• Aucun résultat trouvé

Etude de réception transnationale d’une série télévisée et ses effets sur l’attractivité touristique d’une région rurale : Cas d'un feuilleton marocain

N/A
N/A
Protected

Academic year: 2021

Partager "Etude de réception transnationale d’une série télévisée et ses effets sur l’attractivité touristique d’une région rurale : Cas d'un feuilleton marocain"

Copied!
385
0
0

Texte intégral

(1)

HAL Id: tel-02553830

https://tel.archives-ouvertes.fr/tel-02553830

Submitted on 24 Apr 2020

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Etude de réception transnationale d’une série télévisée et ses effets sur l’attractivité touristique d’une région

rurale : Cas d’un feuilleton marocain

Naoil Chaouni

To cite this version:

Naoil Chaouni. Etude de réception transnationale d’une série télévisée et ses effets sur l’attractivité touristique d’une région rurale : Cas d’un feuilleton marocain. Sciences de l’information et de la communication. Université Paul Valéry - Montpellier III, 2016. Français. �NNT : 2016MON30004�.

�tel-02553830�

(2)

'pOLYUpSDUO·8QLYHUVLWp3DXO9DOpU\0RQWSHOOLHU

3UpSDUpHDXVHLQGHO·pFROHGRFWRUDOH

776'7HUULWRLUHV7HPSV6RFLpWpVHW'pYHORSSHPHQW (WGHO·XQLWpGHUHFKHUFKH&25+,6&RPPXQLFDWLRQ

5HVVRXUFHV+XPDLQHVHW,QWHUYHQWLRQ6RFLDOH

6SpFLDOLWp6FLHQFHVGHO·,QIRUPDWLRQHWGHOD

&RPPXQLFDWLRQ

3UpVHQWpHSDU1DRLO&+$281,

6RXWHQXHOHMXLQGHYDQWOHMXU\FRPSRVpGH

0 6WHIDQ %5$726,1 3URIHVVHXU GHV XQLYHUVLWpV 8QLYHUVLWp 3DXO9DOpU\GH0RQWSHOOLHU 'LUHFWHXUGHWKqVH 0PH &DWKHULQH *+261 0&) +'5 8QLYHUVLWp 3DXO 6DEDWLHU GH7RXORXVH 'LUHFWULFHGHWKqVH 03LHUUH0LFKHO5,&&,23URIHVVHXUGHVXQLYHUVLWpV(FROHGHV 0LQHVG$OqV 5DSSRUWHXU 0PH *DEULHOD 7,*8 3URIHVVHXUH GHV XQLYHUVLWpV $FDGpPLH G(WXGHV(FRQRPLTXHVGH%XFDUHVW5RXPDQLH 5DSSRUWHXU

(78'('(5(&(37,2175$161$7,21$/('·81(6(5,(

7(/(9,6(((76(6())(76685/·$775$&7,9,7(

7285,67,48('·81(5(*,21585$/(

&$6'·81)(8,//(7210$52&$,1

(3)

(4)

5(0(5&,(0(176

-·H[SULPHWRXWG·DERUGPDJUDWLWXGHHWPDUHFRQQDLVVDQFHj&DWKHULQH*KRVQ FRGLUHFWULFH GH FHWWH WKqVH SRXU VD GLVSRQLELOLWp OH SDUWDJH GH VHV UpIOH[LRQV VFLHQWLILTXHV WUqV SHUVSLFDFHV HW SRXU VHV TXDOLWpV KXPDLQHV -H YRXV UHPHUFLH SRXU YRWUHpFRXWHHWYRVHQFRXUDJHPHQWV

-HUHPHUFLHYLYHPHQW6WHIDQ%UDWRVLQFRGLUHFWHXUGHFHWWHWKqVHSRXUP·DYRLU LQWpJUpHDXVHLQGHVRQpTXLSHGHUHFKHUFKHHWSRXUP·DYRLUVXSHUYLVpHWRXWDXORQJ GH FHV TXDWUH DQQpHV GH WKqVH 9RWUH GLVSRQLELOLWp HW YRV HQFRXUDJHPHQWV RQW pWp SUpFLHX[SRXUODFRQFUpWLVDWLRQGHFHSURMHW

-·DGUHVVH pJDOHPHQW PHV UHPHUFLHPHQWV DX[ PHPEUHV GX MXU\ SRXU O·LQWpUrW TX·LOV RQW SRUWp j FHWWH WKqVH $ 0RQVLHXU 3LHUUH0LFKHO 5LFFLR 3URIHVVHXU GHV XQLYHUVLWpVGHO·pFROHGHV0LQHVG$OqVHWj0PH *DEULHOD 7LJX 3URIHVVHXUH GHV XQLYHUVLWpV j O·$FDGpPLH G(WXGHV (FRQRPLTXHV GH %XFDUHVW -H YRXV UHPHUFLH G·DYRLUDFFHSWpGHMXJHUFHWUDYDLO

-H UHPHUFLH YLYHPHQW 6DPLD $NDULRX DFWULFH HW FRUpGDFWULFH GH OD SLqFH GH WKpkWUHHWGHODVpULHWpOpYLVpH%QDW/DOOD0HQDQQDSRXUO·HQWUHWLHQTX·HOOHP·DDFFRUGp PDOJUp VRQ HPSORL GX WHPSV WUqV FKDUJp &HWWH UHQFRQWUH IXW G·DERUG XQ SODLVLU HW VRXUFHG·HQULFKLVVHPHQWSHUVRQQHO-HOXLH[SULPHLFLPDJUDWLWXGHSRXUVRQVRXWLHQ HW VHV HQFRXUDJHPHQWV TXDQW j PHV LQWpUrWV VFLHQWLILTXHV -H OD UHPHUFLH GH P·DYRLU GRQQpO·RFFDVLRQGHUHQFRQWUHUODSOXSDUWGHVDFWULFHVGHFHWWHVpULHWpOpYLVpHDLQVLTXH ODVFpQRJUDSKH5DILND%HQ0DwPRXQ/·RFFDVLRQGHUHQFRQWUHUXQFpOqEUHDFWHXUDILQ GHFRPSUHQGUHGDYDQWDJHOHVUDLVRQVGHFUpDWLRQG·XQH±XYUHDXGLRYLVXHOOHHVWXQH RFFDVLRQ UDUH SRXU XQ FKHUFKHXU $YRLU XQ HQWUHWLHQ DYHF 6DPLD $NDULRX FpOqEUH DFWULFH PDURFDLQH P·D SHUPLV G·DFFpGHU j GHV LQIRUPDWLRQV FOpV FRQFHUQDQW OHV IDFWHXUVGHFKRL[DUWLVWLTXHVGHODSLqFHGHWKpkWUHHWGXWRXUQDJHGHODVpULHWpOpYLVpH SHUPHWWDQWDLQVLG·DVVXUHUODSHUWLQHQFHGHVUpVXOWDWVGHFHWWHWKqVH

6LQFqUHV UHPHUFLHPHQWV j .HQ]D %HNNDOL FKDUJpH GH PLVVLRQ DX VHLQ GH O·REVHUYDWRLUH GX WRXULVPH DX 0DURF $ORUV TX·LO HVW WUqV GLIILFLOH G·REWHQLU GHV LQIRUPDWLRQVRIILFLHOOHVORFDOHV.HQ]D%HNNDOLP·DJpQpUHXVHPHQWFRPPXQLTXpHOHV GRQQpHV VWDWLVWLTXHV VXU OH WRXULVPH GH &KHIFKDRXHQ 6DQV VRQ DLGH SUpFLHXVH MH Q·DXUDLVSDVSXUpDOLVHUXQHDQDO\VHTXDQWLWDWLYHDGpTXDWHFRQFHUQDQWOHWRXULVPHGH ODYLOOH

(5)

-HUHPHUFLH7DKDU9DQGHUHW$QGUHDGRFWRUDQWVGXODERUDWRLUH&25+,6SRXU OHXUVFRQVHLOVHWOHVpFKDQJHVIUXFWXHX[

-H QH VDXUDLV UHQGUH FRPSWH GH PRQ DGPLUDWLRQ SRXU O·HQWRXUDJH TXH M·DL OD FKDQFH G·DYRLU /·DERXWLVVHPHQW GH FHWWH WKqVH HVW XQ YUDL FKDOOHQJH SRXU PRL PDPDQGHWURLVILOOHV6RQVXFFqVQ·DXUDLWMDPDLVpWpSRVVLEOHVDQV/H7UqV+DXWSRXU 4XLMHP·HIIRUFHFKDTXHMRXUGHPHVXUSDVVHUHWGHGRQQHUOHPHLOOHXUGHPRLPrPH -·H[SULPHWRXWPRQDPRXUjPDIDPLOOHGHYHQXHJUDQGHHWjPHVDPLHVWRXMRXUVj PHVF{WpVSRXUDVVXUHUODUHOqYH

0RQDIIHFWLRQYDWRXWG·DERUGjPHVSDUHQWV'ULVVHW7RXULD-HYRXVUHPHUFLH G·DYRLU IDLW GH PRL FH TXH MH VXLV DXMRXUG·KXL 0HUFL SRXU YRWUH DPRXU LQFRQGLWLRQQHO0HUFLGHP·DYRLUWUDQVPLVFHVYDOHXUVGHSDL[GHWROpUDQFHHWFHWWH IRUPHG·DWWDFKHPHQWVSpFLILTXHjODUpJLRQ5LIGX0DURF&HWWHWKqVHPHUHVVHPEOHHW F·HVWJUkFHjYRXV

-HUHPHUFLHPHVIUqUHV.KDOLGHW1DVVLU1RXVDYRQVSDVVpVGHERQVPRPHQWVHW SDUWDJpVXQHWUqVJUDQGHSDUWLHGHQRWUHYLH

1DVVLUMHW·H[SULPHLFLPDJUDWLWXGH0HUFLSRXUWDSUpVHQFHHWSRXUWRQDLGH SUpFLHXVH0HUFLG·rWUHOjjFKDTXHIRLVHVWO·DQQpHGHPDVRXWHQDQFHGHWKqVH PDLVFHVHUDDXVVLO·DQQpHGHWRQPDULDJH-HWHVRXKDLWHEHDXFRXSGHERQKHXUGDQV WDYLH

0HUFLjPRQEHDXSDSD%RXFKDwE7DFXULRVLWpHWWRQLQWHOOLJHQFHPHPDUTXHQW HQFRUH DXMRXUG·KXL 7HV TXDOLWpV KXPDLQHV P·LPSUHVVLRQQHQW -H WH UHPHUFLH SRXU WRXWHVOHVFRQYHUVDWLRQVHWOHVPRPHQWVSDVVpVHQWDFRPSDJQLHjUHIDLUHOHPRQGH 0HUFLSRXUWHVHQFRXUDJHPHQWVjWRXMRXUVDOOHUGHO·DYDQW

$PHVWURLVpWRLOHV«

«6DUDWRQLQWHOOLJHQFHHWWDYLYDFLWpG·HVSULWP·LQWHUSHOOHFKDTXHMRXU

«6HOPDWDGRXFHXUPHUHPSOLWGHWHQGUHVVH

«(VPDTXLDYXOHMRXUGXUDQWFHWWHWKqVH7RQDUULYpHLPSUpYXHP·DUHPSOLH GHMRLHHWG·DPRXU

9RXVP·DSSRUWH]FKDTXHMRXUGHO·DPRXUHWGHO·DIIHFWLRQTXLVRQWPHVVRXUFHV G·pQHUJLH TXRWLGLHQQH -H YRXV DLPH ,URQLH GX VRUW MH VHUDL YRWUH /DOOD 0HQQDQD 9RXVDYH]LQWpUrWjYRXVWHQLUjFDUUHDX0HUFLGHP·DYRLUIDFLOLWpODYLHHQFRPSWDQW DYHFPRLOHVFKDSLWUHVGHFHWWHWKqVHHWSDUIRLVHQWHUPLQDQWOHVSKUDVHV

-·DGUHVVH PD UHFRQQDLVVDQFH HW PRQ DIIHFWLRQ j PHV DPLHV TXL PH VRQW WUqV FKqUHV0HUFLGHP·DYRLUDLGpHjDERXWLUFHSURMHWFKDFXQHjYRWUHPDQLqUH«

(6)

«$5DELDDSRXUWRQG\QDPLVPHHWWRQSRVLWLYLVPH0RQWSHOOLpUDLQ9RLFLGpMj TXLQ]HDQVG·DPLWLpHWMHQHPHODVVHMDPDLVGHFKDTXHLQVWDQWSDVVpHQWDFRPSDJQLH

«$$XUpOLHSRXUWDSUpVHQFHWHVHQFRXUDJHPHQWVWRQVRXWLHQWHVUHOHFWXUHV HWWRQDLGHSUpFLHXVH7RQG\QDPLVPHP·DSSRUWHEHDXFRXSFKDTXHMRXU

« $ .DOWRXP SRXU WD MRLH GH YLYUH HW OHV pFKDQJHV IUXFWXHX[ VXU PHV UHFKHUFKHV 7D YLVLRQ GH VSpFLDOLVWH HQ 6FLHQFHV GH O·pGXFDWLRQ P·D EHDXFRXS DSSRUWpH 0HUFL SRXU WHV UHOHFWXUHV PDLV DXVVL SRXU QRV PRPHQWV GH GpWHQWH HQWUH

©FRFRWWHVª

«$=RXELGDSRXUWDSDWLHQFHWDJpQpURVLWpHWWDIRL1RXVDYRQVWURXYpHQWRL XQHVHFRQGHPDPLH

« $ )DRX]LD SRXU QRV ©S·WLWV GpMª VRXV OH VROHLO PDURFDLQ UHPSOLV G·RQGHV SRVLWLYHV0HUFLSRXUFHVpFKDQJHVFRQVWUXFWLIVHWSRVLWLIV-HWHVRXKDLWHEHDXFRXSGH VXFFqVSRXUWRQSURMHWG·pFROH

« $ +DIVD SRXU WRQ DLGH SUpFLHXVH WD JpQpURVLWp HW WD GLVSRQLELOLWp 7HV VSpFLDOLWpVQRXVRQWUpJDOpHVOHVSDSLOOHV

«$,PDQHSRXUWHVHQFRXUDJHPHQWVHWOHSDUWDJHGHVFRQQDLVVDQFHV

8QHSHQVpHjFHX[TXLRQWFRQWULEXpGHSUqVRXGHORLQDXERQGpURXOHPHQWHW jO·DERXWLVVHPHQWGHFHWUDYDLO

(7)

©/DUpIpUHQFHREVHVVLRQQHOOHDX©FRQFUHWªGDQVFHTXHORQGHPDQGHUKpWRULTXHPHQW DX[VFLHQFHVKXPDLQHVjODOLWWpUDWXUHDX[FRQGXLWHVHVWWRXMRXUVDUPpHFRPPHXQH PDFKLQHGHJXHUUHFRQWUHOHVHQVFRPPHVLSDUXQHH[FOXVLRQGHGURLWFHTXLYLWQHSRXYDLW

VLJQLILHU³HWUpFLSURTXHPHQWª5RODQG%DUWKHVS

(8)

6200$,5(

5(0(5&,(0(176

6200$,5(

5(680(

$%675$&7 ,1752'8&7,21*(1(5$/(

&+$3,75( , /H IRUPDW VpULH WpOpYLVpH YHFWHXU pFRQRPLTXH FXOWXUHO HW WRXULVWLTXH ,1752'8&7,21'8&+$3,75(

qUHSDUWLH5HYXHGHOLWWpUDWXUHVXUODUpFHSWLRQWpOpYLVXHOOH

, /DVRFLRORJLHGHUpFHSWLRQGHODWpOpYLVLRQ

&RQVLGpUHU O·DSSURFKH WHFKQLFLVWH ©OH PHVVDJH F·HVW OH PpGLXP ª 0F/XKDQ /HFRXUDQWGHV8V *UDWLILFDWLRQVHWOHPRGqOHGH/DVVZHOO /HFRXUDQWGHV&XOWXUDO6WXGLHV &RQVLGpUHUO·DSSURFKHVRFLDOH

,, /·DQDO\VHGHVSXEOLFVGHODWpOpYLVLRQ

'XVSHFWDWHXUSDVVLIDXVSHFWDWHXUFULWLTXH /HV)DQV6WXGLHVGHO·LQGLYLGXDOLWpDX[SUDWLTXHVFROOHFWLYHV /HVORJLTXHVG·DSSURSULDWLRQGHVPpGLDVSDUOHVLQGLYLGXV

(9)

qPH3DUWLH/DVpULHWpOpYLVpHXQREMHWG·pWXGHSDUWLFXOLHU , /DVpULHWpOpYLVpHXQIRUPDWWpOpYLVXHOVSpFLILTXH ,, /HVGLIIpUHQWHVIRQFWLRQVGHODVpULHWpOpYLVpHXQHTXHVWLRQGHILGpOLWp

)RQFWLRQVWUDWpJLTXH

)RQFWLRQVpULHOOH

)RQFWLRQFpUpPRQLHOOH

)RQFWLRQVRFLDOHHWFRPPXQDXWDLUH

)RQFWLRQpGXFDWLYH

,,, (WXGHVGHVHIIHWVGHUpFHSWLRQVXUOHVVpULHVWpOpYLVpHV6pULHVWpOpYLVpHV

HWFRQVWUXFWLRQVLGHQWLWDLUHV

'HVORJLTXHVG·DSSURSULDWLRQDX[ORJLTXHVG·LGHQWLILFDWLRQ 5HODWLRQHQWUHKpURVGHVpULHVWpOpYLVpHVHWWpOpVSHFWDWHXUV ©/D&XOWXUHGHV6HQWLPHQWVªjWUDYHUVXQHVpULHWpOpYLVpH3DVTXLHU /HIHXLOOHWRQ'DOODVREMHWG·pWXGHLQFRQWRXUQDEOH

qPH3DUWLH3URGXFWLRQVDXGLRYLVXHOOHVHQWDQWTXHYHFWHXUVWRXULVWLTXHVHW

FXOWXUHOV

, /·LQIOXHQFH GHV SURGXFWLRQV DXGLRYLVXHOOHV VXU O·H[SpULHQFH

WRXULVWLTXHOHFLQpWRXULVPH

,, /·HQJRXHPHQWWRXULVWLTXHLPSXOVpSDUOHVIDQV ,,, /·HQJRXHPHQW GHV VpULHV WXUTXHV FRPPH YHFWHXU pFRQRPLTXH HW

FXOWXUHO

(QMHX[pFRQRPLTXHVHWFXOWXUHOV (QMHX[GHSRXYRLUOHVRIWSRZHU

(QMHX[WRXULVWLTXHV

6XFFqVFRQWURYHUVp

&21&/86,21'8&+$3,75(

(10)

&+$3,75( ,, 0XOWLSOLFLWp GHV H[SUHVVLRQV GHV IDQV GH OD WpOpYLVLRQ VXU OHV

UpVHDX[VRFLRQXPpULTXHV561

,1752'8&7,21'8&+$3,75(

qUH SDUWLH /·LQIOXHQFH GH O·pYROXWLRQ VWUXFWXUHOOH G·,QWHUQHW VXU OHV PRGDOLWpVG·DSSURSULDWLRQGHVXWLOLVDWHXUV

,QWURGXFWLRQ

, 'X:HEDX:HEGHODSDVVLYLWpjO·LQWHUDFWLYLWp $SSURFKH VWUXFWXUHOOH HW PRGDOLWpV G·DSSURSULDWLRQ GHX[ SURFHVVXV LQWHUGpSHQGDQWV &RQWH[WHGHFURLVVDQFHGX:HE ,, $QFUDJH WHUPLQRORJLTXHFRPSWH WHQX GH OD PXOWLSOLFLWp GHV

H[SUHVVLRQV

/HV©UpVHDX[VRFLDX[ª

/HV©PpGLDVVRFLDX[ª

/HV©UpVHDX[VRFLRQXPpULTXHVª561 'LVWLQFWLRQHQWUH©PpGLDVVRFLDX[ªHW©UpVHDX[VRFLRQXPpULTXHVª561

,,, 7\SRORJLHVGHVPpGLDVVRFLDX[

(QIRQFWLRQGHVSUDWLTXHVVRFLDOHVGHVXVDJHUV (QIRQFWLRQGHVVWUDWpJLHVGHYLVLELOLWpLGHQWLWDLUH (QIRQFWLRQGHVGLIIpUHQWVSURILOVXWLOLVDWHXUV ,9 /·DSSURSULDWLRQGHV561SDUOHVXWLOLVDWHXUV 5HSUpVHQWDWLRQGHVRLHWLGHQWLWpVQXPpULTXHV

/HVFRPPXQDXWpVYLUWXHOOHV

&RQFOXVLRQ

qPHSDUWLH/·DSSURFKHPXOWLpFUDQVSRXUXQHDQDO\VHGHODUpFHSWLRQWpOpYLVXHOOH

,QWURGXFWLRQ

, 3UDWLTXHVPXOWLIRUPHVGHVPRGDOLWpVGLYHUVLILpHVG·H[SUHVVLRQGHVIDQV

HQOLJQH

/·DFWLYLWpGHVIDQVHQOLJQHODVpULSKLOLH:HE

(11)

,GHQWLWpVQXPpULTXHVGHVIDQVVXU,QWHUQHW &RPPXQDXWpV GH IDQV HW PRGDOLWpV G·DSSURSULDWLRQ GHV PpGLDV VRFLDX[

SDUOHVIDQVGHVVpULHVWpOpYLVpHV

,, /H561)DFHERRN

8QHEDVHGHGRQQpHVGHVXVDJHUVFRQVLGpUDEOH 'HQRPEUHXVHVIRQFWLRQQDOLWpV 0RGDOLWpVG·DSSURSULDWLRQGHVXVDJHUVGHO·RUGUHGHODTXRWLGLHQQHWp

&RQFOXVLRQ

&21&/86,21'8&+$3,75(

&+$3,75( ,,,/·HPSRZHUPHQW FRPPH OHYLHU GX WRXULVPH FRPPXQDXWDLUH HQ PLOLHXUXUDO/HIDFWHXUKXPDLQDXF±XUGXGpYHORSSHPHQWWRXULVWLTXHGHODYLOOH

GH&KHIFKDRXHQ

,1752'8&7,21'8&+$3,75(

qUHSDUWLH5HYXHGHOLWWpUDWXUHSOXULGLVFLSOLQDLUH

,QWURGXFWLRQ

, 0XOWLSOLFLWpGHVWHUPLQRORJLHVOLpHVDXWRXULVPHDOWHUQDWLI

/H©WRXULVPHGXUDEOHª

/H©WRXULVPHUXUDOªWRXULVPHGXUDEOHHWpFRWRXULVPH /H©WRXULVPHFRPPXQDXWDLUHª ,, $WWUDFWLYLWp HW JHVWLRQ GH O·HVSDFH WRXULVWLTXH O·DXWRUpJXODWLRQ GHV

GLIIpUHQWVDFWHXUV

&RQFOXVLRQ

qPHSDUWLH/·DQDO\VHGXSURFHVVXVV\PEROLTXHGHODYLOOHGH&KHIFKDRXHQ DXSULVPHGXWRXULVPHFRPPXQDXWDLUH

,QWURGXFWLRQ

, 7HQGDQFHVJpQpUDOHVGXWRXULVPHDX0DURF

&RQWH[WHKLVWRULTXH

6WUDWpJLHHWSROLWLTXHPDURFDLQH $QDO\VHTXDQWLWDWLYHGXIOX[WRXULVWLTXHDX0DURF ,, &KHIFKDRXHQXQWHUULWRLUHSDUWLFXOLHU

(12)

6SpFLILFLWpVJpRJUDSKLTXHV 6SpFLILFLWpVFXOWXUHOOHVHWHVWKpWLTXHV ,,, &DUDFWpULVWLTXHVGHO·RIIUHWRXULVWLTXHGH&KHIFKDRXHQ )RUWHDWWUDFWLYLWpWRXULVWLTXHHWIDLEOHQLYHDXG·LQIUDVWUXFWXUH $QDO\VHTXDQWLWDWLYHGXIOX[WRXULVWLTXHGH&KHIFKDRXHQ /HIDFWHXUKXPDLQDXF±XUGXGpYHORSSHPHQWWRXULVWLTXH ,9 /H SURFHVVXV V\PEROLTXH GH O·DWWUDFWLYLWp WRXULVWLTXH GH OD YLOOH GH

&KHIFKDRXHQjWUDYHUVODQRWLRQG·HPSRZHUPHQW

/·HQJDJHPHQWpFRQRPLTXH

/·HQJDJHPHQWSV\FKRORJLTXH

/·HQJDJHPHQWVRFLDO

/·HQJDJHPHQWSROLWLTXH

&RQFOXVLRQ

&21&/86,21'8&+$3,75(

&+$3,75(,9&DGUHPpWKRGRORJLTXHGHUHFKHUFKH ,1752'8&7,21'8&+$3,75(

qUH3DUWLH3KDVHGHSUpHQTXrWHHWFKRL[GHVLQVWUXPHQWVGHPHVXUH 2EVHUYDWLRQQRQSDUWLFLSDQWHTXHVWLRQQDLUHHWHQWUHWLHQVSUpOLPLQDLUHV &ROOHFWHHWDQDO\VHGHVLQIRUPDWLRQVVHFRQGDLUHVVXUOHWRXULVPHDX0DURF HWGDQVODUpJLRQGH&KHIFKDRXHQ

qPHSDUWLH&ROOHFWHG·LQIRUPDWLRQVSULPDLUHV , (QTXrWHTXDOLWDWLYHDXSUqVG·KDELWDQWVGH&KHIFKDRXHQ

(QWUHWLHQVVHPLGLUHFWLIV

eFKDQWLOORQQDJHHWJULOOHG·HQWUHWLHQ

$QDO\VHGHVUpVXOWDWV

,, (QWUHWLHQDYHF6DPLD$NDULRXDFWULFHGXIHXLOOHWRQ

,,, /HVIRUXPV

,,, $QDO\VHGHV561

(13)

'HX[DSSURFKHVPpWKRGRORJLTXHVFRPSOpPHQWDLUHVO·DQDO\VHVWUXFWXUHOOH HWO·DQDO\VHHWKQRJUDSKLTXH (QWUHRSSRUWXQLWpG·DFFqVDX[GRQQpHVHWTXHVWLRQVG·RUGUHpWKLTXH $QDO\VHVWUXFWXUHOOHG·XQHSDJH)DFHERRN

&21&/86,21'8&+$3,75(

&+$3,75(9/DVpULHWpOpYLVpHPDURFDLQH%QDW/DOOD0HQQDQD)LOOHVGH0DGDPH

0HQQDQD

,1752'8&7,21'8&+$3,75(

qUHSDUWLH&RQWH[WHGHSURGXFWLRQ

,QWURGXFWLRQ

, '·XQHSLqFHGHWKpkWUHHVSDJQROHGH/RUFDGHjXQHVpULHWpOpYLVpH

PDURFDLQHGH

,, /·LQWULJXH SULQFLSDOH GH OD VpULH WpOpYLVpH %QDW /DOOD 0HQQDQD DXWRXU

G·XQIRLVRQQHPHQWGHFRXOHXUV

,,, ©4XDQGOHJODPRXUGH&KHIFKDRXHQFUqYHO·pFUDQª/·©LQYHQWLYLWpª GHODVpULHWpOpYLVpH%QDW/DOOD0HQQDQDXQYpULWDEOHSURMHWDUWLVWLTXH &KHIFKDRXHQXQGpFRUVSpFLILTXH &KRL[ GH OD ODQJXH OH GLDOHFWH PDURFDLQ DYHF XQ DFFHQW VSpFLILTXH GHV KDELWDQWVGX1RUGGX0DURF )RUPXOHGXIHXLOOHWRQHWSURJUDPPDWLRQ

&RQFOXVLRQ

qPHSDUWLH0pFDQLVPHGHUpFHSWLRQ

,QWURGXFWLRQ

, 3RVLWLRQQHPHQWVWUDWpJLTXH

3XEOLFFLEOH

&ULWLTXHSRVLWLYHGHODSUHVVHPDURFDLQH ,, /·LQIOXHQFHGHVSURJUDPPHVDXGLRYLVXHOVVXUO·LPDJHG·XQWHUULWRLUH

(14)

'HX[H[HPSOHVIUDQoDLV%LHQYHQXHFKH]OHV&K·WLVHW3OXVEHOOHODYLH 8QH[HPSOHPDURFDLQODVpULHWpOpYLVpH+RXVVHLQHW6DILD

,,, (IIHWVGHJORFDOLVDWLRQ

0pGLDWLVDWLRQG·XQHFXOWXUH /DVLQJXODULWpGHVOLHX[SRXUWUDLWHUGHVTXHVWLRQVXQLYHUVHOOHV 6XUUHSUpVHQWDWLRQPpGLDWLTXHHWLPDJLQDLUHV

&21&/86,21'8&+$3,75(

&+$3,75(9,$WWLWXGHQRQIDQ(QTXrWHTXDOLWDWLYHPHQpHDXSUqVG·XQ©SXEOLF SDUWLFXOLqUHPHQWFRQFHUQpªGHV KDELWDQWV GH &KHIFKDRXHQ

,1752'8&7,21'8&+$3,75(

qPH3DUWLH$QDO\VHTXDQWLWDWLYHGHVH[WHUQDOLWpVWRXULVWLTXHV

,QWURGXFWLRQ

, $WWLWXGHIDQH[WHUQDOLWpVSRVLWLYHV

$XJPHQWDWLRQGXIOX[WRXULVWLTXHj&KHIFKDRXHQ 9HFWHXUGHQRWRULpWpGHODYLOOHHWVWLPXODWLRQGXWRXULVPHLQWHUQH /LHX[GHWRXUQDJHGHYHQXVLQFRQWRXUQDEOHV 'UDLQDJHGXWRXULVPHGHODUpJLRQ1RUGGX0DURF

,, ([WHUQDOLWpVQpJDWLYHV

(QJRUJHPHQWGHODGHVWLQDWLRQ&KHIFKDRXHQ /H UDSSRUW j O·DXWUH OH QRQFKDRXQLHQ pWUDQJpLWp LGHQWLWp HW IRONORULVDWLRQ

&RQFOXVLRQ

qPHSDUWLH5DSSRUWHQWUHILFWLRQHWUpDOLWpDXSUqVG·XQSXEOLFGHQRQIDQVO·HIIHW

PLURLU

,QWURGXFWLRQ

, 5HSUpVHQWDWLRQVPpGLDWLTXHVV\PEROLTXHVHWLPDJLQDLUHV /D VpULH WpOpYLVpH%QDW /DOOD 0HQQDQD XQ OLHX GH UHFRQQDLVVDQFH GHV PLQRULWpV

(15)

5HSUpVHQWDWLRQVV\PEROLTXHVGHODYLOOHGH&KHIFKDRXHQSDUOHVKDELWDQWV LQWHUURJpV

,, ©3XEOLFSDUWLFXOLqUHPHQWFRQFHUQpªHWDWWLWXGHQRQIDQ 8QQLYHDXG·LPSOLFDWLRQpOHYpGHVSXEOLFVQRQIDQV 3HXRXSDVGHGLVWDQFLDWLRQHQWUHO·XQLYHUVILFWLRQQHOHWODUpDOLWp )RUWHLGHQWLILFDWLRQDX[SHUVRQQDJHVGHVVpULHVWpOpYLVpHV ,,, 2EMHWVILFWLRQQHOVFRPPHSRQWG·DQFUDJHGHODUpDOLWpVRFLDOH /DILFWLRQFRPPHYHFWHXUG·LGHQWLWpVHWG·LPDJHVWRXULVWLTXHV /HVVWpUpRW\SHVWpOpYLVXHOVVXUUHSUpVHQWDWLRQWpOpYLVXHOOHGHVV\PEROHV ,9 'XDOLWp HQWUH GLIIXVLRQ HW UpFHSWLRQ WpOpYLVXHOOHVGH %QDW /DOOD

0HQQDQDOHVHIIHWVPLURLU

4XHVWLRQGHJHQUHVHORQGLIIpUHQWVSRLQWVGHYXH 0LURLUGpIRUPpGHVUHSUpVHQWDWLRQVVRFLDOHV

&RQFOXVLRQ

&21&/86,21'8&+$3,75(

&KDSLWUH 9,, 5pFHSWLRQ WpOpYLVXHOOH WUDQVQDWLRQDOH GLDVSRUD PDJKUpELQH HW

FRQVWUXFWLRQVLGHQWLWDLUHV

,1752'8&7,21'8&+$3,75(

qUH 3DUWLH 'LDVSRUD HW PLQRULWpV 4XHVWLRQV LGHQWLWDLUHV HW VHQWLPHQW G·DSSDUWHQDQFH GHV SRSXODWLRQV LVVXHV GH O·pPLJUDWLRQ GDQV XQ PRQGH

JOREDOLVp

,QWURGXFWLRQ

, 3RSXODWLRQVPLQRULWDLUHVHQ)UDQFH

,, (IIHWVGHJOREDOLVDWLRQ

,,, 0HGLDVFDSHVSD\VDJHPpGLDWLTXHJOREDO

&RQFOXVLRQ

(16)

qPH 3DUWLH /D WpOpYLVLRQ PDURFDLQH j GHVWLQDWLRQ GH OD SRSXODWLRQ

GLDVSRULTXHPDJKUpELQH

,QWURGXFWLRQ

, 'LDVSRUDPDURFDLQHHWPLQRULWpVPDJKUpELQHVHQ)UDQFH ,, 3ROLWLTXHVPDURFDLQHVjGHVWLQDWLRQGHODGLDVSRUD ,,, 7pOpYLVLRQVDWHOOLWDLUHHWFRQWH[WHLQWHUQDWLRQDOGHVFKDvQHVDUDEHV ,9 (IIHWVGHODUpFHSWLRQWpOpYLVXHOOHVXUODGLDVSRUDPDJKUpELQH &RQWHQXGHVSURJUDPPHVGHVFKDvQHVWUDQVQDWLRQDOHVPDURFDLQHV 3UDWLTXHVWpOpYLVXHOOHVGHODGLDVSRUDPDURFDLQH

&RQFOXVLRQ

qPH 3DUWLH $QDO\VH VWUXFWXUHOOH G·XQH SDJH IDQV%QDW /DOOD 0HQQDQD GX

UpVHDXVRFLRQXPpULTXH)DFHERRN

,QWURGXFWLRQ

, $SSURSULDWLRQGHVXVDJHV,QWHUQHWDX0DURF

,, (FKDQJHVGHVIDQVVXUOHVIRUXPVGHGLVFXVVLRQHQOLJQH

,,, /DSDJH)DFHERRN%QDWODOOD0HQQDQD

'HVXVDJHUVWpOpVSHFWDWHXUV )RUPHVWUDQVQDWLRQDOHVG·HQJDJHPHQWjGRPLQDQWHIpPLQLQH

&RQFOXVLRQ

&21&/86,21'8&+$3,75(

&21&/86,21*(1(5$/(

*/266$,5(6

5()(5(1&(6%,%/,2*5$3+,48(6

7$%/('(6,//8675$7,216

$11(;(6

(17)

5(680(

/·RULJLQDOLWp GH FHWWH WKqVH TXL V·DQFUH HQ 6FLHQFHV GH O·,QIRUPDWLRQ HW GH OD

&RPPXQLFDWLRQ 6,& UHSRVH VXU OH FURLVHPHQW GH SOXVLHXUV WKpPDWLTXHV GH UHFKHUFKHHWTXLSRXUUDLHQWVHPEOHUjSULRULGLVWDQWHV&HWWHWKqVHVHSRVLWLRQQHVXU XQ WHUUDLQ SUpFXUVHXU SXLVTXH WUqV SHX G·pWXGHV VH VRQW LQWpUHVVpHV SUpFLVpPHQW j O·LQIOXHQFH G·XQH VpULH WpOpYLVpH j OD IRLV VXU O·DWWUDFWLYLWp WRXULVWLTXH G·XQH UpJLRQ

%U\RQ3RUWHW0LOOH0RQJLQHWVXUGHVIDFWHXUVVRFLRORJLTXHVHW pFRQRPLTXHV GLUHFWHPHQW OLpV j VD GLIIXVLRQ WpOpYLVXHOOH RX FLQpPDWRJUDSKLTXHV /·pWXGHGHVHIIHWVGHUpFHSWLRQG·XQHVpULHWpOpYLVpHHVWDSSUpKHQGpHGDQVFHWUDYDLO GHUHFKHUFKHjODIRLVGXSRLQWGHYXHGHODVRFLRORJLHGHODWpOpYLVLRQ0DFp GH O·DQDO\VH VWUXFWXUHOOH GHV PpGLDV VRFLDX[ %R\G HW (OOLVRQ &DUGRQ %XUNHHW DO &DYD]]D GH OD SV\FKRORJLH VRFLDOH GH OD GLDVSRUD PDJKUpELQH (QQDML 0DWWHODUW HW GX WRXULVPH GXUDEOH 0DUFRWWH

%RXUGHDX'R\RQ%HUULDQHHW$EGHUJKDOSODoDQWOHV DFWHXUVORFDX[DX F±XU GH O·DFWLYLWp WRXULVWLTXH HW FXOWXUHOOH GDQV XQ FRQWH[WH G·HPSRZHUPHQW 6FKH\YHQV &H WUDYDLO GH UHFKHUFKH SURSRVH XQH DSSURFKH VRFLDOH GH FHV GLIIpUHQWHVWKpPDWLTXHVD\DQWSRXUYRFDWLRQGHQRXUULUODUpIOH[LRQVFLHQWLILTXH

&HWWHWKqVHDGRQFSRXUREMHFWLIG·pWXGLHUOHSKpQRPqQHGXVXFFqVG·XQHVpULH WpOpYLVpH SDUWLFXOLqUH D\DQW HQWUDvQp GHV FRPSRUWHPHQWV VRFLDX[ GLUHFWHPHQW OLpV j FHWWH SURGXFWLRQ DXGLRYLVXHOOH HW DX[ OLHX[ GH WRXUQDJH WUDQVIRUPpV HQ GHVWLQDWLRQ WRXULVWLTXH*UHQLHU$LQVLGDQVFHWUDYDLOGHUHFKHUFKHOHVLQWHUGpSHQGDQFHV OHV FRPSDUDLVRQV HW OHV GLVWLQFWLRQV HQWUH OD WpOpYLVLRQ HW ,QWHUQHW SHUPHWWHQW G·DSSUpKHQGHU OD UpFHSWLRQ WpOpYLVXHOOH VHORQ XQH SHUVSHFWLYH GH FRQWLQXXP PXOWL pFUDQVWpOpYLVLRQDSSDUHLOVPRELOHVWDEOHWWHVRUGLQDWHXUV«

&HWWH WKqVH DQDO\VH OHV HIIHWV GH UpFHSWLRQ WpOpYLVXHOOH G·XQ IHXLOOHWRQ PDURFDLQ%QDW/DOOD0HQQDQD'LIIXVpHHQDUDEHGLDOHFWDOPDURFDLQVXUODFKDvQH0 GHX[LqPHFKDvQHQDWLRQDOHPDURFDLQHVXUGHX[VDLVRQVHQHWFHWWHVpULH WpOpYLVpH D DWWHLQW XQH DXGLHQFH HVWLPpH j PLOOLRQV GH WpOpVSHFWDWHXUV HQ ,OOXVWUDQW DLQVL VRQ VXFFqV DXSUqV GHV PDURFDLQV HW GH OD GLDVSRUD PDJKUpELQH j WUDYHUVOHPRQGHFHWWHVpULHWpOpYLVpHHVWVSpFLILTXHFDUVRQWRXUQDJHDHXOLHXGDQV XQHSHWLWHYLOOHSLWWRUHVTXHUXUDOHHWWRXULVWLTXHGX1RUGGX0DURF&KHIFKDRXHQ 2XWUHOHOLHXODVpULHWpOpYLVpHSRXUWDQWLQVSLUpHG·XQHSLqFHGHWKpkWUHHVSDJQROHGH

*DUFLD /RUFD /D FDVD GH %HUQDUGD DOED UHSUHQG OHV XV HW FRXWXPHV

(18)

WUDGLWLRQQDOLVWHVGHFHWWHUpJLRQ/DPLVHHQVFqQHIRONORULTXHGHVHVSDFHVUpDOLVWHVGH

&KHIFKDRXHQ FRQWUDVWH DYHF OHV SURGXFWLRQV DXGLRYLVXHOOHV KDELWXHOOHV VXU OHV FKDvQHV PDJKUpELQHV OLHX GH WRXUQDJH GLDOHFWH GpFRU« /D PLVH HQ DYDQW GH OD UpJLRQDOLVDWLRQGDQVXQSURJUDPPHWpOpYLVXHOGHGLYHUWLVVHPHQWSRVHODTXHVWLRQGHV UDSSRUWVHQWUHORFDOLVPHVHWJOREDOLVDWLRQDXSULVPHG·XQHUpFHSWLRQWUDQVQDWLRQDOH /D WpOpYLVLRQ G·XQH SDUW HW ,QWHUQHW G·DXWUH SDUW DYHF QRWDPPHQW OHV UpVHDX[

VRFLRQXPpULTXHV 6WHQJHU &RXWDQW HW DO VRQW GHYHQXV GHV FDQDX[

PXOWLPRGDX[ GH GLIIXVLRQ HW GH UpFHSWLRQ GH O·LQIRUPDWLRQ FXOWXUHOOH 0DUTXpV SDU O·LQVWDQWDQpLWp HW OD UDSLGLWp OHV IOX[ PpGLDWLTXHV VRQW GpVRUPDLV WUDQVQDWLRQDX[

$SSDGXUDL/·REMHWGHFHWUDYDLOGHWKqVHHVWGHFDUDFWpULVHUO·LQIOXHQFH GHV SUDWLTXHV PpGLDWLTXHV GHV LQGLYLGXV VXU OD SHUFHSWLRQ GHV WHUULWRLUHV GHV LPDJLQDLUHV FXOWXUHOV HW GHV WUDMHFWRLUHV LGHQWLWDLUHV j WUDYHUV GHV SXEOLFV j FDUDFWpULVWLTXHVYDULpHV

0RWV FOpV

VpULH WpOpYLVpH UpVHDX[ VRFLRQXPpULTXHV WRXULVPH GXUDEOH IDQVQRQIDQV ORFDOJOREDO ILFWLRQUpDOLWp GLDVSRUD FRPPXQDXWpV YLUWXHOOHV 5HSUpVHQWDWLRQV,GHQWLWpV WpOpYLVLRQ PpGLDV VRFLDX[ ,QWHUQHW H[WHUQDOLWpV 7,&

0DURF&KHIFKDRXHQ

(19)

$%675$&7

75$161$7,21$/7(/(9,6,215(&(37,21678'<$1',76 ())(&76217285,67$775$&7,9(1(662)$0252&&$1

585$/$5($

$WWKHKHDUWRIPLJUDWLRQLVVXHVZHILQGFRQFHSWVRIWUDMHFWRU\DQGPRELOLW\LQD SDUWLFXODU UHODWLRQVKLS EHWZHHQ JOREDOL]DWLRQ DQG ORFDOL]DWLRQ $SSDGXUDL 7KHVH WZR LQWHUUHODWHG SURFHVVHV OHDG WR HYHU\ PRYHPHQW·V IRUP KXPDQ PDWHULDO LPPDWHULDO ILQDQFLDO DQG FXOWXUDO ,Q WKH V WKH WHUP GLDVSRUD HYROYHG 0DWWHODUWDQGLWZDVEDVHGRQWKHFRVPRSROLWDQYLVLRQ%HFNDQGWKH WUDQVQDWLRQDO SURFHVV 7UDQVQDWLRQDOLVP LV EDVHG RQ VRFLDO H[FKDQJHV DFURVV WKH ERUGHUV WKDW DUH SRVVLEOH WKDQNV WR ,QIRUPDWLRQ&RPPXQLFDWLRQ7HFKQRORJ\ ,&7 7KLV SDUDGLJP RI FRPPXQLFDWLRQ KDV DOORZHG WKH EHHILQJXS RI WKH PRGHO RI PLJUDQWFRQQHFWHG'LPLQHVFX7KHLGHQWLW\RISHRSOHIURPWKHGLDVSRUDLV GHILQHGRQPRUHWKDQRQHQDWLRQVWDWH*OLFN6FKLOOHUHWDO

7KLV WKHVLV IRFXVHV ILUVW RQ WKH TXHVWLRQV RI FROOHFWLYH LGHQWLW\ DQG PHGLD UHSUHVHQWDWLRQV LQ WKH UHFHSWLRQ RI WKH WHOHYLVLRQ :LGHO\ ZH WUHDW VRFLRORJLFDO LPSDFWV FDOOHG LQ RXU UHVHDUFK H[WHUQDOLWLHV 7KH SURFHVV RI WKHVH V\PEROLF UHSUHVHQWDWLRQV FDQ EH FRPSDUHG WR D PLUURU HIIHFW &HIDw DQG 3DVTXLHU EHWZHHQWKHWHOHYLVHGZRUOGDQGUHDOLW\7KHVHLQIRUPDWLRQV·IORZVFRQWULEXWHWRWKH V\PEROLFPHGLDWLRQWKURXJKWHOHYLVLRQDQG,QWHUQHW)RUWKH0DJKUHE'LDVSRUDWKH LGHQWLW\SURFHVVLVLQIOXHQFHGE\WKHKRVWFRXQWU\DQGWKHRULJLQFRXQWU\

6HFRQGZHWUHDWWKHLPSRUWDQFHRIWKHDXGLRYLVXDOSURGXFWLRQVLQWKHLGHQWLW\·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

(20)

7KLV WHOHYLVLRQ UHFHSWLRQ VWXG\ DLPV WR XQGHUVWDQG WKH QHJDWLYH EHKDYLRURI D VSHFLILFSXEOLFDIWHUWKHEURDGFDVWRID0RURFFDQWHOHYLVLRQVHULHV%QDW/DOOD0HQQDQD ILOPHGLQDUXUDODQGWRXULVWLFORFDOLW\LQWKH1RUWKRI0RURFFR&KHIFKDRXHQ,QWKLV ZRUN ZH SUHVHQW WKH UHVXOWV RI D TXDOLWDWLYH VXUYH\ FRQGXFWHG WRZDUG WKH LQKDELWDQWVRI&KHIFKDRXHQ

.H\ZRUGVVRFLDOQHWZRUNWHOHYLVLRQVHULHVGLDVSRUDVXVWDLQDEOHWRXULVP0RURFFR

&KHIFKDRXHQIDQVWXGLHVFROOHFWLYHLGHQWLW\PHGLDUHSUHVHQWDWLRQVH[WHUQDOLWLHV

(21)

,1752'8&7,21*(1(5$/(

/H UDSSRUW G·pFKHOOH GX ORFDO DX JOREDO HW GX JOREDO DX ORFDO HVW DXMRXUG·KXL UHQIRUFpSDUOHVPR\HQVWHFKQLTXHVWHOVTXHOHGpYHORSSHPHQWGHVWUDQVSRUWVHWFHOXL GHV 7HFKQRORJLHV GH O·,QIRUPDWLRQ HW GH OD &RPPXQLFDWLRQ 7,& /D WpOpYLVLRQ HW ,QWHUQHW VRQW GHYHQXV GHV FDQDX[ PXOWLPRGDX[ GH GLIIXVLRQ HW GH UpFHSWLRQ GH O·LQIRUPDWLRQ FXOWXUHOOH 0DUTXpV SDU O·LQVWDQWDQpLWp HW OD UDSLGLWp OHV IOX[

PpGLDWLTXHV VRQW GpVRUPDLV WUDQVQDWLRQDX[ +LVWRULTXHPHQW OD WpOpYLVLRQ D FRQQX GHV FKDQJHPHQWV pFRQRPLTXHV LPSRUWDQWV DYHF OH GpSORLHPHQW GHV FKDvQHV O·RXYHUWXUH GX PDUFKp GH O·DXGLRYLVXHO DX VHFWHXU SULYp HW OH GpYHORSSHPHQW GHV PRGHV GH GLIIXVLRQ GH OD YRLH KHUW]LHQQH j OD PXOWLSOLFDWLRQ GHV WHFKQLTXHV WHOOHV TXH OH FkEOH OH VDWHOOLWH OD WpOpYLVLRQ QXPpULTXH WHUUHVWUH HW ,QWHUQHW &HWWH FRQILJXUDWLRQSHUPHWDXWpOpVSHFWDWHXUGH©QDYLJXHUªUDSLGHPHQWG·XQSURJUDPPH j XQ DXWUH VXU XQH RIIUH WpOpYLVXHOOH WUDQVQDWLRQDOH $SSDGXUDw DYHF OD SRVVLELOLWpG·RSWHUSRXUOHYLVLRQQHPHQWHQGLIIpUp,OSHXWDLQVLFKRLVLUOHFRQWHQXTXL OXLFRQYLHQWOHPLHX[VHORQXQHODUJHSDOHWWHGHFKDvQHVQDWLRQDOHVHWWUDQVQDWLRQDOHV /·REMHWGHFHWUDYDLOGHWKqVHHVWGHFDUDFWpULVHUO·LQIOXHQFHGHVSUDWLTXHVPpGLDWLTXHV GHVLQGLYLGXVVXUODSHUFHSWLRQGHVWHUULWRLUHVHWGHVWUDMHFWRLUHVLGHQWLWDLUHVVHORQGHV ORJLTXHVGHPRELOLWpYDULpHV,QWHUQHWSDUH[HPSOHDYHFOHVPpGLDVVRFLDX[FRQFRXUW DXUHQIRUFHPHQWGHO·LPDJLQDLUHGHVGLIIpUHQWVHVSDFHVjWUDYHUVODGpPRFUDWLVDWLRQ GXSDUWDJHGHFRQWHQXVSXEOLpVVXUOHVUpVHDX[VRFLRQXPpULTXHV6WHQJHU&RXWDQWHW DO ©(Q IDLW OD UpKDELOLWDWLRQ FXOWXUHOOH GX S{OH GH OD SURGXFWLRQ HVW SURIRQGpPHQW GpSHQGDQWH GH FHOOH GX S{OH GH OD UpFHSWLRQ /HV VpULHV WpOpYLVXHOOHV FRQVWLWXHQW XQ WHUUDLQ SULYLOpJLp SRXU DQDO\VHU FHWWH LPEULFDWLRQ HOOHV DSSRUWHQW j OHXUV DXWHXUV XQ GLVFUpGLW j OD KDXWHXU GX PpSULV TXL HQWRXUH OHXUV WpOpVSHFWDWHXUV /D UHFRQQDLVVDQFH DUWLVWLTXH GX VFpQDULVWH SDVVHUD SDU OD UpKDELOLWDWLRQ GHV SUDWLTXHV WpOpYLVXHOOHV TX·LO VXVFLWH ª 3DVTXLHU S/HVSUDWLTXHVWpOpYLVXHOOHVHQ VRQWERXOHYHUVpHVHWVRQWPDUTXpHVSDU XQ QLYHDX pOHYp GH WHFKQLFLWp G·LQGLYLGXDOLVDWLRQ HW GH SHUVRQQDOLVDWLRQ LQIOXDQW DLQVL OHV XVDJHV PpGLDWLTXHV HW OHV PpFDQLVPHV GH FRQVWUXFWLRQV LGHQWLWDLUHV GHV SRSXODWLRQV GLDVSRULTXHV 0DORQJD 'LPLQHVFX HW DO RX GHV PLQRULWpV HWKQLTXHV*KRVQ

(22)

/·RULJLQDOLWp GH FHWWH WKqVH TXL V·DQFUH HQ 6FLHQFHV GH O·,QIRUPDWLRQ HW GH OD

&RPPXQLFDWLRQ 6,& UHSRVH VXU OH FURLVHPHQW GH SOXVLHXUV WKpPDWLTXHV GH UHFKHUFKHHWTXLSRXUUDLHQWVHPEOHUjSULRULGLVWDQWHV&HPDQXVFULWVHSRVLWLRQQHVXU XQ WHUUDLQ SUpFXUVHXU SXLVTXH WUqV SHX G·pWXGHV VH VRQW LQWpUHVVpHV SUpFLVpPHQW j O·LQIOXHQFHG·XQHVpULHWpOpYLVpHjODIRLVVXUO·DWWUDFWLYLWpWRXULVWLTXHG·XQHUpJLRQHW VXU GHV IDFWHXUV VRFLRORJLTXHV HW pFRQRPLTXHV GLUHFWHPHQW OLpV j VD GLIIXVLRQ WpOpYLVXHOOH/HVTXHOTXHVWUDYDX[WUDLWDQWGHFHWWHWKpPDWLTXHHQ)UDQFHVRQWUpFHQWV HWSUpVHQWHQWO·DQDO\VHGHVHIIHWVGHUpFHSWLRQGHFHUWDLQHVSURGXFWLRQVWpOpYLVXHOOHV VXUODSURPRWLRQGHVWHUULWRLUHVWHOOHVTXHODVpULHWpOpYLVpHIUDQoDLVH3OXVEHOOHODYLH

%U\RQ3RUWHW 0LOOH RX FLQpPDWRJUDSKLTXHV FRPPH OH ILOP%LHQYHQXH FKH] OHV &K·WLV 0RQJLQ '·DXWUH SDUW FHW D[H GH UHFKHUFKH SUpVHQWH XQ IRUW LQWpUrW FDU PDOJUp O·LPSDFW TX·D HX FHWWH VpULH WpOpYLVpH DXSUqV GHV WpOpVSHFWDWHXUV KDELWDQW DX 0DURF RX GDQV OH UHVWH GX PRQGH LO V·DJLW GX SUHPLHU WUDYDLO GH UHFKHUFKH V·LQWpUHVVDQW jOD UpFHSWLRQ G·XQH VpULH WpOpYLVpH PDURFDLQH SDU XQ SXEOLF JpRJUDSKLTXHPHQW IUDJPHQWp $XMRXUG·KXL OHV FRQQDLVVDQFHV VXU OHV ORJLTXHV VRFLDOHV GH SDUWDJH GHV FRQWHQXV VRQW ORLQ G·rWUH DERXWLHV /·DQDO\VH GHV HIIHWV GH UpFHSWLRQ GHV REMHWV PpGLDWLTXHV DXSUqV GHV WpOpVSHFWDWHXUV KDELWDQW GHV SHWLWHV ORFDOLWpV DX 0DURF UHSUpVHQWH XQ FKDPS GH UHFKHUFKH HQFRUH WUqV SHX H[SORUp HQ 6FLHQFHV GH O·,QIRUPDWLRQ HW GH OD &RPPXQLFDWLRQ PLV j SDUW TXHOTXHV pWXGHV

*LUDUGL /·DQDO\VH TXDOLWDWLYH FRQFHUQDQW OD UpFHSWLRQ WpOpYLVXHOOH DXSUqV G·XQH SRSXODWLRQ PDURFDLQH GDQV XQ PLOLHX UXUDO DX 0DURF UHSUpVHQWH XQ D[H GH UHFKHUFKHTXLQ·DMXVTX·jSUpVHQWMDPDLVpWpH[SORUp/HVYDOHXUVOHVXVHWFRXWXPHV DLQVLTXHOHVKDELWXGHVGHYLHWUDGLWLRQQHOOHVSUpGRPLQHQWHQFRUHGDQVOHVORJLTXHV VRFLDOHVGXPLOLHXUXUDOPDURFDLQ

/H FDV G·pWXGH GH FHWWH WKqVH HVW OH IHXLOOHWRQ%QDW /DOOD 0HQQDQD GLIIXVp HQ DUDEH GLDOHFWDO PDURFDLQ VXU OD FKDvQH 0 GHX[LqPH FKDvQH QDWLRQDOH PDURFDLQH VXUGHX[VDLVRQVHQHW&HWWHVpULHWpOpYLVpHDDWWHLQWXQHDXGLHQFHHVWLPpH j PLOOLRQV GH WpOpVSHFWDWHXUV HQ LOOXVWUDQW DLQVL VRQ VXFFqV DXSUqV GHV PDURFDLQVHWGHODGLDVSRUDPDJKUpELQHjWUDYHUVOHPRQGH&HWWHVpULHWpOpYLVpHHVW VSpFLILTXH FDU VRQ WRXUQDJH D HX OLHX GDQV XQH SHWLWH YLOOH SLWWRUHVTXH UXUDOH HW WRXULVWLTXH GX 1RUG GX 0DURF &KHIFKDRXHQ 2XWUH OH OLHX OD VpULH WpOpYLVpH SRXUWDQW LQVSLUpH G·XQH SLqFH GH WKpkWUH HVSDJQROHGH *DUFLD /RUFD /D FDVD GH

%HUQDUGDDOEDUHSUHQGOHVXVHWFRXWXPHVWUDGLWLRQQDOLVWHVGHFHWWHUpJLRQ/D PLVH HQ VFqQH IRONORULTXH GHV HVSDFHV UpDOLVWHV GH &KHIFKDRXHQ FRQWUDVWH DYHF OHV SURGXFWLRQV DXGLRYLVXHOOHV KDELWXHOOHV OLHX GH WRXUQDJH GLDOHFWH GpFRU« VXU OHV FKDvQHV PDJKUpELQHV /H FDQDO WpOpYLVXHO HVW HQYLVDJp GDQV FH WUDYDLO HQ WDQW TXH VXSSRUW GH GLIIXVLRQ FXOWXUHOOH j WUDYHUV XQH VpULH WpOpYLVpH DFFHVVLEOH GHSXLV OH

(23)

0DURFPDLVDXVVLGHSXLVSOXVLHXUVSD\VHXURSpHQVGRQWOD)UDQFHSDUOHELDLVGHOD SDUDEROHDQDORJLTXHRXQXPpULTXH

$ORUV TXH OD SURJUDPPDWLRQ WpOpYLVXHOOH LQWHUQDWLRQDOH HVW PDUTXpH SDU XQ JUDQG QRPEUH G·HIIHWV VSpFLDX[ HW XQH DVSLUDWLRQ DX PRGqOH RFFLGHQWDO OD VpULH WpOpYLVpH%QDW /DOOD 0HQQDQD VH GpPDUTXH SDU XQH DSSURFKH FXOWXUHOOH EDVpH VXU O·DXWKHQWLFLWp OD WUDGLWLRQ OHV FRXWXPHV DLQVL TXH GHV YDOHXUV DQFHVWUDOHV FRPPH FHOOHVGHODIDPLOOHGHO·pGXFDWLRQ«&HSURGXLWDXGLRYLVXHOSXUHPHQWPDURFDLQHWMH GLUDLVPrPHSXUHPHQWUpJLRQDOSXLVTX·LOUHSUpVHQWHOH1RUGGX0DURFDYHFWRXWHV VHV SDUWLFXODULWpV ORFDOHV D VX WURXYHU XQ HQJRXHPHQW DXSUqV G·XQ SXEOLF WUqV KpWpURFOLWHDXQLYHDXGHVPRGHVGHYLHGHO·kJH«HWJpRJUDSKLTXHPHQWIUDJPHQWp

&HWUDYDLOGHWKqVHPHWHQH[HUJXHOHVUDSSRUWVHQWUHGLIIpUHQWVDFWHXUVOHVDFWHXUV OHVSHUVRQQDJHVOHVSURGXFWHXUVOHVIDQVHWOHVQRQIDQVGHODVpULHOHVWRXULVWHVOHV DXWRFKWRQHV OHV LQVWDQFHV JRXYHUQHPHQWDOHV OHV XVDJHUV GHV UpVHDX[ VRFLR QXPpULTXHV561« 3UHQDQWHQFRPSWHFHWWHYLVLRQV\VWpPLTXHFHWWHWKqVHDSRXU REMHFWLI G·pWXGLHU OH SKpQRPqQH GX VXFFqV G·XQH VpULH WpOpYLVpH SDUWLFXOLqUH D\DQW HQWUDvQp GHV FRPSRUWHPHQWV VRFLDX[ GLUHFWHPHQW OLpV j FHWWH SURGXFWLRQ DXGLRYLVXHOOH HW DX[ OLHX[ GH WRXUQDJH WUDQVIRUPpV HQ GHVWLQDWLRQ WRXULVWLTXH-H SDUWDJH O·RSLQLRQ G·$ODLQ *UHQLHU TXL H[SULPH OH IDLW TXH ©F·HVW GRQF OD GLVWULEXWLRQGXILOPRXGHODVpULHWpOpYLVpHHWVDUpFHSWLRQDXSUqVGXSXEOLFTXLGpWHUPLQHURQW HQ JUDQGH SDUWLH O·LQWpUrW HW O·LPSOLFDWLRQ GHV YLVLWHXUV VXU OHV VLWHV XWLOLVpV GDQV XQ WRXUQDJHª *UHQLHU S $LQVL GDQV FH WUDYDLO GH UHFKHUFKH OHV LQWHUGpSHQGDQFHVOHVFRPSDUDLVRQVHWOHVGLVWLQFWLRQVHQWUHODWpOpYLVLRQHW,QWHUQHW SHUPHWWHQW G·DSSUpKHQGHU OD UpFHSWLRQ WpOpYLVXHOOH VHORQ XQH SHUVSHFWLYH GH FRQWLQXXPPXOWLpFUDQVWpOpYLVLRQDSSDUHLOVPRELOHVWDEOHWWHVRUGLQDWHXUV«

/HV D[HV GH UHFKHUFKH GH FHWWH WKqVH UHOqYHQW SULQFLSDOHPHQW GHV HIIHWV G·XQH VpULHWpOpYLVpHPDURFDLQHVXUOHVIDFWHXUVpFRQRPLTXHVHWVRFLDX[GXWHUULWRLUHHWGHV HVSDFHVUpHOVSUpVHQWpVHQWDQWTXHGpFRUGDQVFHWWHILFWLRQ,OV·DJLWDXVVLG·DQDO\VHU FHUWDLQV PpFDQLVPHV GH UpFHSWLRQ WUDQVQDWLRQDX[ DXSUqV GH SOXVLHXUV W\SHV GH SXEOLFV /·HVVHQWLHO GH O·DQDO\VH SRUWH GRQF VXU OHV HIIHWV GH FHWWH VpULH WpOpYLVpH DXSUqV GHV WpOpVSHFWDWHXUV PDLV DXVVL VXU OD QRWRULpWp HW O·DWWUDFWLYLWp G·XQH ]RQH WRXULVWLTXH/DSUREOpPDWLTXHGHFHWUDYDLOGHUHFKHUFKHUHSRVHVXUWURLVTXHVWLRQV FHQWUDOHV

™ 4'DQVTXHOVHQVODGLIIXVLRQGHODVpULHWpOpYLVpH%QDW/DOOD0HQQDQDD LQWURGXLWGHVH[WHUQDOLWpVpFRQRPLTXHVVXUODUpJLRQ1RUGGX0DURF"

™ 4 4XHOOHV VRQW OHV H[WHUQDOLWpV VRFLDOHV DXSUqV GHV KDELWDQWV GH

&KHIFKDRXHQYLOOHGRQWOHIHXLOOHWRQHPSUXQWHOHGpFRU"

(24)

™ 4 &RPPHQW SHXWRQ FDUDFWpULVHU OD UpFHSWLRQ PXOWLpFUDQV GH FH IHXLOOHWRQDXSUqVGHODGLDVSRUDPDJKUpELQH"

/H FRQFHSW G·H[WHUQDOLWpV D IDLW O·REMHW GH QRPEUHX[ WUDYDX[ 0HDGH

%HUWD TXL VH SRVLWLRQQHQW SRXU OD SOXSDUW GDQV OH FKDPS GLVFLSOLQDLUH GH O·(FRQRPLH HW GHV 6FLHQFHV GH *HVWLRQ &HSHQGDQW FH WHUPH SUpVHQWH GHV VXEWLOLWpV LQWpUHVVDQWHV TXL SHXYHQW rWUH XWLOLVpHV SRXU FRPSUHQGUH FHUWDLQV FRQWH[WHV G·LQIOXHQFHV G·LPSDFWV HW GH UpSHUFXVVLRQV GDQV OHV pWXGHV HQ 6FLHQFHV GH O·,QIRUPDWLRQ HW GH OD &RPPXQLFDWLRQ ©/H WHUPH G·LPSDFW GpWHUPLQH XQ HIIHW GH FKDQJHPHQW UHFRQQX HW UHQGX YLVLEOH SDU OHV H[SUHVVLRQV GH PRGH OLQJXLVWLTXHV YHVWLPHQWDLUHV FRPSRUWHPHQWDOHVª &RPSWH $ WLWUH G·H[HPSOH 5DOOHW HW 5RFKHODQGHW V·DSSXLHQW VXU O·HIIHW GHV ©H[WHUQDOLWpVª SRXU WUDLWHU OD VHQVLEOH TXHVWLRQ GH OD SURWHFWLRQ GHV GRQQpHV SHUVRQQHOOHV VXU ,QWHUQHW $LQVL OD QRWLRQ G·H[WHUQDOLWpV UHSRVH VXU O·HIIHW G·LQIOXHQFH SRVLWLI RX QpJDWLI DWWHQGX RX QRQ G·XQ DJHQW pFRQRPLTXH VXU XQ DXWUH DJHQW pFRQRPLTXH VDQV SULVH HQ FRPSWH GH FHV LQWHUDFWLRQV G·XQH PDQLqUH IRUPHOOH VXU OHV PDUFKpV ©'DQV FH FDV OHV GpFLVLRQV LQGLYLGXHOOHV IRQGpHV VXU OHV PpFDQLVPHV GH SUL[ VRQW ELDLVpHV FDU HOOHV QH UHIOqWHQW SDV OHV FR€WVRXDYDQWDJHVVRFLDX[TX·HOOHVJpQqUHQWª5DOOHWHW5RFKHODQGHWS3ODFHUOH FRQFHSW G·H[WHUQDOLWpV DX FHQWUH OD SUREOpPDWLTXH GH FHWWH WKqVH SHUPHW G·DSSUpKHQGHU OHV UpSHUFXVVLRQV pFRQRPLTXHV HW VRFLDOHV SRVLWLYHV RX QpJDWLYHV DWWHQGXHVRXQRQGDQVOHSURFHVVXVGHGLIIXVLRQHWGHUpFHSWLRQGHODVpULHWpOpYLVpH

%QDW /DOOD 0HQQDQD ,O HVW GLIILFLOH GH TXDQWLILHU SUpFLVpPHQW OHV LQIOXHQFHV pFRQRPLTXHVHWVRFLDOHVG·XQFRQWHQXWpOpYLVXHO7RXWHIRLVM·DLO·DPELWLRQjWUDYHUV FHWWH WKqVH GH GpPRQWUHU FRPPHQW XQ SURJUDPPH ILFWLRQQHO SHXW SUpVHQWHU GHV UHWRPEpHV SDV WRXMRXUV DWWHQGXHV VXU GHV DFWHXUV VRFLDX[ TXL QH VRQW SDV WRXMRXUV FRQVLGpUHU SDU OHV FRPPDQGLWDLUHV OHV SURGXFWHXUV GH OD WpOpYLVLRQ HW O·pTXLSH GH WRXUQDJH &HUWDLQHV H[WHUQDOLWpV VRQW GLIILFLOHV j pYDOXHU WHOOHV TXH OHV UHWRPEpHV VRFLDOHV SXLVTX·HOOHV UHOqYHQW GHV SURFHVVXV GH UHSUpVHQWDWLRQV LGHQWLWDLUHV HW FXOWXUHOOHV,OV·DJLWSRXUWDQWGHO·XQGHVREMHFWLIVVFLHQWLILTXHVGHFHWUDYDLOGHWKqVH TXHM·DPELWLRQQHG·DWWHLQGUHJUkFHjXQWUDYDLOGHWHUUDLQDXSUqVGHVKDELWDQWVGHOD YLOOHGH&KHIFKDRXHQ$LQVLSRVHUODSUREOpPDWLTXHVRXVO·DQJOHGHVH[WHUQDOLWpVPH SHUPHW GH VRXOLJQHU OHV UpSHUFXVVLRQV GH OD GLIIXVLRQ GH FHWWH VpULH WpOpYLVpH j O·LQWHUQDWLRQDOG·XQSRLQWGHYXHpFRQRPLTXHPDLVDXVVLHWVXUWRXWVRFLDODXGHOjGHV UHWRPEpHVDWWHQGXHVSDUOHVFRPPDQGLWDLUHVGHFHWWH±XYUHWpOpYLVXHOOH$LQVL(ULF 0DFp PHW HQ pYLGHQFH OHV UDSSRUWV LQWHUDFWLRQQHOV TX·LO \ D HQWUH © IOX[

PDUFKDQGVªHW©UDSSRUWVVRFLDX[ªGDQVOHFDGUHG·XQHSURGXFWLRQDXGLRYLVXHOOH/HV DYDQFpHV HQ WpOpFRPPXQLFDWLRQ QH SHXYHQW rWUH DSSUpKHQGpHV TX·j WUDYHUV XQH

©FRQVRPPDWLRQ FXOWXUHOOHª HW GHV LPSDFWV VRFLDX[ TXH MH QRPPH H[WHUQDOLWpV ©,O VHPEOHELHQTXHODWpOpYLVLRQQHVRLWSDVTXHOHIOX[WRXMRXUVJUDQGLVVDQWGHVPDUFKpVGHOD

(25)

FRQVRPPDWLRQ FXOWXUHOOH HW GHV WHFKQLTXHV GH WpOpFRPPXQLFDWLRQ 6RXV OHV IOX[ PDUFKDQGV QRXVSRXYRQVPRQWUHUOHVUDSSRUWVVRFLDX[VRXVOHVORJLTXHVGHPDUFKpDFFpGHUDX[YLVLRQV GXPRQGHDX[UDSSRUWVGHSRXYRLUHWDX[FRQIOLWVFXOWXUHOV(QXQPRWLOGRLWrWUHSRVVLEOH GH UHSHXSOHU GDFWHXUV VRFLDX[ HW SROLWLTXHV XQ PRQGH R LO Q\ DXUDLW SOXV TXH GHV VSHFWDWHXUVFRQVRPPDWHXUVHWGHVORJLTXHVGHV\VWqPHª0DFpS

/HV SURGXFWLRQV DXGLRYLVXHOOHV VRQW PRWLYpHV SDU GHV ORJLTXHV G·DXGLHQFH 2XWUHO·DVSHFWFRPPHUFLDOV·\DIIpUDQWFHOOHVFLUHSUpVHQWHQWGHVYHFWHXUVFXOWXUHOVHW VRFLDX[ HQWUDvQDQW GHV HIIHWV VXU OHV P±XUV HW OH FRPSRUWHPHQW GHV WpOpVSHFWDWHXUV 0DWWHODUW$HW0DWWHODUW0&·HVWjWUDYHUVFHSRVWXODWTXHV·DUWLFXOHFHWUDYDLO GH UHFKHUFKH VXU OD UpFHSWLRQ WpOpYLVXHOOH HW VHV HIIHWV pFRQRPLTXHV HW VRFLDX[ /HV WURLVTXHVWLRQVGpFRXODQWGHODSUREOpPDWLTXHGHFHWWHWKqVHUHOqYHQWGHVLQWHUDFWLRQV HQWUH OHV DVSHFWV GH ORFDOLVDWLRQ RX UpJLRQDOLVDWLRQ HW JOREDOLVDWLRQ GDQV OH FRQWH[WH G·XQH GLIIXVLRQ LQWHUQDWLRQDOH G·XQH VpULH WpOpYLVpH UHSUpVHQWDQW j O·pFUDQ XQ FDGUH VSDWLRWHPSRUHO OLp j XQH ORFDOLWp VSpFLILTXH j WUDYHUV XQ HQVHPEOH GH FRGHV V\PEROLTXHVUHSUpVHQWDWLIVG·XQWHUULWRLUH

/HV K\SRWKqVHV GH WUDYDLO GpFRXODQW GHV WURLV TXHVWLRQV SUpFpGHQWHV OLpHV j OD SUREOpPDWLTXH GH FHWWH WKqVH SHXYHQW VH GpFOLQHU HQ WURLV D[HV SULQFLSDX[

FRQFHUQDQW

™ $[H 4 /HV H[WHUQDOLWpV WRXULVWLTXHV TX·HOOHV VRLHQW pFRQRPLTXHV RX TXDOLWDWLYHVDWWUDFWLYLWpWHUULWRULDOHQRWRULpWp

o + /D VpULH WpOpYLVpH D HQWUDvQp XQH DXJPHQWDWLRQ VLJQLILFDWLYH GX WUDILF WRXULVWLTXH GH OD YLOOH GH &KHIFKDRXHQ DSUqV OD GLIIXVLRQ GH OD VpULHWpOpYLVpHVXUODGHX[LqPHFKDvQHQDWLRQDOHPDURFDLQH0

™ $[H 4 /HV H[WHUQDOLWpV VRFLDOHV DXSUqV GHV KDELWDQWV GH OD YLOOH GH

&KHIFKDRXHQ DXWRXU GH OD TXHVWLRQ GHV UHSUpVHQWDWLRQV V\PEROLTXHV LGHQWLWDLUHVFXOWXUHOOHVHWVRFLDOHV

o + /·DIIOX[ WRXULVWLTXH GDQV OD UpJLRQ 1RUG GX 0DURF D HQWUDvQp GH QRXYHOOHV IRUPHV G·LQWHUDFWLRQV VRFLDOHV HQWUH OHV KDELWDQWV GH

&KHIFKDRXHQHWOHVWRXULVWHVPDURFDLQVTX·LOVVRLHQWUpVLGDQWVDX0DURF RXjO·pWUDQJHU

o + /D GLIIXVLRQ GH OD VpULH WpOpYLVpH D HX XQ IRUW LPSDFW VXU OD SHUFHSWLRQ TXH OHV KDELWDQWV GH &KHIFKDRXHQ RQW GX SURJUDPPH WpOpYLVp

o +&HSURJUDPPHWpOpYLVXHODLQIOXpVXUOHVUHSUpVHQWDWLRQVFXOWXUHOOHV TXH OHV KDELWDQWV RQW GH OHXU SURSUH YLOOH (Q WDQW TXH SRUWHXU G·XQH FXOWXUHODWpOpYLVLRQHVWXQFDQDOLQIOXDQWVXUODFRQVWUXFWLRQLGHQWLWDLUH

(26)

™ $[H 4 OD UpFHSWLRQ WUDQVQDWLRQDOH DXSUqV GH OD GLDVSRUD PDJKUpELQH j WUDYHUV GHV IRUPHV GH SDUWLFLSDWLRQ VXU ,QWHUQHW SDU OHV IDQV GH OD VpULH WpOpYLVpH

o + /HV WpOpVSHFWDWHXUV GH OD VpULH WpOpYLVpH%QDW /DOOD 0HQQDQD VRQW UHSUpVHQWpVPDMRULWDLUHPHQWSDUXQSXEOLFIpPLQLQ

o + /D SRSXODWLRQ GLDVSRULTXH PDURFDLQH UHVVHQW O·LPSRUWDQFH GH FRQVHUYHU OHV OLHQV DYHF OHXU SD\V G·RULJLQH ©KRPHODQGª &HV OLHQV IRUWV *DEULHO 6KHIIHU FRQFUHWV RX SOXV LPDJpV SUpVHQWHQW GLIIpUHQWHVIRUPHVGHFRQVRPPDWLRQVPpGLDWLTXHVHWVRQWUHQIRUFpVSDU O·DSSURSULDWLRQ GHV 7HFKQRORJLHV GH O·,QIRUPDWLRQ HW GH OD

&RPPXQLFDWLRQ7,&

o + /HV UpVHDX[ VRFLRQXPpULTXHV MRXHQW XQ U{OH GpWHUPLQDQW GDQV OHV PRGDOLWpV G·H[SUHVVLRQ GHV IDQV GH OD WpOpYLVLRQ ,OV SHUPHWWHQW QRWDPPHQW OD UHQFRQWUH GH WpOpVSHFWDWHXUV TXHO TXH VRLW OHXU OLHX GH FRQQH[LRQ

o +/DODQJXHPDWHUQHOOHUHSUpVHQWHXQU{OHGpWHUPLQDQWGDQVOHFKRL[

GHVSURJUDPPHVWpOpYLVXHOVSRXUODGLDVSRUDPDJKUpELQH

o + *UkFH j XQH FRPSUpKHQVLRQ FRPPXQH GX GLDOHFWH PDURFDLQ OHV ILFWLRQVPDURFDLQHVLQWpUHVVHQWXQHSDUWLHGHODSRSXODWLRQPDJKUpELQH RULJLQDLUHGHOD7XQLVLHHWGHO·$OJpULH

/·pWXGH GHV HIIHWV GH UpFHSWLRQ GH OD VpULH WpOpYLVpH%QDW /DOOD 0HQQDQD HVW DSSUpKHQGpHGDQVFHWUDYDLOGHUHFKHUFKHjODIRLVGXSRLQWGHYXHGHODVRFLRORJLHGH OD WpOpYLVLRQ FKDSLWUHV HW GH O·DQDO\VH VWUXFWXUHOOH GHV PpGLDV VRFLDX[

FKDSLWUHHWGHODSV\FKRORJLHVRFLDOHGHODGLDVSRUDFKDSLWUHHWGXWRXULVPH GXUDEOH SODoDQW OHV DFWHXUV ORFDX[ DX F±XU GH O·DFWLYLWp WRXULVWLTXH HW FXOWXUHOOH FKDSLWUH HW &H WUDYDLO GH UHFKHUFKH SURSRVH XQH DSSURFKH VRFLDOH GH FHV GLIIpUHQWHV WKpPDWLTXHV D\DQW SRXU YRFDWLRQ GH QRXUULU OD UpIOH[LRQ VFLHQWLILTXH HQ DERUGDQWXQREMHWG·pWXGHVSpFLILTXHXQHVpULHWpOpYLVpHPDURFDLQHVHORQXQD[HTXL Q·DHQFRUHMDPDLVpWpWUDLWpHQ6,&FKDSLWUH/·pWDWGHO·DUWGHFHWWHSUpVHQWHWKqVH SRUWH SULQFLSDOHPHQW VXU TXDWUH D[HV SULQFLSDX[ OD VpULH WpOpYLVpH HQ WDQW TXH YHFWHXUG·XQHFXOWXUHFKDSLWUHOHVFRQWULEXWLRQVGHVIDQVGHODWpOpYLVLRQVXUOHV PpGLDV VRFLDX[ HW OHV UpVHDX[ VRFLRQXPpULTXHV FKDSLWUH OHV FDUDFWpULVWLTXHV GX WRXULVPH GXUDEOH DX 0DURF HW SOXV SUpFLVpPHQW GDQV OD UpJLRQ 1RUG OLHX GH WRXUQDJH GH OD VpULH WpOpYLVpH FKDSLWUH DLQVL TXH OD TXHVWLRQ G·XQH UpFHSWLRQ

(27)

WUDQVQDWLRQDOH GH OD WpOpYLVLRQ DXSUqV GH OD GLDVSRUD PDJKUpELQH FKDSLWUH /HV DQDO\VHV SUpVHQWpHV GDQV OH FDGUH GH FHWWH WKqVH GpFRXOHQW GH O·DQDO\VH GH OD OLWWpUDWXUH UHVSHFWLYHPHQW DX[ WKqPHV DERUGpV /HV WHFKQLTXHV H[SORUDWRLUHV HW OHV UHFKHUFKHVGHWHUUDLQVRQWpYLGHPPHQWSUpFpGpHVHWVXLYLHVG·XQHORQJXHUHFKHUFKH ELEOLRJUDSKLTXHHQYXHG·pODERUHUXQpWDWGHO·DUWUHSUpVHQWDWLIGHVD[HVGHUHFKHUFKH OLpVDX[WHUUDLQVHWDX[PDWpULDX[GHUHFKHUFKH

/H SUHPLHU FKDSLWUH V·DWWDFKH DX UpVXPp GH OLWWpUDWXUH SHUPHWWDQW G·DSSUpKHQGHU OH JHQUH VpULH WpOpYLVpH FRPPH XQ PDVVPpGLD UHSUpVHQWDQW HQ WDQW TXH SURGXFWLRQ DUWLVWLTXH XQ YHFWHXU FXOWXUHO '·XQ SRLQW GH YXH WRXULVWLTXH OHV SURGXFWLRQVILFWLRQQHOOHVSHXYHQWMRXHUXQU{OHGpWHUPLQDQWFRQFHUQDQWO·LPDJLQDLUH ORFDO G·XQH YLOOH G·XQH UpJLRQ RX SOXV ODUJHPHQW G·XQ WHUULWRLUH /D TXHVWLRQ GHV LQIOXHQFHVGHVOLHX[GHWRXUQDJHVXUOHVWHUULWRLUHVHWOHVDFWHXUVORFDX[DpWpWUDLWpH SDU GLIIpUHQWV DXWHXUV DXWRXU GH OD WKpPDWLTXH GX FLQpWRXULVPH %HHWRQ 9LQFHQW &HUWDLQV H[HPSOHV GH FLQpWRXULVPH 6WDU :DUV %LHQYHQXH &KH] OHV

&K·WL3OXVEHOOHODYLH«SHUPHWWHQWG·LOOXVWUHUO·HQJRXHPHQWWRXULVWLTXHVXVFLWpSDUXQ ILOP XQH VpULH WpOpYLVpH« *UHQLHU /H VXFFqV GHV VpULHV WpOpYLVpHV WXUTXHV UHSUpVHQWHXQPRGqOHQRWRLUHGHGLIIXVLRQFXOWXUHOOHWUDQVQDWLRQDOHHWGHSURPRWLRQ LQIRUPHOOHGXWRXULVPHQDWLRQDO/DILFWLRQSHXWDORUVrWUHSHUoXHFRPPHXQRXWLOGH VRIWSRZHU*RQ]DOH]4XLMDQR3DULV

/HVHFRQGFKDSLWUHSUpVHQWHO·pWDWGHO·DUWHQ6,&FRQFHUQDQWOHVPpGLDVVRFLDX[

HW OHV UpVHDX[ VRFLRQXPpULTXHV ,QWHUQHW UHSUpVHQWH DXMRXUG·KXL XQ FDQDO LQFRQWRXUQDEOH G·DQDO\VH TXDQW j OD UpFHSWLRQ WpOpYLVXHOOH HQ RIIUDQW DX[

WpOpVSHFWDWHXUVIDQVHWQRQIDQVGHVHVSDFHVG·H[SUHVVLRQHWG·HQJDJHPHQW/·pWXGH GHV SUDWLTXHV GHV XVDJHUV GHV IDQV GH OD VpULH WpOpYLVpH VXU OHV PpGLDV VRFLDX[

&DUGRQ &DYD]]D RX VXU OHV UpVHDX[ VRFLRQXPpULTXHV %R\G 6WHQJHU HW &RXWDQW SHUPHW G·LGHQWLILHU FHUWDLQHV FDUDFWpULVWLTXHV GH UpFHSWLRQ GHVWpOpVSHFWDWHXUV

/H WURLVLqPH FKDSLWUH SUpVHQWH XQ UpVXPp GH OLWWpUDWXUH SHUPHWWDQW GH FDUDFWpULVHUOHWRXULVPHJpQpUDOQDWLRQDOHWGHODUpJLRQ1RUGGX0DURF/HWRXULVPH LQWHUQDWLRQDO LQIOXH VXU OHV WUDQVIRUPDWLRQV VRFLRpFRQRPLTXHV ORFDOHV 6FKXHUNHQV SRXYDQW LQWURGXLUH GHV KDELWXGHV RFFLGHQWDOHV FRXWXPHV PRGHV YHVWLPHQWDLUHV«DXSUqVGHVDXWRFKWRQHVGHVSD\VUpFHSWHXUVWHOVTXHOH0DURF/H WRXULVPH HQ WDQW TXH IRUPH GH PRQGLDOLVDWLRQ GHYLHQW GRQF XQ YHFWHXU GH FULVWDOOLVDWLRQ HQWUH OH PRGqOH RFFLGHQWDO HW OHV FRXWXPHV ORFDOHV (QWUH UHFRQQDLVVDQFHVWHUULWRULDOHVHWYRORQWpGHSUpVHUYDWLRQGHVWUDGLWLRQVO·LQIOXHQFHGH ODPRQGLDOLVDWLRQVXUOHVDFWHXUVORFDX[SHXWVHWUDGXLUHSDUXQYpULWDEOHWHUUDLQGH EDWDLOOH HWKQLTXH UHOLJLHXVH RX PrPH FXOWXUHOOH &·HVW FH GHUQLHU WHUUDLQ TXL P·D

(28)

LQWpUHVVpH WRXW DX ORQJ GH FH WUDYDLO GH WKqVH %DVpH VXU O·LQQRYDWLRQ VRFLDOH OD TXHVWLRQGHO·HPSRZHUPHQW6FKH\YHQVGHVDFWHXUVGHODYLOOHGH&KHIFKDRXHQ D UHSUpVHQWp XQ IDFWHXU GH GpYHORSSHPHQW WRXULVWLTXH D\DQW SHUPLV OD FRQVWLWXWLRQ G·DVVRFLDWLRQV HW G·XQ PDLOODJH G·DFWHXUV VRFLDX[ SUpVHQWDQW XQH DFWLYLWp LQIRUPHOOH LPSRUWDQWH&KDRXQL

/H TXDWULqPH FKDSLWUH IRXUQLW OH FDGUH PpWKRGRORJLTXH GH FH WUDYDLO GH WKqVH TXLHVWEDVpVXUXQHDUWLFXODWLRQHQWUHXQHSKDVHG·REVHUYDWLRQQRQSDUWLFLSDQWHVXU OHV PpGLDV VRFLDX[ XQH HQTXrWH TXDOLWDWLYH HW GHV GRQQpHV TXDQWLWDWLYHV H[WUDLWHV G·XQH SDJH)DFHERRN GHV IDQV WUDQVQDWLRQDX[ /·HQTXrWH TXDOLWDWLYH D pWp PHQpH DXSUqVG·XQHDFWULFHGXIHXLOOHWRQD\DQWSDUWLFLSpjODUpGDFWLRQGXV\QRSVLVHWpWDQW RULJLQDLUHGHODYLOOHGH&KHIFKDRXHQ6DPLD$NDULRXG·XQHDQWKURSRORJXHIUDQoDLVH DLQVL TXH GX UHVSRQVDEOH GX SRLQW G·LQIRUPDWLRQ WRXULVWLTXH GH OD YLOOH -·DL DXVVL PHQp XQH VpULH G·HQWUHWLHQV HQ IDFH j IDFH DXSUqV G·XQ ©SXEOLF SDUWLFXOLqUHPHQW FRQFHUQpª &KDOYRQ'HPHUVD\ SDU OD VpULH WpOpYLVpH%QDW /DOOD 0HQQDQDGHV KDELWDQWVGH&KHIFKDRXHQ/·pFKDQWLOORQDLQVLVpOHFWLRQQpVRXOLJQHO·LQVFULSWLRQGHV WpOpVSHFWDWHXUV GDQV XQ FRQWH[WH JpRJUDSKLTXH HW VRFLDO SDUWDJp DORUV TXH OHV GLIIpUHQWV WUDYDX[ PHQpV VXU OHV UpVHDX[ VRFLRQXPpULTXHV FKDSLWUH UHSRVHQW VXU GHV FRQWH[WHV GH UpFHSWLRQ JpRJUDSKLTXHPHQW FXOWXUHOOHPHQW HW VRFLDOHPHQW YDULpV VRXOLJQDQWDLQVLGHVFDGUHVGHUpFHSWLRQWpOpYLVXHOOHYDULpV

/H FLQTXLqPH FKDSLWUH SUpVHQWH OHV pOpPHQWV GH FRQWH[WH GH SURGXFWLRQ GH OD VpULHWpOpYLVpH%QDW/DOOD0HQQDQD©/HVHIIHWVGHUpHOª%DUWKHV*OHYDUHF GH FH IHXLOOHWRQ VH UHWURXYHQW DXVVL ELHQ GDQV OHV FKRL[ UpDOLVWHV GHV OLHX[ GH WRXUQDJHOHVFRVWXPHVOHODQJDJHSDUWLFXOLHUHWODPLVHHQVFqQHGHVREMHWVTXHGDQV O·LQWULJXH HW OHV VHQWLPHQWV UHVVHQWLV SDU OHV SHUVRQQDJHV $LQVL LO V·DJLW GH UHQGUH FRPSWHjODIRLVGHODGLPHQVLRQRULJLQDOHGHO·±XYUH%QDW/DOOD0HQDQQDHWjODIRLV GH O·LQIOXHQFH VRFLDOH HW FXOWXUHOOH TXH VD GLIIXVLRQ SHXW VXVFLWHU DXSUqV GHV WpOpVSHFWDWHXUV VH VHQWDQW FRQFHUQpV SDU FHWWH SURGXFWLRQ DXGLRYLVXHOOH HQ WDQW TXH IDQVRXQRQIDQVFKDSLWUH

/H VL[LqPH FKDSLWUH FDUDFWpULVH OD PDQLqUH GRQW FHWWH ILFWLRQ D LQIOXp VXU OHV LPDJLQDLUHV GHV KDELWDQWV GH OD YLOOH GH &KHIFKDRXHQ 2XWUH OHV UHWRPEpHV WRXULVWLTXHV VXU OHV WHUULWRLUHV VRQW DSSDUXV GHV IDFWHXUV LQFRQWRXUQDEOHV G·RUGUH VRFLRORJLTXHVTXLGHYDLHQWrWUHDQDO\VpVG·XQHPDQLqUHDSSURIRQGLH(IIHFWLYHPHQW OHV LPSDFWV VRFLDX[ VH VRQW SUpVHQWpV FRPPH pWDQW GHV D[HV G·LQYHVWLJDWLRQ SULPRUGLDX[HWLQFRQWRXUQDEOHV

(QILQ OH VHSWLqPH FKDSLWUH GH FHWWH WKqVH UHQG FRPSWH GH OD YLVLELOLWp HW GH OD FLUFXODWLRQ GH O·LQIRUPDWLRQ GHV IDQV GH%QDW /DOOD 0HQQDQD VXU OHV PpGLDV VRFLDX[

(29)

/·DQDO\VHVWUXFWXUHOOHGHVIRUPHVG·HQJDJHPHQWHWGHVFRQWULEXWLRQVGHVIDQVVXUOHV UpVHDX[ VRFLRQXPpULTXHV 561 SHUPHW GH FDUDFWpULVHU FHUWDLQV HIIHWV GH UpFHSWLRQ GHVVpULHVWpOpYLVpHVDXSUqVGHVWpOpVSHFWDWHXUVWUDQVQDWLRQDX[,OV·DJLWGHUHVWLWXHU QRWDPPHQW OHV UpVXOWDWV GH O·DQDO\VH VWUXFWXUHOOH G·XQ JURXSH )DFHERRN DORUV FRPSRVp GH SOXV GH IDQV GH OD VpULH WpOpYLVpH%QDW /DOOD 0HQQDQD GRQW OHV WpOpVSHFWDWHXUVVRQWFRQQHFWpVjSDUWLUGHSOXVG·XQHTXDUDQWDLQHGHSD\V&HWHUUDLQ GH UHFKHUFKH FRQFqGH O·DFFqV j GHV GRQQpHV VXU XQ ODUJH pFKDQWLOORQ GH IDQV /HV LQIRUPDWLRQVLVVXHVGHFHPDWpULDXRQWSHUPLVGHMXJHUGHO·LQWHUQDWLRQDOLVDWLRQGHOD UpFHSWLRQ GH FHWWH SURGXFWLRQ DXGLRYLVXHOOH /HV UpVHDX[ VRFLRQXPpULTXHV 561 SUpVHQWHQW GHV HVSDFHV G·pFKDQJH HW GH GpEDW LPSOLTXDQW GHV XVDJHUV DX[

FDUDFWpULVWLTXHVVRFLRGpPRJUDSKLTXHVHWJpRJUDSKLTXHVWUqVGLIIpUHQWHV

(30)

&+$3,75(,

/HIRUPDWVpULHWpOpYLVpHYHFWHXU pFRQRPLTXHFXOWXUHOHWWRXULVWLTXH

(31)

,1752'8&7,21'8&+$3,75(

/H GpYHORSSHPHQW GHV WHFKQRORJLHV GH O·LQIRUPDWLRQ HW GH OD FRPPXQLFDWLRQ 7,& GHSXLV OD ILQ GX qPH VLqFOH D PLV HQ H[HUJXH O·LPSRUWDQFH GHV PpGLDV GH PDVVH DSSUpKHQGpV FRPPH GHV YHFWHXUV FXOWXUHOV LQIOXHQWV 3DULV ,QLWLDOHPHQW XQ PpGLD GH PDVVH OD WpOpYLVLRQ SHUPHWWDLW GH WRXFKHU XQH ODUJH DXGLHQFH GHSXLV XQ VHXO FDQDO O·pFUDQ 4XHO TXH VRLW OH QLYHDX VRFLDO O·DFFqV j OD WpOpYLVLRQHVWDXMRXUG·KXLWUqVUpSDQGX©/DWpOpYLVLRQHVWXQPpGLDWUqVGpPRFUDWLTXHDX QLYHDX GHV pTXLSHPHQWVª -RXsW HW 3DVTXLHU S 'HV ©pFROHVª GH UHFKHUFKH O·pFROH GH )UDQFIRUW O·pFROH GH 3DOR $OWR O·pFROH GH &KLFDJR« RQW GpYHORSSp j SDUWLU GHV DQQpHV DX[ (WDWV8QLV HW HQ (XURSH GHV WUDYDX[ VXU O·DQDO\VH GHV PpGLDVHWQRWDPPHQWGHODWpOpYLVLRQHQV·DSSX\DQWVXUVHVHIIHWVVXUOHSXEOLF

/DVWUXFWXUHFRPPHUFLDOHGHVSURGXFWLRQVWpOpYLVXHOOHVVRXOqYHODTXHVWLRQGHOD WpOpYLVLRQ HQ WDQW TX·LQGXVWULH FXOWXUHOOH 0DWWHODUW $ HW 0DWWHODUW 0 0DFp QRWLRQ LQLWLDOHPHQW GpYHORSSpH SDU $GRUQR UDWWDFKp j O·pFROH GH )UDQFIRUW /HV VWUDWpJLHV SURGXFWLYHV GHV SURJUDPPHV WpOpYLVXHOV UHSRVHQW j OD IRLV VXUGHVORJLTXHVpFRQRPLTXHVHWGHVORJLTXHVFXOWXUHOOHV/·REMHFWLIHVWFODLUHPHQWGH IDLUHGHO·DXGLHQFH7RXWHIRLVHOOHVUHSUpVHQWHQWDXVVLGHVELHQVFXOWXUHOVLQIOXDQWVXU GHV IDFWHXUV VRFLDX[ /HV SURGXFWLRQV DXGLRYLVXHOOHV LQIOXHQW VXU OD UHFRQQDLVVDQFH GHVLQGLYLGXVjXQJURXSHXQSXEOLFOHGpYHORSSHPHQWGHODFRKpVLRQVRFLDOHWRXW HQIDLVDQWSODFHjO·DIIHFWHWDX[pPRWLRQV(OOHV©WUDQVPHWWHQWjOHXUSXEOLFGHVpPRWLRQV UHVVHQWLHV LPPpGLDWHPHQW HW LQVWDQWDQpPHQW ª 3XOYDU /·LQGXVWULH FXOWXUHOOH UHSRVH FODLUHPHQW VXU OD GLIIXVLRQ GHV YDOHXUV V\PEROLTXHV © &RQWUDLUHPHQW DX[

LQVWLWXWLRQVODWpOpYLVLRQQ·DSDVYRFDWLRQjUHSUpVHQWHUODQDWLRQ/DWpOpYLVLRQHVWDYDQWWRXW XQH LQGXVWULH FXOWXUHOOH ©j ULVTXHVª PXH SDU OHV WHQVLRQV HQWUH OHV UHQWHV VXSSRVpHV GX FRQVHUYDWLVPH HW OHV ULVTXHV VXSSRVpV GH O·LQQRYDWLRQ HW V\PpWULTXHPHQW HQWUH OHV JDLQV HVSpUpVGHO·LQQRYDWLRQHWOHVULVTXHVGHODVVLWXGHGXFRQIRUPLVPHª0DFpS

/HV pWXGHV FRQFHUQDQW O·DQDO\VH GHV VpULHV WpOpYLVpHV GHSXLV OHV DQQpHV .DW]HW/LHEHV9LOOH]%U\RQ3RUWHWV·DFFRUGHQWjGLUHTXHODVpULH WpOpYLVpH HQ WDQW TXH IRUPH WpOpYLVXHOOH VSpFLILTXH HQWUHWLHQW XQH UHODWLRQ pWURLWH DYHF OH SURFHVVXV V\PEROLTXH HW LPDJLQDLUH GHV WpOpVSHFWDWHXUV /·REMHW GH PHV

(32)

UHFKHUFKHV GH WKqVH VH IRFDOLVH GDYDQWDJH VXU O·HIIHW GH UpFHSWLRQ GHV SXEOLFV G·XQ IHXLOOHWRQ HW QRQ VXU OD UHVWLWXWLRQ LQWULQVqTXH G·XQH VpULH WpOpYLVpH /D TXHVWLRQ HVW DERUGpHVRXVO·DQJOHGHODFRQVWUXFWLRQGHVHQVHWGHO·pPHUJHQFHGHVFKDQJHPHQWV VRFLDX[TXHODGLIIXVLRQGHODVpULHWpOpYLVpHSHXWLPSXOVHU-HP·LQWpUHVVHPRLQVDX UDSSRUWGLUHFWTX·HQWUHWLHQQHQWOHVSXEOLFVDYHFODWpOpYLVLRQTX·jO·HIIHWTXHFHOOHFLD VXU VHV SXEOLFV (Q G·DXWUHV WHUPHV OD WpOpYLVLRQ GHYLHQW XQH VRXUFH G·pFKDQJH GHV GLIIpUHQWVSXEOLFVTXLLQIOXHVXUOHVWUDMHFWRLUHVLGHQWLWDLUHVHWFXOWXUHOOHVGHFKDFXQ 'DQVFHWUDYDLOGHWKqVHM·HPSORLHUDLVRXYHQWO·H[SUHVVLRQGHFRQWHQXVDXGLRYLVXHOV RX SURGXFWLRQV DXGLRYLVXHOOHV TXL FRPSUHQQHQW DXVVL ELHQ OHV ILOPV FLQpPDWRJUDSKLTXHVWpOpYLVXHOVTXHOHVVpULHVWpOpYLVpHV/·LQWpUrWG·DERUGHUODVpULH WpOpYLVpHFRPPHXQREMHWGHUHFKHUFKHUHSRVHVXUODPXOWLSOLFLWpGHVIRQFWLRQVTXHFH IRUPDWVSpFLILTXHVXVFLWH&·HVWFHTX·H[SULPH6HSXOFKUHjMXVWHWLWUH©/DVpULH WpOpYLVpH³HQWDQWTX·REMHWGHVDYRLU³DJLWjODIRLVFRPPHWUDFHFRQFUqWHG·XQHSURGXFWLRQ FRPPHUHSUpVHQWDWLRQG·XQSRLQWGHYXHVXUOHPRQGHFRQWHPSRUDLQHWFRPPHLOOXVWUDWLRQGX PRQGHYpFXGXGHVWLQDWDLUHGHFHIRUPDWWpOpYLVXHO&·HVWjFHWULSOHWLWUHTXHODVpULHWpOpYLVpH FRQVWLWXH j OD IRLV XQ WHUULWRLUH j GpIULFKHU HW XQ REMHW G·pWXGH QRYDWHXU GDQV OH FKDPS GHV VFLHQFHVGHO·LQIRUPDWLRQHWGHODFRPPXQLFDWLRQHWGHVpWXGHVFXOWXUHOOHVª6HSXOFKUHHWDO &H IRUPDW WpOpYLVXHO SDUWLFXOLHU UHSUpVHQWH XQ PLURLU GHV UHSUpVHQWDWLRQV FRQWHPSRUDLQHV &HUWHV FH PLURLU SHXW rWUH GpIRUPp JURVVLVVDQW RX DX FRQWUDLUH SRUWHXU G·DWWpQXDWLRQV GHV SUpRFFXSDWLRQV VRFLDOHV 7RXWHIRLV OD VpULH WpOpYLVpH UHSUpVHQWH XQ pOpPHQW FXOWXUHO TXH O·RQ SHXW DSSUpKHQGHU FRPPH XQ VLOODJH GHV ILJXUDWLRQVVRFLDOHVHWTXLGHYLHQWXQREMHWGHUHFKHUFKHLQWpUHVVDQWHQ6,&6FLHQFH GHO·,QIRUPDWLRQHWGHOD&RPPXQLFDWLRQ

/D SUHPLqUH SDUWLH GH FH FKDSLWUH GH WKqVH SUpVHQWH XQ EUHI DSHUoX GHV UHFKHUFKHV HPSLULTXHV VHORQ OHV FRXUDQWV WUDGLWLRQQHOV SRUWDQW VXU O·DQDO\VH GH OD UpFHSWLRQGHVPpGLDVGHPDVVH/·DQDO\VHGHVSXEOLFVUHSUpVHQWHXQD[HPDMHXUGHV pWXGHVGHUpFHSWLRQDXWRXUGHVORJLTXHVG·DSSURSULDWLRQGHVFRQWHQXVDXGLRYLVXHOV SDUOHVWpOpVSHFWDWHXUVHWGHVIDQVVWXGLHV

/D VHFRQGH SDUWLH GH FH FKDSLWUH V·DWWDFKH j SUpVHQWHU OHV FDUDFWpULVWLTXHV VSpFLILTXHV GX IRUPDW SDUWLFXOLHU GH OD VpULH WpOpYLVpH &HOOHFL SHXW HQGRVVHU GHV IRQFWLRQV VWUDWpJLTXHV VpULHOOHV FpUpPRQLHOOHV VRFLDOHV HW PrPH pGXFDWLYHV TXL FRQFRXUHQWjO·REMHFWLIGHILGpOLWpGHVWpOpVSHFWDWHXUV8QHUHYXHGHOLWWpUDWXUHDXVXMHW GHV UHFKHUFKHV VXU OHV SURGXFWLRQV WpOpYLVXHOOHV HW QRWDPPHQW FHUWDLQHV VpULHV WpOpYLVpHV WHOOHV TXH+pOqQH HW OHV JDUoRQV'DOODV HW8UJHQFHV SHUPHW GH GpFULUH OHV PpWKRGRORJLHV GH UHFKHUFKH HPSOR\pHV SDU OHV FKHUFKHXUV HQ 6FLHQFHV GH O·,QIRUPDWLRQ HW GH OD &RPPXQLFDWLRQ 6,& &HV VpULHV WpOpYLVpHV SUpVHQWHQW GHV FDUDFWpULVWLTXHV YDULpHV HW QRXV SHUPHWWHQW O·DQDO\VH GHV GLIIpUHQWV UpVXOWDWV GH

(33)

UHFKHUFKH pWDQW GRQQp OD YDULpWp GHV FRQWH[WHV GH SURGXFWLRQ GH UpFHSWLRQ HW GHV FDUDFWpULVWLTXHVGHVSXEOLFVDQDO\VpV

(QILQ OD WURLVLqPH HW GHUQLqUH SDUWLH GH FH FKDSLWUH WUDLWH GH O·LQIOXHQFH GHV VpULHVWpOpYLVpHVVXUOHWRXULVPHjWUDYHUVGHX[SRLQWVPDMHXUVTXLVRQWOHFKRL[GHV GpFRUV SDUWLFXOLHUV HW O·HQJRXHPHQW GX SDWULPRLQH WRXULVWLTXH TXH FHV SURGXFWLRQV DXGLRYLVXHOOHV SHXYHQW VXVFLWHU OH FLQpWRXULVPH &HWWH SDUWLH SUpVHQWH HQ VHFRQG OLHX O·H[HPSOH GH OD GLIIXVLRQ GHV VpULHV WpOpYLVpHV WXUTXHV HQ WDQW TXH YHFWHXU FXOWXUHOWUDQVQDWLRQDO

(34)

qUHSDUWLH5HYXHGHOLWWpUDWXUHVXUOD UpFHSWLRQWpOpYLVXHOOH

/·DQDO\VHGHODUpFHSWLRQGRLWrWUHGLVWLQJXpHGHO·LQIOXHQFHTX·H[HUFHOHFRQWHQX VXUOHFRPSRUWHPHQWHWVXUOHVP±XUVGHVUpFHSWHXUV$LQVL©XQHVRFLRORJLHGHVHIIHWV Q·HVW SDV XQH VRFLRORJLH GH OD UpFHSWLRQª &HIDw HW 3DVTXLHU S /D UHYXH GH OLWWpUDWXUH FRQFHUQDQW OHV HIIHWV GH UpFHSWLRQ GHV PpGLDV HVW FDUDFWpULVpH SDU GHX[

SULQFLSDOHV WUDGLWLRQV GH UHFKHUFKH &HOOHVFL SHXYHQW UHVSHFWLYHPHQW rWUH LQFDUQpHV SDUGHX[TXHVWLRQVFHQWUDOHVD\DQWGRPLQpOHVWUDYDX[VXUOHVLQWHUDFWLRQVHQWUHOHV PpGLDV HW OHV LQGLYLGXV ©4XH IRQW OHV PHGLDV j OLQGLYLGX " ª HW ©4XHVWFH TXH OLQGLYLGXIDLWGHVPHGLDV"ª-HQVHQHWDO/HSUHPLHUD[HLVVXGHVUHFKHUFKHV HPSLULTXHVGDQVOHGRPDLQHUHSRVHVXUOHVHIIHWVGHVPpGLDVVXUOHVLQGLYLGXVDORUV TXH OH VHFRQG D[H IDLW UpIpUHQFH DX[ WUDYDX[ UHOHYDQW GHV 8VDJHV HW *UDWLILFDWLRQV 8 *DLQVLTXHGHV&XOWXUDO6WXGLHV

, /DVRFLRORJLHGHUpFHSWLRQGHODWpOpYLVLRQ

&RQVLGpUHU O·DSSURFKH WHFKQLFLVWH ©OH PHVVDJH F·HVW OH PpGLXP ª 0F/XKDQ

'DQVOHVDQQpHVYLQJWHQ)UDQFHOHVpWXGHVVXUOHVPpGLDVUHSRVqUHQWSRXUXQH JUDQGHSDUWLHVXUOHFRQWHQX0DUVKDOO0F/XKDQV·HVWSRVLWLRQQpFRPPHpWDQW SUpFXUVHXU HQ pQRQoDQW OD FpOqEUH IRUPXOH©OH PHVVDJH F·HVW OH PpGLXPª GDQV VRQ RXYUDJHWUDGXLWGHO·DQJODLVHQ/·K\SRWKqVHPDMHXUHGXWKpRULFLHQFDQDGLHQGH ODFRPPXQLFDWLRQUHSRVHDORUVVXUO·LPSRUWDQFHGXPpGLXPGDQVODFRQVWUXFWLRQGX PHVVDJH 3RXU OXL OH FDQDO MRXH XQ U{OH GH SUHPLHU RUGUH GDQV OD SHUFHSWLRQ GX SXEOLFDYDQWPrPHOHFRQWHQXGXPHVVDJH/·H[SpULHQFHGHFRPPXQLFDWLRQHVWDORUV VXERUGRQQpH j OD WHFKQRORJLH SXLVTXH OH FRQWHQX V·HQ WURXYH DGDSWp 0F/XKDQ

7LWUHGHO·RXYUDJH3RXUFRPSUHQGUHOHVPpGLDVOHVSURORQJHPHQWVWHFKQRORJLTXHVGHOKRPPH0F /XKDQ

(35)

3RXU OXL FKDTXH QRXYHOOH WHFKQLTXH LQWURGXLWH GDQV OH TXRWLGLHQ GHV LQGLYLGXV HQJHQGUH GX SURJUqV PDLV DXVVL GH O·LQYHQWLYLWp GH OD FUpDWLYLWp HW GHV QRXYHOOHVFRQILJXUDWLRQVVRFLDOHV0DUVKDOO0F/XKDQLQVLVWHVXUO·DVSHFWWHFKQLTXHHW SK\VLTXH GHV PpGLDV HW QRQ VXU O·LPSRUWDQFH GX FRQWHQX OXLPrPH $\DQW WRXW G·DERUG DQDO\Vp O·LQIOXHQFH FXOWXUHOOH GH O·LPSULPHULH 0F/XKDQ DQWLFLSH OHV FKDQJHPHQWV TXH YRQW HQWUDvQHU O·LQWpJUDWLRQ GH OD WpOpYLVLRQ GDQV OHV IR\HUV /D WpOpYLVLRQHQWDQWTXHFDQDOMRXHXQU{OHSULPRUGLDOGDQVODIRUPXODWLRQGXPHVVDJH

&HWWH DSSURFKH SUpVHQWH FHUWHV GHV OLPLWHV HOOH SHUPHW WRXWHIRLV GH VRXOLJQHU O·LPSRUWDQFH GX IRUPDW HW GH OD WHFKQLTXH XWLOLVpV SRXU OD GLIIXVLRQ GX FRQWHQX 6L O·RQ VH SODFH GX F{Wp GX UpFHSWHXU OD PrPH LQIRUPDWLRQ GLIIXVpH VXU GHX[ FDQDX[

GLIIpUHQWV SDU H[HPSOH j OD WpOpYLVLRQ HW GDQV OD SUHVVH LPSOLTXH XQ PRGqOH GH FRQVWUXFWLRQ HW GH SHUFHSWLRQ GLIIpUHQW GH OD SDUW GX UpFHSWHXU VHORQ OH PHGLXP 0F/XKDQ

/·DSSURFKH pFRQRPLTXH HW WHFKQLTXH HVW DXVVL GpYHORSSpH GDQV OH FpOqEUH RXYUDJH GH 3LHUUH %RXUGLHX LQWLWXOp6XU OD WpOpYLVLRQ/·DXWHXU SUpVHQWH GHV WKqVHV VXU OD WKpPDWLTXH GHV PpGLDV GH PDVVH HW GH OD WpOpYLVLRQ (QWUH DXWUH OH VRFLRORJXH PHW HQ H[HUJXH OHV ORJLTXHV GH PDUFKp UpJLVVDQW OH VHFWHXU GH O·DXGLRYLVXHOTXLVHWUDGXLWQRWDPPHQWSDUODSUpGRPLQDQFHGHJUDQGVJURXSHVGH WpOpYLVLRQ SRVVpGDQW SOXVLHXUV FKDvQHV /H IDFWHXU pFRQRPLTXH GH OD SURGXFWLRQ LQIOXHIRUWHPHQWVXUOHVDXWUHVGLPHQVLRQVGHODWpOpYLVLRQTXLVRQWG·RUGUHSROLWLTXH DUWLVWLTXHFXOWXUHOHWVRFLDO3LHUUH%RXUGLHXGpQRQFHODFRXUVHjO·DXGLPDWTXL Q·HQWUDvQHUDLW TX·XQ DSSDXYULVVHPHQW GHV FRQWHQXV FXOWXUHOV GH OD WpOpYLVLRQ HQ YLVDQWXQIUDJPHQWGHODSRSXODWLRQQ·D\DQWTXHWUqVSHXG¶DFFqVjG·DXWUHVIRUPHV FXOWXUHOOHVSUHVVHPXVpH«&HWWHIUDQJHGHODSRSXODWLRQVHUDLWGpSHQGDQWHG·XQH VHXOHVRXUFHG·LQIRUPDWLRQODWpOpYLVLRQ$LQVL©ODWpOpYLVLRQDXQHVRUWHGHPRQRSROHGH IDLWVXUODIRUPDWLRQGHVFHUYHDX[GXQHSDUWLHWUqVLPSRUWDQWHGHODSRSXODWLRQª%RXUGLHX S

7RXWHIRLVDGRSWHUXQHDSSURFKHXQLTXHPHQWpFRQRPLTXHHWWHFKQLTXHQHSHXW SHUPHWWUHXQHDQDO\VHGHUpFHSWLRQDFFHSWDEOHG·DXWDQWTXHOHVIRUPHVPpGLDWLTXHV FRQWHPSRUDLQHV VRQWGH SOXV HQ SOXV GLYHUVLILpHV $LQVL M·DERUGHUDL OD TXHVWLRQ GHV HIIHWVGHUpFHSWLRQGHODWpOpYLVLRQjODIRLVGXSRLQWGHYXHWHFKQLTXHHWVWUXFWXUHO 0F/XKDQHWjODIRLVGXSRLQWGHYXHGXFRQWHQXGXPHVVDJH/·DJHQFHPHQW GH FHV GHX[ D[HV G·DQDO\VH SHUPHW GH FRQVLGpUHU O·LQIOXHQFH GHV PpGLDV VXU OHV SUDWLTXHV GHV LQGLYLGXV YLVjYLV GX PpGLD PDLV DXVVL VXU OHV PpFDQLVPHV GH UpFHSWLRQ /HV SURFHVVXV V\PEROLTXHV HW OHV FRQVWUXFWLRQV LGHQWLWDLUHV GHV XVDJHUV TX·HOOHVVRLHQWLQGLYLGXHOOHVRXFROOHFWLYHVHQVRQWLQIOXpV/HVPDVVPpGLDVVRQWDORUV

(36)

DQDO\VpV HQ WDQW TXH SUDWLTXHV TXRWLGLHQQHV GHV LQGLYLGXV TXDOLILpHV FRPPH GHV

©DFWLYLWpVVRFLDOHVVLJQLILDQWHVª:LOOLDPVFLWpSDU-HQVHQHWDOS

/HFRXUDQWGHV8V *UDWLILFDWLRQVHWOHPRGqOHGH/DVVZHOO

&·HVW DYHF OH FRXUDQW GHV 8VDJHV HW *UDWLILFDWLRQV 8 * TXH OHV UHFKHUFKHV GpYHORSSpHV j SDUWLU GHV DQQpHV TXDUDQWH RQW FRQVWLWXp XQ WRXUQDQW GDQV OHV RULHQWDWLRQV WUDGLWLRQQHOOHV ,PSXOVpHV SDU (OLKX .DW] HW 3DXO /D]DUVIHOG FHV UHFKHUFKHV RQW SRUWp VXU OHV JUDWLILFDWLRQV TX·LO IDXW DSSUpKHQGHU HQ WDQW TXH VDWLVIDFWLRQGHVLQGLYLGXVHQUDSSRUWDYHFOHVGLIIpUHQWVXVDJHVGHVPpGLDVGHPDVVH QRWDPPHQW OD UDGLR HW OD WpOpYLVLRQ (Q G·DXWUHV WHUPHV OD WKpRULH GHV 8VDJHV HW

*UDWLILFDWLRQV UHSRVH VXU OD PDQLqUH GRQW OHV PpGLDV DSSRUWHQW VDWLVIDFWLRQ DX[

LQGLYLGXVjWUDYHUVOHXUVXVDJHV/·DQDO\VH FHQWUDOHQHUHSRVHSOXVVXUO·LPSDFWGHV PpGLDV VXUOHV LQGLYLGXVPDLVSOXW{WVXUO·XWLOLVDWLRQGHV PpGLDVTXLGLYHUJHVHORQ OHV GLIIpUHQWHV SUDWLTXHV GHV LQGLYLGXV /H FRXUDQW GHV 8VDJHV HW *UDWLILFDWLRQV HVW FpOqEUH GDQV OHV pWXGHV HQ 6FLHQFHV GH O·,QIRUPDWLRQ HW GH OD &RPPXQLFDWLRQ ,O UHSRVH VXU OH IDLW TXH FH TXL LPSRUWH FH Q·HVW SDV FH TXH OHV PpGLDV IRQW GHV JHQV PDLVSOXW{WFHTXHOHVJHQVIRQWGHVPpGLDV&HFRXUDQWP·LQWpUHVVHSDUWLFXOLqUHPHQW SXLVTX·LOLQWURGXLWO·XVDJHUGHVPpGLDVFRPPHXQDFWHXU/HVXVDJHUVQHVRQWDORUV SOXVFRQVLGpUpVFRPPHSDVVLIVIDFHDX[PpGLDV

/·XQ GHV PRGqOHV ODUJHPHQW HQVHLJQpHV HQ 6FLHQFH GH O·,QIRUPDWLRQ HW GH OD

&RPPXQLFDWLRQDpWpGpYHORSSpDX[(WDWV8QLVSDUOHVRFLRORJXHDPpULFDLQ+DUROG /DVVZHOO HQ /H FDGUH HPSLULTXH GX PRGqOH GH /DVVZHOO UHSRVH VXU OHV 4 LOOXVWUpSDUODSKUDVHTXLpPHWWHXUGLWTXRLPHVVDJHSDUTXHOVPR\HQVFDQDOjTXL GHVWLQDWDLUHHWDYHFTXHOVHIIHWVVHQV"$SSHOpSDUDGLJPHGHV4RXSDUDGLJPHGHV HIIHWV LO V·DJLW GX SUHPLHU PRGqOH UHSRVDQW VXU XQH DSSURFKH IRQFWLRQQDOLVWH GHV HIIHWV GLUHFWV GHV PpGLDV VXU OHV LQGLYLGXV j OD IRLV GDQV XQH DSSURFKH VRFLDOH pFRQRPLTXHHWWHFKQLTXH/DTXHVWLRQGHVHIIHWVGHVPpGLDVHVWDORUVDERUGpHSRXUOD SUHPLqUHIRLVGDQVOHVUHFKHUFKHVHWPHWHQH[HUJXHOHVGLIIpUHQWVSRLQWVGHWHQVLRQ HQWUH OH VHQV pPLV SDU O·pPHWWHXU HW FHOXL LQWpULRULVp SDU OH UpFHSWHXU &H PRGqOH LQWqJUH OH SURFHVVXV GH FRPPXQLFDWLRQ FRPPH D\DQW XQ SRXYRLU G·LQIOXHQFH HW GH SHUVXDVLRQ SURFKH GH OD SXEOLFLWp /D WUDQVPLVVLRQ GX PHVVDJH Q·HVW SOXV OH VHXO SULQFLSH DQDO\Vp /H PRGqOH GH /DVVZHOO DSSUpKHQGH OHV GLIIpUHQWHV pWDSHV GH OD FRPPXQLFDWLRQODSRWHQWLDOLWpG·XQHGLYHUVLWpG·pPHWWHXUVHWGHUpFHSWHXUVDLQVLTXH OHVGLIIpUHQWVHQMHX[GXSURFHVVXVGHFRPPXQLFDWLRQ

(37)

/HFRXUDQWGHV&XOWXUDO6WXGLHV

&·HVWjO·XQLYHUVLWpGH%LUPLQJKDPHQ$QJOHWHUUHTXHGpEXWHQWUpHOOHPHQWOHV UHFKHUFKHV DQJORSKRQHV VXU OH FRQWH[WH VRFLDO GH UpFHSWLRQ GHV PpGLDV 5LFKDUG +RJJDUWHVWVRXYHQWGpVLJQpFRPPHO·XQGHVIRQGDWHXUVGHV&XOWXUDO6WXGLHV /HV &XOWXUDO 6WXGLHV VH SUpVHQWHQW FRPPH pWDQW WUDQVGLVFLSOLQDLUHV HQ DERUGDQW JUkFH j GLIIpUHQWHV GLVFLSOLQHV GHV 6FLHQFHV +XPDLQHV HW 6RFLDOHV DQWKURSRORJLH SV\FKRORJLH OLWWpUDWXUH« GHV FKDPSV G·pWXGH DYDQWJDUGLVWHV OHV TXHVWLRQV GH JHQUHGHJpQpUDWLRQOHVpWXGHVVXUOHVIDQVO·LQIOXHQFHGXFRORQLDOLVPH«'DQVOHV DQQpHV O·DWWUDLW VFLHQWLILTXH GH FH FRXUDQW V·HVW RULHQWp YHUV O·DQDO\VH GHV GLIIpUHQWV SXEOLFV HW GHV UHFRPSRVLWLRQV LGHQWLWDLUHV OLpV j OD UpFHSWLRQ GHV PpGLDV /·K\SRWKqVH SULQFLSDOH GH FH FRXUDQW UHSRVH VXU OH IDLW TX·LO Q·H[LVWHUDLW SDV GH

©PDVVHª0DFpPDLVSOXW{WXQHPXOWLSOLFLWpGHVLQWHUSUpWDWLRQVGHVFRQWHQXV PpGLDWLTXHV /·LPSRUWDQFH UpVLGH DORUV GDQV OD UpFHSWLRQ GHV PpGLDV HQ IRQFWLRQ QRWDPPHQW GH OD SRVLWLRQ VRFLDOH GH O·LQGLYLGX RX GH OD FODVVH /HV HIIHWV GH OD UpFHSWLRQ GHV PpGLDV VRQW IRUWHPHQW FRUUpOpV DX FRQWH[WH VRFLDO GHV SXEOLFV HW j GLIIpUHQWV IDFWHXUV FXOWXUHOV pFRQRPLTXHV SROLWLTXHV UHOLJLHX[ HW VRFLDX[ /D PpWKRGRORJLH GH UHFXHLO G·LQIRUPDWLRQ GDQV OHV pWXGHV GH UpFHSWLRQ GHV PpGLDV UHSRVH VXU GHV WHFKQLTXHV G·HQTXrWHV UHOLDQW GHV DVSHFWV VRFLRORJLTXHV HW HWKQRJUDSKLTXHV &HOOHVFL SHUPHWWHQW G·DQDO\VHU OHV PRGDOLWpV GH UpFHSWLRQ GHV XVDJHUV GHV PpGLDV PRPHQW GH UpFHSWLRQ FRQWH[WH« HW OHV HIIHWV GH O·XWLOLVDWLRQ PpGLDWLTXH VXU OHV DFWLYLWpV GLVFXVVLRQV SDUWDJH GH FRQWHQXV« DLQVL TXH OHV FRPSRUWHPHQWVGHVXVDJHUV

,PSXOVpH SDU 6WXDUW +DOO HQ XQH pTXLSH GH VFLHQWLILTXHV GX &HQWUH RI

&RQWHPSRUDU\ &XOWXUDO 6WXGLHV &&&6 D GpYHORSSp GDQV VHV UHFKHUFKHV OHV GLIIpUHQWHVGLPHQVLRQVGHODQRWLRQGHFXOWXUH/HV&XOWXUDO6WXGLHVDGPHWWHQWTXHOD SUpGRPLQDQFH LGpRORJLTXH SURYLHQW GHV JURXSHV VRFLDX[ GRPLQDQWV TXL GpWLHQQHQW OHV FDSDFLWpV FXOWXUHOOHV VRFLDOHV HW pFRQRPLTXHV QpFHVVDLUHV j OD GLIIXVLRQ GH O·LQIRUPDWLRQ j WUDYHUV OHV PpGLDV HW TXL VHUDLHQW GRQF UHVSRQVDEOHV GH O·HQFRGDJH +DOOGHVPHVVDJHVpPLV$LQVLFHVFRQWHQXVVHUDLHQWLQWHUSUpWpVV\VWqPHGH GpFRGDJH+DOOGLIIpUHPPHQWVHORQO·DSSDUWHQDQFHVRFLDOHGXUpFHSWHXU3OXV FHOXLFL HVW SURFKH GXJURXSH VRFLDO GRPLQDQW HW SOXV O·LQWHUSUpWDWLRQ GHV PHVVDJHV pPLV VHUD HQ DGpTXDWLRQ DYHF OH VHQV DGPLV SDU O·pPHWWHXU 6WXDUW +DOO D GpYHORSSpOHPRGqOHG·HQFRGDJHGXPHVVDJHpPLVHWGHGpFRGDJHGXPpFDQLVPH GH UpFHSWLRQ /·pPHWWHXU IRUPXOH VRQ PHVVDJH VRXV IRUPH GH FRGHV DOLPHQWDQW O·LQWHUSUpWDWLRQ G·XQ VHQV GRPLQDQW SUHIHUUHG PHDQLQJ &H GHUQLHU Q·HVW SDV WRXMRXUVGpFRGpSDUOHUpFHSWHXUWHOTXHO·pPHWWHXUO·DDQWLFLSpSXLVTX·LOV·DJLWG·XQ PpFDQLVPHSURDFWLI/HGpFRGDJHHWOHVHQVGXPHVVDJHGpSHQGHQWLQWpJUDOHPHQWGX SURFHVVXV LQWHUSUpWDWLIGX VHQVLQWpULRULVpSDUOHUpFHSWHXU$LQVLLOHVWWUqVGLIILFLOH

(38)

SRXUO·pPHWWHXUG·DQWLFLSHUOHVSUDWLTXHVGXGpFRGDJHGXUpFHSWHXU6HORQ6WXDUW+DOO WURLV VLWXDWLRQV GX UpFHSWHXU SHXYHQW rWUH SRVVLEOHV &HOXLFL SHXW DYRLU XQ GpFRGDJHLGHQWLTXHDXVHQVGRPLQDQWGLIIXVpSDUO·pPHWWHXU/HUpFHSWHXUSHXWDXVVL LQWHUSUpWHU OHV PHVVDJHV PpGLDWLTXHV G·XQH PDQLqUH QpJRFLpH HQ VH FRQIRUPDQW j FHUWDLQVpOpPHQWVGXVHQVGRPLQDQWHWHQUpIXWDQWTXHOTXHVXQV(QILQOHUpFHSWHXU SHXWVHSRVLWLRQQHUGDQVXQHVLWXDWLRQRSSRVpHDXVHQVGRPLQDQWTX·LOUpIXWH

7RXWHIRLV OHV GpYHORSSHPHQWV GHV pWXGHV GDQV FH VHQV YRQW IDLUH pPHUJHU GLIIpUHQWV WUDYDX[ LVVXV GHV &XOWXUDO 6WXGLHV PRQWUDQW XQH FRQILJXUDWLRQ HQWUH OHV SURFHVVXVVRFLDX[HWPpGLDWLTXHVWUqVFRPSOH[HVGDQVODPHVXUHRO·pODUJLVVHPHQW G·XQH JUDQGH FODVVH PR\HQQH V·DFFURvW 'LYHUV SDUDPqWUHV FRPSOpPHQWDLUHV GH VHJPHQWDWLRQ O·kJH OH VH[H OHV FULWqUHV HWKQLTXHV« VRQW LQWHUYHQXV GDQV OHV UHFKHUFKHVGHODVRFLRORJLHGHVPpGLDV5LFKDUG+RJJDUWLVVXOXLPrPHGHOD FODVVH RXYULqUH D DQDO\Vp QRWDPPHQW j WUDYHUV VRQ RXYUDJH7KH 8VHV RI /LWHUDF\

$VSHFWV RI :RUNLQJ &ODVV /LIH OHV SUDWLTXHV GH OHFWXUH GH OD SUHVVH SRSXODLUH DXSUqVG·XQSXEOLFFLEOpOHVRXYULHUVGX1RUGGHO·$QJOHWHUUH$WUDYHUVFHWWHpWXGH VXU OH VW\OH GH YLH GHV FODVVHV SRSXODLUHV +RJJDUW GpYHORSSH GHX[ SRVWXODWV DORUV SUpFXUVHXUV HW TXL RQW IRUWHPHQW LQIOXp OHV WUDYDX[ V·LQVFULYDQW GDQV OH FRXUDQW GHV

&XOWXUDO 6WXGLHV +DOO HW DO /H SUHPLHU UHSRVH VXU O·LQWHUSUpWDWLRQ GHV PHVVDJHVPpGLDWLTXHVSDUOHVUpFHSWHXUVTXLHVWDOLPHQWpHSDUGHVUHVVRXUFHVLVVXHV GHO·HQYLURQQHPHQWFXOWXUHOGHO·LQGLYLGX&HOOHVFLUHSRVHQWVXUGHVUpIpUHQFHVHWGHV YDOHXUV SDUWDJpHV /H VHFRQG SRVWXODW PHW HQ H[HUJXH OH FDUDFWqUH LQGpSHQGDQW GX SURFHVVXV GH GLIIXVLRQ HW FHOXL GH UpFHSWLRQ GX PHVVDJH PpGLDWLTXH &H SULQFLSH VRXOLJQHODFDSDFLWpLQWHUSUpWDWLYHGXUpFHSWHXUTXLpWDLWMXVTX·jSUpVHQWFRQVLGpUp FRPPHSDVVLIHWPDQLSXOp&HIDwHW3DVTXLHU/·LQGLYLGXHVWDORUVDSSUpKHQGp FRPPH D\DQW XQH PDUJH GH PDQ±XYUH TXDQW j OD UpFHSWLRQ GHV PHVVDJHV PpGLDWLTXHV ©/HV UpVLGXV LUUpGXFWLEOHV GH ODQDO\VH IRQFWLRQQHOOH RQW FHFL GHFRPPXQ GH GpQRWHUFHTXRQDSSHOOHFRXUDPPHQWOH©UpHOFRQFUHWªPHQXVJHVWHVDWWLWXGHVWUDQVLWRLUHV REMHWVLQVLJQLILDQWVSDUROHVUHGRQGDQWHV/D©UHSUpVHQWDWLRQªSXUHHWVLPSOHGX©UpHOªOD UHODWLRQ QXH GH © FH TXL HVW ª RX D pWp DSSDUDvW DLQVL FRPPH XQH UpVLVWDQFH DX VHQVª

%DUWKHVS

$LQVLO·HQVHPEOHGHVFKHUFKHXUVIDLVDQWSDUWLHGXFRXUDQWGHV&XOWXUDO6WXGLHV V·DFFRUGHQWVXUO·LPSRUWDQFHGHVSDUDPqWUHVVRFLDX[GXUpFHSWHXUHWGXFRQWH[WHGH UpFHSWLRQGDQVO·LQWHUSUpWDWLRQGHVPHVVDJHVPpGLDWLTXHV/HVSUDWLTXHVGHVXVDJHUV YLVjYLV GHV PpGLDV VRQW GH O·RUGUH GH OD TXRWLGLHQQHWp HW GX YpFX GH FKDFXQ GHV LQGLYLGXV &HX[FL IRQW DSSHO j OHXUV SURSUHV H[SpULHQFHV SRXU GpFRGHU OH FRQWHQX PpGLDWLTXH $LQVL HQ FRPELQDQW O·DQDO\VH GHV SUDWLTXHV GHV LQGLYLGXV DYHF OD FRUUpODWLRQGHVLQIRUPDWLRQVDSSRUWpHVSDUO·DSSURFKHVRFLDOHMHSHX[FRQFOXUHjXQH PHLOOHXUH FRPSUpKHQVLRQ HW LQWHUSUpWDWLRQ GHV SDUDPqWUHV GH UpFHSWLRQ PpGLDWLTXH

(39)

GDQV PHV UHFKHUFKHV ©&HWWH DSSURFKH GHV ©SUDWLTXHV PpGLDWLTXHVª SHUPHW GRQF GH FRPSUHQGUHHWG·LQWHUSUpWHUOHFRPSRUWHPHQWGHO·XVDJHUHQIRQFWLRQGHVDSRVLWLRQVRFLDOHGH VHV FRPSpWHQFHV FXOWXUHOOHV HW GH VRQ PRGH GH YLHª 7RXKDPL /H FRXUDQW GHV

&XOWXUDO6WXGLHVSHUPHWG·DSSUpKHQGHUODYLHVRFLDOHGDQVVDJOREDOLWpHQFRQVLGpUDQW OHV XVJDHUV GH PpGLDV FRPPH pWDQW DFWHXUV HW SRXYDQW LQWHUYHQLU /·DSSRUW GHV

&XOWXUDO 6WXGLHV GDQV O·DQDO\VH GH UpFHSWLRQ GHV PpGLDV HVW DXMRXUG·KXL LQFRQWRXUQDEOH /HV TXHVWLRQV GX FRQWH[WH GH SURGXFWLRQ GH OD FXOWXUH GH PDVVH 0DFp%RXUGLHXVHVRQWGpYHORSSpHVjSDUWLUGHVDQQpHV

&RQVLGpUHUO·DSSURFKHVRFLDOH

/D TXHVWLRQ GH OD GLIIXVLRQ HW GH OD UpFHSWLRQ GHV FRQWHQXV PpGLDWLTXHV G·XQ SRLQW GH YXH VRFLDO VRXOLJQH O·LPSRUWDQFH j OD IRLV GHV FRQWHQXV VpOHFWLRQ GX PHVVDJHGHVFKRL[VWUXFWXUHOVTXHOPpGLDFKRLVLU"GHVpPHWWHXUVGHFRQWHQXVSDU TXL" HW GHV GHVWLQDWDLUHV SRXU TXL" /D WpOpYLVLRQ QH UHSUpVHQWH SDV XQ UHIOHW REMHFWLIGHODUpDOLWp3DWULFN&KDUDXGHDXGpYHORSSHFHWWHLGpHHQDQDO\VDQWOHV PpGLDV GH O·LQIRUPDWLRQ GDQV VRQ RXYUDJH LQWLWXOp OHV PpGLDV HW O·LQIRUPDWLRQ /·LPSRVVLEOH WUDQVSDUHQFH GX GLVFRXUV 6RQ WUDYDLO LQWpUHVVDQW DQDO\VH O·LQIRUPDWLRQ MRXUQDOLVWLTXHTXLGHYUDLWjSULRULUHSUpVHQWHUXQGLVFRXUVOHSOXVREMHFWLIHWQHXWUH SRVVLEOH ,O H[SOLTXH TXH OHV IOX[ G·LQIRUPDWLRQV PpGLDWLTXHV UHOqYHQW G·XQH PDQLSXODWLRQjODIRLVGHVFUR\DQFHVHWGHVV\PEROHVVRXVIRUPHGHMHXVRFLDO&HOXL FLUHOqYHUDLWG·LQWHUDFWLRQVWHOOHPHQWFRPSOH[HVTXHOHVPpGLDVSRXUUDLHQWVHWURXYHU jODIRLVGDQVXQHSRVLWLRQGH©PDQLSXODWHXUVªHWGH©PDQLSXOpVª%RXUGLHX 7RXWHIRLV (ULF 0DFp LPSURXYH OD WKpRULH G·XQH SUHJQDQFH LGpRORJLTXH GHV JURXSHV VRFLDX[ GRPLQDQWV GDQV OHV IOX[ PpGLDWLTXHV WKqVH GpYHORSSpH SDU 3LHUUH

%RXUGLHX %RXUGLHX /D WpOpYLVLRQ UHSUpVHQWH XQ OLHX GH SDUWDJH HW GH PpGLDWLRQ DVVH] FRPSOH[H /D WpOpYLVLRQ HVW ©FRQVWLWXpH HQ VFqQH SHUIRUPDWLYH SDUFH TX·HOOHQ·HVWSDVODUHSUpVHQWDWLRQG·XQHUpDOLWpGpMjOjPDLVODPRQVWUDWLRQG·XQSRLQWGHYXH OD PLVH HQ VFqQH G·XQ FDGUDJH LQWHUSUpWDWLI OD SURSRVLWLRQ G·XQH SOXV RX PRLQV JUDQGH OpJLWLPDWLRQ RX GpVWDELOLVDWLRQ GHV DWWHQGXVª 0DFp S /D WpOpYLVLRQ HVW OH VXSSRUWGHPpGLDWLRQGHVGLIIpUHQWHVUHSUpVHQWDWLRQVTXLUHSRVHQWVXUXQSURFHVVXV GHQpJRFLDWLRQGHVORJLTXHVVRFLDOHVSUpH[LVWDQWHVGDQVO·HVSDFHSXEOLF,OV·DJLWG·XQH

©UHVVRXUFH FXOWXUHOOH SDUFH TXH OD WpOpYLVLRQ Q·HVW SDV XQH ©FXOWXUH SRSXODLUHª j IDLEOH OpJLWLPLWp RX XQH ©FXOWXUH GH PDVVHª P\VWLILFDWULFH PDLV XQH RIIUH GH ©PpGLDFXOWXUHVª FRPPXQHV j WRXV TXL SDUWLFLSH G·XQH DQWKURSRORJLH FRQWHPSRUDLQH GH O·LQGLYLGX HW GHV LGHQWLWpV >«@ /D WpOpYLVLRQ Q·HVW QL XQ LQVWUXPHQW GH P\VWLILFDWLRQ GHV PDVVHV QL XQ GLYHUWLVVHPHQW VDQV FRQVpTXHQFHV PDLV XQ ERQ SRVWH G·REVHUYDWLRQ GX ©WUDYDLO GH O·LPDJLQDWLRQª GHV FROOHFWLIV HW GHV WHQVLRQV OLpHV j OD VHFRQGH PRGHUQLWp HQ SDUWLFXOLHU

(40)

V·DJLVVDQW GH OD FRQILJXUDWLRQ GHV LGHQWLWpV HQ UpJLPH GH SRVWFRORQLDOLWp JORFDOLVpHª 0DFp S/·LGpHGpYHORSSpHSDU(ULF0DFpHVWMXVWHSXLVTXHODWpOpYLVLRQGHYUDLW rWUHUHSUpVHQWpHFRPPHXQHQVHPEOHGHFRQVWUXFWLRQG·REMHWVPpGLDWLTXHVLPDJHV UpFLWV GLYHUWLVVHPHQWV« LQFDUQDQW XQ GpSODFHPHQW PpGLDWLVp GHV SUpRFFXSDWLRQV VRFLDOHVSROLWLTXHVHWFXOWXUHOOHVGHVGLIIpUHQWVDFWHXUVVRFLDX[H[LVWDQWVGHO·HVSDFH SXEOLF ©/D PpGLDWLRQ GH OD WpOpYLVLRQ GH PDVVH QH UHIOqWH QL OH PRQGH © WHO TXLO HVW ª QL OLGpRORJLHGHVJURXSHVVRFLDX[GRPLQDQWVPDLVOHVDPELYDOHQFHVHWOHVFRPSURPLVSURGXLWV SDUOHFRQIOLWGHVUHSUpVHQWDWLRQVTXLRSSRVHGDQVO·HVSDFHSXEOLFGHVDFWHXUVLQVFULWVGDQVGHV UDSSRUWVVRFLDX[GHSRXYRLUHWGHGRPLQDWLRQª0DFpS/·DXWHXUH[SOLTXHj MXVWHWLWUHTXH©ODWpOpYLVLRQQHVWHOOHSDVOH©UHIOHWªGHODUpDOLWpHQGpSLWGHVHVGLVFRXUV VXUOREMHFWLYLWpHWODWUDQVSDUHQFHGHOLPDJHHWGXGLUHFWPDLVELHQXQHIRUPHVSpFLILTXHGH FRQVWUXFWLRQ GHV UHSUpVHQWDWLRQV GH OD UpDOLWp VRFLDOHª0DFp S /D QRWLRQ GH PpGLDWLRQGpVLJQpHFRPPHOD©FRQILJXUDWLRQVRFLDOHGHVUHSUpVHQWDWLRQVWpOpYLVXHOOHVGH ODUpDOLWpª0DFpSUHQGHQFRQVLGpUDWLRQODWUDQVSRVLWLRQGHVSUpRFFXSDWLRQV HW GHV WHQVLRQV GH O·HVSDFH SXEOLF j OD WpOpYLVLRQ &H SURFHVVXV V·HIIHFWXH WRXWHIRLV VHORQXQPpFDQLVPHFRPSOH[HHWVRXYHQWLPDJpGHVUHSUpVHQWDWLRQV

(ULF0DFpVRXOLJQHO·LGpHTXHOHVPpGLDVGHPDVVHGRQWODWpOpYLVLRQIDLW SDUWLHUHSUpVHQWHQWXQHSDUWLHLQWpJUDQWHGHVUDSSRUWVVRFLDX[$LQVLOHVSURGXFWLRQV WpOpYLVXHOOHV VRQW GHV REMHWV FXOWXUHOV LQWpJUpV GDQV XQ SURFHVVXV FRPSOH[H GH

©©FRQILJXUDWLRQªHWGH©UHFRQILJXUDWLRQªGHVUHSUpVHQWDWLRQVV\PEROLTXHVGXPRQGHGDQV OHTXHO VH WURXYHQW OHV LQGLYLGXVª 0DFp $LQVL OHV UDSSRUWV HQWUH XVDJHUV HW FRQWHQXV PpGLDWLTXHV VRQW FRQVLGpUpV FRPPH SDUWLH LQWpJUDQWH G·XQ SURFHVVXV QpJRFLp GHV GLIIpUHQWV JURXSHV VRFLDX[ GRPLQDQWV HW GRPLQpV pYROXDQW GDQV O·HVSDFHSXEOLF©/HEUDVVDJHSDUODWpOpYLVLRQGHO·HQVHPEOHGHVWKqPHVTXLVHFRQVWUXLVHQW FRPPHVLJQLILFDWLIVDXVHLQGHO·HVSDFHSXEOLFHVWDLQVLXQSURFHVVXVSHUPDQHQWG·DMXVWHPHQWV GHQpJRFLDWLRQVHWGHFRPSURPLVTX·LOIDXWDQDO\VHUjFKDTXHIRLVGDQVOHGpWDLOWHOVDVSHFWVGH OD©UpDOLWpªVHURQWDLQVLPLVHQUpFLWVWpOpYLVXHOVSOXW{WTX·RFFXOWpVPDLVVRXVXQHIRUPHSOXV RX PRLQV HXSKpPLVpH SOXV RX PRLQV DPELJXs VHORQ OHV YDULDWLRQV GHV ©WHQGDQFHVª VRFLRFXOWXUHOOHV OHV VXFFqV REVHUYDEOHV DX VHLQ G·XQH RIIUH WpOpYLVXHOOH FRQFXUUHQWLHOOH HW OD SOXVRXPRLQVJUDQGHGLYHUVLWpHWDXWRQRPLHGHVSURIHVVLRQQHOVGHODWpOpYLVLRQTXLDQLPHQW FHWWHPpGLDWLRQHQWUHOHPRQGHHWOHVLQGLYLGXVTXHVRQWOHVUpFLWVWpOpYLVXHOVª0DFp

&RPPHO·H[SOLTXH(ULF0DFpODWpOpYLVLRQGHGLYHUWLVVHPHQWWUDLWHGHVWKqPHV TXL VRQW UpFXUUHQWV GDQV O·HVSDFH SXEOLF 7RXWHIRLV OH FDUDFWqUH VWUDWpJLTXH HW WHFKQLTXHGHODWpOpYLVLRQLQIOXHVXUOHWUDLWHPHQWPpGLDWLTXHGHVVXMHWVDERUGpVGDQV OHVSURJUDPPHVWpOpYLVXHOV/DWpOpYLVLRQSUpVHQWHGRQFGHVIRUPHVGHPpGLDWLRQGHV UHSUpVHQWDWLRQV GH OD UpDOLWp TXL VRQW VXEMHFWLIV SXLVTX·HOOHV VXLYHQW XQH OLJQpH pGLWRULDOH UpSRQGHQW j GHV VWUDWpJLHV G·DXGLHQFH HW PrPH SDUIRLV j GHV GLUHFWLYHV JRXYHUQHPHQWDOHV GDQV FHUWDLQV SD\V 3DU H[HPSOH DX 0DURF OHV FKDvQHV GH

Références