• Aucun résultat trouvé

137 '¶XQHIUpTXHQFHMRXUQDOLqUHjPHQVXelle. 138

Comparé à une fréquence intraday, un horizon quotidien peut être vu comme « long-terme ».

1

er

critère H[SUHVVLRQWRWDOHRXSDUWLHOOHG¶XQVHQWLPHQWDX

VHLQGHO¶LQGLFDWHXU

2

ème

critère LPSDFWGHO¶LQGLFDWHXUVXUOHVGRQQpHVGH

FRWDWLRQGHO¶pFKDQWLOORQ

3

ème

critère IUpTXHQFHGHSXEOLFDWLRQGHO¶LQGLFDWHXU”

 

LQYHVWLVVHXUVSHXYHQWFRPPXQLTXHUGHVLQIRUPDWLRQVV¶DJUpJHDQWjXQSURFHVVXVGHGpFLVLRQ ILQDO

/HGHX[LqPHD[H FULWqUH GHQRWUHUHFXHLOGHGRQQpHVHVWTXHOHVVpULHVVpOHFWLRQQpHV DLHQW XQ LPSDFW GLUHFW RX LQGLUHFW VXU WRXWHV OHV FODVVHV G¶DFWLIV  $ILQ GH FRQVHUYHU XQH FRKpUHQFHGDQVQRWUHUHFKHUFKHLOHVWQpFHVVDLUHTXHOHVGRQQpHVWULpHVDLHQWXQOLHQDYHFOHV VpULHV G¶DFWLIV GH QRWUH pFKDQWLOORQ &RPPH OH SUpFRQLVHQW %OLW] HW 9OLHW   QRXV VRXKDLWRQVpYLWHUOHIDLWTX¶XQHVpULHVRLWVSpFLILTXHjXQHFODVVHG¶DFWLIV

$YDQW GH FRPSUHQGUH FRPPHQW FHUWDLQV WUDYDX[ DERUGHQW FH OLHQ QRXV SRXYRQV VRXOLJQHU OHV LQIOXHQFHV SRWHQWLHOOHV HQWUH OHV GLIIpUHQWV W\SHV G¶LQGLFDWHXUV HW OHV FODVVHV G¶DFWLIVGHQRWUHSpULPqWUHG¶LQYHVWLJDWLRQ/HVLQGLFDWHXUVGHFRQMRQFWXUHSHXYHQWDYRLUXQ LPSDFW VXU WRXWHV FODVVHV G¶DFWLIV SXLVTXH O¶pFRQRPLH D GHV LQWHUDFWLRQV DYHF OD VSKqUH ILQDQFLqUH /HV LQGLFDWHXUV GH VHQWLPHQW VXU OD FRQVRPPDWLRQ SHXYHQW rWUH GHV LQGLFDWHXUV DYDQFpVGXQLYHDXG¶DFKDWVGHVPpQDJHVHWGHOHXUFRQWULEXWLRQODFURLVVDQFHG¶XQSD\V/D FRQVRPPDWLRQHVWXQPRWHXUGHO¶pFRQRPLHHWVRQUHFXOSHXWDXVVLrWUHXQLQGLFDWHXUDYDQFp G¶XQH GpJUDGDWLRQ GHV FRQGLWLRQV pFRQRPLTXHV TXL DXURQW LQ ILQH GHV UpSHUFXVVLRQV VXU O¶XQLYHUVGHVPDUFKpVILQDQFLHUV/HVLQGLFHVGHYRODWLOLWpVGHVPDUFKpVERXUVLHUVVRQWDSULRUL LPSDFWDQWSRXUODFODVVH©DFWLRQVª'DQVODOLWWpUDWXUHH[LVWDQWHDLQVLTXHGDQVOHVIDLWVFHV LQGLFHVGHYRODWLOLWpVSHXYHQWrWUHSHUoXVFRPPHGHVSUR[\GHODQHUYRVLWpGHOD©SHXUªVXU OHVPDUFKpVILQDQFLHUVGpSDVVDQWOHFDGUHVWULFWRVHQVXGHVPDUFKpV©DFWLRQVª

5HYHQRQVVXUTXHOTXHVpOpPHQWVGHWUDYDX[H[LVWDQWHQ)LQDQFHTXLH[SORUHQWOHOLHQ HQWUH OHV LQGLFDWHXUV HW OHV GRQQpHV GH FRWDWLRQ TXH QRXV DYRQV VpOHFWLRQQpV &RPPH PHQWLRQQp SUpFpGHPPHQW OHV VpULHV VpOHFWLRQQpHV SHXYHQW H[HUFHU XQH LQIOXHQFH VXU GLIIpUHQWHVFODVVHVG¶DFWLIV

&RQFHUQDQWOHVLQGLFDWHXUVGHFRQMRQFWXUH$QGHUVHQHWDO  pWXGLHQWQRWDPPHQW OHV GLIIpUHQWV LPSDFWV GHV SXEOLFDWLRQV pFRQRPLTXHV PHQVXHOOHV GRQW FRQVRPPDWLRQ SURGXFWLRQ LQGXVWULHOOH LQIODWLRQ FRQILDQFH GHV FRQVRPPDWHXUV DFKDWV GHV HQWUHSULVHV  VXU OHV UHQGHPHQWV GHV FODVVHV ©DFWLRQVª ©REOLJDWLRQVª HW ©GHYLVHVª DX[ (WDWV8QLV HQ $QJOHWHUUHHWHQ$OOHPDJQH'DKOTXLVWHW&DPSEHOO  VRXOLJQHQWTXHO¶LPSDFWGXF\FOH GHVDIIDLUHVG¶DFWLYLWpVGHV(WDWV8QLVVXUOHVUHQGHPHQWVGHVDFWLRQVHVWSOXVIRUWVXUOHV SD\V pWUDQJHUV TXH VXU OHV UHQGHPHQWV GHV DFWLRQV DX[ (WDWV8QLV /HV UHQGHPHQWV GHV PDUFKpV DFWLRQV GHV SD\V pWUDQJHUV VHUDLHQW SOXV VHQVLEOHV DX F\FOH GHV DIIDLUHV TXH OHV UHQGHPHQWV DPpULFDLQV &HWWH GpFRXYHUWH HPSLULTXH H[SOLTXH OD UDLVRQ SRXU ODTXHOOH QRXV 

 

LQWURGXLVRQVSOXVLHXUVLQGLFDWHXUVDX[(WDWV8QLV3OXVLHXUVGHQRVLQGLFDWHXUVH[DPLQHQWOD FRQMRQFWXUHHWGRQQHQWGHVLQIRUPDWLRQVUHODWLYHVjFHF\FOH WDEOHDX 

$OOHQ HW &DUOHWWL   PRQWUHQW DX WUDYHUV G¶HQTXrWHV FRPPHQW OHV GLULJHDQWV G¶HQWUHSULVHVGHSD\VFRPPHOD)UDQFHOHV(WDWV8QLVRXOH-DSRQDIILFKHQWXQHSUpIpUHQFH VRLW SRXU OD VpFXULWp GH O¶HPSORL VRLW SRXU OD GLVWULEXWLRQ GH GLYLGHQGHV &H FKRL[ VHPEOH HQWUDvQHU XQH LQVWDELOLWp PDFURpFRQRPLTXH HQ SpULRGH GH FULVH TXL SHXW DIIHFWHU SRWHQWLHOOHPHQW WRXWHV FODVVHV G¶DFWLIV )HUVRQ HW +DUYH\   PRQWUHQW TXH FHUWDLQHV YDULDEOHVG¶©LQIRUPDWLRQªFRPPHO¶LQIODWLRQRXODSURGXFWLRQLQGXVWULHOOHSHXYHQWHQWUDvQHU GHVGLIIpUHQFHVGHUHQGHPHQWVHQWUHPDUFKpVILQDQFLHUVLQWHUQDWLRQDX[

/HV LQGLFDWHXUV GH VHQWLPHQW pFRQRPLTXH GX =HZ HW GX FOLPDW GHV DIIDLUHV GH O¶,IR WDEOHDX SHXYHQWjOHXUWRXULPSDFWHUOHVFRWDWLRQVGHO¶LQGLFHDFWLRQVGX'D[HQ$OOHPDJQH (QWRUI *URVV HW 6WHLQHU   6HORQ )LVKHU HW 6WDWPDQ   OD FRQILDQFH GHV FRQVRPPDWHXUV DPpULFDLQV FURvW ORUVTXH OHV UHQGHPHQWV GX 6 3  DXJPHQWHQW  FHWWH UHODWLRQ WHQG j PRQWUHU TX¶XQ OLHQ PHVXUDEOH H[LVWH HQWUH OHV GRQQpHV GH FRWDWLRQ HW GHV GRQQpHVGHW\SH©DXWUHVLQIRUPDWLRQVGHPDUFKpª'¶DXWUHSDUWOHVDXWHXUVFRQFOXHQWTX¶XQ IDLEOHQLYHDXGHFRQILDQFHGHVFRQVRPPDWHXUVSHUPHWGHSUpGLUHGH©KDXWVªUHQGHPHQWVGHV DFWLRQVGX1DVGDTDLQVLTXHOHVUHQGHPHQWVG¶DFWLRQVjSOXVIDLEOHFDSLWDOLVDWLRQ'DQVOHXU RSWLTXHOHVHQWLPHQWGHVLQYHVWLVVHXUVSHXWrWUHGpFLVLIGDQVXQHDOORFDWLRQWDFWLTXHG¶DFWLIV ILQDQFLHUV,OVRQWGpFRXYHUWTX¶LOH[LVWHXQHUHODWLRQQpJDWLYHHWVWDWLVWLTXHPHQWVLJQLILFDWLYH HQWUHOHVHQWLPHQWGHVLQYHVWLVVHXUVLQGLYLGXHOVHWLQVWLWXWLRQQHOVHWOHVUHQGHPHQWVIXWXUVGX 6 3%OLW]HW9OLHW  LGHQWLILHQWFHUWDLQHVYDULDEOHVSUpGLFWLYHVDIIHFWDQWWRXWHVOHV FODVVHVG¶DFWLIVILQDQFLHUVQRQHQFRUHSULVHVHQFRPSWHGDQVOHFDGUHGHPRGqOHVG¶DOORFDWLRQV FRPPHODFRQILDQFHGHVFRQVRPPDWHXUVHWGHVSURGXFWHXUV &RQFHUQDQWOHVLQGLFHVGHYRODWLOLWpO¶LQGLFH9,;SHXWSHUPHWWUHG¶pYDOXHU©ODSHXUª GHVLQYHVWLVVHXUVGDQVXQPDUFKpEDLVVLHU :KDOH\ /¶DXWHXUpYRTXHXQSLFGXQLYHDX GX9,;HQSpULRGHGHQHUYRVLWpGHVPDUFKpVILQDQFLHUV/¶LPSDFWVWDWLVWLTXHGHO¶LQGLFH9,; WKpRULTXHPHQW VXU OD FODVVH ©DFWLRQVª VH PDQLIHVWH pJDOHPHQW SRXU OHV REOLJDWLRQV HW OHV PDWLqUHV SUHPLqUHV 0XQHQ]RQ   1RXV VRXOLJQRQV TX¶LO SHXW pJDOHPHQW H[LVWHU GHV UHODWLRQVH[SOLFDWLYHVDXVHLQGHVYDULDEOHV©DXWUHVLQIRUPDWLRQVGHPDUFKpª/DFRQILDQFH GHVFRQVRPPDWHXUVSHXWDXJPHQWHUjPHVXUHTXHOHVHQWLPHQWKDXVVLHUGHVLQYHVWLVVHXUVFURvW HWFHWWHUHODWLRQSHXWrWUHVWDWLVWLTXHPHQWVLJQLILFDWLYH )LVKHUHW6WDWPDQ 

 

$ O¶DLGH GH QRWUH WURLVLqPH FULWqUH GH VpOHFWLRQ OHV LQGLFDWHXUV UHWHQXV VRQW WRXV SXEOLpV j XQH IUpTXHQFH UpJXOLqUH LQIpULHXUH RX pJDOH DX PRLV HQ OLHQ DYHF XQ XQLYHUV GH GRQQpHVGHFRWDWLRQVUHODWLYHPHQW©FRXUWWHUPHª/HVLQGLFDWHXUV©G¶DXWUHVLQIRUPDWLRQVGH PDUFKpªSHXYHQWrWUHTXRWLGLHQVKHEGRPDGDLUHVRXPHQVXHOV WDEOHDX 

1RWRQV TXH SDUPL OHV GRQQpHV UHODWLYHV DX[ © DXWUHV LQIRUPDWLRQV GH PDUFKp ª OHV LQGLFDWHXUV GHV GLUHFWHXUV G¶DFKDW HW GH VHQWLPHQW GHV FRQVRPPDWHXUV WDEOHDX   VRQW GHV FRPSRVDQWVGHO¶LQGLFHpFRQRPLTXHDYDQFpGX&RQIHUHQFH%RDUGDX[(WDWV8QLV/HIDLWTXH FHVGHX[VpULHVVRLHQWGHVFRPSRVDQWVGHFHWLQGLFHWpPRLJQHGXFDUDFWqUHDQWLFLSDWLIGHFHV LQGLFDWHXUV VXU OD FRQMRQFWXUH $X QLYHDX HXURSpHQ OHV LQGLFDWHXUV GX =HZ HW GH O¶,IR WDEOHDX[HW VRQWGHVLQGLFDWHXUVDYDQFpVGXF\FOHGHO¶pFRQRPLHDOOHPDQGH (QWRUI *URVVHW6WHLQHU 

3DUPLOHVLQGLFDWHXUVFHUWDLQVFRPPXQLTXHQWGHVLQIRUPDWLRQVUHODWLYHVDX[UHODWLRQV pFRQRPLTXHV LQWHUQDWLRQDOHV GHV ]RQHV JpRJUDSKLTXHV LQGXVWULDOLVpHV &KLQH (XURSH  O¶LQGLFDWHXUGHVGLUHFWHXUVG¶DFKDWDPpULFDLQV WDEOHDX QRWDPPHQWDYHFOHVpTXLSHPHQWVGH WUDQVSRUWVpFKDQJpVGDQVOHPRQGH

 3DU O¶LQWHUPpGLDLUH GH FHV WURLV FULWqUHV ILJXUH   QRXV FROOHFWRQV XQ HQVHPEOH GH GRQQpHVPDWpULDOLVDQWODYDULDEOH©DXWUHVLQIRUPDWLRQVGHPDUFKpª WDEOHDX 1RWRQVTXH FHVGRQQpHVFRQVWLWXHQWGHVLQGLFDWHXUVEDVpVVXUGHVpOpPHQWVSDVVpVSURVSHFWLIVYRLUHXQH FRPELQDLVRQGHVGHX[pOpPHQWVGDQVFHUWDLQVFDV WDEOHDX /DVpULHGHVGLUHFWHXUVG¶DFKDW DPpULFDLQVHVWODVHXOHTXLQHSUHQGHQFRPSWHTXHGHVpOpPHQWVKLVWRULTXHVPDLVHOOHUHVWH FRQVWUXLWH FRPPH OD SOXSDUW GHV DXWUHV HQTXrWHV GH QRWUH VpOHFWLRQ /HV VpULHV GH QRWUH pFKDQWLOORQFRPSRVpHVG¶pOpPHQWVKLVWRULTXHVHWSUpYLVLRQQHOV FOLPDWGHVDIIDLUHVDOOHPDQG LQGXVWULH PDQXIDFWXULqUH EHOJH  VH GLVWLQJXHQW GH FHOOHV TXL VRQW H[FOXVLYHPHQW FRPSRVpHV G¶pOpPHQWVSURVSHFWLIV VHQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUVSRXUO¶pFRQRPLHDOOHPDQGH VHQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQVVHQWLPHQWKDXVVLHUEDLVVLHUHWQHXWUHGHVPDUFKpV ERXUVLHUVLQGLFHVGHYRODWLOLWp 

  7DEOHDX'RQQpHVUHFXHLOOLHVSRXUODYDULDEOH©DXWUHVLQIRUPDWLRQVGHPDUFKpª   

(Q SDUWDQW GH OD JDXFKH OH W\SH GH GRQQpH G¶©DXWUHV LQIRUPDWLRQV GH PDUFKpª HVW HQ SUHPLqUH FRORQQH /D VRXUFH GH OD GRQQpH VH WURXYH GDQV OD GHX[LqPH FRORQQH /D IUpTXHQFH GH SXEOLFDWLRQ GH OD GRQQpH HVW HQ WURLVLqPHFRORQQH

'RQQpHV 6RXUFH )UpTXHQFHGHSXEOLFDWLRQ

6HQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUV

SRXUOpFRQRPLHDOOHPDQGH =HQWUXPIU(XURSlLVFKH:LUWVFKDIWIRUVFKXQJ =HZ 0HQVXHOOH 6HQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQV 8QLYHUVLWpGX0LFKLJDQ

7KRPVRQ5HXWHUV 0HQVXHOOH &OLPDWGHVDIIDLUHVDOOHPDQG ,IR,QVWLWXWH 0HQVXHOOH ,QGXVWULHPDQXIDFWXULqUHEHOJH %DQTXHQDWLRQDOHGH%HOJLTXH 0HQVXHOOH 'LUHFWHXUVGDFKDW ,QVWLWXWHRI6XSSO\0DQDJHPHQW 0HQVXHOOH 6HQWLPHQWKDXVVLHUGHVPDUFKpVERXUVLHUV

DPpULFDLQV $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUV +HEGRPDGDLUH 6HQWLPHQWEDLVVLHUGHVPDUFKpVERXUVLHUV

DPpULFDLQV $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUV +HEGRPDGDLUH 6HQWLPHQWQHXWUHGHVPDUFKpVERXUVLHUV

DPpULFDLQV $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUV +HEGRPDGDLUH ,QGLFHGHYRODWLOLWp9,;DPpULFDLQ &%2( 4XRWLGLHQQH ,QGLFHGHYRODWLOLWp9'$;DOOHPDQG (XURQH[W 4XRWLGLHQQH ,QGLFHGHYRODWLOLWp9&$&IUDQoDLV (XURQH[W 4XRWLGLHQQH

  7DEOHDX&RPSRVDQWHVKLVWRULTXHHWSURVSHFWLYHGHVGRQQpHVUHODWLYHVDX[©DXWUHV LQIRUPDWLRQVGHPDUFKpª   

(Q SDUWDQW GH OD JDXFKH OH W\SH GH GRQQpH G¶©DXWUHV LQIRUPDWLRQV GH PDUFKpª HVW HQ SUHPLqUH FRORQQH /D VRXUFHGHODGRQQpHVHWURXYHGDQVODGHX[LqPHFRORQQH/¶LQGLFDWLRQGHFRPSRVDQWHKLVWRULTXH SDVVpH GHOD GRQQpHHVWHQWURLVLqPHFRORQQH/¶LQGLFDWLRQGHFRPSRVDQWHSURVSHFWLYHHVWHQTXDWULqPHFRORQQH



1RXVQRWRQVTXHO¶LQGLFHGHVQRXYHOOHVFRPPDQGHVGHO¶HQTXrWHGHVGLUHFWHXUVG¶DFKDWDLQVL TXHOHVHQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQV WDEOHDX VRQWGHX[FRPSRVDQWVGHO¶LQGLFH GHV LQGLFDWHXUV DYDQFpV GH O¶pFRQRPLH GX &RQIHUHQFH %RDUG DX[ (WDWV8QLV VXU  FRPSRVDQWV  /D SULVH HQ FRPSWH GH FHV GHX[ LQGLFDWHXUV SDU OH &RPPHUFH 'HSDUWPHQW DPpULFDLQ FRQILUPH OHXUV FDSDFLWpV j FRPSUHQGUH HW SUpYRLU OHV FKDQJHPHQWV pFRQRPLTXHV &KDTXHVpULHDSSDUWHQDQWjO¶LQGLFHGHVLQGLFDWHXUVDYDQFpVGX&RQIHUHQFH%RDUGHVWFKRLVLH SRXUVDSHUIRUPDQFHVXUFULWqUHVULJRXUHX[GRQWODVLJQLILFDWLYLWppFRQRPLTXHO¶DGpTXDWLRQ VWDWLVWLTXH OD FRKpUHQFH GX WLPLQJ ORUV GH SLFV GH F\FOHV pFRQRPLTXHV HW OD UDSLGH GLVSRQLELOLWpGHVFKLIIUHV

%LHQ TXH QRV FULWqUHV PHWWHQW HQ DYDQW O¶H[SUHVVLRQ G¶XQ VHQWLPHQW HQ OLHQ DYHF OHV PDUFKpVILQDQFLHUVLOHVWLQWpUHVVDQWGHFRQVWDWHUTXHFHUWDLQVGHVLQGLFDWHXUVSUpVHQWHQWXQ FDUDFWqUHDQWLFLSDWLIGHODFRQMRQFWXUHpFRQRPLTXH

'RQQpHV 6RXUFH KLVWRULTXHGH&RPSRVDQWH

ODGRQQpH

&RPSRVDQWH SURVSHFWLYH GHODGRQQpH

6HQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUV

SRXUOpFRQRPLHDOOHPDQGH =HQWUXPIU(XURSlLVFKH:LUWVFKDIWIRUVFKXQJ =HZ 1RQ 2XL 6HQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQV 8QLYHUVLWpGX0LFKLJDQ7KRPVRQ5HXWHUV 1RQ 2XL

&OLPDWGHVDIIDLUHVDOOHPDQG ,IR,QVWLWXWH 2XL 2XL

,QGXVWULHPDQXIDFWXULqUHEHOJH %DQTXHQDWLRQDOHGH%HOJLTXH 2XL 2XL 'LUHFWHXUVGDFKDW ,QVWLWXWHRI6XSSO\0DQDJHPHQW 2XL 1RQ 6HQWLPHQWKDXVVLHUGHVPDUFKpVERXUVLHUV

DPpULFDLQV $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUV 1RQ 2XL 6HQWLPHQWEDLVVLHUGHVPDUFKpVERXUVLHUV

DPpULFDLQV $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUV 1RQ 2XL 6HQWLPHQWQHXWUHGHVPDUFKpVERXUVLHUV

DPpULFDLQV $PHULFDQ$VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUV 1RQ 2XL

,QGLFHGHYRODWLOLWp9,;DPpULFDLQ &%2( 1RQ 2XL

,QGLFHGHYRODWLOLWp9'$;DOOHPDQG (XURQH[W 1RQ 2XL

 

6LPLODULWpVHQWUHGRQQpHVUHFXHLOOLHV

 

&HUWDLQHV VpULHV GH QRWUH pFKDQWLOORQ SDUWDJHQW GHV FDUDFWpULVWLTXHV FRPPXQHV GH FRQWHQX WDEOHDX HWGHPpWKRGRORJLH (QWHUPHVGHFRQWHQXOHVHQWLPHQWGHFRQILDQFHGDQVO¶pFRQRPLHHVWPHVXUpDXWUDYHUV GHGLIIpUHQWVLQGLFDWHXUV GLUHFWHXUVG¶DFKDWDPpULFDLQVLQGXVWULHPDQXIDFWXULqUHEHOJHFOLPDW GHVDIIDLUHVDOOHPDQGVHQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUVSRXUO¶pFRQRPLHDOOHPDQGHHW VHQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQV $WLWUHG¶H[HPSOHFHWWHFRQILDQFHVHPHVXUHSRXU ODSURGXFWLRQ LQGXVWULHPDQXIDFWXULqUHEHOJHFOLPDWGHVDIIDLUHVDOOHPDQGHWVHQWLPHQWGHV FRQVRPPDWHXUV DPpULFDLQV  HW SRXU OHV DWWHQWHV pFRQRPLTXHV VXU OD FRQMRQFWXUH LQGXVWULH PDQXIDFWXULqUHEHOJHFOLPDWGHVDIIDLUHVDOOHPDQGVHQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUV SRXUO¶pFRQRPLHDOOHPDQGHHWVHQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQV 

/HVHQWLPHQWGH©QHUYRVLWpªVXUOHVPDUFKpVILQDQFLHUVSHXWrWUHDSSURFKpDXWUDYHUV G¶LQGLFHV GH YRODWLOLWp LQGLFHV GH YRODWLOLWp 9,; 9'$; 9&$&  /HV DQWLFLSDWLRQV GLUHFWLRQQHOOHVVXUOHVPDUFKpVILQDQFLHUV VHQWLPHQWKDXVVLHUQHXWUHRXEDLVVLHUGHVPDUFKpV ERXUVLHUV DPpULFDLQV  PHVXUHQW OD FRQILDQFH GHV LQYHVWLVVHXUV SRXU OHVPRLV j YHQLU VXUOHV PDUFKpVERXUVLHUV

/DGLPHQVLRQKXPDLQHWUDGXLWHSDUO¶HQVHPEOHGHVGRQQpHVUHFXHLOOLHVLQWURGXLWSDU FRQVWUXFWLRQGHODVXEMHFWLYLWpGHVRSLQLRQVGDQVO¶LQWHUSUpWDWLRQGHVHQMHX[pFRQRPLTXHVHW O¶H[SUHVVLRQ GH VHQWLPHQWV GLYHUV 1RWUH UHFKHUFKH WHQWH GH PHVXUHU OD YDOHXU G¶XQH FRPELQDLVRQGHSUL[G¶DFWLIVILQDQFLHUVHWG¶LQIRUPDWLRQVGRQWOHFRQWHQXHVWGDQVXQHFHUWDLQH PHVXUHTXDOLWDWLI/¶DSSRUWYLHQWpJDOHPHQWGXIDLWTXHQRXVTXDQWLILRQVFHWWHLQIOXHQFHVXU GHVSRUWHIHXLOOHVG¶DUELWUDJHHQXQLYHUVPXOWLFODVVHVG¶DFWLIV(QFRQVHUYDQWFHWWHGLPHQVLRQ VXEMHFWLYHGDQVOHFDGUHGHQRWUHUHFKHUFKHOHEXWHVWGHPHVXUHUTXDQWLWDWLYHPHQWFHWLPSDFW GDQVXQSURFHVVXVGHGpFLVLRQ /DVXEMHFWLYLWpHVWFRQVWDWpHDXWUDYHUVGHODPDMRULWpGHQRVLQGLFDWHXUV O¶HQVHPEOH GHV GRQQpHV KRUPLV OHV LQGLFHV GH YRODWLOLWp  TXL IRQFWLRQQHQW DYHF OH PrPH W\SH GH UpSRQVHV&HVTXHVWLRQVSURSRVHQWWURLVW\SHVGHSRVVLELOLWpVGHUpSRQVHVSRVLWLYHVpJDOHVRX QpJDWLYHV

4XHOTXHV LOOXVWUDWLRQV YLHQQHQW HQ FRPSOpPHQWV GH QRV SURSRV 3RXU pYDOXHU OH FRQWH[WH DFWXHO GHV DIIDLUHV GDQV OH FDGUH GX FOLPDW GHV DIIDLUHV DOOHPDQG WDEOHDX   OHV UpSRQVHV VRQW GH OD IRUPH VXLYDQWH©ERQª ©VDWLVIDLVDQWª RX ©SDXYUHª 3RXU FH PrPH 

6HQWLPHQWVVXUODFRQMRQFWXUHpFRQRPLTXHPDLVDXVVLVXUOHVPDUFKpVERXUVLHUV

3RXUOHVLQGLFHVGHYRODWLOLWpVODGLPHQVLRQVXEMHFWLYHQ¶HVWDSSUpFLpHTXHSDUODFDUDFWpULVWLTXHGHSUR[\GH OD©SHXUªGHOD©QHUYRVLWpªVXUOHVPDUFKpVILQDQFLHUVDIIHFWpHjFHVLQGLFHV

 

LQGLFDWHXUOHVUpSRQVHVSURSRVpHVSRXUpYDOXHUOHVDWWHQWHVVXUOHFOLPDWGHVDIIDLUHVSRXUOHV VL[SURFKDLQVPRLVVXLYHQWODPrPHORJLTXH©SOXVIDYRUDEOHVª©LQFKDQJpHVªRX©PRLQV IDYRUDEOHVª /¶LQGLFDWHXU GX VHQWLPHQW pFRQRPLTXH GHV LQYHVWLVVHXUV SRXU O¶pFRQRPLH DOOHPDQGH WDEOHDX   SURSRVHQW GHV UpSRQVHV WHOOHV TXH ©V¶DPpOLRUHUª ©DXFXQ FKDQJHPHQWªRX©V¶DJJUDYHUª3RXUOHVHQWLPHQWGHVPDUFKpVERXUVLHUVDPpULFDLQV WDEOHDX   OHV WURLV FKRL[ GH UpSRQVHV VRQW ©KDXVVLHUª ©QHXWUHª RX ©EDLVVLHUª &HV UpSRQVHV PHWWHQW HQ H[HUJXH OH FDUDFWqUH VXEMHFWLI GH OD ©QRUPDOLWpª GX ERQ RX GX PDXYDLV SDU H[HPSOH '¶DXWUH SDUW OH VHQWLPHQW G¶DSSUpFLDWLRQ GH VWDJQDWLRQ RX GH UHFXO FRPSRUWH pJDOHPHQWXQHFRPSRVDQWHVXEMHFWLYH

'DQVSOXVLHXUVFDVODGXUpHVXUODTXHOOHSRUWHO¶HVWLPDWLRQGHVGRQQpHVUHODWLYHVDX[ DX[©DXWUHVLQIRUPDWLRQVGHPDUFKpªHVWGHVL[PRLVPD[LPXP VHQWLPHQWKDXVVLHUQHXWUH RX EDLVVLHU GHV PDUFKpV ERXUVLHUV DPpULFDLQV LQGXVWULH PDQXIDFWXULqUH EHOJH FOLPDW GHV DIIDLUHVDOOHPDQGHWVHQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUVSRXUO¶pFRQRPLHDOOHPDQGH 

'HX[ VLPLODULWpV PpWKRGRORJLTXHV H[LVWHQW GDQV OH FDOFXO GHV GRQQpHV SXEOLpHV/D SUHPLqUHVLPLODULWpUHSRVHVXUOHSULQFLSHGHVROGHVRXEDODQFHVFHTXLFRQVLVWHjVRXVWUDLUH OHV RSLQLRQV ©SRVLWLYHVª DX[ RSLQLRQV ©QpJDWLYHVª VDQV WHQLU FRPSWH GHV RSLQLRQV ©QHXWUHª ORUVTX¶HOOHV H[LVWHQW GDQV O¶LQGLFDWHXU /HV LQGLFDWHXUV HPSOR\DQW FH PRGH GH FDOFXOVRQWO¶LQGXVWULHPDQXIDFWXULqUHEHOJHOHFOLPDWGHVDIIDLUHVDOOHPDQGOHVHQWLPHQW GHVFRQVRPPDWHXUVDPpULFDLQVOHVHQWLPHQWpFRQRPLTXHGHVLQYHVWLVVHXUVSRXUO¶pFRQRPLH DOOHPDQGHHWVHQWLPHQWGHVFRQVRPPDWHXUVDPpULFDLQVHWOHVGLUHFWHXUVG¶DFKDWVDPpULFDLQV WDEOHDX 3DUH[WHQVLRQQRXVLQFOXRQVpJDOHPHQWOHVHQWLPHQWKDXVVLHUQHXWUHRXEDLVVLHU GHVPDUFKpVERXUVLHUVDPpULFDLQVFDUODVRPPHGHVWURLVUpSRQVHVHVWpJDOHj WDEOHDX  QRXVSRXYRQVVDYRLUTXHOHVWOHSRXUFHQWDJHGRPLQDQWGDQVXQFDVRQRXVQ¶DYRQVSDV OHVPrPHVSRXUFHQWDJHVGHUpSRQVHVVXUFKDFXQHGHVWURLVUpSRQVHV3RXUGRQQHUXQH[HPSOH GH VROGH SUHQRQV O¶LQGLFDWHXU GX VHQWLPHQW pFRQRPLTXH GHV LQYHVWLVVHXUV SRXU O¶pFRQRPLH DOOHPDQGH WDEOHDX 1RXVREWHQRQVG¶RSLQLRQV©V¶DPpOLRUHUªHWG¶RSLQLRQV ©V¶DJJUDYHUªHQPDUV/HVROGHGHO¶HQTXrWHHVWpJDOjFHTXLVLWXHOHUpVXOWDWGH FHWLQGLFDWHXUGDQVXQH]RQHSRVLWLYHLQWHUSUpWpHFRPPHXQH]RQHG¶RSWLPLVPH

8QDXWUHSRLQWFRPPXQHVW TXHFHUWDLQV LQGLFDWHXUV GLUHFWHXUVG¶DFKDWVDPpULFDLQV LQGXVWULH PDQXIDFWXULqUH EHOJH  RQW UHFRXUV DX[ LQGLFHV GH GLIIXVLRQ &HV LQGLFHV GH 

1RXVH[FOXRQVGHFHWWHH[SOLFDWLRQOHVLQGLFHVGHYRODWLOLWpTXLQHVRQWSDVFRQFHUQpVSDUFHPRGHGHFDOFXO /HV LQGLFHV GH YRODWLOLWp VRQW EDVpV VXU GHV FDOFXOV GH YRODWLOLWp SURVSHFWLYH 1RXV UDSSHORQV TXH QRXV XWLOLVRQVFHVLQGLFHVGHYRODWLOLWpFRPPHGHVSUR[\GHVHQWLPHQWVXUOHVPDUFKpVILQDQFLHUV

 8Q LQGLFH GH GLIIXVLRQ VH FDOFXOH FRPPH VXLW OH SRXUFHQWDJH GHV UpSRQVHV SRVLWLYHV SOXV OD PRLWLp GX SRXUFHQWDJHGHUpSRQVHVQHXWUHV/¶LGpHLPSOLFLWHHVWTXHGHVUpSRQVHVVRQWGHVDYLVSRVLWLIV

 

GLIIXVLRQSUHQQHQWHQFRQVLGpUDWLRQOHVUpSRQVHVGHW\SH©QHXWUHª/HVLQGLFHVGHGLIIXVLRQ RQWVXUWRXWODFDUDFWpULVWLTXHG¶rWUHGHVLQGLFDWHXUVDYDQFpVHWVRQWGHVPHVXUHVTXLSHUPHWWHQW GH IRXUQLU OD GLUHFWLRQ HW O¶DPSOHXU G¶XQ FKDQJHPHQW $ SDUWLU GHV GRQQpHV UHFXHLOOLHV GHV WUDLWHPHQWVGHGRQQpHVVRQWDSSOLTXpVSRXUTXHFHVGHUQLqUHVGHYLHQQHQWH[SORLWDEOHVGDQVOH FDGUHGHVWHVWVHPSLULTXHV 

7UDLWHPHQWVDSSOLTXpVDX[GRQQpHV

  /HVGLIIpUHQWHVGRQQpHVFROOHFWpHVGHQRWUHpFKDQWLOORQSUpVHQWHQWGHVpFKHOOHVHWGHV IUpTXHQFHVGLVWLQFWHV&HVGLIIpUHQFHVQHSHUPHWWHQWSDVHQO¶pWDWO¶XWLOLVDWLRQGHFHVGRQQpHV 'DQVOHFDGUHGHVWHVWVQRXVSURFpGRQVjXQHKRPRJpQpLVDWLRQGHO¶HQVHPEOHGHVGRQQpHVGH O¶pFKDQWLOORQDILQGHOHVUHQGUHFRPSDUDEOHVHQWUHHOOHV'¶XQSRLQWGHYXHGXWUDLWHPHQWGHV GRQQpHV QRXV FRQVWLWXRQV XQ XQLYHUV GH WDX[ GH YDULDWLRQ TXRWLGLHQV 1RXV GpILQLVVRQV pJDOHPHQW OD PDQLqUH GH WUDLWHU VSpFLILTXHPHQW GHV GRQQpHV UHODWLYHV DX[ © DXWUHV LQIRUPDWLRQV GH PDUFKp ª FDU FHV GHUQLqUHV QH VRQW SDV WRXMRXUV DX[ QRUPHV GHV GRQQpHV KRPRJqQHV IUpTXHQFHLQWHUYDOOHQXPpULTXHGHVGRQQpHV 



&RPSDUDLVRQHWDJUpJDWLRQGHGRQQpHVKpWpURJqQHV



$SUqV DYRLU DQDO\Vp OH FRQWHQX GH QRWUH pFKDQWLOORQ QRXV VRXKDLWRQV DJUpJHU O¶HQVHPEOH GH GRQQpHV UHFXHLOOLHV DILQ TX¶HOOHV VRLHQW XWLOLVDEOHV GDQV OH FDGUH GHV WHVWV HPSLULTXHV/¶LGpHFRQGXFWULFHGHQRVWUDLWHPHQWVHVWGHUHQGUHFHVGRQQpHVKpWpURJqQHV FRPSDWLEOHVHQWUHHOOHVDYHFXQHIUpTXHQFHTXRWLGLHQQHFRPPXQH

/¶REMHFWLIILQDOGHFHVWUDLWHPHQWVHVWGHFDOFXOHUGHVWDX[GHYDULDWLRQTXRWLGLHQVSRXU FKDFXQH GHV VpULHV ILJXUH   &HV WDX[ GH YDULDWLRQ VRQW QRWDPPHQW QpFHVVDLUHV SRXU GLIIpUHQWHVSURFpGXUHVG¶DQDO\VHIDFWRULHOOHGDQVFHFKDSLWUHDLQVLTXHGDQVOHVFKDSLWUHVHW &HVWDX[GHYDULDWLRQVRQWGHVSDUDPqWUHVG¶HQWUpHGHQRWUHPRGpOLVDWLRQ FKDSLWUH  



Documents relatifs