Professional Documents
Culture Documents
kdslwuh Pqpudolwpvvxuohvrq Hwohvrqghv:, 2Qghvhqsk/Vltxh
kdslwuh Pqpudolwpvvxuohvrq Hwohvrqghv:, 2Qghvhqsk/Vltxh
HWOHVRQGHV
,2QGHVHQSK\VLTXH
'pILQLWLRQ
8QH RQGH HVW OD SURSDJDWLRQ G
XQH SHUWXUEDWLRQ G
XQH JUDQGHXU SK\VLTXH
TXHOFRQTXH)DLUHERXJHUDYHFXQVHXOPRXYHPHQWVHFO
H[WUpPLWpG
XQHFRUGHYD
JpQpUHUXQHRQGHPpFDQLTXHVXUODFRUGHODGpIRUPDWLRQLQLWLDOHYDVHSURSDJHUOH
ORQJGHODFRUGH
/DSURSDJDWLRQVHIDLWGDQVXQPLOLHXPDWpULHOVROLGHOLTXLGHJD]SODVPDRX
GDQVOHYLGHRQGHVpOHFWURPDJQpWLTXHVRQGHVJUDYLWDWLRQQHOOHVSDUH[HPSOH
/DSURSDJDWLRQG
XQHRQGHVHIDLWVDQVWUDQVSRUWGHPDWLqUH5HSUHQRQVO
H[HPSOH
GHO
RQGHVXUXQHFRUGH/HPRXYHPHQWGHODFRUGHVHSURSDJHPDLVOHVPRUFHDX[
GHFRUGHQHVHGpSODFHQWSDVOHORQJGHODFRUGH3DUFRQWUHODSURSDJDWLRQG
XQH
RQGHV
DFFRPSDJQHG
XQWUDQVSRUWG
pQHUJLH
)URQWG
RQGH
/
HQVHPEOHGHVSRLQWVDWWHLQWVHQXQWHPSVGRQQpGHSXLVODVRXUFHGHO
RQGHHVW
DSSHOpOHIURQWG
RQGH
&pOpULWpRXYLWHVVHGHSURSDJDWLRQ
/D FpOpULWp FRXYLWHVVHGHSURSDJDWLRQG
XQHRQGHHVWODYLWHVVHjODTXHOOHOD
SHUWXUEDWLRQVHGpSODFH&HWWHYLWHVVHQHGRLWSDVrWUHFRQIRQGXHDYHFODYLWHVVH
G
RVFLOODWLRQGXHDXSDVVDJHGHODSHUWXUEDWLRQ5HSUHQRQVHQFRUHO
H[HPSOHGHOD
FRUGH/DYLWHVVHjODTXHOOHODGpIRUPDWLRQGHODFRUGHVHGpSODFHOHORQJGHOD
FRUGH Q
HVW SDV FHOOH G
RVFLOODWLRQ GHV SRLQWV GH OD FRUGH DXWRXU GH OD GLUHFWLRQ
PR\HQQHGHODFRUGH
4XHOTXHVW\SHVG
RQGHV
D2QGHORQJLWXGLQDOH
8QHRQGHHVWORQJLWXGLQDOHTXDQGODGLUHFWLRQGXGpSODFHPHQWGHODSHUWXUEDWLRQHVW
SDUDOOqOHjODGLUHFWLRQG
RVFLOODWLRQGHODJUDQGHXUSHUWXUEpH/
RQGHREWHQXHHQ
FRPSULPDQWXQHSDUWLHG
XQUHVVRUWjVSLUHVQRQMRLQWLYHVHVWORQJLWXGLQDOHOD]RQH
GHFRPSUHVVLRQVHGpSODFHOHORQJGXUHVVRUWHWOHVSRLQWVGXUHVVRUWRVFLOOHQWDYHF
XQPRXYHPHQWSDUDOOqOHDXUHVVRUWFRPPHLOOXVWUpVXUODILJXUH
LQVWDQWLQLWLDO LQVWDQWXOWpULHXU
]RQHGHFRPSUHVVLRQGHVVSLUHV ]RQHGHFRPSUHVVLRQGHVVSLUHV
GLUHFWLRQG
RVFLOODWLRQGHVVSLUHV GLUHFWLRQGHSURSDJDWLRQGHO
RQGH
)LJXUHXQH[HPSOHG
RQGHORQJLWXGLQDOHOHSLQFHPHQWG
XQUHVVRUW
E2QGHWUDQVYHUVH
8QHRQGHHVW WUDQVYHUVH TXDQGODGLUHFWLRQGXGpSODFHPHQWGHODSHUWXUEDWLRQHVW
SHUSHQGLFXODLUHjODGLUHFWLRQG
RVFLOODWLRQGHODJUDQGHXUSHUWXUEpH8QHRQGHVH
GpSODoDQWOHORQJG
XQHFRUGHHVWXQHRQGHWUDQVYHUVHFRPPHO
LOOXVWUHODILJXUH
LQVWDQWLQLWLDO LQVWDQWXOWpULHXU
GLUHFWLRQG
RVFLOODWLRQGHV GLUHFWLRQGHSURSDJDWLRQGHO
RQGH
SRLQWVGHODFRUGH
)LJXUHXQH[HPSOHG
RQGHWUDQVYHUVHXQHGpIRUPDWLRQVHSURSDJHDQWOHORQJ
G
XQHFRUGH
F2QGHSODQHRQGHVSKpULTXH
8QHRQGHHVWGLWH SODQH ORUVTXHOHIURQWG
RQGHHVWXQSODQ/DVHXOHFRRUGRQQpH
G
HVSDFH LQWHUYHQDQW GDQV OD GHVFULSWLRQ PDWKpPDWLTXH GH O
RQGH HVW FHOOH
SHUSHQGLFXODLUHDXIURQWG
RQGH
8QH RQGH HVW GLWH VSKpULTXH ORUVTXH OH IURQW G
RQGH HVW XQH VSKqUH /D VHXOH
FRRUGRQQpHG
HVSDFHLQWHUYHQDQWGDQVODGHVFULSWLRQPDWKpPDWLTXHGHO
RQGHHVWOD
GLVWDQFHDXFHQWUHGHODVSKqUH
G2QGHSURJUHVVLYHRQGHVWDWLRQQDLUHRQGHpYDQHVFHQWH
2Q DMRXWH OH TXDOLILFDWLI GH ©SURJUHVVLYHª j WRXWH RQGH TXL FRUUHVSRQG j OD
SURSDJDWLRQHIIHFWLYHG
XQHSHUWXUEDWLRQ6LO
RQVHUpIqUHjODGpILQLWLRQG
XQHRQGH
GRQQpHSOXVKDXWFHTXDOLILFDWLIHVWUHGRQGDQW,OHVWVXUWRXWXWLOLVpSRXUPDUTXHUOD
GLIIpUHQFH DYHF G
DXWUHV W\SHV G
RQGHV TXH QRXV DOORQV pYRTXHU GDQV OHV
SDUDJUDSKHVVXLYDQWV'DQVOHFDVG
XQHRQGHSODQHO
H[SUHVVLRQPDWKpPDWLTXHGH
O
RQGHGpSHQGXQLTXHPHQWGHODYDULDEOH X FW [ DYHF F ODFpOpULWp W OHWHPSVHW
[ ODFRRUGRQQpHSHUSHQGLFXODLUHDXIURQWG
RQGHSRXUOHVRQGHVVHSURSDJHDQWYHUV
OHV [ FURLVVDQWV RX GH X FW[ SRXU OHV RQGHV VH SURSDJHDQW YHUV OHV [
GpFURLVVDQWV
8QHRQGHVWDWLRQQDLUHHVWXQHRQGHGDQVODTXHOOHODSURSDJDWLRQGHODSHUWXUEDWLRQ
DGLVSDUXFHODSRXUUDLWVHPEOHUFRQWUDGLFWRLUHDYHFODGpILQLWLRQG
XQHRQGHPDLV
O
XVDJHDFRQVDFUpFHWWHDSSHOODWLRQ/HVGpSHQGDQFHVWHPSRUHOOHHWVSDWLDOHVRQW
GpFRXSOpHVHWO
RQSHXWpFULUHO
RQGHVRXVODIRUPHG
XQSURGXLWG
XQHIRQFWLRQGX
WHPSVSDUXQHIRQFWLRQGHO
HVSDFHVRLW S [ W I W J [ HQSUHQDQWO
H[HPSOH
G
XQHRQGH GHSUHVVLRQjXQHGLPHQVLRQ8QHPDQLqUHGHFRQVWUXLUHXQHRQGH
VWDWLRQQDLUHFRQVLVWHjVXSHUSRVHUGHX[RQGHVSURJUHVVLYHVGHPrPHIUpTXHQFHHW
GHPrPHDPSOLWXGHVHSURSDJHDQWHQVHQVLQYHUVH
8QHRQGH pYDQHVFHQWH HVW XQHRQGH TXL V
DWWpQXHVDQV VHSURSDJHUDWWpQXDWLRQ
H[SRQHQWLHOOHHQJpQpUDO
H2QGHSpULRGLTXHQRQSpULRGLTXHDOpDWRLUH
8QHRQGHHVWSpULRGLTXHVRXVHQWHQGXHQWHPSVVLSRXUXQHQGURLWGRQQpHOOHVH
UpSqWHjO
LGHQWLTXHjXQLQWHUYDOOHGHWHPSVFRQVWDQW2QPRQWUHGpFRPSRVLWLRQHQ
VpULHGH)RXULHUTX
XQHRQGHSpULRGLTXHSHXWWRXMRXUVVHGpFRPSRVHUFRPPHOD
VRPPHHQJpQpUDOLQILQLHG
RQGHVVLQXVRwGDOHV
/HVRQGHVQRQSpULRGLTXHVHQDFRXVWLTXHVHVXEGLYLVHQWHQGHX[FDWpJRULHV
OHVVRQVGpWHUPLQLVWHVTXLVRQWGpFULWVHQXQHQGURLWGRQQpSDUXQHIRQFWLRQ
GpWHUPLQpHGXWHPSV
OHVEUXLWVEUXLWpWDQWFRPSULVDXVHQVGHODWKpRULHGXVLJQDOTXLDXFRQWUDLUHQH
SHXYHQWrWUHGpFULWVSDUXQHIRQFWLRQGXWHPSVPDLVRQWXQFDUDFWqUHDOpDWRLUH
*UDQGHXUVFDUDFWpULVWLTXHVGHVRQGHVSODQHVSURJUHVVLYHV
SpULRGLTXHV
D3pULRGH7IUpTXHQFHISXOVDWLRQ π
/D SpULRGH 7 HVW OD GXUpH PLQLPDOH GH UpSpWLWLRQ j O
LGHQWLTXH GH O
RQGH HQ XQ
HQGURLWGRQQp/DIUpTXHQFH I HVWOHQRPEUHGHFHVUpSpWLWLRQVSDUXQLWpGHWHPSV
'DQVOHV\VWqPHLQWHUQDWLRQDO 7 VHPHVXUHHQVHFRQGH V HW I HQ+HUW] +] 2Q
DOHVUHODWLRQV
I o7
7 I
/DILJXUHUHSUpVHQWHODQRWLRQGHSpULRGHG
XQHRQGH
DPSOLWXGH 7
7
WHPSV
7
)LJXUHLOOXVWUDWLRQGHODSpULRGH7G
XQHRQGH
/DSXOVDWLRQ π HVWGpILQLHSDU
η
π η I
7
π VHPHVXUHHQUDGLDQVSDUVHFRQGH UDGV 0rPHVLO
RQSHXWIRUPHOOHPHQW
GpILQLUODSXOVDWLRQSRXUWRXWHRQGHSpULRGLTXHVRQXVDJHHQSUDWLTXHHVWUHVWUHLQW
DX[RQGHVVLQXVRwGDOHV
E/RQJXHXUG
RQGH β HWQRPEUHG
RQGH N
/DORQJXHXUG
RQGH β HVWODGLVWDQFHPLQLPDOHGHUpSpWLWLRQjO
LGHQWLTXHGHO
RQGH
SRXUXQLQVWDQWGRQQpF
HVWODSpULRGHVSDWLDOH β HVWODGLVWDQFHSDUFRXUXHSDU
O
RQGHHQXQHSpULRGH'DQVOHV\VWqPHLQWHUQDWLRQDO β VHPHVXUHHQPqWUH P
/HQRPEUHG
RQGH N VHGpILQLWSDU
η
N
β
N VHPHVXUHHQ P 0rPHVLO
RQSHXWGpILQLUOHQRPEUHG
RQGHSRXUWRXWHRQGH
SpULRGLTXHVRQXVDJHHQSUDWLTXHHVWUHVWUHLQWDX[RQGHVVLQXVRwGDOHV
5HPDUTXHHQVSHFWURVFRSLHOHQRPEUHG
RQGHDXQHDXWUHGpILQLWLRQ1RWp κLO
HVWGpILQLFRPPHO
LQYHUVHGHODORQJXHXUG
RQGH κ β LOHVWGRQFO
pTXLYDOHQW
VSDWLDOGHODIUpTXHQFH2QSDUOHSDUIRLVGHQRPEUHG
RQGHVSHFWURVFRSLTXHSRXU
κ HWGHQRPEUHG
RQGHDQJXODLUHSRXU N
F/LHQHQWUHFHVJUDQGHXUV
/HV JUDQGHXUV WHPSRUHOOHV 7 I π HW VSDWLDOHV β N QH VRQW SDV
LQGpSHQGDQWHV2QPRQWUHTXHO
RQDOHVUHODWLRQV
Fβ I oβF7 o πN F
G6SHFWUH
/HVSHFWUHG
XQHRQGHSpULRGLTXHHVWGLVFUHWLHLOSHXWrWUHLQGH[pDYHFOHVHQWLHUV
HWHVWIRUPpG
XQHIUpTXHQFHIRQGDPHQWDOHpJDOHjODIUpTXHQFHGHO
RQGHHWGH
WRXW RX SDUWLH GHV PXOWLSOHV HQWLHUV GH FHWWH IUpTXHQFH &H UpVXOWDW GpFRXOH
GLUHFWHPHQW GH OD GpFRPSRVLWLRQ G
XQH RQGH SpULRGLTXH HQ XQH VRPPH G
RQGHV
VLQXVRwGDOHVGHIUpTXHQFHVPXOWLSOHVGHODIUpTXHQFHGHO
RQGH/
H[HPSOHG
XQH
IRQFWLRQSpULRGLTXHFDUUpHV\PpWULTXHDYHFVRQVSHFWUHHVWGRQQpVXUOHVILJXUHV
DHWEUHVSHFWLYHPHQW
VW
WPV
DPSOLWXGH
IN+]
)LJXUHV DHWEKDXWHWEDVIRQFWLRQSpULRGLTXHFDUUpHV\PpWULTXHHWVRQ
VSHFWUHOLPLWpjO
LQWHUYDOOHN+]LOV
pWHQGHQWRXWHULJXHXUjO
LQILQL
5HPDUTXHLOH[LVWHXQHDPELJXwWpVXUODVLJQLILFDWLRQGXWHUPH©KDUPRQLTXHVª
7DQW{WOHVKDUPRQLTXHVGpVLJQHQWWRXWHVOHVIUpTXHQFHVGXVSHFWUHjO
H[FHSWLRQGH
OD IUpTXHQFH IRQGDPHQWDOH WDQW{W OD IUpTXHQFH IRQGDPHQWDOH HVW FRQVLGpUpH
FRPPHO
KDUPRQLTXHGHUDQJ (QDFRXVWLTXHF
HVWODSUHPLqUHGpILQLWLRQTXL
SUpYDXWHWTXHQRXVDGRSWHURQVGDQVODVXLWH
2QGHVVLQXVRwGDOHVRXPRQRFKURPDWLTXHVHWOHXULQWpUrW
8QHRQGHVLQXVRwGDOHRXPRQRFKURPDWLTXHOHVGHX[WHUPHVVRQWpTXLYDOHQWVHVW
XQHRQGH GRQWODJUDQGHXU FDUDFWpULVWLTXHHQXQHQGURLWGRQQp YDULHGHIDoRQ
VLQXVRwGDOHDYHFOHWHPSV6RQVSHFWUHQHFRPSRUWHTX
XQHVHXOHIUpTXHQFH
6LO
RQQRWHXODJUDQGHXUO
H[SUHVVLRQPDWKpPDWLTXHG
XQHWHOOHRQGHHQXQHQGURLW
GRQQpHVWGHODIRUPH
η
X W8 VLQ π W σ8 VLQ η I Wσ8 VLQ Wσ
7
8HVWO
DPSOLWXGHHW σ ODSKDVHjO
RULJLQHGHVWHPSV
3RXUXQHRQGHSODQHSURJUHVVLYHVHSURSDJHDQWVXLYDQWOHV[FURLVVDQWVO
H[SUHVVLRQ
PDWKpPDWLTXHHVW
[
X [ W 8 VLQ N F W[ σ8 VLQ πW N[σ8 VLQ πW σ
F
'DQVOHFDVIUpTXHQWROHVpTXDWLRQVGpFULYDQWXQSKpQRPqQHVRQWOLQpDLUHVLOHVW
LQWpUHVVDQW G
pWXGLHU OH FRPSRUWHPHQW GHV RQGHV VLQXVRwGDOHV 8QH IRLV FH
FRPSRUWHPHQWFRQQXRQFRQQDvWDORUVOHFRPSRUWHPHQWSRXUQ
LPSRUWHTXHOOHRQGH
SpULRGLTXH/HVpTXDWLRQVpWDQWOLQpDLUHVOHFRPSRUWHPHQWG
XQHVRPPHG
RQGHV
VLQXVRwGDOHV HVW OD VRPPH GHV FRPSRUWHPHQWV SRXU FKDFXQH GHV RQGHV
VLQXVRwGDOHV
,,2QGHVDFRXVWLTXHV
1DWXUH
/HVRQGHVDFRXVWLTXHVVRQWGHVRQGHVGHSUHVVLRQ$XWUHPHQWGLWXQVRQHVWOD
SURSDJDWLRQG
XQHYDULDWLRQGHSUHVVLRQDSSHOpHSUHVVLRQDFRXVWLTXHDXWRXUGHOD
SUHVVLRQPR\HQQHGDQVXQPLOLHX3RXUFHWWHUDLVRQXQVRQQHVHSURSDJHSDVGDQV
OHYLGHFRQWUDLUHPHQWjODOXPLqUHPDLVDEHVRLQG
XQVXSSRUWPDWpULHOVROLGH
OLTXLGHRXJD]HX[
&HPLOLHXPDWpULHOHVWWRXMRXUVSOXVRXPRLQVpODVWLTXHpYLGHPPHQWXQJD]HVW
SOXVpODVWLTXHTX
XQVROLGHHWF
HVWFHODTXLSHUPHWODSURSDJDWLRQGHSURFKHHQ
SURFKHG
XQHRQGHVRQRUH¬O
LPDJHGHFHTX
LOVHSDVVHSRXUXQUHVVRUWXQH]RQH
FRPSULPpHGXPLOLHXPDWpULHOYDPHWWUHHQPRXYHPHQWOD]RQHFRQWLJXsTXLjVRQ
WRXUYDIDLUHERXJHUOD]RQHG
jF{WpHWF
8QHIRLVHQFRUHLQVLVWRQVVXUO
LPSRUWDQWHGLVWLQFWLRQjIDLUHHQWUHODFpOpULWpF
HVW
jGLUHODYLWHVVHjODTXHOOHODYDULDWLRQGHSUHVVLRQVHWUDQVPHWG
XQHFRXFKHGX
PLOLHXjXQHDXWUHHWODYLWHVVHjODTXHOOHFHVFRXFKHVRVFLOOHQWDXWRXUGHOHXU
SRVLWLRQPR\HQQH
'DQVOHFDVGHO
DLUTXLQRXVLQWpUHVVHUDLFLXQHYDULDWLRQGHSUHVVLRQVLJQLILHXQH
YDULDWLRQGHODGHQVLWpXQHRQGHDFRXVWLTXHGDQVO
DLUV
DFFRPSDJQHDXVVLG
XQH
YDULDWLRQGHODGHQVLWpGHO
DLU
&RPPHLODpWpGLWSUpFpGHPPHQWXQHRQGHQHV
DFFRPSDJQHSDVG
XQWUDQVSRUWGH
PDWLqUH /D SURSDJDWLRQ G
XQ VRQ GDQV O
DLU SDU H[HPSOH VH IDLW GRQF VDQV
GpSODFHPHQWG
DLULOQ
\DSDVGHYHQWFUppSDUOHSDVVDJHG
XQHRQGHVRQRUH
+\SRWKqVHVGHWUDYDLO
'DQVWRXVOHVFDVTXLVHURQWWUDLWpVGDQVFHWRXYUDJHOHVYDULDWLRQVGHSUHVVLRQHW
GHGHQVLWpGXHVDXSDVVDJHG
XQHRQGHDFRXVWLTXHVHURQWIDLEOHVSDUUDSSRUWjOD
SUHVVLRQPR\HQQHODSUHVVLRQDWPRVSKpULTXHGDQVQRWUHFDV1RXVMXVWLILHURQV
SOXVORLQOD YDOLGLWpGHFHWWHK\SRWKqVH7RXWHV OHV RQGHV QHYpULILHQWSDVFHWWH
K\SRWKqVHHQSDUWLFXOLHUOHVRQGHVGHFKRFHWHOOHVQHVHURQWSDVWUDLWpHVGDQVFH
OLYUH
/HVYLWHVVHVG
RVFLOODWLRQGHVFRXFKHVGXPLOLHXVHURQWDXVVLIDLEOHVSDUUDSSRUWjOD
FpOpULWpGHO
RQGHDFRXVWLTXHFHQHVHUDLWSDVYUDLSRXUXQHRQGHGHFKRF
/
DLUpWDQWXQWUqVPDXYDLVFRQGXFWHXUGHODFKDOHXUOHSDVVDJHG
XQHRQGHVRQRUH
HVWLVHQWURSLTXHSDVG
pFKDQJHGHFKDOHXUHQWUHOHVGLIIpUHQWHVFRXFKHVG
DLUVDXI
SRXU GHV FDV WUqV SDUWLFXOLHUV TXL QH VHURQW SDV DERUGpV GDQV O
RXYUDJH HQ
SDUWLFXOLHU XOWUDVRQV GH WUqV KDXWH IUpTXHQFH GH O
RUGUH GX *+] HW SOXV SRXU
OHVTXHOVODGLIIXVLRQGHODFKDOHXUQ
HVWSOXVQpJOLJHDEOH
7\SHG
RQGHVGDQVOHVGLIIpUHQWVPLOLHX[
'DQV XQ IOXLGH OLTXLGH RX JD] OHV RQGHV VRQRUHV VRQW ORQJLWXGLQDOHV SDV GH
WUDQVPLVVLRQ SRVVLEOH GHV FLVDLOOHPHQWV 'DQV XQ VROLGH HOOHV SHXYHQW rWUH
ORQJLWXGLQDOHVHWRXWUDQVYHUVHV
4XHOTXHVRLWOHPLOLHXOHVRQGHVDFRXVWLTXHVSHXYHQWDYRLUGHVIURQWVG
RQGHGH
IRUPH TXHOFRQTXH SODQ VSKpULTXH RX DXWUH HW GHV pYROXWLRQV WHPSRUHOOHV
TXHOFRQTXHVSpULRGLTXHQRQSpULRGLTXHDOpDWRLUH
9LWHVVHVGHSURSDJDWLRQ
'HIDoRQJpQpUDOHSOXVOHPLOLHXHVWULJLGHHWSOXVODWUDQVPLVVLRQGHVYDULDWLRQVGH
SUHVVLRQHVWUDSLGH/DYLWHVVHGHSURSDJDWLRQGXVRQGDQVXQVROLGHHVWSOXVJUDQGH
TXHFHOOHGDQVXQOLTXLGHTXLHVWHOOHPrPHSOXVJUDQGHTXHFHOOHGDQVXQJD]
'DQVGXIHUODYLWHVVHGHSURSDJDWLRQGXVRQHVWGHPV GDQVO
HDXHOOHHVW
G
HQYLURQPVFHWWHYDOHXUGpSHQGGHVVROXWpVpYHQWXHOVOHVHOGDQVO
HDXGH
PHUSDUH[HPSOHGHODSUHVVLRQGRQFGHODSURIRQGHXUSRXUOHVpWHQGXHVG
HDX
VXIILVDPPHQW SURIRQGHV HW GH OD WHPSpUDWXUH HW GDQV O
DLU G
HQYLURQ PV
QRXVGpWDLOOHURQVOHFDVGHODYLWHVVHGXVRQGDQVO
DLUSOXVORLQGDQVFHOLYUH
6RQVXOWUDVRQVLQIUDVRQV
/HV RQGHV DFRXVWLTXHV SHUFHSWLEOHV SDU O
RUHLOOH KXPDLQH V
pWDJHQW HQ IUpTXHQFH
HQWUH +] HW N+] QRXV YHUURQV GDQV XQ DXWUH FKDSLWUH OHV OLPLWHV GH
SHUFHSWLRQHQLQWHQVLWp&HVERUQHVVRQWpYLGHPPHQWGHV PR\HQQHVYDULDEOHV
G
XQHSHUVRQQHjXQHDXWUHYDULDEOHVDYHFO
kJHXQHRUHLOOHMHXQH²GXPRLQVVL
HOOHQ
DSDVDEXVpGHVRQVWURSIRUWV ² SHUoRLWXQHJDPPHGHIUpTXHQFHVSOXV
pWHQGXHTX
XQHRUHLOOHkJpH/
pWHQGXHWUqVODUJHGHVIUpTXHQFHVSHUFHSWLEOHVSDU
O
RUHLOOHHVWjFRPSDUHUjFHOOHGHODYLVLRQLOQ
H[LVWHTX
XQIDFWHXUGHX[HQWUHOHV
IUpTXHQFHVH[WUrPHVGXVSHFWUHYLVLEOH
/HVRQGHVDFRXVWLTXHVGHIUpTXHQFHVWURSIDLEOHVSRXUrWUHSHUFHSWLEOHVSDUO
RUHLOOH
KXPDLQHHQGHVVRXVGH+]VRQWDSSHOpHV LQIUDVRQVGHODPrPHPDQLqUHOHV
LQIUDURXJHVVRQWGHVRQGHVpOHFWURPDJQpWLTXHVGRQWODIUpTXHQFHHVWVLWXpHMXVWHHQ
GHVVRXVGHFHOOHVGXVSHFWUHYLVLEOH/HVLQIUDVRQVSHXYHQWFHSHQGDQWrWUHUHVVHQWLV
SDU G
DXWUHV RUJDQHV F°XU YLVFqUHV 4XHOTXHV DQLPDX[ pOpSKDQWV EDOHLQHV
SURGXLVHQW HW HQWHQGHQW OHV LQIUDVRQV 'HV SKpQRPqQHV QDWXUHOV FRPPH OHV
VpLVPHVOHVWXUEXOHQFHVDXGHVVXVGHUHOLHIVPRQWDJQHX[O
HQWUpHG
XQHPpWpRULWH
GDQVO
DWPRVSKqUHSURGXLVHQWGHVLQIUDVRQV
/HVRQGHVDFRXVWLTXHVGHIUpTXHQFHVWURSpOHYpHVSRXUrWUHSHUFHSWLEOHVSDUO
RUHLOOH
KXPDLQHDXGHVVXVGHN+]VRQWDSSHOpHV XOWUDVRQV GHODPrPHPDQLqUHOHV
XOWUDYLROHWVVRQWGHVRQGHVpOHFWURPDJQpWLTXHVGRQWODIUpTXHQFHHVWVLWXpHMXVWHDX
GHVVXVGHFHOOHVGXVSHFWUHYLVLEOH'HQRPEUHX[DQLPDX[pPHWWHQWRXSHUoRLYHQW
GHVXOWUDVRQVFKLHQVFKDXYHVVRXULVTXLV
HQVHUYHQWSRXUO
pFKRORFDWLRQ
5HWHQRQV TXH VRQV XOWUDVRQV HW LQIUDVRQV VRQW GH PrPH QDWXUH WRXV VRQW GHV
RQGHVGHSUHVVLRQ6HXOHVOHVOLPLWHVGHVVHQVKXPDLQVRQWFRQGXLWjOHVGLVWLQJXHU
3KpQRPqQHVDX[TXHOVGRQQHQWOLHXGHVRQGHVDFRXVWLTXHV
D'LVSHUVLRQ
/DGLVSHUVLRQHVWODYDULDWLRQGHODYLWHVVHGHSURSDJDWLRQDYHFODIUpTXHQFH/
DLU
RXOHVJD]HQJpQpUDOQHVRQWSDVGLVSHUVLIVODYLWHVVHGXVRQHVWLQGpSHQGDQWHGH
ODIUpTXHQFH/HVVRQVJUDYHVRXDLJXVOHVLQIUDVRQVHWOHVXOWUDVRQVVHSURSDJHQWj
ODPrPHYLWHVVHGDQVO
DLU
E5pIOH[LRQ
/RUVTX
XQHRQGHDFRXVWLTXHUHQFRQWUHXQREVWDFOHGHJUDQGHWDLOOHSDUUDSSRUWjOD
ORQJXHXUG
RQGHVLFHQ
HVWSDVOHFDVODGLIIUDFWLRQDERUGpHDXSDUDJUDSKH G
GHYLHQWSUpSRQGpUDQWHHOOHHVWUHQYR\pHHQSDUWLHRXHQWRWDOLWpDYHFXQDQJOHU
pJDOjFHOXLG
LQFLGHQFHLFRPPHOHPRQWUHODILJXUH
SHUSHQGLFXODLUHjO
REVWDFOH
RQGHLQFLGHQWH L
U
RQGHUpIOpFKLH
REVWDFOH
)LJXUHUpIOH[LRQG
XQHRQGHVRQRUHVXUXQREVWDFOH