(VFROD6HFXQGiULDGD6p/DPHJR )LFKDGH7UDEDOKRGH0DWHPiWLFD 1RPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3DUWH $QR$ 1 BBB 7XUPD BBB 3DUDFDGDXPDGDVVHJXLQWHVTXHVW}HVGHHVFROKDP~OWLSODVHOHFFLRQHDUHVSRVWDFRUUHFWDGHHQWUHDVDOWHUQDWLYDVTXH OKHVmRDSUHVHQWDGDVHHVFUHYDQDVXDIROKDGHUHVSRVWDVDOHWUDTXHOKHFRUUHVSRQGH $WHQomR 6HDS UHVHQWDU PDLV GR TXH XPD UHVSRVWDDTXH VWmR VHUiDQX ODGD R PHVPRD FRQWHFHQGRH P FDVRGH UHVSRVWDD PEtJXD &RWDomR FDGD UHVSRVWD FHUWD SRQ WRV FDGD UHVSRVWDH UUDGD SRQ WRV TXHVWmRQmR UHVSRQGLGDRXDQXODGDSRQWRV 6HMD X Q DVXFHVVmRFXMRWHUPRJHUDOpGDGRSHODiUHD GHFDGDXPGRV TXDGUDGRVTXHVHREWpPFRPRPRVWUDDILJXUD 2ODGRGRTXDGUDGRLQLFLDOpRODGRGHFDGDTXDGUDGRpPHWDGHGRODGRGR TXDGUDGRDQWHULRU (QWmRRWHUPRJHUDOGDVXFHVVmR X Q p >$@ Q >%@ Q 6HMDI DIXQomRUHDOGHYDULiYHOUHDOGHILQLGDSRU I [ >&@ Q >'@ Q [ ,QGLTXHTXDOGDVUHSUHVHQWDo}HVJUiILFDVHVERoDGDVQDILJXUDpDIXQomRGHULYDGDGHI \ \ >$@ [ >%@ \ >&@ [ >'@ 'DGDDIXQomRUHDOGHYDULiYHOUHDOGHILQLGDSRU P [ >$@ >%@ QmRH[LVWH DIXQomRI pFUHVFHQWHHP @f @ >&@ >%@ DIXQomRI WHPXPH[WUHPRUHODWLYRHP [ >&@ DFRQFDYLGDGHGRJUiILFRGHI HVWiVHPSUHYLUDGDSDUDEDL[R >'@ DIXQomRI pGHFUHVFHQWHHP,5 [ [ PK P RYDORUGH OLP Ko [ K $ILJXUDDRODGRUHSUHVHQWDXPJUiILFRGDGHULYDGDGHXPDIXQomRUHDOGHYDULiYHO UHDOIGHGRPtQLR,5 (QWmRSRGHPRVFRQFOXLUTXH >$@ [ \ p >'@ \ I [ 1DILJXUDDRODGRHVWiSDUWHGDUHSUHVHQWDomRJUiILFDGHXPDIXQomRJGH GRPtQLR ,5 HFRQWtQXDHP ,5 ? ^ ` GDTXDODUHFWDW pXPDDVVLPSWRWD \ 4XDOGDVVHJXLQWHVDILUPDo}HVpYHUGDGHLUD" >$@ J u J ! >&@ J u J >%@ >'@ J u J ! J u J $IXQomRTXDGUiWLFD [ o I [ D[ F FXMDFXUYDUHSUHVHQWDWLYDFRUWDRHL[R GDVRUGHQDGDVQRSRQWR$GHRUGHQDGDHWHPSRUWDQJHQWHQRSRQWRGH DEFLVVDDUHFWDGHHTXDomR \ [ p >$@ >%@ [ I [ 2TXDGURVHJXLQWH I [ [ [ f \ Ì \ >&@ [ >'@ I [ [ f W [ I [ Ê Ì FRUUHVSRQGHDXPDIXQomRGHGRPtQLR ,5 FXMDUHSUHVHQWDomRJUiILFDp \ >$@ \ [ >%@ \ >&@ [ [ \ [ >'@ $UHFWDW pWDQJHQWHjFXUYDUHSUHVHQWDWLYDGDIXQomRI QRSRQWR$ 3RGHVHDILUPDUTXH >$@ I >&@ OLP [ o I [ [ 6HMDV DIXQomRGHILQLGDHP,5SRU V [ VHJXLQWHVDILUPDo}HVpYHUGDGHLUD >$@ >&@ V pFRQWtQXD \ >%@ I >'@ I z I \ $ I ° [S ,QGLTXHTXDOGDV ® [ °̄[ S [ t S S pXPDDVVLPSWRWDGRJUiILFRGHV >%@ V WHPGHULYDGDHP S W >'@ 1mRH[LVWHPDVVLPSWRWDVDRJUiILFRGHV [ [ ,QGLTXHTXDOGDVVHJXLQWHVDILUPDo}HVpYHUGDGHLUD [ 6mRDVVLPSWRWDVELODWHUDLVDRJUiILFRGHJDVUHFWDVGHHTXDomR 6HMDJ DIXQomRGHILQLGDHP,5SRU J [ >$@ >&@ [ [ H \ H \ >%@ [ >'@ [ [ [ 3DUWH H \ H \ [ H \ [ 1DVTXHVW}HVVHJXLQWHVDSUHVHQWHR VHXUDFLRFtQLRGH IRUPDFODUDLQGLFDQGRWRGRVRVFiOFXORVTXHWLYHUGHHIHFWXDUH DVMXVWLILFDo}HVTXHHQWHQGHUQHFHVViULDV &RQVLGHUHDIXQomRUHDOGHYDULiYHOUHDO I [ [ [ D ,QGLTXHRGRPtQLRGDIXQomRHGHWHUPLQHDVFRRUGHQDGDVGRVSRQWRVGHLQWHUVHFomRGRJUiILFRGDPHVPDFRP RVHL[RVFRRUGHQDGRV E 'HWHUPLQHDVDVVLPSWRWDVGRJUiILFRGDIXQomR F (ODERUHXPTXDGURRQGHILJXUHRVHQWLGRGHYDULDomRHH[WUHPRVUHODWLYRVGDIXQomRDVVLPFRPRRVHQWLGRGDV FRQFDYLGDGHVHSRQWRVGHLQIOH[mRGRUHVSHFWLYRJUiILFRFDVRH[LVWDP G 7HQGRHPFRQVLGHUDomRDVLQIRUPDo}HVREWLGDVHVERFHRJUiILFRGDIXQomRHLQGLTXHRVHXFRQWUDGRPtQLR &RQVLGHUHDIXQomRUHDOGHYDULiYHOUHDO J [ N °°[ [ ® ° [ °¯ [ [ t [ FRP N ,5 D 6DEHQGRTXHJ pFRQWtQXDHP ,5 GHWHUPLQHN E (VWXGHRVHQWLGRGDVFRQFDYLGDGHVHGHWHUPLQHRVSRQWRVGHLQIOH[mRGRJUiILFRGDUHVWULomRGDIXQomRDR LQWHUYDOR > f> F 'HWHUPLQHDHTXDomRGDUHFWDWDQJHQWHDRJUiILFRGHJ QRSRQWRGHDEFLVVD [ 6HMDK DIXQomRUHDOGHYDULiYHOUHDOGHILQLGDSRU K [ [ [ D 9HULILTXHTXHRJUiILFRGDIXQomRDGPLWHXPDUHFWDWDQJHQWHSDUDOHODjUHFWDGHHTXDomR \ DSUHVHQWHD E )DoDXPDRSomRFRUUHFWD 8PDHTXDomRGDUHFWDWDQJHQWHDRJUiILFRGDIXQomRQRVHX]HURp >$@ \ [ >%@ \ [ >&@ [ \ F (VWXGHDYDULDomRGDIXQomR 3DUDRFLUFXLWRHOpFWULFRHVTXHPDWL]DGRQDILJXUDDRODGRDSRWrQFLDGLVVLSDGDQD UHVLVWrQFLDYDULiYHOpGDGDHP:DWWSRU 3 U U U U t HP: >'@ [ [ H ( 9 UL U D 8VDQGRDGHILQLomRFDOFXOH 3 HLQWHUSUHWHRUHVXOWDGRTXHHQFRQWURX E 0RVWUHTXH 3 U U HGHWHUPLQHRYDORUGDUHVLVWrQFLDYDULiYHOSDUDRTXDODSRWrQFLDGLVVLSDGDp U Pi[LPDDVVLPFRPRRYDORUGHVVDSRWrQFLD 1XPDIiEULFDRFXVWRWRWDOGDSURGXomRPHQVDOGHT FHQWHQDVGHSHoDVH[SUHVVRHPPLOKDUHVGHHVFXGRVp GDGRSRU & T T T T D 'HWHUPLQHDIXQomR & T FXVWRPDUJLQDOHFDOFXOH RVHXYDORUSDUDFHQWHQDVGHSHoDV E (VWXGHDYDULDomRGR FXVWRQRLQWHUYDOR @ > 4XDO RQ~PHURGHSHoDVTXHDFRQVHOKDDRIDEULFDQWHSDUDTXHRFXVWRWRWDOVHMDPtQLPR" &RQVLGHUHDIXQomR&UHDOGHYDULiYHOUHDOWDOTXH & [ [ [ D ,QGLTXHRGRPtQLRGH& HGHWHUPLQHDVHTXDo}HVGDVDVVLPSWRWDVGRJUiILFRGH& E 8PDHPSUHVDIDEULFDXPFHUWRWLSRGHREMHFWRVHYHQGHRVHPORWHVGH[ XQLGDGHVVHQGR d [ d 2FXVWRGDSURGXomRHPFRQWRVpGDGRSHODUHVWULomRGDIXQomR&DRLQWHUYDOR > @ 4XDOpRYDORUPtQLPRGHVVHFXVWR" 3UHWHQGHVHYHGDUFRPXPDILWDGHIOXWXDGRUHVXPD]RQDUHFWDQJXODUFRP PHWURVTXDGUDGRVGHiUHDSDUDEDQKRGDVFULDQoDVFRPRPRVWUDDILJXUD 6HFDGDPHWURGDILWDGHIOXWXDGRUHVFXVWDUTXDOGHYHUiVHURYDORU GH[ HGH\ SDUDTXHRJDVWRQDFRPSUDVHMDPtQLPR" $'5RVDTXHULVRODUXPFDQWRGDVXDVDODUHFWDQJXODUSDUDRVHXEpEp EULQFDU (PTXHSRVLomRGHYHFRORFDUXPDJUDGHGHPHWURVGHFRPSULPHQWRSDUD TXHDiUHDREWLGDVHMDRPDLRUSRVVtYHO" 0RVWUHTXHSDUDTXHRFXVWRHPPDWpULDSULPDGDVODWDVGHFHUYHMDGHFDSDFLGDGHFOVHMDPtQLPR DVVXDVGLPHQV}HVGHYHPVHU U H K U S 9HULILTXHVHDVVLPpQDUHDOLGDGH &RQVLGHUHDIXQomRUHDO GHYDULiYHOUHDO I [ [ [ D ,QGLTXHRGRPtQLRGDIXQomRHGHWHUPLQHDVFRRUGHQDGDVGRVSRQWRVGHLQWHUVHFomRGRJUiILFRGDPHVPDFRP RVHL[RVFRRUGHQDGRV E $YHULJ~HDH[LVWrQFLDGHDVVLPSWRWDVYHUWLFDLVDRJUiILFRGHI F 9HULILTXHTXHDUHFWDGHHTXDomR \ pDVVLPSWRWDKRUL]RQWDOGRJUiILFRGHI G 'HWHUPLQHVHH[LVWLUHPRVH[WUHPRVUHODWLYRVGHI HLQGLTXHRVLQWHUYDORVGHFUHVFLPHQWRHGHGHFUHVFLPHQWR GDIXQomR 62/8d®(6 3DUWH & ' & % $ % & & % $ 3DUWH D ' ,5 ? ^` ]HURV [ SRQWRVGHLQWHUVHFomRFRPRV HL[RV E $VVLPSWRWDYHUWLFDO [ $VVLPSWRWDREOtTXD \ F I [ [ [ [ I [ [ Pi[LPRSDUD [ PtQLPRSDUD [ G ' D @ f @ > OLP J [ f> OLP J [ [ o [ o J N GHGRPtQLR ' > f> 1RLQWHUYDOR > @ DFRQFDYLGDGHpYROWDGDSDUDEDL[RQRLQWHUYDOR > f> DFRQFDYLGDGHpYROWDGDSDUD E $QRYDIXQomRFRQVLGHUDGDp K [ FLPDSRQWRGHLQIOH[mR F \ [ D \ [ [ [ 127$ J HRSRQWRGHWDQJrQFLDpRSRQWRGHLQIOH[mRGHK 127$ K [ [ E $UHVSRVWDFRUUHFWDp& 127$ K F &UHVFHQWHHP @f > HHP @ f> SRQWRGHWDQJrQFLD HRSRQWRGHWDQJrQFLDp 3DUD U D 3 E 3 U §¨ U ·¸ ¨ ¸ :DWD[DGHYDULDomRGHSRWrQFLDp U uU U © U ¹ U u U 3¶U 3U U u U u u U U U :: Ò U U U U U f Ô eGH: RYDORUGDUHVLVWrQFLDYDULiYHOSDUDRTXDODSRWrQFLDGLVVLSDGDpPi[LPDREWHQGRVHSDUDHVVHYDORU DSRWrQFLDPi[LPDGH: D & T T T & E $WpXPDFHQWHQDGHSHoDVRFXVWRDXPHQWDWDPEpPDXPHQWDTXDQGRTYDULDHQWUHH4XDQGR T @ > R FXVWRGLPLQXL 2Q~PHURGHSHoDVSDUDTXHRFXVWRVHMDPtQLPRpGHSRUWDQWRHVWHVHUiRQ~PHURDFRQVHOKiYHOGHSHoDV D ' ,5 ? ^` E & [ 3 [ [ [ \ [ [ 3 [ SU K H $ § · S ¨ © S ¹̧ u D ' ,5 ? ^ 2FXVWRPtQLPRpGHFRQWRV 2JDVWRPtQLPRpGHFRQWRVSDUD [ HRVHX]HURp U S S [ SU S Su S u u [ [ ORJR $U S H \ PHWURV [ SU U \ U ` ,QWHUVHFomRFRPRVHL[RV OLP I [ [ orf G 0tQLPR I E $VVLPSWRWDVYHUWLFDLV [ F [ DVXQLGDGHVHVWmRHPFP [ [ GRQGH $ [ SU U SU SUK VHUi K $VVLP $ U $VVLPSWRWDREOtTXD \ &pPtQLPDHP > @ SDUD [ [ SRLV $ [ 6HQGR9 ( K $VVLPSWRWD YHUWLFDO [ @ H [ > @ @ GHFUHVFHQWHHP f H > FUHVFHQWHHP > @ f> H 23URIHVVRU
Download
