You are on page 1of 11

&$3,72/8/ 

(/(0(17( ,1752'8&7,9( 35,9,1' $1$/,=$ 67$7,67,& $&7,9,7 ,, (&2120,&( , $ *(67,81,, ),1$1&,$5( $ 175(35,1'(5,,



175(35,1'(5($ $*(17 (&2120,& 'HILQLUHD L FODVLILFDUHD DJHQ LORU HFRQRPLFL JUXSXUL GH SHUVRDQH IL]LFH LVDX MXULGLFH vQGHSOLQHVF UROXUL L DX FRPSRUWDPHQWH FDUH vQ



$JHQ LL HFRQRPLFL VXQW SHUVRDQH VDX FDOLWDWH GH SDUWLFLSDQ L OD YLD D HFRQRPLF  VLPLODUH

HFRQRPLFH

*UXSDUHD DJHQ LORU HFRQRPLFL VH SRDWH IDFH SH ED]D PDL PXOWRU FULWHULL FXP VXQW VXELHF L GH SURSULHWDWH IRUPH GH RUJDQL]DUH L IRORVLUH D IDFWRULORU GH SURGXF LH VIHUD VDX GRPHQLXO GH DFWLYLWDWH HWF 3HQWUX HYLGHQ LHUHD IOX[XULORU GH YHQLWXUL L FKHOWXLHOL FH FDUDFWHUL]HD] DQVDPEOXO V X JUXSDUHD DJHQ LORU HFRQRPLFL VH UHDOL]HD] D vQWUHSULQGHUL ILUPH VDX VRFLHW DYkQG FD IXQF LH SULQFLSDO GXS FLUFXLWXO HFRQRPLF vQ

FULWHULXO LQVWLWX LRQDO DVWIHO WRDWH XQLW L VHUYLFLL GH LOH LQVWLWX LRQDOH QRQILQDQFLDUH  9HQLWXULOH vQ SLD

L FRPHUFLDOH $FHVWHD JUXSHD] GH EXQXUL PDWHULDOH DO

SURGXFHUHD

GHVWLQDWH SLH HL DOF WXLQG GH IDSW VHFWRUXO SURGXFWLY RE LQHUHD GH SURILW E JRVSRG ULL FRPXQLW PHQDMH  UHSUH]HQWDWH GH IDPLOLL

HFRQRPLHL

DFHVWRU DJHQ L HFRQRPLFL SURYLQ GLQ YkQ]DUHD SURGXF LHL LDU VFRSXO SURGXF LHL FRQVW

FHOLEDWDUL

IHUPLHUL

PDQDJHUL

GLIHULWH

L FRQVXPDWRDUH HWF (OH VXQW DJHQ L HFRQRPLFL DYkQG FDOLWDWHD GH FRQVXPDWRUL GH

EXQXUL SHUVRQDOH ILQDOH  9HQLWXULOH PHQDMHORU SURYLQ GLQ VDODUL]DUHD SHUVRDQHORU IL]LFH GLQ WLWOXUL GH SURSULHWDWH SUHFXP L GLQ WUDQVIHUXULOH HIHFWXDWH GH FHOHODOWH VHFWRDUH F LQVWLWX LL GH FUHGLW L VRFLHW HFRQRPLFL G DGPLQLVWUD LL IXQF LD XQLW H GH SXEOLFH $FHVWD D UHSUH]LQW SH DFHL ED]D DJHQ L HFRQRPLFL FDUH vQ HVHQ  H[HUFLW L GH DVLJXU UL SULYDWH SXEOLFH PL[WH  $FHVWHD VXQW DJHQ L SH DFHHD GH LQWHUPHGLDU ILQDQFLDU vQWUH FHLODO L DJHQ L

HFRQRPLFL FH DX FD IXQF LH SULQFLSDO

UHGLVWULEXLUH

YHQLWXULORU

VHUYLFLLORU

QRQPDUIDUH

SUHVWDWH

9HQLWXULOH

SULQFLSDOH DOH DFHVWRU DJHQ L HFRQRPLFL SURYLQ GLQ Y UV PLQWHOH REOLJDWRULL HIHFWXDWH GH F WUH LOH FDUH DSDU LQ FHORUODOWH FDWHJRULL GH DJHQ L HFRQRPLFL SULPLWH GLUHFW VDX LQGLUHFW DFHL DJHQ L HFRQRPLFL FDUH JUXSHD] IXQGD LL HWF  L HWF ULL GH UHIHULQ  FX FDUH DJHQ LL 9HQLWXULOH RUJDQLVPH SULYDWH SURYLQ GLQ

DGPLQLVWUD LL SULYDWH (OH UHSUH]LQW I U VFRS OXFUDWLY RUJDQL]D LL

DVRFLD LL

DFHVWRUD

FRQWULEX LL YROXQWDUH FRWL]D LL YHQLWXUL GLQ SURSULHW I

DGPLQLVWUD LL VWU LQH L LQWHUQD LRQDOH DIODWH SH WHULWRULXO HFRQRPLFL DXWRKWRQL IDF WUDQ]DF LL HFRQRPLFH  7U V

WXULOH GHILQLWRULL DOH XQHL vQWUHSULQGHUL ILUPH FD R XQLWDWH HFRQRPLF L L FRPHUFLDOL]DUHD vQWUHSULQGHUL DXWRQRP XQRU DX FDUH vL DVLJXU L VHUYLFLL QXPDL H[LVWHQ D L FX VFRSXO L

QWUHSULQGHUHD SRDWH IL GHILQLW GH]YROWDUHD PDWHULDOH L SULQ IDEULFDUHD DIDU RE LQHULL XQXL SURILW Q

H[HFXWDUHD ORU H[LVW

SURGXVH FD

GH vQWUHSULQGHULOH FDUH DX FD RELHFW GH DFWLYLWDWH SURGXFHUHD GH EXQXUL FDUH RELHFWLY FRPHU XO L FRUHVSXQ] WRDUH PDL PXOWRU GRPHQLL GH DFWLYLWDWH D HFRQRPLHL L HD HVWH LQGLYL]LELO  &HOH PRQGLDO  HFRQRPLH QD LRQDO  UDPXUL

FRPHUFLDOL]DUHD

VHUYLFLLOH LDU DOWHOH DX FD RELHFWLY DFWLYLW

QWUHSULQGHUHD FRQVWLWXLH FRPSRQHQWD IXQGDPHQWDO VH UHJ VHVF OD WRDWH QLYHOHOH HFRQRPLFH HFRQRPLH

WUHL IXQF LXQL HFRQRPLFH IXQGDPHQWDOH DOH vQWUHSULQGHULL UHVSHFWLY SURGXF LD YkQ]DUHD L JHVWLXQHD HFRQRPLFH vQWUHSULQGHUH 

6XE UDSRUW VWUXFWXUDO vQWUHSULQGHUHD SRDWH FXSULQGH VHF LL DWHOLHUH DQWLHUH SXQFWH GH OXFUX SXQFWH GH GHVIDFHUH VHUYLFLL ELURXUL FDUH vQV  QX PDL LPSOLF WRWDOLWDWHD FHORU WUHL IXQF LL

Q VHQV HFRQRPLF R vQWUHSULQGHUH ILUP  FD DJHQW HFRQRPLF LQGLIHUHQW GH P ULPH IRUP GH SURSULHWDWH L RUJDQL]DUH SURGXFH EXQXUL L VHUYLFLL GHVWLQDWH YkQ] ULL SH SLD XUP ULW FRQVW vQ RE LQHUHD GH SURILW D HFRQRPLFXOXL ILUPD vQWUHSULQGHUHD HVWH YHULJD RUJDQL]DWRULF XQGH VH  LDU VFRSXO

&D XQLWDWH GH ED]

GHV YkUHWH IX]LXQHD vQWUH IDFWRULL GH SURGXF LH UHVXUVH PDWHULDOH XPDQH L ILQDQFLDUH FX VFRSXO SURGXFHULL GHVIDFHULL GH EXQXUL HFRQRPLFH SURGXVH VHUYLFLL LQIRUPD LL HWF vQ VWUXFWXUD L FDOLWDWHD LPSXVH GH FHUHUHD GH SH SLD HFRQRPLFH 'HFL L RE LQHULL XQXL SURILW QWUHSULQGHUHD VXSRUW WUHEXLH vQ PRG QHFHVDU V SURGXF R FRVWXO FRUHVSXQ] WRU LL VDOH YDORDUH H[FHGHQWDU UHPXQHU ULL IDFWRULORU GH SURGXF LH XWLOL]D L FDUH WUHEXLH FRPSHQVD L SULQ UH]XOWDWHOH DFWLYLW vQWUHSULQGHUHD FRVWXULORU VDOH QWUHSULQGHUHD VH GHOLPLWHD] JHVWLXQHD HFRQRPLF

SULQ JHQXO VSHFLILF GH DFWLYLWDWH SULQ FRQGXFHUHD L

XQLF  SULQ XQLWDWHD VD ILQDQFLDU  VXE R VLQJXU FRQGXFHUH L JHVWLXQH ILQDQFLDU  HVWH

2 XQLXQH GH vQWUHSULQGHUL FRQVWLWXLW GHQXPLW  GH UHJXO  ILUP )LUPD DFWLYLW FRPHUFLDO FRPHUFLDO  SRDWH GHFL V

FXSULQG

PDL

PXOWH

XQLW

ILOLDOH 

FDUH

HIHFWXHD]

L LGHQWLFH ORFDOL]DWH vQ PDL PXOWH ]RQH JHRJUDILFH VDX ILOLDOH FDUH IDF DIDFHUL GH JHQXUL GHILQHWH vQ IDSW ILUPD GRX DO FDWHJRULL GH IOX[XUL F URU FRVW GHWHUPLQ IOX[XULOH GH FKHOWXLHOL DOH

GLIHULWH vQ DFHHDL ]RQ  QWUHSULQGHUHD FX SRQGHUHD FHD PDL PDUH vQ FLIUD GH DIDFHUL VDX FX PDUFD FHD PDL FXQRVFXW

$FWLYLWDWHD vQWUHSULQGHULL JHQHUHD] D LQWU UL GH IDFWRUL GH SURGXF LH

vQWUHSULQGHULL F WUH DJHQ LL HFRQRPLFL FDUH IXUQL]HD] E LHLUL GH EXQXUL VHUYLFLL HWF FDUH VXQW SURGXVH

DFHWL IDFWRUL GH vQWUHSULQGHUH L SXVH OD GLVSR]L LD

FHORUODO L DJHQ L HFRQRPLFL FDUH OD UkQGXO ORU JHQHUHD] ILJ

XQ IOX[ GH YHQLWXUL RE LQXWH vQ

XUPD FRPHUFLDOL] ULL EXQXULORU UHVSHFWLYH $FHVWH FDWHJRULL GH IOX[XUL VXQW SUH]HQWDWH vQ

       

 " 4  "%"    5#3   $  $ 3& #  2 #3    #    6  #  %()%$   17

! " #%$ &'   #%"%() 0 $)  "#%$ &'      1

)LJ

)OX[XULOH GH LQWUDUH L IOX[XULOH GH LHLUH DOH vQWUHSULQGHULL

QWUHSULQGHULOH FD DJHQ L HFRQRPLFL FX VFRS OXFUDWLY RE LQHUHD GH SURILW  DX vQ FRPXQ FkWHYD UHJXOL L FRQVWUkQJHUL HOHPHQWDUH L DQXPH  SHQWUX D SURGXFH vQWUHSULQGHUHD WUHEXLH V XWLOL]H]H IDFWRUL GH SURGXF LH

 IDFWRULL GH SURGXF LH QX VXQW LQHSXL]DELOL L WUHEXLH XWLOL]D L FkW PDL ELQH  SHQWUX D VXSUDYLH XL L D VH GH]YROWD vQWUHSULQGHUHD WUHEXLH V  DFWLYLWDWHD HFRQRPLFRILQDQFLDU V RE LQ XQ SURILW FkW PDL PDUH &ODVLILFDUHD vQWUHSULQGHULORU vQ VDX VHFWRULDOH PH]RHFRQRPLF  GH WUHEXLH GHFL V ILH FRQGXV ILH UHQWDELO  vQ DD IHO vQFkW vQWUHSULQGHUHD



6FRSXO JUXS ULL FODVLILF ULL vQWUHSULQGHULORU FRQVW  IRUPDUHD XQHL YL]LXQL JOREDOH

PDFURHFRQRPLF

DQVDPEOX DVXSUD VLVWHPXOXL SURGXFWLY VDX DVXSUD VLVWHPXOXL HFRQRPLF  LGHQWLILFDUHD XQRU VWUXFWXUL L FRPSRUWDPHQWH RPRJHQH

 DQDOL]D SHUIRUPDQ HORU GLIHULWH DOH vQWUHSULQGHULORU DSDU LQkQG DFHOHHDL JUXSH SHQWUX D FHUFHWD H[SOLFD L SURSXQH UHJXOL GH RUJDQL]DUH L JHVWLXQH HILFLHQWH  GHILQLUHD VWUDWHJLHL YL]kQG XWLOL]DUHD GLIHUL LORU IDFWRUL GH SURGXF LH HWF &RQIRUP SUDFWLFLL HFRQRPLFH DFWXDOH vQWUHSULQGHULOH SRW IL JUXSDWH GXS FXP VXQW  'XS IRUPD GH SURSULHWDWH PDL PXOWH FULWHULL

 vQWUHSULQGHUL SDUWLFXODUH LQGLYLGXDOH SHUVRQDOH VDX IDPLOLDOH  vQWUHSULQGHUL SDUWLFXODUH vQ DVRFLD LL vQ FRRSHUDWLYH vQ VRFLHW L SH DF LXQL HWF 

 vQWUHSULQGHUL DOH DGPLQLVWUD LHL FHQWUDOH SURSULHWDWH GH VWDW VDX SXEOLF   vQWUHSULQGHUL DOH DGPLQLVWUD LHL ORFDOH SURSULHWDWH GH VWDW VDX SXEOLF   vQWUHSULQGHUL PL[WH SDUWLFXODU 8QLW VXE IRUP L GH VWDW DXWRKWRQ L GH VWDW  VH RUJDQL]HD] L IXQF LRQHD]

LOH HFRQRPLFH vQWUHSULQGHULOH SURSULHWDWH SXEOLF L FRPHUFLDOH

GH UHJLL DXWRQRPH L VRFLHW UHSUH]LQW

5HJLD DXWRQRP SRW

DFHD IRUP

GH vQWUHSULQGHUH FDUH VH RUJDQL]HD]

L IXQF LRQHD]

vQ UDPXULOH VWUDWHJLFH DOH HFRQRPLHL QD LRQDOH HQHUJHWLF  H[SORDWDUHD PLQHORU L JD]HORU QDWXUDOH L WUDQVSRUWXUL IHURYLDUH LQGXVWULD GH DUPDPHQW L DOWH GRPHQLL VWDELOLWH GH JXYHUQ  5HJLLOH VXQW SHUVRDQH MXULGLFH L IXQF LRQHD] SH ED] GH JHVWLXQH HFRQRPLF L DXWRQRPLH DXWRQRPH

ILQDQFLDU  (OH VH SRW vQILLQ D SULQ KRW UkUH GH JXYHUQ SHQWUX FHOH GH LQWHUHV QD LRQDO VDX SULQ KRW UkUL DOH FRQVLOLLORU MXGH HQH L PXQLFLSDOH DOH DGPLQLVWUD LHL GH VWDW SHQWUX FHOH GH LQWHUHV ORFDO 5HJLLOH DXWRQRPH SRW FXSULQGH vQ VWUXFWXUD ORU X]LQH IDEULFL DWHOLHUH VHUYLFLL VXFXUVDOH L DOWH DVHPHQHD HQWLW L QHFHVDUH UHDOL] ULL RELHFWLYXOXL GH DFWLYLWDWH 5HJLD DXWRQRP HVWH SURSULHWDUD FD] vQ EXQXULORU L SDWULPRQXOXL V X SH FDUH OH IRORVHWH vQ PRG DXWRQRP FXOHJkQG UH]XOWDWHOH GXS L FKHOWXLHOL ELODQ RE LQXWH GLQ FUHGLWHORU L V FRQWDELO L FRQW GH SURILW L SLHUGHUL ILLQG REOLJDW VD WRDWH FKHOWXLHOLOH GREkQ]LOH DPRUWL]DUHD SURILW 'LQ YHQLWXULOH UHDOL]DWH GXS L IRQGXO GH GH]YROWDUH V

YHGHUHD UHDOL] ULL VFRSXOXL SHQWUX FDUH D IRVW FRQVWLWXLW  (D vQWRFPHWH DQXDO XQ EXJHW GH YHQLWXUL DFRSHUH FX YHQLWXULOH UDPEXUVDUHD DFWLYLWDWHD RE LQ LQYHVWL LLORU

DFRSHULUHD FKHOWXLHOLORU UHJLD DXWRQRP

FRQVWLWXLH IRQGXO GH UH]HUY 6RFLHWDWHD FRPHUFLDO FRPELQ L VH XWLOL]HD] 6RFLHW  VRFLHW VLPSO   VRFLHW 6RFLHW LQWHJUHD] VRFLHW

859

 FD vQWUHSULQGHUH UHSUH]LQW

R HQWLWDWH HFRQRPLF

FROHFWLY

XQGH VH

IDFWRULL GH SURGXF LH FX HILFLHQ ILH VRFLHW L vQ

VSRULW 

LOH FRPHUFLDOH SRW V L FRPHUFLDOH GH

SHUVRDQH

QXPH

FROHFWLY

VRFLHW

vQ

FRPDQGLW

L FRPHUFLDOH GH FDSLWDOXUL VSUH H[HPSOX VRFLHW LOH FRPHUFLDOH FX U VSXQGHUH OLPLWDW UHSUH]LQW

LOH SH DF LXQL  IRUPH GH VRFLHW L FRPHUFLDOH FDUH

vQ IXQF LRQDOLWDWHD ORU HOHPHQWH vPSUXPXWDWH DWkW GH OD VRFLHW

L GH SHUVRDQH FkW L GH OD

L GH FDSLWDOXUL  Q UDSRUW FX GRPHQLLOH GH DFWLYLWDWH VH GLVWLQJ

 vQWUHSULQGHUL DJULFROH  vQWUHSULQGHUL LQGXVWULDOH  vQWUHSULQGHUL FRPHUFLDOH  vQWUHSULQGHUL SUHVWDWRDUH GH VHUYLFLL  vQWUHSULQGHUL ILQDQFLDUH GH FUHGLW GH DVLJXU UL HWF  Q UDSRUW FX WLPSXO GH OXFUX VH GLVWLQJ WRW WLPSXO DQXOXL

 vQWUHSULQGHUL FH IXQF LRQHD]

@A

/HJHD QU SULYLQG RUJDQL]DUHD XQLW

LORU HFRQRPLFH GH VWDW FD UHJLL DXWRQRPH L VRFLHW

L FRPHUFLDOH SXEOLFDW

vQ 02 QU GLQ DXJXVW 

 vQWUHSULQGHUL VH]RQLHUH  Q UDSRUW FX QLYHOXO GH VSHFLDOL]DUH GHRVHELP

 vQWUHSULQGHUL VSHFLDOL]DWH  vQWUHSULQGHUL PL[WH  Q UDSRUW FX WLSXO GH SURGXF LH VH GLVWLQJ

 vQWUHSULQGHUL FX SURGXF LH GH XQLFDWH  vQWUHSULQGHUL FX SURGXF LH GH VHULH PLF  PLMORFLH PDUH   vQWUHSULQGHUL FX SURGXF LH GH PDV   Q UDSRUW FX DPSORDUHD P ULPHD YROXPXO IDFWRULORU GH SURGXF LH XWLOL]D L vQWkOQLP vQWUHSULQGHUL PLFL PLMORFLL L PDUL Q FHHD FH SULYHWH GLPHQVLXQHD vQWUHSULQGHULL HD WUHEXLH V vQWUHSULQGHUH UHVSHFWLY GH FHUHUHD GH SH SLD GH vQWUHSULQGHUH DD FXP UH]XOW L GLQ ILJ  ILH FkW PDL DSURSLDW GH QLYHOXO

RSWLP QLYHO FDUH HVWH GHWHUPLQDW GH HYROX LD FRVWXOXL PHGLX DO SURGXF LHL L VHUYLFLLORU UHDOL]DWH GH SHQWUX SURGXVHOH LVDX VHUYLFLLOH RIHULWH H[HFXWDWH

&RVWXO PHGLX SH WHUPHQ OXQJ &0/

4 FDSDFLWDWHD GH SURGXF LH

)LJ 

(YROX LD FRVWXOXL PHGLX vQ SDUDOHO FX FDSDFLWDWHD GH SURGXF LH

$QDOL]D 4 C  D FDSDFLW

GLPHQVLXQLORU

vQWUHSULQGHULL

SHUPLWH

VWXGLHUHD F

VLWXD LLORU H[LVW

GH

FRQFXUHQ

GHWHUPLQDUHD HFDUWXOXL GH FRPSHWLWLYLWDWH 'LQ ILJ  VH REVHUY OXQJ &0/ GHYLQH FUHVF WRU ILLQG GHVFUHVF WRU SHQWUX FDSDFLW &HUFHW ULOH HIHFWXDWH DUDW GXS FDUH vQFHSH GLQ QRX V

R GLPHQVLXQH RSWLP 

LL GH SURGXF LH P ULPLL vQWUHSULQGHULL  vQFHSkQG GH OD FDUH FRVWXO PHGLX SH WHUPHQ L GH SURGXF LH LQIHULRDUH OXL 4 C 

FXP FRVWXO XQLWDU VFDGH FRQVWDQW GDU GLQ FH vQ FH PDL SX LQ FD OD DWLQJHUHD P ULPLL RSWLPH PLQLPH  FRQVWUXLDVF R

ULWP SH P VXUD FUHWHULL GLPHQVLXQLORU vQWUHSULQGHULL SkQ vQWUHSULQGHUH GH GLPHQVLXQL VXSHULRDUH RSWLPXOXL 'LPHQVLXQHD RSWLP FDSDFLW

FUHDVF  $VWIHO vQWUHSULQ] WRUXO QX DUH QLFL XQ LQWHUHV V

D vQWUHSULQGHULL SUHVXSXQH FXQRDWHUHD L DSUHFLHUHD FkW PDL H[DFW

LL SLH HL WLQkQG VHDPD vQ SULPXO UkQG GH P ULPHD L VWUXFWXUD YkQ] ULORU  2ULFH 3ULQFLSDOHOH IXQF LXQL DOH vQWUHSULQGHULL vQWUHSULQGHUH vL GHVI RDU DFWLYLWDWHD vQWUXQ DQXPLW FDGUX RUJDQL]DWRULF

)XQF LRQDUHD vQWUHSULQGHULL SUHVXSXQH XQ DQVDPEOX GH DFWLYLW JUXSD SH DQXPLWH IXQF LXQL FDUH VH FRQGL LRQHD] vQWUHSULQGHULL V V VH GH]YROWH FRQWLQXX )XQF LXQHD SRDWH IL GHILQLW SULQ DQVDPEOXO GH DFWLYLW DFWLYLW

L GLQDPLFH L FRPSOH[H FH VH SRW HYROXH]H HILFLHQW L

UHFLSURF L D F URU LQWHJUDUH DJUHJDUH SHUPLWH

UHDF LRQH]H FRUHVSXQ] WRU OD VROLFLW ULOH PHGLXOXL HFRQRPLF V

LORU

RULHQWDWH

VSUH

UHDOL]DUHD

XQRU

RE LHFWLYH GHULYDWH UH]XOWDWH GLQ RELHFWLYHOH JHQHUDOH DOH vQWUHSULQGHULL 2 DQXPLW SUH]LQW  vQ SUDFWLF  FD R JUXSDUH FRQFUHW 3URLHFWDUHD IXQF LXQLORU L RPRJHQH VSHFLDOL]DWH OXDUHD vQ FRQVLGHUDUH D

IXQF LXQH VH

vQWUHSULQGHULL

SUHVXSXQH

XQRU

FULWHULL

IXQGDPHQWDOH FXP VXQW D FULWHULXO LGHQWLW LL DFWLYLW LORU JUXSDWH vQWUR IXQF LXQH

FULWHULXO GH FRPSOHPHQWDULWDWH FDUH SUHVXSXQH JUXSDUHD vQWUR IXQF LXQH D XQRU DFWLYLW FDUH VH DIO vQ UHOD LL GH FRPSOHWDUH UHFLSURF VDX GH DX[LOLDULWDWH

FULWHULXO FRQYHUJHQ HL FDUH SUHVXSXQH JUXSDUHD vQWUR IXQF LXQH D XQRU DFWLYLW RULHQWDWH vQV VSUH UHDOL]DUHD DFHORUDL RELHFWLYH

L GLIHULWH

3ULQFLSDOHOH IXQF LXQL DOH vQWUHSULQGHULL VH UHDOL]HD]

vQ FDGUXO XQRU FRPSDUWLPHQWH ELURXUL

VHUYLFLL HWF  FDUH SRDUW  GH UHJXO  GHQXPLUHD IXQF LHL SH FDUH R UHSUH]LQW  Q PDMRULWDWHD FD]XULORU SULQFLSDOHOH IXQF LXQL DOH XQHL vQWUHSULQGHUL VXQW FHOH SUHY ]XWH SHQWUX VRFLHW LOH FRPHUFLDOH L vQ OHJHD QU  LOH SULQ FDUH VH VWXGLD]  VH L RUJDQL]DWRULF DO

 )XQF LXQHD GH FHUFHWDUHGH]YROWDUH FDUH FXSULQGH DFWLYLW FRQFHSH VH HODERUHD] L VH UHDOL]HD] YLLWRUXO FDGUX WHKQLF vQWUHSULQGHULL $FHDVW  DFWLYLW IXQF LXQH FXSULQGH DFWLYLW L JUXSDWH vQ

WHKQRORJLF

L GH FRQFHS LH FDUH YL]HD]

FHUFHWDUHD L SURLHFWDUHD SURGXVHORU D VHUYLFLLORU D

OXFU ULORU QRL L D WHKQRORJLLORU GH UHDOL]DUH D DFHVWRUD  DFWLYLW L GH RUJDQL]DUH D FRQGXFHULL vQWUHSULQGHULL SURGXF LHL L PXQFLL VWXGLL HODERUHD] PRGHUQL]DUHD GRFXPHQWD LL LORU GH

3HQWUX UHDOL]DUHD DFHVWHL IXQF LXQL vQWUHSULQGHUHD HIHFWXHD] L SURLHFWH SHQWUX GH]YROWDUHD SURGXVHORU SHQWUX GH]YROWDUHD L

FDSDFLW

SURGXF LH LQWURGXFHUHD XQRU WHKQRORJLL QRL GH IDEULFD LH VH RUJDQL]HD] LQRYD LL VH DSOLF HIHFWXDWH GH XQLW WHKQLFRWLLQ LILF L VSHFLDOL]DWH HWF VH DVLJXU  SH OkQJ HWF SRDWH IL IXQGDPHQWDO L DSOLFDWLY 

DFWLYLWDWHD GH LQYHQ LL

vQ SURGXF LH L VH XUP UHWH UH]XOWDWXO FHUFHW ULL WLLQ LILFH SURSULL VDX DO FHOHL WRDWH DFHVWHD LQIRUPDUHD L GRFXPHQWDUHD

&HUFHWDUHD WLLQ LILF

 )XQF LXQHD FRPHUFLDO DFWLYLW

 FDUH FXSULQGH XQ DQVDPEOX GH DFWLYLW

L YL]kQG DSURYL]LRQDUHD LQWHUQD LRQDO 

WHKQLFRPDWHULDO  GHVIDFHUHD SURGXVHORU FRPHU XO H[WHULRU L FRRSHUDUHD HFRQRPLF L FDUH VXQW JUXSDWH vQ WUHL FRPSRQHQWH L DQXPH  PDUNHWLQJ  DSURYL]LRQDUH  GHVIDFHUH

$FWLYLWDWHD GH PDUNHWLQJ FXSULQGH DQVDPEOXO DF LXQLORU GH VWXGLHUH D SLH HL D QHFHVLW FRPSRUWDPHQWXOXL FRQVXPDWRULORU FX VFRSXO VWDELOLULL FHORU PDL DGHFYDWH PRGDOLW SURGXF LHL L GH FUHWHUH D YkQ] ULORU Q SUH]HQW PDUNHWLQJXO SUH]LQW

LORU L

L GH RULHQWDUH D

XQ SURQXQ DW FDUDFWHU SURVSHFWLY FX VFRSXO DVLJXU ULL XQXL

VXSRUW LQIRUPD LRQDO DGHFYDW HODERU ULL SURJQR]HORU L SODQXULORU HFRQRPLFH $FWLYLWDWHD GH DSURYL]LRQDUH WHKQLFRPDWHULDO SUH]LQW R LPSRUWDQ GHRVHELW SHQWUX

GHVI XUDUHD QRUPDO

D vQWUHJXOXL SURFHV GH SURGXF LH D vQWUHJLL DFWLYLW

L HFRQRPLFH L LQIOXHQ HD]

GLUHFW FDOLWDWHD SURGXVHORU L VHUYLFLLORU H[HFXWDWH Q GRPHQLXO DSURYL]LRQ ULL WHKQLFRPDWHULDOH VH GHVI RDU R VHULH GH DFWLYLW L FXP VXQW

 FDOFXOXO QHFHVDUXOXL GH UHVXUVH PDWHULDOH PDWHULL SULPH PDWHULDOH FRPEXVWLELO HQHUJLH HWF  SHQWUX IDEULFDUHD SURGXF LHL FRQWUDFWDWH  vQFKHLHUHD FRQWUDFWHORU GH DSURYL]LRQDUH WHKQLFRPDWHULDO   FDOFXOXO QHFHVDUXOXL GH UHVXUVH PDWHULDOH SULYLQG VWRFXULOH SHQWUX SURGXF LH  GHWHUPLQDUHD QRUPHORU GH FRQVXPXUL VSHFLILFH HWF Q PRG FRUHVSXQ] WRU vQ GRPHQLLOH GHVIDFHULL L FHO DO FRPHU XOXL H[WHULRU WUHEXLH V GHVI RDUH R VHULH GH DFWLYLW L FXP VXQW VH

 vQFKHLHUHD FRQWUDFWXOXL GH YkQ]DUH SHQWUX SURGXVHOH L VHUYLFLLOH H[HFXWDWH GH vQWUHSULQGHUH  FDOFXOXO P ULPLL VWRFXULORU GH SURGXVH ILQLWH  SDUWLFLSDUHD OD GLIHULWH WkUJXUL H[SR]L LL HWF vQ DU L vQ VWU LQ WDWH



)XQF LXQHD

GH

SURGXF LH

FDUH

FXSULQGH

WRWDOLWDWHD

DFWLYLW

LORU

OHJDWH

QHPLMORFLW

GH

H[HFXWDUHD SURGXVHORU L VHUYLFLLORU vQWUHSULQGHULL )XQF LXQHD GH SURGXF LH SRDWH IL VFKHPDWL]DW FRQIRUP ILJ 

,1387

3UHOXFUDUHD PDWHULLORU SULPH

DE  4       $  #%  (F7$   17

287387

)LJ 

6FKHPD VLVWHPXOXL GH SURGXF LH

 DFWLYLW

)XQF LXQHD

ILQDQFLDUFRQWDELO

FDUH

FXSULQGH

DFWLYLW

SULYLQG

IRORVLUHD

PLMRDFHORU FXP

ILQDQFLDUH vQ SURFHVXO HFRQRPLF L GH XUP ULUH D UH]XOWDWHORU ILQDQFLDUH RE LQXWH GH vQWUHSULQGHUH L GH HYLGHQ LHUH D DFWLYLW LL HFRQRPLFH vQ H[SUHVLH YDORULF L FKLDU vQ H[SUHVLH IL]LF LL GH JHVWLXQH  L FXP VXQW HVWH VSUH H[HPSOX FRQWDELOLWDWHD PDWHULDOHORU GLQ FDGUXO FRQWDELOLW

 )XQF LXQHD GH SHUVRQDO FDUH FXSULQGH XQ DQVDPEOX GH DFWLYLW  GHWHUPLQDUHD QHFHVDUXOXL GH UHVXUVH XPDQH  VHOHFWDUHD WHVWDUHD vQFDGUDUHD L SURPRYDUHD SHUVRQDOXOXL  RUJDQL]DUHD SUHJ WLULL SURIHVLRQDOH D SHUVRQDOXOXL vQWUHSULQGHULL

 VWDELOLUHD VLVWHPXOXL GH VDODUL]DUH DSOLFDUHD DFHVWXLD L FDOFXOXO GUHSWXULORU E QHWL DOH SHUVRQDOXOXL HWF 3HQWUX UH]ROYDUHD RELHFWLYHORU VSHFLILFH DOH DFHVWHL IXQF LXQL FRQGXFHUHD vQWUHSULQGHULL

PDQDJHUXO WUHEXLH V

DSHOH]H OD WHKQLFL PRGHUQH GH SVLKRORJLH GH SVLKRVRFLRORJLH HFRQRPLF  GH D PXQFLL HWF L HVWH QHFHVDU FD PDQDJHUXO V DVLJXUH vQ SHUPDQHQ XQ

HFRQRPLH L RUJDQL]DUH HUJRQRPLF

Q RUJDQL]DUHD DFHVWHL DFWLYLW DOW SDUWH

HFKLOLEUX vQWUH LQWHUHVHOH VDODULD LORU SH GH R SDUWH L RELHFWLYHOH L UH]XOWDWHOH vQWUHSULQGHULL SH GH

 )XQF LXQHD GH FRQGXFHUH D vQWUHSULQGHULL FDUH VH VXSUDSXQH SHVWH WRDWH FHOHODOWH IXQF LXQL DOH vQWUHSULQGHULL vQ VHQVXO F 3UDFWLF ILHFDUH OH FRRUGRQHD] D L OH DUPRQL]HD]  FRUHVSXQGH XQXL FRPSDUWLPHQW GHSDUWDPHQW

IXQF LXQH

vQWUHSULQGHULL

VHUYLFLX ELURX HWF VLPLODU FDUH SRDUW  GH UHJXO  GHQXPLUHD IXQF LXQLL SH FDUH R UHSUH]LQW 



52/8/

$1$/,=(,

67$7,67,&(

',$*1267,&$5($

',5,-$5($

)(120(1(/25 , 352&(6(/25 (&2120,&2),1$1&,$5(

 'HILQLUHD DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH $QDOL]D VWDWLVWLF D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH GLQ FDGUXO

vQWUHSULQGHULL UHSUH]LQW

DQVDPEOXO GH PHWRGH WHKQLFL L PRGHOH GH LQYHVWLJDUH GH DQDOL]  GH LUH VDX GH FRUHFWDUH D DFWLYLW LL HFRQRPLFRILQDQFLDUH D vQWUHSULQGHULL

GLDJQRVWLFDUH L GH vPEXQ W $QDOL]D VWDWLVWLF

D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH HVWH vQ DFHODL WLPS L LL L SHUIRUPDQ HORU vQWUHSULQGHULL LQFOXVLY FX OXDUHD vQ

XQ LQVWUXPHQW GH VXSUDYHJKHUH D DFWLYLW UHVXUVHORU PDWHULDOH 

FRQVLGHUDUH D YDULDELOHORU SUREDELOH DOH SLH HL SLD D GH FDSLWDO SLD D UHVXUVHORU GH PXQF  SLD D

3ULQ LQWHUPHGLXO DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH GLQ FDGUXO vQWUHSULQGHULL WUHEXLH V  &XP VH DSUHFLD] FDSHWH U VSXQV vQWUHE UL FXP VXQW VWUXFWXUD IXQF LRQDOLWDWHD L FDOLWDWHD FRPSRQHQWHORU FDSLWDOXOXL IL[

PLMORDFHORU IL[H L D FHORUODOWH UHVXUVH PDWHULDOH"  &XP VH DSUHFLD] VWUXFWXUD L FDOLWDWHD UHVXUVHORU GH PXQF "

&XP

VH

DSUHFLD]

QLYHOXO

VWUXFWXUD

FDOLWDWHD

SURGXF LHL

VHUYLFLLORU

UHDOL]DWH

GH

vQWUHSULQGHUH"  &XP HVWH DSUHFLDW  &XP HVWH DSUHFLDW VWUXFWXUD L QLYHOXO FKHOWXLHOLORU vQWUHSULQGHULL" WUH]RUHULD vQWUHSULQGHULL" vQ FDGUXO DFWLYLW VXILFLHQW LL vQWUHSULQGHULL" vQ XWLOL]DUHD UHVXUVHORU

 &XP VXQW DSUHFLDWH HFKLOLEUHOH ILQDQFLDUH GH ED]  'DF XQLWDWHD HFRQRPLF DQDOL]DW DUH R

HILFLHQ

HFRQRPLFH L ILQDQFLDUH HWF"  1HFHVLWDWHD DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH FD PHWRG $QDOL]D VWDWLVWLF FXQRDWHULL GHVI RDU OHJ WXULORU D FXQRDWHULL D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH HVWH IRORVLW FDX]DOH GLQWUH IHQRPHQHOH L SURFHVHOH HFRQRPLFRILQDQFLDUH L HFRQRPLFH vQ VFRSXO FDUH VH

vQ FDGUXO XQHL XQLW

3ULQ LQWHUPHGLXO DQDOL]HL VWDWLVWLFH IHQRPHQHOH L SURFHVHOH HFRQRPLFRILQDQFLDUH GLQ FDGUXO vQWUHSULQGHULL VXQW GHVFRPSXVH SH HOHPHQWHOH ORU FRQVWLWXWLYH HYLGHQ LLQGXVH vQ DFHVW PRG L IDFWRULL SULQFLSDOL FDUH OH GHWHUPLQ HYROX LD vQ WLPS L vQ VSD LX SUHFXP L UDSRUWXULOH GH FDX]DOLWDWH FDUH DSDU vQ FDGUXO IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH Q YHGHUHD FXQRDWHULL L D VXSUDYHJKHULL vQ YHGHUHD GLULM ULL HYROX LHL IHQRPHQHORU L

SURFHVHORU HFRQRPLFRILQDQFLDUH GLQ FDGUXO vQWUHSULQGHULL DQDOL]D VWDWLVWLF L JHQHUDOL]DUHD FD PHWRGH GH ED] DOH FXQRDWHULL HFRQRPLFRVRFLDOH

IRORVHWH DEVWUDFWL]DUHD

Q SURFHVHOH PDQDJHULDOH OD VFDU

PLFUR VDX PDFURHFRQRPLF  DQDOL]D VWDWLVWLF

DSDUH FD

LQVWUXPHQW LQGLVSHQVDELO vQ IXQGDPHQWDUHD GHFL]LLORU HFRQRPLFRILQDQFLDUH  7LSXUL GH DQDOL] Q DFWLYLWDWHD SUDFWLF VWDWLVWLF D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH VWDWLVWLF D IHQRPHQHORU L

VXQW vQWkOQLWH GLYHUVH WLSXUL GH DQDOL] FULWHULL FXP VXQW

SURFHVHORU HFRQRPLFRILQDQFLDUH JUXSDWH GXS 

LQkQG VHDPD GH PRPHQWXO vQ FDUH VH GHVI RDU

DQDOL]D L GH SHULRDGD GHVI XU ULL

IHQRPHQHORU HFRQRPLFRILQDQFLDU vQWkOQLP D $QDOL]D SRVWIDFWXP VDX SRVWRSHUDWRULH DQDOL]D UHDOL] ULL RELHFWLYHORU  E $QDOL]D SUHYL]LRQDO VDX DQDOL]D SURVSHFWLY  SUHYL]LRQDO

$QDOL]D SRVWIDFWXP SULYHWH SUH]HQWXO L WUHFXWXO LDU DQDOL]D SURVSHFWLY SULYHWH YLLWRUXO 

LQkQG VHDPD GH PRGXO XUP ULULL vQVXLULORU HVHQ LDOH FDQWLWDWLYH L FDOLWDWLYH VH GLVWLQJ

D $QDOL]D FDQWLWDWLY E $QDOL]D FDOLWDWLY $QDOL]D FDQWLWDWLY SUHVXSXQH FHUFHWDUHD IHQRPHQXOXL SULQ GHWHUPLQ UL FDQWLWDWLYH

VWDELOLQGXL JUHXWDWHD YROXPXO GHQVLWDWHD LQWHQVLWDWHD HWF $QDOL]D FDOLWDWLY XUP UHWH HVHQ D IHQRPHQXOXL VDX SURFHVXOXL HFRQRPLFRILQDQFLDU

vQVXLULOH VDOH HVHQ LDOH IDFWRULL FDUH vO LQIOXHQ HD]   'XS QLYHOXO OD FDUH VH GHVI RDU DQDOL]D VWDWLVWLF  vQWkOQLP OD QLYHOXO LQGLYLGXOXL VDX OD

D $QDOL]D PLFURHFRQRPLF XQXL SURGXV HWF $QDOL]D vQ LQYHVWLUHD PLFURHFRQRPLF vQ

HVWH DQDOL]D FDUH VH GHVI RDU

VFDUD DJHQWXOXL HFRQRPLF L OD QLYHOXO HOHPHQWHORU FRPSRQHQWH DOH XQXL DQXPLW VLVWHP OD QLYHOXO

VWXGLD] XWLOL]DUHD

FRPSRUWDPHQWXO UHVXUVHORU vQ

LQGLYLGXOXL

VDX

DO

vQWUHSULQGHULL L VHUYLFLLORU

vQ vQ

DFWLYLWDWHD HFRQRPLFRILQDQFLDU FDSLWDOXULORU

L UH]XOWDWHOH RE LQXWH HD UHOHY

IDFWRULL FDUH GHWHUPLQ SURGXF LHL

RULHQWDUHD

H[HFXWDUHD

DVLJXUDUHD HILFLHQ HL HFRQRPLFRILQDQFLDUH

E $QDOL]D PDFURHFRQRPLF

VWXGLD]

IHQRPHQHOH L SURFHVHOH

HFRQRPLFRILQDQFLDUH

OD

QLYHOXUL DJUHJDWH VXEUDPXU  UDPXU  HFRQRPLH QD LRQDO  HFRQRPLH PRQGLDO  RSHUkQG FX P ULPL JOREDOH VDX DJUHJDWH PDFURHFRQRPLFH SURGXVXO LQWHUQ EUXW SURGXVXO QD LRQDO EUXW YHQLWXO QD LRQDO HWF  'XS PRGXO GH XUP ULUH vQ WLPS VDX vQ VSD LX D IHQRPHQHORU L SURFHVHORU HFRQRPLFR

ILQDQFLDUH vQWkOQLP D $QDOL]D vQ VWDWLF  E $QDOL]D vQ GLQDPLF  $QDOL]D vQ VWDWLF VWXGLD] IHQRPHQHOH L SURFHVHOH HFRQRPLFRILQDQFLDUH OD XQ PRPHQW GDW QLYHOXO FDOLWDWLY L FDQWLWDWLY GH QDWXUD IHQRPHQXOXL FL QX HVWH OHJDW

HYLGHQ LLQG UHOD LLOH GLQWUH HOHPHQWHOH L IDFWRULL FDUH OH GHWHUPLQ UHVSHFWLY VWUXFWXUD IHQRPHQXOXL FHUFHWDW 1R LXQHD GH VWDWLF

GH PRGXO GH HIHFWXDUH D DQDOL]HL )HQRPHQHOH SULQ QDWXUD ORU QX SRW IL VWDWLFH $QDOL]D vQ GLQDPLF GLIHULWH VSD LL  'XS RUL]RQWXO GH WLPS OD FDUH VH UHIHU  vQWkOQLP SH WHUPHQ VFXUW SH WHUPHQ PHGLX L OXQJ OD IUDF LXQL GH WLPS FDUH PHUJ SkQ OD XQ DQ FHUFHWHD] IHQRPHQHOH HFRQRPLFRILQDQFLDUH vQ PLFDUH PLFDUH vQ

WLPS VDX vQ VSD LX  UHOHYkQG SR]L LD P ULPHD GLPHQVLXQLOH DFHVWRUD vQ GLIHULWH PRPHQWH VDX vQ

D $QDOL] E $QDOL]

$QDOL]D SH WHUPHQ VFXUW VH UHIHU

$QDOL]D SH WHUPHQ PHGLX L OXQJ VH UHIHU RELFHL LQWHUYDOH GH  DQL  DQL VDX PDL PDUL 

OD SHULRDGH PDL PDUL GH XQ DQ VH FRQVLGHU  GH

 Q IXQF LH GH GHOLPLWDUHD RELHFWXOXL DQDOL]DW vQWkOQLP D $QDOL]D SH UDPXUL SH GRPHQLL GH DFWLYLWDWH  E $QDOL]D SH XQLW L HFRQRPLFH

F $QDOL]D SH SUREOHPH FLIUD GH DIDFHUL SURGXF LD PDUI  IRU D GH PXQF  VDODUL]DUHD OLFKLGDUHD vQWUHSULQGHULL SURGXFWLYLWDWHD PXQFLL UHQWDELOLWDWHD HWF  3R]L LD DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH vQ PHFDQLVPHOH PDQDJHULDOH $QDOL]D VWDWLVWLF UHDOL]HD] D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH DMXW vQ PRG GHFLVLY

FRQGXFHUHD vQWUHSULQGHULL vQ OXDUHD GHFL]LLORU GH PDQDJHPHQW HFRQRPLFRILQDQFLDU $FHVW OXFUX VH SULQ LQWHUPHGLXO SULQFLSDOHORU IXQF LXQL DOH DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH L DQXPH  )XQF LXQHD LQIRUPD LRQDO  SULYLQG VLWXD LD HFRQRPLFRILQDQFLDU D vQWUHSULQGHULL vQ

VHQVXO F  SULQ LQWHUPHGLXO DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH GLQ FDGUXO vQWUHSULQGHULL VH RE LQ FHOH PDL PXOWH L PDL LPSRUWDQWH LQIRUPD LL HFRQRPLFRILQDQ FLDUH FDUH VXQW IRORVLWH vQ PDQDJHPHQWXO HFRQRPLFRILQDQFLDU DO vQWUHSULQGHULL  )XQF LXQHD GH DSUHFLHUH D YDORULILF VH DSUHFLD] PRGXO GH YDORULILFDUH PRGXO ULL SRWHQ LDOXOXL WHKQLFRHFRQRPLF L ILQDQFLDU DO IRORVLUH D UHVXUVHORU PDWHULDOH L GH PXQF  D  vQWUHSULQGHULL 3ULQ LQWHUPHGLXO DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH GH FDSLWDOXULORU vQWUHSULQGHULL  )XQF LXQHD GH IXQGDPHQWDUH D GHFL]LLORU HFRQRPLFRILQDQFLDUH SH FULWHULL GH HILFLHQ DWkW vQ VWDGLXO SUHHYDOX ULL SRWHQ LDOXOXL GH RIHUW VWDGLXO H[HFX LHL  HILFLHQW SURGXF LHL L VHUYLFLLORU ILQDQFLDUH DOH vQWUHSULQGHULL )XQF LXQHD GH UHDOL]DUH D JHVWLXQLL HILFLHQWH D SDWULPRQLXOXL UHVSHFWLY JHVWLRQDUHD D DFWLYHORU LPRELOL]DWH L D DFWLYHORU FLUFXODQWH DOH vQWUHSULQGHULL SUHFXP L vQ VWDGLXO JHVWLXQLL IRORVLULL FRUHODW FX FHUHUHD GH EXQXUL L VHUYLFLL FkW L vQ UHVXUVHORU



)XQF LXQHD

GH

UHDOL]DUH

FRQH[LXQLL

FX

PHGLXO

H[WHULRU

HFRQRPLFRILQDQFLDU

FDUH

SUHVXSXQH DQDOL]D UHOD LLORU FX E QFLOH FUHGLWRDUH L FX DOWH XQLW IXUQL]RULL FX DO L FUHGLWRUL FX EXUVD GH YDORUL HWF  $QDOL]D VWDWLVWLF D IHQRPHQHORU L SURFHVHORU

L ILQDQFLDUH FX EXJHWXO SXEOLF FX

HFRQRPLFRILQDQFLDUH

GH

WLSXO

DQDOL]HLGLDJQRVWLF L UROXO HL vQ UHJODUHD SHUIRUPDQ HORU HFRQRPLFRILQDQFLDUH DOH vQWUHSULQGHULL $QDOL]D GLDJQRVWLF VWDWLVWLF D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH LORU L GH WLSXO DQDOL]HL SULQ

SUHVXSXQH

UHSHUDUHD

VLPSWRPHORU

GLVIXQF LRQDOLW

VWDELOLUHD

WHUDSLHL

LQWHUPHGLXO F UHLD VH IRUPXOHD] ILQDQFLDUH D vQWUHSULQGHULL

P VXUL GH UHGUHVDUH VDX GH FRUHFWDUH D DFWLYLW

LL HFRQRPLFR

$QDOL]DGLDJQRVWLF SUHVXSXQH SDUFXUJHUHD WXWXURU HWDSHORU XQHL FHUFHW UL VWDWLVWLFH $QDOL]DGLDJQRVWLF SRDWH IL HIHFWXDW HVWH EXQ  GDU VH GRUHWH vPEXQ W L vQ FD]XULOH vQ FDUH VLWXD LD vQWUHSULQGHULL FRQVLGHUDWH LUHD HL L PDL PXOW

3ULQ LQWHUPHGLXO DQDOL]HLGLDJQRVWLF VH U VSXQGH OD vQWUHE UL FXP VXQW  &DUH VXQW UH]XOWDWHOH HFRQRPLFRILQDQFLDUH DOH vQWUHSULQGHULL"  'DF DFHVWH UH]XOWDWH VXQW VDX QX VDWLVI F WRDUH"

 &XP DX IRVW RE LQXWH UH]XOWDWHOH UHVSHFWLYH"  &DUH VXQW SHUIRUPDQ HOH L RELHFWLYHOH GRULWH L FDUH HVWH QLYHOXO SHUIRUPDQ HORU"  &H WUHEXLH I FXW SHQWUX DWLQJHUHD SHUIRUPDQ HORU GRULWH"  &H P VXUL FRQFUHWH XUPHD] OXQJ" 5H]XOW  XQ LQVWUXPHQW F GLQ GH FHOH SUH]HQWDWH D PDL VXV F DQDOL]DGLDJQRVWLF vQ GRPHQLXO QX VH UH]XP GRDU OD 6H D IL vQWUHSULQVH DWkW SH WHUPHQ VFXUW FkW L SH WHUPHQ PHGLX L

UDGLRJUDILHUHD L DSUHFLHUHD VW ULL VLWXD LHL HFRQRPLFRILQDQFLDUH D vQWUHSULQGHULL FL HD FRQVWLWXLH L IXQGDPHQWDUH GHFL]LLORU PDQDJHULDOH HFRQRPLFRILQDQFLDU DSUHFLD] XQ EXQ PDQDJHU FRQVDFU vQ MXU GH  GLQ WLPSXO V X SUREOHPHORU GH GLDJQRVWLF GH FRQGXFHUHD DFHVWHLD GH FDGUH DELOLWDWH DOH F

HFRQRPLFRILQDQFLDU DO vQWUHSULQGHULL SH FDUH R FRQGXFH 'LDJQRVWLFXO XQLW XQLW VRFLHW LL HFRQRPLFH VH UHDOL]HD] LL HFRQRPLFH VXE DVSHFWXO SUHJ WLULL L FRPSHWHQ HL  GH VSHFLDOLWL H[WHUQL LQFOXVLY GH F WUH L GH FRQVXOWLQJ  GH HFKLSH PL[WH IRUPDWH GLQ VSHFLDOLWL LQWHUQL L H[WHUQL VH DSUHFLD] LQFOXVLY VWDWLVWLF GH

HFKLSHOH PL[WH DX DQVH PDL PDUL GH VXFFHV  Q WRDWH FD]XULOH GLDJQRVWLFXO HFRQRPLFRILQDQFLDU SUHVXSXQH FXQRWLQ H DSURIXQGDWH GH WHRULH HFRQRPLF  GH VWDWLVWLF GH PRGHODUH HFRQRPLFRILQDQFLDU $QDOL]D VWDWLVWLF D HWF L SURFHVHORU HFRQRPLFRILQDQFLDUH WLSXO DQDOL]HL IHQRPHQHORU PDWHPDWLF

GLDJQRVWLF D XQHL vQWUHSULQGHUL SUHVXSXQH XUP WRDUHOH HWDSH  6WDELOLUHD SUREOHPHORU VXSXVH GLDJQRVWLF ULL  $VLJXUDUHD LQIRUPD LLORU QHFHVDUH SHQWUX HIHFWXDUHD DQDOL]HLGLDJQRVWLF  3UHOXFUDUHD VWDWLF D LQIRUPD LLORU UHVSHFWLYH  ,QWHUSUHWDUHD L DQDOL]D UH]XOWDWHORU RE LQXWH vQ XUPD SUHOXFU ULL VWDWLVWLFH L WUHFHUHD ORU vQWUXQ UDSRUW SURFHVYHUEDO D   )RUPXODUHD GH FRQFOX]LL P VXUL L GHFL]LL FDUH V VLWXD LHL HFRQRPLFRILQDQFLDUH H[LVWHQWH Q IXQF LH GH VFRSXO XUP ULW GLDJQRVWLFXO SRDWH IL UHVWUkQV OD XQHOH SUREOHPH VDX H[WLQV vQ DFFHS LXQHD GH GLDJQRVWLF JOREDO 6SUH H[HPSOX vQ DQDOL]D HILFLHQ HL IRORVLULL UHVXUVHORU GH PXQF  DFFHQWXO YD IL SXV SH IRORVLUHD H[WHQVLY L LQWHQVLY D UHVXUVHORU GH PXQF  DYkQGXVH vQV  vQ YHGHUH L DOWH DVSHFWH FXP DU IL JUDGXO GH FDOLILFDUH VWUXFWXUD SH YkUVWH L VH[H HWF 'LDJQRVWLFXO JOREDO SUHVXSXQH R DQDOL] vQWUHSULQGHULL UHVXUVHORU  D SHUIRUPDQ HORU GH PXQF UHDOL]DWH L PDWHULDOH 0DQ ILQDQFLDUH XPDQ GH DQVDPEOX D SRWHQ LDOXOXL HFRQRPLFRILQDQFLDU DO FX GLPHQVLXQHD 8Q L FDOLWDWHD SRWHQ LDOXOXL JHQHUDO L  0 SURIHVLRQDO DOH vQWUHSULQGHULL GLDJQRVWLF FRPSHWHQ D JOREDO FRUHODWH FRQGXF OD UHGUHVDUHD L vPEXQ W LUHD

FXSULQGH XQ DQVDPEOX GH SUREOHPH FRQFUHWL]DWH vQ OLWHUDWXUD GH VSHFLDOLWDWH SULQ FHL UHVSHFWLY SRWHQ LDOXO GLPHQVLXQHD FDOLWDWHD PDQDJHULDO  DOH UHVXUVHORU XPDQH 

 0RQH\ UHSUH]HQWkQG SUREOHPH PXOWLSOH L FRPSOH[H GH RUGLQ ILQDQFLDU  0DUFKDQGLVHV UHSUH]HQWkQG FDQWLWDWHD FDOLWDWHD L HYDOXDUHD VWRFXULORU  0DWHULDOV UHSUH]HQWkQG HYDOXDUHD FDQWLWDWLY L FDOLWDWLY D FRPSRQHQWHORU FDSLWDOXOXL IL[ PLMORDFHORU IL[H  vQ VSHFLDO VXE DVSHFW WHKQRORJLF ILDELOLWDWH SHUIRUPDQ H  0DUNHW UHSUH]HQWkQG GLDJQRVWLFXO SR]L LHL SH SLD VHUYLFLLORU vQWUHSULQGHULL  0HWRGH L WHKQLFL IRORVLWH vQ DQDOL]D VWDWLVWLF D IHQRPHQHORU L SURFHVHORU  GLVWULEX LD YDORULILFDUHD SURGXF LHL L

HFRQRPLFRILQDQFLDUH Q FDGUXO DQDOL]HL VWDWLVWLFH D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH GLQ FDGUXO vQWUHSULQGHULL VXQW IRORVLWH SUDFWLF WRDWH PHWRGHOH SUHVXSXVH GH R FHUFHWDUH VWDWLVWLF VWDWLVWLFH  0HWRGH GH VWDELOLUH D UHOD LLORU FDX]DOH 5HOD LLOH FDX]DOH VXQW FRQH[LXQL OHJ WXUL VDX GHSHQGHQ H SULQ FDUH VH UHDOL]HD] DF LXQHD XQRU IDFWRUL GH LQIOXHQ DVXSUD XQXL IHQRPHQ HFRQRPLFRILQDQFLDU VDX SULQ FDUH VH UHDOL]HD] ILQDQFLDUH DIODWH vQ LQWHUDF LXQH 5HOD LLOH FDX]DOH VXQW vQ JHQHUDO GH IRUPD FDX] GH GH]YROWDUH D DFHVWXLD  'LYL]DUHD VDX GHVFRPSXQHUHD UH]XOWDWHORU Q DQDOL]D VWDWLVWLF D IHQRPHQHORU L SURFHVHORU HFRQRPLFRILQDQFLDUH VH GLVWLQJ D 'LYL]DUHD GXS GLIHULWHORU XQLW GH YkQ]DUH HWF F  'LYL]DUHD SH S U LOH VDX SH HOHPHQWHOH FROHFWLYLW LL FRPSRQHQWH VWDWLVWLFH VSHFLILFH SH IHQRPHQXOXL FDWHJRULL VDX SURFHVXOXL HFRQRPLFRILQDQFLDU FRQVLGHUDW *UXSDUHD UHSUH]LQW VHSDUDUHD FHUFHWDWH JUXSH RPRJHQH GH XQLW  L VWDWLVWLFH GXS YDULD LD XQHLD VDX PDL PXOWRU FDUDFWHULVWLFL YDULDELOH  DOHVH vQ DQDOL]D E 'LYL]DUHD GXS WLPSXO GH IRUPDUH D UH]XOWDWHORU SULQ FDUH VH HYLGHQ LD] FRQWULEX LD L GH WLPS OD IRUPDUHD UH]XOWDWXOXL WRWDO ORFXO GH IRUPDUH D UH]XOWDWHORU SH SXQFWH GH OXFUX SH VHF LL SH SXQFWH HIHFW (YLGHQ LHUHD UHOD LLORU FDX]DOH SUHVXSXQH FHUFHWDUHD HVHQ HL IHQRPHQXOXL DQDOL]DW D OHJLORU OHJ WXUL GLQWUH PDL PXOWH IHQRPHQH HFRQRPLFR FRPSOHW  SUHFXP L PHWRGH DGLDFHQWH FDUH SUHVXSXQ SUHOXFU UL GH LQIRUPD LL L GH UH]XOWDWH DOH XQRU SUHOXFU UL

IXQF LH GH VFRSXO FHUFHW ULL L GH QDWXUD IHQRPHQXOXL VDX SURFHVXOXL HFRQRPLFRILQDQFLDU VWXGLDW &RPSDUD LD QLYHOXULORU ILH IHQRPHQHORU VDX SURFHVHORU HFRQRPLFRILQDQFLDUH FRPSDUDW  FDUH SRDWH V D F

&RPSDUD LD vQ WLPS LQGLFDWRULL GLQDPLFLL  &RPSDUD LL PL[WH vQ WLPS L vQ VSD LX 

E &RPSDUD LD vQ VSD LX HFRQRPLF JHRJUDILF RUJDQL]DWRULF FRQFXUHQ LDO HWF  G &RPSDUD LL FX QLYHOXUL SUHVWDELOLWH SODQXUL SURJUDPH QRUPDWLYH VWDQGDUGH FODX]H FRQWUDFWXDOH HWF  H &RPSDUD LL FX FDUDFWHU VSHFLDO UHVSHFWLY SHQWUX GHWHUPLQDUHD HILFLHQ HL XQRU P VXUL VDX VROX LL WHKQLFRHFRQRPLFH VDX HFRQRPLFRILQDQFLDUH FRPSDUD LD PDL PXOWRU YDULDQWH vQ YHGHUHD DOHJHULL YDULDQWHL RSWLPH D  )RORVLUHD PHWRGHL FRPSDUD LHL SUHVXSXVH vQ SULPXO UkQG DVLJXUDUHD FRPSDUDELOLW UHVSHFWLY VXE DVSHFWXO FRQ LQXWXOXL DO PRGXOXL GH H[SULPDUH L DO PHWRGRORJLHL GH FDOFXO  0RGHODUHD VWDWLVWLF ILQDQFLDUH FDUH SUHVXSXQH VDX VWDWLVWLFRPDWHPDWLF IRORVLUHD XQRU FDWHJRULL D IHQRPHQHORU VDX SURFHVHORU HFRQRPLFR P ULPL L LQVWUXPHQWH VWDWLVWLFH SHQWUX LL GDWHORU

VXUSULQGHUHD XQRU ODWXUL VDX DVSHFWH HVHQ LDOH DOH IHQRPHQXOXL VDX SURFHVXOXL HFRQRPLFRILQDQFLDU FHUFHWDW I FkQGXVH DEVWUDF LH GH WU V WXULOH VHFXQGDUH DOH DFHVWXLD  0HWRGH GH P VXUDUH D UHOD LLORU IDFWRULDOFDX]DOH LL DF LXQLL IDFWRULORU GH

$FHVWH PHWRGH SUHVXSXQ GHWHUPLQDUHD P ULPLL VHQVXOXL L LQWHQVLW LQIOXHQ DVXSUD IHQRPHQXOXL VDX SURFHVXOXL HFRQRPLFRILQDQFLDU FHUFHWDW /HJ WXULOH FDX]DOH SRW V

ILH UHVSHFWLY GH WLS GHWHUPLQLVW L GH WLS VWRKDVWLF SUREDELOLVWLF 

3HQWUX VHSDUDUHD L P VXUDUHD LQIOXHQ HL IDFWRULORU VH XWLOL]HD] 

D 0HWRGD UHJUHVLHL L FRUHOD LHL VWDWLVWLFH E 0HWRGD VXEVWLWX LHL IDFWRULORU GH LQIOXHQ 

F 0HWRGH DOH FHUFHW ULL RSHUD LRQDOH IXQF LD GH RSWLPL]DW L VLVWHPXO GH UHVWULF LL  G 0HWRGD FDOFXOXOXL PDWULFHDO H 0HWRGD EDODQ LHU  Q FHHD FH SULYHWH PHWRGHOH GH OD D L F HOH DX IRVW VWXGLDWH OD GLVFLSOLQHOH GH VWDWLVWLF WHRUHWLF L UHVSHFWLY FHUFHW UL RSHUD LRQDOH 0HWRGD FDOFXOXOXL PDWULFHDO SUHVXSXQH IRUPDUHD XQRU PDWULFH FX HOHPHQWHOH FRPSRQHQWH DOH XQXL IHQRPHQ HFRQRPLF VDX ILQDQFLDU L DSRL SULQ HIHFWXDUHD XQRU FDOFXOH PDWULFHDOH VH RE LQ UH]XOWDWH FDUH HYLGHQ LD] vQWUH R PDWULFH VSHFLILF GLYHUVH OHJ WXUL GLQWUH HOHPHQWHOH IHQRPHQXOXL VDX SURFHVXOXL DQDOL]DW D SURGXF LHL H[HUFL LXOXL UH]XOW GLQ SURGXVXO HIHFWXDW DL P ULPLORU D SURGXF LHL H[HUFL LXOXL L UHVSHFWLY R PDWULFHGLDJRQDO 6SUH H[HPSOX PDWULFHD LQGLFLORU GH GLQDPLF

LQYHUVH DOH SURGXF LHL H[HUFL LXOXL $FHVW SURGXV PDWULFHDO HVWH UHGDW SULQ UHOD LD 4 $G 4 UHSUH]LQW

= ,  vQ FDUH

PDWULFHD SURGXF LHL H[HUFL LXOXL L DUH IRUPD

TQ TQ TQ 4 =

P T

 TI TI TI

TP

TP

L XQGH FDOFXO

TU  TT  TS  TR $

W V

UHSUH]LQW

QLYHOXULOH SURGXF LHL H[HUFL LXOXL GLQ FHOH

SHULRDGH OXDWH vQ

UHSUH]LQW

PDWULFHDGLDJRQDO

D YDORULORU LQYHUVH DOH SURGXF LHL H[HUFL LXOXL L DUH IRUPD

X Q

  TQ =  



  TP 

    TI

, UHSUH]LQW

PDWULFHD VLPHWULF

L FX GHWHUPLQDQWXO QXO D LQGLFLORU GH GLQDPLF  GHWHUPLQD L SHQWUX FkWH GRX  R PDWULFH D XQHL PXO LPL GH

WRDWH FHOH Q SHULRDGH OXDWH vQ FDOFXO GRX 6DX GXS R UHOD LH PDWULFLDO

VLPLODU  SRDWH IL FRQFHSXW

P ULPL UHODWLYH GH FRRUGRQDUH DPG 0HWRGD EDODQ LHU LQSXWRXWSXW VH IRORVHWH vQ FD]XO vQ FDUH vQWUH HOHPHQWHOH IHQRPHQXOXL UHOD LL GH WLS GHWHUPLQLVW GH QDWXUD VXPHL L JHQHUDO IRORVLW HVWH XUP WRDUHD  vQ FDUH

VDX SURFHVXOXL HFRQRPLF VDX ILQDQFLDU DQDOL]DW H[LVW GLIHUHQ HL 5HOD LD EDODQ LHU

D +E -F = G

D  H[LVWHQW OD vQFHSXWXO SHULRDGHL DQDOL]DWH


E  LQWU UL vQ FXUVXO SHULRDGHL DQDOL]DWH

F  LHLUL vQ FXUVXO SHULRDGHL DQDOL]DWH


G  H[LVWHQW OD VIkULWXO SHULRDGHL DQDOL]DWH

You might also like