L]YLUQL]QDQVWYHQLáODQHN 8'.
SUHMHWR
.21)/,.71(7(0(96/29(16.,+à$623,61,+.20(17$5-,+
35,0(52'126290('6/29(1,-2,1+59$É.2
ÇSHOD/(1$5',Þ 6,.RSHU,,3UHNRPRUVNHED
HPDLOVSHODOHQDUGLF#JPDLOFRP
,=9/(Þ(.
=DQDOL]RßDVRSLVQLKNRPHQWDUMHYVPRYVNORSXUD]LVNDYH2EOLNRYDQMHVSRUQLKWHPYMDYQRVWLVNXÈDOLXJRWRYLWL NDNRPHGLMLUHSUH]HQWLUDMRNRQIOLNWH.DNRSRJRVWRVHSRMDYOMDMRYPHGLMLKßLJDYDPQHQMDLPDMRGRVWRSGRREMDYH NDNR VH NRQIOLNWL VWRSQMXMHMR LQ UD]UHÈXMHMR 'D EL ]QDßLOQRVWL PQHQMVNLK NRQIOLNWRY Y PHGLMLK ßLP EROM QDWDQßQR DQDOL]LUDOLVPRREOLNRYDOLVSHFLILßHQPHWRGRORÈNLPRGHONLYNOMXßXMHÈWHYLOQHVSUHPHQOMLYNH6VOHGQMLPVPRSULÈOL GRUH]XOWDWRYNLVRQDPSULND]DOLNDNRPHGLMLXRNYLUMDMRNRQIOLNWHWHPHYMDYQRVWL
.OMXÞQHEHVHGHDQDOL]DEHVHGLOPQHQMVNLNRQIOLNWRGQRVL6ORYHQLMD+UYDÊND
7(0,&21)/,778$/,1(,&200(17,'(,4827,',$1,6/29(1, (6(03,2'(//(5(/$=,21,)5$6/29(1,$(&52$=,$
6,17(6,
1HOO¢DPELWR GHOOD ULFHUFD ¡(ODERUD]LRQH GHL WHPL FRQWURYHUVL LQ SXEEOLFR¢ DEELDPR SURYDWR D VSLHJDUH FRQ O¢DQDOLVL GHL FRPPHQWL QHL TXRWLGLDQL LO PRGR LQ FXL L PHGLD UDSSUHVHQWDQR L FRQIOLWWL FRQ FKH IUHTXHQ]D VL PDQLIHVWDQR QHL PHGLD TXDOL RSLQLRQL KDQQR DFFHVVR DOOD SXEEOLFD]LRQH TXDOL FRQIOLWWL VL LQWHQVLILFDQR H SRL ULVROYRQR3HUDQDOL]]DUHSXQWXDOPHQWHOHFDUDWWHULVWLFKHGHLFRQIOLWWLGLRSLQLRQLQHLPHGLDDEELDPRIRUPXODWRXQ PRGHOORPHWRGRORJLFRVSHFLILFRFKHLQFOXGHQXPHURVHYDULDELOL4XHVWRVLVWHPDFLKDFRQGRWWRYHUVRDOFXQLULVXOWDWL FKHFLKDQQRGLPRVWUDWRFRPHLPHGLDLPSRVWLQRLWHPLFRQIOLWWXDOLSHULOSXEEOLFR
3DUROHFKLDYHDQDOLVLGHLWHVWLFRQIOLWWRGLRSLQLRQLUDSSRUWLIUD6ORYHQLDH&URD]LD
892'
.RQIOLNW MH GHO QDÊHJD YVDNGDQD MH SRMDY NL LPD ODKNR UD]OLáQH UD]VHÌQRVWL YSOLYH LQ SRVOHGLFH = QMLP R]QDáXMHPRQDVLOQDQDVSURWRYDQMDUD]KDMDQMDUD]OLáQLK GUXÌEHQLK VNXSLQ LQ QMLKRYLK LQWHUHVRY .RQIOLNW ODKNR ]DMDPH ÊLURNR SRSXODFLMR DOL SD OH GYD SRVDPH]QLND ] UD]OLáQLPL PQHQML 0QHQMVNL NRQIOLNW ODKNR UD]XPHPR NRW MHGUR MDYQHJD UD]SUDYOMDQMD QD RVQRYL NDWHUHJD QDM ELVHYGHPRNUDWLáQLKXUHGLWYDKVSUHMHPDOHLQXUHVQLáH YDOH VNXSQH RGORáLWYH 'R VOHGQMLK SD MH SRW SRJRVWR ]HOR GROJD =DUDGL NRPSOHNVQRVWL WHP YSOHWHQLK DNWHU MHYSROLWLáQLKLQHNRQRPVNLKLQWHUHVRYVHQHNDWHUHVSRU QHWHPHUD]YLMDMR]HORSRáDVL
1DáLQLLQODVWQRVWLREOLNRYDQMDVSRUQLKWHPYMDYQRVWL VR ELOL SUHGPHW UD]LVNDYH ] QDVORYRP 2EOLNRYDQMH VSRUQLKWHPYMDYQRVWLNLMHSRWHNDODRGQRYHPEUD GRVHSWHPEUDSRGYRGVWYRPGU$QGUHMD3LQWHUMD
&LOM UD]LVNDYH MH ELO PHWRGRORÊNL NRUHNWLY ORQJLWXGLQDO QHJD DQNHWQHJD UD]LVNRYDQMD NL EL JD SRVWDYLOL V SR PRáMR SRYH]DYH PHG REOLNRYDQMHP VSRUQLK WHP Y MDY QRVWLLQHPSLULáQLPUD]LVNRYDQMHPMDYQHJDPQHQMD3UYL GHO UD]LVNDYH NL MH ]DGHYDO REOLNRYDQMH VSRUQLK WHP Y MDYQRVWLMHELOL]SHOMDQQDRVQRYLWHRUHWLáQLKRSUHGHOLWHY LQDQDOL]HáDVRSLVQLKNRPHQWDUMHY=DVOHGQMHVHMHDYWRU UD]LVNDYH RGORáLO ]DUDGL WHRUHWVNHJD DUJXPHQWD GD VH MDYQH UD]SUDYH NMHU VH Y SUHWHÌQL PHUL REOLNXMHMR VSRUQHWHPHRGYLMHMRSUDY VNR]LDYWRUVNH SULVSHYNHY PHGLMVNHPSURVWRUX3LQWHU,QIRUPDWLYQLÌDQUL LPDMRYWHPSRJOHGXPDQMÊRWHÌRSULREOLNRYDQMXMDYQLK WHP]DWRVRELOLL]NOMXáHQLL]UD]LVNDYH.RPHQWDUMLSR QXMDMR ÌH REOLNRYDQD PQHQMD R GRORáHQHP VSRUQHP YSUDÊDQMX LQ NULWLáQR DUJXPHQWDFLMR PQHQM LQ GHMDQM WL VWLKNLVRYVSRUQHSRVUHGQRYSOHWHQL=QMLKRYRDQDOL]R ODKNR XJRWRYLPR NDNR PHGLML VSRUQH WHPH XRNYLUMDMR NDWHULPSRVDPH]QLNRPRPRJRáDMRMDYQRYSHWRVWYSUR EOHPDWLNRNDNÊQHSRORÌDMHVOHGQML]DVHGDMRLQNDMQDP ODKNRNRQIOLNWLSULQHVHMR
0(72'2/2Æ.$,=+2',ÆÝ$
3UYL GHO UD]LVNDYH2EOLNRYDQMH VSRUQLK WHP Y MDY QRVWLQDNDWHUHJDVHRSLUDWXGLSULáXMRáLáODQHNWHPHOML QD PHWRGRORJLMLDQDOL]H EHVHGLO 7D QH YNOMXáXMH OH SR ]RUQHJDEUDQMDSUHJOHGRYDQMDLQL]SLVRYDQMDL]EHVHGLO WHPYHá ]DKWHYD QDWDQáQR RSUHGHOLWHY SUREOHPD FLOMHY UD]LVNDYH LQ WHRUHWLáQR RVQRYR 6SOLFKDO MR GHILQLUD NRW PHWRGR]DVLVWHPDWLáQR LQ REMHNWLYQR SURXáHYDQMH MH]LNRYQLKODVWQRVWLEHVHGLOQLKHQRWGDELL]QMLKODKNR
VNOHSDOL R ODVWQRVWLK ]XQDMMH]LNRYQLK SRMDYRY $QDOL]D EHVHGLO WRUHM QH RPRJRáD VDPR VNOHSDQMD R NRPXQL NDWRUMLK YLUX DPSDN WXGL R UHFLSLHQWLK LQ GUXÌEHQLK RNROMLKNLVRYGRORáHQHPRGQRVX]EHVHGLOL6SOLFKDO 3UL VNOHSDQMX R ODVWQRVWLK LQ GRJDMDQMLK Y GUXÌEHQHP RNROMX QH VPHPR SR]DELWL GD LPD PHWRGD WXGLVYRMHRPHMLWYH=DQDOL]RL]EUDQLKEHVHGLOYQDÊHP SULPHUXNRPHQWDUMHYRVYHWOLPROHGHONRPXQLNDFLMVNHJD SURFHVDNLJDMHVXEMHNWLYQRXEHVHGLONRPHQWDWRU6XE MHNWLYQL YSOLY SD MH SULVRWHQ WXGL SUL DQDOL]L R]LURPD NRGLUDQMXEHVHGLO.RGHUMLODKNRDQDOL]LUDQDEHVHGLODLQ WHUSUHWLUDMR UD]OLáQR UD]KDMDMR SD VH ODKNR WXGL SUL UD ]XPHYDQMXLQXSRÊWHYDQMXQDYRGLO]DNRGLUDQMH
9 UD]LVNDYR2EOLNRYDQMH VSRUQLK WHP Y MDYQRVWL VR ELOLYNOMXáHQLáDVRSLVQLNRPHQWDUMLNLVRELOLYOHWLK GR REMDYOMHQL Y HQHP L]PHG LK VORYHQVNLK GQHYQLNRYWHGQLNRYDOLUHYLM7HPHQRWDPVPRGRORáDOL SUHGYVHP QRPLQDOQH VSUHPHQOMLYNH NL VR GHILQLUDOH QMLKRYHWHPHOMQHODVWQRVWLÊWHYLONRHQRWHÊLIURNRGHUNH GDWXPREMDYHáDVRSLVWHPDNRPHQWDUMDLQÊWHYLORRPH QMHQLK NRQIOLNWRY =D SRGUREQHMÊR DQDOL]R NRQIOLNWRY VPRRSUHGHOLOLQRYRHQRWRMDERONRVSRUDVNDWHURVPR VSRU UD]GHOLOL QD YHá HOHPHQWRY 2EOLNRYDOL VPR YUVWR RUGLQDOQLKVSUHPHQOMLYNNLVRDQDOL]LGRGDOHNDNRYRVWQL ]QDáDM
9UD]LVNDYRVRELOHYNOMXáHQHÊWLUL WHPHY]RUHF SD MH YVHERYDO áDVRSLVQLK NRPHQWDUMHY 3RGDWNL RSL VDQL Y WHP áODQNX VR áUSDQL L] WHPH RGQRVL 6ORYHQLMD +UYDÊND NDWHUH Y]RUHF MH YVHERYDO NRPHQWDUMHY 1DMYHá MLK MH ELOR REMDYOMHQLK Y áDVRSLVX'HOR VOHGLMR 'QHYQLN 9HßHUUHJLRQDOQL áDVRSLV3ULPRUVNH QRYLFH WHGDM VR L]KDMDOH ÊH GYDNUDW WHGHQVNR LQ WHGQLN0DJ 0HGOHWLLQNLVRGRORáDODREGREMHDQDOL]H EHVHGLO MH ÊWHYLOR NRPHQWDUMHY ] RPHQMHQR NOMXáQR EHVHGRQDUDÊáDOR
7(25,-$.21)/,.7295$/)$'$+5(1'25)$
9UD]LVNDYLRREOLNRYDQMXVSRUQLKWHPYMDYQRVWLVPR VHRVUHGRWRáLOLQDPQHQMVNLNRQIOLNWPHGGYHPDDOLYHá DNWHUMLNL LPDMR QD GRORáHQR YSUDÊDQMH UD]OLáQH SRJOH GH'HPRNUDWLáQDXUHGLWHYPRUD]DJRWRYLWLVYRERGQRLQ MDYQR L]UDÌDQMH YVHP GUÌDYOMDQRP QMLKRYD PQHQMD SD VRVLQHPDORNUDWQDVSURWXMRáDàDVRSLVQLNRPHQWDUMLSR QXMDMRPQHQMHDYWRUMDSDWXGLÊWHYLOQLKGUXJLKDNWHUMHY NL VR YSOHWHQL Y GUXÌEHQR GRJDMDQMH 2ELáDMQR VR WR SUHGVWDYQLNL UD]OLáQLK GUXÌEHQLK VNXSLQ SROLWLáQLK VWUDQNGUÌDYQLKREODVWLLQÊWLWXFLMSRGMHWLMLWG
(HFQÜJA >AOA@A GE OK KLNA@AHFAR=HA N=VEOGKR=HJA PAIA! "RNKLOG= QJEF= K@JKOE 0HKRAJEF= %NR=G= OP=JKR=JFOG= LNK>HAI=PEG=
@AHKR=JFAOK@OPR=
3N=VEOG=REOAIOK@AHKR=H=GKPGK@ANG=PAIAK@JKOE0HKRAJEF=%NR=G=EJAILENEÜJALK@=PGAQLKN=>EH=R@ELHKIOGAI@AHQÛH=JAGFA LNEH=CKFAJK@ELHKIOGK@AHK
3UL REOLNRYDQMX SUHGSRVWDYN VPR L]KDMDOL L] WHRULM NRQIOLNWD R]LURPD L] WHRULMH NL MR MH REOLNRYDO QHPÊNL VRFLRORJ 5DOI 'DKUHQGRUI =D WR WHRULMR VPR VH RGORáLOL SUHGYVHP]DUDGLXQLYHU]DOQHJDSRJOHGDQDNRQIOLNWNDU RPRJRáD GD ODKNR L]YOHáNH WHRULMH DSOLFLUDPR QD QDM UD]OLáQHMÊH VLWXDFLMH 2VQRYD 'DKUHQGRUIRYH WHRULMH MH UD]UHGQL NRQIOLNW 'DKUHQGRUI R]LURPD NRQIOLNW PHGSULYLOHJLUDQLPLLQSULNUDMÊDQLPLYHQGDUVRQMHJRYH WH]H WDNR ÊLURNH GD MLK ODKNR YQHVHPR Y DQDOL]R UD]
OLáQLKREOLNNRQIOLNWD9VRGREQLGUXÌELSUHGVWDYOMDNRQ IOLNW SUHGYVHP QHNDM VODEHJD QHJDWLYQHJD LQ UXÊLOQHJD 'DKUHQGRUIJDMHGRXPHOGUXJDáH9YVDNHPSULPHUXEL WUGLOGDYVHNDUMHNUHDWLYQRVWLQRYDWLYQRVWLQUD]YRMY ÌLYOMHQMX SRVDPH]QLND QMHJRYH VNXSLQH LQ GUXÌEH RE VWDMDYQH]DQHPDUOMLYLPHUL]DUDGLGHORYDQMDNRQIOLNWRY PHG VNXSLQR LQ VNXSLQR SRVDPH]QLNRP LQ SRVDPH]
QLNRP áXVWYL LQ áXVWYL ]QRWUDM HQHJD SRVDPH]QLND 7R VDPR WHPHOMQR GHMVWYR VH PL ]GL GRYROM ]D RSUDYLáLWHY YUHGQRVWQH VRGEH GD MH NRQIOLNW Y ELVWYX GREHU LQ ]DÌHOHQ 'DKUHQGRUI $YWRU VYRMR WHRULMR NRQIOLNWD REOLNXMH QD RVQRYL NULWLNH PDUNVL]PD LQ IXQN FLRQDOL]PD WHPHOML SD QD QXMQRVWLNRQIOLNWD NRW JRQLOQL VLOLUD]YRMDYVDNHGUXÌEH'DKUHQGRUI]DJRYDUMDWH]RGD ODKNRUD]UHÊLWHYQHNHJDNRQIOLNWDSULSHOMHGRQRYLKNRQ IOLNWRY 9áHUDMÊQMH UHÊLWYH VR XVWYDULOH SUREOHPH MXWULÊ QMHJD GQH 'DKUHQGRUI 7D FLWDW QD]RUQR SULND]XMH Y]URáQR SRVOHGLáQR UD]XPHYDQMH ]JRGRYLQH NL MR DYWRU RSUHGHOL NRW QHVNRQáQR VRVOHGMH NRQIOLNWRY 9]SRVWDYLWHYHQDNRSUDYQLKRGQRVRYYHQHPGHOXGUXÌ EH ODKNR SRY]URáL GD VH QD GUXJHP GHOX REOLNXMHMR QRYHQHHQDNRVWL.HUVHNRQIOLNWLQDUDYQLSUDYLFSRJRVWR UD]UHÊXMHMR ORáHQR RG NRQIOLNWRY YH]DQLK QD QHHQDNR SUDYQR UD]SRUHGLWHY GREULQ VR HQL ODKNR SRVOHGLFD GUXJLK LQ REUDWQR 'UXÌED VH QHQHKQR VSUHPLQMD NDU SRPHQL GD VR NRQIOLNWL QHQHKQR QDY]RáL .RQFHSW UD]UHÊLWYH NRQIOLNWD ER ]DYUQMHQ VDM RGVHYD ]PRWQR VRFLRORÊNR LGHRORJLMR Y ]YH]L V NDWHUR MH PRÌQR LQ ]DÌHOHQR SRSROQR L]ORáLWL NRQIOLNW 'DKUHQGRUI .RQIOLNWLVR]DDYWRUMDXQLYHU]DOQLREVWDMDMRYYVHK GUXÌEDKYHGQRLQSRYVRGREHQHPSDRSR]DUMDWXGLQD UD]OLáQHGLPHQ]LMHNRQIOLNWDNDUYQDÊHPNRQWHNVWXSUL SRPRUHWXGLSULRSHUDFLRQDOL]DFLMLVSUHPHQOMLYN
'DKUHQGRUIRYR WHRULMR ODKNR SRYHÌHPR WXGL ] PQHQMVNLP NRQIOLNWRP VDM PHQL GD LPD NRQIOLNW Y VR GREQLGUXÌELGUXJDáQRREOLNRNRWQHNRá/MXGHPQLYHá SRWUHEQR]GUXÌHYDWLPRáL]GUXJLPLNLVRYHQDNHPSR ORÌDMX GD EL VH ERULOL ]D RVQRYQH SUDYLFH 6YRMH ÌLY OMHQMVNH]PRÌQRVWLODKNRQDHQLVWUDQL L]EROMÊDMR ] ODVW QLP WUXGRP QD GUXJL SD ] UHSUH]HQWDFLMR SUHNR IUDJ PHQWLUDQLK D YSOHWHQLK LQWHUHVQLK VNXSLQ 'DKUHQGRUI .HUGUÌDYOMDQVNHSUDYLFH]DJRWDYOMDMRHQDNH WHPHOMHLQSUDYLFHSRVDPH]QLNRYSULKDMDGRQHHQDNRVWL SUHGYVHP QD VRFLDOQHP SROLWLáQHP DOL FLYLOQHP SRG URáMX 6YRMD QDáHOD PQHQMD LQ LQWHUHVH L]UDÌDMR SRVD PH]QLNL V VRGHORYDQMHP Y GUXÌEHQLK JLEDQMLK YáODQLW YLMR Y GRORáHQR ]GUXÌHQMH DOL LQWHUHVQR VNXSLQR WHU
SRGSRUR SROLWLáQL VWUDQNL LQ QMHQHPX YRGML 1D WDNÊQLK WHPHOMLKODKNRPQHQMVNLNRQIOLNWUD]XPHPRNRWQHNDNÊ QR RVQRYR GUXÌEHQHJD GHORYDQMD VDM VH QD SRGODJL ODVWQLK PQHQM VWDOLÊá LQ SUHSULáDQM RGORáDPR WXGL ]D QDÊDGHMDQMD
1HVSRUQRGHMVWYRMHGDLPDMRSULREOLNRYDQMXPQHQM YGDQDÊQMLGUXÌELYHOLNRYORJRPHGLMLNLQDMELMDYQRVWL SRQXMDOL WDNR REMHNWLYQH LQIRUPDFLMH NRW WXGL ÌH REOLNRYDQHVXEMHNWLYQHSRJOHGHQDGRORáHQHVLWXDFLMH9 WR NDWHJRULMR VRGLMR WXGL áDVRSLVQL NRPHQWDUML ]DWR QDV MHYSULVSHYNX]DQLPDORQDVOHGQMH
.DNRSRJRVWRVRNRQIOLNWLMHGURQRYLQDUVNLKEHVHGLO"
.ROLNRUD]OLáQLKSRJOHGRYQDVSRUQRYSUDÊDQMHSUHG VWDYLMR"
.DMYVHYSOLYDQDLQWHQ]LYQRVWNRQIOLNWD"
àLJDYDPQHQMDVRYPHGLMLKL]SRVWDYOMHQDLQNDNÊQD MH VOLND NLVL MR R GRORáHQHP NRQIOLNWX QD SRGODJL PH GLMVNHUHSUH]HQWDFLMHODKNRXVWYDULMREUDOFL"
6HVSRULNLVRSUHGVWDYOMHQLYPHGLMLKWXGLUD]UHÊLMR DOL SD VR ]DQMH ]DQLPLYL OH LQWHQ]LYQL LQ GOMH WUDMDMRáL NRQIOLNWL"
1D WD YSUDÊDQMD VPR VNXÊDOL RGJRYRULWL QD SULPHUX WHPHRGQRVL6ORYHQLMD+UYDÈND=DQLPDORQDVMHNDWHUL VSRULVH]QRWUDMWHWHPHQDMSRJRVWHMHSRMDYOMDMRLQNGDM .DNR QMLKRYR SRMDYOMDQMH QLKD Y áDVX SD WXGL áH VR VSRULPHGVHERMSRYH]DQL"
635(0(1/-,9.(
'D EL PQHQMVNH NRQIOLNWH NL VR MLK SUHGVWDYLOL NR PHQWDWRUMLáLPEROMQDWDQáQRLQVLVWHPDWLáQRSUHXUHGLOL YÊWHYLOáQL]DSLVVPRREOLNRYDOLSRVHEQRVKHPRVSUH PHQOMLYN 7D MH YNOMXáHYDOD WDNR VSRUQR YSUDÊDQMH NRW DNWHUMH NL VR VH GR QMHJD RSUHGHOLOL WHU QMLKRY PHG VHERMQLRGQRV.HUVRELOHVSUHPHQOMLYNHNYDQWLWDWLYQHLQ NYDOLWDWLYQH MH PRUDOD ELWL QMLKRYD RSUHGHOLWHY WROLNR EROMQDWDQáQDGDSULUD]XPHYDQMXR]LURPDLQWHUSUHWDFLML EHVHGLOD NL MH ELOD SRWUHEQD ]D GRORáDQMH SRVDPH]QLK YUHGQRVWL QH EL SULÊOR GR GYRPRY DOL UD]KDMDQM PHG NRGHUML
-DERONDVSRUD
.OMXáQD VSUHPHQOMLYND HPSLULáQHJD PRGHOD MH ELOD MDERONR VSRUD V áLPHU QH R]QDáXMHPR OH IL]LáQLK SUHGPHWRY KLÊD ]HPOMLÊáH GHQDU MHGUVND HOHNWUDUQD LWG WHPYHá SUHGYVHP GRORáHQD VWDOLÊáD LQWHUSUHWDFLMH GRJRGNRY RFHQH GRORáHQLK GHORYDQM SUHGORJH DOL QDáUWHGHORYDQMLWG9QDYRGLOLK]DGRORáDQMHYUHGQRVWL VSUHPHQOMLYN VPR JD RSUHGHOLOL NRW YSUDÊDQMH DOL NRQNUHWHQ SUREOHP NL RSUHGHOMXMH NRQIOLNW MH QMHJRYR L]KRGLÊáH 3LQWHU 2EOLNRYDQMH WH HQRWH QDP MHRPRJRáLORUD]GHOLWHYSRVDPH]QHJDVSRUDQDÊWHYLOQH PDQMÊHHOHPHQWHLQWDNRQDWDQáQHMHUD]LÊáHPRQMHJRYH ODVWQRVWL=RSUHGHOLWYLMRDNWHUMHYNLVR Y VSRU YSOHWHQL LQ RGQRVRY PHG QMLPL VPR ODKNR NRQIOLNWQRVW VLWXDFLMH
VSUHPOMDOLVNR]LáDVXJRWRYLOLNDWHULDNWHUMLQDVWRSDMRY NRPHQWDUMLKNDWHULVLQDVSURWXMHMRLQNDNRVHRGQRVPHG QMLPL]DRVWUXMH
9 NRGLUQHP OLVWX VPR MDERONR VSRUD ]DEHOHÌLOL Y REOLNL YSUDÊDOQH DOL WUGLOQH SRYHGL NL VR LPHOH YQDSUHM GRORáHQHYUHGQRVWL3ULPHU
$OL QDM PHMQL VSRU V KUYDÊNR UD]UHÊLPR V SRPRáMR PHGQDURGQHDUELWUDÌH"
6SRUD]XPPHG'UQRYÊNRPLQ5DáDQRP
5D]JODVLWHY L]NOMXáQH JRVSRGDUVNH LQ HNRQRPVNH FRQHQD-DGUDQX
.HU MH ELOR SR NRQáDQL DQDOL]L EHVHGLO MDERON VSRUD YHOLNR YHá NRW VPR QD ]DáHWNX SULáDNRYDOL VPR ]DQMH SULSUDYLOL QRY QDáLQ NRGLUDQMD 5D]YUVWLOL VPR MLK Y GYDQDMVWWHPDWVNLKVNXSLQR]LURPDWRSRVRYNLVRQDÊWHWL YVSRGQMLWDEHOL
7DEHOD$QDOL]LUDQLWRSRVL 7DEOH$QDO\]HGWRSRL
0HMDPHG6ORYHQLMRLQ+UYDÊNR
,]NOMXáQDJRVSRGDUVNDFRQDYKUYDÊNHPPRUMX 6SRUD]XPRPDORREPHMQHPSURPHWXLQ
VRGHORYDQMX
6SRUD]XPRMHGUVNLHOHNWUDUQL.UÊNR
'ROJ/MXEOMDQVNHEDQNHQHNGDQMLPGHYL]QLP YDUáHYDOFHP
3ROLWLáQDNXOWXUD (YURSVNDXQLMD *RVSRGDUVWYR 3URPHWQHSRYH]DYH +UYDÊNDQRWUDQMDSROLWLND 6ORYHQVNDQRWUDQMDSROLWLND 'UXJR
1DWDQáQHMÊD RSUHGHOLWHY SRVDPH]QLK VSRUQLK WHP QDPMHRPRJRáLODVSUHPOMDQMHLQSRYH]RYDQMHSRVDPH]
QLK NRQIOLNWRY 3ROHJ MDERON VSRUD VR QDV ]DUDGL KLSRWH] NL VPR MLK SRVWDYLOL QD RVQRYL 'DKUHQGRUIRYH WHRULMH ]DQLPDOH WXGL PRÌQH SRVOHGLFH WHU UHÊLWYH VSR URY = ]JRGRYLQVNLP SUHJOHGRP NRQIOLNWRY 'DKUHQGRUI SULNDÌH QMLKRYRSUHOLYDQMH L] HQHJD GUXÌEHQHJD SRGURáMD Y GUXJHJD 1D SULPHU NRQIOLNWL DOL QMLKRYH UHÊLWYH QD SRGURáMX JRVSRGDUVWYD ODKNR YRGLMR Y QRYH NRQIOLNWHQDSRGURáMXSUDYD.HUWLSUHKRGLQDVWDMDMRWXGL ]DUDGLUHÊLWHYLQSRVOHGLFNLMLKLPDMRNRQIOLNWLVWDELOLY DQDOL]RNRPHQWDUMHYYNOMXáHQLWXGLWLGYHVSUHPHQOMLYNL 9 NRGLUQL OLVW VPR ]DEHOHÌLOL ÊWHYLOR SRVOHGLF LQ ÊWHYLOR PRÌQLKUD]UHÊLWHYGRORáHQHJDMDERONDVSRUDWHUMLKGR GDWQRRSUHGHOLOL]QDWDQáQLP]DSLVRPR]LURPDSUHSLVRP L]NRPHQWDUMD7H]DSLVHVPRQDWRNRGLUDOLLQDQDOL]LUDOL QD HQDN QDáLQ NRW MDEROND VSRUD ] LVWR WLSRORJLMR LQ WRSRVL9VHWULVSUHPHQOMLYNHMDERONDVSRUDSRVOHGLFH LQREOLNHUD]UHÊHYDQMDVPRUD]YUÊáDOLYWRSRVHJOHGHQD GRPLQDQWQRNRPSRQHQWRàHVHMHMDERONRVSRUDYSUYL YUVWLQDQDÊDORQDSRWHNPHMHQDPRUMXMHELORXYUÊáHQR Y WRSRV HQD àH MH ELOD Y SRVOHGLFL L]SRVWDYOMHQD HNR ORÊND ]DÊáLWD LQ QDG]RU YDUQRVWL SORYEH Y -DGUDQX VPR MRXYUVWLOLYGUXJLWRSRVàHMHELODNRWREOLNDUD]UHÊLWYH MDERONDVSRUDSRQXMHQRVUHáDQMH]XQDQMLKPLQLVWURYGU ÌDYH MH ELOD XYUÊáHQD Y WRSRV ÊHVW 6 SRPRáMR WH WLSR ORJLMH LQ WRSRVRY VPR Y DQDOL]L SRGDWNRY VNXÊDOL GR ND]DWL R]LURPD UD]LVNDWL SRYH]DQRVW MDERON VSRUD QML KRYLKSRVOHGLFLQPRÌQLKUHÊLWHY
6O6KHPDMDERONDVSRUD )LJ6FKHPHRIWKHDSSOHRIGLVFRUG
$NWHUML
(GHQL]PHGNOMXáQLKHOHPHQWRYSRMPDMDERONRVSR UD NL JD KNUDWL UD]OLNXMH RG VSORÊQHJD UD]XPHYDQMD NRQIOLNWDVRDNWHUML-DERONRVSRUD MHYVHOHM VNXSQL RE MHNWSR]RUQRVWLGYHKDOLYHßDNWHUMHY3LQWHU
=D DQDOL]R VSRUD QL ELVWYHQR OH REOLNRYDQMH VSRUQHJD YSUDÊDQMDDOLWUGLWYHWHPYHáWXGLSUHSR]QDQMHUD]OLáQLK VWDOLÊá YVDM GYHK DNWHUMHY NL VH RSUHGHOLWD GR MDEROND VSRUD *OHGH QD VWDOLÊáH R]LURPD RGQRV DNWHUMD GR MDERONDVSRUDVPRGRORáLOLÊHVWWLSLáQLKSR]LFLMNLMLK DNWHUMLODKNR]DVHGDMR3RPDJDOLVPRVL]REOLNRYDQMHP VKHPHNLSULND]XMHPRÌQHSR]LFLMHY RGQRVX GR GROR áHQHJDVWDOLÊáDVOLND
$NWHUMLQDSR]LFLML$VREUH]SRJRMQR]DVWDOLÊáHNLMH SUHGPHW VSRUD 7LVWL QD SR]LFLML % VR SUDY WDNR ]D VWDOLÊáH NL MH SUHGPHW VSRUD OH GD LPDMR GR VOHGQMHJD GRORáHQH SULGUÌNH 3R]LFLMR & ]DVHGDMR DNWHUML NL VR V SULGUÌNRPSURWLVWDOLÊáXR]LURPDMDERONXVSRUDSR]LFLMR 'SDWLVWLNLVREUH]SRJRMQRSURWLVWDOLÊáXNLMHSUHGPHW VSRUD1DSR]LFLMR(VRXYUÊáHQLDNWHUMLNLVR]DJRYDUMDOL UHGHILQLFLMR SUREOHPD R]LURPD VH MLP MDERONR VSRUD QL ]GHORUHOHYDQWQRNRWVSRUQRYSUDÊDQMH3R]LFLMD)MHELOD QDPHQMHQDL]NOMXáQRDYWRUMHPEHVHGLODNRPHQWDWRUMXLQ MHSRPHQLODGDVHVOHGQMLGRMDERONDVSRUDQLRSUHGHOLO LQMHYEHVHGLOXRKUDQMDOQHYWUDOQRYORJR
3ULPHUGRORáDQMDSR]LFLMERPRSRMDVQLOLÊHVFLWDWLL]
áODQND5DMHFUNQLWLNRWPROHGRYDWL0LOHWDÉHWLQFD ÉH WLQF NL JRYRUL R KUYDÊNL QDPHUL UD]JODVLWYH L]NOMXáQHHNRQRPVNHFRQHQD-DGUDQX
7DNRMHNDQFOHUVVYRMRVXQNRYLWRSDWHWLáQRUH WRULNRQDJRYDUMDOSRVODQFHQDMVHQHLJUDMR]XVRGRGU ÌDYH UD]JODVLWHY L]NOMXáQH HNRQRPVNH FRQH EL ELO SUH FHGHQVNLJD(YURSVNDXQLMDQHELWROHULUDODPHGWHPNR MH ULELÊND FRQD WXGL QHYDUQD UHá YHQGDU GDMH +UYDÊNL YVDMQHNDMPDQHYUVNHJDSURVWRUDVSULáRGHMVWYDGDVWDMR ÌH UD]JODVLOL ÉSDQLMD LQ )UDQFLMD L] %UXVOMD VR 5DáDQD RSR]RULOLGDJUH]D QHSULPHUOMLYH UHáL 9 RSR]LFLML SDVRRGJRYDUMDOLGDJUH]DHQRLQLVWR UHá]DWR ERGR WXGL SRVOHGLFH Y REHK SULPHULK HQDNH áH ÌH WYHJDPR SRWHP WYHJDPR ] GRVOHGQR LQ SUDYQR QDMEROM áLVWR SRWH]R
-DERONR VSRUD MH WXNDM UD]JODVLWHY ULELÊNH FRQH GR NDWHUHMHYEHVHGLOXSR]LWLYQRQDUDYQDQ,YLFD5DáDQNL ]DVHGD SR]LFLMR $ 3R]LFLMR ' ]DVHGD RSR]LFLMD NL QDVSURWXMHULERORYQLFRQL LQ Y]WUDMD SUL UD]JODVLWYL HNR QRPVNH FRQH 7UHWMLDNWHU MH %UXVHOM NL KUYDÊNHPX GH MDQMXQHSRVUHGQRQHQDVSURWXMHRSR]DUMDSDQDPRÌQH ]DRVWULWYH]DWR]DVHGDSR]LFLMR&
$NWHUMHP VPR SROHJ SR]LFLMH NL MLK ]DVHGDMR Y RG QRVXGRMDERONDVSRUDGRORáLOLWXGLQMLKRYH]QDáLOQRVWL 5D]YUÊáDOL VPR MLK JOHGH QD GYH GLPHQ]LML 3UYD MH GR ORáDODÊWHYLOáQRVWYHOLNRVWR]LURPDRUJDQL]LUDQRVWDNWHU
MHYLQMHYRVQRYLL]KDMDODL]'DKUHQGRUIRYHWHRULMHRUJD QL]LUDQMDNRQIOLNWQLKVNXSLQWHUQMHJRYHNODVLILNDFLMHNRQ IOLNWRY JOHGH QD REVHJ GUXÌEHQH HQRWH LQ JOHGH QD SR ORÌDMYKLHUDUKLML3RREVHJXUD]OLNXMHNRQIOLNWHQDUDYQL YORJ NRQIOLNWH ]QRWUDM SRVDPLáQH GUXÌEHQH VNXSLQH NRQIOLNWHPHGRUJDQL]LUDQLPLLQQHRUJDQL]LUDQLPLVNXSL QDPL ]QRWUDM UHJLRQDOQLK DOL LQÊWLWXFLRQDOQLK GUXÌEHQLK SRGURáLM WHU ]QRWUDM FHORWQH GUXÌEH LQ NRQIOLNWH PHG YHáMLPL HQRWDPL QD SULPHU PHG GHÌHODPL -RJDQ 7R NODVLILNDFLMR VPR QHNROLNR SUHGHODOL LQ ML GRGDOL GUXJR GLPHQ]LMR NL MH GRORáDOD UHSUH]HQWDFLMR R]LURPD]DVWRSDQMHDNWHUMHYLQMHGRGDWQRRSUHGHOMHYDOD YORJR DNWHUMD 7DNR VPR GRELOL QRYH YUHGQRVWL VSUH PHQOMLYNHDNWHUMLNLVRSULND]DQHYWDEHOLGYHLQWUL 7DEHOD3UYDGLPHQ]LMDVSUHPHQOMLYNHDNWHUML 7DEOH)LUVWGLPHQVLRQRIWKHYDULDEOHSDUWLFLSDQWV
3RVDPH]QLN
1HRUJDQL]LUDQDVNXSLQD 2UJDQL]LUDQDVNXSLQD ,QÊWLWXFLMH
ÉLUÊHJHRJUDIVNRREPRáMH 'UÌDYH
.RPHQWDWRU
7DEHOD'UXJDGLPHQ]LMDVSUHPHQOMLYNHDNWHUML 7DEOH 6HFRQG GLPHQVLRQ RI WKH YDULDEOH SDUWLFL SDQWV
$ 3UHGVWDYOMDVNXSLQR
% 3UHGVWDYOMDLQÊWLWXFLMR
& 3UHGVWDYOMDÊLUÊHJHRJUDIVNRREPRáMH ' 3UHGVWDYOMDGUÌDYR
( 1HSUHGVWDYOMDQLáHVDUQLNRJDU
7DNÊQDNODVLILNDFLMDQDPMHRPRJRáLOD]HORQDWDQáQR RSUHGHOLWHYDNWHUMHYR]LURPDQMLKRYHJDGUXÌEHQHJDSR ORÌDMD LQ YORJH 9 DQDOL]L VPR WDNR XJRWRYLOL NDWHUL DNWHUML VH QDMSRJRVWHMH SRMDYOMDMR Y GRORáHQLK VSRULK NDWHUHSR]LFLMHYRGQRVX GR VSRUQHJD YSUDÊDQMD]DY]H PDMRLQVNRPVLQDMSRJRVWHMHQDVSURWXMHMR
9UVWDNRQIOLNWQRVWLR]LURPDLQWHQ]LYQRVWNRQIOLNWD ,QWHQ]LYQRVW NRQIOLNWD MH WHPHOMQD RGYLVQD VSUHPHQ OMLYND V NDWHUR VPR PHULOL YUVWR NRQIOLNWQRVWL RGQRVD PHG DNWHUML NL VR ELOL YSOHWHQL Y SRVDPH]QR MDERONR VSRUD 1D RVQRYL VWRSQMHYDOQH OHVWYLFH VPR QDMSUHM RFHQLOLRGQRVPHGVNUDMQLPDSR]LFLMDPD$LQ'QDWRÊH YUVWR NRQIOLNWQRVWL PHG SR]LFLMDPD % LQ & WHU SUL WHP XSRUDELOLYUHGQRVWLNLVRSUHGVWDYOMHQHYWDEHOLÊWLUL
7DEHOD9UHGQRVWLVSUHPHQOMLYNHYUVWDNRQIOLNWQRVWL 7DEOH9DOXHVRIWKHYDULDEOHW\SHRIFRQWURYHUV\
$ 1LGYHKWDNÊQLKSR]LFLM
% $NWHUMLQLVRQHSRVUHGQRYVWLNXQMLKRYDVWDOLÊáD VLQDVSURWXMHMRYHQGDUQLVRYQHSRVUHGQL NRPXQLNDFLMLR]LURPDVNXSQLVLWXDFLML
& %ODJNRQIOLNWDNWHUMLVRYVWLNXNRQIOLNWMH QHL]UD]LW
' ,]UD]LWNRQIOLNWDNWHUMLVRYVWLNXJUH]D L]NOMXáHYDQMHVWDOLÊáDNWHUMHY
( 2VWHUNRQIOLNWDNWHUMLVRYVWLNXPHGQMLPL REVWDMDVSRUVHRVWURRG]LYDMRQDQDVSURWQLNRYD VWDOLÊáD
,] WDEHOH MH UD]YLGQR GD YUHGQRVW % XVWUH]D SUL PHURPYNDWHULKDNWHUMLQLVRQHSRVUHGQRYVNXSQLVLWX DFLML D MH QMLKRYD QDVSURWXMRáD VL VWDOLÊáD Y VNXSQR YVHELQR]OHSLONRPHQWDWRU3ULYVHKRVWDOLKYUHGQRVWLKVR DNWHUMLYVNXSQLQHSRVUHGQLNRPXQLNDFLMLDOLVLWXDFLMLàH MH ELO RGQRV PHG QMLPL RSLVDQ NRW EODJ QHL]UD]LW NRQ IOLNWVPRPXSULSLVDOLYUHGQRVW&7DNÊQRYUHGQRVWVPR SULSLVDOLNRQIOLNWXPHGQRYLQDUMHPLQ6ORYHQFLWHU+UYDWL YNRPHQWDUMX0UKRYLQDUMLQDPRMLUDPL7DNR6ORYHQFL NRWWXGL+UYDWMHVRVHNLVORQDVPLKDOLNRVHPQD]DáHWNX NUL]H ]DUDGL 3LUDQVNHJD ]DOLYD SUHGODJDO DUELWUDÌR VR VHGRY ,WDOLMDQRY LQ 6UERY 5DNRYDF =D L]
NOMXáHYDQMHPQHQMLQL]UD]LWNRQIOLNWVPRGRORáLOLRGQRV PHGREHPDSUHGVHGQLNRPDGUÌDYYRSLVXNRPHQWDUMD]
QDVORYRP 6RVHGL LQ SULMDWHOML Y NDWHUHP VWD VH SUHG VHGQLND GR VSRUD]XPD 'UQRYÊHN5DáDQ RSUHGHOLOD QDV SURWQR 'UQRYÊNRYD L]MDYD MH ELOD VOHGHáD *ORERNR VHPSUHSULáDQGDERYQDÊRVNXSQRNRULVWáHERPRQD REHKVWUDQHKVSUHMHOLQDYODGQLUDYQLGRJRYRUMHQHUHÊLWYH LQ RGVWUDQLOL WHÌDYH QD NDWHUH MH QDOHWHO VSRUD]XP R PHML0HVLßHYDSDQDVSURWQD1HULQLPR]JODYRVNR]L ]LG DPSDN VL SUL]QDMPR GD QD QDáLQ NL MH ELO SUHG ODJDQ GRJRYRUD QH PRUHPR XUHVQLáLWL 0DNVLPRYLá 9SULPHULKNRVRDNWHUMLRVWURREWRÌHYDOLVWDOLÊáD DOL YHGHQMD QDVSURWQLND LQ MH ELOR L] EHVHGLOD UD]YLGQR GD JUH ]D RVWHU NRQIOLNW VPR Y NRGLUQL OLVW ]DEHOHÌLOL YUHGQRVW ( 7DNÊHQ SULPHU VPR ]DEHOHÌLOL Y NRPHQWDUMX 1HVWUSQLWRQL]MXJDNMHUVR]DUDGLVSRUDRYSUDÊDQMX DOL LPD 6ORYHQLMD GRVWRS GR PHGQDURGQLK YRGD QD QDVSURWXMRáH VL SR]LFLMH VWRSLOL KUYDÊNL VWURNRYQMDNL LQ KUYDÊNL ]XQDQML PLQLVWHU 7RQLQR 3LFXOD WHU VORYHQVNL ]XQDQMLPLQLVWHU'LPLWULM5XSHOVVORYHQVNLPL VWUDQNDPL LQ VWURNRYQMDNL ]D PHGQDURGQR SUDYR .RPHQWDWRU MH VSRU RSLVDO WDNROH 3UL WHP MH KUYDÊNL ]XQDQML PLQLVWHU JURER NUDWLO SUDYLFR VORYHQVNR ]XQDQMH PLQLVWUVWYR NL MH Y ]QDN SURWHVWD L] =DJUHED ]DáDVQR RGSRNOLFDOR VORYHQVNHJD YHOHSRVODQLND SUHGVWDYQLNL SUDNWLáQR YVHKVORYHQVNLKSROLWLáQLKVWUDQNVRSURWHVWLUDOL%HU OHF'RORáDQMHYUHGQRVWLYUVWHNRQIOLNWQRVWLMHELOR Y YHOLNL PHUL RGYLVQR RG XEHVHGLWYH R]LURPD SUHGVWD YLWYH NRQIOLNWD V VWUDQL DYWRUMD EHVHGLOD 3UL FHORWQHP
HPSLULáQHPGHOXQHVPHPRSR]DELWLGDJUH]DDQDOL]R VXEMHNWLYQHJD áDVRSLVQHJD ÌDQUD NDU QHNROLNR SRSDáL VOLNRUHDOQRVWL
3ULSUDYOMHQRVW]DVRGHORYDQMH
3RGREQR NRW VPR PHULOL LQWHQ]LYQRVW NRQIOLNWD VPR PHULOLWXGLQDVSURWQLSRMDYR]LURPDSULSUDYOMHQRVWYVSRU YSOHWHQLKDNWHUMHY]DVRGHORYDQMH/HVWYLFDYUHGQRVWLNL VR QDÊWHWH Y WDEHOL SHW MH QDUDÊáDMRáD WDNR NRW SUL RFHQMHYDQMXYUVWHNRQIOLNWQRVWLRGQRVDPHGDNWHUMLOHGD VHGDMQDUDÊáDVRGHORYDQMH
7DEHOD9UHGQRVWLVSUHPHQOMLYNHSULSUDYOMHQRVW]DVR GHORYDQMH
7DEOH 9DOXHV RI WKH YDULDEOH ZLOOLQJQHVV IRU FRRSH UDWLRQ
$ 1LGYHKWDNÊQLKSR]LFLM
% 1LSULSUDYOMHQRVWL
& 3ULSUDYOMHQRVW]DVRGHORYDQMHSRGGRORáHQLPL SRJRML
' %UH]SRJRMQDSULSUDYOMHQRVW]DVRGHORYDQMH ( 5D]UHÊHYDQMHNRQIOLNWD
.HU VPR YUHGQRVWL GRORáDOL ORáHQR ]D RGQRV PHG VNUDMQLPDSR]LFLMDPD$LQ'WHUSR]LFLMDPDVSULGUÌNRP
%LQ&VPRYUHGQRVW$VSUHPHQOMLYNHSULSUDYOMHQRVW]D VRGHORYDQMH QL GYHK WDNÊQLK SR]LFLM NRW NDÌH WDEHOD SHWGRORáLOLYSULPHULKNR]DKWHYDQHSR]LFLMHQLVRELOH ]DVWRSDQH .R Y EHVHGLOX QL ELOR RPHQMHQH SULSUDY OMHQRVWL ]D VRGHORYDQMH ] QLNRJDUÊQMH VWUDQL MH ELOD Y NRGLUQL OLVW ]DEHOHÌHQD YUHGQRVW % .R VR ELOL DNWHUML R]LURPD YVDM HGHQ L]PHG QMLK SULSUDYOMHQL VRGHORYDWL SRGGRORáHQLPLSRJRMLVPRGRORáLOLYUHGQRVW&NRSD VR ELOL EUH]SRJRMQR SULSUDYOMHQL VRGHORYDWL VPR L]EUDOL YUHGQRVW ' 0HGWHP NR MH YUHGQRVW ' ODKNR GRORáDOD WXGL EUH]SRJRMQR SULSUDYOMHQRVW OH HQH VWUDQL NL MH ELOD YSOHWHQD Y NRQIOLNW MH YUHGQRVW ( SRPHQLOD GD VR UD]UHÊHYDQMHVSRUDSRGSLUDOLYVLYSOHWHQL
5(=8/7$7,$1$/,=(Ý$623,61,+.20(17$5-(9 9 YVDNHP DQDOL]LUDQHP áDVRSLVQHP NRPHQWDUMX QD WHPR2GQRVL6ORYHQLMD+UYDÊNDMHELORPHQMHQYVDMHQ NRQIOLNW Y YHáLQL SULPHURY SD MH ELOR PRJRáH GRORáLWL WXGLNRQNUHWQRVSRUQRYSUDÊDQMH*OHGHQDÊWHYLORNRQ IOLNWRYLQMDERONVSRUDYNRPHQWDUMLKELODKNRUHNOLGDVR NRQIOLNWL RVQRYD PHGLMVNH UHSUH]HQWDFLMH RGQRVRY PHG 6ORYHQLMRLQ+UYDÊNR1DMSRJRVWHMHLQQDMEROMNRQVWDQW QRVHMHYREGREMXYOHWLKRGGR Y NRPHQ WDUMLK VORYHQVNHJD WLVND SRMDYOMDOD SUREOHPDWLND PHMH PHG 6ORYHQLMR LQ +UYDÊNR 7R ODKNR YLGLPR WXGL QD JUDIX NMHU MH SUREOHPDWLND QHGRORáHQH PHMH R]QDáHQD NRWWRSRVHQD,]VSRGQMHJDJUDIDODKNRUD]EHUHPRWXGL GD VR ELOL VSRUL QD WR WHPR ÊH ]ODVWL SRJRVWL Y GUXJL
*UDI3RMDYOMDQMHL]EUDQLKWRSRVRYYOHWLKRGGR
*UDSK$SSHDUDQFHRIDQDO\]HGWRSRLIURPWKURXJK
* ** * ** * **
UPQPT UPQPT UPQPT UPQPT UPQPT UPQPT UPQPT
SRORYLFLOHWDYáDVXWXULVWLáQHLQULERORYQHVH]RQHNLVWD RGSLUDOLYSUDÊDQMDSUHGYVHPRNROLPHMHQDPRUMX
1HNDNÊHQ HIHNW VQHÌQH NHSH MH SRY]URáLOD KUYDÊND QDPHUD R UD]JODVLWYL L]NOMXáQH JRVSRGDUVNH FRQH QD -DGUDQX 1D ]JRUQMHP JUDIX VH SRMDYL NRW WRSRV GYH Y SUYLSRORYLFLOHWDNLVWUPRQDUDÊáDGROHWD,]
SRGDWNRY MH ELOR WXGL UD]YLGQR GD VR VSRUL NL VR VH UD]YLOL ]DUDGL KUYDÊNH QDPHUH LPHOL QDMYHá RPHQMHQLK SRVOHGLF QD SRGURáMX PHMH PHG GUÌDYDPD 6OHGQMD QD PRUMX ÊH QL ELOD GRORáHQD ] L]NOMXáQLP JRVSRGDUVNLP SDVRPSDVHMHWRYSUDÊDQMHSRQRYQRRGSUOR3RVOHGLáQR MH WRUHM Y WLVNX QDUDVOR SRMDYOMDQMH VSRURY R SRWHNX GU ÌDYQH PHMH RGSUOD SD VR VH WXGL VWDUD YSUDÊDQMD R PHGQDURGQR SUDYQL WHÌL SDUDILUDQHJD D QH VSUHMHWHJD VSRUD]XPD PHG 'UQRYÊNRP LQ 5DáDQRP NLJDY JUDIX SRQD]DUMD WRSRV WUL WHU UD]SUDYH R UD]UHÊHYDQMX SUR EOHPDVSRPRáMRDUELWUDÌH6SRULSDVRVHRGSUOLÊHQD HQHPSRGURáMXSROLWLáQLNXOWXULNDUMHYJUDIXUD]YLGQR L]QDUDÊáDQMDYUHGQRVWLWRSRVDÊHVW+UYDÊNDHQRVWUDQVND RGORáLWHYQLELODYVNODGX] HYURSVNR SROLWLáQR NXOWXUR
QLá EROMÊH SD VH QLVR RGUH]DOL QLWL VORYHQVNL SROLWLNL 3UHGSRVWDYNR R SRYH]DQRVWL LQ SUHSOHWDQMX VSRURY PHG VHERM VPR SRWUGLOL D R NRQNUHWQLK SRVOHGLFDK NL VR Y áDVX SRVWDOD QRYD MDEROND VSRUD QH PRUHPR JRYRULWL VDMVPRWRSRVHMDERONVSRUDLQQMLKRYLKSRVOHGLFNRGLUDOL OHYVHELQVNRLQQHGREHVHGQR
.RW QDMEROM NRQIOLNWQR REGREMH VH MH SR SRYSUHáMX LQWHQ]LYQRVWLVSRURYL]ND]DODSUYDSRORYLFDOHWD9 WHPOHWXMHELORÊWHYLORNRGLUDQLKVSRURYQDMYHáMHSHVWHU SDMHELOWXGLVSHNWHUSRGURáLMQDNDWHULKVRVHRGYLMDOL 3ULVRWQRVW SRVDPH]QLK WRSRVRY LQWHQ]LYQRVW NRQIOLNWRY ]QRWUDMQMLKLQSULSUDYOMHQRVW]DVRGHORYDQMHVRVHYáDVX VSUHPLQMDOL=DVSRUHNLVRVHRGYLMDOLYRNYLUXL]NOMXáQH JRVSRGDUVNH FRQH PDORREPHMQHJD VSRUD]XPD MHGUVNH HOHNWUDUQHSROLWLáQHNXOWXUHLQKUYDÊNHQRWUDQMHSROLWLNH ODKNR WUGLPR GD VH MH RE SRYSUHáQL SRYHáDQL SUL SUDYOMHQRVWL]DVRGHORYDQMHPHGDNWHUMLSULVRWQRVWWHPHY WLVNX ]PDQMÊDOD àH VH QH R]LUDPR QD SRJRVWRVW SR MDYOMDQMDSRVDPH]QHJDWRSRVDODKNRWUGLPRWXGLGDVH MH Y YHáLQL SULPHURY LQWHQ]LYQRVW NRQIOLNWRY Y áDVX
1KLKO!IAF=IA@0HKRAJEFK EJ %NR=GK >KN@AN >APSAAJ0HKRAJE==J@ NK=PE=" PKLKO !EVGHFQÜJ= CKOLK@=NOG=?KJ=R DNR=GAI IKNFQAT?HQOERAA?KJKIE?VKJAEJ NK=PE=JOA="PKLKO!OLKN=VQIKI=HKK>IAFJAILNKIAPQEJOK@AHKR=JFQ=CNAAIAJPKJ>KN@AN PN=BBE?=J@?KKLAN=PEKJ"PKLKO!OLKN=VQIKFA@NOGEAHAGPN=NJE(NGK=CNAAIAJPKJPDAJQ?HA=NLKSANLH=JPEJ(NGK"PKLKO!LKHEPEÜJ=
GQHPQN=LKHEPE?=H?QHPQNA"PKLKO!DNR=G=JKPN=JF=LKHEPEG= NK=PE=JEJPANJ=H=BB=ENO"PKLKO!OHKRAJOG=JKPN=JF=LKHEPEG=0HKRAJA EJPANJ=H=BB=ENO
VWRSQMHYDOD =DUDGL UD]OLN Y áDVRYQHP SRMDYOMDQMX LQ ODVWQRVWL SRVDPH]QLK WRSRVRY QL ELOR PRJRáH GRORáLWL VNXSQLKGHMDYQLNRYNLELSRMDVQLOLQLKDQMHWHPHYáDVX 3RYLÊDQR SULVRWQRVW WHPH RGQRVL PHG 6ORYHQLMR LQ +UYDÈNR Y SROHWQLK LQ MHVHQVNLK PHVHFLK SD ODKNR SR MDVQLPRVSRUDVWRPLQFLGHQWRYNLVRREPHMLSRJRVWHMÊL YWXULVWLáQLLQULERORYQLVH]RQL
2GQRV PHG YSOHWHQLPL DNWHUML MH ELO Y SRYSUHáMX QDMSRJRVWHMHRFHQMHQNRWL]UD]LWNRQIOLNWNLMHR]QDáHYDO L]NOMXáXMRáD VL PQHQMD DNWHUMHY 6OHGQML Y YHOLNL YHáLQL SULPHURYQLVRELOLSULSUDYOMHQLVRGHORYDWLR]LURPDQMLKR YD SULSUDYOMHQRVW QL ELOD RPHQMHQD Y NRPHQWDUMX 3UHG SRVWDYNR GD ]DUDGL QRYLáDUVNLK YUHGQRW PHGLML SRJR VWHMHSRURáDMRRLQWHQ]LYQLKNRQIOLNWLKNRWSDRQMLKRYLK UHÊLWYDKVPRSRWUGLOL
3ROHJ ODVWQRVWL SUHGVWDYOMHQLK NRQIOLNWRY VR QDV ]DQLPDOL WXGL DNWHUML NL VR MLP NRPHQWDWRUML ] REMDYR QMLKRYLKPQHQMSRGHOLOLNRQNUHWQR LQ SRPHPEQRYORJR Y RáHK EUDOFHY $NWHUMH VPR ] GYRMQR NODVLILNDFLMR NR GLUDOLJOHGHQDQMLKRYRÊWHYLORR]LURPDGUXÌEHQLREVHJ IXQNFLMRLQUHSUH]HQWDFLMR*OHGHQDDQDOL]LUDQRWHPRQL SUHVHQHWOMLYRGDVRVHYNRPHQWDUMLKNRWYSOHWHQLDNWHUML QDMSRJRVWHMH SRMDYOMDOL SRVDPH]QLNL NL VR SUHGVWDYOMDOL LQÊWLWXFLMR 7R VR Y YHáLQL SULPHURY ELOL SUHGVHGQLNL YODGHDOLSDUODPHQWDWHUPLQLVWUL]D]XQDQMH]DGHYH3R SRJRVWRVWL VWD VOHGLOL GUÌDYL LQ QHRUJDQL]LUDQH VNXSLQH 1DMSRJRVWHMH VR VL Y VSRUX QDVSURWRYDOL SUHGVWDYQLNL LQÊWLWXFLM LQ UD]OLáQH QHRUJDQL]LUDQH VNXSLQH Y NDWHUH VRGLMRUD]OLáQHMDYQRVWLVWURNRYQMDNLSROLWLNLDOLFLYLOQD ]GUXÌHQMD 7L SRGDWNL VR SRWUGLOL SUHGSRVWDYNR GD VH Y PHGLMLK SRMDYOMDMR MDYQR ÌH XYHOMDYOMHQH LQ SR]QDQH RVHEHNL]DVHGDMRGUÌDYQHIXQNFLMHDOLSDVYRMDPQHQMD L]UDÌDMR NRW VWURNRYQMDNL R]LURPD SROLWLNL 3RVDPH]QLNL ODKNRGRREMDYHVYRMLKPQHQMSULGHMROHáHVHSRYHÌHMR YVNXSLQRERGLVLNRWNUDMDQLR]LURPDSUHELYDOFLNUDMDNL JDVSRU]DGHYDERGLVLNRWVNXSLQDSURWHVWQLNRY8JRWRY OMHQR VRYSDGD WXGL ] 'DKUHQGRUIRYLP UD]XPH YDQMHP NRQIOLNWD 9LU VOHGQMHJD VR QHHQDNL SRORÌDML NL MLK SRVDPH]QLNL ]DVHGDMR LQ SRVOHGLáQR QDVSURWXMRáL VL LQWHUHVL 9 DQDOL]LUDQLK VSRULK VR SUHELYDOFL REPHMQLK NUDMHY VWURNRYQMDNL DOL VNXSLQD SROLWLNRY SRJRVWR QDV SURWRYDOL RGORáLWYDP NL VR MLK VSUHMHOH GUÌDYQH LQÊWL WXFLMHR]LURPDNLVRMLK]DJRYDUMDOLQMLKRYLSUHGVWDYQLNL
3RJRVWRVW SULVRWQRVWL SRVDPH]QLNRY NL VR SUHGVWDY OMDOLLQÊWLWXFLMRR]LURPDHQRRGYHMGUÌDYQHREODVWLNDÌH QD SULYLOHJLUDQMH XUDGQLK YLURY LQ SR PQHQMX 3RODUMHYH WXGL QD UXWLQL]DFLMR QRYLQDUVNHJD GHOD 9 LQIRUPDWLYQLK ÌDQULK MH ]DWR NUL]D QRYLQDUVWYD áHGDOMH YHáMDRGUDÌDSDVHSUHGYVHPYQHREMHNWLYQRVWLQRYLFWHU ]DWRQXSUHLVNRYDOQHJDQRYLQDUVWYD9SULPHUXNRPHQWDU MDSDPRUDPRWHSRGDWNHLQWHUSUHWLUDWLQHNROLNRSUHYLG QHMH .RW VXEMHNWLYQL ÌDQU NDWHUHJD RVQRYQR YRGLOR MH NULWLáQD RFHQD GUXÌEHQHJD GRJDMDQMD VH ÌH Y RVQRYL R]LUD SUHGYVHP SR GHMDQMLK MDYQLK LQ GUÌDYQLK IXQN FLRQDUMHY 3RJRVWRVW SRMDYOMDQMD DNWHUMHY NL VRGLMR Y GUÌDYQR DOL SROLWLáQR VIHUR Y WHP SRJOHGX QL WDNR ]D
VNUEOMXMRáD ]DJRWRYR SD EL ELOD VOLND SUHGVWDYOMHQHJD NRQIOLNWD SRSROQHMÊD áH EL ELOL YDQMR YSOHWHQL WXGL SR JOHGLRELáDMQLKOMXGL
.RW VWDWLVWLáQR ]QDáLOHQ VH MH L]ND]DO QHSRVUHGHQ YSOLYÊWHYLODDNWHUMHYQDLQWHQ]LYQRVWNRQIOLNWD9HáMHÊWH YLOR YSOHWHQLK MH QDMYHUMHWQHMH SRYHáDOR NRPSOHNVQRVW VSRUD SD WXGL QMHJRY GUXÌEHQL REVHJ MH ELO Y WHK SUL PHULKODKNRYHáML
=$./-8Ý(.
*OHGH QD ÊWHYLOR NRQIOLNWRY LQ MDERON VSRUD Y NR PHQWDUMLKELODKNRUHNOLGDVRNRQIOLNWLRVQRYDPHGLMVNH UHSUH]HQWDFLMH RGQRVRY PHG 6ORYHQLMR LQ +UYDÊNR 5H]XOWDWLUD]LVNDYHVRSRND]DOLGDVRWLRGQRVLYPHGLMLK SUHGVWDYOMHQLSUHGYVHPYRNYLUXQHUD]XPHYDQM QDVSUR WRYDQM LQ UD]OLáQLK LQWHUHVRY 9 YVDNHP DQDOL]LUDQHP NRPHQWDUMX MH ELO RPHQMHQ YVDM HQ NRQIOLNW Y YHáLQL SULPHURY SD MH ELOR PRJRáH GRORáLWL WXGL NRQNUHWQR VSRUQRYSUDÊDQMHRNDWHUHPVRLPHOLQDVWRSDMRáLDNWHUML QDMYHáNUDWL]NOMXáXMRáDVLPQHQMD
= L]SRVWDYOMDQMHP PQHQM NL VR EUH]SRJRMQR]D DOL SURWLNOMXáQHPXYSUDÊDQMXLQ]DQHPDUMDQMHGUXJLKPRÌ QLK SRJOHGRY QD VSRU DYWRUML NRPHQWDUMHY ÊH GRGDWQR GUDPDWL]LUDMR QDVWDOR VLWXDFLMR 6 WHP NR EUDOFX QH SRQXGLMRLQIRUPDFLMRPRÌQLKUHÊLWYDKDOLSULSUDYOMHQRVWL ]D VRGHORYDQMH PHG DNWHUML NL VR YSOHWHQL Y VSRU XVWYDULMR VOLNR QHUHÊOMLYHJD NRQIOLNWD 1D WD QDáLQ VL GUÌDYOMDQLREHKGUÌDYGUXJRGUXJHPXVWYDULMR]UFDOQR QHJDWLYQRSRGRERNDUÊHGRGDWQRSRVODEÊDPHGVHERMQH RGQRVH
6RGHá SR UH]XOWDWLK EL ODKNR UHNOL GD VR NRQIOLNWL RVQRYDPHGLMVNHUHSUH]HQWDFLMHRGQRVRYPHG6ORYHQLMR LQ+UYDÊNRÉWHYLORREMDYOMHQLKNRPHQWDUMHYQDWRWHPR QDUDÊáD SUHGYVHP Y SROHWQHP LQ MHVHQVNHP áDVX NDU SRYH]XMHPR V WXULVWLáQR LQ ULERORYQR VH]RQR R]LURPD SRYHáDQLP ÊWHYLORP LQFLGHQWRY NL MLK VSUHPOMDMR ,Q WHQ]LYQRVW VSRURY ] OHWL QDUDÊáD KNUDWL SD VH ]DáQHMR PHG VHERM SUHSOHWDWL = RGSLUDQMHP QRYLK YSUDÊDQM LQ QHQHKQLPREQDYOMDQMHPVWDULKVH ]GL QMLKRYD UHÊLWHY ÊH WROLNRWHÌMD
3ULGREOMHQLSRGDWNLGRND]XMHMRGDVRVSRUL]HORSR JRVWRREUDYQDYDQLYPHGLMLK=UHSUH]HQWDFLMRL]NOMXáQR QDVSURWXMRáLK VL PQHQM QRYLQDUML GUDPDWL]LUDMR LQ ]DRVWUXMHMR NRQIOLNWQR VLWXDFLMR 1MLKRYR NRPSOHNVQRVW SRYHáXMHMRVSRYH]RYDQMHPVSRURYQDUD]OLáQLKUDYQHK VSRXGDUMDQMHP VWDOLÊá SUHGVWDYQLNRY UD]OLáQLK LQÊWLWXFLM LQ GUÌDYQLK REODVWL SD MLK RGGDOMXMHMR RG VSORÊQH MDY QRVWL 6OHGQMD ]DWR SRJRVWR L]JXEL QHSRVUHGHQ VWLN V NRQIOLNWQR VLWXDFLMR LQ MH ]DWR WROLNR EROM RGYLVQD RG LQIRUPDFLMNLMRMLSRQXMDMRPHGLML2EOLNRYDQMHVSRUQLK WHPYMDYQRVWLMHWRUHMYH]DQRSUHGYVHPQDSROLWLáQRLQ GUXÌEHQRSRPHPEQRMDYQRVW
=$+9$/$
'RF GU $QGUHMX 3LQWHUMX ERP YVHOHM KYDOHÌQD ]D SRYDELOR N VRGHORYDQMX SUL UD]LVNDYL 2EOLNRYDQMH VSRUQLK WHP Y MDYQRVWL V NDWHULP VHP SULGRELOD YHOLNR PHWRGRORÊNHJD]QDQMDLQL]NXÊHQMREVNXSLQVNHPGHOX +YDOD ]D SRXáQH SRJRYRUH NRQVWUXNWLYQH NULWLNH LQ VSRGEXGHNLVRPLYOLYDOHVDPR]DYHVWLSUL]DJRYDUMDQMX VYRMLKSRJOHGRY
&21)/,&7,668(6,16/29(1(1(:63$3(5&200(17$5,(6 7+(&$6(2)5(/$7,216%(7:((16/29(1,$$1'&52$7,$
ÇSHOD/(1$5',Þ 6,.RSHU,,3UHNRPRUVNHED
HPDLOVSHODOHQDUGLF#JPDLOFRP
6800$5<
7H[W DQDO\VLV DV D UHVHDUFK PHWKRG LV QRW H[WHQVLYHO\ XVHG DOWKRXJK LW HQDEOHV WKH VWXG\ RI UHVHDUFK VXEMHFWV ZLWKRXWGLUHFWO\LQIOXHQFLQJWKHP,QFRPPXQLFDWLRQVWXGLHVWH[WDQDO\VLVLVIUHTXHQWO\XVHGWRVWXG\PHGLDFRQWHQW DQG FRQYH\HG UHSUHVHQWDWLRQV 7KLV PHWKRG ZDV DSSOLHG LQ WKH UHVHDUFK VWXG\ RQ WKH IRUPDWLRQ RI FRQWURYHUVLDO WRSLFVLQWKHSXEOLFKHDGHGE\DVVRFLDWHSURIHVVRU'U$QGUHM3LQWHU
*LYHQ WKDW FRQWURYHUVLDO WRSLFV LQ WKH SXEOLF DUH IUHTXHQWO\ GLVFXVVHG WKURXJK DXWKRUV¢ WH[WV QHZVSDSHU FRPPHQWDULHV ZHUH VHOHFWHG DV WKH VXEMHFW RI DQDO\VLV 7KHVH WH[WV LQ IDFW SURYLGH DOUHDG\ IRUPHG RSLQLRQV RQ FRQWURYHUVLDOLVVXHVDQGFULWLFDOHYDOXDWLRQVRIWKHDFWLRQVRIDOOSDUWLHVWKDWDUHGLUHFWO\LQYROYHGLQFRQWURYHUVLHV,Q DGGLWLRQE\FRQYH\LQJWKHRSLQLRQVRIGHILQHGLQGLYLGXDOVDQGHPSKDVL]LQJWKHSRVVLEOHFRQVHTXHQFHVRIFRQIOLFWV WKH\SURYLGHWKHSXEOLFZLWKDFOHDUO\IUDPHGSLFWXUHRIWKHH[DPLQHGWRSLFV
,Q RUGHU WR SURGXFH D WKRURXJK DQDO\VLV RI RSLQLRQ FRQIOLFWV SUHVHQWHG LQ QHZVSDSHU FRPPHQWDULHV D VFKHPH LQFOXGLQJQXPHURXVLQWHUUHODWHGYDULDEOHVZDVFUHDWHGWKDWHQDEOHGDFRPSOH[DQDO\VLVRIFRQWURYHUVLDOLVVXHVDQG WKH LQYROYHG SDUWLFLSDQWV DV ZHOO DV PRQLWRULQJ WKH DSSHDUDQFH DQG LQWHQVLILFDWLRQ RI WKH FRQIOLFW VLWXDWLRQV $Q LQWHJUDWHGDQDO\VLVZDVQRWIHDVLEOHGXHWRWKH YROXPH RI DOOFROOHFWHG GDWD WKHUHIRUH WKHDSSOLHG PHWKRGRORJLFDO PRGHOSURYLGHVQXPHURXVSRVVLELOLWLHVIRUIXUWKHUDQDO\VHV
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
.H\ZRUGVWH[WDQDO\VLVRSLQLRQFRQIOLFWUHODWLRQV6ORYHQLD&URDWLD
9,5,,1/,7(5$785$
%HUOHF 0 1HVWUSQL WRQL L] MXJD NRPHQWDU 'HPRNUDFLMD/MXEOMDQD
0DNVLPRYLÞ % 6RVHGL LQ SULMDWHOML NRPHQWDU 9HáHU0DULERU
5DNRYDF 0 0UKRYLQDUML QD PRML UDPL NR PHQWDU3ULPRUVNHQRYLFH.RSHU ÆHWLQF 0 5DMH FUNQLWL NRW PROHGRYDWL NR PHQWDU'QHYQLN/MXEOMDQD
'DKUHQGRUI 5 &ODVV DQG &ODVV &RQIOLFW LQ ,QGXVWULDO6RFLHW\6WDQIRUG6WDQIRUG8QLYHUVLW\3UHVV 'DKUHQGRUI 5 7KH PRGHUQ VRFLDO FRQIOLFW $Q HVVD\ RQ WKH SROLWLFV RI OLEHUW\ /RV $QJHOHV 8QLYHUVLW\
RI&DOLIRUQLD3UHVV
'DKUHQGRUI 5 àXGQL NRQHF VRFLDOL]PD 1DÊL UD]JOHGL/MXEOMDQDÔ
-RJDQ05DOI'DKUHQGRUILQUD]UHGQLNRQIOLNWY LQGXVWULMVNL GUXÌEL àDVRSLV ]D NULWLNR ]QDQRVWL /MXEOMDQDÔ
3LQWHU$.RQáQRSRURáLOR2EOLNRYDQMHVSRUQLK WHP Y MDYQRVWL PHWRGRORÊNL NRUHNWLY ORQJLWXGLQDOQHJD DQNHWQHJDUD]LVNRYDQMDQDSRGODJLXSRUDEHDQDOL]HEH VHGLO LQ SURFHVQH WHRULMH MDYQHJD PQHQMD .RSHU 8QL YHU]DQD3ULPRUVNHP=QDQVWYHQRUD]LVNRYDOQRVUHGLÊáH .RSHU
3ROHU .RYDÞLÞ 0 1RYLQDUVND L]YLUQRVW 1RYLQDUML LQ QMLKRYL YLUL Y VRGREQL VORYHQVNL GUXÌEL /MXEOMDQD)'9
6SOLFKDO 6 $QDOL]D EHVHGLO VWDWLVWLáQD REUDY QDYD MH]LNRYQLK SRGDWNRY Y GUXÌERVORYQLK UD]LVNDYDK /MXEOMDQD5D]LVNRYDOQLLQÊWLWXW)631
