Sunteți pe pagina 1din 5

&DSLWROXO$VSHFWXOVRFLDODOUHSDUWL LHL


3LD DFDIRUP

DRUGLQLL

0D[:HEHUGHVHPQHD] SLD DFDWLSLGHDODODF LXQLLUD LRQDOHDVRFLHW

LL

8Q FXQRVFXW VRFLRORJ PRGHUQ =HWWHUEHUJ +/ 6RFLDO WKHRULH DQG VRFLDO SUDFWLFH 1HZ <RUN  
SURSXQHGLIHUHQ LHUHDSULQFLSDOHORUHOHPHQWHDOHUH HOHLGHOHJ WXULVRFLDOHvQGRX FODVHLDQXPHvQXQDGLQ
FDUHVHPDQLIHVW FDUDFWHUXOGHSLD

LvQDOWDvQFDUHVHPDQLIHVW FDUDFWHUXOGHRUJDQL]D LH

8QLLUHQXPL LVRFLRORJL 3DUVRQ76PHOVHU1-(FRQRP\DQGVRFLHW\/RQGRQ DXFRQVLGHUDW


GLYL]LXQHDPXQFLLVFKLPEXOLFRQWUDFWXOGUHSWLQVWLWX LLHFRQRPLFHGHRVHELWGHLPSRUWDQWH
$QDOL]DVWUXFWXULLSLH HLDGXVODXUP WRDUHOHFRQFOX]LLUHIHULWRDUHODVFKLPEXOOLEHU
D

/LEHUWDWHDLHJDOLWDWHDOHJ WXULORU

E

([LVWHQ D SRVLELOLW

LORU GH FRPSDUD LH vQWUR GLQWUR GXEO  SULYLQ

 FRPSDUD LD XQXL

RELHFWFXDOWRELHFWSUHFXPLFRPSDUD LDvQWUHSHUVRDQHOHFDUHYRUV VFKLPEHRELHFWHOH


vQWUHHOH
F

([LVWHQ D XQXL PHFDQLVP GH FRQWURO L VDQF LXQL DLFL vQ SULPXO UkQG PHFDQLVPXO GH
VDQF LXQLILQDQFLDUHFDUHI U RFRQGXFHUHFHQWUDO G SRVLELOLWDWHDSHED]DLPEROGXULORU
ILQDQFLDUHLPSXQHUHDFRPSRUWDPHQWXOXLSDUWLFLSDQ LORUODSLD

'XS  S UHUHD FHUFHW WRULORU DFHVWH HOHPHQWH GH VWUXFWXU  QX VXQW GH]YROWDWH vQ VRFLHW

LOH SULPLWLYH

$LFLOLSVHWHSRVLELOLWDWHDSULQFLSDO GHDQHJDOHJ WXULOHGLQWUHSHUVRDQHLRELHFWHOLSVHWHSRVLELOLWDWHDGHD


GHVIDFHOHJ WXULOHGHVFKLPELPSHUVRQDOHGHOHJ WXULOHIDPLOLDOHSROLWLFHUHOLJLRDVHLQXVHPDQLIHVW LQWHUHV
OHJDWGHVDQF LXQLLFRQWUROILQDQFLDU9DORDUHDWLLQ LILF DFRPSDUD LHLLGHDOHWLSLFHHVWHOLPLWDW LDFHDVWD
SHQWUX D F  vQ DD QXPLWHOH VRFLHW

L SULPLWLYH H[LVW  SLH H FRQFUHWH XQGH VH IDFH FRPHU  FX EXQXUL QHFHVDUH

H[LVWHQ HLLXQGHFDPLMORFGHVFKLPEHUDXWLOL]DW PRQHGDQDWXUDO YLWHVDUHSLHLEDUHGHILHUFDRDWUHLD


PDUI  8UP WRDUHD HWDS  DU IL DD QXPLWHOH VRFLHW

L SULPLWLYH XQGH VXQW XWLOL]DWH VLPEROXULOH PRQHWDUH GH

SLOG VFRLFLOHvQVHQVXOXQXLPHGLXGHLQWHUDF LXQHVLPEROLF


)DFWRULGHSLD

LEXQXULGHSLD

QFDGUXOEXQXULORUGHSLD

VXQWvQJOREDWHEXQXULLVHUYLFLLSHQWUXVFKLPE'HXQGHRVHELWLQWHUHVHVWH

XOWLPDID] DSURFHVXOXLGHSLD DLDQXPHSLD DGHEXQXULGHFRQVXPQOHJ WXU FXIDFWRULLGHSLD DVHSRW


PHQ LRQDEDQLLLFDSLWDOXOSHGHRSDUWHLIDFWRUXOPXQF SHGHDOW SDUWH'LQSXQFWGHYHGHUHDOVRFLRORJLHL
XQ GHRVHELW LQWHUHV vO MRDF  SLD D GH PXQF  3LD D GH EXQXUL vQ SULPXO UkQG SLD D GH EXQXUL GH FRQVXP HVWH
VXSXV  QXPHURDVHORU VFKLPE UL vQ GHFXUVXO GH]YROW ULL VDOH 'RX  VFKLPE UL HVHQ LDOH OHJDWH GH GH]YROWDUHD
SLH HL EXQXULORU GH FRQVXP VXQW GHSHUVRQDOL]DUHD L FRPSOH[L]DUHD (OHPHQWHOH WUDGL LRQDOH GH VWUXFWXU  DOH
SLH HL FD UHOD LLOH SDUWLFXODUH UHOD LLOH GH UXGHQLH  VDX vQF UF WXULOH VRFLDOH DOH DFWHORU GH FXPS UDUH GH
H[HPSOX QHJRFLHUHD SUH XULORU  VDX VFKLPEDW PXOW L DX I FXW ORFXQXLVLVWHPXQLWDUDEVWUDFW$FXPHVWHGH
DVHPHQHDLPSRUWDQWGHVHPQDODWF PHFDQLVPHUHSUH]HQWDWLYHVXEVWLWXLHOHJ WXULOHVO ELWHGLQWUHFXPS U WRU
LYkQ] WRU$FHVWHQRLPHFDQLVPHVXQWvQPDUHP VXU XQHFKLYDOHQWIXQF LRQDOSHQWUXFUHDUHDOHJ WXULORUGH
vQFUHGHUH GHRVHELWH H[SOLFDUHD JDUDQ LHL GH]YROWDUHD DUWLFROHORU GH SLD

 FDUH WUHEXLH V  VHPQDOH]H R

GHRVHELW  vQFUHGHUH vQ FDOLWDWHD SURGXVHORU UHFODPD DEVWUDFW  SH FDUH GLVFX LD SHUVRQDO  vQWUH SDUWHQHULL GH
SLD

 SRDWH V  R VXEVWLWXLH $FHOHDL PHFDQLVPH vQGHSOLQHVF IXQF LXQHD XQHL UHGXFHUL GH FRPSOH[LWDWH FX

SULYLUHODYDULHWDWHDEXQXULORURIHULWHLDVHUYLFLLORU7HQGLQ HGHGH]YROWDUHFXQRVFLPHWRGHOHPRGHUQHGH
GHVIDFHUH 'RPLQ  vQFHUFDUHD FD VLVWHPHOH GH GHVIDFHUH L F LOH GH GHVIDFHUH V  ILH GHSHUVRQDOL]DWH L FX
DFHDVWDV ILHRELHFWLYL]DWHODIHOFDRGLQLRDU HOHPHQWHOHVRFLDOHvQDF LXQLOHGHYkQ]DUHLFXPS UDUH
0RGLILFDUHD GH GLVWULEX LH HVWH GLFWDW  GH RIHUW  L GH SLD

 &RQGL LLOH GH SLD D L UHDF LLOH

FRQVXPDWRUXOXL VXQW SUHFL]DWH $FHDVW  VLWXD LH VH SRDWH V  VH FODULILFH WHRUHWLF UHVSHFWLY vQ VHQVXO XQXL
PRGHOHILFLHQWGHSUHPLLVDQF LXQHFDUHV IDYRUL]H]HFDQDOHOHHILFLHQWHVDXIDYRUDELOHFDUHV OU VSO WHDVF 
SH RIHUWDQWXO FDSDELO vQ WLPS FH SULQWUXQ PHFDQLVP GH VDQF LXQH DVHP Q WRU FDQDOHOH LQHILFLHQWH V  ILH
vQO WXUDWH'LQSXQFWGHYHGHUHDOWHRULHLVLVWHPHORUVHSRDWHFDGH]YROWDUHDQRLORUIRUPHGHGHVIDFHUHV ILH
H[SOLFDWH SULQWUR HFKLOLEUDUH D VLVWHPXOXL L GH SURPRYDUH D VWUXFWXULORU L FDSDFLW

LORU GH DGDSWDUH 1RLOH

FDQDOH GH GHVIDFHUH VDX PRGLILFDUHD FDQDOHORU DQWHULRDUH VXQW vQ DFHVWH VHQV vQ PDUH P VXU  U VSXQVXULOH
VLVWHPXOXLODWXOEXU ULOHGLQVLVWHP
3LD D PXQFLL HVWH vQ SDUWH LQIOXHQ DW  GH DOWH OHJLW

L GHFkW GRPHQLXO EXQXULORU (FRQRPLWLL L

VRFLRORJLLVXV LQF PRGHOXOFODVLFDOSLH HLLLGHHDXQXLUDSRUWMXVWvQWUHFHUHUHLRIHUW SHSLD DPXQFLLQX


VXQW HILFLHQWH 3URFHVXO GH SURGXF LH HVWH RUJDQL]DW L FRQWURODW GH SRVHVRUXO GH FDSLWDO DVWIHO F  VH QDWH R
DVLPHWULH VWUXFWXUDO  vQWUH PXQF  L FDSLWDO *

QWHU :LVZHGH RSFLW S  'H DVHPHQHD SLD D PXQFLL

WUHEXLH V  VH FRQFUHWL]H]H SULQ Q ]XLQ D SHQWUX VLJXUDQ D PXQFLWRULORU 3ULQ FRQFHGLHUHD PXQFLWRULORU DU IL
OH]DWH LQWHUHVHOH GH FkWLJ SHQWUX H[LVWHQ

 IXQF LL LPSRUWDQWH DOH VRFLHW

VRFLRORJL]DUHDFRSLLORULQXDUPDLILE JDWHvQVHDP FRQWUDVWHOHVRFLHW

LL ED]HOH IDPLOLHL UDWD QDWDOLW


LL

LL

2 DOW  SDUWLFXODULWDWH FDUH FDUDFWHUL]HD]  IDFWRULL GH PXQF  HVWH KHWHURJHQLWDWHD ORU /D SLD
FXQRVFXWH GLIHULWH FDQWLW

L L FDOLW

 VH IDF

L GHPXQF FDUHVXQWRIHULWHFDUHODUkQGXOORULPSOLF GLIHULWHUROXULGH

VHUYLFLXLSUHWLQGGLIHULWHJUDGHGHSUHJ WLUH
8Q DOW DVSHFW DO KHWHURJHQLW

LL SLH HL PXQFLL HVWH F  GLIHULWH VHJPHQWH DOH DFHVWHL SLH L VXQW GLVWLQFWH

8QLL FHUFHW WRUL SXQ SUREOHPD XQHL SLH H D PXQFLL GXDOH *RUGRQ '0 7KHRULHV RI SRYHUW\ DQG
XQHPSOR\HPHQW /H[LQJWRQ   ,GHHD GH ED]  FRQVW  vQXWLOL]DUHDXQXLQRXPRGHODOLQHJDOLW

LLVRFLDOH

UHVSHFWLY R GLIHUHQ LHUH vQWUH FHQWUX L SHULIHULH Q DSURSLHUH GH FHQWUX vQ SLH HOH GH PXQF  SULPDUH  H[LVW 
DQVH IDYRUDELOH DVLJXU ULL ORFXOXL GH PXQF  RFXSD LL VWDELOH DVLJXUDUHD XQRU DFWLYLW

L ELQH SO WLWH 0DL

GHSDUWH OD SHULIHULH VH J VHWH SLD D GH PXQF  GXDO  FX IOXFWXD LH ULGLFDW  FDOLILFDUH UHVWUkQV  DQVH GH
PXQF VFKLPE WRDUHVLJXUDQ

UHGXV QLYHOVF ]XWDOFDOLW

LLYLH LL *

QWHU:LVZHVHRSFLWS 

&RQGL LLOHVRFLDOH
3HQWUX DQDOL]D VRFLRORJLF  D FRPSRUWDPHQWXOXL GH SLD
SDUWHQHUL GH SLD

 HVWH QHFHVDU D VH FHUFHWD OHJ WXULOH GLQWUH

 vQ DF LXQLOH ORU FRQFUHWH &RPSRUWDPHQWXO GH SLD D HVWH PDL PXOW FDQDOL]DW vQ FDGUH

FRQGL LRQDWH FXOWXUDO HFRQRPLF L SROLWLF 6H SRW GHRVHEL FRQGL LL FDGUX DOH OHJ WXULORU GH LQWHUDF LXQH GH
SLD

 6FKLOG5'HU0DUNWDOVVR]LDOHV,QWHUDNWLRQVIHOGvQ'HU0DUNW LDQXPH


&RQGL LL FDGUX FXOWXUDOH vQ VSHFLDO SULQ DF LXQLOH GH YDORDUH GHOLPLWDWH FXOWXUDO L QHFHVLW

LOH GH

RIHUWDQ LLVROLFLWDQ L




&RQGL LL FDGUX SROLWLFH vQ PRG GHRVHELW vQ IXQF LLOH GH UHJOHPHQW UL DOH PHFDQLVPXOXL SLH HL vQ
FDGUXORUGLQLLHFRQRPLFHVLVWHPHGHUHJOHPHQWDUHMXULGLF PHFDQLVPHGHVDQF LXQHSROLWLF 



&RQGL LL FDGUX HFRORJLFHHFRQRPLFHWHKQRORJLFH FDUH SUH]LQW  ED]HOH SHQWUX SRWHQ LDOXO QHFHVDU
HFRQRPLHL vQ SULYLQ D UHVXUVHORU L VLWXD LD DSURYL]LRQ ULL XQHL VRFLHW

L GH SLOG  VWDGLXO GH

GH]YROWDUHHFRQRPLF 


&RQGL LL FDGUX VRFLDOVWUXFWXUDOH vQ VSHFLDO GLPHQVLXQHD SXWHULL UHDOH GH SH SLD
SRVLELOLW

 vPSUHXQ  FX

LOH GH LQWHUYHQ LH HFRQRPLF  SUHFXP L LQIOXHQ D JUXS ULORU VRFLDOH SH FDUH LQGLYLGXO OH

vQWkOQHWHODSLD

LFDUHvOOLPLWHD] SHLQGLYLGvQVFRSXOLPRWLYD LDVD

$FHVWH FRQGL LL FDGUX FDUH VH DIO  vQ LQWHUGHSHQGHQ

 DF LRQHD]  vQ VHQVXO XQHL VWUXFWXUL QRUPDWLYH vQ

FDUHOHJ WXULOHLQWHUXPDQHVHPDQLIHVW vQFDGUXOVXEVLVWHPXOXLSLD


PRGVXQWXQDVSHFWSDU LDODOSURFHVHORUVRFLDOHUHOHYDQWHGHSLD

,QIOXHQ HOHGHLQWHUDF LXQHDODFHVWXL




6LVWHPHHFRQRPLFH
1R LXQHDGHVLVWHPHFRQRPLFUHSUH]LQW vQHSRFDPRGHUQ WRWDOLWDWHDS UHULORUSULYLQGFRQFHS LDVXSUD
OXPLLYDORULOHVRFLRFXOWXUDOHUHSUH]HQW ULOHGHRUGLQHLOHJ WXULOHGHFRQGXFHUHDOHVWUXFWXULLXQHLHFRQRPLL
QD LRQDOH FDUH SUHFL]HD]  L FDQDOL]HD]  SDUWLFXODULW
+LOOPDQQ$OOJHPHLQH:LUWVFKDIWVVR]LRORJLH0

LOH L RULHQWDUHD SURFHVHORU HFRQRPLFH .DUO+HLQ]

QFKHQ9DKOHQS 

8Q VLVWHP HFRQRPLF VWDELO FRQ LQH R RUGLQH HFRQRPLF  VSHFLILF  vPSOHWLW  FX OHJ WXULOH GH FRQGXFHUH
VRFLDO  FDUH vQ PRG IXQGDPHQWDO RUJDQL]HD]  L VWUXFWXUHD]  HYHQLPHQWXO HFRQRPLF 'LQ SXQFWGHYHGHUHDO
VRFLRORJLHL HFRQRPLFH HVWH LPSRUWDQW GH SUHFL]DW F  VLVWHPHOH HFRQRPLFH VXQW FDQDOL]DWH VFKLPE ULORU
PHGLXOXL VRFLRFXOWXUDO 6LVWHPHOH HFRQRPLFH VXQW OHJDWH GH UHSUH]HQW UL VRFLRFXOWXUDOH SUHFLVH L H[HUFLW 
DVXSUDDFHVWRUDRLQIOXHQ

SXWHUQLF 

3XUW WRULL XQXL VLVWHP HFRQRPLF VXQW RDPHQL FX VWUXFWXUL GH SHUVRQDOLWDWH GLIHULW  L PRGXUL GH
FRPSRUWDPHQWFDUHVXQWFDUDFWHUL]D LGHLQIOXHQ HOHVRFLRFXOWXUDOHDOHPHGLXOXL
'LIHULWHVLVWHPHHFRQRPLFHDXGHUH]ROYDWSUREOHPHIXQGDPHQWDOHFRPXQHSULYLQGSURGXF LDEXQXULORU
QHFHVDUH WUDLXOXL D VHUYLFLLORU RIHULWH D UHSDUWL] ULL EXQXULORU L D SURGXVHORU D PLMORDFHORU XWLOL]DWH SHQWUX
DFHDVWD
Q FDGUXO HFRQRPLHL PRGHUQH WUHEXLH V  VH DMXQJ  OD R UHDOL]DUH D VFRSXULORU GLIHULWHORU VLVWHPH
HFRQRPLFH GH]YROWDUHD HFRQRPLF  vQ IDYRDUHD ULGLF ULL QLYHOXOXL GH WUDL JHQHUDO DVLJXUDUHD ORFXULORU GH
PXQF VWDELOLWDWHDSUH XULORUHFKLOLEUXOH[WUDHFRQRPLFLVLJXUDQ DVRFLDO 3HOkQJ DVLJXUDUHDXQXLQLYHOGH
WUDL ULGLFDW GH OD VLVWHPHOH HFRQRPLFH GH]YROWDWH VXQW DWHSWDWH UHDOL]DUHD VFRSXULORU GH DXWRGH]YROWDUH L GH
DGDSWDUHDPHGLXOXL
QFHOHFHXUPHD] VHYRUSUH]HQWDSULQFLSDOHOHWLSXULGHVLVWHPHHFRQRPLFHHFRQRPLDGHSLD
HFRQRPLDGHSLD

VRFLDO HFRQRPLDGHSLD

(FRQRPLDGHSLD
(FRQRPLDGHSLD

OLEHU

OLEHU 

FHQWUDOL]DW 

OLEHU IRUPHD] XQVLVWHPHFRQRPLFvQFDUHLQGHSHQGHQWGHVWDWSURGXF LDLRIHUWD

GH EXQXUL L VHUYLFLL SH GH R SDUWH L FHUHUHD GH EXQXUL L VHUYLFLL SH GH DOW  SDUWH VXQW GLFWDWH GH GHFL]LLOH
LQGLYLGXDOHDOHVXELHF LORUHFRQRPLFL
3HQWUXHFRQRPLDGHSLD
SULQWUXQPHFDQLVPGHSUH XUL

OLEHU HVWHHVHQ LDOF RIHUWDLFHUHUHDSHSLH HOHLQGLYLGXDOHVHDUPRQL]HD] 

1R LXQHDSLD

UHSUH]LQW LQVWLWX LDGHED] DOHJ WXULORUGHVFKLPEvQWUHLQGLYL]LUHVSHFWLYFDWHJRULL

GHSHUVRDQH SURGXF WRULRIHUWDQ LFRPHUFLDQ LFXPS U WRULFRQVXPDWRUL FXLQWHUHVHLVFRSXULFRPHUFLDOH


GHRVHELWH3HED]DXQHLvQWUHFHULQHOLPLWDWHVHIRUPHD] SUH XULOHFDUHUHIOHFW UHVWUkQJHUHDGLIHULWHORUEXQXUL
L VHUYLFLL 3UH XUL ULGLFDWH SHQWUX DQXPLWH EXQXUL VHPQDOHD]  OLSVXUL vQ SURSRU LH FUHVFkQG  L FDX]HD] 
vQWUHSULQGHULORU FDUH XUP UHVF PD[LPL]DUHD FkWLJXOXL V  GH]YROWH SURGXF LD L RIHUWD 3UH XUL VF ]XWH GLQ
FRQWU GXFODOLPLWDUHDSURGXF LHLLDRIHUWHLSUHFXPLODSXQHUHDvQPLFDUHDIDFWRULORUGHSURGXF LHFDUH
WUHEXLHVF DPSODVD L vQ GRPHQLLOH SURGXF WRDUH GH FkWLJ Q HFRQRPLD GH SLD

 OLEHU  SODQXULOH HFRQRPLFH

LQGLYLGXDOHVXQWFRRUGRQDWHFXDMXWRUXOSUH XULORUSLH HL


0DQDJHULL DOHJ DFHD FRPELQD LH GH IDFWRUL GH SURGXF LH FDUH GHWHUPLQ  FHOH PDL UHGXVH FRVWXUL Q
RULHQWDUHDSUH XULORUGHSLD
&XPS UDUHD

VDX

VHVWDELOHVFEXQXULFDUHYRUILSURGXVHLFDOLWDWHDDFHVWRUD

QHFXPS UDUHD

GLQ

SDUWHD

FRQVXPDWRULORU

LQIOXHQ HD] 

P ULPHD

SUH XULORU

FRUHVSXQ] WRDUH SLH HL L SUHFL]HD]  P ULPHD L QDWXUD SURGXF LHL 'LQ QHFHVLWDWHD GH D DYHD FkWLJ
DQWUHSUHQRULLVXQWFRQVWUkQLV UHDOL]H]HFHOHPDLEXQHLPDLLHIWLQHSURGXVHSHQWUXFRQVXPDWRUL
0 ULPHD VDODULXOXL HVWH XQ PRGHO DO HFRQRPLHL GH SLD
SHULRDG  GH WLPS vQ FDUH DFHDVW  IRU

 OLEHUH 0DQDJHUXO DQJDMHD]  OXFU WRULL SH R

 GH PXQF  UHDOL]HD]  FkWLJ VDX FHO SX LQDFRSHU FRVWXULOHSURGXFkQG

L YkQ]kQG Q FDGUXO SLH HL OLEHUH QX SRW DS UHD SHULRDGH GH RPDM GH GXUDW  FD XUPDUH D PRELOLW
FUHVFkQGHDIRU HLGHPXQF LIOH[LELOLW

LL

LLVDODULXOXL6FKLPE ULOHOHJDWHGHFHUHUHLRIHUW GLULMHD] SUH XULOH

GH SLD D DVWIHO F  IDFWRULL GH SURGXF LH VH GHSODVHD]  vQ DFHOH GRPHQLL vQ FDUH HVWH SRVLELO  R VDODUL]DUH D
PXQFLLPDLULGLFDW LRPDLPDUHGREkQG DFDSLWDOXOXL
3HQWUX VRFLRORJLD HFRQRPLF  VXQW GHRVHELW GH LQWHUHVDQWH XUP WRDUHOH UHSUH]HQW UL DOH XQHL HFRQRPLL
OLEHUH .DUO+HLQ]+LOOPDQQ$OOJHPHLQH:LUWVFKDIWVVR]LRORJLH0

GHSLD


R ODUJ  VHFXODUL]DUH D VRFLHW

LL L UHVSLQJHUHD IRUPHORU GH YLD

QFKHQ9DKOHQS 
 FROHFWLYHVRFLDOH UHFRQVWUXLUHD

VRFLDOXOXLDVHPHQLORUDFRPSRUWDPHQWXOXL



RUHDOL]DUHVRFLDO DUD LRQDOLVPXOXLLQGLYLGXDOLVPXOXLLOLEHUDOLVPXOXL


GH]YROWDUHD L DVLJXUDUHD GLQ SDUWHD VWDWXOXL D LQVWLWX LLORU GH GUHSW  D SURSULHW

LL SULYDWH FKLDU

DVXSUD PLMORDFHORU GH SURGXF LH  OLEHUWDWHD GH FRQWUDFWDUH OLEHUWDWHD SUDFWLF ULL PHWHXJXULORU
DOHJHUHDOLEHU DSURIHVLHLOLEHUWDWHDFRQVXPXOXLHJDOLWDWHDvQID DOHJLL


OLPLWDUHDDFWLYLW

LLVWDWDOHvQFHHDFHSULYHWHPHQ LQHUHDVLJXUDQ HLLQWHUQHLH[WHUQHDVLJXUDQ HL

MXULGLFH FRQIRUP SULQFLSLXOXL /DLVVH]IDLUH I U  PDQLIHVWDUHD YUHXQHL LQWHUYHQ LL D VWDWXOXL vQ
YLD DHFRQRPLF 


DVLJXUDUHDvQWUHFHULORUQHOLPLWDWH



HOLPLQDUHDPDQLSXO ULLFRQVXPDWRUXOXLDFHVWDGHYHQLQGXQVROLFLWDQWDXWRQRPLUD LRQDO

8Q GHRVHELW DYDQWDM DO SLH HL OLEHUH HVWH HILFLHQ D HFRQRPLF  ULGLFDW  6XQW VWLPXODWH FDSDFLWDWHD
FUHDWLYLWDWHDLLQL LDWLYDLQGLYLGXOXL
0RGHOXOXQHLHFRQRPLLGHSLD DOLEHUHQXDUHXLWV VHFRQWXUH]HvQUHDOLWDWHvQWURIRUP FXUDW SXU 
2 DVWIHO GHUHDOL]DUHHVWHvPSLHGLFDW GHIDSWXOF QXHVWHQXPDLXQKRPRHFRQRPLFXV'LQFRQWU ILLQ D
XPDQ  VH PDQLIHVW  GLIHUHQ LHUL LQGLYLGXDOH vQWUH RDPHQL GLQ SXQFW GH YHGHUH HPR LRQDO L LUD LRQDO FDUH VH
vQW UHVF SULQ FRQGL LL GH YLD

 FDUH vPEUDF  FDUDFWHUH VRFLRFXOWXUDOH Q DIDU  GH DFHDVWD FRQGL LLOH GH YLD

PRWHQLWH L vQW ULWH VWUXFWXUDO IRUPHD]  R EDULHU  FDUH WUHEXLH vQO WXUDW  SHQWUX UHDOL]DUHD XQHL HFRQRPLL GH
SLD

OLEHU 
'H]YROWDUHD XQHL HFRQRPLL GH SLD

 OLEHU  DUH FD WHQGLQ D vQ ED]D FRPSHWL LHL QHOLPLWDWH L D DQVHORU

LQGLYLGXDOH GLIHUHQ LDWH V  GHWHUPLQH R DVFX LUH D LQHJDOLW


FUHWHUHDDJUHVLYLW

LL VRFLDOH Q FDGUXO VRFLHW

LLDFRQIOLFWHORUWHQVLXQLORU6WDELOLWDWHDVRFLHW

(FRQRPLDGHSLD

VRFLDO

LL VH PDQLIHVW 

LLHVWHVO ELW 

Q HVHQ D DFHVWHL HFRQRPLL GH SLD

 VRFLDO  J VLP LGHHD F  VWDWXO WUHEXLH V  VH vQJULMHDVF  SULQWUR

SROLWLF  HFRQRPLF  FRQIRUP  SLH HL GH R FDSDFLWDWH GH vQWUHFHUH HFRQRPLF  GH GXUDW  $LFL VH DMXQJH SULQ
DVLJXUDUHD XQHL MXVWH L VRFLDOH SULQ P VXUL VRFLDOSROLWLFH )XQGDPHQWXO VSLULWXDO DO HFRQRPLHL GH SLD

VRFLDO VHULGLF SkQ ODFRQFHS LDPRUDOILOR]RILF DXQHLRUGLQLHFRQRPLFHOLEHUHLDXQHLRUGLQLVRFLDOHFDUH


DIRVWHODERUDW vQVHF;9,,,GH$6PLWKLGHDO LL3OHFkQGGHODDFHVWHSUHPL]HWHRUHWLFH/XGZLJ(UKDUGL
$0

OOHU$UPDFNDXUHDOL]DWSHED]DVLWXD LHLGLQ*HUPDQLDVFKHPDHFRQRPLHLGHSLD

GH HFRQRPLH GH SLD

 VRFLDO  D IRVW XWLOL]DW  GH $OIUHV 0

VRFLDO 1R LXQHD

OOHU $UPDFN *HQHDORJLH GHU VR]LDOHQ

0DUNWZLUWVFKDIW%HUQXQG6WXWWJDUW 
6D I FXW vQFHUFDUHD UHDOL] ULL XQHL VLQWH]H vQWUH IRUPHOH GH YLD
QHFHVLW

LOH VRFLDOH DOH VRFLHW

LL PRGHUQH 0RWRUXO HFRQRPLHL GH SLD

 OLEHUH HFRQRPLD GH SLD

 L

 VRFLDO  FDUH D UH]XOWDW GLQ DFHDVW 

VLQWH]  IRUPHD]  FDSDFLWDWHD GH vQWUHFHUH SRVLELO  DVLJXUDW  GH SROLWLFD VWDWXOXL $FHDVW  FDSDFLWDWH GH
vQWUHFHUHIDYRUL]HD] SURJUHVXOWHKQLFLFUHHD] FRQGL LLOHSHQWUXRFUHWHUHHFRQRPLF LFUHWHUHDEXQ VW ULL
JHQHUDOH $O WXUL GH DVLJXUDUHD vQWUHFHULL FUHWHUHD HFRQRPLF  VH QXP U  SULQWUH VFRSXULOH SULQFLSDOH DOH

SROLWLFLLHFRQRPLFHDVWDWXOXL6WDWXOWUHEXLHV VHvQJULMHDVF GHFRQGL LLIDYRUDELOHGHGH]YROWDUH


3URFHVXO HFRQRPLF WUHEXLH V  ILH LPSXOVLRQDW PDL GHSDUWH GH LQL LDWLYD SDUWLFXODU  D SURGXF WRULORU
RIHUWDQ LORU VROLFLWDQ LORU L FRQVXPDWRULORU 'UHSWXO OD SURSULHWDWHD SDUWLFXODU  L SUHOXDUHD U VSXQGHULL
SHUVRQDOHIRUPHD] HOHPHQWHGHGHFL]LH
&DUDFWHUXO VRFLDO FRQVW  vQ DFHHD F  HFRQRPLD GH SLD
IDYRUL]HD]  XUP UL VRFLDOH QHGRULWH (FRQRPLD GH SLD
DOF WXLDVF SULQFDSDFLW
YLD

LGHSLD

 WUHEXLH OLPLWDW  vQ DFHOH GRPHQLL vQ FDUH HD

 FXSULQGH QX QXPDL DFHL RDPHQL FDUH SRW V 

PLMORDFHOHSHQWUXDF LXQLOHGHFXPS UDUHQHFHVDUHLSHQWUXXQVWDQGDUGGH

GHWHUPLQDWVRFLDO)DFWRUXOHFRQRPLFWUHEXLHV ILHvQFDGUDWvQWUXQFDGUXVRFLDOLDUSROLWLFDHFRQRPLF 

VROLFLW FRPSOHWDUHDSULQSROLWLFDVRFLDO 
'RPHQLLSUHFLVHDOHYLH LLWUHEXLHUHJOHPHQWDWHvQDIDUDHFRQRPLHLGHSLD

5HSDUWL]DUHDYHQLWXOXLLD

DYHULL WUHEXLH FRUHFWDW  vQ VHQVXO XQHL MXVWH L VRFLDOH $LFL WUHEXLH V  VH Q ]XLDVF  VSUH R PDL PDUH VLPHWULH
VRFLDO  0HPEUL DL VRFLHW

LL FX R VLWXD LH HFRQRPLF  L VRFLDO  E WUkQL FRSLL LQYDOL]L EROQDYL RPHUL

WUHEXLHVFVSULMLQL LGHVRFLHWDWH6XQWDEVROXWQHFHVDUHP VXULOHSHQWUXUHFDOLILFDUHDIRU HLGHPXQF 7UHEXLH


DVLJXUDW DS UDUHDFRQVXPDWRUXOXLLDLQIRUPD LLORUvQDDIHOFDWR LFHW
GHSLD

HQLLV LDSDUWHDFWLYODIHQRPHQXO


0DLPXOWHGRPHQLLVXQWUHWUDVHLQL LDWLYHLSDUWLFXODUHYDOXWDUDGLRXOWHOHYL]RUXOLQVWUXLUHDPRGXOGH

FLUFXOD LH vQY

PkQWXO VXSHULRU DJULFXOWXUD SURWHMDUHD HQHUJLHL 3ROLWLFD HFRQRPLF  D VWDWXOXL WUHEXLH V 

DVLJXUHVWDELOLWDWHDPRQHWDU LV VHvQJULMHDVF GHRFUHWHUHHFRQRPLF SHFkWSRVLELO I U WHQVLXQH


5HDOL]DUHD IXQF LRQDUHD L DQVHOH GH YLLWRU DOH HFRQRPLHL GH SLD

 VRFLDO  GHSLQG GH QXPHURDVH

UHSUH]HQW UL


/ UJLUHDSHFkWSRVLELODPRGHOHORUGHRUGLQHDHFRQRPLHLGHSLD
OHJ WXU  FX FRQYLQJHUHD FDSDFLW

LL L VXSHULRULW

VRFLDO vQFRQWLLQ DSXEOLF vQ

LL DFHVWXL VLVWHP HFRQRPLF $LFL HVWH QHFHVDU  R

PXQF VSHFLDO GHLQVWUXLUHLGHLQIRUPDUH




)RU HSROLWLFHFkWPDLFXSULQ] WRDUHLGHLQIOXHQ

vQVRFLHWDWHFDUHV LQWHUYLQ vQSULPXOUkQGvQ

GRPHQLXOSROLWLFSHQWUXUHDOL]DUHDLDVLJXUDUHDHFRQRPLHLGHSLD


VRFLDO 

8QHFKLOLEUXDOSXWHULORUVRFLRHFRQRPLFHvQVSHFLDOvQWUHvQWUHSULQGHULLVLQGLFDWH6XSUDSRQGHUHD
SXWHUQLF DXQXLJUXSGHSXWHUHUHVSHFWLYDXQHLWDEHUHGHLQWHUHVHSRDWHV FRQGXF ODSXQHUHDvQ
SHULFRODVWDELOLW



LLVLVWHPXOXL

8Q VWDW PDL SXWHUQLF FDSDELO GH DF LXQH FDUH JDUDQWHD]  OHJDOLWDWHD DQVHORU DVLJXU  FRQGL LLOH GH
YLD DSHQWUXFHLRURSVL LGHOLPLWHD] PDLGHSDUWHFRQGL LLOHFDGUXSHQWUXPRGHODUHDFRQVXPXOXLL
SHQWUXXQPRGHOHFRQRPLFFDUHSURWHMHD] PHGLXO



6LQGLFDWHOH L PDQDJHULL FDUH QX XUP UHVF QXPDL LQWHUHVHOH ORU SDUWLFXODUH FL L HOHPHQWH
H[WHULRDUHDF LXQLORUSURSULLWUHEXLHV PDQLIHVWHSHFkWHVWHSRVLELOU VSXQGHULLSHQWUXSUREOHPH
HFRORJLFHVRFLDOHLHFRQRPLFH



7UHEXLH V  VH DVLJXUH PXQFLWRUL ELQH LQVWUXL L FDSDELOL FDUH VH SRW DGDSWD FDUH GDX GRYDG  GH
IOH[LELOLWDWH FDUH FUHHD]  R SDUWH D YHQLWXOXL SURGXFWLY vQ IDYRDUHD XQHL vPS U LUL HFKLOLEUDWH D
EXQXULORU FDUH OXSW  SHQWUX PDL PXOWH GUHSWXUL MXULGLFH SHQWUX VHPHQLL ORU FDUH

LQ FRQW GH

U VSXQGHUHDVRFLDO 


2 DOW  FRQGL LH SHQWUX YLDELOLWDWHD HFRQRPLHL GH SLD

 VRFLDOH HVWH PDQLIHVWDUHD FRQVXPDWRULORU

ELQH LQIRUPD L LQVWUXL L FDUH DX U VSXQGHUH HFRORJLF  L VRFLDO  L SDUWLFLS  DFWLY OD SLD

 SULQ

SR]L LDORUGHSXWHUHVXYHUDQ LDXWRQRP 




7UHEXLHV PHQ LRQ PF HFRQRPLDGHSLD


VRFLHW

VRFLDO SRDWHV VXSUDYLH XLDVF QXPDLvQFDGUXOXQHL

L D F UHL VWUXFWXU  YHUWLFDO  QX FRQ LQH QXPDL FDVWH VW UL VDX FODVH PDL PXOW DFHDVW 

VWUXFWXU  WUHEXLH V  ILH vQ IXQGDPHQWDUHD HL GHVFKLV  L SHUPHDELO  V  SHUPLW  LQGLYLGXOXL
PDQLIHVWDUHDFDSDFLW

LLDQVHGHDYDQVDUHLGHFkWLJFXXQFXYkQWDQVHGHYLD

Q FRQFOX]LH VH SRDWH PHQ LRQD F  L HFRQRPLD GH SLD



 VRFLDO  DVLJXU  LQGLYLGXOXL L IRUPD LXQLORU

HFRQRPLFH XQ FDGUX SHQWUX FRPSRUWDPHQW  FRQFXUHQ LDO (JRLVPXO LQWHUHVHOH SDUWLFXODUH L DF LXQHD
vQGUHSWDW XQXLVFRSUD LRQDOVHSRWGH]YROWDLFRQVWLWXLIRU HPRWULFHSHQWUXGH]YROWDUHDHFRQRPLF DQVHOH
GH YLLWRU DOH HFRQRPLHL GH SLD D VRFLDO  VXQW FX DWkW PDL PDUL FX FkW DF LRQHD]  PDL PXOW U VSXQGHUHD
HFRORJLFRVRFLDO vQUD LRQDOLWDWHDDF LXQLORUVXELHFWXOXLHFRQRPLF
(FRQRPLDFHQWUDOL]DW

(FRQRPLD FHQWUDOL]DW  VSUH GHRVHELUH GH HFRQRPLD GH SLD

 UHSUH]LQW  XQ VLVWHP HFRQRPLF vQ FDUH

HFRQRPLDvQWRWDOLWDWHDHLHVWHFRQGXV LGLULMDW GHRDXWRULWDWHGHSODQGXS XQSODQFHQWUDO


(OHPHQWH GH UHSUH]HQWDUH D XQHL HFRQRPLL FHQWUDOL]DWH SODQLILFDWH OH J VLP vQ VHFROXO ;9,,, OD
VRFLDOLWLLXWRSLFLQFDGUXOVRFLDOLVPXOXLWLLQ LILFQXHVWHPHQ LRQDWXQDVWIHOGHFRQFHSWGDU0DU[L(QJHOV
DXDYXWUHIHULULLQGLUHFWHODDFHDVW SUREOHP DHFRQRPLHLSODQLILFDWHFHQWUDOL]DWHSULQFULWLFDORUFXSULYLUHOD
$QDUKLDPRGXOXLGHSURGXF LHFDSLWDOLVW

Q SULPXO U ]ERL PRQGLDO VDX OXDWvQXQHOHGLQ

ULOHSDUWLFLSDQWHP VXULGHHFRQRPLHSODQLILFDW &D

XUPDUHDEORFDGHLGHU ]ERLvQFHSXW GH$QJOLDvQDIRVWQHFHVDUFD,PSHULXO*HUPDQGLQDFHDSHULRDG 


V vQWUHSULQG P VXULSHQWUXRHFRQRPLHGHU ]ERLGLULMDW LFRQWURODW GHVWDW$FHDVW HFRQRPLHGHU ]ERL
GH]YROWDW  vQ *HUPDQLD D UHSUH]HQWDW R FRQWULEX LH OD R HFRQRPLH SODQLILFDW  FRRUGRQDW  GH VWDW &KLDU OD
VFXUW WLPS GXS  U ]ERL XQHOH SHUVRQDOLW

L GLQ DFHDVW  DU  DX DYXW LGHHD GH D PHQ LRQD SUREOHPD XQHL

HFRQRPLL SODQLILFDWH vQWUXQ PHPRULX vQ FDUH VH PDQLIHVW  Q ]XLQ D vQO WXU ULL HFRQRPLHL GH FRQFXUHQ

SUHFXPLDSURGXF LHLDQDUKLFHFXWRDWHFRQVHFLQ HOHHL


(FRQRPLD FHQWUDOL]DW  D IRVW UHDOL]DW  SHQWUX SULPD GDW  vQ 5XVLD $LFL D IRVW ULGLFDW  SODQLILFDUHD
FHQWUDO  D HFRQRPLHL GH F WUH FRQGXFHUHD WRWDOLWDU  D SDUWLGXOXL FRPXQLVW UHSUH]HQWDQW  GH /HQLQ L DSRL GH
6WDOLQODRGRJP SROLWLFRLGHRORJLF 
0DUHD FUL]  HFRQRPLF  GLQ  D GXV vQ PXOWH

UL QHFRPXQLVWH OD DSDUL LD vQGRLHOLL FX SULYLUH OD

IRU HOHGHDXWRvQV Q WRLUHLGHRUGLQHDOHHFRQRPLHLGHSLD DDvQWUHSULQGHULORU&DXUPDUHDDFHVWHLVLWXD LL


DX IRVW I FXWH SURSXQHUL GH UHIRUPH OHJDWH GH SODQLILFDUH 3HQWUX ELUXLUHD FUL]HL HFRQRPLFH L SHQWUX
vPEXQ W

LUHD FRQGL LLORU VRFLDOH )'5RRVHYHOW D vQFHSXW vQ DQXO  FX SROLWLFD VD GH 1HZ  'HDO R QRX 

H[WLQGHUHDDFWLYLW

LLVWDWDOHLVXSUDYHJKHUHDXQXLPDUHVHFWRUDOYLH LLHFRQRPLFHQFDGUXOP VXULORUVHSRW

PHQ LRQDRQRX UHFRQVWUXF LHQD LRQDO vQIDYRDUHDLQGXVWULHLFRQWUROXOFRQGL LLORUGHPXQF LDVDODULXOXL


UHDOL]DUHDXQHLDVLJXU ULGHVWDWSHQWUXPXQFLWRULDVSHFWXOPXQFLLvQvQWUHSULQGHULOHFRRUGRQDWHGHVWDW
Q SHULRDGD FHOXL GH DO WUHLOHD 5HLFK   D IRVW LPSXOVLRQDW  vQ *HUPDQLD R HFRQRPLH GH
SODQ SDU LDO  OD VROLFLWDUHD VFRSXULORU vQDUP ULL QD LRQDOVRFLDOLVWH (FRQRPLD GH U ]ERL vQWLPSXOFHOXLGHDO
GRLOHD U ]ERL PRQGLDO D FRQGXV OD DFHHD F  HFRQRPLLOH SDU LDOH GH SODQ vPEUDF  GLQ FH vQ FH PDL PXOW
WU V WXULOH FHQWUDOL]DWRDUH &X WRDWH DFHVWHD VD S VWUDW SULQFLSLXO SURSULHW

LL SULYDWH DVXSUD PLMORDFHORU GH

SURGXF LH
'XS FHOGHDOGRLOHDU ]ERLPRQGLDODDYXWORFRODUJ GH]YROWDUHDSODQLILF ULLFHQWUDOHSHFDUHIRVWD
8QLXQH 6RYLHWLF  SULQ VLVWHPXO HL GH FRQGXFHUH FHQWUDOL]DW  D HFRQRPLHL D LPSXVR vQ WRDWH

ULOH GLQ HVWXO

(XURSHL3ULQPDQLIHVW ULOHFRQFUHWHDOHHFRQRPLHLFHQWUDOL]DWHDXDS UXWVXELQIOXHQ DQHFHVLW

LORUQD LRQDOH

LHYHQLPHQWHORUSROLWLFHQXDQ HLYDULD LXQLSUHFLVH


(FRQRPLD FHQWUDOL]DW  FXSULQGH XQ DSDUDW LHUDUKLF GH FRQGXFHUH L FRQWUROXO FDUH SULQ GLVSR]L LL
RUGRQDWH L P VXUL ULJLGH GH FRQVWUkQJHUH VXERUGRQHD]  vQ UHDOL]DUHD SODQXOXL vQWUHSULQGHUL L RDPHQL
(FRQRPLDSODQLILFDW FHQWUDOL]DW HVWHGHVHPQDW FDRHFRQRPLHGHFRPDQG UHVSHFWLYGHRUGLQH
&RQGXFHUHD LQVWLWX LRQDOL]DUHD L MXULVGLF LD XQHL HFRQRPLL FHQWUDOL]DWH SODVHD]  OD ED]D FDUDFWHUXOXL
DFHVWXL VLVWHP HFRQRPLF R FRQGXFHUH SROLWLF  VWDELO  GLFWDWRULDO  ELURFUDWLF  Q FHQWUXO DFHVWHL RUGLQH GH
GRPLQD LHVHJ VHWHXQVWDWSXWHUQLFFDUHFRQWUROHD] WRDWHGRPHQLLOHYLH LLVRFLDOH
(FRQRPLD FHQWUDOL]DW  HVWH vPSOHWLW  FX R RUGLQHGHGRPLQD LHGLFWDWRULDO ELURFUDWLF FDUHDF LRQHD] 
vQ GHIDYRDUHD GH]YROW ULL IRU HORU HFRQRPLFH /LEHUWDWHD GH DDOHJHSURIHVLDH[HUFLWDUHDSURIHVLHLOLEHUWDWHD
FRQVXPXOXLVXQWvQPDUHP VXU UHVWUkQVH3URPRYDUHDSURIHVLRQDO LDQVHOHGHFUHWHUHDFRQVXPXOXLVXQW
OHJDWHGHRDFRPRGDUHSROLWLFRLGHRORJLF 3ODQXULOHDYDQVDWHODFHQWUXLELURFUD LDvPSLHGLF LQL LDWLYDXQHL
HFRQRPLL GLQDPLFH L OD IHO D XQHL FRQGXFHUL GLQDPLFH D vQWUHSULQGHULL 2SULPDUHD FDUH UH]XOW  GLQ RUGLQHD
GLFWDWRULDO   WRWDOLWDU  GH GRPLQD LH vQ SULYLQ D LGHLORU FULWLFH SUHFXP L VXSULPDUHD H[SULP ULL OLEHUH D
JkQGLULL DF LRQHD]  DVXSUD FUHDWLYLW

LL VSLULWXOXL GH LQL LDWLY  Q ORFXO DFHVWRUD VH PDQLIHVW  UHVHPQDUHD

DOFRROLVPXOFDDWLWXGLQLLPRGXULGHFRPSRUWDPHQW

S-ar putea să vă placă și