Documente Academic
Documente Profesional
Documente Cultură
&203257$0(178/&21680$7258/8,
2ELHFWLYH
(YLGHQ LHUHD
IDFWRULORU
LQWHUQL
L
H[WHUQL
FDUH
FRQGXF
OD
IRUPDUHD
FRPSRUWDPHQWXOXL
FRQVXPDWRUXOXLFkWLDOFXPS UDWRULORUvQDQVDPEOXOORU
,GHQWLILFDUHDGLIHULWHORUHWDSHDOHSURFHVXOXLGHFXPS UDUH
5HOLHIDUHD UROXOXL SH FDUH vO DUH vQ HOHJHUHD FRPSRUWDPHQWXOXL FXPS U WRUXOXL vQ VHJPHQWDUHD
SLH HLLvQIXQGDPHQWDUHDDFWLYLW
LLGHPDUNHWLQJ
12
,81,*(1(5$/(35,9,1'&203257$0(178/&21680$7258/8,
L L SURFHVH
GHFL]LRQDOHLPSOLFDWHvQDOHJHUHDSURFXUDUHDLXWLOL]DUHDSURGXVHORUVDXVHUYLFLLORU
6H VXJHUHD] XQHRUL F DFHVW FRPSRUWDPHQW DO FRQVXPDWRUXOXL HVWH GRDU vQ LQWHUHVXO
PDUNHWHULORU GRDUHFH HL GRUHVF V vO LQIOXHQ H]H L V vO VFKLPEH 2 DVHPHQHD DILUPD LH P UHWH
LQYDULDELO FRQWURYHUVDvQFHHDFHSULYHWHvQWUHEDUHDGDF PDUNHWLQJXOHVWHRSURIHVLHHWLF ,QWXLWLY
HVWHJUHLWFDRULFHRUJDQL]D LHV FDXWHV PDQLSXOH]HFRPSRUWDPHQWXORDPHQLORU$GHY UXOHVWHF
PDUNHWLQJXO SRDWH SURPRYD XQ SURGXV VDX XQ VHUYLFLX GDU QXPDL GDF RDPHQLL YL]D L SHUFHS DFHO
SURGXVVDXVHUYLFLXFDILLQGUHOHYDQWSHQWUXQHYRLOHORUDWXQFLFkQGHLQXODXvQFHUFDWQLFLRGDW Q
SOXVHLYRUPDLvQFHUFDDGRXDRDU SURGXVXOVDXVHUYLFLXOGRDUGDF SULPDvQFHUFDUHIRVWSR]LWLY
6FRSXOVWXGLHULLFRPSRUWDPHQWXOXLFXPS U WRUXOXLHVWHGHDSUHvQWDPSLQDPDLELQHFHULQ HOH
FRQVXPDWRULORU 1XPDL SURFHGkQG DVWIHO PDUNHWLQJXO vQWUHSULQGHULL YD IL FRQWLQXX L FRQVHFYHQW vQ
vQWkPSLQDUHDSURSULLORUQHYRL
QWRGHDXQD DSUHFLHUHD XWLOLW
GH SURGXVH VDX VHUYLFLL FRQVXPDWRUXO SRDWH DGRSWD XUP WRDUHOH VW UL
FRPSRUWDPHQWDOH
LQVWDELOILLQGvQWURSHUPDQHQW VFKLPEDUHDIXUQL]RULORU
H[LJHQWILLQGSRVHVRUXOXQHLFDSDFLW
LULGLFDWHGHHYDOXDUHDSURGXVHORU
&HUFHW ULOH UHFHQWH DUDW F PXO L FXPS U WRUL vL VFKLPE SUHIHULQ HOH SHQWUX DQXPLWH
SURGXVH L GLQ FDX]D FDOLW
LL ORU VF ]XWH GDWRULW SUH XOXL VDX GLQ DOWH PRWLYH 'H UHJXO
$6835$&203257$0(178/8,
&21680$7258/8,
&RPSRUWDPHQWXO FRQVXPDWRUXOXL HVWH SURGXVXO D GRX PDUL FDWHJRULL GH LQIOXHQ H DOH
IDFWRULORUHQGRJHQLFHLLQWHUQLDLLQGLYLGXOXLLDOHIDFWRULORUH[RJHQLFHLH[WHUQLDLLQGLYLGXOXL
)DFWRULLH[RJHQLGHLQIOXHQ
DVXSUDFRPSRUWDPHQWXOXLGHFXPS
UDUH
)DFWRULLFDUHVXQWH[WHUQLLQGLYLGXOXLGDUDXXQLPSDFWVXEVWDQ LDODVXSUDFRPSRUWDPHQWXOXL
FRQVXPDWRUXOXLVXQWGHQDWXU VRFLDO LFXOWXUDO $FHWLDLQFOXGFXOWXUDVWDWXWXOVDXFODVDVRFLDO
JUXSXOGHUHIHULQ
LUHOD LLOHGHIDPLOLH
&XOWXUD
&XOWXUD SUH]LQW FHDPDLLPSRUWDQW LQIOXHQ
H[WHUQ DVXSUDFRPSRUWDPHQWXOXLLQGLYLGXOXL
LQFOXVLYDVXSUDFRPSRUWDPHQWXOOXLGHFXPS UDUH&XOWXUDSRDWHILGHILQLW
FDILLQGXQFRPSOH[GH
YDORUL LGHL L DOWH VLPEROXUL VHPQLILFDWLYH FUHDWH vQ WLPS GH VRFLHWDWH FH FRQGXF OD XQ DQXPLW
FRPSRUWDPHQWXPDQLFDUHVXQWWUDQVPLVHGHODRJHQHUD LHODDOWD
7UHL DVSHFWH FKHLH VXQW FXSULQVH vQ DFHDVW GHILQL LH 3ULPXO DVSHFW VH UHIHU OD IDSWXO F
FXOWXUD HVWH FUHDW GH RP 0RGHOHOH FRPSRUWDPHQWDOH LGHLOH DFWLYLW
LLDXWHQGLQ DGHD
IL SHUPDQHQWH $O WUHLOHD DVSHFW UHOHY FD LQIOXHQ HOH FXOWXUDOH DX DWkW UH]XOWDWH WDQJLELOH FkW L
LQWDQJLELOH 'H H[HPSOX OLPED L PRUIRORJLD VXQW SURGXVH DOH FXOWXULL L VXQW REVHUYDELOH
&RQYLQJHULOH IXQGDPHQWDOH L YDORULOH VXQW GH DVHPHQHD UH]XOWDWH DOH PHGLXOXL FXOWXUDO vQ FDUH
WU LHWH LQGLYLGXO &XOWXUD HVWH PHFDQLVPXO SULQ FDUH ILHFDUH VRFLHWDWH vL GH]YROW PRGHOHOH
FRPSRUWDPHQWDOH L YDORULOH L OH WUDQVPLWH JHQHUD LLORU YLLWRDUH ) U QR LXQL FXQRVWLQ H GHVSUH
FXOWXUD GLQ FDUH XQ LQGLYLG IDFH SDUWH JUHHOLOH vQ YkQ]DUH SRW IL LQWHUSUHWDWH FD ILLQG RSRUWXQLW
L
UDWDWH/DQVDUHDGHFDWUHILUPD1(67/(ODLQFHSXWXOGHFHQLXOXLDSURGXVXOXL1HVFDIHLQVWDQWFRIIHH
HVWH XQ H[HPSOX 1RUPHOH FXOWXUDOH DOH ]LOHL HUDX GLIHULWH (YDOX ULOH SUHGRPLQDQWH DX GLFWDW F R
EXQ FDIHDQHFHVLW WLPSSHQWUXDILSUHSDUDW LDFHDVW SRUQLUHGHDVFXUWDWLPSXODFRUGDWSUHSDU ULL
KUDQHL L D E XWXULL UHIOHFW XQ DVSHFW QHJDWLY vQ FHHD FH SULYHWH IRORVLUHD EXJHWXOXL IDPLOLHL
vQWUXFkW LQYDULDELO KUDQD XRU GH SUHSDUDW FRVW PDL PXOW GHFkW KUDQD QDWXUDO &X R PDL EXQ
vQWHOHJHUHDFXOWXULL]LOHLDIRVWSRVLELOFD1(67/(V HYLWHUHVSLQJHUHDLQL LDO DSURGXVXOXLSULQWUR
MXVW VHJPHQWDUHDSLH HL LQW
0DUNHWHULL FUHDWLYL FDUH DX OXDW FXQRWLQ
HYDOXDUHD FRPSRUWDPHQWXOXL DX SURILWDW SULQ DOLQLHUHD EHQHILFLLORU L FDUDFWHULVWLFLORU SURGXVHORU OD
DQXPLWHVWDQGDUGHVRFLDOH$VWIHOGHH[HPSOXGHSHVWHGRX GHFHQLLRDPHQLLGLQ(XURSDGH9HVWL
$PHULFDGH1RUGDXGHYHQLWSUHRFXSD LvQOHJ WXU FXFDQWLWDWHDGHJU VLPHGLQGLHWDORULHIHFWHOH
QHJDWLYH DVXSUD V Q W
LL ORU UH]XOWDWH GLQ FUHWHUHD QLYHOXOXL FROHVWHUROXOXL vQ VkQJH 0HVDMXO GH D
UHGXFH JU VLPHD GLQ GLHW D IRVW XQDQLP DFFHSWDW $FWXDOPHQWH QX PDL H[LVW QLFL R FXOWXU FDUH V
DFFHSWHPHQ LQHUHDXQHLGLHWHERJDWHvQJU VLPL'RFWRUXOGHIDPLOLHRGH]DSURE DQJDMD LLFDUH LQ
OD V Q WDWHD ORU R UHVSLQJ PDPHOH QX SHUPLW FRSLLORU ORU V FRQVXPH DOLPHQWH ERJDWH vQ JU VLPL
GHFkW vQ FDQWLW
VXQW JDWD
RULFkQG V L FRPXQLFH GH]DSUREDUHD vQWUXQ IHO VDX DOWXO GDF DFHO LQGLYLG HVWH FRQVXPDWRU GH
JU VLPL $FHDVWD D FUHDW R RSRUWXQLWDWH GH PDUNHWLQJ SHQWUX SURGXF WRULL GH DOLPHQWH V UDFH vQ
JU VLPL 6LVWHPHOH RILFLDOH GH FODVDUH D DOLPHQWHORU GLQ (XURSD GH 9HVW L $PHULFD GH 1RUG
VDQF LRQHD] ILQDQFLDU SURGXVHOH FX XQ FRQ LQXW ERJDW vQ JU VLPL LDU DOLPHQWHOH V UDFH vQ JU VLPL
DGXF R SULP OD SUH vQ PDJD]LQHOH FX DP QXQWXO $FHVWH VFKLPE UL FXOWXUDOH DX GHVFKLV GH
DVHPHQHD RSRUWXQLW
L SHQWUX FUHVF WRULL GH VWUX L GLQ $XVWUDOLD 1DPLELD $IULFD GH 6XG (OYH LD
=LPEDEZH D &DUQHD GH VWUX QX DUH DSURDSH GHORF JU VLPH L RIHU DVWIHO FRQVXPDWRULORU
SRVLELOLWDWHDGHDFRQVXPDvQFRQWLQXDUHFDUQHI U V OHFUHDVF QLYHOXOFROHVWHUROXOXL2DVHPHQHD
FUHWHUH D FHUHULL SHQWUX DFHVW WLS GH FDUQH D I FXW FD IHUPHOH GH VWUX L GLQ 68$ FDUH vQDLQWH DELD
HUDXFXQRVFXWHLDUvQ$QJOLDQLFLQXHUDXFXQRVFXWHV VHGH]YROWHUDSLG
Q RULFH VRFLHWDWH FXOWXUD QD LRQDO FXSULQGH XQ DQXPLW QXP U GH VXEFXOWXUL $FHVWHD VXQW
VSHFLILFH GLYHUVHORU JUXSXUL UDVLDOH HWQLFH L UHOLJLRDVH )LHFDUH YD DYHD vQWUR RDUHFDUH P VXU
FUHGLQ HLYDORULGLIHULWH6XEFXOWXULOHQXVXQWPDLSX LQLQWHUHVDQWHSHQWUXPDUNHWHULvQWUXFkWVXQWR
YDULDELO XWLO vQVHJPHQWDUHDSLH HL
6WDWXWXOVRFLDO
&ODVD VRFLDO VDX VWDWXWXO VRFLDO HVWH XQ LQVWUXPHQW LPSRUWDQW vQ VHJPHQWDUHD SLH HORU
&HUFHW ULOH HPSLULFH VXJHUHD] F RDPHQLL GLQ DFHODL JUXS VRFLDO vQFOLQ V DLE RSRUWXQLW
L
VLPLODUH WU LHVF vQ DFHODL WLS GH FDVH vQ DFHODL DUHDO FXPS U SURGXVH DOLPHQWDUH VLPLODUH GH OD
DFHODLWLSGHPDJD]LQLvQJHQHUDODXDFHODLVWLOGHYLD
QDFHODLWLPSvQWLPSFHRDPHQLLGLQ
DFHHDL FDWHJRULH VRFLDO GRYHGHVF VLPLOLWXGLQL DSURSLDWH GH OD XQXO OD DOWXO H[LVW GLIHUHQ H
FRQVLGHUDELOH vQ FRPSRUWDPHQWXO GH FRQVXP vQWUH GLIHULWHOH JUXSXUL VRFLDOH *UXSD YDULDELOHORU
XWLOL]DWH vQ VWUDWLILFDUHD SRSXOD LHL vQ FODVH VRFLDOH VDX JUXSXUL LQFOXGH vQ PRG QRUPDO YHQLWXO
RFXSD LDHGXFD LDLVWLOXOGHYLD
,PSRUWDQ D VWDWXWXOXL VRFLDO SHQWUX PDUNHWHUL QX VH OLPLWHD] OD SRWHQ LDOXO OXL FD ED] vQ
VHJPHQWDUHD SLH HL GHRDUHFH ILHFDUH VWDWXW SUHVXSXQH XQ VHW GH FRPSRQHQWH SURSULLVSHFLILFDWHSULQ
UHJXOL GHILQLWH FXOWXUDO 8Q JUXS LQIOXHQ HD] PHPEULL V L vQ SULPXO UkQG SULQ UHJXOL L QRUPH
FRPSRUWDPHQWDOH FDUH VXQW DWHSWDWH GH OD HL $VWIHO FRPSRUWDPHQWXO XQXL LQGLYLG FX R RFD]LH
GDW YD DYHD OHJDWXU FX UROXO VRFLDO SH FDUHO DUH $VWIHO FkWHRGDW RDPHQLL GLQ PHGLXO UXUDO VH
VXSXQ FHOXL FDUH DUH FHO PDL PXOW WHUHQ GLQ LQXW DWULEXLQG DVWIHO XQ URO GH OLGHU DFHOHL SHUVRDQH
$FHVWDYDDF LRQDLVHYDSXUWDvQFRQFRUGDQ
FXVWDWXWXOGHOLGHUDOFRPXQLW
LLFkQGVLWXD LDRYD
LPSXQH &X DOW RFD]LH DFHODL LQGLYLG vL YD XUP UL SURSULLOH LQWHUHVH L VH YD SXUWD FD XQ PRLHU
2ULFXP ILHFDUH URO DVXPDW GH F WUH OLGHU YD IL MXFDW vQ FRQFRUGDQ
JUXSXO FDUH vL FRQIHU L vL VXV LQH RILFLDO SR]L LD GH OLGHU $VWIHO OLGHUXO vL YD PRGHOD
FRPSRUWDPHQWXO SHQWUX D FRUHVSXQGH DWHSW ULORU FRPXQLW
FRPXQLW
LL ORFDOH SH FDUH OH DUH HO FD OLGHU DO
LL 0DUNHWHUXO WUHEXLH V WLH FH URO MRDF R SHUVRDQ FX XQ DQXPLW VWDWXW VRFLDO L FH
DWHDSW GH OD DFHO LQGLYLG JUXSXO FH LD FRQIHULW DFHVW VWDWXW GH OLGHU 1HvQ HOHJHUHD XQRU DVHPHQHD
LQIOXHQ H D DIHFWDW VHPQLILFDWLY VWUDWHJLD GH PDUNHWLQJ D XQRU ILUPH 6H SRDWH HYRFD vQ DFHVW VHQV
H[SHULHQ D FX IRORVLUHD LHUELFLGHORU vQ 1LJHULD XQGH SULQWUR VWUDWHJLH GH PDUNHWLQJ QHDGHFYDW VD
vQFHUFDW V VH vQFXUDMH]H IHUPLHULL GLQ DFHDVW DU V DGRSWH LHUELFLGHOH GDU VWUDWHJLD QX D DYXW
VXFFHV GHFkW DWXQFL FkQG DX IRVW LQFOXVH HIRUWXULOH SURPR LRQDOH FH YL]DX OLGHULL GH JUXSXUL $FHVW
SURLHFW D DSHODW OD UROXO SDWHUQDO DO OLGHUXOXL GH OD FDUH VH DWHSW V LD GHFL]LLOH FHOH PDL EXQH vQ
LQWHUHVXOPHPEULORUJUXSXOXL0DWHULDOXOSURPR LRQDODDPLQWLWUROXOSDWHUQDOLVWDOOLGHUXOXLLDI FXW
VXEWLO OHJ WXUD vQWUH DFHVWD L EHQHILFLLOH RDPHQLORU DGXVH GH DSOLFDUHD LHUELFLGHORU 1X VD vQFHUFDW
V VH DSHOH]H OD OLGHU OXFUX FDUH HUD LQGLFDW DFHVWD ILLQG SURSULHWDUXO XQHL VXSUDIH H GH WHUHQ
FRQVLGHUDELOH GH YUHPH FH RELHFWLYXO HUD PDL GHJUDE U VSkQGLUHD DSOLF ULL LHUELFLGHORU GHFkW
H[SORDWDUHDRSRUWXQLW
SLD
LORUGHSURILWFDUHUH]XOWDXGLQSHQHWUDUHDFXVXFFHVDDFHVWHLERJDWHQLHGH
*UXSXOGHUHIHULQ
DVLJXU XQ VWDQGDUG GH FRPSDUD LH vQ IXQF LH GH FDUH XQ LQGLYLG vL MXGHF SURSULLOH
DVXSUDFRPSRUWDPHQWXOXLV X$XIRVWLGHQWLILFDWHWUHLJUXSXULGH
GLVWLQFWH
JUXSXOGLQFDUHIDFHSDUWHLQGLYLGXO
JUXSXOODFDUHLQGLYLGXODVSLU
JUXSXOODFDUHLQGLYLGXODUHSHUVSHFWLYHGHDILDGRSWDW
'H H[HPSOX XQ PLF PRUDU VH YD LGHQWLILFD FX DO L PRUDUL DOH F URU RSHUD LXQL VXQW VLPLODUH
JUkX )DFWRUXO FRPXQ DO DFHVWRU WUHL JUXSXUL HVWH F ILHFDUH DVLJXU XQ UHSHU GH UHIHULQ
SHQWUX
LQGLYLG 3RUQLQG GH OD H[HPSOXO FX PLFXO PRUDU XQ LQGLYLG SRDWH DYHD PDL PXOWH JUXSXUL GH
UHIHULQ
SURGXVHORU L FRQVXPXOXL Q &KLQD SUDFWLFD GH D FXPS UD SHWH YLX HVWH DWkW GH vPS PkQWHQLW
vQFkW FRPHUFLDOL]DUHD SHWHOXL vQJKH DW D SULQV WHUHQ IRDUWH JUHX $QXPLWH QRUPH L YDORUL VXQW DWkW
GHvQU G FLQDWHvQFkWGHRELFHLHFRQWUDSURGXFWLYV OHVFKLPELQDOW RUGLQHGHLGHLJUXSXULOHGH
UHIHULQ
UHSUH]HQWDW GH LQIOXHQ HOH FH OH JHQHUHD] XWLOL]DUHD VDX FRQVXPXO vQWUXQ PRG SXEOLF DO XQXL
SURGXV 'DF SURGXVXO VDX PDUFD VXQW HYLGHQWH FHORU FH SURYLQ GLQ JUXSXO GH UHIHULQ
DWXQFL
)DPLOLD HVWH XQ DOW JUXS FDUH LQIOXHQ HD] FRPSRUWDPHQWXO LQGLYL]LORU LQFOXVLY SH FHO GH
FXPS UDUH3RWILGLVWLQVHGRX WLSXULGHIDPLOLHIDPLOLDGHWLSQXFOHXLIDPLOLDH[WLQV
)DPLOLD GH WLS QXFOHX HVWH XQLWDWHD IDPLOLDO GH ED] DOFDWXLW GLQ S ULQ L L FRSLL )DPLOLD
H[WLQV LQFOXGH WRDWH UXGHOH vQ YLD
DVXSUDFRPSRUWDPHQWXOXLGHFXPS
UDUH
DUHDWLWXGLQLWLSXULGHSHUVRQDOLW
LLLPDJLQHD
GHVLQH
1HYRLOHVLPRWLYHOH
7HUPHQLL QHYRL L PRWLYD LL VXQW LQWHUDUMDELOL 2ULFXP H[LVW R GLIHUHQ
LQGLYLG UHFXQRDWH F DUH R QHYRLH DFHVW DFW GHFODQHD] VWDELOLUHD PRWLYD LLORU 5HFXQRDWHUHD
QHYRLL VH vQWkPSO DWXQFL FkQG LQGLYLGXO GHYLQH FRQWLHQW GH GLVFUHSDQ D GLQWUH VWDUHD VD DFWXDO L
VWDUHD GRULW &D H[HPSOX SRDWH IL OXDW JRVSRGLQD FDUH FXPSDU RUH] VXSHULRU UDILQDW VWDUH
DFWXDO &RQWLHQW GHFDUHQ HOHvQYLWDPLQHDOHDFHVWXLSURGXVLSUHRFXSDW FDVR LHLPDP GH
V Q WDWHDIDPLOLHLVWDUHGHGRULWHDHVWHPRWLYDW V FXPSHUHRUH]VLPSOXUDILQDW0DLPXOWIRUPDO
R QHYRLH HVWH R GLIHUHQ
SHUFHSWLELO vQWUH VWDUHD DFWXDO L VWDUHD GRULW FDUH HVWH VXILFLHQW GH
DVXSUDLQGLYLGXOXLSHQWUXDLvQGHSOLQLQHYRLD
V
GLVFHDUQ
QHYRLOH
FRSLLORU OXL L SRDWH V OH FRSLLORU OXL GDU QX SRDWH V OH
DFRSHUH
vQGHSOLQHDVF
RSHUVRDQ
UHVSHFWDW GH
GLQ
FDX]D
YHQLWXULORULQDGHFYDWH
RSHUVRDQ
VIDWXULVXQWIUHFYHQWFHUXWH
GHSDUWHQHULLV LGLQFDX]D
WUDWDW FXGLVSUH
SR]L LHLVRFLDOHLQIHULRDUHSH
FDUHLRFRQIHU IDPLOLDvQFDUH
VDQ VFXW
67$5(
'25,7
67$5(
$&78$/
1(92,$5(&812$7(5($352%/(0(,
)LJXUD'LIHUHQ LHULvQWUHVWDUHDDFWXDO
LVWDUHDGRULW
GHFXPS
FDUHPRWLYHD]
FRPSRUWDPHQWXO
UDUH
6 OX P GH H[HPSOX SURGXVXO 0DUPLWH L V YHGHP FXP D IRVW U VSkQGLW vQ vQWUHDJD
OXPH
&XQRVFXWXO EDFWHULRORJ /RXLV 3DVWHXU D LGHQWLILFDW H[WUDFWXO GH GURMGLH FD R VXUV ERJDW vQ
YLWDPLQD%ODPLMORFXOVHFROXOXLDO;,;OHD([WUDFWXOGHGURMGLHHVWHXQEDODVWDOLQGXVWULHLEHULLFH
DUH XQ PDUH URO FD VXSOLPHQW LHIWLQ L KU QLWRU vQ GLHWD XPDQ 'HL D IRVW GHVFRSHULW vQ )UDQ D
0DUPLWH YDULDQWD IUDQFH] D FXYkQWXOXL RDO VXE SUHVLXQH QX D IRVW QLF LHULDFFHSWDWvQ DUDGH
RULJLQH L vQ QLFL R DOW DU GLQ (XURSD &HQWUDO L GH 9HVW 'H IDSW XQ vQWUHSULQ] WRU HQJOH] D
GHVFRSHULWSLD DSHQWUX0DUPLWHQ$QJOLDYDORDUHDQXWULWLY DSURGXVXOXLDELDDIRVWSURPRYDW
vQ FROL L VSLWDOH FDUH DX FRQVWLWXLW SULQFLSDOHOH SLH H LQW 3URGXF WRULL GH 0DUPLWH vQV DX
SURILWDW GH VWDWXWXO FRORQLDO DO $QJOLHL SHQWUX D GHVFKLGH RSRUWXQLW
0DUPLWH vQ
ULOH vQ FXUV GH GH]YROWDUH DFHDVWD RFXS R SR]L LH VHFXQG
ULOH GH]YROWDWH GLQ SXQFWXO GH YHGHUH DO SUHIHULQ HORU FRQVXPDWRULORU *XVWXO DURPD
QDWXUDO L I U DGLWLYL DX GHYHQLW SULQFLSDOHOH DWULEXWH DOH SURGXVXOXL SURPRYDWH FRQVXPDWRULORU
GLQ DFHVWH
UL 3LH HOH LQW DOH SURGXVXOXL 0DUPLWH VDX VFKLPEDW GHD OXQJXO DQLORU 3LH HOH
LGH
DO WUDQVIRUPD vQWUXQ SURGXV DFFHSWDW SHVWH WRW RJOLQGLQG QHYRLOH PRWLYHOH DWLWXGLQLOH L SURSULD
LPDJLQHDFRQVXPDWRULORU
3HUFHS LLOH
LQkQGVHDPDF PRWLYD LDHVWHXQVWLPXOGHDDF LRQDIHOXOFXPXQLQGLYLGSHUFHSHVLWXD LL
SURGXVH PHVDMH SURPR LRQDOH L FKLDU VXUVH SHQWUX DVHPHQHD PHVDMH GHWHUPLQ PRGXO OXL GH
DF LXQH 2 GHILQL LH GH ED] D SHUFHS LHL DU IL DFHHD FXP Y G RDPHQLL OXFUXULOH 3HUFHS LD SRDWH IL
GHILQLW
vQ PRG IRUPD FD ILLQG SURFHVXO SULQ FDUH XQ LQGLYLG VHOHFWHD]
LQWHUSUHWHD]
RUJDQL]HD]
L
LQWHUSUHWD GLIHULW DFHHDL VLWXD LH 7R L RDPHQLL UHFHS LRQHD] LQIRUPD LLOH SULQ FHOH VLP XUL vQV
P VXUD vQ FDUH ILHFDUH DFRUG DWHQ LH XQHL S U L GLQ LQIRUPD LH PRGXO FXP HL RUJDQL]HD] DFHD
LQIRUPD LH L IHOXO FXP LQIRUPD LD H LQWHUSUHWDW VXQW GLIHULWH $FHVWHD GLIHU GHRDUHFH SHUFHS LLOH
GHSLQGGHYDULDELOH
VWLPXOLIL]LFLSURGXVXOLVHUYLFLLOH
H[HPSOX
VHOHFWLY
7R L
RDPHQLL
VXQW
ERPEDUGD L
]LOQLF
GH
VWLPXOL
FRPHUFLDOL
VDX
QHFRPHUFLDOL 2DPHQLL SXU L VLPSOX QX SRW IL DWHQ L OD WRDWH DFHVWH PHVDMH L GH DFHHD HL DX
GHVFRSHULW PRGDOLW
L GH D UHGXFH FDQWLWDWHD GH LQIRUPD LL SH FDUH GH IDSW R SUHOXFUHD] 2DPHQLL
VXQW DWHQ L OD VWLPXOLL FDUH YL]HD] QHYRLOH ORU LPHGLDWH $VWIHO XQ IHUPLHU vQ D F UXL UHJLXQH VD
FRQVWDWDW F S V ULOH GH FXUWH VXIHU GH R ERDO FH IDFH UDYDJLL PRUWDOH YD IL DWHQW vQ VSHFLDO OD
PHVDMHOHUHIHULWRDUHODSUHYHQLUHDDIHF LXQLL
'HIRUPDUHD VHOHFWLY
,QIRUPD LD HVWH DGHVHD GLVWRUVLRQDW SHQWUX D VH SRWULYL FX S UHULOH
F XQ
SURGXFDWRU GLQ )UDQ D SRDWH RE LQH XQ &KDUGRQQD\ GH vQDOW FDOLWDWH vQVD vL YD YHQL JUHX V FUHDG
FD L SURGXF WRULL URPkQL GLQ SRGJRULD 0XUIDWODU SRW RE LQH XQ &KDUGRQQD\ FRPSDUDELO FX FHO
IUDQ X]HVF$VHPHQHDS UHULVHED]HD] PDLPXOWSHSHUFHS LLGHFkWSHH[SHULHQ H
5H LQHUHD VHOHFWLY
2DPHQLL XLW WRWXO SUHD XRU ,QIRUPD LD UH LQXW HVWH vQ JHQHUDO DFHHD
FDUH VHUYHWH OD OXDUHD GHFL]LHL ED]DWH SH DWLWXGLQL L S UHUL $VWIHO XQ FRQVXPDWRU FDUH HVWH vQ
WRWDOLWDWH ORLDO XQHL DQXPLWH P UFL GH LDXUW vL YD DPLQWL FX XXULQ
FDPSDQLLOH SXEOLFLWDUH SHQWUX DFHVW SURGXV GDU YD XLWD VLJXU DILUPD LLOH I FXWH SHQWUX XQ SURGXV
FRQFXUHQW
QY
DUHD
VFKLPEDUHDFRPSRUWDPHQWXOXLXQHLSHUVRDQHGXS FHDFHDVWDDGREkQGLWRDQXPHH[SHULHQ
VXJHUHD] F vQY
7HRULD
DUHD HVWH SURGXVXO LQWHUDF LXQLL GLQWUH HIRUW VWLPXOL DOX]LL UHVSRQVDELOLW
VXV LQHUH 'H H[HPSOX XQ IHUPLHU GHSXQH HIRUWXUL SHQWUX FUHWHUHD SURGXFWLYLW
L L
FRJQLWLY
7HRULLOH SULYLQG GLVRQDQ D FRJQLWLY VH VSULMLQ SH IDSWXO F LQGLYL]LL VH VWU GXLHVFV PHQ LQ
XQVHWFRQVLVWHQWGHDWLWXGLQLLS UHUL&kQGDWLWXGLQLOHLS UHULOHGHVSUHXQSURGXVVDXVHUYLFLXVDX
VFKLPEDW GLQ SULFLQD SHIRUPDQ HORU OXL VF ]XWHvQFRPSDUD LHFXDWHSW ULOHDWXQFLFXPS U WRUXOYD
GHYHQLPRWLYDWV UHGUHVH]HEDODQ DGLQWUHDWHSW ULLH[SHULHQ
5HIHULWRU OD H[HPSOXO LSRWHWLF FX FLRFRODWD PDUFD ([WD] GLQ ILJXUD YDORDUHD QX HVWH
LPSRUWDQW vQ SULYLQ D FRVWXOXL FXPS U WXULL GDU SRDWH IL FRQVLGHUDW LPSRUWDQW GLQ SHUVSHFWLYD
FXPS U WRUXOXLGDF DFHVWDDSHUFHSXWUROXOSHFDUHvOSRDWHDYHDSURGXVXOvQWURRFD]LHVSHFLDO
3LD D RULHQWHD] RUJDQL]D LLOHFDUHVHRFXS LLDXSR]L LHID
V UH]ROYH LQVDWLVIDF LLOH FXPS U WRULORU 1X FRQWHD] FkW DWHQ LH DWULEXLH R RUJDQL]D LH SURGXFHULL
VDX GLVWULEX LHL SURGXVHORU HL GDU H LPSRVLELO V QX DSDU XQ GHIHFW FkW GH PLF Q FRQVHFLQ
XQLL
FXPS U WRUL YRU IL QHVDWLVI FX L OD XQ PRPHQW GDW )DSWXO F DFHVW OXFUX VH vQWkPSO HVWH PDL SX LQ
LPSRUWDQW GHFkW PRGXO FXP FRPSDQLLOH UH]ROY DFHVWH LQVDWLVIDF LL 0XOWH FRPSDQLL SURPRYHD]
SROLWLFL FD SRVLELOLWDWHD FXPS U WRULORU GH D DOHJH UHWXUQDUHD FRQWUDYDORULL P UILL VDX DFFHSWDUHD
vQORFXLULL SURGXVXOXL &RPSDQLLOH QX XUP UHVF GLUHFW ILHFDUH FD] GH UHWXUQDUH D SURGXVXOXL GDU
SURPRYHD] SROLWLFD FXPS U WRUXO DUH vQWRWGHDXQD GUHSWDWH 8QHOH RUJDQL]D LL QX VXQW GH DFRUG
FX DVHPHQHD SROLWLFL GHRDUHFH HOH FUHG F VDU SXWHD DEX]D GH HOH L DU UH]XOWD XQ PDUH QXP U GH
UHWXUXUL FHHD FH LPSOLF FRVWXUL PDUL SHQWUX vQWUHSULQGHUH $OW PRWLY HVWH DFHOD F VDUFLQD
PDUNHWLQJXOXL HVWH GH D FUHD XQ FRQVXPDWRU QX GH D YLQGH XQ SURGXV (OH VXQW GLVSXVH V VXSRUWH
FRVWXULOHSOkQJHULORUGLQSDUWHDFRQVXPDWRULORUvQFUHGLQ DF SURILWDELOLWDWHDSHWHUPHQOXQJYLQHGLQ
VWDELOLWDWHDSHWHUPHQOXQJDUHOD LLORUFXFXPS U WRULL
$WHSWDUHDGHODPDUFDGH
FLRFRODW ([WD]
8QSURGXVGHEXQ
FDOLWDWHDURP LWH[WXU
GHRVHELWH8QSURGXVSH
FDUHvOSR LVHUYLFX
vQFUHGHUHODRFD]LL
LRDURP GH
SDUDILQ
)LJXUD'LVRQDQ DFRJQLWLY
$WLWXGLQLOH
$WLWXGLQLOH VXQW R SUHGLVSR]L LH vQY
QHIDYRUDELO
DW
GH D U
IDYRUDELO
VDX
vQFHHDFHSULYHWHXQDQXPLWSURGXV
$FHDVW GHILQL LH DWUDJH DWHQ LD DVXSUD FDUDFWHULVWLFLORU IXQGDPHQWDOH DOH DWLWXGLQLORU 3ULPD
VXJHUHD] F DWLWXGLQLOHVXQWGHGXUDW (OHVHSRWVFKLPEDGHDOXQJXOWLPSXOXLGDUDXWHQGLQ DGHD
IL UH]RQDELO VWDELOLWH SH WHUPHQ VFXUW L PHGLX Q DO GRLOHD UkQG GHILQL LD VXEOLQLD] F DWLWXGLQLOH
VXQWvQY WDWHGLQSURSULDH[SHULHQ
LVDXGLQFHHDFHLQGLYL]LLDXFLWLWVDXDXDX]LWGHODDO LL$WUHLD
FDUDFWHULVWLF DUDW F DWLWXGLQLOH SUHFHG L LQIOXHQ HD] FRPSRUWDPHQWXO LDU D SDWUD HYLGHQ LD] F
DWLWXGLQLOH VXQW R JHQHUDOL]DUH L GH DFHHD XQ LQGLYLG WUHEXLH V WUHDF SULQWUXQ SURFHV GH HYDOXDUH
SHQWUXILHFDUHRELHFWvQSDUWH
8QFRQVXPDWRUSRDWHILvQWURSUHGLVSR]L LHQHIDYRUDELO SULYLQGSURGXVHOHODFWDWHIDEULFDWHSH
SODQ ORFDO GLQ FDX]D XQHL LQVDWLVIDF LL GLQ WUHFXW SULYLQG FDOLWDWHD XQXL WLS VSHFLILF GH EUkQ] L D
FRQGL LHLVRFLDOH([SHULHQ DQHJDWLY DFXPS U WRUXOXLFDUHVHUHIHU ODXQDQXPLWJHQGHSURGXVH
H UDSLG WUDQVIHUDW L DOWRU SURGXVH ODFWDWH IDEULFDWH GH DFHD PDUF LDU FRQVXPDWRUXO YD SUHIHUD
SURGXVHOH ODFWDWH GLQ LPSRUW 2 WDFWLF FRPXQ GH PDUNHWLQJ D vQWUHSULQGHULORU HVWH GH D SURPRYD
DQXPLWH SURGXVH FD ILLQG SURGXVH SHQWUXH[SRUWDVXSUDORUDSOLFkQGXVHXQFRQWUROGHFDOLWDWHPXOW
PDLUHVSRQVDELOGHFkWFHODSOLFDWSURGXVHORUGHVWLQDWHSLH HLORFDOH
0DUNHWHULL WUHEXLH V OXFUH]H GLQ JUHX OD FUHDUHD XQHL DWLWXGLQL SR]LWLYH SULYLQG RUJDQL]D LLOH
SURGXVHOHVDXVHUYLFLLOHORU6FKLPEDUHDDWLWXGLQLLQHJDWLYHFHUHLPDLPXOWHIRUWQGHFHQLXO,;GH
H[HPSOX SURGXF WRULL GH VWUXJXUL GH PDV GLQ 'REURJHD VH EXFXUDX GH R UHSXWD LH GHRVHELW vQ
SULYLQ D VDWLVIDFHULL FHUHULL FOLHQ LORU 0DL WkU]LX DFHDVW UHSXWD LH D IRVW GLVWUXV GHRDUHFH SHQWUX D
YLQGH FkW PDL PXOW PXQFLWRULL DH]DX vQ SDUWHD LQIHULRDU D DPEDODMHORU VWUXJXUL GH FDOLWDWH UHGXV
1LFL SkQ vQ SUH]HQW QX VD UHFXSHUDW vQ WRWDOLWDWH UHSXWD LD SURGXFHULL XQRU VWUXJXUL GH PDV GH
FDOLWDWH Q JHQHUDO HVWH PXOW PDL JUHX L PDL FRVWLVLWRU V VFKLPEL R DWLWXGLQH QHJDWLY GHFkW V
FXOWLYL R DWLWXGLQH SR]LWLY QWUDGHYDU H PXOW PDL SURGXFWLY V IDFL VFKLPE UL SULYLQG
FDUDFWHULVWLFLOH SURGXVXOXL LVDX LPDJLQHD V FRQVROLGH]L DWLWXGLQLOH H[LVWHQWH DOH FXPS U WRUXOXL
GHFkWV FDX LV VFKLPELDWLWXGLQLSUHFRQFHSXWH
3HUVRQDOLWDWHD
,QGLYL]LL WLQG V SHUFHDS DO L LQGLYL]L FD ILLQG WLSXUL GH SHUVRDQH ([LVW GH H[HPSOX
RDPHQL SHUFHSX L D IL vQ FDWHJRULD FHORU QHUYRL FHORU DPEL LRL vQFUH] WRUL vQ VLQH LQWURYHUWL LORU
H[WURYHUWL LORU WLPL]LORU WXSHLWLORU FHORU FDUH VH VXEDSUHFLD] HWF $FHVWHD VXQW SHUVRQDOLW
FDUDFWHULVWLFH $VHPHQHD DWLWXGLQLORU FDUDFWHULVWLFLOH SHUVRQDOLW
L
LLVHUYHVFODGHILQLUHDFRQVHFYHQ HL
vQ FRPSRUWDPHQWXO XQXL LQGLYLG $VWIHO R SHUVRDQ FDUDFWHUL]DW SULQWUXQ JUDG PDUH GH vQFUHGHUH
GHVLQHYDDYHDLQGLVFXWDELOUHVSHFWID
GHSURSULLOHS UHULSULYLQGLGHLSURGXVHSUDFWLFLLSURFHVH
QRL 2ULXQGH H[LVW XQ HOHPHQW GH ULVF vQ DGRSWDUHD XQXL SURGXV LQRYDWRU SHUVRQDOLW
LOH
5$
$&21680$7258/8,
'HFL]LLOHGHFXPS UDUHSRWILOXDWHGHLQGLYL]LVDXJUXSXULGHLQGLYL]LFXPDUILIDPLOLDVDXXQ
FRPLWHW GLQWUR RUJDQL]D LH FRPHUFLDO VDX LQGXVWULDO &kQG HVWH LPSOLFDW XQ JUXS HVWH IUHFYHQW
IRORVLW WHUPHQXO GH 8QLWDWH 'HFL]LRQDO GH 0DUNHWLQJ 8'0 0DUNHWHULL VXQW LQWHUHVD L vQ
LGHQWLILFDUHDWXWXURUS U LORULPSOLFDWHvQSURFHVXOGHOXDUHDGHFL]LLORULVXQWDWHQ LV GLVWLQJ vQWUH
FXPS U WRULLXWLOL]DWRUL8QIHUPLHUSRDWHOXDGHFL]LDILQDO GDF V FXPSHUHRDQXPLW SLHV GLQWU
XQ HFKLSDPHQW DJULFRO GDU GHFL]LD OXL SRDWH IL LQIOXHQ DW GH S UHULOH DWLWXGLQLOH PXQFLWRUXOXL FDUH
YDXWLOL]DPDLQDQSOXVH[SHULHQ DXOWHULRDU DPXQFLWRUXOXLYDMXFDXQUROPDMRUvQGHWHUPLQDUHD
XQHL YLLWRDUH FXPS U UL Q PRG VLPLODU vQWUR IDPLOLH PDPD SRDWH IL FHD FDUH LD GHFL]LL vQ SULYLQ D
FXPS U WXULORU GLQ JRVSRG ULH GDU FRSLLL SRW DYHD R LQIOXHQ
DOLPHQWHSHFDUHHLOHYRUFRQVXPD
&RPSRUWDPHQWLWLL DX IRORVLW HYLGHQ H HPSLULFH SHQWUX D GHVFRSHUL PRGHOH DOH SURFHVXOXL GH
FXPS UDUH$FHVWHPRGHOHGHVFULXvQJHQHUDOGHFL]LDGHFXPS UDUHFDDYkQGFkWHYDHWDSHGLVWLQFWH
UHFXQRDWHUHD SUREOHPHL F XWDUHD LQIRUPD LHL HYDOXDUHD DOWHUQDWLYHORU GHFL]LD GH FXPS UDUH
FRPSRUWDPHQWXO SRVW FXPSDUDUH $VHPHQHD PRGHOH VXEOLQLD] F GH IDSW GHFL]LD GH D FXPS UD
HVWH XQ HYHQLPHQW VLQJXODU vQWUXQ SURFHV FDUH vQFHSH XQGHYD vQDLQWH L FRQWLQX GXS FH DP
FXPS UDW SURGXVXO 0DUNHWHUXO HVWH vQFXUDMDW V UHIOHFWH PDL GHJUDE DVXSUD LQIOXHQ
ULL SURFHVXOXL
FDSU ILH GHRDUHFH HL DX R RVSLWDOLWDWH vQQDVFXW VWLPXO LQWHUQ ILH GHRDUHFH FRQYHQ LD VRFLDO
GLFWHD] F SHQWUX XQ YL]LWDWRU VSHFLDO V ILH SURFXUDW R FDSU VWLPXO H[WHUQ GHL DELD vL SRW
SHUPLWHDFHVWOXFUX
5HFXQRDWHUHD
SUREOHPHL
& XWDUHD
LQIRUPD LHL
(YDOXDUHD
DOWHUQDWLYHORU
'HFL]LDGH
FXPS UDUH
&RPSRUWDPHQWXO
SRVWFXPS UDUH
)LJXUD(WDSHOHSURFHVXOXLGHFL]LRQDOGHFXPS
UDUH
&HUFHWDULOH GH PDUNHWLQJ WUHEXLH V LGHQWLILFH VWLPXOLL FDUH GHFODQHD] UHFXQRDWHUHD XQRU
SUREOHPH
VDX
XQRU
QHYRL
SDUWLFXODUH
&HUFHW ULOH
DU
WUHEXL
vQGUHSWDWH
VSUH
VWDELOLUHD
QHYRLORUSUREOHPHORU FDUH VH LYHVF FXP DX OXDW DFHVWHD QDWHUH L FXP DX DMXQV FXPS U WRULL OD
GHFL]LD F XQ DQXPLW SURGXV D IRVW PDL SRWULYLW V OH DFRSHUH QHYRLD VDX V OH UH]ROYH SUREOHPD
$VWIHO PDUNHWHULL SRW SURLHFWD SURGXVHVHUYLFLL FDSDELOH V DFRSHUH QHYRLOHSUREOHPHOH L V
GHVFRSHUH VWUDWHJLL GH PDUNHWLQJ FDUH SRW GHFODQD LQWHUHVXO FRQVXPDWRULORU SULYLQG DFHOH SURGXVH
VDXVHUYLFLL
&
D LQIRUPD LLORU DUH ORF FkQG XQ LQGLYLG VDX XQ VLPSOX JUXS GHYLQH GLQ FH vQ FH PDL LQWHUHVDW V
DFFHSWH R VROX LH SHQWUX R DQXPLW QHYRLH $VWIHO HO G GRYDG GH R DWHQ LH VSRULW &XPS U WRUXO
SRWHQ LDO GHYLQH PXOW PDL DWHQW OD DYHUWLVPHQWH VDX DOWH PHVDMH SULYLQG SURGXVXO UHVSHFWLY 8Q
FRPHUFLDQWFDUHYDJ VLSRWHQ LDOvQWUXQQRXSURGXVDOLPHQWDULPSRUWDQWvQ DU YDF XWDLQIRUPD LL
SULYLQG SURGXVXO VXUVHOH GH VWRFXUL SUH XULOH L UHJXODPHQWHOH GH LPSRUW (VWH SRVLELO FD HO V
FRQWDFWH]HDO LFRPHUFLDQ LV FHDU GRFXPHQWD LHGHODSRWHQ LDOLLIXUQL]RULHWF
0DUNHWHULL YRU IL LQWHUHVD L V VWDELOHDVF FH VXUVH GH LQIRUPD LL VXQW PDL GHV F XWDWH .RWOHU
VWDELOHWHF VXUVHOHGHLQIRUPD LLVXQWJUXSDWHvQSDWUXFDWHJRULL
6XUVH FRPHUFLDOH PDWHULDOH SURPR LRQDOH UHODW UL GH SUHV MXUQDOH WHKQLFH VDX PDJD]LQH
GLVWULEXLWRULHWF
6XUVHSXEOLFHPDVVPHGLD
([SHULHQ HXWLOL]DUHDPkQXLUHDSURGXVXOXL
.RWOHUVXJHUHD] F vQFD]XOFRQVXPDWRULORUDFHVWHVXUVHGHLQIRUPD LLMRDF XQUROGLIHULWQ
JHQHUDO VH FRQVLGHU F vQWUH VXUVHOH FRPHUFLDOH L FHOHODOWH VXUVH FRPXQLFDUHD DVLJXU LQIRUPD LD
6XUVHOH SHUVRQDOH vQV FXP DU IL IDPLOLD L SULHWHQLL DMXW OD HYDOXDUHD XQXL SURGXV VDX vQ OXDUHD
XQHLGHFL]LLvQFD]XOvQFDUHVHSXQHSUREOHPDDOHJHULLvQWUHPDLPXOWHYDULDQWHSRVLELOH
'H YUHPH FH LQIRUPDUHD FOLHQWXOXL HVWH SUHFDU HVWH SRVLELO FD HO V QX WLH GH H[LVWHQ D PDL
PXOWRU SURGXVHP UFL FDUH vQ DFHO PRPHQW VXQW GLVSRQLELOH SH SLD
GLIHULWH PRWLYH &OLHQWXO SRDWH IL DQJDMDW vQWUR VWUkQJHUH GH LQIRUPD LL OLPLWDW GHRDUHFH XQHOH
SURGXVHP UFL VH SRDWH V QX IL IRVW SURPRYDWH vQ FDQDOHOH GH GLVWULEX LH OD FDUH FOLHQWXO DUH DFFHV
$VWIHO FOLHQWXO HVWH UDUHRUL vQ SR]L LD GH D DOHJH XQ SURGXVPDUF GLQ RIHUWD WRWDO 0DL GHJUDE
FOLHQWXODUHDFFHVODRSDUWHGLQRIHUW GHFkWODRIHUWDWRWDO
(YDOXDUHD DOWHUQDWLYHORU 3URFHVXO GH HYDOXDUH D DOWHUQDWLYHORU GLIHU GH OD XQ FRQVXPDWRU OD
DOWXO &D XUPDUH LQGLYLGXO YD DGRSWD GHFL]LL GLIHULWH vQ FRQFRUGDQ
DWXQFL FkQG FRQVXPDWRULL LDX GHFL]LL V VH FRQFHQWUH]H DVXSUD DWULEXWHORU L FDUDFWHULVWLFLORU DFHOXL
SURGXV FDUH VXQW FHOH PDL UHOHYDQWH SHQWUX QHYRLD ORU OD XQ PRPHQW GDW 6 FRQVLGHU P GH
H[HPSOXXQSURGXF WRUGHSDVWHI LQRDVHvQF XWDUHGHJUkXEUXW3URGXF WRUXOSRDWHDYHDFULWHULLOH
VDOH vQ IXQF LH GH FDUH V GHFLG GDF VWRFXO GH FHUHDOH FRUHVSXQGH VDX QX FHULQ HORU GH H[HPSOX
XPLGLWDWHPD[LPFRUSXULVWU LQHPD[LPLPLQLPNJJUHXWDWHKHFWROLWULF 0DLSRWIL
IRORVLWH L DOWH FULWHULL vQ DOHJHUHD DQXPLWRU SURGXVH L VWRFXUL FD GH H[HPSOX SHULRDGD vQ FDUH VH
IDFH OLYUDUHD GH OD IXUQL]RU DELOLWDWHD IXUQL]RUXOXL GH D OLYUD vQWUHDJD FRPDQG vQ WUDQH SHULRGLFH
UHSXWD LDIXUQL]RUXOXL
'HFL]LD GH FXPS
UDUH Q HWDSD GH HYDOXDUH SRWHQ LDOXO FOLHQW DMXQJH OD R FRQFOX]LH vQ
OHJDWXU FX SUHIHULQ HOH VDOH L vL IRUPHD] LQWHQ LD GH D FXPS UD QWUH LQWHQ LH L GHFL]LD GH D
FXPS UDSRWLQWHUYHQLGRLIDFWRUL
DWLWXGLQHDFHORUODO L
HYHQLPHQWHOHQHSUHY ]XWH
'DF DWLWXGLQHD FHORUODO L LQGLYL]L VDX RUJDQL]D LL FDUH DX LQIOXHQ
HVWH SXWHUQLF QHJDWLY DWXQFL LQWHQ LD QX VH SRDWH WUDQVIRUPD vQWUR GHFL]LH IHUP GH FXPS UDUH
(YHQLPHQWHOHQHSUHY ]XWHSRWGHDVHPHQHDLQWHUYHQLvQWUHLQWHQ LHLDF LXQH
$WLWXGLQHD
FHORUODOWL
IDPLOLH
FXQRWLQ H
JUXSGH
UHIHULQ
(YDOXDUHD
,QWHQ LD
DOWHUQD
GHD
WLYHORU
FXPS UD
(YHQLPHQWH
QHSUHYD]XWH
YHQLWXULPDL
VF ]XWHGHFkWFHOH
SUHY ]XWH
FKHOWXLHOL
RFD]LRQDWHGH
VHFHW vQJKH
EROLG XQ WRULHWF
UD
'HFkWHRULLQGLYL]LLIRUPXOHD] MXGHF
LVDXFDXW V LDGHFL]LLHLIDFLQYDULDELOSUHVXSXQHUL
$FHVWHSUHVXSXQHULVXQWDGHVHDPDLGHJUDE LPSOLFLWHGHFkWH[SOLFLWH8QIHUPLHUvLSRDWHGHFODUD
LQWHQ LD GH D FXPS UD R FRPELQ GH UHFROWDW FHUHDOH vQ XUP WRDUHOH OXQL GDU FkQG SUHVXSXQHUHD
OXL LPSOLFLW GH D DYHD R UHFROW EXQ QX VD DGHYHULW GLQ FDX]D VHFHWHL FXPS UDUHD PDLQLL HVWH
DPkQDW
&RPSRUWDPHQWXO SRVWFXPS
SULPXO UkQG SHQWUX J WLW GDU FXPS U WRULL DX GHVFRSHULW F SRDWH IL IRORVLW L SHQWUX FXU
LUHD
)DSWXO F XQHOH GLQ FHOH FLQFL HWDSH SRW OLSVL vQ DQXPLWH FLUFXPVWDQ H QX LQILUP PRGHOXO $FHVW
PRGHO DUDW VXFFHVLXQHD FRPSOHW D SRVLELOHORU HYHQLPHQWH GLQ SURFHVXO GH FXPS UDUH (O SRDWH IL
vQV PRGLILFDW SHQWUX D VH SRWULYL FX DQXPLWH FLUFXPVWDQ H GLQ MXUXO XQHL DQXPLWH GHFL]LL GH
FXPS UDUH
&203257$0(178/&21680$7258/8,,6(*0(17$5($3,(
(,
8QDGLQSULQFLSDOHOHDSOLFD LLDOHWHRULHLFRPSRUWDPHQWXOXLFRQVXPDWRUXOXLvQPDUNHWLQJHVWH
VHJPHQWDUHD SLH HL 'DF FOLHQWXO HVWH XQ FRQVXPDWRU LQGLYLGXDO VDX R RUJDQL]D LH FRPHUFLDO VDX
LQGXVWULDO ILHFDUH DUH QHYRL PRWLYD LL SURFHVH GHFL]LRQDOH L FRPSRUWDPHQWH GH FXPS UDUH
GLIHULWHQDFHODLWLPSGDF RvQWUHSULQGHUHvQFHDUFDV DVLJXUHXQSURGXVVWDQGDUGL]DWGRDURSDUWH
GLQ JUXSXO GH FRQVXPDWRUL YL]D L H SRVLELO V ILH VDWLVI FX L UHVWXO VXIHULQG GLIHULWH JUDGH GH
LQVDWLVIDF LHLFDXWkQGDOWHUQDWLYH'HDLFLUH]XOW QHFHVLWDWHDVHJPHQW ULLSLH HL
7HKQLFD VHJPHQW ULL SLH HL DMXW vQWUHSULQGHUHD V GHFLG FkW GH GHSDUWH V PHDUJ FX
DGDSWDUHD SURGXVHORU L VHUYLFLLORU ORU OD QHYRLOH GLIHULWHORU JUXSXUL GH FRQVXPDWRUL 6HJPHQWDUHD
SLH HL SRDWH IL GHILQLW
FD ILLQG SURFHVXO GH LGHQWLILFDUH L DSRL VHSDUDUH D SLH HL WRWDOH vQ S
SRDW
U L
VWUkQJHUHDLQIRUPD LLORUGHVSUHGLIHULWHVHJPHQWHSHFDUHFRPSDQLDOHDLGHQWLILFDW
9DULDELOHOHIRORVLWHvQVHJPHQWDUHDSLH HLSRWIL
SVLKRJUDILFHH[HPSOXDFWLYLW
FRPSRUWDPHQWDOH H[HPSOX JUDGXO GH IRORVLUH D SURGXVHORU P VXUD vQ FDUH LQGLYLGXO H ILGHO
LLQWHUHVHRSLQLLSHUVRQDOLWDWHVWLOGHYLD
P UFLLRFD]LDFXFDUHXWLOL]HD] SURGXVXO
3RWULYLW OXL (QJHO RELHFWLYXO VHJPHQW ULL SLH HL HVWH V LGHQWLILFH JUXSXULOH GH SH SLD
vQ
DQVDPEOXOHLFDUHVXQWVXILFLHQWGHVLPLODUHvQFDUDFWHULVWLFLLU VSXQVXULODWUDWDPHQWHVHSDUDWH
$VWIHO vQWUXQ VHJPHQW GH SLD
FXDO LLSHFkQGvQVHJPHQWHGHSLD
GH FHODODOW 'XS FXP VXJHUHD] GHILQL LD VHJPHQW ULL SLH HL ILHFDUH VHJPHQW GH SLD
QHFHVLW XQ
VXQW
QWUHSULQGHUHDVHFRQFHQWUHD] SHXQVLQJXUVHJPHQWGHSLD
,0DUNHWLQJ
QOLWHUDWXUDGH
FRQFHQWUDW
6WUDWHJLD GH PDUNHWLQJ DGHFYDW DFHVWXLD HVWH FRQVLGHUDW FD DYkQG XQ vQDOW
JUDG GH ULVF GHRDUHFH RUJDQL]D LD HVWH YXOQHUDELO I U XQ DQXPLW JUDG GH
GLYHUVLILFDUHF FLQLDGHPDUNHWLQJSRDWHGLVS UHDUDSLG
,,
0DUNHWLQJ Q DFHVW FD] RUJDQL]D LD DOHJH V VHUYHDVF GRX VDX PDL PXOWH VHJPHQWHGH
GLIHUHQ LDW
SLD
LGHQWLILFDWH(VWHQHYRLHGHXQPL[GHPDUNHWLQJGLVWLQFWSHQWUXILHFDUH
VHJPHQWGHSLD
$FHDVWD HVWH vQ DQWLWH] FX VHJPHQWDUHD SLH HL vLQ FDUH vQWUHSULQGHUHD FDXW
,,,
0DUNHWLQJ
QHGLIHUHQ LDW
V DWUDJ PDL PXO L FXPS U WRUL SRVLELOL FX XQ VLQJXU PL[ GH PDUNHWLQJ
8QHOH RUJDQL]D LL DX DYXW PDUH VXFFHV FX DFHDVW IRUPXO VLPSO GDU VDX
FRQIUXQWDW FX GLILFXOW
SLD
L GLQ FH vQ FH PDL PDUL vQ VXV LQHUHD SR]L LHL ORU SH
vQWLPSFHFRQFXUHQ DDGHYHQLWWRWPDLSXWHUQLF
3LH HOH SRW IL VHJPHQWDWH D SULRUL DWXQFL FkQG ED]HOH VHJPHQW ULL VXQW DOHVH vQ DYDQV L SRVW
SULRUL FkQG VHJPHQWHOH VXQW IRUPDWH GXS FH SURGXVXO D IRVW GHVFRSHULW VDX FKLDU GXS FH D IRVW
ODQVDWSHED]DU VSXQVXOXLFRQVXPDWRUXOXLvQOHJDWXU FXSURGXVXO&kQGFRPSDQLD'DQRQHDODQVDW
LDXUWXOV XSHSLD DURPkQHDVF DGHFLVDSULRULF YD LQHVHJPHQWXOGHFRQVXPDWRULFXSULQVvQWUH
L DQL ,QWXLWLY PDQDJHPHQWXO D VLP LW F DFHVW VHJPHQW D UHSUH]HQWDW R RSRUWXQLWDWH GH
PDUNHWLQJ 0 ULPHD FXWLHL PO GHVLJQXO FXWLHL FXORUL IRVIRUHVFHQWH L SHUVRQDMH GLQ GHVHQH
DQLPDWHLDURPHOHFLRFRODW F SXQLVDDXIRVWSURLHFWDWHV DWUDJ DFHDVW FDWHJRULHGHYkUVW
LGHQWLILFDWLV
6HJPHQWHGHPDUNHWLQJ
YDULDELOHGHPRJUDILFH
YDULDELOHSVLKRJUDILFH
YDULDELOHFRPSRUWDPHQWDOH
3URLHFWDUHDPL[XOXLGHPDUNHWLQJ
PDUNHWLQJFRQFHQWUDW
PDUNHWLQJGLIHUHQWLDW
6HOHFWDUHDVHJPHQWHORUGHSLDWDSHED]D
SURILWDELOLWDWLL
GLVSRQLELOLWDWLLGHUHVXUVH
)LJXUD3URFHVXOVHOHFW
'HVLJXU XQHOH VHJPHQWH GH SLD
ULLVHJPHQWHORUGHSLD
LL L vQWUHSULQGHUHD YD
SXWHD V OH VHUYHDVF GDF UHVXUVHOH VDOH VH SRWULYHVF FX QHYRLOH DFHORU VHJPHQWH $VWIHO GH
H[HPSOX PDUNHWLQJXO XQHL PLFL FRPSDQLL GH IXQJLFLGH SRDWH DYHD R PDUH RSRUWXQLWDWH vQ VHUYLUHD
XQRU FRPHUFLDQ L FX JUkQH GDU V QX DLE QXP UXO QHFHVDU GH YkQ]DWRUL SHQWUX D VHUYL DFHVW
VHJPHQW
5H]XPDW
&RQVXPXO FD DFWLYLWDWH FH vQFXQXQHD] UHDOL]DUHD SURGXVHORUVHUYLFLLORU DUH R LPSRUWDQ
GHRVHELW SHQWUXPDUNHWLQJ'LYHUVLWDWHDP UIXULORUDPRGDOLW
LORUGHGLVWULEX LHLFRPHUFLDOL]DUH
D DFHVWRUD GLYHUVLWDWHD PRGHOHORU GH FRQVXP UHFODP R DQDOL] GH GHWDOLX D PRGXOXL FXP VH
PDQLIHVW SH SLD
FRQVXPDWRULORUUHSUH]LQW SUHPLVDXQHLDFWLYLW
LHILFLHQWHDILUPHL
&RQFHSWHFKHLH
0DUNHWHUL6SHFLDOLWLDLILUPHORUFDUHVHRFXS GHPDUNHWLQJ
$WHSWDUH 7HUPHQ IRORVLW IUHFYHQW GH F WUH HFRQRPLWL SULQ FDUH VH GHVHPQHD] RSLQLLOH
SXEOLFXOXLUHIHULWRDUHODSHULRDGDXUP WRDUH
$WLWXGLQH $QVDPEOX GH FRQYLQJHUL L DWLWXGLQL FDUH vL SXQ DPSUHQWD DVXSUD FRPSRUWDPHQWXOXL
FRQVXPDWRUXOXL
'LVRQDQ
FRJQLWLY
'H]DP JLUHD SH FDUH R WU LHWH XQ FRQVXPDWRU vQ PRPHQWXO vQ FDUH vL G