Sei sulla pagina 1di 414









0,1,67(52'(//$6$/87(
6HJUHWDULDWRJHQHUDOH









5$&&20$1'$=,21,&/,1,&+(
,12'21726720$72/2*,$














$35,/(
ϭ


Immagine della copertina per gentile concessione di Stefano Cipriani
PREFAZIONE

Il progetto delle “Raccomandazioni Cliniche in Odontostomato-


logia” è iniziato nel 2009 per volontà dell’allora Referente per l’O-
dontoiatria del Ministero della Salute, Prof. Enrico Gherlone, che
ben illustra, nella presentazione che segue questa prefazione, quali
furono gli obiettivi e le metodologie di lavoro ed i successivi passag-
gi che hanno portato alla pubblicazione di questo nuovo testo.
ANDI ha sempre creduto in questo progetto, impegnandosi in primo
luogo per supportare quello spirito costruttivo che si creò a partire
da quella circostanza, superando le forti divergenze allora esistenti
tra le varie componenti del mondo odontoiatrico.
Grazie alla ritrovata unità di intenti, soprattutto con CAO ed Uni-
versità, si sono poste le basi di una serie di importanti iniziative a
tutela della professione, che ci hanno permesso di presentarci com-
patti di fronte agli interlocutori politici.
Ci troviamo in un periodo di cambiamento epocale in cui l’Odontoiatria italiana ha visto mutare i
paradigmi dell’organizzazione del lavoro e della comunicazione perché è cambiata la società con
i suoi bisogni. Gli studi odontoiatrici vivono, per necessità adattativa, una trasformazione senza
precedenti e la bisogno di avere riferimenti certi è sempre più sentito dai professionisti.
ANDI, dal punto di vista sindacale, ha svolto a pieno titolo il proprio ruolo e la testimonianza della
continua crescita di Iscritti, con il superamento da poco avvenuto della quota di 25.000 Soci, ne è
la concreta dimostrazione.
L’impegno a sostegno della professione, anche dal punto di vista culturale, si è ulteriormente ma-
nifestato con la realizzazione del 62° Congresso Scientifico Nazionale, occasione anche per la pre-
sentazione e la diffusione gratuita a tutti gli Iscritti di questa nuova opera che costituisce comun-
que anche un significativo momento di tutela “sindacale” per i singoli professionisti che devono
considerarla un riferimento costante rispetto all’abbassamento della qualità professionale e degli
onorari, in riferimento al possibile contenzioso medico-legale (non dimentichiamo che la Legge
Gelli, recentemente approvata, ha depenalizzato la responsabilità medica, anche per colpa lieve e
per imperizia, nel caso si siano rispettate le raccomandazioni previste dalle linee guida), rispetto
infine alle verifiche induttive fiscali che spesso non tengono conto del tempo, dei materiali e delle
procedure necessarie alla realizzazione di una prestazione odontoiatrica di qualità.
Alcuni nuovi capitoli di queste Raccomandazioni riguardano poi argomenti particolarmente sensi-
bili circa la difesa del nostro modello professionale, contro l’intrusione di nuove figure e di strutture
commerciali: l’odontoiatria digitale realizzabile nello studio e la comunicazione col paziente.
Nel ringraziare il Ministero della Salute e tutti coloro che, insieme ad ANDI, hanno contribuito alla
realizzazione dell’opera non posso che augurarmi che questo percorso continui anche in futuro, per
poter raggiungere nuovi fruttuosi traguardi per tutta l’Odontoiatria italiana.

Gianfranco Prada
Presidente Nazionale ANDI

3
4
PRESENTAZIONE

Sono molto felice per l’onore che mi è stato offerto di presentare la


nuova edizione aggiornata del progetto “Raccomandazioni cliniche
in odontostomatologia”.
Ricordo che questo progetto è stato da me ideato e subito condiviso
da tutte le componenti odontoiatriche
Ordine dei medici, società scientifiche, collegio dei docenti, associa-
zioni professionali, con l’obiettivo di fornire alla professione indica-
zioni operative sulla realizzazione di tutte le principali operatività
odontoiatriche e di appropriato utilizzo di attrezzature e materiali,
anche per contrastare la tendenza all’abbassamento qualitativo del-
le prestazioni, in un momento in cui operazioni commerciali sia serie
che purtroppo meno serie hanno iniziato a diventare realtà.
Ci si potrebbe chiedere come mai non linee guida, questo semplicemente è dovuto al fatto che le
linee guida presuppongono criteri molto rigidi ed essendo l’odontoiatria nonostante il suo grande
sviluppo scienza giovane non esistevano/esistono un sufficiente numero di evidenze scientifiche atte
a supportarle.
Questa fatica è stato uno dei primi esempi di collegialità del mondo odontoiatrico a tutela della
salute del cittadino troppo spesso preda di mercificazioni della professione ed il fatto che siano state
utilizzate grandemente in odontoiatria forense ne spiega la loro notevole validità e quanto siano
necessarie.
La scienza progredisce e da quel lontano 2009 era necessaria una profonda revisione che è stata
eseguita con tutti i maggiori studiosi di questa materia riuniti in specifici gruppi sotto il coordina-
mento deontologico della CAO e la supervisione professionale riguardo la loro percorribilità for-
nita dalla associazioni professionali. Le società scientifiche assieme al collegio dei docenti hanno
dato un grandissimo contributo di competenze professionali e posso dire che il decreto Gelli in parte
ha seguito la nostra idea originale che ne dimostra l’effettiva positività.
Sono stati inseriti, oltre agli aggiornamenti di rito che si sono manifestati in questo periodo, due
nuovi aspetti che non si potevano oggigiorno tralasciare, parlo della comunicazione e del workflow
digitale che si stanno rivelando non solo il presente ma anche il futuro di questa bellissima specia-
lità così importante per i nostri pazienti.
Un grazie particolare ad ANDI che fino dal lontano 2009 mi è stata vicina e con la quale abbiamo
vissuto e combattuto battaglie storiche per la professione e la tutela della salute pubblica assieme
alla Cao e a tutte le altre componenti ed al Ministero della Salute senza il quale tutto ciò non sa-
rebbe stato possibile.
I nomi di tutti questi attori li conosciamo, personalmente verranno da me portati nel cuore non solo
fino a che mi occuperò di odontoiatria ma fino a che vivrò.
Un grazie a tutto il team di questo lavoro che ha mostrato passione, competenza e professionalità
estrema.
Enrico Gherlone
Presidente nazionale Collegio dei Docenti Universitari
di discipline odontostomatologiche

5
6
Presentazione Ministero 2

7
8


,O SUHVHQWH GRFXPHQWR q O¶HGL]LRQH DJJLRUQDWD GHOOH ³5DFFRPDQGD]LRQL FOLQLFKH LQ


RGRQWRVWRPDWRORJLD´HGLWDWHGDO0LQLVWHURGHOODVDOXWHQHOO¶DQQR
,O0LQLVWHURGHOODVDOXWHHLQSDUWLFRODUHLO*UXSSRWHFQLFRVXOO¶RGRQWRLDWULD FRPSRQHQWL*LRYDQQL
1LFROHWWLFRRUGLQDWRUH&ODXGLR$UFXUL3LR$WWDQDVL*LDQIUDQFR&DUQHYDOH%HQHGHWWR&RQGRUHOOL
)DXVWR )LRULOH 5REHUWR *DWWR (QULFR *KHUORQH *LXVHSSH 0DU]R $QWRQLR )HGHULFL 0LFKHOH
1DUGRQH *LDQIUDQFR3UDGD*LXVHSSH5HQ]R /DXUD6WURKPHQJHUͿ͕RSHUDQWHSUHVVRLO6HJUHWDULDWR
JHQHUDOHDLVHQVLGHO'0DSULOHKDULWHQXWRQHFHVVDULRSURFHGHUHDGXQDJJLRUQDPHQWRGHL
FRQWHQXWL LQ FRQVLGHUD]LRQH GHOO¶HYROX]LRQH GHOOH FRQRVFHQ]H VFLHQWLILFKH H GHL GDWL SUHVHQWL LQ
OHWWHUDWXUD
/D SUHGLVSRVL]LRQH GHL FRQWHQXWL WHFQLFL q VWDWD DIILGDWD DOOH 6RFLHWj VFLHQWLILFKH GHO VHWWRUH
RGRQWRLDWULFR FRRUGLQDWH GDO &RPLWDWR ,WDOLDQR GL &RRUGLQDPHQWR GHOOH 6RFLHWj 6FLHQWLILFKH
2GRQWRVWRPDWRORJLFKH &,&2GRQWRLDWULDSUHV *LDQIUDQFR&DUQHYDOH  FKHKDQQRSURYYHGXWRDG
LQGLYLGXDUHJOLDXWRULGHLVLQJROLFDSLWROL
6HPSUH VX PDQGDWR GHO *UXSSR WHFQLFR VXOO¶RGRQWRLDWULD LO FRRUGLQDPHQWR VFLHQWLILFR
GHOO¶LQL]LDWLYD q VWDWR DIILGDWR DO 3UHVLGHQWH GHO &ROOHJLR GHL GRFHQWL GL GLVFLSOLQH
RGRQWRVWRPDWRORJLFKH (QULFR *KHUORQH  PHQWUH OD YHULILFD GHJOL DVSHWWL HWLFL H GHRQWRORJLFL GHL
FRQWHQXWL q VWDWD GHPDQGDWD DOOD &RPPLVVLRQH $OER GHJOL 2GRQWRLDWUL &$2 GHOOD )HGHUD]LRQH
1D]LRQDOH2UGLQL0HGLFL&KLUXUJKLH2GRQWRLDWUL 6WHIDQR$OPLQL5RGROIR%HUUR&RUUDGR%RQGL
*LRYDQQL %UDJD *DHWDQR &LDQFLR *LDQSDROR 'D 0LODQR $QWRQLR 'L %HOOXFFL /XLJL 'L )DELR
$QGUHD 'RQDWL 0DVVLPR *DJJHUR 5REHUWR *R]]L *LXVHSSH /R *LXGLFH *LRYDFFKLQR 5DVSLQL
*LXVHSSH5HQ]R6DQGUR6DQYHQHUR$QGUHD6HQQD$OHVVDQGUR=RYL 
,QROWUHLQTXDOLWjGLUHYLVRULKDQQRSDUWHFLSDWRDOODSUHGLVSRVL]LRQHGHOGRFXPHQWRUDSSUHVHQWDQWL
GHO0LQLVWHURGHOODVDOXWH )UDQFR&RQGz*LRYDQQL1LFROHWWL0LFKHOH1DUGRQH6DEULQD=LOLDUGL 
GHOO¶$VVRFLD]LRQH 1D]LRQDOH 'HQWLVWL ,WDOLDQL  $1',  1LFROD (VSRVLWR 0DVVLPR *DJJHUR
*HUDUGR *KHWWL $OEHUWR /LEHUR 6WHIDQR 0LUHQJKL $OGR 1RELOL *LDQIUDQFR 3UDGD 0DXUR
5RFFKHWWL  GHOO¶$VVRFLD]LRQH ,WDOLDQD 2GRQWRLDWUL  $,2  )DXVWR )LRULOH 3LHUOXLJL 'HORJX
3LHUOXLJL 0DUWLQL 'HQLV 3ROHWWR $QJHOR 5DIIDHOH  GHOO¶$VVRFLD]LRQH 'HQWLVWL ,WDOLDQL $',
5REHUWR *DWWR *LXVHSSH 0DU]R  H GHO 6LQGDFDWR 8QLFR 0HGLFLQD $PEXODWRULDOH ,WDOLDQD H
3URIHVVLRQDOLWj GHOO
$UHD 6DQLWDULD 680$, L &RPSRQHQWL GHOOD FRPPLVVLRQH RGRQWRLDWULFD
QD]LRQDOHFRRUGLQDWDGD3LR$WWDQDVL 
/H UDFFRPDQGD]LRQL UHODWLYH DG RJQL VLQJROD WHPDWLFD VRQR VWDWH UHGDWWH VXOOD EDVH GHOO¶HYLGHQ]D
VFLHQWLILFDSURYHQLHQWHGDUHYLVLRQHGLODYRULSXEEOLFDWLVXULYLVWHGHOVHWWRUHPHQWUHLQDVVHQ]DGL
HYLGHQ]DVFLHQWLILFDOHUDFFRPDQGD]LRQLVRQRVWDWHIRUPXODWHVXOODEDVHGLGLVFXVVLRQHIUDJOL$XWRUL
HSRLFRQIURQWDWHLQXQDFRQIHUHQ]DGLFRQVHQVR7XWWRFLzDOILQHGLJDUDQWLUHDLSURIHVVLRQLVWLHGD
TXDQWL FRLQYROWL QHOOD JHVWLRQH GHOOD VDOXWH RUDOH OH SL DJJLRUQDWH FRQRVFHQ]H LQ WHPD GL
RGRQWRVWRPDWRORJLD Vu GD FRQVHQWLUH O¶DSSOLFD]LRQH GL FRUUHWWL H DGHJXDWL SUHVLGL GLDJQRVWLFL H
WHUDSHXWLFL

$XWRUL
(QULFR *KHUORQH FRRUGLQDWRUH 6LOYLD $OOHJULQL 6XVDQQD $QQLEDOL /XLJL %DJJL (UVLOLD %DUEDWR
$QWRQLR%DURQH(OLR%HUXWWL*LRYDQQL%UDJD5REHUWR%UDQFKL)UDQFR%UHQQD$OIRQVR&DLD]]R
9LQFHQ]R&DPSDQHOOD *LXVHSSLQD&DPSLVL*XJOLHOPR&DPSXV3DROR &DSSDUp6DQWR&DWDSDQR
)UDQFHVFD &DWWRQL $UQDOGR &DVWHOOXFFL )LOLSSR &D]]XODQL 0DUFR &LFFL /HRQDUGR &LRFFD
*LDQFDUOR&RUGDVFR(OLVDEHWWD&RWWL3DROD&R]]D/XFD'DO&DUOR*LXOLR'HO0DVWUR&ODXGLR'H

Ϯ


9


1XFFLR)HGHULFR'H1XFFLR*LXOLR'HO0DVWUR5REHUWR'HOL&DUOR'L3DROR5DIIDHOOD'RFLPR
6WHIDQR (UDPR *LDPSLHWUR )DUURQDWR 3LHWUR )HUUDQWH 0DUFR )HUUDUL )UDQFHVFR )HUULQL )DXVWR
)LRULOH 3LHUOXLJL )ORULV $OEHUWR )RQ]DU )HGHULFD )RQ]DU 0DULR *DEULHOH 0DVVLPR *DJOLDQL
*LXVHSSH *DOOLQD /LYLR *DOORWWLQL *DEULHOOD *DOOXFFLR *LDQIUDQFR *DVVLQR *LRUJLR *DVWDOGL
&ODXGLR *DWWL 5REHUWR *DWWR 0LFKHOH *LDQQDWHPSR 6LPRQD *LDQL 0DULD 5LWD *LXFD 0LFKHOH
*LXOLDQL&DUOR*XDVWDPDFFKLD/XLJL*XLGD*UHJRULR/DLQR/XFD/DQGL&ODXGLR/DQWHUL0DULR
/HQGLQL$OEHUWR/LEHUR*LXVHSSH/R*LXGLFH/RUHQ]R/R0X]LR/XFLR/R5XVVR*XLGR0DULD
0DFDOXVR 0DUFR 0DJL  $OHVVDQGUD 0DMRUDQD 9LWR $QWRQLR 0DODJQLQR $XJXVWR 0DOHQWDFFD
0LFKHOH0DQDFRUGD*LRYDQQL0DQHV*UDYLQD(GRDUGR0DQIUHGL'DQLHOH0DQIUHGLQL)UDQFHVFR
0DQJDQL 3LHUR $OHVVDQGUR 0DUFROL 5REHUWR 0DUWLQD 6HUJLR 0DWDUDVVR 0DUFR 0HOHWL &RVWDQ]D
0LFDUHOOL )UDQFHVFR 2FFLSLWH 'L 3ULVFR 0DUFR 2GGHUD *LRUJLR 3HUIHWWL *DEULHOH 3LDQD 3DROR
3LFFKLRQL $QGUHD 3LOORQL 5REHUWR 3LSSL 6LOYLD 3L]]L &DUOR 3RJJLR %UXQR 3ROOLIURQH &DUPHOR
3XOHOOD $QJHOR 3XWLJQDQR (XJHQLR 5DLPRQGR 6DQGUR 5HQJR )UDQFHVFR 5LFFLWLHOOR 6HEDVWLDQR
5RVD 5REHUWR 5R]]D *LOEHUWR 6DPPDUWLQR $QGUHD 6DUGHOOD 0DULD 7HUHVD 6EHUQD *HKUDUG
.RQUDG 6HHEHUJHU 0DU]LD 6HJ 5REHUWR 6SUHDILFR (XJHQLR 7DQWHUL )DELR 7RVROLQ /HRQDUGR
7URPEHOOL0DXUR9HQWXUL3DROR9LJROR)HUQDQGR=DURQH9LWWRULR=DYDJOLD6LOYLD=RYL

ϯ


10


,1',&(



&HQQLQRUPDWLYLGHRQWRORJLFLHGLFRPXQLFD]LRQH SDJ
13
2GRQWRLDWULDSHGLDWULFD SDJ
27
2GRQWRLDWULDUHVWDXUDWLYDRFRQVHUYDWLYD SDJ
71
(QGRGRQ]LD SDJ
91
3DURGRQWRORJLD SDJ
131
&KLUXUJLDRUDOH SDJ
159
,PSODQWRORJLDRUDOH SDJ
193
*QDWRORJLD SDJ
215
2GRQWRLDWULDSURWHVLFD SDJ
229
2UWRJQDWRGRQ]LD SDJ
281
2GRQWRLDWULDVSHFLDOH SDJ
329
0HGLFLQDRUDOH SDJ
341
2GRQWRLDWULDSURWHVLFDGLULDELOLWD]LRQHSRVWRQFRORJLFD SDJ
363
7HFQRORJLDGLJLWDOHLQRGRQWRLDWULDSURWHVLFD SDJ
387









ϰ


11


&(11,1250$7,9,'(2172/2*,&,(',&2081,&$=,21(

/DSURIHVVLRQHVDQLWDULDGLRGRQWRLDWUDqUHJRODPHQWDWDGDOHJJLGHOOR6WDWR


/HJJHOXJOLRQHVXFFHVVLYHPRGLILFD]LRQL,VWLWX]LRQHGHOODSURIHVVLRQHVDQLWDULD
GL RGRQWRLDWUD H GLVSRVL]LRQL UHODWLYH DO GLULWWR GL VWDELOLPHQWR HG DOOD OLEHUD SUHVWD]LRQH GL
VHUYL]LGDSDUWHGLGHQWLVWLFLWWDGLQLGL6WDWLPHPEULGHOOH&RPXQLWjHXURSHH

$UW(
LVWLWXLWDODSURIHVVLRQHVDQLWDULDGLRGRQWRLDWUDFKHYLHQHHVHUFLWDWDGDFRORURFKHVRQRLQ
SRVVHVVR GHO GLSORPD GL ODXUHD LQ 2GRQWRLDWULD H SURWHVL GHQWDULD H GHOOD UHODWLYD DELOLWD]LRQH
DOO
HVHUFL]LR SURIHVVLRQDOH FRQVHJXLWD D VHJXLWR GHO VXSHUDPHQWR GL DSSRVLWR HVDPH GL 6WDWR
QRQFKpà GDL ODXUHDWL LQ 0HGLFLQD H FKLUXUJLD FKH VLDQR LQ SRVVHVVR GHOOD UHODWLYD DELOLWD]LRQH
DOO
HVHUFL]LRSURIHVVLRQDOHHGLXQGLSORPDGLVSHFLDOL]]D]LRQHLQFDPSRRGRQWRLDWULFR

3RVVRQRHVHUFLWDUHO¶RGRQWRLDWULD
,ODXUHDWLLQ2GRQWRLDWULDHSURWHVLGHQWDULD
, ODXUHDWL LQ 0HGLFLQD H FKLUXUJLD DELOLWDWL DOO
HVHUFL]LR SURIHVVLRQDOH FKH KDQQR LQL]LDWR OD ORUR
IRUPD]LRQHXQLYHUVLWDULDLQPHGLFLQDHQWURLOJHQQDLR
, ODXUHDWL LQ 0HGLFLQD H FKLUXUJLD DELOLWDWL DOO
HVHUFL]LR SURIHVVLRQDOH FKH KDQQR LQL]LDWR OD ORUR
IRUPD]LRQH XQLYHUVLWDULD GRSR LO  JHQQDLR  H SULPD GHO  GLFHPEUH  SXUFKp DEELDQR
VXSHUDWRODVSHFLILFDSURYDDWWLWXGLQDOHGLFXLDO'/JVRWWREUHQ
, ODXUHDWL LQ 0HGLFLQD H FKLUXUJLD DELOLWDWL DOO
HVHUFL]LR SURIHVVLRQDOH FKH KDQQR LQL]LDWR OD ORUR
IRUPD]LRQHXQLYHUVLWDULDGRSRLOJHQQDLRHSULPDGHOGLFHPEUHHGLQSRVVHVVRGL
XQRGHLGLSORPLGLVSHFLDOL]]D]LRQHWULHQQDOHOHFXLGHQRPLQD]LRQLVRQRVWDWHLQGLFDWHQHO'0
VHWWHPEUH  GHO 0LQLVWHUR GHOOD VDQLWj RVVLD 2GRQWRLDWULD H SURWHVL GHQWDULD &KLUXUJLD
RGRQWRVWRPDWRORJLFD2GRQWRVWRPDWRORJLD2UWRJQDWRGRQ]LD
, ODXUHDWL LQ 0HGLFLQD H FKLUXUJLD FKH KDQQR LQL]LDWR OD ORUR IRUPD]LRQH XQLYHUVLWDULD GRSR LO 
GLFHPEUH  H VRQR LQ SRVVHVVR GL XQ GLSORPD GL VSHFLDOL]]D]LRQH WULHQQDOH LQ FDPSR
RGRQWRLDWULFR GL FXL DO FLWDWR '0 GHO  SXUFKp GHWWR FRUVR GL VSHFLDOL]]D]LRQH DEELD DYXWR
LQL]LRHQWURLOGLFHPEUH

$UW)RUPDQRRJJHWWRGHOODSURIHVVLRQHGLRGRQWRLDWUDOHDWWLYLWjLQHUHQWLDOODGLDJQRVLHGDOOD
WHUDSLDGHOOHPDODWWLHHGDQRPDOLHFRQJHQLWHHG DFTXLVLWHGHLGHQWLGHOODERFFDGHOOHPDVFHOOH H
GHL UHODWLYL WHVVXWL QRQFKp DOOD SUHYHQ]LRQH HG DOOD ULDELOLWD]LRQH RGRQWRLDWULFKH *OL RGRQWRLDWUL
SRVVRQRSUHVFULYHUHWXWWLLPHGLFDPHQWLQHFHVVDULDOO
HVHUFL]LRGHOODORURSURIHVVLRQH


/¶HVHUFL]LRQH SURIHVVLRQDOH SUHYHGH O¶LVFUL]LRQH DOO¶$OER GHJOL RGRQWRLDWUL LVWLWXLWR SUHVVR JOL
2UGLQLGHLPHGLFLFKLUXUJKLHGHJOLRGRQWRLDWULGHOODSURSULDSURYLQFLDGLUHVLGHQ]DHGqSRVVLELOHLQ
WXWWRLOWHUULWRULRLWDOLDQR
5LHQWUDWUDLGRYHULGHOSURIHVVLRQLVWDHVHUFHQWHODSURIHVVLRQHGLRGRQWRLDWUDLOULVSHWWRGHO&RGLFH
GLGHRQWRORJLDPHGLFDRYYHURXQLQVLHPHGLUHJROHLVSLUDWHDSULQFLSLGLHWLFDPHGLFD

ϱ


13


1HOO¶DPELWRGHOOHLQGLFD]LRQLFRQWHQXWHQHO&RGLFHHWLFRGLSDUWLFRODUHLPSRUWDQ]DVRQRTXHOOHFKH
UHJRODQRO¶LQIRUPD]LRQHHODFRPXQLFD]LRQHFKHLOVDQLWDULRGHYHJDUDQWLUHDOODSHUVRQDDVVLVWLWDFRVu
FRPHLOFRQVHQVRDOOHFXUH

3DUWLFRODUH LPSRUWDQ]D DVVXPH OD FRPXQLFD]LRQH FRPH HOHPHQWR LQGLVSHQVDELOH SHU
LQVWDXUDUHLOFRUUHWWRFRPSRUWDPHQWRPHGLFRFLWWDGLQRSD]LHQWH

/D FRPXQLFD]LRQH UDSSUHVHQWD TXHOO¶LQVLHPH GL VWLPROL YHUEDOL YROWL D JDUDQWLUH OD FRPSOLDQFH
O¶DOOHDQ]DWHUDSHXWLFDO¶DFFHWWD]LRQHGHOSLDQRGLSUHYHQ]LRQHHRFXUD
/¶LPSRUWDQ]DGHOODFRPXQLFD]LRQHQHOGHWHUPLQDUHVFHOWHHD]LRQLXPDQHqDFFODUDWDGDWHPSRFRVu
FRPH q EHQ QRWR LO UXROR GHO OLQJXDJJLR QHO PDQWHQHUH L FRPSRUWDPHQWL DQFKH LQ SUHVHQ]D GL
FRQWLQJHQ]HHVWHUQHDYYHUVHRDQWDJRQLVWH/DUDFFRPDQGD]LRQHGLFRPXQLFDUHFRQLOSD]LHQWHqGD
FRQVLGHUDUH SHUWDQWR XQD FRVWDQWH QHOO¶LQVHJQDPHQWR GHOOD PHGLFLQD H LPSOLFLWDPHQWH
GHOO¶RGRQWRLDWULD
,OFRPSRUWDPHQWRGHOSD]LHQWHqO¶HVLWRILQDOHLOULVXOWDWRGHOOHDWWLYLWjGLPDQDJHPHQWPDUNHWLQJH
FRPXQLFD]LRQHPHVVHLQFDPSRGDOO¶RGRQWRLDWUDHGDOVXRWHDPQRQVRORDOO¶LQWHUQRGHOODVWUXWWXUD
VDQLWDULDPDDQFKHQHOO¶DPELHQWHGLYLWDGHOSD]LHQWH
/¶DGR]LRQHGLPHWRGLVFLHQWLILFLSHUODJHVWLRQHGHOFRPSRUWDPHQWRFRQVHQWHRJJLGLRWWHQHUHHVLWL
WHUDSHXWLFLLPSRUWDQWLVSHFLHDGHVHPSLRQHOODULGX]LRQHGHOOD³GHQWDOIHDU´DQFKHLQSD]LHQWLFRQ
JUDYLGLVDELOLWjFRJQLWLYH
1HOOH SUHVHQWL LQGLFD]LRQL LVSLUDWH D SULQFLSL GL VFLHQWLILFLWj H GL HYLGHQ]D VL FRQVLGHUD LO
FRPSRUWDPHQWR PRWRULR FRJQLWLYR R HPRWLYR  GHO SD]LHQWH FRPH XQD YDULDELOH GLSHQGHQWH GDJOL
VWLPROLDQWHFHGHQWLHFRQVHJXHQWLFXLLOSD]LHQWHqVRWWRSRVWRQHOUDSSRUWRFRQO¶RGRQWRLDWUDHLOVXR
WHDP 7DOL VWLPROL LQ SDUWH SUHSRQGHUDQWH VRQR GL WLSR FRPXQLFD]LRQDOHYHUEDOH ,QROWUH OH
VROOHFLWD]LRQLIRUQLWHGDOODVWUXWWXUDRGRQWRLDWULFDFRQFRUURQRDGHWHUPLQDUHOHUHD]LRQLGHOSD]LHQWH
LQFRPELQD]LRQHFRQOHVROOHFLWD]LRQLIRUQLWHGDOVXRDPELHQWHGLYLWDVLDSDVVDWRVLDSUHVHQWH
/HGLIIHUHQ]HLQGLYLGXDOLQHJOLVFKHPLGLFRPSRUWDPHQWRFKHGHULYDQRGDOOHGLYHUVHVWRULHGLYLWD
REEOLJDQRO¶RGRQWRLDWUDDFRVWUXLUHFRQLOSD]LHQWHXQUDSSRUWRJXLGDWRGDSULQFLSLOHJJLHSDUDGLJPL
XQLYHUVDOL GHOOD FRPXQLFD]LRQH PD FRQ GHFOLQD]LRQL DSSOLFDWLYH GLYHUVH H XQLFKH SHU FLDVFXQ
SD]LHQWH Ê TXHVWD OD UDJLRQH SURIRQGD SHU FXL QHVVXQD FRPXQLFD]LRQH SXz HVVHUH DWWXDWD LQ
PRGRVWDQGDUGL]]DWRHXJXDOHSHUWXWWL
/D FRPXQLFD]LRQH FRQ LO SD]LHQWH QRQ SXz HVVHUH ODVFLDWD DOO¶HVWUR R DOO¶LPSURYYLVD]LRQH GHO
PRPHQWR &RPH SHU RJQL DWWR PHGLFR O¶RGRQWRLDWUD VDUj JXLGDWR GD OHJJL JHQHUDOL IUXWWR GHOOD
ϲ


14


VSHULPHQWD]LRQH PRGXODQGR SHUz SDUROH LPPDJLQL H JHVWL LQ EDVH DOOH FDUDWWHULVWLFKH XQLFKH GHO
VLQJRORSD]LHQWHLQXQDFRQWLQXDULSHWL]LRQHGLGXHIDVLQHOO¶DSSURFFLRDOSD]LHQWH
DFTXLVL]LRQHGLLQIRUPD]LRQLVXOO¶DPELHQWHGLYLWDDWWXDOHHSUHJUHVVRGHOODSHUVRQDSHUFRQRVFHUH
OHYDULDELOLGLFXLLOVXRFRPSRUWDPHQWRqIXQ]LRQH
LQGLYLGXD]LRQHGHOOHPRGDOLWjGLFRPXQLFD]LRQH LHFRPSRUWDPHQWRYHUEDOHGHOO¶RGRQWRLDWUDHGHL
VXRLGHOHJDWL GDDGRWWDUHSHURWWHQHUHLFRPSRUWDPHQWLGHOSD]LHQWHQHFHVVDULDOODVFHOWDGHOSLDQRGL
WUDWWDPHQWR DOOD FRPSOLDQFH GXUDQWH OH WHUDSLH DOO¶DFFHWWD]LRQH H VRGGLVID]LRQH SHU JOL HVLWL
DOOHDQ]DWHUDSHXWLFD 
3DUWHQGR GD WDOL LPSRVWD]LRQL WUDGL]LRQDOL H JHQHULFKH YHQJRQR LQGLFDWH XQ LQVLHPH GL SURFHGXUH
RSHUDWLYH ³FRVDHFRPHFRPXQLFDUH´ SHUWLQHQWLDTXDQWRRJJLLPSRQJRQRFRQDSSURFFLRLQWHJUDWR
HSHUHQWRULDFRVWDQ]DODGHRQWRORJLDO¶HVLJHQ]DGLXQDSSURFFLRVFLHQWLILFRODILQDOLWjGLHIILFDFLD
WHUDSHXWLFDJOLVSHFLILFLREEOLJKLGL/HJJHHVSHFLILFLVXJJHULPHQWLGHOOH$VVRFLD]LRQLSURIHVVLRQDOL
7DOL SURFHGXUH YDQQR LQWHVH FRPH IDFHQWL SDUWH  GHO ³WHPSR GL FXUD´  7DOH FRQFHWWR YLHQH
DPSLDPHQWH ULSRUWDWR QHO FRGLFH GHRQWRORJLFR  VRSUD PHQ]LRQDWR  GRYH DOO¶DUWLFROR  FRVu VL
ULSRUWD³«LOPHGLFRQHOODUHOD]LRQHSHUVHJXHO¶DOOHDQ]DGLFXUDIRQGDWDVXOODUHFLSURFDILGXFLDH
VXO PXWXR ULVSHWWR GHL YDORUL H GHL GLULWWL H VX XQ¶LQIRUPD]LRQH FRPSUHQVLELOH H FRPSOHWD
FRQVLGHUDQGRLOWHPSRGHOODFRPXQLFD]LRQHTXDOHWHPSRGLFXUD´$SSDUHFKLDURTXLQGLFRPHLO
WHPSRGHGLFDWRDOODFRPXQLFD]LRQHFRQLOSD]LHQWHGHYHHVVHUHFRQVLGHUDWRWHPSRGLFXUD
6WDQWH TXHVWD SUHVFUL]LRQH GHRQWRORJLFD RFFRUUH FRPSUHQGHUH TXDOH GHYH HVVHUH LO SHUFRUVR
RSHUDWLYR ³FRPHIDUHFRVD´ SHUSHUVHJXLUHO¶DOOHDQ]D
$GXQDSULPDDQDOLVLOD³UHFLSURFDILGXFLDHLOPXWXRULVSHWWRGHLYDORULHGHLGLULWWL´EDVDWL³VXXQD
LQIRUPD]LRQHFRPSUHQVLELOHHFRPSOHWD´DSSDLRQRJOLVWUXPHQWLSUHJLXGL]LDOLFRQLTXDOLUHDOL]]DUH
O¶DOOHDQ]D 6XFFHVVLYDPHQWH LO SURVLHJXR GHOO¶DUW VSHFLILFD FRPH TXHVWR VL SRVVD UHDOL]]DUH
FRQVLGHUDQGRLOWHPSRGHOODFRPXQLFD]LRQHTXDOHWHPSRGLFXUD
,OWHPSRYLHQHLQWHVRFRPHVWUXPHQWRDWWRDIDYRULUHDOPDVVLPRO¶DOOHDQ]DFRQLOSD]LHQWHFKH
GHYHHVVHUHFRLQYROWRHUHVRSDUWHFLSHÊQHFHVVDULRFRQVLGHUDUHFKHRJQLSDUWLFRODUHGDVSLHJDUH
LPSOLFD O¶XWLOL]]D]LRQH GL XQD IUD]LRQH WHPSRUDOH WDQWR PDJJLRUH TXDQWR SL LO FDVR VL GLPRVWUL
GLIILFLOHLOSD]LHQWHVLDSULYRGLTXDOVLDVLQR]LRQHVSHFLILFDHULFKLHGDSHUYDULPRWLYLPROWHSOLFLH
PLQX]LRVLFKLDULPHQWL
,QGLVSHQVDELOH SHU IDYRULUH O¶³DOOHDQ]D´ q OD PRGDOLWj DGRWWDWD QHO SULPR FRQWDWWR FRQ LO
SD]LHQWH  FKH GHYH UHQGHUH PDQLIHVWD  O¶DWWHQ]LRQH GHO SURIHVVLRQLVWD QHO FRQVLGHUDUOR XQD
SHUVRQDHQRQVRORXQ³SRUWDWRUHGLPDODWWLD´
'LSDULLPSRUWDQ]DODPRGDOLWjQHLFRQWDWWLVXFFHVVLYL
ϳ


15


,QGLFD]LRQLGLPDVVLPDLQRFFDVLRQHGL³SULPRFRQWDWWRWHOHIRQLFR´
$VSHWWLRSHUDWLYL

FKLHGHUHFRPHVLqDUULYDWLDFRQRVFHUHODVWUXWWXUDRGRQWRLDWULFD

FKLHGHUHODUDJLRQHIRQGDPHQWDOHGHOODGRPDQGDGLRVVHUYD]LRQHFOLQLFD

GHVFULYHUHVXFFLQWDPHQWHOHPRGDOLWjFRQFXLLOUDSSRUWRYHUUjLQVWDXUDWR



,QGLFD]LRQLGLPDVVLPDLQRFFDVLRQHGHO³SULPRLQFRQWUR´
$VSHWWLRSHUDWLYL

SUHVHQWDUVLSHUVRQDOPHQWHSRVVLELOPHQWHLQXQD³VHGHQRQFOLQLFD´TXDOHSXzHVVHUHORVWXGLR
ODVDODG¶DWWHVDRTXHOODGLULFHYLPHQWR
SUHVHQWDUHJOLHYHQWXDOLFROODERUDWRULSUHVHQWLGHWWDJOLDQGRQHFRPSLWLHFDUDWWHULVWLFKH



,QGLFD]LRQLGLPDVVLPDLQRFFDVLRQHGL³FRQWDWWLVXFFHVVLYL´
$VSHWWLRSHUDWLYL

 PRVWUDUH GL ULFRUGDUH GHWWDJOL FRUGLDOL]]DQWL ULOHYDQGROL GD DSSXQWL VSHFLILFL SUHVL
SUHFHGHQWHPHQWH 

 PRVWUDUH GL ULFRUGDUH SDUWLFRODUL SDWRORJLFL GL ULOLHYR  VFULWWL  DQFKH TXHVWL GHWWDJOLDWDPHQWH
QHOODFDUWHOODFOLQLFD 




(PHUJHTXLQGLFKHLOIDWWRUH³WHPSR´UDSSUHVHQWDXQDULVRUVDLQGLVSHQVDELOHSHUODJHVWLRQHGHO
UDSSRUWRPHGLFRRGRQWRLDWUDSD]LHQWHLQRJQLIDVHGDOO¶DQDPQHVLDOO¶HVDPHRELHWWLYRDOODGLDJQRVL
DOODSURJQRVLHGDOODWHUDSLD
,QSDUWLFRODUH QHOOD UDFFROWD GHOO¶DQDPQHVL q IRQGDPHQWDOH OD ³WHFQLFD GL DVFROWR DWWLYR´XQD
FRPSHWHQ]D UHOD]LRQDOH FKH UHQGH OD FRPXQLFD]LRQH SDUWH LQWHJUDQWH GHO SHUFRUVR GLDJQRVWLFR
WHUDSHXWLFR,OFRQWDWWRGLUHWWR ³H\HFRQWDFW´ HQRQO¶DVFROWRGLVWUDWWRIDYRULVFHLOGLDORJRSHUXQD
SUHVDLQFDULFRGHOSD]LHQWHQHOVXRYLVVXWRJOREDOH

ϴ


16


4XDQWRGHVFULWWRSXUHVVHQGRLQGLVSHQVDELOHSHUDIIHUPDUHFKHODFRPXQLFD]LRQHqWHPSRGLFXUD
QRQqVXIILFLHQWHSHULPSRVWDUHTXHOUDSSRUWRGLDOOHDQ]DFKHO¶DUWLFRORSUHVFULYHHSHUODTXDOHq
QHFHVVDULRLOULFRUVRDGXOWHULRULULVRUVH

/DFRPXQLFD]LRQHFRPHFRPSRUWDPHQWRYHUEDOHHVLJHQ]DGLXQDSSURFFLRVFLHQWLILFR
/D VSHFLH XPDQD q GLYHQWDWD GRPLQDQWH VXO SLDQHWD JUD]LH DOOH VXH FDSDFLWj GL DGDWWDPHQWR DWWLYR
DOO¶DPELHQWH VYLOXSSDQGR DFFDQWR DOO¶HYROX]LRQH JHQHWLFD XQ¶HYROX]LRQH FRPSRUWDPHQWDOH H
FXOWXUDOH$GLIIHUHQ]DGHLFRPSRUWDPHQWLGHWHUPLQDWLSHUYLDJHQHWLFDFRPXQHPHQWHGHILQLWLLQQDWL
R LVWLQWLYL L FRPSRUWDPHQWL DSSUHVL VRQR VHOH]LRQDWL GDOO¶DPELHQWH GRSR OD QDVFLWD DXPHQWDQGR
HQRUPHPHQWHOHFKDQFHGLVXFFHVVRHVRSUDYYLYHQ]DGHLVLQJROLHGLLQWHULJUXSSLVRFLDOLDQFKHLQ
FDVRGLUHSHQWLQLHSURIRQGLPXWDPHQWLGHOO¶DPELHQWHHVWHUQR
8QD WDOH HYROX]LRQH FRPSRUWDPHQWDOH FKH VL HVSOLFD QHOO¶DUFR GHOOD YLWD GHO VLQJROR LQGLYLGXR VL
VSLHJDFRQXQSDUDGLJPDVFLHQWLILFRFKHFRVWLWXLVFHODPDWULFHGLVFLSOLQDUHGHOODFRPXQLWjVFLHQWLILFD
GHOOD ³EHKDYLRU DQDO\VLV´ OD VFLHQ]D GHO FRPSRUWDPHQWR 6HFRQGR TXHVWR PRGHOOR GL ULIHULPHQWR
FRQRVFLXWR FRPH PRGHOOR D WUH FRQWLQJHQ]H $%& GL %) 6NLQQHU LO FRPSRUWDPHQWR q IXQ]LRQH
GHJOLVWLPROLILVLFLGHOO¶DPELHQWHILVLFRVHFRQGRODIRUPXOD% I $& GRYHLOWHUPLQH%DVLQLVWUD
GHOO¶HTXD]LRQH UDSSUHVHQWD LO &RPSRUWDPHQWR %  %HKDYLRU  PHQWUH $ H & UDSSUHVHQWDQR OH VXH
YDULDELOL GL FRQWUROOR ULVSHWWLYDPHQWH $QWHFHGHQWL $  $QWHFHGHQWV  H &RQVHJXHQWL & 
&RQVHTXHQFHV 
&DUDWWHULVWLFD SHFXOLDUH GHOO¶KRPR VDSLHQV VDSLHQV q OD FDSDFLWj GL LQGXUUH FRPSRUWDPHQWL DQFKH
PROWR FRPSOHVVL DWWUDYHUVR XQ¶DWWLYLWj VXSHULRUH GHILQLWD FRPXQHPHQWH FRPXQLFD]LRQH R FRQ
OLQJXDJJLRSLULJRURVRFRPSRUWDPHQWRYHUEDOHQHOVHQVRODWLQRGLYHUEXPSDURODRSHQVLHURFKH
WURYLHVSUHVVLRQHYRFDOHVFULWWDJHVWXDOHRPLPLFD$WWUDYHUVRXQDWDOHDWWLYLWjGLFRPXQLFD]LRQHq
SRVVLELOHHYRFDUHLQXQSD]LHQWHFRPSRUWDPHQWLPRWRULHPRWLYLHFRJQLWLYLIXQ]LRQDOLSHUHVHPSLR
DG DFFHWWDUH OD WHUDSLD RSSXUH DGRWWDUH FRPSRUWDPHQWL LQ FRPSOLDQFH FRQ OH LQGLFD]LRQL GHO
WHUDSHXWDPDDQFKHLQFDVRGLHUURUHDGLVHUWDUHOHYLVLWHSHUSDXUDRDGDWWHQGHUVLHVLWLWHUDSHXWLFL
LUUHDOLVWLFL
6HQ]D HQWUDUH QHO PHULWR GL DQDOLVL FRPSOHVVH q XWLOH GLVWLQJXHUH OH GXH JUDQGL FODVVL GL VWLPROL
YHUEDOLFKHFRVWLWXLVFRQRODFRPXQLFD]LRQHXPDQD
x *OL VWLPROL YHUEDOL ³$QWHFHGHQWL´ FKH SUHFHGRQR HG HYRFDQR LO FRPSRUWDPHQWR GHO SD]LHQWH
$SSDUWHQJRQR D TXHVWD FODVVH OH YHUEDOL]]D]LRQL FKLDPDWH FRPXQHPHQWH RUGLQL SUHVFUL]LRQL
LQGLFD]LRQLVXJJHULPHQWLHVRUWD]LRQLRGRPDQGHHULFKLHVWH(VHPSLGLDQWHFHGHQWLVRQR³DSUD
ODERFFD´³FHUFKLGLULODVVDUVL´³SHUFKpULWLHQHFKHVXRILJOLRQRQSRUWHUjO¶DSSDUHFFKLR"´
ϵ


17


Ê LPSRUWDQWH FKH O¶RGRQWRLDWUD VDSSLD FKH O¶HIIHWWR GL TXHVWL VWLPROL YHUEDOL SHU TXDQWR
QHFHVVDULqHIILPHURLQDOWUHSDUROHQXOODJDUDQWLVFHDOWHUDSLVWDFKHXQSD]LHQWHFXLVLSUHVFULYD
GL XWLOL]]DUH XQ GLVSRVLWLYR RUWRGRQWLFR FRQWLQXL D IDUOR QHO WHPSR *OL $QWHFHGHQWL 9HUEDOL
HYRFDQRLFRPSRUWDPHQWLFKHVRQRJLjQHOUHSHUWRULRGHOSD]LHQWHPDQRQOLFRVWUXLVFRQR
x *OLVWLPROLYHUEDOL³&RQVHJXHQWL´FKHVHJXRQRLOFRPSRUWDPHQWRGHOSD]LHQWHHQHPRGLILFDQR
OD SUREDELOLWj GL RFFRUUHQ]D IXWXUD $SSDUWHQJRQR D TXHVWD FODVVH OH YHUEDOL]]D]LRQL FKLDPDWH
FRPXQHPHQWH JUDWLILFD]LRQL FRPSOLPHQWL DSSURYD]LRQL DVVHQVL H ULQJUD]LDPHQWL RSSXUH FRQ
HIIHWWL FRQWUDUL RIIHVH GLQLHJKL ULPSURYHUL GLVDFFRUGR FULWLFKH R ULSURYD]LRQH $OWUL WLSL GL
FRQVHJXHQ]HYHUEDOLKDQQRHIIHWWLGLGLYHUVRVHJQRDVHFRQGDGHOODVLWXD]LRQHFRPHLFRPPHQWL
H LO IHHGEDFN FKH SRVVRQR DVVXPHUH YDOHQ]D SRVLWLYD R QHJDWLYD D VHFRQGD GHO FRQWHVWR
FRPXQLFDUHDOSD]LHQWHFKH³LOVXRLQGLFHGLSODFFDq´DYUjIXQ]LRQHGLSXQL]LRQHVHLOYDORUH
ULOHYDWRLQSUHFHGHQ]DHUDLQIHULRUHHULVXOWHUjJUDWLILFDQWHVHLOYDORUHGLSDUWHQ]DHUDVXSHULRUH
Ê LPSRUWDQWH FKH O¶RGRQWRLDWUD VDSSLD FKH O¶HIIHWWR GL TXHVWL VWLPROL YHUEDOL q IXQ]LRQH GHOOD ORUR
LPPHGLDWH]]D H GHO ORUR QXPHUR LQ DOWUH SDUROH XQ SLFFROR SD]LHQWH FKH VLD TXRWLGLDQDPHQWH H
LPPHGLDWDPHQWHORGDWRGDLJHQLWRULSHUXWLOL]]DUHLOVXRGLVSRVLWLYR³)UDQNHO´FRQWLQXHUjDXVDUHOR
VWHVVRQHOWHPSR6HLQYHFHORVWHVVRSD]LHQWHULFHYHVVHIHHGEDFNVROWDQWRGXUDQWHODYLVLWDPHQVLOH
GL FRQWUROOR TXDVL FHUWDPHQWH SHUGHUHEEH TXHOO¶DELWXGLQH FRQ O¶DQGDU GHO WHPSR  0HQWUH JOL
$QWHFHGHQWLSRVVRQRQHOPLJOLRUHGHLFDVLVROWDQWRHYRFDUHUHD]LRQLFKHLOSD]LHQWHSRVVLHGHJLjQHO
VXRUHSHUWRULROH&RQVHJXHQ]HKDQQRLOSRWHUHGLPRGLILFDUHSURIRQGDPHQWHOHUHD]LRQLOHDELWXGLQL
HLOPRGRGLSHQVDUHGHOSD]LHQWHFRQHVLWLDQFKHVLJQLILFDWLYLFRPHULGXUUHRGRQWRIRELHDXPHQWDUH
O¶LJLHQHRUDOHGRPLFLOLDUHULVSHWWDUHO¶RUDULRGHJOLDSSXQWDPHQWLLQVWDXUDUHXQUDSSRUWRGLVWLPDFRQ
O¶RGRQWRLDWUDRDFFHWWDUHFRQILGXFLDXQFDPELDPHQWRGHOSLDQRGLWUDWWDPHQWR
6HFRQGR XQ GLIIXVR SUHJLXGL]LR OD FRPXQLFD]LRQH DO SD]LHQWH VYROJHUHEEH SUHYDOHQWHPHQWH
IXQ]LRQL GL PDUNHWLQJ SXEEOLFLWj SHUVXDVLRQH DG DFFHWWDUH SURSRVWH WHUDSHXWLFKH H QHJR]LDUH
FRQGL]LRQL HFRQRPLFKH 3HU TXDQWR FLz LQ DPELWR RGRQWRLDWULFR VLD DFFHUWDWR GD WHPSR RFFRUUH
ULFRUGDUHFKHODFRPXQLFD]LRQHVYROJHIXQ]LRQLGLJUDQGHLQWHUHVVHDQFKHSHURWWHQHUHODFRPSOLDQFH
DOOHWHUDSLHGDSDUWHGHOSD]LHQWHHSHUDXPHQWDUHODULXVFLWDFOLQLFDGHJOLLQWHUYHQWL

&RPXQLFD]LRQHHGHIILFDFLDWHUDSHXWLFD
/DUHOD]LRQHIXQ]LRQDOHWUDDELOLWjGLFRPXQLFD]LRQHGHOO¶RGRQWRLDWUDHULXVFLWDFOLQLFDqEHQQRWDH
VWXGLDWD/HFDSDFLWjGLDVFROWRHGLSHUVXDVLRQHSRVVRQRDXPHQWDUHGLPROWROHSHUFHQWXDOLGL
DFFHWWD]LRQH GHOOH WHUDSLH SURSRVWH H SUHVFULYHUH FRQ DXWRUHYROH]]D OH PRGDOLWj G¶XVR GL XQ
GLVSRVLWLYR DG HV RUWRGRQWLFR SXz DXPHQWDUQH GL PROWR O¶HIILFDFLD  /DPDQFDWDDGR]LRQHGL
ϭϬ


18


DFFRUJLPHQWL YHUEDOL SHUVXDVLYL q GD FRQVLGHUDUH XQD PDQFDQ]D H XQD SULYD]LRQH GHO SD]LHQWH GHO
GLULWWR D XQ¶LQIRUPD]LRQH YROWD DG LQFRUDJJLDUH XQD VFHOWD UHDOPHQWH DGHJXDWD D ULVROYHUH LO VXR
SUREOHPD FOLQLFR H SVLFRORJLFR 1HJDWLYD q O¶DGR]LRQH GL IRUPH YHUEDOL DVHWWLFKH H SULYH GHOOD
FDSDFLWjGLRULHQWDUHFRJQLWLYDPHQWHHGHPRWLYDPHQWHLOSD]LHQWH
'LVHJXLWRYHQJRQRSURSRVWHDOFXQHUHJROHJHQHUDOLDFXLqFRQVLJOLDWRDWWHQHUVLQHOFRUVRGLWXWWLL
GLDORJKLFRQLOSD]LHQWHFDSDFLGLVRUWLUHHIIHWWLSRVLWLYLDSUHVFLQGHUHGDOOHVSHFLILFKHFLUFRVWDQ]HH
YDOLGHQHOODVWUDJUDQGHPDJJLRUDQ]DGHLFDVL
8Q UXROR SDUWLFRODUPHQWH GHOLFDWR q TXHOOR DVVXQWR GDOOH PRGDOLWj GL YHUEDOL]]D]LRQH GHOOH
LQIRUPD]LRQLFXLLOSD]LHQWHqFKLDPDWRDGDUHFRQVHQVRÊQRWRLQIDWWLFKHLOSURFHVVRGHFLVLRQDOH
GHOSD]LHQWHqLQJUDQSDUWHIXQ]LRQHGHOOHPRGDOLWjGLFRPXQLFD]LRQHHVROWDQWRLQPLQLPDSDUWH
GHOFRQWHQXWRLQIRUPDWLYRGHOODFRPXQLFD]LRQHYHUEDOH

3HUHVHPSLRSURVSHWWDUHOHSUREDELOLWjGLIDOOLPHQWRWHUDSHXWLFRULGXFHVHQVLELOPHQWHODSUREDELOLWj
GL DFFHWWD]LRQH GHOO¶LQWHUYHQWR PHQWUH SURVSHWWDUH OH SUREDELOLWj GL VXFFHVVR DXPHQWD
VLJQLILFDWLYDPHQWH OH FKDQFH GL DFFHWWD]LRQH $QFKH SURVSHWWDUH XQD SURJQRVL FRQ HVSUHVVLRQL
YHUEDOL FRQLXJDWH DO SUHVHQWH LQGLFDWLYR LQGXUUj QHO SD]LHQWH XQ VHQVR GL ILGXFLD EHQ VXSHULRUH D
TXHOOR FKH VL VDUHEEH RWWHQXWR SURVSHWWDQGR OR VWHVVR HVLWR FRQ LO FRQGL]LRQDOH $QDORJD
FRQVLGHUD]LRQH DQGUHEEH IDWWD ULJXDUGR DOOD IUHTXHQ]D G¶XVR GHOOH IRUPH GXELWDWLYH R GL TXHOOH
LUULWDWLYHFKHSXzHVVHUHSHUFHSLWDGDOSD]LHQWHFRPHXQDGHUHVSRQVDELOL]]D]LRQHGHOWHUDSLVWD

(OHQFRGLIRUPHSHUVXDVLYHYVIRUPHGLVVXDVLYHSUHVHQWDWRHVFOXVLYDPHQWHDWLWRORGLHVHPSLRHQRQ
HVDXVWLYR


 )RUPDSHUVXDVLYD HIILFDFH  )RUPDGLVVXDVLYD QRQHIILFDFH 

,QGLFDWLYR96FRQGL]LRQDOH 1HL FDVL GL « VL SXz LQWHUYHQLUH LQ 1HOVXRFDVRVLSRWUHEEHDJLUHLQGXH

GXH PRGL LO SULPR SUHVHQWD LO PRGL LO SULPR VHPEUHUHEEH
YDQWDJJLRGLH« FRQVHQWLUHGL«R« 

)RUPHVSHFLILFD96JHQHULFD 2OWUH LO  GHL FDVL KD HVLWR GHO /DULXVFLWDGLSHQGHGDWDQWHYDULDELOL 
WXWWRSRVLWLYR FKHqLPSRVVLELOHSUHYHGHUH«

)RUPDSRVLWLYD96QHJDWLYD , FDVL FRPH LO VXR SUHVHQWDQR 1RQ q SRVVLELOH GDUH FHUWH]]H SHU 
XQ¶RWWLPDSURJQRVL« TXDQWRVLIDFFLD«

)RUPHFHUWH96LQFHUWH 1HLFDVLFRPHLOVXRLOWUDWWDPHQWRGL 'L IURQWH D FDVL FRPH LO VXR

HOH]LRQHq« SRVVLDPRWHQWDUHGL«

ϭϭ


19


/¶DVFROWRGHOSD]LHQWHqLQGLVSHQVDELOHDOILQHGLLQGLYLGXDUHOHYDULDELOLGLFXLqIXQ]LRQHLOVXR
FRPSRUWDPHQWR /H UHD]LRQL SUHYHGLELOL DOOH SURSRVWH WHUDSHXWLFKH HFRQRPLFKH H UHOD]LRQDOL
GLYHQWDQR QRWH DO WHUDSLVWD FKH SXz DFTXLVLUH LQIRUPD]LRQL SRQHQGR GRPDQGH H DVFROWDQGR FRQ
RSSRUWXQHDWWLYLWjPLPLFKHHSRVWXUDOL$WWLYLWjGLDVFROWRFKHFRPSUHQGRQRJXDUGDUHQHOODSDUWH
DOWDGHOYROWRSRUWDUHLOEXVWRLQDYDQWLUHVWDUHLQVLOHQ]LRHVRSUDWWXWWRDQQXLUH
/DWHFQLFDGHOOHGRPDQGHFRQVLVWHLQYHFHQHOSRUUHLQL]LDOPHQWHTXHVLWLVXIDWWLFKHLOSD]LHQWHQRQ
ULWLHQHULVHUYDWL FKLFRVDGRYHTXDQGR HVRORGRSRDYHUHFUHDWRXQFOLPDGLILGXFLDHFRQILGHQ]D
SURFHGHUHQHOGLDORJRSRQHQGRGRPDQGHVXWHPLSLSHUVRQDOLHULVHUYDWL FRPHRSHUFKp 
1HVVXQSD]LHQWHSXzDFFHWWDUHXQWUDWWDPHQWRRVHJXLUHXQ¶LVWUX]LRQHFKHQRQKDFRPSUHVR
$GHJXDUHLOYROXPHGLYRFHDOILQHGLFRPSHQVDUHUXPRULGLIRQGRRVRUGLWjGHOO¶LQWHUORFXWRUHqXQ
REEOLJRGHOWHUDSLVWD&RPHqLQGLVSHQVDELOHYDULDUHLOWRQRGLYRFHDEEDVVDQGRORIUHTXHQWHPHQWHD
WHVWLPRQLDQ]DGLYLFLQDQ]DHGHPSDWLD$QFKHSDUODUHFRQOHQWH]]DqFRUUHODWRFRQODSHUFH]LRQHGL
VLFXUH]]D GD SDUWH GHO SD]LHQWH LVRODUH OH IUDVL R OH SDUROH LPSRUWDQWL WUD VLOHQ]L FRQIHULVFH
DXWRUHYROH]]D
1RQF¶qSD]LHQWHFKHILQGDOODSULPDLQIDQ]LDQRQDEELDDSSUHVRDGLVFULPLQDUHLOVXRQRULODVVDQWH
GL XQD YRFH HPHVVD GD XQD ERFFD DWWHJJLDWD DO VRUULVR 'L SHUVRQD FRPH DO WHOHIRQR RFFRUUH FKH
O¶RGRQWRLDWUD VLD FDSDFH GL PXRYHUH PDVVHWHUL H WHPSRUDOL LQ PRGR GD DWWHJJLDUH OH ODEEUD D XQ
VRUULVR FKH VFRSUD LQ PRGR VLPPHWULFR JOL LQFLVLYL VXSHULRUL XQD YRFH DUWHIDWWD GD XQ VRUULVR FKH
VFRSUD O¶DUFDWD LQIHULRUH q GHO WXWWR DQWDJRQLVWD DOOD ILGXFLD H DO ULODVVDPHQWR FRQ FRQVHJXHQWH
FRPSURPLVVLRQH GHO UDSSRUWR ILGXFLDULR PHGLFRSD]LHQWH  /¶DELWXGLQH GL VRUULGHUH PHQWUH VL
SURQXQFLDQR OH SDUROH H QRQ GRSR  DOO¶DFFRJOLHQ]D WHOHIRQLFD H ILVLFD GXUDQWH OD YLVLWD DO ULXQLWR
RGRQWRLDWULFRHSHUWXWWDODSUHVHQWD]LRQHGHOWUDWWDPHQWRqLOPLJOLRUYLDWLFRSHUO¶LQVWDXUD]LRQHGL
XQUDSSRUWRGLILGXFLDHGqFRQGLWLRVLQHTXDQRQSHUODULGX]LRQHGHOOHUHD]LRQLIRELFKHRDQVLRVH

/D FRVWUX]LRQH GHO UDSSRUWR ILGXFLDULR EDVDWR VXOOD UHOD]LRQH HPSDWLFD FRQ LO SD]LHQWH VL VQRGD
DWWUDYHUVRIDVLVXFFHVVLYHVHSDUDWHQHOWHPSRHQHOORVSD]LR,QYLDJHQHUDOHQHVRQRXQHVHPSLR






ϭϮ


20


)DVL 6FRSLHPRGDOLWjGHOODFRPXQLFD]LRQH 3HUVRQDOHFRLQYROWR

x )RUQLUHLPPDJLQHGLFRUGLDOLWjHGHIILFLHQ]D

7HOHIRQDWD x )LVVDUHDSSXQWDPHQWRFRQVFHOWDGLFRWRPLFD
3HUVRQDOHDPPLQLVWUDWLYR$62
SUHVDG¶DSSXQWDPHQWR  x 5DFFRJOLHUHLQIRUPD]LRQLSUHOLPLQDULVXOSD]LHQWH

x ,QGLYLGXDUHO¶LQYLDQWHHODUDJLRQHGHOODYLVLWD

x )RUQLUHLPPDJLQHGLFRUGLDOLWjHGHIILFLHQ]D

$FFRJOLHQ]D x ³&RUGLDOL]]DUH´VHSRVVLELOHVXIDWWLGHOSD]LHQWH
3HUVRQDOHDPPLQLVWUDWLYR$62
 x 5DFFRJOLHUHLQIRUPD]LRQLXOWHULRULVXOSD]LHQWH

x $LXWDUHDFRPSLODUHODVFKHGDDQDPQHVWLFD

x 0HWWHUHDSURSULRDJLRSD]LHQWHHDFFRPSDJQDWRUL

x )RUQLUHLPPDJLQHGLSXOL]LDHLJLHQH

x $LXWDUHVHQ]DFKHLOSD]LHQWHGHEEDFKLHGHUH
*HVWLRQHGHOO¶DWWHVD 3HUVRQDOHDPPLQLVWUDWLYR$62
x *DUDQWLUHSULYDF\ODVFLDUHSRVVLELOLWjGLVFHOWD

x 3UHYHQLUHUHD]LRQLDQVLRVHIRELFKHFRQHOHPHQWL
GLGLVWUD]LRQH

x 3URPXRYHUHLPPDJLQHGLDXWRUHYROH]]D
SURIHVVLRQDOH
3UHVHQWD]LRQHVDOXWR
2GRQWRLDWUD
GHOO¶RGRQWRLDWUD x )RUQLUHLPSUHVVLRQHGLFRUGLDOLWjHGLVWHQVLRQH

x 'DUHVHQVD]LRQHGLFRPSHWHQ]DHSUHSDUD]LRQH

x ³&RUGLDOL]]DUH´VXIDWWLSHUVRQDOLGHOSD]LHQWH

x 6RUULGHUHGLHWURODPDVFKHULQD

x 0DQWHQHUHLOFRQWDWWRRFXODUH

*HVWLRQHGHOSD]LHQWH x 5DFFRJOLHUHLQIRUPD]LRQLVXUHD]LRQLGHOSD]LHQWH
2GRQWRLDWUDH$62
DOULXQLWRRGRQWRLDWULFR
x 'LVWUDUUHFRQGRPDQGHDSHUWH

x 2FFXOWDUHVWLPROLDQVLRJHQL VWUXPHQWD]LRQH
VDQJXH« 

x )RUQLUHVWLPROLVXJJHVWLYLGLFRPSHWHQ]DFOLQLFD

ϭϯ


21


x 6HJQDODUHTXDOLWjWHFQLFDHWHFQRORJLFD

x (YRFDUHULVSRVWHHPRWLYHDQWDJRQLVWHDOO¶DQVLD

x 5DFFRJOLHUHXOWHULRULLQIRUPD]LRQLVXOSD]LHQWH

x ,QGLYLGXDUHOHDVSHWWDWLYH

x (VSRUUHLQPDQLHUDEUHYHGLDJQRVLHSURJQRVL

x 3UHVHQWDUHWXWWHOHDOWHUQDWLYHWHUDSHXWLFKH

x (YLGHQ]LDUHJOLHVLWLDWWHVLSHUFLDVFXQD
DOWHUQDWLYD

3UHVHQWD]LRQH x $UJRPHQWDUHLQWHUPLQLGLYDQWDJJLSHULO
2GRQWRLDWUD
GHOSLDQRGLWUDWWDPHQWR SD]LHQWH

x 'LFKLDUDUHVHQ]DUHWLFHQ]HODWHUDSLDGLHOH]LRQH

x 6XJJHULUHULVSRVWHLPLWDWLYH

x 5LVSRQGHUHDOOHRELH]LRQLFRQOHWHFQLFKHDGKRF

x 6ROOHFLWDUHLQPRGRVRIWXQDGHFLVLRQHSRVLWLYD

x &RQJHGDUVL´ULFRUGLDOL]]DQGR´VHQ]D
ULQJUD]LDUH

x 5DVVLFXUDUHVXQRUPDOLWjGHOGHFRUVRSRVW
RSHUDWRULR
(YHQWXDOLWHOHIRQDWH
x 5DFFRJOLHUHFRQSUHPXUD PDLSUHRFFXSD]LRQH  3HUVRQDOHDPPLQLVWUDWLYR$62
DOSD]LHQWH
LQIRUPD]LRQLVXOGHFRUVRSRVWRSHUDWRULR

x )RUQLUHRULSHWHUHHYHQWXDOLLVWUX]LRQLFRQVLJOL

x 6HJQDODUHSUHPXUD PDLSUHRFFXSD]LRQH 

x 'DUHSHUVFRQWDWDODFRQIHUPDGLDSSXQWDPHQWR

5LFKLDPLSHUOHVHGXWHGL
x )DUSHUFHSLUHO¶LPSRUWDQ]DGHOO¶DSSXQWDPHQWR 3HUVRQDOHDPPLQLVWUDWLYRHY
LJLHQHRUDOH
LJLHQLVWD
x )LVVDUHVHGHOFDVRXQQXRYRDSSXQWDPHQWR

x 5DFFRJOLHUHLQFDVRGLGLQLHJROHUDJLRQLGHOQR

x 0DQWHQHUHODFRPXQLFD]LRQHSRVWLQWHUYHQWR
0DQWHQLPHQWRGHOUDSSRUWR 3HUVRQDOHDPPLQLVWUDWLYRHR
QHOWHPSR x 3UHGLVSRUUHXQVLVWHPDGLULFKLDPLHYLVLWHDQFKH WHDP
SHULSD]LHQWLSUREDELOPHQWH³SHUGXWL´

ϭϰ


22


1HO SHUFRUVR LGHDOH GHO SD]LHQWH DOO¶LQWHUQR GHOOD VWUXWWXUD GHSXWDWD DOO¶HURJD]LRQH GL SUHVWD]LRQL
RGRQWRVWRPDWRORJLFKH OD IDVH GHOOD SUHVHQWD]LRQH GHOOD WHUDSLD UDSSUHVHQWD XQ PRPHQWR
LPSRUWDQWHSXUVHQRQO¶XQLFRLQFXLVLFRQVROLGDRVLLQGHEROLVFHLOUDSSRUWRFRQLOSD]LHQWH
6LWUDWWDVRSUDWWXWWRGHOODVRODIDVHLQFXLLOUXRORGHOO¶RGRQWRLDWUDqSUHPLQHQWHHXQLFRPHQWUHLQ
WXWWHOHDOWUHIDVLFLWDWHLQSUHFHGHQ]DODFRPXQLFD]LRQHVLVYLOXSSDWUDLOSD]LHQWHHOHGLYHUVHILJXUH
SUHVHQWL QHOOD VWUXWWXUD RGRQWRLDWULFD VHJUHWDULD DVVLVWHQWH LJLHQLVWD H RGRQWRLDWUL HYHQWXDOPHQWH
FROODERUDQWL FRQ OR VWXGLR  &Lz QRQRVWDQWH RFFRUUH HYLWDUH QHO PRGR SL DVVROXWR GL SXQWDUH VX
TXHVWD IDVH FRPH O¶XQLFD LPSRUWDQWH SHU OD FRVWUX]LRQH GHO UDSSRUWR HPSDWLFR FRQ LO SD]LHQWH OD
UHOD]LRQH LQL]LD FRQ OD FRPXQLFD]LRQH GL WXWWR LO SHUVRQDOH GHOOR VWXGLRDPEXODWRULR D SDUWLUH GDO
SULPRFRQWDWWR
3HU DWWXDUH WXWWR TXHVWR RJQL FRPSRUWDPHQWR HVLJH XQD FRQFUHWD H LQHVDXULELOH ³FDSDFLWj GL
LQWHUSUHWDUH´ GD SDUWH GHO SURIHVVLRQLVWD Ê LQIDWWL LPSHQVDELOH LQ UDSSRUWL GL WLSR WHFQLFR±
SURIHVVLRQDOHFRPSRUWDUVLFRQTXHOODGLVLQYROWXUDHTXHOUHOD[FKHYHQJRQRSHUORSLFODVVLILFDWL
FRPH ³VSRQWDQHLWj´ H FKH DSSUH]]DELOLVVLPL QHOOH RFFDVLRQL FROORTXLDOL FKH VL SRVVRQR DYHUH LQ
IDPLJOLDRFRQDPLFLULVXOWDQRSHUzLQDGHJXDWLTXDQGRVLWUDWWDQRFDVLFOLQLFL
,O FRPSRUWDPHQWR SURIHVVLRQDOH q XQR VWUXPHQWR ³WHFQLFR´ GHOOD SURIHVVLRQH $YHQGR SL YROWH
LQVLVWLWRVXOFRQFHWWRFKHODFRPXQLFD]LRQHqFRPSRQHQWHHVVHQ]LDOHGHOOHSURSULHFDSDFLWjFOLQLFKH
QHFRQVHJXHFKHO¶³LQWHUSUHWD]LRQH´GHLFRPSRUWDPHQWLqO¶HTXLYDOHQWHGHOODSHUIHWWDSDGURQDQ]DGL
VWUXPHQWLUHODWLYLDOODIDVHPDQXDOHGHOODDWWLYLWjFRPHSRWUHEEHURHVVHUHELVWXULWUDSDQLRSLQ]HGD
HVWUD]LRQH
6LGHYHWHQHUSUHVHQWHFKHQHVVXQRGLTXHVWLDSSURFFLKDYDORUHDVVROXWRVHDGRWWDWRLVRODWDPHQWHq
VROWDQWRO¶LQWHJUD]LRQHFRPSOHVVLYDFKHIDYRULUjODSHUFH]LRQHGHOODPRGDOLWjGL³DFFRJOLHQ]D´ILQR
DOO¶DOOHDQ]D
/¶DOOHDQ]D SXz HVVHUH LO ULVXOWDWR SULPDULR GHOO¶HPSDWLD FKH VL UHDOL]]D DWWUDYHUVR OR VWUXPHQWR
QHXURORJLFR GHQRPLQDWR GHL ³QHXURQLVSHFFKLR´ Ê SHUz IRQGDPHQWDOH FKH TXHVWD HPSDWLD QRQ
FRPSRUWL OD WRWDOH FRQGLYLVLRQH GHL SUREOHPL ,Q WDO FDVR LQIDWWL LO SURIHVVLRQLVWD VDUHEEH
VRYUDFFDULFDWRGDJOLVWHVVLHOHPHQWLGDQQRVLSHULOSD]LHQWHILQRDGHVLWDUHQHOFRVLGGHWWR³EXUQRXW´
SURIHVVLRQDOH

1HOO¶DPELWR GHO UDSSRUWR RGRQWRLDWUD SD]LHQWH DVVXPH XQ UXROR GL SDUWLFRODUH LPSRUWDQ]D
O¶DFTXLVL]LRQHGHOFRQVHQVRDOOHFXUH
,QEDVHDOO
DUWGHOOD&RVWLWX]LRQHLWDOLDQDQHVVXQRSXzHVVHUHVRWWRSRVWRDWUDWWDPHQWLPHGLFL
FRQWUR OD VXD YRORQWj FRQFHWWR DPSLDPHQWH ULEDGLWR QHOO¶DUWLFROR  GHO &RGLFH GL GHRQWRORJLD
ϭϱ


23


PHGLFD±³/
DFTXLVL]LRQHGHOFRQVHQVRRGHOGLVVHQVRqXQDWWRGLVSHFLILFDHGHVFOXVLYDFRPSHWHQ]D
GHOPHGLFRQRQGHOHJDELOH,OPHGLFRQRQLQWUDSUHQGHQqSURVHJXHLQSURFHGXUHGLDJQRVWLFKHHR
LQWHUYHQWL WHUDSHXWLFL VHQ]D OD SUHOLPLQDUH DFTXLVL]LRQH GHO FRQVHQVR LQIRUPDWR R LQ SUHVHQ]D GL
GLVVHQVRLQIRUPDWR,OPHGLFRDFTXLVLVFHLQIRUPDVFULWWDHVRWWRVFULWWDRFRQDOWUHPRGDOLWjGLSDUL
HIILFDFLD GRFXPHQWDOH LO FRQVHQVR R LO GLVVHQVR GHO SD]LHQWH QHL FDVL SUHYLVWL GDOO
RUGLQDPHQWR H
GDO &RGLFH H LQ TXHOOL SUHYHGLELOPHQWH JUDYDWL GD HOHYDWR ULVFKLR GL PRUWDOLWj R GD HVLWL FKH
LQFLGDQRLQPRGRULOHYDQWHVXOO
LQWHJULWjSVLFRILVLFD
,O PHGLFR WLHQH LQ DGHJXDWD FRQVLGHUD]LRQH OH RSLQLRQL HVSUHVVH GDO PLQRUH LQ WXWWL L SURFHVVL
GHFLVLRQDOLFKHODULJXDUGDQR
$SSDUHFKLDURFRPHLOFRQVHQVRLQIRUPDWRUDSSUHVHQWDLOSUHVXSSRVWRSHUODOHJLWWLPLWjGLRJQL
DWWRPHGLFR
,O FRQVHQVR LQIRUPDWR GHYH ULVSRQGHUH D TXDWWUR IRQGDPHQWDOL SULQFLSL GHYH HVVHUH HVSOLFLWR
SHUVRQDOHVSHFLILFRHFRQVDSHYROH1HOFRUVRGHOFROORTXLRRGRQWRLDWUDSD]LHQWHO¶RGRQWRLDWUDROWUH
DSUHRFFXSDUVLGLLQIRUPDUHLOSD]LHQWHVXOSLDQRWHUDSHXWLFRFKHVLLQWHQGHDWWXDUHGRYUjLQIRUPDUOR
DQFKHGHOOHRS]LRQLDOWHUQDWLYHHGDQFKHGHOSHUFKpDOFXQHRS]LRQLQRQYHQJRQRULWHQXWHQHOFDVR
VSHFLILFRYDOLGHHTXLQGLVFDUWDWH
,OFRQVHQVRLQIRUPDWRqUHYRFDELOHLQRJQLPRPHQWRGDSDUWHGHOSD]LHQWHHGHYHHVVHUHULDFTXLVLWR
LQFDVRGLFDPELDPHQWRGHOSLDQRWHUDSHXWLFRQRQHVRQHUDLQROWUHLOVDQLWDULRGDOODUHVSRQVDELOLWj
SHUHUURULGLGLDJQRVLWHUDSLDRVFHOWHWHFQLFKHLQJLXVWLILFDWDPHQWHULVFKLRVH
3HUO¶LQIRUPD]LRQHGHOSD]LHQWHDLILQLGHOFRQVHQVRqVXIILFLHQWHSUHILJXUDUHLQPRGRHVFOXVLYROH
FRPSOLFDQ]H IRQGDWDPHQWH H FRQFUHWDPHQWH SUHYHGLELOL HYLWDQGR XQ¶HFFHVVLYD DQDOLWLFLWj LQ
UHOD]LRQHDIDWWLLSRWL]]DELOLVRORLQDVWUDWWRqRSSRUWXQRULFKLDPDUHLQPDQLHUDVLQWHWLFDLOSLDQRGL
WHUDSLD LO ULVXOWDWR DWWHVR HG LO UDSSRUWR ULVFKLR EHQHILFLR QHL FRQIURQWL GL WHFQLFKH DOWHUQDWLYH
GHYRQRHVVHUHLQGLFDWLLQRPLGHLVDQLWDULDFXLLOFRQVHQVRqGLUHWWRHGLHYHQWXDOLDOWULVSHFLDOLVWLDL
TXDOLDQGUDQQRDIILGDWLLQWHUYHQWLVSHFLILFL
,Q PHULWR DOOD IRUPD GL DFTXLVL]LRQH GHO FRQVHQVR SHU JOL HVHUFHQWL OD OLEHUD SURIHVVLRQH GL
RGRQWRLDWUD  DOOR VWDWR DWWXDOH  QRQ HVLVWH REEOLJDWRULHWj GHOO¶DFTXLVL]LRQH VFULWWD 7XWWDYLD q
FRQVLJOLDELOH OD IRUPD VFULWWD LQ SUHVHQ]D GL FDVL FRPSOHVVL FRQWUDGGLVWLQWL GD DOPHQR XQD WUD OH
VHJXHQWLFDUDWWHULVWLFKHWHFQLFKHGLQRQFRPXQHXWLOL]]RQHOODSUDWLFDRGRQWRLDWULFDWHUDSLHQRQQRWH
DOOD PDJJLRU SDUWH GHL SD]LHQWL R GL GLIILFLOH FRPSUHQVLRQH VSHULPHQWD]LRQL GL WHFQLFKH HR
PDWHULDOLXWLOL]]D]LRQHGLELRPDWHULDOLFXUHSUHVWDWHDPLQRULHDSD]LHQWLVSHFLDOL


ϭϲ


24


%LEOLRJUDILD

$UULJRWWL*0RUR65LVXOWDWLGLXQDQQRGLDSSOLFD]LRQHVSHULPHQWDOHGHOSURWRFROOR%%6LQVDQLWjSHUDXPHQWDUHOD
VLFXUH]]DGLRSHUDWRULHSD]LHQWL$WWLGHOƒ&RQJUHVVR(XURSHRGL%%6H2%0-$5%$SSQƒXQLFRHG
$$5%$0LODQR

%X]]L((WLFDGHOODFXUDPHGLFD/D6FXROD

&KDURQ5:\HU31DUUDWLYH(YLGHQFH%DVHG0HGLFLQHLQ/DQFHW1

'DQLHOV$&H%DLOH\-63HUIRUPDQFH0DQDJHPHQW&KDQJLQJEHKDYLRUWKDWGULYHVRUJDQL]DWLRQDOHIIHFWLYHQHVV(G
$',,QWHUQDWLRQDO$WODQWD86$(GL]LRQHLWDOLDQDDFXUDGL7RVROLQ)HG$$5%$0LODQR

(XULVNR*RRJOH1XRYLVWLOLGLYLWD

(YDQV5,5R]HOOH501REOLWW5 :LOOLDPV'/  ([SOLFLWDQGLPSOLFLWSHUVXDVLYHFRPPXQLFDWLRQVRYHU


WLPHWRLQLWLDWHDQGPDLQWDLQEHKDYLRUFKDQJH1HZSHUVSHFWLYHXWLOL]LQJDUHDOOLIHGHQWDOK\JLHQHVLWXDWLRQ-RXUQDORI
$SSOLHG6RFLDO3V\FKRORJ\  

)120&(2&RGLFHGLGHRQWRORJLDPHGLFD

*KHUORQH(6ROHO\IURPDFRQWULEXWLRQWRVXVWDLQDELOLW\RIWUHDWPHQW*LRUQDOHGHOO¶2GRQWRLDWUD  

6HXQJ6HEDVWLDQ&RQQHWWRPDODQXRYDJHRJUDILDGHOODPHQWH/H6FLHQ]H
























ϭϳ


25





2'2172,$75,$3(',$75,&$



ODONTOIATRIA PEDIATRICA



ϭϴ


27


/¶RGRQWRLDWULD SHGLDWULFD q OD EUDQFD GHOO¶RGRQWRVWRPDWRORJLD FKH VL RFFXSD GHOOD SUHYHQ]LRQH H
GHOODWHUDSLDGHOOHSDWRORJLHGHOFDYRRUDOHQHJOLLQGLYLGXLLQHWjHYROXWLYD
,QSDUWLFRODUH
 SUHYHQ]LRQH SULPDULD LQ UHOD]LRQH DOOD YDOXWD]LRQH GHO ULVFKLR GL SDWRORJLD FDULRVD VHF LO
&$7EDVVRPRGHUDWRHOHYDWRR&DULRJUDP 
 WHUDSLDGHOODHDUO\FKLOGKRRGFDULHVREDE\ERWWOHV\QGURPHRFDULHGDELEHURQRFDULHGHOOD
SULPD LQIDQ]LD (&&  RYYHUR GHOOH OHVLRQL FDULRVH PXOWLSOH H GHVWUXHQWL DG LQVRUJHQ]D
PROWRSUHFRFHDGDQGDPHQWRUDSLGDPHQWHHYROXWLYRFDXVDWHGDWUDVPLVVLRQHYHUWLFDOHGHOOR
6WUHSWRFRFFXVPXWDQVHGDDVVXQ]LRQHIUHTXHQWHHSUROXQJDWDGL]XFFKHUL
 WHUDSLDFRQVHUYDWLYDGHJOLHOHPHQWLGHFLGXLHSHUPDQHQWLLPPDWXULVHGHGLSDWRORJLDFDULRVD
RGLOHVLRQL
 GLDJQRVL SUHFRFH H WHUDSLD GHOOH HURVLRQL GHL GHQWL GHFLGXL H SHUPDQHQWL LQ IXQ]LRQH GHOOD
SUHVHQ]DDVVHQ]D GL SDWRORJLD VLVWHPLFD DVVRFLDWD HV UHIOXVVR JDVWURHVRIDJHR GLVWXUEL GHO
FRPSRUWDPHQWR DOLPHQWDUH PDODVVRUELPHQWL HWF«  FKH QHFHVVLWDQR GL DSSURFFLR
LQWHUGLVFLSOLQDUH
 WHUDSLDGHOODSROSDGHJOLHOHPHQWLGHFLGXLHSHUPDQHQWLDGDSLFHLPPDWXURVHGHGLSDWRORJLD
FDULRVDRGLOHVLRQLWUDXPDWLFKHGHLWHVVXWLPLQHUDOL]]DWL
 GLDJQRVLSUHFRFHHWHUDSLDGHOOHSDWRORJLHGHLWHVVXWLPROOLHGHOOHPXFRVHRUDOL
 GLDJQRVLSUHFRFHHWHUDSLDGHOOHDELWXGLQLYL]LDWH UHVSLUD]LRQHRUDOHVXFFKLDPHQWRSURWUDWWR
GHJOXWL]LRQHLQIDQWLOH LQXQ¶RWWLFDGLLQWHUGLVFLSOLQDULHWj
 SLFFRODFKLUXUJLD HVWUD]LRQHGLHOHPHQWLDIIHWWLGDSDWRORJLD FDULRVDRGDOHVLRQLGLRULJLQH
WUDXPDWLFDQRQUHFXSHUDELOLIHQXOHFWRPLHHVWUD]LRQHGLGHQWLVRSUDQQXPHUDUL 
 ULDELOLWD]LRQHSURWHVLFDLQFDVRGLROLJRDQRGRQ]LD

1HOO¶DPELWR GHOOD YLVLWD VSHFLDOLVWLFD SHGLDWULFD q VHPSUH GRYHURVR XQ DWWHQWR HVDPH RELHWWLYR GHO
FDYR RUDOH SHU YDOXWDUH OR VWDWR GL VDOXWH GHQWDOH H GHOOH PXFRVH RUDOL GHO EDPELQR 7DOH HVDPH
GLYHQWDVSHVVRGLIILFLOHHGLQGDJLQRVRLQHWjSHGLDWULFDSHUSUREOHPDWLFKHFRUUHODWHSULQFLSDOPHQWH
DLFDPELDPHQWLHYROXWLYLGHOGLVWUHWWRRUDOHGHOEDPELQRGXUDQWHODQRUPDOHFUHVFLWDEDVWLSHQVDUH
DOODSHUPXWDGHQWDULDGDLDLDQQLDOORVYLOXSSRSVLFRILVLFRLQDWWRDOODGLIILFROWjGHOEDPELQRD
GHVFULYHUH H ORFDOL]]DUH XQ¶HYHQWXDOH VLQWRPDWRORJLD DOJLFD ROWUH DG LQTXDGUDUOD WHPSRUDOPHQWH
QRQFKpDOO¶LPPDWXULWjLPPXQRORJLFDGHOO¶LQIDQ]LD
/H SUREOHPDWLFKH RGRQWRVWRPDWRORJLFKH LQ HWj LQIDQWLOH YDQQR FRQRVFLXWH LQGLYLGXDWH
SUHFRFHPHQWHHJHVWLWHFRQSURWRFROOLPXOWLGLVFLSOLQDULDWWLDGLQVHULUHLOEDPELQRLQXQSURJUDPPD
ϭϵ


28


PLUDWRGLSUHYHQ]LRQHGLDJQRVLHFXUDVLDGLDOWHUD]LRQLGHLWHVVXWLGXULVLDGHLWHVVXWLPROOLRUDOL
FRQO¶RELHWWLYRGLVRGGLVIDUHVHFRQGRLSLPRGHUQLLQGLUL]]LHGLQOLQHDFRQOHVROOHFLWD]LRQLSRVWH
GDOODVRFLHWjOHQXRYHHGLYHUVHHVLJHQ]HGLUDJJLXQJHUHHPDQWHQHUHODVDOXWHRUDOHGHOEDPELQR
(¶ SHUWDQWR LPSRUWDQWH OD VWUHWWD FROODERUD]LRQH WUD SHGLDWUD RGRQWRLDWUD RUWRGRQWLVWD H LJLHQLVWD
GHQWDOHLQPRGRGDXQLIRUPDUHJOLLQWHUYHQWLFROOHWWLYLVHPLFROOHWWLYLHLQGLYLGXDOL'LYHQWDTXLQGL
LQGLVSHQVDELOH FKH O¶RGRQWRLDWUD VLD DJJLRUQDWR D ULFRQRVFHUH H DIIURQWDUH OH SDWRORJLH RUDOL SL
IUHTXHQWLHVRSUDWWXWWRLQJUDGRGLFRQVLJOLDUHHLQGLUL]]DUHODGGRYHSRVVLELOHHIILFDFLLQWHUYHQWLGL
SUHYHQ]LRQH GLYHQWDQGR FRVu ILJXUD SULYLOHJLDWD QHOO¶LQIRUPD]LRQH H QHO UDSSRUWR JHQLWRUL ±
EDPELQR


3ULPDYLVLWDHDSSURFFLRFRPSRUWDPHQWDOH

3ULPD GL DIIURQWDUH TXDOVLDVL LQWHUYHQWR RSHUDWLYR O¶RGRQWRLDWUD FKH VL RFFXSD GHOO¶DVVLVWHQ]D GHL
SD]LHQWL LQ HWj HYROXWLYD GHYH QHFHVVDULDPHQWH PHWWHUVL LQ VLQWRQLD FRQ OD SHUVRQDOLWj GHO SLFFROR
SD]LHQWHLVXRLSUREOHPLHOHVXHSDXUHJLXQJHQGRFRVuDGRWWHQHUHODVXDDWWHQ]LRQHODVXDILGXFLD
HTXHOODGHLJHQLWRUL
3HU FHUFDUH GL FRQWUROODUH O¶DQVLD GHO SD]LHQWH VDUHEEH EHQH UHQGHUH FRQIRUWHYROH HG D PLVXUD GL
EDPELQRODVDODG¶DWWHVD
/¶RGRQWRLDWUD FRQ LO SD]LHQWH LQ HWj HYROXWLYD GHYH FRPXQLFDUH LQ IXQ]LRQH GHOOH FDUDWWHULVWLFKH
LQGLYLGXDOL LQ SDUWLFRODUH GHO JUDGR GL PDWXUD]LRQH GHO SLFFROR SD]LHQWH XWLOL]]DQGR VWUDWHJLH
SVLFRFRPSRUWDPHQWDOL LQGLYLGXDOL]]DWH SHU IDYRULUH OD SLHQD FROODERUD]LRQH GXUDQWH OD VHGXWD
RGRQWRLDWULFD
6LGHYRQRPHWWHUHLQDWWRSHUFRUVLSHUFRQVHQWLUHDLJHQLWRULHGDOO¶RSHUDWRUHGLFRVWUXLUHO¶DOOHDQ]D
WHUDSHXWLFD QHFHVVDULD SHU LO FRQVHJXLPHQWR GL RELHWWLYL FRPXQL DWWL QRQ VROR D ULVROYHUH OD
SDWRORJLDLQIDVHDFXWDPDDGLPSRVWDUHXQFRUUHWWRSLDQRGLWUDWWDPHQWRSLDQLILFDQGRQHOWHPSROH
GLYHUVHRSHUDWLYLWjQHFHVVDULHDOVXRFRPSOHWDPHQWRHLOFRQVHJXHQWHIROORZXSFRQLOPRQLWRUDJJLR
GHOOHDELWXGLQLDVWLOLGLVDOXWHRUDOHGRPLFLOLDUH 6PDOOULGJH$$3' 
(¶ FRQVLJOLDELOH XQ¶DGHJXDWD LVWUX]LRQH H SUHSDUD]LRQH DOO¶DFFRJOLHQ]D SVLFRORJLFD GHO EDPELQR
:HUQHUHWDO 


(¶ FRQVLJOLDELOH FKH OD SULPD YLVLWD RGRQWRLDWULFD YHQJD IDWWD YHUVR L  PHVL
LQGLSHQGHQWHPHQWHGDOODSUHVHQ]DRPHQRGLSUREOHPDWLFKHGHQWDOL :ROIHHWDO6FRWWLVK
,QWHUFROOHJLDWH*XLGHOLQH1HWZRUN 
ϮϬ


29



'XUDQWHODSULPDYLVLWDLOEDPELQRKDO¶RSSRUWXQLWjGLSUHQGHUHFRQILGHQ]DVLDFRQO¶DPELHQWH
RSHUDWLYRVLDFRQLOSHUVRQDOHRGRQWRLDWULFR


(¶ FRQVLJOLDELOH FKH O¶DPELHQWH RSHUDWLYR VLD ³D PLVXUD GL EDPELQR´ QRQ DQVLRJHQR H
WUDQTXLOOL]]DQWH


'XUDQWHODSULPDYLVLWDO¶RGRQWRLDWUDGHYHYDOXWDUHORVWDWRGLVDOXWHGHOODERFFDGHLWHVVXWLGXULGHL
WHVVXWLPROOL JHQJLYHHPXFRVHRUDOL HGHOO¶DUWLFROD]LRQHWHPSRURPDQGLERODUH $70 FRQWUROODUH
FKHODIRUPXODGHQWDULDVLDFRUUHWWDHFRPSDWLELOHFRQO¶HWjGHOSD]LHQWHHFKHLGHQWLSUHVHQWLVLDQR
VDQL H LQ FRUUHWWD RFFOXVLRQH 9D LQROWUH FRQWUROODWD OD SUHVHQ]D GL DELWXGLQL YL]LDWH LO SHUVLVWHUH
QHOO¶XVR GHO FLXFFLR H LO VXFFKLDPHQWR GHO GLWR  FKH SRVVRQR DOWHUDUH OR VYLOXSSR DUPRQLFR GHL
PDVFHOODUL
'XUDQWH OD SULPD YLVLWD LQROWUH YHQJRQR VSLHJDWLDO SLFFROR SD]LHQWH HG DL JHQLWRUL L SULQFLSL
IRQGDPHQWDOLGHOODSUHYHQ]LRQHSULPDULDHOHHYHQWXDOLYDULHIDVLGHOSLDQRGLWUDWWDPHQWR


3UHYHQ]LRQHGHOODSDWRORJLDFDULRVDGHJOLHOHPHQWLGHQWDULGHFLGXLHSHUPDQHQWL

/DFDULHqXQDSDWRORJLDFKHULVXOWDGDXQDPRGLILFDGHOO¶HTXLOLEULRGHOELRILOPGHOODSODFFDGHQWDOH
YHUVR XQD SRSROD]LRQH EDWWHULFD FDULRJHQLFD FLRq SURGXWWULFH GL DFLGL FDXVDWD H PDQWHQXWD GDOOD
IUHTXHQWHDVVXQ]LRQHGLFDUERLGUDWLIDFLOPHQWHIHUPHQWDELOL 6LPRQVHQ0HMDUHHWDO 
5DSSUHVHQWD DQFRUD RJJL XQD GHOOH SDWRORJLH SL GLIIXVH QHOOD SRSROD]LRQH JHQHUDOH H LQ HWj
SHGLDWULFD -RNRYLF  /RFNHU  )HDWKHUVWRQH  +DUULV HW DO  *X]PDQ$UPVWURQJ
&OHDWRQ-RQHVHWDO+LLULHWDO 
/H FRQGL]LRQL VRFLRHFRQRPLFKH HG DPELHQWDOL JLRFDQR XQ UXROR LPSRUWDQWH QHOOR VYLOXSSR GHOOD
SDWRORJLD FDULRVD LQIOXHQ]DQGR DQFKH OH DELWXGLQL FRUUHODWH DOOD VDOXWH RUDOH TXDOL O¶LJLHQH RUDOH
SHUVRQDOHHO¶LJLHQHDOLPHQWDUH .DOOHVWDOHWDO-RKQVRQ:KHOWRQ+XJRVRQHWDO
6HQQDHWDO1XQQ 
'DOOD VHFRQGD PHWj GHO ;; VHFROR VL q RVVHUYDWD XQD ULGX]LRQH GHOOD SUHYDOHQ]D GHOOD SDWRORJLD
FDULRVD QHL SDHVL LQGXVWULDOL]]DWL WUD FXL LO QRVWUR PD OH LQGDJLQL D FDUDWWHUH QD]LRQDOH HYLGHQ]LDQR
FKH OD PDODWWLD q DQFRUD SDUWLFRODUPHQWH SUHVHQWH QHL EDPELQL LWDOLDQL q HPHUVD LQIDWWL XQD
SUHYDOHQ]D GL FLUFD LO  GL SDWRORJLD D  DQQL H GL FLUFD LO  D  DQQL 1XQQ HW DO 
7LQDQRIIHWDO&DPSXVHWDO0DUWKDOHU&DPSXVHWDOE 

Ϯϭ


30


,Q,WDOLDODTXDVLWRWDOHDVVHQ]DVXOWHUULWRULRGLVHUYL]LRGRQWRLDWULFLGLFRPXQLWjUHQGHDQFRUDSL
GLIILFLOHO¶DWWXD]LRQHGLSURJUDPPLGLSUHYHQ]LRQHSXQWXDOLHGHIILFDFL 6WURKPHQJHUHWDO 


/D SUHYDOHQ]D GHOOD SDWRORJLD FDULRVD QHOOD SRSROD]LRQH LQIDQWLOH LWDOLDQD FL SRUWD D
FRQVLGHUDUHO¶LQWHUDSRSROD]LRQHFRPHSRWHQ]LDOPHQWHDULVFKLRGLFDULHHSHUWDQWRELVRJQRVD
GLLQWHUYHQWLSUHYHQWLYL

)OXRURSURILODVVL
/DFRVWDQWHSUHVHQ]DGLDGHJXDWHFRQFHQWUD]LRQLGLIOXRURQHOFDYRRUDOHULGXFHVLJQLILFDWLYDPHQWHLO
ULVFKLRGLFDULH $[HOVVRQHWDO'RXJODVVHWDO3HWHUVVRQHWDO$GDLU 
,OIOXRURDJLVFH
ULQIRU]DQGRODVWUXWWXUDFULVWDOOLQDGHOORVPDOWRFRQODIRUPD]LRQHGLIOXRURDSDWLWH

IDYRUHQGRODUHPLQHUDOL]]D]LRQHGHOORVPDOWRGHPLQHUDOL]]DWR

VYROJHQGRXQHIIHWWRDQWLPLFURELFRVRSUDWWXWWRVX6WUHSWRFRFFXVPXWDQVVuGDGLPLQXLUQH

ODFDSDFLWjGLDGHVLRQHDLWHVVXWLRUDOLHGLWHPSLGLPROWLSOLFD]LRQH

/DIOXRURSURILODVVLLQWHVDFRPHSUHYHQ]LRQHGHOODFDULHDWWUDYHUVRO¶XWLOL]]RGHOIOXRURUDSSUHVHQWD
OD SLHWUD PLOLDUH GHOOD SUHYHQ]LRQH GHOOD FDULH HG q QHFHVVDULD LQ WXWWL JOL LQGLYLGXL /HUR\ 
:HLQWUDXE7ZHWPDQHWDO-RQHVHWDO.LWFKHQV 3XzHVVHUHHIIHWWXDWDSHU
YLDVLVWHPLFDHSHUYLDWRSLFD1HJOLDQQLVRQRVWDWLVYLOXSSDWLGLYHUVLPH]]LGLVRPPLQLVWUD]LRQHGHO
IOXRUR RJQXQR GHL TXDOL FRQ GLYHUVH FRQFHQWUD]LRQL IUHTXHQ]H GL XVR H SRVRORJLH TXDOL DFTXD
IOXRUDWD ODWWH VDOH FRPSUHVVH JRFFH GHQWLIULFL JHO YHUQLFL HFF 0DWXUR HW DO  /HZLV 
0LOJURP0DULQKRHWDO<HXQJHWDO 
3HUGHILQL]LRQHODIOXRURSURILODVVLSHUYLDWRSLFDGHVFULYHWXWWLLPH]]LGLHURJD]LRQHFKHIRUQLVFRQR
IOXRUR LQ FRQFHQWUD]LRQL HOHYDWH DOOH VXSHUILFL HVSRVWH GHL GHQWL SHU XQ HIIHWWR SURWHWWLYR ORFDOH H
SHUWDQWRWDOLPH]]LQRQVRQRGHVWLQDWLDOO¶LQJHVWLRQH$RJJLO¶HIIHWWRSUHYHQWLYRSRVWHUXWWLYRGHO
IOXRUR RWWHQXWR DWWUDYHUVR OD YLD GL VRPPLQLVWUD]LRQH WRSLFD q FRQVLGHUDWR SL HIILFDFH ULVSHWWR D
TXHOORSUHHUXWWLYRRWWHQXWRDWWUDYHUVRODYLDGLVRPPLQLVWUD]LRQHVLVWHPLFD
,PH]]LGLIOXRURSURILODVVLPDJJLRUPHQWHXWLOL]]DWLVRQRTXHOOLSHUYLDWRSLFD GHQWLIULFLFROOXWRULR
JHO TXHVWDYLDGLVRPPLQLVWUD]LRQHLQROWUHqLQJUDGRGLIRUQLUHFRQFHQWUD]LRQLPROWRSLHOHYDWH
GLIOXRURULVSHWWRDTXHOOHFRQWHQXWHDGHVHPSLRQHOO¶DFTXDSRWDELOH

ϮϮ


31


,O GHFOLQR GHOOD SUHYDOHQ]D GHOOD FDULH UHJLVWUDWR QHL SDHVL LQGXVWULDOL]]DWL q VWDWRSULQFLSDOPHQWH
DWWULEXLWR DOO¶LQFUHPHQWR GHOOD GLIIXVLRQH GHL GHQWLIULFL IOXRUDWL ,O GHQWLIULFLR IOXRUDWR TXLQGL
UDSSUHVHQWDXQPH]]RGLVRPPLQLVWUD]LRQHGLSULPDULDLPSRUWDQ]DQHOODSUHYHQ]LRQHGHOODFDULH
*OLLQGLYLGXLLQWHQHUDHWjWXWWDYLDQRQVDSHQGR DQFRUDFRQWUROODUHHIILFDFHPHQWHLOULIOHVVRGHOOD
GHJOXWL]LRQH WHQGRQR D LQJHULUH LQYRORQWDULDPHQWH SDUWH GHO GHQWLIULFLR DSSRUWDWR GXUDQWH OH
PDQRYUHGLLJLHQHRUDOHGRPLFLOLDUHFRQFRQVHJXHQWHDVVRUELPHQWRVLVWHPLFR
8Q¶DVVXQ]LRQH HFFHVVLYD H SURWUDWWD QHO WHPSR GL IOXRUR DFTXD IOXRUDWD GHQWLIULFLRVXSSOHPHQWL
IOXRUDWLODWWHLQIRUPXOD GXUDQWHO¶HWjSHGLDWULFDSXzHVVHUHFDXVDGLIOXRURVLGHQWDOH(VLVWHLQROWUH
IRUWHHYLGHQ]DFKHO¶XVRGLGHQWLIULFLRFKHFRQWLHQHDOPHQRSSPGLIOXRURILQRDDQQLGLHWj
q DVVRFLDWR DG XQ LQFUHPHQWR GHO ULVFKLR GL IOXRURVL (¶ TXLQGL FRQVLJOLDELOH XQ¶DFFXUDWD
VXSHUYLVLRQHGHOODTXDQWLWjGLGHQWLIULFLRIOXRUDWRVRPPLQLVWUDWRDOEDPELQRQHLSULPLDQQLGLYLWDGD
SDUWHGHOJHQLWRUH SHDVL]H SHUULGXUUHDOPLQLPRLOULVFKLRGLIOXRURVL
3HU PDVVLPL]]DUH O
HIIHWWR EHQHILFR GHO IOXRUR FRQWHQXWR QHO GHQWLIULFLR q FRQVLJOLDELOH QRQ
ULVFLDFTXDUHRULGXUUHDOPLQLPRLOULVFLDFTXRGRSRORVSD]]RODPHQWR
/¶XVRGLLQWHJUDWRULIOXRUDWLqSRVVLELOHSUHYLDDWWHQWDYDOXWD]LRQHGHOODTXDQWLWjGLIOXRUR
DVVXQWDTXRWLGLDQDPHQWHGDDOWUHIRQWL
*OL LQWHJUDWRUL IOXRUDWL GHYRQR HVVHUH SUHVFULWWL GDO SHGLDWUD QHL FDVL GL RJJHWWLYD GLIILFROWj DOOD
VRPPLQLVWUD]LRQH WRSLFD GL IOXRUR DWWUDYHUVR LO GHQWLIULFLR R FRPH PHWRGLFD GL IOXRURSURILODVVL
DJJLXQWLYD QHL VRJJHWWL D ULVFKLR GL FDULH 7DOH PRGDOLWj GL IOXRURSURILODVVL ULFKLHGH WXWWDYLD XQD
FRPSOLDQFHHOHYDWDGDSDUWHGHOODIDPLJOLD

'DLPHVLDLDQQLGLHWjODIOXRURSURILODVVLSXzHVVHUHHIIHWWXDWDDWWUDYHUVRO¶XVRGLXQGHQWLIULFLR
FRQWHQHQWH DOPHQR  SSP GL IOXRUR  YROWH DO JLRUQRLQ GRVH SHDVL]H  1HL FDVL GL RJJHWWLYD
GLIILFROWj DOO¶XVR GHO GHQWLIULFLR FRPH XQLFD PHWRGLFD GL IOXRURSURILODVVL H QHL VRJJHWWL DG DOWR
ULVFKLRGLFDULHFRPHPHWRGLFDDJJLXQWLYDDOO¶XVRGHOGHQWLIULFLR
GDPHVLDLDQQLVRPPLQLVWUDUHPJGLHGLIOXRURFRQJRFFH
GDDDQQLVRPPLQLVWUDUHPJGLHGLIOXRURFRQJRFFHRSDVWLJOLH

'RSR L  DQQL OD IOXRURSURILODVVL YLHQH HIIHWWXDWD DWWUDYHUVR O¶XVR GL XQ GHQWLIULFLR FRQWHQHQWH
DOPHQRSSPGLIOXRURYROWHDOJLRUQR

/D VRPPLQLVWUD]LRQH GHO IOXRUR DWWXDOPHQWH  QRQ q UDFFRPDQGDELOH LQ JUDYLGDQ]D LQ TXDQWR QRQ
WURYDDGHJXDWRVXSSRUWRGDOOHHYLGHQ]HVFLHQWLILFKHGLVSRQLELOLPHQWUHUHODWLYDPHQWHDOODPHWRGLFD
Ϯϯ


32


GL VRPPLQLVWUD]LRQH HG DOOD SRVRORJLD q EXRQD QRUPD IDU ULIHULPHQWR DO GRFXPHQWR ³/LQHH JXLGD
QD]LRQDOL SHU OD SURPR]LRQH GHOOD VDOXWH RUDOH H OD SUHYHQ]LRQH GHOOH SDWRORJLH RUDOL LQ HWj
HYROXWLYD´ 5RFN HW DO  KWWSZZZVDOXWHJRYLW   H VXFFHVVLYH UHYLVLRQL
KWWSZZZVDOXWHJRYLW 
,Q GHILQLWLYD VDUj FRPSLWR GHOO¶RGRQWRLDWUD SUHVFULYHUH YDOXWDQGR FDVR SHU FDVR LO PH]]R GL
VRPPLQLVWUD]LRQH SL LGRQHR FRVu FRPH OD FRQFHQWUD]LRQH GL IOXRUR GD XWLOL]]DUH LO WXWWR GRSR
DWWHQWDFRQVLGHUD]LRQHGHOULVFKLRPLFURELRORJLFRHIIHWWXDWRFRQOHWHFQLFKHDGHJXDWH


6LJLOODWXUDGHLVROFKLHIRVVHWWH

/D VLJLOODWXUD GHL VROFKL H GHOOH IRVVHWWH GHOOD VXSHUILFLH RFFOXVDOH GHJOL HOHPHQWL GHQWDUL q XQD
PHWRGLFD GL SUHYHQ]LRQH GHOOD FDULH FRQRVFLXWD HG DSSOLFDWD LQ WXWWR LO PRQGR RUPDL GD PROWL
GHFHQQL $KRYXR6DORUDQWDHWDO 
/D PHWRGLFD FRQVLVWH QHOOD FKLXVXUD PHFFDQLFD GHOOH LUUHJRODULWj GHOOR VPDOWR GHQWDULR SUHVHQWL
SULQFLSDOPHQWHVXOODSRU]LRQHPDVWLFDQWHGHLPRODULGHLSUHPRODULHLQDOFXQLFDVLVXOODVXSHUILFLH
SDODWDOH GHL GHQWL DQWHULRUL LO WXWWR SHU LPSHGLUH OD FRORQL]]D]LRQH EDWWHULFD GHL VROFKL H GHOOH
IHVVXUH
1HL EDPELQL H UDJD]]L GL HWj FRPSUHVD IUD  H  DQQL SL GHOO¶ GHOOH OHVLRQL FDULRVH VL
PDQLIHVWD QHOOH LUUHJRODULWj GHOOR VPDOWR VLWXDWH VXOOD VXSHUILFLH PDVWLFDQWH LO  GHL VROFKL GHL
PRODULSHUPDQHQWLWUDWWDWLFRQTXHVWDPHWRGLFDSUHYHQWLYDVLPDQWLHQHVDQRDGLVWDQ]DGL FLUFD
DQQL

/D VLJLOODWXUD q SDUWLFRODUPHQWH LQGLFDWD SHU L SULPL PRODUL SHUPDQHQWL 4XHVWL HOHPHQWL
GHQWDULLQIDWWLRFFXSDQRXQDSRVL]LRQHSLXWWRVWRDUUHWUDWDQHOFDYRRUDOHGHLVRJJHWWLGLDQQLH
TXLQGLQRQVRQRIDFLOPHQWHUDJJLXQJLELOLGDOOHVHWROHGHOORVSD]]ROLQR

/¶HIILFDFLDGHOOHVLJLOODWXUHQHOSUHYHQLUHODFDULHqPDVVLPDVHTXHVWHYHQJRQRDSSOLFDWHVXELWR
GRSRO¶HUX]LRQHGHOGHQWHGHILQLWLYR QHOFDVRGHLSULPLPRODULSHUPDQHQWLLOPRPHQWRLGHDOH
SHUODVLJLOODWXUDqWUDLOVHVWRHLOVHWWLPRDQQR SHUODPDJJLRUVXVFHWWLELOLWjDOODPDODWWLDGHO
GHQWHDSSHQDHURWWRVXVFHWWLELOLWjTXHVWDFKHSHUVLVWHSHULSULPLGXHDQQLFLUFD/DVLJLOODWXUD
SHUPDQHVXOGHQWHSHUDOFXQLDQQLHQRQQHFHVVLWDGLULPR]LRQHPDVLFRQVXPDQHOWHPSR4XDORUD
YHQLVVHSHUVDSULPDGHLGXHDQQLYDULSULVWLQDWD

Ϯϰ


33


/¶HVHFX]LRQH GL DPHORSODVWLFD SULPD GHOOD VLJLOODWXUD FRQVHQWH O


LGHQWLILFD]LRQH GL XQ
SURFHVVR FDULRVR JLj SUHVHQWH FRQVHQWHQGR O
DGR]LRQH GD SDUWH GHO PHGLFR RGRQWRLDWUD GL
SURFHGXUH DOWHUQDWLYH H SXz PLJOLRUDUH OD ULWHQ]LRQH GHO VLJLOODQWH VHQ]D WXWWDYLD PLJOLRUDUH
O¶HIILFDFLDGHOODSURFHGXUDSUHYHQWLYD

/¶DSSOLFD]LRQH GL IOXRUR HVHJXLWD SULPD GHOOD VLJLOODWXUD QRQ VHPEUD LQIOXHQ]DUH
QHJDWLYDPHQWHODIRU]DG¶DGHVLRQH

/¶LVRODPHQWRGHOFDPSRRSHUDWRULRULVXOWDDYHUHXQUXRORFKLDYHSHULOVXFFHVVRFOLQLFRGHOOD
VLJLOODWXUDODFRQWDPLQD]LRQHGHOODVDOLYDGHWHUPLQDXQDULGX]LRQHGHOODIRU]DGLDGHVLRQHGHO
VLJLOODQWHDOORVPDOWR

'XUDQWH OH IDVL RSHUDWLYH p HVVHQ]LDOH VHJXLUH VFUXSRORVDPHQWH OH LQGLFD]LRQL VWDELOLWH GDOOH
VLQJROHD]LHQGHSURGXWWULFLGHOVLJLOODQWHXWLOL]]DWR

8QD FRUUHWWD GLDJQRVL SHUPHWWH GL HYLGHQ]LDUH SRVVLELOL FRQWURLQGLFD]LRQL DOOH VLJLOODWXUH
VROFKL SLJPHQWDWL SHU L TXDOL OD WHUDSLD SUHYHGH OD VLJLOODWXUD DVVRFLDWD DG DPHORSODVWLFD H
OHVLRQLFDULRVHPLQLPDOLSHUOHTXDOLVRQRLQGLFDWLUHVWDXULPLQLPDPHQWHLQYDVLYL


3UHYHQ]LRQHGHOO¶HDUO\FKLOGKRRGFDULHV (&& 

/¶(&& HDUO\ FKLOGKRRG FDULHV R EDE\ ERWWOH V\QGURPH R FDULH GD ELEHURQ R FDULH GHOOD SULPD
LQIDQ]LD  q XQD PDQLIHVWD]LRQH SDUWLFRODUPHQWH VHYHUD H UDSLGDPHQWH GHVWUXHQWH GHOOD SDWRORJLD
FDULRVD 'H*UDXZHHWDO&DPSXVHWDOD /DFDXVDSULQFLSDOHGHOODFDULHUDSLGDPHQWH
GHVWUXHQWHYDULFHUFDWDQHOO¶XVRSUROXQJDWRGHOELEHURQFRQWHQHQWHVRVWDQ]H]XFFKHUDWHRODWWHDQFKH
QRQDGGL]LRQDWRFRQ]XFFKHURDVVXQWLSULQFLSDOPHQWHQHOOHRUHQRWWXUQHTXDQGRLOIOXVVRVDOLYDUHq
IRUWHPHQWHULGRWWR
,O TXDGUR FOLQLFR SXz SUHVHQWDUVL FRQ IRUPH LQL]LDOL GL GHPLQHUDOL]]D]LRQH GHOOR VPDOWR ILQR DOOD
FRPSOHWD DPSXWD]LRQH GHJOL HOHPHQWL GHFLGXL /D ORFDOL]]D]LRQH FOLQLFD ULJXDUGD SL VSHVVR OD
VXSHUILFLHYHVWLERODUHGHLGHQWLGHOVHWWRUHDQWHULRUHGHOODGHQWDWXUDGHFLGXDHGLIIRQGHUDSLGDPHQWH
DOUHVWRGHOODGHQWL]LRQH,QOHWWHUDWXUDVRQRULSRUWDWLYDORULGLSUHYDOHQ]DYDULDELOLGDOO¶DO

Ϯϱ


34


QHL SDHVL LQGXVWULDOL]]DWL H YDORUL VXSHULRUL DO  QHOOH QD]LRQL LQ YLD GL VYLOXSSR H QHOOH IDVFH
GHEROLGHOODSRSROD]LRQHDQFKHLQSDHVLDGHOHYDWRUHGGLWR
/HSULQFLSDOLPDQLIHVWD]LRQLFOLQLFKHGHOODFDULHUDSLGDPHQWHGHVWUXHQWHVRQRLOGRORUHODSUHVHQ]D
GLDVFHVVLHILVWROHFXLVLDVVRFLDXQDIUHTXHQWHFRPSURPLVVLRQHGHOORVWDWRGLVDOXWHJHQHUDOHFRQ
SRVVLELOHFRQVHJXHQWHPDOQXWUL]LRQH/HFRPSOLFDQ]HFKHO¶(&&SXzGHWHUPLQDUHVRQRGLQDWXUD
LQIHWWLYD VLVWHPLFD FRPH OD PDODWWLD IRFDOH H ORFDOPHQWH OD SRVVLELOLWj GL VYLOXSSR GL FLVWL
IROOLFRODUL R UDGLFRODUL HG LSRSODVLD GHJOL HOHPHQWL SHUPDQHQWL FRPSOLFDQ]H RUWRJQDWRGRQWLFKH LQ
UHOD]LRQH D SRVVLELOH SHUGLWD GHOOD JXLGD FDQLQD DOOD SHUGLWD GL VSD]LR FRQ GLVDUPRQLD GHQWR
DOYHRODUHDFDULFRGHJOLHOHPHQWLSHUPDQHQWLHSHUGLWDGHOODGLPHQVLRQHYHUWLFDOHFRQDOWHUD]LRQHGHO
SURILOR FRPSOLFDQ]H IXQ]LRQDOL FRQVHJXHQWL DG DOWHUD]LRQL GHOOD FLQHWLFD PDQGLERODUH GHOOD
IRQHWLFD H GHOOD GHJOXWL]LRQH H LQILQH FRPSOLFDQ]H HVWHWLFKH OHJDWH DOOD SHUGLWD GHJOL HOHPHQWL
GHQWDOLVRSUDWWXWWRDFDULFRGHOJUXSSRIURQWDOH
/D WHUDSLD GL TXHVWD IRUPD GL FDULH q VSHVVR UDSSUHVHQWDWD GDOO¶HVWUD]LRQH GL PROWL R GL WXWWL JOL
HOHPHQWLGHFLGXLVLDSHUODJUDYLWjGHOOHOHVLRQLVLDSHUODJLRYDQHHWjGHLVRJJHWWLFROSLWLFKHQRQ
FRQVHQWHGLVRWWRSRUOLDGXQDWHUDSLDFRQVHUYDWLYDOXQJDFRPSOHVVDHFRQSURJQRVLGXEELD
, WUDWWDPHQWL HQGRGRQWLFL VXJOL HOHPHQWL GHQWDOL GHOOD VHULH GHFLGXD SRVVRQR HVVHUH SL R PHQR
FRPSOHVVL LQ EDVH DO WLSR GL OHVLRQH H DO JUDGR GL LQWHUHVVDPHQWR GHOO¶RUJDQR SXOSDUH 'LYHUVH
YDULDELOLLQIOXHQ]DQRODVFHOWDGHOWLSRGLWUDWWDPHQWRO¶HWjGHOSD]LHQWHO¶HYHQWXDOHLQWHUHVVDPHQWR
GHOOD SROSD FRQ VWRULH GL DVFHVVL ULSHWXWL LO JUDGR GL UL]ROLVL OD SUHVHQ]D GL HYHQWXDOL DJHQHVLH ,
WUDWWDPHQWLFRPSUHQGRQRODSXOSRWRPLDODSXOSHFWRPLDHO¶HVWUD]LRQHGHOO¶HOHPHQWR


3ULPD GL VFHJOLHUH LO WLSR GL WUDWWDPHQWR VL GRYUHEEH SUHQGHUH LQ FRQVLGHUD]LRQH OD JUDYLWj
GHOOHOHVLRQLO
HWjHGLOFRPSRUWDPHQWRGHOEDPELQRLOULVFKLRGLFDULHHODFROODERUD]LRQHGHL
JHQLWRUL

6RQRDOWDPHQWHFRQVLJOLDWHPLVXUHGLSUHYHQ]LRQHGRPLFLOLDUHHPLVXUHFOLQLFKH

/DSUHYHQ]LRQHGRPLFLOLDUHFRPSUHQGH
 FRQWUROORGHOODWUDVPLVVLRQHGHOOR6WUHSWRFRFFXVPXWDQVWUDPDGUHHILJOLRHYLWDQGRDGHVOD
FRQGLYLVLRQHGHOOHVWHVVHSRVDWH

Ϯϲ


35


 QRQ XWLOL]]R GHO VXFFKLRWWR HGXOFRUDWR H GHO ELEHURQ FRQWHQHQWH EHYDQGH ]XFFKHULQH 3Xz
ULVXOWDUH XWLOH VXJJHULUH DO JHQLWRUH GL FRQWLQXDUH DOPHQR SHU XQ FHUWR SHULRGR GL WHPSR
O¶XWLOL]]RGHOELEHURQQHOOHRUHQRWWXUQHVHGLDLXWRDOVRQQRPDVRORVHFRQWLHQHDFTXD
 XWLOL]]R GL SUHVLGL GL LJLHQH RUDOH GRPLFLOLDUH D IDU GDWD GDOO¶HUX]LRQH GHO SULPR GHQWH
GHFLGXRSULPDGLTXHVW¶HSRFDqEXRQDQRUPDGHWHUJHUHLOFDYRRUDOHGHOEDPELQRFRQXQD
JDU]DLQXPLGLWDGRSRRJQLDVVXQ]LRQHGLFLEREHYDQGHRIDUPDFLHGXOFRUDWL

/HPLVXUHFOLQLFKHFRPSUHQGRQR
 DSSOLFD]LRQHWRSLFDGLYHUQLFLRJHODOIOXRUR
 ULDELOLWD]LRQHHVWHWLFRIXQ]LRQDOHGHOOHDUFDWHGHQWDULH SUHYHQ]LRQHWHU]LDULD 



5HVWDXURGHOO¶HOHPHQWRGHQWDULRGHFLGXRRSHUPDQHQWHJLRYDQH


5LPR]LRQHWRWDOHGHOWHVVXWRFDULDWR

/D ULPR]LRQGH WRWDOH GHO WHVVXWR FDULDWR q XQD SURFHGXUD FKH SUHYHGH OD FRPSOHWD ULPR]LRQH GHO
WHVVXWR FDULDWR H OD VXD VRVWLWX]LRQH FRQ XQ PDWHULDOH ELRFRPSDWLELOH FRQ FDUDWWHULVWLFKH ILVLFR
FKLPLFKHLQJUDGRGLUHVLVWHUHDOOHIRU]HPDVWLFDWRULHHDOO¶HFRVLVWHPDGHOFDYRRUDOH VDOLYDEDWWHUL
HFF  /¶RELHWWLYR GHO WUDWWDPHQWR q TXHOOR GL HVHJXLUH LQWHUYHQWL PLQLPDOL DO ILQH GL JDUDQWLUH LO
PDVVLPRULVSHWWRGHOWHVVXWRGHQWDOHVDQRVuGDJDUDQWLUHLOUHFXSHURIXQ]LRQDOHSULPDFKHHVWHWLFR
GHOO¶HOHPHQWRGHFLGXR %DQHUMHHHHUWDO)RUJLHHWDO+DDNHWDO0DFKLXOVNLHQH
HWDO$FFDGHPLD,WDOLDQDGL&RQVHUYDWLYD<HQJRSDOHWDO)UHQFNHQHWDO 
(VLVWRQRGXHFULWHULSHUODSUHSDUD]LRQHILQDOH
 7HFQLFD WUDGL]LRQDOH GL SUHSDUD]LRQH SUHYHGH OD ULPR]LRQH GL WXWWD OD GHQWLQD FDULDWD  H
O¶DUULYR DG XQD FRQVLVWHQ]D GL GHQWLQD GXUD VX WXWWH OH SDUHWL GHOOD FDYLWj 4XHVWD WHFQLFD q
RUPDLFRQVLGHUDWDQRQSLQHFHVVDULDHGXQRYHUWUHWPHQW )XVD\DPD .XURVDNL<LS
6DPDUDQD\DNH%RVWRQ*UX\WKX\VHQ,QQHVHWDO)UHQFNHQHWDO
 6FKZHQGLFNH HW DO  6FKZHQGLFNH HW DO   6FKZHQGLFNH HW DO 
6FKZHQGLFNHHWDO 

 5LPR]LRQH FRQWHPSRUDQHD QRQ VHOHWWLYD GHOOD GHQWLQD FDULDWD SUHYHGH O¶HVFDYD]LRQH GHOOD
GHQWLQDFDULDWDILQRDOUDJJLXQJLPHQWRGLXQDFRQVLVWHQ]DVROLGDQHOOH]RQHYLFLQRDOODSROSD
Ϯϳ


36


PHQWUHXQDFRQVLVWHQ]DSLGXUDGHYHHVVHUHULFHUFDWDQHOODGHQWLQDSHULIHULFD )XVD\DPD 
.XURVDNL  .LHOEDVVD HW DO   ,O WUDWWDPHQWR $WUDXPDWLF 5HVWRUDWLRQ 7HFKQLTXH
$57  ULHQWUD LQ TXHVWD FDWHJRULD .HPROL HW DO   ,O WUDWWDPHQWR FRQWHPSRUDQHR GL
ULPR]LRQHQRQVHOHWWLYDGRYUHEEHHVVHUHODPHWRGLFDGLSULPDVFHOWDSHUOHVLRQLQRQWURSSR
SURIRQGH VH QRQ IRVVHUR GLVSRQLELOL XOWHULRUL DOWHUQDWLYH GHQWDWXUD GHFLGXD WHFQLFD GL
FRQWUROOR GHOOH FDYLWj QRQ UHVWXDUDWLYH VLJLOODWXUH WHFQLFD GL +DOO  1HOOH OHVLRQL SURIRQGH
O¶XWLOL]]RGLTXHVWDWHFQLFDSRWUHEEHDYHUHULVFKLSHUODSROSD %DQHUMHHHWDO%RVWRQ
,QQHVHWDO6FKZHQGLFNHHWDO6FKZHQGLFNHHWDOE6FKZHQGLFNHHW
DO6FKZHQGLFNHHWDO ,QTXHVWLFDVLVLSRWUHEEHXWLOL]]DUHODULPR]LRQHVHOHWWLYD
GHOODGHQWLQDFDULDWD9LFLQRDOODSROSDYLHQHODVFLDWRXQRVWUDWRGLGHQWLQDVRIILFHSHUHYLWDUH
O¶HVSRVL]LRQHSXOSDUHDFFLGHQWDOHPHQWUHQHOOHDOWUHDUHHVLULPXRYDODGHQWLQDSLSRVVLELOH
SHU SRWHU JDUDQWLUH XQD RWWXUD]LRQH GHILQLWLYD /D GHQWLQD SHULIHULFD GHYH DYHUH XQD
FRQVLVWHQ]D GXUD SHU SHUPHWWHUH XQ VLJLOOR HUPHWLFR GHOOD OHVLRQH /D ULPR]LRQH VHOHWWLYD
ULGXFHVLJQLILFDWLYDPHQWHLOULVFKLRGLHVSRVL]LRQHSXOSDUH
/H UHVLQH FRPSRVLWH VRQR XQLYHUVDOPHQWH XWLOL]]DWH SHU L UHVWDXUL GL HOHPHQWL DQWHULRUL H
SRVWHULRUL ,Q FRPPHUFLR QH HVLVWRQR GLYHUVH FRQ FDUDWWHULVWLFKH ILVLFKH H GL PDQLSROD]LRQH
DGDWWH DOOH YDULH LQGLFD]LRQL WHUDSHXWLFKH DQFKH LQ SUHVHQ]D GL SHUGLWH GL WHVVXWR GXUR GHQWDOH
FRQVHJXHQWHDWUDXPLHRDPDOIRUPD]LRQLGHQWDOL $VVLVHWDO 
/¶XWLOL]]R GL XQ PDWHULDOH D EDVH UHVLQRVD SHUPHWWH XQ DSSURFFLR SL FRQVHUYDWLYR QHOOD
SUHSDUD]LRQH FDYLWDULD SHU OD ULWHQ]LRQH PLFUR PHFFDQLFD H FKLPLFD JDUDQWLWH GDOOD
PRUGHQ]DWXUDGHOORVPDOWRHGDOFRQGL]LRQDPHQWRGHQWLQDOH 3DWLOHWDO 
3HUTXDQWRULJXDUGDO¶XVRGHOO¶DPDOJDPDVLULPDQGDDO'HFUHWRGHO0LQLVWURGHOOD6DOXWHGHO
RWWREUH³'LYLHWRGLXWLOL]]D]LRQHLPSRUWD]LRQHHLPPLVVLRQHLQFRPPHUFLRVXOWHUULWRULR
QD]LRQDOHGLDPDOJDPLGHQWDOLQRQSUHSDUDWLVRWWRIRUPDGLFDSVXOHSUHGRVDWHHSUHFDX]LRQLHG
DYYHUWHQ]HGDULIHULUHQHOOHLVWUX]LRQLSHUJOLXVLGHOOHDPDOJDPHGHQWDOLSRVWLLQFRPPHUFLRLQ
,WDOLD´
/H UHVLQH FRPSRVLWH QHL VHWWRUL IURQWDOL FRVWLWXLVFRQR L PDWHULDOL GL SULPD VFHOWD QHL VHWWRUL
SRVWHULRULKDQQRGDWRSURYDGLEXRQLULVXOWDWLFOLQLFLDGLVWDQ]D 8QHPRULHWDO+LFNHOHW
DO 
, FHPHQWL YHWURLRQRPHULFL UHVLQRVL SRVVRQR HIILFDFHPHQWH HVVHUH XWLOL]]DWL SHU L UHVWDXUL GL
HOHPHQWLGHFLGXLRFRPHWUDWWDPHQWRSURYYLVRULR )UHQFNHQ 
$OOR VWDWR DWWXDOH QRQ VL KDQQR GDWL FHUWL VX TXDOH PDWHULDOH GD ULHPSLPHQWR VLD SUHIHULELOH
XWLOL]]DUHQHOWUDWWDPHQWRFRQVHUYDWLYRGHLGHQWLGHFLGXL
Ϯϴ


37


1HOOD WHUDSLD FRQVHUYDWLYD GHOOH OHVLRQL FDULRVH PLQLPDPHQWH LQYDVLYH OD SUHSDUD]LRQH GHOOD
FDYLWjGHYHULVSHWWDUHODIRUPDGHOODOHVLRQH -DFREVRQ $VJDUL*HQRYHVH 2OLYL 
VHQ]D ULPR]LRQH GL WHVVXWR GHQWDOH VDQR LQIDWWL QRQ q SL QHFHVVDULR DGHJXDUVL DL SULQFLSL GL
%ODFNPDJOLDWWXDOLRULHQWDPHQWLLQGLFDQRO¶DSSOLFD]LRQHGLWHFQLFKHPLQLLQYDVLYH *HQRYHVHHW
DO7DR )ULHG 

3UHSDUD]LRQH³VWHSE\VWHS´GLXQDFDYLWjFDULRVD
 DSHUWXUDFDYLWDULDDFFHVVRDOODOHVLRQH
 ULPR]LRQHDFFXUDWDGHOWHVVXWRFDULDWR
 YDOXWD]LRQHGHOODGLPHQVLRQHGHOODFDYLWj
 SUHSDUD]LRQHFDYLWDULDGHILQLWLYD
 ULILQLWXUDGHLPDUJLQL


3ULPDGLTXDOVLDVLLQWHUYHQWRWHUDSHXWLFRqLQGLVSHQVDELOHHIIHWWXDUHXQDFRUUHWWDGLDJQRVLGL
FDULH DWWUDYHUVR XQ DWWHQWR HVDPH RELHWWLYR FRQ VSHFLOOD]LRQH H RYH QHFHVVDULR DWWUDYHUVR
LQGDJLQLUDGLRJUDILFKHGHOWLSRELWHZLQJ

'XUDQWHOHIDVLGLODYRURSXzHVVHUHRSSRUWXQRDGLVFUH]LRQHGHOO¶RSHUDWRUHO¶XVRGLVLVWHPL
RWWLFLLQJUDQGHQWL

,QFRQVLGHUD]LRQHGHLSULQFLSLGLDGHVLYLWjGHLPDWHULDOLGDRWWXUD]LRQHHGDOILQHGLHYLWDUHOD
FRQWDPLQD]LRQH EDWWHULFD GHOOD GHQWLQD HVSRVWD q QHFHVVDULR XQ EXRQ LVRODPHQWR GHO FDPSR
RSHUDWRULR

/¶HVWHQVLRQH GHO SURFHVVR FDULRVR LQIOXHQ]D LQ PLVXUD GLUHWWDPHQWH SURSRU]LRQDOH OD
GLPHQVLRQHILQDOHGHOODFDYLWj

'XUDQWHOHIDVLRSHUDWLYHGHOUHVWDXURRFFRUUHSUHVHUYDUHLWHVVXWLPLQHUDOL]]DWLVDQLGHOGHQWH
FRPSDWLELOPHQWHFRQOHWHFQLFKHHGLPDWHULDOLVFHOWL

0DUJLQLFDYLWDULOLVFLHVHQ]DVROX]LRQLGLFRQWLQXRLQIOXHQ]DQRGLUHWWDPHQWHO¶DGDWWDPHQWRGHO
UHVWDXURHODVXDGXUDWDQHOWHPSR

Ϯϵ


38


/¶XWLOL]]R GHO PDQLSROR WXUELQD GRYUHEEH HVVHUH OLPLWDWR DL SDVVDJJL LQL]LDOL GL DSHUWXUD HG
DEER]]R FDYLWDULR O¶HOLPLQD]LRQH GHOOD GHQWLQD UDPPROOLWD GHYH HVVHUH HVHJXLWD
SUHIHULELOPHQWHFRQVWUXPHQWLPDQXDOLRFRQIUHVHURWDQWLPRQWDWHVXPDQLSRORFRQWUDQJRORD
EDVVDEDVVLVVLPDYHORFLWj LHDGDQHOORYHUGHRYHUGHGRSSLR 

3HU HYLWDUH OHVLRQL DO FRPSOHVVR SXOSRGHQWLQDOH WXWWL L SDVVDJJL RSHUDWLYL GHYRQR HVVHUH
HVHJXLWLVRWWRDEERQGDQWHJHWWRG¶DFTXD

/DIRUPDILQDOHGHOODFDYLWjHODULILQLWXUDGHLPDUJLQLqFRQVLJOLDWRFKHYHQJDHIIHWWXDWDFRQ
PDQLSRORPROWLSOLFDWRUHDPHGLDHREDVVDYHORFLWj LHDGDQHOORYHUGH 

3ULPDGHOO¶HVHFX]LRQHGHOUHVWDXURVHODSURIRQGLWjGHOODFDYLWjORULFKLHGHRFFRUUHHIIHWWXDUH
XQ¶DGHJXDWDSURWH]LRQHSXOSDUHDOORVFRSRGLSUHVHUYDUQHODYLWDOLWj

1HOFDVRGLSHUGLWDGLWHVVXWRGHQWDOHLQWHUSURVVLPDOHqQHFHVVDULRXWLOL]]DUHPDWULFLVH]LRQDOLR
FLUFXPIHUHQ]LDOLGLDGHJXDWHGLPHQVLRQL

3HU LO  ULSULVWLQR GHO WHVVXWR GHQWDULR SHUVR D FDXVD GHO SURFHVVR FDULRVR SRVVRQR HVVHUH
XWLOL]]DWLYDULPDWHULDOLTXDOLFHPHQWLDEDVHYHWURLRQRPHULFDHPDWHULDOLFRPSRVLWL


7HUDSLDHQGRGRQWLFDGHOGHQWHGHFLGXR

/¶RELHWWLYR GHOOD WHUDSLD HQGRGRQWLFD q LO PDQWHQLPHQWR GHOO¶LQWHJULWj DQDWRPRIXQ]LRQDOH H GHOOD


VDOXWHGHOO¶HOHPHQWRGHQWDULRHGHLVXRLWHVVXWLGLVRVWHJQRSHUSUHYHQLUHSRVVLELOLDOWHUD]LRQLGLWLSR
RUWRJQDWRGRQWLFR HR LQIHWWLYR /D FDULH HR OH VHTXHOH GL XQ WUDXPD GHQWRDOYHRODUH LQ GHQWDWXUD
GHFLGXD SRVVRQR GHWHUPLQDUH SDWRORJLH DVFHVVXDOL H OD SHUGLWD SUHFRFH GL VSD]LR LQ DUFDWD
LQIOXHQ]DQGRQHJDWLYDPHQWHODSHUPXWDHODIRUPD]LRQHGHOSHUPDQHQWHFRUULVSRQGHQWH
8QDFRUUHWWDGLDJQRVLGHOORVWDWRGHOODSROSDGHOGHFLGXRULVXOWDHVVHQ]LDOHSHUIRUPXODUHODWHUDSLD
SL LQGLFDWD )XNV  $PHULFDQ $FDGHP\ RI 3HGLDWULF 'HQWLVWU\   /H LQGLFD]LRQL JOL
RELHWWLYLHOHDOWHUQDWLYHWHUDSHXWLFKHGLSHQGRQRGDOODYLWDOLWjRPHQRGHOODSROSDVXOODEDVHGLXQD
FRUUHWWD GLDJQRVL FOLQLFD H UDGLRJUDILFD FKH SHUPHWWHUj GL YHULILFDUH LQ SDUWLFRODUH LO JUDGR GL

ϯϬ


39


FRPSURPLVVLRQHSXOSDUHODSUHVHQ]DGLSRVVLELOLOHVLRQLSHULDSLFDOLLOJUDGRGLUL]ROLVLHO¶HYHQWXDOH
LQWHUHVVDPHQWRGHLFRUULVSHWWLYLHOHPHQWLSHUPDQHQWLGDSDUWHGLSURFHVVLIORJLVWLFL
/R VWDGLR GL IRUPD]LRQH GHOOD UDGLFH GHO GHQWH GHFLGXR q GLULPHQWH SHU LO SHUFRUVR WHUDSHXWLFR
,QIDWWLXQHOHPHQWRGHFLGXRSUHVHQWDGXUDQWHODVXDSHUPDQHQ]DDOO¶LQWHUQRGHOFDYRRUDOHWUHVWDGL
HYROXWLYL
 ,VWDGLRIDVHGLFUHVFLWDHGLVYLOXSSRHOHPHQWRHURWWRFRQUDGLFHLQYLDGLIRUPD]LRQH
 ,,VWDGLRIDVHGLPDWXUD]LRQHHVWDELOL]]D]LRQHHOHPHQWRFRQUDGLFHFRPSOHWDWD
 ,,, VWDGLR  IDVH GL UHJUHVVLRQH HOHPHQWR FRQ UDGLFH  LQ IDVH GL ULDVVRUELPHQWR UL]ROLVL 

ϯϭ


40



3HUFRUVRWHUDSHXWLFR

  

'HFLGXRDO,VWDGLR 'HFLGXRDO,,VWDGLR 'HFLGXRDO,,,VWDGLR

HVFDYD]LRQHGHOODFDULH HVFDYD]LRQHGHOODFDULH HVFDYD]LRQHGHOODFDULH

QRHVSRVL]LRQHSXOSDUHUHVWDXUR QRHVSRVL]LRQHSXOSDUHUHVWDXUR   QR HVSRVL]LRQH SXOSDUH


UHVWDXUR
 VL  HVSRVL]LRQH SXOSDUH SXOSRWRPLD   VLHVSRVL]LRQHSXOSDUH
UHVWDXUR   VL HVSRVL]LRQH SXOSDUH
 SROSD UDGLFRODUH YLWDOH  QR VDQJXLQDPHQWR  SXOSRWRPLD  RWW
SXOSRWRPLD
SROSDQRQYLWDOHSXOSRWRPLDSXOSHFWRPLD FDPHUDOHUHVWDXUR
SDU]LDOHUHVWDXUR SROSDQRQYLWDOHSXOSRWRPLD
 SROSD UDGLFRODUH FRQ IORJRVL VL VDQJXLQDPHQWR  SXOSHFWRPLD 
 SXOSHFWRPLD SDU]LDOH R
RWWFDQDODUHFRQPDWHULDOHULDVVRUEUHVWDXUR
DYXOVLRQH
 SROSD QRQ YLWDOH SXOSHFWRPLD  RWW FDQDODUH FRQ FHPHQWR
ULDVVRUEUHVWDXUR

ϯϮ

41



3XOSRWRPLDGHOO¶HOHPHQWRGHFLGXR

/D SXOSRWRPLD FRQVLVWH QHOO¶DVSRUWD]LRQH FRPSOHWD GHO WHVVXWR SXOSDUH FDPHUDOH LQ FDVR GL
HVSRVL]LRQHDFFLGHQWDOHGHOWHVVXWRYLWDOHDVHJXLWRGLWUDXPLHVSRVL]LRQLLDWURJHQHRFDULHLQ
XQHOHPHQWRGHQWDULRDVLQWRPDWLFR &RQWLHWDO 
/¶RELHWWLYRGHOWUDWWDPHQWRqTXHOORGLSUHVHUYDUHODSROSDUDGLFRODUHLQPRGRGDJDUDQWLUHOD
ILVLRORJLFDUL]ROLVL/¶DQDPQHVLGHYHHVFOXGHUHGRORUHVSRQWDQHRVHQVLELOLWjDOODSHUFXVVLRQHR
DOODSDOSD]LRQHFRQULVSRVWDSRVLWLYDDLWHVWGLYLWDOLWj
/D SXOSRWRPLD q FRQWURLQGLFDWD LQ SUHVHQ]D GL JRQILRUH ILVWROD PRELOLWj SDWRORJLFD
ULDVVRUELPHQWLLQWHUQLDFDULFRGHOOHUDGLFLFDOFLILFD]LRQLSXOSDULRHFFHVVLYRVDQJXLQDPHQWR
GDOOD SROSD UDGLFRODUH VHJQR GL LQILDPPD]LRQH SXOSDUH  /¶DVSHWWR FOLQLFR LQGLFDWLYR
GHOO¶DVVHQ]D GL LQILDPPD]LRQH SXOSDUH q O¶DUUHVWR GHO VDQJXLQDPHQWR GHO WHVVXWR DQFRUD
SUHVHQWHDOO¶LQWHUQRGHLFDQDOLUDGLFRODUL
3ULPD GL HVHJXLUH XQD SXOSRWRPLD q LQGLVSHQVDELOH XQD UDGLRJUDILD HQGRUDOH SHULDSLFDOH
SUHRSHUDWRULDO¶DQHVWHVLDHGLOFRUUHWWRLVRODPHQWRGHOFDPSRRSHUDWRULR
'RSRDYHUHOLPLQDWRWXWWRLOWHVVXWRFDULDWRVLSURFHGHDOO¶DSHUWXUDGHOODFDPHUDSXOSDUHFRQ
XQDIUHVDGLDPDQWDWDPRQWDWDVXPDQLSRORWXUELQDVRWWRDEERQGDQWHLUULJD]LRQHRWUDPLWHXQ
HVFDYDWRUHPDQXDOHWDJOLHQWH(¶GDHYLWDUHLOVXUULVFDOGDPHQWRGHOODODSROSDUDGLFRODUH8QD
YROWDFRPSOHWDWDODULPR]LRQHGLWXWWRLOWHVVXWRFDPHUDOHFRQVWUXPHQWLPDQXDOLHRURWDQWLD
EDVVDEDVVLVVLPD YHORFLWj LH DG DQHOOR YHUGH R YHUGH GRSSLR  VL WDPSRQD OD FDYLWj FRQ
SHOOHWVGLFRWRQHLQXPLGLWLFRQVROX]LRQHILVLRORJLFDVWHULOHHVLFUHDXQDHPRVWDVLGHOODSROSD
UDGLFRODUHXWLOL]]DQGRSURGRWWLDEDVHGLVROIDWRIHUULFR 3DSDJLJLDQQRXOLV 
/D ULFRVWUX]LRQH GHOO¶HOHPHQWR GHQWDULR FRQ PDWHULDOH SURYYLVRULR q SUHFHGXWD GDO
SRVL]LRQDPHQWR LQ FDYLWj GL XQ PDWHULDOH ELRFRPSDWLELOH WDOH GD JDUDQWLUH O¶LQWHJULWj GHOOD
SROSDUDGLFRODUHVHQ]DLQWHUIHULUHFRQLOILVLRORJLFRSURFHVVRGLUL]ROLVL
$ WDOH VFRSR XQ PDWHULDOH GL XWLOL]]R q O¶LGURVVLGR GL FDOFLR FRPSRVWR SULYR GL WRVVLFLWj
VLVWHPLFDHORFDOHFKHJUD]LHDOS+EDVLFRqLQJUDGRGLQHXWUDOL]]DUHO¶DFLGRODWWLFRSURGRWWR
GDJOL RVWHRFODVWL SUHYHQHQGR FRVu OD GLVVROX]LRQH GHOOD FRPSRQHQWH PLQHUDOH GHOOD GHQWLQD
7URQVWDGHWDO:DWHUKRXVHHWDO /¶LGURVVLGRGLFDOFLRSXzLQROWUHDWWLYDUHOD
IRVIDWDVLDOFDOLQDHQ]LPDFKHVYROJHXQUXRORIRQGDPHQWDOHQHOODIRUPD]LRQHGHOWHVVXWRGXUR
GHQWDOH,GDWLVFLHQWLILFLWXWWDYLDQRQKDQQRDQFRUDFKLDULWRVHO¶XVRGLWDOHFRPSRVWRQHOOD
WHUDSLD GHJOL HOHPHQWL GHFLGXL SRVVD SRUWDUH D ULDVVRUELPHQWL LQWHUQL /¶LGURVVLGR GL FDOFLR
ϯϯ


42


GRYUHEEH FRPXQTXH HVVHUH DSSOLFDWR VX WHVVXWR SXOSDUH QHO TXDOH VLD VWDWD UDJJLXQWD XQD
EXRQDHPRVWDVLTXHVWDHYHQLHQ]DWXWWDYLDqVSHVVRGLIILFLOHGDRWWHQHUHGXUDQWHO¶LQWHUYHQWR
5LVXOWDWL VRGGLVIDFHQWL VRQR VWDWL RWWHQXWL DQFKH FRQ LO 0LQHUDO 7ULR[LGH $JJUHJDWH 07$ 
)RUG HW DO  &KDFNR  .XNLURVH   6LWUDWWD GL XQ FRPSRVWR GL VLOLFDWR WULFDOFLFR
DOOXPLQRWULFDOFLFRRVVLGRWULFDOFLFRHGRVVLGRVLOLFDWRFKHLQL]LDDVROLGLILFDUHQHOOHVWUXWWXUH
GXUHLQPHQRGLWUHRUH IDYRUHQGROD IRUPD]LRQHGLWHVVXWRGXURHSURPXRYHQGRXQDUDSLGD
FUHVFLWD FHOOXODUH FRVu FRPH YLVWR LQ YLWUR  ,O PDWHULDOH YD SRVWR GLUHWWDPHQWH VXOOD SROSD
UDGLFRODUH H ULFRSHUWR FRQ XQ SHOOHWW GL FRWRQH LQXPLGLWR FKH QH IDYRULVFH O¶LQGXULPHQWR VL
FUHD D TXHVWR SXQWR XQ¶HPRVWDVL GHO WHVVXWR SXOSDUH /¶HOHPHQWR GHQWDULR YLHQH TXLQGL
ULFRVWUXLWRFRQPDWHULDOHSURYYLVRULR$GLVWDQ]DGLXQDVHWWLPDQDO¶RWWXUD]LRQHSURYYLVRULD
HGLOSHOOHWGLFRWRQHYDQQRULPRVVLVHLOPDWHULDOHDYUjDVVXQWRXQDFRQVLVWHQ]DGXUDSRWUj
HVVHUHHIIHWWXDWDODULFRVWUX]LRQHGHILQLWLYD
&RPSDUDWRDOO¶LGURVVLGRGLFDOFLRLO07$KDGLPRVWUDWRXQDPDJJLRUHFDSDFLWjQHOPDQWHQHUH
O¶LQWHJULWjGHOWHVVXWRSXOSDUH/¶DQDOLVLLVWRORJLFDQHLWHVVXWLSXOSDULDQLPDOLHXPDQLGLPRVWUD
XQD PLQRUH ULVSRVWD LQILDPPDWRULD PLQRUH LSHUHPLD H PLQRUH QHFURVL SXOSDUL ULVSHWWR
DOO¶LGURVVLGRGLFDOFLR,O07$KDHIIHWWRDQWLEDWWHULFRVXTXDOFKHEDWWHULRIDFROWDWLYRPDQRQ
XQ HIIHWWR VSHFLILFR FRQWUR L EDWWHUL DQDHUREL  q GRWDWR GL JUDQGH HIILFDFLD QHO ULGXUUH OD
SHQHWUD]LRQH GHL PLFURUJDQLVPL q ELRFRPSDWLELOH PD DQFKH ELRLQGXWWLYR $HLQHKFKL  HW DO
 
,Q DOWHUQDWLYD DO 07$ q VWDWR SURSRVWR LO FHPHQWR GL 3RUWODQG 'DO SXQWR GL YLVWD FKLPLFR
GLIIHULVFH SHU O¶DVVHQ]D GL LRQL ELVPXWR H OD SUHVHQ]D GL LRQL SRWDVVLR q VLPLOH SHU DWWLYLWj
DQWLEDWWHULFD H SURSULHWj PDFURVFRSLFKH HG KD LO YDQWDJJLR GL EDVVL FRVWL 7XWWDYLD L GDWL
VFLHQWLILFL VRQR DWWXDOPHQWH LQVXIILFLHQWL VHEEHQH PROWR LQFRUDJJLDQWL SHU FRQVLGHUDUH LO
FHPHQWRGL3RUWODQGXQPDWHULDOHGLODUJRXVRQHOODSUDWLFDFOLQLFD
8QDYROWD HVHJXLWDODSXOSRWRPLDGHOO¶HOHPHQWR GHFLGXRVHDOO¶HVDPHRELHWWLYRHIIHWWXDWR D
GLVWDQ]DGLXQDVHWWLPDQDLOGHQWHQRQSUHVHQWDVHJQLRVLQWRPLGLLQILDPPD]LRQHqSRVVLELOH
ODULFRVWUX]LRQHGHILQLWLYDFRQXQPDWHULDOHFRPSRVLWRRFHPHQWLYHWURLRQRPHULFL

8QDFRUUHWWDGLDJQRVLGHOORVWDWRGHOODSROSDGHOGHQWHGHFLGXRULVXOWDHVVHQ]LDOHSHUGHILQLUHOD
WHUDSLDSLLQGLFDWD

/¶DQDPQHVL GHYH HVFOXGHUH GRORUH VSRQWDQHR VHQVLELOLWj DOOD SHUFXVVLRQH R DOOD SDOSD]LRQH
SUHJUHVVLSURFHVVLDVFHVVXDOL/¶HOHPHQWRGHQWDULRGHYHHVVHUHYLWDOH
ϯϰ


43


3ULPD GL HVHJXLUH XQD SXOSRWRPLD q VHPSUH LQGLVSHQVDELOH HVHJXLUH XQD UDGLRJUDILD HQGRUDOH
SHULDSLFDOH SUHRSHUDWRULD SHU YDOXWDUH LO JUDGR GL FRPSURPLVVLRQH SXOSDUH OD SUHVHQ]D GL
SRVVLELOL OHVLRQL SHULDSLFDOL LO JUDGR GL UL]ROLVL H O¶HYHQWXDOH LQWHUHVVDPHQWR GHL FRUULVSHWWLYL
HOHPHQWLSHUPDQHQWLGDSDUWHGLSURFHVVLIORJLVWLFL

(¶QHFHVVDULRHVHJXLUHDQHVWHVLDORFDOHSOHVVLFDRWURQFXODUHFRQRVHQ]DDGUHQDOLQDDVHFRQGD
GHOOHFRQGL]LRQLGLVDOXWHJHQHUDOHGHOSD]LHQWH

'XUDQWH OH SURFHGXUH RSHUDWLYH LO FRUUHWWR LVRODPHQWR GHO FDPSR RSHUDWRULR ULGXFH
O¶LQTXLQDPHQWREDWWHULFRHSURWHJJHLWHVVXWLPROOLGDSRVVLELOLHYHQWLWUDXPDWLFL

/D ULPR]LRQH FRPSOHWD GHO WHVVXWR GHQWDOH FDULDWR GHYH SUHFHGHUH O¶DSHUWXUD GHOOD FDPHUD
SXOSDUHSHUHYLWDUHODFRQWDPLQD]LRQHEDWWHULFD

'XUDQWHOHSURFHGXUHRSHUDWLYHDWWHDULPXRYHUHODSROSDFDPHUDOHqLPSRUWDQWHO¶XWLOL]]RGL
DEERQGDQWHLUULJD]LRQHSHUHYLWDUHGLOHVLRQDUHRVXUULVFDOGDUHODSROSDUDGLFRODUH

$ OLYHOOR GHJOL LPERFFKL UDGLFRODUL O¶HYHQWXDOH VDQJXLQDPHQWR GHYH LQWHUURPSHUVL


VSRQWDQHDPHQWHHQWURXQPDVVLPRGLTXDWWURPLQXWLTXLQGLVLSXzSRVL]LRQDUHLOPDWHULDOHGL
VFHOWDUHDOL]]DUHXQUHVWDXURSURYYLVRULRHGHVHJXLUHLOFRQWUROORUDGLRJUDILFR

,OUHVWDXURGHILQLWLYRYDHVHJXLWRGRSRXQDVHWWLPDQDPLQLPRLQDVVHQ]DGLVHJQLHRVLQWRPLGL
LQILDPPD]LRQHSXOSDUH


3XOSHFWRPLDGHOGHQWHGHFLGXR

3HU SXOSHFWRPLD VL LQWHQGH O¶DVSRUWD]LRQH GHOO¶LQWHUD SROSD GHQWDULD FDPHUDOH H UDGLFRODUH
QHJOLHOHPHQWLGHQWDULFRQSROSDQRQYLWDOHRLUUHYHUVLELOPHQWHLQILDPPDWDDVHJXLWRGLFDULH
R WUDXPL 7URQVWDG HW DO  +RPPH] HW DO  .RVK\  /RYH  &DUURWWH 
2]DOS HW DO  $PHULFDQ $FDGHP\ RQ 3HGLDWULF 'HQWLVWU\  %ODQFKDUG  %R\QWRQ

ϯϱ


44


 &RQWDOHWUDWWDPHQWRVLULPXRYHO¶LQIH]LRQHHTXLQGLVLFRQWUROODODFDULFDEDWWHULFDGHO
VLVWHPDFDQDODUH %DZD]LU 6DODPD 
/HLQGLFD]LRQLDOODSXOSHFWRPLDVRQRQHFURVLSUHVHQ]DGLILVWRODSURFHVVLDVFHVVXDOLGRORUH
VSRQWDQHRHLQGRWWRDOODSHUFXVVLRQHPRELOLWjQRQOHJDWDDOODSHUPXWD
, IDWWRUL FKH LQIOXHQ]DQR LO WUDWWDPHQWR HQGRGRQWLFR GL XQ HOHPHQWR VRQR UDSSUHVHQWDWL
SULQFLSDOPHQWHGDOWLSRGLDQDWRPLDUDGLFRODUHGDOODGLIILFROWjGLVWDELOLUHO¶HVDWWDFROORFD]LRQH
GHO IRUDPH DSLFDOH SHU LO ULPDQHJJLDPHQWR GXUDQWH LO ILVLRORJLFR SURFHVVR GL UL]ROLVL H
GDOO¶HVLJXR VSHVVRUH GHO SDYLPHQWR FDPHUDOH 3DUWLFRODUH DWWHQ]LRQH GXUDQWH OD
VWUXPHQWD]LRQHGHLFDQDOLGHYHHVVHUHSRVWDDOODFRQWLJXDJHPPDGHOGHQWHSHUPDQHQWH
8QDUDGLRJUDILDHQGRUDUDOHSHULDSLFDOHSHUPHWWHGLYDOXWDUHO¶HYHQWXDOHSUHVHQ]DHGHVWHQVLRQH
GHOOD OHVLRQH SHULDSLFDOH OD SUHVHQ]D GL XQ WHWWR RVVHR WUD GHFLGXR H SHUPDQHQWH
FRUULVSRQGHQWHHGLOJUDGRGLUL]ROLVLGHOO¶HOHPHQWRGDWUDWWDUH
8QD FRUUHWWD GLDJQRVL GRYUj YDOXWDUH O¶HYHQWXDOLWj GL SURFHGHUH DOO¶DYXOVLRQH GHOO¶HOHPHQWR
QHOFDVRLQFXLQRQYLVLDQRLSUHVXSSRVWLSHUHVHJXLUHXQFRUUHWWRWUDWWDPHQWRHQGRGRQWLFR
,O WUDWWDPHQWR SUHYHGH GRSR DYHU HVHJXLWR XQ¶DQHVWHVLD ORFDOH VH O¶HOHPHQWR q DQFRUD
SDU]LDOPHQWHYLWDOH HSUHYLRFRUUHWWRLVRODPHQWRGHOFDPSRRSHUDWRULRODULPR]LRQHGLWXWWR
LOWHVVXWRFDULDWRFRQODFUHD]LRQHGLXQFRUUHWWRDFFHVVRDOODFDPHUDSXOSDUH
8QDYROWDLQGLYLGXDWLJOLLPERFFKLUDGLFRODULVLHVHJXHXQLQL]LDOHVRQGDJJLRGHLFDQDOLFRQ
ILOH PDQXDOL SHU GHILQLUH OD FRUUHWWD ³OXQJKH]]D GL ODYRUR´ (¶ GL DXVLOLR LQ TXHVWD IDVH  LO
ULOHYDWRUHDSLFDOHIDFHQGRULIHULPHQWRDOO¶5[HQGRUDOHSUHRSHUDWRULD
6L SURFHGH TXLQGL DOO¶DVSRUWD]LRQH GHOOD SROSD FDQDODUH PHGLDQWH VWUXPHQWL PDQXDOL R
VWUXPHQWLDO1L7LPRQWDWLVXPDQLSRORFRQWUDQJRORDEDVVDEDVVLVVLPDYHORFLWj LHDGDQHOOR
YHUGHRYHUGHGRSSLR HFRQFRQWUROORGHOWRUTXHVHFRQGRODWHFQLFDGHVLGHUDWDWHQHQGRVLXQ
PLOOLPHWURSLFRUWLULVSHWWRDOOHOXQJKH]]HGLODYRURSUHFHGHQWHPHQWHULOHYDWHLOWUDWWDPHQWR
GHLFDQDOLSUHYHGHXQ¶DEERQGDQWHLUULJD]LRQH
/D GHWHUVLRQH H VDJRPDWXUD GHL FDQDOL GHYH HVVHUH ULVSHWWRVD GHOO¶DQDWRPLD UDGLFRODUH
GHOO¶HOHPHQWR GHQWDULR YD HYLWDWD OD VWUXPHQWD]LRQH DJJUHVVLYD SRLFKp SRWUHEEHUR FUHDUVL
GDQQL D FDULFR GHO JHUPH GHO SHUPDQHQWH R SRWUHEEH HVVHUH FRPSURPHVVD OD VWDELOLWj
GHOO¶HOHPHQWRGHQWDOHDFDXVDGLXQDHFFHVVLYDULPR]LRQHGLGHQWLQDVDQD =HKQGHU 
/DGHWHUVLRQHGHLFDQDOLUDGLFRODULULVXOWDGHWHUPLQDQWHSHUODFUHD]LRQHGLXQDPELHQWHLOSL
VWHULOHSRVVLELOH .DZDVKLPDHWDO TXHVWDSXzHVVHUHHIIHWWXDWDFRQODYDJJLGLDFTXD
RVVLJHQDWDDOWHUQDWDDGLSRFORULWRGLVRGLRLQGLOXL]LRQHDOO¶ 6LTXHLUDHWDO 4XHVWR
JDUDQWLVFH OD GLVVROX]LRQH GL VRVWDQ]H RUJDQLFKH H OD GHWHUVLRQH GL HYHQWXDOL FDQDOL ODWHUDOL
ϯϲ


45


YLVWD O¶D]LRQH EDWWHULFLGD QHL FRQIURQWL GHL EDWWHUL JUDP H JUDP ,Q FRQVLGHUD]LRQH GHOOD
SRWHQ]LDOHWRVVLFLWjWLVVXWDOHGHOO¶LSRFORULWRGLVRGLRqGDHYLWDUHFKHTXHVWRLUULJDQWHIXRULHVFD
GDO VLVWHPD FDQDODUH LO VXR XWLOL]]R GHYH HVVHUH SDUWLFRODUPHQWH FDXWR LQ FDVR GL UL]ROLVL R
ULDVVRUELPHQWLUDGLFRODUL 'XJJDOHWDO 
$O ILQH GL RWWHQHUH XQ EXRQ FRQWDWWR GHOO¶LUULJDQWH FRQ WXWWD OD VXSHUILFLH UDGLFRODUH q
LPSRUWDQWHFKHYHQJDIDWWDXQDEXRQDVDJRPDWXUDGHOFDQDOHFKHQHOFDVRGHLGHQWLGHFLGXL
QRQ UDSSUHVHQWD XQD WDSSD IRQGDPHQWDOH SHU XQD FRUUHWWD RWWXUD]LRQH WULGLPHQVLRQDOH GHO
VLVWHPD UDGLFRODUH D GLIIHUHQ]D LQYHFH GL TXDQWR VL UHQGH QHFHVVDULR QHJOL HOHPHQWL GHOOD
VHULHSHUPDQHQWH
6DJRPDWLHGHWHUVLLFDQDOLGHYRQRHVVHUHDVFLXJDWLFRQFRQLGLFDUWDVWHULOHHTXLQGLULHPSLWL
FRQXQFHPHQWRFDQDODUHULDVVRUELELOH
,FHPHQWLFDQDODULSLXVDWLVRQRODSDVWDLRGRIRUPLFDLQDVVRFLD]LRQHFRQLGURVVLGRGLFDOFLR
O¶RVVLGR GL ]LQFR HXJHQROR FKH KD XQD EXRQD FDSDFLWj GL VLJLOOR FRURQDOH PD XQD OLPLWDWD
DWWLYLWjDQWLEDWWHULFDFRQHIIHWWROHVLYRSHULSHUPDQHQWLFRUULVSRQGHQWLHLUULWDQWHSHULWHVVXWL
SHULDSLFDOL O¶LGURVVLGR GL FDOFLR LO FXL PHFFDQLVPR G¶D]LRQH VHPEUD HVVHUH OHJDWR
SULQFLSDOPHQWHDOOHFDUDWWHULVWLFKHGLDOFDOLQLWjHGDOODSUHVHQ]DGLLRQLFDOFLR7URYDLPSLHJR
LQ FDVR GL HOHPHQWR GHQWDOH QHFURWLFR FRQ DPSLD OHVLRQH SHULDSLFDOH LO VXR WHPSR GL
ULDVVRUELPHQWRqLQIHULRUHULVSHWWRDOO¶RVVLGRGL]LQFRHXJHQROR 0DQLHWDO 
8QD YROWD ULHPSLWR LO VLVWHPD FDQDODUH HG HIIHWWXDWD XQD RWWXUD]LRQH FRQ PDWHULDOH
SURYYLVRULRLOSD]LHQWHGRYUjHVVHUHPRQLWRUDWRFRQFRQWUROOLVXFFHVVLYLFOLQLFLHUDGLRJUDILFL
SHUYHULILFDUHODJXDULJLRQHDYYHQXWDFKHqWHVWLPRQLDWDGDOODVFRPSDUVDGLVHJQLHVLQWRPL
6ROR D JXDULJLRQH DYYHQXWD VL SURFHGH DOO¶RWWXUD]LRQH GHILQLWLYD FRQ PDWHULDOH FRPSRVLWR R
FHPHQWRYHWURLRQRPHULFR

8QDFRUUHWWDGLDJQRVLqQHFHVVDULDSHUYDOXWDUHO¶HYHQWXDOLWjGLSURFHGHUHDOO¶DYXOVLRQH
GHOO¶HOHPHQWR LQ FDVR QRQ FL VLDQR L SUHVXSSRVWL SHU HVHJXLUH XQ FRUUHWWR WUDWWDPHQWR
HQGRGRQWLFR


8QD UDGLRJUDILD HQGRUDUDOH SHULDSLFDOH SHUPHWWH GL YDOXWDUH O¶HYHQWXDOH SUHVHQ]D HG
HVWHQVLRQH GHOOD OHVLRQH SHULDSLFDOH OD SUHVHQ]D GL XQ WHWWR RVVHR WUD GHFLGXR H
SHUPDQHQWHFRUULVSRQGHQWHHGLOJUDGRGLUL]ROLVLGHOO¶HOHPHQWRGHFLGXRGDWUDWWDUH


/D VWUXPHQWD]LRQH FDQDODUH GHYH HVVHUH HVHJXLWD SRQHQGR DWWHQ]LRQH DOOD FRQWLJXD
JHPPD GHO GHQWH SHUPDQHQWH 5LVXOWD HVWUHPDPHQWH LPSRUWDQWH RWWHQHUH XQD EXRQD
GHWHUVLRQHGHLFDQDOLUDGLFRODULSHUODFUHD]LRQHGLXQDPELHQWHLOSLVWHULOHSRVVLELOH
ϯϳ


46



3HU O¶RWWXUD]LRQH FDQDODUH q IRQGDPHQWDOH O¶XVR GL FHPHQWL ULDVVRUELELOL FKH QRQ
GDQQHJJLQRLOSHUPDQHQWH


3HULOUHVWDXURSURYYLVRULRHGHILQLWLYRVRQRYDOLGHOHUDFFRPDQGD]LRQLSUHFHGHQWL




 7HUDSLD GHOOD SROSD QHL GHQWL SHUPDQHQWL  JLRYDQL H FRQ DSLFH QRQ FRPSOHWDPHQWH
IRUPDWR
/
RELHWWLYRSULPDULRGHOODWHUDSLDGHOODSROSDqPDQWHQHUHODVDOXWHGHOGHQWHHGHLWHVVXWLGL
VRVWHJQRTXDQGRLOGHQWHqDIIHWWRGDSDWRORJLDFDULRVDGDOHVLRQLGLRULJLQHWUDXPDWLFDRGD
DOWUHFDXVH $PHULFDQ$VVRFLDWLRQRI(QGRGRQWLVWV7KRPSVRQHWDO  1HO
GHQWH SHUPDQHQWH QHRHURWWR FRQ UDGLFL QRQ DQFRUD FRPSOHWDPHQWH IRUPDWH OD SROSD q
IRQGDPHQWDOH SHU O¶DSLFRJHQHVL ,O PDQWHQLPHQWR D OXQJR WHUPLQH GL XQ GHQWH SHUPDQHQWH
ULFKLHGH XQD UDGLFH FRQ XQ UDSSRUWR FRURQDUDGLFH IDYRUHYROH H SDUHWL GHQWLQDOL GL VSHVVRUH
VXIILFLHQWH D UHVLVWHUH DOOH ILVLRORJLFKH IXQ]LRQL /D FRQVHUYD]LRQH GHOOD SROSD q TXLQGL XQ
RELHWWLYR SULPDULR QHOOD WHUDSLD GHL GHQWL SHUPDQHQWL QHRHURWWL DQFKH VH XQ GHQWH VHQ]D OD
SROSD YLWDOH SXz ULPDQHUH FOLQLFDPHQWH IXQ]LRQDOH %M¡UQGDO HW DO  %M¡UQGDO  0M|U
5LFNHWWVHWDO 
/HLQGLFD]LRQLJOLRELHWWLYLHLOWLSRGLWHUDSLDGHOODSROSDGLSHQGRQRGDOODYLWDOLWjGHOODSROSD
VXOOD EDVH GHOOD GLDJQRVL FOLQLFD GL  SROSD QRUPDOH LQ DVVHQ]D GL VLQWRPL H FRQ ULVSRVWD
SRVLWLYDDLWHVWGLVHQVLELOLWjSXOSDUH SXOSLWHUHYHUVLELOHSXOSLWHLUUHYHUVLELOH VLQWRPDWLFD
RDVLQWRPDWLFD SROSDQHFURWLFD
/DGLDJQRVLFOLQLFDVLEDVDVX
DQDPQHVLPHGLFDFRPSOHWD
 DQDPQHVL RGRQWRLDWULFD SDVVDWD H SUHVHQWH WUDWWDPHQWL HIIHWWXDWL VLQWRPL DWWXDOL H FKLHI
FRPSODLQWSRQHQGRDOEDPELQRHDLJHQLWRULGRPDQGHUHODWLYHDOOHFDUDWWHULVWLFKHGHOGRORUH
ORFDOL]]D]LRQHLQWHQVLWjGXUDWDVSRQWDQHRRSURYRFDWR 
HVDPHRELHWWLYRH[WUDRUDOHFRQSDUWLFRODUHULJXDUGRDOODSUHVHQ]DGLJRQILRUH
HVDPHRELHWWLYRLQWUDRUDOHGHJOLHOHPHQWLGHQWDOLHGHLWHVVXWLPROOLFRQSDUWLFRODUHULJXDUGR
DOODSUHVHQ]DGLJRQILRUHHRGLILVWROH
 HVDPH UDGLRJUDILFR VH GL SRVVLELOH HVHFX]LRQH   SHU GLDJQRVWLFDUH VHGH H SURIRQGLWj GHOOD
SDWRORJLDFDULRVDVWDGLRGLIRUPD]LRQHUDGLFRODUHSUHVHQ]DGLSDWRORJLHSHULDSLFDOLGLRULJLQH
HQGRGRQWLFD 3HUHLUD 6WDQOH\ 
ϯϴ


47


WHVWFOLQLFL SDOSD]LRQHSHUFXVVLRQHPRELOLWjWHVWGLVHQVLELOLWjSXOSDUH 



'HQWL FKH SUHVHQWDQR VLQWRPL TXDOL DQDPQHVL GL GRORUH VSRQWDQHR HR VHJQL TXDOL ILVWROH
JRQILRUH QRQ GL RULJLQH SDURGRQWDOH DXPHQWR GL PRELOLWj QRQ DVVRFLDWR D WUDXPD R
HVIROLD]LRQHUDGLRWUDVSDUHQ]DDSLFDOHRQHOOD]RQDGHOODIRUFD]LRQHHYLGHQ]DUDGLRJUDILFDGL
ULDVVRUELPHQWRLQWHUQRHVWHUQRKDQQRXQDGLDJQRVLFOLQLFDGLSXOSLWHLUUHYHUVLELOHRGLQHFURVL
HVRQRFDQGLGDWLDOWUDWWDPHQWRHQGRGRQWLFR
, GHQWL FKH PDQLIHVWDQR XQ GRORUH GL EUHYH GXUDWD DWWHQXDWR GD DQDOJHVLFL GDOOR
VSD]]RODPHQWR GDOOD ULPR]LRQH GHOOR VWLPROR LQ DVVHQ]D GL VHJQL HR VLQWRPL GL SXOSLWH
LUUHYHUVLELOH KDQQR XQD GLDJQRVL FOLQLFD GL SXOSLWH UHYHUVLELOH H VRQR FDQGLGDWL DOOD WHUDSLD
YLWDOHGHOODSROSD

7XWWHOHLQIRUPD]LRQLGLDJQRVWLFKHODWHUDSLDHLOWUDWWDPHQWRGLIROORZXSqFRQVLJOLDELOH
VLDQRGRFXPHQWDWH


,O SLDQR GL WUDWWDPHQWR GHYH WHQHU FRQWR GHOOD VWRULD FOLQLFD GHO SD]LHQWH LO YDORUH
GHOO¶HOHPHQWR LQ UHOD]LRQH DOOR VYLOXSSR H DOOD FUHVFLWD GHOO¶DSSDUDWR VWRPDWRJQDWLFR OH
DOWHUQDWLYHDOODWHUDSLDHODSRVVLELOLWjGLULFRVWUXLUHLOGHQWH


4XDQGR LO SURFHVVR LQIHWWLYR QRQ SXz HVVHUH DUUHVWDWR FRQ OH WHUDSLH LQGLFDWH LQ TXHVWD
VH]LRQHLOVXSSRUWRRVVHRQRQSXzHVVHUHUHFXSHUDWRODVWUXWWXUDGHLGHQWLqLQDGHJXDWD
SHUXQUHVWDXURRLOULDVVRUELPHQWRSDWRORJLFRGHOODUDGLFHqHFFHVVLYRGHYHHVVHUHSUHVD
LQFRQVLGHUD]LRQHO
HVWUD]LRQHGHOO¶HOHPHQWRGHQWDULR


7XWWHOHWHUDSLHGHOODSROSDGHYRQRHVVHUHHVHJXLWHFRQDGHJXDWRLVRODPHQWRGHOFDPSR
RSHUDWRULRLQPRGRWDOHGDULGXUUHDOPLQLPRODFRQWDPLQD]LRQHEDWWHULFD


/DWHUDSLDGHOODSROSDULFKLHGHXQDYDOXWD]LRQHFOLQLFDHUDGLRJUDILFDSHULRGLFDGHOGHQWH
WUDWWDWR H GHOOH VWUXWWXUH GL VXSSRUWR /D YDOXWD]LRQH FOLQLFD GRYUHEEH HVVHUH HVHJXLWD
RJQL  PHVL , SD]LHQWL WUDWWDWL SHU XQ¶LQIH]LRQH GHQWDOH DFXWD LQL]LDOPHQWH SRWUHEEHUR
ULFKLHGHUHULYDOXWD]LRQLFOLQLFKHSLIUHTXHQWL


/D WHUDSLD GHOOD SROSD GHL GHQWL SHUPDQHQWL QHRHURWWL FRQ DSLFH QRQ FRPSOHWDPHQWH
IRUPDWR GRYUHEEH HVVHUH ULYDOXWDWD UDGLRJUDILFDPHQWH D  H D  PHVL GRSR LO
WUDWWDPHQWRSRLSHULRGLFDPHQWHDGLVFUH]LRQHGHOFOLQLFR


ϯϵ


48


3HURJQLGHQWHVRWWRSRVWRDWHUDSLDGHOODSROSDVHJQLFOLQLFLHRVLQWRPLSRVVRQRLQGXUUH
O¶RGRQWRLDWUDDULYDOXWD]LRQLSLIUHTXHQWL



D7UDWWDPHQWRGHOODSROSDQHLGHQWLFRQGLDJQRVLGLSROSDYLWDOHRGLSXOSLWH
 UHYHUVLELOH
,Q XQ GHQWH FRQ XQD SROSD VDQD TXDQGR WXWWR LO WHVVXWR FDULDWR YLHQH ULPRVVR SXz HVVHUH
SRVL]LRQDWR XQR VRWWRIRQGR SURWHWWLYR QHOOD ]RQD SURIRQGD GHOOD SUHSDUD]LRQH SHU ULGXUUH DO
PLQLPRLGDQQLDOODSROSDSURPXRYHUHODJXDULJLRQHGHOWHVVXWRSXOSDUHHRPLQLPL]]DUHOD
VHQVLELOLWj SRVWRSHUDWRULD ,O VRWWRIRQGR SURWHWWLYR q XQR VWUDWR GL PDWHULDOH DSSOLFDWR VXOOD
VXSHUILFLH GHQWLQDOH SURVVLPD DOOD SROSD LQ XQD SUHSDUD]LRQH GL FDYLWj SURIRQGD FKH KD OR
VFRSRGLVLJLOODUHLWXEXOLGHQWLQDOLHVSRVWLHGDJLUHFRPHEDUULHUDSURWHWWLYDWUDPDWHULDOHGD
RWWXUD]LRQHRFHPHQWRHODSROSD,OSRVL]LRQDPHQWRGLXQVRWWLOHULYHVWLPHQWRGLSURWH]LRQHq
D GLVFUH]LRQH GHO FOLQLFR FKH SXz XVDUH LGURVVLGR GL FDOFLR DGHVLYR GHQWLQDOH FHPHQWR
YHWURLRQRPHULFR ,O SRVL]LRQDPHQWR GL XQ VRWWRIRQGR SURWHWWLYR QHOOD ]RQD SURIRQGD GHOOD
SUHSDUD]LRQH q XWLOL]]DWR SHU FRQVHUYDUH OD YLWDOLWj GHO GHQWH SURPXRYHUH OD JXDULJLRQH GHO
WHVVXWRSXOSDUHHODIRUPD]LRQHGLGHQWLQDWHU]LDULDULGXUUHODPLFURLQILOWUD]LRQHEDWWHULFD
1RQGRYUHEEHURYHULILFDUVLVHJQLRVLQWRPLFOLQLFLVIDYRUHYROLSRVWWHUDSLDFRPHGRORUH
VHQVLELOLWjJRQILRUH


Ɣ7HUDSLDLQGLUHWWDGHOODSROSD

/DWHUDSLDLQGLUHWWDGHOODSROSDqXQDSURFHGXUDHVHJXLWDLQXQGHQWHFRQGLDJQRVLGL
SXOSLWH UHYHUVLELOH H FDULH SURIRQGD FKH QHFHVVLWHUHEEH GL WHUDSLD HQGRGRQWLFD VH OD
FDULHIRVVHFRPSOHWDPHQWHULPRVVD
$OFXQL $$ SURSRQJRQR GL ULPXRYHUH LO WHVVXWR FDULDWR LO SL YLFLQR SRVVLELOH DOOD
SROSDSRVL]LRQDUHXQRVWUDWRSURWHWWLYRHFKLXGHUHLOGHQWHVHQ]DULHQWUDUHLQXQDIDVH
VXFFHVVLYD LQ FDYLWj SHU HOLPLQDUH OD GHQWLQD DIIHWWD UHVLGXD ,O ULVFKLR GL TXHVWR
DSSURFFLR q XQ¶HVSRVL]LRQH DFFLGHQWDOH GHOOD SROSD R O¶LQVWDXUDUVL GL XQD SXOSLWH
LUUHYHUVLELOH
$OWUL$$SURSRQJRQRXQDSURFHGXUDLQIDVLULPR]LRQHGHOODGHQWLQDDOLYHOORGHOOD
JLXQ]LRQH VPDOWRGHQWLQDOH H GL TXHOOD SHULIHULFD ODVFLDQGR LQ VLWX OD GHQWLQD FDULDWD

ϰϬ


49


VRYUDVWDQWH OD SROSD FRQ O


RELHWWLYR GL PRGLILFDUH O
DPELHQWH DL EDWWHUL FDULRJHQLFL DO
ILQHGLGLPLQXLUQHLOQXPHURVLJLOODQGRODFDULHUHVLGXDGDOELRILOPRUDOHVLWHQWDGL
UDOOHQWDUHRDUUHVWDUHORVYLOXSSRGHOODFDULH/DVHFRQGDIDVHFRQVLVWHQHOODULPR]LRQH
GHOOD FDULH UHVLGXD H SRVL]LRQDPHQWR GL XQD RWWXUD]LRQH GHILQLWLYD /D
UDFFRPDQGD]LRQHSLFRPXQHqFKHO¶LQWHUYDOORWUDOHGXHIDVLVLDGLPHVLWHPSR
VXIILFLHQWHSHUODIRUPD]LRQHGLGHQWLQDWHU]LDULDHSHUSRUUHXQDGLDJQRVLGHILQLWLYDGL
YLWDOLWjSXOSDUH)RQGDPHQWDOHSHUHQWUDPEHOHIDVLGLULPR]LRQHqLOSRVL]LRQDPHQWRGL
XQUHVWDXURFRQXQEXRQVLJLOORPDUJLQDOH
/DGHFLVLRQHVHXWLOL]]DUHODWHFQLFDLQXQDIDVH RTXHOODLQGXHIDVLGRYUHEEHHVVHUH
EDVDWD VXOOH FRQGL]LRQL GHO VLQJROR SD]LHQWH GDO PRPHQWR FKH L GDWL LQ SRVVHVVR
VXOO¶DUJRPHQWR QRQ VRQR VXIILFLHQWL VX TXDOH DSSURFFLR VLD GL PDJJLRU VXFFHVVR D
OXQJRWHUPLQH


/D WHUDSLD LQGLUHWWD GHOOD SROSD q LQGLFDWD LQ XQ GHQWH SHUPDQHQWH JLRYDQH FRQ
XQDGLDJQRVLGLSROSDQRUPDOHVHQ]DVLQWRPLGLSXOSLWHRFRQSXOSLWHUHYHUVLELOH


/DSROSDqYDOXWDWDFRQFULWHULFOLQLFLHUDGLRJUDILFLSHUHVVHUHFRQVLGHUDWDYLWDOHH
LQJUDGRGLUHVLVWHUHDJOLLQVXOWLGHOODFDULH


/¶RWWXUD]LRQH SURYYLVRULD HR GHILQLWLYD GHYH JDUDQWLUH XQ VLJLOOR HUPHWLFR GHOOD
GHQWLQD FRLQYROWD GDOO
DPELHQWH RUDOH /D YLWDOLWj GHO GHQWH GRYUHEEH HVVHUH
SUHVHUYDWD 1RQ GHYRQR PDQLIHVWDUVL GRSR OD WHUDSLD VHJQL HR VLQWRPL TXDOL
VHQVLELOLWj GRORUH JRQILRUH 1RQ GHYRQR HVVHUFL HYLGHQ]H UDGLRJUDILFKH GL
ULDVVRUELPHQWR UDGLFRODUH SDWRORJLFR HVWHUQR R LQWHUQR R DOWUH DOWHUD]LRQL
SDWRORJLFKH , GHQWL FRQ UDGLFL LPPDWXUH GHYRQR PRVWUDUH XQR VYLOXSSR
UDGLFRODUHILVLRORJLFRGLDSLFRJHQHVL



Ɣ3XOSRWRPLDSDU]LDOHSHUHVSRVL]LRQHGRYXWDDFDULH

/DSXOSRWRPLDSDU]LDOHSHUHVSRVL]LRQHGRYXWDDFDULHqXQDSURFHGXUDLQFXLLOWHVVXWR
SXOSDUHLQILDPPDWRVRWWRVWDQWHO¶HVSRVL]LRQHYLHQHULPRVVRSHUXQDSURIRQGLWjGLD
PP RDQFKHSL SHUUDJJLXQJHUHODSRU]LRQHGLSROSDVDQD,OVDQJXLQDPHQWRSXOSDUH
YLHQHFRQWUROODWRPHGLDQWHDJHQWLEDWWHULFLGLFRPHLSRFORULWRGLVRGLR 6LTXHLUDHWDO
 HFORUH[LGLQDSULPDGLSRVL]LRQDUHLGURVVLGRGLFDOFLR 1RVUDW 1RVUDW R
07$ 7RUDELQHMDG  &KLYLDQ  )HUULV  %DXPJDUWQHU   0HQH]HV HW DO

ϰϭ


50


+RODQHWDO(O0HOLJ\HWDO:LWKHUVSRRQHWDO%RJHQHWDO
 4XLQGLYDHVHJXLWDXQDRWWXUD]LRQHLQJUDGRGLJDUDQWLUHXQVLJLOORHUPHWLFRGD
PLFURLQILOWUD]LRQL 5DEFKLQVN\  'RQO\  /R\ROD5RGULJXH] HW DO  'XTXH
HWDO 


8QD SXOSRWRPLD SDU]LDOH q LQGLFDWD LQ XQ GHQWH SHUPDQHQWH QHRHURWWR SHU XQD
HVSRVL]LRQH SXOSDUH FDXVDWD GD FDULH LQ FXL O
HPRUUDJLD q FRQWUROODWD LQ SRFKL
PLQXWL LO GHQWH GHYH HVVHUH YLWDOH FRQ GLDJQRVL GL SROSD QRUPDOH R GL SXOSLWH
UHYHUVLELOH


/D SROSD UHVLGXD GHYH PDQWHQHUVL YLWDOH GRSR OD SXOSRWRPLD SDU]LDOH 1RQ
GHYRQR PDQLIHVWDUVL GRSR OD WHUDSLD VHJQL HR VLQWRPL TXDOL VHQVLELOLWj GRORUH
JRQILRUH1RQGHYRQRHVVHUFLHYLGHQ]HUDGLRJUDILFKHGLULDVVRUELPHQWRUDGLFRODUH
SDWRORJLFRHVWHUQRRLQWHUQRFDOFLILFD]LRQLFDQDODULSDWRORJLFKHUDGLRWUDVSDUHQ]H
SHULDSLFDOL,GHQWLFRQUDGLFLLPPDWXUHGHYRQRPRVWUDUHXQRVYLOXSSRUDGLFRODUH
ILVLRORJLFRGLDSLFRJHQHVL



Ɣ3XOSRWRPLDSDU]LDOHSHUHVSRVL]LRQHGLRULJLQHWUDXPDWLFD SXOSVHFRQGR&YHN 
/DSXOSRWRPLDSDU]LDOHSHUHVSRVL]LRQHGHOODSROSDGLRULJLQHWUDXPDWLFDqXQDWHFQLFD
LQ FXL LO WHVVXWR SXOSDUH LQILDPPDWR VRWWR O¶HVSRVL]LRQH YLHQH ULPRVVR SHU XQD
SURIRQGLWj GL  D  PP R DQFKH SL  SHU UDJJLXQJHUH OD SRU]LRQH GL SROSD VDQD ,O
VDQJXLQDPHQWRSXOSDUHYLHQHFRQWUROODWRPHGLDQWHDJHQWLEDWWHULFLGLFRPHLSRFORULWRGL
VRGLRHFORUH[LGLQDSULPDGLSRVL]LRQDUHLGURVVLGRGLFDOFLRR07$
1HL GHQWL DQWHULRUL q FRQVLJOLDWR 07$ ELDQFR SLXWWRVWR FKH JULJLR SHU GLPLQXLUH OD
SRVVLELOLWjGLGLVFRORUD]LRQL,GXHSUHSDUDWLKDQQRGLPRVWUDWRDYHUHSURSULHWjVLPLOL


/D SXOSRWRPLD q LQGLFDWD LQ XQ GHQWH SHUPDQHQWH JLRYDQH YLWDOH FRQ DSLFH
LQFRPSOHWR GRSR HVSRVL]LRQH WUDXPDWLFD GHOOD SROSD /
HPRUUDJLD GHYH HVVHUH
FRQWUROODWDGRSRODULPR]LRQHGHOODSROSDLQILDPPDWD1pLOWHPSRLQWHUFRUVRWUD
LOWUDXPDHODWHUDSLDQpOHGLPHQVLRQLGHOO¶HVSRVL]LRQHSXOSDUHVRQRIDWWRULFULWLFL
VHLOWHVVXWRSXOSDUHVXSHUILFLDOHLQILDPPDWRqDPSXWDWRGDOODSROSDVDQD


/D SROSD UHVLGXD GHYH PDQWHQHUVL YLWDOH GRSR OD SXOSRWRPLD SDU]LDOH 'RSR OD
WHUDSLD QRQ GHYRQR PDQLIHVWDUVL VHJQL HR VLQWRPL TXDOL VHQVLELOLWj GRORUH
JRQILRUH1RQGHYRQRHVVHUFLHYLGHQ]HUDGLRJUDILFKHGLULDVVRUELPHQWRUDGLFRODUH
SDWRORJLFRHVWHUQRRLQWHUQRFDOFLILFD]LRQLFDQDODULSDWRORJLFKHUDGLRWUDVSDUHQ]H

ϰϮ


51


SHULDSLFDOL,GHQWLFRQUDGLFLLPPDWXUHGHYRQRPRVWUDUHXQRVYLOXSSRUDGLFRODUH
ILVLRORJLFRGLDSLFRJHQHVLRIRUPD]LRQHGHOO¶DSLFHUDGLFRODUH


 E7HUDSLDGHOODSROSDQRQYLWDOH

Ɣ3XOSHFWRPLD WHUDSLDFDQDODUHFRQYHQ]LRQDOH 

/D SXOSHFWRPLD LQ XQ GHQWH SHUPDQHQWH FRQ DSLFH IRUPDWR q LO WUDWWDPHQWR FDQDODUH
FRQYHQ]LRQDOH WHUDSLD HQGRGRQWLFD  GD DWWXDUH LQ FDVR GL HVSRVL]LRQH LQIH]LRQH R
QHFURVLSXOSDUHFRQO¶RELHWWLYRGLHOLPLQDUHO
LQIH]LRQHSXOSDUHHSHULUDGLFRODUH,QWXWWL
LFDVLO¶LQWHURWHWWRGHOODFDPHUDYLHQHULPRVVRSHUHOLPLQDUHWXWWRLOWHVVXWRSXOSDUH
FRURQDOHHJDUDQWLUHO
DFFHVVRDLFDQDOL'RSRODGLVLQIH]LRQHHVDJRPDWXUDGHOVLVWHPD
GHLFDQDOLUDGLFRODULVLUHDOL]]DO¶RWWXUD]LRQHWULGLPHQVLRQDOHHGHUPHWLFDFRPSOHWDGHL
FDQDOLFRQXQPDWHULDOHGDRWWXUD]LRQHELRORJLFDPHQWHFRPSDWLELOHHQRQULDVVRUELELOH

/D SXOSHFWRPLD q LQGLFDWD QHL GHQWL SHUPDQHQWL FRQ SXOSLWH LUUHYHUVLELOH R FRQ
SROSD QHFURWLFD QHL TXDOL OD UDGLFH KD O¶DSLFH JLj IRUPDWR ,Q FDVR GL GHQWL FRQ
UDGLFL JLj WUDWWDWH HQGRGRQWLFDPHQWH FRQ OHVLRQL SHULUDGLFRODUL LUULVROWH FRQ
FDQDOL QRQ DFFHVVLELOL PHGLDQWH XQ DSSURFFLR RUWRJUDGR FRQ FDOFLILFD]LRQL GHOOR
VSD]LR HQGRGRQWLFR q LQGLFDWD XQD WHUDSLD VSHFLDOLVWLFD LJ DSLFHFWRPLD FRQ
WHUDSLDUHWURJUDGD 


2FFRUUH HYLGHQ]LDUH UDGLRJUDILFDPHQWH XQ ULHPSLPHQWR FDQDODUH FRUUHWWR LQ
DVVHQ]DGLVRYUDHVWHQVLRQLHVRWWRULHPSLPHQWL1RQGHYRQRPDQLIHVWDUVLVHJQLHR
VLQWRPLQHJDWLYLSRVWWUDWWDPHQWR SUROXQJDWDVHQVLELOLWjGRORUHJRQILRUH GHYH
HVVHUYL HYLGHQ]D GHOOD ULVROX]LRQH GHOOD SDWRORJLD SUHWUDWWDPHQWR LQ DVVHQ]D GL
XOWHULRULOHVLRQLFOLQLFKHHRUDGLRJUDILFKHGHLWHVVXWLSHULUDGLFRODUL



Ɣ$SHFLILFD]LRQH

/¶DSHFLILFD]LRQHqXQDWHFQLFDXWLOL]]DWDSHULQGXUUHODFKLXVXUDGHOODSDUWHWHUPLQDOH
GHOODUDGLFHLQXQGHQWHSHUPDQHQWHQRQYLWDOHFRQDSLFHQRQFRPSOHWDPHQWHIRUPDWR
3UHYHGHOD ULPR]LRQHGHOWHVVXWRLQIHWWRFRURQDOHHUDGLFRODUH HLOSRVL]LRQDPHQWRGL
XQ PDWHULDOH ELRFRPSDWLELOH FRPH O¶LGURVVLGR GL FDOFLR QHL FDQDOL SHU  VHWWLPDQH
SHU GLVLQIHWWDUH OR VSD]LR HQGRGRQWLFR /D FKLXVXUD GHOO¶DSLFH UDGLFRODUH q UHDOL]]DWD

ϰϯ


52


PHGLDQWH XQD ³EDUULHUD DSLFDOH´ GL 07$ 1HL FDVL LQ FXL QRQ VL SXz UHDOL]]DUH XQD
FKLXVXUD FRPSOHWD FRQ 07$ VL SXz LQVHULUH XQD PHGLFD]LRQH D EDVH GL FROODJHQH
ULDVVRUELELOH SHU FRQVHQWLUH LO SRVL]LRQDPHQWR GL 07$ HQWUR OR VSD]LR ILQDOH GHO
FDQDOH /D JXWWDSHUFD YLHQH XVDWD SHU ULHPSLUH OR VSD]LR HQGRGRQWLFR UHVLGXR 6H OH
SDUHWLGHO FDQDOHVRQRVRWWLOLORVSD]LRHQGRGRQWLFRSXzHVVHUHULHPSLWRFRQ07$R
UHVLQD FRPSRVLWD  SHU UHQGHUH LO GHQWH SL UHVLVWHQWH


/¶DSHFLILFD]LRQH q XQD WHFQLFD SHU GHQWL SHUPDQHQWL QRQ YLWDOL FRQ UDGLFL QRQ
FRPSOHWDPHQWHIRUPDWH


'RSR O¶DSHFLILFD]LRQH QRQ GHYRQR PDQLIHVWDUVL VHJQL HR VLQWRPL QHJDWLYL
SUROXQJDWD VHQVLELOLWj GRORUH JRQILRUH   1RQ GHYRQR HVVHUFL VHJQL UDGLRJUDILFL
GL ULDVVRUELPHQWR UDGLFRODUH HVWHUQR  GL IUDWWXUD UDGLFRODUH  GL SDWRORJLH
SHULUDGLFRODULGXUDQWHRGRSRODWHUDSLD,OGHQWHGHYHFRQWLQXDUHDGHURPSHUHH
O¶DOYHROR D FUHVFHUH )DLUERXUQ HW DO  0HMjUH  &YHN  &ROO  6DGULDQ
:HLQHUHWDO.DWHE]DGHKHWDO)DURRTHWDO0XUUD\HWDO
3DWLQRHWDO0F'RQDOGHWDO)XNV2]DOSHWDO&DPS
HW DO  ,WRWD HW DO  2OLYHLUD HW DO  =HKQGHU  0HKGLSRXU HW DO
2HQHWDO 


&KLUXUJLDRUDOHSHGLDWULFD

1HL SD]LHQWL LQ HWj HYROXWLYD SULPD GL SURFHGHUH DG LQWHUYHQWL GL FKLUXUJLD RGRQWRVWRPDWRORJLFD q
QHFHVVDULDODUDFFROWDGLXQ¶DWWHQWDDQDPQHVLLQWHJUDWDRYHRSSRUWXQRGDFRQVXOHQ]HVSHFLDOLVWLFKH
QHOO¶LSRWHVLGLVRVSHWWRGLHYHQWXDOLWjGLVLWXD]LRQLGLHPHUJHQ]HLQWUDRSHUDWRULHHRSRVWRSHUDWRULH(¶
QHFHVVDULDXQ¶DSSURIRQGLWDYDOXWD]LRQHGHOTXDGURRELHWWLYRLQWHJUDWRGDXQ¶DQDOLVLUDGLRJUDILFDOH
UDGLRJUDILHSRVVRQRLQFOXGHUH5[HQGRUDOL5[RUWRSDQWRPRJUDILDWRPRJUDILDDVVLDOHFRPSLXWHUL]]DWD
7$&  0DVVOHU  6DYDUD  =KX  .LQJ  :KLJKW  &DPHURQ  :LGHPDU 
0HVVQHU /DODNHD$PHULFDQ$VVRFLDWLRQRI2UDODQG0D[LOORIDFLDO6XUJHRQV&XQKDHW
DO$PHULFDQ$FDGHP\RI3HGLDWULF'HQWLVWU\)ODLW] 
3DUWLFRODUH DWWHQ]LRQH LQROWUH GHYH HVVHUH SRVWD DOOD YDOXWD]LRQH GHO FRPSRUWDPHQWR GHO JLRYDQH
SD]LHQWH,QIDWWLO¶DWWHJJLDPHQWRGHOVRJJHWWRLQHWjHYROXWLYDSXzVXELUHLPSRUWDQWLPRGLILFD]LRQLGDO
SHULRGR SUHRSHUDWRULR D TXHOOR LQWUDRSHUDWRULR Vu FKH DOFXQL VRJJHWWL SHU LO FRQWUROOR GHO GRORUH H
GHOO¶DQVLDQHFHVVLWDQRGLXOWHULRULDFFRUJLPHQWLROWUHO¶DQHVWHVLDORFDOH
ϰϰ


53


/D YDOXWD]LRQH GHO SD]LHQWH FRPSRUWD DQFKH OD YHULILFD GL HYHQWXDOL WUDXPL HR LQWHUYHQWL FKLUXUJLFL
QHOOD UHJLRQH RUDOH H PDVFHOODUH JLj VXELWL SRLFKp QHOOD SRSROD]LRQH SHGLDWULFD TXHVWL SRVVRQR
SURGXUUH SRWHQ]LDOL HIIHWWL DYYHUVL VXOOD FUHVFLWD LQFUHPHQWDQGR LQ PRGR PDUFDWR ULVFKL H
FRPSOLFDQ]H ,QIDWWL OHVLRQL WUDXPDWLFKH D OLYHOOR GHOOD  UHJLRQH PD[LOORIDFFLDOH SRVVRQR LQIOXLUH
QHJDWLYDPHQWH VXOOD FUHVFLWD H VXOOH IXQ]LRQL 3HU HVHPSLR L WUDXPL ORFDOL]]DWL DOOD UHJLRQH GHO
FRQGLORPDQGLERODUHSRVVRQRQRQVRORSRUWDUHDGXQDULGX]LRQHGHOODFUHVFLWDPDDQFKHOLPLWDUHOD
IXQ]LRQHPDQGLERODUHFRPHULVXOWDWRGHOO¶DQFKLORVL$QFKHODFKLUXUJLDQHFHVVDULDSHUODFRUUH]LRQH
GLPDOIRUPD]LRQLFRQJHQLWHRDFTXLVLWHSXzLQIOXHQ]DUHQHJDWLYDPHQWHODFUHVFLWD$GHVHPSLRQHOOH
SDODWRVFKLVLOHFLFDWULFLSDODWDOLVYLOXSSDWHGDOODULSDUD]LRQHSULPDULDGHOSDODWRSRVVRQRFDXVDUHXQD
DQRPDODFUHVFLWDPDVFHOODUH
,Q GHELWD FRQVLGHUD]LRQH LQROWUH YD WHQXWR LO IDWWR FKH OD FKLUXUJLD PDVFHOODUH H PDQGLERODUH LQ
SD]LHQWL LQ GHQWL]LRQH GHFLGXD H PLVWD q FRPSOLFDWD GDOOD SUHVHQ]D GHOOH JHPPH GHQWDOL
0RGLILFD]LRQLGHOOHWHFQLFKHVWDQGDUGSRVVRQRHVVHUHQHFHVVDULHSHUHYLWDUHWUDXPLDOOHJHPPH3HU
HVHPSLR OD GLVWUD]LRQH RVVHD SXz HVVHUH XQ WUDWWDPHQWR GL VXFFHVVR SHU FRUUHJJHUH DQRPDOLH
FUDQLRIDFFLDOL LQ SD]LHQWL SHGLDWULFL 7XWWDYLD TXHVWD WHFQLFD SXz HVVHUH DVVRFLDWD D FRPSOLFDQ]H D
OXQJR WHUPLQH GDQQL GHOOR VYLOXSSR GHQWDOH IRUPD]LRQH GL FLVWL GHQWLJHUH VHFRQGDULH DO
SRVL]LRQDPHQWR GL SLQ QHOOR VSD]LR DGLDFHQWH D JHUPL GHQWDOL  UHVSRQVDELOL GL PDORFFOXVLRQL 3HU
PLQLPL]]DUH JOL HIIHWWL GHOOD FKLUXUJLD QHO FRUVR GHOOR VYLOXSSR GHOOD GHQWL]LRQH VRQR QHFHVVDULH
UDGLRJUDILHHGLQDOFXQLFDVLODWRPRJUDILDDVVLDOHFRPSXWHUL]]DWD
8QDYROWDFRPSOHWDWDO¶DQDPQHVLHGHILQLWRLOSHUFRUVRWHUDSHXWLFRSLDSSURSULDWRDOODSDWRORJLDGD
WUDWWDUH HIIHWWXDWH OH RSSRUWXQH YDOXWD]LRQL FRPH VRSUD VSHFLILFDWR O¶RGRQWRLDWUD LQ SUHVHQ]D GL
SD]LHQWHPLQRUHQQHGHYHRWWHQHUHLOFRQVHQVRLQIRUPDWRGHLJHQLWRULWXWRUL
/D JHVWLRQH GHO SHULRGR SRVWRSHUDWRULR LQ HWj HYROXWLYD q VSHVVR SL FRPSOHVVD FKH LQ HWj DGXOWD
3DUWLFRODUL FRQVLGHUD]LRQL GHYRQR HVVHUH GDWH DOO¶DSSRUWR FDORULFR H DOOD JHVWLRQH GL IOXLGL HG
HOHWWUROLWL , SD]LHQWL SHGLDWULFL FKH GHYRQR HVVHUH VRWWRSRVWL DG LQWHUYHQWL GL FKLUXUJLD RUDOH HR
PD[LOORIDFFLDOHGLSDUWLFRODUHFRPSOHVVLWjGHYRQRHVVHUHLQGLUL]]DWLYHUVRVWUXWWXUHVDQLWDULHGRWDWHGL
SHUVRQDOHFRPSHWHQWHQHOODJHVWLRQHGHLSD]LHQWLLQHWjHYROXWLYD

(¶LPSRUWDQWHLOWHPSHVWLYRWUDWWDPHQWRGHOO¶LQIH]LRQHRGRQWRJHQDFDXVDWDGDSDWRORJLD
FDULRVD GD SDWRORJLD SDURGRQWDOH GD WUDXPL $ FDXVD GHO GRORUH H GHO PDOHVVHUH LO
EDPELQR VH QRQ VL DOLPHQWD YD IDFLOPHQWH LQFRQWUR D GLVLGUDWD]LRQH /H LQIH]LRQL GHOO¶DUHD
VXSHULRUH GHO YLVR IUHTXHQWHPHQWH SURYRFDQR GRORUH IDFFLDOH IHEEUH H GLIILFROWj D EHUH H
PDQJLDUH'HYHHVVHUHIDWWDGLDJQRVLGLIIHUHQ]LDOHFRQODVLQXVLWHLQTXDQWRLVLQWRPLHVHJQL
GL TXHVWD SDWRORJLD SRVVRQR LPLWDUH XQ¶LQIH]LRQH RGRQWRJHQD ,Q DOFXQL FDVL QHOOH LQIH]LRQL

ϰϱ


54


GHOO¶DUHDVXSHULRUHGHOYLVRVLKDQQRGLIILFROWjQHOO¶LQGLYLGXDUHODFDXVD/HLQIH]LRQLGHOO¶DUHD
LQIHULRUH GHO YLVR IUHTXHQWHPHQWH SURYRFDQR GRORUH JRQILRUH H WULVPD 3RVVRQR HVVHUH
DVVRFLDWHDGHQWLFXWHOLQIRQRGLJKLDQGROHVDOLYDUL,QFDVRGLJRQILRUHQHOO¶DUHDLQIHULRUHGHO
YLVR VSHVVR OD GLDJQRVL q GL LQIH]LRQH GL RULJLQH GHQWDOH 0ROWH LQIH]LRQL RGRQWRJHQH QRQ
VRQRJUDYLHSRVVRQRHVVHUHIDFLOPHQWHJHVWLWHDOLYHOORDPEXODWRULDOH,WUDWWDPHQWLLQFOXGRQR
WHUDSLD HQGRGRQWLFD R HVWUD]LRQH GHO GHQWH  LQFLVLRQH H GUHQDJJLR /H LQIH]LRQL RGRQWRJHQH
DVVRFLDWH D PDQLIHVWD]LRQL VLVWHPLFKH IHEEUH HOHYDWD GLIILFROWj UHVSLUDWRULH HR GL
GHJOXWL]LRQHQDXVHDDVWHQLD GHYRQRHVVHUHWUDWWDWHWHPSHVWLYDPHQWHFRQWHUDSLDDQWLELRWLFD
,Q UDUL FDVL q SRVVLELOH O¶LQVRUJHQ]D GL   FRPSOLFD]LRQL  HV WURPERVL GHO VHQR FDYHUQRVR
DQJLQDGL/XGZLJ ODFXLJHVWLRQHQHFHVVLWDLOUHJLPHGLULFRYHUR


/¶HVWUD]LRQH GHL GHQWL DQWHULRUL LQFLVLYL FHQWUDOL ODWHUDOL H FDQLQL  PDVFHOODUL H


PDQGLERODUL GHFLGXL H SHUPDQHQWL HURWWL WXWWL FRQ XQ¶XQLFD UDGLFH FRQLFD YD HVHJXLWD
FRQPRYLPHQWLURWD]LRQDOL (ULFVRQ .XURO %LVRJQDIDUHDWWHQ]LRQHDQRQDSSOLFDUH
IRU]HVXLGHQWLDGLDFHQWLFKHSHUODORURDQDWRPLDUDGLFRODUHSRWUHEEHURIDFLOPHQWHOXVVDUVLR
GLVORFDUVL

/¶HVWUD]LRQHGHLPRODULGHFLGXL YDQGHU6FKRRWHWDO FKHKDQQRUDGLFLSLSLFFROH


GL GLDPHWUR H SL GLYHUJHQWL GHL PRODUL SHUPDQHQWL YD HVHJXLWD DSSOLFDQGR IRU]H
YHVWLERODUL H SDODWDOLOLQJXDOL OHQWH H FRQWLQXH &Lz SHUPHWWH O¶HVSDQVLRQH GHOO¶RVVR
DOYHRODUH H OD FUHD]LRQH GL XQR VSD]LR DOOH UDGLFL GLYHUJHQWL ULGXFHQGR LO ORUR ULVFKLR GL
IUDWWXUD4XDQGRYLHQHHVWUDWWRXQPRODUHPDQGLERODUHqRSSRUWXQRVXSSRUWDUHODPDQGLEROD
SHU SURWHJJHUH O¶DUWLFROD]LRQH WHPSRURPDQGLERODUH GDO WUDXPD 3HU HYLWDUH HVWUD]LRQL R
GLVORFD]LRQLGHOSHUPDQHQWHVRWWRVWDQWHGHYHHVVHUHYDOXWDWDUDGLRJUDILFDPHQWHODUHOD]LRQHWUD
UDGLFLGHOGHFLGXRHFRURQDGHOSHUPDQHQWH3XzHVVHUHLQGLFDWRVH]LRQDUHOHUDGLFLGHLPRODUL
GHFLGXL FKH FLUFRQGDQR OD FRURQD GHL SUHPRODUL SHUPDQHQWL SHU HYLWDUH GDQQL DO JHUPH GHO
SHUPDQHQWH


,QFDVRGLIUDWWXUDGLUDGLFHGLXQGHQWHGHFLGXRO¶HVWUD]LRQHYDIDWWDTXDQGRVLSUHYHGH
FKHVLDGLIDFLOHHVHFX]LRQH6HLQYHFHODUDGLFHqPROWRSLFFRODORFDOL]]DWDLQSURIRQGLWj
R LQ SURVVLPLWj GHO SHUPDQHQWH R QRQ YLVLELOH GRSR GLYHUVL WHQWDWLYL q FRQVLJOLDELOH
ODVFLDUODLQVLWXYLVWRFKHDQGUjLQFRQWURDULDVVRUELPHQWR

/D GLDJQRVL SUHFRFH GL FDQLQR LQ SRVL]LRQH HFWRSLFD q LPSRUWDQWH SHU PLQLPL]]DUH LO
SUREOHPDGHOO¶LQFOXVLRQH,FDQLQLPDVFHOODULVRQRDOVHFRQGRSRVWRGRSRLWHU]LPRODULSHU
IUHTXHQ]D G¶LQFOXVLRQH 5DGLRJUDILH SHULDSLFDOL H 5[ RUWRSDQWRPRJUDILD VRQR QHFHVVDULH SHU
ORFDOL]]DUH OD SRWHQ]LDOH SRVL]LRQH HFWRSLFD GHO FDQLQR LQFOXVR 4XDQGR OD FXVSLGH LQ XQ
FDQLQR SHUPDQHQWH q PHVLDOH R VRYUDSSRVWD DOOD PHWj GLVWDOH GHOO¶DVVH OXQJR GHOOD UDGLFH
ϰϲ


55


GHOO¶LQFLVLYR ODWHUDOH SHUPDQHQWH q IUHTXHQWH O¶LQFOXVLRQH SDODWDOH GHO FDQLQR  /¶HVWUD]LRQH


GHO FDQLQR GHFLGXR q LO WUDWWDPHQWR GL HOH]LRQH TXDQGR q SUHVHQWH XQD PDOIRUPD]LRQH R
DQFKLORVL QHO WHQWDWLYR GL FRUUHJJHUH O¶LQFOXVLRQH SDODWLQD GHO FDQLQR SHUPDQHQWH
SURYYHGHQGRDFUHDUHVSD]LRHGHYLWDQGRLOULDVVRUELPHQWRGHOO¶LQFLVLYR8QRVWXGLRHYLGHQ]LD
FKHQHOGHLFDVLO¶HUX]LRQHGLFDQLQLSHUPDQHQWLLQSRVL]LRQHHFWRSLFDVLQRUPDOL]]DGRSR
PHVLGDOO¶HVWUD]LRQHGHOGHFLGXRFRUULVSRQGHQWHSLSUHFLVDPHQWHQHOGHLFDVLTXDQGR
ODSRVL]LRQHLQL]LDOHGHOFDQLQRqVRYUDSSRVWDDOO¶LQFLVLYRODWHUDOHSHUSLGLPHWjUDGLFHHQHO
TXDQGRODSRVL]LRQHLQL]LDOHGHOFDQLQRqVRYUDSSRVWDDOO¶LQFLVLYRODWHUDOHSHUPHQRGHOOD
PHWjGHOODUDGLFH1HLFDVLLQFXLGRSRXQDQQRQRQVLKDXQPLJOLRUDPHQWRQHOODSRVL]LRQHGHO
FDQLQRqFRQVLJOLDWRLOWUDWWDPHQWRRUWRGRQWLFRHRFKLUXUJLFR,OFRQVXOWRFRQXQRUWRGRQWLVWD
qXWLOHQHOODGHFLVLRQHILQDOHGLWUDWWDPHQWR

1HO FDVR GHL WHU]L PRODUL O¶RUWRSDQWRPRJUDILD R OH UDGLRJUDILH SHULDSLFDOL VRQR
QHFHVVDULHQHOODWDUGDDGROHVFHQ]DSHUYDOXWDUHODSUHVHQ]DODSRVL]LRQHHORVYLOXSSRGL
TXHVWL GHQWL /D GHFLVLRQH GL HVWUD]LRQH R QRQ HVWUD]LRQH GHL WHU]L PRODUL GHYH HVVHUH
SUHVDHQWURODPHWjGHOODWHU]DGHFDGHGLHWjTXDQGRqSLDOWDODSUREDELOLWjGLPDODWWLD
R SDWRORJLD GLVRGRQWLDVL  ,Q FDVR GL HVWUD]LRQH RYH ULWHQXWD QHFHVVDULD GDO FOLQLFR q GD
FRQVLGHUDUH FKH L ULVFKL DVVRFLDWL DG XQD ULPR]LRQH SUHFRFH VRQR PLQRUL GHL ULVFKL GL XQD
ULPR]LRQH WDUGLYD DQFKH D FDXVD GHO GLYHUVR JUDGR GL PDWXULWj UDGLFRODUH , IDWWRUL FKH
DXPHQWDQR L ULVFKL GL FRPSOLFD]LRQL FRHVLVWHQ]D GL SDWRORJLH VLVWHPLFKH ORFDOL]]D]LRQH GHL
IDVFL QHUYRVL VWRULD GL PDODWWLH GHOO¶DUWLFROD]LRQH WHPSRURPDQGLERODUH  GHEERQR HVVHUH WXWWL
DWWHQWDPHQWH YDOXWDWL ,O ULQYLR SHU PDJJLRUL FRQVXOWL SXz HVVHUH LQGLFDWR &RPXQTXH XQD
UHYLHZ GHOOD OHWWHUDWXUD   FRQFOXGH FKH QRQ HVLVWH HYLGHQ]D D IDYRUH GHOOD
ULPR]LRQH SUHYHQWLYD GHL WHU]L PRODUL LQFOXVL VDQL 4XDQGR YLHQH SUHVD OD GHFLVLRQH GL QRQ
HVWUDUUH XQ WHU]R PRODUH LQFOXVR HVHQWH GD SDWRORJLD  ELVRJQD PRQLWRUDUH QHO WHPSR JOL
HYHQWXDOLFDPELDPHQWLGLSRVL]LRQHHRORVYLOXSSRGLSDWRORJLH

3DUWLFRODUH DWWHQ]LRQH GHYH HVVHUH SRVWD DOOD SUHVHQ]D SRVL]LRQH H VYLOXSSR GL TXHVWL
GHQWL VRSUDQQXPHUDUL +RZDUG7D\ORU3ULPRVFK5XVVHO )ROZDUF]QD
  /D SUHVHQ]D GL GHQWL VRSUDQQXPHUDUL LSHUGRQ]LD  VHPEUD HVVHUH FRUUHODWD DG
DOWHUD]LRQL GHOOD ODPLQD GHQWDOH $OFXQL FDVL GL VRSUDQQXPHUDUL SRVVRQR HVVHUH DVVRFLDWL D
TXDGULVLQGURPLFL HVGLVSODVLDFOHLGRFUDQLFD RDIDPLOLDULWjLQPROWLFDVLLVRSUDQQXPHUDUL
FRPSDLRQR FRPH HYHQWR LVRODWR , GHQWL VRSUDQQXPHUDUL SRVVRQR HVVHUH SUHVHQWL VLD QHOOD
GHQWDWXUDGHFLGXDFKHSHUPDQHQWH1HOGHLFDVLXQGHQWHVRSUDQQXPHUDULRLQGHQWDWXUD
GHFLGXD q VHJXLWR GD XQ GHQWH VRSUDQQXPHUDULR FRUULVSRQGHQWH QHOOD SHUPDQHQWH  /D
IUHTXHQ]DGLGHQWLVRSUDQQXPHUDULqVXSHULRUHDOFRQGHQWDWXUDSHUPDQHQWHFROSLWDYROWH
GLSLGHOODGHFLGXDHFRQPDVFKLFROSLWLFRQIUHTXHQ]DGRSSLDULVSHWWRDOOHIHPPLQH&LUFDLO
GHLGHQWLVRSUDQQXPHUDULqQHOO¶DUFDWDPDVFHOODUHSLVSHVVRQHOVHWWRUHDQWHULRUHOXQJR
OD OLQHD PHGLDQD LQ TXHVWR FDVR LO GHQWH VRSUDQQXPHUDULR SUHQGH LO QRPH GL PHVLRGHQV /D
SUHVHQ]DGLXQPHVLRGHQVGHYHHVVHUHVRVSHWWDWD LQFDVRGLHUX]LRQHDVLPPHWULFDRPDQFDWD
ϰϳ


56


HUX]LRQHGHJOLLQFLVLYLVXSHULRULFRQRVHQ]DPDQWHQLPHQWRGHLULVSHWWLYLGHFLGXLRLQFDVRGL
HUX]LRQH HFWRSLFD GL XQ LQFLVLYR VXSHULRUH  /D GLDJQRVL GL PHVLRGHQV YLHQH FRQIHUPDWD GD
UDGLRJUDILH RFFOXVDOL SHULDSLFDOL RUWRSDQWRPRJUDILD  3HU GHWHUPLQDUH OD ORFDOL]]D]LRQH GHO
PHVLRGHQV R GL XQ GHQWH LQFOXVR VRQR QHFHVVDULH LQIRUPD]LRQL WULGLPHQVLRQDOL FKH SRVVRQR
HVVHUH DQFKH RWWHQXWH FRQ GXH UDGLRJUDILH SHULDSLFDOL HIIHWWXDWH FRQ GXH SURLH]LRQL SUHVH DG
DQJRORUHWWRO
XQDDOO
DOWUDRFRQDWHFQLFDGLVSRVWDPHQWRGHOWXER WHFQLFDGL&ODUN 
/H FRPSOLFDQ]H GHWHUPLQDWH GD GHQWL VRSUDQQXPHUDUL LQFOXGRQR ULWDUGDWD HR PDQFDWD
HUX]LRQHGLGHQWLSHUPDQHQWLDIIROODPHQWRULDVVRUELPHQWRGLGHQWLDGLDFHQWLIRUPD]LRQHGL
FLVWL GHQWLJHUH RVVLILFD]LRQH GHOOR VSD]LR SHULFRURQDOH H ULDVVRUELPHQWR GHOOD FRURQD  8QD
GLDJQRVLSUHFRFHHGXQSLDQRGLWUDWWDPHQWRWHPSHVWLYRVRQRLPSRUWDQWLSHUODSUHYHQ]LRQHGL
WDOL FRPSOLFDQ]H ,O  GHL PHVLRGHQV HURPSRQR VSRQWDQHDPHQWH HG q VROLWDPHQWH
QHFHVVDULDO¶HVWUD]LRQH8QPHVLRGHQVGLIRUPDFRQLFDHQRQLQYHULWRKDPDJJLRULSRVVLELOLWj
GLHUX]LRQHGLXQPHVLRGHQVGLIRUPDWXEHUFRODUHHLQYHUWLWR,OWUDWWDPHQWRSHUXQPHVLRGHQV
SHUPDQHQWH QRQ HURWWR FRQVLVWH QHO PLQLPL]]DUH L SUREOHPL GL HUX]LRQH SHU JOL LQFLVLYL
SHUPDQHQWL  /D JHVWLRQH FKLUXUJLFD q LQIOXHQ]DWD GD GLPHQVLRQH IRUPD H QXPHUR GHL GHQWL
VRSUDQQXPHUDULHGDOORVWDGLRGHOODGHQWL]LRQHQHOSD]LHQWH,OWUDWWDPHQWRSHUXQPHVLRGHQV
GHFLGXRQRQHURWWRGLIIHULVFHGDOWUDWWDPHQWRGLXQSHUPDQHQWHODULPR]LRQHGHOGHQWHQRQq
FRQVLJOLDWD LQ TXDQWR OD JHVWLRQH FKLUXUJLFD SRWUHEEH GDQQHJJLDUH OR VYLOXSSR GHO JHUPH
VRWWRVWDQWH 8Q PHVLRGHQV GHFLGXR HURWWR YLHQH ODVFLDWR LQ ORFR DWWHQGHQGR O¶HUX]LRQH GHL
GHQWLSHUPDQHQWL/¶HVWUD]LRQHGLXQPHVLRGHQVGHFLGXRRSHUPDQHQWHQRQHURWWRqFRQVLJOLDWD
LQ GHQWL]LRQH PLVWD SHU SHUPHWWHUH OD QRUPDOH HUX]LRQH GHJOL LQFLVLYL SHUPDQHQWL QHO FDYR
RUDOH$WWHQGHUHFKHJOLLQFLVLYLDGLDFHQWLDEELDQRVYLOXSSDWRDOPHQRLGXHWHU]LGHOODUDGLFH
FRPSRUWDPLQRULULVFKLSHULGHQWLLQYLDGLVYLOXSSRHSHUPHWWHDQFRUDXQ¶HUX]LRQHVSRQWDQHD
GHJOL LQFLVLYL 1HO  GHL FDVL O¶HVWUD]LRQH GHL PHVLRGHQV LQ GHQWL]LRQH PLVWD FRQVHQWH OD
VSRQWDQHD HUX]LRQH H O¶DOOLQHDPHQWR GHL GHQWL DGLDFHQWL 6H L GHQWL DGLDFHQWL QRQ HURPSRQR
GXUDQWH L  PHVL VXFFHVVLYL q QHFHVVDULD O¶HVSRVL]LRQH FKLUXUJLFD H LO WUDWWDPHQWR
RUWRGRQWLFR
,QFDVRGLGLDJQRVLGLIILFLOLHFRPSOHVVHqLPSRUWDQWHIRUPXODUHXQSLDQRGLWUDWWDPHQWRGRSR
XQFRQVXOWRRGRQWRLDWULFRPXOWLGLVFLSOLQDUH

1HLSD]LHQWLSHGLDWULFLQRQVRQRQHFHVVDULHWHUDSLHLQFDVRGLLQVRUJHQ]DGLOHVLRQLTXDOL
OHSHUOHGL(SVWHLQ +D\V OHFLVWLGHOODODPLQDGHQWDOHLQRGXOLGL%RKQ7DOLOHVLRQL
LQIDWWLVFRPSDLRQRGXUDQWHLSULPLWUHPHVLGLYLWD

,QFDVRGLHSXOLGLFRQJHQLWHLOWUDWWDPHQWRGLHOH]LRQHFRQVLVWHQHOO¶HVFLVVLRQHFKLUXUJLFD
ODJXDULJLRQHGLQRUPDDYYLHQHLQDVVHQ]DGLFRPSOLFDQ]H /DSLGHWDO0DUDNRJOXHW
DO 

ϰϴ


57


/D SUHVHQ]D GL FLVWL HUXWWLYH  FRVWLWXLWHGDWHVVXWRPROOHFKHULVXOWDGDOODVHSDUD]LRQHGHO


IROOLFROR GHQWDOH GDOOD FRURQD GL XQ GHQWH LQ HUX]LRQH WLSLFD GHOOD UHJLRQH GHL PRODUL
PDQGLERODUL   SUHYHGH WUDWWDPHQWL GLYHUVL LQ UHOD]LRQH DOODTXDQWLWjGL VDQJXHSUHVHQWH
QHO IOXLGR FLVWLFR/DSUHVHQ]DGLVDQJXHqVHFRQGDULDDOWUDXPD6HLOWUDXPDqLQWHQVROD
OHVLRQH VL ULHPSLH GL VDQJXH H SUHQGH LO QRPH GL HPDWRPD HUXWWLYR , GHQWL HURPSRQR
DWWUDYHUVR OD OHVLRQH QRQ q QHFHVVDULR TXLQGL QHVVXQ WUDWWDPHQWR 6H OD FLVWL QRQ VL URPSH
VSRQWDQHDPHQWH R VH OD OHVLRQH GLYHQWD LQIHWWD LO WHWWR GHOOD FLVWL GHYH HVVHUH DSHUWR
FKLUXUJLFDPHQWH

,Q SUHVHQ]D GL PXFRFHOH GHULYDGDOODURWWXUDGHOGRWWRHVFUHWRUHGLXQDJKLDQGRODVDOLYDUH


PLQRUH H FRQVHJXHQWH YHUVDPHQWR GL PXFLQD QHL WHVVXWL FRQQHWWLYL FLUFRVWDQWL FKH
VXFFHVVLYDPHQWHSXzHVVHUHFLUFRQGDWRGDXQDFDSVXODILEURVD TXHVWRYDPRQLWRUDWRSRLFKp
VSHVVR UHJUHGLVFH VSRQWDQHDPHQWH ODVFLDQGR WUDFFH GL XOFHUH FKH JXDULVFRQR LQ SRFKL
JLRUQL$OFXQHOHVLRQLWXWWDYLDSRVVRQRULFKLHGHUHO¶HVFLVVLRQHFKLUXUJLFDFRQULPR]LRQH
GHOOHJKLDQGROHVDOLYDULPLQRULSLSURVVLPHDOODOHVLRQHVWHVVDSHUPLQLPL]]DUHLOULVFKLR
GLUHFLGLYD

,Q FDVR GL IUHQXOR PDVFHOODUH DOWR R SURPLQHQWH DVVRFLDWR R PHQR D GLDVWHPD
LQWHULQFLVLYR  LO WUDWWDPHQWR q QHFHVVDULR VROR TXDQGR O¶DWWDFFR HVHUFLWD XQD IRU]D
WUDXPDWLFD VXOOD JHQJLYD R FDXVD XQ GLDVWHPD FKH SHUPDQH GRSR O¶HUX]LRQH GHL FDQLQL
SHUPDQHQWL ,O WUDWWDPHQWR GHYH HVVHUH VHPSUH ULPDQGDWR ILQR D TXDQGR JOL LQFLVLYL
SHUPDQHQWL VRQR FRPSOHWDPHQWH HURWWL H LO GLDVWHPD KD DYXWR O¶RSSRUWXQLWj GL FKLXGHUVL
QDWXUDOPHQWH,QHWjVXSHULRUHVHLQSUHVHQ]DGLIUHQXORODSDSLOODGLYHQWDLVFKHPLFDTXDQGR
LOODEEURVXSHULRUHYLHQHWHVRSXzHVVHUQHLQGLFDWDODULPR]LRQH/DIUHQXOHFWRPLDGRYUHEEH
HVVHUHHVHJXLWDVRORTXDQGRLOGLDVWHPDqVWDWRFKLXVRLOSLSRVVLELOHFRQLOFRPSOHWDPHQWR
GHOWUDWWDPHQWRRUWRGRQWLFR +LFNV3URILWWHWDO&KULVWHQVHQHWDO 4XDQGR
qLQGLFDWDODIUHQXOHFWRPLDPDVFHOODUHSXzHVVHUHUHDOL]]DWDDPEXODWRULDPHQWH

,QFDVRGLXQIUHQXORDOWRQHOODVXSHUILFLHODELDOHGHOODFUHVWDPDQGLERODUHQHOO¶DUHDWUD
JOLLQFLVLYLFHQWUDOLLQIHULRULIUHTXHQWHPHQWHQHJOLLQGLYLGXLFRQYHVWLERORSRFRSURIRQGR
q LQGLFDWR XQ WUDWWDPHQWR SUHFRFH SHU SUHYHQLUH FRQVHJXHQ]H TXDOL LQILDPPD]LRQH
UHFHVVLRQHIRUPD]LRQHGLWDVFKHHSHUGLWDGLRVVRDOYHRODUH

,QFDVRGLXQIUHQXOROLQJXDOHFRUWRFKHVSHVVRFRPSRUWDOLPLWDWLPRYLPHQWLGHOODOLQJXD
DQFKLORJORVVLD WRWDOH R SDU]LDOH   OD IUHQXOHFWRPLD GHYH HVVHUH FRQVLGHUDWD
LQGLYLGXDOPHQWH SHU RJQL SD]LHQWH *DUFLD 3ROD HW DO  %DOODUG HW DO   ,O
WUDWWDPHQWR FKLUXUJLFR YD SUHVR LQ FRQVLGHUD]LRQH VROR VH OD IXQ]LRQH PLJOLRUD
FRQVLGHUDQGR FKH O¶DQFKLORJORVVLD SXz FDXVDUH SUREOHPL DOO¶DOODWWDPHQWR DO VHQR DO
ϰϵ


58


OLQJXDJJLRDGXQDFRUUHWWDRFFOXVLRQHDOORVWDWRGLVDOXWHSDURGRQWDOH'XUDQWHO¶DOODWWDPHQWR
DOVHQRXQIUHQXORFRUWRSXzFDXVDUHXQLQDGHJXDWRWUDVIHULPHQWRGHOODWWHDOFDYRRUDOHGHO
EDPELQR FRQ HIIHWWR QHJDWLYR VXOO¶DOLPHQWD]LRQH H GRORUH DO FDSH]]ROR GHOOD PDGUH  /D
IUHQXORSODVWLFD TXDQGR LQGLFDWD VHPEUD DYHUH VXFFHVVR QHO IDFLOLWDUH OD VX]LRQH ,QROWUH D
YROWH SDWRORJLH GHO OLQJXDJJLR SRVVRQR HVVHUH DVVRFLDWH DG DQFKLORJORVVLD H SHUWDQWR  OD
IUHQXOHFWRPLDSXzHVVHUHODJLXVWDRS]LRQHGLWUDWWDPHQWRSHURWWHQHUHXQPLJOLRUDPHQWRGHOOD
PRELOLWj GHOOD OLQJXD  7XWWDYLD QRQ GRYUHEEH HVVHUH HVHJXLWD LQ DVVHQ]D GL XQD FRPSOHWD
YDOXWD]LRQHGDSDUWHGLXQORJRSHGLVWDTXDOLILFDWR/¶DQFKLORJORVVLDqVWDWDDQFKHDVVRFLDWDD
PDORFFOXVLRQH GL WHU]D FODVVH  /¶DQRPDOD SRVL]LRQH GHOOD OLQJXD VHPEUD DYHUH HIIHWWL VXOOR
VYLOXSSRVFKHOHWULFRVHEEHQHLQDVVHQ]DGLFKLDUHHYLGHQ]HVFLHQWLILFKH

(¶ LQGLFDWR XQ IUHTXHQWH PRQLWRUDJJLR  LQ FDVR GL GHQWL QDWDOL GHQWL SUHVHQWL DOOD
QDVFLWD  H QHRQDWDOL TXHOOL FKH HURPSRQR GXUDQWH L SULPL  JLRUQL GL YLWD  6H QRQ
HFFHVVLYDPHQWHPRELOLHWDOLGDFDXVDUHSUREOHPLGLLQJHVWLRQHVLGRYUHEEHFHUFDUHGLDYHUH
XQDWWHJJLDPHQWRFRQVHUYDWLYRILQFKpqSRVVLELOH
,Q SUHVHQ]D GL SDWRORJLD GL 5LJD)HGH FRQGL]LRQH FDXVDWD GD GHQWL QDWDOL R QHRQDWDOL FKH
VIUHJDQGRVXOODVXSHUILFLHYHQWUDOHGHOODOLQJXDQHFDXVDQRXOFHUD]LRQH *RKR6OD\WRQ
  OD GLDJQRVL VEDJOLDWD HR XQ QRQ DSSURSULDWR WUDWWDPHQWR GHOOH OHVLRQL SXz SURYRFDUH
GLVLGUDWD]LRQH H XQ LQDGHJXDWR QXWULPHQWR SHU LO EDPELQR ,O WUDWWDPHQWR GRYUHEEH HVVHUH
FRQVHUYDWLYRVHSRVVLELOHHFRQVLVWHQHOOXFLGDUHLERUGLLQFLVDOLUXYLGLRSRVL]LRQDUHUHVLQD
VXL ERUGL GHO GHQWH WDJOLHQWL 6H LO WUDWWDPHQWR FRQVHUYDWLYR QRQ FRUUHJJH OD FRQGL]LRQH
O¶HVWUD]LRQH q LO WUDWWDPHQWR G¶HOH]LRQH 3DUWLFRODUH DWWHQ]LRQH GHYH HVVHUH SRVWD GXUDQWH
O¶HVWUD]LRQH GL XQ GHQWH QDWDOH R QHRQDWDOH DO SRVVLELOH ULVFKLR GL HPRUUDJLD 'RGVRQ HW DO
.DEDQ5XVKPDK/LQGDXHUHWDO&HUHPHOOR0XNDLHWDO
5HJH]LHWDO*RD]HWDO1HYLOOHHWDO'DYLHVHWDO/HRQDUG
)HUQDQGH] HW DO  *LDQFRWWL HW DO  6RQJ HW DO  0HVVQHU  /DODNHD 
/DODNHDHWDO6HRZ0F'RQDOGHWDO'XPPHWW*ULIIHQ:LOVRQ
0RQWJRPHU\ 


%LEOLRJUDILD
$FFDGHPLD,WDOLDQDGL&RQVHUYDWLYD2GRQWRLDWULD5HVWDXUDWLYDSURFHGXUHGLWUDWWDPHQWRHSURVSHWWLYHIXWXUH
(G(OVHYLHU0DVVRQ

$GDLU60(YLGHQFHEDVHGXVHRIIOXRULGHLQFRQWHPSRUDU\SHGLDWULFGHQWDOSUDFWLFH3HGLDWU'HQW  


$HLQHKFKL0(VODPL%*KDQEDULKD06DIIDU$60LQHUDOWULR[LGHDJJUHJDWH 07$ DQGFDOFLXPK\GUR[LGHDV
SXOSFDSSLQJDJHQWVLQKXPDQWHHWKDSUHOLPLQDU\UHSRUW,QW(QGRG-±

$KRYXR6DORUDQWD $ +LLUL $ 1RUGEODG $ :RUWKLQJWRQ + 0DNHOD 0 3LW DQG ILVVXUH VHDODQWV IRU SUHYHQWLQJ
GHQWDO GHFD\ LQ WKH SHUPDQHQW WHHWK RI FKLOGUHQ DQG DGROHVFHQWV &RFKUDQH 'DWDEDVH 6\VW 5HY   
&'


ϱϬ


59


$PHULFDQ $FDGHP\ RI 3HGLDWULF 'HQWLVWU\ &OLQLFDO $IIDLUV &RPPLWWHH3XOS 7KHUDS\ 6XEFRPPLWWHH $PHULFDQ
$FDGHP\RI3HGLDWULF'HQWLVWU\&RXQFLORQ&OLQLFDO$IIDLUV*XLGHOLQHRQSXOSWKHUDS\IRUSULPDU\DQG\RXQJ
SHUPDQHQWWHHWK3HGLDWU'HQW 6XSSO 

$PHULFDQ$FDGHP\RI3HGLDWULF'HQWLVWU\'HQWDOGHYHORSPHQWPRUSKRORJ\HUXSWLRQDQGUHODWHGSDWKRORJLHV
,Q1RZDN$-HG7KH+DQGERRN3HGLDWULF'HQWLVWU\QGHG&KLFDJR,,,

$PHULFDQ$FDGHP\RI3HGLDWULF'HQWLVWU\*XLGHOLQHRQLQIRUPHGFRQVHQW3HGLDWU'HQW VXSSO 

$PHULFDQ $FDGHP\ RI 3HGLDWULF 'HQWLVWU\ *XLGHOLQH RQ SUHVFULELQJ GHQWDO UDGLRJUDSKV IRU LQIDQWV FKLOGUHQ
DGROHVFHQWVDQGSHUVRQVZLWKVSHFLDOKHDOWKFDUHQHHGV3HGLDWU'HQW VXSSO 

$PHULFDQ $FDGHP\ RQ 3HGLDWULF 'HQWLVWU\ &OLQLFDO $IIDLUV &RPPLWWHH $PHULFDQ $FDGHP\ RQ 3HGLDWULF
'HQWLVWU\ &RXQFLO RQ &OLQLFDO $IIDLUV *XLGHOLQH RQ SHULRGLFLW\ RI H[DPLQDWLRQ SUHYHQWLYH GHQWDO VHUYLFHV
DQWLFLSDWRU\ JXLGDQFHFRXQVHOOLQJ DQG RUDO WUHDWPHQW IRU LQIDQWV FKLOGUHQ DQG DGROHVFHQWV 3HGLDWU 'HQW


$PHULFDQ $FDGHP\ RQ 3HGLDWULF 'HQWLVWU\ &OLQLFDO $IIDLUV &RPPLWWHH3XOS 7KHUDS\ VXEFRPPLWWHH $PHULFDQ
$FDGHP\RQ3HGLDWULF'HQWLVWU\&RXQFLORQ&OLQLFDO$IIDLUV

$PHULFDQ $VVRFLDWLRQ RI (QGRGRQWLVWV 6\VWHPDWLF HQGRGRQWLF GLDJQRVLV ,QVHUW WR WKH )DOO:LQWHU HGLWLRQ RI
(1'2'217,&6&ROOHDJXHVIRU([FHOOHQFH

$PHULFDQ $VVRFLDWLRQ RI 2UDO DQG 0D[LOORIDFLDO 6XUJHRQV 3DUDPHWHUV DQG SDWKZD\V FOLQLFDOSUDFWLFH
JXLGHOLQHVIRURUDODQGPD[LOORIDFLDOVXUJHU\ $$2063DU3DWK -2UDO0D[LOORIDF6XUJ

$VVLV&30R\VHV057HL[HLUD+05LEHLUR-&5LEHLUR-*'LDV6&)DWLJXHOLPLWVIRUFRPSRVLWHUHVWRUDWLRQV
ZLWKDQGZLWKRXWJODVVLRQRPHUFHPHQWOLQHUV*HQ'HQW6HS2FW  TXL]

$[HOVVRQ66RGHU%1RUGHQUDP*3HWHUVVRQ/*'DKOJUHQ+1RUOXQG$.DOOHVWDO&0HMDUH,/LQJVWURP3
/DJHUORI ) +ROP $. 7ZHWPDQ 6 (IIHFW RI FRPELQHG FDULHVSUHYHQWLYH PHWKRGV D V\VWHPDWLF UHYLHZ RI
FRQWUROOHGFOLQLFDOWULDOV$FWD2GRQWRO6FDQG  

%DOODUG - $XHU & .KRXU\ - $QN\ORJORVVLD DVVHVVPHQW LQFLGHQFH DQG HIIHFW RI IUHQXORSODVW\ RQ WKHEUHDVW
IHHGLQJG\DG3HGLDWULFV  H

%DQHUMHH$.LGG($ :DWVRQ7),QYLWURHYDOXDWLRQRIILYHDOWHUQDWLYHPHWKRGVRIFDULRXVGHQWLQHH[FDYDWLRQ
&DULHV5HV

%DQHUMHH$.LGG($ :DWVRQ7),QYLWURHYDOXDWLRQRIILYHDOWHUQDWLYHPHWKRGVRIFDULRXVGHQWLQH
H[FDYDWLRQ&DULHV5HV

%DZD]LU2$6DODPD)6&OLQLFDOHYDOXDWLRQRIURRWFDQDOREWXUDWLRQPHWKRGVLQSULPDU\WHHWK3HGLDWU'HQW
-DQ)HE  

%M¡UQGDO//DUVHQ77K\OVWUXS$$FOLQLFDODQGPLFURELRORJLFDOVWXG\RIGHHSFDULRXVOHVLRQVGXULQJVWHSZLVH
H[FDYDWLRQXVLQJORQJWUHDWPHQWLQWHUYDOV&DULHV5HV  

%M¡UQGDO/0M|U,$3XOSGHQWLQELRORJ\LQUHVWRUDWLYHGHQWLVWU\3DUW'HQWDOFDULHVFKDUDFWHULVWLFVRIOHVLRQV
DQGSXOSDOUHDFWLRQV4XLQWHVVHQFH,QW  

%ODQFKDUG6%R\QWRQ-&XUUHQWSXOSWKHUDS\RSWLRQVIRUSULPDU\WHHWK-0LFK'HQW$VVRF-DQ  


%RJHQ*.LP-6%DNODQG/.'LUHFWSXOSFDSSLQJZLWKPLQHUDOWULR[LGHDJJUHJDWHDQREVHUYDWLRQDOVWXG\-
$P'HQW$VVRF  

%RVWRQ':1HZGHYLFHIRUVHOHFWLYHGHQWLQFDULHVUHPRYDO4XLQWHVVHQFH,QW

ϱϭ


60


&DPHURQ$:LGHPDU52UDOSDWKRORJ\,Q+DQGERRNRI3HGLDWULF'HQWLVWU\/RQGRQ0RVE\

&DPS -+ )XNV $% 3HGLDWULF HQGRGRQWLFV (QGRGRQWLF WUHDWPHQW IRU WKH SULPDU\ DQG \RXQJ SHUPDQHQW
GHQWLWLRQ ,Q &RKHQ 6 +DUJUHDYHV .0 HGV 3DWKZD\V RI WKH 3XOS WK HG 6W /RXLV 0R 0RVE\ (OVHYLHU


&DPSXV*&DJHWWL0*6ROLQDV*6DFFR*0DMRUL60LQHOOL/1DSROL&5HDOL'&DVWLJOLD36WURKPHQJHU
/ 7KH ,WDOLDQ 6WXG\ *URXS RQ &KLOGUHQ 2UDO +HDOWK (&& (DUO\ &KLOGKRRG &DULHV  LQ ,WDO\ SDWWHUQ DQG
VHYHULW\&DULHV5HVD

&DPSXV * /XPEDX $ 6DQQD $0 6ROLQDV * /XJOLH 3 &DVWLJOLD 3 2UDO KHDOWK FRQGLWLRQ LQ DQ ,WDOLDQ
SUHVFKRROSRSXODWLRQ(XU-3DHGLDWU'HQW

&DPSXV * /XPEDX $ 6DQQD $0 6ROLQDV * /XJOLH 3 &DVWLJOLD 3 2UDO KHDOWK FRQGLWLRQ LQ DQ ,WDOLDQ
SUHVFKRROSRSXODWLRQ(XU-3DHGLDWU'HQW

&DPSXV * 6DFFR * &DJHWWL 0* $EDWL 6 &KDQJLQJ WUHQG RI FDULHV IURP  WR  DPRQJ \HDU ROG
6DUGLQLDQFKLOGUHQ%0&3XEOLF+HDOWKEGRL

&DPSXV * 6DFFR * &DJHWWL 0* $EDWL 6 &KDQJLQJ WUHQG RI FDULHV IURP  WR  DPRQJ \HDU ROG
6DUGLQLDQFKLOGUHQ%0&3XEOLF+HDOWKEGRL

&DUURWWH3(QGRGRQWLFWUHDWPHQWIRUFKLOGUHQ%U'HQW--DQ  

&HUHPHOOR37KHVXSHULRUODELDOIUHQXPDQGPLGOLQHGLDVWHPDDQGWKHLUUHODWLRQWRJURZWKDQGGHYHORSPHQWRI
RUDOVWUXFWXUHV$P-2UWKRG'HQWRIDFLDO2UWKRS  

&KDFNR 9 .XNLURVH 6 +XPDQ SXOSDO UHVSRQVH WR PLQHUDO WULR[LGH DJJUHJDWH 07$  D KLVWRORJLF VWXG\ 7KH
-RXUQDORI&OLQLFDO3HGLDWULF'HQWLVWU\±

&KULVWHQVHQ-5)LHOGV+:-U7UHDWPHQWSODQQLQJDQGPDQDJHPHQWRIRUWKRGRQWLFSUREOHPV,Q3LQNKDP-5
&DVDPDVVLPR 36 )LHOGV +: -U 0F7LJXH '- 1RZDN $- HGV 3HGLDWULF 'HQWLVWU\ ,QIDQF\ WKURXJK
$GROHVFHQFHWKHG6W/RXLV0R(OVHYLHU6DXQGHUV

&OHDWRQ-RQHV3)DWWL3%RQHFNHU0'HQWDOFDULHVWUHQGVLQWR\HDUROGDQGWR\HDUROGFKLOGUHQ
LQ WKUHH 81,&() GHVLJQDWHG UHJLRQV6XE6DKDUDQ $IULFD 0LGGOH (DVW DQG 1RUWK $IULFD /DWLQ $PHULFD DQG
&DULEEHDQ,QW'HQW-  

&ROO -$ 6DGULDQ 5 3UHGLFWLQJ SXOSHFWRP\ VXFFHVV DQG LWV UHODWLRQVKLS WR H[IROLDWLRQ DQG VXFFHGDQHRXV
GHQWLWLRQ3HGLDWU'HQW  

&RQWL 75  6DNDL 97  &DPROHVH )RUQHWWL $3  6LOYHLUD 0RUHWWL $% 0DUFKLQL 2OLYHLUD 7  1HWR 1/  0RUHLUD
0DFKDGR0$$&DPDUJR$EGR5&3XOSRWRPLHVZLWKSRUWODQGFHPHQWLQKXPDQSULPDU\PRODUV-$SSO2UDO
6FL  

&XQKD 5) %RHU )$ 7RUULDQL '' )URVVDUG :7 1DWDO DQG QHRQDWDO WHHWK UHYLHZ RI WKH OLWHUDWXUH 3HGLDWU
'HQW  

'DYLHV-7XUQHU66DQG\-'LVWUDFWLRQRVWHRJHQHVLV$UHYLHZ%U'HQW-  

'H*UDXZH$$SV-.0DUWHQV/&(DUO\&KLOGKRRG&DULHV (&&  ZKDW
VLQDQDPH"(XU-3DHGLDWU'HQW
  

'HFUHWRGHO0LQLVWHURGHOODVDOXWHGHO2WWREUHSXEEOLFDWRVX*8QGHOQRYHPEUH

'H5RXHQ7$0DUWLQ0'/HURX[%*7RZQHV%':RRGV-6/HLWmR-&DVWUR&DOGDV$/XLV+%HUQDUGR0
5RVHQEDXP*0DUWLQV,31HXUREHKDYLRUDOHIIHFWVRIGHQWDODPDOJDPLQFKLOGUHQDUDQGRPL]HGFOLQLFDOWULDO
-$0$$SU  

ϱϮ


61


'RGVRQ73HUURWW'.DEDQ/3HGLDWULFPD[LOORIDFLDOLQIHFWLRQVDUHWURVSHFWLYHVWXG\RISDWLHQWV-2UDO
0D[LOORIDF6XUJ  

'RXJODVV-0'RXJODVV$%6LON+-$SUDFWLFDOJXLGHWRLQIDQWRUDOKHDOWK$P)DP3K\VLFLDQ  


'XJJDO06&XU]RQ0(%DOPHU55REHUWV-3RWHQWLDOWR[LFLW\%U'HQW-0D\  

'XPPHWW &R -U $QRPDOLHV RI WKH GHYHORSLQJ GHQWLWLRQ ,Q 3LQNKDP -5 &DVDPDVVLPR 36 )LHOGV +: -U
0F7LJXH'-1RZDN$-HGV3HGLDWULF'HQWLVWU\,QIDQF\WKURXJK$GROHVFHQFHWKHG6W/RXLV0R(OVHYLHU
6DXQGHUV

'XTXH&1HJULQL7GH&+HEOLQJ-6SROLGRULR'0,QKLELWRU\DFWLYLW\RIJODVVLRQRPHUFHPHQWVRQFDULRJHQLF
EDFWHULD2SHU'HQW  

(O0HOLJ\ 2$6 $YHU\ '5 &RPSDULVRQ RI PLQHUDO WULR[LGH DJJUHJDWH DQG FDOFLXP K\GUR[LGH DV SXOSRWRP\
DJHQWVLQ\RXQJSHUPDQHQWWHHWK DSH[RJHQHVLV 3HGLDWU'HQW  

(ULFVRQ6.XURO-(DUO\WUHDWPHQWRISDODWDOO\HUXSWLQJPD[LOODU\FDQLQHVE\H[WUDFWLRQRIWKHSULPDU\FDQLQHV
(XU-2UWKRG  

)DLUERXUQ '5 &KDUEHQHDX*7 /RHVFKH :- (IIHFW RI LPSURYHG '\FDO DQG ,50 RQ EDFWHULD LQ GHHS FDULRXV
OHVLRQV-$P'HQW$VVRF  

)DURRT16&ROO-$.XZDEDUD$6KHOWRQ36XFFHVVUDWHVRIIRUPRFUHVROSXOSRWRP\DQGLQGLUHFWSXOSWKHUDS\
LQWKHWUHDWPHQWRIGHHSGHQWLQDOFDULHVLQSULPDU\WHHWK3HGLDWU'HQW  

)HDWKHUVWRQH-'7KHFDULHVEDODQFHFRQWULEXWLQJIDFWRUVDQGHDUO\GHWHFWLRQ-&DOLI'HQW$VVRF  


)HUQDQGH](%UDYR/$&DQWHUDV0(UXSWLRQRIWKHSHUPDQHQWXSSHUFDQLQHV$UDGLRORJLFVWXG\$UDGLRORJLF
VWXG\$P-2UWKRG'HQWRIDFLDO2UWKRS  

)HUULV'0%DXPJDUWQHU-&3HUIRUDWLRQUHSDLUFRPSDULQJWZRW\SHVRIPLQHUDOWULR[LGHDJJUHJDWH-(QGRG
  

)ODLW] &0 'LIIHUHQWLDO GLDJQRVLV RI RUDO OHVLRQV DQG GHYHORPHQWDO DQRPDOLHV ,Q 3LQNKDP -5 &DVDPDVVLPR
36)LHOGV+:-U0F7LJXH'-1RZDN$-HGV3HGLDWULF'HQWLVWU\,QIDQF\WKURXJK$GROHVFHQFHWKHG6W
/RXLV0R(OVHYLHU6DXQGHUV

)RUG757RUDELQHMDG0$EHGL+5%DNODQG/..DUL\DZDVDP638VLQJPLQHUDOWULR[LGHDJJUHJDWHDVDSXOS
FDSSLQJPDWHULDO-$'$±

)RUJLH $+ 3LQH &0 3LWWV 1%7KH XVH RI PDJQLILFDWLRQ LQ D SUHYHQWLYH DSSURDFK WR FDULHV GHWHFWLRQ
4XLQWHVVHQFH,QW-DQ  

)UHQFNHQ -( 3HWHUV 0& 0DQWRQ '- /HDO 6& *RUGDQ 99  (GHQ ( 0LQLPDO LQWHUYHQWLRQ GHQWLVWU\ IRU
PDQDJLQJGHQWDOFDULHVDUHYLHZUHSRUWRIDIGLWDVNJURXS,QW'HQW-

)UHQFNHQ-R(7KH$57DSSURDFKXVLQJJODVVLRQRPHUVLQUHODWLRQWRJOREDORUDOKHDOWKFDUH'HQWDO0DWHULDOV
±

)UHQFNHQ-(3HWHUV0&0DQWRQ'-/HDO6&*RUGDQ99 (GHQ(0LQLPDOLQWHUYHQWLRQ
GHQWLVWU\IRUPDQDJLQJGHQWDOFDULHVDUHYLHZUHSRUWRID)',WDVNJURXS,QW'HQW-

)XNV$%&XUUHQWFRQFHSWVLQYLWDOSULPDU\SXOSWKHUDS\(XU-3DHGLDWU'HQW6HS  


ϱϯ


62


)XNV$%3XOSWKHUDS\IRUWKHSULPDU\GHQWLWLRQ,Q3LQNKDP-5&DVDPDVVLPR36)LHOGV+:-U0F7LJXH'-
1RZDN$HGV3HGLDWULF'HQWLVWU\,QIDQF\7KURXJK$GROHVFHQFHWKHG6W/RXLV0R(OVHYLHU6DXQGHUV&R


)XVD\DPD7 .XURVDNL16WUXFWXUHDQGUHPRYDORIFDULRXVGHQWLQ,QW'HQW-

*DUFLD3ROD0*RQ]DOH]*DUFLD0*DUFLD0DUWLQ-*DOODV0/HVWRQ-$VWXG\RISDWKRORJ\DVVRFLDWHGZLWK
VKRUWOLQJXDOIUHQXP-'HQW&KLOG  

*HQRYHVH0'2OLYL*/DVHULQSDHGLDWULFGHQWLVWU\SDWLHQWDFFHSWDQFHRIKDUGDQGVRIWWLVVXHWKHUDS\(XU-
3DHGLDWU'HQW0DU  

*LDQFRWWL $ *UD]]LQL ) 'H 'RPLQLFLV ) 5RPDQLQL * $UFXUL & 0XOWLGLVFLSOLQDU\ HYDOXDWLRQ DQG FOLQLFDO
PDQDJHPHQWRIPHVLRGHQV-&OLQ3HGLDWU'HQW  

*RD]3:KLWH63URMHFWLRQJHRPHWU\,Q2UDO5DGLRORJ\3ULQFLSOHVDQG,QWHUSUHWDWLRQUGHG6W/XRLV0R
0RVE\

*RKR & 1HRQDWDO VXEOLQJXDO WUDXPDWLF XOFHUDWLRQ 5LJD)HGH GLVHDVH  5HSRUW RI FDVHV - 'HQW &KLOG
  

*ULIIHQ$O3HULRGRQWDOSUREOHPVLQFKLOGUHQDQGDGROHVFHQWV,Q3LQNKDP-5&DVDPDVVLPR36)LHOGV+:-U
0F7LJXH'-1RZDN$-HGV3HGLDWULF'HQWLVWU\,QIDQF\WKURXJK$GROHVFHQFHWKHG6W/RXLV0R(OVHYLHU
6DXQGHUV

*UX\WKX\VHQ 5 1RQUHVWRUDWLYH FDYLW\ WUHDWPHQW 0DQDJLQJ UDWKHU WKDQ PDVNLQJ FDULHV DFWLYLW\ 1HG WLMGVFKU
7DQGKHHONG

*X]PDQ$UPVWURQJ65DPSDQWFDULHV-6FK1XUV  

+DDN 5 :LFKW 0- +HOOPLFK 0 *RVVPDQQ $ 1RDFN 0- 7KH YDOLGLW\ RI SUR[LPDO FDULHV GHWHFWLRQ XVLQJ
PDJQLI\LQJYLVXDODLGV&DULHV5HV-XO$XJ  

+DUULV51LFROO$'$GDLU303LQH&05LVNIDFWRUVIRUGHQWDOFDULHVLQ\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZ
RIWKHOLWHUDWXUH&RPPXQLW\'HQW+HDOWK 6XSSO 

+D\V 3 +DPDUWRPDV HUXSWLRQ F\VWV QDWDO WRRWK DQG (VSWHLQ SHDUOD LQ QHZERUQ - 'HQW &KLOG
  

+LFNHO5+HLGHPDQQ'6WDHKOH+-0LQQLJ3:LOVRQ1+)'LUHFWFRPSRVLWHUHVWRUDWLRQV([WHQGHGXVHLQ
DQWHULRUDQGSRVWHULRUVLWXDWLRQV&OLQ2UDO,QYHVW±

+LFNV (3 7KLUG PRODU PDQDJHPHQW $ FDVH DJDLQVW URXWLQH UHPRYDO LQ DGROHVFHQW DQG \RXQJ RUWKGRQWLF
SDWLHQWV-2UDO0D[LOORIDF6XUJ  

+LLUL $ $KRYXR6DORUDQWD $ 1RUGEODG $ 0DNHOD 0 3LW DQG ILVVXUH VHDODQWV YHUVXV IOXRULGH YDUQLVKHV IRU
SUHYHQWLQJGHQWDOGHFD\LQFKLOGUHQDQGDGROHVFHQWV&RFKUDQH'DWDEDVH6\VW5HY  &'

+RODQ*(LGHOPDQ()XNV$%/RQJWHUPHYDOXDWLRQRISXOSRWRP\LQSULPDU\PRODUVXVLQJPLQHUDOWULR[LGH
DJJUHJDWHRUIRUPRFUHVRO3HGLDWU'HQW  

+RPPH] *0 &RSSHQV &5 'H 0RRU 5- 3HULDSLFDO KHDOWK UHODWHG WR WKH TXDOLW\ RI FRURQDO UHVWRUDWLRQV DQG
URRWILOOLQJV,QW(QGRG-$XJ  

+RZDUG57KHXQUHUXSHGLQFLVRU$VWXG\RISRVWRSHUDWLYHHUXSWLYHKLVWRU\RVLQFLVRUVGHOD\HGLQWKHLUHUXSWLRQ
E\VXSHUQXPHUDU\WHHWK'HQW3UDFW'HQW5HF  

KWWSZZZVDOXWHJRYLWLPJV&BBSXEEOLFD]LRQLBBDOOHJDWRSGI

ϱϰ


63


KWWSZZZVDOXWHJRYLWVRUULVR6DOXWH/LQHHBJXLGDBDSSURYDWHBBRWWBSGI

+XJRVRQ $ .RFK * *RWKEHUJ & +HONLPR $1 /XQGLQ 6$ 1RUGHU\G 2 6MRGLQ % 6RQGHOO . 2UDO KHDOWK RI
LQGLYLGXDOV DJHG  \HDUV LQ -RQNRSLQJ 6ZHGHQ GXULQJ  \HDUV   ,, 5HYLHZ RI FOLQLFDO DQG
UDGLRJUDSKLFILQGLQJV6ZHG'HQW-  

,QQHV13(YDQV'- 6WLUUXSV'56HDOLQJFDULHVLQSULPDU\PRODUVUDQGRPL]HGFRQWUROWULDO\HDUUHVXOWV-
'HQW5HV

,QQHV13(YDQV'- 6WLUUXSV'56HDOLQJFDULHVLQSULPDU\PRODUVUDQGRPL]HGFRQWUROWULDO\HDUUHVXOWV-
'HQW5HV

,QQHV13(YDQV'- 6WLUUXSV'56HDOLQJFDULHVLQSULPDU\PRODUVUDQGRPL]HGFRQWUROWULDO\HDUUHVXOWV-
'HQW5HV

,WRWD71DNDER67RULL<1DUXNDPL7'RL-<RVKL\DPD0(IIHFWRIIOXRULGHUHOHDVLQJOLQHURQGHPLQHUDOL]HG
GHQWLQ4XLQWHVVHQFH,QW  

-DFREVRQ% $VJDUL $5HVWRUDWLYH GHQWLVWU\ IRU FKLOGUHQ XVLQJ DKDUG WLVVXH ODVHU $OSKD 2PHJDQ  6HS
  

-HQNLQV6$GG\01HZFRPEH5(YDOXDWLRQRIPRXWKULQVHFRQWDLQLQJFKORUH[LGLQHDQGIOXRULGHDVDQDGMXQFW
WRRUDOK\JLHQH-&OLQ3HULRGRQWRO

-RKQVRQ0)7KHUROHRIULVNIDFWRUVLQWKHLGHQWLILFDWLRQRIDSSURSULDWHVXEMHFWVIRUFDULHVFOLQLFDOWULDOVGHVLJQ
FRQVLGHUDWLRQV-'HQW5HV

-RNRYLF$/RFNHU'(YLGHQFHEDVHGUHFRPPHQGDWLRQVIRUWKHXVHRISLWDQGILVVXUHVHDODQWVLQ2QWDULR¶VSXEOLF
GHQWDO KHDOWK SURJUDPV &RPPXQLW\ 'HQWDO +HDOWK 6HUYLFHV 5HVHDUFK 8QLW 4XDOLW\ $VVXUDQFH 5HSRUW QR 


-RQHV6%XUW%$3HWHUVHQ3(/HQQRQ0$7KHHIIHFWLYHXVHRIIOXRULGHVLQSXEOLFKHDOWK%XOO:RUOG+HDOWK
2UJDQ  

.DEDQ/,QIHFWLRQVRIWKHPD[LOORIDFLDOUHJLRQ,Q3HGLDWULF2UDODQG0D[LOORIDFLDO6XUJHU\3KLODGHOSKLD3D
6DXQGHUV

.DOOHVWDO&1RUOXQG$6RGHU%1RUGHQUDP*'DKOJUHQ+3HWHUVVRQ/*/DJHUORI)$[HOVVRQ6/LQJVWURP
30HMDUH,+ROP$.7ZHWPDQ6(FRQRPLFHYDOXDWLRQRIGHQWDOFDULHVSUHYHQWLRQDV\VWHPDWLFUHYLHZ$FWD
2GRQWRO6FDQG  

.DWHE]DGHK 1 'DOWRQ %& 7URSH 0 6WUHQJWKHQLQJ LPPDWXUH WHHWK GXULQJ DQG DIWHU DSH[LILFDWLRQ - (QGRG
  

.DZDVKLPD1:DGDFKL56XGD+<HQJ73DUDVKRV35RRWFDQDOPHGLFDPHQWV,QW'HQW-)HE  


.HPROL$0YDQ$PHURQJHQ:(2SLQ\D*,QIOXHQFHRIWKHH[SHULHQFHRIRSHUDWRUDQGDVVLVWDQWRQWKHVXUYLYDO
UDWHRISUR[LPDO$57UHVWRUDWLRQVWZR\HDUUHVXOWV(XU$UFK3DHGLDWU'HQW'HF  

.LHOEDVVD $0 3DULV 6 /XVVL $ 0H\HU/XHFNHO + (YDOXDWLRQ RI FDYLWDWLRQV LQ SUR[LPDO FDULHV OHVLRQV DW
YDULRXVPDJQLILFDWLRQOHYHOVLQYLWUR-'HQW1RY  (SXE0D\

.LWFKHQV'+7KHHFRQRPLFVRISLWDQGILVVXUHVHDODQWVLQSUHYHQWLYHGHQWLVWU\DUHYLHZ-&RQWHPS'HQW3UDFW
  

.RVK\6/RYH50(QGRGRQWLFWUHDWPHQWLQWKHSULPDU\GHQWLWLRQ$XVW(QGRG-$XJ  

/DODNHD00HVVQHU$$QN\ORJORVVLD'RHVLWPDWWHU"3HGLDWU&OLQ1RUWK$P  
ϱϱ


64


/DODNHD00HVVQHU$$QN\ORJORVVLD'RHVLWPDWWHU"3HGLDWU&OLQ1RUWK$P  

/DSLG26KDFR/HYH\5.ULHJHU<.DFKNR/6DJL$&RQJHQLWDOHSXOLV3HGLDWULFV  

/HRQDUG07KHPD[LOODU\IUHQXPDQGVXUJLFDOWUHDWPHQW*HQ'HQW  

/HUR\5%RJDHUWV./HVDIIUH('HFOHUFN'7KHHIIHFWRIIOXRULGHVDQGFDULHVLQSULPDU\WHHWKRQSHUPDQHQW
WRRWKHPHUJHQFH&RPPXQLW\'HQW2UDO(SLGHPLRO  

/HY\60$QXSGDWHRQIOXRULGHVDQGIOXRURVLV-&DQ'HQW$VVRF  

/HZLV&:0LOJURP3)OXRULGH3HGLDWU5HY  

/LQGDXHU 6- 5XEHQVWHLQ /. +DQJ :P $QGHUVHQ :& ,VDDVRQ 5- &DQLQH LPSDFWLRQ LGHQWLILHG HDUO\ ZLWK
SDQRUDPLF UDGLRJUDSKV - $P 'HQW $VVRF     (UUDWXP LQ - $P 'HQW $VVRF
  

/R\ROD5RGULJXH] -3 *DUFtD*RGR\ ) /LQTXLVW 5 *URZWK LQKLELWLRQ RI JODVV LRQRPHU FHPHQWV RQ PXWDQV
VWUHSWRFRFFL3HGLDWU'HQW  

0DFKLXOVNLHQH 9 1\YDG % %DHOXP 9 &RPSDULVRQ RI GLDJQRVWLF \LHOGV RI FOLQLFDO DQG UDGLRJUDSKLF FDULHV
H[DPLQDWLRQVLQFKLOGUHQRIGLIIHUHQWDJH(XU-3DHGLDWU'HQW6HS  

0DQL6&KDZOD6+7HZDUL$*R\DO$(YDOXDWLRQRIFDOFLXPK\GUR[LGHDQG]LQFR[LGHHXJHQRODVURRWFDQDO
ILOOLQJPDWHULDOVLQSULPDU\WHHWK-RXUQDORI'HQWIRUFKLOGUHQ

0DUDNRJOX,*XUVR\80DUDNRJOX.&RQJHQLWDOHSXOLVUHSRUWRIDFDVH-'HQW&KLOG  

0DULQKR 9& +LJJLQV -3 6KHLKDP $ /RJDQ 6 2QH WRSLFDO IOXRULGH WRRWKSDVWHV RU PRXWKULQVHV RU JHOV RU
YDUQLVKHV  YHUVXV DQRWKHU IRU SUHYHQWLQJ GHQWDO FDULHV LQ FKLOGUHQ DQG DGROHVFHQWV &RFKUDQH 'DWDEDVH 6\VW
5HY  &'

0DUWKDOHU70&KDQJHVLQGHQWDOFDULHV&DULHV5HV  

0DVVOHU06DYDUD%61DWDODQGQHRQDWDOWHHWK$UHYLHZRIWKHFDVHVUHSRUWHGLQWKHOLWHUDWXUH-3HGLDWU
  

0DWXUR 3 &RVWDFXUWD 0 3HUXJLD & GRFLPR 5 )OXRULGH VXSSOHPHQWV LQ SUHJQDQF\ HIIHFWLYHQHVV LQ WKH
SUHYHQWLRQRIGHQWDOFDULHVLQDJURXSRIFKLOGUHQ2UDOHLPSODQWRORJ\  

0F'RQDOG5($YHU\'5'HDQ-$0DQDJHPHQWRIWUDXPDWRWKHWHHWKDQGVXSSRUWLQJWLVVXHV,Q'HQWLVWU\IRU
WKH&KLOGDQG$GROHVFHQWWKHG6W/RXLV0R0RVE\,QF

0F'RQDOG 5( $YHU\ '5 :HGGHO -$ *LQJLYLWLV DQG SUHLRGRQWDOGLVHDVH ,Q0F'RQDOG 5( $YHU\ '5 'HDQ
-$HGV'HQWLVWU\IRUWKH&KLOGDQG$GROHVFHQWWKHG6W/RXLV0R0RVE\&R

0HKGLSRXU2.OHLHU'-$YHUEDFK5($QDWRP\RIVRGLXPK\SRFKORULWHDFFLGHQWV&RPSHQG&RQWLQ(GXF'HQW
  

0HMjUH , &YHN 0 3DUWLDO SXOSRWRP\ LQ \RXQJ SHUPDQHQW WHHWK ZLWK GHHS FDULRXV OHVLRQV (QGRG 'HQW
7UDXPDWRO  

0HMDUH,/LQJVWURP33HWHUVVRQ/*+ROP$.7ZHWPDQ6.DOOHVWDO&1RUGHQUDP*/DJHUORI)6RGHU%
1RUOXQG $ $[HOVVRQ 6 'DKOJUHQ + &DULHVSUHYHQWLYH HIIHFW RI ILVVXUH VHDODQWV D V\VWHPDWLF UHYLHZ $FWD
2GRQWRO6FDQG

0HQH]HV5%UDPDQWH&0/HWUD$&DUYDOKR9**DUFLD5%+LVWRORJLFHYDOXDWLRQRISXOSRWRPLHVLQGRJXVLQJ
WZRW\SHVRIPLQHUDOWULR[LGHDJJUHJDWHDQGUHJXODUDQGZKLWH3RUWODQGFHPHQWVDVZRXQGGUHVVLQJV2UDO6XUJ
2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG  
ϱϲ


65



0HVVQHU $ /DODNHD 0 $QN\ORJORVVLD &RQWURYHUVLHV LQ PDQDJHPHQW ,QW - 3HGLDWU 2WRUKLQRODU\QJRO
  

0HVVQHU $ /DODNHD 0 7KH HIIHFW RI DQN\ORJORVVLD RQ VSHHFK LQ FKLOGUHQ 2WRODU\QJRO +HDG 1HFN 6XUJ
  

0XNDL60XNDL&$VDRND.&RQJHQLWDODQN\ORJORVVLDZLWKGHYLDWLRQRIWKHHSLJORWWLVDQGODU\Q[6\PSWRPV
DQGUHVSLUDWRU\IXQFWLRQLQDGXOWV$QQ2WRO5KLQRO/DU\QJRO 3W 

0XUUD\3($ERXW,)UDQTXLQ-&5HPXVDW06PLWK$-5HVWRUDWLYHSXOSDODQGUHSDLUUHVSRQVHV-$P'HQW
$VVRF  

0XUUD\ 3( +DIH] $$ 6PLWK $- &R[ &) %DFWHULDO PLFUROHDNDJH DQG SXOS LQIODPPDWLRQ DVVRFLDWHG ZLWK
YDULRXVUHVWRUDWLYHPDWHULDOV'HQW0DWHU  

1HYLOOH % 'DPP ' $OOHQ & $EQRUPDOLWLHV RI WKH WHHWK ,Q 2UDO DQG 0D[LOORIDFLDO 3DWKRORJ\ 3KLODGHOSKLD
3D:%6DXQGHUV

1HYLOOH % 'DPP ' $OOHQ & 2GRQWRJHQLF F\VWV DQG WXPRUV ,Q 2UDO DQG 0D[LOORIDFLDO 3DWKRORJ\
3KLODGHOSKLD3D:%6DXQGHUV

1HYLOOH%'DPP'$OOHQ&6DOLYDU\JODQGSDWKRORJ\,Q2UDODQG0D[LOORIDFLDO3DWKRORJ\3KLODGHOSKLD3D
:%6DXQGHUV

1HYLOOH%'DPP'$OOHQ&6RIWWLVVXHWXPRUV,Q2UDODQG0D[LOORIDFLDO3DWKRORJ\3KLODGHOSKLD3D:%
6DXQGHUV

1HYLOOH%'DPP':KLWH''HYHORSPHQWDOGLVWXUEDQFHVRIWKHRUDODQGPD[LOORIDFLDOUHJLRQ&RORU$WODVRI
&OLQLFDO2UDO3DWKRORJ\QGHG%DOWLPRUH0G:LOOLDPVV :LONLQV

1RVUDW,91RVUDW&$5HSDUDWLYHKDUGWLVVXHIRUPDWLRQIROORZLQJFDOFLXPK\GUR[LGHDSSOLFDWLRQDIWHUSDUWLDO
SXOSRWRP\LQFDULRXVO\H[SRVHGSXOSVRISHUPDQHQWWHHWK,QW(QGRG-  

1XQQ-+0XUUD\--6PDOOULGJH-%ULWLVK6RFLHW\RI3DHGLDWULF'HQWLVWU\SROLF\GRFXPHQWRIILVVXUHVHDODQWV
LQSDHGLDWULFGHQWLVWU\,QW-3DHG'HQW

1XQQ-+7KHEXUGHQRIRUDOLOOKHDOWKIRUFKLOGUHQ$UFK'LV&KLOG  

2HQ .7 7KRPSVRQ 93 9HQD ' HW DO $WWLWXGHV DQG H[SHFWDWLRQV RI WUHDWLQJ GHHS FDULHV $ 3($5/ 1HWZRUN
VXUYH\*HQ'HQW  

2OLYHLUD () &DUPLQDWWL * )RQWDQHOOD 9 0DOW] 0 7KH PRQLWRULQJ RI GHHS FDULHV OHVLRQV DIWHU LQFRPSOHWH
GHQWLQHFDULHVUHPRYDO5HVXOWVDIWHUPRQWKV&OLQ2UDO,QYHVWLJ  

2]DOS 1 6DUR÷OX , 6|QPH] + (YDOXDWLRQ RI YDULRXV URRW FDQDO ILOOLQJ PDWHULDOV LQ SULPDU\ PRODU
SXOSHFWRPLHV$QLQYLYRVWXG\$P-'HQW  

3DSDJLJLDQQRXOLV 3 &OLQLFDO VWXGLHV RQ IHUULF VXOSKDWH DV D SXOSRWRP\ PHGLFDPHQW LQ SULPDU\ WHHWK (XU -
3DHGLDWU'HQW6HS  

3DWLO36&KRZGKDU\50DQGRNDU5%(IIHFWRIPLFURZDYHSRVWSRO\PHUL]DWLRQWUHDWPHQWRQUHVLGXDOPRQRPHU
FRQWHQWDQGWKHIOH[XUDOVWUHQJWKRIDXWRSRO\PHUL]LQJUHOLQHUHVLQ,QGLDQ-'HQW5HV-XO6HS  

3DWLQR0*1HLGHUV0($QGUHDQD61REOH%&RKHQ5(&ROODJHQDVDQLPSODQWDEOHPDWHULDOLQPHGLFLQHDQG
GHQWLVWU\-2UDO,PSODQWRO  

3HUHLUD -& 6WDQOH\ +5 3XOS FDSSLQJ ,QIOXHQFH RI WKH H[SRVXUH VLWH RQ SXOS KHDOLQJ +LVWRORJLF DQG
UDGLRJUDSKLFVWXG\LQGRJ¶VSXOS-(QGRG  
ϱϳ


66



3HWHUVVRQ*+$VVHVVLQJFDULHVULVNXVLQJWKH&DULRJUDPPRGHO6ZHG'HQW-6XSSO

3HWHUVVRQ/*7ZHWPDQ6'DKOJUHQ+1RUOXQG$+ROP$.1RUGHQUDP*/DJHUORI)6RGHU%.DOOHVWDO&
0HMDUH , $[HOVVRQ 6 /LQJVWURP 3 3URIHVVLRQDO IOXRULGH YDUQLVK WUHDWPHQW IRU FDULHV FRQWURO D V\VWHPDWLF
UHYLHZRIFOLQLFDOWULDOV$FWD2GRQWRO6FDQG  

3ULPRVFK 5 $QWHULRU VXSHUQXPHUDU\ WHHWK$VVHVVPHQW DQG VXUJLFDO LQWHUYHQWLRQ LQ FKLOGUHQ 3HGLDWU 'HQW
  

3URILWW:)LHOGV+:-U$FNHUPDQ-6LQFODLU37KRPDV37XOORFN-7KHHWLRORJ\RIRUWKRGRQWLFSUREOHPV,Q
&RQWHPSRUDU\2UWKRGRQWLFVQGHG6W/RXLV0R0RVE\<HDU%RRN,QF

5DEFKLQVN\ - 'RQO\ .- $ FRPSDULVRQ RI JODVVLRQRPHU FHPHQW DQG FDOFLXP K\GUR[LGH OLQHUV LQ DPDOJDP
UHVWRUDWLRQV,QW-3HULRGRQWLFV5HVWRUDWLYH'HQW  

5HJH]L-6FLXEED-$EQRUPDOLWLHVRIWHHWK,Q2UDO3DWKRORJ\&OLQLFDO3DWKRORJLF&RUUHODWLRQV3KLODGHOSKLD
3D:%6DXGHUV

5LFNHWWV '1- .LGG ($0 ,QQHV 1 &ODUNVRQ - &RPSOHWH RU XOWUDFRQVHUYDWLYH UHPRYDO RI GHFD\HG WLVVXH LQ
XQILOOHGWHHWK&RFKUDQH'DWDEDVHRI6\VWHPDWLF5HYLHZV,VVXH$UW1R&'

5RFN :3 6DELHKD $0 7KH UHODWLRQVKLS EHWZHHQ UHSRUWHG WRRWKSDVWH XVDJH LQ LQIDQF\ DQG IOXRURVLV RI
SHUPDQHQWLQFLVRUV%U'HQW-

5XVKPDK01DWDODQGQHRQDWDOWHHWK$FOLQLFDODQG+LVWRORJLFDOVWXG\-&OLQ3HGLDWU'HQW  

5XVVHO . )ROZDUF]QD 0 0HGLRGHQV 'LDJQRVLV DQG PDQDJHPHQW RI D FRPPRQ VXPHUQXPHUDU\ WRRWK - &DQ
'HQW$VVRF  

6FKZHQGLFNH ) '|UIHU &(  3DULV 6 ,QFRPSOHWH &DULHV 5HPRYDO $ 6\VWHPDWLF 5HYLHZ DQG 0HWDDQDO\VLV
-RXUQDORI'HQWDO5HVHDUFKD

6FKZHQGLFNH)-lJHU$03DULV6+VX/< 7X<.7UHDWLQJ3LWDQG)LVVXUH&DULHV$6\VWHPDWLF5HYLHZDQG
1HWZRUN0HWDDQDO\VLV-RXUQDORI'HQWDO5HVHDUFK

6FKZHQGLFNH).HUQ0%OXQFN8'RUIHU&'UHQFN- 3DULV60DUJLQDOLQWHJULW\DQGVHFRQGDU\FDULHVRI
VHOHFWLYHO\H[FDYDWHGWHHWKLQYLWUR-'HQWD

6FKZHQGLFNH ) .HUQ 0 0H\HU/XHFNHO + %RHOV $ 'RHUIHU &  3DULV 6 )UDFWXUH UHVLVWDQFH DQG FXVSDO
GHIOHFWLRQRILQFRPSOHWHO\H[FDYDWHGWHHWK-'HQWLVWU\E

6FRWWLVK,QWHUFROOHJLDWH*XLGHOLQH1HWZRUN3UHYHQWLRQDQGPDQDJHPHQWRIGHQWDOGHFD\LQWKHSUHVFKRROFKLOG
$XVWU'HQW-

6HOZLW]5+,VPDLO$,3LWWV1%'HQWDOFDULHV/DQFHW  

6HQQD$&DPSXV**DJOLDQL06WURKPHQJHU/6RFLDOHFRQRPLFDOLQIOXHQFHRQFDULHVH[SHULHQFHDQG&3,71
YDOXHVDPRQJDJURXSRI,WDOLDQFDOOXSVROGLHUVDQGFDGHWV2UDO+HDOWKDQG3UHYHQWLYH'HQWLVWU\


6HRZ:'LDJQRVLVDQGPDQDJHPHQWRIXQXVXDOGHQWDODEGFHVVHVLQFKLOGUHQ$XVW'HQW-

6KHQNHU %- 0DVHUHMLDQ 11 =KDQJ $ 0F.LQOD\ 6 ,PPXQH IXQFWLRQ HIIHFWV RI GHQWDO DPDOJDP LQ
FKLOGUHQDUDQGRPL]HGFOLQLFDOWULDO-$P'HQW$VVRF

6LPRQVHQ5-3LWDQGILVVXUHVHDODQWUHYLHZRIWKHOLWHUDWXUH3HGLDWU'HQW


ϱϴ


67


6LTXHLUD -) -U 5{oDV ,1 3DLYD 66 *XLPDUmHV3LQWR 7 0DJDOKDHV .0 /LPD .& %DFWHULRORJLF
LQYHVWLJDWLRQRIWKHHIIHFWVRIVRGLXPK\SRFKORULWHDQGFKORUKH[LGLQHGXULQJWKHHQGRGRQWLFWUHDWPHQW
RI WHHWK ZLWK DSLFDO SHULRGRQWLWLV 2UDO 6XUJ 2UDO 0HG 2UDO 3DWKRO 2UDO 5DGLRO (QGRG


6OD\WRQ5/7UHDWPHQWDOWHUQDWLYHVIRUVXEOLQJXDOWUDXPDWLFXOFHUDWLRQ 5LJD)HGHGLVHDVH 3HGLDWU
'HQW

6PDOOULGJH-8.1DWLRQDO&OLQLFDO*XLGHOLQHVLQSDHGLDWULFGHQWLVWU\,QW-3DHG'HQW


6RQJ ) 2¶0HDUD 6 :LOVRQ 3 *ROGHQU 6 .OHLMQHQ - 7KH HIIHFWLYHQHVV DQG FRVW HIIHFWLYHQHVV RI
SURSK\ODFWLFUHPRYDORIZLVGRPWHHWK+HDOWK7HFKQRO$VVHVV  

6WURKPHQJHU / &DPSXV * &DVWLJOLD 3 5HDOL ' 0RQWDJQD 07 0LQHOOL / 0DMRUL 6 &DJHWWL 0*
6HQQD $ 3L]]RFUL - ,QGDJLQH HSLGHPLRORJLFD QD]LRQDOH VXOOH FRQGL]LRQL GHQWRSDURGRQWDOL GHL
EDPELQLGLHDQQL'RFWRU2V

7DR <& )ULHG ' 1HDULQIUDUHG LPDJHJXLGHG ODVHU DEODWLRQ RI GHQWDO GHFD\ - %LRPHG 2SW 
6HS2FW  

7D\ORU*6&KDUDFWHULVWLFVRIVXSHUQXPHUDU\WHHWKLQWKHSULPDU\DQSHUPDQHQWGHQWLWLRQ7UDQV%H
6RF6WXG\2UWKRG

7KRPSVRQ 9 &UDLJ 5* &XUUR )$ *UHHQ :6 6KRS -$ 7UHDWPHQW RI GHHS FDULRXV OHVLRQV E\
FRPSOHWHH[FDYDWLRQRUSDUWLDOUHPRYDO$FULWLFDOUHYLHZ-$P'HQW$VVRF

7LQDQRII 1 .DQHOOLV 0- 9DUJDV &0 &XUUHQW XQGHUVWDQGLQJ RI WKH HSLGHPLRORJ\ PHFKDQLVPV DQG
SUHYHQWLRQRIGHQWDOFDULHVLQSUHVFKRROFKLOGUHQ3HGLDWU'HQW

7RUDELQHMDG 0 &KLYLDQ 1 &OLQLFDO DSSOLFDWLRQV RI PLQHUDO WULR[LGH DJJUHJDWH - (QGRG


7URQVWDG/$QGUHDVHQ-2+DVVHOJUHQ*.ULVWHUVRQ/5LLV,3+FKDQJHVLQGHQWDOWLVVXHVDIWHUURRW
FDQDOILOOLQJZLWKFDOFLXPK\GUR[LGH-RXUQDORI(QGRGRQWLFV±

7URQVWDG/$VEMRUQVHQ.'RYLQJ/3HGUVHQ,(ULNVHQ+0,QIOXHQFHRIFRURQDOUHVWRUDWLRQVRQWKH
SHULDSLFDOKHDOWKRIHQGRGRQWLFDOO\WUHDWHGWHHWK(QGRG'HQW7UDXPDWRO

7ZHWPDQ 6 3HWHUVVRQ /$[HOVVRQ 6 'DKOJUHQ ++ROP $. .DOOHVWDO & /DJHUORI ) /LQJVWURP 3
0HMDUH,1RUGHQUDP*1RUOXQG$6RGHU%&DULHVSUHYHQWLYHHIIHFWRIVRGLXPIOXRULGHPRXWKULQVHV
DV\VWHPDWLFUHYLHZRIFRQWUROOHGFOLQLFDOWULDOV$FWD2GRQWRO6FDQG

8QHPRUL00DWVX\D<$NDVKL$*RWR<$NDPLQH$&RPSRVLWHUHVLQUHVWRUDWLRQDQGSRVWRSHUDWLYH
VHQVLWLYLW\FOLQLFDOIROORZXSLQDQXQGHUJUDGXDWHSURJUDP-'HQW-DQ

YDQ GHU 6FKRRW ($ .XLWHUW 5% YDQ *LQNHO )& 3UDKO$QGHUVHQ % &OLQLFDO UHOHYDQFH RI WKLUG
SHUPDQHQWPRODUVLQUHODWLRQWRFURZGLQJDIWHURUWKRGRQWLFWUHDWPHQW-'HQW

:DWHUKRXVH 3- 1XQQ -+ :LWKZRUWK -0 $Q LQYHVWLJDWLRQ RI WKH UHODWLYH HIILFDF\ RI %XFNOH\
V
)RUPRFUHVRO DQG FDOFLXP K\GUR[LGH LQ SULPDU\ PRODU YLWDO SXOS WKHUDS\ %ULWLVK 'HQWDO -RXUQDO
±


ϱϵ


68


:HLQHU56:HLQHU/..XJHO*7HDFKLQJWKHXVHRIEDVHVDQGOLQHUV$VXUYH\RI1RUWK$PHULFDQ
GHQWDOVFKRROV-$P'HQW$VVRF

:HLQWUDXE-$)OXRULGHYDUQLVKIRUFDULHVSUHYHQWLRQFRPSDULVRQVZLWKRWKHUSUHYHQWLYHDJHQWVDQG
UHFRPPHQGDWLRQVIRUDFRPPXQLW\EDVHGSURWRFRO6SHF&DUH'HQWLVW

:HUQHU++DNHEHUJ0'DKOVWU|P/(ULNVVRQ06M|JUHQ36WUDQGHOO$6YDQEHUJ76YHQVVRQ/
:LGH%RPDQ83V\FKRORJLFDO,QWHUYHQWLRQVIRU3RRU2UDO+HDOWK$6\VWHPDWLF5HYLHZ-'HQW5HV
-DQSLL

:KHOWRQ+2YHUYLHZRIWKHLPSDFWRIFKDQJLQJJOREDOSDWWHUQVRIGHQWDOFDULHVH[SHULHQFHRQFDULHV
FOLQLFDOWULDOV-'HQW5HV6SHF1R&&

:KLJKW-7RQJXHWLH-3DHGLDWU&KLOG+HDOWK

:LOVRQ 6 0RQWJRPHU\ 5' /RFDO DQHVWKHVLD DQG RUDO VXUJHU\ LQ &KLOGUHQ ,Q 3LQNKDQ -5
&DVDPDVVLPR36)LHOGV+:-U0F7LJXH'-1RZDN$-HGV3HGLDWULF'HQWLVWU\,QIDQF\WKURXJK
$GROHVFHQFHWKHG6W/XRLV0R(OVHYLHU6DXQGHUV

:LWKHUVSRRQ '( 6PDOO -& +DUULV *= 0LQHUDOWULR[LGH DJJUHJDWH SXOSRWRPLHV $ VHULHV RXWFRPHV
DVVHVVPHQW-$P'HQW$VVRF  

:ROIH-':HEHU*DVSDURQL..DQHOOLV0-4LDQ)6XUYH\RI,RZDJHQHUDOGHQWLVWVUHJDUGLQJWKH
DJHGHQWDOYLVLW3HGLDWU'HQW-XO$XJ  

<HQJRSDO 9 +DUQHNHU 6< 3DWHO 1 6LHJIULHG 1 'HQWDO ILOOLQJV IRU WKH WUHDWPHQW RI FDULHV LQ WKH
SULPDU\GHQWLWLRQ&RFKUDQH'DWDEDVH6\VW5HY$SU  &'

<HXQJ &$ +LWFKLQJV -/ 0DFIDUODQH 79 7KUHOIDOO $* 7LFNOH 0 *OHQQ\ $0 )XRULGDWHG PLON IRU
SUHYHQWLQJGHQWDOFDULHV&RFKUDQH'DWDEDVH6\VW5HY&'

<LS +. 6DPDUDQD\DNH /3&DULHV UHPRYDO WHFKQLTXHV DQG LQVWUXPHQWDWLRQ D UHYLHZ &OLQ 2UDO
,QYHVWLJ'HF  

=HKQGHU05RRWFDQDOLUULJDQWV-(QGRG  

=KX-.LQJ'1DWDODQGQHRQDWDOWHHWK-'HQW&KLOG  






ϲϬ


69




2'2172,$75,$5(67$85$7,9$R&216(59$7,9$



 ODONTOIATRIA
 RESTAURATIVA O CONSERVATIVA


ϲϭ


71


/¶RGRQWRLDWULDUHVWDXUDWLYD RFRQVHUYDWLYD qODEUDQFDGHOO¶RGRQWRVWRPDWRORJLDFKHVLRFFXSDGHOOD


SUHYHQ]LRQHHGHOODWHUDSLDGHOOHOHVLRQLVLDFRQJHQLWHFKHDFTXLVLWHGHLWHVVXWLGXULGHLGHQWL
+DFRPHRELHWWLYL
O¶HOLPLQD]LRQHGHLIDWWRULFDXVDOLGHOODPDODWWLD
ODPRWLYD]LRQHGHOSD]LHQWHDGXQRWWLPDOHFRQWUROORGHOODSODFFDEDWWHULFDHGDVHJXLUHXQDFRUUHWWD
DOLPHQWD]LRQH
 O¶LQWHUFHWWD]LRQH HG DUUHVWR VH SRVVLELOH GHOOH OHVLRQL GHFDOFLILFDQWL LQL]LDOL PHGLDQWH WHUDSLH QRQ
LQYDVLYHHGLULPLQHUDOL]]D]LRQH
ODSUHYHQ]LRQHGHOOHOHVLRQLFDULRVHPHGLDQWHPLVXUHQRQLQYDVLYH VLJLOODWXUDGHLVROFKL 
ODWHUDSLDFRQYHQ]LRQDOHGHOOHOHVLRQLGHLWHVVXWLGXULSHULOPDQWHQLPHQWRGHOODYLWDOLWjSXOSDUHHOD
SUHYHQ]LRQHGLIXWXULGDQQLDLWHVVXWLFDOFLILFDWLODUHVWLWX]LRQHGLIRUPDHIXQ]LRQHGHLVLQJROLGHQWL
O¶LQWHJUD]LRQH HVWHWLFD GHO UHVWDXUR DOOD QRUPDOH GLVWDQ]D GL FRQYHUVD]LRQH VH FLz p GHVLGHUDWR GDO
SD]LHQWHHFOLQLFDPHQWHDWWXDELOH

/¶RGRQWRLDWULDUHVWDXUDWLYDQRQDFFRPSDJQDWDGDDWWHQWHPLVXUHGLSUHYHQ]LRQHHSURILODVVLULVROYH
VRORWHPSRUDQHDPHQWHLSUREOHPLGHOSD]LHQWHOHOHVLRQLFDULRVHLQIDWWLWRUQHUDQQRSUREDELOPHQWHD
PDQLIHVWDUVLÊFRQVLJOLDELOHSHUFLzFKHOHSURFHGXUHUHVWDXUDWLYHVLDQRDFFRPSDJQDWHHVHJXLWHGD
PLVXUHGLSURILODVVLLQGLYLGXDOH
,OWUDWWDPHQWRUHVWDXUDWLYRGHYHHVVHUHLQVHULWRLQWHPSLFRUUHWWLQHOO¶DPELWRGLXQSLDQRGLODYRURFKH
LQGLYLGXL H FROOHJKL WUD ORUR L SUREOHPL GHO SD]LHQWH QRQ GHYH HVVHUH XQLFDPHQWH IRFDOL]]DWR DOOD
WHUDSLDGHOOHOHVLRQLFDULRVH %HQQ HGHYHSUHYHGHUH
 OD GHWHUPLQD]LRQH GHOOH DVSHWWDWLYH GHO SD]LHQWH H OD VXD GLVSRQLELOLWj DG DIIURQWDUH OH FXUH
 RGRQWRLDWULFKH
$OFXQL SD]LHQWL FRQVLGHUDQR PROWR LPSRUWDQWH OD VDOXWH H O¶HVWHWLFD GHO FDYR RUDOH DOWUL
ULFRUURQR VROR D WHUDSLH G¶XUJHQ]D DOWUL DQFRUD UDSSUHVHQWDQR XQD YLD GL PH]]R WUD TXHVWH
LVWDQ]H/DYDOXWD]LRQHGHOSD]LHQWHVRWWRTXHVWRSURILORSXzGDUHYDOLGLVXJJHULPHQWLFLUFDLO
IXWXUR JUDGR GL FRRSHUD]LRQH FKH SRWUHPR DWWHQGHUFL GXUDQWH H GRSR OH FXUH LJLHQH RUDOH
GRPLFLOLDUHHUHJRODULWjDOOHYLVLWHGLFRQWUROOR 
ODGLDJQRVLGLWXWWHOHOHVLRQLFDULRVHSUHVHQWLHODGHWHUPLQD]LRQHVHSRVVLELOHGHOORURJUDGRGL
 DWWLYLWj
8QD GLDJQRVL FRUUHWWD QRQ SXz SUHVFLQGHUH GD XQ DFFXUDWR HVDPH RELHWWLYR HYHQWXDOPHQWH
DFFRPSDJQDWR GDOO¶HVHFX]LRQH GL 5[ ELWHZLQJ *RZGD   H VH LQGLFDWR GDL WHVW GL
VHQVLELOLWjSXOSDUHHGDOO¶HVHFX]LRQHGL5[SHULDSLFDOL
ϲϮ


72


ODGHWHUPLQD]LRQHGHOOHFRQGL]LRQLGHOSDURGRQWRVXSHUILFLDOHHSURIRQGRLQUHOD]LRQHDOODWHUDSLD
 UHVWDXUDWLYD
ODGHWHUPLQD]LRQHGHOODVLWXD]LRQHRFFOXVDOH
3DWRORJLH RFFOXVDOL HYHQWXDOPHQWH SUHVHQWL SRVVRQR LQIOXHQ]DUH OD VFHOWD GL WHFQLFKH H
PDWHULDOLGDXWLOL]]DUH
LOSLDQRGLWUDWWDPHQWR
,O SLDQR GL WUDWWDPHQWR GHYH HVVHUH VSLHJDWR DO SD]LHQWH FRVu FRPH HYHQWXDOL SHUFRUVL
WHUDSHXWLFLDOWHUQDWLYL

/D FDULH GHQWDOH q XQD PDODWWLD FKH VL SXz LQ ODUJD SDUWH SUHYHQLUH )HMHUVNRY  +DXVHQ 
(OGHUWRQ.|QLJ3LWWV3RZHOO5DGQDL6WHLQHU 
8Q EXRQ SURJUDPPD SUHYHQWLYR FRPSUHQGH VHGXWH GL LJLHQH RUDOH VHGXWH SHULRGLFKH GL FRQWUROOR
DSSOLFD]LRQHGLIOXRURVLDSURIHVVLRQDOHFKHGRPLFLOLDUH VFLDFTXLSDVWH GHQWLIULFLHHFF LVWUX]LRQL
SHULOFRQWUROORGRPLFLOLDUHGHOODSODFFDHVXJJHULPHQWLGLHWHWLFL $QXVDYLFH&DXILHOG
&LDQFLR   'R   (GJDU   0DQGHO   7ULOOHU   9DQ 3DOHQVWHLQ +HOGHUPDQ
 
, SD]LHQWL FRQ VXSHUILFL UDGLFRODUL VFRSHUWH UHFHVVLRQL JHQJLYDOL SD]LHQWL DQ]LDQL  VRQR
PDJJLRUPHQWH D ULVFKLR GL FDULH GHOOD UDGLFH =DPERQ   7DOL SD]LHQWL YDQQR PRWLYDWL DG XQD
LJLHQHHIILFDFHHGDOODDXWRDSSOLFD]LRQHGLIOXRUXUL =DPERQ 
8Q DXPHQWDWR ULVFKLR GL FDULH q DOWUHVu SUHVHQWH LQ SD]LHQWL FKH DVVXPRQR SDUWLFRODUL IDUPDFL
&LDQFLR RLOFXLIOXVVRVDOLYDUHSHUGLYHUVHUDJLRQLVLDULGRWWR (GJDU.|QLJ 
8QDFRUUHWWDGLDJQRVLSUHFHGHRYYLDPHQWHTXDOXQTXHWHUDSLD (GZDUG/XVVL6LOYHUVWRQH
 6WHFNVHQ%OLFNV  7YHLW   ,Q OLQHD JHQHUDOH OD VROD VSHFLOOD]LRQH GRYUHEEH HVVHUH
ULGLPHQVLRQDWD FRPH YDORUH GLDJQRVWLFR +LQW]H  +X\VPDQV  ,H  0DFKLXOVNLHQH
5LFNHWWV5LFNHWWV:HHUKHLMP 8QDEXRQDLVSH]LRQHYLVXDOHFRQLGHQWLEHQ
DVFLXWWL H OLEHUL GD GHSRVLWL H SLJPHQWD]LRQL p LQ JUDGR GL RIIULUH PDJJLRUL LQIRUPD]LRQL 1HL FDVL
GXEELqXWLOHO¶HVHFX]LRQHGLUDGLRJUDILHELWHZLQJ :HLVV=DFKDULD9HUGRQVFKRW
3LWWV&XULORYLF+LQW]H9HUGRQVFKRWGH9ULHV'H$UDXMR+LQW]H
1\YDG0HMDUH'RZQHU 


/DFDULHGHQWDOHVLSXzLQODUJDSDUWHSUHYHQLUHLSURJUDPPLGLSUHYHQ]LRQHGHYRQRTXLQGL
SUHFHGHUHDFFRPSDJQDUHHVHJXLUHLOWUDWWDPHQWRFRQVHUYDWLYR

ϲϯ


73


8QDFRUUHWWDGLDJQRVLGLFDULHHODGHWHUPLQD]LRQHGHOODVHQVLELOLWjSXOSDUHGHYHSUHFHGHUHRJQL
SURFHGXUDWHUDSHXWLFD

(YHQWXDOL SUREOHPL SDURGRQWDOL HG RFFOXVDOL DQGUHEEHUR YDOXWDWL SULPD GL LQWUDSUHQGHUH
TXDOXQTXHWLSRGLWHUDSLDFRQVHUYDWLYD

7XWWLLPDWHULDOLGDUHVWDXURLVRWWRIRQGLHJOLDGHVLYLGHQWLQDOLVRQRVHQVLELOLDOO¶XPLGLWj +LWPL
/\JLGDNLV5HLG6WUDVVOHU6PDOO 
8QEXRQLVRODPHQWRGHOFDPSRRSHUDWRULRULGXFHO¶LQTXLQDPHQWREDWWHULFRGHOODGHQWLQDHSURWHJJHL
WHVVXWLPROOLGDSRVVLELOLHYHQWLWUDXPDWLFL/DGLJDGLJRPPDqXQ¶HFFHOOHQWHVLVWHPDWLFDSHURWWHQHUH
XQ EXRQ LVRODPHQWR $FFDGHPLD ,WDOLDQD GL &RQVHUYDWLYD  %HUJOXQG  &KULVWHQVHQ 
.UHPHUV  0DUVKDOO  3ODVPDQV  6PDOO  7HUU\  6PDOO  =LW]PDQQ
 

)DWWD GLDJQRVL GL FDULH VL UHQGH QHFHVVDULR LO WUDWWDPHQWR GHOOD VWHVVD SUHVHUYDQGR LO SL SRVVLELOH L
WHVVXWL PLQHUDOL]]DWL VDQL ,QIDWWL PDVVLPD GHYH HVVHUH OD OLPLWD]LRQH GHOO¶HVWHQVLRQH FDYLWDULD
FRPSDWLELOPHQWHFRQOHWHFQLFKHHGLPDWHULDOLVFHOWLSHULOUHVWDXUR +LUW/HLQIHOGHU/RH
0LOOHU2VERUQH6LPRQVHQ HGLOULVSHWWRSHULGHQWLDGLDFHQWL .XWVFK
.LHOEDVVD  +DDN  )RUJLH  $FFDGHPLD ,WDOLDQD GL &RQVHUYDWLYD  /XVVL 
0HGHLURV0RRSQDU 
/H GLPHQVLRQL GHOOD FDYLWj VRQR GLUHWWDPHQWH SURSRU]LRQDOL DOO¶HVWHQVLRQH GHO SURFHVVR FDULRVR
$QXVDYLFH&KULVWHQVHQ)UHHGPDQ/GHUWRQ/DVZHOO3RUWH 
/H SURFHGXUH GL WDJOLR GHL WHVVXWL GXUL YDQQR HVHJXLWH VRWWR DEERQGDQWH JHWWR G¶DFTXD SHU HYLWDUH
OHVLRQLDOFRPSOHVVRSXOSRGHQWLQDOH $QXVDYLFH+LUW/DVZHOO3RUWH 
8Q ERUGR FDYLWDULR OLVFLR H VHQ]D IUDWWXUH LQIOXHQ]D SDUWLFRODUPHQWH O¶DGDWWDPHQWR PDUJLQDOH GHO
UHVWDXUR H TXLQGL OD VXD GXUDWD QHO WHPSR +DOOHU  .LGG  1RUGER  5HOOHU 
6WUDWLV   3HU TXHVWR PRWLYR q QHFHVVDULR ULILQLUH LO PDUJLQH FRQ VWUXPHQWDULR DGHJXDWR +DOOHU
5HOOHU 


/D SUHSDUD]LRQH FDYLWDULD GHYH HVVHUH OD SL FRQVHUYDWLYD SRVVLELOH FRPSDWLELOPHQWH FRQ OH
WHFQLFKHHGLPDWHULDOLVFHOWLSHULOUHVWDXUR

ϲϰ


74


/DULILQLWXUDFRUUHWWDGHLPDUJLQLqUDFFRPDQGDWDLQTXDQWRPLJOLRUDO¶DGDWWDPHQWRPDUJLQDOH
HGLQIOXHQ]DODGXUDWDQHOWHPSRGHLUHVWDXUL

8Q FRUUHWWR LVRODPHQWR GHO FDPSR RSHUDWRULR JDUDQWLVFH GDOO¶LQTXLQDPHQWR GD IOXLGL H GD
EDWWHULHGLQROWUHSURWHJJHLWHVVXWLPROOLGDSRVVLELOLHYHQWLWUDXPDWLFL/¶XWLOL]]RGHOODGLJDGL
JRPPDUDSSUHVHQWDXQHFFHOOHQWHPHWRGRSHURWWHQHUHTXDQWRVRSUD

3UHSDUD]LRQHFDYLWDULDSDVVDJJLRSHUDWLYL
LVRODPHQWRGHOFDPSRRSHUDWRULR
DSHUWXUDFDYLWDULDDFFHVVRDOODOHVLRQH
HVFDYD]LRQHGHOODFDULH
YDOXWD]LRQHGHOODGLPHQVLRQHGHOODFDYLWj
SUHSDUD]LRQHFDYLWDULDGHILQLWLYD
ULILQLWXUDGHLPDUJLQL

,OULSULVWLQRGHOODFDYLWjRWWHQXWDYDHVHJXLWRFRQUHVWDXULGLUHWWL RWWXUD]LRQH RLQGLUHWWL LQWDUVLR 


/DVFHOWDGLSHQGHGDIDWWRULFOLQLFL (OGHUWRQ.UHMFL6XUPRQW  SUHVHQ]DRPHQRGL
VPDOWR D OLYHOOR GHO JUDGLQR FHUYLFDOH FRQILJXUD]LRQH H FRPSOHVVLWj GHOOD FDYLWj ORFDOL]]D]LRQH HG
DFFHVVRQXPHURGL UHVWDXULQHOODVWHVVD DUFDWD UDSSRUWLFRQLGHQWLDSSURVVLPDOLHGDQWDJRQLVWLHWj
GHO SD]LHQWH  H VRJJHWWLYL GHO SD]LHQWH DFFHWWD]LRQH GHO SURYYLVRULR ULFKLHVWH HVWHWLFKH SL R PHQR
LPSRUWDQWLSUREOHPLGLWHPSRHGLVWDQ]DGLVSRQLELOLWjHFRQRPLFKH 
,PSRUWDQWHqDQFKHODGLPHQVLRQHGHOODFDYLWjUHVLGXD 6XUPRQW 

,Q JHQHUH XQ UHVWDXUR LQGLUHWWR SXz HVVHUH PDJJLRUPHQWH LQYDVLYR ULVSHWWR DG XQ UHVWDXUR GLUHWWR
$QXVDYLFH(OGHUWRQ0M|U6XUPRQW 
1HOOD WHUDSLD GL OHVLRQL FDULRVH GL OLPLWDWD HVWHQVLRQH q SUHIHULELOH O¶HVHFX]LRQH GL UHVWDXUL GLUHWWL
.UHMFL6XUPRQW 
'L IURQWH D OHVLRQL FDULRVH PHGLRJUDQGL q SRVVLELOH RSWDUH SHU UHVWDXUL LQGLUHWWL FKH FRQVHQWRQR XQ
PLJOLRUULSULVWLQRPRUIRORJLFRGHOO¶HOHPHQWRGHQWDOHFRPSURPHVVR 3DOOHVHQ 
/D FRPSOHWD ULPR]LRQH GHO WHVVXWR GHPLQHUDOL]]DWR HG LQIHWWR UDSSUHVHQWD OR VFRSR GHOOD WHUDSLD
FRQVHUYDWLYD .LGG<LS 
/D GHQWLQD UDPPROOLWD SXz HVVHUH HVFDYDWD VLD FRQ IUHVH PRQWDWH VX PDQLSROR D EDVVDEDVVLVVLPD
YHORFLWjFKHFRQVWUXPHQWLPDQXDOL 6PDOHV 

ϲϱ


75


,QFDVRGLFDULHPROWRSURIRQGHpSLSUXGHQWHHVFDYDUHJOLXOWLPLVWUDWLFRQVWUXPHQWLDPDQRSRLFKp
FRQVHQWHQGR XQ PDJJLRU FRQWUROOR GHL PRYLPHQWL SHUPHWWRQR GL OLPLWDUH L ULVFKL GL HVSRVL]LRQL
DFFLGHQWDOLGHOODSROSD :HHUKHLMP 
/DGHQWLQDYDHVFDYDWDILQRDTXDQGRQRQVLLQFRQWUDXQWHVVXWRGXURHFRPSDWWR :HHUKHLMP 
5LPRVVD OD GHQWLQD UDPPROOLWD OD SROSD YD DGHJXDWDPHQWH SURWHWWD FRQ PRGDOLWj H PDWHULDOL D
GLVFUH]LRQH GHO VLQJROR RSHUDWRUH %UDQQVWURP  %UDQQVWURP  %UDQQVWURP 
%UDQQVWURP  %UDQQVWURP  %UDQQVWURP  %UDQQVWURP  *DUEHURJOLR 
/HLQIHOGHU/HLQIHOGHU6WUDVVOHU 


/D SUHSDUD]LRQH FDYLWDULD GHYH HVVHUH OD SL FRQVHUYDWLYD SRVVLELOH FRPSDWLELOPHQWH FRQ
O¶HVWHQVLRQH GHO SURFHVVR FDULRVR H FRQ LO PDWHULDOH H OD WHFQLFD GLUHWWD R LQGLUHWWD  VFHOWD
GDOO¶RSHUDWRUH

/DFRUUHWWDULILQLWXUDGHLPDUJLQLqUDFFRPDQGDWDSHUPLJOLRUDUHO¶DGDWWDPHQWRPDUJLQDOHHOD
ORQJHYLWjGHOUHVWDXUR

/DULPR]LRQHGHOODFDULHqXQDWDSSDIRQGDPHQWDOHGHOODWHUDSLDFRQVHUYDWLYD

7XWWRLOWHVVXWRUDPPROOLWRYDDVSRUWDWRILQRDOUDJJLXQJLPHQWRGLGHQWLQDFOLQLFDPHQWHVDQDH
QRQGHPLQHUDOL]]DWDSULPDGHOUHVWDXURGHILQLWLYR

,OFRORUHGHOODGHQWLQDQRQUDSSUHVHQWDXQDLQGLFD]LRQHGLDJQRVWLFD

,Q PHULWR DL PDWHULDOL GD XWLOL]]DUH p HVVHQ]LDOH VHJXLUH VFUXSRORVDPHQWH OH LQGLFD]LRQL G¶XVR H LO
PRGRGLLPSLHJR WHPSLGLDSSOLFD]LRQHUDSSRUWLGLPLVFHOD]LRQHHFF VWDELOLWLGDOOHVLQJROHD]LHQGH
SURGXWWULFL $QXVDYLFH)HUUDUL.LOGDO.UHMFL6ZLIW8QWHUEULQN
:DWWV 
3HULOUHVWDXURGLUHWWRGHJOLHOHPHQWLFDULDWLGHLVHWWRULIURQWDOLOHUHVLQHFRPSRVLWHFRQJLXQWDPHQWHDG
XQ DGHJXDWR VLVWHPD DGHVLYR UDSSUHVHQWDQR LO PDWHULDOH GL SULPD VFHOWD 'DYLV  +LWPL 
.RF]DUVNL.UDPHU1HZPDQ1LFRODLVHQ3RUWDOLHU3HXPDQV 

ϲϲ


76


3HU TXDQWR ULJXDUGD O¶XVR GHOO¶DPDOJDPD VL ULPDQGD DO GHFUHWR GHO 0LQLVWHUR GHOOD 6DOXWH GHO 
RWWREUH
$QFKHOHUHVLQH FRPSRVLWHFRPELQDWH FRQO¶XVR GHJOL DGHVLYLGHQWLQDOLKDQQRGDWRSURYDGLEXRQL
ULVXOWDWLFOLQLFLDGLVWDQ]DVXSUHPRODULHPRODUL &ROOLQV+LFNHO+LFNHO3ODVPDQV
 4YLVW  7LPRWK\  7REL  9DQ 0HHUEHHN  :HQGW   ,O ORUR
SRVL]LRQDPHQWRFRUUHWWRULFKLHGHWXWWDYLDPDJJLRUDWWHQ]LRQHHGXQDWHFQLFDRSHUDWLYDSLFRPSOHVVD
ULVSHWWRDOO¶XVRGHOO¶DPDOJDPD &KULVWHQVHQ)UHQFNHQ/LEHUPDQ6PDOHV9DQ
GHU0HUZH 
,FHPHQWLYHWURLRQRPHULFLUHVLQRVLSRVVRQRHIILFDFHPHQWHHVVHUHXWLOL]]DWLLQSHGRGRQ]LDSHUUHVWDXUL
DFDULFRGLGHQWLGHFLGXLRFRPHWUDWWDPHQWRSUHYHQWLYRLQVRJJHWWLVYDQWDJJLDWL %HQ]%XUNH
)UHHGPDQ)UHQFNHQ+DZWKRUQH+DVVHOURW+LFNHO+LFNHO
+LFNHO+LFNHO+LWPL.DQFD/HLQIHOGHU/LEHUPDQ0DQKDUW
0DLU0DUWLQ0F.LQOD\0M|U1RUGER6PDOHV 
, UHVWDXUL LQ RUR IXVR FRQWLQXDQR D UDSSUHVHQWDUH XQD RS]LRQH WHUDSHXWLFD DIILGDELOH &KULVWHQVHQ
 'DYLV  'LHWVFKL  /HLQIHOGHU  0F/DUHQ  0M|U  6WUDVVOHU 
7XFNHU $FFDQWRDTXHVWLJOLLQWDUVLLQFHUDPLFDHGLQUHVLQDFRPSRVLWDFHPHQWDWLFRQWHFQLFD
DGHVLYDKDQQRUDJJLXQWRVLJQLILFDWLYLOLYHOOLGLDIILGDELOLWjFOLQLFD $EHO%HKOH&KDOLIRX[
-RNVWDG/DF\0DLU3RZHUV5DVNLQ5HHV:DVVHOO 
*OL DGHVLYL GHQWLQDOL UDSSUHVHQWDQR XQ¶HFFHOOHQWH PRGDOLWj GL DQFRUDJJLR GHL PDWHULDOL DL WHVVXWL
GHQWDUL &KDUOWRQ'HJUDQJH'RQRYDQ(LFN)UDQNHQEHUJHU+XWK
.UHXOHQ  0M|U  3DVKOH\  6ZLIW   /¶D]LRQH GHL YDUL SURGRWWL FKLPLFL FKH
PRGLILFDQR OD GHQWLQD H OR VPDOWR SHU IDYRULUQH O¶DGHVLRQH FRQ OD UHVLQD FRPSRVLWD q IRUWHPHQWH
GLVWXUEDWD GD LQTXLQDPHQWL HVWHUQL VDQJXH VDOLYD HWF  +LFNHO  /LEHUPDQ  /LHEHQEHUJ
6FKHLEHQERJHQ)XFKVEUXQQHU 
8QFRUUHWWRLVRODPHQWRGHOFDPSRRSHUDWRULRqIRUWHPHQWHFRQVLJOLDWR 5RXOHW6PDOHV 


5LFRVWUX]LRQHSUHSURWHVLFDGHOGHQWHWUDWWDWRHQGRGRQWLFDPHQWH

,OUHVWDXURSUHSURWHVLFRSXzHVVHUHHVHJXLWRFRQDPDOJDPDFRQRVHQ]DDQFRUDJJLRULWHQXWDGDXQ
SHUQR FDQDODUH SUHIDEEULFDWR FRQ UHVLQD FRPSRVLWD H XQ SHUQR LQ UHVLQD H ILEUH GL YHWUR FHPHQWDWR
DGHVLYDPHQWHFRQFHPHQWRUHVLQRVRDXWRSROLPHUL]]DELOHFRQXQSHUQRPRQFRQHIXVR
/D PHWRGLFD DGHVLYD VHPEUD JDUDQWLUH ROWUHFKq XQ OHJDPH FKLPLFRPHFFDQLFR FRQ OD GHQWLQD XQD
PDJJLRUHFRQVHUYD]LRQHGHOODVWHVVD $VVLI6RUQNXO 
ϲϳ


77


,O SHUQR QRQ GHYH HVVHUH FRQVLGHUDWR XQ ULQIRU]R GHO GHQWH TXDQWR XQ VXSSRUWR SHU LO PDWHULDOH GD
ULFRVWUX]LRQH 0HQWLQN 
/¶XWLOL]]R GHO SHUQR q QHFHVVDULR TXDQGR O¶DOWH]]D GHOOD FDPHUD SXOSDUH q ULGRWWD QHL PRODUL  R
TXDQGRUHVLGXDQRPHQRGLWUHSDUHWLDOLYHOORFRURQDOH SUHPRODULHGDQWHULRUL  +HOIHU5DQGRZ
 
/DVXFFHVVLYDSUHSDUD]LRQHSURWHVLFDGRYUHEEHVHJXLUHLOSULQFLSLRGHOODFRQVHUYD]LRQHGLGHQWLQDD
OLYHOORFHUYLFDOHVHPEUDLQIDWWLFKHXQD]RQDGLDEEUDFFLRGHQWLQDOHFRURQDOH FHUFKLDJJLRFHUYLFDOH 
LQFUHPHQWL VLJQLILFDWLYDPHQWH OD SUREDELOLWj GL VRSUDYYLYHQ]D GL TXHVWL HOHPHQWL GHQWDUL +DQVHQ
6RUHQVHQ 
1HL FDVL LQ FXL QRQ VLD SRVVLELOH HVHJXLUH XQ FHUFKLDJJLR FHUYLFDOH q SUREDELOPHQWH FRQVLJOLDELOH
ULFRUUHUHDGXQLQWHUYHQWRSDURGRQWDOHGLDOOXQJDPHQWRGLFRURQDFOLQLFDHRODGGRYHLQGLFDWRDGXQD
HVWUXVLRQHRUWRGRQWLFD +DQVHQ6RUHQVHQ 
7XWWLLUHVWDXULGLTXDOVLDVLPDWHULDOHVLDQRIDWWLYDQQRULILQLWLHOXFLGDWL /XW] 
/D ULILQLWXUD H OD OXFLGDWXUD VL HVHJXRQR FRQ VWUXPHQWL H IUHVH DG D]LRQH GL WDJOLR GHFUHVFHQWH
+HUUJRWW.UHMFL/XW] 
8QDVXSHUILFLHOLVFLDHOHYLJDWDpPHQRULWHQWLYDSHUODSODFFDEDWWHULFDHFRQWULEXLVFHDOO¶RWWHQLPHQWR
GLXQEXRQDGDWWDPHQWRPDUJLQDOH %ULDQG+RQGUXP2
%ULHQ6FKPLG 

8QDYROWDWHUPLQDWRLOSHUFRUVRWHUDSHXWLFRFRQVHUYDWLYRDOSD]LHQWHYDFRQVLJOLDWRXQSURJUDPPDGL
PDQWHQLPHQWRFKHSUHYHGDYLVLWHGLFRQWUROORHVHGXWHGLLJLHQHRUDOHSURIHVVLRQDOHFRQO¶HYHQWXDOH
DSSOLFD]LRQH WRSLFD GL IOXRUXUL $[HOVVRQ  $[HOVVRQ  $[HOVVRQ   /D SUHVHQ]D
LQFRQWUROODWD GL SODFFD EDWWHULFD RYYLDPHQWH DXPHQWD LO ULVFKLR GL FDULH VHFRQGDULD SHU TXDOXQTXH
UHVWDXUR  0DUWKDOHU   /D FROODERUD]LRQH GHO SD]LHQWH q TXLQGL GLVFULPLQDQWH SRVLWLYD SHU LO
VXFFHVVRQHOWHPSRGHOODWHUDSLDFRQVHUYDWLYD


/¶LQVHU]LRQH H OD PDQLSROD]LRQH FRUUHWWD GHO PDWHULDOH UDSSUHVHQWDQR XQ SXQWR FULWLFR
QHOO¶HVHFX]LRQHGLTXDOXQTXHUHVWDXUR

,OUHVWDXURQRQGHYHLQWHUIHULUHFRQOHGLQDPLFKHRFFOXVDOL

,PDUJLQLFHUYLFDOLGHYRQRHVVHUHFRQWRUQDWLLQPRGRGDQRQLUULWDUHLWHVVXWLSDURGRQWDOL

ϲϴ


78


8QUHVWDXURGDOODVXSHUILFLHOLVFLDHOHYLJDWDqPHQRULWHQWLYRSHUODSODFFDEDWWHULFD&LzULGXFH
LOULVFKLRGLUHFLGLYHFDULRVHHGLLQILDPPD]LRQHGHLWHVVXWLPDUJLQDOL

8Q FRQWUROOR SHULRGLFR HG HYHQWXDOH ULOXFLGDWXUD GHL UHVWDXUL FRQWULEXLVFH DG XQD PDJJLRUH
GXUDWDGHJOLVWHVVL

%LEOLRJUDILD

$EHO0*,QRIILFHLQOD\VZLWKWRGD\
VQHZPDWHULDOV'HQW&OLQ1RUWK$P

$FFDGHPLD,WDOLDQDGL&RQVHUYDWLYD2GRQWRLDWULD5HVWDXUDWLYDSURFHGXUHGLWUDWWDPHQWRHSURVSHWWLYH
IXWXUH(G(OVHYLHU0DVVRQ

$FFDGHPLD,WDOLDQDGL&RQVHUYDWLYD2GRQWRLDWULD5HVWDXUDWLYDSURFHGXUHGLWUDWWDPHQWRHSURVSHWWLYH
IXWXUH(G(OVHYLHU0DVVRQ

$QXVDYLFH.-0DQDJHPHQWRIGHQWDOFDULHVDVDFKURQLFLQIHFWLRXVGLVHDVH-RI'HQW(GXF


$QXVDYLFH.-&ULWHULDIRUVHOHFWLRQRIUHVWRUDWLYHPDWHULDOVSURSHUWLHVYHUVXVWHFKQLTXHVHQVLWLYLW\LQ
$QXVDYLFH.- HG 4XDOLW\(YDOXDWLRQRI'HQWDO5HVWRUDWLRQV&ULWHULDIRU3ODFHPHQWDQG5HSODFHPHQW
&KLFDJR4XLQWHVVHQFH3XEO&RSS

$QXVDYLFH.-0DWHULDORIWKHIXWXUHSUHVHUYDWLYHRUUHVWRUDWLYH"2SHUDWLYH'HQWLVWU\

$VVLI'2UHQ(0DUVKN%/3KRWRHODVWLFDQDO\VLVRIVWUHVVWUDQVIHULQHQGRGRQWLFDOO\WUHDWHGWHHWKWRWKH
VXSSRUWLQJVWUXFWXUHXVLQJGLIIHUHQWUHVWRUDWLYHWHFQLTXH-3URVWKHW'HQW

$[HOVVRQ3/LQGKH-1\VWU|P02QWKHSUHYHQWLRQRIFDULHVDQGSHULRGRQWDOGLVHDVH5HVXOWVRID\HDU
ORQJLWXGLQDOVWXG\LQDGXOWV-&OLQ3HULRG

$[HOVVRQ3/LQGKH-(IIHFWRIFRQWUROOHGRUDOK\JLHQHSURFHGXUHVRQFDULHVDQGSHULRGRQWDOGLVHDVHLQDGXOWV
-&OLQ3HULRG

$[HOVVRQ3/LQGKH-(IIHFWRIFRQWUROOHGRUDOK\JLHQHSURFHGXUHVRQFDULHVDQGSHULRGRQWDOGLVHDVHLQDGXOWV
5HVXOWVDIWHU\HDUV-&OLQ3HULRG

%HKOH&$&RQVHUYDWLYHGLUHFWDQGLQGLUHFWUHVLQSRVWHULRUUHVWRUDWLYHDOWHUQDWLYHVIRUFUDFNHGGHQWLWLRQ3UDFW
3HULRGRQWLFV$HVWKHW'HQW

%HQQ'.&ODUN7''DQNHO''QG.RVWHZLF]6+3UDFWLFDODSSURDFKWRHYLGHQFHEDVHGPDQDJHPHQWRI
FDULHV-$P&ROO'HQW6SULQJ  

%HQ]&*XVW&)ROZDF]Q\0%HQ]%+LFNHO5&OLQLFDOHYDOXDWLRQRIDFRPSRPHUPDWHULDOLQ&ODVV,,
UHVWRUDWLRQV DEVWUDFW -'HQW5HV VSHFLDOLVVXH$ 

%HUJOXQG$0ROLQ00HUFXU\OHYHOVLQSODVPDDQGXULQHDIWHUUHPRYDORIDOODPDOJDPUHVWRUDWLRQVWKH
HIIHFWRIXVLQJUXEEHUGDPV'HQW0DWHU6HS  

ϲϵ


79


%UDQQVWURP0,VDFVVRQ*-RKQVRQ*7KHHIIHFWRIFDOFLXPK\GUR[LGHDQGIOXRULGHVRQKXPDQGHQWLQH$FWD
2GRQWRO6FDQG  

%UDQQVWURP01\ERUJ+%DFWHULDOJURZWKDQGSXOSDOFKDQJHVXQGHULQOD\VFHPHQWHGZLWK]LQFSKRVSKDWH
FHPHQWDQG(SR[\OLWH&%$-3URVWKHW'HQW0D\  

%UDQQVWURP01\ERUJ+-3XOSUHDFWLRQWRDWHPSRUDU\]LQFR[LGHHXJHQROFHPHQW3URVWKHW'HQW
)HE  

%UDQQVWURP01\ERUJ+&DYLW\WUHDWPHQWZLWKDPLFURELFLGDOIOXRULGHVROXWLRQJURZWKRIEDFWHULDDQG
HIIHFWRQWKHSXOS-3URVWKHW'HQW6HS  

%UDQQVWURP01\ERUJ+3XOSUHDFWLRQWRIOXRULGHVROXWLRQDSSOLHGWRGHHSFDYLWLHVDQH[SHULPHQWDO
KLVWRORJLFDOVWXG\-'HQW5HV1RY'HF  

%UDQQVWURP09RMLQRYLF25HVSRQVHRIWKHGHQWDOSXOSWRLQYDVLRQRIEDFWHULDDURXQGWKUHHILOOLQJPDWHULDOV
-'HQW&KLOG0DU$SU  

%UDQQVWURP0$QHZDSSURDFKWRLQVXODWLRQ'HQW3UDFW'HQW5HF$XJ  

%ULDQG'(/HVFRPSRVLWHG
REWXUDWLRQpWXGHH[SpULPHQWDOHGHODILQLWLRQGHVVXUIDFHVSDUDEUDVLRQ
$FWXDOLWpV2GRQWR6WRPDWRORJLTXHV

%XUNH)-7&KHXQJ6:0M|U,$:LOVRQ1+)5HVWRUDWLRQORQJHYLW\DQGDQDO\VLVRIUHDVRQVIRUWKH
SODFHPHQWDQGUHSODFHPHQWRIUHVWRUDWLRQVSURYLGHGE\YRFDWLRQDOGHQWDOSUDFWLWLRQHUVDQGWKHLUWUDLQHUVLQ
8QLWHG.LQJGRP4XLQWHVVHQFH,QW

&DXILHOG3:'HQWDOFDULHVDWUDQVPLVVLEOHDQGLQIHFWLRXVGLVHDVHUHYLVLWHGDSRVLWLRQSDSHU3HGLDWULFGHQW


&KDOLIRX[357UHDWPHQWFRQVLGHUDWLRQVIRUSRVWHULRUODERUDWRU\IDEULFDWHGFRPSRVLWHUHVLQUHVWRUDWLRQV
3UDFW3HULRGRQWLFV$HVWKHW'HQW

&KDUOWRQ'*'HQWLQERQGLQJSDVWDQGSUHVHQW*HQ'HQW

&KULVWHQVHQ*-7KHFRPLQJGHPLVHRIWKHFDVWJROGUHVWRUDWLRQ"-$P'HQW$VVRF

&KULVWHQVHQ*-&DYLW\SUHSDUDWLRQFXWWLQJRUDEUDVLRQ"-$'$

&KULVWHQVHQ*-&XUUHQWXVHRIWRRWKFRORUHGLQOD\VRQOD\VDQGGLUHFWSODFHPHQWUHVLQV-(VWKHW'HQW


&KULVWHQVHQ*-8VLQJUXEEHUGDPVWRERRVWTXDOLW\TXDQWLW\RIUHVWRUDWLYHVHUYLFHV-$P'HQW$VVRF
-DQ  

&LDQFLR6*0HGLFDWLRQVDVDULVNIDFWRUIRUFDULHVDQGSHULRGRQWDOGLVHDVH1<6'HQW-

&ROOLQV&-%U\DQW5:+RGJH./$FOLQLFDOHYDOXDWLRQRISRVWHULRUFRPSRVLWHUHVLQUHVWRUDWLRQV\HDU
ILQGLQJV-'HQW

&XULORYLF=6D[HU830DUWKDOHU705DGLRORJLVFKH.DULHVOlVLRQLP6FKPHO]IOOHQRGHUDEZDUWHQ"
6FKZHL]0RQDWVVFKU=DKQPHG

'DYLV6+([FHOOHQFHLQGHQWLVWU\SRVWHULRUUHKDELOLWDWLRQXVLQJFDVWJROGRQOD\V'HQW0DQDJH


ϳϬ


80


'H$UDXMR)%5RVLWR'%7RLJR(GRV6DQWRV&.'LDJQRVLVRIDSSUR[LPDOFDULHVUDGLRJUDSKLFYHUVXV
FOLQLFDOH[DPLQDWLRQXVLQJWRRWKVHSDUDWLRQ$P-'HQW2FW  

GH9ULHV+&5XLNHQ+0.RQLJ.*YDQ
W+RI0$5DGLRJUDSKLFYHUVXVFOLQLFDOGLDJQRVLVRIDSSUR[LPDO
FDULRXVOHVLRQV&DULHV5HV  

'HJUDQJH0&RURQDOILOOLQJELRPDWHULDOV&ULWHULDIRUVHOHFWLRQ5HDO&OLQ

'LHWVFKL''H6LHEHQWKDO*1HYHX5RVHQVWDQG/+RO]-,QIOXHQFHRIWKHUHVWRUDWLYHWHFKQLTXHDQGQHZ
DGKHVLYHVRQWKHGHQWLQPDUJLQDOVHDODQGDGDSWDWLRQRIUHVLQFRPSRVLWH&ODVV,,UHVWRUDWLRQVDQLQYLWUR
HYDOXDWLRQ4XLQWHVVHQFH,QW

'RQRYDQ7(&KR*&0DWHULDOVIRUFRQVHUYDWLYHSRVWHULRUUHVWRUDWLRQV-&DOLI'HQW$VVRF6HS
 

'RUIHU&(6FKULHYHU$+HLGHPDQQ'6WDHKOH+-3LRFK7,QIOXHQFHRIUXEEHUGDPRQWKHUHFRQVWUXFWLRQRI
SUR[LPDOFRQWDFWVZLWKDGKHVLYHWRRWKFRORUHGUHVWRUDWLRQV-$GKHV'HQW6XPPHU  

'RZQHU0&:RUWKLQJWRQ+97KHVWDWXVRIELWHZLQJUDGLRJUDSKVLQHQKDQFLQJGLVFULPLQDWRU\DELOLW\LQ
FDULHVSURSK\ODFWLFFOLQLFDOWULDOV&DULHV5HV  

(GJDU:0+LJKDP605ROHRIVDOLYDLQFDULHVPRGHOV$GYLQ'HQW5HV

(GZDUG6&KDQJHVLQFDULHVGLDJQRVWLFFULWHULDRYHUWLPHUHODWHGWRWKHLQVHUWLRQRIILOOLQJV$FRPSDUDWLYH
VWXG\$FWD2GRQWRO6FDQG-DQ   

(LFN-'*ZLQQHWW$-3DVKOH\'+5RELQVRQ6-&XUUHQWFRQFHSWVRQDGKHVLRQWRGHQWLQ&ULW5HY2UDO%LRO
0HG

(OGHUWRQ5-0M|U,$&KDQJLQJVFHQHLQFDULRORJ\DQGRSHUDWLYHGHQWLVWU\,QW'HQW-

(OGHUWRQ5-$VVHVVPHQWDQGFOLQLFDOPDQDJHPHQWRIHDUO\FDULHVLQ\RXQJDGXOWVLQYDVLYHYHUVXVQRQ
LQYDVLYHPHWKRGV%U'HQW-

(OGHUWRQ5-$VVHVVPHQWDQGFOLQLFDOPDQDJHPHQWRIHDUO\FDULHVLQ\RXQJDGXOWVLQYDVLYHYHUVXVQRQ
LQYDVLYHPHWKRGV%U'HQW-

)HMHUVNRY26WUDWHJLHVLQWKHGHVLJQRISUHYHQWLYHSURJUDPV$GYLQ'HQW5HV

)HUUDUL0.XJHO*+DQGOLQJFKDUDFWHULVWLFVRIUHVLQFRPSRVLWHVLQSRVWHULRUWHHWK&RPSHQG&RQWLQ(GXF
'HQW6HS  

)RUJLH$+3LQH&03LWWV1%7KHXVHRIPDJQLILFDWLRQLQDSUHYHQWLYHDSSURDFKWRFDULHVGHWHFWLRQ
4XLQWHVVHQFH,QW-DQ  

)UDQNHQEHUJHU56LQGHO-.UDPHU13HWVFKHOW$'HQWLQERQGVWUHQJWKDQGPDUJLQDODGDSWDWLRQGLUHFW
FRPSRVLWHUHVLQVYVFHUDPLFLQOD\V2SHU'HQW

)UHHGPDQ**ROGVWHS)6HLI73DNURR-8OWUDFRQVHUYDWLYHUHVLQUHVWRUDWLRQV-&DQ'HQW$VVRF1RY
  

)UHHGPDQ**ROGVWHS))LIWKJHQHUDWLRQERQGLQJV\VWHPVVWDWHRIWKHDUWLQDGKHVLYHGHQWLVWU\-&DQ'HQW
$VVRF-XQ  

)UHQFNHQ-R(7KH$57DSSURDFKXVLQJJODVVLRQRPHUVLQUHODWLRQWRJOREDORUDOKHDOWKFDUH'HQWDO
0DWHULDOV±

*DUEHURJOLR5/DSURWH]LRQHGHOODSROSD$WWXDO'HQW'HF  
ϳϭ


81



+DDN5:LFKW0-+HOOPLFK0*RVVPDQQ$1RDFN0-7KHYDOLGLW\RISUR[LPDOFDULHVGHWHFWLRQXVLQJ
PDJQLI\LQJYLVXDODLGV&DULHV5HV-XO$XJ  

+DOOHU%.ODLEHU%7HQV.'(LQIOXVVGHU.DYLWlWHQILQLHUXQJDXIGDVLQLWLDOH$EGLFKWXQJVYHUP|JHQYRQ
$PDOJDPIOOXQJHQLQYLWUR6FKZHL]0RQDWVVFKU=DKQPHG

+DQVHQ(.$VPXVVHQ(&KULVWLDQVHQ1&,QYLYRIUDFWXUHVRIHQGRGRQWLFDOO\WUHDWHGSRVWHULRUWHHWKUHVWRUHG
ZLWKDPDOJDP(QGRG'HQW7UDXP

+DVVHOURW/7XQQHOUHVWRUDWLRQVLQSHUPDQHQWWHHWK$\HDUIROORZXSVWXG\6ZHG'HQW-

+DXVHQ+&DULHVSUHGLFWLRQVWDWHRIWKHDUW&RPP'HQW 2UDO(SLGHP

+DZWKRUQH:66PDOHV5-)DFWRUVLQIOXHQFLQJORQJWHUPUHVWRUDWLRQVXUYLYDOLQWKUHHSULYDWHGHQWDO
SUDFWLFHVLQ$GHODLGH$XVW'HQW-

+HOIHU$50HOQLN66FKLOGHU+'HWHUPLQDWLRQRIWKHPRLVWXUHFRQWHQWRIYLWDODQGSXOSOHVVWHHWK2UDO6XUJ


+HUUJRWW$1=LHPLHFNL7/'HQQLVRQ-%$QHYDOXDWLRQRIGLIIHUHQWFRPSRVLWHUHVLQV\VWHPVILQLVKHGZLWK
YDULRXVDEUDVLYHV-$'$

+HZOHWW(5&R[&)&OLQLFDOFRQVLGHUDWLRQVLQDGKHVLYHUHVWRUDWLYHGHQWLVWU\LQIOXHQFHRIDGMXQFWLYH
SURFHGXUHV-&DOLI'HQW$VVRF-XQ  

+LFNHO5+HLGHPDQQ'6WDHKOH+-0LQQLJ3:LOVRQ1+)'LUHFWFRPSRVLWHUHVWRUDWLRQV([WHQGHG
XVHLQDQWHULRUDQGSRVWHULRUVLWXDWLRQV&OLQ2UDO,QYHVW±

+LFNHO5'DVFK:-DQGD57\DV0$QXVDYLFH.1HZGLUHFWUHVWRUDWLYHPDWHULDOV,QW'HQW-


+LFNHO50DQKDUW-*DUFLD*RGR\)&OLQLFDOUHVXOWVDQGQHZGHYHORSPHQWVRIGLUHFWSRVWHULRUUHVWRUDWLRQV
$P-'HQW VSHFLDOLVVXH 1RY

+LFNHO50DQKDUW-/RQJHYLW\RIUHVWRUDWLRQVLQSRVWHULRUWHHWKDQGUHDVRQVIRUIDLOXUH-$GKHVLYH'HQW


+LFNHO53HWVFKHOW$0DLHU-9RVV$6DXWHU01DFKXQWHUVXFKXQJYRQ)XOOXQJHQPLW&HUPHW=HPHQW
.HWDF6LYHU 'WVFK=DKQDU]WO=

+LFNHO57ZR\HDUFOLQLFDOHYDOXDWLRQRIGLUHFWDQGLQGLUHFWFRPSRVLWHUHVWRUDWLRQVLQSRVWHULRUWHHWK-
3URVWKHW'HQW

+LQW]H+:HQ]HO$'DQLHOVHQ%%HKDYLRXURIDSSUR[LPDOFDULRXVOHVLRQVDVVHVVHGE\FOLQLFDOH[DPLQDWLRQ
DIWHUWRRWKVHSDUDWLRQDQGUDGLRJUDSK\D\HDUORQJLWXGLQDOVWXG\LQ\RXQJDGXOWV&DULHV5HV1RY
'HF  

+LQW]H+:HQ]HO$&OLQLFDOO\XQGHWHFWHGGHQWDOFDULHVDVVHVVHGE\ELWHZLQJVFUHHQLQJLQFKLOGUHQZLWKOLWWOH
FDULHVH[SHULHQFH'HQWRPD[LOORIDF5DGLRO)HE  

+LQW]H+6FUHHQLQJZLWKFRQYHQWLRQDODQGGLJLWDOELWHZLQJUDGLRJUDSK\FRPSDUHGWRFOLQLFDOH[DPLQDWLRQ
DORQHIRUFDULHVGHWHFWLRQLQORZULVNFKLOGUHQ&DULHV5HV  

+LUW7/XW])&RQVHUYDWLYH$PDOJDP5HVWRUDWLRQ6FKZHL]0RQDWVVFKU=DKQPHG

+LWPL/$WWDO-3'HJUDQJH0,QIOXHQFHRIWKHWLPHSRLQWRIVDOLYDU\FRQWDPLQDWLRQRQGHQWLQVKHDUERQG
VWUHQJWKRIGHQWLQDGKHVLYHV\VWHPV-$GKHV'HQW  
ϳϮ


82


+LWPL/$WWDO-3'HJUDQJH0,QIOXHQFHRIWKHWLPHSRLQWRIVDOLYDU\FRQWDPLQDWLRQRQGHQWLQVKHDUERQG
VWUHQJWKRIGHQWLQDGKHVLYHV\VWHPV-$GKHV'HQW  

+RQGUXP62)HUQDQGq]5&RQWRXULQJILQLVKLQJDQGSROLVKLQJFODVVUHVWRUDWLYHPDWHULDOV2SHU'HQW


+XWK.6HOEHUWLQJHU6.XQ]HOPDQQ.++LFNHO5&RPSRPHUVIRUFODVV,,,UHVWRUDWLRQV±5HVXOWVDIWHU
PRQWKV DEVWUDFW -'HQW5HV VSHFLDOLVVXH 

+X\VPDQV0&/RQJERWWRP&3LWWV1(OHFWULFDOPHWKRGVLQRFFOXVDOFDULHVGLDJQRVLV$QLQYLWUR
FRPSDULVRQZLWKYLVXDOLQVSHFWLRQDQGELWHZLQJUDGLRJUDSK\&DULHV5HV  

,H</9HUGRQVFKRW(+6FKDHNHQ0-0YDQ¶W+RI0$(OHFWULFDOFRQGXFWDQFHRIILVVXUHHQDPHOLQUHFHQWO\
HUXSWHGPRODUWHHWKDVUHODWHGWRFDULHVVWDWXV&DULHV5HV

-RNVWDG$0MRU,$1LOQHU..DSLQJ6&OLQLFDOSHUIRUPDQFHRIWKUHHDQWHULRUUHVWRUDWLYHPDWHULDOVRYHU
\HDUV4XLQWHVVHQFH,QW

.DQFD-2QHVWHSERQGVWUHQJWKWRHQDPHODQGGHQWLQ$P-'HQW

.LGG($07RIIHQHWWL)0M|U,$6HFRQGDU\FDULHV,QW'HQW-

.LGG($05LFNHWWV'1-%HLJKWRQ'&ULWHULDIRUFDULHVUHPRYDODWWKHHQDPHOGHQWLQHMXQFWLRQDFOLQLFDO
DQGPLFURELRORJLFDOVWXG\%U'HQW-

.LHOEDVVD$03DULV6/XVVL$0H\HU/XHFNHO+(YDOXDWLRQRIFDYLWDWLRQVLQSUR[LPDOFDULHVOHVLRQVDW
YDULRXVPDJQLILFDWLRQOHYHOVLQYLWUR-'HQW1RY  (SXE0D\

.LOGDO..5X\WHU,(+RZGLIIHUHQWFXULQJPHWKRGVDIIHFWPHFKDQLFDOSURSHUWLHVRIFRPSRVLWHVIRULQOD\V
ZKHQWHVWHGLQGU\DQGZHWFRQGLWLRQV(XU-2UDO6FL$XJ  

.RF]DUVNL0-8WLOL]DWLRQRIFHURPHULQOD\VRQOD\VIRUUHSODFHPHQWRIDPDOJDPUHVWRUDWLRQV3UDFW
3HULRGRQWLFV$HVWKHW'HQW

.|QLJ.-5HPLQHUDOL]DWLRQ)LUPHQSXEOLNDWLRQ(OLGD&RVPHWLF$J,6%16FKZHL]

.UDPHU1.XQ]HOPDQQ.+0XPHVRKQ03HOND03HWVFKHOW$/DQJ]HLW(UIDKUXQJHQPLW&HUPHW
=HPHQWIXOOXQJHQLQ.ODVVH,,,.DYLWDWHQ'WVFK=DKQDU]WO=

.UHMFL,/XW]).RPSRVLWIOOXQJHQGDV;GHV$XVDUEHLWHQ6FKZHL]0RQDWVVFKU=DKQPHG


.UHMFL,6WDQGRUWEHVWLPPXQJLQGHU.RQVHUYLHUHQGHQ=DKQPHGL]LQ6FKZHL]0RQDWVVFKU=DKQPHG


.UHMFL,6WDQGRUWEHVWLPPXQJLQGHU.RQVHUYLHUHQGHQ=DKQPHGL]LQ6FKZHL]0RQDWVVFKU=DKQPHG


.UHPHUV/+DOEDFK6:LOOUXWK+0HKO$:HO]O*:DFN);+LFNHO5*UHLP+(IIHFWRIUXEEHUGDPRQ
PHUFXU\H[SRVXUHGXULQJDPDOJDPUHPRYDO(XU-2UDO6FL-XQ  

.UHXOHQ&0&UHXJHUV1+0HLMHULQJ$&0HWDDQDO\VLVRIDQWHULRUYHQHHUUHVWRUDWLRQVLQFOLQLFDOVWXGLHV-
'HQW

.XWVFK9.0LFURGHQWLVWU\DQHZVWDQGDUGRIFDUH-0DVV'HQW6RF:LQWHU  

/*'R$-6SHQFHU'+$VVRFLDWLRQEHWZHHQ'HQWDO&DULHVDQG)OXRURVLVDPRQJ6RXWK$XVWUDOLDQ
&KLOGUHQ&DULHV5HV±,
ϳϯ


83


/DF\$0$SSOLFDWLRQRIFRPSRVLWHUHVLQIRUVLQJOHDSSRLQWPHQWDQWHULRUDQGSRVWHULRUGLDVWHPDFORVXUH
3UDFW3HULRGRQWLFV$HVWKHW'HQW

/DVZHOO+5:HON'$5DWLRQDOHIRUGHVLJQLQJFDYLW\SUHSDUDWLRQV'HQW&OLQ1RUWK$P

/HLQIHOGHU.)$FRQVHUYDWLYHDSSURDFKWRSODFLQJSRVWHULRUFRPSRVLWHUHVLQUHVWRUDWLRQV-$'$


/HLQIHOGHU.)$QDOWHUQDWLYHDSSURDFKWRERQGLQJDQGSXOSDOSURWHFWLRQ'HQW7RGD\$SU  
,

/HLQIHOGHU.)&KDQJLQJUHVWRUDWLYHWUDGLWLRQVWKHXVHRIEDVHVDQGOLQHUV-$P'HQW$VVRF


/HLQIHOGHU.)&XUUHQWVWDWXVRIGHQWLQDGKHVLYHV\VWHPV$OSKD2PHJD

/LEHUPDQ5%HQ$PDU$+HUWHDQX/-XGHV+0DUJLQDOVHDORIFRPSRVLWHLQOD\VXVLQJGLIIHUHQW
SRO\PHUL]DWLRQWHFKQLTXHV-2UDO5HKDELO

/LEHUPDQ5-XGHV+&RKHQ((OL,5HVWRUDWLRQRISRVWHULRUSXOSOHVVWHHWKDPDOJDPRYHUOD\YHUVXVFDVW
JROGRQOD\UHVWRUDWLRQ-3URVWKHW'HQW

/LHEHQEHUJ:+'LUHFWLQGLUHFWUHVLQUHVWRUDWLRQDFDVHUHSRUWRIDFFHSWDEOHFRPSURPLVH-&DQ'HQW$VVRF


/RH+&KDQJLQJSDUDGLJPVLQUHVWRUDWLYHGHQWLVWU\-$P&ROO'HQW

/XVVL$*\JD[0,DWURJHQLFGDPDJHWRDGMDFHQWWHHWKGXULQJFODVVLFDODSSUR[LPDOER[SUHSDUDWLRQ-'HQW
-XO$XJ  

/XVVL$0HWKRGHQ]XU'LDJQRVHXQG9HUODXIVGLVJQRVHGHU.DULHV6FKZHL]0RQDWVVFKU=DKQPHG


/XW])6HWFRV-&3KLOOLSV5:1HZILQLVKLQJLQVWUXPHQWVIRUFRPSRVLWHUHVLQV-$'$

/\JLGDNLV1$2XOLV.,&KULVWRGRXOLGLV$(YDOXDWLRQRIILVVXUHVHDODQWVUHWHQWLRQIROORZLQJIRXUGLIIHUHQW
LVRODWLRQDQGVXUIDFHSUHSDUDWLRQWHFKQLTXHVIRXU\HDUVFOLQLFDOWULDO-&OLQ3HGLDWU'HQW)DOO  


/\JLGDNLV1$2XOLV.,&KULVWRGRXOLGLV$(YDOXDWLRQRIILVVXUHVHDODQWVUHWHQWLRQIROORZLQJIRXUGLIIHUHQW
LVRODWLRQDQGVXUIDFHSUHSDUDWLRQWHFKQLTXHVIRXU\HDUVFOLQLFDOWULDO-&OLQ3HGLDWU'HQW)DOO  


0DFKLXOVNLHQH91\YDG%%DHOXP9$FRPSDULVRQRIFOLQLFDODQGUDGLRJUDSKLFFDULHVGLDJQRVHVLQ
SRVWHULRUWHHWKRI\HDUROG/LWKXDQLDQFKLOGUHQ&DULHV5HV6HS2FW  

0DLU/+7HQ\HDUFOLQLFDODVVHVVPHQWRIWKUHHSRVWHULRUUHVLQFRPSRVLWHVDQGWZRDPDOJDPV4XLQWHVVHQFH
,QW

0DOD6/\QFK&'%XUNH)0'XPPHU30$WWLWXGHVRIILQDO\HDUGHQWDOVWXGHQWVWRWKHXVHRIUXEEHUGDP
,QW(QGRG--XO  (SXE0D\

0DQGHO,'&DULHVSUHYHQWLRQFXUUHQWVWUDWHJLHVQHZGLUHFWLRQV-$'$

0DQKDUW-+LFNHO5.OLQLVFKH6WXGLH]XPHLQVDW]HLQHV$OOLQRQH$GKDVLYV(UVWH(UJHEQLVVHQDFK
0RQDWHQ4XLQWHVVHQ]

ϳϰ


84


0DQKDUW-+LFNHO5/RQJHYLW\RIUHVWRUDWLRQV±&KDSWHUSDJLQ$GYDQFHVLQ'HQWLVWU\9ROXPH
&KDOOHQJHVRIWKHIXWXUH4XLQWHVVHQFH3XEOLVKLQJ

0DUVKDOO.5XEEHUGDP%U'HQW-0DU  

0DUWKDOHU70=DKQNDULHVXQG=DKQYHUOXVWELV]XP-DKUH3URJQRVHQIUGLHELVMlKULJHQ
(UZDFKVHQHQ6FKZHL]0RQDWVVFKU=DKQPHG

0DUWLQ-$%DGHU-')LYH\HDUWUHDWPHQWRXWFRPHVIRUWHHWKZLWKODUJHDPDOJDPVDQGFURZQV2SHU'HQW


0F.LQOD\'DQLHO$QQLH=KDQJ0DU\$7DYDUHVDQG6RQMD'DYLG&%HOOLQJHU)HOLFLD7UDFKWHQEHUJ'DYLG
$PDOJDP7ULDO)XQFWLRQ7KH1HZ(QJODQG&KLOGUHQ¶VWR'HQWDO$PDOJDPDQG1HXURSV\FKRORJLFDO$'RVH
(IIHFW$QDO\VLVRI&KLOGUHQ¶V([SRVXUH-$P'HQW$VVRF

0F/DUHQ($5LINLQ5'HYDXG9&RQVLGHUDWLRQVLQWKHXVHRISRO\PHUDQGILEHUEDVHGLQGLUHFWUHVWRUDWLYH
PDWHULDOV3UDFW3HULRGRQWLFV$HVWKHW'HQW

0HGHLURV9$6HGGRQ53,DWURJHQLFGDPDJHWRDSSUR[LPDOVXUIDFHVLQFRQWDFWZLWK&ODVV,,UHVWRUDWLRQV-
'HQW)HE  

0HMDUH,.DOOHVWDO&6WHQOXQG+-RKDQVVRQ+&DULHVGHYHORSPHQWIURPWR\HDUVRIDJHD
SURVSHFWLYHUDGLRJUDSKLFVWXG\3UHYDOHQFHDQGGLVWULEXWLRQ&DULHV5HV  

0HQWLQN$*%&UHXJHUV1)LYH\HDUUHSRUWRIDFOLQLFDOWULDORQSRVWDQGFRUHUHVWRUDWLRQV-$'5


0LOOHU0%5HVWLQSHDFH*9%ODFNSDUW,3UDFW3HULRGRQW$HVWKHW'HQW

0M|U,$'LUHFWSRVWHULRUILOOLQJPDWHULDOV,Q9DQKHUOH*'HJUDQJH0:LOOHPV*6WDWHRIWKHDUWRQGLUHFW
SRVWHULRUILOOLQJPDWHULDOVDQGGHQWLQHERQGLQJ/HXYHQ9DQGHU3RRUWHQSS

0M|U,$-RNVWDG$4XLVW9/RQJHYLW\RISRVWHULRUUHVWRUDWLRQV,QW'HQW-

0M|U,$-RNVWDG$)LYH\HDUVWXG\RI&ODVV,,UHVWRUDWLRQVLQSHUPDQHQWWHHWKXVLQJDPDOJDPJODVV
SRO\DONHQRDWH LRQRPHU FHPHQWDQGUHVLQEDVHGFRPSRVLWHPDWHULDOV-'HQW

0M|U,$3UREOHPVDQGEHQHILWVDVVRFLDWHGZLWKUHVWRUDWLYHPDWHULDOVVLGHHIIHFWDQGORQJWHUPFRVW$GY'HQW
5HV

0RRSQDU0)DXONQHU.'%$FFLGHQWDOGDPDJHWRWHHWKDGMDFHQWWRFURZQSUHSDUHGDEXWPHQWWHHWK$XVWUDO
'HQW-

1HZPDQ60$PDOJDPDOWHUQDWLYHVZKDWFDQFRPSHWH"-$P'HQW$VVRF

1LFRODLVHQ6YRQGHU)HKU)5/XQGHU17KRPVHQ,3HUIRUPDQFHRIWXQQHOUHVWRUDWLRQDW\HDUV-'HQW


1RUGER+/HLUVNDU-YRQGHU)HKU)56DXFHUVKDSHGFDYLW\SUHSDUDWLRQVIRUSRVWHULRUDSSUR[LPDOUHVLQ
FRPSRVLWHUHVWRUDWLRQVREVHUYDWLRQVXSWR\HDUV4XLQWHVVHQFH,QW-DQ  

1RUGER+/\QJVWDGDDV637KHFOLQLFDOSHUIRUPDQFHRIWZRJURXSVRIIXQFWLRQLQJFODVV,,FDVWJROGLQOD\V
$FWD2GRQWRO6FDQG

1\YDG%0DFKLXOVNLHQH9%DHOXP95HOLDELOLW\RIDQHZFDULHVGLDJQRVWLFV\VWHPGLIIHUHQWLDWLQJEHWZHHQ
DFWLYHDQGLQDFWLYHFDULHVOHVLRQV&DULHV5HV-XO$XJ  

ϳϱ


85


2
%ULHQ:--RKQVWRQ:0)DQLDQ)/DPEHUW67KHVXUIDFHURXJKQHVVDQGJORVVRIFRPSRVLWHV-'HQW5HV


2VERUQH-:6XPPLWW-%([WHQVLRQIRUSUHYHQWLRQLVLWUHOHYDQWWRGD\"$P-'HQW$XJ  

3DVKOH\'+&DUYDOKR50'HQWLQHSHUPHDELOLW\DQGGHQWLQHDGKHVLRQ-'HQW

3HXPDQV09DQ0HHUEHHN%/DPEUHFKWV39DQKHUOH*7KH\HDUFOLQLFDOSHUIRUPDQFHRIGLUHFW
FRPSRVLWHDGGLWLRQVWRFRUUHFWWRRWKIRUPDQGSRVLWLRQ,,0DUJLQDOTXDOLWLHV&OLQ2UDO,QYHVWLJ


3LWWV10RQLWRULQJRIFDULHVSURJUHVVLRQLQSHUPDQHQWSRVWHULRUDSSUR[LPDOHQDPHOE\ELWHZLQJ
UDGLRJUDSK\DUHYLHZ&RPPXQLW\'HQW2UDO(SLGHPLRO

3LWWV1%.LGG($07KHSUHVFULSWLRQDQGWLPLQJRIELWHZLQJUDGLRJUDSK\LQWKHGLDJQRVLVDQGPDQDJHPHQW
RIGHQWDOFDULHVFRQWHPSRUDU\UHFRPPDQGDWLRQV%ULWLVK'HQWDO-RXUQDO

3LWWV1%5LVNDVVHVVHPHQWDQGFDULHVSUHGLFWLRQ-'HQW(GXF

3ODVPDQV3-&UHXJHUV1++HUPVHQ5-9ULMKRHI00,QWUDRUDOKXPLGLW\GXULQJRSHUDWLYHSURFHGXUHV-
'HQW$SU  

3ODVPDQV3-&UHXJHUV1+0XOGHU-/RQJWHUPVXUYLYDORIH[WHQVLYHDPDOJDPUHVWRUDWLRQV-'HQW5HV


3RUWDOLHU/&RPSRVLWHVPLOHGHVLJQVWKHNH\WRGHQWDODUWLVWU\&XUU2SLQ&RVPHW'HQW

3RUWH$/XW])/XQG056ZDUW]0/ &RFKUDQ0$&DYLW\GHVLJQVIRUFRPSRVLWHUHVLQV2SHU'HQW


3RZHOO/9&DULHVULVNDVVHVVPHQWUHOHYDQFHWRWKHSUDFWLWLRQHU-$'$  

3RZHUV-0)DUDK-:&RPSRPHUV7KH'HQWDO$GYLVRU

3UDWL&,QYLWURDQGLQYLYRDGKHVLRQLQRSHUDWLYHGHQWLVWU\DUHYLHZDQGHYDOXDWLRQ3UDFW3HULRGRQWLFV
$HVWKHW'HQW

4YLVW9/DXUEHUJ/3RXOVHQ$7HJOHUV37/RQJHYLW\DQGFDULRVWDWLFHIIHFWVRIHYHU\GD\FRQYHQWLRQDOJODVV
LRQRPHUDQGDPDOJDPUHVWRUDWLRQVLQSULPDU\WHHWKWKUHH\HDUUHVXOWV-'HQW5HV

4YLVW9 6WURP&<HDUDVVHVVPHQWRIFODVV,,,UHVLQUHVWRUDWLRQVFRPSOHWHGZLWKWZRUHVWRUDWLYH
SURFHGXUHV$FWD2GRQWRORJLFD6FDQGLQDYLFD

5DGQDL0)D]HNDV$&DULHVSUHYDOHQFHLQDGXOWVVHYHQ\HDUVDIWHUSUHYLRXVH[SRVXUHWRIOXRULGHLQGRPHVWLF
VDOW$FWD0HGGHQW+HOY

5DQGRZ.*ODQW]322QFDQWLOHYHUORDGLQJRIYLWDODQGQRQYLWDOWHHWK$QH[SHULPHQWDOFOLQLFDOVWXG\$FWD
2GRQWRO6FDQG

5DVNLQ$0LFKRWWH7KHDOO%9UHYHQ-:LOVRQ1+&OLQLFDOHYDOXDWLRQRIDSRVWHULRUFRPSRVLWH\HDU
UHSRUW-'HQW

5DX3-3LRFK76WDHKOH+-'¥˜UIHU&(,QIOXHQFHRIWKHUXEEHUGDPRQSUR[LPDOFRQWDFWVWUHQJWKV2SHU
'HQW0DU$SU  

5HHV-6-DFREVHQ3+7KHUHVWRUDWLRQRISRVWHULRUWHHWKZLWKFRPSRVLWHUHVLQ,QGLUHFWSODFHPHQW
FRPSRVLWH'HQW8SGDWH

ϳϲ


86


5HLG-6&DOOLV3'3DWWHUVRQ&-:5XEEHU'DPLQ&OLQLFDO3UDFWLFH&KLFDJR4XLQWHVVHQFH3XEO&R
SS

5HOOHU8*HLJHU)/XW])4XDQWLWDWLYHLQYHVWLJDWLRQRIGLIIHUHQWILQLVKLQJPHWKRGVLQFRQYHQWLRQDOFDYLW\
SUHSDUDWLRQV4XLQWHVVHQFH,QW

5LFNHWWV'.LGG(:LOVRQ57KHHOHFWURQLFDOGLDJQRVLVRIFDULHVLQSLWVDQGILVVXUHVVLWHVSHFLILFVWDEOH
FRQGXFWDQFHUHDGLQJVRUFXPXODWLYHUHVLVWDQFHUHDGLQJV"&DULHV5HV

5LFNHWWV'1.LGG($6PLWK%*:LOVRQ5)&OLQLFDODQGUDGLRJUDSKLFGLDJQRVLVRIRFFOXVDOFDULHVDVWXG\
LQYLWUR-2UDO5HKDELO-DQ  

5RXOHW-)/RQJHYLW\RIJODVVFHUDPLFLQOD\VDQGDPDOJDPUHVXOWVXSWR\HDUV&OLQ2UDO,QYHVWLJ


6*RZGDD:07KRPVRQE/$)RVWHU3DJHF1$&URXFKHUD:KDW'LIIHUHQFH'RHV8VLQJ%LWHZLQJ
5DGLRJUDSKVWR(SLGHPLRORJLFDO(VWLPDWHVRI'HQWDO&DULHV3UHYDOHQFHDQG6HYHULW\LQD<RXQJ$GROHVFHQW
3RSXODWLRQZLWK+LJK&DULHV([SHULHQFH"&DULHV5HV±

6FKHLEHQERJHQ)XFKVEUXQQHU$0DQKDUW-.UHPHUV/.XQ]HOPDQQ.+/DQJ]HLW(UIDKUXQJOHPLW&HUPHW
=HPHQWIXOOXQJHQLQ.ODVVH,,,.DYLWDWHQ'WVFK=DKQDU]WO=

6FKPLG2.UHMFL,/XW])$XVDUEHLWXQJYRQDGKlVLYHQ]DKQIDUEHQHQ,QOD\VDXV.RPSRVLWXQG.HUDPLN
6FKZHL]0RQDWVVFKU=DKQPHG

6KDQQRQ$,QGLUHFWSRVWHULRUUHVWRUDWLRQVVWHSVWRFOLQLFDOVXFFHVV&XUU2SLQ&RVPHW'HQW

6KDQQRQ$-&OLQLFDOJXLGHOLQHVIRULQGLUHFWUHVLQUHVWRUDWLRQV&DQ'HQW$VVRF  

6LOYHUVWRQH/0+LFNV0-)HDWKHUVWRQH0-'\QDPLFIDFWRUVDIIHFWLQJOHVLRQLQLWLDWLRQDQGSURJUHVVLRQLQ
KXPDQGHQWDOHQDPHO3DUW,7KHG\QDPLFQDWXUHRIHQDPHOFDULHV4XLQWHVVHQFH,QWHUQDWLRQDO


6LPRQVHQ5-&RQVHUYDWLRQRIWRRWKVWUXFWXUHLQUHVWRUDWLYHGHQWLVWU\4XLQWHVVHQFH,QW

6PDOHV5-)DQJ'7,QYLWURHIIHFWLYHQHVVRIKDQGH[FDYDWLRQRIFDULHVZLWKWKH$57WHFKQLTXH$WUDXPDWLF
UHVWRUDWLYHWUHDWPHQW&DULHV5HV1RY'HF  

6PDOHV5-+DZWKRUQH:6/RQJWHUPVXUYLYDODQGFRVWHIIHFWLYHQHVVRIILYHGHQWDOUHVWRUDWLYHPDWHULDOVXVHG
LQYDULRXVFODVVHVRIFDYLW\SUHSDUDWLRQV,QW'HQW-

6PDOHV5-:HEVWHU'$5HVWRUDWLRQGHWHULRUDWLRQUHODWHGWRODWHUIDLOXUH2SHUDWLYH'HQWLVWU\


6PDOHV5-(IIHFWRIUXEEHUGDPLVRODWLRQRQUHVWRUDWLRQGHWHULRUDWLRQ$P-'HQW

6PDOO%:6HDWLQJILQLVKLQJDQGSROLVKLQJRIFHUDPLFUHVWRUDWLRQV*HQ'HQW1RY'HF  

6PDOO%:5XEEHUGDPWKHHDV\ZD\*HQ'HQW-DQ)HE  

6RUHQVHQ-$(QJHOPDQ0-)HUUXOHGHVLJQDQGIUDFWXUHUHVLVWDQFHRIHQGRGRQWLFDOO\WUHDWHGWHHWK-3URVWKHW
'HQW

6RUQNXO(6WUHQJWKRIURRWEHIRUHDQGDIWHUHQGRGRQWLFWUHDWHPHQWDQGUHVWRUDWLRQ-(QGRG  


6WHFNVHQ%OLFNV&:DKOLQ<%'LDJQRVLVRIDSSUR[LPDOFDULHVLQSUHVFKRROFKLOGUHQ6ZHG'HQW-
  
ϳϳ


87


6WHLQHU00HQJKLQL*&XULORYLF=0DUWKDOHU70.DULHVSUlYDOHQ]EHL=UFKHU6FKXONLQGHUQ
DQG6FKZHL]0RQDWVVFKU=DKQPHG

6WUDVVOHU+(1HZFRQFHSWVZLWKEDVHVDQGOLQHUV-(VWKHW'HQW-XO$XJ  ,,

6WUDVVOHU+(,VRODWLRQRIWKHILHOGPRUHLPSRUWDQWWKDQHYHU06'$-)DOO  

6WUDVVOHU+(,VRODWLRQRIWKHILHOGPRUHLPSRUWDQWWKDQHYHU06'$-)DOO  

6WUDWLV6%U\DQW5:7KHLQIOXHQFHRIPRGLILHGFDYLW\GHVLJQDQGILQLVKLQJWHFKQLTXHVRQWKHFOLQLFDO
SHUIRUPDQFHRIDPDOJDPUHVWRUDWLRQVD\HDUFOLQLFDOVWXG\-2UDO5HKDELO$SU  

6WUDWLV6%U\DQW5:7KHLQIOXHQFHRIPRGLILHGFDYLW\GHVLJQDQGILQLVKLQJWHFKQLTXHVRQWKHFOLQLFDO
SHUIRUPDQFHRIDPDOJDPUHVWRUDWLRQVD\HDUFOLQLFDOVWXG\-2UDO5HKDELO$SU

6XUPRQW30DUWHQV/'
+DXZHUV5$GHFLVLRQWUHHIRUWKHWUHDWPHQWRIFDULHVLQSRVWHULRUWHHWK
4XLQWHVVHQFH,QW

6ZLIW(--U%RQGLQJV\VWHPVIRUUHVWRUDWLYHPDWHULDOVDFRPSUHKHQVLYHUHYLHZ3HGLDWU'HQW


6ZLIW(-3HUGLJDR-+H\PDQQ+2%RQGLQJWRHQDPHODQGGHQWLQDEULHIKLVWRU\DQGVWDWHRIWKHDUW
4XLQWHVVHQFH,QW

7HUU\'$$QHVVHQWLDOFRPSRQHQWWRDGKHVLYHGHQWLVWU\WKHUXEEHUGDP3UDFW3URFHG$HVWKHW'HQW
0DU  

7LPRWK\$'H5RXHQ0LFKDHO'0DUWLQ%ULDQ*/HURX[HWDO$5DQGRPL]HG&OLQLFDO7ULDO
1HXUREHKDYLRUDO(IIHFWVRI'HQWDO$PDOJDPLQ&KLOGUHQ-$0$  

7REL+.UHXOHQ&0*UX\WKX\VHQ5-YDQ$PHURQJHQ:(7KHDQDO\VLVRIUHVWRUDWLRQVXUYLYDOGDWDLQVSOLW
PRXWKGHVLJQV-'HQW

7ULOOHU0)OXRULGHDSUHYHQWLYHDJHQWRIFDULHVPHFKDQLVPVVRXUFHVULVNV$UFKLYHGH3HGLDWULH


7XFNHU59*ROGUHVWRUDWLRQVRIWKHGLVWDODVSHFWRIFXVSLGWHHWK6LJQDWXUH:LQWHU

7YHLW$%(VSHOLG,)MHOOWYHLW$&OLQLFDOGLDJQRVLVRIRFFOXVDOGHQWLQHFDULHV&DULHV5HV

8OOD3DOOHVHQ9LEHNH4YLVW&RPSRVLWHUHVLQILOOLQJVDQGLQOD\V$Q\HDUHYDOXDWLRQ&OLQ2UDO,QYHVW
±

8QWHUEULQN*/0XHVVQHU5,QIOXHQFHRIOLJKWLQWHQVLW\RQWZRUHVWRUDWLYHV\VWHPV-RXUQDORI'HQWLVWU\


9DQGHU0HUZH:-&OLQLFDOHYDOXDWLRQRIIRXUGHQWDODPDOJDPVRYHUDWKUHH\HDUSHULRG-'HQW$VVRF6$IU


9DQ0HHUEHHN%9DQKHUOH*/DPEUHFKWV3%UDHP0'HQWLQDQGHQDPHOERQGLQJDJHQWV&XUU2SLQ'HQW


9DQ3DOHQVWHLQ+HOGHUPDQ:+0DWHH0,YDQGHU+RHYHQ-60LN[)+&DULRJHQLFLW\GHSHQGVPRUHRQGLHW
WKDQWKHSUHYDLOLQJPXWDQVVWUHSWRFRFFDOVSHFLHV-'HQW5HV
ϳϴ


88



9HUGRQVFKRW(+.XLMSHUV-0&3ROGHU%-'(/HQJ:RUP0+%URQNKRUVW(0(IIHFWVRIGLJLWDOJUH\
VFDOHPRGLILFDWLRQRQWKHGLDJQRVLVRIVPDOODSSUR[LPDOFDULRXVOHVLRQ-'HQW

9HUGRQVFKRW(+YDQGH5LMNH-:%URXZHU:WHQ%RVFK--7UXLQ*-2SWLFDOTXDQWLWDWLRQDQGUDGLRJUDSKLF
GLDJQRVLVRILQFLSLHQWDSSUR[LPDOFDULHVOHVLRQV&DULHV5HV  

:DVVHOO5::DOOV$:0F&DEH-)'LUHFWFRPSRVLWHLQOD\VYHUVXVFRQYHQWLRQDOFRPSRVLWHUHVWRUDWLRQV
WKUHH\HDUFOLQLFDOUHVXOWV%U'HQW-

:DWWV&.LQHWLFPHFKDQLVPVRIYLVLEOHOLJKWFXUHGUHVLQVDQGUHVLQFRPSRVLWHV6HWWLQJPHFKDQLVPVRIGHQWDO
PDWHULDOVSS7UDQVDFWLRQVRIWKH$FDGHP\RI'HQWDO0DWHULDOV

:HHUKHLMP./*URHQ+-%DVW$-.LHIW-$(LMNPDQ0$YDQ$PHURQJHQ:(&OLQLFDOO\XQGHWHFWHGRFFOXVDO
GHQWLQHFDULHVDUDGLRJUDSKLFFRPSDULVRQ&DULHV5HV  

:HHUKHLMP./*URHQ+-7KHUHVLGXDOFDULHVGLOHPPD&RPPXQLW\'HQW2UDO(SLGHPLRO'HF  


:HLVV(,7]RDU$.DIIH,,QWHUSUHWDWLRQRIELWHZLQJUDGLRJUDSKV3DUW(YDOXDWLRQRIWKHVL]HRI
DSSUR[LPDOOHVLRQVDQGQHHGIRUWUHDWPHQW-'HQW

:HQGW6/-U=LHPLHFNL7//HLQIHOGHU.)3UR[LPDOZHDUUDWHVE\WRRWKSRVLWLRQRIUHVLQFRPSRVLWH
UHVWRUDWLRQV-'HQW

<LS+.6DPDUDQD\DNH/3&DULHVUHPRYDOWHFKQLTXHVDQGLQVWUXPHQWDWLRQDUHYLHZ&OLQ2UDO,QYHVWLJ
'HF  

=DFKDULD0$0XQVKL$.0LFURELRORJLFDODVVHVVPHQWRIGHQWLQVWDLQHGZLWKDFDULHVGHWHFWRUG\H-&OLQ
3HGLDWU'HQW

=DPERQ--.DVSU]DN6$7KHPLFURELRORJ\DQGKLVWRSDWKRORJ\RIKXPDQURRWFDULHV$P-RI'HQW


=LW]PDQQ18(OVDVVHU6)ULHG50DULQHOOR&3)RUHLJQERG\LQJHVWLRQDQGDVSLUDWLRQ2UDO6XUJ2UDO0HG
2UDO3DWKRO2UDO5DGLRO(QGRG'HF  


ϳϵ


89



(1'2'21=,$






 ENDODONZIA













ϴϬ


91


/
HQGRGRQ]LDqODEUDQFDGHOO
RGRQWRVWRPDWRORJLDFKHWUDWWDGHOODPRUIRORJLDILVLRORJLDHSDWRORJLD
GHOODSROSDGHQWDOHHGHLWHVVXWLGLVRVWHJQRSHULUDGLFRODULGHOO¶HOHPHQWRGHQWDOH

/¶DUHDGLD]LRQHGHOODGLVFLSOLQDHQGRGRQWLFDDWLWRORLQGLFDWLYRPDQRQOLPLWDWLYRFRPSUHQGH
 OD  GLDJQRVL  GHO  GRORUH  RURIDFFLDOH  GL  RULJLQH  RGRQWRJHQD  VLD  HVVR  SXOSDUH  HR
SHULUDGLFRODUH
 ODWHUDSLDGHOOHDIIH]LRQLSDWRORJLFKHGHOODSROSDYLWDOH
 LO WUDWWDPHQWR QRQ FKLUXUJLFR GL HUDGLFD]LRQH GHOOD SROSD GHL VLVWHPL FDQDODUL H
O
RWWXUD]LRQHHUPHWLFDFRURQRUDGLFRODUHGLWDOLVLVWHPL
 O
DVSRUWD]LRQH VHOHWWLYD FKLUXUJLFD GHL WHVVXWL SXOSRGHQWLQDOL PDODWL H OH SURFHGXUH GL
ULSDUD]LRQHDGHVVDFROOHJDWH
 LOUHLPSLDQWRGHLGHQWLDYXOVLLQPRGRWUDXPDWLFR
 LO  WUDWWDPHQWR  FKLUXUJLFR  GHOOH  SDWRORJLH  VHWWLFKH  DFXWH  HR  FURQLFKH  GHL  WHVVXWL
SHULUDGLFRODUL  DWWUDYHUVR  O¶DPSXWD]LRQH  GHOOD  SDUWH  UDGLFRODUH  DSLFDOH  DSLFHFWRPLD 
VHJXLWDRPHQRGDOO
RWWXUD]LRQHUHWURJUDGDGHOFDQDOHUDGLFRODUHUHVLGXR
 OHSURFHGXUHSHUSURGXUUHXQRVELDQFDPHQWRLQWUDFRURQDOHGHOODGHQWLQDHGHOORVPDOWR
 LO WUDWWDPHQWR GHL GHQWL SUHFHGHQWHPHQWH VRWWRSRVWL D WUDWWDPHQWR HQGRGRQWLFR DWWUDYHUVR
PHWRGLFKHULFRVWUXWWLYHLGRQHH
 OHSURFHGXUHGLWUDWWDPHQWRFRQQHVVHDOOHULFRVWUX]LRQLFRURQDOLPHGLDQWHSHUQLHR
PRQFRQLFRQLQWHUHVVDPHQWRGHOORVSD]LRGHOGHLFDQDOHLUDGLFRODUHL
 LO  ULWUDWWDPHQWR GHL  GHQWL SUHFHGHQWHPHQWH VRWWRSRVWL D  WUDWWDPHQWR HQGRGRQWLFR QRQ
JLXQWRDEXRQILQH


'LDJQRVL
/¶HVDPHGHOFDYRRUDOHHGHJOLHOHPHQWLGHQWDOLSHUPRWLYLOHJDWLDSDWRORJLHGLRULJLQHHQGRGRQWLFD
KDPROWHGHOOHFDUDWWHULVWLFKHFRPXQLDGDOWUHSURFHGXUHGLDJQRVWLFKHGHOOHSDWRORJLHGHOFDYRRUDOHH
GHJOL HOHPHQWL GHQWDOL
3XUHVVHQGRO¶DQDPQHVL PHGLFDLPSRUWDQWHTXHOODVSHFLILFDRGRQWRLDWULFDSXzIRUQLUHDWWUDYHUVROD
GHVFUL]LRQH GHL SULQFLSDOL GLVWXUEL DFFXVDWL GDO SD]LHQWH XQ TXDGUR VXIILFLHQWHPHQWH FKLDUR GHOOD
SDWRORJLD GHQWDOH SHU FXL LO SD]LHQWH q JLXQWR DOO¶RVVHUYD]LRQH GHOO¶RGRQWRVWRPDWRORJR %DGLQR 0
 
/¶HVDPH FOLQLFR LQWUDRUDOH  FRQGRWWR VHFRQGR OD VHPHLRWLFD FODVVLFD PHGLFD RYYHUR DWWUDYHUVR
ϴϭ


92


O¶DSSUH]]DPHQWR GHOOH RELHWWLYLWj RVVHUYD]LRQH SDOSD]LRQH SHUFXVVLRQH   q YROWR ROWUH


DOO¶RVVHUYD]LRQHGHOODSUREOHPDWLFDSUHWWDPHQWHHQGRGRQWLFDDOODYHULILFDGHOOLYHOORGLLJLHQHRUDOH
GHOOH FRQGL]LRQL GHOOD PXFRVD RUDOH GHOOD VLWXD]LRQH SDURGRQWDOH GHOO¶HYHQWXDOH SUHVHQ]D GL
WXPHID]LRQL GL ILVWROH R GL DOWUH OHVLRQL  6DUj DQFKH LPSRUWDQWH ULSRUWDUH LO QXPHUR GHJOL HOHPHQWL
GHQWDUL SUHVHQWL OD ORUR FRQGL]LRQH OD TXDQWLWj H LO JUDGR GL XVXUD GHL UHVWDXUL RYH SUHVHQWL
/¶HVDPH FOLQLFR LQWUDRUDOH GRYUj HVVHUH DVVRFLDWR DG LQGDJLQL GLDJQRVWLFKH 1HOOR VSHFLILFR LQ
HQGRGRQ]LD SRVVRQR HVVHUH XWLOL]]DWL SURYH GL PRELOLWj VRQGDJJLR SDURGRQWDOH DQDOLVL RFFOXVDOH
YHULILFDGLHYHQWXDOLOLQHHGLPLFURIUDWWXUDGHQWDULHSURYHGLYLWDOLWjDWWUDYHUVRHVDPLFKHSUHYHGDQR
VROOHFLWD]LRQLWHUPLFKH IUHGGRFDOGR HRHOHWWULFL %DGLQR07DVFKLHUL6HWDO  -DIDU]DGHK
+8GR\H&,HWDO  /LQ- &KDQGOHU13 3XzHVVHUHGLDLXWRODWUDQVLOOXPLQD]LRQHFRQ
IRQWL GL OXFH DGHJXDWH PHQWUH VRQR IRQGDPHQWDOL JOL HVDPL UDGLRJUDILFL HQGRUDOL FRQ UDGLRJUDILH
SHULDSLFDOL JHQHUDOPHQWHXVDQGRODWHFQLFDGHLUDJJLSDUDOOHOLPHJOLRVHIDFHQGRXVRGLFHQWUDWRUL $
WDOSURSRVLWROHUDGLRJUDILHSRVVRQRULFKLHGHUHO¶XWLOL]]RGLSLGLXQ¶DQJROD]LRQHHDYROWHVLUHQGH
QHFHVVDULRSHUDYHUHXQTXDGURGLDJQRVWLFRSLSUHFLVRFRPSOHWDUHO¶LQGDJLQHFRQUDGLRJUDILHWLSR
ELWHZLQJ HR RFFOXVDOL &DUGLQDOL )   ,Q WDOXQL FDVL LO SD]LHQWH SXz HVVHUH ULFKLDPDWR DG
LQWHUYDOOLSHULRGLFLSHUULSHWHUHHFRQIURQWDUHDOFXQLDFFHUWDPHQWLGLDJQRVWLFLHSHUIDUHXQDGLDJQRVL
DFFXUDWD VXOO¶LQVRUJHQ]D SURJUHVVLRQH R DUUHVWR GL XQ GHWHUPLQDWR SURFHVVR SDWRORJLFR (¶
FRQVLJOLDELOHFKHLOSD]LHQWHSURGXFDOHUDGLRJUDILHHVHJXLWHSUHFHGHQWHPHQWHHYHQWXDOPHQWHGDSDUWH
GL DOWUL VSHFLDOLVWL SHU DYHUH XQD SL FKLDUD FRPSUHQVLRQH GHOOR VWDWR GL DYDQ]DPHQWR GL XQD
FRQGL]LRQHVSHFLILFD$JLXGL]LRGHOO
RGRQWRLDWUDSRWUHEEHHVVHUHLQGLFDWRQHLFDVLSLFRPSOHVVLH
QHLULWUDWWDPHQWLHVHJXLUHHVDPLUDGLRJUDILFLWULGLPHQVLRQDOLWLSR&RQH%HDP7&RQGHLQGLYLGXDUH
DO PHJOLR O¶HQWLWj GHOOD SDWRORJLD OD PRUIRORJLD FDQDODUH H L UDSSRUWL FKH O¶HOHPHQWR GHQWDO FRQWUDH
FRQOHVWUXWWXUHGLVXSSRUWRHOLPLWURIH QHUYRDOYHRODUHLQIHULRUHVHQRPDVFHOODUH  .UXVH&6SLQ
1HWR5HWDO  0RWDGH$OPHLGD)-.QXWVVRQ.HWDO  3DWHO6'XUDFN&HWDO 


,QDOWULFDVLSRVVRQRHVVHUHLQGLFDWHXQ¶DWWHQWDYDOXWD]LRQHGHLWHVVXWLSDURGRQWDOLFRPHSXUHHVDPL
GLWLSRPLFURELRORJLFRSHUYDOXWDUHOHSDWRORJLHSLUHIUDWWDULHDGHWHUPLQDWHWHUDSLH
/¶HVDPH GHO SD]LHQWH GHYH HVVHUH DQFKH H[WUD RUDOH H SXz HVVHUH LQWHJUDWR FRQ HVDPL FOLQLFL HR GL
ODERUDWRULR 'XUDQWH O¶HVDPH H[WUD RUDOH O¶RSHUDWRUH GHYH HYLGHQ]LDUH HYHQWXDOL DVLPPHWULH
O¶HYHQWXDOHSUHVHQ]DHGHVWHQVLRQHGLWXPHID]LRQLGHOODWHVWDHGHOFROORHYHQWXDOLOLQIRDGHQRSDWLHH
O¶HYHQWXDOHSUHVHQ]DGLGLVIXQ]LRQLGHOO¶DUWLFROD]LRQHWHPSRURPDQGLERODUH

ϴϮ


93


,OWUDWWDPHQWRHQGRGRQWLFRYDHVHJXLWRVXJOLHOHPHQWLGHQWDULSHUPDQHQWLFKHVRQRIXQ]LRQDOPHQWHR
HVWHWLFDPHQWHLPSRUWDQWLHKDQQRSURJQRVLUDJLRQHYROH 1J</0DQQ9HWDO  1J</0DQQ
9HWDO  1J</0DQQ9HWDO 
 3HU XQD FRUUHWWD GLDJQRVL q QHFHVVDULR ROWUH O¶DQDPQHVL XQ DWWHQWR HVDPH FOLQLFR LQWUD HG H[WUD
RUDOHLQWHJUDWRGDOODGLDJQRVWLFDVWUXPHQWDOH
 1HOODIDVHGLDJQRVWLFDq LPSRUWDQWHO¶XWLOL]]RGLHVDPLVWUXPHQWDOLTXDOLUDGLRJUDILHHOHSURYHGL
YLWDOLWj $JXLODU3/LQVXZDQRQW3 


,QGLFD]LRQLSHULOWUDWWDPHQWRHQGRGRQWLFR

 GHQWL SHUPDQHQWL FRQ SDWRORJLD SXOSDUH JLXGLFDWD LUUHYHUVLELOH 6LP ,* /LP 76 HW DO 
%UHQQDQ'6%DODVXEUDPDQLDQ0HWDO 

 GHQWL SHUPDQHQWL FRQ SROSD QHFURWLFD FRQ R VHQ]D WUDFFH HYLGHQWL GL SDWRORJLH UDUHIDWWLYH
UDGLRWUDVSDUHQWL RVVHHSHULUDGLFRODUL 7RUDELQHMDG0&RUU5HWDO 

 GHQWL SHUPDQHQWL FDUDWWHUL]]DWL GD XQD SROSD FKH SRWUHEEH HVVHUH VWDWD FRPSURPHVVD GD HYHQWL
RSHUDWLYLFOLQLFL HVGHQWLXWLOL]]DWLFRPHSLODVWULSURWHVLFLGHQWLPDOSRVL]LRQDWL 

GHQWLSHUPDQHQWLFDUDWWHUL]]DWLGDXQDSROSDFKHDQGUHEEHLQFRQWURDFRPSURPLVVLRQHLQVHJXLWRD
LQWHUYHQWLRGRQWRLDWULFLVXFFHVVLYL 6FKPLGW-&:DOWHU&HWDO 

GHQWLSHUPDQHQWLDYXOVLROXVVDWLLQVHJXLWRDWUDXPL &KDOD6$ERXTDO55LGD6HWDO 

GHQWLSHUPDQHQWLFRQ ULDVVRUELPHQWLLQWHUQLR HVWHUQL 'LRXI-6%HQRLVW)/ %HQRLVW+0 
3DWHO6.DQDJDVLQJDP6HWDO  3DWHO65LFXFFL'HWDO 

GHQWLSHUPDQHQWLLQFULQDWLRIUDWWXUDWLFRQLQWHUHVVDPHQWRGHOODSROSD FRQRVHQ]DVLQWRPLFOLQLFL 
SHU L TXDOL q UDJLRQHYROPHQWH SUHYLVWD OD FRQVHUYD]LRQH GL FRQGL]LRQL GL VDOXWH SDURGRQWDOH
VRGGLVIDFHQWL +HOLQJ,*RUILO&HWDO 

 GHQWL SHUPDQHQWL FDUDWWHUL]]DWL GD LSHUVHQVLELOLWj GHQWLQDOH UHVLVWHQWH DOOH QRUPDOL SURFHGXUH GL
WUDWWDPHQWR





ϴϯ


94


&RQWURLQGLFD]LRQLDOWUDWWDPHQWRHQGRGRQWLFR

 GHQWL SHUPDQHQWL FKH QRQ SRVVRQR HVVHUH XWLOL]]DWL IXQ]LRQDOPHQWH Qp UHVWDXUDWL VDOYR SHU XVR
PRPHQWDQHR ,TEDO0. .LP6  7RUDELQHMDG0$QGHUVRQ3%DGHU-HWDO 

GHQWLSHUPDQHQWLFRQLQVXIILFLHQWHVRVWHJQRSDURGRQWDOHVDOYRSHUXVRPRPHQWDQHR

GHQWLFRQIUDWWXUHYHUWLFDOLGHOODUDGLFHHRGHOODFRURQD



%LEOLRJUDILD

$JXLODU3/LQVXZDQRQW3  9LWDOSXOSWKHUDS\LQYLWDOSHUPDQHQWWHHWKZLWKFDULRXVO\H[SRVHGSXOSDV\VWHPDWLF
UHYLHZ-(QGRG  

%DGLQR0  ³(OHPHQWLGLGLDJQRVWLFD´LQ³0DQXDOHGL(QGRGRQ]LD(OVHYLHU´

%DGLQR07DVFKLHUL67ULVFLXRJOLR)*DJOLDQL0  ³(OHPHQWLGLGLDJQRVWLFDLQ(QGRGRQ]LD´*LRUQDOH,WDOLDQRGL
(QGRGRQ]LD  

%UHQQDQ'6%DODVXEUDPDQLDQ06SHQFHU$-7UHDWPHQWRIFDULHVLQUHODWLRQWROHVLRQVHYHULW\LPSOLFDWLRQVIRU
PLQLPXPLQWHUYHQWLRQGHQWLVWU\-RXUQDORIGHQWLVWU\  

&DUGLQDOL)  ³/DYDOXWD]LRQHSUHHQGRGRQWLFDGLDJQRVLHSUHSDUD]LRQHDOWUDWWDPHQWR´'HQWLVWD0RGHUQR


&KDOD6$ERXTDO55LGD6  $SH[LILFDWLRQRILPPDWXUHWHHWKZLWKFDOFLXPK\GUR[LGHRUPLQHUDOWULR[LGH
DJJUHJDWHV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG  H

'LRXI-6%HQRLVW)/%HQRLVW+0([WHUQDOLQIODPPDWRU\URRWUHVRUSWLRQDVVRFLDWHGZLWKDWUDXPDWLFRFFOXVLRQ-RXUQDO
RIFOLQLFDORUWKRGRQWLFV-&2  

+HOLQJ,*RUILO&6OXW]N\+.RSRORYLF.=DONLQG06OXW]N\*ROGEHUJ,  (QGRGRQWLFIDLOXUHFDXVHGE\
LQDGHTXDWHUHVWRUDWLYHSURFHGXUHVUHYLHZDQGWUHDWPHQWUHFRPPHQGDWLRQV-3URVWKHW'HQW  

,TEDO0..LP6  $UHYLHZRIIDFWRUVLQIOXHQFLQJWUHDWPHQWSODQQLQJGHFLVLRQVRIVLQJOHWRRWKLPSODQWVYHUVXV
SUHVHUYLQJQDWXUDOWHHWKZLWKQRQVXUJLFDOHQGRGRQWLFWKHUDS\-(QGRG  

.UXVH&6SLQ1HWR5:HQ]HO$.LUNHYDQJ//&RQHEHDPFRPSXWHGWRPRJUDSK\DQGSHULDSLFDOOHVLRQVDV\VWHPDWLF
UHYLHZDQDO\VLQJVWXGLHVRQGLDJQRVWLFHIILFDF\E\DKLHUDUFKLFDOPRGHO,QWHUQDWLRQDOHQGRGRQWLFMRXUQDO
  

-DIDU]DGHK+8GR\H&,.LQRVKLWD-  7KHDSSOLFDWLRQRIWRRWKWHPSHUDWXUHPHDVXUHPHQWLQHQGRGRQWLFGLDJQRVLV
DUHYLHZ-(QGRG  

/LQ-&KDQGOHU13  (OHFWULFSXOSWHVWLQJDUHYLHZ,QW(QGRG-  

0RWDGH$OPHLGD)-.QXWVVRQ.)O\JDUH/7KHLPSDFWRIFRQHEHDPFRPSXWHGWRPRJUDSK\RQWKHFKRLFHRI
HQGRGRQWLFGLDJQRVLV,QWHUQDWLRQDOHQGRGRQWLFMRXUQDO  

1J</0DQQ95DKEDUDQ6/HZVH\-*XODELYDOD.  2XWFRPHRISULPDU\URRWFDQDOWUHDWPHQWV\VWHPDWLF
UHYLHZRIWKHOLWHUDWXUHSDUW(IIHFWVRIVWXG\FKDUDFWHULVWLFVRQSUREDELOLW\RIVXFFHVV,QW(QGRG-  


ϴϰ


95


1J</0DQQ9*XODELYDOD.  2XWFRPHRIVHFRQGDU\URRWFDQDOWUHDWPHQWDV\VWHPDWLFUHYLHZRIWKHOLWHUDWXUH


,QW(QGRG-  

1J</0DQQ9*XODELYDOD.  7RRWKVXUYLYDOIROORZLQJQRQVXUJLFDOURRWFDQDOWUHDWPHQWDV\VWHPDWLFUHYLHZRI
WKHOLWHUDWXUH,QW(QGRG-  

3DWHO6'XUDFN&$EHOOD)6KHPHVK+5RLJ0/HPEHUJ.&RQHEHDPFRPSXWHGWRPRJUDSK\LQ(QGRGRQWLFVD
UHYLHZ,QWHUQDWLRQDOHQGRGRQWLFMRXUQDO  

3DWHO6.DQDJDVLQJDP63LWW)RUG7  ([WHUQDOFHUYLFDOUHVRUSWLRQDUHYLHZ-(QGRG  

3DWHO65LFXFFL''XUDN&7D\)  ,QWHUQDOURRWUHVRUSWLRQDUHYLHZ-(QGRG  

6LP,*/LP76.ULVKQDVZDP\*&KHQ11'HFLVLRQ0DNLQJIRU5HWHQWLRQRI(QGRGRQWLFDOO\7UHDWHG3RVWHULRU
&UDFNHG7HHWK$\HDU)ROORZXS6WXG\-RXUQDORIHQGRGRQWLFV  

6FKPLGW-&:DOWHU&$PDWR0:HLJHU5  7UHDWPHQWRISHULRGRQWDOHQGRGRQWLFOHVLRQVDV\VWHPDWLFUHYLHZ-
&OLQ3HULRGRQWRO  

7RUDELQHMDG0&RUU5+DQG\VLGHV56KDEDKDQJ6  2XWFRPHVRIQRQVXUJLFDOUHWUHDWPHQWDQGHQGRGRQWLF
VXUJHU\DV\VWHPDWLFUHYLHZ-(QGRG  

7RUDELQHMDG0$QGHUVRQ3%DGHU-HWDO  2XWFRPHVRIURRWFDQDOWUHDWPHQWDQGUHVWRUDWLRQLPSODQWVXSSRUWHG
VLQJOHFURZQVIL[HGSDUWLDOGHQWXUHVDQGH[WUDFWLRQZLWKRXWUHSODFHPHQWDV\VWHPDWLFUHYLHZ-3URVWKHW'HQW  




7HUDSLDHQGRGRQWLFDRUWRJUDGDGHLGHQWLSHUPDQHQWL

1HL GHQWL SHUPDQHQWL LQ SUHVHQ]D GHOOH DGHJXDWH LQGLFD]LRQL GLDJQRVWLFKH H SURJQRVWLFKH /LQ /0
  $JXLODU 3  6FKPLGW -&  6HW]HU )&    OD WHUDSLD HQGRGRQWLFD RUWRJUDGD q OD
WHFQLFDFKHVLDUWLFRODLQXQDVHULHGLSDVVDJJLFRQVHTXHQ]LDOLFKHSURFHGRQRGDOODSUHSDUD]LRQHGHOOD
FDYLWjGLDFFHVVRDOOHSURFHGXUHGLVDJRPDWXUDGHWHUVLRQHHGLVLQIH]LRQHGHOVLVWHPDFDQDODUHHVRQR
VHJXLWH GDO ULHPSLPHQWR WULGLPHQVLRQDOH GHL ULVXOWDQWL YROXPL HQGRGRQWLFL FRQ PDWHULDOL VWDELOL
GLPHQVLRQDOPHQWHQHOWHPSRHELRORJLFDPHQWHFRPSDWLELOL 6FKLOGHU+(XURSHDQ6RFLHW\ RI
(QGRGRQWRORJ\H 
/D ULFRVWUX]LRQH SRVW HQGRGRQWLFD GHOO¶HOHPHQWR GHQWDULR EHQFKp LGHQWLILFDWD FRPH WHUDSLD
DXWRQRPDUDSSUHVHQWDODQHFHVVDULDILQDOL]]D]LRQHGHOODWHUDSLDHQGRGRQWLFDRUWRJUDGD 0RJKDGGDP
$6 
(¶ UDFFRPDQGDWR HVHJXLUH XQD UDGLRJUDILD SUHRSHUDWRULD RUWRUDGLDOH HG HYHQWXDOPHQWH VSURLHWWDWD
GHOO¶HOHPHQWR GHQWDULR LQWHUHVVDWR FRQ FHQWUDWRUH FKH SHUPHWWD OD YLVLRQH LQWHJUDOH GHOOD UDGLFH H
GHOO¶DUHDSHULDSLFDOH 6WHZDUW7 
1HLFDVLGLFRPSOHVVLWjGLDJQRVWLFDOD7$&&RQHEHDPSRWUHEEHHVVHUHXWLOHFRPHSDVVRVXFFHVVLYR
GLLQGDJLQHVWUXPHQWDOH 7DOZDU6/HRQDUGL'XWUD. 

ϴϱ


96


,O WUDWWDPHQWR DQHVWHVLRORJLFR SDUWLFRODUPHQWH LPSRUWDQWH SHU LO FRPIRUW GHO SD]LHQWH H
GHOO¶RSHUDWRUH GRYUj HVVHUH  YDOXWDWR D VHFRQGD  GHOOD VLWXD]LRQH FOLQLFD ORFDOH H JHQHUDOH GHO
SD]LHQWH 2YH ULWHQXWR QHFHVVDULR RG RSSRUWXQR q SRVVLELOH DVVRFLDUH DOOH FRQVXHWH SURFHGXUH GL
DQDOJHVLDSHUPH]]RGLEORFFKLSOHVVLFLRGLEUDQFDHIIHWWXDWH FRQDQHVWHWLFLORFDOL )RZOHU6 
XQD SUHPHGLFD]LRQH IDUPDFRORJLFD JHQHUDOPHQWH SHU YLD RUDOH RSSXUH WHFQLFKH LQDODWRULH GL
VHGD]LRQHFRVFLHQWH
3ULPDGLSURFHGHUHDOODWHUDSLDHQGRGRQWLFDOHOHVLRQLFDULRVH HGLUHVWDXULLQILOWUDWLSUHVHQWLGHYRQR
HVVHUH  ULPRVVL H GRYUj HYHQWXDOPHQWH HVVHUH HVHJXLWR XQ UHVWDXUR SUHHQGRGRQWLFR FKH SRVVD
DVVLFXUDUHVLDO¶LVRODPHQWRGHOO¶HQGRGRQWRGDOO¶DPELHQWHRUDOHVLDODUHVLVWHQ]DVWUXWWXUDOHWHPSRUDQHD
DLFDULFKLPDVWLFDWRULLOULVFKLRGLIUDWWXUDHO¶HYHQWXDOHVLQWRPDWRORJLDSRVWRSHUDWRULDSRVVRQRHVVHUH
OLPLWDWL GD XQ  FRQWUROOR GHL FDULFKL RFFOXVDOL HG HIIHWWXDQGR LO UHVWDXUR GHILQLWLYR TXDQWR SULPD
SRVVLELOH
2YHULWHQXWRQHFHVVDULRRGRSSRUWXQRqSRVVLELOHDVVRFLDUHWUDWWDPHQWLIDUPDFRORJLFLDQWLELRWLFLHR
DQWLLQILDPPDWRULSHULOFRQWUROORGHOO¶LQIH]LRQHHGHOODVLQWRPDWRORJLDDOJLFD 3DULURNK0 

/H WHUDSLH HQGRGRQWLFKH GHYRQR HVVHUH HVHJXLWH FRQ VWUXPHQWL HQGRGRQWLFL VWHULOL WHFQLFKH
DVHWWLFKHHFRQDGHJXDWRLVRODPHQWRGHOFDPSRRSHUDWRULR3HURWWHQHUHXQDGHJXDWRLVRODPHQWR
GHOFDPSRqFRQVLJOLDWRO¶XVRGHOODGLJDGLJRPPDRGLDOWURGLVSRVLWLYRFKHFRQVHQWDGLRWWHQHUH
XQ LGRQHR LVRODPHQWR GHO FDPSR RSHUDWRULR GDL IOXLGL RUDOL H GL SUHYHQLUH OD GHJOXWL]LRQH R OD
DVSLUD]LRQH GL VWUXPHQWL PDWHULDOL R LUULJDQWL *ROGIHLQ -  %RQGDUGH 3  .XPDU -
 


/¶XVRGLVLVWHPLGLLQJUDQGLPHQWRHRGLIRQWLGLLOOXPLQD]LRQHSDUWLFRODULSXzIDFLOLWDUHDOFXQH
IDVLGLODYRUR 5DPSDGR0('HO)DEEUR0 


/DSUHSDUD]LRQHGHOODFDYLWjGLDFFHVVRKDFRPHRELHWWLYRO¶HOLPLQD]LRQHGHOWHWWRGHOODFDPHUD
SXOSDUHLQPRGRFKHTXHVWDSRVVDHVVHUHDGHJXDWDPHQWHGHWHUVDHOLPLQDQGRODSROSDFDPHUDOH
HG HYHQWXDOL RVWDFROL SHU RWWHQHUH XQD EXRQDYLVLELOLWj GHJOL RULIL]L FDQDODUL H IXQ]LRQDOPHQWH
VDJRPDWD SHU HOLPLQDUH OH LQWHUIHUHQ]H SULPDULH HG RIIULUH XQD ULWHQ]LRQH VXIILFLHQWH SHU
O¶RWWXUD]LRQH WHPSRUDQHD 0DQQDQ *  )HUUDUL 3+  5XGGOH &-  'H 3DEOR 29
 
8QDYROWDLQGLYLGXDWLJOLRULIL]LFDQDODULqQRUPDVRQGDUHLOFDQDOHFRQVWUXPHQWLHQGRGRQWLFL
DGHJXDWL ILQR D SRUWDUVL LO SL YLFLQR SRVVLELOH DO WHUPLQH GHOO¶HQGRGRQWR SHU GHWHUPLQDUH OD
OXQJKH]]D GL ODYRUR 0HWRGRORJLH XWLOL]]DELOL SHU OD GHWHUPLQD]LRQH GHOOD OXQJKH]]D GL ODYRUR
VRQR TXHOOH FKH SUHYHGRQR O¶XVR GL ULOHYDWRUL HOHWWURQLFL GHOO¶DSLFH HR GL HVDPL UDGLRJUDILFL
LQWUDRSHUDWRULHYHQWXDOPHQWHHVHJXLWLFRQO¶XVRGLFHQWUDWRUL 0DUWtQH]/R]DQR0$6LX
&0DUWLQV-1/XFHQD& 



ϴϲ


97


/D GHYLWDOL]]D]LRQH R HOLPLQD]LRQH GHOOD SROSD FDQDODUH QRQ GHYH HVVHUH SHUVHJXLWD
FKLPLFDPHQWH FRQ PDWHULDOL FKH FRQWHQJDQR FRPSRQHQWL WRVVLFL PD DWWUDYHUVR XQD WHFQLFD GL
VWUXPHQWD]LRQH PDQXDOH R PHFFDQLFD FKH SHUPHWWD GL DOHVDUH LO FDQDOH ILQR DG RWWHQHUH XQD
VDJRPDWXUD DGHJXDWD PDQWHQHQGR SHU TXDQWR SRVVLELOH LO GLVHJQR DQDWRPLFR RULJLQDULR GHO
FDQDOHLQSDUWLFRODUHGHOODVXDDUHDDSLFDOHULPXRYHQGRFRQWHPSRUDQHDPHQWHLWHVVXWLSXOSDUL
HLGHWULWLRUJDQLFLHLQRUJDQLFLHULGXFHQGRODFDULFDEDWWHULFD %HUXWWL(.WDUFL$
%LUG'&3DTX)%HUXWWL(9LHLUD(33DVTXDOLQL'(OQDJK\$0
9DVFRQFHORV%&6FDWWLQD$ 


4XHVWL ULVXOWDWL SRVVRQR HVVHUH RWWHQXWL VROR VH OD WHFQLFD VWUXPHQWDOH YLHQH HVHJXLWD LQ SUHVHQ]D GL
FRQWLQXLHDEERQGDQWLODYDJJL FDQDODULFRQLUULJDQWLDQFKHGLYHUVLGRWDWLGLFDSDFLWjDQWLEDWWHULFKH
OXEULILFDQWL H VSHFLILFLWj G¶D]LRQH QHL FRQIURQWL GHL UHVLGXL RUJDQLFL H LQRUJDQLFL 6XQGYLVW * 
&DPDUD$&%ULWR350DONKDVVLDQ*%RXWVLRXNLV& 
6LVWHPL GL LPSOHPHQWD]LRQH GHOO¶D]LRQH GHJOL LUULJDQWL FRPH XOWUDVXRQL R ODVHU SRVVRQR HVVHUH
FRQVLGHUDWL FRPSOHPHQWDUL H QRQ DOWHUQDWLYL DOOH FODVVLFKH WHFQLFKH GL LUULJD]LRQH :DQJ 44 
6DGÕN%%RXWVLRXNLV& 

2ELHWWLYLGHOODVWUXPHQWD]LRQHHQGRGRQWLFDVRQRGLRWWHQHUHXQFDQDOHSHUYLRSHUFRQVHQWLUHXQ
IOXVVRDGHJXDWRGHJOLLUULJDQWLDQFKHQHOOHDUHHDSLFDOL %RXWVLRXNLV& PDQWHQHQGRXQD
VDJRPDWXUD FKH SRVVD IDFLOLWDUH O¶RWWXUD]LRQH WULGLPHQVLRQDOH GHL YROXPL HQGRGRQWLFL QHO
ULVSHWWRGHOODVWUXWWXUDUDGLFRODUH 1J</ 


7DOYROWD SRVVRQR HVVHUH XWLOL]]DWH PHGLFD]LRQL LQWHUPHGLH SHU SUHYHQLUH R ULGXUUH OD
SUROLIHUD]LRQHGLPLFURUJDQLVPLQHOVLVWHPDFDQDODUH 6MRJUHQ8$WKDQDVVLDGLV%
.DZDVKLPD1 QHOSHULRGRWUDGXHVHGXWHWHUDSHXWLFKHVXFFHVVLYH 1DLU316DWKRUQ
&)LJLQL/9HUD- 


/D VDJRPDWXUD GHWHUVLRQH H GLVLQIH]LRQH GHL FDQDOL UDGLFRODUL GHYRQR HVVHUH VHJXLWH
GDOO¶RWWXUD]LRQH FDQDODUH YHULILFDWD FRQ XQ HVDPH UDGLRJUDILFR SRVWRSHUDWRULR FKH GHYH
PRVWUDUH O¶DSLFH UDGLFRODUH SUHIHULELOPHQWH FRQ DOPHQR  PP GHOOD UHJLRQH SHULDSLFDOH
FKLDUDPHQWHYLVLELOL /\RQV::7]DQHWDNLV*1 


&RPSDWLELOPHQWH FRQ OD FROODERUD]LRQH GHO SD]LHQWH LO ULVXOWDWR GHO WUDWWDPHQWR GRYUHEEH
HVVHUHFRQWUROODWRSHULRGLFDPHQWH 3DUHGHV9LH\UD- 




%LEOLRJUDILD

$JXLODU3/LQVXZDQRQW39LWDOSXOSWKHUDS\LQYLWDOSHUPDQHQWWHHWKZLWKFDULRXVO\H[SRVHGSXOSD
V\VWHPDWLFUHYLHZ-(QGRG0D\  
ϴϳ


98


$WKDQDVVLDGLV%$EERWW39:DOVK/-7KHXVHRIFDOFLXPK\GUR[LGHDQWLELRWLFVDQGELRFLGHVDV
DQWLPLFURELDOPHGLFDPHQWVLQHQGRGRQWLFV$XVW'HQW-0DU 6XSSO 6

%HUXWWL(1HJUR$5/HQGLQL03DVTXDOLQL',QIOXHQFHRIPDQXDOSUHIODULQJDQGWRUTXHRQWKHIDLOXUHUDWH
RI3UR7DSHUURWDU\LQVWUXPHQWV-(QGRG$SU  

%HUXWWL(&DQWDWRUH*&DVWHOOXFFL$&KLDQGXVVL*3HUD)0LJOLDUHWWL*3DVTXDOLQL'8VHRIQLFNHO
WLWDQLXPURWDU\3DWK)LOHWRFUHDWHWKHJOLGHSDWKFRPSDULVRQZLWKPDQXDOSUHIODULQJLQVLPXODWHGURRWFDQDOV
-(QGRG0DU  

%LUG'&&KDPEHUV'3HWHUV2$8VDJHSDUDPHWHUVRIQLFNHOWLWDQLXPURWDU\LQVWUXPHQWVDVXUYH\
RIHQGRGRQWLVWVLQWKH8QLWHG6WDWHV-(QGRG6HS  

%RQGDUGH31DLN$3DWLO66KDK3+$FFLGHQWDO,QJHVWLRQDQG8QHYHQWIXO5HWULHYDORIDQ(QGRGRQWLF)LOHLQ
D<HDU2OG&KLOG$&DVH5HSRUW-,QW2UDO+HDOWK 6XSSO 

%ULWR356RX]D/&0DFKDGRGH2OLYHLUD-&$OYHV)5'H'HXV*/RSHV+36LTXHLUD-)-U&RPSDULVRQ
RIWKHHIIHFWLYHQHVVRIWKUHHLUULJDWLRQWHFKQLTXHVLQUHGXFLQJLQWUDFDQDO(QWHURFRFFXVIDHFDOLVSRSXODWLRQV
DQLQYLWURVWXG\-(QGRG2FW  

%RXWVLRXNLV&9HUKDDJHQ%9HUVOXLV0.DVWULQDNLV(:HVVHOLQN35YDQGHU6OXLV/:(YDOXDWLRQRI
LUULJDQWIORZLQWKHURRWFDQDOXVLQJGLIIHUHQWQHHGOHW\SHVE\DQXQVWHDG\FRPSXWDWLRQDOIOXLGG\QDPLFV
PRGHO-(QGRG0D\  

%RXWVLRXNLV&/DPEULDQLGLV79HUKDDJHQ%9HUVOXLV0.DVWULQDNLV(:HVVHOLQN35YDQGHU6OXLV/:7KH
HIIHFWRIQHHGOHLQVHUWLRQGHSWKRQWKHLUULJDQWIORZLQWKHURRWFDQDOHYDOXDWLRQXVLQJDQXQVWHDG\
FRPSXWDWLRQDOIOXLGG\QDPLFVPRGHO-(QGRG2FW  

%RXWVLRXNLV&*RJRV&9HUKDDJHQ%9HUVOXLV0.DVWULQDNLV(9DQGHU6OXLV/:7KHHIIHFWRIURRWFDQDO
WDSHURQWKHLUULJDQWIORZHYDOXDWLRQXVLQJDQXQVWHDG\&RPSXWDWLRQDO)OXLG'\QDPLFVPRGHO,QW(QGRG-
2FW  

%RXWVLRXNLV&3VLPPD=YDQGHU6OXLV/:)DFWRUVDIIHFWLQJLUULJDQWH[WUXVLRQGXULQJURRWFDQDOLUULJDWLRQ
DV\VWHPDWLFUHYLHZ,QW(QGRG--XO  

%RXWVLRXNLV&7]LPSRXODV18QFRQWUROOHG5HPRYDORI'HQWLQGXULQJ,Q9LWUR8OWUDVRQLF,UULJDQW$FWLYDWLRQ-
(QGRG)HE  

&DPDUD$&GH$OEXTXHUTXH00$JXLDU&0GH%DUURV&RUUHLD$&,QYLWURDQWLPLFURELDODFWLYLW\RI
DQGVRGLXPK\SRFKORULWHLQURRWFDQDOVLQVWUXPHQWHGZLWKWKH3UR7DSHU8QLYHUVDOV\VWHP2UDO
6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG$XJ  H

'HO)DEEUR07DVFKLHUL6/RGL*%DQIL*:HLQVWHLQ5/0DJQLILFDWLRQGHYLFHVIRUHQGRGRQWLF
WKHUDS\&RFKUDQH'DWDEDVH6\VW5HY-XO  &'

'HO)DEEUR07DVFKLHUL6/RGL*%DQIL*:HLQVWHLQ5/0DJQLILFDWLRQGHYLFHVIRUHQGRGRQWLF
WKHUDS\&RFKUDQH'DWDEDVH6\VW5HY'HF

'H3DEOR29(VWHYH]53pL[6iQFKH]0+HLOERUQ&&RKHQFD15RRWDQDWRP\DQGFDQDOFRQILJXUDWLRQRI
WKHSHUPDQHQWPDQGLEXODUILUVWPRODUDV\VWHPDWLFUHYLHZ-(QGRG'HF  

ϴϴ


99


(OQDJK\$0(OVDND6((YDOXDWLRQRIURRWFDQDOWUDQVSRUWDWLRQFHQWHULQJUDWLRDQGUHPDLQLQJGHQWLQ
WKLFNQHVVDVVRFLDWHGZLWK3UR7DSHU1H[WLQVWUXPHQWVZLWKDQGZLWKRXWJOLGHSDWK-(QGRG
'HF  

(XURSHDQ6RFLHW\RI(QGRGRQWRORJ\  &RQVHQVXVUHSRUWRIWKH(XURSHDQ6RFLHW\RI(QGRGRQWRORJ\RQ


TXDOLW\JXLGHOLQHVIRUHQGRGRQWLFWUHDWPHQW,QWHUQDWLRQDO(QGRGRQWLF-RXUQDO±

(XURSHDQ6RFLHW\RI(QGRGRQWRORJ\  *XLGHOLQHVIRUVSHFLDOW\WUDLQLQJLQHQGRGRQWRORJ\


,QWHUQDWLRQDO(QGRGRQWLF-RXUQDO±

)HUUDUL3+&DL6%RPEDQD$&(IIHFWRIHQGRGRQWLFSURFHGXUHVRQHQWHURFRFFLHQWHULFEDFWHULDDQG\HDVWV
LQSULPDU\HQGRGRQWLFLQIHFWLRQV,QW(QGRG--XQ  

)LJLQL//RGL**RUQL)*DJOLDQL06LQJOHYHUVXVPXOWLSOHYLVLWVIRUHQGRGRQWLFWUHDWPHQWRISHUPDQHQW
WHHWK&RFKUDQH'DWDEDVH6\VW5HY2FW  

)RZOHU6'UXP05HDGHU$%HFN0$QHVWKHWLF6XFFHVVRIDQ,QIHULRU$OYHRODU1HUYH%ORFNDQG
6XSSOHPHQWDO$UWLFDLQH%XFFDO,QILOWUDWLRQIRU0RODUVDQG3UHPRODUVLQ3DWLHQWVZLWK6\PSWRPDWLF
,UUHYHUVLEOH3XOSLWLV-(QGRG0DU  

*ROGIHLQ-6SHLUV&)LQNHOPDQ0$PDWR55XEEHUGDPXVHGXULQJSRVWSODFHPHQWLQIOXHQFHVWKHVXFFHVVRI
URRWFDQDOWUHDWHGWHHWK-(QGRG'HF  

/HRQDUGL'XWUD.+DDV/3RUSRUDWWL$/)ORUHV0LU&1DVFLPHQWR6DQWRV-0H]]RPR/$&RUUrD0'H
/XFD&DQWR*'LDJQRVWLF$FFXUDF\RI&RQHEHDP&RPSXWHG7RPRJUDSK\DQG&RQYHQWLRQDO5DGLRJUDSK\RQ
$SLFDO3HULRGRQWLWLV$6\VWHPDWLF5HYLHZDQG0HWDDQDO\VLV-(QGRG0DU  

/LQ/05RVHQEHUJ3$5HSDLUDQGUHJHQHUDWLRQLQHQGRGRQWLFV,QW(QGRG-2FW  

/\RQV::+DUWZHOO*56WHZDUW-75HDYOH\%$SSHOVWHLQ&/DINRZLW]6&RPSDULVRQRIFRURQDOEDFWHULDO
OHDNDJHEHWZHHQLPPHGLDWHYHUVXVGHOD\HGSRVWVSDFHSUHSDUDWLRQLQURRWFDQDOVILOOHGZLWK
5HVLORQ(SLSKDQ\,QW(QGRG-0DU  

/XFHQD&/ySH]-00DUWtQ-$5REOHV9*RQ]iOH]5RGUtJXH]03$FFXUDF\RIZRUNLQJOHQJWK
PHDVXUHPHQWHOHFWURQLFDSH[ORFDWRUYHUVXVFRQHEHDPFRPSXWHGWRPRJUDSK\,QW(QGRG-
0DU  

.DZDVKLPD1:DGDFKL56XGD+<HQJ73DUDVKRV35RRWFDQDOPHGLFDPHQWV,QW'HQW-
)HE  

.XPDU-6KDUPD56KDUPD03UDEKDYDWKL93DXO-&KRZGDU\&'3UHVHQFHRI&DQGLGDDOELFDQVLQ5RRW
&DQDOVRI7HHWKZLWK$SLFDO3HULRGRQWLWLVDQG(YDOXDWLRQRIWKHLU3RVVLEOH5ROHLQ)DLOXUHRI(QGRGRQWLF
7UHDWPHQW-,QW2UDO+HDOWK)HE  

.WDUFL$$NSLQDU.(6XPHU=(U.%HN%$SLFDOH[WUXVLRQRILQWUDFDQDOEDFWHULDIROORZLQJXVHRI
YDULRXVLQVWUXPHQWDWLRQWHFKQLTXHV,QW(QGRG-'HF  

0DONKDVVLDQ*0DQ]XU$-/HJQHU0)LOOHU\('0DQHN6%DVUDQL%5)ULHGPDQ6$QWLEDFWHULDOHIILFDF\
RI07$'ILQDOULQVHDQGWZRSHUFHQWFKORUKH[LGLQHJHOPHGLFDWLRQLQWHHWKZLWKDSLFDOSHULRGRQWLWLVD
UDQGRPL]HGGRXEOHEOLQGHGFOLQLFDOWULDO-(QGRG1RY  

ϴϵ


100


0DQQDQ*6PDOOZRRG(5*XODELYDOD.(IIHFWRIDFFHVVFDYLW\ORFDWLRQDQGGHVLJQRQGHJUHHDQG
GLVWULEXWLRQRILQVWUXPHQWHGURRWFDQDOVXUIDFHLQPD[LOODU\DQWHULRUWHHWK,QW(QGRG-$SU  


0DUWtQH]/R]DQR0$)RUQHU1DYDUUR/6iQFKH]&RUWpV-//OHQD3X\&0HWKRGRORJLFDOFRQVLGHUDWLRQVLQ
WKHGHWHUPLQDWLRQRIZRUNLQJOHQJWK,QW(QGRG--XO  

0DUWLQV-10DUTXHV'0DWD$&DUDPrV-&OLQLFDOHIILFDF\RIHOHFWURQLFDSH[ORFDWRUVV\VWHPDWLFUHYLHZ
-(QGRG-XQ  

0RJKDGGDP$65DGDIVKDU*7DUDPVDUL0'DUDEL)/RQJWHUPVXUYLYDOUDWHRIWHHWKUHFHLYLQJ
PXOWLGLVFLSOLQDU\HQGRGRQWLFSHULRGRQWDODQGSURVWKRGRQWLFWUHDWPHQWV-2UDO5HKDELO0DU  


1DLU31+HQU\6&DQR99HUD-0LFURELDOVWDWXVRIDSLFDOURRWFDQDOV\VWHPRIKXPDQPDQGLEXODUILUVW
PRODUVZLWKSULPDU\DSLFDOSHULRGRQWLWLVDIWHURQHYLVLWHQGRGRQWLFWUHDWPHQW2UDO6XUJ2UDO0HG2UDO
3DWKRO2UDO5DGLRO(QGRG)HE  

1J</0DQQ9*XODELYDOD.$SURVSHFWLYHVWXG\RIWKHIDFWRUVDIIHFWLQJRXWFRPHVRIQRQVXUJLFDOURRWFDQDO
WUHDWPHQWSDUWSHULDSLFDOKHDOWK,QW(QGRG--XO  

1J</0DQQ9*XODELYDOD.$SURVSHFWLYHVWXG\RIWKHIDFWRUVDIIHFWLQJRXWFRPHVRIQRQVXUJLFDOURRW
FDQDOWUHDWPHQWSDUWWRRWKVXUYLYDO,QW(QGRG--XO  

3DUHGHV9LH\UD-(QULTXH])-6XFFHVVUDWHRIVLQJOHYHUVXVWZRYLVLWURRWFDQDOWUHDWPHQWRIWHHWKZLWK
DSLFDOSHULRGRQWLWLVDUDQGRPL]HGFRQWUROOHGWULDO-(QGRG6HS  

3DULURNK06DGU61DNKDHH1$EERWW390DQRFKHKULIDU+&RPSDULVRQEHWZHHQSUHVFULSWLRQRIUHJXODU
RURQGHPDQGLEXSURIHQRQSRVWRSHUDWLYHSDLQDIWHUVLQJOHYLVLWURRWFDQDOWUHDWPHQWRIWHHWKZLWKLUUHYHUVLEOH
SXOSLWLV-(QGRG)HE  

6FKPLGW-&:DOWHU&$PDWR0:HLJHU57UHDWPHQWRISHULRGRQWDOHQGRGRQWLFOHVLRQVDV\VWHPDWLFUHYLHZ
-&OLQ3HULRGRQWRO$XJ  

3DTX)*DQDKO'3HWHUV2$(IIHFWVRIURRWFDQDOSUHSDUDWLRQRQDSLFDOJHRPHWU\DVVHVVHGE\PLFUR
FRPSXWHGWRPRJUDSK\-(QGRG-XO  

3DVTXDOLQL'0ROOR/6FRWWL1&DQWDWRUH*&DVWHOOXFFL$0LJOLDUHWWL*%HUXWWL(3RVWRSHUDWLYHSDLQDIWHU
PDQXDODQGPHFKDQLFDOJOLGHSDWKDUDQGRPL]HGFOLQLFDOWULDO-(QGRG-DQ  

5DPSDGR0(7MlGHUKDQH/)ULHGPDQ6+DPVWUD6-7KHEHQHILWRIWKHRSHUDWLQJPLFURVFRSHIRUDFFHVV
FDYLW\SUHSDUDWLRQE\XQGHUJUDGXDWHVWXGHQWV-(QGRG'HF  

5XGGOH&-$FFHVVSUHSDUDWLRQHQGRGRQWLFDQRSHQLQJIRUVXFFHVV'HQW7RGD\)HE  

6DGÕN%$UÕNDQ6%HOG]1<DúD<.DUDVR\'&HKUHOL0(IIHFWVRIODVHUWUHDWPHQWRQHQGRGRQWLFSDWKRJHQ
(QWHURFRFFXVIDHFDOLVDV\VWHPDWLFUHYLHZ3KRWRPHG/DVHU6XUJ0D\  

6DWKRUQ&3DUDVKRV30HVVHU++(IIHFWLYHQHVVRIVLQJOHYHUVXVPXOWLSOHYLVLWHQGRGRQWLFWUHDWPHQWRIWHHWK
ZLWKDSLFDOSHULRGRQWLWLVDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV,QW(QGRG--XQ  

ϵϬ


101


6FDWWLQD$$ORYLVL03DROLQR'63DVTXDOLQL'6FRWWL1&KLDQGXVVL*%HUXWWL(3UHGLFWLRQRI&\FOLF
)DWLJXH/LIHRI1LFNHO7LWDQLXP5RWDU\)LOHVE\9LUWXDO0RGHOLQJDQG)LQLWH(OHPHQWV$QDO\VLV-(QGRG
1RY  

6FKLOGHU+&OHDQLQJDQGVKDSLQJWKHURRWFDQDO'HQW&OLQ1$P U, 

6HW]HU)&.LP6&RPSDULVRQRIORQJWHUPVXUYLYDORILPSODQWVDQGHQGRGRQWLFDOO\WUHDWHGWHHWK-'HQW5HV
-DQ  

6LX&0DUVKDOO-*%DXPJDUWQHU-&$QLQYLYRFRPSDULVRQRIWKH5RRW=;,,WKH$SH[15*;)5DQG0LQL
$SH[/RFDWRUE\XVLQJURWDU\QLFNHOWLWDQLXPILOHV-(QGRG-XO  

6MRJUHQ8)LJGRU'6SDQJEHUJ/6XQGTYLVW*7KHDQWLPLFURELDOHIIHFWRIFDOFLXPK\GUR[LGHDVDVKRUWWHUP
LQWUDFDQDOGUHVVLQJ,QW(QGRG- U, 

6WHZDUW7'LDJQRVLVDQGWUHDWPHQWSODQQLQJDUHHVVHQWLDOSULRUWRFRPPHQFLQJHQGRGRQWLFWUHDWPHQWGLVFXVV
WKLVVWDWHPHQWDVLWUHODWHVWRFOLQLFDOHQGRGRQWLFPDQDJHPHQW$XVW(QGRG-$SU  

6XQGYLVW*7D[RQRP\HFRORJ\DQGSDWKRJHQLFLW\RIWKHURRWFDQDOIORUD2UDO6XUJ2UDO0HG2UDO
3DWKRO U,, 

7DOZDU68WQHMD61DZDO55.DXVKLN$6ULYDVWDYD'2EHUR\665ROHRI&RQHEHDP&RPSXWHG
7RPRJUDSK\LQ'LDJQRVLVRI9HUWLFDO5RRW)UDFWXUHV$6\VWHPDWLF5HYLHZDQG0HWDDQDO\VLV-(QGRG
-DQ  

7]DQHWDNLV*1.DNDYHWVRV9'.RQWDNLRWLV(*,PSDFWRIVPHDUOD\HURQVHDOLQJSURSHUW\RIURRWFDQDO
REWXUDWLRQXVLQJGLIIHUHQWWHFKQLTXHVDQGVHDOHUV3DUW,2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO
(QGRG2FW

9DVFRQFHORV%&)URWD/06RX]D7GH$%HUQDUGHV5$'XDUWH0$(YDOXDWLRQRIWKHPDLQWHQDQFHRIWKH
DSLFDOOLPLWGXULQJLQVWUXPHQWDWLRQZLWKK\EULGHTXLSPHQWLQURWDU\DQGUHFLSURFDWLQJPRGHV-(QGRG
0D\  

9HUD-6LTXHLUD-)-U5LFXFFL'/RJKLQ6)HUQiQGH]1)ORUHV%&UX]$*2QHYHUVXVWZRYLVLW
HQGRGRQWLFWUHDWPHQWRIWHHWKZLWKDSLFDOSHULRGRQWLWLVDKLVWREDFWHULRORJLFVWXG\-(QGRG$XJ
  

9LHLUD(31DNDJDZD5.%XRQR97%DKLD0*7RUVLRQDOEHKDYLRXURIURWDU\1L7L3UR7DSHU8QLYHUVDO
LQVWUXPHQWVDIWHUPXOWLSOHFOLQLFDOXVH,QW(QGRG-2FW  

:DQJ44=KDQJ&)<LQ;=(YDOXDWLRQRIWKHEDFWHULFLGDOHIIHFWRI(U&U<6**DQG1G<$*ODVHUVLQ
H[SHULPHQWDOO\LQIHFWHGURRWFDQDOV-(QGRG-XO  

5LWUDWWDPHQWRHQGRGRQWLFR

,OULWUDWWDPHQWRHQGRGRQWLFRQRQFKLUXUJLFRqLQGLFDWRLQFDVRGL
PDQFDQ]DGLVLJLOORFRURQDOHDQFKHLQSUHVHQ]DGLXQDWHUDSLDHQGRGRQWLFDFRUUHWWDPHQWHHVHJXLWD
TXDORUDYLVLDQRVHJQLFKHO¶HVSRVL]LRQHDOO¶DPELHQWHRUDOHDEELDGHWHUPLQDWRXQDULFRQWDPLQD]LRQH
ϵϭ


102


GHOO¶HQGRGRQWR $OYHV HW DO  %HUXWWL  *LVK HW DO  0DJXUD HW DO  6ZDQVRQ 
0DGLVRQ7RUDELQHMDGHWDO 
 SHUVLVWHQ]D GHL VLQWRPL HR GHOOD SDWRORJLD SHULUDGLFRODUH DVVRFLDWL D XQ GHQWH VRWWRSRVWR LQ
SUHFHGHQ]DDWUDWWDPHQWR (QJVWURPHWDO1JHWDO6WULQGEHUJ7RUDELQHMDGHWDO
 
SURFHGXUHSURWHVLFKHRULFRVWUXWWLYHFKHFRPSURPHWWRQRRWWXUD]LRQLFDQDODULSUHHVLVWHQWL 5XGGOH
-2((GLWRULDO%RDUGD6MRJUHQHWDO6ZDQVRQ 0DGLVRQ7RUDELQHMDGHWDO
 
SURFHGXUHSURWHVLFKHRULFRVWUXWWLYHFKHLQWHUHVVLQRHOHPHQWLGHQWDOLFRQWHUDSLHHQGRGRQWLFKHQRQ
DGHJXDWH -2((GLWRULDO%RDUGE3DLNHWDO5XGGOH6XQGTYLVWHWDO 

,O ULWUDWWDPHQWR HQGRGRQWLFR YD HVHJXLWR VXJOL HOHPHQWL GHQWDUL SHUPDQHQWL VWUXWWXUDOPHQWH YDOLGL H
FKHVLDQRIXQ]LRQDOPHQWHLPSRUWDQWLHDEELDPRXQDSURJQRVLUDJLRQHYROH )ULVWDGHWDO.YLVW
5HLW7RUDELQHMDG :KLWH 
,O ULWUDWWDPHQWR HQGRGRQWLFR QRQ FKLUXUJLFR UDSSUHVHQWD XQD SURFHGXUD SHU DVSRUWDUH GDO VLVWHPD
UDGLFRODUH GL XQ GHQWH LO PDWHULDOH GD RWWXUD]LRQH SUHFHGHQWHPHQWH LQVHULWR R FRPSOHWDUH XQ
SUHFHGHQWH WUDWWDPHQWR FDQDODUH QRQ VRGGLVIDFHQWH /D GHWHUVLRQH OD VDJRPDWXUD OD GLVLQIH]LRQH H
O
RWWXUD]LRQH GHL FDQDOL GHYRQR DYYHQLUH PHGLDQWH WHFQLFKH H XWLOL]]R GL PDWHULDOL LGRQHL 3RVVRQR
UHQGHUVL  QHFHVVDULH SURFHGXUH DJJLXQWLYH  SHU  ULPXRYHUH  SHUQL  R  DOWUL  VLVWHPL  GL ULWHQ]LRQH
LQWHUYHQLUHVXRVWUX]LRQLFDQDODUL EORFFKLJUDGLQL RFRUUHJJHUHHULVROYHUHHYHQWXDOLHUURULLDWURJHQL
SHUIRUD]LRQLVWULSSLQJ  %HUJHQKROW]DWDO'HO)DEEURHWDO)XVV 7URSH-2(
(GLWRULDO%RDUGD0DLQHWDO3DFHHWDO6FKLOGHU7URSH 7URQVWDG 

/DPHWRGLFDKDFRPHRELHWWLYL
LQGLYLGXDUHODFDXVDGHOO¶LQVXFFHVVR %DXPJDUWQHU*HRUJH
FRQWUROODUHODVLQWRPDWRORJLD 6DWKRUQHWDO%ULJJV 6FRWW)ULVWDGHWDO 
 VDJRPDUH GHWHUJHUH HG RWWXUDUH LO VLVWHPD FDQDODUH LO SL YLFLQR SRVVLELOH DOO
DSLFH UDGLFRODUH GL
 FLDVFXQFDQDOH %ULJJV 6FRWW-2((GLWRULDO%RDUG%\VWURP 6XQGTYLVW
 6FKLOGHU 
 VLJLOODUH O¶DFFHVVR FRURQDOH LQ PRGR HUPHWLFR H GXUDWXUR $OYHV HW DO  *LVK HW DO 
 0DJXUDHWDO 
IDYRULUHODJXDULJLRQHHODULSDUD]LRQHGHLWHVVXWLSHULUDGLFRODUL %\VWURP 6XQGTYLVW1JHW
 DO 
ϵϮ


103


FRQWUROODUHQHOWHPSRLOEXRQHVLWRGHOODWHUDSLD &KHYLJQ\HWDO)DU]DQHKHWDO*RUQL
 *DJOLDQL:XHWDO 


%LEOLRJUDILD

$OYHV - :DOWRQ 5 'UDNH ' &RURQDO OHDNDJH HQGRWR[LQ SHQHWUDWLRQ IURP PL[HG EDFWHULDO  FRPPXQLWLHV
WKURXJKREWXUDWHGSRVWSUHSDUHGURRWFDQDOV-(QGRG

%DXPJDUWQHU-&0LFURELRORJLFDQGSDWKRORJLFDVSHFWVRIHQGRGRQWLFV&XUU2SLQ'HQW

%HUJHQKROW]*/HNKROP80LOWKRQ5+HGHQ*2GHVMR%(QJVWURP%5HWUHDWPHQWRIHQGRGRQWLFILOOLQJV
6FDQG-'HQW5HV

%HUXWWL(0LFUROHDNDJHRIKXPDQVDOLYDWKURXJKGHQWLQDOWXEXOHVH[SRVHGDWWKHFHUYLFDOOHYHOLQWHHWKWUHDWHG
HQGRGRQWLFDOO\-(QGRG

%ULJJV 3) 6FRWW %- (YLGHQFHEDVHG GHQWLVWU\ HQGRGRQWLF IDLOXUH +RZ VKRXOG LW EH PDQDJHG" %U 'HQW -
6HS

%\VWURP$6XQGTYLVW*%DFWHULRORJLFHYDOXDWLRQRIWKHHIILFDF\RIPHFKDQLFDOURRWFDQDOLQVWUXPHQWDWLRQLQ
HQGRGRQWLFWKHUDS\6FDQG-'HQW5HV

&KHYLJQ\&'DR77%DVUDQL%50DUTXLV9)DU]DQHK0$ELWERO6)ULHGPDQ67UHDWPHQWRXWFRPHVLQ
HQGRGRQWLFVWKH7RURQWR6WXG\SKDVH,,,DQG,9RUWKRJUDGHUHWUHDWPHQW-(QGRG

'HO)DEEUR07DVFKLHUL67HVWRUL7)UDQFHWWL/:HLQVWHLQ5/6XUJLFDOYHUVXVQRQVXUJLFDOHQGRGRQWLF
UHWUHDWPHQWIRUSHULUDGLFXODUOHVLRQV&RFKUDQH'DWDEDVH6\VW5HY  

(QJVWURP % +DUG $) 6HJHUVWDG / 5DPVWURP * )URVWHOO * &RUUHODWLRQ RI SRVLWLYH FXOWXUHV ZLWK WKH
SURJQRVLVRIURRWFDQDOWUHDWPHQW2GRQWRO5HY

)DU]DQHK 0 $ELWERO 6 /DZUHQFH +3 )ULHGPDQ 6 7UHDWPHQW RXWFRPHV LQ HQGRGRQWLFV WKH 7RURQWR 6WXG\
SKDVH,DQG,,RUWKRJUDGHUHWUHDWPHQW-(QGRG

)ULVWDG , 0ROYHQ 2 +DOVH $ 1RQ VXUJLFDOO\ UHWUHDWHG WHHWK UDGLRJUDSKLF  ILQGLQJV DIWHU  \HDUV ,QW
(QGRG-

)XVV=7URSH05RRWSHUIRUDWLRQVFODVVLILFDWLRQDQGWUHDWPHQWFKRLFHVEDVHGRQSURJQRVWLFIDFWRUV(QGRG
'HQW7UDXPDWRO

*HRUJH51RQVXUJLFDOUHWUHDWPHQWYVHQGRGRQWLFPLFURVXUJHU\ DVVHVVLQJVXFFHVV(YLG%DVHG'HQW
6HS  

*LVK 63 'UDNH  '5 :DOWRQ 5( :LOFR[ / &RURQDO  OHDNDJH  EDFWHULDO  SHQHWUDWLRQ  WKURXJK  REWXUDWHG
FDQDOVIROORZLQJSRVWSUHSDUDWLRQ-$'$

*RUQL ) *DJOLDQL 0 7KH RXWFRPH RI HQGRGRQWLF UHWUHDWPHQW D WZR \HDUV IROORZ XS VWXG\ - (QGRG


ϵϯ


104


-2((GLWRULDO%RDUG(QGRGRQWLFUHWUHDWPHQWDQRQOLQHVWXG\JXLGH-(QGRGD0D\ 6XSSO H




-2((GLWRULDO%RDUG6XFFHVVDQGIDLOXUHLQHQGRGRQWLFVDQRQOLQHVWXG\JXLGH-(QGRGE0D\ 
6XSSO H

.YLVW75HLW&5HVXOWVRIHQGRGRQWLFUHWUHDWPHQWDUDQGRPL]HGFOLQLFDOVWXG\FRPSDULQJVXUJLFDODQG
QRQVXUJLFDOSURFHGXUHV-(QGRG

0DJXUD 0( .DIUDZ\ $+ %URZQ &( -U 1HZWRQ &:   +XPDQ VDOLYD FRURQDO PLFUROHDNDJH LQ
REWXUDWHGURRWFDQDOVDQLQYLWURVWXG\-(QGRG

0DLQ & 0LU]D\DQ 1 6KDEDKDQJ 6 7RUDELQHMDG 0 5HSDLU RI URRW SHUIRUDWLRQ XVLQJ PLQHUDO WULR[LGH
DJJUHJDWHDORQJWHUPVWXG\-(QGRG

1J </ 0DQQ 9 *XODELYDOD . 2XWFRPH RI VHFRQGDU\ URRW FDQDO WUHDWPHQW D V\VWHPDWLF UHYLHZ RI WKH
OLWHUDWXUH,QW(QGRG-'HF  

3DFH5*LXOLDQL93DJDYLQR*0LQHUDOWULR[LGHDJJUHJDWHDVUHSDLUIRUIXUFDOSHUIRUDWLRQFDVHVHULHV-
(QGRG

3DLN66HFKULVW&7RUDELQHMDG0/HYHOVRIHYLGHQFHIRUWKHRXWFRPHRIHQGRGRQWLFUHWUHDWPHQW-(QGRG
1RY

5XGGOH&-1RQVXUJLFDOHQGRGRQWLFUHWUHDWPHQW-(QGRG'HF

6DWKRUQ&3DUDVKRV30HVVHU+7KHSUHYDOHQFHRISRVWRSHUDWLYHSDLQDQGIODUHXSLQVLQJOHDQGPXOWLSOH
YLVLWHQGRGRQWLFWUHDWPHQWDV\VWHPDWLFUHYLHZ,QW(QGRG-)HE

6FKLOGHU+&OHDQLQJDQGVKDSLQJWKHURRWFDQDO'HQW&OLQ1$P

6MRJUHQ8+DJJOXQG%6XQGTYLVW*:LQJ.)DFWRUVDIIHFWLQJWKHORQJWHUPUHVXOWVRIHQGRGRQWLFWUHDWPHQW
-(QGRG

6WULQGEHUJ=7KHGHSHQGHQFHRIWKHUHVXOWRISXOSWKHUDS\RQFHUWDLQIDFWRUV$QDQDO\WLFVWXG\EDVHGRQ
UDGLRJUDSKLFDQGFOLQLFDOIROORZXSH[DPLQDWLRQ$FWD2GRQWRO6FDQGVXSSO

6XQGTYLVW * )LJGRU ' 3HUVVRQ 6 6MRJUHQ 8  0LFURELRORJLF DQDO\VLV RI WHHWK ZLWK IDLOHG HQGRGRQWLF
WUHDWPHQWDQGWKHRXWFRPHRIFRQVHUYDWLYHUHWUHDWPHQW2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG


6ZDQVRQ.0DGLVRQ6$QHYDOXDWLRQRIFRURQDOPLFUROHDNDJHLQHQGRGRQWLFDOO\WUHDWHGWHHWK3DUW,7LPH
SHULRGV-(QGRG

7RUDELQHMDG 0 8QJ % .HWWHULQJ -' ,Q YLWUR EDFWHULDO SHQHWUDWLRQ RI FRURQDOO\ XQVHDOHG HQGRGRQWLFDOO\
WUHDWHGWHHWK-(QGRG

7RUDELQHMDG  0 &RUU  5 +DQG\VLGHV 5 6KDEDKDQJ  6 2XWFRPHV RI  QRQVXUJLFDO  UHWUHDWPHQW  DQG
HQGRGRQWLFVXUJHU\DV\VWHPDWLFUHYLHZ-(QGRG-XO

7RUDELQHMDG 0 :KLWH 61 (QGRGRQWLF WUHDWPHQW RSWLRQV DIWHU XQVXFFHVVIXO LQLWLDO URRW FDQDO WUHDWPHQW
$OWHUQDWLYHVWRVLQJOHWRRWKLPSODQWV-$P'HQW$VVRF0DU  
ϵϰ


105


7URSH 0 7URQVWDG / /RQJWHUP FDOFLXP K\GUR[LGH WUHDWPHQW RI D  WRRWK ZLWK LDWURJHQLF  URRW SHUIRUDWLRQ
DQGODWHUDOSHULRGRQWLWLV(QGRG'HQW7UDXPDWRO

:X 0. 6KHPHVK + :HVVHOLQN 35 /LPLWDWLRQV RI SUHYLRXVO\ SXEOLVKHG V\VWHPDWLF UHYLHZV HYDOXDWLQJ WKH
RXWFRPHRIHQGRGRQWLFWUHDWPHQW,QW(QGRG-$XJ  

5LSDUD]LRQHGLSHUIRUD]LRQL

/¶LQWHUYHQWR KD OR VFRSR GL VLJLOODUH XQD SHUIRUD]LRQH LDWURJHQD GD HUURUH SURFHGXUDOH &DUU *%
  R SDWRORJLFD GD ULDVVRUELPHQWR HVWHUQR LQ FRPXQLFD]LRQH FRO FDQDOH UDGLFRODUH R
ULDVVRUELPHQWRLQWHUQRFRQSHUIRUD]LRQHFRQXQDSSURFFLRRUWRJUDGRHRFKLUXUJLFR &DUU*%
)DU]DQHK0HWDO 
*OLHOHPHQWLGLYDOXWD]LRQHGDFRQVLGHUDUHSULPDGHOODVFHOWDWHUDSHXWLFDDLILQLSURJQRVWLFLVRQR
 ODVHGH
 O¶DFFHVVLELOLWj
 ODGLPHQVLRQH
 ODYLVLELOLWj
 ORVWDWRGLVDOXWHSDURGRQWDOH
 ODYLFLQDQ]DDVWUXWWXUHDQDWRPLFKH
 O¶LPSRUWDQ]DVWUDWHJLFDGHOO¶HOHPHQWR &DUU*%5HJDQ-HWDO 

/DVHGHSRWUjHVVHUHGHILQLWDLQVRYUDFUHVWDOHFUHVWDOHHDSLFDOHDVHFRQGDGHOODSDUWHDQDWRPLFD
FRLQYROWDGHOO¶HOHPHQWRGHQWDOH 5HJDQ-HWDO 
/DVFHOWDFKLUXUJLFDYLHQHSRVWDLQHVVHUHTXDQGRROWUHDOODGLIILFROWDGLDFFHVVRRDOO¶LQVXFFHVVRSHU
YLDRUWRJUDGDLOGLIHWWRqWURSSRJUDQGHHSRFRFRQWHQLWLYRRGRYHJLjSUHYLVWRXQLQWHUYHQWRLQ]RQD
DSLFDOHRTXDQGRSUHVHQWDXQDTXDQWLWjGLPDWHULDOHHVWUXVR +HLOLQJ,HWDO 
,O GLVHJQR H LO WUDWWDPHQWR GHO OHPER FKLUXUJLFR VDUDQQR JHVWLWL VHFRQGR OH PRGDOLWj HVSUHVVH QHO
FDSLWRORGHOO¶HQGRGRQ]LDFKLUXUJLFD
/¶DFFHVVR RUWRJUDGR HR FKLUXUJLFR YLHQH LQWUDRSHUDWRULDPHQWH GHWHUVR OD SHUIRUD]LRQH YLHQH
UHJRODUL]]DWD QHOOD IRUPD DQFKH FRQ O¶XVR GL XOWUDVXRQL GLVLQIHWWDWD RWWXUDWD FRQ   PDWHULDOL
ELRFRPSDWLELOLFKHGLDQREXRQDJDUDQ]LDGLVLJLOORHVWDELOLWjQHOWHPSR 0DLQ&HWDO%RJHQ
* HW DO  0HQWH - HW DO  .UXSS & HW DO  0HQWH - HW DO  *RUQL ) HW DO 
3DULURNK0HWDO6LHZ.HWDO 

ϵϱ


106


3HUWDQWR OD SURJQRVL SRWUj HVVHUH SL IDYRUHYROH  QHOOH SHUIRUD]LRQL SLFFROH D VHGH DSLFDOH R
VRSUDFUHVWDOH H GL UHFHQWH SURGX]LRQH PHQR IDYRUHYROH VH GDWDWH JUDQGL H D VHGH FUHVWDOH FRQ
FRPXQLFD]LRQHHQGRSDURGRQWDOH *RUQL)HWDO6LHZ.HWDO7VHVLV,HWDO 
&RQWURLQGLFD]LRQL DO WUDWWDPHQWR VRQR O¶LQDFFHVVLELOLWj RUWRJUDGD H FKLUXUJLFD  SHU IDWWRUL DQDWRPLFL
ORFDOL GHQWH FRQ LQVXIILFLHQWH VRVWHJQR SDURGRQWDOH SD]LHQWH QRQ FROODERUDQWH SD]LHQWH FRQ XQD
VWRULDPHGLFDFRPSURPHVVDSHUSDWRORJLHVLVWHPLFKHQRQFRPSHQVDWHWHUDSLDUDGLDQWHHWHUDSLHFRQ
ELIRVIRQDWL


%LEOLRJUDILD

%RJHQ*.XWWOHU60LQHUDOWULR[LGHDJJUHJDWHREWXUDWLRQDUHYLHZDQGFDVHVHULHV-(QGRG±


&DUU*%6XUJLFDOHQGRGRQWLFVSDWKZD\VRIWKHSXOS0RVE\VW/RXLV6L[WK(GLWLRQS

&DUU   *%  %HQWNRYHU 6.  6XUJLFDO HQGRGRQWLFVSDWKZD\V RI WKH SXOS0RVE\ 6W /RXLV 6HYHQWK (GLWLRQ
S

)DELR * *RUQL $QLWD $QGUHDQR )HGHULFR $PEURJL (XJHQLR %UDPELOOD 0DVVLPR *DJOLDQL 3DWLHQW DQG
&OLQLFDO &KDUDFWHULVWLFV $VVRFLDWHG ZLWK 3ULPDU\ +HDOLQJ RI ,DWURJHQLF 3HUIRUDWLRQV DIWHU 5RRW &DQDO
7UHDWPHQW5HVXOWVRID/RQJWHUP,WDOLDQ6WXG\-(QGRG

)DELR  * *RUQL $QGUHDQR $ $PEURJL ) %UDPELOOD ( *DJOLDQL 0 3DWLHQW DQG &OLQLFDO &KDUDFWHULVWLFV
$VVRFLDWHGZLWK3ULPDU\+HDOLQJRI,DWURJHQLF3HUIRUDWLRQVDIWHU5RRW&DQDO7UHDWPHQW5HVXOWVRID/RQJ
WHUP,WDOLDQ6WXG\-(QGRG)HE  

)DU]DQHK0$ELWERO6)ULHGPDQ67UHDWPHQWRXWFRPHLQHQGRGRQWLFVWKH7RURQWRVWXG\3KDVHV,DQG,,
2UWKRJUDGHUHWUHDWPHQW-(QGRG±

+HOLQJ , *RUILO & 6OXW]N\ + .RSRORYLF . =DONLQG 0 6OXW]N\*ROGEHUJ , (QGRGRQWLF IDLOXUH FDXVHG E\
LQDGHTXDWHUHVWRUDWLYHSURFHGXUHVUHYLHZDQGWUHDWPHQWUHFRPPHQGDWLRQV-3URVWKHW'HQW±

&KULVWLDQ.UXSS&OHPHQV%DUJKRO]0DUWLQ%UVHKDEHU0LFKDHO+OVPDQQ7UHDWPHQW2XWFRPHDIWHU5HSDLU
RI 5RRW 3HUIRUDWLRQV ZLWK 0LQHUDO 7ULR[LGH $JJUHJDWH $ 5HWURVSHFWLYH (YDOXDWLRQ RI  7HHWK   - (QGRG


0DLQ & 0LU]D\DQ 1 6KDEDKDQJ 6 HW DO 5HSDLU RI URRW SHUIRUDWLRQV XVLQJ PLQHUDO WULR[LGH DJJUHJDWH D
ORQJWHUPVWXG\-(QGRG±

0DVRXG 3DULURNK 0DKPRXG 7RUDELQHMDG 0LQHUDO 7ULR[LGH $JJUHJDWH $ &RPSUHKHQVLYH /LWHUDWXUH


5HYLHZ²3DUW,,,&OLQLFDO$SSOLFDWLRQV'UDZEDFNVDQG0HFKDQLVPRI$FWLRQ-(QGRG

0HQWH - +DJH 1 3IHIIHUOH 7 .RFK 0- 'UH\KDXSW - 6WDHKOH +- HW DO 0LQHUDO WULR[LGH DJJUHJDWH DSLFDO
SOXJV LQ WHHWK ZLWK RSHQ DSLFDO IRUDPLQD D UHWURVSHFWLYH DQDO\VLV RI WUHDWPHQW RXWFRPH - (QGRG 
±

ϵϲ


107


-RKDQQHV 0HQWH 0HOWHP /HR 'LPRV 3DQDJLGLV 'DQLHO 6DXUH 7KRUVWHQ 3IHIIHUOH 7UHDWPHQW 2XWFRPH RI
0LQHUDO7ULR[LGH$JJUHJDWH5HSDLURI5RRW3HUIRUDWLRQV²/RQJWHUP5HVXOWV-(QGRG

0HQWH-/HR03DQDJLGLV'6DXUH'3IHIIHUOH77UHDWPHQWRXWFRPHRIPLQHUDOWULR[LGHDJJUHJDWHUHSDLU
RIURRWSHUIRUDWLRQVORQJWHUPUHVXOWV-(QGRG-XQ  

-RKQ '5HJDQ 'DYLG ( :KLWKHUVSRRQ H 'HERUDK0)R\OH 6XUJLFDO UHSDLU RI URRW DQGWRRWK SHUIRUDWLRQV
(QGRGRQWLF7RSLFV

6LHZ . /HH $+ &KHXQJ *6 7UHDWPHQW 2XWFRPH RI 5HSDLUHG 5RRW 3HUIRUDWLRQ $ 6\VWHPDWLF 5HYLHZ DQG
0HWDDQDO\VLV-(QGRG1RY  

7VHVLV , 5RVHQEHUJ ( )DLYLVKHYVN\ 9 .ILU $ .DW] 0 5RVHQ ( 3UHYDOHQFH DQG $VVRFLDWHG 3HULRGRQWDO
6WDWXVRI7HHWKZLWK5RRW3HUIRUDWLRQ$5HWURVSHFWLYH6WXG\RI3DWLHQWV
0HGLFDO5HFRUGV-RXUQDORI
(QGRGRQWLFV9ROXPH,VVXH0D\3DJHV

,OWUDWWDPHQWRHQGRGRQWLFRGHLGHQWLSHUPDQHQWLFRQDSLFHEHDQWH
/DSURFHGXUDGLDSHFLILFD]LRQHHVHJXLWDXQLWDPHQWHDLQWHUYHQWLHQGRGRQWLFLQRQFKLUXUJLFLVLPHWWH
LQHVVHUHTXDQGRVLGHYHWUDWWDUHXQGHQWHSHUPDQHQWHFRQDSLFHEHDQWHLQFDVRGLSXOSLWHLUUHYHUVLELOH
RGLQHFURVLSXOSDUHGRYXWLDFDULHRDHYHQWLWUDXPDWLFL
&LVRQRGXHFDWHJRULHGLGHQWLSHUPDQHQWLFRQDSLFLLQFRPSOHWLREHDQWL
 GHQWL LPPDWXUL SURSULDPHQWH GHWWL VRQR SUHVHQWL LQ DUFDWD PD SHU PRWLYL GL WHPSR QRQ
 KDQQRFRPSOHWDWRDQFRUDORVYLOXSSRUDGLFRODUH 
 GHQWLFKHQRQKDQQRFRPSOHWDWRORVYLOXSSRUDGLFRODUHDFDXVDGLXQGDQQRLUUHYHUVLELOHFKH
 KDFROSLWRODSROSDTXDQGRHUDQRLPPDWXUL HVRQRVWDWLGLDJQRVWLFDWLVXFFHVVLYDPHQWHVXXQ
 SD]LHQWHDGXOWR
,QHQWUDPELLFDVLqRSSRUWXQRULFRUUHUHDGXQWUDWWDPHQWRGLDSHFLILFD]LRQHRVVLDGLXQWUDWWDPHQWR
HQGRGRQWLFR LQ FXL DOOD ULPR]LRQH GHO WHVVXWR SXOSDUH QHFURWLFR DOOD GHOLFDWD  VWUXPHQWD]LRQH GHO
FDQDOHUDGLFRODUHDGRSHUDGLOLPHHQGRGRQWLFKHHGDOO¶LUULJD]LRQHGHOFDQDOHFRQLSRFORULWRGLVRGLR
LQFRQFHQWUD]LRQHGDOO¶DO VHJXHODFKLXVXUDGHOO¶DSLFHEHDQWHFKHQRQSXzHVVHUHHIIHWWXDWD
FRQ OH WHFQLFKH GL RWWXUD]LRQH HQGRGRQWLFKH FRQYHQ]LRQDOL /¶DSLFH EHDQWH VL SXz VLJLOODUH SUHYLR
O¶XWLOL]]RGLXQPDWHULDOHGLVLQIHWWDQWHHELRDWWLYR SUHIHULELOPHQWHLGURVVLGRGLFDOFLR FKHIDYRULVFD
OD FKLXVXUD GHOOD SDUWH WHUPLQDOH GHOOD UDGLFH LQFRPSOHWD PHGLDQWH OD IRUPD]LRQH GL XQD EDUULHUD
DSLFDOHFDOFLILFDWD QRUPDOPHQWHXQDULSDUD]LRQH GLWLSRFHPHQWL]LR $G DSHFLILFD]LRQHFRPSOHWDWD
FLUFD  PHVL GRSR LO WUDWWDPHQWR  LO GHQWH SXz HVVHUH RWWXUDWR FRQ JXWWDSHUFD H FHPHQWR
HQGRGRQWLFR

ϵϳ


108


,Q DOWHUQDWLYD O¶DSHFLILFD]LRQH VL SXz RWWHQHUH DQFKH RWWXUDQGR GLUHWWDPHQWH O¶DSLFH EHDQWH FRQ XQ
FHPHQWRELRDWWLYRGLWLSRSRUWODQGRVLPLODUHVHQ]DDVSHWWDUHODIRUPD]LRQHGLXQDEDUULHUDGLWHVVXWR
GXURFKHFRPXQTXHDYYHUUjQHLGRGLFLPHVLVXFFHVVLYL
/D SURFHGXUD GL DSLFRJHQHVL q LQGLFDWD LQ FDVR GL GDQQR SXOSDUH UHYHUVLELOH R SDU]LDOPHQWH
LUUHYHUVLELOH FDULH R WUDXPL  H JDUDQWLVFH LO QDWXUDOH FRPSOHWDPHQWR GHOOR VYLOXSSR GHOOD UDGLFH GHO
GHQWH LPPDWXUR VH LQ VHJXLWR DO  GDQQR SXOSDUH VL LQWHUYLHQH VXOOD SROSD PDQWHQHQGROD YLWDOH
PHGLDQWHXQLQFDSSXFFLDPHQWRRPHGLDQWHXQDSXOSRWRPLDSLRPHQRHVWHVD
(QWUDPELLWUDWWDPHQWLSUHYHGRQRODULPR]LRQHGLHYHQWXDOHWHVVXWRFDULDWRODVFRSHUWXUDHGHYHQWXDOH
WDJOLRGLSDUWHGHOODSROSDFDPHUDOHRUDGLFRODUHHODFRSHUWXUDGHOPRQFRQHSXOSDUHFRQXQFHPHQWR
ELRDWWLYR LGURVVLGRGLFDOFLRRFHPHQWLGLWLSRSRUWODQG VHJXLWRGDOO¶RWWXUD]LRQHGHOGHQWH


%LEOLRJUDILD

$]LPL 6 )D]O\DE 0 6DGUL ' 6DJKLUL 0$ .KRVUDYDQLIDUG % $VJDU\ 6 &RPSDULVRQ RI SXOS UHVSRQVH WR
PLQHUDO WULR[LGH DJJUHJDWH DQG D ELRFHUDPLF SDVWH LQ SDUWLDOSXOSRWRP\ RI VRXQG KXPDQ SUHPRODUV D
UDQGRPL]HGFRQWUROOHGWULDO,QW(QGRG-

%RQWH(%HVORW$%RXNSHVVL7/DVIDUJXHV--07$YHUVXV&D 2+ LQDSH[LILFDWLRQRIQRQYLWDOLPPDWXUH
SHUPDQHQWWHHWKDUDQGRPL]HGFOLQLFDOWULDOFRPSDULVRQ&OLQLFDO2UDO,QYHVWLJDWLRQV

&YHN0$FOLQLFDOUHSRUWRQSDUWLDOSXOSRWRP\DQGFDSSLQJZLWKFDOFLXPK\GUR[LGHLQSHUPDQHQWLQFLVRUV
ZLWKFRPSOLFDWHGFURZQIUDFWXUH-(QGRG

'DPOH6*%KDWWDO+/RRPED$$SH[LILFDWLRQRIDQWHULRUWHHWKDFRPSDUDWLYHHYDOXDWLRQRIPLQHUDOWULR[LGH
DJJUHJDWHDQGFDOFLXPK\GUR[LGHSDVWH-&OLQ3DHGLDWULF'HQW

'RPLQJXH]5H\HV$0XxR]0XxR]/$]QDU0DUWtQ76WXG\RIFDOFLXPK\GUR[LGHDSH[LILFDWLRQLQ\RXQJ
SHUPDQHQWLQFLVRUV'HQW7UDXPDWRO

(O 0HOLJ\ 2$ $YHU\ '5 &RPSDULVRQ RI DSH[LILFDWLRQ ZLWK PLQHUDO WULR[LGH DJJUHJDWH  DQG FDOFLXP
K\GUR[LGH3HGLDWU'HQW

(QJODQG0&%HVW(1RQLQGXFHGDSLFDOFORVXUHLQLPPDWXUHURRWVRIGRJV¶WHHWK-(QGRG

(XURSHDQ 6RFLHW\ RI (QGRGRQWRORJ\ 4XDOLW\ JXLGHOLQHV IRU HQGRGRQWLF WUHDWPHQW FRQVHQVXV UHSRUW RI WKH
(XURSHDQ6RFLHW\RI(QGRGRQWRORJ\,QW(QGRG-

0HMjUH , &YHN 0 3DUWLDO SXOSRWRP\ LQ \RXQJ SHUPDQHQW WHHWK ZLWK GHHS FDULRXV OHVLRQV (QGRG 'HQW
7UDXPDWRO

5DIWHU0$SH[LILFDWLRQDUHYLHZ'HQW7UDXPDWRO

ϵϴ


109


6KHHK\ (& 5REHUWV *- 8VH RI FDOFLXP K\GUR[LGH IRU DSLFDO EDUULHU  IRUPDWLRQ DQG KHDOLQJ LQ QRQYLWDO
LPPDWXUHSHUPDQHQWWHHWKDUHYLHZ%U'HQW-

6LPRQ 6 5LOOLDUG   )  %HUGDO  $ 0DFKWRX 3  7KH XVH RI  PLQHUDO  WULR[LGH DJJUHJDWH  LQ RQHYLVLW
DSH[LILFDWLRQWUHDWPHQWDSURVSHFWLYHVWXG\,QW(QGRG-

6WHLQHU-&9DQ+DVVHO+-([SHULPHQWDOURRWDSH[LILFDWLRQ LQSULPDWHV2UDO6XUJ2UDO0HG2UDO
3DWKRO

:DOLD7&KDZOD+6*DXED.0DQDJHPHQWRIZLGHRSHQDSLFHVLQQRQYLWDOSHUPDQHQWWHHWKZLWK&D 2+ 
SDVWH-&OLQ3HGLDWU'HQW

:LWKHUVSRRQ '( 6PDOO -& 5HJDQ -' 1XQQ 0 5HWURVSHFWLYH DQDO\VLV RI RSHQ DSH[ WHHWK REWXUDWHG ZLWK
PLQHUDOWULR[LGHDJJUHJDWH-(QGRG  




7UDXPDWRORJLDGHQWDOH

/H OHVLRQL GD WUDXPD GHQWDOH VRQR GL VROLWR SURYRFDWH GD  FDGXWH DFFLGHQWDOL HYHQWL VSRUWLYL HG
LQFLGHQWL *QJ|U   ,QWHUHVVDQR SULQFLSDOPHQWH L GHQWL DQWHULRUL GL EDPELQL R DGROHVFHQWL H JOL
LQFLVLYLFHQWUDOLVXSHULRULVRQRLGHQWLSLFROSLWL *QJ|U 
/D JHVWLRQH GHL WUDXPL GHQWRDOYHRODUL GHYH IDU ULIHULPHQWR D SURWRFROOL GLDJQRVWLFL H WHUDSHXWLFL
VSHFLILFL 7DE 

7$%5$&&20$1'$=,21,*(1(5$/,3(5/$*(67,21('(//(/(6,21,
75$80$7,&+('(172$/9(2/$5,

6725,$&/,1,&$ 'D\ 'XJJDO 

x $FTXLVLUHLQIRUPD]LRQLGHWWDJOLDWHVXOWUDXPDDSSHQDYHULILFDWRVL
x $QDPQHVLPHGLFD
x $QDPQHVLGHQWDOHFRQSDUWLFRODUHULIHULPHQWRDSUHFHGHQWLWUDXPLRSDWRORJLHVXLGHQWLLQWHUHVVDWL


(6$0(&/,1,&2 'LDQJHOLVHWDO 

x ,VSH]LRQHGHLWHVVXWLPROOLIDFFLDOLHRUDOL
x 3DOSD]LRQHGHOORVFKHOHWURIDFFLDOHSHUULOHYDUHHYHQWXDOLIUDWWXUH
x ,VSH]LRQHGHLGHQWLLQWHUHVVDWLGDOWUDXPDSHULQGLYLGXDUHDQRPDOLHGLSRVL]LRQHGLVORFD]LRQH PRELOLWj
IUDWWXUHHYHQWXDOL
x 3URFHGHUHDGXQVRQGDJJLRSDURGRQWDOH
x (IIHWWXDUHLWHVWWHUPLFLHLOWHVWHOHWWULFRLOWHVWGLPRELOLWjHLOWHVWDOODSHUFXVVLRQH


ϵϵ


110


(6$0(5$',2*5$),&2 'LDQJHOLVHWDO3DWHOHWDO 

6RQRFRQVLJOLDWHOHVHJXHQWLSURLH]LRQLHDQJROD]LRQLGLURXWLQH

x SURLH]LRQHRFFOXVDOH
x SURLH]LRQH RUL]]RQWDOH D ƒ FRQ WHFQLFD GHOOD ELVHWWULFH FRQ UDJJLR FHQWUDOH FKH DWWUDYHUVD LO GHQWH
RJJHWWRGLLQGDJLQH
x SURLH]LRQHRUL]]RQWDOHODWHUDOHFRQDQJROD]LRQHPHVLDOHRGLVWDOHULVSHWWRDOGHQWHRJJHWWRGLLQGDJLQHFRQ
WHFQLFDGHOODELVHWWULFH
(¶VSHVVRLQGLFDWDOD&%&7FRQ)29DSSURSULDWRLQVRVWLWX]LRQHGHOOHWUHSURLH]LRQLVRSUDPHQ]LRQDWH,QFDVRGL
ODFHUD]LRQLGHOOHODEEUDRGHOOHPXFRVHGHOOHJXDQFHYDQQRHVHJXLWHUDGLRJUDILHDJJLXQWLYHSHUULFHUFDUHIUDPPHQWL
GHQWDOLRPDWHULDOLHVWUDQHLSHQHWUDWLQHLWHVVXWLPROOL

,1',&$=,21,'$)251,5($/3$=,(17( 'LDQJHOLVHWDO 

x 1HFHVVLWjGLDOLPHQWDUVLFRQGLHWDVRIILFHSHUDOPHQRXQDVHWWLPDQD
x 1HFHVVLWjGLPDQWHQHUHXQDEXRQDLJLHQHRUDOH
x 1HFHVVLWjGLVRWWRSRUVLDFRQWUROOLSHULRGLFLQHOWHPSR


%LEOLRJUDILD

 'D\3)'XJJDO06$PXOWLFHQWUHLQYHVWLJDWLRQLQWRWKHUROHRIVWUXFWXUHGKLVWRULHVIRUSDWLHQWVZLWKWRRWKDYXOVLRQDWWKHLULQLWLDO
YLVLWWRDGHQWDOKRVSLWDO'HQW7UDXPDWRO
 'LDQJHOLV$-$QGUHDVHQ-2(EHOHVHGHU.$.HQQ\'-7URSH06LJXUGVVRQ$$QGHUVVRQ/%RXUJXLJQRQ&)ORUHV07+LFNV
0/ /HQ]L$50DOPJUHQ%0RXOH$-3RKO<7VXNLERVKL0,QWHUQDWLRQDO$VVRFLDWLRQRI'HQWDO7UDXPDWRORJ\JXLGHOLQHVIRU
WKHPDQDJHPHQWRIWUDXPDWLFGHQWDOLQMXULHV)UDFWXUHVDQGOX[DWLRQVRISHUPDQHQWWHHWK'HQW7UDXPDWRO
 *QJ|U+&0DQDJHPHQWRIFURZQUHODWHGIUDFWXUHVLQFKLOGUHQDQXSGDWHUHYLHZ'HQW7UDXPDWRO
 3DWHO6'XUDFN&$EHOOD)6KHPHVK+5RLJ0/HPEHUJ.&RQHEHDPFRPSXWHGWRPRJUDSK\LQ(QGRGRQWLFVDUHYLHZ ,QW
(QGRG-

/HIUDWWXUHGDWUDXPDGHQWRDOYHRODUH

/H IUDWWXUH GHQWRDOYHRODUL SRVWWUDXPDWLFKH 7DE   SRVVRQR LQWHUHVVDUH VLD OD VWUXWWXUD FRURQR
UDGLFRODUHFKHO¶RVVRGLVXSSRUWRHSRVVRQRDVVRFLDUVLDGLVORFD]LRQHGHQWDOH

ϭϬϬ


111


7$%)5$7785('(172$/9(2/$5,326775$80$7,&+(

)5$7785(&2521$/,

,1)5$=,21,'(//260$/72
ƒ
)5$7785('(//260$/72
ƒ
)5$7785(60$/72'(17,1$/,6(1=$(6326,=,21('(//$32/3$
ƒ
)5$7785(60$/72'(17,1$/,&21(6326,=,21('(//$32/3$
ƒ

)5$7785(5$',&2/$5,

)5$7785(&252125$',&2/$5,

)5$7785($/9(2/$5,

)5$7785(0$6&(//$5,

)UDWWXUHSRVWWUDXPDWLFKHFRURQDOL

7UD OH IUDWWXUH FRURQDOL OH LQIUD]LRQL GHOOR VPDOWR UDSSUHVHQWDQR VHPSOLFL LQFULQDWXUH PHQWUH OH
IUDWWXUH GHOOR VPDOWR SURGXFRQR SHUGLWD GL WHVVXWR *QJ|U   /H IUDWWXUH FRURQDOL VPDOWR
GHQWLQDOL LQWHUHVVDQR VPDOWR H GHQWLQD FRURQDOH PHQWUH OH IUDWWXUH FRURQRUDGLFRODUL FRLQYROJRQR
VPDOWRGHQWLQDHFHPHQWRSRWHQGROHXQHHOHDOWUHFDXVDUHHVSRVL]LRQHSXOSDUH *QJ|U 
$ PHQR GL FRQFRPLWDQWH OXVVD]LRQH R IUDWWXUD GL UDGLFH QRQ YL q Qp PRELOLWj Qq VHQVLELOLWj DOOD
SHUFXVVLRQH Qq DOWHUDWD ULVSRVWD DL WHVW GL VHQVLELOLWj 8QD ULVSRVWD LQL]LDOH QHJDWLYD DL WHVW GL
VHQVLELOLWj LQGLFD PDJJLRU ULVFKLR GL FRPSOLFDQ]H QHOOD JXDULJLRQH 'LDQJHOLV HW DO   8QD
LQL]LDOHULVSRVWDQHJDWLYDDOWHVWHOHWWULFRQRQLQGLFDQHFURVLSXOSDUHLQDWWRPDVRORULVFKLRDXPHQWDWR
GLQHFURVLWDUGLYD $QGUHDVHQ .DKOHU 3HUHVFOXGHUHODFRQFRPLWDQ]DGLIUDWWXUDUDGLFRODUHR
OXVVD]LRQH VRQR UDFFRPDQGDWH LQGDJLQL UDGLRORJLFKH 7DE  'LDQJHOLV HW DO  3DWHO HW DO
  /D FRQFRPLWDQ]D GL OXVVD]LRQH DXPHQWD LO ULVFKLR GL QHFURVL SXOSDUH ULVFRQWUDWD QHO 
GHLFDVL *QJ|U+HFRYD 
6RQRLQGLFDWHSURFHGXUHUHVWDXUDWLYHGLWLSRFRQVHUYDWLYRRSURWHVLFR *QJ|U 6HODODIUDWWXUD
HVSRQH OD SROSD LQ GHQWL FRQ UDGLFL LPPDWXUH SHU FRQVHQWLUQH OR VYLOXSSR VRQR LQGLFDWL
LQFDSSXFFLDPHQWR R SXOSRWRPLD FRQ DSSOLFD]LRQH GL XQ PDWHULDOH DGHJXDWR H O¶HVHFX]LRQH GL XQ
UHVWDXUR FRQ UHVLQD FRPSRVLWD H WHFQLFD DGHVLYD *QJ|U  'LDQJHOLV HW DO   6H LQYHFH
O¶HVSRVL]LRQH WUDXPDWLFD GHOOD SROSD LQWHUHVVD GHQWL FRQ UDGLFL PDWXUH OD GHFLVLRQH GL HIIHWWXDUH
WUDWWDPHQWRHQGRGRQWLFRYDSUHVDLQUHOD]LRQHDOO¶LSRWHWLFRGDQQRSXOSDUH *QJ|U QHLSD]LHQWL
DQ]LDQLRTXDQGRqDVVRFLDWDOXVVD]LRQHqLQGLFDWRLOWUDWWDPHQWRHQGRGRQWLFR 'LDQJHOLVHWDO 
ϭϬϭ


112


9DHIIHWWXDWRFRQWUROORFOLQLFRHUDGLRJUDILFRDVHWWLPDQHHDDQQRSHUPRQLWRUDUHORVWDWRGHOOD
SROSD 'LDQJHOLVHWDO PDQHLFDVLGXEELGHYHHVVHUHSURWUDWWRQHOWHPSR
,QDVVHQ]DGLHVSRVL]LRQHSXOSDUHODSURJQRVLqIDYRUHYROH6HODULPDGLIUDWWXUDqYLFLQDDOODSROSD
FRPSDUHQHFURVLWDUGLYDQHOGHLFDVLVHYLqOXVVD]LRQHDVVRFLDWDLOULVFKLRGLQHFURVLDXPHQWD
*QJ|U+HFRYDHWDO 1HLFDVLGLHVSRVL]LRQHSXOSDUHVHqVWDWDSUHVHUYDWDODYLWDOLWj
GHOODSROSDSRVVRQRLQVRUJHUHFRPSOLFDQ]HFRPHREOLWHUD]LRQHGHOFDQDOHSXOSLWHHQHFURVLSXOSDUH
'LDQJHOLVHWDO 


)UDWWXUHSRVWWUDXPDWLFKHUDGLFRODUL
/HIUDWWXUHSRVWWUDXPDWLFKHUDGLFRODULKDQQRGLVROLWRGHFRUVRREOLTXRRGRUL]]RQWDOHHGLQWHUHVVDQR
FHPHQWRGHQWLQDHSROSD 'LDQJHOLVHWDO 6RQRFDXVDWHGDXQLPSDWWRIURQWDOHFKHSURYRFD
GLVORFD]LRQH SDODWDOH H OLHYH HVWUXVLRQH GHO IUDPPHQWR FRURQDOH IUDWWXUDWR VSHVVR FRQ ODFHUD]LRQH
GHOODSROSD,OPDQWHQLPHQWRGHOODYLWDOLWjGHOODSROSDqLQIOXHQ]DWRGDOJUDGRGLPDWXUD]LRQHDSLFDOH
'LDQJHOLV HW DO   GDOOD SRVL]LRQH GHOOD ULPD GL IUDWWXUD GDOO¶HQWLWj GHOOD GLVORFD]LRQH H GDOOD
GLVWDQ]D WUD L IUDPPHQWL PDJJLRUH q OD GLVWDQ]D SL SUREDELOH q OD QHFURVL SXOSDUH QHO IUDPPHQWR
FRURQDOH $QGUHDVHQ .DKOHU 
/H UDFFRPDQGD]LRQL JHQHUDOL SHU OD JHVWLRQH GHOOH OHVLRQL GD WUDXPDGHQWRDOYHRODUH VRQR ULSRUWDWH
QHOOD7DE
,O GHQWH SXz DSSDULUH HVWUXVR H GLVORFDWR SDODWDOPHQWH PRELOH H GROHQWH DOOD SHUFXVVLRQH , WHVW GL
VHQVLELOLWjQRQVRQRDWWHQGLELOLLPPHGLDWDPHQWHGRSRXQWUDXPD 'LDQJHOLVHWDO 8QDULVSRVWD
LPPHGLDWDQHJDWLYDDOWHVWHOHWWULFRSXzWRUQDUHSRVLWLYDGRSRPHVLHQRQLQGLFDTXLQGLQHFURVL
SXOSDUHLQDWWRPDVRORXQULVFKLRDXPHQWDWRGLQHFURVLWDUGLYD $QGUHDVHQ .DKOHU 1HOOH
IUDWWXUH UDGLFRODUL OD GLDJQRVL GL QHFURVL SXOSDUH VL EDVD VXO ULVFRQWUR UDGLRJUDILFR GL DPSOLDPHQWR
GHOORVSD]LRWUDLGXHIUDPPHQWLHRGLUDGLRWUDVSDUHQ]DDGLDFHQWHDOODVHGHGLIUDWWXUDROWUHFKHVXOOD
FRPSDUVD GL GLVFRORUD]LRQH FRURQDOH JULJLD R GL XQ WUDJLWWR ILVWRORVR 'LDQJHOLV HW DO  
,PSLHJDQGR WHFQLFKH UDGLRORJLFKH ELGLPHQVLRQDOL OD IUDWWXUD ULVXOWD HYLGHQWH VROR VH GLUH]LRQH GHO
IDVFLR H OLQHD GL IUDWWXUD FRLQFLGRQR 3DWHO HW DO   SHUWDQWR OD GLDJQRVL  SRWUHEEH HVVHUH
GLIILFROWRVDHULFKLHGHUHSURLH]LRQLPXOWLSOHRLQDOWHUQDWLYDO¶LPSLHJRGHOOD&%&7 'LDQJHOLVHWDO
3DWHOHWDO 
6H q SUHVHQWH HFFHVVLYD PRELOLWj GHO IUDPPHQWR FRURQDOH RFFRUUH VWDELOL]]DUOR FRQ VSOLQWDJJLR
HODVWLFRGLVROLWRSHUQRQSLGLVHWWLPDQHPDILQRDPHVLVHODIUDWWXUDLQWHUHVVDLOWHU]RFRURQDOH
GHOODUDGLFH 'LDQJHOLVHWDO 

ϭϬϮ


113


,QPROWHIUDWWXUHUDGLFRODULVLKDULSDUD]LRQHVSRQWDQHDFRQLQWHUSRVL]LRQHGLWHVVXWRGXURRGLWHVVXWR
FRQQHWWLYR $QGUHDVHQ .DKOHU /DULSDUD]LRQHSXzULFKLHGHUHDQQL
4XDQGRODIUDWWXUDLQWHUHVVDUDGLFLLPPDWXUHHYHQWRUDURSHUODUHVLOLHQ]DGHLWHVVXWLGLVXSSRUWROD
ULSDUD]LRQH FRQ WHVVXWR FDOFLILFDWR q SUREDELOH H GL VROLWR QRQ RFFRUUH WUDWWDPHQWR HQGRGRQWLFR
$QGUHDVHQ HW DO   1HL GHQWL PDWXUL O¶DSSRUWR HPDWLFR DO IUDPPHQWR DSLFDOH GL VROLWR q
SUHVHUYDWR SHU FXL O¶HYHQWXDOH QHFURVL SXOSDUH VSHVVR LQWHUHVVD VROR OD SRU]LRQH GL FDQDOH GHO
IUDPPHQWR FRURQDOH &YHN HW DO   H VROR TXHVWD YD WUDWWDWD HQGRGRQWLFDPHQWH (¶ LQGLFDWR
O¶LPSLHJR GL PDWHULDOH DGHJXDWR SHU RWWHQHUH LQ FRUULVSRQGHQ]D GHOOD ULPD LQ WHPSL YDULDELOL D
VHFRQGD GHO PDWHULDOH VWHVVR XQD EDUULHUD FKH FRQVHQWD O¶RWWXUD]LRQH GHO FDQDOH &YHN HW DO 
%DNODQG $QGUHDVHQ 
9DQQRFRQWUROODWHQHOWHPSRVHQVLELOLWjGHOODSROSDHPRELOLWjGHQWDOH,WHVWGLVHQVLELOLWjHLFRQWUROOL
UDGLRJUDILFLGRYUHEEHURHVVHUHHIIHWWXDWLVHWWLPDQHVHWWLPDQHHPHVLGRSRODOHVLRQH 'LDQJHOLV
HW DO    1HOO¶HYHQWXDOLWj LQIUHTXHQWH GL QHFURVL SXOSDUH QHO IUDPPHQWR DSLFDOH GRYUj HVVHUH
GHFLVRVHHVWHQGHUHLOWUDWWDPHQWRDQFKHDOIUDPPHQWRDSLFDOHRVHHVWUDUOR6HSHUVLVWHPRELOLWjGRSR
ORVSOLQWDJJLRLQL]LDOHVLSXzILVVDUHLQPRGRSHUPDQHQWHODFRURQDGHOGHQWHDLGHQWLDGLDFHQWLFRQ
UHVLQDFRPSRVLWDHWHFQLFKHDGHVLYH
, IDWWRUL FKH LQIOXHQ]DQR OD SUREDELOLWj GL ULSDUD]LRQH LQFOXGRQR HWj VWDGLR GL VYLOXSSR GHOOH UDGLFL
PRELOLWj GLVORFD]LRQH GHO IUDPPHQWR FRURQDOH VHSDUD]LRQH WUD L IUDPPHQWL $QGUHDVHQ  .DKOHU
 1HLGHQWLFRQUDGLFLLPPDWXUHHQHLFDVLFRQVSRVWDPHQWRPLQLPRGHOIUDPPHQWRFRURQDOHOD
SURJQRVLqSLIDYRUHYROH $QGUHDVHQ .DKOHU HODQHFURVLqPHQRIUHTXHQWH $QGUHDVHQ 
.DKOHU'LDQJHOLVHWDO $OWUHFRPSOLFDQ]HFRPHULDVVRUELPHQWLDQFKLORVLHSHUGLWD GL
VXSSRUWRRVVHRVRQRUDUH $QGUHDVHQHWDO /DSURJQRVLDOXQJRWHUPLQHGHLGHQWLIUDWWXUDWLQHO
WHU]RFRURQDOHqSLVIDYRUHYROH $QGUHDVHQHWDO 


)UDWWXUHSRVWWUDXPDWLFKHFRURQRUDGLFRODUL

6L WUDWWD GL IUDWWXUH VSHVVR REOLTXH FKH LQWHUHVVDQR VLD OD FRURQD VLD OD UDGLFH GHO GHQWH
FRLQYROJHQGRVPDOWRGHQWLQDHFHPHQWR/DSROSDqVSHVVRHVSRVWD,TXDGULFOLQLFLFKHQHSRVVRQR
GHULYDUHULVXOWDQRGDOODFRPELQD]LRQHGHOOHOHVLRQLJLjGHVFULWWHDSURSRVLWRGHOOHIUDWWXUHFRURQDOLH
UDGLFRODUL,OWUDWWDPHQWRVHPSUHPXOWLGLVFLSOLQDUHHODSURJQRVLYDULDQRLQEDVHDOODVHGHGLIUDWWXUD
DOVXROLYHOORDSLFDOHULVSHWWRDOODFUHVWDRVVHDHDOODTXDQWLWjGLUDGLFHUHVLGXD *QJ|UHWDO 


ϭϬϯ


114


)UDWWXUHDOYHRODULHPDVFHOODUL

/HIUDWWXUHFRURQRUDGLFRODULHOHGLVORFD]LRQLGHQWDOLSRVWWUDXPDWLFKHSRVVRQRDVVRFLDUVLDIUDWWXUH
DOYHRODUL H PDVFHOODUL 3URGXFRQR TXDGUL FOLQLFL FRPSOHVVL OD FXL JHVWLRQH ULFKLHGH FRPSHWHQ]H
PXOWLGLVFLSOLQDUL $QGUHDVHQ /DXULGVHQ5DKLPL1HGMDWHWDO 


%LEOLRJUDILD

$QGUHDVHQ)0.DKOHU%3XOSDOUHVSRQVHDIWHUDFXWHGHQWDOLQMXU\LQWKHSHUPDQHQWGHQWLWLRQFOLQLFDO
LPSOLFDWLRQVDUHYLHZ-(QGRG

$QGUHDVHQ-2$QGUHDVHQ)00HMjUH,&YHN0+HDOLQJRILQWUDDOYHRODUURRWIUDFWXUHV(IIHFWRI
SUHLQMXU\DQGLQMXU\IDFWRUVVXFKDVVH[DJHVWDJHRIURRWGHYHORSPHQWIUDFWXUHW\SHORFDWLRQRIIUDFWXUH
DQGVHYHULW\RIGLVORFDWLRQ'HQW7UDXPDWRO

$QGUHDVHQ-2/DXULGVHQ($OYHRODUSURFHVVIUDFWXUHVLQWKHSHUPDQHQWGHQWLWLRQ3DUW(WLRORJ\DQG
FOLQLFDOFKDUDFWHULVWLFV$UHWURVSHFWLYHDQDO\VLVRIFDVHVLQYROYLQJWHHWK'HQW7UDXPDWRO


%DNODQG/.$QGUHDVHQ-2:LOOPLQHUDOWULR[LGHDJJUHJDWHUHSODFHFDOFLXPK\GUR[LGHLQWUHDWLQJSXOSDODQG
SHULRGRQWDOKHDOLQJFRPSOLFDWLRQVVXEVHTXHQWWRGHQWDOWUDXPD"$UHYLHZ'HQW7UDXPDWRO

&YHN00HMjUH,$QGUHDVHQ-2&RQVHUYDWLYHHQGRGRQWLFWUHDWPHQWRIWHHWKIUDFWXUHGLQWKHPLGGOHRUDSLFDO
SDUWRIWKHURRW'HQW7UDXPDWRO

'LDQJHOLV$-$QGUHDVHQ-2(EHOHVHGHU.$.HQQ\'-7URSH06LJXUGVVRQ$$QGHUVVRQ/%RXUJXLJQRQ
&)ORUHV07+LFNV0//HQ]L$50DOPJUHQ%0RXOH$-3RKO<7VXNLERVKL0,QWHUQDWLRQDO$VVRFLDWLRQ
RI'HQWDO7UDXPDWRORJ\JXLGHOLQHVIRUWKHPDQDJHPHQWRIWUDXPDWLFGHQWDOLQMXULHV)UDFWXUHVDQG
OX[DWLRQVRISHUPDQHQWWHHWK'HQW7UDXPDWRO

*QJ|U+&0DQDJHPHQWRIFURZQUHODWHGIUDFWXUHVLQFKLOGUHQDQXSGDWHUHYLHZ'HQW7UDXPDWRO


+HFRYD+7]LJNRXQDNLV90HUJORYD91HWROLFN\-$UHWURVSHFWLYHVWXG\RILQMXUHGSHUPDQHQWWHHWK
'HQW7UDXPDWRO

3DWHO6'XUDFN&$EHOOD)6KHPHVK+5RLJ0/HPEHUJ.&RQHEHDPFRPSXWHGWRPRJUDSK\LQ
(QGRGRQWLFVDUHYLHZ,QW(QGRG-

5DKLPL1HGMDW5.6DJKHE.:DOWHU&&RQFRPLWDQWGHQWDOLQMXULHVLQPD[LOORIDFLDOIUDFWXUHVD
UHWURVSHFWLYHDQDO\VLVRISDWLHQWV'HQW7UDXPDWRO

ϭϬϰ


115


7UDWWDPHQWRGHOOHOHVLRQLWUDXPDWLFKHGLLQWHUHVVHHQGRGRQWLFR

/XVVD]LRQH

&RQ LO WHUPLQH OXVVD]LRQH VL LGHQWLILFD XQ JUXSSR GL OHVLRQL GL GLIIHUHQWH JUDYLWj SURYRFDWH GD
WUDXPLFKHSRVVRQRLQWHUHVVDUHLGHQWLHOHUHODWLYHVWUXWWXUHGLVXSSRUWR
,QXQDHOHYDWDSHUFHQWXDOHGLFDVL ROWUHO
 VRQRLQWHUHVVDWLHOHPHQWLGHOJUXSSRIURQWDOHVXSHULRUH
*OHQGRU 
/HJDWH GL VROLWR D WUDXPL FRQ YHORFLWj ULGRWWD G
LPSDWWR SRVVRQR FRHVLVWHUH FRQ DOWUH SDWRORJLH GL
QDWXUD WUDXPDWLFD FRPH OH IUDWWXUH H ULFKLHGRQR LQ TXHVWL FDVL XQ WUDWWDPHQWR FRPELQDWR H
FRPSOHPHQWDUH 3ROLPHQL 
/HFODVVLILFD]LRQLSLUHFHQWL 'L$QJHOLV GLVWLQJXRQRLQEDVHDOODJUDYLWj
 FRQFXVVLRQH
 VXEOXVVD]LRQH
 OXVVD]LRQHHVWUXVLYD
 OXVVD]LRQHODWHUDOH
 OXVVD]LRQHLQWUXVLYD

/HSULPHGXHFRQGL]LRQLFOLQLFKHVRQRTXHOOHPHQRVHYHUHHFRQODPLJOLRUHSURJQRVLSHUJOLHOHPHQWL
FRLQYROWL $$(JXLGHOLQHV GLVROLWRQRQULFKLHGRQRWUDWWDPHQWRPDQHFHVVLWDQRGLXQDWWHQWR
IROORZXSSHUYDOXWDUHHWUDWWDUHO
HYHQWXDOHFRPSURPLVVLRQHSXOSDUH 7$% 
/XVVD]LRQH HVWUXVLYD H ODWHUDOH VRQR GXH TXDGUL  SDWRORJLFL YDOXWDELOL UDGLRJUDILFDPHQWH FRQ
GLIIHUHQWLSURLH]LRQLRYHFRHVLVWRQRGDQQRSXOSDUHHSDURGRQWDOH/
HVLWRSXzYDULDUHGDOODFRPSOHWD
ULJHQHUD]LRQHULSDUD]LRQHGHLWHVVXWLGDQQHJJLDWLILQRDQHFURVLSXOSDUHULDVVRUELPHQWRHVWHUQRGHOOD
UDGLFH R SHUGLWD GHOO
DWWDFFR SDURGRQWDOH /D SURJQRVL GLSHQGH GDO JUDGR GL VYLOXSSR UDGLFRODUH
GHOO
HOHPHQWRLQWHUHVVDWRHLOIROORZXSDQGUHEEHSURWUDWWRSHUDOPHQRDQQL 5REHUWVRQ 
/D OXVVD]LRQH LQWUXVLYD q XQR GHJOL HYHQWL SRVW WUDXPDWLFL SL FULWLFL FKH SRUWD TXDVL VHPSUH DOOD
QHFURVL SXOSDUH GHOO
HOHPHQWR LQWHUHVVDWR DG DSLFH IRUPDWR FRQ HOHYDWR ULVFKLR GL ULDVVRUELPHQWR
UDGLFRODUH 7URSH 1HLFDVLGXEELLOIROORZXSGRYUHEEHFRQWLQXDUHSHUDOPHQRDQQL
,Q FDVR GL FRQFXVVLRQH R VXEOXVVD]LRQH LO WUDWWDPHQWR SUHYHGH OD ULGX]LRQH GHOOH LQWHUIHUHQ]H
RFFOXVDOL XQD GLHWD VHPLVROLGD SHU GXH VHWWLPDQH H O
HYHQWXDOH VWDELOL]]D]LRQH GHOO
HOHPHQWR
LQWHUHVVDWR
,Q FDVR GL OXVVD]LRQH HVWUXVLYD R ODWHUDOH VL GRYUHEEH SURFHGHUH DG XQ WUDWWDPHQWR LO SL SUHFRFH
SRVVLELOHFRQLOULSRVL]LRQDPHQWRGHOGHQWHHO
HYHQWXDOHVWDELOL]]D]LRQHQRQULJLGDSHUXQSHULRGRGL
ϭϬϱ


116


VHWWLPDQH HROWUHLQSUHVHQ]DGLVHJQLUDGLRJUDILFLGLOHVLRQHSDURGRQWDOH LQPRGRGDFRQVHQWLUH


OD JXDULJLRQH GHO OHJDPHQWR $QGUHDVHQ   4XDORUD VXEHQWULQR QHFURVL SXOSDUH R SXOSLWH
LUUHYHUVLELOH q LQGLFDWR LO WUDWWDPHQWR HQGRGRQWLFR %DUQHWW  )HUUD]]LQL 3R]]L   ,Q TXHVWR
FDVR LO WUDWWDPHQWR GHL GHQWL DG DSLFH LPPDWXUR q GLYHUVR GD TXHOOR SUHYLVWR SHU L GHQWL
FRPSOHWDPHQWHIRUPDWLLQTXDQWRqSRVVLELOHWUDPLWHXQDSURFHGXUDGLDSHFLILFD]LRQHRDSLFRJHQHVL
SHUPHWWHUHLOFRPSOHWDPHQWRGHOORVYLOXSSRUDGLFRODUH *DUFLD*RGR\'LRJHQHV 
,QFDVRGLOXVVD]LRQHLQWUXVLYDLOWUDWWDPHQWRYDULDDVHFRQGDGHOJUDGRGLVYLOXSSRGHOO
HOHPHQWR1HL
GHQWL FRQ DSLFH QRQ FRPSOHWDPHQWH IRUPDWR q FRQVLJOLDELOH DWWHQGHUH DOFXQL PHVL XQD SRVVLELOH
HUX]LRQH VSRQWDQHD VDOYR LQWHUYHQLUH SRL RUWRGRQWLFDPHQWH R FKLUXUJLFDPHQWH /R VWHVVR GLFDVL SHU
GHQWL PDWXUL PD LQ TXHVWR FDVR LO SHULRGR GL DWWHVD VL ULGXFH D  VHWWLPDQH HG q QHFHVVDULR
FRQVLGHUDUHODSRVVLELOLWjGLXQDSXOSHFWRPLDSUHYHQWLYD $QGUHDVHQ 


%LEOLRJUDILD

$PHULFDQ$VVRFLDWLRQRI(QGRGRQWLVWV&ROOHDJXHVIRU([FHOOHQFH7KHWUHDWPHQWRIWUDXPDWLFGHQWDOLQMXULHV
6XPPHU

$QGUHDVHQ-2$QGUHDVHQ(0(VVHQWLDOVRIWUDXPDWLFLQMXULHVWRWKHWHHWK%ODFNZHOO0XQNVJDDUGUHSULQWHG


$QGUHDVHQ-2%DNODQG/.$QGUHDVHQ)07UDXPDWLFLQWUXVLRQRISHUPDQHQWWHHWK3DUW$FOLQLFDOVWXG\
RIWKHHIIHFWRIWUHDWPHQWYDULDEOHVVXFKDVWUHDWPHQWGHOD\PHWKRGRIUHSRVLWLRQLQJW\SHRIVSOLQWOHQJWKRI
VSOLQWLQJDQGDQWLELRWLFVRQWHHWK'HQWDO7UDXPDWRORJ\

%DUQHWW)7KHUROHRIHQGRGRQWLFVLQWKHWUHDWPHQWRIOX[DWHGSHUPDQHQWWHHWK'HQW7UDXPDWRO


'L$QJHOLV$-$QGUHDVHQ-2(EHOHVHGHU.$.HQQ\'-7URSH06LJXUGVVRQ$$QGHUVVRQ/%RXUJXLJQRQ
&)ORUHV07/DPDU+LFNV0/HQ]L$50DOPJUHQ%0RXOH$-3RKO<7VXNLERVKL0,QWHUQDWLRQDO
$VVRFLDWLRQRI'HQWDO7UDXPDWRORJ\JXLGHOLQHVIRUWKHPDQDJHPHQWRIWUDXPDWLFGHQWDOLQMXULHV)UDFWXUHV
DQGOX[DWLRQVRISHUPDQHQWWHHWK'HQWDO7UDXPDWRORJ\±

'LRJHQHV$+HQU\07H[HLUD)+DUJUHDYHV.$QXSGDWHRQFOLQLFDOUHJHQHUDWLYHHQGRGRQWLFV(QGRGRQWLF
7RSLFV

)HUUD]]LQL3R]]L(&YRQ$U[73XOSDQGSHULRGRQWDOKHDOLQJRIODWHUDOO\OX[DWHGSHUPDQHQWWHHWKUHVXOWV
DIWHU\HDUV'HQW7UDXPDWRO

*DUFLD*RGR\)0XUUD\3(5HFRPPHQGDWLRQIRUXVLQJUHJHQHUDWLYHHQGRGRQWLFSURFHGXUHVLQSHUPDQHQW
LPPDWXUHWUDXPDWL]HGWHHWK'HQWDO7UDXPDWRORJ\

*OHQGRU8$HWLRORJ\DQGULVNIDFWRUVUHODWHGWRWUDXPDWLFGHQWDOLQMXULHVDUHYLHZRIWKHOLWHUDWXUH'HQW
7UDXPDWRO

3ROLPHQL$2GRQWRLDWULDSHGLDWULFD(OVHYLHU
ϭϬϲ


117


5REHUWVRQ$$QGUHDVHQ)0$QGUHDVH-21RUpQ-*/RQJWHUPSURJQRVLVRIFURZQIUDFWXUHGSHUPDQHQW
LQFLVRUV7KHHIIHFWRIVWDJHRIURRWGHYHORSPHQWDQGDVVRFLDWHGOX[DWLRQLQMXU\,QW-3DHGLDWU'HQW


7URSH05RRWUHVRUSWLRQGXHWRGHQWDOWUDXPD(QGRGRQWLF7RSLFV±

5HLPSLDQWRGHQWDOH

/
DYXOVLRQH GHL GHQWL SHUPDQHQWL UDSSUHVHQWD OR  GL WXWWH OH OHVLRQL WUDXPDWLFKH GHQWDOL
$QGUHDVHQ*OHQGRU ,OUHLPSLDQWRqLQSLVLWXD]LRQLLOWUDWWDPHQWRGLVFHOWDPDQRQSXz
VHPSUHHVVHUHHIIHWWXDWRLPPHGLDWDPHQWH8QDDSSURSULDWDJHVWLRQHGHOODHPHUJHQ]DHGXQFRUUHWWR
SLDQRGLWUDWWDPHQWRVRQRLPSRUWDQWLSHUXQDEXRQDSURJQRVL
&RPHSHUWXWWLJOLDSSURFFLFOLQLFLFRUUHWWLO¶DQDPQHVLULYHVWHXQUXRORGLSULPDULDLPSRUWDQ]DSHUXQ
FRUUHWWR LQTXDGUDPHQWR GHO WUDXPD GHQWDOH Ê RSSRUWXQR UHJLVWDUH LQIRUPD]LRQL VXOOH PRGDOLWj GHO
WUDXPDSHUFRQVHQWLUHXQDSLHIILFDFHWXWHODOHJDOHGHOSD]LHQWHHSXzWDORUDLQGLFDUHO¶HYHQLHQ]DGL
FRQWDPLQD]LRQHUHQGHQGRQHFHVVDULDODSURILODVVLDQWLWHWDQLFD
&RQRVFHUH OH PRGDOLWj FRQ FXL q DYYHQXWR LO WUDXPD SXz SRUWDUH DOO¶LGHQWLILFD]LRQH GHOOH SDUWL
DQDWRPLFKH LQWHUHVVDWH H GL FRQVHJXHQ]D OD YDOXWD]LRQH GHOOD SUHVHQ]D GL HYHQWXDOL FRUSL HVWUDQHL
,QILQHqLPSRUWDQWHODFRQRVFHQ]DGHOWHPSRLQWHUFRUVRWUDO¶HYHQWRWUDXPDWLFRHLOSULPRVRFFRUVRH
FRPHO¶HOHPHQWRGHQWDULRVLDVWDWRUHFXSHUDWRHWUDWWDWR
(VLVWRQRGXHWLSLGLUHLPSLDQWRFKHVLGLIIHUHQ]LDQRLQEDVHDOWHPSRGLSHUPDQHQ]DGHOO¶HOHPHQWR
GHQWDULRDOGLIXRULGHOO¶DOYHRORLOUHLPSLDQWRSUHFRFHHLOUHLPSLDQWRWDUGLYR
,OUHLPSLDQWRSUHFRFHSXzHVVHUHHIIHWWXDWRVRORTXDQGRLOOHJDPHQWRDOYHRORGHQWDULRqDQFRUDYLWDOH
GHYH TXLQGL DYYHQLUH HQWUR PDVVLPR  PLQXWL GDOO¶DYXOVLRQH VH O¶HOHPHQWR GHQWDOH YLHQH
FRUUHWWDPHQWHFRQVHUYDWRLQXQDVROX]LRQHILVLRORJLFDQHOODVDOLYDRQHOODWWH6FRSRGHOUHLPSLDQWR
SUHFRFHqRWWHQHUHLOULDWWDFFRGHOOHILEUHSDURGRQWDOLDQFRUDYLWDOLHULFUHDUHXQDUHVWLWXWLRDGLQWHJUXP
GHOOHJDPHQWRSDURGRQWDOHVWHVVR/HIDVLRSHUDWLYHSUHYHGRQR
ODYDJJLRGHOODVXSHUILFLHGHOOHUDGLFLFRQVROX]LRQHILVLRORJLFDHLPPHUVLRQHGHOGHQWHLQVROX]LRQH
VDOLQDHOLPLQDQGRLQWDOPRGRODFRQWDPLQD]LRQHHOHFHOOXOHQHFURWLFKHGDOODVXSHUILFLHGHOODUDGLFH
VRPPLQLVWUD]LRQHGLDQHVWHWLFRORFDOHLUULJD]LRQHGHOO¶DOYHRORFRQVROX]LRQHILVLRORJLFDUHLPSLDQWR
GHOGHQWHOHQWDPHQWHFRQXQDOHJJHUDSUHVVLRQH GLJLWDOHYHULILFDGHOODQRUPDOHSRVL]LRQHGHOGHQWH
UHLPSLDQWDWRVLDFOLQLFDPHQWHFKHUDGLRJUDILFDPHQWHDSSOLFD]LRQHGLXQRVSOLQWDJJLRHODVWLFRORQWDQR
GDOOD JHQJLYD SHU  VHWWLPDQH VRPPLQLVWUD]LRQH GL DQWLELRWLFL SHU YLD VLVWHPLFD FRQWUROOR GHOOD
HYHQWXDOHSURWH]LRQHGD WHWDQRLQL]LRGHOODWHUDSLDFDQDODUH JLRUQLGRSRLOUHLPSLDQWRHSULPD
GHOODULPR]LRQHGHOORVSOLQWDJJLR 3DQ]DULQL(VSHU&RKHQFD 
ϭϬϳ


118


,OUHLPSLDQWRWDUGLYRVLHIIHWWXDTXDQGRLOOHJDPHQWRSDURGRQWDOHqRUPDLQHFURWLFRRYYHURTXDQGR
OD SHUPDQHQ]D GHOO¶HOHPHQWR GHQWDOH LQ DPELHQWH LGRQHR q VWDWD VXSHULRUH DL  PLQXWL /H IDVL
RSHUDWLYH SUHYHGRQR ULPR]LRQH GHOLFDWD GHL WHVVXWL PROOL QRQ YLWDOL FRQ XQD JDU]D WUDWWDPHQWR
FDQDODUH FKH SXz HVVHUH HIIHWWXDWR SULPD GHO UHLPSLDQWR R  JLRUQL GRSR VRPPLQLVWUD]LRQH GL
DQHVWHWLFR ORFDOH LUULJD]LRQH GHOO¶DOYHROR FRQ VROX]LRQH ILVLRORJLFD UHLPSLDQWR GHO GHQWH YHULILFD
GHOOD QRUPDOH SRVL]LRQH GHO GHQWH UHLPSLDQWDWR VLD FOLQLFDPHQWH FKH UDGLRJUDILFDPHQWH
VWDELOL]]D]LRQHGHOGHQWHSHUVHWWLPDQHFRQXQRVSOLQWDJJLRHODVWLFRVRPPLQLVWUD]LRQHGLDQWLELRWLFL
SHUYLDVLVWHPLFDFRQWUROORGHOODHYHQWXDOHSURWH]LRQHGDWHWDQR /HYLQ 
,Q PHULWR DOO¶XWLOL]]R GL DQWLELRWLFL VWXGL LQ OHWWHUDWXUD VXJJHULVFRQR XQD SURILODVVL DQWLELRWLFD
VLVWHPLFDSHUSUHYHQLUHFRPSOLFD]LRQLVLqFDOFRODWRXQIDOOLPHQWRGXHYROWHHPH]]RVXSHULRUHQHL
FDVL LQ FXL VL GHFLGH GL QRQ ULFRUUHUYL /H WHWUDFLFOLQH UDSSUHVHQWDQR OD SULPD VFHOWD SHU OD SULPD
VHWWLPDQD VXFFHVVLYD DO UHLPSLDQWR FRQ GRVDJJLR DSSURSULDWR LQ UHOD]LRQH DOO¶HWj HG DO SHVR GHO
SD]LHQWH OH SHQLFLOOLQH UDSSUHVHQWDQR OD VHFRQGD VFHOWD $QGUHDVHQ  %U\VRQ   ,QROWUH
ELVRJQD LQGLUL]]DUH LO SD]LHQWH DG XQ PHGLFR SHU OD YDOXWD]LRQH GHOOD QHFHVVLWj GL XQ ULFKLDPR GHO
YDFFLQRDQWLWHWDQRTXDORUDLOGHQWHVLDVWDWRFRQWDPLQDWRRFLVLDQRGXEELVXOODFRSHUWXUDDQWLWHWDQR
7URSH 
,QILQHLQPHULWRDOORVSOLQWDJJLRGHLGHQWLDYXOVLO¶HYLGHQ]DVFLHQWLILFDDWWXDOHULWLHQHFKHODSUDWLFD
PLJOLRUH FRQVLVWH QHOO¶XWLOL]]DUH XQR VSOLQWDJJLR HODVWLFR SHU XQ SHULRGR PDVVLPR GL  VHWWLPDQH
6WXGLVFLHQWLILFLKDQQRGLPRVWUDWRFKHODJXDULJLRQHSDURGRQWDOHHSXOSDUH TXHVW¶XOWLPDLQUHOD]LRQH
DOORVWDWRGLPDWXUD]LRQHGHOO¶DSLFH VRQRSURPRVVHVHDOGHQWHUHLPSLDQWDWRqGDWDODSRVVLELOLWjGLXQ
OHJJHURPRYLPHQWRHGLOWHPSRGLLPPRELOL]]D]LRQHQRQVLDWURSSROXQJR .DKOHU+LQFNIXVV
 
,GHQWLUHLPSLDQWDWLGRYUHEEHURHVVHUHPRQLWRUDWLFOLQLFDPHQWHHUDGLRJUDILFDPHQWHGRSRVHWWLPDQH
 PHVL  PHVL XQ DQQR GXH DQQL H DQFKH QHL SHULRGL VXFFHVVLYL /
HVDPH FOLQLFR H UDGLRJUDILFR
IRUQLUDQQRLQIRUPD]LRQLVXIILFLHQWLSHUGHWHUPLQDUHODSURJQRVL $QGUHDVHQ 
, SURWRFROOL DSSHQD GHVFULWWL YDOJRQR DQFKH SHU O¶HVWUD]LRQH FRQ UHLPSLDQWR LQWHQ]LRQDOH /R VFRSR
GHOO¶HVWUD]LRQH FRQ UHLPSLDQWR LQWHQ]LRQDOH q UDSSUHVHQWDWR GDOOD ULPR]LRQH GHOO¶HOHPHQWR GHQWDULR
GDOVXRDOYHRORFRQVXFFHVVLYRWUDWWDPHQWRHQGRGRQWLFRHRGLDSLFHFWRPLDHGRWWXUD]LRQHUHWURJUDGD
LQDPELHQWHH[WUDRUDOHHVXFFHVVLYDPHQWHGLUHLPSLDQWR7DOHSURFHGXUDqLQGLFDWDTXDQGRODWHUDSLD
RUWRJUDGD QRQ q SRVVLELOH R QRQ KD DYXWR VXFFHVVR H TXDQGR OD QRUPDOH WHUDSLD HQGRGRQWLFR
FKLUXUJLFD LQ VLWX QRQ q SUDWLFDELOH 3XU PROWR YDULDELOL WUD XQR VWXGLR H O¶DOWUR OH SHUFHQWXDOL GL
VRSUDYYLYHQ]DDXQDQQRVRQRVWDWHVHPSUHVXSHULRULDOO¶ &KXQJ 
1RQHVLVWHHYLGHQ]DVFLHQWLILFDFKHFRQIHUPLTXHVWLULVXOWDWLLQSHULRGLDOXQJRWHUPLQH
ϭϬϴ


119


%LEOLRJUDILD

$QGUHDVHQ-2$QGUHDVHQ)0$YXOVLRQV,Q$QGUHDVHQ-2$QGUHDVHQ)0$QGHUVVRQ/HGLWRUV7H[WERRNDQGFRORU
DWODVRIWUDXPDWLFLQMXULHVWRWKHWHHWKWKHGQ2[IRUG8.:LOH\%ODFNZHOOS±

$QGUHDVHQ-2%RUXP0.-DFREVHQ+/$QGUHDVHQ)05HSODQWDWLRQRIDYXOVHGSHUPDQHQWLQFLVRUV'LDJQRVLV
RIKHDOLQJFRPSOLFDWLRQV(QGRG'HQW7UDXPDWRO±

$QGUHDVHQ-26WRUJDDUG-HQVHQ66DH/LP97KHUROHRIDQWLELRWLFVLQSUHVHQWLQJKHDOLQJFRPSOLFDWLRQVDIWHU
WUDXPDWLFGHQWDOLQMXULHVDOLWHUDWXUHUHYLHZ(QGRG7RSLFV±

%U\VRQ(&/HYLQ/%DQFKV)7URSH0(IIHFWRIPLQRF\FOLQHRQKHDOLQJRIUHSODQWHGGRJWHHWKDIWHUH[WHQGHGGU\WLPHV
'HQWDO7UDXPDWRO±

&KXQJ:&7X<./LQ<+/X+.2XWFRPHVRIDXWRWUDQVSODQWHGWHHWKZLWKFRPSOHWHURRWIRUPDWLRQDV\VWHPDWLF
UHYLHZDQGPHWDDQDO\VLV-&OLQ3HULRGRQWRO$SU  

&RKHQFD16WDEKRO]$'HFRURQDWLRQ±DFRQVHUYDWLYHPHWKRGWRWUHDWDQN\ORVHGWHHWKIRUSUHVHUYDWLRQRIDOYHRODUULGJH
SULRUWRSHUPDQHQWSURVWKHWLFUHFRQVWUXFWLRQOLWHUDWXUHUHYLHZDQGFDVHSUHVHQWDWLRQ'HQW7UDXPDWRO±

*OHQGRU8+DOOLQJ$$QGHUVVRQ/(LOHUW3HWHUVRQ(,QFLGHQFHRIWUDXPDWLFWRRWKLQMXULHVLQFKLOGUHQDQGDGROHVFHQWV
LQWKHFRXQW\RI9lVWPDQODQG6ZHGHQ6ZHG'HQW-±

(VSHU+53DQ]DULQL653RL:56RQRGD&.&DVDWWL&$0HFKDQLFDOUHPRYDORIQHFURWLFSHULRGRQWDOOLJDPHQWE\
HLWKHU5RELQVRQEULVWOHEUXVKZLWKSXPLFHRUVFDOSHOEODGH+LVWRPRUSKRPHWULFDQDO\VLVDQGVFDQQLQJHOHFWURQ
PLFURVFRS\'HQW7UDXPDWRO±

+LQFNIXVV60HVVHU/%6SOLQWLQJGXUDWLRQDQGSHULRGRQWDORXWFRPHVIRUUHSODQWHGDYXOVHGWHHWKDV\VWHPDWLFUHYLHZ
'HQW7UDXPDWRO±

.DKOHU%+HLWKHUVD\*6$QHYLGHQFHEDVHGDSSUDLVDORIVSOLQWLQJOX[DWHGDYXOVHGDQGURRWIUDFWXUHGWHHWK'HQW
7UDXPDWRO)HE  

/HYLQ/-HIIHW8=DGLN<7KHHIIHFWRIVKRUWGHQWDOWUDXPDOHFWXUHRQNQRZOHGJHRIKLJKULVNSRSXODWLRQDQLQWHUYHQWLRQ
VWXG\RI\RXQJDGXOWV'HQW7UDXPDWRO±

3DQ]DULQL65*XOLQHOOL-/3RL:56RQRGD&.3HGULQL'%UDQGLQL'$7UHDWPHQWRIURRWVXUIDFHLQGHOD\HGWRRWK
UHSODQWDWLRQDUHYLHZRIOLWHUDWXUH'HQW7UDXPDWRO±

7URSH0$YXOVLRQRISHUPDQHQWWHHWKWKHRU\WRSUDFWLFH'HQW7UDXPDWRO±


5LDVVRUELPHQWRUDGLFRODUH

,O ULDVVRUELPHQWR GHO WHVVXWR UDGLFRODUH GHL GHQWL SHUPDQHQWL GHYH FRQVLGHUDUVL O¶HVSUHVVLRQH GL XQ
HYHQWRSDWRORJLFRWUDQVLWRULRRSURJUHVVLYRVFDWHQDWRGDOO¶DWWLYD]LRQHGLFHOOXOHDGDWWLYLWjFODVWLFD
/\URXGLDHWDO7URQVWDGHWDO 
/¶RULJLQHSXzHVVHUHSDURGRQWDOH ULDVVRUELPHQWRUDGLFRODUHHVWHUQR 1HHWDO$QGUHDVHQ 
ULDVVRUELPHQWR FHUYLFDOH HVWHUQR LQYDVLYR +HLWKHUVD\  )UDQN HW DO  FRQVHJXHQWH DG XQD
LQWHUUX]LRQHGHOFHPHQWRUDGLFRODUHRHQGRGRQWLFD ULDVVRUELPHQWRUDGLFRODUHLQWHUQR  3DWHOHWDO
ϭϬϵ


120


 +DDSDVDOR HW DO  1LOVVRQ HW DO   GRYXWD DG XQR VWLPROR LQILDPPDWRULR SHUVLVWHQWH
VXOOHSDUHWLFDQDODULGDSDUWHGLWHVVXWRSXOSDUHLQIHWWRQRQFRPSOHWDPHQWHQHFURWLFR
,O ULDVVRUELPHQWR HVWHUQR SXz HVVHU GRYXWR D GDQQR DO FHPHQWR UDGLFRODUH SXz DYYHQLUH SHU FDXVH
PHFFDQLFKH WUDXPDGHQWDOH $QGUHDVHQHWDO7URSH DPRYLPHQWRRUWRGRQWLFR 0DXHV
HWDO DGLVRGRQWLDVLDPDVVDWXPRUDOHDGDXWRWUDSLDQWRDUHLPSLDQWRLQWHQ]LRQDOH 3DQ]DULQL
HW DO   D WHUDSLD FKLUXUJLFD SDURGRQWDOH $QGUHDVHQ HW DO   R GHQWRDOYHRODUH D GDQQR
FKLPLFR H WHUPLFR 3DWHO HW DO  &YHN  'DKDO   SHU FDXVH LQIHWWLYH FRPH QHOOD
SDURGRQWLWH R DVVRFLDUVL D SDWRORJLH VLVWHPLFKH 7DORUD O¶RULJLQH GHO ULDVVRUELPHQWR ULPDQH
VFRQRVFLXWD ULDVVRUELPHQWRLGLRSDWLFR  'DUEDUHWDO 
,OULDVVRUELPHQWRLQWHUQRSXzHVVHUGRYXWRDGXQGDQQRDOODVXSHUILFLHUDGLFRODUHLQWHUQDRSSXUHSXz
HVVHUSURYRFDWRGDXQWUDXPDRGDXQ¶LQIH]LRQHLQWUDFDQDODUH $QGUHDVHQHWDO /DGLIIXVLRQH
GHOO¶LQIH]LRQHVXOODVXSHUILFLHUDGLFRODUHHVWHUQDVSHFLHQHOO¶DUHDSHULDSLFDOHFRPSRUWDXQGDQQRDO
FHPHQWR FRQ FRQVHJXHQWL DUHH GL ULDVVRUELPHQWR HVWHUQR GHO SHULDSLFH 1H HW DO  $QGUHDVHQ
)ULHGPDQHWDO 
,OSURFHVVRGLULDVVRUELPHQWRSXzDUUHVWDUVLVHYLHQHPHQRODFDXVDVFDWHQDQWHPDODVXDHYROX]LRQH
FRQVHUYDPDUJLQLGLLPSUHYHGLELOLWj 7URQVWDG 
, ULDVVRUELPHQWL UDGLFRODUL LQWHUQL HG HVWHUQL IUHTXHQWHPHQWH HYROYRQR LQ DVVHQ]D GL VLQWRPL H
YHQJRQRFDVXDOPHQWHGLDJQRVWLFDWLLQRFFDVLRQHGLXQ¶LQGDJLQHUDGLRJUDILFD,VLQWRPLGLXQDSXOSLWH
DFXWD VL SRVVRQR YHULILFDUH QHO FDVR LQ FXL XQ ULDVVRUELPHQWR HVWHUQR FRLQYROJD OD SROSD 7URQVWDG
 8QULDVVRUELPHQWRHVWHUQRFKHVLVYLOXSSLLQVHGHVXEFUHVWDOHSXzPDQLIHVWDUVLFRQXQDVFHVVR
SDURGRQWDOH $QGUHDVHQHWDO 
/DGLDJQRVLqLQJHQHUHUDGLRJUDILFD6SHVVRULVXOWDGLIILFLOHGHWHUPLQDUHO¶RULJLQHGHOULDVVRUELPHQWR
GDOODOHWWXUDGLXQ¶LPPDJLQHUDGLRJUDILFDELGLPHQVLRQDOHVSHFLHTXDQGRO¶DUHDGLULDVVRUELPHQWRQRQ
VLD ORFDOL]]DWD D OLYHOOR LQWHUSURVVLPDOH PHQWUH XQD &%&7 SXz HVVHUH ULVROXWLYD 3DWHO HW DO 
/\URXGLD ,WHVWGLVHQVLELOLWjSXOSDUHSRVVRQRULVXOWDUHSRVLWLYLVLDQHOULDVVRUELPHQWRHVWHUQR
FKH LQWHUQR H QRQ DLXWDQR QHOOD GLDJQRVL GLIIHUHQ]LDOH 6ROR LO ULDVVRUELPHQWR FHUYLFDOH LQYDVLYR VL
HYLGHQ]LDSHUXQDGLVFRORUD]LRQHURVDGHOGHQWH6HLOULDVVRUELPHQWRFRLQYROJHODSDUWHSLFRURQDOH
GHOOD UDGLFH q SRVVLELOH ULOHYDUH XQ¶LQILDPPD]LRQH GHL WHVVXWL PROOL H XQ VRQGDJJLR SDURGRQWDOH LQ
FRUULVSRQGHQ]DGHOO¶DUHDLQWHUHVVDWD $QGUHDVHQ 
/¶LPSRUWDQ]D GL XQD GLDJQRVL GLIIHUHQ]LDOH WUD ULDVVRUELPHQWR LQWHUQR HG HVWHUQR KD VWUHWWH
LPSOLFD]LRQLWHUDSHXWLFKHHSURJQRVWLFKH
5LDVVRUELPHQWR LQWHUQR OD SURJUHVVLRQH GHO ULDVVRUELPHQWR UDGLFRODUH LQWHUQR VL DUUHVWD FRQ LO
WUDWWDPHQWRHQGRGRQWLFRFKHULVXOWDULVROXWLYRVHHIIHWWXDWRSULPDFKHODSHUGLWDGLWHVVXWRUDGLFRODUH
ϭϭϬ


121


VLD WURSSR HVWHVD LQ GLUH]LRQH FHQWULIXJD $QFKH LO ULDVVRUELPHQWR DSLFDOH HVWHUQR VL DUUHVWD GRSR LO
WUDWWDPHQWRHQGRGRQWLFR 3DWHOHWDO7URQVWDG 
5LDVVRUELPHQWRHVWHUQRODSURJUHVVLRQHGHOULDVVRUELPHQWRUDGLFRODUHHVWHUQR QRQSHULDSLFDOH QRQ
q LQIOXHQ]DWD GDO WUDWWDPHQWR HQGRGRQWLFR FKH ULVXOWD QHFHVVDULR VROR TXDQGR DEELD FRLQYROWR OD
SROSD DQFKH VH OD JUDYLWj GL TXHVWD HYROX]LRQH FRPSRUWD VSHVVR O¶HVWUD]LRQH GHO GHQWH /D WHUDSLD
FRQVLVWH QHOO¶HVSRVL]LRQH GHOO¶DUHD GL ULDVVRUELPHQWR TXDQGR SRVVLELOH QHOOD FRPSOHWD HOLPLQD]LRQH
GHOWHVVXWRLQILDPPDWRULRHQHOO¶RWWXUD]LRQHGHOODFDYLWjUHVLGXDFRQXQPDWHULDOHLGRQHR )UDQNHWDO
7URSH3DQ]DULQLHWDO0DLQHWDO&YHN 
/DSURJQRVLGHLULDVVRUELPHQWLUDGLFRODULHVWHUQLGLSHQGHGDOO¶HQWLWjGHOODSHUGLWDGHQWLQDOHGDOODVHGH
GHO ULDVVRUELPHQWR H GDOOD VXD SURJUHVVLRQH $QGUHDVHQ   , GHQWL FRQ ULDVVRUELPHQWR
UDSLGDPHQWH SURJUHVVLYR SRVVRQR DYHUH XQD SURJQRVL LQIDXVWD D EUHYH WHUPLQH D SUHVFLQGHUH GDOOD
FRUUHWWDWHUDSLD
/DSURJQRVLGHLULDVVRUELPHQWLUDGLFRODULLQWHUQLqEXRQDGRSRXQDGHJXDWRWUDWWDPHQWRHQGRGRQWLFR
VHODSHUGLWDGLVWUXWWXUDUDGLFRODUHQRQqVWDWDWDOHGDFRPSURPHWWHUHO¶LQWHJULWjPHFFDQLFDGHOGHQWH
SHUWDQWRXQDGLDJQRVLSUHFRFHFDPELDODSURJQRVLGHOGHQWH 3DWHOHWDO /DFRPSOLFDQ]DSL
IUHTXHQWHqUDSSUHVHQWDWDGDOODIUDWWXUDRUL]]RQWDOHGHOODUDGLFHFRLQYROWD


%LEOLRJUDILD

$QGUHDVHQ-$QGUHDVHQ)$QGHUVVRQ/HGV7H[WERRNDQGFRORUDWODVRIWUDXPDWLFLQMXULHVWRWKHWHHWKWK
HG2[IRUG%ODFNZHOO0XQNVJDDUG

$QGUHDVHQ-2 .ULVWHUVRQ/  (YDOXDWLRQRIGLIIHUHQWW\SHVRIDXWRWUDQVSODQWHGFRQQHFWLYHWLVVXHV


DVSRWHQWLDOSHULRGRQWDOOLJDPHQWVXEVWLWXWHV,QWHUQDWLRQDO-RXUQDORI2UDO6XUJHU\±

$QGUHDVHQ-2([WHUQDOURRWUHVRUSWLRQVLWVLPSOLFDWLRQLQGHQWDOWUDXPDWRORJ\SDHGRGRQWLFV
SHULRGRQWLFVRUWKRGRQWLFVDQGHQGRGRQWLFV,QWHUQDWLRQDO-RXUQDORI(QGRGRQWLFV±

&YHN0/LQGYDOO$0([WHUQDOURRWUHVRUSWLRQIROORZLQJEOHDFKLQJRISXOSOHVVWHHWKZLWKR[\JHQSHUR[LGH
'HQWDO7UDXPDWRORJ\  

&YHN0  (QGRGRQWLFPDQDJHPHQWRIWUDXPDWL]HGWHHWK,Q$QGUHDVHQ-2 $QGUHDVHQ)0HGV


7H[WERRNDQG&RORU$WODVRI7UDXPDWLF,QMXULHVWRWKH7HHWK&RSHQKDJHQ0XQNVJDDUGSS±

'DKDO-(3DOOHVHQ87RRWKEOHDFKLQJ±$FULWLFDOUHYLHZRQWKHELRORJLFDODVSHFWV&ULW5HY2UDO%LRO0HG 
   

'DUEDU85-HQNLQV&%*0XOWLSOHH[WHUQDOURRWUHVRUSWLRQFDVHUHSRUW$XVWU'HQW-

)UDQN$/%DNODQG/.1RQHQGRGRQWLFWKHUDS\IRUVXSUDRVVHRXVH[WUDFDQDOLQYDVLYHUHVRUSWLRQ-(QGRG


ϭϭϭ


122


)UDQN$/7RUDELQHMDG0'LDJQRVLVDQGWUHDWPHQWRIH[WUDFDQDOLQYDVLYHUHVRUSWLRQ-(QGRG

)ULHGPDQ65RWVWHLQ,/LEIHOG+6WDEKRO]$+HOLQJ,,QFLGHQFHRIH[WHUQDOURRWUHVRUSWLRQDQGHVWKHWLF
UHVXOWVLQEOHDFKHGSXOSOHVVWHHWK(QGRG'HQW7UDXPDWRO

+HLWKHUVD\*6,QYDVLYHFHUYLFDOUHVRUSWLRQDQDQDO\VLVRISRWHQWLDOSUHGLVSRVLQJIDFWRUV4XLQWHVVHQFH,QW


/\URXGLD.0'RXURX9,3DQWHOLGRX2&/DEULDQLGLV73LWDV,.,QWHUQDOURRWUHVRUSWLRQVWXGLHGE\
UDGLRJUDSK\VWHUHRPLFURVFRSHVFDQQLQJHOHFWURQPLFURVFRSHDQGFRPSXWHUL]HG'UHFRQVWUXFWLYHPHWKRG
'HQW7UDXPDWRO

0+DDSDVDORDQG8(QGDO³,QWHUQDOLQIODPPDWRU\URRWUHVRUSWLRQWKHXQNQRZQUHVRUSWLRQRIWKHWRRWK´
(QGRGRQWLF7RSLFVYROSS±

0DLQ&0LU]D\DQ16KDEDKDQJ67RUDELQHMDG05HSDLURIURRWSHUIRUDWLRQVXVLQJPLQHUDOWULR[LGH
DJJUHJDWHDORQJWHUPVWXG\-(QGRG±

0DXpV&3GR1DVFLPHQWR559LOHOOD2GH96HYHUHURRWUHVRUSWLRQUHVXOWLQJIURPRUWKRGRQWLFWUHDWPHQW
SUHYDOHQFHDQGULVNIDFWRUV'HQWDO3UHVV-2UWKRG-DQ)HE  

1H5):LWKHUVSRRQ'(*XWPDQQ*/³7RRWKUHVRUSWLRQ´4XLQWHVVHQFH,QWHUQDWLRQDOYROQR
SS±

1LOVVRQ(%RQWH(%D\HW)/DVIDUJXHV--0DQDJHPHQWRI,QWHUQDO5RRW5HVRUSWLRQRQ3HUPDQHQW7HHWK,QW-
'HQW

3DQ]DULQL65*XOLQHOOL-/3RL:56RQRGD&.3HGULQL'%UDQGLQL'$7UHDWPHQWRIURRWVXUIDFHLQGHOD\HG
WRRWKUHSODQWDWLRQDUHYLHZRIOLWHUDWXUH'HQW7UDXPDWRO  

5DQNRZ+-.UDVQHU35(QGRGRQWLFDSSOLFDWLRQVRIJXLGHGWLVVXHUHJHQHUDWLRQLQHQGRGRQWLFVXUJHU\2UDO
+HDOWK

6KDQRQ3DWHO'RPHQLFR5LFXFFL&RQRU'XUDN)UDQNOLQ7D\,QWHUQDO5RRW5HVRUSWLRQ$5HYLHZ-(QGRG
-XO  

7URQVWDG/(QGRGRQWLFDVSHFWVRIURRWUHVRUSWLRQ,Q7URQVWDG/HG&OLQLFDOHQGRGRQWLFVDWH[WERRNUG
HG6WXWWJDUW7KLHPH

7URQVWDG/5RRWUHVRUSWLRQHWLRORJ\WHUPLQRORJ\DQGFOLQLFDOPDQLIHVWDWLRQV(QGRG'HQW7UDXPDWRO


7URSH05RRWUHVRUSWLRQGXHWRGHQWDOWUDXPD(QGRGRQWLF7RSLFV

7URSH06XEDWWDFKPHQWLQIODPPDWRU\URRWUHVRUSWLRQWUHDWPHQWVWUDWHJLHV3UDFW3HULRGRQWLFV$HVWKHW'HQW



ϭϭϮ


123


6ELDQFDPHQWRLQWUDFRURQDOH

/R VELDQFDPHQWR  LQWUDFRURQDOH VL UHQGH XWLOH QHL  GHQWL FKH SUHVHQWDQR GLVFURPLH GHOOD FRURQD
GHQWDOH7DOLGLVFURPLHSRVVRQRHVVHUHULFRQGXFLELOLD
 HPRUUDJLDSXOSDUHUDSSUHVHQWDODFDXVDSLIUHTXHQWHGLVFRORULPHQWRGRSRXQWUDXPD ,OVDQJXH
HQWUD QHL WXEXOL GHQWLQDOL GRYH VL GHFRPSRQH FDXVDQGR GHSRVLWL GL SURGRWWL GL GHJUDGD]LRQH
FURPRJHQLFL $UHQV 
 QHFURVLGHOODSROSDSXzGDUOXRJRDSURGRWWLGLGHJUDGD]LRQHFURPRJHQLFL
 FDOFLILFD]LRQH GHOOD SROSD SURYRFD VFRORULPHQWR DWWUDYHUVR REOLWHUD]LRQH GHL WXEXOL GHQWLQDOL H
QHRIRUPD]LRQHGLGHQWLQD :DWWV FRQPDQWHQLPHQWRGHOODYLWDOLWjSXOSDUH4XHVWRSURFHVVR
VLYHULILFDVSHVVRGRSRXQWUDXPD
 LUULJDQWL OD FRPELQD]LRQH GL LUULJDQWL FKH FRQWHQJRQR  LSRFORULWR GL VRGLR DQFKH D EDVVH
FRQFHQWUD]LRQL HFORUH[LGLQDGHWHUPLQDQRSUHFLSLWDWLEUXQRURVVDVWUL %DVUDQL 
 WHUDSLH FDQDODUL QRQ FRQJUXH O¶LQFRPSOHWD ULPR]LRQH GHO WHVVXWR QHFURWLFRO¶XWLOL]]R GL FHPHQWL
FDQDODUL D EDVH GL HXJHQROR R DOWUHVu PDWHULDOL GD RWWXUD]LRQH FKH ULODVFLDQR VDOL PHWDOOLFL
DPDOJDPD G¶DUJHQWR  FRQ FRQVHJXHQWH GHFRORUD]LRQHSLJPHQWD]LRQH GHOO¶HOHPHQWR GHQWDOH
9DQLQL  3ORWLQR 

0HFFDQLVPRGHOORVELDQFDPHQWR

/H PDFFKLH GLVFURPLFKH LQVRUJRQR D FDXVD GHOOD IRUPD]LRQH GL DJHQWL FKLPLFL R SURGRWWL
FURPRJHQLFL *OL DJHQWL VELDQFDQWL DJLVFRQR VXOOH FDWHQH PROHFRODUL GHL SLJPHQWL  RVVLGDQGROL H
WUDVIRUPDQGROLTXLQGLLQFDUERQLRHGDFTXDHLQVLHPHDOO¶RVVLJHQRQDVFHQWHYHQJRQRGLVFLROWL $UHQV
 
/
DSSOLFD]LRQHGLFDORUHSHULQFUHPHQWDUHO¶D]LRQHGHOO¶DJHQWHVELDQFDQWHGHYHHVVHUHFRQVLGHUDWD
XQD WHFQLFD SUREOHPDWLFD SHUFKp q VWDWR GLPRVWUDWR FKH q GLUHWWDPHQWH UHVSRQVDELOH GHO
ULDVVRUELPHQWR UDGLFRODUH /
XVR GL XQ ODVHU D GLRGL QRQ PLJOLRUD LO ULVXOWDWR VELDQFDQWH ULVSHWWR
DOO
DSSOLFD]LRQHGHOODOXFHFRQXQDODPSDGDDORJHQD *RQWLMR  $WWLQ 

$JHQWLVELDQFDQWL

 SHURVVLGRGLLGURJHQR +2 qXQHIILFDFHDJHQWHVELDQFDQWHWXWWDYLDDOWHFRQFHQWUD]LRQL  


 GHYRQR HVVHUH XWLOL]]DWH FRQ FDXWHOD SHU HYLWDUH GL DXPHQWDUH LO ULVFKLR GL ULDVVRUELPHQWR
 UDGLFRODUH $WWLQ 

ϭϭϯ


124


 SHUERUDWRGLVRGLRVLSUHVHQWDVRWWRIRUPDGLPRQRWUL 1D%2‡+2‡+2 RWHWUDLGUDWR


XVDWRDWWXDOPHQWHFRQO
DJJLXQWDGLDFTXDULODVFLDSHURVVLGRGLLGURJHQR+2 $UL 
 $WWXDOPHQWHFLVRQRSRFKLVVLPLVWXGLVXOO
XVRGLSHUFDUERQDWRGLVRGLR 1D&2‡+2 
 PD JUD]LH DG XQ SURFHGLPHQWR GL ULYHVWLPHQWR TXHVWR SURGRWWR q XQ DJHQWH VELDQFDQWH
 FRPPHUFLDELOH 8QLWR DO SHURVVLGR GL LGURJHQR DO  QRQ SHQHWUD SURIRQGDPHQWH QHOOD
 GHQWLQDHTXLQGLQRQKDHIIHWWLVXOODPLFURGXUH]]D .DQHNR 
 SHURVVLGR GL FDUEDPPLGH &+12 ‡ +2  q XQ FRPSRVWR RUJDQLFR FRQWHQHQWH SHURVVLGR GL
 LGURJHQR H XUHD +D PRVWUDWR XQD FDSDFLWj VELDQFDQWH XJXDOH D TXHOOD GHO SHURVVLGR GL
 LGURJHQR /LP HGLQROWUHSUHVHQWDRWWLPHFDSDFLWjGLSHQHWUD]LRQHQHOODGHQWLQD
/DOHWWHUDWXUDVFLHQWLILFDFRQFRUGDVXOODQHFHVVLWjGLXOWHULRULDSSURIRQGLPHQWLVXOO¶XWLOL]]RGLTXHVWL
PDWHULDOLLQYLYR

3URFHGXUHGLVELDQFDPHQWR
 VELDQFDPHQWR LQWHUQR WKH ZDONLQJ EOHDFK 6SDVVHU   TXHVWD WHFQLFD ULVSHWWR DG DOWUH ULVXOWD
HVVHUH LO PHWRGR SL VHPSOLFH H LO SL XWLOH LQ UHOD]LRQH DL ULVXOWDWL RWWHQXWL  SHUFKp SL HYLGHQWL H
PDQWHQXWLDOXQJRWHUPLQH =LPPHUOL 

3ULPDGLLQL]LDUHLOWUDWWDPHQWR
UHQGHUHHGRWWRLOSD]LHQWHPHGLDQWHLOFRQVHQVRLQIRUPDWR
O¶HOHPHQWRGHQWDOHGDWUDWWDUHGHYHHVVHUHDVLQWRPDWLFR
DFTXLVLUHODGRFXPHQWD]LRQHIRWRJUDILFDHODULOHYD]LRQHGHOJUDGRGLGLVFURPLDPHGLDQWHXQDVFDOD
 FRORUL
 HIIHWWXDUH XQD UDGLRJUDILD HQGRUDOH SHU DYHUH XQ ³WHPSR ]HUR´ H TXLQGL XWLOH SHU HYLGHQ]LDUH
 HYHQWXDOLDOWHUD]LRQLLQVHJXLWRDOORVELDQFDPHQWR

)DVLGHOWUDWWDPHQWR
LVRODPHQWRFRQGLJDGLJRPPDRGLVSRVLWLYRVLPLOH
 VLJLOOR GHOO¶RWWXUD]LRQH FDQDODUH q XQ LPSRUWDQWH UHTXLVLWR ULFKLHVWR SHU OR VELDQFDPHQWR
 GHOO¶HOHPHQWR
 HOLPLQD]LRQH GL PDWHULDOL GHULYDWL GHOO¶RWWXUD]LRQH FDQDODUH HG HYHQWXDOL UHVWDXUL SHU IDUH DGHULUH
 O¶DJHQWHVELDQFDQWHDOOHVXSHUILFLGHQWDOLVHQHFHVVDULRULFRVWUXLUHWHPSRUDQHDPHQWHOHSDUHWL
 PDQFDQWL
GHWHUPLQDUHXQRVSD]LROLEHURSHUPPGDOPDUJLQHFHUYLFDOH
ϭϭϰ


125


IRUPDUHXQDEDVHVLJLOODQGRLOPDWHULDOHGLRWWXUD]LRQHFDQDODUHPHGLDQWHFHPHQWRDOO¶RVVLIRVIDWR
 GL]LQFRRFHPHQWRYHWURLRQRPHULFRSHULPSHGLUHODSHQHWUD]LRQHGHOO
DJHQWHVELDQFDQWHQHOOR
 VSD]LRSDURGRQWDOH 'H2OLYHLUD /DEDVHGHYHHVVHUHPDJJLRUPHQWHDFFXUDWDLQFDVRGL
 SHUIRUD]LRQL FKLXVH FRQ 07$  LQIDWWL TXHVWR PDWHULDOH SUHVHQWD XQ VLJLOOR PDUJLQDOH PROWR
 ULGRWWRTXDQGRHQWUDLQFRQWDWWRFRQDJHQWLVELDQFDQWL /R[OH\ 'RYHOHSDUHWLGHQWDOL
 VRQRPROWRVRWWLOLVLUDFFRPDQGDGLDSSOLFDUHEDVVHFRQFHQWUD]LRQLGLDJHQWHVELDQFDQWH VH
 YLHQHXWLOL]]DWRSHUERUDWRGLVRGLRGHYHHVVHUHPLVFHODWRFRQDFTXDGLVWLOODWD  'HLVWLFL 
DSSOLFDUHO¶DJHQWHVELDQFDQWH
VLJLOODUHFRQRWWXUD]LRQHSURYYLVRULD
 UHQGHUH HGRWWR LO SD]LHQWH GL LQIRUPDUH O¶RSHUDWRUH LQ PHULWR D VLQWRPDWRORJLH LPSXWDELOL DO
 WUDWWDPHQWRDSSHQDHVHJXLWR
ULYHGHUHLOSD]LHQWHDGLVWDQ]DGLDOFXQLJLRUQL  SHUYDOXWDUHLOJUDGRGLVELDQFDPHQWRRWWHQXWR
VHQHFHVVDULRULSHWHUHO¶DSSOLFD]LRQHILQRDGRWWHQHUHLOULVXOWDWRGHVLGHUDWR
 QRQ HIIHWWXDUH VXELWR LO UHVWDXUR GHILQLWLYR GHOO¶HOHPHQWR WUDWWDWR DO ILQH GL RWWHQHUH XQD
 VWDELOL]]D]LRQH GHO ULVXOWDWR ,Q TXHVWR SHULRGR LQWHUPHGLR q FRQVLJOLDWD XQD DSSOLFD]LRQH GL
 LGURVVLGRGL&DSHUFRQWUDVWDUHO¶DXPHQWRGHOODSHUPHDELOLWjGHOODGHQWLQDHSHUDXPHQWDUHLO
 SK 'HPDUFR 
HIIHWWXDUHLOUHVWDXURGHILQLWLYR
PRQLWRUDUHLOSD]LHQWHQHOWHPSRFRQFRQWUROOLUDGLRJUDILFL

VELDQFDPHQWR DPEXODWRULDOH OD SURFHGXUD q VLPLOH DOOD WHFQLFD GHOOR VELDQFDPHQWR LQWHUQR PD
GLIIHULVFH QHO  WHPSR GL SHUPDQHQ]D GHOO¶DJHQWH VELDQFDQWH FKH VL OLPLWD D  PLQ SHU SRL HVVHUH
ULPRVVR H HYHQWXDOPHQWH ULDSSOLFDWR H TXLQGL HOLPLQDWR FRQ LUULJD]LRQH GL LSRFORULWR GL VRGLR H
ODYDJJLRFRQDFTXDHQHOIDWWRFKHO¶DJHQWHVELDQFDQWHGHYHDYHUHXQDPDJJLRUHFRQFHQWUD]LRQHSHU
DJLUHLQXQWHPSRSLEUHYH /DL 


%LEOLRJUDILD

$UHQV'7KHUROHRIEOHDFKLQJLQHVWKHWLFV'HQW&RLQ1RUWK$P±  

$UL+8QJ|U0,QYLWURFRPSDULVRQRIGLIIHUHQWW\SHVRIVRGLXPSHUERUDWHXVHGIRULQWUDFRURQDOEOHDFKLQJ
RIGLVFRORXUHGWHHWK,QW(QGRG-±  

$WWLQ73DTXp)$MDP)/HQQRQÈ05HYLHZRIWKHFXUUHQWVWDWXVRIWRRWKZKLWHQLQJZLWKWKHZDONLQJ
EOHDFKWHFKQLTXH,QW(QGRG-±  

ϭϭϱ


126


%DVUDQL%50DQHN66RGKL51)LOOHU\(0DQ]XU$,QWHUDFWLRQEHWZHHQVRGLXPK\SRFKORULWHDQG
FKORUKH[LGLQHJOXFRQDWH-(QGRG±  

'LHWVFKL'5RVVLHU6.UHMFL,,QYLWURFRORULPHWULFHYDOXDWLRQRIWKHHIILFDF\RIYDULRXVEOHDFKLQJ
PHWKRGVDQGSURGXFWV4XLQWHVVHQFH,QW±  

'HPDUFR)))UHLWDV-06LOYD03-XVWLQR/00LFUROHDNDJHLQHQGRGRQWLFDOO\WUHDWHGWHHWKLQIOXHQFH
RIFDOFLXPK\GUR[LGHGUHVVLQJIROORZLQJEOHDFKLQJ,QW(QGRG-±  

'H2OLYHLUD/'&DUYDOKR&$+LOJHUW(%RQGLROL,5'H$UD~MR0$9DOHUD0&6HDOLQJHYDOXDWLRQRI
WKHFHUYLFDOEDVHLQLQWUDFRURQDOEOHDFKLQJ'HQW7UDXPDWRO±  

*RQWLMR,71DYDUUR56&LDPSRQL$/=H]HOO':KLWHQLQJWHFKQLTXHVXVLQJWKHGLRGHODVHUDQGKDORJHQ
ODPSLQKXPDQGHYLWDOL]HGSULPDU\WHHWK-'HQW&KLOG±  

.DQHNR-,QRXH6.DZDNDPL66DQR+%OHDFKLQJHIIHWFRIVRGLXPSHUFDUERQDWHRQGLVFRORUHGSXOSOHVVWHHWK
LQYLWUR-(QGRG  

/DL6&17D\)5&KHXQJ*60D<)&DUYDOKR50:HL6+<7ROHGDQR02VRULR53DVKOH\'+5HYHUVDO
RIFRPSURPLVHGERQGLQJLQEOHDFKHGHQDPHOM'HQWUHV  

/LP0</XP62<3RK56&/HH*3/LP.&$QLQYLWURFRPSDULVRQRIWKHEOHDFKLQJHIILFDF\RI
FDUEDPLGHSHUR[LGHZLWKHVWDEOLVKHGLQWUDFRURQDOEOHDFKLQJDJHQWV,QW(QGRG-±  

/R[OH\(&/LHZHKU)5%X[WRQ7%0F3KHUVRQ-&UG7KHHIIHFWRIYDULRXVLQWUDFDQDOR[LGL]LQJDJHQWV
RQWKHSXVKRXWVWUHQJWKRIYDULRXVSHUIRUDWLRQUHSDLUPDWHULDOV2UDO6XUJ2UDO3DWKRO2UDO5DGLRO(QGRG
±  

3ORWLQR*%XRQR**UDQGH103DPHLHU&+6RPPD)1RQYLWDOWRRWKEOHDFKLQJDUHYLHZRIWKH
OLWHUDWXUHDQGFOLQLFDOSURFHGXUHV-(QGRG±  

6SDVVHU+)$VLPSOHEOHDFKLQJWHFKQLTXHXVLQJVRGLXPSHUERUDWH1HZ<RUN6WDWH'HQW-
 

/9DQLQL2.OLPRYVNDLD)0DQJDQL,OUHVWDXURFRQVHUYDWLYRGHLGHQWLDQWHULRUL$&0(

:DWWV$$GG\07RRWKGLVFRORUDWLRQDQGVWDLQLQJ$UHYLHZRIOLWHUDWXUH%U'HQW-±  

=LPPHUOL%-HJHU)/XVVL$.OLQLNIU=DKQHUKDOWXQJ%OHDFKLQJRIQRQYLWDOWHHWKDFOLQLFDOO\UHOHYDQW
OLWHUDWXUHUHYLHZ  

(QGRGRQ]LDFKLUXUJLFDRDSLFHFWRPLDFRQRWWXUD]LRQHUHWURJUDGD

7DOHPHWRGLFDqLQGLFDWDTXDQGRVXVVLVWHO
LPSRVVLELOLWjGLULWUDWWDUHXQGHQWHSHUYLDRUWRJUDGDSHUOD
SUHVHQ]D GL RVWDFROL GL YDULD QDWXUD YLWL HQGRFDQDODUL SHUQL JUDGLQL  DOWHUD]LRQL GHOO¶DQDWRPLD
HQGRGRQWLFD RULJLQDOH QRQ UHFXSHUDELOH SHU YLD RUWRJUDGD *RUQL   H LQ SUHVHQ]D GL SDWRORJLD
SHULDSLFDOH

ϭϭϲ


127


'DWDO¶HVWUHPDSUHFLVLRQHFKHWDOHLQWHUYHQWRULFKLHGHqFRQVLJOLDELOHFKHLOWXWWRYHQJDHVHJXLWRFRQ
O¶DLXWRLVLVWHPLRWWLFLLQJUDQGHQWLODFXLVFHOWDqDGLVFUH]LRQHGHOSURIHVVLRQLVWD
 'RSRDYHUHVHJXLWRXQFRUUHWWRSLDQRGLWUDWWDPHQWREDVDWRVXXQFRUUHWWRHVDPHUDGLRJUDILFR
HG XQ¶DWWHQWD YDOXWD]LRQH FOLQLFD VL LQL]LD O¶LQWHUYHQWR FRQ XQ¶DGHJXDWD DQHVWHVLD ORFDOH WDOH GD
JDUDQWLUHXQEXRQHIIHWWRDQHVWHWLFRDOSD]LHQWHHGXQEXRQHIIHWWRLVFKHPL]]DQWHVXLWHVVXWL
 'RSR DYHU VFROSLWR XQ OHPER PXFRSHULRVWDOH FKH FRQVHQWD DO FOLQLFR XQD YLVLELOLWj RWWLPDOH
GHOOD ]RQD GD RSHUDUH VL ULPXRYH LO WHVVXWR RVVHR VRYUDVWDQWH OD OHVLRQH H Vu YD DG HVSRUUH O¶DSLFH
UDGLFRODUHFKHYLHQHULPRVVRLQVLHPHFRQLOWHVVXWRLQILDPPDWRULRSUHVHQWHDOVRORVFRSRGLDYHUHXQ
EXRQDFFHVVRXQDEXRQDYLVLELOLWjHXQEXRQFRQWUROORGHOVDQJXLQDPHQWR,QTXHVWDIDVHRELHWWLYR
SULPDULR q FRQVHUYDUH OD PDJJLRUH SRU]LRQH SRVVLELOH GHOOD UDGLFH /D SUHSDUD]LRQH GHOOD FDYLWj
UHWURJUDGD UDSSUHVHQWDWD GD XQD FDYLWj GL SULPD FODVVH VL HVHJXH LQ DVVH FRQ LO FDQDOH PHGLDQWH
O¶XWLOL]]RGHOOHDSSRVLWHSXQWHGDXOWUDVXRQLFRQGLPHQVLRQLSDULDTXHOOHGHOFDQDOHRULJLQDOHHWDOH
GD HVVHUH DGHJXDWDPHQWH SURIRQGD FRVD QRQ RWWHQLELOH FRQ O¶XWLOL]]R GHOOH IUHVH /D FDYLWj FRVu
SUHSDUDWD YLHQH TXLQGL VLJLOODWD FRQ PDWHULDOH ELRFRPSDWLELOH FKH GLD EXRQH JDUDQ]LH GL VLJLOOR H
ELRWROOHUDELOLWjWLSR07$RFRPSRVWLVLPLOL 6DXQGHUV7RUDELQHMDG7RUDELQHMDG
7RUDELQHMDG7RUDELQHMDG7RUDELQHMDG 3HUTXHVWRPRWLYRQRQqSLLQGLFDWRO¶XVR
GHOO¶DPDOJDPD G¶DUJHQWR 7RUDELQHMDG   /R VFRSR GHOO¶RWWXUD]LRQH UHWURJUDGD q TXHOOR GL
VLJLOODUH RJQL YLD GL FRPXQLFD]LRQH DSLFDOH R ODWHUDOH HVLVWHQWH WUD FDQDOH UDGLFRODUH H WHVVXWL
SHULUDGLFRODULFRPXQLFD]LRQHFKHQRQHUDVWDWRSRVVLELOHVLJLOODUHSHUYLDRUWRJUDGD,OPDWHULDOHSHU
O¶RWWXUD]LRQH UHWURJUDGD GHYH HVVHUH UDGLRSDFR H IDFLOPHQWH ULFRQRVFLELOH DOOD UDGLRJUDILD
LQWUDRSHUDWRULD 'HYH DYHUH WXWWH OH FDUDWWHULVWLFKH GHL PDWHULDOL LQGLFDWL SHU O¶RWWXUD]LRQH GHL FDQDOL
UDGLFRODUL8QDYROWDHVHJXLWRLOVLJLOORDSLFDOHLOOHPERGLDFFHVVRYLHQHULSRVL]LRQDWRHVXWXUDWR$
FRPSOHWDPHQWR GHOOD SURFHGXUD FKLUXUJLFD VL HVHJXH XQD UDGLRJUDILD SRVWRSHUDWRULD $ GLVWDQ]D GL
VHL PHVL SHU DOPHQR GXH DQQL YHUUDQQR HVHJXLWH DOWUH UDGLRJUDILH GL FRQWUROOR SHU GRFXPHQWDUH
O¶DYYHQXWDJXDULJLRQH


%LEOLRJUDILD

*RUQL)*0*DJOLDQL07KHRXWFRPHRIHQGRGRQWLFUHWUHDWPHQWD\UIROORZXS-(QGRG  


.LP6.UDWFKPDQ60RGHUQHQGRGRQWLFVXUJHU\FRQFHSWVDQGSUDFWLFHDUHYLHZ-(QGRG±


.RK(77RUDELQHMDG03LWW)RUG75%UDG\.0LQHUDOWULR[LGHDJJUHJDWHVWLPXODWHVDELRORJLFDO
UHVSRQVHLQKXPDQRVWHREODVWV-%LRPHG0DWHU5HV

ϭϭϳ


128


5XELQVWHLQ5.LP6/RQJWHUPIROORZXSRIFDVHVFRQVLGHUHGKHDOHGRQH\HDUDIWHUDSLFDOPLFURVXUJHU\-
(QGRG

6DXQGHUV:3$3URVSHFWLYH&OLQLFDO6WXG\RI3HULUDGLFXODU6XUJHU\8VLQJ0LQHUDO7ULR[LGH$JJUHJDWHDV
D5RRWHQG)LOOLQJ-(QGRG  

6RQJ06KLQ6-.LP(2XWFRPHVRIHQGRGRQWLFPLFURUHVXUJHU\DSURVSHFWLYH�FOLQLFDOVWXG\-(QGRG
±

6RQJ0-XQJ,/HH6-/HH&<.LP(3URJQRVWLFIDFWRUVIRUFOLQLFDORXWFRPHVLQHQGRGRQWLF
PLFURVXUJHU\DUHWURVSHFWLYHVWXG\-(QGRG  

7RUDELQHMDG0:DWVRQ7)3LWW)RUG757KHVHDOLQJDELOLW\RIDPLQHUDOWULR[LGHDJJUHJDWHDVD
UHWURJUDGHURRWILOOLQJPDWHULDO-(QGRG

7RUDELQHMDG0+RQJ&83LWW)RUG75.HWWHULQJ-'&\WRWR[LFLW\RIIRXUURRWHQGILOOLQJPDWHULDOV-
(QGRG

7RUDELQHMDG05DVWHJDU$).HWWHULQJ-'3LWW)RUG75%DFWHULDOOHDNDJHRIPLQHUDOWULR[LGH
DJJUHJDWHDVDURRWHQGILOOLQJPDWHULDO-(QGRG

7RUDELQHMDG0+RQJ&80F'RQDOG)3LWW)RUG753K\VLFDODQGFKHPLFDOSURSHUWLHVRIDQHZURRW
HQGILOOLQJPDWHULDO-(QGRG

7RUDELQHMDG0&KLYLDQ1&OLQLFDODSSOLFDWLRQVRIPLQHUDOWULR[LGHDJJUHJDWH-(QGRG


7RUDELQHMDG0+LJD5.0F.HQGU\'-3LWW)RUG75'\HOHDNDJHRIIRXUURRWHQGILOOLQJPDWHULDOV
HIIHFWVRIEORRGFRQWDPLQDWLRQ-(QGRG

7VHVLV,5RVHQ(7DVFKLHUL66WUDXVV<7&HUHVROL9'HO)DEEUR02XWFRPHVRIVXUJLFDO
HQGRGRQWLFWUHDWPHQWSHUIRUPHGE\DPRGHUQWHFKQLTXHDQXSGDWHGPHWDDQDO\VLVRIWKHOLWHUDWXUH-(QGRG
  

ϭϭϴ


129



3$52'2172/2*,$









 PARODONTOLOGIA


















ϭϭϵ


131


/DSDURGRQWRORJLDqXQDGLVFLSOLQDGLDUHDRGRQWRLDWULFDFKHVLRFFXSDGHOODSURPR]LRQHGHOODVDOXWH
GHOO¶LQGLYLGXR DWWUDYHUVR OD SUHYHQ]LRQH OD GLDJQRVL H OD WHUDSLD GHOOH SDWRORJLH FKH FROSLVFRQR L
WHVVXWL GL VXSSRUWR GHL GHQWL H GHJOL LPSLDQWL , WHVVXWL GL VXSSRUWR GHL GHQWL VRQR OD JHQJLYD LO
OHJDPHQWR SDURGRQWDOH LO FHPHQWR UDGLFRODUH H O¶RVVR DOYHRODUH SURSULDPHQWH GHWWR , WHVVXWL GL
VXSSRUWRGHJOLLPSLDQWLVRQRODPXFRVDSHULPSODQWDUHO¶RVVRDOYHRODUHHO¶RVVREDVDOH
/R VFRSR SULQFLSDOH GHOOD SDURGRQWRORJLD q SUHVHUYDUH OD GHQWDWXUD QDWXUDOH H TXLQGL OD IXQ]LRQH
PDVWLFDWRULDODIRQD]LRQHHO¶HVWHWLFDGHLSD]LHQWLQHOFDVRGLHOHPHQWLGHQWDULGDHVWUDUUHRHVWUDWWLVL
RFFXSDGHOODORURHYHQWXDOHVRVWLWX]LRQHPHGLDQWHLPSLDQWL
/HPDODWWLHSDURGRQWDOLFRVuFRPHTXHOOHSHULPSODQWDULVRQRSURYRFDWHGDDOFXQHVSHFLHEDWWHULFKH
VRQRLQIOXHQ]DWHQHOORURGHFRUVRHJUDYLWjGDQXPHURVLIDWWRULORFDOLHVLVWHPLFLHVRQRVWUHWWDPHQWH
OHJDWHDGDOFXQLVWLOLGLYLWD(VLVWRQRDOWUHVuFRUUHOD]LRQLWUDOHSDURGRQWLWLHGLPSRUWDQWLSDWRORJLH
VLVWHPLFKHTXDOLOHPDODWWLHFDUGLRYDVFRODULHOHPDODWWLHGLVPHWDEROLFKH(VLVWRQRDQFKHFRUUHOD]LRQL
FRQODQDVFLWDGLEDPELQLSUHWHUPLQHHRVRWWRSHVR ()3$$3 
(¶SRVVLELOH GLVWLQJXHUH JHQJLYLWL H SDURGRQWLWL OH PDODWWLH FKH FROSLVFRQR L WHVVXWL SHULPSODQWDUL
FRPSUHQGRQRLQYHFHOHPXFRVLWLSHULPSODQWDULHOHSHULPSODQWLWL
/HJHQJLYLWLLQWHUHVVDQRODJHQJLYDPDUJLQDOHHGHYHQWXDOPHQWHTXHOODDGHUHQWHVRQRFDUDWWHUL]]DWH
GDHULWHPDGHOPDUJLQHJHQJLYDOHHGHPDVDQJXLQDPHQWRDOVRQGDJJLRHWDOYROWDDXPHQWLGLYROXPH
LQDOFXQLFDVLO¶DXPHQWRGLYROXPHJHQJLYDOHSXzHVVHUHGRYXWRDGDVVXQ]LRQHGLIDUPDFLDPRWLYL
JHQHWLFL D WXPRUL R D FDXVH VFRQRVFLXWH  VRQR UHYHUVLELOL H SRVVRQR SUHFHGHUH XQD SDURGRQWLWH ,Q
SUHVHQ]D GL LPSLDQWL q SRVVLELOH O¶LQVRUJHQ]D GL PXFRVLWH SHULPSODQWDUH FKH q XQ¶LQILDPPD]LRQH
UHYHUVLELOHDFDULFRGHLWHVVXWLPROOLVHQ]DSHUGLWDGLVXSSRUWRRVVHR
/H SDURGRQWLWL VRQR FDUDWWHUL]]DWH GDOOD GLVWUX]LRQH GHOO¶DSSDUDWR GL VXSSRUWR GHL GHQWL VL
PDQLIHVWDQRFRQSHUGLWD GLDWWDFFRFOLQLFRHGLRVVRIRUPD]LRQHGLWDVFKHHWDOYROWDGLUHFHVVLRQL
6HJQRFDUDWWHULVWLFRGHOODSDURGRQWLWHqODSHUGLWDGLDWWDFFRFRQQHWWLYDOH/DGLVWUX]LRQHGHLWHVVXWLGL
VRVWHJQR GHL GHQWL FDXVDWD GD XQD SDURGRQWLWH q QHOOD PDJJLRU SDUWH GHL FDVL LUUHYHUVLELOH 6RQR
FODVVLILFDWH VHFRQGR O¶$PHULFDQ $FDGHP\ RI 3HULRGRQWRORJ\   LQ DJJUHVVLYD FURQLFD
QHFURWL]]DQWHHDVVRFLDWDDPDODWWLHVLVWHPLFKH $UPLWDJH*&/DQJ13/LQGKH- 
/DSDURGRQWLWHJUDYHqODVHVWDPDODWWLDSLSUHYDOHQWHQHOPRQGRKDFROSLWRQHOLOGHOOD
SRSROD]LRQH  PLOLRQL GL SHUVRQH  , YDORUL GL SUHYDOHQ]D GHOOH PDODWWLH SDURGRQWDOL QHOOD
SRSROD]LRQH LWDOLDQD VRQR PROWR DOWL FLUFD   /D SUHYDOHQ]D GL IRUPH DJJUHVVLYH H DYDQ]DWH q
HOHYDWD   H DXPHQWD QHOOH IDVFH GL HWj D SDUWLUH GD  DQQL .DVVHEDXP 1- HW DO 
6KHLKDP$HWDO 

ϭϮϬ


132


6WXGLFOLQLFLGLPRVWUDQRFKHXQDJUDQSDUWHGHLSD]LHQWLDIIHWWLGDSDURGRQWLWHPDQWLHQHLSURSULGHQWL
SHU WXWWD OD YLWD VH VRWWRSRVWL DG DGHJXDWD WHUDSLD 1HL SD]LHQWL LQ FXL OD WHUDSLD QRQ q HIILFDFH OD
SURJUHVVLRQHGHOODPDODWWLDSXzVRORHVVHUHUDOOHQWDWD +ROP3HGHUVHQ3HWDO 

ÊSRVVLELOHHIIHWWXDUHXQDHIILFDFHHGHIILFLHQWHSUHYHQ]LRQHGHOOHPDODWWLHSDURGRQWDOL

/H PXFRVLWL SHULPSODQWDUL VRQR GHILQLWH FRPH OHVLRQL LQILDPPDWRULH OLPLWDWH DOOD PXFRVD FKH
FLUFRQGDXQLPSLDQWRFDUDWWHUL]]DWHGDVDQJXLQDPHQWRDOVRQGDJJLRVHQ]DSHUGLWDGLRVVR /LQGKHHW
DO)LJXHLURHWDO+HLW]0D\ILHOG/- 
/H SHULPSODQWLWL VRQR GHILQLWH FRPH OHVLRQL LQILDPPDWRULH GHOOD PXFRVD SHULPSODQWDUH FKH
LQWHUHVVDQRO¶RVVRFRQSHUGLWDGHOVXSSRUWRRVVHRPDUJLQDOHFDUDWWHUL]]DWHGDOODSUHVHQ]DGLVRQGDJJL
•  PP VDQJXLQDPHQWR DO VRQGDJJLR VXSSXUD]LRQH H ULDVVRUELPHQWR RVVHR VSHVVR HYLGHQWH
UDGLRJUDILFDPHQWH &ODIIH\HWDO)LJXHLURHWDO 
(QWUDPEHOHPDODWWLHSHULPSODQWDULVRQRGLQDWXUDLQIHWWLYDHVRQRFDXVDWHGDLEDWWHULSURYHQLHQWLGDO
ELRILOPGHQWDOH /DQJHWDO 
6HEEHQH JOL DWWXDOL GDWL HSLGHPLRORJLFL VLDQR OLPLWDWL H QRQ VHPSUH RPRJHQHL q VWDWR ULSRUWDWR FKH
XQRVWDWRGLPXFRVLWHSHULPSODQWDUHqULVFRQWUDELOHQHOO¶GHLVRJJHWWLFRQLPSLDQWLGHQWDOLHQHO
 GHJOL LPSLDQWL PHQWUH XQD FRQGL]LRQH GL SHULPSODQWLWH DIIOLJJH LO  GHL VRJJHWWL
LQWHUHVVDQGRLOGHJOLLPSLDQWL )LJXHLURHWDO/LQGKHHWDO 
$OORVWDWRDWWXDOHO¶XQLFRSUHVLGLRWHUDSHXWLFRGLVSRQLELOHSHUFRQWUROODUHO¶LQIH]LRQHGHLWHVVXWLSHUL
LPSODQWDULqODVWUXPHQWD]LRQHPHFFDQLFDVLDQRQFKLUXUJLFDFKHFKLUXUJLFD1HOFDVRGHOOHPXFRVLWL
SHULPSODQWDUL TXHVWR WUDWWDPHQWR SXz ULVROYHUH LO TXDGUR FOLQLFR LQIHWWLYRLQILDPPDWRULR DQFKH VH
ULVSHWWR DOOD JHQJLYLWH L WHPSL GL ULVROX]LRQH GHOO
LQILDPPD]LRQH VRQR SLX
 OXQJKL H PDQFDQR VWXGL
VFLHQWLILFLFKHDWWHVWLQRLQPRGRFHUWRODFRPSOHWDUHVWLWXWLRDGLQWHJUXPGHLWHVVXWLSHULPSODQWDUL1HO
FDVR GHOOH SHULPSODQWLWL L ULVXOWDWL D OXQJR WHUPLQH VRQR DQFRUD LQ IDVH GL YDOXWD]LRQH 6DQ] HW DO
7RQHWWLHWDO 


$QFKHSHUOHPDODWWLHSHULPSODQWDULqSRVVLELOHHIIHWWXDUHXQ¶HIILFDFHHGHIILFLHQWHSUHYHQ]LRQH





ϭϮϭ


133


',$*126,(7(5$3,$3$52'217$/(
/D GLDJQRVL H OD WHUDSLD SDURGRQWDOH VL DUWLFRODQR LQ YDULH IDVL FRPH LOOXVWUDWR QHOOD 7DEHOOD 
ULSRUWDQWHO¶$OEHURGHFLVLRQDOH

dĂďĞůůĂϭ;ĂůďĞƌŽĚĞĐŝƐŝŽŶĂůĞ^/ĚWͿ

/'EK^/

^>hd 'E'/s/d WZKKEd/d

WZsE/KE dZW/ dZW/


WZ/DZ/ h^> h^>

dZW/
,/ZhZ'/
WZKKEd>
ͬK Z/s>hd/KE
/DW>EdZ Z/dZddDEdK
;EŽĚŽϭͿ
;EŽĚŽϮͿ

EK ^h^^K EK

^/ EK

dZW/
&ZDK>K'// ^/ ^h^^K
^hWWKZdK

dZW// Z/s>hd/KE
^hWWKZdK
WZKKEd>
;EŽĚŽϯͿ

сdĞƌĂƉŝĂĨĂƌŵĂĐŽůŽŐŝĐĂ


ϭϮϮ


134


/DGLDJQRVLSDURGRQWDOHGHYHHVVHUHIDWWDLQWHUSUHWDQGRHGHODERUDQGRLGDWLGHULYDQWLGDOO¶DQDPQHVLH
GDOO¶HVDPHRELHWWLYRLQWHJUDWLVHLQGLFDWRGDHVDPLUDGLRJUDILFLHGDHVDPLGLODERUDWRULR &KDSSOH
,/&3DVWHUHWDO 
/¶DQDPQHVL q YROWD DOOD ULFHUFD GL TXHL IDWWRUL GL ULVFKLR FKH SRVVRQR LQIOXHQ]DUH O
LQVRUJHQ]D H OD
SURJUHVVLRQH GHOOH PDODWWLH SDURGRQWDOL H SHULPSODQWDUL VFDUVD LJLHQH RUDOH IDPLOLDULWj IXPR GL
WDEDFFR DOFXQL IDUPDFL FKH LQIOXHQ]DQR JOL DXPHQWL GL YROXPH JHQJLYDOH HV QLIHGLSLQD
GLIHQLOLGDQWRLQD FLFORVSRULQD  LO GLDEHWH L GHILFLW LPPXQLWDUL FRQJHQLWL R DFTXLVLWL DOFXQH PDODWWLH
VLVWHPLFKHUDUH 6LQGURPHGL(KOHUV6LQGURPHGL3DSLOORQ/HIHYUH  &KUFDQRYLF%5*HQFRHW
DO-HSVHQ6HWDO.QLJKW(7HWDO/DEULRODHWDO 
,Q FRUVR GL HVDPH RELHWWLYR FRQ O¶LVSH]LRQH VL YDOXWD OD IRUPXOD GHQWDULD H LO QXPHUR GL HOHPHQWL
GHQWDUL SHUVL LQ UHOD]LRQH DOO¶HWj OD PRUIRORJLD LO YROXPH LO FRORUH H OD FRQVLVWHQ]D GHOOD JHQJLYD
GHOOHPXFRVHHGHOOHVWUXWWXUHDQQHVVHODSUHVHQ]DGLSODFFDEDWWHULFDODSUHVHQ]DGLIDWWRULULWHQWLYLGL
SODFFD WDUWDURFDULHUHVWDXULLQFRQJUXLPDOSRVL]LRQLGHQWDULH HYHQWXDOLPLJUD]LRQLGHQWDULH
'HYH HVVHUH TXLQGL ULFHUFDWD O¶HYHQWXDOH PRELOLWj GHQWDOH H SRVWD GLDJQRVL GLIIHUHQ]LDOH FRQ DOWUH
FDXVH GL LSHUPRELOLWj FRPH LO WUDXPD RFFOXVDOH OH OHVLRQL GL RULJLQH HQGRGRQWLFD LO WUDWWDPHQWR
RUWRGRQWLFRLQDWWR,QFDVRGLLPSLDQWLODPRELOLWjLQGLFDODFRPSOHWDSHUGLWDGLRVWHRLQWHJUD]LRQHHG
LPSRQHODULPR]LRQHGHOO¶LPSLDQWRVWHVVR8QDFRUUHWWDGLDJQRVLSDURGRQWDOHQRQSXzSUHVFLQGHUH
GDO VRQGDJJLR FKH p OD SULQFLSDOH PDQRYUD GLDJQRVWLFD SHU YDOXWDUH OR VWDWR GL VDOXWH R GL
PDODWWLDGHLWHVVXWLSDURGRQWDOL9LHQHHIIHWWXDWRPHGLDQWHXQDVRQGDSDURGRQWDOHDSSOLFDQGRXQD
IRU]DOHJJHUDOXQJRWXWWDODFLUFRQIHUHQ]DGLRJQLHOHPHQWRGHQWDOHIUDGHQWHHJHQJLYD3HUPHWWHGL
ULOHYDUHODSURIRQGLWjGLSHQHWUD]LRQHGHOODVRQGDDOO¶LQWHUQRGLVROFKLJHQJLYDOLHRWDVFKHSDURGRQWDOL
3' LOOLYHOORGLDWWDFFRFOLQLFR &$/ OHOHVLRQLGHOOHIRUFD]LRQLLOVDQJXLQDPHQWRPDUJLQDOH *%, 
H DO VRQGDJJLR %23  OD SUHVHQ]D GL WDUWDUR VXEJHQJLYDOH HR GL UHVWDXUL LQFRQJUXL  $UPLWDJH *&
*ROGEHUJHWDO 
,QSUHVHQ]DGLLPSLDQWLLOVRQGDJJLRSHULPSODQWDUHGRYUHEEHHVVHUHHIIHWWXDWRSULPDGHOO¶LQL]LRGHOOD
WHUDSLD GL PDQWHQLPHQWR H FRQWUROODWR SRVVLELOPHQWH FRQ IUHTXHQ]D DQQXDOH SHU FRQVHQWLUH OD
GLDJQRVL SUHFRFH GL PDODWWLH SHULPSODQWDUL ,O VRQGDJJLR SHULPSODQWDUH HIIHWWXDWR FRQ XQD IRU]D
OHJJHUDVHFRQGROHVWHVVHPHWRGLFKHGHOVRQGDJJLRSDURGRQWDOHSHUPHWWHGLULOHYDUHODSURIRQGLWjGL
SHQHWUD]LRQHGHOODVRQGDDOO¶LQWHUQRGHOVROFRHRGHOODWDVFDSHULPSODQWDUH 3' HLOVDQJXLQDPHQWR
PDUJLQDOHHDOVRQGDJJLR %23  $EUDKDPVVRQ,*UD]LDQL)HWDO 


ϭϮϯ


135


/D SURIRQGLWj GHO VRQGDJJLR SHULPSODQWDUH SXz HVVHUH ULOHYDWD DOO¶DWWR GHOOD SURWHVL]]D]LRQH
SHUFRQVHQWLUHODYDOXWD]LRQHHGLOFRQWUROORQHOWHPSRGHOO¶HQWLWjGHOWUDJLWWRWUDQVPXFRVRGHL
UHVWDXULSURWHVLFLUHDOL]]DWL /DQJ13HWDO 

2JQLPHGLFRRGRQWRLDWUDSXzDQQRWDUHLGDWLGLVDOXWHPDODWWLDSDURGRQWDOHRSHULPSODQWDUH
XWLOL]]DQGROHPRGDOLWjFKHULWLHQHSLRSSRUWXQH FKDUWLQJSDURGRQWDOHFRPSOHWR365RDOWUR 
LQIRUPDWRFDUWDFHRRLQIRUPDWL]]DWR

/DSHULPSODQWLWHULFRQRVFHTXDOHXOWHULRUHIDWWRUHGLULVFKLRODSDURGRQWLWH


$OILQHGLRWWHQHUHXOWHULRULLQIRUPD]LRQLLQGLVSHQVDELOLDOODGLDJQRVLHVRSUDWWXWWRSHUSRWHUIRUPXODUH
FRUUHWWDPHQWHLOSLDQRGLWUDWWDPHQWRVLUHQGHQHFHVVDULRO¶HVDPHUDGLRJUDILFRSHULDSLFDOHGHLVHWWRUL
LQ FXL VRQR VWDWL HYLGHQ]LDWL VHJQL FOLQLFL GL PDODWWLD SDURGRQWDOH R SHULLPSODQWDUH *OL HVDPL
UDGLRJUDILFL HIIHWWXDWL VHPSUH QHO ULVSHWWR GHO SULQFLSLR GL JLXVWLILFD]LRQH HG RWWLPL]]D]LRQH
FRQVHQWRQRGLRWWHQHUHHOHPHQWLXWLOLSHUODYDOXWD]LRQHGHLWHVVXWLGXULSDURGRQWDOLRSHULPSODQWDUL
/D YDOXWD]LRQH GHO OLYHOOR GHOO¶RVVR GL VXSSRUWR SHULPSODQWDUH YLHQH HIIHWWXDWD UDGLRJUDILFDPHQWH
DOO¶LQL]LR GHOOD WHUDSLD GL PDQWHQLPHQWR H VXFFHVVLYDPHQWH TXDQGR YL VLD LO VRVSHWWR FOLQLFR GL
SHULPSODQWLWH $'$%UDJJHU8'H%UX\Q+HWDO(LFNKRO]3HWDO(LFNKRO]3
HWDO*RPHV)LOKR,6HWDO*UDHW]&+DUULV'HWDO-HIIFRDW0.HWDO
.OHLQ)HWDO/LQGKH-HWDO0XOOHU+3HWDO 
$YROWHLQUHOD]LRQHDLGDWLDQDPQHVWLFLDOOHFRQGL]LRQLVLVWHPLFKHHDOO¶HVDPHRELHWWLYRSDURGRQWDOH
GHO VRJJHWWR VRQR LQGLFDWL HVDPL HPDWRFKLPLFL 1HL VRJJHWWL LQ FXL OD GLDJQRVL SDURGRQWDOH IDFFLD
HPHUJHUH OD SUHVHQ]D GL SDURGRQWLWL PROWR JUDYL VRSUDWWXWWR QHOOH IRUPH DJJUHVVLYH R DVVRFLDWH D
SDWRORJLH VLVWHPLFKH SRVVRQR HVVHUH LQGLFDWL HVDPL PLFURELRORJLFL HG LPPXQRORJLFL ,Q TXHVWH
SDUWLFRODUL VLWXD]LRQL FOLQLFKH L WHVW PLFURELRORJLFL SRVVRQR ULVXOWDUH XWLOL SHU RULHQWDUH OD WHUDSLD
DQWLPLFURELFD/HDQDOLVLFROWXUDOLVRQRJOLXQLFLHVDPLPLFURELRORJLFLFKHSHUPHWWRQRGLHIIHWWXDUHXQ
DQWLELRJUDPPD /D SRVLWLYLWj GHOO¶HVDPH FKH q VLWRVSHFLILFR LQGLFD XQ DXPHQWR GHO ULVFKLR GL
PDODWWLDSXUQRQLQGLFDQGRFRQFHUWH]]DFKHODOHVLRQHVLDLQHYROX]LRQHO¶DVVHQ]DGLVSHFLHSDWRJHQH
QHOOH WDVFKH LQGLFD LQYHFH XQD VLWXD]LRQH GL VWDELOLWj GHO VLWR , WHVW LPPXQRORJLFL QXPHUR H
IXQ]LRQDOLWj GHL 301 WDVVR DQWLFRUSDOH  SRVVRQR HVVHUH GL DXVLOLR GLDJQRVWLFR H SURJQRVWLFR QHL
VRJJHWWL LQ FXL VL VRVSHWWD XQ GHILFLW GHOOD IXQ]LRQH LPPXQLWDULD /¶LPSLHJR GHL VXGGHWWL HVDPL GL
ODERUDWRULRqJLXVWLILFDWRVRORQHOFDVRLQFXLLOORURHVLWRSRVVDIRUQLUHXOWHULRULHOHPHQWLXWLOLSHUOD

ϭϮϰ


136


IRUPXOD]LRQHGHOODGLDJQRVLHGHOSLDQRGLWUDWWDPHQWR $UPLWDJH*&3pUH]&KDSDUUR3-HWDO
 
,Q FRQVLGHUD]LRQH GL TXDQWR VRSUD O¶DWWHQWD UDFFROWD GL GDWL DQDPQHVWLFL GL FRQFHUWR FRQ XQ
DSSURIRQGLWR HVDPH RELHWWLYR LQWHJUDWR RYH QHFHVVDULR GD HVDPL UDGLRJUDILFL H GL ODERUDWRULR
FRQVHQWH OD FRUUHWWD YDOXWD]LRQH GHOOR VWDWR SDURGRQWDOH H SHULPSODQWDUH GHOO¶LQGLYLGXR FKH SXz
SRUWDUHDGLVWLQJXHUH
 XQRVWDWRGLVDOXWH
 XQTXDGURFOLQLFRGLJHQJLYLWH
 XQTXDGURFOLQLFRGLSDURGRQWLWH
 8QTXDGURFOLQLFRGLPXFRVLWHSHULPSODQWDUH
 8QTXDGURFOLQLFRGLSHULPSODQWLWH

(¶RSSRUWXQRFKHODGLDJQRVLGHOORVWDWRGLVDOXWHRGLPDODWWLDSDURGRQWDOHSUHFHGDH
DFFRPSDJQLTXDOVLDVLWUDWWDPHQWRRGRQWRLDWULFR 7RQHWWLHWDO 

4XDQGRqSUHVHQWHRqVWDWRRWWHQXWRXQRVWDWRGLVDOXWHSDURGRQWDOHqRSSRUWXQRDWWXDUHXQ
SURJUDPPDGLSUHYHQ]LRQHPLUDWRDOODFRQVHUYD]LRQHGHOORVWHVVR 7RQHWWLHWDO 


7HUDSLDSDURGRQWDOHQRQFKLUXUJLFD

/DWHUDSLDSDURGRQWDOHQRQFKLUXUJLFD WHUDSLDFDXVDOHRH]LRORJLFD FRPSUHQGH


 LQIRUPD]LRQHLVWUX]LRQHHPRWLYD]LRQHGHOSD]LHQWHDOFRQWUROORGLSODFFDLQVHGHGRPLFLOLDUH
HGHLIDWWRULGLULVFKLRSHUOHSDWRORJLHRUDOLHSDURGRQWDOL
 WUDWWDPHQWRPHFFDQLFRGHOODVXSHUILFLHGHQWDULD VRSUDHVRWWRJHQJLYDOH 
 HOLPLQD]LRQHGHLIDWWRULULWHQWLYLGLSODFFD
/¶LQIRUPD]LRQH GHO SD]LHQWH FRPSUHQGH XQD VHULH GL LQGLFD]LRQL VXOOD VWRULD FOLQLFD GHOOD PDODWWLD
SDURGRQWDOH H SHULPSODQWDUH SDUWHQGR GDOO¶RVVHUYD]LRQH GHO FDYR RUDOH H VSLHJDQGR L PHWRGL
GLDJQRVWLFLHLSURWRFROOLWHUDSHXWLFLXWLOL]]DWLGDOO¶RGRQWRLDWUD3DUWLFRODUHDWWHQ]LRQHGHYHHVVHUHGDWD
DG DOFXQL DVSHWWL FRPSRUWDPHQWDOL LQ PRGR GD LQIOXLUH VXL IDWWRUL GL ULVFKLR SRWHQ]LDOPHQWH
PRGLILFDELOL TXDOL LO IXPR FRXQVHOLQJ DQWLIXPR  O¶DOLPHQWD]LRQH VFRUUHWWD O¶HVHUFL]LR ILVLFR
LQVXIILFLHQWH,OSD]LHQWHGHYHHVVHUHLQROWUHLQIRUPDWRVXOODQHFHVVLWjGHOWUDWWDPHQWRGHOOHSDWRORJLH
VLVWHPLFKH RYH SUHVHQWL FRUUHODWH R PHQR FRQ OD PDODWWLD SDURGRQWDOH  ,O FOLQLFR GHYH FHUFDUH GL

ϭϮϱ


137


IRUQLUHDFLDVFXQSD]LHQWHXQPRGHOORFRPSRUWDPHQWDOHULJXDUGDQWHO¶LJLHQHRUDOHSHUVRQDOHDGHJXDWR
DOOHVXHQHFHVVLWjLQPRGRFKHORVWHVVRSD]LHQWHSRVVDDVVXPHUHXQUXRORGHWHUPLQDQWHHGHIILFDFH
SHULOPDQWHQLPHQWRGHOVXRVWDWRGLVDOXWHDOXQJRWHUPLQH $[HOVVRQ3HWDO&KDPEURQHHWDO
&KHQ3FHWDO*DXQW)HWDO*HQFR5MHWDO/DQJ13HWDO0DUWLQH]
&DQXW31HZWRQHWDO:HVWRQHWDO 
/H LVWUX]LRQL GL LJLHQH RUDOH GHYRQR ULJXDUGDUH OH PHWRGLFKH DSSURSULDWH GL ULPR]LRQH PHFFDQLFD
GHOODSODFFDEDWWHULFDGDOFDYRRUDOHO¶XWLOL]]RGLVSD]]ROLQRHVWUXPHQWLSHUODSXOL]LDGHOOHVXSHUILFL
DSSURVVLPDOL ,O FRQWUROOR PHFFDQLFR GHOOD SODFFD VRSUDJHQJLYDOH SXz HVVHUH DIILDQFDWR GD XQ
FRQWUROORFKLPLFRFRQDQWLVHWWLFLWHQHQGRSHUzLQFRQVLGHUD]LRQHLOIDWWRFKHDOXQJRWHUPLQHVLSXz
DYHUHODFRPSDUVDGLHIIHWWLLQGHVLGHUDWL 6DQ]HWDO:DOPVH\$'HWDO 

/D FORUH[LGLQD q O¶DJHQWH DQWLSODFFD SL HIILFDFH H WURYD LQGLFD]LRQH FRPH VXSSRUWR QHOOD
WHUDSLDDWWLYDHTXDQGRLOSD]LHQWHQRQqLQJUDGRGLHVHJXLUHHIILFDFHPHQWHOHPDQRYUHGLLJLHQH
RUDOHPHFFDQLFKH

,O WUDWWDPHQWR PHFFDQLFR SHU OD ULPR]LRQH GHOOD SODFFD EDWWHULFD H GHO WDUWDUR VRSUDJHQJLYDOH H
VRWWRJHQJLYDOHFRQPHWRGLFKHGLGHWDUWUDVLRVFDOLQJHOHYLJDWXUDUDGLFRODUHRURRWSODQLQJSXzHVVHUH
HIIHWWXDWR FRQO¶XWLOL]]RGLVWUXPHQWLPDQXDOLDGXOWUDVXRQLHVRQLFL /¶HIILFDFLDGHLVXGGHWWLWLSLGL
VWUXPHQWLSHUTXDQWRULJXDUGDODULPR]LRQHGHLGHSRVLWLGXULHPROOLVLqGLPRVWUDWDVRYUDSSRQLELOH
/D VXSHUILFLH GHQWDULD YLHQH SHUWDQWR UHVD ELRORJLFDPHQWH FRPSDWLELOH FRQ OD VDOXWH GHL WHVVXWL
SDURGRQWDOL 6L SRVVRQR DYHUH HIIHWWL VHFRQGDUL TXDOL XQD EDWWHULHPLD WUDQVLWRULD H LSHUVHQVLELOLWj
GHQWDOH 'ULVNR&+9DQGHU:HLMGHQ)$HWDO<DDFRE0HWDO 
8QD YROWD ULPRVVD OD SODFFD HG LO WDUWDUR q QHFHVVDULR HVHJXLUH OD OXFLGDWXUD H OD ULILQLWXUD GHOOH
VXSHUILFLGHQWDOL
,QSUHVHQ]DGLIDWWRULULWHQWLYLGLSODFFDVRSUDJHQJLYDOLHVRWWRJHQJLYDOLTXDOLRWWXUD]LRQLHPDUJLQL
SURWHVLFL LQFRQJUXL H FDULH q QHFHVVDULR SURFHGHUH DOOD ORUR HOLPLQD]LRQH DO ILQH GL IDYRULUH OH
PDQRYUHGLLJLHQHRUDOHHULVWDELOLUHXQ¶DQDWRPLDGHQWRJHQJLYDOHLGRQHDSHUXQRWWLPDOHFRQWUROORGL
SODFFD
, ULVXOWDWL DWWHVL GDOOD WHUDSLD SDURGRQWDOH QRQ FKLUXUJLFD LQFOXGRQR LO PLJOLRUDPHQWR GHO OLYHOOR GL
FROODERUD]LRQHHPRWLYD]LRQHGHOSD]LHQWHODULGX]LRQHVLJQLILFDWLYDHVWDELOHGHOODTXDQWLWjGLSODFFD
EDWWHULFDHWDUWDURGHSRVLWDWLVXOOHVXSHUILFLGHQWDOL LGHDOPHQWHDOGLVRWWRGHO O¶HOLPLQD]LRQHR
ULGX]LRQH GHL VHJQL FOLQLFL GL LQILDPPD]LRQH PDUJLQDOH HULWHPD HGHPD H VDQJXLQDPHQWR  OD
ULGX]LRQHGHOVDQJXLQDPHQWRDOVRQGDJJLR%23 LGHDOPHQWHDOGLVRWWRGHO ODULGX]LRQHGHOOD
ϭϮϲ


138


SURIRQGLWj GL VRQGDJJLR 3' LO JXDGDJQR GHO OLYHOOR FOLQLFR GL DWWDFFR &$/H OD UHFHVVLRQH GHO
WHVVXWRPDUJLQDOH±5(& %HLUQH3HWDO 
6LFRQVLGHUDQRXWLOL]]DELOLYDULSURWRFROOLGLWHUDSLDPHFFDQLFDQRQFKLUXUJLFD WHUDSLDFDXVDOH PDVL
ULEDGLVFH OD QHFHVVLWj GL SURYYHGHUH VH SRVVLELOH QHOOD PHGHVLPD VHGXWD DOOD ULPR]LRQH GHL IDWWRUL
H]LRORJLFLVLDVRSUDFKHVRWWRJHQJLYDOLSUHVHQWLQHOVHWWRUH WUDWWDWR ,QUHOD]LRQHDOOHFRQGL]LRQLGHO
SD]LHQWH OD WHUDSLD H]LRORJLFD QRQ FKLUXUJLFD SXz HVVHUH SURJUDPPDWD FRQ XQ QXPHUR YDULDELOH GL
DSSXQWDPHQWLRUJDQL]]DWLLQVHGXWHFRQFHQWUDWHQHOPLQRUWHPSRSRVVLELOHSHUHYLWDUHODUHLQIH]LRQH
GHLVLWLWUDWWDWLDFDXVDGHLEDWWHULSUHVHQWLQHLVLWLDQFRUDGDWUDWWDUH,QDOWHUQDWLYDTXDQGRLQGLFDWRq
SRVVLELOH SURJUDPPDUH OD FRVLGGHWWD ³)XOO 0RXWK 'LVLQIHFWLRQ´ LQ XQD R GXH VHGXWH GLVWDQ]LDWH
QHOO¶DUFRGLRUH &RV\Q-HWDO'ULVNR&+(EHUKDUG-HWDO(EHUKDUG-HWDO
/DQJ13HWDO 
/¶DWWXDOHHYLGHQ]DVFLHQWLILFDQRQqLQ JUDGRGLGLPRVWUDUHGLIIHUHQ]HVLJQLILFDWLYHWUDSURFHGXUHGL
GHWDUWUDVL H OHYLJDWXUD UDGLFRODUH PHGLDQWH VWUXPHQWL XOWUDVRQLFL H SURFHGXUH GL GHWHUVLRQH RWWHQXWD
FRQJHWWLGLDULDHSROYHUHVRWWRSUHVVLRQH DLUSROLVKLQJ  :HQQVWURP-HWDO 
/¶DWWXDOHHYLGHQ]DVFLHQWLILFDQRQqLQJUDGRGLGLPRVWUDUHFKHO¶XWLOL]]RGHOODVHUFRPHFRDGLXYDQWH
DOOD WHUDSLD QRQ FKLUXUJLFD WUDGL]LRQDOH GHWDUWUDVL H OHYLJDWXUD UDGLFRODUH  FRPSRUWL YDQWDJJL
DJJLXQWLYLFOLQLFDPHQWHVLJQLILFDWLYLULVSHWWRDOOHVWHVVHSURFHGXUHXWLOL]]DWHGDVROH 0L]XWDQLHWDO
5RPDQRVHWDO6ORW'(HWDO=KDR<HWDO 
/¶DWWXDOH HYLGHQ]D VFLHQWLILFD GLPRVWUD VROR PRGHVWL FDPELDPHQWL QHL SDUDPHWUL FOLQLFL RWWHQXWL
PHGLDQWH O¶XWLOL]]R GL WHUDSLD IRWRGLQDPLFD LQ DJJLXQWD D SURFHGXUH FRQYHQ]LRQDOL GL WHUDSLD QRQ
FKLUXUJLFDYDOXWDWLDEUHYHWHUPLQH$OORVWDWRDWWXDOHGHOOHFRQRVFHQ]HQRQFLVRQRGDWLLQJUDGRGL
VRVWHQHUH O¶HIILFDFLD GL TXHVWD WHUDSLD D PHGLR H OXQJR WHUPLQH &KDW]RSRXORV ')  $LNDWHULQL
(OOLVDYHW*DWWL&HWDO+HLW]0D\ILHOG/-HWDO0L]XWDQLHWDO6JRODVWUD)HW
DO 


/DPDJJLRUSDUWHGHLSD]LHQWLDIIHWWLGDJHQJLYLWHHSDURGRQWLWHSXzHVVHUHWUDWWDWDRWWHQHQGR
XQD FRQGL]LRQH GL VDOXWH VWDELOH QHO WHPSR PHGLDQWH WHUDSLD QRQ FKLUXUJLFD DVVRFLDWD DG XQD
HIILFDFHWHUDSLDGLVXSSRUWR

'RSRODWHUDSLDFDXVDOHqQHFHVVDULDODULYDOXWD]LRQHGHOSD]LHQWHSDURGRQWDOH

/D ULYDOXWD]LRQH GHO SD]LHQWH FRQVHQWH OD YHULILFD GHO UDJJLXQJLPHQWR R PHQR GHO VXFFHVVR
WHUDSHXWLFRDWWHVR ,QGLFDWRULGLVXFFHVVRVRQRODULGX]LRQHGHOODTXDQWLWjGLSODFFDEDWWHULFDILQRDO
ϭϮϳ


139


OLPLWH WHRULFR GL ]HUR QRQ SXz FRPXQTXH HVVHUH DFFHWWDWD XQD TXDQWLWj GL SODFFD EDWWHULFD UHVLGXD
VXSHULRUHDO ODULGX]LRQHGHOVDQJXLQDPHQWRDOVRQGDJJLRILQRDOOLPLWHWHRULFRGL]HUR QRQ
SXz FRPXQTXH HVVHUH DFFHWWDWR XQ VDQJXLQDPHQWR UHVLGXR VXSHULRUH DO   H OD ULGX]LRQH GHOOD
SURIRQGLWj GL VRQGDJJLR /D ULGX]LRQH GHOOD SURIRQGLWj GL VRQGDJJLR LQ VHJXLWR D WHUDSLD QRQ
FKLUXUJLFDGLSHQGHLQ JUDQSDUWHGDOODSURIRQGLWjLQL]LDOHGHOOHWDVFKH ODSURIRQGLWjGLVRQGDJJLR
RWWLPDOHQRQGHYHHVVHUHVXSHULRUHDLPP  %HOWUiQ$JXLODU('HWDO 
,O SD]LHQWH FKH UDJJLXQJH TXHVWL RELHWWLYL H FKH SHUWDQWR QRQ QHFHVVLWD GL WHUDSLD FKLUXUJLFD VDUj
LQVHULWR LQ XQ SURJUDPPD GL WHUDSLD GL VXSSRUWR SDURGRQWDOH SHU PDQWHQHUH L ULVXOWDWL UDJJLXQWL
PRWLYDQGROR LQ PDQLHUD FRQWLQXDWLYD DOO¶DGR]LRQH GL VWLOL GL YLWD FRUUHWWL /D WHUDSLD GL VXSSRUWR
FRQVLVWHLQVHGXWHSURJUDPPDWHGLFRQWUROORSDURGRQWDOHHSHULPSODQWDUHFRPSOHWDWHVHQHFHVVDULR
GD XQ QXRYD UDFFROWD GHL GDWL FOLQLFL H GD XQD QXRYD IDVH GL WHUDSLD DWWLYD /D IUHTXHQ]D GHJOL
DSSXQWDPHQWL GL WHUDSLD SDURGRQWDOH GL VXSSRUWR GHYH HVVHUH LQGLYLGXDOL]]DWD YDOXWDQGR L IDWWRUL GL
ULVFKLR H OD FDSDFLWj GL FRQWUROOR GRPLFLOLDUH GL SODFFD GHO SD]LHQWH DO PRPHQWR GHOOD ULYDOXWD]LRQH
ILQDOHGRSRDYHUFRPSOHWDWRODWHUDSLDDWWLYDHGLQRFFDVLRQHGHOOHVXFFHVVLYHULYDOXWD]LRQLQHOWHPSR
$UPLWDJH*&;HQRXGL39HUGXJRHWDO 


,Q FDVR GL PDQFDWR UDJJLXQJLPHQWR GHL ULVXOWDWL DWWHVL LQGLFL GL VXFFHVVR WHUDSHXWLFR q
RSSRUWXQR ULSHWHUH SHU LQWHUR R LQ SDUWH OD IDVH WHUDSHXWLFD FDXVDOH HR PHFFDQLFD QRQ
FKLUXUJLFD

/¶RSSRUWXQLWj GL HIIHWWXDUH WHUDSLD FKLUXUJLFD YD YDOXWDWD WHQHQGR FRQWR GHL VHJXHQWL
SDUDPHWULSUHVHQ]DGLWDVFKHFRQSURIRQGLWjGLVRQGDJJLRXJXDOHRPDJJLRUHGLPPDOWHUD]LRQH
GHOO¶DUFKLWHWWXUDJHQJLYDOHHGRVVHDSUHVHQ]DGLOHVLRQLGHOOHIRUFD]LRQLGL,,H,,,FODVVHQHFHVVLWjGL
ULFRVWUXLUH R ULJHQHUDUH LO VXSSRUWR SDURGRQWDOH QHFHVVLWj GL PRGLILFDUH OD SRVL]LRQH HR LO YROXPH
GHOOD JHQJLYD SUHVHQ]D GL HOHPHQWL GHQWDOL LUUHFXSHUDELOL FKH ULFKLHGRQR XQ WUDWWDPHQWR LPSODQWR
SURWHVLFR 0DWXOLHQH*HWDO3DSDSDQRX31HWDO 

/D VFHOWD GHOOD WHFQLFD FKLUXUJLFD VL EDVHUj VXOOD YDOXWD]LRQH GHOOH LQGLFD]LRQL H GHL ULVXOWDWL
DWWHVLGHOOHGLYHUVHSURFHGXUHDQFKHLQUHOD]LRQHDOODFRPSHWHQ]DHDOO¶HVSHULHQ]DGHOFOLQLFR

/DWHUDSLDFKLUXUJLFDSDURGRQWDOHLQTXDOVLDVLVXDIRUPDSUHVXSSRQHFKHLOSD]LHQWHVLDPRWLYDWRD
PDQWHQHUHXQDGHJXDWRFRQWUROORGLSODFFD LQGLFHGLSODFFDHGLQGLFHGLVDQJXLQDPHQWRQRQVXSHULRUL
DO HFKHOHFRQGL]LRQLJHQHUDOLGLVDOXWHVLDQRWDOLGDQRQFRQWURLQGLFDUHO¶LQWHUYHQWRFKLUXUJLFR
,OWUDWWDPHQWRFKLUXUJLFRGHYHHVVHUHFRQVLGHUDWRFRPHXQPH]]RDJJLXQWLYRDOODWHUDSLDPHFFDQLFD

ϭϮϴ


140


QRQ FKLUXUJLFD WHUDSLD FDXVDOH  /H GLYHUVH WHFQLFKH FKLUXUJLFKH GHYRQR HVVHUH YDOXWDWH
SULPDULDPHQWHLQEDVHDOODORURFDSDFLWjGLULGXUUHOHWDVFKHSURIRQGHHFRUUHJJHUHTXHOOHFRQGL]LRQL
FKH IDYRULVFRQR O¶DFFXPXOR GL SODFFD EDWWHULFD TXDOL OH DOWHUD]LRQL GHOO¶DUFKLWHWWXUD JHQJLYDOH HG
RVVHDROHOHVLRQLGHOOHIRUFD]LRQL,QROWUHqGDWHQHUHLQGHELWDFRQVLGHUD]LRQHLOIDWWRFKHWDVFKHFRQ
SURIRQGLWj DO VRQGDJJLR XJXDOL R PDJJLRUL GL PP KDQQR XQ ULVFKLR GL UHFLGLYD  YROWH PDJJLRUH
ULVSHWWR D VLWL FRQ XQ VRQGDJJLR PLQRUH R XJXDOH D PP XQD WDVFD FRQ XQ VRQGDJJLR PDJJLRUH GL
PP UDSSUHVHQWD XQ IDWWRUH GL ULVFKLR GL SHUGLWD GHO GHQWH  YROWH PDJJLRUH ULVSHWWR D VLWL FRQ XQ
VRQGDJJLRPLQRUHRXJXDOHDPPGHQWLSOXULUDGLFRODWLFRQOHVLRQLGHOOHIRUFD]LRQLGL,,H,,,JUDGR
KDQQR XQ ULVFKLR ILQR D  YROWH PDJJLRUH GL HVVHUH SHUVL ULVSHWWR D GHQWL VHQ]D OHVLRQL GHOOH
IRUFD]LRQL &DWWDEULJD0HWDO'DQQHZLW]%HWDO'HDV'(HWDO*UDHW]&HWDO
+HLW]0D\ILHOG/-+X\QK%D*HWDO1LEDOLHWDO 


/RVFRSRSULPDULRGHOODWHUDSLDFKLUXUJLFDqTXHOORGLULGXUUHLOULVFKLRGLUHFLGLYDSDURGRQWDOH
ULSULVWLQDQGRXQDPRUIRORJLDJHQJLYDOHRVVHDHGHQWDOHFKHIDYRULVFDO¶LJLHQHRUDOHGRPLFLOLDUH

$OWUL RELHWWLYL GHOOD WHUDSLD FKLUXUJLFD SDURGRQWDOH SRVVRQR HVVHUH O¶LQFUHPHQWR GHO VXSSRUWR
SDURGRQWDOH HR OD ULGX]LRQH TXDQGR SRVVLELOH GHO GDQQR HVWHWLFR FRQVHJXHQWH DOOD UHFHVVLRQH GHL
WHVVXWL
/HSURFHGXUHFKLUXUJLFKHLGRQHHDPRGLILFDUHO¶DQDWRPLDJHQJLYDOHRVVHDGHQWDOHVRQR

/HPER GL DFFHVVR q XQ PH]]R DJJLXQWLYR DOOD WHUDSLD H]LRORJLFD QRQ FKLUXUJLFD HG LO SULPR
WUDWWDPHQWRFKLUXUJLFRFKHSXzHVVHUHLQGLFDWRLQFDVRGLWDVFKHFRQSURIRQGLWjGLVRQGDJJLRXJXDOHR
VXSHULRUH D  PP FRQ R VHQ]D %23 SRVLWLYR FKH UHVLGXDQR GRSR LO FRPSOHWDPHQWR GHOOD WHUDSLD
H]LRORJLFDQRQFKLUXUJLFD4XHVWDPHWRGLFDFKLUXUJLFDIDFLOLWD O¶DFFHVVRDOOHUDGLFLSHUXQDPLJOLRUH
ULPR]LRQHGHOWDUWDURVXEJHQJLYDOHHSHUPRGLILFDUHO¶DPELHQWHPLFURELRORJLFRGHOOD]RQD,GDWLLQ
OHWWHUDWXUD HYLGHQ]LDQR FKH LQ SUHVHQ]D GL WDVFKH FRQ SURIRQGLWj GL VRQGDJJLR • PP FRQ R VHQ]D
%23 SRVLWLYR HVLVWH XQ PDJJLRU ULVFKLR GL SURJUHVVLRQH GHOOD SDWRORJLD  *UD]LDQL ) HW DO 
*UD]LDQL)HWDO 


, ULVXOWDWL DWWHVL GHO OHPER GL DFFHVVR VRQR OD ULGX]LRQH R DVVHQ]D GHO VDQJXLQDPHQWR DO
VRQGDJJLRODULGX]LRQHGHOODSURIRQGLWjGLVRQGDJJLRLOJXDGDJQRGHOOLYHOORGLDWWDFFRFOLQLFR
ODUHFHVVLRQHGHOWHVVXWRPDUJLQDOH

ϭϮϵ


141


/DFKLUXUJLDUHVHWWLYD JHQJLYDOHRVVHDHUDGLFRODUH GHYHHVVHUHFRQVLGHUDWDFRPHXQWUDWWDPHQWR


ILQDOL]]DWRDOO¶HOLPLQD]LRQHGHOODWDVFDHGDOODFUHD]LRQHGLXQDPRUIRORJLDJHQJLYDOHRVVHDHGHQWDOH
WHVD D IDYRULUH XQ FRQWUROOR DJHYROH HG HIILFDFH GHOO¶DFFXPXOR GL SODFFD EDWWHULFD (¶ LQGLFDWD LQ
SDUWLFRODUH QHO WUDWWDPHQWR GHJOL DXPHQWL GL YROXPH JHQJLYDOH H GL YROXPH RVVHR GHOOH OHVLRQL
LQWUDRVVHH”PPHGHOOHOHVLRQLGHOOHIRUFD]LRQLGL,,H,,,FODVVH/DFKLUXUJLDRVVHDUHVHWWLYDSXz
HVVHUHDQFKHXWLOL]]DWDSHUULSULVWLQDUHODGLPHQVLRQHELRORJLFDHRWWLPL]]DUHO¶HVHFX]LRQHGLUHVWDXUL
FRQVHUYDWLYLHSURWHVLFL &DLUR)HWDO&DLUR)HWDO&DUQHYDOH*HWDO&DUQHYDOH
*&DUQHYDOH*HWDO 

, ULVXOWDWL DWWHVL GDOOD WHUDSLD UHVHWWLYD VRQR O¶DVVHQ]D GL VDQJXLQDPHQWR DO VRQGDJJLR XQD
SURIRQGLWj GL VRQGDJJLR ” PP XQ DOOXQJDPHQWR GHOOD FRURQD FOLQLFD HG XQD VWDELOLWj GHO
WHVVXWRPDUJLQDOHGRSRPDWXUD]LRQHGHLWHVVXWL

/DFKLUXUJLDRVVHDULJHQHUDWLYD VHUYHSHURWWHQHUHODULJHQHUD]LRQHGLWHVVXWRGLVXSSRUWRDWWRUQR
DGHOHPHQWLGHQWDULJUDYHPHQWHFRPSURPHVVLGDOODPDODWWLDSDURGRQWDOH/HSURFHGXUHSLDIILGDELOL
HG HIILFDFL VRQR OD ULJHQHUD]LRQH WLVVXWDOH JXLGDWD *75  PHGLDQWH O
DSSOLFD]LRQH GL XQD EDUULHUD
ILVLFD ULJHQHUD]LRQH WLVVXWDOH PHGLDQWH PHPEUDQD  H OD ULJHQHUD]LRQH ELRORJLFDPHQWH LQGRWWD
PHGLDQWH DPHORJHQLQH ,75  Ê SRVVLELOH RWWHQHUH JXDGDJQR GL WHVVXWR GL VXSSRUWR DQFKH PHGLDQWH
O¶XWLOL]]RGLLQQHVWLGLRVVRDXWRORJRRGLELRPDWHULDOL 7URPEHOOL/HWDO 
/H SURFHGXUH FKLUXUJLFKH ULJHQHUDWLYH SRVVRQR HVVHUH DSSOLFDWH FRQ ULVXOWDWL FOLQLFL SUHYHGLELOL QHL
GLIHWWLLQWUDRVVHLSURIRQGL •PP HFDUDWWHUL]]DWLGDXQDPRUIRORJLDLGRQHDDOODULJHQHUD]LRQHGHL
WHVVXWLSDURGRQWDOL


,ULVXOWDWLDWWHVLGHOODWHUDSLDULJHQHUDWLYDLQFOXGRQRODULGX]LRQHGHOODSURIRQGLWjGLVRQGDJJLR
LO JXDGDJQR GHO OLYHOOR FOLQLFR GL DWWDFFR H XQD OLPLWDWD UHFHVVLRQH GHO WHVVXWR PDUJLQDOH
&RUWHOOLQL3HWDO&RUWHOOLQL3HWDO&RUWHOOLQLHWDO3DJOLDUR8HWDO 


/DFKLUXUJLDPXFRJHQJLYDOHFRPSUHQGHO
LQVLHPHGHOOHSURFHGXUHDWWHDOODFRUUH]LRQHGLGLIHWWLGL
PRUIRORJLDSRVL]LRQHHRTXDQWLWjGHLWHVVXWLPROOLSDURGRQWDOL4XHVWLGLIHWWLSRVVRQRHVVHUHWUDWWDWL
FRQ LQWHUYHQWL D OHPER R FRQ LQQHVWL WLVVXWDOL XWLOL]]DQGR HYHQWXDOPHQWH DQFKH ELRPDWHULDOL /H
LQGLFD]LRQLSULQFLSDOLVRQRODFRSHUWXUDGHOOHVXSHUILFLUDGLFRODULHVSRVWHRO¶LQFUHPHQWRGLDOWH]]DH

ϭϯϬ


142


VSHVVRUHGHOWHVVXWRJHQJLYDOHSHUHVLJHQ]HIXQ]LRQDOLHVWHWLFKHSURWHVLFKHRGRUWRGRQWLFKH &DLUR)
HWDO=XFFKHOOL*HWDO 

,ULVXOWDWLDWWHVLGHOODWHUDSLDPXFRJHQJLYDOHLQFOXGRQRLOJXDGDJQRGHOOLYHOORFOLQLFRGLDWWDFFR
FRSHUWXUD UDGLFRODUH  O¶HOLPLQD]LRQH R OD ULGX]LRQH GHOOH UHFHVVLRQL GHO WHVVXWR PDUJLQDOH
FRSHUWXUD UDGLFRODUH  O¶LQFUHPHQWR GHOO¶DOWH]]D H GHOOR VSHVVRUH GHO WHVVXWR FKHUDWLQL]]DWR
&KDPEURQH/HWDO 


3(5,,03/$17,7(

*OL LPSLDQWL SRVVRQR DQGDUH LQFRQWUR FRQWUDULDPHQWH DOOH DVSHWWDWLYH GHL SD]LHQWL DG DOFXQH
FRPSOLFD]LRQL GL QDWXUD ELRORJLFD FRPH OD PXFRVLWH H OD SHULLPSODQWLWH 4XHVWH FRQGL]LRQL VRQR
GHWHUPLQDWH GDOOD SUHVHQ]D VXOOD VXSHUILFLH LPSODQWDUH GL XQ ELRILOP EDWWHULFR FKH VH QRQ ULPRVVR
SXzFDXVDUHO¶LQILDPPD]LRQHGHLWHVVXWLSHULLPSODQWDUL $EUDKDPVVRQ.+HUDO$WLHK0$HW
DO&DQXOOR/HWDO'XDUWH30HWDO/DQJ13HWDO3pUH]&KDSDUUR3-HWDO
5DNLF0HWDO5HQYHUWHWDO6DUPLHQWR+/HWDO 
,QL]LDOPHQWHO¶LQILDPPD]LRQHSXzFROSLUHLWHVVXWLJHQJLYDOLVXSHUILFLDOLFDXVDQGRVDQJXLQDPHQWRDO
VRQGDJJLR PXFRVLWH  PD VXFFHVVLYDPHQWH SXz GLVWULEXLUVL LQ SURIRQGLWj GHWHUPLQDQGR XQ DXPHQWR
GHOVRQGDJJLRFOLQLFRHLOULDVVRUELPHQWRGHOO¶RVVRSHULLPSODQWDUH SHULLPSODQWLWH 
/D GLDJQRVL SUHFRFH GHOOH PXFRVLWL q HVVHQ]LDOH SHUFKH
 LQ TXHVWD IDVH XQD DGHJXDWD WHUDSLD SXz
SUHYHQLUH O
HYROX]LRQH GHOO
LQIH]LRQH LQ SHULPSODQWLWH DQFKH VH ULVSHWWR DOOD JHQJLYLWH L WHPSL GL
ULVROX]LRQH GHOO
LQILDPPD]LRQH VRQR SLX
 OXQJKL H PDQFDQR VWXGL VFLHQWLILFL FKH DWWHVWLQR LQ PRGR
FHUWRODFRPSOHWD UHVWLWXWLRDGLQWHJUXPGHLWHVVXWLSHULPSODQWDUL 'HUNV -HWDO'HUNV-HWDO
)LJXHURHWDO-HSVHQ6HWD6DOYL*(HWDO6DUPLHQWR+/HWDO7DUQRZ
'3 
/DSUHVHQ]DGLSDURGRQWLWHQRQWUDWWDWDIXPRGLVLJDUHWWDPDODWWLHVLVWHPLFKHQRQFRQWUROODWHFRPHLO
GLDEHWH SURWHVL LQFRQJUXH R FKH QRQ FRQVHQWRQR XQ DGHJXDWR FRQWUROOR GL SODFFD H OD PDQFDWD
DGHVLRQH GHO SD]LHQWH DOOH SUHVFUL]LRQL GL LJLHQH RUDOH GRPLFLOLDUH H DG XQ SURJUDPPD GL ULFKLDPR
SHULRGLFR GL LJLHQH VRQR IDWWRUL FKH DXPHQWDQR LO ULVFKLR GL VYLOXSSDUH WDOL SDWRORJLH %ULWR HW DO
&KDPEURQHHWDO&KDSSOH,/HWDO&KUFDQRYLF%5HWDOGH%UDQGmR0/HWDO
 *XUJHO HW DO  +HLW]0D\ILHOG /-  .DURXVVLV ,. HW DO  /LQ HW DO 
0DUFDQWRQLR&HWDO0RPEHOOLHWDO0RQMHHWDO0RQMH$HWDO5HQYHUWHWDO

ϭϯϭ


143


5HQYHUWHWDO5RNQ$HWDO6DOYL*(HWDO6DOYL*(HWDO6JRODVWUD)HW
DO6LPSVRQ7&HWDO6RXVD9HWDO7RQHWWLHWDO7XUULHWDO9HUGXJR)HW
DO=DQJUDQGR06HWDO 
/
LQGLYLGXD]LRQH SUHFRFH H LO FRQWUROOR GL DOFXQL GL TXHVWL IDWWRUL GL ULVFKLR SULPD GL LQVHULUH JOL
LPSLDQWL LQVLHPH FRQ O
LQVHULPHQWR GHO SD]LHQWH LQ XQ DGHJXDWR SURWRFROOR GL ULFKLDPR SHULRGLFR
SRVVRQRHVVHUHHIILFDFLQHOULGXUUHO
LQFLGHQ]DGLTXHVWHSDWRORJLH 0RQMHHWDO0RQMH$HWDO
5HQYHUWHWDO7RQHWWLHWDO=DQJUDQGR06HWDO 
,O WUDWWDPHQWR GHOOD SHULLPSODQWLWH FRQVLVWH QHOOD ULPR]LRQH GHO ELRILOP EDWWHULFR QHOOD ULGX]LRQH
GHOOD SURIRQGLWj GHO VRQGDJJLR H GRYH QHFHVVDULR H SRVVLELOH QHOOD FRUUH]LRQH GHL GLIHWWL RVVHL
DVVRFLDWL 7DOH WUDWWDPHQWR GHYH HVVHUH SUHFRFHPHQWH PHVVR LQ DWWR FRQ O
RELHWWLYR GL DUUHVWDUH OD
SURJUHVVLYDSHUGLWDGLRVVR
/DWHUDSLDQRQFKLUXUJLFDHIIHWWXDWDFRQGLYHUVLSURWRFROOLHLQWHJUDWDFRQWHUDSLHIDUPDFRORJLFKHq
HIILFDFH QHOO¶HOLPLQDUH O¶LQILDPPD]LRQH VDQJXLQDPHQWR DO VRQGDJJLR  LQ FDVR GL PXFRVLWH
SHULPSODQWDUH VLD SXUH FRQ WHPSL GL JXDULJLRQH SUROXQJDWL PHQWUH LQ FDVR GL SHULPSODQWLWH q
FDUDWWHUL]]DWDGDULVXOWDWLQRQSUHYHGLELOL &DUFXDF2HWDO)DJJLRQ&0-UHWDO)LJXHUR
HWDO+HLW]0D\ILHOG/-HWDO+HLW]0D\ILHOG/-HWDO+XOWLQ0HWDO+XUHWDO
 .RWVDNLV / HW DO  0RQMH $ HW DO  0XWKXNXUX 0 HW DO  1DWWR HW DO 
4XLU\QHQ0HWDO5HQYHUWHWDO5RPDQRVHWDO5RPDQRVHWDO5RPDQRVHWDO
5RRV-DQVnNHU$PHWDO6DOYL*(HWDO6DOYL*(HWDO6DOYL*(HWDO
6FKZDU])HWDOYDQ:LQNHOKRII$-9HUGXJR)HWDO 
6RQRVWDWLSURSRVWLGLYHUVLSURWRFROOLFKLUXUJLFLFKHSUHYHGRQROHPELGLDFFHVVRVHJXLWLGDSURFHGXUH
GL ULPR]LRQH PHFFDQLFD R FKLPLFD GHOOH DVSHULWj GHOOH VXSHUILFL LPSODQWDUL DO ILQH GL ULGXUQH OD
FRQWDPLQD]LRQHEDWWHULFD (VSRVLWRHWDO)LJXHURHWDO)URXPHWDO5HQYHUWHWDO
5RPDQRVHWDO 
6RQR VWDWH DQFKH GHVFULWWH GLYHUVH SURFHGXUH FKLUXUJLFKH ULJHQHUDWLYH R UHVHWWLYH HIIHWWXDWH SHU
PRGLILFDUH O¶DQDWRPLD GHL GLIHWWL RVVHL SHULPSODQWDUL DUUHVWDQGR R ULWDUGDQGR TXDQGR SRVVLELOH OD
SURJUHVVLRQHGHOODSHULPSODQWLWH &KDQHWDOGH:DDO<&HWDO.KRVKNDP9HWDO
5DPDQDXVNDLWH$HWDO 
1RQ HVLVWRQR HYLGHQ]H GHILQLWLYH VXOO¶HIILFDFLD H VXO UDSSRUWR FRVWREHQHILFLR GL TXHVWH SURFHGXUH
(VSRVLWRHWDO*UD]LDQLHWDO+HLW]0D\ILHOG/-HWDO3DSDWKDQDVLRX(HWDO
6FKZDU])HWDO6FKZHQGLFNH)HWDO 
/¶DWWXDOHHYLGHQ]DVFLHQWLILFDQRQqLQ JUDGRGLGLPRVWUDUHLQ PDQLHUDFRQFOXVLYDFKHO¶XWLOL]]RGHO
ODVHUFRPHFRDGLXYDQWHDOODWHUDSLDVLDFKLUXUJLFDFKHQRQFKLUXUJLFDGHOODSHULPSODQWLWHFRPSRUWLD
ϭϯϮ


144


OXQJRWHUPLQHYDQWDJJLDJJLXQWLYLFOLQLFDPHQWHVLJQLILFDWLYLULVSHWWRDOOHVWHVVHSURFHGXUHXWLOL]]DWH
GDVROH 0L]XWDQLHWDO 
,Q FDVL VHOH]LRQDWL GL SHULPSODQWLWH SXz HVVHUH SUHVD LQ FRQVLGHUD]LRQH DQFKH OD ULPR]LRQH
GHOO
LPSLDQWR 6WDMþLü=HWDO 

$O WHUPLQH GHOOD WHUDSLD FKLUXUJLFD q QHFHVVDULD XQ¶XOWHULRUH ULYDOXWD]LRQH GHO SD]LHQWH SHU
DFFHUWDUHLOUDJJLXQJLPHQWRGHJOLRELHWWLYLSUHILVVDWL

4XDQGRJOLRELHWWLYLSUHILVVDWLVRQRVWDWLUDJJLXQWLLOSD]LHQWHGHYHHVVHUHLQVHULWRLQXQSURJUDPPD
GLVXSSRUWRSDURGRQWDOH ,OSD]LHQWHLQWHUDSLDGLVXSSRUWRSDURGRQWDOHGRYUjHVVHUHSHULRGLFDPHQWH
ULYDOXWDWRSHUDFFHUWDUHODVWDELOLWjGHLULVXOWDWLUDJJLXQWLFRQODWHUDSLD/¶HYLGHQ]DGLVHJQLFOLQLFLGL
UHFLGLYDGLPDODWWLHSDURGRQWDOLHRSHULPSODQWDUL PDQFDQ]DGLVWDELOLWjGHLULVXOWDWLRWWHQXWLFRQOD
WHUDSLD DWWLYD  UHQGH QHFHVVDULR XQ PDJJLRUH DSSURIRQGLPHQWR GLDJQRVWLFR HG HYHQWXDOH XOWHULRUH
WHUDSLD/DWHUDSLDGLVXSSRUWRqSDUWHLQWHJUDQWHGHOODWHUDSLDSDURGRQWDOHHGLPSODQWDUH/¶RELHWWLYR
SULQFLSDOH FKH HVVD VL SUHILJJH q FRQWUROODUH QHO WHPSR O¶DFFXPXOR GL SODFFD DO ILQH GL SUHYHQLUH
HYHQWXDOLUHFLGLYH $UPLWDJH*HWDO5ROGDQ6HWDO 
/¶DVVHQ]DGHLVHJQLFOLQLFLDVVRFLDWLDOOHPDODWWLHSDURGRQWDOLHSHULPSODQWDULqLOFULWHULRHVVHQ]LDOH
SHUFKp XQ SD]LHQWH SRVVD HVVHUH LQVHULWR H PDQWHQXWR LQ XQ SURJUDPPD GL WHUDSLD SDURGRQWDOH HG
LPSODQWDUHGLVXSSRUWR
/HSURFHGXUHGLDJQRVWLFKHFRQVLVWRQRQHOULOLHYRGHOODSUHVHQ]DGLSODFFDEDWWHULFDGHOODSUHVHQ]DGL
QXRYLIDWWRULGLULVFKLROHJDWLDOSD]LHQWHHGLVHJQLFOLQLFLDVVRFLDWLDOOHPDODWWLHSDURGRQWDOL
/H SURFHGXUH WHUDSHXWLFKH VL IRQGDQR HVVHQ]LDOPHQWH VXOOD ULPR]LRQH GHOOD SODFFD EDWWHULFD H GHO
WDUWDURVRSUDHVRWWRJHQJLYDOHHVXOODPRGLILFD]LRQHGHOFRPSRUWDPHQWRLJLHQLFRRUDOHGHOSD]LHQWH
RYHQHFHVVDULR LVWUX]LRQHHPRWLYD]LRQHDEOD]LRQHWDUWDURWHUDSLDFDXVDOH 
/D ULFRPSDUVD GHL VHJQL FOLQLFL DVVRFLDWL DOOH JHQJLYLWL HG DOOH SDURGRQWLWL UDSSUHVHQWD O¶LQGLFD]LRQH
SHUFKp LO SD]LHQWH VLD VRWWRSRVWR DG XQD IDVH WHUDSHXWLFD DWWLYD DEOD]LRQH WDUWDUR WHUDSLD FDXVDOH
WHUDSLDFKLUXUJLFDSDURGRQWDOH 
, SD]LHQWL GHYRQR HVVHUH FRUUHVSRQVDELOL]]DWL H PRWLYDWL D VHJXLUH SURFHGXUH GL PDQWHQLPHQWR
SHUVRQDOL]]DWR H D VRWWRSRUVL D YLVLWH SHULRGLFKH GL FRQWUROOR &Lz FRQVHQWH D FRORUR FKH 
VHJXRQR TXHVWR SURWRFROOR GL PDQWHQHUH OD VDOXWH RWWHQXWD FRQ OD WHUDSLD DWWLYD SHU XQ WHPSR SL
OXQJRULVSHWWRDTXDQWLQRQORVHJXRQR $[HOVVRQ31\VWU|P%/LQGKH-/DQJ13/LQGKH-
YDQGHU9HOGHQ 

ϭϯϯ


145


1HL SD]LHQWL FRQ ULDELOLWD]LRQL LPSODQWRSURWHVLFKH q LPSRUWDQWH LO FRQWUROOR SHULRGLFR 3RLFKq OH
SDWRORJLH SHULPSODQWDUL VRQR GL GLIILFLOH ULVROX]LRQH OD SRVVLELOLWj GL XQD ORUR GLDJQRVL SUHFRFH
DVVXPH XQ YDORUH DQFRUD PDJJLRUH /D YDOXWD]LRQH UDGLRJUDILFD GHO OLYHOOR GHOO¶RVVR GL VXSSRUWR
SHULPSODQWDUH GHYH HVVHUH HIIHWWXDWD DOO¶LQL]LR GHOOD WHUDSLD GL PDQWHQLPHQWR H VXFFHVVLYDPHQWH
TXDQGRYLVLDLOVRVSHWWRFOLQLFRGLSHULPSODQWLWH $UPLWDJH*HWDO 


7(5$3,$$17,0,&52%,&$

/D WHUDSLD IDUPDFRORJLFD DQWLPLFURELFD LQ SDURGRQWRORJLD VL JLRYD GHOO¶XVR GL DQWLVHWWLFL HG
DQWLELRWLFL
/D WHUDSLD DQWLPLFURELFD VLVWHPLFD SUHYHGH O¶XVR GL DQWLELRWLFL /¶RELHWWLYR q ULGXUUH OD FDULFD GHL
PLFURUJDQLVPLSDWRJHQLSDURGRQWDOLLQFDVRGLDVFHVVLSDURGRQWDOLSDURGRQWLWLDJJUHVVLYHSDURGRQWLWL
UHIUDWWDULH DO WUDWWDPHQWR PHFFDQLFR JHQJLYLWH QHFURWL]]DQWH SDURGRQWLWH QHFURWL]]DQWH
SHULPSODQWLWH&RQO¶HFFH]LRQHGHOOHLQIH]LRQLDFXWHJOLDQWLELRWLFLQRQGHYRQRHVVHUHVRPPLQLVWUDWL
VHQ]DXQDSUHFHGHQWHWHUDSLDPHFFDQLFDHLQDVVHQ]DGLXQFRQWUROORRWWLPDOHGHOODSODFFDGDSDUWHGHO
SD]LHQWH9DULVRQRLUHJLPLWHUDSHXWLFLPRQRWHUDSLFLRLQDVVRFLD]LRQHSURSRVWLLQOHWWHUDWXUDQHOOH
GLYHUVH VLWXD]LRQL FOLQLFKH WHWUDFLFOLQH PHWURQLGD]ROR FLSURIOR[DFLQD DPR[LFLOOLQD  DFLGR
FODYXODQLFRFOLQGDPLFLQDPHWURQLGD]RORDPR[LFLOOLQD ULVXOWDHVVHUHO¶DVVRFLD]LRQHIDUPDFRORJLFD
FOLQLFDPHQWH SL HIILFDFH QHOOH SDURGRQWLWL DJJUHVVLYH  PHWURQLGD]ROR  FLSURIOR[DFLQD OD
FLSURIOR[DFLQDSXzVRVWLWXLUHO¶DPR[LFLOOLQDLQFDVRGLDOOHUJLDDOOHEODWWDPLQH 

,ULVXOWDWLDWWHVLGHOODWHUDSLDIDUPDFRORJLFDDQWLPLFURELFDVRQRODULGX]LRQHGHOODSURIRQGLWjGL
VRQGDJJLRHGHOVDQJXLQDPHQWRDOVRQGDJJLRDPHGLRWHUPLQH

1HOOHGLYHUVHIDVLWHUDSHXWLFKHGLWUDWWDPHQWRGHOODPDODWWLDSDURGRQWDOHSXzHVVHUHRSSRUWXQR
O¶LPSLHJRGLIDUPDFLVRPPLQLVWUDWLSHUYLDVLVWHPLFDRORFDOHDVXSSRUWRRLQWHJUD]LRQHGHOOD
WHUDSLDPHFFDQLFD

/D FRQWLQXD HPHUJHQ]D GL VSHFLH EDWWHULFKH DQWLELRWLFRUHVLVWHQWL UHQGH QHFHVVDULD XQD OLPLWD]LRQH
DOO¶XVR GHJOL DQWLELRWLFL SHU YLD VLVWHPLFD LQ WHUDSLD SDURGRQWDOH /D WHUDSLD DQWLPLFURELFD WRSLFD VL
EDVDVXOO¶LPSLHJRGLDQWLELRWLFLHGDQWLVHWWLFLHGKDORVFRSRGLULGXUUHODPLFURIORUDSDWRJHQDLQVLWL
ORFDOL]]DWL FKH QRQ ULVSRQGRQR DOOD WHUDSLD PHFFDQLFD VLD QHOOH SDURGRQWLWL VLD QHOOH SHULPSODQWLWL
3UHYHGHO¶XWLOL]]RGLVRVWDQ]HDQWLPLFURELFKHDSSOLFDWHORFDOPHQWHTXDOLPHWURQLGD]RORGR[LFLFOLQD

ϭϯϰ


146


+&O PLQRFLFOLQD +&O SLSHUDFLOOLQD FORUH[LGLQD  &D]]DQLJD $ HW DO  &RVJDUHD 5 HW DO 
+HUUHUD'HWDO+HUUHUD'HWDO.HHVWUDHWDO5DEHOR&&HWDO6JRODVWUDHWDO
6JRODVWUDHWDO=DQGEHUJHQHWDO 

, SUHVLGL DQWLEDWWHULFL GHYRQR HVVHUH FRQVLGHUDWL DXVLOL H QRQ VRVWLWXWL GHOOD WHUDSLD PHFFDQLFD
FRQYHQ]LRQDOH


%LEOLRJUDILD
$EUDKDPVVRQ,6ROGLQL&3UREHSHQHWUDWLRQLQSHULRGRQWDODQGSHULLPSODQWWLVVXHVDQH[SHULPHQWDOVWXG\LQWKHEHDJOH
GRJ&OLQ2UDO,PSO5HV±

$EUDKDPVVRQ.+:HQQVWU|P-/%HUJOXQGK7$EUDKDPVVRQ,$OWHUHGH[SHFWDWLRQVRQGHQWDOLPSODQWWKHUDS\YLHZVRI
SDWLHQWVUHIHUUHGIRUWUHDWPHQWRISHULLPSODQWLWLV&OLQ2UDO ,PSODQWV5HV)HEGRLFOU>(SXE
DKHDGRISULQW@3XE0HG30,'
$PHULFDQ 'HQWDO $VVRFLDWLRQ 'HQWDO UDGLRJUDSKLF H[DPLQDWLRQV UHFRPPHQGDWLRQV IRU SDWLHQW VHOHFWLRQ DQG OLPLWLQJ
UDGLDWLRQH[SRVXUH
$UPLWDJH *& 'HYHORSPHQW RI D &ODVVLILFDWLRQ 6\VWHP IRU 3HULRGRQWDO 'LVHDVHV DQG &RQGLWLRQV $QQ 3HULRGRQWRO

$UPLWDJH*&;HQRXGL33RVWWUHDWPHQWVXSSRUWLYHFDUHIRUWKHQDWXUDOGHQWLWLRQDQGGHQWDOLPSODQWV3HULRGRQWRO
-XQ  
$UPLWDJH*&7KHFRPSOHWHSHULRGRQWDOH[DPLQDWLRQ3HULRGRQWRORJ\
$WLHK0$$OVDEHHKD1+)DJJLRQ&0-U'XQFDQ:-7KHIUHTXHQF\RISHULLPSODQWGLVHDVHVDV\VWHPDWLFUHYLHZDQG
PHWDDQDO\VLV - 3HULRGRQWRO  1RY   GRL MRS (SXE  'HF 
5HYLHZ3XE0HG30,'
džĞůƐƐŽŶ W 1\VWU|P % /LQGKH - 7KH ORQJWHUP HIIHFW RI D SODTXH FRQWURO SURJUDP RQ WRRWK PRUWDOLW\ FDULHV DQG
SHULRGRQWDOGLVHDVHLQDGXOWV5HVXOWVDIWHU\HDUVRIPDLQWHQDQFH:ůŝŶWĞƌŝŽĚŽŶƚŽů͘6HS  
%HLUQH3&ODUNVRQ-(:RUWKLQJWRQ+95HFDOOLQWHUYDOVIRURUDOKHDOWKLQSULPDU\FDUHSDWLHQWV 5HYLHZ 7KH&RFKUDQH
&ROODERUDWLRQ3XEOLVKHGE\-RKQ:LOH\ 6RQV/WG

%HOWUDĔ1$JXLODU('(NH3,7KRUQWRQ(YDQV*3HWHUVHQ3(5HFRUGLQJDQGVXUYHLOODQFHV\VWHPVIRUSHULRGRQWDO
GLVHDVHV3HULRGRQWRORJ\9RO±

%OLHGHQ70&DWRQ-*3URVNLQ+06WHLQ6+:DJHQHU&-([DPLQHUUHOLDELOLW\IRUDQLQYDVLYHJLQJLYDOEOHHGLQJLQGH[
-&OLQ3HULRGRQWRO$SU  

%UDJJHU85DGLRJUDSKLFSDUDPHWHUVELRORJLFDOVLJQLILFDQFHDQGFOLQLFDOXVH3HULRGRQWRORJ\9RO±
%ULWR&7HQHQEDXP+&:RQJ%.6FKPLWW&1RJXHLUD)LOKR*,VNHUDWLQL]HGPXFRVDLQGLVSHQVDEOHWRPDLQWDLQSHUL
LPSODQWKHDOWK"$V\VWHPDWLFUHYLHZRIWKHOLWHUDWXUH-%LRPHG0DWHU5HV%$SSO%LRPDWHU$SU  
GRLMEPE(SXE2FW5HYLHZ3XE0HG30,'
&DLUR)&DUQHYDOH*%XWL-1LHUL00HUYHOW-7RQHOOL33DJDYLQR*7RQHWWL06RIWWLVVXHUHJURZWKIROORZLQJILEUH
UHWHQWLRQ RVVHRXV UHVHFWLYH VXUJHU\ RU RVVHRXV UHVHFWLYH VXUJHU\ D PXOWLOHYHO DQDO\VLV - &OLQ 3HULRGRQWRO 
$SU  
ϭϯϱ


147


&DLUR ) &DUQHYDOH * 1LHUL 0 0HUYHOW - &LQFLQHOOL 6 0DUWLQROOL & 3LQL3UDWR *3 7RQHWWL 06 %HQHILWV RI ILEUH
UHWHQWLRQ RVVHRXV UHVHFWLYH VXUJHU\ LQ WKH WUHDWPHQW RI VKDOORZ LQIUDERQ\GHIHFWV D GRXEOHEOLQG UDQGRPL]HG FOLQLFDO
WULDOGHVFULELQJFOLQLFDOUDGLRJUDSKLFDQGSDWLHQWUHSRUWHGRXWFRPHV-&OLQ3HULRGRQWRO)HE  
&DLUR)3DJOLDUR81LHUL 07UHDWPHQWRIJLQJLYDOUHFHVVLRQZLWKFRURQDOO\DGYDQFHGIODSSURFHGXUHVDV\VWHPDWLF
UHYLHZ-&OLQ3HULRGRQWRO6HS 6XSSO 
&DQXOOR / 6FKOHH 0 :DJQHU : &RYDQL 8 0RQWHJURWWR *URXS IRU WKH 6WXG\ RI 3HULLPSODQW 'LVHDVH ,QWHUQDWLRQDO
%UDLQVWRUPLQJ0HHWLQJRQ(WLRORJLFDQG5LVN)DFWRUVRI3HULLPSODQWLWLV0RQWHJURWWR 3DGXD,WDO\ $XJXVW,QW-
2UDO0D[LOORIDF,PSODQWV6HS2FW  GRLMRPL3XE0HG30,'

&DUFXDF 2 'HUNV - &KDUDODPSDNLV * $EUDKDPVVRQ , :HQQVWU|P - %HUJOXQGK 7 $GMXQFWLYH 6\VWHPLF DQG /RFDO
$QWLPLFURELDO 7KHUDS\ LQ WKH 6XUJLFDO 7UHDWPHQW RI 3HULLPSODQWLWLV $ 5DQGRPL]HG &RQWUROOHG &OLQLFDO 7ULDO - 'HQW
5HV-DQ  GRL(SXE$XJ3XE0HG30,'
&DUQHYDOH * &DLUR ) 1LHUL 0 7RQHWWL 06 )LEUH UHWHQWLRQ RVVHRXV UHVHFWLYH VXUJHU\ KRZ GHHS LV WKH LQIUDERQ\
FRPSRQHQWRIWKHRVVHRXVUHVHFWHGGHIHFWV"-&OLQ3HULRGRQWRO)HE  
&DUQHYDOH * &DLUR ) 7RQHWWL 06 /RQJWHUP HIIHFWV RI VXSSRUWLYH WKHUDS\ LQ SHULRGRQWDO SDWLHQWV WUHDWHG ZLWK ILEUH
UHWHQWLRQ RVVHRXV UHVHFWLYH VXUJHU\ , UHFXUUHQFH RI SRFNHWV EOHHGLQJ RQ SURELQJ DQG WRRWK ORVV - &OLQ 3HULRGRQWRO
$SU  
&DUQHYDOH * &DLUR ) 7RQHWWL 06/RQJWHUP HIIHFWV RI VXSSRUWLYH WKHUDS\ LQ SHULRGRQWDO SDWLHQWV WUHDWHG ZLWK ILEUH
UHWHQWLRQRVVHRXVUHVHFWLYHVXUJHU\,,WRRWKH[WUDFWLRQVGXULQJDFWLYHDQGVXSSRUWLYHWKHUDS\-&OLQ3HULRGRQWRO
$SU  
&DUQHYDOH* .DOGDKO:%2VVHRXVUHVHFWLYHVXUJHU\3HULRGRQWRORJ\9RO±

&DUQHYDOH *)LEUH UHWHQWLRQ RVVHRXV UHVHFWLYH VXUJHU\ D QRYHO FRQVHUYDWLYH DSSURDFK IRU SRFNHW HOLPLQDWLRQ - &OLQ
3HULRGRQWRO)HE  
&DWWDEULJD03HGUD]]ROL9:LOVRQ7*-U7KHFRQVHUYDWLYHDSSURDFKLQWKHWUHDWPHQWRIIXUFDWLRQOHVLRQV3HULRGRQWRO
)HE

&D]]DQLJD$*DOOL&)LRULQL$&DQWLQL(/RGL*6\VWHPLFDQWLELRWLFVDVDGMXQFWLYHWUHDWPHQWIRUFKURQLFSHULRGRQWLWLV
3URWRFRO 7KH&RFKUDQH/LEUDU\,VVXH

&KDPEURQH / &KDPEURQH ' /LPD /$ &KDPEURQH /$3UHGLFWRUV RI WRRWK ORVV GXULQJ ORQJWHUP SHULRGRQWDO
PDLQWHQDQFHDV\VWHPDWLFUHYLHZRIREVHUYDWLRQDOVWXGLHV-&OLQ3HULRGRQWRO-XO  
&KDPEURQH/&KDPEURQH/$/LPD/$(IIHFWVRIRFFOXVDORYHUORDGRQSHULLPSODQWWLVVXHKHDOWKDV\VWHPDWLFUHYLHZ
RIDQLPDOPRGHOVWXGLHV-3HULRGRQWRO2FW  
&KDPEURQH / 0HQGHV 3DQQXWL & 7X <. DQG &KDPEURQH /$ (YLGHQFH%DVHG 3HULRGRQWDO 3ODVWLF 6XUJHU\ ,, $Q
,QGLYLGXDO 'DWD 0HWD$QDO\VLV IRU (YDOXDWLQJ )DFWRUV LQ $FKLHYLQJ &RPSOHWH 5RRW &RYHUDJH - 3HULRGRQWRO

&KDQ+//LQ*+6XDUH])0DF(DFKHUQ0:DQJ+/6XUJLFDOPDQDJHPHQWRISHULLPSODQWLWLVDV\VWHPDWLFUHYLHZ
DQGPHWDDQDO\VLVRIWUHDWPHQWRXWFRPHV-3HULRGRQWRO$XJ  GRLMRS(SXE
1RY5HYLHZ3XE0HG30,'
&KDSSOH,/*HQFR5ZRUNLQJJURXSRIWKHMRLQW()3$$3ZRUNVKRS-3HULRGRQWRO$SU 6XSSO 6
'LDEHWHV DQG SHULRGRQWDO GLVHDVHV FRQVHQVXV UHSRUW RI WKH -RLQW ()3$$3 :RUNVKRS RQ 3HULRGRQWLWLV DQG 6\VWHPLF
'LVHDVHV
&KDSSOH,/&3HULRGRQWDOGLDJQRVLVDQGWUHDWPHQW±ZKHUHGRHVWKHIXWXUHOLH"3HULRGRQWRORJ\
&KDW]RSRXORV') $LNDWHULQL(OOLVDYHW'RXIH[L3KRWRG\QDPLFWKHUDS\LQWKHWUHDWPHQWRIDJJUHVVLYHSHULRGRQWLWLV$
V\VWHPDWLFUHYLHZDĞĚKƌĂůWĂƚŽůKƌĂůŝƌƵĐĂů͘0DU  H

ϭϯϲ


148


&KHQ3&7XQJ<&:X3: :X/6/LQ<6&KDQJ&-.XQJ6&KX3+  'HQWDO3URFHGXUHVDQGWKH5LVNRI,QIHFWLYH


(QGRFDUGLWLV0HGLFLQH2FWREHU9ROXPH1XPEHU
&KUFDQRYLF%5$OEUHNWVVRQ7:HQQHUEHUJ$3HULRGRQWDOO\FRPSURPLVHGYVSHULRGRQWDOO\KHDOWK\SDWLHQWVDQGGHQWDO
LPSODQWV D V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV - 'HQW  'HF   GRL MMGHQW
(SXE2FW3XE0HG30,'
&KUFDQRYLF %5 $ +LVWRU\ RI 3HULRGRQWLWLV 6XJJHVWV D +LJKHU 5LVN IRU ,PSODQW /RVV - (YLG %DVHG 'HQW 3UDFW 
'HF  GRLMMHEGS(SXE2FW3XE0HG30,'
&ODIIH\1&ODUNH(3RO\]RLV,5HQYHUW66XUJLFDOWUHDWPHQWRISHULLPSODQWLWLV-&OLQ3HULRGRQWRO±
&RUWHOOLQL3HWDO&OLQLFDOFRQFHSWVIRUUHJHQHUDWLYHWKHUDS\ LQLQWUDERQ\GHIHFWV3HULRGRQWRORJ\9RO
±
&RUWHOOLQL 3 1LHUL 0 3UDWR *3 7RQHWWL 06 6LQJOH PLQLPDOO\ LQYDVLYH VXUJLFDO WHFKQLTXH ZLWK DQ HQDPHO PDWUL[
GHULYDWLYHWRWUHDWPXOWLSOHDGMDFHQWLQWUDERQ\GHIHFWVFOLQLFDORXWFRPHVDQGSDWLHQWPRUELGLW\-&OLQ3HULRGRQWRO
-XO  
&RUWHOOLQL3 7RQHWWL0%DOGL&)UDQFHWWL/5DVSHULQL*5RWXQGR51LHUL0)UDQFHVFKL'/DEULROD$3UDWR*3
'RHV SODFHPHQW RI D FRQQHFWLYH WLVVXH JUDIW LPSURYH WKH RXWFRPHV RI FRURQDOO\ DGYDQFHG IODS IRU FRYHUDJH RI VLQJOH
JLQJLYDOUHFHVVLRQVLQXSSHUDQWHULRUWHHWK"$PXOWLFHQWUHUDQGRPL]HGGRXEOHEOLQGFOLQLFDOWULDO-&OLQ3HULRGRQWRO
-DQ  
&RVJDUHD5-XQFDU5+HXPDQQ&7ULVWLX5/DVFX/$UZHLOHU16WDYURSRXORV$6FXOHDQ$1RQVXUJLFDOSHULRGRQWDO
WUHDWPHQW LQ FRQMXQFWLRQ ZLWK  RU GD\V V\VWHPLF DGPLQLVWUDWLRQ RI DPR[LFLOOLQ DQG PHWURQLGD]ROH LQ VHYHUH FKURQLF
SHULRGRQWLWLVSDWLHQWV$SODFHERFRQWUROOHGUDQGRPL]HGFOLQLFDOVWXG\-&OLQ3HULRGRQWRO6HS  
&RV\Q-:\Q,$V\VWHPDWLFUHYLHZRQWKHHIIHFWVRIWKHFKORUKH[LGLQHFKLSZKHQXVHGDVDQDGMXQFWWRVFDOLQJDQGURRW
SODQLQJLQWKHWUHDWPHQWRIFKURQLFSHULRGRQWLWLV-3HULRGRQWRO)HE  
'DQQHZLW] % /LSSHUW . /DQJ 13 7RQHWWL 06 (LFNKRO] 3 6XSSRUWLYH SHULRGRQWDO WKHUDS\ RI IXUFDWLRQ VLWHV QRQ
VXUJLFDOLQVWUXPHQWDWLRQZLWKRUZLWKRXWWRSLFDOGR[\F\FOLQH-&OLQ3HULRGRQWRO-XQ  
GH %UDQGmR 0/ 9HWWRUH 09 9LGLJDO -~QLRU *0 3HULLPSODQW ERQH ORVV LQ FHPHQW DQG VFUHZUHWDLQHG SURVWKHVHV
V\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-&OLQ3HULRGRQWRO0DU  GRLMFSH(SXE
-DQ5HYLHZ3XE0HG30,'
'H%UX\Q+9DQGHZHJKH65X\IIHODHUW&RV\Q-6HQQHUE\/5DGLRJUDSKLFHYDOXDWLRQRIPRGHUQRUDOLPSODQWVZLWK
HPSKDVLVRQFUHVWDOERQHOHYHODQGUHOHYDQFHWRSHULLPSODQWKHDOWK3HULRGRQWRORJ\9RO±
GH :DDO <& 5DJKRHEDU *0 0HLMHU +- :LQNHO (* YDQ :LQNHOKRII $- 3URJQRVWLF LQGLFDWRUV IRU VXUJLFDO SHUL
LPSODQWLWLV WUHDWPHQW &OLQ 2UDO ,PSODQWV 5HV  0DU  GRL FOU >(SXE DKHDG RI SULQW@ 3XE0HG
30,'
'HDV '( 0RULW] $- 6DJXQ 56 -U *UXZHOO 6) 3RZHOO &$ 6FDOLQJ DQG URRW SODQLQJ YV FRQVHUYDWLYH VXUJHU\ LQ WKH
WUHDWPHQWRIFKURQLFSHULRGRQWLWLV3HULRGRQWRO-XQ  

'HUNV - 6FKDOOHU ' +nNDQVVRQ - :HQQVWU|P -/ 7RPDVL & %HUJOXQGK 7 3HULLPSODQWLWLV  RQVHW DQG SDWWHUQ RI
SURJUHVVLRQ - &OLQ 3HULRGRQWRO  $SU   GRL MFSH (SXE  0DU  3XE0HG
30,'
'HUNV-6FKDOOHU'+nNDQVVRQ-:HQQVWU|P-/7RPDVL&%HUJOXQGK7(IIHFWLYHQHVVRI,PSODQW7KHUDS\$QDO\]HGLQ
D 6ZHGLVK 3RSXODWLRQ 3UHYDOHQFH RI 3HULLPSODQWLWLV - 'HQW 5HV  -DQ   GRL
3XE0HG30,'
'HUNV- 7RPDVL &3HULLPSODQWKHDOWKDQGGLVHDVH$V\VWHPDWLFUHYLHZRIFXUUHQWHSLGHPLRORJ\-&OLQ3HULRGRQWRO
$SU6XSSO6GRLMFSH5HYLHZ3XE0HG30,'
'ULVNR&+1RQVXUJLFDOSHULRGRQWDOWKHUDS\3HULRGRQWRORJ\

ϭϯϳ


149


'XDUWH306HUUmR&50LUDQGD76=DQDWWD/&%DVWRV0))DYHUL0)LJXHLUHGR/&)HUHV0&RXOGF\WRNLQHOHYHOV
LQWKHSHULLPSODQWFUHYLFXODUIOXLGEHXVHGWRGLVWLQJXLVKEHWZHHQKHDOWK\LPSODQWVDQGLPSODQWVZLWKSHULLPSODQWLWLV"$
V\VWHPDWLF UHYLHZ - 3HULRGRQWDO 5HV  -DQ  GRL MUH >(SXE DKHDG RI SULQW@ 5HYLHZ 3XE0HG
30,'
']LQN-/6RFUDQVN\66+DIIDMHH$'7KHSUHGRPLQDQWFXOWLYDEOHPLFURELRWDRIDFWLYHDQGLQDFWLYHOHVLRQVRIGHVWUXFWLYH
SHULRGRQWDOGLVHDVHV-&OLQ3HULRGRQW
(EHUKDUG - -HUY‘H6WRUP 30 1HHGOHPDQ , :RUWKLQJWRQ + -HSVHQ 6 )XOOPRXWK WUHDWPHQW FRQFHSWV IRU FKURQLF
SHULRGRQWLWLVDV\VWHPDWLFUHYLHZ-&OLQ3HULRGRQWRO-XO  
(EHUKDUG - -HSVHQ 6 -HUY¡H6WRUP 30 1HHGOHPDQ , :RUWKLQJWRQ +9 )XOOPRXWK WUHDWPHQW PRGDOLWLHV ZLWKLQ 
KRXUV  IRU FKURQLF SHULRGRQWLWLV LQ DGXOWV &RFKUDQH 'DWDEDVH 6\VW 5HY  $SU   &' GRL
&'SXE
()3 DQG $$3  3HULRGRQWLWLV DQG 6\VWHPLF 'LVHDVHV  3URFHHGLQJV RI D ZRUNVKRS MRLQWO\ KHOG E\ WKH (XURSHDQ
)HGHUDWLRQ RI 3HULRGRQWRORJ\ DQG $PHULFDQ $FDGHP\ RI 3HULRGRQWRORJ\ - &OLQ 3HULRGRQWRO  9ROXPH  ,VVXH
6XSSOHPHQWV3DJHV6±6

(LFNKRO] 3 +DXVPDQQ ( $FFXUDF\ RI UDGLRJUDSKLF DVVHVVPHQW RI LQWHUSUR[LPDO ERQH ORVV LQ LQWUDERQ\ GHIHFWV XVLQJ
OLQHDUPHDVXUHPHQWV(XU-2UDO6FL“

(LFNKRO] 3 +RUU 7 .OHLQ ) +DVVIHOG 6 .LP 76 5DGLRJUDSKLF SDUDPHWHUV IRU SURJQRVLV RI SHULRGRQWDO KHDOLQJ RI
LQIUDERQ\GHIHFWVWZRGLIIHUHQWGHILQLWLRQVRIGHIHFWGHSWK-3HULRGRQWRO0DU  
(VSRVLWR 0 *UXVRYLQ 0* :RUWKLQJWRQ +9 ,QWHUYHQWLRQV IRU UHSODFLQJ PLVVLQJ  WHHWK WUHDWPHQW RI SHULLPSODQWLWLV
&RFKUDQH 'DWDEDVH 6\VW 5HY  -DQ&' GRL &'SXE 5HYLHZ 3XE0HG
30,'
(VSRVLWR0*UXVRYLQ0*:RUWKLQJWRQ+97UHDWPHQWRISHULLPSODQWLWLVZKDWLQWHUYHQWLRQVDUHHIIHFWLYH"$&RFKUDQH
V\VWHPDWLFUHYLHZ(XU-2UDO,PSODQWRO6XSSO65HYLHZ3XE0HG30,'
)DJJLRQ &0 -U /LVWO 6 )UKDXI 1 &KDQJ +- 7X <. $ V\VWHPDWLF UHYLHZ DQG %D\HVLDQ QHWZRUN PHWDDQDO\VLV RI
UDQGRPL]HGFOLQLFDOWULDOVRQQRQVXUJLFDOWUHDWPHQWVIRUSHULLPSODQWLWLV-&OLQ3HULRGRQWRO2FW  
GRLMFSH(SXE$XJ5HYLHZ3XE0HG30,'
)LJXHUR ( *UD]LDQL ) 6DQ] , +HUUHUD ' 6DQ] 0 0DQDJHPHQW RI SHULLPSODQW PXFRVLWLV DQG SHULLPSODQWLWLV
3HULRGRQWRO2FW  GRLSUG5HYLHZ3XE0HG30,'
)URXP 6- 'DJED $66KL <3HUH]$VHQMR $ 5RVHQ 36 :DQJ :& 6XFFHVVIXO 6XUJLFDO3URWRFROV LQ WKH 7UHDWPHQW RI
3HUL,PSODQWLWLV$1DUUDWLYH5HYLHZRIWKH/LWHUDWXUH,PSODQW'HQW-XQ  
*DWWL&$LPHWWL05DVSHULQL*/DQGL/&DLUR)RQEHKDOIRI6,G3,WDOLDQ6RFLHW\RI3HULRGRQWRORJ\DQG,PSODQWRORJ\
5( /RQJWHUP HIILFDF\ RI PLFURELRORJ\GULYHQ SHULRGRQWDO ODVHUDVVLVWHG WKHUDS\ E\ 0DUWHOOL HW DO (-&0,' 
  (XU-&OLQ0LFRUELRO,QIHFW'LV2FW>(SXEDKHDGRISULQW@
*DXQW)'HYLQH03HQQLQJWRQ09HUQD]]D&*Z\QQHWW(6WHHQ1+HDVPDQ37KHFRVWHIIHFWLYHQHVVRIVXSSRUWLYH
SHULRGRQWDOFDUHIRUSDWLHQWVZLWKFKURQLFSHULRGRQWLWLV-&OLQ3HULRGRQWRO 6XSSO ±
*HQFR5-%RUJQDNNH:65LVNIDFWRUVIRUSHULRGRQWDOGLVHDVH3HULRGRQWRORJ\9RO±
*ROGEHUJ39+LJJLQERWWRP)/:LOVRQ7*3HULRGRQWDOFRQVLGHUDWLRQVLQUHVWRUDWLYHDQGLPSODQWWKHUDS\3HULRGRQWRO

*RPHV)LOKR,66DUPHQWR9$GH&DVWUR06GD&RVWD13GD&UX]667ULQGDGH6&GH)UHLWDV&2GH6DQWDQD3DVVRV
- 5DGLRJUDSKLF IHDWXUHV RI SHULRGRQWDO ERQH GHIHFWV HYDOXDWLRQ RI GLJLWL]HG LPDJHV 'HQWRPD[LOORIDF 5DGLRO 
-XO  
*UDHW] & 3ODXPDQQ $ :LHEH )- 6SULQJHU 6DO]HU 6  'RUIHU &( 3HULRGRQWDO 3URELQJ 9HUVXV 5DGLRJUDSKV IRU WKH
GLDJQRVLVRI)XUFDWLRQ,QYROYHPHQW-3HULRGRQWRO

ϭϯϴ


150


*UDHW] & 6FKXW]KROG 6 3ODXPDQQ $.DKO 0 6SULQJHU &6DO]HU 6 +ROWIUHWHU %.RFKHU 7 'RUIHU &( DQG
6FKZHQGLFNH ) 3URJQRVWLF IDFWRUV IRU WKH ORVV RI PRODUV ± DQ\HDUV UHWURVSHFWLYH FRKRUW VWXG\ - &OLQ 3HULRGRQWRO
±

*UD]LDQL ) )LJXHUR ( +HUUHUD ' 6\VWHPDWLF UHYLHZ RI TXDOLW\ RI UHSRUWLQJ RXWFRPH PHDVXUHPHQWV DQG PHWKRGV WR
VWXG\HIILFDF\RISUHYHQWLYHDQGWKHUDSHXWLFDSSURDFKHVWRSHULLPSODQWGLVHDVHV-&OLQ3HULRGRQWRO)HE6XSSO
GRLM;[5HYLHZ3XE0HG30,'
*UD]LDQL)*HQQDL6&HL6&DLUR)%DJJLDQL$0LFFROL0*DEULHOH07RQHWWL0&OLQLFDOSHUIRUPDQFHRIDFFHVV
IODSVXUJHU\LQWKHWUHDWPHQWRIWKHLQWUDERQ\GHIHFW$V\VWHPDWLFUHYLHZDQGPHWDDQDO\VLVRIUDQGRPL]HGFOLQLFDOWULDOV
-&OLQ3HULRGRQWRO±
*UD]LDQL)*HQQDL6.DUDSHWVD'5RVLQL6)LOLFH1*DEULHOH07RQHWWL0&OLQLFDOSHUIRUPDQFHRIDFFHVVIODSLQWKH
WUHDWPHQW RI FODVV ,, IXUFDWLRQ GHIHFWV $ V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV RI UDQGRPL]HG FOLQLFDO WULDOV - &OLQ
3HULRGRQWRO)HE  
*XUJHO%&0RQWHQHJUR6&'DQWDV303DVFRDO$//LPD.&&DOGHURQ3')UHTXHQF\RISHULLPSODQWGLVHDVHVDQG
DVVRFLDWHG IDFWRUV &OLQ 2UDO ,PSODQWV 5HV  $XJ  GRL FOU >(SXE DKHDG RI SULQW@ 3XE0HG
30,'
+DUULV'%XVHU''XOD.*U|QGDKO.+DUULV'-DFREV5/HNKROP81DNLHOQ\5YDQ6WHHQEHUJKH'YDQGHU6WHOW3
($2*XLGHOLQHVIRUWKHXVHRI'LDJQRVWLF,PDJLQJLQ,PSODQW'HQWLVWU\&OLQ2UDO,PSO5HV±
+HLW]0D\ILHOG /- +X\QK%D * +LVWRU\ RI WUHDWHG SHULRGRQWLWLV DQG VPRNLQJ DV ULVNV IRU LPSODQW WKHUDS\ ,QW - 2UDO
0D[LOORIDF,PSODQWV6XSSO5HYLHZ3XE0HG30,'
+HLW]0D\ILHOG /- /DQJ 13 6XUJLFDO DQG QRQVXUJLFDO SHULRGRQWDO WKHUDS\ /HDUQHG DQG XQOHDUQHG FRQFHSWV
3HULRGRQWRORJ\9RO±
+HLW]0D\ILHOG /- 0RPEHOOL $ 7KH WKHUDS\ RI SHULLPSODQWLWLV D V\VWHPDWLF UHYLHZ ,QW - 2UDO 0D[LOORIDF ,PSODQWV
6XSSOGRLMRPLVXSSOJ5HYLHZ3XE0HG30,'
+HLW]0D\ILHOG /- 6DOYL *( 0RPEHOOL $ /RXS 3- +HLW] ) .UXJHU ( /DQJ 13 6XSSRUWLYH SHULLPSODQW WKHUDS\
IROORZLQJ DQWLLQIHFWLYH VXUJLFDO SHULLPSODQWLWLV WUHDWPHQW \HDU VXUYLYDO DQG VXFFHVV &OLQ 2UDO ,PSODQWV 5HV 
-XQGRLFOU>(SXEDKHDGRISULQW@3XE0HG30,'
+HLW]0D\ILHOG/-7URPEHOOL/+HLW])1HHGOHPDQ,0ROHV'$V\VWHPDWLFUHYLHZRIWKHHIIHFWRIVXUJLFDOGHEULGHPHQW
YVQRQVXUJLFDOGHEULGHPHQWIRUWKHWUHDWPHQWRIFKURQLFSHULRGRQWLWLV-&OLQ3HULRGRQWRO6XSSO
+HLW]0D\¿HOG /- 3HULLPSODQW GLVHDVHV GLDJQRVLV DQG ULVN LQGLFDWRUV - &OLQ 3HULRGRQWRO   6XSSO   ±

+HUUHUD ' $ORQVR % /HRQ 5 5ROGDQ 6 6DQ] 0 $QWLPLFURELDO WKHUDS\ LQ SHULRGRQWLWLV WKH XVH RI V\VWHPLF
DQWLPLFURELDOVDJDLQVWWKHVXEJLQJLYDOELR¿OP-&OLQ3HULRGRQWRO 6XSSO ±
+HUUHUD'0DWHVDQ]3%DVFRQHV0DUWtQH]$6DQ]0/RFDODQGV\VWHPLFDQWLPLFURELDOWKHUDS\LQSHULRGRQWLFV-(YLG
%DVHG'HQW3UDFW6HS 6XSSO 
+ROP3HGHUVHQ 3 /DQJ 13 0XOOHU )  :KDW DUH WKH ORQJHYLWLHV RI WHHWK DQG RUDO LPSODQWV"&OLQ 2UDO ,PSO 5HV 
6XSSO 
+XOWLQ 0 .RPL\DPD $ .OLQJH % 6XSSRUWLYH WKHUDS\DQG WKH ORQJHYLW\ RIGHQWDO LPSODQWV D V\VWHPDWLF UHYLHZ RI WKH
OLWHUDWXUH&OLQ2UDO,PSODQWV5HV6XSSO
+XU < 2JDWD < ,QVXIILFLHQW HYLGHQFH WR VXSSRUW WKH XVH RI ODVHU WKHUDS\ IRU SHULLPSODQWLWLV - $P 'HQW $VVRF 
0D\  GRLMDGDM(SXE0DU3XE0HG30,'
+X\QK%D*.XRQHQ3+RIHU'6FKPLG-/DQJ136DOYL*(7KHHIIHFWRISHULRGRQWDOWKHUDS\RQWKHVXUYLYDOUDWH
DQGLQFLGHQFHRIFRPSOLFDWLRQVRIPXOWLURRWHGWHHWKZLWKIXUFDWLRQLQYROYHPHQWDIWHUDQREVHUYDWLRQSHULRGRIDWOHDVW
\HDUVDV\VWHPDWLFUHYLHZ-&OLQ3HULRGRQWRO±

ϭϯϵ


151


-HIIFRDW0.&KXQJ:DQJ,5HGG\065DGLRJUDSKLFGLDJQRVLVLQSHULRGRQWLFV3HULRGRQWRORJ\
-HSVHQ 6 %HUJOXQGK 7 *HQFR 5 $DVV $0 'HPLUHO . 'HUNV - )LJXHUR ( *LRYDQQROL -/ *ROGVWHLQ 0 /DPEHUW )
2UWL]9LJRQ $ 3RO\]RLV , 6DOYL *( 6FKZDU] ) 6HULQR * 7RPDVL & =LW]PDQQ 18 3ULPDU\ SUHYHQWLRQ RI
SHULLPSODQWLWLV PDQDJLQJ SHULLPSODQW PXFRVLWLV - &OLQ 3HULRGRQWRO   6XSSO  6±6 GRL
MFSH
-LQ / &DR & &OLQLFDO GLDJQRVLV RI WUDXPD IURP RFFOXVLRQ DQG LWV UHODWLRQ ZLWK VHYHULW\ RI SHULRGRQWLWLV - &OLQ
3HULRGRQWRO
.DURXVVLV ,. 6DOYL *( +HLW]0D\ILHOG /- %UlJJHU 8 +lPPHUOH &+ /DQJ 13 /RQJWHUP LPSODQW SURJQRVLV LQ
SDWLHQWVZLWKDQGZLWKRXWDKLVWRU\RIFKURQLFSHULRGRQWLWLVD\HDUSURVSHFWLYHFRKRUWVWXG\RIWKH,7,'HQWDO,PSODQW
6\VWHP&OLQ2UDO,PSODQWV5HV-XQ  
.DVVHEDXP1-%HUQDEq('DKL\D0%KDQGDUL%0XUUD\&-/0DUFHQHV:*OREDO%XUGHQRI6HYHUH3HULRGRQWLWLV
LQ$6\VWHPDWLF5HYLHZDQG0HWDUHJUHVVLRQ-'HQW5HV  
.HDJOH -* *DUQLFN -- 6HDUOH -5 .LQJ *( 0RUHVH 3. *LQJLYDO UHVLVWDQFH WR SURELQJ IRUFHV , 'HWHUPLQDWLRQ RI
RSWLPDOSUREHGLDPHWHU-3HULRGRQWRO
.HHVWUD-$*URVMHDQ,&RXFNH:4XLU\QHQ07HXJKHOV:1RQVXUJLFDOSHULRGRQWDOWKHUDS\ZLWKV\VWHPLFDQWLELRWLFV
LQ SDWLHQWV ZLWK XQWUHDWHG DJJUHVVLYH SHULRGRQWLWLV D V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV - 3HULRGRQWDO 5HV 
'HF  
.KRVKNDP 9 6XiUH]/ySH]'HO $PR ) 0RQMH $ /LQ *+ &KDQ +/ :DQJ +//RQJWHUP 5DGLRJUDSKLFDQG &OLQLFDO
2XWFRPHV RI 5HJHQHUDWLYH $SSURDFK IRU 7UHDWLQJ 3HULLPSODQWLWLV $ 6\VWHPDWLF 5HYLHZ DQG 0HWDDQDO\VLV ,QW - 2UDO
0D[LOORIDF,PSODQWV6HSGRLMRPL>(SXEDKHDGRISULQW@3XE0HG30,'
.OHLQ ) .LP 76 +DVVIHOG 6 6WDHKOH +- 5HLWPHLU 3 +ROOH 5 (LFNKRO] 3 5DGLRJUDSKLF GHIHFW GHSWK DQG ZLGWK IRU
SURJQRVLVDQGGHVFULSWLRQRISHULRGRQWDOKHDOLQJRILQIUDERQ\GHIHFWV-3HULRGRQWRO'HF  
.QLJKW (7 /LX - 6H\PRXU *- )DJJLRQ &0 -U &XOOLQDQ 03 5LVN IDFWRUV WKDW PD\ PRGLI\ WKH LQQDWH DQG DGDSWLYH
LPPXQHUHVSRQVHVLQSHULRGRQWDOGLVHDVHV3HULRGRQWRO-XQ  
.RWVDNLV*$.RQVWDQWLQLGLV,.DURXVVLV,.0D;&KX+6\VWHPDWLFUHYLHZDQGPHWDDQDO\VLVRIWKHHIIHFWRIYDULRXV
ODVHU ZDYHOHQJWKV LQ WKH WUHDWPHQW RI SHULLPSODQWLWLV - 3HULRGRQWRO  6HS   GRL
MRS(SXE-DQ
.RWVRYLOLV6)RXUPRXVLV,.DURXVVLV,.%DPLD&$V\VWHPDWLFUHYLHZDQGPHWDDQDO\VLVRQWKHHIIHFWRILPSODQWOHQJWK
RQWKHVXUYLYDORIURXJKVXUIDFHGHQWDOLPSODQWV-3HULRGRQWRO1RY  
/DEULROD $ 1HHGOHPDQ , 0ROHV '5 6\VWHPDWLF UHYLHZ RI WKH HIIHFW RI VPRNLQJ RQ QRQVXUJLFDO SHULRGRQWDO WKHUDS\
3HULRGRQWRO5HYLHZ
/DQJ 13 %HUJOXQGK 7 3HULLPSODQW GLVHDVHV ZKHUH DUH ZH QRZ"±&RQVHQVXV RI WKH 6HYHQWK (XURSHDQ :RUNVKRS RQ
3HULRGRQWRORJ\-&OLQ3HULRGRQWRO 6XSSO ±
/DQJ13/LQGKH-YDQGHU9HOGHQ8RQEHKDOIRIWKH(XURSHDQ:RUNVKRSLQ3HULRGRQWRORJ\JURXS'$GYDQFHVLQWKH
SUHYHQWLRQRISHULRGRQWLWLV&RQVHQVXVUHSRUWRIWKHWK(XURSHDQ:RUNVKRSLQ3HULRGRQWRORJ\-&OLQ3HULRGRQWRO
 6XSSO ±
/DQJ13/LQGKH-HGV&OLQLFDO3HULRGRQWRORJ\DQG,PSODQW'HQWLVWU\WKHGLWLRQ:LOH\%ODFNZHOO
/DQJ137DQ:&.UDKHQPDQQ0$=ZDKOHQ0$V\VWHPDWLFUHYLHZRIWKHHIIHFWVRIIXOOPRXWKGHEULGHPHQWZLWKDQG
ZLWKRXWDQWLVHSWLFVLQSDWLHQWVZLWKFKURQLFSHULRGRQWLWLV-&OLQ3HULRGRQWRO 6XSSO ±
/LQ *+ &KDQ +/ :DQJ +/7KH VLJQLILFDQFH RI NHUDWLQL]HG PXFRVD RQ LPSODQW KHDOWK D V\VWHPDWLF UHYLHZ -
3HULRGRQWRO'HF  GRLMRS(SXE0DU
/LQGKH - 0H\OH - 3HULLPSODQW GLVHDVHV FRQVHQVXV 5HSRUW RI WKH 6L[WK (XURSHDQ :RUNVKRS RQ 3HULRGRQWRORJ\ -
&OLQ3HULRGRQWRO±

ϭϰϬ


152


/LWWOH 70 *LUJLV 66 0DVRWWL 5( 'LSKHQ\OK\LGDQWRLQ LQGXFHGJLQJLYDO K\SHUSODVLDLWV UHVSRQVH WR GUXJ GRVDJH
'HYHORSPHQWDO0HGLFLQHDQG&KLOGQHXURORJ\
0DUFDQWRQLR&1LFROL/*0DUFDQWRQLR-XQLRU(=DQGLP%DUFHORV'/3UHYDOHQFHDQG3RVVLEOH5LVN)DFWRUVRI3HUL
LPSODQWLWLV$&RQFHSW5HYLHZ-&RQWHPS'HQW3UDFW6HS  3XE0HG30,'
0DUWLQ&DEH]DV5HWDO&OLQLFDOHIILFDF\RISURELRWLFVDVDQDGMXQFWLYHWKHUDS\WRQRQVXUJLFDOSHULRGRQWDOWUHDWPHQWRI
FKURQLFSHULRGRQWLWLVDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-&OLQ3HULRGRQWRO-XQ  
0DUWLQH]&DQXW 3 3UHGLFWRUV RI WRRWK ORVV GXH WR SHULRGRQWDO GLVHDVH LQ SDWLHQWV IROORZLQJ ORQJWHUP SHULRGRQWDO
PDLQWHQDQFH-&OLQ3HULRGRQWRO'HF  
0DWXOLHQH*3MHWXUVVRQ%(6DOYL*(6FKPLGOLQ.%UlJJHU8=ZDKOHQ0/DQJ13,QIOXHQFHRIUHVLGXDOSRFNHWVRQ
SURJUHVVLRQ RI SHULRGRQWLWLV DQG WRRWK ORVV UHVXOWV DIWHU  \HDUV RI PDLQWHQDQFH - &OLQ 3HULRGRQWRO 
$XJ  
0L]XWDQL.$RNL$&ROX]]L'<XNQD5:DQJ&<3DYOLF9,]XPL</DVHUVLQPLQLPDOO\LQYDVLYHSHULRGRQWDODQGSHUL
LPSODQWWKHUDS\3HULRGRQWRORJ\9RO±
0RPEHOOL$/DQJ137KHGLDJQRVLVDQGWUHDWPHQWRISHULLPSODQWLWLV3HULRGRQWRORJ\
0RPEHOOL$0OOHU1&LRQFD17KHHSLGHPLRORJ\RISHULLPSODQWLWLV&OLQ2UDO,PSODQWV5HV2FW6XSSO
GRLM[5HYLHZ3XE0HG30,'
0RQMH$$OFRIRUDGR*3DGLDO0ROLQD06XDUH])/LQ*+:DQJ+/*HQHUDOL]HGDJJUHVVLYHSHULRGRQWLWLVDVDULVN
IDFWRUIRUGHQWDOLPSODQWIDLOXUHDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-3HULRGRQWRO2FW  GRL
MRS(SXE0D\5HYLHZ3XE0HG30,'
0RQMH$$UDQGD/'LD].7$ODUFyQ0$%DJUDPLDQ5$:DQJ+/&DWHQD$,PSDFWRI0DLQWHQDQFH7KHUDS\IRUWKH
3UHYHQWLRQ RI 3HULLPSODQW 'LVHDVHV $ 6\VWHPDWLF 5HYLHZ DQG 0HWDDQDO\VLV - 'HQW 5HV  $SU  
GRL(SXE'HF5HYLHZ3XE0HG30,'
0RQMH$$UDQGD/'LD].7$ODUFyQ0$%DJUDPLDQ5$:DQJ+/&DWHQD$,PSDFWRI 0DLQWHQDQFH7KHUDS\IRUWKH
3UHYHQWLRQRI3HULLPSODQW'LVHDVHV$6\VWHPDWLF5HYLHZDQG0HWDDQDO\VLV-'HQW5HV$SU  

0XOOHU+38OEULFK0+HLQHFNH$$OYHRODUERQHORVVLQDGXOWVDVDVVHVVHGRQSDQRUDPLFUDGLRJUDSKV ,, 0XOWLOHYHO
PRGHOV&OLQ2UDO,QYHVWLJ-XQ  
0XOOHU+38OEULFK0$OYHRODUERQHOHYHOVLQDGXOWVDVDVVHVVHGRQSDQRUDPLFUDGLRJUDSKV , 3UHYDOHQFHH[WHQWDQG
VHYHULW\RIHYHQDQGDQJXODUERQHORVV&OLQ2UDO,QYHVWLJ-XQ  
0XWKXNXUX 0 =DLQYL $ (VSOXJXHV (2 )OHPPLJ 7) 1RQVXUJLFDO WKHUDS\ IRU WKH PDQDJHPHQW RI SHULLPSODQWLWLV D
V\VWHPDWLFUHYLHZ&OLQ2UDO,PSODQWV5HV2FW6XSSOGRLM[5HYLHZ
3XE0HG30,'
1DWWR=6$ODGPDZ\0/HYL3$-U:DQJ+/&RPSDULVRQRIWKHHIILFDF\RIGLIIHUHQWW\SHVRIODVHUVIRUWKHWUHDWPHQWRI
SHULLPSODQWLWLV D V\VWHPDWLF UHYLHZ ,QW - 2UDO 0D[LOORIDF ,PSODQWV  0DU$SU  
GRLMRPL5HYLHZ3XE0HG30,'
1HZWRQ7-DQG$VLPDNRSRORX.0DQDJLQJRUDOK\JLHQHDVDULVNIDFWRUIRUSHULRGRQWDOGLVHDVHDV\VWHPDWLFUHYLZHRI
SV\FKRORJLFDO DSSURDFKHV WR EHKDYLRXU FKDQJH IRU LPSURYHG SODTXH FRQWURO LQ SHULRGRQWDO PDQDJHPHQW - RI &OLQLFDO
3HULRGRQWRORJ\ VXSSO 66
1LEDOL / =DYDWWLQL $ 1DJDWD . 'L ,RULR $ /LQ *+ 1HHGOHPDQ , 'RQRV 1 7RRWK ORVV LQ PRODUV ZLWK DQG ZLWKRXW
IXUFDWLRQLQYROYHPHQWDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-&OLQ3HULRGRQWRO)HE  
  
3DJOLDUR 8 1LHUL 0 5RWXQGR 5 &DLUR ) &DUQHYDOH * (VSRVLWR 0 &RUWHOOLQL 3 DQG 3LQL3UDWR * &OLQLFDO
*XLGHOLQHVRIWKH,WDOLDQ6RFLHW\RI3HULRGRQWRORJ\IRUWKH5HFRQVWUXFWLYH6XUJLFDO7UHDWPHQWRI$QJXODU%RQ\'HIHFWVLQ
3HULRGRQWDO3DWLHQWV-3HULRGRQWRO

ϭϰϭ


153


3DSDSDQRX 31 7RQHWWL 06 'LDJQRVLV DQG HSLGHPLRORJ\ RI SHULRGRQWDO RVVHRXV OHVLRQV 3HULRGRQWRORJ\ 

3DSDWKDQDVLRX()LQNHOPDQ0+DQOH\-3DUDVKLV$23UHYDOHQFH(WLRORJ\DQG7UHDWPHQWRI3HUL,PSODQW0XFRVLWLV
DQG 3HUL,PSODQWLWLV $ 6XUYH\ RI 3HULRGRQWLVWV LQ WKH 8QLWHG 6WDWHV - 3HULRGRQWRO  0D\   GRL
MRS(SXE'HF3XE0HG30,'
3DVWHU%-'HZKLUVW)(0ROHFXODUPLFURELDOGLDJQRVLV3HULRGRQWRORJ\
3pUH]&KDSDUUR3-'XDUWH306KLEOL-$0RQWHQHJUR6+HOX\6/)LJXHLUHGR/&)DYHUL0)HUHV07KH&XUUHQW
:HLJKW RI (YLGHQFH RI WKH 0LFURELRORJLFDO 3URILOH $VVRFLDWHG :LWK 3HUL,PSODQWLWLV $ 6\VWHPDWLF 5HYLHZ -
3HULRGRQWRO-XO>(SXEDKHDGRISULQW@3XE0HG30,'
4XLU\QHQ 0 $EDUFD 0 9DQ $VVFKH 1 1HYLQV 0 YDQ 6WHHQEHUJKH ' ,PSDFW RI VXSSRUWLYH SHULRGRQWDO WKHUDS\ DQG
LPSODQW VXUIDFH URXJKQHVV RQ LPSODQW RXWFRPH LQSDWLHQWV ZLWK D KLVWRU\ RI SHULRGRQWLWLV - &OLQ 3HULRGRQWRO
  
5DEHOR && HW DO 6\VWHPLF DQWLELRWLFV LQ WKH WUHDWPHQW RI DJJUHVVLYH SHULRGRQWLWLV $ V\VWHPDWLF UHYLHZ DQG D %D\HVLDQ
1HWZRUNPHWDDQDO\VLV:ůŝŶWĞƌŝŽĚŽŶƚŽů͘-XO  
5DNLF0*UXVRYLQ0*&DQXOOR/7KH0LFURELRORJLF3URILOH$VVRFLDWHGZLWK3HUL,PSODQWLWLVLQ+XPDQV$6\VWHPDWLF
5HYLHZ ,QW - 2UDO 0D[LOORIDF ,PSODQWV  0DU$SU   GRL MRPL (SXE  2FW 
3XE0HG30,'
5DPDQDXVNDLWH $ 'DXJHOD 3 -XRG]EDO\V * 7UHDWPHQW RI SHULLPSODQWLWLV 0HWDDQDO\VLV RI ILQGLQJV LQ D V\VWHPDWLF
OLWHUDWXUHUHYLHZDQGQRYHOSURWRFROSURSRVDO4XLQWHVVHQFH,QW  GRLMTLD3XE0HG
30,'
5HQYHUW 6 3RO\]RLV , &ODIIH\ 1 +RZ GR LPSODQW VXUIDFH FKDUDFWHULVWLFV LQIOXHQFH SHULLPSODQW GLVHDVH" - &OLQ
3HULRGRQWRO  0DU 6XSSO  GRL M;[ 5HYLHZ 3XE0HG 30,'

5HQYHUW63RO\]RLV,&ODIIH\16XUJLFDOWKHUDS\IRUWKHFRQWURORISHULLPSODQWLWLV&OLQ2UDO,PSODQWV5HV2FW
6XSSOGRLM[5HYLHZ3XE0HG30,'
5HQYHUW63RO\]RLV,3HUVVRQ*57UHDWPHQWPRGDOLWLHVIRUSHULLPSODQWPXFRVLWLVDQGSHULLPSODQWLWLV$P-'HQW
'HF  5HYLHZ3XE0HG30,'
5HQYHUW63RO\]RLV,5LVNLQGLFDWRUVIRUSHULLPSODQWPXFRVLWLVDV\VWHPDWLFOLWHUDWXUHUHYLHZ-&OLQ3HULRGRQWRO
 6XSSO 6±6GRLMFSH
5HQYHUW 6 4XLU\QHQ 0 5LVN LQGLFDWRUV IRU SHULLPSODQWLWLV $ QDUUDWLYH UHYLHZ &OLQ 2UDO ,PSODQWV 5HV  6HS
6XSSOGRLFOU3XE0HG30,'
5HQYHUW 6 5RRV-DQVDÛNHU $0 &ODIIH\ 1 1RQVXUJLFDO WUHDWPHQW RI SHULLPSODQW PXFRVLWLV DQG SHULLPSODQWLWLV D
OLWHUDWXUHUHYLHZ-&OLQ3HULRGRQWRO 6XSSO ±
5RNQ $ $VOURRVWD + $NEDUL 6 1DMDIL + =D\HUL ) +DVKHPL . 3UHYDOHQFH RI SHULLPSODQWLWLV LQ SDWLHQWV QRW
SDUWLFLSDWLQJLQZHOOGHVLJQHGVXSSRUWLYHSHULRGRQWDOWUHDWPHQWVDFURVVVHFWLRQDOVWXG\&OLQ2UDO,PSODQWV5HV
)HEGRLFOU>(SXEDKHDGRISULQW@3XE0HG30,'
5ROGDQ 6 6DQFKH] 1 6FXOHDQ $ 6ORW '( 7URPEHOOL / :HVW 1 :LQNHO ( (IIHFW RI SURIHVVLRQDO PHFKDQLFDO SODTXH
UHPRYDO RQ VHFRQGDU\ SUHYHQWLRQ RI SHULRGRQWLWLV DQG WKH FRPSOLFDWLRQV RI JLQJLYDO DQG SHULRGRQWDO SUHYHQWLYH
PHDVXUHV FRQVHQVXV UHSRUW RI JURXS  RI WKH WK (XURSHDQ :RUNVKRS RQ 3HULRGRQWRORJ\ RQ HIIHFWLYH SUHYHQWLRQ RI
SHULRGRQWDO DQG SHULLPSODQW GLVHDVHV - &OLQ 3HULRGRQWRO  $SU 6XSSO 6 GRL MFSH
3XE0HG30,'
5RPDQRV*(-DYHG)'HOJDGR5XL]5$&DOYR*XLUDGR-/3HULLPSODQWGLVHDVHVDUHYLHZRIWUHDWPHQWLQWHUYHQWLRQV
'HQW&OLQ1RUWK$P-DQ  GRLMFGHQ(SXE2FW5HYLHZ3XE0HG30,'


ϭϰϮ


154


5RPDQRV *( -DYHG ) /DVHU 7KHUDS\ LV 6DIH EXW QRW 6XSHULRU WR &RQYHQWLRQDO 7UHDWPHQW RI 3HULLPSODQWLWLV - (YLG
%DVHG 'HQW 3UDFW  -XQ   GRL MMHEGS (SXE  0DU  3XE0HG 30,'

5RPDQRV*(:HLW]'7KHUDS\RISHULLPSODQWGLVHDVHV:KHUHLVWKHHYLGHQFH"-(YLG%DVHG'HQW3UDFW6HS 
6XSSO GRL6  5HYLHZ3XE0HG30,'
5RRV-DQVnNHU $0 $OPK|MG 86 -DQVVRQ + 7UHDWPHQW RI SHULLPSODQWLWLV FOLQLFDO RXWFRPH RI FKORUDPLQH DV DQ
DGMXQFWLYH WR QRQVXUJLFDO WKHUDS\ D UDQGRPL]HG FOLQLFDO WULDO &OLQ 2UDO ,PSODQWV 5HV  0D\ 
GRLFOU>(SXEDKHDGRISULQW@3XE0HG30,'
6DKUPDQQ3$WWLQ76FKPLGOLQ355HJHQHUDWLYHWUHDWPHQWRISHULLPSODQWLWLVXVLQJERQHVXEVWLWXWHVDQGPHPEUDQHD
V\VWHPDWLFUHYLHZ&OLQ,PSODQW'HQW5HODW5HV0DU  GRLM[5HYLHZ
3XE0HG30,'
6DOYL*($JOLHWWD0(LFN66FXOHDQ$/DQJ13 5DPVHLHU&$5HYHUVLELOLW\RIH[SHULPHQWDOSHULLPSODQWPXFRVLWLV
FRPSDUHG ZLWK H[SHULPHQWDO JLQJLYLWLV LQ KXPDQV &OLQ 2UDO ,PSO 5HV   ± GRL M
[
6DOYL *( 5DPVHLHU &$ (IILFDF\ RI SDWLHQWDGPLQLVWHUHG PHFKDQLFDO DQGRU FKHPLFDO SODTXH FRQWURO SURWRFROV LQ WKH
PDQDJHPHQW RI SHULLPSODQW PXFRVLWLV $ V\VWHPDWLF UHYLHZ - &OLQ 3HULRGRQWRO  $SU 6XSSO 6
GRLMFSH5HYLHZ3XE0HG30,'
6DOYL *( =LW]PDQQ 18 7KH HIIHFWV RI DQWLLQIHFWLYH SUHYHQWLYH PHDVXUHV RQ WKH RFFXUUHQFH RI ELRORJLF LPSODQW
FRPSOLFDWLRQV DQG LPSODQW ORVV D V\VWHPDWLF UHYLHZ ,QW - 2UDO 0D[LOORIDF ,PSODQWV  6XSSO
GRLMRPLVXSSOJ5HYLHZ3XE0HG30,'
6DQ]0%lXPHU$%XGXQHOL1'RPPLVFK+)DULQD5.RQRQHQ(/LQGHQ*0H\OH-3UHVKDZ304XLU\QHQ06DOYL
*( =LW]PDQQ 18 7KH HIIHFW RI DQWLLQIHFWLYH SUHYHQWLYH PHDVXUHV RQ WKH RFFXUUHQFH RI ELRORJLF FRPSOLFDWLRQV DQG
LPSODQWORVV$V\VWHPDWLF5HYLHZ,QW-2UDO0D[LOORIDF,PSO VXSSO 
6DQ] 0 %lXPHU $ %XGXQHOL 1 'RPPLVFK + )DULQD 5 .RQRQHQ ( /LQGHQ * 0H\OH - 3UHVKDZ 30 4XLU\QHQ 0
5ROGDQ 6 6DQFKH] 1 6FXOHDQ $ 6ORW '( 7URPEHOOL / :HVW 1 :LQNHO ( (IIHFW RI SURIHVVLRQDO PHFKDQLFDO SODTXH
UHPRYDO RQ VHFRQGDU\ SUHYHQWLRQ RI SHULRGRQWLWLV DQG WKH FRPSOLFDWLRQV RI JLQJLYDO DQG SHULRGRQWDO SUHYHQWLYH
PHDVXUHV FRQVHQVXV UHSRUW RI JURXS  RI WKH WK (XURSHDQ :RUNVKRS RQ 3HULRGRQWRORJ\ RQ HIIHFWLYH SUHYHQWLRQ RI
SHULRGRQWDO DQG SHULLPSODQW GLVHDVHV - &OLQ 3HULRGRQWRO  $SU 6XSSO 6 GRL MFSH
3XE0HG30,'
6DQ]0&KDSSOH,/ :RUNLQJ*URXSRIWKH9,,,(XURSHDQ:RUNVKRSRQ3HULRGRQWRORJ\&OLQLFDOUHVHDUFKRQSHUL
LPSODQW GLVHDVHV FRQVHQVXV UHSRUW RI :RUNLQJ *URXS  - &OLQ 3HULRGRQWRO  )HE 6XSSO 
GRLM;[3XE0HG30,'
6DUPLHQWR +/ 1RUWRQ 05 )LRUHOOLQL -3 $ &ODVVLILFDWLRQ 6\VWHP IRU 3HULLPSODQW 'LVHDVHV DQG &RQGLWLRQV ,QW -
3HULRGRQWLFV5HVWRUDWLYH'HQW6HS2FW  GRLSUG3XE0HG30,'
6FKLQDJOLD*3)RUQLWL)&DYDOOLQL53LYD5GHO6HQQR/&\FORVSRULQ$LQFUHDVHVW\SHSURFROODJHQSURGXFWLRQDQG
P51$OHYHOLQKXPDQJLQJLYDOILEUREODVWVLQYLWUR-2UDO3DWKDQG0HG
6FKRX6,PSODQWWUHDWPHQWLQSHULRGRQWLWLVVXVFHSWLEOHSDWLHQWVDV\VWHPDWLFUHYLHZ-2UDO5HKDELO-DQ6XSSO

6FKZDU] ) %HFNHU . 5HQYHUW 6 (IILFDF\ RI DLU SROLVKLQJ IRU WKH QRQVXUJLFDO WUHDWPHQW RI SHULLPSODQW GLVHDVHV D
V\VWHPDWLF UHYLHZ - &OLQ 3HULRGRQWRO  2FW   GRL MFSH (SXE  2FW  5HYLHZ
3XE0HG30,'
6FKZDU]),JOKDXW*%HFNHU-4XDOLW\DVVHVVPHQWRIUHSRUWLQJRIDQLPDOVWXGLHVRQSDWKRJHQHVLVDQGWUHDWPHQWRISHUL
LPSODQW PXFRVLWLV DQG SHULLPSODQWLWLV $ V\VWHPDWLF UHYLHZ XVLQJ WKH $55,9( JXLGHOLQHV - &OLQ 3HULRGRQWRO 
)HE6XSSOGRLM;[5HYLHZ3XE0HG30,'

ϭϰϯ


155


6FKZHQGLFNH)7X<.6WROSH03UHYHQWLQJDQG7UHDWLQJ3HUL,PSODQWLWLV$&RVW(IIHFWLYHQHVV$QDO\VLV-3HULRGRQWRO
6HS  GRLMRS(SXE$SU3XE0HG30,'
6JRODVWUD ) HW DO $GMXQFWLYH SKRWRG\QDPLF WKHUDS\ WR QRQVXUJLFDO WUHDWPHQW RI FKURQLF SHULRGRQWLWLV D V\VWHPDWLF
UHYLHZDQGPHWDDQDO\VLV-&OLQ3HULRG
6JRODVWUD)*DWWR53HWUXFFL$0RQDFR$(IIHFWLYHQHVVRIV\VWHPLFDPR[LFLOOLQPHWURQLGD]ROHDVDGMXQFWLYHWKHUDS\WR
VFDOLQJDQGURRWSODQLQJLQWKHWUHDWPHQWRIFKURQLFSHULRGRQWLWLVDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-3HULRGRQWRO
2FW  
6JRODVWUD ) 3HWUXFFL $ 6HYHULQR 0 *DWWR 5 0RQDFR $ 3HULRGRQWLWLV LPSODQW ORVV DQG SHULLPSODQWLWLV $ PHWD
DQDO\VLV &OLQ 2UDO ,PSODQWV 5HV  $SU  H GRL FOU (SXE  'HF  3XE0HG 30,'

6JRODVWUD)3HWUXFFL$6HYHULQR0*DWWR50RQDFR$6PRNLQJDQGWKHULVNRISHULLPSODQWLWLV$V\VWHPDWLFUHYLHZ
DQGPHWDDQDO\VLV&OLQ2UDO,PSODQWV5HV$SU  HGRLFOU(SXE-DQ3XE0HG
30,'
6JRODVWUD)6HYHULQR03HWUXFFL$*DWWR50RQDFR$(IIHFWLYHQHVVRIPHWURQLGD]ROHDVDQDGMXQFWWRVFDOLQJDQGURRW
SODQLQJ LQ WKH WUHDWPHQW RI FKURQLF SHULRGRQWLWLV D V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV - 3HULRGRQWDO 5HV 
)HE  
6KHLKDP$DQG1HWXYHOL*63HULRGRQWDOGLVHDVHVLQ(XURSH3HULRGRQWRORJ\9RO±
6LPSVRQ7&:HOGRQ-&:RUWKLQJWRQ+91HHGOHPDQ,:LOG6+0ROHV'56WHYHQVRQ%)XUQHVV6,KHR]RU(MLRIRU=
7UHDWPHQWRISHULRGRQWDOGLVHDVHIRUJO\FDHPLFFRQWUROLQSHRSOHZLWKGLDEHWHVPHOOLWXV&RFKUDQH'DWDEDVH6\VW5HY
1RY  
6ORW'(-RUULWVPD.+&REE&09DQGHU:HLMGHQ)$7KHHIIHFWRIWKHWKHUPDOGLRGHODVHU ZDYHOHQJWKQP LQ
QRQVXUJLFDOSHULRGRQWDOWKHUDS\DV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-&OLQ3HULRG
6RXVD90DUGDV1)DULDV%3HWULH$1HHGOHPDQ,6SUDWW''RQRV1$V\VWHPDWLFUHYLHZRILPSODQWRXWFRPHVLQ
WUHDWHGSHULRGRQWLWLVSDWLHQWV&OLQ2UDO,PSODQWV5HV-XO  GRLFOU(SXE6HS
5HYLHZ3XE0HG30,'
6WDMþLü = 6WRMþHY 6WDMþLü /- .DODQRYLü 0 ĈLQLü $ 'LYHNDU 1 5RGLü 0 5HPRYDO RI GHQWDO LPSODQWV UHYLHZ RI ILYH
GLIIHUHQW WHFKQLTXHV ,QW - 2UDO 0D[LOORIDF 6XUJ  0D\   GRL MLMRP (SXE 
'HF3XE0HG30,'
7DUQRZ '3 ,QFUHDVLQJ 3UHYDOHQFH RI 3HULLPSODQWLWLV +RZ :LOO :H 0DQDJH" - 'HQW 5HV  -DQ   GRL
3XE0HG30,'
7KH%RDUGRIWKH6,G3,WDOLDQ6RFLHW\RI3HULRGRQWRORJ\DQG,PSODQWRORJ\/HWWHUWRWKH-RXUQDO(XU-&OLQ0LFURELRO
,QIHFW'LVDFFHSWHGIRUSXEOLFDWLRQ
7RQHWWL06&KDSSOH,/-HSVHQ66DQ]03ULPDU\DQGVHFRQGDU\SUHYHQWLRQRISHULRGRQWDODQGSHULLPSODQWGLVHDVHV
,QWURGXFWLRQ WR DQG REMHFWLYHV RI WKH WK (XURSHDQ :RUNVKRS RQ 3HULRGRQWRORJ\ FRQVHQVXV FRQIHUHQFH - &OLQ
3HULRGRQWRO$SU6XSSO6GRLMFSH3XE0HG30,'
7RQHWWL 06 &KDSSOH ,/ - &OLQ 3HULRGRQWRO  0DU 6XSSO  RI 6HYHQWK (XURSHDQ :RUNVKRS RQ
3HULRGRQWRORJ\ %LRORJLFDO DSSURDFKHV WR WKH GHYHORSPHQW RI QRYHO SHULRGRQWDO WKHUDSLHVFRQVHQVXV RI WKH 6HYHQWK
(XURSHDQ:RUNVKRSRQ3HULRGRQWRORJ\
7RQHWWL 06 (LFNKRO] 3 /RRV %* 3DSDSDQRX 3 YDQ GHU 9HOGHQ 8 $UPLWDJH *%RXFKDUG 3 'HLQ]HU 5 'LHWULFK 7
+XJKHV ) .RFKHU 7 /DQJ 13 /RSH] 51HHGOHPDQ , 1HZWRQ 7 1LEDOL / 3UHW]O % 5DPVHLHU & 6DQ]6DQFKH]
,6FKODJHQKDXI86XYDQ-(3ULQFLSOHVLQSUHYHQWLRQRISHULRGRQWDOGLVHDVHV&RQVHQVXVUHSRUWRIJURXSRIWKHWK
(XURSHDQ :RUNVKRS RQ 3HULRGRQWRORJ\ RQ HIIHFWLYH SUHYHQWLRQ RI SHULRGRQWDO DQG SHULLPSODQW GLVHDVHV - &OLQ
3HULRGRQWRO$SU6XSSO6GRLMFSH3XE0HG30,'

ϭϰϰ


156


7URPEHOOL/)DULQD5&OLQLFDORXWFRPHVZLWKELRDFWLYHDJHQWVDORQHRULQFRPELQDWLRQZLWKJUDIWLQJRUJXLGHGWLVVXH
UHJHQHUDWLRQ-&OLQ3HULRGRQWRO6HS 6XSSO 
7XUUL $ 5RVVHWWL 3+ &DQXOOR / *UXVRYLQ 0* 'DKOLQ & 3UHYDOHQFH RI 3HULLPSODQWLWLV LQ 0HGLFDOO\ &RPSURPLVHG
3DWLHQWV DQG 6PRNHUV $ 6\VWHPDWLF 5HYLHZ ,QW - 2UDO 0D[LOORIDF ,PSODQWV  -DQ)HE  
GRLMRPL5HYLHZ3XE0HG30,'
9DQ GHU :HLMGHQ )$ &DPSEHOO 6/ '|UIHU &( *RQ]iOH]&DEH]DV & 6ORW '( 6DIHW\ RI RVFLOODWLQJURWDWLQJ SRZHUHG
EUXVKHVFRPSDUHGWRPDQXDOWRRWKEUXVKHVDV\VWHPDWLFUHYLHZ-3HULRGRQWRO-DQ  
YDQ:LQNHOKRII$-$QWLELRWLFVLQWKHWUHDWPHQWRISHULLPSODQWLWLV(XU-2UDO,PSODQWRO6XSSO65HYLHZ
3XE0HG30,'
9HUGXJR ) /DNVPDQD 7 8ULEDUUL $ 6\VWHPLF DQWLELRWLFV DQG WKH ULVN RI VXSHULQIHFWLRQ LQ SHULLPSODQWLWLV $UFK 2UDO
%LRO$SUGRLMDUFKRUDOELR(SXE'HF5HYLHZ3XE0HG30,'
9HUGXJR ) /DNVPDQD 7 8ULEDUUL $ 6\VWHPLF DQWLELRWLFV DQG WKH ULVN RI VXSHULQIHFWLRQ LQ SHULLPSODQWLWLV $UFK 2UDO
%LRO$SUGRLMDUFKRUDOELR(SXE'HF5HYLHZ3XE0HG30,'
:DHUKDXJ-+LVWRORJLFFRQVLGHUDWLRQVZKLFKJRYHUQZKHUHWKHPDUJLQRIUHVWRUDWLRQVVKRXOGEHORFDWHGLQUHODWLRQWR
WKHJLQJLYD'HQW&OLQRI1RUWK$PHU
:DOPVOH\$'/HD6&/DQGLQL*0RVHV$-$GYDQFHVLQSRZHUGULYHQSRFNHWURRWLQVWUXPHQWDWLRQ-&OLQ3HULRGRQWRO
 6XSSO ±
:HQQVWURP - HW DO 6XEJLQJLYDO GHEULGHPHQW RI SHULRGRQWDO SRFNHWV E\ DLU SROLVKLQJ LQ FRPSDULVRQ ZLWK XOWUDVRQLF
LQVWUXPHQWDWLRQGXULQJPDLQWHQDQFHWKHUDS\-&OLQ3HULRGRQWRO
:HVWRQ3<D]L]<$0ROHV'51HHGOHPDQ,2FFOXVDOLQWHUYHQWLRQVIRUSHULRGRQWLWLVLQDGXOWV&RFKUDQH'DWDEDVH6\VW
5HY-XO  
<DDFRE 0 :RUWKLQJWRQ +9 'HDFRQ 6$ 'HHU\ & :DOPVOH\ $' 5RELQVRQ 3* *OHQQ\ $0 3RZHUHG YHUVXV PDQXDO
WRRWKEUXVKLQJIRURUDOKHDOWK&RFKUDQH'DWDEDVH6\VW5HY-XQ  

=DQGEHUJHQ ' 6ORW '( &REE &0 9DQ GHU :HLMGHQ )$7KH FOLQLFDO HIIHFW RI VFDOLQJ DQG URRW SODQLQJ DQG WKH
FRQFRPLWDQW DGPLQLVWUDWLRQ RI V\VWHPLF DPR[LFLOOLQ DQG PHWURQLGD]ROH D V\VWHPDWLF UHYLHZ - 3HULRGRQWRO 
0DU  
=DQJUDQGR06'DPDQWH&$6DQW
$QD$&5XERGH5H]HQGH0/*UHJKL6/&KDPEURQH//RQJWHUPHYDOXDWLRQRI
SHULRGRQWDO SDUDPHWHUV DQG LPSODQW RXWFRPHV LQ SHULRGRQWDOO\ FRPSURPLVHG SDWLHQWV D V\VWHPDWLF UHYLHZ -
3HULRGRQWRO  )HE   GRL MRS (SXE  2FW  5HYLHZ 3XE0HG 30,'

=KDR<<LQ<7DR/1LH37DQJ<=KX0(U<$*ODVHUYHUVXVVFDOLQJDQGURRWSODQLQJDVDOWHUQDWLYHRUDGMXYDQWIRU
FKURQLF SHULRGRQWLWLV WUHDWPHQW D V\VWHPDWLF UHYLHZ - &OLQ 3HULRGRQWRO  1RY   GRL
MFSH(SXE2FW5HYLHZ30,'
=LW]PDQQ18%HUJOXQGK7'HILQLWLRQDQGSUHYDOHQFHRISHULLPSODQWGLVHDVHV-&OLQ3HULRGRQWRO 6XSSO 
±
=XFFKHOOL * 0HOH 0 0D]]RWWL & 0DU]DGRUL 0 0RQWHEXJQROL / 'H 6DQFWLV 0 &RURQDOO\ DGYDQFHG IODS ZLWK DQG
ZLWKRXW YHUWLFDO UHOHDVLQJ LQFLVLRQV IRU WKH WUHDWPHQW RI PXOWLSOH JLQJLYDO UHFHVVLRQV D FRPSDUDWLYH FRQWUROOHG
UDQGRPL]HGFOLQLFDOWULDO-3HULRGRQWRO-XO  





ϭϰϱ


157




&+,585*,$25$/(









CHIRURGIA ORALE

























ϭϰϲ


159


/D FKLUXUJLD RUDOH q OD EUDQFD GHOO


RGRQWRVWRPDWRORJLD FKH VL RFFXSD GHOOD GLDJQRVL H UHODWLYR
WUDWWDPHQWRFKLUXUJLFRGHOOHSDWRORJLHFKHSRVVRQRFRLQYROJHUHLWHVVXWLPROOLHGXULGHOODFDYLWjRUDOH
H JOL HOHPHQWL GHQWDUL 6RQR GL FRPSHWHQ]D DOWUHVu DQFKH TXHL WUDWWDPHQWL ULWHQXWL QHFHVVDUL SHU
PRWLYLSUHYHQWLYLHGLRUGLQHHVWHWLFR

'LDJQRVL
/¶DQDPQHVL PHGLFD q YROWD DG HYLGHQ]LDUH TXDOVLDVL FRQGL]LRQH VLVWHPLFD FKH SRVVD LQWHUIHULUH R
FRQGL]LRQDUH LQ TXDOFKH PRGR OD GLDJQRVL HG DQFKH LO VXFFHVVLYR WUDWWDPHQWR FKLUXUJLFR (¶
LQGLVSHQVDELOH LQGDJDUH VX SUHFHGHQWL RVSHGDOL]]D]LRQL HR LQWHUYHQWL FKLUXUJLFL WUDXPL H PDODWWLH
FURQLFKHSDWRORJLHVLVWHPLFKHPDJJLRULRPLQRULSUHVHQ]DGLDOOHUJLHXWLOL]]RGLIDUPDFLDELWXGLQL
YL]LDWHTXDOLIXPRGLVLJDUHWWDDOFRRO« $QGUDGH0* 
/¶DQDPQHVL RGRQWRLDWULFD UHPRWD q ILQDOL]]DWD DG LQGLYLGXDUH SUHFHGHQWL WUDWWDPHQWL RGRQWRLDWULFL
TXHOODSURVVLPDqLQYHFHRULHQWDWDDOODFRQRVFHQ]DGHOODVLQWRPDWRORJLDSHUODTXDOHYLHQHULFKLHVWR
LO WUDWWDPHQWR DFFHUWDQGRQH TXDORUD SUHVHQWH OD GXUDWD O¶DUHD LQWHUHVVDWD OD SHULRGLFLWj L IDWWRUL
UHVSRQVDELOLGLHVDFHUED]LRQHHRDWWHQXD]LRQHO¶HSRFDHODPRGDOLWjGLLQVRUJHQ]DJOLHSLIHQRPHQL
TXDORUDSUHVHQWL

/¶RELHWWLYRSULQFLSDOHGHOO¶HVDPHFOLQLFR qIRUPXODUHXQDFRUUHWWDGLDJQRVLDOILQHGLLQGLYLGXDUHOH
QHFHVVLWjHOHPRGDOLWjWHUDSHXWLFKHSLDSSURSULDWHSHULOVLQJRORSD]LHQWH

/¶HVDPHGHOSD]LHQWHGHYHHVVHUHVLDH[WUDFKHLQWUDRUDOHHSXzHVVHUHLQWHJUDWRFRQHVDPLFOLQLFLHR
GLODERUDWRULR1HOO¶HVDPHH[WUDRUDOHO¶RSHUDWRUHGHYHHYLGHQ]LDUHODSUHVHQ]DGLHYHQWXDOLGLVFURPLH
FXWDQHHODSUHVHQ]DHO¶HVWHQVLRQHGLWXPHID]LRQLGHOODWHVWDHGHOFROOROLQIRDGHQRSDWLHHODSUHVHQ]D
GL HYHQWXDOL DVLPPHWULH D FDULFR GHOO¶DUWLFROD]LRQH WHPSRURPDQGLERODUH &RQ O¶HVDPH LQWUDRUDOH
O¶RSHUDWRUHGHYH DFFHUWDUHOD IRUPXODGHQWDULDLO OLYHOORGLLJLHQHRUDOHOHFRQGL]LRQLGHOOHPXFRVH
RUDOLLYLFRPSUHVHOHVLRQLLSHUWURILFRLSHUSODVWLFKHHRXOFHUDWLYHODSUHVHQ]DGLWXPHID]LRQLILVWROH
RDOWUHOHVLRQLOHFRQGL]LRQLGHLGHQWLSUHVHQWLHYHQWXDOLDQRPDOLHGHQWDULHODVLWXD]LRQHSDURGRQWDOH
ODTXDOLWjGHLUHVWDXULHYHQWXDOPHQWHSUHVHQWL

$O ILQH GL XQD GLDJQRVL SL SXQWXDOH VRQR XQ DXVLOLR YDOLGR LQ FKLUXUJLD RUDOH DOFXQL HVDPL
VWUXPHQWDOL TXDOL OH UDGLRJUDILH HQGRUDOL O¶RUWRSDQWRPRJUDILD 237  OD WRPRJUDILD FRPSXWHUL]]DWD
&%&7 ODULVRQDQ]DPDJQHWLFD 501 HO¶HFRJUDILD

ϭϰϳ


160


/H5[HQGRUDOLSHUPHWWRQRGLHYLGHQ]LDUHODVWUXWWXUDGHQWDULDLOQXPHURGLUDGLFLHLQSDUWHODORUR
DQDWRPLDqSRVVLELOHLQROWUHVWXGLDUHODSUHVHQ]DGLDUHHGLRVWHROLVLGHOSHULDSLFHHROXQJRODUDGLFH
GHOO¶HOHPHQWRGHQWDULRULVXOWDQRYDOLGHDQFKHQHLFRQWUROOLSRVWRSHUDWRUL
/¶237FRVWLWXLVFHO¶HVDPHGLEDVHLQFKLUXUJLDRUDOHSHUFKqSHUPHWWHGLDYHUHXQDYLVLRQHGLLQVLHPH
GHOO¶RVVRPDVFHOODUHVXSHULRUHHGLQIHULRUHWXWWLJOLHOHPHQWLGHQWDULHVWUXWWXUHDQDWRPLFKHLPSRUWDQWL
FRPH LO FDQDOH PDQGLERODUH LO IRUDPH PHQWRQLHUR LO VHQR PDVFHOODUH 4XDORUD O¶LPPDJLQH
UDGLRJUDILFDQRQVLDVXIILFLHQWHPHQWHLQGLFDWLYDSUHFLVDHGLULPHQWHqSRVVLELOHHIIHWWXDUHXQD&%&7
±&RQH%HDP7&FKHFRQVHQWHGLDYHUHLQIRUPD]LRQLSLULFFKHGLSDUWLFRODULSHUFLzFKHFRQFHUQHL
WHVVXWLGXULODSRVL]LRQHGLHOHPHQWLGHQWDULLQFOXVLWRWDOPHQWHHGLVWUXWWXUHDQDWRPLFKHGLULOLHYR
3HUORVWXGLRGHLWHVVXWLPROOLLQYHFHVRQRGLDXVLOLROD510HO¶HFRJUDILDFKHUDSSUHVHQWDQRYDOLGL
VWUXPHQWL SHU LQGDJLQL SL DSSURIRQGLWH VXOO¶DUWLFROD]LRQH WHPSRURPDQGLERODUH VXOOH JKLDQGROH
VDOLYDUL H VXOOH VWD]LRQL OLQIRQRGDOL  *OL HVDPL UDGLRJUDILFL LQGLFDWL VRQR LQGLVSHQVDELOL VHFRQGR L
FULWHULGLJLXVWLILFD]LRQHHDSSURSULDWH]]D
$OILQHGLYDOXWDUHHYHQWXDOLDOWHUD]LRQLVLVWHPLFKHLQRFFDVLRQHGLLQWHUYHQWLGLFKLUXUJLDRUDOHVRQR
XWLOL JOL HVDPL HPDWRFKLPLFL 3UHRSHUDWRULDPHQWH VROR VH OH LQGLFD]LRQL IRUQLWH GDOO¶DQDPQHVL OL
UHQGRQR QHFHVVDUL  VL SRVVRQR HIIHWWXDUH LQIDWWL HVDPL HPDWLFL VWDQGDUG FKH GHEEDQR SUHYHGHUH
DOPHQRHPRFURPRFRPSOHWRFRQWDGHOOHSLDVWULQH9(6D]RWHPLDJOLFHPLDDWWLYLWjSURWURPELQLFD
,15WHPSRGLWURPERSODVWLQDSDU]LDOHDWWLYDWDXULQHVWDQGDUGHLPDUNHUV+%6$J+&9+,9


,QGLFD]LRQLHFRQWURLQGLFD]LRQLDOWUDWWDPHQWRFKLUXUJLFR

6RQRGLFRPSHWHQ]DGHOODFKLUXUJLDRUDOH

HVWUD]LRQLGHQWDULHVHPSOLFL
 HVWUD]LRQLGHQWDULHFRPSOHVVH
 HVWUD]LRQLGLHOHPHQWLGHQWDULLQLQFOXVLRQH
 JHUPHFWRPLH
 HVSRVL]LRQHGLHOHPHQWLLQFOXVLDILQLRUWRGRQWLFL
 LQWHUYHQWLGLFKLUXUJLDSUHSURWHVLFDHLQWHUYHQWLFRDGLXYDQWLODWHUDSLDRUWRGRQWLFD
 SDWRORJLHVLQXVDOLRGRQWRJHQH
 UHLPSLDQWRHWUDSLDQWRGHQWDOH
 DSLFHFWRPLDFRQRWWXUD]LRQHUHWURJUDGD
 UL]HFWRPLD
 HVDPLELRSWLFLGLWHVVXWLPROOLHGXUL
 DVSRUWD]LRQHGLQHRIRUPD]LRQLGLWHVVXWLPROOLHGXUL
 DVSRUWD]LRQHGLIUHQXOLSDWRORJLFL

ϭϰϴ


161


 ULPR]LRQHGLFDOFROLVDOLYDUL
 LQVHULPHQWRGLLPSLDQWLRVWHRLQWHJUDWL
 LQWHUYHQWLGLULFRVWUX]LRQHGHLWHVVXWLGXULHPROOLQHOO¶DPELWRGHOFDYRRUDOH

/HFRQWURLQGLFD]LRQLDOWUDWWDPHQWRFKLUXUJLFRVRQRHVVHQ]LDOPHQWHULFRQGXFLELOLDOORVWDWRGLVDOXWH
GHO SD]LHQWH ,Q OLQHD JHQHUDOH FRPH LQ WXWWH OH GLVFLSOLQH PHGLFKH q FRQWURLQGLFDWR HIIHWWXDUH
LQWHUYHQWL GL FKLUXUJLD RUDOH TXDQGR L EHQHILFL GHOO¶LQWHUYHQWR VRQR LQIHULRUL DL ULVFKL GHOOR VWHVVR H
RYYLDPHQWHLQWXWWLLSD]LHQWLFKHQRQIRUQLVFRQRLOSURSULRFRQVHQVRDOWUDWWDPHQWR %UXVDWL5 
0\DWDNH< 

,O SD]LHQWH GHYH HVVHUH LQIRUPDWR GHOOD GLDJQRVL GHOOD WHUDSLD GHOOD SUHVXPLELOH SURJQRVL H GL
HYHQWXDOLWUDWWDPHQWLDOWHUQDWLYL


%LEOLRJUDILD

$QGUDGH 0* :HLVVPDQ 5 2OLYHLUD 0* +HLW] & 7RRWK GLVSODFHPHQW DQG URRW GLODFHUDWLRQ DIWHU WUDXPD WR SULPDU\
SUHGHFHVVRUDQHYDOXDWLRQE\FRPSXWHGWRPRJUDSK\'HQW7UDXPDWRO  

%UXVDWL5&KLDSDVFR0(OHPHQWLGLFKLUXUJLDRURPD[LOORIDFFLDOH0DVVRQ0LODQRS

0\DWDNH < .D]DPD 0 ,VRGD 0 1HMLPD - ,QWHUQDO PHGLFLQH HGXFDWLRQ LQ GHQWLVWU\ NQRZOHGJH UHTXLUHG YDULHV
DFFRUGLQJWRGHQWDOVSHFLDOW\(XU-'HQW(GXF  

/H HVWUD]LRQL GHYRQR HVVHUH OLPLWDWH DJOL HOHPHQWL GHQWDUL JUDYHPHQWH FRPSURPHVVL QRQ
UHFXSHUDELOL IXQ]LRQDOPHQWH D VHJXLWR GL SDWRORJLH LQIHWWLYH FDULH SDURGRQWRSDWLH HFF«  QHO
FDVR GL HOHPHQWL GHQWDUL FKH SHU UDJLRQL VWUDWHJLFKH GL WUDWWDPHQWR QRQ SRVVRQR HVVHUH
FRQVHUYDWLHQHOFDVRVLUDYYHGDQROHLQGLFD]LRQLSHUXQDSUHYHQ]LRQHGLSDWRORJLHLQIHWWLYHHR
WUDXPDWLFKHDVVRFLDWHDOO¶HOHPHQWRGHQWDULR

/D FRQVHUYD]LRQH GHOO¶RVVR FUHVWDOH q GLULPHQWH QHOOD GHFLVLRQH GL HIIHWWXDUH XQ¶HVWUD]LRQH
DQFKH LQ FRQVLGHUD]LRQH GHOOD SRVVLELOLWj GHOOD VRVWLWX]LRQH LPSODQWRSURWHVLFD GHOO¶HOHPHQWR
GHQWDULRHVWUDWWRHGHOO¶LPSRUWDQ]DFUHVFHQWHGHOOHULFKLHVWHHVWHWLFKHRUDOLGHLSD]LHQWL

3ULPD GL RJQL HVWUD]LRQH q QHFHVVDULD XQ¶DWWHQWD YDOXWD]LRQH SUHRSHUDWRULD GD HVHJXLUVL FRQ
DQDPQHVLHVDPHFOLQLFRHVDPLUDGLRJUDILFLHRYHVLULWHQJDQHFHVVDULRHVDPLHPDWRFKLPLFL

ϭϰϵ


162


/¶HVWUD]LRQHGLHOHPHQWLGHQWDULHURWWLFRPSOHWDPHQWHLQDUFDWDqUDFFRPDQGDWDLQWXWWHTXHOOH
FRQGL]LRQLLQFXLLOGHQWHQRQVLDUHFXSHUDELOHLQWHUPLQLUHVWDXUDWLYLHQGRGRQWLFLSDURGRQWDOL
HGRUWRGRQWLFL


1HOOR VSHFLILFR O¶HVWUD]LRQH GHQWDULD q LQGLFDWD QHOOH VHJXHQWL FRQGL]LRQL GHQWH SDURGRQWDOPHQWH
FRPSURPHVVR FRQ PRELOLWj HOHYDWD RUL]]RQWDOH H YHUWLFDOH H QRQ UHFXSHUDELOH GHQWH FRQ OHVLRQH
FDULRVD QRQ WUDWWDELOH FRQ PHWRGL FRQVHUYDWLYL ULDVVRUELPHQWR UDGLFRODUH HVWHUQR R LQWHUQR QRQ
WUDWWDELOHWUDXPDFRQIUDWWXUDGHOO¶HOHPHQWRGHQWDULRQRQUHFXSHUDELOHGHQWLFRLQYROWLQHOO¶DPELWRGL
XQDULPDGLIUDWWXUDRVVHDGHQWLDVVRFLDWLDOHVLRQLRVVHHRGHLWHVVXWLPROOL6RQRDOWUHVuLQGLFD]LRQL
DOO¶HVWUD]LRQHPRWLYLRUWRGRQWLFLHFRQGL]LRQLPHGLFKHRFKLUXUJLFKHSHUFXLVLULFKLHGDO¶HVWUD]LRQH
FRPHSURILODVVL WUDSLDQWLG¶RUJDQLFKHPLRWHUDSLDWHUDSLDUDGLDQWHVRVWLWX]LRQHGLYDOYROHFDUGLDFKH
LQL]LR GL WHUDSLD FRQ ELIRVIRQDWL VSHFLDOPHQWH VH VRPPLQLVWUDWL SHU YLD HQGRYHQRVD  ULILXWR GHO
SD]LHQWHDOODWHUDSLDFRQVHUYDWLYDGHQWHLQSRVL]LRQHHFWRSLFD %DURQH$ 

'RSR VRPPLQLVWUD]LRQH GL DQHVWHVLD ORFDOH SOHVVLFD R ORFRUHJLRQDOH  VL SURFHGH FRQ O¶XWLOL]]R GL
VLQGHVPRWRPLGLULWWLRDQJRODWLVHULWHQXWRSRVVLELOH8QDYROWDFRPSOHWDWDODSHULRWRPLDVLSURFHGH
DOODOXVVD]LRQHGHOO¶HOHPHQWRGHQWDOHTXHVWDPDQRYUDGHYHHVVHUHFRQGRWWDFRQHVWUHPDDWWHQ]LRQH
/¶HVWUD]LRQHGHQWDOHSXzHVVHUHFRPSOHWDWDFRQO¶XWLOL]]RGHOOHSLQ]HLGRQHH
$YROWHQHOFDVRGLXQGHQWHSOXULUDGLFRODWRDOILQHGLHYLWDUHIUDWWXUHGHOOHUDGLFLqFRQVLJOLDWDSHU
SULPDFRVDO¶HVHFX]LRQHGHOODFRURQRWRPLD &KLDSDVFR0  &RYDQL8  'L/DXUR) 
1HOOHHVWUD]LRQLGHLGHQWLLQDUFDWDWDORUDVLUHQGHQHFHVVDULRHOHYDUHXQOHPERPXFRSHULRVWHRSHU
PLJOLRUDUH OD YLVLELOLWj H O¶DFFHVVR DG HYHQWXDOL IUDPPHQWL UDGLFRODUL IUDWWXUDWL LQ WDO FDVR LO OHPER
GRYUjHVVHUHWDQWRDPSLRGDFRQVHQWLUHXQDGHJXDWRDFFHVVRHGXQDJLXVWDYLVLELOLWjDOO¶RSHUDWRUH

4XDQGRQHFHVVDULRORVFKHPDGLSURILODVVLDQWLELRWLFDSLIUHTXHQWHPHQWHDGRWWDWRqFRVWLWXLWRGDOOD
VRPPLQLVWUD]LRQH GL  JUDPPL GL DPR[LFLOOLQD R HTXLYDOHQWH  XQ¶RUD SULPD GHOO¶LQWHUYHQWR GD
SURVHJXLUHSHUJLRUQLLQUHOD]LRQHDOOHGLYHUVHFLUFRVWDQ]H



%LEOLRJUDILD

%DURQH$H%LDQFKL$0DQXDOHGL&KLUXUJLD2UDOH(G(OVHYLHU  

&KLDSDVFR00DQXDOH,OOXVWUDWRGL&KLUXUJLD2UDOH(G0DVVRQ(OVHYLHU  

ϭϱϬ


163


&RYDQL8)HUULQL)&KLUXUJLD2UDOH(G0DUWLQD%RORJQDVUO

'L/DXUR)%XFFL(&KLUXUJLDRGRQWRVWRPDWRORJLFDFRQQRWHGLSDWRORJLD(GLWRUH)ORULR




,Q SUHVHQ]D GL XQ HOHPHQWR GHQWDULR FRQ DQDWRPLD FRURQDOH HR UDGLFRODUH FRPSOHVVD FKH
FRPSRUWL SDUWLFRODUL GLIILFROWj WHFQLFKH VRQR QHFHVVDUL SL DSSURIRQGLWL HVDPL UDGLRJUDILFL H
WDOYROWDO¶HVHFX]LRQHGLXQOHPERG¶DFFHVVRSULPDGLSURFHGHUHDWHUDSLDHVWUDWWLYD

,Q TXHVWL FDVL LQIDWWL YD DWWHQWDPHQWH YDOXWDWD QRQ VROR OD FRQIRUPD]LRQH DQDWRPLFD UDGLFRODUH
GHOO¶HOHPHQWR GHQWDULR GD HVWUDUUH PD DQFKH L UDSSRUWL DQDWRPLFL FKH SRVVRQR LQWHUFRUUHUH FRQ
VWUXWWXUHLPSRUWDQWLTXDOLLOFDQDOHPDQGLERODUHLOIRUDPHPHQWRQLHURHGLOVHQRPDVFHOODUH
/DWHFQLFDFKLUXUJLFDSHUOHHVWUD]LRQLGLGHQWLFRQDQDWRPLDFRURQDOHHRUDGLFRODUHFRPSOHVVDSXz
HVVHUHSLRPHQRLQYDVLYDLQEDVHDOODSRVL]LRQHGHOGHQWHDOODTXDQWLWjGLWHVVXWRGHQWDULRUHVLGXR
HG DL VXRL UDSSRUWL FRQ OH VWUXWWXUH DQDWRPLFKH FLUFRVWDQWL (¶ QHFHVVDULD VROLWDPHQWH OD
SURJUDPPD]LRQH LQ IDVH SUHRSHUDWRULD GL XQ OHPER GL DFFHVVR DOO¶DUHD FKLUXUJLFD TXDQGR
QHFHVVDULR H GL XQ¶DQHVWHVLD ORFDOH SHU LQILOWUD]LRQH SOHVVLFD R ORFRUHJLRQDOH  /¶HQWLWj GHOOR
VFROODPHQWR GHO OHPER GLSHQGH GDO WLSR GL GLIILFROWj GHOO¶HVWUD]LRQH GHO GHQWH ,Q WDOXQL FDVL SXz
HVVHUH LQGLFDWR HIIHWWXDUH XQ¶RVWHRWRPLDRVWHRFWRPLD DO ILQH GL DFFHGHUH SL DJHYROPHQWH
DOO¶HOHPHQWR GHQWDOH VHPSUH SHUz SULYLOHJLDQGR OH WHFQLFKH GL RGRQWRWRPLD H ULGXFHQGR DO PLQLPR
QHFHVVDULROHWHFQLFKHGLRVWHRWRPLD 3HUODUHVH]LRQHRVVHDVLXWLOL]]DQRIUHVHLGRQHHVRWWRFRVWDQWH
LUULJD]LRQH$ILQHHVWUD]LRQHYHUUjSUDWLFDWDODVXWXUD 6,G&2  6DQWRUR) 
ÊQHFHVVDULRXQDSSURIRQGLPHQWRWUDPLWHVSHFLILFLHVDPLUDGLRJUDILFLQHOFDVRLQFXLVLVLDLQSUHVHQ]D
GLHOHPHQWLGHQWDULHURWWLFKHDOO¶HVDPHUDGLRJUDILFRSUHOLPLQDUHSUHVHQWLQRFKLDULUDSSRUWLDQDWRPLFL
FKH ODVFLQR SUHVDJLUH XQ ULVFKLR GL FRPXQLFD]LRQH RURVLQXVDOH DO ILQH GL LVWLWXLUH XQ RSSRUWXQR
WUDWWDPHQWR SURILODWWLFR H GL LQIRUPDUH DGHJXDWDPHQWH LO SD]LHQWH VXL ULVFKL RSHUDWRUL H VX
XQ¶HYHQWXDOHQHFHVVLWjGLXQDSODVWLFDGLFKLXVXUDGHOODFRQVHJXHQWHFRPXQLFD]LRQHRURVLQXVDOH



%LEOLRJUDILD

6DQWRUR)0DLRUDQD&&KLUXUJLD6SHFLDOH2GRQWRVWRPDWRORJLFD0DVVRQ

6,G&26RFLHWj,WDOLDQDGL&KLUXUJLD2GRQWRVWRPDWRORJLFD&KLUXUJLD2GRQWRVWRPDWRORJLFD(GL]LRQL0LQHUYD0HGLFD


ϭϱϭ


164


/HLQGLFD]LRQLDOO¶DVSRUWD]LRQHGLXQWHU]RPRODUHLQLQFOXVLRQHWRWDOHRSDU]LDOHVRQRGLYHUVHD
VHFRQGDFKHLOGHQWHVLDRPHQRDVVRFLDWRDVHJQLRVLQWRPL

1HO FDVR LQ FXL LO WHU]R PRODUH VLD VLQWRPDWLFR OH LQGLFD]LRQL FOLQLFKH DOO¶HVWUD]LRQH VRQR
UDSSUHVHQWDWH GD SHULFRURQDULWL GHQWH QRQ UHFXSHUDELOH SHU FDULH IUDWWXUD OHVLRQL SDURGRQWDOL R
HQGRGRQWLFKH QRQ WUDWWDELOL LQIH]LRQL DFXWH R FURQLFKH DVFHVVL H FHOOXOLWL  DQRPDOLH GHOOD IRUPD
GHOODJUDQGH]]DHGHOODSRVL]LRQHGHOGHQWHGHOJLXGL]LRWDOLGDSURYRFDUHOHVLRQLDLWHVVXWLGXULHPROOL
FLUFRVWDQWL 0DUFLDQL5'  %UHKPHU% 
,QDVVHQ]DGLVLQWRPDWRORJLDOHLQGLFD]LRQLDOO¶HVWUD]LRQHVRQRSUHYHQ]LRQHGLXQGDQQRSDURGRQWDOH
HR FDULRVR GHO VHFRQGR PRODUH 6DPPDUWLQR *   FRPSOHWDPHQWR GL WHUDSLH SDURGRQWDOL
FRPSOHWDPHQWR GL ULDELOLWD]LRQH SURWHVLFD IDFLOLWDUH PRYLPHQWL RUWRGRQWLFL 9DQ GHU 6FKRRW ($
 SUHVHQ]DGLXQGHQWHFKHVLWURYDLQXQDULPDGLIUDWWXUDRVVHDGHQWHFKHVLWURYDFRLQYROWRLQ
XQD]RQDGLHVFLVVLRQHQHRSODVWLFDLQWHUIHUHQ]DGHOGHQWHFRQFKLUXUJLDRUWRJQDWLFDHRULFRVWUXWWLYD
ULPR]LRQHSUHYHQWLYDHRSURILODWWLFDLQSD]LHQWLFRQSUREOHPDWLFKHPHGLFKHPDJJLRUL 7DL&& 
R SDUWLFRODUL FRQGL]LRQLFKLUXUJLFKH R WUDWWDPHQWL WHUDSHXWLFL ULILXWR FRQVDSHYROH GHO SD]LHQWH GLXQ
WUDWWDPHQWR QRQ FKLUXUJLFR QHL VRJJHWWL FKH SUDWLFDQR VSRUW FRQ HOHYDWH SUREDELOLWj GL WUDXPL HV
SXJLODWRVFLUXJE\HWF QHLVRJJHWWLFRQPHQRGLDQQLGLHWjSHUULGXUUHOHSUREDELOLWjGLGDQQR
SDURGRQWDOHGHOVHFRQGRPRODUHDVVRFLDWHDOO¶DVSRUWD]LRQHWDUGLYD .XJHOEHUJ&) 
&RPHVHPSUHSULPDGHOO¶HVWUD]LRQHqGRYHURVDXQ¶DWWHQWDYDOXWD]LRQHSUHRSHUDWRULD &KDQGOHU /3
 EDVDWDVXXQ¶DQDPQHVLXQHVDPHFOLQLFRSHUODYDOXWD]LRQHH[WUDRUDOH SUHVHQ]DGLOLQIRDGHQLWH
VDWHOOLWH WLSR IDFFLDOH HG DSHUWXUD GHOOD ERFFD  HG XQD  YDOXWD]LRQH LQWUDRUDOH SUHVHQ]D GL HGHPD
WXPHID]LRQHHVWDWRGHOOHPXFRVH ,QROWUHYDHYLGHQ]LDWDO¶HYHQWXDOHSUHVHQ]DGLOHVLRQLFDULRVHVXO
GHQWHFKHDJJHWWDLQDUFDWD/¶HWjGHOSD]LHQWHSXzFRQGL]LRQDUHOHLQGLFD]LRQLDOO¶HVWUD]LRQHILQRDO
FRPSLPHQWRGHOODWHU]DGHFDGHGLHWjXQ¶HUX]LRQHSDU]LDOHLQEXRQDSRVL]LRQHFRQVSD]LRVXIILFLHQWH
H VHQ]D SDWRORJLD DVVRFLDWD SXz LQIDWWL SUHOXGHUH DG XQ¶HUX]LRQH FRPSOHWD ,PSRUWDQWL HG
LPSUHVFLQGLELOL VRQR LQROWUH JOL HVDPL UDGLRJUDILFL SHUFKp GHILQLVFRQR O¶HVDWWD SRVL]LRQH
GHOO¶HOHPHQWR GHQWDULR HG L VXRL UDSSRUWL GL FRQWLQXLWj FRQ OH VWUXWWXUH DQDWRPLFKH DGLDFHQWL
6DQWDPDULD- /¶HVDPHUDGLRJUDILFRGLEDVHqUDSSUHVHQWDWRGDOO¶237SRVVRQRHVVHUHDQFKH
HIIHWWXDWH 5[ HQGRUDOL H TXDORUD IRVVH QHFHVVDULR DYHUH LQIRUPD]LRQL SL SUHFLVH OD 7& R OD 5[
WULGLPHQVLRQDOHDIDVFLRFRQLFR &KDQGOHU/3  -KDPE$  .RVLWERZRUQFKDL6 
,QFDVRGLHVWUD]LRQHGHOWHU]RPRODUHLQIHULRUHVLHVHJXHDQHVWHVLDORFRUHJLRQDOHDOQHUYRDOYHRODUH
LQIHULRUH H OD SOHVVLFD HR WURQFXODUH DO EXFFLQDWRUH 3HU O¶HVWUD]LRQH GHO WHU]R PRODUH VXSHULRUH VL
HVHJXHDQHVWHVLDSOHVVLFD 6HLOGHQWHqWRWDOPHQWHHURWWRVLHVHJXRQROHVWHVVHIDVLRSHUDWLYHFKHVL
XWLOL]]DQR SHU OH HVWUD]LRQL VHPSOLFL 1HO FDVR LQ FXL O¶HOHPHQWR GHQWDULR VLD SDU]LDOPHQWH HURWWR R
ϭϱϮ


165


FRPSOHWDPHQWHLQFOXVRVLHVHJXHXQ¶LQFLVLRQHPXFRSHULRVWHDFRQVFROODPHQWRGLOHPERGLDFFHVVR6L
HIIHWWXD TXLQGL XQD UHVH]LRQH RVVHD PHGLDQWH XQD IUHVD LGRQHD PRQWDWD VX PLFURPRWRUH R WXUELQD
FKLUXUJLFD VRWWR FRVWDQWH LUULJD]LRQH 6XFFHVVLYDPHQWH VL HVHJXH XQ¶RGRQWRWRPLD PHGLDQWH IUHVD
LGRQHD FRQ XQ GLDPHWUR DGHJXDWR SHU FUHDUH DQFKH VSD]LR SHU VXSHUDUH HYHQWXDOL VRWWRVTXDGUL
PRQWDWD VX PLFURPRWRUH R WXUELQD FKLUXUJLFD H SHU PH]]R GL OHYH VL SURFHGH DOOD OXVVD]LRQH
GHOO¶HOHPHQWRGHQWDULR$GHVWUD]LRQHDYYHQXWDVLSUDWLFDXQDUHYLVLRQHGHOO¶DOYHRORFRQXQFXFFKLDLR
DOYHRODUHLUULJD]LRQHFRQVROX]LRQHILVLRORJLFDHVLHVHJXHODVXWXUD &KLDSDVFR0 


/HLQGLFD]LRQLDOODJHUPHFWRPLDGHLWHU]LPRODULVRQRTXHOOHSHUO¶DVSRUWD]LRQHGHLWHU]LPRODUL
LQFOXVLLQJLRYDQLVVLPDHWj

/D JHUPHFWRPLD q O¶DVSRUWD]LRQH GL XQ GHQWH QRQ DQFRUD FRPSOHWDPHQWH IRUPDWR FRPSUHVR LO VXR
IROOLFROR,OJHUPHqDVVLPLODELOHDOGHQWHLQFOXVRTXDQGRULVXOWLDWWHQGLELOHODSUHYLVLRQHGLPDQFDWDR
LQFRPSOHWDHUX]LRQHHQWURODWHU]DGHFDGHGLYLWD/DSUHYLVLRQHqDWWHQGLELOHTXDQGRODPDQFDQ]DGL
VSD]LR q PROWR PDUFDWD PD QRQ TXDQGR OR VSD]LR GLVSRQLELOH SHU LO WHU]R PRODUH q VHPSOLFHPHQWH
OLPLWDWRDQFKHLQUDSSRUWRDOO¶HWjRDOORVWDWRGLVYLOXSSRGHOSD]LHQWH
/D SURFHGXUD FKLUXUJLFD FKH GHY¶HVVHUH HIIHWWXDWD FRQ OH VWHVVH FDXWHOH H OD VWHVVD SLDQLILFD]LRQH
GHVFULWWD SHU LO WHU]R PRODUH LQFOXVR FRPSRUWD O¶HVHFX]LRQH GL XQ OHPER PXFR SHULRVWHR
O¶RVWHRWRPLDO¶RGRQWRWRPLDHODVXWXUD


%LEOLRJUDILD
%UHKPHU % /\VHOO /  5RKOLQ +  3DWKRVHV DVVRFLDWHG ZLWK PDQGLEXODU WKLUG PRODUV VXEMHFWHG WR UHPRYDO  2UDO 6XUJ
2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG  

&KDQGOHU/3/DVNLQ'$FFXUDF\RIUDGLRJUDSKVDQGFODVVLILFDWLRQRILPSDFWHGWKLUGPRODUV-2UDO0D[LOORIDFLDO6XUJ
±

&KLDSDVFR00DQXDOHLOOXVWUDWRGLFKLUXUJLDRUDOH0DVVRQHGLWRUH

.RVLWERZRUQFKDL 6 'HQVLUL$NVRUQ : 3LXPWKDQDURM 3 $ELOLW\ RI WZR UDGLRJUDSKLF PHWKRGV WR LGHQWLI\ WKH FORVHQHVV
EHWZHHQ WKH PDQGLEXODU WKLUG PRODU URRW DQG WKH LQIHULRU DOYHRODU FDQDO D SLORW VWXG\'HQWRPD[LOORIDF 5DGLRO 
)HE  

.XJHOEHUJ&),PSDFWHGORZHUWKLUGPRODUVDQGSHULRGRQWDOKHDOWK$QHSLGHPLRORJLFDOPHWKRGRORJLFDOUHWURVSHFWLYH
DQGSURVSHFWLYHFOLQLFDOVWXG\6ZHG'HQW-6XSS±

.XJHOEHUJ&)$KOVWURP8(ULFVRQ6+XJRVRQ$7KLODQGHU+7KHLQIOXHQFHRIDQDWRPLFDOSDWKRSK\VLRORJLFDODQG
RWKHU IDFWRUV RQ SHULRGRQWDO KHDOLQJ DIWHU LPSDFWHG ORZHU WKLUG PRODU VXUJHU\ $ PXOWLSOH UHJUHVVLRQ DQDO\VLV - &OLQ
3DURGRQWRO  ±

ϭϱϯ


166


0DUFLDQL 5' 7KLUG PRODU UHPRYDO DQ RYHUYLHZ RI LQGLFDWLRQV LPDJLQJ HYDOXDWLRQ DQG DVVHVVPHQW RI ULVN 2UDO
0D[LOORIDFLDO6XUJ&OLQ1RUWK$P)HE  Y5HYLHZ

6DPPDUWLQR * 7LD 0 %XFFL 7 :DQJ +/ 3UHYHQWLRQ RI PDQGLEXODU WKLUG PRODU H[WUDFWLRQDVVRFLDWHG SHULRGRQWDO
GHIHFWVDFRPSDUDWLYHVWXG\-3HULRGRQWRO0DU  

6DPPDUWLQR*7LD0*HQWLOH(0DUHQ]L*&ODXGLR333ODWHOHWULFKSODVPDDQGUHVRUEDEOHPHPEUDQHIRUSUHYHQWLRQ
RI SHULRGRQWDO GHIHFWV DIWHU GHHSO\ LPSDFWHG ORZHU WKLUG PRODU H[WUDFWLRQ - 2UDO 0D[LOORIDF 6XUJ  1R   


7DL && 3UHFLRXV '6 :RRG 5( 3URSK\ODFWLF H[WUDFWLRQ RI WKLUG PRODUV LQ FDQFHU SDWLHQW 2UDO 6XUJ 2UDO 0HG 2UDO
3DWKRO  $XJ

9DQGHU6FKRRW($.XLWHUW5%9DQ*LQNLHO)&3UDKO±$QGHUVHQ%&OLQLFDOUHOHYDQFHRIWKLUGSHUPDQHQWPRODUVLQ
UHODWLRQWRFURZGLQJDIWHURUWKRGRQWLFWUHDWPHQW-'HQW  ±

-KDPE $ 'RODV 56 3DQGLOZDU 3. 0RKDQW\ 6 &RPSDUDWLYH HIILFDF\ RI VSLUDO FRPSXWHG WRPRJUDSK\ DQG
RUWKRSDQWRPRJUDSK\ LQ SUHRSHUDWLYH GHWHFWLRQ RI UHODWLRQ RI LQIHULRU DOYHRODU QHXURYDVFXODU EXQGOH WR WKH LPSDFWHG
PDQGLEXODUWKLUGPRODU-2UDO0D[LOORIDF6XUJ-DQ  

6DQWDPDULD-$UWHDJRLWLD,5DGLRORJLFYDULDEOHVRIFOLQLFDOVLJQLILFDQFHLQWKHH[WUDFWLRQRILPSDFWHGPDQGLEXODUWKLUG
PRODUV2UDO6XUJ2UDO0HG2UDO3DW2UDO5DG(QGRGRQ  

(¶RSSRUWXQRPHWWHUHLQDWWRDFFRUJLPHQWLSDUWLFRODULSHUSUHYHQLUHHYHQWXDOLFRPSOLFDQ]HFKH
SRVVRQR LQVRUJHUH GRSR XQ LQWHUYHQWR GL FKLUXUJLD HVWUDWWLYD H OH GLPLVVLRQL GHO SD]LHQWH R
DGRWWDUHPLVXUHLGRQHHSHUFRQWUDVWDUOHLQFDVRGLORURLQVRUJHQ]D

/D SUHVHQ]D GL GRORUH SUHVXSSRQH OD SUHVFUL]LRQH GL XQ¶DGHJXDWD WHUDSLD IDUPDFRORJLFD FRQ
DQWLGRORULILFL DG D]LRQH SHULIHULFD HR DG D]LRQH FHQWUDOH )$16 RSSLRLGL HG DVVRFLD]LRQL
IDUPDFRORJLFKH (¶ SUHIHULELOH FKH O¶DVVXQ]LRQH DYYHQJD SULPD GHOOD ILQH GHOO¶HIIHWWR GHOO¶DQHVWHVLD
ORFDOHHODWHUDSLDSURVHJXDSHUXQFRQJUXRQXPHURGL JLRUQLLQUHOD]LRQHDOO¶HQWLWjGHOO¶LQWHUYHQWR
SRVVLELOPHQWHLQDVVRFLD]LRQHDGXQIDUPDFRJDVWURSURWHWWRUH &ODVVHQ'& 
/D SUHYHQ]LRQH GHOO¶HGHPD SRVWRSHUDWRULR FRPSRUWD O¶DGR]LRQH GL SURFHGXUH SRFR LQYDVLYH  XQ
PLQRUHVFROODPHQWRGHLWHVVXWL XQDGHOLFDWDWUD]LRQHGHLWHVVXWLPROOLGXUDQWHODGLYDULFD]LRQHXQD
OLPLWD]LRQHGHOOHLQFLVLRQLSHULRVWDOL(¶EXRQDQRUPDHVHJXLUHLUULJD]LRQLGHOODSDUWHWUDWWDWDDOODILQH
GHOO¶LQWHUYHQWR ,O WUDWWDPHQWR FRQ )$16 H FRUWLVRQLFL q LQGLFDWR QHL FDVL GL XQD FKLUXUJLD SL
LQYDVLYD *HUVHPD/  *UD]LDQL) ,QSUHVHQ]DGLHGHPDLQYHFHLOWUDWWDPHQWRSUHYHGH
O¶XWLOL]]RGLLPSDFFKLFRQJKLDFFLRQHOOHSULPHRUHQHOOD]RQDRSHUDWDDSSOLFDWLDGLQWHUYDOOLGL
PLQXWL DVVRFLDWL DOO¶HYHQWXDOH VRPPLQLVWUD]LRQH GL DQWLQILDPPDWRUL HQ]LPDWLFL  +DDV '$  
-DFNVRQ-/ 

ϭϱϰ


167


/D SUHYHQ]LRQH GHO WULVPD VL SXz RWWHQHUH FRQ OD ULGX]LRQH GHL WHPSL FKLUXUJLFL HG XQD OLPLWD]LRQH
GHOORVFROODPHQWRGHLWHVVXWLPROOL,OWUDWWDPHQWRLQYHFHSUHYHGHXQDGLHWDPRUELGDHRVHPLOLTXLGD
ODILVLRWHUDSLDGHLPXVFROLPDVWLFDWRULHGHOO¶$70HIDUPDFLDQWLIORJLVWLFLHPLRULODVVDQWL
/¶DGR]LRQH GL WHFQLFKH FKLUXUJLFKH PLQLPDPHQWH LQYDVLYH RYH SRVVLELOH FRQVHQWH OD SUHYHQ]LRQH
GHOOHHFFKLPRVLPHQWUHLQFDVRGLORURFRPSDUVDqEXRQDQRUPDDWWHQGHUHODULVROX]LRQHVSRQWDQHD
SHUOHQWRULDVVRUELPHQWR 'H0LFKHOLV% 
/H HPRUUDJLH SRVVRQR HVVHUH SUHYHQXWH FRQ OR VFROODPHQWR VRWWRSHULRVWDOH GHL WHVVXWL PROOL OD
SURWH]LRQHGHLWHVVXWLPROOLGDOO¶XVRGLVWUXPHQWLPDQXDOLHURWDQWLHODGLPLVVLRQHGHOSD]LHQWHGRSR
FRQWUROOR GHOO¶DYYHQXWD HPRVWDVL (¶ EXRQD QRUPD HIIHWWXDUH XQD FRPSUHVVLRQH SRVW RSHUDWRULD GHO
VLWR WUDWWDWR FRQ JDU]D SHU  PLQXWL GRSR O¶LQWHUYHQWR H SULPD GHOOD GLPLVVLRQH GHO SD]LHQWH
YHULILFDUHO¶DYYHQXWDHPRVWDVL,QROWUHDOSD]LHQWHYDQQRGDWHDGHJXDWHLVWUX]LRQLSRVWRSHUDWRULH,Q
FDVR GL HPRUUDJLH LO WUDWWDPHQWR FRQVLVWH QHOOD FRPSUHVVLRQH GHOO¶DUHD LQWHUHVVDWD FRQ JDU]H
HYHQWXDOPHQWH LPEHYXWH GL DQWLHPRUUDJLFR SHU  PLQXWL OD YHULILFD GHOOD VWDELOLWj GHO OHPER
G¶DFFHVVRPHQWUHLQFDVRGLVDQJXLQDPHQWRSHUGXUDQWHqRSSRUWXQDXQDQXRYDVXWXUD1HOO¶LSRWHVL
FKHLOVDQJXLQDPHQWRQRQSRVVDHVVHUHFRQWUROODWRFRQOHPLVXUHLQGLFDWHLOSD]LHQWHYDLQYLDWRDOOD
SLYLFLQDVWUXWWXUDVDQLWDULDRVSHGDOLHUD 5HLFK:  7RQROL$ 
/D SUHYHQ]LRQH GHJOL HPDWRPL q SRVVLELOH FRQ OR VFROODPHQWR VRWWRSHULRVWDOH GHL WHVVXWL PROOL H
O¶DWWHQWRFRQWUROORGHOO¶HPRVWDVLSULPDGHOODGLPLVVLRQHGHOSD]LHQWH(¶UDFFRPDQGDWDODSURWH]LRQH
GHLWHVVXWLPROOLTXDQGRYLVLDLOULVFKLRGLSHQHWUD]LRQHFRQVWUXPHQWLURWDQWLRWDJOLHQWL $GH\HPR
:/   ,Q FDVR GL LQVRUJHQ]D GL HPDWRPL TXHVWL SRVVRQR ULDVVRUELUVL VSRQWDQHDPHQWH PHQWUH
TXDORUDSURYRFKLQRRVWUX]LRQHGHOOHYLHDHUHHVLUHQGHQHFHVVDULDO¶RVSHGDOL]]D]LRQHGHOSD]LHQWHHG
XQWUDWWDPHQWRFKLUXUJLFRG¶XUJHQ]DGLULPR]LRQHGHOO¶HPDWRPDHGHOODFDXVDGHOO¶HPRUUDJLD 2VERQ
'% 
,Q SUHVHQ]D G¶LQIH]LRQH DFXWD HG LQILDPPD]LRQH q QHFHVVDULR HYLWDUH GL LQL]LDUH XQ LQWHUYHQWR GL
HOH]LRQH(¶EXRQDQRUPDLOULVSHWWRGHOOHQRUPHGLDVHSVLHVWHULOL]]D]LRQHSURILODVVLDQWLELRWLFDSUH
RSHUDWRULD TXDQGR LQGLFDWD H O¶XVR GL LUULJDQWL PHGLFDPHQWRVL SHU SUHYHQLUH HYHQWXDOL LQIH]LRQL
1HOO¶LSRWHVL GL ORUR LQVRUJHQ]D q QHFHVVDULD XQ¶DGHJXDWD WHUDSLD DQWLELRWLFD DVVRFLDWD D WHUDSLD
DQWLQILDPPDWRULD H GUHQDJJLR GHOO¶HYHQWXDOH DVFHVVR /¶RVSHGDOL]]D]LRQH q LQGLFDWD QHO FDVR
G¶LQIH]LRQLFKHKDQQRLQYDVRLSLDQLVXSHUILFLDOLHSURIRQGLHROHORJJHHJOLVSD]LFHUYLFRIDFFLDOLH
FKHSRWUHEEHURSURYRFDUHRVWUX]LRQHGHOOHYLHDHUHH $XJXVW0 
/D SUHYHQ]LRQH GHOO¶DOYHROLWH q SRVVLELOH PHGLDQWH VHGXWH G¶LJLHQH RUDOH SUHRSHUDWRULH DVWHQVLRQH
GDOIXPRGLVLJDUHWWDQHOSUHHSRVWRSHUDWRULRXWLOL]]RPLQLPRGLYDVRFRVWULWWRUH 5DJQR-5 
(¶RSSRUWXQRLQROWUHVHPSUHDILQLSUHYHQWLYLFXUHWWDUHHXWLOL]]DUHLUULJD]LRQLFRQILVLRORJLFDDOOD
ϭϱϱ


168


ILQH GHOO¶LQWHUYHQWR FRQWUROODUH OD IRUPD]LRQH GHO FRDJXOR SULPD GHOOD GLPLVVLRQH GHO SD]LHQWH H
SUHVFULYHUH DQWLVHWWLFL RUDOL QHO SHULRGR SRVWRSHUDWRULR ,O WUDWWDPHQWR GHOO¶DOYHROLWH SUHYHGH LQ
DQHVWHVLD LO FXUHWWDJH FRQ LUULJD]LRQH GHOO¶DOYHROR DVVLHPH DOO¶LPPLVVLRQH QHOOR VWHVVR GL VRVWDQ]H
DQWLVHWWLFKHJDU]DLRGRIRUPLFD %OXP,5  &KLDSDVFR0 
/D SLDQLILFD]LRQH GHO WUDWWDPHQWR FKLUXUJLFR FRQ DGHJXDWR LPDJLQJ UDGLRORJLFR O¶HVHFX]LRQH GL
FRUUHWWHOLQHHG¶LQFLVLRQHHORVFROODPHQWRVRWWRSHULRVWDOHFRQVHQWRQRODSUHYHQ]LRQHGHOOHOHVLRQHGHL
WURQFKLQHUYRVL 5RELQVRQ33 ,QFDVRGLORURLQVRUJHQ]DLOWUDWWDPHQWRqYDULDELOHLQEDVHDO
TXDGUR FOLQLFR ,Q JHQHUDOH q FRQVLJOLDWD WHUDSLD FRUWLVRQLFD DVVRFLDWD D SUHSDUDWL YLWDPLQLFL GHO
JUXSSR% %RXOR[*) 


%LEOLRJUDILD

$GH\HPR://DGHLQGH$/2JXQOHZH02,QIOXHQFHRIWUDQVRSHUDWLYHFRPSOLFDWLRQVRQVRFNHWKHDOLQJIROORZLQJGHQWDO
H[WUDFWLRQV-&RQWHPS'HQW3UDFW-DQ  

$XJXVW0&RPSOLFDWLRQVLQRUDODQGPD[LOORIDFLDOVXUJHU\2UDO0D[LOORIDF6XUJ&OLQ1RUWK$P0D\  

%OXP,5&RQWHPSRUDU\YLHZVRQGU\VRFNHW DOYHRODURVWHLWLV DFOLQLFDODSSUDLVDORIVWDQGDUGL]DWLRQDHWLRSDWKRJHQHVLV


DQGPDQDJHPHQWDFULWLFDOUHYLHZ,QW-2UDO0D[LOORIDF6XUJ͘ϮϬϬϮ:ƵŶ͖ϯϭ;ϯͿ͗ϯϬϵͲϭϳ͘

%RXORX[*)6WHHG0%3HUFLDFFDQWH9-&RPSOLFDWLRQVRIWKLUGPRODUVXUJHU\2UDO0D[LOORIDF6XUJ&OLQ1RUWK$P
)HE  

&KLDSDVFR00DQXDOHLOOXVWUDWRGLFKLUXUJLDRUDOH0DVVRQ

&ODVVHQ'&(YDQV563HVWWQLN6/+RUQ6'HWDO7KHWLPLQJRISURSK\ODFWLFDGPLQLVWUDWLRQRIDQWLELRWLFVDQGWKHULVN
RIVXUJLFDOZRXQGLQIHFWLRQ1(QJO-0HG

'H0LFKHOLV%0RGLFD55H*7UDWWDWRGL&OLQLFD2GRQWRVWRPDWRORJLFD(G0LQHUYD0HGLFDAHG9RO

*UD]LDQL)'
$LXWR)$UGXLQR3*7RQHOOL0*DEULHOH03HULRSHUDWLYHGH[DPHWKDVRQHUHGXFHVSRVWVXUJLFDOVHTXHODH
RI ZLVGRP WRRWK UHPRYDO $ VSOLWPRXWK UDQGRPL]HG GRXEOHPDVNHG FOLQLFDO WULDO ,QW - 2UDO 0D[LOORIDF 6XUJ 
0DU  

*HUVHPD/%DNHU.8VHRIFRUWLFRVWHURLGVLQRUDOVXUJHU\-2UDO0D[LOORIDF6XUJ

+DDV'$$QXSGDWHRQDQDOJHVLFIRUWKHPDQDJHPHQWRISRVWRSHUDWLYHGHQWDOSDLQ-&DQDG'HQWDO$VVRF


-DFNVRQ -/ 0RRUH 3$ 'LRQQH 5$ +DUJUHDYHV .0  &RPSDLULVRQ RI XVH RI QRQVWHURLGDO DQWLLQIODPPDWRU\ GUXJV
LEXSURIHQ DQG IOXELSURIHQ ZLWK PHWKLOSUHGQLVRORQH DQG SODFHER IRU DFXWH SDLQ VZHOOLQJ DQG WULVPXV IROORZLQJ WKLUG
PRODURUDOVXUJHU\-2UD

2VERQ'%3RVWRSHUDWLYHFRPSOLFDWLRQVIROORZLQJGHQWRDOYHRODUVXUJHU\'HQW&OLQ1RUWK$P-XO  

5DJQR-56]NXWQLN$-(YDOXDWLRQRIULQVHRIFKORUH[LGLQHULQVHRQWKHSUHYHQWLRQRIDOYHRODURVWHLWLV2UDO6XUJ2UDO
0HG2UDO3DWKRO

5HLFK:.ULZDOVN\06:ROI++6FKXEHUW%OHHGLQJFRPSOLFDWLRQVDIWHURUDOVXUJHU\LQRXWSDWLHQWVZLWKFRPSURPLVHG
KDHPRVWDVLVLQFLGHQFHDQGPDQDJHPHQW-2UDO0D[LOORIDF6XUJ-XQ  
ϭϱϲ


169


5RELQVRQ33/RHVFKHU$5<DWHV-06PLWK.*&XUUHQWPDQDJHPHQWRIGDPDJHWRWKHLQIHULRUDOYHRODUDQGOLQJXDO
QHUYHVDVDUHVXOWRIUHPRYDORIWKLUGPRODUV%U-2UDO0D[LOORIDF6XUJ͘ϮϬϬϰƵŐ͖ϰϮ;ϰͿ͗ϮϴϱͲϵϮ͘

7RQROL $ $UFXUL & $OHJLDQL )  +HPRUUKDJLF FRPSOLFDWLRQV GXULQJ RUDO VXUJHU\ SUHYHQWLRQ DQG WUHDWPHQW 'HQW
&DGPRV-XQ  

/D SUHVHQ]D GL XQD IRUPD]LRQH DVFHVVXDOH LPSRQH XQ SURQWR WUDWWDPHQWR PHGLFR HR
FKLUXUJLFR

/¶DVFHVVR q XQ SURFHVVR LQIHWWLYR DFXWR R FURQLFR  FDUDWWHUL]]DWR GD XQD UDFFROWD SXUXOHQWD
ORFDOL]]DWD LQ XQD FDYLWj QHRIRUPDWD /D IRUPD DFXWD SUHVHQWD XQD VLQWRPDWRORJLD LPSRQHQWH FRQ
GRORUH LQWHQVR ORFDOL]]DWR FKH WDOYROWD VL LUUDGLD DG DUHH GLIIHUHQWL 7HQGH D GUHQDUH DWWUDYHUVR L
WHVVXWLPROOLFLUFRVWDQWLFXWHRPXFRVDFUHDQGRXQWUDPLWHILVWRORVRFKHVLDSUHSLIUHTXHQWHPHQWH
QHO FDYR RUDOH PD FKH SXz DQFKH UDJJLXQJHUH OD FXWH GHO YLVR H GHO FROOR GDQGR RULJLQH SRL D
JXDULJLRQHDYYHQXWDDFLFDWULFLWDOYROWDGHWXUSDQWL %XFFL(   4XDORUDODVRODWHUDSLDPHGLFD
QRQ VLD VXIILFLHQWH JOL DVFHVVL FKH VRQR DQGDWL LQFRQWUR DO SURFHVVR GL FROOLTXD]LRQH GHYRQR HVVHUH
WUDWWDWL FKLUXUJLFDPHQWH FRVu GD IDYRULUH OD IXRULXVFLWD GHO PDWHULDOH SXUXOHQWR H TXLQGL OD
GHFRPSUHVVLRQH GHOO¶DUHD LQWHUHVVDWD FRQ FRQVHJXHQWH HOLPLQD]LRQH GHO GRORUH HG LQFUHPHQWR GHOOD
FLUFROD]LRQHORFDOH 'DUDPROD22  ,OGUHQDJJLRGHOO¶DVFHVVRVLRWWLHQHDOWHUQDWLYDPHQWHFRQ
O¶LQFLVLRQH GHL SLDQL VXSHUILFLDOL FXWDQHL R PXFRVL R FRQ O¶HVWUD]LRQH GHQWDOH R FRQ OD WHUDSLD
HQGRGRQWLFD DQFKHFKLUXUJLFD RFRQLOWUDWWDPHQWRSDURGRQWDOHGHOGHQWHUHVSRQVDELOH/¶LQFLVLRQHGL
XQ DVFHVVR DOO¶LQWHUQR GHO FDYR RUDOH SUHYHGH GRSR XQ¶DQHVWHVLD SHU SHUIULJHUD]LRQH XQ¶LQFLVLRQH
PLQLPDOHGHOODPXFRVDQHOODSRU]LRQHSLGHFOLYHGHOODWXPHID]LRQHFKHFRQVHQWDODIXRULXVFLWDGHO
SXVVXFFHVVLYDPHQWHIDYRULWDGDXQDVSUHPLWXUDPDQXDOHGLWLSRFHQWULSHWR2WWHQXWRORVYXRWDPHQWR
SRWUDQQR HVVHUH HVHJXLWL XQD UHYLVLRQH GHOOD FDYLWj QHRIRUPDWD H ODYDJJL FRQ PDWHULDOH DQWLVHWWLFR
3RWUjTXLQGLHVVHUHLQVHULWRHODVFLDWRLQVLWXXQR]DIIRGLJDU]DPHGLFDWDRXQDOWURWLSRGLSUHVLGLR
XWLOH DO ILQH GL JDUDQWLUH OD FRQWLQXLWj GHO GUHQDJJLR HG HYLWDUH OD FKLXVXUD GHO WUDPLWH DSHUWR
FKLUXUJLFDPHQWH&LzILQWDQWRFKHGDOODIHULWDQRQIXRULXVFLUjSLPDWHULDOHSXUXOHQWR6LHVHJXHXQD
WHUDSLDDQWLELRWLFDLQL]LDOPHQWHHPSLULFDHVXFFHVVLYDPHQWHVHQRQF¶qDGHJXDWDULVSRVWDVLHIIHWWXD
DQWLELRWLFRWHUDSLDVXOODEDVHGHOORDQWLELRJUDPPD %XFFL( 
/¶LQFLVLRQH GL XQ DVFHVVR FXWDQHR DOO¶HVWHUQR GHO FDYR RUDOH SUHYHGH GRSR XQ¶DQHVWHVLD SHU
SHUIULJHUD]LRQHXQ¶LQFLVLRQHPLQLPDOHGHOODFXWH FRVLGGHWWD³DSXJQDODWD´SHUPLQLPL]]DUHJOLHVLWL
FLFDWUL]LDOL H SHU GLPLQXLUH OD SRVVLELOLWj GL LQFRQWUDUH WHUPLQD]LRQL QHUYRVH  QHOOD SRU]LRQH SL
GHFOLYHGHOODWXPHID]LRQH FKHLQJHQHUHFRUULVSRQGHDGXQD]RQDGLGLVFURPLDURVVDVWUDHGDOOD]RQD

ϭϱϳ


170


FKH DOOD SDOSD]LRQH DSSDUH SL FDOGD  FKH FRQVHQWD OD IXRULXVFLWD GHO PDWHULDOH SXUXOHQWR
VXFFHVVLYDPHQWH IDYRULWD GD XQD VSUHPLWXUD PDQXDOH GL WLSR FHQWULSHWR 2WWHQXWR OR VYXRWDPHQWR
SRWUDQQR HVVHUH HVHJXLWL XQD UHYLVLRQH VWUXPHQWDOH  GHOOD FDYLWj QHRIRUPDWD QHOO¶DPELWR GHL WHVVXWL
PROOLHODYDJJLFRQPDWHULDOHDQWLVHWWLFR3RWUjTXLQGLHVVHUHLQVHULWRHODVFLDWRLQVLWXXQR]DIIRGL
JDU]DPHGLFDWDRPHJOLRXQGLWRGLJXDQWRVWHULOHDOILQHGLJDUDQWLUHODSHUYLHWjGHOGUHQDJJLRHG
HYLWDUHODFKLXVXUDGHOWUDPLWHDSHUWRFKLUXUJLFDPHQWHILQRDTXDQGRGDOODIHULWDQRQIXRULXVFLUjSL
PDWHULDOH SXUXOHQWR 6L HVHJXH XQD WHUDSLD DQWLELRWLFD LQL]LDOPHQWH HPSLULFD H VXFFHVVLYDPHQWH VH
QRQF¶qDGHJXDWDULVSRVWDVLHIIHWWXDDQWLELRWLFRWHUDSLDVXOODEDVHGHOORDQWLELRJUDPPD 6NXFDLWH1
 


%LEOLRJUDILD

%XFFL(GL/DXUR)&KLUXUJLD2GRQWRVWRPDWRORJLFD(GL]LRQH)ORULR&DVRULD 1DSROL 

'DUDPROD 22 )ODQDJDQ &( 0DLVHO 5+ 2GODQG 50 'LDJQRVLV DQG WUHDWPHQW RI GHHS QHFN VSDFH DEVFHVVHV
2WRODU\QJRO+HDG1HFN6XUJ-XO  

6NXFDLWH 1 3HFLXOLHQH 9 0DFLXOVNLHQH 9  0LFURELDO LQIHFWLRQ DQG LWV FRQWURO LQ FDVHV RI V\PSWRPDWLF DSLFDO
SHULRGRQWLWLVDUHYLHZ0HGLFLQD .DXQDV   



,QFDVRGLVLQXVLWHRGRQWRJHQHDFXWHRFURQLFKHYDULFHUFDWDODFDXVDHGHIIHWWXDWDRSSRUWXQD
WHUDSLDPHGLFDHRFKLUXUJLFD


,O VHQR PDVFHOODUH SXz FRQWUDUUH UDSSRUWL GL FRQWLQXLWj R FRQWLJXLWj FRQ OH UDGLFL GL DOFXQL HOHPHQWL
GHQWDUL FKH SHU IUHTXHQ]D VRQR LO SULPR PRODUH LO WHU]R PRODUH LO VHFRQGR PRODUH LO VHFRQGR
SUHPRODUH LO SULPR SUHPRODUH H LO FDQLQR HVFOXGHQGR LO WHU]R PRODUH VXSHULRUH LQFOXVR  4XHVWD
VLWXD]LRQH UHQGH SRVVLELOH LO YHULILFDUVL GL XQD SDWRORJLD VLQXVDOH LQIHWWLYD HR LQILDPPDWRULD D
SDUWHQ]DGHQWDULD/
LQWHUHVVDPHQWRIORJLVWLFRHRLQIHWWLYRGHOVHQRPDVFHOODUHSXzWXWWDYLDDYYHQLUH
DQFKH LQ VHJXLWR DG HVWUD]LRQL GHQWDULH DG HQGRGRQ]LD LQFRQJUXD D FKLUXUJLD LPSODQWDUH HG D
VXSHULQIH]LRQH GL DOWUL SURFHVVL SDWRORJLFL GL RULJLQH GHQWDULD , TXDGUL IORJLVWLFL FKH FRLQYROJRQR LO
VHQR PDVFHOODUH SRVVRQR HVVHUH DFXWL R FURQLFL HG LO ORUR WUDWWDPHQWR SUHVXSSRQH XQ¶DGHJXDWD
YDOXWD]LRQHDQDPQHVWLFD SHUULOHYDUHODSUHVHQ]DGLXQDSDUDGHQWLWHDSLFDOHQHOOD]RQDGLLQWHUHVVHR
XQDSUHJUHVVDHVWUD]LRQHGHQWDULDRXQSUHJUHVVRWUDWWDPHQWRFDQDODUHRXQWUDWWDPHQWRFKLUXUJLFRGL
SRVL]LRQDPHQWR GL LPSLDQWL GHQWDOL  &RQ O¶HVDPH FOLQLFR YD ULFHUFDWD OD SUHVHQ]D GL XQ HOHPHQWR
GHQWDULR QHFURWLFR LQ FRUULVSRQGHQ]D GHOOD UHJLRQH ODWHURSRVWHULRUH OD VHGH GL XQD SUHJUHVVD
HVWUD]LRQHXQDULQRUUHDPRQRODWHUDOHHO¶HVDFHUED]LRQHGHOGRORUHDOODSDOSD]LRQHFRPSUHVVLYDGHOOD

ϭϱϴ


171


IRVVD FDQLQD /¶DQDPQHVL GHYH HVVHUH DFFRPSDJQDWD GD DOFXQL HVDPL VWUXPHQWDOL 4XHVWL SRVVRQR
HVVHUH 5[ RUWRSDQWRPRJUDILD 237  UDGLRJUDILD GHL VHQL QDVDOL H SDUDQDVDOL WRPRJUDILD DVVLDOH
FRPSXWHUL]]DWD 7&&%&7  %XFFL(  'H0LFKHOLV% 
/DWHUDSLDGHOOHIRUPHDFXWHqSUHYDOHQWHPHQWHPHGLFDHVLEDVDVXOO
XWLOL]]RGLDQWLELRWLFLSHU
JLRUQLGLDQWLLQILDPPDWRULGLFRUWLVRQHHRWHUDSLDDHURVROLFDGLWLSRRWRULQRODULQJRLDWULFD %DLOH\-
  /D WHUDSLD GHOOH IRUPH FURQLFKH FKH QRQ QHFHVVLWDQR GL XQD VROX]LRQH FKLUXUJLFD VL EDVD
VXOO
XWLOL]]R GL DQWLELRWLFL LPPXQRVWLPRODQWL DQWLVWDPLQLFL VSUD\ GL FRUWLFRVWHURLGL DG XVR WRSLFR
ODYDJJL QDVDOL FRQ VROX]LRQL LGURVDOLQH WHUDSLH LQDODWRULH FRQ IDUPDFL R DFTXH WHUPDOL /H VLQXVLWL
RGRQWRJHQH DFXWH H VXEDFXWH UHVLVWHQWL DOOD WHUDSLD PHGLFD QHFHVVLWDQR GL XOWHULRUL DSSURIRQGLPHQWL
GLDJQRVWLFL FKH SRVVRQR ULFKLHGHUH OD FRQVXOHQ]D GL XQR VSHFLDOLVWD RWRULQRODULQJRLDWUD HR GL XQ
FKLUXUJRPD[LOORIDFFLDOH7DOHFRQVXOHQ]DWDOYROWDSXzSRLSUHYHGHUHXQLQWHUYHQWRLQDVVRFLD]LRQH
WUDLVXGGHWWLVSHFLDOLVWLHGLOFKLUXUJRRUDOHFRQLOWUDWWDPHQWRSHUYLDHQGRVFRSLFDGHOVHQR $QGULF
0 FRQWHPSRUDQHDPHQWHDOODFKLXVXUDGDSDUWHGHOFKLUXUJRRUDOHGHOODILVWRODRURDQWUDOH
/D WHUDSLD VXO VHQR PDVFHOODUH YD DVVRFLDWD D WHUDSLD HWLRORJLFD FKH FRQVLVWH QHO WUDWWDPHQWR GHOOD
FDXVD FKH KD GHWHUPLQDWR OD VLQXVLWH FRUSL HVWUDQHL HQGRVLQXVDOL SDURGRQWRSDWLD DSLFDOH VRYUD
LQIH]LRQLGLSDWRORJLHRGRQWRJHQHDVYLOXSSRHQGRVLQXVDOHFDXVHLDWURJHQH 


/D SUHVHQ]D GL XQD FRPXQLFD]LRQH RURDQWUDOH SXz HVVHUH WUDWWDWD LPPHGLDWDPHQWH R VHJXLWD
QHOODVXDHYROX]LRQHFOLQLFDFRQXQDGHJXDWRIROORZXS

/DFRPXQLFD]LRQHRURDQWUDOHqXQ¶DSHUWXUDSDWRORJLFDWUDFDYLWjRUDOHHVHQRPDVFHOODUHDH]LRORJLD
YDULDFKHVHQRQWUDWWDWDSRWUHEEHSRUWDUHDOODIRUPD]LRQHGLXQDILVWRODRURDQWUDOHFRVWLWXLWDGDXQ
WUDPLWH HSLWHOL]]DWR IUHTXHQWHPHQWH DVVRFLDWR DG XQD IORJRVL GHOOD PXFRVD VLQXVDOH Ê QHFHVVDULR
GLVWLQJXHUH WUDPLWH OD PDQRYUD GL 9DOVDOYD VH OD FRPXQLFD]LRQH q FRQ R VHQ]D LQWHUUX]LRQH GHOOD
PHPEUDQD VLQXVDOH TXDORUD LQIDWWL OD PHPEUDQD VLD LQWHJUD H QRQ ODVFL SDVVDUH DULD SXz HVVHUH
VXIILFLHQWHDWWHQGHUHODVWDELOL]]D]LRQHGHOFRDJXORHODUDFFRPDQGD]LRQHDOSD]LHQWHGLQRQVWDUQXWLUH
RVWUXHQGRPHFFDQLFDPHQWHOHYLHQDVDOLHGLHYLWDUHGLVRIILDUVLLOQDVRSHUXQSHULRGRGLDOPHQRGXH
VHWWLPDQH 4XDORUD LQYHFH OD FRPXQLFD]LRQH VLD ³IUDQFD´ SXz HVVHUH WUDWWDWD PHGLDQWH XQ¶HYHQWXDOH
RVWHRSODVWLFDDSSRVL]LRQHGLWHVVXWLHVXWXUD7DOYROWDSXzHVVHUHXWLOHODSURWH]LRQHGHOVLWRFRQXQD
SODFFKHWWD LQ UHVLQD DSSRVLWDPHQWH SUHSDUDWD FKH SRVVD FRQVHQWLUH DL WHVVXWL SURWHWWL GL JXDULUH
VSRQWDQHDPHQWH,QFDVRLQYHFHGLILVWRODRURDQWUDOHLOWUDWWDPHQWRFKLUXUJLFRqSUHFHGXWRHVHJXLWR
GDXQWUDWWDPHQWRDQWLELRWLFRDQWLLQILDPPDWRULRHPXFROLWLFRFKHSXzHVVHUHVLDVLVWHPLFRVLDWRSLFR

ϭϱϵ


172


WUDPLWHDHURVRO/DWHUDSLDFKLUXUJLFDSUHYHGHO¶XWLOL]]RGLDSSRVLWLOHPELDVHFRQGDGHOODJUDQGH]]DH
GHOODSRVL]LRQHGHOODILVWROD 9LVVFKHU6+ 
,OHPELSLFRPXQHPHQWHXVDWLVRQRTXHOOLWUDSH]RLGDOLDVFRUULPHQWRYHVWLERODUHRTXHOOLDURWD]LRQH
GDO SDODWR HQWUDPEL SUHYHGRQR OD ULPR]LRQH GHO WUDJLWWR ILVWRORVR HSLWHOL]]DWR H XQD FKLXVXUD LQ
HFFHVVRFKHULGXFDOHSUREDELOLWjGLULDSHUWXUD 'H0LFKHOLV% 6RQRSUHYLVWLDQFKHDOWULOHPEL
TXDOLTXHOORDGRSSLDIRGHUDFKHSUHYHGHO¶XWLOL]]RLQYHFHGHOORVWHVVRHSLWHOLRFKHULFRSUHLOWUDJLWWR
ILVWRORVRVHQ]DODULPR]LRQH4XDQGRqSUHVHQWHXQDVLQXVLWHFURQLFDRVXEDFXWDSHUILVWROHLQYHWHUDWH
VLLPSRQHODUHYLVLRQHFKLUXUJLFDGHOVHQRPDVFHOODUHFRQRSSRUWXQDWHUDSLDPHGLFDGLVXSSRUWRLQ
TXDQWR LQ TXHVWL FDVL TXDOVLDVL WHFQLFD WHQGHQWH DOOD VROD FKLXVXUD GHOOD ILVWROD QRQ ULXVFLUHEEH DG
HVVHUH ULVROXWLYD 3Xz HVVHUH SUHYLVWR DQFKH O¶XWLOL]]R FRQWHPSRUDQHR GL PHPEUDQH ULDVVRUELELOL R
LQQHVWLGLRVVRDXWRORJR


%LEOLRJUDILD

$QGULF 0 6DUDQRYLF 9 'UD]LF 5 %UNRYLF % 7RGRURYLF / )XQFWLRQDO HQGRVFRSLF VLQXV VXUJHU\ DV DQ DGMXQFWLYH
WUHDWPHQWIRUFORVXUHRIRURDQWUDOILVWXODHDUHWURVSHFWLYHDQDO\VLV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO(QGRG


%DLOH\-&KDQJH-$QWLELRWLFVIRUDFXWHPD[LOODU\VLQXVLWLV$P)DP3K\VLFLDQ0D\  

%XFFL(GL/DXUR)&KLUXUJLD2GRQWRVWRPDWRORJLFD(GL]LRQH)ORULR&DVRULD 1DSROL 

'H0LFKHOLV%0RGLFD55H*7UDWWDWRGL&OLQLFD2GRQWRVWRPDWRORJLFD(G0LQHUYD0HGLFDAHG9RO

,Q FKLUXUJLD RUDOH q QHFHVVDULR WHQHUH LQ FRQVLGHUD]LRQH L IDWWRUL FKH SRVVRQR LQIOXHQ]DUH
QHJDWLYDPHQWHODJXDULJLRQHGHLWHVVXWL

,SURFHVVLULSDUDWLYLRGLFLFDWUL]]D]LRQHPHVVLLQDWWRGDOO
RUJDQLVPRLQSUHVHQ]DGLIHULWHFKLUXUJLFKH
R DFFLGHQWDOL FRQVLVWRQR QHOOD IRUPD]LRQH GL QXRYR WHVVXWR FRQQHWWLYR ULVXOWDWR GHOO
HYROX]LRQH GL
WHVVXWR GL JUDQXOD]LRQH LQ WHVVXWR FLFDWUL]LDOH 'LYHUVL VRQR L IDWWRUL FKH SRVVRQR LQIOXHQ]DUH
QHJDWLYDPHQWH L SURFHVVL GL JXDULJLRQH IDWWRUL JHQHUDOL FRPH OH LQIH]LRQL VLVWHPLFKH OH PDODWWLH
GHELOLWDQWLLWXPRULPDOLJQLOHWHUDSLHFRQIDUPDFLVWHURLGHLXQ¶DOWHUDWDULVSRVWDLPPXQLWDULDHIDWWRUL
ORFDOLFRPHPDWHULDOHHVWUDQHRWHVVXWRQHFURWLFRWHQVLRQHHGLVFKHPLDGHOOHPERLQIH]LRQH


ϭϲϬ


173


,O ILOR GL VXWXUD GHYH DYHUH FDUDWWHULVWLFKH ELRPHFFDQLFKH LGHDOL LQ UHOD]LRQH DOOD
PDQHJJHYROH]]DDOODELRFRPSDWLELOLWjHGDOODFDSDFLWjGLULWHQHUHQHO WHPSR OD
UHVLVWHQ]DDOODWHQVLRQH*OLDJKLGDXWLOL]]DUHVRQRTXHOOLDWUDXPDWLFL

/DVXWXUDSUHYHGH DOFXQHGLIIHUHQ]HDVHFRQGDGHOWLSRGLIHULWD OHIHULWHFKLUXUJLFKHRUDOLSRVVRQR


HVVHUH GD WDJOLR GD ODFHUD]LRQH H ODFHURFRQWXVH FRQ H VHQ]D SHUGLWD GL VRVWDQ]D  PD LQ WXWWH q GL
SUDVVLODGHWHUVLRQHHGLVLQIH]LRQHGHOODIHULWDFRQVROX]LRQLDQWLVHWWLFKHHO¶HPRVWDVLTXDQGRSUHVHQWH
XQJHPL]LRYDVFRODUH1HOODIHULWDGDWDJOLRqGDSUHIHULUHXQDVXWXUDDSXQWLVWDFFDWLFKHFRPLQFLGDO
FHQWUR H VL HVWHQGD SRL DL GXH ODWL ILQR DG XQ FRPSOHWR DIIURQWDPHQWR GHL PDUJLQL 1HOOD IHULWD GD
ODFHUD]LRQHRODFHURFRQWXVDVHQ]DSHUGLWDGLVRVWDQ]DqLQYHFHLPSRUWDQWHUHJRODUL]]DUHLPDUJLQLLQ
PRGRFKHSRVVDQRHVVHUHDIIURQWDWLULFRVWUXHQGRTXDQWRSLqSRVVLELOHO¶RULJLQDOHDUFKLWHWWXUDGHOOD
]RQD1HOOHIHULWHODFHURFRQWXVHFRQSHUGLWDGLVRVWDQ]DqDXVSLFDELOHLOWHQWDWLYRGLOLPLWDUHTXDQWR
SLqSRVVLELOHFRQODVXWXUDO¶DUHDGLJXDULJLRQHSHUVHFRQGDLQWHQ]LRQH $UWDQGL&  %ROWUL)
  %RQDUGLQL/ 


%LEOLRJUDILD

$UWDQGL&*DOOLQL*3DVTXDOLQL0/DVXWXUDLQFKLUXUJLDRUDOH$WW'HQW,9  

%ROWUL)/HVXWXUHLQ7UDWWDWRGLWHFQLFDFKLUXUJLFDYRO8WHW7RULQR

%RQDUGLQL/5RVDWR66XWXUHHILOLFKLUXUJLFL(GL]LRQL0HGLFKH,WDOLDQH

,Q SUHVHQ]D GL XQ HOHPHQWR GHQWDULR LQFOXVR IUDQFDPHQWH ROWUH L OLPLWL ILVLRORJLFL SHU OD VXD
HUX]LRQH R FRQ GLIILFROWj GL HUX]LRQH VSRQWDQHD SHU SRVL]LRQH VIDYRUHYROH GHOOD UDGLFH LO
WUDWWDPHQWR HOHWWLYR q TXHOOR GL JXLGDUH O¶HOHPHQWR GHQWDULR LQ DUFDWD SUHYLD HVSRVL]LRQH
FKLUXUJLFD

3ULPD GL GDUH VHJXLWR DO SURFHGLPHQWR FKLUXUJLFR q EXRQD QRUPD XQ¶DWWHQWD YDOXWD]LRQH
SUHRSHUDWRULDFRQHVDPLUDGLRJUDILFL6RQRLQGLVSHQVDELOLSHUGHILQLUHODSRVL]LRQHGHOGHQWHLQFOXVRH
OD SUHVHQ]D GL FRPSOLFDQ]H ORFDOL FLVWL ULDVVRUELPHQWL UDGLFRODUL   9DQQR HIIHWWXDWL LQ EDVH DL
ULOLHYL FOLQLFL H LQ PRGR SHUVRQDOL]]DWR LQ RUGLQH FUHVFHQWH GL DSSURIRQGLPHQWR GLDJQRVWLFR 5[

ϭϲϭ


174


HQGRUDOH 237 5[ FUDQLR LQ SURLH]LRQH ODWHURODWHUDOH 5[ HQGRUDOH RFFOXVDOH &%&7 FRQ
ULFRVWUX]LRQH WULGLPHQVLRQDOH  -DFREV 6*   0DQHUYD 5   2ELHWWLYR GHOOD SURFHGXUD
FKLUXUJLFD q GL HVSRUUH OD FRURQD SHU DSSOLFDUH LO PH]]R GL DQFRUDJJLR QHFHVVDULR DOOD WUD]LRQH
RUWRGRQWLFD
'XHVRQROHWHFQLFKHODWHFQLFD GL HUX]LRQHD FLHORDSHUWR HODWHFQLFDGLHUX]LRQHDFLHOR FRSHUWR
&RQODSULPDVLHVSRQHLOGHQWHDOO¶DPELHQWHRUDOHFRQULPR]LRQHGHOODPXFRVDRHGHOO¶RVVRFKHOR
ULFRSURQR3XzHVVHUHHVHJXLWDFRQ  RSHUFROL]]D]LRQHXWLOHLQGHQWLSRVL]LRQDWLVXSHUILFLDOPHQWHLQ
VHGHSDODWLQDULFFDGLJHQJLYDDGHUHQWHQHLFDVLLQFXLO¶HOHPHQWRLQFOXVRVLDVXSHUILFLDOHHGLVWDQWH
GDOOD OLQHD PXFR JHQJLYDOH   OHPER D SRVL]LRQDPHQWR DSLFDOH PHWRGLFD LQGLFDWD QHJOL HOHPHQWL
SRVL]LRQDWL YHVWLERODUPHQWH LQ SURVVLPLWj GHOOD OLQHD PXFRJHQJLYDOH FKH DVVLFXUD XQD FRUUHWWD
FRSHUWXUDGLJHQJLYDDGHUHQWH 6,G&2 
&RQODWHFQLFDGLHUX]LRQHDFLHORFRSHUWRGRSRO¶HVSRVL]LRQHHLOSRVL]LRQDPHQWRGHOGLVSRVLWLYRGL
WUD]LRQHLWHVVXWLPROOLYHQJRQRULSRVL]LRQDWLLQVHGHLQL]LDOHHVXWXUDWL,OPH]]RGLWUD]LRQHHPHUJH
GDOO¶LQFLVLRQH H L PRYLPHQWL GHQWDOL QRQ YDOXWDELOL FOLQLFDPHQWH GHEERQR HVVHUH PRQLWRUDWL
UDGLRJUDILFDPHQWH ,O GHQWH q JXLGDWR LQ DUFDWD DWWUDYHUVR XQ¶DUHD GL JHQJLYD DGHUHQWH FRPH QHOOH
QRUPDOLHUX]LRQL
$PEHGXH OH WHFQLFKH ULFKLHGRQR XQ¶DQHVWHVLD SHU LQILOWUD]LRQH FKH LQ EDVH DOOD SRVL]LRQH
GHOO¶HOHPHQWRSXzHVVHUHSOHVVLFDRWURQFXODUH /¶HFWRSLDGHQWDULDSXzULFKLHGHUHTXDOFKHPRGLILFD
GHOOD WHFQLFD DQHVWHVLRORJLFD LQ FRQVLGHUD]LRQH GHOOD GLVORFD]LRQH GHOO¶DSLFH GHQWDULR H
VHFRQGDULDPHQWHGHOIDVFLRYDVFRORQHUYRVR
,OGLVHJQRGHOOHPERGLDFFHVVRVDUjLQUHOD]LRQHDOODWHFQLFD FKLUXUJLFDVFHOWDHDOODORFDOL]]D]LRQH
GHOGHQWH'RSRORVFROODPHQWRGHOOHPERGLGLPHQVLRQLDGHJXDWHDOFRQWUROORGHOFDPSRRSHUDWRULR
VL LQGLYLGXD OD FRURQD FKH SXz HVVHUH LQ LQFOXVLRQH VRWWRPXFRVD R RVVHD QHO SULPR FDVR GRSR
O¶LQFLVLRQH VL HIIHWWXD OR VFROODPHQWR HVSRQHQGR OD FRURQD 6H LQYHFH O¶LQFOXVLRQH q RVVHD VL
ORFDOL]]D OD FRURQD GHQWDULD VL SURVHJXH FRQ OD ULPR]LRQH GHOO¶RVVR FKH OD ULFRSUH FRQ VWUXPHQWL
URWDQWLRPDQXDOLÊEHQHFRPLQFLDUHGDOODSRU]LRQHSLVXSHUILFLDOHVHQ]DGDQQHJJLDUHORVPDOWRH
QHO ULVSHWWR GHOOH VWUXWWXUH DGLDFHQWL /¶HVSRVL]LRQH GHOOD FRURQD GHYH ULVSHWWDUH LO IROOLFROR GHQWDULR
VHQ]DHVWHQGHUVLROWUHDOODJLXQ]LRQHDPHOR±FHPHQWL]LDDIILQFKpTXHVWRGXUDQWHO¶HUX]LRQHVLXQLVFD
DOO¶HSLWHOLR GL ULYHVWLPHQWR GHOOD PXFRVD RUDOH  %XFFL (    'RSR DSSOLFD]LRQH GHO PH]]R GL
WUD]LRQH RUWRGRQWLFD H DO WHUPLQH GHOO¶LQWHUYHQWR OD VXWXUD GHYH HVVHUH HVHJXLWD SHU SRVL]LRQDUH LO
OHPER H FRQVHQWLUH DO ILOR GL WUD]LRQH GL SDVVDUH VHQ]D WUDXPDWL]]DUH L WHVVXWL 1HOOD WHFQLFD D FLHOR
FRSHUWR OD VXWXUD VRVSHVD FRQVHQWH XQ FRUUHWWR DGDWWDPHQWR GHO OHPER YHVWLERODUH 3HU LO OHPER

ϭϲϮ


175


SDODWLQRVLFRQVLJOLDQRSXQWLVWDFFDWL,OOHPERDSRVL]LRQDPHQWRDSLFDOHYLHQHVXWXUDWRDSLFDOPHQWH
DOO¶DWWDFFRRUWRGRQWLFRFRQSXQWLSHULRVWDOLULDVVRUELELOL



%LEOLRJUDILD


%XFFL(GL/DXUR)&KLUXUJLD2GRQWRVWRPDWRORJLFD(GL]LRQH)ORULR&DVRULD 1DSROL 

-DFREV 6* /RFDOL]DWLRQ RI WKH XQHUXSWHG PD[LOODU\ FDQLQH KRZ WR DQG ZKHQ WR$P - 2WKRG 'HQWRIDFLDO 2UWKRS

0DQHUYD 5 *UDFFR $ 'LIIHUHQW 'LDJQRVWLF 7RROV IRU WKH ORFDOL]DWLRQ RI LPSDFWHG PD[LOODU\ FDQLQHV FOLQLFDO
FRQVLGHUDWLRQV3URJ2UWKRG
6,G&26RFLHWj,WDOLDQDGL&KLUXUJLD2GRQWRVWRPDWRORJLFD&KLUXUJLD2GRQWRVWRPDWRORJLFD(GL]LRQL0LQHUYD0HGLFD




,QSUHVHQ]DGLIUHQXORYDQQRYDOXWDWHOHLQGLFD]LRQLDOO¶LQWHUYHQWRFKLUXUJLFRFKH SRVVRQR
HVVHUHRUWRGRQWLFKHSDURGRQWDOLSURWHVLFKHHGHVWHWLFKH

(¶GHILQLWRIUHQXORXQDSOLFDILEURPXFRVDFKHFROOHJDOH JXDQFHOHODEEUDRODOLQJXDDOODPXFRVD
DOYHRODUH SULYR GL WHVVXWR PXVFRODUH 6L GLVWLQJXRQR GXH IUHQXOL PHGLDQL VXS H LQI  TXDWWUR
YHVWLERODULODWHUDOLORFDOL]]DWLDOOLYHOORGHLSUHPRODUL GXHVXSHULRULHGXHLQIHULRUL HXQROLQJXDOH
,OIUHQXORPHGLDQRVXSHULRUHqFRQVLGHUDWRDQRPDORTXDQGRKDXQDWWDFFRSDSLOODUH qLQVHULWRVXOODWR
YHVWLERODUHGHOODSDSLOODLQWHULQFLVLYD HTXDQGRKDXQDWWDFFRWUDQVSDSLOODUH LOIUHQXORDWWUDYHUVDOD
SDSLOODLQWHULQFLVLYDHVLLQVHULVFHVXOYHUVDQWHSDODWLQR  $GLD]3LVDQ 
/¶LQWHUYHQWR FKLUXUJLFR SXz HVVHUH XQD IUHQXORWRPLD UHVH]LRQH GHO IUHQXOR  R XQD IUHQXOHFWRPLD
ULPR]LRQH FRPSOHWD GHO IUHQXOR  /D WHFQLFD FKLUXUJLFD SUHYHGH O¶HVHFX]LRQH GL  GXH LQFLVLRQL LQ
FRUULVSRQGHQ]D GHOOH EDVL GL LQVHU]LRQH /D VXWXUD D SXQWL VWDFFDWL GHOOD VROD SRU]LRQH VXSHULRUH
SUHYHGH OD FKLXVXUD GHO OHPER LQ PXFRVD DOYHRODUH PHQWUH OD SRU]LRQH GHOOD IHULWD LQ JHQJLYD
DGHUHQWHQRQVXWXUDWDYLHQHODVFLDWD JXDULUHSHU VHFRQGDLQWHQ]LRQH3XzHVVHUHDQFKHHIIHWWXDWR XQ
LQWHUYHQWRD]HWDSODVWLFDPHQRFRPXQHPHQWHXWLOL]]DWRPDGHVFULWWRLQOHWWHUDWXUD
,OIUHQXORPHGLDQRLQIHULRUHqXQDSLHJDPXFRVDDSDUWHQ]DGDOODVXSHUILFLHLQWHUQDGHOODEEURILQRDO
SURFHVVR DOYHRODUH LQIHULRUH FRQ LQVHU]LRQH DOOD SDSLOOD LQWHULQFLVLYD  ,Q FDVR GL LQGLFD]LRQL DOOD
FKLUXUJLD FKH SRVVRQR HVVHUH SDURGRQWDOL H SURWHVLFKH OD WHFQLFD FKLUXUJLFD SL XWLOL]]DWD q OD
IUHQXORWRPLD FRQ LQFLVLRQH LQ FRUULVSRQGHQ]D GHO YHUVDQWH DOYHRODUH GHO IUHQXOR H JXDULJLRQH SHU
VHFRQGDLQWHQ]LRQH 0R]]DWL0 

ϭϲϯ


176


*OLLQWHUYHQWLGLIUHQXORWRPLDHIUHQXOHFWRPLDSRVVRQRHVVHUHHVHJXLWLDJLXGL]LRGHOFOLQLFRDQFKH
FRQWHFQLFKHHVWUXPHQWLDOWHUQDWLYL HOHWWURELVWXULHELVWXULODVHU 
,OIUHQXOROLQJXDOHVLGHILQLVFHSDWRORJLFRTXDQGRODVXDLQVHU]LRQHqVLWXDWDLQSURVVLPLWjGHOO¶DSLFH
GHOOD OLQJXD Vu GD ULGXUQH OD PRELOLWj /H LQGLFD]LRQL DOO¶LQWHUYHQWR VRQR RUWRGRQWLFKH IRQLDWULFKH
SURWHVLFKH SDURGRQWDOL .ORFODUV 7   3RZHOO 51   /D WHFQLFD FKLUXUJLFD SUHYHGH
O¶DVSRUWD]LRQHGHOIUHQXORFRQSDUWLFRODUHDWWHQ]LRQHDOULVSHWWRGHOOHQXPHURVHVWUXWWXUHDQDWRPLFKH
SUHVHQWL VXO SDYLPHQWR GHOOD ERFFD GRWWL GL :KDUWRQ GRWWL GL 5LYLQR ± %DUWROLQR FDUXQFROH
VXEOLQJXDOLSOHVVRYHQRVRVXEOLQJXDOH 
'RSR LQILOWUD]LRQH GL DQHVWHWLFR ORFDOH LQ VHGH SDUDPHGLDQD QHO SDYLPHQWR RUDOH LO IUHQXOR YLHQH
FODPSDWR FRQ SLQ]D HPRVWDWLFD H YLHQH SUDWLFDWD XQ¶LQFLVLRQH RUL]]RQWDOH SHUSHQGLFRODUH DO IUHQXOR
VWHVVR/DODPDGHOELVWXULqPDQWHQXWDDFRQWDWWRFRQODSLQ]DHPRVWDWLFDHYLHQHIDWWDVFRUUHUHILQR
DOOD SOLFD VXEOLQJXDOH &RQ IRUELFL VPXVVH VL SURFHGH DOOD GLVVH]LRQH GHOOH ILEUH VRWWRPXFRVH VL
VXWXUDQRTXLQGLLPDUJLQLGHOODIHULWDFRQILORULDVVRUELELOHHSXQWLVWDFFDWL*OLHIIHWWLGHOO¶LQWHUYHQWR
VLYDOXWDQRFRQODPRELOLWjGHOODOLQJXD 6HJDO/0 



%LEOLRJUDILD

$'LD]3LVDQHWDO0LGOLQHGLDVWHPDDQGIUHQXPPRUSKRORJ\LQWKHSULPDU\GHQWLWLRQ-'HQW&KLO  
.ORFNDUV7)DPLOLDO$QFKLORJORVVLD WRQJXHWLH ,QW-3HG2WKRULQRODULQJRO
0R]]DWLHWDO&KLUXUJLD6WRPDWRORJLFDELRORJLFDPHQWHJXLGDWD 0HWRGLFKHHWHFQLFKHRSHUDWRULH9RO87(77RULQR

3RZHOO510F(QLHU\70$ORQJLWXGLQDOVWXG\RILVRODWHGJLQJLYDOUHFHVVLRQLQWKHPDQGLEXODUFHQWUDOLQFLVRUUHJLRQRI
FKLOGUHQDJHG\HDUV-&OLQLFDO3HULRGRQWRO  
6HJDO/06WHSKHQVRQ5'DZHV0HWDO3UHYDOHQFHGLDJQRVLVDQGWUHDWPHQWRIDQNLORJORVVLDPHWKRGRORJLFDOUHYLHZ
&D)DP3K\VLFLDQ  


, WUDXPL GHQWDUL GHYRQR HVVHUH VHPSUH FRQVLGHUDWL XQD FRQGL]LRQH GL HPHUJHQ]D HG HVVHUH
WUDWWDWLLPPHGLDWDPHQWHDOILQHGLDOOHYLDUHLOGRORUHIDFLOLWDUHODULGX]LRQHGHLGHQWLGLVORFDWL
PLJOLRUDUHODSURJQRVL

6SHVVR LQ FDVR GL WUDXPL GHQWRDOYHRODUL YL q LO FRLQYROJLPHQWR GHL WHVVXWL PROOL FXWDQHL H PXFRVL
ODEEUD PXFRVD JHQJLYDOH IUHQXOL SL UDUDPHQWH OLQJXD  6L SRVVRQR DYHUH FRQWXVLRQL DEUDVLRQL
ODFHUD]LRQLOHVLRQLSHQHWUDQWL

ϭϲϰ


177


, WUDXPL DL WHVVXWL GXUL GHQWDOL VHFRQGR 206  FRQVLVWRQR LQ LQIUD]LRQL FRURQDOL SUHVHQ]D GL
PLFURIUDWWXUH R OLQHH GL IUDWWXUD  IUDWWXUH FRURQDOL VHPSOLFL q LQWHUHVVDWR VROR OR VPDOWR FRPH QHL
ERUGL GHJOL LQFLVLYL  IUDWWXUH FRURQDOL QRQ FRPSOLFDWH TXDQGR YL q LQWHUHVVDPHQWR GHOOR VPDOWR H
GHQWLQDVHQ]DDYHUHHVSRVL]LRQHSXOSDUH IUDWWXUHFRURQDOLFRPSOLFDWH TXDQGRVLKDHVSRVL]LRQHGHOOD
SROSD IUDWWXUHFRURQRUDGLFRODULQRQFRPSOLFDWH LOWUDXPDLQWHUHVVDVLDODFRURQDFKHODUDGLFHVHQ]D
HVSRVL]LRQHSXOSDUH IUDWWXUHFRURQRUDGLFRODULFRPSOLFDWH LOWUDXPDLQWHUHVVDODFRURQDHODUDGLFHH
VLKDLQWHUHVVDPHQWRSXOSDUH IUDWWXUHUDGLFRODUL LOWUDXPDLQWHUHVVDODUDGLFHGHOGHQWHFRQIUDWWXUD
GHOWHU]RDSLFDOHGHOWHU]RPHGLRHGHOWHU]RFRURQDOH 
, WUDXPL GHL WHVVXWL GL VRVWHJQR VRQR FRQFXVVLRQH VXEOXVVD]LRQH OXVVD]LRQL HVWUXVLYH OXVVD]LRQL
ODWHUDOLOXVVD]LRQLLQWUXVLYHDYXOVLRQLWUDXPDWLFKH
1HOODFRQFXVVLRQHHVXEOXVVD]LRQHqSUHVHQWHXQDOHJJHUDPRELOLWjDYROWHGRORUHDOODSHUFXVVLRQHR
DOOD VHPSOLFH SUHVVLRQH 1HOOD OXVVD]LRQH LQWUXVLYD LO GHQWH ULVDOH DOO¶LQWHUQR GHO SURFHVVR DOYHRODUH
IUDWWXUDQGROR1HOODOXVVD]LRQHHVWUXVLYDVLKDIXRULXVFLWDSDU]LDOHGLXQHOHPHQWRGDOVXRDOYHROR/H
OXVVD]LRQL ODWHUDOL VRQR VLPLOL DOOH OXVVD]LRQL YHUWLFDOL PD DOOR VSRVWDPHQWR YHUWLFDOH VL DEELQD XQR
VSRVWDPHQWRODWHUDOH1HOO¶DYXOVLRQHO¶HOHPHQWRVLDOORQWDQDGDOO¶DOYHRORQDWXUDOH
/HOHVLRQLFKHFRLQYROJRQRLOWHVVXWRRVVHRSRVVRQRFRQVLVWHUHLQXQDIUDWWXUDFRPPLQXWDGHOO¶DOYHROR
IUDQWXPD]LRQH FRQ FRPSUHVVLRQH GHOO¶RVVR DOYHRODUH TXHVWD VLWXD]LRQH VL WURYD DVVRFLDWD FRQ OD
OXVVD]LRQH ODWHUDOH H OD OXVVD]LRQH LQWUXVLYD  IUDWWXUD GHOOD SDUHWH GHOO¶DOYHROR OLPLWDWD DOOD SDUHWH
YHVWLERODUH R OLQJXDOH  IUDWWXUD GHO SURFHVVR DOYHRODUH FKH SXz FRLQYROJHUH R PHQR O¶DOYHROR 
IUDWWXUDGHOODPDQGLERODRGHOPDVFHOODUH LQWHUHVVDODEDVHGHOODPDQGLERODRGHOPDVFHOODUHHVSHVVR
L SURFHVVL DOYHRODUL OD IUDWWXUD SXz LQWHUHVVDUH R QR O¶DOYHROR   'HZKXUVW 61   'H 5RVVL 0
 
/D GLDJQRVWLFD GHOOH VRSUD HVSRVWH FRQGL]LRQL SUHYHGH XQ HVDPH FOLQLFR FKH FRQVLVWH QHOOD
YDOXWD]LRQH H SDOSD]LRQH GHL WHVVXWL WUDXPDWL]]DWL QHO FRQWUROOR GHO FDYR RUDOH FRQ ULFHUFD GL FRUSL
HVWUDQHL QHO FRQWUROOR GHOO¶HYHQWXDOH PRELOLWj GHQWDOH LQ VHQVR VDJLWWDOH H YHUWLFDOH QHO ULOLHYR GL
DQRUPDOLWj QHOO¶RFFOXVLRQH 9DQQR DVVRFLDWL WHVW GL YLWDOLWj H UHD]LRQH GHQWDOH GRSR LO WUDXPD SXz
YHULILFDUVLXQ¶DVVHQ]DWHPSRUDQHDGHOODYLWDOLWjGRYXWDDOORVKRFNSRVWWUDXPDWLFRGHOIDVFLRYDVFROR
QHUYRVR RFFRUUH ULSHWHUH OD SURYD SHULRGLFDPHQWH FKH SRWUHEEH ULWRUQDUH SRVLWLYD DQFKH GRSR 
PHVL   ,PSRUWDQWH SRL q OD YDOXWD]LRQH UDGLRJUDILFD DWWUDYHUVR O¶XVR GL 5[ HQGRUDOL RFFOXVDOL R
LX[WDJHQJLYDOL R O¶RUWRSDQWRPRJUDILD 6L UDFFRPDQGDQR VHPSUH  SURLH]LRQL UDGLRJUDILFKH /D 7&
FRQH EHDP SHUPHWWH GL HYLGHQ]LDUH OLQHH GL IUDWWXUD VXOO¶RVVR DOYHRODUH QHOOH ]RQH GHO VHWWR
LQWHUGHQWDOHDOWULPHQWLQRQHYLGHQ]LDELOLFRQ5[WUDGL]LRQDOL1HOO¶LSRWHVLFKHVLVRVSHWWLLQDOD]LRQHGL
FRUSRHVWUDQHRqFRQVLJOLDWDO¶HVHFX]LRQHGLXQD5;WRUDFH 6HPDQXU'  &HDOODLJK32 
ϭϲϱ


178


/D WHUDSLD SUHYHGH OD GHWHUVLRQH FRQ VROX]LRQH ILVLRORJLFD GHOOH IHULWH GHOOD PXFRVD RUDOH
WUDXPDWL]]DWDGLVLQIH]LRQHUHYLVLRQHDOODULFHUFDGLHYHQWXDOLFRUSLHVWUDQHLHIUDPPHQWLRVVHLHORUR
ULPR]LRQH FRQWUROOR GHO VDQJXLQDPHQWR H VXWXUD GHL WHVVXWL PROOL 2FFRUUH LQROWUH YHULILFDUH OD
SUHVHQ]DRPHQRGLFRSHUWXUDDQWLWHWDQLFD
/D SUHVHQ]D GL IUDWWXUH FRURQDOL VHPSOLFL SUHYHGH OD OHYLJDWXUD H O¶DUURWRQGDPHQWR GHOO¶DUHD
LQWHUHVVDWDLQFDVRGLIUDWWXUHFRURQDOLLQYHFHVLSURFHGHDOODULFRVWUX]LRQHFRQPDWHULDOLHVWHWLFLR
DOO¶HYHQWXDOHULDWWDFFRGHOIUDPPHQWRIUDWWXUDWRGRSRUHLGUDWD]LRQHVHODIUDWWXUDQRQqFRPSOLFDWDVL
SURWHJJH OD GHQWLQD FRQ LGURVVLGR GL FDOFLR VH q FRPSOLFDWD RFFRUUH OD WHUDSLD HQGRGRQWLFD ,Q
SUHVHQ]D GL IUDWWXUH FRURQRUDGLFRODUL QRQ FRPSOLFDWH LO WUDWWDPHQWR q XJXDOH D TXHOOR GHOOH IUDWWXUH
FRURQDOL QRQ FRPSOLFDWH OH IUDWWXUH FRURQRUDGLFRODUL FRPSOLFDWH VL WUDWWDQR FRPH OH IUDWWXUH
UDGLFRODULQHOOHIUDWWXUHUDGLFRODULVHQ]DQHFURVLVLILVVDQRLIUDPPHQWLGHQWDULSHUVHWWLPDQHILQRD
PHVLLQFDVRGLIUDWWXUHUDGLFRODULFRQQHFURVLVLHVHJXHODWHUDSLDFDQDODUHGHOO¶HOHPHQWRGHQWDULR
,QSUHVHQ]DGLFRQFXVVLRQHQRQVLHVHJXHDOFXQDWHUDSLDVSHVVRLOWUDXPDUHVWDPLVFRQRVFLXWRQHOOH
VXEOXVVD]LRQLTXDQGRDEELDPRXQDOHVLRQHSDURGRQWDOHFRQPRELOLWjGHQWDULDVLGHYHGHYLWDOL]]DUHLO
GHQWH QHOOH OXVVD]LRQL LQWUXVLYH IUHTXHQWHPHQWH O¶HOHPHQWR GHQWDULR HURPSH GL QXRYR
VSRQWDQHDPHQWH LQ DUFDWD LQ DOWHUQDWLYD q QHFHVVDULD XQD JXLGD RUWRGRQWLFD ,Q FDVR GL OXVVD]LRQL
HVWUXVLYHVLULSRVL]LRQDLOGHQWHQHOO¶DOYHRORSUHIHULELOPHQWHHQWUROHRUHGDOWUDXPDVLSURFHGHFRQ
VSOLQWDJJLRSHUVHWWLPDQHHYHQWXDOHWHUDSLDFDQDODUHVHF¶qULDVVRUELPHQWRUDGLFRODUHRSHUGLWDGL
YLWDOLWj OH DYXOVLRQL WUDXPDWLFKH SUHYHGRQR WHFQLFKH GL UHLPSLDQWR RYH SRVVLELOH $PHULFDQ
$FDGHP\RI3HGLDWULF'HQWLVWU\&RXQFLORQ&OLQLFDO$IIDLUV  $QGUHDVHQ-2 
)HUUD]]DQR*) 
,QFDVLFOLQLFLFRQWUDXPLFKHSUHYHGRQRXQLQWHUHVVDPHQWRRVVHRODVWUXWWXUDDOYHRODUHHGLGHQWLLQ
HVVDFRQWHQXWLYDQQRULSRVL]LRQDWLPDQXDOPHQWHLQFRUUHWWRDOOLQHDPHQWRFRQVSOLQWDJJLR 2LNDULQHQ
.   FKH YD PDQWHQXWR  VHWWLPDQH OD SHUGLWD GL VXSSRUWR GL RVVR PDUJLQDOH VLWXD]LRQH
FRPXQH LQ FDVR GL IUDWWXUD GHOOD SDUHWH RVVHD DOYHRODUH SXz UHQGHUH QHFHVVDULD XQD FKLUXUJLD
ULFRVWUXWWLYDFRQLQQHVWL

%LEOLRJUDILD

$PHULFDQ$FDGHP\RQ3HGLDWULF'HQWLVWU\&RXQFLORQ&OLQLFDO$IIDLUV*XLGHOLQHRQPDQDJHPHQWRIDFXWHGHQWDOWUDXPD
3HGLDWU'HQW
$QGUHDVHQ-2$QGUHDVHQ)0$QGHUVVRQ/7H[WERRNDQGFRORUDWODVRIWUDXPDWLFLQMXULHVWRWKHWHHWKWKHG2[IRUG
%ODFNZHOO
$QGUHDVHQ-2%RUXP05HSODQWDWLRQRIDYXOVHGSHUPDQHQWLQFLVRUV(QGRG'HQW7UDXPDWRO
&HDOODLJK3RHWDO'LDJQRVLVDQG0DQDJHPHQWRIFRPPRQPD[LOORIDFLDOLQMXULHVLQWKHHPHUJHQF\GHSDUWPHQW3DUW
'HQWRDOYHRODULQMXULHV
ϭϲϲ


179


'HZKXUVW610DVRQ&5REHUWV*-(PHUJHQF\WUHDWPHQWRIRUDOGHQWDOLQMXUHVDUHYLHZ%ULWLVK-0D[LOORIDFLDO6XUJ

)HUUD]]DQR *) 2UODQGR 6 ,QJHQLWR $ 7LD 0 6DPPDUWLQR * 7RRWK UHSODQWDWLRQ DV DQ DOWHUQDWLYH WR GHQWDO
LPSODQWRORJ\LQDGROHVFHQWSDWLHQWV(XU-RI3DHGLDWU'HQW'HF  
0RDUD'H5RVVL$QGLDUD'H5RVVLHWDO0DQDJHPHQWRIDFRPSOH[GHQWRDOYHRODU7UDXPD%UD]'HQW-  

2LNDULQHQ.7RRWKVSOLQWLQJDUHYLHZRIWKHOLWHUDWXUHDQGFRQVLGHUDWLRQRIWKHYHUVDWLOLW\RIDZLUHFRPSRVLWHVSOLQW
(QG'HQW7UDXPDWRO
6HPDQXU 'ROH.RJOX HW DO 'LDJQRVLV RI -DZ DQG GHQWRDOYHRODU IUDFWXUHV LQ D WUDXPDWL]DWHG SDWLHQW ZLWK FRQH EHDP
FRPSXWHGWRPRJUDSK\'HQWDO7UDXPDWRO2FW


,Q DOFXQL SD]LHQWL DO ILQH GL FUHDUH XQD FRUUHWWD PRUIRORJLD RVWHRPXFRVD HG XQ DGHJXDWR
VXSSRUWR VWUXWWXUDOH SHU LO VXFFHVVLYR SRVL]LRQDPHQWR GL XQD SURWHVL PRELOH q LQGLFDWD OD
FKLUXUJLDSUHSURWHVLFD

,Q FDVR GL HVWUD]LRQL GHQWDULH PXOWLSOH O¶DUHD FUHVWDOH LQWHUHVVDWD GHYH HVVHUH UHJRODUL]]DWD 6H OD
UHJRODUL]]D]LRQHGHOOHVHGLHVWUDWWLYHqHIIHWWXDWDLQWHPSLGLYHUVLULVSHWWRDOOHHVWUD]LRQLVWHVVHGRSR
DQHVWHVLD ORFDOH GHOOD ]RQD LQWHUHVVDWD VL HVHJXH XQ¶LQFLVLRQH PXFRSHULRVWHD VXOO¶DSLFH GHOOD FUHVWD
HGHQWXOD FRQ DSHUWXUD GL XQ OHPER GL DFFHVVR HYHQWXDOPHQWH GLVHJQDWR FRQ LQFLVLRQL ULODVFLDQWL
/¶DFFHVVR DOOD FUHVWD FRQVHQWH OD UHJRODUL]]D]LRQH GHO WHVVXWR RVVHR FRQ DSSRVLWH IUHVH VRWWR
DEERQGDQWHLUULJD]LRQH,OOHPERYLHQHTXLQGLVXWXUDWRFRQSXQWLVLQJROLRFRQVXWXUDFRQWLQXD
,QFDVRGLSURWXEHUDQ]HRVVHH HVRVWRVLWRUL YLHQHSUDWLFDWD DQHVWHVLDORFDOHQHOO¶DUHDFLUFRVWDQWHOD
]RQDGLLQWHUYHQWR 3\QQ%5 /¶LQFLVLRQHPXFRSHULRVWHDGHYHHVVHUHHVHJXLWDDGLVWDQ]DGDOOD
SURWXEHUDQ]D RVVHD 6H O¶DUHD G¶LQWHUYHQWR QRQ q EHQ YLVXDOL]]DWD GHYRQR HVVHUH SUDWLFDWH GXH
LQFLVLRQL GL ULODVFLR 4XDQGR OD SURWXEHUDQ]D RVVHD q GL SLFFROH GLPHQVLRQL LO ULPRGHOODPHQWR SXz
HVVHUH HIIHWWXDWR FRQ OLPH GD RVVR R UDVSH TXDQGR LQYHFH OD SURWXEHUDQ]D RVVHD q GL GLPHQVLRQL
PDJJLRUL q SRVVLELOH O¶XWLOL]]R GL VWUXPHQWL URWDQWL VRWWR DEERQGDQWH LUULJD]LRQH 'RSR DYHUH
HIIHWWXDWR LO ULPRGHOODPHQWR RVVHR GHYH HVVHUH SUDWLFDWD XQD SDOSD]LRQH SHU YDOXWDUH FKH QRQ
SHUVLVWDQR LUUHJRODULWj VXSHUILFLDOL ,Q FDVR VLD SUHVHQWH XQ HFFHVVR GHL WHVVXWL PROOL VRYUDVWDQWL q
QHFHVVDULDXQDORURSDU]LDOHDVSRUWD]LRQH,OOHPERqVXWXUDWRFRQSXQWLVLQJROLRFRQVXWXUDFRQWLQXD
,Q SUHVHQ]D GL LSHUWURILH PXFRVH QRQ VRVWHQXWH GD RVVR GRSR DYHU HIIHWWXDWR O¶DQHVWHVLD ORFDOH VL
HVHJXRQR O¶HVFLVVLRQH FKLUXUJLFD GHO WHVVXWR PRELOH H XQD VXWXUD D SXQWL VWDFFDWL R FRQWLQXD
/¶LQWHUYHQWR FKLUXUJLFR q LQGLFDWR DQFKH SHU O¶HOLPLQD]LRQH GL LSHUSODVLH ILEURVH /H OHVLRQL GL
GLPHQVLRQLOLPLWDWHSRVVRQRJXDULUHDQFKHSHUVHFRQGDLQWHQ]LRQH1HOFDVRGLHVFLVVLRQLWLVVXWDOLGL
JUDQGLGLPHQVLRQLqQHFHVVDULRULFRSULUHO¶DUHDHVSRVWDFRQLQQHVWLPXFRVLRFXWDQHLRFRQOHPELGL

ϭϲϳ


180


VFLYRODPHQWR %UXVDWL5 (¶G¶REEOLJRHIIHWWXDUHXQ¶DQDOLVLLVWRORJLFDSHUHVFOXGHUHODSUHVHQ]D


GLWHVVXWRQHRSODVWLFR %UXVDWL5 
1HO FDVR LQ FXL LO SURFHVVR DOYHRODUH VLD ULDVVRUELWR FRQ FRQVHJXHQWH VXSHUILFLDOL]]D]LRQH GHOOH
LQVHU]LRQLPXVFRODULqLQGLFDWRO¶LQWHUYHQWRGLDSSURIRQGLPHQWRGLIRUQLFH'RSRDQHVWHVLDORFDOHVL
HIIHWWXDXQ¶LQFLVLRQHPXFRVDDOLYHOORGHOODJLXQ]LRQHWUDODPXFRVDDGHUHQWHHTXHOODQRQDGHUHQWH
VHQ]D FRLQYROJHUH LO SHULRVWLR 6L HIIHWWXD XQD GLVVH]LRQH VRSUDSHULRVWHDOH PHGLDQWH XQD ODPD GL
ELVWXUL GLVWDFFDQGR OH ILEUH PXVFRODUL GDO SHULRVWLR /D GLVVH]LRQH q FRPSOHWDWD PHGLDQWH OD
ILVVD]LRQHGHLWHVVXWLPROOLDOSHULRVWLRLQXQDSRU]LRQHSLDSLFDOHFRQSXQWLGLVXWXUDULDVVRUELELOL
/¶DUHD FUXHQWDWD SXz HVVHUH ODVFLDWD JXDULUH SHU VHFRQGD LQWHQ]LRQH R SXz HVVHUH ULFRSHUWD GD XQ
LQQHVWRPXFRVR

%LEOLRJUDILD
%UXVDWL5&KLDSDVFR0(OHPHQWLGLFKLUXUJLDRURPD[LOORIDFFLDOH0DVVRQ0LODQRS

%UXVDWL5$WWXDOLRULHQWDPHQWLLQFKLUXUJLDSUHSURWHVLFDPDJJLRUL'HQWDO&DGPRV

3\QQ%5.XU\VNRV16:DONHU'$0D\KDOO-77RULPDQGLEXODULVDFDVHUHSRUWDQGUHYLHZRIWKHOLWHUDWXUH-&DQ
'HQW$VVRF  



,OUHSHUWRGLXQDOHVLRQHFLVWLFDUDGLFRODUHQHOOHRVVDPDVFHOODULLPSRQHXQ¶DWWHQWDGLDJQRVLHG
XQ¶DWWHQWDYDOXWD]LRQHLQPHULWRDOWLSRGLWUDWWDPHQWRFKLUXUJLFRRHQGRGRQWLFRGDVHJXLUH


/H FLVWL GHL PDVFHOODUL VRQR QHRIRUPD]LRQL SUHYDOHQWHPHQWH HQGRVVHH GHOOH RVVD PDVFHOODUL D
FRQWHQXWR SUHYDOHQWHPHQWH IOXLGR FRVWLWXLWH GD XQD SDUHWH GL HSLWHOLR SOXULVWUDWLILFDWR H ULYHVWLWH GD
XQDFDSVXODILEURFRQQHWWLYDOH +DQQRRULJLQLGLYHUVHHXQDYROWDUHSHUWDWHqQHFHVVDULRXQDWWHQWR
HVDPHFOLQLFRYROWRDGHYLGHQ]LDUHODFRQGL]LRQHGHOOHPXFRVHHGHJOLHOHPHQWLGHQWDULFKHVLWURYDQR
LQFRQFRPLWDQ]DGHOODOHVLRQH1HOFDVRGLFLVWLRGRQWRJHQHqQHFHVVDULRHYLGHQ]LDUHFDULHRSXOSLWL
RSSXUH HOHPHQWL GHQWDUL FRPSURPHVVL 'RYUHEEHUR HVVHUH SUDWLFDWL L WHVW GL YLWDOLWj SXOSDUH GHJOL
HOHPHQWLGHQWDULFRLQYROWL/DGLDJQRVLGHOOHOHVLRQLFLVWLFKHSDVVDDQFKHDWWUDYHUVRHVDPLUDGLRJUDILFL
VSHFLILFL/¶237SHUPHWWHGLHYLGHQ]LDUHODOHVLRQHQHOVXRLQVLHPHIRUQLVFHODORFDOL]]D]LRQHHOH
LQIRUPD]LRQL FLUFD L UDSSRUWL FRQ VWUXWWXUH DQDWRPLFKH LPSRUWDQWL 3HU PDJJLRUL GHWWDJOL TXDOL DG
HVHPSLR OD SXQWXDOH YHULILFD GL XVXUD GHOOH FRUWLFDOL PDQGLERODUL q FRQVLJOLDWR HIIHWWXDUH OD 7&
GHQWDVFDQROD7&FRQHEHDP 1H\D]=  /L]LR*  6RXPDODLQ$ 
8QDYROWDSRVWDGLDJQRVLFKHQHOOHFLVWLGLJUDQGLGLPHQVLRQLSXzSUHYHGHUHXQDSUHFHGHQWHELRSVLD
LQFLVLRQDOHGHOODSDUHWHFLVWLFD 0RWWD$ LOWUDWWDPHQWRFRQVLVWHQHOODFLVWHFWRPLDRLQWHUYHQWR

ϭϲϴ


181


GL3DUWVFK ,,FKHSUHYHGHO¶HQXFOHD]LRQHGHOO¶LQWHUDSDUHWH FLVWLFDRQHOODFLVWRWRPLDRLQWHUYHQWRGL


3DUWVFK,RPDUVXSLDOL]]D]LRQHFKHFRPSRUWDO¶DSHUWXUDGHOODFDYLWjFLVWLFDQHOFDYRRUDOHRYYHUROD
FDYLWjFLVWLFDGLYHQWDXQDFDYLWjDFFHVVRULDGHOFDYRRUDOH &DVWUR1XQH]-  0DWLMHYLF6 
0RWDPHGL0+. 
/DFLVWHFWRPLDqHVHJXLWDLQWXWWHOHOHVLRQLFLVWLFKHLQDVVHQ]DGLFRQGL]LRQLORFRUHJLRQDOLFKHQRQ
LQGLFKLQRODFLVWRWRPLD4XHVW¶XOWLPDLQYHFHq GDSUHIHULUVL LQGHQWL]LRQHGHFLGXDRPLVWDTXDQGR
VLDQRFRLQYROWHOHJHPPHGHLGHQWLSHUPDQHQWLRTXDQGRLQSUHVHQ]DGLXQDFLVWLIROOLFRODUHVLGHFLGD
LOUHFXSHURGHOO¶HOHPHQWRGHQWDULRUHVSRQVDELOH RLQSD]LHQWLPROWRDQ]LDQLRGHIHGDWLLQFXLQRQq
LQGLFDWRXQLQWHUYHQWRGHPROLWLYRRTXDQGRSHUOHGLPHQVLRQLHFFH]LRQDOLGHOODOHVLRQHFLVWLFDYLVLD
LO ULVFKLR UHDOH GL IUDWWXUD PDQGLERODUH LQWUD R SRVWRSHUDWRULD H FRPH VWHS SUHOLPLQDUH GL XQD
VXFFHVVLYDFLVWHFWRPLD
&RQ OD FLVWHFWRPLD O¶RELHWWLYR WHUDSHXWLFR q O¶HQXFOHD]LRQH GHOO¶LQWHUD SDUHWH FLVWLFD OD PLJOLRUH
ULDELOLWD]LRQHSRVVLELOHGHOODIXQ]LRQDOLWjHRPRUIRORJLDGHOODUHJLRQHVRWWRSRVWDDGLQWHUYHQWRFRQOD
JXDULJLRQH SHU RUJDQL]]D]LRQH HG RVVLILFD]LRQH GHO FRDJXOR DOO¶LQWHUQR GHOOD FDYLWj UHVLGXD
/¶LQWHUYHQWR q SUHFHGXWR GD XQ¶DQHVWHVLD ORFDOH GL HVWHQVLRQH H GXUDWD DGHJXDWH R JHQHUDOH LQ
UHOD]LRQHDOO¶HVWHQVLRQH GHOODOHVLRQHFLVWLFDDOO¶LPSHJQRRSHUDWRULRDLULVFKLGLFRPSOLFDQ]HLQWUD
RSHUDWRULH H DOOD FRPSOLDQFH GHO SD]LHQWH ,Q SUHVHQ]D GL HOHPHQWL GHQWDUL FRLQYROWL QHOOD OHVLRQH
TXHVWLSRVVRQRHVVHUHWUDWWDWLHQGRGRQWLFDPHQWHLQPDQLHUDSUHYHQWLYDRPRQLWRUDWLGRSRO¶LQWHUYHQWR
SHUDOPHQRGXHPHVLULVSHWWRDOODORURYLWDOLWj &DOLVNDQ0. 4XLQGLVRWWRDGHJXDWDFRSHUWXUD
DQWLELRWLFDVLSURFHGHDOODFRPSOHWDHQXFOHD]LRQHGHOODSDUHWHFLVWLFDFRQPDQWHQLPHQWRGHOO¶LQWHJULWj
GHOOH VWUXWWXUH OLPLWURIH PXFRVH GL ULYHVWLPHQWR GHOOH IRVVH QDVDOL H GHO VHQR PDVFHOODUH WURQFKL
QHUYRVLHYDVL 2YHQHFHVVDULRVLHVHJXHO¶DSLFHFWRPLDGHLGHQWLFRLQYROWLHGLTXHOORUHVSRQVDELOH
VHGLRVWDFRORDOO¶HQXFOHD]LRQHGHOODFLVWL FRQFKLXVXUDHQGRGRQWLFDLQWUDRSHUDWRULDGLTXHVW¶XOWLPR
HG RWWXUD]LRQH UHWURJUDGD R VL SURFHGH DOOD HVWUD]LRQH GHL GHQWL FRLQYROWL FKH QRQ SRVVRQR HVVHUH
FRQVHUYDWLSHUGHILFLWGLVXSSRUWRRVVHRSUHRSHUDWRULRRFRQVHJXHQWHDOO¶LQWHUYHQWR/DSDUHWHFLVWLFD
ULPRVVDYLHQHILVVDWDLQIRUPDOLQDDOSHUO¶HVDPHLVWRORJLFR 6ORRWZHJ3- /¶LQWHUYHQWRVL
FRQFOXGH FRQ OD FRPSOHWD ULFRSHUWXUD GHOO¶DUHD FKLUXUJLFD *OL DVSHWWL SURJQRVWLFL GHOOD FLVWHFWRPLD
VRQR OD JXDULJLRQH GHOOD FDYLWj FRQVHJXHQWH DOO¶HQXFOHD]LRQH GHOOD FLVWL FRQ PLQLPR GLIHWWR
GHOO¶RVVHR UHVLGXR SL DPSLR LQ FDVR GL YDVWH OHVLRQL FLVWLFKH FKH DEELDQR FRLQYROWR HQWUDPEH OH
FRUWLFDOL VLD YHVWLERODUL FKH RUDOL LO PDQWHQLPHQWR GHOOD YLWDOLWj H GHOOD VWDELOLWj GHL GHQWL FRLQYROWL
QRQWUDWWDWLHQGRGRQWLFDPHQWHLQIDVHSUHRSHUDWRULDHVWDELOLSULPDGHOO¶LQWHUYHQWRLOIROORZXSILQR
DOODFRPSOHWDQRUPDOL]]D]LRQHGHOTXDGURFOLQLFRUDGLRJUDILFR

ϭϲϵ


182


&RQODFLVWRWRPLDVLFUHDXQRSHUFRORQHOODSDUHWHFLVWLFDFKHSRQHODOHVLRQHLQFRPXQLFD]LRQHFRQOD
FDYLWjRUDOHVLPDQWLHQHODSHUYLHWjGHOODFRPXQLFD]LRQHILQRDJXDULJLRQHDYYHQXWDVuGDRWWHQHUHOD
JXDULJLRQHSHUDSSRVL]LRQHRVVHDFHQWULSHWDFRQSURJUHVVLYDULGX]LRQHILQRDOODVFRPSDUVDGHOFDYR
FLVWLFR /¶LQWHUYHQWR DQFKH LQ TXHVWR FDVR SUHYHGH O¶DQHVWHVLD ORFDOH GL HVWHQVLRQH H GXUDWD
DGHJXDWHHO¶DSHUWXUDGHOODFDYLWjFLVWLFDWUDPLWHHVWUD]LRQHGHLGHQWLGHFLGXLVRYUDVWDQWLRLQFLVLRQH
GHLWHVVXWLPROOLHGHYHQWXDOHRVWHRWRPLD4XLQGLVLUHDOL]]DHGDSSOLFDXQRWWXUDWRUHLQUHVLQDDFULOLFD
FKHIXQJHDQFKHGDPDQWHQLWRUHGLVSD]LRLQFDVRGLHVWUD]LRQHSUHFRFHGHLGHQWLGHFLGXL/DFDYLWj
UHVLGXDYDDWWHQWDPHQWHGHWHUVDFRVuFRPHO¶RWWXUDWRUH*OLDVSHWWLSURJQRVWLFLGHOODFLVWRWRPLDVRQROD
JXDULJLRQH FRQ DVVHQ]D GL TXDOVLDVL GLIHWWR RVVHR UHVLGXR DOOD VFRPSDUVD GHOOD FLVWL OR VSRQWDQHR
ULSRVL]LRQDPHQWRGHOOHJHPPHHYHQWXDOPHQWHGLVORFDWHGDOODFLVWLO¶HUX]LRQHGHOGHQWHUHVSRQVDELOH
LQ FDVR GL FLVWL IROOLFRODUH LO IROORZXS ILQR DOOD FRPSOHWD QRUPDOL]]D]LRQH GHO TXDGUR FOLQLFR
UDGLRJUDILFR

%LEOLRJUDILD
&DOLVNDQ 0. 3URJQRVLV RI ODUJH F\VWVOLNH SHULDSLFDO OHVLRQV IROORZLQJ QRQVXUJLFDO URRW FDQDO WUHDWPHQW D FOLQLFDO
UHYLHZ,QWO(QGRG-O-XQ  

&DVWUR1XQH]-'HFRPSUHVVLRQRI2GRQWRJHQLF&\VWLF/HVLRQV3DVW3UHVHQWDQG)XWXUH-2UDO0D[LOORIDF6XUJ
-DQ  

/L]LR*6WHUUDQWLQR$)5DJD]]LQL60DUFKHWWL&9ROXPH5HGXFWLRQRI&\VWLF/HVLRQVDIWHU6XUJLFDO'HFRPSUHVVLRQD
&RPSXWHULVHG7KUHH'LPHQVLRQDO&RPSXWHG7RPRJUDSKLF(YDOXDWLRQ&OLQ2UDO,QYHVWLJ6HS  

0DWLMHYLF 6 -RYLFLF % %XEDOR 0 'XNLF 6 &XWRYLF 7 7UHDWPHQW RI D ODUJH UDGLFXODU F\VW  HQXFOHDWLRQ RU
GHFRPSUHVVLRQ"9RMQRVDQLW3UHJO  

0RWDPHGL0+.7DOHVK.70DQDJHPHQWRIH[WHQVLYHGHQWLJHURXVF\VWV%ULW'HQW-IHE  

0RWWD $ /R %LDQFR $ $UHFXUL & &\VWRWRPLD 3UHOLPLQDU\ 6XUJHU\ IRU D 9ROXPLQRXV &\VW 'HQW &DGPRV  2FW
  

1H\D]=*DGROLD$*DPDQDJDWWL60XNKRSDGK\D\65DGLRJUDSKLFDODSSURDFKWRMDZOHVLRQ6LQJDSRUH0HG-
)HE  

6ORRWZHJ3-/HVLRQVRIWKHMDZV+LVWRSDWKRORJ\0DU  

6RXPDODLQ$$SDMDODKWL6.XKOHIHOW0+DJVWURP-6LPSOHERQHF\VWDUDGLRORJLFDOGLOHPPD'HQWRPD[LOORIDF5DGLRO
0DU  

,Q SUHVHQ]D GL QHRIRUPD]LRQL GHO FDYR RUDOH L IDWWRUL GHFLVLRQDOL FKH SRVVRQR LQIOXHQ]DUQH
O¶DVSRUWD]LRQHVRQRLOWLSRGLQHRIRUPD]LRQH LQUHOD]LRQHDOOHVXHFDUDWWHULVWLFKHLVWRORJLFKHHG
HSLGHPLRORJLFKH SHU TXDQWR FRQFHUQH OD SHUFHQWXDOH GL UHFLGLYD GRSR WUDWWDPHQWR
FRQVHUYDWLYR ODORFDOL]]D]LRQHOHGLPHQVLRQLLOFRLQYROJLPHQWRGLVWUXWWXUHDGLDFHQWL SHUHV
IDVFLYDVFXORQHUYRVLVHQLPDVFHOODULIRVVHQDVDOL HGLOWLSRGLVYLOXSSR FHQWUDOHYVSHULIHULFR 

ϭϳϬ


183



/H QHRIRUPD]LRQL EHQLJQH GHL WHVVXWL PROOL VRQR DXPHQWL YROXPHWULFL GL QDWXUD
LSHUSODVWLFDLSHUWURILFDRWXPRUDOHEHQLJQD FUHVFLWDOHQWDHLOOLPLWDWDDVVHQ]DGLPHWDVWDVLOLQIRQRGDOL
HG D GLVWDQ]D DVVHQ]D GL LQILOWUD]LRQH YDVFRODUH H QHUYRVD GLVFUHWD GHOLPLWD]LRQH SHULIHULFD  FKH
LQWHUHVVDQRODPXFRVDRHODVRWWRPXFRVD WHVVXWLPXVFRODUHDGLSRVRJKLDQGRODUHHTXHOOLFRVWLWXHQWL
OHVWUXWWXUHYDVFRODULHQHUYRVH  %DUQHV/ 
/H QHRIRUPD]LRQL EHQLJQH GHOOH RVVD PDVFHOODUL VRQR DXPHQWL YROXPHWULFL GL QDWXUD
LSHUSODVWLFDLSHUWURILFD GLVSODVWLFD FUHVFLWD DXWROLPLWDQWH DVVHQ]D GL GHOLPLWD]LRQH SHULIHULFD  R
WXPRUDOHEHQLJQD FUHVFLWDOHQWDHLOOLPLWDWDDVVHQ]DGLPHWDVWDVLOLQIRQRGDOLHDGLVWDQ]DDVVHQ]DGL
LQILOWUD]LRQH YDVFRODUH H QHUYRVD GLVFUHWD GHOLPLWD]LRQH SHULIHULFD  FKH LQWHUHVVDQR LO WHVVXWR RVVHR
GHOOH RVVD PDVFHOODUL H GHOOD PDQGLEROD FRQ HVWULQVHFD]LRQH SUHYDOHQWHPHQWHHVFOXVLYDPHQWH
H[WUDRVVHD VYLOXSSR SHULIHULFR  R SUHYDOHQWHPHQWHHVFOXVLYDPHQWH HQGRVVHD VYLOXSSR FHQWUDOH  R
FRQHTXLYDOHQWHFRLQYROJLPHQWRH[WUDHGHQGRVVHR/¶RULJLQHGHOOHQHRIRUPD]LRQLGLQDWXUDWXPRUDOH
q RVVHD YDVFRODUH QHUYRVD R SL IUHTXHQWHPHQWH RGRQWRJHQLFD RVVLD D SDUWHQ]D GDL WHVVXWL
HPEULRQDOL GHO GHQWH ,Q TXHVW¶XOWLPR FDVR SRVVRQR HVVHUH GL QDWXUD PHVHQFKLPDOH HFWRGHUPLFD R
PLVWD SRVVRQR R PHQR FRQWHQHUH PDWHULDOH PLQHUDOL]]DWR SL R PHQR PRUIRGLIIHUHQ]LDWR H
PDQLIHVWDQRXQYDULDELOHJUDGRGLLQILOWUD]LRQHGHOWHVVXWRRVVHRVDQRFRQWLJXR
,OWUDWWDPHQWRFKLUXUJLFRGHOOHQHRIRUPD]LRQLVRSUDPHQ]LRQDWHSUHYHGHO¶HQXFOHD]LRQHHRFXUHWWDJH
FKHFRQVLVWHQHOO¶DVSRUWD]LRQHGHOODQHRIRUPD]LRQHGHLWHVVXWL PROOLRGXULFRQWRWDOHSUHVHUYD]LRQH
GHLWHVVXWLOLPLWURILFOLQLFDPHQWHVDQLHRFRQHYHQWXDOHVXFFHVVLYDDVSRUWD]LRQHGLPPGLWHVVXWR
SHULOHVLRQDOHO¶HVFLVVLRQHRYYHURO¶DVSRUWD]LRQHGHOODQHRIRUPD]LRQHGHLWHVVXWLPROOLFRPSUHQGHQWH
XQD TXDQWLWj YDULDELOH GL WHVVXWR OLPLWURIR FOLQLFDPHQWH VDQR OD UHVH]LRQH RYYHUR O¶DVSRUWD]LRQH GL
QHRIRUPD]LRQH GHOOH RVVD PDVFHOODUL R GHOOD PDQGLEROD D VYLOXSSR FHQWUDOH SHULIHULFR R PLVWR
FRPSUHQGHQWHXQYDULDELOHJUDGRGLWHVVXWRRVVHROLPLWURIRFOLQLFDPHQWHVDQR FP 
1HOO¶DPELWR GHOOD UHVH]LRQH SRVVLDPR GLVWLQJXHUH XQD UHVH]LRQH PDUJLQDOH FKH FRQVLVWH
QHOO¶DVSRUWD]LRQHGHOODOHVLRQHVHQ]DLQWHUUX]LRQHGHOODFRQWLQXLWjGHOVHJPHQWRRVVHRLQWHUHVVDWROD
UHVH]LRQH SDU]LDOH FKH SUHYHGH O¶DVSRUWD]LRQH GHOOD OHVLRQH FRQ LQWHUUX]LRQH GHOOD FRQWLQXLWj GHO
VHJPHQWR RVVHR LQWHUHVVDWR QHOOD PDQGLEROD GD XQ SLFFROR GLIHWWR RVVHR UHVLGXR DG XQ¶HPL
PDQGLEROHFWRPLD  LQILQH OD UHVH]LRQH WRWDOH FRQ O¶DVSRUWD]LRQH GHOOD OHVLRQH LQVLHPH FRQ O¶LQWHUR
RVVRLQWHUHVVDWR PD[LOOHFWRPLDPDQGLEROHFWRPLD 
/H WHFQLFKH FKLUXUJLFKH LQGLFDWH KDQQR FRPH RELHWWLYL O¶HUDGLFD]LRQH GHOOD QHRIRUPD]LRQH OD
JXDULJLRQH SHU SULPD LQWHQ]LRQH TXDQGR SRVVLELOH PHGLDQWH FRPSOHWD ULFRSHUWXUD GHOO¶DUHD

ϭϳϭ


184


FKLUXUJLFD FRQ WHVVXWL GL ULYHVWLPHQWR H OD SUHGLVSRVL]LRQH GHOO¶DUHD G¶LQWHUYHQWR DOOD PLJOLRUH
ULDELOLWD]LRQHIXQ]LRQDOHHGHVWHWLFD

/¶LQWHUYHQWRGLHQXFOHD]LRQHqLQGLFDWRSHUFLVWLPDVFHOODULHQHRIRUPD]LRQLGHLWHVVXWLPROOL 
SHU HV OLSRPL PXFRFHOLFLVWL GD ULWHQ]LRQH DGHQRPL SOHRPRUIL GHOOH JKLDQGROH VDOLYDUL 
PLQRULORFDOL]]DWLLQPXFRVDQRQDGHUHQWH  0RUWHOODUR&  
 
/DWHFQLFDFKLUXUJLFDSUHYHGH 
 DQHVWHVLDSHULOHVLRQDOHFRQYDVRFRVWULWWRUH 
 LQFLVLRQHORQJLWXGLQDOHGHOODPXFRVDVRYUDVWDQWHODQHRIRUPD]LRQH 
 DVSRUWD]LRQHGHOODQHRIRUPD]LRQHSHUYLDVPXVVD 
 UHJRODUL]]D]LRQHGHOODPXFRVDLQHFFHVVR 
 VXWXUD 
 ILVVD]LRQHGHOSH]]RSUHOHYDWRLQIRUPDOLQDWDPSRQDWDDO 
 FRPSLOD]LRQHGLXQDGHWWDJOLDWDVFKHGDLQIRUPDWLYDSHULOSDWRORJR 
 
/¶LQWHUYHQWRGLHQXFOHD]LRQHFRQFXUHWWDJH qLQGLFDWRSHUWXPRULRGRQWRJHQLQRQUHFLGLYDQWLR
WXPRUL RGRQWRJHQL D EDVVR ULVFKLR GL UHFLGLYD XQLFLVWLFL HV WXPRUH FKHUDWRFLVWLFR RGRQWRJHQLFR
RGRQWRPLFRPSOHVVLRFRPSRVWLFHPHQWREODVWRPDILEURPDRGRQWRJHQLFRHGRJQLDOWURWXPRUHFKH
FRQVHQWDQR LQ SULPD LVWDQ]D XQ DSSURFFLR FKLUXUJLFR FRQVHUYDWLYR   6DPPDUWLQR *   /H
LQGLFD]LRQLDTXHVWRWLSRGLWUDWWDPHQWRSRVVRQRULJXDUGDUHDQFKHWXPRULDGLQWHUHVVDPHQWRRVVHRGL
WLSRQRQRGRQWRJHQLFRPHLOILEURPDFHPHQWRRVVLILFDQWHO¶RVWHRPDLOJUDQXORPDDFHOOXOHJLJDQWL
JOLHPDQJLRPLHQGRVVHLHLOJUDQXORPDHRVLQRILOR

 /DWHFQLFDFKLUXUJLFDSUHYHGH
 WUDWWDPHQWR HQGRGRQWLFR SUHYHQWLYR GHJOL HOHPHQWL GHQWDUL FRLQYROWL FKH VL YRJOLDQR
RHVLSRVVDQRFRQVHUYDUH
 DQHVWHVLDORFDOHGLHVWHQVLRQHHGXUDWDDGHJXDWHRJHQHUDOHLQUHOD]LRQHDOO¶HVWHQVLRQH
GHOODQHRIRUPD]LRQHDOO¶LPSHJQRRSHUDWRULRDLULVFKLGLFRPSOLFDQ]HLQWUDRSHUDWRULHHDOOD
FRPSOLDQFHGHOSD]LHQWH 
 SURILODVVLDQWLELRWLFD

ϭϳϮ


185


 FRPSOHWD DVSRUWD]LRQH GHOOD QHRIRUPD]LRQH VH SRVVLELOH FRQ PDQWHQLPHQWR


GHOO¶LQWHJULWjGHOOHVWUXWWXUHOLPLWURIH PXFRVHGLULYHVWLPHQWRGHOOHIRVVHQDVDOLHGHOVHQR
PDVFHOODUHWURQFKLQHUYRVLHYDVL 
 HYHQWXDOH DSLFHFWRPLD R HVWUD]LRQH GHL GHQWL FRLQYROWL TXDQGR QRQ PDQWHQLELOL SHU
GHILFLWGLVXSSRUWRRVVHRSUHRSHUDWRULRRFRQVHJXHQWHDOO¶LQWHUYHQWR
 ILVVD]LRQHGHOUHSHUWRRSHUDWRULRLQIRUPDOLQDDOSHUO¶HVDPHLVWRORJLFR
 ULFRVWLWX]LRQHGHOODFRQWLQXLWjGHOVHJPHQWRRVVHRQHOFDVRTXHVWDVLDVWDWDLQWHUURWWD
 FRPSOHWDULFRSHUWXUDGHOO¶DUHDFKLUXUJLFD
 FRPSLOD]LRQHGLXQDGHWWDJOLDWDVFKHGDLQIRUPDWLYDSHULOSDWRORJR


/¶LQWHUYHQWR GL HVFLVVLRQH q LQGLFDWR SHU LQWHUYHQWL GL DVSRUWD]LRQH GL ILEURPL SDSLOORPLYHUUXFKH
HPDQJLRPL GHL WHVVXWL PROOL LSHUSODVLHLSHUWURILH LQILDPPDWRULH H WUDXPDWLFKH $OWUH LQGLFD]LRQL
FOLQLFKH VRQR UDSSUHVHQWDWH GD DPHOREODVWRPD PL[RPD H UHFLGLYH GL DOWUH QHRIRUPD]LRQL WUDWWDWH
SUHFHGHQWHPHQWHFRQWHFQLFKHFRQVHUYDWLYH 6DPPDUWLQR* ,QTXHVWLFDVLTXLQGLO¶LQWHUYHQWR
HVFLVVLRQDOH q UDSSUHVHQWDWR GD XQD UHVH]LRQH SDU]LDOH R PDUJLQDOH 3RJUHO 0$   6DFKV 6$
 
/DWHFQLFDFKLUXUJLFDSUHYHGH
DQHVWHVLDSHULOHVLRQDOHFRQYDVRFRVWULWWRUH
RULHQWDPHQWRGHOSH]]RGDVRWWRSRUUHDSUHOLHYR
VWDELOL]]D]LRQHGHOOD]RQDG¶LQWHUYHQWR
LQFLVLRQHGHOODPXFRVDRUDOHDVXSHUILFLHHOOLWWLFDHVH]LRQHFXQHLIRUPHVXOO¶DVVHPLQRUH
 HVXFLDVFXQODWRGHOODOHVLRQHHVWHQVLRQHGLFLUFDPPLQWHVVXWRFOLQLFDPHQWHVDQR
 FRQ DQDORJD HVWHQVLRQH LQ SURIRQGLWj DO GL VRWWR GHOOD OHVLRQH VXOO¶DVVH PDJJLRUH
 HVWHQVLRQHGDDYROWHTXHOODGHOPLQRUHLQUHOD]LRQHDOOHQHFHVVLWjGHOODVXWXUD
VXWXUD SHU SLDQL VHSDUDWL LQ FDVR GL LQWHUHVVDPHQWR GHOOD VRWWRPXFRVD RH SHU PRWLYL
 HVWHWLFRIXQ]LRQDOL QRQ QHFHVVDULD LQ JHQJLYD DGHUHQWH JXDULJLRQH SHU VHFRQGD
 LQWHQ]LRQHFRQLPSDFFRFKLUXUJLFRRHPDVFKHULQDGLSURWH]LRQH 
ILVVD]LRQHGHOSH]]RSUHOHYDWRLQIRUPDOLQDWDPSRQDWDDO
FRPSLOD]LRQHGLXQDGHWWDJOLDWDVFKHGDLQIRUPDWLYDSHULOSDWRORJR
)DWWRULSURJQRVWLFLSHUOHQHRIRUPD]LRQLGHLWHVVXWLPROOLVRQRO¶DVVHQ]DGLLQILOWUD]LRQHGHLPDUJLQL
SHULIHULFLGLWHVVXWRFOLQLFDPHQWHVDQRODEXRQDJXDULJLRQHGHOODIHULWDFKLUXUJLFDFRQPLQLPLGLIHWWL

ϭϳϯ


186


HVWHWLFLRHIXQ]LRQDOLLOIROORZXSFOLQLFRFRQWLQXRHGHVDPLVXVVLGLDUL 7&501 DGLVWDQ]DGL


PHVL
3HU OH QHRIRUPD]LRQL GHOOH RVVD PDVFHOODUL VRQR IDWWRUL  SURJQRVWLFL XQD JXDULJLRQH GHOOD FDYLWj
FRQVHJXHQWH DOO¶DVSRUWD]LRQH GHOOD QHRIRUPD]LRQH FRQ GLIHWWR RVVHR UHVLGXR SL DPSLR QHO FDVR GL
FRLQYROJLPHQWR GL HQWUDPEH OH FRUWLFDOL YHVWLERODUH HG RUDOH LO PDQWHQLPHQWR GHOOD YLWDOLWj H GHOOD
VWDELOLWj GHL GHQWL FRLQYROWL QRQ WUDWWDWL HQGRGRQWLFDPHQWH LQ IDVH SUHRSHUDWRULD H VWDELOL SULPD
GHOO¶LQWHUYHQWR LO IROORZXS VHPHVWUDOH ILQR DOOD FRPSOHWD QRUPDOL]]D]LRQH GHO TXDGUR FOLQLFR
UDGLRJUDILFRHELHQQDOHLQVHJXLWRQHOFDVRGLOHVLRQLDULVFKLRGLUHFLGLYDFKHWDOYROWDSRWUjSURWUDUVL
ILQR D GLHFL DQQL GRSR O¶LQWHUYHQWR 1HL FDVL GL JURVVH OHVLRQL GHOOH RVVD PDVFHOODUL GL QRQ IDFLOH
GLDJQRVL SUHVXQWLYD SXz HVVHUH LQGLFDWR XQ SULPR LQWHUYHQWR ELRSWLFR SHU LQTXDGUDUH OD OHVLRQH H
TXLQGL VWDELOLUH XQ DSSURFFLR SL R PHQR UDGLFDOH GHOO¶LQWHUYHQWR GXEEL GLDJQRVWLFL WUD FLVWL
RGRQWRJHQHHFKHUDWRFLVWLHRDPHOREODVWRPLXQLFLVWLFL


%LEOLRJUDILD

%DUQHV/(YHVRQ-:5HLFKDUW36LQGUDQVN\':RUOG+HDOWK&ODVVLILFDWLRQRI7XPRXUV3DUWKRORJ\DQG*HQHWLFV
+HDGDQG1HFN7XPRXUV,QWHUQDWLRQDO$JHQF\IRU5HVHDUFKRQ&DQFHU ,$5& 3UHVV/\RQ

0RUWHOODUR & 'DOO¶2FD 6 /XFFKLQD $* &DVWLJOLD $ )DUURQDWR * )HQLQL ( 0DUHQ]L * 7URVLQR 2 &DILHUR &
6DPPDUWLQR*6XEOLQJXDO5DQXOD$FORVHUORRNWRLWVVXUJLFDOPDQDJHPHQW-&UDQLRIDF6XUJ-DQ  

3RJUHO0$0RQWHV'0,VWKHUHDUROHIRUHQXFOHDWLRQLQWKHPDQDJHPHQWRIDPHOREODVWRPD",QW-2UDO0D[LOORIDF
6XUJ±

6DFKV 6$ 6XUJLFDO ([FLVLRQ :LWK 3HULSKHUDO 2VWHFWRP\ $ GHILQLWLYH \HW FRQVHUYDWLYH DSSURDFK WR WKH VXUJLFDO
PDQDJHPHQWRIDPHOREODVWRPD-2UDO0D[LOORIDFLDO6XUJ

6DPPDUWLQR*=DUUHOOL &8UFLXROR9'L/DXUR$('L/DXUR) 6DQWDUHOOL$*LDQQRQH1/R0X]LR/%ULW-2UDO
0D[LOORIDF6XUJ-XQ  


/D SUHVHQ]D GL FDOFROL VDOLYDUL QHL GXH WHU]L DQWHULRUL GHO GRWWR GDYDQWL DO SULPR PRODUH
LQIHULRUHQHOFDVRGHOODJKLDQGRODVRWWRPDQGLERODUH LQDVVHQ]DGLXQDJUDYHFRPSURPLVVLRQH
GHOSDUHQFKLPDJKLDQGRODUHSUHYHGHXQDSSURFFLRFKLUXUJLFRGL WLSRFRQVHUYDWLYR,QYHFHLQ
SUHVHQ]D GL FRPSURPLVVLRQH SDUHQFKLPDOH q QHFHVVDULD O¶H[HUHVL WUDQVFXWDQHD GHOO¶LQWHUD
JKLDQGRODLQWHUHVVDWD


, FDOFROL VDOLYDUL VFLDOROLWL  VRQR FRQFUH]LRQL FRVWLWXLWH GD VDOL GL FDOFLR H VRVWDQ]H RUJDQLFKH
ORFDOL]]DWH SL IUHTXHQWHPHQWH QHO VLVWHPD GXWWDOH GHOOH JKLDQGROH VDOLYDUL PDJJLRUL LQ SDUWLFRODUH
GHOOHJKLDQGROHVRWWRPDQGLERODULHUDUDPHQWHGHOOHSDURWLGL )XVFRQL0 ,OTXDGURFOLQLFRSL

ϭϳϰ


187


IUHTXHQWHPHQWH DVVRFLDWR DOOD SUHVHQ]D GL FDOFROL VDOLYDUL q TXHOOR GHOOD FROLFD VDOLYDUH FKH VL
PDQLIHVWDHVVHQ]LDOPHQWHFRQXQGRORUHDFXWRORFDOL]]DWRDOODJKLDQGRODLQWHUHVVDWDFKHDSSDUHDQFKH
WXPHIDWWD OD FROLFD q GRYXWD DOOD FRQWUD]LRQH VSDVWLFD LQGRWWD GDOO¶RVWUX]LRQH LQWUDOXPLQDOH
XVXDOPHQWHDGLQL]LRSUHSUDQGLDOHLQRFFDVLRQHGLXQ¶DXPHQWDWDULFKLHVWDIXQ]LRQDOH3HUODSUHVHQ]D
GL FDOFROL LQWUDGXWWDOL SXz PDQLIHVWDUVL XQD VFLDORDGHQLWH RYYHUR XQ¶LQILDPPD]LRQH SL VSHVVR
FURQLFDWDOYROWDDFXWDGHOODJKLDQGRODVDOLYDUHFRQVHJXHQWHDOO¶LQIH]LRQHDVFHQGHQWHGHOSDUHQFKLPD
JKLDQGRODUH
2ELHWWLYL GHO WUDWWDPHQWR FKLUXUJLFR GHOOD FDOFRORVL VDOLYDUH LQ DVVHQ]D GL FRPSURPLVVLRQH
SDUHQFKLPDOH VRQR O¶DVSRUWD]LRQH FRPSOHWD GL WXWWH OH IRUPD]LRQL FDOFRORWLFKH LQWUDGXWWDOL SUHVHQWL
LPSHGLUHODGLVORFD]LRQHSRVWHULRUHGHOFDOFRORRGLVXRLIUDPPHQWLDOO¶LQWHUQRGHOGRWWRODFUHD]LRQH
GLXQQHRVWRPDLQFRUULVSRQGHQ]DGHOO¶LQFLVLRQHFKLUXUJLFDHVHJXLWDDOLYHOORGHOODPXFRVDHGHOGRWWR
VDOLYDUHHGLOPDQWHQLPHQWRQHOWHPSRGHOODSHUYLHWjGHOQHRVWRPD &RPEHV-  %DXUPDVK+'
 
/¶LQWHUYHQWRFKLUXUJLFRSUHVXSSRQHXQDYDOXWD]LRQHGLDJQRVWLFDEDVDWDVXXQ¶DQDPQHVLSRVLWLYDSHU
FROLFKH VDOLYDUL SUHSUDQGLDOL XQ HVDPH FOLQLFR FRQ SDOSD]LRQH GHO FDOFROR WUDPLWH PDQRYUD
FRPELQDWD H[WUD HG HQGRUDOH XQ¶LQGDJLQH UDGLRJUDILFD QHO FDVR GL FDOFROL GHOOD JKLDQGROD
VRWWRPDQGLERODUH FRQU[RFFOXVDOHLQIHULRUHHVHJXLWDFRQUDJJLPROOLHWHPSLGLHVSRVL]LRQHGHO
 LQIHULRUL D TXHOOL VWDQGDUG FRQ VFLDORJUDILD GHOOD JKLDQGROD LQWHUHVVDWD LQ DOWHUQDWLYD R FRPH
HVDPH LQWHJUDWLYR D TXHOOR HFRJUDILFR  H FRQ HFRJUDILD TXDQGR q QHFHVVDULR YLVXDOL]]DUH LO
SDUHQFKLPDJKLDQGRODUHHODSUHVHQ]DGLFRQFUH]LRQLLQWUDJKLDQGRODULHGHOWHU]RSRVWHULRUHGHOGRWWR
.LP-+ 
/¶DVSRUWD]LRQHGHLFDOFROLVDOLYDULqVHPSUHFKLUXUJLFDVDOYRQHOFDVRGLFRQFUH]LRQLFDOFRORWLFKHGL
 PP GL GLDPHWUR FKH SRVVRQR WDOYROWD HVVHUH ULPRVVH FRQ O¶LPSLHJR GL VRVWDQ]H VFLDORJRJKH
DVVRFLDWHDOODGLODWD]LRQHIRU]DWDGHOODSDSLOODGXWWDOHSHULQFDQQXOD]LRQHUHWURJUDGD

/¶LQWHUYHQWRSUHYHGH
 DQHVWHVLDORFDOHFRQYDVRFRVWULWWRUH
 DSSOLFD]LRQHGLXQILORGDVXWXUDSRVWHULRUPHQWHDOFDOFRORLQPRGRGDGHWHUPLQDUHXQDVWHQRVLQRQ
FRVWULWWLYD GHO GRWWR HG LPSHGLUH OD GLVORFD]LRQH SRVWHULRUH GHO FDOFROR GXUDQWH OH VXFFHVVLYH IDVL
RSHUDWRULH
 LQFLVLRQHGHOODPXFRVDRUDOHHGHOODVRWWRVWDQWHSDUHWHGXWWDOHLQFRUULVSRQGHQ]DGHOFDOFROR
 DVSRUWD]LRQHGLWXWWHOHFRQFUH]LRQLFDOFRORWLFKHSUHVHQWL

ϭϳϱ


188


 VSUHPLWXUD ELPDQXDOH FRPELQDWD GHO FRUSR JKLDQGRODUH GRSR ULPR]LRQH GHO ILOR GL VXWXUD
SUHFHGHQWHPHQWHDSSRVWR
 VXWXUDGHLOHPELGHOO¶LQFLVLRQHPXFRVDDLFRUULVSRQGHQWLOHPELGHOO¶LQFLVLRQHGXWWDOH
 HYHQWXDOH LQVHULPHQWR H VXWXUD LQ VHGH SHU  ±  JLRUQL  GL XQR ]DIIR GL JDU]D PHGLFDWD R GL XQ
WXELFLQR GL PDWHULDOH SODVWLFR SHU FLUFD  FP DOO¶LQWHUQR GHOOD SRU]LRQH GL GRWWR SRVWHULRUH DO
QHRVWRPD  

)DWWRULSURJQRVWLFLVRQRODVFRPSDUVDGHOODVLQWRPDWRORJLDODIXRULXVFLWDGLVDOLYDGDOQHRVWRPDXQ
IROORZXSDQQXDOHSHUYHULILFDUHQHOWHPSRODSHUYLHWjGHOQHRVWRPD



%LEOLRJUDILD

%DXUPDVK+DUROG'6XEPDQGLEXODU6DOLYDU\6WRQHV&XUUHQW0DQDJHPHQW0RGDOLWLHV-2UDO0D[LOORIDFLDO6XUJ


&RPEHV - .DUDYLGDV . 0F*XUN 0 ,QWUDRUDO UHPRYDO RI SUR[LPDO VXEPDQGLEXODU VWRQHV ± DQ DOWHUQDWLYH WR
VLDODGHQHFWRP\,QW-2UDO0D[LOORIDF6XUJ±

)XVFRQL 0 3HWUR]]D 9 6FKLSSD 6 GH 9LQFHQWLLV 0 )DPLOLDUL * 3DQWDQHOOD ) &LUHQ]D 0 ,HEED 9 %DWWDJOLRQH (
*UHFR $ *DOOLSROL & &DPSR ) *DOOR $ %DFWHULDO %LRILOP LQ 6DOLYDU\ *ODQG 6WRQHV &DXVH RU &RQVHTXHQFH"
2WRODU\QJRO+HDG1HFN6XUJ0DU  

.LP -+ $RNL (0 &RUWHV $5 $EGDOD-XQLRU 5 $VDXPL - $ULWD (6 &RPSDULVRQ RI WKH GLDJQRVWLF SHUIRUPDQFH RI
SDQRUDPLFDQGRFFOXVDOUDGLRJUDSKVLQGHWHFWLQJVXEPDQGLEXODUVLDOROLWKV,PDJLQJ6FL'HQW-XQ  



,O FKLUXUJR RUDOH VL FRQIURQWD FRQ XQD VHULH GL SD]LHQWL DIIHWWL GD PDODWWLH VLVWHPLFKH H SHU L
TXDOL O¶LQWHUYHQWR FKLUXUJLFR DQFKH VH EDQDOH SXz HVVHUH GHILQLWR ³D ULVFKLR´ VLD SHU OH
FDUDWWHULVWLFKHGHOOHPDODWWLHVLVWHPLFKHVWHVVHVLDSHUOHWHUDSLHFKHDGHVVHVRWWHQGRQR

)RQGDPHQWDOHqODVWUHWWDFROODERUD]LRQHWUDLOFKLUXUJRRUDOHHGLOPHGLFRFXUDQWHVLDHJOLGL
EDVHRVSHFLDOLVWLFR

,QYLDJHQHUDOHLSD]LHQWL³DULVFKLR´YDQQRWUDWWDWLQHOODPDQLHUDSLVHPSOLFHHGDWUDXPDWLFD
SRVVLELOHVFHJOLHQGRWUDOHWHFQLFKHHJOLDSSURFFLGLVSRQLELOLTXHOOLPHQRLQYDVLYLQHOWHQWDWLYR
GLRWWHQHUHXQULVXOWDWROLPLWDQGRDOPDVVLPRLSRVVLELOLHIIHWWLFROODWHUDOL


ϭϳϲ


189


/¶DYDQ]DPHQWRGHOOHFRQRVFHQ]HLQVLHPHFRQLOGLYHQLUHGHOOD5LFHUFDVFLHQWLILFDKD FRQVHQWLWROD
FUHVFLWDGLXQDSRSROD]LRQHGLSD]LHQWLFKHSXUDIIHWWLGDPDODWWLHVLVWHPLFKHYHQJRQRPDQWHQXWLLQ
UHODWLYDEXRQDVDOXWHJUD]LHDOO¶XWLOL]]RGHOOHWHUDSLHPRGHUQH
,OJUXSSRGLSDWRORJLHqDPSLRHSXzUDSSUHVHQWDUHGLYROWDLQYROWDXQDFRQWURLQGLFD]LRQHUHODWLYDR
DVVROXWD ULVSHWWR DO JUDGR GL FRPSHQVR GHOOD PDODWWLD VWHVVD 3HU IDUH XQ HVHPSLR XQ SD]LHQWH
GLDEHWLFR FRPSHQVDWR SRQH SUREOHPDWLFKH SRFR VLJQLILFDWLYH QHOO¶HVHFX]LRQH GHOO¶DWWR FKLUXUJLFR
PHQWUH DO FRQWUDULR XQ SD]LHQWH GLDEHWLFR VFRPSHQVDWR SXz UDSSUHVHQWDUH XQ SUREOHPD PROWR SL
ULOHYDQWH
,Q EUHYH OH FRQGL]LRQL SDWRORJLFKH VLVWHPLFKH FRQ OH TXDOL LO FKLUXUJR GHYH FRQIURQWDUVL VRQR
SD]LHQWL GLDEHWLFL 'L /DXUR   6DGHJKL 5   SD]LHQWL FRQ PDODWWLH FDUGLRYDVFRODUL
LSHUWHQVLRQHFDUGLRSDWLDLVFKHPLFD SD]LHQWLFDUGLRFKLUXUJLFL 'HOOD9DOOH$  6DPPDUWLQR*
  SD]LHQWL HSDWRSDWLFL +RQJ &+   SD]LHQWL DOOHUJLFL SD]LHQWL LQ JUDYLGDQ]D SD]LHQWL
WUDSLDQWDWL :DUG%%  +HOHQLXV+LHWDOD- SD]LHQWLGLDOL]]DWLSD]LHQWLJHULDWULFLSD]LHQWL
FKHKDQQRIDWWRXVRGLELIRVIRQDWL 6DPPDUWLQR*  .KDQ$ HFF«
)HUPRTXLQGLUHVWDQGRLOJUDGRGLFRPSHQVRGLTXHVWHPDODWWLHSHUPROWHGLHVVHqLQGLVSHQVDELOHOD
FROODERUD]LRQHGHOFKLUXUJRRUDOHFRQLPHGLFLFXUDQWLGHLSD]LHQWLLQWHVLVLDFRPHPHGLFLGLEDVHFKH
FRPHPHGLFLGLDOWUHVSHFLDOLWj
,Q YLD JHQHUDOH L SD]LHQWL ³D ULVFKLR´ YDQQR WUDWWDWL QHOOD PDQLHUD SL VHPSOLFH HG DWUDXPDWLFD
SRVVLELOHVFHJOLHQGRWUD OHWHFQLFKH H JOLDSSURFFLGLVSRQLELOLTXHOOLPHQRLQYDVLYLQHOWHQWDWLYRGL
RWWHQHUHXQULVXOWDWROLPLWDQGRDOPDVVLPRLSRVVLELOLHIIHWWLFROODWHUDOLQHOODJHVWLRQHGLWDOLSD]LHQWL
SRL VL SRUUj LO SUREOHPD GHOOD WHUDSLD PHGLFD GL VRVWHJQR TXDORUD QHFHVVDULD SHU HVHPSLR
QHOO¶XUJHQ]D FKLUXUJLFD OD WHUDSLD DQWLELRWLFD DG DPSLR VSHWWUR QHO SD]LHQWH GLDEHWLFR VFDUVDPHQWH
FRPSHQVDWR R OD WHUDSLD DQWLELRWLFD DVVRFLDWD QHO SD]LHQWH FRQ SUREOHPL FDUGLRYDVFRODUL SHU HYLWDUH
FRPSOLFDQ]HTXDOLDGHVHPSLRO¶HQGRFDUGLWHEDWWHULFDOHJDWDDOODEDWWHULHPLDWUDQVLWRULDGLRJQLDWWR
FKLUXUJLFR DOLYHOORGHOFDYRRUDOHLQSUHVHQ]DGLXQDGLPLQXLWDRVFDUVD IXQ]LRQDOLWjGHOO¶DSSDUDWR
FDUGLRYDVFRODUH
8Q¶DOWUDSUREOHPDWLFDVSHVVRSUHVHQWHQHLSD]LHQWL³DULVFKLR´qTXHOODGHOO¶HPRVWDVLFKHSXzHVVHUH
OHJDWR D ROWUH FKH D PDODWWLH JHQHWLFKH DQFKH D WHUDSLH DQWLFRDJXODQWL HG DQWLDJJUHJDQWL SD]LHQWL
FDUGLRYDVFRODUL H FDUGLRFKLUXUJLFL  R D GHILFLW HPDWRSRLHWLFL SD]LHQWL HSDWRSDWLFL  UHODWLYDPHQWH D
WDOH TXHVWLRQH QXRYH H YHFFKLH WHFQLFKH XWLOL]]R GL HPRFRQFHQWUDWL 353 35) 35*)  H OD
FROODERUD]LRQH FRQ L FHQWUL GL HPDWRORJLD SDSSD SLDVWULQLFD  SRVVRQR DLXWDUH D ULVROYHUH OH
SUREOHPDWLFKHSUHVHQWLHYLWDQGRDOORVWHVVRWHPSRVRVSHQVLRQLGHOODWHUDSLDFKHVLDSXUSURWHWWHGD

ϭϳϳ


190


WUDWWDPHQWL SDU]LDOPHQWH HTXLYDOHQWL HSDULQL]]D]LRQH  VRWWRSRQJRQR L SD]LHQWL DG XQ ULVFKLR


WURPERHPEROLFR
1RQGLPHQRELVRJQHUHEEHDQFKHDIIURQWDUHLOWHPDGHLSD]LHQWLVRWWRSRVWLDWHUDSLHFRQELIRVIRQDWLD
FKHPLRWHUDSLDHDUDGLRWHUDSLDGHOODUHJLRQHWHVWDFROORFKHSRVVRQRSRUUHSUREOHPDWLFKHOHJDWHDOOD
GXUDWD DOOD TXDOLWj GHOOD WHUDSLD LQWHVD FRPH FODVVH GL IDUPDFL H D SDWRORJLH FRQFRPLWDQWL 9D
ULOHYDWRLQROWUHFKHSHUTXDQWRFRQFHUQHLOPDQDJHPHQWGLTXHVWHXOWLPHFRQGL]LRQLFOLQLFKHQRQYL
qDWXWW¶RJJLXQDJUHHPHQWWRWDOHLQOHWWHUDWXUD

%LEOLRJUDILD
+RQJ'HOOD9DOOH$6DPPDUWLQR*0DUHQ]L*7LD0'L/DXUR$()HUUDUL)/R0X]LR/3UHYHQWLRQRISRVWRSHUDWLYH
EOHHGLQJ LQ DQWLFRDJXODWHG SDWLHQWV XQGHUJRLQJ RUDO VXUJHU\ XVH RI SODWHOHWULFK SODVPD JHO - 2UDO 0D[LOORIDF 6XUJ
1RY  

'L/DXUR)%XFFL(&KLUXUJLDRGRQWRVWRPDWRORJLFDFRQQRWHGLSDWRORJLD(GLWRUH)ORULR

+HOHQLXV+LHWDOD - $EHUJ ) 0HXUPDQ -+ 1RUGLQ $ ,VRQLHPL + 2UDO 6XUJHU\ LQ /LYHU 7UDQVSODQW &DQGLGDWHV D
5HWURVSHFWLYH6WXG\RQ'HOD\HG%OHHGLQJDQG2WKHU&RPSOLFDWLRQV2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO
0D\  

+RQJ&+6FREH\0:1DSHQDV--%UHQQDQ07/RFNKDUW3%'HQWDO3RVWRSHUDWLYH%OHHGLQJ&RPSOLFDWLRQVLQ3DWLHQWV
ZLWK6XVSHFWHGDQG'RFXPHQWHG/LYHU'LVHDVH2UDO'LV  

.KDQ$0RUULVRQ$&KHXQJ$+DVKHP:&RPSVWRQ-2VWHRQHFURVLVRIWKH-DZ 21- 'LDJQRVLVDQG0DQDJHPHQWLQ
2VWHRSRURV,QW0DU  

6DPPDUWLQR*'RKDQ(KUHQIHVW'01&DULOH)7LD0%XFFL33UHYHQWLRQRIKHPRUUKDJLFFRPSOLFDWLRQVDIWHUGHQWDO
H[WUDFWLRQVLQWRRSHQKHDUWVXUJHU\SDWLHQWVXQGHUDQWLFRDJXODQWWKHUDS\WKHXVHRIOHXNRF\WHDQGSODWHOHWULFKILEULQ-
2UDO,PSODQWRO'HF  

6DGHJKL57DOHJKDQL))DUKDGL62UDO+HDOWK5HODWHG4XDOLW\RI/LIHLQ'LDEHWLF3DWLHQWV-'HQW5HV'HQW&OLQ'HQW
3URVSHFWV)DOO  

6DPPDUWLQR*0DUHQ]L*&LRIIL,7HWp60RUWHOODUR&,PSODQW7KHUDS\LQ,UUDGLDWHG3DWLHQWV-&UDQLRIDF6XUJ
0DU  

:DUG %% :HLGHPDQ (0 /RQJWHUP 3RVWRSHUDWLYH %OHHGLQJ DIWHU 'HQWRDOYHRODU 6XUJHU\ LQ WKH 3UHWUDQVSODQW /LYHU
)DLOXUH3DWLHQW-2UDO0D[LOORIDF6XUJ  




3HU TXDQWR ULJXDUGD OH UDFFRPDQGD]LRQL FOLQLFKH UHODWLYH DOO¶,PSODQWRORJLD HG
DOOD&KLUXUJLD(QGRGRQWLFDVLULPDQGDDOOHUDFFRPDQGD]LRQLFOLQLFKHGHLJUXSSL
GLODYRURVSHFLILFL ,PSODQWRORJLD(QGRGRQ]LD 



ϭϳϴ


191





,03/$172/2*,$25$/( 



IMPLANTOLOGIA ORALE


ϭϳϵ


193


/¶LPSODQWRORJLD RUDOH q XQD PRGDOLWj GL WUDWWDPHQWR LQGLFDWD SHU VRVWLWXLUH JOL HOHPHQWL GHQWDOL
PDQFDQWL R TXHOOL D SURJQRVL LQIDXVWD (¶ XQD WHUDSLD DIILGDELOH FRQ XQD HOHYDWD SHUFHQWXDOH GL
VXFFHVVR DFFHWWDWD GDOOD FRPXQLWj VFLHQWLILFD H SURIHVVLRQDOH LQWHUQD]LRQDOH (NHOXQG HW DO  
)HUULJQR 1 HW DO   -HPW 7 -RKDQVVRQ -  )LW]SDWULFN %  $VWUDQG 3 HW DO 
0RUDVFKLQL9HWDO$VWUDQG3HWDO$WWDUG1-=DUE*$%HKQHNH$HWDO
%ODQHV5-HWDO%XVHU'HWDO/HNKROP8HWDO/HNKROP8HWDO1DHUW,HWDO
5DVPXVVRQ/HWDO5RPHR(HWDO$OEUHNWVVRQ7HWDO6PLWK'(=DUE*$
(VSRVLWR0HWDO/DQJ13HWDO0LVFK&(HWDO 
Ê  LPSRUWDQWH VRWWROLQHDUH FRPH OH DXPHQWDWH FRQRVFHQ]H H LO PLJOLRUDPHQWR GHOOH SURFHGXUH
GLDJQRVWLFKHHWHUDSHXWLFKHLQFDPSRRGRQWRLDWULFRFRQVHQWDQRRJJLXQDPSOLDPHQWRGHOOHSRVVLELOLWj
GL UHFXSHUR GHJOL HOHPHQWL GHQWDUL FRPSURPHVVL RJQL VIRU]R GRYUHEEH HVVHUH DWWXDWR LQ WDO VHQVR
ULFRUUHQGRDOO¶DYXOVLRQHGHQWDULDVRORTXDQGRLQGLVSHQVDELOH 7KRPDV09%HDJOH-5+ROP
3HGHUVHQ3HWDO7RUDELQHMDG0HWDO0RUULV0)7RPDVL&HWDO*RWIUHGVHQ
.HWDO 
2JQLULDELOLWD]LRQHSURWHVLFDLYLFRPSUHVDTXHOODVXSSRUWDWDGDLPSLDQWLqULYROWDDOODULVROX]LRQHGL
HGHQWXOLHSUHJUHVVHRDOODVRVWLWX]LRQHGLHOHPHQWLGHQWDULLUUHFXSHUDELOLHSXzHVVHUHUHDOL]]DWDFRQ
PRGDOLWjGLYHUVHLQUHOD]LRQHDOOHHVLJHQ]HGHLSD]LHQWLHDOOHORURFRQGL]LRQLFOLQLFKHVLVWHPLFKHH
ORFDOL (FNHUW6(/DQH\:5%UlJJHU8HWDO&KHH:-LYUDM63MHWXUVVRQ%(HW
DO%UlJJHU8HWDO3MHWXUVVRQ%(/DQJ13-XQJ5(HWDOGR1DVFLPHQWR&
HWDO6DLOHU,HWDO+VX<7HWDO:LWWQHEHQ-*HWDO0LOOHQ&HWDO
-HPW7'H5RXFN7HWDOGHQ+DUWRJ/HWDO&KHQ67%XVHU' 
/DUHDOL]]D]LRQHGHOODULDELOLWD]LRQHLPSODQWRSURWHVLFDQHFHVVLWDGLXQLQWHUYHQWRFKLUXUJLFRHGHOOD
FRVWUX]LRQH GL XQ PDQXIDWWR SURWHVLFR FKH SHU HVVHUH HVHJXLWL FRUUHWWDPHQWH ULFKLHGRQR O¶XVR GL
DWWUH]]DWXUH LGRQHH H WHFQRORJLD GHGLFDWD 3HU LO UDJJLXQJLPHQWR GL XQ ULVXOWDWR RWWLPDOH LO FOLQLFR
GHYHYHULILFDUHODSUHVHQ]DGHOO¶LQGLFD]LRQHDOWUDWWDPHQWRRGLHYHQWXDOLFRQWURLQGLFD]LRQLLQIRUPDUH
DGHJXDWDPHQWHLOSD]LHQWHIDUHOHRSSRUWXQHYDOXWD]LRQLDQDPQHVWLFKHGLDJQRVWLFKHHSURJQRVWLFKH
PHWWHUH LQ DWWR L QHFHVVDUL WUDWWDPHQWL SUHYHQWLYL HR WHUDSHXWLFL FDSDFL GL ULGXUUH LO ULVFKLR GL
FRPSOLFDQ]H H LQILQH DSSOLFDUH XQ FRUUHWWR SURWRFROOR FOLQLFR ,O VXFFHVVR GHO WUDWWDPHQWR
LPSODQWRSURWHVLFR q IRUWHPHQWH LQIOXHQ]DWR GDOOD SDUWHFLSD]LRQH GHO SD]LHQWH DG XQ SURJUDPPD GL
FRQWUROORVLDLJLHQLFRFKHRFFOXVDOH +XOWLQ0HWDO4XLU\QHQ0HWDO6DOYL*(=LW]PDQQ
180RQMH$HWDO 
1RQVRQRSUHYLVWLSHUODFKLUXUJLDLPSODQWDUHUHTXLVLWLVWUXWWXUDOLGLYHUVLULVSHWWRDTXHOOLULFKLHVWLSHU
TXDOVLDVL DOWUD EUDQFD GHOO¶RGRQWRLDWULD 3HU TXHVWR PRWLYR QRQ q REEOLJDWRULR DYHUH XQD VDOD
ϭϴϬ


194


RSHUDWRULD GHGLFDWD PD q VXIILFLHQWH XQR VWXGLR  RGRQWRLDWULFR LQ FXL YHQJDQR ULVSHWWDWH OH FRUUHWWH
SURFHGXUH G¶LJLHQH GLVLQIH]LRQH H VWHULOLWj /D GRWD]LRQH GL DSSDUHFFKLDWXUH H VWUXPHQWD]LRQH
FRQVLGHUDWDDGHJXDWDDOO¶RWWLPL]]D]LRQHGHOODSUHVWD]LRQHFOLQLFDSUHYHGHXQ³ULXQLWRRGRQWRLDWULFR´
GRWDWR GL EXRQD LOOXPLQD]LRQH H GL DVSLUD]LRQH FKLUXUJLFD XQ PRWRUH FKLUXUJLFR GHGLFDWR XQ
DSSDUHFFKLRUDGLRJUDILFRHORVWUXPHQWDULRGHGLFDWRVWHULOH
*OL LPSLDQWL GHQWDOL VRQR ³GLVSRVLWLYL PHGLFL´  H SHUWDQWR GHYRQR SRVVHGHUH OD FHUWLILFD]LRQH FKH
DWWHVWL L UHTXLVLWL GL VLFXUH]]D ULVSRQGHQWL DOOD FRPSDWLELOLWj ELRORJLFD H DOOH ILQDOLWj IXQ]LRQDOL HG
HVWHWLFKHSHUFXLYHQJRQRXWLOL]]DWL ,62/DXWHQVFKODJHU(30RQDJKDQ3%lFKOH
0 .RKDO 5-  (VSRVLWR 0 HW DO  7VFKHUQLWVFKHN + HW DO   (VSRVLWR 0 HW DO 
.RWVRYLOLV6HWDO6XEUDPDQL.HWDO+DVKLP' 
/D FHUWLILFD]LRQH LQGLVSHQVDELOH SHU OD FRPPHUFLDOL]]D]LRQH QHO QRVWUR 3DHVH JDUDQWLVFH FKH OH
FDUDWWHULVWLFKH PHUFHRORJLFKH GHL PDWHULDOL GLFKLDUDWH GDO IDEEULFDQWH VRQR FRQIRUPL DJOL VWDQGDUG
ULFKLHVWLGDOODQRUPDWLYDFRPXQLWDULD
,QSDUWLFRODUHODFRPSDUD]LRQHODVHOH]LRQHHODODYRUD]LRQHGHOOHPDWHULHSULPH VLDSHUJOLLPSLDQWL
FKHSHUJOLDOWULELRPDWHULDOLGLLPSLHJRLPSODQWDUH GHYRQRULVSHWWDUHJOLVWDQGDUGLQWHUQD]LRQDOLHOD
'LUHWWLYD (XURSHD  &( LQ WHUPLQL GL FHUWLILFD]LRQH GL RULJLQH ELRFRPSDWLELOLWj WRVVLFLWj
DOOHUJHQLFLWj H VLFXUH]]D 3HU OD PDVVLPD WUDVSDUHQ]D VXOOD WUDFFLDELOLWj GHOO¶LPSLDQWR LQ XVR VL
UDFFRPDQGD GL DOOHJDUH H FRQVHUYDUH IUD OD GRFXPHQWD]LRQH FOLQLFD GHO VLQJROR FDVR L GRFXPHQWL
ULODVFLDWLGDOO¶D]LHQGDSURGXWWULFHXWLOLDGLGHQWLILFDUHO¶LPSLDQWRXVDWRH GLFRQVHJQDUHDOSD]LHQWHL
GDWLLGHQWLILFDWLYLGHOWLSRHGHOOHFDUDWWHULVWLFKHVSHFLILFKHGHOO¶LPSLDQWRXWLOL]]DWR
*OL LPSLDQWL GHYRQR HVVHUH FRQIH]LRQDWL VWHULOL SHU XVR VLQJROR H QRQ GHYRQR SL HVVHUH XWLOL]]DWL
DQFKH VH ULVWHULOL]]DWL  GRSR DYHU SHUVR O¶LQWHJULWj GHOOD FRQIH]LRQH R GRSR OD GDWD GL VFDGHQ]D
LQGLFDWDGDOIDEEULFDQWH


,QGLFD]LRQLHFRQWURLQGLFD]LRQLDOODFKLUXUJLDLPSODQWDUH

2JQLPHWRGLFDKDLQGLFD]LRQLHFRQWURLQGLFD]LRQLVSHFLILFKHHYLGHQ]LDYDQWDJJLHVYDQWDJJLQHOODVXD
DWWXD]LRQH H KD WHPSL GL UHDOL]]D]LRQH H FRVWL GLYHUVL , FRVWL GHOOD ULDELOLWD]LRQH ULVHQWLUDQQR
LQHYLWDELOPHQWHGHJOLLQYHVWLPHQWLVRVWHQXWLGDOSURIHVVLRQLVWDSHUDVVLFXUDUQHVLFXUH]]DHDIILGDELOLWj
QHOPHGLRHOXQJRSHULRGR



ϭϴϭ


195


/HLQGLFD]LRQLHOHWWLYHDOO¶XWLOL]]RGHOODWHUDSLDLPSODQWDUHVRQR
LQVWDELOLWjHRPDQFDQ]DGLULWHQ]LRQHGLXQDSURWHVLWRWDOHPRELOH
LQVWDELOLWjHRPDQFDQ]DGLULWHQ]LRQHGLXQDSURWHVLULPRYLELOH
GLVDJLRSVLFRORJLFRDVVRFLDWRDOODFRQGL]LRQHGLSRUWDWRUHGLSURWHVLULPRYLELOH
ULDELOLWD]LRQHILVVDGLHGHQWXOLHSDU]LDOL
ULDELOLWD]LRQHILVVDGLHGHQWXOLHSDU]LDOLLQWHUFDODWHGDSLHOHPHQWL
VRVWLWX]LRQHGLHOHPHQWRLLQ]RQDYLVLELOH
VRVWLWX]LRQHGLXQRRSLHOHPHQWLGHQWDOLQRQUHFXSHUDELOL
VRVWLWX]LRQHGLXQRRSLHOHPHQWLGHQWDOLLQSUHVHQ]DGLGHQWLFRQWLJXLVDQL
VRVWLWX]LRQHGLXQRRSLHOHPHQWLGHQWDOLFRQWLJXLDSLODVWULSURWHVLFLLQDIILGDELOL
ULDELOLWD]LRQHILVVDGHOO¶LQWHUDDUFDWD


/HFRQWURLQGLFD]LRQLDVVROXWHVRQRUDSSUHVHQWDWHGD
 FRQGL]LRQL VLVWHPLFKH GHO SD]LHQWH FKH FRVWLWXLVFRQR XQ LPSHGLPHQWR DVVROXWR D RJQL WLSR GL
 SURFHGXUDFKLUXUJLFDRUDOHGDLGHQWLILFDUHLQPRGRSXQWXDOH +ZDQJ':DQJ+/ 
FUHVFLWDVFKHOHWULFDQRQFRPSOHWDWD %U\DQW65=DUE*$0DQNDQL1HWDO 


/HFRQWURLQGLFD]LRQLUHODWLYHFKHSRVVRQRVFRQVLJOLDUHODWHUDSLDLPSODQWDUHVRQRUDSSUHVHQWDWH
GD
Ǧ FRQGL]LRQLFOLQLFKHHVWLOLGLYLWD 6FXOO\&HWDO+ZDQJ':DQJ+/0RPEHOOL$
&LRQFD1=LW]PDQQ18HWDO%RUQVWHLQ00HWDO5LSDPRQWL&,HWDO
&KDGKD*.HWDO GLFKLDUDWLQHOO¶DQDPQHVLHSHULTXDOLVLDQRVWDWHLQGLFDWHGDOO¶RGRQWRLDWUD
OH RSSRUWXQH QHFHVVLWj GL PRGLILFD DO ILQH GL HOLPLQDUH R ULGXUUH LO ULVFKLR GL LQVXFFHVVR GHO
WUDWWDPHQWR(VHPSLGLWDOLFRQGL]LRQLVRQRJUDYLVWDWLGLGLSHQGHQ]DGDGURJKH +ZDQJ':DQJ
+/   GL GHILFLW ILVLFL HR SVLFKLFL $OFRXIIH )   FKH LPSHGLVFRQR R UHQGRQR PROWR
GLIILFROWRVRHVHJXLUHFRUUHWWHPDQRYUHGLLJLHQHRUDOHGRPLFLOLDUHGLIXPRHFFHVVLYR .ORNNHYROG
35+DQ7-+HLW]0D\ILHOG/-+X\QK%D*&KUFDQRYLF%5HWDO0RUDVFKLQL
9HWDO GLSDURGRQWLWHQRQWUDWWDWDRWUDWWDWDVHQ]DVXFFHVVRHGLVFDUVDFROODERUD]LRQHGHO
SD]LHQWH 9DQGHU:HLMGHQ*$HWDO6FKRX6HWDO.DURXVVLV,.HWDO6FKRX
62QJ&7HWDO$O=DKUDQL065HQYHUW63HUVVRQ*5+HLW]0D\ILHOG
/-+X\QK%D*5HQYHUW63HUVVRQ*5=DQJUDQGR06HWDO6RXVD9HWDO
'HUNV-HWDO HWF
Ǧ SUHVHQ]DGLXQDFUHVWDRVVHDUHVLGXDQRQDGDWWDSHUTXDQWLWjTXDOLWjHPRUIRORJLDDGDFFRJOLHUHXQ
LPSLDQWR GL GLPHQVLRQL DGHJXDWH DOOH IXQ]LRQL GD VYROJHUH RYH OH SURFHGXUH FKLUXUJLFKH SHU OD
FRUUH]LRQH GL WDOL FRQGL]LRQL DQDWRPLFKH ULVXOWLQR QRQ DWWXDELOL R VRJJHWWH DG DOWH SHUFHQWXDOL GL
LQVXFFHVVRRGLFRPSOLFDQ]H 0DUWLQ:HWDO 
Ǧ LQDGHJXDWH]]D GHOOR VSD]LR QHFHVVDULR SHU OD UHDOL]]D]LRQH GL XQ PDQXIDWWR SURWHVLFR
PRUIRORJLFDPHQWH H IXQ]LRQDOPHQWH LGRQHR TXDORUD OH SURFHGXUH SHU PRGLILFDUH WDOH VLWXD]LRQH
QRQVLDQRDWWXDELOLRORVLDQRFRQXQRVIDYRUHYROHUDSSRUWRFRVWREHQHILFLR 0DUWLQ:HWDO 


ϭϴϮ


196


,O ULSULVWLQR GL DGHJXDWH FRQGL]LRQL GL VDOXWH GHL GHQWL H GHL WHVVXWL SDURGRQWDOL q
FRQGL]LRQHLQGLVSHQVDELOHSULPDGLVRWWRSRUUHLOSD]LHQWHDXQWUDWWDPHQWRLPSODQWDUH H
FRQVHQWH GL ULGXUUH DOFXQL IDWWRUL GL ULVFKLR SHU OD VRSUDYYLYHQ]D D OXQJR WHUPLQH GHJOL
LPSLDQWL


/¶DGR]LRQH GHOOD ULDELOLWD]LRQH LPSODQWRSURWHVLFD GHYH HVVHUH VHPSUH SUHVD LQ
FRQVLGHUD]LRQH QHOO¶DPELWR GHOOH RS]LRQL ULDELOLWDWLYH GLVSRQLELOL TXDQGR VL SRVVD
LSRWL]]DUHSHULOSD]LHQWHXQDGHJXDWRULVXOWDWRIXQ]LRQDOHHGHVWHWLFRDOXQJRWHUPLQH


/DWHUDSLDLPSODQWRSURWHVLFDGHYHHVVHUHHVHJXLWDFRQDSSDUHFFKLDWXUHWHFQRORJLFDPHQWH
DGHJXDWHHFRQVWUXPHQWD]LRQHDSSURSULDWD


'LDJQRVL

3ULPD GL SURFHGHUH DG XQ WUDWWDPHQWR LPSODQWRSURWHVLFR q LPSRUWDQWH XQ¶DSSURIRQGLWD YDOXWD]LRQH
GLDJQRVWLFD EDVDWD VX XQ¶DWWHQWD DQDPQHVL PHGLFD HG RGRQWRLDWULFD  XQ HVDPH FOLQLFR HVDPL
UDGLRJUDILFLHVDPLGLODERUDWRULRHRVWUXPHQWDOLHXQRVWXGLRGHLPRGHOOLLQJHVVR
/¶DQDPQHVL PHGLFD SHUPHWWH GL UDFFRJOLHUH LQIRUPD]LRQL VXOO¶HYHQWXDOH SUHVHQ]D GL SDWRORJLH
VLVWHPLFKH VXOOH WHUDSLH PHGLFKH VHJXLWH H VXJOL VWLOL GL YLWD HV LQDGHJXDWD LJLHQH RUDOH H IXPR GL
VLJDUHWWH  FKH SRVVRQR FRPSRUWDUH XQ PDJJLRU ULVFKLR SHU O¶LQWHUYHQWR FKLUXUJLFR HR SHU LO
FRQVHJXLPHQWRGHOVXFFHVVRLPSODQWDUH/¶DQDPQHVLRGRQWRLDWULFDLQYHFHFRQVHQWHGLFRQRVFHUHOD
VWRULD GL SUHJUHVVH SDWRORJLH RUDOL OH FDXVH GHOOD SHUGLWD GHJOL HOHPHQWL GHQWDUL H JOL HYHQWXDOL
WUDWWDPHQWLRGRQWRLDWULFLHIIHWWXDWL
/¶HVDPH FOLQLFR FRPSUHQGH O¶HVDPH RELHWWLYR GHO YROWR QHOO¶DPELWR GHO TXDOH SDUWLFRODUH ULOHYDQ]D
DVVXPH OD YDOXWD]LRQH GHOOD OLQHD GHO VRUULVR H O¶HVDPH RELHWWLYR GHO FDYR RUDOH FKH SHUPHWWH GL
YHULILFDUH WUD O¶DOWUR OD FRQGL]LRQH GL VDOXWH R GL SDWRORJLD GHOOH PXFRVH GHL WHVVXWL SDURGRQWDOL
=DQJUDQGR 06 HW DO   6RXVD 9 HW DO  'HUNV - HW DO   H GHL GHQWL UHVLGXL LO ELRWLSR
SDURGRQWDOH OD SUHVHQ]D R PHQR GL PXFRVD FKHUDWLQL]]DWD *REEDWR HW DO   O¶RFFOXVLRQH L
UDSSRUWLLQWHUPDVFHOODULODPRUIRORJLDHOHGLPHQVLRQLGHOOH]RQHHGHQWXOH &DZRRG-,+RZHOO5$
 ODPRUIRORJLDGHLGHQWLFRQWLJXLHFRQWURODWHUDOLODSRVL]LRQHGHLGHQWLDQWDJRQLVWLODSUHVHQ]D
GLVHJQLGLSDUDIXQ]LRQL 6DKLQ6HWDO/REEH]RR)HWDO&KUFDQRYLF%5HWDO HLO
JUDGRGLDSHUWXUDGHOODERFFD

ϭϴϯ


197


/HPHWRGLFKHUDGLRJUDILFKHFRQYHQ]LRQDOL 5[HQGRUDOLRUWRSDQWRPRJUDILDWHOHUDGLRJUDILD LQPROWL


FDVLIRUQLVFRQRLQIRUPD]LRQLVXIILFLHQWLSHUVWDELOLUHODIDWWLELOLWjGHOWUDWWDPHQWRLPSODQWDUHHODVXD
SLDQLILFD]LRQH 0LOHV'$9DQ'LV0/0RQVRXU3$'XGKLD59D]TXH]/HWDO 
(VLVWRQR WXWWDYLD FRQGL]LRQL DQDWRPRWRSRJUDILFKH LQ FXL q QHFHVVDULR HVHJXLUH XQ DFFHUWDPHQWR GL
VHFRQGR OLYHOOR UDSSUHVHQWDWR GDOOD 7RPRJUDILD &RPSXWHUL]]DWD 7&  OD TXDOH SHUPHWWH XQD
YLVXDOL]]D]LRQHWULGLPHQVLRQDOHGHOOHVHGLLPSODQWDULLQVLHPHDXQDYDOXWD]LRQHDSSURVVLPDWLYDGHOOD
TXDOLWjRVVHD$WLWRORPHUDPHQWHHVHPSOLILFDWLYRTXHVWRHVDPHSXzHVVHUHXWLOL]]DWRRJQLTXDOYROWD
YLVLDXQDULGX]LRQHGHOYROXPHRVVHRGLVSRQLELOHRLQSUHVHQ]DGLVWUXWWXUHDQRWRPLFKHQRELOLFRPH
DGHVHPSLRLOQHUYRDOYHRODUHLQIHULRUHRLOVHQRPDVFHOODUH4XHVWDPHWRGLFDqLQGLFDWDTXDQGROH
LQIRUPD]LRQLJLjGLVSRQLELOLQRQVLDQRVXIILFLHQWLSHUXQDFRUUHWWDSURJUDPPD]LRQH $OPRJ'0HWDO
*XHUUHUR0(HWDO+DUULV'HWDO 
*OL HVDPL GL ODERUDWRULR HR VWUXPHQWDOL HVDPL HPDWRFKLPLFL (&* HFF  RSSXUH LO FRQVXOWR FRO
PHGLFRFXUDQWHVSHFLDOLVWDSRVVRQRUHQGHUVLQHFHVVDULLQSUHVHQ]DGLSDWRORJLHVLVWHPLFKHHRTXDQGR
LOFOLQLFRORULWHQJDRSSRUWXQRDLQWHJUD]LRQHGHOOHLQIRUPD]LRQLDQDPQHVWLFKHHGHOO¶LWHUGLDJQRVWLFR
/RVWXGLRGHLPRGHOOLLQJHVVRPRQWDWLLQDUWLFRODWRUHHGHYHQWXDOPHQWHFRPSOHWDWLGDXQDFHUDWXUD
GLDJQRVWLFD SHUPHWWH D GLVFUH]LRQH GHO SURIHVVLRQLVWD XQD YDOXWD]LRQH SL DFFXUDWD GHOOD ]RQD
HGHQWXODHGHLVXRLUDSSRUWLFRQLGHQWLFRQWLJXLHFRQO¶DUFDWDDQWDJRQLVWDFRQVHQWHQGRXQDFRUUHWWD
SURJHWWD]LRQHSURWHVLFDGHOFDVR(¶IRUWHPHQWHUDFFRPDQGDELOHLQIDWWLFKHLOWUDWWDPHQWRULDELOLWDWLYR
LPSODQWRSURWHVLFRSDUWDGDOODSURJHWWD]LRQHSURWHVLFD (FNHUW 6(/DQH\:53MHWXUVVRQ%(
/DQJ13 
(¶QHFHVVDULRFKHLOSD]LHQWHYHQJDDGHJXDWDPHQWHLQIRUPDWRVXOOHSURSULHFRQGL]LRQLFOLQLFKHVXOOH
YDULH SRVVLELOLWj ULDELOLWDWLYH H VXL ULVXOWDWL FRQVHJXLELOL 3HUWDQWR LO FROORTXLR UDSSUHVHQWD OR
VWUXPHQWRSLLPSRUWDQWHHFRUUHWWRDWWUDYHUVRFXLLOSURIHVVLRQLVWDSXzFRPSUHQGHUHOHHVLJHQ]HHOH
DVSHWWDWLYHGHOSD]LHQWHOHPRWLYD]LRQLFKHORLQGLUL]]DQRYHUVRODULDELOLWD]LRQHLPSODQWRSURWHVLFDH
LO OLYHOOR GL FROODERUD]LRQH FKH SXz IRUQLUH DOOD VROX]LRQH ULDELOLWDWLYD SURVSHWWDWD ,O FROORTXLR
FRQVHQWHDOWUHVuGLIRUQLUHFRUUHWWHLQIRUPD]LRQLVXSUREOHPDWLFKHFOLQLFKHSURFHGXUHFKLUXUJLFKHH
SURWHVLFKHYDQWDJJLHVYDQWDJJLQHLFRQIURQWLGHOOHDOWUHRS]LRQLWHUDSHXWLFKHULVXOWDWLUDJJLXQJLELOLH
ORURPDQWHQLPHQWRQHOWHPSRHYHQWXDOLULVFKLHSRVVLELOLFRPSOLFDQ]HQHFHVVLWjGLFRQWUROOLSHULRGLFL
VXFFHVVLYLSRVVLELOLWjGLLQVXFFHVVLSUHFRFLHRWDUGLYLPRGDOLWjGLLQWHUYHQWRLQFDVRGLIDOOLPHQWRH
FULWHULGLFRUUHVSRQVDELOL]]D]LRQHGHOSD]LHQWH

,O WUDWWDPHQWR ULDELOLWDWLYR LPSODQWRSURWHVLFR ULFKLHGH XQD SUHYHQWLYD H DWWHQWD YDOXWD]LRQH
GLDJQRVWLFDHXQDDGHJXDWDSURJHWWD]LRQHSURWHVLFD

ϭϴϰ


198



8QDSDUWLFRODUHDWWHQ]LRQHGHYHHVVHUHULYROWDDLSD]LHQWLFKHDEELDQRGLPRVWUDWRVXVFHWWLELOLWj
DOODPDODWWLDSDURGRQWDOH VWRULDGLSDURGRQWLWH HRFKHSUHVHQWLQRXQ¶LJLHQHRUDOHLQDGHJXDWD
LTXDOLROWUHDHVVHUHRSSRUWXQDPHQWHLQIRUPDWLGHOOHSRVVLELOLFRPSOLFDQ]HHGHOOHFRQGL]LRQLGL
ULVFKLRDVVRFLDWHDOODORURFRQGL]LRQHGHEERQRHVVHUH PRWLYDWLDSUDWLFDUHXQDFRUUHWWDLJLHQH
RUDOHHVRWWRSRVWLDJOLLQGLVSHQVDELOLWUDWWDPHQWLGHQWRSDURGRQWDOLSULPDGHOO¶LQVHULPHQWRGHJOL
LPSLDQWL


8QD SDUWLFRODUH DWWHQ]LRQH GHYH HVVHUH ULYROWD DOO¶HYHQWXDOH SUHVHQ]D GL SDWRORJLH VLVWHPLFKH
DOOHWHUDSLHPHGLFKHVHJXLWHHDJOLVWLOLGLYLWD HVIXPRGLVLJDUHWWD FKHSRVVRQRFRPSRUWDUHXQ
PDJJLRUULVFKLRSHUO¶LQWHUYHQWRFKLUXUJLFRHRSHULOFRQVHJXLPHQWRGHOVXFFHVVRLPSODQWDUH


&RQGL]LRQLFOLQLFKHHDQDWRPLFKHSHUODFKLUXUJLDLPSODQWDUH

/¶RELHWWLYRSULRULWDULRGHOO¶RGRQWRLDWUDqLOPDQWHQLPHQWRHLOULSULVWLQRGHOORVWDWRGLVDOXWHGHOFDYR
RUDOHFRQGL]LRQHLQGHURJDELOHHLQGLVSHQVDELOHGDUDJJLXQJHUH SULPDGLVRWWRSRUUHLOSD]LHQWHDXQD
SURFHGXUD ULDELOLWDWLYD 3HU TXHVWR PRWLYR OD WHUDSLD LPSODQWDUH FRVWLWXLVFH JHQHUDOPHQWH XQD GHOOH
XOWLPHIDVLGHOSLDQRGLWUDWWDPHQWR,OULSULVWLQRGHOOHFRQGL]LRQLGLVDOXWHRUDOHLQIDWWLFRQVHQWHGL
ULGXUUHDOFXQLIDWWRULGLULVFKLRSHUODVRSUDYYLYHQ]DDOXQJRWHUPLQHGHJOLLPSLDQWL
8QR GHL UHTXLVLWL IRQGDPHQWDOL SHU SRWHU ULFRUUHUH DOOD ULDELOLWD]LRQH LPSODQWRSURWHVLFD q TXHOOR GL
DYHUHXQVXIILFLHQWHYROXPHGLRVVRUHVLGXRQHOOH]RQHSULYHGLHOHPHQWLGHQWDUL &DZRRG-,+RZHOO
5$ /DFDUHQ]DGLRVVRSXzUHQGHUHGLIILFLOHO¶LQVHULPHQWRGLLPSLDQWLGLDGHJXDWHGLPHQVLRQL
RFRVWULQJHUHDFRPSURPHVVLWDOLGDHVSRUUHDOIDOOLPHQWRSUHFRFHRWDUGLYRGHOODWHUDSLD
8QYROXPHRVVHRLQVXIILFLHQWHqWXWWDYLDXQDFRQGL]LRQHPROWRIUHTXHQWHFKHDOORVWDWRDWWXDOHSXz
LQ DOFXQL FDVL HVVHUH FRPSHQVDWR PHGLDQWH WHFQLFKH LGRQHH DG DGHJXDUH LO YROXPH RVVHR DOOH
GLPHQVLRQL LPSODQWDUL /H WHFQLFKH FKLUXUJLFKH GL LQFUHPHQWR RVVHR LQ UHOD]LRQH DOOH GLYHUVH
FRQGL]LRQL FOLQLFKH SRVVRQR HVVHUH HVHJXLWH SUHFHGHQWHPHQWH R FRQWHVWXDOPHQWH DO SRVL]LRQDPHQWR
LPSODQWDUH :DOODFH66)URXP6-(VSRVLWR0HWDO'RQRV1HWDO3MHWXUVVRQ%(
HWDO5RFFKLHWWD,HWDO7DQ:&HWDO7RQHWWL06+lPPHUOH&+(VSRVLWR
0HWDO1NHQNH(6WHO]OH)&KLDSDVFR0=DQLERQL0/XW]5HWDO6DQ]
6DQFKH],HWDO 
,Q SD]LHQWL VHOH]LRQDWL H LQ FDVL SDUWLFRODUL LQ SUHVHQ]D GL XQD PRUIRORJLD RVVHD QRQ RWWLPDOH q
SRVVLELOH ULFRUUHUH DOO¶LQVHULPHQWR LQFOLQDWR GHJOL LPSLDQWL DOO¶XWLOL]]R GL LPSLDQWL GL GLPHQVLRQL
ULGRWWHRQHLFDVLGLDWURILDHVWUHPDDLPSLDQWLFKHVLDGDWWDQRDOODPRUIRORJLDRVVHDUHVLGXD4XHVWH
ϭϴϱ


199


SURFHGXUH QRQ SRVVRQR HVVHUH DSSOLFDWH LQGLVFULPLQDWDPHQWH LQ WXWWH OH VLWXD]LRQL FOLQLFKH 'HO
)DEEUR0HWDO0HQLQL0HWDO.OHLQ02HWDO/HPRV&$HWDO)RRGDQG
'UXJ$GPLQLVWUDWLRQ++6/LQNRZ/,HWDO.DSXU..'XGD0HWDO<DQDVH
57HWDO0RRUH'-+DQVHQ3$ 

1HOOH ]RQH SULYH GL HOHPHQWL GHQWDUL FKH GHYRQR HVVHUH ULDELOLWDWH FRQ LPSODQWRSURWHVL q
IRQGDPHQWDOHODSUHVHQ]DGLXQVXIILFLHQWHYROXPHGLRVVRUHVLGXR2YHUHDOL]]DELOHHLQGLFDWRq
SRVVLELOH O¶DSSOLFD]LRQH GL WHFQLFKH GL LQFUHPHQWR GHL YROXPL RVVHL SULPD R GXUDQWH
O¶LQVHULPHQWR GHOO¶LPSLDQWR R O¶XVR GL LPSLDQWL GL GLPHQVLRQL IRUPD H LQFOLQD]LRQH FKH VL
DGDWWLQRDOO¶DQDWRPLDRVVHDUHVLGXD


7HPSLHPRGDOLWjGLLQVHULPHQWRLPSODQWDUHHFDULFRELRPHFFDQLFR

/HUHFHQWLDFTXLVL]LRQLVFLHQWLILFKHVXLSURFHVVLGLJXDULJLRQHGHOWHVVXWRRVVHRHOHPRGLILFKHGHOOD
IRUPDHGHOOHFDUDWWHULVWLFKHGLVXSHUILFLHGHJOLLPSLDQWLKDQQRSHUPHVVRXQDULGX]LRQHGHLWHPSLGL
LQWHJUD]LRQHRVVHDHTXLQGLGLWUDWWDPHQWR
/D ULGX]LRQH GHL WHPSL GL WUDWWDPHQWR LQ WHUDSLD LPSODQWDUH q XQR GHJOL RELHWWLYL ILQDOL]]DWL D
PLJOLRUDUH LO EHQHVVHUH GHL SD]LHQWL PLQLPL]]DQGR LO GLVDJLR IXQ]LRQDOH HVWHWLFR H SVLFRORJLFR
FRUUHODWRDOODPDQFDQ]DGLXQRRSLHOHPHQWLGHQWDUL .HQW*=LPPHU&0&LELUND50
HWDO)XHNL.HWDO7KRPDVRQ-0HWDO(PDPL(HWDO7KRPDVRQ-
0F*UDWK&HWDO.DVKERXU:$HWDO 
1HLFDVLLQFXLVLDQHFHVVDULRSURFHGHUHDOO¶DYXOVLRQHGLXQHOHPHQWRGHQWDULRLUUHFXSHUDELOHDIIHWWRGD
IORJRVL DFXWD YLHQH JHQHUDOPHQWH RVVHUYDWR SULPD GHO SRVL]LRQDPHQWR GHOO¶LPSLDQWR XQ WHPSR GL
DWWHVD DGHJXDWR FKH SXz HVVHUH FRPSUHVR WUD  H  VHWWLPDQH QHO FDVR LQ FXL VL SURFHGD FRQ XQD
PRGDOLWjGLLQVHULPHQWRLPSODQWDUHSUHFRFHRROWUHOHVHWWLPDQHQHOFDVRVLSUHIHULVFDDWWHQGHUHOD
FRPSOHWD JXDULJLRQH GHOO¶DOYHROR SRVWHVWUDWWLYR ,Q SD]LHQWL VHOH]LRQDWL H  LQ FDVL SDUWLFRODUL q
SRVVLELOH HVHJXLUH XQD FKLUXUJLD LPSODQWDUH SRVWHVWUDWWLYD LPPHGLDWD &KHQ 67 HW DO 
+lPPHUOH&+HWDO(VSRVLWR0$4XLU\QHQ0HWDO$WLHK0$HWDO(VSRVLWR
0HWDO 4XHVWDPRGDOLWjGHYHHVVHUHFRQVLGHUDWDXQDSURFHGXUDFRPSOHVVDHSXzHVVHUHSUHVD
LQFRQVLGHUD]LRQHLQFRQGL]LRQLDQDWRPLFKHRVVHHRJHQJLYDOLLGHDOL DGHVHPSLRELRWLSRJHQHJLYDOH
VSHVVR SDUHWL DOYHRODUL UHVLGXH LQWHJUH SUHVHQ]D GL RVVR DSLFDOH ULVSHWWR DOO¶DSLFH GHOOD UDGLFH
DGHJXDWR HGHYHHVVHUHHVHJXLWDGDFOLQLFLHVSHUWLLQSDUWLFRODUHQHOOHVLWXD]LRQLGRYHYLVLDDQFKHXQ
FRLQYROJLPHQWRHVWHWLFRGHOFDVR %XVHU'HWDO 
ϭϴϲ


200


6RORLQSD]LHQWLVHOH]LRQDWLHLQFDVLSDUWLFRODULqSRVVLELOHHVHJXLUHXQDSURWHVL]]D]LRQHSUHFRFHR
LPPHGLDWD FRQ R VHQ]D FDULFR IXQ]LRQDOH 4XHVWH SURFHGXUH VRQR VXSSRUWDWH GD LQFRUDJJLDQWL
ULVXOWDWL FOLQLFL FKH DWWHQJRQR VSHFLILFDPHQWH DOOD ULDELOLWD]LRQH GHOOHHGHQWXOLHWRWDOL PDQGLERODUL H
PDVFHOODUL 1RQRVWDQWH OD OHWWHUDWXUD HVLVWHQWH DEELD LQGDJDWR OD SRVVLELOLWj GL HIIHWWXDUH XQD
ULDELOLWD]LRQHSURWHVLFDDFDULFRLPPHGLDWRDQFKHQHOSD]LHQWHSDU]LDOPHQWHHGHQWXORWDOHPHWRGLFD
QRQSXzHVVHUHDSSOLFDWDLQGLVFULPLQDWDPHQWHLQWXWWHOHVLWXD]LRQL 0LVFK&(HWDO&RFKUDQ
'/HWDO(VSRVLWR0HWDO.DZDL<7D\ORU-$%HUJNYLVW*HWDO6HQQHUE\
/*RWWORZ-(VSRVLWR0HWDO5RFFX]]R0HWDO'HJLGL0HWDO'HJLGL0
HWDO3DSDVS\ULGDNRV3HWDO6FKLPPHO0HWDO6FKURWW$HWDO*DOOXFFL*2
HWDO'H%UX\Q+HWDO 

,QSUHVHQ]DGLFRQGL]LRQLFOLQLFKHFKHFRPSURPHWWDQRODVWDELOLWjSULPDULDGHJOLLPSLDQWL HVOLPLWDWD
TXDOLWjHTXDQWLWjRVVHDFDULFRLPPHGLDWR qSRVVLELOHVROLGDUL]]DUHJOLLPSLDQWLWUDGLORUR
/DVROLGDUL]]D]LRQHSXzGLPLQXLUHO¶HIIHWWRGHOOHIRU]HGLVORFDQWLSHUPHWWHQGRLQFRPELQD]LRQHFRQ
XQDFRUUHWWDJHVWLRQHGHOOHIRU]HRFFOXVDOLVWDWLFKHHGLQDPLFKHGLPLJOLRUDUHODSURJQRVLGHOODWHUDSLD
LPSODQWRSURWHVLFD 6DOYL*(%UlJJHU86DQ]01DHUW,*URVV0'.R\DQR.
(VDNL'0LOOHQ&HWDO:LWWQHEHQ-*HWDO1DHUW,HWDO&KDQJ0HWDO
9LJROR3HWDO9LJROR3HWDO:HEHU+36XNRWMR 
, VLVWHPL GL VROLGDUL]]D]LRQH VRQR QRUPDOPHQWH EDVDWL VXOO¶XVR GL XQD EDUUD R VRYUDVWUXWWXUD FKH
XQLVFHJOLLPSLDQWLWUDGLORURHFKHSXzHVVHUHDYYLWDWDFHPHQWDWD 9LJROR3HWDO&RFKUDQ'/
HWDO*DOOXFFL*2HWDO RVDOGDWDLQWUDRUDOPHQWH 'HJLGL0HWDO'HJLGL0HWDO
 /DVROLGDUL]]D]LRQHGHYHHVVHUHUHDOL]]DWDFRQPHWRGLFKHDIILGDELOLHDJJLRUQDWH
,Q FRUVR GL ULDELOLWD]LRQL LPSODQWRSURWHVLFKH H LQ DWWHVD GL RVWHRLQWHJUD]LRQH SRVWLQVHULPHQWR
LPSODQWDUH  DO ILQH GL JDUDQWLUH XQ DGHJXDWR FRPIRUW HVWHWLFRIXQ]LRQDOH  q SRVVLELOH DGRWWDUH
VROX]LRQL SURWHVLFKH SURYYLVRULH ILVVH R ULPRYLELOL FKH YDULDQR LQ UHOD]LRQH DO WLSR H DOO¶HVWHQVLRQH
GHOO¶HGHQWXOLDHDOOHHVLJHQ]HGHOSD]LHQWH
3RLFKpqQHFHVVDULROLPLWDUHLFDULFKLIXQ]LRQDOLSUHFRFLFKHSRVVRQRPRELOL]]DUHJOLLPSLDQWLGXUDQWH
OD IDVH GL RVWHRLQWHJUD]LRQH OD SURWHVL SURYYLVRULD GHYH HVVHUH SURJHWWDWD FRVWUXLWD H XWLOL]]DWD LQ
PRGRGDQRQLQWHUIHULUHFRQODJXDULJLRQHGHOVLWRLPSODQWDUHHFRQLOSURFHVVRGLRVWHRLQWHJUD]LRQH
$WDOHVFRSRTXDQGRSRVVLELOHVRQRGDSUHIHULUVLSURWHVLSURYYLVRULHDGDSSRJJLRGHQWDOHULVSHWWRD
VROX]LRQLULPRYLELOLDGDSSRJJLRPXFRVR
6RORLQFDVLVHOH]LRQDWLqSRVVLELOHUHDOL]]DUHSURWHVLSURYYLVRULHDVXSSRUWRLPSODQWDUHFRQRVHQ]D
FDULFRIXQ]LRQDOHLPPHGLDWDPHQWHGRSRLOSRVL]LRQDPHQWRFKLUXUJLFRGHJOLLPSLDQWL
ϭϴϳ


201


/DSURJHWWD]LRQHHODUHDOL]]D]LRQHGHOODSURWHVLGHILQLWLYDLQLPSODQWRORJLDRUDOHUDSSUHVHQWDXQRGHL
PRPHQWL SL LPSRUWDQWL SHU LO FRQVHJXLPHQWR GL XQ SUHGLFLELOH VXFFHVVR D OXQJR WHUPLQH /D
SUHFLVLRQHGHOO¶LQWHUIDFFLDWUDSURWHVLHGLPSLDQWLLQVLHPHFRQLOUDJJLXQJLPHQWRGLXQLGRQHRVFKHPD
RFFOXVDOH *URVV0'.R\DQR.(VDNL' UDSSUHVHQWDQRDOFXQLGHLIDWWRULIRQGDPHQWDOL
DLILQLGHOODULVSRVWDELRORJLFDHGLXQDIDYRUHYROHSURJQRVLDOXQJRWHUPLQHGHOODULDELOLWD]LRQH
(YHQWXDOL LPSUHFLVLRQL LUUHJRODULWj R JDSV LQIDWWL QRQ VROR IDFLOLWDQR O¶DFFXPXOR GL SODFFD
IDYRUHQGRO¶LQVRUJHQ]DGLLQIH]LRQLHLQILDPPD]LRQLGHLWHVVXWLSHULLPSODQWDUL GR1DVFLPHQWR&HW
DO PDSRVVRQRDQFKHFRPSURPHWWHUHODVWDELOLWjHODSHUIRUPDQFHPHFFDQLFDGHOVLVWHPDQHO
VXRLQVLHPH 0LOOHQ&HWDO 
3HU TXDQWR ULJXDUGD LO WLSR GL FRQQHVVLRQH SURWHVLLPSLDQWR DYYLWDWD R FHPHQWDWD DG RJJL LQ
OHWWHUDWXUD QRQ VRQR VWDWH ULOHYDWH GLIIHUHQ]H VLJQLILFDWLYH LQ WHUPLQL GL VXFFHVVR H VRSUDYYLYHQ]D
SURWHVLFD &KHH:9LJROR3HWDO6DLOHU,HWDO:LWWQHEHQ-*HWDO 

$O ILQH GL JDUDQWLUH XQ DGHJXDWR FRPIRUW HVWHWLFRIXQ]LRQDOH DO SD]LHQWH LQ WUDWWDPHQWR
LPSODQWRSURWHVLFRqSRVVLELOHO¶XWLOL]]RGLXQDSURWHVLSURYYLVRULDSXUFKpSURJHWWDWDFRVWUXLWD
HXWLOL]]DWDLQPRGRGDQRQLQWHUIHULUHFRQODJXDULJLRQHGHOVLWRLPSODQWDUHHFRQLOSURFHVVRGL
RVWHRLQWHJUD]LRQH


4XDQGR SRVVLELOH VRQR GD SUHIHULUVL SURWHVL SURYYLVRULH DG DSSRJJLR GHQWDOH ULVSHWWR D
VROX]LRQLULPRYLELOLDGDSSRJJLRPXFRVR


$ ILQL SURJQRVWLFL q IRQGDPHQWDOH OD SUHFLVLRQH GHOO¶LQWHUIDFFLD SURWHVLLPSLDQWR H LO
UDJJLXQJLPHQWRGLXQLGRQHRVFKHPDRFFOXVDOH


5LDELOLWD]LRQHSURWHVLFDLPSODQWDUHHIROORZXS

'RSRXQDULDELOLWD]LRQHLPSODQWDUHLOPDQWHQLPHQWRLQVDOXWHGHLWHVVXWLSHULLPSODQWDULHGLWXWWRLO
FDYRRUDOHQHFHVVLWDGLXQFRUUHWWRVWLOHGLYLWDGLXQDFRUUHWWDLJLHQHRUDOHGRPLFLOLDUHHGLFRQWUROOL
SHULRGLFLSURIHVVLRQDOL
,O SD]LHQWH GHYH HVVHUH RSSRUWXQDPHQWH LQIRUPDWR FKH O¶LQRVVHUYDQ]D GHOOH LVWUX]LRQL GL LJLHQH
GRPLFLOLDUH H GHL ULFKLDPL SHULRGLFL SURIHVVLRQDOL VL DVVRFLD DOO¶DXPHQWDWR ULVFKLR GL FRPSOLFDQ]H
LQIHWWLYRLQILDPPDWRULHGHLWHVVXWLGHQWRSDURGRQWDOLHSHULLPSODQWDUL +XOWLQ0HWDO4XLU\QHQ
0HWDO6DOYL*(=LW]PDQQ180RQMH$HWDO 
ϭϴϴ


202


1HOO¶DPELWR GHOOH YDOXWD]LRQL SHULRGLFKH ROWUH D ULQQRYDUH OD PRWLYD]LRQH DO SD]LHQWH SHU LO
PDQWHQLPHQWR GL XQ EXRQ FRQWUROOR GL SODFFD q LQGLFDWR HIIHWWXDUH LO VRQGDJJLR GHL WHVVXWL SHUL
LPSODQWDUL SHU ULOHYDUH O¶HYHQWXDOH HVLVWHQ]D GL XQD SDWRORJLD LQIHWWLYRLQILDPPDWRULD FKH TXDQGR
SUHVHQWH GHYH HVVHUH WUDWWDWD DGHJXDWDPHQWH DQDORJDPHQWH q LQGLFDWR HIIHWWXDUH  SHULRGLFDPHQWH LO
FRQWUROORRFFOXVDOHHLQSUHVHQ]DGLFRPSOLFDQ]HSURWHVLFKHqRSSRUWXQRLQWHUYHQLUHSUHFRFHPHQWH
,FRQWUROOLUDGLRJUDILFLRYHQHFHVVDULSHUPHWWRQRGLFRQIHUPDUHODGLDJQRVLFOLQLFD VHQ]DVRVWLWXLUVL
DG HVVD  PRQLWRUDUH OD SUHFLVLRQH H OD VWDELOLWj GHOOD FRPSRQHQWLVWLFD SURWHVLFD H YHULILFDUH LO
PDQWHQLPHQWRGHOOLYHOORGLRVVRPDUJLQDOH
,Q FRQFOXVLRQH OD ULDELOLWD]LRQH LPSODQWRSURWHVLFD GLSHQGH GD QXPHURVL IDWWRUL FKH WXWWL LQVLHPH
FRQFRUURQR DO UDJJLXQJLPHQWR H DO PDQWHQLPHQWR GHO VXFFHVVR FOLQLFR 7UD TXHVWL SDUWLFRODUH
LPSRUWDQ]D ULYHVWRQR XQD GLDJQRVL DFFXUDWD XQ DGHJXDWR SLDQR GL WUDWWDPHQWR XQD FRUUHWWD
UHDOL]]D]LRQHGHOOHSURFHGXUHFKLUXUJLFKHHSURWHVLFKHXQVLVWHPDLPSODQWDUHLQUHJRODFRQOHQRUPH
YLJHQWLOHFDSDFLWjGHOO¶RSHUDWRUHHLQILQHODFRUUHVSRQVDELOL]]D]LRQHGHOSD]LHQWH
/DULDELOLWD]LRQHLPSODQWRSURWHVLFDqGXQTXHXQWUDWWDPHQWRDGDOWDYDOHQ]DWHFQRORJLFDVFLHQWLILFD
HSURIHVVLRQDOH


%LEOLRJUDILD

$O=DKUDQL 06  ,PSODQW WKHUDS\ LQ DJJUHVVLYH SHULRGRQWLWLV SDWLHQWV D V\VWHPDWLF UHYLHZ DQG FOLQLFDO
LPSOLFDWLRQV4XLQWHVVHQFH,QW  

$OEUHNWVVRQ 7 =DUE *$ :RUWKLQJWRQ 3 (ULNVVRQ $5 7KH ORQJWHUP HIILFDF\ RI FXUUHQWO\ XVHG GHQWDO
LPSODQWVDUHYLHZDQGSURSRVHGFULWHULDRIVXFFHVV-2UDO0D[LOORIDF,PSODQWV

$OFRXIIH)3V\FKRORJLFDOFRQVLGHUDWLRQVLQLPSODQWRORJ\-3DURGRQWRO  

$OPRJ'0%HQVRQ%::ROIJDQJ/)UHGHULNVHQ1/%URRNV6/&RPSXWHUL]HGWRPRJUDSK\EDVHGLPDJLQJ
DQGVXUJLFDOJXLGDQFHLQRUDOLPSODQWRORJ\-2UDO,PSODQWRO  

$VWUDQG 3 $KOTYLVW - *XQQH - 1LOVRQ + ,PSODQW WUHDWPHQW RI SDWLHQWV ZLWK HGHQWXORXV MDZV D \HDU
IROORZXS&OLQ,PSODQW'HQW5HODW5HV  

$VWUDQG 3 (QJTXLVW % $Q]pQ % %HUJHQGDO 7 +DOOPDQ 0 .DUOVVRQ 8 .YLQW 6 /\VHOO / 5XQGFUDQW] 7
1RQVXEPHUJHG DQG VXEPHUJHG LPSODQWV LQ WKH WUHDWPHQW RI WKH SDUWLDOO\ HGHQWXORXV PD[LOOD &OLQ ,PSODQW
'HQW5HODW5HV  

$WLHK0$3D\QH$*'XQFDQ:-&XOOLQDQ03,PPHGLDWHUHVWRUDWLRQORDGLQJRILPPHGLDWHO\SODFHGVLQJOH
LPSODQWVLVLWDQHIIHFWLYHELPRGDODSSURDFK"&OLQ2UDO,PSODQWV5HV  

$WWDUG 1- =DUE *$ ,PSODQW SURVWKRGRQWLF PDQDJHPHQW RI SDUWLDOO\ HGHQWXORXV SDWLHQWV PLVVLQJ SRVWHULRU
WHHWKWKH7RURQWRH[SHULHQFH-3URVWKHW'HQW  

ϭϴϵ


203


%lFKOH 0 .RKDO 5- $ V\VWHPDWLF UHYLHZ RI WKH LQIOXHQFH RI GLIIHUHQW WLWDQLXP VXUIDFHV RQ SUROLIHUDWLRQ
GLIIHUHQWLDWLRQDQGSURWHLQV\QWKHVLVRIRVWHREODVWOLNH0*FHOOV&OLQ2UDO,PSODQWV5HV  


%HKQHNH $ %HKQHNH 1 G


+RHGW % 7KH ORQJLWXGLQDO FOLQLFDO HIIHFWLYHQHVV RI ,7, VROLGVFUHZ LPSODQWV LQ
SDUWLDOO\HGHQWXORXVSDWLHQWVD\HDUIROORZXSUHSRUW,QW-2UDO0D[LOORIDF,PSODQWV  

%HUJNYLVW * 1LOQHU . 6DKOKROP 6 .DUOVVRQ 8 /LQGK & 'HSDUWPHQW RI 3URVWKHWLF 'HQWLVWU\ )DFXOW\ RI
2GRQWRORJ\0DOP|8QLYHUVLW\0DOP|6ZHGHQ ,PPHGLDWH/RDGLQJRI,PSODQWVLQWKH(GHQWXORXV0D[LOOD
8VH RI DQ ,QWHULP )L[HG 3URVWKHVLV )ROORZHG E\ D 3HUPDQHQW )L[HG 3URVWKHVLV $ 0RQWK 3URVSHFWLYH
5DGLRORJLFDODQG&OLQLFDO6WXG\&OLQ,PSODQW'HQW5HODW5HV$SU

%ODQHV5-%HUQDUG-3%ODQHV=0%HOVHU8&$\HDUSURVSHFWLYHVWXG\RI,7,GHQWDOLPSODQWVSODFHGLQ
WKHSRVWHULRUUHJLRQ,&OLQLFDODQGUDGLRJUDSKLFUHVXOWV&OLQ2UDO,PSODQWV5HV  

%RUQVWHLQ00&LRQFD10RPEHOOL$6\VWHPLFFRQGLWLRQVDQGWUHDWPHQWVDVULVNVIRULPSODQWWKHUDS\,QW-
2UDO0D[LOORIDF,PSODQWV6XSSO

%UlJJHU8$HVFKOLPDQQ6%UJLQ:+lPPHUOH&+/DQJ13%LRORJLFDODQGWHFKQLFDOFRPSOLFDWLRQVDQG
IDLOXUHVZLWKIL[HGSDUWLDOGHQWXUHV )3' RQLPSODQWVDQGWHHWKDIWHUIRXUWRILYH\HDUVRIIXQFWLRQ&OLQ2UDO
,PSODQWV5HV  

%UlJJHU 8 /DQJ 13 =ZDKOHQ 0 &RPSDULVRQ RI VXUYLYDO DQG FRPSOLFDWLRQ UDWHV RI WRRWKVXSSRUWHG IL[HG
GHQWDO SURVWKHVHV )'3V  DQG LPSODQWVXSSRUWHG )'3V DQG VLQJOH FURZQV 6&V  &OLQ 2UDO ,PSODQWV 5HV
6XSSO

%U\DQW 65 =DUE *$ 2VVHRLQWHJUDWLRQ RI RUDO LPSODQWV LQ ROGHU DQG \RXQJHU DGXOWV ,QW - 2UDO 0D[LOORIDF
,PSODQWV  

%XVHU ' &KDSSXLV 9 %HOVHU 8& &KHQ 6,PSODQW SODFHPHQW SRVW H[WUDFWLRQ LQ HVWKHWLF VLQJOH WRRWK VLWHV
ZKHQLPPHGLDWHZKHQHDUO\ZKHQODWH"3HULRGRQWRO)HE  

%XVHU'0HULFVNH6WHUQ5%HUQDUG-3%HKQHNH$%HKQHNH1+LUW+3%HOVHU8&DQG/DQJ13/RQJWHUP
HYDOXDWLRQ RI QRQVXEPHUJHG ,7, LPSODQWV 3DUW  \HDU OLIH WDEOH DQDO\VLV RI D SURVSHFWLYH PXOWLFHQWHU
VWXG\ZLWKLPSODQWV&OLQ2UDO,PSODQWV5HV

&DZRRG-,+RZHOO5$$FODVVLILFDWLRQRIWKHHGHQWXORXVMDZV,QW-2UDO0D[LOORIDF6XUJ  

&KDGKD*.$KPDGLHK$.XPDU66HGJKL]DGHK332VVHRLQWHJUDWLRQRIGHQWDOLPSODQWVDQGRVWHRQHFURVLV
RI WKH MDZ LQ SDWLHQWV WUHDWHG ZLWK ELVSKRVSKRQDWH WKHUDS\ D V\VWHPDWLF UHYLHZ - 2UDO ,PSODQWRO 
$XJ  

&KDQJ 0 &KURQRSRXORV 9 0DWWKHRV 1 ,PSDFW RI H[FHVVLYH RFFOXVDO ORDG RQ VXFFHVVIXOO\RVVHRLQWHJUDWHG
GHQWDOLPSODQWVDOLWHUDWXUHUHYLHZ-,QYHVWLJ&OLQ'HQW$XJ  

&KHH:-LYUDM66FUHZYHUVXVFHPHQWHGLPSODQWVXSSRUWHGUHVWRUDWLRQV%U'HQW-  

&KHQ 67 %XVHU ' (VWKHWLF RXWFRPHV IROORZLQJ LPPHGLDWH DQG HDUO\ LPSODQW SODFHPHQW LQ WKH DQWHULRU
PD[LOODDV\VWHPDWLFUHYLHZ,QW-2UDO0D[LOORIDF,PSODQWV6XSSO

ϭϵϬ


204


&KHQ67:LOVRQ7*-U+lPPHUOH&+,PPHGLDWHRUHDUO\SODFHPHQWRILPSODQWVIROORZLQJWRRWKH[WUDFWLRQ
UHYLHZ RI ELRORJLF EDVLV FOLQLFDO SURFHGXUHV DQG RXWFRPHV ,QW - 2UDO 0D[LOORIDF ,PSODQWV 
6XSSO

&KLDSDVFR 0 =DQLERQL 0 &OLQLFDO RXWFRPHV RI *%5 SURFHGXUHV WR FRUUHFW SHULLPSODQW GHKLVFHQFHV DQG
IHQHVWUDWLRQVDV\VWHPDWLFUHYLHZ&OLQ2UDO,PSO5HV 6XSSO ±

&KUFDQRYLF%5$OEUHNWRVVRQ7:HHQHEHUJ$%UX[LVPDQGGHQWDOLPSODQWV$PHWDDQDO\VLV,PSODQW'HQW
  

&KUFDQRYLF%5$OEUHNWVVRQ7:HQQHUEHUJ$6PRNLQJDQGGHQWDOLPSODQWV$V\VWHPDWLFUHYLHZDQGPHWD
DQDO\VLV-'HQW0D\  

&LELUND 50 5D]]RRJ 0 /DQJ %5 &ULWLFDO HYDOXDWLRQ RI SDWLHQW UHVSRQVHV WR GHQWDO LPSODQW WKHUDS\ -
3URVWKHW'HQW  

&RFKUDQ'/0RUWRQ':HEHU+3&RQVHQVXVVWDWHPHQWVDQGUHFRPPHQGHGFOLQLFDOSURFHGXUHVUHJDUGLQJ
ORDGLQJSURWRFROVIRUHQGRVVHRXVGHQWDOLPSODQWV,QW-2UDO0D[LOORIDF,PSODQWV6XSSO

'H%UX\Q+5DHV62VWPDQ32&RV\Q-,PPHGLDWHORDGLQJLQSDUWLDOO\DQGFRPSOHWHO\HGHQWXORXVMDZVD
UHYLHZRIWKHOLWHUDWXUHZLWKFOLQLFDOJXLGHOLQHV3HULRGRQWRO2FW  

'H 5RXFN 7 &ROO\V . &RV\Q - 6LQJOHWRRWK UHSODFHPHQW LQ WKH DQWHULRU PD[LOOD E\ PHDQV RI LPPHGLDWH
LPSODQWDWLRQDQGSURYLVLRQDOL]DWLRQDUHYLHZ,QW-2UDO0D[LOORIDF,PSODQWV  

'HJLGL01DUGL'3LDWWHOOL$$6L[<HDU)ROORZXSRI)XOO$UFK,PPHGLDWH5HVWRUDWLRQV)DEULFDWHG:LWK
DQ,QWUDRUDO:HOGLQJ7HFKQLTXH,PSODQW'HQW-XQ  

'HJLGL 0 1DUGL ' 3LDWWHOOL $ ,PPHGLDWH ORDGLQJ RI WKH HGHQWXORXV PD[LOOD ZLWK D GHILQLWLYH UHVWRUDWLRQ
VXSSRUWHG E\ DQ LQWUDRUDOO\ ZHOGHG WLWDQLXP EDU DQG WLOWHG LPSODQWV ,QW - 2UDO 0D[LOORIDF ,PSODQWV 
1RY'HF  

'HO)DEEUR0%HOOLQL&05RPHRL')UDQFHWWL/7LOWHGLPSODQWVIRUWKHUHKDELOLWDWLRQRIHGHQWXORXVMDZVD
V\VWHPDWLFUHYLHZ&OLQ,PSO'HQW5HO5HV  

GHQ+DUWRJ/6ODWHU--9LVVLQN$0HLMHU+-5DJKRHEDU*07UHDWPHQWRXWFRPHRILPPHGLDWHHDUO\DQG
FRQYHQWLRQDO VLQJOHWRRWK LPSODQWV LQ WKH DHVWKHWLF ]RQH D V\VWHPDWLF UHYLHZ WR VXUYLYDO ERQH OHYHO VRIW
WLVVXHDHVWKHWLFVDQGSDWLHQWVDWLVIDFWLRQ-&OLQ3HULRGRQWRO  

'HUNV - 6FKDOOHU ' +nNDQVVRQ - :HQQVWU|P -/ 7RPDVL & %HUJOXQGK 7 (IIHFWLYHQHVV RI ,PSODQW
7KHUDS\$QDO\]HGLQD6ZHGLVK3RSXODWLRQ3UHYDOHQFHRI3HULLPSODQWLWLV-'HQW5HV-DQ  

GR1DVFLPHQWR&%DUERVD5(,VVD-3:DWDQDEH(,WR,<$OEXTXHUTXH5)-U%DFWHULDOOHDNDJHDORQJWKH
LPSODQWDEXWPHQWLQWHUIDFHRISUHPDFKLQHGRUFDVWFRPSRQHQWV,QW-2UDO0D[LOORIDF6XUJ  


'RQRV 1 0DUGDV 1 &KDGKD 9 &OLQLFDO RXWFRPHV RI LPSODQWV IROORZLQJ ODWHUDO ERQH DXJPHQWDWLRQ
V\VWHPDWLF DVVHVVPHQW RI DYDLODEOH RSWLRQV EDUULHU PHPEUDQHV ERQH JUDIWV VSOLW RVWHRWRP\  - &OLQ
3HULRGRQWRO 6XSSO 

'XGD00DWDORQ6/HZLQVWHLQ,+DUHO1%ORFN-2UPLDQHU=2QH3LHFH,PPHGLDWHO\/RDGHG,PSODQWV

ϭϵϭ


205


9HUVXV3LHFHRU3LHFHV'HOD\HG<HDUV2XWFRPH,PSODQW'HQW)HE  
(FNHUW6(/DQH\:53DWLHQWHYDOXDWLRQDQGSURVWKRGRQWLFWUHDWPHQWSODQQLQJIRURVVHRLQWHJUDWHGLPSODQWV
'HQW&OLQ1RUWK$P  

(NHOXQG -$ /LQGTXLVW /: &DUOVVRQ *( DQG -HPW 7 ,PSODQW WUHDWPHQW LQ WKH HGHQWXORXV PDQGLEOH D
SURVSHFWLYHVWXG\RQ%UnQHPDUNV\VWHPLPSODQWVRYHUPRUHWKDQ\HDUV,QW-3URVWKRGRQW


(PDPL ( +H\GHFNH * 5RPSUp 3+ GH *UDQGPRQW 3 )HLQH -6,PSDFW RI LPSODQW VXSSRUW IRU PDQGLEXODU
GHQWXUHV RQ VDWLVIDFWLRQ RUDO DQG JHQHUDO KHDOWKUHODWHG TXDOLW\ RI OLIH D PHWDDQDO\VLV RI UDQGRPL]HG
FRQWUROOHGWULDOV&OLQ2UDO,PSODQWV5HV  

(VSRVLWR 0 *UXVRYLQ 0* $FKLOOH + &RXOWKDUG 3 :RUWKLQJWRQ +9 ,QWHUYHQWLRQV IRU UHSODFLQJ PLVVLQJ
WHHWKGLIIHUHQWWLPHVIRUORDGLQJGHQWDOLPSODQWV&RFKUDQH'DWDEDVH6\VW5HY  &'

(VSRVLWR 0 *UXVRYLQ 0* &RXOWKDUG 3 7KRPVHQ 3 :RUWKLQJWRQ +9 $ \HDU IROORZXS FRPSDUDWLYH
DQDO\VLVRIWKHHIILFDF\RIYDULRXVRVVHRLQWHJUDWHGGHQWDOLPSODQWV\VWHPVDV\VWHPDWLFUHYLHZRIUDQGRPL]HG
FRQWUROOHGFOLQLFDOWULDOV,QW-2UDO0D[LOORIDF,PSODQWV  

(VSRVLWR 0 *UXVRYLQ 0* &RXOWKDUG 3 :RUWKLQJWRQ +9 7KH HIILFDF\ RI YDULRXV ERQH DXJPHQWDWLRQ
SURFHGXUHVIRUGHQWDOLPSODQWVD&RFKUDQHV\VWHPDWLFUHYLHZRIUDQGRPL]HGFRQWUROOHGFOLQLFDOWULDOV,QW-
2UDO0D[LOORIDF,PSODQWV  

(VSRVLWR 0 *UXVRYLQ 0* )HOLFH 3 .DUDW]RSRXORV * :RUWKLQJWRQ +9 &RXOWKDUG 3 ,QWHUYHQWLRQV IRU
UHSODFLQJPLVVLQJWHHWKKRUL]RQWDODQGYHUWLFDOERQHDXJPHQWDWLRQWHFKQLTXHVIRUGHQWDOLPSODQWWUHDWPHQW
&RFKUDQH'DWDEDVH6\VW5HY  &'

(VSRVLWR0*UXVRYLQ0*:LOOLQJV0&RXOWKDUG3:RUWKLQJWRQ+97KHHIIHFWLYHQHVVRILPPHGLDWHHDUO\
DQGFRQYHQWLRQDOORDGLQJRIGHQWDOLPSODQWVD&RFKUDQHV\VWHPDWLFUHYLHZRIUDQGRPL]HGFRQWUROOHGFOLQLFDO
WULDOV,QW-2UDO0D[LOORIDF,PSODQWV  

(VSRVLWR0+LUVFK-0/HNKROP87KRPVHQ3%LRORJLFDOIDFWRUVFRQWULEXWLQJWRIDLOXUHVRIRVVHRLQWHJUDWHG
RUDOLPSODQWV , 6XFFHVVFULWHULDDQGHSLGHPLRORJ\(XU-2UDO6FL  

(VSRVLWR 0 0XUUD\&XUWLV / *UXVRYLQ 0* &RXOWKDUG 3 :RUWKLQJWRQ +9 ,QWHUYHQWLRQV IRU UHSODFLQJ
PLVVLQJWHHWKGLIIHUHQWW\SHVRIGHQWDOLPSODQWV&RFKUDQH'DWDEDVH6\VW5HY  &'

(VSRVLWR 0 *UXVRYLQ 0* 3RO\]RV ,3 )HOLFH 3 :RUWKLQJWRQ +97LPLQJ RI LPSODQW SODFHPHQW DIWHU WRRWK
H[WUDFWLRQ LPPHGLDWH LPPHGLDWHGHOD\HG RU GHOD\HG LPSODQWV" $ &RFKUDQH V\VWHPDWLF UHYLHZ (XU - 2UDO
,PSODQWRO$XWXPQ  

(VSRVLWR 0$ .RXNRXORSRXORX $ &RXOWKDUG 3 :RUWKLQJWRQ +9 ,QWHUYHQWLRQV IRU UHSODFLQJ PLVVLQJ WHHWK
GHQWDOLPSODQWVLQIUHVKH[WUDFWLRQVRFNHWV LPPHGLDWHLPPHGLDWHGHOD\HGDQGGHOD\HGLPSODQWV &RFKUDQH
'DWDEDVH6\VW5HY  &'

)HUULJQR1/DXUHWL0)DQDOL6*ULSSDXGR*$ORQJWHUPIROORZXSVWXG\RIQRQVXEPHUJHG,7,LPSODQWVLQ
WKHWUHDWPHQWRIWRWDOO\HGHQWXORXVMDZV3DUW,7HQ\HDUOLIHWDEOHDQDO\VLVRIDSURVSHFWLYHPXOWLFHQWHUVWXG\
ZLWKLPSODQWV&OLQ2UDO,PSODQWV5HV  

ϭϵϮ


206


)LW]SDWULFN % 6WDQGDUG RI FDUH IRU WKH HGHQWXORXV PDQGLEOH D V\VWHPDWLF UHYLHZ - 3URVWKHW 'HQW
  

)RRG DQG 'UXJ $GPLQLVWUDWLRQ ++6'HQWDO GHYLFHV UHFODVVLILFDWLRQ RI EODGHIRUP HQGRVVHRXV GHQWDO
LPSODQW)LQDORUGHU)HG5HJLVW-XQ  

)XHNL..LPRWR.2JDZD7*DUUHWW15(IIHFWRILPSODQWVXSSRUWHGRUUHWDLQHGGHQWXUHVRQPDVWLFDWRU\
SHUIRUPDQFHDV\VWHPDWLFUHYLHZ-3URVWKHW'HQW  

*DOOXFFL *2 %HQLF *, (FNHUW 6( 3DSDVS\ULGDNRV 3 6FKLPPHO 0 6FKURWW $ :HEHU +3&RQVHQVXV
VWDWHPHQWV DQG FOLQLFDO UHFRPPHQGDWLRQV IRU LPSODQW ORDGLQJ SURWRFROV ,QW - 2UDO 0D[LOORIDF ,PSODQWV
6XSSO

*REEDWR/$YLOD2UWL]*6RKUDEL.:DQJ&:.DULPEX[17KHHIIHFWRINHUDWLQL]HGPXFRVDZLGWKRQSHUL
LPSODQWKHDOWKDV\VWHPDWLFUHYLHZ,QW-2UDO0D[LOORIDF,PSODQWV1RY'HF  

*RWIUHGVHQ.&DUOVVRQ*(-RNVWDG$$UYLGVRQ)\UEHUJ.%HUJH0%HUJHQGDO%%HUJHQGDO7(OOLQJVHQ
-(*XQQH-+RIJUHQ0+ROP%,VLGRU).DUOVVRQ6.OHPHWWL(/DQJ13/LQGK70LGWE¡00ROLQ0
1lUKL 7 1LOQHU . 2ZDOO % 3MHWXUVVRQ % 6D[HJDDUG ( 6FKRX 6 6WRNKROP 5 7KLODQGHU % 7RPDVL &
:HQQHUEHUJ$,PSODQWVDQGRUWHHWKFRQVHQVXVVWDWHPHQWVDQGUHFRPPHQGDWLRQV-2UDO5HKDELO
6XSSO

*URVV0'2FFOXVLRQLQLPSODQWGHQWLVWU\$UHYLHZRIWKHOLWHUDWXUHRISURVWKHWLFGHWHUPLQDQWVDQGFXUUHQW
FRQFHSWV$XVW'HQW--XQ6XSSO6

*XHUUHUR 0( -DFREV 5 /RXEHOH 0 6FKXW\VHU ) 6XHWHQV 3 YDQ 6WHHQEHUJKH ' 6WDWHRIWKHDUW RQ FRQH
EHDP&7LPDJLQJIRUSUHRSHUDWLYHSODQQLQJRILPSODQWSODFHPHQW&OLQ2UDO,QYHVWLJ  

+lPPHUOH &+ &KHQ 67 :LOVRQ 7* -U &RQVHQVXV VWDWHPHQWV DQG UHFRPPHQGHG FOLQLFDO SURFHGXUHV
UHJDUGLQJWKHSODFHPHQWRILPSODQWVLQH[WUDFWLRQVRFNHWV,QW-2UDO0D[LOORIDF,PSODQWV6XSSO


+DUULV ' +RUQHU . *U|QGDKO . -DFREV 5 +HOPURW ( %HQLF *, %RUQVWHLQ 00 'DZRRG $ 4XLU\QHQ
0($2 JXLGHOLQHV IRU WKH XVH RI GLDJQRVWLF LPDJLQJ LQ LPSODQW GHQWLVWU\  $ FRQVHQVXV ZRUNVKRS
RUJDQL]HGE\WKH(XURSHDQ$VVRFLDWLRQIRU2VVHRLQWHJUDWLRQDWWKH0HGLFDO8QLYHUVLW\RI:DUVDZ&OLQ2UDO
,PSODQWV5HV1RY  

+DVKLP ' &LRQFD 1 &RXUYRLVLHU '6 0RPEHOOL $$ V\VWHPDWLF UHYLHZ RI WKH FOLQLFDO VXUYLYDO RI ]LUFRQLD
LPSODQWV&OLQ2UDO,QYHVWLJ6HS  

+HLW]0D\ILHOG/-+X\QK%D*+LVWRU\RIWUHDWHGSHULRGRQWLWLVDQGVPRNLQJDVULVNVIRULPSODQWWKHUDS\,QW
-2UDO0D[LOORIDF,PSODQWV6XSSO

+ROP3HGHUVHQ 3 /DQJ 13 0OOHU ) :KDW DUH WKH ORQJHYLWLHV RI WHHWK DQG RUDO LPSODQWV" &OLQ 2UDO
,PSODQWV5HV6XSSO

+VX <7 )X -+ $O+H]DLPL . :DQJ +/ %LRPHFKDQLFDO LPSODQW WUHDWPHQW FRPSOLFDWLRQV D V\VWHPDWLF
UHYLHZRIFOLQLFDOVWXGLHVRILPSODQWVZLWKDWOHDVW\HDURIIXQFWLRQDOORDGLQJ,QW-2UDO0D[LOORIDF,PSODQWV
-XO$XJ  

ϭϵϯ


207


+XOWLQ 0 .RPL\DPD $ .OLQJH % 6XSSRUWLYH WKHUDS\ DQG WKH ORQJHYLW\ RI GHQWDO LPSODQWV D V\VWHPDWLF
UHYLHZRIWKHOLWHUDWXUH&OLQ2UDO,PSODQWV5HV6XSSO

+ZDQJ ' :DQJ +/ 0HGLFDO FRQWUDLQGLFDWLRQV WR LPSODQW WKHUDS\ SDUW , DEVROXWH FRQWUDLQGLFDWLRQV
,PSODQW'HQW  

+ZDQJ ' :DQJ +/ 0HGLFDO FRQWUDLQGLFDWLRQV WR LPSODQW WKHUDS\ 3DUW ,, UHODWLYH FRQWUDLQGLFDWLRQV
,PSODQW'HQW  

,62'HQWLVWU\(YDOXDWLRQRIELRFRPSDWLELOLW\RIPHGLFDOGHYLFHVXVHGLQGHQWLVWU\,QWHUQDWLRQDO
2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ

-HPW 7 -RKDQVVRQ - ,PSODQW WUHDWPHQW LQ WKH HGHQWXORXV PD[LOODH D \HDU IROORZXS VWXG\ RQ 
FRQVHFXWLYHSDWLHQWVSURYLGHGZLWKIL[HGSURVWKHVHV&OLQ,PSODQW'HQW5HODW5HV  

-HPW76LQJOHLPSODQWVLQWKHDQWHULRUPD[LOODDIWHU\HDUVRIIROORZXSFRPSDULVRQZLWKFHQWUDOLPSODQWV
LQWKHHGHQWXORXVPD[LOOD,QW-3URVWKRGRQW6HS  

-XQJ 5( 3MHWXUVVRQ %( *ODXVHU 5 =HPELF $ =ZDKOHQ 0 /DQJ 13 $ V\VWHPDWLF UHYLHZ RI WKH \HDU
VXUYLYDODQGFRPSOLFDWLRQUDWHVRILPSODQWVXSSRUWHGVLQJOHFURZQV&OLQ2UDO,PSODQWV5HV  


.DSXU .. 9HWHUDQV $GPLQLVWUDWLRQ &RRSHUDWLYH 'HQWDO ,PSODQW 6WXG\FRPSDULVRQV EHWZHHQ IL[HG SDUWLDO
GHQWXUHVVXSSRUWHGE\EODGHYHQWLPSODQWVDQGUHPRYDEOHSDUWLDOGHQWXUHV3DUW,,&RPSDULVRQVRIVXFFHVV
UDWHVDQGSHULRGRQWDOKHDOWKEHWZHHQWZRWUHDWPHQWPRGDOLWLHV-3URVWKHW'HQW'HF  

.DURXVVLV,..RWVRYLOLV6)RXUPRXVLV,$FRPSUHKHQVLYHDQGFULWLFDOUHYLHZRIGHQWDOLPSODQWSURJQRVLVLQ
SHULRGRQWDOO\FRPSURPLVHGSDUWLDOO\HGHQWXORXVSDWLHQWV&OLQ2UDO,PSODQWV5HV  

.DVKERXU :$ 5RXVVHDX 16 (OOLV -6 7KRPDVRQ -0 3DWLHQWV


 H[SHULHQFHV RI GHQWDO LPSODQW WUHDWPHQW $
OLWHUDWXUHUHYLHZRINH\TXDOLWDWLYHVWXGLHV-'HQW-XO  

.DZDL<7D\ORU-$(IIHFWRIORDGLQJWLPHRQWKHVXFFHVVRIFRPSOHWHPDQGLEXODUWLWDQLXPLPSODQWUHWDLQHG
RYHUGHQWXUHVDV\VWHPDWLFUHYLHZ&OLQ2UDO,PSODQWV5HV  

.HQW * (IIHFWV RI RVVHRLQWHJUDWHG LPSODQWV RQ SV\FKRORJLFDO DQG VRFLDO ZHOOEHLQJ D OLWHUDWXUH UHYLHZ -
3URVWKHW'HQW  

.OHLQ026FKLHJQLW]($O1DZDV%6\VWHPDWLFUHYLHZRQVXFFHVVRIQDUURZGLDPHWHUGHQWDOLPSODQWV,QW-
2UDO0D[LOORIDF,PSODQWV6XSSO

.ORNNHYROG35+DQ7-+RZGRVPRNLQJGLDEHWHVDQGSHULRGRQWLWLVDIIHFWRXWFRPHVRILPSODQWWUHDWPHQW"
,QW-2UDO0D[LOORIDF,PSODQWV6XSSO

.RWVRYLOLV 6 )RXUPRXVLV , .DURXVVLV ,. %DPLD & $ V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV RQ WKH HIIHFW RI
LPSODQWOHQJWKRQWKHVXUYLYDORIURXJKVXUIDFHGHQWDOLPSODQWV-3HULRGRQWRO  

.R\DQR . (VDNL ' 2FFOXVLRQ RQ RUDO LPSODQWV FXUUHQW FOLQLFDO JXLGHOLQHV - 2UDO 5HKDELO 
)HE  

ϭϵϰ


208


/DQJ 13 %HUJOXQGK 7 +HLW]0D\ILHOG /- 3MHWXUVVRQ %( 6DOYL *( 6DQ] 0 &RQVHQVXV VWDWHPHQWV DQG
UHFRPPHQGHG FOLQLFDO SURFHGXUHV UHJDUGLQJ LPSODQW VXUYLYDO DQG FRPSOLFDWLRQV ,QW - 2UDO 0D[LOORIDF
,PSODQWV6XSSO

/DXWHQVFKODJHU (3 0RQDJKDQ 3 7LWDQLXP DQG WLWDQLXP DOOR\V DV GHQWDO PDWHULDOV ,QW 'HQW -
  

/HNKROP8*U|QGDKO.-HPW72XWFRPHRIRUDOLPSODQWWUHDWPHQWLQSDUWLDOO\HGHQWXORXVMDZVIROORZHG
\HDUVLQFOLQLFDOIXQFWLRQ&OLQ,PSODQW'HQW5HODW5HV  

/HNKROP 8 *XQQH - +HQU\ 3 +LJXFKL . /LQGpQ 8 %HUJVWU|P & YDQ 6WHHQEHUJKH ' 6XUYLYDO RI WKH
%UnQHPDUN LPSODQW LQ SDUWLDOO\ HGHQWXORXV MDZV D \HDU SURVSHFWLYH PXOWLFHQWHU VWXG\ ,QW - 2UDO
0D[LOORIDF,PSODQWV  

/HPRV&$)HUUR$OYHV0/2NDPRWR50HQGRQoD053HOOL]]HU(36KRUWGHQWDOLPSODQWVYHUVXVVWDQGDUG
GHQWDOLPSODQWVSODFHGLQWKHSRVWHULRUMDZV$V\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-'HQW$SU


/LQNRZ/,:LQNOHU66KXOPDQ0'DO&DUOR/3DVTXDOLQL0(5RVVL)1DUGRQH0$QHZORRNDWWKHEODGH
LPSODQW-2UDO,PSODQWRO$XJ  

/REEH]RR ) %URXZHUV -( &XQH 06 1DHLMH 0 'HQWDO LPSODQWV LQ SDWLHQWV ZLWK EUX[LQJ KDELWV - 2UDO
5HKDELO  

/XW] 5 1HXNDP ): 6LPLRQ 0 6FKPLWW &0 /RQJ WHUP RXWFRPHV RI ERQH DXJPHQWDWLRQ RQ VRIW DQG KDUG
WLVVXHVWDELOLW\DV\VWHPDWLFUHYLHZ&OLQ2UDO,PSO5HVVXSSO

0DQNDQL 1 &KRZGKDU\ 5 3DWLO %$ 1DJDUDM ( 0DGDOOL 3 2VVHRLQWHJUDWHG GHQWDO LPSODQWV LQ JURZLQJ
FKLOGUHQDOLWHUDWXUHUHYLHZ-2UDO,PSODQWRO2FW  

0DUWLQ:/HZLV(1LFRO$/RFDOULVNIDFWRUVIRULPSODQWWKHUDS\,QW-2UDO0D[LOORIDF,PSODQWV
6XSSO

0F*UDWK & /DP 2 /DQJ 1 $Q HYLGHQFHEDVHG UHYLHZ RI SDWLHQWUHSRUWHG RXWFRPH PHDVXUHV LQ GHQWDO
LPSODQWUHVHDUFKDPRQJGHQWDWHVXEMHFWV-&OLQ3HULRGRQWRO)HE6XSSO

0HQLQL06LJQRUL$7HDOGR7%HOLYDOFTXD03HUD)5DYHUD*3HUD37LOWHGLPSODQWVLQWKHLPPHGLDWH
ORDGLQJUHKDELOLWDWLRQRIWKHPD[LOODDV\VWHPDWLFUHYLHZ-'HQW5HV  

0LOHV'$9DQ'LV0/,PSODQWUDGLRORJ\'HQW&OLQ1RUWK$P2FW  

0LOOHQ&%UlJJHU8:LWWQHEHQ-*,QIOXHQFHRISURVWKHVLVW\SHDQGUHWHQWLRQPHFKDQLVPRQFRPSOLFDWLRQV
ZLWK IL[HG LPSODQWVXSSRUWHG SURVWKHVHV D V\VWHPDWLF UHYLHZ DSSO\LQJ PXOWLYDULDWH DQDO\VHV,QW - 2UDO
0D[LOORIDF,PSODQWV-DQ)HE  

0LVFK&(+DKQ--XG\.:/HPRQV-(/LQNRZ/,/R]DGD-/0LOOV(0LVFK&06DODPD+6KDUDZ\0
7HVWRUL7:DQJ+/,PPHGLDWH)XQFWLRQ&RQVHQVXV&RQIHUHQFH:RUNVKRSJXLGHOLQHVRQLPPHGLDWHORDGLQJ
LQLPSODQWGHQWLVWU\1RYHPEHU-2UDO,PSODQWRO  

ϭϵϱ


209


0LVFK&(3HUHO0/:DQJ+/6DPPDUWLQR**DOLQGR0RUHQR37ULVL36WHLJPDQQ05HEDXGL$
3DOWL $ 3LNRV 0D 6FKZDUW]$UDG ' &KRXNURXQ - *XLWHUUH]3HUH] -/ 0DUHQ]L * 9DODYDQLV '.
,PSODQW VXFFHVV VXUYLYDO DQG IDLOXUH WKH ,QWHUQDWLRQDO &RQJUHVV RI 2UDO ,PSODQWRORJLVWV ,&2,  3LVD
&RQVHQVXV&RQIHUHQFH,PSODQW'HQW0DU  ,PSODQW'HQWLVWU\  S,661


0RPEHOOL$&LRQFD16\VWHPLFGLVHDVHVDIIHFWLQJRVVHRLQWHJUDWLRQWKHUDS\&OLQ2UDO,PSODQWV5HV
6XSSO

0RQMH $ $UDQGD / 'LD] .7 $ODUFyQ 0$ %DJUDPLDQ 5$ :DQJ +/ &DWHQD $ ,PSDFW RI 0DLQWHQDQFH
7KHUDS\ IRU WKH 3UHYHQWLRQ RI 3HULLPSODQW 'LVHDVHV $ 6\VWHPDWLF 5HYLHZ DQG 0HWDDQDO\VLV - 'HQW 5HV
$SU  

0RQVRXU3$'XGKLD5,PSODQWUDGLRJUDSK\DQGUDGLRORJ\$XVW'HQW-6XSSO6

0RRUH'-+DQVHQ3$$GHVFULSWLYH\HDUUHWURVSHFWLYHUHYLHZRIVXESHULRVWHDOLPSODQWVIRUSDWLHQWVZLWK
VHYHUHO\DWURSKLHGHGHQWXORXVPDQGLEOHV-3URVWKHW'HQW$XJ  

0RUDVFKLQL93RXEHO/$)HUUHLUD9)%DUER]D(GRV6(YDOXDWLRQRIVXUYLYDODQGVXFFHVVUDWHVRIGHQWDO
LPSODQWVUHSRUWHGLQORQJLWXGLQDOVWXGLHVZLWKDIROORZXSSHULRGRIDWOHDVW\HDUVDV\VWHPDWLFUHYLHZ,QW
-2UDO0D[LOORIDF6XUJ0DU  

0RUDVFKLQL 9 %DUER]D (G 6XFFHVV RI GHQWDO LPSODQWVLQ VPRNHUVDQG QRQVPRNHUV D V\VWHPDWLF UHYLHZ
DQGPHWDDQDO\VLV,QW-2UDO0D[LOORIDF6XUJ)HE  

0RUULV 0) .LUNSDWULFN 7& 5XWOHGJH 5( 6FKLQGOHU :* &RPSDULVRQ RI QRQVXUJLFDO URRW FDQDO WUHDWPHQW
DQGVLQJOHWRRWKLPSODQWV-(QGRG  

1DHUW , .RXWVLNDNLV * 'X\FN - 4XLU\QHQ 0 -DFREV 5 YDQ 6WHHQEHUJKH ' %LRORJLF RXWFRPH RI LPSODQW
VXSSRUWHGUHVWRUDWLRQVLQWKHWUHDWPHQWRISDUWLDOHGHQWXOLVPSDUW,DORQJLWXGLQDOFOLQLFDOHYDOXDWLRQ&OLQ
2UDO,PSODQWV5HV  

1DHUW , 'X\FN - 9DQGDPPH .2FFOXVDO RYHUORDG DQG ERQHLPSODQW ORVV &OLQ 2UDO ,PSODQWV 5HV 
2FW6XSSO

1NHQNH(6WHO]OH)&OLQLFDORXWFRPHVRIVLQXVIORRUDXJPHQWDWLRQIRULPSODQWSODFHPHQWXVLQJDXWRJHQRXV
ERQHRUERQHVXEVWLWXWHVDV\VWHPDWLFUHYLHZ&OLQ2UDO,PSO5HV 6XSSO ±

2QJ &7 ,YDQRYVNL 6 1HHGOHPDQ ,* 5HW]HSL 0 0ROHV '5 7RQHWWL 06 'RQRV 1 6\VWHPDWLF UHYLHZ RI
LPSODQWRXWFRPHVLQWUHDWHGSHULRGRQWLWLVVXEMHFWV-&OLQ3HULRGRQWRO  

3DSDVS\ULGDNRV3&KHQ&-&KXDQJ6.:HEHU+3,PSODQWORDGLQJ SURWRFROVIRUHGHQWXORXVSDWLHQWVZLWK
IL[HGSURVWKHVHVDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV,QW-2UDO0D[LOORIDF,PSODQWV6XSSO


3MHWXUVVRQ %( %UlJJHU 8 /DQJ 13 =ZDKOHQ0 &RPSDULVRQ RI VXUYLYDO DQGFRPSOLFDWLRQUDWHV RIWRRWK
VXSSRUWHGIL[HG GHQWDO SURVWKHVHV )'3V  DQG LPSODQWVXSSRUWHG)'3V DQGVLQJOHFURZQV 6&V  &OLQ 2UDO
,PSODQWV5HV6XSSO

ϭϵϲ


210


3MHWXUVVRQ %( /DQJ 13 3URVWKHWLF WUHDWPHQW SODQQLQJ RQ WKH EDVLV RI VFLHQWLILF HYLGHQFH - 2UDO 5HKDELO
6XSSO

3MHWXUVVRQ%(7DQ:&=ZDKOHQ0/DQJ13$V\VWHPDWLFUHYLHZRIWKHVXFFHVVRIVLQXVIORRUHOHYDWLRQDQG
VXUYLYDO RI LPSODQWV LQVHUWHG LQ FRPELQDWLRQ ZLWK VLQXV IORRU HOHYDWLRQ - &OLQ 3HULRGRQWRO  
6XSSO 

4XLU\QHQ 0 $EDUFD 0 9DQ $VVFKH 1 1HYLQV 0 YDQ 6WHHQEHUJKH ' ,PSDFW RI VXSSRUWLYH SHULRGRQWDO
WKHUDS\DQGLPSODQWVXUIDFHURXJKQHVVRQLPSODQWRXWFRPHLQSDWLHQWVZLWKDKLVWRU\RISHULRGRQWLWLV-&OLQ
3HULRGRQWRO  

4XLU\QHQ09DQ$VVFKH1%RWWLFHOOL'%HUJOXQGK7+RZGRHVWKHWLPLQJRILPSODQWSODFHPHQWWRH[WUDFWLRQ
DIIHFWRXWFRPH",QW-2UDO0D[LOORIDF,PSODQWV6XSSO

5DVPXVVRQ / 5RRV - DQG %\VWHGW + $ \HDU IROORZXS VWXG\ RI WLWDQLXP GLR[LGHEODVWHG LPSODQWV &OLQ
,PSODQW'HQW5HODW5HV

5HQYHUW63HUVVRQ*53HULRGRQWLWLVDVDSRWHQWLDOULVNIDFWRUIRUSHULLPSODQWLWLV-&OLQ3HULRGRQWRO
6XSSO

5LSDPRQWL&,0DQLH]]R0&DPSD7)DJQRQL(%UXQHOOL&6DLEHQH*%DUHJJL&$VFDQL/&LVODJKL(
'HFUHDVHGRFFXUUHQFHRIRVWHRQHFURVLVRIWKHMDZDIWHULPSOHPHQWDWLRQRIGHQWDOSUHYHQWLYHPHDVXUHVLQVROLG
WXPRXU SDWLHQWV ZLWK ERQHPHWDVWDVHVWUHDWHG ZLWKELVSKRVSKRQDWHV 7KH H[SHULHQFH RIWKH 1DWLRQDO &DQFHU
,QVWLWXWHRI0LODQ$QQ2QFRO-DQ  

5RFFKLHWWD,)RQWDQD)6LPLRQ0&OLQLFDORXWFRPHVRIYHUWLFDOERQHDXJPHQWDWLRQWRHQDEOHGHQWDOLPSODQW
SODFHPHQWDV\VWHPDWLFUHYLHZ-&OLQ3HULRGRQWRO 6XSSO 

5RFFX]]R 0 $JOLHWWD0&RUGDUR /,PSODQWORDGLQJ SURWRFROV IRU SDUWLDOO\HGHQWXORXV PD[LOODU\ SRVWHULRU


VLWHV,QW-2UDO0D[LOORIDF,PSODQWV6XSSO

5RPHR ( &KLDSDVFR 0 *KLVROIL 0 9RJHO * /RQJWHUP FOLQLFDO HIIHFWLYHQHVV RI RUDO LPSODQWV LQ WKH
WUHDWPHQWRISDUWLDOHGHQWXOLVP6HYHQ\HDUOLIHWDEOHDQDO\VLVRIDSURVSHFWLYHVWXG\ZLWK,7,GHQWDOLPSODQWV
V\VWHPXVHGIRUVLQJOHWRRWKUHVWRUDWLRQV&OLQ2UDO,PSODQWV5HV  

6DKLQ6&HKUHOL0&<DOoLQ(7KHLQIOXHQFHRIIXQFWLRQDOIRUFHVRQWKHELRPHFKDQLFVRILPSODQWVXSSRUWHG
SURVWKHVHVDUHYLHZ-'HQW  

6DLOHU , 0KOHPDQQ 6 =ZDKOHQ 0 +lPPHUOH &+ 6FKQHLGHU ' &HPHQWHG DQG VFUHZUHWDLQHG LPSODQW
UHFRQVWUXFWLRQVDV\VWHPDWLFUHYLHZRIWKHVXUYLYDODQGFRPSOLFDWLRQUDWHV&OLQ2UDO,PSODQWV5HV2FW
6XSSO

6DOYL *( %UlJJHU 8 0HFKDQLFDO DQG WHFKQLFDO ULVNV LQ LPSODQW WKHUDS\ ,QW - 2UDO 0D[LOORIDF ,PSODQWV
6XSSO

6DOYL *( =LW]PDQQ 18 7KH HIIHFW RI DQWLLQIHFWLYH SUHYHQWLYH PHDVXUHV RQ WKH RFFXUUHQFH RI ELRORJLF
FRPSOLFDWLRQVDQGLPSODQWORVV$V\VWHPDWLF5HYLHZ,QW-2UDO0D[LOORIDF,PSO VXSSO 

6DQ]01DHUW,:RUNLQJ*URXS%LRPHFKDQLFVULVNPDQDJHPHQW :RUNLQJ*URXS &OLQ2UDO,PSODQWV


5HV6XSSO

ϭϵϳ


211


6DQ]6DQFKH],2UWL]9LJRQ$6DQ]0DUWLQ,)LJXHUR(6DQ]0(IIHFWLYHQHVVRIODWHUDOERQHDXJPHQWDWLRQ
RQWKHDOYHRODUFUHVWGLPHQVLRQ$V\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-'HQW5HV VXSSO 6
6

6FKLPPHO06ULQLYDVDQ0+HUUPDQQ)50XOOHU)/RDGLQJSURWRFROVIRULPSODQWVXSSRUWHGRYHUGHQWXUHVLQ
WKHHGHQWXORXVMDZDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV,QW-2UDO0D[LOORIDF,PSODQWV6XSSO


6FKRX6 +ROPVWUXS 3 :RUWKLQJWRQ +9 (VSRVLWR0 2XWFRPH RILPSODQW WKHUDS\LQ SDWLHQWV ZLWK SUHYLRXV
WRRWKORVVGXHWRSHULRGRQWLWLV&OLQ2UDO,PSODQWV5HV6XSSO

6FKRX6,PSODQWWUHDWPHQWLQSHULRGRQWLWLVVXVFHSWLEOHSDWLHQWVDV\VWHPDWLFUHYLHZ-2UDO5HKDELO
6XSSO

6FKURWW $ 5LJJL+HLQLJHU 0 0DUXR . *DOOXFFL *2 ,PSODQW ORDGLQJ SURWRFROV IRU SDUWLDOO\ HGHQWXORXV
SDWLHQWV ZLWK H[WHQGHG HGHQWXORXV VLWHVD V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV ,QW - 2UDO 0D[LOORIDF
,PSODQWV6XSSO
6FXOO\ & +RENLUN - 'LRV 3' 'HQWDO HQGRVVHRXV LPSODQWV LQ WKH PHGLFDOO\ FRPSURPLVHG SDWLHQW - 2UDO
5HKDELO$XJ  

6HQQHUE\/*RWWORZ-&OLQLFDORXWFRPHVRILPPHGLDWHHDUO\ORDGLQJRIGHQWDOLPSODQWV$OLWHUDWXUHUHYLHZRI
UHFHQWFRQWUROOHGSURVSHFWLYHFOLQLFDOVWXGLHV$XVW'HQW-6XSSO6

6PLWK '( =DUE *$ &ULWHULD IRU VXFFHVV RI RVVHRLQWHJUDWHG HQGRVVHRXV LPSODQWV - 3URVWKHW 'HQW
  

6RXVD 9 0DUGDV 1 )DULDV % 3HWULH $ 1HHGOHPDQ , 6SUDWW ' 'RQRV 1 $ V\VWHPDWLF UHYLHZ RI LPSODQW
RXWFRPHVLQWUHDWHGSHULRGRQWLWLVSDWLHQWV&OLQ2UDO,PSODQWV5HV6HSGRLFOU>(SXE
DKHDGRISULQW@

6XEUDPDQL.-XQJ5(0ROHQEHUJ$+DPPHUOH&+%LRILOPRQGHQWDOLPSODQWVDUHYLHZRIWKHOLWHUDWXUH
,QW-2UDO0D[LOORIDF,PSODQWV  

7DQ:&/DQJ13=ZDKOHQ03MHWXUVVRQ%($V\VWHPDWLFUHYLHZRIWKHVXFFHVVRIVLQXVIORRUHOHYDWLRQDQG
VXUYLYDORILPSODQWVLQVHUWHGLQFRPELQDWLRQZLWKVLQXVIORRUHOHYDWLRQ3DUW,,WUDQVDOYHRODUWHFKQLTXH-&OLQ
3HULRGRQWRO 6XSSO 

7KRPDV09%HDJOH-5(YLGHQFHEDVHGGHFLVLRQPDNLQJLPSODQWVYHUVXVQDWXUDOWHHWK'HQW&OLQ1RUWK$P
  

7KRPDVRQ -0 +H\GHFNH * )HLQH -6 (OOLV -6 +RZ GR SDWLHQWV SHUFHLYH WKH EHQHILW RI UHFRQVWUXFWLYH
GHQWLVWU\ZLWKUHJDUGWRRUDOKHDOWKUHODWHGTXDOLW\RIOLIHDQGSDWLHQWVDWLVIDFWLRQ"$V\VWHPDWLFUHYLHZ&OLQ
2UDO,PSODQWV5HV6XSSO

7KRPDVRQ -0 7KH 8VH RI 0DQGLEXODU ,PSODQWUHWDLQHG 2YHUGHQWXUHV ,PSURYH 3DWLHQW 6DWLVIDFWLRQ DQG
4XDOLW\RI/LIH-(YLG%DVHG'HQW3UDFW  

720$6,&:(11675g0-/ %(5*/81'+7  /RQJHYLW\RIWHHWKDQGLPSODQWVDV\VWHPDWLFUHYLHZ


-RXUQDORIRUDOUHKDELOLWDWLRQVXSSO

ϭϵϴ


212


7RQHWWL06+lPPHUOH&+(XURSHDQ:RUNVKRSRQ3HULRGRQWRORJ\*URXS&$GYDQFHVLQERQHDXJPHQWDWLRQ
WRHQDEOHGHQWDOLPSODQWSODFHPHQW&RQVHQVXV5HSRUWRIWKH6L[WK(XURSHDQ:RUNVKRSRQ3HULRGRQWRORJ\-
&OLQ3HULRGRQWRO 6XSSO 

7RUDELQHMDG0$QGHUVRQ3%DGHU-%URZQ/-&KHQ/+*RRGDFUH&-.DWWDGL\LO07.XWVHQNR'/R]DGD
- 3DWHO 5 3HWHUVHQ ) 3XWHUPDQ , :KLWH 61 2XWFRPHV RI URRW FDQDO WUHDWPHQW DQG UHVWRUDWLRQ LPSODQW
VXSSRUWHGVLQJOHFURZQV IL[HG SDUWLDO GHQWXUHV DQGH[WUDFWLRQ ZLWKRXWUHSODFHPHQW DV\VWHPDWLF UHYLHZ -
3URVWKHW'HQW  

7VFKHUQLWVFKHN+%RUFKHUV/*HXUWVHQ:1RQDOOR\HGWLWDQLXPDVDELRLQHUWPHWDODUHYLHZ4XLQWHVVHQFH
,QW  

9DQ GHU :HLMGHQ*$ YDQ %HPPHO .0 5HQYHUW 6 ,PSODQW WKHUDS\ LQ SDUWLDOO\ HGHQWXORXV SHULRGRQWDOO\
FRPSURPLVHGSDWLHQWVDUHYLHZ-&OLQ3HULRGRQWRO  

9D]TXH]/6DXODFLF1%HOVHU8%HUQDUG-3(IILFDF\RISDQRUDPLFUDGLRJUDSKVLQWKHSUHRSHUDWLYHSODQQLQJ
RI SRVWHULRU PDQGLEXODU LPSODQWV D SURVSHFWLYH FOLQLFDO VWXG\ RI  FRQVHFXWLYHO\ WUHDWHG SDWLHQWV &OLQ
2UDO,PSODQWV5HV  

9LJROR 3 0XWLQHOOL 6 =DFFDULD 0 6WHOOLQL ( &OLQLFDO HYDOXDWLRQ RI PDUJLQDO ERQH OHYHO FKDQJH DURXQG
PXOWLSOH DGMDFHQW LPSODQWV UHVWRUHG ZLWK VSOLQWHG DQG QRQVSOLQWHG UHVWRUDWLRQV D \HDU UDQGRPL]HG
FRQWUROOHGWULDO,QW-2UDO0D[LOORIDF,PSODQWV0DU$SU  

9LJROR 3 0XWLQHOOL 6 *LYDQL $ 6WHOOLQL ( &HPHQWHG YHUVXV VFUHZUHWDLQHG LPSODQWVXSSRUWHG VLQJOHWRRWK
FURZQVD\HDUUDQGRPLVHGFRQWUROOHGWULDO(XU-2UDO,PSODQWRO:LQWHU  

:DOODFH66)URXP6-(IIHFWRIPD[LOODU\VLQXVDXJPHQWDWLRQRQWKHVXUYLYDORIHQGRVVHRXVGHQWDOLPSODQWV
$V\VWHPDWLFUHYLHZ$QQ3HULRGRQWRO  

:HEHU+36XNRWMR&'RHVWKHW\SHRILPSODQWSURVWKHVLVDIIHFWRXWFRPHVLQWKHSDUWLDOO\HGHQWXORXVSDWLHQW"
,QW-2UDO0D[LOORIDF,PSODQWV6XSSO

:LWWQHEHQ -* 0LOOHQ & %UlJJHU 8 &OLQLFDO SHUIRUPDQFH RI VFUHZ YHUVXV FHPHQWUHWDLQHG IL[HG LPSODQW
VXSSRUWHGUHFRQVWUXFWLRQVDV\VWHPDWLFUHYLHZ,QW-2UDO0D[LOORIDF,PSODQWV6XSSO

<DQDVH 57 %RGLQH 5/ 7RP -) :KLWH 61 7KH PDQGLEXODU VXESHULRVWHDO LPSODQW GHQWXUH D SURVSHFWLYH
VXUYLYDOVWXG\-3URVWKHW'HQW$SU  

=DQJUDQGR 06 'DPDQWH &$ 6DQW
$QD $& 5XER GH 5H]HQGH 0/ *UHJKL 6/ &KDPEURQH / /RQJWHUP
HYDOXDWLRQ RI SHULRGRQWDO SDUDPHWHUV DQG LPSODQW RXWFRPHV LQ SHULRGRQWDOO\ FRPSURPLVHG SDWLHQWV D
V\VWHPDWLFUHYLHZ-3HULRGRQWRO)HE  

=LPPHU&0=LPPHU:0:LOOLDPV-/LHVHQHU-3XEOLFDZDUHQHVVDQGDFFHSWDQFHRIGHQWDOLPSODQWV,QW-
2UDO0D[LOORIDF,PSODQWV  

=LW]PDQQ 18 0DUJROLQ 0' )LOLSSL $ :HLJHU 5 .UDVWO * 3DWLHQW DVVHVVPHQW DQG GLDJQRVLV LQ LPSODQW
WUHDWPHQW$XVW'HQW-6XSSO6

ϭϵϵ


213


*1$72/2*,$








 GNATOLOGIA



















ϮϬϬ


215


/DJQDWRORJLDqODEUDQFDGHOO¶RGRQWRVWRPDWRORJLDFKHVLLQWHUHVVDGHOODGLDJQRVLHGHOODFXUDGLXQ
YDVWRJUXSSRGLFRQGL]LRQLFOLQLFKHGLVRUGLQLHSDWRORJLHFKHFDXVDQRDOWHUD]LRQLGHOODVHQVLELOLWjHR
GHL PRYLPHQWL GHOO
DSSDUDWR VWRPDWRJQDWLFR $OFXQH GHOOH DOWHUD]LRQL SDWRORJLFKH VXGGHWWH
VYLOXSSDQRVLQWRPLHVHJQLFKHVRQRLQVWUHWWDFRPRUELGLWjFRQDOWULGLVWUHWWLHVLVWHPLIXQ]LRQDOLFKH
SXU QRQ HVVHQGR VWUHWWDPHQWH OHJDWH DOOD QRUPDOH SUDWLFD RGRQWRLDWULFD SRQJRQR O¶RGRQWRLDWUD DO
FHQWUR GL FRPSOHVVL SURFHVVL GL GLDJQRVL GLIIHUHQ]LDOH FKH SRVVRQR ULFKLHGHUH LO FRLQYROJHPHQWR GL
VSHFLDOLVWLGLDOWUHEUDQFKHPHGLFKH
1HO FDPSR GHOOD JQDWRORJLD OH SDWRORJLH FKH O
RGRQWRLDWUD q FKLDPDWR DG DIIURQWDUH FRQ PDJJLRU
IUHTXHQ]DVRQRL'LVRUGLQL7HPSRUR0DQGLERODUL '70 LOGRORUHRURIDFFLDOHQRQRGRQWRJHQROH
SDUDIXQ]LRQL LO EUX[LVPR OH DQRPDOLH GHO PRYLPHQWR H UHVSLUDWRULH FKH DYYHQJRQR QHO VRQQR
FRPSUHVHOHDSQHHRVWUXWWLYH
/D JQDWRORJLD VWXGLD GHL UDSSRUWL VWDWLFL GLQDPLFL IXQ]LRQDOL SDUDIXQ]LRQDOL GLVIXQ]LRQDOL H
SDWRORJLFLFKHLQWHUFRUURQRWUDLGHQWL RFFOXVLRQH OH$UWLFROD]LRQL7HPSRUR0DQGLERODUL $70 HL
UHODWLYLFRUUHODWLQHXURPXVFRODULHFKHKDQQRORVFRSRGLPXRYHUHODERFFDHODOLQJXD6LRFFXSDLQ
PRGR VSHFLILFR GHOOD FRQRVFHQ]D GHOOR VWXGLR H GHOOD JHVWLRQH GHOO¶RFFOXVLRQH GHQWDOH DQFKH LQ
UDSSRUWRFRQDOWUHEUDQFKHRGRQWRLDWULFKH/HFRQGL]LRQLFOLQLFKHOHDQDOLVLGLDJQRVWLFKHVLDFOLQLFKH
VLD VWUXPHQWDOL H OD JHVWLRQH WHUDSHXWLFD JQDWRORJLFD GHOO¶RFFOXVLRQH q SDWULPRQLR FXOWXUDOH EDVH
GHOO¶RGRQWRLDWULD (¶ FRPXQTXH RSSRUWXQR VRWWROLQHDUH FKH L SULQFLSL JQDWRORJLFL GHYRQR HVVHUH
DSSOLFDWLWUDVYHUVDOPHQWHGDWXWWHOHGLVFLSOLQHRGRQWRLDWULFKHFKHVLRFFXSDQRGHOODPRGLILFDHGHOOD
ULFRVWUX]LRQH GHOO¶DUWLFRODWR GHQWDULR RUWRGRQ]LD SURWHVL FRQVHUYDWLYD  VLD QHL SD]LHQWL FRQVLGHUDWL
VHPSOLFLVLDLQTXHOOLFRPSOHVVL


'LVRUGLQLWHPSRURPDQGLERODUL
&RVWLWXLVFRQR XQ LQVLHPH GL FRQGL]LRQL GRORURVH HR GLVIXQ]LRQDOL GL QDWXUD LQILDPPDWRULD R
GHJHQHUDWLYD FKH LQWHUHVVDQR OH DUWLFROD]LRQL WHPSRURPDQGLERODUL OD PXVFRODWXUD PDVWLFDWRULD H OH
VWUXWWXUHFKHFRQHVVHFRQWUDJJRQRUDSSRUWLDQDWRPRIXQ]LRQDOL 6FULYDQL 

, VHJQL H VLQWRPL SL IUHTXHQWL VRQR GRORUH PRYLPHQWL PDQGLERODUL DOWHUDWL H OLPLWDWL UXPRUL
DUWLFRODUL ,Q DOFXQL FDVL OD FRPSDUVD q DFXWD FRQ VLQWRPL PRGHUDWL FKH VSHVVR HYROYRQR
SRVLWLYDPHQWHLQPRGRVSRQWDQHR,QDOWULVLVYLOXSSDXQDFRQGL]LRQHFURQLFDFRQGRORUHSHUVLVWHQWH
H VLQWRPL ILVLFL FRPSRUWDPHQWDOL SVLFRORJLFL H SVLFRVRFLDOL VLPLOL D TXHOOL GHL SD]LHQWL FRQ GRORUL
FURQLFLGLDOWULGLVWUHWWLFRUSRUHL
ϮϬϭ


216


/HFRQGL]LRQLSLIUHTXHQWLFKHVLSUHVHQWDQRDOO¶RVVHUYD]LRQHGHOFOLQLFRVRQRLOGRORUHPXVFRODUHH
PLRIDVFLDOHODGLVORFD]LRQHGLVFDOH ULGXFLELOHHQRQULGXFLELOH O¶DUWURVL 6FKLIIPDQ 

/¶H]LRORJLDGHLGLVRUGLQLWHPSRURPDQGLERODULqELRSVLFRVRFLDOH
$LILQLGLDJQRVWLFLLFULWHULSLGLIIXVLDOLYHOORLQWHUQD]LRQDOHVRQRTXHOOLFKHIDQQRULIHULPHQWRD
7KH,QWHUQDWLRQDO$VVRFLDWLRQIRUWKH6WXG\RI3DLQ ,$63 
7KH ,QWHUQDWLRQDO +HDGDFKH 6RFLHW\ ,+6  7KH ,QWHUQDWLRQDO +HDGDFKH &ODVVLILFDWLRQ ,&+',,
&HSKDODOJLD 
7KH$PHULFDQ$FDGHP\RI2URIDFLDO3DLQ 'H/HHXZ 
7KH 5HVHDUFK 'LDJQRVWLF &ULWHULD IRU 7HPSRURPDQGLEXODU 'LVRUGHUV 5'&70'  HYROXWL QHL
'&70' 'LDJQRVWLF&ULWHULD IRU 7HPSRURPDQGLEXODU 'LVRUGHUV   KWWSZZZUGF
WPGLQWHUQDWLRQDORUJWPGDVVHVVPHQWGLDJQRVLVGFWPGDVS[  4XHVWL XOWLPL VRQR GD FRQVLGHUDUVL LO
VLVWHPDFODVVLILFDWLYRGLULIHULPHQWR 6FKLIIPDQ 

3HU OD GLDJQRVL VRQR GL IRQGDPHQWDOH LPSRUWDQ]D O¶DQDPQHVL H O¶HVDPH RELHWWLYR (
 LPSRUWDQWH
HVFOXGHUHDOWUHFDXVDGLDOWHUD]LRQLGHOPRYLPHQWRHGHOOHIXQ]LRQLRURPDQGLERODULTXDOLOHSDWRORJLH
GHQWDOL FDULH PDODWWLH SDURGRQWDOL  L WXPRUL PDVFHOODUL LQWUDFUDQLFL GHOOD EDVH GHO FUDQLR  OH
PDODWWLHGLDOWUHVWUXWWXUHIDFFLDOL LQFOXVHOHJKLDQGROHVDOLYDUL OHFHIDOHHSULPDULHHVHFRQGDULHOH
QHXURSDWLH WULJHPLQDOL H OH PDODWWLH VLVWHPLFKH DUWHULWH WHPSRUDOH DUWULWH UHXPDWRLGH H DOWUH
FRQQHWLYRSDWLH 
/
DQDPQHVLROWUHDHVVHUHSDUWLFRODUPHQWHDFFXUDWDQHLFRQIURQWLGHOVLQWRPRGRORUHVRSUDWWXWWRQHO
FDVRGLFRQGL]LRQLFURQLFKHGHYHSUHQGHUHLQFRQVLGHUD]LRQLDQFKHDVSHWWLSVLFRVRFLDOL
2OWUHDXQDFFXUDWRHVDPHRELHWWLYRGHOFDYRRUDOHFRQSDUWLFRODUHDWWHQ]LRQHDJOLDVSHWWLGHQWDOLHG
RFFOXVDOL LPSRUWDQWH q OD YHULILFD GHOOD PRELOLWj PDQGLERODUH FRQ O¶RVVHUYD]LRQH GHO WUDJLWWR GL
DSHUWXUD H FKLXVXUD H OD PLVXUD]LRQH GHOOD FDSDFLWj GL DSHUWXUDODWHUDOLWj 9DQQR LQROWUH ULOHYDWL
HYHQWXDOLUXPRULVHPSUHGXUDQWHLPRYLPHQWLPDQGLERODULLPSRUWDQWLSHUOHGLDJQRVLFKHULJXDUGDQR
LO GLVFR DUWLFRODUH R DVSHWWL GHJHQHUDWLYL ,QILQH VL ULFKLHGH XQ¶DWWHQWD SDOSD]LRQH HG RVVHUYD]LRQH
GHOOD PRUIRORJLD GHL PXVFROL PDVWLFDWRUL ,Q FRQVLGHUD]LRQH GHOOD YDULHWj GL SDWRORJLH FKH SRVVRQR
GDUHODVWHVVDVLQWRPDWRORJLDH
FKLDURFRPHO
HVDPHRELHWWLYRGHEEDFRPSUHQGHUHROWUHDXQHVDPH
DFFXUDWRGHOO
DSSDUDWRVWRPDWRJQDWLFRDQFKHXQHVDPHGHOFROORHGHLQHUYLFUDQLFL
(YHQWXDOLXOWHULRULHVDPLYHQJRQRHIIHWWXDWLDVHFRQGDGHOVRVSHWWRGLDJQRVWLFRIRUPXODWRVXOODEDVH
GHLGDWLULFDYDWLGDDQDPQHVLHGHVDPHRELHWWLYR

ϮϬϮ


217


/¶RUWRSDQWRPRJUDILDqORVWUXPHQWRGLEDVHHGLVFUHHQLQJSLXWLOHHLPPHGLDWR$SSURIRQGLPHQWL
GLDJQRVWLFL SHU L WHVVXWL GXUL VRQR SRVVLELOL FRQ 7& 7RPRJUDILD &RPSXWHUL]]DWD DQFKH &RQH
%HDP  DOWUH UDGLRJUDILH GHOO¶$70 VHPSOLFL VRQR GD ULWHQHUVL RUPDL REVROHWH 6FLQWLJUDILH RVVHH
VRQR ULVHUYDWH DG DQRPDOLH GL FUHVFLWD R GL VYLOXSSR /D 50 SHUPHWWH OD YLVXDOL]]D]LRQH GHO GLVFR
DUWLFRODUH GHL IOXLGL LQWUDUWLFRODUL H GHOOD YDVFRODUL]]D]LRQH GHO FRQGLOR HG LQ JHQHUDOH GHL WHVVXWL
PROOLDUWLFRODULHSHULDUWLFRODULHGHLPXVFROLPDVWLFDWRUL
,QRJQLFDVRJOLDSSURIRQGLPHQWLGLDJQRVWLFLGHYRQRHVVHUHSUHVFULWWLDJLXGL]LRGHOFOLQLFRHVRQRGD
HIIHWWXDUVL VROR QHO FDVR LQ FXL O
HVLWR GHJOL VWHVVL SRVVD FRPSRUWDUH PRGLILFKH QHOO
DSSURFFLR
WHUDSHXWLFR *RQ]DOH] 

,QPHULWRDOODWHUDSLDLGDWLSURYHQLHQWLGDOODOHWWHUDWXUDVFLHQWLILFDSURSHQGRQRQHOODPDJJLRUSDUWH
GHL FDVL GL GLVRUGLQL WHPSRURPDQGLERODUL SHU XQ DSSURFFLR FRQVHUYDWLYR UHYHUVLELOH QRQLQYDVLYR
QRQFKLUXUJLFR *UHHQH  &DUOVVRQ   ,Q SDUWLFRODUH³FRXQVHOLQJ´ ± LQIRUPD]LRQH
UDVVLFXUD]LRQHGLPLQX]LRQHGHOOHULFKLHVWHIXQ]LRQDOL FRQWUROORGHOOHSDUDIXQ]LRQL WHUDSLHILVLFKHH
ILVLRWHUDSLD IDUPDFL DQWLQILDPPDWRUL QRQVWHURLGHL PLRULODVVDQWL DQWLGHSUHVVLYL WULFLFOLFL SHU EUHYL
SHULRGL GLVSRVLWLYLLQWUDRUDOL SODFFKHRFFOXVDOLQRQHVLVWHXQGLVHJQRGLSODFFDFKHVLVLDGLPRVWUDWR
FKLDUDPHQWHVXSHULRUHDGDOWULqVHPSUHFRQVLJOLDELOHXQDFRVWUX]LRQHLQGLYLGXDOHDFFRPSDJQDWDGD
LVWUX]LRQLSHUVRQDOL]]DWHHVHJXLWDGDDWWHQWRPRQLWRUDJJLR  .ODVVHU 
'LFRQWUROHWHUDSLHLQYDVLYHFKLUXUJLFKHYDQQRULVHUYDWHDOOHDOWHUD]LRQLVWUXWWXUDOLQRQUHYHUVLELOLH
VLQWRPDWLFKHGHOOHDUWLFROD]LRQLWHPSRURPDQGLERODULFKHQRQULVSRQGRQRDOOHWHUDSLHFRQVHUYDWLYH6L
SXzULFRUUHUHDOO¶DUWURFHQWHVL RHYHQWXDOPHQWHDUWURVFRSLD ILQRDIDUXVRGHOODFKLUXUJLD SURFHGXUHD
FLHOR DSHUWR±DUWURWRPLD  LQ FDVR GL LQVXFFHVVR *XR   &Lz QRQ DYYLHQH IUHTXHQWHPHQWH H OH
FRQGL]LRQL FOLQLFKH GL SDUWHQ]D LQ FXL SL VSHVVR SXz HVVHUH QHFHVVDULR HIIHWWXDUH WHUDSLH
LQYDVLYHFKLUXUJLFKHVRQRODGLVORFD]LRQHGLVFDOHQRQULGXFLELOHHO
DUWURVL

,IDWWRULH]LRORJLFLGHLYDULGLVRUGLQLWHPSRURPDQGLERODULQRQVRQRDQFRUDFRPSOHWDPHQWHFKLDULWLSHU
FXLQRQYLVRQRFRUUHQWLHYLGHQ]HFKHPDORFFOXVLRQLSHUGLWDGLGHQWLLQWHUIHUHQ]HRFFOXVDOLFDXVLQR
LQPDQLHUDGLUHWWDGLVRUGLQLWHPSRURPDQGLERODUL
,Q FDVR GL GLVRUGLQH WHPSRURPDQGLERODUH DVVRFLDWR D QHFHVVLWj SHU DOWUL PRWLYL GL XQD WHUDSLD
SURWHVLFD HR RUWRGRQWLFD q RSSRUWXQR FKH LO WUDWWDPHQWR WHUDSHXWLFR VLD SHU SULPD FRVD YROWR DOOD
DWWHQXD]LRQHULVROX]LRQHGHOGLVRUGLQHWHPSRURPDQGLERODUHPHGLDQWHPH]]LUHYHUVLELOLDGHVHPSLR
QHOFDVRGLULDELOLWD]LRQLSURWHVLFKHqRSSRUWXQRO¶XWLOL]]RSHUXQSHULRGRGLWHPSRFRQJUXRILQRDO
UDJJLXQJLPHQWRGHOODVWDELOLWjRFFOXVDOHHVLQWRPDWRORJLFDGLHOHPHQWLSURWHVLFLLQUHVLQD
ϮϬϯ


218


(¶FRQVLJOLDWR O¶LQYLR SUHVVR DPELWL VSHFLDOLVWLFL PXOWLGLVFLSOLQDUL GHL SD]LHQWL DIIHWWL GD FRQGL]LRQL
GRORURVHFURQLFKHLQGLSHQGHQWHPHQWHGDOODRULJLQHGHOOHVWHVVH
,Q SUHVHQ]D GL GLVORFD]LRQH GLVFDOH QRQ ULGXFLELOH DFXWD H OXVVD]LRQH DUWLFRODUH DFXWD q QHFHVVDULR
HIIHWWXDUH PDQRYUH GL VEORFFR LQYLDQGR LQ XUJHQ]D LO SD]LHQWH D SHUVRQDOH HVSHUWR LQ FDVR GL
LQVXFFHVVR


,QIDVHGLGLDJQRVLGLGLVRUGLQLWHPSRUPDQGLERODULqLPSRUWDQWHHVFOXGHUHDOWUHFDXVHGLGRORUH
RURIDFFLDOHRGLDOWHUD]LRQLGHOPRYLPHQWRHGHOOHIXQ]LRQLRURPDQGLERODUL


/D JUDQGH PDJJLRUDQ]D GHL GLVRUGLQL WHPSRURPDQGLERODUL SXz HVVHUH WUDWWDWD FRQ WHUDSLD
FRQVHUYDWLYDUHYHUVLELOHQRQLQYDVLYDQRQFKLUXUJLFD


3HUOHDOWHUD]LRQLVWUXWWXUDOLQRQUHYHUVLELOLHVLQWRPDWLFKHGHOOH$70FKHQRQULVSRQGRQRDOOH
WHUDSLHFRQVHUYDWLYHSRVVRQRHVVHUHYDOXWDWHWHUDSLHLQYDVLYHFKLUXUJLFKH


4XDQGRVLqLQSUHVHQ]DGLGLVIXQ]LRQHGHOO¶$70DVVRFLDWDDGDOWUHSDWRORJLHGHOFDYRRUDOHFKH
ULFKLHGRQR XQ WUDWWDPHQWR SURWHVLFR HR RUWRGRQWLFR q RSSRUWXQR OD JHVWLRQH SULRULWDULD GHO
GLVRUGLQHWHPSRURPDQGLERODUH



'RORUHRURIDFFLDOH
,O GRORUH QHOOD UHJLRQH RUDOH H IDFFLDOH KD XQ LPSDWWR PROWR VLJQLILFDWLYR GDO SXQWR GL YLVWD
ELRSVLFRVRFLDOHHVVDSUHVHQWDXQ¶LQFLGHQ]DQHOODSRSROD]LRQHJHQHUDOHWUDLOLOGHOOD
SRSROD]LRQH SUHVHQWD XQD VLQWRPDWRORJLD DOJLFD FRQ DQGDPHQWR FURQLFR ,O GRORUH RURIDFFLDOH ROWUH
FKHGLRULJLQHRGRQWRJHQDSXzHVVHUHFDXVDWRGDYDULHFRQGL]LRQLFKHSRVVRQRULJXDUGDUHVWUXWWXUH
OLPLWURIH R GLVWDQWL GDO FDYR RUDOH GL RULJLQH PXVFRORVFKHOHWULFD QHXURORJLFD H YDVFRODUH 5HQWRQ
 
/H]RQHLQWHUHVVDWHVRQR
 DSSDUDWR PXVFROR OLJDPHQWRVRWHVVXWL PROOL GRORUH DOO¶$70 GD YDULH FDXVH
 DUWURPLDOJLD IDFFLDOH GRORUH PLRIDVFLDOH GRORUH IDFFLDOH DWLSLFR GRORUH RURIDFFLDOH
 LGLRSDWLFR SDWRORJLH GHOOH JKLDQGROH VDOLYDUL QHXULWH GHO QHUYR RWWLFR EUXFLRUH GHOOD
 ERFFD FDQGLGRVL WXPRUL EHQLJQL H PDOLJQL SDWRORJLH GHL VHQL GHO QDVRIDULQJH GHO
 VLVWHPDQHUYRVRFHQWUDOHHWF 

ϮϬϰ


219


 DSSDUDWR GHQWRDOYHRODUH SDWRORJLH GHOOD GHQWLQD GHO SDURGRQWR VLQXVLWH


 PDVFHOODUHRGRQWDOJLDDWLSLFDHWF 
 DSSDUDWR QHXURORJLFRYDVFRODUH QHYUDOJLD WULJHPLQDOH QHYUDOJLD JORVVRIDULQJHD
 FHIDOHDULFRUUHQWHQHYUDOJLDSRVWHUSHWLFDDUWHULWHFUDQLDOHQHYUDOJLDSUHWULJHPLQDOH
 FHIDOHDQHXUDOJLIRUPHGLEUHYHGXUDWDVLQGURPHGL5DPVD\+XQWHWF 

/DGLDJQRVLGLIIHUHQ]LDOHULFKLHGHFRQRVFHQ]DHVSHULHQ]DHDELOLWjVRSUDWWXWWRQHOFRQGXUUHO
LQGDJLQH
DQDPQHVWLFDGHOSD]LHQWH
3HUODYDOXWD]LRQHGHOGRORUHVRQRLPSRUWDQWLODFURQRORJLDO¶LQWHQVLWjODORFDOL]]D]LRQHODGXUDWDOD
TXDOLWj OD IUHTXHQ]D L IDWWRUL SUHFLSLWDQDQWL H TXHOOL FKH FUHDQR VROOLHYR QRQFKq VHJQL H VLQWRPL
DVVRFLDWL
, IDWWRUL GL ULVFKLR SHU OD FURQLFL]]D]LRQH GHO GRORUH RURIDFFLDOH FURQLFR VRQR GRORUH GLIIXVR VHVVR
IHPPLQLOH HWj H IDWWRUL SVLFRORJLFL ,Q SDUWLFRODUH WXWWL JOL VWDWL GRORURVL DQFKH VH LQ DOWUL GLVWUHWWL
FRUSRUHLSUHVHQWDQRFRPRUELGLWjFRQLOGRORUHRURIDFFLDOH

3HU LO GHQWLVWD JHQHULFR VL SRQH TXLQGL LO SUREOHPD GHOOD GLDJQRVL GLIIHUHQ]LDOH 3HU WDOH PRWLYR VL
VXJJHULVFHFKHLQFDVRGLVRVSHWWRFOLQLFRGLGRORUHFURQLFRSRFRULIHULELOHDGXQFRPXQHGLVRUGLQH
WHPSRURPDQGLERODUHVLDRSSRUWXQRGRSRDYHURWWHQXWRLOFRQWUROORGHOGRORUHDFXWRHYHQWXDOPHQWH
SUHVHQWHLOFRLQYROJLPHQWRGLFOLQLFLHVSHFLDOLVWLFKHSHUPHWWDXQDGLDJQRVLSUHFLVDHGXQWUDWWDPHQWR
RSSRUWXQR


,QIDVHGLGLDJQRVLLOGRORUHRURIDFFLDOHGLSHUWLQHQ]DJQDWRORJLFDFRLQYROJHPROWHSDWRORJLHFKH
QHFHVVLWDQRGLFRPSHWHQ]HDOGLIXRULGLTXHOOHDELWXDOLGHOODRGRQWRLDWULDGLEDVH,OGHQWLVWDq
TXLQGL VSHVVR FKLDPDWR D FROODERUDUH FRQ DOWUL VSHFLDOLVWL &Lz q WDQWR SL YHUR TXDQWR SL LO
GRORUHqFURQLFL]]DWR


2ELHWWLYRSULRULWDULRGHYHHVVHUHFRPXQTXHLOFRQWUROORGHOGRORUHHOLPLWDUHLOSLSRVVLELOHOD
LQVRUJHQ]DGLGRORUHFURQLFR





ϮϬϱ


220


3DUDIXQ]LRQLHEUX[LVPR
/H SDUDIXQ]LRQL VRQR GLVWXUEL GL ODUJD SUHYDOHQ]D QHOOD SRSROD]LRQH JHQHUDOH (¶ RSSRUWXQR
VXGGLYLGHUOHLQIRUPHFKHVRQRSLIUHTXHQWLGXUDQWHLOSHULRGRGLYHJOLDHIRUPHFKHVLPDQLIHVWDQR
GXUDQWHLOVRQQRHGqHVVHQ]LDOHGLDJQRVWLFDUHOHIRUPHHVVHQ]LDOLSLGLIIXVHGDTXHOOHVHFRQGDULH
4XHVWH XOWLPH VRQR SULQFLSDOPHQWH FRQQHVVH DOO
XVR GL IDUPDFL SHU HV 665,  H GL VRVWDQ]H
YROXWWXDULH FRFDLQD DQIHWDPLQH HFVWDV\  QRQFKq GDOOD SUHVHQ]D GL PDODWWLH QHXURORJLFKH R
SVLFKLDWULFKH/DJHVWLRQHGHLFDVLVHFRQGDULSUHYHGHXQDFROODERUD]LRQHFRQLOPHGLFRFXUDQWH
/D GLDJQRVL GHOOH SDUDIXQ]LRQL q LPSRUWDQWH DQFKH DL ILQL GHOOD JHVWLRQH GHL GLVRUGLQL
WHPSRURPDQGLERODULHSHUHYLWDUHFRPSOLFD]LRQLLQFDVRGLWHUDSLHSURWHVLFKH VRSUDWWXWWRLQSUHVHQ]D
GLLPSLDQWLRLQSD]LHQWLFRQVXSSRUWRSDURGRQWDOHULGRWWR RRUWRGRQWLFKH
/D UHOD]LRQH GHOOH SDUDIXQ]LRQL FRQ L 70' q DQFRUD RJJL RJJHWWR GL GLVFXVVLRQH QHL VXRL DVSHWWL
H]LRORJLFL$SSDUHFRPXQTXHORJLFRFKHLOFRQWUROORGHOOHVWHVVHTXDQGRVLDQRSUHVHQWLLQXQSD]LHQWH
DIIHWWR GD 70' DEELD XQ UXROR QHO ULGXUUH LO FDULFR D OLYHOOR GHOOH VWUXWWXUH PXVFRORVFKHOHWULFKH
GHOO
DSSDUDWRVWRPDWRJQDWLFRHTXLQGLYDGDWHQXWRQHOODGHELWDFRQVLGHUD]LRQHGDSDUWHGHOFOLQLFR
/HSDUDIXQ]LRQLUDSSUHVHQWDQRXQLQVLHPHGLDWWLYLWjRUDOLGHILQLWHSDUDILVLRORJLFKHHVWUDQHHFLRqDO
VRGGLVIDFLPHQWR GHOOH QHFHVVLWj SULPDULH H SHUWLQHQWL DOOH ILQDOLWj GHO VLVWHPD PDVWLFDWRULR
GHJOXWL]LRQH IRQD]LRQH PDVWLFD]LRQH SRVWXUD RURIDFFLDOH HWF  VYROWH LQ PRGR LQYRORQWDULR GDO
VRJJHWWR6RQRSUHVHQWLLQFLUFDLOGHOODSRSROD]LRQHFRQPDJJLRUSUHYDOHQ]DGHOOHSDUDIXQ]LRQL
GXUDQWHODYHJOLDULVSHWWRDTXHOOHGHOVRQQR
/H SDUDIXQ]LRQL GHOOD YHJOLD SL FRPXQL VRQR LO VHUUDPHQWR H LO GLJULJQDPHQWR GHL GHQWL 7UD L
PRYLPHQWL GL LQWHUHVVH RGRQWRLDWULFR ULHQWUDQR PROWH DOWUH DELWXGLQL YL]LDWH FKH VRQR DQFK
HVVH
PRYLPHQWL HVHJXLWL VHQ]D DOFXQD XWLOLWj IXQ]LRQDOH (VHPSL FODVVLFL VRQR LO PRUVLFDUVL OH ODEEUD
WHQHUHLQERFFDRJJHWWLVWDUHDSSRJJLDWLVXOPHQWRPDQJLDUVLOHXQJKLHVXFFKLDUVLLOGLWRPXRYHUHOH
JXDQFHHOHODEEUDHIIHWWXDUHPRYLPHQWLULWPLFLFRQODPDQGLEROD
,QRGRQWRLDWULDSDUWLFRODUHLPSRUWDQ]DULYHVWHLOEUX[LVPRSHUOHFRQVHJXHQ]HFKHSXzSUHVHQWDUH D
OLYHOOR GL GHQWL SDURGRQWR H GHO FDYR RUDOH LQ JHQHUH ,O VHUUDPHQWR H LO GLJULJQDPHQWR GHL GHQWL
GXUDQWH OD YHJOLD QRPLQDWL SUHFHGHQWHPHQWH VRQR IRUPH GL EUX[LVPR /D VXD GHILQL]LRQH q OD
VHJXHQWH  FRQGL]LRQH RUDOH FDUDWWHUL]]DWD GD ³XQD ULSHWLWLYD DWWLYLWj GHL PXVFROL PDVWLFDWRUL FKH VL
HVWULQVHFDLQIRUPDGLVHUUDPHQWRRGLJULJQDPHQWRGHLGHQWLHRGLPDQWHQLPHQWRGHOODPDQGLERODLQ
SRVL]LRQH ILVVD FRQ L PXVFROL FRQWUDWWL DQFKH VHQ]D FRQWDWWR GHQWDOH ,O EUX[LVPR KD GXH GLVWLQWH
PDQLIHVWD]LRQLFLUFDGLDQHEUX[LVPRGHOVRQQRHEUX[LVPRGHOODYHJOLD /REEH]RR 

ϮϬϲ


221


/D GLDJQRVL GL EUX[LVPR GHOOD YHJOLD q GD ULWHQHUVL EDVDWD VXOO
DQDPQHVL H OD RVVHUYD]LRQH FOLQLFD
4XHVWR SUHVHQWD XQ QRWHYROH PDUJLQH GL HUURUH PD DG RJJL QRQ HVLVWRQR DQFRUD VWUXPHQWD]LRQL
HIILFDFLSHULOPRQLWRUDJJLRRQWLPHGHOO¶DWWLYLWjGHLPXVFROLPDVWLFDWRULGXUDQWHODYHJOLD
3DUDIXQ]LRQL H EUX[LVPR GHOOD YHJOLD SRVVRQR VH SXU QRQ IUHTXHQWHPHQWH HVVHUH FRQIXVL FRQ
GLVRUGLQL GHO PRYLPHQWR SL SURSULDPHQWH QHXURORJLFL GLVWRQLH GLVFLQHVLH HWF 8Q FULWHULR
GLDJQRVWLFRIRQGDPHQWDOHqODFRQWUROODELOLWjYRORQWDULDGHOPRYLPHQWRGDSDUWHGHOSD]LHQWH
,OEUX[LVPRHOHDOWUHIRUPHGLSDUDIXQ]LRQLGXUDQWHODYHJOLDYHQJRQRJHVWLWHFRQLQWHUYHQWLGLWLSR
FRPSRUWDPHQWDOHHGXFD]LRQHGHOSD]LHQWHHUD]LRQDOHGHOODWHUDSLDFRPSRUWDPHQWDOHLQWURGX]LRQHDO
UXROR GHOOR VWUHVV H GHJOL VWDWL SVLFRORJLFL QHJDWLYL FRPH SRWHQ]LDOL IDWWRUL QHOO¶HVDFHUED]LRQH H QHO
PDQWHQLPHQWRPRQLWRUDJJLRGDSDUWHGHOSD]LHQWHGHLFRPSRUWDPHQWLSDUDIXQ]LRQDOLVYLOXSSRGLXQ
SLDQRSHUVRQDOHGLJHVWLRQH
,OEUX[LVPRGHOVRQQRqGDFRQVLGHUVLXQDHQWLWjQRVRJUDILFDLQGLSHQGHQWHGDOEUX[LVPRGHOODYHJOLD
+DXQDSUHYDOHQ]DGLFLUFDO
QHOODSRSROD]LRQHDGXOWD
/DGLDJQRVLFOLQLFDGLEUX[LVPRGHOVRQQRYLHQHHIIHWWXDWDVXOODEDVHGLXQ¶LQGDJLQHDQDPQHVWLFD H
VXOODUDFFROWDGLVHJQL LQSULPLVODSHUGLWDGLVRVWDQ]DGHQWDOH HVLQWRPLFRQXQDFRQIHUPDGDSDUWH
GHLIDPLOLDUL(¶EHQHVRWWROLQHDUHFKHDQFKHLQTXHVWRFDVRODGLDJQRVLSUHVHQWDXQFHUWRPDUJLQHGL
HUURUH ³SRVVLEOH´R³SUREDELOHEUX[LVPR´DVHFRQGDFKHVLDEDVDWDVXOODVRODDQDPQHVLRVXXQDVXD
LQWHJUD]LRQH FRQ O¶HVDPH FOLQLFR  /D FRQIHUPD GL WHU]L GHO EUX[LVPR GHO VRQQR q HVVHQ]LDOH LQ
TXDQWR LO VHOIUHSRUW VL q GLPRVWUDWR QRQ DWWHQGLELOH H TXLQGL LQVXIILFLHQWH GDO SXQWR GL YLVWD
GLDJQRVWLFRVHXQLFRSDUDPHWURSUHVHQWH
8QD GLDJQRVL FHUWD q HIIHWWXDELOH FRQ OD SROLVRQQRJUDILD 36*  PD WDOH HVDPH QRQ q GD ULWHQHUVL
SUDWLFDELOH QHOOD FOLQLFD RGRQWRLDWULFD RUGLQDULD SHU OR VIDYRUHYROH UDSSRUWR FRVWREHQHILFL 4XHVWR
DQFKH LQ UHOD]LRQH GHO IDWWR FKH LO EUX[LVPR QRQ FRPSURPHWWH LQ PRGR VLJQLILFDWLYR LO VRQQR
0DFDOXVR   $QFKH O
XVR GL GLVSRVLWLYL SRUWDWLOL QRQ DSSDUH DG RJJL VXIILFLHQWHPHQWH
JLXVWLILFDWR
/D WHUDSLD VL EDVD VX XQD JHVWLRQH FRQVHUYDWLYD FKH FRPSUHQGD O¶XWLOL]]R GL SODFFKH RFFOXVDOL XQ
DSSURFFLRFRPSRUWDPHQWDOHHO¶HYHQWXDOHVRPPLQLVWUD]LRQHGLIDUPDFLSHUEUHYLSHULRGL 0DQIUHGLQL
 
/
RELHWWLYR WHUDSHXWLFR GHOO¶RGRQWRLDWUD QHL FDVL VHQ]D FRPRUELGLWj FRQ 70' R DOWUH SDWRORJLH q
TXHOORGLSUHYHQLUHLOGDQQRGHQWDOHHULGXUUHLOGLVDJLRSHULIDPLOLDULFRQYLYHQWL UXPRUH 
,QPHULWRDOODIRUPDHGLVHJQRQRQHVLVWRQRLQGLFD]LRQLFLUFDO¶XVRGLXQDSODFFDSDUWLFRODUHDQFKHVH
q LQGLFDWR ULFRUUHUH D TXHOOH PDQXIDWWH H FRVWUXLWH LQGLYLGXDOPHQWH SHU RJQL VLQJROR SD]LHQWH H FKH
VLDQRGRWDWHGLXQ¶DGHJXDWDUREXVWH]]D
ϮϬϳ


222


(
LPSRUWDQWHFRQVLGHUDUHFKHO¶XWLOL]]RGLSODFFKHRFFOXVDOLQRQHOLPLQDLOEUX[LVPRQHOVRQQRHFKH
LQ FDVR GL SD]LHQWL FKH SUHVHQWDQR FRPRUELGLWj FRQ UXVVDPHQWR HR DSQHH RVWUXWWLYH 26$  GHYH
HVVHUHSRVWDSDUWLFRODUHFDXWHODLQTXDQWRHVVHSRVVRQRDQFKHVFDWHQDUHRDJJUDYDUHOHDSQHH

,Q IDVH GL GLDJQRVL  GHYRQR HVVHUH HVFOXVH IRUPH GL SDUDIXQ]LRQL H EUX[LVPR VHFRQGDULH D
IDUPDFLGURJKHRDOWUHPDODWWLH/DGLDJQRVLqEDVDWDVXDQDPQHVLHHVDPHRELHWWLYR


3DUDIXQ]LRQLHEUX[LVPRGXUDQWHODYHJOLDYHQJRQRJHVWLWHSULQFLSDOPHQWHFRQLQWHUYHQWLGLWLSR
FRPSRUWDPHQWDOH


/HSODFFKHRFFOXVDOLLQFDVRGLEUX[LVPRGHOVRQQRVRQRLQGLFDWHSHUSUHYHQLUHLOGDQQRGHQWDOH
HULGXUUHLOUXPRUH'HYHHVVHUHXVDWDFDXWHODLQFDVRGLFRPRUELGLWjFRQGLVWXUELUHVSLUDWRUL
GHOVRQQRSHULOULVFKLRGLVFDWHQDUHRDJJUDYDUHDSQHH


'LVWXUELUHVSLUDWRULGHOVRQQRUXVVDPHQWRHDSQHHRVWUXWWLYHGXUDQWHLOVRQQR

3HUTXHVWDVH]LRQHVLIDFFLDULIHULPHQWRDOGRFXPHQWR³/LQHHJXLGDQD]LRQDOLSHUODSUHYHQ]LRQHHGLO
WUDWWDPHQWR RGRQWRLDWULFR GHOOD VLQGURPH GHOOH DSQHH RVWUXWWLYH QHO VRQQR 26$6 ´
KWWSZZZVDOXWHJRYLWLPJV&BBSXEEOLFD]LRQLBBDOOHJDWRSGI 

,GLVRUGLQLWHPSRURPDQGLERODULLQHWjSHGLDWULFD

,GLVRUGLQLWHPSRURPDQGLERODULVRQRSLIUHTXHQWLQHJOLDGXOWLWXWWDYLDDOFXQLVHJQLHVLQWRPLVRQR
ULOHYDELOL DQFKH QHL EDPELQL   H QHJOL DGROHVFHQWL /D DOWD YDULDELOLWj q GD DWWULEXLUVL DOOD
GLIIRUPLWjGHOOHPHWRGLFKHGHJOLVWXGLHDOODPDQFDWDFRQFRUGDQ]DGHLFULWHULGLDJQRVWLFLQHLJLRYDQL
/D SUHYDOHQ]D GHL GLVRUGLQL WHPSRURPDQGLERODUL LQ HWj SHGLDWULFD YHGH LO VHVVR IHPPLQLOH FRPH
PDJJLRUPHQWHHVSRVWRDOODGLVIXQ]LRQH 0DJQXVVRQ ,OJHQHUHUDSSUHVHQWDDQFKHXQSRVVLELOH
IDWWRUHGLULVFKLRDOORVYLOXSSRGHOODSDWRORJLD /H5HVFKH /HGLVORFD]LRQLGLVFDOLHGLOGRORUH
IDFFLDOH DSSDLRQR L GLVRUGLQL SL IUHTXHQWL QHJOL DGROHVFHQWL 0DJQXVVRQ  0LFKHORWWL  
8Q¶DVVRFLD]LRQH q VWDWD WURYDWD WUD OH DELWXGLQL YL]LDWH TXDOL DG HVHPSLR LO PRUGLFFKLDUH
ULSHWXWDPHQWHXQJKLHHRRJJHWWLHVHJQLHVLQWRPLGL70''DTXLO¶LQGLFD]LRQHDOO¶HOLPLQD]LRQHQHO
ϮϬϴ


223


JLRYDQH SD]LHQWH GL WDOL DELWXGLQL /¶DSSURFFLR DL 70' QHJOL DGROHVFHQWL QRQ q GLVVLPLOH D TXHOOR
GHJOL DGXOWL VSHFLDOPHQWH LQ FRQVLGHUD]LRQH GHO IDWWR FKH VHJQL H VLQWRPL GL 70' VRQR SRFR
FRUUHODELOLDVSHFLILFKH DQRPDOLHRFFOXVDOLRVFKHOHWULFKHHDOODQHFHVVLWj GLWUDWWDPHQWRRUWRGRQWLFR
0DQIUHGLQL 
, GLVRUGLQL WHPSRURPDQGLERODUL LQ HWj SHGLDWULFD HG DGROHVFHQ]LDOH GHYRQR HVVHUH GLDJQRVWLFDWL H
JHVWLWLVHJXHQGRJOLVWHVVLSULQFLSLSUHFHGHQWHPHQWHGHVFULWWLSHULVRJJHWWLDGXOWL :DKOXQG 
7UH FRQGL]LRQL QHL JLRYDQL SD]LHQWL PHULWDQR SDUWLFRODUH DWWHQ]LRQH OH IUDWWXUH O¶DUWULWH UHXPDWRLGH
JLRYDQLOHHLOEUX[LVPR
 )UDWWXUH
/H IUDWWXUH GHL SURFHVVL FRQGLODUL UDSSUHVHQWDQR LO  FLUFD GL WXWWH OH IUDWWXUH PDQGLERODUL /D
PDJJLRULQFLGHQ]DGHOOD IUDWWXUDFRQGLODUHQHLEDPELQLULVSHWWRDJOLDGXOWLSXzHVVHUHVSLHJDWDGDOOD
PDJJLRU SUHVHQ]D GL RVVR PLGROODUH FRQ VROR XQ VRWWLOH DQHOOR GL RVVR FRUWLFDOH /D IUHTXHQ]D q
VRWWRVWLPDWDSHUFKpODVLQWRPDWRORJLDqVSHVVROLHYH,OVHJQRSLIUHTXHQWHVRQROHOHVLRQLGHLWHVVXWL
PROOL DEUDVLRQL ODFHUD]LRQL GHO PHQWR  OHVLRQH LQ VHGH GLYHUVD GDOOD ]RQD FRQWXVD  OHVLRQH
WUDXPDWLFD LQGLUHWWD  ,QROWUH DVLPPHWULD IDFFLDOH FRQ GHYLD]LRQH GHO PHQWR JRQILRUH H GRORUH QHOOD
]RQDGHOO¶$70FROSLWDPDORFFOXVLRQHSRVWWUDXPDWLFDFRQGHYLD]LRQHGHOODOLQHDPHGLDQDLQIHULRUH
GDOODWRDIIHWWRQHLFDVLGLIUDWWXUHPRQRODWHUDOLRSHQELWHODWHURSRVWHULRUHFRQWURODWHUDOHRDQWHULRUH
QHL FDVL GL IUDWWXUH ELODWHUDOL VSOLQWLQJ PXVFRODUH GRYXWR DO GRORUH H OLPLWD]LRQH LQ DSHUWXUD
LPSRVVLELOLWjDSDOSDUHPRYLPHQWRPDQGLERODUH
/¶HVLWRSLJUDYHGLXQDIUDWWXUDQRQHYLGHQ]LDWDRPDOWUDWWDWDqO¶HYROX]LRQHLQDQFKLORVLRVVHDHR
ILEURVD FRQ FRPSURPLVVLRQH GHOOD IXQ]LRQDOLWj H GHOOD FUHVFLWD H LQVRUJHQ]D GL IRUPH SL R PHQR
JUDYL GL PDOIRUPD]LRQL GHQWRVFKHOHWULFKH &RPSLWR GHOO¶RGRQWRLDWUD q TXHOOR GL GLDJQRVWLFDUH WDOH
SRVVLELOH HYROX]LRQH QHJDWLYD HG LQYLDUH LO SD]LHQWH DO FKLUXUJR SHU LO WUDWWDPHQWR VSHFLILFR  $OWUL
HVLWLPHQRGUDPPDWLFLSRVVRQRHVVHUHDVLPPHWULHGHOYROWRFRQGHYLD]LRQHGHOODPDQGLERODYHUVRLO
ODWR DIIHWWR QHL FDVL PRQRODWHUDOL R RSHQ ELWH DQWHULRUH FRQ PLFURJHQLD SHU TXHOOL ELODWHUDOL
SURJUHVVLYD GLPLQX]LRQH GL DPSLH]]D GL WXWWL L PRYLPHQWL DVLPPHWULD GHL PRYLPHQWL PDQGLERODUL
FHQWULFLHGHFFHQWULFLSHUGLWDGHOODGLPHQVLRQHYHUWLFDOHLQFOLQD]LRQHGHOSLDQRRFFOXVDOHULGX]LRQH
GHOODPDVVDPXVFRODUHGLWXWWLLPXVFROLRPRODWHUDOLDOODIUDWWXUDGHJHQHUD]LRQHDUWURVLFD,EDPELQL
WUDJOLHLDQQLSRVVRQRDYHUHXQDGDWWDPHQWRSURJUHVVLYRGHOFRQGLORRFRPSHQVRHQWURDQQL
GDOWUDXPD
2ELHWWLYLGHOWUDWWDPHQWRFKHVLHIIHWWXDFRQXQRRSLFOLFOLGLDSSOLFD]LRQHGLGLVSRVLWLYLIXQ]LRQDOL
PRELOL RUWRGRQWLFRJQDWRORJLFRRUWRSHGLFL DVVRFLDWL DG HVHUFL]L GL PRYLPHQWR PDQGLERODUH VRQR
UHVWDXUDUH OH IXQ]LRQH QRUPDOH ULSULVWLQDUH XQD RFFOXVLRQH DUPRQLFD H VWDELOH FRQWUROODUH OD
ϮϬϵ


224


VLPPHWULDGLFUHVFLWDGHOOHEDVLVFKHOHWULFKH/DVFHOWDGHOPH]]RWHUDSHXWLFRqVWUHWWDPHQWHOHJDWDDOOH
ULOHYD]LRQLFOLQLFKHHIIHWWXDWHVXOSD]LHQWHHGqFRQGL]LRQDWDGDOODWLSRORJLDVFKHOHWULFDGHOSD]LHQWH
(QWUR LO SULPR DQQR GL WHUDSLD VL GHYRQR RWWHQHUH OD FRPSOHWD UHPLVVLRQH GL WXWWL L VLQWRPL SHU
SURPXRYHUH LO SURVHJXLPHQWR GL XQD ILVLRORJLFD FUHVFLWD RVVHD HVHQWH GD DQRPDOLH H GLPRUILVPL
IDFFLDOL 7DORUD OH WHUDSLH GL ULDELOLWD]LRQH VRSUD LQGLFDWH SRVVRQR HVVHUH ULDWWLYDWH SHU EUHYL SHULRGL
SHU DFFRPSDJQDUH LO SLFFROR SD]LHQWH YHUVR XQ HXULWPLFR VYLOXSSR VWRPDWRJQDWLFR 5DUH VRQR OH
LQGLFD]LRQLFKLUXUJLFKHQHLEDPELQLGLHWjLQIHULRUHDDQQL
 $UWULWHUHXPDWRLGHJLRYDQLOH
&RVWLWXLVFH OD IRUPD SL IUHTXHQWH GL DUWULWH LQ HWj SHGLDWULFD H DGROHVFHQ]LDOH H SXz FROSLUH
O¶DUWLFROD]LRQH WHPSRURPDQGLERODUH FRQ PRGLILFD]LRQL H[WUD HR LQWUDRUDOL /D VLQWRPDWRORJLD
GRORURVDSXz DQFKHQRQ HVVHUHSUHVHQWH7UDLGLVWXUELRURIDFFLDOLSL IUHTXHQWHPHQWH ULVFRQWUDWL YL
VRQR UHWURJQD]LD PLFURJQD]LD PRUVR DSHUWR DQWHULRUH DIIROODPHQWR DVLPPHWULD IDFFLDOH H
OLPLWD]LRQHLQDSHUWXUD,OUHXPDWRORJRKDXQUXRORFKLDYHQHOODGLDJQRVLSUHFRFHIDYRUHQGRO¶LQYLR
GHOSD]LHQWHDOO¶RGRQWRLDWUD$YROWHODGLDJQRVLGHYHHVVHUHVRVSHWWDWDGDOO¶RGRQWRLDWUDVXOODEDVHGL
HVDPHFOLQLFRHLPDJLQJ/DWHUDSLDGHYHHVVHUHPXOWLGLVFLSOLQDUHHFRRUGLQDWDFRQLOUHXPDWRORJRH
FRPSUHQGHUH ROWUH DOOD WHUDSLD GHOOD PDODWWLD GL FRPSHWHQ]D UHXPDWRORJLFD LO WUDWWDPHQWR
IDUPDFRORJLFR SHU LO FRQWUROOR GHO GRORUH VH SUHVHQWH  OD WHUDSLD RUWRGRQWLFD OD WHUDSLD ILVLFD H OD
ORJRSHGLD
 %UX[LVPRQHLEDPELQL
,O EUX[LVPR QHL EDPELQL SXz DYHUH VYDULDWL VLJQLILFDWL SXz HVVHUH XQ ³ILVLRORJLFR´ PD SXz DQFKH
UDSSUHVHQWDUHXQVHJQDOHGLGLVDJLRHPRWLYR (PRGL3HUOPDQ /HIRUPHGHOVRQQRSUHVHQWDQR
FRPRUELGLWj FRQ L GLVRUGLQL UHVSLUDWRUL GHO VRQQR 4XLQGL VH LO JHQLWRUH ULIHULVFH TXHVWR VLQWRPR LO
EDPELQRGHYHHVVHUHYDOXWDWRDQFKHSHUUXVVDPHQWRDSQHDRVWUXWWLYDGHOVRQQR 26$ &DUUD 
/¶DQDPQHVLSXzDYYHQLUHDWWUDYHUVRTXHVWLRQDULGDIDUFRPSLODUHDLJHQLWRUL,EDPELQLFRQSUREOHPL
UHVSLUDWRULGHOVRQQRULVSHWWRDLEDPELQLVDQLSUHVHQWDQRGLIIHUHQ]HFKHLQFOXGRQRIDFFLDDGHQRLGHD
PDVFHOODUHVXSHULRUHFRQWUDWWRSDODWRSURIRQGRPDQGLERODSLFFRODHUHWUXVDPHQWRGHILFLWDULRYLVR
DOOXQJDWRFURVVELWHRYHUMHWDXPHQWDWRHUHVSLUD]LRQHRUDOH$SSDUHTXLQGLLPSRUWDQWHODYDOXWD]LRQH
RUWRJQDWRGRQWLFD $OH[DQGHU 

%LEOLRJUDILD

6FULYDQL6-.HLWK'$.DEDQ/%7HPSRURPDQGLEXODU'LVRUGHUV1(QJO-0HG

ϮϭϬ


225


6FKLIIPDQ ( 2KUEDFK 5 7UXHORYH ( /RRN - $QGHUVRQ * *RXOHW -S /LVW 7 6YHQVVRQ 3 *RQ]DOH] < /REEH]RR )
0LFKHORWWL $ %URRNV6O &HXVWHUV : 'UDQJVKROW 0 (WWOLQ' *DXO & *ROGEHUJ /M +D\WKRUQWKZDLWH -D +ROOHQGHU /
-HQVHQ5-RKQ0W'H/DDW$'H/HHXZ50DL[QHU:9DQ'HU0HXOHQ00XUUD\*P1L[GRUI'U3DOOD63HWHUVVRQ
$ 3LRQFKRQ 3 6PLWK % 9LVVFKHU &P =DNU]HZVND - 'ZRUNLQ 6I ,QWHUQDWLRQDO 5'&70' &RQVRUWLXP 1HWZRUN
,QWHUQDWLRQDO $VVRFLDWLRQ )RU 'HQWDO 5HVHDUFK 2URIDFLDO 3DLQ 6SHFLDO ,QWHUHVW *URXS ,QWHUQDWLRQDO $VVRFLDWLRQ )RU
7KH 6WXG\ 2I 3DLQ 'LDJQRVWLF &ULWHULD )RU 7HPSRURPDQGLEXODU 'LVRUGHUV '&70'  IRU FOLQLFDO DQG UHVHDUFK
DSSOLFDWLRQV 5HFRPPHQGDWLRQV II WKH ,QWHUQDWLRQDO 5'&70' &RQVRUWLXP 1HWZRUN  $QG 2URIDFLDO 3DLQ 6SHFLDO
,QWHUHVW*URXS‚-2UDO)DFLDO3DLQ+HDGDFKH:LQWHU  

+HDGDFKH&ODVVLILFDWLRQ6XEFRPPLWWHHRIWKH,QWHUQDWLRQDO+HDGDFKH6RFLHW\ ,+6 7KH,QWHUQDWLRQDO&ODVVLILFDWLRQRI
+HDGDFKH 'LVRUGHUV QG (GLWLRQ VW UHYLVLRQ ,&+',,5  &HSKDODOJLD   VXSSO   VW UHYLVLRQ
&HSKDODOJLD 

GH/HHXZ5 (GLWRU 7KH$PHULFDQ$FDGHP\RI2URIDFLDO3DLQ2URIDFLDO3DLQ*XLGHOLQHVIRU$VVHVVPHQW'LDJQRVLV
DQG0DQDJHPHQW)RXUWK(GLWLRQ4XLQWHVVHQFH3XEOLVKLQJ&KLFDJR

*RQ]DOH] <0 *UHHQH &6 0RKO 1' 7HFKQRORJLFDO GHYLFHV LQ WKH GLDJQRVLV RI WHPSRURPDQGLEXODU GLVRUGHUV 2UDO
0D[LOORIDF6XUJ&OLQ1RUWK$P0D\  

*UHHQH &V 2EUH] $ 7UHDWLQJ WHPSRURPDQGLEXODU GLVRUGHUV ZLWK SHUPDQHQW PDQGLEXODU UHSRVLWLRQLQJ LV LW PHGLFDOO\
QHFHVVDU\"2UDO6XUJ2UDO0HG2UDO3DWKRO2UDO5DGLRO

&DUOVVRQ*(&ULWLFDOUHYLHZRIVRPHGRJPDVLQSURVWKRGRQWLFV-3URVWKRGRQW5HV-DQ  

.ODVVHU*'*UHHQH&62UDODSSOLDQFHVLQWKHPDQDJHPHQWRIWHPSRURPDQGLEXODUGLVRUGHUV2UDO6XUJ2UDO0HG2UDO
3DWKRO2UDO5DGLRO(QGRG)HE  

*XR & 6KL = 5HYLQJWRQ 3 $UWKURFHQWHVLV DQG ODYDJH IRU WUHDWLQJ WHPSRURPDQGLEXODU MRLQW GLVRUGHUV &RFKUDQH
'DWDEDVHRI6\VWHPDWLF5HYLHZV,VVXH

5HQWRQ7'XUKDP-$JJDUZDO957KHFODVVLILFDWLRQDQGGLIIHUHQWLDOGLDJQRVLVRIRURIDFLDOSDLQ([SHUW5HY
1HXURWKHU  ±

$JJDUZDO95/RYHOO.3HWHUV6-DYLGL+-RXJKLQ$*ROGWKRUSH-3V\FKRVRFLDOLQWHUYHQWLRQVIRUWKHPDQDJHPHQWRI
FKURQLFRURIDFLDOSDLQ 5HYLHZ 7KH&RFKUDQH/LEUDU\,VVXH

/REEH]RR)$KOEHUJ-*ODURV$*.DWR7.R\DQR./DYLJQH*-GH/HHXZ50DQIUHGLQL'6YHQVVRQ3:LQRFXU(
%UX[LVPGHILQHGDQGJUDGHGDQLQWHUQDWLRQDOFRQVHQVXV-2UDO5HKDELO-DQ  

0DFDOXVR *0 *XHUUD 3 'L *LRYDQQL * %RVHOOL 0 3DUULQR / 7HU]DQR 0* 6OHHS EUX[LVP LV D GLVRUGHU UHODWHG WR
SHULRGLFDURXVDOVGXULQJVOHHS-'HQW5HV

0DQIUHGLQL ' $KOEHUJ - :LQRFXU ( /REEH]RR ) 0DQDJHPHQW RI VOHHS EUX[LVP LQ DGXOWV D TXDOLWDWLYH V\VWHPDWLF
OLWHUDWXUHUHYLHZ-2UDO5HKDELO

$PHULFDQ$FDGHP\RI6OHHS0HGLFLQH,QWHUQDWLRQDO&ODVVLILFDWLRQ2I6OHHS'LVRUGHUV±7KLUG(GLWLRQ ,&6' 8SGDWH


=KX < /RQJ + -LDQ ) /LQ - =KX - *DR 0 /DL : 7KH HIIHFWLYHQHVV RI RUDO DSSOLDQFHV IRU REVWUXFWLYH VOHHS DSQHD
V\QGURPH$PHWDDQDO\VLV9ROXPH,VVXH3DJHV±

0DJQXVVRQ 7 (JHUPDUNL , &DUOVVRQ *( $ SURVSHFWLYH LQYHVWLJDWLRQ RYHU WZR GHFDGHV RQ VLJQV DQG V\PSWRPV RI
WHPSRURPDQGLEXODUGLVRUGHUVDQGDVVRFLDWHGYDULDEOHV$ILQDOVXPPDU\$FWD2GRQWRO6FDQG

/H5HVFKH / 0DQFO /$ 'UDQJVKROW 07 +XDQJ * 9RQ .RUII 0 3UHGLFWRUV RI RQVHW RI IDFLDO SDLQ DQG
WHPSRURPDQGLEXODUGLVRUGHUVLQHDUO\DGROHVFHQFH3DLQ


Ϯϭϭ


226


0LFKHORWWL $ ,RGLFH * 3LHUJHQWLOL 0 )DUHOOD 0 0DUWLQD 5 ,QFLGHQFH RI WHPSRURPDQGLEXODU MRLQW FOLFNLQJ LQ
DGROHVFHQWV ZLWK DQG ZLWKRXW XQLODWHUDO SRVWHULRU FURVVELWH D \HDU IROORZXS VWXG\ - 2UDO 5HKDELO 
-DQ  

0DQIUHGLQL'6WHOOLQL(*UDFFR$/RPEDUGR/1DUGLQL/*6LFLOLDQL*2UWKRGRQWLFVLVWHPSRURPDQGLEXODUGLVRUGHU
QHXWUDO7KH$QJOH2UWKRGRQWLVW9RO1RSS

:DKOXQG . 1LOVVRQ ,0 /DUVVRQ % 7UHDWLQJ WHPSRURPDQGLEXODU GLVRUGHUV LQ DGROHVFHQWV D UDQGRPL]HG FRQWUROOHG
VHTXHQWLDOFRPSDULVRQRIUHOD[DWLRQWUDLQLQJDQGRFFOXVDODSSOLDQFHWKHUDS\-2UDO)DFLDO3DLQ+HDGDFKH


(PRGL3HUOPDQ$(OL,)ULHGPDQ5XELQ3*ROGVPLWK&5HLWHU6:LQRFXU(%UX[LVPRUDOSDUDIXQFWLRQVDQDPQHVWLF
DQGFOLQLFDOILQGLQJVRIWHPSRURPDQGLEXODUGLVRUGHUVLQFKLOGUHQ-2UDO5HKDELO

&DUUD0&+X\QK10RUWRQ35RPSUp3+3DSDGDNLV$5HPLVH&/DYLJQH*-3UHYDOHQFHDQGULVNIDFWRUVRIVOHHS
EUX[LVPDQGZDNHWLPHWRRWKFOHQFKLQJLQDWR\UROGSRSXODWLRQ(XU-2UDO6FL

$OH[DQGHU 16 6FKURHGHU -: -U 3HGLDWULF REVWUXFWLYH VOHHS DSQHD V\QGURPH 3HGLDWU &OLQ 1RUWK $P 
$XJ  
















ϮϭϮ


227




2'2172,$75,$3527(6,&$







 ODONTOIATRIA PROTESICA


























Ϯϭϯ


229


/¶RGRQWRLDWULD SURWHVLFD q TXHOOD EUDQFD GHOO¶RGRQWRLDWULD FKH VL RFFXSD GHO ULSULVWLQR H GHO
PDQWHQLPHQWRGHOOHIXQ]LRQLRUDOLGHOEHQHVVHUHGHOO¶DVSHWWRHGHOODVDOXWHGHOSD]LHQWHSHUPH]]R
GHO UHVWDXUR SURWHVLFR GHL GHQWL QDWXUDOL HR GHOOD VRVWLWX]LRQH GHL GHQWL PDQFDQWL H GHL WHVVXWL RUDOL
FRQWLJXLFRQVRVWLWXWLDUWLILFLDOL

&RQODSURWHVLILVVDqSRVVLELOHLOUHVWDXURHRODVRVWLWX]LRQHGHLGHQWLFRQVRVWLWXWLDUWLILFLDOLFKHQRQ
SRVVRQRHVVHUHULPRVVLGDOODERFFDFRQODSURWHVLULPRYLELOHSDU]LDOHRWRWDOHVLKDODVRVWLWX]LRQH
GHL GHQWL H GHOOH VWUXWWXUH FRQWLJXH QHL SD]LHQWL SDU]LDOPHQWH HGHQWXOL R WRWDOPHQWH HGHQWXOL FRQ
VRVWLWXWLDUWLILFLDOLFKHSRVVRQRHVVHUHULPRVVLGDOODERFFDFRQODSURWHVL VX LPSLDQWLqSRVVLELOHLO
UHVWDXURGHLGHQWLPDQFDQWLJUD]LHDOSRVL]LRQDPHQWRGLLPSLDQWL

/DGHFLVLRQHGLUHDOL]]DUHXQUHVWDXURSURWHVLFRqLQIOXHQ]DWDGDQXPHURVLIDWWRULWUDFXLORVWDWRGL
VDOXWH JHQHUDOH GHO SD]LHQWH LO WLSR GL HGHQWXOLD H OD FRQGL]LRQH GHL GHQWL UHVLGXL OD VLWXD]LRQH
SDURGRQWDOH HG LO PDQWHQLPHQWR GHOO¶LJLHQH RUDOH OH UHOD]LRQL RFFOXVDOL H OD IXQ]LRQH RUDOH OD
PRWLYD]LRQH H OH DVSLUD]LRQL GHO SD]LHQWH 1HOOD SLDQLILFD]LRQH GHO WUDWWDPHQWR VRQR LQGLVSHQVDELOL
XQ¶DQDOLVL GHL YDQWDJJL VYDQWDJJL H FRQVHJXHQ]H D OXQJR WHUPLQH GHO WUDWWDPHQWR  SURWHVLFR  XQ
HVDPHGHLIDWWRULFKHOLPLWDQROHSUREDELOLWjGLVXFFHVVRFOLQLFRHGXQDVWLPDGHLFRVWL

3HUWXWWHOHUHDOL]]D]LRQLGLPDQXIDWWLSURWHVLFLILVVLqULFKLHVWDODSUHVHQ]DGLSLODVWULLGRQHLSHU
TXDOLWjVWUXWWXUDOHGLVSRVL]LRQHQHOO¶DUFDWDHDVSHWWDWLYHSURJQRVWLFKH,OULFRUVRDSURWHVLILVVHSXz
HVVHUHLQGLFDWRDQFKHQHOO¶DPELWRGLXQWUDWWDPHQWRUHVWDXUDWLYRFKHFRPSRUWLO¶XVRGLLPSLDQWL
,Q RJQL FLUFRVWDQ]D L YDQWDJJL GHOOD WHUDSLD SURWHVLFD GHYRQR JLXVWLILFDUH LO WUDWWDPHQWR H
FRQWURELODQFLDUQHLSRVVLELOLVYDQWDJJL/DUHDOL]]D]LRQHGLXQDSURWHVLLQROWUHGHYHHVVHUHLQWUDSUHVD
VRORQHOOHVLWXD]LRQLLQFXLLOWUDWWDPHQWRUHVWDXUDWLYRVLDULWHQXWRFKLDUDPHQWHLQJUDGRGLPLJOLRUDUH
OR VWDWR GL VDOXWH RUDOH H SVLFRORJLFD GHO SD]LHQWH R GL VRGGLVIDUH XQD VXD VSHFLILFD ULFKLHVWD /D
VRVWLWX]LRQH GL SURWHVL LQFRQJUXH GHYH HVVHUH FRQGL]LRQDWD DOOD FRPSUHQVLRQH H DG XQ¶HIILFDFH
JHVWLRQHGHOOHFDXVHDOO¶RULJLQHGLWDOHLQVXFFHVVR

1XPHURVL VRQR L IDWWRUL GD WHQHUH LQ FRQVLGHUD]LRQH QHOOD UHDOL]]D]LRQH GL XQD ULDELOLWD]LRQH
SURWHVLFD


/¶HYHQWXDOH VRVWLWX]LRQH SHU IDOOLPHQWR GL SURWHVL SUHFHGHQWHPHQWH UHDOL]]DWH FRPSRUWD
XQ¶DWWHQWDYDOXWD]LRQHGHOOHFDXVHFKHSRWUHEEHURDYHUORGHWHUPLQDWR

Ϯϭϰ


230


/D GHFLVLRQH GL UHDOL]]DUH XQD SURWHVL ILVVD GLSHQGH LQ ODUJD PLVXUD GDO QXPHUR GDOOD
SRVL]LRQH GDOOD FRQGL]LRQH H GDOOH VWUXWWXUH GL VXSSRUWR GHL GHQWL SLODVWUR H GDOO¶DQDOLVL GHJOL
VSD]LHGHQWXOL


/D SURWHVL ULPRYLELOH WRWDOH SURYYHGH DOOD VRVWLWX]LRQH GHOOD GHQWDWXUD QDWXUDOH PDQFDQWH H GHOOH
VWUXWWXUHDVVRFLDWHGHLPDVFHOODULSHUTXHLSD]LHQWLFKHDEELDQRJLjSHUGXWRWXWWLLORURGHQWLQDWXUDOLR
LFXLGHQWLQDWXUDOLQRQVLDQRSLPDQWHQLELOL
/HRYHUGHQWXUHFRQVHQWRQRDLSD]LHQWLGHVWLQDWLDSRUWDUHXQDSURWHVLWRWDOHGLFRQVHUYDUHXQRRSL
GHQWLRUDGLFLQDWXUDOLDOILQH GLIRUQLUHDOPHQR WHPSRUDQHDPHQWHXQVRVWHJQRHGXQDVWDELOLWjSL
IDYRUHYROHSHUODSURWHVLULPRYLELOHFKHYHUUjFRVWUXLWD
3RLFKpODSURWHVLWRWDOHUDSSUHVHQWDO¶HVWUHPDRS]LRQHWHUDSHXWLFDGHYHHVVHUHSURJHWWDWDHFRVWUXLWD
LQPRGRWDOHGDFRQVHQWLUHLOSLSRVVLELOHODSUHVHUYD]LRQHGHOOHVWUXWWXUHRUDOLUHVLGXH

/D SURWHVL ULPRYLELOH SDU]LDOH VRVWLWXLVFH WHPSRUDQHDPHQWH R GHILQLWLYDPHQWH L GHQWL PDQFDQWL
PDQWHQHQGRLGHQWLQDWXUDOLUHVLGXLFRPHDQFRUDJJLRGHOODVWUXWWXUDULPRYLELOH6LUHDOL]]DTXDQGRLO
QXPHURHRODGLVSRVL]LRQHGHLGHQWLUHVLGXLQRQVRQRLGRQHLDOODUHDOL]]D]LRQHGLXQDSURWHVLILVVD/D
VFHOWD WUD XQD SURWHVL ILVVD HG XQD SURWHVL SDU]LDOH ULPRYLELOH GLSHQGH LQ ODUJD PLVXUD GDO QXPHUR
GDOOD SRVL]LRQH GDOOD FRQGL]LRQH H GDOOH VWUXWWXUH GL VXSSRUWR GHL GHQWL SLODVWUR H GDOO¶DQDOLVL GHJOL
VSD]LHGHQWXOL

/D SURWHVL VX LPSLDQWL VL DYYDOH GHOO¶LQVHULPHQWR GL LPSLDQWL RVWHRLQWHJUDWL SHU OD UHDOL]]D]LRQH GL
GLVSRVLWLYLSURWHVLFLILVVLRULPRYLELOLVLDQHOOHHGHQWXOLHWRWDOLFKHQHOOHSDU]LDOLHQHOOHVLQJROH/D
VRVWLWX]LRQHWUDPLWHLPSLDQWLRVWHRLQWHJUDWLGLXQRRSLGHQWLPDQFDQWLqVXERUGLQDWDDOODSUHVHQ]D
RULJLQDULDRRWWHQXWDWUDPLWHPHWRGLFKHGLULJHQHUD]LRQHGLFRQGL]LRQLDQDWRPLFKH TXDQWLWjHTXDOLWj
GHOO¶RVVR FKHSHUPHWWDQRO¶DGHJXDWRSRVL]LRQDPHQWRGHJOLLPSLDQWLDOILQHGLXQULVXOWDWRTXDQWR
SLSRVVLELOHSUHGLFLELOHHGXUDWXUR*OLLPSLDQWLSRVVRQRHVVHUHXWLOL]]DWLDQFKHTXDQGRLOQXPHURR
OHFRQGL]LRQLGHJOLHOHPHQWLQDWXUDOLQRQVRQRLGRQHLDVRSSRUWDUHLOFDULFRGLXQDSURWHVLILVVD


'LDJQRVLHSLDQLILFD]LRQHGHOWUDWWDPHQWR

3ULPDGLTXDOVLDVLFXUDRGRQWRLDWULFDSURWHVLFDVRQRQHFHVVDULHXQDGLDJQRVLHXQDSLDQLILFD]LRQHGHO
WUDWWDPHQWR .RUQPDQ/DQJ/REHQH0RPEHOOL&ODUN 

Ϯϭϱ


231


/D SLDQLILFD]LRQH GHO WUDWWDPHQWR SHUPHWWH GL GHWHUPLQDUH OD VHTXHQ]D GHJOL LQWHUYHQWL FOLQLFL SL
DSSURSULDWL DO ILQH GL FRQVHJXLUH JOL RELHWWLYL WHUDSHXWLFL FRQFRUGDWL FRQ LO VLQJROR SD]LHQWH LQ EDVH
DQFKHDOODVXDPRWLYD]LRQHDOOHVXHSULRULWjHGDOOHVXHDVSHWWDWLYH $EERWW$EUDPV$'$
%DGHU)ULHGPDQ+DOO:LONLQVRQ 

/DGLDJQRVLHODSLDQLILFD]LRQHGHYRQREDVDUVLVXOODUDFFROWDGHOO¶DQDPQHVLPHGLFDHVWRPDWRORJLFD
VXOO¶HVHFX]LRQH GL XQ HVDPH RELHWWLYR LQWUD HG H[WUDRUDOH HVHJXLWR VHJXHQGR XQD SURFHGXUD TXDQWR
SLSRVVLELOHVWDQGDUGL]]DWDFRVuGDJDUDQWLUHODFRPSOHWH]]DGHOO¶LQGDJLQHVXJJHULUHODQHFHVVLWjGL
HYHQWXDOLDSSURIRQGLPHQWLFRQVHQWLUHXQLIRUPLWjGLJLXGL]LRFOLQLFRSHUPHWWHUHXQDUDFFROWDXWLOHSHU
DWWLYLWj GL DXGLW H VHUYLUH FRPH RFFDVLRQH GL IRUPD]LRQH SURIHVVLRQDOH SHUPDQHQWH .UHVV 
5RVHQEHUJ6KXJDUV6RQGHOO7HGHVFR 
/D SLDQLILFD]LRQH GHO WUDWWDPHQWR q XQ SXQWR IRQGDPHQWDOH SHU OD EXRQD ULXVFLWD GL XQD FXUD
RGRQWRLDWULFD
/DSLDQLILFD]LRQHGHYHEDVDUVLVXXQ HVDPHFOLQLFRVXLULVXOWDWLGLLQGDJLQLVXXQDYDOXWD]LRQHGHL
GHVLGHULHGHOOHDVSHWWDWLYHGHOSD]LHQWH
6HEEHQHXQDSSURFFLRFHQWUDWRVXOSD]LHQWHVLDO¶LGHDOHLOFRQWULEXWRGHOSD]LHQWHqLQYDULDELOPHQWH
VRJJHWWLYRODGLIILFROWjQHOSLDQLILFDUHXQDFXUDFRQVLVWHTXLQGLQHOVRGGLVIDUHVLDODVRJJHWWLYLWjGHO
SD]LHQWH FKH L SL DJJLRUQDWL SURWRFROOL SURIHVVLRQDOL UHODWLYL DOOH FXUH FOLQLFKH WHQHQGR DQFKH
SUHVHQWH FKH OD PRWLYD]LRQH GHO SD]LHQWH DO UDJJLXQJLPHQWR GHL ULVXOWDWL GHVLGHUDWL q XQ LPSRUWDQWH
SUHUHTXLVLWRSHUO¶HIILFDFLDGHOWUDWWDPHQWR
8QD VWUDWHJLD FKH PLUD DO ULVSULVWLQR GHOOD VDOXWH RUDOH GHYH HVVHUH DOOD EDVH GL RJQL SLDQR GL
WUDWWDPHQWR
,O SLDQR GHYH HVVHUH UHDOLVWLFR ULVSHWWR DOOH FRQRVFHQ]H H DOO¶HVSHULHQ]D GHOO
RGRQWRLDWUD DJOL DWWXDOL
SULQFLSL WHUDSHXWLFL DOOD SUHYLVWD ULVSRVWD ELRORJLFD DOOH SURFHGXUH H DL PDWHULDOL HVVR GHYH
FRPSUHQGHUHRJQLTXDOYROWDVLDSRVVLELOHDQFKHGLYHUVHRS]LRQLHSULRULWjWHUDSHXWLFKHGHWHUPLQDELOL
VXOOD EDVH GHOO¶DQDPQHVL PHGLFD H GHQWDOH GHL GHVLGHUL H GHOOH DVSHWWDWLYH GHO SD]LHQWH GHOOD
PRWLYD]LRQH GHOOR VWHVVR QRQFKp VXOOD EDVH GHL FRVWL SUHYLVWL GHOOD SUREDELOLWj GL XQD UHJRODUH
IUHTXHQWD]LRQHGHJOLDSSXQWDPHQWLSURJUDPPDWLGHOODFDULRUHFHWWLYLWjGHOFRQWUROORGLSODFFD


8QSLDQRGLWUDWWDPHQWRSURWHVLFRGHYH
 HVSULPHUHXQDSSURFFLRLQIRUPDWRHGHVDXULHQWHDOODFXUD
 LQFOXGHUH WXWWH OH RS]LRQL GL WUDWWDPHQWR SRVVLELOL H GRSR DYHUOH
 HVDPLQDWH VFHJOLHUH OD SL DGDWWD SHU TXHO SDUWLFRODUH SD]LHQWH DQFKH LQ
 UHOD]LRQHDVXHVSHFLILFKHULFKLHVWH
Ϯϭϲ


232


 JDUDQWLUH XQD VHTXHQ]D H XQD WHPSLVWLFD DSSURSULDWH DOOD WHUDSLD


 SUHYLVWD
 ULVROYHUHLOSUREOHPDDWWXDOHGHOSD]LHQWH
 FRQVHQWLUHXQULWRUQRDOODVDOXWHRUDOHSHULOSD]LHQWH
 RIIULUHLOPDVVLPRGLSUREDELOLWjGLEHQHILFLRDOXQJRWHUPLQH
 YDOXWDUH OD SURJQRVL FRPSUHVL JOL HYHQWXDOL HIIHWWL VHFRQGDUL H
 FRPSOLFD]LRQL
 ULGXUUH DO PLQLPR L ULVFKL GL IUDLQWHQGLPHQWR H GL SRVVLELOL FRQWHQ]LRVL
 OHJDOL
 IDYRULUHXQUDSSRUWRFRQWLQXDWLYRGLILGXFLDFRQLOSD]LHQWH
 IDFLOLWDUHODFXUDSURJUDPPDWDLOPDQWHQLPHQWRHFRQWUROOLUHJRODUL
 HVVHUHHIILFDFHHGHIILFLHQWH
 VRGGLVIDUHOHHVLJHQ]HHOHDVSHWWDWLYHSXUFKqUHDOLVWLFKHGHOSD]LHQWH



$LILQLGHOODORQJHYLWjGLXQUHVWDXURFRVuFRPHSHUODVDOXWHGHOODGHQWDWXUDQDWXUDOHULVXOWDQR
GHWHUPLQDQWLXQDEXRQDSUDWLFDGLLJLHQHRUDOHFRQWUROOLSURIHVVLRQDOLSHULRGLFLHGXQDFRUUHWWD
WHUDSLDGLPDQWHQLPHQWRLJLHQLFR


%LEOLRJUDILD

$EERWW )% 3V\FKRORJLFDO DVVHVVPHQW RI WKH SURVWKRGRQWLF SDWLHQW EHIRUH WUHDWPHQW 'HQW &OLQ RI 1RUWK $P  


$EUDPV 5$ $\HUV &6 9RJW 3HWWHUVRQ 0 4XDOLW\ DVVHVVPHQW RI GHQWDO UHVWRUDWLRQV D FRPSDULVRQ E\ GHQWLVWV DQG
SDWLHQWV&RPPXQLW\'HQW(SLGHPLRO

$PHULFDQ'HQWDO$VVRFLDWLRQ+RXVHRI'HOHJDWHV'HQWDO 3UDFWLFH3DUDPHWHUV3DUDPHWHUVIRURUDOKHDOWKFRQGLWLRQV


%DGHU-'6KXJDUV'$9DULDWLRQLQGHQWLVWV¶FOLQLFDOGHFLVLRQ-3XEOLF+HDOWK'HQW

&KLFKH*3LQDXOW$/¶HVWHWLFDQHOODSURWHVLILVVDDQWHULRUH&DSSDJ5HVFK(GLWULFH

'L)HER*/DSURWHVLQHOODPDODWWLDSDURGRQWDOHLQ³3DURGRQWRORJLD´ DFXUDGL&DODQGULHOOR0&DUQHYDOH*5LFFL
* 3DJ(GLWULFH&LGHV2GRQWR(GL]LRQLLQWHUQD]LRQDOL

)ULHGPDQ-:'HYHORSPHQWRIFULWHULDDQGVWDQGDUGVIRUGHQWDOFDUH'HQW&OLQ1RUWK$P

+DNHVWDP8.DUOVVRQ76RGHUIHOGW%5\GqQ2*ODQW]32'RHVWKHTXDOLW\RIDGYDQFHGSURVWKHWLFGHQWLVWU\GHWHUPLQH
SDWLHQWVDWLVIDFWLRQ"$FWD2GRQWRO6FDQG

+DOO:%5REHUWV(:/D%DUUH(('HFLVLRQPDNLQJLQGHQWDOWUHDWPHQWSODQQLQJ0RVE\<HDU%RRN

.DUDVQHK-$O2PLUL0.$O+DPDG.4$O4XUDQ)$5HODWLRQVKLSEHWZHHQSDWLHQWV
RUDOKHDOWKUHODWHGTXDOLW\RI
OLIHVDWLVIDFWLRQZLWKGHQWLWLRQDQGSHUVRQDOLW\SURILOHV-&RQWHPS'HQW3UDFW  

.UHVV*,PSURYLQJSDWLHQWVDWLVIDFWLRQ,QWHUQDWLRQDO'HQWDO-RXPDO

5RVHQEHUJ 00 .D\ +% .HRXJK %( +ROW 5/ 3HULRGRQWDO DQG SURVWKHWLF PDQDJHPHQW IRU DGYDQFHG FDVHV
4XLQWHVVHQFH3XEOLVKLQJ&R
Ϯϭϳ


233



6KXJDUV'$'%DGHU3UDFWLFH3DUDPHWHUVLQ'HQWLVWU\:KHUHGRZHVWDQG"-$'$

6RQGHOO . 6RGHUIHOGW % 'HQWLVWSDWLHQW FRPPXQLFDWLRQ $ UHYLHZ RI UHOHYDQW PRGHOV $FWD 2GRQWRO 6FDQG  


7HGHVFR / *DUODSR '$ 6RFLDO DQG HFRQRPLF IDFWRUV LQ SURVWKRGRQWLF SUDFWLFH DQG HGXFDWLRQ -RXPDO RI 3URVWKHWLF
'HQWLVWU\

:LONLQVRQ0'7UHDWPHQWSODQVDQGFRVWHVWLPDWHV%U'HQWDO-  



(VDPLSUHOLPLQDULDOWUDWWDPHQWRSURWHVLFR

4XDOXQTXH DSSURFFLR WHUDSHXWLFR VL VFHOJD GL DGRWWDUH q FRQVLJOLDELOH UDFFRJOLHUH XQD
GRFXPHQWD]LRQHSLFRPSOHWDSRVVLELOH

(VDPHH[WUDRUDOH
 2VVHUYD]LRQH GHOOH DVLPPHWULH IDFFLDOL DQDOLVL GHO VRUULVR H GHOO¶DQGDPHQWR GHO SLDQR
LQFLVDOHHGHOSLDQRRFFOXVDOH
 3DOSD]LRQH GHOOH DUWLFROD]LRQL WHPSRURPDQGLERODUL H GHOOH UHODWLYH VWUXWWXUH VLD LQ VWDWLFD
FKHLQGLQDPLFD
3DOSD]LRQHGHOOHJKLDQGROHOLQIDWLFKH

(VDPHLQWUDRUDOH
(VDPHGHLWHVVXWLPROOLRUDOLFRPSUHVLOHODEEUDODOLQJXDHLOSDYLPHQWRGHOODERFFD
 (VDPH SDURGRQWDOH EDVDWR VXO VRQGDJJLR SDURGRQWDOH VXO ULOHYDPHQWR GHOOD PRELOLWj
GHQWDOH VXOOD YDOXWD]LRQH GHOO¶LJLHQH RUDOH $OPDV  $UPLWDJH  $UPLWDJH 
+DIIDMHH.RUQPDQ/DQJ/REHQH0RPEHOOL0RPEHOOL  
6LULPDQGDDOOHUDFFRPDQGD]LRQLFOLQLFKHLQSDURGRQWRORJLDSHULGHWWDJOLUHODWLYLDOO¶HVDPH
SDURGRQWDOH
 (VDPH VLVWHPDWLFR GL WXWWH OH VXSHUILFL GHJOL HOHPHQWL GHQWDUL SUHVHQWL PLUDWR D YDOXWDUH
HYHQWXDOL UHVWDXUL SUHVHQ]DDVVHQ]D GL FDULH SUHVHQ]DDVVHQ]D GL SHUGLWH GL VXSHUILFLH
GHQWDULD
3URYHGLYLWDOLWjGHJOLHOHPHQWLGHQWDULHYDOXWD]LRQHGLWXWWHOHHVLJHQ]HGLWUDWWDPHQWRHR
ULWUDWWDPHQWRHQGRGRQWLFR
(VDPHGHOODIXQ]LRQHPDVWLFDWRULDHDQDOLVLRFFOXVDOHVLDLQPDVVLPDLQWHUFXVSLGD]LRQHFKH

Ϯϭϴ


234


QHL PRYLPHQWL PDQGLERODUL GL ODWHUDOLWj H GL SURWUXVLYD $VK  %HOO  &ODUN 
'DZVRQ'DZVRQ 
9DOXWD]LRQHGHOODGLPHQVLRQHYHUWLFDOHGLRFFOXVLRQH '92 
 2VVHUYD]LRQH GHO SUREOHPD ULIHULWR GDO SD]LHQWH VH TXHVWL q LQ JUDGR GL LGHQWLILFDUH XQ
GHWHUPLQDWRGHQWHRXQ
DUHDGHOODFDYLWjRUDOH
(VDPH GHOOH SURWHVL HVLVWHQWL SHU YHULILFDUQH O¶DGDWWDPHQWR H OD FKLXVXUD PDUJLQDOH OD
ULWHQ]LRQHODIXQ]LRQHHO
DFFHWWDELOLWjELRORJLFD
9DOXWD]LRQHGHOO
DVSHWWRGHLGHQWLSHUTXDQWRULJXDUGDODIRUPDHLOFRORUHLQUHOD]LRQHDOO
HWj
GHOSD]LHQWHSLXQ¶DQDOLVLGHOODIRQD]LRQH


/R VWXGLR GHL PRGHOOL GLDJQRVWLFL LQ JHVVR SRVVLELOPHQWH PRQWDWL VX XQ DUWLFRODWRUH q XWLOH SHU
O¶LPSRVWD]LRQH GHO SLDQR GL WUDWWDPHQWR 'DZVRQ  /\WOD  0F .HH  2NHVRQ 
:LVNRWW 

*OLHVDPLUDGLRORJLFLHQGRUDOLVRQRLQGLFDWLQHLFDVLLQFXLUDSSUHVHQWDQRXQXWLOHFRPSOHPHQWRSHUOD
GLDJQRVL HG LO SLDQR GL WUDWWDPHQWR /DQJ  6WKHHPDQ  86 '++6  9DQ GHU 6WHOW
 

/DPHWRGLFDLQGLFDWDSHUODUDGLRJUDILDHQGRUDOHqODWHFQLFDGHLUDJJLSDUDOOHOLFRQO¶DXVLOLRGLVLVWHPL
GL RULHQWDPHQWR GHOOD UDGLRJUDILD  ,O ULFRUVR DOOD RUWRSDQWRPRJUDILD SXz HVVHUH LQGLFDWR FRPH
HYHQWXDOHDSSURIRQGLPHQWRGLDJQRVWLFRDOODOXFHGLGHWWDJOLFOLQLFRDQDPQHVWLFLFRVuFRPHO¶XWLOL]]R
GL7&RVLVWHPL³FRQHEHDP´ :KLWH 

/¶XVRGLGRFXPHQWD]LRQHIRWRJUDILFDSUHRSHUDWRULDEHQFKqQRQHVVHQ]LDOHSXzHVVHUHGLDXVLOLRQHO
FRUVRGHOODWHUDSLD



%LEOLRJUDILD

$OPDV.%XOPDQ-61HZPDQ+1$VVHVVPHQWRISHULRGRQWDOVWDWXVZLWK&3,71DQGFRQYHQWLRQDOSHULRGRQWDOLQGLFHV-
&OLQ3HULRGRQWRO

$UPLWDJH*&&OLQLFDOHYDOXDWLRQRISHULRGRQWDOGLVHDVHV3HULRGRQWRO

$UPLWDJH*&3HULRGRQWDO'LVHDVHV'LDJQRVtV$QQDOV3HULRGRQWRO

$VK005DPIMRUG632FFOXVLRQWKHG:%6DXQGHUV3KLODGHOSKLD
Ϯϭϵ


235



%HOO:(2URIDFLDOSDLQFODVVLILFDWLRQGLDJQRVLVPDQDJHPHQWWKHG<HDU%RRN0HGLFDO3XEOLVKHUV&KLFDJR

&ODUN *7 6HOLJPDQ '$ 6ROEHUJ :. 3XOOLQJHU $* *XLGHOLQHV IRU WKH WUHDWPHQW RI WHPSRURPDQGLEXODU GLVRUGHUV -
&UDQLRPDQGLE'LVRUG)DFLDO2UDO3DLQ

&XUOH\$+DWFKHU'&&RQHEHDP&7DQDWRPLFDVVHVVPHQWDQGOHJDOLVVXHVWKHQHZVWDQGDUGVRIFDUH-&DOLI'HQW
$VVRF  

'DZVRQ3($FODVVLILFDWLRQV\VWHPIRURFFOXVLRQVWKDWUHODWHV PD[LPDOLQWHUFXVSDWLRQWRWKHSRVLWLRQDQGFRQGLWLRQRI
WKHWHPSRURPDQGLEXODUMRLQWV-3URVWKHW'HQW

+DIIDMHH$'6RFUDQVN\660LFURELRORJLFDOHWLRORJLFDODJHQWVRIGHVWUXFWLYHSHULRGRQWDOGLVHDVHV3HULRGRQWRORJ\


.RUQPDQ.61DWXUHRISHULRGRQWDOGLVHDVHV$VVHVVPHQWDQGGLDJQRVLV-3HULRGRQW5HV

/DQJ1+LOO55DGLRJUDSKVLQSHULRGRQWLFV-&OLQ3HULRGRQWRO

/DQJ 13 7RQHWWL 06 3HULRGRQWDO GLDJQRVLV LQ WUHDWHG SHULRGRQWLWLV :K\ ZKHQ DQG KRZ WR XVH FOLQLFDO SDUDPHWHUV
-RXUQDORI&OLQLFDO3HULRGRQWRORJ\

/REHQH55:HDWKHUIRUG75RVV10/DPP5$0HQDNHU/$PRGLILHGJLQLJLYDOLQGH[IRUXVHLQFOLQLFDOWULDOV&OLQ
3UHY'HQW

/\WOH-'&OLQLFLDQ
VLQGH[RIRFFOXVDOGLVFDVHGHItQLWLRQUHFRJQLWLRQDQGPDQDJHPHQW,QW-3HULRGRQW5HVWRUDWLYH'HQW


0F.HH -5 &RPSDULQJ FRQG\ODU SRVLWLRQ UHSHDWDELOLW\ IRU VWDQGDUGL]HG YHUVXV QRQVWDQGDUGL]HG PHWKRGV RI DFKLHYLQJ
FHQWULFUHODWLRQ-3URVWKHW'HQW

0RPEHOOL$*UDI+'HSWKIRUFHSDWWHUQVLQSHULRGRQWDOSURELQJ-&OLQ3HULRGRQWRO

0RPEHOOL $ 0XKOH 7 )ULJJ 5 'HSWKIRUFH SDWWHUQV RI SHULRGRQWDO SURELQJ $WWDFKPHQWJDLQ LQ UHODWLRQ WR SURELQJ
IRUFH-&OLQ3HULRGRQWRO

2NHVRQ -3 HG 2URIDFLDO SDLQ *XLGHOLQHV IRU DVVHVVPHQW GLDJQRVLV DQG PDQDJHPHQW 4XLQWHVVHQFH 3XEOLVKLQJ &R
&KLFDJR

6WKHHPDQ6(YDQ¶W+RI0$0LOHPDQ3$YDQGHU6WHOW3)8VHRIWKH'HOSKLWHFKQLTXHWRGHYHORSVWDQGDUGVIRUTXDOLW\
DVVHVVPHQWLQGLDJQRVWLFUDGLRORJ\&RPPXQLW\'HQW+HDOWK

86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV7KHVHOHFWLRQRI3DWLHQWVIRU;UD\([DPLQDWLRQV'HQWDO5DGLRJUDSKLF
([DPLQDWLRQV5RFNYLOOH3XEOLF+HDOWK6HUYLFH)RRGDQG'UXJ$GPLQLVWUDWLRQV

9DQGHU6WHOW3)0RGHUQUDGLRJUDSKLFPHWKRGVLQWKHGLDJQRVLV RISHULRGRQWDOGLVHDVH$GY'HQW5HV


:KLWH6&&RQHEHDPLPDJLQJLQGHQWLVWU\+HDOWK3K\V  




'RFXPHQWD]LRQHFOLQLFDSUHVHQWD]LRQHGHOSLDQRGLWUDWWDPHQWRDOSD]LHQWHFRQVHQVR
LQIRUPDWR

3ULPDGLLQL]LDUHXQWUDWWDPHQWRVXXQSD]LHQWHqQHFHVVDULRRWWHQHUHXQYDOLGRFRQVHQVR
ϮϮϬ


236


3HUFKp LO FRQVHQVR VLD YDOLGR RFFRUUH HVSRUUH DO SD]LHQWH OR VFRSR OD QDWXUD L SRVVLELOL HIIHWWL
FROODWHUDOLLULVFKLHOHSUREDELOLWjGLVXFFHVVRGHOWUDWWDPHQWRVWHVVRQRQGLPHQWLFDQGRGLSURSRUUHOH
HYHQWXDOLDOWHUQDWLYHSRVVLELOL *KDIXULDQ.LQGHUNQHFKW 
(¶ EXRQD SUDVVL DQFKH VH QRQ REEOLJDWRULD VSHFLH LQ RFFDVLRQH GL ULDELOLWD]LRQL FRPSOHVVH
FRQVHUYDUHRJQLGRFXPHQWD]LRQHUHODWLYDDOORVSHFLILFRFDVRFOLQLFR
,O SD]LHQWH GHYH HVVHUH DO FRUUHQWH FKH WXWWH OH LQIRUPD]LRQL UDFFROWH VDUDQQR FRQVLGHUDWH ULVHUYDWH
+RDG5HGGLFN.D\1HZPDQ 

/D GRFXPHQWD]LRQH FOLQLFD RGRQWRLDWULFD LGHDOH ODGGRYH OD QRUPD OD UHQGD REEOLJDWRULD GRYUHEEH
UHJLVWUDUH WXWWD O
DQDPQHVL PHGLFDGHQWDOHVRFLDOH SHUWLQHQWH VHJQDODUH HYHQWXDOL UHD]LRQL DYYHUVH D
SURGRWWLHRPDWHULDOLXWLOL]]DELOLLQDPELWRRGRQWRLDWULFRUHJLVWUDUHOHFRQGL]LRQLGHQWDOLSDURGRQWDOL
RFFOXVDOL H GL LJLHQH RUDOH GHO SD]LHQWH UHJLVWUDUH LO PRWLYR GHOOD YLVLWD GD SDUWH GHO SD]LHQWH
UHJLVWUDUH L WUDWWDPHQWL HIIHWWXDWL LQFOXGHUH OH UDGLRJUDILH H OD FRUULVSRQGHQ]D FRQWHQHUH XQD QRWD
DFFXUDWDGLHYHQWXDOLUHFODPLH LSURYYHGLPHQWLSUHVLUHJLVWUDUHOHPDQFDWHYLVLWHHOHFRQVHJXHQ]H
UHODWLYH IRUQLUH GHWWDJOL GHL FROORTXL DYXWL FRQ LO SD]LHQWH FRPSUHVL L WUDWWDPHQWL FKH LO SD]LHQWH
ULILXWD R DL TXDOL QRQ FROODERUD IRUQLUH XQ PH]]R SHU LGHQWLILFDUH LO SD]LHQWH LQGLFDUH L ULFKLDPL
SHULRGLFLSHULSD]LHQWL +RDG5HGGLFN.D\ 
4XDQGR XQ SD]LHQWH DFFHWWD GL LQL]LDUH XQ SLDQR GL WUDWWDPHQWR GHYH HVVHUFL FRQ O¶RGRQWRLDWUD XQ
DFFRUGR FKLDUR FKH GHILQLVFD JOL VFRSL H OD QDWXUD GHO WUDWWDPHQWR OH UHVSRQVDELOLWj GHO SD]LHQWH L
FRVWLHLOOLYHOORGLLPSHJQRULFKLHVWRSHUJDUDQWLUQHODULXVFLWD$QFKHVHO
DFFRUGRSXzHVVHUHYHUEDOH
R LPSOLFLWR q FRPXQTXH SUXGHQWH RWWHQHUH XQ FRQVHQVR D EHQHILFLR GL XQD PDJJLRUH FKLDUH]]D SHU
HQWUDPEHOHSDUWL
,O FRQVHQVR q OHJDWR DOOD FDSDFLWj GL FRPSUHQVLRQH H GL HODERUD]LRQH GL XQ JLXGL]LR FKLDUR HG
HTXLOLEUDWR 6H LO SLDQR GL WUDWWDPHQWR YLHQH PRGLILFDWR OH PRGLILFKH H OH UHODWLYH LPSOLFD]LRQL
GHYRQRHVVHUHVSLHJDWHFKLDUDPHQWHDOSD]LHQWH /HYLQH 
/H YDULH RS]LRQL GL WUDWWDPHQWR SRVVRQR HVVHUH SUHVHQWDWH DO SD]LHQWH D YRFH IRUQHQGR WXWWH OH
QHFHVVDULH VSLHJD]LRQL 1HL FDVL FRPSOHVVL H GLIILFLOL RFFRUUHUj XQD FKLDUD HVSRVL]LRQH GHL FRVWL LQ
UHOD]LRQHDOOHGLYHUVHRS]LRQLWHUDSHXWLFKHSHUHYLWDUHSRVVLELOLPDOLQWHVL
1HLFDVLFRPSOHVVLHGLIILFLOLFRQWUDGGLVWLQWLGDDOPHQRXQDGHOOHVHJXHQWLFDUDWWHULVWLFKHWHFQLFKHGL
QRQFRPXQHXWLOL]]RQHOODSUDWLFDRGRQWRLDWULFDWHUDSLHQRQQRWHDOODPDJJLRUSDUWHGHLSD]LHQWLRGL
GLIILFLOHFRPSUHQVLRQHVSHULPHQWD]LRQHGLWHFQLFKHHRPDWHULDOLXWLOL]]D]LRQHGLELRPDWHULDOLFXUH
SUHVWDWHDPLQRULLQIHUPLGLPHQWHRLQWHUGHWWLqFRQVLJOLDELOHLOFRQVHQVRLQIRUPDWRVFULWWR

ϮϮϭ


237


,OSLDQRGLWUDWWDPHQWRSXzLQFOXGHUHFRQVLJOLSHUXQDEXRQDPDQXWHQ]LRQHGHOGLVSRVLWLYRSURWHVLFR
ULVXOWDWLHULVFKLSUHYLVWLOHYDULHRS]LRQLGLIROORZXSIXWXURLOQXPHURHODIUHTXHQ]DGHLFRQWUROOL
SXz DOWUHVu IRUQLUH LQGLFD]LRQL LQ PHULWR DOOD SURJQRVL H XQD VWLPD GHOOD GXUDWD SUHVXQWD GHL ODYRUL
ULFRVWUXWWLYLGHYHLQROWUHIRUQLUHXQDVWLPDDFFXUDWDGHLSUREDELOLFRVWLLPPHGLDWLHDOXQJRWHUPLQH
QRQFKpOHVFDGHQ]HHOHPRGDOLWjGLSDJDPHQWR &UHXJHUV*DUELQ/LEE\6FXUULD
9DOGHUKDXJ:DOWRQ 



%LEOLRJUDILD

&UHXJHUV1+-.D\VFU$)YDQ
W+RI0$$PHWDDQDO\VLVRIGXUDELOLW\GDWDRQFRQYHQWLRQDOIL[HGEULGJHV&RPPXQLW\
'HQW2UDO(SLGHPLRO

*DUELQ &$ *DUELQ $- 6DOLED 1$ GH /LPD '& GH 0DFHGR $3 $QDO\VLV RI WKH HWKLFDO DVSHFWV RI SURIHVVLRQDO
FRQILGHQWLDOLW\LQGHQWDOSUDFWLFH-$SSO2UDO6FL  

*KDIXULDQ5'HQWDOVFKRROSDWLHQWV
XQGHUVWDQGLQJRILQIRUPHGFRQVHQW-'HQW(GXF  

+RDG5HGGLFN**UDQW$$3URVWKHWLFVWDWXVWKHIRUPDWLRQRIDVFKHGXOH-3URVWKHW'HQW-DQXDU\

.D\(/RFNHU'(IIHFWLYHQHVVRIRUDOKHDOWKSURPRWLRQDUHYLHZ/RQGRQ+HDOWK(GXFDWLRQ$XWKRULW\

.LQGHUNQHFKW .( +uOVHQ ./ $WWDQDVLR 5 'H6WHUQR & ,QIRUPHG FRQVHQW IRU WKH SURVWKRGRQWLF SDWLHQW ZLWK
7HPSRURPDQGLEXODU'LVRUGHU-3URVWKRG

/HYLQH5$6KDQDPDQ5+7UDQVODWLQJFOLQLFDORXWFRPHVWRSDWLHQWYDOXHDQHYLGHQFHEDVHGWUHDWPHQWDSSURDFK,QW-
3HULRGRQWLFV5HVWRUDWLYH'HQW

/LEE\*UHJ0LFKDHO5$UFXUL:LOOLDP(/D9HOOH/LVD+HEO/RQJHYLW\RIIL[HGSDUWLDOGHQWXUHV-RXUQDORI3URVWKHWLF
'HQWLVWU\

6FXUULD 6 %DGHU -' 'DQLHO $ 0HWDDQDO\VLV RI IL[HG SDUWLDO GHQWXUH VXUYLYDO 3URVWKHVHV DQG DEXWPHQWV -RXPDO RI
3URVWKHWLF'HQWLVWU\

9DOGHUKDXJ-(OOLQJVHQ-(-RNVWDG$2UDO+\JLHQHSHULRGRQWDOFRQGLWLRQVDQGFDULRXVOHVLRQVLQSDWLHQWVWUHDWHGZLWK
GHQWDOEULGJHV$\HDUFOLQLFDODQGUDGLRJUDSKLFIROORZXSVWXG\-&OLQ3HULRGRQWDO

:DOWRQ-1*DUGQHU)$JDU5$VXUYH\RIFURZQDQGIL[HGSDUWLDOGHQWXUHIDLOXUHVOHQJWKRIVHUYLFHDQGUHDVRQVIRU
UHSODFHPHQW-RXUQDORI3URVWKHWLF'HQWLVWU\

 
,OSLDQRGLWUDWWDPHQWRSURWHVLFRSXzHVVHUHVXGGLYLVRLQYDULHIDVLGRYHRJQLIDVHFOLQLFDGHULYDGD
TXHOOD SUHFHGHQWH $OOD ILQH GL RJQL IDVH YD IDWWD XQD ULYDOXWD]LRQH FKH SXz DQFKH SRUWDUH DG XQD
UHYLVLRQHHRPRGLILFDGHOODFXUDSUHFHGHQWHPHQWHVWDELOLWD
3Xz HVVHUH XWLOH VFKHPDWL]]DUH OD VHTXHQ]LDOLWj GHOOH IDVL GHO WUDWWDPHQWR SURWHVLFR LQ XQ ³DOEHUR
GHFLVLRQDOH´

ϮϮϮ


238


$OEHURGHFLVLRQDOHGHOWUDWWDPHQWRSURWHVLFR

ZŝĐŚŝĞƐƚĂĚĞůƉĂnjŝĞŶƚĞ͗ &ƵŶnjŝŽŶĞ ŶĂŵŶĞƐŝ ŵĞĚŝĐĂ
ƐĂŵĞŽďŝĞƚƚŝǀŽĐŽŶĞǀĞŶƚƵĂůŝĞƐĂŵŝ
 ĞƐƚŽŵĂƚŽůŽŐŝĐĂ ƌĂĚŝŽůŽŐŝĐŝ͕ĂŶĂůŝƐŝŵŽĚĞůůŝĚŝƐƚƵĚŝŽĞ
   ĞŶĞƐƐĞƌĞ
 ĐĞƌĂƚƵƌĂ

   ƐƚĞƚŝĐĂ


 ŝĂŐŶŽƐŝ

 dĞƌĂƉŝĂĚŝ
ĞŵĞƌŐĞŶnjĂ

W/EK/dZddDEdK/E//>

/ŐŝĞŶĞŽƌĂůĞĞŵŽƚŝǀĂnjŝŽŶĞĚĞůƉĂnjŝĞŶƚĞ
dZW/h^>WZKKEd>
sEdh>/^dZ/KE/͕WZKss/^KZ/͕^W>/Ed''/
dZddDEd/EKKEd//''/h^dDEd/K>h^>/

ZŝǀĂůƵƚĂnjŝŽŶĞ

WŝĂŶŽĚŝƚƌĂƚƚĂŵĞŶƚŽĚĞĨŝŶŝƚŝǀŽ

&ĂƐĞĚĞŝƚƌĂƚƚĂŵĞŶƚŝĐŽƌƌĞƚƚŝǀŝ

ϮϮϯ


239




 WŝĂŶŝĨŝĐĂnjŝŽŶĞĞƚĞƌĂƉŝĂ
   
ĚĞůůĂ/ĨĂƐĞĐŽƌƌĞƚƚŝǀĂͲĐŽŶƐĞƌǀĂƚŝǀĂнĞŶĚŽĚŽŶnjŝĂ

  ͲƉƌŽǀǀŝƐŽƌŝ

Ͳ ĐŚŝƌƵƌŐŝĂƉĂƌŽĚŽŶƚĂůĞ

 ZŝǀĂůƵƚĂnjŝŽŶĞϮ

 sĞƌŝĨŝĐĂĚĞůƌĂŐŐŝƵŶŐŝŵĞŶƚŽĚĞŐůŝŽďŝĞƚƚŝǀŝĚĞƐŝĚĞƌĂƚŝ

dZW/WZKd^/&/E/d/s

 WƌĞƉĂƌĂnjŝŽŶŝĚĞĨŝŶŝƚŝǀĞ

ZŝďĂƐĂƚƵƌĂĞͬŽƌŝŵĂƌŐŝŶĂnjŝŽŶĞĚĞŝƉƌŽǀǀŝƐŽƌŝ

sĂůƵƚĂnjŝŽŶŝŽĐĐůƵƐĂůŝĞĚĞƐƚĞƚŝĐŚĞĨŝŶĂůŝ

/ŵƉƌŽŶƚĞĚĞĨŝŶŝƚŝǀĞ

ZĞŐŝƐƚƌĂnjŝŽŶŝŽĐĐůƵƐĂůŝ

sĂůƵƚĂnjŝŽŶŝĚĞůůĂƉƌŽŐĞƚƚĂnjŝŽŶĞŽĚŽŶƚŽƚĞĐŶŝĐĂ

WƌŽǀĂĨƵƐŝŽŶĞ

WƌŽǀĂŽĐĐůƵƐĂůĞĞĚĞƐƚĞƚŝĐĂ

ĞŵĞŶƚĂnjŝŽŶĞ

dĞƌĂƉŝĂĚŝƐƵƉƉŽƌƚŽ

ϮϮϰ


240


2FFOXVLRQHLQWHUDSLDSURWHVLFD 
2JQLWHUDSLDSURWHVLFDSUHVXSSRQHLQIDVHGLDJQRVWLFDXQDGHJXDWRHVDPHGHOO¶RFFOXVLRQHGHQWDOHH
GHOODIXQ]LRQHPDVWLFDWRULDGHOSD]LHQWH %H\URQ&DUOVVRQ 
1HOODPDJJLRUSDUWHGHOOHWHUDSLHSURWHVLFKHODSRVL]LRQHGLULIHULPHQWRVWDWLFDGHOO¶RFFOXVLRQHWUDOH
DUFDWHDQWDJRQLVWH ³SRVL]LRQHGLPDVVLPDLQWHUFXVSLGD]LRQH´ HGLUDSSRUWLRFFOXVDOLGLQDPLFLQRQ
GHYRQR HVVHUH DOWHUDWL QHO FRUVR GHO WUDWWDPHQWR DSSURFFLR FRQIRUPDWLYR  :DVVHOO  &HOHQ]D
D&HOHQ]DE0F1HLOO&DUOVVRQ 
&RQGL]LRQLFOLQLFKHVSHFLILFKHSRVVRQRUHQGHUHQHFHVVDULRSHULOUDJJLXQJLPHQWRGHJOLRELHWWLYLGHOOD
WHUDSLD XQD PRGLILFD GHL UDSSRUWL RFFOXVDOL VLD VWDWLFL FKH GLQDPLFL DSSURFFLR ULRUJDQL]]DWLYR 
:DVVHOO&HOHQ]DD&HOHQ]DE0F1HLOO'DZVRQ 
&RPH FULWHULR JHQHUDOH VL DGRWWD XQ DSSURFFLR FRQIRUPDWLYR QHL  FDVL LQ FXL L UDSSRUWL HVLVWHQWL
FRQVHQWRQR OD UHDOL]]D]LRQH GHOOD WHUDSLD SURWHVLFD SURJUDPPDWD  OD GHQWDWXUD UHVLGXD SXz HVVHUH
XWLOL]]DWD FRPH ULIHULPHQWR SHU OD FRVWUX]LRQH GHJOL DVSHWWL VWDWLFL H GLQDPLFL GHO QXRYR UHVWDXUR
SURWHVLFRVLqLQSUHVHQ]DGLUDSSRUWLRFFOXVDOLJLXGLFDWLILVLRORJLFL 0F1HLOO 
6LDGRWWDXQDSSURFFLRULRUJDQL]]DWLYRQHLFDVLLQFXLLUDSSRUWLHVLVWHQWLQRQFRQVHQWRQRO¶HVHFX]LRQH
GHOOD WHUDSLD SURWHVLFD SURJUDPPDWD TXDQGR OD GHQWDWXUD UHVLGXD QRQ SXz HVVHUH XWLOL]]DWD FRPH
ULIHULPHQWR SHU OR VYLOXSSR GHJOL DVSHWWL VWDWLFL H GLQDPLFL GHO UHVWDXUR SURWHVLFR  TXDQGR DOWUL
SDUDPHWULFOLQLFLHRIXQ]LRQDOLYDOXWDWLGDOO¶RSHUDWRUHFKHHVHJXHLOWUDWWDPHQWRLQGLFDQRODQHFHVVLWj
GLUHLPSRVWDUHORVFKHPDRFFOXVDOHHVLVWHQWH 0F1HLOO 
,Q SUHVHQ]D GL XQD PDVVLPD LQWHUFXVSLGD]LRQH VWDELOH q FRQVLJOLDELOH HYLWDUH GL LQWHUYHQLUH VXOOH
VXSHUILFL GHQWDOL QRQ VWUHWWDPHQWH FRLQYROWH GDOOD WHUDSLD SURWHVLFD &HOHQ]D D  ,Q DVVHQ]D GL
SUHFLVH QHFHVVLWj ULFRVWUXWWLYH VRQR GD HYLWDUH LQWHUYHQWL YROWL D PRGLILFDUH LO WLSR GL GLVFOXVLRQH
SUHVHQWHQHOSD]LHQWH
1HLSD]LHQWLDIIHWWLGDVLQWRPLGLVIXQ]LRQDOLVHEEHQHLOWUDWWDPHQWRSURWHVLFRSRVVDHVVHUHQHFHVVDULR
SHUQHFHVVLWjGHWWDWHGDOO¶HGHQWXOLDRGDOOHFRQGL]LRQLGHQWDOLHVVRQRQFRVWLWXLVFHWHUDSLDG¶HOH]LRQH
SHUODULVROX]LRQHGLSDWRORJLHWHPSRURPDQGLERODUL 'H%RHYHUD'H%RHYHUE 
&RPHFULWHULRJHQHUDOHLQSD]LHQWLFKHSUHVHQWDQRVLQWRPLGLGLVIXQ]LRQLWHPSRURPDQGLERODUL GRORUH
IDFFLDOHFURQLFRRDFXWRQRQGLRULJLQHGHQWDOHGRORUHDUWLFRODUHGRORUHPXVFRODUHUHVWUL]LRQLJUDYL
GHL PRYLPHQWL PDQGLERODUL  QRQ GHYRQR HVVHUH LQWUDSUHVH WHUDSLH SURWHVLFKH SULPD FKH VLD VWDWD
IRUPXODWD XQD GLDJQRVL H FKH XQD WHUDSLD UHYHUVLELOH DEELD GLPRVWUDWR XQD UHJUHVVLRQH GHL VLQWRPL
VWDELOHQHOWHPSR 'H%RHYHUD'H%RHYHUE2NHVRQ 


ϮϮϱ


241


1HOOHFRQGL]LRQLFOLQLFKHFKHULFKLHGDQRXQDSSURFFLRULRUJDQL]]DWLYRHVLVWRQRGLIIHUHQWLWHFQLFKHGL
UHJLVWUD]LRQHGHOODQXRYDUHOD]LRQHVWDWLFDPD[LOORPDQGLERODUH
/DPDJJLRUSDUWHGHOOHWHFQLFKHIDQQRULIHULPHQWRDGXQDSRVL]LRQHDOLYHOORDUWLFRODUH ³SRVL]LRQHGL
UHOD]LRQHFHQWULFD´  .HVKYDGDE'DZVRQ&HOHQ]DE%HFNHU 
6RQR QXPHURVH OH WHFQLFKH GL UHJLVWUD]LRQH GHOOD SRVL]LRQH VSD]LDOH UHFLSURFD PD[LOORPDQGLERODUH
FKH YHQJRQR XWLOL]]DWH LO FULWHULR GL VFHOWD GHOOD PHWRGLFD GRYUHEEH HVVHUH LQ UHOD]LRQH DOOD
FRPSDWLELOLWj GHOOD SRVL]LRQH UHJLVWUDWD FRQ XQ¶DGHJXDWD IXQ]LRQH HG DOOD ULSURGXFLELOLWj GHOOD
SRVL]LRQHVWHVVD 0F1HLOO'DZVRQ&HOHQ]DE 
3HU TXDQWR ULJXDUGD L UDSSRUWL RFFOXVDOL GLQDPLFL QHL WUDWWDPHQWL FKH SUHYHGRQR XQ DSSURFFLR
ULRUJDQL]]DWLYR D JUDQGL OLQHH VL GHILQLVFRQR WUH WLSL GL VFKHPL WHUDSHXWLFL LQ EDVH DL FRQWDWWL
HFFHQWULFLSURJUDPPDWL 0F1HLOO'DZVRQ 
 RFFOXVLRQH PXWXDPHQWH SURWHWWD FRQ JXLGD FDQLQD LO PRYLPHQWR GL ODWHUDOLWj q JXLGDWR GDO
FDQLQR GHO ODWR ODYRUDQWH HG LO PRYLPHQWR GL SURWUXVLRQH GDJOL LQFLVLYL L FRQWDWWL GHL GHQWL
JXLGDSHUPHWWRQRODGLVFOXVLRQHGLWXWWLJOLDOWULHOHPHQWL
 RFFOXVLRQH FRQ IXQ]LRQH GL JUXSSR  LO FRQWDWWR VLPXOWDQHR GL SL GHQWL GHO ODWR ODYRUDQWH
SHUPHWWHODGLVFOXVLRQHGHLGHQWLVXOODWRQRQODYRUDQWH
 RFFOXVLRQH ELODQFLDWD q SUHVHQWH FRQWDWWR VLPXOWDQHR GL WXWWL L GHQWL GXUDQWH L PRYLPHQWL
HVFXUVLYL7URYDODSULQFLSDOHLQGLFD]LRQHQHOFDPSRGHOODSURWHVLWRWDOHULPRYLELOH
/D UHJLVWUD]LRQH GHOOD SRVL]LRQH GL PDVVLPD LQWHUFXVSLGD]LRQH q LQGLFDWD TXDORUD VL DGRWWL XQ
DSSURFFLRFRQIRUPDWLYR :DVVHOO&HOHQ]DD 
/D UHJLVWUD]LRQH GHOOD SRVL]LRQH PDQGLERODUH LQ UHOD]LRQH FHQWULFD q LQGLFDWD TXDORUD VL DGRWWL XQ
DSSURFFLRULRUJDQL]]DWLYR :DVVHOO&HOHQ]DE 

,Q SUHVHQ]D GL LPSLDQWL  LO FRQWUROOR QHXURPXVFRODUH GHOOD IXQ]LRQH PDVWLFDWRULD DYYLHQH VHFRQGR
PRGDOLWj GLIIHUHQWL ULVSHWWR D TXDQWR DYYLHQH VX GHQWL QDWXUDOL .OLQHEHUJ  9DQ 6WHHQEHUJKH
 
6HEEHQHYLVLDQRHYLGHQ]HGLGLIIHUHQWLOLYHOOLGLVHQVLELOLWjHGLIIHUHQWLPHFFDQLVPLGLFRQWUROORGHO
FRQWDWWR RFFOXVDOH QRQ HVLVWRQR DWWXDOPHQWH HYLGHQ]H ULJXDUGR DOO¶XWLOL]]R GL VSHFLILFKH VWUDWHJLH
RFFOXVDOLULVSHWWRDTXDQWRDYYLHQHQHLWUDWWDPHQWLSURWHVLFLVXGHQWLQDWXUDOL *URVV&DUOVVRQ
 

2JQL WHUDSLD SURWHVLFD SUHVXSSRQH LQ IDVH GLDJQRVWLFD XQ DGHJXDWR HVDPH GHOO¶RFFOXVLRQH
GHQWDOHHGHOODIXQ]LRQHPDVWLFDWRULDGHOSD]LHQWH
ϮϮϲ


242



,PDWHULDOLSHUUHJLVWUDUHLUDSSRUWLRFFOXVDOLVWDWLFLSRVVRQRHVVHUHYDULHGRYUHEEHHVVHUHLQJUDGRGL
UHJLVWUDUH LQ PRGR UDSLGR H SUHFLVR L GHWWDJOL GHOOH VXSHUILFL GHQWDOL RFFOXVDOH H DVVLRRFFOXVDOL
JDUDQWLUH XQ WHPSR GL ODYRUD]LRQH VXIILFLHQWH SHU LO FRUUHWWR SRVL]LRQDPHQWR GHOOD PDQGLEROD LQ
DVVHQ]DGLXQDVWDELOHSRVL]LRQHGLPDVVLPDLQWHUFXVSLGD]LRQHGHQWDOHRIIUHQGRDOWHPSRVWHVVRXQ
UDSLGRSDVVDJJLRDOORVWDWRVROLGRHVVHUHGLPHQVLRQDOPHQWHVWDELOHHULWDJOLDELOHVHQ]DGHIRUPD]LRQL
XQDYROWDLQGXULWRRSDVVDWRDOORVWDWRVROLGR
/H WHFQLFKH DGRWWDWH SHU OH SURFHGXUH GL ULPR]LRQH SXOL]LD GHFRQWDPLQD]LRQH LGHQWLILFD]LRQH H
FRQVHUYD]LRQHQRQGRYUHEEHURSRUWDUHDHUURULVLJQLILFDWLYL

/¶XWLOLWjFOLQLFDLQWHUDSLDSURWHVLFDGHLVLVWHPLVWUXPHQWDOLDWWXDOPHQWHGLVSRQLELOLSHUODYDOXWD]LRQH
IXQ]LRQDOHGHOO¶RFFOXVLRQHSXzHVVHUHYDOXWDWDDVHFRQGDGHOO¶DPELWRDSSOLFDWLYR
GLDJQRVLODEDVVDVHQVLELOLWjHVSHFLILFLWjFKHDFFRPXQDLVLVWHPLGLDQDOLVLOLUHQGHLUULOHYDQWLDL
SXULILQLGLDJQRVWLFL
1HVVXQVLVWHPDGLVSRQLELOH DQDOLVLGHLUDSSRUWLVWDWLFLGHOPRYLPHQWRPDQGLERODUHGHOO¶DWWLYLWj
PXVFRODUHGHLFRQWDWWLGHQWDOLGHOODSRVWXUD SUHVHQWDYDQWDJJLULVSHWWRDOVHPSOLFHHVDPHFOLQLFR
%DED.ODVVHU 2NHVRQ/XQG 
 FRQWUROOR GHJOL HIIHWWL GHOOD WHUDSLD LO SUREOHPD GHOOD ULSHWLELOLWj FRPSOLFD OD SRVVLELOLWj GL
HIIHWWXDUH FRQIURQWL WUD PLVXUH ULOHYDWH LQ PRPHQWL GLYHUVL /¶LSRWHVL GL WHVWDUH JOL HIIHWWL GL XQD
WHUDSLD SURWHVLFD VWUXPHQWDOPHQWH UHVWD VXJJHVWLYD PD QRQ WURYD VXSSRUWR QHOOD OHWWHUDWXUD
HVLVWHQWH 7VROND'DR/XQG%DED.ODVVHU 2NHVRQ 
 SURJHWWD]LRQH H FRVWUX]LRQH SURWHVLFD OD ULSURGX]LRQH H[WUDRUDOH GHOOD SRVL]LRQH VSD]LDOH GHO
WDYRODWR RFFOXVDOH H OD VLPXOD]LRQH GHL PRYLPHQWL PDQGLERODUL WUDPLWH DUWLFRODWRUL GRYUHEEHUR
FRQVHQWLUH XQD VHPSOLILFD]LRQH GHOOH IDVL WHFQLFKH GL UHDOL]]D]LRQH GHOOD SURWHVL H GHO VXR
DGDWWDPHQWRFOLQLFR(VLVWHXQ¶DPSLDPROHGLOHWWHUDWXUDDOULJXDUGR,OOLYHOORTXDOLWDWLYRqPHGLR
EDVVR OH FRQFOXVLRQL FRQWUDVWDQWL /XQGHHQ  %HFNHU  .DLVHU  &DUOVVRQ D
'DZVRQ0F1HLOO3RNRUQ\6KLOOLQEXUJ:LVNRWW %HOVHU.RROVWUD
 
1HOOHWHUDSLHSURWHVLFKHFRLQYROJHQWLSRFKHVXSHUILFLRFFOXVDOLODULOHYDQ]DGLTXHVWHLQIRUPD]LRQL
qVFDUVD
1HOOH WHUDSLH SURWHVLFKH FRLQYROJHQWL OD PDJJLRU SDUWH GHOOH VXSHUILFL RFFOXVDOL O¶XWLOL]]R GL XQ
DUWLFRODWRUHLPSOLFDQHFHVVDULDPHQWHO¶LPSRVWD]LRQHGLGDWLUHODWLYLDOODSRVL]LRQHVSD]LDOHHGDOOD
VLPXOD]LRQH GHL PRYLPHQWL OLPLWH 7DOL YDORUL SRVVRQR HVVHUH GHILQLWL DUELWUDULDPHQWH GHILQLWL
ϮϮϳ


243


XWLOL]]DQGR GDWL PHGL PLVXUDWL VX SRSROD]LRQH FKH VL SUHVXPRQR DGHJXDWL SHU LO SD]LHQWH LQ
WHUDSLD RSSXUH PLVXUDWL VXO SD]LHQWH VSHFLILFR 1RQ HVLVWRQR HYLGHQ]H VFLHQWLILFKH SHU SUHIHULUH
XQDPHWRGLFD,QDVVHQ]DGLHYLGHQ]HODVFHOWDGHOWLSRGLDSSURFFLRqGLQDWXUDHPSLULFDGDSDUWH
GHOO¶RSHUDWRUH EDVDWD VX XQ¶DQDOLVL FRVWLEHQHILFL LQ IXQ]LRQH GHJOL RELHWWLYL GHILQLWL VFKHPL
RFFOXVDOLWLSRORJLDGLFRQWDWWLPDWHULDOL 
/D OHWWHUDWXUD UHODWLYD DO FRQIURQWR WUD VLVWHPL HOHWWURQLFL R LQIRUPDWLFL H VLVWHPL PHFFDQLFL QRQ
HYLGHQ]LDGLIIHUHQ]HGLULSURGXFLELOLWjGHLGDWL .XNXNNOHV3HWULH 


%LEOLRJUDILD

%DED . 7VXNL\DPD < &ODUN *7 5HOLDELOLW\ YDOLGLW\ DQG XWLOLW\ RI YDULRXV RFFOXVDO PHDVXUHPHQW PHWKRGV DQG
WHFKQLTXHV-3URVWKHW'HQW

%HFNHU&0.DLVHU'$6FKZDOP&0DQGLEXODUFHQWULFLW\FHQWULFUHODWLRQ-3URVWKHW'HQW

%HFNHU&0.DLVHU'$(YROXWLRQRIRFFOXVLRQDQGRFFOXVDOLQVWUXPHQWV-3URVWKRGRQW

%H\URQ+2FFOXVLRQSRLQWRIVLJQLILFDQFHLQSODQQLQJUHVWRUDWLYHSURFHGXUHV-3URVWKHW'HQW

&DUOVVRQ*(&ULWLFDOUHYLHZRIVRPHGRJPDVLQSURVWKRGRQWLFV-3URVWKRGRQW5HV

&DUOVVRQ*('HQWDORFFOXVLRQPRGHUQFRQFHSWVDQGWKHLUDSSOLFDWLRQLQLPSODQWSURVWKRGRQWLFV2GRQWRORJ\


&HOHQ]D )9 7KH WKHRU\ DQG FOLQLFDO PDQDJHPHQW RI FHQWULF SRVLWLRQV , &HQWULF RFFOXVLRQ ,QW - 3HULRGRQWLFV
5HVWRUDWLYH'HQW

&HOHQ]D )9 7KH WKHRU\ DQG FOLQLFDO PDQDJHPHQW RI FHQWULF SRVLWLRQV ,, &HQWULF UHODWLRQ DQG FHQWULF UHODWLRQ
RFFOXVLRQ,QW-3HULRGRQWLFV5HVWRUDWLYH'HQW

'DR 77 )HLQH -6 /XQG -3 &DQ HOHFWULFDO VWLPXODWLRQ EH XVHG WR HVWDEOLVK D SK\VLRORJLF RFFOXVDO SRVLWLRQ" -
3URVWKHW'HQW  

'DZVRQ3()XQFWLRQDORFFOXVLRQ0RVE\6W/XLV

*URVV  0' 2FFOXVLRQ LQ LPSODQW GHQWLVWU\ $ UHYLHZ RI WKH OLWHUDWXUH RI SURVWKHWLF GHWHUPLQDQWV DQG FXUUHQW
FRQFHSWV$XVW'HQW-6±6

'H %RHYHU -$ &DUOVVRQ *( .OLQHEHUJ ,- 1HHG IRU RFFOXVDO WKHUDS\ DQG SURVWKRGRQWLF WUHDWPHQW LQ WKH
PDQDJHPHQW RI WHPSRURPDQGLEXODU GLVRUGHUV 3DUW , 2FFOXVDO LQWHUIHUHQFHV DQG RFFOXVDO DGMXVWPHQW - 2UDO
5HKDELO0D\  

'H %RHYHU -$ &DUOVVRQ *( .OLQHEHUJ ,- 1HHG IRU RFFOXVDO WKHUDS\ DQG SURVWKRGRQWLF WUHDWPHQW LQ WKH
PDQDJHPHQWRIWHPSRURPDQGLEXODUGLVRUGHUV3DUW,,7RRWKORVVDQGSURVWKRGRQWLFWUHDWPHQW-2UDO5HKDELO
$XJ  

.HVKYDG$:LQVWDQOH\5%$QDSSUDLVDORIWKHOLWHUDWXUHRQFHQWULFUHODWLRQ3DUW,-2UDO5HKDELO


.HVKYDG $ :LQVWDQOH\ 5% $Q DSSUDLVDO RI WKH OLWHUDWXUH RQ FHQWULF UHODWLRQ 3DUW ,, - 2UDO 5HKDELO  


ϮϮϴ


244



.HVKYDG$:LQVWDQOH\5%$QDSSUDLVDORIWKHOLWHUDWXUHRQFHQWULFUHODWLRQ3DUW,,,-2UDO5HKDELO


.ODVVHU *' 2NHVRQ -3 7KH FOLQLFDO XVHIXOQHVV RI VXUIDFH HOHFWURP\RJUDSK\ LQ WKH GLDJQRVLV DQG WUHDWPHQW RI
WHPSRURPDQGLEXODUGLVRUGHUV-$'$

.OLQHEHUJ,0XUUD\*2VVHRSHUFHSWLRQVHQVRU\IXQFWLRQDQGSURSULRFHSWLRQ$GY'HQW5HV

.RROVWUD-+'\QDPLFVRIWKHKXPDQPDVWLFDWRU\V\VWHP&ULW5HY2UDO%LRO0HG

.XFXNNOHV 1 2]NDQ + $UL'HPLUDND\D $ &LOLQJLUWXUN $0 &RPSDWLELOLW\ RI PHFKDQLFDO DQG FRPSXWHUL]HG
D[LRJUDSKV$SLORWVWXG\-3URVWKGHQW

/XQG-3:LGPHU&*)HLQH-69DOLGLW\RIGLDJQRVWLFDQGPRQLWRULQJWHVWVXVHGIRUWHPSRURPDQGLEXODUGLVRUGHUV-
'HQW5HV

/XQGHHQ +& 6KU\RFN () *LEEV &+ $Q HYDOXDWLRQ RI PDQGLEXODU ERUGHU PRYHPHQWV WKHLU FKDUDFWHU DQG
VLJQLILFDQFH-3URVWKHW'HQW

0F1HLOO& HG 6FLHQFHDQGSUDFWLFHRIRFFOXVLRQ4XLQWHVVHQFH3XEOLVKLQJ&KLFDJR

2NHVRQ-30DQDJHPHQWRIWHPSRURPDQGLEXODUGLVRUGHUVDQGRFFOXVLRQWKHGLWLRQ0RVE\6W/XLV

3HWULH &6 :RROVH\*' :LOOLDPV . &RPSDULVRQ RI UHFRUGLQJV REWDLQHG ZLWK FRPSXWHUL]HG D[LRJUDSK\ DQG
PHFKDQLFDOSDQWRJUDSK\DWWLPHLQWHUYDOV-3URVWRGRQWLFV

3RNRUQ\3+:LHQV-3/LWYDN+2FFOXVLRQIRUIL[HGSURVWKRGRQWLFVDKLVWRULFDOSHUVSHFWLYHRIWKHJQDWKRORJLFDO
LQIOXHQFH-3URVWKHW'HQW

6KLOOLQJEXUJ+7+RER6:KLWVHWW/')XQGDPHQWDOVRIIL[HGSURVWKRGRQWLFVUGHG4XLQWHVVHQFH3XEOLVKLQJ&R
&KLFDJR

7VROND3:RHOIHO-%0DQ:.3UHLVNHO+:$ODERUDWRU\DVVHVVPHQWRIUHFRUGLQJUHOLDELOLW\DQGDQDO\VLVRIWKH.
GLDJQRVWLFV\VWHP-&UDQLRPDQG'LVRUG

9DQ 6WHHQEHUJKH ' -DFREV 5 -DZ PRWRU LQSXWV RULJLQDWLQJ IURP RVVHRLQWHJUDWHG RUDO LPSODQWV - 2UDO 5HKDELO


:DVVHOO5:6WHHOH-*:HOVK*&RQVLGHUDWLRQVZKHQSODQQLQJRFFOXVDOUHKDELOLWDWLRQDUHYLHZRIWKHOLWHUDWXUH
,QW'HQW-

:LVNRWW+:%HOVHU8&$UDWLRQDOHIRUDVLPSOLILHGRFFOXVDOGHVLJQLQUHVWRUDWLYHGHQWLVWU\KLVWRULFDOUHYLHZDQG
FOLQLFDOJXLGHOLQHV-3URVWKHW'HQW




3URWHVLILVVD

,GLVSRVLWLYLSURWHVLFLILVVLFRQVHQWRQRLOUHVWDXURHRODVRVWLWX]LRQHGHLGHQWLFRQHOHPHQWLDUWLILFLDOL
FKHQRQSRVVRQRHVVHUHULPRVVLGDOODERFFDGDSDUWHGHOSD]LHQWH



ϮϮϵ


245


,Q RJQL FLUFRVWDQ]D L YDQWDJJL GHYRQR JLXVWLILFDUH LO WUDWWDPHQWR ULFKLHVWR H FRQWURELODQFLDUQH
JOLHIIHWWLQHJDWLYL


/DUHDOL]]D]LRQHGHOGLVSRVLWLYRSURWHVLFRILVVRGHYHHVVHUHLQWUDSUHVDVRORQHOOHVLWXD]LRQLLQFXL
LOWUDWWDPHQWRUHVWDXUDWLYRDYDQ]DWRVLDULWHQXWRFKLDUDPHQWHLQJUDGRGLPLJOLRUDUHORVWDWRGL
VDOXWHRUDOHHSVLFRORJLFDGHOSD]LHQWH


3HUWXWWHOHUHDOL]]D]LRQLGLGLVSRVLWLYLSURWHVLFLILVVLqULFKLHVWDODSUHVHQ]DGLSLODVWULLGRQHLSHU
TXDOLWj ORFD]LRQH H SURJQRVL ,O ULFRUVR D GLVSRVLWLYL SURWHVLFL ILVVL SXz HVVHUH LQGLFDWR DQFKH
QHOO¶DPELWRGLXQWUDWWDPHQWRUHVWDXUDWLYRFKHFRPSRUWLO¶XVRGLLPSLDQWL


/DVRVWLWX]LRQHGLGLVSRVLWLYLSURWHVLFLLQFRQJUXLGHYHHVVHUH SUHFHGXWDGDOODFRQRVFHQ]DHGDO
FRQWUROORGHOOHFDXVHDOO¶RULJLQHGHOO¶LQVXFFHVVR



,QGLFD]LRQLDOO¶XWLOL]]RGLFRURQHFRPSOHWHHUHVWDXULSDU]LDOL
UHVWDXUDUHHRPLJOLRUDUHODIRUPDODIXQ]LRQDOLWjHO¶HVWHWLFDGLGHQWLJUDYHPHQWHGHWHULRUDWL
FRQVXPDWLRIUDWWXUDWLLQFDVRGLFRQWURLQGLFD]LRQHRLQVXFFHVVRFOLQLFRGLIRUPHGLUHVWDXURSL
VHPSOLFL
ULGXUUHLOULVFKLRGLIUDWWXUHLQGHQWLDPSLDPHQWHUHVWDXUDWLLQFOXVLLGHQWLSRVWHULRULVRWWRSRVWL
DWUDWWDPHQWRHQGRGRQWLFR
PRGLILFDUHODIRUPDOHGLPHQVLRQLHO¶LQFOLQD]LRQHGHLGHQWLSHUVFRSLHVWHWLFLRIXQ]LRQDOL

,QGLFD]LRQLDOO¶XWLOL]]RGLGLVSRVLWLYLSURWHVLFL³DSRQWH´
VRVWLWXLUHXQRRSLGHQWLGLLPSRUWDQ]DIXQ]LRQDOHRHVWHWLFD
HYLWDUHORVSRVWDPHQWRGHLGHQWLHPLJOLRUDUHODVWDELOLWjRFFOXVDOH
PLJOLRUDUHLOFRPIRUWIXQ]LRQDOH


3DVVDJJLRSHUDWLYLLQSURWHVLILVVD

 SUHSDUD]LRQHGHOO¶HOHPHQWRQDWXUDOH
 ULOHYDPHQWRGHOO¶LPSURQWD
 SRVL]LRQDPHQWRGLHOHPHQWLSURYYLVRUL
 SURYDGHOPDQXIDWWRSURWHVLFR

ϮϯϬ


246


 FHPHQWD]LRQHGHOPDQXIDWWRSURWHVLFR
 FRQWUROOLSHULRGLFL


3UHSDUD]LRQH
/DSUHSDUD]LRQHGHOO¶HOHPHQWRQDWXUDOHGHYHHVVHUHUHDOL]]DWDQHOO¶RWWLFDGLSUHVHUYDUHLOSLSRVVLELOH
LOWHVVXWRGHQWDOHVHJXHQGRO¶DQDWRPLDHVLVWHQWHHFUHDQGRQHOORVWHVVRWHPSRORVSD]LRQHFHVVDULR
DOODUHDOL]]D]LRQHGLXQFRUUHWWRGLVSRVLWLYR 6FKLOOLQJEXUJ 
/DVFHOWDGHOGLVHJQRGHOODSUHSDUD]LRQHGHYHHVVHUHHIIHWWXDWDLQEDVHDOSURJHWWRFOLQLFRSURWHVLFRDO
SDURGRQWR PDUJLQDOH  DOOH  QHFHVVLWj HVWHWLFKH H DO WLSR GL PDWHULDOH UHVWDXUDWLYR 3DVFRH 
'HKRII*DYHOLV 
,QSDUWLFRODUHqQHFHVVDULRFRQVLGHUDUHO¶DQDWRPLDHLOJUDGRGLGLVWUX]LRQHFRURQDOHODSUHVHQ]DGL
UHVWDXULDOLYHOORGHOODFRURQDGHQWDOH GDOOHRWWXUD]LRQLDLSHUQLPRQFRQH LUDSSRUWLFRQLGHQWLHL
WHVVXWLPROOLDGLDFHQWLHYHQWXDOLPDOSRVL]LRQLHFRQVHJXHQWHQHFHVVLWjGLULDOOLQHDPHQWROHUHOD]LRQL
RFFOXVDOLHODIXQ]LRQH 0DUWLJQRQL.XZDWD 
(¶ IRQGDPHQWDOH GHILQLUH XQD SUHSDUD]LRQH FKH ULVSHWWL LO FRUUHWWR UDSSRUWR WUD ULWHQ]LRQH H FRQLFLWj
ROWUH D IRUQLUH XQD IRUPD GL UHVLVWHQ]D H GL ULWHQ]LRQH GHO PDQXIDWWR DGHJXDWD $\DG 
1RUGODPGHU3DUNHU3DUNHU:LVNRWW 
,Q FDVR GL QHFHVVLWj GL VSOLQWDJJLR GL SL HOHPHQWL q LPSRUWDQWH FRQWUROODUH LO SDUDOOHOLVPR GHL
PRQFRQL LQ UHOD]LRQH DOO¶DVVH G¶LQVHU]LRQH HOLPLQDQGR RJQL VRWWRVTXDGUR SHU FRQVHQWLUH XQ FRUUHWWR
DOORJJLDPHQWRGHOGLVSRVLWLYRSURWHVLFR 0F/HDQ 
(¶ LQGLFDWR HIIHWWXDUH SUHSDUD]LRQL SURWHVLFKH FRQ PDUJLQL OHJJLELOL JHRPHWULD DSSURSULDWD HG LQ
SUHVHQ]DGLXQSDURGRQWRVDQR 6\X'RQRYDQ 
4XDQGR q SRVVLELOH q FRQVLJOLDWR  UDJJLXQJHUH XQR VWDWR GL VDOXWH SDURGRQWDOH SULPD GL XOWLPDUH L
WUDWWDPHQWL SURWHVLFL H UHVWDXUDWLYL  LO PDUJLQH SL IDYRUHYROH DOOD VDOXWH GHO SDURGRQWR q TXHOOR
SRVL]LRQDWRFRURQDOPHQWHDOODJHQJLYDPDUJLQDOH %DGHU/DQJ 
6HLPDUJLQLGHOODUHVWDXUD]LRQHVLHVWHQGRQRGHQWURLOVROFRJHQJLYDOHqSUHIHULELOHDYHUHXQ¶DGHJXDWD
EDQGD GL JHQJLYD DGHUHQWH ,O SRVL]LRQDPHQWR GHL PDUJLQL QHO FRPSDUWLPHQWR LQWUDVXOFXODUH SXz
HVVHUHLQGLFDWRSHUHVLJHQ]HHVWHWLFKHSUHVHQ]DGLFDULHVRWWRJHQJLYDOLSUHVHQ]DGLPDUJLQLGLUHVWDXUL
SUHHVLVWHQWLRQHFHVVLWjGLXQDPDJJLRUHULWHQ]LRQH 5LFKWHU6QDSS&DUQHYDOH'L
)HER&KLFKH 


Ϯϯϭ


247


/D SUHSDUD]LRQH GHOO¶HOHPHQWR QDWXUDOH YD UHDOL]]DWD FRQVHUYDQGR LO SL SRVVLELOH LO WHVVXWR
GHQWDOH H VHJXHQGR O¶DQDWRPLD GHOO¶HOHPHQWR VWHVVR FRPSDWLELOPHQWH DO GLVHJQR SURWHVLFR
SLDQLILFDWRHGDLPDWHULDOLFKHVLqGHFLVRGLXWLOL]]DUHSHULOUHVWDXUR


8Q FRUUHWWR UDSSRUWR ULWHQ]LRQHFRQLFLWj DVVRFLDWR DG XQ¶DGHJXDWD IRUPD GL UHVLVWHQ]D  VRQR
DOODEDVHGLXQDEXRQDSUHSDUD]LRQHGHOGHQWH


/D VFHOWD GHO GLVHJQR GHOOD SUHSDUD]LRQH q FRQVHJXHQWH DO SURJHWWR FOLQLFR SURWHVLFR DOOH
FDUDWWHULVWLFKHELRORJLFKHIXQ]LRQDOLHDLULVXOWDWLHVWHWLFLFKHVLYRJOLRQRUDJJLXQJHUH



%LEOLRJUDILD

$\DG0)-RKQVWRQ:05RVHQVWLHO6),QIOXHQFHRIWRRWKSUHSDUDWLRQWDSHUDQGFHPHQWW\SHRQUHFHPHQWDWLRQVWUHQJWK
RIFRPSOHWHPHWDOFURZQV-3URVWKHW'HQW'HF  

%DGHU-'5R]LHU5*0F)DOO:75DPVH\'/(IIHFWRIFURZQPDUJLQVRQSHULRGRQWDOFRQGLWLRQVLQUHJXODUO\DWWHQGLQJ
SDWLHQW-3URVWKHW'HQW

&DUQHYDOH * 'L )HER * )X]]L 0 $ UHWURVSHFWLYH DQDO\VLV RI WKH SHULRSURVWKHWLF DVSHFW RI WHHWK UHSUHSDUHG GXULQJ
SHULRGRQWDOVXUJHU\-&OLQ3HULRGRQWDO

&DUQHYDOH*)UHQL66'L)HER*6RIWDQGKDUGWLVVXHZRXQGKHDOLQJIROORZLQJWRRWKSUHSDUDWLRQWRWKHDOYHRODUFUHVW
,QW-2I3HULRGRQW5HVW'HQW

&KLFKH*3LQDXOW$/
HVWHWLFDQHOOHSURWHVLILVVHDQWHULRUL5HVFK(GLWULFH9HURQD&DSS

'HKRII3+$QXVDYLFH.-(IIHFWRIPHWDOGHVLJQRQPDUJLQDOGLVWRUWLRQRIPHWDOFHUDPLFFURZQV-'HQW5HV


'L)HER*/DSURWHVLQHOODPDODWWLDSDURGRQWDOH,Q³3DURGRQWRORJLD´ DFXUDGL&DODQGULHOOR0&DUQHYDOH*5LFFL
* SDJ(GLWULFH&LGHV2GRQWR(GL]LRQLLQWHUQD]LRQDOL

'RQRYDQ73ULQFH-$QDQDO\VLVRIPDUJLQFRQILJXUDWLRQVIRUPHWDOFHUDPLFFURZQV-3URVWKHW'HQW

*DYHOLV-50RQUHQF\-'5LOH\('6R]LR5%7KHHIIHFWRIYDULRXVILQLVKOLQHSUHSDUDWLRQVRQWKHPDUJLQDOVHDODQG
RFFOXVDOVHDWRIIXOOFURZQSUHSDUDWLRQV-3URVWKHW'HQW

.XZDWD07KHRU\DQG3UDFWLFHIRU&HUDPRPHWDO5HVWRUDWLRQV&KLFDJR4XLQWHVVHQFH

/DQJ13.LHO5$$QGHUKDOGHQ.&OLQLFDODQGPLFURELRORJLFDOHIIHFWVRIVXEJLQJLYDOUHVWRUDWLRQVZLWKRYHUKDQJLQJRQ
FOLQLFDOO\SHUIHFWPDUJLQV-&OLQ3HULRGRQWRO

0DUWLJQRQL 0 6FKRQHQEHUJHU $- 3UHFLVLRQH H FRQWRUQR QHOOD ULFRVWUX]LRQH SURWHVLFD 4XLQWHVVHQ] 9HUODJV %HUOLQ


0F/HDQ -: 7KH 6FLHQFH DQG $UW RI 'HQWDO &HUDPLFV 9RO , 7KH QDWXUH RI GHQWDO FHUDPLFV DQG WKHLU FOLQLFDO XVH
4XLQWHVVHQFH3XEOLVKLQJ&R,QF&KLFDJR

0F/HDQ -: 7KH 6FLHQFH DQG $UW RI 'HQWDO &HUDPLFV 9RO ,, %ULGJH GHVLJQ DQG ODERUDWRU\ SURFHGXUHV LQ GHQWDO
FHUDPLFV4XLQWHVVHQFH3XEOLVKLQJ&R,QF&KLFDJR


ϮϯϮ


248


1RUGODQGHU-:HLU'6WRIIHU:2FKL67KHWDSHURIFOLQLFDOSUHSDUDWLRQVIRUIL[HGSURVWKRGRQWLFV-3URVWKHW'HQW


3DUNHU 0+ &DOYHUO\ 0- *DUGQHU )0 *XQGHUVRQ 5% 1HZ JXLGHOLQHV IRU SUHSDUDWLRQ WDSHU - 3URVWKRG  


3DUNHU0+0DORQH.+7ULHU$&6WULDQR76(YDOXDWLRQRIUHVLVWDQFHIRUPIRUSUHSDUHGWRRWK-3URVWKHW'HQW


3DVFRH'$QDO\VLVRIWKHJHRPHWU\RIILQLVKLQJOLQHVIRUIXOOFURZQUHVWRUDWLRQV-3URVWKHW'HQW

5LFKWHU6QDSS.$TXLOLQR6$6YDUH&:7XUQHU.$&KDQJHLQPDUJLQDOILWDVUHODWHGWRPDUJLQGHVLJQDOOR\W\SHDQG
SRUFHODLQSUR[LPLW\LQSRUFHODLQIXVHGWRPHWDOUHVWRUDWLRQV-3URVWKHW'HQW

6KLOOLQJEXUJ +7 +RER 6 :KLWVHWW /' )XQGDPHQWDOV RI IL[HG SURVWKRGRQWLFV QG HG 4XLQWHVVHQFH 3XEOLVKLQJ &R
&KLFDJR

6\X-%\UQH*/DXE/:/DQG0),QIOXHQFHRIILQLVKOLQHJHRPHWU\RQWKHILWRIFURZQV,QW-3URVWKRGRQW


:LVNRWW +:$ 1LFKROOV -, %HOVHU 86 7KH UHODWLRQVKLS EHWZHHQ DEXWPHQW WDSHU DQG UHVLVWDQFH RI FHPHQWHG FURZQV WR
G\QDPLFORDGLQJ,QW-3URVWKRGRQW



,PSURQWD
/¶LPSURQWDSHUODUHDOL]]D]LRQHGHOPRGHOORGLODYRURGHYHHVVHUHODSLSUHFLVDSRVVLELOHHFRQWHQHUH
WXWWH OH LQIRUPD]LRQL LQGLVSHQVDELOL SHU OD IDEEULFD]LRQH GHO GLVSRVLWLYR SURWHVLFR 8Q¶LPSURQWD GL
SUHFLVLRQHFRUUHWWDGHYHULSURGXUUHIHGHOPHQWHLWHVVXWLGHQWDOLSUHSDUDWLHGHYLGHQ]LDUHLPDUJLQLGL
ILQH SUHSDUD]LRQH ULSURGXUUH JOL DOWUL HOHPHQWL GHQWDUL LQ DUFDWD OH VHOOH HGHQWXOH HG L WHVVXWL PROOL
FLUFRVWDQWL %RPEHUJHWDO-RKQVRQHWDO1LVKLJDZDHWDO:LQVWDQOH\HWDO 
3HURWWHQHUHXQ¶LPSURQWDDFFXUDWDHVWDELOHGLPHQVLRQDOPHQWHqQHFHVVDULRDYHUHWHVVXWLSDURGRQWDOL
VDQL SUHSDUD]LRQL GHQWDOL DGHJXDWH EXRQD FRQRVFHQ]D GHL PDWHULDOL H GHOOH WHFQLFKH GL SUHVD GL
LPSURQWD
3HU OD FRUUHWWD ULOHYD]LRQH GHOO¶LQWHUD VXSHUILFLH GHQWDOH SUHSDUDWD q QHFHVVDULR FKH YHQJDQR
HYLGHQ]LDWHOH]RQHPDUJLQDOLHWUDQVPDUJLQDOL $'$&RXQFLO&LHVFRHWDO'DYLV 
3RZHUV'L[RQ 
,QFDVRGLSUHSDUD]LRQLLQWUDVXOFXODULTXHVWRqRWWHQLELOHFRQXQDUHWUD]LRQHYHUWLFDOHHGRUL]]RQWDOH
GHOOD JHQJLYD OLEHUD DWWUDYHUVR LO SRVL]LRQDPHQWR GL ILOL UHWUDWWRUL R PHGLDQWH O¶XWLOL]]R GL DOWUH
PHWRGLFKH GL VSRVWDPHQWR GHOOD JHQJLYD ,Q RJQL FDVR OD JHVWLRQH GHL WHVVXWL PROOL H LO FRQWUROOR
GHOO¶XPLGLWj GXUDQWH OD SUHVD GHOO¶LPSURQWD GHYRQR ULVXOWDUH HIILFDFL H QRQ WUDXPDWLFL &RUVR HW DO
(DPHVHWDO)OHPPLJHWDO+XQJHWDO 
(¶FRQVLJOLDELOHFKHLOPDWHULDOHGDLPSURQWDVLDVHOH]LRQDWRLQEDVHDOOHSURSULHWjFKLPLFKHILVLFKHH
GLODYRUDELOLWjSLLQGLFDWHSHULSUREOHPLFOLQLFLFKHVLVWDQQRDIIURQWDQGR
Ϯϯϯ


249


2JQLPDWHULDOHSHULPSURQWDSUHVHQWDFDUDWWHULVWLFKHGLPDQLSROD]LRQHGLYHUVHHGLFRQVHJXHQ]DGHYH
HVVHUH XVDWR LQ DFFRUGR FRQ OH LVWUX]LRQL GHO SURGXWWRUH 8QD YROWD LQGXULWL WXWWL L PDWHULDOL GD
LPSURQWD GHYRQR HVVHUH LQ JUDGR GL VRSSRUWDUH DGHJXDWH SURFHGXUH GL GHFRQWDPLQD]LRQH $'$
&RXQFLO&LHVFRHWDO 
3RVVRQRHVVHUHLPSLHJDWLSRUWDLPSURQWHVWDQGDUGHSRUWDLPSURQWHLQGLYLGXDOL
1HOOH WUDYDWH FRQ SL HOHPHQWL q FRQVLJOLDELOH XQ SRUWDLPSURQWH LQGLYLGXDOH TXDQGR VL XVDQR
HODVWRPHULGDLPSURQWD
,Q JHQHUDOH L SRUWDLPSURQWH GHYRQR HVVHUH VXIILFLHQWHPHQWH HVWHVL SHU VXSSRUWDUH LO PDWHULDOH GD
LPSURQWDLQUHOD]LRQHDOOHVWUXWWXUHFKHGHYRQRHVVHUHUHJLVWUDWHGHYRQRHVVHUHULJLGLFRPSUHQGHUH
JOLVWRSRFFOXVDOLHOHFDUDWWHULVWLFKHHYHQWXDOPHQWHULFKLHVWHSHUIDYRULUHODULWHQ]LRQHGHOPDWHULDOH
GD LPSURQWD DWWUDYHUVR XQ DGHVLYR VSHFLILFR LQROWUH LO SRUWDLPSURQWH GHYH HVVHUH LQ JUDGR GL
VRSSRUWDUH OD VWHULOL]]D]LRQH LQ DXWRFODYH VH QRQ GHVWLQDWR DO PRQRXVR *HOEDUG HW DO 
0DUWLJQRQL 6FKRQHQEHUJHU/DXIHUHWDO-RKQVRQHWDO 
6XFFHVVLYDPHQWH DOOD ORUR ULOHYD]LRQH OH LPSURQWH YDQQR VFLDFTXDWH DFFXUDWDPHQWH SXz HVVHUH
FRQVLJOLDWRLOFRQWUROORFRQO¶XVRGLXQVLVWHPDGLLQJUDQGLPHQWRLQPRGRWDOHGDYHULILFDUHO¶LQWHJULWj
GHLPDUJLQLVRWWRSRVWHDGXQ¶HIILFDFHSURFHGXUDGLGHFRQWDPLQD]LRQHHEHQFRQVHUYDWHLQPRGRGD
HYLWDUHGDQQLGHIRUPD]LRQLRFRQWDPLQD]LRQHGXUDQWHLOWUDVIHULPHQWRDOODERUDWRULR
/H LPSURQWH GHOOH DUFDWH DQWDJRQLVWH GHYRQR HVVHUH LPSURQWH LQ JUDGR GL DVVLFXUDUH XQD EXRQD
VWDELOLWjGHQWDULDHGXQDDFFHWWDELOHULOHYD]LRQHGHLGHWWDJOLPRUIRORJLD +XQJHWDO3XUNHWDO
5LRVHWDO1LVKLJDZDHWDO:LQVWDQOH\HWDO/DXIHUHWDO-RKQVRQ
HWDO 



/¶LPSURQWDSHUODUHDOL]]D]LRQHGHOPRGHOORGLODYRURGHYHFRQWHQHUHWXWWHOHLQIRUPD]LRQL
LQGLVSHQVDELOLSHUODIDEEULFD]LRQHGHOGLVSRVLWLYRSURWHVLFR


3HURWWHQHUHXQ¶LPSURQWDDFFXUDWDHGLPHQVLRQDOPHQWHVWDELOHqRSSRUWXQRFKHWHVVXWL
SDURGRQWDOLVLDQRVDQLFKHOHSUHSDUD]LRQLGHQWDOLVLDQRDGHJXDWHHFKHVLDEELDXQDEXRQD
FRQRVFHQ]DGHLPDWHULDOLHGHOOHWHFQLFKHGLSUHVDGLLPSURQWD


2JQL PDWHULDOH GD LPSURQWD GHYH SUHVHQWDUH FDUDWWHULVWLFKH TXDOL SUHFLVD ULSURGX]LRQH GHL GHWWDJOL
EXRQD VWDELOLWj GLPHQVLRQDOH HODVWLFLWj H UHVLVWHQ]D DOOD GLVWRUVLRQH EDJQDELOLWj EDVVD WHQVLRQH
VXSHUILFLDOH VFRUUHYROH]]D IOXLGLWj WLVVRWURSLDELRFRPSDWLELOLWjFRQLWHVVXWLRUDOLHFRPSDWLELOLWj
FRQPDWHULDOLSHUPRGHOOL JHVVLHGDOWUL WHPSLXWLOLGLODYRUD]LRQHHGLSUHVDGXUDWDGLVWRFFDJJLRH
Ϯϯϰ


250


FRVWL FRQWHQXWL GHYH HVVHUH XVDWR LQ DFFRUGR FRQ OH LVWUX]LRQL GHO SURGXWWRUH 6FKXO] HW DO 
6KDZHOO HW DO  7DQ HW DO  &RUVR HW DO   (DPHV HW DO   )OHPPLJ HW DO 
:LQVWDQOH\HWDO 
,PSRUWDQWHqLOWHPSRGLODYRUD]LRQHFRPSOHVVLYRFKHQRQGHYHHVVHUHPDLVXSHUDWR4XHVWRSHULRGR
GL ODYRUD]LRQH YLHQH FRQVLGHUDWR FRPH SHULRGR GL WHPSR PDVVLPR FKH WUDVFRUUH GDOO¶LQL]LR GHOOD
PLVFHOD]LRQH ILQR D TXDQGR LO SRUWDLPSURQWD YLHQH SRUWDWR DO OLYHOOR GHO FDYR RUDOH ,O WHPSR GL
PLVFHOD]LRQHqLPSRUWDQWHSHUSRWHURWWHQHUHXQPHVFRODPHQWRRPRJHQHRGHLFRPSRQHQWLGRVDWL
,OWHPSRGLSUHVDGHOPDWHULDOHLQYHFHqLOSHULRGRGLWHPSRPLQLPRFKHGHYHWUDVFRUUHUHGDOO¶LQL]LR
GHOOD PLVFHOD]LRQH ILQR D TXDQGR O¶LPSURQWD YLHQH HVWUDWWD GDO FDYR RUDOH VHQ]D GHIRUPD]LRQL
SHUPDQHQWLHVLJQLILFDWLYHGDOSXQWRGLYLVWDFOLQLFR 'DYLV 3RZHUV'L[RQ7DQHWDO
&RUVRHWDO6FKXO]HWDO5LRVHWDO1LVKLJDZDHWDO:LQVWDQOH\HW
DO 

, PDWHULDOL GD LPSURQWD YDQQR XWLOL]]DWL WHQHQGR FRQWR GHOOH FDUDWWHULVWLFKH GL ODYRUD]LRQH H
GHOOHLQGLFD]LRQLIRUQLWHGDOOHD]LHQGHSURGXWWULFL

8QDYROWDULOHYDWHOHLPSURQWHTXHVWHYDQQRVYLOXSSDWHFRQPDWHULDOLFKHGHYRQRDYHUHFDUDWWHULVWLFKH
GL ULSURGXFLELOLWj GHL GHWWDJOL DGHJXDWH DO WLSR GL LPSURQWD FKH LO FOLQLFR ULOHYD $QFKH OD GXUH]]D
VXSHUILFLDOHHODUHVLVWHQ]DDOODDEUDVLRQHVDUDQQRGDYDOXWDUHQHOODVFHOWDGHOSURGRWWRLGRQHR,QEDVH
DO PDWHULDOH GD LPSURQWD XWLOL]]DWR VDUj LPSRUWDQWH VFHJOLHUH TXHOOR SL DGDWWR SHU OR VYLOXSSR GHO
PRGHOOR , PDWHULDOL XWLOL]]DWL VRQR LO JHVVR PDWHULDOL D EDVH GL UHVLQH UDPH R DUJHQWR
HOHWWURGHSRVLWDWR PHWDOOL D EDVVD WHPSHUDWXUD GL IXVLRQH H PDWHULDOL UHIUDWWDUL $QGUDQQR ULVSHWWDWL L
WHPSLGLDWWHVDSHUVYLOXSSDUHLPRGHOOLFRQVLJOLDWLGDOOHFDVHSURGXWWULFL
$OFXQLPDWHULDOLFRPHLSROLHWHULVRQRVHQVLELOLDQFKHDJOLVEDO]LWHUPLFLHSHUWDQWRqLPSRUWDQWH
XVDUHGRYXWHSUHFDX]LRQLGXUDQWHLOWUDVSRUWRGDOORVWXGLRDOODERUDWRULR


%LEOLRJUDILD

$'$ &RXQFLO RQ 6FLHQWLILF $IIDLUH DQG $'$ &RXQFLO RQ 'HQWDO 3UDFWLFH ,QIHFWLRQ FRQWURO UHFRPPHQGDWLRQV IRU  WKH
GHQWDORIILFHODERUDWRU\-$P'HQW$VVRF±

$KOKROP 3 6LSLOl . 9DOOLWWX 3 -DNRQHQ 0 .RWLUDQWD 8 'LJLWDO 9HUVXV &RQYHQWLRQDO ,PSUHVVLRQV LQ )L[HG
3URVWKRGRQWLFV$5HYLHZ-3URVWKRGRQW

%RPEHUJ 7- *ROGIRJHO 0+ +RIIPDQ : %RPEHUJ 6( &RQVLGHUDWLRQV IRU DGKHVLRQ RI LPSUHVVLRQ PDWHULDOV WR
LPSUHVVLRQWUD\V-3URVWKHW'HQW


Ϯϯϱ


251


&LHVFR -1 0DORQH :)3 6DQGULN -/ 0D]XU % &RPSDULVRQ RI HODVWRPHULF LPSUHVVLRQ PDWHULDOV XVHG LQ IL[HG
3URVWKRGRQWLFV-3URVWKHW'HQW

&KRFKOLGDNLV.03DSDVS\ULGDNRV3*HPLQLDQL$&KHQ&-)HQJ,-(UFROL&'LJLWDOYHUVXVFRQYHQWLRQDOLPSUHVVLRQV
IRUIL[HGSURVWKRGRQWLFV$V\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV-3URVWKHW'HQW$XJ  

&RUVR0$EDQRP\$'L&DQ]LR-=XUDNRZVNL'0RUJDQR607KHHIIHFWRIWHPSHUDWXUHFKDQJHVRQWKHGLPHQVLRQDO
VWDELOLW\RISRO\YLQ\OVLOR[DQHDGSRO\HWKHULPSUHVVLRQPDWHULDOV-3URVWKHW'HQW

'DYLV%$3RZHUV-0(IIHFWRILPPHUVLRQVGLVLQIHFWLRQRQSURSHUWLHVRILPSUHVVLRQVPDWHULDOV-3URVWKRGRQW


'L[RQ'/%UHHGLQJ/&0RVHOH\-3&XVWRP,PSUHVVLRQWUD\V3DUW,,5HPRYDOIRUFHV-3URVWKHW'HQW


(DPHV:%:DOODFH6:6XZD\1%5RJHUV/%$FFXUDF\DQGGLPHQVLRQDOVWDELOLW\RIHODVWRPHULFLPSUHVVLRQPDWHULDOV
-3URVWKHW'HQW

)OHPPLJ7)6RUHQVHQ-$1HZPDQ0*1DFKQDQL6*LQJLYDOHQKDQFHPHQWLQIL[HGSURVWKRGRQWLFV3DUW,,-3URVWKHW
'HQW

*HOEDUG6'0'-$RVNDU'0'0=DOLNLQW'0'DQG1RDK6WHUQ'0'06'(IIHFWRILPSUHVVLRQPDWHULDOVDQG
WHFKQLTXHVRQWKHPDUJLQDOILWRIPHWDOFDVWLQJV-3URVWKHW'HQW

+XQJ 6+ 3XUN -+ 7LUD '( (LFN -' $FFXUDF\ RI RQHVWHS YHUVXV WZRVWHS SXWW\ ZDVK DGGLWLRQ VLOLFRQH LPSUHVVLRQ
WHFKQLTXH-3URVWKHW'HQW

-RKQVRQ*+&KHOOLV.'*RUGRQ*(/HSH;'LPHQVLRQDOVWDELOLW\DQGGHWDLOUHSURGXFWLRQRILUUHYHUVLEOHK\GURFROORLG
DQGHODVWRPHULFLPSUHVVLRQVGLVLQIHFWHGE\LPPHUVLRQ-3URVWKHW'HQW

/DXIHU%=%DKDUDY+*DQRU<&DUGDVK+67KHHIIHFWRIPDUJLQDOWKLFNQHVVRQWKHGLVWRUWLRQRIGLIIHUHQWLPSUHVVLRQ
PDWHULDOV-3URVWKHW'HQW

0DUWLJQRQL06FKRQHQEHUJHU$3UHFLVLRQHHFRQWRUQRQHOODULFRVWUX]LRQHSURWHVLFD4XLQWHVVHQ]%HUOLQ

1LVKLJDZD*6DWR76XHQDJD.0LQDJL6(IILFDF\RIWUD\DGHKHVLYHVIRUWKHDGKHVLRQRIHODVWRPHUUXEEHULPSUHVVLRQ
PDWHULDOVWRLPSUHVVLRQPRGHOLQJSODVWLFVIRUERUGHUPROGLQJ-3URVWKHW'HQW

3XUN -+ :LOOLV 0* 7LUD '( (LFN ' +XQJ 6+ 7KH HIIHFWV RI GLIIHUHQW VWRUDJH FRQGLWLRQV RQ SRO\HWKHU DQG
SRO\YLQ\OVLOR[DQHLPSUHVVLRQV-$P'HQW$VVRF

5LRV 0G3 0RUJDQR 606WHLQ 56 5RVH / (IIHFWV RI FKHPLFDO GLVLQIHFWDQW VROXWLRQV RQ WKH VWDELOLW\ DQGDFFXUDF\RI
WKHGHQWDOLPSUHVVLRQFRPSOH[-3URVWKHW'HQW

6FKXO] ++ 6FKHZLFNHUDWK + /¶LPSURQWD LQ 2GRQWRLDWULD  6FLHQ]D H WHFQLFD GHQWLVWLFD HGL]LRQL LQWHUQD]LRQDOL VUO
0LODQR

6KDZHOO +0  0DVWHULQJ WKH DUW RI WLVVXH PDQDJHPHQW GXULQJ SURYLVLRQDOL]DWLRQ DQG ELRORJLF ILQDO LPSUHVVLRQV ,QW -
3HULRGRQW5HVW'HQW  

7DQ(&KDL-:R]QLDN:7:RUNLQJWLPHRIHODVWRPHULFLPSUHVVLRQPDWHULDOVGHWHUPLQHGE\GLPHQVLRQDODFFXUDF\,Q-
3URVWKRGRQW

7VLURJLDQQLV 3 5HLVVPDQQ '5 +H\GHFNH * (YDOXDWLRQ RI WKH PDUJLQDO ILW RI VLQJOHXQLW FRPSOHWHFRYHUDJH FHUDPLF
UHVWRUDWLRQV IDEULFDWHG DIWHU GLJLWDO DQG FRQYHQWLRQDO LPSUHVVLRQV $ V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV - 3URVWKHW
'HQW6HS  

:LQVWDQOH\5%&DUURWH39-RKQVRQ$7KHTXDOLW\RILPSUHVVLRQVIRUFURZQHQGEULGJHVUHFHLYHGDWFRPPHUFLDOGHQWDO
ODERUDWRULHV%U'HQW-±
Ϯϯϲ


252


(OHPHQWLSURWHVLFLILVVLSURYYLVRUL

1HOOHULDELOLWD]LRQLSURWHVLFKHILVVHLOSURYYLVRULR VYROJHXQUXRORIRQGDPHQWDOHSRLFKqFRQVHQWHGL
DQDOL]]DUH H WHVWDUH OD IXQ]LRQH O¶HVWHWLFD OD IRQHWLFD H O¶LQWHJUD]LRQH ELRORJLFD GHO UHVWDXUR HG LO
FRQVHQVRGDSDUWHGHOSD]LHQWHSULPDGLSURFHGHUHFRQLOODYRURSURWHVLFRGHILQLWLYR )UDGHDQL
.RRS 
,SURYYLVRULROWUHDG DYHUHXQDIXQ]LRQHSURWHWWLYDVXOODGHQWLQDVHUYRQRDPDQWHQHUHODSRVL]LRQH
GHL GHQWL SUHSDUDWL D PDQWHQHUH H PLJOLRUDUH OD VDOXWH SDURGRQWDOH D VRVWLWXLUH L GHQWL PDQFDQWL R
PRGLILFDUH IRUPD H IXQ]LRQH GHL GHQWL SUHVHQWL D ULSULVWLQDUH XQD VWDELOLWj RFFOXVDOH LGHDOH HG
XQ¶LGRQHDGLPHQVLRQHYHUWLFDOH 'L)HER 
*OL HOHPHQWL SURWHVLFL SURYYLVRUL VRQR TXLQGL GD FRQVLGHUDUH TXDQGR EHQ FRVWUXLWL DGDWWDWL H
IXQ]LRQDOL]]DWLLQERFFDXQDYDOLGDSURYDGHOPDQXIDWWRSURWHVLFRGHILQLWLYR
,OSURYYLVRULRGHYHSUHVHQWDUHXQEXRQDGDWWDPHQWRHXQDEXRQDFKLXVXUDPDUJLQDOHPDUJLQLSUHFLVL
HOXFLGDWLXQFRUUHWWRGLVHJQRGHJOLHOHPHQWLLQWHUPHGLHGDGHJXDWLVSD]LLQWHUSURVVLPDOLSHUIDYRULUH
O¶LJLHQH RUDOH H OD VDOXWH SDURGRQWDOH  /D UHVLVWHQ]D DOOD IUDWWXUD H DOOD GHFHPHQWD]LRQH GXUDQWH OD
QRUPDOHIXQ]LRQHPDVWLFDWRULDODUHVLVWHQ]DDOO¶DEUDVLRQHHODVWDELOLWjRFFOXVDOHVRQRFDUDWWHULVWLFKH
QHFHVVDULHSHUFRQVHQWLUHODSHUPDQHQ]DQHOFDYRRUDOHDQFKHSHUXQOXQJRSHULRGR %RQILJOLROL
.RXPMLDQ 4XHVWRSHULRGRGLDGDWWDPHQWRULVXOWDREEOLJDWRULRTXDQGRGHYHHVVHUHPRGLILFDWD
OD GLPHQVLRQH YHUWLFDOH GL RFFOXVLRQH SHU VWDELOLUH LQ PRGR FRQWUROODWR XQD QXRYD SRVL]LRQH
ILVLRORJLFDPHQWHDFFHWWDELOH
8QDFRUUHWWDGLPHQVLRQHYHUWLFDOHGLRFFOXVLRQHqHVVHQ]LDOHSHUXQDYDOLGDIXQ]LRQHSHUXQRVSD]LR
OLEHURDGHJXDWRSHULOFRPIRUWSHUXQDIRQHWLFDVRGGLVIDFHQWHHGXQDHVWHWLFDRWWLPDOH
3HUODIDEEULFD]LRQHGHOSURYYLVRULRSXzHVVHUHXWLOL]]DWDODWHFQLFDGLUHWWDRTXHOODLQGLUHWWD
/D WHFQLFD GLUHWWD SUHYHGH OD FRVWUX]LRQH GHO SURYYLVRULR GLUHWWDPHQWH ³DOOD SROWURQD´ D SDUWLUH GD
HOHPHQWL SUHIDEEULFDWL RSSXUH FRODQGR UHVLQD DXWRSROLPHUL]]DQWH DOO¶LQWHUQR GL XQD PDWULFH DG
HVHPSLR LQ DFHWDWR PDVFKHULQD  4XHVWD WHFQLFD VL XWLOL]]D VRSUDWWXWWR QHO FDVR GL ULDELOLWD]LRQL
OLPLWDWH UHVWDXULVLQJROLSLFFROLSRQWL TXDQGRODIRUPDHODIXQ]LRQDOLWjGHOGHQWHGHYRQRULPDQHUH
LQYDULDWH
/D WHFQLFD LQGLUHWWD VL XWLOL]]D LQYHFH QHL FDVL LQ FXL ULVXOWDQR QHFHVVDULH VLJQLILFDWLYH PRGLILFKH
HVWHWLFKH HR RFFOXVDOL YLHQH FRVWUXLWR XQ PDQXIDWWR SURWHVLFR LQ ODERUDWRULR FKH UDSSUHVHQWD OD
IHGHOHULSURGX]LRQHGHOODFHUDWXUDGLDJQRVWLFD,OSURYYLVRULRSUHOLPDWXUDSXzHVVHUHXWLOL]]DWRSHUOD
JXLGD GHOOH SUHSDUD]LRQL GHQWDOL QHOOD PRGLILFD GHOO¶HVWHWLFD H QHOOD FRUUH]LRQH GHOOH PDOSRVL]LRQL
GHQWDOL

Ϯϯϳ


253


3ULPDGHOODUHDOL]]D]LRQHGHOODYRURGHILQLWLYRSXzHVVHUHQHFHVVDULDODIDEEULFD]LRQHGLXQVHFRQGR
SURYYLVRULRSHUPLJOLRUDUHXOWHULRUPHQWHO¶DVSHWWRIXQ]LRQDOHHGHVWHWLFR
/H FDUDWWHULVWLFKH SULQFLSDOL GHOOH SURWHVL SURYYLVRULH VRQR OD IDFLOLWj FRQ FXL SRVVRQR HVVHUH
PRGLILFDWHPHGLDQWHULEDVDWXUHRHVWHWLFDPHQWHVXIILFLHQWHPHQWHUHVLVWHQWLGDSRWHUUHVLVWHUHGXUDQWH
LOSHULRGRGHOODWHUDSLDELRORJLFDPHQWHDFFHWWDELOLHGLFRVWRFRQWHQXWR
,PDWHULDOLXWLOL]]DWLSHUODUHDOL]]D]LRQHGHJOLHOHPHQWLSURYYLVRULSURWHVLFLFRQOHFDWWHULVWLFKHVRSUD
ULSRUWDWHVRQROHUHVLQHDFULOLFKH SROLPHWLOPHWDFULODWR 
4XHVWL PDWHULDOL SHUPHWWRQR GL RWWHQHUH XQ ULVXOWDWR HVWHWLFR DGHJXDWR KDQQR XQD EXRQD VWDELOLWj
GLPHQVLRQDOH DVVHQ]D GL VDSRUH IDFLOLWj GL ODYRUD]LRQH VLD LQ ODERUDWRULR FKH QHOOH IDVL FOLQLFKH
PLQLPR DVVRUELPHQWR GHL IOXLGL RUDOL 3RVVRQR HVVHUH PRGLILFDWL IDFLOPHQWH PD SUHVHQWDQR LO
SUREOHPD GHOOD FRQWUD]LRQH GD SROLPHUL]]D]LRQH SHU FXL VJXVFLDUH H ULEDVDUH L SURYYLVRUL PLJOLRUD
XOWHULRUPHQWHODSUHFLVLRQHPDUJLQDOHVLDGHLSURYYLVRULSUHOLPDWXUDRHVWHPSRUDQHLFKHGHLVHFRQGL
SURYYLVRULRGLDJQRVWLFL *UDMRZHU0RXOGLQJ 
3ULPD GL ULEDVDUH XQ SURYYLVRULR ELVRJQD YDOXWDUH OH LQWHUIHUHQ]H DOO¶LQWHUQR GHL JXVFL VFDYDWL OD
FKLXVXUDPDUJLQDOHOHLQWHUIHUHQ]HGHJOLHOHPHQWLLQWHUPHGLHIDUVLJXLGDUHGDOODGLPHQVLRQHYHUWLFDOH
H GDO UDSSRUWR RFFOXVDOH SHU ULGXUUH DO PLQLPR LO ODYRUR GL DGDWWDPHQWR H IXQ]LRQDOL]]D]LRQH DOOD
SROWURQD
3HU L SURYYLVRUL FKH GHYRQR ULPDQHUH LQ ERFFD SHU TXDOFKH WHPSR VRQR SUHIHULELOL UHVLQH
SROLPHUL]]DWH D FDOGR FKH KDQQR FDUDWWHULVWLFKH GL UHVLVWHQ]D DOO¶XVXUD H DOOD IOHVVLRQH VXSHULRUL
PLQRUDVVRUELPHQWRGLOLTXLGLHPLQRULGLVFRORUD]LRQL
3RVVRQR HVVHUH XWLOL]]DWL DQFKH PDWHULDOL FRPSRVLWL FKH KDQQR XQD UHVLVWHQ]D VXSHULRUH H
FDUDWWHULVWLFKHGLSUHFLVLRQHHGHVWHWLFKHSLHOHYDWHPDVRQRSLGLIILFLOPHQWHULEDVDELOLLOORURFRVWR
GLIDEEULFD]LRQHSXzHVVHUHHOHYDWR

*OL HOHPHQWL SURWHVLFL SURYYLVRUL  GHYRQR SUHVHQWDUH XQ EXRQ DGDWWDPHQWR H XQD EXRQD
FKLXVXUDPDUJLQDOH PDUJLQLSUHFLVLHOXFLGDWLXQFRUUHWWRGLVHJQRGHJOLHOHPHQWLLQWHUPHGLH
DGHJXDWL VSD]L LQWHUSURVVLPDOL LQ PRGR WDOH GD IDYRULUH O¶LJLHQH RUDOH H OD VDOXWH SDURGRQWDOH
5DSSUHVHQWDQRXQDYDOLGDSURYDGHOPDQXIDWWRSURWHVLFRGHILQLWLYR

%LEOLRJUDILD

%RQILJOLROL55HVWDXUDWLRQVSURYLVRLUHVVLPSOHVHWFRPSOH[HVWHFKQRORJLHVGHODERUDWRLUH5HDOLWLHVFOLQLTXHV9ROQƒ
SS

&KLFKH*,PSURYLQJPDUJLQDODGDSWDWLRQRISURYLVLRQDOUHVWRUDWLRQV4XLQWHVVHQFH,QW


Ϯϯϴ


254


'L)HER*/DSURWHVLQHOODPDODWWLDSDURGRQWDOH,Q3DURGRQWRORJLD DFXUDGL&DODQGULHOOR0&DUQHYDOH*5LFFL* 
3DJ(GLWULFH&LGHV2GRQWR(GL]LRQLLQWHUQD]LRQDOL

)UDGHDQL0%DUGXFFL*7UDWWDPHQWRSURWHVLFR$SSURFFLRVLVWHPDWLFRDOO¶LQWHJUD]LRQHHVWHWLFDELRORJLFDHIXQ]LRQDOH
9RO3DJ

*UDMRZHU56KDKDUEDQL6.DXIPDQ(7HPSHUDWXUHULVHLQSXOSFKDPEHUGXULQJIDEULFDWLRQRIWHPSRUDU\VHOIFXULQJ
FURZQV-3URVWKHW'HQW

.RRS)(VWKHWLFSULQFLSOHVIRUIXOOFURZQUHVWRUDWLRQV3DUW,,3URYLVLRQDOL]DWLRQ-(VWKHW'HQW

.RXPMLDQ-++ROPHV-%0DUJLQDODFFXUDF\RISURYLVLRQDOUHVWRUDWLYHPDWHULDOV-3URVWKHW'HQW

0RXOGLQJ 0% /RQH\ 5: 7KH HIIHFW RI FRROLQJ WHFKQLTXHV RQ LQWUDSXOSDO WHPSHUDWXUH GXULQJ GLUHFW IDEULFDWLRQ RI
SURYLVLRQDOUHVWRUDWLRQV,QW-3URVWKRGRQW

0RXOGLQJ 0% 7HSOLWVN\ 3( ,QWUDSXOSDO WHPSHUDWXUH GXULQJ IDEULFDWLRQ RI SURYLVLRQDOUHVWRUDWLRQV ,QW - 3URVWKRGRQW


:DQJ 5/ 0RRUH %. *RRGDFUH &- 6ZDUW] 0/ $QGUHV &- $ FRPSDULVRQ RI UHVLQV IRU IDEULFDWLQJ SURYLVLRQDO IL[HG
UHVWRUDWLRQV,QW-3URVWKRGRQW





(OHPHQWLSURWHVLFLILVVLGHILQLWLYL

'LYHUVL VRQR L PDWHULDOL XWLOL]]DWL SHU OD FRVWUX]LRQH GHJOL HOHPHQWL SURWHVLFL ILVVL OHJKH PHWDOOLFKH
SUH]LRVHHQRQFHUDPLFKHIHOGVSDWLFKHFHUDPLFKHSROLFULVWDOOLQHTXDOL]LUFRQLDHDOOXPLQDGLVLOLFDWR
GLOLWLR

/D VFHOWD GHO PDWHULDOH SL LGRQHR SHU OD FRVWUX]LRQH GHJOL HOHPHQWL SURWHVLFL  ILVVL
GHYH HVVHU IDWWD WHQHQGR FRQWR GHO WLSR GL GLVSRVLWLYR SURWHVLFR GHO WLSR GL SLODVWUR
GHOOHHVLJHQ]HHVWHWLFKHHGHJOLDVSHWWLSDUDIXQ]LRQDOLHSDURGRQWDOL

Ϯϯϵ


255


,QGLFD]LRQLGLPDVVLPDVXOO¶XWLOL]]RGLGLIIHUHQWLPDWHULDOLLQSURWHVLILVVD
    
&RURQH (VWHVDSURWHVL 5LGRWWDSURWHVL 5LGRWWDSURWHVL
³DSRQWH´ ³DSRQWH³ ³DSRQWH³
VHWWRULSRVWHULRUL VHWWRULDQWHULRUL

/HJKHPHWDOOLFKH 6, 6, 6, 6,

=LUFRQLD 6, 12 6, 6,



$OOXPLQD 6, 12 6, 6,

'LVLOLFDWRGLOLWLR 6, 12 12 6,


/HVWUXWWXUHGLVXSSRUWRSHUODFHUDPLFDGHYRQRLQWHJUDUVLFRQ ODIRUPDDQDWRPLFDGHOOHFRURQH/R
VSHVVRUHGHOOHWUDYDWHGHJOLHOHPHQWL³DSRQWH´GHYHHVVHUHDGHJXDWRDOOHGLPHQVLRQLGHOGLVSRVLWLYR
DOQXPHURGLGHQWLPDQFDQWLFKHGHYRQRVXSSRUWDUHDOWLSRGLPDWHULDOHXWLOL]]DWR/RVSHVVRUHGHOOH
FRQQHVVLRQL GHYH HVVHUH VYLOXSSDWR QHO PDVVLPR VSHVVRUH SRVVLELOH FRPSDWLELOPHQWH DOOR VSD]LR
QHFHVVDULRSHULOPDWHULDOHGDULYHVWLPHQWRHVWHWLFRHSHUOHPDQRYUHGLLJLHQH
,QRFFDVLRQHGHOODSURYDGHOODVWUXWWXUDSURWHVLFDqRSSRUWXQRLVSH]LRQDUHDFFXUDWDPHQWHLOGLVSRVLWLYR
SUHSDUDWRLQVLHPHDLPRGHOOLHGHYHQWXDOPHQWHDOO¶LPSURQWDGHLGHQWLSUHSDUDWL
,OFOLQLFRGHYHFRQWUROODUHLOPDQXIDWWRVXOPRGHOORGLODYRURYDOXWDQGRO¶DVVHQ]DGLEDVFXODPHQWRH
O¶DGHJXDWH]]D GHOOD FKLXVXUD PDUJLQDOH SDUDPHWUL FKH SRL GRYUj YHULILFDUH D OLYHOOR GHO FDYR RUDOH
8Q PDWHULDOH ULOHYDWRUH SXz HVVHUH XVDWR SHU LQGLYLGXDUH HYHQWXDOL DUHH GL IUL]LRQH FKH SRVVRQR
LPSHGLUHDOPDQXIDWWRGLDOORJJLDUHDGHJXDWDPHQWHVXLGHQWLSUHSDUDWLHGHIIHWWXDUHSLFFROLULWRFFKL
1HO FDVR LQ FXL OD VWUXWWXUD QRQ ULVXOWL SUHFLVD DQFKH GRSR ULSHWXWL DJJLXVWDPHQWL VDUj QHFHVVDULR
SUHYLD LQGLYLGXD]LRQH GHOOH FDXVH ULFRUUHUH DOOD VXD VH]LRQH H VXFFHVVLYD VDOGDWXUD WUDPLWH DSSRVLWL
LQGLFLUHJLVWUDWLGDOFOLQLFRVHVLWUDWWDGLXQDWUDYDWDPHWDOOLFDRDOULIDFLPHQWRGHOODVWUXWWXUDVHQRQ
DGGLULWWXUDDOODULSHWL]LRQHGHOOHLPSURQWHTXDORUDVLWUDWWLGLVWUXWWXUDLQ]LUFRQLDRVHODVH]LRQHGHOOD
VWUXWWXUDPHWDOOLFDQRQULVROYHO¶LQDGHJXDWH]]DGHOO¶DGDWWDPHQWR
8QDYROWDFHUDPL]]DWRLOODYRURSURWHVLFRSULPDGHOOHFRWWXUHILQDOLHGHOODOXFLGDWXUDLOFOLQLFRSRWUj
HIIHWWXDUHOD³SURYDELVFRWWR´SURYDLQFXLGRYUDQQRHVVHUHFRQWUROODWLDWWHQWDPHQWHDQFRUDXQDYROWD
O¶DGDWWDPHQWRLQWHUQRO¶DGDWWDPHQWRPDUJLQDOHODVWDELOLWjRFFOXVDOHLFRQWDWWLHLUDSSRUWLFRQLGHQWL
DGLDFHQWLHGDQWDJRQLVWLHFRQLWHVVXWLSDURGRQWDOLLOFRQWDWWRGHJOLHOHPHQWLLQWHUPHGLFRQODVHOOD
3HUODYHULILFDGHLFRQWDWWLRFFOXVDOLqLQGLFDWRO¶XVRGLFDUWLQHDUWLFRODULGLFRORULGLIIHUHQWLSHUPHJOLR
HYLGHQ]LDUHLFRQWDWWLGLFHQWULFDTXHOOLGLODWHUDOLWjHSURWUXVLRQH
ϮϰϬ


256


6HPSUH LQ TXHVWD IDVH YDQQR YDOXWDWH OD TXDOLWj HVWHWLFD OD IRUPD GHL GHQWL H OD ORUR SRVL]LRQH LQ
UDSSRUWR DOOH ODEEUD VLD D ULSRVR FKH GXUDQWH O¶HORTXLR HG LO VRUULVR PD q DQFKH IRQGDPHQWDOH
YHULILFDUQH O¶DFFHWWD]LRQH GD SDUWH GHO SD]LHQWH Ê LQGLFDWR FRQIHUPDUH O¶DFFHWWDELOLWj FOLQLFD GHO
PDQXIDWWR SURWHVLFR SULPD GHOOD FHPHQWD]LRQH WHQHQGR SUHVHQWH JOL VFRSL HG L SULQFLSL GHOOD SURYD
IXVLRQH H GHOOD SURYD RFFOXVDOH HG HVWHWLFD /D FRQIHUPD GHO SD]LHQWH LQ PHULWR DO FRPIRUW H
DOO¶HVWHWLFD GHOOD SURWHVL ILVVD GRYUHEEH HVVHUH FRQVLGHUDWD XQ HOHPHQWR GL URXWLQH QHOO¶DPELWR GHOOD
SURFHGXUDGLDSSOLFD]LRQHLQSURYD6HODSURWHVLILVVDULVXOWDLQVRGGLVIDFHQWHGXUDQWHO¶DSSOLFD]LRQH
LQ SURYD q QHFHVVDULR LQGLYLGXDUH OD FDXVD GHO GLIHWWR SULPD GHOO¶HYHQWXDOH ULIDFLPHQWR R PRGLILFD
GHOODVWHVVD
'RSROD³SURYDELVFRWWR´LOPDQXIDWWRYLHQHLQYLDWRDOODERUDWRULRFKHSURYYHGHUjDOODILQDOL]]D]LRQH
GHOGLVSRVLWLYRGHILQLWLYR
3HU DWWXDUH WXWWH OH IDVL VRSUD GHVFULWWH q LQGLVSHQVDELOH XQ¶DGHJXDWD FROODERUD]LRQH GD SDUWH GHO
SD]LHQWH


%LEOLRJUDILD

'DYLV6+.HOO\-5&DPSEHOO6'8VHRIDQHODVWRPHULFPDWHULDOWRLPSURYHWKHRFFOXVDOVHDWDQGPDUJLQDOVHDORIFDVW
UHVWRUDWLRQV-3URVWKHW'HQW

'L )HER *  ,O WUDXPD GD RFFOXVLRQH H OD VXD WHUDSLD PHGLDQWH PRODJJLR VHOHWWLYR ,Q 3DURGRQWRORJLD D FXUD GL
&DODQGULHOOR0*&DUQHYDOH*5LFFL (GLWULFH&LGHV2GRQWR(GL]LRQLLQWHUQD]LRQDOL

.RSS)5%HOVHU8(VWKHWLFFKHFNOLVWIRUWKHIL[HGSURVWKHVLV,Q6FKDUHU35LQQ/$.RSS)5 HGV (VWKHWLFJXLGHOLQHV
IRUUHVWRUDWLYHGHQWLVWU\&DURO6WUHDP,/4XLQWHVVHQFH

.XZDWD07KHRU\DQG3UDFWLFHIRU&HUDPRPHWDO5HVWRUDWLRQV&KLFDJR4XLQWHVVHQFH

0DUWLJQRQL06FKRQHQEHUJHU$-3UHFLVLRQHHFRQWRUQRQHOODULFRVWUX]LRQHSURWHVLFD4XLQWHVVHQ]9HUODJV±*PEK±
%HUOLQ

0F/HDQ-:1HZGHQWDOFHUDPLFVDQGHVWKHWLFV-(VWKHW'HQW  

3DPHLMHU-+1)DWWRULSDURGRQWDOLHRFFOXVDOLQHOODFRVWUX]LRQHGLSRQWLHFRURQH(GL]6FLHQWLILFKH86(6

6FKZDUW],6$UHYLHZRIPHWKRGVDQGWHFKQLTXHVWRLPSURYHWKHILWRIFDVWUHVWRUDWLRQV-3URVWKHW'HQW


6KLOOLQJEXUJ +7 +RER 6 :KLWVHWW /' )XQGDPHQWDOV RI IL[HG SURVWKRGRQWLFV QG HG 4XLQWHVVHQFH 3XEOLVKLQJ &R
&KLFDJR

6RUHQVHQ-$,PSURYLQJVHDWLQJRIFHUDPLFLQOD\VZLWKDVLOLFRQHILWFKHFNLQJPHGLXP-3URVWKHW'HQW

:KLWH616RUHQVHQ-$.DQJ6.,PSURYHGPDUJLQDOVHDWLQJRIFDVWUHVWRUDWLRQVXVLQJDVLOLFRQHGLVFORVLQJPHGLXP,QW
-3URVWKRGRQW

<DPDPRWR0%DVLFWHFKQLTXHIRUPHWDOFHUDPLFV7RN\R4XLQWHVVHQFH

Ϯϰϭ


257


&HPHQWD]LRQHGHJOLHOHPHQWLSURWHVLFL

8QDYROWDDSSURQWDWRGHILQLWLYDPHQWHLOGLVSRVLWLYRSURWHVLFRILVVRTXHVWRYDFHPHQWDWRVXLSLODVWUL
QDWXUDOLRLPSODQWDUL
1HOOD VFHOWD GHO WLSR GL FHPHQWR GHILQLWLYR q RSSRUWXQR WHQHU FRQWR GHL UHTXLVLWL LGHDOL TXDOL OD
ELRFRPSDWLELOLWj O¶D]LRQH SURWHWWLYD OD UHVLVWHQ]D PHFFDQLFD O¶DGHVLRQH FKLPLFD OR VSHVVRUH GHO
ILOPO¶LQVROXELOLWjQHOODVDOLYDO¶LQLEL]LRQHGHOODFDULHHOHSURSULHWjRWWLFKH &DUWHU :LOVRQ
0DWVXPXUDHWDO:KLWH7DQ ,EEHWVRQ0DUJHULWHWDO0RMRQHWDO
0RUPDQQHWDO3LOR &DUGDVK5RVHQVWLHOHWDO6WDQLOHFHWDO 
'DO PRPHQWR FKH OD ULWHQ]LRQH GHO UHVWDXUR q LQIOXHQ]DWD QRQ VROR GDO FHPHQWR PD DQFKH GDOOD
SUHSDUD]LRQHGHQWDOHHGDOPDQXIDWWRSURWHVLFRqFRQVLJOLDELOHXWLOL]]DUHLOVLVWHPDGLFHPHQWD]LRQH
GHILQLWLYDSLLQGLFDWRSHULOVLQJRORFDVR
,O VLVWHPD GL FHPHQWD]LRQH GHYH HVVHUH VFHOWR FRQVLGHUDQGR OD GLVWULEX]LRQH H OH FDUDWWHULVWLFKH GHL
SLODVWULFRQSDUWLFRODUHULIHULPHQWRDOPDWHULDOHDOOHVXSHUILFLHDLPDUJLQL
,QROWUH q RSSRUWXQR FRQVLGHUDUH O¶DGDWWDPHQWR DOOD OLQHD GL FKLXVXUD GHO UHVWDXUR H OD SRVVLELOLWj GL
GHWHUJHUH LVRODUH H WUDWWDUH VLD OD VXSHUILFLH GHQWDOH SHU LO VLVWHPD GL FHPHQWD]LRQH VFHOWR VLD OD
VXSHUILFLHLQWHUQDGHOUHVWDXUR
/DSURWHVLILVVDGHYHHVVHUHPHVVDFRPSOHWDPHQWHLQVHGHHQWURLOWHPSRGLODYRUD]LRQHGHOFHPHQWR
DYHQGRFXUDGLDFFHUWDUHFKHLOPDWHULDOHGLFHPHQWD]LRQHDEELDFRPSOHWDPHQWHULHPSLWRO¶LQWHUIDFFLD
WUDSUHSDUD]LRQHHUHVWDXUR3XUHVVHQGRIRUWHPHQWHFRQVLJOLDELOHPDQWHQHUHXQDOLHYHHFFHGHQ]DGL
FHPHQWROXQJRO¶LQWHURPDUJLQHGHOUHVWDXURRJQLHFFHVVRGLPDWHULDOHGHYHHVVHUHRSSRUWXQDPHQWH
HOLPLQDWR :KLWH:KLWH7DQ ,EEHWVRQ$\DGHWDO*X]PDQHWDO
6RGHUKROP0RUPDQQHWDO-DFREV :LQGOHU 
ÊQHFHVVDULRLPSHGLUHLOPRYLPHQWRGHOODSURWHVLILVVDULVSHWWRDOPRQFRQHVRWWRVWDQWHGXUDQWHODIDVH
LQL]LDOH FULWLFD GL LQGXULPHQWRSROLPHUL]]D]LRQH GHO FHPHQWR ,Q WDOH IDVH SRVVRQR HVVHUH ULFKLHVWH
SUHFDX]LRQLVSHFLDOLSHULVRODUHHSURWHJJHUHLOPDWHULDOHGLFHPHQWD]LRQHXWLOL]]DWR
8QDYROWDFRPSOHWDWRO¶LQGXULPHQWRLOPDWHULDOHGLFHPHQWD]LRQHLQHFFHVVRGHYHHVVHUHDWWHQWDPHQWH
ULPRVVR FRQ WHFQLFKH H VWUXPHQWL FKH QRQ GDQQHJJLQR L PDUJLQL H OH VXSHUILFL GHL UHVWDXUL DSSHQD
UHDOL]]DWLLWHVVXWLPROOLHOHVXSHUILFLGHQWDOLHLUHVWDXULDGLDFHQWL'XUDQWHODULPR]LRQHGHOFHPHQWR
q SDUWLFRODUPHQWH LPSRUWDQWH DVVLFXUDUVL FKH QRQ ULPDQJDQR HFFHGHQ]H GL PDWHULDOH QHL VLWL
LQWHUSURVVLPDOLHLQWUDVXOFXODUL

ϮϰϮ


258


/H SURWHVL ILVVH DSSHQD FHPHQWDWH GHYRQR HVVHUH VRWWRSRVWH DG XQ DFFXUDWR FRQWUROOR YROWR D
GHWHUPLQDUHO¶DGDWWDPHQWRPDUJLQDOHLFRQWDWWLHLUDSSRUWLFRQLGHQWLDGLDFHQWLHDQWDJRQLVWLHFRQL
WHVVXWLSDURGRQWDOLHODIXQ]LRQHRFFOXVDOH
2YH LQGLFDWR q FRQVLJOLDELOH SURFHGHUH DOOH UHJROD]LRQL RFFOXVDOL QHFHVVDULH HG DOOD FRQVHJXHQWH
ULILQLWXUDHOXFLGDWXUDGHOOHVXSHUILFL 9DOGHUKDXJK +HOH$\DGHWDO0DUWLQHWDO
6RGHUKROP6WDQLOHFHWDO7DQ  ,EEHWVRQ:DWDQDEHHWDO7XQWLSUDZRQ
:KLWH0DUJHULWHWDO 


5HTXLVLWL LPSRUWDQWL GL XQ FHPHQWR GHYRQR HVVHUH OD ELRFRPSDWLELOLWj O¶D]LRQH SURWHWWLYD OD
UHVLVWHQ]D PHFFDQLFD O¶DGHVLRQH FKLPLFD OR VSHVVRUH GHO ILOP O¶LQVROXELOLWj QHOOD VDOLYD
O¶LQLEL]LRQHGHOODFDULHHOHSURSULHWjRWWLFKH


,OFHPHQWRLQHFFHVVRYDULPRVVRVSHFLHQHLVLWLLQWHUSURVVLPDOHHLQWUDVXOFXODUH


'RSRODFHPHQWD]LRQHGHOODSURWHVLILVVDSULPDGLFRQJHGDUHXQSD]LHQWHqRSSRUWXQRIRUQLUH
LVWUX]LRQLQHFHVVDULHLQ PHULWRDOOHDWWHQ]LRQL GDVHJXLUHQHOOHSULPH RUHDLSURYYHGLPHQWL GD
DGRWWDUHLQFDVRGLGRORULRGLVWXUELSRVWRSHUDWRULHDOOHHYHQWXDOLPRGLILFKHGDDSSRUWDUHDOOH
SURSULHDELWXGLQLSHUXQ¶DGHJXDWDLJLHQHRUDOH



%LEOLRJUDILD

$\DG0)5RVHQVWHLO676DODPD0,QIOXHQFHRIWRRWKVXUIDFHURXJKQHVVDQGW\SHRIFHPHQWRQUHWHQWLRQRIFRPSOHWH
FDVWFURZQV-3URVWKHW'HQW

&DUWHU60:LOVRQ357KHHIIHFWRIGLHVSDFLQJRQFURZQUHWHQWLRQ,QW-3URVWKRGRQW

*X]PDQ$)0RRUH%.$QGUHV&/:HDUUHVLVWDQFHRIIRXUOXWLQJDJHQWVDVDIXQFWLRQRIPDUJLQDOJDSGLVWDQFHFHPHQW
W\SHDQGUHVWRUDWLYHPDWHULDO,QW-3URVWKRGRQW¶

-DFREV06:LQGOHU$6$QLQYHVWLJDWLRQRIGHQWDOOXWLQJDJHQWVROXELOLW\DVDIXQFWLRQRIWKHPDUJLQDOJDS-3URVWKHW
'HQW

0DUJHULW-&OX]HO%/HORXS-01XULW-3DXYHUW%7HURO$&KHPLFDOFKDUDFWHUL]DWLRQRILQYLYRDJHG]LQFSKRVSKDWH
GHQWDOFHPHQWV-0DW6FL0DW0HG

0DUWLQ53DXO6-/XWK\+6FKDUHU3'HQWLQERQGVWUHQJWKRI'\UDFW&HP$P-'HQW

0DWVXPXUD + .DWR + $WVXWD 0 6FKHDU ERQG VWUHQJWK WR IHOGVSDWKLF SRUFHODLQ RI WZROXWLQJ FHPHQWV LQ FRPELQDWLRQ
ZLWKWKUHHVXUIDFHWUHDWPHQWV-3URVWKHW'HQW

0RMRQ3+DZEROW(%0DF(QWHH0/$FRPSDULVRQRIWZRPHWKRGVIRUUHPRYLQJ]LQFR[LGHHXJHQROSURYLVLRQDOFHPHQW
,QW-3URVWKRGRQW


Ϯϰϯ


259


0RUPDQQ:+%LQGO$/XWK\+5DWKNH$(IIHFWRISUHSHUDWLRQDQGOXWLQJV\VWHPRQDOOFHUDPLFFRPSXWHUJHQHUDWHG
FURZQV,QW-3URVWKRGRQW

3LOR5&DUGDVK+6,QYLYRUHWURVSHFWLYHVWXG\RIFHPHQWWKLFNQHVVXQGHUFURZQV-3URVWKHW'HQW

5RVHQVWLHO6)/DQG0)&ULVSLQ%-'HQWDOOXWLQJDJHQWVDUHYLHZRIWKHFXUUHQWOLWHUDWXUH-3URVWKHW'HQW


6RGHUKROP.-0&RUUHODWLRQRILQYLYRDQGLQYLWURSHUIRUPDQFHRIDGKHVLYHUHVWRUDWLYHPDWHULDOVDUHSRUWRIWKH$6&
0'7DVN*URXSRQWHVWPHWKRGVIRUWKHDGKHVLRQRIUHVWRUDWLYHPDWHULDOV'HQW0DWHU

6WDQLOHF 0 *LOHV :6 6DLNX -0 +DWWRUL 0 &DULHV 3HQHWUDWLRQ DQG FHPHQW WKLFNQHVV RI WKUHH OXWLQJ DJHQWV ,QW -
3URVWKRGRQW

7DQ.,EEHWVRQ57KHHIIHFWRIFHPHQWYROXPHRQFURZQVHDWLQJ,QW3URVWKRGRQW

7XQWLSUDZRQ 0 (IIHFW RI WRRWK VXUIDFH URXJKQHVV RQ PDUJLQDO VHDWLQJ DQG UHWHQWLRQ RI FRPSOHWH PHWDO FURZQV  -
3URVWKHW'HQW

9DOGHUKDXJK-+HOH/2UDOK\JLHQHLQDJURXSRIVXSHUYLVHGSDWLHQWVZLWKIL[HGSURVWKHVHV-3HULRGRQWRO

:DWDQDEH(.<DPDVKLWD$,PDL0<DWDQL+6X]XNL.7HPSRUDU\FHPHQWUHPQDQWVDVDQDGKHVLRQLQKLELWLQJIDFWRULQ
WKHLQWHUIDFHEHWZHHQUHVLQFHPHQWVDQGERYLQHGHQWLQ,QW-3URVWKRGRQW

:KLWH61,QJOHV6.LSQLV9,QIOXHQFHRIPDUJLQDORSHQLQJRQPLFUROHNHDJHRIFHPHQWHGDUWLILFLDOFURZQV-3URVWKHW
'HQW

:KLWH61<X=&RPSUHVVLYHDQGGLDPHWUDOVWUHQJWKVRIFXUUHQWDGKHVLYHOXWLQJDJHQWV-3URVWKHW'HQW


:KLWH61<X=7KHHIIHFWRIVHDWLQJIRUFHRQILOPWKLFNQHVVRIQHZDGKHVLYHOXWLQJDJHQWV-3URVWKHW'HQW




&RQWUROOLDGLVWDQ]D
1HOSHULRGRVXFFHVVLYRDOODFHPHQWD]LRQHqRSSRUWXQRHIIHWWXDUHFRQWUROOLSHULQGLYLGXDUHHYHQWXDOL
SUREOHPLHYDOXWDUHGRORULRGLVWXUELSRVWRSHUDWRULFKHSRVVRQRLQVRUJHUHHQWURDOFXQHVHWWLPDQHGDOOD
FHPHQWD]LRQH 1HYLQV   1HYLQV   $LQDPR  *MHUPR   $[HOVVRQ HW DO 
$[HOVVRQ /LQGKH9DOGHUKDXJK %LUNHODQG 
$QFKHLQTXHVWRDPELWRqRSSRUWXQRYDOXWDUHFRQSDUWLFRODUHDWWHQ]LRQHO¶DGDWWDPHQWRPDUJLQDOHL
FRQWDWWL H L UDSSRUWL FRQ JOL DOWUL HOHPHQWL H FRQ L WHVVXWL SDURGRQWDOL H ULFRQWUROODUH OD IXQ]LRQH
RFFOXVDOH $[HOVVRQ HW DO   $[HOVVRQ  /LQGKH   $[HOVVRQ   /HYLQH  6KDQDPDQ
:HVWIHOW 
8QD SDUWLFRODUH FXUD YD LQROWUH ULVHUYDWD DOO¶HVDPH GHOOD ULVSRVWD WLVVXWDOH LQL]LDOH H DOO¶HIILFDFLD
GHOO¶LJLHQHRUDOHPDQWHQXWDGDOSD]LHQWHLQUHOD]LRQHDOODSURWHVLILVVD

Ϯϰϰ


260


2YH LQGLFDWR q RSSRUWXQR SURFHGHUH DOOH QHFHVVDULH FRUUH]LRQL HG DOOD ULILQLWXUD H OXFLGDWXUD GHOOH
VXSHUILFLHIRUQLUHXOWHULRULFRQVLJOLHLVWUX]LRQLVXOOHQRUPHGLLJLHQHRUDOHGDDGRWWDUH
, FRQWUROOL SHULRGLFL SRVWLQVWDOOD]LRQH GHYRQR HVVHUH XQD SDUWH HVVHQ]LDOH GHOOD WHUDSLD LQ SURWHVL
ILVVD  LQIDWWL XQD GLDJQRVL SUHFRFH GL HYHQWXDOL SUREOHPL SXz LPSHGLUH LO IDOOLPHQWR GHL UHVWDXUL
/LEE\*UHJHWDO1HYLQV6FXUULD0DUNHWDO:HVWIHOW 

'RSRODFHPHQWD]LRQHGHILQLWLYDGLXQUHVWDXURSURWHVLFRILVVRVRQRRSSRUWXQLFRQWUROOLFOLQLFL


%LEOLRJUDILD

$LQDPR - *MHUPR 3 &RQVHQVXV UHSRUW RI VHVVLRQ ,,, ,Q 3URFHHGLQJV RI WKH )LUVW (XURSHDQ :RUNVKRS RQ
3HULRGRQWRORJ\(GV/DQJ13.DUULQJ74XLQWHVVHQFHSS

$[HOVVRQ3/LQGKH-1\VWURP%2QWKHSUHYHQWLRQRIFDULHVDQGSHULRGRQWDOGLVHDVH5HVXOWVRID\HDUORQJLWXGLQDO
VWXG\LQDGXOWV-&OLQ3HULRGRQWRO

$[HOVVRQ3/LQGKH-(IIHFWRIFRQWUROOHGRUDOK\JLHQHSURFHGXUHVRQFDULHVDQGSHULRGRQWDOGLVHDVHLQDGXOWV5HVXOWV
DIWHU\HDUV-&OLQ3HULRGRQWRO

$[HOVVRQ30HFKDQLFDOSODTXHFRQWURO,Q3URFHHGLQJVRIWKH)LUVW(XURSHDQ:RUNVKRSRQ3HULRGRQWRORJ\(GV/DQJ
13.DUULQJ74XLQWHVVHQFHSS

/HYLQH5$6KDQDPDQ5+7UDQVODWLQJFOLQLFDORXWFRPHVWRSDWLHQWYDOXHDQHYLGHQFHEDVHGWUHDWPHQWDSSURDFK,QW-
SHULRGRQWLFV 5HVWRUDWLYH'HQW

/LEE\ *UHJ %6 0LFKDHO 5 $UFXUL ''6 06 :LOOLDP ( /D9HOOH ''6 06 DQG /LVD +HEO 5'+ ORQJHYLW\ RI IL[HG
SDUWLDOGHQWXUHV7KH-RXUQDORI3URVWKHWLF'HQWLVWU\9ROQ,

1HYLQV0/RQJWHUPSHULRGRQWDOPDLQWHQDQFHLQSULYDWHSUDFWLFH-&OLQ3HULRGRQWDO0DU

1HYLQV03HULRGRQWDOFRQVLGHUDWLRQVLQSURVWKRGRQWLFWUHDWPHQW&XUU2SLQ3HULRGRQWDO

6FXUULD0DUN6-DPHV'%DGHU''603+DQG'DQLHO$0HWDDQDO\VLVRIIL[HGSDUWLDOGHQWXUHVXUYLYDO3URVWKHVHV
DQGDEXWPHQWV7KH-RXPDORI3URVWKHWLF'HQWLVWU\9ROQ

9DOGHUKDXJK-%LUNHODQG-03HULRGRQWDOFRQGLWLRQVLQSDWLHQWV\HDUVIROORZLQJLQVHUWLRQRIIL[HGSURVWKHVLV-2UDO
5HKDELOLWDWLRQ

:HVWIHOW(5DWLRQDOHRIPHFKDQLFDOSODTXHFRQWURO-&OLQ3HULRGRQWRO



3URWHVLSDU]LDOHULPRYLELOH

1HLSD]LHQWLSDU]LDOPHQWHHGHQWXOLFKHQHFHVVLWDQRGLULDELOLWD]LRQHIXQ]LRQDOHHVWHWLFDHSHULTXDOL
LQEDVHDYDOXWD]LRQLDQDPQHVWLFKHHFOLQLFKHRJJHWWLYHHVRJJHWWLYHQRQqLQGLFDWDRFRQVLJOLDWDOD
VRVWLWX]LRQHGHJOLHOHPHQWLPDQFDQWLFRQSURWHVLILVVHqSRVVLELOHO¶XWLOL]]RGLGLVSRVLWLYLSURWHVLFLD

Ϯϰϱ


261


VXSSRUWR GHQWRPXFRVR IDFLOPHQWH ULPRYLELOL GDO SD]LHQWH VWHVVR SURWHVL SDU]LDOH ULPRYLELOH 
%HUJPDQHWDO'\NLQV.UDWRFKYLO3UHWL 3HUD6WRIIHO 

, FULWHUL GL VHOH]LRQH GHL GHQWL SLODVWUR SHU XQD SURWHVL SDU]LDOH ULPRYLELOH LQFOXGRQR LO VXSSRUWR
DOYHRODUHLOUDSSRUWRFRURQDUDGLFHLOQXPHURODIRUPDHODFXUYDWXUDGHOOHUDGLFLO¶LQFOLQD]LRQHGHL
GHQWL SRVL]LRQHQHOO¶DUFDWD ODSURIRQGLWjGLVRQGDJJLRHODSUHVHQ]DGLVDQJXLQDPHQWRODSRVVLELOLWj
SHULOSD]LHQWHGLHIIHWWXDUHXQHIILFDFHFRQWUROORGHOODSODFFDODPRELOLWjODYDOXWD]LRQHGHLFDULFKL
RFFOXVDOL OD SUHYLVLRQH GHOOD ULVSRVWD DL FDULFKL OD SRVVLELOLWj GL UHVWDXUDUH LO GHQWH L UDSSRUWL
RFFOXVDOL LO FRQWRUQR GHOOD FRURQD OH HVLJHQ]H HVWHWLFKH $SSOHJDWH  $SSOHJDWH 
$SSOHJDWH&DUOVRQHWDO 

,O SLDQR GL WUDWWDPHQWR OD SURJHWWD]LRQH GHO GLVSRVLWLYR SURWHVLFR SDU]LDOH ULPRYLELOH H OD
SUHSDUD]LRQH GHOOD ERFFD VRQR UHVSRQVDELOLWj SURIHVVLRQDOH GHOO¶RGRQWRLDWUD  6DUj FXUD GHOOR VWHVVR
YHULILFDUHVHLGHQWLSLODVWURQHFHVVLWDQRGLUHVWDXURSURWHVLFRRFRQVHUYDWLYRSHUDFFRJOLHUHJDQFL R
FRQQHWWRULGHOODSURWHVLULPRYLELOH
/¶RGRQWRWHFQLFRqUHVSRQVDELOHLQYHFHGHOO¶HVHFX]LRQHGHOPDQXIDWWRSURWHVLFR
/¶XVRGLXQSDUDOOHORPHWURGHQWDOHqFRQVLJOLDWRSHUORFDOL]]DUHVXOPRGHOORGLVWXGLRLVRWWRVTXDGUL
SUHVHQWL HG LQGLYLGXDUH OH VXSHUILFL JXLGD LQ UHOD]LRQH DOO¶DVVH GL LQVHU]LRQH VWDELOLWR 3UHWL  3HUD
6WRIIHO+LQGHOV 

8QGLVSRVLWLYRSURWHVLFRSDU]LDOHULPRYLELOHqFRVWLWXLWRGLYDULHSDUWLFKHVHUYRQRDIRUQLUHVXSSRUWR
SHU PH]]R GL DSSRJJL VXL GHQWL SLODVWUR H GL EDVL SURWHVLFKH VXOOH FUHVWH HGHQWXOH XQD ULWHQ]LRQH
SULPDULDSHUPH]]RGLXQDULWHQ]LRQHGLUHWWD JDQFLRDWWDFFKL HXQDWUDVPLVVLRQHVHOHWWLYDGHOOHIRU]H
SHUPH]]RGHOSRVL]LRQDPHQWRGHOOHFRPSRQHQWLULJLGHGHOGLVSRVLWLYRSURWHVLFRSDU]LDOHULPRYLELOH
+HQGHUVRQ  6WHIIHO   :DUUHQ  &DSXWR   &KDQGOHU  %UXGZLN   +LQGHOV 
-RFKHQ 
,FRQJLXQWRULSULQFLSDOLXQLVFRQRODHEDVHLDGDOWUHSDUWLGHOGLVSRVLWLYRSURWHVLFRSDU]LDOHULPRYLELOH
HGDLXWDQRDGLVWULEXLUHOHIRU]HIXQ]LRQDOL/DORURFRVWUX]LRQHSUHYHGHFKHVLDQRVXIILFLHQWHPHQWH
ULJLGL SHU GLVWULEXLUH OH IRU]H DOO¶LQWHUD DUFDWD GHQWDOH ,O FRQJLXQWRUH SULQFLSDOH GHYH HVVHUH
SRVL]LRQDWRLQPRGRFKHLOVXRFRQWDWWRVLDFRPSDWLELOHFRQOH VWUXWWXUH FKHVLPXRYRQRGXUDQWHOD
PDVWLFD]LRQHSHUHYLWDUHGHFXELWLGHLWHVVXWLPROOL 3H]]ROL+HQGHUVRQ 6WHIIHO6WHZDUW
HWDO 

Ϯϰϲ


262


0LVXUD]LRQL GLUHWWH GHOOD GLVWDQ]D IUD LO SDYLPHQWR DWWLYR GHOOD ERFFD H L PDUJLQL JHQJLYDOL OLQJXDOL
VRQRQHFHVVDULHSHUODVHOH]LRQHHLOSRVL]LRQDPHQWRGHOFRQJLXQWRUHSULQFLSDOHPDQGLERODUH
$OWUH VWUXWWXUH FKH IDQQR SDUWH GL XQD SURWHVL SDU]LDOH ULPRYLELOH VRQR L JDQFL R ULWHQWRUL GLUHWWL
3HUFKp XQ ULWHQWRUH GLUHWWR VLD HIILFDFH JOL HOHPHQWL GHOOD VWUXWWXUD GHYRQR IDUH FRQWDWWR VXO GHQWH
SLODVWURLQWUHSXQWLR]RQHFKHFRSUDQRDOPHQRPHWjGHOODFLUFRQIHUHQ]DGHOGHQWH2JQLJDQFLRKD
ELVRJQR GL XQ FRQWURELODQFLDPHQWR UHFLSURFR SHU ULGXUUH LO PRYLPHQWR GHO GHQWH SLODVWUR GXUDQWH LO
SRVL]LRQDPHQWR H SHU HYLWDUH OD GLVORFD]LRQH GHOOD SURWHVL SDU]LDOH ULPRYLELOH H  GRYUHEEH HVVHUH
SDVVLYRTXDQGRODSURWHVLSDU]LDOH ULPRYLELOHqLQSRVL]LRQHH DULSRVR +HQGHUVRQ 6WHIIHO
5LEHLURHWDO0LQHHWDO&KDQGOHU %UXGZLN 
/¶HODVWLFLWj GL XQ JDQFLR YDULD VHFRQGR OD OXQJKH]]D OR VSHVVRUH O¶DPSLH]]D OD FXUYDWXUD OD
UDVWUHPDWXUD GHOO¶HVWUHPLWj OD IRUPD LQ VH]LRQH WUDVYHUVDOH OD FRPSRVL]LRQH PHWDOOXUJLFD H OD
ODYRUD]LRQH
,GLVSRVLWLYLSURWHVLFLSDU]LDOLULPRYLELOLGRYUHEEHURHVVHUHFRVWUXLWLLQPRGRGDWUDVPHWWHUHOHIRU]H
RFFOXVDOL DO GHQWH SLODVWUR LO SL SRVVLELOH SDUDOOHODPHQWH DO VXR DVVH OXQJR $SSRJJL RFFOXVDOL
PXOWLSOL HG DOWUL HOHPHQWL GL VXSSRUWR SRVVRQR IRUQLUH XQ WUDVIHULPHQWR HG XQD GLVWULEX]LRQH GHOOH
IRU]HSLYDQWDJJLRVLSHULGHQWLQDWXUDOLHVLVWHQWL .DONHWDO5LEHLURHWDO&KDQGOHU 
%UXGZLN$SSOHJDWH$SSOHJDWH 

,O GLVHJQR LO FRQWRUQR H OD ULILQLWXUD GL XQD SURWHVL SDU]LDOH ULPRYLELOH GHYRQR FHUFDUH TXDQWR SL
SRVVLELOHGLPLQLPL]]DUHODULWHQ]LRQHHLOULVWDJQRGLFLER/DPDJJLRUSDUWHGHOOHSURWHVLULPRYLELOL
SXz DYHUH XQ PLQLPR PRYLPHQWR GXUDQWH O¶XWLOL]]R GL TXHVWR LO SD]LHQWH GHYH HVVHUH SUHYLDPHQWH
LQIRUPDWR  O¶HQWLWj H OD GLUH]LRQH GHO PRYLPHQWR VRQR LQIOXHQ]DWH GDOOH VWUXWWXUH GL VXSSRUWR GDO
GLVHJQR GHOOD SURWHVL H GDOO¶DFFXUDWH]]D GHOO¶DGDWWDPHQWR GHOOD VWUXWWXUD H GHOOH EDVL 3H]]ROL 
6WRIIHO+LQGHOV.DONHWDO 

/RVSOLQWDJJLRILVVRGHLGHQWLFKHGHYRQRHVVHUHXVDWLFRPHSLODVWULSHUGLVSRVLWLYLSURWHVLFLSDU]LDOL
ULPRYLELOL SXz HVVHUH LQGLFDWR TXDQGR LO VXSSRUWR RVVHR GHL SLODVWUL q VYDQWDJJLRVR R TXDQGR VRQR
SUHYLVWLGHLULWHQWRULULJLGL

1HL SD]LHQWL SDU]LDOPHQWH HGHQWXOL QHL TXDOL QRQ q SRVVLELOH O¶XWLOL]]R GL GLVSRVLWLYL SURWHVLFL
ILVVLODULDELOLWD]LRQHIXQ]LRQDOHHVWHWLFDqDWWXDELOHFRQSURWHVLSDU]LDOHULPRYLELOHDVXSSRUWR
GHQWRPXFRVR


Ϯϰϳ


263


3ULPDGLSUHQGHUHO¶LPSURQWDSHULO³PRGHOORPDHVWUR´qRSSRUWXQRYDOXWDUHVHHVLVWRQRLQGLFD]LRQL
SHU OD SUHSDUD]LRQH GHL GHQWL SLODVWUR Vu GD PRGLILFDUH L FRQWRUQL VIDYRUHYROL H FUHDUH VXSHUILFL GL
JXLGD H VHGL GL DSSRJJLR /H VXSHUILFL GHL GHQWL QDWXUDOL HYHQWXDOPHQWH PRGLILFDWH GHYRQR HVVHUH
EHQ OHYLJDWH HG q FRQVLJOLDWR VRWWRSRUOH DG DSSOLFD]LRQH GL IOXRUR *OL HYHQWXDOL UHVWDXUL ILVVL
IDEEULFDWLSHULSLODVWULGLSURWHVLSDU]LDOLULPRYLELOLGRYUHEEHURLQFRUSRUDUHVXSHUILFLGLJXLGDVHGLGL
DSSRJJLR HG XQ VRWWRVTXDGUR DGHJXDWR SHU LO SRVL]LRQDPHQWR GHL JDQFL R OD FRQWURSDUWH GL DOWUL
FRQQHWWRUL $SSOHJDWH$SSOHJDWH$SSOHJDWH6WRIIHO+LQGHOV.DONHW
DO 
,SLDQLJXLGDGRYUHEEHURHVVHUHDOOLQHDWLDOO¶DVVHG¶LQVHU]LRQHFXUYDWLEXFFROLQJXDOPHQWHSHUVHJXLUH
ODIRUPDGHLGHQWLGLULWWLRFFOXVRJHQJLYDOPHQWHHGLVWULEXLWLTXDQWRSLqSRVVLELOHQHOO¶DUFDWD
/H VHGL GHJOL DSSRJJL GHYRQR HVVHUH VXIILFLHQWHPHQWH UHVLVWHQWL D VRSSRUWDUH VWUHVV IXQ]LRQDOL
SUHIHULELOPHQWH SUHSDUDWH LQ VPDOWR R VX XQ UHVWDXUR PHWDOOLFR IRUQLUH XQ FRQWDWWR YHUWLFDOH SHU OD
VWUXWWXUDPHWDOOLFDHVVHUHVYDVDWHDUURWRQGDWHHDGDWWDUVLDOO¶DQDWRPLDFRURQDOHHVLVWHQWHHGDYHUHXQD
SUHSDUD]LRQHVXIILFLHQWHPHQWHSURIRQGDSHUHYLWDUHIUDWWXUHGDDSSRJJLR

/DGHQWL]LRQHRSSRVWDSXzDYHUHELVRJQRGLPRGLILFKHLQPRGRGDODVFLDUHVSD]LRSHUXQ¶DGHJXDWD
SURIRQGLWjGLDSSRJJLR
8QDVHGHGLDSSRJJLRVXXQGHQWHDQWHULRUHGRYUHEEHHVVHUHSRVL]LRQDWDVXXQDVXSHUILFLHOLQJXDOHR
LQFLVDOH PRGLILFDWD /D IRU]D ULVXOWDQWH GRYUHEEH HVVHUH GLUHWWD SDUDOOHODPHQWH DOO¶DVVH OXQJR GHO
GHQWH1HOFDVRXQDPRGLILFDQRQIRVVHIDWWLELOHSXzHVVHUHQHFHVVDULRXQUHVWDXURFKHLQFRUSRULXQD
VHGHGLDSSRJJLR
,FRQWRUQLGHLGHQWLSLODVWURTXDQGRQHFHVVDULRSRVVRQRHVVHUHPRGLILFDWLSHUFUHDUHGHOOHVXSHUILFL
JXLGDFKHIDYRULVFDQRODULWHQ]LRQHHODVWDELOLWjGHLGLVSRVLWLYLSURWHVLFLSDU]LDOLULPRYLELOL .DONHW
DO5LEHLURHWDO&KDQGOHU %UXGZLN+LQGHOV3UHWL 3HUD 

,Q IDVH GL SURJHWWD]LRQH GL XQD SURWHVL SDU]LDOH ULPRYLELOH q RSSRUWXQR YDOXWDUH VH HVLVWRQR
LQGLFD]LRQL SHU OD SUHSDUD]LRQH GHL GHQWL SLODVWUR LQ PRGR WDOH GD PRGLILFDUH L FRQWRUQL
VIDYRUHYROLHFUHDUHVXSHUILFLGLJXLGDHVHGLGLDSSRJJLR


3ULPD GL SUHQGHUH OH LPSURQWH SHU XQD QXRYD SURWHVL SDU]LDOH ULPRYLELOH L WHVVXWL PROOL FKH
VRQRVWDWLGLVWRUWLRVSRVWDWLGDXQSUHFHGHQWHGLVSRVLWLYRSURWHVLFRSDU]LDOHULPRYLELOHGHYRQR
HVVHUHULFRQGL]LRQDWLHGHYHHVVHUHULVWDELOLWRLOORURWRQRQRUPDOH



Ϯϰϴ


264


,PSURQWH

,Q WDOXQH VLWXD]LRQL FOLQLFKH SULPD GHOO¶LPSURQWD SHU OD UHDOL]]D]LRQH GHO ³PRGHOOR PDHVWUR´ SXz
HVVHUH QHFHVVDULR ULOHYDUH XQD SULPD LPSURQWD LQ DOJLQDWR SHU OD FRVWUX]LRQH GL XQ SRUWDLPSURQWD
LQGLYLGXDOH
/¶LPSURQWDSHUODUHDOL]]D]LRQHGHO³PRGHOORPDHVWUR´GHYHUHJLVWUDUHDFFXUDWDPHQWHOH]RQHFULWLFKH
GHLWHVVXWLGXULHPROOLVSHFLDOPHQWHOHVHGLGLDSSRJJLR
4XDQGRLGHQWLSRVWHULRULVRQRPDQFDQWLO¶LPSURQWDGHILQLWLYDGHOO¶DUFDWDSDU]LDOPHQWHHGHQWXODGHYH
HVVHUH RSSRUWXQDPHQWH HVWHVD H EHQ OHJJLELOH ,O SRUWDLPSURQWH GHYH HVVHUH SRVL]LRQDWR FRQ
DWWHQ]LRQH H WHQXWR IHUPR ILQR D FKH LO PDWHULDOH GD LPSURQWD QRQ q GHO WXWWR LQGXULWR 4XLQGL OH
LPSURQWHILQDOLGHYRQRHVVHUHVWXGLDWHDWWHQWDPHQWHSHUYHULILFDUHFKHWXWWHOH]RQHFULWLFKHGHLWHVVXWL
PROOLRGXULVRQRVWDWHUHJLVWUDWHDFFXUDWDPHQWHQRQVRQRSUHVHQWLEROOHQHOOHVHGLGLDSSRJJLRHGLO
PDWHULDOHGDLPSURQWDQRQqVHSDUDWRGDOSRUWDLPSURQWH(¶FRQVLJOLDWRO¶XWLOL]]RGLXQDGHVLYR
6XFFHVVLYDPHQWH DOOD SUHVD GHOO¶LPSURQWD VRQR QHFHVVDULH DOFXQH SURYH SHU YDOXWDUH O¶DGDWWDPHQWR
GHOODVWUXWWXUDPHWDOOLFDO¶DFFXUDWH]]DGHOPRQWDJJLRVXOO¶DUWLFRODWRUHODGLVSRVL]LRQHHODIRUPDGHL
GHQWLDUWLILFLDOLVHOH]LRQDWL $SSOHJDWH$SSOHJDWH.DONHWDO5LEHLURHWDO 

0RGHOOL
8QD YROWD ULOHYDWD O¶LPSURQWD L PRGHOOL RULJLQDOL GHYRQR HVVHUH UHDOL]]DWL FRQ XQ JHVVR GHQWDOH
FRPSDWLELOHFRQLOPDWHULDOHXVDWRSHUSUHQGHUHOHLPSURQWH
Ê XWLOH ULSRUWDUH LO GLVHJQR GHOOD VWUXWWXUD GHOOD SURWHVL SDU]LDOH ULPRYLELOH SURJHWWDWD R VXO PRGHOOR
RULJLQDOHRVXOVXRGXSOLFDWRLQPRGRGDWUDVPHWWHUHTXHVWDLQIRUPD]LRQHDOO¶RGRQWRWHFQLFR &DUUHLUR
$GDHWDO9DQ/RYUHQ.DONHWDO5LEHLURHWDO 

5HJLVWUD]LRQLRFFOXVDOL
1HOODIDVHGLFRVWUX]LRQHGHOGLVSRVLWLYRSURWHVLFRSDU]LDOHULPRYLELOHLPSRUWDQWHqODYHULILFDGHOOH
UHOD]LRQLLQWHUPDVFHOODUL
/DGLPHQVLRQHYHUWLFDOHGLRFFOXVLRQHVWDELOLWDSHUODSURWHVLSDU]LDOHULPRYLELOHGHYHFRLQFLGHUHFRQ
TXHOOD GHOOD GHQWDWXUD QDWXUDOH ULPDQHQWH H OD VWUXWWXUD PHWDOOLFD GHOOD SURWHVL QRQ GHYH LPSHGLUH LO
FRQWDWWR GHL GHQWL QDWXUDOL LQ RFFOXVLRQH VH QRQ QHO FDVR FKH VL VLD SLDQLILFDWR XQ DXPHQWR GHOOD
GLPHQVLRQHYHUWLFDOH
3HU XQ¶DUWLFROD]LRQH DGHJXDWD O¶RFFOXVLRQH GL XQ GLVSRVLWLYR SURWHVLFR SDU]LDOH ULPRYLELOH GHYH
HVVHUHVYLOXSSDWDFRQLGHQWLQDWXUDOLUHVLGXLDOODFRUUHWWDGLPHQVLRQHYHUWLFDOHGLRFFOXVLRQH

Ϯϰϵ


265


3HU RWWLPL]]DUH OD IXQ]LRQH PDVWLFDWRULD LQ SUHVHQ]D GL XQD SURWHVL SDU]LDOH ULPRYLELOH OH VXSHUILFL
RFFOXVDOLGHLGHQWLQDWXUDOLSRVVRQRDYHUHELVRJQRGLXQULPRGHOODPHQWRSHUXQLIRUPDUOHDGXQSLDQR
RFFOXVDOHFRUUHWWRLQFDVRGLHVWUXVLRQL
&RQWDWWL VXO ODWR QRQ ODYRUDQWH VRQR JHQHUDOPHQWH LQGHVLGHUDELOL SHU OH SURWHVL SDU]LDOL ULPRYLELOL
RSSRVWHDGHQWLQDWXUDOLRDGXQ¶DOWUDSURWHVLSDU]LDOHULPRYLELOH
*HQHUDOPHQWH QHVVXQD SDUWH GHOOD SURWHVL ULPRYLELOH GHYH LQWHUIHULUH FRQ LO FRPSOHWR FRQWDWWR
RFFOXVDOH R FRQ L PRYLPHQWL HFFHQWULFL GHOOD GHQWL]LRQH QDWXUDOH UHVLGXD =LW]PDQQ HW DO 
&DUUHLUR$GDHWDO9DQ/RYUHQ.DONHWDO5LEHLURHWDO 

3URYDGHOODVWUXWWXUDPHWDOOLFD
/D PDJJLRU SDUWH GHOOH VWUXWWXUH PHWDOOLFKH GHOOH SURWHVL SDU]LDOL ULPRYLELOL ULFKLHGH TXDOFKH
DJJLXVWDPHQWRSULPDGLUDJJLXQJHUHO¶DGDWWDPHQWRRWWLPDOHDLSLODVWUL4XHVWRSXzHVVHUHRWWHQXWRSL
IDFLOPHQWH FRQ XQD SDVWD ULYHODWULFH 7XWWH OH SDUWL GL XQD VWUXWWXUD GHYRQR HVVHUH QHOOD JLXVWD
FROORFD]LRQH/DVFHOWDGHOPDWHULDOHGHLGHQWLDUWLILFLDOLqGLSHUWLQHQ]DGHOFOLQLFRLQEDVHDOSURJHWWR
FOLQLFR :DUUHQ &DSXWR&KDQGOHU %UXGZLN&DUOVRQHWDO 

3URYDGHJOLHOHPHQWLGHQWDUL
*HQHUDOPHQWHqQHFHVVDULDXQDSURYDFRQLGHQWLDUWLILFLDOLVLVWHPDWLVXFHUD DGHUHQWH DOODVWUXWWXUD
/¶DFFXUDWH]]D GHO PRQWDJJLR VXOO¶DUWLFRODWRUH GHYH HVVHUH YHULILFDWD GXUDQWH OD SURYD 'RSR DYHUH
GHWHUPLQDWR O¶DFFXUDWH]]D GHOOD GLPHQVLRQH YHUWLFDOH GL RFFOXVLRQH GHYH HVVHUH YHULILFDWD OD
SRVL]LRQH LQWHUPDVFHOODUH  , GHQWL DUWLILFLDOL DQWHULRUL GHYRQR HVVHUH SURYDWL QHOOD ERFFD SHU
YHULILFDUQH OD GLPHQVLRQH LO FRORUH OD SRVL]LRQH OD IRQHWLFD H O¶DFFHWWD]LRQH GD SDUWH GHO SD]LHQWH
/¶DVSHWWR GHOOD SURWHVL SDU]LDOH ULPRYLELOH GHYH HVVHUH VRGGLVIDFHQWH VLD SHU LO SD]LHQWH VLD SHU
O¶RGRQWRLDWUD 3H]]ROL   +HQGHUVRQ  6WHIIHO  6WHZDUW HW DO   .DON HW DO 
5LEHLURHWDO 

8QD YROWD WHUPLQDWD OD FRVWUX]LRQH GHO GLVSRVLWLYR SURWHVLFR ULPRYLELOH OD SURYD QHOOD ERFFD GHO
SD]LHQWH SUHYHGH LO FRQWUROOR GHOOH EDVL GHOOD SURWHVL H GHO FRQJLXQWRUH SULQFLSDOH FRQ XQD SDVWD
ULYHODWULFH DO ILQH GL  LGHQWLILFDUH OH ]RQH GL SUHVVLRQH QRQ GHVLGHUDELOL /H VWUXWWXUH GHOOH SURWHVL
SDU]LDOLULPRYLELOLGHYRQRHVVHUHLQWHUDPHQWHDOORJJLDWHVXOOHVWUXWWXUHGLVXSSRUWRSULPDGLYHULILFDUH
O¶RFFOXVLRQH $ WDOH VFRSR SXz HVVHUH XWLOH XQ EUHYH XVR GHO GLVSRVLWLYR SURWHVLFR SULPD GHOOD
YHULILFD /¶RFFOXVLRQH SXz DYHUH ELVRJQR GL DJJLXVWDPHQWL SHU RWWHQHUH L FRQWDWWL SLDQLILFDWL LQ
SRVL]LRQHGLPDVVLPDLQWHUFXVSLGD]LRQHHQHOOHHVFXUVLRQLODWHUDOL
ϮϱϬ


266


/H LVWUX]LRQL SHU OD SXOL]LD GHOOD ]RQD LQWRUQR DL GHQWL SLODVWUR H DJOL DOWUL GHQWL QDWXUDOL VRQR
HVVHQ]LDOL3HUDLXWDUHLSD]LHQWLDSXOLUHOHSURWHVLSDU]LDOLULPRYLELOLHGLGHQWLGLVXSSRUWRSRVVRQR
HVVHUHIRUQLWLRSUHVFULWWLVSD]]ROLQLGHOODJLXVWDIRUPDHGDGHJXDWHLVWUX]LRQL
/DIOXRURSURILODVVLGHLGHQWLQDWXUDOLSXzHVVHUHLQGLFDWD
$OPRPHQWRGHOODFRQVHJQDGHOODYRURILQLWRDOSD]LHQWHYDQQRGDWHLVWUX]LRQLYHUEDOLRVFULWWHSHULO
FRUUHWWR LQVHULPHQWR H ULPR]LRQH GHOOD SURWHVL H SHU HIIHWWXDUH XQD FRUUHWWD SXOL]LD GHOOD VWHVVD
$SSOHJDWH$SSOHJDWH3H]]ROL+HQGHUVRQ 6WHIIHO6WHZDUWHWDO
5LEHLURHWDO9DQ/RYUHQ&KDQGOHU %UXGZLN 

/DPDJJLRUSDUWHGHLSD]LHQWLFRQSURWHVLSDU]LDOLULPRYLELOLGRYUHEEHVRWWRSRUVLDVHGXWDGL
FRQWUROORGDOO¶RGRQWRLDWUDDOPHQRRJQLVHLPHVLHVHQHFHVVDULRDQFKHSLIUHTXHQWHPHQWH
&LzYDOHVRSUDWWXWWRSHUOHSURWHVLSDU]LDOLULPRYLELOLDGHVWHQVLRQHGLVWDOHFKHSHULRGLFDPHQWH
GRYUHEEHURHVVHUHHVDPLQDWHSHUYDOXWDUHLOULDVVRUELPHQWRGHOOHFUHVWHODVWDELOLWj
O¶RFFOXVLRQHHORVSRVWDPHQWRGHOODVWUXWWXUD
2JQLVFRVWDPHQWRGDOODVLWXD]LRQHRWWLPDOHYDFRUUHWWR


%LEOLRJUDILD 

$SSOHJDWH2&$QHYDOXDWLRQRIWKHVXSSRUWIRUWKHUHPRYDEOHSDUWLDOGHQWXUH-3URVWKHW'HQW 


$SSOHJDWH2&(VVHQWLDOVRIUHPRYDEOHSDUWLDOGHQWXUHSURVWKHVLV3KLODGHOSKLD:%6DXQGHUV

$SSOHJDWH 2& 8VH RI SDUDOOHOLQJ VXUYH\RU LQ PRGHUQ SDUWLDO GHQWXUH FRQVWUXFWLRQ - $P 'HQW $VVRF  


%HUJPDQ % HW DO &DULHV SHULRGRQWDO DQG SURVWKHWLF ILQGLQJV LQ SDWLHQWV ZLWK UHPRYDEOH SDUWLDO GHQWXUHV $ WHQ\HDU
ORQJLWXGLQDOVWXG\-3URVWKHW'HQW

&DUOVVRQ*(+HGHJDUG%.RLYXPDD..6WXGLHVLQSDUWLDOGHQWXUHSURVWKHVLV,9)LQDOUHVXOWVRID\HDUORQJLWXGLQDO
LQYHVWLJDWLRQRIGHQWRJLQJLYDOO\VXSSRUWHGSDUWLDOGHQWXUHV$FWD2GRQWRO6FDQG

&DUUHLUR$GD)0DFKDGR$/*LDPSDROR(76DQWDQD,/9HUJDQL&('XDOSDWKDFRQFHSWWRLPSURYHWKHHVWKHWLF
UHSODFHPHQWRIPLVVLQJDQWHULRUWHHWKZLWKDUHPRYDEOHSDUWLDOGHQWXUH-3URVWKRGRQWYRO  SS

&KDQGOHU-%UXGYLN-&OLQLFDOHYDOXDWLRQ\HDUVDIWHUSODFHPHQWRIUHPRYDEOHSDUWLDOGHQWXUHV-3URVWKHW'HQW


'\NLQV:55HTXLUHPHQWVRISDUWLDOGHQWXUHSURVWKHVLV-$P'HQW$VVRF

+HQGHUVRQ'6WHIIHO9/0F&UDFNHQ¶VUHPRYDEOHSDUWLDOSURVWKRGRQWLFV WKHG 6W/RXLV7KH&90RVE\&R

+LQGHOV*:6WUHVVDQDO\VLVLQGLVWDOH[WHQVLRQSDUWLDOGHQWXUHV-3URVWKHW'HQW

-RFKHQ '* $FKLHYLQJ SODQQHG SDUDOOHO JXLGLQJ SODQHV IRU UHPRYDEOH SDUWLDO GHQWXUHV - 3URVWKHW 'HQW  



Ϯϱϭ


267


.DON:6FKZHQFNH%0'URXOLDV1WHQ'DP.07UHDWPHQWSODQQLQJLQSDWLHQWVZLWKDVHYHUHUHGXFHGGHQWLWLRQ1HG
7LMGVFKU7DQGKHHONGYRO  SS

.UDWRFKYLO)-,QIOXHQFHRIRFFOXVDOUHVWSRVLWLRQDQGFODVSGHVLJQRQPRYHPHQWRIDEXWPHQWWHHWK-3URVWKHW'HQW


.UDWRFKYLO)-3DUWLDOUHPRYDEOHSURVWKRGRQWLFV3KLODGHOSKLD:%6DXQGHUV

0LQH.)XHNL.,JDUDVKL<0LFURELRORJLFDOULVNIRUSHULRGRQWLWLVRIDEXWPHQWWHHWKLQSDWLHQWVZLWKUHPRYDEOHSDUWLDO
GHQWXUHV-2UDO5HKDELOYRO  SS

3H]]ROL0,OGLVHJQRGHOODSURWHVLVFKHOHWUDWD0LODQR0DVVRQ(G

3UHWL*3HUD3/DSURWHVLSDU]LDOHULPRYLELOH3DGRYD3LFFLQ1XRYD/LEUDULD

5LEHLUR '* 3DYDULQD $& *LDPSDROR (7 0DFKDGR $/ -RUJH -+ *DUFLD 33 (IIHFW RI RUDO K\JLHQH HGXFDWLRQ DQG
PRWLYDWLRQRQUHPRYDEOHSDUWLDOGHQWXUHZHDUHUVORQJLWXGLQDOVWXG\*HURGRQWRORJ\YRO  SS

6WHIIHO9/)XQGDPHQWDOSULQFLSOHVLQYROYHGLQSDUWLDOGHVLJQ-$P'HQW$VVRF

6WHZDUW./5XGG.'.HXEHU:'&OLQLFDOUHPRYDEOHSDUWLDOSURVWKRGRQWLFV QGHG 6W/RXLV7KH&90RVE\&R


YDQ/RYHUHQ&3UHYHQWLRQWKHVXFFHVVRIDSDUWLDOGHQWXUH1HG7LMGVFKU7DQGKHHONGYRO  SS

:DUUHQ$%&DSXWR$$/RDGWUDQVIHUWRDOYHRODUERQHDVLQIOXHQFHGE\DEXWPHQWGHVLJQVIRUWRRWKVXSSRUWHGGHQWXUHV
-3URVWKHW'HQW

=LW]PDQQ 18 5RKQHU 8 :HLJHU 5 .UDVWO *  :KHQ WR FKRRVH ZKLFK UHWHQWLRQ HOHPHQW WR XVH IRU UHPRYDEOH GHQWDO
SURVWKHVHV,QW-3URVWKRGRQWYRO  SS




3URWHVLWRWDOHULPRYLELOH
,SD]LHQWLFRQHGHQWXOLDWRWDOHGLPDVFHOODUHVXSHULRUHRPDQGLERODSRVVRQRULFRUUHUHDOWUDWWDPHQWR
SURWHVLFRUHPRYLELOHSHUVYDULDWHUDJLRQL/DVROX]LRQHGLSURWHVLUHPRYLELOHqRJJLGLJUDQGHDWWXDOLWj
DFDXVDGHOO¶LQFUHPHQWRGHOO¶HWjPHGLDGHOODSRSROD]LRQHHLQUHOD]LRQHDOOHFRQGL]LRQLHFRQRPLFKH
RJJL PROWR GLIILFLOL ,Q SD]LHQWL FRQ HGHQWXOLD WRWDOH q SRVVLELOH LO FRQIH]LRQDPHQWR GL SURWHVL
ULPRYLELOHWRWDOH .RWLQ 
,OJUDGRGLIXQ]LRQDOLWjGHOODSURWHVLqLPSRUWDQWHSHULOPDQWHQLPHQWRLQEXRQDVDOXWHGHOOHVWUXWWXUH
RUDOLUHVLGXHPDORqPHQRSHUFLzFKHFRQFHUQHODVRGGLVID]LRQHGHOSD]LHQWHFKHGLSHQGHGDPROWL
IDWWRUL VSHVVR LQGLSHQGHQWL GDOOD TXDOLWj GHOOD SURWHVL  TXDOL IDWWRUL SVLFRORJLFL DVSHWWDWLYH GHO
SD]LHQWH VWHVVR UDSSRUWR PHGLFRSD]LHQWH GXUDWD GHOO¶HGHQWXOLVPR FRQGL]LRQL DQDWRPRIXQ]LRQDOL
HVSHULHQ]HSUHJUHVVH
(¶ PROWR LPSRUWDQWH LO UDSSRUWR HPSDWLFR FRQ LO SD]LHQWH FRPH SXUH DVFROWDUOR UDFFRJOLHUH L GDWL
ULJXDUGDQWLODVDOXWHJHQHUDOHODVWRULDRGRQWRLDWULFDO¶HVDPHRELHWWLYRGHOOHVWUXWWXUHUHVLGXHDLILQL
GLXQDSURJQRVL /HIHU 3OHDVXUH 
ϮϱϮ


268


2ELHWWLYLGHOODULDELOLWD]LRQHLQFDVRGLHGHQWXOLDWRWDOHVRQRODVRGGLVID]LRQHGHOSD]LHQWHFKHqVWDWR
LQIRUPDWRGHOOHSRVVLELOLWjHGHOOLPLWHGHOWUDWWDPHQWRSURWHVLFRUHODWLYLDOOHVXHFRQGL]LRQLDQDWRPR
IXQ]LRQDOLHODFROODERUD]LRQHGHOORVWHVVRSHUFLzFKHFRQFHUQHO¶LJLHQHRUDOHODPDQXWHQ]LRQHGHO
PDQXIDWWRSURWHVLFRODQHFHVVLWjGHOIROORZXS
(VLVWRQR GLYHUVL IDWWRUL SURJQRVWLFL FKH SRVVRQR LQIOXHQ]DUH OD SURJQRVL GL XQD ULDELOLWD]LRQH SHU
HGHQWXOLDWRWDOH

  
)$925(92/, 6)$925(92/, 02/726)$925(92/,
 
  
‡ 3UHVHQ]D GL GHQWL ‡ 5DSLGD SHUGLWD GHL ‡ $WWHJJLDPHQWRSVLFRORJLFR
UHVLGXL GHQWL QHJDWLYR
‡ 3UHFRFH VRVWLWX]LRQH ‡ 0DQFDWD ‡ $VVHQ]DGLSUHFHGHQWL
GHLGHQWLHVWUDWWL VRVWLWX]LRQH GHL SURWHVLSDU]LDOL
‡ 6DOLYD YLVFRVD HG GHQWL ‡ 0DFURJORVVLDFRQSRVL]LRQH
DEERQGDQWH ‡ 3D]LHQWH QRQ UHWUXVDGHOODOLQJXD
‡ 0XFRVH WURILFKH H ULDELOLWDWRSHUPROWR ‡ 0XFRVHDWURILFKH
ODUJD EDQGD GL WHPSR ‡ &UHVWH
JHQJLYDDGHUHQWH ‡ 6DOLYD VFDUVD H IOXWWXDQWLD
‡ )UHQXOL DG LQVHU]LRQH IOXLGD ODPDGL
DOWD VRWWLOL H SRFR ‡ 0XFRVH FROWHOOR
PRELOL LSHUWURILFKH ‡ &UHVWHDQWDJRQLVWH
‡ &UHVWH EHQ ‡ )UHQXOL DG LQFRQJUXHQWL
UDSSUHVHQWDWH HG D LQVHU]LRQH EDVVD D ‡ 7XEHUDWURILFL
³8´URYHVFLDWD YHQWDJOLRHVSHVVL ‡ 3DODWRPROOHDWHQGLQD
‡ &UHVWH DQWDJRQLVWH ‡ &UHVWH ULDVVRUELWH D ‡ &UHVWDPLORLRLGHDVHJKHWWDWD
FRQJUXHQWL ³9´URYHVFLDWD RGROHQWH
‡ 7XEHU LSHUWURILFL ‡ 7XEHUVFDUVDPHQWH ‡ $SRILVLJHQLSURPLQHQWL
PRQRODWHUDOL VYLOXSSDWL ‡ 6WUXWWXUHQHXURYDVFRODUL
‡ (PLQHQ]D SLULIRUPH ‡ 7RUXVSDODWLQR VXSHUILFLDOL]]DWH
ILVVD ‡ (PLQHQ]DSLULIRUPH ‡ 0DQGLERODQRQ
‡ 3DODWR PROOH PRELOH PDQLSRODELOH
UHWWLOLQHR ‡ 3DODWR PROOH 
‡ 0DQGLEROD LQWHUPHGLR
PDQLSRODELOH ‡ 3UHVHQ]D GL SLHJKH
PXFRVH



'DOOD OHWWHUDWXUD HPHUJH FKH OH ODPHQWHOH SL IUHTXHQWL GHO SD]LHQWH HGHQWXOR QHL ULJXDUGL GHOOD
ULDELOLWD]LRQHSURWHVLFDVRQRO¶HVWHWLFDSHUODSURWHVLPDVFHOODUHHODPRELOLWjSHUTXHOODPDQGLERODUH
3HUTXDQWRFRQFHUQHO¶HVWHWLFDqEHQHSULPDGHOODILQDOL]]D]LRQHGHOODSURWHVLDYHUHO¶DSSURYD]LRQH
GHOSD]LHQWH .RWLQ&DUGLROLHWDO 


Ϯϱϯ


269


8QD YROWD HIIHWWXDWD OD SULPD YLVLWD FKH FL  SHUPHWWH GL LGHQWLILFDUH HYHQWXDOL SUREOHPL DWWUDYHUVR
O¶DQDOLVL PHGLFD RGRQWRLDWULFD H O¶HVDPH RELHWWLYR LQWUD HG H[WUD RUDOH DVVRFLDWR DG XQD 237
YHQJRQR SUHVH OH LPSURQWH SUHOLPLQDUL LQ DOJLQDWR 4XHVWH LPSURQWH ROWUH D FRQVHQWLUH XQ SL
SXQWXDOH VWXGLR GHOOH VHOOH HGHQWXOH FRQVHQWRQR GL FRVWUXLUH XQ SRUWDLPSURQWD LQGLYLGXDOH SHU
O¶LPSURQWDGHILQLWLYD &DUGLROLHWDO /DEXRQDULXVFLWDGHOO¶LPSURQWDGHILQLWLYDVLRWWLHQHFRQ
ODSHUIHWWDDGHVLRQHGHOPDWHULDOHGDLPSURQWDDOSRUWDLPSURQWD3HUTXHVWRVFRSRVRQRIRQGDPHQWDOL
XQEXRQFRQWUROORGHOFXFFKLDLRSRVL]LRQDWRLQFDYRRUDOHHODULSHWL]LRQHGHLPRYLPHQWLIXQ]LRQDOL
GXUDQWHWXWWRLOWHPSRGLSUHVDGHOPDWHULDOH
3HUTXHOFKHFRQFHUQHODSURWHVLWRWDOHVXSHULRUHDUJRPHQWRLPSRUWDQWHqODGHWHUPLQD]LRQHGHOSRVW
GDP
,OSRVWGDPqO¶DUHDLQFXLODSURWHVLVXSHULRUHGHYHFKLXGHUHVWUHWWDPHQWHDFRQWDWWRFRQODPXFRVD
SDODWLQD LQ PRGR GD GHWHUPLQDUH XQD SHUIHWWD DGHVLRQH WUD OD SURWHVL H LO WHVVXWR VRWWRVWDQWH VHQ]D
LQWHUSRVL]LRQH GL DUHD DUHD GHO VXJJHOOR  /D GHWHUPLQD]LRQH GL TXHVWD ]RQD GHYH TXLQGL HVVHUH
HVWUHPDPHQWHSUHFLVDSHQDODPDQFDWDULWHQ]LRQHGHOPDQXIDWWRVXSHULRUH
*OLVWXGLGLDQDWRPLDHILVLRORJLDKDQQRYHULILFDWRFRPHLOVXJJHOORGHYHDYYHQLUHQHOO¶DUHDLQFXLLO
WHVVXWR VRWWRPXFRVR GHWHUPLQD XQD PLQRUH DGHVLRQH GDOOD PXFRVD DOOH RVVD SDODWLQH FLz UHQGH
SRVVLELOH OD FLUFROD]LRQH GHL IOXLGL DOO¶LQWHUQR GHO WHVVXWR VWHVVR FRQ SRVVLELOLWj GL FRPSUHVVLRQH H
ULWRUQRDOORVWDWRRULJLQDOH UHVLOLHQ]D  /LGGHORZ +HQU\ 
8QDEXRQDGHILQL]LRQHGHOVXJJHOORSRVWHULRUHLQVLHPHDGXQDDGHJXDWDHVWHQVLRQHUHQGHULWHQWLYDOD
SURWHVL VXSHULRUH DQFKH LQ SUHVHQ]D GL WHVVXWL PROWR ULDVVRUELWL H LQ FXL QRQ VLD SRVVLELOH HVHJXLUH
LQWHUYHQWL GL DXPHQWR GL FUHVWD VH QRQ FKLUXUJLD SUHSURWHVLFD FRQ JURVVL LQQHVWL RVVHL GD VLWL H[WUD
RUDOL 0DVVDG &DJQD 
/D IRUPD GHOO¶DUHD GL SRVWGDP q LQGLYLGXDOH TXLQGL YDULD GD SD]LHQWH D SD]LHQWH D VHFRQGD GHOOD
UHVLOLHQ]DHGHOWHVVXWR +D\DNDZD :DWDQDE 
, UDSSRUWL VXO SLDQR YHUWLFDOH GHYRQR HVVHUH GHWHUPLQDWL DWWUDYHUVR OD YDOXWD]LRQH GL WUH SDUDPHWUL
GLVWDQ]D LQWHURFFOXVDOH TXDQGR OD PDQGLEROD q LQ SRVL]LRQH GL ULSRVR GLVWDQ]D IRQHWLFD PLQLPD
GXUDQWH OD SURQXQFLD GHOOD ³V´ DVVRFLDWD DOOD ³L´ R DOOD ³H´ YDOXWD]LRQH HVWHWLFD GHO SURILOR LQ
RFFOXVLRQHFHQWULFD
, UDSSRUWL LQWHUPDVFHOODUL VXO SLDQR RUL]]RQWDOH SRVVRQR HVVHUH GHWHUPLQDWL PDQXDOPHQWH R FRQ
O¶DXVLOLRGHOO¶DUFRJRWLFR
3HUFLzFKHFRQFHUQHO¶HVWHWLFDVLVXJJHULVFHGLFRLQYROJHUHLOSD]LHQWHQHOODVFHOWDGHOODIRUPDHGHO
FRORUHGHLGHQWL

Ϯϱϰ


270


4XDQGRLPRGHOOLFRQOHEDVLGLUHJLVWUD]LRQHLQVHULWHVRQRVWDWLSRVL]LRQDWLLQDUWLFRODWRUHqSRVVLELOH