5qJOHV GH VpFXULWp LPSRUWDQWHV
9HXLOOH] YRXV IDPLOLDULVHU DYHF OH PDQXHO G·XWLOLVD
WLRQ DYDQW G·XWLOLVHU OD WDEOH GH FXLVVRQ SRXU OD
SUHPLqUH IRLV 9HXLOOH] HQ SDUWLFXOLHU REVHUYHU OHV
FRQVHLOV GH VpFXULWp PDUTXpV G·XQ
9 RXV pYLWHUH] DLQVL TX·LO \ DLW GHV GRPPDJHV DXVVL
ELHQ VXU OHV SHUVRQQHV TXH VXU OD WDEOH GH FXLVVRQ
&RQVHUYH] VRLJQHXVHPHQW FH PDQXHO G·XWLOLVD
WLRQ HW WUDQVPHWWH]OH OH FDV pFKpDQW DX SURFKDLQ XWL
OLVDWHXU
9 RWUH DSSDUDLO D pWp FRQoX SRXU XQ XVDJH FXOLQDLUH XQL
TXHPHQW j O·H[FOXVLRQ G·DXWUHV ILQV ,O HVW FRQIRUPH
DX[ SUHFULSWLRQV GH VpFXULWp HW DX[ QRUPHV GH TXDOLWp
LQWHUQDWLRQDOHV /HV PHVXUHV GH VpFXULWp H[LVWDQWHV
Q·H[FOXHQW SDU OHV ULVTXHV G·DFFLGHQW
/D VpFXULWp DX QLYHDX
pOHFWULTXH
/·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU
pOHFWULFLHQ TXDOLILp 3RXU DVVXUHU OD VpFXULWp DX QL
YHDX pOHFWULTXH OHV DSSDUHLOV j HQFDVWUHU GRLYHQW
rWUH PRQWpV GDQV GHV DUPRLUHV SRXU pOpPHQWV j
HQFDVWUHUSODQV GH WUDYDLO DSSURSULpV HW FRQIRU
PHV DX[ QRUPHV
1·XWLOLVH] OD WDEOH GH FXLVVRQ TXH VHXOHPHQW ORUVTXH
FHOOHFL DXUD pWp LQVWDOOpH 9RXV VHUH] DLQVL DVVXUp GH
QH SDV WRXFKHU DFFLGHQWHOOHPHQW GHV FRPSRVDQWV
pOHFWULTXHV
/D WDEOH GH FXLVVRQ YLWURFpUDPLTXH j HQFDVWUHU QH SHXW
rWUH FRPELQpH TX·DYHF GHV IRXUV HQFDVWUDEOHV GHV Up
FKDXGV HQFDVWUDEOHV GHV ERvWHV GH FRPPDQGH HQ
FDVWUDEOHV RX DYHF XQH FRPPDQGH pOHFWURQLTXH DX
PR\HQ GX V\VWqPH GH FRQQH[LRQ VSpFLDO FkEOH DGDS
WDWHXU YRLU LQVWUXFWLRQV G·LQVWDOODWLRQ 2EVHUYH] pJD
OHPHQW OHV LQGLFDWLRQV GDQV OH PDQXHO G·LQVWDOODWLRQ HW
G·XWLOLVDWLRQ
,O Q·HVW SDV SHUPLV GH UDFFRUGHU GHV WDEOHV GH FXLVVRQ
HQGRPPDJpHV TXL SUpVHQWHQW GHV ILVVXUHV RX GHV
FDVVXUHV VXU OD VXUIDFH YLWURFpUDPLTXH
3RXU GHV UDLVRQV GH VpFXULWp OHV UpSDUDWLRQV VXU O·DS
SDUHLO HQ SDUWLFXOLHU VXU OHV pOpPHQWV FRQGXFWHXUV GH
FRXUDQW QH SHXYHQW rWUH HIIHFWXpHV TXH SDU GHV VSp
FLDOLVWHV pOHFWULFLHQV RX GHV WHFKQLFLHQV IRUPpV GX VHU
YLFH DSUqVYHQWH VLQRQ LO SRXUUDLW HQ UpVXOWHU GHV ULV
TXHV LPSRUWDQWV SRXU O·XWLOLVDWHXU (Q FDV GH
GpUDQJHPHQW DGUHVVH]YRXV GLUHFWHPHQW j QRWUH
VHUYLFH DSUqVYHQWH
8WLOLVDWLRQ HW
PDQLSXODWLRQ
(PSrFKH] TXH OHV SHWLWV HQIDQWV SXLVVHQW WRXFKHU OHV
]RQHV GH FXLVVRQ YLWURFpUDPLTXHV ORUVTXH FHOOHVFL
IRQFWLRQQHQW '·XQH PDQLqUH JpQpUDOH LOV GHYUDLHQW
rWUH WHQXV j O·pFDUW GHV IR\HUV DLQVL TXH GHV FDVVHUROHV
HW GHV SRrOHV /HV HQIDQWV SHXYHQW pJDOHPHQW VH EU
OHU HQ IDLVDQW WRPEHU XQH FDVVHUROH RX XQH SRrOH
/HV FKDPSV GH FXLVVRQ GHYLHQQHQW UDSLGHPHQW
FKDXGV GqV TX·LOV VRQW DOOXPpV &·HVW SRXUTXRL YRXV QH
GHYH] OHV HQFOHQFKHU TX·DSUqV DYRLU PLV GHVVXV XQ Up
FLSLHQW GH FXLVVRQ $LQVL YRXV pYLWH] pJDOHPHQW GH
JDVSLOOHU GH O·pQHUJLH
(Q FDV GH PDQRHXYUHV LQDWWHQWLYHV LO \ D ULVTXH GH
EUOXUH VXU OHV ]RQHV GH FXLVVRQ
(Q FDV GH FRXSXUH GH FRXUDQW WRXV OHV UpJODJHV HW DIIL
FKHXUV VRQW HIIDFpV 'qV TXH OH FRXUDQW HVW UHYHQX OD
SUXGHQFH V·LPSRVH FDU OHV SODTXHV FKDXIIpHV DYDQW OD
SDQQH GH FRXUDQW QH VRQW SOXV VDLVLHV SDU O·DIILFKHXU
6L YRXV XWLOLVH] XQH SULVH GH FRXUDQW j SUR[LPLWp GX
FKDPS GH FXLVVRQ YHLOOH] j FH TXH OH FkEOH GH O·DSSD
UHLO pOHFWULTXH QH YLHQQH SDV WRXFKHU OH IR\HU
1·HQFOHQFKH] OHV ]RQHV GH FXLVVRQ TXH ORUVTX·XQH
FDVVHUROH RX XQH SRrOH VH WURXYH GHVVXV /HV UpFL
SLHQWV GH FXLVVRQ HW OHV IRQGV GH UpFLSLHQW GH FXLVVRQ
GRLYHQW rWUH VHFV HW SURSUHV
/HV ]RQHV GH FXLVVRQ VH GpWpULRUHQW VL HOOHV VRQW XWLOL
VpHV VDQV UpFLSLHQW GH FXLVVRQ RX DYHF UpFLSLHQW YLGH
RX VL RQ XWLOLVH GHV UpFLSLHQWV LQDSSURSULpV SDU H[
DYHF XQ IRQG GpIRUPp RX D\DQW XQ WURS SHWLW GLDPqWUH
1H SDV FRQVHUYHU GH SURGXLWV VHQVLEOHV j OD WHPSpUD
WXUH RX LQIODPPDEOHV SDU H[ SURGXLWV GH QHWWR\DJH
ERPEHV GH VSUD\ GDQV OH WLURLU RX OHV FDVLHUV VLWXpV
VRXV O·DSSDUHLO j HQFDVWUHU
/H SODQ GH FXLVVRQ QH GRLW SDV rWUH XWLOLVp FRPPH VXU
IDFH GH GpS{W RX GH WUDYDLO
/RUVTXH YRXV WUDYDLOOH] DYHF GHV KXLOHV RX GHV JUDLV
VHV LOQH IDXGUDLW SDV ODLVVHU OH FKDPSGH FXLVVRQVDQV
VXUYHLOODQFH HQ UDLVRQ GX ULVTXH G·LQFHQGLH
1·XWLOLVH] SDV GH UpFLSLHQWV HQ PDWLqUH V\QWKpWLTXH RX
HQ IHXLOOH G·DOXPLQLXP &HX[FL IRQGHUDLHQW DX[ WHP
SpUDWXUHV pOHYpHV HW SRXUUDLHQW HQGRPPDJHU OD SOD
TXH YLWURFpUDPLTXH