Documente Academic
Documente Profesional
Documente Cultură
$1$/,=$ 6,78$
&21&(378/
'(
5,6&
PDL PLF
FRQFXUHQ LDOH FX WUDGL LH ULVFXO HVWH DERUGDW VLVWHPDWLF SXWkQG IL vQWUR DQXPLW
vQ HFRQRPLLOH
P VXU
FRQWURODW vQ
HVWH R EDQF
VDX R ILUP
QDWXU
ILQDQFLDU FRPHUFLDO
SLD
GH
SXWHUHD
VD
HFRQRPLFRILQDQFLDU
OD
FDUH
VH
DGDXJ
ULVFXO
GH SR]L LD DJHQWXOXL SH
VXUYHQLW
FD
XUPDUH
HVHQ LDO
DJHQW HFRQRPLF D VWUDWHJLHL HODERUDWH GH F WUH DFHVWD FDUH GHSLQGH DSURDSH vQ WRWDOLWDWH GH DELOLWDWHD
L FDSDFLWDWHD ILHF UXLD GH DL DQWLFLSD HYROX LD L GH DL YDORULILFD DQVHOH DVXPkQGXL XQ DD]LV
SURGXFHULL
XQXL
HYHQLPHQW
QHGRULW
vQWUR
vQV
D QR LXQLL GH ULVF
VWDWLVWLF
vQWUH ULVF L
VLWXD LH
GRPLQDW
DVWIHO F
OHJH
FDUH
GH
$VWIHO DOHJHUHD XQXL RELHFWLY HURQDW L OXDUHD XQRU GHFL]LL JUHLWH SRW JHQHUD DSDUL LD XQXL ULVF FDUH
VH YD PDQLIHVWD VXE IRUPD SLHUGHULORU FH YRU UH]XOWD FD XUPDUH D DFHVWRUD ,PSRUWDQ D DQDOL]HL
ULVFXULORU vQ SURFHVXO GHFL]LRQDO HVWH VXJHVWLY SUH]HQWDW
vQ ILJXUD
QWUR DFFHS LXQH VLQWHWLF ULVFXO HVWH DSUHFLDW FD ILLQG YDULDELOLWDWHD UH]XOWDWXOXL XQHL DFWLYLW
VXE SUHVLXQHD PHGLXOXL 5HQWDELOLWDWHD DFWLYLW
HD QX SRDWH IL DSUHFLDW
HFRQRPLFL QXL DVXP
2%,(&7,9 &25(&7
2%,(&7,9 (521$7
&21',7,,
&21',7,,
&21',7,,
'(&,=,, &25(&7(
'(&,=,, (521$7(
'(&,=,, (521$7(
&7,*
3,(5'(5,
(
3,(5'(5,
(
GH ULVFXO VXSRUWDW
3,(5'(5,
(
ULL ULVFXOXL
LPSOLFLW ULVF FD XUPDUH D PDQLIHVW ULL XQRU IDFWRUL FRQMXQFWXUDOL FDUH QX DX SXWXW IL OXD L vQ FDOFXO GH
F WUH DJHQWXO HFRQRPLF
Q
DFHVW
FRQWH[W
DSDUH
QHFHVDU
LQWURGXFHUHD
QR LXQLL
GH
JHVWLXQH
ULVFXOXL
VHQV
SHUPLW
WHKQLFL VWDWLVWLFH
ILH PLQLPH
VSUH DULL FX H[SXQHUH OD ULVF FkW PDL PLFL PHUJkQGXVH XQHRUL FKLDU SkQ
UHVSHFWLYH L DGRSWDUHD XQRU SROLWLFL GH DVLJXUDUH FD XOWLP
VXQW VXILFLHQWH
5LVFXO GHVHRUL FRQVLGHUDW GH DQDOLWL FD YDULDELO
H[RJHQ
DQDOL] SRDWH IL JHQHUDW GH R GLYHUVLWDWH GH IDFWRUL LQWHUQL LVDX H[WHUQL GH DJHQWXO HFRQRPLF
VSHFLILFXO DFWLYLW
LL GHVI XUDWH
SROLWLFD PDQDJHULDO
DGRSWDW
IXQF LRQDOH
UHOD LLOH DJHQWXOXL HFRQRPLF UHVSHFWLY FX IXUQL]RULL FOLHQ LL HWF
FRQMXQFWXUD HFRQRPLF SROLWLF MXULGLF
DO L IDFWRUL
&ODVLILFDUHD
ULVFXULORU
VH
SRDWH
IDFH
IXQF LH
GH
PDL
PXOWH
FDUDFWHULVWLFL
QHH[LVWkQG
FODVLILFDUH VWDQGDUG D DFHVWRUD 'LIHULWHOH FRPELQD LL DOH FDUDFWHULVWLFLORU SRW JHQHUD JUXS UL GLIHULWH
DOH ULVFXOXL ,Q OLWHUDWXUD GH VSHFLDOLWDWH PDL PXO L DXWRUL FRQVLGHU
GH QDWXUD ORU FD ILLQG XQD IRDUWH OD vQGHPkQD FHORU FDUH RSHUHD]
FX QR LXQHD GH ULVF
ULVFXO HFRQRPLF QXPLW vQ OLWHUDWXUD GH VSHFLDOLWDWH L ULVF GH H[SORDWDUH RSHUD LRQDO VDX GH
SURGXF LH
ULVFXO ILQDQFLDU
ULVFXO GH IDOLPHQW
5LVFXO HFRQRPLF UHSUH]LQW
HVWH SXV vQ
DQDOL]D
HFRQRPLFRILQDQFLDU
UHSUH]LQW
FDSDFLWDWHD
LQGHSHQGHQW
GH
RULF UHL
IDSWXO
SDWULPRQLDO
ILUPH
DFHVWHD
E QFL
SURYLQ
GH
GLQ
D
D
RULF UHL
IDFH
XQLW
ID
DQJDMDPHQWH
REOLJD LLORU
DQWHULRDUH
XQ ORF vQVHPQDW
HFRQRPLFH
6ROYDELOLWDWHD
DMXQVH
FXUHQWH
OD
VDX
VFDGHQ
GLQ
SUHOHY UL
$1$/,=$
5,6&8/8,
(&2120,&
SUHYDG
ULVFXOXL HFRQRPLF
GDWRULW
IDSWXOXL F
DFHDVWD QX
FX H[DFWLWDWH GLIHULWH FRPSRQHQWH DOH UH]XOWDWXOXL V X FRVW SUH YROXP IL]LF VDX
GH
LPSRUWDQ D
HYROX LD
UDSRUWXOXL
FKHOWXLHOLORU
IL[H
GLQWUH
FDUH
LQHILFLHQ HL DFWLYLW
LL GH
GLPLQXHD]
IL[H
FHOH
IOH[LELOLWDWHD
YDULDELOH
(O
vQWUHSULQGHULL
HVWH
GLUHFW
UHVSHFWLY
OHJDW
GH
FDSDFLWDWHD
HFRQRPLF UH]XOWDWHOH DFHVWRUD VXQW GHWHUPLQDWH GH R VHULH GH IDFWRUL FXP VXQW FUHWHUHD SUH XOXL
HQHUJLHL FUHWHUHD FRQFXUHQ HL SURJUHVXO WHKQRORJLF D *UDGXO GH VHQVLELOLWDWH D UH]XOWDWXOXL IDFH
GLQ ILHFDUH vQWUHSULQGHUH R LQYHVWL LH PDL PXOW VDX PDL SX LQ ULVFDQW 5LVFXO HFRQRPLF QX GHSLQGH
QXPDL GH IDFWRULL JHQHUDOL FL L GH VWUXFWXUD FRVWXULORU UHVSHFWLY GH FRPSRUWDPHQWXO ORU ID
YROXPXO
GH
DFWLYLWDWH
DFHVW
FRQWH[W
VD
LPSXV
DQDOL]D
ULVFXOXL
HFRQRPLF
SULQ
GH
LQWHUPHGLXO
SUDJXOXL GH UHQWDELOLWDWH
6WUXFWXUD FKHOWXLHOLORU L PDL DOHV UHSDUWL]DUHD DFHVWRUD vQ FKHOWXLHOL IL[H L YDULDELOH H[HUFLW
R LQIOXHQ
PDUFDQW
&KHOWXLHOLOH
DVXSUD UHQWDELOLW
YDULDELOH
VXQW
LL
GLUHFW
SURSRU LRQDOH
FX
QLYHOXO
SURGXF LHL
PDWHULL
SULPH
QRUPDOH D vQWUHSULQGHULL ILLQG SO WLWH FKLDU L vQ DEVHQ D XQRU SURILWXUL DS HOHFWULFLWDWH vQWUH LQHUH
SHUVRQDO DGPLQLVWUDWLY FKHOWXLHOL FX DPRUWL]DUHD HWF
$FHDVW
FRQVLGHUDWH YDULDELOH
5LVFXO
FKHOWXLHOLORU
GH
IL[H
H[SORDWDUH
GHSLQGH
ILLQG
PDL
PXOW
PDL
ELQH
GH
GH
QLYHOXO
R
FLIU
FKHOWXLHOLORU
GH
DIDFHUL
PDULL YDULDELOLW
DOHV
DEVRUELW
IL[H
PDL
DFHODL
PDUH
QLYHO
DO
,PSRUWDQ D
GH vQWUHSULQGHUH L QX FD
GH DIDFHULFXPS U UL
D IOH[LELOLW
VDOH L GHFL R PRGDOLWDWH GH D P VXUD ULVFXO (O HVWH FXQRVFXW L VXE GHQXPLUHD GH FLIU
GH DIDFHUL
FKHOWXLHOLOH GH
DFHVW QLYHO
DFWLYLWDWHD
VH VLWXH]H
vQWUHSULQGHULL
GHYLQH
UHQWDELO
5LVFXO HFRQRPLF YD IL FX DWkW PDL PLF FX FkW QLYHOXO SXQFWXOXL PRUW YD IL PDL UHGXV
)RORVLUHD SUDJXOXL GH UHQWDELOLWDWH FD LQVWUXPHQW GH DSUHFLHUH D ULVFXOXL LPSOLF
FXQRDWHUHD
L YDORULFH VDX IL]LFH vQ QXP U GH ]LOH SHQWUX vQWUHDJD DFWLYLWDWH VDX SHQWUX XQ VLQJXU
/D
GHWHUPLQ
vQWUHSULQGHULOH
FX
SURGXF LH
RPRJHQ
SUDJXO
GH
UHQWDELOLWDWH
vQ
XQLW
IL]LFH
VH
SRUQLQG GH OD LSRWH]D XQXL FRVW YDULDELO XQLWDU FRQVWDQW vQ UDSRUW FX FUHWHUHD YROXPXOXL
YDULDELOH SH XQLWDWHD GH SURGXV VXQW FRQVWDQWH YDULLQG vQ VFKLPE YROXPXO WRWDO DO DFHVWRUD
&9
Y =
= FRQV WDQ W
GH YkQ]DUH DO SURGXVXOXL
&$
= FRQV WDQ W
Q ED]D DFHVWRU LSRWH]H SUDJXO GH UHQWDELOLWDWH UHSUH]HQWkQG YROXPXO IL]LF DO SURGXF LHL
WRWDOXO FKHOWXLHOLORU VH FDOFXOHD]
&$
&7
&9&)
&$
&9&)
S T
T =
Y T &)
&)
S -Y
&)
PFY
= T
XQGH
&9
FKHOWXLHOLOH YDULDELOH
&)
FKHOWXLHOLOH IL[H
S Y
3HQWUX
PDUMD XQLWDU
SH DEVFLV
SH RUGRQDW
&$
&7
&9&)
&$
&26785,
&9
&)
&$
PFY
L IL]LFH
3H ED]D UHSUH]HQW ULL JUDILFH GLQ ILJXUD VH SRW GHVSULQGH XUP WRDUHOH FRQFOX]LL
QLFL
SLHUGHUH
&kQG
QLYHOXO
GH
DFWLYLWDWH
VH
VLWXHD]
vQ
DVWIHO
vQFkW
SUDJXO
FLIUD GH
UHQWDELOLWDWH vQ XQLW
FULWLF
SXQFWXOXL
DSURSLHUHD
QLFL
IL PDUH
HD QX GHJDM
GH
UHQWDELOLWDWH
VH
YD
SXWHD
SURILW
SLHUGHUL
L YDORULFH VH XWLOL]HD]
GHWHUPLQD
SULQ
FLIUD GH
DFHOHDL UHOD LL GH
vQPXO LUHD
SUDJXOXL
GH
&)
5
"
#!
&$
VDX
L YDORULFH
S -Y
S
vQ FDUH
&$
%
DVXSUD
&$
5' #2
6 4 &13
FDUH VH XWLOL]HD]
35
1 0 )'
(
&$
6H GHWHUPLQ
&$
&$
&$
5' #2
6 4 &13
85' 7#2
6 4 &13
UHVSHFWLY
&$
&$
FDSDFLWDWHD ILUPHL GH DL YDULD SURGXF LD L GH D VH DGDSWD OD FHULQ HOH SLH HL
&X FkW DFHVW LQGLFDWRU HVWH PDL PDUH FX DWkW ULVFXO RSHUD LRQDO HVWH PDL UHGXV
,QGLFDWRUXO GH SR]L LH vQ P ULPL UHODWLYH DYkQG FD ED]
FD L LQGLFDWRUXO DEVROXW FRUHVSXQ] WRU
ID
3R]L LD UHODWLY
&$
&$
5' #2
6 4 &13
D FLIUHL GH
DIDFHUL ID
&X FkW DFHVW LQGLFDWRU HVWH PDL PDUH FX DWkW ULVFXO RSHUD LRQDO YD IL PDL PDUH L LQYHUV
GLVSXQH vQWUHSULQGHUHD
&$
&$
5' #2
6 4 &13
&$
3RWULYLW XQRU VWXGLL VWDWLVWLFH UHDOL]DWH SH PRGHOHOH XQRU HFRQRPLL RFFLGHQWDOH VH DSUHFLD]
F
FX SkQ
OD
SUDJXO GH UHQWDELOLWDWH
XQLWDU
FRQVWDQW
LQGLIHUHQW
GH
QLYHOXO
YkQ] ULORU
DQDOL]D SUDFWLF
SURGXF LH
FHHD
FH
UHDOLWDWH
QX
HVWH
vQWRWGHDXQD DGHY UDW 'H DVHPHQHD FRVWXULOH YDULDELOH XQLWDUH QX YRU U PkQH FRQVWDQWH LQGLIHUHQW
GH QLYHOXO SURGXF LHL
Q SUDFWLF DQDOL]D SUDJXOXL GH UHQWDELOLWDWH SRDWH FODULILFD SUREOHPH OHJDWH GH WUHL WLSXUL
LPSRUWDQWH GH GHFL]L vQ DIDFHUL
FkQG VH LDX GHFL]LL DVXSUD XQRU QRL SURGXVH DQDOL]D SUDJXOXL GH UHQWDELOLWDWH SRDWH V
OD GHWHUPLQDUHD GLPHQVLXQLL FLIUHL GH YkQ] UL SHQWUX QRXO SURGXV DVWIHO vQFkW ILUPD V
FkQG VH VWXGLD]
DMXWH
ILH SURILWDELO
H[WLQGHUH YD GXFH OD FUHWHUHD DWkW D FRVWXULORU IL[H FkW L D FHORU YDULDELOH GDU L OD FUHWHUHD FLIUHL
GH DIDFHUL SUHYL]LRQDWH
GRUHWH V
DOHV D FHORU FX IRU D GH PXQF DQDOL]D SUDJXOXL GH UHQWDELOLWDWH SRDWH DMXWD GHFLGHQ LL V
vQWUHYDG
ULVFXOXL
RSHUD LRQDO
VH
SRDWH
IDFH
SULQ
DQDOL]D
VHQVLELOLW
LL
UH]XOWDWXOXL
UHOD LD
D5(
H =
5(
D&$
&$
XQGH
5(
&$
GHWHUPLQ
DGLF
QLYHOXO GH DFWLYLWDWH SHQWUX FDUH UH]XOWDWXO H[SORDW ULL HVWH QXO H[LVW
&$ - &$
&$
&$
&$ - &$
&$ -
F
E
&$
&)
5
DC
7B
5(
E
F
H =
F
E
5( - 5(
XQGH
5(
5(
&$
GH
YDORDUHD
SUDJXO
GH
6H
DFWLYLWDWH
FRHILFLHQWXOXL
UHQWDELOLWDWH
&X
GH
HODVWLFLWDWH
FkW
vQWUHSULQGHUHD
GHSLQGH
VH
GH
SR]L LD
vQGHS UWHD]
QLYHOXOXL
GH
SUDJXO
GH
GH
ULVFXO GH H[SORDWDUH HVWH PDL PLF Q YHFLQ WDWHD SUDJXOXL GH UHQWDELOLWDWH HODVWLFLWDWHD UH]XOWDWXOXL
H[SORDW ULL HVWH PDL ULGLFDW LDU ULVFXO GH H[SORDWDUH VSRULW
$1$/,=$
5,6&8/8,
),1$1&,$5
YDULDELOLWDWHD LQGLFDWRULORU GH UH]XOWDWH VXE LQFLGHQ D VWUXFWXULL
FRPSRQHQWH FDSLWDOXO SURSULX L
GH
DQDOL]D
FDUH UHFXUJH OD
ULVFXOXL
GH
H[SORDWDUH
6H
ULVFXO ILQDQFLDU
R PHWRGRORJLH VLPLODU
LPSXQH
HYLGHQW
OXDUHD
vQ
FKHOWXLHOLORU
ILQDQFLDUH UHSUH]HQWDWH GH GREkQ]L $FHVWH FKHOWXLHOL SHQWUX XQ DQXPLW QLYHO GH DFWLYLWDWH GHFL
QHYRLH GH FDSLWDO VXQW FRQVLGHUDWH FKHOWXLHOL IL[H Q DFHVW FD] VH FDOFXOHD]
XQ
UHOD LD
&$
&) + 'RE
5
I H
PG
SHQWUX R DQXPLW
TQ
S R
XQGH
&)
FKHOWXLHOL IL[H
'RE
5PMY
LL UHQWDELOLW
0 ULPHD LQIOXHQ HL SROLWLFLL ILQDQFLDUH D VWUXFWXULL ILQDQFLDUH DVXSUD SHUIRUPDQ HORU ILUPHL D GDW
QDWHUH XQHL PRGHO UL VLPSOH FXQRVFXWH VXE GHQXPLUHD GH HIHFW GH OHYLHU ILQDQFLDU /HYLHUXO
ILQDQFLDU H[SULP
L VXJHVWLY
LL FDSLWDOXOXL SURSULX
$FWLY WRWDO
$W
'DWRULL
'
R UHQWDELOLWDWH HFRQRPLF
5(;
5H UH]XOW
$7
vQ FDUH
5(;
UH]XOWDWXO H[HUFL LXOXL QHDIHFWDW GH FKHOWXLHOLOH FX GREkQ]LOH L GH LPSR]LWXO SH SURILW
$7
(5(;
-&
) (
.)=
(5H
XUPHD]
$7 - &
5H
5(;
) (
FD GLQ 5(; V
VH GHGXF
)
XQGH
UHSUH]LQW
'DU
FKHOWXLHOLOH
FX
GREkQ]LOH
VH
GHWHUPLQ
FD
SURGXV
vQWUH
UDWD
GREkQ]LL
VXPD
'
&
'HFL
') ( - . )
$7 - 5
hf
3U RILWXO
QHW DO H[HUFLWLXOXL
(5
$7 - 5 ') ( - . )
f
ge
LL ILQDQFLDUH 5 HVWH
( 5H
&DSLWDOXO SURSULX
DFHDVWD GHYLQH
gp
q
qgp
qgp
'
DUDW
( - . ) = 5 + 5 - 5
'
q
gp
.
- 5
3
2
$7
'
.
q
gp
'
+ ' - 5 ' ( - .)
q
gp
= 5 +
XQGH HJDOLWDWHD
[5 .
q
gp
( - .)
GH DPHOLRUDUH D UHQWDELOLW
GH UDSRUWXO GH P ULPH
L UDWD GREkQ]LL
DF LRQDULORU DSHODUHD OD FUHGLWH DSDUH FD XQ PLMORF
5H 5GRE L GHFL FRVWXO GDWRULLORU HVWH PDL PDUH GHFkW UHQWDELOLWDWHD HFRQRPLF
UHQWDELOLWDWHD ILQDQFLDU
LL ILQDQFLDUH
5I = 5H + 5H - 5GRE
3RUQLQG GH OD DFHDVW
'
.SU
$1$/,=$
2ULFH
DJHQW
5,6&8/8,
HFRQRPLF
'(
HVWH
DVWIHO
'
.SU
)$/,0(17
H[SXV
ULVFXOXL
GH
IDOLPHQW
$FHVWD
SRDWH
DYHD
FRQVHFLQ H
SXWHD
PRGHUQL]DUHD FDSDFLW
FDSDFLW
RE LQH
GH
OD
LQVWLWX LLOH
ILQDQFLDUH
DYL]DWH
QHFHVDUH
SHQWUX
LORU H[LVWHQWH SULQ DFKL]L LRQDUHD GH WHKQRORJLL QRL SHQWUX FUHDUHD XQRU QRL
GHFkW SRVLELOLW
FUHGLWH
WUHEXLH V
IDF
GRYDGD HILFDFLW
LL DFWLYLW
LL GHVI XUDWH
SDUFXUVXO GHUXO ULL DFHVWRUD GHRDUHFH QX HVWH SRVLELO FD SULQ DSOLFDUHD XQHL WHRULL VDX IRUPXOH V
JDUDQWH]H F
VXPD DFRUGDW
DLE
VH
OD
VROLFLWDQWXO FUHGLWXOXL
RELHFWLYHOH XUP ULWH SULQ VROLFLWDUHD vPSUXPXWXOXL FHUHUHD GH FUHGLWDUH
WHUPHQXO GH UDPEXUVDUH
GREkQ]LOH L FRPLVLRDQHOH EDQFDUH SUDFWLFDWH
JDUDQ LL RIHULWH PRGDOLW
L GH UHFXSHUDUH
LPSRVLELOLWDWHD
ILUPHORU
GH
IDFH
ID
XQHL
DQJDMDPHQWHORU DVXPDWH ID
0HWRGH GH DQDOL]
vQ HYDOXDUHD FDSDFLW
$QDOL]D
SDWULPRQLDO
VWDWLF
SRDWH
IL
LL vQWUHSULQGHULL
D ULVFXOXL GH IDOLPHQW
LL vQWUHSULQGHULL GH
VWDWLF
vQ
IXQF LH
GH
GRX
FRQFHS LL
GH
HODERUDUH
ELODQ XOXL
L IXQF LRQDO
FDSDFLWDWHD XQLW
LL SDWULPRQLDOH GH D IDFH ID
ILH GLQ DQJDMDPHQWH DQWHULRDUH FRQWUDFWDWH ILH GLQ RSHUD LL FXUHQWH ILH GLQ SUHOHY UL
SDWULPRQLDO
D ULVFXOXL GH
$FWLY LPRELOL]DW
&DSLWDO SHUPDQHQW
$FWLY FLUFXODQW
'DWRULL GH H[SORDWDUH
GDF
L ILQDQFLDUH
LORU
FHHD
QHFHVLWDWHD
GHQXPLW
FH
vQ
SUDFWLFD
FRQVWLWXLULL
XQHL
HFRQRPLFRILQDQFLDU
UH]HUYH
FDUH
IDF
QX
ID
VH
vQWkPSO
QHUHJXODULW
GH
UHJXO
LORU
GH
'H
VFDGHQ
DFHHD
DSDUH
UH]HUY
VRFLHW
LL
UHSUH]HQWkQG
SDUWHD
GLQ
UHVXUVHOH
ILQDQFLDUH
SHUPDQHQWH
FDUH
DVLJXU
I U
FDSDFLWDWHD DJHQWXOXL HFRQRPLF GH DL ILQDQ D REOLJD LLOH FXUHQWH /D QLYHOXO XQHL vQWUHSULQGHUL
HOHPHQWHOH DFWLYHORU FLUFXODQWH DX XQ JUDG GLIHULW GH OLFKLGLWDWH
3HQWUX
GHVHPQHD]
DQDOL]D
R DQXPLW
ULVFXOXL
GH
ILUP
VWDUH ILQDQFLDU
LQGLFDWRULL
GH
OLFKLGLWDWH
D DFHVWHLD FDUDFWHUL]DW
VXQW
DFHL
SULQ IDSWXO F
LQGLFDWRUL
FDUH
DFWLYHOH FLUFXODQWH
FXUHQWH UHDOL]DELOH SH WHUPHQ VFXUW SHUPLW DFRSHULUHD FKHOWXLHOLORU H[LJLELOH SH WHUPHQ VFXUW SODWD
LPSR]LWHORU SODWD IXUQL]RULORU UDPEXUVDUHD FUHGLWHORU F WUH E QFL HWF FDUH DOF WXLHVF GDWRULLOH WRWDOH
UHVSHFWLY SDVLYHOH FXUHQWH DOH ILUPHL 'LQ DFHDVW
VWRFXO GH vQFUHGHUH
&HOH PDL XWLOL]DWH UDWH GH OLFKLGLWDWH VXQW
UDWD OLFKLGLW
5DWD FXUHQW
LL JHQHUDOH H[SULP
DQVDPEOXO OLFKLGLW
5DWD OLFKLGLW
UDW
$FWLYH FLUFXODQWH
LL JHQHUDOH
WUHEXLH V
3DVLYH FXUHQWH
H[LVWHQ D XQXL
IRQG GH UXOPHQW
5DWD UDSLG
5DWD OLFKLGLW
$FHDVW
UDW
H[SULP
FUHDQ H L GLVSRQLELOLW
L
vQ FH P VXU
LL SDU LDOH
LL LPHGLDWH DVLJXU
5DWD OLFKLGLW
5DWD OLFKLGLW
6ROYDELOLWDWHD UHSUH]LQW
DQJDMDPHQWHOH GH SODW
SO
LORU SH R DQXPLW
'LVSRQLELOLW
LL LPHGLDWH
3DVLYH FXUHQWH
FDSDFLWDWHD HFRQRPLFRILQDQFLDU
SHULRDG
LORU E QHWL
GH WLPS ,QGLFDWRULL FHL PDL LPSRUWDQ L VXE DVSHFWXO DQDOL]HL GH ULVF VXQW UDWD GH DFRSHULUH D
GH
DFRSHULUH
GDWRULLORU
WRWDOH
VROYDELOLWDWHD
SDWULPRQLDO
H[SULP
JUDGXO
GH
2#v
w $ 2
#v
$QDOL]D vQ VWDWLF
IXQF LRQDO
[
QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD FDUH DX IRVW SUH]HQWDWH vQ FDSLWROHOH L UHVSHFWLY
6H FHUH WRWXL D IL DPLQWLW IDSWXO F
FLFOLFH FH WUHEXLH ILQDQ DW
UHSUH]LQW
GLQ
GH IRQG GH UXOPHQW
$QDOL]D
GH]HFKLOLEUXOXL
vQ
GLQDPLF
ILQDQFLDU
ULVFXOXL
HYLGHQ LDW
SULQ
GH
IDOLPHQW
DQDOL]D
SHUPLWH
VWDWLF
GLDJQRVWLFDUHD
&HOH
GRX
WLSXUL
GH
H[SOLFDUHD
DQDOL]
VXQW
5DWD FDSDFLW
GH VDX DQL
'DWRULL
LL GH UDPEXUVDUH
5DWD FDSDFLW
LL HFRQRPLFRILQDQFLDUH D ILUPHORU V
5DWD FDSDFLW
GH]YROWDUH GDWRULW
vQ &DSLWROXO
GH DQDOL]
0HWRGD
VFRUXULORU
DUH
FD
RELHFWLY
IXUQL]DUHD
XQRU
PRGHOH
PHWRG
SUHGLFWLYH
VH ED]HD]
SHQWUX
HYDOXDUHD
DQDOL]HL GLVFULPLQDQWH $SOLFDUHD HL SUHVXSXQH REVHUYDUHD XQXL DQVDPEOX GH vQWUHSULQGHUL IRUPDW GLQ
JUXSXUL GLVWLQFWH XQ JUXS GH vQWUHSULQGHUL FX GLILFXOW
GRX
PDL
EXQ
FRPELQD LH
OLQLDU
GH
UDWH
FDUH
SHUPLW
GLIHUHQ LHUHD
FHORU
GRX
JUXSXUL
GH
vQWUHSULQGHUL
&D XUPDUH D DSOLF ULL DQDOL]HL GLVFULPLQDQWH VH RE LQH SHQWUX ILHFDUH vQWUHSULQGHUH XQ VFRU =
FDUH HVWH R IXQF LH OLQLDU
UHSUH]LQW
XQGH
D [
D [
D [
D [
U U
Q WHRULD HFRQRPLF
3URIHVRUXO DPHULFDQ (, $OWPDQ D HODERUDW vQ DQXO XQD GLQWUH SULPHOH IXQF LL GH VFRU
XWLOL]DWH vQ DQDOL]D ULVFXOXL GH IDOLPHQW
(O D IRORVLW LQIRUPD LLOH RE LQXWH GLQ VWXGLHUHD XQXL ODUJ HDQWLRQ GH FRPSDQLL GLQWUH FDUH
DQDOL]D ED]DW
SURGXFHUHD DFHVWRUD
GH $OWPDQ DUH XUP WRDUHD IRUP
[
[
[
[
[
)XQF LD IRORVLW
&LIUD GH DIDFHUL
$FWLY WRWDO
&DSLWDOL]DUHD EXUVLHU
$FWLY WRWDO
3URILWXO UHLQYHVWLW
ULL
$FWLY WRWDO
$FWLY WRWDO
&DSLWDOL]DUHD EXUVLHU
UHSUH]LQW
R P ULPH DEVROXW
GDW
FRQ LQXWXO
LQGLFDWRULORU
R YDORDUH DEVROXW
UH]XOW
QLYHOXULOH
ORU
VXQW
FX
DWkW
PDL
EXQH
FX
FkW
VLWXD LD ILQDQFLDU
VW ULL GH IDOLPHQW
E
'DWRULL
WRWDOH
$& 6WRFXUL
$&
&KHOWXLHOL ILQDQFLDUH
&$
&KHOWXLHOL FX SHUVRQDOXO
[
$7
[
&DSLWDO SHUPDQHQW
[
(%(
[
[
9$%
Q FD]XO DFHVWXL PRGHO ULVFXO GH IDOLPHQW GHSLQGH WRW GH QLYHOXO OXL ] GXS
FXP XUPHD]
3UREDELOLWDWHD
9DORDUHD VFRUXOXL
6LWXD LD vQWUHSULQGHULL
SURGXFHULL ULVFXOXL
GH IDOLPHQW
] !
)RDUWH EXQ
]
%XQ
]
$OHUW
]
3HULFRO
]
(HF
6XE
3HVWH
9DOHQ HOH LQIRUPD LRQDOH DOH PHWRGHL VFRUXULORU QX WUHEXLH VXSUDHVWLPDWH GHRDUHFH DQDOL]D
GLVFULPLQDQW
FRQVLGHU
DFHHD
GLDJQRVWLFDUH
VH
FXP
UHFRPDQG
VXQW
IRORVLUHD
DQDOL]D
PHWRGHL
HFKLOLEUXOXL
VFRUXULORU
ILQDQFLDU
vQWUXQ
vQ
DQDOL]D
SDUDOHO
FX
UHQWDELOLW
PHWRGHOH
LL
DQDOL]D
FODVLFH
GH
IOX[XULORU
FX DSUHFLHUHD FULWLF
DFWLYLWDWHD GH FRQGXFHUH
DGPLQLVWUDUHD ILQDQFLDU
UDSRDUWHOH H[SHU LORU FRQWDELOL
UHOD LLOH FX FUHGLWRULL
GHFODUD LLOH SUHVHL
FRQGL LLOH vQ FDUH VH GHVI RDU
DFWLYLWDWHD