Download as pdf or txt
Download as pdf or txt
You are on page 1of 10

7(0$;

/8&5

5,&217$%,/('(1&+,'(5(

([HUFL LXOEXJHWDUVHvQFKLGHSHULRGLFLREOLJDWRULXODGHFHPEULH
3ULQOXFU
D 

5HGDFWDUHD
vQUHJLVWU

ULFRQWDELOHGHvQFKLGHUHVHvQ HOHJH
EDODQ HL

FRQWXULORU

FX

WLWOX

SURYL]RULX

SHQWUX

YHULILFDUHD

H[DFWLW

LL

ULORU GLQ VLVWHPXO GH FRQWXUL FDOFXOH GH FRUHOD LH SXQFWDMH L DQDOL]D

FRPSRQHQ HLVROGXULORU
E 

,QYHQWDULHUHD

SDWULPRQLXOXL

FRQFRUGDQ D GLQWUH P

L

FRQWUROXO

ULPHD UHDO

UHDOLW

LL

IDFWLFH

D

SDWULPRQLXOXL

DVLJXU

 D H[LVWHQ HL YDORULORU GH SDWULPRQLX L VROGXULOH

VFULSWLFHvQUHJLVWUDWHvQFRQWDELOLWDWH
F 

3XQHUHD GH DFRUG D VLWXD LHL FRQWXULORU FX UHDOLWDWHD LQYHQWDUXOXL L vQUHJLVWUDUHD OHJDO
D GLIHUHQ HORU GH LQYHQWDU GXS
OHJDOH DGPLVH GXS

 QDWXUD ORU FDOFXOH  WUHFHUHD SH FKHOWXLHOL D SLHUGHULORU

 FD] LPSXWDUHD OLSVXULORU GH JHVWLXQH GRYHGLWH SULQ YLQRY

LD

SHUVRDQHORUDQJDMDWH 
G 

5HGDFWDUHD EDODQ HL FRQWXULORU FX WLWOX GHILQLWLY LQFOXVLY FX UH]XOWDWHOH FRQVHPQDWH SH
ED]DLQYHQWDUXOXL

H 

&RQILUPDUHD FX H[WUDVH GH FRQW WUDQVPLVH OD WHU L D H[DFWLW

LL L UHDOLW

LL VROGXULORU

ILQDOHSHQWUXDQJDMDPHQWHOHSDWULPRQLDOHGHFUHDQ HLGDWRULL
I 

5HGDFWDUHDSURSULX]LV

J 

&HUWLILFDUHDLDXGLWDUHDVLWXD LHLFRQWXULORUGLQGDUHDGHVHDP

DG

ULLGHVHDP

FRQWDELOH

/DLQVWLWX LLOHSXEOLFHGDUHDGHVHDP

FRQWDELO

FXSULQGH

 6LWXD LD SDWULPRQLXOXL PRGHOXO GH ELODQ  vQ IRUP

 GH OLVW

 FX VWUXFWXUD DFWLYXOXL L

SDVLYXOXLSDWULPRQLDO 
 %XJHWXO LQVWLWX LHL L GHIDOFDUHD H[HFX LHL EXJHWDUH SHQWUX SHULRDGD H[HUFL LXOXL vQFKHLDW
FX GHWDOLHUHD FKHOWXLHOLORU SH FDSLWROH DUWLFROH L DOLQLDWH GH FODVLILFD LH EXJHWDU
YHQLWXUL GXS

 RULJLQHD OHJDO

 D ILQDQ

ULL ILQDQ DUH SXEOLF

 SDU LDO

 LDU OD

  SULQ EXJHWH

VSHFLDOHDXWRILQDQ DUH 
([HFXWDUHD EXJHWXOXL OD LQVWLWX LD SXEOLF

 LPSOLF

 UHFXQRDWHUHD QHFHVLW

LL GH D

SXQHGHDFRUGGHWDOLHUHDFKHOWXLHOLORUSHGHVWLQD LLOHJDOHFXVXUVHOHGHRULJLQHDILQDQ

ULL

/DvQFKLGHUHVHIDFHGLVWLQF LHvQWUHILQDQ DUHDH[HUFL LXOXLFXUHQWILQDQ DUHD GLQ DQLL


SUHFHGHQ L ILQDQ DUHD GLQ DFWLYLW

LOH FXUHQWH ILQDQ

UL GLQ DOWH VXUVH GHFkW FHOH DOH

EXJHWXOXLSXEOLF
&RQWXULOH  GH YHQLWXUL VH vQFKLG SULQ FRPSHQVDUH UHFLSURF

 SHQWUX DFRSHULUHD

FKHOWXLHOLORULQVWLWX LHL


YHQLWXULOH GH UHDOL]DW VH WUDQVIHU

FKHOWXLHOLOH VH DFRSHU

vQFDV

 SDVLY vQ YHQLWXUL FXUHQWH SURSRU LRQDO FX VLWXD LD

ULLORU
 LQWHJUDO GLQ UHVXUVH OHJDOH GH ILQDQ DUH vQ OLPLWHOH SUHY

]XWH vQ

EXJHWXOSURSULX


YHQLWXULOH U

PDVH QHXWLOL]DWH OD  GHFHPEULH VXQWWUDQVIHUDWH vQ FRQWXO FROHFWRU VDX vQ

XQXOVSHFLDOSHQWUXRSHUD LLGHPDQGDWLGHSR]LWLDUvQLDQXDULHDOH[HUFL LXOXLILQDQFLDU


XUP

WRUVHIDFSO

'DF
VHYLUHD]

GXS

LHDORQDWH SHED]

vQFKLGHUHDH[HUFL LXOXLU

GHFRQWUDFWFRQYHQ LHPDQGDWGHSR]LW 
PkQVXPHQHXWLOL]DWHVDXQHGHFRQWDWHDFHVWHD

ODEXJHWXOGHVWDWSHQWUXUHGLVWULEXLUHEXJHWDU

 UHFWLILFDUH 

Q VLWXD LD GHILFLWXOXL GH ILQDQ DUH FkQG FKHOWXLHOLOH VXQW PDL PDUL GHFkW YHQLWXULOH
H[LVW

GRX

SRVLELOLW

LGHDFRSHULUHWHPSRUDU

 FUHGLWEDQFDUSXUW

WRUGHGREkQG

DQHYRLLGHIRQGXULGHILQDQ DUH

 FUHGLWH FXUHQWH GH WUH]RUHULH GDWRULD SXEOLF


WHPSRUDUUDPEXUVDELO

 FX JDUDQ LD VWDWXOXL URPkQ FX WLWOX

'DUHD GH VHDP

 FRQWDELO

 HVWH XQ IRUPXODU WLSL]DW D F

LQGLFDWRULORU ILQDOL HVWH VWDQGDUGL]DW


VLQWH]

 GXS

UXL PHWRGRORJLF GH FDOFXO D

 UHJXOL SUHFLVH WUDQVSXVH FODU SH IRUPXODUXO GH


&2178/'((;(&8

,($%8*(78/8,,167,78

,,/2538%/,&(

&RQWXO GH H[HFX LH D EXJHWXOXL LQVWLWX LHL SXEOLFH HVWH FRUHVSXQ]

WRU FRQWXOXL GH

UH]XOWDWH VDX GH SURILW L SLHUGHUH GLQ FRQWDELOLWDWHD DJHQ LORU HFRQRPLFL &DUDFWHULVWLFD VD
GH ED]

 HVWH DFHHD F

 RJOLQGHWH FHHD FH VD UHDOL]DW GLPHQVLXQHD HIHFWLY

HFRQRPLFHLVRFLDOHFRQVXPDWRDUHGHUHVXUVHLSURGXF
GH

YHQLWXUL

L

FKHOWXLHOL

HVWH

XQ

GRFXPHQW

LQGLFDWRULORU FRQWXO GH H[HFX LH SUH]LQW

 D DFWLYLW

WRDUHGHUH]XOWDWH'DF

SUHYL]LRQDO

FDUH

HVWLPHD]

LL

EXJHWXO
P

ULPHD

 JUDGXO GH vQGHSOLQLUH D FHHD FH LQVWLWX LD LD

SURSXV
(FXD LDJHQHUDO

HVWH&+(/78,(/,5(=8/7$7(

9(1,785,

5H]XOWDWXO H[HUFL LXOXL HVWH FXSULQV DWkW vQ ELODQ XO FRQWDELO FkW L vQ FRQWXO GH H[HFX LH
'HRVHELUHDUH]LG
H[SOLF

vQIDSWXOF

&RQWXOHVWHDOF

ELODQ XOFRQVWDW

WXLWFXUHVSHFWDUHDFODVLILFD LHLEXJHWDUH

3HQWUX YHQLWXUL OD UDSRUW


vQFDV

UH]XOWDWXOvQYUHPHFHFRQWXOGHH[HFX LHvO

ULOH WULPHVWUHORU ,  ,9 VH FRPSOHWHD]

 QXPL FRORDQD  FX

ULOH UHDOL]DWH Q FHHD FH SULYHWH FKHOWXLHOLOH OD ILQHOH WULPHVWUHORU , ,, ,,, VH vQVFULX

vQFRORDQHXUP

WRDUHOHGDWH

SUHYHGHULDQXDOH
SUHYHGHULWULPHVWULDOHFXPXODWH
SO

LHIHFWXDWH

FKHOWXLHOLHIHFWLYH
$QXDOFRQ LQXWXOUXEULFLORUYDIL
FUHGLWHDSUREDWHLQL LDO
FUHGLWHGHILQLWLYH
SO

LHIHFWXDWH

FKHOWXLHOLHIHFWLYH
([HFX LD FKHOWXLHOLORU SUHY
GHVI

]XWH vQ EXJHWXO LQVWLWX LHL DSDUH GHFL FD XQ SURFHV

XUDW vQ HWDSH VXFFHVLYH VDX VLPXOWDQH vQ WLPS L FX XQ FRQ LQXW XQLWDU GHRDUHFH

vQWRWGHDXQD SO

LOH VH YRU UHJ

VL vQ FKHOWXLHOL L LQYHUV QWUR DERUGDUH VLQWHWLF

 DFHVW

SURFHVVHFRPSXQHGLQ
  DQJDMDUHDFKHOWXLHOLORUPRPHQWXOvQFDUHLQVWLWX LDvLFUHHD]

REOLJD LDE

QHDVF

ID

GH XQ WHU  $FHVW PRPHQW SRDWH FRLQFLGH FX vQUHJLVWUDUHD FKHOWXLHOLL L HIHFWXDUHD
VLPXOWDQ

DSO

LLVDXGRDUFXHYLGHQ LHUHDFKHOWXLHOLLVDXFXSODWDHIHFWLY

  &RQVXPXO  IRORVLUHD SURSULX]LV


vQFD]XOXQRUPDWHULDOHGHMDSO
vQUHJLVWUDW

 D UHVXUVHORU YD IL XUPDW GH vQUHJLVWUDUHD FKHOWXLHOLL

WLWHIXUQL]RULORUVDXGHSODW

 GDF

 FKHOWXLDOD DIRVW GHMD

  ,PSXWDUHDUHSDUWL]DUHFKHOWXLHOLORUDVXSUDFRQWXOXLGHILQDQ DUHVDXDYHQLWXULORU
'DWRULW

 LPSRUWDQ HL GHRVHELWH D FKHOWXLHOLORU I

XQHLHYLGHQ HULJXURDVHDDFHVWRUDGDUHDGHVHDP

FXWH GLQ EDQLL SXEOLFL L D QHFHVLW

FRQWDELO

LQFOXGHFDDGRXDDQH[

LL
 OD

ELODQ  'HWDOLHUHD FKHOWXLHOLORU (D FXSULQGH DFHOHDL UXEULFL FD L FRQWXO GH H[HFX LH
UHVSHFWLYSUHYHGHULDQXDOHXQGHVHvQVFULXFUHGLWHOHDSUREDWHLQL LDOSUHYHGHULWULPHVWULDOH
HFKLYDOHQWH FX FUHGLWHOH GHILQLWLYH SO

L HIHFWXDWH L FKHOWXLHOLOH HIHFWLYH GDU VH UHIHU

H[FOXVLYODFKHOWXLHOL
$FHVWHDVXQWHQXPHUDWHFRQIRUPFODVLILFD LHLHFRQRPLFHDVWIHO
$ FKHOWXLHOLFXUHQWH
% FKHOWXLHOLGHFDSLWDO
& RSHUD LXQLILQDQFLDUH

)LHFDUH FDWHJRULH UHXQHWH PDL PXOWH WLWOXUL DFHVWHD OD UkQGXO ORU VH GHIDOF
WLSXUL GH FKHOWXLHOL GXS

 GHVWLQD LH PHUJkQGXVH SH VXEGLYL]LXQL DOH FODVLILF

 SH

ULL EXJHWDUH

&KHOWXLHOLOHFXUHQWHVHvPSDUWvQ


WLWOXO,

FKHOWXLHOLGHSHUVRQDO

WLWOXO,,

FKHOWXLHOLFXPDWHULDOHLVHUYLFLL

WLWOXO,,,

VXEYHQ LL

WLWOXO,9

SULPH

WLWOXO9

WUDQVIHUXUL

&KHOWXLHOLOH GH FDSLWDO DX XQ VLQJXU WLWOX FX DFHHDL GHQXPLUH LDU RSHUD LXQLOH
ILQDQFLDUHVXQWIRUPDWHGLQvPSUXPXWXULDFRUGDWHLUDPEXUV

ULGHFUHGLWHSO

LGHGREkQ]L

LFRPLVLRDQHODFUHGLWH
&RQWXO GH H[HFX LH L GHWDOLHUHD FKHOWXLHOLORU RIHU
FDUHVDXDSOLFDWSUHYHGHULOHEXJHWDUHGHVSUHP

 LQIRUPD LL FODUH GHVSUH IHOXO vQ

VXUDvQFDUHDFHVWHDDXIRVW UHVSHFWDWH

vQHVHQ DGHVSUHJHVWLXQHDSDWULPRQLXOXLLQVWLWX LHLSXEOLFH

$/7($1(;($/(%,/$1

8/8,&217$%,//$,167,78

0LQLVWHUXO )LQDQ HORU SUHFL]HD]


QXP

UXOLIHOXODQH[HORUFHWUHEXLHV

 vQ ILHFDUH DQ WLSRORJLD G


vQVR HDVF

,,/(38%/,&(

ULL GH VHDP

 FRQWDELOH

ELODQ XOSUHFXPLPRGXOGHFRPSOHWDUH

DDFHVWRUD0DLSRWILVROLFLWDWH
 'LVSRQLELOGLQIRQGXULFXGHVWLQD LHVSHFLDO
$FHDVW
HVWH FRQFHSXW

 DQH[
 GXS

 FRQVWLWXLH GH IDSW R IL

 D FRQWXOXL  GHVI

 PRGHOXO FODVLF DO RULF

GHQXPLULOHLDUvQFHDFHDGRXDDSDUUXEULFLOHFDUHDVLJXU
VW

ULLLPLF

XUDW

UXL FRQW vQ SULPD MXP

 SH DQDOLWLFH HD

WDWH VXQW vQVFULVH

H[SULPDUHDFODU

LFRPSOHW

D

ULLUHVSHFWLYHORUHOHPHQWHSDWULPRQLDOH(OHVXQW

D  GLVSRQLELOODEDQF

ODvQFHSXWXODQXOXLDGLF

VROGXOLQL LDOFHUHIOHFW

H[LVWHQWXOYDORULFOD

GHEXWXOSHULRDGHLGHJHVWLXQH
E  vQFDV

ULSO

L DGLF

 UXODMHOH GHELWRDUH L FUHGLWRDUH vQUHJLVWUDWH vQ FXUVXO SHULRDGHL GH

JHVWLXQHFDXUPDUHDRSHUD LXQLORUHFRQRPLFHHIHFWXDWH
F  GLVSRQLELOODEDQF

ODVIkULWXOSHULRDGHLVDXVROGXOILQDOGHFLGLVSRQLELOXOFDUHH[LVW

vQ

PRPHQWXOvQFKLGHULLSHULRDGHLFRQVLGHUDWH WULPHVWUXVDXDQ 
$FHDVW

 DQH[

 VH FRPSOHWHD]

 GH LQVWLWX LLOH FDUH IRORVHVF VXPH SULQ UHGLVWULEXLUH

GLQ IRQGXULOH VSHFLDOH SUHFXP L GH DOWH LQVWLWX LL FDUH JHVWLRQHD]
SUHFXP L GH DOWH LQVWLWX LL FDUH JHVWLRQHD]
GHFkWOHJHDDQXDO

 IRQGXUL VSHFLDOH

 IRQGXUL VSHFLDOH SRWULYLW DOWRU UHJOHPHQW

UL

DEXJHWXOXLGHVWDW

 &RQWXOGHH[HFX LHDIRQGXOXLVSHFLDO


$UHDFHOHDLFDUDFWHULVWLFLLDFHODLUROFDLFRQWXOGHH[HFX LHDEXJHWXOXLLQVWLWX LHL
SXEOLFH QXPDL F

 VH UHIHU

 GRDU OD PLF

ULOH FDUH DX GHWHUPLQDW PRGLILF

UL DOH IRQGXULORU

VSHFLDOH
 )LQDQ DUHDLQYHVWL LLORU
(VWH XQ WDEORX FDUH GHWDOLD]

 LQYHVWL LLOH SXEOLFH VXE DVSHFW ILQDQFLDU 3ULPD SDUWH

FXSULQGH FKHOWXLHOLOH GH FDSLWDO HIHFWXDWH SHQWUX FRQVWUXF LLOH GH PRQWDM DFKL]L LL GH EXQXUL
LQGHSHQGHQWHDOWHLQYHVWL LLLDUFHDGHDGRXDVXUVHOHGHDFRSHULUHDDFHVWRUD&DRULFH
DFWLYLWDWH GHVI

XUDW

 GH R LQVWLWX LH SXEOLF

 L LQYHVWL LLOH SRW IL VXV LQXWH GH DORFD LL

EXJHWDUH YHQLWXUL H[WUDEXJHWDUH VDX IRQGXUL VSHFLDOH 7DEHOXO LQGLF

 SHQWUX ILHFDUH GLQWUH

DFHVWH VXPH YLUDWH OD EDQFD ILQDQ DWRDUH UHVSHFWLY DORFDUHD LQL LDO

 GH UHVXUVH VXPHOH

XWLOL]DWHLGLVSRQLELOXOODVIkULWXOSHULRDGHL

 6LWXD LDREOLJD LLORUGHSODW


$FHDVW
SkQ

OD

DQH[

VIkULWXO

SUH]LQW

UHVWDQWHODILQHOHWULPHVWUXOXL

vQSULPXOUkQGREOLJD LLOHDVXPDWHGDUQHDMXQVHODVFDGHQ H

WULPHVWUXOXL

FRQVLGHUDW

6FRSXO

FRPSOHW

ULL

HL

HVWH

FXQRDWHUHD

FXDQWXPXOXL FKHOWXLHOLORU DQJDMDWH GDU QHRUGRQDQ DWH SHQWUX HVWH LQVWLWX LD EHQHILFLD]
vQF

 GH DDQXPLWXO FUHGLWIXUQL]RU SHULRDGD GH WLPS GLQWUH PRPHQWXO FRQWUDFW

LFHODOH[LJLELOLW
Q DIDU

ULL GDWRULHL

LLDFHVWHLD 

 GH DFHVWH GDWH VLWXD LD LQFOXGH L R UXEULF

UHVSHFWLYDREOLJD LLORUU

 D DGHY

PDVHQHRQRUDWHODWHUPHQXOOHJDOGHSODW

&XQRDWHUHD FRQ LQXWXOXL DQH[HL HVWH IRDUWH LPSRUWDQW

UDWHORU UHVWDQ H

 DYkQG LPSOLFD LL DVXSUD

GHVFKLGHULORU GH FUHGLWH SH VHDPD LQVWLWX LHL &RQIRUP /HJLL ILQDQ HORU SXEOLFH YHQLWXULOH L
FKHOWXLHOLOHSUHY

]XWHvQEXJHWHVXQWUHSDUWL]DWHSHWULPHVWUHLDUDFRUGDUHDIRQGXULORUGHOD

EXJHWXO SXEOLF VH IDFH vQ UDSRUW GH JUDGXO GH IRORVLUH D UHVXUVHORU SXVH OD GLVSR]L LH
DQWHULRU /D HYDOXDUHD SURSRU LHL GH XWLOL]DUH WUHEXLH V

 ILH OXDWH vQ FDOFXO L SO

QHHIHFWXDWH DIHUHQWH XQRU GDWRULL FXUHQWH VDX UHVWDQWH DVWIHO vQFkW DORF
WULPHVWUX V
vQFDGU

LOH

ULOH SHQWUX QRXO

 ILH DFRSHULWRDUH SHQWUX QHYRLOH DGPLQLVWUD LHL  LQVWLWX LHL FX UHVSHFWDUHD

ULLvQOLPLWHGHFKHOWXLHOLDSUREDWHSULQOHJH

 3DJXEHPDWHULDOH
/HJHDILQDQ HORUSXEOLFHSUHFL]HD]

F

WR LRUGRQDWRULLGHFUHGLWHU

VSXQGGH

D  XWLOL]DUHDFUHGLWHORUEXJHWDUH
E  UHDOL]DUHDYHQLWXULORU
F  IRORVLUHDHILFDFHDVXPHORUSULPLWHGLQEXJHWXOSXEOLFQD LRQDO
G  LQWHJULWDWHDEXQXULORUvQFUHGLQ DWHXQLW

LLSHFDUHRFRQGXF

8QD GLQ PHWRGHOH GH UHVSHFWDUH D DFHVWRU SUHYHGHUL R FRQVWLWXLH L HYLGHQ D


ULJXURDV

DHYHQWXDOHORUSLHUGHULQVLWXD LHVHvQVFULX

VROGXOGHELWHORUGLQSDJXEHODvQFHSXWXODQXOXL

SDJXEHQRLFRQVWDQWHSURYHQLQGGLQ

OLSVXULGHJHVWLXQH

SO

GHWHULRU

GHS

DQXO

LQHOHJDOH
ULVDXGHJUDG

ULGHEXQXUL

LULGHFRQVXPVSHFLILFLPSXWDELOH
ULFODV

ULUHVSLQJHULGHRUJDQHOHvQGUHSWSHQWUXLQH[LVWHQ DSUHMXGLFLXOXL

DFRSHULUHSULQVXPHvQFDVDWHvQFRQWXOSDJXEHORUGLQ


JDUDQ LLOHJHVWLRQDULORU

GHELWHVF

]XWHFDXUPDUHDvPSOLQLULLWHUPHQXOXLGHSUHVFULS LH

SDJXEHU

PDVHQHUHFXSDUDWHODVIkULWXOSHULRDGHL

7RW DLFL HVWH SUH]HQWDW

 VLQWHWLF VLWXD LD LQYHQWDULHULL SDWULPRQLXOXL FX SOXVXULOH L

PLQXVXULOHFRQVWDWDWHvQJHVWLXQLOHVXSXVHFRQWUROXOXL
7ULPHVWULDO L DQXDO vQ PRG REOLJDWRULX VH DQH[HD]
L5DSRUWXOGHDQDOL]

SHED]

)LQDQ DUHD EXJHWDU

 OD ELODQ  )LQDQ DUHD EXJHWDU

GHELODQ 

 HVWH XQ GHWDOLX DO FRQWXOXL GH H[HFX LH DO LQVWLWX LHL SXEOLFH

UHIOHFWkQGGRDUUHOD LLOHDFHVWHLD FX EXJHWXO VWDWXOXLGH VWDW VDXEXJHWHOH ORFDOH GXS

 FD]

3HQWUX FRPSOHWDUHD VD VH IRORVHVF GDWHOH GLQ FRQWXULOH   )LQDQ DUHD GH OD EXJHW
SULYLQG DQXO FXUHQW   )LQDQ DUHD GH OD EXJHW SULYLQG DQLL SUHFHGHQ L L DOWH VXUVH
  'HFRQW

UL vQWUH LQVWLWX LD VXSHULRDU

 L LQVWLWX LLOH VXERUGRQDWH SULYLQG ILQDQ DUHD GH

ODEXJHW&KHOWXLHOLOHLQVWLWX LHLGHODEXJHW
$VWIHO VH SRW FXQRDWH RSHUD LXQLOH SH FUHGLW L FHOH SH GHELW Q SULPD FDWHJRULH
LQWU

 VROGXULOH LQL LDOH DGLF

 VXPHOH S

VWUDWH OD ILQHOH H[HUFL LXOXL ILQDQFLDU vQ HYLGHQ HOH

LQVWLWX LHL SXEOLFH FRQIRUP QRUPHORU vQ YLJRDUH SHQWUX SO


DF LXQL LQL LDWH vQ DQXO vQFKHLDW LQWU

L YLLWRDUH GDU FDUH VH UHIHU

ULOH SURYHQLQG GLQ SO

L GH FDV

 OD

 GH OD EXJHW VDX

DOLPHQW

UL FX IRQGXUL ILQDQ DUH GH OD DOWH LQVWLWX LL SULQ SUHOXDUHD DFWLYXOXL L SDVLYXOXL FX

RFD]LDFRPDV

ULLDOWHRSHUD LXQL

'LQDGRXDFDWHJRULHIDFSDUWH


FKHOWXLHOLHIHFWLYHvQFKLVHODVIkULWXODQXOXL

GHELWHGLQILQDQ DUHSUHVFULVHLVF

GHELWHWUDQVPLVHVSUHvQFDVDUHDRUJDQHORUILQDQFLDUHLFRQILUPDWH

VXPH UHFXSHUDWH GH OD GHELWRUL FDUH SULYHVF ILQDQ DUHD DQLORU SUHFHGHQ L L Y

]XWHGLQHYLGHQ


UVDWH OD

EXJHW


SLHUGHULSURYRFDWHGHFDODPLW

FKHOWXLHOL SHQWUX LQYHVWL LL vQ FRQWLQXDUH DIHUHQWH PLMORDFHORU IL[H SXVH vQ IXQF LXQH vQ

LLVF

]XWHGLQILQDQ DUHSHED]DDSURE

ULORUOHJDOH

WLPSXODQXOXL
DOWHRSHUD LXQLOHJDOHVF

]XWHGLQILQDQ DUH

/D ILQDO VH GHWHUPLQ


DFWLYLW

 VROGXO OD VIkULWXO DQXOXL GHIDOFDW SH DFWLYLW

L FXUHQWH L

LGHLQYHVWL LL
5DSRUWXOH[SOLFDWLYUHLDWRDWHGDWHOHFLIULFHGLQWDEHOHL GHVFULH vQWUHDJD DFWLYLWDWHD

LQVWLWX LHL FRQIRUP VSHFLILFXOXL V

X &DWHJRULLOH FXSULQVH vQ GRFXPHQWH VXQW GHWDOLDWH ILLQG

SUH]HQWDWHFRPSRQHQWHOHORU
$FHVW UDSRUW HVWH vQ DFHODL WLPS L R GHFODUD LH GH EXQ
XQLW

LL FDUH FRQILUP

 SH SURSULD U

GRFXPHQWHOH GH VLQWH]

VSXQGHUH SULQ VHPQ

WXU

 VXQW FRUHFWH FRQIRUPH FX UHDOLWDWHD L F

IRVWHIHFWXDWHFXUHVSHFWDUHDOHJLVOD LHLvQYLJRDUHXUP

 ILGHOLWDWH FRQGXFHULL

 F

 GDWHOH vQVFULVH vQ

 WRDWH RSHUD LXQLOH DX

ULQGXVHIRORVLUHDFkWPDLHILFLHQW

DWXWXURUUHVXUVHORULQGLIHUHQWGHSURYHQLHQ DORU
$QVDPEOXO G
FRPSOHW

ULL GH VHDP

 FRQWDELOH WUHEXLH V

 GHD R LPDJLQH ILGHO

 D SDWULPRQLXOXL D VLWXD LHL ILQDQFLDUH L D UH]XOWDWHORU H[HFXW

 FODU

 L

ULL EXJHWXOXL

LQVWLWX LHLSXEOLFH
LGHFRQWURODOELODQ XOXLFRQWDELOvQLQVWLWX LLOHSXEOLFH

0RGDOLW

5HVWUXFWXUDUHD FRQWLQX

 GXS

 DQXO  D VHFWRUXOXL SXEOLF UHSUH]LQW

 XQD GLQ

FRQVHFLQ HOH SURFHVXOXL FRPSOH[ L SURIXQG FRQWUDGLFWRULX GH WUDQ]L LH OD HFRQRPLD GH
SLD
F

 vQ DUD QRDVWU

 SURFHV vQ FDUH PRGXO GH IRUPDUH L DGPLQLVWUDUH D EDQXOXL SXEOLF D

WDWQRLYDOHQ H
Q DFHVWH FRQGL LL FXQRDWHUHD L SHUIHF LRQDUHD PRGXOXL GH JHVWLRQDUH D DYHULL

SXEOLFH GH RULHQWDUH RUJDQL]DUH L GHVI

XUDUH D DFWLYLW

LL VXQW DVLJXUDWH GH IXQF LD GH

FRQWURODWkWODQLYHOPDFURHFRQRPLFFkWLODQLYHOPLFURHFRQRPLF
Q DFHVW PRG FRQFUHW GHFL]LLOH OXDWH GH FRQGXFHUH DX OD ED]
GHVLVWHPXOFRQWDELOLILQDQFLDU$FHVWHDVHFRQFUHWL]HD]

 LQIRUPD LLOH IXUQL]DWH

vQWUXQDQVDPEOXGHIRUPXODUH

GRFXPHQWH L SLHVH MXVWLILFDWLYH SURFHGXUL L PLMORDFH WHKQLFH SHQWUX SUHOXFUDUHD GDWHORU


UHIHULWRDUHODRSHUD LXQLOHXQHLLQVWLWX LLSXEOLFH
&RQIRUP DW GLQ 5HJXODPHQWXO GH DSOLFDUH D /HJLL FRQWDELOLW

LL QU

RUGRQDWRULL GH FUHGLWH SULQFLSDOL DX REOLJD LD GH D SUH]HQWD OD 0LQLVWHUXO )LQDQ HORU
WULPHVWULDOLDQXDOG

ULGHVHDP

SUHFXPLFRQWXOGHH[HFX LHSULYLQGEXJHWXO GH YHQLWXUL

L FKHOWXLHOL vQ VWUXFWXUD L OD WHUPHQHOH SUHY

]XWH vQ LQVWUXF LXQLOH HPLVH GH 0LQLVWHUXO

)LQDQ HORU
$FHOHDL REOLJD LL OH DX LQVWLWX LLOH SXEOLFH FDUH DX FDOLWDWHD GH RUGRQDWRU GH FUHGLWH
VHFXQGDUVDXWHU LDUF

WUHRUJDQXOLHUDUKLFVXSHULRU

0LQLVWHUXO )LQDQ HORU SRWULYLW DUW L  GLQ /HJHD FRQWDELOLW


ILHFDUH DQ ELODQ XO SH DQVDPEOXO HFRQRPLHL QD LRQDOH DYkQG OD ED]
DOH XQLW
VHDP

LORU SDWULPRQLDOH FDUH GHVI

RDU

 DFWLYLWDWH HFRQRPLF

LL vQWRFPHWH vQ

 ELODQ XULOH FRQWDELOH

 SUHFXP L G

ULOH GH

 DOH LQVWLWX LLORU SXEOLFH VDX DOH FHORUODOWH SHUVRDQH MXULGLFH FDUH DX REOLJD LD

FRQIRUPOHJLLV

GHSXQ

ELODQ FRQWDELO

$FHVW ELODQ  FHQWUDOL]DW HVWH SUH]HQWDW JXYHUQXOXL R GDW

 FX FRQWXO JHQHUDO GH

H[HFX LHDEXJHWXOXLGHVWDW
3H ED]D DQDOL]HL DFHVWXL FRQW GH H[HFX LH EXJHWDU
DVXSUD UDSRDUWHORU ODQLYHO FHQWUDO JXYHUQXO HODERUHD]
SH DQXO ILQDQFLDU XUP
UHIOHFWH UHDOLWDWHD V

 L D SURJQR]HORU HIHFWXDWH

 QRXO EXJHW GH YHQLWXUL L FKHOWXLHOL

WRU IDSW FH LPSXQH FD ELODQ XO FRQWDELO DO LQVWLWX LHL SXEOLFH V

 ILH FRUHFW vQWRFPLW L YHULILFDW GLQ SXQFW GH YHGHUH DO OHJDOLW

RSHUD LLORU FXSULQVH $FHVWH YHULILF

UL VH HIHFWXHD]

 GH F

LL

WUH H[SHU L LQGHSHQGHQ L vQ

FRQIRUPLWDWHFXDUWGLQ/HJHDQU
'HL VHFWRUXO SXEOLF UHSUH]LQW
HVWH XUP

ULW

UHVSHFWLYH VDX GH F


H[LVW

 GRPHQLXO vQ FDUH UHVSHFWDUHD OHJDOLW

LL RSHUD LXQLORU

 vQGHDSURDSH GH RUJDQHOH GH FRQWURO ILQDQFLDU SURSULX DO LQVWLWX LHL SXEOLFH
WUH FHOH DOH 0LQLVWHUXOXL )LQDQ HORU L &XU LL GH &RQWXUL D 5RPkQLHL

 WRWXL WHQGLQ D GH IRORVLUH D YHQLWXULORU UHDOL]DWH vQ DXWRILQDQ DUH SH DOWH GHVWLQD LL

GHFkW FHOH VWDELOLWDWH SH ED]D EXJHWXOXL GH YHQLWXUL L FKHOWXLHOL 'H DVHPHQHD VH SRW
vQUHJLVWUDRVHULHGHFKHOWXLHOLQHHFRQRPLFRDVHVDXQHOHJDOHSHED]DIRQGXULORUEXJHWDUH
&D XUPDUH RELHFWXO DFWLYLW
FRQWUROXO DWHVW

ULL VDX FHUWLILF

LL GH DXGLW ILQDQFLDUFRQWDELO HVWH UHSUH]HQWDW GH

ULL GRFXPHQWHORU GH VLQWH]

 FX SULYLUH OD OHJDOLWDWHD L

UHDOLWDWHDRSHUD LXQLORUvQVFULVHvQDFHDVWD
Q FD]XO LQVWLWX LLORUSXEOLFH vQWRFPLUHD ELODQ XOXL FRQWDELO VH UHDOL]HD]
F

WUH FRQGXF

 GH UHJXO

WRUXO FRPSDUWLPHQWXOXL ILQDQFLDUFRQWDELO XOWHULRU ILLQG YHULILFDW GH F

 GH
WUH

RUJDQHOHLHUDUKLFVXSHULRDUH
$XGLWXO GHVWLQDW FHUWLILF

ULL GRFXPHQWHORU ILQDQFLDUFRQWDELOH GH VLQWH]

H[LVWHQ DSURIHVLRQLVWXOXLFRQWDELOLQGHSHQGHQWFDUHV
VHDP

FRQWDELO

HYDOXH]HLV

 SUHVXSXQH

H[DPLQH]HGDUHDGH

&HUWLILFDUHD SUHVXSXQH H[SULPDUHD XQHL RSLQLL FX SULYLUH OD FRQWXULOH FRQWURODWH SULQ
FDUH VH FRQILUP

 F

 DFHVWHD GDX R LPDJLQH ILGHO

 FODU

 L GH VLQWH]

LQVWLWX LHL SXEOLFH UHVSHFWLYH SUHFXP L D UH]XOWDWXOXL H[HFXW

 D SDWULPRQLXOXL

ULL EXJHWXOXL GH YHQLWXUL L

FKHOWXLHOL
3DUWLFXODULW

LSULYLQGG

'DUHDGHVHDP


ELODQ XOFRQWDELO

FRQWDELOHDOHLQVWLWX LLORUSXEOLFH

DLQVWLWX LLORUSXEOLFHHVWHFRPSXV

FRQWXOGHH[HFX LHEXJHWDU

DQH[H

UDSRUWXOGHDQDOL]
$QH[HOHG

ULOHGHVHDP

SHED]

GLQXUP

WRDUHOHGRFXPHQWH


GHELODQ DVLWXD LHLHFRQRPLFRILQDQFLDUHODGDWDUDSRUW

ULLGHVHDP

FRQWDELOHVHFRPSXQGLQXUP

GHWDOLHUHDFKHOWXLHOLORU

GLVSRQLELOGLQPLMORDFHFXGHVWLQD LHVSHFLDO

FRQWXOGHH[HFX LHEXJHWDU

ILQDQ DUHDEXJHWDU

ILQDQ DUHDLQYHVWL LLORU

VLWXD LDREOLJD LLORUGHSODW

VLWXD LDSDJXEHORUPDWHULDOH

LQGLFDWRULVSHFLILFLGHFDOFXOLIXQGDPHQWDUHDEXJHWXOXLLQVWLWX LHL

DOILHF

UXLIRQGVSHFLDO

UHVWDQWHODILQHOHSHULRDGHL

 FRQWDELO

 VH vQWRFPHWH WULPHVWULDO VDX OD VIkULWXO H[HUFL LXOXL

EXJHWDU $FHDVWD VLQWHWL]HD]

 LQGLFDWRUL GH ED]

RSHUDWLYHGLQDFWLYLWDWHDXQLW

LL

ULOH GH VHDP

'DUHD GH VHDP

'

 DL DFWLYLW

LL FRQWDELOH VWDWLVWLFH L WHKQLF

 EXJHWDUH DX XQ FDUDFWHU XQLWDU vQ FHHD FH SULYHWH VWUXFWXUD L

FRQ LQXWXO ORU vQWUXFkW VXQW VXSXVH XQRU UHJOHPHQW


vQWRFPLUH

ULL

WRDUHOHVLWXD LL

UL VSHFLDOH L FRQGL LL XQLWDUH GH

3ULQFLSLLXQDQLPDFFHSWDWHSULYLQGG
3ULQFLSLLOH FDUH VWDX OD ED]D vQWRFPLULL G
XUPHD]

ULOHGHVHDP

FRQWDELOH

ULORU GH VHDP

 EXJHWDUH VXQW FXP

  3ULQFLSLXO

UHDOLW

LL

L

DO

H[DFWLW

LL

GDWHORU

5HVSHFWDUHDDFHVWXLSULQFLSLXGHSLQGHGHvQV

vQVFULVH

vQ

GRFXPHQWHOH

DQDOLWLF

ULL QRUPHORU OHJDOH vQ YLJRDUH FX SULYLUH OD FRPSOHWDUHD WXWXURU

IRUPXODUHORU FH FRPSXQ GDUHD GH VHDP


FRPSOHWDW

VLQWH]

LH[DFWLWDWHDGDWHORUHYLGHQ HLFRQWDELOH

SUHFXPLGHFRUHODUHDGDWHORUHYLGHQ HLVLQWHWLFHFXFHOHGHHYLGHQ
  3ULQFLSLXO UHVSHFW

GH

 L FRUHFW vQWRFPLW

 FRQWDELO

 'DUHD GH VHDP

 WUHEXLH V

 ILH

 SRWULYLW QRUPHORU HPLVH GH 0LQLVWHUXO )LQDQ HORU

UHIHULWRDUHODvQFKHLHUHDH[HUFL LXOXLEXJHWDU
  3ULQFLSLXO EXQHL LQIRUP

UL vQWUXFkW GDUHD GH VHDP

FUHGLWH ED]D DQDOL]HL VLVWHPDWLFH D XWLOL]

 FRQVWLWXLH SHQWUX RUGRQDWRUXO GH

ULL PLMORDFHORU EXJHWDUH vQ ED]D FUHGLWHORU

EXJHWDUH DSUREDWH &RQFRPLWHQW ELODQ XO FRQWDELO HVWH VXUV


EXJHWXOXLGHYHQLWXULLFKHOWXLHOLSHQWUXH[HUFL LXOEXJHWDUXUP

 vQ YHGHUHD vQWRFPLULL

WRU

%LODQ XOFRQWDELODOLQVWLWX LHLSXEOLFHPRGHOGHJHVWLXQHDSDWULPRQLXOXL


3ULPDFRPSRQHQW

DG

ULORU GH VHDP

 FRQWDELOH DOH LQVWLWX LLORU SXEOLFHHVWHELODQ XO

FRQWDELO $FHVWD FXSULQGH vQ DFWLY WRWDOLWDWHD PLMORDFHORU DIODWH vQ IRORVLQ D LQVWLWX LHL LDU vQ
SDVLYVXUVHOHGLQFDUHVDXSURFXUDWDFHVWHPLMORDFH
3RVWXULOH GLQ ELODQ  FRUHVSXQG FRQWXULORU VLQWHWLFH GH JUDGXO vQWkL VDX GRL FDUH VXQW
SUHOXDWHGLQEDODQ DGHYHULILFDUHvQWRFPLW
Q
SUHPHUJ


YHGHUHD

HODERU

ULL

ODVIkULWXOH[HUFL LXOXL

ELODQ XOXL

FRQWDELO

VH

vQWRFPHVF

OXFU

UL

FRQWDELOH

WRDUHLDQXPH

vQUHJLVWUDUHD vQ FRQWXUL D WXWXURU RSHUD LXQLORU HFRQRPLFH L ILQDQFLDUH DIHUHQWH vQWUHJLL
DFWLYLW

L

vQFKLGHUHDFRQWXULORUODVIkULWXOH[HUFL LXOEXJHWDU

YHULILFDUHD H[DFWLW

LL VXPHORU vQUHJLVWUDWH vQ FRQWDELOLWDWHD VLQWHWLF

XWLOL]DUHDEDODQ HLGHYHULILFDUHVLQWHWLF

VDXDQDOLWLF

 L DQDOLWLF

 SULQ

LQYHQWDULHUHDSDWULPRQLXOXLLUHJXODUL]DUHDGLIHUHQ HORUUH]XOWDWHvQXUPDLQYHQWDULHULL

HIHFWXDUHD YHULILF

ULORU ILQDOH L D FRUHOD LLORU vQWUH OXFU

ULOH FRQWDELOH VSHFLILFH SH ED]D

LQVWUXF LXQLORUHPLVHGH0LQLVWHUXO)LQDQ HORU


2 GDW
FRQGXF

 vQWRFPLW ELODQ XO FRQWDELO HVWH YHULILFDW LDU XOWHULRU HO YD IL VHPQDW GH

WRUXO LQVWLWX LHL SXEOLFH UHVSHFWLYH L FRQGXF

WRUXO FRPSDUWLPHQWXOXL ILQDQFLDU

FRQWDELO
&RQFRPLWHQWELODQ XOFRQWDELOYDYL]DRUJDQHOHEDQFDUHVDXWUH]RUHULDVWDWXOXLGXS
FD] RUJDQH FDUH YRU FHUWLILFD VROGXULOH FRQWXULORU GH GLVSRQLELOLW
VHDP

L vQVFULVH vQ GDUHD GH


&RQWXOGHH[HFX LHEXJHWDU
&RQWXO GH H[HFX LH EXJHWDU

GH VHDP

 EXJHWDU

 $FHDVW

 SUH]LQW

LUDSRUWXOGHDQDOL]

 VLWXD LD UHDOL]

ULL SkQ

 OD GDWD vQWRFPLULL G

ULL

 VLWXD LH VH vQWRFPHWH SH ED]D ILHORU VLQWHWLFH L D GDWHORU

GLQSODQDSUREDWHSHFDSLWROHVXEFDSLWROHSDUDJUDIH
&RQWXOGHH[HFX LHEXJHWDU

SUH]LQW

FRPSDUDWLYYHQLWXULOHSUHY

]XWHSULQSODQDVH

UHDOL]D SUHFXP L YHQLWXULOH UHDOL]DWH UHVSHFWLY FUHGLWHOH EXJHWDUH SUHY


FRQVHPQD L FKHOWXLHOLOH EXJHWDUH UHDOL]DWH VXE FHOH GRX

 DVSHFWH SO

]XWH D VH

L QHWH GH FDV

 L

FKHOWXLHOLHIHFWLYH
$QH[HOH ELODQ XOXL DX FD RELHFWLYH SULQFLSDOH FRPSOHWDUHD L H[SOLFDUHD GDWHORU
vQVFULVH vQ ELODQ  FX SULYLUH OD UH]XOWDWHOH vQUHJLVWUDWH SUHFXP L PRGLILF
VWUXFWXUD HOHPHQWHORU SDWULPRQLDOH DFWLYH IL[H GLVSRQLELOLW

UL LQWHUYHQLWH vQ

L L PLMORDFH GH SURFXUDUH D

DFHVWRUD FUHDQ H GDWRULL SUHFXP L LQIRUPD LL FX SULYLUH OD DSUHFLHUHD PRGXOXL vQ FDUH D
DYXWORFH[HFX LDEXJHWXOXLLQVWLWX LHL
'XS

vQFKHLHUHDG

ULLGHVHDP

VHvQWRFPHWHUDSRUWXOGHDQDOL]

DVLWXD LHLHFRQRPLFRILQDQFLDUHODGDWDUDSRUW
5DSRUWXOH[SOLFDWLY  FD SLHV
LQVWLWX LD SXEOLF

  UHSUH]LQW

DFHDVWDSHRDQXPLW

SHULRDG

GHELODQ

ULL

 FRPSRQHQW

 R ED]

SHED]

 D G

 GH DQDOL]

ULL GH VHDP

 FRPSOH[

 FRQWDELOH vQWRFPLWH GH

 D DFWLYLW

LL GHVI

XUDWH GH

$FHVW UDSRUW FRQ LQH vQ SULQFLSDO LQIRUPD LL FX SULYLUH OD SUH]HQWDUHD VLWXD LHL XQLW
SDWULPRQLDOH L HYROX LD VD vQ SHULRDGD UDSRUWDW
LQWHUYHQLWHvQDFWLYLWDWHDLQVWLWX LHLSXEOLFHGXS
6WUXFWXUD UDSRUWXOXL GLIHU
XUP

vQFKHLHUHDH[HUFL LXOXLEXJHWDU

 GH OD R LQVWLWX LH OD DOWD GDU HD SRDWH IL VFKL DW

RELHFWLYHOH FRPXQH FDUH VH DQDOL]HD]

LL

 SUHFXP L UHIHULUL OD HOHPHQWH GHRVHELWH


 GXS

 vQ FDGUXO DFHVWXL UDSRUW Q PRG FRQFUHW VH

UHVFFDSULQFLSDOHSXQFWHGHDQDOL]

  0RGXO GH vQGHSOLQLUH D SODQXOXL GH FKHOWXLHOL vQ UDSRUW FX FUHGLWHOH DSUREDWH SH DQ L
UHSDUWL]DUHD DFHVWRUD SH SHULRDGD DQDOL]DW
HIHFWLYHID

GHFUHGLWHOHGHVFKLVHSkQ

 &RQFRPLWHQW VH XUP

UHWH VXPD SO

LORU

ODVIkULWXOSHULRDGHLDQDOL]DWH

  0RGXO GH vQGHSOLQLUH D LQGLFDWRULORU IL]LFL L YDORULFL VSHFLILFL DFWLYLW

LL LQVWLWX LHL ID

 GH

  0RGXO GH H[HFXWDUH D SODQXOXL GH YHQLWXUL SHQWUX EXJHWXO GH VWDW EXJHWXO DVLJXU

ULORU

FLIUHOHGLQSURJUDP
VRFLDOH GH VWDW D SODQXOXL GH YHQLWXUL L FKHOWXLHOL H[WUDEXJHWDUH D IRQGXULORU VSHFLDOH
HWF
  6H PHQ LRQHD]
QXP

 vQ PRG GLVWLQFW RSHUD LXQLOH UHVSLQVH OD YL]D GH FRQWURO SUHYHQWLY

UXOLVXPDDFHVWRUD

  3URSXQHUL GH vPEXQ


vPEXQ

LUH D DFWLYLW

LL OD QLYHOXULOH VXSHULRDUH SUHFXP L SURSXQHUL GH

LUHDGLVFLSOLQHLILQDQFLDUHLDFRQWUROXOXLLQWHUQ
7HKQLFLGHDXGLWDOHELODQ XOXLFRQWDELOODLQVWLWX LLOHSXEOLFH

%LODQ XO VH vQWRFPHWH SH ED]D XOWLPHL EDODQ H GH YHULILFDUH D FRQWXULORU VLQWHWLFH
SXVH GH DFRUG FX VROGXULOH GLQ EDODQ D FRQWXULORU DQDOLWLFH vQFKHLDW

 GXS

 vQUHJLVWUDUHD

WXWXURU GRFXPHQWHORU vQ FDUH DX IRVW FRQVHPQDWH RSHUD LXQLOH ILQDQFLDUFRQWDELOH DIHUHQWH
SHULRDGHLUDSRUWDWH
3ULQ YHULILFDUHD ELODQ XOXL FRQWDELO VH DVLJXU
FODU

LFRPSOH[

 F

 DFHDVWD RIHU

 R LPDJLQH ILGHO

DSDWULPRQLXOXLDVLWXD LHLILQDQFLDUHLDUH]XOWDWXOXLH[HFXW

ULLEXJHWXOXL

LQVWLWX LHLUHVSHFWLYH
Q PRG FRQFUHW YHULILFDUHD L FHUWLILFDUHD ELODQ XOXL FRQWDELO VH UHDOL]HD]
LQVWLWX LLOHSXEOLFHGHF
GH VHDP
IRUP

WUHFRPLVLDGHFHQ]RUL$FHDVWDYDvQWRFPLFXRFD]LDYHULILF

 FRQWDELOH UDSRUWXO vQ IRUPD VFXUW

 GHWDOLDW

 OD

ULLG

ULL

 SHQWUX RUJDQHOH 0LQLVWHUXOXL )LQDQ HORU L vQ

 SHQWUX RUGRQDWRUXO GH FUHGLWH DO LQVWLWX LHL SXEOLFH UHVSHFWLYH SUHFXP L

SHQWUXRUJDQHOHLHUDUKLFVXSHULRDUH
$XGLWXOELODQ XOXLVHSRDWHUHDOL]DGLQSXQFWGHYHGHUHDOIRUPHLFkWLDOFRQ LQXWXOXL
'LQSXQFWGHYHGHUHDOIRUPHLVHYHULILF


FRPSOHWDUHD FRUHFW

 D GHQXPLULL LQVWLWX LHL SUHFXP L D GDWHORU GH LGHQWLILFDUH D

DFHVWHLD


H[LVWHQ DIRUPXODUXOXLWLSL]DWDSUREDWGH0LQLVWHUXO)LQDQ HORU

FRPSOHWDUHDFRUHFW

H[LVWHQ D VHPQ

LI

WHUV

WXULDFRORDQHORUGHLQGLFDWRULELODQ LHUL

WXULORU DXWRUL]DWH RUGRQDWRUXO GH FUHGLWH L FRQWDELOXO HI DO LQVWLWX LHL

SXEOLFH 


YL]D GH FRQILUPDUH GH OD WUH]RUHULD VWDWXOXL SULQ FDUH VH FHUWLILF
GLVSRQLELOLW

 VROGXULOH GH

LH[LVWHQWHODVIkULWXOSHULRDGHL

'LQ SXQFW GH YHGHUH DO FRQ LQXWXOXL VH SRW DSOLFD R VHULH GH WHKQLFL GH FRQWURO
VSHFLILFH

Q DQDOL]D ELODQ XOXL FRQWDELO VH SRUQHWH GH OD XUP


DFWLY L FHOH GH SDVLY H[LVW

 R OHJ

WXU

 ELQH VWDELOLW

SUH]HQWDWHvQDFWLYXOELODQ LHUDXRFRUHVSRQGHQ
$FHDVW

WRDUH SUHPLV

 vQ VHQVXO F

 vQWUH JXSHOH GH

 PLMORDFHOH PDWHULDOH

GHSDVLY

 JUXSDUH D PLMORDFHORU PDWHULDOH L D VXUVHORU G

 SRVLELOLWDWHD VHSDU

ULL

IRQGXULORU EXJHWDUH GH FHOH VSHFLDOH SUHFXP L VHSDUDUHD PLMORDFHORU L VXUVHORU SULYLQG
LQYHVWL LLOH
&RQFRPLWHQW VH YD YHULILFD H[LVWHQ D DOWRU HJDOLW
UHSUH]HQW

L QHFHVDUH FRUHFWHL GXEOH

ULDSDWULPRQLXOXL

  6ROGXO PLMORDFHORU IL[H GLQ DFWLYXO ELODQ LHU FRQW   WUHEXLH V


FRUHVSXQ]

 ILH HJDO FX IRQGXO

WRUGLQSDVLYXOELODQ LHU FRQW 

  9DORDUHDRELHFWHORUGHLQYHQWDUGHPLF
FRQWXULOH     WUHEXLH V
YDORDUHDVDXVFXUW

GXUDW

YDORDUHVDXVFXUW

 FRLQFLG

 GXUDW

 GLQDFWLYXO ELODQ XOXL

 FX YDORDUHD IRQGXOXL GH LQYHQWDU GH PLF

GLQSDVLYXOELODQ XOXL FRQW 

  9HULILFDUHD VROGXOXL FRQWXULORU VLQWHWLFH SULQ WRWDOL]DUHD VROGXULORU DQDOLWLFH L VLWXD LLOH
FDUH QHFHVLW
XQLW

 DFHVWH FRUHOD LL 6SUH H[HPSOX ILQDQ DUHD GH OD EXJHWXO GH VWDW SULQ

L EDQFDUH VDX WUH]RUHULH  ILQDQ DUHD GH OD EXJHWXO ORFDO SULQ XQLW

L EDQFDUH VDX

WUH]RUHULH HWF
  &DOFXOXOLQGLFDWRULORUELODQ LHUL
,QGLFDWRULL ELODQ LHUL VH VSULMLQ

 SH GDWHOH FRQWDELOLW

LL FXUHQWH D F

URU ED]

FRQVWLWXLH GRFXPHQWHOH MXVWLILFDWLYH ([DFWLWDWHD DFHVWRU LQGLFDWRUL VH DVLJXU


PXOWHPRGDOLW


LGHDXGLW

UHIOHFWDUHD FRPSOHW
UHIHU

 R

 SULQ PDL

 L H[DFW

 vQ FRQWXUL D WXWXURU YHQLWXULORU L FKHOWXLHOLORU FDUH VH

ODSHULRDGDSHQWUXFDUHVHvQWRFPHWHELODQ XO

UHVSHFWDUHDUHJXOLORUGHHYDOXDUHDHOHPHQWHORUFXSULQVHvQELODQ 

FRQIUXQWDUHD GDWHORU GLQ FRQWDELOLWDWH FX UHDOLWDWHD SULQ LQYHQWDULHUH FDUH FRQVWLWXLH R
SUHPLV

REOLJDWRULHDH[DFWLW

6SUH H[HPSOX VH YHULILF

LLGDWHORUFRQWDELOHLDELODQ XOXL
 FX RFD]LD DXGLWXOXL ELODQ LHU LQGLFDWRUXO 'LVSRQLELOLW

LQVWLWX LHL SXEOLFH &D XUPDUH VH SURFHGHD]


GLVSRQLELOLW

 PDL vQWkL OD WRWDOL]DUHD VROGXULORU GH

LFHFRPSXQVXPDDFWLYXOXLELODQ LHUGXS

FXPXUPHD]

GLVSRQLELODOLQVWLWX LHL FRQW 

GLVSRQLELOSHQWUXVXPHGHPDQGDWLVXPHvQGHSR]LW FRQW 

GLVSRQLELOvQFRQWXOFROHFWRUGHYHQLWXULvQFDVDWHSHQWUXEXJHWXOVWDWXOXL FRQW 

GLVSRQLELOSHQWUXLQYHVWL LL FRQW 

GLVSRQLELOvQYDOXW

GLVSRQLELO

GLQ

L DOH

GLQFUHGLWHH[WHUQHJXYHUQDPHQWDOH FRQW 
YDORULILFDUHD

PHGLFDPHQWHORU

SURFXUDWH

GLQ

FUHGLWH

H[WHUQH

JXYHUQDPHQWDOH FRQW HWF


'XS

 HIHFWXDUHD FDOFXOHORU GH FRQWURO DXGLWRUXO SURFHGHD]

VRQGDM D VROGXULORU GH GLVSRQLELOLW


FX PLF

 OD YHULILFDUHD SULQ

L SULQ FRQIUXQWDUHD UXODMHORU L VROGXOXL FRQWXOXL VLQWHWLF

ULOH L VROGXULOH FRQWXULORU DQDOLWLFH SHQWUX GHVFRSHULUHD HURULORU FX RFD]LD

RSHUD LXQLORUHFRQRPLFHLILQDQFLDUH
3HQWUXFRUHFWDUHDHURULORUGHFDOFXOVDXvQUHJLVWUDUHH[LVW
  QFD]XOvQFDUHHURDUHDHVWHGHVFRSHULW
F

WUH RUJDQXO LHUDUKLF VXSHULRU PRGLILF

FXRFD]LDYHULILF

PDLPXOWHYDULDQWH

ULLG

ULLGHVHDP

DQXDOHGH

ULOH HIHFWXDWH YRU IL RSHUDWH SULQ QRWH FRQWDELOH

vQWRFPLWH vQ FRQWDELOLWDWHD DQXOXL H[SLUDW L LPSOLFLW D DQXOXL FXUHQW SHQWUX UHFWLILFDUHD
VROGXULORULQL LDOHSHED]DGLVSR]L LHLSULPLWHvQVFULVGHODRUJDQXOLHUDUKLFVXSHULRU
  Q FD]XO GHVFRSHULULL HURULORU GXS

 DSUREDUHD G

ULL GH VHDP

 FRQWDELOH DQXDOH DFHVWHD

YRUILFRUHFWDWHvQDQXOFXUHQW
&RQFRPLWHQWvQFDGUXORSHUD LXQLLGHYHULILFDUHDELODQ XOXLFRQWDELOVHXUP


GDF

UHWH

 GLQDPLFD VROGXULORU FRQWXULORU GH GHELWRUL FOLHQ L FUHGLWRUL IXUQL]RUL L D DOWRU

FRQWXUL FDUH FDUDFWHUL]HD]


SUHFXPLP

 DFWLYLWDWHD ILQDQFLDUFRQWDELO

 D LQVWLWX LHL HVWH QRUPDO

VXULOHSURSXVHvQUDSRUWXOGHJHVWLXQHFXSULYLUHODUHFXSHUDUHDSDJXEHORU

VDXDGHELWRULORUUHVWDQ L

PRGXO vQ FDUH DX IRVW UHVSHFWDWH QRUPHOH ID


FHORUSULYLQGVF

 GH WHU LL FDUH VDX SUHVFULV SUHFXP L D

GHUHDGLQDFWLYDFUHDQ HORUFDUHQXPDLSRWILUHFXSHUDWH

Q DFHVW VHQV FX RFD]LD YHULILF

ULL ELODQ XOXL DXGLWRUXO SRDWH FHUH OLVWD GHELWRULORU

LQVROYDELOL Q FD]XO GHELWRULORU LQVROYDELOL LQVWLWX LLOH VXQW REOLJDWH V

 SUH]LQWH VHUYLFLXOXL GH

FRQWDELOLWDWH DO LQVWLWX LHL VXSHULRDUH OLVWD DFHVWRU GHELWRUL VSHFLILFkQG VXPHOH L YHFKLPHD
ORUSUHFXPLPRWLYHOHLQVROYDELOLW
9HULILFDUHDYDFXSULQGHXUP

LLORUMXVWLILFDWHSHED]

MXVWLILFDUHDWUHFHULLFUHDQ HORUODVF

H[DFWLWDWHD vQUHJLVWU
GDUHDODVF

GHUH

ULL vQ FRQWXULOH vQ DIDUD ELODQ XOXL D GHELWRULORU LQVROYDELOL vQWUXFkW

GHUHDDFHVWRUGHELWRULQXFRQVWLWXLHRDQXODUHGHILQLWLY

PRGXOvQFDUHDXIRVWXWLOL]DWHWRDWHSRVLELOLW
LPSXQHSUHFL]DUHDF
YDVWDELOLP

GHGRFXPHQWH

WRDUHOHDVSHFWH

vQFD]XOPRGLILF

LOHGHSXQHUHVXEXUP

DGDWRULHL
ULUHDGHELWHORU6H

ULLVLWXD LHLORUPDWHULDOHFRPLVLDGHLQYHQWDULHUH

VXULSHQWUXLQYHQWDULHUHDGHELWRULORUUHVSHFWLYL

QSDUDOHOFXYHULILF

ULOHGHPDLVXVVHSURFHGHD]

LODVWDELOLUHDXQRUDOWHRELHFWLYH

GHFRQWURODOHELODQ XOXLFRQWDELO



GDF

H[LVW

GHS

LULGHFUHGLWHEXJHWDUHLFDX]HOHORU

GDF

 VDX vQUHJLVWUDW FUHWHUL VHPQLILFDWLYH DOH VROGXULORU FRQWXULORU GH YDORUL PDWHULDOH

LFDX]HOHORU


DSOLFDUHD

GLVSR]L LLORU

OHJDOH

SULYLQG

LQYHQWDULHUHD

SDWULPRQLXOXL

L

UHJXODUL]DUHD

GLIHUHQ HORUODLQYHQWDULHUH
&RQGXF

WRUXO XQLW

LL L FHO DO FRPSDUWLPHQWXOXL ILQDQFLDUHFRQRPLF U

VSXQG OD

UHDOLWDWHD L H[DFWLWDWHD GDWHORU FX SULYLUH OD PRGXO GH UHDOL]DUH D LQGLFDWRULORU HFRQRPLFR
ILQDQFLDULUDSRUWD LSULQELODQ XOFRQWDELOLFRQWXOGHH[HFX LHvQFRQIRUPLWDWHFXSUHYHGHULOH
/HJLLQUSULYLQGILQDQ HOHSXEOLFHFRURERUDWHFXSUHYHGHULOH/HJLLFRQWDELOLW


LLQU

You might also like