDPHQW/LQJtVWL.SHUDOD,PPLJUD.Ly 8QLYHUVLWDWGH*LURQD *HQHUDOLWDWGHDWDOXQD 'HSDUWDPHQWGH%HQHVWDUL)DPÇOLD
  2. 2. *Uj.LDL6ROp/OXwVD (O;LQqVHVWXGL.RPSDUDWLXHQWUHODJUDPjWL.DGHO.DWDOjLODGHO[LQqV±/OHQJXDLPPLJUD.LyL HQVHQDPHQWGHO.DWDOj
  3. 3. ,6%1 ,DWDOXQD'HSDUWDPHQWGH%HQHVWDU6R.LDO,,7tWRO,,,ROÂOH..Ly/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO .DWDOjDWDOj±*UDPjWL.D.RPSDUDGD±;LQqV;LQqV±*UDPjWL.D.RPSDUDGD±DWDOjDWDOj± (QVHQDPHQW±(VWXGLDQWVHVWUDQJHUV (OSURMH.WH³/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO.DWDOj´KDHVWDWILQDQoDWSHO'HSDUWDPHQWGH%HQHVWDUL)DPtOLD GHOD*HQHUDOLWDWGHDWDOXQDDWUDYpVG¶XQ.RQYHQLGH.ROÂODERUD.LyDPEOD8QLYHUVLWDWGH*LURQD
  4. 4. (OVLQYHVWLJDGRUVTXHKDQWUHEDOODWHQODUHGD..LyGHOVUHVXOWDWVG¶DTXHVWSURMH.WHVyQ /OXwVD*Uj.LD6ROp.RRUGLQDGRUD
  5. 5. *UXSGH/q[L.L*UDPjWL.D8G*
  6. 6. -RDQ0LTXHORQWUHUDV+HUDV *UXSGH/q[L.L*UDPjWL.D8G*
  7. 7. -RUGL)DUUpV1LHUJD 6('(*LURQD ;DYLHU/DPXHOD*DU.LD *UXSGH/q[L.L*UDPjWL.D8G*
  8. 8. -XDQDUORV0RUHQRDEUHUD 8QLYHUVLGDG$XWyQRPDGH0DGULG 0DU.RV2UR].R3DLUHW %H.DULGHOSURMH.WH8G*
  9. 9. )UDQ.HV.5R.D8UJHOO *UXSGH/q[L.L*UDPjWL.D8G*
  10. 10. 5DTXHO6iQ.KH]$YHQGDxR (VWXGLDQWGHPjVWHU8G*
  11. 11. -RVHS06HUUD%RQHW *UXSGHXOWXUDL(GX.D.Ly8G*
  12. 12. (OLVDEHW6HUUDW6HOODERQD *UXSGHXOWXUDL(GX.D.Ly8G*
  13. 13. +DQSDUWL.LSDWHQO¶HODERUD.LyLUHLPSUHVVLyG¶DTXHVWYROXP.RPDEH.DULV.ROÂODERUDGRUVRUHYLVRUV 5RVHU$JXVWt+HUHX %H.jULD8G*
  14. 14. %HUWDURXVDVWDxp %H.jULD8G*
  15. 15. 2OJD)XOODQD1RHOO *UXSGH/q[L.L*UDPjWL.D8G*L,(
  16. 16. /L]]*DXYUHDX2¶+DJDQ %H.jULDGHOSURMH.WH8G*
  17. 17. +D L)HQJ+yQJ *LURQD ULVWLQD-XKHU%DUURW 8QLYHUVLWDWGH*LURQD 0HULW[HOO0DUt5RGUtJXH] %H.jULDGHOSURMH.WH8G*
  18. 18. 0DU.RV2UR].R3DLUHW %H.DULGHOSURMH.WH8G*
  19. 19. /DXUD5LHUDDVHOODV *UXSGH/q[L.L*UDPjWL.D8G*
  20. 20. /tGLD7XURQ3ODQHOOD *UXSGH/q[L.L*UDPjWL.D8G*
  21. 21. ‹ *HQHUDOLWDWGHDWDOXQD 'HSDUWDPHQWGH%HQHVWDUL)DPtOLD 3ULPHUDHGL.LyDEULOGH 3ULPHUDUHLPSUHVVLyUHYLVDGDPDLJGH 7LUDWJHH[HPSODUV 'LSzVLWOHJDO% 'LVVHQLSURGX..Ly7+$86/
  22. 22. 35(6(17$,Ï eVXQDVDWLVID..LySHUDPLSUHVHQWDUYRVDTXHVWDQRYD.ROÂOH..LyTXHHO'HSDUWDPHQWGH %HQHVWDUL)DPtOLDKDLQL.LDWDPEODYROXQWDWG¶DMXGDUD.RQqL[HULLQWHJUDUHQODQRVWUD VR.LHWDWOHVSHUVRQHVTXHDUULEHQG¶DUUHXGHOPyQ/DYROXQWDW.UHL[HQWTXHPRVWUHQSHU DSUHQGUH HO .DWDOj KD SRVDW GH PDQLIHVW OD QH.HVVLWDW GH IDPLOLDULW]DU OD .RPXQLWDW HGX.DWLYD DPE OHV OOHQJHV GHOV LPPLJUDQWV D IL TXH DTXHVWD SXJXL HQWHQGUH HOV SUREOHPHV OLQJtVWL.V TXH KDQ G¶DIURQWDU HOV HVWXGLDQWV TXDQ GHVLWJHQ DSUHQGUH R DSUHQHQHO.DWDOj$TXHVWDQH.HVVLWDWHVIDHYLGHQWDPEO¶HV.RODULW]D.LyGHQHQVLQHQHV HQOHVHV.ROHV.DWDODQHVSHUzWDPEpDPEO¶LQ.UHPHQWGHSHUVRQHVLQV.ULWHVDOHVHV.ROHVL DXOHV GH IRUPD.Ly G¶DGXOWV L HQ HOV .XUVRV GH QRUPDOLW]D.Ly OLQJtVWL.D DGDV.XQ GHOV YROXPV G¶DTXHVWD .ROÂOH..Ly pV IUXLW G¶XQ HVWXGL GH OHV OOHQJHV HVWUDQJHUHV QR .RPXQLWjULHVPpVSDUODGHVDDWDOXQDLHVWjGHVWLQDWDIHUQRWDUHOVDVSH.WHVOLQJtVWL.V TXH SRGHQ DIDYRULU R HQWRUSLU O¶DSUHQHQWDWJH GHO .DWDOj RQWHQHQ XQD GHV.ULS.Ly JUDPDWL.DOGHODOOHQJXDLXQDSDUWDWGHOVHUURUVLSUREOHPHVOLQJtVWL.VPpVIUHTHQWVL DPpVYDQD.RPSDQDWVG¶XQVEUHXVHVWXGLV.RPSDUDWLXVGHOVLVWHPDJUDPDWL.DO.DWDOj DPEHOVVLVWHPHVJUDPDWL.DOVGHOHVDOWUHVOOHQJHV /D ILQDOLWDW SULQ.LSDO GHO *RYHUQ GH OD *HQHUDOLWDW GH DWDOXQD DVVHQDODGD HQ HO 3OD LQWHUGHSDUWDPHQWDO G¶LPPLJUD.Ly pV D.RQVHJXLU TXH OHV SHUVRQHV TXH KDQ HV.ROOLW DWDOXQDSHUYLXUHV¶KLLQWHJULQDPEODPj[LPDQDWXUDOLWDWLUDSLGHVDSRVVLEOH/DYLD SULQ.LSDOSHUD.RQVHJXLUDTXHVWDLQWHJUD.LypVHO.RQHL[HPHQWLO¶~VGHO.DWDOj6yQHOV SURIHVVLRQDOVGHO¶HQVHQDPHQWLODVR.LHWDW.DWDODQDHQJHQHUDOHOVTXHWHQHQHOGHXUHGH ID.LOLWDUORV O¶DSUHQHQWDWJH GH OD QRVWUD OOHQJXD RQqL[HU TXLQHV VyQ OHV GLIL.XOWDWV OLQJtVWLTXHV DPE TXq HV WUREHQ KD G¶DMXGDUQRV D ID.LOLWDU O¶HQVHQDPHQW GHO .DWDOj D SHUVRQHV DPE TXL LQL.LDOPHQW KL SRW KDYHU PpV GLIL.XOWDWV GH .RPSUHQVLy L GH UHOD.Ly YHUEDODWqVTXH.DSGHOVGRVLQWHUOR.XWRUV.RQHL[RSDUODODOOHQJXDGHO¶DOWUH (OVHJRQPRWLXGHVDWLVID..LySHUODSUHVHQWD.LyG¶DTXHVWD.ROÂOH..LyGHULYDGHOIHWTXH pV IUXLW G¶XQD .ROÂODERUD.Ly HQWUH HO PyQ D.DGqPL. UHSUHVHQWDW SHU OD 8QLYHUVLWDW GH *LURQDLDPEOD.RRUGLQD.LyGHOD'UD/OXwVD*Uj.LD±DPEXQDOODUJDWUDMH.WzULDHQOD LQYHVWLJD.Ly OLQJtVWL.D OD TXDO JDUDQWHL[ OD TXDOLWDW GHOV PDWHULDOV HODERUDWV± L O¶$GPLQLVWUD.Ly .DWDODQD UHSUHVHQWDGD SHO 'HSDUWDPHQW GH %HQHVWDU L )DPtOLD GH OD
  23. 23. *HQHUDOLWDWGHDWDOXQDUH.TXHpVER TXH OHV LQYHVWLJD.LRQV TXH HV IDQ HQ HO PyQ D.DGqPL. WLQJXLQ XQD DSOL.D.Ly GLUH.WD L UHYHUWHL[LQ HQ EHQHIL.L GH OD VR.LHWDW L GHOV .LXWDGDQVHQJHQHUDO$L[t PDWHL[.UH.TXHpVERTXHOHVDGPLQLVWUD.LRQVV¶DGUH.LQ DO PyQ D.DGqPL. SHU VROÂOL.LWDUOL .RQHL[HPHQWV L PqWRGHV TXH HQV SHUPHWLQ PLOORUDU HO WUHEDOOGHOGLDDGLD $TXHVWVPDWHULDOVGRQ.VHODERUDWVHQO¶jPELWD.DGqPL.YDQGHVWLQDWVDOVSURIHVVLRQDOV GH O¶HQVHQDPHQW D IL TXH HOV VHUYHL[LQ SHU DSURSDUVH XQD PL.D D OHV OOHQJHV TXH SDUOHQ HOV VHXV DOXPQHV L HOV SHUPHWLQ LGHQWLIL.DU OHV GLIL.XOWDWV L HOV SURJUHVVRV HQ O¶DSUHQHQWDWJH GHO .DWDOj GHULYDWV GH OHV GLIHUqQ.LHV IRQqWLTXHV JUDPDWL.DOV L Oq[LTXHV DPEODVHYDOOHQJXDPDWHUQD ,5(1(5,*$8,2/,9(5 RQVHOOHUDGH%HQHVWDUL)DPtOLD
  24. 24. $UWL.OH 7RWV HOV pVVHUV KXPDQV QHL[HQ OOLXUHV L LJXDOV HQ GLJQLWDW L HQ GUHWV 6yQ GRWDWV GH UDy L GH .RQV.LqQ.LD L KDQ GH .RPSRUWDUVH IUDWHUQDOPHQWHOVXQVDPEHOVDOWUHV 'H.ODUD.Ly8QLYHUVDOGHOV'UHWV+XPDQV
  25. 25. ,1752'8,Ï /D LGHD GH IHU XQ HVWXGL VREUH OHV OOHQJHV GHOV LPPLJUDQWV TXH UHVLGHL[HQ D DWDOXQDYDVRUJLUGHOD.RQVWDWD.LyGHOVSUREOHPHVTXHVXSRVDYDHOIHWG¶LQWHJUDUDOHV DXOHVLDODVR.LHWDWXQHVSHUVRQHVTXHSDUODYHQXQDDOWUDOOHQJXDGHODTXDOOD.RPXQLWDW HGX.DWLYD GHO QRVWUH SDtV HQ OD PDMRULD GHOV .DVRV QR WHQLD .DS .RQHL[HPHQW /D VLWXD.Ly GRQ.V pV EHQ GLIHUHQW GH OD TXH HV GyQD DPE HOV LPPLJUDQWV TXH SDUOHQ .DVWHOOjSHUTXqHOVHGX.DGRUVVtTXHSRGHQHQWHQGUHLSDUODUODVHYDOOHQJXDLSHUWDQW QRHVGyQDODLPSRVVLELOLWDWGH.RPSUHQVLyLGHUHOD.LyYHUEDO /¶REMH.WLXG¶DTXHVWVWUHEDOOVpVSURSRU.LRQDUDOVPHVWUHVLDOVSURIHVVRUVTXHKDQ G¶HQVHQDU .DWDOj DOV QRVWUHV LPPLJUDQWV XQD HLQD TXH HOV VHUYHL[L SHU DSURSDUVH XQD PL.DDODOOHQJXDTXHSDUOHQHOVVHXVDOXPQHV1RHVWUD.WDHYLGHQWPHQWTXHDSUHQJXLQ jUDE[LQqVRPDQGLQJDSHUH[HPSOH1RPpVSUHWHQHPTXHWLQJXLQXQDLGHDJHQHUDOGHO IXQ.LRQDPHQWGHODJUDPjWL.DG¶DTXHVWHVOOHQJHVTXHHOVSHUPHWLYDORUDULHQWHQGUHOHV GLIL.XOWDWVLHOVSURJUHVVRVGHOVDSUHQHQWVeVREYLTXHQRWRWVHOVSUREOHPHVOLQJtVWL.V SURYHQHQGHODLQWHUIHUqQ.LDDPEODSULPHUDOOHQJXDDOJXQVVyQJHQHUDOVHQTXDOVHYRO DSUHQHQWDWJH G¶XQD VHJRQD R ILQV L WRW G¶XQD SULPHUD OOHQJXD 3HUz Vt TXH KL KD GHWHUPLQDWVHUURUVTXHV¶HQWHQHQPpVEpVLHV.RPSDUDODJUDPjWL.DGHO.DWDOjDPEODGH O¶DOWUD OOHQJXD 1RVDOWUHV QR SUHWHQHP HQ DTXHVWV HVWXGLV GRQDU VROX.LRQV QL PDWHULDO GLGj.WL.SHUDOVSUREOHPHV.RQ.UHWV$L[zHVSRGUjIHUHQXQDVHJRQDIDVHDUDTXHWHQLP LGHQWLIL.DGHVOHVGLIHUqQ.LHVHQWUHOHVGXHVOOHQJHVLTXHKHPSRJXWGHWH.WDUHOVHUURUV PpV IUHTHQWV (O WUHEDOO TXH SUHVHQWHP DUD KDXULD G¶DMXGDU O¶HQVHQDQW D GHGXLU G¶RQ YpQHQ R G¶RQ SRGHQ YHQLU HOV SUREOHPHV L KDXULD G¶HVWLPXODUOR D WUREDU HVWUDWqJLHV GLGj.WLTXHVDGHTXDGHVD.DGD.DV /D LGHD TXH KL KD DO GDUUHUH G¶DTXHVW SURMH.WH pV TXH SHUTXq HOV LPPLJUDQWV V¶LQWHJULQ.DOTXHODVR.LHWDWG¶D.ROOLGDWLQJXLDOJXQ.RQHL[HPHQWGHOD.XOWXUDGHOVTXH KLDUULEHQ,OD.XOWXUDHQWUHG¶DOWUHV.RVHVLQ.ORXODOOHQJXD,SRWVHUpVHOID.WRUPpV LPSRUWDQWSHUTXqpVHOTXHSHUPHWODWUDQVPLVVLyGH.RQHL[HPHQWVG¶H[SHULqQ.LHVLGH VHQWLPHQWV/DOOHQJXDLSHUUDRQVKLVWzULTXHVHOV.DWDODQVKRSRGHPHQWHQGUHPROWEp L
  26. 26. pVXQWUHWPROWOOLJDWDODSHUVRQDLDOD.RPXQLWDWTXHPHUHL[XQUHVSH.WHHVSH.LDOSHU SDUWGHOVDOWUHVLTXHHQ.DS.DVQRV¶KDGHPHQVWHQLURLJQRUDU 3RGHU GHPRVWUDU DOV LPPLJUDQWV TXH VDEHP DOJXQD .RVD GH OD VHYD OOHQJXD HQ.DUDTXHQRPpVVLJXLTXHHQ.RQHL[HPO¶H[LVWqQ.LDLHOQRPRODPDQHUDGHGLUERQ GLDRJUj.LHVPDQLIHVWDUTXHKLHVWHPLQWHUHVVDWVLHQVHQDUORVTXHWHQLPXQOOLEUHWTXH HQVSRWDMXGDUDVDEHUQHPpVVyQ.RVHVTXHHOOVDJUDLUDQ.RPKRDJUDLUtHPQRVDOWUHVVL HQVWUREpVVLPHQOHVVHYHV.LU.XPVWjQ.LHV(QPROWV.DVRVHVSH.LDOPHQWSHUDOVSDUODQWV G¶DOJXQHVOOHQJHVDIUL.DQHVDTXHVWLQWHUqVSRWWHQLUHQ.DUDXQDOWUH HIH.WH EHQHIL.LyV HYLWDUTXHHOOVV¶DYHUJRQHL[LQGHODVHYDSUzSLDOOHQJXDLSHUWDQWUHGXLUHOVHQWLPHQW G¶LQIHULRULWDWTXHGHYHJDGHVVHQWHQHQYHUVHOOVPDWHL[RVLODVHYD.XOWXUDTXDQVyQDTXt 1RPpVTXDQHQVD..HSWHPLHQVVHQWLPD..HSWDWVVRP.DSDoRVG¶D..HSWDUHOVDOWUHV8Q SUR.pVG¶LQWHJUD.LyQRSRWDQDU GHVYLQ.XODW GHO .RQHL[HPHQW PXWX ,QWHJUDU QR YRO GLU IDJR.LWDU,QWHJUDUVHQRSRWLPSOL.DUKDYHUGHUHQXQ.LDUDODSUzSLD.XOWXUD6LIRVDL[t VHULDXQHPSREULPHQWSHUDOHVGXHVSDUWV (VWUX.WXUDGHOOOLEUH $TXHVWOOLEUH.RQVWDGH.LQ.SDUWV(QODSULPHUD,GHQWLIL.D.LyGHODOOHQJXDHV GRQHQXQHVQR.LRQVEjVLTXHVVREUHHOOOR.RQHVSDUODHO[LQqVHOQRPEUHGHSDUODQWVOD VLWXD.Ly VR.LROLQJtVWL.D L OHV YDULDQWV GLDOH.WDOV O¶DOIDEHW L OHV VHYHV SULQ.LSDOV .DUD.WHUtVWLTXHVJUDPDWL.DOV /D VHJRQD SDUW 'HV.ULS.Ly JUDPDWL.DO SUHVHQWD DOJXQHV THVWLRQV GH O¶HVWUX.WXUDGHODJUDPjWL.DGHO[LQqVHVSH.LDOPHQWDTXHOOHVTXHVyQPpVGLIHUHQWVGHO .DWDOjRTXHSRGHQVHUOD IRQWG¶DOJXQV HUURUV (VWj RUJDQLW]DGD LQWHUQDPHQW HQ TXDWUH VXEDSDUWDWVIRQRORJLDLIRQqWL.DPRUIRORJLDVLQWD[LLOq[L.$TXHVW.DStWROQRV¶KDGH YHXUH .RP XQD ³JUDPjWL.D [LQHVD´ pV QRPpV XQ .RQMXQW G¶LQIRUPD.LRQV JUDPDWL.DOV VREUHHO[LQqV.RPSDUDGHVDPEOHVHVWUX.WXUHV.RUUHVSRQHQWVGHO.DWDOj6HPSUHTXHHQV KD HVWDW SRVVLEOH KHP UHOD.LRQDW OD .RPSDUD.Ly JUDPDWL.DO DPE HOV HUURUV TXH KHP GHWH.WDWHQODSDUOD.DWDODQDGHSHUVRQHV[LQHVHV+HPLQWHQWDWVHPSUHGHL[DUGHEDQGD HOVWH.QL.LVPHVLKHPVLPSOLIL.DWHOVSUREOHPHVDOPj[LP3RVVLEOHPHQWXQOLQJLVWDKL WUREDUjPDQ.DQ.HVSUREOHPHVLQWHUHVVDQWVSR.H[SOL.DWVLVHQVH.DSSURSRVWDGHVROX.Ly ,WLQGUjUDy3HUzHVWUD.WDG¶XQWUHEDOODPEXQDILQDOLWDWSUj.WL.DPROW.ODUDDMXGDUHOV LL
  27. 27. HGX.DGRUV TXH QR QH.HVVjULDPHQW VyQ OLQJLVWHV
  28. 28. eV SHU DL[z TXH KHP .UHJXW .RQYHQLHQWGHL[DUGHEDQGDOHVGLVTXLVL.LRQVTXHSRGULHQVHUPROWLQWHUHVVDQWVSHUDXQ OLQJLVWDSHUzTXHQRDSRUWDULHQUHVVLJQLIL.DWLXD O¶REUDWDO.RPO¶KHP.RQ.HEXGDGHV GHO.RPHQoDPHQW /D WHU.HUD SDUW LQ.ORX XQD OOLVWD DPE HOV WLSXV G¶HUURUV TXH KHP WUREDW DPE DOJXQVH[HPSOHVLODUHIHUqQ.LDDO¶DSDUWDWGHOVHJRQ.DStWROHQTXqHVWUD.WDODTHVWLy (OV HUURUV SURYHQHQ GH SDUODQWV [LQHVRV TXH KHP HQWUHYLVWDW TXDQ SDUODYHQ .DWDOj (Q DOJXQ.DVO¶LQIRUPDQWSDUODYD.DVWHOOjSHUTXqKDHVWDWGLIt.LOWUREDUDGXOWV[LQHVRVTXH SDUOHVVLQ.DWDOj(QTXDOVHYRO.DVHOVUHVXOWDWVQRYDULHQGHOVTXHWLQGUtHPVLKDJXHVVLQ SDUODWHQ.DWDOjHOVWLSXVG¶HUURUVVyQJDLUHEpHOVPDWHL[RVSHUTXqOHVGXHVOOHQJHVVyQ PROW VLPLODUV 6¶KD GH WHQLU HQ .RPSWH TXH .DS GHOV QRVWUHV LQIRUPDQWV QR HUD HQ HOV SULPHUV HVWDGLV G¶DSUHQHQWDWJH GH OD OOHQJXD $L[z YRO GLU TXH QR KHP SRJXW GHWH.WDU DOJXQVGHOVHUURUVTXHVHJRQVODELEOLRJUDILDHVGRQHQHQHOVSULPHUVPRPHQWV(OTXH pVLQWHUHVVDQWpVTXHILQVLWRWHQQHQVGHYXLWRGHXDQVQDV.XWVDTXtHOGRPLQLGHOD OOHQJXDpVIRUoDEDL[VLHO.RPSDUHPDPEHOTXHWHQHQHOVSDUODQWVG¶DOWUHVOOHQJHVHQ XQDVLWXD.LyVLPLODU (OTXDUWDSDUWDW.RUUHVSRQDGRVEUHXVYR.DEXODULVXQGH.DWDOj[LQqVLXQDOWUH GH[LQqV.DWDOj/DIRUPD[LQHVDHVWjHV.ULWDHQSLQLQpVDGLUHQO¶DGDSWD.LyGHO[LQqV DO¶DOIDEHWOODWt(QHOVHJRQ.DStWROHQSDUODUGHODIRQRORJLDLODIRQqWL.DHVGRQHQOHV HTXLYDOqQ.LHVHQWUHHOVVLJQHVGHOSLQLQLHOVGHO¶DOIDEHWIRQqWL.LQWHUQD.LRQDO$L[zSRW ID.LOLWDUILQVDXQ.HUWSXQWODSURQXQ.LD.LyG¶DOJXQDSDUDXODHQ[LQqVVLpVQH.HVVDUL 6¶KDQ WULDW HOV .RQ.HSWHV TXH HV .RQVLGHUHQ PpV R PHQV XQLYHUVDOV HQ OD ELEOLRJUDILD HVSH.LDOLW]DGD L V¶KL KDQ DIHJLW DTXHOOV TXH HQV VHPEODYD TXH SRGLHQ VHU G¶~V PpV IUHTHQW HQ OD QRVWUD VR.LHWDW R HQ OD VHYD .XOWXUD 3UREDEOHPHQW V¶KL WUREDUDQ PDQ.DQ.HVSHUzHQHO.DVGHO[LQqVHOOH.WRULQWHUHVVDWSRWUH.yUUHUDOGL..LRQDUL.DWDOj [LQqV[LQqV.DWDOjSXEOL.DWSHU(Q.L.ORSqGLDDWDODQD )LQDOPHQW HO .LQTXq SXQW pV XQD EUHX ELEOLRJUDILD TXH LQ.ORX UHIHUqQ.LHV DVVHTXLEOHVGHVGH DWDOXQD L DGUH.HV GH SjJLQHV ZHE UHOD.LRQDGHV DPE HO WHPD L HO VLVqDSDUWDW.RQWpHOVDSqQGL[VHOTXDGUHGHO¶DOIDEHWIRQqWL.LQWHUQD.LRQDOHOTXDGUHGH VRQVGHO.DWDOjLXQPDSDGHOVGLDOH.WHV[LQHVRV LLL
  29. 29. $JUDwPHQWV 7RW DTXHVW SURMH.WH QR KDXULD HVWDW SRVVLEOH VHQVH HO ILQDQoDPHQW GHO 'HSDUWDPHQW GH %HQHVWDU L )DPtOLD GH OD *HQHUDOLWDW GH DWDOXQD $JUDwP GRQ.V G¶XQDPDQHUDPROWHVSH.LDOOD.RQILDQoDTXHHQVKDGHPRVWUDWOD.RQVHOOHUD,UHQH5LJDX LOD.ROÂODERUD.LyGHOHVSHUVRQHVGHO'HSDUWDPHQWTXHSUHVLGHL[ /D UHGD..Ly G¶DTXHVW YROXP V¶KD EHQHIL.LDW GH OD .ROÂODERUD.Ly GH GLYHUVHV SHUVRQHV(QSULPHUOOR.DJUDwPODIHLQDTXHKDQIHWHOVEH.DULVL.ROÂODERUDGRUVTXHKDQ WUHEDOODW GLUH.WDPHQW R LQGLUH.WDPHQW HQ DTXHVW SURMH.WH HQWUHYLVWDQW LQIRUPDQWV WUDQV.ULYLQWHOVHQUHJLVWUDPHQWVLIHQWWRWHOTXH.DOLD/*DXYUHDX00DUt02UR].R / 5LHUD 5 $JXVWt L / 7XURQ $ 2 )XOODQD GHYHP OHV SDXWHV L WRWHV OHV LQGL.D.LRQV QH.HVVjULHVSHUDO¶HVWUX.WXUD.LyGHOYR.DEXODULILQDOLD-XKHUL%URXVODUHYLVLy GHOPDQXV.ULW$JUDwPWDPEpDO(,3-RDQ%UXJXHUDGH*LURQDHOSHUPtVSHUHQWUHYLVWDU DOJXQV QHQV L HQ JHQHUDO OD GLVSRQLELOLWDW GH WRWV HOV LQIRUPDQWV TXH V¶KDQ DYLQJXW D GHL[DUVH HQWUHYLVWDU 'RQHP OHV JUj.LHV D OD ,QWHUQDWLRQDO 3KRQHWL. $VVR.LDWLRQ .R 'HSDUWPHQWRI/LQJXLVWL.V8QLYHUVLWRI9L.WRULD9L.WRULD%ULWLVKROXPELDDQDGj
  30. 30. SHU SHUPHWUH OD UHSURGX..Ly GHO TXDGUH GH VRQV TXH DSDUHL[ D OD VH..Ly G¶DSqQGL[V )LQDOPHQWYROHPGRQDUOHVJUj.LHVD+D L)HQJ+yQJTXHKDD..HSWDWGHUHYLVDUDTXHVW WUHEDOO L TXH HQV KD DSRUWDW GLYHUVHV LQIRUPD.LRQV L KD HYLWDW TXH KL DSDUHJXHVVLQ XQV TXDQWV GLVEDUDWV L D 6 5RYLUD SHOV VHXV .RPHQWDULV L .RQVHOOV D O¶KRUD GH SUHSDUDU DTXHVWDVHJRQDHGL.Ly $JUDwP SHU HQGDYDQW WRWV HOV VXJJHULPHQWV REVHUYD.LRQV L .RUUH..LRQV TXH HOV OH.WRUV HQV SXJXHX IHU DUULEDU D O¶DGUHoD GH .RUUHX HOH.WUzQL. JDOL#XGJHV /D YRVWUD .ROÂODERUD.LyHQVSRGUjVHUPROW~WLOSHUPLOORUDUHOQRVWUHWUHEDOO LY
  31. 31. $%5(9,$785(686$'(6(1/$'(65,3,Ï*5$0$7,$/ /$66 .ODVVLIL.DGRU 203 .RPSDUDWLX 21' .RQGL.LRQDO ,03(5) LPSHUIH.WLX ,17(55 LQWHUURJDWLX 3$57 SDUWt.XOD 3$57/2 SDUWt.XODOR.DWLYD 3$66 SDVVLYD 3(5) SHUIH.WLX 68) VXIL[ $%5(9,$785(686$'(6(1(/92$%8/$5, DGM DGMH.WLX DGY DGYHUEL .RQM .RQMXQ.Ly LQWU LQWUDQVLWLX Q QRP QXP QXPHUDO SUHS SUHSRVL.Ly SURQ SURQRPSURQRPLQDO WU WUDQVLWLX Y YHUE Y
  32. 32. ,'(17,),$,Ï'(/$//(1*8$ )$0Ë/,$ /,1*hË67,$ 6,78$,Ï *(2*5¬),$ , 120%5( '( 3$5/$176 (O [LQqV pV XQD OOHQJXD GH OD EUDQ.D VLQtWL.D GH OD IDPtOLD VLQRWLEHWDQD eV OD OOHQJXDTXHWpHOQRPEUHGHSDUODQWVPpVHOHYDWTXHHV.DO.XODTXHJLUDDOYROWDQWGHOV PLOPLOLRQVGHSHUVRQHV$TXHVWD[LIUDHTXLYDODXQDTXDUWDSDUWGHODSREOD.LyPXQGLDO eVSDUODWDOD;LQD.RQWLQHQWDO+RQJ.RQJ7DLZDQ6LQJDSXU0DOjLVLDL,QGRQqVLD$ PpVKLKDPROWVLPPLJUDQWV[LQHVRVTXHHOSDUOHQDUUHXGHOPyQ1RPpVXQVLVSHU.HQW GHOV KDELWDQWV GH OD ;LQD SDUOHQ OOHQJHV TXH QR VyQ .DS YDULDQW GHO [LQqV HV WUD.WD IRQDPHQWDOPHQWGHOHVPLQRULHVPRQJROVLWLEHWDQHV6HJRQVGDGHVGHO'HSDUWDPHQWGH %HQHVWDU L )DPtOLD GH OD *HQHUDOLWDW GH DWDOXQD HO GH GHVHPEUH GH D DWDOXQDKLKDYLDLPPLJUDQWV[LQHVRVDPESHUPtVGHUHVLGqQ.LD (QUHDOLWDWSHUzHOTXHV¶DQRPHQD[LQqVpVXQ.RQMXQWGHPROWtVVLPVGLDOH.WHV TXHPROWVRYLQWVyQLQ.RPSUHQVLEOHVHQWUHVLYJHOPDSDGHO¶DSDUWDW
  33. 33. 'HVGHOSXQW GHYLVWDOLQJtVWL.HVSRGHQWUD.WDU.RPDOOHQJHVGLIHUHQWVMDTXHODGLVWjQ.LDHQWUHOHV GLYHUVHV IRUPHV VRYLQW pV PpV JUDQ TXH OD TXH KL KD SHU H[HPSOH HQWUH OHV GLIHUHQWV OOHQJHV URPjQLTXHV 6L HV .RQVLGHUHQ GLDOH.WHV G¶XQD PDWHL[D OOHQJXD pV QRPpV SHU PRWLXVVR.LRSROtWL.VG¶XQDEDQGDODPDMRUSDUWGHOWHUULWRULRQHVSDUOHQSHUWDQDXQ PDWHL[ HVWDW L GH O¶DOWUD H[LVWHL[ XQ ~QL. VLVWHPD G¶HV.ULSWXUD TXH ID TXH HOV WH[WRV HV.ULWVHVGHYLQJXLQOOHJLEOHVSHUDWRWVHOVSDUODQWVDOIDEHWLW]DWVHQ.DUDTXHQRHOVVLJXL SRVVLEOH OD .RPXQL.D.Ly RUDO (OV JUXSV GH GLDOH.WHV PpV LPSRUWDQWV VyQ HOV VHJHQWV /RYLQ
  34. 34. D
  35. 35. 0DQGDUtSDUODWDOQRUGLDO¶LQWHULRUGHOD;LQDWpXQVPLOLRQVGHSDUODQWVeVHO JUXSPpVLPSRUWDQWWDQW SHO QRPEUH GH SDUODQWV .RP SHO SHV VR.LDO TXH VXSRVD KDYHU HVWDWODEDVHGHODOOHQJXDXQLIL.DGDPRGHUQD E
  36. 36. :~SDUODWDOD.RVWD.HQWUDOLQ.ORVD6KDQJKDLWpPpVGHPLOLRQVGHSDUODQWV .
  37. 37. 0ÿQSDUODWD7DLZDQL)XMLDQWpXQVPLOLRQVGHSDUODQWV
  38. 38. G
  39. 39. DQWRQqVRXq
  40. 40. SDUODWDOHVSURYtQ.LHVGH*XDQJGRQJL*XDQJ[LDOD.RVWDVXGLD O¶LQWHULRUWpXQVPLOLRQVGHSDUODQWV0ROWVGHOVLPPLJUDQWVTXHUHVLGHL[HQD DOWUHV SDwVRVG¶¬VLDLDOV(VWDWV8QLWVWHQHQHO.DQWRQqV.RPDSULPHUDOOHQJXD H
  41. 41. ;LDQJSDUODWDODSURYtQ.LDGH+XQDQWpPpVGHPLOLRQVGHSDUODQWV I
  42. 42. *jQSDUODWDODSURYtQ.LDGH-DLQJ[LLDOVXGHVWGH+XEHLWpPpVGHPLOLRQVGH SDUODQWV J
  43. 43. +DNNDSDUODWDOVXGGHOD;LQDWpPpVGHPLOLRQVGHSDUODQWV /D YDULDQW GHO [LQqV TXH QRVDOWUHV SUHQGUHP .RP D EDVH G¶DTXHVW HVWXGL pV HO PDQGDUt (O PRWLX TXH HQV KD IHW WULDU DTXHVWD YDULDQW pV TXH SDUW GHOV LPPLJUDQWV [LQHVRVTXHDUULEHQDDWDOXQD.RQHL[HQDTXHVWDYDULDQWHQ.DUDTXHQRVHPSUHVLJXLOD SUzSLD SHUTXq pV OD TXH HV .RQVLGHUD OD OOHQJXD HVWjQGDUG PRGHUQD DQRPHQDGD SXWRQJKXDµOOHQJXD.RPXQD¶
  44. 44. /DIRUPDHVWjQGDUGHVEDVDHQODIRQqWL.DLODJUDPjWL.D GHODYDULDQWGHODUHJLyGH%HLMLQJ3HTXtQ
  45. 45. LODOOHQJXDHV.ULWDPRGHUQDWDPEppVPROW PpV SURSHUD DO PDQGDUt TXH QR SDV DOV DOWUHV GLDOH.WHV 7DPEp pV OD IRUPD TXH D.WXDOPHQWV¶HQVHQDDWRWHVOHVHV.ROHVGHOD;LQD /¶(65,3785$ (O VLVWHPD G¶HV.ULSWXUD D.WXDO GHO [LQqV pV XQD IRUPD VLPSOLIL.DGD GHO VLVWHPD WUDGL.LRQDOIHWVHUYLUGXUDQWPpVGHGRVPLODQV0ROWVPRWV[LQHVRV.RQVWHQG¶XQDVROD VtOÂODED L H[LVWHL[ XQD UHSUHVHQWD.Ly .DUj.WHU ORJRJUDPD
  46. 46. GLIHUHQW SHU D .DGD XQD $OJXQV G¶DTXHVWV .DUj.WHUV VyQ SL.WRJUDPHV SHUTXq HQ.DUD TXH D.WXDOPHQW V¶KDJLQ VLPSOLIL.DW UHSURGXHL[HQ OD IRUPD G¶XQ REMH.WH H[HPSOHV GH /L L 7KRPSVRQ
  47. 47. OtQ µERV.¶ .KXDQ µULX¶ 8QV DOWUHV .DUj.WHUV V¶DQRPHQHQ LGHRJUDPHV SHUTXq VLPEROLW]HQ LGHHV R .RQ.HSWHV DEVWUD.WHV
  48. 48. VKjQJ µVREUH¶ [Lj µVRWD¶ (OV LGHRJUDPHV L HOV SL.WRJUDPHV HV SRGHQ .RPELQDU HQ XQD IRUPD .RPSRVWD TXH UHSUHVHQWDOD.RPELQD.LyGHOVVLJQLIL.DWVGHOHVSDUWV.RPSRVWRVOzJL.V
  49. 49. PtQJ µOOXPLQyV¶ Uu µVRO¶ Xq µOOXQD¶ 7DPEp H[LVWHL[HQ HOV .RPSRVWRV IRQqWL.V HQ TXq HV .RPELQHQ GRV .DUj.WHUV XQ TXH UHSUHVHQWD XQ WUHW VHPjQWL. GHO PRW L O¶DOWUH TXH HQ UHSUHVHQWD OD IRQqWL.D /L L 7KRPSVRQ
  50. 50. yX µXUDQL¶ M¯Q µPHWDOO¶ yX µIRQqWL.DVLPLODUDOD XLQL.LDOGHOPRWHQ DQJOqV¶ $.WXDOPHQWXQGHOV.DUj.WHUV[LQHVRVPRGHUQVVyQ.RPSRVWRVIRQqWL.VLDTXHVWpV HOSUR.pVKDELWXDOSHU.UHDUQRXV.DUj.WHUV 7RW L TXH HO VLVWHPD WUDGL.LRQDO G¶HV.ULSWXUD TXH D.DEHP GH SUHVHQWDU pV O¶KDELWXDOSHUDO[LQqVGHVGHOVHJOHSDVVDWH[LVWHL[HQVLVWHPHVGHWUDQV.ULS.LyEDVDWVHQ O¶DOIDEHWR..LGHQWDO(OPpVXWLOLW]DWpVHOTXHV¶DQRPHQDSLQLQXQDYHUVLyURPDQLW]DGD GH O¶HV.ULSWXUD [LQHVD TXH D.WXDOPHQW V¶HQVHQD D WRWHV OHV HV.ROHV GHO SDtV $O VHJRQ .DStWRO D O¶DSDUWDW GRQHP OHV HTXLYDOqQ.LHV HQWUH HOV VtPEROV GHO SLQLQ L HOV GH O¶DOIDEHWIRQqWL.LQWHUQD.LRQDOTXHUHSUHVHQWHQHOVVRQVGHO[LQqV0DOJUDWTXHHQSLQLQ OHV VtOÂODEHV GH OHV SDUDXOHV TXH HQ WHQHQ PpV G¶XQD JHQHUDOPHQW V¶HV.ULXHQ MXQWHV HQ
  51. 51. DTXHVWOOLEUHOHVVHSDUDUHPDPEXQHVSDLSHUID.LOLWDUQHODOH.WXUDUH.RUGHPTXH.DGD VtOÂODED.RUUHVSRQDXQ.DUj.WHU[LQqV
  52. 52. 3523,(7$767,32/Ñ*,48(6 'HL[DQWGHEDQGDO¶RULJHQGHOHVOOHQJHVDTXHVWHVHVSRGHQ.ODVVLIL.DUDWHQHQWD OD VHYD HVWUX.WXUD JUDPDWL.DO /HV OOHQJHV SRGHQ SHUWjQHU D WLSXV IRQROzJL.V PRUIROzJL.V R VLQWj.WL.V GLIHUHQWV VHJRQV OHV .DUD.WHUtVWLTXHV PpV VREUHVRUWLQWV GH OD VHYDIRQRORJLDPRUIRORJLDLVLQWD[L 'HV GHO SXQW GH YLVWD IRQROzJL. HO [LQqV HV SRGULD TXDOLIL.DU GH OOHQJXD WRQDO 8QD OOHQJXD WRQDO pV DTXHOOD HQ TXq OHV VtOÂODEHV HV SURQXQ.LHQ DPE WRQV GLIHUHQWV (O TXHpVSHUWLQHQWHQDTXHVWHVOOHQJHV QR pV OD LQWHQVLWDW .RP HQ HO .DV GH O¶D..HQW HQ .DWDOj
  53. 53. VLQyHOWRDOWEDL[DV.HQGHQWGHV.HQGHQWHW.
  54. 54. 3HO TXH ID D OD PRUIRORJLD HO [LQqV pV XQD OOHQJXD WtSL.DPHQW DwOODQW /HV OOHQJHV DwOODQWV D.RVWXPHQ D WHQLU SDUDXOHV IRUPDGHV SHU XQ ~QL. PRUIHPD L VyQ LQYDULDEOHVpVDGLUQR.DQYLHQGHIRUPDSHU LQGL.DU QRPEUH WHPSV SHUVRQD HW. eV SHUDL[zTXHGHYHJDGHVHVGLXTXHVyQOOHQJHVµVHQVHPRUIRORJLD¶SHUTXqOHVSDUDXOHV QRHVIOH[LRQHQ'HOD.RPSDUD.LyHQWUHHOVH[HPSOHV[LQHVRVGH
  55. 55. LODVHYDWUDGX..Ly DO.DWDOjTXHpVXQDOOHQJXDIOH.WLYDRIXVLRQDQW
  56. 56. HVSRWHQWHQGUHTXqYROGLUVHUXQD OOHQJXDDwOODQW
  57. 57. D :R VKXu µMRGRUPR¶ 1ÿVKXu µWXGRUPV¶ 7DVKXu µHOOGRUP¶ DGDYHJDGDTXHKjJLPGHJORVVDUXQYHUEIDUHPVHUYLUODIRUPDGHO¶LQILQLWLX.DWDOj$L[zQRYROGLU SHUzTXHHQ[LQqVHVWUD.WLGHO¶LQILQLWLXMDKHPGLWTXHQRPpVKLKDXQD~QL.DIRUPDSHUD.DGDPRW
  58. 58. 0pVDYLDW.RUUHVSRQGULDDO¶DUUHOGHOVQRVWUHVYHUEVSHUzpVPpVVLPSOHIHUODJORVVDDPEO¶LQILQLWLXTXH pV OD IRUPD TXH IHP VHUYLU SHU UHIHULUQRV D XQ YHUE L HYLWD HOV SUREOHPHV TXH .DXVDULHQ HOV YHUEV LUUHJXODUV'HODPDWHL[DPDQHUDHOVQRPVLHOVDGMH.WLXVHOVJORVVHPDPEODIRUPDPHQVPDU.DGDHO VLQJXODUGHOV QRPV L HO PDV.XOt VLQJXODU GHOV DGMH.WLXV /HV IRUPHV SURQRPLQDOV GH WHU.HUD SHUVRQD OHV JORVVHPDPEHOSURQRPPDV.XOtDPEHOEHQHQWqVTXHWDQWHVSRGHQUHIHULUDIHPHQLQV.RPDPDV.XOLQV
  59. 59. E :R ]XyWLDQ[LjOHNq MRDKLUD.DEDU3(5)OOLoy µ$KLUYDLJD.DEDUOD.ODVVH¶ :R PtQJWLDQ[LjNq MRGHPjD.DEDUOOLoy µ'HPjD.DEDUpOD.ODVVH¶ . WLDQ µGLDGLHV¶ VDQWLDQ µWUHVGLHV¶ $D
  60. 60. YHLHPTXHHOYHUEQR.DQYLDGHIRUPDSHULQGL.DUOHVSHUVRQHVJHQHUDOPHQWHV SRGHQLGHQWLIL.DUSHUTXqDSDUHL[HOSURQRPSHUVRQDOTXHIDGHVXEMH.WH$E
  61. 61. WDPEp YHLHPTXHHOWHPSVGHODIUDVHQRIDYDULDUHOYHUESHULQGL.DUWHPSVGLIHUHQWVDSDUHL[HQ SDUWt.XOHV DVSH.WXDOV .RP OH DVSH.WH SHUIH.WLX TXH LQGL.D TXH O¶D..Ly V¶KD D.DEDW
  62. 62. L DGYHUELVTXHLQGLTXHQSDVVDWRIXWXU]XyWLDQµDKLU¶RPtQJWLDQµGHPj¶HQO¶H[HPSOH
  63. 63. SHUz OD IRUPD YHUEDO pV VHPSUH LGqQWL.D )LQDOPHQW D .
  64. 64. HV SRW .RPSURYDU TXH HOV QRPVQRHVIOH[LRQHQSHUUHSUHVHQWDUHOQRPEUHVHUjHO.RQWH[WRODSUHVqQ.LDG¶DOJXQD SDUDXODTXHLQGLTXLPHVXUDRTXDQWLWDWVDQµWUHV¶ HQO¶H[HPSOH
  65. 65. HOTXHGHWHUPLQDUj HO QRPEUHGHOVLQWDJPD 4XDQWDODVLQWD[LOD.ODVVLIL.D.LyWLSROzJL.DPpVWUDGL.LRQDOHVEDVDHQO¶RUGUH HQ TXq DSDUHL[HQ D OD IUDVH HO VXEMH.WH HO YHUE L HOV .RPSOHPHQWV H[LJLWV SHO YHUE 692
  66. 66. $TXHVWD SURSLHWDW HV UHOD.LRQD DPE DOWUHV SURSLHWDWV G¶RUGUH GHOV HOHPHQWV GLQWUHGHOVLQWDJPD(QJHQHUDOODWHQGqQ.LDTXHPDQLIHVWHQOHVOOHQJHVpVDVLWXDUHO QX.OLGHOVLQWDJPDVHPSUHDODPDWHL[DEDQGDDODGUHWDRDO¶HVTXHUUD$L[tHO.DWDOj TXH pV XQD OOHQJXD G¶RUGUH EjVL. 692 JDLUHEp VHPSUH Wp HO QX.OL GHO VLQWDJPD D O¶HVTXHUUD (QOHVWUDGX..LRQVDO.DWDOjGHOHVIUDVHV[LQHVHVQRUPDOPHQWQRH[SOL.LWDUHPHOVSURQRPVSHUVRQDOVGH VXEMH.WHTXHHQ.DWDOjHVSRGHQRPHWUH
  67. 67. 6YHUEDO YHUE.RPSOHPHQWV GRQRHOOOLEUHDOVQHQV 6QRPLQDO QRP.RPSOHPHQW .DVDGHOSDUH QRPDGMH.WLX QHQDSHWLWD QRPIUDVHUHODWLX HOQRLTXHYLXD%LOEDR 6SUHS SUHSRVL.LyQRP VHQVHSD 6DGMH.WLYDO DGMH.WLX.RPSOHPHQW SOHGHYL RQWUjULDPHQWHQOHVOOHQJHVG¶RUGUH629HOVQX.OLVWHQGHL[HQDDSDUqL[HUDOD GUHWDGHOVLQWDJPD$
  68. 68. KRH[HPSOLILTXHPDPEOHVGDGHVGHOEDV.TXHWUDGXHL[HQHOV H[HPSOHV.DWDODQVGH
  69. 69. HOEDV.SHUzVLWXDO¶DGMH.WLXGDUUHUHHOQX.OLQRPLQDO
  70. 70. 6YHUEDO .RPSOHPHQWVYHUE XPHDULOLEXUXDGDNDUNLR 6QRPLQDO .RPSOHPHQWQRP DLWDUHQHW[HD IUDVHUHODWLXQRP %LOERQEL]LGHQ@XPHD 6SRVWS QRPSRVWSRVL.Ly RJLULNJDEH 6DGMH.WLYDO .RPSOHPHQWDGMH.WLX DUGR]EHWH RPYHXUHPDO¶DSDUWDWGHGL.DWDODVLQWD[LGHO.DStWROVHJHQWDOJXQVOLQJLVWHV .RQVLGHUHQTXHHO[LQqVpVXQDOOHQJXDG¶RUGUHEjVL.692.RPHO.DWDOjSHUzHQ.DQYL PDQLIHVWD PROWHV GH OHV SURSLHWDWV GH OHV OOHQJHV 629 VL Ep pV .HUW TXH Wp HOHPHQWV HTXLYDOHQWV D OHV QRVWUHV SUHSRVL.LRQV WDPEp HQ Wp XQV DOWUHV TXH D.WXHQ .RP OHV SRVWSRVL.LRQVLHOVPRGLIL.DGRUVGHOQRPWDQWHOVJHQLWLXV.RPOHVIUDVHVGHUHODWLXLHOV DGMH.WLXV SUH.HGHL[HQ HO QRP $OWUHV DXWRUV KDQ GHIHQVDW TXH O¶RUGUH EjVL. GHOV .RQVWLWXHQWV GH OD IUDVH [LQHVD QR HVWj GHWHUPLQDW SHU OD IXQ.Ly VLQWj.WL.D VLQy SHU THVWLRQVGLV.XUVLYHVHOWHPDRLQIRUPD.LyYHOODDSDUHL[DOGDYDQWGHODIUDVH
  71. 71. '(65,3,Ï*5$0$7,$/ )212/2*,$,)21Ê7,$ (/72 (OWUHWPpV.DUD.WHUtVWL.GHODIRQRORJLD[LQHVDpVO¶H[LVWqQ.LDGHWRQVDWRWHVOHV VtOÂODEHV-XQHQW
  72. 72. H[SOL.DPROW.ODUDPHQWODGLIHUqQ.LDHQWUHHOWRLO¶D..HQW .RPSDUDQWORVDPEOHVQRWHVPXVL.DOV©6LWRTXHPODPDWHL[DQRWDDPE PpVR PHQV IRUoD OD QRWD VHUj OD PDWHL[D SHUz OD LQWHQVLWDW GLIHUHQW DL[z VHULD O¶D..HQW 3HUz VL WRTXHPGXHVQRWHVGLIHUHQWVXQDVHUjPpVDJXGDLO¶DOWUDPpVJUHXDL[zVHULDHOWRª(Q [LQqV DTXHVWD GLVWLQ.Ly WRQDO Wp YDORU .RQWUDVWLX pV D GLU SHUPHW GH GLVWLQJLU SDUDXOHV GLIHUHQWV GH OD PDWHL[D PDQHUD TXH HQ .DWDOj Wp YDORU .RQWUDVWLX O¶D..HQW IjEUL.D YV IDEUL.D(O[LQqVPDQGDUtSHUH[HPSOHTXHpVXQDGHOHVYDULHWDWVTXHSUHVHQWDPHQV GLVWLQ.LRQV WRQDOV HQ Wp TXDWUH $ .RQWLQXD.Ly HQ GRQHP XQV H[HPSOHV TXH WDPEp LOÂOXVWUHQHOYDORU.RQWUDVWLXGHOWRLODVHYDUHSUHVHQWD.LyJUjIL.D/LL7KRPSVRQ
  73. 73. ¯ µURED¶ PD µPDUH¶
  74. 74. WRDOW t µVRVSLWDU¶ Pi µ.jQHP¶ 
  75. 75. WRDV.HQGHQW ÿ µ.DGLUD¶ PD µ.DYDOO¶
  76. 76. WRGHV.HQGHQWDV.HQGHQW u µVLJQLIL.DW¶ Pj µUHQDU¶ C
  77. 77. WRGHV.HQGHQW $TXHVWD GLVWLQ.Ly WRQDO pV VLPLODU D OD TXH QRVDOWUHV SRGHP XWLOLW]DU SHU H[SUHVVDU VLJQLIL.DWVGLIHUHQWVDPEO¶DGYHUELQRSHUH[HPSOH
  78. 78. D ±1RKRKDVIHWRL WRDOW ±1RQRSDWHL[LV E ±(Q3HUHMDKRKDIHWQR WRDV.HQGHQW (QGHWHUPLQDGHV.RQGL.LRQVVtOÂODEHVjWRQHV
  79. 79. ODGLVWLQ.LyWRQDOHVSRWQHXWUDOLW]DU$UDGHL[HPGHEDQGD DTXHVWDTHVWLySHUTXqQRKLKDD.RUGHQWUHHOVJUDPjWL.V[LQHVRVVREUHO¶H[LVWqQ.LDG¶D..HQWHQDTXHVWD OOHQJXD
  80. 80. . ±-RQRKRVDELD WRGHV.HQGHQWDV.HQGHQW ±1R G ±9ROVYHQLU WRGHV.HQGHQW ±1R /D LQWHQ.Ly GH TXL SURQXQ.LD QR DPE WR DOW D D
  81. 81. SRGUtHP GLU TXH pV ³WUDQTXLOÂOLW]DGRUD´pVXQQRDPEODYR.DOXQDPL.DOODUJD(OGHE
  82. 82. pVHOWRDV.HQGHQW WtSL.GHOILQDOGHOHVLQWHUURJDWLYHV(OQRGH.
  83. 83. GHV.HQGHQWDV.HQGHQWpVHOTXHIHP VHUYLU SHU LQGL.DU PROWD LQ.UHGXOLWDW JDLUHEp .RP VL IpVVLP GXHV R
  84. 84. )LQDOPHQW HO WR GHV.HQGHQW D G
  85. 85. pV HO GH ILQDO GH IUDVH GH.ODUDWLYD 6L KR YROJXpVVLP UHSUHVHQWDU JUjIL.DPHQWKRSRGUtHPIHUGHODPDQHUDVHJHQW WRDOW WRDV.HQGHQW WRGHV.DV.HQGHQW WRGHV.HQGHQW /¶(6758785$6,/Â/¬%,$ /¶HVWUX.WXUDVLOÂOjEL.DGHO[LQqVpVPROWVLPSOHVLOD.RPSDUHPDPEODGHO.DWDOj R OD GH OHV OOHQJHV TXH HQV VyQ PpV SURSHUHV 3HU DOV [LQHVRV WUDGL.LRQDOPHQW .DGD VtOÂODEDHVGLYLGHL[HQGXHVSDUWVODLQL.LDOVLQ¶KLKDXQD.RQVRQDQW
  86. 86. LODILQDOODUHVWD
  87. 87. $L[t OD VtOÂODED KXDQJ VH VHJPHQWDULD K XDQJ $TXHVWD PDQHUD G¶DQDOLW]DU OHV VtOÂODEHVIDTXHTXDQHOVQHQVOOHWUHJHQVtOÂODEHVHQSLQLQQRKRID.LQGLHQWHOQRPGH .DGDOOHWUDOHVOOHWUHVQRWHQHQQRPSHUDHOOV
  88. 88. VLQyTXHUHSURGXHL[HQHOVR.RQVRQjQ WL. LQL.LDO DPE XQD YR.DO QHXWUD GH VXSRUW L GHVSUpV GLXHQ VHJXLW WRW HO ILQDO 5DPVH
  89. 89. WiQJ WDQJ .I.DWDOj WHDHQDJH JR X JRX JHRX $
  90. 90. GRQHPO¶HVTXHPDGHO¶HVWUX.WXUDVLOÂOjEL.DHQPDQGDUt/LL7KRPSVRQ
  91. 91. 9
  92. 92. 9^91`
  93. 93. LQL.L ILQDO +HPLQGL.DWODYR.DODPEXQD9OD.RQVRQDQWDPEXQDL1YROGLU.RQVRQDQWQDVDO Q 1
  94. 94. (OV VHJPHQWV TXH VyQ RS.LRQDOV DSDUHL[HQ HQWUH SDUqQWHVLV $L[z YRO GLU TXH O¶~QL.HOHPHQWUHDOPHQWREOLJDWRULHQXQDVtOÂODEDpVODYR.DODPpVGHOWR
  95. 95. $GLIHUqQ.LD GHO TXH SDVVD HQ .DWDOj D .RPHQoDPHQW GH VtOÂODED GDYDQW GH OD YR.DO QRPpV KL SRW KDYHUXQD.RQVRQDQWLQRGXHV.RPHQ.DWDOjSODoDEUDo
  96. 96. $TXHVWD.RQVRQDQWLQL.LDO SRWDQDUVHJXLGDG¶XQDDOWUDYR.DODPEODTXDOIRUPDUjGLIWRQJODYR.DOTXHpVHOQX.OL GHODVtOÂODEDODTXHWpHOWR
  97. 97. $OGDUUHUHGHODYR.DOQX.OHDUKLSRWKDYHUXQDDOWUDYR.DO R Ep XQD .RQVRQDQW TXH KD GH VHU IRUoRVDPHQW XQD QDVDO $
  98. 98. SUHVHQWHP DOJXQV H[HPSOHVGHVtOÂODEHVSRVVLEOHV
  99. 99. 9 ¯ ¯@ µXQ¶ 99 ZR XR @ µMR¶ 9 Vu µTXDWUH¶ 99 SD R µ.yUUHU¶ 91 jQ µWDXOD¶ 991 ZD QJ XD 1@ µDQDU¶ 91 VDQ µWUHV¶ 991 GLjQ µHOH.WUL.LWDW¶ 999 WLjR µVDOWDU¶ 6L KR .RPSDUHP DPE OHV SRVVLELOLWDWV GHO .DWDOj HQV DGRQDUHP GH OHV GLIL.XOWDWV TXH SRGHQWHQLUHOV[LQHVRVDO¶KRUDG¶DSUHQGUHODIRQqWL.D.DWDODQDDSGHOHVVHTqQ.LHV GH
  100. 100. QRVHULDSRVVLEOHHQ[LQqV
  101. 101. EUDo E5iV@ VHUSV VpUSV@ 3HS S(qS@ SODWV SOiWV@ IRV. IyVN@ SUH.V S5pNV@ SOD SOi@
  102. 102. eV SHU DL[z TXH HOV SDUODQWV [LQHVRV WHQGHL[HQ D VLPSOLIL.DU OHV VtOÂODEHV GH OHV SDUDXOHV .DWDODQHV .RP HV SRW YHXUH HQ HOV H[HPSOHV VHJHQWV RQ V¶KDQ HOLGLW .RQVRQDQWVRV¶KDLQVHULWXQDYR.DOSHUHYLWDUODVHTqQ.LDGHGXHV.RQVRQDQWVVHJXLGHV
  103. 103. SHU±TXq o SH±TXq SOR±ULV o SR±ULV HV±Wj o H±Wj SUR±IH±VVRUo SR±IH±VVRU GHV±SUpV o GH±Sp Ij±.LO o Ij±.L P¶D±JUD±GDo P¶D±JD±UD±GD (/6,67(0$21621¬17,,(/6,67(0$92¬/, (QHOTXDGUHVHJHQWUHSURGXwPHOVVRQV.RQVRQjQWL.VGHO[LQqV(OVVtPEROVGH O¶HVTXHUUDGH.DGD.DVHOOD.RUUHVSRQHQDODWUDQV.ULS.LyIRQqWL.DVHJRQVO¶DOIDEHWIRQqWL. LQWHUQD.LRQDO $),
  104. 104. YJ † L
  105. 105. HOV VtPEROV GH OD GUHWD HQ .XUVLYD VyQ OHV HTXLYDOqQ.LHVJUjILTXHVTXHHVIDQVHUYLUHQSLQLQ3
  106. 106. EDVDWHQ/LL7KRPSVRQ
  107. 107. 6RQV.RQVRQjQWL.V ELODELDO ODELRGHQWDO GHQWRDOYHRODU UHWURIOH[D DOYHRORSDODWDO YHODU $),3 $),3 $),3 $),3 $),3 $),3 R.OXVLYD S E W G N J QRDVSLUDGD R.OXVLYD S+ S W+ W N+ N DVSLUDGD DIUL.DGD WV ] W‰ ]K Wà M QRDVSLUDGD DIUL.DGD WV+ . W‰+ .K Wà+ T DVSLUDGD IUL.DWLYD I I V V ‰ VK à [ [ K QDVDO P P Q Q 1 QJ OtTXLGD O O Š
  108. 108. U 7RWVDTXHVWVVRQVSRGHQDSDUqL[HUHQSRVL.LyLQL.LDOGHVtOÂODEDH[.HSWH1@TXH VHPSUH HV WURED HQ SRVL.Ly ILQDO 5H.RUGHP D PpV TXH HQ SRVL.Ly ILQDO QRPpV HV
  109. 109. SHUPHWHQQ@L1@/DSULPHUD.RVDTXH.ULGDO¶DWHQ.LypVTXHDSDUWGHOVVRQVQDVDOVL GHOVOtTXLGVQRKLKD.RQVRQDQWVVRQRUHV(Q.DQYLWDQWOHVR.OXVLYHV.RPOHVDIUL.DGHV WHQHQ XQ .RUUHODW DVSLUDW TXH QR Wp HO .DWDOj eV D GLU HQ OOR. GH O¶RSRVL.Ly VRUGD VRQRUD TXH WUREHP HQ .DWDOj D S W N E G J HQ [LQqV O¶RSRVL.Ly QR DIH.WD OD VRQRULWDWWRWHVVyQVRUGHV
  110. 110. VLQyO¶DVSLUD.LySWNS+W+N+eVGHSUHYHXUHGRQ.V TXH SXJXLQ WHQLU DOJXQD GLIL.XOWDW D O¶KRUD GH GLVWLQJLU OHV R.OXVLYHV VRUGHV GH OHV VRQRUHVTXDQDSUHQJXLQ.DWDOjRXQDDOWUDOOHQJXDURPjQL.DKHPVHQWLWSHVWLWHQOOR.GH YHVWLWLSDUODQWHQ.DVWHOOjEHURHQOOR.GHSHUR
  111. 111. (Q[LQqVWDPEpH[LVWHL[XQDIUL.DWLYD YHODUVRUGDHTXLYDOHQWDOVR.DVWHOOjGHODMGHMDPyQ(OIHWGHQRWHQLUOHV.RQVRQDQWV SDODWDOV–@LÚ@SURYR.DSUREOHPHVDO¶KRUDGHSURGXLUDTXHVWVVRQVHQ.DWDOj
  112. 112. HOOD o HM@D JHQROO o JHQRM@ HVSDQRO o HVSDQ@RO (Q OHV YDULHWDWV PpV .XOWHV GHO PDQGDUt H[LVWHL[ XQD RSRVL.Ly HQWUH HOV VRQV GHQWRDOYHRODUV UHWURIOH[RV L DOYHRORSDODWDOV /D U pV UHWURIOH[D SHUz QR pV YLEUDQW QL EDWHJDQW .RP HQ .DWDOj .DUUR .DUD
  113. 113. VLQy DSUR[LPDQW .RP XQD IUL.DWLYD PROW VXDX VLPLODUDODULQL.LDOGHOPRWDQJOqVUHDG
  114. 114. 3HUDODPDMRULDGHOV[LQHVRVSHUzHOVVRQV UHWURIOH[RV QR HV GLVWLQJHL[HQ GHOV .RUUHVSRQHQWV GHQWRDOYHRODUV GH PDQHUD TXH O¶RSRVL.Ly D TXq HQV UHIHUtHP TXHGD UHGXwGD D GHQWRDOYHRODU DOYHRORSDODWDO $L[z H[SOL.D SHU TXq HOV SDUODQWV [LQHVRV WHQHQ WDQWHV GLIL.XOWDWV D O¶KRUD GH SURQXQ.LDU OD QRVWUD U L SHU TXq OD VXEVWLWXHL[HQ SHU OD O@ OD GHQWRDOYHRODU .RUUHVSRQHQW
  115. 115. $
  116. 116. SUHVHQWHPDOJXQVGHOVHUURUVTXHKHPUH.ROOLW /HV.RQVRQDQWVDVSLUDGHVHVSURQXQ.LHQD.RPSDQDGHVG¶XQEXIDXGLEOH.RPOD SODWLODNHQDQJOqVR HQDOHPDQ (OV VRQV UHWURIOH[RV HV SURQXQ.LHQ GREOHJDQW OD SXQWD GH OD OOHQJXD .DS HQUHUH L VLWXDQWOD GDUUHUH HOV DOYqROV
  117. 117. D DUUzV o DO@zV WHUUD o WHO@D UREHQ o O@REHQ RUGLQDGRU o RO@GLQDGRU E PHPzULD o PHPzO@LD GRQDUj o GRQDO@j .DXUH o .DXO@H SDUH o SDO@H 3HOTXHIDDODSDUWILQDOGHODVtOÂODEDMDKHPGLWTXHVLKLKDXQVR.RQVRQjQWL. DOILQDOGHWRWDTXHVWKDGHVHUXQD.RQVRQDQWQDVDOQ@R1@
  118. 118. VKDQ µPXQWDQD¶ WLDQ µ.HO¶ Q@ QpQJ µSRGHU¶ [LjQJ µLPDWJH¶ 1@ 3HOTXHIDDOHVYR.DOVKLKDPROWDGLV.XVVLyVREUHTXLQVVRQVLTXLQVIRQHPHV YR.jOL.V Wp HO [LQqV 5H.ROOLQW DOJXQHV GH OHV LGHHV GH GLYHUVRV DXWRUV SUHVHQWHP HO TXDGUHVHJHQWRQHVUHSURGXHL[HQGHPDQHUDVLPSOLIL.DGDOHV.RUUHVSRQGqQ.LHVHQWUH OHVJUDILHVGHOSLQLQLHOVVRQVYR.jOL.VGHO[LQqVH[HPSOHVGH/LL7KRPSVRQL GH5DPVH
  119. 119. D D@ EDQ SDQ@ (@ OLiQ OL(½Q@ HQWUHL@R@LQ@
  120. 120. H )@ Oq O)@ @ JHQ NQ@ DEDQVGHQ@L1@
  121. 121. H@ OpL OpL@ DEDQVGHL@
  122. 122. (@ Oq O(@ GHVSUpVGHL@L@
  123. 123. (OVR@.RUUHVSRQDODSURQXQ.LD.LyG¶XQDLODELDOLW]DGD.RPODXIUDQ.HVDDOXQHµOOXQD¶
  124. 124. (OVR)@pVXQVRYR.jOL.VHPEODQWDODQRVWUDYR.DOQHXWUD@SHUzXQDPL.DPpVSRVWHULRU.RPXQD R@QRODELDO
  125. 125. L L@ Ot Ot@ ‡ V¯ ]@ GHVSUpVGHGHQWRDOYHRODUDIUL.DGDR IUL.DWLYDDPEVRQRULW]D.LyGHV
  126. 126. ‡ VK¯ ‰@ GHVSUpVGHUHWURIOH[D
  127. 127. R R@ Py Py@ X@ OyQJOiR O~1@OiX@ DEDQVGH1@RGHVSUpVGHD@
  128. 128. X X@ O~ O~@ @ [X à@ GHVSUpVG¶DOYHRORSDODWDO
  129. 129.  @ O O½@ X @ Xq q@ L@ jR LjX@ L L@ ¯ ¯@ Z X@ ZpQ X½Q@ ZX X@ ZX X @ 7DPEp V¶KD GH WHQLU HQ .RPSWH TXH GHVSUpV GH OD VHTqQ.LD µ.RQVRQDQW X¶ V¶LQVHUHL[XQDYR.DOH@R@GHYHJDGHVPROWEUHX
  130. 130. GXu WXHu@ GXQ W̍Q@ 025)2/2*,$ (/;,1Ê620$//(1*8$02126,/Â/¬%,$,$Í//$17 8Q GHOV WUHWV PpV UHOOHYDQWV GHO [LQqV pV OD VHYD WHQGqQ.LD D VHU XQD OOHQJXD PRQRVLOÂOjEL.D$L[zYROGLUTXHWpPROWHVSDUDXOHVSHUzQRWRWHV
  131. 131. TXHHVWDQIRUPDGHV QRPpVSHUXQDVtOÂODED6HJRQV5DPVHV
  132. 132. HOV[LQHVRVQRWHQHQ.DSPRWG¶~V TXRWLGLjSHUUHIHULUVHDSDUDXODHQHOVHQWLWTXHGRQHPQRVDOWUHVDDTXHVWWHUPHHOPRW
  133. 133. .t µSDUDXOD¶ pV XQ WHUPH XQD PL.D PpV Wq.QL. L G¶~V PpV UH.HQW
  134. 134. 3HU D HOOV OD VHYD OOHQJXD HVWj IRUPDGD SHU VtOÂODEHV TXH DQRPHQHQ ]u 0ROWHV G¶DTXHVWHV VtOÂODEHV .RUUHVSRQHQ D OHV QRVWUHV SDUDXOHV SHUz ILQV L WRW DTXHOOHV VtOÂODEHV TXH IRUPHQ SDUW G¶XQDXQLWDWPpV.RPSOH[DSHUDHOOVVyQ]uLWHQHQXQVLJQLIL.DW/DVtOÂODED[LQHVDpV IRUoDHTXLYDOHQWDOVQRVWUHVPRUIHPHVOHVXQLWDWVPpVSHWLWHVGRWDGHVGHVLJQLIL.DW RP KHP GLW PROWHV SDUDXOHV [LQHVHV QRPpV WHQHQ XQ PRUIHPD $L[z LPSOL.D TXH HO [LQqV pV XQD OOHQJXD DPE XQD IRUWD WHQGqQ.LD D VHU DwOODQW OHV SDUDXOHV QR HV IOH[LRQHQpVDGLUQR DGRSWHQ IRUPHV GLIHUHQWV SHU LQGL.DU HO QRPEUH HO WHPSV OD SHUVRQD HW. /D PDMRULD GH OHV SDUDXOHV VyQ GRQ.V LQYDULDEOHV +L KD PROW SR.V PRUIHPHVGHIOH[LyWRWLTXHQRHVSRWGLUTXHQRQ¶KLKDJLHQDEVROXW$.RQWLQXD.Ly SRGHPYHXUHDOJXQVH[HPSOHVGHSDUDXOHVGHO[LQqVGH/LL7KRPSVRQV
  135. 135. $ D
  136. 136. WHQLPH[HPSOHVGHSDUDXOHVPRQRPRUIHPjWLTXHVLDE
  137. 137. XQDIUDVHHQTXqWRWHV OHVSDUDXOHVVyQG¶DTXHVWWLSXVDUDGHL[HPGHEDQGDODSDUWt.XODJH
  138. 138. D jL µHVWLPDU¶ VKX µOOLEUH¶ Gj µJUDQ¶ E 4ÿQJQÿ.KiQJ]KqLJH.jL VLXVSODXWXWDVWDUDTXHVW/$66SODW µ7DVWDDTXHVWSODWVLXVSODX¶ $ DE
  139. 139. HQ .DQYL OHV SDUDXOHV WHQHQ GRV PRUIHPHV D D
  140. 140. XQD DUUHO L XQ SUHIL[DE
  141. 141. XQDDUUHOLXQVXIL[LD.
  142. 142. WHQHQXQVROPRUIHPDSHUzpVELVLOÂOjEL.HQ O¶~OWLP.DVSHUTXqpVXQDDGDSWD.LyG¶XQPRWHVWUDQJHU
  143. 143. )LQVLWRWHQHOV.DVRVG¶DGDSWD.LRQVGHSDUDXOHVHVWUDQJHUHVHOV[LQHVRVWHQGHL[HQDGRQDUDOJXQVLJ QLIL.DWDOHVVtOÂODEHVTXHIRUPHQHOPRWSHUTXqOHVVtOÂODEHVVHQVHVLJQLIL.DWVyQDQzPDOHV3HUGRQDUXQ QRP [LQqV D OD R.DROD HV YD IHU XQ .RQ.XUV L YD JXDQDU OD SURSRVWD NH NR X NH Oq TXH D PpV GH UHSURGXLUIRUoDEpHOVRDQJOqV.RUUHVSRQHQWHVWDYDIRUPDGDSHUXQHVVtOÂODEHVTXHYROLHQGLU³VDERUyVL DJUDGDEOH´5DPVH
  144. 144. D QpQJ µSRGHU¶ NH QpQJ µSRVVLEOH¶ .K¯ µPHQMDU¶ KD R.K¯ µGHOL.LyV¶ E ZR µMR¶ ZR PHQ µQRVDOWUHV¶ VK µQ~PHUR¶ VK[Xp µPDWHPjWLTXHV¶ ID µOOHL¶ ID KXj µOHJDOLW]DU¶ . ]KL]KX µDUDQD¶ [¯EDQi µ(VSDQD¶ $
  145. 145. ILQDOPHQW SUHVHQWHP DOJXQHV SDUDXOHV .RPSRVWHV /L L 7KRPSVRQ
  146. 146. Uq[¯Q .DOHQW.RU µHQWXVLDVWD¶ IHLM¯ YRODUPjTXLQD µDYLy¶ KXDP IORUDUEUH µYHJHWD.Ly¶ (OIHWTXHHO[LQqVVLJXLXQDOOHQJXDDwOODQWDPEXQDPRUIRORJLDPROWSREUDVLOD .RPSDUHP DPE OD GHO .DWDOj R DPE OD GH OD PDMRULD GH OOHQJHV LQGRHXURSHHV ID TXH PROWHVGHOHVQR.LRQVTXHQRVDOWUHVH[SUHVVHP IHQWVHUYLUSUR.HVVRV PRUIROzJL.V .RP DUDHOQRPEUHGHOVQRPVRHOWHPSVLODSHUVRQDGHOVYHUEVV¶KDJLQGH PDQLIHVWDUSHU DOWUHVVLVWHPHV$TXHVWDIDOWDGHPRUIRORJLDWDPEpIDTXHOHVSDUWVGHO¶RUD.LyHQ[LQqV V¶KDJLQ GLVWLQJLW DWHQHQW PpV D OD VHYD IXQ.Ly TXH QR SDV D OD VHYD IRUPD 6L SHU H[HPSOH QRVDOWUHV SRGHP GLVWLQJLU XQ YHUE G¶XQ DGMH.WLX SHO IHW TXH HOV YHUEV WHQHQ PRUIHPHV GH SHUVRQD L GH WHPSV L HOV DGMH.WLXV QR DTXHVWD PHQD G¶HVWUDWqJLHV QR HV SRGUDQ IHU VHUYLU HQ [LQqV SHUTXq OHV SDUDXOHV QR YDULHQ SHU H[SUHVVDU DTXHVWHV .DWHJRULHV JUDPDWL.DOV $ .RQWLQXD.Ly SDUODUHP EUHXPHQW GH OHV GLIHUHQWV SDUWV GH O¶RUD.LyTXHHVUH.RQHL[HQHQODJUDPjWL.D[LQHVD /(63$576'(/¶25$,Ï RPKHPGLWHOIHWTXHOHVSDUDXOHVGHO[LQqVVLJXLQLQYDULDEOHVIDTXHODVHYD .DWHJRULDV¶KDJLGHGHGXLUPpVSHUODVHYDIXQ.LyLGLVWULEX.LyDODIUDVHTXHQRSDVSHU
  147. 147. OD VHYD PRUIRORJLD $L[t XQD PDWHL[D IRUPD SRW .RUUHVSRQGUH D .DWHJRULHV GLIHUHQWV VHJRQVHO.RQWH[WHQTXqDSDUHL[/RYLQ
  148. 148. D :R [LjVKDQ E 6KDQ[LjR XUpQ MRDEDL[PXQWDQD PXQWDQDDEDL[H[LVWHL[SHUVRQD µ%DL[RODPXQWDQD¶ µ+LKDJHQWVRWDODPXQWDQD¶ $ D
  149. 149. [Lj IXQ.LRQD .RP XQ YHUE L HQ .DQYL D E
  150. 150. ID OD IXQ.Ly G¶XQD SRVWSRVL.Ly OR.DWLYD $OJXQVGHOVWUHWVTXHPpV.ODUDPHQWGLIHUHQ.LHQHOVLVWHPD[LQqVGHO.DWDOjVyQOD QR GLVWLQ.Ly HQWUH YHUEV L DGMH.WLXV O¶H[LVWqQ.LD GHOV DQRPHQDWV .RYHUEV L GHOV .ODVVLIL.DGRUVLODLQH[LVWqQ.LDG¶DUWL.OHVLGHSURQRPVIHEOHV$.RQWLQXD.LyH[SRVDUHP EUHXPHQWDTXHVWHVGLIHUqQ.LHV (OVYHUEVLHOVDGMH.WLXV (Q[LQqVQRKLKD.DSGLIHUqQ.LDIRUPDOHQWUHHOVYHUEVLHOVDGMH.WLXVDSGHOV GRVQRPDQLIHVWHQ.DSPHQDGH.RQ.RUGDQoDDPEDOWUHVHOHPHQWVGHODIUDVHLD PpV SRGHQDSDUqL[HUHQ.RQWH[WRVSDUDOÂOHOVeVSHUDL[zTXHHOVPRWVTXHLQGLTXHQTXDOLWDWV HOTXHSHUDQRVDOWUHVVHULHQDGMH.WLXVVyQ.RQVLGHUDWVXQWLSXVGHYHUEV.RQ.UHWDPHQW HV WUD.WHQ .RP D YHUEV HVWDWLXV IRUPHV TXH LQGLTXHQ XQ HVWDW QR XQD D..Ly
  151. 151. $
  152. 152. SRGHP REVHUYDU TXH HQ [LQqV QR pV QH.HVVjULD OD SUHVqQ.LD GHO YHUE .RSXODWLX HQ XQD IUDVH DWULEXWLYD SHUTXq OD SDUDXOD TXH LQGL.D OD SURSLHWDW Wp HO YDORU G¶XQ YHUE /L L 7KRPSVRQ
  153. 153. 0D OuKH Q.RQJPLQJ 0ROOPROWLQWHOÂOLJHQW µ/D0ROOpVPROWLQWHOÂOLJHQW¶ /HVSRVWSRVL.LRQVVyQXQDSDUWGHO¶RUD.LyTXHHVWUREDHQPROWHVOOHQJHVLTXHHTXLYDODOHVQRVWUHV SUHSRVL.LRQVSHUzDSDUHL[HQGDUUHUHGHOQRPHQOOR.GHGDYDQW
  154. 154. $
  155. 155. SRGHPYHXUHXQH[HPSOHGHPRWTXHHTXLYDOGULDDXQDGMH.WLXXQYHUEHVWDWLXHQ [LQqV
  156. 156. LXQTXHpVXQYHUEG¶D..Ly/RYLQ
  157. 157. D 7LDQKHLOH .HOQHJUH$19,'¶(67$7 µ(O.HOHVYDHQQHJULU¶ E :R .K¯IjQOH MRPHQMDUDOLPHQW3(5) µ9DLJPHQMDU¶ RPSRGHPYHXUHWDQWDD
  158. 158. .RPDE
  159. 159. ODVHTqQ.LDD.DEDDPEODSDUWt.XODOHTXH pVXQDPDU.DTXHV¶DGMXQWDDJUXSVSUHGL.DWLXVSHUH[SUHVVDUXQ.DQYLGHVLWXD.LyRXQD D..Ly D.DEDGD /D SDUWt.XOD QHJDWLYD WDPEp pV OD PDWHL[D SHU D WRWHV GXHV PHQHV GH SUHGL.DWV/LL7KRPSVRQ
  160. 160. D 7DENDL[¯Q E 7D E .K¯ UzX HOOQRIHOLo HOO QR PHQMD .DUQ µ1RpVIHOLo¶ µ1RPHQMD.DUQ¶ RPHVSRWYHXUHHQDTXHVWVH[HPSOHVODGLIHUqQ.LDHQWUHHOTXHQRVDOWUHVDQRPHQDUtHP YHUEVLHOTXHDQRPHQDUtHPDGMH.WLXVHQ[LQqVQRH[LVWHL[(OV³DGMH.WLXV´VyQXQWLSXV GH YHUEV TXH VL QR KL KD .DS SDUWt.XOD GHQRWHQ SURSLHWDWV R TXDOLWDWV YJ PpV VHPEODQ.HVD/RYLQV
  161. 161. (OV.RYHUEV 8QD.ODVVHGHPRWVSUzSLDGHO[LQqVpVHOTXHV¶DQRPHQHQ.RYHUEV(OV.RYHUEV VyQPRWVTXHHV.RPSRUWHQ.RPDSUHSRVL.LRQVL.RPDWDOVSUH.HGHL[HQXQVLQWDJPD QRPLQDO7RWHOJUXSVHVROVLWXDUDOGDYDQWGHOYHUETXH.RPSOHPHQWD(OTXHpVPpV HVSH.LDO pV TXH PROWHV G¶DTXHVWHV IRUPHV WDPEp HV SRGHQ XVDU .RP D YHUEV $ $TXHVWGREOH.RPSRUWDPHQWV¶H[SOL.DSHUTXqRULJLQjULDPHQWWRWHVDTXHVWHVIRUPHVHUHQYHUEVLDOJXQHV HQ.DUD PDQWHQHQ .HUWHV SURSLHWDWV YHUEDOV RULJLQjULHV YJ /L L 7KRPSVRQ L /L L 7KRPSVRQ
  162. 162. .RQWLQXD.LyHQGRQHPGRVH[HPSOHV5DPVHL/LL7KRPSVRQ/LL 7KRPSVRQ
  163. 163. D 7D]jL;LDQJ*D QJ@]XzVKHQJL HOOD+RQJ.RQJIHUQHJR.LV µ)DQHJR.LVD+RQJ.RQJ¶ E 1ÿ]jLQD U WXVHUDRQ µ2QHWV¶
  164. 164. D :R PHQ .KiQJ GjR 1LX XH@ T QRVDOWUHV VRYLQW DGLU
  165. 165. 1RYDRUN DQHP µ$QHPVRYLQWD1RYDRUN¶ E :R PHQMÿGLD Q]KRQJGjR1LX XH QRVDOWUHVTXLQKRUDDUULEDU1RYDRUN µ4XDQDUULEHPD1RYDRUN¶ $ D
  166. 166. L D
  167. 167. HO .RYHUE IXQ.LRQD .RP XQD SUHSRVL.Ly DPE HO VHX .RPSOHPHQW D OD GUHWD +RQJ .RQJ D D
  168. 168. L 1RYD RUN D D
  169. 169. $OV H[HPSOHV GH E
  170. 170. HQ .DQYL OD PDWHL[DIRUPDIXQ.LRQD.RPDYHUE2EVHUYHPTXHHQ.DUDTXHQRVHPSUHSDVVDDL[tHQ HOV.DVRVDQWHULRUVHOVLJQLIL.DWG¶DTXHVWVHOHPHQWV PDQWpXQD.HUWDUHOD.LyHQWRWVGRV XVRVD
  171. 171. V¶H[SUHVVDVLWXD.LyLD
  172. 172. GLUH..Ly3RVVLEOHPHQWDTXHVWDSURSLHWDWGHOD JUDPjWL.D[LQHVDpVHOTXHSRGULDH[SOL.DUOD.RQVWUX..LyTXHKHPUH.ROOLWD
  173. 173. $YLyWDUGDGRVGLHVDOD;LQD 2EVHUYHP TXH HO SDUODQW KD IHW VHUYLU OD SUHSRVL.Ly D L QR HO YHUE DUULEDU D
  174. 174. /¶DYLy WDUGDGRVGLHVDDUULEDUDOD;LQD
  175. 175. 7DQWODSUHSRVL.Ly.RPHOYHUESRUWHQLPSOt.LWDXQD LGHDGHGLUH..Ly
  176. 176. (QOHVOOHQJHVURPjQLTXHVWDPEpWHQLPDOJXQ.DVGHIRUPDYHUEDORQRPLQDOTXHKDD.DEDW DGTXLULQW HO YDORU G¶XQD SUHSRVL.Ly SHU XQ SUR.pV GH JUDPDWL.DOLW]D.Ly HQ.LPD GH OD .DPD 31o3
  177. 177. .DVW
  178. 178. WUHWG¶DL[z9o3
  179. 179. .DW
  180. 180. HW.
  181. 181. 7RW L TXH HO [LQqV Wp SUHSRVL.LRQV VyQ IUHTHQWV HOV HUURUV TXH .RQVLVWHL[HQ D RPHWUHXQDSUHSRVL.LyJHQHUDOPHQWOHVjWRQHV.RPDGHDPEHW.
  182. 182. TXDQSDUOHQ.DWDOj $OJXQV G¶DTXHVWV HUURUV HV SRGHQ UHOD.LRQDU DPE HO IHW TXH HO [LQqV QR ID VHUYLU SUHSRVL.LRQVHQDOJXQV.RQWH[WRVHQTXqHQ.DWDOjVyQREOLJDWzULHV.RPSHUH[HPSOH TXDQ HO VLQWDJPD SUHSRVL.LRQDO ID GH .RPSOHPHQW G¶XQ QX.OL QRPLQDO EXLW OD GH SOjVWL.
  183. 183. .RPDJ
  184. 184. RTXDQODSUHSRVL.LyHQOODoDGXHVIUDVHV+RIDSHUULXUH
  185. 185. .RPD G
  186. 186. 7DPEp V¶KD GH WHQLU HQ .RPSWH OD SRVVLELOLWDW TXH XQ YHUE UHJHL[L XQ VLQWDJPD SUHSRVL.LRQDO HQ .DWDOj L HO YHUE DPE HO VLJQLIL.DW HTXLYDOHQW HQ [LQqV GHPDQL XQ .RPSOHPHQW VHQVH SUHSRVL.Ly .RP 1RYD RUN D E
  187. 187. R D EjVTXHW D D
  188. 188. $ .RQWLQXD.LySUHVHQWHPDOJXQHV.RQVWUX..LRQVHQTXqV¶KDRPqVODSUHSRVL.Ly
  189. 189. D HVWDQMXJDQW‡EjVTXHW Do‡ E MRPH¶QYDLJ‡ODYDER Do‡ . KHSXMDW‡XQyVJUDQ Do‡ G YDDOD.ODVVH‡WUHEDOODU Do‡ H MDYDQ‡VHJRQSHUzMRYDLJ‡SULPHU Do‡ I OD YDLJMXJDU‡XQGHVLVq DPEo‡ J ±TXLQpVO¶HQWUHSjTXHPpVW¶DJUDGD@ ±HO‡[RULo GHo‡ RPHQWDUHPPpVHUURUVUHOD.LRQDWVDPEOHVSUHSRVL.LRQVDO¶DSDUWDW (OV.ODVVLIL.DGRUVLHOVPRWVGHPHVXUD 8Q GHOV WUHWV PpV VRUSUHQHQWV GH OD JUDPjWL.D [LQHVD SHU D XQ SDUODQW G¶XQD OOHQJXD URPjQL.D R HQ JHQHUDO G¶XQD OOHQJXD LQGRHXURSHD pV O¶H[LVWqQ.LD G¶XQV HOHPHQWV TXH V¶DQRPHQHQ .ODVVLIL.DGRUV (O [LQqV QR Wp IOH[Ly GH JqQHUH SHUz HQ +HP REVHUYDW O¶~V GHO YHUE MXJDU DPE HO SURQRP OD .RP VL IRV WUDQVLWLX (Q [LQqV DTXHVW YHUE QR LQWURGXHL[HO.RPSOHPHQWDPESUHSRVL.LyLSHUWDQWHV.RPSRUWD.RPXQYHUEWUDQVLWLXTXHpVHOPDWHL[ ~VTXHVH¶QIDDD
  190. 190. $TXHVWVHOHPHQWVWDPEpHVWUREHQHQDOJXQHVOOHQJHVDIUL.DQHV.RPDUDHOZzORIHOIXODRHOVZDKLOL
  191. 191. .DQYL HOV QRPV SHUWDQHQ D .ODVVHV GLIHUHQWV VRYLQW GHWHUPLQDGHV SHU ID.WRUV .RP OD IRUPD R DOWUHV SURSLHWDWV GHO UHIHUHQW (OV .ODVVLIL.DGRUV KDQ G¶DSDUqL[HU DO GDYDQW GHO QRPTXDQHOVLQWDJPDWDPEpLQ.ORXXQQXPHUDOXQGHPRVWUDWLXR.HUWVTXDQWLIL.DGRUV $
  192. 192. GRQHPDOJXQVH[HPSOHVGH.ODVVLIL.DGRUVH[WUHWVGHIRQWVGLYHUVHV
  193. 193. D ¯]K¯TLDQEÿ VDQ]K¯ Oj]K~ XQ/$66OODSLV WUHV/$66 HVSHOPD E ¯NH]KHQ]KX ¯NHS~WiR XQD/$66SHUOD XQ/$66JUDGH
  194. 194. UDwP . uWLiRKp VuWLiRVKp XQ/$66ULX TXDWUH/$66VHUS G ZX MLjIHLM¯ ZX MLj GLjQVKuM¯ .LQ./$66DYLy .LQ. /$66 WHOHYLVRU H QqLEH QVKX VDQEH Q .q]KL DTXHOO/$66OOLEUH WUHV/$66 IXOOHWy I QqLJHUpQ ]KH QJJH IiQJ]L DTXHOOD/$66SHUVRQD WRWD/$66 .DVD (OVPRWVTXHH[SUHVVHQDOJXQWLSXVGHPHVXUDQRSRUWHQ.DS.ODVVLIL.DGRUSHoD XQoDOOLXUDSHXGLD
  195. 195. $TXHVWVPDWHL[RVPRWVSRGHQIXQ.LRQDU.RPD.ODVVLIL.DGRUV/L L7KRPSVRQ
  196. 196. D VKtEjQJ VKtEjQJUzX WUHVOOLXUD WUHV/$66.DUQ µWUHVOOLXUHV¶ µWUHVOOLXUHVGH.DUQ¶ E LJXR LJXRIjQ XQSRW XQ/$66DUUzV µXQSRW¶ µXQSRWG¶DUUzV¶ (Q.DUD TXH O¶H[LVWqQ.LD G¶DTXHVWHV SDUWt.XOHV D SULPHU .RS G¶XOO SXJXL VHPEODU HVWUDQDHO.DWDOjPRVWUDXQ.RPSRUWDPHQWVLPLODUHQ.DVRVGH.RQVWUX..LRQVSDUWLWLYHV
  197. 197. .RPGXHVJRWHVGHYLDLJXDOOHW GXHVJRWHVGHSD.DUQ
  198. 198. XQER.tGHSD.DUQ XQ ER.tGHYLDLJXDOOHW
  199. 199. DGDXQGHOVHOHPHQWVSDUWLWLXVJRWDGHER.tGHHW.HVSRW .RPELQDUDPEXQDGHWHUPLQDGDVqULHGHQRPVLQRDPEXQDDOWUD6yQH[HPSOHVVLPLODUV DOVGH
  200. 200. 3HUDXQDLQIRUPD.LyPROWPpVGHWDOODGDVREUHHOV.ODVVLIL.DGRUVLHOVPRWV GHPHVXUDYJ5RYLUDL
  201. 201. /DLQH[LVWqQ.LDG¶DUWL.OHV (Q [LQqV .RP HQ PROWHV DOWUHV OOHQJHV GHO PyQ QR H[LVWHL[ .DS SHoD Oq[L.D .RUUHVSRQHQW DOV QRVWUHV DUWL.OHV (O YDORU GHILQLW R LQGHILQLW TXH QRVDOWUHV H[SUHVVHP DPE HOV DUWL.OHV R Ep QR V¶H[SUHVVD TXDQ QR pV QH.HVVDUL R Ep HV ID DPE DOWUHV PH.DQLVPHV.RPO¶RUGUHGHPRWVVLHO.RPSOHPHQWGLUH.WHpVGHILQLWDSDUHL[DOGDYDQW GHOYHUEYJ†
  202. 202. RO¶~VGHQXPHUDOVLQGHILQLWVRDOWUHVHOHPHQWVTXDQWLIL.DGRUV /¶DEVqQ.LDG¶DUWL.OHV HQ[LQqVHVSRWUHOD.LRQDUDPE DOJXQVGHOV HUURUV TXH IDQ HOV[LQHVRVTXDQSDUOHQ.DWDOjHQ.RQVWUX..LRQVHQTXqQRDSDUHL[O¶DUWL.OHRQ¶DSDUHL[ XQDIRUPDLQDGHTXDGD
  203. 203. D WRWD‡HVWRQD E L‡PDUHGLX . ‡VHQRUHWDPHYDVDS G GHVSUpVMRYDLJ‡ODYDER H HOµXQ¶
  204. 204. GLDYDPLUDU 9HLHP TXH D DG
  205. 205. QR KL KD O¶DUWL.OH GHILQLW TXH QH.HVVLWD HO .DWDOj HQ DTXHVWHV .RQVWUX..LRQVLDH
  206. 206. V¶KDVXEVWLWXwWODIRUPDLQGHILQLGDSHUODGHILQLGD /DLQH[LVWqQ.LDGHSURQRPVIHEOHV (O[LQqVQRPpVWpXQWLSXVGHSURQRPVSHUVRQDOVTXHVyQHOVTXH.RUUHVSRQGULHQ DOVQRVWUHVSURQRPVGHVXEMH.WHYJ†
  207. 207. $TXHVWHVPDWHL[HVIRUPHVVyQOHVTXHHV IDQVHUYLUTXDQHOVSURQRPVIDQTXDOVHYRODOWUDIXQ.LyVLQWj.WL.D1RH[LVWHL[GRQ.VXQ 0DUTXHPDPEXQDVWHULV.DTXHOOHVVHTqQ.LHVTXHVyQPDOIRUPDGHV
  208. 208. SDUDGLJPDGHSURQRPVGHVXEMH.WHXQGHSURQRPVG¶REMH.WHQLXQHVIRUPHVWzQLTXHVL XQHVG¶jWRQHV.I.DWMR±PL±HPHW.
  209. 209. (Q O¶DSDUWDW GH VLQWD[L HQ TXq SDUOHP GHOV .RPSOHPHQWV GLUH.WHV †
  210. 210. H[SOL.DUHP HOV SUREOHPHV GHOV SDUODQWV [LQHVRV SHU IHU VHUYLU HOV SURQRPV IHEOHV .RUUHVSRQHQWV D DTXHVWD IXQ.Ly (Q DTXHVW DSDUWDW HQV UHIHULUHP DO SURQRP KL L DO SDUDGLJPDGHOHVIRUPHVUHIOH[LYHV RPHVSRWYHXUHDOVH[HPSOHVGH
  211. 211. PROWVRYLQWHOSURQRPKLQRDSDUHL[DOD IUDVHQL.RPDOR.DWLXQLDPEDOWUHVYDORUVVHPjQWL.V
  212. 212. D QR‡YDDQDU E MRQR‡KHSDUODWPDLDPEDTXHVWQRL@ 3HO TXH ID DO SDUDGLJPD UHIOH[LX WUREHP HUURUV GH GRV WLSXV O¶RPLVVLy GHO SURQRPLO¶DSDUL.LyGHOSURQRPDPEYHUEVTXHQRHOSRUWHQ
  213. 213. D SHUzOD-XOLHWDLHQ5RPHX‡YROLHQ.DVDUµHVYROLHQ.DVDU¶
  214. 214. E DTXHVW‡HVWjEDUDOODQWµV¶HVWjEDUDOODQW¶
  215. 215. . ‡KDIHWPDOµV¶KDIHWPDO¶
  216. 216. G ‡PHPRXDTXHVWDGHQWµVH¶PPRXDTXHVWDGHQW¶
  217. 217. H QR‡YDWUHQ.DUODGHQW@µQRHVYDWUHQ.DU¶
  218. 218. I DTXHVWDQHQD@‡.RUGDODVDEDWDµHV.RUGDODVDEDWD¶
  219. 219. D pVTXHPHVRPLRµpVTXHVRPLR¶
  220. 220. E XQyVJUDQTXHHVPRVVHJDµXQyVJUDQTXHPRVVHJD¶
  221. 221. . DTXHVWHV.DXDWHUUDµDTXHVW.DXDWHUUD¶
  222. 222. G QRHVSRWHQWUDUHOJDWµHOJDWQRSRWHQWUDU¶
  223. 223. $
  224. 224. YHLHPTXHO¶HOLVLyHVGyQDWDQWHQIRUPHVUHIOH[LYHVRUH.tSURTXHV.RPHQYHUEV XVDWVSURQRPLQDOPHQWRDPETXDOVHYROWLSXVGHYDORU6LEp.
  225. 225. HVSRGULDLQWHUSUHWDU .RPXQ.DVWHOODQLVPHHOIHWTXHH[LVWHL[LQPROWVDOWUHVHUURUVGHOPDWHL[WLSXVTXHQRHV
  226. 226. GRQHQ HQ .DVWHOODQRSDUODQWV ID SHQVDU TXH QR QH.HVVjULDPHQW V¶KD G¶DWULEXLU D OD LQIOXqQ.LDGHO.DVWHOOj /$)/(;,Ï RP MD V¶KD GLW HO [LQqV pV XQD OOHQJXD DwOODQW TXH JDLUHEp QR Wp IOH[Ly /HV SDUDXOHVWHQGHL[HQDVHULQYDULDEOHVLODLQIRUPD.LyWtSL.DGHODIOH[LyV¶H[SUHVVDDWUDYpV GH SDUWt.XOHV GH PRWV GH O¶RUGUH HW. $ .RQWLQXD.Ly H[SRVDUHP .RP HV PDQLIHVWHQ DTXHVWHV .DWHJRULHV JUDPDWL.DOV SUzSLHV GH OD IOH[Ly L GLYLGLUHP O¶H[SOL.D.Ly HQ GXHV SDUWVG¶XQDEDQGDODIOH[LyQRPLQDOLGHO¶DOWUDODYHUEDO /DIOH[LyQRPLQDO 7DQW HOV QRPV .RP HOV DGMH.WLXV VyQ LQYDULDEOHV VHPSUH SUHVHQWHQ OD PDWHL[D IRUPD WDQW VL VyQ VLQJXODUV .RP VL VyQ SOXUDOV L WDPSR. QR YDULHQ VHJRQV OD IXQ.Ly VLQWj.WL.DTXHWLQJXLQDODIUDVH$
  227. 227. HQSRGHPYHXUHDOJXQVH[HPSOHV3RKLQJL 5LPPLQJWRQ
  228. 228. D Eÿ µSORPDSORPHV¶ VKX µOOLEUHOOLEUHV¶ OD RVK¯ µPHVWUHPHVWUHV¶ E MLVKX YHOOOOLEUH µOOLEUHYHOOOOLEUHVYHOOV¶ KD RSpQJRX ERQDPL. µDPL.ERDPL.VERQV¶ 7RWLDL[zH[LVWHL[XQPRUIHPDGHSOXUDOPHQTXHHVIDVHUYLUDPEHOVSURQRPV SHUVRQDOV L TXH WDPEp HV SRW DGMXQWDU DOV QRPV GH SHUVRQD TXDQ WHQHQ XQD UHIHUqQ.LD GHILQLGD3RKLQJL5LPPLQJWRQ
  229. 229. 8QD OOHQJXD HQ TXq HO QRP YDULD VHJRQV OD VHYD IXQ.Ly VLQWj.WL.D D OD IUDVH pV XQD OOHQJXD TXH Wp PDUTXHV GH .DV pV D GLU GH.OLQD.LRQV (Q VyQ H[HPSOHV HO OODWt O¶DOHPDQ HO EDV. HW. (Q OODWt SHU H[HPSOHXQQRP.RP SXHOODµQHQD¶WpODIRUPD SXHOODVLIDGHVXEMH.WHLpV VLQJXODU SXHOODP VL pV XQ .RPSOHPHQWGLUH.WHVLQJXODURSXHOODUXPVLpVXQ.RPSOHPHQWGHOQRPSOXUDO(Q.DWDOjMDQRH[LVWHL[HQ OHVPDUTXHVGH.DVHQHOVQRPVSHUzHQ.DUDHQTXHGHQUHVLGXVHQHOVLVWHPDSURQRPLQDO MRVXEMH.WHPH .RPSOHPHQWGHOYHUEHOOD.RPSOHPHQWGLUH.WHVLQJXODUOL.RPSOHPHQWLQGLUH.WHVLQJXODUHW.
  230. 230. D ZR µMR¶ ZR PHQ µQRVDOWUHV¶ Qÿ µWX¶ QÿPHQ µYRVDOWUHV¶ WD µHOOHOOD¶ WDPHQ µHOOVHOOHV¶ E [XpVKHQJ µHOXQHVWXGLDQWHOVXQV
  231. 231. HVWXGLDQWV¶ [XpVKHQJPHQ µHOVHVWXGLDQWV¶ KiL]L µHOXQQHQHOVXQV
  232. 232. QHQV¶ KiL]LPHQ µHOVQHQV¶ /¶~VGHPHQDPEQRPVSHUzpVIRUoDUHGXwW/DSOXUDOLWDWV¶H[SUHVVDPLWMDQoDQWDOWUHV SDUDXOHV.RPDUDt[LH µDOJXQV¶QqL[LH µDTXHOOV¶[X GXR µPROWV¶HW./LL7KRPSVRQ
  233. 233. D L[LHZiQM µDOJXQHVMRJXLQHV¶ E QqL[LHNR XKjR µDTXHOOVHVOzJDQV¶ (QHOVH[HPSOHVGH
  234. 234. LGH
  235. 235. SRGHPREVHUYDU.RPHOVQRPVLHOVSURQRPV QR.DQYLHQGHIRUPDVHJRQVODIXQ.LyVLQWj.WL.DTXHIDQ=HQJKXLL=KRX
  236. 236. D 0X TLQ PD L .jL ]Xz IjQ PDUH .RPSUDU YHUGXUHV IHU PHQMDU µ/DPDUH.RPSUDYHUGXUHVSHUIHUHOPHQMDU¶ E :R jLPX TLQ MRHVWLPDUPDUH µ(VWLPRODPDUH¶ 'HIHW[LHpVXQDPDU.DGHSOXUDOTXHV¶DGMXQWDDOQXPHUDOLµXQ¶LDOGHPRVWUDWLXQqLµDTXHOO¶
  237. 237. . :R JH LPX TLQ ¯ Jq ZH Q MRGRQDUPDUH XQ /$66 SHWy µ)DLJXQSHWyDODPDUH¶ G :R JHQZR PX TLQ¯TÿT MRLMRPDUHDOKRUDDQDU µ+LDQLUpDPEODPHYD
  238. 238. PDUH¶
  239. 239. D 7DGD ZR E :R GD WD HOOSHJDU MR MRSHJDU HOO µ(OOHPSHJD¶ µ-RHOSHJR¶ (OV SURQRPV SHUVRQDOV WDPSR. QR WHQHQ XQ HTXLYDOHQW SRVVHVVLX .I MR PHX WXWHXHW.
  240. 240. /HVIRUPHVSRVVHVVLYHVHV.RQVWUXHL[HQDPEHOVSURQRPVSHUVRQDOVVLWXDWV DOGDYDQWGHOQRPTXHLQGL.DOD.RVDSRVVHwGDVHJXLWVJHQHUDOPHQWGHODSDUWt.XODGH /LL7KRPSVRQ
  241. 241. D ZR GH .KqQVKDQ MR 3$57 .DPLVD µODPHYD.DPLVD¶ E WDPHQ GH MLD HOOV 3$57 .DVD µODVHYD.DVDG¶HOOV
  242. 242. ¶ (OIHWTXHHOVHOHPHQWVQRPLQDOVGHO[LQqVQR.RQWLQJXLQPRUIHPHVGHIOH[LyID TXHHOV[LQHVRVTXHDSUHQHQ.DWDOjWLQJXLQGLIL.XOWDWVSHUPDU.DUHOJqQHUHIHPHQtD
  243. 243. L HOQRPEUHSOXUDOV
  244. 244. LSHUIHU.RQ.RUGDUHOVQRPVDPEHOVVHXVGHWHUPLQDQWVLDPEHOV DGMH.WLXVTXHHOVPRGLILTXHQ$
  245. 245. H[HPSOLILTXHPHOVWLSXVG¶HUURUVPpVIUHTHQWVTXH KHPGHWH.WDW
  246. 246. D HOV.LXWDWV XQPzPLD HOPHXSURIHVVRUD ODVHQRUHWDHVWjHQ@IDGDW ±.RPpVODJUDYDGRUD@±SHWLW WHQLDXQD.RUGDDJDIDWMR ODPpVSHWLWWpWUHVDQV E PLUDOHVWD]R ±.RPVyQHOVGUj.XOHV@±OOHLJ TXDWUHRUGLQDGRU IHUWRQWHULD $ D
  247. 247. YHLHP .DVRV HQ TXq HV ID VHUYLU OD IRUPD PDV.XOLQD HQ OOR. GH OD IHPHQLQD 3RVVLEOHPHQW PpV TXH IHU VHUYLU HO PDV.XOt IDQ VHUYLU O¶DUUHO VHQVH O¶DIL[ GH JqQHUH .RVDTXHHQ.DWDOjSURYR.DTXHODIRUPDUHVXOWDQW.RLQ.LGHL[LDPEHO PDV.XOt1RVyQ WDQIUHTHQWVHQOHVPRVWUHVTXHKHPUH.ROOLWHOV.DVRVHQTXqHVIDVHUYLUHOIHPHQtHQ OOR.GHOPDV.XOtDTXHVWDQRPXQDSDQWDORQV
  248. 248. $E
  249. 249. SDVVDXQD.RVDVLPLODUDPEHO QRPEUH WUREHP O¶DUUHO VHQVH .DS PRUIHPD GH QRPEUH L HO UHVXOWDW VHPEOD OD IRUPD VLQJXODU /DIOH[LyYHUEDO $GLIHUqQ.LDGHOTXHSDVVDDPEHOVYHUEVGHOHVOOHQJHVURPjQLTXHVHOVYHUEV GHO [LQqV QR .DQYLHQ GH IRUPD SHU H[SUHVVDU HO WHPSV QL OD SHUVRQD 6yQ IRUPHV LQYDULDEOHV /D SHUVRQD HV GHGXHL[ JDLUHEp VHPSUH SHO SURQRP TXH DSDUHL[ IHQW GH VXEMH.WHTXHGLIt.LOPHQWHVSRWHOLGLU.I.DWDOjMRPHQMRWXPHQJHVPHQMRPHQJHV
  250. 250. $L[tODPDWHL[DIRUPDYHUEDOTXHDSDUHL[D
  251. 251. .RUUHVSRQDSHUVRQHVGLIHUHQWVVHJRQV HOSURQRPTXHODSUH.HGHL[HQDTXHVWH[HPSOHKRWUDGXwP.RPDSUHVHQW
  252. 252. ZR PD L µMR.RPSUR¶ ZR PpQPD L µQRVDOWUHV.RPSUHP¶ QÿPD L µWX.RPSUHV¶ QÿPpQPD L µYRVDOWUHV.RPSUHX¶ WDPD L µHOO.RPSUD¶ WDPpQPD L µHOOV.RPSUHQ¶
  253. 253. 3HU LQGL.DU WHPSV GLIHUHQWV HV IDQ VHUYLU XQD VqULH GH SDUWt.XOHV R PRWV TXH LQGLTXHQ WHPSVRDVSH.WH8QHVGHOHVPpVIUHTHQWVVyQOHL]jLHQPDQGDUt/DSULPHUDOHPDU .DO¶DVSH.WHSHUIH.WLXpVDGLUDTXHOOTXHWpXQDD..LyTXDQHVWjD.DEDGDLHV.ROÂOR.D GHVSUpVGHOYHUE/LL7KRPSVRQL3RKLQJL5LPPLQJWRQ
  254. 254. D :R .K¯OHVDQZD QIjQ MRPHQMDU3(5)WUHVERODUUzV µ+HPHQMDWWUHVEROVG¶DUUzV¶ E :R [LH OHVDQIHQJ[uQ MRHV.ULXUH3(5)WUHV/$66.DUWD µ+HHV.ULWWUHV.DUWHV¶ 6¶KD GH WHQLU HQ .RPSWH TXH QR pV HO PDWHL[ HO WHPSV TXH O¶DVSH.WH (Q.DUD TXH HOV H[HPSOHVDQWHULRUVHOVKHPWUDGXwWIHQWVHUYLUHOSDVVDWO¶DVSH.WHSHUIH.WLXHVSRWGRQDUHQ XQD D..Ly SDVVDGD R HQ XQD GH IXWXUD (Q HOV H[HPSOHV GH
  255. 255. L
  256. 256. HOV DGYHUELV WHPSRUDOVHVSH.LILTXHQHOWHPSV5DPVHL3RKLQJL5LPPLQJWRQ
  257. 257. :R E]K¯GjRWD ]XyWLDQ T M¯QWLDQ T KiLVKL PtQJWLDQ T MRQRVDEHUHOO DKLU YHQLU DYXL YHQLU R GHPj YHQLU µ1RVpVLYDYHQLUDKLUYHDYXLRYLQGUjGHPj¶
  258. 258. D :R ]XyWLDQ[LjOHNqÿKzXTNjQGLjQÿQJ MRDKLUD.DEDU3(5)OOLoyGHVSUpVDQDUYHXUHSHOÂOt.XOD µ$KLUTXDQYDLJD.DEDUOD.ODVVHYDLJDQDUDYHXUHXQDSHOÂOt.XOD¶ E :R PtQJWLDQ[LjOHNqÿKzXTNjQGLjQÿQJ MRGHPjD.DEDU3(5)OOLoyGHVSUpVDQDUYHXUHSHOÂOt.XOD µ'HPjTXDQD.DEDUpOD.ODVVHDQLUpDYHXUHXQDSHOÂOt.XOD¶ $TXHVWD PDWHL[D SDUWt.XOD OH WDPEp LQGL.D .DQYL GH VLWXD.Ly R G¶HVWDW TXDQ V¶DGMXQWD D YHUEVHVWDWLXVDGMH.WLXV
  259. 259. /LL7KRPSVRQL3RKLQJL5LPPLQJWRQ
  260. 260. D 7LDQKHLOH .HOQHJUH$19,'¶(67$7 µ(O.HOHVWjQHJUHV¶KDHQQHJULW¶ E 7DEuQJOH HOOPDODOW$19,'¶(67$7 µ(VWjPDODOWV¶KDSRVDWPDODOW¶ /DSDUWt.XOD]jLHVIDVHUYLUHQPDQGDUtSHULQGL.DUO¶DVSH.WHLPSHUIH.WLXDTXHOO TXHSUHVHQWDO¶D..LyG¶XQDPDQHUDGXUDWLYDQRD.DEDGD(V.ROÂOR.DDOGDYDQWGHOYHUEL QRpVSRVVLEOHDPEYHUEVHVWDWLXV/LL7KRPSVRQ
  261. 261. D =KDQJ6DQ ]jL GD /ÿ6u =KDQJ6DQ ,03(5) SHJDU /ÿ6u µ(Q=KDQJ6DQSHJDHVWjSHJDQWOD/ÿ6u¶ E /ÿ6u ]jL MLH VKL ZpQID /ÿ6u ,03(5) H[SOL.DU JUDPjWL.D µ/D/ÿ6uH[SOL.DHVWjH[SOL.DQWJUDPjWL.D¶ (OV YHUEV G¶D..Ly SHUz WDPEp SRGHQ DSDUqL[HU VHQVH .DS PDU.DGRU DVSH.WXDO TXDQLQGLTXHQXQDD..LyKDELWXDO.RPDD
  262. 262. .DUD.WHUtVWLTXHVSHUPDQHQWVRGHOODUJD GXUDGD.RPDE
  263. 263. REpODLQWHQ.LyGHIHUXQDD..LyLPPHGLDWDPHQW.RPD.
  264. 264. 3R KLQJL5LPPLQJWRQ
  265. 265. D 0D .K¯.D R .DYDOOPHQMDUKHUED µ(OV.DYDOOVPHQJHQKHUED¶ E :R [uQ-¯GXMLjR MR.UHXUHULVWUHOLJLy µ6y..ULVWLj¶
  266. 266. . :R [LjQ]jLTEjQJRQJVKu MRDUDDQDUGHVSDW[ µ$UDYDLJDQLUpDOGHVSDW[¶ +HPYLVWTXHOHVGLVWLQ.LRQVTXHHO.DWDOjD.RQVHJXHL[GHIHUDPEHOVPRUIHPHV YHUEDOVDGMXQWDWVDOHVDUUHOVHO[LQqVOHVIDDPEDOWUHVVLVWHPHVO¶DSDUL.LyGHOVXEMH.WH GHWHUPLQDODSHUVRQDLDOJXQHVSDUWt.XOHVLH[SUHVVLRQVWHPSRUDOVGHOLPLWHQHOWHPSVL O¶DVSH.WH /D IRUPD YHUEDO QR .DQYLD PDL (OV H[HPSOHV GH
  267. 267. L GH
  268. 268. LOÂOXVWUHQ DOJXQV GHOV HUURUV TXH IDQ HOV SDUODQWV [LQHVRV TXDQ DSUHQHQ .DWDOj TXH WHQHQ HO VHX RULJHQHQDTXHVWDPDQ.DGHIOH[LyYHUEDO
  269. 269. D MR
  270. 270. VDS[LQqV MR
  271. 271. VHPSUHSHQVD MR
  272. 272. QRYDSORUDU VHPSUHTXHMR
  273. 273. P¶KD.DLJXW E VDSWX
  274. 274. SHUTXq . ±TXqIDQWRWVHOVQHQV@±YDD.ODVVH HOOHVWDPEpWUHEDOOD G XQDQHQDIHU
  275. 275. WRQWHULD SHUzMRQR.RQqL[HU
  276. 276. D MRTXDQHVWj;LQDKD.DLJXW µTXDQMRHUDDOD;LQDYDLJ.DXUH¶ (O.RPSRUWDPHQWGHOYHUE[LQqVSRWVHPEODUPROWHVWUDQSHUDXQSDUODQWG¶XQDOOHQJXDURPjQL.D.RP HO.DWDOjDPEXQDPRUIRORJLDYHUEDOPROWUL.D8QIHQRPHQPROWVLPLODUSHUzHVGyQDHQXQDOOHQJXD TXHHQVpVPROWPpVSURSHUDTXHQRSDVHO[LQqVO¶DQJOqV.RPDPj[LPGLVWLQJHL[.LQ.IRUPHVGLIHUHQWV SHUD.DGDYHUEVLQJVLQJVVDQJVXQJVLQJLQJ IRUPDQRPDU.DGDWHU.HUDSHUVRQDVLQJXODUGHOSUHVHQW SDVVDWSDUWL.LSLLJHUXQGL
  277. 277. /HVGLVWLQ.LRQVGHSHUVRQDHVIDQDPEHOVSURQRPVGHVXEMH.WHLOHVGHWHPSVL DVSH.WH DPE DX[LOLDUV TXH GRQHQ OOR. D IRUPHV SHULIUjVWLTXHV ,¶P VLQJLQJ KH ZLOO VLQJ RX VDQJ ZH ZRXOGVLQJHW.
  278. 278. E XQDQHQDTXHYD.DLJXW QRYDYLVWQLQJ~ . QRWHQLUpWHPSV OD.RQHL[DYHV MR.jLJXW $
  279. 279. KHPH[HPSOLIL.DWHOVSUREOHPHVSHUDIHJLUHOPRUIHPDGHSHUVRQDDO¶DUUHOSRW VHPEODUTXHIDQVHUYLUODWHU.HUDSHUVRQDGHOVLQJXODUTXHHQ.DWDOjQRWp.DSPRUIHPD GHSHUVRQDH[SOt.LWSHUzHOV.DVRVGH.
  280. 280. HQVIDQSHQVDUTXHIDQVHUYLUO¶DUUHOLTXHGH YHJDGHV OD GHGXHL[HQ GH O¶LQILQLWLX 3HU D HOOV GRQ.V SRVVLEOHPHQW QR VyQ WHU.HUHV SHUVRQHVVLQyODIRUPDYHUEDOSXUDO¶DUUHOPpVODYR.DOWHPjWL.D
  281. 281. /HV.RQVWUX..LRQVGH
  282. 282. GHL[HQYHXUHDOJXQVHUURUVUHOD.LRQDWVDPEO¶~VLOD.RQVWUX..LyGHOVWHPSVYHUEDOV $E
  283. 283. V¶LOÂOXVWUDXQHUURUIUHTHQWO¶~VGHO¶DX[LOLDUDQDUHQOOR.G¶KDYHUHQOHVGXHV .RQVWUX..LRQV.DWDODQHVTXHHOVSDUODQWVEDUUHJHQYD.DQWDUKD.DQWDW
  284. 284. HVGyQDODLGHD G¶DVSH.WHSHUIH.WLXG¶D..LyD.DEDGD.RVDTXHIDTXHHOVVLJXLQGLIt.LOVGHGLVWLQJLU6yQ HVSH.LDOPHQWUHOOHYDQWVHOVH[HPSOHVGH.
  285. 285. SHUTXqGHPRVWUHQTXHHOVSDUODQWVTXHHOV KDQSURGXwWHVWDQDVVLPLODQWHOSUR.pVPRUIROzJL.GHIOH[LyYHUEDOHQHO.DVGHWHQLUpHV UHJXODULW]D HO YHUE WHQLU HQ OD IRUPD.Ly GHO IXWXU VRUWLU ± VRUWLUp o WHQLU ± WHQLUp
  286. 286. L .RQHL[DYHV GHPRVWUD TXH HO SDUODQW MD KD DSUqV TXH ±DYD pV XQ VXIL[ SHU IRUPDU O¶LPSHUIHW G¶LQGL.DWLX SHUz O¶DSOL.D D XQ YHUE GH OD VHJRQD .RQMXJD.Ly TXDQ QRPpV VHUYHL[SHUDOVYHUEVGHODSULPHUDILQDOPHQWD.jLJXWHOSDUODQWKDDJDIDWO¶DUUHODPE .RQVRQDQWYHODUGHOYHUE.DXUH.DL..DLJXL.DLJXpV
  287. 287. LOLKDDGMXQWDWHOPRUIHPDXWGH SULPHUDSHUVRQDVLQJXODUGHODYDULDQWJLURQLQDPHQMDU±PpQMXWUHEUH±UqEXWVRUWLU± V~UWXWo.DXUH±.jLJXW
  288. 288. 9ROGUtHPLQVLVWLUTXHDTXHVWVHUURUVVyQXQPROWERQVHQDO SHUTXqGHPRVWUHQTXHHOVSDUODQWVKDQSDVVDWGHO¶HVWDGLHQTXqQRPpVIHLHQVHUYLUOHV DUUHOV D XQD QRYD HWDSD HQ TXq HVWDQ .RQVWUXLQW OHV UHJOHV GH IRUPD.Ly GHOV YHUEV $TXHVW IHQRPHQ G¶DQDORJLD HV GyQD HQ OD .RPXQLWDW [LQHVD HQ QLYHOOV DYDQoDWV G¶DSUHQHQWDWJH GHO .DWDOjLHVSH.LDOPHQWHQQHQV/¶DGTXLVL.LyGHODPRUIRORJLDIOH.WLYDpVPROWOHQWDHQJHQHUDO9DOHQWLQL
  289. 289. REVHUYD DTXHVW PDWHL[ IHQRPHQ HQ HOV [LQHVRV TXH DSUHQHQ LWDOLj 6HJRQV O¶DXWRUD HOV SDUODQWV [LQHVRVWHQGHL[HQDDSUHQGUHSHUPHPRULW]D.LyGHSH.HVOq[LTXHVVHQVHVHJPHQWD.LyPRUIROzJL.D$L[z SRW VHU GHJXW DO IHW TXH HO [LQqV pV XQD OOHQJXD DwOODQW D OD WHQGqQ.LD .XOWXUDO D O¶DSUHQHQWDWJH SHU PHPRULW]D.LyLDOIHWTXHpVXQD.RPXQLWDWPROWWDQ.DGDLVREUHWRWHOVDGXOWVWHQHQSR.DUHOD.LyDPEOD .RPXQLWDWTXHHOVD.XOOLSHUWDQWSR.VLQSXWVOLQJtVWL.V9JWDPEp%HOWUiQL*DU.tD
  290. 290. 1RWHPTXHDTXHVWSUR.pVpVVHPEODQWDOTXHUHDOLW]HQHOVQHQVTXDQDSUHQHQ.DWDOj.RP DSULPHUDOOHQJXDREULWSHUREHUWHW.
  291. 291. /$)250$,Ï'(0276 6L Ep HOV SUR.HVVRV GH IOH[Ly HQ [LQqV VyQ SUj.WL.DPHQW LQH[LVWHQWV HOV GH IRUPD.Ly GH PRWV VyQ PpV KDELWXDOV /D GHULYD.Ly QR pV JDLUH SURGX.WLYD SHUz OD .RPSRVL.Ly KR pV PROW $ .RQWLQXD.Ly GRQDUHP DOJXQV H[HPSOHV G¶DTXHVWV WLSXV GH SUR.HVVRVPRUIROzJL.VTXHIRUPHQPRWVQRXV.RPELQDQWDUUHOVRDUUHOVLDIL[RV /DGHULYD.Ly 6L HO .RPSDUHP DPE OHV OOHQJHV URPjQLTXHV HO [LQqV Wp PROW SR.V SUR.HVVRV GH GHULYD.Ly $
  292. 292. SUHVHQWHP DOJXQV GHOV SUHIL[RV PpV SURGX.WLXV /L L 7KRPSVRQ
  293. 293. D Gu¯ µSULPHU¶ ¯ µXQ¶ GuOL µVLVq¶ OL µVLV¶ GuVDQ µWHU.HU¶ VDQ µWUHV¶ E NH [uQ µ.UHwEOH¶ [uQ µ.UHXUH¶ NH .K¯ µPHQMDEOH¶ .K¯ µPHQMDU¶ NH QpQJ µSRVVLEOH¶ QpQJ µSRGHU¶ . KD RNjQ µERQL.¶ NjQ µPLUDU¶ KD R.K¯ µGHOL.LyV¶ .K¯ µPHQMDU¶ KD RVKXR µGHERQGLU¶ VKXR µGLU¶ G QiQNjQ µOOHLJ¶ NjQ µPLUDU¶ QiQ.K¯ µLPPHQMDEOH¶ .K¯ µPHQMDU¶ QiQVKXÀ µGHPDOGLU¶ VKzX µGLU¶ 'upVHOSUHIL[TXHVHUYHL[SHUIRUPDUHOVQXPHUDOVRUGLQDOV(OSUHIL[NH IRUPDDGMH.WLXV DSDUWLUGHYHUEVVHJXLQWODQRVWUDWHUPLQRORJLDSHUDOHVSDUWVGHO¶RUD.Ly
  294. 294. LHTXLYDODO
  295. 295. QRVWUHVXIL[EOH.RPHVSRWYHXUHDSDUWLUGHOHVWUDGX..LRQVGHOVH[HPSOHV+D RLQiQ VyQGRVSUHIL[RVDQWzQLPVTXHWDPEpGRQHQDGMH.WLXVDSDUWLUGHYHUEVVLJQLILTXHQ³GH ERQ9Ij.LOGH9´L³GHPDO9GLIt.LOGH9´UHVSH.WLYDPHQW 3HO TXH ID DOV VXIL[RV D .RQWLQXD.Ly H[HPSOLILTXHP HOV PpV SURGX.WLXV /L L 7KRPSVRQV
  296. 296. D GzQJZ[Xp µ]RRORJLD¶ GzQJZ µDQLPDO¶ X iQ[Xp µOLQJtVWL.D¶ X iQ µOOHQJXD¶ VKqKXu[Xp µVR.LRORJLD¶ VKqKXu µVR.LHWDW¶ E [LD RVKXRMLD µQRYHOÂOLVWD¶ [LD RVKXR µQRYHOÂOD¶ NH[XpMLD µ.LHQWtIL.¶ NH[Xp µ.LqQ.LD¶ ZOÿ[XpMLD µItVL.¶ ZOÿ[Xp µItVL.D¶ . 0H LKXj µDPHUL.DQLW]DU¶ 0H L µ$PqUL.D¶ WyQJKXj µDVVLPLODU¶ WyQJ µVLPLODU¶ G PDRU µJDWHW¶ PDR µJDW¶ [LD R
  297. 297. PD U µSHWLW
  298. 298. .DYDOOHW¶ PD µ.DYDOO¶ JXDQU µEXUz.UDWDGHVS
  299. 299. ¶ JXDQ µRIL.LDO¶ H pU]L µILOO¶ W]L µ.RQLOO¶ M~]L µWDURQMD¶ (O VXIL[ [Xp GyQD QRPV TXH IDQ UHIHUqQ.LD D .LqQ.LHV MLD GyQD QRPV TXH GHQRWHQ OD SHUVRQDTXHHVGHGL.DDDOJXQDGLV.LSOLQDLKXjIRUPDYHUEVDSDUWLUGHQRPVRDGMH.WLXV LpVHTXLYDOHQWDOQRVWUHLW]DUOHJDOLW]DULQGXVWULDOLW]DUHW.
  300. 300. 3HOTXHIDDOVXIL[UTXH pVO¶~QL.TXHWpPHQVG¶XQDVtOÂODEDVRYLQWWpXQYDORUDYDOXDWLXREpGLPLQXWLXRGH YHJDGHV GHVSH.WLX $TXHVW VXIL[ SHUz QR HV SURQXQ.LD IRUD GH O¶jUHD GH 3HTXtQ YJ †
  301. 301. (OVXIL[]LMDQRpVSURGX.WLXSHUzHVWUREDHQPROWHVSDUDXOHVTXHQRIRUPHQ .DS.ODVVHVHPjQWL.DEHQGHILQLGD
  302. 302. /D.RPSRVL.Ly /D .RPSRVL.Ly pV OD XQLy GH GXHV R PpV DUUHOV SHU IRUPDU XQ PRW QRX eV HO SUR.pVGHIRUPD.LyGHPRWVPpVSURGX.WLXHQ[LQqV$.RQWLQXD.LySUHVHQWDUHPDOJXQV GHOVWLSXVPpVLPSRUWDQWVGH.RPSRVL.Ly 8Q SULPHU WLSXV GH .RPSRVWRV pV DTXHOO HQ TXq HV MX[WDSRVHQ GRV HOHPHQWV HQ XQD UHOD.Ly GH .RRUGLQD.Ly $TXHVWV HOHPHQWV SRGHQ VHU GRV YHUEV TXH VyQ JDLUHEp VLQzQLPV UH.RUGHP TXH HQ [LQqV KL KD YHUEV HVWDWLXV TXH HTXLYDOHQ DOV QRVWUHV DGMH.WLXV
  303. 303. (OUHVXOWDWGHOD.RPSRVL.LypVXQDOWUHYHUEHOTXHDOJXQVDXWRUVDQRPHQHQ ³.RPSRVWRVYHUEDOVSDUDOÂOHOV´/LL7KRPSVRQ
  304. 304. IjQJTu GHL[DUDEDQGRQDU µGHL[DU.yUUHU¶ EDQJ]K DMXGDUDMXGDU µDMXGDU¶ StIi .DQVDW.DQVDW µ.DQVDW¶ 7DPEp pV SRVVLEOH TXH HOV .RPSRVWRV HVWLJXLQ IRUPDWV SHU GRV YHUEV HVWDWLXV DGMH.WLXV
  305. 305. DQWzQLPVLODXQLyGyQD.RPDUHVXOWDWXQQRP/LL7KRPSVRQ
  306. 306. KD RKXjL ERGROHQW µTXDOLWDW¶ Gj[LD R JUDQSHWLW µPLGD¶ OH QJUq IUHG.DOHQW µWHPSHUDWXUD¶ NXjLPjQ UjSLGOHQW µYHOR.LWDW¶ ,ILQDOPHQWGHYHJDGHVHVMX[WDSRVHQGRVQRPVSHULQGL.DUHO.RQMXQWIRUPDWSHOVGRV UHIHUHQWVHVWUD.WDGHOVDQRPHQDWV³.RPSRVWRVSDUDOÂOHOV´/LL7KRPSVRQ
  307. 307. IPX SDUHPDUH µSDUHVSDUHPDUH
  308. 308. ¶ ]ÿQ ILOOILOOD µILOOV¶ VKXÿWX DLJXDWHUUD µ.OLPD¶ JXyMLD SDtV.DVD µQD.Ly¶
  309. 309. 8QDOWUHWLSXVGH.RPSRVWRVVyQHOVIRUPDWVSHUXQQRPLXQYHUE(OQRPSRW .RUUHVSRQGUHREpDOVXEMH.WH.RPD
  310. 310. REpDO.RPSOHPHQWGHOYHUE.RPD
  311. 311. 4XDQ V¶HVWDEOHL[XQDUHOD.LyVXEMH.WHSUHGL.DWHQWUHHOVGRVPHPEUHVGHO.RPSRVWHOYHUEVRO VHUXQYHUEHVWDWLXDGMH.WLX
  312. 312. SHUzWDPEpSRWVHUXQYHUEG¶D..Ly.RPD.
  313. 313. (OPRW .RPSRVWpVXQYHUEGHOPDWHL[WLSXV/LL7KRPSVRQ
  314. 314. D QLiQT¯QJ HGDWOOHXJHU µMRYH¶ E PuQJNX YLGDDPDUJDQW µGHVDIRUWXQDW¶ . Gu]KqQ WHUUDWUHPRODU µKDYHUKLXQWHUUDWUqPRO¶ 4XDQODUHOD.LyHQWUHHOVGRVHOHPHQWVTXHIRUPHQHO.RPSRVWpVYHUE.RPSOHPHQWHO PRWUHVXOWDQWWDPEpD.RVWXPDDVHUXQYHUE$
  315. 315. HQGRQHPDOJXQVH[HPSOHV/LL 7KRPSVRQ
  316. 316. D ]KjR[LjQJ UHIOH.WLULPDWJH µIRWRJUDILDU¶ E [tQJOÿ IHUVDOXWD.Ly µVDOXGDU¶ . NDLZiQ[LjR IHUEURPD µULXUH¶VGH¶ 8QGHOVSUR.HVVRVGH.RPSRVL.LyPpVIUHTHQWGHO[LQqVpVHOTXHIRUPDQRPV .RPSRVWRV D SDUWLU GH GXHV DUUHOV QRPLQDOV XQD GH OHV TXDOV PRGLIL.D O¶DOWUD /L L 7KRPSVRQ
  317. 317. D PiR¯ OODQDYHVWLW µMHUVHL¶ E PH LJXyKXz $PqUL.DSURGX.WH µSURGX.WHDPHUL.j¶ . IqLiQ SXOPyLQIODPD.Ly µSXOPRQLD¶ G [LpyX VDEDWDROL µEHWXP¶ H WiLE WDXODURED µWRYDOOHV¶ RPHVSRWYHXUHD
  318. 318. OHVUHOD.LRQVVHPjQWLTXHVHQWUHHOVGRVHOHPHQWVGHO.RPSRVW VyQPROWGLYHUVHVDD
  319. 319. HOSULPHUQRPLQGL.DHOPDWHULDODPETXqHVWjIHWHOVHJRQD (OUHVXOWDWG¶DTXHVWSUR.pVGH.RPSRVL.LyGHYHJDGHVpVXQQRPRXQDGYHUEL .KD RIjQIUHJLUDUUzV µDUUzVIUHJLW¶
  320. 320. ]KjRjQJVHJXLUPRGHOµLJXDOPHQW¶
  321. 321. /LL7KRPSVRQ
  322. 322. E
  323. 323. LQGL.DO¶RULJHQGHOVHJRQD.
  324. 324. HOSULPHUIDUHIHUqQ.LDDODSDUWGHO.RVDIH.WDGD SHUODPDODOWLDTXHGHQRWDHOVHJRQHOHPHQWDG
  325. 325. ODSULPHUDSDUWGHVLJQDO¶REMH.WHD TXqHVWjGHVWLQDWHOVHJRQLDH
  326. 326. LQGL.DHOOOR.RQHV.ROÂOR.DHOVHJRQ2EVHUYHPTXH HQ WRWV DTXHVWV .DVRV OD SULPHUD SDUW GHO .RPSRVW PRGLIL.D OD VHJRQD SDUW TXH pV O¶HOHPHQWTXHDSRUWDODUHIHUqQ.LDDO.RPSRVWXQHVWRYDOOHVVyQXQDUREDSHUDODWDXOD

×