Extrait du livre - Editions Ellipses

 /HVVLJQDX[SpULRGLTXHV HQPpGHFLQH

/(63+(120(1(63(5,2',48(6 'pILQLWLRQ 'HQRPEUHX[SKpQRPqQHVSpULRGLTXHVU\WKPHQWQRWUHTXRWLGLHQ  ± $OWHUQDQFHMRXUQXLW  ± $OWHUQDQFHGHVVDLVRQV«  8QSKpQRPqQHSpULRGLTXHHVWXQSKpQRPqQHTXLVHUHSURGXLWLGHQWLTXHjOXL PrPHjLQWHUYDOOHVGHWHPSVpJDX[

&$5$&7(5,67,48(6 '·816,*1$/3(5,2',48( 3pULRGHG·XQSKpQRPqQHSpULRGLTXH /DSpULRGHGHV\PEROH7HVWOHSOXVSHWLWLQWHUYDOOHGHWHPSVDXERXWGXTXHO OH SKpQRPqQH VH UHSURGXLW LGHQWLTXH j OXLPrPH /D SpULRGH VH PHVXUH HQ VHFRQGH    

/HVVLJQDX[SpULRGLTXHVHQPpGHFLQH

([HPSOH         ([HPSOH      

7 

(OHFWURFDUGLRJUDPPH

7



)UpTXHQFHG·XQSKpQRPqQHSpULRGLTXH /D IUpTXHQFH GH V\PEROH I FRUUHVSRQG DX QRPEUH GH SpULRGHV SDU XQLWp GH WHPSV6RQXQLWpHVWOHKHUW]GHV\PEROH+] /DIUpTXHQFHHVWGRQFO¶LQYHUVHGHODSpULRGH  3DUGpILQLWLRQ     I  7 3pULRGHHQVHFRQGHV   )UpTXHQFH  HQ  KHUW] +]  

#([HUFLFHG·DSSOLFDWLRQ BBBBBBBBBBBBBBBBBBBBB  &DOFXOHUODSpULRGHG¶XQSKpQRPqQHSpULRGLTXHORUVTXHI +]  &DOFXOHU OD IUpTXHQFH ORUVTXH OD SpULRGH G¶XQ SKpQRPqQH SpULRGLTXH HVW GH PV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUULJp  &DOFXOGHODSpULRGH 'RQQpHV  7 "  I +]  

/HVVLJQDX[SpULRGLTXHVHQPpGHFLQH

3DUGpILQLWLRQ I

  7

 'RQF

 7

  I

 $SSOLFDWLRQQXPpULTXH 7  7 ±V  &DOFXOGHODIUpTXHQFH 'RQQpHV  7 PV ±V  I "  3DUGpILQLWLRQ I  7   $SSOLFDWLRQQXPpULTXH I  I +]

7HQVLRQPD[LPDOHG·XQSKpQRPqQHSpULRGLTXH 3RXU XQH WHQVLRQ SpULRGLTXH XW  OD WHQVLRQ PD[LPDOH QRWpH 8PD[ GpVLJQH OD YDOHXUODSOXVpOHYpHGHODWHQVLRQSULVHSDUXW DXFRXUVGXWHPSV

#([HUFLFHG·DSSOLFDWLRQ BBBBBBBBBBBBBBBBBBBBB 2QFRQVLGqUHXQVLJQDOHQGHQWVGHVFLHREVHUYpVXUXQRVFLOORVFRSH   6HQVLELOLWpV  —VGLY±  P9GLY±   7     'pWHUPLQHUODSpULRGHGXVLJQDOHWHQGpGXLUHVDIUpTXHQFH  'pWHUPLQHUODWHQVLRQPD[LPDOHHWPLQLPDOHGXVLJQDO 



/HVVLJQDX[SpULRGLTXHVHQPpGHFLQH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUULJp  3pULRGHGXVLJQDO 2QPHVXUHSRXUXQHSpULRGHGLYLVLRQV 'RQF7 u 7 —V  )UpTXHQFHGXVLJQDO 'RQQpHV 7 —V ±V I "  3DUGpILQLWLRQ I    7   $SSOLFDWLRQQXPpULTXH I  I +]  7HQVLRQPD[LPDOH 2QOLWGLYLVLRQV 8PD[ u 8PD[ P9  7HQVLRQPLQLPDOH 2QOLWGLYLVLRQVPDLVHOOHHVWQpJDWLYHFDUHQGHVVRXVGHODOLJQHGHUpIpUHQFH 8PLQ ±P9

#([HUFLFHG·DSSOLFDWLRQ BBBBBBBBBBBBBBBBBBBBB 2QGRQQHO¶pOHFWURFDUGLRJUDPPHG¶XQSDWLHQW  (QDEVFLVVH  FPSRXUV  (QRUGRQQpH  FPSRXUP9    5pIpUHQFH       4XHOOHHVWODSpULRGHGHVEDWWHPHQWVGHFHF°XU"/DUHSUpVHQWHUVXUODILJXUH  (Q GpGXLUH OD IUpTXHQFH 'RQQHU VRQ UpVXOWDW HQ KHUW] SXLV HQ EDWWHPHQWV SDU  PLQXWH 

/HVVLJQDX[SpULRGLTXHVHQPpGHFLQH

 4XHOOHHVWODWHQVLRQPD[LPDOHGXVLJQDO"

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUULJp  3pULRGHGHVEDWWHPHQWV    7       2QPHVXUHSRXUXQHSpULRGH 7FRUUHVSRQGjFP 6DFKDQWTXHFPSRXUVRQHQGpGXLWGRQF 7 V   )UpTXHQFHGHVEDWWHPHQWV 'RQQpHV 7 V I "   3DUGpILQLWLRQ I    7   $SSOLFDWLRQQXPpULTXH I  I +]RXEDWWHPHQWVSDUVHFRQGH   (QEDWWHPHQWVSDUPLQXWHV I u I EDWWHPHQWVSDUPLQXWH   7HQVLRQPD[LPDOHGXVLJQDO 2QPHVXUHFP 6DFKDQWTX¶RQDFPSRXUP9RQHQGpGXLWGRQF 8PD[ u 8PD[ ±P9



/HVVLJQDX[SpULRGLTXHVHQPpGHFLQH

#([HUFLFHG·DSSOLFDWLRQ BBBBBBBBBBBBBBBBBBBBB 2Q FRQVLGqUH OHV GHX[ RVFLOORJUDPPHV FLGHVVRXV 8Q GHV GHX[ D pWp REWHQX HQ MRXDQW XQH QRWH GH PXVLTXH j SDUWLU G¶XQ LQVWUXPHQW GH PXVLTXH &HWWH YLEUDWLRQ VRQRUHHVWSpULRGLTXH$FKDTXHQRWHGHPXVLTXHGHO¶LQVWUXPHQWHVWDVVRFLpHXQH IUpTXHQFHYRLUWDEOHDXFLGHVVRXV   1RWH 0L /D 5p 6RO 0L )UpTXHQFH+]        2QGRQQHODVHQVLELOLWpKRUL]RQWDOHPVGLY± 8QGHVRVFLOORJUDPPHVFRUUHVSRQGjXQEUXLWTXHOFRQTXHHWO¶DXWUHjXQHQRWHGH PXVLTXH  ,GHQWLILHUO¶RVFLOORJUDPPHFRUUHVSRQGDQWjXQHQRWHGHPXVLTXH-XVWLILHUYRWUH  UpSRQVH  'pWHUPLQHUVDSpULRGHSXLVODIUpTXHQFHGXVLJQDO   (QGpGXLUHODQRWHGHPXVLTXHMRXpHSDUO¶LQVWUXPHQW  2QMRXHPDLQWHQDQWODQRWH0L6LRQUqJOHO¶RVFLOORVFRSHVXUODVHQVLELOLWpGH  PVGLY±SDUFRPELHQGHGLYLVLRQVGHYUDLWRQUHSUpVHQWHUODSpULRGHVXUXQ  RVFLOORJUDPPH         2VFLOORJUDPPH    2VFLOORJUDPPH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUULJp /¶RVFLOORJUDPPH FRUUHVSRQGjODQRWHGH PXVLTXHMRXpHSDU O¶LQVWUXPHQW FDU RQ SHXW REVHUYHU VXU O¶pFUDQ GH O¶RVFLOORVFRSH XQH WHQVRQ SpULRGLTXH FH TXL Q¶HVW SDVOHFDVGHO¶RVFLOORJUDPPHQƒ  0HVXUHGHODSpULRGH  7         

/HVVLJQDX[SpULRGLTXHVHQPpGHFLQH

3RXUSOXVGHSUpFLVLRQVRQPHVXUHGHX[SpULRGHV 2QOLW7SRXUGLYLVLRQV 'RQF7SRXUGLYLVLRQV  )LQDOHPHQW7 u 7 PV  )UpTXHQFHGHODQRWHGHPXVLTXH 'RQQpHV 7 PV ±V I "  3DUGpILQLWLRQ I    7   $SSOLFDWLRQQXPpULTXH I   I +] 2QLGHQWLILHODQRWH/D  1RPEUHGHGLYLVLRQVSRXUODQRWH0L ,OIDXWG¶DERUGFDOFXOHUODSpULRGH 'RQQpHV  7 "  I +]   3DUGpILQLWLRQ I    7   'RQF  7  I   $SSOLFDWLRQQXPpULTXH 7   7 ±V PV  3XLVVDFKDQWTXHODVHQVLELOLWpHVWGHPVGLY±RQHQGpGXLWGRQF   1RPEUHGHGLYLVLRQV   1RPEUHGHGLYLVLRQV  



 /HVRQGHVDXVHUYLFH GXGLDJQRVWLFPpGLFDO

/(621'(662125(6(78/75$62125(6 2QGHVRQRUH 8QH RQGH VRQRUH HVW XQH SHUWXUEDWLRQ PpFDQLTXH TXL SHXW VH SURSDJHU GDQV OHV PLOLHX[JD]HX[OLTXLGHVHWVROLGHV /HV IUpTXHQFHV DXGLEOHV SDU O¶RUHLOOH KXPDLQH VRQW FRPSULVHV HQWUH  +] HW +] 8QHRQGHVRQRUHQHVHSURSDJHSDVGDQVOHYLGH

 'RPDLQHGHIUpTXHQFH /¶RUHLOOHKXPDLQHHVWXQUpFHSWHXUVHQVLEOHjGHVRQGHVVRQRUHVGRQWODIUpTXHQFH HVWFRPSULVHHQWUH+]HWN+]   ,QIUDVRQV 8OWUDVRQV    6RQVDXGLEOHV I+]   SDUO¶KRPPH    eFKRJUDSKLH